Company delivered record performance despite absorbing Rs. 105+ crores in one-time costs, revealing exceptional underlying business resilience that investors likely missed.

“These numbers have been achieved despite one-time recurring expenses on account of fuel and power purchase coal adjustments relating to the Andhra Pradesh government electricity board, inventory-related provisions and corporate development costs. In addition to these, PLI facilities contributed a negative of Rs. 30 crores plus at the EBITDA level. The accumulated impact of the above factors was a negative of Rs. 105 crores plus... Notwithstanding these factors, the company still produced record numbers.”

— S. Subramanian, CFO

Europe business crossing $1 billion milestone in FY26 with 6 loss-of-exclusivity products launching on risk-based approach, significantly outpacing 4-5% market growth.

“So, in terms of growth, the generic growth in Europe is rather flat or low single digit or maximum 4 to 5%. But we have been consistently clocking a high single digit growth. And I'm confident in this new fiscal as well, we'll be doing close to 8-9% growth... So, obviously, next year we'll be scaling past the billion mark in style. Coming to the LOE products, there are about six products... we are going on a risk-based approach based on the legal opinion we have got, but we are confident we'll be able to successfully launch and clock the annualized revenues in the next fiscal.”

— V. Muralidharan, CEO Europe Formulations

PLI facility with Rs. 2,700 crore investment and potential Rs. 1,000+ crore EBITDA remains shut pending regulatory approval, with management unable to provide restart timeline.

“So, Neha, to put it clearly, and if we are to make a profit as contemplated, we need to run the plant full capacity. We don't want to run the plant half of the capacity pending the approval, because it's a big plant. If some minor accident happens or etc., it will have a great impact which we don't want to take that risk... I think when it comes to the government, we cannot give the timelines.”

— S. Subramanian, CFO

“Management explicitly characterizing FY26 US injectable growth as "muted" while positioning FY27 as "a great year" with multiple settlement-based oncology launches.”

“["Neha, like FY26 is going to be muted in terms of growth per se, because obviously you said it right, Eugia-3 is yet to be cleared and there's no super star product which is going to come in FY26... But FY27 should be a good year. That is what we believe, that FY26, we will be in a position to clear all the issues with FDA. And FY27, we have significant launches and settlement-based launches that are planned including Pomalidomide, Nintedanib, Sugammadex.”

— Yugandhar Puvvala, CEO Eugia Pharma Specialties

Biosimilar business targeting double-digit revenue contribution from FY27, with 2028 as inflection year and $250-400 million revenue potential by 2030-31.

“So, we plan to start our supplies from the 2nd Quarter... Once we iron out our supply chain and stabilize our manufacturing and supplies, I expect the meaningful contributions from the biosimilars business to flow in from the next fiscal year. We expect it to be a double-digit revenue starting the next fiscal... So, Nitin, we expect '28 would be the inflection year for the biosimilar business... I expect by 2030-31, the business would be anywhere between US$ 250 to around US$ 400 million in revenues.”

— Dr. Satakarni Makkapati, CEO Biosimilars

“Despite claiming "no major impact," management deferred guidance clarity until July 2025 tariff announcements, suggesting material concerns about US market dynamics.”

“But having said that, I want to make it clear that we need to wait for the impact on account of the tariff announcement, which is likely to happen in the month of July '25, even though we don't feel there will be a major impact, etc. Nevertheless, we should wait for the announcements... Nothing, we are not suggesting anything. Whatever, we are not making anything, we are not guessing anything. We are just saying there is an announcement likely in the month of July.”

— S. Subramanian, CFO