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1 Granules India Limited Earnings Presentation Q2 FY27 2nd November 2026 1
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2Granules India Limited | Earnings Presentation Q2 FY27 2 Safe Harbour Statement The Presentation is to provide the general background information about theCompany’s activities as at the date of the Presentation. The information contained herein is for general information purposes only and based on estimates and should not be considered as a recommendation that any investor should subscribe / purchase the company shares. The Company makes no representation or warranty, express or implied, as to, and does not accept any responsibility or liability with respect to, the fairness, accuracy, completeness or correctness of any information contained herein. This presentation may include certain“forward lookingstatements”. These statements are based on current expectations, forecasts and assumptions that are subject to risks and uncertainties which could cause actual outcomes and results to differ materially from these statements. Important factors that could cause actual results to differ materially from our expectations include, amongst others general economic and business conditions in India, ability to successfully implement our strategy, our research and development efforts, our growth and expansion plans and technological changes, changes in the value of the Rupee and other currencies, changes in the Indian and international interest rates, change in laws and regulations that apply to the Indian and global pharmaceuticals industries, increasing competition, changes in political conditions in India or any other country and changes in the foreign exchange control regulations in India. Neither the company, nor its directors and any of the affiliates or employee have any obligation to update or otherwise revise any forward-looking statements. The readers may use their own judgment and are advised to make their own calculations before deciding on any matter based on the information given herein. No part of this presentation may be reproduced, quoted or circulated without prior written approval from Granules India Limited.
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3Granules India Limited | Earnings Presentation Q2 FY27 3 Management Commentary “Our Quarterly revenue has crossed₹1500 Cr in Q2 FY27 with EBITDA of ₹338 Cr, despite higher input and logistics costs from tensions in West Asia. Cost pressures will persist and we are working with customers to manage them with a lag. We filed two potential first-to-file ANDAs in H1, which makes it a total of three potential first to file ANDAs and continue to shift towards complex generics and peptide CDMO. With the balance warrant proceeds received, we hold net cash of ₹828 Cr to invest in R&D, manufacturing and quality.” “We recently concluded a US FDA audit at the Gagillapur site, The inspection progressed constructively, and the observations are of a nature that we believe can be fully addressed through our responses and corrective and preventive actions and we will continue to engage transparently with the agency.” Revenue ₹15,600 Mn +20% YoY Growth Gross Margin % 64.4 % -134 bps YoY EBITDA ₹3,376 Mn +21% YoY Growth PAT ₹1,818 Mn +39% YoY Growth Dr. Krishna Prasad Chigurupati Chairman & Managing Director
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4Granules India Limited | Earnings Presentation Q2 FY27 4 Growth Momentum: Granules Is Scaling Strongly Five reasons Granules offers durable, de-risked and sustainable growth 01 US LEADERSHIP #1 in 11 US products ranked #1, out of 38 Entrenched leadership in the world’s largest generics market Top-3 in 19 of 38 US products (IQVIA MAT Aug’26), up from 18. North America is 72% with a revenue growth of 14% YoY, backed by a US controlled-substances franchise. 02 FTF OPTIONALITY 3 Potential sole FTF ANDAs filed A pipeline built for high-value early launches Amphetamine ER ODT, Sodium Oxybate ER and Ruxolitinib ER, plus 26 pending ANDAs (CNS/CII - 3, Complex OSD - 10, ONCO - 2, Integrated – 10, others – 1) in a TAM ~$35 Bn US market. The Para IV and Day-1 playbook adds upside to the base business. 03 COMPLEX Gx 49% Complex Gx H1FY27 share of FD portfolio A portfolio moving steadily up the value chain Complex Gx H1FY27 revenue grew by 45% YoY, with 67 dossiers filed under complex category and 30 awaiting approval. The Senn Chemicals acquisition adds Peptide CDMO as a second, higher-value growth engine. 04 GLOBAL EXPANSION BACKED BY R&D 5.8% H1FY27 R&D % to sales A global filing base well beyond the US 159 filings till date: US – 94 filed, 68 approved, 3 tentative approvals; EU & UK – 26 filed, 22 approved; Canada – 9 filed, 8 approved; ROW – 30 filed, 5 approved. 05 NET CASH 8,280 Mn A strong balance sheet to fund the next phase Net cash position after receipt of the balance warrant proceeds. ROCE of 17.6%, up 138 bps YoY, supports ~₹20,000 Mn of organic capex over 3–4 years. GROWTH MOMENTUM: Leadership today, pipeline upside tomorrow, funded from a net-cash balance sheet
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Quarterly Performance Q2 FY27
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6Granules India Limited | Earnings Presentation Q2 FY27 6 Q2FY27 Financial Performance ₹15,600 Mn Revenue ₹12,970 (+20% YoY) Revenue ₹14,768 (+6% QoQ) ₹3,376 Mn EBITDA of 21.6% +19 bps YoY -131 bps QoQ (Growth of +21% YoY, Flat QoQ) ₹1,818 Mn PAT of 11.7% Growth of +39% YoY, +1% QoQ 64.4% Gross Margin (-134 bps YoY) Gross Margin (-126 bps QoQ) 17.6% ROCE (18.0% in Q1FY27) -0.61x Net Debt/EBITDA (0.07x in Q1FY27) 30% Net Working Capital to Sales (29% in Q1FY27) ₹650 Mn Cash Flow from Operations ₹3,874Mn in Q1FY27 ₹1,937Mn in Q2FY26 ▪ Growth and Profitability: Revenue growth was supported across all segments and gross margin slightly impacted due to elevated input costs. ▪ Balance sheet and Cash: Receipt of the balance warrant proceeds moved the Company to a net cash position, while cash flow from operations in Q2FY27 was lesser as per planned working-capital investment to support growth ROCE = Annualised EBIT / Average Capital Employed Capital Employed = Total assets – Current liabilities excluding short-term borrowings – Cash & Bank Balances NWC to Sales =Average (Current Assets – Current Liabilities)/ Revenue Current Assets =Total Current Assets – Cash & Bank Balances Current Liabilities = Total Current Liabilities – Short-term Borrowings Net Debt = Interest bearing borrowings – Cash & Bank Balance
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7Granules India Limited | Earnings Presentation Q2 FY27 7 Q2FY27 Financial Performance Particular Q2 FY27 Q2 FY26 Y-o-Y Q1 FY27 Q-o-Q Revenue 15,600 12,970 20% 14,768 6% Gross Margin 10,039 8,520 18% 9,690 4% % of Gross Margin 64.4% 65.7% -134 bps 65.6% -126 bps Manpower Cost 2,581 2,192 18% 2,546 1% R&D 885 705 26% 880 1% Other Expenses 3,197 2,841 13% 2,875 11% EBITDA 3,376 2,782 21% 3,389 0% % of EBITDA 21.6% 21.5% 19 bps 22.9% -131 bps PBT 2,434 1,759 38% 2,404 1% PAT 1,818 1,306 39% 1,800 1% % of PAT 11.7% 10.1% 159 bps 12.2% -53 bps Complex Gx YoY growth strengthened the product portfolio and supported profitability Continued investment in talent and R&D; Higher input and logistics costs due to ongoing West Asia conflict ₹ Mn Peptide CDMO reported an EBITDA loss of ₹152Mn in Q2FY27, compared to EBITDA loss of ₹124Mn in Q1FY27 and EBITDA loss of ₹200Mn in Q2FY26
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Granules India Limited | Earnings Presentation Q2 FY27 8 11,417 2,091 1,604 488 10,927 1,943 1,297 600 9,657 1,705 1,331 276 FD API PFI CDMO Q2FY27 Q1FY27 Q2FY26 Revenue Diversification: Segments and Regions Regions FD +18% API +23% PFI +20% North America +14% Europe +65% ROW +17%YoY Growth FD +4% API +8% PFI +24% CDMO -19% North America +7% Europe +3% ROW +3%QoQ Growth Segments ₹ Mn CDMO +77% 13% 13% 13% 10% 9% 10% ▪ Segments: Revenue growth was supported across all segments ▪ Regions: Europe was the key growth market, supported by increased CDMO revenue YoY and stronger performance across the broader portfolio 72% 72% 76% 16% 16% 12% 12% 12% 12% Q2FY27 Q1FY27 Q2FY26 North America Europe ROW 10,563 2,436 1,768 1,559 1,528 9,88211,257 2,517 1,825 3% 4% 2%73% 74% 74%
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9Granules India Limited | Earnings Presentation Q2 FY27 9 Portfolio Architecture and Evolution The FD portfolio is architected for resilience: Integrated products deliver scale and cost leadership; complex products provide differentiation and opportunity-led products add agility to respond to market dynamics . Complex Gx Q2FY27 revenue grew by 38% YOY. 74% 13% 9% 4% Q1FY27 FD API PFI Peptides/CDMO73% 13% 10% 3% Q2FY27 FD API PFI Peptide/CDMO 74% 13% 10% 2% Q2FY26 FD API PFI Peptide/CDMO 5% 47% 48% Integrated Gx Complex Gx Others 4% 50% 46% Integrated Gx Complex Gx Others 3% 40% 56% Integrated Gx Complex Gx Others
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10Granules India Limited | Earnings Presentation Q2 FY27 10 16.0% 16.2% 16.8% 17.6% 18.0% 17.6% Q1FY26 Q2FY26 Q3FY26 Q4FY26 Q1FY27 Q2FY27 ROCE 2,806 1,937 2,187 1,003 3,874 6501,137 2,112 1,298 1,000 890 1,304 Q1FY26 Q2FY26 Q3FY26 Q4FY26 Q1FY27 Q2FY27 Cash flow from operation Capex 30% 29% 28% 30% 29% 30% Q1FY26 Q2FY26 Q3FY26 Q4FY26 Q1FY27 Q2FY27 NWC% to Sales Cash Flow from Operation and CAPEX Discipline ▪ Cash flow from operations was lesser as per planned working capital increase to support business growth and supply continuity ▪ CAPEX were towards strengthening manufacturing capabilities Balance Sheet Strength continues ▪ Receipt of balance warrant proceeds during the quarter moved the company to a net cash position ▪ Net working capital remained within the range with planned investment to support growth Return on Capital Employed (ROCE) ▪ ROCE improved by 138bps YoY with improvement in operating profits, while additional capital was invested in working capital and capital expenditure. Capital Efficiency and Allocation Discipline Stable within 29-30% range ₹ Mn 9,480 10,241 10,151 4,021 1,012 -8,280 0.96 0.98 0.91 0.34 0.07 -0.61 Q1FY26 Q2FY26 Q3FY26 Q4FY26 Q1FY27 Q2FY27 Net Debt Net Debt/EBITDA
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11Granules India Limited | Earnings Presentation Q2 FY27 11 Capital Allocation in Growth Projects ₹ Mn ₹27,607 Mn Cumulative capex and inorganic acquisition, FY22–FY26 ₹2,194 Mn H1 FY27 capex (7% of revenue) ~10% Average capex as % of revenue, FY22–FY26 17.6% ROCE at Q2 FY27, up from 16.5% in FY24 FY22 FY23 FY24 – FY26 FY26 Acquisition MUPS Facility Key FY22 project Capacity utilisation: Optimum, <3years ►Large single-site MUPS facility supporting our complex generics portfolio G-Pak Facility Key FY23 project Capacity utilisation: Optimum, <3years ►Own US packing facility in Virginia, supporting the US supply chain Genome Valley Key FY24–26 project Capacity utilisation: ~25% ►10 Bn dosage plant – USFDA approved, EU GMP certified. Ability to expand in the adjacent land. ►Adds ~40% formulation capacity and enables multi-site manufacturing Senn Chemicals AG EV ₹4,500 Mn acquisition | Apr 2025 Swiss peptide CDMO ►Marks our entry into high growth Peptides CDMO ►Diversifies the business beyond generics Excluding ramp-up investments at Genome Valley and Senn, Gross Fixed Asset Turn stands at ~1.8x and ROCE at ~25%, compared with consolidated reported levels of 1.4x and 17.6%, respectively.
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12Granules India Limited | Earnings Presentation Q2 FY27 12 Quarterly P&L Performance Trend (Last 6 Quarters) Revenue Gross Margins and % ₹ Mn 7,850 8,520 8,864 9,665 9,690 10,039 64.9% 65.7% 63.9% 65.7% 65.6% 64.4% Q1FY26 Q2FY26 Q3FY26 Q4FY26 Q1FY27 Q2FY27 74% 74% 76% 73% 74% 73% 13% 13% 11% 13% 13% 13% 10% 10% 11% 9% 9% 10% 2% 2% 2% 5% 4% 3% 12,101 12,970 13,880 14,706 14,768 15,600 Q1FY26 Q2FY26 Q3FY26 Q4FY26 Q1FY27 Q2FY27 FD API PFI CDMO Portfolio and Geographic expansion supporting continuous high growth trajectory
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13Granules India Limited | Earnings Presentation Q2 FY27 13 Quarterly P&L Performance Trend (Last 6 Quarters) EBITDA and EBITDA % PAT and PAT % ▪ On a YoY basis, EBITDA grew in line with revenue. ▪ PAT improved YoY on stronger revenue growth towards Complex Gx. R&D and % to sales ▪ R&D remains a strategic priority, sustaining a consistent flow of filings across markets. 678 705 689 781 880 885 5.6% 5.4% 5.0% 5.3% 6.0% 5.7% Q1FY26 Q2FY26 Q3FY26 Q4FY26 Q1FY27 Q2FY27 2,467 2,782 3,081 3,521 3,389 3,376 20.4% 21.5% 22.2% 23.9% 22.9% 21.6% Q1FY26 Q2FY26 Q3FY26 Q4FY26 Q1FY27 Q2FY27 1,126 1,306 1,502 2,016 1,800 1,818 9.3% 10.1% 10.8% 13.7% 12.2% 11.7% Q1FY26 Q2FY26 Q3FY26 Q4FY26 Q1FY27 Q2FY27 ₹ Mn
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R&D Capability
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15Granules India Limited | Earnings Presentation Q2 FY27 15 FD Portfolio Transformation: Scaling to Complex Gx R&D Pipeline Momentum 159 Total Dossiers Filed 103 Approved 3 Tentatively Approved (Includes 2 Sole FTF) 53 Awaiting Approval (Include 14 Para IV and 1 Sole FTF) 67 Complex Gx Filed 73 22 67 30 19 1 53 Filed Dossiers Awaiting Approval Filed Dossiers Segmentation Integrated Gx Complex Gx Others 6 7 12 3 4 12 13 8 10 19 25 11 FY24 FY25 FY26 H1FY27 Dossier Filing Trend Integrated Gx Complex Gx Others The quality of portfolio is progressing towards more patient centric products with high levels of complexity with 3 potential sole FTF products already filed and 5 Sole FTF opportunities in the pipeline for the US market. FTF Potential Sole First-To-File Amphetamine Extended-Release Tablet Sodium Oxybate Extended-Release Oral Suspension 159 Ruxolitinib Extended- Release Tablet
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16Granules India Limited | Earnings Presentation Q2 FY27 16 R&D Pipeline and Capability 68 20 8 5 2 3 23 3 1 25 1 USA Europe Canada ROW UK Dossier Filing Status by Market Approved Tentative Filed R&D Centre Network Genome Valley Integrated product development Pragathi Nagar CoE for CNS API; KSMs; Bio Lab (Enzyme) GPI R&D, USA CNS Finished Dosage; Complex FD tech Pune R&D New technologies; KSM & backward integration Peptide Lab Peptide R&D at IIT Hyderabad Senn Chemicals AG Peptide CDMO R&D, Switzerland 49 21 11 12 7 6 6 2 US EU CEP EU ASMF Korea China Canada Brazil Japan Global DMF Filings (Total: 114) Global Extensions of key molecules H1FY27 : 11 dossiers and 11 API filed 26 ANDA’s under approval with TAM of ~$35Bn* in US *As per IQVIAAug’26 MAT Branded and Gx
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17Granules India Limited | Earnings Presentation Q2 FY27 17 Quality Compliance and Audit Readiness • Quality readiness: Regulatory and customer audits continued across the network, demonstrating sustained inspection readiness and the consistent application of quality standards. • Digital Quality Systems: LIMS connectivity, EMS and Trackwise DMS became operational at key facilities, strengthening data integrity, documentation control and compliance oversight Facility USFDA Inspection EIR Status GPI (Virginia) Apr’2026 ✓ Gagillapur Oct’2026 Awaited GCH Packaging Dec’2025 ✓ Genome Valley Dec’2025 ✓ Bonthapally Jun’2025 ✓ Jeedimetla Jun’2023 ✓ Unit IV Jun’2023 ✓ Unit V Apr’2024 ✓ 14 10 13 6 FY24 FY25 FY26 H1FY27 Regulatory Audit 83 106 108 45 FY24 FY25 FY26 H1FY27 Customer Audit
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18Granules India Limited | Earnings Presentation Q2 FY27 18 Manufacturing & R&D Structural Advantage 10 Manufacturing Facilities 39 Bn+ Annual FD Dosage Capacity 39,360 API Capacity (TPA) 437 R&D Scientists 6 R&D Centers Bonthapally API: 34,560 TPA Gagillapur FD: 26.8 Bn dosages | PFI: 23,200 TPA Jeedimetla API: 4,800 TPA | PFI: 1,440 TPA, Genome Valley FD: 10 Bn dosages Vizag Unit-IV - API: 380 KL PA | Unit-V: API-15 KL PA, Onco FD 1.1 Bn dosages GPI Virginia, USA FD: 1.5 Bn dosages GPAK, USA 2 OTC + 1 Rx Packaging lines Senn Chemicals, Switzerland Peptide CDMO R&D Investment: ₹885 Mn (5.7% of sales) in Q2FY27 | 159 dossiers filed globally | 106 approvals (including tentative approval) | 114 DMFs across US, EU, Canada, Japan, Korea, Brazil, China
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Granules’ Strategy and Execution
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20Granules India Limited | Earnings Presentation Q2 FY27 20 Granules Growth Architecture A funding core, four growth engines, and the enabling layer that de-risks them Horizontal Growth Enablers Geographical expansion Legacy Playbook – Integrated Value chain up to FD Complex Gx & Early launches Playbook switch : from Para II/ III to Para IV/early market participation Including Sole FTF/ Day 1 opportunities with favourable economics and lumpy upsides | Multiple Filings FY27 into FY29 Oncology Reset Restarts FY29 Differentiated/ Early to Market Peptides & CDMO scale up India expansion and modalities expansion- Oligos, ADCs New growth Vectors under Considerations New Modalities Core: legacy at Scale and CII Funds the growth engines CII Scale up Leadership position (Top 2/3) on strength of Portfolio /R&D /Commercial and supply chain execution
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21Granules India Limited | Earnings Presentation Q2 FY27 21 Sustainability at Granules: Driving Sustainable Growth Through Responsible Business Practices Focus Area ESG Goal Status as of FY 26 Climate Change Achieve Net Zero by 2050. 42% of absolute Reduction in Scope 1,2 and 3 by 2030 from year FY 23 45.7 % Scope 1&2 Absolute Reduction 9 % Scope 3 Absolute Reduction Energy Source 100% renewable electricity by 2030 98 % Share of Renewable Electricity Water Stewardship Water Positivity by 2032 39 % Recycling of Wastewater Waste & Circular Economy Zero Waste to Landfill by 2030 93 % Waste diverted from landfill Social Impact Touch 1 million lives through CSR programs by FY2030 4.5 + lakh Lives positively Touched Supplier Assessment Cover ≥80% of Suppliers covering procurement spend 82 % of Key suppliers assessed through ESG Criteria Diversity Achieve a 100% increase in women’s employment by 2030 compared to FY23 26 % increase in Women Employment Workplace Safety Excellence Foster a safety-first culture and target zero workplace fatality Zero Reportable and Fatal Incidents COMMITMENTS Near-term, Long-term, and Net Zero targets (2050 or sooner), aligned to 1.5°C pathway, have been validated and approved by SBTi Member Since Sep 23 Member Since Dec 25 Member Since July 25 RATINGS & CERTIFICATIONS Climate Change | A Water Security | B Forests | B- A Top 2% (Score- 4.4/5) S&P Global ESG Score 62/100 As on 18 December 2025 ESG - 67/100 (Strong) ESG Core -71/100 (Leadership) Zero waste to Landfill (ZWTL) Certification : Bonthapally, Vizag Unit-IV, Unit-V and Genome Valley Certified by Bureau Veritas with overall waste diversion rate 93% (Platinum Rating) Water neutrality Certification : Gagillapur and BonthapallyUnits certified as “Aspiring Water Positive Plant “ by CII-Triveni Water institute From Q1 to Q2 – Added the ESG World Certified and CRISIL
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22Granules India Limited | Earnings Presentation Q2 FY27 22 Granules Formulations Portfolio Segmentation Segment Definition Integrated Gx Products where API is key; API forward integrated to value added PFIs and FDs (mid to high volume) Value proposition: Backward integration/ Strategic tie ups Supply chain security and cost competitiveness Complex Gx Products with high entry barriers due to various reasons: • Complexity in formulation development and manufacturing • Complexity in API development • Complexity in IP/ BE strategy • Complexity in Compliance • Complexity in route of administration or drug-device combination Others Products that are time based/ opportunity products with an inherent capability of falling into the integrated basket.
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23Granules India Limited | Earnings Presentation Q2 FY27 23 Investor Communication Corporate address: 15th Floor, Granules Tower, Botanical Garden Road, Kondapur, Hyderabad - 500084 CIN: L24110TG1991PLC012471 Voice: +91 40 69043500 www.granulesindia.com 532482 GRANULES GRAN:IN GRAN:NS For Investor Relations – Granules IR desk Email: investorrelations@granulesindia.com www.granulesindia.com