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Q2FY27 Results Presentation Complex Science. Disciplined Execution. Compounding Value. 03 November 2026 24.3% Operating Revenue Growth Q2FY27 30.9% EBITDA growth (Q2FY27) ▲103 bps YoY 29.3% PAT Growth (Q2FY27) ▲45 bps YoY 1
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Disclaimer Except for the historical information contained herein, statements in this presentation and the subsequent discussions may constitute “forward-looking statements.” These statements are based on Emcure Pharmaceuticals Limited’s current expectations, assumptions, and projections about future events. Forward-looking statements involve known and unknown risks, uncertainties, and other factors that may cause actual results, performance, or achievements to differ materially from those expressed or implied. Such statements may include, but are not limited to, references to Emcure’s business strategy, expansion plans, R&D pipeline, regulatory developments, financial performance, operational efficiencies, market conditions, and other future events. Words such as “expects,” “anticipates,” “intends,” “plans,” “believes,” “may,” “will,” “should,” and similar expressions are intended to identify forward-looking statements. These risks and uncertainties include regulatory changes, competitive pressures, technology changes, supply chain challenges, currency fluctuations, ability to obtain or maintain approvals, product commercialisation timelines, and other risks inherent to the pharmaceutical industry. This presentation is for general information only and does not constitute an offer, invitation, solicitation, or recommendation to buy, sell, or subscribe to any securities of Emcure Pharmaceuticals Limited. Product information, including molecules under development or awaiting approval, is for representation purposes only. Availability of products may vary by geography depending on regulatory approvals and patent status. This presentation is not intended to provide medical advice. The Company undertakes no obligation to update or revise any forward-looking statements based on new information or future events. 2
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Contents Page Key Financial Highlights 4 4 Other Financial Data Points 5 5 Domestic Business Performance 6 6 International Business Performance 7 7 P&L Summary 8 8 3 Balance Sheet Summary 9 9 Cash Flow Summary 10 10
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Q2FY27 - Key Financial Highlights REVENUE (INR Mn) 28,205 EBITDA (INR Mn) 5,748 20.4% margin +103 bps YoY PAT (INR Mn) 3,251 11.5% margin +45 bps YoY Q2FY27 Revenue Mix 15.3% 21.4% 22.3% 41.0% Canada Europe RoW Domestic 4 Revenue Growth – Q2FY27 YoY 41.1% RoW 34.5% International 12.0% Domestic 36.0% Europe 24.0% Canada 30.9% YoY Growth 29.3% YoY Growth 24.3% YoY Growth
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Q2FY27 – Other Financial Data Points R&D (INR Mn) 1,687 2,014 957 1,110 H1FY26 H1FY27 Q2FY26 Q2FY27 1,700 2,816 752 1,648 H1FY26 H1FY27 Q2FY26 Q2FY27 R&D as % of Revenue 4,883 10,538 11,026 13,171 31-Mar-2025 31-Mar-2026 30-Jun-2026 30-Sep-2026 0.3 RoCE2 CAPEX (INR Mn) Net debt (INR Mn) 3.9% 3.9% 22.0% 23.7% 23.4% 24.9% 31-Mar-2025 31-Mar-2026 30-Jun-2026 30-Sep-26 3.7% 4.2% 0.6 1TTM: Trailing twelve months; 2RoCE refers to Return on Capital Employed, and is calculated by dividing EBIT for a given year by Capital Employed (i.e., total equity plus Net Debt) as of the end of that period 0.6 Net debt to TTM1 EBITDA (x) 5 0.6 Debt rose on Mantra earnout and Gennova consolidation payments
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Q2FY27 – Domestic Business Performance ▪ Sustained double-digit YoY growth for the second consecutive quarter, improving from 10% in Q1FY27 to 12% in Q2FY27 ▪ Growth led by women’s health, cardio-metabolics and CNS visible in Q2FY27 IQVIA1 growth of key brands: ▪ Orofer XT (+39%) ▪ Orofer FCM (+39%) ▪ Rosuvas EZ (+64%) ▪ Vylda (+18%) ▪ Tenectase (+43%) etc. ▪ Zuventus performance improved sequentially with key brands showing good traction. Anchor brands like Zostum and Bevon grew 34% and 17% respectively as per IQVIA1 ▪ Poviztra demonstrated improved traction, with 23%+ QoQ2 growth. ▪ Zuventus and Emcutix to be merged with the holding company – part of One Emcure vision and continued efforts to simplify group holding structure and achieve synergies in our backend operations and corporate functions Domestic (INR Mn) Expect continued growth over the full year as our strengthened team and portfolio gain traction Key Highlights 20,261 22,506 10,314 11,553 H1FY26 H1FY27 Q2FY26 Q2FY27 6 1YoY Growth for Q2FY27 as per IQVIA Sep-26; 2QoQ growth for Q2FY27 as per IQVIA Sep-26
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Europe (INR Mn) ▪ Strong delivery across UK and EU, led by base business execution and new product launches ▪ Liposomal Amphotericin B contribution continues to grow ▪ Product pipeline gives visibility for sustained medium-term growth Canada (INR Mn) ▪ Healthy growth via market share gains and recent launches ▪ Balanced growth across Quebec and rest of Canada ▪ Robust Canada pipeline of 50+ products and a focused first-generic strategy, supports medium term growth visibility. RoW (INR Mn) ▪ Non-ARV1: growth acceleration supported by new launches across LATAM, CIS, Asia and Africa; 20 approvals received including Liposomal Amphotericin B in Brazil and Mexico ▪ ARV1: strong orderbook and continued scale up of existing portfolio drives momentum. Lenacapavir filing provides visibility to medium term growth outlook 8,479 11,410 4,444 6,043 H1FY26 H1FY27 Q2FY26 Q2FY27 6,900 8,578 3,476 4,312 H1FY26 H1FY27 Q2FY26 Q2FY27 8,064 11,515 4,463 6,297 H1FY26 H1FY27 Q2FY26 Q2FY27 Q2FY27 – International Business Performance A diversified international platform with sustained business performance across both the base business & new business opportunities 1ARV – Anti retroviral 34.6% 36.0% 24.3% 24.0% 42.8% 41.1% 7
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P&L Summary | Q2FY27 INR Mn except % Q2FY27 Q2FY26 YoY % Q1FY27 QoQ % H1FY27 H1FY26 YoY % Revenue from Operations 28,205 22,698 24.3% 25,804 9.3% 54,009 43,704 23.6% Domestic 11,553 10,314 12.0% 10,953 5.5% 22,506 20,261 11.1% International 16,652 12,383 34.5% 14,851 12.1% 31,503 23,443 34.5% RoW 6,297 4,463 41.1% 5,218 20.7% 11,515 8,064 42.8% EU 6,043 4,444 36.0% 5,367 12.6% 11,410 8,479 34.6% CA 4,312 3,476 24.0% 4,266 1.0% 8,578 6,900 24.3% Gross Profit 16,781 13,803 21.6% 15,073 11.3% 31,854 26,788 18.9% Gross Profit Margin 59.5% 60.8% -131 bps 58.4% +108 bps 59.0% 61.3% -232 bps EBITDA 5,748 4,391 30.9% 5,080 13.1% 10,828 8,430 28.6% EBITDA Margin 20.4% 19.3% +103 bps 19.7% +69 bps 20.0% 19.3% +79 bps Profit Before Tax (PBT) 4,459 3,414 30.6% 3,935 13.3% 8,394 6,322 32.8% Effective Tax Rate (%) 27.1% 26.4% 25.7% 26.4% 26.3% Profit After Tax (PAT) 3,251 2,514 29.3% 2,925 11.1% 6,176 4,662 32.5% PAT Margin 11.5% 11.1% +45 bps 11.3% +20 bps 11.4% 10.7% +77 bps Adjusted Profit After Tax (PAT)1 3,251 2,514 29.3% 2,909 11.8% 6,160 4,688 31.4% Adjusted PAT Margin 11.5% 11.1% +45 bps 11.3% +25 bps 11.4% 10.7% +68 bps 1. Exceptional item, impact of labour code, Changes in fair value of contingent consideration Figures may not sum due to rounding. 8
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Balance Sheet Summary Equity & Liabilities (INR Mn) Sep 30, 2026 Mar 31, 2026 Shareholder’s Funds 53,439 49,500 Share Capital 1,897 1,896 Reserves & Surplus 51,542 47,604 Non-controlling Interests - 266 Borrowings 14,673 12,041 Lease Liabilities 2,895 3,172 Deferred Tax Liabilities (Net) (633) 47 Other Non-Current Liabilities 3,906 1,111 Trade payables 20,264 18,078 Other Liabilities & Provisions 4,501 11,910 Total Equity & Liabilities 99,045 96,125 Assets (INR Mn) Sep 30, 2026 Mar 31, 2026 Non-Current Assets 38,153 40,004 PP&E, CWIP and ROU assets 26,348 24,908 Goodwill 4,278 4,143 Other Intangible Assets 6,374 6,868 Other Non-Current Assets 1,154 4,085 Current Assets 60,892 56,121 Inventories 25,046 23,979 Trade receivables 27,315 25,627 Cash and bank balances 1,502 1,475 Other Current Assets 7,029 5,040 Total Assets 99,045 96,125 As at 30-Sep-26: Gross debt INR 14,673 Mn | Cash & liquid investments INR 1,502 Mn | Net debt INR 13,171 Mn | Debt rose on Mantra earnout and Gennova consolidation payments 9Figures may not sum due to rounding.
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Cash Flow Summary 10Figures may not sum due to rounding. Particulars (INR Mn) H1 FY27 H1 FY26 Profit before tax 8,394 6,322 Depreciation and amortisation 2,192 2,041 Finance cost 671 593 Corporate Tax / Advance tax (net of refund) (2,887) (1,838) (Increase) / decrease in Net working Capital (1,192) (4,253) Others 57 (302) Net cash from operations 7,235 2,562 Capex (2,877) (1,700) M&A and Consolidation (5,510) (2,962) Redemption/(Investment) in Mutual Funds, NCD's and Deposits (11) 545 Interest received 4 9 Net Cash used for Investment (8,394) (4,108) Net change in Debt 2,243 7,477 Interest paid (544) (362) Others 115 46 Lease Rental (342) (302) Dividend Payment (683) (569) Net Cash from Financing 790 6,291
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For further information Institutional investors and analysts can contact: Saurabh Paliwal Investor .Relations@emcure.com Registered Office Plot No. P-1 and P-2, IT-BT Park, Phase II, M.I.D.C., Hinjawadi, Pune 411057, Maharashtra, India Website: www.emcure.com Q2FY27 Conference Call Details Date: Tuesday, 3rd November 2026 Time: 04:00 pm IST To Register: Click Here 11