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Q2FY26 Earnings Presentation October 31, 2025 Strides Pharma Science Limited
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Safe Harbor Except for the historical information contained herein, statements in this presentation and the subsequent discussions, which include words or phrases such as "will", "aim", "will likely result", "would", "believe", "may", "expect", "will continue", "anticipate", "estimate", "intend", "plan", "contemplate", “seek to", "future", "objective", "goal", "likely", "project", "should", "potential", "will pursue", and similar expressions of such expressions may constitute "forward-looking statements“. These forward-looking statements involve a number of risks, uncertainties, and other factors that could cause actual results to differ materially from those suggested by the forward- looking statements. These risks and uncertainties include, but are not limited to our ability to successfully implement our strategy, our growth and expansion plans, obtain regulatory approvals, our provisioning policies, technological changes, investment and business income, cash flow projections, our exposure to market risks as well as other risks. The Company does not undertake any obligation to update forward-looking statements to reflect events or circumstances after the date thereof. 2
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Strides Delivers a Robust Q2FY26 with Highest Ever Quarterly EPS Q2FY26 Operational PAT at ₹1,403m and EPS at ₹15.2, Grew 84% YoY Revenue (₹m) Gross Margins (₹m) Gross Margin (%) EBITDA (₹m) EBITDA Margin (%) Operational PAT (₹m) Operational EPS (₹) Q2FY26 Q2FY25 12,208 7,056 57.8% 2,316 19.0% 1,403 11,669 6,159 52.8% 1,846 15.8% 761 YoY4.6% 14.6% 500bps 25.4% 320bps 84.3% YoY Change 15.2 8.3 83.8% Q2FY25 Numbers presented reflect the restated financials post the demerger of Softgel business 3 “Strides continues to deliver a strong performance in Q2FY26, with growth primarily driven by the Other Regulated Markets. Our focus on profitability enabled the gross margin growth of 15% YoY, and EBITDA growth of 25% YoY. Operational PAT stood at ₹1,403m, up 84% YoY, with EPS rising to ₹15.2 for the quarter. Net debt reduced sequentially by ₹469m despite currency headwinds and ongoing capex investments, reaffirming our strong financial discipline and focus on balance sheet health. This performance demonstrates our consistent execution as we continue to invest in sustainable, long-term growth”. Badree Komandur MD and Group CEO
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Strides Delivers a Robust H1FY26 H1FY26 Operational PAT at ₹2,543m and EPS at ₹27.6, Grew 82% YoY 4 Revenue (₹m) Gross Margins (₹m) Gross Margin (%) EBITDA (₹m) EBITDA Margin (%) Operational PAT (₹m) Operational EPS (₹) H1FY26 H1FY25 23,406 13,810 59.0% 4,496 19.2% 2,543 22,213 12,204 54.9% 3,746 16.9% 1,392 YoY5.4% 13.2% 410bps 20.0% 230bps 82.6% YoY Change 27.6 15.1 82.2% H1FY25 Numbers presented reflect the restated financials post the demerger of Softgel business
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Consistent Growth in absolute Gross Margin, EBITDA and PAT Growth Across P&L Metrics Delivers a Highest Ever Operational PAT performance Total Revenue (₹/$M) Gross Margin (₹M) EBITDA (₹M) Operational PAT (₹M) ₹ 11,669 ₹ 11,537 ₹ 11,904 ₹ 11,197 ₹ 12,208 Q2FY25 Q3FY25 Q4FY25 Q1FY26 Q2FY26 • Disciplined growth recorded across all key markets • Growth in absolute gross margin and margins profile remains steady in ~58% to 60% • Consistent sequential growth in absolute EBITDA in last 5 quarters • PAT growth outperforms revenue and EBITDA growth $131 ₹ 8.3 ₹ 10.0 ₹ 12.3 ₹ 12.4 ₹ 15.2 Q2FY25 Q3FY25 Q4FY25 Q1FY26 Q2FY26 $137$140 $141 FY25 Numbers presented reflect the restated financials post the demerger of Softgel business ₹ 761 ₹ 925 ₹ 1,130 ₹ 1,140 ₹ 1,403 Q2FY25 Q3FY25 Q4FY25 Q1FY26 Q2FY26 $141 5 Operational EPS (₹) 15.8% 18.2% 18.3% 19.5% 19.0% Q2FY25 Q3FY25 Q4FY25 Q1FY26 Q2FY26 ₹ 1,846 ₹ 2,103 ₹ 2,179 ₹ 2,181 ₹ 2,316 Q2FY25 Q3FY25 Q4FY25 Q1FY26 Q2FY26 EBITDA Margin (%) 52.8% 58.4% 58.1% 60.3% 57.8% Q2FY25 Q3FY25 Q4FY25 Q1FY26 Q2FY26 ₹ 6,159 ₹ 6,735 ₹ 6,914 ₹ 6,755 ₹ 7,056 Q2FY25 Q3FY25 Q4FY25 Q1FY26 Q2FY26 Gross Margin (%)
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US Market
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Q2FY26 Revenue at $73m, Grew 2% YoY Despite Intense Competition in Recent Launches from New Entrants ▸ Q2FY26 revenues at a steady state of $73mn despite facing intense competition in recent launches from new entrants ▸ Launched 3 products in H1FY26 ▸ Total number of commercialized products stood at 70 ▸ Continue to rank amongst the top 3 in 37 products, enjoying a market-leading position, contributing ~75% of our total US revenue Generics ▸ Reiterating US Business Revenue Outlook of ~$400m by FY27-28 ▸ 60 products have been identified (3 commercialized in FY25) from our dormant ANDAs, which are under various regulatory phases of PAS (prior approvals supplements) for source change and cost leadership to be relaunched over the next 3 years to achieve the stated objective of $400m generics revenue ▸ 230+ ANDAs filed, 215+ ANDAs approved as of July’25 Beyond Generics ▸ The company has invested in new segments of Control Substances Nasal Sprays and 505(b)(2) as part of a long-term strategy beyond the ~$400m generics revenue objective ▸ Filed first “Beyond Generics” product, a Nasal Spray, with USFDA Highlights Business Outlook Year-on-Year Comparison (₹/$M) ₹ 6,180 ₹ 6,121 ₹ 6,515 ₹ 6,036 ₹ 6,289 Q2FY25 Q3FY25 Q4FY25 Q1FY26 Q2FY26 ₹ 6,180 ₹ 6,289 Q2FY25 Q2FY26 YoY 2% Last Four Quarters Trend (₹/$M) $74 $73 $74 $73 $77 FY25 Numbers presented reflect the revenues post the demerger of Softgel business YoY growth are on ₹ reported numbers $71 US Market 7 $73
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Other Regulated Markets
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Q2FY26 Revenue at $44m, Delivered Strong Growth of 16% YoY Portfolio Maximization and Focus on B2B Partnerships will Continue to Drive Growth in the Medium Term ▸ All regulated markets ex-US form part of the Other Regulated Markets ▸ Deal momentum continues in Europe with large Pan-EU partners being onboarded ▸ Q2 growth in ORM is driven by B2B partnership business ▸ UK business remained steady in H1; growth in H2 expected to be driven by planned new product launches ▸ Strong customer advocacy and dependable supply enabled us to expand our customer base ▸ Expansion of product portfolio and new customer acquisitions to drive growth ▸ Conversion of the existing strong funnel of new opportunities to deliver growth ▸ Continued momentum in filings will drive growth in the medium term Highlights Business Outlook Year-on-Year Comparison (₹/$M) ₹ 3,310 ₹ 3,451 ₹ 3,514 ₹ 3,615 ₹ 3,842 Q2FY25 Q3FY25 Q4FY25 Q1FY26 Q2FY26 ₹ 3,310 ₹ 3,842 Q2FY25 Q2FY26 YoY 16% Last Four Quarters Trend (₹/$M) $40 $44 $40 $41 $42 $42 FY25 Numbers presented reflect the revenues post the demerger of Softgel business YoY growth are on ₹ reported numbers Other Regulated Markets 9 $44
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Growth and Access Markets
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Growth Market Revenue at $17m, Grew 7% YoY Access Market Revenue at $7m, Decreased by 25% YoY ₹ 1,368 ₹ 1,214 ₹ 1,286 ₹ 1,402 ₹ 1,468 ₹ 812 ₹ 750 ₹ 589 ₹ 145 ₹ 609 ₹ 2,180 ₹ 1,964 ₹ 1,875 ₹ 1,546 ₹ 2,078 0 500 1,000 1,500 2,000 2,500 Q2FY25 Q3FY25 Q4FY25 Q1FY26 Q2FY26 ₹ 1,368 ₹ 1,468 ₹ 812 ₹ 609 ₹ 2,180 ₹ 2,078 Access Markets Growth Markets Year-on-Year Comparison (₹/$M) $26 $24 $26 $23 $22 YoY -5% Last Four Quarters Trend (₹/$M) FY25 Numbers presented reflect the revenues post the demerger of Softgel business YoY growth are on ₹ reported numbers $18 ▸ Growth Markets includes Africa operations and new geographies of LATAM, MENA and APAC ▸ Q2FY26 Revenue at ₹1,468m ($17m) ▸ Q2FY26 growth was led by Africa operations, driven by new product launches Business Outlook : ▸ Significant regulatory filings in new territories have commenced however, the regulatory timelines in most markets are longer ▸ Growth Markets will have lumpy quarters until business stabilizes in next two years ▸ Focus on portfolio maximization strategies, and astute channel partner expansion will drive the future growth Growth Market ▸ Access Market revenue at ₹609m ($7m) in Q2FY26 Business Outlook : ▸ Donor funding environment continues to remain challenging Access Market Growth and Access Markets 11 $24
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• Strong Financial Discipline Enabled Profitability and Cashflow Generation Financial Performance
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Income Statement – Reported Strong PAT in Q2FY26 Income statement (₹m) *Q2FY26 Finance Income includes one-time income of ₹185m FY25 Numbers presented reflect the restated financials post the demerger of Softgel business Particulars Q2FY26 Q2FY25 YoY Q1FY26 QoQ H1FY26 H1FY25 YoY I. Revenue 12,208 11,669 4.6% 11,197 9.0% 23,406 22,213 5.4% II. Material Costs 5,153 5,510 4,443 9,595 10,009 III. Gross Margin (I- II) 7,056 6,159 14.6% 6,755 4.5% 13,810 12,204 13.2% Gross Margin % 57.8% 52.8% 500 bps 60.3% -250 bps 59.0% 54.9% 410 bps a. Personnel Cost 2,268 2,157 2,255 4,523 4,243 b. Other Opex 2,472 2,156 2,319 4,791 4,215 IV. Total Opex (a+b) 4,740 4,313 4,574 9,314 8,458 V. EBITDA (III-IV) 2,316 1,846 25.4% 2,181 6.2% 4,496 3,746 20.0% EBITDA Margin % 19.0% 15.8% 320 bps 19.5% -50 bps 19.2% 16.9% 230 bps c. Depreciation and amortisation 496 485 489 985 950 d. Net Finance Cost 204* 454 406 611 1,052 e. Other Income -14 - -18 -32 - f. Exceptional items – net (gain) / loss 88 39 84 171 -945 g. JV share of loss 10 7 -1 9 22 VI. Profit/ (loss) before tax (V-c-d-e-f-g) 1,531 862 1,220 2,752 2,667 h. Tax 216 139 165 380 330 VII. Profit/(loss) after tax from continuing operations 1,315 723 1,056 2,371 2,337 i. Profit from Discontinued Operations - - - - 31,881 VIII. Profit / (loss) for the period (VII+i) 1,315 723 1,056 2,371 34,219
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Net Debt at ₹14,489m, Reduced by ₹733m in H1FY26 Despite Currency Impact of ₹710m and After Funding for ₹1,492m of Capex Debt Reduced by ₹469m in Q2FY26 #Cash and cash equivalents ₹2,999m consists of cash balance of ₹1,232m, deferred consideration receivable of ₹531m, and deposits of ₹1,236m Particulars (In ₹m) Mar’25 Sept’25 Working Capital Loans 11,364 11,833 Long Term Loans 6,593 5,655 Gross Debt 17,956 17,488 Cash and Cash Equivalents# (2,734) (2,999) Net Debt 15,222 14,489 Finance cost (In ₹m) Q1FY26 Q2FY26 Interest Cost on Borrowings (A) 356 370 Other Finance Charges (B) 119 91 Finance Income (C) 68 257^ Net Finance Cost (A+B-C) 406 204 *Capex includes intangibles #Investment in OneSource is not considered in Cash & Cash equivalents for Net debt computation H1FY26 Update ➢ H1FY26 Operating cashflow at ₹3,915m ➢ Net Debt reduced in H1FY26 by ₹733m after ₹1,492m* Capex, funded from internal accruals ➢ Net debt reduction despite adverse currency impact of ₹710m for H1FY26 ➢ Strides retained interest in OneSource is currently worth ₹3,386m (not included in net debt) ➢ Focus on operating cashflow generation ➢ Continue debt reduction while funding for capex from internal accruals Outlook 14 ^Q2FY26 Finance Income includes Onetime income of ₹ 185m
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Strong Oversight and Governance Leading to Significant Improvement in the Balance Sheet Metrics Net Debt to Equity (x) Net Debt to EBITDA (x) Cash to Cash Cycle (Days) Current Ratio (x) RoCE (%) Fixed Asset Turnover Ratio (x) 1.0 0.6 0.5 FY24 FY25 Q2FY26 3.5 1.9 1.7 FY24 FY25 Q2FY26 129 117 113 FY24 FY25 Q2FY26 1.1 1.2 1.2 FY24 FY25 Q2FY26 9.7% 14.9% 16.0% FY24 FY25 Q2FY26 4.4 5.0 4.8 FY24 FY25 Q2FY26 FY24 ratios include the demerged Softgel business to OneSource All ratios are on TTM basis; For RoCE, Capital Employed = Equity + Net Debt 15
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Balance Sheet Strong Corporate Governance and Corporate Actions improved the Balance Sheet position 16 Particulars (in ₹m ) 31-Mar-24 31-Mar-25 30-Sep-25 Assets Net Tangible Assets ( including CWIP) 8,809 9,220 9,752 Right-of-use assets 895 695 821 Goodwill and Other Intangibles 10,565 11,145 12,460 Investments 1,969 3,397 3,556 Other Non-current Assets 2,659 2,111 2,063 Tax assets 3,809 2,929 3,421 Inventories 11,262 12,776 14,595 Cash and bank balances (including Current investments) 2,969 2,063 2,275 Trade receivables 11,419 12,029 11,295 Other current assets 4,040 4,121 4,967 Total Assets 58,398 60,487 65,206 Liabilities Equity 21,256 25,518 27,558 Non-controlling interest -539 346 469 Equity 20,717 25,865 28,028 Borrowings 24,145 17,956 17,488 Lease liabilities 1,023 840 950 Tax liabilities 808 1,534 2,293 Other non-current liabilities 137 147 215 Provisions 1,632 1,951 2,014 Trade payables 8,516 10,325 11,887 Other current liabilities 1,420 1,868 2,332 Total Equity and Liabilities 58,398 60,487 65,206 FY24 numbers includes the demerged Softgel business to OneSource
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Q2FY26 Earnings Call Details 17 invites you to interact with the senior management on Q2FY26 Performance Oct 31, 2025 4:30 pm IST / 11:00 am GMT / 7:00 am EDT / 7:00 pm HKT Participants from the Management would be: Click here to pre-registerand join without the operator Join through an operatorusing dial in numbers India Primary +91 22 6280 1434 / +91 22 7115 8838 USA 18667462133 Singapore 8001012045 UK 08081011573 Hongkong 800964448 Vikesh Kumar Group CFO Badree Komandur Managing Director & Group CEO
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Strides Pharma Science Limited CIN: L24230MH1990PLC057062 Corporate Office Strides House, Bannerghatta Road, Bengaluru - 560 076, India Tel.: +91 80 6784 0000/ 6784 0290 Email: Investor-Relations@strides.com Registered Office ‘Cyber One’, Unit No. 902, Sector 30A, Vashi, Navi Mumbai - 400 703 Tel.: +91 22 2789 2924/2789 3199 Website: www.strides.com