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Q3FY26 Earnings Presentation January 30, 2026 Strides Pharma Science Limited 1
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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 Continues to Deliver Exceptional Performance With Highest Ever Quarterly EBITDA of ₹2,359m in Q3FY26 Q3FY26 Operational PAT at ₹1,282m and EPS at ₹13.9, Grew ~39% YoY Q3FY26 Reported PAT Includes Gain on sale of Investment property ₹832m (post tax) 3 “Strides continues to deliver a strong performance in Q3FY26 with growth primarily driven by the Other Regulated Markets and Growth Markets. Our strong focus on profitability resulted in gross margin expansion of 280bps YoY, and EBITDA margin increase of 160bps YoY to 19.8%. Operational PAT and Operational EPS registered a growth of ~39% YoY. This performance demonstrates our consistent execution as we continue to invest in sustainable, long- term growth. We are also delighted to welcome Peter Hardwick as the CEO of our North America business. His leadership experience, along with strategic insights of the region, will play a key role in driving our long-term growth. Our ongoing commitment to ESG continues to be recognised, with an improved S&P Global Corporate Sustainability Assessment score of 80, marking a 5-point increase over the previous year. Badree Komandur MD and Group CEO Revenue (₹m) Gross Margins (₹m) Gross Margin (%) EBITDA (₹m) EBITDA Margin (%) Operational PAT (₹m) Operational EPS (₹) Q3FY26 Q3FY25 11,946 7,317 61.2% 2,359 19.8% 1,282 11,537 6,735 58.4% 2,103 18.2% 925 YoY3.6% 8.6% 280bps 12.2% 160bps 38.6% YoY Change 13.9 10.0 38.4% Reported PAT (₹m) 2,081 900 100+% Tepid Revenue Growth at 3.6%, Impacted by Low Offtake in Institutional Business and Flattish US Operations Compensated by Strong Ex-US Business, which Grew 20% YoY
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Strides Delivers Consistent Growth Across Key Metrics in 9MFY26 4 Revenue (₹m) Gross Margins (₹m) Gross Margin (%) EBITDA (₹m) EBITDA Margin (%) Operational PAT (₹m) Operational EPS (₹) 9MFY26 9MFY25 35,352 21,127 59.8% 6,856 19.4% 3,824 33,749 18,939 56.1% 5,849 17.3% 2,317 YoY4.7% 11.6% 370bps 17.2% 210bps 65.0% YoY Change 41.5 25.2 64.7% 9MY25 Numbers presented reflect the restated financials post the demerger of Softgel business 9MFY25 Reported PAT does not include gain on fair valuation on Investments in Onesource Reported PAT (₹m) 4,452 3,238 37.5%
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Consistent Growth in Absolute Gross Margin, EBITDA and PAT Growth Across P&L Metrics Delivers a Highest Ever EBITDA performance at ₹2,359m Total Revenue (₹/$M) Gross Margin (₹M) EBITDA (₹M) Operational PAT (₹M) ₹ 11,537 ₹ 11,904 ₹ 11,197 ₹ 12,208 ₹ 11,946 Q3FY25 Q4FY25 Q1FY26 Q2FY26 Q3FY26 • Disciplined growth recorded across all Ex-US markets • Growth in absolute gross margin and margins profile to remain steady in ~58% to 60% • Consistent sequential growth in EBITDA in last 5 quarters • PAT growth outperforms revenue and EBITDA growth $141 ₹ 10.0 ₹ 12.3 ₹ 12.4 ₹ 15.2 ₹ 13.9 Q3FY25 Q4FY25 Q1FY26 Q2FY26 Q3FY26 $141$137 $131 ₹ 925 ₹ 1,130 ₹ 1,140 ₹ 1,403 ₹ 1,282 Q3FY25 Q4FY25 Q1FY26 Q2FY26 Q3FY26 $136 5 Operational EPS (₹) 18.2% 18.3% 19.5% 19.0% 19.8% Q3FY25 Q4FY25 Q1FY26 Q2FY26 Q3FY26 ₹ 2,103 ₹ 2,179 ₹ 2,181 ₹ 2,316 ₹ 2,359 Q3FY25 Q4FY25 Q1FY26 Q2FY26 Q3FY26 EBITDA Margin (%) 58.4% 58.1% 60.3% 57.8% 61.2% Q3FY25 Q4FY25 Q1FY26 Q2FY26 Q3FY26 ₹ 6,735 ₹ 6,914 ₹ 6,755 ₹ 7,056 ₹ 7,317 Q3FY25 Q4FY25 Q1FY26 Q2FY26 Q3FY26 Gross Margin (%)
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₹ 6,121 ₹ 6,105 Q3FY25 Q3FY26 Ex-US Market Registers a Strong Growth of 20% YoY Ex-US Markets are on track to mirror the US Market over the next two years 6,105, 51% 5,620, 47% 222, 2% US Ex-US Access Market 18,430, 52% 15,946, 45% 976, 3% US Ex-US Access Markets Revenue Composition (₹M) Q3FY269MFY26 US Market (₹M) Ex-US Markets (₹M) Access Market* (₹M) ₹ 6,121 ₹ 6,105 Q3FY25 Q3FY26 YoY 0% ↔ ₹ 17,942 ₹ 18,430 9MFY25 9MFY26 YoY 3% YoY 20% ₹ 3,451 ₹ 4,169 ₹ 1,214 ₹ 1,450₹ 4,665 ₹ 5,620 Q3FY25 Q3FY26 Growth Markets ORM ₹ 10,071 ₹ 11,626 ₹ 3,642 ₹ 4,320 ₹ 13,712 ₹ 15,946 9MFY25 9MFY26 Growth Markets ORM YoY 16% ₹ 750 ₹ 222 Q3FY25 Q3FY26 YoY 70% ₹ 2,096 ₹ 976 Q3FY25 Q3FY26 YoY 53% *Access Market is tactical in nature and is dependent on donor funding, currently facing headwinds.
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US Market
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Q3FY26 Revenue at $70m, Remained Steady Despite New Entrants in Recent Launches ▸ Q3FY26 revenues at $70m, remained steady despite new entrants in recent launches ▸ Launched 4 products in 9MFY26 ▸ Discontinued 8 products in 9MFY26 that did not meet our margin threshold ▸ Slower-than-expected quota allocation is impacting Controlled Substances revenue growth ▸ Total number of commercialized products stood at 69 ▸ 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 FY28 ▸ Multiple products have been identified from our dormant ANDAs portfolio, which are under various regulatory phases of PAS (prior approvals supplements) for source change and cost leadership to be relaunched to achieve the stated objective of $400m generics revenue ▸ 230+ ANDAs filed, 215+ ANDAs approved as of Dec’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 ~$400m generics revenue objective ▸ Filed first “Beyond Generics” product, a Nasal Spray, with USFDA Comments Business Outlook Year-on-Year Comparison (₹/$M) ₹ 6,121 ₹ 6,515 ₹ 6,036 ₹ 6,289 ₹ 6,105 Q3FY25 Q4FY25 Q1FY26 Q2FY26 Q3FY26 ₹ 6,121 ₹ 6,105 Q3FY25 Q3FY26 YoY 0% ↔ Last Four Quarters Trend (₹/$M) $73 $70 $73 $77 $71 YoY growth are on ₹ reported numbers $73 US Market 8 $70
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Ex-US Markets
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Ex-US Market Revenue at $64m, Grew 20% YoY Growth driven by all key markets across Australia, UK and EU ₹ 3,451 ₹ 3,514 ₹ 3,615 ₹ 3,842 ₹ 4,169 ₹ 1,214 ₹ 1,286 ₹ 1,402 ₹ 1,468 ₹ 1,450₹ 4,665 ₹ 4,800 ₹ 5,017 ₹ 5,310 ₹ 5,620 0 1,000 2,000 3,000 4,000 5,000 6,000 7,000 Q3FY25 Q4FY25 Q1FY26 Q2FY26 Q3FY26 ₹ 3,451 ₹ 4,169 ₹ 1,214 ₹ 1,450₹ 4,665 ₹ 5,620 Q3FY25 Q3FY26 Growth Markets ORM Year-on-Year Comparison (₹/$M) $56 $64 $56 $57 $59 YoY 20% Last Four Quarters Trend (₹/$M) YoY growth are on ₹ reported numbers $61 Other Regulated Markets ▸ All regulated markets ex-US form part of the Other Regulated Markets ▸ Q3FY26 ORM Revenue at $47.6m, Grew 21% YoY ▸ Growth in ORM is driven by B2B partnership business in Australia ▸ Strong customer advocacy and dependable supply enabled us to expand our customer base Growth Markets ▸ Growth Markets includes Africa operations and new geographies of LATAM, MENA and APAC ▸ Growth Market Revenue at $16.6m, Grew 19% YoY ▸ Q3FY26 growth was led by Africa operations Comments Other Regulated Markets ▸ 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 Growth Markets ▸ Significant regulatory filings in new territories have commenced; however, the regulatory timelines in most markets are longer ▸ Focus on portfolio maximization strategies, and astute channel partner expansion will drive the future growth Business Outlook Ex-US Markets 10 $64
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• Strong Financial Discipline Enabled Profitability and Cashflow Generation Financial Performance
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Income Statement – Reported Strong PAT in Q3FY26 Income statement (₹m) Q3FY26 Tax includes Tax on Sale of Investment Property of ₹189m FY25 Numbers presented reflect the restated financials post the demerger of Softgel business Particulars Q3FY26 Q3FY25 YoY Q2FY26 QoQ 9MFY26 9MFY25 YoY I. Revenue 11,946 11,537 3.6% 12,208 -2.1% 35,352 33,749 4.7% II. Material Costs 4,629 4,801 5,153 14,225 14,810 III. Gross Margin (I- II) 7,317 6,735 8.6% 7,056 3.7% 21,127 18,939 11.6% Gross Margin % 61.2% 58.4% 280 bps 57.8% 340 bps 59.8% 56.1% 370 bps a. Personnel Cost 2,295 2,156 2,268 6,818 6,399 b. Other Opex 2,662 2,476 2,472 7,453 6,691 IV. Total Opex (a+b) 4,958 4,632 4,740 14,271 13,090 V. EBITDA (III-IV) 2,359 2,103 12.2% 2,316 1.9% 6,856 5,849 17.2% EBITDA Margin % 19.8% 18.2% 160 bps 19.0% 80 bps 19.4% 17.3% 210 bps c. Depreciation and amortisation 506 484 496 1,492 1,434 d. Net Finance Cost 397 466 204 1,007 1,518 e. Other Income -1,032 - -14 -1,064 - f. Exceptional items – net (gain) / loss 33 24 88 204 -921 g. JV share of loss 0 -10 10 10 13 VI. Profit/ (loss) before tax (V-c-d-e-f-g) 2,455 1,138 1,531 5,206 3,805 h. Tax 374 238 216 754 568 VII. Profit/(loss) after tax from continuing operations 2,081 900 100+% 1,315 58.2% 4,452 3,238 37.5% i. Profit from Discontinued Operations - - - - 31,881 VIII. Profit / (loss) for the period (VII+i) 2,081 900 1,315 4,452 35,119 12
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Net Debt at ₹13,527m on Constant Currency after Funding for ₹2,836m of Capex & Growth Initiatives Reported Net Debt of ₹14,358m post FX Impact of ₹831m #Cash and cash equivalents ₹1,890m consists of cash balance of ₹1,452m and deposits of ₹438m Particulars (In ₹m) Mar’25 Dec’25 Working Capital Loans 11,364 9,363 Long Term Loans 6,593 6,055 Gross Debt 17,956 15,417 Cash and Cash Equivalents# (2,734) (1,890) Net Debt at Constant Currency 15,222 13,527 Currency Impact 831 Reported Net Debt 14,358 Finance cost (In ₹m) Q2FY26 Q3FY26 Interest Cost on Borrowings (A) 370 353 Other Finance Charges (B) 91 81 Finance Income (C) 257^ 37 Net Finance Cost (A+B-C) 204 397 #Investment in OneSource is not considered in Cash & Cash equivalents for Net debt computation 9MFY26 Update ➢ 9MFY26 Operating cashflow at ₹4,841m ➢ On constant currency, gross debt reduced by ₹2,539m and Net debt reduced by ₹1,694m in 9MFY26, after funding for ₹2,836m of Capex & Growth Initiatives ➢ 9MFY26 Capex include intangibles of ₹1,407m spent towards IP purchase and partnered R&D program focused on medium and long term growth ➢ Reported Net debt at ₹14,358m due to adverse currency impact of ₹831m on account of restatement of borrowing to the current exchange rates ➢ Strides retained interest in OneSource is currently worth ₹2,634m (as of 23rd Jan’26) (not adjusted from net debt) ➢ Focus on operating cashflow generation ➢ Continue debt reduction while funding for capex from internal accruals Outlook 13 ^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 Q3FY26 3.5 1.9 1.6 FY24 FY25 Q3FY26 129 117 124 FY24 FY25 Q3FY26 1.1 1.2 1.3 FY24 FY25 Q3FY26 9.7% 14.9% 15.8% FY24 FY25 Q3FY26 4.4 5.0 4.7 FY24 FY25 Q3FY26 FY24 ratios include the demerged Softgel business to OneSource All ratios are on TTM basis; For RoCE, Capital Employed = Equity + Net Debt 14
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Corporate Updates
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Strengthening Leadership Team Peter Hardwick Chief Executive Officer – North America Peter brings 30+ years of global pharmaceutical leadership spanning sales, marketing, portfolio management, and general management across the U.S., Canada, LATAM, and other international markets. Before joining Strides, Peter held multiple senior roles at Apotex Inc., most recently serving as President & CEO of Apotex Corp (US Generics) and Chief Commercial Officer, Global Generics. Peter has led major commercial transformations, strengthened portfolio and pricing discipline, and built high-performing, customer-centric teams across developed and emerging markets. He was honored with the CACDS Distinguished Associate of the Year Award (2016). He holds a B.Sc. from St. Mary’s University, Halifax, and has completed several executive programs in Europe and North America. At Strides, Peter is focused on driving sustainable growth, enhancing execution excellence, and building a resilient, customer-focused organization in one of the company’s most strategic regions. Nandini Matiyani Executive Vice President - Human Resources Nandini brings over 20 years of experience in people strategy, leadership development, cultural transformation, and workforce capability building across global organizations. She has led HR for complex multinational environments, shaping high-performance cultures through strategic HR leadership, digital transformation, and data-driven talent practices. Prior to Strides, Nandini held senior HR roles at RateGain, Wipro, and OnMobile Global, where she drove global HR business partnering, talent management, leadership hiring, and cultural transformation across diverse markets. At Strides, she leads the global people agenda, strengthening organizational capabilities, reinforcing culture, and supporting the company’s mission of delivering high-quality, accessible healthcare worldwide. Nandini holds a B.Tech in Electronics & Communication Engineering from NIT Surat and a Diploma in International Business from the Symbiosis Institute of Foreign Trade, Pune. 16
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Q3FY26 Earnings Call Details 17 invites you to interact with the senior management on Q3FY26 Performance Jan 30, 2026 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 18