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Health where it matters Q2 & H1FY27 Earnings Presentation October 29, 2026 Strides Pharma Science Limited
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Health where it matters 2 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.
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Health where it matters 3 Performance Highlights Q2FY27 Q2FY26 YoY change Revenue (₹m) 14,297 12,208 ▲ 17.1% Gross margin (₹m) 8,003 7,056 ▲ 13.4% Gross margin (%) 56.0% 57.8% EBITDA (₹m) 2,509 2,316 ▲ 8.4% EBITDA margin (%) 17.6% 19.0% Operational PAT (₹m) 1,358 1,218* ▲ 11.5% Operational EPS (₹) 14.7 13.2* Reported PAT (₹m) 1,341 1,315 ▲ 2.0% Strides Delivers a Strong Performance with Revenue at ₹14,297m, Grew ~17% YoY; Ex-US Markets Grew 31% YoY EBITDA Grew 8% YoY to ₹2,509m, Despite increase in input material and freight cost due to geopolitical disruptions. Operational PAT at ₹1,358m with Operational EPS at ₹14.7; Reported PAT at ₹1,341m “ Badree Komandur MD and Group CEO Strides delivered a strong second quarter, with revenue of ₹14,297m growing ~17% YoY , driven by Ex-US Markets. Our diversification strategy continues to play out, with Ex-US Markets growing 31% YoY to ₹6,963m and, for the first time, surpassing our US business in quarterly revenue. Our US business delivered 9% YoY growth. EBITDA grew to ₹2,509m, crossing the ₹2,500m mark in a quarter for the first time. This was despite higher raw material, freight and operating costs arising from geopolitical disruptions. We remain focused on mitigating these pressures through continuous cost optimization initiatives during the year. Net Debt increased by ₹2,114m during H1 due to an elongated cash-to-cash cycle and higher inventory holding to navigate current market conditions. We expect the Net Debt to EBITDA ratio to stabilize by the end of the year. We are also pleased to welcome Mr. Biren Gabhawala to our Board as an Independent Director. His deep expertise in financial reporting, audit and corporate governance will further strengthen the Board’s oversight. While the external environment remains dynamic, we are committed to delivering sustainable and profitable growth. * Excluding one-time finance income of ₹185m in Q2FY26; on a reported basis, Operational EPS is down 3.2% YoY Operational PAT = Reported PAT excluding exceptional items
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Health where it matters 4 Performance Highlights H1FY27 H1FY26 YoY change Revenue (₹m) 26,951 23,406 ▲ 15.1% Gross margin (₹m) 15,705 13,810 ▲ 13.7% Gross margin (%) 58.3% 59.0% EBITDA (₹m) 4,807 4,496 ▲ 6.9% EBITDA margin (%) 17.8% 19.2% Operational PAT (₹m) 2,589 2,358* ▲ 9.8% Operational EPS (₹) 28.1 25.6* Reported PAT (₹m) 2,996 2,371 ▲ 26.4% H1FY27 Performance: Revenue at ₹26,951m, Grew 15% YoY EBITDA Grew 7% YoY to ₹4,807m; Operational PAT at ₹2,589m with Operational EPS at ₹28.1; Reported PAT at ₹2,996m *H1FY26 Operational PAT and EPS exclude one-time finance income of ₹185m; on a reported basis, Operational PAT is up 1.8% and Operational EPS up 1.8% YoY. Operational PAT = Reported PAT excluding exceptional items H1FY27 Performance Revenue grew 15% YoY to ₹26,951m driven by Ex-US Markets Ex-US Markets grew 24% YoY to ₹12,838m Margins were impacted due to higher material and logistics costs EBITDA grew 7% YoY to ₹4,807m Operational PAT grew 9.8% YoY to ₹2,589m; Operational EPS at ₹28.1
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Health where it matters 5 Predictable Growth Across Key Metrics Over the Last 10 Quarters Steady Compounding in Last 10 Quarters Total Revenue (₹m) 10,543 11,669 11,537 11,904 11,197 12,208 11,946 13,235 12,654 14,297 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 FY25 FY26 FY27 +36% Q2FY27 vs Q1FY25 ~14% CAGR annualised, 9 quarters EBITDA (₹m) 1,900 1,846 2,103 2,179 2,181 2,316 2,359 2,397 2,298 2,509 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 FY25 FY26 FY27 +32% Q2FY27 vs Q1FY25 ~13% CAGR annualised, 9 quarters Operational PAT (₹m) 631 761 925 1,130 1,140 1,218 1,282 1,357 1,231 1,358 Q1 Q2 Q3 Q4 Q1 Q2* Q3 Q4 Q1 Q2 FY25 FY26 FY27 2.2x Q2FY27 vs Q1FY25 ~41% CAGR annualised, 9 quarters *Q2FY26 Operational PAT excludes one-time finance income of ₹185m; Operational PAT = Reported PAT excluding exceptional items
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Health where it matters 6 Ex-US Growth Accelerates Diversification: Surpasses US Revenue for the First Time in Q2FY27 ₹ 12,325 ₹ 13,137 H1FY26 H1FY27 ₹ 6,289 ₹ 6,855 Q2FY26 Q2FY27 ₹ 754 ₹ 976 H1FY26 H1FY27 ₹ 609 ₹ 479 Q2FY26 Q2FY27 3% 3% 44% 48% 53% 49% H1FY26 H1FY27 Access Market Ex-US US 5% 3% 43% 49% 52% 48% Q2FY26 Q2FY27 Access Market Ex-US US ₹ 10,327 ₹ 12,838 H1FY26 H1FY27 ₹ 5,310 ₹ 6,963 Q2FY26 Q2FY27 Revenue Mix – H1 (%) Revenue Mix – Q2 (%) US (₹m) US (₹m) Ex-US (₹m) Ex-US (₹m) Access* (₹m) Access* (₹m) +7% YoY +9% YoY +24% YoY +31% YoY +30% YoY -21% YoY *Tactical Business
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Health where it matters FY28 - $375m US Revenue Aspiration Update
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Health where it matters 8 Growth Ambition Intact: US Revenue Aspiration of ~$375m shifts beyond FY28; Ex-US acceleration and disciplined US Investment underpin the next phase of profitable growth US Market | Timing changes 7% YoY revenue growth in H1FY27 Normalised market opportunities Drug-shortage opportunities in oral solids have largely dissipated Higher operating costs Higher material costs and inventory to sustain industry-leading service levels Controlled Substance quotas Quota allocations constrain growth; expected to improve progressively Strategic Response Profitability-led growth Protect established profitability thresholds; drive margin-accretive revenues. Maintain selective launches, and expand differentiated platforms Rebalancing growth engines Focusing on the Ex-US business to drive geographical diversification and accelerate overall revenue growth Ex-US Markets | Accelerating 24% YoY revenue growth in H1FY27 Ex-US revenue as % of US (goal: 100% by FY28) 76% 90% 98% 102% FY25 FY26 H1FY27 Q2FY27 Surpassed US for the first time Q2FY27 Ex-US ₹6,963m vs US ₹6,855m Margin expansion Scale, operating leverage, portfolio mix For US, the timing changes, ambition is intact. Growth quality and returns remain a key priority Ex-US acceleration and margin expansion to sustain our long-term ambitions YoY growth on ₹ reported numbers; Ex-US % of US = Ex-US Markets revenue ÷ US revenue US remains strategic growth market Growth anchored in differentiated platforms (nasal sprays, patches, films) and a progressively expanding Controlled Substances portfolio
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Health where it matters US Market
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Health where it matters 10 Q2FY27 Revenue at ₹6,855m ($73m), Grew 9% YoY, H2 Expected to be Stronger with New Launches YoY growth on ₹ reported numbers H1FY27 Performance (₹/$m) ₹ 12,325 ₹ 13,137 H1FY26 H1FY27 ▲ 7% YoY Quarterly trend (₹/$m) ₹ 6,289 ₹ 6,105 ₹ 6,467 ₹ 6,282 ₹ 6,855 Q2FY26 Q3FY26 Q4FY26 Q1FY27 Q2FY27 $73 $70 $70 $68 $73 ▲ 9% YoY $141$143 Comments • Q2FY27 revenue at $73m, 9% YoY growth • Launched 3 products in Q2FY27 • Continue to rank amongst the top 3 in 38 products, enjoying a market-leading position, contributing ~70% of our total US revenue • Industry-leading service levels across all our customers • 230 ANDAs filed, 212 ANDAs approved (154 products) as of Oct’26 Our Approach | US remains a strategic growth market Proven Discipline • 154 approved products, 75 products commercialised, 38 products in market- leading positions • 40+ value-accretive products in active pipeline, filings and approvals in a phased manner • Commercialisation of all products through FY30 • GDUFA goal date for 1 Nasal Spray in H2FY27 Controlled Substances (CS) • 5 commercialised CS products contribute ~6% of US revenue (TAM* $750m) • 10+ CS products in the pipeline, including nasal sprays, patches and films, to expand the portfolio significantly (TAM* $4.5bn) • Current CS portfolio is constrained by quota allocations; niche pipeline products require limited API quota and are expected to drive the ramp-up • Relaunch of 1 CS patch in H2FY27, full-year benefit to flow in FY28 • Chestnut Ridge, our US facility, has the capacity and expertise to bolster this portfolio strategy, as regulations require these products to be manufactured in the US *Total Addressable Market as per IQVIA as of Aug’26 A disciplined US portfolio shifting toward higher-value, differentiated products, with a larger Controlled Substances opportunity ahead.
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Health where it matters Ex-US Markets
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Health where it matters 12 Ex-US Markets Revenue at ₹6,963m ($74m), Grew 31% YoY, Driven by Strong Performance Across Markets Comments • All markets except US and institutional business form part of the Ex-US Markets • QoQ growth led by expansion in the UK, Nordics and South Africa • Strong performance in the Europe partnered business, supported by higher offtake of key products • Africa operations led by the Brands business delivered stellar growth • Sustained momentum in new filings and launches across markets Our Approach • Leverage our well-established commercial infrastructure outside the US to gain market share and accelerate launches • A strong launch pipeline, an expanding customer base and conversion of a healthy opportunity funnel to drive growth • Portfolio maximization, focused R&D investment and channel partner expansion to broaden our offering across markets • Significant regulatory filings underway for the new territories ₹ 10,327 ₹ 12,838 H1FY26 H1FY27 ▲ 24% YoY ₹ 5,310 ₹ 5,619 ₹ 6,458 ₹ 5,875 ₹ 6,963 Q2FY26 Q3FY26 Q4FY26 Q1FY27 Q2FY27 $61 $64 $70 $63 $74 ▲ 31% YoY $137$120 H1FY27 Performance (₹/$m) Quarterly trend (₹/$m) YoY growth on ₹ reported numbers
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Health where it matters Financial Performance Strong Financial Discipline Enabled Profitable Growth
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Health where it matters 14 Income Statement – Q2FY27 Operational PAT at ₹1,358m; EPS at ₹14.7 *Q2FY26 includes one-time finance income of ₹185m Operational PAT = Reported PAT excluding exceptional items Particulars (₹m) Q2FY27 Q2FY26 YoY Q1FY27 QoQ H1FY27 H1FY26 YoY I. Revenue 14,297 12,208 17.1% 12,654 13.0% 26,951 23,406 15.1% II. Material Costs 6,294 5,153 4,952 11,246 9,595 III. Gross Margin (I- II) 8,003 7,056 13.4% 7,702 3.9% 15,705 13,810 13.7% Gross Margin % 56.0% 57.8% -180 bps 60.9% -490 bps 58.3% 59.0% -70 bps a. Personnel Cost 2,383 2,268 2,430 4,813 4,523 b. Other Opex 3,111 2,472 2,975 6,086 4,791 IV. Total Opex (a+b) 5,494 4,740 5,404 10,898 9,314 V. EBITDA (III-IV) 2,509 2,316 8.4% 2,298 9.2% 4,807 4,496 6.9% EBITDA Margin % 17.6% 19.0% -140 bps 18.2% -60 bps 17.8% 19.2% -140 bps c. Depreciation and amortisation 572 496 564 1,136 985 d. Net Finance Cost 430 204* 361 791 611* e. Other Income (5) (14) (5) (10) (32) f. Exceptional items – net (gain)/loss 17 88 (632) (615) 171 g. JV share of loss (9) 10 13 4 9 VI. Profit/ (loss) before tax (V-c-d-e-f-g) 1,504 1,531 -1.7% 1,996 -24.6% 3,501 2,752 27.2% h. Tax 163 216 341 504 380 VII. Profit/(loss) after tax for the period 1,341 1,315 2.0% 1,655 -19.0% 2,996 2,371 26.4% VIII. Reported EPS (₹) 14.2 13.8 2.6% 17.0 -16.6% 31.2 24.6 26.7%
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Health where it matters 15 Reported Net Debt at ₹16,479m with a Net Debt/EBITDA of 1.72x Net Debt Rose by ₹2,114m in H1 to Fund Growth and Higher Working Capital Amid Geopolitical Disruptions; Remains at Comfortable Levels and Expected to Moderate in Coming Quarters #Investment held in OneSource is not considered for Net debt computation Particulars (₹m) Mar’26 Sept’26 Working capital loans 10,393 12,054 Long term loans 6,294 6,417 Gross debt 16,687 18,471 Cash and cash equivalents (2,322) (1,992) Reported net debt# 14,365 16,479 Finance cost (₹m) Q1FY27 Q2FY27 Interest cost on borrowings (A) 325 391 Other finance charges (B) 81 74 Finance income (C) 44 36 Net finance cost (A+B-C) 361 430 Q2 & H1FY27 update • Net debt increased by ₹2,114m during H1FY27 due to an elongated C2C cycle with higher inventory holding to manage the current macro environment. • Net Debt to EBITDA ratio to stabilize by end of the year • H1FY27 operating cashflow at ₹1,024m • Strides’ retained interest in OneSource is currently worth ₹2,900m (28 Oct’26) (not adjusted from net debt) Priorities • Focus on operating cashflow generation • While the challenging external environment has elongated cash-to- cash cycle, we remain focused on improving the Net Debt/EBITDA ratio • Committed to drive long-term growth through impactful R&D and Capex programs
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Health where it matters 16 Key Metrics Remain Resilient Despite External Headwinds Net Debt to EBITDA (x) Cash to Cash Cycle (Days) Current Ratio (x) RoCE (%) Fixed Asset Turnover Ratio (x) 0.98 0.59 0.46 0.47 FY24 FY25 FY26 Q2FY27 3.47 1.90 1.55 1.72 FY24 FY25 FY26 Q2FY27 129 117 124 137 FY24 FY25 FY26 Q2FY27 1.10 1.24 1.28 1.32 FY24 FY25 FY26 Q2FY27 9.74% 14.86% 15.76% 14.44% FY24 FY25 FY26 Q2FY27 4.42 4.95 4.52 4.59 FY24 FY25 FY26 Q2FY27 All ratios are on TTM basis; For RoCE, Capital Employed = Equity + Net Debt Net Debt to Equity (x)
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Health where it matters 17 Balance Sheet Strong Corporate Governance and Corporate Actions Improved the Balance Sheet Position Particulars (₹m) 31-Mar-24 31-Mar-25 31-Mar-26 30-Sep-26 Assets Net Tangible Assets (including CWIP) 8,809 9,220 10,756 11,369 Right-of-use assets 895 695 782 479 Goodwill and Other Intangibles 10,565 11,145 13,941 14,475 Investments 1,969 3,397 2,914 3,461 Other Non-current Assets 2,659 2,111 1,438 1,701 Tax assets 3,809 2,929 3,309 2,916 Inventories 11,262 12,776 16,348 18,776 Cash and bank balances (including Current investments) 2,969 2,063 2,131 1,475 Trade receivables 11,419 12,029 12,890 14,640 Other current assets 4,040 4,121 4,764 5,485 Total Assets 58,398 60,487 69,272 74,775 Liabilities Equity 21,256 25,518 31,076 34,165 Non-controlling interest (539) 346 418 540 Equity 20,717 25,865 31,493 34,705 Borrowings 24,145 17,956 16,687 18,471 Lease liabilities 1,023 840 893 577 Tax liabilities 808 1,534 1,691 1,669 Other non-current liabilities 137 147 312 364 Provisions 1,632 1,951 2,227 2,105 Trade payables 8,516 10,325 13,097 14,288 Other current liabilities 1,420 1,868 2,872 2,596 Total Equity and Liabilities 58,398 60,487 69,272 74,775 FY24 numbers include Softgel business
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Health where it matters Corporate Governance
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Health where it matters 19 Strengthening Board Governance: Mr. Biren Gabhawala Joins the Board as Independent Director With his appointment*, Independent Directors will make up 6 of the 10 Board members Mr. Biren Gabhawala, Chartered Accountant (FCA) Biren, aged 60 years, is a Chartered Accountant with more than three decades of experience in accounting, audit, taxation, financial reporting, corporate finance, M&A, FEMA, business consulting, valuations and insolvency-related matters. He currently serves as a Senior Partner at C.M. Gabhawala & Co., a Mumbai-based chartered accountancy firm. He has advised organisations across diverse industries and stages of business development on financial reporting, taxation, audit, cross-border transactions, deal structuring, corporate finance, valuations and regulatory matters. Biren also has extensive experience on the boards and committees of listed companies. He served as an Independent Director of eClerx Services (2011–2025) and 3M India (2014–2024) including as Chairperson of their respective Audit Committees. He also served on the Stakeholders’ Grievance/Relationship, Corporate Social Responsibility and Nomination and Remuneration Committees, as applicable. His extensive experience is expected to strengthen the Board's financial oversight, internal controls, risk management and corporate governance capabilities. Mr. Biren Gabhawala Non-Executive Independent Director *w.e.f. November 1, 2026, subject to shareholder approval
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Health where it matters 20 Q2 & H1FY27 Earnings Call Details Strides invites you to interact with the senior management on Q2 & H1FY27 performance October 30, 2026 10:00 am IST / 4:30 am GMT / 12:30 am EDT / 12:30 pm HKT Pre-register and join without the operator Participants from the management Badree Komandur Managing Director & Group CEO Vikesh Kumar Group CFO Join through an operator using dial-in numbers Location Dial-in number India primary +91 22 6280 1434 / +91 22 7115 8838 USA 18667462133 UK 08081011573 Singapore 8001012045 Hong Kong 800964448 For any query, please reach out to: Investor Relations: saurabh.ambaselkar@strides.com For any query, please reach out to: investor-relations@strides.com
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Health where it matters To know more: www.strides.com Stay Connected © 2026 Strides Pharma All Rights Reserved. This presentation is intended solely for the use of the individual or entity to whom it is addressed. If you are not the intended recipient, please notify the sender immediately and delete the presentation from your system. Any unauthorized use, disclosure, copying, or distribution of this presentation is strictly prohibited. The information contained in this presentation is for informational purposes only and is provided "as is" without any warranties, express or implied. Strides makes no representations as to the accuracy or completeness of the information in this presentation or any consequences resulting from the use of such information. This presentation may contain confidential and privileged information. Unauthorized disclosure or use of such information is strictly prohibited. Strides reserves the right to make changes to this presentation at any time without notice. The views and opinions expressed in this presentation are those of the author(s) and do not necessarily reflect the official policy or position of Strides. Strides accepts no liability for any damage caused by any virus transmitted by this presentation. It is the responsibility of the recipient to ensure that the presentation is virus-free before opening. By viewing or using this presentation, you agree to be bound by the terms and conditions of this disclaimer. Youtube logo Images - Free Download on Freepik Thank You investor-relations@strides.com