Granules India

“With the revenue that you projected will be somewhere between an EBITDA neutrality to the PAT neutrality, depending -- it largely depends on the kind of product/project mix that we do.”

“So we are absolutely hopeful of meeting our target that we have set ourselves at the beginning of the year.”

“As you know, we don't give guidance, but all I can tell you is our current rate of growth and the current progress we are making will continue.”

“On the manufacturing side, our India project team is in place and progressing the planning and design of our proposed integrated peptide manufacturing facility at Vizag.”

“So they're not contingent, and we are going ahead with our Vizag plan. The planning is already underway with our project team on board with us.”

“And other capex will be going towards U.S. platform, enhancing the manufacturing capability and overall distribution.”

“And there will also be a good amount of investment in IT digitalization to improve our quality management system, improve our manufacturing capability.”

“Third is on oncology side, where we have certain plans of launches.”

“North America, our largest market, continued to grow, led by controlled substances.”

“Our peptide CDMO business through Senn also grew year-on-year. This platform remains in its build-out phase with a near-term focus on strengthening execution, customer delivery and profitability.”

“At Zurich, our immediate priority remains operational execution and delivery readiness as we prepare for a more active fourth quarter of this financial year.”

“The short-term, medium-term, long-term projection for the U.S. products is just on an upward trajectory.”

“Yes. Rashmi, yes, predominantly it's still captive and some of the opportunities in terms of geographic expansion we're looking at, particularly in LATAM region, we are growing better in PFI.”

“A theranostics-reated pharmaceutical project has been revived after nearly 2 years, driven by progress in its clinical development.”

“Importantly, our increased business development efforts, industry outreach and reengagement with long-standing customer relationships have resulted in a strong inflow of RFPs and RFQs during the recent months.”

“The couple of partnering with the other large CDMO players requires investment in capacity. We have seen a very positive uptick on multiple fronts so -- with those 2 large CDMO players.”

“That is still on the ramp-up, which means we have received certain awards this past H1, which we are going to start servicing, say, December, January. So there will be an increase in GGP as planned.”

“The growth is driven -- mostly the future growth is driven by the U.S., onco in India and also GLS. So there will be no impact.”

“We expect some of these pressures to persist with customer price adjustments following with a lag.”

“EBITDA margin stood at 21.6%, up 19 basis points year-on-year and down 131 basis points quarter-on-quarter. The quarter-on-quarter movement in margin was driven by higher input costs and logistic costs due to the ongoing conflicts in West Asia.”

“Goss margin stood at 64.4%, down 134 basis points year-on-year and 126 basis points quarter-on-quarter.”

“We continue to monitor input costs and freight costs closely and are engaging with the customers to pass on increases wherever possible, although with a time lag.”

“In other expenses, the significant increase in the current quarter is freight cost, which has gone up because of the West Asia conflict.”

“Net debt, we closed the quarter with a net cash position of INR8,280 million compared with net debt of INR1,012 million in Q1 FY27.”

“Working capital: Net working capital to sales was 30% compared with 29% in Q1 FY27 and 29% in Q2 FY26 and remained stable in this range.”

“Cash conversion cycle was 231 days compared with 229 days in Q1 FY27. This movement was a result of a deliberate inventory buildup, mainly in the U.S. to ensure supply continuity in line with the demand.”

“Secondly, the investment in working capital, we have consciously increased from 29% to 30%, but it is in this range currently plus/minus 100 basis points here and there.”

“Receipt of balance proceeds of warrants moved us into a net cash position, strengthening our balance sheet and supporting growth, capacity expansion and R&D.”

“But in total, we have about 5 launches within the next 2 quarters.”

“In the next 6 months and to clear this out also, we have about 8 pending launches from GGP at this point. We've transferred a few of those products to various sites, and we will be launching them -- a few of the products in Q3 and Q4.”

“We have 3 products being launched from GPI, 2 of which are controlled products.”

“So currently, we have a good amount of cash, which will be used for both organic growth as well as inorganic growth.”

“And in addition to that, we are open and continuously exploring inorganic opportunities.”

“Our oligonucleotide scientific leadership is now on board with additional team members expected to join over the next quarter.”

“Second question with respect to remediation expenses, Q4 onwards, it will moderate significantly. Q3 also will be similar to Q2.”

“The inspection concluded with a Form 483 containing eleven observations.”

“Based on our assessment, none of the observations relate to data integrity, cross-contamination or facility upkeep.”

“The timing and extent of this contribution will depend on regulatory and litigation outcomes and the upside may be uneven across quarters.”

“Sajal, all I can tell you is I cannot comment on what you said, but this was a 2-week audit with three inspectors.”

“Tushar, typically, it takes about -- it should be about 90 to 100 days for response, but it all depends how things go.”

“Revenue grew 20% year-on-year to INR15,600 million, crossing INR15,000 million in quarterly revenue for the first time in our history.”

“EBITDA grew 21%, while PAT increased 39% to INR1,818 million.”

“4 of our facilities have also achieved zero waste to landfill certification.”

“During the quarter, Senn Chemical site in Zurich successfully completed its Swiss medic GMP inspection with no critical findings and acceptable GMP compliance status.”

“EBITDA and profitability, EBITDA was INR3,376 million, up 21% year-on-year and stable quarter-on-quarter.”