**1. Business Performance:** The financial results for the quarter and half-year show H1FY26 revenue largely flat, but margins dipped due to an 8-10% YoY fall in API prices.

CDMO volumes grew 7%. Q2FY26 revenue was ₹1,018 Cr (-1.5% YoY) with Adjusted PAT at ₹43 Cr (-35.9% YoY) and Adjusted EBITDA margin of 9.3%. **2. Growth Drivers or Strategy:** Focus is on improving margins through superior product mix and cost optimization.

Strategies involve scaling domestic & export branded businesses, while reducing API and Trade Generics. **3. Recent Developments:** Significant international expansion includes a new JV with the Zambian government to establish a pharmaceutical manufacturing plant (approx. USD 45 million project), also securing USD 50 million in medicine supply over two years.

The first commercial formulation supply to Europe (Switzerland) was achieved. **4. Key Financial Metrics & Outlook:** H1FY26 saw revenue of ₹2,042 Cr (-0.5% YoY) and Adjusted PAT of ₹107 Cr (-13.4% YoY), with H1 Adjusted EBITDA margin at 10.9%. Management expects a strong H2 for exports and new facilities to contribute in 2026. Over ₹1,600 Cr in net cash provides strong leverage for growth, reinforcing CDMO leadership and expanding branded segments.