Questions across 4 calls

Avnish Burman

Vaikarya

Emcure Pharmaceuticals Limited

Emcure Pharmaceuticals Limited CC-May26.pdf · 2026-05-05

My first question is a continuation of the previous participant's question on the impact of the business because of the Middle East conflict. I just wanted to know whether you are facing any constraints in terms of container availability, raw material, or even people in your factory? Is there any impact on the business because of that?

Okay. So, for example, cost, as you mentioned, freight and insurance costs and all, I mean, these are inventory independent. So in these kinds of cost increases, are you able to pass it on? Or are you taking it right now in your P&L?

Jubilant Ingrevia Limited

Jubilant Ingrevia Limited CC-Feb26.pdf · 2026-02-05

Hi, good evening. Thanks for taking my question. Deepak, this large agrochemical order that you have, I just wanted some color on the profitability. If I am not mistaken, in the last call, you mentioned this is coming at about 20%, 25% EBITDA margin. I just wanted some understanding on typically when CDMO players are working with innovators, the margins are typically higher. So why in this contract are the margins lower than what we typically see with some of the other players who are working with innovators?

Understood. The second question is more of a directional thing. I mean, I am referring to the presentation that you made last year. Your FY '30 guidance for Spec Chem also kind of indicated a 25% margin, which you have been maintaining in the last three quarters. The business seems to be stable at that margin. The growth from here on to FY '30 seems to be driven more by fine chemicals and CDMO. And like you said, I mean, that improves the business mix. Then why is the guidance for FY '30 not higher than 25% and the same as the current business mix right now, which has a larger proportion.

Cohance Lifesciences Limited

Cohance Lifesciences Limited CC-Jun25.pdf · 2025-08-13

Good evening. Thanks for taking my question. My question is specifically on the Pharma CDMO side. The APIs that you would be making for innovator Big Pharma companies, I wanted to know whether you are exporting these APIs into facilities in the U.S.? Or are they majorly being exported into some European countries like Ireland and the formulation is happening there? So which is the major export country for your APIs under the Pharma CDMO?

Okay. This is regarding the tariffs. My understanding is that APIs do not come under the definition of pharmaceutical as defined by Section 232 investigations. Is this understanding correct that APIs that are being imported into the U.S. are getting tariff as of now?

Apollo Hospitals Enterprise Limited

Apollo Hospitals Enterprise Limited CC-Jun25.pdf · 2025-08-13

I just have a question on Keimed. You mentioned that the HealthCo plus Keimed would reach about 7% EBITDA margin by the end of FY27. And Keimed margins, as I understand, is about 3.2% for the full year of FY25. So, I just wanted to know that how much increase in Keimed EBITDA margins are you baking in when you guide for 7% for these overall margins by Q4 FY27?

And the levers for this 40-basis point, I mean, is it coming mostly from the gross margins or operating leverage?