Questions across 19 calls

Tushar Manudhane

Firm not listed in source transcripts

Mankind Pharma Limited

Mankind Pharma Limited CC-May26.pdf · 2026-05-20

Yes. Myself Tushar Manudhane from Motilal Oswal Financial Services. Again, congratulations on a good set of numbers. Sir, just going forward, while you have highlighted on the growth guidance, would you also share the perspective in terms of what's happening on the raw material cost side given the kind of sort of turmoil that's happening because of the Middle East war issues and which might have impact on, let's say, gross margins and EBITDA margins?

Understood. Sir, secondly, on the consumer health side, while FY '25 was pretty strong, but FY '26, again, the growth has moderated. Maybe fourth quarter, particularly, there was a low base effect, so 20% growth. But having said that, FY '26 again has been a moderate year for consumer health. Could you highlight any initiatives to revive or further sort of strengthen the growth in this segment?

Lupin Limited

Lupin Limited CC-May26.pdf · 2026-05-08

Just a clarification on guidance for FY27. Madam highlighted high single digit revenue growth with 25% EBITDA margin?

So, effectively are you sort of factoring the competition for like Tolvaptan kind of a product and which is why you see EBITDA margin lowering down in FY27?

Lupin Limited CC-Feb26.pdf · 2026-02-13

On your comments on use of AI, if you could elaborate which geography or which divisions have started impl ementing the use of AI and how fast or difficult whichever way, the use of AI has been on the development side , on the manufacturing side?

Secondly, the opening remarks also alluded to forming a new division for Semaglutide with respect to catering to diabetologists, cardiologists, gastroenterologists. So how many MRs, is sort of getting focused for this particular product?

Lupin Limited CC-Nov25.pdf · 2025-11-07

Just on this Coral Springs investment, conceptually Indian facilities is at a lower cost of manufacturing and that has been one of the advantage for the exports business. So, from that perspective, if you want to think about then how does this investment plays out from the profitability point of view?

And the devices with respect to these products. So, again, this is procuring from the top three, four global players. Is that how the thought process is going to be?

Lupin Limited CC-Sep24.pdf · 2024-11-08

So just on the GLP -1 opportunity as far as Emerging markets are concerned, in terms of the value chain, where is the key hurdle? Is it going to be the marketing or is it going to be the manufacturing? Like right from end -to-end manufacturing. If you could share your thoughts here?

And given the kind of the business which let's say the innovator companies are making on this product, despite that the manufactur ing won't be the constraint for the Emerging markets. Is that the right understanding?

Lupin Limited CC-Mar24.pdf · 2024-05-07

Just taking this biosimilars overall how much investment you would have done in biosimilars till date? And how much of the R&D spend say for FY25 would be towards biosimilars?

And just one last clarity on the U.S. Sales, while there's a good pipeline in terms of approvals as well as launches for FY25, still you have indicated that U.S. quarterly sales to sustain to $200 million, is that what you commented or I heard it wrong?

Biocon Limited

Biocon Limited CC-May26.pdf · 2026-05-08

This is Tushar from Motilal Oswal. Just on the biosimilars, what could be the capacity utilization currently?

The direction which I'm trying to get through is that while we have a very robust portfolio and subsequent new approvals that might come through. But from a capacity standpoint, do we really need further capacity expansion, or the current capacity would be good enough to drive growth for FY '27, '28 in particular?

Biocon Limited CC-Feb26.pdf · 2026-02-13

Yes. Myself, Tushar Manudhane from Motilal Oswal Financial Services. Sir, firstly, just extending Shyam's question on Canada. So , if you could share your perspective in terms of what's holding on Canada as a regulatory authority for approving the GLP biosimilars or generics? That's my first question?

So here, is this because innovators might have acting through biological routes where filers have done it through Synthesis route. Is that an area of concern?

Biocon Limited CC-Nov25.pdf · 2025-11-12

Good morning. Myself Tushar Manudhane from Motilal Oswal. So, firstly, on the Insulin Aspart now that we have launched the product. So, if you could just sort of help us understand the kind of traction that can be expected from this product, given that we are the only interchangeable player in this space. That's my first question?

So effectively, let's say, second half FY '26, still to sort of do the procedural aspect and then to look at the commercial traction. Is that the way to think about it?

Emcure Pharmaceuticals Limited

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

As far as international market is concerned, if you could just share how much would have been the constant currency growth for each of the segments, Europe, Canada, Emerging market? That's my first question for the quarter.

So then considering even if I say constant currency growth of Europe almost 20%-22% for the quarter and then we have niche product scale that's happening in what kind of outlook can be seen for next two years 27-28?

Zydus Lifesciences Limited

Zydus Lifesciences Limited CC-Jun25.pdf · 2025-08-12

Am I audible?

Thanks for the opportunity, Sir. Sir, just with respect to Desidustat, while you know, maybe probably approval taking next 12 months and then subsequently the commercial channel probably you know how long will that take to see that stable, the scale up in the sales?

Zydus Lifesciences Limited CC-Mar25.pdf · 2025-05-20

Hi sir. Am I audible?

Thanks. Thanks for the opportunity. S ir, just on the margin guidance for 26 %. Just to sort of understand , while probably the 14 of 22 competition in generic Revlimid might keep profitability under check, but then we continue to sell Mira begron, which given that it is also a limited competition product , will help get better margins which will offset Revlimid. So, just trying to understand that in FY25, we ended with a healthy margin of almost 30% and then we are guiding for F Y26 for 26. So, what is dragging us down by almost 300 bps?

Divi's Laboratories Limited

Divi's Laboratories Limited CC-Jun25.pdf · 2025-08-06

Sir, just considering the generic custom synthesis ratio with API segment seems to be lower for the quarter. And despite that, the gross margin is sort of lower sequentially. So if you could throw some light on this aspect? That's my first question?

Ma'am, considering the ratio of generics to custom synthesis of 47% to 53%, it implies that the API business has sort of been more or less flat year-over-year, in fact, reduced quarter-on-quarter as well. And given this backdrop, still the gross margin seems to be lower on a quarter-on-quarter basis. So basically, the reasons for the lower API trends and subsequently a reduction in the gross margin as well?

Global Health Limited

Global Health Limited CC-Dec23.pdf · 2024-02-09

Yes, while the question queue assembles, just a couple of questions from my side. Sir, we have a good amount of cash available on the balance sheet , while we have grown organically, you know, since inception, so how to think about the usage of surplus cash?

Sure. So, can you also update on Indore project?

Aurobindo Pharma Limited

Aurobindo Pharma Limited CC-Feb26.pdf ·

Thanks. Thanks for the opportunity. Sir, with respect to Eugia III inspection, if you could share some color in terms of the nature of observations . S econdly, if implementing any measures to address th is issues, will this require certain, let us say, temporary stoppage of production or anything of that sort, if you could throw some light on that?

So, that way the production also will be on the continued process per se?

Aurobindo Pharma Limited CC-Mar25.pdf ·

Thanks for the opportunity. Sir, firstly, on the Europe business, it has been a consistent high-teen growth for a couple of years. If you could just sort of elaborate.

So, just on Europe market, I wanted to understand, like, it has been a good year, good second consecutive year for the high-teen growth in the Europe business per se. So, if you could sort of further elaborate in terms of the strategy to sustain this growth movement, that's my first question.

Aurobindo Pharma Limited CC-Jun25.pdf ·

Yeah, thanks for the opportunity. Sir, with respect to the, let's say, operational losses for various plants, if I have to club together for FY26, if you can share that number? And subsequently, how to think about that number for FY27, considering any new plant that might come up in FY27?

So, this year how much that number for this like first two quarters given that the scale up probably will have benefits coming from second half?

Aurobindo Pharma Limited CC-Nov25.pdf ·

Good Morning, Sir . Sir, on the EBITDA margin first, like your guidance of 20% -21% for FY26, now that Pen -G plant is largely stable, closer to EBITDA breakeven, Eugia related operational cost is largely done, probably inspection can only move up in terms of profitability from here on. So, if I have to extend this for FY27 maybe without considering the inspection outcome of Eugia III, how do we see the margin trajectory from here on?

Got it. Sir, China plant operational cost, how much that is? Trying to understand that…

Aurobindo Pharma Limited CC-Dec24.pdf ·

Yeah. Good morning, Sir. Just on Pen-G, to start with, like what kind of operational loss currently we have for the quarter?

And what kind of pricing outlook are we sort of building once we break even or let's say for the external sales?