Questions across 16 calls

Tushar Manudhane

Motilal Oswal

Granules India Limited

Granules India Limited CC-May26.pdf · 2026-04-29

Sir, as far as the West Asia issue is concerned, as far as freight cost will -- just to have understanding correct, the freight cost increase will get reflected immediately in the coming quarters. But as far as passing on of the increase in the raw material prices, will that have a lead lag impact? And secondly, we would have certain inventory already, which will take care for at least 1, 2 quarters. If you could just help us with that trajectory?

Got it. And as far as the peptide or the Senn Chemicals business is concerned, if you could just break down the revenue into projects which are at R&D and do the commercial manufacturing?

Ajanta Pharma Limited

Ajanta Pharma Limited CC-Dec25.pdf · 2026-01-30

Sir, firstly, some clarification on the growth guidance which you gave for full year '26, if you could just repeat?

Understood. And sir, secondly, on gross margins, which has seen significant improvement for the quarter and wherein you've seen geographies like U.S. growing at a much higher rate. So if you could just explain this improvement in gross margin and sustainability of gross margin?

Max Healthcare Institute Limited

Max Healthcare Institute Limited CC-Nov25.pdf · 2025-11-17

So just on the international patient side where the growth has been quite robust even this quarter, almost 25%. So if you could just sort of help break down into volume and realization growth?

And more so, sort of -- if you could also elaborate in terms of the geographies, lik e in terms of diversification.

Alkem Laboratories Limited

Alkem Laboratories Limited CC-Jun25.pdf · 2025-08-12

Sir, just one question with respect to the additional operational costs, with respect to the CDMO facility, probably which would come up Q4 onwards. But what quantum should we consider?

And for MedTech business, sir, how much is the opex probably in this quarter or subsequently, how much sort of stabilizes?

Alkem Laboratories Limited CC-Jun24.pdf · 2024-08-09

So, just on the MR strength, which has been largely stable, that as a part of cost rationalization exercise, are we going to see the reduction in MRs as well by the end of FY25?

And if you could share the opex related to Enzene Biosciences?

Apollo Hospitals Enterprise Limited

Apollo Hospitals Enterprise Limited CC-Mar25.pdf · 2025-05-31

So, just a clarification on the operating beds, while most of it , - as operational beds are expected to come from Q4 FY '26, and this is where that impact of 140 bps. Is my understanding correct?

Got it. And just on GMV, if you could sort of clarify what kind of growth one should think of with these new business initiatives for FY '26.

Torrent Pharmaceuticals Limited

Torrent Pharmaceuticals Limited CC-Mar25.pdf · 2025-05-20

Sir, just with respect to this Semaglutide business prospects, I would like to understand that in terms of like many companies are gearing up for, let's say, launching in first wave. From availability of a product perspective, from a manufacturing perspective, you think it’s a constrained or we got to tie up with a specific select companies or there were multiple suppliers available for this product?

And even for selecting a partner, like as far as Torrent’s tie-up is concerned, just to understand were there are multiple suppliers or vendors available and so choosing a partner or the number of partners relative to other products, let's say, when you sort of think about launching in India market, this had a limited number of supplies.

Cipla Limited

Cipla Limited CC-Mar25.pdf · 2025-05-13

So just on the peptide assets, if you could elaborate in terms of the investment done till date as far as R&D or manufacturing is concerned? And what kind of investment sort of we are targeting over the next 2 to 3 years?

Got it. And one last -- in the earlier comments, you referred to some large assets probably we can be there for FY '26. So this approval, what is the -- if you could share the expected time line for the approval for this product?

Dr. Reddy's Laboratories Limited

Dr. Reddy's Laboratories Limited CC-Mar25.pdf · 2025-05-09

Thanks for the opportunity. Sir, for the Europe market, FY25, was a great year. If you could sort of elaborate on the growth prospects for this region, ex NRT, as well for '26-'27 maybe?

Got it, sir. Sir, as far as semaglutide is concerned, because it can be manufactured using biological route as well as synthetic route. Any colour, if you could share in terms of at least the initial countries like India, Canada, would they be okay to approve the synthetic route? And the competitive dynamics would be different , if that happens or do you think the comp etitive dynamics would be similar, even if it is approved, either through a synthetic route or a biological route?

Syngene International Limited

Syngene International Limited CC-Mar25.pdf · 2025-04-24

Just while I might have missed the numbers, I was just asking that what would be the operational cost for the biologics facility on an annual basis. And given that we'll have to have compliance in place, so effectively, how to think about the increase in t he cost over the next 2 to 3 years? And likewise, the U.S. facility, if you could say?

Got it. So directionally, safe to assume that there will be further scale up in this cost maybe in the year 2, which is like FY '27 before we think of achieving EBITDA breakeven?

Emcure Pharmaceuticals Limited

Emcure Pharmaceuticals Limited CC-Jun24.pdf · 2024-08-14

Sir, just on the domestic foundation side, if you could share the breakup of MRs into acute and chronic therapies and MR productivity respectively?

And what is the MR attrition rate typically?

Eris Lifesciences Limited

Eris Lifesciences Limited CC-Sep23.pdf · 2023-11-08

Sir, on the Nephrology part again. At what rate this business has grown over past two years?

Secondly, for this acquisition how much is to be taken as the amortization rate?

Piramal Pharma Limited

Piramal Pharma Limited CC-Sep23.pdf · 2023-10-30

So, just on the interest cost now that with the reduction in debt , how much do you consider as the interest?

And just coming back to the asset turn, given the kind of CAPEX which we continue and given the free cash flow maybe post and if I even include the interest cost, will the internal accrual be sufficient to do that kind of CAPEX?

Sun Pharmaceutical Industries Limited

Sun Pharmaceutical Industries Limited CC-Mar25.pdf ·

Yes, thanks for the opportunity, Sir just with respect to, firstly, on the R&D spend guidance of 6% to 8%, so does this factor the R&D spend, additional or higher R&D spend on the existing projects, or are we building new projects for the R&D spend basically? That's my first question.

Got it. And sir secondly, with the growth in let's say branded markets of India, Emerging Markets, and the Specialty, and at the same time spending on the Specialty product, how to think about the EBITDA growth compared to revenue growth for FY'26?

Sun Pharmaceutical Industries Limited CC-Jun25.pdf ·

Sorry for this. Maybe I missed, but just if there is a revisit on the R&D cost as a percentage of sales for FY'26?

Because this quarter adjusting for the charge is 5.5. So, effectively it implies that the R&D expense is going to be much higher in the coming quarters.

Sun Pharmaceutical Industries Limited CC-Mar24.pdf ·

Sir, with respect to Deuruxolitinib? Are there any queries pending with US FDA?

Understood. And just on this India market, if you could share the outlook for at the industry level, what do you think would be the growth rate for next one to two years? Is the trade generics eating away the volume from the prescription sales, if you could give your perspective overview? For further updates and specific queries, please visit www.sunpharma.com or feel free to contact Abhishek Sharma, +91 22 43242929, abhi.sharma@sunpharma.com, Gaurav Chugh, +91 22 43245373, gaurav.chugh@sunpharma.com,