INDOCO REMEDIES Q2 CONCALL : REVENUE GROWS 7.4% YOY, EBITDA RISES TO ₹46.4 CR; MANAGEMENT EXPECTS STRONGER H2, DOUBLE-DIGIT EXPORT GROWTH & DOMESTIC RECOVERY

• MANAGEMENT MAINTAINS FY27 DOMESTIC FORMULATIONS GROWTH TARGET OF HIGH SINGLE DIGITS, DESPITE WEAK PERFORMANCE DURING H1 FY27 • MANAGEMENT EXPECTS INTERNATIONAL FORMULATIONS TO DELIVER DOUBLE-DIGIT GROWTH IN FY27, SUPPORTED BY REGULATED MARKETS & EMERGING MARKET RECOVERY • MANAGEMENT EXPECTS STRONGER PERFORMANCE IN H2 FY27, PARTICULARLY Q4, DRIVEN BY EXPORT RECOVERY, NEW PRODUCT LAUNCHES & IMPROVING OPERATING EFFICIENCY • MANAGEMENT TARGETS OVER 20% REVENUE GROWTH IN EUROPE & UK MARKETS OVER THE COMING YEARS, SUPPORTED BY NEW APPROVALS & PRODUCT LAUNCHES • MANAGEMENT EXPECTS EARLIEST CLARITY ON USFDA OBSERVATIONS BY THE FIRST WEEK OF DECEMBER 2026, FOLLOWING SUBMISSION OF RESPONSES TO SEVEN OBSERVATIONS • Q2 CONSOLIDATED REVENUE GREW 7.4% YOY TO ₹506.9 CR, CROSSING ₹500 CR FOR THE FIRST TIME • Q2 EBITDA INCREASED TO ₹46.4 CR FROM ₹43.1 CR YOY, WHILE EBITDA MARGIN IMPROVED TO 9.2% FROM 9.1% YOY & 8.8% QOQ • DOMESTIC FORMULATIONS REVENUE DECLINED APPROXIMATELY 5.9% YOY TO ₹212.8 CR, IMPACTED BY WEAKNESS IN SEASONAL ACUTE THERAPIES • CYCLOPAM & CITAL DELIVERED APPROXIMATELY 30% GROWTH, WHILE FEBREX PLUS DECLINED 20% & ATM FELL 16% • INTERNATIONAL FORMULATIONS REVENUE GREW 12.1% YOY TO ₹172 CR, WHILE REGULATED MARKETS EXPANDED 21.1% • EUROPE REVENUE GREW 23.5% YOY TO ₹67.5 CR, WHILE US REVENUE INCREASED 16.4% TO ₹39.1 CR • US SUBSIDIARY FPP GENERATED OVER ₹100 CR REVENUE IN H1 FY27 & ACHIEVED PROFITABILITY, SUPPORTED BY IMPROVED PRODUCT SUPPLY & OPERATING EFFICIENCY • GEOPOLITICAL DISRUPTIONS RESULTED IN APPROXIMATELY ₹13 CR ADDITIONAL FREIGHT COSTS DURING Q2, WHILE HIGHER RAW MATERIAL & PACKAGING COSTS PRESSURED MARGINS • MANAGEMENT EXPECTS MINIMAL PHYSICAL CAPEX DURING THE REMAINDER OF FY27 & FY28, WITH R&D SPENDING BELOW 5% OF REVENUE; COMPANY REPAID APPROXIMATELY ₹65 CR DEBT DURING H1 • MANAGEMENT REMAINS POSITIVE ON EXPORT GROWTH, US BUSINESS RECOVERY & PRODUCT LAUNCHES, BUT DOMESTIC SALES WEAKNESS, FREIGHT COSTS, USFDA RESOLUTION & MARGIN PRESSURES REMAIN KEY RISKS

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