Shilpa Medicare Ltd

- There is no explicit mention of any current or planned fundraising through debt or equity in the transcript. - The company has reported a reduction in interest burden due to repayment of a substantial part of its NCD and other loans post their QIP issue. - Interest cost has declined 55% year-on-year during the quarter, and they are working on further measures to reduce interest burden. - Capex for the nine months ending December 2024 was INR173 crores mainly for the albumin facility, indicating ongoing investment funded through internal or existing resources. - The management did not provide any guidance on future fundraising activities during the call.

- Capex for nine months ending December 2024 was INR 173 crores, mainly for the albumin facility under development (Page 8). - The albumin facility, for recombinant human albumin (a New Biological Entity), is in material generation phase with Phase III human studies planned to start in Q1 FY '26 (Page 7). - The company is focusing on building capacity and capabilities in biologics and CDMO segments, including fermentation-based CDMO projects and ADC (antibody-drug conjugate) development (Pages 7, 18). - Continuous investment in diverse verticals such as APIs, formulations, peptides, polymers, biologics, and fermentation to leverage multi-offerings at customers (Page 18). - Ongoing efforts to improve asset utilization and operating leverage to support margin expansion (Page 8).

- Biologics segment is gaining good traction with multiple licensing opportunities and CDMO contracts contributing to future revenue growth. (Page 13, 19) - Top 3 revenue generators next financial year expected to be Nilotinib, Axitinib, and CDMO products. (Page 18) - Oncology API business expected to improve from Q1 FY'26, with ramp-up in supplies to partners like Intas. (Page 14, 15) - Non-oncology business set for growth by replacing old products with high-margin molecules like UDCA and NorUDCA from Q1 FY'26. (Page 14) - Licensing income from multiple pipeline molecules will continue as a major revenue driver alongside formulation sales. (Page 9, 16, 17) - Europe and Rest of World markets hold significant growth opportunities especially with new API approvals and higher formulation sales driven by recent product launches like Nilotinib and Axitinib. (Page 11) - CDMO business presents a good gross margin opportunity with multiple molecules in the pipeline. (Page 17)

- EBITDA margins of 26%-27% are sustainable, with opportunities to improve further (Page 16). - Profit after tax for 9 months doubled compared to the previous financial year, showing strong profit growth (Page 8). - Licensing income from multiple pipeline products and CDMO contracts is expected to continue as a key revenue and profitability driver (Pages 16-17). - Growth driven by key molecules like Nilotinib, Axitinib, and CDMO products, with formulation sales expected to increase as licensed products commercialize (Pages 8, 15, 18). - Biologics business showing good traction with expected sizable revenues and potential for INR300 crore scale by FY '27 (Pages 12-13). - Margin improvement expected due to better operating leverage, asset utilization, and improved business mix (Page 8). - Tax rate expected to normalize near 35% in FY '26, improving net earnings (Page 15). - Revenue growth expected in non-oncology with shift to higher margin products like UDCA and NorUDCA from FY '26 onwards (Page 15).

- Shilpa Medicare has a very strong order book in formulations across Europe, US, and other global markets, supported by multiple product registrations and approvals from previous years. - The company has ongoing supply commitments, including a launch order for 5 million tablets under the Unicycive partnership for a CDMO project, with formulation supplies planned for Q1/Q2 FY '26. - For the specialty polymer segment, Shilpa received a ~$4 million single purchase order from an Indian partner, with supplies expected to complete in Q1 FY '26, followed by anticipated repetitive orders. - The company is actively building its CDMO pipeline with several molecules in advanced stages and expects new launches and milestones to contribute to future order flows. - Overall, Shilpa is poised for growth with multiple assets nearing commercialization and a robust pipeline fueling continuous ordering.