Mid-teen revenue growth for FY24
Management expects mid-teen percentage growth for the full year across branded generics and US generics.
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revenue
EBITDA margin of 25% ±1% for FY24
EBITDA margin guided at 25% ±1% for FY24, supported by gross margin stability and cost control.
US generics revenue similar level in next three quarters
US generics revenue expected to remain at similar levels as Q1 (₹213 crore) for the next three quarters.
CapEx of ₹200 crore for FY24
Capital expenditure for FY24 estimated at ₹200 crore, including maintenance and new corporate house CapEx.
FY25 revenue growth in low teens
Overall revenue expected to grow in low teens, with branded generics mid-teens, US mid-single digit, and Africa institutional degrowth.
EBITDA margin around 29% ±1% for FY25
EBITDA margin expected to remain in the range of 28-30% for the full year, supported by stable gross margins and controlled expenses.
CapEx of INR 175 crore for FY25
Capital expenditure for FY25 estimated at INR 175 crore, including maintenance capex.
US ANDA filings of 8-12 in FY25
Target to file 8-12 ANDAs in the current fiscal year, with launches skewed towards Q3 and Q4.
US generics run-rate to sustain at current level for FY26
Management expects the current quarterly run-rate of ~INR 310 crore to continue for the remaining three quarters, supported by existing limited-competition products and 2-3 more launches planned.
India business to grow 20-25% higher than IPM growth
India business aims to grow at 10%+ if IPM grows at 8%, maintaining its outperformance trajectory.
EBITDA margin guidance of 27% ± 1% for FY26
CFO guided EBITDA margin in the range of 26-28% for the full year, with potential expansion in FY27 as investments moderate.
CapEx guidance of INR 300 crore for FY26
Includes maintenance CapEx of INR 150-200 crore and expansion of liquid plant at Pithampur for emerging markets.
FY24 EBITDA margin guidance upgraded to ~26%
Management expects EBITDA margin of around 26% for FY24, up from earlier guidance of 25%, due to improved gross margins and lower logistics costs.
Asia branded business to deliver low-teens growth in FY24
Despite an 8% decline in Q2, management expects Asia branded business to post low-teens growth for the full year, driven by recovery in H2.
Africa branded business to deliver low-teens growth in FY24
Africa branded business is expected to bounce back and deliver low-teens growth for FY24, after a flattish H1.
US revenues to sustain at similar levels for next two quarters
Management expects US generics revenue to remain at Q2 levels for the next two quarters, factoring in new launches and market share changes.
Branded generics mid-teens growth for FY25
Management expects branded generics (India, Asia, Africa) to grow in mid-teens for the full year, with Asia and Africa growth moderating in H2.
US generics mid-single digit growth for FY25
US generics expected to grow in mid-single digits, with most launches in Q4; 4 ANDA launches planned in H2.
EBITDA margin around 28% ±1% for FY25
Full-year EBITDA margin guided at 28% plus/minus 1%, with quarterly variations due to product mix and forex.
CapEx of INR 200 crore for FY25
Capital expenditure for FY25 estimated at INR 200 crore, including maintenance CapEx; INR 130 crore spent in H1.
EBITDA margin of 27%±1% for H2 FY26
Management expects EBITDA margin (excluding forex impact) to remain at 27%±1% for the remaining two quarters.
US generics to sustain current run rate in H2
US generics revenue run rate of ~INR 343 crore per quarter is expected to be sustained for the next two quarters.
Africa business to achieve double-digit growth in FY26
Africa business guidance upgraded from mid-single-digit to double-digit growth for the full year.
Capex of INR 300 crore for FY26
Capex incurred INR 145 crore in H1, expected to be in line with full-year guidance of INR 300 crore.
FY24 EBITDA margin guidance revised to 27% ±1%
Management revised full-year EBITDA margin guidance to 27% ±1%, down from 28% in 9M, due to higher freight costs from Red Sea crisis and increased Q4 expenses.
India business to grow low double digits in FY24
India business expected to grow 12-13% for full year FY24, with Q4 aspiration to cross 15%.
Asia branded to grow low teens in FY24
Asia branded business expected to grow low double digits for full year FY24.
Africa branded to grow mid to high single digits in FY24
Africa branded business expected to grow mid to high single digits for full year FY24.
EBITDA margin of 28% ±1% for FY25
Management expects EBITDA margin to remain around 28% for the full fiscal year, with quarterly fluctuations of 50-100 bps.
U.S. generics double-digit growth in FY26
Management guided for double-digit growth in U.S. generics next fiscal year, driven by new launches including 2-3 limited competition products.
Capex of ~INR 225 crore for FY25
Capital expenditure for FY25 is estimated at about INR 225 crore, including maintenance capex.
R&D spend at 5% of revenue for FY25
R&D expenses are expected to remain at 5% of total revenue for the fiscal year.
EBITDA margin guidance of 27%±1% for FY26
Management reiterated EBITDA margin guidance of 27%±1% for the full year, excluding mark-to-market forex impact.
Gross margin around 78%±1% for FY26
Gross margin expected to remain around 78%±1% for the full year.
Capex guidance of ~INR 300 crore for FY26
Capital expenditure for 9M stood at INR 235 crore; full year guidance of around INR 300 crore.
US generics double-digit growth in FY27
Management expects US generics to post double-digit growth in FY27, though growth rate may moderate from FY26 levels.
Overall revenue growth of low teens in FY25
Management expects consolidated revenue to grow in low teens, with branded generics growing mid-teens and US generics in mid-single digits.
India business to grow 10-11% in FY25
India branded generics are expected to grow 200-300 bps faster than IPM (forecast ~8%), implying 10-11% growth.
EBITDA margin to sustain at ~28% in FY25
Management guided for EBITDA margin of ~28% for FY25, with potential 100 bps improvement if freight costs normalize.
CapEx of INR 175-200 crore in FY25
Capital expenditure for FY25 is estimated at INR 175-200 crore, including maintenance capex.
FY26 Revenue Growth: Branded generics low-teens, US generics high-teens
Management expects branded generic business to grow in low teens and US generics in high teens, driven by new product launches and market share gains.
FY26 EBITDA Margin ~28% (similar to FY25)
CFO guided EBITDA margin around 28% plus/minus 1% for FY26, similar to FY25 level, as higher personnel costs offset gross margin improvements.
FY26 Capex ~INR 300 crore
Capital expenditure for FY26 is estimated at around INR 300 crore, including maintenance capex and ongoing projects like the liquid plant at Pithampur.
FY26 ANDA Filings: 10-12 filings
Management expects to file 10-12 ANDAs in FY26, with a robust pipeline and several products in advanced stages.
Revenue growth of high-teens for FY27
Management expects overall revenue growth in the high-teens range, driven by recovery in Asia and Africa, while US generics moderate.
EBITDA margin of ~27% for FY27
EBITDA margin guidance of 27% ±1%, factoring in investments in MR additions, R&D, and higher freight/raw material costs from Middle East conflict.
Capex of ~INR 400 crore for FY27
Capex includes INR 150 crore maintenance and INR 250 crore for capacity expansion at existing sites.
US generics mid-single-digit growth in FY27
US generics expected to grow at mid-single digits due to high base and seasonal flu product impact; 4-5 new launches planned in H2.