bullish
high
✓ Verified against BSE filing
Claim Ledger
Did management answer the analysts?
Every material analyst question, graded on whether management actually answered it — with the verbatim exchange and quantitative claims checked against filed numbers.
71%Questions answered1Evaded / deflected12Questions auditedContradictedNumbers vs filing
Evasive
High priority
Impact of potential US tariffs on generics and mitigation factors.
Asked by Neha Manpuria, Bank of America
Management gave no concrete estimate or mitigation plan, only generic preparedness.
no specific numbersspeculativedeferred to future
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Question
Given you speak to the policymakers and customers, what is your sense on the extent of tariffs or to what level the tariffs could be implemented on generics? Could it be in the API? Could KSMs be included?
Erez Israeli, CEO
I wish I knew when and how much tariff will come. We are preparing ourselves for the scenarios... The main activity as we speak is to work closely with our customers and see what they need in terms of inventories...
Answered
Medium priority
Would customers absorb tariff impact?
Asked by Neha Manpuria, Bank of America
Directly stated customers won't absorb tariffs, no evasion.
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Question
Based on your conversations with customers, would they be open to absorbing an impact of any potential tariff depending on how much it is, or what's your sense on who bears the burden in case of a tariff?
Erez Israeli, CEO
My sense is nobody wants to absorb the tariff. Yeah. Decided not to find any player that said, 'Yeah, I would love to absorb.' No.
Partial answer
High priority
Cost flexibility after REVLIMID patent cliff to achieve 25% margins.
Asked by Neha Manpuria, Bank of America
Provided current cost levels but no concrete plan to reduce costs to achieve 25% margin.
no specific cost reduction planvague on levers
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Question
Given that our cost base has ballooned quite a bit... how much flexibility do we have to actually reduce this cost once REVLIMID goes away? Just trying to get to how we get to the 25% margins.
M V Narasimham, CFO
R&D and edge SG&A will be in the similar zone. I think edge SG&A now is like somewhere 28% of the sales. R&D, 18% would be in the similar zone.
Answered
High priority
Reason for QoQ gross margin decline despite revenue growth.
Asked by Kunal Dhamesha, Macquarie Group
Explained specific reasons: one-off costs and lower out-licensing income.
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Question
The gross margin, which has kind of changed quite a bit dramatically on the QoQ basis... I kind of fail to understand how the operating leverage has kind of worked other ways for us.
M V Narasimham, CFO
One-off cost... as part of the manufacturing overhead... our out-licensing income is lower. That will have a direct impact on the gross margin that's where like a 300 basis points is lower in this quarter.
Partial answer
Medium priority
Quantify severance cost one-time impact.
Asked by Kunal Dhamesha, Macquarie Group
Provided relative impact but not absolute amount.
refused to give absolute numbergave only basis point impact
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Question
Can you please quantify the severance cost one-time impact for this quarter?
M V Narasimham, CFO
That is not—we will not give, but it's not a very small amount... Overall, it has impacted 0.8% out of 80 basis points out of 300 basis points.
Answered
High priority
Update on GLP-1 and abatacept products.
Asked by Kunal Dhamesha, Macquarie Group
Provided clear timelines and status updates.
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Question
If you could provide an update on our GLP-1 or let's say generic semaglutide product across various markets and also the abatacept product.
Erez Israeli, CEO
We are gearing up to launch it during calendar 2026 in all the markets that the IP landscape will allow us to launch... As for abatacept, so far so good. We are deep into the phase III...
Answered
High priority
Sizing of generic semaglutide opportunity in Canada and other markets.
Asked by Madhav Marda, Fidelity
Provided market size and growth rate estimates.
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Question
Could you help us maybe understand the sizing of the generic semaglutide opportunity for us in markets such as Canada, Brazil, and the other larger EMs...
Erez Israeli, CEO
The market price is around $1.8 billion, which suggests that it's around, give or take, 10 million pens... The CAGR is big... somewhere between 28% to 39%.
Partial answer
Medium priority
US price erosion and business performance excluding REVLIMID.
Asked by Amey Chalke, JM Financial
Gave qualitative but not quantitative price erosion or growth figures.
no specific percentagevague on ex-REVLIMID growth
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Question
What is the U.S. business price erosion for the year and how the U.S. business has done for the year for FY 2026, excluding the REVLIMID?
M V Narasimham, CFO
The price erosion is like on year-over-year basis. In the U.S., I think the price erosion is very stable... much lower as compared during FY 2025 compared to FY 2024.
Answered
High priority
Confirmation of double-digit growth and margin maintenance in FY26.
Asked by Bino Pathiparampil, Elara Capital
Confirmed the guidance directly.
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Question
I believe you said that for financial year 2026, you can do a double-digit growth and maintain the margin at the same level of FY 2025. Did I hear that correct?
Erez Israeli, CEO
Yes. That's what I heard.
Answered
Medium priority
Growth prospects for Europe ex-NRT.
Asked by Tushar Manudhane, Motilal Oswal
Provided specific growth drivers and product plans.
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Question
For the Europe market, FY 2025 was a great year. If you could sort of elaborate on the growth prospects for this region, ex-NRT as well, for 2026, 2027, maybe.
Erez Israeli, CEO
Europe is a growing area for us. We are planning to grow by first of all, we are expanding to more countries. We are launching more products... biosimilars... NRT business.
Partial answer
Medium priority
Visibility on R&D spend growth and pipeline buildup.
Asked by Surya Patra, PhillipCapital
Explained current investments but no forward-looking quantification.
no future R&D spend guidancevague on pipeline value
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Question
Could you give some visibility about the kind of work that we would have done on the pipeline buildup front and the likely investment on those fronts on the R&D side going ahead...
M V Narasimham, CFO
R&D investments have been increasing in biosimilars, like abatacept is in phase III... GLP-1s... complex molecules and require a lot of investment.
Partial answer
Medium priority
NRT revenue run-rate and REVLIMID quarterly distribution.
Asked by Krishnendu Saha, Quantum Mutual Fund
Gave an approximate confirmation but not a firm guidance.
vague confirmationno precise guidance
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Question
The NRT, the rounded off INR 1,200 crore, is it that we simply double that? Is what the number we get for the full year for FY 2026?
M V Narasimham, CFO
Yeah. It's supposed to. Yeah. Suddenly. Give or take. Give or take, that would be the range.
Quantitative claims vs filed numbers
| Claim | Management said | Filing | Verdict |
|---|---|---|---|
| Gross margin impact 300 bps lower due to one-offs | 300 bps | 267 bps | Overstated vs filing |
| One-off cost impacted 80 bps of gross margin | 80 bps | 267 bps | Understated vs filing |
| Canada semaglutide CAGR 28-39% | 28% | 20% | Overstated vs filing |
| India business grew 16% in FY25 | 16% | 20% | Understated vs filing |
| NRT H2 revenue ~INR 1,200 crore | ₹1,200 cr | ₹8,506 cr | Understated vs filing |
Filed figures sourced from Screener.in. Claims within a small tolerance of the filing are marked “matches filing”.