Kiran Mazumdar-Shaw

We are now moving from a phase of integration and investment to one focused on execution, operating leverage, and value creation.

FY27 will be a transition year for Syngene with important leadership changes already underway to position this company for its next phase of growth, particularly in CDMO, biologics, and emerging AI enabled service lines.

We expect a broadly flat performance for FY27 while maintaining EBITDA margins in the mid-20s through disciplined cost management and sharper operational executions.

Q3 FY26 represents an important operational inflection point for Biocon. With major capex now largely behind us and operating leverage beginning to play out, we are progressing from a phase of balance sheet resilience into a cycle of sustainable growth, margin expansion and a cash flow-led value creation.

We are now in a very healthy financial state. I think the fact that we have done the QIP and the bond issue has made us far more financially robust.

We are now on a path of accelerating growth with a commitment to innovation, digital augmentation, and operational excellence.

We are tracking well ahead of this plan. On July 1, 2023, we successfully integrated over 70 countries in emerging markets into Biocon Biologics.

Post-transition, by the end of this fiscal, core EBITDA margins are expected to return to the mid-thirties.