Healthcare Sector — Q1 FY26 Earnings Overview

Halol, Mohali, and Dadra facilities remain under FDA warning letters, limiting generic approvals and U.S. supply flexibility.

Management could not provide precise timing of Revlimid revenue decline, which may impact quarterly US revenue and margins.

Indore facility is due for US FDA reinspection within the next year; any adverse outcome could disrupt US supplies.

Management expects ~100bps margin dip from new hospitals, with total EBITDA impact of INR 100-150 crore over two years.

Bangladesh patient flow remains below pre-crisis levels; recovery timeline is uncertain despite new markets like Iraq.