Bharat Parenterals Ltd. · BSE:BPLPHARMA
Bharat Parenterals — Investor Presentation (October 2026)
37 slides from Bharat Parenterals's investor presentation, Oct 29, 2026
Slide 1: BSE filing cover letter for investor presentation
Date: October 29, 2026 To, Listing Department BSE Limited Department of Corporate Services, Phiroze Jeejeebhoy Tower, Dalal Street, Mumbai-400001 Scrip Code: 541096 Dear Sir/Madam, Subject: Investor Presentation for the quarter and Half Year Ended on September 30, 2026 Pursuant to Regulation 30 of t
Slide 2: Investor Presentation Q2 FY27 Results & Business Update
INVESTOR PRESENTATION Q2 FY27 Results & Business Update BSE: 541096 · NSE: BPLPHARMA · ISIN: INE365Y01019 October 2026
Slide 3: Disclaimer
DISCLAIMER Except for the historical information contained herein, statements in this presentation and the subsequent discussions, which include words or phrases such as "will", "aim", "will likely result", "would", "believe", "may", "expect", "will continue", "anticipate", "estimate", "intend", "pl
Slide 4: Q2 FY27 at a Glance
Q2 FY27 AT A GLANCE 03 / 36 CONSOLIDATED GROUP REVENUE Q2 FY27 GROUP EBITDA Q2 FY27 GROUP PAT Q2 FY27 ₹ 136.3 Cr ₹ 26.1 Cr ₹ 11.8 Cr Q2 FY26 ₹64.6 Cr · +110.9% YoY Margin 19.2% vs 6.7% Q2 FY26 · +1,243 bps YoY Margin 8.7% · owners' share ₹9.4 Cr Q1 FY27 ₹93.7 Cr · +45.4% QoQ Q1 FY27 ₹9.6 Cr, 10.3% ·
Slide 5: Group financial metrics | P&L
Group financial metrics | P&L CONSOLIDATED Pa rticulars (₹ Cr) Q2 FY27 Q2 FY26 YoY % Q1 FY27 QoQ % H1 FY27 H1 FY26 H1 YoY % FY26 Revenue from operations 136.3 64.6 +110.9% 93.7 +45.4% 230.0 180.6 +27.3% 345.4 Other income 2.5 3.5 (28.1%) 1.1 +128.5% 3.7 4.6 (20.5%) 9.5 Total income 138.8 68.2 +103.7
Slide 6: Sum-of-parts P&L | Q2 FY27
Sum-of-parts P&L | Q2 FY27 05 / 36 CONSOLIDATED Entity-level disclosure for Q2 FY27 and H1 FY27 · totals may not add due to rounding Metric (₹ Cr) BPL Std Innoxel V. Healthcare V. Bio Sum of entities Elim. & adj. Consolidated Q2 FY27 · quarter under revi ew Revenue from Operations 78.6 44.5 19.7 0.0
Slide 7: Quarterly trajectory by entity
Quarterly trajectory | by entity · Q2 FY27 06 / 36 GROUP STANDA LONE INNOXEL HEALTHCARE Revenue (₹ Cr) Revenue (₹ Cr) Revenue (₹ Cr) 78.6 44.5 37.5 25.1 56.5 55.5 19.7 41.7 41.4 14.8 15.5 21.4 11.6 12.6 14.2 EBITDA % 5.6% 8.4% 0.1% 12.3% 9.0% (16.6%) (19.7%) 3.7% (8.5%) 32.9% 9.7% 6.3% (12.7%) 12.4%
Slide 8: Track record into Q2 FY27
Track record into Q2 FY27 07 / 36 GROUP FY26 milestones in the panel; FY27 developments to 21-Oct-2026 in the four columns below YEAR IN REVIEW APR 2025 → MAR 2026 • USFDA inspection at Innoxel Baroda facility → EIR received → US commercial supply enabled • FAMHP (Belgium) EU-GMP inspection complete
Slide 9: Industry Backdrop: India pharma exports
Industry Backdrop Exports US$31.1 bn · Apr–May FY27 US$5.29 bn, +6.6% · domestic market US$29 bn GROUP INDIA PHARMA EXPORTS FY26 · THE CORRIDORS INVERTED US$31.1 bn FY26, +2.1% YoY India's FY26 export growth by corridor (% YoY) FY25 US$30.5 bn (+9.4%) · FY14 US$14.9 bn 74% formulations & biologicals
Slide 10: Industry Backdrop: India CRDMO and Schedule M
Industry Backdrop India CRDMO scaling ~7× by 2035 · 47% of US generic scripts · Schedule M consolidating supply GROUP INDIA'S GLOBAL POSITION INDIA CRDMO · THE OUTSOURCING POOL 47% of US generic prescriptions · 3rd largest producer by volume, ~20% of global generic supply India CRDMO revenue pool (U
Slide 11: Bharat Parenterals Limited
ENTITY 1 OF 4 · THE ANCHOR BUSINESS Bharat Parenterals Limited Export-led FDF manufacturer · founded 1992 · Vadodara, Gujarat · 40+ countries STANDALONE
Slide 12: Bharat Parenterals Limited | At a glance
Bharat Parenterals Limited | At a glance Export-led FDF manufacturer · Vadodara, Gujarat · founded 1992 STANDALONE- BPL OVERVIEW • Founded 1992 by Mr. Ramesh Desai; today led by CMD Mr. Bharat Desai • Manufacturing footprint: 300,000 sq.ft. facility in Vadodara, Gujarat • 500+ technical and non-tech
Slide 13: BPL Standalone Q2 FY27 financials
Q2 FY27 PARENTERALS BHARAT financials · FINANCIALS STANDALONE- BPL Q2 FY27 actuals · quarterly cascade with H1 and FY26 comparatives · *EBITDA before other income REVENUE Q2 FY27 EBITDA Q2 FY27 PAT Q2 FY27 GROSS MARGIN Q2 FY27 ₹ 78.6 Cr ₹ 7.0 Cr · 9.0% ₹ 5.4 Cr · 6.9% 34.8% Q2 FY26 ₹41.7 Cr · +88.4%
Slide 14: BPL Standalone | Q2 FY27 operating scorecard
BPL Standalone | Q2 FY27 operating scorecard Production capacities · therapy mix · operational progress carried into Q2 FY27 STANDALONE- BPL REACH & FILINGS THERAPY FOCUS R&D CAPABILITY ■ Presence in 40+ countries ■ Anaesthetics · Antibiotics · CNS ■ In-house F&D since 2008 · DSIR ■ 350+ product fil
Slide 15: Global Reach & Accreditations
GLOBAL REACH & ACCREDITATIONS 14 / 36 STANDALONE- BPL Trusted suppliers across 40+ countries · regulatory accreditations across continents REGULATORY ACCREDITATIONS Azerbaijan Iran Ge orgia Jordan Kaz ak hstan Oman Kyrgy zstan Yemen Tajik istan Uzbekistan Bolivia Dominican Republic Benin/Togo Afghan
Slide 16: Industry backdrop | Emerging-market FDF exports
Industry backdrop | Emerging-market FDF exports A US$10.5 bn corridor set — ~34% of India's pharma exports — and it is the fastest-growing part of the map STANDALONE- BPL BPL'S CORRIDORS · SIZE (FY25), US$ mn …AND DIRECTION (FY26) Africa +13% Africa 3934 Latin America +10% Europe +7.1% LatAm and Car
Slide 17: Tender channel and compliance moat
Industry backdrop | Emerging-market FDF exports An institutional channel, behind a compliance bar that is removing sub-scale capacity STANDALONE- BPL THE TENDER CHANNEL THE COMPLIANCE MOAT IS WIDENING Vietnam — the hospital / ETC channel is 70% of the market and growing Revised Schedule M — only ~43
Slide 18: Innoxel Lifesciences
ENTITY 2 OF 4 · THE GROWTH ENGINE Innoxel Lifesciences Innovation-driven CDMO · USFDA + FAMHP cleared · complex / specialty generics for US / EU SUBSIDIARY · INNOXEL (55.9% BPL)
Slide 19: Innoxel Lifesciences | At a glance
Innoxel Lifesciences | At a glance SUBSIDIARY-INNOXEL Innovation-driven CDMO · USFDA-certified · 55.9% BPL subsidiary OVERVIEW • Ownership — ~55.9% material subsidiary of BPL • Positioning — first-of-its-kind USFDA-certified manufacturing unit in India for niche therapies & unique drug delivery syst
Slide 20: Innoxel Q2 FY27 financials
Innoxel INNOXEL ·| FINANCIALS Q2 FY27 financials 19 / 36 SUBSIDIARY-INNOXEL Q2 FY27 revenue ₹44.5 Cr (+253.1% YoY) · first US CMO launch 20-Oct-2026 · EBITDA excl. other income REVENUE Q2 FY27 EBITDA Q2 FY27 PAT Q2 FY27 ₹ 44.5 Cr ₹ 14.6 Cr · 32.9% margin ₹ 5.4 Cr · 12.2% margin Q2 FY26 ₹12.6 Cr · +2
Slide 21: Innoxel Operating scorecard & FY27 catalysts
Innoxel INNOXEL |· OPERATING Operating scorecard & FY27 catalysts 20 / 36 SUBSIDIARY-INNOXEL Leading indicators into Q2 FY27 · deals · pipeline · remaining catalysts DEALS & PARTNERS · LATEST DISCLOSED (FY26) PARTNER GEOGRAPHY (INDICATIVE MIX) PIPELINE (GENERAL + ONCO) Total deals signed (cumulative
Slide 22: Global CDMO & complex injectables: scarcity
Industry backdrop | Global CDMO & complex injectables India is 2–3% of a US$140–145 bn CRDMO market · injectables are half of every US drug shortage SUBSIDIARY-INNOXEL SCARCITY OF EXACTLY THIS ASSET · USFDA CDER SITE CATALOG (FY2024) THE DEMAND PULL · US SHORTAGES Injectables = 50% of all US drug sh
Slide 23: Complex generics, capacity and margin benchmark
Industry backdrop | Global CDMO & complex injectables Complex generics double by 2035 · sterile capacity is scarce and priced · the FY27 guide sits inside the peer band SUBSIDIARY-INNOXEL THE PRODUCT POOLS MARGIN BENCHMARK FOR THE FY27 GUIDE · EBITDA % Complex generics US$84 bn (2024) → US$170 bn by
Slide 24: Varenyam Healthcare
ENTITY 3 OF 4 · INSTITUTIONAL DOMESTIC Varenyam Healthcare Branded Generics · 7,500+ hospitals · institutional anaesthesia / critical care / pain SUBSIDIARY · V. HEALTHCARE (100% BPL)
Slide 25: Varenyam Healthcare | Branded generics business
VARENYAM Healthcare Varenyam HEALTHCARE | Branded generics business Acute / institutional Rx · flagship Innovexa portfolio · expanding into key Indian hospitals SUBSIDIARY-VARENYAM H REVENUE Q2 FY27 FIELD STRENGTH (MR) PCPM (PER MR / MO) OWNED DISTRIBUTION DEPOTS HOSPITALS COVERED ₹ 19.7 Cr 229 ₹ 3.
Slide 26: Therapy portfolio at a glance
Therapy portfolio at a glance Nidrava division: Anaesthesia · Pain Management · Critical Care · Bhuvah (Gynaecology) launching FY27 SUBSIDIARY-VARENYAM H FLAGSHIP · INNOVATION-LED TERMIVA ADHESTOP ATRABLOC Mephentermine Heparin 1000/5000 Atracurium 10mg/ml 30mg/ml IU/ml Vasopressor Anticoagulant Mus
Slide 27: Our associations & prominent clients
Our associations & prominent clients Trusted by India's most renowned hospital networks and tertiary care institutions SUBSIDIARY-VARENYAM H PAN-INDIA NETWORK INSTITUTIONAL CATEGORIES WHAT THESE RELATIONSHIPS PROVE Apollo Group · Narayana H rudayalaya · Manipal · Max Apex govt institutes (AIIMS, Saf
Slide 28: India institutional branded generics market
Industry backdrop | India institutional branded generics 31% of a ₹2.46 lakh Cr market moves through institutions — and IPM volume growth is close to zero SUBSIDIARY-VARENYAM H THE MARKET AND ITS ENGINE THE CHANNEL · 31% OF IPM IS INSTITUTIONAL ₹2,45,943 Cr IPM, MAT Mar-26, +8.6% Value +8.6% on unit
Slide 29: Bed pipeline and PM-JAY demand
Industry backdrop | India institutional branded generics The bed pipeline is the volume pipeline · PM-JAY keeps adding funded demand · the PCPM gap reads as headroom SUBSIDIARY-VARENYAM H THE BED PIPELINE IS THE VOLUME PIPELINE PUBLICLY-FUNDED DEMAND · PM-JAY Apollo 8,131 operational beds + 4,400 pl
Slide 30: Varenyam Bio Lifesciences
ENTITY 4 OF 4 — BIOLOGICS & BIOSIMILARS CDMO Varenyam Bio Lifesciences Biologics + Biosimilars CDMO · small-molecule oncology block · USFDA / EU-GMP / ANVISA targeted SUBSIDIARY · V. BIO (100% BPL) Section · 29 / 36
Slide 31: Varenyam Bio | Strategic shift to biologics CDMO
Varenyam Bio | Strategic shift to biologics CDMO CAPEX & P&L — Q2 FY27 ACTUALS · PRE-REVENUE, PRE-OPERATIONAL REVENUE EBITDA PAT CWIP BORROWINGS NET WORTH ₹0 (₹0.14) Cr (₹0.14) Cr ₹33.70 Cr ₹8.39 Cr ₹28.08 Cr Pre-revenue stage Opex ₹13.6 L in Q2 FY27 Incl. finance cost +₹0.47 Cr in Q2 FY27 STRATEGIC
Slide 32: Global biologics & biosimilars CDMO
Industry backdrop | Global biologics & biosimilars CDMO US$23–27 bn pool, 7–15% growth · US$232 bn of US biologics off-patent by 2034 · mammalian capacity is short SUBSIDIARY-VARENYAM BIO THE DEMAND POOL BIOLOGICS CDMO MARKET · US$ BN, BASE YEAR VS FORECAST Patent cliff 118 US biologics, US$232 bn o
Slide 33: Group structure & Key milestones
Group structure & Key milestones Listed parent · three operating subsidiaries · 30+ year journey GROUP BHARAT PARENTERALS LIMITED BSE-listed, NSE-traded parent · standalone export-led FDF manufacturer INNOXEL LIFESCIENCES VARENYAM HEALTHCARE VARENYAM BIO LIFESCIENCES 55.9% SUBSIDIARY 100% SUBSIDIARY
Slide 34: Board of Directors & Key Management Personnel
Board of Directors & Key Management Personnel Governance bench led by Founding family + Independent Directors Mr. Bharat Desai Mr. Hemang Shah Mr. S. Gabhawala Mr. Mukesh Patel Mrs. Zankhana Sheth Mr. Alkesh Shah Chairman & MD Executive Director Independent Director Independent Director Independent
Slide 35: FY27 outlook · H1 FY27 progress
FY27 outlook · H1 FY27 progress H1 FY27 PROGRESS BPL STANDALONE H1 FY27 revenue of ₹134.1 Cr; Q2 FY27 revenue of ₹78.6 Cr at an EBITDA margin of 9.0% and PAT of ₹5.4 Cr. Order book of ₹184 Cr at 30-Sep-2026 across domestic tenders, exports and international tenders. 22 new product registrations and
Slide 36: Shareholding pattern as of September 2026
Shareholding pattern as of 30 September 2026 BSE shareholding pattern, Reg. 31(1)(b), quarter ended 30-Sep-2026 OWNERSHIP MIX · 30-SEP-2026 PROMOTER GROUP · KEY HOLDERS Holder Holding % Desai Shares & Stock Pvt Ltd (promoter co.) 39.67% Himaben Bharatbhai Desai 13.97% Bharatkumar Rameshchandra Desai
Slide 37: Thank You
THANK YOU For investor queries and additional information COMPANY INVESTOR RELATIONS ADVISOR Bharat Parenterals Limited Washuvi Financial Advisory LLP COMPANY SECRETARY Mr. Sharmin Soni Mr. Shailesh Kumar [email protected] [email protected] +91 9909984241 +91 8796529416 36 / 36
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