Bharat Parenterals Ltd. · BSE:BPLPHARMA
Bharat Parenterals — Q4 FY26 and FY26 Earnings Presentation
28 slides from Bharat Parenterals's earnings presentation, May 18, 2026
Slide 1: Cover letter to BSE Listing Department
Date: May 18, 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 Year Ended on March 31, 2026. Pursuant to Regulation 30 of the SEBI (Lis
Slide 2: Investor Presentation Q4 FY26 & Annual FY26
I N V E S TO R P R E S E N TAT I O N Q4 FY26 & Annual FY26 Results & Business Update BSE: 541096 · ISIN: INE365Y01019 M AY 2 0 2 6
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: FY26 at a Glance
FY26 AT A GLANCE 03 / 25 CONSOLIDATED CONSOL. REVENUE CONSOL. EBITDA % CONSOL. PAT ₹ 345.4Cr ₹ 15.8Cr ₹ (27.3)Cr Q4FY26 ₹99.6 Cr EBITDA Margin:4.6% PAT Margin:(7.9)% BPL STANDALONE REV. INNOXEL Revenue FY26 GROUP CAPEX FY26 ₹ 234Cr ₹72.4 Cr ₹ 35.67 Cr Q4FY26 ₹56.5 Cr BPL ₹12.84 Cr · Innoxel ₹22.83 C
Slide 5: Consolidated financial metrics | P&L
Consolidated financial metrics | P&L CONSOLIDATED Particulars (₹ Cr) Q4 FY26 Q4 FY25 YoY % Q3 FY26 QoQ % FY26 FY25 Chg % Revenue from operations 99.6 103.9 (4.2%) 65.1 52.8% 345.4 340 1.5% Other operating revenue 3.6 1.9 1.3 9.5 11.6 Total operating revenue 103.2 105.9 66.5 354.97 351.6 EBITDA* (0.5
Slide 6: Sum-of-parts P&L | Q4 FY26 + FY26 full year
Sum-of-parts P&L | Q4 FY26 + FY26 full year 05 / 25 CONSOLIDATED Entity-level disclosure for Q4 FY26 and FY26 full year Metric (₹ Cr) BPL Std Innoxel V. Healthcare V. Bio Elimination Consolidated Q4 FY26 · quarter under review Revenue from Operations 56.5 37.5 11.6 0.0 (6) 99.6 EBITDA 0.03 1.4 (1.5)
Slide 7: FY26 quarterly trajectory by entity
FY26 quarterly trajectory | by entity 07 / 25 CONSOLIDATED S T A N D A L O N E I N N O X E L H E A L T H C A R E Revenue (₹ Cr) Revenue (₹ Cr) Revenue (₹ Cr) EBITDA %: Q1 16.2% · Q2 5.6% · Q3 8.4% · Q4 0.1% EBITDA %: Q1(42.8% ) · Q2 (17%) · Q3 (19.7%) · Q4 3.7% EBITDA %: Q1(9.7% ) · Q2 (9.7%) · Q3 6
Slide 8: FY26 year in review
FY26 year in review 08 / 25 GROUP Twelve months of regulatory, commercial and infrastructure milestones YEAR IN REVIEW APR 2025 → MAR 2026 • USFDA inspection at Innoxel Baroda facility → EIR received → US commercial supply enabled • FAMHP (Belgium) EU-GMP inspection completed with zero critical/majo
Slide 9: 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 10: 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 11: BPL Standalone financials
Q4 B HFY26 ARA&T FY26 P A R Efinancials NTERALS · FINANCIALS STANDALONE- BPL FY26 actuals · Q4 FY26 + full-year financial cascade REVENUE Q4 FY26 EBITDA Q4 FY26 PAT Q4 FY26 FY26 VS FY25 ₹ 56.5 Cr ₹ 0.03Cr ₹ 1.3Cr Revenue ₹234 Cr FY26 ₹234 Cr · FY26 vs FY25 = -23.1% Margin 0.05% · FY26 9.0% Margin 2.
Slide 12: BPL Standalone | FY26 operating scorecard
BPL Standalone | FY26 operating scorecard Production capacities · therapy mix · FY26 operational achievements 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 filings ■ Anti-mal
Slide 13: Global reach & accreditations
GLOBAL REACH & ACRREDITATIONS 14 / 25 STANDALONE- BPL Trusted suppliers across 40+ countries · regulatory accreditations across continents REGULATORY ACCREDITATIONS Azerbaijan Georgia Iran Kazakhstan Jordan Kyrgyzstan Oman Tajikistan Yemen Uzbekistan Bolivia Dominican Republic Benin/Togo Afghanistan
Slide 14: 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 15: Innoxel Lifesciences | At a glance
Innoxel Lifesciences | At a glance SUBSIDIARY- Innovation-driven CDMO · USFDA-certified · 55.9% BPL subsidiary INNOXEL 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 sys
Slide 16: Innoxel financials
Innoxel I N N O X E| LQ4 FY26 · F &CFY26 INAN I A L Sfinancials 17 / 25 SUBSIDIARY- INNOXEL Revenue ramping Q1→Q4 (+364%) · Q4 EBITDA-positive · FY26 EBITDA break-even target Q1 FY27 REVENUE Q4 FY26 EBITDA Q4FY26 PAT Q4 FY26 CUM. LICENSING REV. ₹37.5 Cr ₹ 1.4Cr (₹7.6 Cr) ₹72.4 Cr (3.7%) · Q4 turned
Slide 17: Innoxel FY26 operating scorecard & FY27 catalysts
Innoxel I N N O X |E FY26 operating L · OP E R A T I N Gscorecard & FY27 catalysts 18 / 25 SUBSIDIARY- INNOXEL Leading indicators for FY27 commercial inflection · pipeline · catalysts DEALS & PARTNERS · THROUGH Q3 PARTNER GEOGRAPHY (INDICATIVE PIPELINE (GENERAL + ONCO) FY26 MIX) Total deals signed (
Slide 18: 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 19: Varenyam Healthcare branded generics business
V A R E N Y AHealthcare Varenyam M HEALTHC | A RE Branded generics business Acute / institutional Rx · flagship Innovexa portfolio · expanding into key Indian hospitals SUBSIDIARY- VARENYAM H OWNED DISTRIBUTION REVENUE Q4 FY26 FIELD STRENGTH (MR) PCPM (PER MR / MO) HOSPITALS COVERED DEPOTS ₹11.5Cr 2
Slide 20: 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 M
Slide 21: 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 Hrudayalaya · Manipal · Max Apex govt institutes (AIIMS, Saf
Slide 22: Varenyam Bio Lifesciences
E N T I T Y 4 O F 4 — E M E R G I N G R E G U L A T E D M A R K E T S Varenyam Bio Lifesciences EU-GMP-targeted manufacturing · SRA/PICs markets · complex injectables platform SUBSIDIARY · V. BIO (100% BPL) Section · 21 / 25
Slide 23: Varenyam Bio Lifesciences
Varenyam Bio Lifesciences ABOUT CAPEX & P&L FY26 ACTUALS INFRASTRUCTURE & MARKETS 100% subsidiary of BPL. Manufacturing platform marketed CWIP FACILITY via Varenyam Healthcare (sister entity). Vadodara — under development ₹32.26 Cr Strategic complement to Innoxel — repurposes Innoxel's 20.2% of ₹160
Slide 24: Group structure & Key milestones
Group structure & Key milestones Listed parent · three operating subsidiaries · 30+ year journey GROUP BHARAT PARENTERALS LIMITED Listed parent · standalone export-led FDF manufacturer INNOXEL LIFESCIENCES VARENYAM HEALTHCARE VARENYAM BIO LIFESCIENCES 55.9% 100% 100% SUBSIDIARY SUBSIDIARY SUBSIDIARY
Slide 25: 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 26: FY27 outlook
FY27 outlook DRIVERS · COMMENTARY BPL STANDALONE • Order book ₹171 Cr execution (Exports ₹33 Cr + Domestic tenders ₹119 Cr + Intl tenders ₹20 Cr) • Branded ramp in SE Asia / Africa / MENA GROWTH MARGIN • PIC/S + EU-GMP inspections in FY27 unlock new geographies 10-15% YoY 10-15% EBITDA DRIVERS · COM
Slide 27: Shareholding pattern as of March 2026
Shareholding pattern as of 31 March 2026 Source: BSE shareholding disclosure Q4 FY26 · promoter holding stable, DII step-up OWNERSHIP MIX · 31-MAR-2026 PROMOTER GROUP · KEY HOLDERS Holder Holding % Locked % Desai Shares & Stock Pvt Ltd (promoter co.) 39.63% — 1% 0% Himaben Bharatbhai Desai 13.97% 18
Slide 28: Thank you
THANK YOU For investor queries and additional information COMPANY Bharat Parenterals Limited Pharmaceutical formulations · India and global markets 25 / 25
Bharat Parenterals — Q4 FY26 and FY26 Earnings Presentation on 6ix