Bharat Parenterals Ltd. · BSE:BPLPHARMA
Bharat Parenterals — Q2 FY2026 Earnings Presentation
33 slides from Bharat Parenterals's earnings presentation, Nov 12, 2025
Slide 1: Cover letter to BSE Listing Department
Date: November12, 2025 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, 2025 Pursuant to Regulation 30 of t
Slide 2: Bharat Parenterals Limited November 2025
Bharat Parenterals Limited November 2025
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: Financial update
Financial update 3
Slide 5: Standalone key financials highlights
Standalone key financials highlights YoY -35% -56% QoQ Q2FY26 Financial Highlights (Standalone) Revenue from Operations: 94.4 Revenue from operations stood at ₹41.7 crore, compared to ₹64.5 crore in Q2FY25 (down 35% YoY) and ₹94.4 64.5 41.7 crore in Q1FY26 (down 56% QoQ). The decline was primarily
Slide 6: Standalone other highlights
Standalone other highlights Q2FY26 Other Highlights (Standalone) Regulatory & Quality Milestones • Nigeria (NAFDAC) Audit Cleared: Registration successfully renewed, reaffirming BPL’s compliance with African market standards. • WHO-GMP Certification Renewed: • Joint inspection conducted by CDSCO a
Slide 7: Financial metrics | Standalone key financials
Financial metrics | Standalone key financials Q1 FY 26 Figures in INR crore Particulars Q2 FY 2026 Q2 FY 2025 YOY (%) Q1FY2026 QOQ (%) FY 2025 FY 2024 Change (%) Revenue from operations 41.70 64.45 -35.30% 94.37 -55.81% 304.13 257.98 +17.89% Other operating revenue 4.21 4.60 1.62 14.55 8.04 Total op
Slide 8: Financial metrics over the years | Standalone
Financial metrics over the years | Standalone Total operating revenue (INR crore) EBITDA (INR crore and as %) PAT (INR crore and as %) 10.00% 10.00% 8.89% 8.70% 13.75% 11.49% 11.04% 9.98% 26 24 34 21 23 304 29 29 257 21 212 218 FY 2022 FY 2023 FY 2024 FY 2025 FY 2022 FY 2023 FY 2024 FY 2025 FY 2022
Slide 9: Consolidated key financials highlights
Consolidated key financials highlights YoY -10% -44% Q2FY26 Financial Highlights (Consolidated) QoQ Revenue from Operations: 116.0 On a consolidated basis, revenue stood at ₹64.6 crore, compared to ₹71.6 crore in Q2FY25 (down 10% 64.6 71.6 YoY) and ₹116.0 crore in Q1FY26 (down 44% QoQ). The declin
Slide 10: Consolidated other highlights
Consolidated other highlights Q2FY26 Other Highlights (Consolidated) Innoxel Lifesciences Pvt. Ltd. – Q2 Highlights Regulatory Achievements USFDA Approval Secured: Successfully received the Establishment Inspection Report (EIR) for the inspection conducted from 28th April to 2nd May 2025. The EIR
Slide 11: Financial metrics | Consolidated key financials
Financial metrics | Consolidated key financials Q1 FY 26 Figures in INR crore Particulars Q2 FY 2026 Q2 FY 2025 Change (%) Q1FY2026 Change(%) FY 2025 FY 2024 Change (%) Revenue from operations 64.62 71.63 -9.79% 116.00 -44.29% 304.13 257.98 +17.89% Other operating revenue 3.53 4.21 1.06 14.55 8.04 T
Slide 12: Financial metrics over the years | Consolidated
Financial metrics over the years | Consolidated Total operating revenue (INR crore) EBITDA (INR crore and as %) PAT (INR crore and as %) 13.52% 9.31% 11.94% 9.56% 24 21 6.97% 19 3.88% 16 0.79% 14 (12.4%) 340 29 11 23 257 20 9 212 218 (44) 4 3 FY 2022 FY 2023 FY 2024 FY 2025 (1) FY 2022 FY 2023 FY 20
Slide 13: Market overview
Market overview 12
Slide 14: Global medicine spending to reach $2.4 trillion by 2029
Global medicine spending to reach $ 2.4 trillion by 2029f with a few key themes having the greatest impact on growth and profitability Global medicine market spending1 Key themes in the generic finished dosage formulations space 2,800 1 GEOGRAPHY • High volume growth and negligible price erosion in
Slide 15: Emerging markets expected to experience high growth in spending and volume
Emerging markets expected to experience high growth in spending and volume, while both volume and spending growth to be muted in the developed markets 1 Population driven volumes and shift towards more expensive medicines because of improved healthcare penetration and rising per capital income will
Slide 16: Branded generics in emerging markets and specialty medicines most rewarding
Branded generics in emerging markets and specialty medicines in developed markets expected to be the most rewarding spaces 2 Specialty medicines will be one of the most rewarding spaces in developed 3 The branded generics segment will be the most attractive in Pharmerging markets as the share of spe
Slide 17: Group overview
Group overview 16
Slide 18: The BPL group is built to develop and manufacture FDFs for global markets
The BPL group is built to develop and manufacture FDFs for global markets… Group overview Bharat Parenterals Pvt. Ltd. (listed holding company) Particulars Details Focus: Export-led pharmaceutical manufacturer of finished Standalone dosage forms (FDFs). Location Vadodara, Gujarat Key therapies: Anti
Slide 19: Key milestones
The BPL group is built to develop and manufacture FDFs for global markets… Key milestones Incorporation Commenced exports Varenyam Bio Bharat Parenterals BPL commenced Established Established Innoxel Innoxel Lifesciences Lifesciences and Ltd. (“BPL") exporting to Varenyam Lifesciences Varenyam becom
Slide 20: Poised to achieve rapid revenue growth and margin expansion
…Poised to achieve rapid revenue growth and margin expansion over the next few years… 1 Deep entrenchment in high-growth geographies enabled by experience of 3+ decades Bharat Parenterals Solid core business primed for growth and Regularly upgraded manufacturing facility through the decade margin ex
Slide 21: Regulatorily accredited manufacturing infrastructure and product registration pipeline
1 Regulatorily accredited manufacturing infrastructure Product registration pipeline aims to diversify geography mix Diversification to achieve growth and margin expansion First-time filings in new countries to New product filings in select existing • Enhanced focus on APAC and LATAM that have highe
Slide 22: Therapy area focus, and product mix
1 …Therapy area focus, and product mix Sound strategy guiding therapy area-wise objectives Therapy area Thoughtfully designed product registration pipeline Strategy Current Future • Anti-infectives are competitive spaces with moderate margins • BPL has selectively filed newer classes of antibiotics
Slide 23: Innoxel at a glance
2 Innoxel at a glance Innoxel is an innovation-driven, regulated market CDMO with their own product portfolio of specialty generics Snapshot Business segments Infrastructure • Overview: Located in Vadodara with a total manufacturing area of 350,000 Portfolio of own products which have been out- In
Slide 24: Business segment overview
2 Business segment overview Innoxel has two business segments with revenues from manufacturing, milestone achievements, and profit share from clients and partners Segments Own products CMO • Innoxel identifies and carries out product development up to a certain stage, • Innoxel manufactures the prod
Slide 25: Founding team with the perfect blend of skills
2 Founding team with the perfect blend of skills to build a regulated market CDMO success story Pillars of a regulated market CDMO success story Robust regulatory & Operational excellence Differentiated R&D skills Sound strategic direction Wide clinical experience Deep commercial networks compliance
Slide 26: Ability to formulate solutions for unmet healthcare needs
2 …With the ability to formulate solutions for unmet healthcare needs… Category Drug characteristics Impact • The encapsulated drug is protected from rapid degradation and elimination by the body • The drug circulates in the body for longer, allowing for modified drug release profiles (sustained/con
Slide 27: Well-hedged against all types of risk across the CDMO continuum
2 Well-hedged against all types of risk through leverage of strengths across the CDMO continuum Risks Description Innoxel’s hedge • Inability to successfully complete formulation • Dr. Manish has led the development of over half the currently marketed liposomal injectables Development risk developme
Slide 28: Strengths across the CDMO continuum: liposomal injectables
Strengths across the CDMO continuum to address complexities of the technology platforms Liposomal injectables Commercial Development BA/BE studies ANDA/ NDA filing manufacturing • Level of formulation and analytical • Complex BA/BE studies where a • Usually filed through the ANDA route, • Scale up a
Slide 29: Strengths across the CDMO continuum: extended release injectables
Strengths across the CDMO continuum to address complexities of the technology platforms Extended release injectables Commercial Development Clinical work ANDA/ NDA filing manufacturing • Absorption characteristics of the drug at the • 505 (b)(2) filings require extensive clinical trial work • Filing
Slide 30: Strengths across the CDMO continuum: oral solid to oral liquid conversions
Strengths across the CDMO continuum to address complexities of the technology platforms Oral solid to oral liquid conversions Development BA/ BE/PK studies ANDA/ NDA filing Commercial manufacturing • Right excipients must be identified • For oral solid to liquid conversions, • Usually filed through
Slide 31: Varenyam Healthcare
3 Varenyam Healthcare is a high-impact speciality branded generics business. Overview Established in 2016, Varenyam Healthcare is a specialty pharmaceutical company focused on critical care, anesthesia, and pain management. Presence in 7,500+ hospitals across India, supported by a 180+ person field
Slide 32: Varenyam Bio
4 Varenyam Bio leverages Innoxel’s complex product portfolio & BPL’s market access to further expand the group PRODUCT PORTFOLIO Leverages Innoxel’s & BPL’s R&D pipeline through in- licensing, reducing time-to-market and avoiding repeat development. Focused on complex dosage forms (injectables, long
Slide 33: Outlook
Outlook FY26E Financial Outlook BPL (Standalone): The Company remains confident about its growth trajectory, maintaining FY26 revenue guidance of 12–14%, supported by a strong order book, expanded distribution footprint, and better capacity utilisation. EBITDA margins are expected to improve to 15