Bharat Parenterals Ltd. · BSE:BPLPHARMA
Bharat Parenterals — Q3 FY2026 Earnings Presentation
34 slides from Bharat Parenterals's earnings presentation, Jan 30, 2026
Slide 1: Cover letter to BSE: Investor Presentation for quarter ended December 31, 2025
Date: January 30, 2026 To, Secretary Listing Department BSE Limited Department of Corporate Services Phiroze Jeejeebhoy Towers, Dalal Street, Mumbai-400001. Script Code: 541096 Dear Sir/Madam, Subject: Investor Presentation for the quarter and Nine Month Ended on December 31, 2025. Pursuant to Regul
Slide 2: Bharat Parenterals Limited January 2026
Bharat Parenterals Limited January 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: Financial update
Financial update 3
Slide 5: Standalone key financials highlights
Standalone key financials highlights -39% Q3FY26 Financial Highlights (Standalone) YoY -1% QoQ ➢ Revenue from Operations: Revenue from operations stood at ₹41.4 crore, compared to ₹67.3 crore in Q3FY25 (down 39% YoY) and ₹41.70 crore in Q2FY26 (flat sequentially). The year-on-year decline primarily
Slide 6: Standalone other highlights
Standalone other highlights Other Highlights (Standalone)- Upto 31st December 2025 ➢ Regulatory & Quality Milestones • Nigeria (NAFDAC) Audit Cleared: Registration successfully renewed, reaffirming BPL’s compliance with African market standards. • WHO-GMP Certification Renewed: • Joint inspection co
Slide 7: Financial metrics | Standalone key financials Q3 FY26
Financial metrics | Standalone key financials Q3 FY 26 Figures in INR crore Particulars Q3 FY 2026 Q3 FY 2025 YOY (%) Q2 FY2026 QOQ (%) FY 2025 FY 2024 Change (%) Revenue from operations 41.4 67.3 -39% 41.7 -1% 304.13 257.98 +17.89% Other operating revenue 2.3 3.8 4.2 14.55 8.04 Total operating reve
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% Q3FY26 Financial Highlights (Consolidated) -1% QoQ ➢ Revenue from Operations: On a consolidated basis, revenue stood at ₹65.2crore, compared to ₹72.3 crore in Q3FY25 (down 10% YoY) and ₹64.6 crore in Q2FY26 (up 1% QoQ). The quarter reflects a transitio
Slide 10: Consolidated other highlights
Consolidated other highlights Other Highlights (Consolidated)- Upto 31st December 2025 ➢ Regulatory Achievements • Successful EU GMP Inspection: The Vadodara facility successfully completed a comprehensive EU GMP inspection conducted by Belgium’s Federal Agency for Medicines and Health Products (FAM
Slide 11: Financial metrics | Consolidated key financials Q3 FY26
Financial metrics | Consolidated key financials Q3 FY 26 Figures in INR crore Particulars Q3 FY 2026 Q3 FY 2025 YoY (%) Q2FY2026 QoQ(%) FY 2025 FY 2024 Change (%) Revenue from operations 65.2 72.3 -10% 64.6 -10% 304.13 257.98 +17.89% Other operating revenue 1.3 2.9 3.5 14.55 8.04 Total operating rev
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: Subsidiary Performance upto Q3 FY26
Subsidiary Performance upto Q3 FY26 Innoxel Lifesciences Varenyam Healthcare Total operating revenue (INR crore) Total operating revenue (INR crore) 47 35 13 14 17 15 16 8 Q1 FY26 Q2FY26 Q3FY26 9 Months ended Q1FY26 Q2FY26 Q3FY26 9 Months ended 12
Slide 14: Market overview
Market overview 13
Slide 15: 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 16: 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 17: Branded generics and specialty medicines most rewarding spaces
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 18: Group overview
Group overview 17
Slide 19: 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 20: 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 21: 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 22: Regulatorily accredited manufacturing infrastructure
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 Growth • Enhanced focus on APAC and LATAM that hav
Slide 23: 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 24: 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 25: Innoxel 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 26: Founding team with the perfect blend of skills to build a CDMO success story
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 27: 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 28: 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 29: 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 30: 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 31: 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 32: Varenyam Healthcare: high-impact speciality branded generics business
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 33: Varenyam Bio leverages Innoxel's portfolio and BPL's market access
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 34: Outlook
Outlook FY26E Financial Outlook ➢ BPL (Standalone): The Company expects a sequential recovery in Q4FY26, with revenue projected to reach approximately ₹50–55 crore. While this represents an upward trend from the stabilized base of Q2 and Q3, the Company does not expect to achieve its earlier full-ye