Bharat Parenterals Ltd. · BSE:BPLPHARMA
Bharat Parenterals — Q1 FY27 Earnings Presentation
36 slides from Bharat Parenterals's earnings presentation, Aug 5, 2026
Slide 1: BSE filing cover letter for Investor Presentation
Date: August 05, 2026 To, The Corporate Relationship Department BSE Limited Phiroze Jeejeebhoy Towers, Dalal Street, Mumbai-400001. Script Code: 541096 Dear Sir/Madam, Subject: Investor Presentation for the quarter ended June 30, 2026. Pursuant to Regulation 30 of the SEBI (Listing Obligations and D
Slide 2: Investor Presentation Q1 FY27 Results & Business Update
I N V E S TO R P R E S E N TAT I O N Q1 FY27 Results & Business Update BSE: 541096 · ISIN: INE365Y01019 August 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: Q1 FY27 at a Glance
Q1 FY27 AT A GLANCE 03 / 35 CONSOLIDATED CONSOL. REVENUE Q1 FY27 CONSOL. EBITDA Q1 FY27 CONSOL. PAT Q1 FY27 ₹ 93.7 Cr ₹ 8.5 Cr ₹ (3.6) Cr Q1 FY26 ₹116.0 Cr · (19.2%) YoY EBITDA Margin: 9.1% · Q1 FY26 11.9% PAT Margin: (3.8%) · Owners' share +₹1.0 Cr BPL STANDALONE REV. Q1 FY27 INNOXEL REVENUE Q1 FY2
Slide 5: Consolidated financial metrics | P&L
Consolidated financial metrics | P&L CONSOLIDATED Particulars (₹ Cr) Q1 FY27 Q1 FY26 YoY % Q4 FY26 QoQ % FY26 Revenue from operations 93.7 116.0 (19.2%) 99.6 (5.9%) 345.4 Other operating revenue 1.1 1.1 4.8% 3.6 (69.4%) 9.5 Total operating revenue 94.8 117.1 (19.0%) 103.2 (8.1%) 355.0 EBITDA* 8.5 13
Slide 6: Sum-of-parts P&L | Q1 FY27
Sum-of-parts P&L | Q1 FY27 05 / 35 CONSOLIDATED Entity-level disclosure for Q1 FY27 and FY26 full year Metric (₹ Cr) BPL Std Innoxel V. Healthcare V. Bio Elimination Consolidated Q1 FY27 · quarter under review Revenue from Operations 55.5 21.4 25.1 0.0 (8.3) 93.7 EBITDA 6.8 (1.8) 3.1 (0.1) 0.5 8.5 E
Slide 7: Quarterly trajectory by entity
Quarterly trajectory | by entity · Q1 FY27 07 / 35 S T A N D A L O N E I N N O X E L V H E A L T H C A R E Revenue (₹ Cr) Revenue (₹ Cr) Revenue (₹ Cr) 37.5 21.4 25.1 94.4 16.5 14.2 15.5 12.6 14.8 11.5 56.5 55.5 8.1 41.7 41.4 EBITDA % 16.2% 5.6% 8.4% 0.1% 12.3% (42.8%) (16.6%) (19.7%) 3.7% (8.5%) 9.
Slide 8: Track record into Q1 FY27
Track record into Q1 FY27 08 / 35 GROUP Regulatory, commercial and infrastructure milestones delivered through FY26 — the platform Q1 FY27 is executing on YEAR IN REVIEW APR 2025 → MAR 2026 • USFDA inspection at Innoxel Baroda facility → EIR received → US commercial supply enabled • FAMHP (Belgium)
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 CONSOLIDATED 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 & biol
Slide 10: Industry Backdrop: India CRDMO
Industry Backdrop India CRDMO scaling ~7× by 2035 · 47% of US generic scripts · Schedule M consolidating supply CONSOLIDATED 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
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 financials Q1 FY27
Q1 B HFY27 A R Afinancials T PARENTERALS · FINANCIALS STANDALONE- BPL Q1 FY27 actuals · quarterly cascade with FY26 full-year comparatives REVENUE Q1 FY27 EBITDA Q1 FY27 PAT Q1 FY27 GROSS MARGIN Q1 FY27 ₹ 55.5 Cr ₹ 6.8 Cr ₹ 3.7 Cr 39.8% Q1 FY26 ₹94.4 Cr · (41.2%) YoY Margin 12.3% · Q1 FY26 16.2% Mar
Slide 14: BPL Standalone Q1 FY27 operating scorecard
BPL Standalone | Q1 FY27 operating scorecard Production capacities · therapy mix · operational progress carried into Q1 FY27 STANDALONE- BPL REACH & FILINGS THERAPY FOCUS R&D CAPABILITY ■ Presence in 40+ countries ■ Anaesthetics · Antibiotics · CNS ■ In-house F&D since 2008 · DSIR recognized ■ 350+
Slide 15: Global Reach & Accreditations
GLOBAL REACH & ACRREDITATIONS 14 / 35 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 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: Industry backdrop: institutional channel and compliance bar
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 ~12% p.a. Revised Schedule M
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- 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 20: Innoxel Q1 FY27 financials
Innoxel I N N O X|E LQ1· FY27 F I N Afinancials NCIALS 19 / 35 SUBSIDIARY- INNOXEL Q1 FY27 revenue ₹21.4 Cr (+165% YoY) · EBITDA on trajectory to reach operating break-even REVENUE Q1 FY27 EBITDA Q1 FY27 PAT Q1 FY27 CUM. LICENSING REV. ₹ 21.4 Cr ₹ (1.8) Cr ₹ (10.4) Cr ₹72.4 Cr Margin (8.5%) · Q1 FY2
Slide 21: Innoxel operating scorecard & FY27 catalysts
Innoxel I N N O X|E Operating L · O P E R scorecard ATING & FY27 catalysts 20 / 35 SUBSIDIARY- INNOXEL Leading indicators into Q1 FY27 · deals · pipeline · remaining catalysts DEALS & PARTNERS · LATEST PARTNER GEOGRAPHY (INDICATIVE PIPELINE (GENERAL + ONCO) DISCLOSED (FY26) MIX) Total deals signed (
Slide 22: Industry backdrop: Global CDMO & complex injectables
Industry backdrop | Global CDMO & complex injectables SUBSIDIARY- India is 2–3% of a US$140–145 bn CRDMO market · injectables are half of every US drug shortage INNOXEL SCARCITY OF EXACTLY THIS ASSET · USFDA CDER SITE CATALOG (FY2024) THE DEMAND PULL · US SHORTAGES Injectables = 50% of all US drug s
Slide 23: Complex generics, sterile capacity and FY27 guide benchmark
Industry backdrop | Global CDMO & complex injectables SUBSIDIARY- Complex generics double by 2035 · sterile capacity is scarce and priced · the FY27 guide sits inside the peer band INNOXEL THE PRODUCT POOLS MARGIN BENCHMARK FOR THE FY27 GUIDE · EBITDA % Complex generics US$84 bn (2024) → US$170 bn b
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
V A R E N YHealthcare Varenyam A M H E A L| T HBranded C A R E generics business Acute / institutional Rx · flagship Innovexa portfolio · expanding into key Indian hospitals SUBSIDIARY- VARENYAM H OWNED DISTRIBUTION REVENUE Q1 FY27 FIELD STRENGTH (MR) PCPM (PER MR / MO) HOSPITALS COVERED DEPOTS ₹ 25
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 M
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 Hrudayalaya · Manipal · Max · Yashoda · Apex govt institutes
Slide 28: Industry backdrop: India institutional branded generics
Industry backdrop | India institutional branded generics SUBSIDIARY- 31% of a ₹2.46 lakh Cr market moves through institutions — and IPM volume growth is close to zero 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 uni
Slide 29: Bed pipeline and PM-JAY demand
Industry backdrop | India institutional branded generics SUBSIDIARY- The bed pipeline is the volume pipeline · PM-JAY keeps adding funded demand · the PCPM gap reads as headroom VARENYAM H THE BED PIPELINE IS THE VOLUME PIPELINE PUBLICLY-FUNDED DEMAND · PM-JAY Apollo 8,131 operational beds + 4,400 p
Slide 30: 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 · 29 / 35
Slide 31: Varenyam Bio Lifesciences capex & P&L
Varenyam Bio Lifesciences PHILOSOPHY "INNOVEXA" = Innovation + Excellence CAPEX & P&L — Q1 FY27 ACTUALS CWIP BORROWING NET WORTH REVENUE EBITDA PAT ₹33.22 Cr ₹7.12 Cr ₹28.22 Cr ₹0 (₹0.09) Cr (₹0.09) Cr 20.8% of ₹160 Cr Rem. capex ₹126.78 Cr Civil 50% / Equip. 40% Pre-revenue stage Opex ₹8.8 L in Q1
Slide 32: 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 33: 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 34: FY27 outlook · Q1 FY27 progress
FY27 outlook · Q1 FY27 progress Q1 FY27 PROGRESS AGAINST GUIDANCE BPL STANDALONE Q1 delivered a 12.3% EBITDA margin, mid-band against the guided 10–15%. The quarter closed with an order book of ₹171 Cr — domestic ₹119 Cr, exports ₹33 Cr, international ₹20 Cr — covering roughly 80–85% of the revenue
Slide 35: Shareholding pattern as of June 2026
Shareholding pattern as of 30 June 2026 BSE shareholding pattern, Reg. 31(1)(b), quarter ended 30-Jun-2026 OWNERSHIP MIX · 30-JUN-2026 PROMOTER GROUP · KEY HOLDERS Holder Holding % Desai Shares & Stock Pvt Ltd (promoter co.) 39.67% Himaben Bharatbhai Desai 13.97% Bharatkumar Rameshchandra Desai 10.7
Slide 36: Thank You
THANK YOU For investor queries and additional information COMPANY Bharat Parenterals Limited Pharmaceutical formulations · India and global markets 35 / 35