Strides Pharma Science Ltd (STAR) Q2FY27 Concall Summary - Sep-2026 Qtr
Key Takeaways
- The ex-US business has become the primary growth engine, surpassing US revenue ahead of schedule and now guided to exceed $375 million by FY28.
- The US revenue aspiration of $375 million is now deferred beyond FY28 due to market headwinds, with growth reliant on a differentiated pipeline.
- Net debt to EBITDA rose to 1.72x due to a temporary inventory build-up, but management expects the ratio to improve by year-end as working capital normalizes.
Performance Overview
- Delivered the highest-ever quarterly revenue, driven by strong performance in the ex-US markets.
- The ex-US business surpassed the US business in revenue for the first time, achieving a key strategic milestone well ahead of the FY28 schedule.
- Crossed the 2,500 million mark in quarterly EBITDA for the first time, another company milestone.
- Maintained strong year-on-year growth in revenue and EBITDA despite macro challenges and higher input costs.
- Reaffirmed the overall FY28 revenue aspiration, noting a shift in the growth mix with the ex-US business accelerating faster than anticipated.
Financial Metrics
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Operating Performance / Business Segments
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Key Discussions & Insights
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Outlook and Guidance
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Challenges / Concerns
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Industry / Competitive Landscape
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Overall Summary
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Tone & Disclosure
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