Sudeep Pharma Limited has released the transcript of their Q2 FY26 earnings conference call, which was held on December 22, 2025. The call provided an overview of the company's operational and financial performance for the quarter and half-year ended September 30, 2025. The company highlighted its evolution into a technology-led manufacturer of excipients and specialty ingredients, serving the pharmaceutical, food, and nutrition industries globally. They also discussed their expansion into the battery material segment. The management detailed the company's business structure, operating through two primary verticals: pharmaceutical, food, and nutrition, which contributed approximately 60% of revenue in H1 FY26, and specialty ingredients, contributing approximately 40%. They emphasized their strong regulatory standing, including US FDA approval for mineral-based ingredients and European CEP certification. Discussions also covered manufacturing facilities, including a new greenfield plant in Nandesari, Gujarat, expected to be commissioned in Q4 FY26. The company's R&D efforts, global presence across nearly 100 countries, and the impact of US tariffs were also addressed. The acquisition of an 85% stake in Ireland-based Nutrition Supplies and Services (NSS) in May 2025 was highlighted as a strategic move to enhance their presence in infant and clinical nutrition markets. Financially, for H1 FY26, total income grew by 31% year-on-year to ₹302.9 crores, with EBITDA growing by 21% to ₹114.7 crores. For Q2 FY26, total income grew by 15% to ₹172.8 crores, while PAT stood at ₹46.8 crores. The company expects its working capital cycle to moderate to approximately 140-150 days in the medium term, with net debt at ₹73 crores as of September 30, 2025. Key strategic initiatives discussed include the expansion into the battery material segment with a commercial manufacturing facility in Dahej, Gujarat, targeted for completion by early 2027. The company aims to scale this capacity to 100,000 tons over the next three to five years. Management also discussed the integration of NSS and plans to leverage Sudeep Pharma's existing strengths for optimization.