1. Zambia JV supply contract - GRZ purchases of \~$25M (₹240 cr) from Indian facilities start by end-Q2 FY27, with volumes and prices agreed for 100+ products. Adds roughly 5% to revenue in FY27 and similar in FY28, at CDMO-like margins, before the Lusaka plant itself targets $40-50M from January 2029.
2. European CDMO contract - EUR 200M fixed-price contract with a leading global pharma, serviced from EU-GMP-certified Plant 2, with commercial supplies starting around March-April 2027. At EUR 35M annual run-rate through 2032 at high-teen margins, this is a multi-year earnings step-up that also reverses the ₹19 cr quarterly notional interest charge.
3. CDMO volume ramp-up - CDMO volumes grew high-teens for three straight quarters through Q1 FY27, with Q2 also strong and double-digit growth expected to continue. At \~43% utilization versus 55-60% peak, each point of utilization adds high-margin revenue with no new capex.
4. API turnaround - Management targets monthly EBITDA breakeven by end-February/March FY27, with FY28 contributing positively to profit. Gross margins improved from \~90% COGS last year to \~75% this quarter on a higher non-cepha mix, and European CEP approvals due in six months would unlock regulated-market pricing.
5. Oriflame acquisition - Pure and Cure approved acquisition of Oriflame India's manufacturing business for ₹56 cr, completing by 31 August 2026, adding two plants in Roorkee and Noida. This enters color cosmetics and expands skincare capacity at a time when the existing cosmetic plant is near peak utilization.
6. Injectable facility ramp-up - The new Haridwar injectable plant (36 crore units annual capacity) is in early-teens utilization, with customer audits underway and ramp-up expected from Q2-Q3 FY27. As volumes build through FY27-FY28, this converts a ₹17.9 cr 9-month EBITDA loss into a contributor.
7. Akumentis field force expansion - Added \~200 salespeople (15% increase) to tap adjacent headquarters, with improved performance expected from Q3 FY27. The ₹115 cr quarterly revenue base should grow double-digit in line with IPM, recovering from the Q1 EBITDA margin dip to 10.3%.
8. Baddi oral solids expansion - A new Baddi facility goes live near end-FY27, responding to 20%+ volume growth over two quarters. This removes the oral solids capacity ceiling at a time when CDMO volumes are growing high-teens, supporting the next leg of growth into FY28.