Key takeaway: The investor presentation for Fermenta Biotech Limited's Q2/H1FY27 highlights a mixed performance. Revenue for Q2 rose 8% sequentially to INR 135.8 crore, aligning with Q2FY26, while H1FY27 revenue stood at INR 261.9 crore, down 7% year-on-year. Human Nutrition revenue grew 2% year-on-year to INR 162.5 crore, with India contributing 51% of H1 revenue, up from 40% in the prior year. However, EBITDA declined 28% year-on-year in Q2 and 34% in H1, with profit after tax down 48% and 52% respectively. Operating cash flow increased 44% to INR 54.8 crore, and net debt remained below INR 3 crore. Key milestones included FSSAI approval for VITADEE Green® and NSE listing. Management guided toward VITADEE Green® capacity in Q2FY28 and Calcifediol regulatory readiness by end-FY27. The presentation noted a shift in revenue mix, with Human Nutrition rising to 62% of total revenue, while Animal Nutrition revenue fell 35% year-on-year. Cost pressures, including higher employee costs and fixed expenses, weighed on margins. Strategic initiatives focused on India's growing nutrition market, green chemistry, and expanding product pipelines like plant-source Vitamin D3 and Calcifediol. The balance sheet showed improved liquidity and leverage ratios, with debt-to-equity at 0.25 and current ratio at 1.69. Management emphasized diversification, customer concentration reduction, and leveraging India's regulatory and market opportunities.