Anlon Healthcare Ltd

Ladies and gentlemen, good evening, and welcome to Anlon Healthcare Limited Q3 and 9M FY26 conference call, hosted by ConfideLeap Partners. As a reminder, all the participants' line will be in listen-only mode, and there will be an opportunity for you to ask the questions after the presentation concludes. Please note that this conference is being recorded.

Thanks, Abhinav. Good evening, ladies and gentlemen, good evening. Parth here from ConfideLeap Partners. We represent the investor relations for Anlon Healthcare Limited. On behalf of ConfideLeap Partners, I warmly welcome you all to Q3 and 9M FY26 earnings call of Anlon Healthcare Limited. The company is represented by Mr. Punit Kumar Rasadia, who is the Chairman and Managing Director at Anlon Healthcare Limited. I would now like to hand over the call to Mr. Punitji for his opening remarks. Thank you, and over to you, Punitji.

Yeah. Thank you, Parth. Yeah, good evening everyone, and warm welcome to Anlon Healthcare Limited's Q3 and 9M FY 26 earning conference call. Thank you all for joining us today. Let me begin with our financial performance for Q3 FY 26. The company reported total income of 35.78 crore, compared to 9.38 crores in Q3 FY 25, reflecting strong year-on-year growth, driven by higher API and intermediate volumes. EBITDA stood at 12.54 CR, with margins at 35.06 percent, while PAT came in at 5.15 CR, compared to a loss in the corresponding period, last year, supported by operating leverage and improved product mix. For the 9 months ended FY 26, total income increased to 121.32 crore from 71.49 crore in 9 months FY 25. EBITDA rose to 32.56 crore, with margins improving to 26.84 percent, and PAT grew significantly to 18.02 crore, demonstrating strong scale-up in operations and continued demand across our core API and intermediate portfolio. From a strategic standpoint, this period marks an important phase in Anlon's growth journey. We continue to strengthen our position as a research-driven manufacturer of high purity pharmaceutical intermediate and API, with a presence across 15 countries, supported by 21 DMF filing and growing regulated market focus. Operationally, our manufacturing platform remains robust, with our Rajkot facility operating at healthy utilization levels and supported by strong R&D capabilities and expanding molecule pipeline and increasing CDMO engagement. We are currently developing 3 molecules for 2 global innovator companies, which reinforce for our long-term strategy to build scalable custom manufacturing platform. During the year, we also made significant progress on our inorganic growth strategy. The acquisition of Apiqo Organic has strengthened backward integration and added substantial capacity, while the proposed acquisition of Bizotic Life

Thank you. Participants are requested to raise their hand for their questions. Also, one can request their questions in the question box. We have Mr. Vaibhav Mishra. Sir, you may unmute and introduce yourself.

Uh, hello, sir. Congratulations for the good set of numbers. My question is regarding, the margin profile. In, I think, in Q3, we have, clocked the margins around 35 percent. So I just want to know that, are these margins sustainable, and, what kind of margin profile can we expect going ahead in FY 27 and 28?

So 35, what you are saying is the EBITDA, right?

Yeah, yeah, EBITDA margin.

Yeah, so that is sustainable. As per our, that even last discussion in last call also, we clearly mentioned that generally for the domestic market, we are working at least with the minimum 35 percent EBITDA, and for the reg market, we are planning to, means, trying to keep at least 50 percent of EBITDA. So that margin will remain the same for the any of our product for even next 2, 3 years, and we know our customer as well as our product. So, we have whatever the chemistry and manufacturing advantage with us, so that margin is sustainable for even next 2, 3 years also.

So, 35 percent is, what are the sustainable ones?

Yeah, those number are intact, and that was the actual, very much conservative number. So we are believing that, result would be much better than what, 370 to 380 Crores.

All right. All right. That's, that's good to know, sir. And sir, one last question regarding the CDMO segment. I think we were developing 3 molecules, and, those were, I think, in validation stage. So what is the current status on those molecules?

So out of that, 1 molecule validation quantity is already dispatched within this month. And, regarding 2 molecules, it will be in, somewhere around, Q1 of next financial year. So around June, July, we'll get the validation for that.

All right. All right. That's it from my side, and sir, all the best for the future quarters.

Thank you, Vibhav.

Thank you. Just a quick reminder to everyone, if you have a question, please box. Next, we have Mr. Paras Chheda. Sir, you may unmute and introduce yourself.

Hello. Yeah, thank you for this opportunity. Hello, Punit bhai. Congratulations for a strong set of results, first of all. Sir, just a couple of queries from my end. You mentioned for the next 2, 3 years, we are seeing about 30 percent CAGR growth.

Yeah, Paras bai, that is practically possible, because what happened, in our existing facility we are almost utilizing more than 90 percent. You can say, like, it is completely utilized right now. So, whatever the top line we are getting this year, that may be the maximum limit, or maybe 15, 20 percent we can increase. So, we have the bottleneck in existing facility. That's why the immediate decision to acquire the same factory, where we can go for the backward and further, growing opportunity. So Apico Organics, what we have procured right now, that will, For that, we have the confirmed order book of at least 120 to 130 CR for next year.

Absolutely.

So consolidated what we are trying to, means, projecting that 370 to 380 CR, that is on very much conservative side, and that will be achieved for sure.

Okay. Sir, so, so now that it comes to capacity, so, have we completely acquired, is the capacity operational, sir? I mean, what is the position on that and overall capacity?

Yeah, Apico Organics is completely operational, and it is, utilized almost there also, 80, 85 percent. So we are, planning for now, after acquisition of 2 facilities, company is planning for further organic expansion in the existing facilities. So that process is already going on. So mostly, by end of the March, we'll have some, update on that, and we'll go for the further expansion in existing plant, as well as we'll go for the some expansion in Apiqo also.

Okay. So, sir, what, just what is the total capacity between these 3 facilities now?

That would be around, you can say like, 1400 to 1600 metric ton per annum.

Okay, sir. And Greenfield expansion continues? Yeah, that is on the-

Yeah, Greenfield. Yeah, yeah, yeah. That is what I'm telling you. That is already, activity is already going on, plant designing and everything.

But, sir, just for clarity, the Greenfield that I was talking about was initially for our, you know, under that Anlon Healthcare we were looking at.

Greenfield for Anlon itself.

Ok.

We have the adjoining land, and we are going for, expansion over there only, in the same premises, same campus.

And at the same time, Apico and Bizotic also, we will try to see for organic expansion?

Yeah, exactly. Bizotic, we are not trying for organic expansion as of now, but in Apico, we are going for organic expansion.

Understood. And, sir, between Apico and Bizotic, you said 80, almost 80 percent utilization as of now itself.

In Apico, it is almost 80 percent utilization. Bizotic, we have the opportunity, because right there, there is a, utilization of around, 50-55 percent.

Understood. So 370, 380 looks quite possible for FY 28?

See, recently.

Because that's where I think the bottleneck will come in.

See, whatever the payment was due as per the, our previous, H1 result, out of that, we are almost cleared, with, 35-40 percent. So I think by end of this financial year result, our working capital days, should be somewhere around 180 to 185 days from whatever currently 290 days.

Okay, should be down to 180-185 by FY 26 end.

Yeah. But next year it would be further improved. So more or less, as per the standard, it would be somewhere between 150 to 160 days.

And that looks achievable, sir?

Yeah, yeah. Next, because, see, we have, made some several changes for the customer payment terms and all those things.

Okay.

So in next financial year, we'll definitely achieve between 150-160 days.

So, which means we are saying that our working capital level will almost be half from, from whatever existed.

Yes, and, we are not going for any further dilution as of now, so we are companies planning to start this, organic expansion from own fund only, and maybe if, if required, some bank debt only.

Okay. And, sir, generally, what is our current order book?

Uh, for next year now, right?

Yeah. I mean, as of now itself. Executable next year, yeah.

See, generally what happened, for 2 months, it's almost 1 and a half months gone from this quarter.

Understood. And 35 percent, EBITDA margins are, sort of, reasonable or?

Before, before-

Margin should be assumed that-

Yeah. Average EBITDA margin for our existing product portfolio and Anlon, it is 35 percent is achievable, and that will remain the stable over next 2-3 years also.

Right. And that is blended across all the 3 facilities?

Yeah. So, our consolidated, that would be between 30 to 33.

Apiqo, Anlon, and, Bozotic.

I think next year we'll have the positive operating cash flow. Next financial year, we'll have the positive operating cash flow.

By end of FY 27

We are expecting at least by-

Thank you

By H1, we'll have some positive, but, if, because there are some further, planning is going on, so for sure we'll have by end of, FY 27, we'll have the positive cash flow. But we are trying to, expedite, and we are planning that, changes in some payment terms and all those things. If it will work with the customer and customer will accept it, then we are trying that by H1 we'll get the positive cash flow.

So if not H1, at least H2, you are saying of FY 27?

Yeah, yeah, yeah. For sure it will be positive.

Okay, sir. Okay. Thank you so much. Welcome back.

Thank you. Just a quick reminder to everyone: if you have a question, please raise your hand using the Reactions tab. Also, one can request their questions in the question box.

Hi everyone. Very good evening. This is Bhavesh Patel here from Patel Investments. So first of all, many congratulations on great set of numbers, Punit bhai, and

Yes, Bhavesh bhai. Bhavesh bhai, firstly, thanks for your all these comments and everything. Your first question regarding the acquisition of Apico, right?

Yeah.

So right now we are planning that, maybe in next financial year, we'll make the Apico as a 100 percent subsidiary of Anlon. For the same, for Bizotic also, we'll make the 100 percent subsidiary of Anlon.

Perfect. This is, this is very impressive, and I hope you continue on this path.

Yeah, because see, what actually the, our planning was, we are planning for merging it, but if we'll go directly for the merger, then it will take almost 1 and half year. But once we make the 100 percent subsidiary, then, the process was escalated and we can clear it within 3 to 4 months. So that is the whole idea for making the subsidiary right now, then we'll go for the 100 percent subsidiary, then for the merger.

Wonderful. And, and this plays in terms of our synergy for, you know, further acquisitions as well. So-

Yeah, yeah, ex-exactly. So we have, we are... See, company is, looking for some further, acquisition and evaluating for forward integration also or for other diversification in pharmaceutical range also. Like the new chapter is right now opening in healthcare industry, like for the peptide, specifically Ozempic and Mounjaro. But peptide is not only for the GLP-1 molecule. Along with that, the cosmetic peptide is a very huge market over there. So we are just evaluating for the peptide manufacturing facility also. So that will also going to be the greenfield project maybe in future for us. So that is-

Fantastic

... whole evaluation is going on.

Fantastic. Best wishes for that. The second question is, what is the timeline you expect for the approvals of the 21 drug master files that you filed with global authorities? Is it like-

Out of that, see, basically, it is not like the approval or something. We have already filed it. Most of the drug master file is already, approved. Now, the thing is that once after submission and approval of drug master file, we have to supply the validation quantity to our customer. They will prepare their dossier according to our DMF and from our material, and they will get the approval from their respective regulatory agency, then they will start the commercial buying. So we are, expecting in next financial year, out of 21, at least over 6 or 7, the key molecule will be commercialized.

That's great to know. Thank you for that. Third question is more in terms of your vision, which is impressive, which is to harness the strength of technology and research into becoming a leading global pharmaceutical company that delivers maximum consumer satisfaction. So basically, I'm also looking ahead. So if you can expand your vision to usage of technology, and especially now with the world, we are talking about AI, ML, that you foresee, and especially with your strong background of research, want to see your vision for this, Punit bhai.

Bhavesh bhai, honestly, I'll tell you one thing. See, AI in healthcare for the chemical or pharmaceutical company, that is, mainly used right now, the pharmaceutical company are using for the development of for the new molecules, or searching or, analyzing the molecules which can be the future drug. But we are already working on some of our in-house IT team on the AI thing for using it, to make the Indian patient for, our generic medicine or enhanced medicine, or where we can use the AI or some of the our software, which we have already developed, in 2014, 15. So that we want to restart again. In that, we are trying to, install the AI. By that, we can make the distribution in all over the India for the medicine product, the delivery system, the whole ecosystem with the chemist, doctor, pathology lab, patient. And we can try to evaluate the, installation of the AI-based agent in the patient's mobile or everyone's mobile, that they can be your, smart doctor in your phone. So we are already, aligned with that vision, what we have seen in 2014, 15, but we were 10 years ahead in, at that time, so we stopped that project. Now we are trying to restart it, and, once there are some development, then we'll give the intimation to all the shareholders.

Perfect. Thank you.

Maybe the special, presentation on that and, see, what we believe is, in, healthcare segment, all the pharma company in India are almost at the same level. See, they are maybe stronger in financial or resources, but at the new technology, what world is changing for biosimilar, peptide, AI, so all the companies are at the same level. So everyone is, having the, equal opportunities. So now let's see who can get this, opportunity and where we can reach it, and we are trying our best to get it.

Great. Thank you. The, the last question was more in terms of EBITDA and PAT margin that you answered, so thank you for that. I'll, I'll definitely say one thing, which is impressive plans for the growth, which you, you also confirmed. So-

Yeah, sorry to interrupt you. I'll add one more thing.

Sure.

Uh, see, there is a product called Loxoprofen, which is our key product for the Japan and all those market. Loxoprofen is the 2nd largest, non-steroidal anti- inflammatory drugs in the world. So we are trying to apply for the gel and, spray form in, CDSCO, DCGI, Indian government, to launch the formulation in India. And we are expecting that, we'll be the competitive to Volini gel, or we can, be the be- better option in terms of safety and efficacy.... So that development is already we have started in, maybe in, next to next financial year, we'll get the approval from DCJ India for gel and spray form of loxoprofen. So that will be the replacement of diclofenac, product, which is getting, sold in India.

Oh, that is great. Thank you for that.

So backward integration of the loxoprofen, we are one of the largest manufacturer, and we are the only Indian manufacturer. So we'll have the, some kind of, first

Wonderful. So does this help in terms of the recent budget announcement for pharma? Government did something, and-

Yeah, they, they have announced for the biosimilar product. PLI scheme, 10000 crore for the biosimilar products, so that is what peptide, evaluation or some bioproduct evaluation, what we are doing. We'll apply for that, and we'll be eligible for that.

Okay. Okay, great. Thank you very much, and appreciate, your vision as well as the information you have given. Best wishes to all of us. Thank you.

Thank you, Vasdev. box. Next, we have Mrs. Disha C. Ma'am, you may unmute and introduce yourself.

Hello?

Yeah, Disha.

Am I audible, sir?

Yeah, thank you so much for this opportunity. Firstly, congratulations on a good set of numbers. So just a couple of questions. You mentioned that you are planning some greenfield expansion in both our, existing facilities and in Apiqo. So can you just quantify the co- the capacity that you're planning to add?

In terms of quantity?

Yeah, yeah.

See, right now, whatever the organic expansion we are planning for the Anlon, that would be around, 1200 to 1300 metric ton per annum. So that would be almost 3 times higher than what we are right now having.

Right.

And in Apiqo Organics, the organic expansion, what we are planning, that would be the more or less same size, so that would be around 500 to 600 metric ton per annum.

Okay, okay. And, sir, for this current capacity that we have, around 1400, metric tons per annum, what sort of peak revenue potential we see from here?

See, if we'll consider the current existing, order book and current product portfolio, so out of that, we can go up to 700 to 800 CR. And the-

And when are we planning... Yeah, at the, so when are we planning to reach? Any timeline?

See, whatever the projection we are having in hand, or the visibility from our customer for product, execution and, confirmation, so by 27 FY 27, 28, we are expecting at least by, 650 to 700 CR we can achieve.

So by FY 28, we can plan to reach 650 to 700 CR.

See, right now, for the organic expansion greenfield project, we are planning, somewhere around 100 to 120 crores CapEx.

Okay. And when, when exactly do we, see that this coming online, the expansion coming online?

See, we are, trying from our end, that, execution will be started from 1st of the April 26. And we are trying to complete the project at least by 31st March, 2027, because we have the huge orders for some of the products. For that, we need the capacity, and we want- we have to start it anyhow by 1st April, 27.

Right. So, sir, then FY 28, we can, then that will be huge because we have-

- so we're planning to, we're planning to-

We have, spare capacity with all this order book and everything.

Right. And post this acquisition, post this, expansion, what sort of peak revenue will we see?

See, on basis of that, I told you that by FY 27,28, we can, go up to not exactly peak revenue, but 750, 700 to 750 CR we can, reach, easily. Because see what happens, some of the projects are already in pipeline, so maybe, in H 1 next year, I can com- commit to you by peak revenue what can be the in after all this expansion. Because see-

Okay.

- there are product mix over there, so which product we have to take, and, what is the planning we are going for? Because there are several activities altogether going on. So peak revenue of, 3 years, it is very early for me to predict.

Okay, okay, fair enough. And so this year, I think you mentioned we're targeting around 180 to 200 CR. So for that, to reach 180, I think we're targeting around 59, 60 sort of revenues in Q4.

See, INR 160 Cr to 170 Cr from Anlon, and Apico is almost, considering our, this month's revenue and next month's order book, INR 20-25 Cr from ApiQo.

Okay, okay. That's very helpful, sir. All the best. Thank you.

Thank you. box. Next, we have Mr. Paras Chheda. Sir, you may unmute and introduce yourself.

Thank you. Sir, just trying to understand this, 190 to 200 for FY 26, and 370, 380 for FY 27. So Epico and all, we have majority shareholding, so this 370, 380 is basis their 100 percent turnover consolidation or to the extent of our, shareholding?

No, no, it's, see, be, total consolidated.

No, so this will be Anlon's share of... So see, if there is a 100 percent subsidiary, then there is no problem, but as long as that is not done, 370, 380, is consolidated for Anlon or will be, you know, or some portion of that will be taken away by the minorities of Apiqo and Bizotic?

No, no. Paras bhai, right now, that will be the more than 51% stake of Anlon.

Yeah.

So in balance sheet, we have to consider the consolidated, the total turnover, because in, within, all 3 company, there is, no internal transaction, so there is no any related party transaction or, any sale purchase between any of the entity.

No, no, understood, sir. So but what will happen is the turnover will be INR 370, 380 Crs but at the minority pa-- when after the profit, you know, level, you will have minority, you know, interest in Apiqo and Bizotic will take away. So the profit to the shareholders of Anlon will be lower to that extent, meaning, because it's not 100 percent owned, both these.

So chances are quite high that 370, 380 could, could-

Yeah, yeah. Yeah, that is a complete chance of that.

100 percent? Okay.

We, we are expecting that we will generate the free cash flow during the next year.

Yeah.

So we are expecting at least, INR 40-50 cr from our routine cash flow.

Okay.

And we are planning for INR 100 Crs, INR 50 to 60 cr from the bank loan.

Understood, sir. And what kind of peak debt to equity you're looking at, sir?

Peak?

By the end of next year.

Paras bhai, can you pardon? I missed your question.

So, okay, so peak debt to equity. So, you know, for example, if you have, 1 rupee equity in the system, you may... You are comfortable to go up to 2 times of that debt, and so on. So for example, as of 30th September, our, long-term, short-term debt is about 60 crores, roughly.

You are asking for debt to equity ratio, right?

Yes.

I think, that would be somewhere around 0.5 to 0.55.

So less than 1, broadly?

Yes

... but at 51 percent profit level for now.

Okay, Paras bhai. box. Next, we have Mr. Rudraksh Raheja. Sir, you may unmute and introduce yourself.

Yeah. Thanks for the opportunity, sir. Am I audible?

Yeah, Rudraksh ji.

Yeah. Sir, building on the last participant's, question only, INR 120 crore greenfield expansion we are doing, and, INR 40-50 crore you said we can do from our own cash flows, and 50, 60 we would need, debt.

See, for that, what we are planning, maybe we are going for the option of, share swaping to existing shareholder of that, both the entities, to make the 100 percent subsidiary.

Okay, so that won't be a cash transaction?

Yes. So there will, there will be no cash crunch over there.

Understood, sir. Understood. And sir, coming to FY 27 guidance of INR 370-380 crores, I wanted to understand, like, where is this growth coming from? Is it mostly from, our orders for loxoprofen and ketoprofen, or are we adding some new, more molecules that is leading to this?

Rudraksh ji, right now, whatever the INR 170-180 CR from Anlon we are doing, that is from our existing product, ketoprofen, or its intermediate, and loxoprofen, and some of the other molecule what we are doing regularly. There is no any additional new product over there. And right now, we are not having any spare capacity in Anlon for expansion, for further manufacturing of the new product. So, we are expecting that INR 170- 180 Crores from our existing product line. Around whatever the new, additional top line from the Apico is coming, that is not from our product. Apiqo is having their own product range, and which is already in contract with some of the buyers, so that business is already going on with the good margin and good, turnover, so we don't want to disturb it. So, for our backward integration of the intermediate, we are trying to do the some, job work kind of, or a lease agreement with some of the manufacturer, so that we can accommodate the new product in

Understood, sir. And sir, again, this Bizotic portfolio would be entirely different from Anlon's and Apiqo's portfolio?

No, Bizotic is more or less similar or in line with the Anlon, that they are the pharma API and intermediate facility both. So, what we are planning is the domestic customer, where we can target or regulatory requirement is not there, that we'll shift to Bizotic and we'll start the selling the product from the Bizotic due to capacity constraint in Anlon.

Understood. So through Anlon, we'll be doing mostly our, key products, loxoprofen, dexketoprofen, and ketoprofen.

No. We have the further product in our hand, and that is, already we are having the visibility for the commercialization by next financial year. So on basis of the projection and customer soft commitment, we are going for the further CapEx, in our greenfield expansion. Above that, we have the further capacity requirement for our existing product, ketoprofen and loxoprofen also. So that expansion-

Understood.

-will, be used for the further development and validation of the new product, and commercialization of the product, which is already, filed and, validated, but it is not getting commercialized due to capacity constraint. So we are planning to add 6 or 7 new APIs in next financial year.

Understood, sir. Sir, just a last, question. If I recall correctly, you said that Daiichi numbers will be reflected in our, financials from next year onwards.

Uh, hello, sir. Most of the questions have been answered, and I must appreciate your vision of view. It's really impressive. Sir, one small question is left, like, the margins you, told around, about Anlon, 35 percent plus, and for, Apiqo, around 30 percent plus. So, for Bizotic, which is I think mostly will be used for, backward integration kind of, work, so, what... The similar margins like Anlon is expected from Bizotic?

Yeah. By, in Bizotic, we can, expect, more or less similar. Not the similar, but between 30 to 35 percent EBIDTA Margin we'll, have in Bizotic.

Okay, got it, sir. That's it, sir, from my end. Thank you so much, sir.

We believe there are no further questions from anyone. Would now hand over the call to Mr. Parth for the Q&A box.

Actually, there are a few questions in the Q&A box. Moderator, if you could just read questions from that.

Okay. First question is from Mr. Chirag Joshi: Can you share an approximate export versus domestic mix? Will export to Europe and USA benefit from tariff cut down?... Punit, sir, are you there?

I think I already revert to in, chat box. The question answer box, I already revert to him.

Okay, sir. Next question is from Yash. What is the typical gestation period from molecule development to commercial revenue in your CDMO model?

Minimum 3 to 4 years.

Okay, next question is from Ashish Thakur. With focus on NSAID, APIs like ketoprofen and loxoprofen, how concentrated is revenue in this therapeutic segment, and what steps are being taken to diversify therapeutic exposure?

See, our, almost 30 percent, 35 percent revenue is coming from loxoprofen and its intermediate, ketoprofen and it is intermediate. Loxoprofen commercial quantities, what we are expecting for FY 27, that would be, similar to 25 to 30 percent.

Okay.

In the therapeutic diversification, what we are planning that, some of the product, like ticagrelor, ranolazine, that we are doing for the cardiac, then tofacitinib for the arthritis, and silodosin for uncontrolled urination, that is, portfolio is already going on. Apart from, there are some CKD, chronic kidney disease, alpha-keto analog, and some of the nutraceutical product contribution will come around, 10 to 15 percent. So that is the mix of the portfolio, and so we can, diversify it and we can de-risk the our current, product range.

Okay. Sir, next question is from Garvita Jain. By when the greenfield expansion will be completed? Please clarify.

See, we are trying our best to complete it within 1 year. Generally, in as per the, industry standard, people are expecting around 18 to 20 months, but we have already most of the regulatory, approvals for that and, statutory approvals for that. So we have to just construct the production block, remaining storage facility, QC, admin, QA, utility, we already have with us. So that will, save over time. So, we are expecting within 1 year we can operational the new greenfield expansion.

Okay, next question is from Chintan Bhagani. Sir, I'm asking about the Q, Q-on- Q revenue.Okay, next question is from Sanjay Basak. How much raw material are you importing from China?

See, right now, there is none of our KSM is from the China. Everything is, indigenous, and with the domestic supplier only. Some of the basic chemicals, like solvent or some of the inorganic, reagents, that is, from the, domestic supplier, but we are not importing directly anything from China.

Sir, we have a follow-up question from Rudraksh Raheja.

Yeah. Thank you, sir, for the opportunity again. I wanted to ask, what are the top 3 molecules in our Apiqo and Bizotic portfolio? Could you name those molecules?

See, in Bizotic, right now, Bizotic is doing our backward integration job work over there, but whatever the product we have planned there, that is for our backward, means, KSM, like the ketonitrile, which is getting used for the ketoprofen. Then one of the, our key raw material for loxoprofen is, BMPP, bromomethylphenylpropionic acid, that we have planned over there, and some of the APIs like artemether and rifaximin, that we have planned over there. So, after acquisition, we have already, doing the mapping for the product over there, but once acquisition will completed, then we'll finalize our, this, planning and, inform to you. In Epico, there are the products, is getting, manufactured. Top 3 is, methyl propyl bromide, then iso, propyl bromide, and one of the KSM for the, pesticide industry with the bromination. That is the top 3 molecules over there.

Understood, sir. And these molecules in Apiqo, they are still doing 30 percent plus EBITDA margins?

Yeah, yeah, yeah.

Understood. And sir, are we selling these in the domestic markets or we are export-

Yeah, we are selling all these products in the domestic. Export, we have not, explore yet because we don't have the spare capacity. So We are just trying to explore the export opportunity for the intermediates of the Apiqo, but, for that we should have the some sa- spare capacity from our existing customers' order. So that is already, already under exploration.

Got it. And sir, who would be the top 3 customers for this Apiqo portfolio if you-

Right now, Neogen Chemicals Limited and Jubilant. The last

Understood, sir. Understood.

Thank you. Sir, we have another follow-up question from Mr. Paras Chheda. Sir, you may unmute yourself.

Yeah. Uh, thank you, sir. Sir, just, one final thing on, this Q3 revenue versus Q2 FY 26 was lower. I could not understand why that was lower generally by,

Understood. So typically you will compare H1 versus H2 rather than-

H2, yeah. What happen, again, I'll tell you one more thing. After this Q4, if you'll consider the Q1 of FY 27, then it will be again the shrink from the Q4 of the FY 26.

Understood. So H1, H2 is a better comparison?

Thank you. As there are no further questions, we would now like the management to give the closing remarks.

Yeah. Thank you, everyone. Thank you for your support and all these queries, and I would be happy to connect you again. If you have some more queries, even on the personal call or email, you can be in touch with Parth, so, he'll connect with me and whatever the question or any further clarification you require, then you can connect to us anytime. And, we'll have the great, Q4, on the way, and, we'll meet you again, all, once again, after declaration of Q4 result.

Thank you for joining Anlon Healthcare Limited Q3 and 9 AM FY 26 conference call, hosted by ConfideLeap Partners. Participants may sign off.