IPCA Laboratories Ltd

Ladies and ge Call hosted by only mode an concludes. Sh pressing star recorded.

I now hand t you, and over

I will hand ov for questions. Thanks, Nitin participants. forward-looki conjunction w may differ fro

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Mid-March '2 top 20 players improved our mid-March '2

Both on acute As per IQVIA 13.2%. On ac chronic, mark

Compared to up. The mark around 66% f chronic segm modifying ag segment contr

Page 2 of 14 entlemen, good day, and welcome to Ipca Labs Q4 FY '25 Ear y DAM Capital Advisors. As a reminder, all participant lines w nd there will be an opportunity for you to ask questions afte hould you need assistance during the conference call, please sig then zero on a touchtone phone. Please note that this con the conference over to Mr. Nitin Agarwal from DAM Capital r to you, sir.

rnings Conference ill be in the listen- er the presentation nal an operator by nference is being l Advisors. Thank welcome to Ipca mited. On the call Director; and Mr. will open the floor d welcome to all may include some must be viewed in ncial performance domestic business of the year, it has ompany among the f Q4 also, we have 7% from 1.8% in ared to the market. growth of around around 10.9%. On s 17.9% overall. e are fast catching 39%. For Ipca, it's matoid arthritis as a se it's all disease- then our chronic

You will reca has helped ou 2022 to 2025. around 32.66 cities contribu

But as far as cities. It has n 4.67% contrib coverage, whi the reasons th

Our export fo around 10% formulation b growth of aro And for full f crores.

So there is a g business. The in business in around 74%, t

Our API busi whole of the current year, margins is at around 2.66% around INR34

Stand-alone F an improvem INR1,189 cro 27%.

Consolidated There is agai INR305 crore EBITDA mar of around 2. INR1,693 cro 31%. And we

Our overall g against that, w

Page 3 of 14 all that post-COVID, we have increased our coverage to the me ur company to get better share from metro market. For mark . The chronic 30 metro cities are giving a contribution of around %, which has moved around a 34.19% in '25. So there is an ution to the market has gone up by 1.53%.

Ipca is concerned, our market share in '22 was around 32.65% now moved to around 37.52%. So there is a significant increase bution, which is coming from metro. So that is helped by our ich post-COVID, we have changed that and that has given us - hat we are also growing faster in the market. ormulation business -- the branded formulation business has deli for FY '25 from INR527 crores to around INR582 crores. business has delivered a growth of around 3%. Generic bus ound 15% from INR312 crores to around INR357 crores for th financial year, the business has grown to around INR1,336 cror growth of around 7% in overall branded business, which include e lower growth for the financial year in generic business is mai n South Africa from INR113 crores to around INR39 crores, a that's mainly on account of the loss of certain tenders in South A ness has delivered a growth of 2% for the quarter -- for the Q4 financial year, there is just a 1% growth in the API business. S improved our margins trend. Overall, if you look at stand-al around 21.19% as against 18.5% in Q4 '24. There is an impro % and absolute term your EBITDA margin has gone up from 47 crores, an increase of almost around 24%.

FY '25 EBITDA margins is around 22.66% as against 19.29% f ment of almost around 3.37%. And overall EBITDA margins h ores to around INR1,533 crores, and there is an overall increase EBITDA margins for Q4 is at around 18.24% as against 14.9 in improvement of almost around 3.26%. And overall EBITD es to INR410 crores. There is an increase of almost around 3 rgin for FY '25 is at around 18.94% as against 16.72% in FY '24 22%. And overall EBITDA margins has gone up from IN ores. There is an improvement of almost around -- an increase e have delivered better margins as against the guidelines given fo guidance for the year was around 18% kind of consolidated EB we have delivered around 18.94% overall. Our subsidiary Unich

etro cities, and that ket, let's say, from d -- in 2022, it was increase of metro % for all 30 metro overall metro city - and that's one of ivered a growth of For Q4, branded siness delivered a he quarter FY '25. es from INR1,248 es the institutional nly due to decline decline of almost African market. 2025. And for the So we have, in the lone Q4 EBITDA ovement of almost INR279 crores to for FY '24. There's has gone up from 8% in Q4 FY '24. DA has gone from 35%. Consolidated 4, an improvement NR1,288 crores to or the year. BITDA margin as hem has delivered

a consolidated business, an i crores. And in

And if you lo With overall could deliver

The guidance around 8% to around 1% co year.

Having given Thank you v PhillipCapital Sir, my first q have done. So we would hav some sense no also.

So like -- in that you woul U.S. sales tha U.S. number would be havi As far as Ipc overall gener worth around quarter, very time and all p crores or INR

So it has not think, in last shipped in the 7 more produc

So I think ov INR100 crore for U.S. busin

Page 4 of 14 d growth of around 18% from INR1,785 crores to around INR2, improvement in EBITDA margin from INR87 crores to almos n percentage term from 4.87% to around 12.55%. ok at last 2 quarters, EBITDA margin, it was in the range of aro improvement in business as well as improvement in operationa the overall better EBITDA margins for Unichem. e for next financial year -- current financial year is that we'll o 10% in the FY '25 and we expect our EBITDA margins to fu onsolidated basis for the -- from 18.94% to around 20% for the the broad numbers, now I'll request participants to ask for ques very much. First question is from the line of Surya Nar l. Please go ahead. question about the U.S. business potential, see -- and U.S. busin o now since we have integrated Unichem fully, so what is the ve reported in the consolidated number for that market? And als ow since it is integrated, part of our U.S. business is getting rou terms of the product -- new product introductions and the inc ld have added. So if you can give some sense that, okay, what at we have added this year because of our own product? And w that we have seen for the group as a whole? And what is ou ing for FY '26, sir? ca is concerned, U.S. has not made any significant overall c ic business, I think we have stand-alone basis, I think we ha d INR65 crores, but most of the shipment has happen in the small shipment has happened in the earlier quarters. So over put together, I think on a consolidated basis, it is just contributi R23 crores kind of business. contributed a significant business in the current financial yea financial year, we have shipped around the 3 products and fo e month of March. And I think in current year, we will be shipp cts. verall, the current year, I think overall U.S. business should es for us in the current financial year. That is what is our internal ness for final sales in U.S. market. And as far as Unichem is con

,211 crores overall st around INR265 ound 14% to 16%. al efficiencies, we continue to grow urther improve by e current financial tions. rayan Patra from ness that we would U.S. revenue that so, if you can give uted through them cremental business is the incremental what is the overall ur outlook that we ontribution to the ave shipped goods e third and fourth rall, and as transit ing around INR22 ar. We have just, I ourth product was ping almost around contribute around l budgets are there ncerned, Unichem

had achieved previous finan

So they have Bayshore, wh around 22% g the financial including oth delivered. Sure, sir. Sir, integrated, ou acquisition its by -- so -- w witnessing. So on a consolida in terms of AN I think Ipca h month of Apr products. And globally for I development currently arou

And this also financial year development extensions an going on.

And I think th done is, what independently the senior m supervising th Okay. Just las our export wa period that ob impurity issue

And this year think about it in the South A about your ov

Page 5 of 14 d a U.S. business of around INR1,317 crores as against IN ncial year. delivered overall growth of around 22%, but this also include hich was earlier group with Ipca and now it is grouped with U growth they have delivered. And overall, Unichem has delivered year, a growth of almost around 19% in the overall turno her income, it's around 18% overall -- is the overall grow , just an extended point on the U.S. business itself. So now ur R&D also should have seen some kind of integration becau self that you have been talking about rationalizing the consolid what is the kind of -- because there is no greater filing mome o going ahead, what would be your spend for the group as a who ated level basis? And what R&D priorities that you would be ha NDAs in terms of APIs. has already started filing. I think first filing has been done in th ril in current year. And I think in current year, we should file alm d overall, we have capacity to develop almost around 20 pr India, ROW and all these other developed markets. So overall, will happen. As far as R&D expenditures are concerned, we are und 3.25% as far as the Ipca concerned. And the stand-alone I'm includes the biotech, and this expenditure is likely to be around r. And as far as Unichem is concerned, their business dev cycle because initially, their focus was shifted towards overal nd filings in the various markets of their existing products. S hey will also be filing around 3 to 4 products in current year. tever duplications was there, that has been avoided. But rest, y doing their work and Ipca team is independent. So nobody fr management is, let's say, our operating management of R&D he Unichem R&D. Unichem R&D is completely independent. st 1 question from my side, sir. So in fact, the export growth ge as considered to be the growth engine for Ipca some time back bviously we have seen -- they have faced challenges because e in a couple of products and initiated by the Europe. r, FY '25 numbers are also kind of similarly weak, so like how ? The -- and you also mentioned about a couple of this thing co African market. Is it because of the cost issue or so could you verall export growth plans because that used to be the kind of a r

NR1,077 crores in es the business of Unichem now. So d a -- for whole of over. And I think wth Unichem has since Unichem is use at the time of dated R&D spend entum that we are ole or for let's say, aving going ahead he -- I think, in the most around 6 to 7 roducts, so which , that's the kind of e at almost around m talking. d 4% in the current velopment, overall ll let's say, market So that journey is So what we have Unichem team is om Ipca, let's say, D of Ipca is not enerally is been -- . But in the recent e of, let's say, the should one really ontract getting lost u give some sense real driver for us.

And let's say 10% to 11% f is gearing up of around 20 market and Eu Okay. But the showcasing a It is a normali So Unichem's take some mo guidelines. So our overall -- Is it more abo Yes, it's a non My question i markets like U And for these 10% to 11%, in both generi As far as the 10%. CIS, wh And for the c business. Apa business of R

West Africa h grown by 24% small market

As far as the grown by 10% around INR65 there is a deg INR268 crore

Canada, there INR113 crore products, ther

Page 6 of 14 , overall export formulation business will continue to have a for us. And we are now the working on to say, expediting our fi and already as I talked that we should be able to do almost aro products in a year. So that is what is currently happening an urope market and all. Now a number of filings are all increasing e guidance -- growth guidance that you have mentioned 10%. So any kind of synergy benefit of acquisition or the cross-selling be ized growth possibly which we just maintained. s portfolio, I think, let's say, filings have started happening, b ore time. So till the time those approvals comes, we are not incl o as and when those approvals will come, we will start adding to our basket, yes. So that is taking some time. out non-U.S. market, sir? n-U.S market. Yes. n is from the line of Damayanti Kerai from HSBC. is again on export market. So if you can talk a bit more about p U.S., Australia and New Zealand, et cetera, as well as in some e markets, specifically the bigger one, like on an overall basi but if you can also talk like how should we look at growth in th ics and branded parts. branded formulation business is concerned, we have grown th hich is the large branded promotional market, the growth is mu current financial year, we are guiding a growth of around 10 art from CIS market, all other markets have grown well in the OW market. has grown by 34%. Latin America has grown by 17%. And S %. Only in case of Middle East, Africa, there is a degrowth of contributing around INR70 crores. generic business is concerned, Europe has grown by 12% -- %. And U.S. is a new market. Last year, there was no sale thi 5 crores. Australia and New Zealand, there is some inventory r growth of around 11% from INR301 crores, the market has com es. e is hardly any growth, INR116 crores was last year. This y es. And South Africa, Mr. Jain has already said, because of los re is a degrowth of around 65%. So overall, generic business is f

growth of around ilings I think R&D ound development d I think the U.S. g now. o that is in no way enefit or anything. but approvals will luding them in our those products to erformance in key e branded market. is, you mentioned hese bigger market his year by around uted at around 2%. 0% from the CIS e branded generic Southeast Asia has about 21%. It is a sorry, Europe has is year, the sale is rationalization. So me down to around year, it is around s of certain tender flat INR981 crores

last year. This have grown to

So including export busine including ins business, ther Okay. Sir, jus It is mainly b INR90, now i Okay. Okay. A Even though currency fluct Okay. So volu That is right. Okay. That's which Ipca w last year or so Four of the m the current fi Pithampur, M Wardha near N

One new form manufacturing facilities bein facility will al liquids. So all the pla Trial producti That is right. F Okay. And substantially. I guess, the d

Page 7 of 14 s year also INR981 crores, whereas institutional business from I o around INR355 crores, a growth of around 33%. institutional business, overall generic business there is a growth ess there is a growth of 8%. So 10% is promotional market, an stitutional business, 7%. So overall, generic business, there re is a growth of about 10%. st a question, CIS, like why we saw a 2% growth? What has hap ecause of this currency fluctuation because dollar versus ruble it has come down to INR79. So we feel this year, the growth wil And then my second question is... there is a volume growth in the market. Value growth is only 2 tuation. umes were healthy, but because of this currency fluctuation on a Yes, yes. helpful. My second question is if you can update on some of th was working on, so some new plants, et cetera, where work has o. So if you can update on those. manufacturing -- new manufacturing greenfield plant will start t inancial year, that include monoclonal antibody facility, which Madhya Pradesh. So one intermediate API manufacturing fac Nagpur. mulation facility for domestic market is coming up at Dewas. S g facilities that are coming up in India, and 1 more greenfie ng set up by Pisgah which is our step-down subsidiary in North lso start trial production in the current financial year. It will be i ants, they will start... ion will start in the current financial year. en scale up should be more visible in coming years, right? So th FY '27 and '28 onwards, you will see some scale up in the busin my last question is on Unichem, although like margins But when do we see it moving closer to the consolidated averag deal, there was talk about cross-market selling, et cetera. So I

INR267 crores, we h of 7%. The total nd generic market, is a formulation ppened there? rate. So it crossed ll be better. 2% because of the a reported basis... he newer projects, s been ongoing for trial production in h is coming up at ility is coming at So these are the 3 eld manufacturing h Carolina. So that injectable and oral his year mainly... ness. have moved up ge because during, understand on the

raw material a margin driver No, no, what work in progr year applicati what we spok current financ Okay. So '26 Yes, you will See we were of its operatio That is withou they are work markets. So a on continuous Okay, sir. An onwards, we s Yes.

Right. So can start or how i the number w It will be som will happen o So my first q crores. If you for the next ye Apart from ro level. I told yo in the current

Page 8 of 14 also procurement part, a lot of synergies has been achieved, but rs for the Unichem portfolio. ever guidance we gave at the time of acquisition of Unichem ress. Since it is a regulated business, everywhere, there are issue ion, registration, all those things are going on. The benefit of a ke at the time of acquisition, hopefully, we'll start yielding som cial year onwards. onwards, we should be seeing some more... start seeing the benefit. talking around [INR300 crores kind of 24:07] EBITDA margin on. And I think we already achieved around INR264 crores ov ut, let's say, not a single API of Ipca is qualified as still in the k in progress. And not a single product of Unichem has been all those synergies are yet to -- yet to be. But still, let's say, the sly keep on improving. nd as some of these factors start delivering, as you mentioned should be seeing a better pickup in the margins? n is from the line of Chintan Doshi, an individual investor. t of activities are going at the Pithampur facility that has belonge ght? So as you already mentioned... acility. n you give us a light like are we -- like it is a start -- trial prod it is like it is going to contribute from this year onwards? Or w will be going to contribute next year onwards? me next financial year onwards. This year, trial production will only in the next financial year. n is from the line of Shiva from Purnartha Investment Advisors. question is with respect to the capex. We've spent somewhe u could just throw some light on the breakup of where we spen ear, what will be the total capex of our company. outine maintenance capex, which will be around INR250 crore ou 4 projects are currently under implementation, which will sta financial year.

t what about other m, many things are es relating to those all this integration, me benefit from the ns after 2 full year verall in Unichem. Unichem because approved in other margins will keep d, maybe this year ed to the Unichem duction is going to we are looking just start, but scale up ere about INR775 nd the amount and es, INR300 crores art trial production

So around $2 Carolina, U.S at Dewas, ano at Nagpur, pl major capexs, start trial prod Okay. So bios That is the sam Okay. And y How are the U mean, at the level? Unichem cur margin. So w that 1 year b EBITDA mar

But whatever market where progress, that will get regist the INR2,011 No, no, Baysh 1st of October Okay. You sa No, no, that is generic formu Unichem also Bayshore, I d other facilities Okay. Okay. institution wit that for the ne

Page 9 of 14 e breakup of what -- where we are spending in. 20 million is for the injectable and oral liquid facility that is co S. around INR250 crores for a formulation facility for domestic other INR200 crores, INR250 crores for API and intermediate f lus monoclonal antibody facility another around INR250 cror , which will get capitalized in the current financial year, and all duction. In this financial year, that is FY '26. similar one, you had something in Pithampur that is the same? me one, which we'll start trial production in the current financial you've given the overall guidance of 8% to 10% and EBITDA Unichem and the stand-alone breakup? Like if you could just th stand-alone level, how do you look at the growth and the m rrently around INR2,000 crores annual sales and around 14% whatever guidance we gave at the time of acquisition of Uniche before our guidance. Hopefully, current year also, this shou rgin by about 1% and about 8% to 10% growth in the top line. -- the synergy of our acquisition of Unichem, their products w e they are not present as of now, Australia and New Zealand, Eu t benefit will come perhaps a year after next year. So dossiers a tered, then we will slowly start marketing their product.

And as of now that the Bayshore is only INR22 crores in Unic crores that they... hore is about INR150 crores, you could say top line. Unichem a r. aid we had only INR22 crores of sales in U.S. s Ipca. So we also post our -- yes, yes, facility clearance, we star ulation through Unichem in the U.S. So from our side... o use Bayshore's... don't manufacture anything for Bayshore. Bayshore is acquiring s, including from Bangladesh and all.

And with respect to the stand-alone, we had something ab th respect to the funding issues that U.S. has cut down. How ext year? What kind of institutional growth are you looking at?

oming up at North market coming up facility coming up res. These are the l those facility will l year. A margin of 20%. hrow some light? I margin at Unichem %, 15% EBITDA em, they achieved uld improve their e are taking to the urope, that work in are getting filed, it chem's revenue in acquired that from rted marketing our g products on from bout the -- in the are we looking at

There is no institutional b more because that is why th growth is hig should grow t Okay. And h coming? Or h API business consistent dow compared to w the prices con slightly impro The volume g That is correc comes to the A And how are growth? Or yo We are seeing share, and we will keep win domestic? Next 3 to 4 y That is what guidance. Sir, you have, over 4 lakhs. See, now the man producti normal circu practitioners much per man where volume productivity.

Page 10 of 14 exact clarity in that. Having said this, we are hoping we business in the current financial year also. That is FY '26. This y e a year before our injectable line was undergoing some mode he sales were less in FY '24. That is why you feel current ye gher in the institutional business. From that level also, we see that business maybe around 8% to 10%. how do you look at the API things sizes wise? Are there an how do you look at your API, volume and the price. and pricing was at peak during COVID time. From that time o wnward trend in the API pricing. So even though we have imp what we sold in -- during COVID time, you don't see that in the ntinuously coming down. But now there is a stability slowly, w oving from this level. So in the current financial year... growth will be the top line growth because there will be stability ct. Yes. So FY '26, you will see volume growth as well as pric API business. you looking at it after like in the second half onwards, it will b ou look gradually... g some picking up in the market in the fourth quarter itself. he domestic one. So consistently, we've been doing -- we've bee e've done quite good in the domestic arena. So you feel that wil nning market share in [inaudible 0:32:28] and how are you seei years, we will beat the market growth, and we should grow 1.5 is our -- historically, we have done. And going forward 3, 4 n is from the line of Kunal Randeria from Axis Capital. , I think, around 7,000 marketing reps in India. So which means So with your current portfolio, what do you think will be the op business is growing around 12%. If we don't add any PSR in th ivity also increased by 12%. But having said that, every yea mstances, 400 to 500 people just to take care of increase and all. So that trend will continue. So even though value-w n productivity because of our nature of products, what we mar es are very high, value is very low. So that also has some impa

should grow that year, the growth is ernization and all, ear that is FY '25 this year also we ny stability that is onwards, there is a proved our volume e value because of we feel it will start y in the prices. ce growth when it be a slightly higher en gaining market ll be -- state -- you ing the position in 5x market growth. years, that is our s the PCPM is just ptimum PCPM? he market, our per ar, we add in the e in the medical wise, you don't see rket, anti-malarial, act on this per man

Sure, but ther So currently, next 3 to 4 ye Got it. So tha your -- I mean realistically th crores, INR40 That is Ipca p Yes, sir. So whatever f crores with o another 5 to 6 is a pipeline f now developm Right. But jus we have the D Most of the fi I have more margin sharpl Or what was t No, no, it is m Okay. I mean No, no, nothin minuses will h products give one-off or any In fact, fourth crores. So the marketing and 1% improvem 3 years, geog revenue grow

Page 11 of 14 re's still scope to increase at to get it to maybe 5 lakhs, 5.5 lakhs it is around 4 lakh and 4.3 lakhs. It should grow around 8%, ma ears. With the addition of around 400, 500 people. at will continue for the next 2 years. Got it. Sir, secondly, on t n now that you are kind of ramping up your filings and everyth he kind of filings here in the next 3 to 4 years, this business c 00 crores business, excluding Unichem, your own business? product, manufactured at Ipca India facility, correct? figure we have given is possible. So 10 years back, we were do only around 8 products. So we just started. Some products h 6 products will get commercialized in the current financial year for new product commercialization year after year. And we hav ment of products for the U.S. market. st to clarify, your strategy has been to back it with your own A DMF filings, you use that DMF filing for [inaudible 0:35:27]. ilings are backed by my own APIs. n is from the line of Dharmil Shah from Dalmus Capital Manage specific questions on Unichem. We've seen the fourth quar ly declined from 64% in 3Q to 55%. Was there any one-off in the reason for... majorly because of the product mix change. , and any specific therapy that we shift -- tilted towards or... ng like that, depending on market situation, market demand, m happen in the therapies some therapies, some products give bett slightly lower margin. So majorly, the impact is because of that ything in this. h quarter, the contract manufacturing has gone up from INR58 ere, the margins are lower yes because material cost is higher d other costs involved.

And on the guidance, you give 1 year guidance of about 10% re ment in EBIT margin. But once we assume the synergies come i graphical synergies or maybe API coming in from it. What d wth and margins for Unichem 2 to 3 years from now?

in 4 to 5 years? aybe compounding the U.S. business, hing, do you think ould be a INR300 oing about INR240 have reached U.S. r. Thereafter, there ve also ramped up APIs. So wherever ement. rter results. Gross n these 2 quarters? arket growth, plus ter margins. Some t. There is nothing 8 crores to INR90 there. There is no evenue growth and in, in the next 2 to do you expect the

See, ideally, o maximum wh I'm talking ab Understood. R Around 10% business. So future. Understood. S So their majo there, they ca not a constrai question, but Whatever gui will be definit Couple of cla how much are Currently is a So FY '24 plu INR1,000 cro INR1,000 cro Around INR6 So INR400 cr That is correc Okay. And sir Around 6%, 7 6% to 7%. An business plus business is gr 24%, 25%, rig

Page 12 of 14 our intention, the margin should grow to around 18%, 18% to hat we can achieve because they are into only generic business, bout Unichem.

And lastly, I mean are there any effects of U.S. tariffs on ph are you seeing any effects... dance we have given without considering what you spoke. So if tely a variation in whatever guidance we have given. n is from the line of Rashmi Shetty from Dolat Capital. arification. How much capex have we spent in total capex spen e you guiding for FY '26, the total number? around INR400 crores. us FY '25 put together -- sorry, FY '25 plus FY '26 put together ores. ores. And how much of that we have already spent in '25? 600 crores, we have already spent. rores more is expected to be in FY '26? ct, yes. r, in the API segment, what is the growth guidance for FY '26, s 7%, Rashmi, not beyond that. nd last one clarification, which I wanted. Earlier, you mentione s generic business will give a growth of around 7%. So in ca rowing flat for FY '26 also then your institutional business grow ght?

o 20%. That is the and API business. able to grow their in the immediate cial production. So ere. So capacity is harma, very broad f that comes, there nd in FY '25? And r, it will be around sir? d that institutional ase of the generic wth will be around

No, no, no. F institutional b Okay. So you The planned g Got it. So you 10% and your Around that li Just on this pr '26, these are No, no. They Understood. S Everything go Got it. And s products bein little difficult It is nothing people are wi U.S. generic thing, own AP Understood. U to be added fo Around 400. Yes. Sir, this conservative n 300, 400 basi indicated abo conservative i If you see ou business, excl overall growth

Page 13 of 14 FY '26, we are projecting a growth of 10% in the generic b business, both put together. ur generic... generic business or in the current financial year, excluding instit ur generic segment, excluding institutional business will also gr r institutional will also grow in that range? ine, yes. n is from the line of Tushar Manudhane from Motilal Oswal Fina roduct filings from Ipca side for U.S. market. So the one which like what refiling of the already approved product for U.S. mark are fresh development, fresh filing Tushar. So 67 new filing... ot over in the last financial year. sir, any particular reason you would like to highlight where ng shipped but still taking longer is the competition pressure s to push our product after like after getting into this market after like that as and when the inquiry gets quoted, we do particip ith somebody else in contract and all. So it will be a gradual pro business is concerned. Having said this, whatever benefit we PI that remain today also.

Understood. And just lastly, how many -- I missed that number or FY '26? n is from the line of Rahul Jeewani from IIFL Securities Limited s revenue guidance which you gave of 8% to 10% for FY '2 number given that -- in the domestic business, we are beating is points every year. And for the export businesses as well, w out a 10%, 11% kind of growth excluding the API business. in terms of the overall revenue growth guidance for next year? ur business segment and turnover, API grows by 6%, 7%, an luding India business grew by around 10% and India grows by h will be 8% to 10% only.

usiness, including tutional business. row around 8% to ancial Service. you report for FY ket or... the business with so much that it's a r many years. pate. But already, ogress as far as the e have cost, other r, how many MRs d. 26, Isn't that a bit market growth by we have generally . So are we a bit nd all formulation y around 12%. The

Okay, sir. So Yes, yes. Eve whole group l Sure, sir. And next couple o forward? And Around -- Tha Okay. Sure, s said INR22 cr What is the U In our stand- Whereas in t market is that they sold is IN Okay, sure s expansion for year margins last year? No, no, it is o As there are conference ov Hopefully, we Thank you ve On behalf of us, and you m Thank you. B

DAM Capital Advisors, that concludes this conference. Thank may now disconnect your lines. ye.

rall, company as a out going into the d accelerate going So at 1 point, you ated INR65 crores. R65 crores. Okay. U.S. in the U.S. NR65 crores, what asis point margin sion be on the full the second half of like to hand the ing further to add. you all for joining