Jubilant Ingrevia Ltd

Ladies and gentlemen, good day, and welcome to Jubilant Ingrevia's Q1 FY'26 Earnings Conference Call.

As a reminder, all participant lines will be in the listen-only mode and there will be an opportunity for you to ask questions after the presentation concludes. Should you need assistance during the call, please signal an operator by pressing ‘*’ then ‘0’ on your touchtone phone. Please note that this conference is being recorded.

I now hand the conference over to Mr. Pavleen Taneja – Head of Investor Relations at Jubilant Ingrevia Limited. Thank you and over to you, Mr. Taneja.

Thank you, Rayo. Good evening, everyone. Thank you for joining the Q1 FY'26 Earnings Conference Call of Jubilant Ingrevia Limited.

I would like to remind you that some of the statements made on the call today could be forward-looking in nature and a detailed disclaimer in this regards has been included in the press release and results presentation that has been shared on our website.

On the call today, we have Mr. Shyam Bhartia – Chairman; Mr. Deepak Jain, CEO & Managing Director and Mr. Varun Gupta – CFO, Jubilant Ingrevia Limited.

I now invite Mr. Shyam Bhartia to share his comments. Over to you, sir.

Thank you, Pavleen. A very good evening to everyone. Thank you for joining us on the Q1 FY'26 Earnings Conference Call of Jubilant Ingrevia Limited. We are pleased to present the Financial Results for the 1st Quarter of this fiscal year.

Our Specialty Chemical business has continued to perform strongly, growing in double-digit year-on-year and with stable performance on quarter-on-quarter.

Our Chemical Intermediate business has started to recover marginally quarter-on- quarter. Ongoing cost optimization initiatives have further enhanced profitability, with EBITDA for the quarter rising 29% year-on-year and profit after tax increasing by an impressive 54% year-on-year.

The global chemical sector is emerging from the inventory de-stocking phase.

Specialty chemicals are seeing volume growth, though pricing remains stable.

Commodity segments continue to face demand challenges, with prices stabilizing at the lower levels. The pharmaceutical end-use market continues to show steady growth, driven by stable pricing and consistent volume growth across various derivatives as well as intermediate segments. The agrochemical sector continues its upward momentum, driven by strong volume growth, both year-on-year and quarter-on-quarter basis. Average prices have been stable for last few quarters now.

Nutrition market saw stable volumes during the quarter. Niacinamide demand remained muted as customers delayed purchases amid competitive offerings, while choline demand rose notably, with prices holding steady. With China Plus One, the macro-trend is creating more opportunities for us, especially in our specialty chemical segments, where we are witnessing healthy funnel across sub-segments.

The recent imposition of anti-dumping duty in EU on Chinese choline products, Vitamin B4, is expected to significantly enhance our competitive positioning in this choline chloride market across Europe.

Now, let me share few details on our future outlook:

FY’26, we anticipate continued growth and improved performance, driven by advancements in our Specialty Chemicals and Nutrition businesses, and expected recovery in Acetyls portfolio. Alongside, we remain committed towards our Lean 2.0 cost-efficiency initiatives to further improve our margins. We are on track to deliver the big CDMO order in early 2026, which should further accelerate our growth trajectory in coming months.

With this, I now hand over to Deepak to discuss the business model in detail. Thank you.

Thank you, Mr. Bhartia. A very good evening to all of you. I would like to thank you all for joining us today for the Q1 FY’26 Investor Call of Jubilant Ingrevia Limited.

As you know, we launched our “Pinnacle 345” strategy last year with bold growth aspirations. In last one year, we have made significant progress across every building block of our new strategy, the early results of which are visible in our last few quarters’ results, with significant growth in our specialty and nutrition portfolio, and increased EBITDA margins. In Q1 FY’26, we continued building on our Pinnacle journey and achieved several new milestones.

The Specialty and Nutrition segment continues to maintain a steady and dominant position, demonstrating significantly improved customer engagement that is actively fueling a strong and expanding business pipeline. This portfolio now contributes approximately 63% of the company's total revenue and an impressive 90% of its EBITDA, underscoring its strategic importance.

Our core product platforms continue to drive growth and leadership in Q1 FY’26. A few examples, within the Pyridine and Picoline segment, we successfully maintained our global leadership and market share in both Pyridine and Beta- Picoline markets. Under our fine chemicals business, we sustained a robust growth trajectory, delivering over 15% year-on-year growth.

Our leadership position across a broad portfolio of 36 Pyridine derivatives remained intact, supported by strong customer engagement and operational excellence. We also witnessed encouraging momentum in our Diketene derivatives segment, characterized by high-capacity utilization levels.

To support future growth and meet rising demand, we have already initiated capacity de-bottlenecking and expansion efforts for new product lines. Additionally, we expanded our cosmetic ingredients portfolio during the quarter, which has seen promising initial traction, particularly with key multinational customers.

Under our CDMO business, the pharma segment saw a significant expansion in its opportunity pipeline, with the funnel doubling in size in the last few months. This growth has been driven by strong traction with innovative pharmaceutical companies and tier-1 CDMOs across key global markets, including the EU, US, and Japan.

In the Agro segment, we started deliveries for first agro contract, progressed well on plant construction for the second one, and continued several other discussions with innovators. In the Semiconductor segment, we now have over 12 opportunities in the pipeline, reflecting growing interest and demand. To support this momentum, we have made strategic investments in R&D and established a dedicated team focused on advancing our capabilities and offerings in this space.

Under our Nutrition business, we continued to maintain our leadership position in Vitamin B3, particularly in the animal feed segment. Additionally, we are actively ramping up our presence in the cosmetic and food-grade segments, supported by the commissioning of our new production facility. In Animal Nutrition, we are witnessing strong traction in export markets, especially across Europe, with our specialty portfolio registering double-digit growth across markets. On the Human Nutrition front, we have established a dedicated team that is now scaling up efforts in Choline Chloride and Choline Bitartrate, and also developing several pre-mix solutions for marquee customers. Furthermore, 2–3 new molecules are currently in

the pipeline, aimed at expanding our offerings and strengthening our position in human nutrition segment.

In the Acetyls segment, we successfully retained our market share in both domestic and EU markets for Acetic Anhydride, reaffirming our position as a reliable supplier in these geographies. Additionally, we achieved volume growth across other key products, including Ethyl Acetate and Acetaldehyde, driven by consistent demand and operational efficiency. Throughout the quarter, we maintained a strong focus on cost optimization initiatives and have actively pursued capacity debottlenecking measures to support future scalability and enhance throughput across our product lines in Acetyls.

The Key Account Management initiative is gaining momentum, evidenced by a noticeable increase in inbound inquiries across Pharma, Agrochemicals, Semiconductors, Cosmetics and Nutrition segments. Currently, there are over 70 high-priority opportunities being actively pursued within the sales funnel, reflecting robust market interest and potential for future growth. To further capitalize on KAM momentum, we have strengthened our Business Development teams across key geographies including the U.S., European Union, and Japan, enabling deeper customer engagement and broader market coverage.

As a result, we are witnessing a notable increase in revenue contribution from the U.S and Rest of the World markets, with the U.S. revenue growing by 11% year- over-year and Rest of the World revenue surging by an impressive 45% year-over- year. This growth has been primarily driven by the strong performance of our Specialty Chemicals and Nutrition business segments.

We are actively upgrading our plants through a sustained focus on Safety, ESG and the disciplined implementation of 5S methodologies. As part of our Lean 2.0 cost optimization program, we have set a target of achieving annualized savings exceeding Rs 100+ crore in FY’26, and have progressed well in Q1. In parallel, we have initiated the integration of Generative AI within our R&D functions, aimed at

accelerating pipeline development and enhancing agility in product innovation and formulation processes.

On the CAPEX front, we continue to make strategic investments to support future growth and key capital expenditure milestones being successfully achieved. We successfully completed the plant modification for our first key agro CDMO order, and started the deliveries with a First Time Right approach in Q1 FY’26. Also, CAPEX execution remains on track for the $300 million big Agro contract, and we expect to start the supplies early 2026.

The commissioning of the new boiler at our Bharuch facility is scheduled for Q2 of FY’26, with more than 99% work already completed. In addition, debottlenecking initiatives are actively underway to unlock additional capacity across our core platforms, including Diketene and Pyridine. We have also commenced detailed engineering work for a new multi-purpose plant at our Gajraula site, further reinforcing our commitment to expanding capabilities and supporting long-term demand. We expect to start the construction in next few months for this plant.

With above progress, we are confident that our topline and margins will continue to show the expected growth trajectory in the next few quarters.

Now, let me invite Varun to take you through the “Financial Updates” on all our three business segments individually and also give an overall financial update.

Thank you, Deepak. A very good evening to all of you.

During the quarter, the Specialty Chemicals segment’s revenue grew 11% on year- on-year basis on account of higher sales coming from fine chemicals and CDMO businesses. During the quarter, Specialty Chemicals once again achieved its highest ever EBITDA of Rs. 130 Crore and the EBITDA margin of 27%. The EBITDA of Specialty Chemicals grew by 52% on a year-on-year basis.

During the quarter, revenue marginally declined by 4% year-on-year on account of lower niacinamide prices and shipment delays as customers opted for lean inventories. The sequential drop in EBITDA was mainly driven by lower volumes and marginal drop in prices of niacinamide.

Segmental revenue and EBITDA improved sequentially during the quarter, with revenue of 1.5% quarter-on-quarter, primarily driven by an uptick in acetic anhydride volumes. EBITDA went up by 170 bps to 4.4 bps versus last quarter, driven by our focussed cost initiatives in this segment.

The overall revenue during the quarter stood at Rs. 1,038 crore as against Rs. 1,024 crore in Q1 FY’25. It is critical to note that our volumes grew by 5% in this quarter despite the macro challenges and typical muted momentum in Q1 in most segments. The EBITDA for the quarter was Rs. 153 crore, reflecting a 29% rise on a year-on-year basis. The growth in EBITDA was primarily driven by margin improvements in the Specialty Chemicals and Nutrition business segments along with various cost optimization initiatives. The net debt of the company as on 30th June was Rs. 700 crore and the net debt to EBITDA ratio remained stable at 1.18x, calculated on the basis of trading 12 months EBITDA. The capital expenditure incurred during the quarter was around Rs. 54 crore, which was mainly utilized towards the upcoming CDMO agro plant at Bharuch and was primarily funded through internal accruals.

In FY’26, we planned to invest Rs. 600 crore in CAPEX. The PAT for the quarter was Rs. 75 crore as against Rs. 49 crore in Q1 FY’25, witnessing an increase of 54% on a year-on-year basis.

We will now be happy to address any questions that you have.

Thank you very much. We will now begin the question-and-answer session. The first question is from Siddharth Gadekar from Equirus. Please go ahead.

Hi sir, good evening. So, the first question is on Choline Chloride. Can you give some sense on with this anti-dumping duty on China, what kind of opportunities this can open for us and what kind of volumes and pricing delta that we can see in this segment?

Yes, thank you Siddharth. That's a good question and definitely an opportunity that we are very excited about. Choline Chloride, as you may know, is a core product in our portfolio. We have been doing it for several years now and we are the market leader in India with more than 50% share and we have been exporting it to other markets as well. Recently, European Union has put a 125% duty on Chinese Choline Chloride, which opens up an opportunity for us. While we are still getting a sense of the overall market, the initial numbers we have gathered from different sources run into tens of thousands of tons of market in Europe. We are already working on getting our product ready for European Union and we are hopeful that within the next couple of weeks, our first shipments will go to Europe. Once the product is accepted by the market, we are hoping we will be able to scale it up. Like we have created a leadership position for ourselves for Vitamin B3 in the European market, we are hopeful that in Vitamin B4, which is Choline Chloride also in Europe, we will be able to build a leadership position for ourselves in the coming years.

Just on the realization difference, what could be the realization difference between India and Europe because of this anti-dumping duty?

It's too early to say that, Siddharth. What we do know is before the duties were put, there was already a premium that European market was paying to Choline Chloride versus what the prices in India are. With the duties being put, we are hopeful that the premium will only increase. The exact quantum of that, we will know once we start sending materials to the customers. We are in touch with the customers, so I don't want to speculate the prices right now, but definitely the realizations will be better than India.

Sir, secondly, the multipurpose plant that you spoke about, can you give some sense of what kind of CAPEX that we would be doing for the new multipurpose plant? Is this for the new customer or contract that we would be looking to sign up? Or we are just setting up capacities in anticipation of the demand?

As I mentioned in my opening remarks, this is a multipurpose plant and that by definition will be serving several product categories in our fine chemicals as well as CDMO portfolio. Very much similar to the way our seven existing multipurpose plants serve our CDMO and fine chemicals business from Gajraula today. No, it is not a dedicated plant for any particular contract, but it is in anticipation of the products and the volumes we are expecting in some of our core as well as new product categories in the next year or so. For most of them, we are already in advanced stages of discussions with the customers and we are building or at least conceptualizing right now the plant in a way that there is enough fungibility in the plant to fit in multiple products as per the need. And linking it back to the other comment I made in my opening remarks, we are in discussion with our key accounts for almost 70 plus different opportunities and we are hopeful many of them will start materializing in coming quarters. So, we want to be ready with capacity as we get confirmations from our customers. Okay, sir. Thank you very much.

Thank you. The next question is from Pradeep Thakur from Edelweiss Mutual Fund. Please go ahead.

Good evening. Thank you for the opportunity. My question is, during the recent investor meet, the company had guided the additional Rs. 2000 crore investment that you would have done. You would reach a peak revenue of Rs. 8000 crore by FY’27. Does the management still maintain this outlook, sir?

So, Pradeep, you are right. We have invested Rs. 2000 crore and with the dedicated plant that we are building in Bharuch for the big agro contract, that Rs. 2000 crore will get completed later this year. But the peak potential of that, I think even in the

investor day, was not Rs. 8000 crore, but we had said around Rs. 6500 crore depending on the pricing. And we maintain that view that from today, once all of this CAPEX gets fully utilized and hopefully in FY’27, we will get closer to that number. But as I mentioned in the investor, a lot depends on pricing as well because in certain segments, pricing is still volatile and has not come back completely. So, let's see how prices come back. But we do hope to utilize the capacity built through this Rs. 2000 crore to be almost 70%-80% utilized by end of FY’27.

All right, sir. So, my second question is regarding the agro CDMO discussions that the company is engaged in, when can we expect few other agro CDMO contracts to be awarded to us, sir?

So, that we are working on them and obviously we announced two last year in October. There are at least five to six more. I have been updating all of you in these quarterly calls. A couple of them are in advanced stages. It also depends on the global macro environment which has just started to turn around. So, we are hopeful in coming months or couple of quarters we will get more confirmations. But we are in constant touch with the customers. We have sent samples also in couple of them.

So, all of that is on track. It's hopefully just a matter of time.

Last question, sir. Now that you are seeing demand coming back in most of your segments, how confident are you that this demand will not fade away and there would be a meaningful recovery?

So, Pradeep, obviously like chemical business goes through cycles and we are coming out of a very deep negative cycle. And if you look at segment by segment agrochemical volumes, you look at the results of the MNCs as well as our Indian peers, we are seeing improvement in volumes. In pharma also, there is stability in volumes and prices are holding up. Nutrition is also by and large holding up the volume. So, given that, it's been almost 7-8 quarters of low volumes. Acetyls also by the way, as Varun mentioned in his notes, there is some increase in volumes in the last quarter. So, we are hopeful that we are coming out of the deep drop we were in. Obviously, if some other external global event happens or if the tariff

situation moves against us, not just as a country but as an industry, then anything can happen. But at least at this stage, based on the indications we have from our customers, based on the results we are seeing of our peers as well as customers and our own volumes in different segments, we are hopeful that this will be a more sustained recovery. The pace of which of course varies depending on which segment you're talking about.

Okay. Thank you, sir. Thank you very much.

Thank you. The next question is from Rohit Nagraj from B&K Securities. Please go Thanks for the opportunity. The first question is the 70 molecules pipeline that you talked about. So, two parts, one is what is the kind of addressable market for these molecules? And second, is there any particular geography that we are concentrating either in terms of import substitution or maybe certain markets like Europe or so? So, just a little clarity on this would be helpful. Thank you.

Yes, so I think while I will not give specific numbers, but what I can say is given that these 70 opportunities we have, we have kind of created by engaging deeply with our key accounts, 30-plus key accounts over the last two years, these are reasonably scaled opportunities. And at an overall level, the overall addressable market will run into thousands of crore. Now, of course, they are at different stages of maturity in our sales funnel. I'm hopeful that over a period of time, 70%-80% of that will materialize, but we will see. As I said earlier, it also depends on a lot of external factors, customers' own plans. But at this stage, we are quite well poised and we are doing everything from our side to give comfort and confidence to our customers that we are the right partner for these opportunities. To your second question, the opportunities are spread across the three geographies which I mentioned in my opening comments, which are EU, which has been a traditionally strong market for us, US, where we are focusing very heavily and we have doubled our business in FY’25 versus FY’24, and Japan, where we are relatively new, but we

have gotten very good traction in the last one year there and we are getting new opportunities from there as well.

Thanks. Sir, second question, in terms of Pyridine Picoline, where we have a global leadership position. In terms of the pricing, do we not have any material advantage given that we are the largest producer and we can dictate the prices to some extent, similar to what Chinese players usually do? Do we not have that kind of an advantage here? If not, what deters us in terms of the pricing volatility? Is it predominantly demand led or are there any other factors? Thank you We are the leader, as you rightly said. We run our plants at 80% capacity utilization in Pyridine and Picoline. We do have some price advantage, particularly in the US market, where we are sweetly placed vis-a-vis Chinese. We do get some price premium sometimes in the European market also for specific segments, particularly for Picoline. But I think that segment is driven more by our scale and cost because we continuously keep working on the cost structure and keep optimizing it and hence our imperative as well as intent there is always to ensure we protect our market share and run our plants at 80% plus utilization. So, while we do have some power to command premium, particularly in markets like US and for certain specific applications in that segment, our focus is always to maximize our volumes and keep our cost structure linear.

Sure. Thanks a lot and all the best, sir.

Thank you. Next question is from Rohan Mehta from Ficom Family Office. Please go Hello sir. Thank you so much for the opportunity. So, I wanted to understand what percentage of ethyl acetate in terms of is part of your chemical intermediates revenue? That's the first question and secondly, on the entire chemical intermediates space, I think we saw a bounce back in terms of EBITDA margins. Last quarter, you reported at about 2.5% to 3% margins and this quarter it's been better.

Have you seen that that bottom now has been made and prices can at least stabilize in the interim at these levels?

My second question is I think one of your domestic competitors in the Acetyl space actually reported worsening EBITDA on this front. So, I'm just trying to understand was it purely the acetic acid prices which helped you or apart from your lean initiatives was there something more to the margins jumping?

See, I will not be able to comment on any other player's performance, but regarding our business it's a combination like I said, our volumes have grown so that has clearly given us the scale. Our cost initiatives we have been continuously working on so that are helping us as well. Pricing has been muted in fact sometimes or most times, it has acted negatively especially versus last year. On a quarter-to-quarter basis, I think it's been pretty stable if I remember correctly. So, it's largely driven by the volume increase as well as the cost initiatives. Thank you so much.

Thank you. Next question is from Junail Shaikh from Awriga Capital. Please go

Good evening, Deepak. Firstly, I'd like to applaud the team for what you guys communicated on Spec Chem and you guys have been very consistent on the profit margins in that division. My question is on the choline side, as obviously the last four quarters in the nutrition segment, we have been in that Rs. 180-Rs. 185 crore run rate. I just wanted to see in the short term at least around 12 months out, what can we expect out there? I know you commented on that, but at least in the next 12 months if you can talk about certain expectations that'll be great.

Yes, so nutrition segment there are various forces acting on that portfolio and then part of it, we had explained in our investor day presentation also in February. So, on one side, we have our core Vitamin B3 portfolio which has both feed and now increasingly growing nonfeed segment which served food and cosmetic segment.

So, for the food and cosmetic segment, we expect that to grow and with the new plant which got commissioned in March and is now stabilizing, we are hoping the growth will accelerate as we fill up that plant with new orders from a couple of marquee customers. So, hopefully in next couple of quarters, we will see a step change coming from there. The feed segment has been volatile, those of you who have been tracking us there between price and volume, there is always some volatility but we hope that from a long-term trend perspective, it will stay stable and with the US market opening up for us, particularly for food grade on Niacin, we

hope to grow volume significantly there. The second component of that is our Choline, B4 segment where unfortunately prices have gone down significantly in domestic market, but we have increased the volume significantly versus last year and we are building a specialty portfolio which will again drive growth. At this stage, we feel the combination of specialty and exports growth which I responded to Siddharth's first question on European, we should be able to grow that portfolio as well. And third is we have recently started the human nutrition business and the rest should start hopefully to give us some upside in next couple of quarters. The combined effect of all of that, we are hoping the negative forces which come because of the volatility in the feed segment and prices of chlorine chloride will get more than offset by the growth in our specialty as well as the export growth. Putting together, we do hope to grow this business at 20%-25% year-on-year, which is what we have communicated in investor day as well.

Thanks Deepak and good luck. Thank you.

Thank you. Next question is from Surabhi from NV Alpha. Please go ahead.

Thanks for the opportunity. Could you just break down your CDMO pipeline in terms of end-user segments, what proportion would come from pharma versus agro-chem? Within the pharma segment also, if you could indicate any major therapy areas that you would be contributing to?

Surabhi, we have three parts to our CDMO business and some of this information we had shared in our investor day presentation in February which is publicly available including the number of molecules in each of the three sub-segments at that stage. That will give you a good sense but there are three parts. There is pharma where as I said in my opening remarks, our funnel has just doubled in the last one year with all the push we have given and mostly we are interacting with innovators and tier 1 CDMOs in Europe and US. The agro-segment as you would probably know, there are only four or five big customers, we are in touch with all of them and like I said in response to one of the questions, we announced two contracts last year, one of which we served the revenues against it in this quarter

and the second one hopefully will start early 2026 and there are another half a dozen which are in various stages of discussions. Semicon is nascent for us as well as for India as an industry Indian chemical industry, but we have a dozen of semiconductor related CDMO opportunities which most of which we have supplied the samples for and we are hopeful some of them will convert into commercial opportunities, but initially we expect very little revenues from them because these are still early days for semiconductor chemicals for us as well as for the industry and customers are still testing waters here.

Got it. Thank you.

Thank you. Next question is from Siddharth Gadekar from Equirus. Please go ahead.

I have one more question on the CAPEX. So, what sort of projects are in the pipeline currently in terms of the plans that we are likely to put up in this year?

So, Siddharth, part of it is the flow over on the Rs. 2000 crore plant we had announced. So, obviously as I said earlier, there is a big dedicated plant we are creating in Bharuch which will get completed hopefully by end of this year. That is the major one. Second is the boiler project which also we are expecting to fire within next month or two. Thirdly, we have existing multi-purpose plants in both Bharuch and Gajraula which we are debottlenecking and creating at least 15% to 20% additional capacity to serve our immediate requirement. Fourth is the MPP8 which I mentioned the multi-purpose plant in Gajraula which should, the detailed engineering has already started and we are hoping to start the construction in the next couple of months and on our niacinamide plant also, which we commissioned in March, we are doing some changes to convert it into a multi-purpose plant for the human nutrition segment. So, these are the four or five major ones and these along with what we have already invested and announced in the past as I was saying earlier, we are hopeful that the target that we have for FY’27 will have enough capacity in our system to serve that. Okay sir, got it. Thank you.

Thank you. Next question is from Shreya Banthia from Oaklane Capital Management. Please go ahead.

Thanks for the opportunity. As we have reported a strong growth share of the specialty segment, so how do you see these on a sustainable basis, what would be the contribution from the specialty chemicals to the overall EBITDA going forward?

Shreya, so specialty segment if you observe, our business over the last eight quarters, it has increased significantly. Now, Specialty and Nutrition together are close to 90% and Specialty is I think close to 65%-70% plus. So, we do hope that in steady state even after Acetyls bounces back which we are hoping in next few quarters as we were just discussing, Specialty will be at least at 65%-70% of our overall company level EBITDA.

So, could you give us some sense on the semiconductor opportunity, the molecules that are developing?

Thank you. The next question is from Harsh Mehta from Perpetual Capital Advisors. Please go ahead.

So, my first question was what kind of CAPEX is being done for the CDMO business and in the last call, you had mentioned that majority of CAPEX that I want to understand in the CDMO business, what kind of gross returns to assets, what kind

of margins and what kind of working capital cycle will be there for the CDMO business?

Harsh, so as we have been saying of the Rs. 2000 crore we invested, 70% of that has gone into specialty and most of it has gone into creating multipurpose plants or dedicated plants to serve our CDMO and Fine Chemicals businesses. Many of the multipurpose plants are used interchangeably to serve our fine chemicals and CDMO plants. Now, to the broad sense I can say that at least revenue level, we expect 1.2 to 1.3x at least and sometimes even 1.4 to 1.5x on the revenue to CAPEX ratio. The rest of it of course, varies so much based on specific products and their profile that it is hard to generalize.

And sir, one more question was that there is a new product that you started to export, if I am not wrong the key ingredient to produce pyronaridine, anti-malarial 44.37, the average revenue per unit for this particular intermediate was $300 plus.

So, I wanted to understand how big can this opportunity be for the company?

So, I will neither confirm nor deny what you said. So, because we never disclose any specific information related to our CDMO products, but what I can say is this product, the one which we have started to export in this quarter, we are hopeful that in next couple of years, the full potential will be at least 4-5x of what we will do this year. Right, thank you so much.

Thank you very much. That was the last question. I would now like to hand the conference over to the management team for closing comments.

We thank you all for joining this call today. We hope we have been able to answer your queries. For further clarification, we would request you to contact me and get in touch with me. Thank you once again for your interest in Jubilant Ingrevia Limited.

Thank you very much. On behalf of Jubilant Ingrevia Limited, that concludes the conference. Thank you for joining us. Ladies and gentlemen, you may now disconnect your lines.