Ladies and gentlemen, good day, and welcome to the Q3 FY26 Earnings Conference Call of Torrent Pharma. 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 this conference, please signal an operator by pressing Star and then zero on your touchtone phone. Please note that this conference is being recorded. I now hand the conference over to Mr. Sudhir Menon, Executive Director of Finance and CFO. Thank you, and over to you, sir. Thank you. Good evening, everyone, and welcome to the Third Quarter Earnings Call for Quarter Three FY 2026. This quarter, we continue to see healthy performance in our branded markets, which accounted for roughly 75% of the overall revenues this quarter. Our two largest branded markets, India and Brazil, each continue to deliver healthy double-digit growth. India business grew at 14% and Brazil grew at 27%. Constant currency growth in Brazil for the quarter was 10%, while the secondary sales grew at 13%. On the generic side, US business grew at 19% and Germany grew at 8%. In constant currency terms, Germany revenues have declined by 6%, mainly due to the continued disruption at the third-party supplier. Quickly on the financial performance for quarter three, revenues were INR 3,303 crore, up by 18%. Operating EBITDA at INR 1,088 crore grew by 19%, and operating EBITDA margin stands at 32.9%. A very quick update on JB Pharma acquisition. So we have acquired the controlling stake of 46.39% in JB on twenty-first of January, followed by another 2.41% stake purchased from certain employees. So effectively, from 21st January, JB will start getting consolidated into Torrent Pharma. As a next step, we expect the SEBI approval for the merger scheme soon, and we will file the merger application with NCLT over the next few days. Overall, we remain on track to complete the transaction as per previously indicated timelines. I'll now hand over the call to Aman for India business. Thanks, Sudhir. India revenue at INR 1,798 crore registered a growth of 14%. As per the AIOCD PharmaTrac market data, the IPM growth for the quarter was 10%. We are seeing continued volume outperformance over the IPM in chronic and subchronic therapies, led by cardiac, gastro, and diabetes segments. The Curatio business grew at 27% in Q3 and also 27% in YTD nine months for the year, driven by strong demand generation on account of OTC ad spends and field force expansion. We are hopeful that the high growth now should continue for the rest of the financial year as well. Our field force strength at the end of the quarter stands at 6,900 versus 6,800 last quarter, and we remain on track to close the financial year with a strength of just over 7,000. Going forward, we expect our India business to continue outperforming the market growth. Our focus during the rest of the year will be to continue improving our market share in focus therapies, improving field force productivity in the expansion, and scaling up the Curatio business. An update on JB. Following the acquisition of controlling interest of 48.8% in the company, our priority now is to ensure continuity in business operations and ensure there is a smooth transition under the new leadership team. I will now hand over to Mr. Sanjay Gupta for the international business of Torrent. Thanks, Aman. We'll start with the branded generics market of Brazil. Based on internal sales, Q3 constant currency revenue was BRL 224 million, registering a 10% year-on-year growth. IQVIA data shows Q3 market growth at 7%, with Torrent growing at 13%. We are seeing healthy volume growth coupled with mid-single-digit pricing increase. Torrent has a rich pipeline of 60 molecules, which are currently awaiting approval at ANVISA. In Germany, our German business registered a constant currency revenue of EUR 29 million, down 6%. As highlighted last quarter, growth continues to be impacted due to disruption at a third-party supplier. In the US, we registered constant currency revenues of $36 million, up 12%. Growth is coming from our new launches, where we have achieved our target market share, and we are also seeing increased purchase volume on existing contracts. I would like to conclude the opening comments here and open the call up for questions. Thank you. We will now begin the question-and-answer session. Anyone who wishes to ask a question may press Star and one on their touchtone telephone. If you wish to remove yourself from the question queue, you may press Star and two. Participants are requested to please use handsets while asking a question. Ladies and gentlemen, we will now wait for a moment while the question queue assembles. Our first question comes from the line of Damayanti Kerai from HSBC. Please go ahead. Hi, thank you very much for the opportunity. My first question is on JB acquisition. So, you mentioned now you have 48.8% stake, and it will be consolidated as part of your financials. So will it be a line-by-line consolidation or how you account for it before, like, the complete merger happens? ... Consolidation, Damayanti, is line by line only. Effective from 21st of January till 31st of March, the quarter four numbers will include JB numbers. Okay. Okay, that's clear. And on India segment, the 14% growth, can you split it across volume, price, and new launches, the way you generally do? Yeah. So as per the AIOCD PharmaTrac data, our reflected growth is 14%, which is the same as the reported growth. The breakup of 14% is 5.5% volume versus 1.2% of the market, 5.8% price versus 5.6% of the market, and 2.7% new products versus 2.8% of the market. Okay, thanks. My last question is on Germany. So, like we are yet to see a resolution of the supply disruption. So, what is the timeline? When do you think things will come back on track here? So unfortunately, Damayanti, I cannot give a timeline because our supplier is caught up in regulatory issues, and I don't have visibility as to when he will start manufacturing again. These days it's very complicated in Europe because they also consider the observations of the US FDA, et cetera. So it's a little different Europe this currently than what I have seen in the past. There's a lot of interaction between the EMA and the FDA, so things are taking longer to resolve. So honestly, cannot give you guidance. Okay. Is there a possibility to move to an alternative supplier, or even that will be very time-consuming? Well, it is time-consuming, but we are working on it. So we have started work on it already last quarter, so... But it's, it'll take at least three-four quarters to get an alternate supplier on board. So we are trying to move some of the products to our own facility, but it's time-consuming. Okay, thank you. I'll get back in the queue. Thank you. Participants, you may press star and one to ask a question. Our next question comes from the line of Gautam Rajesh from Leo Capital. Please go ahead. Hi. Good evening. Thank you for taking my question. My question was for the GLP-1. Do you have any fill and finish capacity for it? And, is that for Indian market or the emerging markets? No, we do not. We only have capacity for the oral. Everything else will be partnered for India and other markets. All right. And, who would be your partner? Is that possible to reveal? We can share that once we launch. Understood. And, which geographies will you be launching in, and only in India will it be partnership or everywhere else? Partnership for the injectable partnership is across all territories. The first launch is most likely going to be India, followed by other markets. So we can share an update once the launch is done next quarter. Understood. And other markets you don't want to reveal right now, or is that possible? No, we had already shared about Brazil last time as well. Nothing changes in terms of timelines. It's a bit behind what we would have liked, so probably sometime in the next financial year. So even though we would be late to the game, the market opportunity is much larger than the Indian market, so it should still be an interesting opportunity. Understood. Thank you. Thank you. Our next question comes from the line of Neha M. from Bank of America. Please go ahead. Yeah, thanks for taking my question. So these, now that we have, you know, we've acquired the stake in JB, I know that the merger still depends on SEBI approval, et cetera, but how should we think about, you know, other than the continuity of operation and conditions that you've mentioned, the synergies that we should see? Would that essentially all come through once the merger is done? I mean, if you could just tell us, you know, what we can expect in the next, let's say, six months or 12 months and probably longer term, how should we look at the synergies from the deal? I think in terms of timelines, Neha, until the effective merger order, both the entities will remain separate. Mm-hmm. In terms of timelines, we think once we file to NCLT, then probably six-nine months, as indicated earlier, should be the timeline we should be looking at, in terms of integrating both the entities. Okay? I think in terms of synergy, some part of the synergy will start flowing from now on, and maybe a major part of that will come post the integration happening. And what part of the synergy, I mean, and if you don't want to quantify it, I mean, what areas of synergy do you think you can get now before the merger? I understand what can come after the merger, but what do you think, you know, we can bring to the table now before the merger happens? I think we are happy to quantify at this stage. I think we've, we're waiting to understand the business a bit more over the last couple of quarters. So broadly, I would say that our synergy number is looking like INR 400-450 crores over the next two-three years. You know, maybe 20% of that could be in the first year, up to 80% of that could be in the second year, and the rest in the third year. So that's what it currently looks like. You said INR 400 crore-INR 450 crore in the next two-three years? That's correct. The first year is, you know, starting now, right? It's not first year after the merger. ... No, first year would mean now. Obviously some of the effect would come on subsequently in the coming quarters, but the- Under- We will start seeing some benefit in the subsequent quarters already. Again, this 20% that you're talking about synergies, these would be, you know, largely cost synergies that we would see, you know, initially, because I'm assuming revenue synergies would require a merger probably, or would it be a mixture? This number is only cost. We have not looked at the revenue synergies yet. We'll wait for- Okay. First year business top line to stabilize, and then we can look at revenue synergies. Understood. Perfect. Thank you so much. That's very helpful. Thank you. Participants who wish to ask questions may press star and one. Our next question comes from the line of Aditya Vikram from DB Securities Private Limited. Please go ahead. Hi, am I audible? You are audible, sir. You may proceed. Yeah, thank you. So quick question, once the JB merger happens, right, what would be the margin guidance, if at all, considering you are going to have cost savings? JB currently have an EBITDA margin of 18%-19%. You are sitting at 32. Even if we consider the synergies, is this gonna be margin accretive for our businesses? I understand that you haven't done on the revenue side so far, but you must have some ballpark number in your head. No. So I think the, firstly, JB's margin is closer to 28-29% EBITDA margin. I think our margin this year has been in the range of 32.5-33. So there is definitely a scope to bring JB's margin closer to our base business margin in the next financial year. We've already given the number on the synergy, cost synergy target for the next three years. So I guess you can work out the margin potential there. I think it'll be a bit too complicated to look at the combined margin at this stage. But standalone JB, certainly there is significant scope for margin improvement. Okay. Thanks for that. And in terms of U.S., how are you seeing the growth there? Is it stabilizing with this tariff news out of the way? Tariff- Sorry to interrupt you, Aditya, but your line is not clear. May I request you to please ask the question again? Sure. Is it better now? This is- Yeah. -slightly better. Yeah. Okay. So, how is U.S. looking for you? I know there was no tariff on pharma in any case, right? But after this tariff news out of the way, are you seeing the potential to grow above 20% on the U.S. side in the subsequent quarters? So, U.S., so we are a very small player. We do $30 million-$36 million a quarter, and it's really dependent upon new launches, but also upon the level of competition that we see in the new launches. So we have a healthy pipeline, and we are augmenting the pipeline for the U.S., but it's hard to give guidance today. Depends really on when the new launches happen and the competitive landscape at that point in time. Okay. I just want to clarify something one more time. In your opening remarks, you guys said that you will continue with the double-digit volume growth for India business in subsequent quarters as well. Is that correct? What we had said was we'll continue the above-market volume growth. Double-digit growth- Okay. Overall, including price and new products, and our volume growth is about 5.5% for the quarter. Okay, understood. Thank you very much for clarifying. Thank you. Participants, you may press star and one to ask a question. Our next question comes from the line of Kunal Randeria from Axis Capital. Please go ahead. Good evening, sir. Sir, in the previous call, you mentioned that the Brazilian GLP-1 market is around $1 billion. So, in the first wave of launches in March, what would be the competitive scenario that you see? And typically, what's the kind of price version that you would expect, you know, based on your understanding of the market? So, we don't think we'll be the first one to launch, right? So I don't know. It'll be somewhere in the range of between third to fifth by launch. And we filed Ozempic, which is today, a $270 million market, and the rest is, as you know, it's been taken over by Wegovy. So now Wegovy will come to us, but it's a little bit down the line. And I can't really give guidance on resilient price erosion, because it depends really on how many players come to the market and who are the players who come to the market. Some of the players are known for very aggressive pricing, and some others are much more reasonable. But to be safe, you can take, like, at least 50, 50% price, 45% price erosion on the Brazilian market. But honestly, it's hard because it's been all over the map. So I've seen a price erosion of 90% on a couple of products, and I've seen price erosion of 20% also. It honestly depends upon the same thing, how many players and what's the nature of the player? Sure. Sir, in March, it's only the Ozempic generics which are hitting the market, or are some players also launching Wegovy generics? ... So generally, the Wegovy generics in Brazil are behind. So the Ozempic was the first one that was launched, and Wegovy came much later by the innovator. So hence, the Wegovy generics are all running behind on the Ozempic one. Right. But do you think there could be some substitution happening because Ozempic will become cheaper, you know, versus Wegovy? It's hard because the laws are very strict, and I think the Brazilian law requires the pharmacist to keep a copy of the prescription and to make sure the right product is dispensed against the right prescription. So the government has been very strict with this semaglutide usage, and it's hard for a pharmacist to substitute. So I expect the substitution to be minimal. Got it, sir. And so my assumption, I mean, if I understand correctly, you'll be launching Ozempic this year and then Wegovy sometime next year? I can't give you the exact timing because it's in the hands of the regulator. Our products have been with the regulator for, you know, a substantial number of months. So, they are giving some kind of priority review for such an important product. So they've kind of improved our ranking in approval. So the queue, you know, for Semaglutide, you get an opportunity to move up the queue. So they moved us up also in terms of prioritization of approval as compared to other molecules. But I cannot give guidance as to when it'll get approved and launched. But we have the pieces in place. So once we get approved, we'll be ready to launch. Got it, sir. And just one more, if I can. I think, for in the India business, you had said the sales force would go up to 7,000 by the end of FY 2026. So would you be on track for that, or there would be any changes to that? Yeah, that's correct. It'll be just over INR 7,000, so maybe close to INR 7,100. And, as of now, we see maybe some additional visibility in the next coming year as well, financial year. Could be around INR 7,500, maybe by end of FY 2027. Got it, sir. That's very helpful. Thank you, and all the best. Thank you. Our next question comes from the line of Vivek Agarwal from Citigroup. Please go ahead. Thank you. Thanks for taking the question. One question on Germany. You have highlighted that there is some kind of disruption from one of your suppliers, et cetera, right? So just want to understand whether the disruption is fully there in the numbers, or is it like it is partly reflected or, for example, quarter you can see the sales mix from there now. Thank you. No, it's fully there in the numbers. Okay, perfect. So one question I have on U.S., right? So for quite some time, actually, if you look at this, your sales numbers are largely hovering around somewhere around $33-$35 million a month. So now, if you look at both of your facilities, maybe facilities are clear. So when are you expecting a kind of a meaningful jump in your sales or any possibility that it can go up to $45, $50? It can only go up from here. That's my hope, actually, because it's already kind of low. So I would guide towards a higher sales number from where we are, and I would guide towards at least 5-7 launches a year. Now, depending upon the timing, actually, you know, a US launch, if it's 10 days late, it's too late. So it has to come on time, and sometimes it helps when your competitors are not on time. But we are looking at a one directional sales growth in the US from here on. But how fast, how rapid? We're not happy with this current level of $150-$160 million. So the first half, we are looking to cross this $200 million per year. Hopefully next year we'll do that. I mean, I'm being optimistic and taking a punt on the launches that we will have. You are suggesting that by 2027, you can get $200 million kind of US number, number in US? I'm targeting based on what I see in our launch plans, but again, it's not in Torrent's hands. One question, if I can ask on JB acquisition, right? So, Vivek, sorry to interrupt. Sorry to interrupt, Vivek. You do sound a little muffled. May I request you to please check the device mode that you're using? Okay, okay, sorry. On JB acquisition, right? So, is there any possibility that the growth of this company, right, that can slow down maybe during integration, et cetera, et cetera, that kind of disruption because of the transaction? Or do you think that this company it can keep growing the way it is growing over the last few years during the transition time? So our view strongly is that the fundamentals of the business are fairly robust. So the midterm, long-term prospects are looking pretty much as what we expected pre-acquisition and now. What we do expect is a bit of a course correction in this current Q4, because in any change of control situation, there are changes of business practices and, I mean, you have to kind of integrate processes and so on. So Q4 could be a little bit muted in both India and international, but Q1 onwards, they should be pretty much absolutely back on track. Thank you. Just one more question, if I can, please. This is on Brazil. It looks like that, and you have highlighted the product, Semaglutide launch seems to have been delayed and close to next year. So do you... ANVISA itself is taking time to approve the filings out there. Any color actually that would be helpful if you can help us understand that, how the regulator is taking the filings, or there is a possibility that even the market formation can get delayed by this, around this time? ... I know the details. Thank you. So I can tell you two things. One is the file is solid, and the second thing is the regulator is prioritizing this product. That's all. I don't know, I can't give you an exact month and date, but I know that the regulator is prioritizing semaglutide generics, and I know that the file that we have sent is complete, in all ways that we can think of. So other than that, really not much to say. Thank you, sir. That's all I said. Thank you. Our next question is from the line of Bansi Desai from JP Morgan. Please go ahead. Yeah, hi. Thanks for taking my question. So my first question is, you know, until the JB merger concludes, how should we think about, you know, So how will the marketing of JB brands work? So does Torrent MRs get to market JB brands, or that will remain separate till the time we merge the entities? No, it will be separate. All the divisions of JB will remain within JB till merger. Only post-merger can any such change be possible. So then in that event, if there is, you know, MR attrition on the JB side, then how do we ensure that, you know, we do not see disruption, you know, in sales? The attrition in the last six months, where the period between the announcement of the deal and till now, the attrition has been pretty much the same as the historical attrition. It hasn't gone up, and we don't see any reason why it can go up, especially after the closure of transaction. In fact, we'll probably do our best to reduce attrition as much as possible. So we don't really see that to be an issue post, I mean, post our change of control. Okay. And also on the purchase price, you know, could we get an understanding of breakup into goodwill and intangibles? And you know, how many years should we think about, you know, amortizing, you know, this? Bansee, the amortization policy for Torrent has been 15 years. You just have to wait for one quarter, because that whole purchase price allocation work is going on, and maybe by end of February, we should have the numbers in place. So, I think, once that is done, I should be able to guide you. All right. And also, lastly, how should we think about debt repayment, in how many years, you know, do we get back to, you know, our net cash position? Yeah, I think this is something which I had guided earlier. So I think the way I am looking at it is, if I correctly remember the numbers, FY 2027 will be the first year of integrated Torrent. FY 2028, my net EBITDA should be around 1.1x, and FY 2029, it should be around 0.6. From what I remember, ± here and there, I think this is the broad guidance I can give. Okay. What should we assume as, you know, cost of interest here? Average cost of interest is roughly 7.6%. All right. Thank you. Thank you. Our next question comes from the line of Abdulkader Puranwala from ICICI Securities. Please go ahead. Yeah. Hi, sir. Thank you for the opportunity. So my first question is pertaining to the JB Chemicals acquisition. So while, you know, the complete control or, you know, the merger of the two entities may take another six to eight months, in the near term, you know, how are we dealing at the senior level attrition, especially where, you know, the CEO and CFO of JB has resigned? So, I mean, are we going to have two different managements in place, or it would be the Torrent team completely taking over? On certain critical roles, like CFO, there will be a separate CFO for JB. Similarly, wherever any such critical role is required, there will be a separate team running at the senior level, and eventually it should all merge into Torrent. Understood. The second one I had is a bookkeeping question. So while in, you know, most of the geographies, it seems like, you know, you have a currency benefit, and your other income is still negative for the quarter. So, you know, what explains that negative other income for the quarter? There's a hedging loss which we have booked in other income. It's close to INR 45 crore. Understood. Thank you. I'll get back to you. Thank you. The next question is from the line of Gaurav T from Ambit. Please go ahead. Yeah, hi. Thank you and good evening. Just a clarification on the synergy number, you know, INR 400 crore-INR 450 crore in the next two to three years. Is that... So J.B. has this, Novartis' ophthalmo portfolio, which is currently in license, and, you know, there's an opportunity for growing gross margin on that portfolio by FY 2028. So the INR 400-INR 450 crore number is inclusive of that, you know, gross margin synergies on the ophthalmo portfolio of Novartis? No, it does not include that. There's two parts. There's the Novartis business of the ophthalmo portfolio and the Azmarda portfolio. So this synergy number does not include either of these. ... Perfect. Okay, thank you. Secondly, on, you know, the Brazil ex of Semaglutide, I think, one of your peers reported quarterly numbers where, you know, they had a new launch and high growth with DAPA. So any guidance on the number of new product launches in Brazil ex of SEMA, and you know, how that growth trajectory can look like over the next two to three years, please? So we have good visibility on new launches. So we'll be doing about 5-6 launches again. In terms of growth, you know, how can that translate to a 20% kind of a growth CAGR ex of SEMA for the next two-three years? So, the market growth itself has slowed down considerably. We are seeing a market growth of 6%-7%, and I'm targeting 10%-15% growth for Torrent. Driven by new products, and pricing includes increases. Brazil has muted considerably, because we've managed to keep inflation under control with crazy high interest rates. The inflation is very low, and the price increases we are seeing is not like old times. Nowadays we are seeing 4%-5%, which also companies are not able to take because of competition. Combining, muted pricing increase, some volume increase and new products, I think in the range of 10%-15% is reasonable to expect. In terms of, secondary sales growth, demand growth, prescription growth, and primary sales varies up and down a little bit based on wholesaler decisions on inventory. Sure. Thank you for that. I'll join back. Thank you. Thank you. The next question is from the line of Tushar Manudhane from Motilal Oswal Financial Services Limited. Please go ahead. Yeah, thanks for the opportunity. So just one more on the JB side. So, any therapy in India or, let's say, segment in India, and then, likewise, in the international market, which you think is not going to be remunerative or not aligned with the Torrent Pharma strategy, which you would like to eliminate or reduce considerably? Not therapy exactly, but certainly the JB trade generics business is not something which we are looking at continuing. It's been practically run at zero margin, so... And if we keep running it, it'll keep giving us stock returns. So we're planning to, if not discontinue, at least shift some of it to our branded trade generics business as early as possible. That is as far as India business. On the international market side? International is all fairly complementary, so nothing that we see there which doesn't align with our current strategy. Got it, sir. And for at a group level, right, within, let's say, Europe or Latam or in other, let's say, developed markets where, you know, we've been doing pretty well, maybe in India, Brazil, U.S., this sort of growing, Germany, certain temporary constraints, but any other geographies where Torrent would intend to, you know, make mark or, you know, start building in addition to these core geographies? So, you're talking in the context of JB, right? No, at the Torrent Group level. So, four large markets like India, Brazil, Germany, US, and we are preparing, future large markets like Russia, then Mexico, then the Philippines. So these should be, become in the medium term, roughly $50 million markets, and that's what we are targeting. And then there's another series of markets below that, that are currently in the $10 million range, and we want to take them up to $25 million. So that is the way we look at our, let's say, geographical portfolio. These 50 million, each or the combined you refer to? I mean, Over what period? So it'll take three-four years, but the JB doesn't bring us much in terms of front-end sales in Mexico, neither in the Philippines. So in Russia, they do add, so we have current business of $20 million, and they bring, let's say another 50% of that. So, so it, it, it leads to a scale improvement, but generally in all emerging markets, especially in Africa and Eastern Europe and, and Russia. So this combined scale provides you an opportunity to, to, to be more visible on the market, to invest more on the market, to increase profitability and to increase momentum. Got it, sir. That's it, thank you. Thank you. Ladies and gentlemen, to ask a question, you may press star and one. Our next question is from the line of Girish Bakhru from OrbiMed. Please go ahead. Yeah. Hi, thanks for taking the question. Sanjay, I'm just trying to understand ANVISA better here. You know, I know you don't have a crystal ball, but given that there are 11, 12 filers in SEMA, I mean, has it happened in the past where regulator has had the situation where there are so many filers on the new product? And I mean, how many can it approve in the first wave? I mean, typically, ANVISA approves, I think, two, three products in any semester, right? No, no, no, it's not like that. No, no, they can. It's pretty much like anywhere else in the world. There's no kind of quota system in Brazil. So they give some flexibility for you to prioritize and indicate to them which are your priority doses, and then you can kind of push them up the queue, but they can approve as many as you want. I've never seen any limitation from ANVISA in terms of number or approval. ... So when you say wave of launch, you being, let's say, maybe in the second wave, first wave can be as big as five approvals also, right? Yeah, yeah. I'm hoping to be in the first five, but let's see, because the file is there. But again, we have Ozempic, which is ahead. Wegovy is behind, so and the bigger market is Wegovy. Understood. Typically, I mean, for a product like this, supply chain is different or is like, again, same like other generics? No. So, I mean, it's not a Torrent supply chain on this one, right? Because we are not manufacturing. So, and then it's a device, so it's slightly different, but otherwise it will work. We have the systems to make it work. So my question is more on the, like, distribution side. Do we have to have large distributors, local distributors, like, you know, RD and this Abrafarma tied up to get live in the market? So these big distributors, they have a refrigerated supply chain, so we don't anticipate any problems because they're so large. So Santa Cruz Group, Abrafarma that you mentioned, they all have capabilities to distribute refrigerated products, temperature controlled products, so not an issue. But would they take more than three for supplies? I mean, I understand capacity can be an issue here, so they may take, typically, let's say, whoever gets in the first wave would lock in these distributors, right? You can't lock in distributors so easily because basically Brazil is a prescription market, right? So you have to convince the physician that your product is a viable product. So pretty much like India, right? So if the physician's writing and you know, they are seeing the RXs coming in, they would stock your product. So the battle is less. It's not a like a trade market, right? Brazil is more a prescription-driven market. So we have to convince the doctors that our product has the right quality, right price, and you know, we give the right service level. So it should be fine as far as the distributors. We do that every day, controlling chains and distributors, that's part of our bread and butter, and we don't anticipate a barrier to entry on that front. Understood. I just wanted to also check, oral pill is already filed by Novo in Brazil. I think approval may be probably, I don't know, this year late or next year, but do you, would you file oral in Brazil as well, in India? So we're looking at that because Aman has that product in India, and potentially we can extend it to Brazil, but we haven't filed it as yet. Understood. Thank you so much. Thank you. The next question is from the line of Vivek Agarwal from Citigroup. Please go ahead. Yeah, thanks for the follow-up. Although you are not quantifying as far as the revenue synergies are concerned from JB, but any possibilities that, you know, what kind of the... or, or is there real possibility for any kind of revenue synergies over a period of time, et cetera? Any qualitative color actually we can make that could be helpful. I mean, qualitatively, if we look at some of the past revenue synergies that we've been able to kind of deliver, most recently being in Curatio brands and divisions, it's generally where the Torrent division has had a kind of longer duration of presence in those regions and areas, where you then start selling or cross-selling. Over time, that does really kind of show positive outcomes. So if you would have seen the growth of the Curatio basket of drugs or products, has increased every year sequentially as a result of this. So not, not saying that this is what we can expect in the case of every acquisition or, in JB, but there are certainly pockets where even within the established JB brands, there are areas where the Torrent's divisions or field force has had a much longer presence or has a stronger brand equity or kind of corporate equity, which can be leveraged. So this could be across cardiac and gastro especially, which are the two largest business contributors for Torrent and JB both. So because of our number of field force that we have in Torrent, the opportunity is quite significant to at least get the reach enhanced as quickly as possible. And even in overlapping areas, there could be low market share of JB versus higher market share of Torrent in some products, and there you can really look at opportunities. This is something that we would not want to focus on in the first year. First year would be pretty much in terms of top-line business as usual. First year would be probably more on the cost side, and second year onwards, this is when we can start really looking at this. Understood. Thank you. That's quite helpful. Thank you. Thank you. The next question comes from the line of Tushar Manudhane from Motilal Oswal Financial Services Limited. Please go ahead. Tushar, your line has been unmuted. You may proceed with your question. Yeah, sorry. So thank you for the follow-up. Just a net debt number at the end of three three. Net debt number, as in December, is roughly INR 880 crores. How this trajectory with this acquisition... Well, you have shared the net debt-to-EBITDA ratio, but if you could just quantify as at the end of FY 2026, subsequently, 2027, the net debt numbers. No, I think at this point, it's difficult to tell you the numbers, Tushar, but the guidance which I gave you, or which I gave earlier, I think that, that you should be able to work it out. Okay. All right. Thank you. Ladies and gentlemen, we will take that as our last question for today. I would now like to hand the conference over to Mr. Sanjay Gupta, Executive Director of International Business, for closing comments. Over to you, sir. Thank you very much for joining this call, and we look forward to updating you in the future about our progress. Thank you. Thank you. On behalf of Torrent Pharma, that concludes this conference. Thank you all for joining us. You may now disconnect your lines.