Ladies and gentlemen, good day. Welcome to the Shaily Engineering Plastics Limited Q2 FY 2026 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 conference call, please signal an operator by pressing star then 0 on your touchtone phone. Please note that this conference is being recorded. I would now like to hand the conference over to Mr. Amit Sanghvi. Thank you, and over to you, sir. Thank you very much. Good evening, a very warm welcome to all the participants to the Q2 and HY FY 2026 investor call. I have with me Sanjay Shah, Chief Strategy Officer and SGA, our investor relations advisors. I hope you've had a look at our investor presentation that is uploaded on our website as well as the stock exchange. Let me start by giving some highlights on the operational performance and the business performance in the quarter gone by. In Q2 FY 2026, we have delivered strong revenue growth of 34% to INR 257 crores on a year-on-year basis, with EBITDA margins expanding by over 1,000 basis points to 31.8%. The growth is attributable to improved traction in our healthcare segment, which showed a growth of 163% on a year-on-year basis to INR 98.6 crores. The healthcare segment's contribution to the overall revenue mix has doubled to 38% now. Let me give you a short brief on the overall business updates for Q2 FY 2026. Starting with the healthcare segment, the company actively engaged in global industry platforms exhibiting at CPHI Worldwide in Frankfurt, PDA Europe in Vienna, and PODD in Boston, where it conducted over 130 meetings with multiple customers. The quarter also marked the launch of our next generation GLP-1 device, known as the Shaily Axiom Max. It's a fixed-dose pen with no priming required, low dose force, as well as a dose counter, further strengthening the company's device portfolio. In addition, the company also signed four new projects with customers across GLP-1 and other therapies. As part of its ongoing capacity expansion, 19 new machines have been installed at manufacturing facility during Q2 FY 2026. We're in the process of increasing capacities from 40 million pens to 80 million pens by the end of FY 2026 to cater to increasing demand and are investing approximately INR 125 crores for the same in FY 2026. Looking forward, we expect healthcare segment to grow at over 30%-40% annually for the next few years. Coming to the consumer segment, we've been awarded five new projects from three different marquee home furnishings customers, further strengthening our presence in the consumer segment and reinforcing longstanding customer relationships. In the industrial segment, we've been awarded one new project from an automotive major during the last quarter. Lastly, on the consumer electronics front, as mentioned earlier on previous earnings calls, we are working on a few products and we expect revenues to begin for this segment in H2 of this year itself. That is all from my side. I shall now hand over the call to Sanjay to give you the operating and financial highlights. Thank you very much. Over to you, Sanjay. Thank you, Amit. Good evening, everyone. I shall share with you the highlights of our operational and financial performance of Q2 and H1 FY 2026. Following which we will be happy to respond to your queries. During the process, we processed 6,652 tons of polymers as against 6,186 tons in Q2 FY 2025, a growth of 7.5%. For the half year period, we processed 30,668 tons of polymers as against 12,088 tons in H1 FY 2025, growth of 13.1%. Machine utilization rate stands at about 48% in both Q2 FY 2026 and H1 FY 2026. We expect this to increase going forward. Exports during Q2 FY 2026 and H1 FY 2026 stood at 68% and 72% respectively of total revenue. I shall now brief you on the consolidated result highlights for Q2 FY 2026. Revenue stood at INR 257 crores as compared to INR 192 crores during Q2 FY 2025, a growth of 34% year-on-year. EBITDA has doubled to INR 82 crores as compared to INR 41 crores during Q2 FY 2025. EBITDA margin stood at 31.8%, an increase of 1,040 basis points over Q2 FY 2025. PAT stood at INR 51 crores as compared to INR 22 crores during Q2 FY 2025, a growth of 134% year-on-year. PAT margin stood at 20%, an increase of 860 basis points over Q2 FY 2025. Coming to segmental revenue breakup for Q2 FY 2026. In the consumer segment, revenue stood at INR 135 crores as compared to INR 139 crores during Q2 FY 2029, a dip of around 3%. In the pharma segment, revenue stood at INR 99 crores as compared to INR 37 crores during Q2 FY 2025, a growth of 163%. In the industrial segment, revenue stood at INR 23 crores as compared to INR 16 crores during Q2 FY 2025, a growth of 45%. Now coming to H1 FY 2026 consolidated highlights. Revenues stood at INR 503 crores as compared to INR 371 crores during H1 FY 2025, a growth of 36%. EBITDA stood at INR 152 crores as compared to INR 77 crores during H1 FY 2025, a growth of 96% on a year-on-year basis. EBITDA margins stood at 30.2%, an increase of 930 basis points over H1 FY 2025. PAT stood at INR 92 crores as compared to INR 39 crores during H1 FY 2025, a growth of 135% on year-on-year basis. PAT margins stood at 18.4%, an increase of 780 basis points over H1 FY 2025. Cash PAT for H1 FY 2026 was reported at INR 116 crores as compared to INR 60 crores during H1 FY 2025, a growth of 94%. Our ROCE and ROE stood at 42.3% and 32.7% respectively as of 30th September 2025. The growth in business has been achieved with disciplined use of capital. Our debt to equity stands at 0.3x and our fixed asset turnover ratio stands at 2x as on 30th September 2025. Coming to segmental revenue breakup for H1 FY 2026. In the consumer segment, revenues stood at INR 286 crores as compared to INR 271 crores during H1 FY 2025, a growth of 6%. In pharma segment, revenues stood at INR 176 crores as compared to INR 65 crores during H1 FY 2025, a growth of 171%. In industrial segment, revenue stood at INR 41 crores as compared to INR 35 crores during H1 FY 2025, a growth of 17%. Board of directors of the company have approved grant of 94,500 stock options to eligible employees of the company under the Shaily Employee Stock Option Plan. This reflects the company's continued commitment to recognizing and rewarding employee contribution while also aligning the interests of employees with long-term shareholder value creation. That is all from our side. Now we can open the floor for Q&A. Thank you. Thank you very much. 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 use handsets while asking a question. Ladies and gentlemen, we will wait for a moment while the question queue assembles. We take the first questions from the line of Rupesh Tatiya from Long Ridge Equity Partners. Before that, I would like to address all, please limit your questions to two per participant. Please proceed. Yeah. Thank you. Thank you for the opportunity and congratulations on fantastic set of results. My question is, sir, recently, Dr. Reddy's got a notice of non-compliance for their NDA for semaglutide in Canada. I mean, without going into whether they are your customer or not, I'm not sure. I think Dr. Reddy was one of the very early filers of semaglutide in Canada. Without going into whether they are our customer or not, do you feel that the Canadian launch now is pushed forward from, let's say, January 2026 to maybe April 2026, or even later? Any comment on that? I think our customers are the closest to the authorities in terms of understanding what's really happening at the moment. Having said that, I have two comments. One is that Shaily as a company and a strategy has onboarded a majority of the generics for their GLP-1, especially semaglutide. If a particular customer does launches on time or not, someone's going to launch and hoping that we are with them when they launch. I think our risk is fairly covered from that perspective. Again, we're not saying Reddy's are our customers on that program or not. We're saying is that we've done this program with several generic majors. Several of them have filed in Canada. We are hoping that we will still be the beneficiary of that launch. Whether launch gets pushed out, I think January launch was always very difficult given that patent expiry in India itself is March. We had always planned our launch program based on a March launch in Canada. If a customer launches in January, great. We're very happy for them and for our partnership. I think we had always anticipated a March launch. Given this, I think I was going through Sandoz con call also, and I think they are also very tentative about Canada approval. Given this industry backdrop, do you feel that whatever budget we had to sell semaglutide pens in all the markets, is there some impact on that? Whatever is our budget, that number still holds? Our budget still holds. We have started manufacturing and supply, given there is no adverse market condition or health authority condition, our budget should still hold. Okay. I don't remember if you have given a guidance, but what is the guidance for total number of pens and then GLP-1 pens in particular for FY 2026? Rupesh, we have not been giving any guidance. As Amit mentioned earlier, majority of the people who have filed in Canada have filed with Shaily Device, that's where we would be with this. Okay. Sir, I think one line of INR 25 million was going to come online by Q2. Has that line come online, and how is that line doing in terms of efficiency and other things? The line. Sorry, go ahead, Sanjay Shah. Yep. Rupesh, on the line also, what Amit had mentioned last time on the call is, the line would basically be operational by end of Q3 of FY 2026. As part of that, we have installed 19 machines, which is what we have announced post the Q2 earnings. Amit, you want to add something? No, I was going to say the same thing. The line will be operational shortly. Yeah. There's a process to do before the line becomes fully operational. It will be shortly from now. Okay. The final question, sir, is on consumer electronic side. Any update, progress in terms of product developments, qualification, all that, and can we see some commercial supply? Yeah. Can we see some significant commercial supply? No. I mentioned we'll start commercial supplies in H2 of this financial year, which means that, of course, we've done development work. Would it become significant next year to our revenue? No. Okay. I'll come back in the future, sir. Yeah, I have no questions. Thank you for answering my questions. Thank you. Thank you. Before we proceed with the next question, participants, in order to ensure that the management is able to address questions from all the participants, please limit your questions to two per participant. We take the next question from the line of Harsh Shah from JM Financial PMS. Please proceed. Yeah. Thanks for the opportunity. Firstly, congratulations on a strong execution. Few questions from my side. Firstly, on the gross margin front, especially on a standalone basis, if you could help us understand what has led to such a sharp improvement on a sequential basis. I understand that the healthcare revenue has been doing very well for us, but even if I look for the last three quarters on a sequential basis, the healthcare revenue has been growing in excess of close to about 30%. Some color on gross margin will be very helpful, and whether these gross margins are sustainable. Yeah, that's my first question. Sanjay Shah, you want to take it? Go ahead. Amit. Harsh, if you look at gross margins improvement, we have been saying that as our own IP-led pen platforms, the revenue starts increasing, you will see improvement in gross margin. That's one of the reasons why there has been an improvement in gross margins. We have also added some products on the other parts of the business where our gross margins are better. It's a combination of these two factors which has led to an improvement in gross margins. Our take is that the gross margin improvement which is happening will continue to happen. A lot of it will also depend on the product mix which we do during that quarter. Our take is that as our own IP-led pen platforms revenue increases, we would see improvement in margins. Got it. Secondly, any update on the Dubai subsidiary in terms of what our plan is, considering that we have sanctioned a loan of INR 8 crores for CapEx and some other requirements? Something on that front? We're just increasing the breadth of our innovation services. Apart from just doing the engineering work that we do in the U.K., we're increasing it from a service perspective, servicing customers for assisting with filing, with assembly setup, with testing setups. It's going to be for some time, an innovation service-led kind of business, primarily targeting the Middle Eastern and Asia-Pac market from here. Any plans of setting up a capacity there, maybe? Not sure at the moment. Harsh. Okay. Got it. We would advise that at the right time. Sure. Got it. Lastly, on the consumer electronic segment. Last time, if I remember it correctly, Amit sir did mention that we would like to apply for the turnover-based incentive scheme in the component manufacturing. I believe the deadline was somewhere around 30th of September for target segment A, B, C and E. Have you applied for that, or how is it? From the components which we are doing, we would not have qualified for A, B, C. We will basically be looking at it separately and making an application once we have clarity on that. Got it. Okay. Just last one question from my side. In the consumer segment wherein you have won recently the three new Marquee customers, right? The scale-up or probably the revenue, when should one expect to start flowing in the P&L? First, these are not three new customers. These are existing customers. One is a long-term customer with whom we have been doing business. Two are customers with whom we have started doing business in the current year. We have just added new projects with them. Most of these projects would have a project execution time of about six months to eight months before we start supplies. Got it. That's it from my side. Thank you. Thank you. Thank you. We take the next question from the line of Ritesh Shah from Investec. Please proceed. Yeah. Hi. Sorry. Congrats for a good set of numbers. Amit, the first question was on concentration risk. I think you partly addressed to it. Hypothetically, say, if I'm your customer and if I face several delays, one is, does the customer, which is me, still continue to procure the pens or the devices from you, given I would presume this is not just-in-time inventory. That's the first question. Second related one is, if I'm your customer, do I have the flexibility to use the same device in other EMs? Is the configuration of device something similar which makes it fungible? That's the second thing. The third thing is, if the second option is fungible. Hello? Is the. Am I audible? Yeah, you're audible, Amit. Hello? Hello. Yeah, we can hear you well. Okay. Yeah, Ritesh. Customer concentration risk, really, we sell a product or maybe two products for semaglutide. We don't just have one customer on a particular platform. Therefore, we have also built the capacity needed so that we can maximize market opportunity. Even if one capacity is less utilized versus the other, we can maximize in terms of achieving our full potential for the projections we have. I really don't see a very significant risk. Plus, our contracts would also be covered with committed volumes. If not committed volumes, there would be a sort of a pay process, right? Take or pay. Now, not that we don't want to support our customers. In their time of need, we are very happy to extend support, but it has to be reasonable support. Capacities are limited when it comes to GLP-1, especially in the launch period. Which means that those who want to get ahead of the market and secure their supplies, not miss out on the opportunity, will need to commit to capacities. Right. Have committed to capacities. Right. As far as supply chain is concerned, we have common materials across all our platforms, so diverting one material to another platform is very easy to do. Yep. Just wanted to understand. Hypothetically, if there are any regulatory risk delays which are there, does Shaily's dispatches get impacted or is it the customer is okay to stock it given eventually the demand will be there? That's too detailed a question. It depends on the scenario. If a customer is going to get delayed by 12 months or 14 months, then they have the issue of It seems like the line for the management has got disconnected. Please stay connected till I rejoin him. Thank you for waiting patiently. The management's line has been connected. You can proceed with your answer, sir. What did you hear last, Ritesh? I think you said this is too complicated a question or too detailed a question, something of that sort. No, what I said after that was Oh. I think we lost you there, sir. Hello? Sorry. I don't know. There's something wrong with my network today. What I was saying is that if a customer is going to get delayed by over 12 months, for example, then what would happen is that supplies will need to be delayed because they will not have enough shelf life when they put the product on the market If we're talking about a few months, a quarter here and there, it doesn't really impact supplies, because everybody needs to do the volume build-up for the launch. Right. The question over here is, say, hypothetically, the delay is 12 months, will we use the flexibility to supply the same device given we have de-risked ourselves, given we supply to multiple companies? Of course. Okay. That helps. My second question was, you indicated that we'll move from 40 million to 80 million devices by end of FY 2026. I just wanted to have a sense on how does the insulin pens stack up on the overall scheme of things, given incrementally our focus will be on GLP-1. Look, we're looking at potentially somewhere around INR 12 million-INR 15 million insulin, not more at this point. It's all a scale-up on GLP-1. Okay. Would it be possible to bifurcate between pens and your auto-injectors? Not at this point. At some point in the future, yes, but not at this point. Sure. That helps. The last one, I think you alluded to the opportunity on consumer electronics. Can you highlight what is the scope of opportunity over here? You did indicate that the revenue is not going to be material enough next year, but if we take a three-year, five-year view, how should one approach this particular segment? Your guess is going to be as good as mine in terms of what we actually do on consumer electronics. Look, there is very significant growth opportunity there, and the scope is also very significant. It could be a $20 million business, or it could be a $100 million business, I really don't know. It can be very substantial. Sure. Just a follow-up. Sir, what is the moat in this particular business that we have? GLP-1, we understand, but consumer electronics, is it something which is very niche to what Shaily has offered the vendors, wherein we actually stack up right at the top? I don't think there is another domestic plastic component manufacturer that can achieve the requirements. The precision requirements are exceptionally stringent in this industry. Sure. This just helps. Yeah. Okay. Thank you so much. All the very best. Thank you. Thanks a lot. Thank you. We take the next question from the line of Vivek Gautam from Goldman Sachs. Please proceed. Yeah. Congratulations on the great set number, sir. I have recently started tracking the company, so don't mind, sir. One thing is about the Chinese competition for our pen segment. Second is any oral medicine threat for the GLP-1, sir. I think on orals, I answered it during the last of earnings calls. Far there isn't an oral which is as effective. Second, primarily because the requirement of API is exceptionally high and the bioavailability of the molecule is very low, less than one-tenth of the injectable. Is there a market going forward? Yeah, there's always going to be a market for orals, but we think it's going to be limited to 25, probably a max of 30%. Again, even if orals do come in, they're primarily going to be marketed by the innovators. Price point affordability and the ROW market opportunity that we're seeing for semaglutide right now is not something that will go away. All right? That's on the orals. Chinese competition, look, there's five knockoffs of the Ypsomed UnoPen and the BD Pen in China. They're doing some small volume business in China itself. Not a whole lot outside of China, but you will always find some markets, right? Potentially markets like India, Bangladesh, or some other Asia-Pac markets where the patent regime is not so strong, intellectual property regime is not so strong, where they can sell their products. There's a market for everything on GLP-1s, right from bottom of the barrel in terms of price and quality to basically selling the Rolls Royce of GLP-1s. I think we shouldn't worry too much about Chinese competition. At the same time, we need to scale up, because Chinese are exceptionally good at what they do, and they can catch up in a relatively short period of time. Our strategy to mitigate China is to scale up the business as much as possible, become large enough so that you cannot be uprooted. Sir, our product demand for the healthcare is spread out over many countries, and patent is expiring in many countries, so the opportunity size for us remains very large. I would like to once again congratulate you for your stupendous progress starting from two injection molding machine to this stage, and it's been a great progress, sir. Thanks a lot. Thank you very much. I'll pass on that message to my father. Thank you. Thank you. We take the next question from the line of Anand Jain, an individual investor. Please proceed. Thanks for the opportunity and congratulations on a great set of numbers. Amit, my first question is on what are the Middle East plans? Because from what I understand is, the regulations there say that if you have to sell in Middle East, you have to set up factories over there. Can you just answer this, what are we planning to do in the Middle East? Anand, I just answered that question on an earlier one. It's that at the moment, the Shaily Innovations FZCO has a primary objective of providing services around people's clinical batches, filing strategy, testing set up. Because there's a lot of companies that have never done this before. Assistance and service around assembly set up, how to do the final assembly, how to get the cartridge filling right, how to do testing of the pen or the final product for batch release. These are the services we are going to provide out of Shaily Innovations FZCO, primarily to start with. We will also do some design work or R&D work in the future. This is what we're doing to start with, particularly focused on Asia-Pac, South Asia and Middle East market. You don't have plans for setting up any factories and doing large CapEx there in Middle East, Abu Dhabi, Dubai, anywhere? As and when we have plans and something is concrete, we will be informing the market. Great. Second question is on the consumer business. What we are seeing is it's stagnant and is it because of the tariffs or do we expect growth for this year on in this business? Anand, good afternoon. If you look at H1, the consumer business has grown. I think on an overall basis, you will see growth on the consumer business. We have said this in the past also that there will be varying growth numbers across different segments of the business, but the pharma business growing at the fastest, and then industrial and the consumer, because the base of the consumer business is pretty large. That's what we would look at. Currently, we have not seen much impact of tariffs because the tariffs came in, I believe, sometime in September, end of September sort of a thing. We are not seeing much impact of tariffs, but how will things pan out is something which we do not know right now in terms of how it'll look at in the future. Okay. One question on the consumer electronics side is, what we are seeing generally is that most of the companies who plan CapEx on the consumer electronics side, the large vendors actually expect them to do CapEx in and around, let's say Bangalore also, that belt. Are we planning a CapEx in that area, and how significant could be? Also anything on the product approvals and CapEx plans for this. Anand, I think on the consumer electronics also, when we have something more definitive to share on our CapEx plans, we will certainly inform the exchange. Essentially, you are right that for sizable business opportunity, a capacity will need to be created somewhere in the region where this business actually exists. Okay, great. Last question from my end. One is, you said that we are partners with most of the players in Canada. What I see is there are six players who are registered in Canada. Have we partnered with four or five of them? I'd say we are partnered with 50% to 60%. Oh, okay. Last question. Just last question. Any new industries that we are targeting in the next 1 or 2 years? Is there anything interesting we are doing in any other industries which is as high tech as what we have been doing in the consumer electronics side? I think we mentioned semiconductors last time on the last call. We are building a strategy around the semiconductor business and where Shaily can participate with what specific products. Some discussions are slightly more advanced, some are slightly more nascent. Again, as and when we have more to report, we will. We have identified the products here in semicon industry? I would assume we have, right? Some products we have, yes. Okay, great. Thank you. Thanks, Amit, and all the best. Thank you very much. Thank you. Thank you. We take the next question from the line of Vishal Manchanda from Systematix. Please proceed. I would request Mr. Vishal to unmute yourself and then speak. Yes. Sorry, I was on mute. My question is, with respect to EBITDA margins, can we expect them to sustain at similar levels in FY 2027? I believe so. I believe so. I would go as much as saying that, look, if our healthcare business is scaling and becomes a bigger part of the overall revenue, the potential is to increase, certainly to increase. Okay. On the healthcare business, if you could share how many players you would have partnered for pen. Just the numbers, number of players you would have partnered with. Just on GLP-1s, we would have close to 23, 24 partners, if I'm not mistaken. Okay. That's. The extended partnership, because our partners also have partners, multiple partners. Understood. The extended partnership would be very significant. Yeah, I got it. Basically an Indian company having a partner abroad, in a different territory. Yeah. Indian company, European company, American company, all have multiple partners. Got it. With respect to the consumer electronic business, if you could share some color on when the commercial revenues can begin and what would be the initial CapEx you would look to do here? Too soon. We will start supplies in the second half, which is between now and March. What's the revenue? We don't know. It's not going to be a very significant number, I can tell you that. Okay. Existing, you don't need to do any incremental CapEx for this business. It will be done out of the existing. Small marginal CapEx. Yeah. For the revenue, it will be existing capacity. There's some small marginal CapEx will always be needed. Some automation, some tooling, something or the other, nothing major. Okay. Just this pen that you have introduced in the market, the Axiom Max pen. Yeah. Is this meant for GLP-1s or it is meant for other drugs on them? No, our primary target is next-gen GLP-1s with innovators in mind. I would urge all of our investors to go on to LinkedIn and see the posts of the Axiom Max. It has been very well-received at the conferences, we're hoping that we will be able to onboard a large global pharma for their next-gen GLP-1 program. How would this be better than the existing pens that are used for GLP-1s? The existing pens are pens kind of improvised for GLP-1s. If you look at most GLP-1s, they're fixed-dose therapies, yet still go into a multi-dose or variable-dose pen. Okay. The Axiom Max has three, four major advantages. First, it's a true fixed dose, which means a user cannot dial anything else but the dose that is intended. Which means there's an under-dose prevention, overdose prevention. We found through research that over 96% of users don't prime the device before first use. Of course, when you don't prime, you are going to under-dose. We have taken the priming out of the device. Our device is good to go, dose accurate from the first dose itself. One does not need to prime. Okay. Lastly, a lot of these are once-a-week therapies, and new therapies that are coming out are going to be once-a-month therapies. It's not very easy for the user to track how many doses they've taken, when will the pen complete, and when will they need to order a new one or get a new one. We put a dose counter in it, and the dose counter really helps with understanding what is left, when should you reorder, et cetera. Understood. I don't know if there is a way for me to post the Chorus people, is there a way to post a link somewhere? No. Hello, sir. Yes. We will share the link on our website. Yes, sir. Okay, all right. We'll share the link on our website. All right. Okay. Right. Is there also some advantage in terms of lower force? Is that also an advantage here? The total extension is very low. We're looking at about 26-millimeter total reach. If you consider, let's take one of our competitor devices, and semaglutide as an example, then most of our competitor devices will be dialed up to something between 42 and 50 millimeters in terms of length. It's a very tedious process to actually inject it. Okay. Our extension for the thumb is half of that, and the force is low, of course. Understood. Okay. Thank you very much. This is very helpful. You're welcome. Thank you. We take the next question from the line of Harsh Shah from Dalal & Broacha. Please proceed. Thank you for the opportunity. A couple of questions from my side. Firstly, sir, what would be the GLP-1 versus the non-GLP-1 split, and within that, the exhibit and the commercial batch split? Secondly, a bit more clarity on the current capacity of the pens as on H1 FY 2026. Fourthly, the U.K. subsidiary, which probably had a run rate of about INR 20 crore a quarter for the past two quarters, do we expect similar run rate forward? These are the questions from my side. Keith, I think we don't give the split between GLP-1, non-GLP-1s or a mix of what we do between exhibit batches and commercial supply. It will be difficult for us to give that. Okay. The capacity, I think Amit also mentioned in his initial part of the speech when he started the call that our current capacities are around INR 40 million and we are expanding it to INR 80 million. Part of expanded capacity is coming on stream in quarter 3 and part of it by end of what? First half of quarter 1 FY 2027. Got it. We don't give out any guidance, it'll be difficult for me to tell you what we will be looking at for Shaily UK or Shaily Innovations UK. Okay. Sir, just a rough estimate ballpark number on the run rate. That would be fine. Keith, as I said, we don't give a guidance. We don't give numbers. Okay. It's not possible for me to do that. Thank you. Of the four projects that have been signed across GLP-1 and other therapies, if you could give a number on how many are for GLP-1. We've got two different molecules for an emergency use. The rest of them are GLP-1s. Okay. Sir, lastly, the Canada commercial batches have started, correct? Yes. Okay. Fine. Thanks, sir. That's helpful. Yeah. All the best. Thank you. Bye. Thank you. We take the next question from the line of Aman from Astute Investment Management. Please proceed. Yeah. Good evening, sir. My first question is on Shaily UK part. We have added a lot of senior people in our team over the last six months to one year, some big consultants also. Could you talk about, say, as of today, how many projects we are doing actively, and what is your vision for this division over the next two to three years? All right. We've been taking on several projects a year, ranging from maybe four to five to peaking at 12, 13 in a year. This has primarily been with the generic opportunity for GLP-1 and insulin. Going forward, we are looking at increasing the complexity of our innovation, especially drug delivery. Apart from the next gen GLP-1 device that we just launched at PDA, we are looking at potentially participating in the insulin delivery using patch pumps. We are looking at some complex drug delivery using our Mira on-body injector. These will become multi-year engagements with the customer. They will not follow the generic model where we take on multiple customers on the same platform for the same molecule. They will tend to be a little bit more exclusive and have a multi-year engagement, where our teams are deployed for really penetrating into the large global pharma innovator molecules kind of business. That is sort of where the focus is. Will we continue to generate the same type of revenue that we are doing in U.K. I am fairly confident that is going to also continue to increase. I don't know if that answers your question. Sure, that helps. On the recent conferences that you have attended, you mentioned 130 meetings. I don't know if you even remember, is there a like-to-like remember for last one, two years? I just wanted to understand, has this scaled with we adding lot more devices or normally this 130 number is there. Were these meetings mostly for our new Axiom Max device or most of the meeting were still for our, say, generic platforms which we already have? Because Axiom Max is such a focus area for us, we had 18 meetings for Axiom Max. The rest of them were for our other platforms. Some of our other platforms, like the Neo spring-driven pen, are also devices that are being discussed with innovators. Axiom Max, of course, had 18 meetings across three exhibitions. This 100, 130 overall meeting, is this a common phenomenon for Shaily or has that- No, it's not. Last year in Milan and this year in Frankfurt. Last year, we probably did 80-90 meetings. This year we did 130. The number was before that, probably half of that. Sure, sir. My final question is on the generic launches. One is obviously Canada, but say Brazil, India, Turkey, these big markets are also coming up. I believe somewhere in quarter 1, the patents are going off patent. Is there any impact of delay because of delay in Canada, the same authority sharing their files across various geographies? That is number 1 question. Number 2 question is, Canada, you talked about 50%-60% market share, but say Brazil, Turkey, India, these are the three big markets. Roughly, if you have an estimate for market share in these? It's difficult. I know India, I can comment. I think India, we have a fairly dominant position. I would assume that those who are doing India, Canada, Saudi, will be the same folks, along with some regional players in markets like Turkey and Brazil, right? I believe we would still have a single dominant position. Still the single largest supplier of devices. I don't know if it'll be 50%+ or it'll be 20%-30% or 40%, to be honest. The first question on the timelines for the launch in other markets, does it have any impact if, say, Canada delays for everybody, then does it have any impact? No, Canada has no impact on any of the other markets. Sure, sir. That is all from my side. Thank you. Thank you. Thank you. We take the next question from the line of Ankit Gupta from Bamboo Capital. Please proceed. Yeah. Thanks for the opportunity and congratulations for a great set of numbers and the response you have received from various conferences, including CPHI. Sir, on the breakthrough on the innovator company side, as you are seeing the kind of response Axiom Max has received. Let's say over the next one and a half years, do you think we can, given what visibility we have or the discussion that we're having with some of the innovator companies, we can have some breakthrough with these innovator companies and we can start supplying commercial orders to them? No, commercial orders. Yeah. Can we have a breakthrough? Absolutely. We think we can have a breakthrough. We cannot start supplying. When innovators take on a device, their program launches are typically going to be three to four years hence. Innovators start very early on in their pipeline with the evaluation and the finalization of a device. I don't see Axiom Max being on the market for the next three years, but it's not about the three years, it's about getting the right partner to work with, where your scalability could be in potentially 100 million plus devices. That's the whole opportunity. Got you. Let's say for the new programs, I understand, but let's say adding up or replacing some of the existing suppliers by ARP, is that possible in already commercially launched products of the innovators? If the innovator has adequate margin and not on cost pressure, because there's a lot of R&D work that's gone behind it. We don't intend to sell it at a cost plus. If an innovator is using it as a strategy to increase their market share, then sure, it can. If not, we would also be careful about where we participate with the Axiom Max. We need to make sure it's going to be a very large scalable molecule. For other products like Neo or other skin-driven devices of ours? Neo has already got plenty of opportunity, and the traction is only increasing. Neo, we don't see an issue. On the innovator side as well? Like we have some plans. We have traction. I just answered that to the last participant. Got you. Sir, on our own insulin device that we do, how do you see scale-up happening there? Should we expect our own devices to do well this year or at least going forward in FY 2027? Yeah, our own devices will do well, even for insulin. How do you see volumes ramping up there? If you can share some expectations on the scale-up happening there in FY 2027. Most companies globally in diabetes are not focused on the insulin bit right now. You have to allow this launch phase to pass, then people will start looking at the insulin program with some level of focus. Whether it is FY 2027 or FY 2028, I don't know. At the moment, every customer we speak with, potential or existing, is focused on the GLP-1. Sure. Sir, on the new industries, that is family consumer electronics and the discussion that we are having on the Semicon site. When do you expect these two segments to scale up significantly? Given how things are shaping up on the healthcare and GLP-1 side, do you think 2028, 2029, this can start contributing meaningfully? As you have said, 2027 looks it'll scale up, but given how healthcare is scaling up, it will still be a lower proportion. Let's say 2028, 2029, how do you see scale-up happening there? We see some sizable revenue for the segment, especially in 2028. Then from there it can scale fairly quickly. The first decent size will only come in 2028. I'm pretty sure we will do supplies in 2027, but I don't think it's going to be a very significant portion of our overall revenue. Sure. Just last question on, since we will see scale up happening on the semaglutide side from next quarter onwards. Do you think, in terms of healthcare revenues, INR 100 crore, almost touching INR 100 crore and INR 50 crore back for this quarter becomes a base for the growth for coming quarters? There was some impact of exhibited batches or Shaily Innovations, which we have seen in this quarter. There can be some impact going forward of those in our numbers. I mean, look, quarter-on-quarter, the healthcare business is sometimes a little sensitive in the sense that this should become our baseline. We should do better every quarter or so. Sure. Thank you. Thanks very much. Thank you. Thank you. Thank you. We take the next question from the line of Sanjay Kumar from ITOT BMS. Please proceed. Hi, sir. Thanks for the opportunity. First question on Wegovy. If I look at the trial status in India, there are at least 10 companies doing the Ozempic trials, but there are only four or five companies that are doing the Wegovy trials. Do you think it doesn't matter if customer is launching only Ozempic, or will we miss out if our customers don't launch Wegovy because that's the weight loss version, whereas Ozempic is the diabetes version? In India, you will see one drug being interchanged for the other very frequently. Even those that are not doing Wegovy right now will eventually do it. I'm not sure if it makes a lot of difference, to be honest. Okay. There's already significant off-prescription use of Ozempic and Mounjaro both in India. Okay. What about Canada and Brazil? Canada, you will obviously see Will we have specific Wegovy launches? Yeah, there will be. Everybody has filed Wegovy much later. You will see approvals also come in later. It will be Ozempic to start with. Canada market predominantly is a Ozempic market at the moment. Okay. You mentioned that we have 23 or 24 GLP-1 projects or partners. Can you give the breakup between Ozempic and Wegovy? Sanjay, everybody who's done Ozempic would have done Wegovy as well. Wegovy in every market except the U.S. is in a pen. It's essentially the pen which is the dominant market at the moment. When U.S. launches, it will be both pen and auto-injector. Okay. No, the reason I asked was, I heard that in India you're supposed to file separately for Ozempic and Wegovy, and would it be the same case in Canada and Brazil as well? Yeah, you would have to file separately. Oh, okay. People's Wegovy programs have just happened later. Okay, got it. All right. Second question on our capacity. We're going from INR 40 million to INR 80 million. A few quarters ago, we had mentioned that we are expanding Tobi too. In Q1 call, you only spoke about Harmony and Myo. Are we expanding Tobi first? What would be the quantity and for which market? We are expanding Tobi, short answer. Quantity, not fully developed yet as a projection or business plan, but we are going to add somewhere around INR 10 million Tobi capacity additional. Okay. This is part of the current CapEx, or this will come a bit later? No, some of it will come now, some of it will come in 2027. Okay. Which market will this be for, sir? All our products, customer take it to different markets, but it will be a global product. It will go to Europe, it will go to Middle East. We'll go to Europe and Middle East. We see. Okay. Next question. Apart from regulatory approval, what other risk do you see? Say, something not in our control like, say, assembly of our pens. Have you tested the assembly of our pens at the, let's say, the customer end or the customer's CDMO partner end? Because BD and Ypsomed pens are more established platforms. The companies making these assembly lines, have they configured it for our platforms? I mean, of course. You have launch coming up, so everybody's doing commercial volumes now Okay. The only risk that you see is regulatory approvals. Correct. Yeah. Primarily regulatory approvals and then essentially, how much market share generics take up from the innovator. Okay. Got it. Actually, Max, just one question on it. Does those counters have any patent around it? Is it common available mechanism or is it unique to us? No, it's unique to us. We have filed all the patents before we launch the device. Okay. Perfect. All right. Final question, so just an extension to the previous participant's one. Semiconductor or say consumer electronics, not near term, but let's say five years from now, I don't think they can match healthcare segment, but can they be as big as the IKEA business for us? Again, too soon to tell. Five years, who knows? Opportunity is there because we see the market size, right? Yes. Can you give an estimate on the market size? No, I cannot. Okay. You look at the combined consumer electronics being sold globally and then what is being manufactured out of India and how that will grow. It's a very large opportunity, but what will happen to Shaily in five years, I really don't know. Okay. Got it. All right. I think that's it from my side, sir. All the best. Thank you. Thank you very much. Thank you. We take the next question from the line of Kunal Bhatia from Dalal & Broacha Stock Broking Limited. Please proceed. Sir, thank you so much for the opportunity, and congratulations on a great set of numbers. Sir, I know many people have asked you a lot about Canada. Just one question from my side on the same. You were expecting the commercial launch to happen, say, in the March period. Now, looking at the current situation, A, what's your concern, and what kind of delays do you foresee if they were to happen? I don't foresee, to be honest, a delay. Whether March becomes April or February, I really don't know, but I don't foresee a delay. If it's not one, it's the other. Someone's going to launch and someone's going to get approval. Really, in the grand scheme of things, I don't think it makes much of a difference, even if it is out by two months. I'm not saying it is. I'm saying even if it is. My understanding is that Health Canada, given that if you look at the last two years, there haven't been any significant queries. This has recently cropped up. I think file reviews should be coming to an end. Okay. Sir, the commercial batches, are they in line with your expectation at this point in time, or they are slower vis-a-vis your expectation in March? We delayed commercial batch manufacturing by a month and a half, apart from that, everything else is in line with the expectation. Okay. Thank you, sir. Thank you. Ladies and gentlemen, due to time constraints, that was the last question for the day. I would now like to hand the conference over to the management for closing comments. Thank you everyone for joining the call. We hope that we've been able to answer your questions adequately. For any further information, I request you to get in touch with SGA, our investor relations advisors. Thank you very much and have a great evening. Thank you. On behalf of Shaily Engineering Plastics Limited, that concludes this conference. Thank you for joining us, and you may now disconnect your lines.