Ladies and gentlemen, good day and welcome to the Q4 and FY 2026 earnings conference call of Shaily Engineering Plastics Limited. As a reminder, all participant lines will be in a 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 a conference specialist by pressing star then zero on your touchtone phone. Before we begin, a brief disclaimer. This conference call may contain forward-looking statements about the company, which are based on the beliefs, opinions, and expectations the company has on date of this call. These statements are not the guarantees of future performance, and it may involve risks and uncertainties that are difficult to predict. I now hand the conference over to Mr. Amit Sanghvi, Managing Director of Shaily Engineering Plastics Limited. Thank you, and over to you, sir. Thank you very much. Good afternoon and a very warm welcome to all the participants. I would like to thank you for joining us today for Shaily Engineering Plastics Q4 and FY 2026 earnings conference call. I have with me Mr. Sanjay Shah, our Chief Strategy Officer, and SGA, our investor relations advisors. I hope everyone has had the opportunity to review our financial results and investor presentations, which have been uploaded on the stock exchange as well as the company's website. Before discussing business performance, I would like to briefly comment on a broader operating environment. The quarter has witnessed heightened geopolitical uncertainty, particularly due to ongoing tensions across global trade corridors, which impacted freight movement, supply chain, and input cost dynamics. For the plastics and polymer industry, this translated into raw material price inflation and selective logistical disruptions across certain export routes. Despite this environment, we were able to navigate the quarter in a stable manner, supported by our diversified customer base, long-standing customer relationships, disciplined execution, and very strong operational planning. Coming to key business developments. During the quarter, Shaily achieved a landmark milestone with the successful commercial launch of our ShailyPen Harmony and ShailyPen Neo pen injectors with multiple customers for semaglutide in India as well as other global markets. We have also today made a press release announcing the significant milestone, which can be found on our website. This is a significant achievement for us. It represents years of development, qualification, and regulatory work coming to fruition at commercial scale. The semaglutide market is one of the fastest-growing drug segments globally, and our positioning as a supply partner in this space is a strong strategic asset. Pen injectors manufactured by Shaily for semaglutide have been successfully launched by our customers in the Canadian market. This marks our entry into one of the most regulated and quality-demanding pharmaceutical markets in the world and is a strong validation of our manufacturing standards, regulatory compliance, and the trust our customers place in us as a supply partner for critical drug delivery devices. In addition to the launch in Canada, Shaily's pen and its customer are the first to receive tentative approval in the U.S. market for semaglutide as well. Also, one of our customers received European market authorization for teriparatide. These approvals are important validation milestones. They affirm the quality and the regulatory compliance of our manufacturing platforms across multiple geographies and therapeutic areas. I'm pleased to share that we successfully commenced commercial supplies to our consumer electronics customer during Q4 FY 2026. This is a business we've been preparing and qualifying for over the past several quarters. The commencement of commercial deliveries marks an important new growth vector for Shaily. We are now an active participant in the consumer electronics precision component ecosystem, a space characterized by high complexity, tight tolerances, and less than a handful of players. We have signed a supply agreement with a Korean company for the manufacture and supply of semiconductor trays. This marks Shaily's entry into the semiconductor supply chain, a strategically significant development at a time when India is actively being positioned as an alternative manufacturing destination under the China Plus One policy framework. Semiconductor trays are precision critical components, and our ability to win this business reflects our manufacturing depth and the trust global companies are beginning to place in Shaily. In the industrial vertical, we received new business confirmation from customers for power tool and LED light components. These additions diverse industries and expand the range of precision engineering applications that Shaily offers, from automotive components to power tools and lighting infrastructure. Reflecting the confidence in Shaily's next phase of growth and the multiple new opportunities ahead of us, the board of directors have approved an enabling resolution to raise up to INR 500 crores. I would like to clarify that this is intended to be an annual affair. The company will seek a fresh enabling resolution each year to maintain financial flexibility and ensure that capital is always available to seize high-quality, high-growth opportunities without delay. This is not a signal of any specific fund raise plan, rather a disciplined approach to being prepared with capital. As Shaily continues to evolve into a diversified, IP-led global manufacturing platform Serving healthcare, consumer electronics, semiconductor trays, industrial, and other consumer segments, the pace and scale of opportunity demands that we remain agile. Having this resolution in place ensures that if and when a compelling, large, time-sensitive opportunity presents itself, the company remains ready for it. We've also taken some significant steps organizationally to strengthen our operations to deliver the scale-up we have planned by onboarding Mr. Joe Kam. An announcement was made earlier in February regarding Shaily hiring its Chief Operating Officer for healthcare. I'm very happy to announce that Joe has hit the ground running, is taking real ownership and showcasing great leadership, taking Shaily's operation strengths further. He has a very disciplined approach and is a stickler for quality, something that we hold very close to our hearts at Shaily. Coming to segment-wide performance, the healthcare segment was the standout performer in Q4 FY 2026, with revenue doubling in Q4 FY 2026. For the full year, healthcare revenue surged 139% to INR 393 crores, contributing 40% of our consolidated revenue, up from 21% in FY 2025. This shift in revenue mix is the central storyline of FY 2026 and reflects the compounding benefits of our multiyear investments in R&D, insulin injector platforms, and drug delivery capabilities. The consumer segment unfortunately de-grew in Q4 2026, primarily reflecting weaker market demand for home furnishings across Europe and the U.S., our two largest export markets for this vertical. For the full year, consumer revenues were at INR 512 crores, down 9%. While the near-term environment has been softer, I want to emphasize that the consumer business continues to add new customer programs, and we remain focused on building sustainable revenue streams in this segment, particularly through consumer electronics and semiconductor trades. The industrial segment continues to grow with Q4 FY 2026 growing at 60% year-on-year. For the full year, industrial revenues grew 41% to INR 87 crores, reflecting new customer additions and advanced engineering applications. We secured new business from customers tools, LED lighting, both of which speak of the increasing precision and complexity of application that Shaily is now being trusted with. As we look ahead to FY 2027, our priorities are clear: continue scaling the healthcare vertical, build and scale the Abu Dhabi facility on plan, deepen consumer electronics and semiconductor programs, and restore growth momentum in the consumer home furnishing segment. The building blocks are firmly in place, the team has demonstrated consistently that we have the capability to execute. As we have consistently maintained, we expect the company to deliver. I apologize. Sorry. I now hand over the call to Sanjay to walk you through the operating and financial highlights in more detail. Thank you very much. Thank you, Amit. Good afternoon to everyone on the call. I will start with the operating metrics for the quarter and full year ended 31st March 2026, then move on to the financial performance. Operationally, we continue to improve efficiencies across our manufacturing network. Machine utilization improved to 47.6% in FY 2026 compared to 42.2% last year. Exports continued to remain strong, contributed around 68% of our revenue in FY 2026. Let me now summarize the consolidated financial highlights for Q4 FY 2026. Revenues stood at INR 237 crores as compared to INR 218 crores during Q4 FY 2025, a growth of 9% year-on-year. EBITDA stood at INR 69 crores as compared to INR 55 crores in Q4 FY 2025, a growth of 27% year-on-year. EBITDA margins stood at 29.3%, an increase of 420 basis points over Q4 FY 2025. PAT stood at INR 40 crores as compared to INR 29 crores during Q4 FY 2025, a growth of 40% year-on-year. PAT margins stood at 17%, an increase of 390 basis points over Q4 FY 2025. Coming to segmental revenue breakup for Q4 FY 2026. In the consumer segment, revenues stood at INR 102 crores as compared to INR 148 crores during Q4 FY 2025, a de-growth of 31%. Amit, in his opening remarks, basically explained the reasons why this de-growth happened. In the healthcare segment, revenues stood at INR 113 crores as compared to INR 56 crores during Q4 FY 2025, a growth of 110%. In the industrial segment, revenues stood at INR 22 crores as compared to INR 14 crores during Q4 FY 2025, a growth of 60%. Now coming to FY 2026 consolidated highlights. Revenues stood at INR 991 crores as compared to INR 787 crores during FY 2025, a growth of 26% year-on-year. EBITDA stood at INR 288 crores as compared to INR 178 crores during FY 2025, reflecting a growth of 61% on a year-over-year basis. EBITDA margins stood at 29%, an increase of 630 bps over FY 2025. PAT stood at INR 170 crores as compared to INR 93 crores during FY 2025, a growth of 83% year-on-year. PAT margins stood at 17.2%, an increase of 540 bps over FY 2025. Cash PAT for FY 2026 was reported at INR 219 crores as compared to INR 135 crores during FY 2025, a growth of 62% year-on-year. Our ROCE and ROE stood at 35.8% and 26.9%, respectively, as on 31st March 2026. Our debt to equity stood at 0.3x and our fixed asset turnover ratio stood at 1.7x as on 31st March 2026. Coming to segmental revenue breakup for FY 2026. Consumer segment revenue stood at INR 511 crores as compared to INR 561 crores during FY 2025, a growth of 9%. In the healthcare segment, revenue stood at INR 393 crores as compared to INR 161 crores during FY 2025, a growth of 139%. In the industrial segment, revenue stood at INR 87 crores as compared to INR 61 crores during FY 2025, a growth of 41%. That concludes the update from my side. We will now open the floor 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 touch-tone telephones. If you wish to withdraw yourself from the question queue, you may press star and two. Participants are requested to use hands-free while asking a question. Ladies and gentlemen, we will wait for a moment while the question queue assembles. The first question comes from the line of Shaleen Kumar from UBS India. Please go ahead. Yeah. Hi. Am I audible? Yes, sir. Yes. Yeah. Hi. Congratulations, Amit. Congratulations, Sanjay. Great set of numbers and certain milestones in this quarter. To begin with, let's talk about the health here. Amit, my question is, what are your customers talking about? Basically, what I'm trying to understand, are your customers are coming back and asking more from you given there's a good reception of semaglutide in India and other markets have opened up. Are there instances of like that to begin with? Yes. Given only two launches in Canada, we are asked for more product. We're doing what we can to install more capacity as fast as we can to supply that product. There are instances of being asked for more, certainly. Okay. That's basically a great indicator. Now since you touched upon the capacity, we have 25 million capacity came up in March, we had 30 million earlier. Are you using part of that 30 million also to supply semaglutide? No. The 25 million capacity that we installed in March is currently running at roughly 45% utilization. Not utilization, at operational efficiency. The speed is a process to getting to that final optimal speed. We're going through that process of scale-up. We have consistently been producing at these levels for the last 45 days, which means that we now be enhancing it in coming months. From the 30 million of original capacity, that is a mixed capacity between several product lines, including insulin, including teriparatide, including several of our other, including the auto-injectors, et cetera. There's only a small portion of that capacity which is being used for semaglutide. The additional 25 million that will come in by July, August is purely for semaglutide, which will be again used for the global markets where the product is launched. What kind of optimal capacity we can achieve in both the lines? See, what our target is that by the end of the year, both lines should be able to produce at 65 to 67 parts per minute effect, which gives a combined capacity of both these two new lines of around 40 to 42 million pens combined. Basically, 40-42 million is something which is the optimal utilization. 40 to 42 million pen is the peak utilization or the optimal utilization? For this year. Okay. Yeah. Then as you learn more about the lines and you figure out what upgrades are needed to take it further. Got it. Sorry to interrupt. Mr. Shaleen, I would request you to please come back in the queue for further questions. Thank you. Ladies and gentlemen, in order to ensure that the management is able to address questions from all participants, please limit your questions to two per participant. Thank you. The next question comes from the line of Harsha with JM Financial. Please go ahead. Yeah. Hi, team. Thanks for the opportunity. Firstly, congratulations on the new customer win in semiconductors and consumer electronics. Two questions from my side. Firstly, on the semiconductors client with which you have signed an agreement. How should one think about in terms of the supplies will be made to a fab player or an OSAT player? Is the understanding correct that these supplies would be happening in India? Harsh, it will basically go to the OSAT players currently. Eventually, when fab gets set up in India, it will also go to the fab player. Yes, supplies will currently be made in India, but there could be a possibility where we could look at exports also to this company. And- Currently, we will basically be looking at supplies in India. When should one expect these supplies to start from? Quarter four of the current financial year. Got it. Okay. Secondly, on the consumer electronics segment. You have mentioned that the commercial supplies have already begun. Is this a case similar to semiconductor vertical wherein the supplies would be happening in India, or is there a possibility that we could even export to, say, a country like China or somewhere else? Also, related to this, how large is this opportunity for this specific client, if you could give some color on it? The supplies will happen both in India as well as it will be exported. In terms of an opportunity, I think, Harsh, last time on the call, Amit had mentioned it, over a period of five years, this opportunity could be fairly large. He had mentioned the numbers also at that point of time. Got it. Just last if I can squeeze in. This question is to Amit, sir. If you have to give a roadmap, say, five years from now, which vertical are you most excited about in terms of the potential or the scale? Rather, let me put it this way, if you have to rate in terms of, say, the absolute size that Shaily as a company can achieve on all the newer verticals as well as your existing verticals, how would you rate them, say, between healthcare, consumer electronics, semiconductors? I would say, first, it's a tough question because nobody knows what happens five years out. I would say healthcare and consumer electronics represent the two largest opportunities. Which scales faster is a very difficult question. As you can imagine, the consumer electronics market is significantly larger than the pen market, but there are very limited number of players in the pen market. We, as being one of the few players present in that market, have a very significant opportunity to scale up. Those two I would put either number 1 and 2 or both of them would be number 1. Semiconductor would be the second-largest scale of opportunity we see, and then the industrial and consumer. Industrial and consumer would more or less be together. Consumer is going through a bit of a rough time right now, but it will bounce back. We've gone through these cycles in the past. This is not the first of its kind, it will bounce back at some point. Got it. Perfect. That was helpful. I'll get back in the queue. Thank you. Thanks. Thank you. The next question comes from the line of Akhil Phadke with 360 ONE Capital. Please go ahead. Thanks for the opportunity and congratulations on the solid execution. My first question is on the pen side, healthcare side. Would you be able to quantify the volumes which you would have done approximately for FY 2026? If I recollect, we were guiding for around 24 million to 26 million volumes for a full year. If we were able to achieve that number. That's my first question. Akhil, is it? Yep. Akhil, I don't have the exact number, but I remember the last time I saw them, they're in the range of 23.3 million or 23.5 million devices. I don't know the exact tally off the top right now, but they're little lower than what we had said, primarily because our capacities are not able to produce what we had projected. Sure. This is helpful. Second on the capacity ramp up, new addition to what we have been doing. I believe that we'll be adding total 15 by July, August, as you indicated. Of which 25 is already added. Is this total capacity of 3 million should be at capacity by end of FY 2028? By FY 2028, I think what we're targeting is 35 to 3 million pens from that capacity should more or less be in supply by end of FY 2028. FY 2028 is March 27, right? Sorry, March 28. Yeah. Yep. Thank you. The next question comes from the line of Bhavin Rupani with Investec. Please go ahead. Hi, sir. Thanks for the opportunity. First question is related to consumer electronics. Sir, just wanted to understand how should one look at margin profile, ROCE, and incremental CapEx, which you might need for this category. It's a difficult question. The reason is that all numbers, first are not bad, they're quite good, but they only happen when you have scale. Okay? They only happen when you have scale. If you look at Shaily's history, even consumer, when we didn't have scale in home furnishings business, our margins were, EBITDA margins were single digit. Profit margins were maybe very low single digit. Consumer electronics is going to go through a cycle. Maybe the ramp-up will be a lot faster, but it will go through a cycle where until you have a certain amount of scale, you will not be able to see great margins. The reason is very simple. Because it's a technically challenging manufacturing environment, your overheads are going to remain high even when you have less revenue. A certain scale is necessary. Maybe that scale is $20 million, $15 million, or somewhere around there before you actually start seeing good margins come in. Any indicative range, sir, should be in here about consumer wear margins? Bhavesh, we would not be able to give individual margins. Very difficult. Yeah. It's a B2B business, and I think you'll understand the reason for that. Right. Any incremental CapEx that we need for this business? We have said that we would need to set up a plant down south. We are evaluating, but our estimate is we will need an initial CapEx of somewhere around INR 100 crores when we set up the plant. All right. Second question is related to eye applicator. We have recently commissioned machines for eye applicator. Just trying to understand at what stage we are right now, and when should we expect incremental revenues flowing in from this category. Also, if you can throw some light on what could be the market opportunity for you. Yeah. Eye applicator is done for a single customer at the moment. Market already exists for that customer. We won't be able to give you name, but the market already exists and it's a substitute product for one that they are importing. Again, it's meant for regulated markets, and we have factored the commercialization of the eye applicator in the current financial year. Thank you. The next question comes on the line of Dhruv Siplani with EverFlow Partners. Please go ahead. Thank you for the opportunity. Am I audible? Yes. Yeah. Congratulations on the good set of numbers, sir. What are the entry barriers for someone looking to enter this space? How long is the process for a partner to change or add an additional supplier to their drug filing made with regulators in, let's say, Canada and Brazil? Okay, we'll talk about Canada. Canada, if you want to add another device to your filings, you have to run the full program, the full development program. Yeah. It's time-consuming. I would say nothing less than 24 to 6 months. One really needs to look at cost and risk. Cost is not going to be less than what you spent on the first program. The risk of potential failure to get approval. It's not impossible, certainly. I hope that answers your question. What could be the approximate cost? Look, I think on average, generic companies are spending INR 100 crore-INR 150 crore, I think, on a program. I'd say probably 70%-80% of that you would need to spend to add another device. Okay, sir. That is helpful. My second question is, of the filings made in various geographies, especially Canada and Brazil, what% of the filings have been made with Shaily device? I've stated this in the past. I think if I look at all the top, the first six filers in Canada, 70% is ours, I believe. 70% is ours. In Brazil, it's a little bit more difficult because in Brazil it's a lot of partnership filings, not direct from our customers. We are not privy to all the partners in Brazil. I'm confident we will be in the first wave of Brazil approvals. Okay, sir. Thank you. That is all from my side. Sir, two customers who have got approval, two pharma companies who got approval in Canada, both are with Shaily. Okay, sir. Thank you. The next question comes from the line of Dhvanil Desai with Turtle Capital. Please go ahead. Hi, good afternoon, everyone, and congratulations for a very strong performance. My first question is, you mentioned that this year we ended the year with 23.5 million kind of pens. I think we were thinking about around 36 million next year, 36 million-37 million, and maybe closer to 50 million the year after that. Now that the Canada approval is in place for the two large players, but Brazil is still nowhere in sight, and India is picking up. Given all this, do we still hold on to this number? Look, for the current fiscal year that we're in, obviously our order book is frozen. It's now about how quickly our capacities come up and how effectively they're able to produce. These are very complicated lines. It doesn't have a whole lot to do with our skill set to produce. It has more to do with how quickly can the lines be running at the speed they're specified. I think for the current year, I'm fairly confident we should be on track. But of course, a big unknown at the moment is the line that comes in August which is not installed yet. I think we'll be able to give you a better perspective on this probably towards our earnings call in September. September, October. Yep. In a few months. Okay. A follow-up on that, sir. Our supply to both the players in Canada would have started and will ramp up. If there is any bottlenecks on the production side, will that supply suffer? How should we look at that one? Bottlenecks on the? Sorry. You're saying that we are ramping up the production, right? That are still in the early phases of production ramp up. If that doesn't go as per plan, is there any risk to the supply to any of these customers? Oh, yeah. If we can't supply enough, then there is a risk, right? Yeah. Okay. Sir, second question is, we are working with the innovators on the new project. If you can give any update on that. You talked in the initial commentary that Abu Dhabi CapEx we are going, and that's one of the kind of roadmap for the current year. With the current geopolitical thing, any kind of rethinking on that project or any thoughts on that? These two questions, sir. On the geopolitics, we don't see it as it being a long-term impact. If anything, it's a very short-term impact. Again, it's not really impacting our project timelines. We have factored in adequate additional time for bringing up the facility in Abu Dhabi, and we're probably eating into some of that buffer at the moment. Beyond that, it's a great region. You've got significant amount of benefits, certainly on operational costs, ease of supply chain, availability of really international talent. As you can imagine, while we have done a good job, it's difficult for us to attract very good talent in a city like Baroda. Sure Abu Dhabi becomes overall a much friendlier place to scale this business. If we were looking at, healthcare has been growing at almost 100% every year. If we want to continue that momentum, we need the right people. Increasingly, what we pay for expat talent in India is much more than what we would in a country like Abu Dhabi. Got it. Sir, on the innovator part. Yeah. These conversations are advancing well. That's all I can say. Until we have some breakthrough, I won't be able to divulge any further information. Okay. Got it, sir. Thank you. That's it from my side. Thank you. Thank you. The next question comes from the line of Bhavika with Niveshaay. Please go ahead. Thank you for the opportunity. Am I audible? Yes. Yes. Just want clarity on the previous commentary you gave on the capacity utilization. As you said that the capacity which is live in March, we are doing 45% of our operation, like efficiently utilized the facilities currently. By the end of FY 2028, when we expect, along with the 25 million capacity which is going to come in July. I just want a number for the FY 2027 and 2028, what optimum utilization we can expect from the total capacity which we'll have by the end of FY 2027 and 2028. I think first, I've answered. You partially answered that question I've answered these questions partially, but I'll just go through it again. Look, our projections are what, 36 million pens this year, roughly 50 next year. When you look at all the smaller capacities we have, for example, on Tristan, on Toby, those products aren't in supply, right? When they get approval and they get into supply, capacities will be utilized. On semaglutide, we have, let's say, for example, a total of By the end of the year, we'll have about 50 million capacity. We intend to, as fully as possible, utilize that over the next two years. Then we'll have a capacity on insulin, which we also intend to utilize at least up to a 60%-70% level. That's roughly as capacity stands today. You can look at it as a range of somewhere between 40 to a 60 million kind of pen by the end of 2024, 30 months from now. Got it. The second question I have on the margin side, we did a quite good margin in this year. Do we expect this to sustain over time with the semiconductor segment coming in and along with the Dubai capacity? Abu Dhabi capacity, sorry. Short answer, yes. Okay. It will be like Just- Sorry. Yeah. Just to confirm that you don't look at, Shaily, from a quarter-on-quarter perspective. Otherwise, the margins are sustainable. Sustainable, like at 28% and more. Bhargav, I think what we've been saying is if you look at more on a year-on-year basis, margins will be sustainable and we see margins improving. Okay. Got it. We would not want to get into a number. Thank you for answering. Thank you. The next question comes from the line of Aman with Astute Investment Management. Please go ahead. Good evening team. Just two questions, Amit. First, since our product was launched, I think, last week in Canada by both our customers. What has been the initial feedback from the customers? As well as can you also talk about the feedback from India launch, two, three devices which you have launched in India? Any complaints and all those things you have received? I think two complaints. One was a user error. It wasn't related to the device. One was related to the device. We had an issue on one of our printing. We print numbers. There was a small issue, but in terms of performance, there have been no complaints. There is a particular Reddit forum that I tend to read from time to time, which has kind of different user experiences in India, at least on taking different generic semaglutides. Happy to say at least that people seem to have trust in the Dr. Reddy's product, which is also, I believe, marketed by Torrent. Sure. That is helpful. Second question is, Canada launch has happened, but in your rough estimate, when do you expect the other three big geographies, say Brazil, Turkey, Mexico, to happen? Even rough estimate is okay for us. Brazil, we expect very soon. I don't know if soon means end of this month, end of next month, but somewhere Brazil should come in. Okay. Any update on, say, Turkey and Mexico? These are also big geographies. I think they will only happen after Brazil, to be honest. I'm not sure if they're able to come before. Okay. These are from my side. Thank you. The next question comes from the line of Ankit Gupta with Bamboo Capital. Please go ahead. Yeah. Thanks for the opportunity. Sir, congratulations on a great year. On our U.K. subsidiary, for the past two quarters, Amit, if you look at it, there's been the lowest margins as well as revenues over the past two years. Earlier, in the calls you used to tell that we should be able to maintain the growth rate and margins there. How should we look at the performance of the U.K. subsidiary with the commercial loans on the Semapen happening across geographies and most of the customer would have been already onboarded to the platforms? We're doing slightly more longer-term projects in the U.K. Agreements maybe engagement with customers that are going into multiple years. Milestone-based revenue. Sometimes you're not able to recognize a certain revenue. We've significantly scaled the U.K. ops from a human resource perspective. Again, doing some of these more complex projects. We've done all the pens and auto-injectors possible. We cannot be only doing pens and auto-injectors, right? There is a next generation of drug delivery devices that we are working on, and those will be in development for a substantial period of time. Be it three years, four years, five years. We will still maintain margins in the U.K., but you will need to look at, we're offering these services Similar services between U.K. and U.A.E., right? Our teams in both geographies kind of work in unison. Look at a combined margin for the U.K. and U.A.E., if you were, and that will give you a better perspective. Got you. These margins that we had reported prior to the second half, should that not be considered going forward in our financials, like from FY 2027 onwards? I think you should probably look at margins more on a year-on-year basis. Got you. than a quarter-on-quarter basis. Okay. Growth also should bounce back, yeah? Yeah. Okay. The second question was on the purpose of the fundraise. Of course, you have mentioned everything, but there was an interesting line that you had used that time-sensitive, capital-intensive, and competitively rare. If you can elaborate more on this, what kind of capital intensity will be required here? Is it an urgent project? You highlighted that we'll be commencing supply from Q4. If you can elaborate more on this. I think those two are very related. The enabler, the resolution for fundraise is essentially just. We're not in any capital right now. I mentioned that categorically in my speech. What we are doing more and more now are discussing projects where the scale and volume of the projects CapEx required are very high. Okay. Where we're looking at setting up capacities for 50 devices a year, I'm not going to be service that from India or from Abu Dhabi. The CapEx will be a one-off professional CapEx and this is why the resolution is so that if such an opportunity arises, we're able to quickly act on it. Got you. Okay. Thank you so much. Thank you. The next question comes from the line of Raman KV with Sequin Investments. Please go ahead. Hello, sir. I just have two questions. One is with respect to the semiconductor tray. What will be our total addressable market once we start manufacturing to multiple clients? As of now, we are doing only for one Korean customer. What do you think is the total addressable market for this product? We will be looking at supplying to everybody who's setting up semiconductor manufacturing in India, offshore manufacturing in India. Let me just rephrase the question. I just want to understand out of the total value chain of the semiconductor, what% of this in terms of value will be this product? I think this is more of a volume game, where this is a consumable and would be needed by the semiconductor plant on a day-to-day basis. Okay. Obviously, the chip value will be much higher. This is a good package, it's a very decent value. Okay, understood, sir. Sir, my second question is, with respect to the pending lift tables, we have an existing capacity of 30 million pens, we have added 25 million pens in March, we are planning to add another 25 million by July, August. What will be the incremental revenue from this newly addition 50 million once it reaches your optimum efficiency of 60%-65% in next 2-3 years? I think we have given out a total revenue number which is possible from the capacity. You should look at that instead of a incremental number. This will be difficult to talk about it. Total as in with respect to the total 18 million, right? What is that one revenue? Based on the investment in fixes which we have, you could probably look at a 2-2.5 as the. That's the way to look at it. Understood, sir. Thank you, sir. Thank you. The next question comes from the line of Aman Thadani with Solitary Investment Managers. Please go ahead. Hello. Am I audible? Yes. Yes. Thank you for the opportunity. Sanjay, Amit, I have a few questions for you. The first was, you agreed in last quarter that we are seeing some rejection, as in the machines were rejecting 30%. I just wanted an update on that, what is the rejection rate right now in healthcare and any other manufacturing challenges that you could face at scale? Rejection has come down to 8% on the line. Okay. The speed has also gone up. What happens with increased speed, when we run it for several shifts, we come across a breakdown. That breakdown needs to be resolved permanently so that it does not affect the speed again. At the moment, we are running at roughly 34 parts per minute on an 80 parts per minute line which is why I said that we are running at 45% overall equipment efficiency. The rejections are down substantially. Yeah, it is work in progress. It should be. It is not an impossible task, it is just a matter of time. I think with learnings from this 22 million capacity that Amit said, when you again come up with a newer capacity of additional 25 million over there, is it fair to assume that the initial rejections will be low given the learnings that we would have had till then? Yes. It is not going to be zero, but it will be lower for sure. Not so much our learning, I think what we need to start doing is we look at an investment cycle from triggering the investment to it going on stream of about 12 months. I think we need to look at 18-24 months now. We have to initiate the build slots. These are very complex lines, and as you can imagine, there is also a handful of suppliers globally who make these lines. Got it. Sir, my second question is that two more big areas that you are looking at now, that is consumer electronics and semiconductors. I just wanted to understand what sort of maybe hiring or depth in talent you are looking for in these areas, and when does that hiring begin? For consumer electronics, we are not doing anything in the Middle East. Middle East is purely healthcare. Hiring will begin towards maybe quarter one next FY. All the way into September, October next year. Got it. Would we be looking to have someone in Mr. Joe Kam for healthcare? Will that be that side of hiring, or will it be more maybe manufacturing related? No, Joe is the Chief Operating Officer. I don't need two of them. He is responsible for the India side, he is responsible for any sites we put up globally. The team will. Electronics and semiconductors, similar to that level, we will be looking for or that are maybe not that complex, so you may not look for that. That is the question. I think what we need on the consumer electronics side is a very high degree of technical expertise rather than organizational expertise. We might lean towards someone with much higher technical expertise and maybe less administration or organizational expertise. Again, it's candidate to candidate. We take a call when we evaluate candidates. Yeah, very good. Sir, just one last question, the semiconductor order that you got, just can you qualitatively speak about it, like time it took for us to qualify, how many players was Shaily competing against, and what is our edge in this product? That was also my question. Thank you. Sorry, there's too much echo on your line. In the semiconductor order, just can you qualitatively speak about it in terms of the time it took for you to qualify, how many players Shaily was competing against, and our edge in this product against other players? Yeah. Sanjay, you want to take that? I really don't know how many players we're competing against, to be honest. There was just too much of echo, so I couldn't hear Aman properly. The question is- Could you please repeat your answer? Am I audible now? Yes. Much better. Sir, in the semiconductor order, I just wanted to understand qualitatively that the time it took for us to qualify and how many players was Shaily competing against, and our basically edge or USP in this product, basis which we got selected for this order. I think the reason we were able to tie up with this customer is basically because of the technical competence which we have. While the product looks very simple, it's extremely complicated, and it's made of conductive plastic. The key technical skills required for modeling the product. I don't know how many people were there in discussion, but I'm sure they would be in discussion with multiple people. The way we have looked at it, so we'll be the sole manufacturing partner in India. Got it, sir. I'll get back in with you. Thank you so much. Thank you. The next question comes from the line of Hina with DAM Capital. Please go ahead. Yeah. Hi, sir. Am I audible? Hina. Go ahead. This is just a continuation to the previous participant's question. Just wanted to understand on the semicon plays, sort of landscape versus, is this largely China replacement sort of opportunity? I understand we will be source of goods for your client, but how do we look at it from a more five-year perspective over here? Will we be competing even if it is in India? If you look at it from a global perspective, there are players in Korea, there are players in China, there are players in Philippines- who basically manufacture chip trays. Okay. Some of them might come and set up shop here. You'll be basically competing against them. I don't think on a long-term basis, any of the chip manufacturers would look at importing these trays on a day-to-day basis, because this is something which is required by them every day to run their plants. Okay. Assuming these players do come into India and set up shop, going down the line, do you think that will be pressure on the profitability we would probably enjoy in the first few years? It's a little early to talk about it in terms of that question. Sure. Again, a lot of it will also depend on the quality, and if you have tied up with them earlier, then you have a much more longer relationship, then the customer would not be willing to make that change also. There could be multiple factors for around that. Okay. Sir, roughly, would we know how cost competitive say a Chinese player would be versus us? Again, it's something which is currently difficult to answer that. Okay. Understood. Sir, one small question. I think we did speak about what sort of pen supplies we will be doing this year. I think initially I heard 40 million to 42 million, but then you also mentioned 36 million. Just wanted to understand the right numbers for FY 2027 that we would be targeting. I think Amit mentioned 40 million to 36 million. Right, Amit? Yeah. That's correct. Yep. Okay. Understood. Okay. Thank you. Those were my questions. Thanks. Thank you. The next question comes from the line of Lavina with Systematix. Please go ahead. Hi. Thanks for the opportunity. Am I audible? Yeah. I wanted to know that on the recently announced INR 423 crores order for pen injector from a large domestic company. Can you clarify whether this order is entirely incremental or it includes discussion of any existing business orders? Can you share the broad details regarding the customer profile? We are bound by NDA, so we will not be able to share the name of the customer. Otherwise, we would have put it in the press. The other details are already in the release. It's a supply over four years. Pen injectors. Okay. It is incremental over the four years, right? The supply is spread over four years. I don't understand what you mean by incremental. Okay. Increment. Yeah, exact. Sorry. The second question is that, have we signed any agreements or entered into any commercial engagements with the innovator companies in the GLP-1 segment? No, not yet. Okay. Thank you. That's just from me. Thank you. The next question comes from the line of Priyanshu Jain with Growex Infinity. Please go ahead. Priyanshu Jain, your line has been unmuted. Please go ahead with your question. Yeah, Amit. I'm going to be away from the desk. As there is no response, we'll move on to the next question. It's on the line of Shrenik Mehta with IndWell Spelt. Please go ahead. Shrenik, your line has been unmuted. Please go ahead with your question. Yeah. Shrenik, can you hear us? My question is about the healthcare revenue that grew almost 139% in FY 2026. The consumer declined almost 9% and now sits at almost 52% of the revenue versus 71% a year ago. You have this INR 423 crore pen injector order that is spread over 4 years. Can you help us understand the quarterly healthcare revenue run rate that you expect in FY 2027? Specifically, what proportion of this INR 393 crore of FY 2026 healthcare revenue was one-time ramp-up versus the recurring supply? At what point does the consumer need to recover for you to sustain almost something, say, like a 25% consolidated top-line growth? Shrenik, I think it's very difficult. We do not give out quarterly numbers the way you are now looking at it. Only for the pen injector order. Just kind of a run rate is what I was thinking. That's what I'm saying, that we do not give out that, and quarter-on-quarter would be very difficult for us to do that. We don't give that out. The second question is what sort of revenue comes from one-time and what is regular supply. It's a combination. Again, we don't give the breakup of those numbers, but this year you will see a lot of ramp-up happening on GLP-1 with the launches which have happened in India, Canada, and expected launches in other countries. A lot of it will basically be regular supplies, which will happen, so you will see a ramp-up in the volume. Okay. Any lights on when you expect or when you feel that the consumer need to recover, the consumer division? You see, the consumer business has seen a degrowth in the second half of the year. If you look at the first half, the consumer business grew. Because of what's happening globally, with the U.S. and Europe, two large economies seeing a different demand. In quarter four, we also saw some cancellation of orders or something from Middle East because of the war happening there. I think as and when the global situation improves, you would see that demand coming back. At the same time, as we have mentioned in the presentation also and earlier, we continue to add more products on the consumer space, and we will continue to do that. The growth will depend on how the global situation pans out. All right. All the best to you guys. Thank you very much. Thank you. Thank you. Ladies and gentlemen, that was the last question for today. I would now like to hand the conference over to the management for closing comments. Thank you very much. FY 2026 was marked by execution and continued improvement in operational performance. Our focus remains on scaling our new capacity and disciplined financial management. We remain confident of the sustainable growth years ahead. Again, thank you everyone for joining the call. We hope that we've been able to answer all your questions adequately. For any further information, I request you to get in touch with SGA, our investor relations advisors. Thank you and have a nice 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. Thank you.