Ladies and gentlemen, good day and welcome to the Q1 FY 2027 earnings conference call of Shaily Engineering Plastics Limited. As a reminder, all participant lines will be in the listen-only mode, and there will be an opportunity for you to ask questions at the end of today's presentation. Should you need assistance during this conference call, please signal an operator by pressing star, then zero on your touch-tone phone. Please note that this conference is being recorded. Before we begin, a brief disclaimer. This conference call may contain forward-looking statements about the company which are based on beliefs, opinion, and expectations of the company as of the date of this call. These statements are not the guarantees of future performance and may involve risks and uncertainties that are difficult to predict. I would now like to 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, everyone, and thank you for joining Shaily Engineering Plastics earnings call for quarter one FY 2027. I'm joined today by Sanjay Shah, our Chief Strategy Officer, and SGA, our investor relations advisor. I hope everyone has had the opportunity to review our financial results and investor presentation, which have been uploaded on the stock exchange as well as the company's website. The global operating environment remained challenging in the quarter, with continued uncertainty arising from the geopolitical situation in West Asia and its wider impact on supply chain, as well as commodity markets. This led to volatility in key raw material prices, particularly polymers, alongside logistic disruptions, container availability constraints, and elevated freight costs. Despite these external headwinds, we remain focused on execution. Through disciplined operational planning, supply chain management, and calibrated pricing actions, including pass-through mechanisms wherever applicable, we were able to effectively mitigate much of the impact and ensure business continuity. Before I get into the highlights of the quarter, I'd like to take a minute to reflect on our healthcare journey and what we have achieved so far. Quarter one has been exceptionally exciting with launches, so I thought I'd take a moment and reflect on it. When I look at where Shaily stands today, our position rests on two principles that we have not compromised on: quality and innovation. Our focus is consistently on delivering the best possible outcome for our customers and for the patients who depend on our devices. That standard has shaped every decision along a very difficult path, one we traveled for years with much of the market unconvinced that we could deliver. We took on risks that few in our industry would accept, stayed focused on the objective, and treated our early failures as critical information, one that we learned from, corrected quickly, and moved on. Combined with a deliberate effort to hire the best talent in the industry globally, this approach has produced measurable results for Shaily. Six of our eight device platforms are now fully commercial and sold across global markets, developed within seven to eight years. Over the same period, Shaily has delivered the world's first generic semaglutide launches in multiple markets and also secured the first tentative U.S. FDA approval for generic semaglutide. Building on this, I'm pleased to announce that we have appointed dedicated heads of business development for both Europe as well as North America, our two priority growth markets. Both are senior industry leaders. With them in place, we are in discussions and confident of securing a partnership with a major global pharmaceutical over the near term. The healthcare strategy is clear. Continue to scale GLP-1 and insulin and simultaneously get into niche areas like emergency-use devices, on-body injectors, and more sustainable reusable devices, as well as forge partnerships with global pharma to take the next leap in Shaily's healthcare growth story. Coming to the quarter. As committed earlier, our additional 25 million pen capacity is expected to become operational by end of September, taking our total installed pen injector capacity to approximately 75 million pens per annum. Moving to our segment-wise performance and key business developments. Healthcare continued to deliver robust performance during Q1 FY 2027. Segment revenue grew 85% year-over-year to INR 142 crore, contributing approximately 51% of consolidated revenue and becoming our largest business segment for the quarter. Growth continued to be led by our pen injector platform, including devices used for GLP-1 and other chronic therapies. During the quarter, we received orders for injector pen supplies following regulatory approval secured for the sale of semaglutide in Canada, Brazil by our pharmaceutical partners. In addition, we've also signed two new platform projects, further strengthening our long-term product pipeline. The consumer segment reported revenue of INR 116 crore during the quarter, accounting for around 41% of consolidated revenue. Performance reflected softer demand in home furnishings across Europe and U.S., our largest export markets for the business. During this period, however, we continued to expand customer relationships and add new programs that strengthen our future revenue pipeline. In Q1 FY 2027, we secured a global project from an FMCG customer and also won new business in the LED lighting segment. The industrial segment maintained its healthy growth trajectory, with revenue increasing 25% year-over-year to INR 23 crore. Growth was supported by new customer additions and increasing opportunities across engineering applications, including consumer electronics. During the quarter, we received business confirmations for new projects from both appliance as well as automotive customers. We also onboarded new customers with orders covering five consumer electronic components. Going forward, we remain focused on building sustainable revenue streams in this segment, particularly through consumer electronics and semiconductor trays. As we look ahead to FY 2027, we aim to strengthen and ramp up our newly commissioned capacities, deepening strategic customer relationships, accelerating innovation through our IP-led platforms, and maintaining operational excellence while delivering sustainable and profitable growth. With that, I now hand over to Sanjay, who will take you through the operating and financial highlights in more detail. Thank you very much. Over to you, Sanjay. Thank you, Amit. Good afternoon, everyone. Let me now take you through the financial and operating highlights for the quarter. Machine utilization improved to 50.2% during Q1 FY 2027, compared with 48.7% in Q1 FY 2026, reflecting a gradual improvement in capacity utilization. Exports accounted for approximately 58% of consolidated revenue during the quarter, compared with 76% in the corresponding quarter last year. The change is primarily due to the growing contribution of our healthcare business, where products are supplied to global markets through our Indian pharmaceutical customers. Coming to the consolidated financial highlights for Q1 FY 2027. Revenue for Q1 FY 2027 stood at INR 281 crore, compared with INR 247 crore in Q1 FY 2026, registering year-on-year growth of 14%. EBITDA increased to INR 83 crore from INR 70 crore, reflecting a growth of 18%, while EBITDA margin improved by 120 basis points to 29.7%. Profit after tax stood at INR 48 crore, compared with INR 41 crore in Q1 FY 2026, representing a growth of 17%. Tax margin improved to 17.1%, an expansion of 40 basis points year-on-year. Coming to segmental revenue breakup for Q1 FY 2027. Consumer revenue stood at INR 116 crore, compared with INR 151 crore in Q1 FY 2026, reflecting a decline of 24%, largely due to softer demand across Europe and U.S. Healthcare revenue increased to INR 142 crore from INR 77 crore, representing an 85% year-on-year growth. Industrial revenue grew to INR 23 crore from INR 18 crore, delivering a healthy growth of 25%. That concludes the update from my side. We will now open the floor for questions. Thank you. Thank you very much, sir. We will now begin the question- and- answer session. Anyone who wishes to ask a question may press star one on their touchtone telephone. If you wish to remove yourself from the question queue, you may press star two. Participants are requested to use handsets while asking a question. Ladies and gentlemen, we'll wait for a moment while the question queue assembles. We have our next question from line of Shaleen Kumar from UBS India. Please go ahead. Yeah. Hi, thanks. Hi, Amit. Hi, Sanjay. Congratulations on the good set of numbers. One first question. Can we know how many pens we have done in the 1Q? All delivery devices put together, we've done about close to 9 million in the first quarter. All right. Amit, what would be the ballpark proportion of insulin and GLP-1 in that? You've got a bit more than insulin and GLP-1, there is other therapies in the mix, rough ballpark would be, consider 50%-60% GLP-1s and the rest would be insulin plus other molecules. Got it. Would like to know the status of the new line, which we have set up beginning of the previous quarter. We were facing some issues in setting up and reaching the optimal levels. Where we are on that? We have increased speed on that line by about 9%. It still needs further improvements, we have a plan. There's some additional equipment needed on the line, which is still it's not received much idea. As soon as that is installed, that line should be able to see another 30% jump. All right. That's great. Timeline for that? It's a constant struggle right now, Shaleen, we're looking at essentially before the end of this quarter. All right. The next line, which we're getting in this or next month, do you think that you will face similar challenges, or we have some learnings from the current line and the upcoming line will be much smoother? One thing we've made sure, we've delayed getting the second line that is coming in. I mean, not beyond what we had anticipated, just if I look at the overall program, the line was to come in and then go through a ramp-up. Instead, we've kind of switched that strategy. We're going to do the ramp-up and get to a 80%+ efficiency at the supplier before we do the FAT and then ship the line. We're not doing any R&D here. Effectively, once the line is here, maybe in a month or two, we should be able to achieve similar efficiencies like 80% we're talking about? Absolutely. Amit, on that basis, you have done 9 million in 1Q despite all the challenges. 2Q, your efficiency is improving. In 3Q, 4Q, your line will be double and operating at a much higher efficiency. Your full-year guidance is 36 million. Mathematically, you will be beating your guidance even with a single line operating at a much lower efficiency. Is it fair to believe that you will do much better than your guidance? It's an evolving situation because it's not just. It's a mathematics It's not just our ability to deliver, it's also customer partners having some short-term potential supply chain issues as well. Yeah, I think we should be able to go beyond 36 million. Short answer is we should be. Yeah. Effectively, if nothing, no other variable changes, demand remains strong, I hope it is strong, and you're able to execute the strategy. We should be in a comfortable position of beating our guidance of 36 million. That's the way to put it. Yes. Great. A bit on consumer electronics, and then I'll join back the queue. Any status update on the new plant, where we are? Have you started supplying commercially to the customer? How many parts have been qualified? Any update on that? We have started commercial supply. We also got awarded five new components, as I mentioned that in my earlier speech. From a new customer in consumer electronics, which we should be able to put into supply just before the end of the year, end of the financial year. In terms of starting up of the new plant, we are looking at, I think you'll receive an update in the next quarter earnings call. Plans are quite solid and moving forward as projected. Have you secured the location land? Short answer, yes. We haven't announced it, but yes, we have. All right. That's great. I have a bunch of more questions, but I would rather join the queue. Thank you so much. Thank you. Thank you. Ladies and gentlemen, in order to ensure that the management is able to address questions from all participants in the conference, please limit your questions to two per participant. Should you have a follow-up question, we request you to rejoin the queue. I repeat, please limit yourself to only two questions per participant. Should you have a follow-up question, we request you to rejoin the queue. Next question is from the line of Ritesh Shah from Investec. Please go ahead. Yeah, hi. Thanks for the opportunity and congratulations for good set of numbers. First question is on gross margin decline on a sequential basis. It's a bit perplexing given the healthcare pie in revenues has actually increased. Just wanted to understand, one is the pricing and second is the cost plus arrangements that we have on insulin and GLP-1 devices. A related one, any color that you can provide on pricing for those devices, taking into account the two large Chinese companies, which are also likely to hit the supply curve. How should we look at overall pricing, margins, and cost plus? I think that's the first question. Thanks. Ritesh, on gross margins, what you would have seen is post-March, because of the war, commodity prices basically increased substantially. In addition to that, freight prices also went up. We've had some premium freight incidents where we've had to airlift material. While the pass-through with some customers would have been delayed, would basically have happened between May and June. With some customers, the cycle would have been probably in July. That was the reason why you see some gross margin decline. We expect that the gross margin would come back to normalized level by quarter three. That's great. On the pricing side? Yeah. The question was quite vague on pricing. Yeah. I kept it vague by design. I just wanted to understand your sense on pricing for the GLP-1 devices, specifically with potentially Chinese competition also hitting the supply curve. Chinese competition, as far as my knowledge goes, Chinese are potentially putting their product on the market somewhere around $1.50- $1.70. Again, copycat product, not really anything novel, that is 20-year-old technology. Some products that the Chinese have put on the market do infringe not only our patents, also other key suppliers globally. We are looking at a strategy on how to deal with that, we are not too concerned about the Chinese pricing, very honestly. It is not that it is half of ours. Ours are, I think, somewhere above the $2 mark. There is certainly a difference. Okay. Yeah. I just wanted to understand, what is the frequency of price renewal? Typically, these are long gestation volume contracts. You fix up a certain cost plus with a two-year tenure, or is it on a certain volumes? How does it work? These are not cost-plus contracts. They are basically just volume and market-driven pricing contracts with their mechanism to do price review annually. It all depends on the type of agreement. It is not a cost-plus business, first of all. It is an intellectual property-led business, it is never going to be a cost-plus business. We look at a base index on various things, inflation and potentially polymers. More importantly, we look at longevity of the contract and the commitment, that is how pricing is decided. Perfect. My second question is on, we had put in precedence with respect to Dr. Reddy's INR 423 crore order a few quarters back. We understand that they have issues with regard to impurities in Canada. Brazil also is stuck for technical issues. In these circumstances, how comfortable are we with our guidance of 36 million? If not for DRL, do we have likes of Apotex or somebody else who will comfortably lift our shipments? In the current context as well, wherein there are certain issues with DRL, is the offtake ongoing or is it some other companies are actually taking out our products? Ritesh, I don't think we have named the customer. We've said we have secured business from a pharmaceutical customer, we don't want to name the customer. On the volumes part of it, I'll let Amit answer the question. With whatever's happening on a particular partner, the fact is that we actually need to supply more because there's a gap, and the gap needs to be filled. Right now, we still have most of the approvals in various markets across the world, it's one of our partners selling. We still remain confident of the guidance. Sure. This helps. I'll join back the queue. Thank you so much for the answers. All the very best. Thank you. Thank you. We have our next question from the line of Harshh Shah from JM Financial. Please go ahead. Yeah. Hi, team. Thanks for the opportunity. A few questions from my side. Firstly, in terms of, Amit, sir, if you could give some sort of color with respect to the sort of visibility or rather the type of conversations that you are having with your customers with regards to the Abu Dhabi capacity. Obviously, it is some time away from here, but some color on it in terms of the type of conversations that are going on. I think we've said roughly 50%-55% is kind of We've got commitments and indication on that capacity. The rest we are working on. The plant is supposed to start selling by end of FY 2028, we should get into commercial sales by the end of FY 2028, which means the capacity, if you think about it, is really for the markets opening up in Europe in 2028, plus insulin, as well as the markets that will open up globally in 2030, 2031. Got it. Okay. Secondly, on the consumer electronics vertical. If I have to, say, join some dots, basically commentary that you all have been giving for the past few quarters, and also this time around, you did mention regarding the new win from a customer. How should one think about the type of scale you can reach in, let's say, in the next two to three years? Or rather, let me put it this way. When do you think Shaily as a company can realistically, say, hit a $10 million revenue? I mean, some ballpark, some color on it, just for the investing community, for our financial models. Yeah. Harshh Shah, what we're doing is we're building up the portfolio and customers adding products to it. We'll continue to do that. I think 24-30 months is the short answer. Again, this is not a guidance, this is what our projections look like. We think we can get to that number within 30 months. Got it. Just to appreciate this customer win, are you in the position to give some qualitative details in terms of the time taken for you to get qualified for the customer? Anything on that side? Harshh Shah, again, some of these details will be confidential, it will be difficult for us to comment on that. Yeah. Sure. Just lastly, from my side, in the U.K. subsidiary. Obviously, if we do console minus standalone, that kind of includes both the U.K. and the U.A.E. subsidiary. If I have to kind of just do a normal calculation, I see a bit of a drop in the U.K. subsidiary revenue. Is that more of a timing kind of issue that is coming for the subsidiary? Yes, it is a timing issue. Look, there are certain milestones that were achieved at the very end of the month, what we do is we don't raise an invoice until we get confirmation from a customer that the milestone is achieved. It's a timing issue. It will come back over the next three quarters. Safe to assume that for the full year, we can do at least 15% kind of growth in the U.K. subsidiary? Harshh Shah, we're not giving a guidance here. Yeah. Thank you. Sure, no worries. Thank you. That's it from my side. I'll get back in the queue. Thank you. We have our next question from the line of Nirali from Unique PMS. Please go ahead. Yeah. Hi. Thank you for the opportunity. I have two set of questions. One is on the consumer electronics. I understand you don't want to name the customer, but on the product side, can you qualitatively share how critical or complex your products are, and whether it is only one customer and we are in talks with more customers or not? Some qualitative direction on the consumer electronics part. Nirali, what we have said is that, if you look at the presentation and what Amit mentioned in his speech also, it is one customer where we have added five components. Which is a new customer. New customer. It is pretty complicated and very complex components which we are doing. Think of it this way, that everything that we do would be internal components. As we move forward. We will look at adding customers of very small devices or small appliances, consumer electronic appliances. Very complex, by the way. Okay. A lot of these components would be more complex than what we actually manufacture in our pens and auto-injectors. Okay. Interesting. Secondly, on the healthcare side, one, any update on, we were in talks with innovators. Any directionally how are we moving on that side? In your opening comments, you also mentioned that other than GLP-1 and insulin, you are working on few other healthcare products. If you can spend some time on that. Look, what we are working actively on is, first is emergency use. Emergency use typically has a very high reliability requirement, which is mandated by the U.S. FDA. We're working on emergency use auto-injectors that can support customers across the world on molecules like epinephrine. It's not just epinephrine, but there are some molecules which are under confidentiality, so I will not name them. Second is that we're looking at sustainable solutions for auto-injectors. Essentially auto-injectors, you have close to 1 billion auto-injectors that end up in the landfill every year just based on semaglutide and tirzepatide therapy. We're trying to come up with, and we're looking at launching by the end of the year, our reusable auto-injector. The third therapy we're working on are on-body injectors. On-body injectors are typically used in oncology treatments. We're looking at a molecule and developing the program further on, again, biologics or biosimilars, but we've got a delivery range from 3 ml to about 23 ml. We're not sure if we can do 23 ml, but from 3 ml- 15 ml is likely possible to be done on our platform. Those are currently under talks. On the innovator side? Innovator side, like I said, I actually made it a part of my speech. I'm quite confident that we'll get somewhere over the next four to six quarters. We have dedicated staff now, senior industry leaders, both in the U.S. as well as in Europe. We're very hopeful that we can make some sort of an announcement in the next six quarters. Perfect. Just one last clarification. Semiconductor side revenue should start from Q4 of this financial year, right? Yes, that's the current Q4 Semiconductor revenue. Yes. Yes. Perfect. Thank you so much for answering my question. All right. Thank you. Thank you. We have our next question from the line of Akhil Parekh from 360 ONE Capital. Please go ahead. Yeah, thanks for the opportunity and many congratulations to the entire team for solid execution. Amit, in your opening remarks, you highlighted that we have appointed two heads based out of Europe and U.S., probably for getting contracts from innovator brands. Would you be able to share some color on their background from where they have come from, and probably the internal discussion with regards to what their key roles would be? That's my first question. Yes. Our European business head comes from Well, education, he's done his master's from HEC Paris and business school from Burgundy School of Business, and long experience in medical devices, drug delivery particularly, but he's also worked in other industries. Our U.S. head comes from all of my competitors and some essentially West, Phillips-Medisize, Stevanato Group, Haselmeier, Shaily. The role is probably what they're supposed to do, if you can throw some colors. Sorry, can you repeat that? You were just-- No, I'm saying in terms of the internal discussion with regards to what their roles would be or KRAs would be, if you can throw some color on it. They're heads of respective regions, heads of business development for the respective regions. Their role is Look, when you work with innovators, there is quite a lot of technical discussion. While they're commercial roles, they are fully responsible for liaising and getting projects scoped out and spending the time and resources needed with the development teams to meet the customer's objectives. It'll be an end-to-end role. Sure. Good clear. My second and last question is with regards to our consumer segment. It has been on a declining trend for some time, and its contribution is reducing on a quarter-on-quarter basis. How should one view at it, say, from next three years perspective? We are now getting more and more into high-end tech and science-driven precision engineering manufacturing. Will it make sense to have this portion of the business say, three or five years down the line? That's all from my side. I think the way we look at it, to Shaily's overall performance, I don't think it's going to make much of a difference. We don't know what happens in three years, what happens over a period of three years. Essentially, Europe and North America need to see growth for the home furnishings business to do well. While we're adding new customers, we think we're in a fairly decent position. Akhil, just for your information, if you look at it in quarter four and quarter one the business has grown. When you look at Q1- Q1 year, there has been a de-growth on the business. Between Q4 and Q1, the business has grown. Sure. From full year perspective, how should one look at it? It's difficult. I don't think we'll be able to give you an answer. I don't think it will make a difference to overall Shaily's bottom line. I think, Akhil, what we also had said when we did the Q4 call, this business would probably not grow in the current year. We'll remain at the level which we did in FY 2026. Sure. Thank you so much and best luck for coming quarters. Thank you. Thanks, Akhil. Thank you. A reminder to all participants, please restrict yourself to only two questions per participant. Should you have a follow-up question, we request you to rejoin the queue. We have our next question from the line of Sanjay Kumar from ithought PMS. Please go ahead. Hi, Sir. First question on the consumer electronics. Our industrial business segment has grown 15%, have you started supplying the five parts for this customer? From current capacity, what revenue can we do in consumer electronics from our existing capacities? Sanjay, we have just taken on the business. Amit mentioned earlier that we will start supplies by the end of the year of these components. We actually look at a ramp-up from next year onwards. We would be looking at some investment. That will be from existing capacity itself, right? Because our new. We have just. It will be from existing facility but there will be some investments which will be required in tooling and automation and everything which we'll be doing. Okay. What will be the CapEx that we'll be doing for consumer electronics and semiconductor trays, and the timelines also for these CapEx, please? Semiconductor trays, I think we have mentioned it. We are looking at investing about INR 5 crore and odd in our existing facility, which would meet initial requirements. Once we start supplies and once we know how the market develops in terms of how customers in India start scaling up, that's when we will have a better idea in terms of how we would be required to make further investments. On consumer electronics, again, we have said that once we set up a plant down south, we would be looking at an investment of somewhere between INR 80 crore-INR 100 crore in that facility. Okay. For this consumer electronics, Amit mentioned that it is a small device, but the customer also has other devices. Can we get into these other devices or is our scope limited to this particular device? We're looking at getting into the whole ecosystem. It will be a process which we need to go through, work with the customer for that, which is what we are trying to do there. Okay. Got it. All right. Thank you. Thank you. Thank you. We have our next question from the line of Rupesh Tatiya from Long Equity Partners. Please go ahead. Thank you. Thank you for the opportunity and congratulations, Amit, for fantastic results in healthcare. In semiconductor trays and packaging, what is our right to win? What is the complexity of these trays? I assume it is a consumable. A bit more qualitative color, if you can give, that would be very helpful. Rupesh, this is very special trays. These are not trays which, like I said, we call it trays, but it is very specialized. The dimensional tolerances are extremely critical. It's very specialized raw material, conductive plastic. There are a lot of features around it, which is very critical. Not too many players will be able to do it. Even if you look at from a global perspective, there are less than a dozen companies who do this business globally. As this ecosystem develops in India in terms of semiconductor manufacturing, this requirement will go up and we are trying to be part of those. These are trays you use it once and then throw them away. Is it like that? What would be annual requirement in India? Is it in few hundred thousands or is it in millions? It will be millions. As I said, this is a consumable, it will depend on the type of capacity which is being set up in India. This would be required in a very large quantity. There is enough of information which is available online, which I think you could research and you'd get a sense in terms of what sort of market this can be. Okay. The second question, sir, is any plans to enter any other pharma consumables? There are quite a few and a lot of them have a lot of barriers to entry. Are we looking at any other pharma consumables? No. No, we're not looking at getting into it. We will not get into pharma consumables. Okay. Thank you. Thank you for answering my questions. Thank you very much. Thank you. We have our next question from the line of Vinil Shah from Dalal & Broacha. Please go ahead. Thank you for taking my questions. Most of my questions are answered. I just had one query. If the management could speak about the opportunity, like quantify the incremental TAM, which has opened up for now with the- Can you come a little louder? We cannot hear you. Yeah, sure. I just wanted to know that if the management can shed some light on the opportunity, the incremental TAM, which has opened up for us with the approvals received for semaglutide in Canada and Brazil. That's a very generic I just wanted to understand what is the opportunity for us. Sorry, I'm still struggling to answer that question. If you can be more specific, please. Vinil, if you were looking at more in terms of understanding how much of this market for Brazil or for Canada, I think, again, there are research reports which quantify that market. I think we are not competent to talk about this market in terms of- Okay. ...what could be the market share for that. Okay, sir. Thank you very much. Thank you. We have our next question from the line of Aman Vij from Astute Investment Management. Please go ahead. Yes. Good evening, Amit and Sanjay. My question is on the pen side. Given now we have already supplied maybe 5 million- 10 million pens. How is the initial feedback on, say, both the main platforms from Brazil, from Canada mostly, because this is the first time we are scaling this to a very big number. Could you talk about the feedback from the customers, from our final end customers also in the last few months? How that has been with the two platforms. Feedback has been, let's say above average good, pretty good. We're not seeing very significant issues. There are issues, not saying there aren't, but let me put it this way, there is a lot more involved beyond Shaily's device manufacturing that goes into the market. I would say that we've had very less number of issues in terms of the device performance. We have trending data now on all the batch release that we do, and batch release goes through a very extensive testing. We've not seen even a statistical decline in any of our numbers. Statistically, the performance of the device is very strong. Sure. That is helpful. Second question is on the scaling up of our customers in Brazil and Canada and the other big geographies like Türkiye. Is my understanding correct, maybe as of today, only five, seven players apart from India. India, a lot of our customers have launched. Canada, Brazil, maybe less than a half a dozen customers would have launched. In the next two, three quarters, is it expected that maybe at least half a dozen more will launch and we'll see a good scaling maybe Q2 or Q3 onwards? Look, once a market has shifted already to some generic, then taking that same patient and shifting to another generic is difficult. I think Canada, we will be quite dominant in Canada. Brazil, we are number two, I believe, in terms of launches. We should still control a very significant share in Brazil as well. If I look at what's coming up, both in Canada and Brazil, I think we will still continue with a majority position. India, to be honest, I really don't know what's going on here, market's increasing, decreasing. Someone's taking up share from someone else and everything's playing out, let it consolidate. I think it's a good market to be in. Any light you can throw on the other big geographies which might open up very soon, like Türkiye and Mexico? Mexico, Türkiye, and Middle East, Saudi particularly. Let's see. Aman, I don't have more information right now, Mexico obviously can be a big market. We expect to be, say, top three in all these three newer opening up markets also? Why top three? I think we should be top. We should be the largest player. Okay. demand side, at least, not only for this year. You have talked about this year, you're confident of 36 million, even next year- Yeah. ...you are quite confident of scaling right side. Yes. Short answer is yes. Sure. That helps. These are my questions. Thank you. Thank you. Thank you. We have our next question from the line of [Ishika Garg] from VJX Research. Please go ahead. Hello. Yeah. Hi there. Sir, I kindly have two questions. Firstly is, our revenue from the consumer segment has fallen in percentage. I kindly want to know the primary reason behind this fall is the fall in market of furniture in Europe and U.S.A. What is your take on India? Is it also driven by India or Indian furniture segment is kindly doing good? Look, the share of our products we supply to our customers with respect to India is probably 2%. Yeah, it's very negligible. It's very negligible, it makes no difference whether India market picks up or doesn't. The reality is the share in Europe and North America has de-grown. That's where we are. Sir Thank you for this. Second question is, our revenue segment from the export segment has fallen. I want to know in absolute term, what's the case like? In absolute term, the export revenue is still greater than the domestic or is it that the domestic segment has picked up faster or at a higher rate than the export segment? Ishika, what's happened is, as I mentioned in the speech, our sales on healthcare have gone up quite a lot. While healthcare sales are for overall global market, we supply to a lot of it goes to domestic pharma companies who basically then put in the drug and then export it out. That's one reason for the mix changing. Second is, we have seen some de-growth on our consumer business, which is mainly export-oriented, where the consumer's business revenue has come down. That's another reason for the lower export percentage. Sir, what do you look in future? Still, if we look in quarter one FY 2027, still majority of the revenue is coming from export segment. What's your outlook in the future? Like in future, domestic revenue will be overtaking the export revenue? Ishika, as we move forward, I think our healthcare business is going to grow. We are going to look at more growth on our semiconductor and consumer electronics business, which will again be more domestic-focused. I think the domestic business overall will grow as a percentage. Okay, sir. Thank you, sir, for your insights. Thank you very much. Thank you. Thank you. We have our next question from the line of Ritesh Shah from Investec. Please go ahead. Hi. Thanks for the opportunity again. Two questions. One is, as we are growing at a very fast scale, Amit, the question is specifically for you. How are we looking at retaining employees? Do we have any further plans of ESOP schemes? I think that's one. Second, you did indicate emergency use autoinjectors, reusable autoinjectors, and on-body injectors. At what stage of development are we for all these three, and what will be our moat that we bring on the table with respect to these three products? Thank you. I'll take your last question first, Ritesh. The reusable autoinjector, we've gotten it to a point where we will be testing performance in the current month or early next month. We will be showcasing it for the first time at CPHI in Milan. Let's say it's quite advanced. On the emergency use autoinjector, it's a program that we've been working on for over roughly 18 months, and we will bring it to a closure by the end of 2027. Its a device where you have-- Sorry, just a second. It's based on the Shaily AI Toby, but with key changes in design. It's got a automatic needle insertion into the patient. You have to understand that, with these emergency use, a patient must get drug or they will die. Automatic injection, dose delivery, and retraction. Very high level of reliability. We have to statistically prove, through testing and performance, that we meet 99.999% reliability on activation of the device. It's going to be a very novel device, and something that we feel is not many of our competitors are doing. In fact, I'm not seeing any of our competitors do a single emergency use device. Then on-body is more getting a partnership and moving on with the development of the Mira, something that we prototyped about two, three years ago. Now to your first question on talent. I think we're quite well respected in the industry. We know people who want to come and work for us and work with us. That's how we recruited our business development guys in both U.S. and Europe. Retaining talent, training them, we're spending a lot of money on training our talent. Since Joe has come on Board and has now become fully active, there's also, let's call it new ideas or ideas from someone who's got a lot of years of experience in the industry on manufacturing quality and automation. We're in that journey. We're doing well. I think we can retain the talent. It's not so much ESOPs. We pay well. There are ESOP schemes that other employees will become eligible for in the coming years. For now, I don't see a challenge retaining or hiring new employees. Our culture, Ritesh, it's a fun environment to work in. You should try it out. Thank you. Yep. Just to go back to the first one, how big can these three products be? GLP-1 is huge. These three products, what we are looking at, there are products in the marketplace as well. How are we looking at it from a scale standpoint? Is it the new GLP-1 kind of cash flow generator? What is the thought process over here from a profitability and a scale-up standpoint? Think of it this way, something like emergency use would be mid-single digit millions to high single digits, maybe low double-digit millions. You essentially, given the complexity of the therapy, you have a device cost of $6- $10 per device, right? It's an expensive therapy. It's an expensive proposition to design and manufacture it, but with the risk comes the reward. Something like a on-body injector would be in the range of $15- $25 or $35, for example. Again, you'd be looking at low millions, very low millions, maybe one or two, but a high-value, high-margin therapy. On the reusable auto-injector, we don't know. It's our take on what the industry needs. We find out as we showcase the product. We don't know what the market will look like. Perfect. This is for Shah with just quick follow-ups. Anything incremental on Cipla? We were working on the inhalers over there. Is there any progress? That's one. Secondly, for the Abu Dhabi facility, what are the timelines we are looking at? Has the orders placed in for the machinery, civil construction started? How should we look at it given it will impact FY 2029 volumes for sure? Ritesh, I don't think we have ever said anything about Cipla and inhalers, to be very honest. We are not doing any inhalers at the moment. As far as Abu Dhabi is concerned, the site needs to be in production by end of FY 2028. Sure. This is very useful. Thank you so much. All the very best. Thank you. Thanks a lot. Thank you. Ladies and gentlemen, that would be the last question of the day. I now hand the conference over to the management for closing comments. Thank you very much. As we move through FY 2027, we remain encouraged by the momentum in our healthcare business and the progress we're seeing across our strategic growth initiatives like consumer electronics and semiconductor. While certain end markets continue to experience near-term demand softness, our diversified business model, expanding healthcare platforms, and disciplined execution positions us well for the future. Thank you everyone for joining today's call and for your continued interest and support. Should you have any further questions, feel free to reach out to SGA, our investor relations advisors. Thank you very much and have a great evening. Thank you, sir. On behalf of Shaily Engineering Plastics Limited, that concludes the conference. Thank you for joining us, and you may now disconnect your line.