Ladies and gentlemen, good day and welcome to the Gufic Biosciences Limited Q2 FY 2025-2026 investor 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 zero on your touchstone phone. Please note that this conference is being recorded. I now hand the conference over to Ms. Shwetha Shetty. Thank you, and over to you, ma'am. Good afternoon, everyone. I welcome you all to Gufic Biosciences Limited's earnings conference call for the second quarter of financial year 2025-2026. We have with us today for the call Mr. Pranav Choksi, CEO and whole-time director; Mr. Devkinandan Roonghta, CFO; and Mr. Avik Das from the investor relations team to give the highlights of the business and financial performance of the company and to take questions if any. Before we begin, I would like to say that some of the statements that will be made in today's discussion may include certain forward-looking statements which are projections or estimates about future events. These estimates reflect management's current expectations about future performance of the company. These estimates involve a number of risks and uncertainties that could cause our actual results to differ materially from what is expressed or implied. Gufic does not undertake any obligations to publicly update any forward-looking statements, whether because of new confirmation, future events, or otherwise. I hope you have received the investor presentation that we have posted on our website. I will now hand over the call to Mr. Avik for sharing the business highlights. Over to you, Avik. Thank you, Shwetha, and good evening, everyone. Thank you for joining. I'll provide a focused update on the direction and what is changing inside the business units. I'll start with our hospital injectable platforms, which include critical care and Splash. In critical care, our approach remains hospital-first and science-led. We are concentrating resources where protocols drive repeat use, such as sepsis-resistant infection and invasive fungal diseases. The intent is to win depth in the existing accounts, embed our therapies and care pathways, and let molecules plus compounds share. Portfolio additions are chosen to strengthen our AMR stewardship and reduce escalations for the use of last-line drugs. On Splash, Splash is being shaped as a platform for offering niche products to a wider segment of hospitals and nursing homes where service reliability matters as much as the brand. Our medium-term focus areas are contrast media, parenteral nutrition, and cardiac critical care. In this division, we are tightening our execution levers, which include coverage, distribution control, and increases in hospital rate contracts. When contrast media and TPN go live, we scale within our existing accounts, and we do not have to go out looking for greenfield accounts. Moving to our women's health platform, which includes Ferticare and Zenova. Ferticare's path is category creation and advanced fertility, particularly in the reproductive immunology. The first-to-market immune therapy for recurrent implantation failure is about solving a very difficult clinical problem and earning specialist trust there, and adoption here will be steady and not spiky. On brands, our working guardrails have remained unchanged, as we have indicated in the previous quarter. Puregraph is trending towards a INR 250,000,000 annual run rate. Supergraph is on a two-year path for a INR 150,000,000 brand. Guficin Alpha is well-headed towards a INR 10 crore brand, and SetcoCare is positioned to be the top choice in the antagonist class. The objective is a coherent basket that captures more of the IVF journey and not to have a long tail of this escape. Now, on Zenova, Zenova is a stable specialty platform in women's health and hospital. We are building preference at the point of care and balancing the mix with differentiated launches. The near-term job even here is execution quality, which is consistent prescription depth and very disciplined brand rollouts. Growth here is durable rather than promotion-driven. Now, moving to our toxin platform, which has Asterderm and NeuroCare. On the Asterderm front, we are extending from our toxin anchor into a fuller aesthetic ecosystem, which will include fillers, skin boosters, and biostimulators. We intend to do this without diluting our focus on toxins. The logic is very simple here. A broader portfolio enlarges the clinician funnel and creates a progression path into toxin over time. We've advanced our in-licensing for global quality fillers and biostimulators. We are building a scalable practitioner training engine so launches convert efficiently here. Now, on the NeuroCare front, which is our therapeutic toxin, the strategy is a long cycle but high lifetime value, which is create new injectors, widen indications where guidelines already support use, and expand specialty coverage beyond neurology. This is methodical market making, which is covering training, evidence creation, and awareness building so that usage is repeatable and protocol-driven. Now, moving to our last platform here, which is a surgical platform where healthcare division operates. This particular division blends modern evidence-based Ayurveda with musculoskeletal care. Our flagship over here is Salaki, which is positioned as a care pathway rather than a symptomatic pill. Rydol continues to build relevance in the acute GI segment. We are adding selectively here. We've added molecules such as Vonoprazole and other molecules where science and prescriber behavior are shifting in order to keep the portfolio focused and relevant to the market trends. That wraps up our domestic branded formulation business. I'll move to our international business update. Our international business continues to progress as planned, with focus on strengthening our global partnering model and expanding regulatory reach. During the first half of the year, Gufic Biosciences secured its first marketing authorization in the EU. This gives us direct access to regulated markets and important milestones that establish a platform for future filings. We also received 24 key product and facility approvals across regulated and emerging markets, including markets such as South Africa, Colombia, Portugal, Myanmar, Sri Lanka, Cambodia, Thailand, and Lithuania. These approvals enhance our footprint across critical care, gastro, and anti-infective portfolios. Now, on the broader opportunity, which we had indicated in the last quarter, the combined addressable market for our primary molecules stands at about $800 million across identified countries. We are finalizing the sequence and timeline for market entry based on local intelligence and have begun the filing of doses across multiple geographies. The partnering model remains strong with continued engagement from leading global health organizations and regional partners. This is enabling us to scale our complex injectable portfolio internationally in a disciplined and compliance-led manner. Now, on the last part, I'll give you a quick update on the Indore facility as well. The facility continues to progress as per plan. Over the past quarter, the focus has remained on steady scale-up. Tech transfers have now been completed for 40 products, and an additional 27 are under development and stability testing, expanding the base of both lyophilized and liquid injectable offerings. Vendor audits by more Indian pharma partners continue with multiple new audits scheduled through the second half of FY 2026. Our global audit timelines remain unchanged, with EU GMP and U.K. MHRA targeted for latest by Q1 of FY 2027, and the U.S. FDA milestone to follow plan-triggered timelines thereafter. Operationally, the plant is on track to achieve its utilization and EBITDA target for FY 2026, and we maintain our guidance of Indore becoming margin-accurate by FY 2027 onwards. Overall, the project remains aligned with our roadmap and is scaling in a disciplined compliance-first manner. With that, I hand over the call to Mr. Roonghta, our CFO, for the financial update. Thank you. Thank you, Avik. I'm going to give the financial highlight of Q2 of 2025-2026 versus Q1 of 2025-2026 because Q2 of 2024-2025 versus Q2 of 2025-2026 is not comparable because Q2 2024-2025 does not include the Indore plant because the Indore plant was started from January 2026. Likewise, the half-yearly result of H1 of 2025-2026 is not comparable with the H1 of 2024-2025. Therefore, I am highlighting the result of Q2 of 2025-2026 versus the Q1 of 2025-2026. The total revenue for the Q2 is INR 2,300,000,000 compared to Q1 of 2025-2026 is INR 2,270,000,000. EBITDA for the Q2 is INR 379,000,000 compared to Q1 of INR 332,000,000. EBITDA margin has improved to 16.45% compared to 14.63% in Q1. The profit before tax has been increased to INR 205,000,000 compared to Q1 of INR 163,000,000. The PAT margin has further improved to 8.9% compared to Q1 of 7.18%. The profit before tax for Q2 is INR 14.9 crore compared to Q1 of INR 12.1 crore. PAT margin is further improved in Q2 6.47% versus Q1 of 5.32%. Thank you very much. Gufic Biosciences Pranav Choksi, Devkinandan Roonghta, we can start the Q&A session. 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 touchstone 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. The first question comes from the line of Nitin Gosar from Bank of India Mutual Fund. Please go ahead. Hi, team. Thanks for the opportunity. One thing which I think would want to point out in PPT that you guys give out, I think somewhere we need to also start putting in numbers in terms of revenue share because that graphical representation is not giving us optically every quarter how things are shaping up. If you intend to disclose data, I would say request you guys do put in efforts to also disclose the numerical numbers so that life becomes easy for us to track your company. Coming to the question, sir, would like to understand over the last first half, things have progressed on the revenue part, but when it comes to gross margin, we have shown good improvement. However, the employee expense and the other expenditure have been constantly going up. Could you help us understand what has changed in the last four quarters where the costs have been going up? On the sales mix part, definitely things are improving since the gross margins have improved. If you could reflect back what has happened in the last four quarters and as we stand today, would this be the true desirable gross margin that our business can showcase with the current sales mix, or is there any one-off? Yeah. I think I have an opinion here. I'll take the question, and I think Roonghta, sir, I'll just request you to come in in terms of the margins going forward. Just to understand, sir, about your question, you say, would you like us to give a breakup of Indore and outside individually, or would it be more preferred for you in terms of the four SBUs, strategic business units only? Strategic business unit will help because eventually both the plant will start to run at optimal levels while our business strength relies on or the inherent strength is between the different SBUs. I think if going forward, if you can give a breakdown of how the SBUs have done on numbers, that will help our situation because then we'll be able to closely monitor how things are progressing. Otherwise, we will be indicatively close, but we'll still not be sure how things are progressing. True, true. I think you're right. I think mostly we discuss it during the investor call, but if it's in the form of a PowerPoint representation, it will really be help to track that on a Q2Q basis. Fine. We got that message. I'll ask my team also to work on that. Coming to your question specifically, yes, as we had mentioned earlier a few times also about the Indore plant finally contributing in terms of declogging the backlog of orders, that is one of the reasons where you see the revenue going up. I'll just tell you the reasons for the revenue and the gross margins, and I'll come to the employee costs specifically. If you're not asked, but the other expenses also would be part of the mind, I would just talk about that also in general just to give everyone a perspective. The revenue would be because of the declogging. October 2024 onwards is when the Indore plant commercially started raising invoices. I think December was the month when the first invoice was raised, and that's why you see the capitalization stop from Q4 on a whole and other than that. Now, specifically regarding the margins increasing, it is because we also have in this first six months gone a little bit more higher in the international business, and I think that is something which, again, answers your question. If we give you that breakup of how the international business has a little bit moved up as compared to the other sectors, that would give you an understanding of how the margins would go up and also continue to go up in the next few quarters also. Domestic business is also growing. CMO business has a little bit, I would say, suffered in these six months because most of the capacity which was available, we are mostly focusing on exports, and we have already requested most of our CMO partners to shift to Indore. This is a long-drawn process because of audits involved as well as also validation batches and three batch data they wait for at least six months typically, and then every company has their own, I would say, requirements in terms of QA, and then they transition to the new facility. We hope that the CMO business also would start picking up from Q3 onwards, and we would see and hold some, I would say, revenue to be captured hopefully by Q4 or maximum by Q1 2027. Coming to the employee cost, as you know, you must have seen the announcements in the last, I would say, three quarters in terms of getting Dr. Rajiva Garhwal or we got Vijay Kumar from Galderma or Dr. Rajiva Garhwal from BSV, or we had taken Dr. Raj Shaker from international business. He joined way back also in the end of Q4 last year, and Q1 was when he was fully fledged there this year, and then also followed by Mr. Rajesh Kaur who joined in Q2 this year. There have been some in case of domestic business as well as international business, some recruitments and additions done. I'm just highlighting the top people, and along them also the team has been structured by which we have got some additions coming in, which will, of course, they will already have started contributing, but you'll see the add-ons happening in the quarters to come in terms of the regulatory, in terms of the market penetration, in terms of business intelligence, and so on and so forth. Also, with the regulatory department also being a little bit more expanded, keeping in mind the demands of Indore. That's why there have been some products which have been, I would say, validated for the Indian market where there are some phase threes going or maybe there are some validation batches and testing going on or bioequivalents being done for certain products which we are going to launch in the next year, as well as some clinical data being worked on on some complex injectables. That's the reason other expenses also have a little bit gone up in terms of R&D as well as those here. Employee, like I mentioned, because of these restructurings and addition of team members, this is what has happened. Plus, the area is also, of course, is one of the points. Again, I'll hand it over to Roonghta, sir. Maybe he can elaborate in a more specific manner. Roonghta, sir, please take it forward. Basically, if you see there, employee expenses have been gone up because of the Indore plant. We have to incur approximately INR 45,000,000 per quarter salary, and that is one of the reasons the employee expenses have been gone up, especially high, because INR 90,000,000 is the extra employee expenses in the Q2 of current year compared to Q2 of last year. Other than this, there is annual increment has been given to the employees. That is another one of the reasons for increasing the employee expenses. The finance cost has been gone up because of the capitalization. Previously, the interest was capitalized in Q2 of the last year, whereas the current quarter, the interest has been charged to the P&L. Similarly, the depreciation has been increased only because of the Indore. Interest is also increased because of the Indore. Other expenses have been increased because of the Indore also, because there is a light electricity bill, there is a consumable consumption, and there is a fuel expense. All these expenses are also contributing because of the Indore, including interest, depreciation, employee costs, and other expenses around INR 180,000,000 per quarter we are incurring for Indore expenses. Got it. This is very clear, sir. This is very helpful. Apart from this, just wanted to understand on the domestic part, how this business is scaling up because we do not have the past track record of how the quarterly numbers have shaped up. Any heads-up, how first half the domestic growth would have been and same for the international business? Yeah. International business, of course, is growing almost by, I think, 32%-33%. That is also a reason because of some tenders from the U.K. market as well as some new markets also opened up like Canada and South Africa and Brazil. In terms of the domestic market specifically, the infertility division has really taken steam with the PureGraph and the Guficin Alpha, along with even Supergraph, which was launched. The infertility division is one of the growth, I would say, players. The critical care as per Spur, I think, are growing at around 8%-10%, but that is in spite of that is the value growth. The main issue would be, of course, the erosion of units. I'm sorry, the units are growing much higher, but the value is being eroded, so you see a net of around 4-6% only come in there because there have been some erosions in pricing. It's not the margins getting affected, but the top line being affected because there's an overall price downwards trend of the API, which has to be passed on to the market. That's not that major. Like I said, because of the capacity priorities, the CMO has definitely taken a dip in these first six months. Again, coming back to the domestic market, the healthcare business and Zenova are in that 10-15% trajectory. This Ferticare is a little bit on a higher 18%, and the domestic Ferticare, I mean, critical care and Splash would be around 5-6%. Perfect, sir. Very clear. I have more questions, but I'll join the queue and come back later. All right. Thank you. Bye. Actually, before we go to the next question, I just got a nudge from my colleague. We forgot to mention the botulinum toxin part of the business. The botulinum toxin business is also growing at around 22% for both, that is, neuro as well as aesthetic. That completes the domestic basket. That's it. Sorry. Let's proceed to the next question. Sorry, I just had to add that. Thank you. The next question comes from the line of Bhavya Sonawala from Samaasa Capital. Please go ahead. Thank you for the opportunity. Am I audible? Yes, you're audible, Bhavya. Yeah, yeah. Please go ahead. Yeah. Just two questions. Last call, you had kind of spoken about how we were in talks with some U.S. brands for in-licensing of Stonoxo. Has there been any update on that? Are we still in talks? Yes. I think that was around two quarters ago. Last quarter, already, I also clarified that we had received a commercial offer, which we found not worth pursuing in terms of the bandwidth, which we had to employ in terms of setting up a separate entity only for the regulated markets. Talks are still on, but like I said, for us, the priority right now would be to completely scale up Indore because, as you understand, if tomorrow, even if the money comes in from someone else, the entire bandwidth to create a new facility again would put us into some sort of capital investment for the next two years, and my team would be engaged. The priority right now is a conscious call between the CFO, myself, and the team that we have Indore, we have the dual chamber bag, we have botulinum toxin. Let's go for, I would say, focus on these three things which are already available with us, get the debt off the books, go for a top line and increase the margins. Also, there'll be a sort of a GLP-1 contract manufacturing opportunity also where we'll be putting in some money, which is anyway ongoing since the last few months. Let's focus on all this where our, I would say, bandwidth is already there and we already have our hand in the field. Then maybe after a year or after two years, if that opportunity comes up, we can explore it. Understood. So these other opportunities like GLP you spoke about, the timeline would be another few quarters to get some solid kind of business coming in? The GLP-1 is a pure CMO model with Hetero, which is there, and one more company, but mostly with Hetero where they are going to take the brand for, like Remdesivir, as you're aware, with Gufic had tied up with Hetero for the front ending. Similarly, here we are purely looking at a CMO role for Hetero for semaglutide for India and some other markets also. Those, I think, from Q1, the patent goes off in March 2026. We see that, I think, Q1 revenue should capture that depending on the other market players, depending on the regulatory approval, DCGI approval, that is, and depending on how the market goes. It is too preliminary to talk about GLP-1. Like I said, there is important bandwidth being utilized for that. Yes, that should, if whatever comes up, right, would come in Q1. Understood. Understood. Just the last question. I think you spoke about it, but just kind of reconfirm. From the last quarter to this quarter, the revenue increase has been quite nominal. Is that the result of, one, that you spoke about, some API prices have taken a dip, and the second that the CMO business has taken a hit because, as I'm assuming, Indore would have scaled up quite a bit considering 40 molecules have already transferred, has been done. Is it those reasons, or is there something else that is kind of making the revenue look very marginal in terms of last quarter? When you compare April to June to July to September, if you see the additional revenue, which whatever you can see as compared to the last year is purely Indore related. Because, as you know, we were almost out of capacity in Navsari. Now, answering your question specifically about Q1 versus Q2, there's always a transition where some quarters you take a product like a ticoplanin and some quarters you take a product like a pantoprazole. Even though the capacity utilized in terms of units is increasing from Q2 to Q1, of course, we had more production of vancomycin, azithromycin, and pantoprazole products happening in Q2, whereas in Q1, we had orders more of tigecycline and ticoplanin where the top line was a little bit higher. This averaging, as the batches get transferred, there are campaign-based production which is happening in Indore. You will see the cumulative effect coming in maybe Q4 where you will have both the basket and products being stabilized because the advantage of Indore is that once I take a batch of a ticoplanin, it is 105,000 vials or a tigecycline, which is almost 44,000 vials. Then the repeat orders come after almost a quarter. With the existing clients, what we have or even our domestic business, the inventory buildup. The advantage of the large, I would say, batch size in Indore helps us to keep the capacity free for any opportunity business coming in. Q1 was mostly where you had high pricing and high revenue molecules as a mix. Even though the quantity increased in Q2, you had then low revenue products like pantoprazole or vancomycin or azithromycin being part of the tech transfer. As you go more in the Q3, there will be some fungins with a mixture of even, I would say, glutathione and doxycycline, which again are a mixture of medium and high-end products. The volumes of fungins are less and the, I mean, the low transfer pricing models are high. That mixture will continue and you will see the benefit from Q4, like I said, as a whole. Okay. Thank you so much. I'll come back in. Thank you. Thank you. The next question comes from the line of Adityapal from MSA Capital Partners. Please go ahead. Hello. Am I audible? Yes, Aditya, please go ahead. Thank you so much for the opportunity. Just a lot of my questions have been answered. Just wanted to understand. Now that a lot of CMO partners have audited or are in the process of auditing our Indore plant, a large part of that revenue will move to Indore. There will be a dual effect, right? Navsari will start contributing a lot to exports and the CMO will move from Indore. If you can just touch upon how the current Q3 is looking and the Q4 is looking in terms of plant audits from our existing customers. Yeah. So almost four of our clients have already gone full-fledged to Indore, except, of course, there are some residual products which always go depending on the media fill. The liposomal amphotericin B and the depo injections are not shifted to Indore because there we want to go for a one-time validation for international market and domestic market together. We hope that around three more clients would be onboarded along with the four clients also. I'm looking at purely domestic CMOs right now. Of course, there are small, small individual clients which normally have one product or a couple of products at max, which also are going to be added. The major, like I said, we had around 12-14 major clients. Out of the 12-14, we can assume that 50% should be onboarded there by Q3. There will be a new product line in terms of the vials as well as the ampoules, which we are looking at CMO beyond the existing product line in Navsari. Those also should start kicking in from Q4 and Q1 next year. That is why I mentioned that by Q4, you get a little bit of a holistic view. Again, to say that the erosion in prices does not contribute much in terms of the Indore project as such, but that is mostly the critical care and the, I would say, Spur division, which is normally an ongoing thing which happens year on year also. This is what I feel. I think Q3, you'll see three more, and then by Q4, you'll see a little bit more of a mixture of existing clients coming in plus new clients coming in for new product lines. Just a bit of color on. Can I say Q3 and Q4 will be, because I assume Q2 will be flat in terms of CMO revenue, but Q3 and Q4 could be a large bump up in terms of CMO revenue along with our existing scale-up of our domestic branded business as well as slight uptick in exports because of bandwidth being cleared in Navsari. Is that the way to look at it? I think large as compared to your definition, my definition might be different. I'm just saying that on the lighter side. Yeah, definitely, there will be an upside. How much will that be? We are trying to fit in as many pending orders as possible. I would hope that the QA clearances from the other clients come a little bit faster so we can shift them. You also have to understand that these clients also are actually building up almost three months inventory from Navsari before they shift because they also keep this transition risk in place before they actually shift from site A to site B, keeping in mind any issues or anything which comes in troubleshooting, which is a normal protocol which happens. I still expect a decent, I would say, yeah, I would expect an upside in Q3, but in Q4, I would definitely expect a little bit, I would say, more decent or better upside. Understood. Just one last question. First of all, congratulations on the GLP-1. The other thing is just wanted to understand your view in terms of biosimilars or biologics because a large part of those molecules are lyophilized. Are we planning to enter that value chain either through CMO or export? Are we already in discussions? What is your view on that? Biological become, I would say, defined in many parameters like a monoclonal antibody or a recombinant set of products or, for that matter, even conjugates going on, and there are other molecules also. Botulinum toxin also I consider as a part of that thing which we already are into. The vaccine thing is something which we already do, but that will have its own time period of whatever, X, Y years. Recombinant products in terms of in hormones beyond HCG, HMG, SSH is what we are already working on, and we are working on HCG also. We have our own set of biological work happening in our pipeline or maybe launch in terms of botulinum toxin, which would be more relevant to our therapeutic focus. In terms of monoclonal antibodies, I think we would not be going into because that's not our core competency. Plus, all other companies already have a better lead than us, and we are too late or, I mean, very funny. First of all, we do not have our basic therapeutic prowess there. I think even if we want to get into there, there are better people than us who are doing it. The pricing and the lead they have, I think it will be not economically viable for me to get into the monoclonal antibodies. This is my opinion. I may be wrong, but this is my opinion as of now. No, no. Just wanted to understand your thought process. It's very clear. Thank you so much and wishing you and the team all the very best for the upcoming years. Thank you. Thank you. A reminder to all the participants that you may press star and one to ask a question. The next question comes from the line of Shubham from Tikri Investments. Please go ahead. Congratulations, sir, for a good setup from them. Sir, our revenue has grown by 6% quarter-on-quarter basis. Can I assume that it is fully contributed by Indore division? In the last conference call, you told that you were utilizing around 18-20% of Indore total capacity. It would be around 24-25% this quarter. Right. So yeah, I think Roonghta sir can give a better percentage idea because he does this also on a monthly and a quarterly basis. But yes, you would be somewhat right. Roonghta sir, would he be right that 18% would have evolved to 24% or around any? I'm sure that 22%-23% was last to last month. I'm sure it would be around 24% now. Yeah. Yeah. Basically, whatever the top line has come, basically, is only from Indore. There is no change in the revenue from the Navsari because Navsari capacity has been fully utilized. Presently, the production capacity is around 25%, but the sale will be around 23% during this quarter because certain material are lying in the stock, but the production was around 25% and sale is around 23%. Yeah, because something will be the validation which we'll keep, which will not be selling also. Absolutely. Yeah. Okay. Sir, there is a steep increase in our current tax effect. Can you give a brief about it? Sorry, can you repeat that again? Yeah. There is a. Basically, what's happened, it is not increasing the gaps. If you see the cash in hand, it is INR 70 crore lying in the cash in hand because on 30th September, the bank has requested that instead of you repeating our cash utilize, you fully utilize our cash carry and keep the balance in current account. That is the reason if you remove the cash, the INR 65 crore, which has been showing as a cash in hand compared to last quarter, last half yearly, then you will see the loan has also become now. Okay. And sir, are we expecting EBITDA break-even in Indore facility in this year? Yeah. In Q4, we are expecting the EBITDA break-even will going to come. Okay, sir. Thanks for answering the question. Thank you. Thank you. The next question comes from the line of Rajakumar Vaidyanathan from RK Investments. Please go ahead. Yeah. Good evening. Thanks for the opportunity. Can you hear me? Yes, sir. Please go ahead. Yeah. Sir, just a few questions. The first one is on the CapEx that we have incurred so far. I just want to know what is the maximum asset time we can expect? I think we have about INR 500 crore worth of CapEx, right, in terms of fixed assets. So these four numbers are good numbers to look at or? If I understood your question correctly, what is the total CapEx and what sort of returns can we expect on that CapEx? Is that right? What is the top line can do? Yeah, top line. Yeah, top line. Runghta sir, you want to take that? Yeah, no problem. The total CapEx for Indore, including the interest capitalization, everything is around INR 350-355 crore. According to our estimate, if the product base is top line is depending upon a lot of factors, product base that is also depending upon international market as well as domestic market. We are expecting that the top line will be in the range of INR 750-800 crore at 70-80% capacity utilization. Okay. So that's about two times the number. Okay. The next question is, what is the outlook on the borrowing side? Where do you see this number in the next two to three years? Basically, we do not have any major CapEx plan in the next two years, and there will be revenue generation. Today, our borrowing, including working capital as well as term loan, is around between INR 350-360 crore. For Indore also, whenever there is an increase in the working capital requirement, because whenever there is a top line increase, you require to have outstanding data as well as working capital requirement for inventory also. Whatever the increase in the top line is going to come, that working capital requirement, we will not borrow. We feel that for two years, whatever the additional working capital is required for Indore, we will be able to generate from internal revenue. The loan should come down from INR 350 crore to INR 300 crore after two years. Okay. Thank you so much. Thank you. A reminder to all the participants that you may press star and one to ask a question. The next question comes from the line of Nitin Gosar from Bank of India Mutual Fund. Please go ahead. Yeah. Thanks again. This would be a more broader question. I wanted to understand over the next three years if one were to understand the pecking order in which the business is going to shape up. I think from bandwidth perspective, Indore utilization is the top priority. But then within the business segment, difficult to help us understand where does botulinum or women healthcare or CMO business, how do they stack up on priorities? We understand the efforts that you're putting in through the PPTR press release that you give out, but how should we understand the gravity of those efforts in terms of what is the big picture looking like? Would hospital segment become the critical part of our cog, or would women healthcare become a critical part of our cog in 2028? If you could just help us put the broad jigsaw puzzle on. Yeah. If you see, I divide our entire business into purely injectables. Injectables also, if you see the product lineup, we have either a critical care or we have a, so we have a life-saving and we have a life-giving, let's put it that way. Botulinum toxin, of course, becomes like the third anchor because that's sort of a separate thing. Let me first focus on the life-saving part. That's the critical care part of business where we have two divisions, which is critical care. Of course, it has further divisions down, but major parent division is critical care, and the second parent division is parsh. Where we, because of the product baskets which we are getting from Navsari and now in Indore, we have gone for a little bit more of a focused approach. In the critical care, we have the CX and MicroCare, and then we have the Primacare. In Splash, we have a complete focus on dual chamber bags, contrast media, as well as total parenteral nutrition. We have clearly done that the entire manufacturing backward core competency of Gufic should be focused in the market going forward, by which there are in the pipeline, we have also more products coming in all these, I would say, two divisions which will take it through. This, in spite of having no product approval in this year, if you saw in the last two years, the ceftazidime-avibactam was the only launch of prominence. In DCGI, we have almost now three, four products coming in in terms of Asterderm-avibactam and Omadacycline, and then Resafungin. Every year, if we hope to even launch one new product and increase the penetration by, I would say, more hospitals, we hope that in critical care with the erosion, 8-10% should be the way going forward. Spur should be a little bit of a different approach because there we are looking into contrast media, total parenteral nutrition, and dual chamber bag. Even after two years of launching the dual chamber bag, we finally got the approval of the price increase in the month of September 2025. A meropenem bag, which we always wanted to have almost a 30% premium, we finally got a 15% premium allowed by the government. That is a big headwind for us that will help us to now launch the dual chamber in a much more relevant way because the hospital also has to look into the margins. They also get a selling a while against a DCB also. These two, Spur should go for a higher trajectory in terms of growth because the base is also hardly INR 50-60 crore, whereas critical care is around INR 200 crore. That is what is it. Infertility, which is right now around combined with two segments of Ferticare and Ferticare Life, or we call it the Fertimax. These two would combine to cross close to INR 100 crore or more than INR 100 crore this year again, and then go for after the launch of the new Unogem that is super pure SSH, we hope that that journey would be around 15%-20% year over year. Botulinum toxin is a very small base, so even though we grow by, like I said, 22%, or we grow by even a little bit higher, we hope that that requires a little bit more of plan building, environmental capacity. I mean, I would say category building. I always talk about the hockey stick. I do not know when it will come, but our efforts are on to get the hockey stick going on because of the margins available in that product that we can really invest in the category building part of it also. The international business, of course, would be growing at a much higher percentage, and that would come once as India Indore declutters Navsari, you will see more and more back orders being taken care of from Navsari. That is the time, and we also have an audit coming up. We hope that by January to March, our Indore also would be EU GMP approved. Then we can see some site amendments or tech transfers happening from—not tech transfer, I would say some product transfer happening for the international market also from Q1, Q2 2027 to Indore, which will again, I would say, declutter the capacity further. International business overall, which is mostly injectables, the same thing. They are the same injectables we sell in the India market. There is no separate product basket. Life-saving, the life-giving, and also the toxin, that is our focus in the international market also. The approach is different. In some countries, we have a full force. In some countries, we do it via distributors. In some countries, we direct supply to the MA holder, and then they distribute. These are the three approaches which will continue. Overall, we hope that the focus of a jump of 20% year over year or 15%-20% year over year should continue with all these things started once they start kicking in together. Very clear. Selvac, if you could help us understand SVX, how much amount we are putting in as an NCR, ND, or any budget, any timeline that you have in mind, how much you want to invest in this kind of products? Yeah. Selvac was just a pure investment in terms of to see how it goes. It's a very interesting thing where we have taken the India rights and also the development thing, but I believe the company in South Australia is still working on the preclinical and the cell line capitalization. I would just see it's not, I think the total investment also would not be more than $100,000-$150,000 right now, and then followed by certain milestones where we have taken some, I think, 6% stake in that company and hoping that once we get a breakthrough there, we should get the front-end advantage in India and also some other countries where we have exclusivity because I feel in solid tumors, there's nothing better than the immuno-oncology, which was my thesis topic also way back in the U.S. I really believe in what they are doing. The combination of anti-CD40 antibodies and interleukins are solid science to take care of solid tumors specifically. I think in the next two, three years, we'll come to know whether the success is there or if they cannot take it through, I'm sure someone else will show interest and might just take them ahead, take it over. For me, it's like I'm more of a passenger there rather than, I would say, a contributor. Yeah. The vaccine and the toxin part is something as biological, which I would like to pursue taking it forward. That's the reality of Selvac as of now. Got it. Very clear. Do today's gross margin reflect the true picture or the potential that the company carries over the next three years, or should we also expect a change over here? Yeah. I think Roonghta sir will answer that. Gross margin. On the gross margin part, I understand that there's an operating leverage available because of Indore. You're referring to the gross margin, right? Yes. Sorry, sorry. I think please go ahead, Roonghta sir. I interrupted. Please go ahead, sir. If you see the past history of Gufic from last two years, the gross margin is between 18-19%. And after Indore. A little bit of margin. Yeah. 18-19%. A little bit of margin. 18%-19%. After two to three years, after three years, after Indore, I feel that the gross margin should at least be at 20%. It may touch 21% after we increase our sale ratio. Presently, our sale ratio is around 20%-25% to international market. If it touches to 30%-35%, then the gross margin may touch to 21%-22% also. Sorry. EBITDA margin may touch to 21%. Yeah. I think EBITDA, yeah. Got it. Got it. Perfect, sir. You're doing a good job, and we want to back you up for that. It might be a long journey, but yeah. Good show, sir. Thank you, sir. Yeah. Thank you. Thank you. The next question comes from the line of Nitya Shah from Kamayakya Wealth Management. Please go ahead. Yeah. Hi, sir. Am I audible? Yes. Go ahead, Nitya ji. First, we want to thank you for the detailed question and answer that you do every con call. From my understanding, I feel that you have a novel product in the Botox space. You have intellectual property, and you mentioned that in the future, you may have to do a capacity expansion to cater to the proposal that you said that you will consider at a later point in time. I realize that there are a lot of segments which you're already catering to. Why not focus more towards the Botox side of things, considering it's a novel product rather than trying to cater to so many different segments? Maybe throw some more light on that. Yeah. If I understand your question correctly, if you see our legacy and our core competency is injectable lyophilized manufacturing. All these life-giving, life-saving, and toxin, I call it Stonoxo just because it's our trademark. I avoid saying Botox, but yes. All these are part of the legacy of the same lyophilized and the core competency of the company. If you see today also the scalability, I'll first answer your toxin question first and why the focus is India and then maybe the world. If you see in the entire world, the total market would be anything around $5 billion-$7 billion, I mean, $5.5 billion-$6 billion, or with a projection of around $7 billion-$8 billion. In some reports, it's around $7 billion-$8 billion. Some reports, it's $5.5 billion-$6 billion. Already, there is a legacy of Botox, Allergan, AbbVie, or Galderma for that matter. In India, the current infrastructure, what we have created and what we can, at least we can enter or we can really focus on the Indian market, where the total revenue of the toxin, both in therapeutic as well as neurological segment, is only $25 million, or even less than that. Sorry. If I correct, it's around anything around $18-$20 million. That's the only revenue of toxin in India. If I compare the population of every other country and the actual, I would say, sales thing, I think India is still the penetration, and a lot of work has to be done. We feel that for me to tomorrow to create another asset of $25 million in terms of even, and very frankly, we are not looking at taking any debt also to create that asset maybe after one or two years. We're very clear that there would be a debt funded by a partner, which is something in lines of what we got earlier as an offer. Tomorrow, the partner will get the rights of the front-end in certain markets, and certain markets would open to us also. That's the strategy which we are going to follow. The important strategy is that when you come up with that sort of a setup, you need an entire bandwidth of regulatory, of quality, of my CEO, Mr. Nagesh, also to need their hands-on when the entire thing happens. We've seen what happened with Indore also, where the entire bandwidth gets sucked onto that. We feel that already we are sitting on quite decent, I would say, pillars or bases, anchors which we can focus on. Even in case of toxin, if we focus on the Indian market with the current setup which we have, we should do that just to cater to that international business and international market where anyway competition is higher and there's a lot of different mindset because once you get into the regulatory process, there you need a pharmacovigilance, you need something else. There are a lot of other things also which get associated with the toxin business. It's not as simple. I feel even if in the next two years, again, I'm saying, if you focus on India, get it to a INR 100 crore level business as a Gufic as such. Already we have now only we have launched the product three years or four years ago. Four years in, I think, aesthetics and sorry, three years in aesthetics and maybe two, two and a half years in neurology. We already are number two. We already have crossed the other players and reached to a revenue where we are number two after AbbVie. We feel that focus there. Of course, focus on our critical care infertility for which we have this amazing infrastructure in Indore. We have a great pipeline coming up also. With a 15%-20% headway coming down the line, once we are cash positive much more than what we are right now. We already are cash positive, but a little bit more cash positive. The debt has been repaid. We can take a little bit more bolder steps in terms of the regulatory as well as the bandwidth creation also. That's why I'm saying in this year also, if you see, a lot of bandwidth has been created by addition of these new, I would say, leaders for our international business, our Glimac infertility business, our Botulinum toxin business, and even for Spurge with Mr. Rajesh Kaur. This structuring happened this year, and we'll see the benefits in the next two to three years. Once we are ready and a little bit more matured there, of course we should look at a bandwidth addition also. For me as management also, we should be very clear how many reviews, how many MIS we need to take. Any new division coming up always takes more time of ours. I feel we are okay for the next two years to go for that 15%-20% year over year and become a little bit comfortable more with debt and more cash flow. I would be more than happy to satisfy you also in terms of the international appetite of Botulinum toxin. Yeah. Right. So because I remember just a few, I would say a year or two ago, we had discussed this where you had mentioned that there was a clear price differential between the pricing of Botulinum toxin here and abroad. That's why I just thought that capturing export market share through a lower price differential would really benefit. And it's like a very niche, novel product, which is why I was saying that maybe we could be more. When I meant it that time also, I didn't mean the pricing part of it. I mean, the price was there, but in order to get that price also, like today, if you go to a Dubai or to a U.S. or Europe, when anyone is going for an aesthetic use of toxin, they want to do the best. I mean, for them, a small delta of price doesn't make a decision that I want. They always say, "If I'm paying so much for my, I would say, cosmetic treatment, which is anything around INR 50,000 to maybe INR 500,000, whatever, I would prefer to have the best of the brands." For us also to go, it's not only the infrastructure which would be there. There would be a lot of clinical trials which need to be done, head-on data which has to be created country-wise. We also have to go for which anyway we are doing in India right now. Right now, a lot of our revenue goes in creating all this data for the India market. That would have to be replicated on a much higher scale, where the cost is also much higher to enter for the regulatory process, to go for the clinical data. Even the entry point to all these countries for getting that delta and pricing would require a very high upfront, which I feel we should do after two years. Of course, I think even in the last 30 years of this molecule, there have been only six to seven players of this toxin. I'm sure the next two, three years will not get a plethora of people coming in. I feel we still have time. That's a great point. Yes. Yeah. Last question from my side is that you had mentioned regarding semaglutide, right, that you would be contract manufacturing. Could you throw some more light on that? What is the potential of this? Very frankly, I don't have that knowledge because we are pure CMOs of Hetero, and they have done the market analysis. We have invested in the backend to support them. It will be very preliminary of me to comment on this because the front-end strategy is completely handled by Hetero. Of course, we have the projections for next year and all that. Like I said, it's not something I control, so I would refrain from talking anything right now. I would rather let the lead company take the initiative. I'm more than happy as a CMO partner backing them up. Got it. Got it. Thank you, sir, for the detailed answers. Wish you all the best. Thank you. Thank you. Ladies and gentlemen, as there are no further questions from the participants, I would now like to hand the conference over to Ms. Shwetha Shetty for closing comments. Thank you very much for joining us today. If you have any further questions, please feel free to reach out to our investor relations team, and we will be happy to address them separately. With that, we conclude today's call. Thank you. Take care. Thank you, ma'am. On behalf of Gufic Biosciences Limited, that concludes this conference. Thank you for joining us, and you may now disconnect your lines. Thank you.