Ladies and gentlemen, good day, and welcome to the Gufic Biosciences Limited Q3 FY 2026 Earnings Conference Call. As a reminder, all participant lines will be in the listen-only mode, and there will be an opportunity for you to ask questions after the presentation concludes. Should you need assistance during this conference call, please signal an operator by pressing the star key followed by zero on your touchtone phone. Please note that this conference is being recorded. I now hand the conference over to Ms. Shweta Shetty, Assistant Company Secretary at Gufic Biosciences Limited. Thank you, and over to you, ma'am. Good afternoon, everyone. I welcome you all to Gufic Biosciences Limited Earnings Conference Call for the Q3 of Financial Year 2025-2026. We have with us today for the call Mr. Pranav Chokshi, CEO and Whole Time Director, Mr. Devkinandan Roongta, CFO, and Mr. Avik Das from 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 would cause our actual results to differ materially from what is expressed or implied. Gufic does not undertake any obligation to publicly update any forward-looking statement, 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. Good afternoon, everyone, and thank you for joining. I'll start with a brief update on what progressed across our business units, where execution is tightening, before Pranav takes you through the divisional performance trajectory and Indore ramp-up. So across the domestic branded portfolio, the focus remains consistent, which is, drive protocol lead depth, improve mix through science-backed differentiation, and scale through repeatable execution rather than only through launches. So first, on our hospital injectable platform, execution remains hospital-first and account-depth driven. In critical care, we continue to concentrate on protocol-heavy segments of sepsis, and other resistant infections and invasive fungal diseases, where the adoption translates into repeat ordering. Over the period, we progressed evidence-led positioning and hospital adoption for some of our advanced molecules, including thymosin alpha one, which is Immunocin Alpha in sepsis, adjacent immune dysfunction, and dalbavancin, our brand Dalbavan for resistant gram-positive infections, and isavuconazole, where we have a brand called Isavufic, in complex fungal infections. The emphasis remains on increasing molecule class share within existing ICU accounts and scaling through corporate chain and tertiary hospital penetration. In Sparsh, we tightened the operating engine. We brought in a lot of distribution control and collection discipline and conversion inside hospitals while continuing to build differentiation through formats like dual-chamber bags. The next category triggers in Sparsh will be contrast media and the total parenteral nutrition range, which we will be launching. The progress to expand wallet share within existing accounts is also progressing well. Now, on our women's health platform, it's been a shift towards prescription-led engine with deeper life cycle coverage. In Ferticare, the strategy remains centered on reproductive immunology and increasing share of cycle and IVF. Core brands continue to compound very well. Guficin Alpha in recurrent implantation failure, alongside Puregraf and Centrocare. And we progressed pipeline work on super pure urinary FSH to expand the stimulation opportunity with high purity and yet very cost-efficient propositions. In Zenova, the execution cadence improved, and our power brands continued to anchor growth, which is Dydroboon and StretchNil. With fertility adjacency building through Ferliforce, the pipeline remains focused on the larger women's health therapy pools of endometriosis, PCOS, and menopause. This will help us widen our long-term prescriber relevance. Now, coming to the toxin platform, where we are building a high lifetime value franchise through capability creation and structured market development. In Aestoderm, we continue scaling Stonox, which is our botulinum toxin type A, while building the capability bridge to a broader aesthetic platform. Injector creation and chain clinic readiness and Indian clinical data generation is something that we focused on to support premium adoption. In neurocare, the progress remains very methodical, which is expanding the therapeutic toxin coverage just beyond neurology into urology, ophthalmology, pain, and neurosurgery. Of course, anchored on indications where adoption is guideline and guideline-driven and long duration. Now coming to our Nutra Ayurveda platform, where we are sharpening our focus into a chronic care platform. We continued strengthening a differentiated pain proposition, such as the upgraded Guficann oil or Gufic Sallaki oil, while building on the GI opportunity with Vonoprazan, where we have a brand called Vonsa as a prescription-led growth lever. Now I'll give you all a quick highlight of our international business, where we are moving towards an IP-controlled, complex, injectable-led market access model. During the period, we saw regulatory progress in regulated and priority semi-regulated markets, including cholestyramine approval in Germany and regulatory continuity actions for pantoprazole injection in Portugal and vancomycin injection in Lithuania. We expanded registrations in Myanmar across a basket including pantoprazole, azithromycin, and fertility hormones, and strengthened the quality gateway through Unit II GMP approval in Oman, which opens up the lucrative Middle East market for us. Finally, on Indore, the ramp-up continues in a stepwise compliance-first manner, with disciplined tech transfer and scaling aligned to our audit readiness. Pranav will address the Indore ramp-up curve and how the divisional execution has translated into our overall performance trajectory. Now over to Roonghta, sir, for the overall quarter numbers. Thank you, Avik. I will going to give a financial highlight for Q3 of financial year 2025-26, versus Q2 of financial year 2024... 2025-26. I'm not able to compare the Q3 of 2025-26 versus Q3 of 2024-25, because the Indore plant was capitalized during the last week of December 2024. I'm making a comparison of Q3 versus Q2 of financial year 2025-26. The turnover for Q3 is INR 231.1 crores, compared to Q2 of INR 230.4 crores. The EBITDA for Q3 is INR 37.1 crores, compared to Q2 of INR 37.5 crores. The EBITDA margin for Q3 is 16.05%, compared to Q2 of 16.45%. The profit before- PAT margin, PAT, PAT before tax for Q3 is INR 21.1 crore, compared to Q2 of INR 20.5 crore. The PAT margin is 9.13 in Q3, compared to 9.89 in Q2. The profit before tax is INR 15.63 crore, INR 15.6 crore in Q2, compared to INR 13.99 crore in Q2. The PAT margin is 6.75% in Q3, compared to 6.47% in Q2. Thank you. Shall we go ahead and proceed with the Q&A session? Yes, you can. Thank you. Ladies and gentlemen, we will now begin with the Q&A session. Anyone who wishes to ask a question may press star and one on their touchtone telephone. If you wish to remove yourself from the question queue, you may press star and two. Participants are requested to please use handsets while asking a question. Ladies and gentlemen, we will now wait for a moment while the question queue assembles. Our first question comes from the line of Nitya Shah from KamayaKya Wealth Management. Please go ahead. Yeah. Hi. Am I audible? You are audible, sir. You may proceed. Yes. So hi, team. Just wanted to, you know, understand some more that, you know, the ramp-up as was discussed in the last call, that, you know, Q3 and Q4 will see a disproportionate rise as, you know, more of regulatory approvals come in and exports pick up. But, the numbers are saying otherwise. That there are many segments, many interesting developments going on, but we are seeing growth of only, you know, 11%-12% on a year-over-year basis, and even quarter-over-quarter, it's flat. So any color, that is this due to some critical price erosion or what is the scenario here? Yeah, hi, Nitya. Pranav here. So yeah- Yeah, hi. So if you remember, you recall the call of Q2, we already had- Yes. Got Mr. Rajesh call for Sparsh. And in critical care also, if you remember, we have, we were directly billing to the hospitals, and we were in the process of revamping our operations, a part of critical care and also Sparsh from going from, you know, direct hospital supply to, you know, taking it back as a stockist. Because a lot of our working capital was getting affected in the long cycle. So as last quarter also, we took a hit of around, I think, INR 5-6 crore. This quarter also, we have taken a hit of INR 14-16 crore. And if you remember, the debtors at a turnover of INR 800 crore was around INR 320 crore last year, approximately. Right. I might, I might be ±. And this year, our target is also with the jump from 800 to whatever we end up, 900+, or maybe 920, 930, whatever. So that way also, we want to bring the debtors sub INR 300 crore. So when in July, Mr. Rajesh Kaul came in, we did a review of the market, that which are the primary, secondary, or tertiary hospitals, where what is the reason that this, you know, money is not coming? Is it stock or is it just cycles or is it some other evaluation? So there has been a comprehensive approach, which started in, of course, Q2, where the impact was only INR 5-6 crore. This quarter has been INR 14-16 crore. As per our estimates, in Q4, it might be between INR 3-5 crore more. But that is what we have taken, a hit, once to get that product out and get the debtors in control. Because it should not happen that the expiry of the product also gives, and the hospital still refuse to pay because they are ready to keep the stock at our expense. So, and at the same time- Right, right. We saw an uptrend in exports, and we saw an uptrend in Ferticare as well as in the other segments. So, you know, and now Indore is also ramping up. So we don't want to compromise- Right. The ramp up of Indore in terms of the working capital by just in the Indian market, still do give those freebies without any recourse. And, you know, and that's the reason that this consciously has been done this year. Because like I started the call in Q1 or Q2 also, the 320 of our over 800 was quite not digestible, neither for the CFO or not for me. And, you know, it, it would not be a good sign in the market also. So that is how this is the thing which we have done. A majority has been finished, like I said, 5-6 last quarter and 14-16 this quarter. Next quarter, even with that 3-5, we are still looking at, you know, that improvements to come in. Because other things start kicking in, even without the GLP uptake, we look at some positivity. Yeah. Okay. And is there any, like, price erosion in the Criticare segment, or have the prices stabilized? No, no. If you see, the gross margins are not a concern. If you see, that's not a concern- Okay. Very frankly. On the contrary, the Aztreonam Avibactam, which was supposed to be launched, will be launching hopefully by this quarter on, maybe Q1. That will also add in the margin. So erosion, I think that the worst has sailed, you know, the APIs and all that is done. So I don't think that's the process. At the same time, even in fertility, the price is quite stable. On the contrary, even taking this hit back, the exports have compensated. So that's why you see the gross margins not getting affected much. Yeah. Right. Right. Understood. So, what is your outlook for FY 2027? Say that once you move onwards from, say, 30% capacity utilization, are we looking to see a 20%+ kind of growth number in FY 2027? Because, you know, it's been a very large capacity expansion. So when will we start seeing, like, a tangible payoff? I understand after the debtors have been, you know, sorted out, but when are we seeing a larger growth come in in FY 2027? What is your expectation on that? So I would still stick to that, that if, you know, from an 800-odd number, 800, 810 last month to maybe... Sorry, last year, to maybe whatever, 920+ this year. Yes, definitely a minimum of 15% is what we look for next year. So like I said, we— It's a mandate given by the CFO and myself to the team, that whatever has to be done, we want to migrate to that stockist billing as soon as possible, and don't go for that, you know, I would say, stretched working capital. So I don't think the impact of that, what do you call this, Sparsh and Criticare would stretch on beyond this year. So 15% bare minimum is what we target for 2027. Understood. On the regulatory side, is there any updates you'd like to give in terms of? Sure. So there has been... Our EU audit has been completed in the month of December, and that went well. So we hope, like I mentioned, that the certificate should come by March or April. So we already are advancing, and so we hope that the business, as we are co-committing, if you see the earlier slide also, I think Avik must have presented- Yeah. Sorry, in the presentation. We look at Q2, max Q3 for uplift of EU markets, at least from Indore. In the meanwhile- Understood. There have been certain other contracts for Indore, which hopefully also should start paying off. So that is a possibility, yes. Okay. Thank you. I'll get back in the queue. All the best. Yes. Thank you. Our next question comes from the line of Aditya Pal from Amsec. Please go ahead. Hello, am I audible? You are audible, sir. You may go ahead. Yeah. Thank you so much for the opportunity. So a lot of my questions have been answered, but wanted to understand. So you explained the domestic business, and you explained the international business. We were also expecting some uptick in our CMO business this quarter and going towards next quarter. So how is that panning out to be? So if I don't go for the correction, we are still looking against that INR 200 crore, almost a 20% jump, Q1 and Q2, if we remove this INR 14-16 crore, what I'm trying to say. So definitely the Indore is... Because I, as you all know, Navsari is chock-a-block and saturated, so Indore is getting the uptake. There have been some GLP-1's validation batches also we have taken. Apart from the audit, there have been other clients also who have come in. So that is happening. So if you, let's say, I'll give you some sort of a numbers. Whatever exposure was around, maybe INR 20-25 crore total output from Indore per quarter, that has at least gone to around 36-38. So that's a positive sign, and we hope that should go to close to 40-42. I'm saying this includes not only the external numbers, but our internal production also. So these are all positive signs from Indore, which will help us to, you know, take that uplift. And this is even without the exports kicking in, and this is without that. So the all this is coming in because of our internal and CMO only. Understood. Understood. And, in terms of, in terms of the cost base, right? So employee benefit expenses has been going up quarter-over-quarter for the last four quarters. Today, it's at INR 40-odd crore. How much of this would be the, because the one-time labor cost, and how much would, would it be due to organic? I think Roonghta sir will be a better person to answer that, and maybe I'll key in, in terms of output later. Roonghta sir, you want to talk about the employee expense, and then I'll come in in terms of the output also. Basically, if you want to see the other expenses, no, it also includes the R&D and validation expenses, and at least for 2 years, 1.5-2 years, this expense is going to be in part of recurring expenses, because Indore required lot of validation batches. No, sir, my question, my question is on employee benefit expenses, not other expenses. Okay. Employee benefit expenses, sorry. Employee benefit expenses today is around INR 40 crore per quarter. It will go to INR 160 crore per year. Next year, another quarter, you can see a hike of around 7% annual increment. The number is now sealed. It's only annual increment which has to be given to the employees, so it may touch from 160 to 175. Understood. This is a standard cost base now. INR 40 is the largest quarterly expense that we can expect. Almost all recruitment has been completed. There is no fresh recruitment, and the increase will going to cover annual increment to the employees. This may increase from INR 160 to INR 175. Understood. Understood. Pranav, the question on productivity. So how are we looking at HCM? There have been some 6 or 7 high-profile appointments also this year, as you must have read. You know, so apart from getting Dr. Raj Shekhar- Sure. For the international business, then ramping up his team for international business, and that's why you see the international business going from almost INR 120 crores to, you know, on a higher side, to going to around. So almost the majority of the growth, almost of around INR 60-70 crores, is coming from the international business, which are the base up around INR 120 crores. I'm talking about the formulation exports, not the API exports. Sure. Similarly, for Dr., you know, Rajiv Agarwal for infertility, and then Rajesh Kaul for Sparsh. At the same time, Vijay Kumar for Galderma. From Galderma, of course, for Stonox. And at the same time also, we also have ramped up, like what Roonghta sir rightly explained. If you see Indore, which was an average of around 350 people, on an average, and of course, I'm saying post the capitalization was out. So let's take the January to March quarter, which is a full quarter, where there was no capitalization. There, the 350 has gone to a rightly peak of around 480, 500, which is what Roonghta sir rightly said, where we need to take care of all our requirements in Indore. So even though the output on productivity has gone only from, I would say 25-26, to around 38-42, the employees are full-fledged now. Now, even, even if I want to up-get my sales increase from 40 to beyond, we are almost at the peak, except for the yearly increments, which would come in, in terms of Indore. And of course, for Navsari and for field force, as he rightly said, the average increment would come to 6%-7%, assuming of course the attrition. And our average, that would normally 6-7% is what we foresee from year to year, from now on. Understood. Understood. Just, just last question before you come back in the queue. So you answered to the previous participant that we are, we are looking at a 50-odd% on the bare minimum for coming in, in FY 2027, 2028. Year FY 2027 and year FY 2028. Now, the question is that because a lot of things are happening, we've got GLP-1, a lot of our CMO customers moving from Navsari to Indore, and fingers crossed, we get our EU cGMP earlier than expected or as expected, maybe by FY 2026. And you said that by Q2 or Q3, the revenues from the international business from Indore should start materializing. So where, what is keeping us on the fence to say that not 20%, but 15%? Is there anything that we should be aware of? No. So I again say that, you know, one thing we have realized that, as we try to go on the international front, the working capital is the most crucial thing, and that is something has become a little bit more sanctified in the organization right now. So even though this year we could, you know, get those numbers, we have been very disciplined about it. So I don't want to, you know, have one more year where I commit something, and I don't deliver. So at least what minimum what we give is what we should deliver. And, of course, if we—there are, of course, many other moving parts which are positive, but if that comes anyway, you know, that's always a positive sign. You will never question me for that. So I always- I- feel that when you said putting me on the block, 15% is high time we give you bare minimum. Whatever goes beyond, we all should be, you know, we'll take it at that time and be happy or not, let's decide at that time. Yeah. Understood. Understood. And on the CMO front, so last quarter when you were discussing, you said that 50% of the clients, of the 12-14 major clients, had moved to Indore from Navsari, and we are also introducing a couple of new vial products within them. The question is that, and you also mentioned that Q3 might not be that big of a quarter. Q4, we can expect a good quarter. So, if you can shed some light on that, how to look at it, how to b ecause at a 9.25% growth, what will be the CMO percentage, CMO revenue percentage? Absolutely. So if you see, when I mean, 50% of my— So we have a Unit 1, which is a hormone and other general facility, which is the legacy facility. Then we have a pen and block. Then we have a Unit 2 at Navsari. These are the 3 main units, apart from, of course, the botulinum toxin. So the Unit 2, which is EU, Brazil, Canada, and all these other accreditations are there, that is out of that 50% clients have all moved to Indore. Because we had to get the capacity fee for our export orders to be taken care of. Sure. So even right now, the order book which we have is more than around, you know, INR 150-155 crores at any time, which we are running with, which is high. I want to bring that order book down to at least INR 80-90 crores, and it's something, you know, it's, it's almost like a, a 90-day window, which I want to bring it down to 60-day window. So that is the main purpose. So that definitely will happen in Indore, from the unit two, and, that is where we feel that, this will take off. Now, more interestingly, we also have got certain projects, for, GLP-1 in Indore also, apart from what we had in, Navsari. Because of those validation batches and because of almost that went for almost 33 for one of the big pharmas, they have gone for a little bit bohemian approach to GLP-1 from Indore, apart from the normal conventional liquid product. So that is where our facility also little look, we see a big upside happening there also. So that validation batches also are now getting done, I mean, it got done in January, and we are seeing the testing everything in February. So little bit of that December and January also went in that validation batches of the GLP-1 from Indore for those things where we feel. You know, when you go for any validation or anything, almost your entire equipment is locked for 3 days or 4 days, where normally it should be properly for 1.5 days. So those are the two factors I feel should also take it more, and we also are pushing more and more of our clients. So we hope that by March or maximum by June, at least, you know, the now remaining 75%-80%... remaining 50%, maybe 75%-80% also move through. So we become a little bit decluttered because now Sari's orders from UK and Germany, sorry, UK, Portugal and Brazil and all that are also ramping up. So we hope that, that front, that, that positivity, we can pass it on in terms of numbers. Understood. Understood. No, wishing you all the very best. I have a couple of more questions. I'll come back in the queue. Thank you so much. Thank you. Participants, to ask a question, you may press star and One. Our next question comes from the line of Vishal Mehta from Oaklane Capital. Please go ahead. Hello. Hi, am I audible? Yes, you are audible. You may proceed, sir. Pranav, I just had one question on the Botox and toxin piece of our business. We've been working on it, developing it for, you know, almost 3-5 years now. What is the current size of that business, and how is it compared to, you know, the last couple of years? How has it grown? And with the team expanding, how do you see the growth in this segment for the next, say, maybe 2-3 years? And also, if you could just highlight what is our capacity here in terms of sales potential, and if there is any potential in terms of exports for this product. Yeah. So, if you see the total botulinum toxin market in India is around $20-$25 million, both for therapeutic and Aesthetics. We are approximately at 23% of the market share, right now in terms of IQVIA, which is there. We are around INR 25-30 crore right now, which is a total market share, which includes our Aesthetics, our therapeutics, and of course, our government supply also. Now, this has, of course, evolved from 2021, 2022, where the actual launch, first the aesthetic division was launched, and then in 2022, the therapeutic division was launched. We grow on an average around. I mean, this year, of course, it was around 22%-25%. The last two years, it has been 30% and 40%, but the base is very low. Now, this I foresee for it to grow in this thing. Luckily, with the, team coming in in the month of February of Mr. Vijay, Dr. Jay and Dr. Jyoti Jay and the entire team, little bit, there also, we have a little bit upgraded our, selling talent. So there also, we have taken some teams from Galderma and, Toxin, which brings a lot of credibility. The perception what, was earlier, you know, it's an Indian toxin. Now you have multinational team members endorsing it. We have now clinical trials also now published. At least one published, the second one being published by the end of this month in February. So those are bringing. Today also, I'm right now in Navsari, just attending the call because we had some doctors visiting in terms of, a scientific presentation discussion on botulinum toxin. So we hope that this is more of an educative thing, and it's more of a scientific thing, which will, of course, gather pace in terms of 20%-25%. There might be a hockey stick, which might come for the entire country and when the entire category gets expanded, and we hope that we are in the first few to take it up. More importantly, what we lack, I'll tell you. What we lack right now is that, you know, right now, doctors, when they endorse our toxin, they say to you, "You have an incomplete basket, you don't have a filler." So when they go to a Galderma or for Allergan, they have a toxin, they have a filler, and as in combination, they feel if I stop buying an X from thing, I have to keep everyone happy, so I get only some part of the shell. With our agreement with the Canadian company, which has been signed, of course, it has been signed now, so I can officially say that right now. So with that coming in, we should be hoping to get that product launched in July. Now, with that product coming in, there will be no excuse that why a doctor should not endorse our product. Because we have an, you know, we have a product of fillers, which is number two or number three in U.S., which has a total revenue of more than $110 million. You know, and we can backpack on that along with our toxin, and it can be a good, you know, I would say, complimentary basket. And then that also helps us to get a little bit more market share. So even without the filler, we are able to get the 23%, 23% market share in a market where, of course, Allergan is almost like a 50% dominant market. So we hope we can take more share from them in the years to come. And more importantly, the category expansion to come, so that will help us to take into the Indian market. Coming to the international market, very frankly, let us first... I mean, my views are that for the next 2-3 years, let us focus on revamping the Indore, getting the, I would say, domestic market taken care of, have a robust system in place for both Aesthetics and therapeutics, and get the fillers also in place. And then maybe from next year end, once the Indore is fully ramped up, maybe in 2027, 2028, start thinking for toxin for the international market. There have been opportunities, but we would like to keep it in the future. Great. Sorry, in terms of sales potential, in terms of capacity expansion, would not be a challenge in this segment if at all demand comes in? I missed the question about the capacity. So the capacity is, I mean, right now, I sell almost around 20,000 vials per month. My capacity can be even 20, I mean, 10 lakhs, 15 lakhs also, that's not a problem. So right now, with 20,000 per month, these are the revenue what we have, INR 25 crore-INR 30 crore. So that's not a bottleneck for botulinum toxin. Even. And as you know, it's a product which we have our own strain, so we are not dependent on any third party also for APIs or toxin or something. Everything is made in-house. Great, that's very encouraging. And also one small question on the margin side. We've given a 15% top line, bare minimum growth guidance. What is it that we look at in terms of margin trajectory with Indore ramping up? How do you see that panning out over the next two, three years? Can I request Roonghta sir to take this question? He'll be more precise. Yeah. If you see the present, EBITDA margin is around 16%. After 2-3 years, when the capacity utilization of Indore will rise more than 50%, we expect the margin again, EBITDA margin will be raised from 16% to 19%, and once the utilization reached more than 75%, then the EBITDA margin may touch between 20-21%. Great. Thank you so much, and all the best for your future. Thank you. Bye. Thank you. Our next question comes from the line of Rahul Girish Shah from Glowstar LLP. Please go ahead. Rahul, your line has been unmuted. You may proceed with your question. Yeah, my question is already answered. I, the same question I was going to ask about the margin part, because this quarter, what I could see is that, with the same model, almost we are nearing 30% utilization at Indore, and, still, margin is compressed to 16%. Because it was earlier you mentioned that, Indore, with which, it will get, EBITDA positive on, or EBITDA accretive, at 30% utilization. So is there any fixed cost is the only thing which is dragging the market, or the OpEx has slightly increased this year? That was my question. Basically, today, only because of the fixed cost, today, the EBITDA margin we are expecting at the break even in the Q4 of financial year 2025-26. In 2027, we are expecting it will end of the 2027, we are expecting that interest and depreciation will also been absorbed by the Indore. After 2027, it will start giving cash margins and as well as profit margins- Are we expecting Indore to reach 50% utilization in FY 2027, by end of FY 2020? By end of, you can expect in Q4 of 2025 to 2026, 2027, the utilization may touch to 50%, but not as an average of full year. So that's great. And one more, the last question, if I can add it to, when is the UK MHRA planned? Because it was originally planned for Q1. Is there any definitive date available there? You're talking about Indore, right, sir? Yeah, yeah. Talking about Indore. Yeah, so Indore, actually, audit has happened in the first week of December from E.U., Portugal. And, if that goes through, then U.K. also accept the same in terms of harmonization. So that audit has been done in the first week of December 2026... 2025, sorry. Yeah. Oh, okay, okay. So, the Q2 or Q3, you said the, the orders and other things will start kicking in, which was hindering the growth, right? The export growth. Yeah, yeah. So the export revenue from Indore will start kicking in for the Europe and the regulated markets from Q3, Q4, because we also have a Saudi audit also in April. In the meanwhile, there are some basic registrations, like, you know, like, Southeast Asian and other markets where the export already has started from Q4 2026, and it will continue going for like Africa, Southeast Asia, should already has already started from this January 2026. Okay. You can update something about Selvax, if the new investment is done and the progress over there, if you can just give a little bit more clear- So I think it's a very far thing, but just to share with you, as you know, this is a cancer vaccine therapy for solid tumors. They had a very good remission rate of more than 68%-70%, maybe more. I think Avik will be more precise with the numbers. And right now, their plasmid and their gene is already ramped up. They also are now in the process of getting it outsourced to Syngene to get their final constructs ready. For that, there was a requirement from all investors to pitch in something, and that's why we also felt that we should be part of the story, because we have 100% India rights, and we have also rights for the some part of Europe also. So this is a thing which I still am, so totally I believe we must have invested close to $150,000 till now in the last 4-5 years. It's something, very long term, but I have a lot of hope and expectations. Let's see when it comes. It's very far-fetched. It'll still take 5-6 years. Yeah, yeah. It's like, investing in a startup sort of thing. Yeah. Yeah, more a startup with good clinical background and good clinical data, at least on an animal level. So it's not completely proof of concept. It's proof of concept with some animal data. Yes. Yeah. Okay. Thank you. Thank you. Thank you. Our next question comes from the line of Bhavya Sonawala from Samaasa Capital. Please go ahead. Yeah, thank you. Am I audible? You are audible, sir. You may go ahead. Yeah, just two questions. First, just want to understand that when we started the direct to hospital approach, we thought we would get some kind of understanding of the patterns, et cetera, and now we are rolling it back. So what exactly, you know, issues did we face that, you know, we are trying to roll it back, I think? If you see, during Sparsh and some part of primary care and critical care, we wanted to go through the primary and secondary nursing homes, apart from the tertiary thing, because we always thought that the tertiary nursing homes, I mean, tertiary, I mean, the big, big guns of the Indian hospital industry, they normally pay in 150, 180 days, but there we have distributors. So when we thought that there will be a better margin improvement and there will be more penetrative data where the margins will improve. So the margins, of course, did improve, but the problem was when the margins improve at the cost of a payment coming after almost 150 days or 180 days, where earlier we were little bit, I would say, you know, shielded by the distributor who used to pay us in 30-45 days. But now with that thing happened in the last two years, and that's how from September, I mean, from August and September, we started changing this. Now, instead of the main thing was the database. I'll come to the database. So what we tried last year, we knew this could not carry on. So from, I think around, October or November 2024, I believe we also started requesting all our stockists to install Marg. So Marg is a particular software in India, where the sales from a stockist to the primary, secondary, or tertiary home can be, you know, checked and at what rate is checked. So that took us almost, almost 8-10 months to convince the stockist that when we are installing this Marg patch or this data, none of their IP data will come to us. It's only that we will get data related to Gufic. So that implementation took time. It started in November, and it eventually got done by September 2025. And at that time, once we knew that now the Marg data is good enough, we thought this transition makes sense because at least we can still keep a control where our products are going. Then we started this call that once now the Marg data is in place, let's start getting, you know, a little bit more for those hospitals, which are eventually, you know, laggards and not paying us on time, at the same time stretching our working capital. So yes, of course, with this, there will be a hit of around some X% more, but that when I compare it with the working capital and the interest cost, it's I think almost, you know, makes no difference. So this is what we took a call in August, September 2025. Okay, understood. Just one more question. I think in your presentation, you've spoken about in Aesthaderm, you've spoken about the global in-licensing, and I'm assuming that the same you refer to the Canadian brand. So is this any kind of tech transfer, or is it a pure licensing deal? Can you just you know, throw some light on that and what potential does it have? It's a pure licensing thing. The total fillers market in India is around INR 200-230 crores. The toxin market is around, close to, you know, around INR 120-140 crores, depending on the exchange rate and all that. So we feel that the fillers also, once coming in, we can, you know, also play around and, more than the fillers, they have a good product in the pipeline in terms of PDRNs and those other conjugates, which are the new age thing. So fillers I have are now, but the future products are going to be PDRN and exosomes. And also they have some unique medical devices which help us for administration of certain specific, aesthetic products also. So it's, it's a good collaboration. Plus, they also have two big training centers in U.K. as well as in Canada, where a lot of new age development of combination treatment of fillers along with GLP-1s and also other things are coming in. So that also going to add value to us. So this is what we feel it's a good mix for us. Okay, understood. Just a last question, if I can squeeze in. I think you spoke about a previous question about Sparsh that we this quarter took a hit of, let's say, 15%-20%, and if you take it on the higher side, that's on a Q-o-Q basis, that's still, you know, 5%-6% growth. So is there something more to it? Because, you know, we were of the idea that Q3 will show some decent ramp-up, considering tech transfers have started and then Indore, sorry, Navsari will be free for some exports. So can you just clarify that? I didn't understand the question. So you're saying that 14-16 impact was there? Can you repeat your question again? Sorry, I missed it. Maybe I didn't understand. Yeah. No, no, so I'm just trying to understand that even if we take the if the INR 20 crore write-off or the issue that we have and consider that that it that was considered as a revenue, that's still 5%-6% growth on our previous quarter. And we were of the idea that Q3 will be- Thank you. Yeah, and we were of the idea Q3 would be quite better considering the spec transfers happen, and then Navsari is also free for exports. So, just wanted to clarify. Yeah, I will explain. So if you see, I got your question. So if you see Navsari's revenue are mostly saturated at the, you know, at the INR 800 crores mark. And of course, you know, the normal domestic growth which comes, will come. So the additional, if you see the entire growth which has been coming in, is because of the Indore ramping up coming in. So, the expectation of doing 10% or 15% on INR 230 crores is not what the statement I gave. But yes, definitely I gave that, we would be coming close to that, you know, INR 250 crores mark. So if you see last year in the same period with Indore starting in October 2024, from October to December, we had done, I believe, INR 200 crores or INR 205 crores. From there, revenue year would be almost at a 20% jump. But yes, QoQ, I don't foresee that drastic jump coming in of 10%-15% QoQ. But definitely, like I said, overall, as a business, 15%-20% is what we are foreseeing because regulations take time, validation batches are still ongoing. Also, you know, there have been a correction of in terms of debtors control this year. So that's why overall, as a package, we feel that this year will be a little affected. Next year, again, I think someone pushed me to answer that. I said, yes, minimum 15% what we usually look for. But yes, hopefully, with other positives kicking in, 20% is what we should aim for, or more. But I think 15% is basically what I give. Because like you said, there are erosions coming in, there might be environmental factors, there might be something else. We don't know how the GLP landscape will also come in. So, I'm keeping i n terms of my word, I'm trying to be a little bit conservative and try to achieve first and then talk more.... Got it, got it. And, and this, the audit that happened, that's the same as EU GMP, right? Is my understanding correct? EU GMP only. It was from Portugal, yes, EU GMP only. Yes. That allows us all across Europe if we- It allows all Europe, Colombia, South Africa, U.K., everything, yeah. Which is same thing as outside. Got it. Yeah. So thank you so much. All the best, sir. Thank you. Thanks. Thank you. Ladies and gentlemen, to ask a question, you may press star and one. We have a follow-up question from the line of Aditya Pal from Amsec. Please go ahead. Hi. Thank you again for the opportunity. So just wanted to get the numbers of our SBUs and how they've performed YOY and QOQ, and then you can also maybe segregate how the domestic branded business performed. Sorry, sorry, can you repeat that, brother? I just missed it because of the network issue here. Yeah, sorry. Sorry. So, what I'm requesting is that if you can also... If you can tell us how the SBUs have performed, that is domestic branded business, international, API, CMO, and then we can also- Divisions performance, right? Yeah, and then you can double-click on the domestic branded business as well, how each sub SBU has performed in the DBB. Got it. Okay. So coming to the primary divisions, of course, domestic business this year, because of this ramp down, because of these two major divisions of Sparsh and Critical Care, we have we will be growing only at around, maybe, you know, around 8% plus or minus. I'll send you an exact number, hopefully in the next call. But I look at it, I think it's around 8%. The CMO business is more or less the same, because most of the capacity which we have, we are trying to use for the export division. Export division is growing by almost 40%, but the base is less of around INR 120. That's where that thing is there. API is like I said, most of the API which we make are for in-house things. Correct. This is where the entire thing is there. After coming now to a deep down of all our domestic business, then, you know, the Critical Care and the Sparsh, we'll see mostly like a stagnant year this year. Or maybe, you know, because of all these, I think almost 14 + 5, 19 +, and maybe 3 more, INR 22 crore, so I would say a correction would be there this year. Totally, I'm saying even including Q4. So at the end of the Q4, we would be little bit more on the same level as last year, but of course, with a better data profile. Infertility has increased by around 16%-17%. Botulinum toxin has increased by almost 20%-25%, but the base is small. Our Aesthetics, sorry, our Ayurveda and mass marketing has grown by around 12%. So this is the broad percentage. No, this is very helpful. This is very helpful. Thank you so much. And on your strategy of Critical Care and Sparsh, the domestic branded business. So, if I were to look at your debtor days, and how much would it impact the working capital? How it would impact the working capital cycle, and how much would the working capital cycle fall by? Well, there are two reasons why we have to be a little bit more cautious in Critical Care and Sparsh. Firstly, the procurement of the RM, the testing of the RM, because these are all sterile materials. The start- Mm-hmm. I mean, the entire working capital starts from there. So the, you know, the RM testing, the RM procurement, then the lyophilization process is around 5-10 days, depending on the product. Then there's a 15-day stability, then there's a transit. No, I understand. I understand the inventory cycle and everything, but because we are tweaking the, You're saying only for the debtors, you're asking? Yeah, only for the debtors, because I just want to understand how will it impact the net working capital. Inventory and all remains the same. Yes. No, agree. So that's what I want to know. Right now, because the number of validation batches are increasing in... So again, let me answer. I think we are, with the help of the cash flow coming in, there is still a lot of cash flow required for ramping up Indore in terms of the new products like Daptomycin and others. So for that, we don't want to go for debt, and we want to go for our in-house, what do you call, cash generation only, and that's how we are doing that and taking it forward. So- No, no, sir, the debtor days as in, because we are revamping our entire strategy of Critical Care and Sparsh, because we are not giving them so much receivable days, and we want to get our money faster. That is what I've understood from the call. Yeah. I just want to understand, we were at close to, say, in FY 2025, we used to get money in 140 days. Ah, okay. How far- Sorry, sorry, sorry. Yeah. So- Yeah. I think this question is better for Roonghta and Avik than me, but I'm still trying to answer it. Yeah, Roonghta and Avik can answer. Yeah, yeah. So I'll take this up. So, Aditya, as you understand the overall number. The question was only these receivables, sticky receivables in Sparsh and Critical Care, and that's the number that we've given. So if you take that number and you find the number of days, you'll get your answer. So overall, the other businesses, it sort of remains the same. And going forward- Let me, let me give him a, I think let me give him an answer which I hope he will like. I will answer. Sir, I will answer. Yeah, okay, go ahead. Last year, our average debtors was around 140 days, and in 2026, we are expecting it should come down to around 120 days. 120 days? Yeah. All right. All right, this answers, this answers. Yeah. Thank you so much. Thank you. We have a follow-up question from the line of Vishal Mehta from Oaklane Capital. Please go ahead. Hi, sir, just wanted to check what is the debt number as on date, and how do you plan to reduce this? Say maybe how or what is the deleveraging plan over the next two, three years? So presently we are on two types of loans. One is term loans, which has been taken for Indore plant, and one is working capital requirement. Including both the loans, I can say today it is around INR 375 crore, and it may remain at same level, at least for 2027, and after 2027, it will start come down. Because lot of working capital is required for whenever there is a sales jump over, there is a increase in the inventory as well as debtors. So instead of borrowing working capital from the bank, we are making it from internal accrual, hence that we are not in a position to prepayment of the term loan, and we will start prepayment of the term loan from 2028 onwards. So I think the loan will remain at INR 375 crore, but till to March 2027 only. Got it. So, sir, depreciation interest would be at similar levels in Q3 for FY 2027 as well? It is, it is around INR 9 crore. Today it is around INR 35-36 crore. I think it will going to remain in the same level in next year also. Same is the case with depreciation as well, sir? Yeah. Everything is now in the business? Yeah, everything is now. Got it. Thank you so much, sir. Thank you. As there are no further questions from the participants, I now hand the conference over to Ms. Shweta 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. Take care. Thank you. On behalf of Gufic Biosciences Limited, that concludes this conference. Thank you all for joining us. You may now disconnect your lines.