Ladies and gentlemen, good day, and welcome to Gufic Biosciences Limited Q1 FY 2027 earnings conference call. As a reminder, all participants' lines will be in 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 star then zero on your touch-tone phone. Please note that this conference is being recorded. I now hand over the conference to Ms. Ami Shah from Gufic Biosciences Limited. Thank you, and over to you, ma'am. Thank you so much. Good afternoon, everyone. I, Ami Shah, Company Secretary, welcome you all to the investor call of Gufic Biosciences Limited financial results for first quarter of FY 2026-2027. The press release and investor presentation relating to the result has been submitted to the stock exchange on Friday and are also available on the company's website. Let me begin by introducing the management team joining us on today's call. We have with us Mr. Pranav Choksi, CEO and Whole-Time Director; Mr. Devkinandan Roonghta, Chief Financial Officer; and Mr. Avik Das, Investor Relations Head. Before we begin, I would like to remind everyone of the safe harbor statement. Certain comments made during this call may contain forward-looking statements. These statements are based on management's current expectations and are subject to various risks and uncertainties that could cause actual results, performance, or achievements to differ materially from those expressed or implied in such statements. Participants are advised to review the relevant disclosure and risk factors available in the public filings. With that, I would now like to hand over the call to Mr. Avik for his opening remarks. Thank you. Thank you, Ami, and good evening, everyone. Thank you for joining us. Starting with Indore, the plant is running to plan. Qualification and validations are behind us. Product tech transfers are progressing on calendar we have set out, and our contract clients continue to migrate across from Navsari. What is new this quarter is capability. The depot and microsphere suite are nearing completion, so during this year, we will manufacture long-acting depot presentations in-house at Indore itself. We have also begun setting up a lipid-based antifungal by both an alternate approach over and above the conventional route. Very few sites in India run either and both are targeted to be operational during this year. In critical care, we launched our monobactam and beta-lactamase inhibitor combination immediately on expiry of the innovator patent, and it is now introduced across corporate, tertiary, and secondary care networks. Early acceptance in large institutions has been encouraging. The division's focus this year is depth widening and coverage within the hospital groups we already serve rather than adding portfolio width. Sparsh has completed a full quarter on the rebuild channel. Outstanding days are within standard trade terms. Hospital onboarding has resumed at scale, and coverage is now balanced between nursing homes and corporate chains. Two points worth noting: our focus has moved towards our own manufactured brands, which help both margin and supply reliability, and the dual-chamber bag is gaining acceptance in major institutions. The division also entered Northeast and Jammu and Kashmir, applying the new channel architecture from the outset. Its launch pipeline for the year is the widest it has ever carried. In the women's health, Ferticare retains its leadership in recurrent implantation failure. The Puregraf group secured entry into major corporate IVF chains this quarter. The investigator-led studies with senior Indian clinicians have begun. Zenova continues its planned shift away from injectables towards prescription-led chronic therapies. The antioxidant range we introduced is now a meaningful growth layer and the two first mover launches are ahead, one in osteoarthritis and one addressing metabolic ovarian segment. On botulinum toxin, we remain the number two brand in India in toxin type A, manufactured from our own strain. The unlicensed filler and biostimulator portfolio is progressing through its supply and regulatory steps for launch during this financial year, with no significant capital expenditure from us. On the therapeutics side, the franchise continues its expansion beyond the core neurology into urology, ophthalmology, pain management, as well as neurosurgery. In the nutraceutical and Ayurveda division, our lead joint care range outperformed its relevant product market this quarter. Our acid blocker continues to build gastrointestinal therapy into second pillar alongside pain, and the division has prepared its first entry into an allopathic pain management segment, which launches during the year. In the international front, the model change is now producing fee income alongside supply revenue. During the quarter, we progressed licensing in Europe, executed a contract manufacturing and licensing arrangement with a North American counterparty, and received first contract manufacturing orders in Australia. On our registrations front, we secured approvals across eight countries during the quarter, and in one of them, five presentations in a single therapy area cleared on the same day, which is exactly what the therapy basket approach was built to do. So, the platform is in place, and the pieces are moving to schedule. Our medium-term expectations, which Pranav and Roonghta sir have set out in previous calls are unchanged. With that, I'll hand over to Roonghta sir for the finance update. Thank you, Avik. I am going to give the highlights of Q1 of 2026- 2027 versus Q1 of 2025-2 026. Total revenue from the operation in Q1 of 2025- 2026 was INR 226.9 crore compared to Q1 of 2026- 2027, INR 260.8 crore. The EBITDA for Q1 of 2025- 2026 was INR 33.2 crore, whereas the Q1 of 2026- 2027 is INR 47.2 crore. EBITDA margin in Q1 of 2025- 2026 was 14.6%, whereas Q1 of 2026- 2027 is 18.09%. Profit before tax in Q1 was INR 16.3 crore, whereas Q1 of 2026- 2027 is INR 30.1 crore. The PAT margin in Q1 2025- 2026 was 7.1%, i n Q1 2026- 2027 is 11.56%. The profit after tax in Q1 of 2025- 2026 was INR 12.1 crore, i n Q1 2026- 2027 is INR 22.46 crore. The PAT margin in Q1 for 2025- 2026 was 5.3%, whereas in Q1 2026- 2027 was 8.61%. Now, I am giving you financial highlights of Q1 2026- 2027 versus Q4 of 2025- 2026. The total revenue for Q4 of 2025- 2026 was INR 252.1 crore, whereas Q1 of 2026- 2027 is INR 260.8 crore. The EBITDA margin in Q4 of 2025- 2026 was INR 44.7 crore, Q1 of 2026- 2027 is INR 47.2 crore. EBITDA margin in Q4 of 2025- 2026 was 17.74%, Q1 of 2026- 2027 is 18.9%. Profit before tax in Q4 of 2025- 2026 was INR 27.6 crore, whereas Q1 of 2026- 2027 is INR 30.1 crore. The PAT margin in Q4 for 2025- 2026 was 10.96%, Q1 of 2026- 2027 is 11.56%. The profit after tax in Q4 of 2025- 2026 was INR 20.6 crore, whereas Q1 of 2026- 2027 is INR 22.46 crore. Thank you. Thank you. We can now proceed for the Q&A session. Thank you very much. We will now begin with the question- and- answer session. Anyone who wishes to ask a question may press star and one on their touch-tone 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 is from the line of Bhavya from Samaasa Capital. Please proceed with your question. Yeah, thank you. Am I audible? Yes, you are audible. Yeah. Congratulations. [audio distortion] The first one, just wanted to know two things on GLP. Are we also participating in terms of our own brand and also has the third- party GLP we were manufacturing started kind of coming into our revenues? Yes. Hi, Bhavya. It is Pranav here. In terms of GLP-1, specifically semaglutide, as we have mentioned in the calls before, we have partnered up with Hetero. Hetero got their permissions in May 2026, so o ur traction of their revenues was residual in the Q1. But yes, to answer your question, we have started the CMO operations, which will, I would say, take some steam in Q2 but have further steam in Q3. Our objective would be CMO in the domestic space on a maybe 30% level, but 70% we hope at the end of the year it would be capacity used for the international market where Hetero and Gufic as a single channel has filed in more than 22 countries. Of course, our revenues would be purely as a CMO. Again, I am reiterating, we are not going to do any front-end, neither in India, neither abroad. We will be using this as a CMO opportunity to support Hetero like we did in the past with remdesivir, and they will be front ending the product internationally as well as doing CMO in India. Understood. And [audio distortion] the international market, there was a change in model from a distributor-led to IP-led. If possible, can you just explain how that changes things and how that kind of benefits us? Sorry, can you repeat your question again? I lost your voice in the middle. No, I was saying in the presentation, you had specified model for international from distributor-led to IP-led, so c an you just [crosstalk]? Yeah. Right. So, I think I got your question, correct me if I understood. Your question is that, basically in our presentation, we have mentioned we are going from a B2B as well as to a B2C. In other words, where earlier we used to just manufacture products and give it to certain distributors in the emerging markets, n ow, our strategy specifically for markets like Africa, Southeast Asia, as well as South Asia is where we have a front end, I would say, ambition. Just to add upon that, we have just recruited a team which is based in Mexico, o ne person who is based in Africa recruiting for the people, o ne person who is based in Philippines, and two more people who have an African and a Southeast Asian, I would say, legacy in Mumbai. They will be seated in Mumbai, but of course, traveling 15 days of the month. Gradually, what we are trying is, as we have done it in Europe in the past, by trying to get our own subsidiaries made in Ireland and U.K., where the marketing authorizations remain with us. In these markets also, not now, but since the last two and a half years, we have been always saying that we are trying to get our registrations in. Some of our registrations have started coming in, and we hope in this coming year and next year, we should have more registrations in place for r ight now would be the best time for us to actually have a separate team. Of course, in some countries, maybe start off with the distributor field force till we reach economy of scale. Wherever we have enough registration and economy of scale, we would like to deploy our own, I would say, field experts, which help us to get a better pricing. Somewhere if we are getting, let's say, anything around 40%-50% margins, we hope we can push them upwards of 15%-20% more when we have our own field force. At the same time, also, the IP and the trademark belongs to us. It is also creating our own IP and intangible assets going forward. That is the strategy which we have started doing since March. Once Dr. Rajasekar started coming in last year, we started first in Europe and then this year in emerging markets. This recruitment has happened in the Q1. Okay. That was really helpful. I have a few more questions. I will get back in queue. Thank you. Sure. Thank you. The next question is from the line of [Aarav], an individual investor. Please proceed with your question. Hello, am I audible? Yes, you are audible. I actually wanted to ask, first of all, congratulations on the quarter. I wanted to ask if you are expecting a certificate for the Europe export. Any update on that? Yeah. I think in Navsari, we already have an EU certification, which we already continue the exports. The EU certificate, I think what we are referring in our presentation would be for Indore. So, the Indore certificate, we are just waiting for the feedback from the authority. There were some compliances which we already have replied since the last two, three months, and even the timeless data also has gone. Hopefully, in the next maybe a month or two, we should be hearing something from them. Okay. And sir, about the Indore factories, it was only used at 30% capacity, like, a re we expecting a jump on that? Yeah, of course. If you see quarter by quarter, the capacity utilization is going up as more and more products for the domestic or for CMO or for our own brands or for that matter, wherever certain two, three countries which we have just been able to go for the transition and, I would say, site addition, we have already started that. Apart from that, we have taken validation batches. So, in terms of pure capacity expansion, yes, the amount has gone from 18%-22% last year, 20%-25% last year than this year, close to 30%, 35%. And hopefully, like I said, we should end up the year on around 40%, 45% capacity utilization. So, we are on course for that. Margin expansion using the Indore facility would of course come once we have, what you call our EU in place. EU certification really opens a lot of markets for us, so w e are just waiting for that. Also, apart from that, one of our, I would say, partners have also triggered their, I would say, submission for U.S. from our site, so w e expect them also in the next, I would say, quarter or two to visit us as per the goal period. Yes, we are looking for all these moments of export markets, which would help us to not only utilize the capacity, but help us in our margins also. Yes, sir. Regarding the margins, from June 2023 to, I think, September 2024, we had an operating margin of 18%, but it dropped after that. But now, it is 18%, so i s 18% the new normal margin for the year coming? Yes. I am sure Roonghta sir explained this in the last two calls also, because in the period which you have mentioned, at that time, the total expense of Indore, as well as the depreciation and the interest were being capitalized. Hence, all those factors were till, I believe, October 2024 or that Q3 2025 were part of capitalization, and that is why after that you saw a drop post Q3, Q4 2025. But now, with capacity utilization, with natural business progression as well as exports margin expansion along with domestic business also, so w hat you are seeing, as you are right, this is the, I would say, start of the improvement of margins going forward. Yes. Okay, sir. Thank you so much. That cleared a lot. Thank you. Yeah. Thank you. The next question is from the line of [Agam Shah], an investor. Please proceed with your question. Yeah. Two questions. One, if you can, maybe it is still early, but yet, you can elaborate on the botulinum toxin tie-up which we did last quarter with the Canada fillers thing. How can it scale up this year in terms of revenue and going ahead? One more question on the GLP-1. You said you are doing the CMO route via partnership, so h ow much revenue or how much growth can it come this year? Sure. The first question being about our aesthetic division, where I think we have done the tie-up last year for the fillers. The fillers, as a category, complement our botulinum toxin product because toxin and fillers are two important tools in the hand of aesthetics practitioners for their therapy. The fillers market in India is around INR 200 crore. I think this is as per the import data and the other data which we have derived from. We feel that this filler market is much bigger than the toxin market as of now in India, and a nywhere we used to go to meet our doctors, they always expected a same company to have a toxin and a filler. This just helps us in our practice, it helps us in our training, it helps in the knowledge dissemination. We just didn't want to tie up with any other filler provider. We are fortunate enough, and my team did a great job that Prollenium from Canada, who is number two in U.S. and also present in more than 32, 33 countries in the world, they have selected us to partner with them for India. So, we feel that the revenue will be captured maybe by post-December because we have started the registration process in Q4 last year. We feel that maybe by Q2 or mid of Q3, we should get the registration, and w e hope if not December, maybe January, we should launch the filler in the Indian market. So, our first year projections are decent. But let's, again, instead of me giving you numbers, I have given you total market numbers, and we hope that with the help of these fillers, we can also not only strengthen our number two position, but very close, we can grab the number one position in terms of toxin and fillers in the next three to five years in India. So, that answers I think part one of your question. Part two of your question is about GLP-1. So yes, in GLP-1, again, I reiterate that our focus is purely on CMO. In the Q1 also, we had a 10- to 15-day plant shutdown because we were introducing the new machine, assuming that in March, Hetero would get the permission. Hetero got some part of the, I would say strengths of semaglutide approved in May, and some other strengths also are in the process of getting approved or have been approved last month. I will check and get back to you. So, we hope that the traction will pick up from Q2. Some traction has happened in the month of July. Much more we see in August. We hope there is some, again, media fills in void by which, again, the plant will be closed for five even there are visits. And Q3 is when we will see the actual traction happen. So, again, in terms of numbers, they would be part of our 15% year-over-year growth, which we always tell to people, and they already embedded in this. Again, I am saying our role is purely as a CMO. We have no front-end plans or revenue forecast for the GLP-1 on our own. BOTOX also. Are you being conservative when you say you are going to grow by 15%? You mean 15% year-over-year as a company? Yes. I am not being conservative because there are some product mix we are also leaving out and we will be getting away, which are low yielding. I would say, yeah, 15%-20% is what we say we should grow year-on-year as overall as a company. Yeah. Is it that maybe from next year, you will be reaching that inflection to grow beyond 20% or the business has said that we will be growing only at 15%- 20%? The thing I am trying to understand is it somewhere or is it something, can we push the pedal and grow beyond 20%? The scale we are, it does look like 20%+ is achievable. All right. I think I would love to give you any other comment right now on the call otherwise, but our efforts are on to grow much beyond. But 15%-20% is what we commit to you that would be our bare minimum. Okay. And BOTOX, are we launching in export markets? We have started the process of registering the Stunnox. Again, BOTOX is not our brand name. That is Allergan. So, Stunnox is our brand name. Our botulinum toxin, Stunnox and Zarbot, we are in the process of registering in some countries, which take around 12- 18 months, depending on the different geographies. But the limitation would be our facility. Our current facility is only WHO Phase 1 with limited capacity. So, we are, right now, looking to register them only in the Southeast Asian markets, African markets to start off with. For the other global markets, we have a strategy maybe post next year once we see further cash flow coming. Okay. And all the capabilities are now operational, or something is yet to come in Q2? No, Indore as a unit is completely operational. What I think Avik meant from his call that there are different product lines which we will keep on introducing. Earlier, lyophilized liquid were introduced in the form of small molecules. There was some GLP-1 validation batch taken last year, last two quarters. This year, in Q1, we have initiated the, I would say, the installation and qualification of the depot as well as the liposomal injection. These are just new product lines which will keep on being added to the Indore facility. It is not that any new infrastructure or equipment or anything of that sort is a ny major CapEx is being done. In the existing CapEx, we are just adding product lines, nothing else. Okay. Yeah. Got it. Thanks. I will join in the queue. Thank you. Ladies and gentlemen, anyone who wishes to ask a question, please press star and one on their touch-tone telephone. To ask a question, please press star and one at this time. The next question is from the line of Nitya Shah from Kamayakya Wealth Management. Please proceed with your question. Hi. Congrats on a good set of numbers. I saw in the presentation that there was a mention of a tie-up with a global health organization. Could you please expand a little bit more on that? What is the opportunity here as you get access to 109 countries? Actually, Avik, can you refresh me, what was this tie-up about? Is it, and which sector? This was with respect to some of our antifungal antibiotics with Clinton Health Access Initiative (CHAI). Okay. So, there are global tie-ups inwards and outwards, so I had to ask this question. Please pardon me. So, in terms of the special tie-up which you are referring is that, for the European markets and apart from the European markets, there are these specific markets for the liposomal product where we have signed up with the CHAI Foundation for liposomal amphotericin B, and they will help us to access more than 100 markets of the molecule of liposomal amphotericin B. For that, there are certain bioequivalent studies which will be done. So, we initiated this already last year, and I believe by August or September, we should have the studies ready, and then, we will be filing it for the further submission to WHO PQ as well as the other countries. So, this is a relationship, and we hope that this molecule then be taken up. And this molecule is from Navsari itself. And now, we are in the process of introducing the same to Indore also. Okay, understood. Yeah. Yeah. That is it from my end. Just wanted clarification on this. Thank you. Yeah. Thank you. The next question is from the line of Arvind Arora from A Square Capital. Please proceed with your question. Hi. Thank you for the opportunity. With the current capacity, what could be the peak revenue, without any further CapEx? Is it near to INR 2,700 crore approx? I think, before I ask Roonghta sir to answer this question, just to tell you that the revenue would be dependent on the number of vials the product makes and all the several permutation combination is there. However, considering the current, I would say average revenue per vial what we already have as per legacy, Roonghta sir will reply to your question. Basically, if you see the expected revenue from our side for 2026- 2027 will be in the range of around INR 1,100 crore. You multiply it by every 15% increase over year- to- year, you will able to get the revenue because INR 1,100 crore into 15%, INR 1,250 crore, then INR 1,450 crore, then it can go up to maximum it can touch up to INR 1,600 crore with the existing facilities. Okay. Because in the one answer, I think, it mentioned that we will be closing our capacity utilization by the year-end would be 40%-45%. Correct? If I extrapolate that, then, the number would come near to INR 2,700 crore. [audio distortion] Yeah. Sorry, go ahead, Roonghta sir, then I will answer this question. Please. 27? I do not understand. INR 2,700 crore means [audio distortion]. So, I think what I will come back to what we are referring to. If you see, 40%- 45% can be of a 10 mL vial for a pantoprazole, which might be giving us a revenue of around INR 60- INR 80 per vial. However, we are also trying to improve what you call the product mix by which we come up with molecules which are costing maybe anything around INR 300 to maximum to INR 1,000, INR 1,500 per vial, t hat is why the introduction of depot long-acting injectables as well as liposomes. It will never be a single category, a lways the product mix of all these things. What Roonghta sir is trying to say that Navsari had mostly capped off at around 800 crore as the total capacity maximum extraction, which was possible. Of course, toxin and PNMs were the only two blocks which were not saturated, so we could go to around maybe 900, 950. Of course, in toxin, there is no limitation. It is more about market creation. Otherwise, without toxin, it would be around 800 crore- 900 crore maximum where the capacity will be maxed out. In Indore, anything around 800 crore to a max of around 1,200 crore, depending on the product mix, that is the maximum, I would say, revenue extraction possible from the current investment, what we have done without any CapEx. The total CapEx is around INR 300- odd crore. I think exact is again mentioned in the balance sheet. We feel that anything around 800 crore- 1,000 crore or 800 crore- 1,200 crore, again, depending on the product mix, the different geographies and the improvement in product basket, what will, that is possible from Indore. Totally, when I add both of them up, around 800 crore plus 1,000 crore, it comes to around INR 1,600 crore- INR 2,000 crore is the maximum revenue, which is possible with current product basket and current legacy. If you also refer to our presentation, that is what also we mentioned that what we were doing as B2B, we are trying to also now change it to B2C. So wherever possible, what we were getting maybe an X price, you are now with us going with our front end in those certain markets. Hopefully, in the next one year, two years, three years, four years, we can get at least 2x, 3x, depending on having our own field force and our own penetration. That will be another natural progression which adds and also then in licensing product mix, new product addition, all that adds furthermore. Answering your specific question, that with no CapEx, keeping in mind the current product mix, keeping in mind the current realization per value, then we are looking at anything around INR 1,600 crore- INR 1,800 crore going forward. However, efforts are on that with the same infrastructure, we can do a product basket changes by which we can extract that revenue further. So, that is how the operation happens. And the capacity what I mentioned, again, I will repeat that 40%-45% is where the capacity utilization would be on current product mix, which are mostly INR 80- INR 100 level. We hope that going forward with the product mix changing, we go to around INR 300 and INR 400, and eventually then to an average INR 500 per vial model, then another price benefit or revenue extraction is possible. I have given a long answer, but I hope it gives you a good understanding about the revenue projects. Yeah. Yes. Fair enough. Thank you so much, and all the best. Yeah. Thank you. Before we take the next question, we would like to remind participants that you may press star and one to ask a question. To ask a question, please press star and one now. The next question is from the line of Ameya from Value Equity. Please proceed with your question. Hi, am I audible? Yes, sir, you're audible. My first question is, in reference to your annual report, I've seen that the company has seen substantial employee addition. I wanted to know, what is the strategy here? Is it moving to Indore or, as you had initially highlighted on the export side, you are taking in multiple folks. So, what is the kind of targets that are setting in with this kind of employee addition? Yeah. A majority of it would be with the Indore addition, as the capacity, I would say, is going up and also as product basket are being added. That would definitely be one of the things. The other things also what we are adding is in international market, which we hope international market would not be more than, I would say, 20%-25%. There are other operational, I think, team members, regulatory team members also comes up. But I would say the majority chunk, it would be Indore as well as maybe just, say around 50- 60 people, which will be added on domestic business side in terms of domestic expansion. Okay. What are the specifics? Because of the kind of addition, do we have in place some kind of metrics that we measure productivity from these incremental employee additions? Because it is quite a large number if I take in context to the previous year's additions, right? One of the reasons it also might be that in certain core areas where we had a strategy in Indore, that we had certain core areas where people were put on training first and they were first part of contract, and then they were taken on board. So, you must have seen that transition also happening in terms of the people coming on payroll. So, it is not something which is just added as such on a big way. Because if you see, our employee cost is still growing at the same percentage. It is just, I think, the certain people on contract, not only in Indore, but as a strategy in Navsari also, which were earlier for visual inspection or would be part of our packaging or would be part of maybe a core, which is linked to quality and efficiency. Those people have just been decided to be taken on board to ensure that consistency as well as the output, both in terms of quality management systems and as well as in terms of quantity is consistent. So, that is one step which we took, which you might have seen that increase last year. But that would be a last year phenomenon. This year, you would not feel such a huge addition happening on, because that was a one-time thing. Okay. My second question is on the Indore utilization. How do we look at, in your mind, what would be the ideal production mix? Maybe over the next three, four years, what is the kind of ideal mix that you are targeting to get that better operating leverage from Indore? If you see now, we have around four lines there. The fourth line is of ampoule, which I will talk separately. The third line is of suspension and liquid vial, which we feel that with certain contracts and certain projects, we should have suspensions and liquid formulations, which would, I hope in the next three years, that would come close to 80% capacity utilization. The first two lines are basic for lyophilization, which is our core business. So there, right now, we have small molecules. Now, we are introducing the depot and the liposomal products also from Navsari to do capacity expansion there. So there also, since we have, you know, out of the two lines, we have total six lyophilizers, where four lyophilizers have 100,000 vial capacity and two lyophilizers have 44,000 vial capacity. The two lyos which are 44,000 vial capacity will be one which will be for more high-value complex injectables, as well as even small volume products in anti-infective or any other critical care space, which are very unique in their offerings. In the four lyophilizers, which are quite big in terms of output, we aim to do also those basic commodity, but at the same time, essential products also from a PPI, from a large-selling antibiotic to an antifungal and so on and so forth. At the same time, there will be these depot products and these liposomal products, which also will be added on one of those big lyophilizers for capacity expansion, which is where the current validation batches are happening. So, we see a product mix of around, like liquid would be 20% in Indore. Our lyophilization would still be around 50%, 60%, but the remaining 20%, 30% would come from the complex injectables also. Okay. Would it be fair to say that from a mix point of view, maybe midpoint of FY 2028, there would be starting serial operating leverage gains? I hope before that, because there are other things also coming in. I hope before that we can see something, but you mentioned mid 2028, right? Yeah, mid 2028, maybe a year out from now for that. Oh, yeah. You meant mid 2028 financial year. Sorry, 2027- 2028 financial. Yes, you can say by mid-2027- 2028 financial, the leverage should start kicking in. You're right. Yes. All right. Thank you so much. Yeah. Thank you. Ladies and gentlemen, that was the last question from the participants. I now hand over the conference over to Ms. Ami Shah for closing comments. Thank you. Over to you, ma'am. Thank you. Thank you, Pari, and thank you everyone for joining us today. If you have any additional questions or you would like to have any further information with regards to this call, please feel free to get in touch with the IR team. We will be happy to assist you. Thank you once again for your participation and have a great day. Thank you. Thank you. On behalf of Gufic Biosciences Limited, that concludes this conference. Thank you for joining us, and you may now disconnect your lines. Thank you.