Ladies and gentlemen, good day and welcome to the Q2 and H1 FY 2026 earnings conference call of Aarti Drugs Limited. As a reminder, all participant lines will be in the listen-only mode, and there will be an opportunity for you to ask questions after the presentation concludes. Should you need assistance during the conference call, please signal an operator by pressing star, then zero on your touch-tone phone. Please note that this conference is being recorded. Before we begin, a brief disclaimer. This conference call may contain forward-looking statements about the company, which are based on the beliefs, opinions, and expectations of the company as of the date of this call. These statements are not the guarantees of future performances, and it may involve risks and uncertainties that are difficult to predict. I now hand the conference over to Mr. Adish Patil, COO and CFO from Aarti Drugs Limited. Thank you, and over to you, sir. Thank you. Good morning to all stakeholders, and thank you for joining us today for Aarti Drugs Q2 and H1 FY 2026 earnings conference call. Joining me on the call today are Mr. Harshit Savla, our Joint Managing Director. Good morning, everyone. Mr. Richa, Full-Time Director, Aarti Drugs Limited. Mr. Krishna Sawla, Managing Director, Pinnacle Life Sciences. Ashley, our Investor Relations Advisor. I hope you have had the opportunity to view our financial results and investor presentation for the quarter and the half-year ended 30th September 2025, which are available on the stock exchanges and our website. Let me begin with some notable operational and business highlights before moving to the financial highlights. Q2 FY 2026 marked continued progress on our strategic priorities of backward integration, capacity expansion, and strengthening cost competitiveness, even as the broader industry witnessed soft domestic demand trends, particularly in the antibiotic category. Export demand, however, remained robust, offsetting the weakness in the domestic market and contributing to improvement in overall margin performance. To begin with, our new manufacturing facility at Saryaka, Gujarat, commenced commercial production on September 4, 2025, and is currently in its early operational phase. This facility manufactures dimethylamine, monomethylamine, trimethylamine, and their derivatives, key intermediates used in the production of various downstream APIs and specialty chemicals, including antidiabetic products such as metformin. The facility has already commenced operations and achieved expected performance benchmarks during initial ramp-up. Around 40%-50% of captive requirements are now being met internally, and once the facility reaches full utilization by the end of FY 2026, we expect to achieve 100% captive consumption for our antidiabetic series. The MMA and TMA output are being monetized through external sales, further diversifying our revenues. As this facility stabilizes, it will structurally enhance raw material security, improve cost efficiency, and contribute meaningfully to margin expansion over the medium term. The plant is expected to scale up to fulfill the entire captive demand over the next 6 to 12 months. At present, production is primarily catering to domestic demand; however, we aim to expand into export markets as volumes scale and opportunities rise. This facility marks a significant milestone in our backward integration journey, aimed at reducing external raw material dependency, enhancing supply chain reliability, and improving long-term margin resilience. Looking ahead, our focus will remain on ramping up capacity utilization at Saryaka and stabilizing production of new intermediates, particularly those supporting our antidiabetic portfolio. This is expected to bring structural improvement in cost efficiency and gross margin stability in the coming quarter. Moving to the salicylic acid chain, our Tarapur facility continues to progress through its stabilization phase, with consistent improvement in operational performance and capacity ramp-up. Production visibility is improving, with 300 tons per month achievable in the near term and a targeted ramp-up to 500 tons per month for Q4 2026. We expect the plant to turn EBITDA positive once it crosses around 800 tons per month. This vertical will also supply our upcoming 400 tons per month salicylate line, enabling downstream integration, better overhead absorption, and improved margin stability. Together, these projects aim to convert India's import dependence into domestic supply, with the salicylate chain emerging as a key value driver. Moving back to our API segment, we are also witnessing early signs of stability in global API pricing, which should support both volume growth and price recovery in H2 FY 2026. On the regulatory and compliance front, we are in the process of receiving EU certifications for several key products from our large-scale plants, allowing us to shift EU-registered products to lower-cost facilities and thereby expand export margins. We are targeting metformin selling in the US market post-FY 2026 once ongoing validation processes are completed, an important milestone in our plan to re-enter regulated markets with higher-margin products. We are also advancing on our BIS standard approval, which will support domestic competitiveness and strengthen import substitution efforts. During the quarter, we also received a voluntary closure direction from the Maharashtra Pollution Control Board for the chlorosulfonation process at our Tarapur T150 unit following an isolated HCl gas leakage incident on September 8, 2025. Importantly, no injuries or casualties were reported. The closure was a precautionary measure under applicable environmental regulations, and we have already completed a comprehensive safety audit and are working closely with the relevant authorities to secure the required approvals. This has no material, financial, or operational impact, as we have adequate inventory and alternate sourcing arrangements in place, and all other processes at the Tarapur unit continue to operate normally. Additionally, Crisil ESG ratings assigned an independent rating of Crisil ESG 52 to Aarti Drugs, reflecting the company's steady progress in environmental management, governance standards, and social responsibility. Our broader ESG roadmap remains focused on energy transition to renewable sources, waste reduction, and safety enhancement. The upcoming solar project being developed through our JV with Trosil Green Power is an important step towards reducing our power cost and carbon footprint while supporting our long-term sustainability commitments. Now, let's discuss some consolidated financials for Q2 FY 2026. Revenue stood at INR 652.9 crores as compared to INR 599.8 crores in Q2 FY 2025, reflecting a growth of 9% year-over-year, driven by favorable export volumes. EBITDA stood at INR 84.4 crores versus INR 68.5 crores in Q2 FY 2025, up 23% year-on-year, with EBITDA margin at 12.9% versus 11.4% in Q2 FY 2025, an expansion of 150 basis points. PAT stood at INR 45.2 crores as compared to INR 35 crores in Q2 FY 2025, up 29% year-on-year, translating to a PAT margin of 6.9% versus 5.8% last year, an improvement of 110 basis points. The CapEx incurred during Q2 FY 2026 was approximately INR 45.6 crores. For H1 FY2026, revenue stood at INR 1,243.7 crores as compared to INR 1,156.3 crores in H1 FY 2025, reflecting a growth of 8% year-on-year. EBITDA stood at INR 158.8 crores versus INR 134.6 crores in H1 FY 2025, up 18% year-on-year, with EBITDA margin at 12.8% versus 11.6% in H1 FY 2025, an expansion of 120 basis points. PAT stood at INR 99.1 crores as compared to INR 68.3 crores in Q2 FY 2025, up 45% year-on-year, translating to a PAT margin of 8% versus 5.9% last year, an improvement of 210 basis points. Total debt during H1 FY2026 also reduced by INR 41 crores to INR 571 crores in total, leading to a reduction in our finance cost and a record-low debt-to-equity ratio of 0.39. With respect to standalone business, revenue stood for Q2 FY2026, revenue stood at INR 578.9 crores versus INR 543.1 crores in Q2 FY 2025, growth of 7% year-on-year basis. Standalone business contributed 89% to the consolidated revenue. 58% of the standalone revenue came from the domestic market and 42% from the export market. Within the API business, the antibiotic therapeutic category contributed 36.1%, antidiabetic around 15.3%, antiprotozoal 18.8%, anti-inflammatory 11.8%, antifungal 11.7%, and the rest contributed 6.4% to total API sales. Let's discuss about formulation segment. Revenues from formulation stood at INR 82.4 crores in Q2 FY 2026 compared to INR 65.6 crores in Q2 FY 2025, up 26% year-on-year basis. Exports contributed 68% to this revenue. For H1 FY2026, formulation revenue was INR 162.8 crores compared to INR 136.6 crores in H1 FY 2025, up 19%, with exports accounting for 63% of total formulation sales. With that, I'd now like to open the floor for questions. Thank you. 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 the 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 is from the line of Rehan Syed from Tornata Asset Managers. Please go ahead. Yeah, hi, good morning, and thank you for being with us. My first question is just a bit understanding on your R&D type and commercialization timeline on your APIs. You have mentioned developing complex APIs and formulations for regulated markets like the US and Europe. Could you please highlight two to three key products expected to be commercialized in the next 12 to 18 months and their potential contribution to revenue that we are expecting? Yes, for the complex US and other regulatory market products, I would like to ask Vishwa to highlight a few of our R&D products in formulations. Yeah, so we will be commercializing the first product in the U.S. in this quarter, which is bicalutamide. And we are also expecting to commercialize a few antidiabetic products in Europe, the U.K., and other regulated markets ex-U.S. between the next six to nine months. These products, these new products combined should give us an additional top line of anywhere between INR 60-70 crore. Okay, okay. My second question, okay, you're continuing with the question, Anshar? Yeah, I would like to add upon that. Definitely, this was a near term. We have a long pipeline for the next two to three years. As far as our standalone segment is concerned, there we are in the process of formulating a new product portfolio for regulatory as well as for non-regulatory markets in the API segment. This is not restricted to the API segment. We are also focusing on the derivatives of the two main greenfield projects which we have started. We will try to identify a few key derivative products, large derivative products from these two chemistries. Okay, just a bit of follow-up on this already on the domestic side. While export demand remains strong, what we are seeing on the domestic side, especially in the antibiotics, continues to stay strong. Are you witnessing any recovery trends in the domestic API market? And how key therapeutic categories? Okay, so as far as overall demand is concerned, it is fine. In the antibiotic category, we did face issues in a few of the products. Now, Q3 is typically a lean quarter anyways for the acute therapy. We hope that from Q4 onwards, there should be some slight pickup in the domestic demand. We will come to know within two to three months. Okay, I'll ask one keeping question then manage that. So is there any, you have to put any margin guidance going forward for every margin or margin? Yeah, so right now, on a standalone basis, we slightly crossed 13%. Pre-COVID levels, we were doing 15-16%. No doubt, the industry has changed. The markets have changed. The competitors have changed over the past so many years. Definitely, we have certain drivers which we are working on, which can help us to take these EBITDA margins on a consolidated basis back to 15%. It will take some time, maybe sequentially quarter on quarter. We hope to see continuous improvements in these margins. Okay, yeah, thank you. That's just one more thing. Good luck for the coming quarter. Thank you. Thank you very much. The next question is from the line of Pramod Dangi from Ratnatrayi Investment Management LLP. Please go ahead. Yeah, hi, thanks. Congratulations for the good set of numbers in terms of recovery in the margins. My question is on the two front. Pramod, I'm not able to hear you clearly. One minute. Is it better now? Yeah, much better. Yeah, so I'm just saying on the pricing side, what we are seeing today is that price bottomed out or year-on-year, they are flat. They are going up quarter on quarter and year-on-year on the API side. That's the first. Second, what was the volume growth in the API this quarter? Okay, so year-on-year basis, if we talk about the volume growth, domestic was quite flat, frankly speaking, because of lackluster demand in the antibiotic category. In fact, there was slight growth of around a couple of percent, but export did fantastic. We had more than 30% volume growth in export sales. It got compensated. Overall, we had around 9.33% volume growth in the API segment in this quarter. Okay, okay, so there's been 2% around negative contribution from the pricing, if I look at from the seven and nine. Second, you said that our business has changed. At the same time, we have to fall in our integration. The products give us a new specialty product. In terms of the margin, if I look at 12 months of year or 18 months of year, should we be crossing the pre-level? Yeah, as far as margins are concerned, on the standalone basis, we already just crossed 13%, not too much. Just you can say 13%. A couple of percent we still see. No doubt, we are still absorbing around INR 3.5 crore of losses in salicylic acid. Plus, we just commercialized our Saryaka plant for just one month. Initially, always the capacity utilization would be low. That expenses also we have absorbed. In spite of doing all this, the margin is 13%. We are quite confident that once we get all these things in order, on a sequence quarter on quarter basis, sequentially, our margins should steadily keep on increasing. Our ultimate target should be somewhere between 15%-16%. The line for the participant is disconnected. The next question is from the line of Candice Pereira from Dolat Capital. Please go ahead. Hi, thank you for taking my question. I can see that the other income is very low compared to last year. Will it be in this range only for the second half as well? Okay, frankly speaking, I don't have an, I cannot comment on that. More or less, if you add up the other income for the entire year, it should be steady. Sometimes it might shift from one quarter to another. Oh, okay. For the entire year, it should be steady, but I can't comment. I don't have the number right now with me, unfortunately. Okay, and any tax rate guidance for FY 2026 and FY 2027? Yeah, so our tax rate will continue to be in that, everything inclusive, around 25% tax bracket. We have already gone into that tax regime. This year, for the first quarter, we had some tax refunds from the previous years. That is the reason why for the first quarter, our tax rate was so low. Okay, okay. We are expecting a little bit more refund, but mostly that should be completed in this financial year only in Q3, Q4. Okay, so that will be in the range of 25%, correct? For the next year, it should be ideally in the range of 25%. Okay, for next year. So that is FY 2027? FY 2027, yes. Okay, and in the overall revenue guidance range you are providing? Yeah, actually, we had targeted in early teams in terms of volume growth when we started the year. When we started the year, definitely first two quarters, I mean, first quarter, the demand was quite low, what we saw. In second quarter, the export demand picked up really well. Domestic demand still suffered a little bit, mainly on the account of antibiotic therapy. Right now, for this quarter, we made around 6% value growth. For the H2, we will definitely aim towards high single-digit value growth for H2 FY 2026. Okay, thank you so much. Thank you. The next question is from the line of Sanil Jain from Ambit Capital. Please go ahead. Hello, am I audible? Yes, sir, you're audible. Yeah, hi sir, good morning. Congratulations on a good set of numbers. I just have a couple of questions regarding the backward integration. How much is the capacity that you have added for this backward integration? Okay, so the total methylamine plant is around 60 TPD. We can scale it up to 80 TPD as well. 60 TPD? Yeah, so that is the methylamine's capacity. What is the total CapEx amount that is spent on this CapEx, and what can be the asset turn? The thing is, total, roughly, I mean, just to give a ballpark figure, we had told earlier that for both our greenfield projects, we had spent somewhere around INR 200 crore each. Obviously, not everything in a greenfield project goes towards the single product. There are a lot of common amenities which are developed as well. For both the greenfield projects, this is the phase I of the investments. Still, the land parcel is a little empty, and we can still go for phase II investments, which will be at much lower CapEx but with much higher asset turn. For the first phase, I would say the asset turn will not be great. It will be in the range of 1-1.5. The thing is, the reason for that is it is first phase. A lot of common facilities have been constructed, for which we require heavy CapEx in the phase I. Okay, okay, understood. Will this capacity be fully utilized for captive consumption, or will some things be sold outside? Our main idea was to go for captive consumption. But this chemistry has side-chain products which we will need to sell outside. Okay, so can you give a ballpark range? How much will be captively consumed and how much will be sold in? Yeah, yeah, ballpark would be roughly 50%-50% we will try to consume captively. Okay, 50%-50%. Understood, understood. Okay, that's it from my side. Thank you so much, sir. Thank you. Thank you. Thank you very much. The next question is from the line of Jainam Ghelani from Svan Investments. Please go ahead. Hi sir, thank you for this opportunity. In our earlier call, we had mentioned that we should be growing by 15% for FY 2026 and FY 2027. Now we are saying that around FY 2026, revenue growth should be in the single digit. Do we expect that FY 2027 to be in the higher 20% range and maintain our guidance, or do we expect to decrease our guidance for the years? Yeah, let's see. Interesting question. The thing is, the negative rate variance is now behind us. There won't be any negative rate variance. Going forward, if I compare FY 2025 versus FY 2026, then we definitely feel that we can try to hit those mid-teens of volume growth because on the account of newer products, newer capacities which are installed. It does put us in a very favorable position to achieve that kind of growth if everything goes well. The key challenge will remain the ramp-up of salicylic acid. If that happens very quickly and very successfully, then it would be that much easier to achieve those numbers. Along with that, the Saryaka project is doing pretty well, very well. The customer acceptance of the product is good. In fact, even for salicylic, recently, in the last two, three months, we were able to sell quite a bit of product. The market acceptance of the product quality is now very good. Now it is just that you require multiple batteries for a bigger tonnage plant. We had done modification because it was still under scale-up. We had done some modifications in one or two batteries and tried to check the quality, and we have achieved that. Now that it is achieved, what we foresee is one second. Yeah, sorry. Now that we have achieved the quality, we are just putting up the batteries and scaling up the plant. Definitely, FY 2027 looks promising. If everything goes well, then we can try for 15%-20% growth for next year. What would be the utilization that we are aiming for the salicylic acid? If we were to meet our 15%-20% growth aspirations, what would be the desired utilization for it? More than utilization, I would say, let's say what our total potential was, earlier what we had thought of, as compared to that, it should be at least 60% utilization. Okay, and so any year by which we expect our 15%-16% margin guidance, that can be achieved? Which year you're asking? As you were guiding earlier, that 15%-16% margins can be achieved. Which year do you think that it can be, FY 2027 or FY 2028? Yeah, the thing is, if we achieved all the volumes in FY 2027 as promised, then at least towards the end of FY 2027, we should start hitting that run rate of 15%. That is what we target internally. It depends on the market condition. We can target 15% by the end of FY 2027. I'm not talking about the entire FY 2027, but let's say H2 or something like that. Got it, sir. That's it from my side. Thank you and all the best. Thank you. Thank you very much. The next question is from the line of A.M. Lodha from Sanmati Consultants. Please go ahead. Hello? Hello. Yes, sir. Am I audible? Yes, yes, sir. Ma'am, just I wanted the CapEx plan to be incurred in FY 2026 and FY 2027. This is the question number one. How much CapEx company is planning to incur in FY 2026 and FY 2027? Yes. For FY 2026, we already incurred something, not entirely, but near about INR 100 crore for the H1, somewhere in late 90s. We estimate around INR 150-200 crore of CapEx investing cash flows in this particular year. Total INR 200 crore? Total INR 200 crore. We have some expansion plans for next for me as well for next year. If everything goes smoothly, we might require around that much similar kind of investment in FY 2027 as well. For next round of big CapEx, we are in the process of developing a product portfolio. As soon as we finalize the blueprint of that, we will be announcing it to the investors, what kind of further CapEx the company plans to achieve growth from long-term perspective. When I say long-term, more of a 5-10 year perspective. Sir, my second question is relating to debt. What is the present debt and how the company is planning to reduce the debt? Yes. So steadily, quarter on quarter, year on year, our debt-to-equity ratio has been coming down. As we said, for standalone, it is 0.33; for consolidated, it is 0.39 debt-to-equity ratio. The total debt, as it stands on 30th September, on a consolidated basis, is around INR 571 crore. Long-term as well as working capital, both? Both inclusive. 570? 571. 71. What is the targets of the company reducing the debt in next FY 2027 and by the end of FY 2026? Yeah, yeah. Historically, at Aarti Drugs, we had always maintained a debt-to-equity ratio somewhere between 0.5-0.7. Earlier, it was much higher. What our target is to keep the debt-to-equity ratio between 0.5-0.7. The main reason for that is that it gives us good leverage, and it also helps us enhance the ROE. What we believe here is that we do give around 25%-30% of our PAT back to shareholders every year, year on year. With that kind of shareholder payout in mind and with the higher ROE target, we like to maintain the debt-to-equity ratio at 0.4-0.7. Because if the debt goes down too less, then probably we will do a shareholder payout, something like that. Our target would be in the 0.4-0.7 range, debt-to-equity ratio. That means the company is not planning any debt reduction. You will keep. No, no, no. We don't need to. No? Yeah, we don't need to. Because if you don't do shareholder payouts within two, three years, the debt would be wiped off. The thing is, we have always been for the last 41 years a dividend-paying company. We will continue to do that in future as well. Okay, thank you, sir. I have done it. Thank you very much. The next question is from the line of Sajal Kapoor from Antifragile Thinking. Please go ahead. Yeah, hi. Thanks for taking my questions. Adhish, how satisfied are you with the current yield and purity profile of the output from both the Saryaka Greenfield and the salicylic Greenfield compared to where the Chinese players are today? Because basically, we are using these as import and substitution, right? Yes. Okay. So there is one Saryaka. So in Saryaka, we are doing methylamines. So methylamines is not an import substitute product. Definitely, salicylic acid, which we had done in Tarapur, that Greenfield is absolutely, as you correctly said, it is an import substitute product. As far as yield and purity profile of salicylic acid is concerned, as against the Chinese quality material, now, I mean, earlier, I would say in January, in the start of this calendar year, we were a little behind, frankly speaking. With great effort from our R&D team, now two months back, I would say, we were able to achieve the required purity profile for salicylic acid. Definitely, we still have to work a lot on the process improvement part because right now we are focusing on achieving the quality parameters. The quality parameters are met. Fortunately, now the product is widely accepted in the market. We have sold to the majority of the salicylic acid customers in India. The quality is very well accepted as of today. Now we need to focus more on the cost improvement part for salicylic acid. As far as the Saryaka project goes, which we just commercialized in September month, two months back, fortunately, the quality is spot on right from day one. Obviously, the derivative part, which we are captively consuming, I think we are pretty much there. The Saryaka project would be online in a much faster way than what happened to the salicylic acid project. For the Saryaka project, we are not competing with the import, but it is the other domestic manufacturers with whom we are competing. Yes, absolutely. The broader strategy at the Saryaka plant is to reduce dependence on external suppliers and enhance the gross margins by integrating backward, correct? Correct. When I look at the presentation, I am on slide seven, our gross margins have shown a significant improvement of more than 300 basis points. The question really is, what is the driver behind this improvement? Is it this backward integration, or is it better realization, some sort of process improvement? What exactly is kind of contributing to this improvement in gross margins? What could perhaps be a sustainable gross margin going into fiscal 2027, if you can? Okay. Okay. As you are referring to that particular slide, what happened in the last two to three years, I would say, from financial year 2023 onwards, 2023, 2024, 2025, and 2026 now, because of that Russian war in January 2022, so March quarter 2022, after that, the oil spiked quite—the prices went up very sharply for the first nine months. Then it started to cool off very sharply when India started purchasing oil from Russia. The prices cooled off. Since then, the prices of the raw metals have been coming down slowly and steadily. It had been coming down slowly, slowly, slowly across the globe. Now, in that scenario, what happened? Because we carry an inventory of around 90-100 days in total, including raw materials, WIP, and finished goods, in the declining prices scenario, we always take a little bit of heat. The gross margin always takes a hit because of the FIFO basis of the accounting. That was the reason why the margins were artificially compressed for last years, means for the last financial years. Not that our efficiency was less or anything like that. Now that the decline has stopped since last almost nine months, I would say, 9-12 months, the decline is so less, now the volatility has gone down. Because the volatility has gone down, the true margins of the means are now coming up. The price variation effect in the gross margins has now been going out. That is why we can see there is a steady increase in the gross margin. However, I would like to point out that in spite of taking losses, means you can say very little gross margin, salicylic acid kind of a product, still we are able to maintain these profit margin numbers. We are pretty much hopeful that once salicylic acid gets in line, then our P&L statement will improve drastically. Yes. You mentioned the number of 800 tons, if I heard it correctly. Currently, we are. Can you please rejoin the queue? Sure, sure. No problem. Thank you very much. Ladies and gentlemen, in order to ensure that the management is able to address questions from all participants, I kindly request everyone to limit your questions to two per participant. The next question is from the line of Aman Goyal from Access Securities. Please go ahead. Yeah. Thank you for the opportunity and congratulations on a great set of numbers. My question is related to the next big opportunity in the pharma sector, which is GLP-1. We are already in the API for anti-diabetics through metformin. Are we seeing any potential in entering into GLP-1 intermediaries or API? Are there any internal discussion or early-stage evaluation to entering into this opportunity? Yeah. So just a few minutes back, we discussed that right now, as you pointed out, we are in the early-phase discussion to put a new product portfolio, taking into account growth of next 5 to 10 years. Not for next three, four years, because next three, four years, growth would be majorly driven by the capacities what we have already installed as of now with two Greenfield projects and other Brownfield expansions, what has been going on in last year and even in this year. For the next round of growth, let's say for a company to grow from INR 5,000 crore to INR 10,000 crore of revenue, we are forming a product portfolio. We will consider these molecules as well, what you mentioned right now, into account and looking at our strengths and weaknesses and the kind of markets, kind of client profile this certain molecule has, and whether we are already dealing with those clients. Based on all these factors, we will narrow down the list and start working towards that goal. Okay, sir. Thank you. That's all from my side. Thank you. Thank you very much. The next question is from the line of Nilesh Kugel from HDFC Securities. Please go ahead. Yeah. Thank you, sir. My question is regarding our Saryaka facility. See, as you mentioned, it's a step in the backward integration, and it will enhance your raw material security as well and the margin resilience. What kind of benefit in terms of percentage or basis points in your gross profit margin or at EBITDA level do you expect because of this Saryaka once the plant is running at full capacity? Nilesh, as we all know, that this particular product means chemistry, the product line, as of today, the margins look fantastic, no doubt about that. As we scale up, the additional capacity which will come in the market, probably it would be prudent to expect some bit of price deduction in this product. In spite of that, the main reason for us going backward integrated was because we are heavily dependent on one of these raw materials. That is a big chunk of our overall business. Easily, I would say it will be taking care of 10%-13% of backward integration of the revenues. The product which we are contributing 10%-14% of our revenues, that will be further backward integrated by this particular facility. Plus, we'll be selling the side chain products outside, which are quite profitable as well. Definitely, the profit margin, what we expect is much better than our current aggregate profit margin of the company. I'm actually sorry because I can't estimate exactly how much it will add on. If everything goes well, definitely the profit looks very high. I would not like to point out that number because we don't feel that the things will remain as they are right now. Slowly, slowly, the selling process should come down. What we still expect is from this project, at least we should try to make around 18%-20% EBITDA margins is what we see from this project, Saryaka project. Okay. 18-20. Okay. Are we looking for a merchant sale of this product as well, or just for the captive consumption? I mean, I'm talking about the, yeah, methyl derivatives. You're talking about specific derivatives. If it is specifically for which we have, if we are talking about specific intermediate, then the intention is not to sell that intermediate outside. The intention is to captively consume that. The side chain products, because to manufacture that product, there are a couple of side chain products that are automatically produced. That we will have to sell outside. There is no option. Fortunately, one of the side chain products is going to our group company itself. They have a heavy demand for that SMM product. Fortunately, from the demand perspective, we have seen a very good response from the market. Two products are already secured because of captive consumption. Second, because of group company sale. The third one, we are seeing very good acceptance in the market. We hope that this project will do better, a lot quicker than what we saw in salicylic acid. The second product, you mean the case of the caffeine, the key raw material for caffeine? No, no, no. What I'm trying to say, there are three methyl amines which are being manufactured: MMA, DMA, and TMA. What I was talking about is the DMA derivatives that will go in our antidiabetic therapy for backward integration. For MMA and TMA, those will be sold outside. Okay. I mean, you can tell the volume, how much volume you were procuring earlier, and how much is the replacement as of now? I gave one number that around 40, or roughly, it's a plus minus, you can say plus minus 5%. Around 40% of the captive consumption requirement as of today, we are satisfying. We are trying to ramp it up very quickly. We have to resolve certain issues, equipment-related issues. Once they are done, we can ramp up pretty fast. The main thing is our metformin capacity as of today, it stands at 1,400 metric tons per month as of today. We plan to expand that as well going forward. Once we expand that, our requirement for captive consumption will go up. Even that, we have taken care of in the existing facility. Okay. Got it. Got it. Thanks. Thanks a lot, sir. That's all from my side. Yeah. Thank you very much. As there are no further questions, I would now like to hand the conference over to management for closing comments. Thank you. So before we conclude, I would like to reiterate that Aarti Drugs is entering a key growth phase where multiple strategic initiatives undertaken over the last two years are starting to converge. We expect to see the impact of these efforts more visibly in the coming quarters as utilization improves, product mix strengthens, and new capacities begin contributing meaningfully to profitability. Our focus remains on discipline execution, operational excellence, and continuous enhancement of technological capabilities across our value chains. Thank you for your continued support and trust in Aarti Drugs. For any further queries, please reach out to SGA, our investor relations advisor. Thank you and have a nice day. Thank you very much. On behalf of Aarti Drugs Limited, that concludes this conference. Thank you for joining us, and you may now disconnect your lines. Thank you.