Ladies and gentlemen, good day. From the management today we have Mr. Priyavrat Bhartia, Managing Director, Mr. Arjun Bhartia, Joint Managing Director, Mr. Harsher Singh, CEO, Jubilant Radiopharma, Mr. Chris Preti, CEO, CDMO Sterile Injectables, Mr. Arun Kumar Sharma, CFO, Dr. Tushar Gupta, Head Corporate Strategy, and Mr. Anuj Mohnot, Head FP&A. I would like to remind you that some of the statements made today on this webinar could be forward-looking in nature, and a detailed disclaimer in this regard has also been included in the earnings presentation. Now I invite Mr. Arun Sharma for the opening remarks. Thank you, Pankaj. Good day, ladies and gentlemen. In Q4 FY 2026, revenue grew by 19% year-over-year basis, INR 2,290 crores, on the back of growth in Radiopharma and Allergy Immunotherapy, CDMO Sterile Injectables, and Generic business. EBITDA increased 2% year-over-year basis to INR 363 crores. EBITDA margin decreased year-over-year by 272 basis points to 15.7% due to shortage in supply of SPECT products in Radiopharmaceuticals and under absorption of cost at CMO Montreal. Normalized PAT stood at INR 129 crores. Normalized PAT decreased year-over-year due to increase in depreciation and interest cost. Overall, for the full year FY 2026, revenue grew by 14%, to INR 8,280 crores, on the back of growth across all business units, particularly CDMO Sterile Injectables. EBITDA for the year grew by 8% to INR 1,326 crores due to improved performance across all segments except Radiopharmaceuticals. EBITDA margins decreased year-on-year by 99 basis point to 15.9% due to lower production at CMO Montreal, particularly in the second half. Normalized PAT for the year grew by 7% to INR 442 crores due to improved operating performance of the business. Going forward, we expect growth momentum to further strengthen in FY 2027. In terms of EBITDA margin, it shall be the story of two halves. As production at CMO Montreal stabilizes, we expect EBITDA margin to start strengthening from H2 FY 2027 onwards. With this, we have come to the end of opening remarks. We are now happy to move to Q&A, but before we do that, we would like to show you our Line 3 and 4 at our Spokane facility through a video. As you are aware, we are expanding our manufacturing capacity by investing in state-of-the-art isolator fill- finish lines at Spokane, U.S., and Montreal, Canada. This strategic deployment of advanced technology positions us to capture high-value biologics market in the CDMO Sterile Injectable Business. Please enjoy the video. Thank you. Over the last several years, we made one of the most significant and timely investments in the history of Jubilant HollisterStier. Lines 3 and 4 are not simply about adding capacity, but rather they represent a deliberate shift in the company we are building. This expansion positions us to succeed in one of the fastest-growing and most complex segments of the market, biologics and advanced sterile injectables. What differentiates Line 3 and 4 is the infrastructure behind them. These lines were designed from the ground up to handle high-value, highly sensitive biologic products where control, precision, and robustness matter most. Designed as a standalone purpose-built facility with isolator- based filling at the core, we can maintain higher aseptic controls and narrow process windows, capabilities that are essential for complex biologics, and only a few companies in the industry have these today. Just as importantly, these lines support both liquid and lyophilized drug products, including programs that require lyophilization development, optimization, and commercial scale-up, not simply execution of a transferred cycle. That combination allows us to take on programs earlier, de-risk them through development, and then commercialize them at scale with confidence. As the technical complexity of our work has increased, we've been very intentional about evolving our workforce and operating model alongside it. Lines 3 and 4 support products with more sophisticated process requirements and significantly higher value APIs. Our people strategy focuses on attracting niche talent and building agile teams that can adapt to regulatory and client demands while fostering a culture of innovation and compliance. We've invested deeply in our people, building a workforce with stronger technical depth, seasoned operators, skilled engineers, and expanded technical support functions. This isn't just about headcount. It's about having the right skills, experience, and decision-making on the floor to support development-driven programs and scale them reliably. Customer demand reflects this shift. In today's regulatory and supply chain environment, customers are prioritizing partners who offer U.S.-based manufacturing, deep regulatory experience, and the ability to handle complex biologics. Line 3 is filling up with complex high-value biologic programs, and we have growing confidence in the Line 4 acceleration in a similar manner. These are not transactional simple fills. We're building strategic, collaborative relationships with our partners while delivering more high-value batches. Recently, we had the opportunity to onboard one of the world's largest oncology products. Programs like these require advanced tech transfer, tighter risk management, and close partnerships across teams. Once commercialized, we have a robust, durable process and a high return on investment. That's why these programs are so strategically important and deliver lasting value. Stepping back, Line 3 and Line 4 mark a clear shift from a capacity story to a capability story, from a volume-driven CDMO to a complex specialty sterile injectables platform. This repositioning supports higher technology transfer and development service revenues and long-term sustainable, sticky partnerships with world-leading pharma companies. We're aligned with evolving compliance standards, operating on the right side of policy with U.S.-based manufacturing and progressing ahead of schedule as Lines 3 and 4 both fill. This is a critical step as we execute towards Vision 2030. Thank you. Ladies and gentlemen, we will now move to the Q&A segment. Anyone who wishes to ask a question may click the raise hand icon located at the bottom toolbar on your screen. When called upon, you will receive a prompt to unmute. Participants may also send text questions by clicking on the Q&A tab. We will wait for a moment until the question queue assembles. We take our first question from Shrikant Akolkar of Nuvama. Please go ahead. Hi, good evening. I hope I'm audible. I have first question on the CDMO business. We have done very well. Can you please provide some update on the Line 3? If you can talk about the 10+ molecule pipeline that we have built up, how many of them are the biologics, how many of them are the small molecules, and when the commercials will start. Thank you. Evening. Thank you for the question. Specifically for Line 3, we have approximately 10+ products, as you mentioned, across multiple formats and vial sizes undergoing tech transfer as we speak. Specifically commercial production, as to your question, will commence in late FY 2027, subject to FDA approval of these products. Of this mix of these 10+ products, approximately 80% of them, the majority of them, are these complex biologics. Just to divert a little, the value of these complex biologics is customers, they have tighter aseptic processing windows, stringent environmental controls, specialized filling capabilities. All these create durable, long-term relationships with the customers because they create high switching costs and there's more value with these high, complex biologics. As a result, we are commanding pricing premium for these products. To your question, we expect to reach peak revenue in Line 3 in one and a half to two years earlier, as projected, and achieve INR 80 million- INR 90 million specifically for Line 3. Understood. You also have mentioned about one large oncology product. Is that the commercial product? It seems like biologic, but if you can talk more about the product, that will be great. Yeah. Yes. As I mentioned, thanks again for the follow-up question. As I mentioned in the video, we're happy to share that we've onboarded one of the world's largest oncology products. It is a commercial product. That is one of the 10 products and our multiple customers we have on Line 3. Specifically, just to go a little further to your question, we expect to reach full utilization of Line 3 once these products do go commercial. As I mentioned earlier, peak revenue attainment of INR 80 million-INR 90 million, one and a half to two years earlier than originally projected. Thanks again for the question. Sure. Thank you. My second question is again on Radiopharma business. I heard that there will be the cost pressure in first half FY 2027. Can you please talk about the kind of cost pressure that we will see in the first half, and what will change in the second half, in terms of cost and in terms of growth? Thank you. Shrikant, thank you for the question. This is Harsher speaking. The difference between the first and the second halves of the year for us is the availability of stock for our SPECT cold kits business driven by manufacturing at CMO Montreal. We're manufacturing product now at that site, and we expect it to release mid to end Q2. That's going to give us uplift in Q3 and Q4, where we're going to be at our regular run rate. In the first half, because we don't have those SPECT sales, we will see a reduction in revenue in our highest margin products, which creates the margin pressure that you're talking about. Understood. Any guidance for FY 2027 for the consolidated business? How should we think of the growth? It is a heterogeneous business. At the consolidated level, any guidance? Look, we expect that the business will grow in the low double digits, and we expect margins to remain in the 38%-40% range. This is very helpful. Thank you so much. I'll join back the queue. Thank you. Our next question is from Vishal Manchanda of Systematix. Please go ahead. Hi. Good evening, everyone, and thanks for the opportunity. My question is on the API business. You have been trying to get opportunities around NCEs or maybe tie up with innovators on the API front. If you could share if there is any progress on those lines. Vishal, good evening. Thanks for your question. This is Tushar. Yes, you're right. We have been trying to get customers onboarded on the custom manufacturing revenue, as you mentioned. We are making progress, and we expect the custom manufacturing revenue mix to drive the utilization and profitability going forward. As we speak, we are maintaining our EBITDA margin at 15%, but in short to medium term, you should expect that to go up, driven by custom manufacturing revenue. Have you onboarded any innovator clients? If you could share a number as to how many innovator clients or how many products you would have got from innovators. What's our current capacity utilization on the API business? I think as of now, we can't share the number and the names, given the confidentiality agreement that we work under. In terms of utilization, I think we do have good capacity to accommodate some of these large pharma customers on custom manufacturing. That's the only information I can share for now. This would improve your overall margin in the business, and we should see revenues kicking in FY 2027? You should see revenues kicking in FY 2027. Additional revenues would also drive the margin profile for the API business. On the discovery business, is there an improvement in the overall macro environment? Do we expect this business to get stronger? We were earlier actually more excited about the discovery business than the overall other segments within the group. Thanks for the question again. If you look at our FY 2026 numbers, our discovery business grew 15% to now north of INR 650 crores, and the margin also grew proportionately. EBITDA also grew proportionately. I think in the short term, we expect some competitive intensity in the large pharma customer segment. Right? However, our demand condition in the biotech is expected to improve. Right? You can imagine there is patent cliff in the industry, and as a result, money is flowing into the discovery segment to drive the innovator pipeline. Yes, biotech segment is expected to improve. Large pharma will see more competition. I think overall, we are on track to deliver our FY 2030 Vision for the CRO segment. Sorry. You said you're on track to? We're on track to deliver the FY 2030 Vision for the CRO segment. Okay. Got it. One on the generic business, should we see sustained growth there and margin expansion? Yeah. So if you look at our generics business, the revenue grew by 13% this year, and margin grew by 250%. We're now double-digit EBITDA margin in our generics business. I think looking forward, we expect, again, the sustained progress towards our 2030 Vision. You should expect the margin to be close to 15%, the revenues to be in line with what we committed for 2030 as part of our vision. Thank you very much. I have more questions. I'll join the queue. Thank you. A reminder to our participants, if you wish to ask a question, you may click on the raise hand icon. We've received a text question from Gaurav of Bandhan AMC. I'll just read it out. The question is: Since there are multiple business heads, CEOs, all independently running their own segments, be it Radiopharma, CDMO/SI, CRDMO, Allergy Immunotherapy, how is the capital allocation decided at the group level to ensure each segment gets a fair share of the resources? Gaurav, thanks for the question. In terms of capital allocation, we have a ROC threshold that we look at. First and foremost, any capital investment has to cross that ROC threshold for us to invest. In terms of the investments that we have in the immediate future, in the near future, they've pretty much all been spent out to investors. We don't foresee any CapEx over the next two years other than the investments we've already spent out, which is basically Line 3, Line 4, L ine 5, and PET manufacturing. These are the four large buckets of investments that we are going to be making. They have very good economics and very good return profile. At this point, we don't foresee any investment for the next 12 to 18 months over and above this. If and when it comes to us, we look at it from an ROC lens. If it's accretive to us from an ROC lens, then we go ahead. Thank you. Our next question is from Vinay Jain of Karma Capital. Please go ahead. Good evening, everyone. I hope I'm audible. Yes, Vinay. Yeah. Firstly, hearty to see, again, a good ramp-up coming through in the CMO line. Had a couple of questions on, firstly, the Montreal plant. If you look at, you've given the Spokane numbers, so that means that at an EBITDA level, Montreal would have had a EBITDA loss of close to INR 150 crores for the year. Just wanted a guide path onto how are we looking at, firstly, the business turning around for Montreal, especially with Line 5 coming through. At the same time, how do we look at eventually loss reduction and turning profitable on that front? Harsher, would request you to take that, please. Thanks. Vinay, thank you for the question. Vinay, as we look at Montreal, the last year, including exceptional items, it was about an INR 200 crore loss. Okay. Based on the run rate for that business, we expect that the next financial year will look similar to the last financial year. The site is in production, but the way we book it has to be on sell-through. We expect to see a meaningful reduction in that P&L through cost-cutting that will take place this year, which will be impacting next year in 2028. 2028, you should see a meaningful reduction in losses. We're going to start to see revenue from Line 5 come in in FY 2029 as we start the media fills there. Okay. Loss reduction in FY 2028, can we then hopefully break even in FY 2029? I don't think we're guiding on specific numbers for FY 2029 at this stage. Got it. One question on the Radiopharma pipeline. There also a couple of things. MIBG, again, there seems to be some delay in terms of filing and subsequent approval and launch timelines. Also on launches which were planned for FY 2027 now seems to have gotten pushed to FY 2028. Can these, again, MIBG coming through and the set of product launches which you were expecting in FY 2028, how are we looking at FY 2028 as a whole for the Radiopharma business, both from a revenue and profitability perspective? Because we've just guided that this year as well, we are looking at a low double-digit revenue growth with margins in that 38%-42% range. Just wanted some color on FY. How are we looking at FY 2028 as well? Thank you, Vinay, for the question. Let me break it into its three parts. The first part is MIBG. Right now, we continue to expect that we will file MIBG's NDA in the second half of FY 2027. It's important to realize that this is a full NDA, not a 505(b)(2) or an ANDA. To that extent, we have to be really careful and thoughtful to make sure that we position ourselves for a easy regulatory path post-approval. For now, we have high confidence in both our supply chain and the regulatory path that we have chosen here, and continue to be on target for an H2 FY 2027 filing. When we talk about the rest of the pipeline, while one product in FY 2027 got pulled out, I think what we have to recognize is we've taken the entire pipeline out of CMO Montreal and put it in a third-party CMO network. Most CMOs don't have comfort or experience with radiopharmaceuticals, and particularly the reducing agents used specific to radiopharmaceuticals. Having said that, we have good confidence with the exhibit batches we have now seen on a couple of our pipeline products that we're going to see an acceleration in the area. We expect that the key pipeline products will see exhibit batches this year for the two other non-MIBG pipeline products. Right. Moving to FY 2028 for the third question that you asked. As we look at FY 2028, I think there's three things I would think about. Number one, we've got a depressed FY 2027 because in the first half, our highest margin products are in short supply. That issue will be alleviated in FY 2028. Therefore, you should see a return to a more regular impact. Just to give you a sense, the revenue impact in H1 is about $14 million on that SPECT. It's a pretty big number. Number two, RUBY-FILL continues to expand rapidly, both in market size, market share, and in price. We continue to have a lot of faith that business will continue to grow in the range that it has been growing, the 30%+ range. Finally, as we think about our pipeline landing, the first year of NDA is normally ramp years. You should expect to see an investment in sales and marketing as we ramp those NDA towards their peak potential. I hope that answers your question. I can't give specific numerical guidance, I hope that answers the question. Just a follow-up on this. MIBG, again, because of the orphan drug status, we could expect accelerated approval to come through? That is correct. We will have an accelerated review for MIBG because of its orphan drug designation. Got it. That was helpful. Again, a feedback to the management. Hopefully, we continue with this quarterly, if not quarterly, maybe half-yearly sort of a con call, helps everyone better understand the company. Thank you. Thank you so much. Thank you. Our next question is a text question from Aditya Chheda of InCred Asset Management. His question says, "Can you talk about capital structure, free cash flow generation, and how return on equity will improve? Quantify CapEx for FY 2027 and FY 2028, and whether there will be de-leveraging in next 24 months. Thanks for the question. FY 2026, we have done a CapEx of INR 1,668 crores. In FY 2027, we are looking at a similar CapEx to FY 2026. The key projects include Spokane Line 4, where we have done almost $200 million CapEx and INR 34 crores is remaining there. Montreal Line 5, the CapEx is going on, INR 27 crores has been done, INR 37 crores is around pending there. PET pharmacies also growing and CapEx INR 22 crores is done, FY 2050 is pending there. CapEx cycle is going on as anticipated and as planned. Once this CapEx cycle is over, and once we land up in FY 2027 and our Line 3 comes in commercial production, we can see lot of free cash flow coming in from commercialization of product at Line 3 and tech transfer revenue coming in on Line 4. Once these Line 3 and Line 4 revenue starts coming in, we can see positive cash flows coming into the system, and that will help reduce our overall debt in the system. As regard debt or net debt, we are committed to achieve net debt by 2030, and you can see this reduction in net debt from FY 2028 onwards. We stand committed to our vision of getting net debt zero by FY 2030. Hope that answers your question. Thank you, Arun sir. We will take next question again from the line of Mr. Aditya Chheda from InCred Asset Management. Aditya wants to understand the Line 3 tech transfer revenues and its contribution or impact in revenue and EBITDA in FY 2026, and whether it will sustain in FY 2027. Requesting, Chris, if you can take that. Thanks for the question. The answer is yes. We expect to generate approximately INR 60 million-INR 80 million in revenue from Line 3 as we move into FY 2027, predominantly coming from the tech transfers of the products that I mentioned. Margins will be similar to FY 2026 for the overall Spokane business, including line one and line two, and this is due to the full cost being realized specifically for Line 3. Thereafter, from that point forward, however, we do expect to see the margin improvement as Line 3 reaches full utilization and those costs are fully absorbed across the Spokane lines. What I will say is the success for that and the continued acceleration is due to those 10+ products that I did mention earlier, including one of the world's largest oncology products that we onboarded specifically on Line 3. Thanks for the question. Thank you. A quick reminder to our participants, if you wish to ask a question, you may either click on the raise hand icon or send a text question via the Q&A tab. We take our next question, that is a follow-up from Shrikant Akolkar of Nuvama. Please go ahead. Hi. Thanks for taking my questions again. Just to follow up on MIBG, now this is a rare disorder drug. Just wondering if it will be eligible for the priority review voucher, according to the U.S. government plan. Shrikant, thank you for your question. At this stage, we are speaking with regulatory consultants about that. There is a previous I-131 MIBG product approved in the market by the name of AZEDRA. That product is discontinued and does not have any impact on our commercial standing. Its previous approval does muddy the water on our ability to get a priority review voucher. I hope that answers your question. Thank you. Yeah. That is very helpful. Second follow-up on MIBG, how should we think about the approval? You said it will be potential accelerated approval. How are we thinking of the approval timelines and the commercialization? Are we going to do the launch on our own, or we are thinking of licensing this out to other partner? Thank you again, Shrikant, for your question. First, on approval timelines, an accelerated review suggests a six-month review should there be no gaps in our filing. In terms of your second question, we expect to launch this product ourselves. Our deep downstream capability with radiopharmacies, as well as our deep commercial capabilities and our experience, many years of supporting physicians. Our AP program gives us a unique ability to bring to market MIBG. We think we are the best-positioned commercialization vehicle for that asset. Thank you. Okay. Thank you so much. Two more questions, one is on RUBY-FILL. We have seen a very strong performance this year, and we keep reading about the increasing installations of RUBY-FILL in the U.S. Can you please explain how does that work, that when you have installations done, then how should we think of the incoming revenue for next two, three years? Is there additional cost that you have to incur when you are doing lot of installations in the U.S.? Thank you. Thank you, Shrikant, for the question. First, on RUBY-FILL and its growth. I think it's important to realize that RUBY-FILL is in a very good place because the market is growing at roughly 10%, and together with the market growing, our market share is also growing. The reason that's really helpful is because it means that all boats are floating, and you're able to create a positive pricing momentum, and there's positive reimbursement momentum in the U.S. market as well. We feel really good about RUBY-FILL. Now, to your second question. RUBY-FILL is what I would think of as a razor blade model. Once we install the elution system, in my analogy, the razor, every six to seven weeks, we are delivering a generator, and that is essentially an annuity that we get every seven weeks. We are not disclosing pricing or revenue at the generator level on this call. Understood. With regard to resourcing, RUBY-FILL has three kinds of resources around it. There is a sales structure, of course. There is a support structure in terms of engineering and break fix, and there's a support structure in terms of clinical applications and clinical guidance training, and reading of scripts, et cetera. Some of those scale like break fix with the infrastructure. Others, like sales, do not scale. Everything benefits from scale because most of it is on a geographic model. As you get more density in geographies, you get more efficiencies in the supply chain and in the support infrastructure. Understood. Last question on allergy business. Would it be possible to provide the split of the U.S. and non-U.S. business in the allergy? U.S. and non-U.S. within the So- Thank you for question. This is Anuj. Split of U.S. and non-U.S., about 90% is U.S., and about 8%-10% is non-U.S. Okay. Can you talk about the drivers for this business to grow, the U.S. allergy market is somehow capped at a certain level. There's a limit for the U.S. business in allergy to grow. If you can talk about both the segments, U.S. and non-U.S., what are the drivers and how we are taking care to grow going forward? Thank you. Shrikant, hi. This is Priyavrat here. Yeah. The allergy business in the U.S. is growing at about 3%-4%, 5% maybe. We are in that business in the U.S. gaining share. Our revenues are growing a bit faster than that. That's the limit to which that business in the U.S. is growing. The drivers for growth is obviously higher share that we are gaining, expanding into non-U.S. markets. Our share in Europe is very low, and we are making a concerted effort to grow that number. Also we keep exploring other adjacencies in the allergy business, which are not the same product, but similar products which go into the same channel. Our business development is always looking out for products which go into the same channel to see if we can leverage our sales force, our front-end sales force, and grow our revenue further. Just one follow-up on the allergy business. If you see FY 2025, we did about 3% growth. FY 2026 has been 12% growth. What really changed in the structure of the business, or what really worked in FY 2026? For FY 2026, major driver is the growth in the non-U.S. markets or higher sales, higher volumes in the non-U.S. market, and plus little bit of higher share in the U.S. market. Okay. Would you quantify how big the covered market for us will be in the European region? I'll have Pankaj circle back to you on this one, on the exact size of the European market. Sure. Yeah. Sure. Thanks. No problem. Thank you for answering my questions. Thank you. Our next question is a follow-up from Vishal Manchanda of Systematix. Please go ahead. Hi. My question is on radio pharmacies that you're setting up, the PET pharmacies. Are they on track for commercialization next year? Thank you for the question. Our PET pharmacies, which we are standing up, the first of them should be commercialized next year, the first three of them. We will see a couple that may go over into the next year, but we are just working through qualification timelines, and we are a little dependent on when the FDA comes in to be able to approve the sites. As you can imagine, since these are GMP sites, we need to ensure that the FDA comes in for a PAI in order to start commercial production, which gives us a little bit of variability. Any timelines as to how long they can take to reach their full potential? We are contracting all of our cyclotrons now. We expect that in market, we will need to earn doses. If we look at other cyclotrons and how they've been ramping up, they've taken about three to four years to reach peak. Okay. On Radiopharma, what percentage of your revenues are dependent on the Montreal facility? I don't think we're disclosing at that level of granularity on this call, unfortunately. Okay. Just two questions on the financial side. What is our net debt today, and what would be the tax rate going forward? Net debt is INR 1,900 crores from what was to date. Like I said in earlier answer also, you see this net debt going down from FY 2028 onwards when we have Line 3 and Line 4 throwing in revenue and EBITDA there. What we committed for FY 2030, we stand committed to that, and we try to take net debt to zero by FY 2030. Second question on the tax rate. Our tax rate is around 33%. We have some unshielded expenses due to which tax rate is higher to 33%. It shall continue to go down as absolute PBT continues to go up. Going forward, once our margins improve by Line 3, Line 4, we will see this tax rate going down gradually. Got it, sir. Thank you very much. Thank you. Thank you. Anyone who wishes to ask a question may click on the raise hand icon again. We have a text question from Aditya Chheda of InCred Asset Management. His question is: sequentially, there was no material impact seen in Radiopharma revenues, whether the lower production impact will be profound in H1 FY 2027. Harsher, would you like to take that? Let me just make sure I understand that question. You broke up slightly. The question is, there was no material impact in second half. Sequentially, should we expect more in the first half? Is that correct? Yes. The question is, there is no material impact on the revenue side. Going forward, in the first half of FY 2027, will the lower production have a profound impact? I think the answer is in the margin mix here. As our revenue increases, it is driven primarily by our RUBY-FILL franchise, and that revenue does not have the same margin as I said earlier as our SPECT franchise. To repeat my earlier comment, we expect that in the first half, we will see a revenue impact from PET shortages of approximately $14 million. That is a very high margin business, and that's the first half impact. In the second half, we expect that to be normalized. Thank you. Anyone who has a question may click on the raise hand icon. We will wait for a few seconds to check if anyone wants to join the queue. Thank you. As there are no further questions from the participants. Actually, we just got a question, so I am going to go back to the participant. That's Shrikant Akolkar of Nuvama. Please go ahead. Yeah. Just because there was a time. Just on the consolidated level, this year we have done about 15.5%. We are. Shrikant, we can't hear you. Could you please repeat your question and hold the mic a little closer to you? I hope I'm audible now. Better. Yes. Okay. Thanks. I was just wondering that for the full year FY 2026, we have done about 15.5% margins. How should we think at the consolidated level, the performance on the top line and EBITDA? Yeah. Shrikant is talking about FY 2027. Yeah, sorry, 2027. Yeah. I meant the EBITDA margin, not the EBITDA. I'm sorry for that. Got it. Thanks for the question. We expect growth momentum to further strengthen FY 2027. In terms of EBITDA margin, it shall be a story of two halves. As the production at CMO Montreal stabilizes, we expect EBITDA margin to strengthen in H2 FY 2027. H1 FY 2027 EBITDA margin shall be temporarily impacted by the supply shortage of SPECT products. You can see, H1, we can see a little lower margin, but H2 will see a higher margins, which will be a representative of margins going forward in FY 2028 onwards. Because that will be our normal EBITDA margin once our Montreal production comes on stream and it is back to normal. I hope I answered your question. Yeah, partially. Just if you can quantify, if some numbers, as in what can be the difference between the first half and second half margin. I can tell you why. See- Yeah, the CDMO business will see commercials probably in the fourth quarter, so that may be, I think, high margin. In the first half, we have this Montreal issue. Just in any quantity. Sorry, you go please. Yeah. See, I'm not supposed to say the exact margins. Yeah. As you are asking it again and again, so I can see. H2 margins would be in the range of 70%-80%. That should give you an idea that how will FY 2028 spell out going forward from there on. Understood. This is helpful. Thank you so much. Thank you. That brings us to the end of the Q&A session. Ladies and gentlemen, on behalf of the leadership team, I would like to thank you for your time and for your continued interest in Jubilant Pharmova Limited. Should you have any follow-up queries that were not addressed, feel free to reach out to the Investor Relations team. Thank you and have a good day. Goodbye. Thank you. Thank you.