Ladies and gentlemen, good day and welcome to the Poly Medicure Limited Q2 and H1 FY 2026 earnings conference call hosted by ICICI Securities 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. I now hand the conference over to Ms. Nisha Shetty from ICICI Securities. Thank you, and over to you, ma'am. Thank you, Boomika. Good evening, everyone. On behalf of ICICI Securities, I welcome you all to Q2 and H1 FY 2026 earnings conference call of Poly Medicure Limited. Today, on this call, we have with us the senior management team of the company, represented by Mr. Himanshu Baid, Managing Director, Mr. Naresh Vadera, CFO, and Mr. Rahul Gautam, President, Strategy and Corporate Development. I would like to thank the management team of Poly Medicure for giving us this opportunity to host the call. With this, we will hand over the call to the management team. Over to you, sir. Thank you, Nisha. Good evening to everyone. I welcome you all to quarter two FY 2026 earnings call. I sincerely thank all of you for being here today. Before we get to financial, I'd like to highlight that on 6 November, we have closed the acquisition of Italy-based Citieffe Group, a leading player in the orthopedic trauma space and in the extremities business. With this move, we are venturing into the orthosegment and expanding our total addressable market by around $70 billion globally. The other acquisition we contemplated was of the Netherlands-based Pendra Care Group on 23rd September 2025. Pendra Care Group is a specialist in intervention cardiology solution catheters, which significantly strengthens the cardiology segment and gives us manufacturing and distribution footprint in Europe. We have already initiated the integration process of Pendra Care Group and Citieffe, and I'm excited about the potential synergies. With these two acquisitions, we will add around close to INR 280 crore of revenue to our existing business on an annual basis. In this year, we have also launched the Poly Medic Academy of Clinical Excellence, a platform which is created to deepen engagement with KOLs through hands-on training using advanced medical devices. Through this, we aim to establish Poly Medic as a preferred partner for scientific training and learning and development with KOLs. We plan to open such academics in other parts of the country and overseas over the next few years. Another major update is the expansion of our SaaRC program, which is an AI-powered initiative providing immersive training experience to improve performance efficiency across all divisions. I'm happy with the initial outcome of this initiative, and we are very happy with the initial outcome, and remain positive to continue to refine the platform to make the training methods of our frontline team more efficient and engaging with the real-time feedback. I will now take you through the quarter two and half-yearly highlights for the next few minutes, and after that, we can open up for Q&A. For quarter ended, September 25, we have a consolidated revenue of INR 444 crore, marking an overall year-on-year growth of approximately 5.7% and a quarter-on-quarter growth of around 10.1%. Gross profit in Q2 was INR 308 crore, reflecting a margin of 69.4%, an increase of almost INR 99 crore as compared to quarter two last year. Operating EBITDA for Q2 was INR 119 crore, delivering an operating margin of EBITDA margin of 26.8%, slightly down from 26.76% last financial year. Here, the operating EBITDA for Q2 has been taken, excluding one-time acquisition cost of INR 3.2 crore of Pendra Care Group. On the bottom line, PAC totaled around INR 92 crore compared to INR 88 crore last year, translating a net margin of 19.2%. Moving to H1 ended September 25, we have consolidated revenue of INR 847 crore, marking an overall year-on-year growth of 5.3%. Gross profit in H1 was INR 584 crore, reflecting a margin of 69%, a gross margin of 69%, an increase of almost INR 137 crore as compared to H1 last year. Operating EBITDA for H1 was INR 226 crore, delivering an operating EBITDA margin of 26.7%, slightly down from 27.4% last year. On the bottom line, the profit after tax totaled INR 185 crore compared to INR 162 crore in H1 last year, translating to a year-on-year growth of 14.5% and a net margin of 20%. Despite lower revenue growth, we have been able to improve our gross margin, which has helped us in maintaining operating margins at a higher end of the guidance of 25%-27%, which we gave in the beginning of the year. Further, I would like to share that business highlights of two key geographical segments, domestic and international. In quarter two FY 2026 and H1 FY 2026, our domestic revenue on YoY basis has grown by 17%-18%, respectively. This solid uptick reflects effective execution of our strategy and rising demand of our offerings locally. In addition to this, our private business has continued to grow overall 22.3% YoY basis in Q2 FY 2026, while government business grew by 14%. Contribution of domestic revenue to overall consolidated revenue has increased to 32%. We continue to outpace the competition in the domestic market quite significantly, hence our conviction to invest higher amounts in the domestic market is only getting stronger. This is reflected in the fact that we added quite a number of sales associates, over 35 in H1, and hence we are on the track to hire 100-plus sales associates in FY 2026. Our international business segment is showing recovery with a revenue of around INR 300 crore in Q2 FY 2026, which has shown a 9.1% Q1Q growth, which is reflective of the fact that we are recovering from bottom that we witnessed in Q1. We are witnessing green shoots in recovering international markets, and we've been cautiously optimistic for H2 of the current financial year. While our international operations did face tougher backdrop this year, especially across Europe, which continues to show slight regrowth, 9.6% YoY basis in Q2 FY 2026, but sequentially witnessed a growth of around 5% if you look at Q1- Q2 performance. We are seeing improvement in customer sentiment, and this effects high inventory building up customers last year is slowly getting resolved. To compensate for the regrowth in Europe, we are enhancing our presence in the ROW market and have made significant efforts in markets such as Southeast Asia, Africa, and the Middle East. In these sub-markets in these regions, we are expanding our customer engagement through marketing efforts, clinical engagements, and direct customer reach. All these efforts, along with underlying growth, have seen revenue growth from the rest of the world regions growing to around 13% YoY basis sequentially. Let me give you an update on each of the business segments. Renal business revenue stands at INR 44 crore, up from INR 37 crore in Q2 FY 2025, marking a year-on-year increase by 18.1%. This is lower than expected due to some inventory realignment due to GST changes, which came up in early September. We expect that from Q3 onward, this segment should resume growth journey, and we should be able to get over INR 200 crore of revenue on the full-year basis. Our H1 revenue stands around close to INR 88 crore as compared to INR 67 crore as compared to last year, showing a respectable growth of around 30%. We have sold up to around 200+ dialysis machines across the country in the first H1 of the year, and I think we expect to sell another 300 machines in the H2 period. We continue to remain extremely excited about the growth prospects in the industry backed by large unmet demand and continued government support in reimbursement, and of course, the coverage which is coming by large domestic players in the services side. Before throwing light on our cardiology business, I'm pleased to share a proud milestone. Poly Medicure Limited recently honored the Emerging Medical Device Company of the Year in the Cardiology segment at BOI's Voice of Healthcare Awards 2025. This recognition reinforces our ambition, and we fully expect to live up to the distinction in coming years. On the business side, we employ over 4,000+ tenants in H1, a strong signal that our product is gaining traction and earning favorable feedback from patients and interventional cardiologists. Looking ahead, we are excited about our pipeline of advanced technology devices. We have drug-eluting balloons, PTCA catheters, and so on, and we anticipate launching and scaling these within this year. Along with this, our clinical study for R-Stent has also been initiated in India and Europe. Strategically, these trials underline our commitments in India and Europe, which, along with recent acquisition of Pendra Care Group, positions us for global growth in the cardiology space. We are steadily moving up the technology chain in the medical devices market, and these initiatives place us well in a range to capture a winners' field market share initially in the domestic market as well as overall time in the international arena. Our critical care segment, which we launched last year, this vertical also remains a key pillar of growth strategy, driven by rising treatment need in segments such as Oncology and pediatric care. Over the last 12 months, we've launched 20+ new products, established presence in 500 hospitals. Our brand is now recognized and respected by top doctors across the country for key products. Further, the Government of India is also playing an active role in ensuring greater treatment access for cancer care by setting up 200 standalone specialty Oncology centers this financial year, eventually expanding to 700 centers nationwide over three years. U.S. market expansion continues to face headwinds due to the current tariff situation. We continue to invest in that market from a larger long-term perspective, hoping that sometime in the next few months, the tariff situation will get resolved. We have slowly started business with one of our leading customers, and a new product is getting launched in Q3. We have also received FDA clearance for a new design for IV Catheters and expect to start commercial supplies in early Q4. Turning to our balance sheet, we've ended the quarter with a liquidity of INR 1,109 crore. This strong cash position allows us to continue backing our ambition growth strategy, both organic and inorganic. Of course, after completing the Citieffe acquisition, which we have done by 6th November, the net cash position as of date is close to around INR 800 crore. As mentioned earlier, we have completed two acquisitions in this quarter, and our further thesis focuses on technology acquisitions that complement our verticals, critical care, cardiology, and adjacencies. We'll keep the market informed as we move forward with new opportunities. Now, let me share the guidance for the current quarters in H2. Let me, if you look at the current domestic market, we are still very bullish that we will end almost with a growth of 28%-30% for FY 2026. So we currently detail our guidance. For international business, we are now guiding for revenue growth in the range of close to 10%, including revenue from two acquisitions. This revised outlook reflects the current global market condition and underlying uncertainties. We'll keep you all updated as we gain greater clarity on the evolving environment. We maintain our operating EBITDA guidance in the range of 25%-27% for the year. As you've seen, we are close to around 26.5%, so we are on the upper segment of the band. We continue to invest in future growth. CapEx of INR 150+ crore was done in H1, and we further inform that CapEx spend for the current financial year will be over INR 250 crore. This fund will be deployed to set up the facilities at Mitral and Haridwar, as well as to expand capacity at existing plants. We expect these plants to be fully operational within the next 12- 18 months. It's worth emphasizing that the guidance is built with a measure of conservatism, particularly around exports, given the current geopolitical macroeconomic headwinds. However, we remain confident with our strong product line, upcoming launches, and domestic momentum, all of which we believe will comfortably offset these headwinds. In summary, Q2 FY 2026 has reaffirmed the fundamental strength of our business model. We delivered double-digit growth domestically, maintained healthy margins, improved operating EBITDA performance, and drove significant product innovation, while continuing to invest in sustainability, scale future capacity through R&D and green initiatives. For H2, we are providing a new guidance for H2. H2, we are looking at a revenue increase of around close to 25% over H1. H1 revenue was close to around INR 850 crore. H2 guidance is between INR 1,080 crore-1,090 crore. That is the guidance we are providing for H2, which is around 25% increase, more than 25% increase over H1. Overall, we aim to do a growth of close to between 15%-16% when we end the current financial year FY 2026, which is lower than the guidance we provided in the initial part of the year, around 20%. I think we are on the recovery phase, and hopefully, we will be on the upper side of the 15%-16% guidance range, and we will continue to build the company through resilience and with a strong product pipeline. Thank you once again very much, and now we are open to questions. Thank you very much. We will now begin the question- and- answer session. Anyone who wishes to ask a question may press star and one on their 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 Ravi Naredi from Naredi Investment. Please go ahead. Thank you very much for giving me the opportunity. Sir, your CapEx plan for the next few years, can you tell the amount? Hi, this is Rahul. Just to give you guidance, I think so far we have given guidance for only FY 2026 of about INR 250 crore. Having said that, obviously, we have raised money through QIP in August of 2024, out of which INR 500 crore was allocated for organic CapEx. We expect that at least, given those plants are already under construction or will be soon under construction, we expect a similar number to also be spent in FY 2027 as well. We will have greater clarity on the final numbers, including for our subsidiaries by the end of this financial year. How much CapEx have you already done by 30th September? We have spent about INR 150 crore in H1. H2, INR 100 crore, right? That is correct. Your target for top line and bottom line for financial year 2026 and 2027? No, we have not given any guidance for 2026, 2027 as yet. We have only given guidance for the year FY 2026, which was repeated by Himanshu in his opening commentary. 15%, right? Yes. For the full year, FY 2026, we expect an overall revenue growth of 15%. Anything you want to tell about margin for financial year 2026? Yeah. I think on our operating EBITDA margin, we had given at the beginning of the year a guidance of between 25%-27%. Our margins in H1 are in excess of 26%. We are at the upper end of the guidance that we had given. We are maintaining our margin guidance of between 25%-27% and hoping that we will still remain at the higher end of the guidance. Thank you very much. Okay, sir. Thank you. A reminder to all the participants that you may press star and one to ask a question. The next question comes from the line of Shamit Ashar from Ambit Capital. Please go ahead. Yeah, hi. Thanks for the opportunity. If we look at the last two quarters, your growth was mainly led by the domestic segment, and where now the growth has currently slowed down. Even if we look at the renal segment, the growth has been hampered a bit. For the renal segment, are you on track to achieve your annual 50% growth guidance of around INR 220 crore-INR 250 crore in this particular division? What factors can you attribute to the slowdown in the domestic growth? Yeah. No, I think this quarter, obviously, we had the GST transition across the country, right? We were also impacted to some extent on that, right? There is some impact because of that inventory alignment which has happened in the domestic business. We remain very bullish on the domestic market, and we still maintain our guidance that we will end of the year on the domestic side going at between 28%-30%. On the renal side, as Himanshu also mentioned in the early part of his commentary, that renal business was impacted due to this GST transition specifically, and we hope that in quarter three and quarter four, the business will come back. Our overall renal guidance now is at about INR 200 crore from a full-year perspective. Good. And coming into quarter three, are you expecting the international business to pick up the pace? How is the inventory situation right now in Europe? Yeah. I think we believe that the situation is getting better. The customer sentiment is getting better with every month passing. If you see from quarter two to quarter one, there is a sequential growth even in the markets of Europe, which have been obviously struggling for the last couple of quarters. We are making new investments in geographies where we were not as strong. The idea is that we compensate for slower growth in the European market through investment in the newer markets. Yes, the expectation is that our H2 should be better than H1, and we should see improvement on a quarterly basis in Q3 and Q4 onwards. Understood. Thank you. Thank you. The next question comes from the line of Amit Nigam from Invesco. Please go ahead. Hi. Thanks for this call. Just two quick questions. One, if I'm not wrong, Himanshu, you mentioned that the second half, we will see the aspiration is to hit INR 1,080 crore-1,090 crore of top line. What percentage of that would come from the acquisitions which we have recently closed? What is it that you're budgeting there? Yeah. So if you look at that $1,090 crore guidance which you're giving, $80 crore or $90 crore, only $120 crore will come from there. The rest will come from domestic and international business. Understood. Therefore, it would not be wrong on our behalf to. 10% of that will be. Yeah, roughly 10%. Roughly 10% would be. This would be margin dilutive. This would be margin dilutive, if I'm not wrong, correct? Yeah. Still, we are on the path of increasing more or less. If you look at margin improvement in the current financial year, you see gross margin has been improving, almost 125% gross margin improvement. Even if we take a small margin dip there, we should be able to still stay in that range. That's the reason we have been guiding in the beginning of the year, 25%-27% EBITDA margin. We're still at around 26.5%. Even if we see a little bit of dip in margin in that 10% of business, still that 90% of business will be still high margin. Understood. In how many years do you think that these international acquisitions would be able to migrate? We've just got these companies, so it's very, I think, premature to comment. I would say I think we'll need to see a couple of quarters how things are and how integration happens. I think it's a long haul. These things don't work overnight. Therefore, you said that the number was when you closed in November. Yeah. Yeah. A year ago, we have got the full control of the company, one of the larger companies, CGIC. It's going to take a while. I think we'll have more clarity in coming quarters, and then we'll be able to give better guidance. Of course, the whole idea is for synergies to kick in, do India leverage of manufacturing, and then also use global base of Poly Medicure to enhance sales of these companies. I think we have a very clearly laid out plan, but I think the numbers and all will have to wait for a few quarters before we can really call out any numbers. These companies have been close to 15% EBITDA of both the companies. It's not that we have a sinking ship. The ship is steady for a very long time. Only thing is we have to just make improvements over the next quarter or the coming years where we can increase margins to + 20%. Even if you look at our company in Italy, Plan One Health, which was our previous acquisition in 2018, 2019, today is now around close to 16%-17% EBITDA. It was a negative EBITDA company. Over years, we have turned around the company. There is a positive contribution for the company. I think, and there is also some margin creation at India level also because we are also supplying a lot of components and everything. We will see that happening over the years, but we are very hopeful about that. No, no, sure. I'm pretty confident you'll be able to do that. My last bit of color, if you can give on the competitive intensity, especially in Europe, it'll be helpful. That'd be helpful. I think Europe, if you remember, I called out in quarter one that there was excessive competition from China because they have started dumping products because of the U.S. status and all that. That impacted, and of course, what has also happened is we have talked to a lot of customers where they have said the transit times have dropped dramatically. The Red Sea Channel has, sorry, the Suez Canal Channel is open now for transportation. Earlier, the goods were taking two and a half months to reach. They are reaching in now around one month. That has changed, and because of that, the whole inventory realignment is happening. I think early next year, we should get back to the similar numbers which we were doing, let's say, last year with most of the customers. We have a lot of new projects coming in Europe right now. We are bidding for a lot of these new projects. Plus, we have around 20 new products in pipeline which will get CE Marked within FY 2020 in calendar year 2026. Twenty new products. All these new products will start contributing. Because Europe is going through a change in regulation, our first target was to protect our existing business, existing regulation, certification that has been done, which we have already announced earlier. Now with 20 new products which are in pipeline, I think this will actually change the record around close to 75 products which are CE certified already for European markets. Twenty more are coming. That will also add into the revenue cycle next year. A lot of things are happening. W e had a small dip in the radar, but I think now we are in a much better position. Okay. So the message that I should take home is that the competition from Chinese companies is abating. Is that the message that I should take home with me? Yeah. Which is there in every market today. For every company or every market, it's the same situation. It's not unique to us, unique to this industry. I think that is going to happen, and we all have to live with that. Important thing is what things you can do better than them, and that is where we are. I think with that, 20 new products coming in, some new projects which we are bidding, which are going to go live next year, all that will change the trajectory. That is what we are doing. Super. Thanks for that, Himanshu, and all the best. Thank you. Thank you. A reminder to all the participants that you may press star and one to ask a question. The next question comes from the line of Vihang Subramaniam from Zauba Capital. Please go ahead. Yeah. Hi. Just to continue on the Europe piece, I think last time when you had mentioned that Europe had also seen a bit of regulatory transition, and you mentioned that it would take some time to launch products and so on. Just wanted to check on that. How are we there, and has there been any progress on that front? Yeah. On the regulatory front, I just mentioned, Vihang, a few minutes ago that we have now got our existing, the product range was existing before 2024 or 2023. All that has now been re-regulated, and we have got our certification under MDR, the new regulatory regime in Europe. The new products, there are almost 20 new products in pipeline which are already applied for in early, let's say, 2025 for getting regulatory clearances from EU authorities. From early next year, we'll start receiving approvals for these products. There will be additional 20 new products almost getting regulatory cleared from Europe in 2026. That is a significant development for us. Understood. Could you quantify what would be the delta to growth from those products? See, I don't have any idea because once we launch these products, then we'll go into the market. Again, it's an initial, you can imagine that adding 20 new products on a portfolio of 75 new products. Most of these products will have a higher gross margin because these are all new developed products. Earlier, focus was to protect the current product line. From the last two, three years, what we have been spending and developing are these new products across different critical care and cardiology and other segments. All these products, or in vascular access, all these products are getting certified. They definitely have a better margin. Maybe more clarity I can only give you once we receive the certifications and once we have formed customer contracts. Understood. Just on the domestic business, if I heard you correctly, I think you mentioned that the government business declined 14%. I just wanted to check, is that out of the base now completely, and incrementally, can we see a return to the 25%-30% growth guidance that you had mentioned? Yeah. Government business is only 10% of the current total domestic business. We have made a deliberate attempt to reduce it because it is a lower margin business, because mostly tenders are L1 driven, with no significant quality advantage in domestic tender business. We have deliberately been slowing that business down and increasing the private sector presence. Yes, we have again guided for the end of the year for 28%-30% growth for domestic business. Understood. Just my last question is on the U.S. piece. I know it is very small and a bit noisy as well currently, but how are the conversations going there? Have there been progress there or have things stalled in the face of tariffs and so on? Things continue to happen. It's not that nothing has stalled, but of course, customers are waiting with the current situation that what will happen and for the because 50% tariff is completely untenable. We have got a few products. We have started business with a new customer, which is one of the largest companies in the U.S. that has started. With just one product, other products are put on hold by them for the moment because we chose a new supplier maybe a year ago. One of the other products which we were waiting, we got an FDA clearance recently. Probably in quarter four, we are going to start supplying for that product. Again, it's an important product for us, as I called out in the opening comments, IV Catheters. Again, a special design which is developed for the U.S. market. All that on the background is happening. A lot of testing is happening in the U.S. because, as you remember, I told you in the last call or maybe a couple of calls ago that U.S. FDA has started disapproving Indian labs' results. They are not taking the results which are generated by Indian labs, and they are rejecting those results. Now we have been forced to test all the products in the U.S. right now. All work which we had done in the past was negated, and we had to start again by retesting the product. It is not only for us. It is for every MedTech company which is operating out of India and wants to sell in the U.S. market. They are facing this. I think because of the change in administration in the U.S., this new policy decision was taken. Whatever labs were executed in India, they have been disaccredited. Because of that, things have slowed down in the U.S. for us and for everybody else, actually, also. Now we have initiated that maybe three or four months ago, this whole new testing. By, I think, April, May, all the test results will happen. We will apply again for the U.S. FDA. Mid of next year, we will start getting some new approvals, which are in pipeline. Understood. Thank you so much. Good luck. Thank you, Vihang. Thank you very much. The next question comes from the line of Karan Gupta from ICICIIL. Please go ahead. Yeah. Hi. Good evening. My first question is regarding the new products. You are seeing 20 new products, can you tell us about the specialties they are covering, or you are launching new products in existing specialties? We are launching, if you remember, we have launched two new specialties last year, which were cardiology and critical care. Most of the launches are happening in those two new specialties when you look at it from the domestic market perspective. When you look from the international market perspective, vascular access infusion, which is our core business, most of the launches are happening there because we have global excellence in that product category. Again, 68% of revenue comes from exports, international business, and that is highly dominated by vascular access and infusion. A lot of the development we are doing for international markets is for those categories. Eventually, in the next few years, maybe two or three years, once we have all the regulatory approvals and clinical trials done for cardiology and critical care, most of these products will go global and will go to global customers. So can we assume that you have covered maybe 80%, 85% of the specialty products which is required? I'm not able to hear you well. Could you repeat the question, sir? Yeah. Hello. Now, now I think it's clear. So I just wanted to ask, can we assume that you've covered, let's say, 80%, 85% of the specialties that is in the medical science, and you have the products for them? No, no, no, no. See, today we have 50,000 products in the medical technology industry. Only Polymed has only 250 products. So the field is super vast. And when you look at the India market, it's only INR 15 billion. Global market is $650 billion. So we are 2%, 3% of global market in terms of industry size, market size. There are still hundreds of products more which can be made and which are adjacent to our current business. Also, we have almost 60-80 products in pipeline which we launch over the next three to four years. Starting from, let's say, 2026- 2029, we have close to 50-80 products in pipeline, new products under development. There is a lot to do. We have added orthopedic, which is a huge area which has gone into trauma. We go more into plates, and then adjoining products in joints and so on and so forth, knee and hips and so on and so forth, spine. There are a lot of products today still pending to be made. We have a huge runway for the next 5-10 years. We have a huge runway. I do not even see that, at least in my tenure as an MD, I do not know whether we will stop innovating or not. Okay. Okay. No, I was asking for the breadth-wise, the number of specialties we have in the medical science. We have, I think, covered almost. Then we will go deeper down for a lot of treatments. We have covered urology, gastroenterology, respiratory care, cardiac surgery, peripheral vascular, neurology. There are just so many of them, actually. Okay. Okay. Can you tell us about the knowledge as of now? If you are supplying these all products in a multi-specialty hospital or maybe some clinics, what will be the wallet share of your products as of now, whatever you have, maybe 20-50 products? See, wallet share because the Indian market is very fragmented, and we do not have real data because pharma, we have no real data flowing out for medical devices consumption in the country. But just by our estimated guesstimate, maybe we could be between, let's say, 5%-7% of the wallet share in a hospital. Plus, of course, potential is to double that wallet share maybe within the same hospital. That is the runway available. Okay. Okay. The cost of these medical devices for a hospital is around the same? It was two, three years ago, 20%-22%, something? No. Cost of medical devices is around close to 10%. In the whole treatment cost, the cost of medical devices is close to around 10% in any hospital infrastructure. That is what I know, but the number could be different, but that is what my estimate is. Okay. Okay. Yeah. Thank you. Thank you very much. The next question comes from the line of Vishal Manchanda from Systematix Group. Please go ahead. Hi. Hi. And good evening, sir. And thanks for the opportunity. Sir, I wanted to check. You are expecting 20 new approvals, new CE Marks in the European market. If you could share how many we already have there, for how many products we already have a CE Mark approval? Vishal, we have close to around, because I am in two tranches, we have close to around 75 products which are CE certified as of date. More or less, we will get sometime in calendar year 2026. Okay. Any sense on how large the markets would be for the 20 products that you would get? All adjacent products to our current product range. This is some products are from critical care range, some are from Oncology, some are from Neonatal, some are from vascular access, and some are from pain management. This is an extension of existing range of product which we already offer to a customer. We are completing basically a basket. Whatever basket we have on the product side, we are enlarging that basket, basically. Most of these products have a decent market in Europe. That is the reason we have been developing these products and working on this for the last couple of years. Now, once we have done clinical studies and bioform studies, and after that, we applied for CE Mark. These are important products. Of course, I can't quantify the number right now because only once we have the CE Mark, I'll be able to quantify how much revenue volume, what is the customer. Of course, then there's an approval process in local hospitals. CE Mark doesn't mean anything unless until you have approvals in local market, local countries, and then you bid in the contracts, then only you know. It's a long journey. Again, having 20 new products in pipe is also a very important number. Right, sir. Right. Sir, would you like to give a target or guidance for the U.S. market for maybe three years down the line? Where can we be? Vishal, it's very hard to say in the current scenario, but I think let the headwinds clear. Of course, we still maintain that we have a $50 million-$20 million product pipeline, $15 million-$20 million product pipeline for U.S., which is EMR, which we said in the beginning of the year. We still stand by that number, and we still have a lot of projects going on. I think we'll have more clarity because if you see, currently, India is still 50% tariff compared to all nearby countries. When I was talking to a large company, they said India still is out of flavor for most of the U.S. companies. Most of the people have gone to Vietnam, Thailand, Malaysia, or Indonesia. We are still out of that flavor because of tariff and current law of regulatory, which was brought in very late in India. We are working on it very hard on this. We still maintain that on a three-year basis, your answer to your question is $15-$20 million. Okay. Okay. And sir, among the new divisions you launched in India, cardiac, critical care, would you be more optimistic about the cardiac division for the next two-three years in terms of the scale of potential? Yes, definitely. Definitely. Because a lot of products which are getting imported into the country, we are locally manufacturing them here. I think that is where we are trying to bring an import substitution. That will help us too. Once the quality is established, of course, it's tough. This business is tough. Once we have inroads, and as we have been getting inroads in the business, and we have done this acquisition of PendraCare also, that's the reason we want to go front-end in the European market. I think cardiac, of course, offers a good promise for Polymed. Yes, critical care is also a high growth segment because there are only two or three players in the world which operate in the segment completely. Cardiology, we may have 20 companies. We have to compete with critical care; it is only four to five companies. Critical would be more potential in terms of profitability. Even growth-wise also, once we have access to developed markets like Europe and the U.S., this could also grow faster. Critical care would have more dependence on imports versus cardiac in India? If you could again give a number as to what percentage of the market would be import-dependent for both these categories? Cardiology, if you look at cardiac catheters, almost 80%-90% cardiology angiographic catheters, balloons have been imported into the country. Almost negligibly, anybody is manufacturing here. Most of the companies import bulk or manufacture or do not even manufacture the complete product. Here, we have manufacturing almost 80%-90% import. Critical care also 90% import. Okay. You have been kind of been able to introduce the important products here which constitute a large part of this value? Critical care because it is a very closer segment to vascular access. You can also check with hospital groups where you cover, whether it is Quality, Narayana, Max, all the Fortis, all are using our products. Our large hospitals are using the products now. You mean in cardiac and critical care, you have been able to tap these larger hospitals? Cardiology, still we are in tier two, tier three. We have not gone into tier one because that will take some time because as we are doing also clinical because most of the hospitals ask for clinical studies. We have already initiated that clinical study for a R-Stent 2000 Patient Study. At least in tier two, tier three, we are doing fine. In critical care, we have already entered tier one. When do you kind of get data from the study, the Stent study, 2000 patient study? Vishal, it will take one year plus. Who will take another one year? Yeah, because the last patient who gets the Stent, then we have to wait two months to one year after the last patient has been implanted with the Stent. Do your competitors, Indian domestic competitors in the segment, have a European trial ongoing or European approval for their products, or do they just have a domestic approval for their products? I think lots of domestic cardiology companies who have been operating in this segment for much longer than us already have clinical trial data on their products, even in international markets. The largest clinical trial is what we are doing right now. Nobody has done a clinical trial over 2,000 patients. Most of the companies have done 500 patient, 1,000 patient trials. We are doing 2,000 patient trials so that we have a much robust and most stable product. It is designed by us. It is very important that clinicians understand that data points, and that is how the product will move in the future. The Cardiology segment is one of the segments for us. Our core business, vascular, critical care, renal, will all continue to grow, and these are all growth segments. Renal, we have not even gone out of India. Renal will have a huge potential once we receive all the certifications. I think that's a huge potential to even go outside India also. Okay. Sir, this Stent trial would be a double-blind placebo-controlled trial, or it's a single-arm trial wherein? We'll get back to you, Vishal, on that. Vishal, it's a technical question. I'll get back to you on that. I'll ask how to respond to you on that question separately. Sure. Sure. Sure. Just one final one. If we can hit double-digit growth in export markets next year on a YoY basis, will we be there? 100%. Okay, sir. Thank you very much. Thank you. Thank you. The next question comes from the line of Shivam, an investor. Please go ahead. Hello. My question's been addressed. Thank you. Thank you. The next question comes from the line of Girish Jain from KJMC Financial Services. Please go ahead. Hello, G J. Hello, Himanshu Baid. Thank you for the opportunity. Just a couple of questions. In one of the earlier calls, we had mentioned about the status of the three new plants. Could you just update the investors? I think Uttarakhand, Jaipur, and Faridabad. Yeah, sure. The plants are already under construction. On the Faridabad Nitrile plant, we are establishing a Gamma Sterilization Facility. Initial licenses have been received from the government, also from the CDSCO. That facility partially is operational, but we are also building some additional facility which will be ready by end of 2026. Phase one is ready. Phase two will be ready by end of 2026. Haridwar also, phase one is ready. Phase two will be ready by end of 2026. That is also on. The Jaipur facility, we have already informed in the last call, we are dropping the Jaipur facility, and we have taken a piece of land in YEIDA, which is the Yamuna Expressway Industrial Development Authority, the new medical device park which is coming near the Jewar Airport, three kilometers from Jewar Airport. We were lucky to get a land parcel already to us, around close to seven acres. That land has been acquired, and the Jaipur facility will be now moving to YEIDA, basically. The revenue from the Faridabad and Haridwar will be starting primarily from FY 2027? Yes. FY 2027, partial revenue, and FY 2028, full revenue. Okay. Recently, the company also made some acquisition through the NCLT process of company, I think, Himalayan Mineral Waters. Yes. I'll tell you. Yeah. Basically, in Haridwar, we have two provises. On the second provision of this land, which the company acquired as a land bank for around close to 20,000 meters. Through NCLT, we have acquired the company, of course. This is not that we are going to get into mineral water business. This is basically acquisition of adjacent land, basically, which is with our currently phase second property which we have in Haridwar. This is adjacent to that. Now we have a full block of around eight acres with acquisition of this. We are still waiting for some clearance from Income Tax Department. We have paid the creditor, basically. We paid advance. We have paid advance, but we are just waiting for the final clearance through NCLT. Once it comes through, then we'll have the full acquisition done for the company, which only has the land as an asset. This will give us further space to make more expansion in Haridwar. Exactly. In Faridabad. That's correct, sir. That is the phase two we are talking in Haridwar, the phase two. Right. Just one more bookkeeping question. Could you give some status of the debt currently on the books and the net working capital cycle? Currently, as on today's date, we have INR 800 crore cash, and then we have almost a borrowing of close to INR 200 crore for working capital from the banks for various limits which are assigned for imports and for stocks and everything. Net cash would be still close to INR 600 crore. Current working capital data cycle is close to around 80 days, and cash conversion cycle is around 115-120 days. Okay. Thank you. All the best. Thank you. Thank you. A reminder to all the participants that you may press star and one to ask a question. Ladies and gentlemen, as there are no further questions, I would now like to hand the conference over to Mr. Himanshu Baid for closing comments. Please go ahead. I'd like to thank all the participants for joining this call. Thank you very much for your questions. I hope you were able to answer most of them. Some couple of open topics, of course, we'll respond back directly to the participants with answers. What I can assure you is right now that our company also is on a growth track. We have seen some realignment, but I think now I think that is the past. I think H2, again, as we have guided for a revenue of around INR 1,080 crore, which is almost 25% than H1 revenue. We are now seeing the growth coming back. Of course, out of that, 10% will come from the new acquisitions, but still 90% is from the organic growth which is going to come in. Overall, we are seeing that kind of growth. In the full year, we will see overall growth of close to 15%-16%. Of course, we are guided for around 20% odd, but we are slightly lower than the number. I think in the coming years, we will come back to that original growth of 20% we have been projecting earlier. I think, and with a lot of new products coming in and new plants going online, we'll have more and more capacity to offer to national, domestic, and international markets. I think now there's a lot of realignment happened, and we are in a much better situation. Thank you again for the trust in us, and I look forward to talking to you soon. Thank you. On behalf of ICICI Securities Limited, that concludes this conference. Thank you for joining us, and you may now disconnect your lines. Thank you.