Ladies and gentlemen, good day and welcome to the Poly Medicure Limited Q3 and 9 months FY 2026 Earnings Conference Call. As a reminder, all participant lines will be in the listen-only mode, and there will be an opportunity for you to ask questions after the presentation concludes. Should you need assistance during this conference call, please signal an operator by pressing star, then 0 on your touchtone phone. Please note that this conference is being recorded. Today on this call we have with us the senior management team of the company represented by Mr. Himanshu Baid, the Managing Director; Mr. Naresh Vijayvargiya, CFO; Mr. Rahul Gautam, President, Strategy and Corporate Development. I would now like to hand the conference over to Mr. Himanshu Baid. Thank you, and over to you, sir. Thank you very much. Good evening, everyone. I welcome you all to our Q3 FY 2026 Earnings Call. I sincerely thank all of you for being there today. Before we delve into the core of today's presentation, I'd like to share a few significant developments that underscore PolyMed's dynamic growth and execution capability. We are currently transitioning from low-technology products to high-complexity, high-growth segments. This isn't just a change in our product list. It's a fundamental upgrade of our business model. Our expansion into cardiology-critical care and, more recently, into orthopedics is a reflection of that transition. Having said that, this doesn't mean that we are not focusing on our core infusion business, which is generating significant profits, enabling us to invest into these new high-growth areas. This transition is reflective of our intent to make PolyMed as one of its kind medtech platforms, which is servicing patients across all key therapeutic areas and creating larger entry barriers. Some additional color on this provided below. First, on strategic expansion, we had successfully completed the acquisitions of PendraCare and CTFE Group. These are not just transactions. These are strategic additions to significantly enhance our portfolio and market reach. This European footprint provides us with a made-in-Europe advantage, access to high-end technologies, strong quality standards, faster regulatory approvals, and deeper engagement with European customers. I'm happy to report that the integration process is underway and progressing very well, positioning us to realize synergies over the next few years. Second, on the innovation and regulatory momentum, we have another exciting announcement. We have recently received full regulatory approval from DCGI for two groundbreaking next-generation products: Intravascular Lithotripsy System, IVL, and drug-eluting balloons, DEB. This approval equips us to address complex cardiovascular conditions with advanced minimally invasive solutions here in India. Both these products have been developed from the R&D platform of PolyMed. I now take you through the quarter three and nine months highlights for the next 15-20 minutes, and then after that, we are open up for Q&A. For quarter ended December 25, we have consolidated revenue of INR 494 crores, marking an overall year-on-year growth of approximately 16.4%, and on a quarter-on-quarter growth of 11.2%. The gross profit in quarter two was INR 338 crores, reflecting a gross margin of 68.4%, an increase of almost 300 bps as compared to quarter three last year. The operating EBITDA for Q3 was INR 119 crores. It excludes acquisition-related costs of around INR 6 crore-INR 7 crores, delivering an operating EBITDA margin of 24.2%. On a standalone basis, the operating EBITDA is INR 112 crores, reflecting an EBITDA margin of 26.8%. On the bottom line, the profit after tax totaled INR 71 crores, impacted by INR 6.8 crores of extraordinary expenses due to implementation of Labor Codes as well as acquisition-related expenses, both for one-time costs. Moving on to nine months ended December 25, we have a consolidated revenue of INR 1,341 crores, marking an overall year-on-year growth of approximately 9.1%. Gross profit in nine months was INR 922 crores, reflecting a gross margin of 68.8%, an increase of almost 190 bps as compared to nine months last year. Operating EBITDA for nine months was INR 345 crores, excluding acquisition costs of INR 9.7 crores, delivering an operating EBITDA margin of 25.8%, slightly lower down from 27.4% last year. Here, also, the operating EBITDA for nine months has been taken for PendraCare and CTFE Group also. On the bottom line, profit after tax totaled INR 256 crore, impacted by INR 6.8 crore for extraordinary expenses due to implementation of Labor Codes as well as acquisition-related costs, compared to INR 247 crore in nine months last year, translating an YOY growth of 3.6% and a net margin of 17.7%. Further, I would like to share the business highlights of two key geographical areas, domestic and international. In Q3 FY 2026, our domestic revenue grew year-on-year basis of 16.2% and 18% on a nine-month basis. Further, in the domestic business, our private market, which is almost 90% of our current domestic business, grew by 22.5%, while the government business, which is around 10%-12% of our current business, has witnessed a degrowth of 18%. Deliberately, we are reducing our government business exposure as the prices are lower in government business. Also, of course, when we supply to state governments, we also encounter a lot of payment delays. Gradually, we have been decreasing this business over the years, and I think the target is that private business should be close to 92%-93%, and government business maybe should stay around 6%-7%. Contribution of domestic revenue to our overall consolidated revenue has increased to 32%, as we have also increased this year more than around 80%-90% people in the domestic team to grow our new businesses. We continue to outpace the competition in the domestic market quite significantly, and hence, our conviction to invest higher amounts in the domestic market highly is only getting stronger. This is reflected in the fact that we have added almost 80%-90% new sales reps in the last nine months. Our international business segment delivered a revenue of INR 342 crores. It has shown a 16.6% year-on-year growth. Our current international organic business is stabilizing while we start consolidating results of our two new acquisitions. The performance in quarter three is reflective of stabilization of the operating environment in the international markets, and we are hopeful that things will improve going forward. Having said that, there are still considerable uncertainties, specifically around aggressive China dumping and alleged trade-related disruption. The recent trade news announcements with the E.U., U.K., and U.S. create good long-term opportunities for Indian companies in medical devices, and we are hopeful that we should be able to capitalize on them when they get formalized on both sides. The revenue from Europe stood at INR 162 crores in quarter three FY 2026, showing a year-on-year growth of 25.7%. Revenue from the rest of the world region has grown at 9.5% from quarter three 25 to reach INR 181 crores in quarter three of FY 2026. Now, let me give you an update on each business segment. Renal business has not grown in line with our expectations due to pressure from Chinese suppliers. As I told earlier, there is a lot of dumping done by Chinese companies, and globally, you have seen that data that Chinese exports have considerably increased, though they were -20% in the U.S. But still, they have grown 25%-30% in all other global markets because they have been dumping and reducing pricing. That's been their strategy for the last one and a half years. Our Q3 FY 2026 revenue stands at INR 45 crores, up from INR 39 crores in renal business, marking a year-on-year increase of 15.1%, though our quarter-on-quarter growth has been very minuscule, around 2%. Further, our nine-month FY 2026 revenue stands at INR 133 crores, up from INR 106 crores in nine months, marking a year-on-year increase of 24.7%. We have sold more than 300+ machines till now, and hopefully, we end the year close to around 450 machines, though it is slightly lower than what we projected around 500-600 machines earlier. The growth slowed down a bit this quarter. We expect to end this year with a revenue of around INR 180 crores out. Poly Medicure holds 10% share of the dialysis market today, with a target of 15%-17% over the next three years. So we are already pushing hard, and I think also we are going back to the government about Chinese companies using FTA countries to bring products to India at zero duty. I think probably that's a bigger concern today. Even today, I had a meeting with the secretary in the medical device department and pharmaceutical department, and we have clearly told them what is happening today and what is actually hampering India's exports and India's manufacturing growth. What are these factors? Cardiology and orthopedic business. Before we throw light on our cardiology business, I'd like to highlight that our recent acquisition of PendraCare and Cardiology and CTFE and orthopedics are getting consolidated in this quarter. Their full-year impact will be visible in FY 2027. Further, both entities are bringing valuable EU MDR FDA-approved products and manufacturing facilities. Currently, both the businesses are operating at just 50%-60% of the current capacity, offering a clear and immediate pathway for growth as we integrate and scale. We will use India leverage to drive cost competitors in both these businesses and expand their market presence. Coming back to the domestic cardiology business, as of date, we have already implanted more than 7,000 drug-eluting stents, a strong signal that our product is gaining traction and earning favorable feedback from both patients and intervention cardiologists. Further, a clinical study for our RisoR stent is in progress. More than 200+ patients have been already enrolled across multiple sites in India. Along with this, I pointed out above, we have received approvals for Intravascular Lithotripsy System, IVL, and drug-eluting balloons, DEB. Both are expected to be commercialized soon. Both these products are high-end technology products with ASP in excess of INR 1,000,000 and INR 15,000,000, respectively. This will further enhance our capabilities in this segment and deepen engagement with cardiologists. Strategically, these developments, along with our recent acquisition of PendraCare Group, position us for global growth in the cardiology space. We are steadily moving up the technology chain in the medical device market, and these initiatives plus us will capture meaningful market share initially to develop the domestic market and over time in the international arena. I just want to bring to your notice that both these products are currently imported in the country. More than 90% of the demand is met through imports, and I think we will be one of the first companies to indigenously develop these technologies and sell in the Indian market. On the infusion therapy front, yes, the business has been a little bit on laggard. We have just delivered a 5% year-over-year growth in Q3 despite the weakness in the international markets earlier in this year. We expect this segment to retain its historical growth momentum as international market conditions normalize. Leveraging our global leadership in the infusion system and delivery devices, we are poised to emerge stronger and capture additional market share. Additionally, I would like to point out that we are also developing more products in this category to move up the value chain. Liquidity position and investment thesis. Turning to our balance sheet, we ended the quarter with a liquidity of INR 840 crores. This strong cash position allows us to continue backing our ambitious growth strategy, both organic and inorganic. As mentioned earlier, we have completed two acquisitions in this financial year. Further thesis focuses on technology acquisitions that complement our verticals: critical care, cardiology, and other agencies, including orthopedics. We will keep the market informed as and when we move forward with new opportunities. Now, let me connect to this forward-looking outlook. We expect H2 to end at around 20% higher revenue, as I mentioned in the previous call, than H1 on a controlled basis, as guided in the last quarter. At the same time, I am pleased to share that our U.S. business ambitions remain robust. With the next three to four years, we expect to meaningfully scale our U.S. revenues driven by new contracts and regulatory approvals. With the acquisition of CTFE and PendraCare Group, we currently have 15 products approved under the U.S. FDA administration, with further 5,000 products at various stages of approval process. We are reinitiating conversations with our customers with whom we had already signed contracts after a reduction in reciprocal tariffs to 18% to understand where they are on their project development. We will be in a better position to provide more clarity on this potential U.S. revenue post this conversation. It is worth emphasizing that U.S.-India trade deal is a strong positive for PolyMed, as this significantly enhances our competitiveness of Indian medical devices in the U.S. by cutting tariffs from 50%-18% and making products like disposables, where we have a leadership position globally, far more cost-effective. It also unlocks major export growth potential in other key advanced markets while boosting investor confidence into medtech manufacturing R&D in India. On a 9-month basis, our standalone EBITDA margin is 26.6%, which is at the higher end of the guidance as per what we have provided at the beginning of the year, and we expect to maintain it for the rest of the year. On a consolidated basis, EBITDA margin will be lower due to the impact of full consolidation of the two acquisitions, which operate at lower EBITDA margins currently. We continue to invest in future growth with the CapEx of INR 234 crore we have done in the first 9 months of the current financial year. These funds will be deployed to set up new factories in Prithla and Haridwar. Prithla is in Faridabad, Haryana, and Haridwar also in Uttarakhand, as well as to expand capacity at our existing plants. Also, during the year, we bought additional land at YEIDA Medical Device Park near Noida in Jewar. This facility, once we get approvals from the local authorities, we will start constructing a new facility there, and hopefully, in the next 18-24 months, this facility also will be operational. We expect that 3 new plants will be fully operational within the next 18-24 months. In summary, Q3 FY 2026 has reaffirmed the fundamental strengths of our business model. We delivered double-digit growth domestically, maintained healthy margins, improved operating EBITDA performance, and brought significant product innovation. We are continuing to invest in sustainability, scale, and future capacity through R&D and green initiatives. Of course, for Q4, we definitely will maintain guidance that we should be able to do a higher revenue in Q4 as compared to Q3, and our guidance is between 9%-10%. So overall, when we compare H1 to H2, from H1 to H2, we should see a revenue increase of 20% overall, and that's what we have guided also in the last call. Thank you very much for your attention, and thank you very much for your time. Now, I hand over the call back to Robert. Thank you very much. Thank you. 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. Our first question comes from the line of Suruchi Parmar from NX Wealth Management. Please go ahead. Hello. Am I audible? Yes, please. Please go ahead. Yeah. Yeah, sir. Thank you for the opportunity. Just want an explanation on your standalone revenue growth is only 2%, and the consolidated revenue growth is 16%. So is the consolidated revenue growth basically because of the new acquisitions? Yes, that is correct. Okay, so what about the standalone revenue growth? What are you seeing going forward? Basically, as I have told earlier, I think we faced certain headwinds on the export front, especially in the European markets. I think that was the main reason for lower growth of standalone revenue. But as I have been mentioning in my previous calls also, as markets are getting better, we see conditions changing. Of course, last year has been a very difficult year, especially with the trade crisis, and then, of course, China dumping excessively in various markets. So we saw muted or maybe almost small negative growth on the export front. But now, things are looking better, and I think as we see this year, especially in Europe, we are adding 5-6 new customers starting April. So this will, and especially in developed markets. So I think this time, we are also getting some new contracts in the UK, especially with the NHS. All that will help us to grow back the European business, which has been very laggard or lacking the growth, actually. Okay, so these customers will be for Infusion Therapy segment or Renal or Cardio. Can you specify? Mainly for infusion because the business which is taking a little bit of a back step is the infusion business. See, so that is what we are trying to grow and grow back this business. Okay, So initially, we have seen that the EU has transitioned to a new regulatory system from MDD to MDR, and we had to drop many products initially in the bargain because it was taking a long time to get the approvals. So many products were pending, and now, as time has progressed, we have added a few more products in the last quarter, which are EU MDR approved, which helps us to sell those products in the European market. And these are mainly critical care, vascular access products. We have got approvals recently. And within, I think, the next six months, we hope that we get another 15 new products that will be EU MDR approved, which we can sell in the European markets with the same customer base and same market. So I think that is what we are targeting right now. All that is part of the work regulatory and what we have been doing in the last 6-8 months. Okay, okay. Sir, these new products which you have got approval for cardiovascular, IVL, and DEB, these are basically for the Indian market only, not for exports, correct? It will take at least 2-3 years to get regulatory approvals for global markets. Our first task is to sell these products in India, like what we are doing for DES right now. All the 7,000 stents which have been implanted are in India right now. Though we have a clinical registry in Europe and India both, which is 50-60 people will be implanting stents out in Europe, and which have already finalized that process. And India, already as part of that program, we have already 200 patients already enrolled in that clinical registry. So gradually, the regulatory cycle is very, very long for medical devices, especially for critical devices which are falling in class three devices, which are implantable for long term. So mostly, companies spend 3-5 years in getting approvals for global markets. Can you specify how much will be the market for these products, the cardiovascular products which you have got approval? So basically, these are completely new technologies, like drug-eluting balloons are new technology because these are used in angioplasty. And today in India, we are implanting almost 1.3 million stents. And in my view, doing around close to 700,000 angioplasties today in India, average per patient is around 1.6-1.7 stents. So basically, to remove the plug and sometimes just to ensure that there are no stents, people use drug-eluting balloons. And even IVL is basically used for cutting the plug in the arteries. So these are fairly new technologies in India and I think completely dominated by multinational companies. So I think we are one of the first pioneers to launch this product. So market will grow, but I think I don't have any numbers because I just got the approvals. But the market will keep on increasing because as the stent market in the last 5 years has almost doubled. So similarly, these products, probably in India, I would say around 50,000 DEBs are sold or maybe around 10,000 IVLs are sold. So eventually, these products will almost become 2x, 3x in the next 3 to 5 years. Okay, okay, okay, sir. I just want to clarify one thing. When PolyMed exports to either the U.S. or Europe or the U.K., do you sell directly to the hospitals or the doctors, or do you sell to pharma distribution, their pharma distribution players? So the business is very clear. We sell to distribution partners who specifically have their own teams, medical device distributors who specifically have their own teams which can go to hospitals and promote the products. So we work in collaboration with these distributors, and we continuously train these people. Like last week, our team was in France visiting at least 10-15 hospitals and training with the local distributor, their reps, and the clinical nurses and doctors in France. Or we have done in the previous month in Spain before that. So we continuously engage in those kinds of programs so that they understand our products. They get more use of the users, get more friendlier with the technologies and the products we are manufacturing. And that's a continuous process. So it has to be done through distribution partners. Okay. Just one last question. Can you specify the revenue mix going forward in FY 2027, what you envision from cardio, renal, and infusion therapy? See, in fact, we have not called out those numbers, and we will be able to give you more clarity once we formalize the business plan for FY 2027, which should be in the next 3-5 weeks. I think I will give you a better position. But what we are seeing right now is that domestic business overall should grow around 25% for next year. That's the plan for next year. That's the plan we have been making, and we are working on that. And export business should grow around 12%-15% because we had, let's say, a lower threshold, and I think now we should grow faster. So we are seeing probably growing at 12%-15%. So that is what we are calling out. So overall, both the businesses will grow, definitely. But individually, I don't have the numbers to tell you right now. Okay, okay, sir. Okay, thank you so much. Thank you. Thank you. Participants, please restrict yourselves to two questions. If you have any more questions, kindly rejoin the queue. Our next question comes from the line of Neelkanth from Equirus Securities. Please go ahead. Yeah. Sir, thank you for the opportunity. Sir, if I heard correctly, you mentioned about the 20% growth in H2 compared to H1, right? Correct. If that is the case. Yeah. Yeah. So in that case, in a 4Q, you have to grow at almost around 18%-19% on a YOY basis. But I also heard you mentioned about the quarter-on-quarter growth of almost around 10%-11% in 4Q. So am I missing something, or can you please guide on that part? Yeah. So if you see, our H1 revenue was close around INR 840-odd crores. That's what the number I remember. But we will end the H2 around INR 1,025-INR 1,030 crores. So maybe that ballpark number. I don't remember exactly. And when we look at the growth numbers, we are seeing almost 20% growth H1 over H2. Now, if you see the quarter three numbers, the revenue is close to INR 493 crores. And quarter four, the revenue will be close to INR 530 crores or something, that number, close to that number. So basically, if you start computing the two details, it will come to that 20% growth number. Okay. Sir, I see the employee cost increasing very sharply, and I assume that is largely because of the acquisition, the recently acquired company. Because on the standalone level, the employee cost is a percentage of 60% close to 20%. But But at the consolidated, it's 23%. Going forward, should we assume this kind of employee cost for the purpose of that modeling, or how do you see it? See, as we go deeper into higher technologies, we definitely need more skilled people. Like today, if I was hiring a person for my infusion business, it will cost me around INR 60-INR 70. For example, ballpark. But if I'm hiring somebody for cardiology, it's going to cost me INR 2 lakh a month, right? And last year, if you see, in just nine months, in this year, we have hired over 90-odd people. Actually, the number Rahul is saying is 100, close to 100. So we have almost hired 100 people. Now, all these people will become productive in the coming years. So we are building the whole operational structure. We are hiring clinical people because if I need to sell high-end medical devices, I need the skill set within the organization. We have hired a lot of people in R&D because we are supporting the other two acquisitions we have done. So a lot of R&D will happen at the back end in India. A lot of operational excellence we are building in India for those companies also. So a lot of hirings are happening, and we are going to build that. And that is built in the model today. If you remember, in the beginning of the year, we had guided for 25%-27% EBITDA, whereas we were already doing close to 27.5% EBITDA in FY 20 2025. Why we guided? Because we knew that we were working on these acquisitions. We knew that initially, these companies work at lower EBITDA. So the cost pressure will come in on the overall system. But now, as we have done the acquisitions, we have done one quarter. We know where we are heading, and we still maintain on standalone versus 26.8% EBITDA margin. So this is very close to that 27% number, higher spectrum. And then I think this will continue for a while because it's important that we build the competence in the organization. These products need a lot of skilling for selling to doctors, hospitals. And if we don't have the skill, we can't sell a product for INR 1.5 lakh. From selling a product of INR 15, we are now moving to selling a product of INR 1.5 lakh. So we need a lot of skill sets, and that's what we are doing right now. Okay, got it, sir. Sir, I assume that if I'm correct, you mentioned about your earlier guidance of machines from 550 to have now guided to 450, right? What process will be revising the guidance downwards side, particularly in the dialysis machine? Yeah. So dialysis machine, again, if you see, we have guided 500-600 machines in the beginning of the year. But we may end around at 450. Certain government contracts are delayed because, again, if you look at the big, most of the larger companies are selling not just selling machines, they're placing machines into hospitals. Like Fresenius and Nipro, they place machines in the hospital, and then because they have a larger balance sheet, they can do that. And then they work on a 5-year, 7-year contract by supplying consumables. Here, what we are trying to do, we are trying to move away from this model in which we are going to sell the machine to the user. And that is what we are doing. And certain, of course, dialysis programs are very well funded by the central government and also state government. 70%-80% patients are going to government-driven dialysis centers. We are working on certain large, I think, contracts. Hopefully, we might get them before March. Our current visibility is 450 machines, but we don't know if it can be 470 also. There's prudent to give a number which we think can be done. Next year, as most of these contracts may go into next year because of budgeting issues, I think we may see a larger number. Again, we can't predict too much. Of course, I think we have bidden in contracts which are more than 600 machines already as of now, which are in pipeline. When they come is a question mark. Okay. Thank you, sir. And also, sir, just wanting to know, by the end of the ninth month, FY 2026, what would be a ballpark, if you can help me, the working capital numbers? Working capital numbers? Right. Probably in terms of days or in either case. You want the net working capital number? G, yes. Our net working capital number for nine months will be close to 140 days. 140 days. Okay. Okay, sir. And sir, just one last question, if I can ask. Sir, I see ROW portion has not been picking up very fast. So what are we doing to increase that kind of? I see you are now doing good, at least on a QOQ basis. But when we say from the ROW perspective, how should we see when it can be picked up? What kind of concentrated efforts we are taking to get it done better? See, I'll tell you how the business is into three parts. One is India, one is Europe, and one is the rest of the world. The rest of the world also has America. The rest of the world also has Latin America, Middle East, Asia. So in every market, see, we have also changed. Let me also brief the people on the call. We have also changed the way we used to do business. Today, it's not that you can make cheaper or you can sell a product. If I need to compete with China, I have to be 10% cheaper than China if I have to break that market. But that is not happening because China's volume numbers are very different than India's ten times because of us. So how do we win the market? How do we win contracts? How do we sell more products? So we have to reorder ourselves towards the clinical side of the business. So today, we have employed more than now, hired more than 25 people in the clinical team, which are now going globally. So as I talked about earlier, that we have sent teams to France, to Spain. So we are sending teams to different, different markets. And I think we have limited time, but I think that is what is changing. And once we engage more deeply with clinicians, hospitals, in those specific markets, we will see business growing. And I think that is the strategy we adopted 6-8 months ago. And we are now going to see more results from that strategy. And that's the reason we are optimistic about Europe now because we have changed the traction. And I think the rest of the world, we are also doing a similar exercise. Got it, sir. Got it. And sir, just your broader sense on how do you see your portion shaping up well for us compared to the Chinese dumping in? How do you see the situation going on? See, today is not in my hands that I can change the situation. The only thing we can do is come with better technology products, products which perform better in performance because these are mechanical devices. These are not pharmaceutical products. That's a pill that you pop it. So these are mechanical devices. These need training. So we are focusing a lot, as I mentioned in my last meeting also, that we have started a PACE Foundation, which is just for clinical training for doctors and nurses. We opened the first PACE Academy in Delhi, and now we are going to open more in the future. So I think a lot of work is happening on the clinical side, development side. And we will see better results in the coming times because this industry has a very long gestation. You see the medtech industry overall, in the last 25-30 years where we've been in existence, except Meril is an outlier because they have got cardiology and orthopedic products. We have just started. But there's not a single company which has come closer to what we are. So you have to see that this industry has complexities. This industry needs regulatory approval. This industry needs innovation. And we have been working very hard on that. And fortunately, the cash flows are very good for us, and it's a sufficient cash flow. We keep on investing. I think it's a matter of patience. But yes, the numbers will start looking much better next year. I definitely hope that we should get to our 20% growth number next year. And that is our core target, actually. But 20% on FY 2027, you are saying, right? 20% over FY 2026 numbers. Okay, got it. Got it. That is it from my side. Thank you so much, sir. Thank you. The next question comes from the line of Ravi Naredi from Naredi Investment. Please go ahead. Thank you for giving me the opportunity. Sir, since the last few calls, we are bullish. But nine months' data do not say something else. So how do you compete with China in renal? See, Renal is probably today 10% of our total business. I can't just say that 10% business I'm going to compete with China. The rest, I'm not going to compete. So we have to continually keep fighting for the business. And I think we still are the only company making these products in India. And I think we have been pushing the government to put an anti-dumping on Chinese dumping, which is happening in India. They are getting products at 0 duty in India. So any industry—I forgot about medical devices. Any industry which has 0 duty with Chinese manufacturing can survive in India? I don't think so. None of the industries that survive in India which have 0 duty. Today, even on iPhones, they have 20% duty coming from outside. So even cars, they have 100% duty, 120% duty. So I think fundamentally, the government will have to take corrective steps to increase duties on Chinese products or products which are imported at low cost into India to ensure that the domestic market survives. Otherwise, none of the, in any medical device industry today, we still are 70% import-dependent on medical devices. We are not the only, let's say, player in the whole industry is dependent on imports. So the only way to come out of this is that unless until the industry is protected, even after PLI, nothing has happened. So I think fundamentally, there has to be a systemic change. I think that is what we are working with the government on the policy side, that at least for the industries where we need self-dependency in India, at least there should be some protection and protection from dumping from China because that has happened across every industry across the world. It is not medical devices alone. In renal, we are 10% only, you are saying. What is our main business? Main business is vascular access, sir, infusion vascular access, which is around close to 60%-63% of our main business. In that business also, we are facing competition from China? Everywhere, we are facing competition. Why will we not face competition from China? Every industry is facing competition from China. I think it's a matter of time. And I think if you have heard my comments I've made to other participants earlier, next year, we have already called out that we should come back to that 20% growth. And definitely, domestic looks better. We may grow at 25%. But international business, especially exports, we are saying between 12%-15%. International is also numbered. Yeah. Margin should be there now because drastically margin reduced, so everything has been better. No, why is margin in bad shape, sir? We are at 26.8% EBITDA margin. How do you say margin is bad? You see the net profit margin this quarter is 17.5% instead of 19.7%. It is because of two exceptional items which we called out in the beginning of the call. If you have not maybe heard that. No, no. I heard. I heard. Yeah. So this is INR 15 crore of exceptional costs in the last quarter because of labor code adjustment which we had to do. Every company has done that. And secondly, there was an acquisition cost which has been now expensed out in the last quarter, which we have done two acquisition ops there. So it's INR 15 crore. If you add that INR 15 crore, you will see a similar margin, sir. Okay. Okay, sir. Thank you. Thank you. The next question comes from the line of Naman Bagrecha from IIFL Capital Services. Please go ahead. Thanks, sir, for the opportunity. Sir, just one clarification. You guided for 12-15. Sir, slightly louder. Yes, yes. Thanks for the opportunity. You guided for export business for 12%-15% kind of growth for FY 2027. I presume that this includes the acquisitions as well, or this was OEM exports? Okay. Yeah. So the international business guidance was 10%-15% growth. And if you see nine months, we have grown around 9% on the international business, close to maybe Rahul can correct me on those numbers, but around 9%-10%. And hopefully, by the year-end, we should grow around 13-odd%, I think. Sir, can you call out the revenue contribution from these two acquisitions, PendraCare and CTFE, for the quarter? Rahul can give you a better clue. These two acquisitions for quarter three have added about INR 48-49 crore to the top line. Okay, sir. Okay, okay, okay. Sir, one more thing. On the India business, given that renal is facing challenges and China being China, they might keep on dumping in every category that we are operating, how confident are you in terms of this 25% domestic business growth guidance? If you could help us in terms of what would be the drivers, etc. See, if you see the number, as I said earlier, the domestic business—private business—which is around 88% of our current business has grown around 23% odd. Government business, deliberately, we have been trying to shrink it because of some of payments and payment cycle getting longer and also cost pressures there. We don't want that to happen because for us, most valuable business because also the government is more tender-driven, so we don't know what's happening. Domestic private business where we are going to corporate hospitals and large hospitals, that business is more steadier for us. We have been gaining market share. This year, we have grown that business by 23%. That is 88% of our domestic business. So next year, because as we have many more new contracts which have come in this year with private hospitals, today, you can see PolyMed products in every top private chain in the country. This was not the case five years ago. So we have done a lot of work internally to match our quality performance with the top multinational players globally. And that has helped us to gain that market share. So next year also, we will. That's the reason we are calling it out. Next year, because of what we have done this year and also some of the new businesses we have developed over the last six to eight months, like cardiology, critical care, and so on and so forth, that will help us to grow our domestic business by 25%. Okay. Yeah, fair enough. One more thing on the acquisitions. What has been, let's say, I mean, your internal targets in terms of how much scale can we do for these two businesses, let's say, next one or two years? So currently, I mean, currently, if you look. Raman, you are not ready. Can you please repeat that, please? Sorry. Yes, yes. Sorry. What could be the contribution of these two acquisitions going ahead FY 2027- 2028? Can it be, let's say, around 15%-16% kind of contribution, top-line contribution? No, no. So Raman, if you recall the announcement that we made about these two acquisitions, CTFE, when we acquired, was about EUR 17.5 million business. And Pendra was close to EUR 10 million business on an annualized basis. So we expect both these businesses to obviously grow in 2026 as well and FY 2027 effectively for us. And so both these businesses added about 16%-17% of our revenue base of FY 2025. And we expect a similar portion, maybe slightly lower because our core business hopefully will grow faster than them. So somewhere in the range of 15% or so is their revenue contribution to the overall consolidated revenue for next year. Okay, okay. And on the OEM exports business, if we look FY 2027, 10%-15% guidance includes acquisitions, which implies that our own export business probably will see a single-digit kind of decline on FY 2026. Am I getting this correct? Or I mean, if you could help me on this one? Yeah. I think on the organic side, which is excluding the acquisitions, our international businesses currently are on a flattish trend. Depending on how quarter four goes, we'll go. Basically, it's going to be a low growth year excluding the acquisition of the international business this year. Could you also highlight in terms of what is the pricing differential between, let's say, Chinese products versus our products which we are selling in the EU or, let's say, the export market? I mean, how can we, let's say, mitigate this risk going ahead? I think, Raman, if you heard earlier what I said, that we have won some new contracts in larger European markets. So that will help us to get back the revenue, which we were missing. I think there were delays in a lot of contracts. I think NHS has almost delayed every contract by 1-1.5 years because of change in government in the U.K. And also, we have other, let's say, markets we are trying to bring in more products as we're getting more CE Mark products, another 10-15 products in the pipeline. A few products have already been done recently. So that's the reason we are able to see that visibility. I think once and we will give that number, your final number, let's say, maybe end of quarter four when we have a final business plan coming from all our, let's say, business unit heads. Then we'll compile it and come back to you. But this is what we see today. And so you also called out some. Raman, I would request you to rejoin the queue. Thank you. Yeah, correct. I think, Raman, we have to talk to other people also. The next question comes from the line of Harish Doshi from Marcellus Investment Managers. Please go ahead. Yeah, hi, sir. You alluded that you have adopted a new strategy with respect to having a clinical study team, especially for the international market. Now, in the geographies which we would have adopted this strategy, let's say, 8-9 months ago, have you seen any early signs of success in those markets where, even though we are a bit more expensive than the Chinese, we are able to gain market share or anything like that? See, before that, we were more relying on our distributors to put our products in the market, right? So now what we realize is that maybe they are not able to do justice in terms of the clinical advantage of the product versus these other products which are sold in the market. Pardon me. So that is the reason we have started sending our own teams with the clinical expertise so that they can understand what exactly is happening in those markets, what are the nuances which are needed for these products, what people need to see as a differentiator. And we are able to bring them out. And that's the reason we have won new contracts in NHS. We have won new contracts in Europe, mainly in Germany. And that's the reason for this change. And it's already happening. We're adding at least 4-5 new products in France as we speak. Spain, we are adding 2-3 new products. So every market, we have started adding new products after our clinical teams have started visiting. Earlier, we were only focusing with our distributors. So this adds on to the continuity of the business and also enhances our presence in the market. The size of this team in India is about 300-400 people, right? India, we have close to 500+ people in India. Will we be looking to have such a large team in these markets, Europe, the rest of the world as well? I mean, have a 700-member team and replicate our industry strategy in the global market? No, I mean, I don't think the idea is to have such a large team. If you think about it, India is not one country, right? Or it is one country, but it is a mix of very different, different geographies and states, right? So it's a much difficult country to cover the number of hospitals, clinicians. We are reaching out to 8,000 hospitals today. 8,000 hospitals, each hospital has 10-15 departments. Then we have six verticals. You need expertise in every area. You can't be a generalist. That's the reason you don't see too many medical device companies of that scale in India because people are not invested in the clinical. We are only trying to sell products and say, "I'm cheaper to buy my product." Nobody is going to buy the product if it's cheaper unless until you come with and want to focus and compete with the large multinationals. You have to talk about clinical advantages. Today, Poly Medicure is exporting to 125 countries. So we have an advantage on the product. In certain product categories, we have global leadership. We are number three in IV catheter market globally. Tell me which company has 10%-12% market share in one single product globally? So that is what we are trying to develop as an expertise, skill set. And I think that's what we have done globally as we are trying to replicate back in India. And that's how it's going to help us to increase our market share and build more, sell more products in India. I was alluding that we replicate our industry strategy in the global market wherein the clinical study team will become so big that we will cater to their period requirements, do knowledge-based sessions, and so on and so forth. Yeah, yeah. So in India, see, we have almost close to 40-45 clinical people in India. And also, we are training a team which can now go overseas to different markets and also train other people, people who are working with our distributors to train them also clinically. So that's the competence we are building. Of course, there are language barriers. There are technical, every country, there's a different usage pattern. So we are developing all that knowledge and skill which will help us to grow our business in the future. We have done last 4-5 years, 20% constant growth. So I think we think we can come back to that number easily. And probably this year was a very difficult year. And not everything can be the same all the time. So I think we have learned from what we have to do. I think we have been implementing that very strongly. Okay. Thank you. Especially without compromising the margins. I think that is also a success. Okay. Thank you, sir. Thank you. The next question comes from the line of Bharat Shah from Shah Family Office. Please go ahead. Yeah. Hi, Himanshu. Good afternoon, Rahul Gautam. Hi. Good afternoon. First of all, a gentle comment. I think right at the beginning of the call, there was so much information loaded for 15-17 minutes. And at a speed which is unmatched, it is really, really difficult to grasp all the things that are being said. I think it may be more helpful if there is an initial curtain raiser for a few brief minutes. A good amount of details are given in the presentation. And then I think the discussion can be elaborated because when continuous 15-17 minutes of information being put out at a speed which is, at least for me, difficult to kind of cope with. Well, taken. I'll ensure that next time we'll ensure that we put more information in the presentation for sure. We'll keep more time for discussions. Of course, we get very valuable comments, advice from people on the call. I think we take every advice seriously, every suggestion seriously. So that helps us a lot to improve better in quarters, coming years. Definitely will help. Yeah. Because that way, it allows a more meaningful discussion on strategy and outlook to happen, which is a reason, as a well-wisher I thought I wanted to bring about. Secondly, the question is well taken. Sure. Secondly, on one end, I heard for the next year, your first time talking about the top line. I'll come to the profit pool separately. On the top line, you say domestic business should probably grow around 20%-25%. And international business should grow around 12%-15%. On the other end, I also heard a comment that total business probably will grow by 20%. So I'm assuming, say, in the current year, about INR 1,850-odd crore of consolidated turnover based on your overall summation for second half versus the first half. So are we saying that INR 1,850 crore of consolidated turnover is likely to grow by 20%? That's correct. Well, more than that, I think of course, what we are projecting right now, definitely, the numbers look to be around 20% or even more. Mathematically, it doesn't seem to combine. For example, domestic growth, domestic piece is about one-third. And if that grows at 25%, that will give you about 8% of the total growth. If international piece is two-thirds, even if it grows at 15%, then that will give you about 9-odd%. The two together still can't add more than 17% even if I assume higher range of the growth 25 and 15 instead of 20 and 12. Bharat Bhai, I think what we have not considered is the other three companies which we run outside India. They will also contribute to the growth. One of the companies, Plan One Health, which is doing an oncology business, that is growing around 30%-35% year-on-year. And that is and other companies will grow around 15% or so-odd percent. Overall, when you start calculating that, I think that's how we are saying we will be growing more than around 20% or so next financial year. Rahul can give more comment on that. Bharat Bhai, just to add, obviously, this year, the INR 1,850 crore number that you mentioned includes the acquisitions only for the part period. As those numbers get accounted for the full-year basis, will also contribute to the growth. So I think what Himanshu mentioned, 20% on a consolidated revenue also will have an impact of the full-year consolidation of these two acquisitions. But if I include both the acquisitions for the full year and assuming both the acquisitions themselves will grow, so EUR 17.5 million and EUR 10 million, that gives you about EUR 27.5 million. If they grow by even 10% or 15%, that should be EUR 30 million. Then virtually, most of the growth next year would only come from these two. No, Bharat Bhai, we also had partial consolidation of these in this year also, right? So that's in the base also. 1,850 that you mentioned also has the impact of the part-period consolidation here. Okay. Just to clear the confusion, independent of these two entities which are sought to be consolidated, just one second. Hello? Independent of the two acquisitions, can we say the standalone domestic piece per se will grow at about 25%? Without these two acquisitions, our international business will grow around 12%-15%. Is that something I'm right in my understanding? Yes, absolutely. Okay. Then I think the overall number should be higher than 20% is my understanding. But I hope. Bharat Bhai, we are definitely going to go for higher growth for sure. But I think as prudence, that is what we are calling out. And hopefully, we can deliver better numbers. Definitely, we are working on a lot of integration, a lot of things which are happening. And hopefully, the number will be better. But I think it is just because we don't have a final number today which I can call out, say, "Bharat Bhai, this is the final number I'm calling out." We're still finalizing business plans for FY 2027. For subsidies, we already finalized. India business and international business, we have finalized the business plan. So I think next 3-4 weeks, 5 weeks, we'll have a better visibility. So definitely on the next call when we'll do, we'll have a very finite number to call out for all our investors. Okay. Just one last thing because the new subsidiary, new acquisitions, they have a different profit margin. Our standalone domestic business, of course, has a far superior margin. And our international business also has a superior margin other than these acquisitions. And there is a differing competitive situation on all the three pieces right now. So if I focus on the profit pool rather than trying to work on each of the different pieces, the overall profit pool of the current year, assuming it in operating profit level, last year, we did about INR 450 crore. This is without counting other income and interest and depreciation. So about INR 450 crore of operating profit we made. And from what all it looks like, the FY 2026 probably will be something similar or a little bit here and there in terms of the operating profit is my assumption. This operating profit pool in the FY 2026, what kind of growth do you believe for '27 is a fair assessment? Bharat Bhai, see, I don't have again the finite number. I will be able to give more clarity, guidance in our next call. But I think once we do a Q4 call, we'll be able to give you more guidance for the final year because I think it's too early to call out a number for next year when I don't have the finite number. But what I can guide is currently on the revenue side because that is what we are seeing. And we are giving a range also. But I think once we see quarter four going out, then we will have a better visibility on that, better visibility on margins, products, everything. So it'll be unfair to call out that number today. Okay. Just last bit of question. Can I assume the next year, your operating profit pool will grow at a rate faster than the turnover, equal, or lower? Yeah. So Bharat Bhai, just on profit pool, right, because as the impact of so you mean the absolute number or you're talking about the margin? Just for me to clarify it. No, I'm not talking of margin. I'm saying current year, our let's say turnover is INR 1,850 crores. We are saying hopefully, we'll grow at the rate of 20% or more in the next year. Our current year profit pool, I'm assuming it in operating level is about INR 450-460 crores, let's say, without counting exceptional debit of INR 15-odd crores. I'm saying that operating profit pool, if top line will grow at 20%, whether operating profit pool will grow higher than 20, equal, or lower? I think it'll be more or less equal, Bharat Bhai. Okay. Okay. Fine. Fine. Thank you. And I think we'll discuss in greater detail separately. Sure, Bharat Bhai. Absolutely. Most welcome. Thank you. The next question comes from the line of Janish Chheda from Kempfin Family Office. Please go ahead. Hello, sir. Am I audible? Yes, audible. Yeah. Just closer to the mic, please. Yeah. Just one question from my end on the competitive side that two-thirds of the revenue comes from international market. In India, as you are saying that Chinese competition is there and you are trying to get into you are hoping that there is some anti-dumping duties, I think, of that sort in the domestic market. But what about the international market? How do you compete with China in the international markets? So let me tell you. See, what happens is our basket is very large. We have a product basket of almost 200+ products on manufacturing side, right? And most of these products, we export. But when we see products which have no technological differentiation, those are the products where Chinese companies will be able to make cheaper because their volumes are 10x, 20x of India today, manufacturing volumes. Now, products where we have patents today, if you see, PolyMed is around 375+ patents as a company. So wherever we have technological advantage on the product, clinical advantage, that is where we can score. It's not that our business has gone to zero international business. We are still maybe flattish, but we still manage the market in spite of all the turmoil we have seen in the market. So it's not that market will just go to zero. Poly Medicure has sustenance. So we have sustained the market. Next year, we are going to see the growth coming back because we are going to add so many new products. Already, we have launched 19 new products this year in nine months, if you read the document which we have put on as a presentation. So we are continuously innovating, continuously bringing new technology. So I think that's the USP of the company from last 10 years. I understand that. But in terms of qualitative aspects, do you offer more margins to the distributors, or do you focus on educating all your products superiority? More on the qualitative side is what I'm trying to understand. Quality-wise also, we are at par. If you look at the qualitative side, today, why would a European hospital use my product if it is not good in performance or clinically is not equivalent or superior than what we are using? So that's the most important part. Even if my price is zero, nobody will use it if my quality fails. So I think that's very clear that qualitatively, because we have many, many approvals globally, whether FDAs, CE Marks, or Canadian approvals or TGA approvals in Australia or different markets. So that helps us to stay in the market at the competitive level in qualitative terms. Yes. And secondly, as you are moving into more higher-end products, do you see margins to move northward from here over the 3-5 years perspective? I think so too. I think I agree with you on that front. And I think because, as I have told you, we are moving more in the technological side. If your initial part of the call was about that disclosure, that how the companies move up the value chain. So definitely, when we sell orthopedic products or cardiology products or critical care products, our gross margin percentage should keep on improving. And that's what we think. And that's how we are planning ourselves for future. Yeah. And one last, if I can just add in a small question. Are you looking at other regions like Middle East or anything of that sort? Could you repeat that? Sorry. I was not able to hear it. Are you looking at other regions as well such as Middle East or Southeast Asia or anything of that sort? We are present in 125 countries, most important markets in the world. So we'll continue to expand our presence because, again, just by distribution partners having there is not going to improve our market share. So the only way is to put our clinical teams there. And that is what we are building. So we are hiring more people internationally. We are hiring more people in India who can travel internationally and support the existing distribution network. And that will happen across the world. It is not going to happen in few markets. These are going to happen at least 25-30 important markets we are serving today. Okay. Thank you so much. Thank you. Thank you. Thank you. Ladies and gentlemen, that was the last question for today. I would now like to hand the conference over to Mr. Himanshu Baid for the closing remarks. I'd like to thank everybody on the call and thank you for your questions. I think really, these probing questions make us more resilient. Also, I want to assure everybody that the company is doing well, and we are on the growth path, a lot of new technology. I also invite you to visit our facilities to get a better viewpoint on the company, what kind of technologies we are using in manufacturing. Some of you have already visited, but I'll invite you, other people. Rahul and his team will facilitate that visit to the plants. That will help you to understand the technology roadmap we have laid out for future growth of Poly Medicure. Yes, I think we are looking forward to that higher growth numbers in coming future. That's what I can assure you for today. Thank you very much. Thank you. Thank you, Thank you, sir. Ladies and gentlemen, on behalf of Poly Medicure Limited, that concludes this conference call. Thank you for joining us, and you may now disconnect your lines.