Revenue for Quarter 3 Financial Year 26 stood at INR 962 million, making 6% year-on-year decline and 21% on sequential basis, while growth of 12% is observed in nine months year-to-date basis. This degrowth is on account of lower sales in the pharma API and nutrition business across both domestic and international markets. Human Health care contributed 56% over total revenue in the current quarter. Next, we have Animal Healthc are: revenue rose to INR 241 million, delivering a 22% increase year-on-year, 25% on sequential basis, and 26% on year-to-date basis. Animal Healthc are accounts for 14% of the total revenue in the current quarter. Turning to Biop rocessing: this segment recorded 13% year-on-year growth during the quarter, 41% sequential growth, and 15% year-to-date growth. This growth is primarily on account of robust performance of our Food business. The Food business grew by 16% on year-on-year basis, 51% on quarter-on-quarter basis, and 19% on year-to-date basis. The non-Food business degrew by 5% on year-on-year basis; it grew by 3% on quarter-on-quarter basis, while there is marginal increase of 1% on year-to-date basis. Lastly, the Specialized Manufacturing segment remained flat on year-on-year basis, while it degrew by 16% on sequential basis. On nine month basis, it grew by 25%. This segment represents 9% of our overall revenue in the current quarter. The quarter presented its share of headwinds; nevertheless, we remain steadfast in our strategy and confident in the opportunities ahead. We anticipate that our strong growth trajectory will persist across all business segments in the foreseeable future. Moving forward, our primary priority is to enhance resilience throughout our operations, thereby ensuring effective adaptation to the dynamic market conditions and emerging challenges. With this, I will now hand over the call to Rauka ji. He will walk you through the financial and key subsidiary numbers. Over to you, Rauka ji. Thank you very much, Mukund. Good evening, everyone. I hope you all are in good health and doing well. On the company's consolidated financial for third quarter and year to date, nine months of fiscal year 2026. First, I would like to give comparison on year-on-year basis. This is Q3 FY 2026. Revenue is increased by INR 28 million, from INR 1,691 million to INR 1,719 million, a 2% increase. EBITDA is lower by about 11%, at 29% as compared to 33% in the corresponding quarter of last year. So, this is INR 494 million as compared to INR 553 million. Profit before tax has increased by 10%, from INR 530 million to INR 583 million. This is about 34% of our revenue. Profit after tax is increased by INR 43 million, from INR 389 million to INR 432 million. This is about 25% of our revenue as compared to 23% in the corresponding quarter of last year. On a quarter-on-quarter basis, sequential basis, revenue is down by about 7%, from INR 1,845 million to INR 1,719 million. EBITDA is decreased by INR 107 million, from INR 601 million to INR 494 million, about 29% of our revenue as compared to 33% in the last quarter. Profit before tax is decreased by about INR 13 million, from INR 595 million to INR 583 million. Profit after tax is decreased by about INR 15 million, from INR 447 million to INR 432 million. This is about 25% of our revenue as mentioned ahead. For nine months of FY 2026 versus nine months of FY 2025, our revenue is increased by about 15%, from INR 4,697 million to INR 5,424 million. This is about 15% growth. EBITDA is increased by INR 170 million, 11% increase from INR 1,488 million to INR 1,658 million. This is about 31% of our revenue as compared to 32% in the last year. Profit before tax is increased by about 20%, from INR 1,439 million to INR 1,727 million. Profit after tax is increased by about INR 212 million, from INR 1,072 million to INR 1,284 million. This is about 24% of our revenue as compared to 23% in last year nine months. Regarding our subsidiary numbers, JC Biotech quarterly numbers is top line of INR 159 million, with EBITDA of INR 7 million and PAT of -INR 4 million, as compared to INR 172 million of top line and INR 22 million of EBITDA and INR 7 million of PAT in the corresponding last year Q3. For nine months, JC Biotech top line is INR 556 as compared to INR 488, resulting in 14% increase. EBITDA is INR 77 million as compared to INR 66 million, 17% increase, and PAT is INR 27 million as compared to INR 19 million, 39% increase. Evoxx revenue stood at INR 87 million and EBITDA of INR 22 million and PAT of INR 15 million for Q3 of this year, as compared to INR 64 million, INR 12 million, and INR 4 million respectively of revenue, EBITDA, and PAT. For nine months, Evoxx revenue stood at INR 231 million as compared to INR 160 million, registering a 44% increase, and EBITDA increased from -INR 8 million to INR 53 million in nine months, and PAT is INR 36 million as compared to -INR 30 million. Our healthcare bifurcation: our India sales stood at INR 481 million as compared to INR 460 million in corresponding quarter of last year. International sales stood at INR 482 million as compared to INR 559. Our B2C sales stood at INR 91 million as compared to INR 103 million in the Q3 of the last year. [Foreign language]. R&D expenditure on stand alone basis for Q3 revenue is INR 77 million and capex is INR 3 million. So, total is about INR 80 million, this is comparable to the earlier quarters. Total INR 246 million we have spend so far in nine months. R&D expenditure as percentage of our revenue on consolidated basis, it is about 4.7% as compare to 4.9% here. This is without considering the inter company eliminations, and on consolidated basis, R&D spend after considering the elimination, it is about 3.2% as compare to 3.3% in Q3 of FY 2025. For nine months, it is 3.2% as compare to 3.7% in nine months of last year. That was from my side. Now, we shall open the floor for question- and- answer session. Thank you sir. Ladies and gentlemen, we will now begin the question- and- answer session. If you have a question, please press star and one on your telephone keypad and wait for your turn to ask the question. If you would like to withdraw your request, you may do so by pressing star and one again. Ladies and gentlemen, if you have any questions, please press star and one on your telephone keypad. Let us wait for a moment until the question queue assembles. The first question comes from Mr. Umang Shah from Banyan Tree Advisors. Please go ahead, sir. Hi sir, can I ask a question? Yes sir, you may. Yes Umang Shah? Yes, hi. Thank you for the opportunity. Sir, the first question was if you could break down the human nutrition revenue between India and international. Yes. I am giving you a nine-month number, okay? Okay. India is 1710 and international business. Yeah. I am talking in millions, $1,710 million for nine months and for international market, $1,686 million. So total is $3,396 million for nine months. Got it. Got it. Got it. Sir, and the second question was if you could speak about the decline in human nutrition segment, you alluded to the fact that it was between both pharma and nutraceuticals, and even the numbers represent that. So can you just help us understand, especially in nutraceutical business in U.S., what led to the decline? Mr. Shah? Yes. Umang Shah? Umang? Yeah, go ahead sir. You know what is going on in the US? Overall, the market is very uncertain in U.S., and when there is complete uncertainty in the nutritional market, everybody is paying a heavy duty no matter where the product is coming from in the nutritional market, human nutrition market. Long-term strategies, short-term strategies are difficult to develop during this kind of uncertain markets. Second part is the cost which is coming out from China on all the raw materials for packaging, shipping, etc., is going up, and industry is trying to pass on that cost a little bit at a time. You can see that there is a slowing down, not because only on the nutritional side also, but the market-wise, it is affecting consumers very, very heavily in the food segment, in pharma segment, everywhere. Overall, there is tremendous uncertainty in the marketplace, and in that particular place, people try to hold on to placing any new orders. Does that make sense for you? Got it, sir. Yeah, got it, sir. Very useful. Sir, and second question was what is the competitive intensity in our largest product in India? Is it normalizing compared to last year, or is it still quite high? Umang ji, you can see the numbers, and if you see the numbers, probably we are growing, right? I don't see there is any problem with competencies or any other area into that particular. Got it, sir. Got it. Sir, and last question was at the end of last year, you had mentioned that we want to have a business in intermediates also. I mean, the nine months of this year have been done. Any headway in this business? We are still working on that, and probably when the right time will come, we will come out of it, okay? We will. Okay. Go ahead, sir. Hopefully, the market conditions will help us establish the foothold. Okay. Great, sir. Thank you so much, sir. I will get back in this queue. Thank you. Thank you. Thank you, sir. The next question comes from Mr. Sajal Kapoor from Antifragile Thinking. Please go ahead, sir. Yeah, thank you. My questions are not about this quarter or nine months, but slightly medium to long term. The first one is, how are you monitoring potential disruptive technologies or new entrants in the enzyme space, and what steps are you taking to ensure Advanced Enzyme is not blindsided by them? Very, very interesting question, and thank you for asking that. Listen, there are technologies which are coming in or the new entrants coming into the marketplace. There are certain segments in the human nutrition where people are more concerned with, and we are addressing that through a lot of research of new products, new areas. It takes a little time to develop these new enzymes per se because it has to go through a lot of regulatory approvals, etc. But we are already, if you will see, that we are very much on top of it publishing our papers. We are also trying to get technical backgrounds and support systems because people nowadays don't like just an ingredient per se. They want research data supporting it and which to also with the peer review papers. And that's how we are trying to attack that market to make sure that we keep our lead continuously into this market. No, that's helpful. Thank you. Yeah, yeah, that's helpful. That's helpful. Yes, I agree, it takes time to commercialize the new discovery, taking all it's time-consuming. Nothing works overnight in this industry, so I completely appreciate that. My second question is, how do you decide when to invest in incremental improvements to existing products versus pioneering entirely new enzyme solutions that might initially serve only a smaller or a less profitable market, but that may potentially lead into longer-term opportunities? So basically, the question is, how do you decide when to sort of become more cost-efficient because of competitive pressures or otherwise in your existing products versus what R&D dollar or how to invest that incremental money into something novel, discovering it, and then commercializing it? What is this sort of mindset? Mindset is basically you go to the marketplace where you have better profit margins to begin with, and then expand into the markets where there is margin pressure, but the volume gives us a cost-competitive advantage into our manufacturing because of the volume. Do you have separate? Yes. Do you keep separate teams for novel innovation, something which is getting discovered, versus incremental improvements, or are these the same teams? No, the teams, you have to separate them and get most of the efficiencies, cost efficiencies, because nowadays, travel is very expensive, as you know, okay? Besides, AI is coming into picture, so a lot of people are self-educated per se, quote-unquote. So it is always very interesting market dynamics where people throw the questions from AI, wanted to know all the answers kind of thing. This is a technical field a little bit, so you have to explain it in the marketplace to make them understand why it is different. It is not the same thing. Mr. Vasant, my question was, is it a single R&D center? Because we have got multiple R&D centers, so how do we position them for new innovation versus improvement? No, there are single R&D centers. R&D centers are single, but they are subdivided into different departments, functional device, okay? So there are different people taking care of different areas. Understood. Understood. Okay. That's helpful. Thank you so much for all the responses. Thank you and all the very best. You're welcome. Thank you. Thank you so much, sir. The next question comes from Mr. Shreyans Gathani from SG Securities. Please go ahead, sir. Hi, good afternoon. I had just had one question. From my understanding, the sales in the Evoxx subsidiary just go to Europe. Would that be the right understanding? Yes, it is the right understanding. Yes. Okay. So based on that, if I look at X of the Evoxx, pretty much our sales have dropped. I'm just looking at the last quarters, like we were doing around INR 4 crores. If I just subtract the Europe sales from the Evoxx sales from the Europe sales, besides the Evoxx, we've pretty much not done anything in this quarter. Could you comment on what happened, why we've lost sales over there in Europe? Shreyas, I think quarterly comparison, as we have already been mentioning, is not possible in our case. People don't buy quarter to quarter and month to month. Yeah, it all depends on customers, their own procurement schedules. Okay. Okay. Because I see pretty much we are averaging last four quarters, you're doing INR 4 crores, and now it's less than INR 1 crore, like INR 90 lakhs besides the Evoxx sales. Okay. The Evoxx quarter, I love this one. It's only over Europe, Brazil is added here, but anyway, we can't talk on that. No, no, we will speak out. I will give you exact number. I don't know how you have subtracted. Okay. I will take that offline. That's okay. Thank you. That's all from my end. Thank you. We will talk soon. Thank you, sir. The next question comes from Mr. Rohan from Blue Earth Capital. Please go ahead, sir. For the opportunity, am I audible? Yes, Rohan ji. Look at your sales in the U.S. right now. I'm sorry, a little bit louder, Rohan. Rohan sir, I would request you to speak a little louder because your voice is so favorable. Yeah. Am I audible now? Is this better? Better, sir. Yeah. I was talking about the U.S. sales. There has been some weakness in the U.S. sales of retail. I think in one of the earlier calls, you had alluded to the fact that this is relating to the tariffs. Now, given the current favorable kind of trade deal that we have that was announced a couple of days back, what is the outlook for the sales in the U.S. given it is the largest market, both in terms of recovering sales and then from here on growing henceforth forward? If you can help us with how you plan to go ahead there with regards to new products, new customers, new segments, anything on that, please. Tariff is a tariff, 18% or 25% or 50%. Do you think anybody is willing to pay you 50% higher prices in the retail marketplace? It's impossible. You will lose a lot of entire sale of your entire sale. So it's various strategies which we have to first, that we don't lose customers. At the same time, impact on the margins are not heavily affected. So most of the things, if you will see that U.S. companies will pass on some of the cost increases to the customers during this 2026, there is a competition also which you have to keep in mind whether competitors are ready to increase the prices or not. And you have to be competitive in the marketplace where what others are doing. So there are several factors that come into picture. This is something only thing it makes sense right now is yesterday's news will help us a little bit better in sense of how to normalize and be reasonable. So we need to. Can you point to the customers? Are they comfortable? But even last year, it was weak for us actually. If you look at the numbers for FY 2025, those were also weak. Now after that, FY 2026, as you said, tariff is understandable. But I mean, going forward, after the fact that the tariff has come down to 18% now, how do you see U.S. as a market going ahead for us? Yeah, it will not have much of a difference for the market sale. We will see how the market is, overall market is taking the tariff, whether it is 15%, 20%, 18%, they will reflect in the marketplace and overall economy of the U.S. So if the U.S. economy remains strong with the employment, market will be good. We see reasonably, it should grow. Okay. And do you think any efforts are needed with respect to setting up a local base or getting personal sales and marketing personnel there to further push for better growth there? We are always looking for better growth, right? Hence the little bit of pushback on that, sir. Sorry? It has not been really reflecting in the numbers. Hence, as an investor, I think there was a slight bit of pushback on this matter. But going ahead, things will be better, as you rightly said. No, no, it is. We see a much better outlook. I mean, what we are looking at is a lot more inquiries, a lot more interest. That will reflect in next year's. Okay. Because, sir, I mean, given the U.S. has such a large impact on our margins, if sales from there were to go down as they have been in the past, it would again affect our margins going ahead. So I think given all of this, it holds pretty much high importance, especially this large market for us. Absolutely. Absolutely. We are very mindful of that. All right. Thank you, sir. Thank you so much, sir. Ladies and gentlemen, if you have any questions, please press star and one on your telephone keypad. I repeat, if you have any questions, please press star and one on your telephone keypad. The next question comes from Mr. Abhishek Navalgund from Centrum Broking. Please go ahead, sir. Yeah, hi. Thanks for the opportunity. Couple of questions from my side. First, on the upcoming R&D center that is supposed to come in Nashik, I think somewhere during this particular year, is it possible to share what area you will be targeting to begin with? Because it was mentioned that it will be a far bigger setup as compared to what we have right now. So any particular area and where you'll see the benefits coming in, maybe not immediately, but over the next couple of years from that perspective? Abhishek ji, to begin with, we'll be targeting mostly on the strain development, protein engineering, and on the fermentation side. That will be the first phase. Sure. But I mean, the reason why I'm asking this question is we have Serratiopeptidase as our largest product, but you get this question a lot that which product can become a next Serratiopeptidase for us? So something similar can happen out of this R&D effort that you are intending to do? Yes, Abhishek ji. We are working to do on there are many other products which we are working on there. Probably the space will fasten up once this becomes live. Okay. This will be largely targeted again for the exports only, right, broadly? Sorry, the timing of this commissioning of this facility is when? Sorry, I missed out on that part. Somewhere around the end of the second quarter of this coming year. End of second quarter. Perfect. Next question on Capex. I mean, we have maintained the capacity utilization at around 55%, 60%. I'm sure that considering since we have not done a large Capex over the last few years, I mean, the capacity utilization must have increased. Any plans of Capex, be it greenfield or brownfield expansion in the next one or two years? As we always mention, whenever we feel like it will be necessary, we'll do it. Of course, the cost will be very low. I guess in the financial year 2028-2029, probably. Sorry, 2026-2027, 2027-2028. Yeah, 2028-2029 mostly. The cost will be about INR 50 crore at that point. Okay. So nothing in this particular year, right? Not this year, except for the R&D CapEx, whatever we will need for the R&D center. Okay. And the Serratiopeptidase capacity, because this quarter was maybe kind of muted, but in nine months, the growth has been very strong. So how are we placed in terms of capacity utilization for Serratiopeptidase? GC Biotech plus our capacity is sufficient for, let's say, a couple of more years or? I think our capacities are good enough as of now. We are well placed. Sure. Sure. Sure. Sure. Done, sir. That's it from my side. Thank you and all the best. Thank you, Rohan. Thank you, Abhishek ji. Thank you, sir. The next question comes from Mr. Ketan Chheda, an Individual Investor. Please go ahead, sir. Hi. Thank you for the opportunity. My query with respect to the EU region, in the last few years, if I take from 2021 onwards, we've had approvals wherein initially we had some four product approvals, and now we are standing at nine product approvals for the EU region. But in these years from 2021 to 2025, our revenue has not increased significantly. It's about INR 32 crores, INR 33 crores in that zone. So could you tell us what are we selling essentially in the European Union and why, in spite of having so many product approvals, our revenues are not growing in that region? Our major target is the food segment in the European region, and that is what we are doing. If you ask me, if you don't have these regulations, probably our sales would have been zero because you can't sell without this product being registered. Assuming that since it gets registered, you will have significant revenue, it's not true. We are doing our best. We are trying to expand the market wherever it is possible. I guess we are still growing. This year also, we grew into the European area. It's not INR 40 crores or something of that. No, sorry. I mean, I was referring to from financial year 2021 till 2025, not just this nine months or last one year or so. I was talking about the last four or five years. If you see the numbers, 32, 38, we had in. I think in Europe, we have turned slightly the business model of our European company. They were having some external contract resource, then internal for us, and then some product sale. Because of that realignment also, I think now the product sale was slightly down in a couple of years. Now we are looking into that aspect and seeing that some kind of revenue we are going to get from that product sale business as well, which has been developed in India, and then the European company will take care of that. That process is on, yes. Slightly, the numbers, as you rightly said, is kind of range bound so far. Okay. Okay. Appreciate that response. The other question that I have is, I believe the one novel ingredient application that we have in Europe is again related to Serratiopeptidase. Now, once we have that approval and assuming that probably it takes maybe a couple of years for us to kind of ramp up the sale of this novel ingredient in the European region, is it likely that this product will continue to be the top revenue generator for us? Listen, if you know very well, you are aware, most of the healthcare issues are inflammatory-related, right? We have to make sure that awareness is there, people find that products are working very well for them. It's a marketing effort, product establishment, brand establishment, etc. But we are sure that it will grow. Okay. Okay. Thank you so much. Yeah, that's all my questions. Thank you so much, and you should all do your best. Thank you. Thank you so much, sir. The next question comes from Mr. Ravi Purohit from Securities Investment Management Private Limited. Please go ahead, sir. Yeah, hi. Thanks for taking my question. So a couple of things. One is, I think over the last few years, there has been a lot of discussion on U.S. business and India business. But outside of these two, the other geographies have actually done relatively better. We see sustained growth from these geographies. So can you just spend some time and help us understand what are the areas which are helping us with this growth, and also whether these are sustainable numbers and whether we can build upon this over a period of time? If you could just share some insights on this. That was question number one. The second question was, we had created a 100%-owned subsidiary to transfer our B2C business. We had some thoughts on how to kind of get into or expand our B2C business significantly in India. If you could just share some update on that. When we talk about it, we did a lot of registration in Asia and other countries. If you really look into the rest of the world and Asia, those are the two markets which are giving us some results. The work which we did in the last two, three, four years, they are yielding some results right now. We can see that there are certain growth in Asia as well as in the rest of the world areas. Coming to your next question on the. Yes, sir, thank you. On Advanced EnzyTech, we did separate this entity. Now the team is there, which is a focus team which is working on this area particularly. As of now, the way we see it, this year, it will be a small sale, somewhere around INR 1 crore-INR 1.5 crore at the end of the year. But we are constantly focusing on that. The team is young and dynamic. We will see the results in coming two, three years. Do we have a significant product pipeline which we can kind of which you could probably share with investors as to what kind of products are we looking at? And historically. You can take the Wellfa website if you want to. We do have somewhere around a basket of 10, 12 products out there. You can look at those products at the Wellfa. Yeah, we have a brand, Wellfa brand. You can go and take a look at it and not only take a look at the brand, I suggest you buy some and try it yourself. Yes. Yes. We'll do more, certainly, sir. I think we had mentioned in the past that we historically have been a B2B company and not necessarily a B2C company. So any ideas just because B2Cs are very, very different animal altogether, right, in terms of marketing, ad spend, getting so is there any plan to kind of do some JV with some other company or do it ourselves? Because if the products are there and if they are good and we are doing it for other people from a white labeling point of view, there could be an opportunity for us to kind of scale that business. Thank you for suggesting and confirming what we think in the same manner. With both of them thinking alike on that matter, we will do all of that. Whatever you said is grow our brands, align with a few other B2C company people, and integrate and expand. That is a totally different business than B2B. We have to think in a different way. We will take all the expertise necessary in that particular market. That's why we are separating the company under the Neutralzyme. And sir, in the past, we have briefly touched upon industrial enzymes. But if you could spare some time and help us understand what areas in industrial enzymes do we actually do and/or we intend to add to our portfolio? Because that seems to be a very interesting space where, given all the investments that are happening in India, either from green ammonia point of view or rare earth minerals point of view, or a whole variety of other things that are getting manufactured. Each time we read some literature, what we come across is there are a lot of industrial enzymes which get used. So is there anything that we do in any of these spaces or intend to get into any of these spaces? Just a broad brush idea if you could give. We are intending to get into those spaces and the growing marketplace. Our new R&D center will really help us into that because ultimately, in all industrial segments, there is a performance which really counts right there and there. They don't wait. There are two areas which we have to show immediately of a performance and cost-effectiveness. It requires a lot of work and proving that our enzymes are better than what they are using or not using at this point in time. Do we have products or? No, we have products. The thing is, you need a lot of R&D also to support those, okay? And that is what our new center will give us, space and area to develop new applications. All right. All right. I'll get back in the queue. Thank you. Thank you so much, sir. The next is a follow-up question from Umang Shah from Banyan Tree Advisors PMS. Please go ahead, sir. Hi, sir. Thank you for taking my questions again. Sir, since Vasant ji is also on the call, just wanted to hear from him in terms of over the next two, three years, in which areas of enzymes does he see the most opportunity, and will Advanced Enzymes be able to take part in it? Thank you for calling. We have to stick with a lot of these areas which we are already servicing. But we will also expand into a few other market areas in the same market. There are two geographical marketplaces and different application marketplaces, okay? And still, our healthcare will be always a top area for us. But we are also going into biochemical processing and various other areas where the margins are not necessarily very high. But at the same time, opportunities are enormous. So we are looking at both different areas where we can expand and utilize our capacities very efficiently, at the same time, grow our marketplace. And that's where the whole concentration of the management is at this time. Great, sir. Thank you so much. Now with the new budget, buybacks have become better in terms of the tax implications. So would really suggest if now where the stock prices are, if we can consider a buyback of equity shares, that also helps in increasing the promoter holding and also helps long-term shareholders increase their stake without any friction. So just if that's something you could consider. The last thing was, if I heard it right, there was a loss in JC Biotech. Is that the right understanding? That is right this quarter, yes. This quarter, yes. But you don't look at it quarter on quarter. Okay. Okay. Was it an operational loss or a one-time loss because it was a bit of a margin positive? Some major what you can call it repair and maintenance stores and spare consumption for this quarter, which comes annually sometimes. Okay. Is it one-time, or does it happen once every year? Once a year. Once in a year or twice in two years, once, or that kind of thing? And this quarter, again, there was some lower sale. But again, we don't look at it quarter on quarter. Okay. Great, great. Thank you so much, sir. Thank you, sir. The next question comes from Mr. Shubham Sehgal from SIMPL. Please go ahead, sir. Hello. Am I audible? Yes. Yes, sir. Yeah. I just had one question. So in the earlier response, you mentioned that going forward, you are seeing a much better outlook and a lot more inquiries and interest. Could you just specify in which segment are we seeing all of these inquiries coming in? We are only in the two places, enzymes and probiotics. So most of it is, for example, our marketplace is a very different and dynamic marketplace. In U.S., you are talking about U.S. market, right? Hello? In general, you specified that we are seeing a better outlook going forward. Are these inquiries more of yes? Could you just expand a bit on that? Yeah. More inquiries into U.S. marketplaces, okay? In general. Okay. So you meant specifically to U.S. market, right? Correct. You are correct. Okay. There was a trend more to the US market, but there are always inquiries in the Indian market as well or this area, right? Yeah. Yeah. Overall, it is a bigger market. Okay. Got it. Thank you. This next question was on the specialized manufacturing segment. We saw good growth in the last four to five quarters. This quarter was relatively flat. Just going forward, how do we see this segment turning out? Again, don't look at it quarter on quarter. There are always sometimes the payment issues or other issues. Sometimes the sales reversals are there. So don't look at it quarter on quarter. Look at it just nine months, and it's good. I think it's continued to grow. Yes. But going forward, are we adding new products in this segment? I mean, as we had acquired this earlier, how is it going on? Can we just get some color on it? Are we adding new products? Are we getting good traction? This is basically an effervescent-based technology company. They do work for various clients. They are doing for, say, nutraceutical segment and, of course, for animal division also, we are doing a lot of work for overseas companies as well as now we are expanding our footprint in India. Basically, it is like tablets or sachets. This is effervescent-based. We are now looking into how do we market this product into whether we can go for even in the textile segment, can we have some product like that which can be used? Even disinfectants can be used. And cosmetic also, there is a scope. We are working on various things. But yes, I mean, it is a process which is taking its own time. We are working with a couple of good clients or companies on different areas in this particular company. Okay. Just one clarification. So currently, as you mentioned, this business is not yet present in India. We don't have a lot of clients in India as of now, right? Is it more concentrated in the U.S., or is it spread out geographically? It's a combination of both. There are a lot of different projects which are going on with different companies in India as well as abroad. Okay. Got it. Thank you. Thank you so much, sir. The next question comes from Mr. Rohit Ohri from Progressive Shares. Please go ahead, sir. Hi, team. Two questions and two parts to them. The first one being on the U.S. subsidiary. So by when do you anticipate that the volume will start picking up from there? Because as you mentioned, the inquiries have already started flowing. We also see that World Nutrition Inc. versus Advanced Supplementary, that case is also solved. By when do you expect that higher sales? Because if I read well, the margins tend to increase if sales are higher from U.S. It's a good question. I think it should reflect things changing into this year, okay? Sir, on the R&D side, there were some products which were just about to be launched in March. So are we on track for that, or will we see some delay or maybe spillover into June or September? Do we have a specific on the product which you are talking about? No, sir. It was mentioned in the previous on-call, but then there were no specifics as such. But it was said that it will be launched in March probably. It's a constant process, Rohit ji. I don't know which product we are referring to at this point of time. We have several products in the pipeline. It again depends on the market. Once you go into the market, you come back. You again do some kind of thing if it requires. If it is good, it just goes. It's a constant process, Rohit ji. In short, listen, there is not a simple thing to concentrate on one product. We have multiple products in the pipeline which we are working on. Let me tell you that not every quarter, we are going to influence what happens on that particular one. But several products are there. There are some products that get hit very quickly. Some products take a little longer time. Some will have delays because you have to go into pilot scale. Then people are just not going to jump on it. They go slow process. Sometimes somebody is very fast dependent on the market pull. Believe me, all of these are under continuous review. Push is very big. It's trying to get some products which are hit get bigger hit so that our revenue generations can be there ASAP. Sir, the union budget was speaking quite a lot about a pull-up to the toll manufacturing while the FM was also trying to attract some global businesses and some investments thereof. While she also mentioned about some impetus for Bio-Pharma Sector or maybe biologic mediums, do you think that these developments can get some volumes as well as value for us? The chances are very high, provided we get some kind of relief from these government regulations and bureaucratic masses. Government talks very big, and they are respectful. But as we all know, there are so many rules and regulations. But a lot of companies are greatly interested. We are very much interested in working with them. Because Rathi ji yes, Kabra ji, bole ya? No, [Foreign language]. And there are a lot of things which we are coming with new institutes and other things, what I understand. But we need to go through the fine lines and understand it more deeply. Because Kabra, in one of the on-calls recently, we mentioned that we were working on some contract manufacturing and some developments thereof. Even if you look slightly into the fine print, they are giving some tax benefits which Rathi ji just mentioned about. So any developments, is the only thing that I'm asking. We still need to evaluate the impact of it on the budget and other things, right? We are working on some of the areas. Let's see. We still need to understand the budget, honestly. Okay, Kabra ji. That makes a lot of sense. Thank you. Thank you for answering my question. Thanks a lot. Thank you, Rohit ji. Thank you, sir. Next, we have a follow-up question from Mr. Rohan from Blue Earth Capital. Please go ahead, sir. Quickly for Mr. Rathi. Thank you for being on the call today, sir. From a three-to-five-year perspective, so you say medium to long-term perspective, where do you see your company progressing towards? And what do you think is really needed to get there? I mean, R&D obviously is a huge and strong pillar for us. But apart from R&D, what else do you think is required for us to take us to that position there in three to five years? Well, as we said before also, same thing. I don't think we are changing our tune anywhere. We'll grow 13% to 15%, double-digit more than double-digit growth overall on a continuous basis in three to five years. There are a lot of hurdles that will come in the places. There will be some selling. But overall, we are very comfortable with our thinking. Accordingly, sometimes we can hit a very big way. The growth may increase rapidly. But overall, we are 13% to 15% is very comfortable for us. Yes, sir. Because from a historical perspective, last couple of years have been slightly weak. This year, nine months, obviously, to give credit where you have done well. But as I said, the last few years, the last two, three, four years all have been weak. Given that context, I was asking, do we require any changes, any particular functions per se, be it sales, marketing, manufacturing, operations, anywhere else? Does anything have to change? If yes, what would that be? Now, we are addressing those. That is what you are looking at overall nine months performance also. We'll see that we'll continue to meet your expectations. The only thing I would like to add out here, the ride will be a roller coaster. It will not be the straightforward graph like this. Some years, we will grow faster. Some years, we might grow a little slow. That is understandable, sir. And a small bookkeeping question. What I earlier communicated was that tariffs would have a 200 basis points impact on margins. Now, with tariffs moderating, are margins trending upward going ahead from here? Almost nine months is gone. I think another three months, we have to see the impact. But it is most likely, instead of 2% on EBITDA, I think it will be around 1% or so. But it's a worst-case scenario. We are also trying to pass on, as MD, sir, has mentioned, some of the cost to the customers in US. We'll see what will be the last impact. But this is the worst-case scenario. Understood, sir. Thanks a lot. And wishing you all the very best. Thank you. Thank you so much, sir. The next question comes from Mr. Chandramouli Jagannathan, an individual investor. Please go ahead, sir. Hi, Mr. Prasad. Previous participant was talking to you about the buyback which you did not answer. And also feel that the current market cap of your company is at a lower level. Maybe you can think of if there is any view on that. Sorry, your question is not clear. Can you please repeat? No, I'm talking about the buyback. Even there is a Previous participant also asked you about that. You did not answer. Since the valuation is so attractive, maybe do you have any plans? The taxation of the buyback also in the recent budget has become little attractive. No, we appreciate your question and your guidance. But there are many things which you know very well. This is a prerogative of the board, right? So it cannot be answered as such. Okay. Thank you, sir. Thank you so much, sir. We have one final question which is a follow-up question from Mr. Ketan Chheda, individual investor. Please go ahead, sir. Thank you for the opportunity again. Sir, my question is with regards to slide number 25 of your presentation. There is one segment within Human Nutrition, biocatalysis. If I see the revenues in FY 2024 and FY 2025, we've kind of gone down from $3.3 million to $2.1 million. Now, my question is, with respect to the biocatalysis, could you explain what are we doing right now? Maybe in the next three to four years or five years, where do we see ourselves going ahead in this segment of biocatalysis? Biocatalysis business. What are we doing in biocatalysis, right? That is the question. It's gone down from. Dollar drops, maybe. The dollar drops. Thank you. We are working on the biocatalysis areas. That's what I can say. A lot of things are there on the pipeline. There might be something here and there. We still need to understand that. But the growth prospects are very good into this area, Ketan ji. Okay. Because even in some of the previous calls, you mentioned that there are some products under trial with some customers. So is there any update of those trials of those products? Or if there is some kind of an outlook in terms of timeline, how long there will be some outcome of those trials, be it one year, two years, something like that? Maybe I would like to say that probably we will have to wait until the first quarter of the next financial year. Okay. Okay. Thank you so much. Wish you all the best. Thank you. I think Shreyans Gathani has asked one question. Shreyans, probably you were reducing the Evoxx number directly from the European top line, European numbers, whatever we have shared with you. I mean, the number which we have shared is net of our intercompany transaction. You had to look from that angle. Our Europe revenue number was about $96 million during this quarter as compared to $105 million in Q3 of last year and $116 million for Q2 of this year. Thank you, sir. There are no further questions. Now, I hand over the floor to Mr. Ronak Saraf for closing comments. Thank you, everyone, for taking your valuable time for attending our earnings conference call. We will keep you all posted for any further updates. I request you all to kindly send in your questions that may remain unanswered. An audio recording and a transcript of this call will be uploaded on our website and on stock exchanges in due course. Looking forward to hosting you all in the next quarter. Till then, stay healthy. Stay safe. Thank you. Thanks, everyone. Bye-bye. Ladies and gentlemen, this concludes your conference for today. Thank you for your participation and for using Door Sabah's conference call services. You may disconnect your lines now. Thank you, and have a pleasant evening.