Ladies and gentlemen, good day and welcome to the Alkem Laboratories Limited Q4 FY 2026 earnings conference call hosted by Motilal Oswal Financial Services Limited. As a reminder, all participants' line will be in a 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, please signal an operator by pressing star then zero on your touch-tone phone. Please note that this conference is being recorded. I now hand the conference over to Mr. Tushar Manudhane from Motilal Oswal Financial Services. Thank you, and over to you, sir. Thanks, Darwin. Good evening and a warm welcome for fourth quarter FY 2026 earnings call of Alkem Laboratories. From the management side, we have Mr. Sandeep Singh, Managing Director, Dr. Vikas Gupta, CEO, Mr. Nitin Agrawal, CFO, and Ms. Purvi Shah, Head of Investor Relations. Over to you, Purvi. Thank you, Tushar. Good evening, everyone. On behalf of Alkem Laboratories, I welcome you all to our Q4 and FY 2026 earnings conference call. We are happy to have our Managing Director, Mr. Sandeep Singh, on the call today to engage directly with all of you, and he'll address any queries related to the future strategy, leadership transition, and future outlook. Earlier today, we announced our financial results along with the press release and investors presentation, all of which are available on our website and also have been filed with the stock exchanges. We hope you have had an opportunity to review them. Before we begin, I'd like to remind everyone that this call is being recorded and the audio recording and transcript will be made available on the stock exchanges and our website shortly after the conclusion of the call. Please note that today's discussion may include certain forward-looking statements, and t hese statements should be viewed in conjunction with the risks and uncertainties associated with our business and the environment in which we operate. With that, I would now like to hand over the call to our MD, Mr. Sandeep Singh, for his insights. Over to you, sir. Thank you, Purvi. Good evening, everyone. FY 2026 has been a landmark year. We crossed INR 3,000 crore EBITDA, so it's been a fantastic year, and I will let Vikas fill in more details, but I would just like to say we're even excited for the future, and it has been a great year. We launched GLP-1, where we are doing extremely well. Both MedTech and biosimilar Bio-CDMOs continue to be our growth areas. With this, I think it's Vikas, you please take over. Thank you, Dr. And I would like to place on record that Dr. Vikas is going to now proceed from Alkem, and he's done a fantastic job and he will be missed, and I'm sure that you all will join me to wish him all the best for his career. Thank you. Thank you so much, Mr. Sandeep Singh, and thank you, everyone, for being on the call. I must, at the beginning, thank you all for all the patience and support and guidance that you have been during my tenure at Alkem. I really value and cherish my journey over here. As I speak about the Q4 and the annual results for the financial year FY 2026, it has been a landmark year for Alkem, and it has been marked by a very strong broad-based growth. We have had a record profitability. We have continued our progress across our strategic priorities. I'm happy to share that we delivered our highest-ever EBITDA during the year, with surpassing INR 3,000 crore on an annualized basis, reflecting the strength of our business growth strategy, disciplined execution, and operational excellence. Our performance was supported by a very healthy momentum across both the India branded generics market as well as the international businesses. In India, we continued to outperform the market across several key therapies, with strong traction in chronic segments and sustained brand performance. I'm particularly pleased with our new products performance and the launches that we have done. It has been outstanding during the year. A key highlight has been the successful day one launch of semaglutide in the month of March 2026. These are very early trends but I'm happy to share that in the most recent IQVIA report, we could garner a unit market share of around 11%. We expect it to go up even further in the coming months. It has been a strong launch that we have done. Internationally, both the U.S. as well as non-U.S. businesses delivered very strong growth, supported by the new launches, market expansion, and steady execution. Importantly, the year also reflected the benefits of an improving business mix. We got operating leverage and continued our cost discipline, which contributed to a meaningful margin expansion. I will now present the key financial highlights of Q4 and FY 2026. In Q4, our total revenue from operations was INR 36,033 million, with a YoY growth of 14.6%. India sales were INR 23,245 million with a YoY growth of 8.8%. If you look at our branded generics business growth, that has been close to 10%. International sales were INR 12,223 million with a YoY growth of 25.4%. EBITDA was INR 5,174 million, resulting in an EBITDA margin of 14.4% for the Q4 FY 2025 versus a 12.4% for Q4 2025. Sorry, it is INR 5,174 million for FY 2026 Q4. EBITDA grew by 32.2% YoY. R&D expenses for Q4 FY 2026 were INR 2,293 million, which is 6.4% of our total revenue from operations. On an annualized basis, it is pretty much as per our guidance. Profit before tax was INR 5,578 million with a YoY growth of 40.7%. Exceptional items for the quarter included INR 602.7 million incremental liability towards gratuity and leave encashment for the past service cost, following finalization of Central Rules under the Labour Codes, and INR 747 million impairment of real estate investments. Net profit was INR 2,365 million. According to IQVIA data for Q4 FY 2026, the company registered a growth of 11.1% YoY versus the IPM, which grew at close to 10%. Acute segment reported a growth of 10% versus IPM, which grew by 7.7%, and chronic segment reported 16.1% versus the IPM growth of 13.6%, which is almost a 250 basis points outperformance. We have outperformed in six key focus therapies, which are meaningful for us in terms of the internal value, which is GI therapy, vitamins and minerals, pain, antidiabetic, respiratory, and dermatology. For FY 2026, the key financial highlights, the total revenue from operations stands at INR 147,123 million with a YoY growth of 13.5%. India sales were INR 98,514 million with a YoY growth of 9.7%. International sales were INR 46,810 million with a YoY growth of 22.5%. EBITDA was INR 30,052 million, resulting in an EBITDA margin of 20.4% versus a 19.4% in FY 2025, and EBITDA overall grew by 19.6% YoY. R&D expenses for the whole year were INR 6,173 million, which is 4.2% of the total revenue from operations versus INR 5,620 million in FY 2025, which was 4.3% of the total revenue in that year. Profit before tax, after exceptional item, was INR 28,709 million, which is a YoY growth of 13.6%. There were exceptional items for the year, and I think subsequent details can be given by the finance team, by Nitin in the later call. The outlook as we enter FY 2027, we strive to drive the growth and profitability with continued focus on strengthening execution, improving the overall portfolio mix, and expanding our differentiated pipeline, thereby creating long-term value through disciplined investments and operational excellence. While we remain optimistic on sustaining our momentum in FY 2027, the current geopolitical environment and evolving global supply chain dynamics have resulted in increased logistics costs, along with some pressure on APIs and the packaging materials. We are continuously watching these changing trends. These external factors may lead to some near-term headwinds. However, we are closely monitoring the situation and trying to proactively manage our supply chain. We are confident that with our strong capabilities and adequate inventory built up, we are well-positioned to mitigate the potential disruptions and ensure continuity of operations. For FY 2026, our tax rate has gone up, and we can have the subsequent details on the reasons for the same later during the call. With this, I will open the floor for Q&As. Thank you very much. We will now begin the question- and- answer session. Anyone who wishes to ask a question may press star and one on their touch-tone telephone. If you wish to remove yourself from the question queue, you may press star and two. Participants are requested to please use handsets while asking a question. Ladies and gentlemen, we will now wait for a moment while the question queue assembles. Our first question comes from the line of Sucrit D. Patil with Eyesight Fin trade Private Limited. Please go ahead. Good evening to the team. I have two questions. My first question to Mr. Sandeep is, what type of strategic levers are you prioritizing in FY 2026, 2027 to expand Alkem's domestic formulation leadership and accelerate growth in chronic therapies and manage risk from regulatory pricing pressures and global competition? That's my first question. I'll ask my second question after this. Thank you. Yeah. I think there is no strategic lever for 2026, 2027. Every year, we don't have a strategic lever. We are continuing on whatever strategy we had decided last few years, and that's paying good yield. I think Vikas can go into depths, but for example, GLP-1, we are doing extremely well in semaglutide, so t hings are working. What pricing risk we do to mitigate, I think nobody in the world can do that because the pricing is going by regulations which we have to follow. Vikas, over to you. Yeah, sure, thanks. Sucrit, I think I've always maintained that domestic is one of our topmost priorities. One, we have strengthened our new launches a lot in our domestic business. I spoke about a few years ago, we had restructured the businesses, and that's paying very good dividend in terms of the overall growth that we are seeing across therapies as far as domestic business is concerned. We recently launched semaglutide, and I think that will be one of the biggest priorities for us in the coming year. We are seeing very good trends, and that will propel our overall chronic growth, and that will contribute to even the India growth overall. We have also looked at strategic expansion of manpower as far as India business is concerned, domestic business is concerned. We have added people wherever we are very bullish about growth and largely on the chronic side, because that is where our entire focus has been. I was just looking at the trends. If you look at the definition of acute and chronic, then today our chronic business as far as branded generics business is concerned, we are close to 22% of our business is from chronic. If you see our last three- or four-years trend, every year we are improving it internally by at least 1%. We see, with now newer and newer products coming in over a period of time on chronic, we expect it to get strengthened even further. I think it's a journey and we are very consistent, as Mr. Sandeep Singh just mentioned. We are just playing on the whole, w e will focus on execution of whatever strategy we have planned out for domestic business. My second question to Mr. Agrawal is, again, a forward-looking one. What type of capital allocation and risk management frameworks have been applied in 2026, 2027 to balance dividend payouts with funding for R&D in biosimilars and specialty drugs? Any hedge against Forex and raw material volatility, and any liquidity buffers put into place to sustain the profits and go for the large-scale expansion projects? Thank you. Okay. Let me first take the Forex part. We have a Forex policy, and we generally cover 80% or we hedge 80% our Forex exposure. In terms of raw material prices, see, due to war going on, we can see the raw material prices are increasing, the packing material prices are increasing, and we have been cautiously watching the prices, and we have been taking calls on weekly basis whether to cover and how much to cover. Definitely, there is an impact on first quarter. There will be impact going forward also if the situation don't improve from here. I've not shared any numbers in this call regarding how much will be the impact, but we are continuously monitoring our inventory levels. Whenever there is a dip in price, we also book for API and for packing material also, we build our inventory. You are right that there will be some impact on account of the API prices and packing material going forward in this year. On capital allocation, we said during our last call also that Occlutech is one of our biggest investments in last 10 years, and we don't foresee any further investment into acquisitions, at least for, say, next 12 months. We want to first actually integrate Occlutech into our Alkem MedTech business, and that itself will take, say, another 12 months to do it. In terms of dividend policy, currently, I think we actually declare 25% to 30% of our PAT as dividend. In next year, since we'll be coming out of MAT, definitely the PAT, you will see that, and we have actually discussed this in few of our previous calls also that our tax rate will significantly go up from FY 2027. Definitely, if we maintain the same dividend which we have declared in last few years, if it maintains the same absolute value, then definitely the payout percentage will go up, but w e don't foresee any major reduction in absolute value of dividend. The second good thing is that we have decided to move to the new tax regime from April 2026 onwards. The past numbers which I have shared that our tax rate will be around 35%-38% going forward, so w e want to revise our guidance on tax rate. The number will be around 27%-29% going forward. It will increase our cash accumulation also over years. I hope I have answered all the question, or is there any other? Okay. Thank you, and best wishes. Thank you. Thank you. Thank you. Ladies and gentlemen, to ask a question, you may please press star and one. Our next question is from the line of Neha Manpuria with Bank of America. Please go ahead. Yeah, thanks for taking my question. My first question is on the India business growth. Vikas, you mentioned that the semaglutide launch in India priority, which should add to growth. Given that we have grown this year at close to about 10%, how should we think about growth going forward? Should we assume that growth improves further? If you could also give us some color into how the trade generics business grew in FY 2026 versus the branded. Hi Neha, thanks for your question. I have always maintained that we will grow 100- 150 basis points higher than the market. Now, what has happened is GLP has added to overall market growth as well. If the market growth improves, we will continue our growth trajectory 100- 150 basis point higher than the market, which is what we have achieved even in the current year, and w e expect that to happen in the coming year as well. Definitely, semaglutide will play a role for us to ensure that kind of growth. What was your second part of your question? Sorry, come again. Trade generics. On the trade generics. Yeah. Trade generics, this year we had carved out a separate entity, and during that transition, we have had certain challenges. This year, the growth has been lesser as far as trade generics is concerned. It's close to around 4.3% on an annualized basis. But our focus in the trade generics business has largely been on the profitability. I've said it earlier also, we are focused on a margin improvement as far as trade generics business is concerned. We have not chased just top line. There are challenges in that business in terms of the overall receivables that can happen, so w e want to focus on margin improvement as far as trade generics business is concerned. Our key growth driver, branded generics business where we want to be very fast as compared to market, I think that is where it continues. On trade generics business also, we are pretty hopeful that the coming year, our growth will be much better than this year. Just to add, because of the sales cutoff issues, we could not deliver, so t he reported growth is on the lower side. On the trade generics. On the trade generics side, yeah. Understood. That is helpful. My second question is on the cost pressures that you mentioned. Given that we do not know when the situation is going to improve and the cost pressures that you have talked about, how should we think about the margin improvement guidance that we had mentioned in the past that we should see 100 basis points margin improvement every year? Would it be possible for us to deliver on that? Do you think the best case at the moment would be for us to be able to maintain the FY 2026 margins? Neha, you know that geopolitical environment is very unstable, right? When we had given the guidance of 100 basis points improvement maybe every year, that is more on a more stable and a like-to-like period. We still believe that operationally, if everything remains the same, we would do that. In the current scenario, it's a moving goal post. We don't know how much time, how much price variability, how inflation will play out. I think we will continue to do things that are there in our control. We are taking various measures, whatever we can to mitigate or minimize the risk. But yes, I think in the current scenario, it looks like whatever we have achieved in the current year, we should be pretty much in line with at least that. Of course, as the quarters would progress, we will have more clarity on what kind of headwinds would play out. I think by H2 or Q3 of this year, we will be more clear as to how the environment is prevailing, because anything that we predict at this stage may or may not turn out to be true, because this is something beyond anybody. I'm sure every business is having a similar trend and every business is having a similar sentiment. Sure. Understood, sir. Okay, no worries. Sorry, one last question, if I may. On the operating costs in the quarter, I see that R&D has increased materially. We've also seen an increase in other expenses. Any color on, is this a sustainable base of cost that we should assume for, I mean, R&D, what should be the range as well as the other expenses? In terms of R&D spend, I've always maintained our filing cycle as such that Q4, we file maximum number of products. In Q4, even last year, we had 5% of our revenue as a R&D spend, and this year, it has been around 6%-6.5%. If you look at the annual spend, it will be within the range of 4%-5% only. Even this year, we have been at 4.2%. Last year, we were at 4.3%. It has been pretty similar in terms of our overall percentage. We expect it to be similar between 4%-5% even in the coming year. On other expenses? In terms of other expenses, definitely there will be some inflationary pressures, and not only on the API prices, but on other costs also, but w e don't expect it to increase. There will be increase of, I'm talking increase without, say, Occlutech acquisition, which will happen in, say, one or two months, the share transfers will happen. Other than that, the other expenses can increase by 7%- 8%, not beyond that. See, if your question is only on the Q4, why we have a, say, INR 200 crore type increase from Q3 to Q4 on our other expenses, then there are various heads and various reasons to it. One, we carried out some due diligences because we were acquiring certain companies. That's a one-time cost, which is featuring in this quarter. We had foreign currency impact because even the foreign subsidiaries expenses as the rupee would depreciate, that adds on to the cost. That's one impact. There is some internal renovation costs, et cetera, which were more one-time, which is also featured as part of other expenses. As Nitin has guided, I think from a broad outlook range, you can consider it more than that. Understood. Thank you so much. Thank you. Our next question comes from the line of Sandeep Kumar with Clindus Research Solutions. Please go ahead. Thank you for taking my question. Could management provide an update? Sorry to interrupt, Sandeep, but your line is not very clear. Am I audible now? This is a little better. Please go ahead. Thank you. First of all, thank you for taking my question. Could management provide an regulatory launch timeline for the denosumab portfolio? Currently, I know we are in the FDA submission activity. How should we think about the approval and launch timing for Prolia or biosimilars in the U.S.? Yeah. Hi. Yes, we are under approval. I think if we are good, maybe by next quarter, I mean next year's first quarter. There's still some time. Second thing, keep in mind that we don't have a basket yet, so we have to figure that out as well. There could be an option where we'll out-license it to someone also. Okay. Yeah. We'll launch it this year. Yeah. Okay. My second question is on the European market. I know we have got the approval for Prolia biosimilar. How we are going to tackle the pricing pressure in Europe and when we are expecting the submission of Xgeva biosimilar in the European market? Sorry, what biosimilar? Last one. Prolia biosimilar. No. That, okay, that you asked, denosumab is the same thing, okay. I think that we have European partners for that. Enzene has European partners. Yeah. The pricing pressure is for everyone. We'll figure it out how it settles. Okay. But, yeah. When are we expecting the submission for Xgeva biosimilar in the European market? I think, o ne second. [audio distortion] I think we got approved for both, but r ight now, we have partner only for one. We are not going to launch it anytime soon. Okay. My last question is on romosozumab of Evenity biosimilar. Which mab? Excuse me, which mab? Romosozumab. Yeah. What about it? Could you please provide any insights that when we are going to start? I don't think so we have that product in our pipeline. Okay. Yeah. See, right now, we do not have that product in our pipeline. I think at an appropriate time, we can talk about that particular product. Please, I mean, be more specific, that will be my request if there is any question. Okay. Thank you. Thank you. Thank you, gentlemen. Thank you so much. Thank you. Our next question is from the line of Kunal Dhamesha with Macquarie. Please go ahead. Hi. Thank you for taking my question. The first one on what are your estimates or internal budget for growth in our various line of businesses for FY 2027? On margin, I think there are a lot of pulls and push, but let's say, if we kind of combine all that, there is a positive impact of currency depreciation as well. Where do you see the FY 2027 margin range to be? That's the first question. Yeah. Hi, Kunal. Thanks for your question. See, in terms of our estimates, if you ask me, domestic, I've already called out that we should be 100- 150 basis points higher than the market, which means that maybe a double-digit kind of growth is what we are looking forward to. If you look at from U.S. market, from a currency to currency basis, a dollar-to-dollar, we are looking at a high single-digit margin. The currency gain would add up to that. If we have some new launches, they'll come in the H2. They will also contribute to some extent on our overall U.S. growth. From the ROW markets, we've looked at a high teens kind of growth, and we assume that that is going to be the trend even in the coming year. I think this is the broad outlook on the growth that we are anticipating for FY 2027. I think I've already answered the question on the overall margins when Neha was asking. In the current scenario, we have touched a 20.4% kind of growth, like to like. We should be within the range of 20%-21%, but of course, there will be a better clarity on it, considering the geopolitical situation stabilizes and we have more clarity on costs as we progress quarter after quarter within the year. Sure. Thank you. Second question is on the, what is the current contribution from the MedTech, and when will the Occlutech acquisition be concluded, and when will we start seeing those numbers in the Alkem's numbers? Yeah. The contribution is less than a percentage right now in MedTech, i t's very small. When the deal will close, maybe in like in 45-60 days. 45- 60 days it will get completed? Yes. We estimate so. Okay. So, first quarter onwards, like quarter two onwards, you'll have full impact of Occlutech? Yes. If the deal closes, yes. Okay. Perfect. And lastly on this trade generics where Dr. Vikas highlighted that the focus has also been on the profitability. Just from a qualitative or directional perspective, between let's say the kind of business segments we have, like the India branded generics, U.S., ROW, where would the trade generics profitability would fit in from the, let's say, the chronological order perspective? I think India branded would be the highest, but then w here would trade generics fit in? We've not called out segment-wise profitability anyways, but what I can tell you is we have improved in the last few years, and now even trade generics is not very far from our corporate margins. That has been our intent, and that is what we are continuously focusing on. That's the range that I can give you. Sure. Thank you and all the best to the team and all the best to Dr. Vikas for your new journey. Thank you. Thank you. Thank you so much, Kunal. Yeah, thanks for all your support. Thank you. Participants, to ask a question, you may please press star and one. Our next question comes from the line of Abdulkader Puranwala with ICICI Securities. Please go ahead. Yeah. Hi. Thank you for the opportunity. My first question is with regards to the revenue and the cost of Enzene and the U.S. biologic plant, what you have started. If you could highlight that, the cost as well as revenue in Q4. Yeah. Broadly, I'll tell you, then maybe Nitin can fill in, he's the numbers man. See, if you split Enzene into two businesses, that is India and U.S. The reason I'm saying that, because Enzene India started much earlier, Enzene U.S. just got commissioned last year or just few months back. India is around break even, much more than break even. We are in early double digits, you can say teen EBITDA. U.S., we will lose money, of course, because it takes time to ramp up. Overall, yes, we'll not be EBITDA positive. Maybe this year we'll be close to it. I think India and Enzene U.S. we have to see separately to be fair to it. Enzene U.S. will take time to kind of get EBITDA break even. Okay. Sir, on previous expectation what we had of again it's a one-time asset turn at this particular site. I mean, post the imposition of tariffs and more focus on insourcing, how is the order inflow at the U.S. Enzene manufacturing facilities? I think early to say. See, these headlines are great. Everybody feels fantastic, but big companies take a lot of time. Don't forget, big companies are setting up their own capacity. That also plays out. You have to keep that in mind. I think it's early days to declare any victory or that one-time asset turnover looks dramatically different. Nothing of that sort has happened yet. Understood. Sir, last one, just a provision from my end. If, going ahead in the PPT after completing the acquisition of Occlutech, if you could also highlight the progress of Enzene as well as the MedTech business in terms of the way the assets are moving would be very critical. Yeah. We'll do that. Whenever there's something meaningful to report, we will do it, sir. Thank you. Sure, sir. Thank you. Thank you. Our next question comes from the line of Tushar Manudhane with Motilal Oswal Financial Services. Please go ahead. Yeah, thanks for the opportunity, sir. Firstly on, as Vikas sir moves on, if you could give a clarity in terms of are we going to look for a new CEO or, and then now that Occlutech is also there, where, of course, business heads are there, so i f you could sort of give overall CxO level in terms of the changes that would happen or any new person coming up. Yeah. If you could just share. Yes. Thank you, sir. I will. Yes, we will look for a CEO. We have engaged with a top-tier global headhunter for this, and that would be in place. It would take few months, but business will go on because promoters are completely involved. You spoke about Occlutech and their businesses. Keep in mind that the group businesses which are non-pharma, Occlutech or Enzene, they will report to, let's say, the promoters or MD, and the CEO would be looking at the hardcore pharma business. That's the structure which we have, and going forward, it will remain the same. Got it, sir. Yes. Sure. Got it. Secondly, coming to the domestic formulation market, if you could share the number of MRs, attrition rate, and how do you think about scaling the MRs in FY 2028, maybe? I just mentioned we have expanded some field force in the recent quarter. Our number of MRs at a group level is around 14,500. The attrition was the other question, right? Yes. We are at 18%-19% kind of attrition currently, and which has been a substantial reduction from the previous years and much lower than the industry average that we see. I think it's a pretty stable field force and now, with the added number of people, and large part of that addition is on the chronic side because t hat's where we see, actually, the growth opportunity, and which is what we are going after. Just one on the semaglutide side, in terms of dosage-wise, we are going to be only into injectables? Yeah. At this stage, we have approval from the regulator for injectables, and we have entered that market. Our clinical trial for tablets is on. We will be going to the regulator in a while, and once we get the approval from the innovator, we'll figure out a go-to-market strategy for tablets. Will this get extended further to ROW or let's say non-U.S. markets? The semaglutide opportunity. Yeah. Correct. At this stage, we are looking at, like I mentioned in the earlier call as well, India is showing a lot of opportunity. We want to be absolutely sure and be on top of our supply chain for domestic market. We are also working on rest of the markets, including the U.S., but that's not immediate. It will be in a while. We will start our filing even for the U.S. market. Maybe in a year and a half we will file for U.S. For ROW markets, we are just figuring out. We will be going after it, but it will be, say, a few quarters from now. Good. Just lastly, I missed the U.S. growth guidance. Could you repeat? On the U.S. growth? Yeah, I mentioned that on a dollar-to-dollar basis, we will be a higher single digit kind of growth. There'll be a Forex gain that might add to that growth. Then, there are new launches that we are looking at. Put together, I think that's the guidance that I would give on the U.S. growth. Thanks for addressing my questions. Yeah. Thank you. Thank you. Ladies and gentlemen, to ask a question, please press star one. Our next question is a follow-up from Neha Manpuria with Bank of America. Please go ahead. Yeah. Vikas, on this high-single-digit U.S. guidance that you've mentioned, does this include the CDMO business that would also be reported under the U.S. revenue, right? No, this, I am talking of pharma, Neha. Okay, so the CDMO would be reported separately in that case? Yeah. It would be Enzene. That will be a part of Enzene. Yeah, you're right. As a geography, we report that, but t his guidance is largely on the pharma. When should we start seeing revenue from the CDMO business come through for Alkem? No, CDMO has already started for Enzene, not from the U.S. plant that much. Last year, we recognized some CDMO from U.S. that was less than INR 100 crore, so it's pretty small. It would take time for us to get meaningfully INR 200 crore, INR 300 crore. It will take us a couple of years. Where would that reflect in the segmental breakup that we give? That will come in Enzene. We could show it in. Currently, we don't share segment-wise sales or profitability, Neha. It will reflect. Yeah. Once it will become substantial, we'll start sharing not only for our Enzene but also for MedTech. It will not reflect in the U.S. business which we talk about. I understand that. I think that, currently, where is it reflecting? Yes. Currently, it is part of U.S. You are right. Okay. Understood. Okay. Thank you so much. Thank you. To ask a question, ladies and gentlemen, you may press star and one. Our next question is from the line of Rahul Jeewani with IIFL Securities Limited. Please go ahead. Yeah. Thanks for taking my question. Just on the U.S. business, we had received approval for tolvaptan. If you can talk about in terms of when could be a launch for the product, and when you launch, do you think the market would still be limited competition, or you would expect the market to become competitive at the time of Alkem's launch? Our expected launch is around September or October, somewhere around that time. It's a limited player launch. It's not as crowded as some of the other markets, other product categories that we have seen. I think as compared to those, it's a limited player launch. It should not be as crowded as normally it happens in the U.S. Okay. Essentially, we are targeting launch in September, October of this year? Yeah. Contribution should come in second half. Second half. Sure. With this tolvaptan launch, given that you are talking about, let's say, limited competition market, that would imply that the U.S. business should grow much faster. Sorry, Rahul, just to qualify. At this stage, we still have four months, five months. We don't know if. Because other things will come down. Yeah. It's the same. What happens is on the base business, U.S. as a market is a value erosion that we see over a period of time. Maybe in some products, you see a value erosion that would happen, but on the back of some of the new launches, we are able to make up. I think that's why the guidance is on those lines. Sure, sir. My second question is with respect to the India business. You talked about TGx business growing, let's say, 4%-4.5% in FY 2026. That would essentially imply that the branded generics business grew closer to 11% last year. Yeah. Go ahead. What my question was, obviously TGx growth last year was impacted because of the restructuring which you carried out. Let's say TGx on a stable trajectory next year and be benefiting from GLP-1 or sema scale-up in India, then potentially the BGx growth for FY 2027 could be even better than this 100- 150 basis point outperformance which you called out versus the IPM? If the GLP-1 really adds a lot of value, I'm sure the market growth would also be much higher. That's why I've given the growth guidance relative to the market growth. If market also is bullish and the market growth from, say, 9% moves to 11%, then our growth also will be much higher. I think as a guidance, I would say 150 basis points ahead of market is fairly doable as far as that is concerned, because that is just one product category. And our large base is still acute. Chronic is, say, 22%-23% of our overall base over there. Sometimes that weighted average plays out. I think I will not do that calculation. I would just keep the focus clear on, are we beating the market, as far as 100 basis points, 250 basis points is concerned, and then of course, the growth can be bullish. In FY 2026, you see we acquired Adroit also, so t here was some incremental on account of acquisitions. We just already built in the base now. Okay. Sure, sir. Given that you touched about on the acute business, on anti-infectives, we have seen that the market continues to remain muted, both for the IPM as well as Alkem. Any visibility in terms of when could we see some sort of a growth improvement in the acute therapies in India? The market may have been muted, if you look at our growth, we have outperformed even in acute. In acute, anti-infective is muted, and that too in anti-infectives, if you see, the struggle has been on the oral liquids as well as on the injectable side. Right? If you see overall oral solids, there have been some growth. It has been a shade better. I think if you look at our growths, our growths have been, say, a high single-digit kind of growth, even on that segment. Even in acute, say, for example, A to Z has been a great story for us in the recent years. We are really outperforming the market. We have seen very good growth coming out of that segment. Respiratory is growing pretty fast for us. There are areas, pain and analgesics, we see as a category we have revived our growth. If you look at some of those segments, we are getting good traction. Of course, when anti-infective market will come back, it is very hard for anybody to predict. We would rather not predict it, and we would just do things that are in our control. Sure, Dr. Vikas. Thank you for answering my question. I will join back the queue. Thanks. Thank you. Ladies and gentlemen, if you wish to ask questions, you may please press star and one. Participants, to ask a question, you may please press star and one at this time. We have no further questions, ladies and gentlemen. I would now like to hand the conference over to the management for closing comments. Thank you everyone for joining today's call and for your continued interest, thoughtful questions, and active participation. Should you have any follow-up queries or require any further clarification, please feel free to reach out to us. Have a pleasant week. Thank you. Thank you. On behalf of Motilal Oswal Financial Services, that concludes this conference. Thank you all for joining us. You may now disconnect your lines.