Strategic priorities of enhancing our manufacturing capabilities, strengthening compliance, and accelerating automation. We generated net cash inflow of INR 118 million during the quarter, resulting in improved net cash position, including investment and appropriating for the purchase consideration of domestic pharma acquisition of INR 251 million as on 31 March 2025, compared to INR 170 million as of 30 September 2025. On average, finance costs were 4.9%. Net profit for the period stood at INR 910 crore after one-time cost due to change in the labor code amendment, INR 65 crore. Update on Pen G plant on MIP. The ramp-up of the facility is progressing in line with the expectation and is well positioned to deliver a meaningful uplift in profitability over the time. Based on our current production level, we expect to produce more than 10,000 metric tons on an annualized basis over the next 12 months. It is important to note that the yield levels are steady and improving consistently over time. The government of India issued a notification introducing a one year CAF on minimum import price for Pen G, 6-APA and amoxicillin. The policy change will act as a very important and positive catalyst event for the company. Finally, we consider this decision by government of India strategically important for creating India's self-reliance in antibiotics and reducing supply disruption risk, and will boost the domestic manufacturing of APIs and KSMs. Outlook. As we go look ahead, we are highly confident in our ability to sustain the growth momentum and consistently create long-term value across all business segments, supported by our strength of diversified operating model, expanding manufacturing footprint, and strategic bolt-on acquisition. With manufacturing capacity exceeding 60 million units and further expansion underway, we are well positioned to support rising demand across various markets while improving operating leverage. Europe continued to deliver a strong and consistent revenue growth. Our operational execution, expanding product basket, and reliable supply capability continue to drive our performance and reinforce customer partnership. In the U.S., we are entering into a important phase of growth. The Dayton facility has successfully transitioned into a commercial phase with manufacturing underway, right, and will begin contributing revenues significantly from FY 2027 onwards. In parallel, Raleigh facility remains on track, pending regulatory clearance, and we are fully prepared it to scale up the operations. The Lannett acquisition further strengthened the U.S. business, and this is subject to regulatory approvals. Our OSD China facility continues to progress steadily, advancing towards an annual capacity of two billion units, currently supported by new approval for 10 products and 3 local product approval. We remain confident of achieving an EBITDA breakeven in Q4, and significantly, meaningfully contribute to the bottom line EBITDA in the next year. Our strategy on PenG, 6-APA, and amoxicillin represents a structurally important initiative that will enhance cost competitiveness, reduce external dependencies, and strengthen margin over a period of time. We expect to ramp it up to nearly 65%-70% by March 2026, against the last year average of 42%. Already, we have significantly ramped up in January 2026. Looking ahead, over the next two years, our growth will be driven by several clearly defined and scalable initiatives. We continue to build differentiated product portfolio with increasing focus on complex generics across dermal, transdermal, nasal, respiratory, and oncology, which positions us well for sustainable growth over the medium to long term. Incremental contribution from robust pipeline of new product launches. The injectable business continued to show steady improvement, supported by supply ramp-up, improved service levels, and higher capacity utilization, contributing to better operating performance. Supply from China operations into Europe are increasing and helping improve global cost efficiency and supporting margin optimization. We are seeing incremental benefit from portfolio acquisition, which strengthens our business in the growth markets and adds scale to the overall business. We are progressing well on our biosimilar and biologics strategy. Taken together, these initiatives provide strong earnings growth, visibility, and reinforce our confidence in achieving our internal EBITDA margin target of mostly on the higher side of 20%-21% for FY 2026. We remain sharply focused on our execution excellence, operational rigor, and prudent capital allocation, which we believe position us for sustained performance and long-term value creation. With that, we would be happy to take your questions. Our senior leadership team look forward for sharing additional insights and classifications. Sir, we will now open the call for Q&A session. We will wait for a few minutes until the queue assembles. We request participants to restrict to two questions and then return to the queue for more questions. While asking questions, request you to please identify yourself and your company. Please raise your hand from the Participant tab on the screen to ask question. The first question is from Tushar Manudhane. Morning, sir. Am I audible? Am I audible? Yes, Tushar. Thanks. Thanks for the opportunity. Sir, with respect to Eugia III inspection, if you could share some color in terms of the nature of observations? And secondly, if implementing any measures to address these issues, will this require certain, let's say, temporary stoppage of production or anything of that sort? If you could throw some light on that as well. I think, Tushar, we have already clearly mentioned this, stating that these are all procedural observations. There's no stoppage of production, no stoppage of any nature, and these are procedural and technical, and we are very confident of responding within 15 working days to U.S. FDA. I don't see any issue. So that way, the production also will be on the continued process per se? That's right. I, I think we are very, very clear. I think, last time inspection was completely different, and this time inspection is, it is very positive from that perspective, that we don't have any data integrity issues, which was the issue last time, unfortunately. And, these are all procedural in nature, and procedural means, like, it requires a one week or a 10 days, some SOP changes, some corrections here and there. So absolutely no problem. That's good to hear, sir. Just one clarification from the opening remarks. So ex-Revlimid, you, we highlighted U.S. sales would have grown at what rate, over year-over-year basis or quarter-over-quarter? I think we have given it around 9%. U.S. sales, right? No, overall. Okay, sir. That's it from my side. Thank you. The next question is from Damayanti Kerai. Hi, good morning, and thank you for the opportunity. This is Damayanti from HSBC Securities. My first question is again on Eugia. So as you mentioned, the observation seems to be procedural in nature, and it might be resolved within your stipulated timeline. But given we are yet to get full clearance from the FDA, what kind of trajectory we should build for or we should assume for the U.S. injectable sales? In your opening remarks, obviously, you mentioned this segment has seen good pickup, so if you can just talk a bit about it. Yeah, Damayanti, like, see, this is, these are procedural in nature, and we will respond, and we are cautiously optimistic about the future of this facility. But ultimately, U.S. FDA has to take a decision in terms of the Warning Letter, so I cannot comment on what exactly they will do. But we feel confident that we will be in a position to respond. And in my view, probably like next year will be, again, same double-digit growth, what with the ramp-up of supplies and other stuff happening from various other facilities. So it should be in that same trajectory till the time the Warning Letter gets lifted. If in case the Warning Letter gets lifted, then it'll be a different distinct. That, we can talk in subsequent quarters, but at this juncture, we are cautiously optimistic. So, during the quarter, you mentioned sales, your injectable sales grew 7% or 17%? Sorry, I missed that number. It is 17. That is what Subbu mentioned. 17, okay. Okay, so that's good to hear. My second question is on your Europe business. So although in reported numbers, I think reported terms, growth looks very strong, in constant currency, we are seeing this segment growing in low double-digit for last two quarters or so. So with now the China supply improving, how do you see this business ramping up? And say, from current low double-digit in constant currency, what kind of growth we can assume once we see higher supplies coming from China? Subbu, can I take this? Yeah, Murali. Yeah. Yeah. Damayanti and rest all, good morning. Murali here. Good morning. Yeah, low, low double digit in itself is well ahead of the market growth rate, so this is what we are tracking. And all of our leading geographies, whether it is France, Portugal, Germany and Netherlands, they're all showing double-digit growth. And, of course, with the more launches happening and, supplies from China, we expect to grow further. And several launches are lined up, both, late to launch and, some of the loss of exclusivity products, so we expect, further ramping up in the coming period. So trajectory should improve, as China supply picks up? That's what we should look forward for? Definitely. This is what the trend we have been demonstrating, if you really observe from the last couple of years, Q on Q, and we will continue to maintain that momentum. Sure. And one last question, if I may, ask. If you can update on your Vizag facility, what is the status or update there? Damayanti, is it, because, are you talking about injectable facility? Which one are you referring to? Injectable one, yes. Yeah, injectable one, like, we have already filed 3 products, and some 10 more products are under filing. We expect the slow commercialization to happen in next year, FY 2027. And because we are going to file very, very important products from this facility, because we have a cartridge line where, like, we will be taking all the GLP-1 products from there, and we'll be filing. And we have a PFS, we have a BFS, and total, so it'll be 8 lines by end of this year, this calendar year. And that is what we want to restrict it to, so that the ramp-up should happen starting from FY 2027, and we should take full benefits starting FY 2028. Okay, so 27, 28, is the time when we can see Yes. significant, yeah, contribution coming from here. Yeah. That's right, Kamini. Okay. Okay, thank you. Thank you very much. The next question is from Neha Manpuria. Thanks for taking my question. My first question is on Lannett. Could you give us an update on where we are in the approval process from the FTC, and when should we expect the completion of that transaction? And just to follow up on Lannett, you know, in your view, what would be the rough overlap between the Lannett portfolio and OrbiMed portfolio that you know, FTC could probably look at? Thanks, Neha, for the question. Right now, we are actively engaging with the FTC through our attorneys, and we are very pleased with the progression of the process at up to this point. We feel confident that this process will be completed early in the next fiscal year, that is Q1 of 2027. As far as the overlap is concerned, we you know, there are no surprises, there are no negative surprises. That's all I can say, because obviously this is a very confidential matter. I cannot disclose it. But we are quite pleased with the way it's progressed and with Like I said, there are no negative surprises. Understood. So I should assume that, you know, there's no risk from an FTC perspective in terms of timelines for the closure of this deal? At this point, we are not looking at it. In fact, we are looking for a closing sometime soon. When I say soon, it's like I said, in the first quarter of 2027. Understood. Understood. That's very helpful, sir. My second question is on the Pen G capacity. So, sir, you know, roughly, what would have been the EBITDA impact from the Pen G facility in fiscal 2026? And as we think about the 10,000-ton production that you've mentioned over the next year, at what point do you see this actually start reflecting in the gross margins and, you know, possibly even external sales? You know, how should I think about how we monetize this capacity? As I said, you know, while we have been increasing, improving the yields consistently and increasing the production this quarter, obviously the MIP is having a, I mean, compared to the current prices, the MIP prices are still a little bit more. So the full impact of it, we will be seeing it from the first quarter, because there is already a stock available in the market, which hopefully will get consumed by end of February or mid of March. So you should start seeing the improvements in April onwards. What would be the EBITDA impact in your assessment from, you know, the Pen G capacity, you know, this year? I mean, what would be a rough assessment of how much boom we have seen from that facility? I think we should be getting a good EBITDA, and, you are already knowing the numbers. While we may not like to specifically talk about the EBITDA numbers, but, it is well known based on the current market price and the import MIP price, et cetera. Even assuming some discount, we could see a better improved, EBITDA in the coming year. Is it fair to assume that when you say we'll start seeing an impact of this from first quarter, you know, the facility will break even in first quarter FY 2027? I, let me put it like that. To give you some more color, we have already broken on the Pen G facility, and we started making a little bit contribution, in now itself. However, where we have been losing out is on the 6-APA prices, where there is a predatory pricing, and it is going well below the cost of manufacture internationally also. And with the correction in the MIP, et cetera, hopefully this should get resolved by end of March or maybe by April. You got it? Understood, understood. So I should start assuming 6-APA sales, external sales from first quarter as well then, in that case? Correct, correct, correct. All right. Because there is enough stock in the market and, at low prices. All right. Got it. This is very helpful, sir. Thank you so much. Thank you. The next question is from Bino. Good morning. Subra, just to follow up, this Pen G sale, for the quarter, how much was produced and was it also sold or fully utilized internally? I think the last quarter we have fully utilized. We have fully utilized and see, we are now, based on the January production, we are nearly 9,000-10,000 annualized number. We have gone to that extent. We have already ramped up significantly in the month of January, and hopefully this will get further ramped up in the coming months. depending upon the availability of the stock in the market, so we will ramp up in such a manner there is no over material available like that. Understood. Last quarter, whatever was produced was used internally? Yes, it has been everything. I mean, barring few tons, right? We have mostly consumed it internally. Understood. And, But, one good thing is, the yields are improving, the production has stabilized fully. And it is a question of we need to put more fermenters and then produce the maximum. Capacities of two things, one is utilization of all the fermenters, and second is the second factor is the yield improvement. Yield improvement, we have been achieving, progressing well, and, full deployment of the fermenters, we are in the process only. Understood. So We will do it and ramp it up the time we need to ramp it up. Got it. So, what I was wondering is, you know, last quarter, the MIP was not in place, so the market price was low. So, using our in-house Pen G, did it really help the margins? Because from outside you would have probably- No, as I told you, no, Pen G, we have been—I mean, we are making break even or slightly slight profit. It's a question of 6-APA across the market and the resulting Amoxicillin price, which has really put the entire market at a loss. So that is getting corrected. Hopefully, by April it should get corrected fully. No, no, you break even, I understand that, but since the market prices were lower for the entire product basket, not just Pen G or 6-APA Yeah. So we incurred loss, and that loss has been observed as part of the EBITDA margin. Okay, got it. Second, you know, the quarter gross margin, about 15.95%, is one of the highest, you know, probably higher than some of the quarters where generics contribution of generic Revlimid was there. So what has led to this kind of strong margins, and how sustainable is it? I think we have been consistently improve I mean, is question meant for me or any specific business you're asking? No, no, overall gross profit. Overall. I think, with the improved performance of the Pen G and the related products, I think, our losses, whatever the losses we have incurred, has come down and which will turn into positive, and this will help. And overall, Yugandhar also said, no, is the injectable business is expected to go up and every business is working, and Murali has said that he is working on a double-digit growth, et cetera. So all put together, I think we should be able to show a sustainable improvement in the EBITDA margin and the overall profitability. Got it. And, one last small question: There is this product, pomalidomide, Pomalyst, which is opening up for generic competition soon, anytime now. Are we part of that, first to market launches? Yes, we'll be launching, and we have already prepared for the launch. Okay. This quarter itself, right? That's right. Okay. Thank you. Thank you, yeah. Queue. Request participant to restrict to two questions and then return to the queue for more questions. For asking the question, participant may raise their hand from the Participant tab. The next question is from Tarang Agrawal. Hey, good morning, everyone. Yes, Tarang. I, couple of bookkeeping questions. We've been seeing a reasonably elevated tax rate for the last four quarters. Second, just following up on the earlier participant, not specifically for Pen G, but really, you know, various capacities are in the process of ramp up, Lyfius, Quretech, Auro Active, China, Dayton, Raleigh, Steriles. So just wanted to get a sense on what's the EBITDA burn, of all these businesses which are in the ramp-up phase, probably for nine-month FY 2026 or your estimate for FY 2026. Subbu, this question is for you. I think he is asking EBITDA burn because of various initiatives. Can you hear me now? Yeah, we can hear you. Yeah. So, Tarang, the first question is on the tax rate. What has happened is today, CuraTeQ, today, Lifes, all these are independent companies, right? We have incurred losses on account of the ramping up and other things, and, CuraTeQ on account of the R&D costs and other things, right? So ideally, for the losses, we should have taken a tax credit, but we have been very conservative in our accounting, so we are not taking the tax credit. Once they started making profit, we'll take that tax credit with a retrospective effect. So that is the reason why you are seeing a higher tax rate. Otherwise, the tax rate for the entire company, in fact, like, the tax rate should be around 15% and Quretech also 15%. So we will move towards that. Over a period of time, we will be around 25%. But today, we are in a ramping up phase, and that is the reason you are seeing it. So nothing to worry about it, okay? So there's a deferred tax asset that's getting created, is it, for, for all these- No, we are not creating the deferred tax asset. That is the point I am trying to tell. Okay, got it. Okay, if I take the deferred tax asset, if I create it, automatically I should give the credit Correct. to the PNL, which I have not done. Correct. Correct, yeah. Right? Got it. In terms of the EBITDA impact loss, as I told you, we are incurring losses in some of these, which will get translated into profit in the coming quarters. We are not specifically giving any number, but we'll be making profit coming over the period of time. Correct. On the biosimilars business, you know, we saw an announcement around vaccine restructuring. And second, I was curious for Lucentis, is the phase three through EMA waived? Hi, this is Satakarni. I will answer your first question. With the Auro Vaccines merger, the intent is consolidating and improving our utilization of the existing capabilities that we have built in Auro Vaccines. Essentially, the idea is to retain some flexibility to repurpose the capacities that we have built there from 2018 to the COVID period. As these capacities, some of them can also be needed to support the future biosimilars roadmap. So, in a nutshell, from the board and management, this is more about us looking into operational efficiency and agility, but not a change in a strategic direction. So I hope this answers the part one of your question. What was part two? For ranibizumab, is the phase III waived in Europe? No, no. So ranibizumab is a product that goes into the eye, so it's an ocular product used for wet AMD. So, essentially, you need to inject the drug into the retinal nerve of the eye. That requires a small, minor surgical procedure which is done in a clinical setting. So, the phase three is not waived for such products because you can't do a PK/PD study of such ocular products that gets injected into the retinal nerve of the eye in healthy volunteers, so you will not have any volunteers to do this study. And hence, a phase three for products like ranibizumab will not have a waiver. Got it. Got it. Is that understood? Yes, yes, understood. Thank you. Last question on the U.S. generics business. You know, up till calendar year 2024, OTC was doing about $100 million of revenue. Just curious, how has that played out for calendar year 2025, and what's your outlook for calendar year 2026? Thank you. Thanks, Arun. We don't normally talk about the dollar value for a separate set of business, but I can tell you for the last couple of quarters or three quarters, OTC has really picked up and we are looking at it as a fast-growing segment within the U.S. We expect very good momentum in the sales and volumes for the OTC business. Okay, thank you. Thank you. The next question is from Shyam Srinivas. Hi, good morning. Thank you for taking my question. Satakarni, sir, just again on just the biosimilar journey now in the next 12 months, what are some of the milestones, and timing that we need to keep in mind, and, any way to kind of assess, how large this could be for us, over time, maybe fiscal 2027 and, and over time? Good morning, Shyam. In terms of milestones, Shyam, in the last quarter, we have announced our first Canadian approval, which is an important milestone for us on the back of the four biosimilar approvals that we had in the European Economic Area. So we are preparing some momentum in Europe and growth markets through these approvals, which will be translating and converting into launches in this year. We have already built our first product the previous quarter. We have w e are trying to execute multiple things. Beacola, which is bevacizumab biosimilar, is already launched in the UK. Dazublis, which is our trastuzumab biosimilar, was launched in the Baltics territory through a partner. This means we are moving from the readiness or the development phase to real on-the-ground commercialization. Beyond this, we also our economic, our strategy in European Economic Area extends far beyond simply selling biosimilars through our subsidiary. So we aim to achieve comprehensive coverage across European Economic Area across LATAM markets and also in Canada. In fact, in LATAM we are making a stepwise and disciplined approach country by country. We just won a tender in Mexico which we have to service in this year. So we have made a strong start with Mexico. We are also making a foray into Brazil. In fact, we have a GMP ANVISA inspection announced in May, which will then lead the path towards approval of at least four products. So over the medium term, with the Omalizumab and Denosumab biosimilars that I was providing guidance for, which I have to complete the validation campaigns and then start filing them from June, July in both Europe and U.S., the capacities will get freed up and, and the commercialization readiness, will become more real. I believe, to answer the second part of your question, as I've always stated, 2029 would be the inflection year, for, for biotech. All the efforts that we have made in bringing four biosimilars into the market in the last one year and with two or three more ready for filing in both Europe and U.S. we expect to ramp all this up, convert this into some sort of commercial momentum by 2029, which is our inflection year, I believe. Does that answer your question? Yeah. Thank you, Dr. Satakarni. Just one sub-question before I go into the second one. This budget announcement of this Bio Shakti, Dr. Satakarni, anything I know it's early, and maybe the details are not yet out for biomanufacturing in the country. You know, anything that you have, any insights from industry discussions? Or if you were to say or recommend to the government, what would be some of those things? A very interesting question. I get asked this question in the last two-three days. Broadly, Shyam, I speak for myself and not for Aurobindo here. Broadly, initiatives like Biopharma Shakti are directionally positive for the sector. If executed well, and that's my big takeaway, if executed well, it has the potential to strengthen the ecosystem, biotech ecosystem. In terms of, from the fine print what I read in terms of skill development, the clinical trial sites, and how we go about conducting clinical trials and the availability of the sites, faster translation from development to manufacturing. And let me remember, the predictable regulatory and quality environment that the government wants to create around this initiative. So for the biosimilars and biopharma industry, I think the biggest takeaway will be an improved ecosystem, maybe, into the beginning of the next decade, if it is implemented well. The challenge is, therefore, can we develop a stronger local capability, in clinical development? When I say clinical development, do the trials that we do for complex biologics and biosimilars, and new chemical entities in India, stand the scrutiny and rigor, of the agencies, like FDA and EMA? Are many companies going to achieve that sort of, skill? That's question one. Then, I believe this also helps build stronger local capability in single-use and critical consumable supply chains. As you know, during COVID, the industry in general has suffered from dependency on the West, on single-use bags, filters, and resins, which are so vital to delivering drug and purifying them or producing them. And hopefully, the commentary in the Biopharma Shakti about skill development, because there's a lack of human resources pool right now that can really help us compete with the evolved industry in the West. So I believe these are the three big takeaways: an improved ecosystem in terms of local capability building and process and clinical development, innovation, single-use critical consumable supply chains, et cetera. So, what is important, again, to summarize, is the regulated markets will continue to require extremely stringent quality systems and rigor in GMP and GCP compliance. So the success of Biopharma Shakti will depend on the execution. So let's wait and watch. It's just been, I think, two weeks, so let's wait and watch. I am supportive of the tailwind it brings, especially when people like you ask the questions, which means you are looking forward to the tailwinds that it will bring. So let's hope. Let's wait and watch that it translates into real results. Thank you. Helpful, sir. Just my last question to Subbu, sir, on the balance sheet, our net, we're now net cash. I know there's a Lannett acquisition still, but just want to understand from an outlook perspective on M&A or, yeah, what are some of the key priorities for us apart from CapEx and dividends? What are some of the key priorities for us, as we look forward? So, Shyam, which I told you earlier also, we are not going for any major greenfield project other than whatever be committing to TheraNym, which is the biologics, which Satakarni has informed, right? Otherwise, we are not going for any major organic. In terms of the inorganic, yeah, we keep on looking at it, but it is not that we need to do it urgently, et cetera. If we get the targets at the right price, at right price, and to our strategy, fitting into our strategy, we will look into that. I think this is the main thing, actually, in terms of the capital allocation. Helpful, sir. Thank you, and all the best. Thank you. The next question is from Kunal Dhamesha. Can you hear me? Yeah, Kunal. Yeah. Sir, just one question on the, Pen G and, 6-APA. Since the prices of those imports had started coming down at the start of FY 2026 or the end of FY 2025, and we have imported, you know, the APA at the same time. So is it fair to say that some of the gross margin improvement that we are baking in from the internal consumption from our facility is already there in the numbers because we are already getting a lower price import? No, I don't. We would eventually substitute Kunal, your question is right, actually. That was the scenario, one month to one and a half months back. But, now the prices have started going up, okay? And, whatever may be the production, which we are anyway not going to buy it from them unless it is required, absolutely essential for various reasons. Right, we will be producing, and our cost of production is also coming in line, so we should be seeing an improvement in the gross margins very clearly going forward, right? That is the thing. Okay. And, sir, the MIP, when you would have made the representation to the government, what would be the basis of that? Would that be, like, the cost of production plus a decent profitability, is on that basis the government would have decided, based on your representation, or, there are more factors in the consideration? Kunal, your question is absolutely right. Actually, this is a question, but since I'm privy to certain information which has been worked along with the government, I'm unable to disclose anything further on this. Sure, sir. Thank you, and all the best. Thank you. Next question is from Sagar Walia. Yes. Thank you so much for the opportunity. One question is with regards to the Lannett acquisition, the settlement amount of the fines by Is it final, or it can increase, and will it get adjusted in the price or not? Swami? The settlement of Lannett is their liability, and Aurobindo is in no way liable, nor does it change the math. Okay. So the price also remains the same while these will be settled independently? Yeah. Till today, I mean, till the actual acquisition happens. Sure. and any liability till the date will be that of Lannett. Okay. With regards to the PLI amount, when and how much are we expecting to come from the government? So, it is like this, Jigar. As per the government, it is INR 240 crore for every 10,000 tons, right? As and when we produce quantity, it'll proportionately, it will come. Got it, and we are already at 9, 10,000, you've mentioned, kind of, so. Absolutely. You can see. I mean, hopefully, everything goes well. We should be able to see the full year. Next year, we should be able to see the full amount. Great. One question I'll take now is, you mentioned- Yeah, yeah, please. about the capital allocation. Yeah. What buyback figure, given there's been some tax this thing as well? Last time we did it at INR 1,450. Now, the price is lower, and of course, there is a slight tax benefit for the non-promoters. Yeah, it's a very good, I mean, this is a very good option which came in the budget. Probably the entire, I mean, top management, promoters, board, everybody is aware of that. I think this is coming with effect from first of April. Let's wait and see. We have another two months' time. Now, this needs to be passed by the parliament, and any changes, anything we'll take into account and decide appropriately. The board will consider these and then decide it in their best wisdom, depending upon the circumstances. Got it. Thank you. Thanks. Thank you. The next question is from Harshit Dhoot. Oh, hi, sir. Am I audible? Hello, am I audible? Yeah, yeah. You are audible. Hi, hi. First of all, congratulations to the Subbu, sir, and the Aurobindo management team for the MIP on the Pen G part. Sir, just one help, which I wanted on the modeling purpose. We have got the MIP at $25 for Pen G. But, sir, if you do the calculation, two Pen G equals to one 6-APA, and most of the formulation plays source 6-APA or the amoxicillin, where the prices are similar to the market. So from the modeling purpose, should we take the prices at $25 per kg, or we should reduce it down, keeping in line to the ratio and MIP that we got on the amoxicillin and the 6-APA? Ashish, your question is very good, but you should ask some of the consumers to get the right answer. We'll not- Consumers are saying that these are bioequivalent. Certainly I would not like to I'm buying give you any number now. No, no, no, I'm not looking for exact number, just directionally, sir, lower than 25 or- I think directionally, I have already said, no, the prices have started going up. To what level it can go up, where it will end, we do not know, but certainly we are very confident about it. Okay. So because, sir, two Pen G, one 6-APA implies $50 prices, but we got the MIP of $37 prices. So, if we take in modeling the $25 price, then it implies to $50, while actually it will be $37. Is it right understanding, sir? You're right understanding, but certainly when you buy Pen G solid, and then convert it into 6-APA, there are additional costs involved, et cetera. But the way our process has been done is, we will not do crystallized solid Pen G. We will convert it at the liquid level, there is a saving coming. Okay? Okay, sir. And the second part, as Eugia plant inspection has just completed, and are there any other plants which are due for inspection or which you think can be for the inspection for, let's say, next six months or one year? Ugander? These are all unannounced audits. We don't know when they will come and what they will do, so there is nothing called pre-scheduled inspections, mainly from USFDA. So it'll be very difficult for me to comment which plant might get audited next. Okay, sir. Thanks. Thanks a lot, sir. Thank you. Thank you. The next question is from Nitin Agarwal. Sir, thanks for taking my question. So there has been a significant depreciation of the rupee against the USD, as well as the euro over the last few months. Are the, our numbers fully reflecting, are already beginning to reflect some of the impact of depreciation, or how should we think about it next year? I think, one of the thing, you know, the depreciation is not because of the translation effect, also the depreciation is going up, right? That is also one of the reason. You're talking about the rupee depreciation on the top line, or how, what is your exact question? Yes, sir, the Indian rupee, impact of the Indian rupee depreciation on our P&L, what kind of gains can we get, and is it already beginning to reflect in the numbers? It's already started reflecting on the numbers, right? Whatever, whatever sales happening at the end customer, that is, at the Europe level or U.S. level, et cetera, we translate at the average rate for the quarter, right? And so the numbers are reflecting the actual, this one. If there is further depreciation of any currency, et cetera, against dollar, or appreciation against dollar, like euros, et cetera, that is also will get reflected going forward. Sir, my question was like, you know, is there a lot of gross margin improvement? Can we is it fair to assume a fair bit of that has come on because of depreciation of the rupee against the dollar and the euro? No, no, because everything will get translated into, you know, whether it's a cost, everything we will translate into the average rate. So it is not that only the top line we are translating, other things we are not translating. In fact, if you really see, you know, you look at the other expenses, typically it used to be around INR 1,700 crore, INR 1,800 crore because of the translation effect, et cetera. It is now at INR 2,000 crores. Right. Right. And the last one on this, for Europe, what kind of sourcing do we do in, so what kind of, what proportion of our supplies are done from India, and how much do we source from Europe itself? I think, Murali, you'd like to take the question, or can I answer? Yeah, no, maybe I can give a high-level update. Yeah. But it's closer to 60% of the sourcing happens from in-house sources. And it is steadily we are also transferring the third-party products, the key ones, to our in-house sites, and the balance comes from third-party sites. Thank you. The last one, sir, on U.S., how many new approvals or new launches are we expecting in F26? Can you repeat that question, Nitin? Sir, how many new launches are we expecting in the U.S. market, in F26? F27, sorry. So approval is one thing, and then, we have the launches, because some of the launches could be what is approved, we may be launching later. So we launched about nine products in the last quarter, ending December. We believe similar kind of trend would continue for the next twelve months. Oh On a yearly basis, if you multiply, that's, that's what we can look at. If I see the last one, Subba, what CapEx should we assume for the business for FY 2027? I think, other than the biologics CapEx, which I mentioned, where we are trying to work I mean, aligning with the strategy of the biologics, I don't think we'll be incurring anything beyond around $150 million to $200 million, because we are not planning for any greenfield, no? Right. Right. Maybe some acquisitions, et cetera, may come, right? That is one I mean, that is one of, depending upon the target. How much money is meant to be spent on the biologics CDMO or biologics CDMO business over the next couple of years? I think, so the CapEx into the CDMO business, TheraNym, right now is about $120 million to $130 million over the last- seven quarters. Subbu, you may correct me. So that's where the CapEx expenditure stays, unless we have a few business deals and we decide to expand our CMO offering and build additional capacities. But right now, what has been spent on TheraNym or what will be spent on TheraNym in total, with the spend that was incurred over last six to seven quarters, is all put together will be, I think, $120 million to $130 million. Okay. Thank you so much. Thank you. The next question is from Jigar Walia. Sir, thank you for the follow-up. It's a follow-up on the previous question only with regards to this 120, 130. How much would have come in by now, and how much would come in FY 2027? And if I had to assume that these are for two products, and if there is a product addition, then another INR 300-400 crore of additional would one should budget with every new product. I will answer your part two of the question, and will ask Subbu to answer the specifics of the budget later. So part two of your question, this deal was signed for one product in 29 May 2025, and then we added second product schedule somewhere towards the end of, I think Q2 or Q3 last fiscal. So essentially, this is for two products, and the total CapEx projected is around $120 million to $130 million for both the products, the capacities for both the products together. Subbu, can you answer him on the CapEx flow? Yeah, Jigar, the CapEx now, as Satish says, you know, INR 100-120 million type. Probably, we may be incurring anywhere between INR 80-120 million in the next two years. Got it. Got it. And so We have incurred certain things already. Depending upon the level of progress, Satish is going to make in this, accelerate the entire process in this Q4, the balance will be incurred in the going forward. The bulk should come up in FY 2027? Correct. Got it. And just one last question is with regards to is there anything, if you can help us, overall, how should the U.S. market and sales look for margins look for the next year? Maybe dollar terms or whichever. And should we, with this CapEx, et cetera, is there something on the RO returns or the ROC or ROE that we may want to comment on? Thank you, sir. Subbu, you want to talk about the margins of the years? No, no, you. See, we are, Jigar, we are not giving any specific margins for any business. Yes, sir. Overall margins only. Yeah. Yeah. You can take it the balance, Swami. Yeah. The next year, the coming year, I think it's not a bit different from current year. We are actually looking for some improvements in terms of numbers, overall numbers. So obviously, when the numbers improve, the margins should also be better. We have not seen anything that's going to be negative at this point of time. Okay. Okay. I was more like, is a double-digit something which is possible or which one should expect, but Double digit of what? Growth, US growth. Okay. That, Swami will- Total solids is sitting at a base of about $1 billion. And then, yes, in specific segment, we might have, but, if you see the overall solids at $1 billion, it's very difficult- Difficult to achieve, but who knows? We have got the Lannett that's going to be merged, acquired, hopefully, with the FTC approval, and that can create synergies, and that can help us better business deals. But it's, you know, as you grow bigger, it's going to be difficult in terms of percentage of growth. Got it. Got it. Thank you very much, sir. Thanks a lot, sir. Thank you. Oh, I think there is, Yes, sir, please go ahead. Mandeep, there is only one person left out. With that, you can close it. So he also left. Fine. Everybody is Yeah. Ladies and gentlemen, on behalf of Aurobindo Pharma, that concludes today's conference. Thank you for joining us, and you may now disconnect your lines and exit the webinar. Thank you so much. Thank you.