Ladies and gentlemen, good day and welcome to the Q4 and FY25 Earnings and Conference Call of Eris Lifesciences Limited. We have with us on the call Ladies and gentlemen, good day and welcome to the Q4 and FY25 Earnings and Conference Call of Eris Lifesciences Limited. We have with us on the call today Mr. Amit Bakshi, Chairman and Managing Director; Mr. V. Krishnakumar, Chief Operating Officer and Executive Director; Mr. Sachin Shah, Chief Financial Officer; and Ms. Kruti Raval, Head Investor Relations. As a reminder, all participant lines will be in the listen-only mode, and there will be an opportunity for you to ask questions after the presentation concludes. Please note that this conference is being recorded. I now hand the conference over to Mr. V. Krishnakumar, Chief Operating Officer and Executive Director of the company. Thank you, and over to you, sir. Good afternoon, and welcome to our quarter four business results update. Auris team, I lost the PPT link. Can you please reshare? Yes, thank you. Sorry, I do not have control to move the PPT. Ma'am, give me a moment, please. Good afternoon, everybody. We start out with the summary of consolidated financial results for the fourth quarter. Consolidated operating revenue for the fourth quarter was INR 705 crores, which represents a 28% growth year-on-year. Consolidated EBITDA stood at INR 252 crores, which is a 70% growth year-on-year. Consol profit after tax stood at INR 102 crores, which is a 28% growth. In quarter four, our margin and fixed cost synergies continued to accrue. Gross margin was down by 269 basis points in Q4, which was more than offset by a fixed expense reduction of more than 1,000 basis points year-on-year. The quarter fours EBITDA of INR 252 crores represents an EBITDA margin of 36%. Operating cash flow-to-EBITDA ratio in quarter four was 111%. The ROCE for financial year 2025 stands at 15%, up from 11% in FY 2024. Adjusted ROCE, which excludes the impact of M&A-related amortization, stood at 20%, up from 19% last year. Now we'll go into each of the segments, starting with Domestic Branded Formulations. Our DBF segment delivered a 10% organic growth in quarter four. Quarter four revenue stood at INR 529 crores for the organic base and INR 73 crores for the Biocon 2 segment, resulting in a total DBF revenue of INR 602 crores. Total DBF revenue for the year stands at INR 2,513 crores, which represents a 32% growth. This number represents 97% of our revenue guidance and 98% of our EBITDA guidance. The Biocon business has delivered 11% organic growth in its first year with us. This is a mix of multiple factors. We got a 30% growth in power brands of the Biocon 1 portfolio, which is the Immunology and the Nephrology business. We registered a 21% growth in the insulin power brands, Insugen and Basalog. We took a 20% plant decline in critical care, which is the lowest margin business in that overall portfolio. We are also happy to share that we clocked a 22% organic growth in the overall revenue with a total of INR 300 crores. This includes our homegrown insulin brands, XSULIN and XGLAR. We would like to share that there was significant product shortage in human insulin throughout the year, which we have been talking to you about. Our estimated sale loss on account of this across the two brands, Insugen and XSULIN, amounts to around INR 50 crores, which is about 2% of our revenue guidance. Moving on to branded formulations EBITDA. The total EBITDA of the branded formulation segment stood at INR 918 crores in financial year 2025, which represents a 40% growth year-on-year. We have witnessed margin expansion across all segments. In financial year 2025, the base business, ex-Biocon, clocked an EBITDA margin of nearly 40%, which is an expansion of more than 500 basis points year-on-year. The Biocon business, which we picked up for an EBITDA margin of 19%, entered financial year 2025 with a 24% EBITDA margin, which is an expansion of, again, nearly 500 basis points year-on-year. The EBITDA margin of the Biocon segment in quarter four was 25%+. We look forward to further margin expansion in this segment in the current financial year on account of insulin insourcing into our Bhopal facility. Let us take a look at how the Biocon 2 business, which was acquired in April 2024, looks at the end of one year post-acquisition. In terms of financial performance, the two insulin brands, Basalog and Insugen, delivered a revenue of INR 242 crores, which represents a growth of 21% after taking a sale loss of INR 38 crores because of RHI shortages. The total revenue across insulins, oncology, and critical care stood at INR 386 crores, and the EBITDA from this business stood at INR 76 crores. If I were to recap what has worked really well, I think the best and the foremost strategy that we had of becoming a dominant player in the insulin space, with the backing of the best supply agreement with a marquee global insulin player, that has worked out as per our expectations. The business integration was very smooth. The stockist transition has been managed successfully. We got a 22% growth in the insulin franchise despite the shortages. The vial operations have already been commenced at Bhopal, and the cartridges will follow in the later part of this financial year. In terms of what could have gone better, on the critical care piece, we got a lot of gross margin improvement because Swiss Parenterals has started manufacturing a good part of the critical care portfolio. Where we got delayed was in building out the domestic go-to-market strategy. We will talk about this more later. In the oncology business, we had a significant learning in terms of the product mix. Now we are in a better position in the current financial year with new launches lined up. Insulin fill-finish, we have spoken to you about this before. It took longer than anticipated, but we are glad that finally it is rolling. In summary, we look at this acquisition as something that has given us a perfect capability platform with a marquee strategic partner for our diabetes journey. Moving on, we are very excited to share with you this launch pipeline consisting of insulins, analogs, GLP-1, and combinations. We have generic Saxenda and a very important insulin analog slated for launch in the first half of this financial year. We have got a premixed version of the same analog and a GLP slated for launch in the first half of financial year 2027. We have one more analog and GLP combination in the pipeline, which we expect will come through in financial year 2028. Our diabesity strategy is progressing in line with our expectation. You know we have launched Liraglutide back in September 2024 for diabetes. In this quarter, we are targeting the first generic launch in India in the obesity segment. Specifically, we are talking about G-Saxenda, which is the obesity formulation of Liraglutide. It is worth noting that, unlike the Western world, Indian obesity is moderate in nature. Most obese Indians do not need more than 10%, 15% weight loss. Even this gives huge dividends on metabolic health. If you look at safety data, Saxenda has the best safety data among GLPs, and it is the only GLP approved for adolescents. Most affordable therapy versus innovator alternatives. The marketing authorization for this product is owned by Eris and backed by an exclusive supply agreement with Biocon. As far as glutide is concerned, all workstreams are on schedule for an FY 2027 launch. We'd like to recap that we've invested significant time and effort in creating the so-called right to win in GLPs because we have seen worldwide that an insulin company is the logical owner of the GLP segment because physicians and patients have stronger affinity for insulin brands and companies versus orals. Selling insulins and GLPs is not akin to selling oral products. There is a significant component of patient and service care, patient service and care. This is where we believe that we have pioneered, and we stand out from the rest of the market. There is significant upside to be had in the current and the subsequent financial year from the disruption in the human insulin market. None of us are strangers to these headlines. There is a human insulin cartridges market worth more than INR 450 crores per annum in revenue, which is being vacated by the innovator. We are positioned with two large insulin brands with a monthly revenue run rate of INR 23 crores. We have bulk supply commitment at the highest level from our strategic partner, Biocon. We are tracking to commission our own cartridge facility at Bhopal by the end of this year. We believe that we can take INR 200-INR 300 crores per annum of this opportunity starting the second half of this financial year. Anti-diabetes remains a huge, huge focus for us. We are targeting a market rank of number three in the next three financial years. We have the full portfolio in oral and now building up in injectables. Presently, we are at market rank five, and we have doubled our market share from 3% to 6% in the last three years. We have a share of 10% in insulins. Our oral solid combination pipeline has been gathering momentum. We have novel products like Esaxerenone in the pipeline, which will come through for a Q2 launch. We have a formidable commercial engine consisting of a field team of 1,200 MRs across five divisions, one of the largest diabetes-focused fields in the country. We have made several investments to recharge our base business. We have created three new divisions this year, two of them in the VMN therapy called RISE and STRIDES. The objective is to create more focus on VMN power brands through greater penetration, more coverage of doctors, and expanding the product portfolio. We have launched a new division called BioArt, which is our play in the rapidly growing IVF therapy market. The organization has been aligned into two SBUs with several senior hires to strengthen leadership. This is probably the first instance in the last five years of significant people investment in our base business. Happy to share that there has been rapid progress in insourcing, which provides additional tailwinds to margins. On the leftmost side, we are showing you the picture in FY 2022, where we used to produce 80% of whatever we sell in-house. This ratio declined to less than 50% in April 2024, following multiple acquisitions. Through the last financial year, we have been diligently taking products in. The in-house production stood at 66% as of March. By the end of quarter four of this year, we will be back at 80%. Coming to our DBF guidance for this financial year, we are guiding to an organic revenue growth of 15%-21%, depending on the gains in human insulin, which will start in the second half of this financial year. To recap, our FY 2025 base was INR 2,513 crores, and our FY 2026 guidance is in the range of INR 2,900-INR 3,050 crores. This is after absorbing returns of around INR 60 crores because of certain FDCs which have been banned. There is an at-risk launch product, Linaris E, where there will be some returns. The DBF EBITDA margin, we are guiding to an EBITDA margin of 37%. There will be a significant margin expansion in our insulin segment, as we've discussed before. Some of the key drivers of organic growth would be the first-in-market launch pipeline of more than 10 products, which have formulation innovations, key new launches in diabetes, including Saxenda, the insulin analog, Empa, et cetera. The VMN expansion, the new division in IVF. We have our super specialty hospital segments, which will start firing this year. We are looking at a critical care reset in the second year post-deal, where our strategic vision remains to create a large injectable franchise, ex diabetes, and we have several interesting products in the pipeline for launch this year. Against FY 2025 revenue of INR 2,513 crores with an EBITDA of INR 918 crores, we are guiding to FY 2026 revenues of INR 2,900-INR 3,050 crores and EBITDA of INR 1,070-1,130 crores. Moving on to Swiss Parenterals, business update at the end of one year. Financial performance is largely in line. We got 99% of our revenue guidance and 95% of our EBITDA guidance. Swiss has already started manufacturing the Eris portfolio. Critical care range began very early on in the year, and we are currently having the validation ongoing for GLPs. We have created two new business units to leverage the global distribution reach. One is the OSD exports from Eris Ahmedabad site to ROW, [PIC/S], and Latam markets. We are building a CDMO business targeted at EU customers. Both Eris and Swiss facilities have been inspected by Anvisa in April and May this year, and we are targeting to commence shipments from the last quarter. The organization has been strengthened both in terms of the front-end customer-facing side and the R&D side. We have started investing for the future in terms of a unit three, which is an injectable block we are creating at Eris Ahmedabad campus. Net-net our take at the end of one year is that Swiss is a significantly underappreciated business in which we have made several investments whose full potential will be realized starting FY 2027. Some more color on the financials for Swiss. Quarter four revenue of INR 93 crores and quarter four EBITDA of INR 34 crores, taking the annual total to INR 326 crores of revenue, which represents a 12% growth, and an EBITDA of INR 109 crores, which represents a 40% growth. Continues to do well on return ratios, and we spoke to you about the expansion that we have planned in Eris Ahmedabad site. We are guiding to a 15%-20% revenue growth this year, so INR 375-INR 390 crores revenue with an EBITDA margin of 35%. We continue to remain ahead of guidance in debt reduction. We declared a dividend of INR 100 crores in quarter three, posed that net debt at the end of the year stood at around INR 2,200 crores. From here on, we are looking at getting to INR 1,800 crores of net debt, which would be 1/2 times debt to EBITDA by the end of the current financial year. There will be an exponential EPS growth over the FY 2026-FY 2028 period, driven by multiple factors, including growth, margin improvement, debt reduction, better working capital management, and higher operating cash flow. This will be accompanied by a corresponding increase in our return metrics as well. For the financial year 2026, we are looking at an ROCE of 17% and an adjusted ROCE of 22%. This brings us to the consult PL for the financial year. INR 705 crores consult revenue for the quarter and INR 2,894 crores for the full financial year. Q4 EBITDA of INR 250 crores, INR 252 crores, and FY EBITDA of INR 1,117 crores, representing a growth of 51%. Quarter four PAT of INR 102 crores and full year PAT of INR 375 crores. We incurred a CapEx of INR 263 crores in the financial year, including INR 100 croress paid for the Bhopal site acquisition. We had a book tax rate of 23.4% for the financial year. Operating cash flow stood at 105% of EBITDA for the financial year, and the cash EPS for the year stood at INR 14, up from INR 38 last year. Summing up our key business priorities for this year, the first priority being anti-diabetes. We would like to make sure that we are well positioned to leverage the market opportunity in RHI cartridges, secure all building blocks for diabesity, make sure we achieve our regulatory milestones on our insulins analogs GLP pipeline, complete the insulin insourcing, and continue driving our distinctive pipeline of first-in-market OSD combinations. On the base business, we would look forward to scale up the new divisions and deliver market-leading growth with sustained margin expansion. On the international side, we target securing Anvisa approval for Eris Ahmedabad and Swiss facilities, strengthen our CDMO pipeline, and commercialize starting quarter four from both the sides. We look forward to commercialize our injectable expansion and initiate GLP validation from Bhopal starting quarter four. On the balance sheet, we look to achieve our target net debt to EBITDA ratio of 1.5x by the end of the financial year. Closing up our business guidance for FY 2026, consolidated revenue in the range of INR 3,325-INR 3,500 crores, which represents a growth of 15%-21%. Consolidated EBITDA of INR 1,190-INR 1,255 crores, which represents a 36% margin. We are guiding to a consolidated EPS growth of 50% and a return on capital of 22% adjusted. At this point, we are looking at a CapEx of INR 200 crores in this financial year. The key items would be in the new injectables block and GLP validation. That brings us to the close of this presentation. Thank you for your time. We can now move to Q&A. Thank you very much, sir. We will now begin the question and answer session. To ask a question, please click on the raise hand icon tab available on your toolbar or on the QA tab available on your screen. Kindly turn on your mic when the operator announces your name. Ladies and gentlemen, we will wait for a moment while the question queue assembles. The first question is from the line of Kunal Dhamesha from Macquarie. Please go ahead. Can you hear me? Yes, we can hear you. Yeah, hi. Hi. Thanks for taking my question. The first one on the insulin business, correct me if my understanding is right or not here, because I believe we lost around INR 50 crores of sales because of supply shortage, of which INR 38 crores was within Biocon 1 business. Is that correct understanding? Biocon 2. Yeah, INR 38 crores in Biocon, yeah. Okay. And we expect now that whatever market is being vacated, we will be able to capture maybe 1/3 - 1/2 of that in the same segment. What is our confidence level? What is going to change here in terms of supply? I know there is a Bhopal capacity coming up, but if you can share the numbers as to what is our capacity in terms of number of vials and eventually number of cartridges would be great. Kunal, what we have done is that while all this was going on, we had been asking for a large one-time supply, which happened in March, which was in the DS. We have a reasonable quantity of DS as of now. Now we are only sorting for the DP, which is the finished product. We are trying to get to certain things in DP. We feel that the markets would be able to sustain till July, August. Post that, we will see the shortfall coming in. What I can tell you as of now, we seem to be in a... I'm sorry, sir, we lost your audio. There's a little bit of here and there in this business. But we are more secured on the DS. Is it okay now? Yes, sir, much better. Is it okay now? Oh, thank you. Thank you. Kunal, coming back, the good thing is that our DS is in place, which is a big part of a problem. The DP is something which we are... Amit, we are losing you in between. Sir, your audio is gone. I mean, we couldn't hear you. I'm sorry, sir, we lost your audio. Can you please try reconnecting your audio? Yeah, I don't think I am also able to hear, Amit. Ladies and gentlemen, I would request you to please hold the line as the management is trying to reconnect their audio. I would request all the participants to please hold while the management is reconnecting their audio. Ladies and gentlemen, please hold the line while the management is trying to reconnect the audio. Participants, please stay connected while the management is reconnecting the audio line. Sir, can you please unmute your audio and speak now? Kunal, please stay connected. The management will reconnect shortly. Sure, thank you. Yeah. Ladies and gentlemen, we are sorry for the inconvenience. Please hold the line. The management will be connecting shortly. Participants, please stay connected while the management is reconnecting shortly. Joined to the conference by the speaker link. Ma'am, we are connected. Kindly proceed. Sure. You can hear us now? Yes, ma'am. Yes, ma'am. Okay. Can we take the next question, please? All right, ma'am. Thank you. All right. right. Kunal, do you have any further questions? Yeah, yeah, yeah. Yeah. I think the answer to the first question was not very clear because of the intermittent connection issues. Yeah. Yeah. Kunal, I'll quickly answer that. I was talking to you that the DS has been secured this time. Last year, we had been struggling for the DS also. We made enough effort to secure the DS. We are well secured for the... And this DS that we have secured, you said, will run us through maybe June, July. This is what we are saying. Then we'll need another DS supply? Kunal, are you not able to hear us? In between, the line is dropping. Okay, okay, okay. Kunal, we have actually secured the DS this time. Right now, I can give you some confidence on 50%-60% of the demand we will be able to supply. Some of it is still work in progress. Okay, okay. The second one, just more clarity on the critical care business, the planned reduction of 20%. I think KQ also mentioned that there will be more details on this. I just want to understand, did we plan to get some of the Swiss product into the channel, but we were not able to? How should we think about this 20% planned reduction in critical care business? What is the plan ahead to kind of get back the lost sale here? It was not the product which was a problem. I would go to market and work. I'm sorry to interrupt you. Your voice is muffled, and there is a follow-up. Your voice is muffled, and there is a follow-up. How about this? Is this clear now? Yes, ma'am. Much better. Okay. Kunal, critical care piece went wrong for us because of the go-to market, right? We had a little bit of a bandwidth issue. This is something new for us, so we were trying to figure out. Even today, I will take another one quarter to kick up, kickstart that. I have been telling you, and I am telling you again, that the injectable piece is a very important thing for us in the past, the non-insulin injectable. There was a little bit of a learning gap, which we are kind of going through. Say a quarter from here, we should be better off. Okay. Lastly, if I may just squeeze in one more, the domestic business margin guidance of 37% versus... I mean, so which basically means around 50 basis point expansion on FY 2025, right? We are expecting almost around 800- 1,000 basis point improvement in insulin business, which is roughly INR 242 crores out of INR 2,500 crores. What is the gap? Ideally, our margins at a console level just because of insulin should also improve by 80- 100 basis point and then maybe some operating leverage benefit. What is some impact or a drag which I'm missing here? Kunal, a couple of things. Number one, this 800,000 which you see, the large part is the cartridges. The cartridges will kick in in Q4. That's the commentary. Number two, you see we have added 300 people this year. Initially, this is a strain to the EBITDA line. Keeping all these together, we think 37 is a safer number. Can we do a little more than 37? The answer is yes. But right now, we would commit to 37. Sure, and all the best. Thank you. Thank you. Participants, to ask a question, please click on the raise hand icon tab available on the toolbar or on the QA tab available on your screen. A reminder to all the participants to click on the raise hand icon tab available on your toolbar or the QA tab available on your screen to ask a question. The next question is from the line of Abhigyan Srivastav from Marcellus Investment Managers. Please go ahead. Abhigyan, can you hear me? Yes, you're audible now. Please proceed. Yeah, sir. With Novo leaving the market for insulin cartridges, there are several products in Novo's portfolio which are substitutes for the products which they are removing. In this regard, why do you as Eris's management believe that you can fill in that gap when Novo already has substitutes in its portfolio? It is a very simple answer. Substitutes are either going back to the vials or it is around 4x of the monthly therapy cost of a pre-mixed insulin or a human RHI insulin, which we think is a stress. This was happening for quite some time, actually. Our belief is whatever shift had to happen would have most likely happened. Those are the numbers. Got it. Okay. Thank you. Thank you. Please click on the raise hand icon tab available on your toolbar or on the QA tab available on your screen to ask a question at this time. The next question is from the line of Deekshant B. from TB Wealth. Please go ahead. Deekshant, please proceed with your question. As the participant was not answering, a reminder to all the participants to ask a question. Please click on the raise hand icon tab available on your toolbar or on the QA tab available on your screen. The next question is from the line of Prashant Nair from Ambit Capital. Please go ahead. Yeah, hi. My question relates to Swiss Parenterals. So you mentioned that Anvisa has inspected the Swiss Parenterals plant as well as your Ahmedabad unit. So when we look at the exports opportunity for you, what are the next steps? Have you already started filing registrations for the Eris products in emerging markets, or is that yet to happen? And how should we see this over the next, say, two to three years? Yeah. Prashant, I'll speak for the OSD piece first, and then we'll come to Swiss. For Swiss, it is more like a continuation at this point of time, and we have said whatever we wanted to say. The OSD piece is a very large piece, and we are hopeful that in the next couple of months, we should be through with Anvisa, which will open up very large markets for us, especially through the distribution channel of Swiss. We are planning some products, but we haven't taken any of them as of now. That process will start once the approval is in place and we start getting people. There are prospective customers, clients to whom we are talking. Thanks. When you mentioned CDMO opportunities in Swiss, what kind of contracts would these be? Prashant, these are contracts for specialty products. We started off with injectables because that is where there is a legacy of Swiss. These are typically three to five year contracts for specialty products with EU clients, large generic companies, or generic divisions of innovator companies, and for supply in the EU markets. That is what we are starting with. Now these discussions have progressed where those clients are asking for some oral solid products as well. That we are starting to develop at our Eris R&D site. Eventually, that will be used to trigger the EU inspection for Eris Ahmedabad. That is the trajectory. Yeah. Thanks. Thanks. That is it. Thank you. The next question is from the line of Amlan Jyoti Das from Nomura. Please go ahead. Hi, sir. Can you hear me? Yes, please proceed. Yeah. My question is regarding generic Liraglutide. I just wanted to understand what market size you are thinking for this launch, Q1 FY 2026 launch, and how do you think this particular product will ramp up in the next year? That is my first question. Yeah. Look, we find the generic Saxenda being very apt for the Indian market. That is what we have spoken in the slides also. At the same point of time, we do not find this opportunity to last for long. We feel once the generic Sema comes in at the price point which people are anticipating, then the generic Saxenda will not be as acceptable as it is today. For the meantime, what it does is basically bridges a huge gap of a low-cost Indian patient kind of a product. It actually helps us to kind of warm ourselves for the big GLP storm. That's how we see it. In the first year of launch, we are considering it largely till March, and then it might start tapering off a bit. That's how the market is. Okay. You think when Sema comes, then this product could see a clip as of now? Yeah. I believe when generic Sema comes, this should taper off. Okay, sir. Thank you. Thank you. The next question is from the line of Tushar Manudhane from Motilal Oswal Financial Services. Please go ahead. Sir, there is a lot of disturbance at your background. I would request you to please talk from a quieter place. No sir, still there is a disturbance. Maybe I'll continue with the question if still possible. Sure, sir. I would request you to kindly rejoin the queue. Okay. Thank you. We'll take the next question from the line of Ahmed Madha from Unifi Capital. Please go ahead. Mr. Ahmed, I have unmuted your line. Please proceed with the question. As the current participant is not answering, we will move on to the next question, which is from the line of Yash Mehta from Malabar. Please go ahead. Hi. Thank you for the opportunity. On the Biocon acquisition, the base of at the time of acquisition, the base of revenues was around INR 360 crores. In the presentation, we have written it, we accomplished like 11% odd growth in the acquired franchise, but the revenue number is INR 386. Can you help me understand the reconciliation for the same? Oh, yes. Yeah. Hi, Yash. The 11% revenue growth that we've shown is for the overall Biocon Biologics business, which includes Biocon 1 and Biocon 2, because the base for that business was of the order of INR 450 crores. On Biocon 2 in isolation, you're right, the growth is INR 386 upon INR 360. That is 7%. Understood. And sir, in terms of, let's say, the drug product and drug substance question that was asked earlier, I understand the drug substance is being supplied by Biocon, which is a 10-year supply arrangement. Sorry, three-year supply arrangement. I'm just wondering, why is it a shortage till July or August? I'm not completely sure of the market dynamics. It would be helpful if you can help me understand it. Yeah. So it is a 10-year supply agreement. That's the starting point. We went through shortage because, I mean, I think it's in the public domain now that last year there were some countries where there was a little bit of a chaos for insulin, like Malaysia being one of them. A lot of supplies had to be managed between a couple of countries because what we might see in India now was witnessed in some of the other markets globally. Biocon is a global player. It's one of the largest suppliers of insulin. Probably that was the reason we went through a couple of months of poor supply. Understood. They are in a position to continue delivering this to us over the next 10 years, right? Yes, that's the assumption which we are making. We are quite confident about that. The shortage of my question was that INR 38 crores was not because Biocon failed to supply. It was related to the drug product. Is that a fair assumption to make, or am I wrong? It was a mix of both the things. Look, right now we are getting the drug substance from Biocon, and we are also using their LL for manufacturing. It is like both are connected together. Primarily, there was a drug shortage issue, and then there was a drug product issue. It was a mix of both of them. Okay. Understood. Sir, if you can help us understand this drug product in terms of moving from an LL to kind of having our own facilities. There is a Bhopal facility, and there is obviously Levim and [Chemman] both. Just to understand the full integration, it would be helpful to understand from you as well. Yes. Right now, Levim is somebody who is developing the newer products, the newer analogs and other GLPs for us. Let us keep it separate. The substance in the products, the chemistry is like this that because this is biotechnology, there is a rigorous regulatory process which is involved. What happens when you start a new plant, you have to take PV batches first, then put it into stability, then they go for testing, then there is an audit, and subsequent to the audit, the licenses are released. That is the entire process. In Bhopal, what we have achieved so far is we are very near to the licensing stage for the final manufacturing for vials. This is the first thing. Once we achieve the vial, then it will start coming from Bhopal licenses. The next round will come when the cartridges will happen. The same thing will repeat for cartridges. We'll have to take the PV batches, have stability, then it will go for testing, and then the licenses would come. This is the entire process. Fair enough, sir. If I can ask one more question with your permission, I would like to kind of understand, sir, critical care. You said the problems were over the go-to-market side. Can you just elaborate on what kind of issues there were? In terms of your focus on this vertical, is it an India focus, or is it largely through the Swiss Parenterals export focus? That would be helpful. No problem. All of this is India. There's nothing like export there. We were dealing with a couple of issues, guys. Look, what happens when this business was almost zero EBITDA and a very low GC margin as per our standards. At one hand, we had to improve the margins. We had to take the products which were not giving us a lot of gross margins out and then develop the newer product with higher margins. This cycle was not able to complete this cycle. Going through this year, the idea is to build up brands which have a relatively higher gross margin so that our EBITDA could, we could get a fair bit of EBITDA. The juggle between the product, the EBITDA, and the gross margin, that is something which we are solving for for the last year, and we have not been right up there. Fair enough. That clarifies a lot. Thank you very much for answering my questions. Thank you. The next question is from the line of Ashish Kumar from Ampersand Capital Investment Advisors. Please go ahead. Hello. Hello. Yes, sir. Yes. Yeah. Hi. Thanks for taking my question. My first question is, if we look at the IPM data for April month, our value growth is below 5%, and volume actually has declined. When can we expect this to pick up going forward, given the mix of the strategy that you have highlighted? The second question is, our cash generation for this year as well as next year is projected to be strong. Can we see a more accelerated reduction in debt compared to what you have currently guided for? Thank you. The answer for question number one is that this is a caveat. Please do not look at the market reflection at this point of time. It is a little all over the place. I feel largely it is happening because when you acquire a company, you change the distributor set. Once you change the distributor set, it takes a certain time for the new algorithm to set up. We have also raised similar issues, but I think it might take some time to settle. What you are seeing in the data might not be the right reflection of what is actually happening. Every quarter, we anyway give results. Please bear with us for a couple of quarters till we reset the whole thing. Number two, yeah, the cash generation this year has been good, but we still guide for that 75%, 80% OCF. Right now, whatever we have showed you in the slide in terms of debt reduction, we stick to that. Thank you. That is all from my side. Thank you. Participants, to ask a question, you may please click on the raise hand icon tab available on the toolbar or on the QA tab available on your screen. Please click on the raise hand icon tab available on your toolbar or on the QA tab available on your screen to ask a question at this time. Ladies and gentlemen, as there are no further questions from the participants, I would now like to hand the conference over to Mr. V. Krishnakumar for closing comments. Thank you, and over to you, sir. Thank you all for your participation today. In summary, we've delivered a Q4 consolidated revenue of INR 705 crores with a 28% growth, Q4 consolidated EBITDA of INR 252 crores with a 70% growth and a 36% margin, Q4 profit after tax of INR 102 crores with a 28% growth. Operating cash flows stood at 105% of EBITDA in quarter four. The business delivered an ROCE of 15% in 2025, up from 11% last year. Net debt as of 31st March 2025 was INR 2,200 crores, almost INR 400 crores lower than our guidance. We expect to achieve a net debt to EBITDA ratio of 1.5x by the end of FY 2026. Our DBF business has delivered an FY 2025 revenue of INR 2,500+ crores, growing 32% year-on-year with an organic growth of 9%. DBF EBITDA margin is 36.5%, up by more than 200 basis points year-on-year, and the base business EBITDA margin is nearly 40%. Swiss Parenterals has delivered a revenue of INR 326 crores with an EBITDA of INR 109 crores. For FY 2026, we are guiding to a 15%-21% organic revenue growth with a consolidated EBITDA margin of 36% and a 50% growth in EPS. Thank you, and a good evening to all. Thank you very much, sir. Thank you, members of the management. Ladies and gentlemen, on behalf of Eris Lifesciences Ltd, that concludes this conference. Thank you for joining us, and you may now exit the meeting. Thank you.