Ladies and gentlemen, good day, and welcome to the Q2 and H1 FY 2026 earnings conference call of Eris Lifesciences Limited. Today, we have with us on the call 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, VP, M&A and Investor Relations. As a reminder, all participant lines will be in listen-only mode, and there will be an opportunity for you to ask questions after the presentation concludes. Please note, this call is being recorded. I would now like to hand over the conference to Mr. V. Krishnakumar, Chief Operating Officer and Executive Director of the company. Thank you, and over to you, sir. Good afternoon, everybody. Welcome to our quarter two investor presentation. We'll structure it in three parts. We'll first talk about the domestic branded formulations business. So, business highlights for the quarter: we saw a revenue growth of 10% year-on-year, which is a 30% over IPM growth of 7.7%. H1 growth of 11%, which is a 42% over IPM growth. The couple of key misses in delivering 50% growth over market: one was a delay in G6 sender approval, which resulted in our decision to cancel the product. We also took a delayed price increase in H1, which kind of gives us a tailwind for H2 because the full impact of the price increases will come in, and the RHI cart opportunity, which we expect to see starting December. In terms of EBITDA, we saw 11% growth in Q2 and a 13% growth in H1, with margin expansion all across. Q2 also saw an EBITDA hit of INR 500 crore on the account of generics. Continued good news on the Biocon front: Q2 margin of 32%, up from 30% in Q1 and 19% at acquisition, and in-house manufacturing will lead to further expansion. In terms of key numbers, revenue INR 708 crore for the quarter, INR 1,410 crore for the first half; EBITDA INR 266 crore for the quarter, INR 527 crore for the first half. On the basis of the H1 run rate, we have a visibility of 12% revenue growth for this year, which will be 50% over the expected market growth. We expect EBITDA growth to be in the range of 15%. Any upside from the RHI cartridges opportunity in the second half will be over and above these numbers. Closing the story, we are well- positioned for success in this market. We are talking about this in two parts: size of the opportunity and our capability to leverage the opportunity. We have outlined the various segments of the market. It is an INR 3,700 crore market, which has traditionally been dominated by the innovators and is now opening up for Indian companies. In terms of our capability to leverage the opportunity, our bio production is already operational and stable. We went live in August, and we have produced over five since then. Post-commissioning of cart manufacturing, we would be one of the very few excellent players, probably the only one, with fully interchangeable products as well as domestic backward implication. We see the RHI vial business as something that offers the potential for quick scalability because there is significant inpatient usage in institutional setups for shorter durations. This gives us a better ability to switch from competition. As far as continuous concern, given the interchangeability credits and the current growth momentum, we hope [audio distortion] to double our market share in the next few years. We are also adding Aspart to the Biocon-Insulin partnership, talking more about that. We are expanding this partnership on three fronts. One is we are adding Aspart to the scope of the collaboration. This was recently approved by the U.S. FDA as the first and only interchangeable biosimilar. Secondly, Biocon is assigning select ROW markets to Eris for direct marketing of RHI Glargine and Aspart while leveraging the global distribution of Swiss Parenterals. Thirdly, Biocon seeks to expand its own ROW footprint in select markets by leveraging the insulin capacity at our Bhopal facility, which we had acquired in November last year and upgraded at a CapEx of INR 80 crore. With these developments, the installed insulin capacity at Bhopal will be fully utilized. We have greenlighted a project to double the insulin capacity, both in vials and carts. The expected CapEx is INR 150 crore, and we see an EBITDA potential of at least INR 50 crore per annum from this opportunity. GLP continues to be an exciting market opportunity, so it is kind of good to see our early hypothesis being validated now of a large and fast emerging GLP market. There are close to 100,000 active users today, and once the cheaper generic alternatives become available, we see exponential growth in the segment. We are highly optimistic about the market opportunity as well [audio distortion] as our opportunity. All the work streams are on track. Our insulin market share has grown from 10% to 15% in the last 18 months, and we are confident that as a dominant insulin company, we have a lot of [audio distortion]. I'm very sorry to interrupt you, sir. Your voice is a bit muffled, sir. Is it clear now? Hello? Yes, it's better now, sir. Is it clear now? No, sir. It's still going on and off, sir. Okay. I'm bringing the speaker in. I hope it helps. Is it better? Now it's better, sir. Okay. Thanks. Our diversity product pipeline remains on track, both on the insulin analogs front and on the semaglutide, synthetic, and recon. Everything is on track, as previously articulated. Moving on to the international business, I just wanted to quickly revisit why did we get into Swiss Parenterals? What did we find attractive about the business? There were four key value drivers that we saw. It was a pure injectable business with very strong regulatory actions. It had the widest range of dosage forms and steroids and a very large dossier bank. I think most importantly, Swiss was the only ROW-focused Indian pharma company with this kind of margins. I will mention the strong reputation for quality. It was a predominantly technical business but well-diversified across more than 80 markets. I think most importantly for us, we saw this as a viable platform for moving up the pyramid in the international markets, which we've spoken to you [audio distortion] before. In the last 18 months, we have been taking focused action to expand capabilities on the technology front, on the manufacturing front, and on the go-to-market side. On the next side, we onboarded a large pharma group, [audio distortion] expanded the RPP. Most importantly, we developed centers of excellence in key segments because this is something that every company aspires to be known for, certain products or certain technologies. These are emerging COEs for us. On the manufacturing side, we enforced the regulatory approvals, got the Brazilian approval for the first time, and now Swiss is among the very few [audio distortion] injectable companies who have more than that. We want to strengthen the quality. On the go-to-market side, our efforts were focused on expanding outreach in [audio distortion] higher markets. Europe, Canada, [audio distortion] and South Africa, we went gung ho across all of these markets. We see significant impact and revenue visibility from these actions because we've seen the first purchase [audio distortion] order from a European client on an injectable CDMO project. Happy to share that Swiss will exclusively manufacture for the innovator brand of the product. The first leg of this project covers only six countries in Europe. Based on this, we have a revenue visibility of INR 125-INR 150 crores in the next financial year, with EBITDA margins similar to the business average. We have discussions underway to expand the scope to 17 countries. In addition, we have discussions underway with a handful of marquee companies and some of our COEs, both for the innovator brand and loss of exclusivity opportunities, which would imply that we would be among the earliest units to the market. The total book of business in EU CDMO has expanded significantly, which we will talk about. We have been talking to you for a while that this business will see significant inflection starting FY 2027. I am happy to share that we have the visibility now. In terms of overall business transformation, the EU CDMO book stood at INR 100 crore at the end of Q1, and now we are at INR 700 crore-INR 800 crore at the end of Q2. In terms of what it does to the quality of the business and the stickiness of the revenue, in FY 2027, we expect that the percentage of revenue from brand markets will be close to 30%, up from practically nothing at all. The private market component of the business will go up to 50% is what we expect, starting with 30% now. Starting from a business which was only doing 100% generics, now we will start to have a reasonable exposure in the RLDPs also. As previously updated, we initiated a unitary expansion at a CapEx of INR 150 crore, general injectables all across, and we are targeting commercial production from financial year 2028. In terms of financial highlights, we clocked INR 83 crore of revenue in the international piece in Q2 and INR 152 crore in H1. We saw a shortfall in Q1 and Q2 compared to last year because there's dry powder capacity which is being occupied for validation batches of the EU CDMO projects. Notwithstanding that, H2 is heavier for compared to H1, and we have good visibility on [audio distortion] revenue items. The Shamshabad unit, which got ANVISA approval for one block in August, is again planning to host the ANVISA team in January for the remainder of the facility. Moving on to the consolidated business, consult revenue for the quarter was INR 792 crores, and for the half year was INR 1,565 crores. EBITDA for the quarter was INR 288 crores, and EBITDA for the first half was INR 565 crores. EPS acceleration continues as guided. Q2 PAT INR 134 crores, up 39%, and H1 PAT of INR 260 crores, with a growth of 40%. Net debt stood at INR 2,278 crores at the end of quarter two. Just putting all of this together, there are lucrative market opportunities which are driving the front-loading of CapEx plans. We had guided you to a CapEx of INR 750 crore-INR 800 crore over a three-year period. There is no change in this guidance. There is a change in the timing because there is a Bhopal phase II expansion of INR 150 crore. There is a unit three for Swiss, which is at INR 130 crore. Our diversity pipeline and DS manufacturing at Levim also requires a second round of investment. We see the CapEx outlay over the next three quarters to be at around INR 380 crore-INR 400 crore. Consequently, the debt-to-EBITDA guidance that we had given gets pushed out slightly. Just to recap, in the last 18 months, the net debt-to-EBITDA ratio has reduced from 4x to 2x. Without any change in our total CapEx guidance, now we expect to get to the net debt-to-EBITDA ratio of less than 1.5x by December 2026. Highlights of the consolidated financials: we had a CapEx of INR 50 crore in Q2, largely towards insulin and general injectables, bringing up H1 CapEx to INR 117 crore. We had a book tax rate of 22% in Q2. OCF-to-EBITDA ratio stood at 47% in Q2. It was predominantly because of an increase in GST receivables, which took about 25 percentage points. EPS for the quarter stood at INR 10 and cash EPS at INR 13. This brings us to the end of the presentation, and we can open up for Q&A. Thank you, sir. Ladies and gentlemen, we will now begin the question- and- answer session. Participants who wish to ask questions may do so by clicking the raise hand icon on the bottom of your screen and wait for your turn to speak. When prompted, you can accept the prompt on your screen, unmute your audio, introduce the firm you represent, and ask your questions. We'll wait for a moment while the question queue assembles. We have the first question from the line of Devang Shah. I request you to accept the prompt on your screen, unmute your audio, introduce the firm you represent, and ask your questions. My firm name is D.D Enterprise. I have only one question to the management regarding what are the key triggers to look into the company for next three, four quarters? It's going to come from the Biocon JV, what we did, or it's from the semaglutide, or from which product line, or from which of the things we can consider the next three, four quarters can be looked at? Clearly, Devang, we divide this into three things. The DBF is the largest business as of now and also has the largest opportunity within DBF, insulins, and GLP. GLP will start, hopefully, by the end of this fiscal year. Insulins, we are seeing traction because of the withdrawal of the innovator. Clearly, insulins and GLPs in the DBF, I am talking about the frontrunners. The second trigger is going to come from the plant, which is the biotech plant. Two ways to trigger. One is decreasing the cost of our production substantially. You saw that Biocon now is at 32%. Within this Biocon, insulin would be significantly higher. When it goes and sits inside the manufacturing, our own manufacturing unit, we see a very substantial reduction there. That is number one. The international business, which you see, is in a point of reference. Now, we have a good visibility of the next year, which we have kind of articulated. The rest INR 700 crore-INR 800 crore books, which we are talking, is over a period of time, say, over the next three to four years. As and when it comes together, [audio distortion] we can see that potential. These are typical three, four opportunities which we look at. Now, there would be no raising of the debt-to- EBITDA in the next two, three years by acquisitions or something like, is there any plan to do some acquisition also? No, Devang, no, we don't have a plan as such. Look, what I can tell you, we will be mindful about the debt-to-EBITDA ratio. Having said that, we don't have any plan as of now. If there is an opportunity, which is a good opportunity, but also doesn't really take off from our EBITDA debt ratio, then we might do it. [audio distortion] If you're asking me a straight question today, the answer is no. Okay. That's fine. Thank you. Thank you. The next question comes from the line of Harith Ahamed. I request you to accept the prompt on your screen, unmute your audio, introduce the firm you represent, and ask your question. Hi. Good evening. Thanks for the opportunity. My first question is on the insulin Aspart product, which you mentioned is a targeted launch for the second half of FY2026. Trying to understand the status of this product from a regulatory standpoint, has it been filed? When are we expecting the approval? Is this an exclusive arrangement that Biocon will have with Eris for the Indian market? Yeah. Hi, Harith. The second question is an easy one. It's an exclusive arrangement. The work has just started. We have filed it. [audio distortion] We don't know. It is not the GLPs. As per the guidelines, this should move fast, which gives us the kind of visibility on the second half of this year. Harith, you know regulatory [audio distortion] things are clear. I would not like to put a finger on that. That's where we stand today. Okay. The cartridge capacity expansion at Bhopal, what is the status there, and what are the timelines that we are looking at now? Thanks for asking all the difficult questions. The good thing is that the vials have started. We just told you in the slides that we already have INR 20 million. We have not pushed it into market yet because we were going through the stability once again. Vials have started. My first round of cartridge now shifts to, say, April, May next year, right? There could be something here and there. Right now, the visibility is more like April, May. The first line, the new line will be for vials. The new line of vials will have a FAT of July. Think about September, October next year. The cart will go to [audio distortion] FY 2027, which is 2027, first quarter, somewhere in that zone. How does this impact? There's a bit of a delay there. How does this impact the preparedness to capture this opportunity when Novo's exit becomes? That is something to be thinking about already from a production point of view. Because I misanticipated this, thinking that it should be more like August. It is now in this month of November that we are starting to see the real thing happening on the ground. The disadvantages, it got shifted. My estimate got wrong. The advantages, we were able to put a lot of stocks till that point of time, [audio distortion] which we kind of highlighted in the last call also, that we have to be gearing up for more stocks. Whatever we are expecting out of that market to be captured, our own numbers, month-wise, that comfort [audio distortion] we have till this point of time. If our capacity starts in April, May, then it will be further introduced. Okay. The last one, this INR 100 crore investment in Levim. So what will be our stake in this entity after this additional investment? Will it become an entity that's controlled by Eris? Harith, shall we talk about this next time, please? All right. We don't have any clarity at this point. Yeah. Right now, we are 49%. How does it work is something we'll tell you. Sure of it. Thanks for taking the question. Okay. Thank you. The next question comes from the line of [audio distortion]. I request you to accept the prompt on your screen, unmute your audio, introduce the firm you represent, and ask your questions. Hello. Am I audible? Yes. Yeah. Hi. Thank you for the opportunity. Sir, I just wanted to know, in our domestic branded business, what is our base business growth, excluding the Biocon insulin products? Also, if you could just bifurcate the growth in volume, price, and maybe new launches. Okay. I'll do the second one. The first one we will not do because now we are completely integrated. The second piece is we had a very small, this price revision in the first half. We missed the price revision kind of thing. Generally, it is heavier in the second half. We are expecting a large part of price revision to happen in the second half. As per the volume growth, what is the number, AVAX number, say? 2.1% volume. Sorry, it's 2.1, right? Yes. Okay. The rest, 5%, is majorly because of new launches, or how should I look at it? You look at it, it's more like 2%-2.5% from price and rest from the new launches. Okay. Also, sir, are we having a few products in the pipeline for the domestic branded business to be launched in the second half, excluding the insulin ones? Yeah, yeah. We have a couple of big products. So those are due in launch, and I think in the third quarter or early fourth quarter. Okay. Got it, sir. Also, sir, coming to our insulin opportunity, Novo is exiting. Do we have enough supplies? Sorry, I missed that part. Do we have enough supplies promised from Biocon to surface this demand? Yeah. We have looked at the number. We have done our own numbers, right, depending upon our current market share and estimated market share which we might get. When we do that numbers, we are good for the year. As I explained in the last call, this delay, I had kind of estimated this to happen a little early in this year. It is kind of a little delayed, but it gives us the opportunity to build up the inventory. Right now, the numbers which we have for ourselves, the target number for that number of stocks are sufficient. Got it, sir. And just a last one on the EBITDA guidance. Is it at the console level or only for the domestic branded business, 36% for this year? We've guided to 37%+ for the domestic piece. The Swiss customers settled down at 34%, which [audio distortion] is a current number. Okay. Got it, sir. Thank you so much, sir. Thank you. Ladies and gentlemen, if you have a question, you may please click on the raise hand icon on the bottom of your screen and wait for your turn to speak. When prompted, you can accept the prompt on your screen, unmute your audio, introduce the firm you represent, and ask your questions. Ladies and gentlemen, if you wish to ask a question, you may do so by clicking the raise hand icon on the bottom of your screen. The next question comes from Karan Surana. I request you to accept the prompt on your screen, unmute your audio, and ask your question. Mr. Karan, I request you to unmute and speak. There seems to be no response. The next question comes from the line of Kunal Randeria. I request you to accept the prompt on your screen, unmute your audio, and ask your question. Mr. Kunal? Hi. Good evening. Thank you for the opportunity. Sir, I understand you're not giving that Biocon business growth and all. Would it be kind of fair to assume that the insulin business growth would be slightly lower than the 10% growth that you did in the overall DBF business? No, it's the other way around. Oh, okay. Yeah. All right. Sir, the market is not growing. I mean, from a volume perspective, the market growth is actually very muted. I just want to understand how you are growing faster. This is all shift which is happening. Please do not look at the volume growth in the interim. This is my view, of course. We might have a different view also. My view is do not look at the data from either of the agencies. This is more of a shift which is happening from one brand to the other brand. This shift, we see the whole gain coming from shift, not from the expansion of the market. Any which ways now, just to act upon that point, we feel that the human insulin's reflection is going more into the consumption is going more into hospitals, right? Hospitals, nursing homes. That is where the data will always [audio distortion] be here. I'm very sorry to interrupt you. Your voice is not heard, sir. Sorry. I made two points, Kunal. One was that the growth which you see for people like us would be from the shift, rather from the expansion of the market. Number two is the expansion of the market will not be very visible in the data set. This is my view. Because more and more human insulin is being shifting to short-term usages also. Institutions, hospitals, that has always been a little bit challenged to pick up from a data point of view. Right. Amit sir, is this what is the institutional opportunity that [KKS] earlier spoke of that you wish to tap in future? How big would this potentially be? What is the? There was a slide on the institutional market. Yeah. Kunal, are you able to hear me? Yes, I can. I can hear you now. Yeah. That is a very big opportunity. I will not be able to size it, but I can give you some color on that. We find that the public health [audio distortion] spend is growing, right? Most of the people who have diabetes, the highest spend is happening in cardiology and oncology. We are talking of the relatively adult population. In the relatively adult population, at least 25%-30% of them do have diabetes. These people, at any stress level, have to be taken out of OHS and have to be put on insulins, maybe for a couple of months. I do not know that. That side of the market is showing very good traction. That is why we pointed it out, that these INR 500 crore is the public market, right? This is our estimate, but relatively logical. Then comes the large institutes, large hospital chains. These two put together represent a very strong opportunity. Got it. That's helpful. Do you see a risk of, let's say, the GLP-1s picking up having any impact on insulin business, or it will be used more as an adjunct to insulin in future? Yeah, yeah. I think that is out already because U.S. has been selling both of them from the last 10 years. And technically, if you look at it, insulin is very different from GLP. GLP only works when there is insulin in that case. So there's no problem. Right, right, right. Just one more, if I may. Please. Because some time back, we had shared some FY 2028 aspirational numbers. Just want to understand of that number, how much have you baked in GLP-1s? I will not answer. I will not be able to answer. Look, what has happened is changing very rapidly. Two things have happened. The good thing is, Kunal, if you remember, I was probably one of the first people to say that this is a very big opportunity. I said this is like $1 billion first year. At that point of time, we were kind of wrapping our head around that. The good news is that the size which I was thinking, this will cross that, right? The estimation where I am now, rethinking is that I thought that post-LOE, 80%-90% of the market would shift to generics. Now, when I look at the market, the way people are responding, I think that the Indian players are looking more like 50%, 60% of the market. My view today is that 30%, 40% of the market will be with the MNCs. On one level, the market size has gone up. I call it $1 billion; it seems to be going ahead of that. On the other side, I feel the Indian players have a 60% kind of headroom available. That is how it is changing. Let us see what we are talking about, what happens. We would be a significant player, and that is something which we are working towards. That's a very interesting point, sir, because I didn't perhaps catch. Why do you think the generics or Indian players will have a lower share? Okay. Two things. You see, there has been a price correction in some of the time. I don't think this is the final. My estimate is this is not the final thing. It might go down. At the end of the day, the difference will be huge, but relatively, it would be less. Number one. Number two, tirzepatide now has a position of its own, right? My calculation earlier was that most of it will be kind of eaten away with generics. Now I feel that it has established itself as one of the strong anti-obesity and diabetes drugs. That is where I'm coming from. Kunal, does that answer your question? Yeah, it does. It is very interesting. Thank you. Yeah, we will discuss a bit more offline. Thank you very much. Yeah, Kunal, we'll discuss a bit more offline. The opportunity is still big. Relatively, I'm just telling you how I think, how I see the market changing. Thank you. The next question comes from the line of Madhav Marda. I request you to accept the prompt on the screen, unmute your audio, and ask your question. Hi, good evening. My name is Madhav. I am from Fidelity International. Am I audible? Yes, you are, Madhav. Sir, I wanted to understand on similar lines on the GLP-1 opportunity. I wanted to, first question was, what do you think will determine right to win once the generic semaglutide products start coming in the market? Who do you think has best right to win in India? Is it going to be more distribution and doctor access? Is it going to be supply chain? Or what will determine who kind of gets more market share versus the other? That was one part. Second thing I want to understand is, do you think this market will be more dominated by the larger players like yourself who have a good positioning in, let's say, with the specialty doctors? Will they have a better right to win? Or do you see a lot of smaller players also getting a good toehold in this market? Look, Madhav, I'll try and answer this, but a lot of things are still up in the air. What is the clarity which we have till this point of time, right? Initially, when we were all talking, right? I'm sorry, I don't want to blabber, but just to make a point, that I was the person who raised my hand saying that this is diabetes in the long term, this is diabetes first and weight loss next. Today, when you look at prescription, 66% is coming from diabetes, right? That is one thing which kind of makes a point, which means the dominance of endocrinologists, diabetologists is quite big. If you look at the prescription share between these two categories, it's very high. That means it will start from the top of the pyramid, right? Rather, we have always seen in India's context a drug peaking at the fourth to fifth year, right? It is not like the U.S. where it changes overnight once the data comes in because there is no insurance. Here, people are careful in kind of shifting and then taking them along. The real peak happens between three to five years, whether it was dapagliflozin or any other product for that matter. Number one is it will start from the top of the pyramid; by the time everybody kind of gets comfortable with it and uses it the way it is indicated, it is like three to five years. Therefore, people who have better access and a better positioning among the specialists initially should be more benefited. The insulin selling experience comes in very handy because there is a lot of handholding which is done to the patient. Again, the same thing which we've been speaking from the last couple of quarters. Nothing major changes. Only it's getting more clear now. Got it. Sir, when you mentioned that, if I understood right, you said the market opportunity can be more than $1 billion. That is in a certain number of years, you are saying, right? Basically. First year, Madhav. First year, $1 billion, GLP-1 opportunity in India? Yeah. I think so. Okay. The reason I am just trying to understand is because once the generics comes in, the price point itself should be much lower, right? I mean, it is public news that tirzepatide is selling for, let's say, INR 16,000, INR 17,000 per month. They are tracking maybe INR 1,200 crore of sale if my data is right. I am just trying to understand the price point if it gets cut by a decent percent. You are saying volumes can really explode, basically. Yeah, yeah, yeah. What I'm doing now, I am only talking about 1 million stable patient, Madhav. Right now, we think we have 100,000 patients. Whatever data we can get hold of, we are thinking 100,000 patients. You look at the month-on-month growth, that is what we call adoption in our markets. Our markets have always been it will adopt slowly. That is why you see the peak happening in third or fifth year, right? Right now, we have 100,000 patients. While it is good to say it is INR 16,000, INR 17,000, a lot of patients are on a higher dosage also. This should be more than that. Where is it I don't know. It should be more than that. Thirdly, 1 million stable patient is an easy thing, guys. Look at the data which is coming in. Look at the indications which are open. There is a lot of enthusiasm. My calculation is more like a million patients, and that is where my numbers come from. You're saying to arrive at the $1 billion market, you're assuming 1 million as the patients in that. That's the broad approximation. Yeah. 1 million patients, right, on the generic piece, and the multinational piece will continue to grow. You can see that happening. Both put together, I see it more like $1 billion. INR 6,000 crore, we said INR 6,000 crore. So give and take here. INR 6,000 crore. Okay. Understood. Understood. Sir, just a second question was on our guidance for FY 2026. Is there any change to our revenue and EBITDA guidance for FY 2026? Yeah. Thank you. I don't know the numbers, but we have broadly guided for 50% ahead of the market. Kruti will, of course, tell you the numbers. 50% ahead of the market, and our assumption was 9%-10% market. The market is more like 8%. I think that is where it is tracking at this point. If the market catches up and the insulin catches up, we might be a tad good. As of now, that's the visibility. Okay. That's correct with Kruti's data. Yep. Thank you. Thank you. Thank you. We have the next question from the line of [Neelam Panjabi]. I request you to accept the prompt on your screen, introduce the firm you represent, and ask your question. Yeah, hi. Am I audible? Yes. Thanks for the opportunity. My first question is on the insulin opportunities. For the RHI cartridge market, what is the market share that we are targeting once the innovator is out? [Neelam], look, if we just multiply our current market share into the opportunity which is getting available, we basically look at around INR 2.00 billion of additional sales. That is what we are thinking. It is a very technical answer which I am giving you. I am just extrapolating our current market share to the available opportunity. Got it. Okay. The second question is, you all have mentioned that the lower OCF to EBITDA ratios are on account of an increase in GST receivables and statutory liabilities. Could you please provide some more clarity on this? [audio distortion]. Sachin, would you like to chip in? Sachin sir, I'm sorry to interrupt. Your Sachin sir, I'm sorry to interrupt. Your voice is completely not audible, sir. Is it okay right now? Hello? Yes, sir. Please go ahead, sir. Is it fine now? Yes, sir. We can hear you now, sir. Yeah. These GSTs are basically intercompany transactions that happen [audio distortion] because of the change in distribution structure. Because one X company was selling to the Y company within [audio distortion] the company, it is that. I can't hear you at all. Your voice is breaking a lot. [Neelam], can we [audio distortion]? You just articulate it now. Neelam, part of the GST is because of what Sachin explained, the intercompany. A large part of it is also because of the GST-related disruptions. We have seen some GST receivables go up. If you want more details, of course, let's connect offline on this. There is also a statutory liability piece to the OCF, which is contributing to OCF being lower. All right. I'll connect offline. Thank you. Thank you. The next question comes from the line of Rahul Agarwal. I request you to accept the prompt on your screen, unmute your audio, introduce the firm you represent, and ask your question. Thanks for the opportunity. This is Rahul Agarwal from EverFlow Capital. On the international business, you mentioned that the EU CDMO order book is growing from INR 100 crore to INR 700 crore -INR 800 crore. Is this the total cumulative number, or is this an annualized number you are targeting over the next few years? What sort of scale do you see in the international business over the next three to four years? Okay. To answer your first question, INR 700 crore-INR 800 crore is the annualized revenue potential from the order book. As Amit explained earlier, it will ramp up over a period of time depending on which dossier gets approved at what time. The second question was, what is the kind of outlook for the international business? We had outlined, I think, two aspirations. One is INR 700 crore by FY 2028 and INR 1,000 crore by FY 2030. We retained those aspirations. From the current momentum, it looks like we are well on our way. Got it. We seem to have made significant investments on GLP-1 manufacturing and now making more with Levim, which is a different route. For GLP-1, will we look at manufacturing only for India, or are we also potentially going to use the manufacturing base for international markets? Right now, we have [audio distortion] only permission for India. We do not have permission for outside. Over a period of time, that will be accepted, yes, of course, but not at this point. That is on the GLP-1. The investment in GLP has not been [audio distortion] as significant. The investment in Levim, we are looking for the entire pipeline, which we showed you on the slide. To get these products on the line, these investments are needed. This investment is going in the infrastructure largely. Almost 70% of it is going in infrastructure. Once the infrastructure is built, it serves you for a long period of time. That is where the idea is. Got it. Got it. One last question on the insulin bit. You mentioned that there's been a bit of a delay in the estimates, but you'd expect the numbers to start coming in from November. Did we hear that right? The full impact should be visible in Q4 with the innovator hitting that market? Yeah. I can now tell you [audio distortion] with a lot more confidence that the market intelligence tells us that the value has started building up. You will see from November, we feel there'll be a little uptick in November. December onwards, it will start peaking. We expect the peak to happen between April to June. Got it. Got it. Thank you so much for this. Those were the questions. Thank you. Thank you. Thank you. Participants who wish to ask questions may do so by clicking the raise hand icon on the bottom of your screen and wait for your turn to speak. As there are no further questions, I would now like to hand the conference over to Mr. V. Krishnakumar for the closing comments. Over to you, sir. Thank you all for your participation today. In summary, we delivered a 10% domestic formulations revenue growth in Q2, outperforming the market by over 30%. EBITDA margins stood at 37.5% in Q2 with 11% year-on-year growth. The turnaround in the Biocon segment continues with a Q2 margin of 32% versus 30% in Q1. We are significantly expanding our collaboration with Biocon in India and overseas and adding Aspart to the scope of the partnership. We remain excited about the GLP opportunity and are tracking well on first-wave launch readiness and profitable scale-up thereafter. The international business delivered a revenue of INR 83 crore in Q2 and INR 152 crore in H1 with a 33% margin. We made significant strides in building our European CDMO business with a INR 700-INR 800 crore order book at the end of Q2. Our international business is on the threshold of an inflection point starting FY 2027 with good revenue visibility from our first set of European orders. Interest expense was down 17% year-on-year in Q2 with a book tax rate of 22.2%. EPS acceleration has kicked in as guided with a [audio distortion] 39% growth in Q2 and a 40% in H1. On the back of lucrative marketing opportunities in diabetes and injectables, we have front-loaded our expense. We will invest INR 380-INR 400 crore over the next three quarters. This will be funded from internal accruals. Net debt stands at INR 2,278 crore, with the net debt to EBITDA ratio having declined from 4x to 2x in the last 18 months. We expect to get this ratio down to 1.3x by December 2026. We remain on track to execute our strategic priorities across all segments of our business. Thank you and wish you all a good evening. Thank you very much, sir. Thank you, members of the management. Ladies and gentlemen, on behalf of Eris Lifesciences Limited, that concludes this conference. Thank you for joining us, and you may now exit the meeting.