Ladies and gentlemen, good day and welcome to the Q4 and FY25 earnings conference call of Indegene Limited. 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. Should you need assistance during the conference call, please signal an operator by pressing the star, then zero on your touch-tone phone. I now hand the conference over to Mr. Abhishek Agarwal. Thank you, and over to you, sir. Thank you, Moderator. A very good morning to all of you, and thank you for joining us today for Indegene's earnings conference call for the fourth quarter and full year ended financial year 2025. Today, we have with us Mr. Manish Gupta, Indegene's Chairman and CEO, and Mr. Suhas Prabhu, CFO, to share the highlights of the business and financials of the quarter. I hope you have gone through our results release and the quarterly investor presentation, which have been uploaded on our website, as well as the stock exchange websites. The transcript of this call will be available in a week's time on the company's website. Please note that today's discussion may be forward-looking in nature and must be viewed in relation to risks pertaining to our business. After the end of this call, in case you have any further questions, please feel free to reach out to the investor relations team. I now hand over the call to Manish to make his opening remarks. Thank you, Abhishek. Good morning, everyone. Thank you for joining our Q4 earnings call. As we approach the end of our first year as a publicly listed company, we listed on 13th May. I want to express my gratitude for your support and interest in Indegene. After 26 years as a private company, we are excited to continue building Indegene into a leading institution in the healthcare space as a public company. This is our fifth earnings call, and this comes on the heels of our Investor Day we held in March in our office, where we showcased our business and our AI-based platform called Cortex. I hope that most of you understand us well now and are familiar with the business. Now, with that, the saying, "May you live in interesting times," has never been more relevant. In our call last three months, we discussed the industry outlook. Since then, significant policy changes have occurred, and many of you have reached out to understand the impact. On this call, apart from our Q4 and full year performance, we'll give you our perspective on what we are seeing with our U.S. global customers and industry because of the U.S. government policies across the board. Let's start with the industry. The broad trends we spoke about last time remain in place and will do so for the long term. Pressure on drug prices and adoption of digital technologies will be a long-term trend. What changed since then last time is the macro uncertainty brought about by the U.S. tariffs, and it's anyone's guess what direction it will take. Obviously, this is not an industry-specific issue but threatens to spill over into the broader macro climate. And while pharma and life sciences have much lower direct exposure, they're also not immune to the impact. While we wait for the situation to unfold, what this means in the near term for our customers is juggling of multiple priorities as they focus on dealing with the tariff issues and its fallout and some of the actions they might want to take. Some of them are working on capital allocations towards investment in U.S. manufacturing and other strategic responses. There have been public announcements some of the large pharma companies have made around this. Now, none of this has a direct impact on our business. In fact, as we had mentioned, any pressure on pharma business economics acts as a tailwind for our business because we are a more efficient partner for the commercialization processes. One impact we are seeing is a slowdown in decision-making processes in the near term, especially for much larger transformational initiatives where some of the senior teams' approval and involvement becomes critical. Now, the other impact was a significant cut in the FDA staff. On March 27, HHS announced a reduction of nearly 3,500 full-time FDA employees. This is 20% of its workforce, following a recent layoff of 700 staff as a part of the cost-cutting effort to save around $1.8 billion annually. This has led to a removal of top scientists across key divisions, including drugs and devices. Although there is uncertainty in how this will play out, discussions with clients and experts suggest potential delays in submission reviews, enhanced submission quality expectations, and disruptions in meetings and early engagement, especially for biotech firms. We see this as an opportunity for us in the medium term in multiple ways. Clients may require guidance on adjusting their strategies. In the new regulatory environment, they'll have to be much more prepared. Further, they're likely to need enhanced bandwidth to counterbalance the reduction of the FDA. We have an opportunity to use our AI solutions and technology to bridge some of these gaps. As of now, we don't see our big and mid-size pharmaceutical clients being worried about this in the short term. In the short term, this is a bigger issue for the biotech industry. However, in the medium to long term, this might not be a great thing for innovation in general. Although we are hopeful this will get resolved, it is too critical not to. In an interview just 10, 12 days back, the FDA chief, in fact, spoke about their game plan for accelerating approvals, especially for rare diseases. He also alluded to the use of AI across the board, right, and make things more efficient. Now, that's on the FDA. Let's discuss the next big trend, which a lot of you have been asking us, and we have been bullish about: AI. We remain bullish on the opportunities AI offers. During our Investor Day in March, our team showcased our thinking around how GenAI could benefit the industry and demoed some of our solutions that already embed GenAI. Our clients continue to share our excitement and continue to engage with us in deploying this technology to enhance business processes. We also remain cognizant of the fact that our industry will be cautious in the speed of adoption of GenAI, given the strict regulatory and compliance guardrails we operate in, and the onus is on domain players like us to contextualize GenAI for life sciences and bring in our practitioner's lens to ensure our clients get the maximum leverage from GenAI while complying with all regulatory and compliance needs. With this in mind, we launched a GenAI platform called Cortex that helps contextualize GenAI for the life science industry, bringing 26 years of our operational experience codified to train AI models. This leverages the latest developments in GenAI in the form of agentic workflows and also brings a platform approach to GenAI development that makes it easier for our clients to drive governance and compliance checks. Now, these are three things exactly our clients have been grappling with and asking us. We believe this will help put GenAI in action in the life science industry. We're currently in the process of having our domain and business process experts train GenAI agents in Cortex by leveraging years of data and process expertise that resides within our organization. These GenAI agents are being incorporated in our existing solutions after thorough testing and validation. Meanwhile, we're also building GenAI-first products in the commercial and medical space by re-engineering existing processes. You'll continue to hear more from us on this in the subsequent quarters. Now, with this, let me come down to the business performance. Our Q4 FY25 revenues came in at INR 7,556 million, a growth of 4.9% quarter on quarter, driven primarily by higher revenues from the deals won in the last two quarters. EBITDA for Q4 came in at INR 1,526 million, a growth of 1.7% quarter on quarter. We reported Q4 PAT of INR 1,176 million, a growth of 7.2% quarter on quarter. The total number of active clients for us decreased slightly from 75 to 73, mainly due to some one-time revenue project completions. On the other hand, $1 million clients grew from 38 to 41 in Q4. More than 95% of our revenues continue to come from the U.S. and E.U. regions. For the full year, revenue came in at INR 28,393 million, a growth of 9.6% year on year. The growth was driven mainly by customers outside of the top 20. This was a result of growth in existing customers and also new account additions. We grew our active accounts from 63 last year to 73 this year and grew our $1 million customers from 35 to 41. Most of these new customers are mid-size pharma companies, and we continue to find opportunities to deepen our engagement and relationships with them across the board and sell them more solutions. The top 20 customers grew by 2% year on year. We had good traction with many of our key customers but also had some negative events and impacts in some accounts, which we had shared with you through the year. FY25 EBITDA came in at INR 5,622 million, a growth of 5% year on year. Full year PAT came in at INR 4,067 million, a growth of 20.8% year on year. Now, with this, if I look at the highlights for FY25, post-Trilogy, we had been able to go to the market. This is an acquisition we made, if you remember, sometime March 2024, towards the end of March 2024. We've been able to go to the market with this in an integrated way and have been able to have some wins of 2 million plus ACVs for multi-year engagements. Another acquisition we had made in 2022, Cult, has been, I would say, a reasonably successful M&A and collaboration for us. We have managed to combine Indegene's medical technology analytics and global operations capabilities along with Cult's very significant creative capabilities to offer an integrative creators offering at the enterprise level and have successfully managed to have some customer successes in pilots here. We expect this to translate into increasing revenues in this year and the future. We launched our GenAI platform, Cortex, which I just spoke about, and have made great progress in developing AI use cases and bringing them into our solutions as well as to our clients. Now, going forward in FY26, we are cautiously optimistic. The positives we spoke about last time, while they remain there, are a little tempered by the uncertainty and the whole pattern that we see in the broader macro environment and is emerging. But we remain optimistic of clarity emerging as we go through the year. We had some good wins in Q4, one U.S. $5 million-plus ACV deal with a top 10 EU-headquartered company. This customer and the deal holds potential for us, and three deals of 1.5-3 million ACV with the mid-tier pharma. We should start contributing the revenues later in the year. We have a pipeline of interesting, potentially large engagements with a few of our top 10 accounts as well. At the same time, there have been some headwinds in some accounts. We faced headwinds in two of our top five customers in 2024 or FY 2025. We've been speaking about it through the last year. One of them has stabilized, and we believe will start growing this year. The other one, which we believe had stabilized, we'll see some further reductions in volumes. With our largest customer during renewal due in March as part of engagements in our medical business, some reconfiguration of the onsite or offshore mix will result in a lower value and realization. Now, this does not impact our margins. This onsite-offsite ratio might impact the value or realization a little bit, but no impact on margins or very low impact on margins. Both these will have approximately INR 1 million revenue impact each to the rest of 2025, starting towards the end of Q1. Overall, we continue to pursue strategic and transformational engagements with our customer and focus on building our pipeline and focus on converting the pipeline into wins. But given the macro environment, we are circumspect about the speed of decisions and project kickoffs. We continue to generate good cash and maintain a healthy cash position. We ended the year with INR 1,664 crores in cash and cash equivalents, providing ample liquidity for expansion. We will be prioritizing growth agenda hard. We'll continue to pursue tuck-in acquisitions to enhance, deepen, and broaden our capabilities and use our cash for these acquisitions. We also believe that the current emerging macro environment will be conducive for us to be able to find the right deals. The market has been tough over the last few years on the M&A side, but we believe opportunities will start emerging, and that's where we'll use our cash. At the same time, as a prudent company with a very long track record of profitable growth, we believe it is a good practice and rigor to start issuing some dividends, even as a young publicly listed company. On that note, I'm happy to share that the board has approved a 100% dividend subject to members' consent in the AGM. Now, this will be approximately INR 48 crores, which is actually, this is INR 48 crores, which is approximately 12% of our PAT, a payout below 12%, and so of our PAT and a payout below 2.9% of our cash. As I said, we'll continue to use our cash for acquisitions moving forward. With that, I'll pass on this to Suhas. Thank you, Manish. Once again, a very good morning to everyone, and we appreciate your participation on this call today. Let me start off by getting into the details of the financial performance for the quarter. The revenues for the quarter came in at INR 7,556 million, up 12.3% year on year and 4.9% sequentially, driven by growth in all the major segments of our business. The core enterprise businesses, both commercial and medical, together growing at a healthy rate of 5.1% and omnichannel activation business at 8.6%. The omnichannel activation segment has seen some wins and growth coming from the brand side of the business. EBITDA margins for the quarter stood at 20.2%, a drop of 60 basis points sequentially. The drop in margins is due to a higher wage bill consisting of seasonal trends in vacation accrual and payroll taxes in the U.S. and also mid-year increments and off-cycle increments applicable to a subset of employees. The PAT margin for the quarter came in at 15.6%, an increase of 30 basis points sequentially. This is on account of a lower tax rate in Q4 due to favorable deferred tax adjustments in the U.S. On a full-year basis, revenue came in at INR 28,393 million, a growth of 9.6% year on year. EBITDA came in at INR 5,622 million, a growth of 5% year on year. EBITDA margin on a full-year basis reduced by 90 basis points to 19.8%, mainly due to a higher onsite employee mix and certain increases in the non-employee expenses related to technology, both having almost an equal impact on the margin rate drop. PAT came in at INR 4,067 million, a growth of 20.8% year on year. PAT margin improved by 130 basis points to 14.3%, driven by reduction in finance and interest costs and growth also in the interest income. Our geographical split basis location of origin has seen some changes in Q4. North America revenue share has increased to 71.9% versus 69.3% in Q3, and Europe revenue share is at 24.6% versus 27.9% in Q3. The jump in North America revenue is due to consolidation at a U.S. headquartered customer with the expansion of the enterprise relationship in the enterprise commercial segment, which started in the European region to now a larger multi-geographical coverage, including the U.S., and this happened during the renewal in January of 2025. Our cash position remains strong, and we continue to actively scout for M&A opportunities. We also concluded a small acquisition towards the end of March 2025. We acquired MJL Communications Group, a UK-based digital life sciences agency on a debt-free, cash-free basis for an amount not exceeding GBP 3.4 million, including earnouts. There is no impact on our Q4 performance due to this acquisition, as the effective date is end of March 2025. This acquisition strengthens our creative presence and capabilities in the UK and is in line with one of the stated M&A opportunity areas for us. With that, let me take a pause and move on to the questions that either Manish or I can answer for all of you. See, we can open the Q&A. Yes, sir. We will now begin the question and answer session. Anyone who wishes to ask a question may press star and one on their touch-tone telephone. If you wish to withdraw yourself from the question queue, you may press star and two. Participants are requested to use handset while asking a question. Ladies and gentlemen, we will wait for a moment while the question queue assembles. The first question is from the line of Shivani from Monarch Networth Capital. Please go ahead. Hi, am I audible? Yes, you are. Hi. Thank you for the opportunity. So I have two questions. One is on the segment revenue. So the growth in enterprise commercial segment, which used to be a high-growth segment, has come down to low single digits. So I just wanted to understand that what's the underlying reason for the same and when we can expect the growth to pick up? Shivani, you are right. The growth has come down last year, and that is primarily due to the impact of these two customers, which we alluded to in our calls last year. These two customers were large customers for the Enterprise Commercial segment, and the entire hit, or I would say most of the hit, has been for the Enterprise Commercial segment, right, on this part. We believe that, as I had mentioned, one of these customers has stabilized and will start growing, even for Enterprise Commercial solutions. The other one might take a little bit more hit. There's some process which the company was doing which they'll not be doing, right? But beyond this now, we believe all the new wins will start adding up to growth in this region. Last year, all the new business coming in was going to plug in the revenue leakage with these two customers. That's going to reverse this year itself. Understood. So can we expect the growth to come back in double digit? I won't call out the numbers over here, but we expect growth to come back. Okay, sure. And the next is on margin. So I think in the first question, you partly answered that why the ECS segment was hit. But at the same time, we are seeing that the margin in omnichannel segment has increased to 13.2% this quarter versus 8% last quarter. And also on year-on-year basis, we have seen the improvement in the margin. So what is the driver of this margin, and can we sustain this margin going forward? Yeah, thanks, Shivani. Suhas here. So the omnichannel activation business, and we had provided some commentary in some of our earlier earnings call as well. The increase in margin is a factor of growth in top line. There are certain costs that remain constant irrespective of the volume and at the current scale. That is a major driver. But having said that, deeper engagements, longer-term projects is the other driver, which helps us plan better and utilize our resources better. So I would say between both these factors, we've seen a growth in the margin, and we believe this will be the key drivers in the coming future also for this segment. Sure. Thank you. This last question, if I can chip in. So I just wanted to understand more on the MJL Communications acquisition, what's the revenue potential, and how can we see its contribution to the overall business in FY26 and FY27? So first of all, MJL Communications is a very small company, and from our perspective, the reason we have done this deal is that our creative capabilities, which we had established through CULT, we believe that, and I spoke about it, that we are seeing CULT capabilities plus Indegene capabilities together creating a very compelling solution, right, for our customers at an enterprise level, right? And we are working on that. Now, typically, CULT was till now focused on the United States, right? Whereas our deals at the enterprise level are global in nature. We are seeing a need emerge for global deals involving content, sorry, creative and content together. To that extent, we had to increase our execution capabilities in multiple regions, Europe being the highest priority, and MJL contributes at that level. So from our perspective, the logic is our ability to do larger enterprise deals, which are slightly more upstream than what we've been doing in ECS till now, right? And that's the rationale of MJL Communications. And we had spoken about this earlier also. Understood. Thank you so much. All the best. Thank you. Thank you. Before taking the next question, we would like to remind participants that you may press star and one to ask a question. The next question is from the line of Ajay from Blue Argon Capital. Please go ahead. Good morning, sir. Thank you for the opportunity. And congrats on a good set of numbers given the environment. If you had two questions, one is regarding your top 10 versus the rest of the business. Your top 10 accounts are declining. Can you give us some color on what's the cause and when did that decline stop so that we can see better top-line growth? Sure. Sure, sure, Ajay. Actually, the reason for, again, this is I alluded to that in my earlier comment, right? Just these two customers, two customers have contributed to a significant decline in the total number for us, right? If I just put together, in fact, I had spoken about this earlier, these two customers, what we lost in revenue, right, had impacted our overall growth by somewhere in that region of 6%, right? Which is what shows up in the top 10 customers itself. We believe that's more or less behind us. As I said, apart from the fact of the impact we might have in one of these two customers, right, a little bit negative, which might happen. Overall, things will be better. And one of the deals we won, which I spoke about, 5 million ACV, again, is a top 10 customer. Suhas, you want to add on anything to this? Yes. Thanks, Ajay, for your question. But more specifically, I would like to draw your attention to the quarter-on-quarter contribution of our top 10, which is in line with what we had mentioned during our last earnings call, that the decline of those two customers is behind us and has stabilized. And that, when you look at our quarter-on-quarter, you can see a marginal increase in the contribution of our top five from 56.3 to 56.4. Let me talk about that a bit more. In a company's recent history for the last five or seven years, how many times have you seen a few of your customers decline? And I can add one reason. Did this customer set some line of business like Pfizer's? Obviously, Pfizer's COVID vaccine, the business might have contracted significantly. And if you're supplying to that, that could have been a reason. But if you can give some color on why these two customers are declining and how common was that in the last five or seven years of the company's history? It wasn't very common in the last five years if you think about it, because five years, at least from 2020 to 2023, right, our growth was very significant. We grew from, in dollar terms, approximately $89-$90 million to $287 million, right? Pretty much everything was growing. Now, coming back to what is the reason, it's a function of two things, right? On one hand, one of our customers, they changed their operating methodologies, right, which resulted in broad leakage. They realized that wasn't the right model, right, for them because they were losing a lot in that perspective, and they have corrected that, right? Their internal operating model, how they charge centrally versus countries and stuff like that. And again, we have alluded to this in our earlier calls. The second one was a company which had multiple internal issues, right? Declining revenues, pressures on margins, some products going which they had major revenues coming from, they falling off the cliff, right? So those things came together for that customer. Perfect. If I may have one more question, how should we look at your profitability, the line of business the right way, or is there your customer engagement, sort of your SOWs? When you do SOWs, are they sort of for different lines of business, or are they combined when you look at profitability of the whole account or that line of business account versus your lines of business? Yes, Ajay. So my question is, should we look at, yeah, profitability by large versus small accounts or by your lines of business? We could talk about that today. Yeah. So Ajay, profitability for both the large segments, Enterprise Commercial and Enterprise Medical, are fairly stable. And there, we look at profitability at a customer engagement level, right, and not at a project level. So there will be sometimes projects which may have lower margins and higher margins, but we look at it at a combined engagement level, right? And there could also be periods, especially when we get into a new engagement, when the margins may be lower at the start because you may start with a slightly higher on-site mix and over a period ramp that up. But largely stable margins. Now, coming to the other two segments, again, at a gross margin or a unit economics level, these are not priced very different from the other two segments. But having said that, at the current levels of business, right, the certain minimum operating costs, non-billable costs, and certain fixed resource costs would mean that the segment margins look different. But at scale, these would also have a similar margin profile as the rest of our business. Got it. it. Thank you so much. Thanks, sir. Thank you. Participants who wish to ask a question may press star and one. The next question is from the line of Abhishek Shrut from Oaklane Capital. Please go ahead. Hello. Yeah, Abhishek. Hello. Thank you for taking my question. Actually, I joined this call a little late. I have one question about the patent cliff pipeline which your clients are having. So how long the impact of this patent cliff will go on, and what is the first of all, what is the impact of this patent cliff, and how long it will go on? Abhishek, do you mean patent cliff? Patent cliff for the clients, the patents which are like the products which are going off patent for your client, which is reducing their revenue and paying capability. Yes. We have spoken about this in the past. If you think about it at an industry level, there is over the next three years, there are a bunch of patents which are expiring, but there are also a bunch of new launches that are slated to happen, right? So the expectation is the industry will be overall positive and growing reasonably well, right? That's the broad outlook. Now, as far as this, if you're talking about that one customer where we had an issue, right, this customer is a customer who has gone through significant challenges, right, and has a very strong pipeline at the early stage level, but not such a great one at the late stage level, right? And they've also done M&A and stuff like that. So I would say this customer might be in somewhat of a doldrums for some more time, right, over here, but that's just one customer. Overall, at the industry level, I think we are okay right now. Okay. And do you think there is any pattern that once the patent cliff effect goes down, so there are other players who try to launch their products and which creates a good base for your company that patent cliff years creates a good base? No, Abhishek. I think what you understand is our business is focused on innovator products, right, when there is science to differentiate. Once a patent expires, the generic companies come in, and especially in the United States and I would say most of Europe, that's sales which happen through trade, right, trade channels. And that's not the segment which we operate in. So our involvement will be with patented products. Okay. Okay. Thank you. Thank you. Ladies and gentlemen, if you wish to ask a question, you may press star and one. The next question is from the line of Surabhi from Bellwether Capital. Please go ahead. Yeah. Hi. My question is on the Enterprise Medical division. We've seen very strong growth here. Could you clarify what are the key factors which you've seen the same growth? Also, if you can elucidate what percentage, maybe just qualitatively, what portion of the revenue is more like the one-time engagement with the client versus what portion of revenue is coming from a more longer-term engagement with our clients? Yeah. So let me start with the latter question. Most of our business in these two segments, I would say Enterprise Commercial and Enterprise Medical, are regular recurring type of engagements, right? There's a very small percentage of business which is one-time type of stuff. Those project-by-project businesses for us typically sit in the Omnichannel Activation part of our business. Whereas these two segments are fairly robust long-term engagements. Some of our capabilities on the medical side, we've been able to craft, I would say, a fairly robust joint solution on the medical writing and medical writing across the board with the Trilogy acquisition, right? And that is one thing which has given a bit of an uptake in revenues. I also spoke about some of the wins we have had with people. Trilogy is known in the marketplace as a very high-end, specialized, very high-expertise medical writing submission kind of company. That That added with Indegene's operational capability, right, and scale, processes, technology, has created a compelling solution, right? And we won at the back of it. But most of the revenue is recurring. Suhas, do you want to add on anything to this? Yeah. As Abhishek mentioned, maybe providing a bit of numbers context. Typically, in the enterprise businesses, and this would be consistent across both Enterprise Commercial and Enterprise Medical, about 75% of our business would be recurring. About another 11-12% would be what we would call re-occurring, right? It may not be the same kind of business, but coming from the same customer under the same master service agreement year on year. And therefore, it would tend to get into the high 80s% as what you would call as the repeatable business. Okay. And is it fair to assume that a large part of growth is coming beyond top 20 clients in the medical segment? No. In the medical segment, the growth is consistent both in our top 20 as well as if you were to also look at top 20 as globally ranked top 20 as well as beyond, right? So we've seen traction on both sides. What Manish mentioned earlier in his opening remarks, right, a couple of large deals which were in the order of about $2 million ACV in Medical, both from our top 20 globally ranked top 20 pharma companies. But at the same time, we've seen good traction and wins with the mid-tier companies which are beyond the top 20. So we've seen traction on both sides, especially in Enterprise Medical. Okay. Thank you so much. Thank you. The next question is from the line of Satish from Kotak Securities. Please go ahead. Hi. I had a couple of questions. The first one is you had indicated possibility of decisions being slowed due to macro impact. And did we see any of that impact impacting revenues and focus and maybe decisions as well? That's number one. And second is, what's the margin outlook for FY26? I mean, should we expect a margin profile similar to FY25, excluding other income? Sure. So Satish, I can talk about this. There have been some, I would say, reasonable-sized engagements and very different engagements which we were hoping would have closed, right? They're very active, and we're optimistic about them. But they've taken a bit more time to close, right? So that's one of the reasons why we called this out. And so that's one. I'll pass it on to Suhas for the margin commentary. Yeah. And Satish, more specifically, for especially one of these larger deals in the pipeline, we have already started incurring some costs which has had a very small impact in Q4, right, and may also impact in the near future till the engagement goes live and we start realizing revenue. But having said that, I would say that the margin outlook would be fairly stable even in the coming periods. And we will continue to strive to improve this as we grow because we would get more operating leverage, which should add to the margins. But nothing which we see from a customer pricing or impacting our margins materially as we speak today. Okay. Thanks, Manish. And so I just had one more follow-up. If I look at the other service line, where the contribution to revenue is not very significant, there is still a significant impact on margins because of the loss in the business. So should we expect a similar loss going ahead, or do you expect some of those losses to be recouped by better operating leverage? Yeah. In the other segment, as you rightly pointed out, Satish, higher volumes would result in better margins given that, as I said, the gross margin profile pricing and unit economics there is not too different from the rest of the business at Indegene. But however, during our annual exercise, planning exercise, do look at opportunities to look at efficiency and productivity initiatives which cover those businesses also. But given the current size, those impacts may not be material. It would largely come out of volume growth and revenue growth in the other business segment which would impact the gross margins and therefore margins at a consolidated level also. Got it. Thanks a lot for your response. Thanks, Satish. The next question is from the line of Neha Agarwal from Sage One. Please go ahead. Thank you so much. I just had one question pertaining to our new GenAI and LLM-based solutions which we have been developing and which we introduced over the past. So is there any initial reaction from clients with respect to those? Any specific new business opportunity that we got on account of it? So it's still early as far as that. Yeah, we have, I would say, a very positive reaction from our clients, and we have multiple conversations going on with our customers right now, right, where these opportunities range all the way from building agents for them to using this as a broader platform for them to outsource some of their work, right, in different areas as well, right? So it's a broad range of conversations, quite strategic conversations. That's where we are, right? But apart from the pilots and stuff which I spoke about, I wouldn't say that there are any big closures behind this right now. So can we demarcate them in a way that will this be largely a part of BAU, or do we expect any material recognizable impact from such solutions in the future? So I would say that we are not going to, unlike other companies, try to break this up because one of our propositions from very early on has been that we bring technology as a big differentiator to deliver superior outcomes, right? Our offering and our value proposition to clients are not FTEs or bodies. It's been always business outcomes, right, on how we think. And technology has been a key driver for that. And AI has been, for a very long period of time, right, a driver for that. All we are saying is that given that we have been doing this for you for a long period of time, and GenAI has come in, right, so we are the best partners for GenAI also because of XYZ reasons, right? Now, what GenAI does is enables us to do four more things. If I'm doing XYZ things for you, now because of GenAI, I can also do A, B, C, right, and add stuff to that. So to that extent, breaking it up separately might, we believe, is not a great idea. Sure. Just one follow-up on the same thing. So in that scenario, I understand there could be a long decision period for such deals and ideally an impact of such development would take upwards of a year or so to start coming in. By when do you think we can expect some meaningful incremental contribution in terms of maybe expansion and single client contribution itself? Single client wallet increasing from a couple of million to maybe a lot of $10 million and above. So that kind of an impact because of these developments, is there a timeline for that we have in mind or where we think that impact should come? So your question was more about GenAI impact? Yeah. Yeah. Impact of basically the new solutions that we have been developing and working on on the overall single client wallet size or contribution to our revenue. Yeah. So Neha, I would say it's a little too early to call that out because this is also significant change management for our customers. But having said that, as Manish mentioned, the way we engage with our customers is bringing technology contextualized to the industry combined with the expertise. And therefore, some of the use cases might be showcased to our customers for expansion or newer customer acquisition would also get embedded into our existing engagements. And therefore, while that might not necessarily show up as incremental business, would still start impacting the way we operate and over period margins from an internal perspective. But at the same time, external validation from a customer acquisition or expansion, I would say it's a little too early to come. Understood. That's helpful. Thank you. The next question is from the line of Shahzad Shroff from DMeta Advisors. Please go ahead. Yeah. Thank you for the opportunity. A couple of questions. Number one, from a medium- to long-term perspective, do you see any risks to our business from GCCs? Do you see companies having more conversations around insourcing some of the services that they outsource to us? That was number one. Number two, possibly we could be in an environment going forward where the dollar is depreciating. So in that case, that would mean lesser realizations for us. So how does that impact us? Do we adjust our pricing, or there will be some impact on our margins? Yeah, that's it. Yeah. So maybe I'll take the latter one first, Shahzad. So you're right. Depreciating dollar would impact our realizations given that almost 80% of our realizations are in U.S. dollar terms. But having said that, we maintain a healthy hedged position through plain vanilla forwards and range forwards. So typically in the range of 75%-80% on a 12-month forward, the net realizations are hedged. So we don't anticipate a near-term impact on the due to dollar depreciation itself. And I'll pass it on to Manish for the first question on GCC. Yes. So as far as GCC is concerned, again, we have spoken about this in the past. What we see is that GCCs are typically being used for slightly more homogeneous capabilities by our clients. But there is a certain type of a skill set in large numbers, right? That's where we see our clients drive more insourcing in GCCs, right? Tech, some sort of sometimes analytics. Those are areas which we see given the same type of profiles. But if you think about our engagements, right, especially on enterprise commercial, and all of them in omnichannel activation, is around multiple skill sets coming together across multiple geographies. Those are just not conducive to a pure play offshoring or GCC type of a construct. And hence, we see our clients, even who are setting up GCCs and scaling them up, do both. For example, this five million ACV deal I spoke about, which we won, right, has that potential to scale. That deal is with a client which has a GCC and is serious about their GCC strategy, right? A larger customer, on one hand, pursues a bunch of things in the GCC but continues to engage with us with slightly more complex global multi-capability engagements, right? So we would see this playing out in a similar way, we believe. Got it. Thank you. Thank you. The next question is from the line of Prakash Kapadia from Spark PMS. Please go ahead. A couple of questions from my end. Given the environment, Manish, which you alluded to in the opening comments in terms of some of the FDA-related challenges or issues which could slow decision-making in terms of AI getting production being slower or decision-making being slower. So in this environment, what kind of organic revenue growth could we expect in FY26? And if you could give some insights into specific geographies, U.S. or Europe, that would be helpful. So all I can say is we are not giving guidance, and we'll stay with that, right? And as I mentioned, that we still remain cautiously optimistic, right, even in this environment. And the reason is the following. That while there are a lot of headlines, right, being created, and we also see that at least right now, right, there is not too much effect on our clients' business and hence our business, right? That's one part. Of course, the reason I spoke about the decision-making is that if you are a senior management in some of these largest companies, you are spending a bit of time to figure out what's going out, right, dealing with those uncertainties. And hence, some of the larger engagements are getting essentially or might have the potential to get pushed out a little bit here or there. Along with that, let's be very clear. The biggest impact which a company like us or the industry is really not these tariffs and stuff like that, right? It's going to be the drug pricing, which we have alluded to. And we believe that is going to continue to be under pressure over time in a secular way. And that is what is going to lead to pharma companies continue to be more efficient and effective, right? And that's where we step in. If you think about even the FDA guardrails, right, as a pharma company, you need to be submitting sometimes with as much data, right, being more comprehensive, which means that you need to do a better job, right, and cost-effectively, which is the AI and solutions which we offer are useful. So we remain, I would say, cautiously optimistic in the short term and optimistic in the medium to long term. And maybe also adding onto that on the geographical part, and if I were to read it more as impact on customers who are headquartered in Europe versus those in the U.S., I would say no significant difference there because end of the day, for the large or mid-sized pharma segments, which is where we derive most of our revenues from, end of the day, the market, the largest market continues to be U.S., typically 50% for some maybe even higher than 50% of revenues irrespective of where they're headquartered. And therefore, we see similar behavior and patterns irrespective of whether it's a European customer or American customer. Okay. And what kind of a CapEx are we planning to do in FY26, and what could be technology spend if you could share that number? Sure. I would also request you to look at our RHP as well as past financials. We're not a CapEx-heavy organization. So from an investment in fixed assets and capital expenditure, I would say we would be in line with what we had planned and was disclosed in the RHP. Actually, for the year ending March 2025, there's been a little bit of spends which were under the plan as per what we had disclosed in the RHP. The spillover of that would potentially get consumed in the current fiscal year. But again, nothing material, right? Yeah. Okay. Okay. Okay. Okay. Yeah. So it's typically that one odd% of our revenues, the capital expenditure. Having said that, technology as investment in terms of our workforce that works on our internal IP development, what we call the office of the CTO, right? You can call this our R&D team because these are not billable resources. That continues to be a focus area for us, and that continues to be one of the reasons why our margins this year came in a little lower because higher non-employee costs also because it's not just the people, but also investment in infrastructure as well as the tokens and other costs of the GenAI platforms that we use and work with in our IP development. That would continue to remain. But consistently over the past four, five years, that has been in the vicinity of 2% of our revenue would be in that 1.7%, 1.8% going towards 2%, but would not be materially different from our plan going forward. Sure. Sure. Thank you. Thank you. The next question is from the line of Rohan Vora from Envision Capital. Please go ahead. Hello. Am I audible? Yes. Yeah. Thank you for the opportunity. So two questions here. So first was, after a couple of quarters, we've seen a number of employees go up, especially on the delivery side. In addition to this, what we are constantly also seeing is that the specialized employees with the domain expertise that we have, that percentage is going up. So strategically, how does one treat this? This was first question. And the second question was, this year, the clients that are beyond 10 and then beyond 20, those have contributed largely to the growth that we've had. And you also alluded that some of the large deals are taking time. So if this were to continue for this year as well, so what would be the impact of margins given that the tail is contributing to the larger growth? So these are the two questions. Thank you. The margin profile is not too different between these customers. So I don't think that's going to be an impact. And we also believe some of the large deals we are talking about, it's not that they're getting pushed out by years, right? It's a matter of months and quarters at the max, right? So we're not too worried about, at least right now. With that, I'll pass it on to you, Suhas, for any employee. Yes. On the employee count, directionally, as we grow, our people count would tend to grow, but there would be an offset because technology does play an impact in our operations on a continual basis. And it would not necessarily be pro-rata. The employee addition would not necessarily be pro-rata to the incremental revenue on an ongoing basis. This year, as I also mentioned during my opening remarks, we have also onboarded people for a potentially large deal with one of our top 10 customers, but we're still awaiting the closure of that pipeline. The other remark that you had was a query on the domain-specialized people. Domain specialization is required across all segments of our business, but there would be a marginally higher impact if the Enterprise Medical segment grows at a pace faster than the rest of the business, which has been the case in the fiscal year gone by, FY 2025. We have seen a marginally higher growth on the domain-led, domain Enterprise-led employee base. But having said that, around 21%-24% would continue to be the domain layer given that it would be slightly varied between the various business segments. Sure. Thank you. Thank you. Ladies and gentlemen, that was the last question for today's conference call. I would now like to hand the conference over to the management for closing comments. Thank you, everyone, for your participation and continued interest in Indegene. We also thank you for your participation in March when you came into our offices in Bangalore and participated in the Investor Day. We look forward to your participation in such engagements as well as the next earnings call. Thanks, and have a good day. Thank you. Thank you. Thank you. Thank you. On behalf of Indegene Limited, that concludes this conference. Thank you for joining us, and you may now disconnect your lines. Thank you.