Ladies and gentlemen, good day and welcome to Jagsonpal Pharmaceuticals Ltd Q1 FY 2026 Earnings Conference Call. 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 this conference call, please signal an operator by pressing star zero on your touchtone phone. Please note that this conference is being recorded. I now hand the conference over to Ms. Soumya from Go India Advisors. Thank you and over to you, ma'am. Good evening, everyone, and welcome to the Q1 FY 2026 earnings conference call of Jagsonpal Pharmaceuticals Ltd. We have on call with us Mr. Manish Gupta, Managing Director. We must remind you that the discussion on today's call may include certain forward-looking statements and must be therefore viewed in conjunction with the risks pertaining to the business. We are sure that all of you have gone through the Q1 FY 2026 results and the presentation released by the company on 26th of July. I now request Mr. Manish Gupta to take us through the same and provide some insights on the quarter gone by. Before that, we'll open the floor for Q&A. Thank you and over to you, sir. Thank you, Soumya. Good evening or good afternoon, everyone. Thank you for joining us today for the earnings call of Jagsonpal Pharmaceuticals Ltd. We are pleased to welcome you all as we share the company's progress and also discuss our growth strategies. We appreciate your interest in Jagsonpal and your continued support as we navigate through this pivotal phase of growth in this industry. Before I dive into the performance for the period, it is my duty to update you about an important recent corporate development. The employment of Mr. Sachin Jain, who was appointed CFO on February 5, 2025, was terminated by the company on July 8, 2025, within the probation period for acts of misbehavior, misconduct, and misrepresentation. Overall, his conduct was not in line with the ethics and governance that we stand for as an organization, thereby necessitating this decision. I wish to put on the call my deepest appreciation to our entire finance team for their strong ethics and compliance in safeguarding the company, as also the Board of Directors who acted quickly and decisively. Now coming to the performance for the quarter gone by, we have started FY 2026 on a strong note with growth across all parameters. Revenue rose by 23% year-on-year to INR 756 million, driven by strong brand equity and focused marketing push, which also supported an 80 basis points expansion in gross margin to 64.4%. Operating EBITDA before results grew 24% to INR 157 million, with margins at 20.8%. Overall, the PAT doubled to over INR 108 million in the quarter, an improvement of INR 56 million in the same period last year, and the net margins thereby stood at 14.3% during the quarter. We are also pleased to report that we had one-notch improvements in Guinness CVM ranking and are now ranked number seven as per CMARC. This is reflective of the strong brand equity that our company enjoys amongst our core franchisees of pharmacologists in India. The strength of our brand and quality of business is also reflected with the top 15 brands of ours accounting for 2/3 of our business. In fact, we are ranked amongst the top five in 14 of these 15 brands, and we are actually ranked number one in five of these brands. Continuing on the financial performance, the strength of any business is reflected by the free cash flow that the business generates. We ended the quarter with a closing balance of almost INR 1,609 million, an increase of INR 153 million over the previous quarter. This strengthens our ability to scale operations efficiently while reinforcing confidence in meeting annual guidance, supplemented by both organic and inorganic growth initiatives. Our performance this quarter underscores the strength of our journey, supported by operational and financial discipline. Our journey has been creating long-term values backed by purpose, precision, and performance. As we step into the future, we carry forward the same vision to lead with science, scale with agility, and grow with responsibility. Thank you for your attention. I now open the floor for questions. Thank you very much. We will now begin the question -and- answer session. Anyone who wishes to ask a question may press star one on their touchtone telephone. If you wish to remove yourself from the question queue, you may press star two. Participants are requested to use hands up while asking a question. Ladies and gentlemen, we'll wait for a moment while the question queue is assembled. The first question is from the line of Deepesh Sancheti from Maanya Finance. Please go ahead. Congratulations on a good set of numbers. I would have been pretty well. Okay, how is the field force being scaled or optimized to support growth? Technically, we are not making any changes. Of course, there is some element of optimization as we reorient the field force for more performance. There is a small optimization happening in terms of changing geographies and whatnot. Having said that, overall, our focus is on improvement of this productivity rather than any large-scale changes in terms of both numbers or anything around the field force. Okay. How is the company strategically positioning itself to maintain market share? What steps are being taken to mitigate pricing pressure, if any? Typically, in the nature of business that we are in, and if you understand our business model, we are in smaller molecules rather than overcompetitive molecules. The pricing pressure in that sense is limited. As a company, we have a good presence in the doctor's chamber, and we, having a 40 and 50-year-old history, seem to be a quality-conscious player within the doctor setup. At our end, we do not see any pricing pressure per se, except in one molecule, which I think I've covered multiple times in my previous calls, which is Dydrogestrone. Other than that, we do not see pricing pressure set up. Okay. If you were to give any guidance, do you think that we will be able to maintain the ROE in this range only of 18%- 19% or ahead going ahead for the next two years? Certainly, that would be all our efforts are in that regard, and I don't see any reason why that should be disturbed. Perfect, sir. Thank you so much. Thank you, Deepesh. Thank you. Ladies and gentlemen, before we take our next question, we would like to remind the participants to press star one to ask a question. The next question is from the line of Amit Agicha from H.G. Hawa. Please go ahead. Yeah, good afternoon, Mr. Gupta. Thank you for giving us the opportunity to answer questions. Sorry to interrupt you, sir, but your voice is cracking. Could you go to a better reception area? Yes, yes. Am I audible now? Yes, sir, you are audible. Yes, thank you. Sir, the question is, with INR 161 crore in free cash and no debt, like what are the criteria and timelines for inorganic acquisitions? Yeah. If you notice, we did our first inorganic about 12 months back, when almost INR 90 + crore got used in that inorganic of acquiring Yash Pharma business. We were soon to conclude another transaction in the early part of this year, which we had to follow up at the last minute because of certain developments around the conditions we produced, which could not be fulfilled. Fundamentally, we have a clear inorganic strategy in mind, but it has to meet both strategy and pricing. We have no pressure to use it. Having said that, the entire money, if it will be used, will be only for inorganic strategy, else it will be returned to the shareholder in an appropriate form. Sir, are there any specific therapy areas or geographies targeted for the M&A expansion? Our focus is clearly on India, and we do not wish to go anywhere outside of India. Within the therapeutic presence, generally, we are in sub-chronic therapies, and we intend to stay that way, generally speaking. I see she's answering my question, so thank you. All the best for the session. Yeah, thank you all. Thank you. The next question, this is from the line of Pratik Bafna from Paterson PMS. Please go ahead. Good afternoon, sir. Thank you for taking the question. Since the last few quarters, we have been aiming to increase the overall MR productivity. Could you just give us some color on that, how has that been this quarter and what measures are you exactly taking? Yeah. Sir, our MR productivity is the largest driver of our business as we go along, and this is something we are extremely focused on. We are inching forward as we speak. A fair bit of this growth has come because of increased MR productivity. Having said that, we still have a long way to go. The efforts that we undertake are multi-pronged. It includes better retention, better training, more confidence, and of course, better incentive structures for our free force productivity. There are multiple initiatives that we are continuously working on. These are all steps in a journey. Nothing is something that can happen overnight, but I believe we are headed in the right direction. Okay. Last Okay. Last year, I remember the number was around INR 2 lakh- INR 210 lakh per month. Could you give us some more color on what is the number and what are your targets? I think we would have made about a 10% improvement in that number that you have. As far as targets are concerned, I think eventually we look to aim above INR 350,000. This number will be lower than many of the other companies simply because of the nature of products that we have, because we are not in mass-scale products. Our numbers will be, or our PCPM will always be lower compared to some of the other companies. Even at INR 300,000, INR 350,000, we'll be a far more profitable company, and that's what we are aspiring to achieve. Okay. What are the current number of MRs you have? Close to 1,000 MRs. I mean, it fluctuates. MR is one area wherein there's always a friction, but on average, we would say between 900- 1,000 MRs are in the field. Thank you, sir. One last question. Could you also tell us about the measures which you are taking in place to improve your product quality? Given our scale of operations is increasing and we rely on third-party manufacturers, how are you ensuring that we are meeting the quality benchmarks consistently? Yeah. We have a full-pronged quality management organization. While we produce through third parties, most of our manufacturing of our key products is on non-licensed basis, which means this is our manufacturing license and this is our quality management system, as also supply of all the inputs are done by us. In that sense, a fair bit of our manufacturing is under our direct control and not indirect control. Having said that, this entire operation is undertaken under our quality management system. We have people positioned in some of our contract manufacturers who oversee quality. Every batch is tested in addition to what is being done by third parties and is also done at our end. We also undertake end-of-stability or end-of-expiry testing as well. There are a lot of means and measures that we undertake to ensure the product is quality when it is launched or when it is supplied in the market. It also meets all quality parameters even at the time of expiry. Thank you, sir. Thank you for taking our questions and all the best for the future. Thank you, Pratik. Thank you. Participants who wish to ask a question, please press star one at this time. The next question is from the line of Anupam Agarwal from Lucky Investments. Please go ahead. Thank you so much for taking my question and wishing you all the best. I mean, congratulations on good numbers. My first question is, sir, how much did Yash Pharma contribute to our top line in this quarter? You're talking a number, but I don't have a precise number, but it would be in the region of INR 12 crore, as against about INR 3.5 crore last year. What is the breakup of therapies in this quarter, if you can call out that? Sorry, come again? Breakup of what? Of the therapies, the derma, gynae, pediatrics breakup. Yeah. So roughly 50% of our business comes from gynae therapy, and the rest is split almost equally between ortho, pedia, and derma. Okay. With Gas Pharma, sir, what is the strategy in terms of growing this? Are we going to be adding more people in Yash Pharma division specifically for the derma piece, or will there be an even number compared to what we have today on field? When we acquired Yash Pharma, they had about 250 people on the ground. I don't believe we need to add any numbers to that, though we have kind of rationalized or strategized certain areas or territories. The overall number of people or medical reps is largely the same, give or take one or two. Understood. Just a question on inorganic again. INR 160 crores is what we have. Assuming we'll generate about INR 45 crores more in the balance nine months, and it's about INR 200 crores odd. What sort of size of acquisition are we looking at? Is it again going to be around the Yash Pharma sort of size, or is it going to be somewhat bigger? Anupam, this question of acquisition must tend to be strategic in the sense that we will not acquire anything unless it fits our strategy. We are not constrained by any number in terms of size because not only do we have cash and are we continuously generating cash every month, we generate about INR 5 crore, but we have an ability to lever our balance sheets. The promoters are willing, if needed, to put in more money should there be a larger acquisition. The thing I want to say is size is not the constraint. It's really the strategy that is going to be our constraining factor in deciding an acquisition target. Understood. Understood. You made a comment on price pressure in Dydrogestron e on Event Today. How is the market intensity today in terms of competition? There was a scenario last year where hyper-competitiveness was observed in the product. What is the market scenario today? It hasn't changed a bit. The pricing of the product is still lower compared to historical levels? There's a lot of bells and noise, Anupam, from your end. I don't know where to diverge from as a product, I believe. Can you repeat the question? My question is, is the pricing compared to last year at a better level, or is the pricing still lower compared to historical levels? No, pricing hasn't worsened. It is more or less similar as last year on that particular product. Understood. To maintain our market share, we are also selling at a similar price in the market, or are we taking to a strategy of having a good price and a good? No. We are selling thin on that product. We are not competing as much as we should have been. That product has come down considerably. If you heard my comment, I said we are in the top five molecules in 14 out of our top 15 brands. This is the only molecule wherein we are split from number in top five to now, I think we are the 20th ranked company in that particular molecule. It is solely because we are not going to compromise on our pricing strategy. We sell to select doctors or through select doctors, but who be it? This is one molecule where at peak we used to sell INR 400 million and now it's down to almost INR 100 million. Got it. Last question from my end. What was the EBITDA margin of Yash Pharma specifically at INR 12 crore in this quarter? It is impossible to have separate EBITDA margins for each division because there's a lot of common resources across the organization, and we do not have a separate P&L per se for Gas Pharma business. Having said that, when we acquired Yash Pharma, since it was acquired as an outside business, they had operating margins of 12.5%. Our operating margins have not come down post that acquisition. I believe we have been able to turn that operation fairly close to our overall corporate margins. Perfect. Perfect, sir. Thank you for answering all my questions. That helps. Thank you, all the best. Yeah, thank you. Thank you. Before we take the next question, we would like to remind the participants to press star one to ask a question. The next question is from the line of Dhruv Maheshwari from Perpetuity Ventures LLP. Please go ahead. Hi, sir. Thank you for taking my questions. The first question is, the Q1 growth this quarter was much stronger than the initial guidance of 15%. Are you updating the growth guidance for the U.S., and what was the main driver of the strong growth this quarter? Yeah. I think if you recollect, we had acquired Yash Pharma business in June of last year. Last year, Q1 had Yash Pharma business only for one month, as against three months this year. Part of this growth has come because of that. About between 9%- 10% is our organic growth, and the rest of the growth has come from the annualization or the full quarter benefit of Yash Pharma business. Therefore, we still stay to overall guidance of 15% for the year. The pharma industry, as we are all aware, is not growing as fast as it used to in the past. I think we are not upping our guidance. We are sticking to our 15% guidance for the year on a current status quo basis. This number of course can change should there be any inorganic strategy during the year. Got it. You mentioned that the organic growth was 9% - 10%. If possible, can you break it down into price, volume, and new interactions? This is a difficult exercise while we are doing it at a very broad level. I think within our portfolio, we have products at very, very different price points. It is difficult to give an overall breakup. Having said that, I would say roughly half of the overall growth would have come from price, and the rest would be split equally between new product introduction and volume growth. Got it. The second question is regarding the EBITDA margin. We had guided for 100- 150 basis point expansion of EBITDA margin for the year while Q1 had none. Are we sticking to this guidance? Basically, we just want to understand the higher fixed cost for the quarter. Yeah. I think we will still end up with a 100 - 150 margin improvement, which we have guided to. Q1 certainly had a certain build-up of cost as we invested significantly more in marketing. That is what, if you see, our other expenses are higher than normal in this quarter. That is what has kind of compromised on our margin expansion in this quarter. I do believe that will start showing up from Q2 onwards. Got it, sir. The final question from my side is, what will be the total ESOP cost for the entire year? I believe the ESOP cost for this quarter was INR 15 million. It should stay between INR 15 million-INR 1 6 million in Q2. Q3 onwards, it will start coming down. It will get closer to INR 12 million is my guess, simply because if you recollect, we are given a major part of these ESOPs two years back in September 2022. September 2022 was the major ESOP thing. Therefore, we are now getting into the last tranche in a way from September onwards. You will see a dip in ESOP cost from Q3 onwards to about INR 1.1 million-INR 1.2 million. Got it. Thank you so much. Yeah, thank you, sir. Thank you. The next question is from the line of Bhavana Jain from Avagrah Capital Advisors. Please go ahead. Hey, Bhavana. Am I audible? Yes. Hello. Firstly, congratulations for such a good set of numbers. I have two questions. One question is regarding the field force. How is the field force being scaled or optimized to support the growth? What are the measures taken? If you can add one by one. Okay. Our field force, we are not scaling up our field force, but we are scaling up our field force. We believe we have adequate field force for the field of operations that we have, including the territorial presence. While there is small-time optimization that keeps happening because you may close down one territory and open up new territory, overall field force numbers are not changing. Having said that, as I said, we are not scaling up field force, but we are scaling up field force, and that's an area of immense investment that we are making. Right from training them on science, not only them, but even the field managers on science, as also on business management skills, is an area of immense focus for us. We have hired multiple doctors that are continuously training the field force because it is their confidence in the doctor chamber that makes all the difference. This is what we are gunning for. We are also supporting them with various other tools that are customary in this business. It's all a matter of scaling. The last area which we are really focused on is how do we reduce the attrition. Field force, if you see, for any pharma companies, 30%- 40% or 30%- 35% is a normal attrition level. Therefore, it is our objective. Even if we can bring it down by 4% and 5%, it's a big impact on the overall performance of the company. These are two areas that we are continuously focused on, scaling, as also controlling the attrition. Okay. All that happens, keeping the margins intact and nothing new, right? Correct. Okay. My second question is regarding the market share. What are the strategic measures the company is taking to position itself to maintain the market share? What are the steps which are being taken to mitigate even the pricing pressure? This question comes in just with respect to the first one product or the one brand that we already face an issue with. Just to normalize on that, you know that all the other brands are secured or any specific measure that we have to take, what we have not taken in advance or anything like that? Sure. See, the pharma industry doesn't really work that way, especially the rent-generated industry like India. It is not like U.S. or Europe where prices crash and keep crashing. These are abnormal situations when a new product sees a lot of competition. If you see, most of our portfolio is fairly old. They do not see any changing competitive dynamics. Also, our strategy is to stay focused on smaller molecules and we do not intentionally pick up large volumes. You will see that we'll not launch semaglutide. Okay. We'll not be in those kinds of markets because we know what will happen, and it's not our forte. A lot of how you play is dependent on your strategy. I don't foresee pricing pressure flowing out in any of the molecules or products that we are in, and in that context, our margins are secure. Having said that, we all understand that the Indian market is intensely competitive, and nobody is going to give market share easily. It's a cat-and-mouse game that is going on. In some quarters, you win, in some quarters, you lose a little. Overall, the structure of the industry doesn't change, or the profitability of the industry does not change. Everything happens, keeping the pricing the same. That is not a factor. It is generally not a factor, except in stray cases wherein, like we said, the 1,000-crore molecule, and you want to make an impact, that's where the pricing comes in. Only in one case, as I said, we have done that, and all our new products technically are not those kinds of products. Okay, just the last question, if I can squeeze in about the acquisition part. I know you already spoke about it, that you'll be in the same therapy. If you can throw some more light into your directional focus on the acquisition, you know exactly what is the type of acquisition that you are really looking at? As you mentioned, you already had one, which did not work out for some reason. Is that happening, or it's going to be back to the shareholders? Anything like that? Sure. At any point of time, we are always evaluating multiple targets. Having said that, there are two acquisition strategies. One is we are open to acquiring brands in the therapies that we are already in. We are also open to acquiring businesses, just like we did in the Yash Pharma case, into therapies where we may not be present, but it fits our strategy. That is sub-chronic therapeutic segments. We are open to brand acquisitions and/or business acquisitions, predominantly India-focused or India-centric. You have to be mindful, Bhavana, that when you do acquisitions, there are also some parts of which may not be strategic, but you may end up acquiring. Our last strategy will be around strengthening India business, ideally without manufacturing, and staying focused on sub-chronic therapeutic segments. Okay. Sure. Thank you. Thank you, Manish. Look forward to the next call again. Yeah. Thank you. Thank you. Ladies and gentlemen, in order to ask a question, please press star one now. The next question is from the line of Rishi Kothari from Pi Square Investments. Please go ahead. Hello. Thank you so much for the opportunity. I just had one question. That is, we do have cash on hand with us, right? What sort of position targets are you looking at? What sort of reinvestment in our core operations are you looking at? Is there anything that you have in mind for that? Yeah, Rishi, I think I largely responded to this question in the earlier one. Oh, yeah, I joined a bit late. I'm so sorry. Yeah. Yeah. Inorganic strategy is twofold. We are open to brand acquisitions in the therapies that we are presenting, and we are also open to expanding our therapeutic presence into complementary areas, which are in sub-chronic areas. That's broadly the acquisition strategy that we are working on, and we will continue to stay focused in that perspective. Any sort of return targets you're looking at in this? I mean, what sort of return targets are you eyeing? Obviously, the higher the better. Having said that, you know it's not a buyer's market. It's a seller's market right now. Vendor issues are difficult. My broad theme is the following. My money is lying in banks at about 7%. I hope that gives me better than 7% return in year one or even covers my 7% bank opportunity in year one, subject to giving us better returns thereafter based on what we can create value through synergies and/or through strategies. It will be something which we will be open to evaluating. Okay. Noted. Thank you. Thank you so much for answering. Thank you. Thank you. Participants who wish to ask a question, please press star one at this time. The next question is from the line of Anush Jain from Finterest Capitals. Please go ahead. Good afternoon, sir. Can you explain the key performance drivers of the results that we have obtained? Like what helps our operating EBITDA increase, and how sustainable are these margins? I mean, is there any question on the sustainability? We have been always performing in that line. Even last year, Q1 has been about 20%. All Q1, Q2, Q3, which are typically better quarters, we have been doing about 20%+, if not more. I don't see there is any one-off or anything that is bothering us at all. We stay on firm footing. I think the quality of business is always determined by the quality of cash that you generate. Generally, you would have seen that the entire operating EBITDA converts to cash in our case with no inconsistency in that regard. All in all, I would say we are very comfortably placed as far as our operating model is concerned. Our brands are well entrenched in doctors' temple. Therefore, our profitability or any of the other financial parameters are not subject to any significant variation, except in Q4, wherein, as we are all aware, the growth does not pick up much stock, especially in March. Therefore, being a high fixed cost intensive business, we always see a dip in Q4. Okay. Sir, what is the revenue split from our organic growth versus inorganic growth strategy? How will it contribute in our revenue coming forward? Oh, this is whatever guidance we are giving is for organic growth only. We do not give any guidance for any inorganic strategy because that is something which we cannot control for the current year. As we had mentioned, that there was an annualization benefit or impact of Gas Pharma business. That's why we have guided to a 15%+ growth for the current year. If you see, for way forward, we are targeting or we are guiding to a 12%- 14% organic growth. Okay. Thank you, sir. Thank you all. Thank you. Before we take the next question, we would like to remind the participants to press star one to ask a question. The next question is from the line of Pratik Dedhia, an individual investor. Please go ahead. Thank you for the opportunity. I'm audible, right? Yes, yes. Yeah. My question is related to the field force. You mentioned about attrition bringing the attrition down. Can you guide what steps are you taking to reduce the attrition? The second part is you mentioned that you are trying to increase the sales per field force. Is that counter-impacting your attrition efforts? I think I broadly answered this question in earlier parts of the call. Basically, as I mentioned, we are focused on scaling the field force rather than field force. Still is something which we are working on. How do we help them face the doctor more? More quickly, how can we talk science much better than what we've been doing today? In third, I think finally, attrition is linked to performance. I think somebody is called. Attrition is linked to performance as well. The moment the field force drops at six to nine months threshold in the company, they tend to stay because that's our turning incentive. There are multiple things that we are doing all across. I don't think singular measures that can stand out. This is an industry-wide problem. Nothing unique to. All of us stay focused on trying to do things that suit us the best. I don't have a very clear answer for you, but we are undertaking enormous measures both on HR front and training front. It also even starts from right recruitment, which are the things required for both field force retention and productivity. Okay. Got it. Thank you. Thank you. The next question is from the line of Amit Agicha from H.G. Hawa. Please go ahead. Yeah, thank you for the follow-up. Sir, how are the 18 stopping points performing in terms of last-time delivery and inventory management? Can you be more clear on that question? I mean, nothing has changed for us or for the industry. The stock is to chemists and everything remains the same. There have been no changes or disruptions, I would say. If you can be more specific on what is your question? Do you guys be delivering it yourself, or are there some agents? No, no. We do not deliver anything ourselves. We have our central warehouse, and then we have some 25 CLS agents across the country. From there, the materials flow to stockist. The last mile, which is from stockist to the chemist, is taken care of by the stockist's sensors. Okay. Sir, like the MySakhi initiative, how does it align with the company's brand or marketing strategy? Oh, see, we have a serious CSR budget of almost INR 10 million. Therefore, rather than spending on different varieties of projects, three years back, the Board of Directors took a call that we should do something focused and meaningful in this area. That's why this entire CSR initiative was brought under the umbrella of MySakhi. MySakhi has two components to it, or more than two, but two are priority ones. One is consisting of physical amenities for women or girls' students in schools and colleges where no such amenities exist at this point of time. Through this initiative, or for this initiative, we have largely tied up with Sulabh International, and over 16 such toilet blocks have been constructed in the last two and a half years in schools and colleges of Punjab, Haryana, and Uttarakhand. We are now expanding it to include Maharashtra. This initiative not only includes construction of toilets and whatnot, but there are sanitary and dispensing machines, and there are lectures taken by doctors in these schools and colleges promoting menstrual hygiene. The second part of this program is the education part, wherein we are using MySakhi.in as an instrument. It's a website which is dedicated toward women education. We undertake webinars under this initiative as well and cover difficult subjects like menopause and whatnot. It's an interface. It's a platform where patients, or I won't say patients, but healthy women come together and discuss their problems with doctors. This is done every two weeks and whatnot. These are available on our website at MySakhi.in. Continuously, we are deepening this engagement as well. These are the two broad areas of MySakhi.in wherein we believe we are making a difference in our own way. As our profitability is growing, our CSR budget is growing, and we need to ensure that we do it in a structured way, which is what MySakhi is all about. I appreciate your elaborate answer. Thank you. Thank you, sir. Thank you. Ladies and gentlemen, we will take that as our last question. I would now like to hand the conference over to the management for closing comments. Yeah. Thank you all the participants for your valuable questions and engagement today. We appreciate your interest in Jagsonpal Pharmaceuticals Ltd. Should you have any further queries or require additional information, please do not hesitate to contact our investor relations team at Go India Advisors. We remain committed to engaging with all of you, supporting transparent communication, and we continue advancing our objectives of creating value for all our stakeholders. Thank you once again for your participation and wishing you a great day ahead. Thank you once again. Thank you. On behalf of Jagsonpal Pharmaceuticals Ltd, that concludes this conference. Thank you for joining us.