Ladies and gentlemen, good day, and welcome to Jagsonpal Pharmaceuticals Limited Q4 and FY 2026 earnings conference call hosted by Go India Advisors. As a reminder, all participant line will be in the listen-only mode, and there will be an opportunity for you to ask question after the presentation conclude. Should you need assistance during the conference call, please signal an operator by pressing Star then 0 on your touchtone phone. Please note that this conference is being recorded. I now hand the conference over to Ms. Soumya Chhajed. Thank you, and over to you, ma'am. Good evening, everyone, and welcome to Q4 and FY 2026 earnings conference call of Jagsonpal Pharmaceuticals Limited. We have on call with us Mr. Manish Gupta, Managing Director; Mr. Amrut Medhekar, Chief Operating Officer; and Mr. Nirav Vora, Chief Financial Officer. 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 risk pertaining to the business. I now request the management to take us through the same and provide some more insight on the quarter and year gone by. Post that, we'll open the floor to Q&A. Thank you, and over to you, sir. Yes. Thank you, Soumya, and good afternoon, everyone. Thanks for joining the call, and we appreciate your continued interest and support for Jagsonpal. I'm pleased to report that Jagsonpal is back on growth in Q4 after two quarters of flattish performance. This is on the back of sharpened focus on execution, especially in the area of MR productivity and retention. At the industry level, while the IPM grew between 7%-8% during Q4, and most of the year, we have outperformed meaningfully at both the quarter and MAT levels, giving us the necessary confidence of growth acceleration going forward. For FY 2026, while the revenue growth has been modest at around 7% and net profit has grown at 19% before exceptional items. The performance is underpinned by financial discipline and focused execution, which is also reflected in our strong cash position, which was upwards of INR 190 crore at the end of the year or on March 31st. While we continue to scout for strategic inorganic initiatives, the board of the Jagsonpal is also guided by capital allocation philosophy that remains focused on disciplined value creation and efficient cash deployment. Alongside the INR 40 crore buyback announced on March 12th at INR 250 per share with no promoter participation, the board has also recommended a 200% dividend for the year, which includes a one-time special dividend of 75%. While the shareholder approval for the buyback was received on twenty-seventh April, the enhanced dividend is subject to the shareholder approval in the forthcoming AGM. These steps of the board are fully reflective of the focus on improving the return on capital employed and/or return on equity, as also their confidence in acceleration of business in FY 2027 and beyond, driving strong continued cash flow generation for the business. Looking ahead, our strategic priorities remain consistent, which is about driving organic growth through enhanced MR productivity, sharper brand focus, and disciplined cost management while we continue to evaluate value-accretive inorganic opportunities. With a stronger execution framework, we are confident of sustaining and accelerating the growth momentum while delivering consistent long-term value to our stakeholders. I would now request Amrut, our Chief Operating Officer, to take you through the operational performance. Thank you, Manish, and good evening, everyone. As Manish rightly mentioned that, the last two quarters have centered around strengthening the execution engine of the business, and we are now beginning to see the impact of these efforts translating into stronger operational performance. While the broader industry, which is IPM, has grown at around 7%-8%, Jagsonpal has started to outperform meaningfully. On an MAT basis, which is annual sales, the company has delivered 12.2% growth as per Pharma, outperforming the market by 3.6%. This momentum has accelerated further in the last quarter, which is quarter four, where the growth reached 14.2% against the industry growth of 10.5%. This performance was driven by disciplined execution, stronger internal processes, and our focused operating efforts, supported by an asset-light business model that allows us to remain agile, efficient, and consistently cash generative. On the other side, if you look at the branded portfolio, Jagsonpal continues to maintain a very strong and balanced portfolio. Our top 10 brands currently constitute approximately 58%-60% of our total sales, depending on the quarter, providing both the scale and stability for the business. Importantly, nine out of these top 10 brands are ranked within the top five in their respective categories, reflecting the competitiveness, prescription strength, and sustainability of our core portfolio. Growth has been led by strong traction across the key therapies, in particularly gynecology and dermatology, both of which witness prescription momentum and remain important growth anchors for the organization. These segments have shown strong doctor engagement and improved prescription conversion, supported by focused execution and sharper brand investments. While a few mature brands in select therapies saw some moderation during the year, the strength in these high-growth segments has more than offset the same, resulting in a healthy overall growth trajectory. A major focus area for us during the year has been centering the front line capabilities. We have invested in a very structured MR training program and managers development program aimed at improving the doctor's coverage, call quality, territory productivity, and consistency of our engagement. Alongside this, we have worked on improving the field force stability and retention, which has been an important driver for stronger execution over the last quarter. At the same time, we have sharpened our brand investment strategy by increasing focus on high potential brands and ensuring better allocation of our resources towards therapies and brand building, where we see stronger growth visibility as well as sustainable long-term opportunities. These efforts are now clearly reflecting in our improved field productivity, stronger doctor engagement, and better execution on the ground, which is visible in relatively better quarter core performance. With these building blocks now firmly in place, we are well-positioned to deliver more consistent, scalable, and market outperforming growth in the coming quarters. Thank you so much. Now I request Nirav, our CFO, to take you through the financial highlights. Thanks, Amrut, thank you everyone for joining us. From a financial perspective, Q4 FY 2026 reflects a strong improvement in operating performance, with revenue growing by 10% year-on-year to INR 64 crore, supported by healthy demand momentum across key therapies and stronger execution. This translated into EBITDA growth of 9% year-on-year to close to INR 11 crore, while maintaining stable margins at close to 16%, reflecting disciplined cost management and operating resilience. Profitability saw a sharper uptick with PAT rising to 31% year-on-year to close to INR 9 crore and with the PAT margin expanding to about 14%. For the full year, FY 2026 revenue grew by about 7% to INR 287 crore and operating EBITDA stood at close to INR 61 crore with a margin of about 21%. At the profitability level, our profits from operations grew by 19% year-on-year to close to INR 45 crore, reflecting a margin of about 16%. The only exceptional item during the year was the impact of new labor code, which was taken in Q3. Overall, the business continues to show meaningful improvement in core quality and profitability. We also continue to maintain a strong balance sheet with a cash position of over INR 190 crore. Working capital remains well managed with net working capital cycle at close to 11 days, reflecting our continued focus on financial discipline and prudent capital allocation. On the buyback front, we have received shareholders' approval for the proposed INR 40 crore buyback of up to INR 16 lakh security shares at a price of INR 250 per share. As mentioned earlier, the promoters shall not be participating in the same. This move is expected to have significant impact on our return ratios, with ROE increasing from about 16%- 18%, while ROC shall improve from about 22% to close to 26%. This reinforces the board's focus on efficient capital deployment and long-term value creation for public shareholders. The record date is May 04, 2026 for the same. The detailed buyback timelines and process will continue as per regulatory requirements. Alongside this, the board has also recommended a 200% dividend, including a one-time special dividend of 75%. This will result in a total payout of INR 4 per share and an overall cash distribution of about INR 26 crore. Between buyback and dividend, the company shall be returning over INR 66 crore to the shareholders. This reflects our confidence in both that in the strength of our business model and in the capabilities of generating free cash. We stay confident of sustaining and accelerating growth while maintaining disciplined capital returns. That concludes our update. We shall now be happy to take your questions. Thank you. Thank you so much, sir. Ladies and gentlemen, we'll now begin with the question and answer session. Anyone who wishes to ask a question may press star and one on their touchtone telephone. If you wish to remove yourself from the question queue, you may press star and two. Participants are requested to use handsets while asking a question. Ladies and gentlemen, we'll wait for a moment while the question queue assembles. Our first question comes from the line of Deepesh from Manya Finance. Please go ahead. Hi, am I audible? Yes, sir, you are. Q4 marks a very strong recovery after two relatively muted quarters. How much of this improvement is structural versus seasonal? Thank you so much. If you look at our portfolio, we hardly have products which are seasonal in nature. Therefore, what we see today is purely driven by operational strengthening, as well as some of the steps that we have taken in terms of brand building and MR productivity improvement. All the growth which is there seems to be completely strategic and structurally made in favor of yields. I don't see any of the seasonal impact there. What was key triggers behind such a sharp improvement in Q4 execution? How can the company I mean, going forward, will the company perform the same way? If you remember, Deepesh, I'm not sure you were there in the last phone call, but we had given you this guidance that we will be delivering a double-digit growth. That's what exactly we have delivered. We have done the walk the talk. Second part is we have also given you a guidance that we'll be looking at beating the market growth. That is what our objective has been, and obviously we are taking aspiration to beat it by 1.5x, which is 1.5x more than the Indian pharma market growth. In that direction, we have taken several steps, which I enumerated in my talk, which includes improving our field force productivity by way of improving their training, their skills, upskilling them, and more importantly, trying to engage more customers so that our prescription value per doctor increases, and thereby resulting in lesser of cost for acquisition of newer business. Therefore, I always call it as a profitable growth for the organization. Right. What is the biggest execution risk in achieving the targets which you have given? Execution risk may be macro. On a micro level, at an organization level, I do not see because we have very well established, very old legacy brands which continue to drive its market share in the current therapies and molecule bucket. There are certain new product opportunities, obviously, which we are continuously looking at, which are into our strength areas, which we intend to build. Maybe one execution risk may be that we may go over aspirational on certain products, but yet we want to give them a full try with our heart and soul so that we are able to achieve them. We are not sure how those molecules will eventually emerge as a macro market. I only see a macro risk happening for the organization. At our level, internally within the organization, we are super confident of delivering operational excellence and growth which is backed by profits. What gives the management confidence of further acceleration beyond the current IPM performance, outperformance? One is obviously it is too early for us to say, and as I said earlier on, this is our first quarter, wherein we had committed you a double-digit growth. That's what we have aimed for and we tried to deliver. I'm hopeful that the steps that we are taking towards rationalizing some of our resources and also reallocating those resources for more productive use, I think that will be one of the three key drivers. Besides, of course, improving our own capability and skills of the team so that they perform better in the market and are able to compete meaningfully in clinic for the doctor. Okay. How should investors think about FY 2027 growth versus the stated target of 1.5x IPM growth? We continue to maintain that guidance, sir. Okay. Just my last question. What is the reason of, you know, distributing so much of cash to shareholders? I mean, don't we see any growth opportunity beyond, I mean, in our company or any investment as such? Deepesh, I think this is a not an easy question for the board, simply because how much cash is adequate cash is not an answer. I mean, this depends from person to person. Personally, as a company, the board is of the view that keeping too much cash is also not productive, especially in the scenario of falling yields, and also in a scenario wherein now we have access to bank finance. If you look at our own balance sheet, you can easily believe that we can raise upwards of INR 200 crore as fresh debt in the company. We have close to INR 190 crore of cash. Given our cash flows, we are very hopeful of recouping whatever we are paying out within the next 12 months. Technically, we do have wherewithal to undertake an acquisition of up to INR 400 crore with our own balance sheet. I think that is more than sufficient in the view of the board. I think they took a very pragmatic decision of not keeping too much cash in the company beyond what is potentially needed. Just, I mean, just to counter that. I'm- My... Your cash- I'm sorry to interrupt you, sir, but you may rejoin the queue for more questions. It's just a counter question because, I mean, it's related to the previous answer. That's why. Yeah. Basically your total ROE, what you're doing on your cash as well as on your assets is 17%-18%. If you're making that good an ROE, why don't you deploy your cash into the business and give a better ROE? I mean, the investors would be happy with dividend, of course, but point is, if you're giving a good ROE on the money which we are keeping in your company, I think that is good enough for us. Why distribute the entire cash and, you know, take debt and have that interest outgo? I mean, that was just my thought process. Deepesh, I'll just address this. Basically, pharmaceutical industry for growth is not capital intensive. It is brand intensive. Brand requires execution excellence at a field force level, which is what we are focused on. We do not require any capital beyond what we are spending in terms of growing our business. Any use of real cash that we have is only for inorganic strategy and not otherwise. You're right that if we can generate 70% and 80% from our core business, but that is only working capital that is invested there. By pumping in more working capital, I cannot grow the business. We can only grow faster than the market through better execution in the marketplace, which we are already focusing on. Per se capital is not required for the organic growth. It's only for inorganic growth, and keeping that cash at 7% in the bank pre-tax, I think defeats the objective. Great. Great, sir. Thank you so much. Clears it. Thank you. Thank you. Our next question come from the line of Anupam Agarwal from Lucky Investments. Please go ahead. Yeah. Thank you so much for taking my question, and congratulations on good numbers, sir. My first question is that if you can break down your full year growth of 12.2% as per Pharma between the four therapy segments, that will be really helpful. Therapy-wise, we are overweight on three therapies, which is gyne, ortho and dermatology. Currently, offhand I won't be able to give you exact breakup between these three therapies. Yeah. I'll give you, I mean, while we don't have latest numbers, but roughly about half of our business is gynecology. 25% odd would be ortho and another, 10%-15% will be derma. 10%. Yeah. No, my question was more so on the growth. Which business therapy is kind of driving that growth largely? Largely driven by, number one, gyne and number two is derma. Okay. You've talked about MR productivity. Just a question on that. What is the MR count today, and what was the productivity, let's say, last same quarter last year, and what was it in the fourth quarter? Number of MRs continue to be same. There's no new addition of MR in the last quarter, which is under reference now. Productivity, the growth that you're looking at is purely, you know, productivity improvement. Understood. Yes. Understood. Sir, in your presentation, there are a couple of lines mentioned about, you know, you launching or ideating one to two products every quarter. Yes. How are we placed on that? What is the kind of new product launches that we've done in the fourth quarter? What was it in the last full year, and what are we planning for the next year? We had a total of six new product launches and, three SKUs. I mean the brand extensions. We intend to have similar number, approximately nine to 10, in this current year as well, in which half of it will be more of rejuvenating the older brands, the legacy brand that we have. Some brand extension in the same brand with the brand extension. There will be close to around five or six opportunities, which will be in the new product therapies. New product therapies or new products, within the existing therapies? New products in the same therapies. Our strength area, which is gyne, ortho and derma. Understood. Great, sir. I just wanted your breakup of the growth therapy-wise. Maybe I'll take that offline. That's it from my side. Sure. Thank you so much. Sure. Thank you. Our next question come from the line of Gautami Agarwal from Perpetuity Venture. Please go ahead. Hello sir. Am I audible? Yes. My first question is on the gross margin side. As we can see QoQ this year, the gross margins have declined, on the other hand, the other expenses have increased QoQ and YoY. Is there a particular factor or is it fair to assume that these are the stable numbers going ahead? You're referring to any specific number of quarter four or? Quarter four, sir. No. Are you referring to quarter four or for the full year? Full year gross margins are largely in line. There has been minor change, but it is more than 64.2% versus 60%. Yeah. Right. Right. About 20 basis points, 30 basis points, which is just a product mix issue, nothing more than that. All right, sir. What about the other expenses part? Other expenses. Just a second. The other expenses also, if you look at, that has marginally increased, I mean 30 basis points. That could be attributable to largely. I mean, largely it's a bit of timing issue. Timing issue. Let me give you example, like when do you conduct your cycle meeting, your annual cycle meeting, budget meeting? Right. Last year it might have happened in April, and this year it might have happened in March. On the size of a balance sheet, INR 1 crore, I mean, of our P&L, INR 1 crore difference here and there makes a difference in the percentage. Structurally, there is no increase in our cost structure beyond the normal inflation. Okay. Okay, sir. Got it. Fair. My next question is on the guidance side. Previously our guidance had been of 12%-14% on the top line and 100 basis points-150 basis points on the EBITDA margin level. Where I see that this year has been one-off year, and since our growth has been exceptionally well compared to the IPM data. Is it fair to assume that we will be sticking to the earlier guidance going forward? Sure, sure. We had given the guidance, ma'am, if you remember last quarter also we had clearly mentioned, and we repeat it at the cost of repetition, we are certainly targeting 1.5x of the pharma industry growth. Currently, the pharma industry is trending anywhere between 6%-7% to 8%-9%. This is the window in which it is operating. If I calculate 1.5x of that, it translates to anywhere between 12%-15% right now. As the scenario moves forward, because now you have some glut of launches into metabolic, anti-obesity and things like that, obviously the market is also expected, I am repeating the word and underlining this word, expected to perform better. We are saying even if we are not present in anti-obesity right now, our portfolio is strong enough to still beat the market and deliver a 1.5x of the growth. Okay, sir. Got it. Thank you, sir. That's it from my side. Thank you. Thank you. Our next question comes from the line of Sajal Kapoor from Antifragile Thinking. Please go ahead. Yeah. Thank you for the opportunity. Hi, team. A few questions from my side. If we track the next two quarters, what quantitative thresholds, I mean, for example, MR productivity growth or volume growth, would kind of validate that this turnaround that we have reported in Q4 is on track versus slipping back to the industry level growth? Any few maybe two quantitative thresholds that we can actively monitor? Hi, Sajal. Very good afternoon to you. This is Amrut Medhekar. Hi, Amrut. Am I audible? Yeah. Yeah. Still Amrut Medhekar. Thank you. Based off of the last reported numbers of PharmaTrac, that is what we look at or IQVIA also, almost similar numbers for the industry. I'll just break it down for you. Volume has been almost flat for the pharma industry on a moving annual total basis. Yearly the volumes have been almost flat. It ranges anywhere between 0.5% to 1.2%-1.3% on a month-on-month basis. The new product contribution is upward of 3%. The price growth is roughly around 5%+. Therefore, the annualized growth is roughly in the range of 7%-9% month-on-month. If you look at the JPL, which is Jagsonpal numbers, and look at PharmaTrac data only and try to mirror this, our volume growth is reflected as 2% there. Our new product is matching the industry growth, which is 3%+. Our price growth is little shade higher, which is at around 6.5%-7% on the price side. Overall, our reflection is showing as 12%. This is where the industry and Jagsonpal is as far as the external reflections are considered. Internally, we are certainly trying to beat these numbers also, Sajal, and I think I had indicated to you on the same question last quarter as well, that we foresee as you ask specifically for the next two quarters, I see same numbers getting even better. No, definitely. We certainly hope for that, Amrut, and thank you for answering that. Next question is, I mean, our top 10 brands today contribute about 58%-60% of revenue, our top 10. Yeah, yeah. These have driven the recent recovery obviously. Over the next two, three quarters, what specific indicators, I mean, such as growth contribution from the next 10 brands, so to speak, a new product revenue share or reduction in top brand dependency should be tracked to assess, you know, whether growth is broad-based rather than concentrated. I mean, at what point would you consider the portfolio sufficiently diversified to sustain the aspirational 1.5x IPM growth without relying sort of disproportionately on few large brands? Yes, yes. Sajal, this is industry-wise I think, a very common question which comes across. Most of the industry and especially the old organization will have this legacy impact. You'll have some brands which are very old, but constituting a very large chunk of your top line. Hence it becomes very, very important for you to trend your line, when you grow in your growth trajectory, that line has to be kind of, you know, managed very well. That you are not threatening your core brands, the volumes remain or rather grow. That's your core engine, right? That's going to funnel your growth or fund your growth, future growth. While new products will obviously accelerate that growth. Our focus will continue to be on our power brands, our core brands, which are kind of two or three brands, each of the business unit or vertical, therapy vertical that we operate with. That's where our majority of the resources will be deployed. At the same time, we are trying to build a portfolio which is future growth proof. Meaning some of the products where we see next 10 years, 20 years growth. These are the products in which we have identified, which are complementing our strength and which possibly will have much better chance of success, Sajal. As, as I rightly, I think, put the numbers to you, we are certainly looking at upward of 3% growth coming purely from these strong new product launches as well, while ensuring that our volume and price growth matches or betters the pharma industry. Mm-hmm. Mm-hmm. That's helpful, Amrut. Lastly, we still of the view that the trade generic is not a competition as far as our business is concerned, this lack of volume, which is an industry-wide phenomenon, it may or may not be partially, if not fully, linked to the trade generics growth. That has nothing to do with any challenges that we see as on today. Currently none, because this is not a new phenomenon, Sajal. This is going on for almost a decade, last five years possibly it got little accelerated post-COVID scenario wherein the generics have taken a front seat. I'll respond to it in two parts. Clearly, from a demand perspective, there's no impact of whatever is happening on the Middle East. Yeah. Okay. The demand remains secular as far as the industry is concerned. Having said that, clearly there are certain pressures on the cost front, especially packaging material. Clearly all the vendors are seeing cost increases, and they obviously, while they are carrying certain inventories, they will be looking to pass on some of the cost increases. Finally, I think all of us will find an equilibrium. Having said that, I believe pharmaceutical industry overall will be lesser impacted given that the gross margins in this industry are better than most other industries. With 65%-80% gross margins that most of the branded companies enjoy, I think our ability to take some of these cost increases are far superior, and we are also allowed a 10% price increase, so some of it will get consumed within that price increase. All in all, yes, there will be cost impact. Will it have any significant impact on the profitability of the company? I don't believe so. Okay. Thanks, Manish. Just a follow-up on that. hypothetically speaking, let's say the API cost increases by, let's say, 50% for the CMO manufacturer. I just wanted to have a sense on how the contracts are structured. Is all of that cost increase passed on to the marketing company or it's like a share of the pain kind of a system where, you know, some pain is shared by the CMO guys and some only a part of the pain is passed on to the marketing company? How is it structured usually in the contract? Thanks for this question. I'm sure you would know that I also have a little bit of CMO background. Yeah. With CMO earlier on. Typically, the cost doesn't get as is transferred to a buyer or a client. Depending on the structure of the agreement, it is typically absorbed over a period of time and in a staggered fashion as per your purchase orders. Even your purchase orders are not there for every 15 days or every week. Your purchase orders are also staggered over a quarter, and therefore, the absorption is also real time, as per the prices prevailing at that particular point of time when the purchase order is getting released. While we have an agreement which is longer term in nature, the agreement also allows you time to absorb those increases over quarters. It's not one quarter impact at all. No, no, that's fine. I understand. My question was that over time, is it completely passed on to the marketing company, which then passes on to the market by price increases or some is absorbed by the CMO guys? I mean, even the price increases are normally not seen being permanent. They will also fall when the scale also happens for those molecules and the supply chains typically kind of smoothens out. Today, what we are looking at supply chain constraints is less related to movement of the products, more related to the insurance cost. Typically those will also drop down. Just to, further add on, see, finally, nobody will do business at a loss, right? Yeah. We have to find a middle ground between the CMO and us, and also a middle ground between us and our customers. Everyone absorbs what they can, everyone will pass on what they can, and a new equilibrium gets established. Okay. Having said that, as I was mentioning, the overall cost in our scheme of things is not that significant as it is for many other industries. Yeah, understood. Last question from my side. You mentioned three of your dominant therapies, gynec, ortho, and derma. If you see in the last three, four months, IPM growth has kind of picked at about, close to let's say 10%-11%. If you take a blended growth for these three strong therapies of yours, are these three therapies on a blended basis growing higher than IPM or lower than IPM? No, they are in line with the IPM growth currently. Okay. Okay. When you say you're going to grow at 1.5x of IPM, that also practically means that you're growing at 1.5x of your covered market growth. Correct to assume that? Yes. Yes. Okay. Okay. Thank you. I'll get back. Thank you. Our next question comes from the line of Madhur Rathi from Counter- Cyclical Investments. Please go ahead. Mr. Gupta, I'm trying to understand that what percentage of our revenue is coming from e-pharmacies, that is the online Netmeds and 1mg, et cetera. What are the terms of trades in terms of credit period, working capital, as well as margins, are they higher or lower versus the traditional our sales channel? I'm sorry, I didn't get your name please. Can you repeat? Madhur Rathi. My name is Madhur Rathi. Yeah. Yeah. Mr. Rathi, thank you for this question. Currently, this the number is almost insignificant for us to have any mention of this in terms of supplies to these online pharmacies. However, the structure for every organization differs, for these pharmacy chains. Some of the supplies do happen from the authorized stocking each and every warehouse of theirs, as per the location, geographical location. Second is you also get into the rate contracts which are annual in nature for some of the products which are high prescription and high volumes. Currently, we don't have per se a very high volume or value contribution from these e-pharmacies. Understood. Also when last did we take a price hike across our product portfolio and what was the quantum of the price hike? What is the average salary hike that we are looking on account of our MRs this year? Look, Madhur, sir, in terms of exact percentage, I won't be able to share this because we are yet to close our appraisal cycles and KPI completions for the last FY. We are in that process, and while we conclude this, it will possibly be this quarter. Second part of your question was that when the price increases will happen. Price increases will be SKU-based because as per 12-month, complete 12-month period gets over, then only one SKU is allowed for a price increase, and that's when we actually take as well. It all depends on how much inventory you have with you and how much is the need for the extra inventory to create a purchase order or to trigger a purchase order. Right. Sir, just a final question. Sir, if I look at our scale versus the size of the market, it's much larger in terms of, I think, SKU offerings as well. Are we, so our growth estimates of 1.5x the market, are we being conservative in that in either new product addition or growing in these three segments of gynec, ortho, and dermatology? Either in new product addition, are we being conservative because our scale is not what versus the market, our scale is not that high. I'm not able to hear you clearly, but I can possibly sense what you wanted to ask. I'll repeat my question again. Okay. I'll just answer that. See our market as we said is, I think Manish-ji has already elaborated those numbers to you. One is the earlier question which you asked about the price increase. Our 92% of the portfolio is outside the NLEM, which is price controlled. Almost you can say 90% of my portfolio, I can go up to a price increase of 9.9%. Second part that you asked the question is whether our participated market or covered market is big enough to drive our growth upward of 1.5x. Is my question understood correctly? Yes, sir. Also on the new product addition because versus the target market and product addition can be much faster. Yeah. Yeah, correct. We are trying to rejuvenate that. As I mentioned in my opening remarks as well, we are trying to rejuvenate our portfolio, but obviously we are working with a specialty segment where prescription pickup doesn't happen from day one. New product establishment is a very, very hard work for prescriptions to start flowing in from each and every pin code of the country, which will take possibly a year plus for us to do that. That's what we are working on with new product addition. As I mentioned, as per PharmaTrac, we are matching or doing better than the pharma industry in terms of our new product performance. We are already at 3%+ in terms of our growth contribution from the new products, and we are trying to further accelerate that. Got it. Sir, that was from me. Thank you so much, and all the best. Thank you. Thank you. Next question comes from the line of Aditya Chheda from InCred Asset Management. Please go ahead. Hi. Good afternoon. Can you break your Q4 FY 2026 and FY 2026 growth in price, volume and new products? Yeah. I'll give you the breakup for Q4, which you are asking. For us, volume growth was almost in line with the market. I'll give you first, the PharmaTrac numbers. Unfortunately, I don't have the quarter right now. I have the year. Can I give you for the year right now? Yes, that is fine. I've given it earlier, I'll repeat it. For the Indian pharma market, the volume growth has been approximately 1%, little less than 1%. New product has been little higher than 3%. It was around 3.1%. Price is little less than 5%, so it was around 4.8%. Sum total of this is around 8.5%. If you round it off, it will become 9%. Okay. For JPL, the numbers reported are volume growth is 2%. New product is matching, which is 3.2%. Our price growth is in the range of 6%-7%. Sum total of this comes to 12%. Got it. Great. That's it from my end. Thank you. Our next question comes from the line of Hitaindra Pradhan from Maximal Capital. Please go ahead. Yeah. Hi, sir. I hope I'm audible. Sir, I missed this, like our new product pipeline. Which therapeutics you said, you know, those molecules will be? Yeah. Your molecules you will possibly come to know in a month's time, but we are looking at some good breakthrough molecules, and hopefully we'll be in the second wave of launch for this first in India product. We are preparing ourselves for gynecology, one therapy. Second, obviously we are looking at ortho and derma. You will come to know about this. We'll make an announcement at the opportune time, mostly either May end or June first week. Got it, sir. Sir, on the second, on the MR efficiency that you're working on. These new products I assume will be aligned, and, you know, that would help us increase the efficiency of our field force. Because, if my understanding is correct, I mean, there were some churning issues and, you know, you're trying to tackle that and improve the efficiency from our field forces. I assume all these new products will be aligned and that would be, you know, helpful to increase or, you know, manage the productivity. Yes, absolutely. As I said, there is one upskilling workshop which has happened. There is a very good product and therapy training which was given to all the MRs. We are also looking at the, you know, talent improvement within the organization so that all the promotions also happen internally as a policy for the organization. While we try to blend with the external hiring in case we are not able to find anybody internally for a new, you know, position. The third thing that we are working on is whether the geography in which we are operating, we are able to get more productivity. We are not adding any geographies, we are not adding any new MR, but we are trying to see whether organically from the same geography we are able to extract more, and thereby preserving our cost as well. Got it. That would have any implications on our incremental cost margins or working capital, all these initiatives? No, not at all. Any implications on our operating costs and or working capital? No. As you would have noticed, we are already working on a very lean working capital, 11 days, and this has been consistent for two years now. We believe we are best in class as far as working capital management is concerned, and we intend to stay that way. Got it, sir. Final one, on the capital return, policy. Like, I see that, you know, the strategy seems to be like we want to return back, you know, the dividend, pay a dividend or share buyback and so that our net cash kind of remains below INR 200 crore. Is that understanding correct? I mean, we will continue to do that. I mean, we are generating healthy cash flow, so we don't want to kind of, you know, keep surplus cash over like INR 200 crore. I don't think we have a number in mind. Yes, we believe with the robustness of our cash flows, which continues, we have adequate cash currently, and even what we are paying out through both buyback and/or enhanced dividend will fully get recouped within the year itself. I mean, you can arrive at the number, yes, we believe that the current cash position of the company is more than sufficient to fulfill any inorganic initiative that we may need to undertake. Got it, sir. Thank you, sir, and all the best. Yeah. Thanks. Thank you. Ladies and gentlemen, anyone who wishes to ask a question may press star and one on their touch-tone telephone. Our next question come from the line of Anupam Agarwal from Lucky Investment Managers. Please go ahead. Yeah. Hi. Thank you for the follow-up. Sir, just on the top 10 brands, if you can call out what the growth has been for those top 10 brands on a basket level, and what has been the growth for the tailwind brand, which is the 42% of the business. Yeah. Can you repeat the question, Anupam? The line wasn't too good when you spoke. Yeah. I'm asking the top 10 brands, which contribute 58% to your revenue, what was growth in those 10 brands and what was the growth in the balance 42% of the business? It's almost in line. Top 10 brands are obviously constituting much more healthier bottom line for us. Our growth on those brands has been in line with the rest of the portfolio. It's hardly 1% change. I think we'll arrive at the right number because it is, we have not added the numbers and seen it. We'll compare, it won't be very, very different. Understood. Sir, do you have different divisions for each of these therapies in terms of MR or are they interconnected entities? Your voice is not very clear at all. Can you please repeat this or maybe a little bit away from the mic. I think it's getting smudged. Yeah. Am I audible now, sir? Yes, you're audible, sir. Yeah. I was asking, in terms of your MR productivity, between the three brands, between the three therapy segments, do you saw the MR for insulin in terms of divisions or separate independent division by itself? No, no. Anupam, I'm really sorry, if you're wearing a Bluetooth or anything, can you please remove the Bluetooth because your voice is echoing and we can't hear you properly. Can you hear me now, sir? No, sir. No. I repeat the question, Anupam. Just tell me yes or no. You asked me whether the three therapies are separate divisions and whether we are growing equally, something like that? Yes. All three businesses are independent. We are trying to have a character around those businesses. One is a clear cut, you know, gynae business, which has absolutely no confusion. Entire portfolio is pure play gynae. Second business is what we are trying to build up is around orthopaedics, which doesn't have all pure play orthopaedic brands currently. Third business is again, purely a derma-focused business. Derma-focused, gynae-focused is absolutely there in place. While the third vehicle, which is still to be built or work in progress, you can say, is the ortho franchise, which will happen as the quarter progresses over next two quarters. All the three engines will fire equally well. I am confident about it for contributing towards the profitable growth for the organization. Got it. Sir, last question, if I may. Can you quantify in absolute figure what is the MR productivity for each of these three business segments? I won't be able to give the exact numbers there for each of these businesses in terms of productivity. However, I can promise you one thing that the growth will be entirely driven with the productivity improvement, as we don't intend to increase the MR numbers currently or managers number currently. Manpower remaining same, our growth will be still higher than the IPM. Can you rank them in what is highest in terms of MR productivity between one- Gynae will be higher, number one. Ortho will be number two, and number three will be derma. Got it. Thank you so much. That's it from my side, sir. Thank you so much. Thank you. Thank you. Next question comes from the line of Aditya Chheda from InCred Asset Management. Please go ahead. Hi. Just one clarification. The number you mentioned for Jagsonpal of 12% versus the reported number of 7%, this is the lead lag in the data reported in PharmaTrac. That's the only difference there, right? Correct, correct. You are right. Okay, great. These are the reported numbers in the PharmaTrac external audit for the pharma industry as well as Jagsonpal. Okay. Thanks. Thank you. As there are no further questions from the participant, I would like to hand the conference over to the management for the closing remarks. Thank you. Over to you, team. Thank you all participants for your valuable questions and engagement. We appreciate your interest in Jagsonpal. Should you have any further queries or any requirement of additional information, please do not hesitate to contact our IR team at Go India Advisors. We remain committed to engaging with you, all of you, fostering transparent communication as we continue advancing our objectives of creating value for our shareholders. Thank you once again for your participation, wishing you a very good evening. Thank you. Thank you. Ladies and gentlemen, on behalf of Go India Advisors, that concludes this conference. Thank you for joining us, and you may now disconnect your line.