Ladies and gentlemen, good day and welcome to Mankind Pharma Q1 FY 2026 results earnings conference call. As a reminder, all participants' lines will be in 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 then zero on your touch-tone code. Please note that this conference is being recorded. I now hand over the conference to Mr. Abhishek Agarwal from Mankind Pharma. Thank you. Over to you, sir. Thank you, Pari. Good afternoon and a very warm welcome to our Q1 FY 2026 call. On the call today we have Mr. Rajeev Juneja, our Vice Chairman and Managing Director, Mr. Sheetal Arora, Chief Executive Officer and Whole Time Director, Mr. Arjun Juneja, Chief Operating Officer, Mr. Sudipta Roy, Senior President Sales and Marketing, Mr. Ashutosh Dhawan, Chief Financial Officer, and Mr. Prakash Agarwal, President Strategy. We will commence today's call with Mr. Rajeev Juneja who will provide a summary of our performance over the last quarter, followed by Sheetal Arora who will share detailed insight on our business performance. Mr. Ashutosh Dhawan will then give an overview of the financial highlights, post which he'll address any queries you may have. Please note that today's discussion includes certain forward-looking statements reflecting management's expectations for future performance of the company. These estimates involve several risks and uncertainties and actual results may vary. Mankind does not undertake any obligation to publicly update any forward-looking statement whether as a result of new information, future event, or otherwise. For a detailed disclaimer, please refer to our investor presentation uploaded on our website. Now I hand it over to Rajeev sir for his comments. Thank you, Abhishek. A very good afternoon and welcome to our Quarter 1 2026 earnings call. We are pleased to report a healthy start to 2026 with encouraging trends as overall ramping of Quarter 1 2026 increased to INR 3,570 crore, registering a growth of 25% year-on-year with EBITDA margin of 23%. Domestic revenue grew by 19% year-on-year, majorly driven by recovery in volume, consistent chronic outperformance, and BSV consolidation. Mankind continued to consolidate its rank by value with a market share of 4.9%, up by 10 bit quarter-on-quarter, and second by volume. The market share is 6.2%. Also, we are seeing encouraging trends with 1.8 volume growth to IPM led by outperformance in anti-infective and respiratory segments. Our chronic share excluding BSV increased by 190 bits year-on-year to 38.8% in Quarter 1 2026 as compared to 36.9% in Quarter 1 2025, driven by an outperformance of 1.4x to IPM. Chronic growth OTC during the quarter, revenue from OTC business increased by 15% year-on-year to INR 237 crore. The continued secondary sales growth of our key consumer brands including Gas-O-Fast, the growth is 36% year-on-year. Manforce condoms 18% growth year-on-year, Health OK 15% growth year-on-year, Prega News 12% growth reflects strong brand positioning and increasing market penetration. Further, the modern trade and e-commerce channel registered a growth of about 50% year-on-year, resulting in its share to increase to 11% from 9% in quarter 1 2025. On the R&D front, we are increasing our focus to strengthen our R&D pipeline alongside GPR119 for anti-obesity and anti-diabetes. Our pipeline includes candidates targeting autoimmune disease, a novel antimicrobial resistance molecule, and a recombinant biosimilar in the IVF segment. Further details are available in the R&D section of our FY 2025 annual report released this month. BSV published a refresh study during the quarter, which is a phase 3 non-inferiority study comparing the efficacy, immunogenicity, and safety of BSV Foligraf versus Innovent Biologics in International Journal of Infertility and Fetal Medicine, making it an alternate treatment option in ART. Further, BSV was the first Indian biopharmaceutical company to participate in European Society of Human Reproduction and Embryology, which is a global IVF platform, to present BSV's comprehensive IVF portfolio and clinical research strength. As we celebrate 30 years of our operations, we would like our shareholders to be part of this milestone. Therefore, the company's board has approved an interim dividend of INR 1 per share. We remain committed to strengthening our growth trajectory driven by our four pillars of growth, supported through deeper doctor engagement, scaling key brands, and execution excellence. Now I invite Sheetal to further share insights into our business performance. A very good afternoon to everyone. We sincerely appreciate your presence as we present our quarter 1 financial year 2026 performance. Over the past 30 years, our purpose-led growth has been rooted in delivering quality and affordable healthcare to all, even in the most underserved parts of the country, leaving a meaningful impact. Last year, we took it as an opportunity to strengthen our foundations, enabling us to deliver consistent performance and pursue sustainable long-term growth. About Domestic Business: Our domestic business revenue in quarter 1 financial year 2026 registered a healthy growth of 19% year-on-year, driven by organic growth for the quarter of 10% year-on-year, further supported by BSV consolidation. Our secondary sales increased 9.2% year-on-year as compared to 8.6% IPM growth, led by 2.5% growth in sales volume and 14.7% growth in chronic therapy, indicating an overall outperformance of 1.1x of IPM. Our key acute therapies like anti-infective and respiratory outperformed IPM by over 1.5x, and our chronic therapies continued to deliver an outperformance in this quarter as well, led by 1.5 x in cardiology and 1.5 x in anti-diabetes. Our recent launch brand Crenzlo is now ranked number one in newly launched brands by value, and Vonalong is the number one prescription brand in their respective categories, while Nobeglar and Empagliflozin brands continue to gain significant traction. Our inhaler portfolio, including both Symbicort and Combihal e combined, are now the fastest growing inhalers and are ranked among the top five in the segment. Our presence in metro and tier one cities also grew from 55% to 56% in quarter one financial year 2026. About international business, our revenue from international business increased to INR 469 crore in quarter one financial year 2026, up by 81% year-on-year from INR 259 crore in quarter one financial year 2025, with single-digit organic growth and BSV consolidation. Regarding BSV, updates on the BSV front, we are witnessing progress across our integration initiative and are confident of delivering healthy performance this year onward. Additionally, we are also setting up a new biological facility to scale up and de-risk operation at BSV's Ambernath site and expanding its biological R&D facilities to strengthen our innovation capabilities. As we move forward, we remain committed to building a people-centric organization by fostering a culture of empathy and care. To realize this vision, we are consistently investing in strengthening patient and healthcare provider engagement through meaningful, transparent impact, driving innovation with purpose, focusing on accessibility, affordability, and impact, and continuous learning and development to empower our teams and partners. We feel honored by the trust placed in us by doctors, patients, and people. This journey is not ours alone, it's one that we work together, guided by gratitude and shared purpose. Now I invite Ashutoshji to provide a detailed insight into the financial performance. Thank you so much. Thank you Sheetalji, a very warm welcome to all of you. It's good to have you all with us today. I will now take you through Q1 FY 2026 financial updates. Our revenue from operations during quarter one FY 2026 has increased by 24.5% year-on-year basis to INR 3,570 crore as compared to INR 2,868 crore in Q1 FY 2025, which is driven by growth in our base business and consolidation of BSV results. Our gross margins for the quarter declined by 130 basis points year-on-year basis to 70.5% from 71.8% in Q1 FY 2025, which is due to unfavorable sales mix and certain inventory related accruals taken in the current quarter for slow and non-moving items. During the quarter, our reported EBITDA has increased to INR 850 crore from INR 675 crore, which results in a growth of 25.8% year-on-year basis. The reported EBITDA margin for the quarter is at 23.8%, which has increased by 20 basis points on year-on-year basis. If we compare reported EBITDA margins with last year's adjusted EBITDA margins, there is a decline of 120 basis points from 25% in Q1 FY 2025 to 23.8% in Q1 FY 2026. This decline in adjusted EBITDA margin of [2] basis points is primarily driven by reduction in gross margins. The R&D expenses for the quarter was INR 79 crore, remains at 2.2% of sales and is higher than R&D spend of 1.7% of sales as incurred during Q1 FY 2025. The finance cost for Q1 FY 2026 decreased to INR 171 crore from INR 191 crore in Q4 FY 2025, which is on account of repayment of commercial papers amounting to INR 500 crore in the current quarter. In Q1 FY 2026, the depreciation and amortization expenses have increased to INR 219 crore as compared to INR 103 crore in Q1 FY 2025, which is primarily driven by depreciation and amortization impact related to BSV. The effective tax rate for Q1 FY 2026 was at 17.7% as compared to 16.8% in Q4 FY 2025. The profit after tax for Q1 FY 2026 has decreased by 17.4% year-on-year to INR 445 crore on account of higher finance costs and depreciation costs pursuant to BSV consolidation with diluted EPS of INR 10.6 per share of INR 1 paid during the quarter. Cash EPS, which is EPS adjusted for non-cash items like depreciation and amortization, has slightly increased to INR 15.9 from INR 15.8 in Q1 FY 2025. The net operating working capital days for the quarter on trailing 12 months basis have decreased to 48 days as compared to 50 days in Q4 FY 2025. The cash flow from operations has increased to INR 840 crore as compared to INR 546 crore in Q1 FY 2025, which is on a year-on-year basis an increase of 54%. This is primarily on account of consolidation of BSV operating cash flows and improved working capital as well as realization of certain government receivables etc. Therefore, in this quarter our CFO to EBITDA ratio has increased to 99% as compared to 81% in Q1 FY 2025. Our CapEx spend during the quarter has increased moderately to INR 127 crore in Q1 FY 2026 as compared to INR 125 crore in Q1 FY 2025. The CapEx as a percentage of revenue is 3.6% which is lower than our guidance of 5% of revenue for FY 2026. In line with our prudent financial strategy, we continue to strengthen our balance sheet and have reduced our net debt position to INR 5,249 crore as of 30th June 2025, resulting in further improving our net debt to EBITDA ratio to 1.6x in Q1 FY 2026 on a trailing twelve months basis as compared to net debt to adjusted EBITDA of 1.8x in FY 2025. With this we conclude our financial update and welcome any questions which you may have. Over to you, Abhishek. We can start the Q & A. Okay, thank you very much. We will now begin the question and answer session. Anyone who wishes to ask a question may press star and one on their touchstone 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 will wait for a moment while the question queue assembles. The first question is from the line of Chintan Sheth from Girik Capital. Please go ahead. Thank you. Thank you for the opportunity. Question was on the biosimilar plant which we are planning to set up. [Ambernath facility. What is the CapEx and timeline for that? If you can share that?] Yeah, thanks Chintan. For the biosimilar facility, this is the facility which is started in Baroda largely to scale up as well as redis the operations of BSV. The capEx for phase one, we are looking at around INR 150 to 200 crore, and it's expected to close and be completed by end of next financial year. Next year, calendar year. In FY 2026, the estimated cash outflow will be close to INR 100 crore for this facility, and this is included in the 5%. [CapEx guidance] It will be the part of that or it will over and above that. It is part of that. It is. When I look at the interest cost sequencing decline, are we planning to further dictate that the [CCGs] are getting matured over the course of the year? How should we look at interest cost for the year? For the acquisition related debt repayment, we have scheduled INR 2,000 crore to be paid in FY 2026, out of which INR 500 crore has been paid in Q1, and the balance INR 1,500 crore we are targeting to pay in October 2025. The total interest cost towards this acquisition debt for this year would be in the range of INR 450 -INR 475 crore. Lastly, on the gross margin, you mentioned something about the inventory write off, slow moving inventory. If you can quantify it or [audio distortion] your voice is not very clear, if you can speak out, somehow it's echoing. I understand there is a drop in the gross margin of 1.3% year-on-year basis and 1.1% is on a Q -on -Q basis. Inventory rated accrual is a forming part of this. Mr. Chintan's line has disconnected. Can we move to the next question? Good. Okay, the next question is from the line of [Rashmi] from Dollar Capital. Please go ahead. Yeah, thanks for the opportunity. Just again on the gross margin front, would you be able to quantify how much your percent was from the inventory write off and whether you still maintain your EBITDA margin guidance of 25% - 26% for the full year on a consolidated basis. These are more driven from the accounting standpoint. The inventory related accruals, etc. Difficult to give a specific number. However, it's a common denominator both for YoY and Q-on-Q drop in the gross margin. In terms of guidance, we have maintained the guidance that our gross margins will be upward of 70% and even in this quarter as well it's upward of 70%. We continue to maintain our EBITDA guidance of 25% - 26%. We are not changing guidance either for the gross margin or for the EBITDA. Okay, thanks for that. The other question is related to the dietary Dydrogesterone facility. Most of the manufacturing is now done in house. What is the capacity utilization over there? When are we targeting the export market, and is it that the KSM we are still sourcing outside or is that also manufactured in house only? For the Dydrogesterone facility, the capacity utilization is approximately 60%. We are expecting approvals to start coming in from international markets by the end of this year. Once the approvals start coming in, this capacity utilization will start increasing. Most of the activities are in the last leg in terms of qualifications, etc., and in the next two months we start producing the KSM also in house. Okay, got it. One more question related to your Panacea portfolio. You know earlier you used to mention how much growth and the sales run rate, you know, quarterly it is doing. If you can give that information as well. Panacea is growing 25% + kind of a growth. It's in line with our commentary we gave last time, continuously growing. Okay. One last question related to a small clarification. You said domestic business organic growth was 10%. Is this ex consumer health you're talking about, or are you talking about the entire domestic business? Entire domestic business including consumer health care, entire business. Okay. On the export front, how much is the organic growth on the export front? It's single digit. Mid single digit to high single [single] digit. Okay. Okay, thank you. That's it from my side. Thank you. The next question is from the line of Kunal Dhamesha from Macquarie. Please go ahead. Hi. Thank you for the opportunity. I think just continuing on previous participant question. If you could provide exact organic growth for our base business, that would be great. At least for the next couple of quarters till we see the annualization of BSV business. Now we have given the numbers Sheetalji mentioned. The overall company growth organically is 10% and if you look at domestic also 10% and international is single digit growth. You get to the math. Okay, perfect. We are seeing that Panacea portfolio grew 25% year-on-year, which is a very small portfolio. Right. INR 200 crore something. After 10% then it would have still be, you know, be part of meaningful growth. Is that the way to put it? It's part of the overall business. We don't call out Panacea as such because the brands are into various divisions now. Some part is in, you know, two, three divisions. We stopped giving number but some participant now we have given the direction. Some brands are going 30%, sometimes they are going single division. On overall basis it remains a 25% + growth. Overall it would be still very small part of the overall company domestic business. Sure. If you can also provide some color around the base business EBITDA margin excluding BSV. Given that BSV has some form of seasonality, I believe second half is stronger. Right. Has that led to some form of operating deleverage in this quarter which is kind of masking the base business EBITDA margin? Your observation is correct. Base business Mankind margins are operating margins are better this quarter versus BSV as BSV is more second half skewed. Every quarter you will start seeing improvement in EBITDA margins for BSV also. As far as Mankind is concerned, OTC business concerned, there is a front ending of expenses also which happens typically in any domestic business. This will actually lead to operating leverage in the upcoming quarters for the base business also. Perfect. Thank you and all the best. Thank you. Thank you. The next question is from the line of Madhav from Fidelity. Please go ahead. Good afternoon. Thank you so much for your time. Just one question. In the past few quarters Mankind has been facing some. We've been changing our sales force and making a lot of large initiatives to improve our sales force, efficiency, productivity, etc. Just wanted to understand where we are on that journey and by when do we expect Mankind to come back to becoming the industry leading growth player that we've been in the past decade? Do we expect that to start from quarter two or is it going to take a bit more time before we start gaining share again? Thank you. This process started approximately 12 months back and completed, almost completed, 99% in the month of March 2025. I'm sorry. Yeah. Now basically some changes happen in first quarter in two of the divisions. Some happened in second, some in third and fourth. It is done last year. As you can see, for good number of quarters our growth was single digit. Now in the first quarter the growth is 10%. That itself talks about that changes are appearing and as time will pass, you'll see better things will happen. Let me restate one more thing that whatever we have said in the past, four, five things we said in the past, they have been done. one. We said that QIP will happen. Certain things should be repeated. Actually it happened very fast. We said that our hotel business will be sold. Mahananda, it was done. We said that TTK prescription business will be shifted to Mankind. It has been done. We also said that we will de-risk and make one more factory, biological manufacturing plant, that would be completed next year. It is happening so fast. We also said that we'll do expansion in R&D side. We also did that. One more thing. We said that Mankind would become catalyst in promoting BSV brands, Anti-D, Snakebite, ASVS, social messaging will start. It has been done. Things are happening at a fast pace. One thing should be kept in mind. Everything happened in a month of November last year. It's only few months when BSV has come in our fold. You say that three, four, five months. We are just now proper grip on BSV. Absolutely, absolutely. Everybody are reminded these things. No, that makes sense. I mean the reason I ask that is if you see the IPM data over the past decade, Mankind has been one company which has consistently gained share. Last year was obviously because of some initiatives internally and the acquisitions for a few quarters that did not happen. I just wanted to clarify that, you know, now that we're back on track, you should start seeing. Yeah, that's a good question. I mean, if you take the answer as well, look at this volume growth. It is 1.8 x to IPM this time. Look at [anti-infective], 1.6 x. Chronic in cardio side, 1.5x, and diabetes is 1.6x. When you start making changes, it takes time. It's a big organization. It has taken us approximately 12, 13 months. Now that whatever changes we did, fruits are appearing, and as time will pass, we'll come back to our own original pace. Mankind was in need of these changes. Every organization goes through different phases. Phase one was when we reached to this particular level. Phase two is now we're competing with best of the companies. We need to change as per the time. Any company who does not evolve, I've seen in my own career in 1980s and 1990s, just look at IPM. Those top 10, 20 companies are no more their top 20 companies. They are filled it somewhere. To change you need courage. We believe that whenever there is a demand you always keep one thing in mind. Long term, never the short term. You have not never been a tactical, always been long term policy believer. Actually, since you asked me question, I thought of just repeating everything. Makes sense. Just the second question on the BSV growth is that start coming back from FY 2026. Any guidance on BSV top line growth for this year? Thank you. and Vaccines (BSV), we are maintaining guidance. Sales growth of 18% - 20% with margins at the higher end of 26% - 28%. If you see in terms of performance, just to give some color, international business continues to be at mid-teen kind of growth. In the India business, there were two parts. The Rx business, we took a big corrective action. In Q4, sales were hardly anything. In Q1, we have started to see very strong growth. You can see some data from secondary ITR. It is high double-digit growth. Also, on the specialty side, we are seeing good traction. We had small changes, leadership changes, and we have started to see good Q-on-Q growth. In the next quarter onwards, I think we start seeing good YoY growth. Also, there is some YoY growth, but it is nominal at the moment. The Q-on-Q growth is very strong, and secondary traction is very strong. Thank you. Thank you. Before we take the next question, we would like to remind participants, you may press Star and one to ask a question. The next question is from the line of Neha Manpuria from Bank of America. Please go ahead. Thanks for taking my question. Just to follow up on BSV, if I were to just do the math of the, you know, by excluding the organic growth, it seems like the BSV run rate hasn't shown any improvement year-on-year basis. Would it be fair to assume that a lot of the steps we are taking will start reflecting in year-on-year growth in the subsequent quarters to achieve that 18% - 20% growth that you're mentioning. Your observation is right. It is flattish kind of growth on an overall basis. Because we have taken some corrective actions and if you see BSV past trends of last two, three years, it's more skewed towards the second half. At the same time, every quarter you will start seeing improvements. Q2 will be better than Q1, Q3 will be better than. Q2 is our expectation and the performance which is delivered is as per our budget expectations. We are online. Okay. The flat year-on-year isn't something that I need to be worried about to get to that 18% - 20% growth for the full year. Actually some growth is there. We are not calling out the number, but there is some growth, especially in the international business and also in the specialty. These two things. Anyways, Rx business, if you have seen, we have given a slum sale notification. That will happen, as communicated earlier and mentioned by Rajeev Ji. This will be operated fully by the Mankind office because of the branded generic business. These two assets, if you look at it, is high single digit growth even in this quarter. Okay, got it. That is helpful. You go ahead, please. Okay. Sorry about that. I think the second question that I wanted to ask was on the other expenses. It seems to have shot up pretty meaningfully versus the last two quarters run rate, which includes BSV. Just wanted to get some color on what's driving this higher spend. Is it related to our organic business? Which is why we have seen growth come back versus the run rate. Because it seemed to, including BSV which is flattish, it suddenly seems to have increased pretty meaningfully quarter-on-quarter. You are right Neha in your observation. If you take Q1 FY 2026 year-on-year basis, there is a bump of INR 131 crore in the other expenses. Out of this INR 131 crore, approximately INR 125 crore is coming from BSV and the rest is the inflationary adjustment. If you look at it quarter-on-quarter basis, the jump is around INR 82 crore, which is primarily driven because of increase in S&D expenses because they are front loaded. BSV expense base has been constant in this quarter. It's more on the timing difference and the front loading of expenses that you are seeing a bump overall. During the full year basis, they will normalize here. Okay, it's more front loading of expense. Sir, sorry, one last thing. The inventory number in the gross margins, we are not quantifying that. We are not quantifying it at the moment. It's a mix of inventory accruals plus some of the business mix change. It's a combination of two. Yeah. This inventory. Yeah. Okay. This inventory accrual, I mean the slow and not moving items, was this related to the BSV portfolio? Would that be a right assumption? Not exactly. It is. It has been across the board because the sales mix profile has changed. That's why. It has been both. Okay, got it. Thank you so much. Thank you. Thank you. The next question is from the line of Nihar Mehta from Bay Capital. Please go ahead. I just had one question on the. OCF to EBITDA profile. This quarter you have seen a significant jump. I wanted to know whether this is sustainable in the longer run, 90% +. Will we go back to our 70% - 80% level going forward in the longer run? Having it assumed around 80% plus level will be a fair assumption. Okay, thank you. This quarter is 99% because some of the 1% of realized receivables have happened. 80% will be a fair assumption. Okay, thank you. Thank you. The next question is from the line of Bino from Elara Capital. Please go ahead. Hi, good afternoon all. I was looking at the depreciation and. Amortization expense for the quarter. It has come down from Q4 level from INR 231 crore to about INR 219 crore. Was there any change in the way? Amortization is done or is this the normal? There is no change as such. What happened was in Q4 FY 2025 we have taken an impact of accelerated intangible depreciation, wherein on some of the IT-related intangibles we reduced the life. Because of that, the Q4 depreciation was higher as compared to Q1. Going forward, you can assume the run rate for this item should be at the Q1 run rate. Right. Okay. Just tax rate, you had earlier. Guidance 21% - 22% for a full year. Do you maintain that guidance tax rate? Yeah. We would like to maintain 20% - 21% guidance from the ETR. For this quarter it is 17.7%, and 20% - 1% will be a fair assumption for the year. Got it. Thank you very much. Thank you. The next question is from the line of Gaurav from Antique. Please go ahead. Hi. Thank you. Good afternoon. Just a clarification. The business acquisition that we called out, that is the movement of the KTK business to Mankind, right? Correct. Correct. Correct. Seeing that the turnover of this business has declined from, you know, INR 197 crore to almost INR 104 crore, 2024 - 2025. Any particular reason for the sharp contraction? Gaurav, we have called out in the last quarter that there was hardly any sales in Q4 because we took some inventory-related corrections. Now as we speak, the growth has started. If we can call out some of the numbers, for example, Ossopan is growing at 30%+, Epidosin is growing at 50% +. As I mentioned, secondary growth has started and we are also able to start significant bounce back in the primary sales. However, it remains a little bit declined on a YoY basis because the first half of this TTK Rx business was heavy. On an overall year basis, we'll try and achieve significant growth on a last year basis. Okay. Second question on the India business. You know, seeing in your presentation that the modern trade and e-c om share have increased to 11% and you know that's growing to almost 50%. Are we the first mover in this trade channel and what would be the economics of this trade channel? You know, the margins would be higher or lower and also, is convenience, consumer health a big part of this modern trade and e-c om today? Thanks, Gaurav. Yes, the share of OTC business and the business channel, modern trade and e-commerce, increased to 11%. Yes, you are right, the margins are slightly on the lower side, but this is a stable business and we continue to maintain our guidance, EBITDA guidance of 18% - 20%. We are not the leader. There is still room to grow and increase our modern trade and e-commerce share going forward. We are under-indexed in this channel. I think this is a very critical part of the growth. Apart from the general trade and the kind of products we have, we are seeing very good traction on these channels. Most of this will be consumer health, right? All your brand. Yeah, this is consumer 9%1 1% share. We are reaching for OTC. This is not for pharma. Correct, correct. Thanks. Thanks for that. The last question, you know we've seen your peers give more insights, you know, into the dosage modalities and where they are in the development process for the GLP. Would you mind sharing an update on your pipeline and where you are and which modalities and indications on the. GLP-1 that you're talking about? I mean we are talking about semaglutide on GLP where we will be launching when the patent expires. If that is the question. The other one which Rajeev Ji mentioned in his speech was more regarding our R&D pipeline that we are developing, which is a GPR119. It is a novel mode of action where we are targeting obesity. It is unlike GLP-1, which are the two and large molecules. This is a small molecule which is targeting the GPR119 cell in the body. That molecule, as we speak, is underway phase II trials in Australia. We should have some results in our hands by the end of this year. We would be targeting the oral and injectables both. When do we see the respective markets opening up? As soon as the patent expires. The oral patent doesn't expire in 2026 as well. It will be difficult to comment on the patent right now on the call. When the generics launch, it will be there on the first day of launch. Okay, all the ways I'll turn back to you. Thank you. Thank you. Before we take the next question, a reminder to participants if you wish to ask a question you may press star and 1one. The next question is from the line of Tushar Manudhane from Motilal Oswal Financial Services. Am I audible? Yes. Yes sir, you're audible. With this rest on the field force, with all reset, strategic reset done now, is there any scope to add MRs now in FY 2026 or you would want to see the improvement in productivity and then look at it in FY 2027. He has mentioned by Rajeev Ji in his previous commentary also that most of the corrective measures have been done, almost done. There is no scope to add MRs and all the things have been done. Now we will focus on increasing the productivity on this in this year. Gotcha. Sir, just on BSV, given that 18% - 20% growth in the coming nine months, if you would just help, this will be more exports driven or more domestic driven? I think growth will come from both angles. I already, as I mentioned, that there is already growth seen in secondary for domestic. I gave you examples of Rx, but let me give you some examples of the specialty business. The fertility business, if you see FSH, our Foligraf is secondary dose is 35%. If you see Humog, Hucog, all are growing 10% +. ASVS, which is the anti snake venom, is also showing high double-digit growth. There's a good secondary traction, and hence we are confident that primary will catch up. International, as highlighted earlier, the growth expectation is upwards of 20%. We expect that overall, if you do the math, we'll land up at around 18%- 20% growth for the BSV prescription business as a whole. On this international aspect further, is it that the BSV already had registrations of the products in respect to geographies and now it is the time to scale up those, or will there be a period where registration has to happen and then the growth picks up? It's an ongoing process. The first objective is to increase the penetration in our core markets. There we are already seeing high double-digit growth. The second objective is existing products in newer markets also. We are exploring as we speak; already board approval has come for Russia, so we are expecting a couple of approvals. There can be good growth. It's a function of existing products in newer markets. At the same time, there's also some work going on with newer products, which will be starting with existing markets and then even evaluating for some of the higher semi-regulated markets in the future. There's a multi-pronged growth strategy which is being played out. Got it. Just on this biologics facility, if you could also share, while you shared the CapEx amount to be spent, if you could elaborate on what capacity, whether it is drug substance, drug product, both, or if you could just elaborate on that aspect as well. This biologics facility would be divided into two phases. The first phase would be for drug substance, and the second phase would be for drug products. It is basically a risk mitigation strategy for the Ambernath facility of BSV. Also, this facility will help us drive business into some semi-regulated and highly stringent international markets. The facility is being built from that point of view. Just conceptually on this, given that we have such strong marketing strength and subsequently for the international markets also, and sourcing the products from, you know, and then subsequently further focusing on distribution as far as this biologics aspect is concerned within BSV. Will that strategy be better for, you know, getting a hold on the manufacturing piece is, you know, sort of quite relevant. The perspective here is that given that CDMO biologics, there has been a lot of facilities which have come up, you know, so from that perspective it could throw some light. If you look at biologics, most of the people who are there in biologics are into MABS or certain recombinants. There are hardly very few players globally who are making recombinants for infertility. BSV's recombinants are majorly into infertility where we are producing recombinant Hucog, recombinant FSH. We'll also be the first generic globally. As Rajeev Ji mentioned that we are doing some research in our R&D where we will be producing follitropin Alpha which will be the only generic after Merck. There are not many CDMO players available who are present in the biologics facility for the infertility space. There is another product which is Anti-D which is the first novel biologic which has come from the R&D of BSV. There is no producer for it. All the products which are coming from BSV are all either first time generics or novel products. It is very important for us to have our own facility and our own R&D and the full supply chain control over the manufacturing of these products. Got you, sir. This Anti -D will require a dedicated facility, no? It will be produced. It is currently being produced in Ambernath. Once Baroda is ready, it will be produced in Baroda as well. No, no, I mean to ask this CapEx of INR 150 - INR 200 crore. Will this be further product. Including all the biologic products of BSV. Got it. Very welcome. Thank you. Thank you very much. Thank you. The next question is from the line of Navani Naredi from Naredi Investments. Please go ahead. Hello. Am I audible? Yeah, please go ahead. Thanks for the opportunity. I just had one basic question. The reason behind the 17.4% YoY decline in net profit despite the strong top line growth. I know it might be on account of finance cost, increase in finance cost. Will we be able to increase the net profit margin again? It is a factor of not only finance cost, it is a factor of increased depreciation cost. There used to be other income because there were surplus funds. That has also become negative because of the debt income. As we highlighted, our endeavor is to clear all the debt by FY 2028. In FY 2028 there will be interest burden and then slowly and gradually the PAT is going to increase as we are going to liquidate our debt. All right. Thanks for the detailed explanation and all the best. Thank you. One thing we would like to highlight, if you look at it on a cash EPS basis, we have shown a slight improvement in cash EPS in this quarter. Yeah, that I saw. It's good. I was just concerned about whether going ahead we will be able to maintain, like we will be able to increase the net profit or not. That was my question, but it has been answered. Thank you so much. Thank you. Thank you. Participants, to ask a question please press star and one on your touchstone phone. The next question is from the line of Sidharth Negandhi from Chanakya Wealth Creation. Please go ahead. Two questions. First one, the growth in Gynae has, while you know, chronic growth has been very, very good and really, really kudos to the team for that. Growth in Gynae has trailed IPM, and that is obviously a big one considering both BSV has a massive Gynae portfolio as well as dydro. and the other products in Mankind. Right. Any specific headwinds that you are seeing there and how should we look at that growth? That's question number one. Question number two is on the anti-diabetic portfolio. Currently, growth clearly is very strong ahead of IPM. Post GLP-1 genericization, how do you see the impact on that base business? Sidharth, to answer your first question, yes, your observation is correct that we have slowed down a bit in Chinese, but the major impact has come from Dydrogesterone and Dydroboon mostly. If you see quarter to quarter, there is a steady upward movement for even Dydroboon. We have seen some kind of strategic intervention. What we have taken has given us results. Especially, you know, Mankind has been very strong at the bottom of the pyramid of our ACP pyramid where we have lost a bit initially, but then we recovered in the last three quarters, and there is a positive trend if you see quarter to quarter. Year -on- year, this is definitely even railing. Also, being a number one player in this space, we will be doing well, and that confidence is coming in quarter one performance, in fact, and Dydroboon also will have significant growth in the quarter to come. Coming to the next question, I think Sidharth, though anti-diabetic, as you said, Mankind has been doing quite well, and even with our older brands, we are in a very good space. Our mature brands also are doing well, better than the market, and coming to the levous therapies. One thing, these newer therapies come to the market. We have seen traditionally also that the old molecules don't go away. There are positions still for Sulfonylurea, there are positions still for other molecules. We are present in all the segments of anti-diabetics. Even if something comes up, we will be strong in those segments as well as we will be maintaining our position in the older segments. If you consider the market change, considering a new molecule comes into anti-diabetic, we have seen earlier also that the older molecules also sustain. In those cases also, Mankind will outperform those antidiabetic segments. I hope. Sidharth, yes, got it. Just wanted to actually understand your guidance in terms of how those older segments may end up facing any headwinds in terms of growth. The next question that I had was on the consumer healthcare business where, while there has been very, very strong growth, you've seen a sharp decline of 2% in EBITDA margins. I'm assuming that's because of the sales mix where the contraceptives have grown ahead of Prega News. Just wanted to understand, in terms of overall growth continuing at 15%, do we see a path back to 20% margins? Sidharth, don't go by one quarter. We always talk about the annual growth. Whatever projections have been given would be achieved. The first quarter, the first half is always a bit more aggressive as far as the spending is concerned. Naturally, you see that EBITDA margin has gone down. We have always said in the past as well that we'll maintain the EBITDA margin, but at the same time, top line growth is our number one priority. Got it. Thank you. Yeah, sorry. Go ahead, sir, go ahead on the growth on anti-diabetic, if you can, base business growth headwinds, if you can give some color. As I said, there are certain categories like Sulfonylurea, if you see, or maybe the other categories of old antidiabetics, it is not flat, it will not be a flat therapy because even when empagliflozin or maybe dapagliflozin, when they have also been launched, it has not impacted so much on the existing therapy. If you see the overall antidiabetes phase, there are different categories of HCPs where these molecules are still steady. Mankind, as you know, has been strong in most of the specialties. In this case also, wherever the therapy goes, suppose it goes top to bottom, we will be also very steady at the bottom space. I don't think there will be a significant impact in terms of overall business volume in antidiabetes. Let me give an example of that. We took this Glizid from Panacea growing at 25%, it's the old molecule. Every molecule has its own kind of importance in doctor's mind, and different kind of patients require different kind of medicines. When Empa came, people said Dapa will go away. You look at this DAPA side, the growth is 20%.+, because a lot of new patients are coming in diabetic side, more patients are being diagnosed, more population is coming, universe is becoming bigger. Every medicine has a different thing. It does not make a point that some new will come and wipe out the older molecules. It doesn't happen like this. Thank you, that's useful. Thank you and all the best. Thank you. We can close the call. Thank you. Ladies and gentlemen, as there are no further questions, I now hand over the conference to management for closing comments. Thank you. Thank you for all questions and for any further queries or clarification. You can write to us on investor relations. Thank you. Have a nice day. Stay healthy. Thank you. Thank you. On behalf of Mankind Pharma, this concludes this conference. Thank you for joining us. You may now disconnect your line.