Ladies and gentlemen, good day and welcome to the Marksans Pharma Limited Q4 FY 2026 earnings conference call hosted by DAM Capital. 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, please signal an operator by pressing star then zero on your touch-tone phone. Please note that this conference is being recorded. I now hand the conference over to Mr. Nitin Agarwal from DAM Capital. Thank you, and over to you, sir. Thank you. Hi. Good afternoon, good evening, everyone, and a very warm welcome to Marksans Pharma's Q4 FY 2026 post-results earnings call hosted by DAM Capital Advisors Limited. On the call today we have representing Marksans Pharma management Mr. Mark Saldanha, Founder, Chairman, and Managing Director, and Mr. Jitendra Sharma, Chief Financial Officer. I will hand over the call to Mark to make the opening comments, and then we'll open the floor for questions. Please go ahead, sir. Thank you, Nitin. Welcome, everyone, and thank you for joining us for our Q4 and FY 2026 earning conference call. We sincerely appreciate your interest and continued support for the company. Over the last several years, we have been consciously building a diversified global healthcare company with multiple growth drivers across regulated markets. FY 2026 marks an important milestone in that journey. During the year, we crossed INR 3,000 crore in net income for the first time and delivered our highest ever profitability. More importantly, we strengthened the quality of business through geographical diversification, portfolio expansion, improved margins, and strong cash generation. We expanded our international footprint through new market entries in Germany, Canada, Ireland, while also strengthening our presence in Australia through our entry into branded prescription generics. Talking about regional growth, starting with North America, this remains our largest and fastest-growing market. Revenue for FY 2026 reached INR 1,533 crores, reflecting a growth of 24% year-on-year. Over the last four years, the revenue in this market has increased from INR 635 crores to INR 1,533 crores, demonstrating the scalability of our operating model and the strength of our customer relationship. During the year, we launched 112 SKUs and currently have 51 additional products in the pipeline. In U.K., the business saw a clear recovery of trajectory during the second half of the year. While FY 2026 revenue was marginally impacted by pricing pressure during the early part of the year, however, the Q4 performance was encouraging, with revenue reaching an all-time quarterly high of INR 308 crores, representing a growth of 12.3% year-on-year. We currently have 18 new product approvals, 30 products under review, 24 products awaiting approvals. Our next four years, we intend to file over 200 products in the U.K. market, increasing and creating a strong medium-term visibility. Europe represents the next important phase of our growth strategy. Australia was another important highlight during the year. Our Q4 revenue reached INR 123 crores, reflecting a strong growth, both sequentially and on year-on-year basis. More importantly, through Nova Pharmaceuticals, we have entered the prescription segment for the first time and launched 11 branded generic products. Having built deep OTC capabilities over the last two decades, this expansion meaningfully increases our addressable opportunities in Australian market and create an additional long-term growth driver for the business. Coming to profitability, FY 2026 saw strong improvement across all key operating metrics. Gross margin improved to 56.7%, while EBITDA margin expanded to 20.4%. The Q4 margin was particularly strong at 22.8%. This improvement was driven by better product mix, operating leverage, softened raw material costs during the second half, and continued focus on execution efficiencies across the market. At the same time, we remain mindful of the near-term external headwinds. We expect obviously some inflationary pressure on raw materials cost during Q1 FY 2027 due to the ongoing geopolitical and supply chain disruption. Our balance sheet continues to remain a significant strength for the company. We closed FY 2026 with a cash and cash equivalent of approximately INR 990 crores. This provides us with substantial flexibility in invest behind future growth opportunities while remaining disciplined capital allocation approach. In line with our commitment to create a long-term shareholder value, the board has recommended a final dividend of INR 0.90 per equity share, representing a 90% payout on face value for FY 2026. Overall, we believe the company is entering the next phase of growth from the position of considerable strength. We will continue to build the diversified global company, expand into new regulated markets, strengthen our product pipeline, improve profitability, and maintain a very robust balance sheet. More importantly, we believe in creating a business that is scalable, resilient, and positioned to deliver sustainable long-term value for all our stakeholders. With this, I hand it over to Jitendra. Thank you, sir. In Q4 of FY 2026, our operating revenue stood at INR 856 crore, an increase of 20.8% year-over-year compared to INR 708 crore in the same quarter last year. Revenue from the U.S. and North America markets stood at INR 406 crore, an increase of 23.6% on a YoY basis, reflecting sustained demand momentum and strong execution in the U.S. market. U.K. and EU formulation business recorded revenue of INR 308 crore, an increase of 12.3% year-over-year, marking the highest-ever quarterly revenue. Q4 momentum was driven by multiple new product launches and improved order flow. Australia and New Zealand market revenue stood at INR 123 crore, delivering 61.3% YoY growth. The rest of the world's revenue stood at INR 19 crore. Gross profit for the quarter grew by 21.5% year-on-year to INR 465 crores, with a gross margin of 54.4%, an expansion of 27 basis points on a YoY basis. We recorded EBITDA of INR 195 crore in Q4 of FY 2026, up 54% on a YoY basis. EBITDA margin expanded by 491 basis points on a YoY basis to 22.8%, reflecting strong operating leverage as revenue scaled up and cost control measures. Profit after tax stood at INR 149 crores, an increase of 64.3% on a YoY basis. EPS for the quarter was INR 3.3. Moving to FY 2026 performance. Our operating revenue stood at INR 2,951 crores compared to INR 2,623 crores in the same period last year, an increase of 12.5% on a YoY basis. The U.S. and North America market recorded revenue of INR 1,533 crores, up by 24% on a YoY basis, and contributed 52% of our total operating revenue. U.K. and E.U. market revenue stood at INR 1,015 crores, contributing 34.4% of the revenue. Australia and New Zealand market recorded revenue of INR 303 crores. The rest of the world market recorded revenue of INR 99 crores. Contribution from these two markets stood at 10.3% and 3.4% respectively. The gross profit was at INR 1,674 crores, up 13.2% on a YoY basis. Gross margin expanded 32 basis points on a YoY and stood at 56.7%. EBITDA for the period was INR 601 crores, with the EBITDA margin at 24.4%. Profit after tax was at INR 420 crores. EPS for FY 2026 was INR 9.2. In FY 2026, cash generated from operation amounted to INR 458 crores, with the CapEx during the period being INR 131 crore, primarily for the new facility and ongoing maintenance CapEx. With the major CapEx cycle now complete, free cash flow generation continues to improve steadily. We delivered free cash flow of INR 328 crore during the FY 2026. Our working capital remained at 138 days. We invested INR 89 crore in R&D in FY 2026, which amounts to 3% of our consolidated revenue. We continue to remain debt-free, and the cash balance stood at INR 990 crore as of 31st March 2026. With this, I would like to open the floor for question and answers. Thank you very much. Thank you very much. We will now begin the question and answer session. If you wish to remove yourself from the question queue, you may press star and two. Participants are requested to please use handsets while asking a question. Ladies and gentlemen, we will now wait for a moment while the question queue assembles. Our first question comes from the line of Amit Mada with Unifi Capital. Please go ahead. Yeah. Thanks for the opportunity. Just to understand your comments on the raw material cost inflation, how should one look at the margins coming through? You spoke about the impact in Q1, but I'm assuming there will be some contractual pass-through with a typical lag or something. If you can elaborate a bit, how should one think about the price hikes and gross margins in near term? Yeah. We are witnessing, obviously, raw materials which directly or indirectly have petroleum-related ingredients or intermediates involved in that. We are seeing a price escalation of over 20%- 30% on these raw materials. That said and done, we are presently having a decent amount of inventory of raw materials and everything. Obviously, our hope is that this war comes to an end as soon as possible. It's not only us, it's, I guess, a global wish list for everyone. Everyone's hoping for the same thing. If it does come to an end, obviously we see a correction of petroleum-related ingredients or products, and prices correcting or softening back to its original levels. Today we do see a slightly higher level of raw materials cost, and so far we are not seeing a big impact, but if we do run out of material, then we would have to buy it at a higher cost. That's where I mentioned that, so that a bit of awareness comes into play out there. Sure. On your conversation with your customers, how is that going through? Obviously everyone is hoping for the things to settle down, but if not, how will be your contracts being renegotiated? Secondly, are you seeing raw material cost inflation in the APIs, paracetamol, ibuprofen, those sort of APIs, or the solvent costs? Where you see a major problem? I think directly, indirectly, they all have some petroleum-related products, either solvents or something going into them. Technically, the cost, even on commoditized molecules, have gone up. I don't see any raw material which has not gone up, per se. With regards to renegotiating our contracts with our end customers, that's always an option open. Because there is no clarity, we would like to wait and watch, because if tomorrow things do correct, then the overall market will correct dramatically. The last thing we need is to press a panic button today, because we are sitting on inventory of a lot of products. I think everyone's waiting and watching, and if you had asked me 30 days back, I would have said the war would probably come to an end sometime back, but it is still going on, and every day, it's like tomorrow, right? I do believe that everyone's hopeful that it'll come to an end, and I don't think it benefits anyone, including the U.S., for continuing what's happening today. Sure. Will it be fair to assume we have the inventory through Q1 or Q2 as well? We have inventory to Q1 to a great extent. Obviously, while we talk of raw material prices going up, we are also helped a bit on the Forex part of it. We do have some cover because obviously the foreign currencies have gone up. Some leverage is there to absorb that cost rise. Sure. On the logistics side, last time when the Red Sea crisis happened, we had 1%, 2% margin impact. Now it is still around the same, about 2%. Again, this keeps dragging. I don't have a crystal ball. Right now, the logistics per se is very prone to price changes depending on circumstances. If this comes to a stop, it will go back to its historic lows. Right now it is creeping up, but nothing to be alarmed of. Sure. The other question was on the Teva unit. How has been the utilization been in Q4? Any comments on the new product launches in U.S.? Yeah. New product launch is happening every quarter, but it is getting better, and you can see the results are a reflection of our strategy that we did in Teva. Our consolidated number itself is a reflection of the decision that we took to get into that facility and invest resources. Obviously it is playing out very well as per expectation. We still have a potential of maybe 40%-50% of growth coming from there, and we are working towards that. Sure. Thank you so much. I'll come back. Thank you. Thank you. Our next question is from the line of Maitri Sheth with Choice Institutional Equities. Please go ahead. Just two questions that I have. One is on the revenue guidance. Given the current macro situation, are you still on track to achieve the INR 4,000 crore revenue by FY 2028? Second is on the pipeline. What sort of pipeline launches have you planned in North America and Europe for FY 2027? That's all. Yeah. To give some color and guidance here, our target is still there for INR 4,000 crores in the next two years. We have come up with a business strategy and a business model. We have come up with a roadmap to double our revenue in the next three to five years. Yeah, INR 4,000 crores within the next two years is very much on the plate right now. With regards to pipeline, our pipeline keeps growing because obviously it's a never-ending pipeline. We keep developing products because that fuels a bit of our growth. That's a part of our growth strategy. We've got a healthy pipeline, and we do see 2026-2027 pipeline increasing by, like I mentioned, about 50-odd products in the U.S. In other geographies, it's much larger than what is there in the U.S. We are keeping in tune based on requirements of the market and finding the niche products into the respective markets so that we can be differentiated at all given times. We do have a three to five-year horizon. Obviously, whatever we invest today or file today, you'll see results only in end of 2027 or early 2028, because it takes about a year or so to get approved. Okay. Thank you so much. Thank you. Our next question is from the line of Aditya Pal with MSA. Please go ahead. Hello, am I audible? Yes. Yeah. Thank you so much for the opportunity. Great set of results. Last time you had said that INR 3,000 crore would be missed, but you completely exceeded the guidance, so congratulations on that. The last part of my question you have answered, but I just wanted to touch upon, a couple of years back, we had signed a CMO contract with a domestic API manufacturer. Will that come into play to protect us from our gross margins getting affected because of the API prices? Not to a great extent because what's driving the prices up are the intermediates. It is ultimately the intermediates that are driving the prices up. We are keeping a tap of every intermediate also that goes into API. Obviously, we have more sites on our licenses, so we have that flexibility to play around. At any given time, at least from that raw material, we sit on a good five to six months of inventory at all given times. We are sitting on inventory, which we don't feel may impact us if the war is called off tomorrow. Understood. The other part was, you mentioned on the currency impact, which is benefiting us. Definitely on the revenue side, yes. On the raw material side also, yuan and other raw materials which are predominantly denominated in either USD or yuan, they are also strengthening against the INR. Are we facing impact on that? Because it will be a dual thing, right? Your overall USD or yuan-denominated price is also going up, and then the currency is also strengthening against INR. We'll be facing the raw material impact on that as well? Yes, you are right. Import will get a bit more expensive, but the value chain of getting into finished product and shipping it out is always higher than only the actives, and hence the overall US dollar benefit is much better, and it does leverage that increase in raw material price. I mean, it does absorb a decent amount of the raw material price. Understood. This last question, I'll merge my two questions. One is, when you were answering to the previous participant on passing on prices. What I largely understand that the OTC side of business is largely fixed two-year contracts, and until where we won't really invoke a clause, everything comes back to the table. Because last time, when the TIRE situation happened, you said that if we invoke the force majeure, then the entire contract is back into the negotiation table. The other thing is on the passing on the price. The other thing is on the freights. Freights, also the prices have close to two and a half or tripled what we saw during the Red Sea. The Red Sea crisis had impacted us. Are we seeing the quantum of impact the same or a bit lower? No, it is much lower than the Red Sea. It is very low compared to the Red Sea, if you are taking that as a comparison. Understood. Out here, see, the vessels are moving freely except for the Strait of Hormuz. Those are more oil tanker related and all that stuff. It is not the containers that are getting clogged up and everything of that stuff. I think although the transit time has increased slightly, marginally, vessels are flowing freely from other routes. The impact on freight, barring the fuel and the fuel cost, is not gone up to that level due to scarcity of containers or stoppage of shipping line. Understood. On the OTC contracts. The OTC contracts, while it is for a longer duration, you're right on that. Historically, if you look at it during COVID times, we went through that and we were successful in revising our prices without actually triggering off any force majeure. The problem that we have in this situation right now, everyone expects, if I go to the buyer, everyone expects the war to end tomorrow. At least as per the President of the United States says, the deal is imminent. That's where the lack of clarity to some extent and hopes that it will end tomorrow is something that no one is panicking and no one believes that this will drag on because I don't think anyone can afford it to drag on. No country can afford it to drag on. Everyone globally is impacted by it. I believe that there will be some outcome. Obviously we always expect it to be earlier the better. That's where we don't want to go for something where tomorrow the crude comes down or prices come down, then the buyer comes to us and says, "Okay, let's revise your prices, or we've got cheaper cost of goods from somewhere else." Right now everyone's waiting and watching, and if it does prolong or if it does go into full blown-out war, then obviously we would have to have a different discussion with the buyers at that time. It is possible to go and re-look into this because everyone knows this is like a force majeure. It's beyond our control. Understood. Makes sense. Wishing you and the team all the very best. Thank you so much for answering so patiently. Thank you. Thank you. Our next question is on the line of Rajat G. with Fortune. Please go ahead. Yeah. Am I audible? Yes. Yeah. Top-notch results, sir. My query is more with respect to seven to eight years long-term. I think back in Q2 you had mentioned expanding on current land banks to achieve INR 9,000 crore -INR 10,000 crore capacity. By which FY should we achieve this roughly $1 billion capacity and what should be the approximate cost? Because I'm looking at roadmap for us to reach a billion-dollar revenue by FY 2034. Yeah. That's a good outlook. See, I've mentioned in the previous call that we have a roadmap and a business module to double our revenue in the next three to five years. We are quite optimistically working towards those objectives. We have different geographies our focus is into. In terms of infrastructure, we still have spare capacity, and as and when we believe it is the time to expand our capacity through land banks or through acquiring new plants, we are already looking out and we're already planning for that stage. I think we may be a bit early, but we are still working on that. Okay. Sir, just one more question. With this respect to this, do we have any impact because of TrumpRx? Like this Time-Cap Labs, does it have any partnership with Amazon Pharmacy? This Rx is not something new. It's a very old Mark Cuban's Rx. There's nothing new out there, and we are not impacted with this. Okay, great. That's all from me, sir. All the best for the FY 2027. Thank you. Thanks. Thank you. Our next question comes from the line of Viraj Mahadevia with MoneyGrow Asset. Please go ahead. Hi, Mark. Congratulations. Hi on a good Q4. Can we take Q4 as a exit run rate for FY 2027, i.e., could you replicate this level of revenues and profits for the full year? Viraj, basically if you look at our historic trend over the last couple of years, the first quarter is normally always, because of seasonalities, right? Right on the lower side. The second quarter is better than the first quarter. Third quarter is actually a peak, and then the fourth quarter obviously is stronger, but not as strong as the third quarter. Obviously this time it was a bit different. Historically, that's how it goes. Depending on how long the winter season actually prolongs. That's where the fourth quarter remains. Historically, the first quarter. I've always stressed in all my calls that because of our business model, the way it is, we cannot look at it on a quarter-to-quarter basis, but on a year-to-year basis. Sure. We definitely are very optimistic of growth and hitting our objectives. Great. Secondly, sir, can you update on the Teva facility? What is the utilization there? Has it fully ramped up? Is there still a lot of capacity room? Are you adding more lines? We are at very close to 50% of our capacity today. Okay. Maybe shying away from the 50%, but very close to that. We still have a huge scope of utilization out there. We're optimistic on that. We are planning some CapEx within that facility, because it's huge. That is to launch different dosage forms or something which is not already there in the plant. We are working. It's a part and parcel of our pipeline products that we need different dosage forms to be launched. For that, obviously, we need to have machinery or CapEx involved to ensure that we get those products into our pipeline. Understood. On the INR 990 crores of net cash, any plans to deploy it? Any suitable acquisition candidates? I think we've been on the lookout, you publicly said- So we are- for a better part of the last two years. Yeah. If not, any plans to distribute it to shareholders? Yeah. Basically, obviously, we have declared dividends, but prima facie, the reason we are in active dialogue to targets, and as a matter of fact, one target we are doing due diligence, the other one is not started yet. Right. I'm more optimistic that, yeah, 2027, we'll see some M&A transactions happening. Excellent. That's where we have kept the corpus. Understood We look at INR 990 crore and we feel in terms of absolute pre-value, it is big, but if you look at it from a dollar point of view. Acquisition, you need that much. Yeah. Yeah. You spend $50 million, $60 million and you wonder where the money is gone. You know? Right. Would these targets be in Europe, U.S., any particular therapy, manufacturing, front-end licenses? Just a little bit of flavor around what these potential targets look like. These targets are a mixed basket. Obviously, we are looking at platforms. We are looking at different geographies. My focus is always to diversify in different geographies. That said and done, if a target does come across in a geography that we are very strong in, we will obviously explore and take it to another level. For us, we've been always very conservative to make sure that whatever we acquire is value, basically return on investment and creates value for the shareholders. We are very conservative in the valuation. We don't go for some high-ticket deals and throw money around. Absolutely. Fully aware of that. Yeah. We are looking at it, and we are optimistic that 2027, we'll see some activity out there. Great. Thank you. All the very best. Thank you. Thank you. Ladies and gentlemen, to ask a question, you may please press star one. Our next question is from the line of Nishita Sanklesha with Sapphire Capital. Please go ahead. Yes. Thank you for taking my question. I just had two questions. One is that you mentioned that our margins could be impacted due to the raw material price inflation we see. Like for the full year FY 2027, can we still the EBITDA margins in the same range of 20%-21%, or do we expect them to be lower? No, I think it will be the same. Okay. If you can give some guidance on the top-line level, can we see the growth of 18%-20%? What range can we expect the growth to be in? Conservatively, because I always like to be that way, but between 15%-20%. Okay. Perfect. Thank you so much. Thank you. Thank you. Our next question is from the line of Manav with Fundrise Capital. Please go ahead. Hi. Congratulations for a good set of numbers. My first question would be that you've entered the Europe market organically, so do you still plan to look at any possible opportunities for M&A in the region? We've organically entered only into Germany. Europe is a cluster of different countries and different zones. Like you have North Europe, you have the Nordics, you have Eastern Europe. It's a cluster of many countries and many cultures. Each country has its own modus operandi or the sales that happen. Yes, we are exploring obviously to expand our footprints and become prominent players in Europe per se, not only in Germany. We are looking at different countries within Europe also. Got it. My second question would be, when will we see some revenue contribution from new markets like Germany, Ireland, and Canada? Canada products are in the file, and we should see a small part of it trickle in towards the end of the financial year. Europe, we are expecting it to be earlier than expected. Within this year, we are expecting maybe second half for it to see some results. Noted. I'll come back in the queue. Thank you. Thank you. Ladies and gentlemen, if you wish to ask questions, you may please press star and one on your touch-tone telephones. Our next question comes from the line of Kamal, an individual investor. Please go ahead. Hello. Am I audible? Yes. Yeah. Congrats and your team for great set of numbers. My simple question is, what is operational capacity available of the 26 billion units as of now? Are you asking for the capacity, utilization capacity? Right now, we have total capacity of 36 billion units. Even though 8 billion for Goa plant for Teva, we might be expendable. What is right now operations capacity available? That's slightly below 50% for the Teva plant. No, sir. Sorry. Let me recheck. Out of 36 billion, are we near about 18 billion units per year already available operations capacity? Yeah. Different facilities. You are talking of all three facilities put together? Yeah. Yeah. We are at INR 13 billion-INR 14 billion. Okay. Thank you. 50%. You can say, like I said, around 50%- 55%. Okay. What about the OrbiMed, which strategically get into the company four years back and some stake they have showed. What is their plans? Either their objective has been achieved or some color on it, sir. Well, I can't speak for them, but I think they see the strength of the company, and they are quite happy with the progress and the roadmap that we have in place. I can't speak beyond that on the outlook. I'm sure they are happy with our strategy. Okay. R&D spending near 3%. What is outlook for next year to five years for R&D spend, sir? We would like to keep it at that. Okay. Keep it that. It will continue like that. Last question is, do we have any land bank outside Goa? I think few years back some news are there and in Nagpur we have some land bank, et cetera, for new facility or something. Is it right or it is? Outside Goa, presently, we don't have anything. Any land bank. Okay. Thank you, sir. Thank you. Thank you. Our next question is from the line of Amit Mada with Unifi Capital. Please go ahead. Yeah. Thanks for the opportunity again. Two questions. Firstly, on Australia geography. Leaving out the seasonality and the cough, cold season, what sort of growth rate can we sustain with all the new launches we have done? Obviously, Q4 was very strong, but moving forward, what sort of growth rate one can assume, and what sort of scale- See, like in the previous call that I mentioned, we have a roadmap to see us to $100 million. I think we've reached halfway mark out here. I am very optimistic and very confident that within the next three years, we should hit those objectives of hitting our first milestone of $100 million. Okay. Sure. In terms of the new geographies, EU markets and Canada, can you give some sense of what progress you have made in the Canada market? You spoke about the European region in the call earlier. The Canadian market, a lot of products are under filing right now. We see approvals trickling in somewhere towards the latter part of this financial year. Currently, it'll be an organic setup, but we are creating an organic setup out there operations. We still have time to create that because our product approvals are not there, so we don't want our setup to be sitting idle out there. We do see revenue generation. One has to understand that Canada is relatively a smaller market than any of the geographies we are into. It's a part of our strategy of expanding our footprints into different geographies, and that's where Canada comes into play. Sure. Thank you so much. Thank you. Our next question comes from the line of Mihir Damania with Fident Asset Management Company. Please go ahead. Yeah. Just one question from my side. Considering that we have a decent roadway for growth, New Zealand, around AUD 100 million or so. My understanding is that we still currently only hold around 60% in the entity, the Australian, New Zealand entity. Considering we also added INR 1,000 crores cash in the books, why not just buy the outright 40%? Is there some constraints in that? Well, the management is running that, right? The other 40% is working hard and growing the company and helping us achieve our objectives. We are happy with that. Do we not have a call option or any discussions of just increasing the stake? No, we don't- monetizing some of it? We don't have that. Again, I do believe we can grow a lot as partners than individually. The management is very capable of basically driving growth moving forward. I think so far we are happy with what we see. Okay. While currently, let's say sitting right now closer to INR 3,000 crore or we've done a very good job scaling this company into a U.S. and a developed market generic company. If you look at after a particular scale, a lot of other companies are moving into. Some are moving into CDMO or some are moving into biologics, but we are still currently focusing on oral solid painkillers, like generic products. Do you see any merits in diversifying maybe three-five years down the line into other adjacencies or do you think there's still runway for growth at least for the next three-five years before you pivot to something different? Every geography, every country, we operate different. We don't have a thumb rule. If you look at our portfolio in U.K., it is more tilted into Rx than into OTC. Our revenue is much more split. Every country that we operate, we basically have a very diversified and balanced portfolio. As time goes by, we will basically cover every stone. We'll ensure no stone is left unturned. I do believe INR 3,000 crores is the tip of the iceberg, and we have a lot of potential of growth based on our strategy that we are executing as on today. We've achieved a great milestone, but we've still got a long way to go. Okay. Got it. Thank you. Thank you. Thank you. Ladies and gentlemen, to ask a question, you may please press star and one. Our next question comes from the line of Jugal Shah, an individual investor. Please go ahead. Thank you. Hey, Mark. Congratulations on the great set of numbers. I've been your investor for the last five to seven years. Last couple of quarters were challenging, good to see this quarter, and especially the dividend which you have provided, which is again, very welcome. I have two questions. One, Mark, is on the working capital cycle. I do see that increasing year-over-year. Just wanted to have an understanding, like what is the comfort level and do we see it going down? Jugal, basically, last year we were hit with the uncertainties of tariffs. If you look at the whole of the past year, there was a huge amount of uncertainties, and it went on. There was a lot of chaos prevailing. It was a conscious decision for us to ensure. Nobody knew what will happen tomorrow. Before our products get into any tariff zone, we decided to go heavy on inventory, both finished product as well as raw materials. It was better safe than sorry, and our board and everyone, we discussed and we decided, let's just secure ourselves as much as we could produce or whatever material we could keep on store. Now, if you look at it in retrospect, this year we have different challenges, and that's related to fuel. It is helping us in terms of what we did last year. We are not panicking that the prices are going up because we are sitting on whatever we built last year. We are depleting some of that inventory that we built. Again, it's typical to ideal case scenario, we would love to go a bit lighter, but geopolitically, we don't know what comes next. We have to just keep a track of that and be one step ahead if possible. I'm least concerned about the working cycle today because it is basically helping us out in what we are doing today. Okay. Got you now. Thanks, Mark. The last question which I have, Mark, is from now onwards to the next two to three years, whatever guidance you are giving, where would you see the highest amount of revenue in terms of percentage? If you could just give a broader idea in terms of a pie, like US, EU, Australia, New Zealand. I do see eventually, if you look at three to five years, obviously U.S. will be a growth driver always. At the same time, I would put a lot of weightage on Europe. U.K. is also growing nicely, and obviously, I've already given a guidance for Australia, so I'm quite confident on Australia part of it. All our geographies will grow, but the new geographies that come into play will be Europe and we're working hard to ensure that will be within one of our elite subsidiaries, which are doing decent milestones out there. Is it safe to assume the pricing power would be higher in U.S. compared to other geographies? Pricing power? I mean, sorry, in terms of margin. My bad. In terms of margin. In terms of margins, obviously U.S. is highly, very competitive. It's a huge market, so lot of pricing pressure comes out there. I do believe Europe is relatively better. Again, U.K. is also doing fantastically well depending on the product basket mix that we offer. It's quite evenly distributed from all angles. Okay. Thank you, Mark. Once again, congratulations and good luck for the entire team. Thank you. Thank you. We have no further questions, ladies and gentlemen. I would now like to hand the conference over to the management for closing comments. Over to you, sir. Thank you everyone for the continued support and interest. Please be safe and take care and have a great evening. Thank you. Thank you. Thank you. On behalf of DAM Capital Advisors Limited, that concludes this conference. Thank you all for joining us. You may now disconnect your lines.