Ladies and gentlemen, good day, and welcome to the Natco Pharma's Q3 and FY 26 earnings conference call, hosted by Batlivala & Karani Securities India Pvt. Ltd. As a reminder, all participant lines will be in the listen-only mode, and there will be an opportunity for you to ask questions after the presentation concludes. Should you need assistance during this conference call, please signal an operator by pressing star then zero on your touchtone phone. Please note that this conference is being recorded. I now hand the conference over to Mr. Hrishikesh Patole from Batlivala & Karani Securities. Thank you, and over to you, sir. Hello. Thank you. Good afternoon, everyone. On behalf of B&K Securities, I welcome you all to the Q3 FY 2026 earnings conference call of Natco Pharma. Hope everyone is in good health and doing well. On behalf of Natco, today we have with us Mr. Rajeev Nannapaneni, Vice Chairman and CEO, Mr. Rajesh Chebiyam, Executive Vice President, Crop Health Sciences. I now hand over the call to Rajesh for the management's opening remarks, post which we'll open the session for Q&A. Over to you, Rajesh. Thank you. Thank you, Hrishikesh. Good evening, and welcome everyone to Natco's conference call discussing our earnings results for the third quarter of FY 2026, which ended December 31st, 2025. During this call, we may be making certain forward-looking statements which are not necessarily historical facts, and anything said on this call which reflects our outlook for the future must be reviewed in conjunction with the risks that the company faces. We undertake no obligations to update these forward-looking statements. I'd like to state that the material of the call, except for participant questions, is the property of Natco and cannot be recorded or rebroadcast without Natco's expressed written permission. We'll begin with the call results highlights and followed by an interactive Q&A session. We have updated the financials and press release earlier today. These are also available on our website. Natco recorded consolidated total revenue of INR 705.4 crore for the quarter ended on 31st December, 2025, as against INR 651.1 crore as of 31st December, 2024. EBITDA for the quarter was at INR 216.8 crore, with a margin at 30.7%. The net profit for the period on a consolidated basis was INR 151.3 crore. Revenue from our associated company, Adcock Ingram Holdings, South Africa, for the first half of the financial year ended, which ended December 31st, 2025, was at INR 2,464 crore, at a profit after tax of INR 198 crore. For Natco, the profit pickup for the period, which started from 10 November to 31 December, 2025, at 35.75%, amounts to INR 29.65 crore. After a one-time, such period amortization of INR 18.75 crores, the associated profit reflection in Natco's financials amounts to INR 10.9 crores. The board of directors have declared an interim dividend of INR 1.5 per equity share of INR 2 each during Q3 of FY 2026. The segmental split have also been shared in our, actually, the press release. I will not go through the details, but we will take questions and we'll answer from there. Thank you all. 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 r on their touchtone telephone. If you wish to remove yourself from the question queue, you may press star and one. Participants are requested to use handsets while asking a question. Ladies and gentlemen, we will wait for a moment while the question queue assembles. Questions are starting. The first question is from the line of Gautam from Leo Capital. Please go ahead. Hi, sir. Good afternoon. I had a question on GLP-1. Do we have any fill-and-finish capacity? And if so, is this for an Indian market or an emerging market segment? Our GLP-1 approval is expected sometime this month. It's pending at DCGI. Capacity right now, we are outsourcing from one source. All right. Regarding emerging markets, which geography will be launching it, and will we have our own capacity in the future, or just this one source capacity? As of now, we don't have any capacity. So right now, for our tie-up right now is for India, one source we're doing, and then we're not actively pursuing emerging markets. We're actively pursuing only regulated markets. So those, I think, the launch is a little away. All right. Thank you, sir. Thank you. Next call, please. Thank you. Participants who wish to ask a question may press star and one on the touchtone telephone. The next question is from the line of Love Gupta from Counter Cyclical Investments. Please go ahead. Hello, am I audible? Yeah. Yeah, please go on. Hi, sir, so I was just looking at the statement. We have, like, about INR 2,500-INR 2,700 cash on our books post the Adcock acquisition. Why don't we consider a share buyback, given the current favorable valuations of our share price, and reward the shareholders in some, in that format? Actually, the cash position net is about INR 2,500. I just want to be more precise. Regarding buyback, at this time, I'm not really thinking about it. I think my sense is that there are further acquisitions to do, and we are actively engaging, trying to do another very large transaction, and I think we have enough cash. I would like to preserve my cash for another transaction, similar to, like, size of Adcock. So I would preserve the cash for that. I wouldn't want to do a buyback at this time. Okay. And when do we plan to commence, announce, or complete this acquisition, and what vertical- We're actively working on a couple of transactions. Yeah, so until it's done, it's not done, right? So, we are actively pursuing two, three targets, and we're hoping we'll be able to close. We close this in 2025, Adcock. So something large, we want to close. At least one or two we are pursuing. So if we're lucky, two or at least one in 2026, we want to close in this calendar year for sure. On subject to clearance of diligence and clearance of whatever other things that we need to close. All right, sir. Thank you. Okay, thank you. Next caller, please. Thank you. The next question is from the line of Rahul Chaudhary, an individual investor. Please go ahead. Good evening, sir. Do we know what is the net cash in Adcock Ingram's books? Exactly, I don't remember, my friend, but I think net debt is zero, I think, or some little bit of cash they have. They don't have. Net debt is zero, is what I recollect. Exact number I don't recollect, but, yeah, it's about something like that. Thanks. Sir, regarding this, domestic semaglutide, we have two applications like, I mean, for the generic Ozempic and generic Wegovy, or we once since you've got some SEC approval, it's for the diabetes variant, right? There's something which is also there for the weight loss? We have for both for Ozempic and Wegovy, we have both the applications. The V one of the trials is not completed yet. The Ozempic one is what got completed, so for which we got the SEC committee clearance. So we are expecting the license any moment. I think that's the way things are. And then- Our expectation that we launch the diabetes strength when the market opens up shortly. So the court case that we've done is to prevent them from ever winning the patent, or why are we, why are we spending money on, you know, stopping? There are so many other companies that also have got approval from the SEC. What's the logic behind it? Logic behind the court case, you're saying? I mean, it's a very complicated question. At this time, I want to answer that question. There is a strategy that we had. I think for the purposes of this call, I would like to say that we're gonna launch when the market opens up, post-March. Okay. So just for, just on this aspect only, for the Wegovy thing also, we will get the approval soon, right? We're working on that, right? Or is there some trials is pending along? Yeah, that also we're working on. I think the clinical trial is expected to complete soon, and then we'll file for approval shortly. Yes, that's correct. So my last question is in the export formulations, year-on-year, there is an uptick of around INR 135 crore this year. Is this because of the tailwind of Revlimid or, in other things we have done better? In fact, there's been literally no Revlimid this quarter. We had 0 Revlimid this quarter, and these numbers are with 0 Revlimid. Okay, great. Which is a good thing. That's great. The tailwind that we got is essentially because our subs have done extremely well. Brazil and Canada has done extremely well, and also we've done very well in the Middle East. So our strategy of expanding into emerging markets has paid dividends, and you'll see the benefit of that, I think, in the coming quarters. As of now, we're not consolidating for this quarter a substantial amount of profit from Adcock, but I think for the coming quarters, we'll be consolidating Adcock profit as well. So we'll have a steady, strong base business, and so I think you'll see more steady revenue like we had this quarter. Okay. Thank you very much, sir. That's all. Thank you. The next question is from the line of Candice Pereira from Dolat Capital. Please go ahead. Yeah, thank you for taking my question. So with regards to the Adcock Ingram acquisition, will there be an annual amortization amount, or this was just a one-time amortization that we'll be taking? This is a one-time amortization. But we will also have, see, this is how we're going to account for Adcock profit. So whatever Adcock profit is there, 35.75% of that will be consolidated into Natco's books. There will be an element of amortization. I think the accountants are working on it. It will be about INR 10 crore-INR 14 crore per year. So essentially, a thumb rule for you would be take Adcock's profit, take 35.75% of their profit and, and remove about INR 10 crore-INR 15 crore from that for amortization. I mean, any one times happen that I can't project for you, but I think, I think that will be the quarterly amortization. That it will be split over a quarter. So I think-, Yeah. Maybe about INR 3 crore a quarter is what our expectation is. But I think the accountants are working on finalizing numbers, but roughly about that is what my expectation is. So back of our hand, I mean, if you assume that this is a steady state number and they're able to repeat the numbers, we'll be adding about INR 35 crore-INR 40 crore of PAT to our balance sheet every quarter from Adcock. Okay, that is helpful. Sir, is there any timeline for the Crop Health Sciences demerger in place for now? I think we have started the process, so I think roughly we're thinking by October, November, but I, I don't want to say any definite timeline, but this is our, what should I say, goal, to do. But I mean, there's a lot of, processes that we had to run, right? So, Mm. So I think, process will take whatever time it will take, right? So, but our end goal is that we should be able to do it in the next eight, nine months. But again, we'll keep you updated to give you more, accurate timelines. But, as of now, that is the, expectation. Yeah. Yeah. One last question is, you called out that you are looking at two targets, three targets for acquisition. So they are in any particular segments or like for domestic market or export? We are. I think we're actively looking. I don't want to answer the question directly, but our focus has been looking at emerging markets and looking at brand business, established brand business. I think that's what we're looking at. This is where we see value in our portfolio. So this is what we're looking at this time. Okay. Thank you, sir. Okay. Thank you. Thank you. Next caller, please. Participants who wish to ask a question may press star and one on their touch-tone telephone. The next question is from the line of Gautam from Leo Capital. Please go ahead. Hi, sir. Thank you for taking my question again. Sir, you had mentioned that for India, we are outsourcing via OneSource. What capacity are we from OneSource for, even just fill and finish or the whole product, and what capacity would be, like, how many millions units per year? It's a fill and finish. So you give all the raw materials, and they'll convert and give it to you. What capacity am I reserving, you're saying? We are only launching for India, right? Yeah. India, you see, India is actually a very tricky market. I'm positive about the semaglutide launch, but I think it'll be extremely competitive. I think my expectations are there are going to be a lot of generics. Each guy, you know, see, we are launching our own brand, plus also we're giving to two other people. So again, all the other guys also, I think they're launching their own brand, and there's also some out-licensing business that's happening. So it will be like a crowded 10 generic market, 15 generic market. And a lot of strategies involved in it. If you ask me, I think the next quarterly call, I'll give you an idea of how the uptake is and what I believe the market will entail and capacity, because at this time, it's very early, my friend. I. Because there's a lot of permutation combinations, like, you know. You know that Mounjaro is doing better than semaglutide in the Indian market, but obviously, with a lower price, obviously, there'll be some uptake. And, so I think once we are in the market, we will have, I think for our, you know, when we do the management, the March annual audited numbers in May, I think I would, I think, I think I can shed better light. Right now, I'm even actually, you know, we need a little more time to give you a little more clarity and guidance on how, how things are going to play out. Yeah. Okay. Regarding the capacity reserved with OneSource, is that shareable? No, my friend, I Thank you. No problem. Can't share anything at this time. No problem. It's very difficult. I'm actually, I have no idea what the demand is going to be. So once we have a demand clarity and seeing how the market formation plays out, I think I'll give you more color on how I think the things will play out. Okay? Understood. Thank you. Right. Okay. Thank you so much. Next caller, please. Thank you. The next question is from the line of Mr. Hrishikesh Patole from B&K Securities. Please go ahead. Hi, are you. I'm audible? Yeah, yeah, Hrishikesh, please go ahead. Yes. Quickly, our other expenses have declined sequentially as YoY. Okay. We are, we had earlier highlighted in previous calls that, in the post-revenue area, we will be probably curtailing some cost and R&D, if at all. So, I mean, what's the major chunk that has gone away? And will this be like the likelier trend going forward, quarterly on a quarterly basis? I think, you know, a lot of the R&D budget, in terms of allocation and all, was done in the September quarter. A lot of the projects, because we knew that, there'll be a, you know, decline in Revlimid's. So a lot of the allocations were done for the next 12 months in September, so. So I think that kind of a lot of the R&D for the next few months is covered, already for most part. Obviously, there'll be some incidental expenditure. And I think one-time bonuses that we wanted to give, they're all done with September, because we anticipated a, a decline in the earnings. So a lot of things. I mean, we've been waiting for this moment for almost four years, so we've been preparing, for this new cost structure and R&D budget. Yes. But we have, I mean, we're still continuing our strategy of doing complex generics. I don't want to, you know, back down doing projects, so we continue to invest. I think there's enough surplus, and the guidances that we're giving on surpluses are based on after accounting for the R&D expenditure that we intend to spend. Thank you for that. Quickly on our NCE and Cell & Gene pipeline update. Can you just throw on the two names, three names that we have on the pipeline and the progress as of now? Yeah, sure, Tik. I think there are four ideas that we have, five ideas we have put on the presentation. I think the most exciting one, if you ask me personally, is eGenesis. So eGenesis is doing extremely well. As you know, I mean, it's in public domain. So they have dosed one patient. What do you call? They have transplanted one kidney for one particular patient, and then they had to remove it after six months, but another patient doing extremely well, and they're trying to extend it to multiple patients. And so I think that trial is going extremely well. We are very excited about this investment, and we believe that this, if the trial goes well, this will be a multiplier on the portfolio that we have. I think this is probably the most exciting one of the five ideas that we have. Thanks. Yeah, thanks. Thanks for the update. Thank you. The next question is from the line of Nitin Gandhi from Innoquest Advisors Limited. Please go ahead. Yeah, just continuing the same question in different way that, where do you see, like in three to five years, this, eGenesis, potential or the second-best idea, which can come across within next three to five years? All five are unlikely to fructify in three years. So if you can share some time frame within which each of them can fructify, and what could be another, and some quantification, if you can share, over three to five years. Need not be one year or so. I think we always wanted an exposure for NCE. I think, you know, this is something that all Indian companies want to do, and I always was very keen on doing it. But what happened is our balance sheet and our bandwidth in the system is never strong. So I always feel, okay, the best, next best way of participating in the NCE pipeline is by through investments. And this is probably the biggest investment we have made among the NCE ideas. This is $8 million. See, this technology is called CRISPR-Cas9 technology. What they do is they do a genetic modification of the pig, and which makes it more likely that the humans will accept the kidney. You can do for kidney, you can do for heart, you can do for liver. This is probably the most disruptive, disruptive thing that's gonna happen in medicine. But these are all very high-risk ideas. I just want to let the investors know that it is a high-risk idea, but if it works, it's truly disruptive. I mean, we all know people who always have challenges with kidney and liver and who want a transplant. And if this works, practically, you could, you know, use a pig kidney and transform to transplant to humans. If you ask me, this is a idea of the decade. I mean, easily the idea of the decade. And we get and as investors of Natco, you're getting a seat through of one of these ideas. We invested at a very early stage, at a very early modest valuation. So I'm actually very bullish about this idea, and I think if it reaches a stage where they're able to demonstrate, let's say, about 25-30 patients, I think, you know, you have a home run, and which will play out, in my personal view, in the next two to three years. So basically, you have to transplant the kidney or whichever organ you're trying to do and see how the patient does, you know, over a period of one year, 12 months, one year or 15 months or 18 months. And we've seen one patient who has done well for at least six months, which is probably the longest in the world. So I think the second patient is also doing very well. So, I think we're in good place. I'm actually very excited, so we'll see how things go. Like, sorry, but if you can share something on, like, say, there are almost 100,000 deaths for kidney transplantation. Spain is the highest where something is going wrong, and you aside leaving maybe 50%, what about the rest, which and how adoption could trigger if it's based on some analysis or some sensitivity, or what could be the factor to start the adoption? Spain, I understand, is an exception because Spain has a very active program where, you know, they. There's a lot of cadaver transplant, but culturally, a lot of countries don't allow it, you know. A lot of countries, it's very difficult to get organs. I mean, Spain is a super exception. But if you look at. Even you look at India, for example, for a moment, yeah? So how many people are willing to give their kidney and liver away when somebody passes away? Practically none, right? And how big is the market for kidney and liver? It's huge, right? So, and if you get a breakthrough, I mean, the potential is enormous. So the company has a great platform, and so I think the potential is enormous, but these ideas are all, you know, you just have to have the risk appetite and wait. I think if something good happens, I think you know it will be very exciting. But I think my suggestion is, my feeling is the potential is large, and it just, you just have to show the data that patients are doing well. So then I think it will be pretty interesting. Yeah. Wish you all the best to keep cost sub-$10K. Yeah, thank you. Thank you. Next caller, please. Thank you. The next question is from the line of Ankush Malhotra, an individual investor. Please go ahead. Good afternoon, sir. The recent exchange filing, there was a update regarding the approval for this Afatinib from U.S. So what is the significance of this approval for this molecule from the business perspective? The litigation is still ongoing, so it's a Para IV, and it's a $60 million product, so it's not a very large product. We just announced it because we are the first generic which got approved, I think, and that was significant. Just on the timeline perspective, sir, as how or when we can see this product launch? Any tentative idea? No, no, it's too preliminary at this time. The Para IV litigation is still ongoing. I think it's very premature to talk about the launches. I think our investor presentation has a list of all the Para IVs that we have. So I think at this time, it's very difficult to judge the timelines, but we do have multiple launches over a period of time. So I think if you look at our pipeline, we have things going from starting from 2026 till 2035. I can't name which molecule when, and some of them we have settlements and some of them we are still litigating. But I think all these launches will play out in the next eigh to nine years. So I think that's where the excitement is. I think, some of them are, you know, sole FTFs and some of them are, you know, shared FTFs. So even if some of them come through, I think we're looking at a very, very interesting situation. Okay, sir. Thank you. Thank you. Thank you. The next question is from the line of Rahul Chaudhary, an individual investor. Please go ahead. Sir, I have a marketing suggestion on a lighter note. Now that we are going to be launching the generic Ozempic and Wegovy, and we have around 400,000 retail shareholders, plus maybe you can also think about sending a hard copy of annual report with some discount for, you know, captive customers. It's a 150 crore idea, if it's fifty size. Just, just on an idea. You think I should send an annual report, hard copy, annual report? Okay. And get the discount- We want to be environmental friendly also, no, Rahul? Discount. Discount coupon for Ozempic and Wegovy because- Interesting. Yeah, yeah, because the mass market products. I understand. It's INR 20,000. No, no, we'll sell it at such a discount that you'll be happy, not only for our shareholders, for everyone, yeah, for the whole Raja community. Okay, sir. Certainly. Okay. Thanks. Thank you. Good, good marketing idea, Rahul. Thank you. Next caller, please. Thank you. The next question is from the line of Mihir Desai, from Desai Investments. Please go ahead. Thank you. Thank you for the opportunity, sir. So firstly, I wanted to ask you, like, if there is an opportunity which comes up for a large acquisition, would you be comfortable to take debt or you'd go through a route of fundraise through capital markets? I'm not a big fan of debt, you're aware of that, but I would make the judgment closer to the time. I think right now we have enough cash, so we don't need any money from a public market, but if the large acquisition is large enough, then maybe we'll look at it. Generally, if I do it also, I'll mix it up with some debt and some equity and some cash flow. I think we'll do a mix of all three. If you ask me point blank right now, the answer is like, we're not going to raise any capital, but if something happens, yes, I will change my mind. We're shopping, but if something happens, you know, yeah, certainly, I think we'll consider that. Follow up on this, do you see any lucrative acquisitions, you know, coming up or in pipeline? Yes, I do. I personally do. I think a lot of the opportunities are there, especially outside India, there's a lot of opportunities with very reasonable return on capital. So compared to India, I think there are better opportunities outside India. Just that you have to have the leap of faith and take that currency risk and take the, you know, the risk of being outside our geography and whatever comes with the political risk or, you know, whatever you want to call it, yeah, exchange risk, political risk, control, and so forth. But I think the returns outside India are much better than India. I think that has always been my take, and I mean, obviously, I've been against the grain that, in the conventional thinking that people have. I think people have been more comfortable doing acquisitions within India because it's a more certain environment and, you know, those variables are more controllable. But having said that, I believe that going out, the return is much higher. I think that's my personal position. Okay. Okay? Yeah. So lastly, my lastly, I wanted to ask, on the vision, like if you can throw some roadmap of, say, 5-10 years down the line, and is there a figure in your mind which you can give a ballpark, say, a INR 10,000 crore kind of turnover or something of that sort? I think, you know, so we have, what we have done is, you know, this year, I think, we're more or less going to meet the guidance. I think we should do about INR 4,200 crore-INR 4,300 crore. INR 4,300 crore is what my expectation is. Going forward, I mean, obviously, we want to increase our shareholding in Adcock, but obviously, you know, subject to Bidvest willing to consider our request. So we have that in the shareholding. So that is obviously a quick way to get to your number of INR 10,000 crore, if that were to happen. But at this time, Bidvest has not shown interest in selling their shares. So, but the agreement allows us to increase in the event they are interested in diluting their shareholding. At this time, I want to clarify that they've not shown interest. So, you know, that is one possible way of getting to the number that you just said. Another is you probably have to do a very large transaction again, because the way our business is today, organically can only grow so much. Incumbent share in generics is very difficult to snatch away from the incumbent because everybody has their own supply chain, everybody has their share, nobody gives up share. And if you want to disrupt and get that share, you have to do something very disruptive on pricing, which again, destroys the value for everyone. So you, the only way you can achieve that scale you just said, it has to be in combination with the pipeline and an M&A. It has to be com. An M&A has to be either supplementing what you're doing in your portfolio or adding a new geography. That's the only way. Do I have such a number in mind? Of course, we have this number in mind. I'm totally aware of it, but I. But that's the only way. I think without M&A, you will not get there. Simple answer. Organically, will get you to a certain point, but, but you need to do M&A for sure. Understood. And, sir, as the world, like, there is a buzz in the industry, you know, people are moving towards pet care and stuff. So do you have an opportunity to explore that market, or how do you look at that market, sir? I've not looked at pet care. I'll be honest with you, I've not looked at pet care. I think our focus has been only to expand our geographical footprint. I think we have been always very U.S. and India-focused, and we have not been aware, present in other countries. So very deliberately, I think last four or five years, we have built a geographical footprint with our own subsidiaries in multiple countries. So now I think, you know, we have a reasonable presence in Canada and U.S., now we have our own front end, Brazil, we have a very good presence, and then, obviously, South Africa through Adcock. So I think we're trying to build geographical expansion. I think we. There's more value to our portfolio than we are getting, and I think the value can be expanded by adding geographies. One biggest market that we are not, we're not present in is, Europe, especially Western Europe. So that's a lot of guys are present in that, and that's a market that we are not clearly present. So there's still a lot of, like, scope for our portfolio in, multiple geographies. So I think let me exhaust that, then I think we'll probably come to a different segment. But I think, the oncology portfolio has a lot of scope, so I, I feel like, you know, all the best oncology products for the next 10 years, non-biotech, we have it in our pipeline, and, and I think there are enough doctors in the, in the, the pipeline. I feel like we are well-placed to exploit that. Yeah. Okay? Sure. Thank you. Thank you for taking my question, sir. Okay. Thank you. Participants who wish to ask a question may press star and one on their touchtone telephone. The next question is on the line of Abdul Qadir from ICICI Securities. Please go ahead. Yeah, thank you for the opportunity. So did I hear that you're expecting roughly INR 4,300 crore of revenue this year? Or actually 2026? I think so. Based on how things are going, I think nine months, if I look at my numbers right now, we did INR 3,559 crore of revenue. Right. So we anticipate, I think, we'll maintain, I think, the similar sort of revenue around INR 720... INR 700+, INR 700-INR 750. I think that's what my expectation for this quarter is. So if you add the INR 750 to the INR 3,500, so it's about, yeah, INR 4,300 is what our expectation is. I think that's where things are going at this time. Yeah, so, okay? Okay, understood. Understood. Back also, I think we are at almost INR 1,150 crore for nine months. So we'll end with, I think, around INR 1,280-INR 1,300 crore is what I expect. Okay? Understood. Understood. And also, also on the India front- Sorry. I think in this, in this quarter, we had a, you know, a decent growth in that particular segment. So what is driving this particular revenues in India, if you could elaborate? I think India will be primarily driven by semaglutide. I think, if I understood you correctly, your voice was not, not so clear, but your, your question is, you know, what will drive India revenue the next 12 months? Is that the question, if I may paraphrase that? Yes, sir. Abdul- On the India. Did I? Yes. Okay. Yes. Yeah. I think, well, from what I understood from your question, I think what's going to drive India revenue, I mean, we have our oncology pipeline that we're launching, but obviously not large ones. The biggest one will be semaglutide, I think, because our business is small. Our domestic business is not very large. I think it's annualized, we're doing annualized around INR 450-INR 460 crore. So I think any bump on semaglutide will more than, you know, help us grow around 20%. So I think our internal target is that our domestic business should grow more than 20% this year because of semaglutide. And the bump is primarily coming because of semaglutide. So a lot of our expectation of domestic growth is coming from semaglutide. Understood. Okay? Thank you. Okay. Thank you. Participants who wish to ask a question may press star and one. The next question is from the line of Marut Saha, an individual investor. Please go ahead. Hello, am I audible? Yes, sir. Yeah. Yeah, my one single question is, will there be any Revlimid in this quarter, the running quarter? I have not budgeted anything at this time because it's very difficult to judge. So I think we had very little Revlimid the last quarter, practically zero. We had some amount, but it's nothing significant. We've not budgeted a heavy amount of Revlimid this quarter, because it's very tough to judge how the market is going to be. So I've not budgeted anything. And whatever guidance we have given for PAT this quarter, which is around INR 150 crores, it doesn't assume much from Revlimid. Okay. Okay, sir. Thank you. Thank you. The next question is from the line of Abhigyan Srivastav from Marcellus Investment Managers. Please go ahead. Hi, Suresh. Am I audible? Yeah, go ahead. Hello. Yeah. Suresh, I- Please go ahead. Got it. I just wanted to learn about the launch timelines, particularly for Olaparib. Do we have any information on that? We're awaiting tentative approval, so that is one milestone we need to achieve. The second milestone is, we are still litigating the product, so we don't have any timelines at this time. So, so at this time, I can't answer that question. But I think we'll have clarity in the next few months. But as of now, no, I don't have any timeline. Got it. Okay, that's all. Thank you. Participants who wish to ask a question, may press star and one. The next question is from the line of Dr. Kartick Bane from Bajaj Life. Please go ahead. Thank you very much for the opportunity. I would like to know, how many MRs do we have on field for Semaglutide in India? And what would be the strategy? How many do we actually require? So, we have a total MR strength is about 600. And for semaglutide, I think we allocated over 350 people to promote, 350-400 people. So we're covering endocrinologists, specialists, and then we're covering consulting physicians. So I think that should be adequate to cover. Are we covering, like, every doctor that is there in the group? No, probably not. I think we don't have that level of field force, but I think we'll cover all the key opinion leaders and the key stakeholders, we'll be able to cover. So we should hopefully make a meaningful impact on our revenue, so based on the setup that we have. Okay. And my second question for the Adcock, how much CAGR can we consider for the Adcock's revenue and the PAT? I think as of now, I think the business has been flat. I think the historical numbers of Adcock have been there in public domain. So the numbers have been flat, but I think the value that we're bringing for Adcock is the pipeline. I think we have our own oncology pipeline, and we also have relationships with others. So we are, you know, and then a GLP pipeline, and then we are talking about HIV. So we're trying to sort of use our relationships and our own pipeline to strengthen Adcock's pipeline and file these products. The benefit of Adcock in terms of growth of earnings, you'll probably see it in the next 18-24 months, once these registrations start coming through. So I think the real value is seen 2 years from now. Right now, we'll be depending on Adcock's base business for earnings. But I think Natco's input and the value of that input, you'll probably see two years from today. I think that's our expectation, and I think over a period of time, you know, you'll see a value and also a geographical expanse, right? So we are getting that. I think a lot of the what I call, you know, feedback that we get from our shareholders is that our revenue and, you know, our profitability is so very concentrated. And I think we have shown that in the last three or four years, we have done a lot of work to sort of diversify our what you call profit base. So now we are seeing more diversified profit base and bring more stability in earnings. And in spite of not having any Revlimid, I think you have seen that the company has delivered pretty reasonable earnings. And I think we're going to build from here. And we have very good launches coming up in the U.S. in the next 12 months. And also we have very good launches in Brazil also coming up the next 12 months. And now with the warning letter lifted from our Kothur facility, we anticipate a lot more approvals coming in and also a lot of launches going to happen. So we see that we, on from this base, I think we should be able to compound comfortably in the next 2, couple of years. Thank you very much. Yes. Great, thank you. Thank you. The next question is a follow-up question from Abhigyan Srivastav. Please go ahead. Hi, sir. Similar to my question that I asked previously, do you have any idea on when this patent expiry would take place for Olaparib for capsules, pills, so on? So as well, we have a settlement in the U.S. So the settlement date is bound by confidentiality, so I can't reveal that. But I can tell you that we have exclusivity on the 60 milligram with shared exclusivity, and on one stent we have sole exclusivity. So I think that's a position that we are in. The launch date and all, I can't answer that question, but it'll happen obviously, in the next few years. The exact date will come back when we are closer to the market formation. And the other question was Olaparib. Olaparib, there are multiple patents going into the next 7-8 years, so we're litigating all of them. I don't. It depends on either you have to win in trial or you have to get a settlement date, you know, something in the next few years. At this time, it's very premature to sort of speak about the U.S. launch of Olaparib because we don't have clarity yet. But I think in due course, I think we'll have some clarity. Got it. Got it. Okay. Yeah. Okay, then. Thank you so much. Thank you. Next caller, please. Thank you. The next question is from the line of Gaurav from Ambit Capital. Please go ahead. Yeah. Hi, thank you. Good evening. So, can you call out the R&D spend for this quarter and the nine months for FY 2026? Just one second, yeah, and let me just... Typically, our R&D spend is about 8% of sales. I think that's the rough estimation. I think that's, I think it's around that. Exact number, I don't have, but I have a rough percentage. So just to, you know, this year we had some, you know, revenue from Revlimid this year, and that was 8%. So next, the absolute R&D spend, do you expect that should continue to grow, with these trials of phase two going on and more complex innovation of pipeline, or you expect some moderation there? Yeah. I think, we're gonna, we can't spend really like we spent it in Revlimid time, so I think there's no doubt in that. I think we're looking at two, three strategies. One is, we are looking at, some generics, we want to do it ourselves, and because we have our own front end. And what we're doing is for complex generics, we're looking for partnerships, so that we can split the R&D expenditure between a partner and ourselves. I don't want to stop the momentum that we have, that we had in the last few years, but, I would say that we will split the R&D expenditure. I think some, if we have a very interesting idea, we will give it a strong Para IV, then we'll probably go to a partner and say, "You know what? Why don't we just share the cost so that, you know, we can reduce the risk," which has always been Natco's original model. But now, because, you know, we've become a bigger company, I'm doing more R&D on my own books, but maybe we have to do a little more sharing, but I think the momentum and the trend won't stop. I think the motivation won't stop. I think we just have to sort of, you know, recalibrate things and, you know, probably do a little bit of sharing, but. But I think the momentum won't stop. Interesting. Got it. Thank you for that. Okay. Couple of questions on SEMA, the U.S. and the India filing. So, I think for Ozempic, if I understand, there were 6 NCE-1 filings, and for Wegovy, there were probably three day one filings. Now, we have, you know, some strengths or all strengths of Ozempic, Wegovy, where we think we are the sole FTF. So is this as a result of a settlement? Have we got a TA within 30 months? Any clarity on that? What gives us confidence that we are a sole FTF? We don't. I think neither do we or any of our competitors have an approval with FDA on semaglutide. Nobody has approval on semaglutide in 30 months date. Certain strengths of both the products, we have sole FTF, you're right. Absolutely right, and which is covering a significant part of it. Did we get approval in 30 months? The answer is no. I think, first, I think we have-- we're answering FDA queries, and I think we need to answer them successfully. Do we have 180 days? I have no answer to that question. But typically, for complex products, people give a little bit of leeway on the 180 days. But having said that, you know, it's premature to talk about it. I think one product we already settled. I think if I collect, I think, Ozempic, we already settled. I think Wegovy, we're not settled. I think, I think that's where we are. No, well, yeah, I got it. I'll, I, yeah, thank you. All the best. I'll join the team. Thank you. Bye. Thank you. Thank you. The next question is from the line of Nitin Agarwal from DAM Capital. Please go ahead. Thanks for taking the question. Rajeev, since you mentioned there's not much of development, that you, that you've seen in Q3 and your guidance for Q4, so is it fair to assume H2 is sort of more representative of base quarter for us, recurring quarter for us going forward? I mean, in terms of before the addition of new products. Absolutely. Yeah, absolutely, Nitin. Everything is base. I think, we have, there's no... So this is a base business, and from here we need to grow. Yes, absolutely. Okay. Any new launches that we get will be an increment on this as well. That's perfect. And secondly, you mentioned that, you know, you expect a lot of launches in the U.S. over the next 12 months. If you can give us some color on what kind of launches you're thinking here? We have some, and as we're expecting approval in the next few months. So those are non-partners, which we're marketing through our own front end. So those we're expecting in around April to June quarter, we're expecting to launch. Some of these, the older products we are launching, and we're just waiting for one, we're waiting for an FDA approval, and one we are waiting for, we are doing some manufacturing, you know, scale tweaking in terms of the equipment. That's the reason why the plan is deferred to April. And we are expecting at least one of our first-to-files in the US, a shared FTF that we're gonna launch in the next few months. So that's our expectation. Which one and all we can't reveal, but yeah, one of our shared FTFs, we're gonna launch in the next financial year. So benefit of that, you'll see in the next financial year, which I think will also add to the base earnings. Okay. And secondly, on the R&D, have you filed any complex generics this year so far? We are going to file about four or five products we have filed. I think the total target is that we're gonna file about eight products. Of the ones that we've filed, we didn't get any sole FTFs. I can't answer that. We got any sole FTFs or shared FTFs. Let me come back on that because we don't have clarity on that yet. The really good one that we filed, which was complex and hard to do, was probably Niraparib. So that was a good one we filed. We were not FTF. I think another beat us by a few months. So Niraparib is a cancer product for which you need to do a, what do you call it? A patient bio. So I think that was a nice complex one, but yes. But we didn't, we couldn't get the FTF, somebody else got an FTF ahead of us, so. I think, so we'll see, I think something will probably hit in the next 12 months. Yeah. Second one on the non-US export markets, you know, how should you broadly look at these markets? What kind of opportunities do you see in these markets, Brazil, Canada, and some of the other emerging markets? I think you see the base earnings. I think a lot of it is coming from emerging markets, and a lot of it has come from the Middle East and Brazil, if you look at most of our export revenue. So I think Brazil has some very good launches. We have very good approvals coming this year, and I'm very bullish about our emerging markets. And add that with our Adcock rev profit consolidation, I think our emerging market profit will drive the company's growth. And even US also, we're gonna see some very good launches, and we're very bullish about our US launches as well. So I think INR 150-INR 160 is the base, and on that, I believe in 2027 we'll see a very strong growth. The guidance on the growth and all, I'll give you, I think, maybe closer in, in the May call, once we finalize our audited numbers. I feel very confident that we should grow comfortably in the next couple of years. Thank you so much. Thank you, Nitin. Thank you. Last question is from the line of Hrishikesh. Yes, last question. From B&K Securities. Please go ahead. Hi, am I audible? Yes, sir. Yeah, yeah, please. Yeah. So quickly, what was the sales or subsidiary sales for 3Q and 9M? One second, yeah, let me see. INR 177 crore out of the INR 705 crore. Subsidiary sale was INR 177 crore. My second question is, can you provide a brief update on your manufacturing plant, the US FDA status? We have four FDA plants. So Kothur had a warning letter which got removed, so that got resolved. Mekaguda also got their inspection this year, and we got clearance for that. Chennai got inspected this year, and we're waiting for classification. We believe the observations are procedural in nature. We're expecting clarity, declassification in the next 30, 40 days. Vizag formulation facility, I think we'll get an inspection sometime this year. I think it's been due now. I think, if I recollect, it's about. I think it's been about three years since the last inspection happened, so 2.5 years, three years. I don't recollect the exact date. So I think we're expecting. So to answer your question, of the four, I think three got inspected in 2025. One has not been inspected, and out of three that got inspected, two, we got clearances, and third, we're anticipating clearance. Okay? Thank you. Thank you. Last question, please, yeah? Yeah. Thank you. Yeah. Last follow-up question is from the line of Gaurav from Ambit Capital. Please go ahead. Yeah, thank you. So, sir, on your M&A, you know, you highlighted which areas you are looking for. You know, as per your M&A framework, what, what kind of, you know, valuation multiples, you know, are you generally comfortable paying just to, you know, help us factor in the terms of the size of acquisition that may be covered? Because Adcock was, you know, relatively on the lower side of a EBITDA multiple. But going forward, you know, would, you know, any, any, you know, as per your framework, you know, are you able to share, you know, what kind of valuation multiples you are comfortable with? It's tough to judge. You judge an asset based on the, you know, the multiple and the growth potential. So it's very difficult to ascribe a particular multiple. You can't walk into a room and say, "I want this particular multiple." And so you have to take it by the case. I mean, I can't answer your question directly. You take it by the case. Depending on the circumstance, the market and the political issues and stability issues, currency risk, I think it is priced in that manner. So we have to keep an open mind and how are you going to finance it? And then take it from there. So, and how much does he want- The conference is now being recorded. Is now being recorded. Is now being recorded. Is now being recorded. Is now being recorded. I think, yeah, that's how we are going to look at it. Yeah, I. So with this question, I complete our call today. I, first of all, let me thank everyone for all the good questions that everybody's asked, and that's it. Thank you so much. Yeah. Thank you, all. Thank you, all. Yeah. Thank you, members of the management team. I think we can conclude the call. Thank you, members of the management team. Ladies and gentlemen, on behalf of Batlivala & Karani Securities India Pvt. Ltd., that concludes this conference. Thank you for joining us. You may now disconnect your lines.