Ladies and gentlemen, good day and welcome to the RPG Life Sciences Q2 FY26 Conference Call hosted by Dolat Capital. As a reminder, all the 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 the conference call, you may press star and zero on your touch-tone phone. I now hand the conference over to Ms. Candice Pereira from Dolat Capital. Thank you, and over to you, ma'am. Thank you, Shlok. Good evening, everyone. I, Candice Pereira, on behalf of Dolat Capital, welcome you all to the Q2 FY26 earnings call of RPG Life Sciences Limited. I would like to thank the management for giving us this opportunity to host the call. Today, from the management team, we have with us Mr. Ashok Nair, Managing Director, and Mr. Vishal Shah, CFO. I now hand over the call to the management for the opening remarks. Over to you, sir. Thank you, Ms. Pereira. Thank you. So, a warm welcome, and thank you for joining us today. It's a pleasure to engage with you and share our Quarter 2 and H1 updates. Just to let you know about us, RPG Life Sciences continues to evolve as a future-ready integrated pharmaceutical company built on a foundation of legacy, strong processes, and quality, and high patient and doctor trust. We are transforming ourselves. We are innovating with a purpose, leveraging digital initiatives, and strengthening our ESG practices as we continue to outperform the market and create value for patients, partners, and stakeholders. RPG Life Sciences stands dedicated to supporting India's emergence as a global hub for pharmaceutical innovation while upholding the highest standards of quality and ethics. To begin with, let me first start with a brief introduction of the company. RPG Life Sciences has a rich legacy spanning over 50 years. We began as a joint venture between G.D. Searle and RPG, and today, an integrated research-based pharmaceutical company operating in the domestic and international market in the branded formulations, global generics, and synthetic API space. Our reach extends to over 100,000 doctors, including 36,000 doctor super specialists. We also have a doctor engagement platform known as RPGServ, where we leverage GenAI and multiple digital tools to continuously engage with doctors pan-India. Our reach expands to a wide range of doctors, including nephrologists, rheumatologists, oncologists, urologists, neuropsychiatrists, gastroenterologists, cardiologists, and, of course, GPs and physicians. We have six textbook brands, and by textbook, I mean that they continue to be taught in medical colleges across India. Our manufacturing capabilities include three state-of-the-art facilities, two for international formulation, and another one for API. We have three R&D setups: formulations R&D, API R&D, and analytical R&D in place, and we have a good lineup of new products, both in the international formulation and in the API business. Talking about domestic formulation business, which contributes to more than 70% of our business, I'm happy to share that we have grown at 17.2% in Quarter 2 FY26 over Quarter 2 FY25, and according to PharmaTrac MAT September 2026 data, while the Indian pharmaceutical market grew by 7.7%, our domestic formulation business has outpaced the market with a robust growth of 17.2% in Quarter 2, which means that we have grown 2.2 times than the market. This places us in becoming among the fastest-growing pharma companies in India. Talking about H1, while the Indian pharma market has grown by 7.4%, we have grown by 13.5% without compromising on margins. FY26 to date has been positive for us. We advanced our IPM ranking by six places, moving from 62 in the previous year to 56 this year, and our performance is driven by volume expansion, strategic brand building, and disciplined execution, and this has been aided by our multiple medical marketing initiatives. Our largest brand in our pain management portfolio, Naprosyn, grew 16% YOY in H1 FY26 and is on track to become our first 100 Crore brand soon. We are also on track to make Naprosyn our first 100 Crore brand supported by robust medical marketing initiatives, deeper doctor engagement, strong brand equity, and life cycle management strategies. Beyond Naprosyn, our immunosuppressant portfolio is anchored by top brands like Azoran, Mofetyl, and grew by 12% in H1 with strong momentum from scientific engagement programs like PG Excellence Initiatives and where we engage with young specialty doctors. We are well on our way to building this into a 100 Cr franchise in H1. Apart from our largest brand, Azathioprine, we have launched three more molecules in the immunosuppressant category, and we are focusing on life cycle management, therapy expansion, improving share of voice to first make this as a 100 Cr basket, and then accelerate towards building this to be a 200 Cr portfolio. We are working towards entering into the category of future, which is biologicals, where all the big and progressive mAbs have been launched by RPG Life, and we are occupying a growing market share. Our mAbs portfolio also saw 21% growth in H1, supported by strategic launches, expanded specialty coverage, and strong healthcare professional and key opinion leaders engagement. We are actively exploring additions to this high-margin, high-value segment. We have also activated our hidden gem strategy, identifying legacy brands like Norpace and Serenase for revitalization. Norpace, in particular, grew 62% in H1, and we are scaling up awareness through CMEs, journal publications, and targeted campaigns. Across our top therapy baskets, pain, cardiovascular, nephro, onco, and rheuma, we have recorded healthy double-digit growth. For example, the pain basket has grown by 21.1% in H1, nephro basket has grown by 27.2%, rheuma basket has grown by 42.5%, and oncology basket has grown by 16.3%. To transform our iconic brands into strategic assets, we have implemented a comprehensive lifestyle management strategy. Our new line extensions have gained significant traction, further strengthening the mother brands. Operationally, we have made significant strides in sales force productivity, which now stands at INR 6.5 lakhs per rep per month, up from 6.1 last year. Our specialty productivity remains among the highest in the industry, with a 17 lakh PCPM in Quarter 2. We improved sales hygiene, reduced expiries, and enhanced doctor engagement. Our continued improvement in business hygiene includes a series of structural interventions aimed at enhancing sales force effectiveness. We have empowered our medical representatives through targeted automation and digital initiatives, enabling them to unlock productive man hours and improve field efficiency. Along this, we are focused on further building a culture of data-driven decision-making with strategic targeting, medical marketing rigor, and focused doctor engagement to strengthen our commercial execution. These initiatives are not isolated efforts. They are part of our transformation agenda. Another critical area we have strengthened is our launch excellence framework, designed to ensure successful product introduction while avoiding portfolio clutter. In H1, two of our new launches have already demonstrated strong traction, each recording monthly sales of 1 crore. This performance is a direct outcome of our data-backed and launch excellence approach. Our proprietary doctor engagement platform, RPGServ, is also being updated as part of a broader digital roadmap to lead with AI-led engagement and to upgrade the platform use cases. Now, the launch of RPGServ 2.0 is focused on enhancing the doctor experience through intelligent, personalized interactions. It is evolving into a powerful tool for expanding our share of voice and deepening doctor relationships across specialties. Talking about domestic formulation, in international formulation, which contributes to 20% of our business, we are executing a long-term build strategy focused on regulatory readiness, R&D output, and audit preparedness. In Quarter 2, our IR business has grown by 7.0%. We are expanding our customer relationship in Canada, Africa, and continue to focus on measures to enhance customer centricity. Our scientist strength has increased, and we are actively tracking market gaps to drive revenue. I also want to highlight that we currently don't have any exposure to the U.S. market. Amidst global uncertainties and pharma tariff threats, we are focusing on consolidating our business into a core export-regulated and emerging markets with a clear focus on three pillars: new customers, new markets, and new products. We are actively expanding into emerging markets such as Myanmar, Vietnam, the Philippines, Thailand, Sri Lanka, Egypt, Sudan, and South Africa, with product registrations underway. In APIs, which contributed to 9% of our business, we have faced headwinds in H1 due to a fire incident at our factory in January. I'm pleased to share with you all that the plant has now been fully restored with over 140,000 safe man-hours. Our dedicated team of over 250 professionals works day in and day out and with utmost efficiency to complete the restoration on time. We expect to come back better and stronger than before and bring the salience of API sales. Our revenue from operations is up by 7.6% this quarter, INR 181.7 crore this quarter versus INR 168.9 crore in Quarter 1 FY26. Similarly, our EBITDA is up by 7.1% from INR 40.7 crore in Quarter 1 FY26 to INR 43.6 crore this quarter, with a healthy EBITDA margin of 24.0%. Our PBT before exceptional items is also up by 7.9% over last quarter. Coming to our H1 FY26 performance, we have recorded a 3.8% revenue jump over H1 last year. Our EBITDA remains normally affected primarily due to the fire impact leading to some other deliveries getting postponed to H2. H1 PAT, excluding exceptional items, stood at 15.6. We continue to maintain a strong balance sheet. RPG Life Sciences remains debt-free with high cash surplus. The figure has risen to approximately INR 223 crores. This is despite our significant CapEx investments in modernizing and enhancing our plants of INR 140 crores plus over the last few years. All plants are modernized for the future to help enhance capacity, bring efficiencies, and grow our sales and exports. The long-term ICRA rating has been reaffirmed at A+, with the outlook remaining stable, while the short-term rating has been reaffirmed at A1. Our strong financial foundation and prudent capital deployment empower us to pursue both organic and inorganic growth opportunities, strengthening our presence in domestic and international markets. We are well capitalized and actively pursuing inorganic growth opportunities across both formulations and APIs, with a disciplined approach to prudent valuations, which are value -accretive to our shareholders. In Quarter 2, RPG LS was recognized as the leading mid-corporate of India 2025 by Dun & Bradstreet, which is a result of strong operational and quality focus, which continues to fuel our growth agenda. This award is in line with the Best Corporate, Best Brand, Best Patent, Best Corporate Citizen, and Best Value in Action awards that we have received in recent years. As part of a diversified $5.2 billion RPG Group, we follow the highest principles of corporate governance, ethics, and people centricity. We believe that the organizational development and people centricity are as critical to our success as our business strategy. Over the past year, we have made significant progress in strengthening our leadership pipeline and fostering a culture of well-being and purpose. Our focus on talent development and retention is unwavering. What truly sets us apart is our commitment to employee happiness. RPG is the only group to have adopted happiness as one of its core organizational values. This commitment has not only contributed to our growth but also a high happiness quotient among our colleagues, making RPG Life Sciences a truly happy organization. We are deeply committed to building a sustainable and responsible future. We are embarked on a well-charted ESG journey, and I'm pleased to share that we have made significant progress across our environmental, social, and governance goals. These outcomes reflect our focused efforts in operational sustainability and our commitment to environmental stewardship. Thank you for your continued trust and support, and now we are open to the floor for the Q&A. Just among the participants, list the first three or five remaining in this on page two from domestic formulation. Yeah, first three paragraphs. I think after that, people could join. Okay. So it's for the people, I think, who missed out. I was talking about a domestic formulation business first for the Quarter 2 and H1 performance, and in fact, which contributes to more than 70% of our business. And I'm happy to share that we have grown by 17.2% in Quarter 2 FY26 over Quarter 2 FY25. According to PharmaTrac MAT September 2026 data, while the Indian pharmaceutical market grew by 7.7%, our domestic formulation business has outpaced the market with a robust growth of 17.2% in Quarter 2, which means that we have grown 2.2 times than the market. This places us in becoming among the fastest-growing pharma companies in India. Talking about H1, while the Indian pharma market has grown by 7.4%, we have grown by 13.5% without compromising on margins. FY26 to date has been positive for us. We advanced our IPM ranking by six places, moving from 62 in the previous year to 56 this year. Our performance is driven by volume expansion, strategic brand building, and disciplined execution, and this has been aided by our multiple medical marketing initiatives. Our largest brand in our pain management portfolio, Naprosyn, grew 16% YOY in H1 FY26 and is on track to become our first 100 crore brand soon. We are on track to make Naprosyn our first 100 crore brand supported by robust medical marketing initiatives, deeper doctor engagement, strong brand equity, and life cycle management strategies. Beyond Naprosyn, our immunosuppressant portfolio is anchored by top brands like Azoran, Mofetyl, and grew by 12% in H1. Yeah, thank you. Thank you very much, and we are open for questions now. Thank you, sir. We will now begin the question and answer session. Anyone who wishes to ask a question may press star and one on their touch-tone phone. 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 Ahmed Madha from Unifi Capital. Please go ahead. Yeah, thanks for the opportunity. I have three questions, and I'll go one by one. To start with, if you can give some context in terms of restoration for the plant where we had fire. So you gave a brief update, but if you can give a little more sense, where are we? Is the utilization as picked up or no? And in terms of second half, on an annual basis, it's fair to expect we should be able to do the catch-up for all the negative growth we had in API business and first half. So some context around that on the full-year basis, how we are seeing the volume picking up will be helpful. So thank you for the question. So to first talk about our MR4 restoration, we are on time. And in fact, more than importantly, we are on budget of the restoration of it. And the intermediate batches have already started. And normally, the validation takes 25-30 days. So we should be able to commercialize by November last week, December first week. And the plant is not only restored, but we have also put new systems and new check systems where it ensures that we do not face any future risk in this. As far as the business use case, yes, the pipeline for us was always strong. The challenge was we were not able to produce because of the fire incidents which happened. We did do some mitigation by trying to get it to our CMOs, but that was only partially successful, and the H2 looks favorable for us, and by the year, API should be back on track. Noted. In similar context, on gross margins, if we look at the last couple of quarters, there has been gross margin compression for us, so can you give some context? Is it related to anything around, because we don't have our own captive API we have been buying for a formulation business from outside, something of that sort? If you can give some context because gross margin compression is very extreme, 5% year-on-year basis. Even if I look at cost compression, it is around 3.5%. So if you can give some context on gross margins as well. So partially, you are right. Part of it is because of our captive and all that we've been able to do. The second is, of course, because of the API. The fire incident has led to almost to the tune of a sales loss of INR 16 crores. So all those are actually related to that. So if you look, yes. And the second thing was we were also not being able to feed our own captive consumptions. And for that, we also had to depend on some CMOs. So overall, again, it is due to the fire incident in the API plant which we had. Okay. So is it fair to assume your API business has better gross margins than overall business? I would not think so, but is this the case? For us, all the three are on the similar lines. So it's not that one is another up than the other one. So it's almost on the same lines. Okay. Last question before I get back in the queue. Just to understand the domestic business, I want to understand how you should split your growth composition, right? So I'm looking at it two ways. One, in terms of volume, price, and new launches, if you can give some breakup for Q2 as well as first half. So an 18% growth or 17% growth we reported in Q2, which is a phenomenal number. So volume, price, new launches can give some breakup. And secondly, I looked at the portfolio in two ways. Like you have, we have a lot of legacy textbook brands like Naprosyn and Azoran and a couple of other a few others. And then we have a few new launches in specialty, biosimilars, meds. So in that also, if you can give some sense between the growth is between the two portfolios. Yeah. So first, I'll give you the split of volume, price, and the new introduction growth. So as compared to IPM Quarter 2, where the volume was minus 0.20%, we've grown by 7.80%. Price against 5.50%, we have grown by 3%. And if you look at our new introductions, we have grown by 5.90% versus 2.40%. So overall, you'll see Quarter 2, our growth was 16.60% versus 7.70%. Coming to H1, our growth has been 6.8% in volume, 2.6% in price. New introductions have been 4.10%, and the total growth has been 13.5%. Okay. Understood. Thank you so much. I'll get back into queue. Thank you. Thank you very much. Thank you. The next question is from the line of Sudarshan Padmanabhan from ASK Investment Managers. Please go ahead. Thank you for taking the question. This is for you. Mr. Sudarshan, you are not audible clear enough. Please use your handset. Can you hear me? Yes. Yeah. Can you? Hello? Hello? Can you hear me? Go ahead. Yeah. So this is in context, taking forward the previous participant's question on the gross margin. Now, if I look at the commentary, I mean, we have done a fantastic job on the domestic. And even if I look at the domestic business over the last few years, we have moved out of non-profitable or lower profit products and focused more on more profitable products. And even in the last few quarters, the focus has been on specialty and chronic, which I would assume inherently would have higher margins. And of course, operating leverage would also play. In that context, every quarter, I'm seeing that the gross margins have been coming down, I mean, consistently. So one, I would assume that partly it's because of we relying more on third-party. But the second, because now that we have cash, what are the steps that we are taking to ensure that the gross margins can inch up going forward? And second is, with the field force productivity kicking in, how do we see our margins in the longer term in terms of overall business? So we have, in fact, launched a project known as the LEEP project, where the focus is totally towards the cost optimization, rationalization. And we are running a project where we are looking into the market expansion. We also looked into and not looked, we have done strategic bulk purchases whereby we get value in that. And also, the CMO optimization has been initiated. The ESG strategy and initiatives have been expanded. This will actually help us to bring our cost improvements as well. We have initiated another project known as Project Velocity to expand our international business and Project Elevate to relook into our whole portfolio optimization and the GTM strategies. So this is where we are. Anything else if you have on this? I'm happy to answer. Yeah. I mean, in terms of where we were, I mean, do we have any specific target in terms of how much do we want to cover in terms of what has been the impact and how much do we want to cover in the next, say, I'm not necessarily talking about quarter-wise, but I'm talking about, let's say, the next three to four quarters. So we will continuously improve. We've not set a target for anything, but on the specialty, which is at higher margins, if you look at the specialty margins are actually lower than NSAIDs because there's a difference. There's a chronic, and there is a specialty mAbs, so if you look at mAbs, the margins are actually eroding, and we strategically say that we need to drive volumes in that and then overall get to the results. But my second question is strategically on the domestic side. I mean, how much is current contribution of chronic and the specialty? And with respect to the field force that we have built, I mean, do we still have white gaps that we would like to fill in terms of newer therapies? Are we looking to engage in terms of using our cash in terms of bolt-on brands? I mean, do you believe that you want to acquire smaller companies in terms of filling the gaps, or do you think that bolt-on brands would be more specific to you? A little bit more on the strategy on that side. So before that, I'll answer your first question. Our chronic dependency contribution is 20%, and the acute or whatever you call it, thing is around 80%. Now, coming to the cash surplus which we have, we are looking into. We are open to both. We are open to brands. We are open to API. We are open to formulations. But at the end of it, we need to acquire an asset which is prudent, which is value-accretive to the shareholders. And we are open to it. In fact, we are already looking into it and working on it. So one small thing before I get back to the queue, it's more on the industry side. We saw the GST getting in, coming towards the fag end of the quarter. I mean, clearly, we have done significantly better than the market, so we have not been impacted. Some color on how you think we have done or handled the GST better. What was the kind of impact, if at all any, in terms of the overall market because of GST? So I think we were very proactive as compared to the industry. In fact, we were one of the first to communicate to our distributors and the channel partners that if there is any in the operations, if anything, the hurdle comes, we are there to support them and help them. So that's one of the reasons. In spite of though actual purchase for the industry started after 22nd, for us, actually, we did not have such issues. For us, the business was continuing even when the trouble period was going around. So I think our team handled it well. We were very proactive. Our communications got quite early. In fact, many people reacted to our communications. Other companies followed us. So I think that first move has helped us to resolve this GST challenge which we had. Sure. Thanks a lot, Alexander. Thank you. The next question is from the line of Aditya Khemka from InCred Asset Management. Please go ahead. Hi. So this is Aditya Khemka here. Thanks for the opportunity. I was listening to slide 10 of your investor presentation where you have listed out 10 initiatives that the company will be working on. So the initiatives number nine and seven and six, which are innovation projects, digitization projects, and medtech projects. Could you just give us a brief insight into what are these projects? What are you looking to do in the innovation M&A and medtech side? Let me talk about digitization projects. One is we have automated the complete field force right from reporting from the live sales reflections. Earlier, a lot of man hours were going and entering manually. So that's something which we have automated it completely. Second, we have also now relaunched. We are actually making our RPGServ 2.0 more robust to enhance the doctor experience. And the focus is beyond in-clinic utility, how do we actually improve the content for that particular specialty. Secondly, we have our own app known as RxR app, which is for the field empowerment. And this is one single platform where all field-related analytics issues have been addressed. The third is we have been digitizing our finances for process efficiencies, the automation of MSV, where vendor identification, bank reconciliation, and also implementing our e-links to manage, track, and optimize lab operations, laboratory information management system. This is as far as the digitization is concerned. As far as the innovation, the innovation is all in the R&D. We are looking into the products, as we already have. A strategy has been to enter into the niche markets, niche molecules rather. And that is something which our R&D pipeline is working on. We are working on some combinations which are internationally approved but not yet available in this country. That's something that is in the works. And the third piece is the molecules which are not very rampant, but which is very difficult to make. So that's another position which we are looking to. As far as the medtech is concerned, we are still looking into it. We are in discussions with various startups and various companies, but nothing is finalized as of now. But that's a part of our future strategy. Understood, sir. Thanks a lot for that. And sir, on your aspirations to make Naprosyn the next sort of 100-crore brand in India or for RPG, the first brand in India to reach 100 crores, how is the molecule relatively positioned in the market compared to giants like ibuprofen, diclofenac, aspirin, which are also NSAIDs? So what scientifically are we doing any R&D, any research, educating doctors? What edge does Naproxen have over diclofenac and ibuprofen or aspirin when it comes to the NSAID category? So first, let me talk about the safety, efficacy, and the side effect. So Naprosyn is one of the most efficacious non-steroidal anti-inflammatory drug. And comparatively, it has got lesser gastric irritation as compared to ibuprofen and others. And Naproxen, as we were the only ones actually, there are not much companies as you must be aware. And that is one product we realized that if we have to make it big, it is we who will have to speak and take this brand to the next level. So we have initiated various medical marketing initiatives where we have something known as we have started 149 master sessions where orthos train orthos. We also have something known as the experts program where orthos trained, GPs and CPs. Almost, in fact, 2,800 doctors have been engaged pan-India. We already have 10,600 doctors for conversion via focus scientific campaigns. For the first time, we are starting participation in ortho conferences. Dedicated focus has been on Naprosyn. So there have been a lot of initiatives here. And in fact, as compared to the earlier 3% growth we must have seen earlier, we are consistently growing at 16%. And one thing is, we being the leaders, we need to drive the market. We need to shape the therapy. And that's what we are now doing. Understood, sir. So any of this research has been published in any medical journals like NEJM or any other medical journal? So in fact, we are doing some trials, Indian trials, which will be published once the trials are getting over. Any timelines on that, sir? We can't have timelines, no. Okay. And sir, last question I have is again on the gross margins. So I was just sort of looking at the trend of API and key material pricing, which are getting imported into India. And I see that there is a declining price trend over the past almost six quarters now. API prices and key material prices have been declining the import cost. On an average, obviously, different products might have different level of decline or increases. So I was just slightly surprised to see our gross margins consistently coming off. I understand you said mAbs, there has been a pressure in margins. So I would just like you to spend one minute on mAbs if you can, why there is a margin compression in mAbs. And second, if you can just talk about why are we still seeing decline in gross margins despite declining API and KSM prices. That would be really helpful. So if you look at our API, the molecules which we have present, there has not been a price erosion because we are in niche space. And that's the reason of this erosion is because of the fire, because of the one time. And as I said, we almost have a sales loss of INR 16 crores. So that's the one which has affected us. Otherwise, our API has been a steady business. And unlike other API molecules which is there, we have not seen any price erosion in the last many years. Right. So could you just also spend one minute on the mAb bit? You said that the mAbs, you are seeing some margin compression. So why is that? So in general, if you see, the mAbs, as more companies have started producing, the biological competition space has increased. There has been a price war among the mAbs across the industry. So there has been a price erosion. mAbs are in fact coming down. So that is where we are also launching mAbs, the new mAbs where there is not much competition. And in fact, the whole strategy has to be accelerating the volume back growth despite the pricing pressure, so. Great. Thank you so much and all the best. Thank you. Thanks, sir. Thank you. The next question is from the line of Aditya Goel from Methion Investment Advisors. Please go ahead. Hello. Good evening, sir. Thank you for the update. I have a question specifically on one of the points from the initial address. You mentioned Norpace had a 62% increase. So can you please provide more details on that in terms of volume, value, and what's the overall share of this particular? I think it's a part of the textbook brands. And also along with it, you mentioned a strategy, a Hidden Gem strategy for Norpace and Serenase, I believe. So what's the strategy there? And in general, the third part of the question would be, how much is the market and can we expect this brand to become a big part of the portfolio? Yeah. Thanks for that. So let me explain to you what is the hidden gem strategy. These are companies what we are looking into our legacy and textbook brands of artificial with high growth but low volumes. Now, Norpace is one of them. In fact, we are the only ones present in this particular space. This drug is used for a condition known as ventricular hypertrophy, which today the challenge is detection and awareness. In fact, today the detection is only one among 1 lakh. Now, the understanding is among one among 500 patients who can have this particular condition of ventricular hypertrophy. So the challenge which we are addressing now is how do we ensure, one, there is an awareness about this particular condition. Second, how do we leverage or help out doctors who can help it and thereby, diagnosis and treatment. So today, currently, the country has got something known as 126 cardioelectrophysiologists. They are the ones only who are prescribing this because they know about this condition. So we have actually used them to engage the 3,000 cardiologists which we are meeting and train and educate them to how to detect this. The market of this particular thing, only in this condition as of now, because of, as I said, the detection itself is so low, is around INR 42 crores. But once the whole awareness and detection starts, we see this product moving to a greater height. And if you look, there is a 32% CAGR growth for this anti-arrhythmic market, which in spite of, as I said, the detection is low. So we see a lot of potential with the increased coverage of cardiologists and with the increased engagement of these electrophysiologists. We believe Norpace is something which can become a big brand for us. And that is similar to Serenase. Serenase, again, has been identified because on low doses, it is used for low anxiety by the GPs and physicians. Now, if you see most of the anxiolytic drugs available in this country, whether you look at Alprazolam, Risperidone, they are all under narcotics controlled substance, whereas this is the only one which is at the Schedule H. So this gives the GP and the physician to prescribe without any inhibition. So we're using neuropsychiatrists to train them and educate them. Okay. Thank you for that. Just to follow up on this, you mentioned the market size total is right now 42 crores. Only for the indication. Only for the indication. For the anti-arrhythmia. So for us, the key role will be therapy shaping. For us, the key role will be awareness, detection, and treatment. Okay. Okay. Understood. The second question I have is related to one of the other comments in the initial address. You mentioned we currently have no exposure to the U.S. markets. Apart from some dabbling in 2013, 2014 with the company related to US FDA, what's the current status? Are we planning to do that, especially given how the environment is right now in terms of the uncertainty? So see, while our plans are at a level that would be U.S. FDA approval, but we would seek approval only when there is a significant basket of products with strong market share visibility in the US. Now, the rationale is that the approval process is lengthy and the market dynamics often shift by the time the approval is secured. So the company is also mindful of the cost-benefit equation and does not want to burden the profit and loss statement with high U.S. FDA-related costs until it is strategically justified. So if you ask me, do we wa nt to go? Of course, we want to go. But first, we need to strengthen our own product portfolio and our capabilities to get into that. All right. Thank you so much for the responses, sir. Thank you. Thank you very much. Thank you. The next question is from the line of Ahmed Madha from Unifi Capital. Please go ahead. Yeah. Thanks for the opportunity. Again, I have two follow-ups. One, for Naprosyn, can you give some sense how are we thinking about moving the product from current to OTC where we are in the regulatory phase for the product? Give some sense how you are trying to build a brand and stuff. So Naprosyn, as far as our country is concerned, currently it is not under the OTC. What we are doing is we just got an approval from Canada where 220 milligrams is a product for OTC. By March, we should be entering Canada, which thereby will get what we call serviced by Walmart. So once we have that data, once we see, then it is easier for us to submit that to the regulatory authorities here. That's the time when we will actually look whether we should get into OTC and OTX. Currently, it's a purely we would like to see that we driven by prescriptions. Once we make it big, then we can move to the OTX or OTC. But for India, is it fair that we can convert that in India as well? Which one? Yeah. So currently, no. Once we have enough studies of our own Naprosyn 220 milligrams in Canada, we can put up a case here. Okay. Understood. Understood. Understood. Second, this is a very broad question. We have a very strong presence in nephro care and immunosuppressants. Is there any thinking around medical devices related to the transplants and dialysis segment? Are we looking at that sort of a business as an opportunity? Any thoughts there? So I think somebody earlier also asked me the question about MedTech. As you yourself mentioned, we are very strong in nephro. So there is synergy for us to get devices which can detect chronic kidney diseases. We are in talks with some people. Nothing is finalized as time goes. Yes, but we are open to it. Okay. Got it. And last question, in terms of more regulatory filings for our immunosuppressant business and regulated markets and emerging markets, where are we in that journey? Last time in our analyst meet, we had spoken about building export business and having more filings and expanding our footprint. So where are we in that journey? So as far as one of those, which is Azathioprine, we are there in most of the regulated markets. That's one product which is an anchor product for us. The other one which is in our pipeline is Tacrolimus. And that is the one which we are filing. So there are two strengths. One is an extended release. One is an immediate release. So we want both to be ready at the same time so that we can service that particular market accordingly. So the work is going on that. Okay. Understood. Thank you so much and all the best for. Thank you. All the best. Thank you. As there are no further questions from the participants, I now hand the conference over to the management of RPG Life Sciences for closing comments. Over to you, sir. Thank you very much, everybody, for being here. It was a pleasure interacting and speaking to you and taking the questions. Quite insightful. So wishing you all a very happy Diwali from our team here at RPG LS. Take care and have a great time. Thank you. Thank you, sir. On behalf of Dolat Capital, that concludes this conference, thank you for joining us, and you may now disconnect your lines.