Ladies and gentlemen, good day, and welcome to Vijaya Diagnostic Q3 FY 2026 Earnings Conference Call, hosted by JM Financial Institutional Securities Limited. As a reminder, all participants' line 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. Amey Chalke from JM Financial. Thank you, and over to you, sir. Thank you. Good evening, everyone. I'm Amey Chalke, and on behalf of JM Financial, I would like to extend a warm welcome to all of you to the third quarter FY 2026 earnings call of Vijaya Diagnostic Centre. At the outset, I would like to thank the management of Vijaya Diagnostic Centre for giving us opportunity to host the call. We look forward to having an engaging and insightful discussion on the company's quarterly performance and outlook. From the company, we have with us today Ms. Suprita Reddy, Managing Director and Chief Executive Officer, Mr. Ankit Shah, Chief Financial Officer, Mr. Siva Rama Raju, Chief Operating Officer, and Mr. Dhirendra Gala, Assistant General Manager, Strategy and Investor Relations. With that, I will now hand over the call to the management for their opening remarks. Over to you, ma'am. Thank you, Amey, for hosting the call. Good evening, and thank you all for joining us on the call today. Firstly, I'm happy to share that we've delivered our highest ever quarterly revenue of INR 205 crore in Q3 FY 2026, reflecting strong execution across the organization. I would like to congratulate the entire team for delivering robust performance across both the top line and bottom line. Before I move to a detailed business update, I would like to welcome Mr. Ankit Shah, who has joined us as our Chief Financial Officer. Ankit brings over 20 years of experience in finance, including more than a decade in the healthcare sector, along with a proven track record of leadership. We are confident that his expertise will strengthen our financial governance, improve operational efficiency, support M&A initiatives, and contribute to a sustainable long-term value creation. I'm also very happy to welcome Siva back as our Chief Operating Officer of the company. I don't think he needs any introduction, as you all know him very well. We wish him success in this new role. I would also like to welcome Mr. Sai Prasad as our new Chief Technology Officer and also Dr. B. Kiran as our Lab Director. In addition, we have strengthened our clinical and corporate functions with key strategic hires and will continue to invest in talent as we believe that building the right leadership and capabilities is critical to our sustained success. With these additions, I am confident that the team will be instrumental in driving our next phase of growth. Moving to the business update, I'm pleased to start on a very positive note, as we have delivered a robust year-on-year revenue growth of approximately 21.4%, supported by volume growth of nearly 15% in Q3 FY 2026. Revenues also surpassed Q2 in absolute terms, which is notable again that Q3 is typically impacted by festive and seasonal softness. This performance underscores the resilience of our integrated business model, with a very balanced growth across both radiology and pathology. Radiology benefited from the strong execution, driven by our hub expansions over the past few years and the strong reception of the Vijaya brand in new geographies. Pathology growth was primarily led by the wellness segment, fueled by rising demand for both preventive health services, favorable seasonality, and the ongoing network expansion. Turning to PH, we delivered a year-on-year growth of approximately 8%, primarily driven by network expansion. Our two new hubs are ramping up steadily and are on track to reach break even within one year, in line with our guidance. During the quarter, we further expanded our network with the successful commissioning of two new hub centers in Phoolbagan and Diamond Harbour, bringing our West Bengal hub footprint to seven. We also commissioned two new hubs in our core markets of Khammam and Nandyal, reinforcing Vijaya's commitment to making world-class diagnostic services more accessible. I am very pleased to share that two hubs launched in Q1 FY 2026 in West Bengal, Krishnanagar and Barasat, have achieved break even within just three quarters, ahead of the expected one-year timeline. This highlights the strong demand for quality integrated diagnostic services in the region. Looking ahead, our key focus areas will be stabilizing the newly launched hubs, commissioning multiple spokes across our network, continuing to invest in the latest technology to enhance the customer experience, and strengthening our brand presence in these new geographies. With that, I will now hand over to Ankit to walk you through the operational and the financial highlights. Thank you. Good evening. Good evening, everyone, and a very warm welcome to everyone joining us on the call today. Thank you, ma'am, for the warm welcome. I'm delighted to be joining the organization at a time when the company has delivered such strong performance and built strong momentum. The timing presents a great opportunity to build on this success, further strengthen our financial foundation, and support the next phase of sustainable growth alongside the leadership team. I will quickly take you through the financial performance and key developments for the current quarter and nine months ended December 31, 2025. The consolidated revenue for the current quarter stood at INR 205 crores, reflecting a strong revenue growth rate of 21.4% Y-o-Y. With strong revenue growth, just like previous quarter, was driven by a test volume growth of 14.7% Y-o-Y, balance growth of 6.7% was largely on account of change in the test mix. Coming to the geography-wise revenue contribution for the quarter, Hyderabad contributed 68%, rest of AP, Telangana contributed 19%, Pune 6%, West Bengal 3%, and rest of the geographies contributed 4%. Like the previous quarters, the revenue growth has been driven by both radiology and pathology segments, reflecting the robustness of our B2C-focused integrated business model. The B2C revenue stood healthy at 92%, our radiology business stood at 37%. The revenue per test and revenue per footfall stood at INR 487 and INR 1,756, respectively, during the current quarter. EBITDA for the current quarter stood at INR 86 crores, as compared to INR 67 crores in the corresponding quarter in the previous year, reflecting a Y-o-Y growth rate of 28.2%. The EBITDA margin stood healthy at 41.9% in the current quarter, with an improvement of 221 basis points Y-o-Y. The profit after tax for the current quarter stood at INR 43 crores, reflecting a strong growth of 22.3%, and PAT margin also stood healthy at 21%. I will now summarize our performance for the nine months ended December 2025. The consolidated revenue for the current nine months period stood at INR 595 crores, as against INR 508 crores in the corresponding previous year, reflecting a Y-o-Y growth of 17.1%. The EBITDA stood at INR 241 crores, as against INR 204 crores in the nine months of the previous year, registering a Y-o-Y growth of 18.1%. EBITDA margin stood healthy at 40.6%, and profit after tax was at INR 125 crores with a margin of 21%. Coming to the update on capital investment in the current period, we have largely utilized our CapEx plan for FY 2026, with the overall CapEx outlay of INR 159 crores till date, inclusive of the replacement CapEx. For FY 2027, the CapEx outlay for the new centers is estimated to be INR 100 crores - INR 120 crores. That's all from my side. I would now request the moderator to open the line for the Q&A session. Thank you. Thank you very much. We will now begin the question and answer session. Anyone who wishes to ask a question may press star and one on their touchtone telephone. If you wish to remove yourself from the question queue, you may press star and two. Participants are requested to use handsets while asking a question. Ladies and gentlemen, we'll wait for a moment while the question queue assembles. To ask a question, please press star and one now. The first question is from the line of Anshul Agrawal from Emkay Global. Please go ahead. Hi, thank you for the opportunity, and many congratulations on the strong quarter. First question is on the Hyderabad region. Like you, I think, ma'am alluded that PH or Pune region has grown by 8%. Could you quantify the growth in the Hyderabad market on a Y-o-Y basis? Anshul, the growth in the Hyderabad market was close to 15% on a Y-o-Y basis. This was equal across pathology and radiology. Got it. If I'm not mistaken, we have not added any hub centers in Hyderabad in the current or in the last two or three quarters. This is purely organic, as in, like for like growth, in the region? Yes, from the existing capacity. This is from the existing capacity. Would you be able to allude as to what has caused this strong growth in the core region? I think, you know, during this quarter, the season has been favorable, you know, for us, on the pathology side in specific, you know, and what we have seen is, you know, whenever the season is favorable, Vijaya not only outpaces the industry growth, but also incrementally gains market share from the competitors. Also, there was a spillover which we saw from Q2 to Q3 because of extended monsoon season, and also we did benefit from pre-festive, you know, season this time around. So all these factors have led to a strong growth of, 15%, especially in the Hyderabad region and overall as well. In fact, you know, that is one of the reason, Anshul, why we say, you know, healthcare being seasonal, it is always, I would, I would say better to look at, at a full year level rather than seeing quarter-on-quarter. So we had a very good Q1, slightly softer Q2, and then, you know, a very good, Q3. Sure, Siva. So, the growth on a nine-month basis for the Hyderabad region would also be somewhere around mid-teens? Yes. Yes. Yes. Okay. Okay, clear. Second question was on our hub expansion plans for H1 or, rather full year FY 2027. While I understand you guys have presented only for the half year period, would it be possible to share your thoughts around what could be the steady state of hub expansion over the next two-three years? What I'm trying to understand is we have opened two new geographies in the last year... you know, counting Bangalore and probably revamping the Pune cluster, would we look at more spoke additions in the next two years, or would it be sort of balanced? So FY 2027 per se, you'll be seeing about four-five hubs and about 10-12 spokes. But if I take FY 2028 and 2029, I think you'll see an optimal mix of spokes and hubs, because like you rightly said, we added three new geographies, Bangalore, Pune and Kolkata. At the same time, you know, by FY 2028, what also will happen is the existing hubs will stabilize. By then we'll be adding two spokes, and then we will take on the next set of hubs. So FY 2027, it will be more of spokes. In FY 2028 and 2029, you'll see an optimal mix of both hubs and spokes. Got it. And again, if I understand this correctly, spokes would largely be sort of margin accretive within two quarters time, et cetera, even in the non-core region? Yeah, it will take two-three quarters. So the break-even may happen within two quarters. The margin, the positive EBITDA, you know, will, the spokes will contribute to the positive EBITDA maybe in the third or fourth quarter. Got it. And any color on what could be the peak revenue potential from a spoke, again, ballpark number, even in the non-core region, would it be very similar to a spoke center in Hyderabad? It will be in the range of. You know, in Hyderabad, we have spokes ranging from, you know, INR 1.5 crore to even INR 6 crores -INR 6.5 crores. But then, if you see in the new regions, what we expect is, you know, these spokes will contribute anything between INR 1.5 crores -INR 2.5 crores of revenue at maturity. Maturity would be after 12 months? About 1.5 years, 18 months. 18-24 months. 18-24 months. Okay, great. Just one last booking question. Maybe I might have missed it in the opening remarks. What would be the net cash position as on December? The net surplus cash as at 31 December is INR 260 crores. The total cash is around INR 305 crores, but we always exclude, you know, deferred capital credits balance. So the surplus cash is around INR 260 crores as at 31 December. Great! Many thanks and all the very best for the coming quarters. Thank you. Thanks. Thanks, Anshu. Thank you. Anyone who wishes to ask a question may press star and one at this time. The next question is from the line of Amey Chalke from JM Financial. Please go ahead. You can go ahead. Yeah. Am I audible now? Yes, Amey, you are. Yeah, yeah. Yeah. Yeah. So, the first question I have is basically, we have added several hubs during this year, and still, in terms of margins, we have been able to expand margins really well. We have delivered something like 42% margin. Even for nine months, the margins looks good. So, like, going ahead, like, what stops us from adding more hubs if there is no impact as such of expansion in terms of our margin performance, or we don't have any restrictions or basically the constraint on the capital side, then what stops us from adding more hubs going ahead? So Amey, so the expansion plan, if you see internally, you know, we are not saying that we'll add only four or five hubs because of the margins. It is more about, right, last two, three years, there is a good CapEx cycle that we have done. We've added multiple hubs across, regions, right? So it is more in terms of, you know, the ground level operational challenges, and also sometimes we have to give the hubs to stabilize before we take on, a few more hubs, right? And we keep adding the team locally so that, you, you know, like if you take Pune, right, so we acquired an asset and then we added two hubs and spokes. We have to give that geography some time for these centers to stabilize, and we also on the ground have to stabilize the operations to add more and more, bandwidth, and they then take on the next round of, you know, growth. The similar concept, you know, if you see, it worked well for us in Hyderabad, right? There was a phase when we added hubs, then two, three years of spokes, and then again, we have taken the next set, set of hubs. It's not, you know, the decision-making is not on the margins. It is more on the, you know, operational and, you know, addition of bandwidth and stabilizing, things on the ground. Sure, sure. Got it. And the second question I have, like for, this quarter has been good, but even for nine months, our volume growth has been around 13%. So is it possible to give how the distribution is in the core and non-core markets for volumes? In the core markets, it has been close to, you know, 10%, 10%-11%, and, in the non-core, it has been close to 2%-3%. Sure. And for even for mature hubs, are we seeing a good amount of volume increase in core markets? So a few of these hubs, which have hit the capacity, right, we see anything between 2%-4% of volume growth. But at the same time, in Hyderabad, even in few of the mature assets, we are seeing about, you know, 10%-12% of volume growth. So that is the reason till, you know, Hyderabad as a cluster, is growing at 15% for the last few quarters. Sure. And last question I have on the GLP-1, what plans do we have for the-- Like, because of from March onwards, we should see GLP-1, generic launches to start happening, and the other, basically, the innovative products are already there in the market. Have we come up with some plans for the GLP-1 opportunity, and how do you see it impacting volumes as well as revenue for tests going ahead? Thank you. So, I mean, to be very transparent, so as of now, we are not seeing much of inquiries, but we have all the tests that are required, you know, which will be part of this package. They are more routine in nature, right? So I think, maybe in next one or two months, like you said, once the demand picks up, you know, we'll also be ready with our own package. Maybe we'll be able to share more information by the next earnings call. Sure. Sure. Thank you. I will join back. Thank you. Thank you. The next question is from the line of Abin Benny from JM Financial. Please go ahead. Hi, thank you for the opportunity. Am I audible? Yes, Abin. Hi. So my questions are mostly more towards the cluster-wise performance, so or rather the newer ones that we have added. So, to the Kolkata one, West Bengal, the new ones that we added have already broken even within much before the timeline that was anticipated. So any color on the overall, like, trend that we are going to be looking here, because the breakeven has been happening much before than anticipated. Last time it happened in Bangalore also. So what is the change in outlook on this, specifically for West Bengal? And coming to Bangalore, of the asset that broke even last quarter, how is that ramping up? There's no strategy change in this, Abin, because we would still say that we would give it about 12-14 months in any geography outside of Hyderabad. It's probably, I think, like I said, and congratulated the team, they've been working an extra mile, and these centers for Bangalore and Kolkata have broke even in the third quarter itself. But that, that does not probably lay ground to say that we would be able to replicate that across any new geography that we open a new hub in. Like I mentioned, Kolkata also opened two more centers right now, increasing the footprint to seven. We will have to wait it out, and I would still say we would be confident about the 12-14-month timeline in any geography outside of Hyderabad. When it comes to Bangalore, both the centers are ramping up well, and, in fact, that's a region where we would like to add a few more spokes and hubs also, and I'll probably be able to give you a little more light in the next call, but they're doing extremely well, both the centers. Sure, ma'am. Ma'am, also in Bangalore, are we--l ike nearer to Bangalore, are there any tier two or tier three new markets underpenetrated that we might be looking at any expansion plans in that, Karnataka market? There are a lot of markets, but at the moment our concentration is going to be on the city itself, and there's a lot of room for us to actually open up hubs and join the dots to be able to open up the spokes in 2028, 2029. So the focus is going to be opening more hubs in Bangalore and a few spokes going along with that. That will give us room to grow further at probably a faster pace in 2028, 2029. So you will see the city being covered first. The priority is not on tier two, tier three in Karnataka as of right, immediately. Sure, ma'am. Coming to Pune, ma'am, what is-- Like, right now, it's growing at the pace, it's growing at 8% Y-o-Y. So any color on, apart from network expansion, about the other drivers in terms of demand or, pricing, any, growth levers that might be coming into picture that can lead, to an incremental growth here? So both these centers, after we've acquired the center, the two new hubs that we've opened, those are ramping up well. We're seeing a growth there. Traction is happening. This is when the brand visibility is getting created, and we'll have to give it a little more time, and it's only going to see a further traction, probably, in the few quarters to come. So it's on track, and probably will continue to do the same, in Pune as well. Sure, ma'am. Thank you. I'll join back to your question for the next question. Thank you. A reminder to all the participants, if you wish to ask a question, you may press star and one at this time. To ask a question, please press star and one now. The next question is from the line of Anshul Agrawal from Emkay Global. Please go ahead. Hi, thank you for the follow-up opportunity. Just one question on competition. Incrementally, we are hearing even large organized pathology chains sort of venturing into radiology slash advanced radiology. Just wanted to get your thoughts around, you know, any disruption that we may sort of witness from standalone chains or organized chains in our core cluster or any other cluster that they might sort of venture into. So Anshul, so, I think, especially in diagnostics, we keep hearing two things. One is the disruption and the consolidation. I think these are like the objects that we see in the side mirror, right? They appear to be closer, but they're very far away. So, you know, I think both consolidation and disruption, they will take it—it'll take its own time. And, like you rightly said, these players, we also heard that they're starting off with advanced and basic radiology. But I think that they're at a very initial stage, where they're doing a pilot in their home geographies. And, I think this business—healthcare is a business where I don't think it will be prone to disruption. While technology all that will allow us to improve the quality, right? And then, players like Vijaya, we're already equipped with that kind of quality and the kind of the track record that we have and the expertise that we have. I think we'll always have the edge over the other players. The differential factor, Anshul, would be, anybody starting a chain with radiology or being integrated probably would start off typically with a wellness segment. But when you look at radiology per se in Vijaya, it's a lot of work that comes in as second opinions, as specialized work. This is not just to do with your wellness segment. That is also the reason why you see the hubs actually ramping up faster, breakevens happening faster. Because the work speaks for itself, and that's when your, the system that we brought into place, the teleradiology system, is creating that operating leverage, giving you the profitability that you're seeing today, is because you have specialized doctors sitting across all of these regions and still being able to deliver a very high-end report, even in a Tier 2 geography. So probably that's a key differentiator to drive and ramp up all these centers, irrespective of whether being in a Tier 2, Tier 3, or the city itself. The work that comes in is just not wellness-driven, so it's a lot more. That's also the reason why you see the PET-CTs ramping up quickly in both Tirupati and Vizag. So it's a different kind of model itself. Very clear, ma'am, and so I think what I guessed was, in addition to the high-end equipment, I think, the moat lies in, the radiologist network-- Lies in all of them, Anshul. If you look at it, the radiologist, cardiologist, your nuclear medicine specialist, it's all a team that is doing work together, which is integrated. Both pathology, radiology are talking to each other, so you're giving an end conclusion, a final report to the customer before he walks out. So the time that is getting saved on the final diagnosis and treatment also is way shorter. So if we take Rajahmundry, for example, probably they would have had to come to the city, spend four days. We're able to deliver this report in four hours, sitting in Rajahmundry. And that's also one of the reason why you are seeing the faster breakevens even in the newer geographies. Second question on the increase in realizations on a per footfall or a per test basis, where I understand it could be because of case mix, as you guys pointed out. I wanted to understand, would this be sustainable as sort of these hubs ramp up, and then probably we'll have more of pathology share of revenues come in? Do you expect realizations to again trend down going forward, or would they be maintained any, or I suppose you haven't taken any tariff hikes in the current quarter. Yeah, Anshul, you're right. So the tariff, the hike that we have taken was, I think, in Q1, right? So and it's about 1%-1.5% of the revenue growth. Like you rightly said, as the hubs stabilizes, you'll see more pathology work coming in, and you'll see the average realization coming, down. But at the same time, you know, year-on-year, you'll see, you know, about close to 1%-1.5% of, tariff increase, right? So I think, that will be able to take, the hit, you know, of, the, you know, ARPP is diluting because of pathology increase. I think the ARPPs will be in the range ±3%-4%, you know, from where they are now. Got it. Just a question following up on that. Would this then sort of help us to sort of expand our EBITDA margins? Because we'll obviously not have the drags from the new hubs as we are just planning to set up more spokes in the future and operating leverage kicking in. Any, any thoughts around what—how or how could EBITDA margins expand from the current levels? So Anshul, definitely from the existing, you know, network, obviously, because these centers are breaking even, as, you know, much ahead of what we have thought. There will be a, leverage coming out of, these centers. But at the same time, still we want the guidance to be at, you know, 40%. The reason being, you know, we are also doing significant, investments onto talent and also on, you know, few IT initiatives, digital initiatives to improve the customer experience, right? We are going to come up with a very high-end CRM and many other, you know, investments into digital, apps, like maybe it can be a logistic app, you know, and multiple other internal apps. And we have moved all the, all our, core applications to cloud, which is also coming with a, an incremental cost. So considering all this, we still want to, you know, guide the margins at 40%. But like you rightly said, if you see at a center level EBITDA, there will be a leverage that would be coming because of these faster breakevens. Got it. Depreciation levels, we've obviously seen them shot up because of hub expansion. Would depreciation sort of stabilize at the current quarterly run rate? It should, you know, except for that incremental hubs and spokes that are going to come in the next financial year. And in fact, I think with Ind AS, so what also happens is, if you see last three-four years, we've added so many hubs, and all these are 15-year leases, right? Once you cross, you know, 5 years of lease period, you'll see the interest portion on Ind AS 116 coming down as the liability goes down. So, but yes, for the next one-two years, what we should see is we'll, you know, the current depreciation plus the incremental, the depreciation on account of the incremental CapEx. Sure. Would you be able to share the pre-Ind AS EBITDA margin and the impact on PAT as well, because of Ind AS in the current quarter and the nine-month period? So EBITDA will be roughly around-- Anshul, EBITDA would be roughly around 34%, and on the PAT it could be closer to 22%. PAT would be higher than what we have reported. Correct. This is for the nine-month period or Q3? Yeah, this is for the nine, this is for the nine-month period. 34% and 22% PAT margin. Perfect. Yeah. Great. Many thanks. Thank you. Thank you. Participants who wish to ask questions may press star and one at this time. The next question is from the line of Gnyan Thaker from Edelweiss AMC. Please go ahead. Congratulations, ma'am, for good set of numbers. In considering we have a good cash balance, how, what is your M&A strategy going ahead? So as-- Hello? We mentioned earlier in the earlier calls, M&A is always an option, but to probably, Gnyan, to find the right asset, which is B2C in nature, geography that we are probably comfortable in, is something that we always look out for. And also what comes with it is the valuation has to be reasonable and make sense to all of us. So we are always on the lookout. I have nothing to share as good news as of now. Let's hope for the best. And, we're always on the lookout, so I think we're open to that. Okay. Thank you. Thank you. A reminder to all the participants, if you wish to ask a question, you may press star and one at this time. Anyone who wishes to ask a question may press star and one. To ask a question, you may press star and one at this time. The next question is from the line of Amey Chalke from JM Financial. Please go ahead. Sure. Thank you so much. So I have one question on the new geographies where we are entered, like Kolkata or Pune. How the competitors have reacted to our entry? Is there any changes in their behavior in terms of pricing, discounts, et cetera? Amey, nothing as such. So if you see, Pune was an acquired asset, right? And then we've added, you know, centers. And in fact, if you've seen integrated next to us, I think our competitors have, I think, hardly one or two, if I take the next two-three competitors in that market, they hardly have one or anything between two-three centers. So we did not see any reaction as such. And at the same time, even in other geographies like Kolkata and Bangalore, I think you know, like, we don't react immediately, and we have not seen the competitors also reacting, you know, for on our growth. Sure. And, in terms of our pricing strategy, are we at par with some of these competitors, or we are still at discount because we are the new player? We might be at par or a little discounted. There'll be a mix, Amey, in certain cases. But it'll be in the range of 1%-2%, not more than that. Sure. Sure. And, second question I have on the Medinova merger. Are there any synergies we have realized post this merger in terms of volume or cost or anything? In terms of cost, but not significant, because Medinova is having only one single center, right? So now the back end is one. You know, we'll have, we have some synergy, but not a very significant number. Sure. Sure. Thank you so much. I will join back. Thank you. Participants who wish to ask a question may press star and one. The next question is from the line of Ankit Shah from Canara Robeco AMC. Please go ahead. Hi, thanks for the opportunity. Firstly, I just wanted to understand. So our wellness revenues have been growing pretty well. For the nine months, they are up 20% plus. So any incremental measures that we are taking to drive this growth, and how do you see this growth continuing going forward? Yes, there has been significant growth in this segment, Ankit. In fact, it's been growing. It was at about 12%, 13%, 14%. It's almost reached 15% now. I think it's also because of people just being a lot more health conscious, being aware, and you're looking at a lot more newer geographies, including Tier 2 geographies, where we see this wellness segment grow, which was not the case, say, probably a couple of years back. Post-COVID, this is a positive change that I see from Tier 2 and Tier 3 geographies. And in terms of probably what Vijaya is doing, yes, there's been a lot of effort that's going into digital initiatives. In fact, region-based wellness education, and we're seeing a traction from that, and we would continue to do that going forward also. So we would definitely look at this segment growing in future. Also, Ankit, in terms of the corporate wellness, what we have seen is more companies are offering preventive, you know, health checks. So that is also creating a steady revenue for our diagnostic players, and that's where we have seen good growth in the corporate packages as well. Do you expect this year to continue to grow? I mean, any gap do you see that, you know- Ankit, I'm sorry, we can't hear you. Hello? Hello. Is it better? So I was asking, do you envision any cap for this share of revenues, or it can grow much further, even north of 20% share? Any thoughts on that? It could definitely grow north of 20%, and it also depends on your geography expansion, right? So the more number of spokes. In fact, it's an advantage for Vijaya, because even the smallest spoke can do a full multi-health checkup. So irrespective of whether the expansion is in spokes or hubs, you will see an expansion in the wellness segment also. So pre-COVID, we were getting 8% of our revenue from wellness, so five years from then to now, so from 8% has become 15%. 15%. Got it. Got it. And secondly, I just wanted to check, and so now we have presence in three additional regions in addition to our core markets. Any plans to, you know, scale up in any newer markets or even the Gurgaon geography where we have some presence? So, any new regions we are looking at right now? At the moment, Ankit, I think our hands are full, and we would prioritize and concentrate on the geographies that we're working in. We do not have any plans of looking at other geographies, if not for some, probably a good M&A opportunity that comes in, which is large in size and forces us to enter that geography. Otherwise, organically, hands are full. Would stay put with these geographies that we would work in. At least for the next two-three years. Yes. Got it. Thank you. That's it from me. All the best. Thanks. Thanks, Ankit. Thank you. A reminder to all the participants, if you wish to ask a question, you may press star and one at this time. To ask a question, please press star and one now. We have the next question from the line of Abin Benny from JM Financial. Please go ahead. Hi. Thank you for the follow-up question opportunity. First one, ma'am, so given the current dollar fluctuation and the GST changes that have taken place, how do we look at the input costs for our current expansion for 2027 and other avoided items that might be impacted because of this? So, you know, Abin, on the pathology-- [audio distortion] s o on the pathology front, you know, all these contracts for, rental reagents, these are long-term in nature, and over the last couple of years, if we have to look into the volume commitment, I think we've met, volume commitment. In fact, it's surpassed as well. So we don't foresee any major, you know, changes happening on the pathology front. And on the CapEx front, yes, there has been a little bit of an impact because of the USD-INR, breaching INR 90, but then there has been a GST benefit also from 12% to 5%, which has more or less offset, you know, the negative impact on account of this increased CapEx. So net-net, the impact, even on the CapEx front, is minimal. Got it. Thank you. And, also, in your opening comments, we, you had mentioned, you had mentioned that the, growth was also led by seasonal impact and lot of, spillover from this, last season, right? But given that Q4 will be a more non-flu season, and, there are much, not much of seasonality in general to be expected, what might be the levels that will be leading to the growth here? But it was the same case last year as well, Abin. So I think, you know, overall, even for Q4, we expect to surpass the guidance of 15%. Okay, sir. And any color on the ramp-up of the wellness segment in Q4? Because I believe that this is the time when more corporate packages and more of the people will be testing for their well, overall body checkups, right? So any improvement that we are looking at here? Yeah, generally in the past, as well, we have seen, you know, incremental revenue coming from wellness in Q4, that too, post, you know, mid-February. It It generally picks up from mid-February until back end of March. So similarly, we are hoping that, you know, the wellness share as a percentage of revenue in Q4 will be slightly higher than what we have seen in Q3. Got it, sir. Thank you very much. I'll join back to the queue. Thank you. Anyone who wishes to ask a question may press star and one at this time. To ask a question, please press star and one now. A reminder to all the participants, if you wish to ask question, you may press star and one at this time. To ask a question, you may press star and one now. Participants who wish to ask question, you may press star and one at this time. A reminder to all the participants, if you wish to ask a question, you may press star and one at this time. Ladies and gentlemen, that was the last question for today. I would now like to hand the conference over to the management for closing comments. I would like to thank everyone for attending this call. Should you have any further clarifications or any other information needed about the company, please feel free to reach out to us. Thank you. Thank you. On behalf of JM Financial Institutional Securities Limited, that concludes this conference. Thank you for joining us, and you may now disconnect your lines.