Q1 2027 IOL Chemicals and Pharmaceuticals Ltd Earnings Call

August 13, 2026

Speaker #1: Ladies and gentlemen, please stay connected. The call will begin shortly. Thank you. Ladies and gentlemen, good day, and welcome to the IOL Chemicals and Pharmaceuticals Ltd. Q1 FY27 earnings conference call.

Operator: Ladies and gentlemen, good day and welcome to IOL Chemicals and Pharmaceuticals Limited Q1 FY27 earnings conference call. 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 Ms. Prachi Amre from MUFG Investor Services. Thank you, and over to you, ma'am.

Operator: Ladies and gentlemen, good day and welcome to IOL Chemicals and Pharmaceuticals Limited Q1 FY 2027 earnings conference call. 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 Ms. Prachi Ambre from MUFG Investor Services. Thank you, and over to you, ma'am.

Speaker #1: As a reminder, all participant lines will be in listen-only mode, and there will be an opportunity for you to ask questions after the presentation concludes.

Speaker #1: Should you need assistance during this conference call, please signal an operator by pressing star, then zero, on your touch-tone phone. Please note that this conference is being recorded.

Speaker #1: I now hand the conference over to Ms. Prachi Amre from MUFG Investor Relations. Thank you. Over to you, ma'am.

Speaker #2: Thank you, Uda. Good afternoon, everyone, and welcome to the IOL Chemicals and Pharmaceuticals Ltd. Q1 FY27 earnings conference call. Today on the call, we have Mr. Pradeep Kumar Khanna, Chief Financial Officer; Mr. Abhayraj Singh, Senior Vice President and Company Secretary; Mr. Kushal Kumar Rana, Director of Works; and Mr. Rakesh Mahajan, Finance Advisor and Strategic Head.

Prachi Amre: Thank you, Uda. Good afternoon, everyone, and welcome to IOL Chemicals and Pharmaceuticals Limited Q1 FY27 earnings conference call. Today on the call we have Mr. Pardeep Kumar Khanna, Chief Financial Officer, Mr. Abhay Raj Singh, Senior Vice President and Company Secretary, Mr. Kushal Kumar Rana, Director - Works, and Mr. Rakesh Mahajan, Finance Advisor and Strategic Head to provide insights on the company's operational and financial performance. Before we begin the call, I would like to give a short disclaimer. This call may contain some of the forward-looking statements which are completely based upon our beliefs and expectations as of today. The statements are not a guarantee of our future performance and involve unforeseen risks and uncertainties. With this, I would like to hand over the call to Abhay, sir, for his opening remarks. Over to you, sir. Thank you.

Prachi Ambre: Thank you, Uda. Good afternoon, everyone, and welcome to IOL Chemicals and Pharmaceuticals Limited Q1 FY27 earnings conference call. Today on the call we have Mr. Pardeep Kumar Khanna, Chief Financial Officer, Mr. Abhay Raj Singh, Senior Vice President and Company Secretary, Mr. Kushal Kumar Rana, Director - Works, and Mr. Rakesh Mahajan, Finance Advisor and Strategic Head to provide insights on the company's operational and financial performance. Before we begin the call, I would like to give a short disclaimer. This call may contain some of the forward-looking statements which are completely based upon our beliefs and expectations as of today. The statements are not a guarantee of our future performance and involve unforeseen risks and uncertainties. With this, I would like to hand over the call to Abhay, sir, for his opening remarks. Over to you, sir. Thank you.

Speaker #2: To provide insights on the company's operational and financial performance, before we begin the call, I would like to give a short disclaimer. This call may contain some forward-looking statements, which are completely based upon our beliefs and expectations as of today.

Speaker #2: The statements are not a guarantee of our future performance and involve unforeseen risks and uncertainties. With this, I would like to hand over the call to Abhay Sir for his opening remarks.

Speaker #2: Over to you, sir. Thank you.

Speaker #3: Thank you so much, Prachi, for the introduction. Good afternoon, everyone, and welcome to the Q1 FY27 earnings call for IOL Chemicals and Pharmaceuticals Ltd. Thank you for joining us today and for your continued trust and support.

Abhay Raj Singh: Thank you so much, Prachi, for the introduction. Good afternoon, everyone, and welcome to the Q1 FY27 earnings call of IOL Chemicals and Pharmaceuticals Limited. Thank you for joining us today and for your continued trust and support. I hope you have had an opportunity to review our financial results and investor presentation filed with the stock exchanges and also available on our website. We have started FY27 on a strong note with healthy demand across key products, improved capacity utilization, favorable product mix, and continued focus on operational efficiency. In the Pharmaceutical division, we continue to make good progress in diversifying our API portfolio, beyond ibuprofen with healthy demand across key products including paracetamol, pantoprazole, metformin, fenofibrate, and clopidogrel, et cetera.

Speaker #3: I hope you have had an opportunity to review our financial results and investor presentations filed with the stock exchanges, and also available on our website.

Speaker #3: We have started FY27 on a strong note, with healthy demand across key products, improved capacity utilization, a favorable product mix, and a continued focus on operational efficiency.

Speaker #3: In the pharmaceutical division, we continue to make good progress in diversifying our API portfolio beyond ibuprofen, with healthy demand across key products including paracetamol, pantoprazole, metformin, fenofibrate, and clopidogrel, etc.

Speaker #3: Non-IMO products continued contributing 43% of pharmaceutical revenue in Q1 FY27, compared with 36% in Q1 FY26, with revenue growing 67% on a year-on-year basis and emerging as a key driver of growth in our pharma business.

Abhay Raj Singh: Non-IBU products contributed 43% of Pharmaceutical revenue in Q1 FY27 compared with 36% in Q1 FY26, with revenue growing 67% year-on-year and emerging as a key driver of growth in our Pharma business. Importantly, this performance also demonstrates the benefits of the initiatives that we have taken over these past few quarters to strengthen our manufacturing platform and diversifying our API product portfolio. While ibuprofen remains an important part of our portfolio, our strategic focus is increasingly on building IOL as a diversified and integrated API platform with multiple products contributing to our growth. Our international business also strengthened during the quarter, with exports increasing to about 28.5% of revenue while the NMPA approval for clopidogrel in China further expands our regulatory reach and market opportunities. This progress is particularly encouraging against the backdrop of continued geopolitical uncertainties, supply chain challenges, and inflationary pressure across select raw materials.

Speaker #3: Importantly, this performance also demonstrates the benefits of the initiatives that we have taken over these past few quarters to strengthen our manufacturing platform and diversify our API product portfolio.

Speaker #3: While ibuprofen remains an important part of our portfolio, our strategic focus is increasingly on building IOL as a diversified and integrated API platform, with multiple products contributing to our growth.

Speaker #3: Our international business also strengthened during the quarter, with exports increasing to about 28.5% of revenue, while the NMPA approval for clopidogrel in China further expands our regulatory reach and market opportunities.

Speaker #3: This progress is particularly encouraging against the backdrop of continued geopolitical uncertainties, supply chain challenges, and inflationary pressure across select raw materials. Our chemical business also delivered a strong performance during the quarter, supported by improved realizations, efficient raw material procurement, higher exports, and operational efficiencies. Capacity enhancements across key product lines further strengthened our integrated manufacturing platform and provide us with greater flexibility to cater to demand across key end-use industries.

Abhay Raj Singh: Our Chemical business also delivered a strong performance during the quarter, supported by improved realizations, efficient raw material procurement, higher exports, and operational efficiency. Capacities enhancement across key product lines further strengthen our integrated manufacturing platform and provide us with greater flexibility to cater to demand across key end-use industries. Going forward, our focus remains on scaling our API portfolio, improving capacity utilization, expanding our presence in international regulated markets, and driving operational efficiencies through our integrated and backward integrated manufacturing platform. Our objective is not merely to add capacity, but to build meaningful and sustainable positions across a diversified API portfolio. The manufacturing capabilities, process expertise, and backward integration that we have developed over the years provide us with a strong foundation to scale these businesses. With that, I would now request Mr. Pardeep Kumar Khanna, CFO, to take you through the financial performance for Q1 FY27.

Speaker #3: Going forward, our focus remains on scaling our API portfolio, improving capacity utilization, expanding our presence in international regulated markets, and driving operational efficiencies through our integrated and backward-integrated manufacturing platform.

Speaker #3: Our objective is not merely to add capacities, but to build meaningful and sustainable positions across a diversified API portfolio. The manufacturing capabilities, process expertise, and backward integration that we have developed over the years provide us with a strong foundation to scale these businesses.

Speaker #3: With that, I would now request Mr. Pradeep Kanna, CFO, to take you through the financial performance for Q1 FY27.

Speaker #4: Thank you, Mr. Abhay. Good afternoon, everyone. I will now take you through the financial performance of the company for Q1 of financial year 2027.

Pardeep Kumar Khanna: Thank you, Mr. Abhay. Good afternoon, everyone. I will now take you through the financial performance of the company for Q1 of financial year 2027. Following this, we will open the floor for questions and answers. During Q1 of financial year 2027, the company reported revenue from operations INR 756 crore as compared to INR 551 crore in Q1 of financial year 2026, registering a year-on-year growth of 37%. On the operating front, EBITDA stood at INR 111 crore compared with INR 69.5 crore in Q1 of financial year 2026, representing a growth of 60.7%. EBITDA margin improved to 14.6% compared with 12.4% in the corresponding quarter. Coming to the bottom line, PAT stood at INR 64.5 crore compared with INR 34 crore in Q1 of the corresponding year, registering a growth of 89.9%. PAT margin consequently improved to 8.4% compared with 6.1% in Q1 of financial year 2026.

Speaker #4: Following this, we will open the floor for questions and answers. During quarter one of financial year 2027, the company reported revenue from operations of Rs.

Speaker #4: ₹750.6 crore as compared to ₹551 crore in quarter one of financial year '26, registering a year-on-year growth of 37%. On the operating front, EBITDA stood at ₹111 crore, compared with ₹69.5 crore in quarter one of financial year '26, representing a growth of 60.7%.

Speaker #4: EBITDA margin improved to 14.6%, compared with 12.4% in the corresponding quarter. Coming to the bottom line, tax stood at ₹64.5 crore compared with ₹34 crore in Q1 of the corresponding year.

Speaker #4: Registering a growth of 89.9%, VAT margin consequently improved to 8.4% compared with 6.1% in Q1 of financial year '26. The improvement in profitability reflects the benefits of higher operating leverage, better capacity utilization, improved product mix, and continued focus on operational efficiencies.

Pardeep Kumar Khanna: The improvement in profitability reflects the benefit of higher operating leverage, better capacity utilization, improved product mix, and continued focus on operational efficiency. Our export contribution also increased to 28.5% of revenue compared with 24.4% in the same quarter of last financial year, reflecting the continued expansion of our international business. From a segment perspective, both pharmaceutical and chemical contributed to overall performance, supported by healthy demand, improved utilization, and operational efficiency. Going forward, our focus will remain on sustaining the growth momentum through better capacity utilization, continued improvement in product mix, operating efficiencies, and prudent cost management. At the same time, we will continue to maintain a disciplined approach towards capital allocation and investment with a focus on projects offering attractive long-term returns.

Speaker #4: Our export contribution also increased to 28.5% of revenue, compared with 24.4% in the same quarter of last financial year, reflecting the continued extension of our international business.

Speaker #4: From a segment perspective, both pharmaceuticals and chemicals contributed to overall performance, supported by healthy demand, improved utilization, and operational efficiencies. Going forward, our focus will remain on sustaining the growth momentum through better capacity utilization, continued improvement in product mix, operating efficiencies, and prudent cost management.

Speaker #4: At the same time, we will continue to maintain a disciplined approach toward capital allocation and investment, with a focus on projects offering attractive long-term returns.

Speaker #4: For financial year '27, we remain confident of delivering 15% to 20% revenue growth, with an EBITDA margin in the range of 14% to 15%, and exports contributing approximately 25% to 30% of the revenue.

Pardeep Kumar Khanna: For financial year 2027, we remain confident of delivering 15% to 20% revenue growth with an EBITDA margin in the range of 14% to 15% and exports contributing approximately 25% to 30% of the revenue. With this, we now open the floor for questions and answers. Thank you.

Speaker #4: With this, we now open the floor for questions and answers. Thank you.

Speaker #1: Thank you very much. We will now begin the question and answer session. Anyone who wishes to ask a question may press star *1 on their touch-tone telephone.

Operator: 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 will wait for a moment while the question queue assembles. The first question is from the line of Abu Rafay from Wealth Catalyst. Please proceed.

Speaker #1: If you wish to remove yourself from the question queue, you may press star N2. Participants are requested to use handsets while asking a question. Ladies and gentlemen, please wait for a moment while the question queue assembles.

Speaker #1: The first question is from the line of Abu Rafi from Wealth Catalyst. Please proceed.

Speaker #2: Thank you for giving me the opportunity. I just have two questions. So, my first question is: Given that paracetamol has seen relatively weak demand over the past few years, what is the current outlook for paracetamol, sir?

Abu Rafay: Thank you for giving me the opportunity. I just have two questions. My first question is, given that paracetamol has seen a relatively weak demand over the past few years, what is the current outlook for paracetamol, sir?

AB Rafe: Thank you for giving me the opportunity. I just have two questions. My first question is, given that paracetamol has seen a relatively weak demand over the past few years, what is the current outlook for paracetamol, sir?

Speaker #3: So, the paracetamol for the IOL, we started around two years back with a 3,600 MTPA capacity, which we doubled—actually, we tripled it—last year.

Abhay Raj Singh: The paracetamol for IOL, we started around two years back, 3,600 MTPA capacity, which we tripled, in fact, last year, and this was 10,800 MTPA. This year, as of now, we are operating around 55% of this enhanced capacity utilization, which we expect by the end of this financial year, we will be reaching to around 70%. If you see, this paracetamol is contributing significantly in our non-IBU products portfolio. The demand is growing and IOL is also getting its position into the paracetamol business verticals across India. Also, we are getting traction in the exports. We are foreseeing good demand in the paracetamol.

Speaker #3: And this was 10,800 MTPA. This year, as of now, we are operating around 55% of this enhanced capacity utilization, which we expect will reach around 70% by the end of this financial year.

Speaker #3: And if you see, this paracetamol is contributing significantly to our non-IBU products portfolio. So the demand is growing, and IOL is also gaining its position in the paracetamol business vertical across India. Also, we are getting traction in the exports.

Speaker #3: So we are seeing good demand in the paracetamol.

Speaker #2: All right, sir. So my next question is: given the sharp rise in ethyl acetate and acetic anhydride prices following the US-Iran war, could you please update us on the current pricing environment for both these products?

Abu Rafay: All right, sir. My next question is, given the sharp rise in Ethyl Acetate and Acetic Anhydride prices following the US-Iran conflict, could you please update on the current pricing environments for both these products?

AB Rafe: All right, sir. My next question is, given the sharp rise in Ethyl Acetate and Acetic Anhydride prices following the US-Iran conflict, could you please update on the current pricing environments for both these products?

Speaker #3: Due to war, the prices were increased substantially in the month of March itself, but after that, they have been stable to some extent. And now the prices are, you can say, not on the downturn for the last one month.

Rakesh Mahajan: Due to war, the prices were increased substantially in the month of March itself, but after that it is stable to some extent. Now the prices are, you can say, not on the upward trend from the last one month. We think that ultimately the prices of Ethyl Acetate and the delta between raw material and Ethyl Acetate will remain constant in the upcoming quarters.

Speaker #3: So we think that, ultimately, the prices of ethyl acetate and the delta between raw material and ethyl acetate will remain constant in the upcoming quarters.

Speaker #2: All right. Thank you, sir. Thank you very much.

Abu Rafay: Thank you, sir. Thank you very much.

AB Rafe: Thank you, sir. Thank you very much.

Speaker #1: Thank you. The next question is from the line of Pahel Sharma from DD Capital. Please proceed.

Operator: Thank you. The next question is from the line of Sahil Sharma from DD Capital. Please proceed.

Speaker #5: Hello. Hi, sir. Thanks for the opportunity. Hello.

Sahil Sharma: Hello. Hi, sir. Thanks for the opportunity. Hello?

Speaker #3: Yeah, sir. Yes.

Rakesh Mahajan: Yes.

Abhay Raj Singh: Yes.

Speaker #5: Yeah. So, sir, my first question is that export contribution increased to around 28.5% of revenue from 24.4% a while ago.

Sahil Sharma: Yeah. My first question is that export contribution increased to around 28.5% of revenue from 24.4% year-over-year. Do you see this moving towards 30% plus of revenue in the near terms, or would you prefer to maintain a more balanced domestic export mix?

Speaker #5: So, like, do you see this moving towards 30% plus of revenue in the term like in the near terms, or would you prefer to maintain a more balanced domestic export mix?

Speaker #3: So, I think we are targeting, this year, around the 25 to 30% range for export revenue. And we are hopeful that we will be achieving it.

Abhay Raj Singh: I think we are targeting this year around 25% to 30% range of the export revenue. We are hopeful that we will be achieving it. Hello, Sahil?

Speaker #2: Hello? Pahel?

Speaker #5: Hello. Yeah, yeah, sir.

Sahil Sharma: Hello. Yeah, sir.

Speaker #3: Yeah, you heard it?

Abhay Raj Singh: You heard it?

Speaker #5: Yes, sir. Yes, sir. And my next question is that, with Q1 EBITDA margin at 14.6%, which is ahead of the FY27 guidance range of 14 to 15%, what are the key factors that could either sustain the margin above this range, or lead to moderation in the coming quarters?

Sahil Sharma: Yeah, sir. My next question is that with Q1 EBITDA margin at 14.6% ahead of the FY27 guidance range of 14% to 15%, what are the key factors that could either sustain the margin above this range or lead to moderation in the coming quarters?

Speaker #4: We have achieved an EBITDA margin of 14.6% in this quarter. The key factors for this rise in EBITDA margin are higher capacity utilization, a better product mix, operational efficiencies, and also stronger demand in the non-IBU segment API.

Rakesh Mahajan: We have achieved the EBITDA margin 14.6% in this quarter. The key factor for this rise in EBITDA margin are higher capacity utilization, better product mix, operational efficiencies, and also stronger non-IBU segment API demand. Also, some improvements in the finished product prices. These all factor are contributed in the EBITDA margin.

Pardeep Kumar Khanna: We have achieved the EBITDA margin 14.6% in this quarter. The key factor for this rise in EBITDA margin are higher capacity utilization, better product mix, operational efficiencies, and also stronger non-IBU segment API demand. Also, some improvements in the finished product prices. These all factor are contributed in the EBITDA margin.

Speaker #4: Also, there have been some improvements in the finished product prices, so all these factors have contributed to the EBITDA margin.

Speaker #5: Okay. Okay, sir. Okay, sir. Understood, sir. Thank you so much, and all the best, sir.

Sahil Sharma: Okay, sir. Understood, sir. Thank you so much, and all the best, sir.

Speaker #3: Thank you.

Speaker #1: Thank you. The next question is from the line of Vignesh from Sequence Scientific Limited. Please proceed.

Operator: Thank you. The next question is from the line of Vignesh from SeQuent Scientific Limited. Please proceed.

Speaker #2: Hello, sir. Thank you for the opportunity. So, Mike, question firstly is, regarding the pharma FIC in quarter one, FY 27, there is around 42% growth, if I have to compare 37% 42% growth, if I have to compare YOY, so when I get this split of what percentage of this growth is due to volume growth and what is the percentage which is due to realization,

[Analyst] (SeQuent Scientific Limited): Hello, sir. Thank you for the opportunity. Sir, my question firstly is regarding the pharma. If I see in Q1 FY27, there is around 42% growth if I have to compare YoY. Can I get the split of what percentage of this growth is due to volume growth, and what is the percentage which is due to realization?

Vignesh Iyer: Hello, sir. Thank you for the opportunity. Sir, my question firstly is regarding the pharma. If I see in Q1 FY27, there is around 42% growth if I have to compare YoY. Can I get the split of what percentage of this growth is due to volume growth, and what is the percentage which is due to realization?

Speaker #3: We can't say exact numbers, but as a calculation, you can say that the majority of the increase is contributed by the higher volume of our pharma product, as compared to the final finished prices.

Rakesh Mahajan: We can't say exact numbers, but as you can say, calculate, the majority number contributed by the increase in the volume of our pharma product as compared to final finished prices. The capacity utilization of API products have been increased, including non-IBU segment also. Okay.

Speaker #3: The capacity utilization of API products has been increased, including the non-IBU segment also. Okay.

Speaker #2: Okay.

Speaker #5: Hello.

[Analyst] (SeQuent Scientific Limited): Okay. Hello? Yeah. Got it. Sir, we do not have the exact number, right? As to what percentage

Vignesh Iyer: Okay. Hello? Yeah. Got it. Sir, we do not have the exact number, right? As to what percentage

Speaker #2: And hi, yeah, yeah, yeah, yeah. Got it, got it, got it. So, sir, we don't have the exact number, right, as to what percent?

Rakesh Mahajan: We have the number, but we are not

Rakesh Mahajan: We have the number, but we are not-

Speaker #3: We have the number, but it is not—we are not. So basically, we need to understand the sort of capacity utilization of all our assets as it is currently operating.

Abhay Raj Singh: Basically, we need to understand the sort of capacity utilization of all our assets currently is operating. Apart from paracetamol, most of the assets are operating around 80% to 95% capacity utilization. I think that is the more important factor contributing towards the operational performance of the pharma sector. Rather than going into what sort of the prices and what sort of the business happening because of the capacity utilizations, what is the mix. I think we do not share that detailed information over the call. I think we will not be able to share it. But as a broadly, if you can take it, this is mostly on the capacity utilizations and better operational efficiency.

Speaker #3: So, apart from paracetamol, most of the assets are operating around 80% to 95% capacity utilization. And I think that is the more important factor that is contributing towards the operational performance of the pharma sector.

Speaker #3: Rather than going into what sort of prices and what sort of things are happening because of the capacity utilizations, what is the mix?

Speaker #3: So I think we do not share that detailed information over the call. So I think we will not be able to share it. But, broadly if you can take it, this is mostly on the capacity utilizations and better operational efficiency.

Speaker #2: Okay, sir. Okay, sir. Got it, sir. Yes.

[Analyst] (SeQuent Scientific Limited): Okay, sir. Got it.

Vignesh Iyer: Okay, sir. Got it.

Speaker #3: And also, this is coupled with the increased export realization during this quarter.

Abhay Raj Singh: This is coupled with the increased export realization during this quarter.

Speaker #2: Okay. And would it be correct to say that the mix towards the regulated market has gone up in this quarter? I mean, aiding towards higher EBITDA margin?

[Analyst] (SeQuent Scientific Limited): Okay. Would it be correct to say that the mix towards regulated market has gone up in this quarter, aiding towards higher EBITDA margin?

Vignesh Iyer: Okay. Would it be correct to say that the mix towards regulated market has gone up in this quarter, aiding towards higher EBITDA margin?

Speaker #3: Sure. For our other API products, it is yes.

Abhay Raj Singh: For our other API products, it is yes.

Speaker #2: Okay. Okay. Thanks. Got it.

[Analyst] (SeQuent Scientific Limited): Okay. Fine. Got it.

Vignesh Iyer: Okay. Fine. Got it.

Speaker #1: Thank you. The next question is from the line of Sorvey, from NV Alpha. Please proceed.

Operator: Thank you. The next question is from the line of Surabhi from NV Alpha. Please proceed.

[Analyst] (NV Alpha): Yeah. Hi. Thanks for the opportunity. I have two questions. One, your other APIs, the non-ibuprofen, has now crossed a INR 200 crore kind of quarterly run rate, which is not seen in the last few quarters. So one, what is driving that growth? Second, of the INR 200 crores in the non-IBU segment, how much of it is regulated market, and how much more can we supply to the regulated markets? Thank you.

Surabhi Sutaria: Yeah. Hi. Thanks for the opportunity. I have two questions. One, your other APIs, the non-ibuprofen, has now crossed a INR 200 crore kind of quarterly run rate, which is not seen in the last few quarters. So one, what is driving that growth? Second, of the INR 200 crores in the non-IBU segment, how much of it is regulated market, and how much more can we supply to the regulated markets? Thank you.

Speaker #5: Hi. Regarding the opportunity, I have two questions. First, your other APIs, apart from Ibuprofen, have now crossed a quarterly run rate of ₹200 crore.

Speaker #5: Which is not seen in the last few quarters. So, one, what is driving that growth? And second, of the ₹200 crore in the non-IBU segment, how much of it is regulated market, and how much more can we supply to the regulated markets?

Speaker #5: Thank you.

Speaker #3: Thank you, Survey, for asking this question. So, basically, around 20 to 21 percent is coming from the exports market. That also includes regulated and non-regulated, but the majority of it is from the regulated market.

Abhay Raj Singh: Thank you, Surabhi, for asking this question. Basically, around 21% to 20% is coming from the exports market. That also includes regulated and non-regulated, but majority of it from the regulated market. As of now, not having the exact bifurcations, what is from regulated and what is from non-regulated export market, but majority of this revenue is coming from the regulated market. This year, we achieved around 43% of overall the pharma from other than the non-ibuprofen product portfolio that enables to crossing the 200 mark. As we were discussing for last few quarters, that we are looking to achieve in near mid to short term range, around having the 50% from ibuprofen and about 50% from non-ibuprofen. I think that we are very near to achieving it, and this is the result of our efforts which we are putting in for last few quarters.

Speaker #3: So as of now, I don't have the exact bifurcations between regulated and non-regulated export markets, but the majority of this revenue is coming from the regulated market.

Speaker #3: And this year, we achieved around 43 percent of overall pharma from other than the ibuprofen non-product portfolio. That enabled us to cross the 200 mark.

Speaker #3: And as we were discussing for the last few quarters, we are looking to achieve, in the mid to near to short-term range, around having 50 percent from ibuprofen and about 50 percent from the non-IBU profile.

Speaker #3: I think that we are very near to achieving it, and this is the result of our efforts which we have been putting in for the last few quarters.

Speaker #3: So, I think we are very near to that.

Abhay Raj Singh: I think we are very near to that.

Speaker #5: Got it. Yeah. Just last question. In the non—I’m sorry, just last question. In the non-Ibuprofen segment, what are the biggest APIs? Is it Clopidogrel? Is it Pantoprazole?

[Analyst] (NV Alpha): Got it. Just last question. Sorry, just last question. In the non-ibuprofen, what are our biggest API? Is it clopidogrel? Is it pantoprazole? Which one is contributing the most?

Surabhi Sutaria: Got it. Just last question. Sorry, just last question. In the non-ibuprofen, what are our biggest API? Is it clopidogrel? Is it pantoprazole? Which one is contributing the most?

Speaker #5: Which one is contributing the most?

Speaker #3: So, in this segment, paracetamol, clopidogrel, pantoprazole, metformin, fenofibrate, and levetiracetam are our key growth drivers and key products.

Abhay Raj Singh: In this segment, paracetamol, clopidogrel, pantoprazole, metformin, fenofibrate, levothyroxine, these are our key growth drivers and the key products.

Speaker #5: Got it. Okay, thank you so much.

[Analyst] (NV Alpha): Got it. Okay. Thank you so much.

Surabhi Sutaria: Got it. Okay. Thank you so much.

Speaker #3: Thank you.

Abhay Raj Singh: Thank you.

Speaker #1: Thank you. The next question is from the line of Jayanam Ghilani, from Swan Investments. Please proceed.

Operator: Thank you. The next question is from the line of Jaynam Ghelani from Swan Investments. Please proceed.

Speaker #2: Hi, sir. Congratulations on a good set of numbers. So, since we've guided for CapEx of around ₹200 to ₹250 crores, how much of this would be for our maintenance CapEx?

Jaynam Ghelani: Hi, sir. Congratulations for a good set of numbers. Since we guided of CapEx of around INR 200 to 250 crores, how much would this be for our maintenance CapEx and in terms of growth CapEx, would it be for the new greenfield site that we had got EC approval or would it be for some other projects?

Speaker #2: And in terms of growth, KX, would it be for the new greenfield site where we have got EC approval, or would it be for some other projects?

Pardeep Kumar Khanna: We follow a CapEx of approximately INR 200 CR every year, which is planned with a long-term view to support sustainable growth. Out of total CapEx planned, 60% is directed toward expansion and new products, and the remaining 40% goes to infrastructure improvements for better efficiencies and reduction in cost. You see, we have, from the last four, five years, we have doing a CapEx of INR 100 to 200 CR approximately every year.

Speaker #3: I mean, see, we follow a capex of approximately ₹200 crore every year, which is planned with a long-term view to support sustainable growth. Out of the total capex planned, 60 percent is directed toward expansion and new products.

Speaker #3: And the remaining 40 percent goes to infrastructure improvements for better efficiencies and reduction in cost. So you see, for the last four to five years, we have been doing a capex of ₹100 to ₹200 crore approximately every year.

Speaker #2: Okay. And sir, just to continue with the question of one of the earlier participants—in this quarter, how much of the profitability would we attribute to the one-time inventory gain due to the surge in pricing because of the war?

Jaynam Ghelani: Okay. Sir, just to continue to the question of one of our earlier participants. Sir, in this quarter, how much of our profitability would we attribute to the one-time inventory gain due to the surge in pricing because of the war?

Speaker #3: You know, your voice is not clear. We are not getting the question.

Abhay Raj Singh: Your voice is not clear. We are not getting the questions.

Speaker #2: So, just to continue with one of the earlier participants' questions, in terms of profitability, how much of the one-time inventory gain was due to the surge in pricing for this quarter?

Jaynam Ghelani: Just to continue one of the earlier participant's question, in terms of profitability, how much was one-time inventory gain due to the surge in pricing for this quarter?

Speaker #3: So basically, this is not due to the inventory gain. We might have had a little bit of inventory gain during the later part of last quarter.

Abhay Raj Singh: Basically, this is not due to the inventory gain. We might be having a little bit inventory gain during the latter part of the last quarter, around 10 to 15 days. But this quarter we are not having the inventory gain. This is not correct to allocate this profit towards that. This is the mix of our key factors, having higher capacity utilization, better product mix. We also have some edge over the operational efficiency and also better performance from the non-IBU products and increase in the export realizations in the non-IBU side as well. I think put together, all these factors resulted into the better performance. This cannot be contributed or cannot be allocated against the inventory gain.

Speaker #3: Around 10 to 15 days. But this quarter, we are not having the inventory gain. This is not correct to allocate this profit towards that.

Speaker #3: This is the mix of our key factors: having higher capacity utilization, better product mix, we also have some gains from operational efficiency, and also better performance from the non-IBU products, and an increase in the export realizations in the non-IBU side as well.

Speaker #3: So, I think putting together all these factors resulted in better performance. This cannot be attributed to, or allocated against, the inventory gain.

Speaker #2: Okay, sir. Thank you so much. Thank you.

Jaynam Ghelani: Okay, sir. Thanks so much. Thank you.

Speaker #3: Thank you, Jayanam. Thank you so much.

Abhay Raj Singh: Thank you, Jaynam. Thank you so much.

Speaker #1: Thank you. A reminder to all participants: anyone who wishes to ask a question may press star and one on their touchtone telephone. The next question is from the line of Santosh from LGT Capital.

Operator: Thank you. A reminder to all participants, anyone who wishes to ask a question may press star and one on their touch-tone telephone. The next question is from the line of Santosh from LGT Capital. Please proceed.

Speaker #1: Please proceed.

Speaker #2: Hello, sir. So my first question is, non-Ibuprofen products increase their contribution to pharma revenue from 36 percent in Q1 FY26 to 43 percent in Q1 FY27.

Santosh Shetty: Hello, sir. My first question is, non-ibuprofen products increased their contribution to pharma revenue from 36% in Q1 FY26 to 43% in Q1 FY27. At what point do you see this portfolio become large enough to materially change the overall pharma margin profile?

Speaker #2: At what point do you see this portfolio becoming large enough to materially change the overall pharma margin profile?

Speaker #3: See, what we are expecting in the near terms, in this vertical should achieve around 50 percent overall contributions into the pharma. And that the 50 percent, we expect must be further divided into the domestic as well as the export.

Rakesh Mahajan: See, what we are expecting in the near term is, verticals should achieve around 50% overall contribution into the pharma. The 50%, we expect, must be further divided into the domestic as well as the export. I think while we will be achieving the 50% and also the export realizations will increase, this will change the overall contributions towards the bottom.

Abhay Raj Singh: See, what we are expecting in the near term is, verticals should achieve around 50% overall contribution into the pharma. The 50%, we expect, must be further divided into the domestic as well as the export. I think while we will be achieving the 50% and also the export realizations will increase, this will change the overall contributions towards the bottom.

Speaker #3: So, I think while we will be achieving the 50 percent and also the export realizations will increase, this will change the overall contributions towards the bottom.

Speaker #2: Okay, sir. And my last question is, with ₹26 crore invested in R&D during FY26, what are the key commercial opportunities emerging from your R&D pipeline?

Santosh Shetty: Okay, sir. My last question is, with INR 26 crore invested in R&D during FY26, what are the key commercial opportunities emerging from your R&D pipeline, and what kind of contribution can we expect from these initiatives over the medium term?

Speaker #2: And what kind of contribution can we expect from these initiatives over the medium term?

Speaker #3: So, R&D, basically, this is not a one-off expense. We are doing this R&D on a regular basis. These are regular expenses in R&D, and this is not allocated to any specific development of any product or process.

Abhay Raj Singh: R&D, basically this is not a one-off expenses we are doing into the R&D. These are the regular expenses in the R&D, and this is not allocated to any specific development of any product or the processing. I think the more important is, out of this fund, we have allocated some of the funds for purchasing the new analytical techniques. Like we have purchased XRD machine, we have purchased LC-MS machine, GC-MS machine. Basically, these are the high-end machines which we have purchased to analyze the impurity profile at a very stringent level.

Speaker #3: I think the more important thing is, out of these funds, we have allocated some of the funds for purchasing the new L&L techniques. Like, we have purchased an XRD machine, we have purchased an LCMS machine, and a GCMS machine.

Speaker #3: So basically, these are the high-end machines which we have purchased to analyze the impurity profile at a very stringent level.

Speaker #2: Okay, sir. Thank you so much for answering my question.

Santosh Shetty: Okay, sir. Thank you so much for answering my question.

Speaker #1: Thank you. The next question is from the line of Soumya from Nirva Securities. Please proceed.

Operator: Thank you. The next question is from the line of Saumya from Nirvana Securities. Please proceed.

Speaker #5: Good afternoon, sir. Thank you so much for the opportunity. So, Q1 revenue grew 31.7–37.1 percent year on year, while EBITDA grew 60.7 percent year on year.

[Analyst] (Nirvana Securities): Good afternoon, sir. Thank you so much for the opportunity. Q1 revenue grew 37.1% year-on-year, while EBITDA grew 60.7% year-on-year. How much of the EBITDA outperformance was driven by operating leverage versus improvement in product mix? If you could throw some light on that.

Saumya Raghuvanshi: Good afternoon, sir. Thank you so much for the opportunity. Q1 revenue grew 37.1% year-on-year, while EBITDA grew 60.7% year-on-year. How much of the EBITDA outperformance was driven by operating leverage versus improvement in product mix? If you could throw some light on that.

Speaker #5: How much of the EBITDA outperformance was driven by operating leverage versus improvement in product mix? If you could throw some light on that.

Speaker #3: So, the increase in EBITDA margins is primarily due to the operational efficiencies of existing products with increased capacity utilization, and there is no major product mix change except for more penetration in the export market.

Rakesh Mahajan: Increase in EBITDA margins primarily due to the operational efficiencies of existing product with increased capacity utilization, and there is no major product mix change except more penetration in the export market. The more EBITDA is primarily due to the internal efficiencies of the company, not primarily through the external factors.

Speaker #3: So, the higher EBITDA is primarily due to the internal efficiencies of the company, not primarily through external factors.

Speaker #5: Okay, sir. Got it. So my next question is on PAT. PAT grew around 90 percent—89.9 percent, if I'm not wrong—year-on-year in Q1.

[Analyst] (Nirvana Securities): Okay, sir. Got it. My next question is on PAT. PAT grew around 89.9%, if I am not wrong, year-on-year in Q1. Apart from the operating performance, were there any one-off or below-EBITDA factors that contributed to sharp PAT growth?

Saumya Raghuvanshi: Okay, sir. Got it. My next question is on PAT. PAT grew around 89.9%, if I am not wrong, year-on-year in Q1. Apart from the operating performance, were there any one-off or below-EBITDA factors that contributed to sharp PAT growth?

Speaker #5: Apart from the operating performance, were there any one-off below-EBITDA factors that contributed to the sharp PAT growth?

Speaker #3: Nothing. Low EBITDA, nothing. Routine financial number, there is no extraordinary thing which is done except for internal efficiencies.

Rakesh Mahajan: Nothing.

Abhay Raj Singh: No, I would tell nothing.

Rakesh Mahajan: It is a routine financial number. There is no extraordinary thing which run except for internal efficiencies.

Speaker #5: Okay, okay. So, my next question is on pharma. The pharma revenue grew 43 percent year-on-year in Q1. Could you help us understand whether the growth was broad-based across the portfolio or concentrated in a few key products?

[Analyst] (Nirvana Securities): Okay. My next question is on pharma. The pharma revenue grew 43% year-on-year in Q1. Could you help us understand whether the growth was broad-based across the portfolio or concentrated in a few key products?

Saumya Raghuvanshi: Okay. My next question is on pharma. The pharma revenue grew 43% year-on-year in Q1. Could you help us understand whether the growth was broad-based across the portfolio or concentrated in a few key products?

Speaker #3: No, so across the portfolio. It is across the portfolio because for all the products, the maximum efficiencies with respect to utilization have been achieved.

Abhay Raj Singh: Across the portfolio. It is across the portfolio because all the products, the maximum efficiencies with respect to utilization has been achieved.

Speaker #5: All right. So just the last question from my side. If the current diversification strategy plays out as planned, what would be a reasonable target for non-Ibuprofen contribution to pharma revenue by FY29?

[Analyst] (Nirvana Securities): All right. Just the last question from my side. If the current diversification strategy plays out as planned, what would be a reasonable target for non-ibuprofen contribution to pharma revenue by FY29? Would you expect that mix shift to structurally less consolidated margins?

Saumya Raghuvanshi: All right. Just the last question from my side. If the current diversification strategy plays out as planned, what would be a reasonable target for non-ibuprofen contribution to pharma revenue by FY29? Would you expect that mix shift to structurally less consolidated margins?

Speaker #5: And would you expect that mix shift to structurally lead to less consolidated margins?

Rakesh Mahajan: For FY29, only after three to four years, we are expecting that non-IBU segment will contribute around 50% to 55% of our API segment with good margin equivalent to the other ibuprofen margins.

Speaker #3: All right. FY09–29: only after three to four years. We are expecting that the non-Ibu segment will contribute around 50 to 55 percent of our API segment, with good margins equivalent to the other Ibuprofen margins.

Speaker #5: Okay, sir. Thank you so much. I'll rejoin the question queue.

[Analyst] (Nirvana Securities): Okay, sir. Thank you so much. I will rejoin the question queue.

Saumya Raghuvanshi: Okay, sir. Thank you so much. I will rejoin the question queue.

Speaker #3: Thank you.

Rakesh Mahajan: Thank you.

Speaker #1: Thank you. The next question is from the line of Maulik Waria from 361 Mutual Fund. Please proceed.

Operator: Thank you. The next question is from the line of Maulik Vora from 360 ONE Mutual Fund. Please proceed.

Speaker #2: Hi, Sir. Maulik here from 361 Capital. Thank you for the opportunity, and congratulations on a good set of numbers. A few questions from my side.

Maulik Vora: Hi, sir. Maulik Vora here from 361 Capital. Thank you for the opportunity and congratulations on a good set of numbers. A few questions from my side. We have seen strong top-line growth across all products. Just wanted some qualitative idea from your side, why was this growth muted in the last few quarters? You, of course, had indicated that demand is expected to revise, and you had indicated about it. What has led to this revival and what is your visibility about how long will this strong demand sustain? Will it be there for the next 8 to 10 quarters, 12 quarters? Any quantitative direction, sir, on the demand?

Maulik Waria: Hi, sir. Maulik Vora here from 361 Capital. Thank you for the opportunity and congratulations on a good set of numbers. A few questions from my side. We have seen strong top-line growth across all products. Just wanted some qualitative idea from your side, why was this growth muted in the last few quarters? You, of course, had indicated that demand is expected to revise, and you had indicated about it. What has led to this revival and what is your visibility about how long will this strong demand sustain? Will it be there for the next 8 to 10 quarters, 12 quarters? Any quantitative direction, sir, on the demand?

Speaker #2: So, we've seen strong top-line growth across all products. I just wanted some qualitative insight from your side—why was this growth noted in the last few quarters?

Speaker #2: And you, of course, had indicated that demand is expected to revive, and you had indicated as much. What has led to this revival?

Speaker #2: And, you know, what is your visibility about how long this strong demand will sustain? Will it be there for the next 8 to 10 quarters, 12 quarters—any, any qualitative direction, sir, on the demand?

Pardeep Kumar Khanna: Well, Maulik, both top-line and bottom-line growth was due to higher volumes along with better pricing of our established products, as well as growth in new products. Also, in spite of increase in input prices, we are able to achieve these numbers by passing the increased cost to customers due to healthy demand, both in domestic and export markets. These are the main reasons for growth in both top-line and bottom-line. Taking into consideration of demand, prices, and experiences, we expect revenue growth around 20% and EBITDA 14% to 15%. This growth is based on better capacity utilization, product mix, and operational efficiencies. We have reasonable visibility into our order book for the coming quarter. This gives us confidence in overall guidance for the year. We think this growth is sustainable for the whole year.

Speaker #3: For Maulik, both top-line and bottom-line growth was due to higher volume along with better pricing of our established products, as well as growth in new products.

Speaker #3: Also, in spite of the increase in input prices, we are able to achieve these numbers by passing the increased cost to customers due to healthy demand.

Speaker #3: Both in domestic and export markets. So these are the main reasons for growth in both top line and bottom line. And taking into consideration the demand, prices, and experiences, we expect revenue growth of around 20 percent and EBITDA of 14 to 15 percent.

Speaker #3: This growth is based on better capacity utilization, product mix, and operational efficiencies, and we have reasonable visibility into our order book for the coming quarter.

Speaker #3: So this gives us confidence in our overall guidance for the year. We think this growth is sustainable for the whole year.

Speaker #2: Okay, okay, sir. And any guidance, sir, on FY28? Will we be able to grow at a similar run rate of 15–20 percent in terms of top line, and also on EBITDA margins, sir?

Maulik Vora: Okay, sir. Any guidance, sir, on FY28? Will we be able to grow in similar run rate of 15% to 20% in terms of top-line and also on EBITDA margin, sir? Any guidance on that?

Maulik Waria: Okay, sir. Any guidance, sir, on FY28? Will we be able to grow in similar run rate of 15% to 20% in terms of top-line and also on EBITDA margin, sir? Any guidance on that?

Speaker #2: Any guidance on that?

Speaker #3: Definitely. We have a plan to grow about 15 to 20 percent in top-line, and EBITDA to 15 to 17 percent in '28, approximately.

Pardeep Kumar Khanna: Definitely. We have a plan to grow about 15% to 20% in top-line and EBITDA to 15% to 17% in 2028, approximately.

Speaker #2: Okay, okay, okay. EBITDA margin, you are slightly upgrading in terms of better volume and pricing scenario.

Maulik Vora: Okay. EBITDA margin, you are slightly upgrading in terms of better volume and pricing scenario.

Maulik Waria: Okay. EBITDA margin, you are slightly upgrading in terms of better volume and pricing scenario.

Speaker #3: Actually, we cannot predict for '28 at this time, but we hope we will get better. Sorry, sir, your voice cracked. Maulik ji, Maulik ji, this is on the basis of the current scenario.

Pardeep Kumar Khanna: Actually, we cannot predict for 2028 at this time, but we hope

Maulik Vora: Okay

Maulik Waria: Okay

Pardeep Kumar Khanna: we will get better.

Maulik Vora: Sorry, sir, your voice cut. Sorry.

Maulik Waria: Sorry, sir, your voice cut. Sorry.

Abhay Raj Singh: Maulikji, this is on the basis of the current scenario.

Speaker #3: Suppose, down the line, six months from now, the scenario changes. Maybe what we are saying, or maybe what we are saying may not be possible.

Maulik Vora: Right.

Maulik Waria: Right.

Abhay Raj Singh: Suppose down the line, six months scenario got changed.

Maulik Vora: Of course.

Maulik Waria: Of course.

Abhay Raj Singh: Maybe what we are saying may not be possible. This is as per the current scenario.

Speaker #3: But so, this is as per the current scenario. So, this is on the basis of the current plans we have. So, the projection is on that basis.

Maulik Vora: Okay. Understood.

Maulik Waria: Okay. Understood.

Abhay Raj Singh: This is on the basis of the current plans we have. The projections is on basis on that.

Speaker #2: Noted, sir. Noted. Okay, okay. Thank you, sir. And also, one question. Sequentially, we've seen a decline in gross margin. So is my assumption correct that last quarter we had some inventory gains, because of which our gross profit was higher—gross margin was higher?

Maulik Vora: Noted, sir. Okay. Thank you, sir. Also, one question is, sequentially, we have seen a decline in gross margin. Is my assumption correct that last quarter we had some inventory gains, because of which our gross margin was higher, and this quarter, due to higher input costs, the gross margins were relatively lower on a sequential basis?

Maulik Waria: Noted, sir. Okay. Thank you, sir. Also, one question is, sequentially, we have seen a decline in gross margin. Is my assumption correct that last quarter we had some inventory gains, because of which our gross margin was higher, and this quarter, due to higher input costs, the gross margins were relatively lower on a sequential basis?

Speaker #2: And this quarter, due to higher input costs, the gross margins were relatively lower on a sequential basis?

Speaker #3: Yes, I just already explained to some analysts that in the March quarter, for a few days, we got the inventory valuation benefit. But in this quarter, the input prices also increased and finished prices also increased.

Rakesh Mahajan: Yes. I have already explained to some analysts that end of March quarter, for 2 days, we get the inventory valuation benefit. But in this quarter, the input prices also increased, and finished prices also increased. The margin is impacted due to certain variation in passing the increased cost to the customer because we already tied up some prices to a big customer for their final prices.

Speaker #3: And the margin has been impacted due to some variation in passing the increased cost to the customer, because we have already tied up some prices with a big customer.

Speaker #3: For their final prices. So all these differences have already been adjusted. And there are not expected to be any major variations in input and output prices going forward.

Maulik Vora: Okay.

Maulik Waria: Okay.

Rakesh Mahajan: All these differences have been already exhausted, and there is no future any major variation in the input and the output prices now.

Speaker #2: Okay. And, sir, in our other expenses, what would be the major cost? Because that has also increased on a Q-o-Q basis. So what would be the major contributor to this?

Maulik Vora: Okay. And sir, in our other expenses, what would be the major cost? Because that has also increased on a Q over Q basis. What would be a major contributor to this?

Maulik Waria: Okay. And sir, in our other expenses, what would be the major cost? Because that has also increased on a Q over Q basis. What would be a major contributor to this?

Pardeep Kumar Khanna: In other expenses, we have major energy and logistic cost.

Speaker #3: In other expenses, we have major energy and logistics costs. So, while there is a pressure globally, we have not seen any material impact.

Maulik Vora: Okay. Both of

Maulik Waria: Okay. Both of

Pardeep Kumar Khanna: While there is a pressure globally, we have not seen any material impact. So prices of power cost, logistic cost increased during the quarter, but we are able to pass on the major part of the increased cost to the customer. So we have no major material impact on our business.

Speaker #3: So, prices of power cost and logistics cost increased during the quarter. But we were able to pass on the major part of the increased cost to the customers.

Speaker #3: So, we have no major material impact on our business.

Speaker #2: Understood, sir. Okay. And last question, sir: In terms of our non-IBU Profin that has been outperforming or growing faster than the IBU portfolio, going ahead also for the guidance you've given for FY27 and for the future, which products would be the key drivers for this?

Maulik Vora: Understood, sir. Okay. Last question, sir. In terms of our non-ibuprofen that have been outperforming or growing faster than the ibuprofen portfolio. So going ahead also for the guidance you have given for FY27 and for future, which products would be the key drivers for this? Or will it be the entire non-ibuprofen portfolio which will see a very strong demand?

Maulik Waria: Understood, sir. Okay. Last question, sir. In terms of our non-ibuprofen that have been outperforming or growing faster than the ibuprofen portfolio. So going ahead also for the guidance you have given for FY27 and for future, which products would be the key drivers for this? Or will it be the entire non-ibuprofen portfolio which will see a very strong demand?

Speaker #2: Or will it be the entire non-IBU Profin portfolio which will see a very strong demand?

Speaker #3: Entire portfolio. In the non-IBU portfolio, the paracetamol turnover contributed mainly to this increase. Other products like clopidogrel and pantoprazole also contributed. So overall, all the products contributed to this rise.

Abhay Raj Singh: Entire portfolio.

Pardeep Kumar Khanna: In the non-ibuprofen portfolio, the paracetamol turnover contributed mainly for this increase. Other products like clopidogrel and pantoprazole also contributed. So overall, all the products contributed in this rise.

Speaker #2: Okay. So it's going to be broad-based growth going ahead as well, for the non-IBU.

Maulik Vora: Okay. So it is going to be a broad-based growth going ahead also for the non-ibu.

Maulik Waria: Okay. So it is going to be a broad-based growth going ahead also for the non-ibu.

Speaker #3: Yes, sure. We expect.

Pardeep Kumar Khanna: Sure. We expect.

Speaker #2: Okay, okay. And I mean, in terms of our regular regulated market exports, are there any new products which we have filed or are awaiting approval? Anything, sir?

Maulik Vora: Okay. In terms of our regular and regulated market exports, any new products which we have filed or are awaiting approval, anything, sir? Any visibility on that?

Maulik Waria: Okay. In terms of our regular and regulated market exports, any new products which we have filed or are awaiting approval, anything, sir? Any visibility on that?

Speaker #2: Any visibility on that?

Speaker #3: So basically, all our products have received CEP approval. And apart from this CEP approval for all products, we have also received approval from the US FDA for five of our products, and two or three more products are already in line because the formulators have filed their ANDA.

Abhay Raj Singh: Basically, all the products got the CEP approval. Apart from this CEP approval for all products, we have also got approval from the US FDA for our five products, and two, three products are already in line up because the formulators have filed their ANDA. Once their ANDA will be approved, our products will also get approval from US FDA. But CEP is available for all the products.

Speaker #3: So once their ANDA will be approved, our products will also get approval from the US FDA. But CEP is available for all the products.

Speaker #3: Additionally, we are entering other markets. For example, NMPA China has recently approved our clopidogrel. So, we are targeting different regulated markets as well, depending on customer requirements.

Kushal Kumar Rana [Director: Additionally, we are getting into the other markets, like NMPA China has approved our clopidogrel recently. So we are targeting different regulated markets as well, depending on the customer's requirement.

Kushal Kumar Rana: Additionally, we are getting into the other markets, like NMPA China has approved our clopidogrel recently. So we are targeting different regulated markets as well, depending on the customer's requirement.

Speaker #3: And in the past, our Ibuprofen also got approved in China. China, yeah.

Abhay Raj Singh: In past, our Ibuprofen also approved in China.

Kushal Kumar Rana [Director: In, yeah.

Kushal Kumar Rana: In, yeah.

Speaker #2: Okay, okay. Thank you, sir. I'll join the queue. Thank you.

Maulik Vora: Okay. Thank you, sir. I will join the queue. Thank you.

Maulik Waria: Okay. Thank you, sir. I will join the queue. Thank you.

Speaker #1: Thank you. A reminder to all participants: anyone who wishes to ask a question may press star, then one, on their touch-tone telephone. The next question is from the line of Nimesh Verma from AAS Capital.

Operator: Thank you. A reminder to all participants, anyone who wishes to ask a question may press star and one on their touchtone telephone. The next question is from the line of Nimish Verma from AAS Capital. Please proceed.

Speaker #1: Please proceed.

Speaker #4: Good afternoon, sir. Am I audible?

Nimish Verma: Good afternoon, sir. Am I audible?

Speaker #3: Yes, please.

Abhay Raj Singh: Yes, please.

Speaker #4: Thank you for the opportunity, and congratulations on the good set of numbers. I have a few questions. The first one is: IBU Profin continues to be an important part of the portfolio.

Nimish Verma: Thank you for the opportunity, and congrats for the good set of numbers. I had a few set of questions. The first one being, Ibuprofen continues to be an important part of the portfolio, but the broader API portfolio is scaling up. How do you see Ibuprofen share of total revenue evolving over the next three years?

Speaker #4: But the broader API portfolio is scaling up. How do you see IBU-Profin's share of total revenue evolving over the next three years?

Speaker #3: So, as you rightly said, the IBU-Profin is an important part of our portfolio. Having said that, other products in the API segment are also performing.

Abhay Raj Singh: As you rightly said, the Ibuprofen is important part of our portfolio. Having said that, other products into the API, they are also performing. We are a diversified API company. The Ibu is one of our products, but the fact is that it is one of our best product. The way we established the leadership in the Ibuprofen, the same model we will also be replicating in other products. As and when the time is coming, the product is reaching to their scalability, achieving the scalability. In other products, if you talk about many products, we are getting and all are performing well. Paracetamol is also contributing well because clopidogrel is also doing well. In recent past, we also increased the capacity of three, four products.

Speaker #3: So so we we we are a diversified API company. The IBU is one of our products, but the fact is that it is the one of our best product.

Speaker #3: So, the way we established the leadership in the IBU Profin, the same model we will also be replicating in other products as and when the time comes.

Speaker #3: The products are reaching their scalability and achieving scalability. So, if you talk about many products in other areas, we are getting an all-out performance—performing well.

Speaker #3: Paracetamol is also contributing well because clopi is also doing well. And in recent parts, we also increased the capacity of three, four products.

Speaker #3: So, going forward, the growth we are looking for is broad-based growth involving all product portfolios and a better product mix.

Abhay Raj Singh: Going forward, the growth what we are looking is the broad-based growth involving all product portfolio, the better product mix.

Speaker #4: Okay, sir. Got it. My second question would be: the company has been strengthening its backward integration manufacturing platform. Are there any specific intermediaries or KSMs currently being evaluated for backward integration?

Nimish Verma: Okay, sir. Got it. My second question would be, the company has been strengthening its backward integration manufacturing platform. Are there any specific intermediaries, KSMs currently being evaluated for backward integration that could meaningfully improve product economics?

Speaker #4: That could meaningfully improve product economics.

Speaker #3: So, honestly speaking, as of now we are working on different streams in R&D. But probably, we can give you some idea when we have some proof of concept ready with us after R&D development.

Kushal Kumar Rana [Director: Honestly speaking, as of now, we are working on different streams in R&D, but probably we can give you some idea when we have some proof of concept ready with us after R&D development.

Kushal Kumar Rana: Honestly speaking, as of now, we are working on different streams in R&D, but probably we can give you some idea when we have some proof of concept ready with us after R&D development.

Speaker #4: Okay, got it. And my last question would be, with the 101-acre eco-land parcel available for future expansion, should we expect the first major projects on this land to be commissioned within the current Capex cycle?

Nimish Verma: Okay, got it. My last question would be, with the 101 acre land parcel available for future expansion, should we expect the first major projects on this land to be commissioned within the current CapEx cycle, or is it more of FY28, FY29 growth platform?

Speaker #4: Or is it more of an FY28-29 growth platform?

Speaker #3: So again, we are in the process of getting all the statutory permissions, which are underway. Parallelly, we are working on a different product mix in our R&D section.

Kushal Kumar Rana [Director: Again, we are in the process of getting all the statutory permissions, which is underway. Parallelly, we are working on different product mix in our R&D section, and once we have very clear-cut idea or proof of concept ready with us, definitely we will start the work there and product will come at that site also.

Kushal Kumar Rana: Again, we are in the process of getting all the statutory permissions, which is underway. Parallelly, we are working on different product mix in our R&D section, and once we have very clear-cut idea or proof of concept ready with us, definitely we will start the work there and product will come at that site also.

Speaker #3: And once we have a very clear-cut idea or proof of concept ready with us, definitely we'll start the work there, and the product will come at that site also.

Speaker #3: But probably not in this fiscal year. Yeah.

Abhay Raj Singh: But probably not in this FY.

Kushal Kumar Rana [Director: Yeah.

Kushal Kumar Rana: Yeah.

Speaker #4: Okay, got it, sir. That's it from me, sir. Thank you for the opportunity.

Nimish Verma: Okay. Got it, sir. That is it from my side. Thank you for the opportunity.

Speaker #1: Thank you. The next question is from the line of Sheikh Mohammed, an individual investor. Please proceed.

Operator: Thank you. The next question is from the line of Sheikh Mohammed, an individual investor. Please proceed.

Speaker #2: Thank you very much for the opportunity. And many, many congratulations to the management for the excellent set of numbers. My question is, will the chemical business continue to perform the same, or have we peaked in EBITDA margins for the chemical segment?

Sheikh Mohammed: Thank you very much for the opportunity, and many, many congratulations to the management for the excellent set of numbers. My question is, will chemical business continue to perform the same or we have peaked the EBITDA margins of chemical segment?

Speaker #3: The EBITDA margin of the chemical segment has been on an upward trend in this quarter, so we have got better EBITDA margin in this quarter.

Pardeep Kumar Khanna: The EBITDA margin of chemical segment has been on upward trend in this quarter. We have got a better EBITDA margin in this quarter. You see, we have also increased the capacities, both Ethyl Acetate and Acetic Anhydride, and we have done better in this quarter. Increased exports in chemical segment also contributed for this.

Speaker #3: And you see, we have also increased the capacities of both Thailand and acetate and acetic anhydride. We have done better in this quarter. Increased exports in the chemical segment also contributed.

Speaker #3: For this.

Speaker #2: So, sir, do you see that the same kind of performance may continue?

Sheikh Mohammed: It means you see that same kind of performance may continue?

Speaker #3: Yes, sure. We expect it will continue.

Rakesh Mahajan: Yes, sure. We expect it will continue.

Pardeep Kumar Khanna: Yes, sure. We expect it will continue.

Speaker #2: Okay. Okay. Sir, another question. In the last conference call, we mentioned the CMO space. So, what opportunities can we pursue or fulfill in that space?

Sheikh Mohammed: Okay. Sir, another question is, last conference call we have mentioned regarding CMO space. What opportunity we can fulfill or we can have in that space?

Speaker #3: Sir, we are working on that segment also. So I think, I think once we have a very clear-cut proof of concept ready with us, definitely we'll let you know, sir.

Abhay Raj Singh: Sir, we are working on that segment also. I think, once we have very clear cut proof of concept ready with us, definitely we will let you know, sir.

Speaker #2: Okay, sir. I can see that we have given the 2,600–2,700 full-year top line guidance. We have given that. And by seeing this quarter, do you think we can outperform the previous guidance for both top line and bottom line?

Sheikh Mohammed: Okay. Sir, I can see that we have given the 2,600, 2,700 full year top line guidance we have given. By seeing this quarter, do you think we can outperform the previous guidance of both top line and bottom line?

Speaker #3: So I think the previous guidance when we given, we—we taken into considerations of this whole year. So guidance will be remaining in the same line.

Abhay Raj Singh: I think the previous guidance when we given, we have taken into considerations of this whole year. Guidance will be remaining in the same line. However, we will be able, having the current scenario, we think that we may

Speaker #3: However, we will be able, having the current scenario. We think that we may cross that number, but we don't want to upgrade the guidance.

Rakesh Mahajan: We can cross that number.

Kushal Kumar Rana: We can cross that number.

Abhay Raj Singh: But we do not want to upgrade the guidelines.

Speaker #2: Okay. And sir, in terms of export, we have already achieved 28.5%. So management is approaching the defensive side because we have given 25% to 30% export percentage.

Sheikh Mohammed: Okay. And sir, in terms of export, we have already achieved 28.5%. Management is approaching defensive side because we have given 25% to 30% export percentage, because already we have achieved 28.5% in Q1.

Speaker #2: Because we have already achieved 28.5% in Q1.

Speaker #3: Yeah, that's correct. We achieved 28.5%, and we are expecting around 30%. So, if we say around 30%, it can be 28% or it can be 35% also.

Abhay Raj Singh: Yeah, that's correct. We achieved 28.5% and we are expecting around 30%. If we say around 30%, it can be 28% or it can be 35% also. But this is sort of the mean number we have taken. We need to be correct when we say something rather than we don't want to be caught saying something which is not able to achieve. That is the philosophy. We just communicated around 30% and we are hopeful that we will be achieving it. Maybe we can cross that also.

Speaker #3: But this is sort of the mean number we have taken. And we hope we we need to be correct when we say something rather than we don't want to caught saying something which is not able to achieve.

Speaker #3: So that is the philosophy we just communicated—around 30%. And we are hopeful that we will be achieving it; maybe we can even surpass that.

Speaker #2: I think I'm more open to this number. Basically, we have export customers where we have agreed quantities. So in some cases, most of the quantities have been dispatched to that customer.

Rakesh Mahajan: I think, and moreover to this number, basically we have export customers where we have agreemented quantities. In some cases, most of the quantities has been dispatched to that customer, so that number increases. But there are chances that in the next quarter, that customer has a very little bit quantities out of the agreement. These are some of the variables which can lead to the export number a little bit up and down.

Abhay Raj Singh: I think, and moreover to this number, basically we have export customers where we have agreemented quantities. In some cases, most of the quantities has been dispatched to that customer, so that number increases. But there are chances that in the next quarter, that customer has a very little bit quantities out of the agreement. These are some of the variables which can lead to the export number a little bit up and down.

Speaker #2: So that number increases, but there are chances that in the next quarter, that customer has very little quantities out of the agreement.

Speaker #2: So, these are some of the variables which can lead to the export numbers going a little bit up and down. Okay. Sir, are we planning any further regulatory approach for the chemical segment or for other product approvals in the chemical segment?

Sheikh Mohammed: Okay. Sir, are we planning further regulatory approvals for chemical segment or for other product approval in chemical segment?

Speaker #3: So, we have basically two products. We are mainly doing merchant sales. Ethyl acetate is 100% used for merchant sales, and apart from that, we have acetic anhydride.

Abhay Raj Singh: We have basically two products. We are mainly doing the merchant sales. Ethyl Acetate is 100% used for the ethyl merchant sale. Apart from that, we have the Acetic Anhydride. We have all these two products already approved.

Speaker #3: So, we have all these two products already approved, and re-certification is there. Apart from that, we also introduced, in the last quarter, triacetin.

Sheikh Mohammed: REACH certification.

Abhay Raj Singh: REACH certification is there. Apart from that, we have also introduced in the last quarter triacetin. We will be expecting the regulatory approval

Speaker #3: So, we will be expecting the regulatory approvals.

Speaker #2: For that product also.

Rakesh Mahajan: for that product also.

Kushal Kumar Rana: for that product also.

Speaker #3: For this product also, it normally takes a few quarters to reach the maturity of this product. And I think we will be getting this in two to three years.

Abhay Raj Singh: for this product also. It takes normally few quarters to reach the maturity of this product, and I think we will be getting this in two, three quarters.

Speaker #2: Sir, that's very good to hear. We are continuously improving our chemical segment and improving the export also. Sir, another question—maybe a tricky question, but I want to ask this question.

Sheikh Mohammed: That's very good to hear, sir. That's very good to hear. We are continuously improving our chemical segment and improving the export also. Sir, another question, maybe some tricky question, but I want to ask this question, last question. SMS Pharmaceuticals Ltd got hit in this quarter because their revenue and profit both got hit. Can we think we have beaten them in terms of ibuprofen manufacturing technology?

Speaker #2: Last question. SMS Pharma got hit in this quarter because their revenue and profit both took a hit. So, can we think we have beaten them in terms of ibuprofen manufacturing technology?

Abhay Raj Singh: As you said, they're tricky, but we don't know about others, what they are doing, and we don't want to comment on also. We are confident about our strategy, our manufacturing capabilities and operational efficiencies. We would like to discuss those things, and we would like to limit ourselves to that discussions only.

Speaker #3: Thank you. As you said, it's tricky. But we don't know what others are doing, and we don't want to comment on that either.

Speaker #3: We are confident about our strategy, our manufacturing capabilities, and our operational efficiency. So, we would like to discuss those things, and we would like to limit ourselves to that discussion only.

Speaker #2: Okay, sir. This is the last question. Do we have any planning?

Sheikh Mohammed: Okay, sir, this is last question. Do we plan-

Speaker #4: Sorry to interrupt you, Mr. Mohamad, but can you please rejoin the queue for follow-up? There are several participants waiting for their turn. Thank you.

Operator: Sorry to interrupt you, Mr. Mohammed, but can you please rejoin the queue for follow-up?

Sheikh Mohammed: Yeah.

Operator: As there are several participants waiting for their turn. Thank you. The next question is from the line of Abhishek Kamdar from Value Plus Advisors. Please proceed.

Speaker #4: The next question is from the line of Abhishek Kandar from Value Plus Advisors. Please proceed.

Abhishek Sunil Kamdar: Yeah, hi. Congratulations on a great set. I have a question on triacetin, the new facility that is commissioned. What is the capacity utilization that you achieved for Q1?

Abhishek Kamdar: Yeah, hi. Congratulations on a great set. I have a question on triacetin, the new facility that is commissioned. What is the capacity utilization that you achieved for Q1?

Speaker #5: Yeah. Hi. Congratulations on a great set. I have a question about the prior set and the new facility that's been commissioned. What is the capacity utilization that you achieved for Q1?

Speaker #3: For paracetamol? No, no. So, try Acetine. I think this plant, we have started production in May, after May. So, I think this was only one month of production in this.

Abhay Raj Singh: For paracetamol?

Abhishek Sunil Kamdar: No, triacetin.

Abhishek Kamdar: No, triacetin.

Abhay Raj Singh: Triacetin, I think this plant we have started for production after May. I think this was only one month of production in this. Yes, this plant, slowly the capacity will increase because parallelly we are looking for the penetration into the market as well, and accordingly, we have to increase the production capacities.

Speaker #3: But yes, at this plant, the capacity will slowly increase because, in parallel, we are also looking at penetration into the market. Accordingly, we will have to increase the production capacities.

Speaker #2: And that's at a steady state. What is the revenue potential of this—the 6,000 MTPA that we have?

Abhishek Sunil Kamdar: At a steady state, what is the revenue potential of this 6,000 MTPA that we have?

Abhishek Kamdar: At a steady state, what is the revenue potential of this 6,000 MTPA that we have?

Speaker #3: Around 120 crores. Hello?

Rakesh Mahajan: Around INR 120 crores. Hello?

Speaker #2: Oh, around Rs 100 crore per year.

Rakesh Mahajan: Around INR 100 crores per year.

Speaker #5: Okay, all right. And in terms of the inputs towards triacetin, would it be the acetic anhydride itself? And what percentage or proportion of our acetic anhydride would be for captive consumption then?

Abhishek Sunil Kamdar: Okay. All right. In terms of the inputs towards triacetin, would it be the acetic anhydride itself and what percentage or proportion of our acetic anhydride would be captive consumption then?

Abhishek Kamdar: Okay. All right. In terms of the inputs towards triacetin, would it be the acetic anhydride itself and what percentage or proportion of our acetic anhydride would be captive consumption then?

Speaker #3: No, no, it is not acetic anhydride used. It is acetic acid and glycerol. These are the two input materials for this. So, acetic anhydride is not used in this product.

Abhay Raj Singh: No, it is not acetic anhydride usage, it is acetic acid and glycerol.

Abhishek Sunil Kamdar: Okay.

Abhishek Kamdar: Okay.

Abhay Raj Singh: These are the two input materials for this, so acetic anhydride is not used in this product.

Speaker #5: All right. Okay. But about ₹120 crore is the revenue potential of triacetin.

Abhishek Sunil Kamdar: All right. Okay. But about INR 120 crores is the revenue potential of triacetin?

Abhishek Kamdar: All right. Okay. But about INR 120 crores is the revenue potential of triacetin?

Speaker #3: Yeah.

Abhay Raj Singh: Yeah.

Speaker #5: All right. Okay. And how does that compare with the EBITDA margins of ethyl acetate?

Abhishek Sunil Kamdar: All right. Okay, how does that compare with the EBITDA margins of Ethyl Acetate?

Abhishek Kamdar: All right. Okay, how does that compare with the EBITDA margins of Ethyl Acetate?

Speaker #3: So, this is not on a product basis. We disclosed the EBITDA margin, but on a segment basis, we can discuss.

Abhay Raj Singh: This is not on the product basis, we disclose the EBITDA margin, but on the segment basis we can discuss.

Speaker #2: Even they cannot—both cannot be compared because the usage is totally different for both the products.

Rakesh Mahajan: Even it cannot. Both cannot be compared because the usage are totally different for both the products.

Pardeep Kumar Khanna: Even it cannot. Both cannot be compared because the usage are totally different for both the products.

Speaker #5: Thank you.

Abhishek Sunil Kamdar: Thank you.

Abhishek Kamdar: Thank you.

Speaker #2: Yeah.

Abhay Raj Singh: Yeah.

Speaker #4: Thank you. The next question is from the line of Santosh Shetty from LSG Capital. Please proceed.

Operator: Thank you. The next question is from the line of Santosh Shetty from LSG Capital. Please proceed.

Speaker #2: Sir, I just have a couple of follow-up questions. Firstly, backward integration has been an important part of IOL's strategy. Are there any significant raw materials or intermediary intermediates where you are still dependent on external sourcing and could potentially integrate further?

Santosh Shetty: Sir, I just have a couple of follow-up questions. Firstly, backward integration has been an important part of IOL's strategy. Are there any significant raw materials or intermediates where you are still dependent on external sourcing and could potentially integrate further?

Rakesh Mahajan: Metformin.

Speaker #3: So I think, for manufacturing the metformin, which is not an integrated product in our portfolio, and perhaps we will not be doing the backward integration for the same.

Abhay Raj Singh: Well, I think for manufacturing the metformin, which is not the integrated product in our portfolio, and perhaps will not be doing the backward integration for the same, because we are depending for DCD as a raw material from China. I think not only we, most of the companies are depending on the same from China, because this is geographically available into that region.

Speaker #3: Because we are depending on DCDA as a raw material from China. And I think not only we, but most companies are depending on the same.

Speaker #3: From China, because this is geographically available in that region.

Speaker #2: Okay, so great. Another question: IOL's overall export contribution has moved to 28.5%. Is the higher export mix also resulting in a better product or customer mix?

Santosh Shetty: Okay, sir. Great. Another question, IOL's overall export contribution has moved to 28.5%. Is the higher export mix also resulting in a better product or a customer mix, or is it the benefit primarily from higher volumes?

Speaker #2: Or is the benefit primarily from higher volumes?

Speaker #3: No, it's a mix of everything. It's a mix of better product mix, it's the result of operational efficiency, better realization, and customer reach also.

Abhay Raj Singh: No, it's a mix of everything. It's a mix of better product mix, and it's a result of operational efficiency, better realization, and the customer reach also. This is a mixture of everything, not any specific reason is not predominantly or dominantly can be contributed to this number.

Speaker #3: So this is a mixture of everything. Not not any any any specific reason is not predominantly or dominantly can be contributed to this number.

Speaker #2: Okay, so that's great to know. It's positive that your story is reflecting in the numbers, which we can see in our APIs. So, all the best for the future.

Santosh Shetty: Okay, sir. That's great to know. It's positive that your story is reflecting into numbers, which we can see in our APIs. All the best for the future. Thank you.

Speaker #2: Thank you.

Speaker #3: Thank you. Thank you so much, Santosh ji.

Abhay Raj Singh: Thank you, sir. Thank you so much, Santosh.

Speaker #4: Thank you. Ladies and gentlemen, that was the last question for today. I now hand the conference over to the management for closing comments.

Operator: Thank you. Ladies and gentlemen, that was the last question for today. I now hand the conference over to the management for closing comments.

Speaker #3: Thank you, everyone, for your questions and for engaging in the discussions. To conclude, we are encouraged by the strong start to Q1 FY27 and the progress across our pharmaceutical and chemical businesses.

Rakesh Mahajan: Thank you everyone for your questions and for engaging the discussions. To conclude, we are encouraged by the strong start to year FY27 and the progress across our pharmaceutical and chemical businesses. The increasing contribution from our non-ibuprofen portfolio, improving capacity utilization, and strengthening our international presence demonstrate that our diversification strategy is gaining meaningful traction. With our integrated manufacturing platform, diversified product portfolio, precise capabilities, and growing international footprints, we believe IOL is well-positioned to build on the current momentum and deliver sustainable long-term growth. On behalf of the management, I thank all our stakeholders for their continued trust and support. We look forward to updating you on our progress in the coming quarters. For any further queries, please feel free to contact our IR team. Thank you, and have a good day.

Speaker #3: The increasing contribution from our non-Ibuprofen portfolio, improving capacity utilization, and strengthening our international presence demonstrate that our diversification strategy is gaining meaningful traction. With our integrated manufacturing platform, diversified product portfolio, process capabilities, and growing international footprint, we believe IOL is well positioned to build on the current momentum and deliver sustainable long-term growth.

Speaker #3: On behalf of the management, I thank all our stakeholders for their continued trust and support. We look forward to updating you on our progress in the coming quarters.

Speaker #3: For any further queries, please feel free to contact our IR team. Thank you, and have a good day.

Speaker #4: Thank you. On behalf of MUFG Investor Relations, that concludes this conference. Thank you for joining us, and you may now disconnect your lines. Thank you, everyone.

Operator: Thank you. On behalf of MUFG Investor Services, that concludes this conference. Thank you for joining us, and you may now disconnect your line. Thank you, everyone.

Rakesh Mahajan: Thank you.

Abhay Raj Singh: Thank you.

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Q1 2027 IOL Chemicals and Pharmaceuticals Ltd Earnings Call

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