Sir, my first question is with regards to the revenue and the cost of Enzene and the U.S. biologic plant what you have started. So, if you could highlight exactly the cost as well as the revenue in Q4?
Okay. And sir, on previous expectation what we had of at least a onetime asset turn at this particular site. So, I mean post the imposition of tariffs and more focus on in -sourcing, how is the order inflow at the U.S. engine manufacturing facility?
Hi Sir, thank you for the opportunity. My first question is with regards to, you know, the FY27 revenue growth guidance. If you look post-COVID, our run rate has been around 10%-12% kind of a growth, and you are guiding for early to mid -teens. So just wanted to understand what are the kind of structural tailwinds you are seeing into the business? And secondly, if I look at your FY26 performance, it has been quite broad -based across regions. If you could also highlight when we talk about Tier 3, Tier 4, which are these geographies exactly contributing to the growth?
Yes, sir. Second part to the question was when I look at your FY26 growth of 12% and on the PBT, when I refer to the revenue split you know across the region, it is quite identical to what it was in fiscal 2025. When we talk about much of the growth coming from Tier 2 and Tier 3 cities, how does that pan across the regions in which you operate in?
Yes. Hi, sir. Thank you for the opportunity. Sir, my first question is pertaining to the JB Chemical acquisition. So, while complete control or the merger of the two entities may take another 6 -8 months, in the near term, how are we dealing at the senior level attrition, especially where the CEO and CFO of JB has resigned? So, are we going to have two different managements in place or it would be the Torrent team completely taking over?
Understood. Thank you. I will get back in the queue.
Hi, sir. So, just to follow up on the previous one. So, in Germany, what kind of growth are we looking at this year? And how should we look at it from an F'27 perspective?
All right. And this is just on the Semaglutide opportunity in Brazil. So, how critical is this launch for you and any color on how do you see the market shaping up?
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Sir, my first question is with regards to your investments in the gross block over the past and the asset turn. So while I think we would have a gross block of somewhere around ₹8,000 crores, ₹8,500 crores. So, what is the kind of asset turn or where do we see in the next 1 or 2 years based on the opportunity we have in terms of overall utilization of that gross block? Any color on that would be helpful.
Okay. And while in the past, we have mentioned about an equal share of revenues coming from generics and the CS business. But clearly in the first half, the contribution has been a little skewed towards the CS. And while the commentary also talks more abou t the CS business outlook. So would it be fair to assume that for the next 1 or 2 years, at least, the custom synthesis part would be something where we will get the majority of our revenues from?
Sir, my first question is in regards to the CDMO business. For the quarter and nine-month, if we exclude the inventory destocking, would it be fair to assume that the portfolio has grown in single digit?
And second, just on this acquisition again, so for Kenalog, I just wanted to understand the rationale for purchasing this. I understand it is being done at quite a reasonable valuation in terms of the upfront payment, but how well does this product fit into a portfolio? And secondly, from here on, how should we look at the CHG business growth entirely with this inorganic and organic growth in place?
My first question is with regards to your commercial on -patent products. So typically, in terms of the contracts what you would have, I mean, co uld you help us understand what is the tenure of this kind of a contract, whether it spans over a couple of years or it's quite short term in nature?
Sure. Sir, second question is on your discovery on -patent CDMO busine ss. If I look at the revenue contribution from this particular segment, that has come down significantly in the last 2 years. So any color you would like to provide on how the funding environment is and in terms of your new project wins what you would have?
Congratulations on a good set of numbers. Sir, my first question is pertaining to your Europe business. So for Gland and Cenexi, both of these segments, we have seen very good growth this particular quarter. So I just wanted to understand here that what is the kind of opportunity you're seeing in Cenexi first on this inactiv ated to vaccine and the sterile gel and for Gland as well, would this quarterly run rate be sustainable in the quarters ahead as well?
Understood. And sir, on your gross margins for the base business. So despite your share going up significantly as compared to where you were last year, the gross margins are still better. So would it be fair to assume that the new businesses are at par at what you are currently doing in U.S. or in Europe itself?
So my first question is with regards to your R&D expense going up this quarter to roughly, say, 6% of the top line. So if you could highlight where that expense is exactly getting invested into?
Okay. So I mean, should we account this as a kind of a onetime and then it moves back to that roughly 4%, 5% range, what you normally do?
Sir, for the first question is with respect to your US market growth for the base business, any commentary you would like to provide as to how the growth would revive in this particular portfolio in quarters ahead.
Yes. Sir, my question is with regards to your US revenues which has declined at around 2% within that Gland's portfolio, the growth has been minus 5%. So , wanted to understand how would this shape up in the near -term? And when we see this business , when we talk about the mid-teen kind of a growth rate, how would this business growth would pan out?
Yes. Hi, good morning team and thanks for the detailed explanation and offer for the business. My first question is with regards to this plant shutdown. First, was there any impact on this quarter as well? Is it the same DDC plant where you're planning to expand your capacities for injectables?
Got it, sir. And second is on the quarterly numbers. Just trying to understand the quarter performance, so the INR290 crores of revenue posted in Q3. Is it a fair reflection of your soft gel and injectable business?
Yes. Hi, sir. Thank you for the opportunity. So my first question is with regards to your de- risking strategy in the geographies for SEMA or GLP-1. So could you help us or could you rather provide us your key market-wise customer concentration that is across Canada, Brazil, India and MENA? How many customers would you be serving in each of these markets?
Okay. Okay. So, just on the capacity front, so now that we have some bit of clarity for the existing one and the new ones, is there any plan to take this ahead or from where it is? That is a call we might take sometime later.
Yes. Hi, sir. Thank you for the opportunity. So first question is on, I know you have the capacity expansion. So you mentioned about expediting the 200 million cartridges by the end of CY '26. So based on today and the kind of outlook from what your customers are giving, is there a plan to further expand this from where we are or where we have committed in terms of the cartridge capacity?
Understood. And, sir, in our revenue guidance and EBITDA guidance for FY '28, we are not factoring the Poland and Baroda facilities, what is getting evaluated, is that right?
Sir, with our occupancy now inching up consistently about 70%. So where should we see this occupancy on the existing setup in the next couple of years? And second one on the debt. So I mean, what are our plans to retire this debt? And by when should we see FY '25 levels coming back?
Understood. And sir, I had one more question on the Diagnostics side. Sir, I mean, if you look at this quarter per se, then our number of tests has grown only 2%. Sir, any broad color if you can provide on how should we see the Diagnostics business revenue growth moving into second half and next year?
Good evening. Just in terms of your FY26 guidance, when we talk about the second half being better than the first half of Fiscal 26, how should we look at this number from second half of Fiscal 25? Is there some bit of a decline we should expect in the guidance we are providing now?
Okay. And so, how about margins, previously we were talking about around 30%. First half we are a little lower than that, but on second half, do we expect some kind of a rebound?
My first question is with regards to the slowdown that we have witnessed in the Hyderabad market in terms of our revenues going in low single digit. So, anything to read here or this is mainly on account of the seasonality what you just spoke about?
Okay. So, sir just next on your guidance, so are we holding on to the 17%-18% top line growth and EBITDA margin guidance of 38%-39% for the full year?
First question is with regards to your AP cluster. So if you look at the margins for this particular quarter, there has been some bit of a softening. So can you help us understand why has this happened this quarter?
Got it. And sir, when you talk about your EBITDA losses in Q2, we see a cumulative range of INR30 crores, INR35 crores, that even factors the new hospitals at Andhra issue.
Sir, firstly, on the R&D budget of INR400 crores what we have earmarked for this year. Sir, what percentage of this would be spent on the NCE projects and in Agrochem, if you could help us with this.
Sure. Understood.
Okay. So first question is in terms of your guide for the margins. So would it be fair to assume the...