Doctor, on the CMO business, which we have in both API and formulations, can you give us some color on when do you see momentum picking up on those pieces? Because we've seen sudden flattening out of the API business in the formulation business ex of ARVs also, we've not seem to have picked up much over the last few quarters.
This is driven by certain specific contracts? Or what will drive the timing from Q4 onwards on these businesses?
Sir, on the CDMO bit, in your presentation, you mentioned that you're working on 70 -plus projects, including several breakthrough designated molecules. Sir, from a CDMO partner perspective, is there any implication we should read into this designation of molecules as fast track as breakthrough molecules? I mean, does it have any implication? What implication does it have as a CDMO service provider?
Okay. And you mentioned that there are multiple of s uch products which are there in our pipeline.
Sir, on the CDMO bit, in your presentation, you mentioned that you're working on 70 -plus projects, including several breakthrough designated molecules. Sir, from a CDMO partner perspective, is there any implication we should read into this designation of molecules as fast track as breakthrough molecules? I mean, does it have any implication? What implication does it have as a CDMO service provider?
Okay. And you mentioned that there are multiple of s uch products which are there in our pipeline.
So, on your CAPEX plans, given where your various expansion plans are, what kind of CAPEX do you envisage for the next 2 years?
And Ravi, how would you break that up into broad segments if you can?
So, on your CAPEX plans, given where your various expansion plans are, what kind of CAPEX do you envisage for the next 2 years?
And Ravi, how would you break that up into broad segments if you can?
Sir, with respect to your comment around the quota regime in India for HFCs and the challenges that some of the other competitors may face in putting up larger capacities. Sir, what is the typical time required for someone to set up the capacities to meet the quota requirements?
And sir, for our perspective, are we looking to put up any incremental capacities before the quota – 2026 period ends?
Just following a little bit on the previous question. On the 24/7, you talked about 17% to 18% EBITDA margins. So on the operating expenses, how do you see the operating expenses playing out? They were about like INR 480 -odd crore this year. Do you see them coming off in absolute terms?
And this is a number which stays more or less with inflation increases going forward? That's the way to think about it?
Rajeev, on R&D, how many products have we filed this year? And how many were meaningful in your assessment in F '25? And how are you looking at '26, '27, if you can?
It was exactly the same point. Interesting on that you've got this year and how many do you probably see coming through over the next couple of years from a filing perspective?
Rajeev, in the past, you talked about looking to scale up your emerging market business. So 2 things, I mean, what are your thoughts on maybe some of the portfolio products that you have for the U.S. right now filings. I mean, which of these -- do you see an opportunity for some of these and all of these products in these other non -U.S. markets? And what other strategies do you have in mind for growing this part of the business?
And do you have any numbers in mind for how large you see this business probably becoming this non-U.S. business over a period of time, maybe 3 to 5 years?
Glenn, on the guidance of 19% to 20% EBITDA margins, what will be the drivers for the margin improvement that we're looking at without the licensing deal?
Okay. And secondly, Glenn, what is -- how do you explain the deviation which is there between the IQVIA numbers an d our primary sales for the India business? I mean where does the disconnect come through? I mean we undertook the inventory correction last year. So that shouldn't have played a role this year, I presume.
Glenn, on the Ichnos, what should we look forward to in Ichnos over the next 12 to 18 months? I mean any milestones? And by when you should expect them to play out?
And when is the readout for the other molecule expected, Glenn?
Hi, sir, t hanks for taking my question. Sir, on the two long-term contracts , by when would the commercial impact of these two contracts likely to be visible?
Just to clarify, this calendar year ‘26 end that you are talking about, right?
On the Europe and emerging market business as well as South Africa, we've had a pretty strong recovering growth this year. How should we look at these markets from here on? These are the -- has something really changed in these businesses?
And secondly on the U.S. with the guidance that you put out about $220 million thereabout for Q1. Do you see a lot of the impact of lena actually getting factored probably in that number? So with some of our bigger launches coming through the year, do we see this number picking up as we go along? Or this is a number which potentially can down further depending on how lena plays out?
Umang, just following up from the Symbicort point as you mentioned, what would be a rough timeline in your expectations for Symbicort approval in the US?
More like a second-half '27 launch?
On the U.S. business, the 2 peptides that you talked about for this year and the 1 that you talked to subsequent ones. From a size and scale perspective, are they kind of similar to what the Lanreotide opportunity for us?
Okay. Secondly, and on Lenalidomide is it fair to assume that this year and next year, we'll have volume -- higher volume shares versus what you've sold in '24?
Hi. Thanks for taking my question and congrats to Arun, Neeraj and the management team for a fantastic F '25. Arun, just taking off from the comment that you made on the F '26 guidance, just to be clear, I think what we should be looking at may be F '25-'6 which is kind of closer in nature to F '25 where bulk of the revenues in DDC will still be coming from milestones and licensing fees, et cetera from the contracts. And the commercial revenues will be a little back-ended, maybe as in because the patents for Sema really began to expire only towards the end of March or '26. So '27 is where the commercial revenues will begin to really pick up, leading to '28 guidance as you guided, put it out already.
Thanks. And on our F '28 guidance, to your mind, what are the risks, if any, which one can sort of, keep in mind while looking at that number? I mean, what are the risks, which one should can crystallize, which can impact the guidance?
Vinita, there has been a lot of general concern in the sector with respect to sector facing certain sort of US sales erosion in F Y27 post -Revlimid® sales going away. While we don't have the Revlimid® challenges, we do have our set of large ticket products in FY26 like Tolvaptan, maybe Mirabegron as you mentioned continuing in FY26. So I mean as you see the business looking through a couple of years out in FY 27, do you see a risk of growing or , not growing over the FY'26 base that you will end up creating?
So I mean if we are going to do double-digit growth all over in '27 or '26?
Congrats on a pretty good set of numbers. Sir, on the hospitals, we've outlined in the presentation of about 400 beds getting added on a brownfield basis in F Y'26. Now, sir, if we take a slightly long view, will we have a similar sort of opportunities to add around 400 beds per year even for the next couple of years? Or this is -- how should we think about the period beyond F '26?
But, sir, there are enough opportunities for you to add incrementally another 1,000-odd beds on a brownfield basis even after FY'26?
Thanks. On the pharma business, Sir, what is the outlook for the business from here on and from the time you acquired the business, what has not really played out to plan?
And Ramesh do you expect the business to be EBITDA positive? When do you expect the business to become an EBITDA positive from which period of time?
Sir, I'll just go back to the Fluoropolymer comments that you were making earlier. I mean, 2 parts. One is, a, the comment that you made with respect to the legacy play ers moving out. I mean this is a commentary that we've heard for some time, have been wait ing for this event to play out. Sir, if you can just help us understand more from a 2-, 3 -year perspective, I mean how is it withdrawal -- I mean how is the market r ight now? Where is the market right now, rather, in terms of the legacy players withdrawing from this market? And at what stage does it start to benefit us, start get reflected in our volume gains for Fluoropolymers?
And sir, on that, if you were to just not to look at numbers, but qualitatively versus -- I mean, how should we think about the size of the opportunity? I mean both in -- I mean maybe in value terms or value or volume terms, how should -- what really opens up for us because of this development, which is going to happen over, say, next 2- to 3-year period?