Just Vivek, just on the technical point on this discontinuation of the -- some of the CGHS business, right? Why were they getting counted in occupancies in the first place because they could be daycare, right, chemos business, I understand, but not necessarily occupancy, right?
Understood. And when do you think this gets resolved, this CGHS issue? Or how does this pan out now? What happens next?
Just the first one on hospitals top line growth. So we have done like 18%, 19% for the first half. So how should we look at second half? Maybe the base is a little less favorable, but just want to understand, can we maintain some of this momentum into second half as well?
Understood. And Dr. Raghuvanshi, if you could break it down into volume growth, like maybe even occupied beds growth, large part of our growth is coming from volumes, ri ght? So given that we have higher beds versus last year, that is what is giving us the comfort that this run rate can sustain?
Just back again on the Gleneagles O&M. And if you look at the public disclosure from IHH, in terms of their overall India business margins and if I were to back out your Gleneagles, that's whatever -- I know I'm not talking only the 5 hospitals, but the overall, including the Bombay - - Mumbai one, very low margins, Dr. Ashutosh, right? So what are we trying to bring now in terms of operation and maintenance that is going to help improve this? Are these -- you mentioned about high -end specialty and all, but at 3.5% or 4% margins, something is missing, right? So what are the things that you need to bring on the table? And what is the ulterior motive, right? Is it going to be eventually merged with us over time, right? In that case, the assets, a t least at the starting point of margins seem to be pretty weak. So I just want to understand what the end game is on the Gleneagles facilities?
Yes. Just going on to my second question. We're getting 3 percentage net revenue starting in July, which is like INR20 crores, INR30 crores, I think. I'm just doing for full year. And is that already in our guidance? So did we -- when we guided for fiscal '26, is that -- I know you didn't announce it at the quarter end. But how should we look at the margin guidance? It should go higher now, right, versus what it was originally?
Quick question first on the capex. So we did ₹1,400 crores last year. We have done ₹2,500 crores this year at about 23%, 24% of sales. It's been a very high number and I don't know whether you alluded to a ₹1,500 crores number for '27, but just checking. And typically, Kiran, we have had a 2-year correlation on when you convert c apex to revenue or some form of it. So just want to understand whether the current batch of capex, including the long-term supply agreements, is it a slightly more prolonged revenu e recognition cycle, you think or you think the historical trends of when revenues accrue from these capex will be similar?
Yes, Nilima. So capex is ₹2,500 crores this year, last year it was ₹1,400 crores. ₹2,500 crores is 24% of sales. Our historical average is 13% of sales is the capex number. So I'm just saying it's significantly higher. I know we are doing three long-term supply agreements, but when does revenue accrue from c apex being done? Is it a 2- year to 3 -year cycle when you start seeing commercialization leading to revenue recognition?
Just on the growth outlook, right? I think you called out at 8.5% constant currency growth. I don't remember, but maybe you talked about a 10% kind of growth maybe in constant currency terms. So just want to understand, given that one of our key products, top products probably, which is in late life cycle bucket, probably is going more generic this year. How should we look at like next 12 months, maybe even fiscal '27, is -- are there enough other things in the pipeline for us to mitigate maybe if there's the genericization of this product?
Helpful. So you don't foresee any like dramatic change in how growth is?
Just a first question on -- you talked a lot about peptide center of excellence. Just curious, do you also have non-peptide GLP-1s in any of your projects?
Understood. That's helpful. And if you could highlight in terms of your current capacity for the peptides? Is there any measure by which we could get the overall comp? I'm not looking at individual project data, but what is the aggregate capacities in some form of measure for us to get -- to understand how much of the investment has been in this?
Just the first one on -- when I look at the annual report disclosures, it talks about valsartan, 6.4% of total revenue. So just curious from one of your top products, which you are supplyi ng to the innovator, Sacubitril plus Valsartan, it's gone generic in the U.S., as you may be aware, in the middle of July. So just want to understand how is our shipments going to vary on the path forward for valsartan and Sacubitril Valsartan specifically? And just trying to tie it with your guidance, if you remember, you have said that it's double-digit growth. So any risk that may be there given that the product has got generic for your partner?
Got it. That's very helpful, Kiran. Second question, just on the nutraceutical business. It's seen a good jump. Maybe last quarter, 1Q was not the right base but even Q -o-Q, it's gone up. So I remember a couple of years back, we had doubled our capacity. S o if you could help us understand just the trajectory of this business going forward? And what is the scope for expansion here?
Yes. Just 2 quick ones. First one is on the recent development, 1st of May when one of your big customers of bempedoic acid, Esperion, has been taken over or at least has been a bid from ArchiMed. So just not getting into that transaction, but more from a longevity of this business. is there any change in course, you think? Or the dedicated capex we put some time back, and what are some of the messaging you are actually picking up from this transaction? Because one of the key concerns from an investor perspective is what happens to bempedoic acid post patent expiry sometime later this decade, right? So just want your thoughts on how this product is evolving?
Helpful. Thank you. Thank you, Saharsh. Just second question, just on outlook only. So should we rely on some of your past guidance on quantitative elements of the growth and margins? We have talked about 18% to 20% CAGR over time. I'm not pinning it down to a year. Also margins, is it better to look at H2 margins rather than Q4 margins as a place to start? And if you were to look at FY27 or FY28, whichever you want to talk about, how should we look at say growth and margins, please?
Just the first one, since it's an in-line quarter. I just want to understand Q4 and full year fiscal '26, what are we expecting again? I don't you don't give like a number. But I just want to understand what gives us optimism about Q4, which may not have happened panned out like the way in Q3 that makes us maintain our outlook for '26?
Got it. Helpful. Sir, just a second question is on the traction from innovators. You talked about for the peptide molecule and why they are more keen and gives you the what about the renewed confidence you have in all the peptide capex that you have announced. If you could double-click on that? And are there any illustrations while not taking specific company names, what are some of the say, the work the process design work that you mentioned. Something like that, that gives us some more comfort on that particular capex?
Good evening. Thank you for taking my question. Just the first one, reading through the press release and the commentary around the outlook remaining the same from a growth perspective of fiscal 26. So Saharsh and team, just anything qualitatively, I know you are not giving anything quantitative in terms of what the growth outlook is, but if we were to look at Q2, then Q3, then Q4, what are some of the key milestones we need to kind of look forward to? So you talked about the validation at the Unit 3 new pr oduction block, but say, if you could kind of help us break it down on a quarterly basis, just the qualitative sense of what will help drive a recovery in the revenue space?
Understood. That is helpful. If you were to look at, in terms of, you also made a comment around the acquisition of land for Unit 1, I couldn't get which unit and this is outside of the peptide one, which you have, we are planning, right? Sorry, what is this for? And you said it is better to do this than do a Greenfield, so if you could just double click on this, please?
Hi, thank you for taking my question. Just two quick questions. One on this qualitative comment around earlier than expected life cycle for some mature commercial products, just trying to double click here. Is that something that is industry-specific you think, something that you are seeing more because products do see end of life cycle all the time. So has something changed, now versus earlier?
Yes, and what has changed now , that the predictability has increased? I think I am just trying to look for more qualitative evidence, and should we expect this in the next , whatever, three, five years that this unpredictable nature, this two-plus years, you are saying will probably continue? Yann D’Herve: Yes, so that is what I was trying to explain. You have more unpredictability when your customer products, right, are in close to patent expiry or have just been approved, right. That is where the unpredictability is the highest. When the products have been in the market for four or five years, the predictability is much better. In our case, we have a heavy load of products in those two buckets. I mean, that is where our sales were, right. As such, that increases the unpredictability for Cohance versus maybe other players , may have a more balanced portfolio with products that have been, for example, commercial since about five years. We have less o f those in our portfolio. So it i s a good news long-term because we have a strong early, I mean, early commercialized pipeline.
Good evening. Thank you for taking my question. Just one, trying to interpolate your guidance for ‘26 versus ‘25, INR2,600 crore last year, we are at INR1,100 crore now. We need to probably do about INR1,400-INR1,500 crore for the second half. When I look at quarter two exit, it is about 550, right? So, I am just reading out, given deferred shipments from 1H and project wins, we expect 2H to be 1H. Is there a way to kind of quantify what the deferred shipments amounts could be that is slip ping into 2H so that we get some comfort on, what is the ask rate for just the organic part?
Understood and Himanshu you are not quantifying what those deferments are, right? So, just for us to get comfort on the organic part of what we need to grow for the second half?
Just one question was on the 1Q performance and relative to what the Fiscal '26 outlook is. Sir, margins have come in lower, and even if you adjust for the one-off expenses, 23%-24%, you've guarded for a low 30% kind of margin. So, what gives us confidence? You also mentioned about these de-stocking. I presume it is in CDMO. Just want to understand how should the rest of the quarters pan out and what gives us the confidence of the guidance for Fiscal '26 remains intact?
Himanshu, thank you for that, but I was more looking at '26 only. So, if you could just rehash and tell us what the current year guidance only is because maybe there are some confusion on the previous call. So, what are we calling for organic growth for Fiscal '26, full-year? And what is the margin levels that we are expecting for full-year Fiscal '26?
Just one on the realization part. Again, I am just calculating revenue per patient from your revenue numbers and the patient numbers. So that comes up by 7.5%. You mentioned I think the GST cuts have not come in Q3. So I am assuming it is in Q4. What would be some of the enablers of this? Would it be higher Swasthfit? Can you just explain that? Or has the environment from a competitive standpoint been a lot more easier, do you think?
That is helpful, sir. Just the second question is you alluded to higher growth over time. Are we talking about not the 11% to 12%, but are we talking about higher than that? We think, and at some point of time, if it is 3-4-5 quarters later, we are looking at price increases. Could we then go beyond the 12% on a medium-term basis? I am not holding you to a specific year, but just want to understand are we in the trajectory looking up at any point of time?
Just one on the qualitative comment from your press release and your comments as well. RFP, RFI trends for overseas facilities have started improving since October 2025. So, maybe what are the kind of conversations or discussions that are happening, whatev er you can share qualitatively, and just the comment on onshoring as well , i f you could double -click on this, please.
Thank you, Peter. Second question, just on the Kenalog acquisition, the contingent considerations of $65 million . So, while you said the annualized sales of $30 million -$35 million, so what triggers these contingent considerations?
Just on the first half numbers and looking at Fiscal '26 guidance, I am not asking Fiscal '27, any change to revise it? We have a minus 5% decline in revenue. I know we have a second half, which is better, but what are some of the things that give you comfort in the second half if you were to retain your guidance that you shared at the Quarter 4? So, I just want to understand that piece, please.
And when I look at the individual pieces in that, have you also done, I think you gave some qualitative guidance on how some of these pieces are going to be like CDMO versus CHG versus ICH. So, is there some qualitative color on how it is going to work even for the three segments below that?
Hi! Thank you for taking my question. Just the first one on the revenue splits between CRO, CDMO, if you could give us the broad percentages and also a year ago? I am assuming CRO is growing. So, just some qualitative color on what is driving that growth.
Deepak, it will be helpful because if I use, how do we strip the riser at double-digit growth, because very difficult, right, since we are not sharing what that call-out is?
Just the first one on the hospital business . When you guide for organic growth of about 13% to 14%, we did 11% for this quarter. So just want to understand what should change; - is the ARPP growth going to remain as high or are you going to see better volume growth in the path forward? And just if I were to look at your occupancy for this quarter, and when I compare to the peers, I know there could be a geographical difference, but it is one of the weaker numbers. So, just want to understand for the path forward, how are we looking at even utilization improvement? And what should help us get back some of the growth? I know you talked about Congo, but maybe does it mean we have lesser occupancies when we do more Congo? So, I am just trying to see, is the business model changing?
Yes, very helpful. Just a second question on AHLL. You know, it is kind of all over the place, if we can use one word, right. We have topline growth, but no EBITDA growth in some and we have, so, maybe diagnostics is one I noticed, which is looking odd. Also, I think primary care and only where we have seen EBITDA margin expansion is specialty. So, maybe just a summary on AHLL, please.
I think in the opening remarks; you talked about a potential new generic entrance on Albuterol? So, is there something that we need to worry? Also, from your competitive study or market study, how far away is other generics on, say, Spiriva perhaps?
So, it is safe to assume another at least 12-18 months of like a runway for us?
Good evening. Thank you for taking my question. Just on the JB Pharma acquisition, just it's a month since we made the announcement. So, any update? I know you talked about all the approvals take six months, but anything that has passed in the last 30 days?
So, largely on track, right? Nothing changes?