Sir, firstly, on -- like as Vikas moves on, so if you could give a clarity in terms of are we going to look for a new CEO and then now that Oc clutech is also there where, of course, business heads are there. So, if you could sort of give an overall CXO level in terms of the changes that would happen or any new person coming up on, if you could just share?
And just one on the semaglutide side, while in terms of dosage -wise, we are going to be only into injectables?
Ma'am, first on the API segment, there has been a healthy pickup in revenue over the past 2 quarters, which probably in the earlier quarters, it was pretty stable. So is it -- while the pricing pressure remains, so this is like a decent volume pickup. Is that the safe assumption to make?
Given the new molecule addition or the volume of the existing molecules?
Sir, with respect to your comment in your opening remarks about a few molecules going to commercial volumes over next 1 year within CS segment, while not getting into product detail or customer detail, but broadly to understand whether here -- is it more like the inventory buildup by the innovator given that there is certainty on launch, given that he's got the product approval or about to get the product approval, if you could throw some light on this aspect? That's my first question.
No, no, I meant to clarify -- so effectively, as a time line, we want the regulatory approvals to come through. So safe to assume that 3 to 6 months to get this process and then subsequently, if the regulatory approval comes in place, then the volume discu ssion starts happening. So effectively second half FY '27 as a broad time line to understand the business prospects from this. Is that correct understanding?
And this is the composition of generics and custom synthesis. It seems the custom synthesis business has scaled up really well over the last 1 to 2 years. Specifically, if I have to connect this to the gross margin, which has been pretty stable at 60% year -on-year or even quarter -over- quarter for Q2FY26. So, does it mean that we are broadly at a similar gross margin across both the segments? Or am I missing something here?
Okay. So, 60% is something as a base case to assume? Or there could be a upside risk to the gross margin?
Congrats on a good set of numbers. Sir, firstly, on number of doctors being onboarded in FY26, almost about 550, while the new hospital required a good set of doctors to be there at Noida. How to think about addition of doctors in FY27 - FY28?
Understood. And coming to Gurgaon now that 2 new hospitals coming up in Gurgaon probably in September-October period, competitor's hospitals. So how do you sort of think about across demand or, let's say, the inflow of patients and the doctor attrition or retention of doctors, whichever way you may look at as far as Gurgaon hospital is concerned?
So just on the mature hospital, while even after adjusting for the pharmacy and other income, the EBITDA growth still seems to be just 2% - 2.5% with the addition of manpower cost. So are we more or less done with the increase in th e manpower cost? Or is there something more to come? And subsequently, when do we see the EBITDA growth in line with or better than the revenue growth?
That helps. And secondly, on the developing hospital side, given that there has been, I guess, decent traction as far as institutional patients are concerned. But when do we see the ARPOB further scaling up with probably the change in case mix?
Sir, just on the R&D connecting R&D spend overall almost INR 2,000 crores and -- but at the same time, very few ANDAs being filed. So is it that the R&D spend for ANDA is significantly higher maybe for FY '26, '25 compared to the earlier, let's say, the philosophy of R&D spend for ANDA? That's my first question?
So sir, typically, at least for without getting into product specific details, but let's say for Respiratory and Oligo products, like per ANDA R&D spend broad number you would like to call out?
Sir, given the quarter 2 having, as you indicated, much lower contribution from generic Revlimid, and we are at 25% EBITDA margin. Subsequently, acute seasonality was also negative per se in 2Q, which is expected to improve in the coming quarters. And plus probably in fourth quarter, we're going to have respiratory asset launches. So still, you think that we'll be lower in terms of EBITDA margin compared to second quarter, even after considering the higher R&D spend that is like just 0.5% of sales? That's my first question?
Got it, sir. And to extend this question for FY '27, given the respiratory asset launches in fourth quarter onwards of this year. So directionally and given that some amount of R&D getting sort of preponed in FY '26. So directionally, the EBITDA margin for FY '27 would be higher or lower than the current guidance for FY '26.
So if you could give the breakup of ARV business into API and formulations, please?
Okay. So effectively, just trying to understand the non -ARV formulation business, has that grown or declined for the quarter?
So if you could give the breakup of ARV business into API and formulations, please?
Okay. So effectively, just trying to understand the non -ARV formulation business, has that grown or declined for the quarter?
Thanks for the opportunity and congrats on a good set of numbers . Just first to start from book keeping question in terms of you could break down ARV sales into formulations and API?
Sorry how much?
Thanks for the opportunity and congrats on a good set of numbers . Just first to start from book keeping question in terms of you could break down ARV sales into formulations and API?
Sorry how much?
Sir, firstly, on the gross margin front, where the proportion of Synth esis business has reduced quarter-on-quarter, API and FD F, which is largely ARV , have increased. And despite that, we are seeing reasonably good improvement in the gross margin. So, if you could just elaborate on that aspect first?
And sir, on the ARV side, just if you could give the breakdo wn of API and ARV formulation sales for the quarter?
Thanks for the opportunity. Sir, on the base hospitals per se, if I exclude the new hospitals, at the metros we are already at 70% occupancy, non -metro 62%, ROCE of 31%. So, if you could just elaborate in terms of what is further scope for these hospitals to sort of drive EBITDA going forward, maybe through CONGO or patient mix or let us say the payer mix? That is my first question.
Any broad number, if you could share like the seasonality impact for the quarter or, let us say, for the 9 months, how much it has been?
Sir, on Monroe now that U.S. FDA issues are behind. So how do we -- what would be the sort of trajectory in terms of business? I guess, product approvals are still not come. So how do we start the commercial products?
And also, how do you intend to increase the number of filings from this side maybe over the next 12 to 15 months?
Thanks for the opportunity. Sir firstly, on this CMO contract, if you could also share what is the size of this contract and the timeline for completing this c ontract and starting timeline for this contract. The one with respect to oncology.
USD25 million to USD30 million per year, starting end '28, correct?
Sir, in addition to milestone revenue, if you could also share how much has been the profit share for the quarter or the revenue share?
Okay. And sir, secondly, what explains this because the proportion of let's say, milestone and revenue share for the quarter has been broadly lesser compared to, let's say, earlier quarter or even year-on-year basis. And despite that, the gross margin of base business has been improving. If you could first sort of highlight that.
Sir, just on the Ascelis Peptide, how much of the revenue would have been in this quarter or, let's say, 9 months?
Okay.
Thanks for the opportunity. Sir, again on the India market side, the price growth has been sort of getting a little moderate. We used to have 7 %-8% price growth. We are now down to 5.5%. So, while of course, the broad -based growth is definitely a commendable thing, but just on the pricing aspect, if you could throw some light?
So, secondly on Brazil, typically the product approval timeline is pretty long. This is our earlier experience. So, from that perspective, what is your thought on semaglutide market formation?
Sir, firstly, on the book keeping side, while you have mentioned domestic formulation growth on an organic basis, can you also share exports growth on an organic basis?
Yes, yes. Yes.