Ladies and gentlemen, good day and welcome to Q1 FY 2026 results conference call of Fredun Pharmaceuticals Limited, hosted by Kirin Advisors Private Limited. 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. Chandni from Kirin Advisors. Thank you, and over to you, ma'am.
Thank you. On behalf of Kirin Advisors, I welcome you all to the conference call of Fredun Pharmaceuticals Limited. From the management team, we have Mr. Fredun, Mr. Rakesh, Mr. Gajanan, and Mr. Khanjan. Now I hand over the call to Mr. Khanjan. Over to you, sir.
Thank you, Chandni. Good morning, everyone. Thank you all for joining. I'm happy to welcome you to the Fredun Pharmaceuticals Limited Q1 FY 2026 earnings conference call. Let me start by briefly introducing our company. Fredun Pharmaceuticals Limited is a diversified pharmaceutical company with a strong presence across India and 52 international markets. Over the years, we have transited from an OEM manufacturer into a holistic healthcare company with offerings across branded generics, nutraceuticals, cosmeceuticals, animal healthcare, and mobility aids. Today, we have over 1,200 products under registration domestically and internationally, and 697 products already registered. We operate with a manufacturing base in Palghar, supported by contract manufacturing at 37 additional locations across India. We have built a large and scalable product portfolio and are continuing to expand across key therapies such as antidiabetics, anti-infectives, and cardiac care, with a growing footprint across Africa, Southeast Asia, CIS countries, and Latin America.
Fredun is the only player in India to have a patent of bone graft. The first quarter of FY 2026 has been a strong one for us, a reflection of our consistent focus on execution and our shift towards higher margin verticals and pet healthcare. Key financial highlights for Q1 FY 2026: Our revenue grew by 52% year-on-year to INR 119.86 crore. EBITDA grew by 62% to INR 16.99 crore, with a margin expansion to 14.18%. Net profit rose by 64% to INR 6.77 crore. EPS grew by over 63% year-on-year, reaching INR 14.33. In terms of business momentum, our order book currently stands at over INR 200 crore, providing strong visibility for the upcoming quarters. At an industry level, the environment continues to be supportive.
The global generics market is expected to grow exponentially in coming years. The Indian pet care industry is also projected to grow at over 17% CAGR, driven by rising adoption, better awareness, and evolving consumer needs. Fredun is strategically aligned to these higher growth segments. Our new age business, pet care, nutrition, mobility, and wellness are expected to grow at 35%- 40% CAGR, and we are focused on building long-term value in these categories. Our goal is that by FY 2029, our entire revenue will be driven by our vintage generics business. By FY 2032, we aim for over 51% of our revenue to come specifically from new age business. A key focus area for us is building a complete pet care ecosystem. Under our Freossi brand, we offer a full range of products from MCSC-based nutraceuticals, grooming solutions, and functional food to pharmaceuticals and diagnostic services.
In Q1, we took a major step by acquiring One Pet Stop, a tech-enabled dog care pet grooming platform, which complements our existing offerings and helps us serve the urban pet owners more holistically. We also launched India's first 24/7 dedicated pet diagnosis center, equipped with [CBCT] imaging and advanced ultrasound, a move that positions us uniquely in the organized pet wellness space. Over the next few quarters, we plan to expand this network across major Indian metros. We believe that this integrated approach across human and animal wellness will help Fredun create a sustainable differentiation in the market. We have made a good start to FY 2026 financially, operationally, and strategically. We remain focused on scaling our branded portfolio, deepening our presence in India and key global markets, and building strong verticals in pet care, nutrition, and wellness. Thank you once again for being with us today.
We look forward to your questions. Thank you.
Should we begin with the question and answer session now?
Yes, sure.
Okay. Before beginning with the question and answer session, I want to tell everyone that this call is for one hour. Please stay connected. I also request participants to ask two questions. Thank you very much. We will now begin with the question and answer session. Anyone who wishes to ask a question may press star and one on their touchtone phone. 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 Surabhi from NV Alpha. Please go ahead.
Thanks for the opportunity. I want to understand more on your generics business. Firstly, the split between domestic and export, and also which therapies you're more focused on in the branded generics space. If you could give a split on your total revenue pie, what comes from branded generics and what comes from pet care, nutraceutical, and you know other segments as well.
I'll answer your first question. You guys can hear me, right?
Yeah.
I'll answer your first question. The generics division was started in order to offset the OEM manufacturing because we have a very clear target that by January 2029, every single product that comes out of our ecosystem should be Fredun-branded. Having said that in mind, all our products that we have raised in generics in India have to be launched in phases and together. Generics cannot be in quanta. We have to have a basket of at least 350 products across 15- 20 therapeutic segments together. Right now, in terms of the distribution, about 25%- 27% of our entire sales is exports, and the remaining is in India through third-party distribution and local sales.
We tend to add, we are in the process of adding more therapeutic ranges and to create a basket of around 500+ products and envisioning the Fredun Gx business to cross around INR 250 crore-INR 300 crore in the next 8- 12 quarters.
Just a small follow-up on that. The entire generics business is branded generics, correct? Is there OEM manufacturing here as well?
It's all under our brand. It's all under our brand.
Out of the INR 450 crore.
Every product is branded generics only. Generic generally technically does not exist. I get your question. Yes, it is under our Fredun brand only.
Got it. Out of the INR 450 crore in FY 2025, around INR 250 crore-INR 300 crore would be from branded generics, and then would be the other segment?
Yeah. For us, we don't break up in that sense. How we break it up is new age business and old age business. Around INR 350 crore is our vintage business. The remaining INR 100 crore, INR 110 crore comes from our new age business. In the new age business, we have started this generic line. The remaining products also, so Fredun Gx is a brand. It is not a generic division. Fredun Gx did around INR 55 crore- INR 60 crore of business last year. We are planning to take it to around INR 85 crore this year and then about INR 150 crore the year later. In terms of a long-term target, we are looking at around INR 250 crore- INR 300 crore of revenue within the next 12 quarters from the Fredun Gx line.
From the Fredun Gx brand, the remaining products are also, some are exported, some are sold locally, some are through different distribution channels that are, of course, all generics because in India, even Sun Pharma and Cipla only make generics. They have what you call the Fredun brand name, and it does not go under Fredun Gx. Fredun Gx is a specific brand which we have started about two and a half years ago in order to penetrate the local tier 2, tier 3, tier 4 distribution markets in India and to reduce our dependency on OEM and third-party manufacturing.
Got it. What percentage of our manufacturing is own manufacturing versus what percentage do we outsource? When you say INR 250 crore-INR 300 crore of branded, that includes the pet care or like pet care comes under the.
No, no. The INR 350 crore of branded Fredun products are allopathic formulations. About INR 30 crore is pet care. About INR 16 crore-INR 17 crore is nutra. About INR 9 crore is cosmetics, and about INR 6.5 crore is dermaceutics. About INR 18 crore-INR 19 crore is around our mobility and the new segments. That is how we are breaking up. The whole business, we are metamorphosing from a contract manufacturing company with our own brands and exports to actually having our own branded lines in India with different divisions, which we also have a base in our exports market to offset the MOQ and the economies of scale.
Got it. In the export market, I'm guessing it's mainly Africa or very semi-regulated.
South Africa, Southeast Asia, CIS countries, Latin America.
Are any of these tender-based out of the [27]? Is anything on tender?
Tender-based, no. In India, around INR 18 crore- INR 25 crore annually is institutional sales. This year, we will end up doing around INR 35 crore, INR 35 crore- INR 40 crore .
Got it. If I can just squeeze in one more, what is the strategy for the new age, the Fredun Gx line? Like I, because anyway, it would be a brand.
The strategy for the Fredun Gx line is very simple and succinct: to penetrate in tier 2, tier 3, tier 4 cities, to have a product portfolio which is vast and varied, which we can manufacture ourselves where we have control over the pricing. Our unit pricing comes low because we have one of the largest capacity of plants in the country. Hopefully, within the next two years, we'll have one of the largest plants in the country for a single location. The 37 locations that we have added recently in the last, say, a year and a half or two, those will help us create a portfolio of products which we cannot manufacture under one roof. That basket, in addition to it, will give us a good base for penetration within the country.
Got it. Got it. Thank you so much. Thank you.
God bless you. Thanks.
Thank you. I request each participant to ask two questions. The next question is from the line of Kushal Kasliwal from InVed Research. Please go ahead.
Yeah, thanks for taking my question. Fredun, basically, this is your first phone call. I just wanted to understand the business model. The previous participant has already asked the overall split in the business. I just wanted to get a sense on where your focus will be going forward. I mean, pet is something which is pretty hot. Do you only plan to focus on pet care business, or it seems like your new age business, which is the generic line, is also a focus area? I just wanted to get a sense of where is the future growth heading towards.
Yes.
This is my first question.
In order to answer your question, I would like to say that for us, we didn't start pet because there was a craze in the market in the last three, four years. We had developed products for pet care years ago, in fact, decades ago, because we are a very strong tech-based company. Both the promoters, my parents, were PhD research scientists. They had developed a lot of products, but I did not feel the time was opportune. In the last four, five years, the time was opportune. We launched those products, and we've got tremendous success. Plus, the marketing channel that we have used to penetrate into the Indian market is very different from the others. Therefore, we have got very good traction. Pet care, yes. Why?
Because we are the only pet care company right now in the country which has allopathic formulations, nutraceuticals, functional foods, herbal diagnostics, and medical devices such as bone grafts all manufactured under the same roof, including grooming products. That gives us a very good control over our products. That gives us control over our quality and allows us to do further R&D in new age products. Some products which we are launching in the next quarter or in the next two quarters, which are in stage three and stage four trials right now, are also very new to the Indian or even the Asian market. We are very strong in what we are doing for pet, including the diagnostics. We are the only pet diagnostic standalone center in India right now, which runs 24 /7 as a full-time anesthetist.
This is in line with our goal for pet care for our company that by 2032, no pet in India can be born or die without using a Freossi product. That is our vision and our goal. Therefore, we are in all segments. Luckily, we could be in all segments because of our manufacturing prowess and capability to manufacture those products in our blocks at our locations. Pet care, yes, definitely is a good vision. Dermaceutics and nutraceuticals is also a very strong vision-driven division for us because we are already exporting specialized nutraceuticals, specialized dermaceutics in our export markets. We have got good hold over those products. We know what sells. We are also doing OEM for many manufacturers, many brands for dermaceutics in India for quite some time. We know the market. We have known the terrain quite well, and it allows us easy foray into this demographic.
Nutrition, dermaceutics, and pet care is our goal. Fredun Mobility has done phenomenally well. In fact, from October 2023 to this year, we'll end up doing around INR 35 crore of branded mobility products like [Vissco Tynor], they are doing. They all at one level go hand in hand. For many, the distribution channels are also the same. It becomes easy for us to market them also. The new age business per se will be our focus. The reason why it is our focus is because the vintage business is going to grow around 15%- 20% year- on- year for the next seven to nine years. The reason being we have another 1,290 registrations in the pipeline. Those 1,290 registrations will have fruition within the next three to four years.
Even if 10% of those registrations yield continuous orders and even 10% of those yield bumper orders, we are still set for an easy growth of around 15% year- on- year. The runway for what we used to do is set for the next seven to nine years. Therefore, we can focus on our new age business and create brands which we have already got traction for.
Fair enough. Thanks for the detailed answer. I think you've already kind of given a guidance or aspiration where we want to head in terms of our new age business. Within new age, you already told that, you know, the Fredun Gx is doing roughly INR 55 crore–INR 60 crore this year. Next year is INR 85 crore. Next to that is roughly INR 150 crore is what we are targeting. On an overall business level, could you give like an aspirational guidance or maybe a realistic guidance for the next maybe two to three years in terms of top-line margins? Can you just help us there?
What I can tell you is our target for the next three years, our target for the next three to four years is to double our revenue and to double our PAT from where we are right now. We are looking at somewhere around an INR 800+ crore top line with a INR 90+ crore PAT kind of thing after a few years. We are in process, we are also going to start eliminating low-margin products which don't yield results and keep on creating cost efficiencies by increasing our capability in order to manufacture. In the next, as I said earlier, in the next 18 to 24 months, we should be one of the largest plants in the country for a single location. We are on route to that. We are almost there. As a vision, top line is the target. Bottom line is growing consistently.
Considering all our guidances which we have given since 2017, touch wood, we have achieved them. Some have been overachieved. We hope to do the same in the coming years.
Thanks. I just missed your last point. You're saying INR 800 crore top line, INR 90 crore PAT in the next three, four years. Is that what you're saying?
Yeah, that is our target.
INR 90 crore PAT, you're saying. This is almost 3x. Got it.
Because we are looking at a 10%- 11% PAT kind of scenario.
Okay. You are expecting a slightly higher EBITDA and net margin.
The new age business is all higher gross margins of about 50%. Once those start reaching cost efficiencies, profitabilities will start building in.
Understood. Understood. Fair enough. Thanks so much for your detailed answer.
God bless you. Thank you. Appreciate it.
Thank you. The next question is from the line of Dixit Doshi from Whitestone Financial Advisors. Please go ahead.
Thank you for the opportunity. As you have explained in detail about the different divisions and your vision towards the different divisions, I just have a couple of questions. Firstly, if you can mention how much is our inventory and receivable as of June?
Right now, our inventories will be in the base of around INR 200+ crore. In terms of July, our receivables are around, in fact, 31st July, our receivables will be under INR 100 crore.
Okay. Under INR 100. It has improved a lot from where we were as in 31st March.
Yeah. 31st March, also we have to realize that the debtors do seem higher from last year, from INR 77 crore- INR 177 crore. We also have to realize that there was a shift in the business model in terms of local sales and generics. At the same time, the last quarter itself was INR 165 crore. The debtors have increased because the sales have increased. Inventory levels will remain high for the next six to seven quarters because we have a lot of SKUs running. We have to hold inventories. We have to hold a few months of stock. The ratios are improving for the last 18- 19 months. Hopefully, within the next six to seven quarters, our inventory will align at around 125- 130 days. That is not a worry for us at all. In fact, we are very confident of where we are heading.
We are very steadfast in our goal.
Okay. In terms of receivables, what kind of days are we looking?
Receivables, see, we have to realize I cannot give you an absolute number. What we can say is the receivables will be in the tune of about 120- 130 days right now because when the new age brands are going into the market, we have to give it time for the market to understand the product and accept it. We have watertight agreements with every single distributor in the country. All the goods are one-way valves and are on solid, not even watertight, airtight terms and payment terms. Touch wood, we have no bad debt also. The debtors will be somewhere around 120- 130 days going forward at any given time. Within maybe a year and a half or two, maybe it might come down to 90 days, 95 days, considering the acceptance of our brands and products and will improve.
In Indian markets, in the distribution channel market that we have approached, 90- 120 days credit has to be given.
Our debt equity was almost 1 :1 , considering the working capital loan. Till what level are we comfortable, and any plan of fundraising we are looking at because we have a very high growth plan?
Yes, of course. We will definitely look for some equity and around in the coming months. In terms of what we are doing, we don't have any long-term debt in our books. Most of the debt is working capital, and we have orders for those things. Even if we don't raise any funds in the next month or two months or three months or six months, it's not going to hamper our growth. In fact, we haven't raised any funds, and still we have grown about 30% last financial year, including growth of profits. Sometimes necessary wills have to be carried on, but that's part of the game.
Okay. Just last question. If you could, I missed the earlier part. What is the difference between the Fredun Gx and the vintage? I mean, is the therapeutics different or the?
In India, most people confuse by saying कि कंपनी जेनेरिक बनाती है और यह कंपनी ब्रांड बनाती है। कोई ब्रांड और कोई जेनेरिक बनाता ही नहीं है key company generate [fan at tier], or your company generate [fan at tier]. Well, all brand generate, what I mean nobody makes branded. Everyone makes a branded generic. For example, an ointment. An ointment by default can never be a generic. No doctor will be able to write in a generic name for an ointment or a cough syrup or a sum. So many, many products by default are all branded. For us, the differentiable and clear, crystal clear that the new age business, which includes the Fredun Gx line, which we started two, two and a half years ago in order to offset the third party and OEM manufacturing, which we do for other brands. Where we have a goal that we do not want any product that's coming out of our ecosystem, which is not of a Fredun brand post January 29.
Okay. This vintage INR 350 crore revenue, which we have, this will grow? I mean, this.
That's what I said. I just said that it will grow around 15%- 18% year- on- year because we have 1,290 registrations in the pipeline.
Okay. This includes the OEM, I mean, for other brands which we make?
Yes. At one point, we cannot put a hard stop to our associates, which we have associated for more than 30 years. Some are associated more than 20 years. Some lines will grow, and we are going to figure out the ways of how we can make them happy as well. Those brands right now are going to grow.
Okay. You mentioned INR 200 crore order books. If you can explain that, is this a firm order book, is it like a?
Yeah. We always have, our order books are always firm. We get orders from all our export markets for a six-month period. Our local markets, we get orders now for a six-month period, including our third-party orders. Every order that we have, we don't book into our system unless it's a confirmed order.
Other than the new age business, generally, we have two-quarters order book?
100%. 100%.
Okay. Okay.
In fact, we will definitely grow.
Okay. Okay. That's it from my side. Thanks.
Thank you. The next question is from the line of Mr. [Suresh Pal from KRSP Capital]. Please go ahead.
Thank you for the opportunity, sir. Sir, I would like to know about our, for the last three, four years, if I look at the balance sheet of the company, the cash flow from operations has been negative consistently. On the other hand, debt has been increased consistently. Any thoughts on improving our balance sheet?
Yeah. In fact, this answer is in line with what I just explained to the previous gentleman, that once the inventory line of days reduces and the debtors reduce, the cash flows will start getting positive shortly. We have to wait and buckle up. It's a necessary evil that we have to endure in order to create brands in the country which last for a prolonged period of time.
In the history of the company, has there been any bad receivables or something like that?
With the grace of God, for 31 years of operation, and we are existing for almost 37 years, there has been no bad debt.
Okay. Sir, what is the revenue growth guidance and PAT growth guidance going at?
Sorry, can you repeat the question, please?
What is the revenue growth guidance and PAT?
That's what I'm saying. We are looking at around 15%- 20% growth overall year- on- year, and our PAT will also substantially grow. The reason for the increase in PAT, even last quarter or from the first quarter of this financial year, has nothing to do with what we are doing now. It is our prolonged continuous efforts for the last many years. The results and the numbers that we are seeing in FY 2026 are for the work that we have done in FY 2021 or FY 2022 or FY 2020. What we are doing now, you can see the results in FY 2030, FY 2031 because we plan about three and a half to four years ahead right now because we have orders in hand. We have the foresight, and we have the products in place and the R&D team and the marketing team in place.
We are lucky enough to plan for about three and a half to four years ahead because the current foreseeable future, we are already sorted. We are looking at sizable growth in terms of our profit margins coming in from a new age business because there are higher gross profit products. At the same time, we are increasing our own branded products and reducing dependence on OEM. Margins will increase. We will substantially grow and hopefully, we will achieve what we intend to do.
Sir, when are we planning for fundraising?
Sorry to interrupt, Mr. Suresh, but we requested.
That is the last question.
We are definitely planning. We will definitely understand our requirements and hopefully have a raise soon.
Okay. Fine.
Thank you. A reminder to all participants, you may press star and one to ask a question. I request each participant to ask two questions. The next question is from the line of [Aditya from Ajarbika Capital]. Please go ahead.
Yeah. Hello.
Yes.
Hello.
Yeah. Hi.
Thank you so much. Yeah, good morning. Sir, my first question is that on a pet healthcare segment, One Pet Stop integration synergy. With the acquisition of control for controlling stake in One Pet Stop, what is the plan with this acquisition, and what specific synergy are you targeting, and how will you use this acquisition?
One Pet Stop was an MMRDA-centric company where they used to do grooming for clients across the MMRDA. MMRDA region is a region near Mumbai. If you are from Mumbai, you would know. They had 4,000 customers for grooming, along with the grooming vans and equipment and everything. We have taken over that because that gives us direct access to all the 4,000 pet owners and pet parents across the MMRDA region. That allows us to cross-sell our product with those ready customer bases on a month-to-month basis and a personal basis because when there is a grooming happening, generally, the pet parent is the one who is continuously in touch with the grooming parlor. The customers have a hands-on approach, and the customers are known by name. It is a very low-hanging fruit and allows us instant penetration into the market to cross-sell our products.
It was a strategic move in order to foray deeper into the MMRDA region in Mumbai itself.
Okay. Sir, what is the revenue model? Is it a subscription-based, something like that?
No, it's a one-time fee. Yeah, yeah. Right now, for the first two quarters, the company itself will not have any in terms of revenue as we are aligning ourselves in OEM cross-selling our pet care products through the customer base of One Pet Stop. That will slowly add our other functional food products. That is our OTC products for pet care. That will be sold via that. The revenues will start coming in shortly.
Okay. Got it. Sir, my next question is product registration pipeline side. Sir, you on your last press release, you have mentioned that 200.
Sorry to interrupt, but we request you to rejoin the queue for follow-up questions, as there are many participants left.
Okay.
Thank you. The next question is from the line of Dixit Doshi from Whitestone Financial Advisors. Please go ahead.
Yeah. Thanks for the opportunity. You mentioned that One Pet Stop already has 4,000 customers. What is their current revenue, annual revenue, and profitability?
They were doing only grooming right now, right? They were only doing grooming. They were not selling any products to the customers. Their revenues will be very minuscule because they were only doing grooming jobs. For us, the revenue was immaterial. For us, it was the access to 4,000 paying customers across the diaspora of MMRDA who are also pet parents. By default, they will be using all the products that we are currently making. The revenue of One Pet Stop was immaterial to us when we took the decision.
Okay. Understood. This diagnostic center business, we only have one center now, and we are planning to expand it to multiple large cities. If you can broadly explain the per center CapEx or revenue model.
No, sir, we are not going to do many franchises. The one center right now has a potential to do around INR 15 crore annually in terms of revenue with a 20% - 25% net. That is the easy numbers that we can target. We just started this. You can say we started in February, but full-fledged operations and everything were started in, say, this quarter. Within the next 18 months, we will hit the run rate to achieve INR 15 crore annually per center. By end of this year, we are planning one more center in north of Mumbai. That will cover Mumbai for us. We have four 24 / 7 ambulances stationed across Mumbai to get the pet from any place in Mumbai to our center within 35 minutes- 40 minutes.
We are also having a full-time anesthetist at our center, which even human centers don't have because for a CT and a CBCT and those kind of tests, the pet has to be, what you call, anesthetized. We have that facility also. We have a blood collection facility also. For us, we are not using any additional bandwidth to sell those products. My Freossi team is already going to all the doctors anyways for our products, and we are getting substantial prescribed sale. All my team has to do is say that we are a pet center we are going to have. We have also got our pet center now. Without using additional bandwidth of our marketing team and work team, it adds and works in our favor and has a natural synergy.
Okay. How much CapEx does this center require? Initial setup.
Sorry? The CapEx will be depending upon what machines you get, but it will be somewhere around INR 8 crore.
8 crore per center. Okay.
Yeah.
Okay.
68 crore. That is the.
Okay, thank you.
Thank you. I now request each participant to ask one question only. The next question is from the line of [Somil Shah] from Paras Investment. Please go ahead.
Hi. Good morning. I joined in a bit late, so I don't know if this question was answered. What is the reason for high data days? I mean, if I look at the last three years, the data is constantly going up.
Again, I answered that question earlier. I'll reiterate. The data in absolute numbers have gone up because the sale has also gone up. In the last year, the last quarter sale was INR 165 crore, and the total debtor outstanding was INR 177 crore. It is only the 90- 110 day debtor, which is a common phenomenon in the Indian market. Because the numbers increased from INR 77 crore- INR 177 crore, people are feeling that there is a INR 100 crore rise. As on 31st of July, the debtors are less than INR 80 crore-INR 90 crore. We have got all our receivables. When we do our sales, the debtors will go up. This cycle will continue.
Overall, within the next six to eight quarters, the debtors will stabilize at around 125- 127 days after the new age brands start kicking in in terms of cost efficiency and repeat orders on a continuous level across the existing markets and new markets as well. In India, we will definitely try to get it from 120 to maybe about 100 days. Below that, it will be difficult, and the business model is such that it requires 90- 110 days of debtors.
Okay. Thanks for a detailed answer. My final question, if I look at the EBITDA margins also.
I'll interrupt, Mr. Shah, but we request you to rejoin the queue for the follow-up questions. We're just taking one question per participant.
Okay. Fine.
Thank you. The next question is from the line of Krisha from Molecule Ventures. Please go ahead.
Yeah. Sir, I only have one question related to our business. In FY 2025, we lost the top line of INR 456 crore. I have two sub-questions. One is how much of INR 456 crore was contributed by our vintage business and how much was contributed by the new age business? Another sub-question is if you can just throw some light on, because I'm also new to the company, what exactly is included in the vintage business and which segments are included in new age? If you can give us this breakup, it would be helpful. Thank you.
Yeah, I've already answered that question a couple of times, but I'll reiterate it. Around INR 350 crore-INR 360 crore in terms of vintage business. Vintage business is what includes all our export business, which is our own brands and everything, and also the third-party OEM manufacturing, also the loan licensing parties, also the distribution of our own brands, which we are doing for the last seven, eight, 10 years in India in terms of various product categories and different therapeutic classes. The new age business constitutes for the rest of the, what do you call it, the revenue. I hope that answers your question.
If a new age business bikes from Fredun Gx, what areas is included?
That's everything. Fredun Nutrition, Freossi, Fredun Mobility, Fredun Gx, BeautyFRED, and Bird N Beauty.
Okay. Understood. Any vintage? What percentage is contributed by contract manufacturing?
Sorry, Mr. Shah, can you please rejoin the queue for the follow-up question?
This is just a related question, ma'am. I just want to know the percentage contribution of contract manufacturing in the vintage business.
The contract manufacturing is broken down into three parts. One is loan licensing, one is third-party, and one is distribution of their brands. That will add up to around INR 100 crore or so.
Sure. Thank you.
Thank you. I request participants to not repeat the questions that I've asked before. I also request each participant to ask one question. Thank you. The next question is from the line of Jayshree Bajaj from Trinetra Asset Managers. Please go ahead.
Hello. Thank you for the opportunity. Most of the questions have been answered. My question is, recently, we have appointed Mr. Anshu Agarwal and Ms. Sonal Desai as the Independent Directors. Could you please elaborate on the specific areas on strategic initiatives where their diverse expertise is expected to give value to the company's growth trajectory? Thank you.
Yes. Most of them have a good background in terms of understanding finance, banking, and in certain administrative parts. They also have decent backgrounds in terms of distribution channels and new age businesses. They are fresh eyes that will come in with a fresh mind in order to understand and grow the company internally and externally. They have a quite robust background. Plus, they are hands-on, active, and available, though they're independent directors. Yeah. Thank you.
Thank you. The next question is from the line of Aditya from Ajarbika Capital. Please go ahead. Mr. Aditya, are you there?
Sorry. Sir, actually, the product pipeline side. In your last press release, we have mentioned that 200 product serenity and that. How does the robot pipeline transfer into future revenue growth, and what is the expected timeline to reach for into track on 2023?
I'm sorry, your voice was a little muffled. Can you please repeat your question? Sorry.
In your last press release, you have mentioned that 1,200 products are currently under registered, right?
Yeah.
Yeah. Is it all the products that are contributing in our revenue?
Currently. Are they contributing in our revenue, you mean?
Yes, sir.
No. Those 1,190 products, yes, of course. When we register a product, it is the molecule that is registered, not the brand. In some cases, it is the brand. Sometimes it is the same molecule which is registered under multiple brands. Sometimes it is multiple molecules which is registered. Most of the products, yes, of course, there will be molecules which we are already making because there are a limited group of molecules which are existing in the market. There are some molecules which we are not making. The ratio of what we are making to not making will always be around 20%- 80%. Every time we register in a country, there will be about 15%- 20% of molecules which we have not made, which are specific for the geographies or demographics, and 80% which we are already making, like a paracetamol head.
Paracetamol or tramadol head, or erythromycin head, amoxicillin head. Amoxicillin is a staple product. In any country I go, even in any state I enter, without an amoxicillin, without an erythromycin, without a paracetamol, nobody will take my product market.
Sir, what is the, I think, which product is contributing more?
Mr. Aditya, we are taking just one question.
Sorry. Can you?
As the call was scheduled for one hour, that was the last participant for today. I now hand over the conference to Ms. Chandni for closing comments.
Thank you, everyone, for joining the conference call of Fredun Pharmaceuticals Limited. If you have any queries, you can write to us at research@kirinadvisors.com. Once again, thank you for joining the conference call. Thank you, Team Fredun.
Thank you. I appreciate it. Thank you all. Thank you so much for all your queries. Look forward to answering more in times to come. Thank you.
On behalf of Kirin Advisors Private Limited, that concludes this conference. Thank you for joining us, and you may now disconnect your lines.
Thank you.