Ladies and gentlemen, good day and welcome to CORONA Remedies Q3 FY 2026 earnings conference call hosted by IIFL Capital Services Limited. As a reminder, all participant lines will be in a 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 touch-tone phone. Please note that this conference is being recorded. Before we begin, I would like to point out that this conference may contain forward-looking statements about the company, which are based on the beliefs, opinions, and expectations of the company as on date of this call. These statements are not the guarantees of future performance and involve risks and uncertainties that are difficult to predict. I now hand the conference over to Mr. Rahul Jeewani from IIFL Capital.
Thank you, and over to you, sir.
Hi. Good afternoon, everyone. This is Rahul from IIFL Capital. I welcome all to the third quarter earnings conference call of CORONA Remedies Limited, being hosted by IIFL. From CORONA, we have with us today Mr. Nirav Mehta, Managing Director and CEO, Mr. Ankur Mehta, Joint Managing Director, Mr. Bhavin Bhagat, Chief Financial Officer, Mr. Tejas Kothari, Vice President, Corporate Strategy and Business Development, and Mr. Vijay Charlu, President, India Business. Over to you, sir, for your opening comments.
Good afternoon, ladies and gentlemen. Thank you all for joining us on the Q3 and nine months FY 2026 earning call of CORONA Remedies Limited. Along with me on call, I am joined by our Joint Managing Director, Mr. Ankur Mehta, our CFO, Mr. Bhavin Bhagat, other members of the senior management team, and Strategic Growth Advisors, our investor relation partner. We have uploaded our result, press release, and investor presentation on the stock exchange and on company's website. I hope everybody has the opportunity to go through the same. I would like to begin by giving you all a brief overview of CORONA Remedies Limited. Established in December 2004, CORONA Remedies has been built on three core philosophies, which are referred as the CC C philosophy. The first C stands for culture. It focuses on fostering ruthless execution, internal growth, adaptability, and humility. The second C represents courage.
It reflects our willingness to acknowledge mistakes, learn from them, and continuously improve. The third C is commitment. It represents our dedication to deliver global quality products and achieving long-term sustainable growth. CORONA is an India-focused, branded pharmaceutical company engaged in development, manufacturing, and marketing of formulations across key therapy areas like women's healthcare, cardio-diabeto, pain management, and urology, as well as other segments such as VMN, gastrointestinal, respiratory therapies, et cetera. Approximately 96% of our revenue comes from India. CORONA has grown, invested, and expanded in disciplined manner over the last two decades, creating a diversified product portfolio. It is towards chronic and semi-chronic segment, which contributes approximately 70%-72% of our total revenue. Today, we have a portfolio of 70+ brands with prominent brands like B29, Myoril, Trycium, Cortel, Obimet, et cetera. In the past few years, we have consistently outpaced the IPM, Indian Pharmaceutical Market.
Speaking for this quarter, we are the fastest, we are number one fastest-growing pharmaceutical company amongst top 30 pharma companies in India for Q3 FY 2026. We have grown at 18.9%, nearly twice as fast as the IPM, which has grown by 9.6% over the same period as per PharmaTrac. This has resulted in CORONA jumping up two ranks from 30th to 28th rank in IPM, Indian Pharmaceutical Market. An important and differentiating factor driving our overall growth is volume. There are three growths, volumes, price, and new introductions, or else it is volume plus NI and price growth. But CORONA has always been differentiating factor in the overall growth with volumes plus NI. CORONA's healthy volume plus NI growth trajectory comes on back of our focus on the chronic and semi-chronic segment.
Along our journey, we have also executed strategic brand acquisition and in-licensing arrangements to address therapy gaps in our portfolio and to establish complementary capabilities such as backward integration, marketing arrangements, and diversified product offerings. We have a strong track record when it comes to acquired brands. After acquiring brands from giants like GSK, Abbott, Sanofi, et cetera, we have been successful in scaling those brands considerably, and we hope to continue the same trend with seven brand acquisition from Bayer in July 2025. The commercialization of the portfolio acquired from Bayer will begin in Q4 FY 2026 with the launch of Noklot Plus. The Noklot franchise has significant market opportunities in antiplatelet and combination therapies and will contribute in our growth in years ahead. The EU GMP approved Gujarat facility has also received EAEU-GMP accreditation.
Eurasian GMP accreditation enables CORONA's entry into five EAEU member countries like Russia, Kyrgyzstan, Armenia, Belarus, and Kazakhstan through a B2B model. It opens access to a pharmaceutical market valued at approximately $25 billion and aligns strongly with CORONA's long-term vision of building and strengthening international partnerships. Cash flows has been cornerstone for our journey and will continue to be so. We have a strong track record of EBITDA to OCF conversion, which has enabled us to reinvest for growth over the past two decades. Owing to our disciplined cash flow generation, capital allocation and steady profitability, our returns ratios have been healthy. We are net cash surplus company. The performance is aligned with our annual guidance of 15% revenue growth and 20% PAT growth. Our engine brand performed in line with the expectation.
Going forward, our intent and strategy is to increase our market share across our key therapies areas by focusing on chronic and subchronic segment, offering products across the life cycle of a patient. The strategy is primarily focused on launching new products that address unmet patient need within existing therapy areas. By identifying gaps in patient care and unmet medical needs, we aim to introduce brand line extensions that cater to evolving therapeutic landscapes. Apart from the growing organically brand acquisition and in-licensing arrangements, we remain key growth drivers at CORONA. We are also intensifying our focus with specialist and super specialist prescribers through our medical representative network to enhance our presence in high-value therapeutic segments. Given our diversified and expanding product portfolio, healthy brand strength, wide and growing marketing and distribution network, experienced leadership and financial discipline, we are on track to deliver consistent growth and stable profitability.
We expect to continue growing our revenue in mid-teen range and our profit after tax at high-teen range. I would like to hand over the call over to our CFO, Mr. Bhavin Bhagat, to take you through the financial and operational performance. Thank you and over to Bhavin Bhagat.
Thank you, Nirav Mehta. A warm welcome to everyone to our Q3 and nine months FY 2026 earnings call. I'll take you through the financial performance for the quarter and nine months ended 31st December 2025. Coming to the quarterly performance first. Revenue for Q3 FY 2026 stood at INR 342 crores versus INR 298 crores in Q3 FY 2025, reflecting a healthy growth of 15% YoY. EBITDA stood at INR 83 crores versus INR 69 crores in Q3 FY 2025, reflecting a growth of 20% on a YoY basis. EBITDA margin improved by around 100 basis points and stood at 24.3%. Profit after tax adjusted for the one-time impact of new Labour Codes stood at INR 56 crores compared to INR 45 crores in Q3 FY 2025, reflecting a growth of around 24% YoY. Speaking of our nine months FY 2026 performance.
Revenue for nine months FY 2026 stood at INR 1,050 crores compared to INR 903 crores in nine months FY 2025, reflecting a growth of around 16% on a YoY basis against our guidance of 15%. EBITDA for nine months FY 2026 grew by almost 25% on a YoY basis and stood at INR 231 crores. EBITDA margin has seen a healthy improvement of around 140 basis points. EBITDA margin for nine months FY 2026 stood at 22%. Adjusted profit after tax for nine months FY 2026 stood at INR 154 crores compared to INR 118 crores in nine months FY 2025, reflecting a growth of around 31% YoY against our guidance of 20%. Our performance for the quarter and nine months period is broadly in line with our guidance and is on an improving trajectory. On the return ratio front, we continued to maintain a healthy trajectory.
Our annualized ROE for nine months FY 2026 stood at 31%. Whereas annualized ROCE for nine months FY 2026 stood at 48%. OCF to EBITDA stood strong at 86%. With that, I would like to open the floor for questions. Thank you.
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 your touchtone telephone. If you wish to remove yourself from the question queue, you may press star and two. Participants are requested to use handsets while asking questions. Ladies and gentlemen, we will wait for a moment while the question queue assembles. The first question comes from the line of Alankar Garude from Kotak Institutional Equities. Please go ahead.
Hi. Good afternoon, everyone. Sir, we have shown pretty strong outperformance versus the IPM yet again, if you look at secondary sales data. However, on the reported basis, our extent of outperformance has narrowed a bit in this quarter. I just wanted to understand what is leading to this difference between primary and secondary sales for us.
I couldn't get your question, Nirav, here. What I understand, you want to understand about the difference between primary and secondary. My understanding is correct?
Nirav Mehta, my question is, if you look at the IQVIA data, if you compare the growth reported by CORONA in the third quarter versus what the industry has reported, there is a very significant outperformance, which you alluded to as well. But if you look at the reported growth of 15% odd in this quarter, while it is still pretty strong, we have seen some other companies also reporting pretty strong growth in this quarter. I wanted to check whether there is any reason for the difference between primary and secondary sales specifically in this quarter, or there is nothing much to read into this.
Okay. Honestly, there is nothing much to read into it. More or less, this is data captured. It is just giving you the idea in how the market has performed and what you have performed. It has never been possible to match apple to apple or pineapple to pineapple. It is always a gap, plus or minus, here and there. This is just a guideline, which IQVIA has shown, and this outcome. So you are talking about 15% versus 18.9% and trying to compare that?
Yeah. I was just looking at the outperformance on a relative basis.
No, I understand. No, there is nothing like any extraordinary price thing on the primary or secondary front. It is more or less data captured things on the PharmaTrac, or IQVIA.
Got it. The other question was, if you look at the mix of domestic and international, we do share that percentage contribution from domestic in our presentation. If you look at, say, the second quarter, third quarter, and even if you look at, say, first quarter from the RHP, the contribution of international has broadly stayed similar over the last three quarters. Given this recent EU GMP certification for those five markets, should we expect a much faster growth in the international market compared to the domestic business?
Yes and no, both the things have been there. International business in the pharmaceutical industry has been difficult. First, you get the accreditation approved, then you are going to submit the dossier. For dossier to get the approval will take another one, two years, and then the business starts. On a long term, if you understand that the CI after looking at three, four, five years, the CI of international and India business will be broadly more or less 90 and 10, but not more than that. More or less, it is an India-focused industry. At the same time, if we continue to grow in the India business by 15%, more or less, here and there, it does not change the proportionate because there also you grow by 20%- 25%, and here you grow by 15%, but the pie more or less remains same.
This 3%, 4% will go to 7%, 8% and then further go to 8%, 9% in the years to come. That has been possible.
Got it, sir. Just one final follow-up. Will we need any incremental investments to drive growth in exports?
No, I think so internally, we have enough cash generated from the business. As Bhavin Bhagat has just spoke about, OCF EBITDA is 84%. Today also, we have been INR 100 crore plus net cash positive company. I don't think so that we require any further capital to boost the international business.
Sir, my question also was on the OpEx, so any addition of manpower or any other spends on distribution, et cetera?
We have just capitalized our 600 kg line, which enhances our 40% capacity as of now. Now we will need another plant as per our predictions and planning. I think so we require one more plant in FY 2028 to FY 2029. So we will start thinking on this after a few months, I think so.
Got it, sir. That's it from my side. Thank you and all the best.
Thank you, sir.
Thank you. A reminder to all participants, anyone who wishes to ask a question may press star and one on a touchtone telephone. The next question comes from the line of Shubham Aggarwal from Burman Capital. Please go ahead.
Hi, sir. Thank you for the opportunity. I was just looking at your employee and your MR-related costs and comparing that with some of the other companies that are operating in heavy domestic branded formulations, and more specifically in the therapies that you operate. It seems that there is a 14%, 15% kind of difference, which obviously has narrowed down in the past last two, three years. And that in my analysis seems to be coming out from the PCPM, which for us seems to be lower than IPM. I just wanted to understand that given you highlight mid-teen kind of growth and your MR is growing at 5%-7% year-over-year, is there a possibility that we would continue to see margin expansion, margins probably hitting high twenties or potentially 30% in medium to long term?
I just wanted to understand what is your ambition on that part.
I request Bhavin to answer the question.
Hi, Shubham. Your question is bang on. You asked the question which everyone asked to us, and we answered them in a very clinical manner. Yes, your question is right, that our employee cost percentage compared to the other peers seems to be high. The answer in that question is that you have to see apple-to-apple growth. In the last three years, we have deployed 600 medical reps in the system, which will increase our employee cost in the initial days. You have also endorsed that in the last three years, that employee cost percentage has reduced. Yes, it will come down in coming years down the line.
Because of the heavy expansion, which we did in the last three years, because of which the employee cost seems to be high and resulting your question, another question towards PCPM is linked with the same things that when you deploy medical reps, as we mentioned in our earlier calls as well, that we would be deploying 5%-6% medical reps out of the total medical reps on a yearly basis on an average term. So because of which in the past years, PCPM was low. But now if you see in years down the line, our PCPM will improve because of our leverage in our PCPM improvement and the revenue growth of 15% what we have committed.
Answering your last question about the margin expansion by 30%, what you are seeing and what we are currently at 20%, 21% or 22% from an EBITDA standpoint. Yes, having said that, as my employee cost will reduce, my EBITDA margins will improve. Lastly, speaking, our revenue will grow by 15% irrespective of our MR additions and our TAB growth, which we are confident to achieve 20%. That is what we would like to share.
Understood, sir. Thank you for answering my question and all the best for the future.
Thank you. Ladies and gentlemen, if you wish to ask a question, you may press star and 1 on your touch-tone telephone. The next question comes from the line of Hrishit Jhaveri from CBA Asset Managers LLP . Please go ahead.
Good evening, sir. Congratulations on good checkup numbers. My question is more on the inorganic growth plan. Do we have any deal on the table? Are we evaluating any inorganic acquisitions?
Yeah. Thank you. As far as inorganic is concerned, we are constantly evaluating the things. As of now also, we are evaluating on two brand acquisitions, but it has always been one out of 100. So we never know when these things will convert into the reality. But yes, we are bang on. We are working hard into it, that if any brand or a portfolio is in the fitment, we are happy to see it. We have several examples of success in this fashion. So we are looking into it. As of now, nothing concrete into it.
Okay. Thank you and all the best, sir.
Thank you. A reminder to all participants, if you wish to ask the question, you may press star and one. The next question comes from the line of Amey Chalke from JM Financial. Please go ahead.
Yeah. Thank you so much. This is Amey from JM. Nirav, I have one question on basically long-term margins. In terms of growth, we have been one of the top companies among top 30 companies in India. But when it comes to margins, we are still at around 20%-24% kind of a range, whereas similar business mix or product mix companies are also operating at 35%+ EBITDA margin. At what point, you think in terms of scale, we will be able to achieve these kind of margins? Also what is the difference in terms of the structure, et cetera, between these companies and us when it comes to the margin profile? Thank you so much.
Thanks, Amey. Amey, as far as pharmaceutical industry is concerned, more or less answering your second question at first and first or second, more or less the structure remains same for majority of all top companies. I am talking about the peers, the structure more or less remains same. See, what we think at CORONA, we are in the business of revenue growth with specialist and super specialist prescription-based business and a long-term business. Today we are in four therapies slowly and gradually. As I have discussed last time, we are going to enter in infertility. Sometimes we will enter in rheumatology, spine. We are trying to enter into the new therapies.
Always we keep in the mind that we will grow with the 15% and when we talk about 15%, we are talking about double than the market, more or less, or 1.8x than the market, right? When market grows about 8%, 9%, 10%, and if you are talking about 15%+ , I think so we are talking about more or less 1.75%- 2% in the market. To do it, we have to enter with new therapies. We have to launch new products. We have to go ahead with super specialty focus. Whatever we do, we always remain two numbers in the mind, 15% revenue growth and 20% profitability growth. If we continue to achieve in the same line directions, I think so we will soon be entered with the peers in the years to come.
The point is, consistently, at CORONA, we have to achieve 20% profitability growth and 15% revenue growth. If one happens and it does not happen, I think so it is not a healthy mix. Revenue growth is equally important as the profitability growth and our eye is on 15% and 20% revenue and profitability for next few years as a guideline also. I think so if we achieve, we will be more or less near to the peer.
Sure. Going ahead, investor basically should see that you will continue to try to maintain your top-line growth while your margins will keep on gradually improving as you scale achieve.
Absolutely. I think so you have summed up my answer.
Sure. Thank you so much, sir. The second question I have is on the seasonality front. Since this is first time we are seeing the quarters of our businesses, is it possible to explain how the quarters are typically staggered in terms of both expenses? Because there have been some companies in the market which typically do tend to spend a lot in terms of marketing in a fourth quarter or something like that, or the fourth quarter is typically weak quarter for many of the India-focused companies. So in that aspect, if you can explain the seasonality of our businesses in terms of both revenue as well as the expenses. Thank you.
As far as CORONA is concerned, we are about 70%- 72% of chronic and semi-chronic. Acute business is been about another 20%, 30% on overall business. More or less, there is hardly a seasonality, but 3%, 4% ± on quarter-on-quarter variation may happen. So hypothetically, if you talk about four quarter and 25%, 25%, then it may be like 22%- 27% sort of revenue and hence the profitability. More or less, this is the range which we follow. But if you look at CORONA since FY 2022, always we have delivered FY 2022 to today we are in FY 2026. Now we are approaching towards the last quarter of FY 2026. We have always delivered on a yearly basis 15%+ revenue growth and 20%+ PAT growth.
Sure. So we should expect a minimal seasonality impact in quarters going ahead, basically. In terms of expense-
Right
Do we staggered our expense across four quarters or we might see one of the quarters being higher in terms of spend? Because this-
No, we staggered.
Good EBITDA margins of 30%, 24%. Should we expect that to continue going ahead?
Answering your question, we staggered the expenses. There's nothing like a load on one of the quarter, and I think so we'll continue to do so with the guideline and estimation, which I have just spoken now.
Sure. Thank you so much, sir. I will join back.
Thank you.
Thank you. The next question comes from the line of Rahul Jeewani from IIFL Capital. Please go ahead.
Yeah. Hi, sir. Thanks for taking my question. Sir, on let's say these 600 MRs which you said you have added over the past three years, can you also talk about in terms of the divisions in which these MRs have got added? The second part to that question would be, we obviously are now trying to ramp up our IVF portfolio through the seven brands which we acquired from.
Bayer.
Can you also talk about, let's say, in terms of how the rep team and the channel strategy is being adopted for scaling up the IVF portfolio?
Thanks, Rahul. First of all, answering your question about the split of the 600 medical representatives. We have launched one vertical into the cardiometabolic, named Radiance, and there we have taken about 250 people. The other is the Solaris, which we have taken a team for gynecology women's healthcare. Another 250 people and about 100 people all across the other divisions. That is how we have taken about 600 people in the business. As far as this Bayer VII brands deal is concerned, as I told you, one of the brand is Noklot Plus, which we are going to launch this month, so this quarter four of FY 2026, which is in the therapy of cardiology as the antiplatelet anticoagulant to market, Noklot Plus.
We are going to launch a couple of other combination in the category of Noklot in a quarter to come. This is about one brand and another few brands, about four, five brands we are going to launch with the IVF portfolio. We already been more or less taken the team about four to six people across the nation because these are the super specialty people where we want to cater about 3,000 IVF centers. Our goal is to cater about 3,000 top IVF centers of the country. People are in place. More training is going on, and we are going to launch a few other products with the Bayer's trademark. The validation is going on, and we are going to make it in quarter one or quarter two of FY 2027, which we also given the guidance last time.
More or less, we will use this capitalization of the trademark by FY 2027, first quarter view and second quarter view.
Sure, sir. Of these 3,000 IVF centers which we target to cover, how many labs have we added? Sir, given that it is kind of an institutional business, do you think that the hygiene parameters which we have for the rest of our business in terms of discounting, we might have to go aggressive in terms of trying to scale up this IVF institutional business?
So, number one, we have taken 46 people, and these 46 people are meeting to these 3,000 centers where we have already been meeting them since years together with our women's healthcare, three divisions like Aros, Solaris, and Solaris. As far as supply chain is concerned, there is only a change that if these products are coming into the cold chain management, we will utilize that channel as a cold chain management or a normal chain management. But the hygiene, payment, credit days, all remains same as per the CORONA philosophy. Because we always believe that governance is extremely important in any business. In this institute business, we have decided not to give any leverage onto the fundamentals of CORONA. So we will not do it. But the products are a little unique, a little different, and the technology is of Bayer.
So we will take the utmost advantage of it.
Sure, sir. And sir, my second question is with respect to, let's say, the GLP-1 market in India. The market would open up from March 2026. So what are our ambitions in terms of the GLP-1 space? If you can comment about your strategy, whether you would launch both the injectable and the oral version at the same point in time.
No, Rahul Jeewani. Here is the March 2026, about 25th or 26th March 2026. GLP-1 off patent will come to the end. But at that time, that is only for the injectable, not for the oral. So, we are going to launch the GLP-1 injectable with Wing Tide as the brand name. Let's see how this market shape up. We have been there because we understand this segment is extremely important. But let's see times to come, I think we can debate more on this subject.
Sure, sir. Last question with respect to the quarterly seasonality. While you mentioned that the expenses are not, let's say, heavy on any one quarter, but if I look at your margin profile last year, so third quarter, your EBITDA margins were closer to 23%, and fourth quarter last year, the margins came down to 19%. Do you think that a similar seasonality would play out this year as well in terms of margins, or would you expect, let's say, the margins to sustain at 2Q or 3Q levels?
As I said, Rahul Jeewani, to Rahul Jeewan i also, more or less if you look at 25, but here and there a few percentage has been there because of the third quarter need or launching a new vertical or a new product, whatever it is. More or less our endeavor is to give annualized 15% revenue and 20% PAT growth, putting one quarter here and there. There is no seasonality factor, I think. Yes, hypothetically this time in March we are looking to launch GLP-1. While some sales and distribution cost may incur little higher in the last quarter, may be possible, I don't know. What I mean to say is we always eye on yearly data of 15% and 20% revenue and PAT growth as a growth.
Today, we have been very optimistic as far as this quarter also, and hence the annualized return of FY 2026 also.
Sure, sir. I will join back the queue. Thank you.
Thank you. A reminder to all participants, anyone who wishes to ask a question may press star and one on your touchtone telephone. The next question comes from the line of Karan Sharma from Sharma Securities. Please go ahead.
Hi, good afternoon, everyone. Thank you for taking me. Sir, I have a couple of questions. Sir, just wanted to get some sense on the portfolio and the new product pipeline. Can you share some more details on the acquisition pipeline or in licensing that are in the pipeline?
Thank you, sir. Sir, as far as inorganic is concerned, I have answered just before few minutes that we are looking at some acquisitions as the proposal. Nothing concrete, nothing finalized, but we are in the process of looking at the things very optimistically. About the new launch, as I also said, with the Bayer portfolio capitalization, we already launched one of the product, Noklot, as a capitalization, and now we are looking at few more, about five to six products in the infertility segment in next two to three quarters, we are going to capitalize and launch. About GLP-1 also, we are thinking to launch in the first day of the off patent. As a philosophy, we are launching one or two new products per division. So more or less about 8-10 new introductions per year.
If it is with the acquisition or it is with the organically, majorly about 95% it is organically and 5%-7% chances are there with the inorganically. So this is more or less our philosophy is. in the quarter four, we are eyeing on launching three biosimilars. One about denosumab, that is Trycium-D and -AD, which strengthen our osteoporosis segment. About recombinant FSH in another quarter with Fostine, our Bayer's brand name, Fostine. We are going to launch about recombinant FSH and GLP-1. So we are trying to target specialists and super specialists in the chronic therapy and trying to launch new products about 8-10 in a year. Hope I answered your question.
Yeah. Thank you. Sir, as you talked on Bayer, what kind of market size do we have there and what is our aspirational revenue target from this product portfolio?
About INR 1,500 crore of IVF market and about INR 800 crore of antiplatelet or anticoagulant market.
Okay, sir. Sir, just last question. As you mentioned about volume growth, can you let me know ballpark breakup between volume, price, and product mix for this nine month?
It is about 5%, 5% and 5%, more or less, half percent here and there. Volume is about 5% against the industry, benchmark is about 0.5%, and about new product is about 5.5%, 6% and remaining is the price.
Okay, sir. Thank you. Thank you so much for the update, sir. Thank you.
Thank you.
Thank you, sir.
The next question comes from the line of Sidharth Negandhi from CWC. Please go ahead.
Hi, thank you for the opportunity. I just wanted to understand a couple of other sort of pillars around the growth. Could you help us understand how you are seeing the growth panel between expansion of the workforce versus PCPM growth? That was one. On the new product introductions that you have mentioned, how much of that will require any additional CapEx towards manufacturing versus external CDMO or CMO-led manufacturing? Those are my two questions.
Generally, as far as the 15% revenue growth is concerned, it is more or less with the organically with the team, because any expansion gives first year, first two, three years is the base years. They are not going to contribute much into the growth trajectory. But yes, for the future, you have to expand the team also, and that is our guideline is about 5%-7% people on year-on-year or put together, we try to expand the people in the country of India. As far as our own manufacturing and CMO, I think the ratio is about 65% and 35%. More or less it remains same, 65% and 35%. Sometimes it goes to 40% and then 60%, or sometimes it goes to 70% and 30%. But the range remains 65% on manufacturing and 35% on CDMO, CMO dependability.
Therefore, in context of the future growth outlook, should we assume that that ratio will remain same? How should we then think of CapEx in that context?
As I said you, we want to make sure that as much as about 65%+ we want to have the own manufacturing. But at the same time, if we do not have that capacity, we will go on CMO as of now and after two, three years when we scaled up with that portfolio, we can think of manufacturing in-house. More or less by next year, I think we required to start thinking into it. As a company, we have decided to start thinking into it about, because at that time we need another block for our FY 2029 also. We will try to look into it, if we want to add any new line like injectable line or biosimilar line, we will think of at that given of time.
As of now, there is no need because just we have unlocked the 40% capacity by 600 kg line.
Got it. That's helpful. Thank you so much. All the best.
Thank you.
Thank you, sir.
As there are no further questions from the participants, I now hand the conference over to management for closing remarks. Thank you and over to you, sir.
Thank you all once again for joining us today on the Q3 and nine-month FY 2026 earning call. We will keep the investor and analyst community posted with any update relating to CORONA Remedies. We hope we have been able to address all your queries. For any other information, kindly get in touch with us or SGA, our investor relationship partner. Thank you so much and have a great evening ahead.
Thank you. On behalf of IIFL Capital Services Limited, that concludes this conference. Thank you for joining us and you may now disconnect your lines.