Q1 26/27

Aug 12, 2026

Summary

Q1 FY27 revenue rose 34% YoY and EBITDA 33%, with Jammu delivering positive EBITDA as it ramps up. FY27 guidance remains 30% revenue growth, while normalized EBITDA margin guidance is 15%–16%, plus or minus 2%.

Ladies and gentlemen, good day, and welcome to Innova Captab Limited Q1 FY27 earnings call. As a reminder, all participant lines will be in listen only mode, and there will be an approach message for you to ask questions after the presentation concludes. If you need assistance during this conference call, please signal an operator by pressing * then 0 on your touchtone phone. Please note that the conference is being recorded. This conference may contain forward-looking statements about the company that are based on the beliefs, opinions, and expectations of the company as on date of this call. These statements are not guarantees of any future performance and involve risks and uncertainties that are difficult to predict. Today, from the management side, we have with us Mr. Vinay Lohariwala, Managing Director, Mr. Lokesh Bhasin, Chief Financial Officer, and SGA Investor Relations Advisor. I now hand the conference over to Mr. Vinay Lohariwala, Managing Director of Innova Captab Limited. Thank you and over to you, sir. Thank you. Good evening, everyone, and thank you for joining us today. It is my pleasure to welcome you all to Innova Captab Q1 FY27 earning conference call. We have started financial year 27 on a strong note, delivering strong year-on-year growth of 34% and 33% in revenue and EBITDA, respectively, for the quarter. Performance is broadly in line with growth trajectory we have outlined in the year and provides further confidence in our ability to deliver on our guidance of 30% revenue growth and profitability outpaced revenue for FY27. This performance reflects the continued strength of our diversified business model, disciplined execution, sustained customer traction across the CDMO and branded generic business. Growth leading the quarter was supported by steady order flows, an expanding product portfolio, and strengthened engagement with both existing and new customers. Our continued focus on operational excellence, manufacturing efficiency, and diligent participation ahead enabled us to strengthen our competitive position and effectively address the evolving requirements of our customers across domestic and international markets. Moving to our CDMO business. The CDMO business reported revenue of $328 during Q1 FY27, reflecting a year-on-year growth of 32%. This continues to witness healthy demand across our customer base and our focus remains on strengthening relationship with our existing customers, increasing our share of business with them, and simultaneously adding new customer across therapeutic and dosage form. Over the years, we have built a broad and diversified product portfolio supported by strong formulation development capabilities. We continue to invest in product development and complex business capabilities, which will enable us to address a wider range of customer requirement and further strengthen our position as a trusted CDMO partner. Our manufacturing capabilities remain a key competitive strength. With technology advance facilities, increasing automation, robust quality system, and a scalable manufacturing platform, we are well-positioned to support the growing requirement of our customer while maintaining consistency, efficiency, and compliance. Coming to our branded generic business. Our branded generic business continue to maintain healthy momentum with revenue of INR 152, growth of 39% year-on-year basis. Our sales strategy remains focused on strengthening our presence in existing market and gradually expanding to newer domestic and international geographies. We will continue to broaden our product offering and geographical market penetration supported by our integrated manufacturing and product development capability. Over the medium and long term, we believe the branded generic business provides us a significant opportunity to further diversify our revenue base and strengthen our presence across the key markets. Our long-term focus remains strongly aligned with building Innova Captab into a future-ready scalable pharmaceutical organization while maintaining a strong focus on disciplined capital allocation and sustainable value creation. Our strategic priorities remain clear: improving capability utilization across our manufacturing facility, expanding our activities in complex dosage form, strengthening our R&D platform, deepening customer relationships, and expanding our branded generic presence across key markets. At the same time, we remain committed to deploying capital in a disciplined and prudent manner, with investment being prioritized towards opportunity that offer optimum return, strengthen our capability, position, and competitiveness support our long-term growth objective. We remain confident with the opportunity ahead and are committed to creating sustainable long-term value for all our stakeholder. With this, I would like to hand over the call to our CFO, Mr. Lokesh Bhasin, to take you through the financial performance for Q1 FY27. Thank you. Thank you, sir. And good morning, everyone. I will now walk you through the financial highlights for Q1 FY27. Q1 FY27 highlights. Our Q1 performance reaffirms the growth trajectory, and we remain confident in delivering on our stated growth objectives. With healthy demand across our businesses and continued execution focus, we believe the momentum will sustain in the future also. Consolidated revenue for the quarter stood at INR 420.9 crores, registering a strong 34% year-on-year growth, supported by strong demand across both our businesses. Exports contributed 32% of our revenue during this quarter, reflecting the continued progress we are making in expanding our presence across international markets. Our CDMO business recorded revenue of INR 328.7 crores, growing by 32% year on year. The growth was driven by an expanded product portfolio, addition of new customers, and a deeper engagement with existing customers, resulting in higher wallet share. Our branded generic business recorded revenue of INR 132.2 crores, representing a growth of 19% year on year, reflecting a continued presence across our key markets. Our profitability trade improved to INR 26.1 crores, a growth of 53% year on year with a margin of 16%. Our profit after tax for the quarter came in at INR 23.1 crores, reflecting a growth of 32% year on year. With this, I would like to conclude our briefing with you all and open the floor for question and answer. 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 their touch-tone telephone. If you wish to remove yourself from the question queue, you may press star and three. 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 comes from the line of Aanchal Maheshwari from Naredi Investment. Please go ahead. Hello, sir. I just had two questions. Sir, is it possible to get the break up for branded business between domestic and international branding? At an overall level, while break up business area-wise, we normally do not have. But in overall consolidated revenue basis, our domestic business is around 10%, export business is around 30%. Okay, sir. Just what is our current capacity utilization for our new formulation, Jammu CDMO? Jammu plant has just started ramping up. If I see this at an annualized basis, we are looking at a capacity utilization around 45%-50% on an annualized basis based on the performance of the regular quarter. What are the asset turns that we expect from this particular plant? At an optimum level, we expect that the asset plan from this plant would be north of 3x. Okay, sir. Thank you so much. Thank you. Participants who wish to ask a question may press star and one. The next question comes from the line of Juhi Kumari from Narnolia Financial Services. Please go ahead. Hello. Yes, ma'am, please go ahead. Yeah, thanks for the opportunity. Congratulations on achieving the first set of numbers. I had a couple of questions. My first question is regarding the net working capital. Management was aiming for certain levels during the Jammu ramp-up. So what is the net working capital- Sorry to interrupt, ma'am. May I request you to please use a handset as your voice is not clear. Hello? Hello. Yes, please go ahead. I was asking about what was the net working capital cycle as of June 30, 2026, and also are the inventory holding days and days receivable normalizing back towards the historical levels following the Jammu ramp-up? So, see, as far as our Jammu ramp-up is concerned, initial working capital has already been built up and factored in our initial ramp days previously itself. And as of now, we are maintaining our expected cash conversion cycle of 90 days plus or minus 10 days for our entire group level. Okay. Thank you, sir. One more question, how many new products or formulations were commercialized in first quarter, and what is the planned R&D spend versus sales at the remainder of the FY27? Our overall R&D spends range between around 0.5%-1% of our total revenue in general. At the same time, there is a continuous flow of new product developments and R&D keep on working on new products with a very strong timeline to be commercialized in short term, midterm, and long term. Okay. It is a normal course of business in which new products depending upon customer and market demands are introduced by R&D through proper study and research. Okay. Thank you so much. Thanks, sir. Thank you. The next question comes from the line of Vijoy Mira from IGE India. Please go ahead. Hi, am I audible? Yeah. What is our revenue from the Jammu facility as of now, if you can mention? For this quarter, we have achieved a revenue of around INR 107 crores from Jammu. Got it. What was the revenue last quarter? INR 990 crores. Okay. Sir, isn't the ramp-up at Jammu a bit slow? No, sir. Jammu ramp-up is picking up the way we expected. We should also consider that normally, there's a seasonal impact of the entire year. From Q4 onwards, normal healthy season start picking up. In coming quarters, we are expecting the Jammu plant should also ramp up as we speak. Okay. Thank you. A reminder to all participants, to ask a question, please press star 2 1. Next question comes from the line of Pavithra Jaivant, PrimeInvestor. Please go ahead. Hello. Thank you for the opportunity. Congratulations on the numbers. I just wanted to know, how should we look at possible conflict of interest between your CDMO business and your branded generic business? Is that something we should be worried about? You are talking about the contribution of these two business areas in our overall revenue growth? No, sir. I am just talking about a conflict of interest. For example, if you have the same product which you are making for your CDMO clients, as well as under your own branded generic business. Would that be considered a conflict of interest? How would that work? While we are having two different business areas, CDMO as well as branded generic business. From a plant perspective, from a manufacturing capability business, our branded generic business is considered as a normal CDMO business by our plant. From that particular viewpoint, there is no, I would say, additional input or any special treatment for our branded generic business. From a manufacturing capability business, we are just pushing for both business areas. At the same time, the competitive industry and whatever product that has been transferred from manufacturing capability, from manufacturing plants to our branded generic business, are transferred on an arm's length basis. We are in an open market, it is an open competition. At the same time, it is normal industry practice, ethical practice, to have that CDMO business is having also a branded generic business. Normally, there is no conflict of interest as such having both CDMO as well as branded generic business. Okay, thank you, sir. Thank you. The next question comes from the line of Vedant Delekar from HDFC Securities. Please go ahead. Hello, sir. Am I audible? Yes, please. Congratulations to the management for a set of numbers. I just have one question on the gross margin front. We have seen a year-over-year dip of 8%. Could you please throw some light on it and how do we see it trend through the full year? Sir, the movement in gross margin is a combination of our overall business mix. It is just 1%, 1.5% down from year-on-year. Which is in the normal course of business, and mainly due to the variation of our different business mix in overall scheme. Right. So on an overall year basis, we should see a slight deviation. So as of now, we have posted a gross margin of around 31%. So our overall at a full year level, it should maintain between this range, plus minus 2%. Okay. Thank you. Thank you. The next question comes from the line of Manjeet Shah from Edelweiss AMC. Please go ahead. Yeah. Hi, sir. Thanks for the opportunity and congrats on a great quarter. My first question is related to the growth. We managed to have 50% year-over-year growth. Can you break it between volume and realization, and also, sir, excluding Jammu, what was the volume growth for HCL? Manjeet Shah, while your voice was not that audible, you were asking the 34% of revenue growth, split up between existing and Jammu? Correct? Yes, sir. And also volume growth as well. Okay. Volume growth at overall level on a revenue basis, if I break this growth into two parts, volume is around 22.32% growth year-over-year at an overall manufacturing capacity level. The rest of the growth has been fueled by a favorable change in product mix and favorable pricing. Right. Of this 32%, I mean, excluding Jammu, just from Baddi, how much would have been the volume for? I think it should be in the range of 12%-14%. Okay, sir. Secondly, you gave us some revenues from Jammu. How would the profitability look? I mean, are we now positive EBITDA margin on that? Yes, sir. We are pleased to inform that this quarter we have posted a positive EBITDA from Jammu to the tune of INR 121 million. Okay. Thirdly, there is a rise in other expenses on a year-over-year and quarter-over-quarter basis. Is any cost particularly driven, especially in the case of global supply chain disruptions? When will you see that problem? Basically, if you see from a year-on-year basis, my other expenses have slightly reduced on year-on-year basis. Yes, overall cost has increased, which is commensurate with the increase in my operations also. As far as the consumption is concerned, there was slightly increase in logistics costs, which has been duly factored in our overall EBITDA sign and in overall revenue scenario also. It was not that material. Okay. In light of the strong performance in this quarter, do you still maintain the guidance of room to operate that for this year? Ankit ji, whenever we take growth or profitability, it is always on a volume basis. As of now, we are maintaining that we are growing not only on volume, and we would like to maintain that. We are very much confident that we should be growing on a consistent volume growth in coming period also. Okay. The business mix, the tailwinds, will they continue for the coming quarters as well, or is there anything? From my side, overall business perspective, while our franchising team seems working on bringing value to the table and doing value addition to overall CD. But since there are other macro political and geopolitical reasons which keep on changing, we will involve as and when these things unfolds. Okay. And lastly, could you please update on the Capex and also Capex for the fiscal next? As far as our general Capex is concerned, it will go in normal course of business for both maintenance as well as our certain growth to help augment our overall capabilities in our existing manufacturing plants. In addition to this, as we submitted also regarding that Baddi new plant that we took last year, the plan as of now is on same line, and we are still working to firm it up. As and when we will firm it up, we will discuss our more complete plan. Got it, sir. Thank you, and wish you all the best. Thank you. The next question comes from the line of Ritesh Khera from Kotak Investment. Please go ahead. Just on the margin, Raj. So Jammu margin is about 1%-1.5%, which means non-Jammu margin is +20%. We always, in our growth phase, would have a situation where there will be a new plant which will come up. So let's say in this case, where do we see the overall margin heading before the new plant comes in? Ritesh ji, if you see the Jammu extension is a large extension, then you see the existing base. When we done the INR 500 crore Capex that time, let's say the pre-Jammu Capex is also like INR 500 crore. It's an adjacent HR extension to the existing one. The future extension would not be in a way say that in a single shot, the INR 1,000 crore is not invested. It will be like in tranches of like INR 200 crore, INR 250 crore. The drag on the existing margin could not be that much. I hope you understand what I'm trying to say. Yeah. Jammu is a big project for the company on the basis the INR 500 crore extension worth INR 500 crore. Now, let's say if it has been a INR 250 crore extension, then the operational expenses of the amortization will not be that material to the overall consolidated balance. The question number two, that once the Jammu starts giving a good EBITDA margin, then the overall margin which is at a level of 15%-16%, should increase. Your in Jammu margin is 20% today. Should the overall company level margin should move eventually towards 18%-20% as well? For margin guidance, we always maintain that 16%-18%, plus minus 2%. Because of the growth engine as well as the other things. Once the Jammu margin is maturing, the new factory in Capex can have a 1% or 2% drag. Assuming 20% is a very high expectation. I think 17%-18% is a fair number. Okay. Basically, it is a 20% consistent volume growth with a margin improving to 18% in the forthcoming years is where the business model sets in. Our statement is that 20% volume growth vis-à-vis 20% sales growth, and let the margin should. You analyze it as an analyst where the margin should go. Okay. Just last question, on the utilization side for the current assets, how much more volume growth is possible from the whole combined assets? Is it a three-year volume growth that you have with you? So in the last quarter also, we maintained that line that from where the future growth will come. One thing is that the existing capacity with the volume growth will saturate. We need to expand the existing capacity. Let's say if we have a general injectable or oral liquid, we need to expand in that area. The other is that we have this opportunity where we are not present currently. Like if you see the pharmaceutical, it's a large plate of formulations, dosage form, and therapeutic category, dedicated sections. We are present almost in, let's say, six or seven categories. Sure. So we have that. In the past also, we extended one by one INCA, the other area, and that itself we have created a good revenue growth because of that as well. Both of the engines will work, that one is that let's expand where we are strong. We are reaching to the saturated capacity. Let's expand in that area. Number two, let's open up the new dosage form or the new therapeutic category area- Right where we are currently not present. Okay. Both the engine can help the company to grow or maintain this 20%-plus CAGR in the future. Okay. There will be ongoing Capex in certain categories which you already saturated this year. Correct? Despite Jammu facility having been operated at 40% or 25% utilization, because those categories are not there in Jammu, correct? So you need to invest. Plus, if you add any new category, then there will be an ongoing investment for that new category. That is how we approach it. Yes. So let us say, Jammu, we have expanded in the category of penem, beta, and cepha, where we have a sufficient capacity. Looking next two to three years, where we can have the current general facility of the existing portfolio. So in these categories, we need to expand or do capacity expansion investments. So whenever we will zero on that front, any strategical concrete move will be there. With the board approval, we will definitely inform the street, and we will come back to you with that detailed proposal. Can you give out your growth Capex, annual growth Capex number? As of now, what is your annual growth Capex number and annual maintenance Capex number for two years? Are you talking about this year? No. This upcoming year, FY27 and FY28. What will be your growth Capex and what will be your maintenance Capex? My general maintenance capacity is of INR 20 crores to INR 25 crores. And growth Capex, when I am saying growth Capex, it would be only for my existing capacity augmentation or capacity bottleneck. It should be in the range of INR 15 crores to INR 20 crores. Until you announce a bigger, large, newer category or newer range. This is basically an internal debottlenecking or replacement of the equipment with higher efficiency or doubling the capacity from the existing capacity. There is a few Capex goes into maintenance, replacing of the aged assets. There is two or three Capex that are ongoing. Whenever there will be a greenfield project expansion, we will definitely inform the street. Okay. Thank you very much. Yeah. Thank you. Thank you. Participants who wish to ask a question may press star and one. The next question comes from the line, Anshika from Present Capital. Please go ahead. Hi, sir. Am I audible? Yes, please. Thank you for the opportunity, sir, and congratulations on the great set of numbers this quarter. Sir, I just wanted to get an understanding. Innova Captab revenue has been growing top-line for six consecutive quarters. Excluding Jammu, our margins are close to 20% as of now, which you are saying is one-off case. It is not sustainable. Sustainable is 18% then. Would it be fair to assume that given that we are a cost-plus model, given the fact that we are achieving an 18% margin, that is largely because export business of R3 we have, that is a higher margin business. Because of increasing contributions from it, our margin is being higher than other CDMO players out there. Would that be a fair assumption, sir? Vansh, our revenue and margin profile is a combination of complex business areas as well as geographical markets, and there is a certain margin profile for each and every business. That is why we always. Quarter to quarter and period to period, depending on the market and seasonal conditions, this situation is quite changing from period to period. That is why we always line that on an average level, our margin profile will remain 15% and 16% blended level, which having a contribution all those business areas and manufacturing capability. Plus-minus 2% factor for all those volatilities. That is why we maintain a 16%, but on a cleaning basic, on a normal view basic, our margin will remain in that range of 15%-16%, plus or minus 2%. Got it, sir. So sir, the ex-Jammu margin that we got in this quarter, has that also been impacted because of an increase in API prices, couple of possible, given that our gross margin also, if you look at on quarter-over-quarter basis, our gross margin have also improved. Has that also contributed to our margins? As I committed it out of my revenue growth of 33.4%, 40.2% comes from volume growth. My existing capabilities also contributed to that growth. It's a combination of optimizing my capacities and getting the benefits of causing that operating leverage. At the same time, ramping up of Jammu has also been contributing to overall scenario which operates in Jammu. Yes, since we maintain a cost-plus model and transparency of our API prices, there may be a certain element of that addition also, cost of that material cost. Okay. Given the gross margins have expanded, would it be fair to assume there's been some positive impact of API price increases in our margin this quarter? Just a general- API price generally is pass-through, right? Rather than gain or loss, it is a pass-through model. What we can say is that in few cases, we can assume that we have inventory in hand which can impact positively. In few cases, we have the sales order in hand, and we don't have inventory. Here it can negatively impact us. We don't secure them on the API price. Generally, our focus is the business performance, not even the API pricing. In broad spectrum, our line is that we have a pass-through model. Understood, sir. Thank you for that explanation. Sir, on Sharon, I believe you achieved around 50% of revenue this year. How has the revenue growth been this quarter on a year-on-year basis? There has been a seasonal impact on Sharon's performance, and on a full year level, we expect that it will continue to growing as our expectation of our organic business. Right. So around 20% year-on-year growth in Sharon as well. Organic business we always maintain it should be 20%. 20%. How we are getting the 20% plus is we have covered in our previous con calls as well, that early wins from the base businesses, and then the flavor that comes from Jammu. That is how the company's strategy is keeping up its 20% plus. Got it, sir. Thank you for that clarity. And sir, I believe in the last quarter we had also discussed that we are developing some sugar-reduced products. Has there been any new developments in the same this quarter? The theme what we have provided in the last couple of CC sizes, we are closely watching our development and the plant team is working on the latest. Got it, sir. Thank you so much for all the answers, sir. Wishing you the best of luck. That's all from my end. Thank you. Thank you. The next question comes from the line of Amritha Maloo from Sundt Ferry Investments. Please go ahead. Hello, sir. This is Darshan watching this set of con calls. I wanted some clarity on the Jammu plant margin profile, which as the earlier question asked that our current base business is already in 20% margin. Still, we are guiding that our overall consolidated margin will range around 16%, plus or minus. If you are able to understand, what's the Jammu plant's margin profile will be? Jammu margin profile will be in line with the base business margin profile. Once it will cross the breakeven line, it's already done. Now we actually expect once Jammu ramps up, then most of the margin will go and sit in the contributing margin of that company level. Sir, base business EBITDA margin this quarter is approximately 20%, and our overall reported margin is 16%. As you mentioned that we have already hit breakeven, actually positive in this quarter. As we expect ramp up, our Jammu business margin impact will come from the EBITDA margin. You are not guiding for overall- Multiple times we have covered that our normalized margin, let's not take it at 20, let's take that in a band of 20%-18%. Jammu will also, once again, that margin profile, from the base of 15, we should head towards 3% extension once Jammu starts giving a contributing margin. Okay. And sir, one more thing, please. Jammu plant at peak will do a revenue of around how much? INR 1,400 crores is the optimum revenue that at GDP of eight, at utilization of 65%-70%. Okay. And the margin which we are contemplating for Jammu plant, is this inclusive of the government incentive or that is over and above? No, that is already factored in our revenue and overall profitability statement. Fair enough, sir. Understood. I think now I am done and thank you. Thank you. Thank you. The next question comes from the line of Nitish Rege, Centaurus Capital. Please go ahead. Hello. Hi. Am I audible? Yeah. Hi, Nitish. Go ahead. Yeah. Just one question. Q1 is generally a deep quarter and we have done 22% volume growth. Do you expect similar volume growth in the coming quarters, and should we basically assume more than 22% volume growth this year? Yeah. Nitish, in the last quarter what the statement was that 20% plus growth expected this year. That is based on the volume growth only, keeping the price as a constant. Right. This achievement by Q1 and Q2, we hopefully will deliver 20% plus volume growth. Now on a year-on-year closing basis. Got it. Thank you so much. Thank you. Thank you. The next question comes from the line of Siddhant Munjhe from Invest Investment. Please go ahead. Hi, sir. Thank you for this opportunity. I hope I am audible. Yeah. Please, go ahead. I wanted to ask on the Jammu plant, how much visibility do we have and which kind of timelines can we assume for an optimum level of utilization? Siddhant, if you see how the business all around any facility is being developed. Even if you see our Baddi facility or the plant for Jammu. It is augmented by, let's say, multiple domestic market consumers and our presence in the ROW market, regulated market. Once the onboarding of the customer and let's say audit as well. Customer audit, country audit, one by one it is cleared, then the geography approvals or the product approvals is done. Then how the business grow at a steady state. Initially we have started this facility in January last year. Our team have done a wonderful job. A lot of audit has already been done. The plant has been PIC/S approved now, last year. Right. And adding that flavor of the different ROW countries over and above that. We are expecting that by the end of this financial year, we may have the product approval from the different markets also. Once that all come, then the formula one plus one equals eleven works. That is how we can cross the INR 1,000 crore revenue mark from Jammu. Onboarding of the countries, products, customers, then customer audit. Everything works all together and the ramp-up clearly will be visible. Clear, sir. That's very helpful. And sir, I want to ask at what level of steady state utilization should we be looking for the next leg of capex in maybe Jammu or Baddi? At what level of utilization could Jammu reach by maybe this year or second half? Overall guidance, we do not want to give at a line item level. The overall guidance is 20% plus EBITDA on the consolidation company level. Is it possible that H2 will be much higher growth for? Given that Jammu is ramping up and we have this visibility of newer products and newer geographies, almost everything in line. Is that on the cards? Yeah. Again, the same line item. We have already given you a 15 in the all line item ranges. Then rolling up to the consolidation level, we have given a fair estimation of 20. All right. You do not see any challenges in the ramp-up, right? Challenges will be always there, but we need to overcome from them. Okay. My question was, coming from- It is not the easy job that one can grow 20% easily. The challenges will be there, but our team need to overcome from all these challenges and to prove ourselves that we can grow at 20%, 25%. Right, sir. Definitely. Sir, any pricing pressure have we seen in this quarter? If you could just throw some light on that. Can you please repeat your question? Sir, any pricing pressures have we seen on the API side or on any of our products in this quarter? In this quarter, the pricing is towards increasing side. Okay. So that is the absolute value or we It's always said that our pricing model is pass-through. So at a certain level, we are able to pass through that pricing to the customer. Okay. Thank you so much, sir. All the best. Thank you. Thank you. Ladies and gentlemen, due to time constraints, that will be our last question, and I would now like to hand the conference over to management for closing comments. Thank you, and over to you. Thank you everyone for joining us in this earning call. We appreciate your time and showing interest in our company. In case of any queries, you can get in touch with us or SGA, our investor relations advisors. We look forward to meeting all of you over the next earning call. Thank you. Thank you. On behalf of Innova Captab Limited, this concludes this conference. Thank you for joining us, and you may now disconnect your line.