Q4 25/26

May 8, 2026

Summary

FY26 revenue reached INR 1,300 crore, up 31%, with growth across CDMO and branded generics and a full year of Jammu operations. Management expects 20%+ FY27 growth and improving profitability as Jammu utilization rises.

Ladies and gentlemen, good day and welcome to Innova Captab Limited Q4 and FY 2026 earning conference call. This conference call may contain forward-looking statements about the company, which are based on beliefs, opinions, and expectations of the company as on this conference call. These statements are not a guarantee of future performance and involve risks and uncertainties that are difficult to predict. As a reminder, please keep in line with listen-only mode and there will be opportunity for you to ask questions after the presentation concludes. Should you need assistance during the conference call, please signal an operator by pressing star then zero on your touchtone phone. Today from the management team, we have Mr. Vinay Lohariwala, Managing Director, and 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. Good morning, everyone, and thank you for joining us today. We are pleased to present our operational and financial performance for Q4 and FY 2026. FY 2026 has been a defining year for Innova Captab as we achieved our highest-ever annual performance, reflecting the strength of our business model, execution capability, and customer relationships. On a full year basis, revenue stood at INR 1,300 crores, representing a healthy growth of 31% year-on-year, while Q4 revenue from INR 448 crores, delivering a strong growth of 42% compared to the corresponding quarter last year. The growth momentum was broadly supported by continued traction across both our CDMO and branded generic business. Over the last few years, we have remained focused on expanding our product portfolio, strengthening customer partnerships, enhancing manufacturing capability, and improving operational efficiencies. The benefits of these initiatives are now increasingly visible in our overall performance. A key highlight during the year was the successful completion of the first full year of operation at our cutting-edge Jammu facility. The ramp-up was progressively steady, and I would like to appreciate the efforts of our team across the function, ensuring smooth execution while maintaining high standard of quality and compliance. Starting with the CDMO business, we continue to strengthen our presence in the domestic pharmaceutical market by expanding our customer base to over 359, including several leading pharmaceutical companies in India. It reflects our continued emphasis on product development, customer centricity, innovation, and long-term partnerships. We sincerely thank our customers for their continued trust and confidence in our capability. The CDMO business reported revenue of INR 1,133 crores in FY 2026, reflecting a year-on-year growth of 24%. Going forward, we see strong opportunity to further expand market share with existing customers while also adding new relationships across therapeutic categories and dosage forms. Coming to our branded generic business, we delivered a strong growth of 51% during the year. The performance was driven by geographical expansion into high potential domestic and international markets, coupled with deeper penetration in our existing geographies. Our manufacturing infrastructure continues to remain one of the core strengths of the company. Over the years, we have built advanced and technology-driven facilities supported by automation, cleanroom quality systems, and globally compliant manufacturing practices. These capabilities provide us with scalability, consistency, flexibility, and operational flexibility as we continue to grow the business. We also achieved important regulatory milestones during this year. Our cephalosporin facility in Baddi received the UK MHRA approval, while our Jammu plant received six certifications from FSSC, Ukraine. These certifications will support our entry into regulated interesting markets and strengthen our positioning as a quality-focused pharmaceutical manufacturing partner. The Jammu facility entered into business with several marquee customers, successfully completing audits and validating stability data along with other key parameters. We remain confident about the scale-up of this facility and its contribution to growth over the coming years. Looking ahead, with multiple growth levers in place, expanded ramp-up and expanding product portfolio, deeper market penetration, and a strong R&D engine, we are confident in our ability to deliver 20%-plus revenue growth and create long-term value for stakeholders. With improving scale and operational delivery, we expect EBITDA growth to outperform revenue growth. As the Jammu plant utilization ramps up further, that growth should outpace EBITDA growth, aided by the fact that the depreciation and financing costs related to the Jammu facility are largely fixed and already reflected in the base. Overall incremental growth should translate into much stronger profitability going forward. We remain committed to executing our strategic roadmap with discipline and agility across both of our business areas. With this, I would like to hand over the call to our CFO to detail out the financial performance during Q4 and FY 2026. Thank you, sir, and good morning, everyone. I will now walk you through the financial highlights for Quarter 4 and FY 2026. Consolidated revenue for the quarter came in at INR 400 crores, which is strong, 22% Y-o-Y growth, mainly driven by strong demand in both our business areas. Exports contributed 38% for Quarter 4, reflecting our continued focus and progress in global markets. Our CDMO business revenue came in at INR 315.8 crores, up by 41% Y-o-Y, mainly led by increased product portfolio, adding new customers, and deepening our wallet share with existing customers. The branded generic business revenue stood at INR 133 crores, growth of 46% on a Y-o-Y basis, showcasing a pure instrument to our distribution strategy. EBITDA for the quarter stood at INR 66.7 crores with 31% increase and EBITDA margin of 14.9%, mainly due to change in product mix. Profit after tax for the quarter came in at INR 38.1 crores, up 15% on year-on-year basis. FY 2026 highlights. Consolidated revenue for the full year came in at INR 763 crores with a growth of 31% on a year-on-year basis. Exports for the full year contributed 11% to the overall revenue. CDMO business revenue stood at INR 2,133 crores with a growth of 24%. Branded generic business showed robust growth of 51% and came in at INR 497 crores. EBITDA for the full year came in at INR 256 crores as against INR 398.2 crores last year. Operating margins for FY 2026 came in at 15.4%. Profit after tax stood at INR 140.9 crores, a growth of 10% on a year-on-year basis. Our balance sheet continues to demonstrate strong resilience, reflecting the effects of strategic decisions that were taken over the past few years that are now translating into tangible execution on the ground. With disciplined capital allocation, an improved leverage profile, and sustained investment in capacity and capabilities, we have built a solid financial foundation to support our growth ambitions. As these initiatives continue to scale and deliver operating leverage, we are confident of our future growth in the coming years. With this, I would like to conclude our opening remarks and open the floor for question and answer. Thank you. Thank you so much, sir. Ladies and gentlemen, we will now begin with the question and answer session. Anyone who wishes to ask a question, please star and one on your touchtone telephone. If you wish to remove yourself from the question queue, please star and two. Participants will be asked to use hashtags to ask a question. Ladies and gentlemen, we will wait for a moment while the question presents. First question comes on the line of Anubhav from Recent Capital. Sir, thanks for the opportunity. My first question is, can you provide the rate of the CDMO segment's revenue growth into volumes and realization growth, both for FY 2026 and current quarter? Sir, normally our volume growth is at a facility level and overall facility level. How can it be seen? On a Y-o-Y basis, our Vadodara facility, IPL grew by around 35% and that was mainly through Jammu facility which has just ramped up for the full year. Talking about our Vadodara facility, the growth has mainly come from volumes. Okay. Sir, are you witnessing a spike in API prices and how will that impact your revenue growth in the CDMO segment going forward? Basically you are talking about increase in API prices and its impact on our revenue model, correct? On CDMO revenue. Because of the Middle East situation, are you witnessing a spike in API prices? I understand it's a cost-plus model, but going forward, will CDMO be able to pass it on completely? Yes. Due to this ongoing conflict, there is again a spike in prices of our raw materials and major ingredients. You rightly said, our pricing with CDMO customers is on cost-plus basis. Largely, those increase has been passed to our customers. Okay. Sir, the sequential acceleration in revenue growth in trailing off and even in Q4 could grow to higher than this year. Is it mainly driven by the ramp-up in the Jammu facility? If we talk about overall growth in Q4 as well as full year, yes. One of the major contributor is our ramp-up of our Jammu facility. Having said that, each and every business area as well as our capability across groups has contributed to this overall growth. Okay. And sir, for the branded generic segment, can you provide a split of that between domestic branded and export branded? Generally, we do not track our geographic business at a business area level. Roughly it is in the range of 70% domestic and 30% to 35% export. Yes, sir. And sir, between the two, which segment is driving the very good growth for this overall business? Can you provide some color to that? Yes. As we submitted, while majority of our business comes from our CDMO business area, but the growth which is coming, is coming from all business area and at the same time we've been seeing that in every manufacturing facility that we are having. Sir, one question before I get back in the queue. Sir, how are you witnessing the Schedule M implementation? It has been a while now. Do you see crackdown on facilities which are not compliant and is it helping our growth? Can you give some color on that? So, Fera is now effective across the country, and irrespective of that, we comment on our capability. Overall, facilities are well compliant with the local regulation as well as the international regulation. We have the approvals. If you see, in the last year also, we have received MHRA certification, we have the EU-GMP certification, and then we have TGA certification. So we have the international as well as the local compliance parts, and definitely those who are complying will be in an advantageous seat. That I can say. Okay. Got that. Thanks. I will be back in the queue. Thank you. Ladies and gentlemen, anyone who wishes to ask a question, please go ahead. The next question comes from the line of Sushant Samawan from Ask Investment Managers. Please go ahead. Thank you for taking my question and congrats on great set of numbers. Sir, with all the global issues happening, how is the availability of raw materials? Do we have any issues in the supply chain that we have seen, which we are trying to address? Can you give some color on the availability of materials? Sushant-ji, as far as availability is concerned, there is no such problem. What should I say? Prices are going up, that is one thing, but availability is not at all a concern. Nothing is in short. The other way around, what we can say, there are two things. One is the demand side and one is the supply side. As such, if you compare it with the COVID situation, in COVID situation, there is a demand side disruption also, right? This time demand is increasing at a normal growth rate or normal pace. There are some disruption on the supply side. That basically on the prices rather than availability of the material. Largely. Mm-hmm. Sure, sir. Sir, coming to the CDMO business, I am just trying to gauge the extent of the operating leverage that can happen. If I look at the utilization across plant, CDMO facility is up 10%, then you have the other facilities which are 7%. Also if I look at Sharon, which again can be a huge positive data both on sales and margin. While EBITDA would grow faster than your top line, what is the kind of margin expansion to be achieved? Because across the board when I look at it looks like it is something of good sustained margin expansion over the next few quarters. This is again a complex area to comment on the margin expansion. But what we can say is that it should be better than the current year. Next year the margin should be better than the current year. Sure. Because how it is a complex that depends on the product basket, geographical presence, everything. Sometimes overall number, how much delta will result. That we are not able to speculate on that. The overall outlook, we can say that it is positive for margin expansion also. Sure, sir. Sir, the final question before I join the queue is when I look at the regulated international market. We have basically got approval from the foreign unit which we have a dedicated unit. If I look at the cephalosporin market capsule, I think we are in a stronger way given that government has implemented the MIP, ensuring that Indian ecosystem does well. We also have invested a lot on Sharon ourselves. We had quite a significant investment. How do we see this part of the business, the international regulated part in the next two years from a strategic perspective? Where do you see it in the next two to three years in terms of contribution? If you see our regulated portfolio, as you already covered that acquisition of Sharon helped us in that territory. In Sharon, we are operating in big markets like Canada, U.K., and then Europe, Australia. From our cephalosporin block also, we are operating in all these markets, Canada, Europe, and U.K. especially. Right? We are continuing focus on these markets. Filing our project in this territory. We are sharing the endorsement in multiple products in these markets and we see a healthy, better growth in our business and with better margin usually in these markets. Do we see a contribution of developed projects improving visibly in the next three years compared to today? If you see that we have covered this line multiple times, that we are focused on all our engines simultaneously, equally. Whether it's a regulated market or our domestic generic or our CDMO, we are focused on all markets. Let's say if we are growing in one segment by 30%, the other one is also growing. So whether the product overall mix will change or not change, that is in the future. As a strategy or as a company, we are focused on all the strategies of the business. Sure. Thanks a lot. Thank you. Thank you. Our next question comes from the line of Ankit Shah from Canara Robeco AMC. Please go ahead. Hi. Thanks for the opportunity. Sir, can you share the revenues from Jammu in this quarter and whether it has started contributing positively to EBITDA? This quarter, basically if you talk about full year, Jammu achieved around INR 300 crores. This quarter we are nearing EBITDA and in coming quarter, as we said that Jammu ramp-up is going on. We are very much positive. In coming quarter, we should be able to achieve EBITDA positive as well as start covering the CAPEX costs on Jammu part. Okay. Right now we will be close to breakeven and going forward it will start contributing positively. Yes, sir. Okay, got it. The second question was on the gross margin. If I look at it, Y-o-Y gross margins are down despite our branded business share going up. What is the reason for this decline? Any RM cost increases are impacting that? No, sir. Basically, if you see the change in gross margin profile is mainly due to the change in product mix. That is the only reason. The change in raw material prices on the opposite side has nothing to affect on the gross margin. Okay. Thank you for this. I guess I have two more questions. Thank you. Next question comes from the line of Manish Varman from Vicaria AMC. Please go ahead. Hi. Good morning. Thanks for taking my question. Lokesh, one question on specifically the Cepha API prices that you are seeing in this quarter. Can you broadly quantify on the Cepha prices only, what has been the increase on a Y-o-Y and Q-o-Q basis? You are talking about CGCA, Manish? Just the cephalosporin API prices. Yes. If you remember, our export foreign prices have reduced during quarter 2 and quarter 3 of this financial year and started stabilizing in first half of fiscal before this conflict broke out. Yes, there had been impact on Jammu as we have called out earlier. That was the major impact which has reflected our meaning during this year. Has there been a meaningful increase in these prices on a sequential basis? Not in the Q4 we can say, but yes, with the sale, if you see on the Y-o-Y basis, then we can say yes, there is an increase in the prices. Okay. The other question was on, you clarified 300 crores of full year Jammu revenues, which translates to about 90 crores approximately on quarterly revenue. Again, I mean, if these 90 crores are coming at EBITDA breakeven, so just a back of the envelope calculation, your ex-Jammu EBITDA margin comes at about 18.2%. Is that an estimate of the ex-Jammu profitability of the business? Yes, you are right, Manish. Okay. And one more question. Vinayji, you said that EBITDA margin in 2027 should show some increase. In the previous call, you were also talking about some investments that you need to do in the business for long-term growth. That was the way I think you mentioned that they might impact on margin. You are talking about an EBITDA margin increase taking into account these investments that you will need to do next year? Manishji, if you see that the next chunk of the revenue which is going to contribute in Jammu. In pharmaceutical facility, what happens, maximum operating side expenses we have already committed, whether it's, let's say, electricity or employee and employee benefits head. Most of the cost is already committed. Whatever the incremental revenue will come, it will trigger the operational leverage. Then we expect that there should be a few percentage points improvement in the EBITDA. Now, the thing is that the overall situation will depend on the product mix, overall revenue growth, and every factor taking into account. Now let me come to the second part of your question that if there is a long-term investment in any category. What happens in the initial category, that is a capitalized cost. If they are putting some plant in the next financial year, then the cost of interest is again a capitalized. Directly, it will not flow to the P&L. That's why we are expecting that there is a margin expansion can happen. Okay. Despite this investment, there could be a margin expansion EBITDA. And you also mentioned the PAT growth to be higher than EBITDA growth. Let's say if there is capitalization of new Yes. Operating leverage might hit you negatively. The plant expenses will come and the revenues would not come in FY 2027. Yes. Cost of depreciation and interest is already taken care last in the FY 2026. If there is improvement in EBITDA, PAT will outperform the EBITDA. Even if you see the quarter-on-quarter results of our company, if you compare the results with Q2, Q3, Q4 results with Q1, even the H2 with H1. That is a clear cut example of that. When there is a revenue increase of, let's say, X%, then EBITDA and PAT grow better than the revenue growth. Yeah, but initially for the new investment, I mean, the depreciation and interest cost is still not in the P&L, right? That will take time. This will kick in not in the FY 2027 or maybe partly kick in through the FY 2028. Okay. Understood. Thank you so much. When we start with the greenfield, it is one and a half year to start the commercial production. Right. Understood. Thank you so much. Thank you. Ladies and gentlemen, anyone who wishes to ask a question may press star and one. Our next question comes from the line of Rajesh Joshi from Chris Capital. Yeah. Congratulations on your set of numbers and thank you for the presentation. My first, a couple of months back, I think, if the numbers correct me, you had disclosed in an exchange filing you had purchased a land parcel at Baddi for INR 20 crore. Just wanted to get a sense on, since you've started this CDMO plant recently, are you facing a supply crunch in purchasing certain raw materials or anything which you are importing and you had acquisition of land for the same? If you see numbers for the Baddi general block facilities, that is on the higher utilization side. Baddi land acquired for the general block construction. Let's say we will come out with a detail note on that once things will be finalized. But this block will be for the general oral tablet, capsule, oral liquid facility in Baddi. That will relax our Baddi portfolio. If you see our Baddi portfolio, we are going on a higher utilization side. To keep the growth momentum active and live, we need the Baddi extension for general portfolio, which is not covered in Jammu. In Jammu, we have an injectable internal facility and the corresponding collection internal. The expansion will not be in that area. It will be in the existing portfolio of Baddi. Understood, sir. Sir, this expansion at Baddi that you just referred to. This will be accounting in this year or something, sir? I mean, the investment is basically capital in Baddi. This will be any CAPEX change in terms of growth CAPEX as such, again, added by quarter or anything which is already done that might come online in FY 2027? Rajesh. Basically, as we said, it is still in the evaluation stage, and as and when it would be finalized, we will come with a more concrete plan going ahead. But on a very short stop, this CAPEX should be increased in both FY 2027 and FY 2028. The percentage of it and the portion of it will be finalized, and then we have the position to finalize it. But on an overall level, the way we are seeing it right now, the overall capital outlay should be in the range of INR 150 crore-INR 170 crore. Understood, sir. Thank you. The overall potential of this block at an optimum level should be in the range of INR 450-INR 500 odd crores. Understood, sir. Thank you, sir. The last question. On semaglutide, we've seen very strong take-up now in the IPM. Just wanted to get your thoughts on how you are looking at this opportunity and- Yeah. For semaglutide, we are closely monitoring the market and we are working in our R&D. Our initial R&D have worked on the product and we are getting a positive figure from there. There are two things. One is the market side, and the other is our exhibition of our exhibited phase and filing to the local FDA. As the product is already launched, we are not in the race of the initial launching and all that. We will be ready with the wave 2 type of product. Let's say the product is going good in the market, then we should be ready in the wave 2 of the product. Understood, sir. Got it. Thank you so much, and wishing you all the best. Thank you. Next we have on the line Gaurav Bama from JM Financial. Please go ahead. Hi, sir. Good morning. Am I audible? Yes. Good morning. First of all, congratulations on the good quarter numbers, and thank you for providing me the opportunity. I have a few questions. The first one starts with Jammu. If you can provide me a rough split between, let's say, CDMO business and the branded generic business in that that you mentioned for FY 2026. That will be helpful. Gaurav, we normally do not track our business area revenue at a capability level. But yes, our manufacturing capability at Jammu is in position to cater all our business areas for all geographies. This revenue which has come from Jammu contributes to both CDMO as well as branded generics. Understood. And is a breakup is not possible at this point? Breakup is not possible. Understood. Secondly, I wanted to understand how has Sharon Bio-Medicine been performing, what are the top lines for the year, and how are the margins looking at that part of the business? Sharon has been performing well. It has integrated good enough over last two years of our acquisition. This year, their revenue is around INR 250 odd crores. As we said, it is mainly present in export regulatory market. Their margin performance is better as far as our average EBITDA margin is concerned. Understood. Sir, going forward to FY 2026, what will be the CAPEX guidance for the entire year? Do we have any estimate in our mind? Yes. In addition to our normal maintenance CAPEX which we incur, which is in the trend of our recent presented numbers reflected in financials. The project of new Baddi plant, which we said, which is still under pipeline and under finalization, that is a major thing that we anticipate should come within FY 2027 and FY 2028. Understood. That will be all, sir. Thank you. Thank you. Thank you. Ladies and gentlemen, anyone who wishes to ask a question may press star and one. Next question comes from the line of Shital Shahpur from Green Capital. Please go ahead. Hi, good afternoon to the management. My question is more from a macro point of view as an investor rather than a business. What do you see the future of the CDMO in this generics landscape? I just wanted to get a sense of strategic granular notation exercise from the company. Are we looking at more complex biologics and advanced therapies, or are we looking at antibody drug conjugates or high potency APIs or peptide-based therapies, in terms of more complex formulations? I just wanted to get a sense of generics. I mean, we all understand CDMO generics and Jammu facility and all that, but just wanted to get a sense of a vision exercise from the company. That will be helpful to understand and evaluate the strategy. Thank you for the question. If you see, sir, CDMO partner is essential for any content marketing company. It is not like a luxury. It is an essential to cover up the specific gap, to cover the product gap, technology gap. That is why it is an essential partnership between two B2B companies in the landscape. If you see our portfolio, your question is well defining the future of CDMO index as well. There are two parts. One is the complex and niche segment product, like peptides, and we are already working on that. The other is what we used to do in the past 3-plus, 10, and 20 years. Then the third domain is extending our capability into the new dosage form, where we are not present. Even if you see our Jammu facility, we have expanded ourself in the multiple segments, like BFS, pet foods, and then the different category of itself like steriles and venom. Overall, if you see in the future that we also expect that a strong product pipeline in R&D can support our business function in well value-added margins as well as the top line. Great. Thank you. Sir, I just wanted to get a quick introduction to that, like in terms of movement of CDMO more from to CRDMO, where we say that research and development is far more important in the long term, and the spend on research and development and the actual time and effort and bandwidth of research and development rather than just manufacturing. So in the context of Innova Captab, if you can just highlight little points which will make very clear that what is the company intending to do and kind of things of research and development in specific. I am not highlighting any competitive research advantages, it is generic. So if you can talk about general viewpoint on research and development from the point of view of Innova Captab. Thank you. Yeah. So sir, we are basically a generic-focused company, and our development and R&D is also focused in that segment only. Right? In the coming future, there are multiple products going to be off-patent date. If we can do the reverse engineering and can launch these products early in market, right, that could be the advantageous play for us. Being a CDMO company, for us, the advantage is that we can have the front lining partner with the multiple company. So one way or other way there is a cost sharing also. Hello? Okay. Thank you. Yes. Yes. Thank you, sir, for that input and all the best for the consistent performance shown by Innova Captab. Thank you. Thank you. Our next question comes from the line of Viraja from Pgim. Please go ahead. Hi. Thank you for the opportunity and congratulations on the great set of numbers. I just have one question. You mentioned INR 300 crores of revenue for Jammu in FY 2026, which comes to- I'm sorry to interrupt, Viraja, but your voice is very low. If you can just raise it a little. Thank you. Am I audible now? Yes. Yes. Okay. Yeah. I was mentioning the Jammu revenue. You mentioned INR 300 crores in FY 2026, which comes to around INR 75, INR 80 crores. If you could help me with the quarterly run rate for full year FY 2027, specifically from Jammu point of view. How are you expecting the revenue to ramp up in this area? For current year, our exit run rate is about INR 60 crores plus this quarter. As far as FY 2027 is concerned, we would like to maintain that we are very much confident of maintaining that 20% plus volume growth from FY 2026 to FY 2027. Yes, Jammu would play a major role in that. But as of now, the breakup of facility-wise may not be available. It's not feasible for us to share that data. We will still like to maintain that overall at Innova Captab, we will maintain that 20% plus volume growth. Okay. Thank you, sir. This is from my side. All the best. Thank you. Thank you. Next question comes from the line of Anubhav Mukherjee from ICICI Securities. Go ahead. Sir, the domestic branded business, is it entirely trade generics or do you market like a product to a key marketing representative? No, our domestic branded generic business is in form of trade generic. And sir, can you share some qualitative aspect of like what differentiated strategy are we following that is helping us grow this business at such a high growth rate? That will be very helpful, sir. Yes, Anubhav. As far as our trade generic business is concerned, we follow a very strong ground strategy. We have the distribution model through distributors, stockists, which go to stockist level and retailer level. At the same time, we have adopted a hybrid model of having an on-field staff at the ground, which helps and contributes to the sales. So they keep on working with the stockists or wholesalers as well as the retailers to push the sales forward. So it's a hybrid model which we have adopted, and it has given results Y-o-Y. At the same time, having a good business acumen of pharmaceutical trading. So the placement of product, the dosage form, the penetration into market at all level of scale of market, this is really helping us to scale up the revenue here. Yes, sir. For the branded business, is it like therapy agnostic or do we focus on certain therapy needs? Your question is not clear. Can you please repeat? Yeah, I will repeat. For the branded generic business, do we focus on certain therapies in this segment or we market like all sorts of drugs? If you see from the domestic angle, then largely where Innova has the capability, which is focused on that. We are open to the other segment of products as well. Okay. I will get back on this. Thank you. Thank you. Next question comes from the line of Mansh of Axis Institutional. Hi, sir. Thank you for the opportunity. Am I audible? Yes. Thank you. Hi, sir. We had about 200 odd crores of growth in CDMO year-on-year. Was the majority of this growth driven by domestic business or was the majority of it driven by exports? As we said earlier also, the revenue which is coming, whether it is manufacturing capability or business area, this is coming from all growth engines. CDMO growth is driven by both domestically as well as exports. I see. But the majority of it, will you be able to provide just a qualitative comment on whether majority of it was domestic or export? That quantitative breakup may not be revealed as of now. Got it, sir. Export growth has also witnessed. You also had about 200 odd growth in export business as well. Sir, was the bulk of the growth in export business driven by the branded generic business or the CDMO business, again? So see, Mansh, as I committed that the overall station tech will break up of domestic, export, as well as CDMO, Branded Generics. As of now, we may not be able to comment on that. Got it, sir. So one last question, sir. I just wanted to have an understanding of customer concentration in the export business for both the Branded Generics as well as the CDMO business. Can you just give a qualitative understanding of are we dependent on very few customers for our export business, both in the Branded Generics as well as the CDMO business? So Mansh, as well as our CDMO businesses as well, our business is well diversified amongst major pharmaceutical companies of India as well as globally. It is well diversified, not having an over-reliance of any customer or any product. At the same time, our Branded Generics business, it is more tried out at a distributor stocking filler level. It is also not that much over reliant or dependency on any single one customer or geography or a location. Got you. The same thing goes to specifically just the export business as well, sir. We are not heavily reliant on few customers for our export business. Just export business. At group level, we are also well diversified. Got it, sir. Thank you, sir. That was all from my end. Thank you. Ladies and gentlemen, that is the time constraint. That was the last question for today. I now hand the conference over to management for closing remarks. Thank you once again for watching today. Thank you everyone for joining us in this earnings call. We appreciate your time and showing interest in our company. In case of any queries, you can get in touch with our SGA, our investor relation advisor. We look forward to meeting all of you over the next call. Thanks a lot. Thank you so much, sir. Ladies and gentlemen, this is Abhinav Kumar from Limitless Investment Advisory. Thank you for joining us, and you may now disconnect your lines.