Q3 25/26

Jan 27, 2026

Summary

Q3 revenue grew 42.3% YoY, with strong contributions from CDMO and Branded Generics; EBITDA margin was 15.8%. Management targets 20% overall growth in FY2027, with Jammu ramp-up and API price uncertainty shaping the outlook.

Ladies and gentlemen, good day and welcome to Innova Captab Limited Q3 9M FY2026 earnings conference call. As a reminder, all participants line will be in listen-only mode, and there will be an opportunity for you to ask questions after the presentation concludes. Should you need assistance during this conference call, please signal an operator by pressing star then zero on your touchtone phone. Please note that this conference is being recorded. I now hand over the conference to Mr. Ayush Kumar Garg, Head IR. Thank you, and over to you, sir. Thank you, Pari. Good afternoon, everyone, and thank you for joining us on our earnings call today to review the operational and financial performance for Q3 and 9 months FY2026. We have with us Mr. Vinay Lohariwala, Managing Director, Mr. Lokesh Bhasin, Chief Financial Officer, and representatives from SGA, our investor relations advisor. I trust you had the opportunity to review our financial results and the investor presentation, both of which are available on our website as well as on the stock exchange website. Should you have any further questions after this call, our investor relations team will be happy to assist you. With that, I will now hand over the call to Mr. Vinay for his opening remarks. Thank you, and over to you, sir. Thank you, Ayush. Good afternoon, everyone, and thank you for joining us on our earning call today. I am thrilled to report that Innova Captab delivered a stellar quarter, with revenue from operations surging to INR 450 crore, with a robust 42% year-on-year growth. This reflects not just numbers, but the tangible result of our sharpened strategic focus, comprehensive product pipeline, and unwearying operational discipline. For our 9-month FY2026, revenue from operations hit INR 1,182 crore, up 27% year-on-year, powered by exceptional execution across both business verticals and our world-class manufacturing infrastructure that continue to set us apart in a competitive landscape. Profitability advanced hand-in-hand with scale, driven by operational efficiency and streamlined operation that unlock greater value at every step. This reflects our team's disciplined execution and relentless focus on optimizing resources to deliver sustainable margin and robust growth. Coming to business highlights. Our CDMO business powered ahead 29% year-on-year, fueled by deeper partnerships with trusted existing clients and existing wins from new ones. These relationships are built on our proven reliability and technical expertise, positioning us on a go-to partner for quality pharmaceutical formulation. Can you hear me? Yes, sir, you are audible. Thank you. The API prices are witnessing some stabilization which directly supports this vertical. Branded generic sales 79% year-on-year, driven by our bold push into high-potential new domestic and international geographies, coupled with intensified penetration in established markets. This growth stems from an elaborated portfolio to high-demand products and agile go-to-market strategies that resonate strongly with prescription and patient alike. Our manufacturing facilities are equipped with state-of-art infrastructure and rigorous quality control that ensure seamless and reliable operations. These proven assets form the backdrop of our scale-up, supporting both current demand and future growth trajectory with unmatched consistency. Recently, we further bolstered these capabilities with prestigious GMP certification. UK-MHRA approved our cephalosporin Baddi unit and PIC/S via SMDC Ukraine for all our Jammu blocks. These milestones open doors to regulated high-growth markets, where our superior quality standards will deliver premium opportunity and long-term client loyalty. The new Jammu facility is ramping up smoothly with commercial operation underway with marquee CDMO partner. Several others have also successfully completed audits, validating stability data and other key parameters. We are optimizing about Jammu facilities operational ramp-up ahead in the coming quarter. Looking ahead, we at Innova Captab have put multiple high-impact levers in motion. From capacity expansion to geographical diversification, ensuring sustained revenue acceleration and profitability gain. Our team remain fully committed to execute these precisions. Operating in a dynamic environment where innovation and research in the pharmaceutical space are of paramount importance, we are equally focused on meeting the needs of the changing environment through our existing as well as planned R&D endeavor, driven strictly by our dedicated R&D center. Our achievement highlights our strategic agility and operational excellence amid a dynamic industry backdrop. With a proven track record of being a growth-focused company, we are confident of replicating similar momentum going forward. With this, I look now to hand over the call to our CFO to detail out the financial performance during the quarter and 9M FY 2026. Over to you, Lokesh. Thank you, sir. Good afternoon, everyone. I will now walk you through the financial highlights for Q3 and 9 months FY2026. Consolidated revenue reached INR 450.3 crores, delivering robust 42.3% year-on-year growth, driven by strong demand across both CDMO and Branded Generics business areas. For 9 months FY2026, revenues stood at INR 1,182.2 crores with a year-on-year growth of 27.3%, reflecting sustained momentum from our diversified portfolio and expanding market reach. Exports form a healthy 35% of Q3 FY2026 revenue mix and constituted 32% in 9 months FY2026, underscoring our strategic progress in global markets. The CDMO business generated INR 298.7 crores in Q3 FY2026, up 29% year-on-year from INR 231.6 crores. Our 9-month FY2026 CDMO revenue totaled INR 813.9 crores, growing 18% year-on-year. Branded Generics shone brightly with INR 151.6 crores in Q3 revenue, surging 79% year-on-year, fueled by aggressive geographic expansion, both domestic as well as international. For 9 months FY2026, this area delivered INR 368.4 crores, up by 56% year-on-year. EBITDA climbed to INR 71.1 crores in Q3 FY2026 from INR 50.9 crores last year, a solid 39.6% year-on-year increase. 9 months FY2026 EBITDA was INR 183.7 crores, up 24.8% from INR 147.1 crores, with margins steady at 15.8% for the quarter and 15.5% over 9 months, reflecting disciplined cost management. PAT stood at INR 42.1 crores for Q3 FY2026 and INR 102.8 crores for 9 months FY2026, supporting our focus on profitability along with the growth. This wraps up our opening remarks. The floor is now open for your questions. Thank you a lot. Thank you very much. We will now begin the question and answer session. Anyone who wishes to ask a question may press star and one on their 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 a question. Ladies and gentlemen, we will wait for a moment while the question queue assembles. The first question is from the line of Sudarshan from ASK PMS. Please go ahead. Thank you for taking my question and congrats on good set of numbers. My first question is on Jammu. If I can break it into two parts. One is how much in this quarter it is contributing. If you can give some color quarter-on-quarter of how it has scaled up. Second is in the context of the GST cut that happened earlier. How will the strategy be to maximize the utilization in Jammu much earlier to what it was earlier planned to basically capture the higher component of GST? Some color on that. Yeah. This quarter, we have achieved a revenue of around INR 89 crores from Jammu, which has increased from around INR 60 crores previous quarter. Regarding, can you please repeat your second question? Sure. This was on account of the reimbursement that happened on the Jammu facility. Earlier, because of the cut in the GST, the expectation was that it was a little hazy, but the way that we can ramp it up faster, we will get better payback on the Jammu facility. Wanted to know whether now we have a plan with respect to how we are going to capture that. Lokesh has given the number that this quarter we have closed INR 89 crores. This is post the implementation of GST 2.0, number one. Number two is that GST is one of the factors behind the Jammu facility. The other is pure play of the capacity and capability demonstration. Definitely we have some dent on the GST due to the GST cut, but the capability and our over capacity and capability is at par, at least the state of facility that the PIC/S certification is already being done. Most of our 14 out of 15 clients where we have the relationship, either they have validated, visited the facility, done their quality assurance audits, we have started the business or we are in the pipeline to start the business, either this quarter or the first quarter. We see there is no, what I can say, we have the good fortune for this facility. I also like to submit one more thing that, yet we have not contributed any PAT or EBITDA margin from the Jammu facility. Still the numbers is speaking itself. Right. Next year, we are very hopeful that there will be a positive contribution from the Jammu itself. Sure, sir. How do you see the scale up here in terms of utilization, say, in the next 18 months to 24 months? As you know that pharmaceutical require a full-fledged validation and audits are there. We have started this Jammu facility in January 2025. Now it's almost one year from our commercial production start. Now we are hopeful that all the customers, or most of the marquee customers, will be on board from this quarter or the first quarter of the next year. Then I don't want to quantify the number because, being a new facility, there may be some gaps. That's why we are not quantifying the numbers. But in overall strategy, we can have the 20%-plus growth for the next year. Sure, sir. My second question is on the branded generics, which has again done very well, I mean, Q1 year-over-year. If you can give some color with respect to one, the sustainability of that and is this contributed more by the domestic or are we seeing better traction happening from Sharon. If you can give some color on how the mix is and the output on it. Let's first give the number. Let me take the number from the CFO. Let Lokesh give some focus on this. Yes. If you see, you are right that branded generics has fared well this quarter. This quarter, we have achieved around INR 151.6 crore from branded generics, which is showing a growth of around 79%. As I committed earlier, it has been possible because of our aggressive expansion and focus on our both domestic as well as international business areas. We have worked on all fronts to work on this growth and the future. In this branded generics, we classify our domestic as well as international business, where we have our own registered brands. We are getting a good sustainable attraction there. Our trade generic mix, Univentis, is doing good vis-a-vis our Sharon's and our Innova's export business that is in our own brand is being classified in this category. Sure, sir. Thanks a lot. I understand that. Thank you. Thank you. Participants who wish to ask a question may press star and one on their touchtone telephone. Thank you. The next question is from the line of Nishita from Sapphire Capital. Please go ahead. Yes. Hello. Congratulations on such a good set of numbers. I just had a few questions. One is on the capacity utilization. Can you let us know about the capacity utilization in all of our plants, if it is possible? Hello? Yeah, Nishita, we lost you for the last 5 seconds. Can you please repeat? Yeah, sure. I just wanted to know the capacity utilization for all of our plants, if it is possible. Yes. Current capacity utilization. Yes. If we talk about our manufacturing capabilities, as we said that Jammu has just started, so it is in very nascent stage of ramping up. There is lots of potential to ramp up over the next few years. Talking about our other facilities, which is our Baddi facilities, as well as our formulation facility at Dehradun and Taloja, they range between a capacity utilization of 55%-60% as of now. Okay. At peak capacity, how much revenue can we expect from all the three facilities? Okay. If I talk about Jammu, as we have submitted in our earlier calls also, on an optimum capacity of, say, 65%-75%, Jammu is having a potential to reach around INR 1,400 crores plus, when it will reach at an optimum capacity level. See, in a normal CDMO operation, the optimum capacity ranges from 65%-75%, and the same goes with our existing manufacturing facility also. So there is still potential of around 15%-25% to grow in all these existing manufacturing capabilities. Right. Okay. My next question is on. It is a clarity question. You mentioned that we did INR 89 crore of revenue from Jammu facility in Q3. Is that facility breakeven yet, or how long is that facility going to take to breakeven? Yes. Nishita, it is nearing the breakeven at EBITDA level. Of course, reaching at a PAT breakeven may take certain quarters also. We are very much sure that in next year, as Vinesh also submitted, that in next year, we are very much looking ahead to get a positive contribution from Jammu facility from both EBITDA as well as PAT level. Okay. Understood. My next question is, we had a very good growth in the past three quarters of FY 2025. Do we see us reaching a 30% growth overall, 30% growth in FY 2025? Full year guidance, we'll still like to refrain from giving as of now. Okay. Understood. Again, a clarification. You mentioned to a previous participant that in FY 2027, we expect a 20% growth. That 20% growth is in the Jammu facility specifically or overall 20% growth? This is overall 20%. Understood. Thank you so much. Thank you. Anyone who wishes to ask a question may press star and one on their touch-tone telephone. The next question is from the line of Gaurav from JM Financial. Please go ahead. Hi, sir. Good morning. Am I audible? Yes, you are. Yes, sir. Yeah. To begin with, I'd like to first congratulate on the good set of numbers. I had a couple of queries. The first, I wanted to understand that the branded generics did really well this quarter for us. Was it led by the traction in the international business, the international branded generics business? Gaurav. Yes. Basically, as we said that branded generics business growth has been contributed by both domestic as well as international level. And yes, our international geographical presence is increasing, as is evident from the overall export kitty to the revenue mix. It has increased around 35% for this quarter and 32% for 9 months ended December 2025. What was the parallel number for, let's say, Q3 FY 2025, 35%? Q3 2025 was around 25%, 27%. 25%, 27%, right? Okay. Yes. In terms of any guidance for the fourth quarter, how shall we look at the fourth quarter in terms of As of now, we are very much hopeful depending upon the seasonal cycles. We are still looking at the numbers, but we would like not to give any firm guidance as of now. Understood. That is all from my side, sir. Thank you. Thank you. Thank you. The next question is from the line of Avnish from Bikayea. Please go ahead. Hi. Good afternoon. Thanks for taking my question and congrats on a great set of numbers. Lokesh, I just have a question. You are saying INR 89 crores have come from Jammu and it is nearly breakeven. If I look at the results on an ex-Jammu basis, and if I remove, let us say, INR 89 crores from the INR 450 crores of revenue that you have booked, the ex-Jammu revenue of INR 361 will give the same EBITDA because Jammu is breakeven. That EBITDA margin comes out to be 19% on an ex-Jammu basis. I just wanted to understand what has happened for the margins on an ex-Jammu basis to increase so much. Hello? Thank you, Avnish. You caught the right thing, and I covered this in my opening remarks. That we are at the EBITDA ex-Jammu. Whatever the EBITDA contribution or PAT contribution is coming is from the ex-Jammu. Jammu has not yet participated in EBITDA or PAT margin. Even the PAT margin is negative because of the project cost depreciation and all that. There is a substantial improvement if you see. You calculated the number correctly. There is 18%, 19% EBITDA margin if we see the ex-Jammu. This is an overall good performance across the category. Better price realization, support from the API and overall the export thereon our trade generics business. Everyone has contributed in a positive manner. Similarly, if you see the ex-Jammu number, that is a substantial improvement in that also. If you see that last quarter, we are somewhere at INR 380 crores, and this quarter we are at INR 450 crores. Even in the PAT margin, the INR 70 crores sales improve, contributed almost INR 12 crores in the PAT margin. Similarly, when we improve the performance by 10% to 20%, there is a substantial gain in the EBITDA margins. Yeah. If you see the gross contribution, that is approximately 30%-33% on average basis. Material margin is 30%-33%. Once the performance of the business, let's say, optimize and given a better territory, then it results in a better EBITDA margin. Because like electricity or workman cost, all are the constants. Understood. There is the one. You are getting benefit. Yeah. Yeah. From the operational leverage, we are getting benefit. Better price realization is the second one. Understood. Thank you for the explanation. The second question is on if you look at your pure-play CDMO business, the third-party business that you have. Can you quantify the volume growth that you have seen in this quarter? Lokesh, do you want to? Yes. Avnish, if I say on a year-on-year basis, our volume growth is around 6%-10%. Rest is all change in product and sales mix. And quarter on quarter, there is not much change in volume, but the growth has been contributed mainly due to changing product and sales mix. Okay. Last question was on the API prices. I think Vineet mentioned in the opening remarks that you are seeing some stabilization. If you see on a year-on-year basis, is it safe to assume that the prices have been stable? You have not got any benefit from any API price increase in this quarter. Is that a fair assumption to make? Year-on-year, if you see, then there is a negative on the prices. What we are saying is that quarter-on-quarter, there is a much more stabilization. Understood. Year-on-year, I think there is a clear cut we are even losing on the price front. Understood. Okay. Thank you. I'll get back on the queue. Thanks. Yeah. Thank you. The next question is from the line of Praveen from Avendus Spark Institutional Equities. Please go ahead. My question was also in light of API prices. This stabilization of API prices, are we seeing it to be like to be the bottom and- Praveen, sorry, but Praveen, your voice is really muffled. Yes, sir. Can you use the main phone instead of speakers if you want? Is my voice better now? Yes, that is better. Thank you. My question is also in the lines of API prices. Now that it has stabilized on a quarter-on-quarter basis, how do we see the prices API going forward? Are we considering this as a bottom, or what is the trend on API prices? Can you give us some idea on these lines? This is regarding future trends you are asking for? No, sir, API prices. Yeah. In past we can say that the prices are now in a stable territory. If we compare, say, Q2, Q3 on average basis, we can say it is in stable territory, but prediction about the future is still uncertain. We cannot say what happen in the future. Right. On the exports- Mm-hmm. Yes, go ahead. Sir, are you saying something? Did I interrupt? Praveen, just to add what Vinesh was saying. Whatever numbers regarding our futures or guidance that we give, it is always on the constant API pricing. Whatever impact the change of API pricing would have in future, it is not imbibed in our outlook as of now. The 20% number which we gave for the next year would be the volume guidance. Because price we are assuming as a constant, right? Correct. Okay, sir. Yes. On the export side, we have reached a composition of around 35% of our total sales mix. What would be the ideal export versus domestic mix which we are targeting? Whether it can be on a short-term basis or on a longer-term basis. What would be the ideal mix of export versus domestic within our revenue? On this front, we always say that our focus on the domestic or the export is for us, both the business vertical is equally important. Fairly, we are focused on the export business. We have the regulatory approved plant. We focused on all the ROW market, African market, or the Southeast market, as well as the European, Canada market. And vis-à-vis we are well focused on our domestic market as well. Sometimes what happen that one can have a better growth rate than the other one, so then the contribution may change. But in long-term, I think that the 35%-65% is a fair contribution. It could be 2%, 3%, 5% here and there. So that is the fair number, that 35%-65% ratio. Right, sir. Sir, the last question from my side is on cephalosporin business. So how is it doing on our basis, and what is the macro situation on cephalosporin API business? You are asking about the prices of the cephalosporin category? Yes, sir, both on pricing side and on the demand side. Pricing side, we can say that it is almost now the last four, five months, the prices are either on the stable or a bit increase in the prices. Okay, sir. Yeah. On the demand side, sir? Demand is like we have the UK-MHRA, GMP approved facility. Our Baddi facility is a regulated plant, and we have put the other facility in the same category in Jammu also. One block is dedicated for cephalosporin in Jammu as well. We are in this category of the product since 2010. We have a wide spectrum customers, geographical presence, and our business is doing well in this category. Okay. That is it from my side. Thank you for helping. Yeah. Thank you. Thank you. The next question is from the line of Hitanshi Shah from Xpentis Wealth. Please go ahead. Congratulations on a good set of numbers. Sir, in last quarter, you had guided that the Jammu facility will have a revenue of around INR 20 crores to INR 80 crores. So are you on track towards that? Yes. Hitanshi, for this year, we would like to maintain the same guidance. Rather, on an optimistic side, we may be slightly overpassing this guidance. But in broad range, it will remain in the range of INR 270-20 crores. If possible, what would be the revenue guidance for FY 2027? As we said, that at an overall business area, at an entity level, we are looking at we would be able to maintain the 20% growth year-on-year. Okay. That's it from my end. Thank you. The next question is from the line of Ankit Gupta from Bamboo Capital. Please go ahead. Yeah. Thanks for the opportunity and congratulations for a very good set of numbers. Sir, as the earlier participant was talking about, ex of Jammu, our EBITDA margins have touched almost 18%-19%. Let's say, hopefully next year Jammu will also start contributing at the EBITDA level. How should we look at our EBITDA margins going forward? Can we see 16%, 17%, 18% kind of EBITDA on a sustainable basis from FY 2027 onwards? 17%, 18% kind of EBITDA margins from FY 2027, 2028 onwards. Ankit, if you see that we always maintain our margin profile at, say, 15% plus minus 2% here and there. Sure. 15% to 16%, 17% max type of the margins. What happened that Jammu is now not contributing. In future also, let's say we can have some growth engines that is putting a negative on the P&L. Businesses cannot sit silently, and we need to focus continuously on the future growth also. We have to carry that P&L pressure from that growth strategy. Right? Whenever there is a finalized story about the future plan, we will definitely come. We cannot say that we can have a non-negative number impact on the P&L. Some future strategy will be there. One side, the margin can grow with the Jammu to a plus plus side, but the future strategy can again put some pressure on the P&L. Sure. Currently Jammu and with such a huge potential of INR 1,200 crore-INR 1,400 crore kind of top line. Currently, as you have said, this year we are targeting INR 200 crore-INR 220 crore of revenue contribution from Jammu. There is still a huge room of ramping up revenues from Jammu itself. Are we looking at some more expansions, at least in the near to medium term, or by FY 2027-2028, our focus will majorly be on ramping up Jammu itself? Jammu ramping up is the one part that we have already covered that 20% plus growth on overall business. Let us say Jammu can give us the next two to three years, 20% plus growth. The overall basket could be there, right? But we need to think beyond two to three-year time horizon. Sure. How the future after, let's say, 2028, 2029, from where the growth will come? True. And we need to start taking the steps regarding that growth today itself. Sure. So we are now focused on the future plans, and we are working on few of the strategies. Whenever we are zero on some of the strategy, we will definitely inform the market, and we will come back to you on that front. Sure. My second question was on the branded generics. We have seen a very healthy growth during the quarter, and even for the 9 months we have seen a very decent growth. On a 2-to-3 year basis, do you think that we can continue to grow at 40%, 50% in the branded segment, given our scale also will be touching or will be crossing, hopefully INR 500 crore this year? So for growth, we will maintain the same strategy that overall growth should remain at 20% plus level at the organization level. What happened in few quarter or year, some category can outperform the other one. In export business also, we are consistently focused on registering, developing new products, registering the product across the territory. So in few quarter, there may be some few category can outperform the other one. But overall, our target is like 20% plus. Sure. Okay. Thank you, Mahesh. All the best. Thank you. The next question is from the line of Abdul Puranwala from ICICI Securities. Please go ahead. Yeah, hi. Thank you for the opportunity. My first question is with regards to the Jammu facility. Now that we are talking quarterly revenues of INR 85-90 crores. Should we see this as a sustainable number for quarters ahead? Abdul, you are talking about the ramp-up plan of Jammu in coming quarters? Yes. Yes, Abdul, as we committed in our earlier part also, we are very much positive on how Jammu is ramping up right from our audits, validations, the visits of our marquee customers to Jammu facility, how our capability and capacity is building up, how we are able to showcase our capabilities to our customers, the PIC/S certification that we have received. Yes, the overall trajectory is looking good, and next year, 20% growth that we are projecting at an entity level or rather group level. Yes, Jammu is going to play a good part in it. Okay. Understood. Sir, then for next year, how should we look at your margins, considering that your base business is already clocking 18%-19% EBITDA margin? I know this was for this quarter perspective, but then if the EBITDA accretion starts to happen from Jammu, then how should we look at your EBITDA margins for next year? So, if Jammu starts contributing in the margin, then in the near term, it should, let's say, improve. Till we take some other growth strategy on board that can be the tender negative. Right? Till then, the margin should improve. Got you, sir. So for the 9-month number, can you provide your cash flow from operations for the 9 months of FY 2026? Okay. Let me just comment on that. Yes. So if I talk about our operating cash flow before working capital changes in tax, so it was around INR 182 crores at a group level, which has been well used to support our growth, around 40% year-on-year and other normal expenditures. Got it, sir. Thank you. Thank you. Thank you. Anyone who wishes to ask a question may press star and one on their touchtone telephone. The next question is from the line of Saket from Sagri Capital. Please go ahead. Hi. Am I audible? Yes, you are audible. Yeah. Thanks for the opportunity and congratulations for an excellent set. Sir, excluding Jammu, if I look at the CDMO business, what was the volume growth year-over-year? Maybe I missed out. I think you said some number, but maybe it was not very clear because I think the price growth was negative. Any color on the volume growth ex of Jammu? As you said, Saket, on a year-on-year basis ex Jammu, our volume growth is in the range of around 6%-10%. Okay, 6%-10%. And sir, Sharon is part of CDMO or is it part of branded generics? Majority is part of CDMO. Okay. And sir, today, out of, say, branded generic, what would be the share of exports and what would be the share of domestic? So normally, we prefer not to go to that. We prefer to report our revenues on CDMO at the branded generic level. Fair point, sir. And sir, you must have gotten some tailwind of API prices in the branded business, right? Because there, the lowering API prices helps your margins. Is that a fair assumption? Basically, we are not the backward integrated company. In our branded generic business also, there are two categories. One is our trade generic and one is our own brand export business sits in that category. Normally, there also the pricing of our product is based on the API pricing. Okay. Fair point, sir. Yeah. Okay. Yeah. Thanks, sir. Thanks for the opportunity and appreciate your quick answers. Thank you. Thank you. The next question is from the line of Ankit Gupta from Bamboo Capital. Please go ahead. Thanks for the opportunity. Sir, if you can talk about, broadly, what will be the margin differential between the branded generics and our CDMO business? Ankit, we normally do not track margins at our business vertical level. Thank you. Okay. But any broad range, like branded will have how much more margins compared, like will it be like 2%, 3%, 4% higher? Sir, I would prefer not to provide it because we not track these numbers on that objective level. Thank you. Okay. On Sharon, if you can tell us, how has been the performance of Sharon for this quarter? Like how is it performing, how has been the performance in Q3 9M? Yes. As we said earlier also, all business areas has contributed in our this performance for Q3 FY 2026. Yes, Sharon has also been a good part of our overall growth. Since from its acquisition and as of now, it has been contributing and well on both top line as well as bottom line part. Sure. Okay. Thank you. Thank you. Thank you. The next question is from the line of Sujal from Optune Wealth Advisors. Please go ahead. Congratulations, first of all, on your numbers. Am I audible? Yes, sir. You are audible. Yeah. So sir, I just want to ask about that you said you decide the prices according to the API prices. Are you able to pass on to this from customers, or how does it impact your overall margins? Generally, as already covered, our business is based on the pricing of the API. Generally, we don't sit on margin based on the API, whether it's going up or going down. Okay, sir. And sir, second question on the part of side of my competition side. On the CDMO part of business, there's a little bit competition intensity is getting increased. Can you share your insights on that part, sir? It said India is a very huge market if you're talking about the domestic CDMO market. We have a very large market in pharmaceutical also, and that will grow at a healthy growth rate. Everyone has the space to grow based on their own capability and capacity. Okay, sir. Thank you. Thanks so much. Yeah. Thank you. Thank you. Thank you. Anyone who wishes to ask a question may press star and 1 on their touchtone telephone. Ladies and gentlemen, that was the last question for today. On behalf of Innova Captab Limited, that concludes this conference. Thank you for joining us, and you may now disconnect your line.