Q1 25/26

Aug 8, 2025

Summary

Q1 FY26 revenue rose 19% YoY and EBITDA rose 28%, while PAT increased 5%. Branded Generics grew 59%; Jammu contributed INR 60 crore as API price declines temper FY26 revenue visibility and the facility ramps up.

Ladies and gentlemen, good afternoon, and welcome to the Innova Captab Limited Q1 FY26 earnings conference call. This conference call may contain forward-looking statements about the company, which are based on the beliefs, opinions, and expectation of the company as on date of this call. These statements are not the guarantee of future performance of the company, and it may involve risks and uncertainties that are difficult to predict. As a reminder, all participant lines will remain in the listen-only mode, and there will be an opportunity for you to ask questions after the presentation concludes. Should you need assistance during the conference call, please signal the operator by pressing star then zero on your touch-tone telephone. Please note that this conference is being recorded. I will now hand the conference to Mr. Ayush Kumar Garg from Innova Captab Limited for opening remarks. Thank you, and over to you. Thank you, Ryan. Good afternoon, everyone, and thank you for joining us on our earnings call today to review the operational and financial performance for Q1 FY26. We have here with us Mr. Vinay Kumar Lohariwala, Managing Director, Mr. Lokesh Bhasin, Chief Financial Officer, and representatives from HCA, 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. The transcript of this call will be posted on the company's website within the next week. Should you have any further questions after this call, our investor relations team will be happy to assist you. With that, I'll now hand over the call to Mr. Vinay for his opening remarks. Thank you, and over to you, sir. Thank you, Ayush. Good afternoon, and thank you all for joining us on today's earnings call. I am pleased to report that Innova Captab has continued to demonstrate strong growth momentum in Q1 FY26. We recorded revenue of INR 352 crores during the quarter, making a 19% year-on-year growth despite a drop in the API prices. Profitability also saw a significant boost, with EBITDA rising by 28% to INR 57 crores. As part of our ongoing efforts to drive strategic clarity and operational focus, we have reorganized our business into two streamlined verticals: CDMO and Branded Generics. With Sharon now fully integrated within the Innova framework and keeping in mind our business modality, we believe that this new structure better reflects the way we operate today and how we create value across our portfolio. The CDMO business now comprises our legacy CDMO operations, Sharon business, as well as part of our international Branded Generics portfolio that operates under a CDMO framework. The Branded Generics business includes our domestic Branded Generics business, along with the portion of the international Branded Generics portfolio that is run on a front-end own-branded model. We believe this reclassification will provide greater transparency, better align with our long-term growth strategy, and enhance stakeholders' understanding of our business performance. Coming to each business area. CDMO business. We continue to be the partner of choice for over 300 global pharmaceutical companies. Over the years, we have expanded our offering to a comprehensive portfolio of over 3,700 products across multiple dosage forms. The business contributes 71% of our total revenue in Q1 FY26. We remain focused on deepening existing relationships while building new partnerships to drive sustainable growth. Branded Generics. Our Branded Generics business signifies our front-end operation with direct presence across India and key regulated and semi-regulated markets across the globe. Over the years, we have achieved significant strides in the business by consistently adding new products and thorough market expansion, both in India and other international markets. Now let me talk about our manufacturing capability, which remains our key business driver. Enhancing this year, we commercialized our Greenfield facility in Kathua, Jammu in January 2025. I am pleased to inform you that the scale-up is going as planned. We are witnessing strong interest from our CDMO clients as well as good demand in Branded Generics business, which gives us confidence in a swift ramp-up in the coming quarter. Looking ahead, we are seeing strong traction across both our business areas, partner-led CDMO and front-end Branded Generics. Expanded product portfolio, deep client engagement, and geographical expansion with our Branded Generics business, both in India and internationally, will be the fuel for our growth journey in upcoming quarters and years. We are proud to be progress we have made and remain committed to executing our strategic roadmap with discipline and agility to drive sustainable growth across all our verticals. Thank you once again for your continued support and trust in Innova Captab. I now hand over the call to Mr. Lokesh to take you through the financial performance in more detail. Thank you, sir, and good afternoon, everyone. I will now take you through the financial highlights for quarter one FY 2026. Our consolidated revenue stood at INR 351.5 crores, registering a year-on-year growth of 19%. CDMO business, which constituted around 71% of the total revenue in the quarter, clocked INR 249.5 crores of revenue as compared to INR 230.1 crores, registering year-on-year growth of 8%. Enhanced client traction, both new and existing, served as the main catalyst for growth. Branded Generics business delivered stellar growth of 59% to INR 101.2 crores, fueled by broader geographic reach and increased penetration in the domestic markets. EBITDA grew to INR 56.6 crores for the quarter versus INR 44.3 crores in Q1 FY 2025, signifying solid growth of 28%. EBITDA margins improved to 16.1% vis-à-vis 15.1% in Q1 FY 2025, mainly supported by expanded gross margins. PAT improved 5% year on year to INR 31 crores, reflecting resilience in the face of increased depreciation and finance expenses. PAT margins stood at 8.8%. With this, we would like to conclude our opening remarks and open the floor for question and answers. Thank you very much. Thank you. Ladies and gentlemen, 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 their handsets while asking a question. Ladies and gentlemen, we will wait for a moment while the question queue assembles. Ladies and gentlemen, a reminder, if you wish to ask a question, please press star and one. The first question comes from the line of Parth Mehta from Varun Capital. Please go ahead. Yeah. Hi, team. Congratulations on the good set of numbers. I have a few questions. Firstly, is it possible to provide the new revenue, new segmental breakup for the previous quarter? You are seeing the reorganized number for previous quarter, right? Yes. Surely. We will work out and Ayush will reach to you offline on this. No problem. Second is, possible to share what would be the revenue from the new Jammu plant for this quarter? Okay. What is your next question? Maybe to answer you on both. Yeah, sure. Earlier, you have mentioned that revenue from the Jammu plant will be coming from the existing customer base by gaining the wallet share. What is your strategy to gain the wallet share? What is the differentiating factor versus the competition? What is the ratio of the outsourcing that is done by your clients? Okay. See, the Jammu revenue anticipated for this financial year, as we submitted in our earlier discussions, is INR 400 crores. See, this INR 400 crores of revenue was estimated on constant pricing of our API, which is a key raw material for us. As everyone knows, during the last few months, the API prices are showing a declining trend, which as high as 20% in certain cases. We are still monitoring the situation, and we should be able to reach to a final conclusion or a more concrete conclusion where our this year of Jammu revenue will lie and subject to the stabilization of API prices. Got it. My second question. Yeah. Please continue. Just to update, our current quarter's revenue for Jammu's plant was INR 60 crores. This would be including the Baddi transfer, right? The products that would have transferred from Baddi. Yes. How much of that would be the transfer from Baddi? That is a bit difficult to comment on. But the overall revenue from Jammu is INR 60 crores. Okay, that helps. My second question was on the strategy. What is the strategy to gain the wallet share, the differentiating factor versus your competition, and what is the ratio of outsourcing that is done by your clients? If you see, this Jammu facility is built with the INR 480 crores investment. It is up to mark with the CGMP norms, and all the automation is in place. As the facility is new and it has come out very well, all of our big customers are auditing us, visiting our site. From there also, we are getting good comments that the plant has come out very well. Right. Facility-wise, we are having a good edge over our competitors. That being a new facility and everything has been taken care. As far as the productivity or the output is concerned, or the zero defect concept is concerned, we are having a very good edge and that is also a very attractive point for the customer also. The other part is ensure supply, because a large capacity in CDMO, timely supply is very important. There also, we are having a winning edge. Third, but not the least, but the third one is the prices. As you know that we have planned some incentive pass through model. That pricing is again in our favor. All these three, four points are in our favor. That's why we are hopeful that we will win more and more contracts in Jammu. Right. Got it. What is the strategy to gain the wallet share or strategy to utilize this facility? We have the relationship with the all top companies in India, domestic front, as well as we will register our plants in the ROW and regulated market as well. That's how we are approaching our partners regularly, and will try to get the maximum product what we can manufacture in Jammu, for onboarding of that. Right, sir. Just one last thing, wanted to understand, we have seen higher growth in the exports business. Earlier, if I remember, you mentioned that we were having some capacity constraints to cater with the export market. Have we started some manufacturing in the Baddi plant for the export market, or how are we getting this export revenue? From which segments or from which geographies also are we getting this revenue? Capacity-wise, if you see that in Baddi, we have a tablet, and being a new facility in Jammu, our surplus foreign capacity constraint has been already been removed. In general category, we have the free capacity in tablet capsule. The only oral liquid section is now we have the constraint. Otherwise there is no concern as far as the capacity is concerned. Once we are getting the new product registered continuously from the ROW and the other market, and there our export is being started. This quarter, I think we have shown a good growth in the export market as well. Sure, sir. Just one last on the generics side. Just wanted to understand, there has been huge growth in the generic segment for the quarter, if I see your Y. Which therapeutic segments or from which geographies would the growth have contributed for the generics business? That you are talking about the branded generic business? Yes. Right. That branded generic business includes our export as well as domestic branded generic business. Yes, I get that. But which therapeutic segment This quarter we have a very good growth in our export market, export branded generic business. That is why as an overall composition, you are looking at the growth. Yes. I get that. Just wanted to know which therapeutic segments or from which geographies this growth would have come. Therapeutic category, it is overall business spread across 10 to 15 therapeutic category. As far as the territorial is concerned, that is from the ROW. Okay, sir. Thank you so much for answering all the questions. Thank you. Ladies and gentlemen, if you wish to ask a question, please press star and one. The next question comes from the line of Sudarshan Padmanabhan from ASK PMS. Please go ahead. Yeah, thank you for taking my question. Sir, my question is to understand more on the Baddi plant. I understand that the Jammu plant is new and there are some products getting shifted from Baddi to Jammu. That is why we are seeing a drop in sales of Baddi, but growth happening in Jammu. If I am trying to understand, say one or two quarters down the line, I would understand that a fair amount of shifting would happen and Baddi would come back to its usual revenue run rate. Just to understand, in terms of timelines, where are we in terms of normalizing the entire Baddi plant transfer? Second is earlier, last quarter when we talked about the INR 400 crores, I remember that we mentioned Jammu is incrementally going to contribute INR 400 crores, but the rest of the business, that is typically the international business will also grow. So the number was, overall number is expected to be over INR 400 crores. That is Jammu plus others. Would there be a meaningful drawdown in your Baddi plant that could be a negative surprise? Yeah. Overall, if you try to understand the mathematics behind the numbers, there is, I think, a net increase of INR 60 crores quarter-on-quarter. If you multiply by four, that is translating approximately, say, INR 240 crore on a yearly basis. If we say INR 400 crore plus, our statement was like, that INR 400 crore from Jammu and plus few percentage point growth from even the Baddi. That is deeply affected by the price erosion, especially in the antibiotic segment, like the amoxicillin or the potassium clavulanate or the cephalosporin. These price in few of the API hit by more than 20%, as Lokesh has already covered. Still, even in Q1, we have maintained the trajectory of INR 250 crore. I hope you understand what I'm trying to say. Even in Q1, Sure we have shown the trajectory of the INR 250 crore. We are very hopeful that there should not be any further decrease in the prices, still be able to maintain what we have stated earlier. Sure. The Jammu facility is being audited by all the leading customer, and product onboarding are expected in the Q3 and Q4 at a much rapid speed. There will be a quarter-on-quarter growth every quarter going forward. Yeah. There will be a quarter-on-quarter increase in the utilization. Put us on the same trajectory. We have already in the last telecon, we have also covered that it is how fast we reach at INR 100 crore level at Jammu facility. That is our priority. As a company, it is our top priority that how fast we reach at INR 100 crore level from Jammu. Sure, sir. To understand, I understand that API is a pass-through. We work on a pass-through business model. But two things here. One is if the API prices come down, and I understand that your anti-infective business is seeing a pricing pressure. The second is, I would also understand your Jammu facility has capabilities of manufacturing more complex products. Is it possible to shift one towards more complex products? In terms of your contract, if I look at the gross margins have substantially improved. One is, of course, the Jammu facility, in fact, coming back to you, the GST. The second is when the prices come down, do we work on EBITDA per kg, in the sense that optically then your gross margins looks higher, then your EBITDA will not change irrespective of your top line. Just wanted to understand these two. So your question regarding complex products, we are already working on that. Our R&D have developed a couple of products, so there is validation going on there, especially in the category of respules and the other triple-layer products. We are again working on the few. We are exploring the few new products as well, so that can improve our GM as well. Right? Yeah. The second question is to understand the gross margin. Yeah. So one is your GST that you are getting back. The second is if your API price comes down. Yes. If there is a gross contribution per kg, if it comes down, then your optically margins, gross margins look higher. If you are working on a margin basis, then it hits you on both sides. I mean, your EBITDA comes down. So just wanted a clarity on that. Yes. Yeah. Our pass-through model is like we have the two component of our gross conversion. One is constant and it is fixed, and the other part is based on the profitability, is the percentage base. Even you can say that a 50/50 type arrangement. If the price goes down, then still our absolute per tablet or per capsule or per unit also goes down. Okay, so we are partly getting impacted. I mean, it is not- Yeah. Generally what happens, the API price move from 5%, 10% here and there. In that case, there is no substantial impact. This time we have seen that the prices have crashed like potassium clavulanate INR 18,500 to INR 13,000 level. That creates a very big turmoil for the market. Sure, sir. One final question before I join back the queue is, on the cost side, if I look at the fourth quarter versus this quarter, we have, as you mentioned, seen a jump of about INR 50, INR 60 crores. If I look at the operating cost, the operating cost has also improved on a Q on Q basis. The rationale what I wanted to understand is, today when we are running at INR 60 crores, this is going to only improve from here. Sixty can go to 70, 80, 100. I mean, after 100 is good for everyone. As the operating leverage happens, I would just like to understand from here on, how do we see the cost curve coming down? See, you are absolutely right. Our major cost, especially on employee and other operating expenses, is more on a semi-variable basis. As we have already say around INR 60 crores from Jammu and Baddi is already running a steady state level. From here, the increase in revenue or increase in operation would not result in the proportionate or pro rata increase in cost. Of course, we are still monitoring the situation, but as and when the Jammu plant will reach to a certain level of, say, INR 100 crores of revenue per quarter, we should be saving a slightly better position from here. Sure. So any number that you have or we will reevaluate it once we reach it. See, Jammu is still in a ramp-up stage, and there are lots of variables and moving parts, and we are observing the situation. We are still in the process of customer onboarding. A firm number we may not be able to share as of now. Sure. And anti-infectives as a proportion of your overall business, would it be meaningful enough to see a meaningful dent in your earlier guidance or, probably we would still be plus or minus that figure that you earlier talked about in the fourth quarter. See, our overall revenue is a very complex combination of our capabilities, our categories in which we produce our dosages, the clientele, the geographies. The exact impact of API reduction as of now may not be able to reveal or share. But yes, it is slightly having an impact on our overall revenue. But as I said that we are monitoring the situation very closely and hopefully if the prices stabilize, we should be able to retain our guidance. Sure. Thanks a lot, sir. I will join back with you. Thank you. The next question comes from the line of Avnish Burman from Waitedia. Please go ahead. Hi, how are you? Yeah, hi. Thanks for taking my question. My question was again on the export side. It seems that the ceph business has been transferred from Baddi to Jammu, and Baddi has catered to the export markets because of which the export revenues have grown so fast. You had mentioned earlier that there was a backlog. So my question is now, is the backlog over or there is still backlog that Baddi can continuously supply and on a continuous basis, you can move the domestic business from Baddi to Jammu? See. How the product transfer is working that we need to have the client consent for that. As we are getting the client consent for transferring, we are transferring our domestic business from, say, Jammu cephalosporin to Baddi cephalosporin to Jammu cephalosporin. I think the transfer activity will go up to the third or max by up to fourth quarter. This year, all these events will be closed. And your analysis was perfect that due to transfer of few business from Baddi, we have created a vacuum in the Baddi capacity, so that was fulfilled with the export orders. Yeah. I am guessing that earlier your Baddi ceph line was 100% utilized and the other capacity still had empty capacity. My guess is that what is being catered to the export market from Baddi incrementally is the ceph orders only. Yes. That is why we call it the incremental business. Yeah. Correct. My question was that as you transfer more to Jammu, do you have sufficient export orders to fill that ceph line so that the export growth comes very strong in the coming three quarters till the time you keep transferring to Jammu? Again, Avnish, this is a very complex question. Even commenting on all these things is very difficult. Okay. Because the order flow, again, we have the tablet, capsule, dry syrup, dry powder injectable, different line systems. As we progress, our planning is that the Baddi cephalosporin will be 100% moved towards the export-oriented business. The Jammu facility, as we have the domestic GST benefit as well. Yeah. That will cater to the domestic business. Yeah, that makes sense. I was just trying to get an indication of the export growth if you look on a full year basis. Like the export growth that you've shown 59% and then the branded generic growth because now we don't know exactly how much is export. But the branded generic growth of 59%, is that going to sustain or is that going to come down on a full year basis if you look at it fortunately? Lokesh. Avnish, we are still working on it. In coming quarters, my branded generic business is going to show a healthy growth trend, which constitutes both domestic as well as my international markets. The exact percentage, we are still working on that. Okay, fine. Second question, Lokesh, for you. I can understand that the SG&A, I mean, the other expense has gone up because of Jammu. But if I look at the standalone business, any increase because of Jammu should also reflect in the sequential increase of other expenses on the standalone side. If you look at standalone sequential increase in other expense, it is INR 3 crores, whereas on the consol level it is INR 6 crores. Apart from Jammu also, there has been some increase in costs on a sequential basis. If you can give some color on that. Yes. See, my consol results consist of all three legal entities, which is Innova Captab, Univentis as well as Sharon Bio-Medicine. You rightly said the standalone reflects my Innova's Baddi as well as Jammu operations and costs. The rest of the cost, which you see in consol, comes slightly from Univentis and Sharon also. Yeah. This INR 40 crores of consol, is that expected to grow even higher from here? Or how should we see the other expenses on a consol basis? See, Abhijit, exact number, I may not be able to tell you as of now. But see, these other expenses consist of, if I talk about consol, it consists of my manufacturing operation, other expenses, which is both invariable as well as semi-variable nature. Univentis, which is mostly towards my semi-variable, most towards fixed expenses, and Sharon. So it all depends upon how each and every business grows and how the cost responds. Okay. Thanks, Manish. Thank you. Thank you. Thank you. Ladies and gentlemen, if you wish to ask a question, please press Star and One. The next question comes from the line of Saket from Sakari Capital. Please go ahead. Hi. Am I audible? Yes, sir. Yeah. Thanks for the opportunity and good set of results given the difficult circumstances. Sir, first question would be on API pricing. Is the API pricing largely being, say, the dip in pricing is driven by Chinese dumping, or do you see overcapacity in domestic space also? Even domestic APIs are also seeing price headwinds. Let's say post-COVID, the capacity expansion is also one of the reason of the decreasing in the price. And the post-COVID, let's say like the Pen G or the 6-APA, or whatever the core KSM. There is a sufficient expansion in the capacity. That is one of the big reason in the drop in the price. Got it. Now sir, So- Do you see this one concern that investor community is having that we are also seeing similar kind of capacity expansion in the formulation space. So your Jammu plant is also a very large capacity. Other listed CDMO players have also come up with recent capacity, then few CMO players like Liford have also come up with capacity. Do you think that this playbook being repeated in the formulations space as well, which is putting some bit of pricing pressure beyond the API pricing? So just my simple question is: Is the competition on the rise in the formulations space as well, sir? The capacity-wise, if there is an increase in capacity, vis-a-vis we have the market expansion as well. So let's say overall, if the market is growing with the 10%, 12%, so in the six, seven years you need the doubling your capacity. Otherwise, there will be a scarcity of the capacity. So these are the balancing. Every time, let's say, the demand and supply balance always goes on. So if we see from our Innova perspective, our new capacity is having a good fiscal incentive. So we are not having any such challenges. Okay, got it, sir. So another question would be, this Schedule M implementation, right? So there were possibilities that few smaller or marginal players might go out of business because they might not be able to carry out all those activities that the regulator is asking them. Do you see that in anticipation of them going out of the business, they are also dumping their products so that channel inventory might be slightly on the higher side in the formulations space. Is this something that you are seeing on a market basis or this is just more of an interpretation? This is difficult to comment, sir, on these questions. Okay. No issues, sir. Another question is this GST benefit. In case there is, say, any change on GST rates of pharma products, something that we are catering to, does that also have an impact on the kind of GST incentive that we would be getting? I think it is right now at 12% slab. If it moves to 18 or, say, comes down to five, does that also impact our incentive, sir? Say if the GST rate reduces, then we will be adversely impacted. But let's say the total incentive available to us is six. Let's say that incentive is approximately INR 75 crore. That is six. To achieve the INR 75 crore incentive, today we need to sell approximately, let's say 600 plus, INR 620 crore. If the duty reduced to, say, 8%, then we need to make the INR 900 crore sale to achieve that incentive. Okay. If it become 18%, then let's say, only INR 400 crore sale will be subject to the incentive. Okay. Then we can reach those levels. Broadly, I think some bit of, say, change in the revenue would help us arrive at that, depending on the rate changes, right? That's how you are going to calibrate your Okay. But again, sir, all these questions are very hypothetical. I don't think so any GST regime will change so sudden. No, good that you're highlighting because there's always that rationalization of slabs. I was just wondering if there is something on the works, but fair point that you said that these are hypothetical. Another question on the Univentis part. Your branded generic has been doing quite well even in Q4. Just for our understanding, is that a, say, ethical marketing business where you reach out to doctors, or is it more of a trade generic kind of a business where you reach out to chemists? Yeah. Our Univentis Medicare is 100% trade generic business. Okay, sir. Thanks, sir, for answering the questions. Once again, I found the questions good with that. Best of luck for the future, sir. Yeah, thank you. Thank you. Thank you. Ladies and gentlemen, if you wish to ask a question, please press star and one. The next question comes from the line of Abdul Puranwala from ICICI Securities. Please go ahead. Yeah. Hi, sir. Thank you for the opportunity. Sir, first question is with regards to your base CDMO business. Sir, including Jammu and Baddi, if you could provide us some color as to how your base business has grown, despite the pricing pressure you just talked about. Hi, Abdul. If I talk about ICL standalone basis, basically this is the business which showcase our manufacturing capability business. It has grown by around 26.5% year-on-year, which constitutes of my entire manufacturing capabilities of Baddi as well as Jammu. Understood. Got it. And sir, secondly, when now the export business is surging on the branded generic side, any color you could provide on margins, with the incentives coming from Jammu and the traction, what you are seeing in exports. Any ballpark guidance you would like to provide for this year, next year, how should we look at EBITDA margin profile of the company? See, Abdul, as we submitted in our earlier telecon also. We are looking at the Jammu ramp-up as of now, and there are too much moving parts on that. It is a complex business consisting of multiple business areas, multiple legal entities. In the long run, when we are anticipating that Jammu will stabilize, we are surely anticipating a certain upward movement on our margins. But we should be able to provide a more clear picture in our coming quarters. Understood. And one final one, if I may. Jammu, it is quite clear about the revenue, what you guys are targeting. But any color you can provide on how soon this facility can turn cash positive? That is, it can generate free cash flows. By when can we expect that to happen? If I talk at a PAT level, as Vinesh sir earlier said that our internal target is to reach at a INR 100 crore quarterly revenue. This is a level where somewhere around INR 100-105 crores of quarterly revenue, we should be able to break even at PAT level. From there on, it should be cash positive at PAT level. Not only cash, but at PAT neutral also. Got it, sir. Thank you. Thank you, Abdul. Thank you. Ladies and gentlemen, if you wish to ask a question, please press star and one. We take the next question from the line of Pritesh from Lucky Investments. Please go ahead. So, sir, this Jammu unit, when does it operationally break even, and at what level of sales and which quarter? Pritesh, we are anticipating the break-even level at PAT level at a 100 crore quarterly revenue. And operational level. Operational level is somewhere around 60, 65 crores of revenue. When do you think you will achieve 60, 65 and 100 crore if these are the two milestones? This year we are at a 60 crore level, and I think the EBITDA loss of- Hardly 1 crore. Hardly 1 crore. Okay. At an EBITDA level, if you see, we are already on, even in the second quarter of the operation, we are already on the break-even type. Okay. Quarter 4. So quarter 4 last year and quarter 1 this year, these are the first two quarters. Yes. So only two. Yeah. Because of this incentive help us to achieve that break-even level. Okay. We are hopeful that by the end of the year, we will be the PAT positive as well. And this incentive is booked, and it is received, or it is just booked in your P&L as of now? It is accounted on an accrual basis, subject to our eligibility and permission to GST authorities. Okay. And there may be lag of one or two quarters of CapEx on this. At this INR 60 crore-INR 65 crore, what is the utilization of the asset? Hardly 5%, sir. 5%? I think less than 5%. It cannot be 5%, right? So the asset can make INR 5,000 crore revenue. No, no. No, so the asset can make like a top revenue could be like INR 1,500 crore-INR 2,000 crore. Oh, it is 65 into 4 divided by 2,000 crores. About 10%, 15% utilization. Done, sir. Thank you. Thank you. Ladies and gentlemen, we take that as the last question and conclude the question and answer session. I now hand the conference over to the management for their closing comments. Thank you once again for continued support and confidence in Innova Captab. We remain committed to deliver sustained growth and creating long-term value for all our stakeholders. Thank you once again. Thank you. Thank you. On behalf of Innova Captab Limited, that concludes this conference. Thank you for joining us, and you may now disconnect your line.