Anlon Healthcare Ltd (NSE: AHCL) Q3 2026 Earnings Call dated Feb. 19, 2026
Corporate Participants:
Unidentified Speaker
Mr. Punitkumar R Rasadia — Chairman & Managing Director
Analysts:
Unidentified Participant
Presentation:
operator
Ladies and gentlemen, good evening and welcome to Anlon Healthcare Ltd. Q3 and 9M FY26 conference call hosted by Confidely Partners. As a reminder all the participants line will be in listen only mode and there will be an opportunity for you to ask the questions after the presentation concludes. Please note that this conference is being recorded. Before we begin I would like to point out that this conference may contain forward looking statement about the company which are based upon the beliefs, opinion and expectation of the company as of the date of the call. This statement do not guarantee the future performance of the company and it may involve risk and uncertainties that are difficult to predict.
I would now like to hand over the floor to Mr. Path from Confidely Partners. Thank you. And over to you.
Unidentified Speaker
Thanks. Thanks Abhinav. Good evening ladies and gentlemen. Good evening. Park here from Confidely Partners. We represent the investor relations for Enlon Healthcare Limited. On behalf of Confide Leap Partners, I warmly welcome you all to Q3 and 9 MFI 26 earnings call of Anglo Healthcare Limited. The company is represented by Mr. Puneet Kumar Rasaria who’s the Chairman and Managing Director at Nlon Healthcare Limited. I would now like to hand over the call to Mr. Puneet Ji for his opening remarks. Thank you and over to you.
Mr. Punitkumar R Rasadia — Chairman & Managing Director
Yeah. Thank you part. Yeah. Good evening everyone and warm welcome to Enlon Healthcare Limited’s Q3 and 9 month FY26 earning conference call. Thank you all for joining us today. Let me begin with our financial performance for Q3FY26. The company reported total income of 35.78 crore compared to 9.38 crores in Q3FY25 reflecting strong year on year growth driven by higher API and intermediate volumes. EBITDA stood at 12.54 cr with margins at 35.06% with paid came in at 5.15 cr compared to a loss in the correspondence period last year supported by operating leverage and improved product mix. For the nine months ended FY26 total income increased to 121.32 crore from 71.49 crore in nine month FY25.
EBITDA rose to 32.56 crore with margins improving to 26.84% and paid grew significantly to 18.02 crore demonstrating strong scale up in operations and continued demand across our core API and intermediate portfolio. From a strategic standpoint, this period marks an important phase in Nanlon’s growth journey. We continue to strengthen our position as a research driven manufacturer. O5 Purity Pharmaceutical Intermediate and APIs with the presence across 15 countries supported by 21 DMF filing and growing regulated market focus. Operationally, our manufacturing platform remains robust with our Rajkot facility operating at LT utilization levels and supported by strong R D capabilities and expanding molecule pipeline and increasing CDMO engagement.
We are currently developing three molecules for two global innovator companies which reinforce for our long term strategy build scalable custom manufacturing platform. During the year we also made significant progress on our inorganic growth strategy. The acquisition of EPIC Organic has strengthened backward integration and added substantial capacity while the proposed acquisition of Bezotic Life science will further escalate expansion and regulatory readiness. With this initiative over combined installed capacity is expected to reach around 400 to 600 metric ton per annum positioning us for the next phase scalable growth. Looking at our priorities, remain focused on expanding presence in regulated market through additional DMF filing, launching of around seven new APIs in FY27 across additional therapeutic categories, diversifying into industrial and fine chemicals, improving cost competitiveness through bigwood integration, scaling CDMO opportunity and global customer engagement.
Supported by this initiative, we remain confident in our ability to deliver approx. 30% revenue CAGR over the next three years along with sustainable margin performance and stronger global positioning. With this I would now like to open the floor for question and answer.
Questions and Answers:
operator
Thank you. Participants are requested to raise their hand for the questions. Also one can request their questions in the question box. We have Mr. Vaibhav Mishra. Sir, you may unmute and introduce yourself.
Unidentified Participant
Hello sir. Congratulations for the good set of numbers. So my question is regarding the margin profile. In I think in Q3 we have cloud the margins around 35%. So I just want to know that are these margins sustainable and what kind of margin profile can we expect going ahead in FY27 and 28?
Mr. Punitkumar R Rasadia
So 35. What you are saying is the EBITDA, right?
Unidentified Participant
Yeah, yeah.
Mr. Punitkumar R Rasadia
So that is sustainable as per our that even last discussion in last call also we clearly mentioned that generally for the domestic market we are working at least with the minimum 35% EBITDA and for the REG market we are planning to means trying to keep the at least 50% of EBITDA. So that margin will remain the same for the any of our product for even next two, three years and we know our customer as well as our product product. So we have whatever the chemistry and manufacturing advantage with us. So that margin is sustainable for even next two, three years also.
Unidentified Participant
So 35% is what are the sustainable ones? 35 or above? Correct sir.
Mr. Punitkumar R Rasadia
Yeah.
Unidentified Participant
Okay. And sir, regarding the revenue potential like we have I think announced like two acquisitions. One is completed, another is going to be completed within three months. So is our, you know revenue guidance for FY26 of 170180 crore and for FY27 I think we discussed around 370 to 380 crore kind of number in FY27. So are. Are those numbers intact? I mean we are,
Mr. Punitkumar R Rasadia
yeah. This number are intake and that was the actual very much conservative number. So we are believing that result would be much better than 370 to 380cr.
Unidentified Participant
All right. All right, that’s. That’s good to know sir. And so one last question regarding the CDMO segment. I think we were developing three molecules and those were I think in validation stage. So what is the current status on those?
Mr. Punitkumar R Rasadia
So out of that one molecule validation quantity is already displayed within this month. And regarding two molecules it will be in somewhere around Q1 of next financial year. So around June, July we’ll get the validation for that.
Unidentified Participant
All right. All right. That’s it from my third answer. All the best for the future quarters.
Mr. Punitkumar R Rasadia
Thank you ibu.
operator
Thank you. Just a quick reminder to everyone if you have a question please raise your hand using the reactions tab. Also one can request their questions in the question box. Next we have Mr. Paras Cheddar. Sir, you may unmute and introduce yourself.
Unidentified Participant
Hello. Yeah. Thank you for this opportunity. Hello Puneet. Congratulations for a strong set of results. First of all sir, just couple of queries my end you mentioned for the next 23 years we are seeing about 30% CAGR growth.
Mr. Punitkumar R Rasadia
Yeah.
Unidentified Participant
27 sir. 370. 380 looks possible. Yeah. I just thought okay, you know probably some.
Mr. Punitkumar R Rasadia
Yeah, yeah. That is practically possible because what happened in our existing facility we are almost utilizing more than 90%. You can say like it is completely utilized right now. So whatever the top line we are getting this year that may be the maximum limit or maybe 1520 we can increase. So we have the bottleneck in existing facility. That’s why the immediate decision to acquire the some factory where we can go for the big order further growing opportunities. So Apico Organics what we have procured right now that will for that we have the confirmed order book of at least 120 to 130cr for next so consolidated what we are trying to means projecting that 370 to 380 cr that is on very much conservative side and that will be achieved for sure.
Unidentified Participant
Okay. Now that it comes to capacity. So have we completely acquired is the capacity operational, sir, I mean, what is the position on that? And
Mr. Punitkumar R Rasadia
it is completely operational and it is utilized Almost there also 80, 85% are planning for now after acquisition of two facilities. Companies planning for further organic expansion in the existing facilities. So that process is already going on. So mostly by end of the March we’ll have some update on that and we’ll go for the further expansion in existing plant as well as we’ll go for the some expansion in Epic also.
Unidentified Participant
Okay, so sir, just what is the total capacity between these three facilities?
Mr. Punitkumar R Rasadia
Now that would be around, you can say like 1400-1600 metric ton per annum.
Unidentified Participant
Okay, Greenfield expansion continues. Yeah, that is.
Mr. Punitkumar R Rasadia
Yeah, Greenfield. Yeah, yeah, yeah. That is what I’m telling you. That is already activity is already going on, plant designing and everything. So once it will be finalized and will update to the exchange and all the shareholders. So by end of March we are expecting some output on that and we are going for further Greenfield expansion also. And for that we are just trying to evaluate the exit capacity what we have to build. So right now roughly we are planning that around 8002000 metric ton will go for the greenfield new expansion.
Unidentified Participant
But sir, just for clarity, the green field that I was talking about was initially for our, you know, under that Endlon health care we were looking at. Yes, not with Epic one. So are you saying Greenfield for Enlar itself or under Epic field for Enlon itself.
Mr. Punitkumar R Rasadia
We have the ED joining land and we are going for expansion over there only in the same premises, same campus
Unidentified Participant
and at the same time Epic Besotic also we will try to see for organic expansion.
Mr. Punitkumar R Rasadia
Yeah, exactly. Bizotic, we are not trying for organic expansion as of now, but in Epico we are going for organic expansion.
Unidentified Participant
Understood. And sir, between Epico and bizarre, you said 18 and almost 80% utilization as
Mr. Punitkumar R Rasadia
of now itself in Apico it is almost 80% utilization. Bezotic, we have the opportunity because right there there is a utilization of around 50, 55%.
Unidentified Participant
Understood. So 37380 looks quite possible for effort. Okay. Okay sir, just one important thing from mind. I mean basically another query on the working capital side, sir, now what is your target? Because of course, you know, working capital receivable days are quite high for us. So sir, what is our target for receivable days for FY27 end? You know, and I mean what is our target for the working capital days? Basically? See receiver, I think the bottle like will come in.
Mr. Punitkumar R Rasadia
See whatever the payment was due as per the our previous H1 result out of that we are almost cleared with the 35 40%. So I think by in end of this financial year result our working capital days should be somewhere around 180 to 185 days from whatever currently 290 days
Unidentified Participant
I should be down to 181 85.
Mr. Punitkumar R Rasadia
But next year it would be further improved. So more or less as per the standard it would be somewhere between 150 to 160 days.
Unidentified Participant
And that looks achievable sir.
Mr. Punitkumar R Rasadia
Yeah. Next because see we have made some several changes for the customer payment terms and all those things. So in next financial year will definitely achieve between 150160 days.
Unidentified Participant
So which means we are saying our working capital will almost be half from from whatever existed.
Mr. Punitkumar R Rasadia
We are not going for any further dilution as of now. So we is planning to start this organic expansion from own fund only and maybe required some bank debt only.
Unidentified Participant
A and so generally what is our current order book
Mr. Punitkumar R Rasadia
for next year now? Right?
Unidentified Participant
Yeah. I mean as of now itself executable next year. Yeah.
Mr. Punitkumar R Rasadia
See generally what happen for two months it’s almost one and a half month gone from this quarter.
Unidentified Speaker
Right.
Mr. Punitkumar R Rasadia
So for remaining 1 1/2 quarter you can say our order book is somewhere around 30cr but for next year our capacity is completely booked and we don’t have any single reactor available for manufacturing. But our order book in existing plant is almost for next year around 180 190cr. For APCO we have the order book confirmed for 125 to 130cr and for Bezotic as we have not acquired right now but that once it will be acquisition is completed then we’ll have some information on that.
Unidentified Participant
Understood. And 35% EBITDA margin are sort of reasonable.
Mr. Punitkumar R Rasadia
Average EBITDA margin for our existing product portfolio and unloan it is 35% is achievable and that will remain the stable over next two, three years also. But in case of Apico there is little bit slighter lower somewhere around 30% so it will impact to average out. So you can say like 30 to 33%. EBITDA will continuously maintain on that.
Unidentified Participant
That is blended across all the three facilities.
Mr. Punitkumar R Rasadia
Yeah. So over consolidated that would be a bit.
Unidentified Participant
Okay. 30 to 33%. Okay. And so just last query mind if you have time, when do you expect typically sir or at what revenue rate do you expect positive operating cash flow?
Mr. Punitkumar R Rasadia
I think next year we’ll have the positive operating cash flow. Next financial year we’ll have the flow. Yeah.
Unidentified Participant
Okay.
Mr. Punitkumar R Rasadia
We are expecting at least by H1 will have some positive. But if because there are some further planning is going on. So for sure we’ll have the by end of FY27 we’ll use a positive cash flow. But we are trying to expedite and we are planning that changes in some payment terms and all those things. If it will work with the customer and customer will accept it then we are trying that by H1 will get the positive cash flow.
Unidentified Participant
So if not H1 at least H2 you are saying?
Mr. Punitkumar R Rasadia
Yeah, for sure it will be positive.
Unidentified Participant
Okay sir. Okay. Thank you so much.
operator
Thank you. Just a quick reminder to everyone, if you have a question please raise your hand using the reactions tab. Also one can request their questions in the question box. Next we have Mr. Bhavesh Patel. Sir, you may unmute and introduce yourself.
Unidentified Participant
Hi everyone. Very good evening. This is Bhavesh Patel here from Patel Investments. So first of all many congratulations on great set of numbers Puneet Bhai and entire management team. And thank you for the opportunity. It is absolutely wonderful to note the turnaround from loss to profit in yoy comparison. And also great progress in the inorganic growth and acquisitions. Punitbhai, you spoke about. So it is great. My questions are as follow. First question is can you please outline your plan for completing The Epico Organic from 67.48% to full or we are going to share the equity with with the existing part.
And. And the continuing of the question is with these acquisitions of Epico and Bizotech and loans consolidated capacity will be 1400-1600 MP MTPA right from the current 400 MTPA which is what you are saying by March 2026. This is really impressive and I want your confirmation on on this numbers please.
Mr. Punitkumar R Rasadia
Yes. Firstly thanks for your all these comments and everything. Your first question regarding the acquisition of Epico, right?
Unidentified Participant
Yeah.
Mr. Punitkumar R Rasadia
So right now we are planning that maybe in next financial year we’ll make the Apico as a hundred percent subsidiary of N Loan for the same for Bizodic also we’ll make the 100 subsidiary of end loan perfect.
Unidentified Participant
This is. This is very impressive and I hope you continue on this part.
Mr. Punitkumar R Rasadia
Actually the our planning was we are planning for merging it. But if we’ll go directly for the merger then it will take almost one and a half year. But once we’ll make the 100% subsidiary then the process was escalated and we can clear it within three to four months. So that is the whole idea for making the subsidiary right now. Then we’ll go for the 100 subsidiary then for the merger.
Unidentified Participant
Wonderful. And. And this plays in terms of our synergy for, you know, further acquisitions as well, so.
Mr. Punitkumar R Rasadia
Yeah, exactly. So we have VRC companies looking for some further acquisition and evaluating for forward integration also or for other diversification in pharmaceutical range also. Like the new chapter is right now opening in healthcare industry like for the peptide, the specifically Ozempic and Mounjaro. But peptide is not only for the GLP1 molecule. Along with that the cosmetic peptide is a very huge market over there. So we are just evaluating for the peptide manufacturing facility also. So that will also going to be the greenfield project maybe in future for us. So that is all evolution is going on.
Unidentified Participant
Fantastic. Best wishes for that. The second question is what is the timeline you expect for the approvals of the 21 Drug Master files that you filed with global authorities?
Mr. Punitkumar R Rasadia
Is it out of that? See basically it is not like the approval or something. We have already filed it. Most of the drug master file is already approved. Now the thing is that once after submission in April of drug master, while we have to supply the validation quantity to our customer, they will prepare their dossier according to our DMF and from our material and they will get the approval from their respective regulatory agency. Then they will start the commercial buying. So we are expecting in next financial year out of 21 at least our six or seven the key molecule will be commercialized.
Unidentified Participant
That’s great to know. Thank you for that. Third question is more in terms of your vision which is impressive which is to harness the strength of technology and research into becoming a leading global pharmaceutical company that delivers maximum consumer satisfaction. So basically I’m also looking ahead so if you can expand your vision to usage of technology and especially now with the world we are talking about AI ML that you foresee and especially with your strong background of research want to see your vision for this.
Mr. Punitkumar R Rasadia
Honestly I’ll tell you one thing. See AI in healthcare for the chemical or pharmaceutical company that is a mainly used right now the pharmaceutical company are using for the development of for the new molecules or searching or analyzing the molecules which can be the future drug. But we are already working on some of the over in house IT team on the AI thing for using IT to make the Indian patient for our generic medicine or endlons medicine or where we can use the AI or some of the our software which we have already developed in 201415 so that we want to restart again in that we are trying to install the AI by that we can make the distribution in all over the India for the medicine Product, the delivery system, the whole ecosystem with the chemist, doctor, pathology lab patient.
And we can try to evaluate the installation of the AI based agent in the patients mobile or everyone’s mobile that they can be your smart doctor in your phone. So we are already aligned with that vision what we have seen in 2014-15 but we were 10 years ahead in at that time. So we will stop that project now we are trying to restart it and once there are some development then we’ll give the intimation to all the shareholders.
Unidentified Participant
Perfect
Mr. Punitkumar R Rasadia
presentation on that and see what we believe is in healthcare segment. All those pharma company in India are almost at the same level. See they may be stronger in financial or resources but at the new technology. What world is changing before biosimilar peptide AI. So all the companies are the same level. So everyone is having the equal opportunities. So now let’s see who can get this opportunity and where we can reach it. And we are trying our best to get it.
Unidentified Participant
Great, thank you. The the last question was more in terms of EBITDA and pat margin that you answered. So thank you for that. I’ll. I’ll definitely say one thing which is impressive plans for the growth which you also confirmed.
Mr. Punitkumar R Rasadia
So I’ll first way. Sorry to interrupt you. I’ll add one more thing.
Unidentified Participant
Sure.
Mr. Punitkumar R Rasadia
See there is a product called Loxoprophin which is our key product for the Japan and all those market. Loxo profane is second largest non steroidal anti inflammatory drugs in the world. So we are trying to apply for the gel and spray foam in CDSEO DCGI Indian government to launch the formulation in India and we are expecting that we’ll be the competitive to volunteer. We can be the better option in terms of safety and efficacy. So that development is already we have started in maybe in next to next financial year we’ll get the approval from DCJ India for jail and spray form of loxoprofen.
So that will be the replacement of Diclofenac product which is getting sold in India.
Unidentified Participant
Oh that is great. Thank you for that
Mr. Punitkumar R Rasadia
backward integration of the loxopropane. We are one of the largest manufacturer and we are the only Indian manufacturer. So we’ll have the some kind of first more advantage with the monopoly with the new kind of safest NSAID or pain management product in India.
Unidentified Participant
Wonderful. So does this help in terms of the recent budget announcement for pharma Government did something?
Mr. Punitkumar R Rasadia
Yeah, they. They announced for the biosimilar product PLI scheme 10,000 crore for the biosimilar products. So that is what peptide evaluation or some bioproduct evaluation, what we are doing will apply for that and will be eligible for that.
Unidentified Participant
Okay. Okay great. Thank you very much and appreciate your vision as well as the information you have given. Best wishes to all of us. Thank you.
Mr. Punitkumar R Rasadia
Thank you,
operator
Thank you. Just a quick reminder to everyone, if you have a question please raise your hand using the reactions tab. Also one can request their questions in the question box. Next we have Mrs. Disha C Mam. You may unmute and introduce yourself.
Unidentified Participant
Am I audible? Yeah. Thank you so much for this opportunity. Firstly congratulations on a good set of numbers. So just a couple of questions. You mentioned that you’re planning some greenfield expansion in both our existing facilities and in Epico. So can you just quantify the capacity that you’re planning to add
Mr. Punitkumar R Rasadia
in terms of quantity?
Unidentified Participant
Yeah.
Mr. Punitkumar R Rasadia
See right now whatever the organic expansion we are planning for the end loan, that would be around 1200-1300 metric ton per annum. So that would be almost three times higher than what we are right now having.
Unidentified Participant
Right.
Mr. Punitkumar R Rasadia
And in Epic Organics, the organic expansion what we are planning that would be the more or less same size. So that would be around 500 to 600 metric ton per annum.
Unidentified Participant
Okay. Okay. And so for this current capacity that we have around 1400 metric transparent, what sort of peak revenue potential we see from here?
Mr. Punitkumar R Rasadia
See if we’ll consider the current existing order book and current product portfolio. So out of that we can go up to 700 to 800 cr.
Unidentified Participant
When are we planning? Yeah, so when are we planning to reach any timeline?
Mr. Punitkumar R Rasadia
See whatever the projection we are having in hand or the visibility from our customer for product execution and confirmation. So by 27, FY27 28 we are expecting at least by 650 to 700cr we can achieve.
Unidentified Participant
So by FY28 we can plan to reach 650 to 700, is that right?
Mr. Punitkumar R Rasadia
Yes.
Unidentified Participant
Okay. And what sort of this capex are we planning or how much have we incurred till now? And what, what is the target for this year and for next year?
Mr. Punitkumar R Rasadia
See right now for the organic expansion greenfield project we are planning somewhere around 100 to 120 cr. Capex.
Unidentified Participant
Okay. And when, when exactly do we see that this coming online, the expansion coming online?
Mr. Punitkumar R Rasadia
See we are trying from our end that execution will be started from 1st of the April 26th and we are trying to complete the project at least by 31st March 2027 because we have the huge orders for some of the products for that we need the capacity and we want we have to start it anyhow by the 1st of April 27th.
Unidentified Participant
Right. So so then FY28 weekends that then that will be huge because we have. Yes.
Mr. Punitkumar R Rasadia
So we’re planning to spare capacity with all this order book and everything.
Unidentified Participant
Right. And post this acquisition oppose this expansion. What sort of peak revenue do we see?
Mr. Punitkumar R Rasadia
See the on basis of that I told you that by FY27 28 we can go up to not exactly peak revenue but 7 50s 700 to 750cr we can reach easily because see what happens. Some of the projects are already in pipeline. So maybe in H1 next year I can commit to you by peak revenue. What can be the in after all this expansion? Because product mix over there. So which product we have to take and what is the planning we are going for? Because there are several activities altogether going on. So peak revenue of three years it is very early for me to predict.
Unidentified Participant
Okay, okay, fair enough. And so this year I think you mentioned we’re targeting around 180 to 200cr. So for that for like to reach 180 I think we’re targeting around 5960 sort of revenues in Q4.
Mr. Punitkumar R Rasadia
Yeah.
Unidentified Participant
Out of which how much will this apico contribute?
Mr. Punitkumar R Rasadia
See 160 to 170 from Enlon. And APICO is almost considering the our this month’s revenue and next month’s order book 2025 cr from EPIC. So consolidated it would be somewhere around 190 to 200 cr.
Unidentified Participant
Okay. Okay. That’s very helpful sir. All the best. Thank you.
Mr. Punitkumar R Rasadia
Thank you.
operator
Thank you. Just a quick reminder to everyone. If you have a question, please raise your hand using the reactions tab. Also one can request their questions in the question box. Next we have Mr. Paras Cheda. Sir, you may unmute and introduce yourself.
Unidentified Participant
Thank you sir. So just trying to understand this. 190 to 200 for FY26 and 370. 380 for FY27. Right. So now Epico and all we have majority shareholding. So this 370-380s basis they are 100 done over consolidation or to the extent of our share
Mr. Punitkumar R Rasadia
total consolidated.
Unidentified Participant
No. So this will be enlarged share of. So see if there is a hundred percent subsidiary then there is no problem. But as long as that is not done. 370. 380 is consolidated for Enlarn or will be, you know or some portion of that will be taken away by the minorities of Epico.
Mr. Punitkumar R Rasadia
And no, no, right now that will be the more than a 51% stay of end loans. So in balance sheet we have to consider the consolidated the total turnover because in within all three’s company there is no internal transaction. So there is no any related party transaction or any sale purchase between any of the entity.
Unidentified Participant
No, no, understood sir. So but what will happen is turnover will be 370, 380 but at the minority when after the profit, you know level you will have minority, you know interest in Epico and Bezotic will take away. So the profit to the shareholders of Nlon will be lower to that extent because it’s not 100% owned.
Mr. Punitkumar R Rasadia
Both these Correct.
Unidentified Participant
So that
Mr. Punitkumar R Rasadia
we have planned that before end of the next financial year we’ll do it the 100 subsidiary.
Unidentified Participant
So chances are quite high that 373 I take could.
Mr. Punitkumar R Rasadia
Yeah, yeah that is a complete chance of that 100.
Unidentified Participant
Okay sir, okay, you mentioned 110 crores capex, so funding for that will be mostly debt route or some sort of equity is being.
Mr. Punitkumar R Rasadia
We are expecting that we will generate the free cash flow during the next year. So we are expecting at least 40, 50 cr from our routine cash flow and we are planning for 150 to 60cr from the bank loan.
Unidentified Participant
Understood sir. And what kind of peak debt to equity you’re looking at sir? Peak by the end of next year.
Mr. Punitkumar R Rasadia
Can you. Pardon? I miss you.
Unidentified Participant
So okay, so peak debt to equity. So you know, for example if you have one rupee equity in the system you may, you are comfortable to go up to two times of that debt and so on. So for example as of the 30th of September our long term short term debt is about 60 crores roughly.
Mr. Punitkumar R Rasadia
Yeah.
Unidentified Participant
And our net worth is Approximately let’s say 200 crore. So only 25% debt, so 0.25. So in FY27 when you are going for this 100 odd crore capex etc some sort of debt also will be required. Working capital also will be, you know, a part of that short term debt. So what short term plus long term debt to equity or total debt whichever way.
Mr. Punitkumar R Rasadia
I mean you’re asking for debt to equity ratio, right? Ah yes, yes I think it would be somewhere around 0.5 to 0.55.
Unidentified Participant
So less than 1 MATLAB broadly. Yeah, understood sir. I think that is yeah quite reasonable. Yeah, fair enough. And then these expansions will contribute majorly in FY28. So for FY26 if my understanding is correct you said totally 190 to 201 out of the 25 odd will come from epico.
Mr. Punitkumar R Rasadia
Yes.
Unidentified Participant
But at 51% profit level for now.
Mr. Punitkumar R Rasadia
Yes.
Unidentified Participant
And 160. One hundred and seventy will come from our endload.
Mr. Punitkumar R Rasadia
Yes. Okay.
Unidentified Participant
Thank you so much.
operator
Thank you. Just a quick reminder to everyone. If you have a question please raise your hand using the reactions tab. Also one can request their questions in the question box. Next we have Mr. Rudra. Sir, you may unmute and introduce yourself now.
Unidentified Participant
Thanks for the opportunity, sir. Am I audible?
Mr. Punitkumar R Rasadia
Yeah.
Unidentified Participant
Sir, building on the last participants question only 120 crore greenfield expansion we are doing. And 4050 you said we can do from our own cash flows. And 5060 we would need a debt.
Mr. Punitkumar R Rasadia
Yes.
Unidentified Participant
But if we want to acquire the other two subsidiaries and take 100 control that would further require more funds. So any estimates on how much would that requirement be?
Mr. Punitkumar R Rasadia
See for that what we are planning maybe we are going for the option of share sweeping to existing shareholders of that both the entities to make the 100% subsidiary.
Unidentified Participant
Okay. So that won’t be a cash transaction.
Mr. Punitkumar R Rasadia
Yes. So there will. There will be no case crunch over there.
Unidentified Participant
Understood sir. Understood. And sir, coming to FY27 guidance of 370380 crores. I wanted to understand like where is this growth coming from? Is it mostly from our orders for loxoprofen and ketoprofen or are we adding some new more molecules that is leading
Mr. Punitkumar R Rasadia
to this Right now whatever the 170 180cr from Enlon we are doing that is from our existing product ketoprofen or its intermediate and loxoprofen and some of the other molecule what we are doing regularly there is no any additional new product over there. And right now we are not having any spare capacity in Enlone for expansion for further manufacturing of the new product. So we are expecting that 170. 180 from the our existing product line around whatever the new additional top line from the Epico is coming that is not from the our product. Epico is having their own product range and which is already in contract with some of the buyers.
So that business is already going on with the good margin and good turnover. So we don’t want to disturb it. So for our backward integration of the intermediate we are trying to do the some job work kind of or a lease agreement with some of the manufacturer so that we can accommodate the new product in our existing plant and loan until our greenfield expansion is completed. So that revenue we are expecting that 170, 180 from Unloan around 125 to 130 from the Epico and after acquisition of Bizotic we are expecting between 75 to 80 cr from bezotic.
Unidentified Participant
Understood, sir. And sir, again this Bizotic portfolio would be entirely different from and loans and Epico’s portfolio.
Mr. Punitkumar R Rasadia
No Bizotic is more or less similar or in line with the N loan that they are the pharma API and intermediate facility both. So what we are planning is the domestic customer where we can target or regulatory requirement is not there. That will ship to Bezotic and we’ll start the selling the product from the Bizotic due to capacity constraint in Nlon.
Unidentified Participant
Understood. So through Unlon we’ll be doing mostly our key products Loxoprofen, dex, keto and ketoprofen.
Mr. Punitkumar R Rasadia
Yes.
Unidentified Participant
Is this understanding correct?
Mr. Punitkumar R Rasadia
Yes,
Unidentified Participant
Got it sir, got it. Answer this number when you say we could potentially go to 800 crores. So that would require more drug additions, right? Or would that be possible with only on the basis of the two acquisitions that we planned and current?
Mr. Punitkumar R Rasadia
No, no, no. We have the further product in our hand and that is already we are having the visibility for the commercialization by next financial year. So on basis of the projection and customer soap commitment we are going for the further capex and or green field expansion above. On that we have the further capacity requirement for our existing product Ketograph and loxoprofen also. So that expansion will be used for the further development and validation of the new product and commercialization of the product which is already filed in validated but it is not getting commercialized due to capacity constraint.
So we are planning to add six or seven new APIs in next financial year.
Unidentified Participant
Understood sir, just a last question. If I recall correctly you said that Daichi numbers will be reflected in our financials from next year onwards.
Mr. Punitkumar R Rasadia
Yes, yes, yes.
Unidentified Participant
Got it sir, got it, got it. Thank you. Yeah,
operator
Thank you. Just a quick reminder to everyone, if you have a question, please raise your hand using the reactions tab. Also one can request their questions in the question box. Next we have Mr. Weber Mishra. Sir, you may unmute and introduce yourself.
Unidentified Participant
Hello sir. Most of the questions have been answered and I must appreciate your vision of you. It’s really impressive. Sir, one small question is left like the margins you told around about NLON, 35% plus and for Apico around 30 plus. So for Bizotic which is I think mostly will be used for backward integration kind of work. So what the similar margins like Nlon is expected from Bizotic.
Mr. Punitkumar R Rasadia
Yeah, but in Bizotic we can expect more or less similar. Not the similar but between 30 to 35% EBITDA will have in bizotic.
Unidentified Participant
Okay, okay. Okay. Okay. Got it sir. That’s it sir, from my end. Thank you so much sir.
Mr. Punitkumar R Rasadia
Yeah.
operator
We believe there are no further questions from anyone. Would now hand over the call to Mr. Park for the Q and A box.
Unidentified Speaker
Actually there are a few questions in the Q and A box, Abhinav. If you could just take questions from them.
operator
Okay, first question is from Mr. Chirag Joshi. Can you share approximate export versus domestic mix will export to Europe and USA benefit from tariff cut down. Puneet sir, are you there?
Mr. Punitkumar R Rasadia
Yeah, I already revert to in chat box. You won’t question answer books. I already revert to him.
operator
Okay sir. Next question is from Yash. What is the typical gestation period from molecule development to commercial revenue in your CDMO model?
Mr. Punitkumar R Rasadia
Minimum three to four years.
operator
Okay, next question is from Ashish Thakur with focus on NSAID APIs like ketoprofen and loxoprofen. How concentrated is revenue in this therapeutic segment and what steps are being taken to diversify therapeutic exposure?
Mr. Punitkumar R Rasadia
See our almost 30%, 35% revenue is coming from loxoprofen and it’s intermediate ketography and it is intermediate loxoprophin commercial quantities. What we are expecting for FY27 that would be similar to 25 to 30% in the therapeutic diversification. What we are planning that some of the product like Tikagrilo Ranolazine that we are doing for the going for the cardiac then Tofacitini for the arthritis and silodosin for uncontrolled urination. That is portfolio is already going on. Apart from there are some CKD chronic kidney disease alpha keto analog and some of the nutraceutical product contribution will come around 10 to 15%.
So that is the mix of the portfolio and so we can diversify it and we can de risk the our current product range.
operator
Okay, so next question is from Garvita Jain by when the greenfield expansion will be completed? Please clarify.
Mr. Punitkumar R Rasadia
See we are trying our best to complete it within a one year. Generally in as per the industry standard people are expecting around 18 to 20 months. But we have already most of the regulatory approvals for that and statutory approvals for that. So we have to just construct the production block. Remaining storage facility QC admin QA utility we already have with us. So that will save over time. So we are expecting within one year we can operational the new greenfield expansion.
operator
Okay, next question is from Chintan Bhaghani Sir, I’m asking about the Q on Q revenue. Okay, next question is from Sanjay Basak. How many, how much raw material are you importing from China?
Mr. Punitkumar R Rasadia
See right now there is none of our KSM is from the China. Everything is indigenous and with the domestic supplier only some of the basic chemicals like solvent or some of the inorganic reagents that is from the domestic supplier. But we are not importing directly anything from China.
operator
So we have a follow up question from Rudraksh Raja.
Unidentified Participant
Yeah, thank you sir for the opportunity. Again I wanted to ask what are the top three molecules in our Epico and Bizotic portfolio? Could you name those molecules?
Mr. Punitkumar R Rasadia
See in Bizotic. Right now Bizotic is doing our backward integration job work over there. But whatever the product we have planned there that is for our backward means. KSM like the Ketonitrile which is getting used for the Ketoprofen. Then one of the key raw material for loxoprofen is BMPA Bromomethyl phenyl propionic acid that we have planned over there. And some of the APIs like artimeter and Refaximin that we have planned over there. So after acquisition we have already doing the mapping for the product over there. But once acquisition will completed then we’ll finalize our this planning and inform to you.
In Epico there are the products is getting manufactured. Top three is Methyl propyl bromide then ISO propyl bromide in one of the KSM for the pesticide industry with the bromination that is a top three molecules over there.
Unidentified Participant
Understood sir. And these molecules in Epico they are still doing 30 plus EBITDA margins.
Mr. Punitkumar R Rasadia
Yeah, yeah, yeah.
Unidentified Participant
Understood. Answer. Are we selling these in the domestic
Mr. Punitkumar R Rasadia
markets or we are. Yeah, we are selling all this product in the domestic export we own not explore yet because we don’t have the spare capacity. So we are just trying to explore the export opportunity for the intermediates of the apco. But for that we should have some spare capacity from our existing customers order. So that is already already under exploration.
Unidentified Participant
Got it. And sir, who would be the top three customers for this Epico portfolio?
Mr. Punitkumar R Rasadia
Neogen Chemicals limited and Jubilant.
Unidentified Participant
Understood sir. Understood. Yes sir. Thank you for taking my questions.
operator
Yeah, thank you sir. We have another follow up question from Mr. Paras Chera. Sir, you may unmute yourself.
Unidentified Participant
Thank you sir. So just one final thing on this Q3 revenue versus Q2 FY26 was lower. I could not understand why that was lower.
Mr. Punitkumar R Rasadia
Generally by see generally what happened in our industry it it can be compared with the H1 H2 because in quarter to quarter last quarter is almost vacation for the overseas customers due to Christmas and all those things. So most of the statement is getting old for the December.
Unidentified Participant
Understood. So typically you will compare H1 versus H2 rather than.
Mr. Punitkumar R Rasadia
Yeah, what happened again? I’ll tell you one more thing after this Q4 if you will consider the Q1 of the FY27 then it will be again the shrink from the Q4 of the FY26. So better way to compare with the H1 and H2.
Unidentified Participant
Understood. So H1 H2 is a better comparison.
Mr. Punitkumar R Rasadia
Yeah.
Unidentified Participant
Thank you so much.
operator
Thank you. As there are no further questions, we would now like the management to give the closing remarks.
Mr. Punitkumar R Rasadia
Yeah. Thank you everyone. Thank you for your support and all these queries and I would be happy to connect you again if you have some more queries. Even on the personal call or email you can be in touch with the park so he’ll connect with me and whatever the question or any further clarification you require, then you can connect to us anytime and we’ll have the great Q4 on the way and we’ll meet you again all once again after declaration of Q4 result.
operator
Thank you for joining Anlawn Healthcare Limited Q3 and 9M FY26 conference call hosted by Confide League Partners. Participants may sign off.