Blue Jet Healthcare Ltd (NSE: BLUEJET) Q4 2025 Earnings Call dated May. 14, 2025
Corporate Participants:
Shiven Akshay Arora — Managing Director
VK Singh — Chief Operating Officer
Ganesh Karuppannan — Chief Financial Officer
Analysts:
Advait Bhadekar — Analyst
Parth Mehta — Analyst
Sudarshan Padmanabhan — Analyst
Shashank — Analyst
Sanjesh Jain — Analyst
Rahul Picha — Analyst
Nikhil — Analyst
Kunal Dhamesha — Analyst
Vidit Shah — Analyst
Ayush Agarwal — Analyst
Vivek Patel — Analyst
Rupesh — Analyst
Unidentified Participant
Presentation:
Operator
Ladies and gentlemen, good day and welcome to BlueJet Healthcare Limited Earnings Conference Call. As a reminder, all participant lines will be 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 this conference call, please signal an operator by pressing zero on your touchtone phone. Please note that this conference is being recorded. I now hand the conference over to Mr Adveit Bharakar from ENY LLP. Thank you, and over to you, sir.
Advait Bhadekar — Analyst
Thank you. You, Nirav. Good evening, and a warm welcome everyone to Q4 and FY ’25 earnings call of Blujack Healthcare Limited. Please note investor presentation and the financial results are available on the company website and the stock exchanges. Also, anything said on this call, which reflects our outlook for the future or which could be constituted as a forward-looking statement must be reviewed in conjunction with the risks that the company faces.
Thanks. The conference call is being recorded and the transcript along with the audio of the same will be made available on the website of the company as well as on the exchanges. Please also note that the audio of the conference call is the copyright material of Blujet Healthcare Limited and cannot be copied, rebroadcasted or attributed in press or media without specific and written consent of the company. From the management, we have with us Mr Arora, Managing Director; Mr Singh, Chief Operating Officer; Mr Danish Karupanan, Chief Financial Officer; and Mr and Deputy Chief Financial Officer.
Now I would request Mr Arora, Managing Director of Blujet Healthcare Limited to provide you with the updates for the quarter and year ended 31st March 2024. Thank you, and over to you, sir.
Operator
May I request you to unmute your line, please?
Shiven Akshay Arora — Managing Director
Thanks,. Good evening, everyone, and thank you for joining us. I am pleased to report that FY ’25 has been a record-setting year for Healthcare with significant progress across all operational and financial metrics. Our performance reflects not just top-line growth, but a meaningful improvement in quality of earnings, driven by new capacity additions, operational leverage and disciplined cost controls. Sharing some financial highlights, Q4 FY ’25 revenue from operations stood at INR3,404 million, up 7% quarter-on-quarter and 85% year-on-year.
EBITDA for the quarters was INR1,400 million with margins expanding to 41%, up 39% in Q3 and 29% in Q4 last year. For the full-year FY ’25, we closed with a revenue of INR10,300 million, growing 45% year-on-year. EBITDA stood at INR3,77 million at a 37% margin, up 65% year-on-year and PAT was at INR3,052 million, which is also up 87% year-on-year. These results mark our highest-ever revenue, EBITDA and PAT on both quarterly and annual basis. Sharing some of the growth drivers, starting with Pharma Intermediates and API segment, revenues really — nearly — grew nearly more than 4%, 4 times year-on-year, driven by scale-up of the cardiovascular intermediate that was launched in H1. Decent capacity utilizations achieved by Q4, customer offtake continues to track well into FY ’26. In contrast media, despite a muted H1, the segment Stabilized in H2. New product validations translated into commercial sales in Q4, including a key NCE molecule. Further scale-up is expected in H1 FY ’26. In terms of high-intensity sweeteners, there is a marginal growth of 4% despite global headwinds. Volumes have been remaining stable with improved price realizations. Sharing some operational highlights, we’ve been able to add 157 KL of new capacity across two phases in Unit 2 commissioned a new contrast media block in Q4, which is now in commercial production. We committed INR400 million for new R&D center focused on amino acid derivatives, advanced intermediates and late-stage MCU intermediates. We maintained a strong cost discipline. Freight and power costs are well-optimized. Gross margins are stable at 55% and EBITDA margins have improved from 32% to 37%. In terms of cash-flow and liquidity, cash and treasury investments of INR2,848 million as on 31st March 2025. The company remains its debt-free status and the company has declared a dividend of INR1.20 per share, which is subject to shareholder approval. In terms of outlook, with strong customer demand visibility, multi-year contracts and capacity headroom, we are confident of sustaining a growth momentum. Mahad Unit-3 backward integration facility progressing well, which is really redesigned for continuous processing is expected to go-live in H2 ’26. We’ve been increasingly seeing a strong traction from Europe-based innovators supported by new business development hires. Things like adoptions of GLP-1s, LCEs and global CDMO derisking from China is creating long-term opportunities for us. We thank our employees, customers and shareholders for their continued support. With that, I now invite Mr Vikay Singh, Chief Operating Officer, to walk you through the operational strategy and capacity update, followed by Mr Ganish, the CFO, who will take you through the financial details. Thank you.
VK Singh — Chief Operating Officer
Hi, good evening, everyone, and welcome to the call. The first of this new financial year and as has shared the results of the previous year, I think they are very encouraging and we are all very excited to speak to you all. The new CDMO capacity catering to the PIE and CMI segment at Unit 2 Ambernath is completely on-stream now and is consistent production schedule due to-high order visibility is online.
Currently, we are running this capacity at about 60% to 65% capacity utilization. The cardiovascular intermediate that we supply from this capacity to the innovator is gaining good traction and has shown consistent growth over the last several quarters as the molecule as such is doing well in US, Europe and ROW markets.
This prescriptions have grown by more than 60% over the last calendar year and we believe that this momentum shall be maintained. We are confident that based on the capacity that we have installed, we are very well-poised to capture any uptick in the demand. At Unitry Mahat, we were creating a capacity for backward integration for the CMI segment. This is a highly-engineered plant on continuous process for making the KSM for our CMI product.
Work is ongoing and in-full swing. And as indicated in the past, this site should be ready for validation and will go on-stream in H2 of FY ’26. With this plant going on-stream, we strengthened our position as a credible and leading supplier of CMI to all the leading innovator companies operating in this segment. We further demonstrate our resolve to retain our leadership position in the CMI segment.
We also insulate the business to significant volatility of the prices of this particular raw-material, which we were to date importing. As a country, we are experiencing significant tailwinds in the CDMO business. Most of the changes are structural and should stay. Given the propensity to remedy the dependence on China and post-COVID imperative to build supply-chain resilience, all MNCs are looking at India as an alternative option.
We also in the backdrop of these changes are witnessing a quantum increase in RFPs that we are receiving. To be able to capture upon this opportunity, we are additionally building a multi-purpose plant, MPP in Mahad and a state-of-the-art R&D center in Hyderabad. This GMP compliant approximately 30 reactor plant will be a versatile plant with capability to supply from a few kilos to multi-tons to our CDMO clients in any geography.
At Mahad, both in the block meant for vertical integration and this NPP, a high-level of automation is being built to ensure batch-to-batch consistency, optimal yields and risk-proof operations. The NPP shall also be equipped with a state-of-the art dedicated GMP milling and particle sizing capability with two clean rooms to cater to customized requirements of our MNC clients.
This plant will contain a section equipped with reactors with single fruit system that will have the capability to generate proof-of-concept, process optimization and validation data tailored to our client needs. The NPP capacity will, however, go on-stream only in the second-half of FY ’27. As a consequence of this high-level of versatility in automation that has been built into the design of this MPP plant at Mahat, we envisage that the earlier planned capex of approximately INR250 crores for Unit-3 Mahad will increase to about INR300 crores.
The state-of-the-art R&D center being built at the cost of around INR40 crores shall focus on newer chemistry platforms like peptides, intermediates for GLP-1s, biocatalysts with a focus on immobilized catalysts and work to augment and strengthen the innovator-oriented pipeline of the company with a focus on chronic diseases. Today at R&D, we are tracking about 20 new opportunities with high client interest and visibility. About 30% of these are in late Phase-3 or commercial.
We are very conscious of the carbon footprint of the company. Between our solar and wind, we contribute about 70% of our overall energy requirement. In pursuit of process excellence, we are further upgrading our unit. New solvent recovery units are being added to reduce waste and encourage recycle and reuse. The company is committing approximately INR60 crores for this process excellence initiative. In the last four years, we have quadrupled our manufacturing capacity.
To keep in step with the client lock-ins and the growth aspiration, more capacity would be needed. We have acquired a piece of land in GIDC Dahej Gujarat for expansion purposes. This new site shall add more capacity to the CMI as well as the PI segments of the business. While being GIDC land, there is a DC approval already, the allotment of GIDC is nevertheless a very recent activity. Hence, at this point of time, we shall not be able to share any firm timelines with the capacity going on-stream in this call.
With this, I come to the end of my part and I hand it over to Ganesh to take you through the financials. Thank you.
Ganesh Karuppannan — Chief Financial Officer
Good evening, everybody. Hope I am not audible. We will first start with performance highlights for the full-year FY ’25 as compared with FY ’24. Our milestone performance of INR1,030 crore in FY ’25 is in-line with our expectation. During the year, contrast media has degrown by 15.8% driven by slowdown in offtake in Q1 of FY ’25 certain goods in-transit in Q4.
This impacted the overall annualized performance of Contrast Media. We have started delivering supplies for NCE molecule in Q4 and expect growth in order book to be linear in-line with the growth of this molecule. The launch of the iDonated intermediate is now expected in H1 of FY ’26 and one could see the full potential of this molecule in the full-year FY ’27. In the PI EPI category, the order book was fully served With a new capacity addition in Ambernath and we were able to ramp-up the production resulting in a jump of 388% in this particular category compared to FY ’24. This is mainly driven by the advanced intermediate in the contrast of cardiovascular therapy. Okay. Now moving on to artificial sweetness. During the — for FY ’25, we recorded a turnover of INR133 crore compared to INR128 crore in FY ’24, recording a marginal growth of 4.1% over previous year. Our gross margin remained at 15.2% in FY ’25 with no significant deviation compared to FY ’24. We didn’t witness any significant volatility in the raw-material prices in FY ’25. Our operational EBITDA grew by 4.4% to 36.7 million in-line with our expectation. The expansion in EBITDA is on account of operating expense spread over a larger sales volume. We reported a PAT of INR305 crores as compared to the previous year of INR163.8 crores. On a full-year basis, our EPS for FY ’25 is at INR17.59 rupees per share compared to INR9.44 last year. He will now share the key highlights of the sequential-quarter. Sales grew by 6.9% compared to Q3, while EBITDA grew by 12.9%. While API category grew by 34%, our de-growth in contrast media is on account of delayed irginated molecule intermediate for the delayed molecule as well as the transit inventory. So our cash conversion cycle for Q4 ’25 at 139 days compared to 135 days for Q4 ’24. The increase in activities also has increased our working capital requirement by approximately INR250 crores. With increased sale of PI and API product category, there are increases in receivable, inventory and payable. You may recall, our growth in this category has increased by 388%, one-time increase in working capital to support the level of activities required. Having deployed the working capital, we will be operating within this cash conversion cycle until the next step-up jump-in the turnover happens. Okay. Our CWIP for FY ’25 is INR89 crores and we propose to incur fresh CapEx of approximately INR300 crores in FY ’25. And then we will actually dwell more in the Q&A session. And now we open up the floor for question-and-answer.
Questions and Answers:
Operator
Thank you very much. We will now begin with the question-and-answer session. Anyone who wishes to ask a question may press RN1 on their touchtone telephone. If you wish to remove yourself from the question queue, you may press to. Participants are requested to use handsets while asking a question. I request to all the participants, please restrict to three questions per participant and join the queue for a follow-up question. Okay. First question is from the line of Park Mehta from Capital. Please go-ahead.
Parth Mehta
Yeah. Hi, sir. Am I audible?
Shiven Akshay Arora
Yeah.
Parth Mehta
Yeah. Congratulations on a good set of numbers. Thank you for taking my question. I just have a few questions. So first one on the Pharma Intermediate segment. The innovator in their conference call had mentioned that they are looking to add other sources for their product or other sources of supply for their product. So just wanted to know-how do we make sure that your wallet share in the supply of your intermediate remains intact for that player.,
Ganesh Karuppannan
Steven, I will take this question. So based on the customer forecast, what we could actually confirm us whatever number they have actually like indicated to us in FY calendar year ’25, that is in fact. So we go based on what the forecast we receive and we don’t speculate on other news articles.
Parth Mehta
Right, got it. So not news articles, but they are generally are looking on for the other social products. So is it fair to assume that
Shiven Akshay Arora
Just to add-on to that part, I think what we need to also understand and recognize is that the ramp-up that we’ve done as a company from the time we started the investments in the plant to scaling up to this such a successful outcome. We’ve done, I think I think it’s been a very good outcome for the innovator and for us as a company. So we are definitely in their good books. Even if they evaluate others, I think little what Ganesh mentioned
Parth Mehta
Right, got it. So it is on how the forecast company gives. Understood. Second, just a question if you could ask me. How do we — what would be our capacity utilization across all the segments? So based on whatever capacity that we have.
VK Singh
As I mentioned for this pharma intermediate, today we are at 60% 65%. Overall, I would say we are at about 75% across all segments.
Parth Mehta
Great. Thank you.
VK Singh
But at the same time, this is excluding the capacity that we are building up at Mahat. So this number will you know be different in about six months.
Operator
Thank you. Next question is from the line of from ASK ND PMS. Please go-ahead.
Sudarshan Padmanabhan
Yeah, thank you for taking my question. Sir, my question is to take forward the comments on capex specifically on the space. And one is on the transit side, how much of the inventory is basically not recognized? Second is a little bit more strategic now that we have the molecule and also a new capacity by declines coming in. If you can give some color on how do we see the ramp-up in the near-term as well as in the longer-term on this
Ganesh Karuppannan
Maybe on the first question on Transit, now this is part of the gain. I think there would be some quarters you may have a slightly a higher goods in-transit and it could be different for certain other quarters. I think this year to just straight away go-ahead with the recognized turnover what we record. And this is according — now we have come to a stage that this is a part of our operation and we have to just move ahead. So I don’t want to give any specific exclusions and calculations on what is goods in-transit and how it is moving asset? I think that’s the first part.
Can you just repeat your second part, maybe
Sudarshan Padmanabhan
The second part is, you know, really the opportunities in the CMI space ahead with econol and molecule and also our customers which has added capacity and a part of our capex is also towards this. How do we see the ramp-up, say, in the near-term as well as in the longer-term for this reason?
VK Singh
See, as far as-is concerned, this is an NCE molecule. I think I have mentioned it in the past that the growth will be linear because the molecule has to find its own space in the marketplace and we believe as the market size grows, our supplies of advanced intermediate could grow at least. We are the sole supplier of this particular advanced intermediate. So we just need to follow how successful the innovator is as far as this particular molecule is concerned. As far as the molecule is concerned, so we expect commercialization this year. And our belief is that FY ’27 onwards, when you look at a 12 month full-year performance this could be a molecule of significance and FY ’26 is where we will be kick-starting our commercial operations.
Sudarshan Padmanabhan
My final question before I join back the queue is on the margins. So if I look at the margin specifically in the second-half, a lot of the incremental benefits have come through operating leverage. And given that we are talking about the momentum continuing in the pharma intermediate space and potentially relative better growth and offtake in the CMI space, how do we see the margins? I mean, I’m not specifically talking about in a particular quarter, but if I’m looking at FY ’26 and FY ’27, because if I understand right, we are still overall at around 75% utilization. So you know, even you know utilization can be a little higher plus or minus in a quarter, but on a yearly basis. So on that side, should we see a steady-state ramp-up in the margins over the next couple of years?
Shiven Akshay Arora
DK, you want to take on that?
VK Singh
I think we don’t give any forward guidance, but then I think it will suffice it to say if you will see the complexion of our business, we are in very highly demand and price in elastic markets. So I mean if you look at contrast media, we have been supplying to innovators and we don’t see too much of pressure on price because this segment is not at all genericized, even though there are no patterns. Similarly, the Pharma Intermediate segment, we are again
Operator
Ladies and gentlemen, the line for the management got disconnected. Please stay connected while we rejoin the management back to the call Ladies and gentlemen, thank you for your patience. We have the line for the management reconnected. Sir, you may go-ahead.
Shiven Akshay Arora
We can move to the next question, please.
Operator
Thank you. Next question is from the line of Shashank from Emkay Global. Please go ahead.
Shashank
Hi, sir. Congrats on a good set of numbers. My first question was on the other expenses this quarter. I think we have seen a Q-o-Q decline in other expenses. I just wanted to understand how we should look at this line-item going-forward particularly when new capacities come on-stream, do you also see other expenses increasing towards the second-half of next year? Just wanted to get a sense how we should look at this that.
Ganesh Karuppannan
See, the other expense includes ocean freight, okay. For some of these products, if it is delivery at place, then we incur the sea. So and some of the new products, for example, the new cardiovascular intermediate what we are supplying is X works. So we don’t incur the seeds, right? So like when you see the reduction in other expense, it’s because we didn’t incur it is all to the account of ocean sites. So it is all about the inco terms of the contracts we enter in. So if you want to really look at from a long-term perspective, I think it is more to do with the product mix and the delivery terms of these products. So I think that’s the — that’s the main reason why you see a lower opex for this quarter?
Shashank
Got it, sir.
Ganesh Karuppannan
And move forward, it will be in this fashion because now the product mix area, what was the contrast media was dominant. Now you see both contrast media and PI. API is more or less of equal weightage and you would see this new norm in the opex now.
Shashank
Okay. Got it, sir. Thanks. That’s very helpful. Just wanted to check for an update on the small volume pilot plant that we have been building at Unit 2. So are we on-track to sort of bring that on-stream sometime this year? And just wanted to understand what your plans are with that plant, given that we are also setting up an R&D center now. So how do you sort of plan to leverage the capabilities at this plant yeah.
VK Singh
They — like you very correctly mentioned that we are building a new R&D center. The R&D center that we are creating will have a kilo facility and that kilo facility will be further supported by a pilot plant. So the milligrams to KGs to the you know, the higher quantities which go for validation, the 50 to 100 will come from the pilot plant. So that’s the fashion in which we plan to straddle the entire value chain, value chain of both preclinical, clinical and post clinical.
Shashank
Got it. And just the last one on the intermediate space. I think we did touch upon in the opening remarks, but just wanted to get a sense if we can see an uptick in this product from the first-quarter this year itself or will it be probably a bit more gradual spread-out across the year? And also wanted to understand if you are hearing anything from customers or industry participants, if there are any challenges that contrast media formulation players are facing, particularly in their Catalinium-based portfolio?
Ganesh Karuppannan
Maybe I’ll just take the first part and the second part, Sivan will answer. Our understanding in this particular intermediate will grow gradually. Being an NCE molecule, it has to find its own market space. So we don’t expect a ramp-up on this particular product. But we are actually seeing signs of the gradual growth happening and we have already started this is witnessing this based on our order book. Even on the overall trend on contrast media now.
Shiven Akshay Arora
See, I think on the base molecules in terms of the usage is definitely increasing at a faster pace and the general acceptance around the certain new molecules also increasing over-time. From a customer perspective, we haven’t received any material negative observations on the outlook or difficulties from a formulation standpoint. But in the ever-increasing changing environment, because of geopolitical issues, you would have seen some remarks, but from a medium to long-term perspective, I think the growth strategy is very much aligned.
Shashank
Thank you. Thank you for that. Thanks for answering my questions and all the best.
Shiven Akshay Arora
Thank you.
Operator
Thank you. Next question is from the line of Sanjay from ICICI Securities. Please go ahead.
Sanjesh Jain
Good evening, sir. Thanks for taking my questions. First on the contrast media, just want to check this year, the growth has been muted. In fact declined. Any reason why
Operator
Sorry to interrupt. Can you speak little louder, please?
Sanjesh Jain
Can you hear me now?
Shiven Akshay Arora
Yeah, I think I that was the point, Sanjesh. So if you see contrast media from a FY ’25 perspective, H1 was muted because of the reason that we mentioned earlier, but H2 saw a significant recovery. So I think from now on with linear growth and the other molecules that we’ve spoken about, the results could be encouraging.
Sanjesh Jain
What about the underlying molecule? Do you expect to grow in ABHCL?
Shiven Akshay Arora
I think from the end API perspective, the molecule is seeing a double-digit growth. So if the end molecule is winning, I think the other supply-chain should also write this.
Sanjesh Jain
Got it. Got it. Second, on the cardiovascular product, we spoke about how does the order book look for us for FY ’26 considering that the exit has been very strong. And one thing on the utilization., you said that the plant run at 60%, 65% utilization, I believe it’s for the year. How has been utilization for the exit?
VK Singh
And we have I think so firstly, nice-to-have you here, but your point is very valid. I think we should not look at — look at it from this exit. You should take a more of analyzed Picture. So I think look at the annual volumes and based upon the annual volumes is the capacity utilization that I had mentioned. Last call also, I had said that given the projections that we have and the way this molecule is gaining traction we could double. So that’s where we are today. We — our utilization is about 60% to 65%, whatever and this is on an as well as capacity and then we have further headroom to debottleneck. So I think we are — if I would not like to give any forward-looking guidance, but should there be a uptick in-demand, even a huge uptick in-demand, we are well-poised to address it.
Sanjesh Jain
It? Very clear, very clear. And on the Mahad, the Unit-3 what we are working on, which is a continuous process plant. Is it the feedstock which we are talking about or this is some other plant are we looking at?
Shiven Akshay Arora
It is this feedstock, but also there are other derivatives that can be made from that plant. So the use would be one for captive and also for potential sales to in this ecosystem for.
Sanjesh Jain
Do we have enough demand for that product? Are there any other application apart from the contrast media?
Shiven Akshay Arora
No, it’s majorly for the contrast media universe. There are some select APIs that you can do outside this thing, but that’s not our focus. I think we’ll be more aligned towards the contrast media idea.
Sanjesh Jain
Very clear. On this Unit 3D MKPP which we are putting up, will it be a CGMP plant or you’re looking at going full USFDA approval and complete into a ecosystem of pharma? How are we thinking? Because I think you said it’s a state-of-the art process we have 30 reactors are we thinking big here from the pharma side or we still want to be close to the intermediate what we have been doing it very well now.
VK Singh
See the plant will have the capability of doing the finished product and that’s the reason that we are creating two clean rooms over there, so that has versatility and flexibility. At least two products can be made at the same time. So that’s the capability that we are creating. As I also mentioned that even the particle surging area is GNP. So the plant will be completely USFD approvable. Now whether we trigger that or we don’t trigger that as an option that I think is something that we along with client will have to exercise. But then the design and construction and everything will — is going to be complete GMP level.
Sanjesh Jain
Okay. That’s clear. And, you spoke about continued opportunity, 30% of them in late-stage Phase-3 or commercial, right. How close are we? Have we supplied the kilo samples? Are we in the process of DMF flying or this is a process which is just kick-in for us?
VK Singh
Okay. So I would say that it’s a mix. A couple of places. We are in very advanced conversation. Skilo quantities have already been supplied. And since in those areas, they are switching from a Chinese source to us, maybe the commercialized maybe. We cannot say for sure, but maybe the commercialization also very fast. For others, we are in the process of giving small quantities because they are still in the clinical phase. So small quantities and then there is going to be a validation process and then a regulatory process. So there’ll be some sort of a wait.
Operator
Thank you. Sanjesh, and Chaptian, I’ll request to come back for a follow-up question, please.
Sanjesh Jain
Fine. Fine. Thanks, and answering all those questions. The same time.
Operator
Thank you. Next question is from the line of Shah from Multi-Act Equity. Please go ahead.
Rahul Picha
Hello. This is Rahul Picha here from Multi-Act. So one question on the fundraise part. You have mentioned a INR1,500 crore number in the — in the announcement. So what is the plan? How much do we intend to raise or any anything finalized on that?
Shiven Akshay Arora
Still, I think we will be able to share more visibility on it on the immediate quarter.
Rahul Picha
Okay. So it’s not yet been decided.
Shiven Akshay Arora
It has been decided, but not in the position to disclose it at this point in time.
Rahul Picha
Okay. And one more thing in the Pharma Intermediate segment, in this presentation, you have mentioned that the number of molecules that are there are around 28 and in the previous quarter, that number was 22. So the incremental six products that have come in, what kind of visibility do you have on that and any significant addition in terms of pipeline, if you can just talk about that
Shiven Akshay Arora
28? I think this — I think what we need to be more focused on are on the 30% of the overall RFPs that we had mentioned, which are in the Phase-3 and almost commercial in nature. I think those are the high-conviction ideas I’ve been focusing on for the past two — earlier two calls as well that we see very strong visibility from a short to medium-term perspective.
Rahul Picha
Okay. Okay. Okay. And just once again on the pharma intermediate capacity utilization side, this 65% number that you mentioned is for — is for Q4 or for the full-year?
Shiven Akshay Arora
Full-year.
Rahul Picha
For the full-year. Okay. So Q4 would be higher than that. Okay. Okay, got it. Thank you.
Operator
Thank you. Thank you. Next question is from the line of Nikhil from SIMPL. Please go-ahead.
Nikhil
Yeah. Good evening and congratulations on good set of numbers. I have two sets of questions. One is on contrast media. If you look at our contrast media run-rate, in ’23, we were at INR500 crores. And at that time, there was one single large customer. Today, we are at INR400 crores. Now incrementally, when you say that the and iodinated products will come. And during this phase, one of our key customer also went for capacity expansion.
So should we understand that this 400 is the base on which we will grow or first, we will go back to that 500 and then we will grow. How should we — because that 450, INR500 was a stable base till the time the customer had not gone for a capacity addition. So if you can just help me understand this.
Ganesh Karuppannan
I think can I just pick it up,?
Shiven Akshay Arora
Yeah, please
Ganesh Karuppannan
See FY ’23 number, this is the year in which the customer wanted certain quantities of security stock. So they wanted to — so instead of a full-year, we would have actually supplied more than a 12-month requirement. So this is a sort of outlayer in the whole conversation. So it is not a 12-month sale, maybe it is 12-plus whatever security stock the customer wanted.
Now to come to address your second part of the question, I think on a conservative approach, we would like to start with this as a new base wherever we are at the 400. And from here, we wanted to build-up not only on the largest molecule, we are also having two other molecules. And we also believe the largest molecule would also like start growing from this stage. Maybe we would put a high single-digit growth and we will have this and gadopic in all which will add to this growth story. Shivan, you wanted to add-on this?
Shiven Akshay Arora
Yeah. I think, yeah, the base business, as you rightly mentioned out, I think the real uptake will happen when you add these two molecules and capacity is around stream and we are scaling it up at our — at our end.
Nikhil
Okay. And for the contrast media, once we — so Vikay, sir mentioned in the starting that we — at a company-level, we are at 70% utilization. For contrast media, what is the peak revenue which we can do all the three products and everything plays out and even other products come, what is the peak capacity or peak revenue we can generate here?
Shiven Akshay Arora
It’s very difficult to stipulate a specific number because capacities are added every six months. As VK sir mentioned, we’ve been able to quadruple our capacity in the past few years and there are some lines being on the Unit-3 side on contrast media specifically. That’s significant ramp-up of capacity. So I think that number would always be fluid in our case because the business is growing at that pace. And then one — just one more point to what has said that we have two types of growth in our business.
VK Singh
One is the secular growth that we get because the market is growing. The second is that each time we forward integrate that means that we give a more advanced intermediate, sometimes the value is 2x, 3 times from the same capacity. So this is just to Support what was saying that it is not easy to make a linear calculation.
Nikhil
Okay, got it. Second kind of question is you mentioned in the discussion on those 20 product opportunities that some of them may get commercialized. And if I attach it with our capex plans, one is this MPT in Mahad and following-up with this larger plant which we are planning in Dahej for which we are also looking at this QYP. How should we understand our capex and demand visibility? So like because this Mahad plant will come in ’27, which you mentioned and you said some of these opportunities which are moving from China may happen quickly. But so how should we understand how do we define our capex and how do we attach with the demand visibility we have from some of these newer molecules that we are looking at.
VK Singh
So somehow you know, at BlueJet, we have been able to balance the demand and capacity very well. And in — as you would see that the primary reason for having a high asset turn is that our gestations are low. So I think we are going to maintain that or preserve that DNA of the company. And what we are planning today is based upon certain client lock-ins and visibility that we have in contrast media, in pharma intermediates and even in the sweetener segment, even in the high-intensity sweetener, we are working on a new product and we should — we should give a filip to that segment as well.
So I think,
Nikhil
Just sorry to interrupt here. Sorry to interrupt here. I understand on these three, because we’ve been in this business. My question was more on the newer opportunities which we are looking at. And this multipurpose plant, I believe would be best to meet those newer opportunities and demand because for the contrast media and the API, we have a dedicated plant. So this MPP which we are putting, I — my — and my assumption can be wrong is for the newer opportunities which we are coming.
Shiven Akshay Arora
So exactly. That’s a very, very good point. But for the immediate opportunities that we’ve been working on for the past 24 to 36 months, we have other multipurpose plants that will cater to the immediate requirement from our existing manufacturing footprint. As you rightly mentioned, some lines are dedicated, but some are flexible in nature. So we will get to the immediate requirement from our existing.
Nikhil
Okay. Okay. So we don’t see a demand or a capacity challenge if some of these opportunities come up.
Shiven Akshay Arora
That is correct.
Nikhil
Thanks a lot. I’ll come back-in queue.
Operator
Thank you. I request to all the participants kindly restrict to three questions per participant. Next question is from the line of Dr Kunal Damisha from Macquarie Group. Please go-ahead.
Kunal Dhamesha
Thank you. Hi, thanks for the opportunity. The first one on-again just going back to the capacity versus capex, I think my understanding and correct me if I’m wrong was that with the Mahad facility, we were more or less like sorted till FY ’27. Now with the additional investment in Mahad, does that kind of give us a better capacities for a longer period or would it say that it’s still FY ’27 till which we are sorted and then we need the hedge to grow further from there?,
VK Singh
That’s right that for the next two years, we don’t see any bottleneck as far as capacity is concerned, but beyond that, we will have to plan an augment.
Kunal Dhamesha
So this MTP will also be utilized in your view by FY ’27?
Shiven Akshay Arora
Yes,
Kunal Dhamesha
And for the project do you think need for debottlenecking this year?
VK Singh
As I mentioned, we are at 60% 65%, so there is a huge room to address any uptick in-demand. And after that, if any debottlenecking is needed, I think we can do it very easily. It’s a big plant that we have created.
Kunal Dhamesha
And then how much, let’s say, hypothetically, if you do debottlenecking based on your current plan, how much more capacity you can have a ballpark number.
Shiven Akshay Arora
It’s a very ballpark number, I think, which is subject to change, don’t hold me on that. I think it would be on a conservative basis about 20%,
Kunal Dhamesha
About 30%. And how fast it can be done?
Shiven Akshay Arora
It will take a few weeks about eight to nine weeks but I think these discussions will happen I think well in advance when we discuss with the customer.
Kunal Dhamesha
Okay. And these new products, which you suggested couple of products in a pretty late-stage kind of development cycle, where this will be kind of accommodated to start with Unit 2 and then move to unit to Mahad unit or how should we think about it?
Shiven Akshay Arora
It will be a combination of both. That will be a combination of both. And we mentioned earlier, I think capacity constraints would not be there at this point in time as we have two major capacities coming on-stream in the coming quarters.
Kunal Dhamesha
But since we are intermediate, just understanding questions, is there an intermediate for us, for us changing the facilities is not a big switching cost for our customer is that a correct understanding or
Shiven Akshay Arora
It is ideally it we should not because these are regulated intermediates and there is definitely a pathway that we need to follow.
Kunal Dhamesha
Sure, sure. Thank you for those responses and all the best all the best.
Operator
Thank you. Next question is from the line of Vidit Shah from Spark Capital. Please go-ahead.
Vidit Shah
Hi, good evening, and thanks for taking my question. Just wanted to get some color on the capex plans post Mahad at Dahejai. You said you’ll share more details in the next coming quarter. But just broadly in terms of high-level strategy, what are the focus areas that the company is targeting of — to use this INR1,500 crores of business.
VK Singh
So I would not comment on the INR1,500 crores, but then our baseline capex that we had said in one of the previous calls is about INR200 crores. But given the extra work that’s happening in Mahad and some upgrades that are happening at Unit 2 Ambernath, I think we’ll be — we will be a little more than INR300 crores. Excluding any of the you know news new sites or Dahej or whatever excluding that we’ll be around INR300 crores plus
Vidit Shah
Okay and the late-stage you know pharma intermediate molecules that you’re working on, would you be able to share what sort of therapies they go into?
VK Singh
Okay. So couple of opportunities that we are tracking are the advanced intermediates to GLP ones, right? And the others are in our traditional segment, the chronic segment, like we have this cardiovascular or dermacology so in that chronic segment.
Vidit Shah
Okay, understood. And we have seen some reports of China restricting exports of Gadolinium in April this month — this year. Just wanted to clarify if you’re seeing any impact of that or is it business-as-usual?
Shiven Akshay Arora
Is it business-as-usual? So as far as our manufacturing is concerned?
Vidit Shah
Got it. And just the last one on the income tax. Noticed that we got INR200 crores. I understand that we have a little bit of a provision, but if you could just help us understand the history of the case and you know-how you see this panning out.
Ganesh Karuppannan
Okay this is on the income tax our case we are quite comfortable understand what we have taken and we need to actually wait-and-watch how the appeal process goes from now onwards?
Vidit Shah
Got it. But there is some sort of deposit that we have to pay to go into appeals and all of that. So would that be an impact on cash flows?
Ganesh Karuppannan
So not significantly. It is procedural and it won’t have Have any significant impact.
Operator
Thank you. With it, sorry to interrupt you, can I request you to come back for a follow-up question, please? Thank you. A kind request to all the participants, please limit your questions to two per participant and join the question for a follow-up.
The next question is from the line of Ayush Agarwal from MAPL Value Investing. Please go ahead.
Ayush Agarwal
Thanks for the opportunity and great set of results, sir.,
Operator
Can you please speak through the handset, your voice is going.
Ayush Agarwal
Is this better?
Operator
Yes. Thank you.
Ayush Agarwal
Yeah. Yeah. Sir, great set of results and congratulations on that. Sir, first question is on the cardiovascular intermediate product. We did about INR200 odd crores in Q4. Can this be a new base and can we grow from this base in FY ’26 on a quarterly basis?
VK Singh
You know, I would only say that the molecule is doing extremely well. You can track the growth of the molecule. I mean it’s doing well in the US, it’s doing well in Europe, it’s getting new markets open like Canada, et etc. Nevertheless refraining from giving any type of guidance I would recommend that you should not look at the last month or the last quarter we should look at the annualized ramp-up that’s happened and that should be I think more reasonable approach.
Ayush Agarwal
Understood. Sir, second question is on this PGLP-1 intermediate molecule. Roughly what could be the opportunity size for us in this molecule? Can this also be as large as the cardiovascular intermediate or larger?
Shiven Akshay Arora
Who would refrain from commenting on that, but the overall opportunity size around these set of molecules is considerably large.
Ayush Agarwal
So would we be working directly with the innovators?
Shiven Akshay Arora
Hard to comment at this point in time. Owned by CDA. So unfortunately, I won’t be able to give you any details around it.
Ayush Agarwal
Understood. Yeah. No, that’s it from my side, sir. Thank you.
Shiven Akshay Arora
Thank you.
Operator
Thank you. Next question is from the line of Vivek Patel from Ficum Family. Please go-ahead.
Vivek Patel
Good evening, sir. I’m hoping I’m audible.
Shiven Akshay Arora
Yeah,
Vivek Patel
Yeah. Thanks a lot for the question, Shah. I just wanted to understand what is the level of competitive intensity in the cardiovascular molecule that we are building at and I understand that in the last call, I believe you had mentioned about certain geographies this molecule very well, some are in size and some are growing very fast.
Can you just — if you could expand on the intensity and the scale of the molecule and the growth of future geographies? Thank you.
VK Singh
Are you asking about the potential growth of this molecule, right?
Vivek Patel
I’m asking about how it has failed over the last few quarters and how do you feel — what is your assessment of the growth as well?
VK Singh
So if you are talking about the molecule, then this is gaining very good traction. Today there are 9,000 cardiologists in the US who are prescribing this and this has become the primary line of treatment. Earlier it was the secondary line of treatment. Because of the label update and label expansion, both in the US and Europe, I think the addressable market of this has grown seven times of what it used to be. So I think it’s a blockbuster, a very big opportunity and still protected by a patent. And I’m not sure if you people have seen that Espirion has done a settlement with the generic companies that they will not — one or two generic companies, not all, that they will not enter with a generic till 2040. So this is an indirect prolongation of the life of the patent.
Vivek Patel
And how is it doing in other geographies in Latin-America, Europe, otherwise,
VK Singh
Growing actually faster in Europe and faster in Latin-America than US.
Vivek Patel
Thank you. Thanks a lot for the answers. Thank you.
Operator
Thank you. I request the participants, please restrict to one question per participant. Next question is from the line of Rupesh from IntelSense. Please go-ahead.
Rupesh
Hello, sir. Thank you for the opportunity. My question sir is on cardiovascular Intermediates. So Esperion has outlicensed this product to for Europe and my understanding is this is the year when Daichi has to start building its own manufacturing supply-chain. I mean, I think today they are taking the supply from Isperion and that I think is changing starting this year. So my question is, are we engaged with Daiichi, have we signed some contract? Is there some long-term understanding of the reserves of capacity? This is my question.
VK Singh
I think that’s more about the formulation. So we shouldn’t be very concerned about that. So what, the technology transfer that happened and it’s been public domain. So that’s more about the formulation at this point of time.
Rupesh
Yeah, but there is another supplier also, right, sorry, sir, there is another supplier in India. So my question is for API, can you confirm you would be supplying to both Experion and Daichi?
VK Singh
That is automatic because — so our product goes for the European market as well. So we — what is selling anyways has got the intermediate of Blue jet. So it is not something that you know, and if somebody tries to move away, then there is a regulatory pathway. So it cannot be done easily. I mean, there are regulatory issues if somebody wants to change. So I think and more than that we are protected with contracts. So I think I don’t know if that’s what you’re trying to understand. But the discussions are ongoing with the CTA but discussions are active on with either.
Rupesh
Okay. Okay. Yeah. Thank you for answering my questions, sir.
Operator
Thank you. Next question is from the line of Ankit Mittal, Individual Investor. Please go ahead.
Unidentified Participant
Morning. Yes, thanks for the opportunity and congratulations for a great set of results. So I had question on pharma intern gates as well. And on the capacity utilization questions earlier in the call. So you mentioned for the full-year, utilization is 60%, 65% and for the full-year, you did close to INR462 crores in revenue in intermediate. And so if I do the math, for the — at complete full utilization, the revenues would come to around INR770 crores. And if I just annualize the Q4 numbers like of INR196 crores, it’s close to INR780 crores. So is it — imply that in Q4, our capacity utilization was close to 100%
VK Singh
Or I think the math that you do that could be good arithmetic, but let’s leave it at that. I have answered this path many times to other participants.
Unidentified Participant
Okay, thank you.
Operator
Thank you very much. As there are no further questions, I will now hand the conference over to the management for closing comments.
Ganesh Karuppannan
Thank you very much for all the participants and we will meet in the next quarterly call — Q1 call. Thanks.
Shiven Akshay Arora
Thank you all. Thank you.
Operator
Thank you very much. On behalf of BlueJet Healthcare earnings Conference call, that concludes this conference. Thank you for joining us and you may now disconnect your lines. Thank you