Fredun Pharmaceuticals Ltd (NSE: FREDUN) Q1 2026 Earnings Call dated Aug. 01, 2025
Corporate Participants:
Gajanan Nimbhorkar — Dy Head Accounts & Finance
Rakesh Kamble
Fredun Medhora r — Managing Director / Chief Financial Office
Analysts:
Chandni Chande — Kirin Advisors
Surabhi Sutaria — Analyst
Unidentified Participant
Kushal Kasliwal — Analyst
Dixit Joshi — Analyst
Suresh Pal — Analyst
Aditya — Analyst
Dikshit Doshi — Analyst
Somil Shah — Analyst
Krisha — Analyst
Jaishree Bajaj from — Analyst
Presentation:
Operator
Ladies and gentlemen, good day and welcome to Q1FY26 results conference call of Fredun Pharmaceuticals Limited hosted by Kirin Advisors Private Limited. 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 Star then zero on your Touchstone phone. Please note that this conference is being recorded.
I now hand the Conference over to Ms. Chani from Kirin Advisors. Thank you. And over to you, ma’. Am.
Chandni Chande — Kirin Advisors
Thank you. On behalf of Kirin Advisors, I welcome you all to the conference call of Fedum Pharmaceuticals Limited. From management team we have Mr. Fred, Mr. Rakesh, Mr. Vijayanan and Mr. Kanjan. Now I hand over the call to Mr. Kin. Over to you, sir.
Gajanan Nimbhorkar — Dy Head Accounts & Finance
Thank you, Chandi. Good morning everyone. Thank you all for joining. I’m happy to welcome you to the Frayden Pharmaceuticals Limited Q1FY26 earnings conference call. Let me start by briefly introducing our company. Fraen Pharmaceuticals Ltd. Is a diversified pharmaceutical company with a strong presence across India and 52 international markets. Over the years we have we have transited from an OEM manufacturer into a holistic healthcare company with offering across branded generics, nutraceuticals, cosmeceuticals, animal healthcare and mobility gates.
Today we have over 1,200 products under registration domestically and internationally and 697 products already registered. We operate with a manufacturing base in Palgar supported by a contract manufacturing at 37 additional locations across India. We have built a large and scalable product portfolio and are continuing to expand across key therapies such as anti diabetics, anti infectives and cardiac care. With a growing footprint across Africa, Southeast Asia, CIS countries and Latin America, Fredo is the only player in India to have a patent of bone ground.
The first quarter of FY26 has been a strong one for us. A reflection of our consistent focus on execution and our shift towards higher margin verticals and pet healthcare. Key financial highlights for Q1 FY26 our revenue grew by 52% year on year to 119.86 crore. EBITDA grew by 62% to 16.99 crore with a margin expansion to 14.9 valid. Hello. Net profit rose by 64% to 6.77 crore. EPS grew by over 63% year on year reaching 14.33. In terms of business momentum, our order book currently stands at over 2, providing a strong visibility for the upcoming quarters. At an industry level, the environment continues to be supportive. The global Gentex market is expected to grow exponentially in coming years. Indian pet care industry. Also projected to grow at over 17% CAGR driven by rising adoption, better awareness and evolving consumer needs is strategically aligned to this higher growth segments. Our new edge business Pet care, nutrition, mobility and wellness are expected to grow at 35 to 40% CAGR and we are focused on building long term value in this category. Our goal is that by FY29 our entire revenue will be driven by our vintage generics business. By FY32 we aim for over 51% of our revenue to come specifically from new ads business. A key focus area for us is building a complete pet care ecosystem under a Friosi brand. We offer a full range of products from mchc based nutraceuticals to grooming solutions and functional food to pharmaceuticals and diagnostic services. In Q1 we took a major step by acquiring a one pet stock, a tech enabled doorstep pet grooming platform which complements our existing offerings and help us serve the urban pet owner more holistically. We also launched India’s first 24 into 7 dedicated pet diagnosis centers equipped with CBCT imaging and advanced ultrasound, a move that positions us uniquely in the organized pet wellness space. Over the next few quarters we plan to expand this network across major Indian metros. We believe that this integrated approach across human and animal wellness will will help Fridul create a sustainable differentiation in the market. We have made a good start to FY26 financially, operationally and strategically. We remain focused on scaling our branded portfolio, deepening our presence in India and key global markets and building strong verticals in pet care, nutrition and wellness. Thank you once again for being with us today. We look forward to your questions. Thank you.
Questions and Answers:
Operator
Should we begin with the question and answer session now?
Rakesh Kamble
Yes, sure.
Operator
Okay. Before beginning with the question and answer session, I want to tell everyone that this call is for one hour, so please stay connected and I also request for participants to ask two questions. Thank you very much. We will now begin with the question and answer session. Anyone who wishes to ask a question may press STAR and one on their Touchstone phone. If you wish to remove yourself from the question queue, you may press star and 2. Participants are requested to use handsets while asking a question. Ladies and gentlemen, we will wait for a moment. While the question queue assembled, the first question is from the line of Surbhi from NV Alpha. Please go ahead.
Surabhi Sutaria
Thanks for the opportunity. So I want to understand more on your genetics business. Firstly the split between domestic and export and also which therapies do you more focused on in the biogenomics space. And the other thing, if you could give a split on of your total revenue pie, what comes from Bandit Generics and what comes from pet care, Nutraceutical and you know, other segments as well. So I’ll answer your first question. You guys can hear me, right?
Fredun Medhora r
Yes, I’ll answer your first question. The generics division was started in order to offset the OEM manufacturing. Because we have a very clear Target that by January 2029 every single product that comes out of our ecosystem should be fade and bandit. Having said that in mind, all our products that we have raised in generics in India have to be launched in phases and together Genelix cannot be in quanta. We have to have a basket of at least 350 products across 15 to 20 therapeutic segments together.
Right now in terms of the distribution, about 25 to 27% of our entire sales is exports and the remaining is in India. Through third party distribution and local sale. We tend to add. We are in process of adding more therapeutic ranges and to create a basket of around 500 plus products and envisioning the GX business to cross around 250 to 300 crores in the next 8 to 12 quarters.
Surabhi Sutaria
Just a small follow up on that. The entire generics business is branded generics, correct? That is. Or in. Is there OEM manufacturing here as well?
Fredun Medhora r
No, no, no. It’s all, it’s all, it’s all. It’s all under brand. It’s all under brand.
Surabhi Sutaria
So out of the 450 crores, most every, every product is branded generics only. Generic. Generic generally technically does not exist. But I get your question. Yes, it is under our freedom brand only.
Unidentified Participant
Got it. And so out of the 450 crores in FY25 around 250 to 300 crore from branded generics. And then would be the other. Yeah. So for us, for us we don’t.
Fredun Medhora r
We don’t break up in that sense. How we break it up is new age business and old age business. So around 350 crores is our vintage business. The remaining 100 crores, 110 crores comes from our new age business. In the new age business we have started this generic line, the remaining products also. So Fredone GX is a brand, it is not generic division. So the Fredom GX did around 65 to 60 crores of business last year. So that we are trying to take it to around 85 crores this year and then about 150 crores per year later. So but in terms of a long term target, we are looking at around 250 to 300 crores of revenue within the next 12 to around 12 quarters from the GX line, from the freemium GX brand.
The remaining products are also some are exported, some are sold locally, some have through different distribution channels that are of course all generics. Because in India even Sun Pharma and Cipla all only make generics. But they have what you call the, the Fredhorn brand name and it does not go on the Fredon gx. Fredone GX is a specific brand which we have started about two and a half years ago in order to penetrate the local tier 2, tier 3, tier 4 distribution markets in India and to reduce our dependency on OEM and third party manufacturing.
Surabhi Sutaria
Got it. So what percentage of our manufacturing is owned manufacturing to be outsourced? And when you say 250, 300 crores of branded, that includes the pet care or like pet care comes under branded freedom products are allopathic formulations.
Fredun Medhora r
About 30 crores is pet care, about 16 to 17 crores is neutral, about 9 crores is cosmetics and about 6 and a half crores is thermocytics. About 18 to 19 crores is around our mobility and the new segments. So that is how we are breaking up. So the whole business we are metamorphizing from contract manufacturing company with our own brands and exports to actually having our own branded lines in India with different divisions which we also have a base in our exports market to offset the MOQ and the economies of scale. Got it? And in the export market, I’m guessing it’s mainly African like or very semi regulated Africa, Southeast Asia, CIS countries, Latin America. So any of these are tender based out of the 27 any is anything on tender tender based? No. But in India about around 18 to 25 crores annually is institutional sales. This year we will do end up doing around 35 crores. 35 to 40 crores. Got it. And you know if I can just squeeze in one more. What is the strategy for the new age the GX line?
Surabhi Sutaria
Like I. Because anyway it would be a brand.
Fredun Medhora r
To have the strategies for the GX line is very simple and succinct. To penetrate in tier 2, tier 3, tier 4 cities to have a product folio which is vast and varied which we can, which we can manufacture ourselves where we have control over the pricing and our unit pricing comes low because we have one of the largest capacity of plants in the country. Hopefully within the next two years we have one of the largest plants in the country for a single location. And the 37 locations that we have added recently in the last say a year and a half or two, those will help us create portfolio of products which we cannot manufacture under one roof. And those that basket in addition to it will give us a good base for penetration within the country.
Surabhi Sutaria
Got it, Got it. Thank you so much. Thank you.
Fredun Medhora r
God bless you.
Operator
Thank you. I request each participants to ask two questions. The next question is from the line of Kushal Kashlival from Invent Research. Please go ahead.
Kushal Kasliwal
Yeah, thanks for taking my question. So Freddie, basically this is your first phone call. I just wanted to understand, you know, the business model the previous participants already asked the overall split in the business. I just wanted to get a sense on where your focus will be going forward. I mean pet is something which is pretty hot. But do you only plan to focus on pet care business or it seems like your new age business which is the generic line is also focused area. So just wanted to get a sense of where is the future growth heading towards. Yes, this is my first question.
Fredun Medhora r
In order to answer your question, I would like to say that for us we didn’t start pet because there was a craze in the market in the last three, four years. We had developed products for pet care years ago, in fact decades ago because. We are a very strong tech based company. Both the promoters, my parents were PhD research scientists so they had developed a lot of products but I did not feel the time was opportune. In the last four, five years the time was opportune so we launched those products and we’ve got tremendous success. Plus the marketing channels that we have used to penetrate into the Indian market is very different from the others. So therefore we have got very good traction. Pet care? Yes. Why? Because we are the only pet care company right now in the country which has allopathic formulations, nutraceuticals, functional foods, herbals, diagnostics and medical devices such as bone grafts all manufactured under the same roof, that is including grooming products. So that gives us a very good control over our products, that gives us control over our quality and allows us to do further SMD in new age products. Some products which we are launching in the next quarter or in the next two quarters which are in stage three and stage four trials right now are also very new to the Indian or even the Asian market. So. So we are very strong in what we are doing for pet including the diagnostics. We are the only pet diagnostic standalone center in India right Now which runs 24,7 as a full time NS business. This is in line with our goals of pet care for our company that by 2032 no pet in India can be born or die without using a frehasi product. That is our vision and our goal and we are therefore we are in all segments. Luckily we could be in all segments because of our manufacturing prowess and capability to manufacture those products in our block at our location. So pet care yes, definitely is a good vision. Thermocytics and nuclear physicals is also a very strong vision driven division for us because we are already exporting specialized nuclear physical, specialized thermocytics in our export market. So we have got good hold over those products. We know what sells. We are also doing OEM for many manufacturer, many brands for domestic in India for quite some time. So we know the market, we have known the terrain quite well and it allows us easy foray into this demographic. So nutrition, dermaceutics and pet care is our goal. Mobility has done phenomenally well. In fact, from October 2023 to this year, this year we end up paying around 35 crores of branded mobility products like Visco, Tynor they are doing so they all at one level go hand in hand for many. The distribution channels are also the same so it becomes easy for us to market them also. So the new age business per se will be our focus. And the reason why it is our focus is because the vintage business is going to grow around 15 to 20% year on year for the next seven to nine years. The reason being we have another 1290 registrations in the pipeline. Those 1290 registrations will have fruition within the next three to four years. Even if 10% of those registrations yield continuous orders and even 10% of those yield bumper orders, we are still set for a easy growth of around 15% year on year. So the Runway for what we used to do is set for the next seven to nine years. Therefore we can focus on our new age business and create brands which we have already got traction for. Fair enough I think.
Kushal Kasliwal
Thanks for the detailed answer. So I think you’ve already kind of given a guidance or aspiration where we want to head in terms of our new air business within new age. We already told that, you know Freddie GX is doing roughly 50 or 60 crore this year. Next year is 85. Next to that is roughly 150. What we’re targeting on an overall business level. Could you give like aspirational guidance or maybe a realistic guidance for the next maybe two, three years in terms of top line margins? Can you just help us there?
Fredun Medhora r
What I can tell you is our target for the next three years. Our target for the next three years is to three to four years is to double our revenue and to double our pat from where we are right now. So we are looking at somewhere around 800 crore plus top line with a 90 plus crore PAT kind of thing. After a few years and we are in process, we are also going to start eliminating low margin products which don’t yield results and keep on trying to creating efficiencies, cost efficiencies by increasing our capabilities in order to manufacture. As I said earlier, in the next 18 to 24 months we should be one of the largest plants in the country for a single location and.
Kushal Kasliwal
We are on route to that. We are almost there. So as a vision, top line is the target. Bottom line is growing consistently. And considering all our guidances which we have given since 2017 Touchwood, we have achieved them. Some have been overachieved and we hope to do the same in the coming years. Years. Thanks. I just missed your last point. You’re saying 800 crore top line, 90 broad PAT in the next three, four years is what you’re saying. Yeah. So we are looking. We are looking at a.
Fredun Medhora r
Yeah, that. That is our target 90 crore pad. You are saying that almost 3x because we are looking at a 10 to 11% PAT kind of scenario. Okay, so. So you are. You are expecting slightly higher EBITDA at that market. The new edge business is all higher. Gross margins of about 50%. So when those start reaching cost efficiency, profitability will start building in.
Kushal Kasliwal
Understood? Understood. Fair enough. Thanks so much for your detailed answer.
Fredun Medhora r
God bless you. Thank you. Appreciate it.
Operator
Thank you. The next question is from the line of Dixit Joshi from Whitestone Financial Advisors. Please go ahead.
Dixit Joshi
Yeah, thanks for the opportunity. And as you have explained in detail about the different division in your vision towards the different division. I just have a couple of questions. Firstly on if you can mention that how much is our inventory and receivable as of June. So right now our inventories will be in the base of around 200 plus crores. And in terms of in July our receivables are around. In fact the 31st of July our receivables will be under 100 crores. Okay, so under 100. So it has both has improved a lot from where we were as in 31st March.
Fredun Medhora r
Yeah, 31st March. Also the. We have to realize that the debtor, those seem higher from the last year from 77 crores to 177 crores. We also have to realize that there’s a shift in the business model in terms of local sales and generic at the same time. The last quarter itself was 165 crores. So that is an increase because the sales have increased and inventory levels will remain high for the next six to seven quarters. Because we have a lot of SKUs running, we have to hold inventories, we have to hold a few months of stock, but the ratios are improving. For the last 18 to 19 months, hopefully within the next six to seven quarters our inventory will align at around 125 to 130 days. So that is not a worry for us at all. In fact, we are very confident of where we are heading. So we are very steadfast in our goal.
Dixit Joshi
Okay. And in terms of receivable, what kind of days we are looking.
Fredun Medhora r
Receivable C We have to realize I cannot give you an absolute number. What we can say is the receivables will be in tune of about 120 to 130 days right now. Because when the new age brands are going into the market, we have to give it time to the market to understand the product and accept it. We have watertight agreements with every single distributor in the country. So all the goods are one way valve and are on solid, not even watertight, airtight terms and payment terms.
So touchwood. We have no bad debt also. So the debtors will be somewhere around 120 to 130 days going forward at any given time within maybe a year and a half or two maybe it might come down to 90 days, 95 days considering the acceptance of our brands and products and it will improve. But in Indian markets, in the distribution channel market that we have afford 90 to 120 days credit has to be given.
Dixit Joshi
Okay. And our debt equity was almost one is to when considering the working capital loan. So in what level we are comfortable and any plan of fundraising we are looking because we are have a very high growth plan. Yes of course we will definitely look for some equity around in the coming months. But in terms of what we are doing, we don’t have any long term debt in our books. Most of the debt is working capital and we have orders for those things. So even if we don’t raise any funds in the next month or two months or three months or six months, not going to hamper our growth. In fact we haven’t raised any funds and still we have grown about 30% last financial year including growth of profits. So yes, sometimes necessary will have to be carried on but that’s part of the game.
Unidentified Participant
And just last question so I missed the earlier part. So what is the difference between the Freedone GX and the visitage is the.
Dixit Joshi
Therapeutics are different or the medicine in India, most people.
Fredun Medhora r
In India, most people confuse by saying company generic or company brand. Nobody makes branded. Everyone makes it makes a branded generic. For example, an ointment. An ointment by default can never be a generic. No, no doctor will be able to write in a generic name for an ointment or a cough syrup or a. Many products by default are all branded. For us the differentiation is very simple and clear. Crystal clear that the new age business which includes the GX line which we started two and a half years ago in order to offset the third party and OEM manufacturing which we do for other brands where we have a goal that we do not want any product that coming out of our ecosystem which is not of a freedom brand. Post January 29.
Dixit Joshi
Okay, so this vintage 350 crore revenue which we have, this will grow or I mean this.
Fredun Medhora r
That’s what I said. I. I just said that it will grow around 15 to 18% year on year because we have 1290 registrations in the pipeline.
Dixit Joshi
Okay so. And this includes the oem. I mean for other brands which we make.
Fredun Medhora r
Yes, at one point we cannot put a hard stop to our associates which we have more than 30 years. Some are associated more than 20 years. So some lines will grow and we are going to figure out the ways of how we can make them happy as well. But those brands right now are going to grow.
Dixit Joshi
Okay. And last thing is you mentioned 200 crore order book. So if you can explain that this is firm order book. So is it like a.
Fredun Medhora r
Yeah, our order books are always firm. We get orders from all our export markets for a six month period. Our local markets we get orders now for a six month period including our third party orders. So every order that we have we don’t book into a system unless it’s a confirmed order.
Dixit Joshi
So we can say that other than the new wage business Generally we have 2/4 order book. Okay. Okay. That’s it for my settings.
Operator
Thank you. The next question is from the line of Mr. Suresh Pal from KRSP Capital. Please go ahead.
Suresh Pal
Yeah, thanks for the opportunity. Sir, I would like to know about our. For the last three, four years. If I look at the balance sheet of the company, the cash flow from operations has been negative consistently. On the other hand, debt has been increased consistently. So any thoughts on improving our balance sheet?
Gajanan Nimbhorkar
Yes, that is. This answer is in line with what I just explained to the previous gentleman that once the inventory lineup days reduces and the debtors reduce, the cash flows will start getting positive shortly. So we have to wait and buckle up. It’s a necessary evil that we have to endure in order to create brands in the country which last for a prolonged period of time. So in the history of the company, has there been any bad receivables or something like that? The grace of God. For 31 years of operation and we are existing for almost 37 years. There has been no bad debt.
Suresh Pal
Okay. And sir, what is the revenue growth guidance and path growth guidance going ahead?
Fredun Medhora r
Sorry, can you, can you repeat the question please?
Suresh Pal
Yeah, what is the revenue growth guidance coming year?
Fredun Medhora r
That’s what I’m saying. We are looking at around 15 to 20% growth overall year on year. And our PAT will also substantially grow. The reason for the increase in PACT even last quarter or from the first quarter of this financial year has nothing to do with what we are doing now. It is our prolonged continuous effort for the last many years. The results and the numbers that we are seeing in FY26 is for the work that we have done in FY21 or FY22 or FY22.
What we are doing now in FY30, FY31, because we plan about three and a half to four years ahead right now because we have orders in hand, we have the foresight and we have the product in place and the FND team and the marketing team in place. We are lucky enough to plan for about three and a half to four years ahead because the current possible future we are already sorted. So we are looking at sizable growth in terms of our profit margins coming in from a new age business because they are higher gross profit products. At the same time, we are increasing our own branded products and reducing dependence on oem. So margins will increase, we will substantially grow and hopefully we will achieve what we. Then to do.
Suresh Pal
And sir, when are we planning for fundraise?
Operator
Sorry to interrupt Mr. Suresh but we request.
Suresh Pal
Yeah, that is the last question.
Fredun Medhora r
That is the last question. We will definitely. We are definitely planning. We will definitely understand our requirements and hopefully have a raise soon. Soon.
Suresh Pal
Okay, fine.
Operator
Thank you. A reminder to all participants, you may press star and one to ask a question. I request each participant to ask two questions. The next question is from the line of Aditya from Ajarvika Capital. Please go ahead.
Aditya
Yeah. Hello. Hello.
Fredun Medhora r
Yes, hello.
Aditya
Yeah. And my first question is on a pet healthcare segment. One Fate has stops integrated. So with the acquisition of control for controlling stake in a one pad stock. And what is the plan with this acquisition and what specific synergies are you targeting and how will you get this acquisition? One fetch stop was a MMRDA centric company where they used to do grooming for clients across the mmrda. MMRDA region is a region in near Mumbai. If you are from Mumbai you would know.
Fredun Medhora r
So we have 4,000. They had 4,000 customers for grooming along with the grooming vans and equipment and everything. So we have taken over that because that gives us direct access to all the 4,000 pet owners and pet parents across the NMRDA region. And that allows us to cross sell our products with those ready customer bases on a month to month basis, on a personal basis. Because when there is a grooming happening generally the pet parent is the one who is continuously in touch with the grooming parlor. So the customers have a hands on approach and the customers are known by name.
So it’s a very low hanging fruit and allows us instant penetration into the market to cross sell our products. It was a strategic moved by us in order to foray deeper into the MMRTA region in Mumbai itself.
Aditya
Okay. And so what is the revenue model like in the subscription list? Something like that.
Fredun Medhora r
Yeah, yeah. Right now for the first two quarters the company itself will not have any in terms of revenue as we are aligning ourselves and cross selling our pet care products through the customer base of one pet stop. Then that will slowly add our other functional food products, that is our OTC products for pet care and that will be sold via that. So the revenues will start coming in shortly. Okay. And my next question is product registration pipeline side.
Aditya
So sir, you on your last release you have mentioned that.
Operator
Sorry to interrupt but we request you to rejoin the queue for follow up questions as there are many participants left. Thank you. The next question is from the line of Dikshit Doshi from Whitestone Financial Advisors. Please go ahead.
Dikshit Doshi
Yeah, thanks for the opportunity again. So you mentioned that one pet shop already has 4,000 customers. So what is their current revenue, annual revenue and profitability.
Fredun Medhora r
So they were, they were. They were doing only grooming right now. Right? They were only doing grooming. So they were not selling any products to the customers. So their revenue will be very minuscule because they were only doing grooming jobs. For us the revenue was immaterial. For us it was the access to 4,000 paying customers across the diaspora of MMRDA who are also pet parents. So by default they will be using all the products that we are currently making. So the revenue of pump one bed stock was immaterial to us when we took the decision.
Dikshit Doshi
Okay, okay, understood. And this diagnostic center business. So we only have one center now and we are planning to expand it to multiple large cities. So if you can broadly explain the per center capex or revenue model.
Fredun Medhora r
No sir, we are not going to do any franchises. The one center right now has a potential to do around 15 crores annually in terms of revenue with a 20 to 25% net. That is the easy numbers that we can target. So we just started this, you can say we started in February, full fledged operations and everything was started in this quarter. Within the next 18 months we will hit the run rate to achieve 15 crores annually per center by end of this year.
We are planning one more center in north of Mumbai that will cover more. Mumbai for us we have four 24x7ambulances stationed across Mumbai to get the pet from any place in Mumbai to our center within 35 to 40 minutes. We are also having a full time anesthesis at our center which even human centers don’t have. Because for a CT and a CBCT and those kind of tests the pet has to be what you call anesthetized. And so we have that facility also. We have a blood collection facility also. And for us we are not using any additional bandwidth to sell those products. My tray or C team is already going to all the doctors anyways for our product. And we are getting substantial prescribed sales. All my team has to do is saying that we have pet center. We have also got a test center now. So without using additional bandwidth with all power marketing team and work team it adds and works in our favor and has a natural synergy.
Dikshit Doshi
Okay. And how much capex does this center require? Initial center.
Fredun Medhora r
Sorry. The capex. Capex will be depending upon what machine you get. But it will be somewhere around 8 crores. 8 crore per cent. Okay. Okay. 6 to 8 crores.
Dikshit Doshi
Okay. Thank you.
Operator
Thank you. I now request each participants to ask one question only. The next question is from the line of Somil Shah from Paris Investment. Please go ahead.
Somil Shah
Hi. Good morning. I joined in a bit late so I don’t know if this question was answered. What is the reason for high data rates? I mean if I Look at last 3 years the data is constantly going up.
Fredun Medhora r
Again I had answered that question earlier. I’ll reiterate the data in absolute numbers have. Because the sale has also gone up and in the last year the. In the last year the last quarter sale was 165 crores and the total debtors outstanding was 177 crores. So it is only the 90 to 110 day debtor which is a common phenomenon in the Indian market. But because numbers increase from 77 to 177 people are feeling that there is a hundred cry. As on 31st of July the debtors are less than 80 to 90 crores again. Because we have got all our receivables again. When we do our sales again the debtors will go up. So this cycle will come. Continue. But overall within the next six to eight quarters the debtors will stabilize at around 125 to 127 days after the New age brands start kicking in in terms of cost efficiency and repeat orders on a continuous level across the existing markets and new markets as well. In India we will definitely try to get it From, I mean 22, maybe about 100 days. But below that it, it will be difficult and if the business model is such that it requires 90 to 110 days of data.
Somil Shah
Okay. Okay. Thanks for a detailed answer and for my final question. So if I look at the ebitda margins also.
Operator
Mr. Shah, but we request you to rejoin the queue for the follow up questions. We’re just taking one question for participation.
Somil Shah
Okay, fine.
Operator
Thank you. The next question is from the line of Krisha from Molecule Ventures. Please go ahead.
Krisha
Yeah, I only have one question related to our business. So in FY25 we locked the top line of 456 crore. Now I have two sub questions. One is how much of 456 was contributed by our vintage business and how much was contributed by the new age business. And another sub question is if you can just throw some light on because I’m also new to the company. What exactly is included in the vintage business and which segments are included in New age. So if you can give us this breakup it would be helpful. Thank you.
Fredun Medhora r
Yeah, I’ve already, I’ve already answered that, that question a couple of times. But I’ll, I’ll reiterate around 350 to 360 crores in terms of vintage business. Vintage business is what includes all our export business which is our own brand and everything. And also the third party OEM manufacturing, also the loan licensing parties, also the distribution of our own brands which we are doing for the last 7, 8, 10 years in India in terms of various product categories and different therapeutic classes. The new age business constitutes for the rest of the. Of the. What you call the revenue. I hope that answers your question.
Krisha
Apart from red and dx, what areas is included?
Fredun Medhora r
That’s everything. Fatal Nutrition, Free Aussie Fatal Mobility, Perungi for Beauty, Fred and Burden Beauty. Okay.
Krisha
The vintage. What percentage is contributed by contract manufacturing?
Operator
Can you please rejoin the queue for the follow up question?
Krisha
This is just a related question, ma’. Am. I just want to know the percentage contribution of contract manufacturing in the vintage business.
Fredun Medhora r
So the contract manufacturing is broken down into three parts. One is loan licensing, one is third party and one is distribution of their brands. That. That will add up to around about 100 crores or so.
Krisha
Sure. Thank you.
Operator
Thank you. I request participants to not repeat the questions that I’ve asked before. And I also request each participant to ask one question. Thank you. The next question is from the line of Jaishree Bajaj from 3Netra Asset Managers. Please go ahead.
Jaishree Bajaj from
Hello. Thank you for the opportunity and most questions have been answered. My question is. Recently we have appointed Mr. Anshu Agrawal and Ms. Swan as independent directors. So could you please elaborate on the specific areas or strategic initiatives where their diverse expertise is expected to bring immediate value to the company’s growth trajectory and how it.
Fredun Medhora r
Yes, yes, yes. And both of them have a good background in terms of understanding finance, banking and in certain administrative spots. They also have decent backgrounds in terms of distribution channels and new age businesses. So they are fresh eyes that will come in with a fresh mind in order to understand and grow the company internally and externally. So they have a quite robust background. Plus they are hands on, active and available though they are independent directors. Yeah. Thank you.
Operator
Thank you. The next question is from the line of Aditya from Azar Vika Capital. Please go ahead. Mr. Aditya, are you there?
Aditya
Pipeline type. So you in your last release you have mentioned that world 100. So how does the robot have been trans growth and what is the expected time being?
Fredun Medhora r
Sorry, your voice is little muffled. I. Can you please repeat your question?
Jaishree Bajaj from
Sorry. So actually, in your last press release, you have mentioned that 1200 products in currently under registered, right? Yeah, yeah, yeah. So is it. Is it all. All the products is contributing now in our revenue?
Gajanan Nimbhorkar
Contributing in our revenue?
Jaishree Bajaj from
Yes, yes.
Rakesh Kamble
No, those 1290 products. Yes, of course. See, when we register a product, it is the molecule that is registered, not the brand. And in some cases it is the brand. So sometimes it is the same molecule which is registered under multiple brands. Sometimes it is multiple molecules which is registered. So most of the products, yes, of course there will be molecules which we are already making because there are a limited group of molecules which are existing in the market. There are some molecules which are not we are not making. So the ratio of what we are making to not making will be always around 20 to 80%.
So every time we register in a country, there will be about 15 to 20% of molecules which have not made, which they are specific for that geographies are demographics and 80% which you are already making, like paracetamol. So paracetamol or tramadolin. So amoxicillin is a staple product in any country I go, even in any state I enter without an amoxicillin, without a erythromycin, without a paracetamol. But nobody will take my product basket.
Jaishree Bajaj from
Okay, what is the. I think.
Operator
Just one question. As the call was scheduled for one hour. That was the last participant for today. I now hand over the conference to. To Ms. Chandney for closing comments.
Chandni Chande
Thank you everyone for joining the conference call of Freedom Pharmaceuticals Limited. If you have any queries, you can write to us@researchadvisors.com Once again, thank you for joining the conference call. Thank you, Team Freddy.
Fredun Medhora r
Thank you. I appreciate. Thank you all. Thank you so much for all your queries. Look forward to answering more in times to come. Thank you on behalf of Kiddin Advisors Private Limited. That concludes this conference.
Operator
Thank you for joining us and you may now disconnect your lines.
Fredun Medhora r
Thank you.