Gufic Biosciences Limited (NSE: GUFICBIO) Q3 2025 Earnings Call dated Feb. 17, 2025
Corporate Participants:
Ami Shah — Company Secretary, Compliance Officer & Legal Manager
Avik Das — Investor Relations
Devkinandan Roonghta — Chief Financial Officer
Pranav Choksi — Chief Executive Officer & Executive Director
Analysts:
Unidentified Participant
Yogansh Jeswani — Analyst
Rahul Girish Shah — Analyst
Vidit Shah — Analyst
Chintan Shah — Analyst
Yash Tanna — Analyst
Shrey Gandhi — Analyst
Presentation:
Operator
Thank you ladies and gentlemen, good day and welcome to the Goofik Biosciences Limited Investor Call for Q3 FY ’24 ’25. 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 the conference call, please signal an operator by pressing star Pen 0 on your touchstone phone. Please note that this conference is being recorded.
I now hand the conference over to Ms Amish Shah. Thank you, and over to you, ma’am.
Ami Shah — Company Secretary, Compliance Officer & Legal Manager
Thank you,. Good evening and a warm welcome to everyone. Today in this call, we have with us Mr Pranav Chopski, CEO and Director; Mr Landan, CFO; and Mr Avik from Investor Relations team. And who will give the overview of the business and financial performance of the company and take questions if any.
Before we begin, I would like to say that some of the statements that will be made in today’s discussion may be forward-looking in nature. It is subject to unfortunate risks and uncertainties and the actual results could materially differ materially refer. The company undertakes no obligation to update or revise any forward-looking statements whether as a result of new information of future events or otherwise. I hope you all must-have received the investor release — investor presentation that we have posted on the stock exchange as well as our website. We’ll now begin the call with the opening remarks from Mr Avik, followed by a financial overview from Mr Roomta.
Thereafter, we can have our forum open for the interactive Q&A sessions. Over to you, Abhik.
Avik Das — Investor Relations
Hello. Good evening and welcome to Biosciences Third Quarter Conference Call. We appreciate you joining us today as we share key updates on our performance, strategy and vision for the future. As always, our focus remains on driving innovation, expanding our market presence and enhancing the lives of patients through high-quality and scientifically driven pharmaceutical solutions. So I’ll begin by discussing some of the key milestones from the quarter that are contributing to Gufix continued evolution.
So first, I’d like to start with our Critical care division, which remains a cornerstone of our business. Our division continues to solidify its position as a trusted partner for hospitals, offering a comprehensive portfolio of advanced injectables in antibacterials and antifungal space. As infection trends evolve and antimicrobial resistance becomes an increasingly urgent issue, we are addressing these challenges head-on with cost-effective and scientifically backed solutions that not only help reduce resistance, but also optimize patient outcomes in the critical care setting. In the quarter that went by, we’ve taken several strategic steps that underscore our commitment to responsible antimicrobial use.
We launched an awareness campaign focused on UTI management, which underscores the importance of rational antimicrobial prescribing. This initiative is critical, especially in India where burden of UTI is high and stewardship is essential in curbing the rise of resistance. Additionally, we continue to strengthen our market presence through participation in leading medical forums, including Maha Criticon and Pune, ISCCM in Bangalore, where we engaged with key clinicians and hospital networks. These interactions allow us to stay at the forefront of infection management and share the latest insights and ensure that Kufix offering remain aligned with global best practices in treating ICU and sepsis-related infections.
Moving on to verticare cluster, we continue to grow this cluster across in the entire ERT space. As the fertility landscape grows more complex in India, our focus on scientifically superior and process-driven solution is helping IVF — IVF practitioners navigate increasingly challenging cases, particularly in treating poor responders and patients experiencing multiple IVF failures. These are areas where solutions have traditionally been scarce, but is providing targeted treatments like alpha and Supragraft to directly address these challenges. So one of the most exciting developments this quarter is the progress we’ve made in in Alpha. It’s a breakthrough treatment for recurrent implantation failure. We believe this is a game-changer in the fertility space as RF continues to be one of the most persistent challenges in ART.
Gufasin alpha leverages Thymosin alpha hormone with over 2000 published studies. It’s a molecule accepted by USFDA, has the DCGI approval and it’s been scientifically validated therapy and it has been validated by independent practitioners, some of the leading chains in India and we’ve come up with the conclusions which further back our findings that this enhances receptivity and improves MDO implantation.
Along with that in parallel, graft is India’s first ultra-highly purified HMG. This is setting a new benchmark in IVF stimulation. This next-generation purification technology ensures better ovarian response, lower dose requirements and improved success rates, especially in the poor responder category. This is further strengthening our leadership in this space. These innovations along with early clinical validation has positioned us as a trusted partner for centers and fertility specialists, especially the ones that are not seeing good results in the poor responder category.
Now let’s talk about STELLAR and Spark division. Both divisions are driving growth in key therapeutic areas such as orthopedics, gastroentermology, women’s wellness and reproductive health. In particular is making strides with its monoprozone launch, which has gained strong uptake in the gastroenterology as a potassium PCAV potassium acid blocker, helping doctors manage acid-related disorders more effectively.
Looking ahead, we are also excited about P. It’s a new combination therapy in designed to address musculoskeletal pain with enhanced anti-inflammatory and analgesic effects. Additionally, STELAR is expanding its reproductive health portfolio, including antioxidants to support both male and female fertility, making an important step-in Gufic’s effort to cater to the growing infertility management market. Meanwhile, the Spark division continues to leverage scientific engagement and product diversification to strengthen its presence in specialty segments, while actively contributing to patient outreach and education through our initiatives in gynecology and ENT care.
Next, I want to highlight our healthcare division, which remains committed to bridging the gap between traditional and modern pain management solution. As more patients seek integrated therapies, Goofik is offering clinically-validated solutions that align with global trends in natural and holistic care. GoofySpawn, for example, has emerged as a preferred non-surgical solution for spondilitis, an area where traditional treatments often fall short with increasing cases of musculoskeletal conditions driven by modern lifestyle. GoofySpawn offers a natural effective alternative to non-invasive — through rather invasive procedures.
Additionally, our key, which continues to grow in popularity has become a leader in the joint care market, positioning us as a key player in the natural anti-inflammatory therapies. We are also seeing tremendous engagement through initiatives like bone mineral density screenings, which we’ve done. This fosters early diagnosis and preventive care for conditions like osteoporosis and arthritis.
Lastly, I’ll talk about division, which has made significant strides in expanding its product portfolio and reinforcing its direct-to-hospital model. This quarter, Sparsh expanded its offering with select Contrast media. As we all know, Contrast Media is a specialized product for diagnostic imaging and few companies in India are providing this product. This additionally significantly enhances Parsh’s competitive position and expands its footprint into critical care and the fast-growing diagnostic imaging market. And by directly addressing the needs of midsized and smaller hospital, Sparsh continues to deepen its relationship with healthcare providers and positioning itself as a key partner in even diagnostic solutions. This strategic expansion allows Parsh to capture larger share of hospital budgets, further reinforcing our strategy in the direct-to-hospital model.
And finally, our international division continues to strengthen its position with key product approvals across global markets. The most recent approvals in regions like Sri Lanka, Lithuania, Ecuador and Kenya reinforce our commitment to expanding our global footprint. These approvals are essential for opening doors to new markets and increasing Gufic’s presence as a leading supplier of high-quality pharmaceutical products worldwide. As we continue to grow our presence in regulated markets, these strategic registrations paved the way for future opportunities, especially coming out of our new plant at Indore, which has now commenced production.
Thank you all for your continued trust and support in us. I’ll now hand over the call to Mr Rumta for detailed discussion of our financial performance, after which we’ll be happy to take your questions.
Devkinandan Roonghta — Chief Financial Officer
Thank you, Avik the financial results for Q3 of financial year ’25 also.
Operator
Sorry to interrupt sir, you are sounding a bit distant.
Devkinandan Roonghta — Chief Financial Officer
I’m just highlighting the financial results of Q3 of financial year ’25 versus Q3 of financial year ’23 ’24, ’23-’24. The total revenue for the operation for the financial year ’24 ’25 Q3 is INR207.8 crores compared to Q3 of financial year ’23 ‘24.8 crores. The EBITDA for the current Q3 — current year financial Q3 is INR35.8 crores compared to the previous Q3 of financial year ‘246.95 crores. The EBITDA margin for the current Q3 was 17.23% compared to Q3 of last year 18.29%. The profit before-tax for Q3 of financial year ’25 is INR26.3 crores compared to Q3 of financial year ’24 crores. The PBT margin for the Q3 of financial year ’25 is 12.66% compared to Q3 of financial year ‘24.67%. The profit before-tax for the Q3 financial year is INR19.4 crores compared to Q3 of financial year 22.3 crores. The PAT margin for Q3 of financial year is 9.34% compared to Q3 of financial year ’24, 11.05%.
Now highlighting the financial results for nine months of financial year ’25 versus financial year ’24. The total revenues for the nine months of current financial year INR614.8 crore compared to INR615.7 crores last-time — last year nine months. So EBITDA for current financial year nine months is INR11.6 crores compared to previous year nine months INR112.9 crores. The EBITDA margin for current nine months is 18.15% compared to last year nine months 18.31%. The profit before-tax for this current year nine months is INR83.6 crores compared to nine months of — last year was 88.6 crores. The PAT margin for current nine months is 13.6% compared to nine months of last year, 14.37%. The profit before-tax for nine months of current financial is 51.9% compared to nine months of last year 56.1%. The PAT margin for current nine months is compared to 10.72% of last nine months of financial year. Thank you.
Ami Shah — Company Secretary, Compliance Officer & Legal Manager
Thank you. We can — we can now start with the question-and-answers around.
Questions and Answers:
Operator
Sure. Thank you very much. We will now begin the question-and-answer session. Anyone who wishes to ask a question may press star and one on their touchstone phone. If you wish to remove yourself from the question queue, you may press R and two. Participants are requested to use handsets while asking a question. Ladies and gentlemen, we will wait for a moment while the question queue assembles. Again, if you wish to register for a question please press tar and 1 on your touchstone phone now participants, you may press N1 to ask a question hello our first question comes from the line of Nayan Tapadia, an individual investor. Please go-ahead.
Unidentified Participant
Hello?
Operator
Yes, please go-ahead. Hello. Yes, Nayan, sir, your line is unmuted. Please proceed with your question.
Unidentified Participant
Congratulations for the stable set of numbers for Q3. I would just like to know what is the top-line we will do from the Indor facility like the revenue is still not seen from that facility because it is a new facility, what is the top-line we will have from there?
Pranav Choksi
So Nayan Jee, Pranavy, how are you? Thank you for your call. So I’ll answer your question. Firstly, sir, the numbers are not something which we would have predicted. So even in-spite of your congratulations, we are still working hard to change that. I’ll give a little bit of a logic also behind that why the numbers are. But let me answer your question for Indore.
Yeah, the — as we have mentioned also in the earlier presentation and also in the announcement, the production of Indore has started from October 2024 and the first revenues were captured to the tune of INR6 crores in this quarter. And the total potential of Indore, of course, is much higher, but you can just imagine that Navsari right now helps us to contribute to this INR800 crores. And with Indore coming in, Indore has almost 1.5 times capacity plus two, three new product lines also of fuels and formulations. So the potential of Indore can be considered 1.5 times Navsari with all these things and that is the highest potential.
But of course, it will be a gradual increase which will happen once the regulations start coming in, the validation data has been complete, like I mentioned in October and then the first set of products started being manufactured and now more-and-more validation will get complete and more-and-more orders and more-and-more clients will approve us.
Followed by there will be like WHO GMP has just been finished and we have achieved that in the month of January. And now we were going to go for EU down the line along with other countries’ approvals also. So we will foresee a growth happening of around 25% to 30% capacity utilization in the next year and then followed by 50% to 60% a year-after that.
Unidentified Participant
Okay, sir. Sir, one more is you had attended the CPHI.
Pranav Choksi
Yes which one, sir? The one in.
Unidentified Participant
Delhi and Saudi Arabia.
Pranav Choksi
Yes, yes, yes.
Unidentified Participant
So how was your experience, sir like how are you able to.
Pranav Choksi
So CPHI is always good as long as it gets translated, translated into business is good. But yes, right now, we will be attending a lot of exhibition and conferences. We also attend a lot of — our team is also going to decat next year — next month, sorry, in March also for the US business. So we keep on attending. The response has been good, but till it translates into numbers, business top-line, bottom-line, we are working very hard for that.
Unidentified Participant
Okay. One more, sir, regarding debt, are we going to take more debt or it is now like for time-being this will be the.
Pranav Choksi
No, this is a peak debt, sir. I think sir will answer this question actually better than me. So I’ll hand it over to. But according to me, it’s peak debt and there will be — till Indor starts generating and we become cash-positive, we will not be. But again, sir, can you answer this, please?
Devkinandan Roonghta
Yeah, definitely, sir. We are having a two types of loan. One is term-loan, term-loan term-loan is we have taken for as well as certain loan from now is the term-loan to the outstanding is around INR165 crores and working loan financial leasing is INR200 crores, but utilization is around 80%. So today outstanding is around — loan outstanding is around between INR300 crores. And I don’t think there will be any possibility of further increasing in the loan. I think this is a peak loan and over a period of time after the cash generation from Indore, the loan will come down.
Unidentified Participant
Okay. That’s it from my side, sir. Congratulations for yours.
Operator
Thank you. Next question comes from the line of Yoganj Jeswani from Mittal Analytics. Please go-ahead.
Yogansh Jeswani
Hi, sir. Thanks for the opportunity. Am I audible?
Operator
Yes, sir. But there is an echo from your line. Sir. If you are using speaker phone, may we request to use handset, please?
Yogansh Jeswani
Sure. Is it better now?
Operator
Much better, sir. Please go-ahead.
Yogansh Jeswani
Yeah. So, sir, hi, thanks for the opportunity. Sir, in your opening remarks, you mentioned about several new products that we have launched in Care and on other segments. So if you could just broadly help us understand what are the potential and at what stage are they in terms of the market launch and what is the kind of response getting? And how much of a revenue can they add to say in-quarter four or FY ’26?
Pranav Choksi
So there are two things. So the first thing is in 40 care specifically, I’ll answer since your question is for Fortique. We have launched one goofish in Alpha, which is for reoccurrent implantation failure. There right now the product is already launched since May 2024. We had started with a patient pool of around I think 80 patients in the first month and now we have reached a total patient pool of per month of around close to, I think 300 or 330, I think patients per month. So this is something which is more of concept billing where there is hardly any other solution available. So we’re working with the, I would say the FDA and the CTRIs also to do a Phase IV side by site because it’s already an approved product. So we are trying to get it approved for a new indication and that is where we are doing some trials.
So once the trials are also done parallelly, we will see more-and-more uptake because it becomes part of the protocol going-forward. So reoccurrent — reoccurrent implementation failure are normally 15% to 20% of the IVF cases right now. So it’s quite a big market. There are conventional other products used, but focusing on immunology as one of the option where there is inflammatory parameters by which certain times the implantation is affected is something new and that’s why more scientific data is being done. So this is the case and the current status of that.
Our next product is, which is I think doesn’t require so much scientific, but we are of course doing more of sampling and product that is getting a much faster response because it’s a more highly, I would say a super purified version of HMD, which is anyway a conventional option used by doctors in the field of infertility. This product is taking higher fraction. I mean, it’s taking momentum much faster because it’s a well-established concept and it’s a much more superior product. So this product is actually increasing by almost 8% to 10% month-over-month. So we hope that this would be one of our main anchor products, not only in Q4, but from the year to come also. So the total market size of HMG in India is around INR484 crores. This is of course as per December Awax what I’m referring to.
Out of that, this is match numbers. Out of that, we have our pure graph, which is already around INR25 crores to INR26 crores. We feel if Supergraph handled efficiently and done properly, Supergraph can be close to a INR10 crore brand in the next year. So that is how we are looking at in step one. But down the line, we seeing the INR484 crore market potential. We hope that we can start to go to at least 10% to 15% of the market-share in the next two to three years. So we will see a small use happening and then directly going from 10 to ’25 and ’25 and beyond, because we right now have only around 22 people promoting this.
Down the line, we have plans to gradually bring it to the other divisions also once we know that enough data and enough endorsement of doctors is there and then we take it to a higher audience. So that is the second product. And of course, there are others, but let me focus on these two right now, which is going to be the main focus products of.
Yogansh Jeswani
Okay. Got it. And sir, similarly, for other divisions, you were — I’m sorry, I couldn’t take couple of names because I missed out on the exact names, but I think in Critical Care and then in Stellar also, you were mentioning a few of the launches. So this commentary was quite helpful how you explained for pureograph and Supergraph. Similarly, if you could explain us for Stellar and Critical care.
Pranav Choksi
So critical care, the issue what we have faced not only in critical care for also for HCG this year, right, around — there are around seven molecules of which are not only in-part of our domestic marketing, but even for export and even for contract manufacturing, they have faced a sort of a price erosion. So why I’m giving you this factor to answer your question is because there are products like mavibactam, which was launched and there has been a price erosion and then there is — there has been now these combination of what do you call, are working on. So that is still yet to start the clinical trial.
So these all products will — are adding value in the last three, four months, but then we have a conventional set of seven molecules who are 20%, 25% of our revenue generators of last year where the pricing is almost down by 60% to 80%. So when I give you these new numbers of perspective, always just keep that in mind also there are certain products where the API price has gone down, other things have gone down. So that is why also we have seen the thing. So in critical care, to answer your question specifically, we have now, which is planned.
Before that was launched, menicin we have again gone from — we again follow a patient pool mechanism where we hope that it becomes close to INR8 crore to INR10 crore brand. Is something which we have just started the DCI process. So that will be — the revenues will be captured in the next six months. However,, where we have known for and has been saying that is even though there has been a price erosion by almost 80% of the price what we sell last year, but the quantities have increased by almost 30%. So even though we are a little bit net down, the growth is still there. So like that, there are two — I’m just giving you two molecules example of each division.
In both land toxin is a different thing in the aesthetic division that is having no price impact on nothing. So that is actually growing again, like I said, the base is small, but the growth has been almost another 60%, 65% year-over-year, but the base being hardly in those I think, INR15 crores in aesthetics and are remaining around INR8 crores in the neuro space. The base hardly increase of around INR10 crores increase is not showing overall in the entire company’s revenue. But that toxin followed by pillars to be launched in the next three to six months will be the growth, I would say, factors in after them.
And then we have Sparsh. But then I can keep on-going on too many divisions, but I’ll focus on the top three divisions that is, Critical Care and where I have given you answer. If anything more is there, please write to us, we’ll give you a specially division-wise feedback for all the remaining four divisions also.
Yogansh Jeswani
Sure, sir. That would be really helpful. I’ll reach-out to the team. I’ll write to Aviji and seek these details. Sir, secondly, on the indoor side, in terms of the expense, are we left with any more expenses or the expenses are already done and just once these trial batches are accepted and the approvals come in, we can scale-up.
Pranav Choksi
Yeah. So scaling up will always in pharma and injectable especially take time because one is of course our domestic business, which we will start immediately. So already you’ve seen INR5 crore crores INR6 crores revenues captured of our domestic business. In the first-quarter — in the last quarter, that is Q4, you will see more business where it will be our more products coming in.
Some, I would say companies have started giving us an authorization to start their CMO business, which we see around Q1 next year. And then by the end of Q1, we will have the EUGMP coming in also because certain validation will be submitted. So you will start seeing like a little bit of export also by Q3. So you will see that revenue transitioning from baseline to Q4 2025, which will be oriented.
Then from next year, it will be a mixture of CMO opportunities along with export stacking kicking-in. So that’s why the graduation — I mean, gradually happens. Answering your question, expenses are all done now. Like Rupta sir also said, we have not only the opex operation expense which are happening every month which will be there, which will be there,. But in terms of capex, I think everything is done.
Yogansh Jeswani
Okay. Okay, got it. And sir, last one question and then I’ll get back-in the queue. So if you look at the longer-term trajectory of our operating margins, that has been something around 17% to 19%. While in past, our endeavor or guidance has always been that the model we are working on that we want to bring out products which are different maybe in terms of how they are delivered to the patients or maybe something or the other we are trying to do and the intent is to increase our margins. So now with so many of the launches already out there in the market and then few more coming up. When do you see the benefits of increasing margins reflecting into numbers? Do you see FY ’26 to be the year?
Pranav Choksi
So again, I will talk to you what I have limited knowledge about and then of course, I’ll ask to come in. But before he comes in, I would like to tell you two things from my side. So if you see the gross margins in the last few quarters have anyway improved because of the product mix, which is happening and also because of the increase of UK business and export business. Anyway, there were capacity constraints still last quarter. So that is I’m saying Q3 2024. So we always had to take a choice between what we do and sometimes it’s not that we could only do the high-margin stuff because we had an obligation to fulfill the domestic contracts also.
Now that is about the gross margins. In terms of the — the other margins in terms of employee and also in terms of the other expenses, you will see a peak coming for the next two, 3/4 maximum because that is where Indore will still have to cater. Revenue of Indore will be catching-up to the expense of Indore, which will be anyway full-fledged capture — captured also. So those margins for the next two to 3/4 will be seen on the lower side because of these employee expense and the other expenses and the depreciations and the interest cost.
And then once the Indore revenue starts coming in, which we are expecting, then you will see that line of baseline increasing against of the other, I would say, the EBITDA margins also. Till then the gross margin should definitely improve. That is what I wanted to make a point correctly. However, I think Rupta, sir, you want to add something to what I have missed or something more.
Devkinandan Roonghta
Yes. Basically, if you see our gross margin, that is basically steel minus raw-material and battery material that has improved by around 2% from last two years. But because of the increase in the employee cost as well as other expenses, the EBITDA margin has been come down by 1% and because of the increase in the depreciation and other expenses in near-future after Indors startups, we feel that there will be a pressure on the EBITDA margin as well as PAT margin. But after ’26, when the capacity utilization of Indors will pick-up, so I feel that the EBITDA margin and PAT margin is going to improve after ’23 onwards.
Yogansh Jeswani
Got it, sir. Okay.
Operator
Thank you. Next question comes from the line of Rahul Girish Shah from Glowstar LLP. Please go-ahead.
Rahul Girish Shah
Yeah. This is Rahul Shah from Ghostar LLP. My question is to Mr. Can you give overall Indian industry overview and its future ahead? And in competitive advantage among it in-market share, just elaborate the whole utilization industry for me?
Pranav Choksi
Rahuji, if I understood your question right, you want me to talk about the Indian or the global — particular industry and their perspective vis-a-vis.
Rahul Girish Shah
No. In particular, how the — how the Indian industry is placed and how is Gufix — what are the Gufix competitive advantage around?
Pranav Choksi
Okay, and only in specific to the, right?
Rahul Girish Shah
Age over the competition?
Pranav Choksi
Yeah. So again, I think if you have been following my discussion because it’s a very broad end question, but I’ll still try to complete it in the next two to three minutes. So if you see the is just a — I mean 10 15 years ago, it was something which was worthwhile. Now it’s become a commodity. So the capacity is something where you can say Gufic is having one of the biggest or the largest capacity now, not only in India, but in the major parts of the world, if you compare it as a single unit, we have a huge capacity. And that is where the advantage comes off. But the advantage of capacity is a small part of the entire, I would say, offerings of.
The product pipeline, the capability of handling complex injectables and also the wide range of flexibility of having different dosage forms. And then the application of liophylization of Gufik into toxin and now future biologicals is something where Gufix offering is little bit different than just being a CMO or a manufacturer, because — so that is where I would differentiate or I would say this, I would classify or perceive Gufic from an outside view. The Indian market overall is — must be growing in terms of volumes little bit higher in double-digits, value-wise might be high single or higher digits because that is again because of the product pipeline. But like I said, it’s a very often thing, the has multiple applications in oncology, in food industry and others, whereas we are focusing mostly as only in the general antibiotic and intensive care and ICU-based products along with parental nutrition, infertility and like I mentioned, aesthetics, and others.
So our product segment and the product focus is also very sharp and we are not do everything what is into. But in whatever we are, we are trying to be a dominant player in terms of the pipeline, the capacity as well as the efficiency in terms of the differentiation products and new drug delivery systems. That’s how I would like to classify it. I don’t know if I answer your question, but right my level best to do it in two minutes.
Rahul Girish Shah
Yeah, I got an idea.
Pranav Choksi
Yeah.
Rahul Girish Shah
Thanks. Thanks very much.
Pranav Choksi
Okay.
Rahul Girish Shah
Okay.
Operator
Thank you. Next question comes from the line of Shirish from TKD Advisors. Please go-ahead.
Unidentified Participant
Hello, am I audible?
Operator
Yes, sir. Please go-ahead.
Unidentified Participant
Hi, my question is from Pranab Pranav. Pranab, could you kind of elaborate more on the toxin of revenue which you’re probably seeing by FY ’26 and what are your strategies to grow that?
Pranav Choksi
Sure. So like I said, I already gave a little bit of hint in the two questions before in terms of the numbers. Ham, I’m looking at the growth of 65%. A little bit changes we have done recently. I don’t know if you have been keeping a note on us that we just have got Mr Vijay Kumar to join us. Right now, this was an actually part of a strategic business unit under a common unit of women healthcare and athletics. And we just have got two senior members, one senior member from BSV, that is Mr Rajiv Agarwal, who will be handling infertility as a separate cluster.
And then we have got Mr Vijay Gumar, who had spent more than six to eight years in before that also in you know, like Dr Lees and other companies where they are focused on aesthetics purely. So he has joined me — he has joined us. And along with that, we have a separate team member who is handling what you call the neurocare side of it or the therapeutic application of and toxin who has been working in MERS and before that other neurological companies.
So clear demarcation we have done this year from January onwards because we feel the base has come and now it’s time for us to go to the next level in terms of the getting our activity. But you guidelines have always been there. So we are looking at more-and-more scientific base and more-and-more engagement where as by the UPCMP and go for more scientific discussion and create more clinical data in different, I would say, therapeutic indications in the aesthetic space as well as the neurospace and also focus more-and-more on training.
With Mr Vijay Kumar coming in, we also have a — we get a clear-cut, I would say legacy lead into doctor engagement because there also what the doctor expects in terms of the ever training, what are the multinational guidelines in terms of creating SOPs, also creating protocols, that just makes it much more easier. And also a lot of doctors who used to consider as a new player would also now endorse us much faster because then we have a big brand, ex-MMC colleague who is endorsing our brand and bringing them as an offering also. So this is our plans into it and this is how I again feel that with these factors and these, like I said, clinical data, scientific inputs and also trial and also more-and-more trainings, which have always been our main forte.
We invest more than what we earn only in training and development because we feel someone has to get this category expanded. You can’t just keep on — it’s not a category where you have to take a market-share. We are already number two, we are after allegan. But we have to not only increase the market-share, but at the same time, we have to increase the overall market size also via category conversion. That will always — I mean, category aggradation by doing more-and-more doctors converted to and equip them with the skills to do these aesthetic as well as neurological techniques.
So this will be the way forward qualitatively and hopefully that will help us in the quantitative numbers, which we have envisioned where we hope that this year we did only 65%, but we were hoping to double. We could not do that even though we have done the huge amount of investment in terms of building, but I’m sure that appetite will still continue for us.
Unidentified Participant
Understood. I have a follow-up question,. So, pardon me if I’ve missed something in the past, but do you plan to expand this internationally of trying to capture the East Asia markets or the US?
Pranav Choksi
We do. But very frankly, right now, our entire bandwidth is very focused on two, three things which are very important, the Indian space. So once we get into the international space, we had options, very frankly, there were opportunities also which we had to, but at that time, we very frankly put it on-hold because a lot of things would — our bandwidth would have been used now to create a new infrastructure to then take the product to the international market. So we purposely have stayed away from it. Our next focus is to first get Indor running, get the domestic business a little bit more aggressive along with the help of Indoor capacities.
And then toxin, let’s focus on the next one year at least on the domestic market, bringing to the number because the GCs are very-high. And we really feel India is a market which really has to take a lot of bandwidth and work. And then maybe after one year, we will definitely look at thinking of the international market where a new infrastructure will either have to be created or we might need to outsource it from an existing CMO or something. So we can always discuss this after one year when we have little bit less things on our mind and a lot of things have picked-up by then.
Unidentified Participant
Understood congratulations on the good set of numbers. Thank you.
Pranav Choksi
Yeah.
Operator
Thank you. The next question comes from the line of Vidit Shah from Spark Capital. Please go-ahead.
Vidit Shah
Hi, thanks for taking my question. My first question was on the new product launches, we’ve had quite a few of them over the last six to eight quarters. If you could just help me understand what are the blockbuster ones now that we’ve seen some sort of feedback come through, what are the products that you believe can be INR50 crores to INR100 crores of revenue from the new launches over the next — over the medium-to-long term for Gufic itself.
Pranav Choksi
So right now, I’ll focus on the domestic space purely, internationally it’s a different ballgame. So in domestic space, the bactim followed by are the two products in critical care, which I just mentioned some time ago, which have that blockbuster. Has reached only because it’s the first time we have launched even the MNC or the innovator is not here. So we have still reached a basic scale of only around INR3 crores to INR4 crores in a year. But we hope that with more-and-more resistance and other issues coming in with and vancomycin and lena solids, vancomycin will have its own positioning. So we feel vancomycin –, sorry, I was talking about.
Dalwa has the potential of going from INR3 crores to at least 15 crores and then eventually more once the positioning and the market acceptance comes up. We also have reduced lash the prices of Dalba mensin by almost one-third now because of the efficiency of the API and all that to make more-and-more doctors start using it. So this has a potential value of a high at least INR40 crore 50 crore down the line, if I talked about.
Second would be of I vaccum already adding a INR20 crore molecule for us in the last two years of launch. January 2023, I think it was launched. So this is going to grow more. Of course, this might little bit be affected by our next launch of, which is right now in DCGI, because that is another having a blockbuster potential where the entire market size we can be around INR250 crores. And whoever launches is first right now, Pfizer has just got the approval in August 2024 and we are the first Indian company to apply to DCGI for it. So let’s hope how that works out and once we get approval, hopefully by next year, we can get some feedback.
Coming to fertility, I already mentioned about in Alpha where it will be a little bit of a slow painful journey because it’s more of science and getting trials done to get the product big, it has the potential to become in that number which you mentioned. And. Supergraph already — like I already mentioned, it’s INR484 crore market.
Our other HMG is already around 2025 and this potential has itself to bring it to that level, starting with at least on the first year of launch, it should be INR10 crores and then followed by much more. And then of course, we have toxin where toxin both in and aesthetic space can be that big enough molecules. So like I said, I will only focus on these three divisions right now and tell you more insights about them. Other divisions we are more than happy to write-back — you can write to us and we will give you more about them.
Vidit Shah
Okay. Okay. Understood. No, this is helpful and very detail. So thank you. The other one — the other question I had was on the Indor facility. If you could just help explain if we are tracking the amount of cash burn that is happening currently and when — when do we expect this to be breaking even?
Pranav Choksi
Okay. I think this is a queue for sir to step-in. So sir, you will take this question?
Devkinandan Roonghta
And basically just now we started the production and for Q4, we are expecting that the revenue can come around INR20 crores. But from ’25, ’26 onwards, we feel that the revenue should be minimum INR150 crores the addition revenue from the India plant. That is our aspiration and depending upon the valuation by the approvals as well as the audit by the third-parties, but we expect the revenue from Indore should be INR150 crores in next financial year.
Vidit Shah
Okay. Okay. Sorry, just.
Pranav Choksi
Yeah, I’ll ask you a question. I think sir did not answer. Sir, they are asking whether — how long would the cash burn last and when would be breaking even.
Devkinandan Roonghta
I think the braking well will be going to take around four to four to five quarters. It will be the 4th-quarter of ’25, ’26, I think the brake win will be good to come.
Vidit Shah
Got it. Just sorry, if I can.
Pranav Choksi
Indore isolation. Yeah, in ordin isolation, just to clarify on that. Yeah.
Vidit Shah
If I could squeeze in a clarification, in the — in one of your opening remarks, I think you said that you expect the utilization to go up about 30% to 40% in FY ’26. So that would translate to a revenue much higher than INR150 crores like what sir said, right?
Pranav Choksi
Yeah. So I’ll tell you there are two types of businesses. One is for the CMO business, which only conversion cost is captured. And one is, of course the third-party business where of course, the actual revenue is captured. So initially before a registration comes in only the domestic business will be capturing the revenue on a TP basis, whereas in the first year we expect a lot of loan licensing work done for MNCs and big companies until our export registrations kicks-in. So those revenues, even though has a projected revenue of much higher because it’s — this is purely on the conversion cost space.
So there’ll be a 50% which will be transfer pricing and 50% of the revenue or 60% of the revenue will be still CCPC. And that’s why that revenue would be a little bit lower, but it’s more purely CCPC, not RMPM involved.
Vidit Shah
Okay. Got it. And just a last one, so I guess we ramp-up Indor by FY ’28 to full utilization, any other capex that we have in mind that we are looking at or contemplating given that will also take a couple of years to come up. So what is — what is the management thinking about the next steps of capex.
Pranav Choksi
So 28 will be great if it’s done. I think 28% or 29% because like I said, we are very selective and very, I would say, we are very careful what we get into because it has a US-FDA appetite. So just to fill capacity, we might not be just getting anything just for capacity utilization. So ’28 to ’29, I think time will tell, but our efforts are on to get it done as soon as possible, just to clarify that.
Coming to the next point, yes, right now, as of now, if you see as a company, most of our efforts, which have been in the past also in the R&D scale. So we are evaluating post Indore maybe something to be done on the toxin or the toxin space. Otherwise, most of our work will happen in R&D where we are looking also at strategic tie-ups where instead of investing in our own, I would say, capacities, maybe at least utilize somewhere as a CMO and then use that money for filing and regulatory purposes, which are a little bit much more because we talk about botline toxin and then we talk about infertility and then we talk about the oral vaccines in the future.
All of them would be in a much better-off that instead of putting money in our own capacity, we can always have, you know, I would say, outside CMOs available, which can help us to take it to the next level. So that is the approach right now. Maybe in one year, we will be more clear and we’ll share with you more information.
Vidit Shah
Okay. Understood. And thanks for the clarifications. Best of my sir.
Operator
Thank you. The next question comes from Chintan Shah from JM Financial Family Office. Please go-ahead.
Chintan Shah
Hi, thank you so much for the opportunity. Pranov, I had two questions. So one is, if I look at Indo facility, we are planning to go to regulated markets here? And please correct me if I’m wrong, but this is the first time would be you know going under audit for this regulated markets. So my question is, is the Indo facility ramp-up say beyond FY ’27, beyond 30% 40%, 45% utilization dependent on those regulatory markets picking-up or do we think that even if that gets delayed or there is some issue and it doesn’t happen, we have enough to ramp this up without the approvals from the regulated market? That is my first question.
Pranav Choksi
Yeah, so very frankly, when I mention those capacities, I’m only using for next year mostly Indian domestic business, both CMO as well as own brands as well as the are starting by Q3. So we are expecting a new hopefully in Q4 and actually going to continue so you have not been factored in my capital utilization for next year. Also, have started focus purely as a CMO because you also want to learn an important to take any shortcuts a lot of people are saying we are looking at more audit side, obviously, can do different of logistics audits that are happening for the US market specifically have already been having the national.
So I would again stay from putting any numbers for would be a different volume to, I would say preliminary for me to commenting on US right now for this facility. There are other — so answering your question, 30% or 30% to 40% would be something which we should wish to take care of the domestic and the seminarial in the European and other markets except US and Japan as of now.
Chintan Shah
That is fair enough. Just one clarification here. I mean, just excluding the — suppose it doesn’t happen, does this — do you think there’s enough potential self in the domestic or semi-regulated markets for the ramp-up or we would be dependent on regulated market.
Pranav Choksi
Right now, if you see the order books in such a way now that I’m struggling in right now, we have seen almost a revenue plateau happening because we have orders, like I said, a UK order is lying with us, but we have not able to capture in the last quarter, we will be doing partly in Q4 and partly in Q1 next year, even though I had to deliver that way back-in December or maximum by Jan. So these are the challenges I’m already facing in Navsari, which would be of easing off in the next one, 1.5 year with a thing. So answering your question, [Technical Issue] Navsari should be blocked by start removing the domestic also, it should be reached that if you can export order [Technical Issue]
Growth by 10% calendar year-by October to December 2025 and that is where we see that the market also saying that you can give some clarification, but still cost because we so if you see in the last quarter, we have our for other expenses close to this 40 and that will further increase in the next four quarters also because of the things. So I’m assuming — and again, I’ll just ask for just when we see on a standalone basis, we are assuming by Q4, it should eventually start breaking even and then the actual margin should come. But I think we have considered these costs.
Arumka sir, am I right? We are invested consider all these costs.
Devkinandan Roonghta
Yeah. We have consider all these things.
Pranav Choksi
Yeah, So I’m saying — because already that — if you see in the current P&L, they have started hitting us from last two quarters itself.
Chintan Shah
Okay, perfect. And just one last question from my side. I mean, if you could just throw some light on the revenue contribution from a top-five or 10 molecules basically?
Pranav Choksi
So can you repeat that again? I just got a call-in the second. I could not hear you ask.
Chintan Shah
So can you just mention what will be your revenue contribution from our top-five or top-10 molecules?
Pranav Choksi
And the top seven, I just did it because we have seen an erosion happening there. So top six to seven molecules contribute to almost 20% to 25% of our revenue as of now in various CMOs and all that. So that is something. I would say top — yeah, top six or top seven contribute that. Others, I’ll let me get back to you, but I don’t have enough — and I don’t have off-hand, I can get it sent to you.
Chintan Shah
No problem, no problem. That is good enough. Thank you so much kind of answering my questions. That’s it. Thank you and all the best.
Pranav Choksi
Thank you.
Operator
Thank you. Next question comes from the line of Yash Tanna from PMS. Please go-ahead.
Yash Tanna
Yeah. Hi, Pana, sir. Thank you for the opportunity. Am I audible?
Operator
Hello, please go-ahead.
Yash Tanna
Yeah. So I think one question has been answered. I just have one question. Sir, we created this subsidiary called Prime Biod recently. So if you can share any developments that — and what’s our plan with the subsidiary? And also, I think you briefly mentioned about both of them toxin for international markets, but have we taken a call not to take that international or if you can throw some light on that as well?
Pranav Choksi
So we had an opportunity sometime back to take it international and it was quite a good — of course, the talks are still on. But I think we never say never because — but right now, just for the fact that because of the time which is there and our other like Indor and the domestic market as well as the US rare, I would say validation batches and the European validation batches are taking a big part of the bandwidth. And also, as you must-have seen, we just have got a new President of International Business who has joined us, who has excellent regulated market experience, Dr Raj Shekhar. So our bandwidth is right now fully focused on getting these existing assets working to the rest of the ability.
If we — we would of course love to go to the international market, but maybe we feel it should be better suited to all of us that if we do it after one year once we have these all other guns are blazing and then we can start to ignite a new gun. So otherwise, it should not happen that the CEO or the CEO also get occupied in this new thing, not me more than me, actually my CEO will get occupied in this new bandwidth of setting up a new facility for both linked option and we foresee that maybe in years time, there are certain assets coming up where we can actually go with our tech transfer and then start manufacturing rather than creating any — like taking more debt or creating an asset on our own, which can be a little bit more rather put that money in the regulatory process, the tech transplant, use that specifically take our toxin.
So there are a lot of options we are exploring and keeping in mind the company’s bandwidth and our immediate, I would say, targets, we are taking it one day at a time. So let’s hope we can share something good with you all-in the future.
Yash Tanna
Right. Sure, sir. Thanks. That makes sense. And anything on Gufic Prime Bio, what’s our margin.
Pranav Choksi
So Gufic Prime Bio, basically since there are apart from toxin, other products also being made in terms of coral Dengu vaccine and oral other vaccines of COVID and I think now we also started working on one more option. So those eventually would be, I would say rooted in a different way because it’s a subsidiary because Dr Singh also has some plans of, I would say, raising capital, which in a very preliminary stage because there are certain things which we as as a company can take it to the next level.
But at least to certain, I would say clinical, I would say, roadmap maybe of a preclinical Phase-1, Phase-2, we can do it. Beyond that, how do we take it forward, we will always need external help and external, I would say I would say interest will drive it to the next orbit. So Gufik will have limitations to drive a project except in the scientific way, because then there’ll be more investments involved and there’ll be more-and-more, I would say, other responses required. For that, we have created this vehicle. And as and when we get a successful Phase-1 or preclinical and Phase-1 and Phase-2, we will start updating you all with that thing, which will again will be a good thing.
So you understand, right? So we can’t take certain projects through and through. There might be a time where we can just exit certain projects at the right time and then give it to the next person to take it to the next level and then we start working on another R&D project.
Yash Tanna
Got it. Got it. Got it. Very helpful. Thank you, sir and best of luck.
Pranav Choksi
Yeah.
Operator
Thank you. Next question comes from Shrey Gandhi from CR Kothari Stock Broking. Please. Please go-ahead.
Shrey Gandhi
Thank you for the opportunity. I just have a small question regarding the macro-environment. That the USA has been planning to put import tariff on pharmaceuticals as well. So do we see any impact on that considering our CMO segment from vertical which are planning to go maybe next year or year-after that.
Pranav Choksi
To be very honest, we are very small or we have not even entered it. So right now, it will be very myopic of me to comment on this. I need to study more and I need to research more. But — and since as a CMO, I’m sure our clients, both Indian as well as international will be more in tune with this than me. So at this moment, I will not be able to comment because I really have not much idea into this, so I will just not be able to give you any structured reply.
Shrey Gandhi
Okay. And I have another question, like there was INR6 crore revenue which we reported from the Indor facility in this quarter. Was it from all manufacturing or was it from CMO vertical?
Pranav Choksi
Yeah, it was from our own branded. Like I said, right now, the first thing you can cut is only one branded because other companies will wait for our three battery, I would say three batches and then six months data for them to start. So till then it will be own manufacturing even this Q1 — I’m sorry, Q4 will also be own van and one manufacturing and then hopefully not okay. I’m surely from Q1, Q2, you will see CMO kicking-in.
Shrey Gandhi
Okay. How much will be accessed in the next quarter from the offline?
Pranav Choksi
So we estimate. Again, it’s a very forward-looking thing. So I’ll just say that right now the start has happened. We hope that we can reach at least to 3 times than what we did in — already in this quarter. So just give you an indication around that. Thank you.
Shrey Gandhi
Okay. Thank you. Thank you for the opportunity.
Pranav Choksi
Yeah.
Operator
Thank you. As there are no further questions from the participants, I now hand the conference over to Ms Amish Shah for closing comments.
Ami Shah
Thank you. Well, thank you so much. I appreciate all of you joining us today. If you have any further questions, you can contact our IR, Mr Avik. With that, we conclude today’s call. Thank you.
Operator
Thank you. On behalf of Gufic Biosciences Limited, that concludes this conference. Thank you for joining us. You may now disconnect your lines