Gufic Biosciences Limited (NSE: GUFICBIO) Q4 2025 Earnings Call dated Jun. 02, 2025
Corporate Participants:
Unidentified Speaker
Ami Shah — Company Secretary
Pranav J. Choksi — Chief Executive Officer
Devkinandan Roonghta — Chief Financial Officer
Analysts:
Unidentified Participant
Vishal Mehta — Analyst
Shrikant Parakh — Analyst
Vidit Shah — Analyst
Nayan Kapadia — Analyst
Shrey Gandhi — Analyst
Rahul Girish Shah — Analyst
Yogansh Jeswani — Analyst
Shivnil Giri — Analyst
Presentation:
operator
Ram. Sam. Ram. Ladies and gentlemen, Good day and welcome to the Q4 and FY25 earnings conference call of QFIG Biosciences 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 the conference call, please signal an operator by pressing the Star then zero on your touchstone phone. Please note that this conference is being recorded. I now hand the conference over to Ms. Amee Shah, Company Secretary, GFEC Biosciences Limited. Thank you. And over to you, ma’ am.
Ami Shah — Company Secretary
Thank you, Steve. Good evening everyone. I am Company Secretary. Welcome you all to Wufet Biosciences Limited earning conference call for the fourth quarter of FY 2025. We have with us today Mr. Pranav Chokshi, CEO and Director, Mr. Devki Nandan Rumita, CFO and Mr. Avik Das from Investor Relations team to give the highlights of the business and financial performance of the company. Before we begin, I would like to say that some of the statement that will be made in today’s discussion may include certain forward looking statements which are projections or estimates about future events. This estimate reflects management’s current expectation about future performance of the company.
These estimates involve a number of risk and uncertainties and that could cause our actual result to differ materially what is express or implied. MUFIC does not undertake any obligation to publicly update any forward looking statement whether because of new confirmation, future events or otherwise. We will now begin the call with the opening remarks from Mr. Avit followed by a financial overview from Mr. Thereafter we will have our forum open for the interactive Q A session. Over to you.
Pranav J. Choksi — Chief Executive Officer
Good evening and thank you for joining. I provide a concise update on the quarter focusing on why we took certain actions and how they position us. I’ll start with Critical Care Cluster. We shifted our sales teams to concentrate on hospitals with greatest prescribing potential. This right sizing ensures that each call delivers maximum impact, strengthening relationships in ICU and emergency settings where timely antibiotic access is critical. We conducted over 125 engagements that reached to almost 1500 consultants on antimicrobial stewardship and sepsis control. By anchoring our message in real world evidence and hosting a national KOL Board advisory, we assigned our product support programs for clinicians see our offerings as both reliable and cutting edge.
Our World Sepsis Day Initiative engaged almost 3,000 FCB’s to spotlight Thymosyn Alpha’s role. And we launched ECLIN and IVIG in phases Using market surveys to guide broader rollouts, these steps ReinForce our Science first image and open doors for formulary placements. Cabin now leads the Septaziddy Mavibaktam segment in 195 centers and we hold top positions in antifungals such as Casper Fungins and Mica Fungin range. These shared gains validate our focus and create a springboard for new critical care introductions in the coming year. I’ll touch upon our sparse cluster which is the direct to hospital segment. We tested our On Trust media offerings with key hospitals to gather early feedback.
This entry strategy allowed us to confirm product reliability before scaling. This will be an essential product line given the shortages in this product segment from time to time. By initiating internal trials and independent comparative studies for contrast medias, we are gathering data that will convince procurement teams to switch from incumbents. This evidence led approach addresses clinician concerns head on and accelerates future adoption. Looking ahead, the full launch of our in house contrast media range will further boost Sparsh’s profile and drive incremental volume. I’ll come to our fertility cluster now. Dr. Rajiv Agarwal joined us to leverage his decade long IVF experience.
His mandate is to sharpen our scientific positioning, particularly for gonadotropins. Having a recognized leader elevates our credibility in a highly relationship driven specialty that the IVF segment is we deepen collaboration with reproductive medicine communities to highlight Guficin Alpha’s novel approach solve recurrent implantation failure simultaneously. Multiventric trials for Bufusin Alpha and Supragraft, which is India’s florist hmg, are underway. This data will solidify our claim against established fears and drive formulary access. As we complete these trials, our plan is to broaden IVF practitioner engagement using robust clinical evidence to convert the initial interest into prescriptions. This puts us in a strong position to capture share in rapidly expanding fertility market.
Now coming to Astiderm, Mr. Vijay Kumar, with extensive balderma pedigree now leads Astiderm, A flagship Stunox, which is India’s first domestically produced botan toxin type A has treated 50,000 patients since launch demonstrating strong practitioner and patient trust. In the quarter that went by we held almost 112 training sessions and upskilled 608 doctors, ensuring consistent application and optimal outcomes. We also launched local clinical studies to generate Indian patient data crucial for building conviction in a market where real world evidence drives adoptions. This dual focus on training and evidence means practitioners feel confident prescribing Stenox which should accelerate adoption.
As we scale, we expect to expand share in a fragmented aesthetic market that values quality, affordability and outcomes. Coming to Neuro care we are 100% dedicated to expanding botan toxin use in neurology covering chronic migraines, spasticity, dystonia and new areas like neurosurgery and pain. The singular focus of this division synthesizes messaging and maximizes specialist engagements. Our dedicated team now covers new major reasons such as Lucknow, Chennai, Cochin, Pune and has expanded their outreach in states of Gujarat, Punjab, Jharkhand and Uppsala Khand. This broader Presence underpins our 17% market share which is up by 10 percentage points on a year on year basis.
Through hands on training, CG programs and speaker sessions at key scientific meetups, we ensure the neurologists, neurosurgeons and pain specialists understand both the clinical protocols and patient selection criteria and we intend to drive growth for neuro care through upgradation of knowledge as well as skill of the existing practitioners. Coming to Genova Division we merged Sparf and Stella to eliminate overlap, rationalized territories and concentrate resources on our highest margin brands. This ensures that each sales call is more productive and each territory is fully optimized. Rationalizing low yield headquarters and reallocating manpower led to lower overheads without sacrificing coverage.
We now have a very specialized field force focused on special dydrophic monobase and QF3 which is our top contributors in this combined division. In Healthcare division we concentrate on high incidence underserved categories like cervical spondylitis, osteoarthritis and GARD while extending into wound healing through our brand WH5 gel and GI Health through a molecule launch of Moronoprazone. This alignment directs resources towards segments with clear demand and differentiated needs. We ran almost 475 targeted screening camps identifying 3200 at risk patients by converting these referrals into MultiSpawn and Barrel DX prescriptions we accept, accelerate patient uptake and reinforce our therapy protocols at the ground level.
We also patented WH type gel making our first movers in Ayurvedic wound healing and our next gen anti arthritic oil is all set for a pilot launch in the coming quarter. Now I’ll move to our International marketing division. Appointing Dr. Rajshekhar as president. International business brings his two decades of MNC expertise to accelerate a push into regulated and emerging markets. We signed a landmark distribution agreement that now covers almost 17 LATAM countries. This will enable us to rapidly launch our products in those markets. We secured seven product approvals in Myanmar, Sri Lanka and Cambodia. The Thai FDA GMP extension for Unit two underscores our manufacturing quality and we hope it will unlock new registration opportunities in the future.
Winning the Sri Lankan tender for two complex injectable products demonstrates our competitive pricing and reliability. We’re also setting up REP offices in Vietnam and evaluating a presence in Philippines that would lay the groundwork for deeper local engagement in the future. So to conclude, across every division our guiding principle has been targeted execution. Backed by evidence, we were realigned sales forces, strengthened our KOL partnerships, build scientific credibility through trials, and expanded in key geographies both domestic and international. These moves were designed to convert near term investments into durable market leadership and better realizations. In the coming quarters, I’d like to update you all on the indoor facility and its near term impact on our profitability.
As we have communicated in our earlier calls, in order to ensure full compliance with evolving export market requirements, we extended certain media fill and aseptic process validations. This broadened our validation scope to include additional worst case simulations, more extensive documentation and deeper qualification steps. While it pushed our commercial start by a few months, but it definitely de risks future audits and customer approvals. The plant was capitalized in Q3FY25, so in this quarter we are absorbing higher fixed costs of salaries, utilities, depreciation and interest. As a result, Indoor adds roughly 8 crores of incremental depreciation and interest in Q4.
We expect EBITDA breakeven from Indore in FY26 when incremental interest and depreciation will total around 36 crore for the full year. To accelerate ramp up, we’ve made some initiatives. We booked 16 major customer audits for our CMO business. We’ve notified five global regulatory inspections with mock inspections already underway. We’ve initiated technology transfers for 33 SKUs from Mapsari and 18 site transfers from other CMO partners. We are also in advanced stages of completing our development of 15 new products at our indoor RD center. So our immediate focus is on completing all domestic customer orbits and ensuring stability batches for each product while simultaneously finalizing dossier filings for international markets to trigger global orders.
We have headroom to accept additional domestic orders today, but excessive production could increase wear and tear during this critical regulatory audit phase. Thus, we ramp up to approximately 30% capacity achieving EBITDA breakeven this year while prioritizing asset integrity ahead of global inspection. This measured approach ensures indoor transitions into a bottom line accretive facility by FY27 backed by both domestic and international approvals. With that I’ll hand over the call to Mr. Rumka, our CFO for update on the financials.
Devkinandan Roonghta — Chief Financial Officer
Thank you. I will going to highlight the financial. Results of Q4 of 25 versus Q4 of 24 and Binaxit full financial result of 24 versus the financial year of 2324. Total revenue for the Q4 of 25 is 205 crores compared to Q4 of 24 was 195 crores. EBITDA for the current Q4 is 27 crore rupees compared to 35.1 crore rupees. There is a downfall because of the basically indoor and solid of its cost of interest, depreciation and contribution this the EBITA Margin for current Q4 is 13.1617% compared to Q4 of Q4 of 18%. The profit before tax for the Q4 is 10.8 crores compared to 27.1 crore of Q4 of last year.
The fact margin has been 5.27% for Q4 of 2425 versus Q4 of 2324 was 13.9%. The profit after tax for Q4 is 8 crore compared to Q4 of last year 20%. The fat margin for Q4 is 3.9490% compared to Q4 of 24% 10.26%. Now I highlight the financial result of whole year 2425 versus 2423 24. Total revenue from the operation is 819.8 crore compared to 806.7 crore. EBITDA for the whole year is 138.6 crore compared to last year 148 crores. EBITDA margin for current financial year 2425 is 16.91% compared to 18.35% last year. The profit before tax for Current financial year 2425 is 94.4 cr compared to last year and then 15.7%.
The P margin for current financial year 11.52% compared to 14.234% last year. The profit after tax for current year is 69.9 cr compared to last year 86.2 86.2 cr. Profit after tax percentage for current financial year is 8.23% compared to last year 10.69%. This majority drop in the Q4 result as well as the financial result 2425 versus 2324 is mainly because of the capitalization where we have absorbed additional cost towards 6 cost to our surrogate is other manufacturing expenses as well as in person depreciation. Thank you.
Ami Shah — Company Secretary
Steve. We can connect for Q and A sessions.
Questions and Answers:
operator
Yes ma’ am. We will now begin the question and answer session. Anyone who wishes to ask a question may press star and one on their touchstone telephone. If you wish to remove yourself from the question queue, you may press star and 2. Participants are requested to use handset while asking a question. Ladies and gentlemen, we will wait for a moment while the question queue assembles. Participants who wish to ask a question to the management may press star N1 at this time. The first question is from the line of Vishal Mehta from Oakland Capital. Please go ahead.
Vishal Mehta
Hello. Hello.
operator
Yes sir, you’re audible. Please go ahead.
Vishal Mehta
Just had two questions. One is could you talk about the scale of the. As on date, as in what are the revenues and what. Are the profit numbers for FY24 and 25? We spent a lot of time trying to, you know, set up the market itself. And how do you see this scale. Up over the next two to three years?
Pranav J. Choksi
Yeah, so if I. Hi, Pranav here. So just to understand your question, shall bhai that what is the total market size and how much have we penetrated and what do you see the market size expanding in the next two to three years? Is that the question? Actually I was asking more of goofing scale. I mean if you could help us with the market size also it’ll be beneficial. But what is scale in terms of manufacturing or revenue and profit? Revenue and profit. And where do you see that in the next couple of years? So I’ll just start with the market also. So the market that will help you to understand our scale and what is our penetration and all that available. So the market is divided into two parts. One is the aesthetic and the next is the neurological. So even though globally it is much higher market India for a population of our size, the market is still around close to 70 to 75000 miles per year for aesthetics and around 55 to 60000 miles for neurology. We have already reached 9% market share in terms of aesthetics.
And in neurology or therapeutic indication, we have reached approximately 15 to 16% market share. So that normally contributes to approximately, I would say a little bit less than around 3% of our revenue today. 3 to 4% of our revenue of GOPIC is here. The gross margins on the products of course are much higher in terms of 80, 85%. But the amount which we spend on, you know, clinical trial, on marketing Spends and others which are still close to around 40 to 45% of our annual revenue apart from salary and expense and distribution and other overheads.
So that’s how the thing is we grow by almost 50 to 55. I mean maybe if you see year on year, this year we must have grown on around 50, 55%. The year before was around 70 to 70% because the scale is quite small. So that is our overall, our presence in the market. Now with the gal. I mean with Vijay Bhai coming in from Galderma and along with Dr. Jyoti Jay and other team members, we want to first reach 20 to 22% market share this year in aesthetics and in neurology. We hope to come to at least 25 to 26% market penetration.
We feel the market itself is growing by only 22% and that is where we need to put on a little more effort in terms of expansion. Two things are there in neurology or therapy therapeutic conditions. The insurance still doesn’t cover this Portland toxin used in therapy. And that is where we have been trying to talk to some insurance companies and others to take it for. So aesthetic market will definitely evolve much faster because there the headwinds of the doctors pushing the patients also. And now awareness and other things we also investing on in terms of creating more awareness via social media also and via whatever medium where we are permitted as per law to create more awareness via doctors.
However, for therapy it might still take more time but there it might be more inclusive when the insurance starts taking care of it. So affordability can be also accessed. But I still feel this. We hope that we can reach a hundred crore figure in terms of revenue in the next three years max for toxin as a whole.
Vishal Mehta
Great. So that’s. That’s very encouraging also we’ve got some good ingredients in the international business. Where do you see that that stabilizing in the next two, three years? I mean what is the targets we’ve set for that? What boxing you’re saying or overall you are saying?
Pranav J. Choksi
No, no, overall that’s good for.
Yeah, because right now for Toxin we are not focusing on the international market requires a separate infra manufacturing infrastructure which we have not considered in near term in the next three years at least. So coming to the other products. Yes, definitely. So as you just. If you see the numbers also even though you see a flat top line this year because we had limited capacity in terms of life injectables and injection manufacturing indoor starting little bit late, international business is something which we feel should gradually move from that 16 18% revenue share to close to 25% revenue share in the next two to three years.
Also I’m assuming as a company when I mean 1618% of 800 crores. We hope that in the next two years when we go for the growth of at least 15 to 20% year over year of total revenue 25% of the revenue should be international business itself aided by Navsari and Indo. So I foresee that at least the international, I mean the export business would be at least close to one and a half times to two times in the next three to five years.
Vishal Mehta
Thank you so much. I’ll just get back in the queue.
Pranav J. Choksi
Thank you.
operator
Yeah. Thank you. The next question is from the line of Srikanth Parakh from Prudent Investment. Please go ahead.
Shrikant Parakh
Hello. Am I audible?
operator
Yes sir, you are. Please go ahead.
Shrikant Parakh
Yeah sir, I just want to understand what was the. I joined late. So what was the reason for a shrinkage in the margin in this particular quarter or this is a one time effect or this will be dependent on the another factors. Sir, to please reply to this.
Pranav J. Choksi
You can talk them to him about the quarter and overall going forward also Sir. So please go ahead.
Devkinandan Roonghta
Basically if you see the contribution DC margin DC margin has been jumped by 2%. But because of the fixed cost of window and also increasing in the fixed cost of the Nausari plant the salary wages has been for existing Nausari plant we have given annual increment the salary wages has been rise. Then in case of indoor plant there was a capacity utilization was not there. And indoor plant we incurred the salary wages, cost, interest cost as well as depreciation. So if you see gross margin has been increased. But because of the fixed cost the profit has been come down.
And this patient will be continued for next 2, 3 quarters. Looking to the capacity utilization of the indoor plant. Because fixed cost of interest and depreciation that is accounting to be around 36 crore rupees as a whole year for every quarter we have to incur around nine crore rupees. That will be going to be going to be a pressure on the margin. And so it will be continue the pressure on the margin for at least next two quarters.
Shrikant Parakh
Okay, so are you seeing particularly if you talk about the indoor facility. Are we seeing a kind of a break even in K25, 26. Yeah.
Devkinandan Roonghta
25, 26.
Shrikant Parakh
27.
Devkinandan Roonghta
25, 6 26. Already in the Avik has mentioned you that we we are expected to have a EBITA positive. So ETA will be positive but because of the interest and appreciation there will be losses at the level of net profit level for from the indoor.
Shrikant Parakh
That was from all my side. I will get back again in a few.
Pranav J. Choksi
Thank you.
operator
Thank you. The next question is from the line of Vidit Shah from Spark Capital. Please go ahead.
Vidit Shah
Hi, thanks for taking my question. Firstly just wanted some clarification on, you know, the revenue breakup that you’ve provided on slide six of your presentation. If you could give us numbers for the domestic international CMO MultiTask business for FY25 along with Etica and infertility.
Pranav J. Choksi
Yeah, so if you broadly see the 52 to 53% of our revenue comes from a domestic space this year. That is a domestic revenue. I’ll further take you down division wise in terms of percentage but and around close to 18%. Sorry, close to. Yeah, 16 to 18% comes from international markets and remaining around 25% comes from our CMO business. And the remaining would be APIs. This is a broad breakup of percentage by revenues of overall goofy as a strategic business units. What we call further in the domestic space which contributes to 52% almost more than 50% revenue come from critical care.
Critical care. I’m also including sparsh right now for discussion purposes because it’s all having the life saving injectable space. The next 30% odd would be in our infertility or gynaec range followed by a mass marketing range of healthcare where the nutraceutical and the ayurvedic products would be. There was would be another close to writing around 20%. The remaining like I said would be the neurological as well as the aesthetic that is the botulin toxin business as such.
Vidit Shah
Okay, so from the domestic business about 50% is critical care. 30% is infertility.
Pranav J. Choksi
Yeah, it would be around 25 to be precise. And another 1617 would be mass marketing. And remaining would be toxin.
Vidit Shah
Okay, understood. So this quarter we obviously saw an increase in, you know, fixed costs from the indoor facility. But in your presentation you said at 30% utilization we should break even. Assuming this facility does about 750800 crores of peak revenue given your 300cr spend, is that to assume that we can do 250 crores of revenue Runway in FY26?
Pranav J. Choksi
So not exactly. You have to understand now the peak turnover has been achieved from now. Sorry. So whatever major increase in revenue, what you will see this year will be from Indore. But the way we have done the product selection, we feel at least EBITDA break even should happen this year. And what you rightly said in terms of even managing the interest and the depreciation, we should be breaking even next year. That’s how we would say it. So when we say 30% is when we are committing on even the interest and what do you call the depreciation? Also to be taken care of on a monthly basis.
That would happen next year. Only this year only the ebitda we would be break even and little bit positive.
Vidit Shah
Okay, understood. And in terms of revenue, we’ve seen you know, fairly flat revenues over the, you know, all the quarters this year despite indoor coming up in the third quarter. I understand there was some pricing pressures from CQ onwards, but if you could help explain, you know what’s what’s causing, you know, is it that volumes also not growing because Navsadi is chocker blocked or you know, are we likely to see any revenue growth in FY26 besides the indol Commission?
Pranav J. Choksi
Yeah. So very frankly if you see navshari is chocker blocked. Only ways of growth has been penins and toxin where we have capacity and that is where the actual growth have happened. And also there has been a quantity increase also from Navsari in spite of indoor being contributing in their own way for the last two quarters. Now if you see the 800 number of last year and 800 number of this year there has been almost 25% of our revenue contributed by around 10 to 12 molecules where the erosion of the pricing of those molecules almost happening from 0 to 30 or 0 to 40 or 0 to 50.
So I would name them also the Meropenem, then human chorionic gonadotrophin, then even Enoxaparin and like that there are around 1012 molecules which contribute to the 25%. All of them have eroded in terms of the API pricing itself where the benefits have to be passed on to the market. Also even our SEPTA 3D Mavibactam Cabim brand, even though being a market leader has gone from a selling rate of almost 1200 to an average rate of around 680 to 700. So this is also somewhere where the even though the margins percentage is intact but the rupee value margins have got suffered in all these products because of the price erosion which has happened which we feel should be the bottoming out.
This actually bottoming out happened last September to December 2024 and we fall after that. We have not seen any further drop of prices happening in the since the last three to four, I mean four to five months. We hope that the most bottom Also whatever numbers we predict now in this year with the volumes also going up and no further erosion of prices we have seen I would say the bottom pit last year and we should see this revenue increase. So you will see the benefit of indoor coming in. Plus of course you will see the benefit of penm block volumes, even toxin volumes and the natural progressive growth of a little bit of CMO moving to an upgraded export business of UK and Europe.
So with all that we’ll see some help in revenue numbers this year. And that’s why we are confident that even though indoor not being at 30% this year or even at 40% this year we should still see an EBITDA break even at indoor.
Vidit Shah
Okay, understood. And just the last one on the phase rollout of the Eclient and the IVIG launches. How big is the market opportunity for Goofy out there?
Pranav J. Choksi
So Eclien is basically an add on to an existing brand which was having a patent protection where Cipla was the only one who got the patent from Venus. So we feel that there’ll be more entrants also. But since we have taken the early more advantage we feel as a size for us we are hoping that we can create at least a 2022 crore brand from this going forward for Eclint for IVIG. Very frankly it is not only complementing us in terms of our high end mess but especially in the neuro space where we have botulin toxin only.
So right now when my neuro care team goes and experts about talks to experts about toxin we are a single product division and their IVIG is also one product which we can actually space to get that TCPM high and get some cost taken care of. It’s a product basket expansion keeping in mind to take care of overheads and that also we feel that the numbers should at least help us for that 10 crore mark going forward in that neuro care division.
Vidit Shah
Okay, and what’s the PCPM that we’re doing at sparse sparsh?
Pranav J. Choksi
We are doing anything around I think statewide but it’s around 9 to 10 lakh per month.
Vidit Shah
Thank you. Yeah, thank you so much. I’ll get back. Thanks.
operator
Thank you. The next question is from the line of Nayan Kapadia, an individual investor. Please go ahead.
Nayan Kapadia
Hello, Am I audible? Hello.
operator
Yes. Are you audible? Please go ahead.
Nayan Kapadia
Yeah, my. My question is actually it is answered. So. I will not take any question I don’t answer the question.
operator
Okay sir, thank you. The next question is from the line of Shayagandi from Kothari Stockbroking please go ahead.
Shrey Gandhi
Thanks for the opportunity. My question is regarding the revenue potential from indoor facility which are expecting FY26 at 30% utilization.
Pranav J. Choksi
Yeah. So we hope to catch close to 20 to 25% for sure. 30% is of course where the efforts are ongoing because we are nearly running out of. We don’t have capacity since last year in Nabsari. So again using the same logic, assuming that the total potential of Indore is at least same as Navsari. So that is where we look at anything around 700 to 9. So let’s say on an average 800 crore mark is the capacity of revenue which can be extracted from Indore. So we hope that anything around 150, 100 to 150 crores, bare minimum we need to extract from Indore this year.
Shrey Gandhi
Okay. And this peak revenue which you’re saying close to 800, 900.
Pranav J. Choksi
Yeah, that would be again that product mix and all that. But yes, let’s see the average price of a while what we achieve in Navsari. I’m just using that as a projection and keeping that, you know, 800 around plus or minus 50 crores as the revenue projected. So this will be achieved in FY28 or FY27, the peak revenue.
Devkinandan Roonghta
I think 28 is a better bet because we have a lot of, I would say registrations and processes international market. What we are mostly trying to cater from indoor would be the regulated market. And that is why we hope that 28 should be a good time where we can see at least majority reaching to at least close to 70, 75%. Yeah. Or more. This is mainly because after getting U.S. fDA approval.
Pranav J. Choksi
Even U.S. eU, the product line also. Plus we always have seen in certain markets there are always, you know like what we saw last year in terms of the pricing, API pricing and intermediate pricing going up and down. So always I would not link everything but as a safety forward looking statement I would say that 28 we can achieve 70, 75% of that revenue. Even keeping in mind all these parameters, factors which might not be in our control. That is how we normally work for internal numbers are much more aggressive. But just to talk to investors we normally say that.
Yeah, it would be at 70, 75.
Shrey Gandhi
Yeah, got it. And second question is regarding debt repayment. Are we looking for debt repayment or not?
Pranav J. Choksi
I think already I will request to talk about already repayment of debt have started from last year. But to be more precise, I think is the best person to answer.
Devkinandan Roonghta
Basically we have taken a loan of 160 crore for indoor plan. That is 100 crore we are taken from Saraswat Bank. And 60 crore we have taken from HDFC banks. There is a two year monitoring period. The loan has been started. Repayment from 1st April 20, 20, 2024 and already 12 months. 12 and 216 month repayment has already been done.
Shrey Gandhi
Okay. Okay. Thank you. That’s it for my slide.
operator
Thank you. The next question is from the line of Srikant Parag from Prudent Investment. Please go ahead.
Shrikant Parakh
So just one question on the indoor plant itself. Fully being fully utilized at 27 FY27, 26 and 27. What would be the top line which we are expecting from it? In a general sense the normal situations, you just answer the last gentleman ask the same question.
Pranav J. Choksi
So just to again tell you, but no, I don’t mind answering once again for you. So there’s no ambiguity. So we Hope that by 2028 we can reach to 70, 75% of capacity utilization. Always there’ll be challenges of environment and other regulation and all that. But like I said we foresee the max revenue from.
I will not say max. The most optimum max revenue should be around 800, which we don’t. We hope that in the next four to five years we can achieve that. Because this requires a regulatory maturity also of the plant, the registrations of the products. Every country like a US or Europe, others take at least 18 months to 24 months. To take it like a country like South Africa takes almost 30 months sometimes. So keeping all these factors in mind, all that work has started from October 2024. We already have got WCAG. We already got two, three countries like from Middle east who have approved us.
Now we are hoping for Saudi audits this year. We are hoping for EU audit by the end of this year. US audits next year and then the filing of those years. So the maturation and the mature, the entire maturation and time is almost two to three years. And then you can start getting commercial revenue. So I still feel 28, 29 is where you should see the actual peak from there.
Shrikant Parakh
Okay, thank you. Thank you.
operator
Thank you. The next question is from the line of Rahul Girish from Gloucester llp. Please go ahead.
Rahul Girish Shah
Hello.
operator
Yes sir. You audible. Please go ahead.
Rahul Girish Shah
Yeah. My question is again pertaining to indoor facility only. I would like to know fully utilized and indoor. In your presentation you said. We are. Doing some validations for future. So I would like to know isn’t it possible to devote some part time production to help out the growth, take out the Expenses also? Or is it that the whole plant has to do validation without revenue? Can you explain this in a bit more?
Pranav J. Choksi
Yeah. So I think I’ll just tell you where the confusion is. The revenue generation has already started from indoor. It’s not that it’s working on a zero revenue model as of now From October to December 2024 quarter the production had started December for the first month of some revenue, I mean and then we saw in March some more revenue. So right now as you rightly said, the first process was that we are doing tech transfers which started from October onwards and even before that for that matter where validation and qualifications were happening. We took, we have four lines in indoor lyophilization.
Lyophi line, two lines of lyophilization, one line of amphibian, one line of vial where we started validation of multiple products like Avik also mentioned in his start and it’s mentioned in the presentation also 43 product tech transfer had been initiated. Out of that 18 have been successfully done or 15 I believe 15 or 18 have been successfully done. So the revenue, it’s not that we are running without revenue even this year we will definitely see at least a minimum 100 to a maximum 150 crore revenue coming out of indoor which might be either some capacity which is not being done in will be pushed there plus some new or I would say organic business.
Completely, completely. Something from indoor for some of our clients. So mix of both and. But yes, one for one thing for sure, most of the revenue this year will be domestic, domestic market, centric international market. Revenue would start coming by the end of this financial year and majority of next financial. So that is how we would look at that.
Rahul Girish Shah
Okay, thank you.
Pranav J. Choksi
Thanks.
operator
Thank you. The next question is from the line of Johani from Mittal Analytics. Please go ahead.
Yogansh Jeswani
Hi sir, thanks for the opportunity. So Pranaji, I have one question on your fertility segment. So last con call you had mentioned about products Ufoil Alpha and Super Graft and we had mentioned about the clinical trials that we are doing in one of these products and we had enlisted several patients. So could you just help us give us more updates on the progress of these two products.
Pranav J. Choksi
Hello? Am I audible?
operator
Sir? Yes sir, you’re audible.
Yogansh Jeswani
Should I repeat my question?
operator
Oh yes sir, please.
Pranav J. Choksi
I just got disconnected by mistake. So I got your question for your question if I’m not mistaken was Super Graph and was it?
Yogansh Jeswani
Yes, yes sir.
Pranav J. Choksi
Yeah. So the Europa Trophin Alpha is basically our recombinant FSH which will be. We’ll be Initiating the clinical trials for DCGI or the CDSEO first and then we hope to get approvals next year. It normally takes 22 years to get the approval so that process is already on. So those clinical trials will be done purely for registration and you know, against the innovator for getting in India. So there will be no commercial revenue seen for that product till end of next year. However, for Super Graph of course the trials have been initiated plus not only at one center, we have done two different set of trials.
We are very happy that one of the big centers of India also has a, you know, need to take the product on trial against their standard of care, which is again an imported innovative product. So we, we hope that this trials will happen side by side and we should have some results by the end of this year. For Supergraph, in spite of the trials happening, a lot of doctors are using the product already because it’s already being currently sold in the market and we are seeing good response. And we see that division also of 40 max, it’s a part of the infertility segment but it’s a division which has 33 people.
They are almost growing by around 10 to 15% month over month. So this is also doing quite well at least in the last three, four months we saw that delta. So we hope that at least there will be a good enough jump of Super Graph this year itself in the revenue.
Yogansh Jeswani
Okay, so in terms of any commercial numbers that you can share with us on the potential of Gluficin Alpha which might come in say one or two years down the line and similarly what would be the contribution for Super Graph?
Pranav J. Choksi
Now this third question, Griffithin Alpha is a third product which is our immunomodulator for reoccurrent implantation failure for which and also for endometriosis where we have, we have ongoing trial with dcgi so that that third product, we hope that the market itself had to be created because right now there are other standard of cares of we are current implantation failure. So we also are going to the government and asking them for approved indications so we can. Because that we need to do some trials because of that. And that’s the third trial which we are doing for that third different product.
So we still feel that it’s a concept which is being established. However at least we can reach to a, you know, close to 8 to 9 crore mark in this be great for Goofy Fin Alpha as such. So that is also with the same 33 people team. So this 33 people team of 40 max sells goofy fin Alpha and Super Grant. And there we see Goofy Fin should contribute to come to 8 to 9 crores bare minimum this year.
Yogansh Jeswani
Okay. And sorry, I was a little confused when I asked the question. I was asking for Viewpoint Alpha and.
Pranav J. Choksi
Super Graph only Europort Drop in is our future product. That’s why even I was confusing. But no problem. Anybody? You got your answer for all three of them. So anything else you’d like to know? Yes.
Yogansh Jeswani
So one question on the contrast media side. We’ve mentioned that we have made a soft launch. So if you could just talk a bit about this soft launch. How is the progress and what is our expectation from this and this product? Have we launched from the indoor facility or from Navsa?
Pranav J. Choksi
Yeah, exactly. So right now the first few batches of course are small batch sizes. So we took it from Navsari last year and when, I mean last year means in November, December 2024. And we had got these samples made to be given to certain high end, you know, I would say imaging centers around India for getting the feedback whether you know, most of them use GE product which is an important product and they always had issues with some other products in India market. So that’s why a lot of people had been asking us for a product which has a quality compared to the ge.
So we are quite happy with the results what we got. We finished the final batch of trials in April 2025 and last report was I think was received by the 16th of May 2025. So now officially we will be launching this product in the month of June 2025 and they will be made in this last batch and from July onwards they’ll be shifted to Indore Indoor. Already our other batches are being. Technology transfer takes time. So Indore will normally start when the batch size goes to minimum 15, 20,000 per batch. Right now for 5, 5000 batches we are sticking it in Navsari only because in Navsari, at least for liquid filling, we don’t have capacity constraints.
Lyophilization is where our major capacity constraints are there. Okay.
Yogansh Jeswani
And in terms of revenue potential and margin of this, if you could talk.
Pranav J. Choksi
A bit, margins would be like a critical care thing. Gross margins would be around anything around 50, 55%, not more because they are iodine based products where the iodine pricing are very, I would say erratic depending on the supply which comes from South America. However, in terms of volume, it has a good market space even though it’s not captured in ikea. Based on the import data and what we could See, we hope that as a contrast media basket should at least remain up become a 5% to 6% contributor in our entire critical care segment in the next two to three years.
So that is what it is. So anything around 1520 crores is something we minimum feel for the iodine products also in the future we’ll be launching some GADO based products also. And the market, the basket will expand so there’ll be more revenue uptrend seen after we launch those products also.
Yogansh Jeswani
Got it sir. That’s it for my picture. Thank you.
operator
Thank you. The next question is from the line of Shivni Giri from Centrum pms. Please go ahead.
Shivnil Giri
Hello. Hi sir. Am I audible?
Pranav J. Choksi
Yes, you are.
Shivnil Giri
So I, I mean our indoor facility. First of all thanks for taking my question. So I mean your indoor facilities, I think two times the size of your existing sorry facility and I think you mentioned the peak revenues would be similar to what you’re doing right now where Navari is at peak. So I mean if you can explain that because I thought that revenue potential would be much higher from this, I mean for the indoor facility.
Pranav J. Choksi
So actually it is 1.3 to 1.5 times Navsari. So that’s why totally with Nalsari and this being added.
But of course I’m not counting the penins and the toxins and the hormones. So if you see Nalsari also has NMS toxins and hormones also contributing which is not part of that. So if I minus the PenM’s toxins and hormones out of Navsari there’s an X revenue. And out of that X revenue we are looking at 1.5 times that X revenue of Navsari which we say around is 800 to 900 crores. So if you see the total revenue, what you see right now of Goofy also includes the Belgium factory where there is Nutraceuticals, the PENM line, the hormone line of hcg, hmg, FSH and also the toxin whatever.
Even though it’s a very small amount, maybe 5 to 7% of the revenue. But all this is part of now. Sorry. So when we just remove all that and we do then it will be one and a half times which comes roughly around 800 to 900 for us.
Shivnil Giri
Okay, understood. And the Belgao facility, is it fully utilized? Is that also fully utilized or is it.
Pranav J. Choksi
Yeah, that’s. That’s fully for self consumption for our Salaki new Cartoa range of products. So still it is working on one shift as of now. If required we can go to 2 to 3 shifts. So that is mostly for in house consumption only for tablet, capsule, nutraceuticals and Ayurvedic products. Okay. And across your divisions, I mean your domestic, international and cmo. Can you give us a rank of the margin? Like which one is more higher margin and lower margin? Yeah. It will be international first, second would be domestic, and third would be cmo.
Shivnil Giri
Okay. Okay. Okay. Thank you.
Thank you, sir.
operator
Thank you. A reminder to all participants that you may press star N1 to ask a question. Participants who wish to ask a question may press star and 1. As there are no further questions from the participants, I now hand the conference over to Ms. Amisha for closing comments.
Ami Shah
Well, thank you very much. I appreciate all of you joining us today. If any of your questions remain unanswered, you can get back to our investor relations team and we’ll be happy to assist you with that. We conclude today’s call. Take care. Thank you.
operator
Thank you. On behalf of Goofig Bioscience Ltd. That concludes this conference. Thank you for joining us. And you may now disconnect your lines. Thank you.