Sakar Healthcare Ltd (NSE: SAKAR) Q3 2026 Earnings Call dated Feb. 11, 2026
Corporate Participants:
Pushpa Ponmany — Manager
Bikramjit Ghosh — Vice President, Strategy and Business Development
Analysts:
Unidentified Participant
Nikunj Seth — Analyst
Ankit Gupta — Analyst
Avnish Burman — Analyst
Harsh Pradhan — Analyst
Ishit Desai — Analyst
Vedant Madan — Analyst
Saurav Gupta — Analyst
Pratik Dugar — Analyst
Presentation:
operator
Ladies and gentlemen, good day and welcome to the Sakar Healthcare Limited Q3FY26 earnings conference call hosted by MUFG in time. As a reminder, all participant lines will be in the listen only mode and there will be an opportunity for you to ask questions after the presentation concludes. Should you need assistance during this conference call, please signal an operator by pressing Star then 0 on your Touchstone 4. Please note that this conference has been recorded. I now hand the conference over to Mr. Nikon Seth from MSG in time. Thank you. And over to you Mr. Nikunj.
Nikunj Seth — Analyst
Thank you Shubham. Welcome to Sakar Healthcare Q3FY26 earnings call today. On the call we have Mr. Bikramjit Ghosh, Vice President Strategy and Business Development, Mr. Ramesh Thakkar, CFO Mr. Bharat Soni, Company Secretary and Ms. Pushpa Punamani, Manager. Before we proceed with the call, I would like to give a small disclaimer that the call may contain certain forward looking statements which are based on the business opinions and expectations of the company. As on today, a detailed disclaimer has been given in the company’s investor presentation which was uploaded on the stock exchange. Now I would like to hand over the call to Ms.
Pushpa over to you.
Pushpa Ponmany — Manager
Good morning everyone. I welcome all our shareholders, investors and analysts to the earnings call for Saakar Healthcare Limited for the quarter and nine months ended 31 December 2025. Quarter three has been a defining quarter for Saka Healthcare marked by a strong operational momentum, deeper global integration of our oncology business and broad based growth across all major performance metrics. I am happy to share the financial and operational progress for the quarter along with strategic updates and our outlook for the coming periods. Let me begin by sharing the operational highlights for quarter three. FY26 during this quarter our oncology vertical continues to demonstrate strong traction.
The EU GMP approved oncology facility at Bawla has begun to gain significant strategic relevance globally with partners across Europe and emerging markets increasingly relying on Sarkar for both regulated supplies and dozier linked launches. One of the most notable developments of this quarter has been the approval of our oncology facility as a manufacturing source for product supplies to the eu marking a major milestone and validating our capability to serve stringent related markets. This is the only first of a series of of oncology products expected to be commercialized through similar regulatory pathways. Our dose year progress has remained strong of 211 oncology dosiers shared globally 102 dossiers have now been submitted across partner markets.
Out of the 32 DOS years developed for oncology products, 21 have already been submitted and 11 have received marketing authorization covering Abilaterone, imatinib, Tamoxifen, capacitabine, gemcitabine, carboplatin, Iron, Ortican and docetaxel across Europe and emerging markets. Our R and D teams continue to advance non fringing patent formulations, differentiated oncology products and partner Dr. Development which will strengthen the future revenue pipeline. Operational efficiency across our units Bao La Oncology and Changodar Sifa Lough foreign and general formulations remains strong during the quarter supported by higher export volumes and improved scale utilization. The continued shift towards high margin own brand exports which now contribute over 70% of the revenue has further enhanced profitability and strengthened Sapa’s positioning in APAC, Latin America, Africa, Sea Ice and parts of Europe.
Now let me take you through the financial performance for quarter three and nine months as per our consolidated results for quarter three FY26 Revenue from operations stood at rupees 7034 lakhs compared to rupees 4342 lakhs in quarter three FY25 reflecting a robust 62% year on year growth. EBITDA for quarter was rupees 1859 lakhs compared to rupees 117 lakhs in quarter three FY25, an increase of 58 year on year with EBITDA margins at 26%. Profit after tax stood at rupees 1025 lakhs compared to rupees 453 lakhs in quarter three FY25 delivering a strong 1 to 6% year on year growth supported by operating leverage and better product mix.
Gross margins remained healthy at 49% driven by improved efficiency and scale benefits across our oncology vertical. For nine months ended FY26 revenue stood at rupees 18064 lakhs as against rupees 12734 lakhs in nine months FY25, a 42% year on year increase. EBITDA for nine months was rupees 4265 lakhs compared to rupees 3396 lakhs in nine month FY2 an increase of 26 year on year profit after tax for nine months FY26 was 1946 lakhs compared to rupees 1174 lakhs in nine months FY25 reflecting a 66% year on year growth, profit after tax margin improved meaningfully supported by increased contribution from oncology products and disciplined cost management.
The strong financial performance this quarter reflects the scalability of our integrated oncology operations and the growing acceptance of a high compliance manufacturing standards by global partners. Let me now touch upon the strategic progress our oncology led transformation continues to accelerate. The quarter’s approval dossier submissions and partner development have reinforced a global competitiveness in complex generics and high potency APIs. The Baoler Oncology facility remains our biggest differentiator with integrated API and FDF capabilities, world class containment systems, EUGMP certification and the ability to handle oral liquids, capsules, injectable and lyophyllized products under one roof. Our RD and regulated teams are currently working on multiple liposomal, SME based and differentiated oncology formulations that will further strengthen our presence in regulated markets and support high margin growth across our CDMO and CMO engagements.
We continue to receive strong interest from Indian and multinational payers for oncology, cephalosporin and general formulations ensuring sustained recurring revenues and long term visibility. We remain fully committed to sustainable and green manufacturing practices supported by flow chemistry, zero discharge system and energy efficient infrastructure across the facilities. Looking ahead, we expect the momentum achieved in quarter three to continue into the coming quarters. We believe that our integrated on quality capabilities, strong legal foundation, growing global approval and expanding partnership Sakai Healthcare is well positioned to deliver sustainable long term value creation. Before I conclude I would like to thank Our Managing Director Mrs.
Sanjay Shah, our management team, our dedicated employees and our partners across the world for their continued commitment and contribution. I also extend my gratitude to all the shareholders and analysts for your support and trust in Saka’s journey. Thank you for your time. We will now open the floor for questions.
Questions and Answers:
operator
Thank you very much. We will now begin with the question and answer session. Anyone who wishes to ask a question may press Star and one on the Touchstone telephone. If you wish to remove yourself from the question queue, you may press star and 2. Participants are requested to use handsets while asking a question. In order to ensure that the management is able to address questions from all participants in the conference, please restrict your questions to two per participant. For more questions please rejoin the queue. Ladies and gentlemen, we will wait for a moment while the question queue assembles.
The first question comes from the line of Ankit Gupta from Bamboo Capital. Please go ahead.
Ankit Gupta
Thanks for the opportunity and congratulations for a very good set of numbers. So the first question was on, you know the oncology revenues for quarter three and for nine Months if you can, you know, share that. And out of that how much work for the domestic markets and for exports and eu if you can talk about it a bit.
Bikramjit Ghosh
So the quarter three turnover for the oncology business in all was 31 crores out of which 19 crores was exports and majority is of it was towards the EU and the domestic was around 12 crores. And if I say for the nine months, for the nine months the turnover for the oncology business has been 69 crores, 69.45 crores of which 30.81 crores is exports and rest expense, 8.62 crores is the domestic sales.
Ankit Gupta
Okay, so the expo, the exports is largely part of the deemed export is what we can say like you know, it’s, it’s shipped to the local, to the Indian subsidiaries of the export companies to which they are in the indirectly exported later, later on, right?
Bikramjit Ghosh
Yeah, yeah, sure, sure.
Ankit Gupta
And secondly, you know, on the intas relationship, so you know we have had Imarthane has recently got approval, the technical transfer has been done and the eu, they have got the EU approval as well for the same. So and I think Imatinib itself is a 200 to 50 million dollar kind of opportunity in the European market. So how much you know, and in India’s record being the, you know, a very big player in the European market. So if you can talk about how do you see this molecule performing for us and you know, how big can it become and the how like this is the first molecule which has got approval, which has completed the technical transfer and got approval from the authority.
So how do you expect the follow on? Like how many molecules like do you expect? When do you expect the rest of the nine molecules to get approval and you know, how should we see the scale up happening?
Bikramjit Ghosh
Yeah, there are 10 molecules which are in the process of tech transfer out of which just to add on, we have already received for the second product has also been received for that and we are expecting to receive another two within a couple of months time. This is basically a very encouraging part from our end because this molecule will directly go to the European market as we rightly mentioned and accord being one of the major players with oncology products in those. Now regarding the other six molecules which we have in the pipeline, another three molecules will be there which we are expecting in the next quarter and these two will be in the following quarter.
So maybe in the following two quarters we will be clearing of all the tech transfer process and thereby starting up the commercials in the European market market. With these tech transfer products. And regarding the market potential, what you mentioned, around major chunk of the market, around 60 to 70% is dominated by accord with these molecules. So it depends upon what is the sales volume they are looking forward to in terms of their projection. But it is quite looking quite healthy at this juncture considering the new financial coming in. So we are very opportunist optimistic in looking forward to this business growth.
Ankit Gupta
Sure. How to see the impact?
operator
Sorry to interrupt. We request you to return to the question queue for the follow up question. Thank you. The next question comes from the line of Avnish Verman from Vicaria. Please go ahead.
Avnish Burman
Yeah, hi. Thanks for taking my question and congratulations for a good set of numbers because we did just a little bit clarity on the employee cost we saw. I mean of course there’s a yoy big increase but there is also like a sequential increase from 8.3 crores to 9.9 crores. Where I mean how should we think about that? How much is it expected to increase more? How many people are you adding or this 10 crore per quarter is more of a stable number. Now can you please throw some light on that?
Bikramjit Ghosh
So if we see it on quarter to quarter thing compared to quarter two and quarter three, the employee cost in value terms remains the same at around. Employee cost has been at around 8 crores in quarter three. And now it has come down, it has come to mind which is now around nine and a half crores in quarter four three. So this is more towards stabilizing and the employees, the cost has been incurred more towards the research thing as well. So going forward we will not see much volatility or variation in this. This would be more towards stabilizing as such.
Avnish Burman
Okay. And my second question is on the encore revenues in the third quarter you mentioned 31 crores out of which 19 is export and domestic. Now that the mas are kicked in and the ramp up can happen, can we expect like quarter on quarter increase every quarter for the next four or five quarters in oncology revenue?
Bikramjit Ghosh
Yeah, Oncology. If you see almost we have doubled the sale of what we have achieved last year and we have already crossed the overall marks what we achieved in quarter three of the last year total revenue. So this is quite evident that oncology is driving the overall revenue growth. So what we are seeing it is more than around 60% plus growth. What we can expect maybe year on year basis. And there by the quarter on quarter maybe initially you can see a major growth. But average what we can look forward TO is around 60 to 70% growth year on year, 60% growth for the.
Avnish Burman
Full year or for the next.
Bikramjit Ghosh
Next. Next year. I’m talking about.
Avnish Burman
Sir, do you mean FY27 60?
Bikramjit Ghosh
Yeah, yeah, right.
Avnish Burman
And 60 growth in oncology, you mean. Yeah, okay, understood. Great. I have more questions, but I’ll join the queue. Thank you.
operator
Thank you. A request to all participants. Please restrict your questions to two per participants. For more questions, please rejoin the queue. The next question comes from the line of Pradhan from Maximilian Capital. Please go ahead.
Harsh Pradhan
Yeah, hi. So thanks for the opportunity. So my question is related to the, you know, our Ms. That are pending for approval in the Western Europe market like the, you know, the big four countries. So if I understand sir, for in marketing we have centralized approval, but for you know, the eastern Western markets you are doing country specific dossiers and ms, right? So what are the timelines and you know how soon you can expect them to be approved?
Ankit Gupta
Normal a standard timeline is 210 working days for Europe for approval of any dossier. Considering that we do not have any queries, once the query pops up, then there is a stop clock and accordingly it gets carried forward. Now coming to your Western Europe or Eastern Europe or inter European dossier approval, it depends upon if you go for a decentralized procedure, it does not matter because you can move from one country to another country with the same registration. So currently we have already received five marketing authorizations from the EU region and one from entire Europe extra, that is total six.
Now considering that we are currently having submitted another 1819 dossiers in across Europe. So these are about to come up and this will add up to the overall PT of marketing authorizations within the next financial year.
Harsh Pradhan
Okay, sir, okay. So. So for the Western Europe you are saying that you know, the country specific Ms. Are, you know, basically there are mix of centralized as well as, you know, country specific ms, right?
Bikramjit Ghosh
And the movement is like that if you registered any products in any part of EU countries, you can move into the other countries with the simple process. So that does not take so long time. So it is a basically accessibility to the interview market. So it is, it is material where you are applying for. It is very relevant where you are getting the slot to apply basically because getting a slot to approve apply for the MA is basically the challenge in Europe presently because we have already the EU DO ready which is already five of them approved in within the eu.
So you can understand the standard is already there with us in terms of DO for the Euro. But important thing is that getting the slots to get it approved, which we have already done. We have 19 submitted and X along with another five which we have already seen. So these are going to come within next one year time.
Harsh Pradhan
Okay sir. Okay. Okay sir. And sir, on the guidance part we previously guided that, you know we’ll be doing 2 etc for FY26. So that means like we need to do 100cr in Q4. So are we sir, you know, in line to achieve that in Q4?
Bikramjit Ghosh
Yeah, we are very much on the track. And presently the order book is showing that we’ll be lending something around 30% plus. Sorry 40% plus growth over last year. The total figure is what the order book is currently showing. And it can be added up with other orders as well. With the current promising growth that oncology is showing. But having said that, we always work in the advanced payment for the international market. So in that case, unless we get the realization of payment, we do not dispatch the products. So that is one thing. But however, having said that we are already on track.
We are seeing more than 40 growth year over year for FY26.
Harsh Pradhan
Okay sir. Okay. And so why the tax rate was low. This.
operator
Sorry to interrupt, Mr. Pradhan. Thank you. The next question comes from the line of Ishit Desai from Foods Family office. Please go ahead.
Ishit Desai
Yeah, thank you for the opportunity sir. And congratulations on a very good set of numbers. Sir, my question is on the technology transfer projects which you mentioned in your press release with the five large pharmaceutical companies. Sir, generally what we understand is with with this technology transfer projects specific to products, we also some visibility. These are relatively longer term arrangements and we also have some visibility on the scale up the revenue part on the product side. So if you could help us understand how each of these accounts or maybe collectively you’re looking from a ramp up perspective in the current financial year as well as FY27 and beyond.
What kind of revenue potential in terms of pipeline we are looking at. So if you could elaborate on that part a little more, that will be helpful.
Bikramjit Ghosh
The first of all, the technology transfer itself means there are companies already committed with the principle because we will be as a supplier. Unless they are committed with our supplies, they will never come to us. That is the number one point. The second thing, what I would like to say the potential is quite good in terms of accord interest dominating oncology market in Europe. Now obviously they will be getting supplies from us, but it will be how they will be taking the product to the market will be important. But the portfolio shows quite promising and maybe it’s around 50 to 100 crore.
That can be the potential of these products what we are currently managing. So it is very difficult to right now comment on that. But it’s a huge potential for Sakar to supply Akon brands.
Ishit Desai
So you think this individual products can be 50 to 100 crore? Just to clarify, no.
Bikramjit Ghosh
It’s a total portfolio of currently given 10 products. But you can understand Oncology again there are multiple products we can move up to 30, 35, 40 products even which Accord is currently managing. So the portfolio can increase individual product depending upon the indication can there value can increase dependency of Accord in terms of products in the market can increase. So there are a number of factors in that. But as I’ve given you a wide range it can range from 50cr 200cr with the portfolio currently what we are.
Ishit Desai
Managing and the same same is.
Bikramjit Ghosh
And once the cycle ends it will be easier for me to narrow down those figure.
Ishit Desai
And the same, I mean fair to assume that Accord Industries will be the largest one and the others will then gradually the other four companies, Torrent, uk, Germany and Cure. Glenmark and Zardis.
Bikramjit Ghosh
Now we have other balance supports from Zidus as well. Who are having the products then we have as you rightly mentioned, Torrent is there, Glenmark is there. We are working with MQR as well. So number of Indian players, number of. Number of players who are big names with Oncology from India are there. Apart from that we are already from the beginning of our operation working with around 12 to 13 local partners who operate locally in India. So all put together it will be around 18 to 20 partners whom we are already supplying this.
Ishit Desai
Sure. So on the second question side. Sir, sorry to interrupt.
operator
Mr. Desa, we request you to return the question for the following.
Ishit Desai
I just asked one but no worries, I’ll come back.
operator
Thank you. The next question comes from the line of Vedant Millenn from ICIC Securities. Please go ahead.
Vedant Madan
Hello, I’m audible. Yes, congrats to the management for the great set of numbers. My first question is on the CapEx. So for Q3, how much of the capex have we done? And what would be the figure for FY26 and FY27 as well? Because most of our capex for Encore and rest of the things has been done. So what is done in Q3? What would be the closing figure for FY26 and what will be the maintenance? Maintenance capex for FY27.
Bikramjit Ghosh
As regards the capex for FY26 around 39 crores is the capex that has been done till 9 months now and going forward for FY27 we do not see any major capex happening. The capacity, whatever we had planned is in place. So this is probably the major capex that has happened this financial year. For going forward, we do not see any major capex happening.
Vedant Madan
What would be the maintenance figure for the maintenance capex?
Bikramjit Ghosh
The maintenance figure is the quarter wise. If I say the quarter basis it is around 65 lakhs is towards the repairs and maintenance that has gone in quarter three and the similar number was in quarter two. So we can expect that somewhere on these lines the repair and maintenance would be happening for the existing plant in Shanghai.
Vedant Madan
Okay, got it. And my second question is on the presentation that was sent out by the company, can the management please help us? So because I’m relatively new to the company, on slide number 19 of the presentation, how should we read the table on the right and how can we connect it to the commercialization figures or timelines for that matter?
Bikramjit Ghosh
Yeah, this, this is basically on the right hand side you are talking about the chart.
Vedant Madan
Yes, the product CAS number, specification.
Bikramjit Ghosh
Right. So basically those chart that chart is depicting the API is what we have developed and which shows that we have 21 total APIs which we have developed because the APIs are assigned a CAS number. So it is written there. And once we have the APIs developed it has to be particularly specification in terms of European guidelines or Indian guidelines or US Guidelines. So that is the specification part. In the CEP part we need to have basically the authentication in terms of documentation. So it gives the total visibility in terms of the API. So that is called the cep.
So for which we have already submitted four if you see on the top line. So out of that we are expecting one which is in an advanced stage of approval. So that also will come and I will come to this part later on. Confirmation allows us to send these products to the European market for the research and development purpose. And for this we have all the documentation ready with us which is the drug master file DMF now coming to the CEP part. The advantage is that we can then integrate with our individual products what we have developed and that backward integration will help us in terms of timely supply, more economical or commercially more viable in the market.
So that is the part which we are currently developing the CEP which is required particularly for the regulated market supplies. Presently we, our logic or our supplies do not have our APIs. So we will include those APIs for international market once the CP approval comes up.
Vedant Madan
This will help us in the backward integration furthermore.
Bikramjit Ghosh
Absolutely.
Vedant Madan
Okay, got it. I have more questions, but I’ll get back to you. Thank you. Yeah.
Bikramjit Ghosh
And that will automatically help in the improving the margins.
operator
Thank you. I request to all participants, please restrict your questions to two per participants. For more questions, please rejoin the queue. The next question comes from the line of Saurav Gupta from financially free. Please go ahead.
Saurav Gupta
Hello.
operator
Yes. Yes.
Saurav Gupta
Thank you for the opportunity and congratulations for the great set of numbers. So sir, my question is that this quarter we have, we have provided a lower tax. If we see YOY and qog. So what, what could be the reason about it and what can we expect going forward? The normal tax rate for the company.
Bikramjit Ghosh
So as regards this, the back credit that is available at this point in time due to which the taxes are getting knocked off against the bank credit. So whatever the provision that you are seeing that is more towards the deferred tax provisions. And probably after the end of FY27, we would be coming into the normal tax lapse. So until then the numbers on with regards to the provision for taxes would be comparatively lower.
Saurav Gupta
Okay, so in FY25 we have given around 19% tax. So can we expect lower, I think around lower teens for FY26 and similar for FY27 in lines?
Bikramjit Ghosh
Yes, almost in lines with FY25, around 18 to 19%.
Saurav Gupta
Yes, F by 26 and 27.
Bikramjit Ghosh
Yeah.
Saurav Gupta
And for beyond FY27, normal, that would.
Bikramjit Ghosh
Be the normal tax rates that would be applicable because the Mac trade would be fully utilized by them. So then would be coming back to.
Saurav Gupta
The normal tax rates after FY27. Around 25. 26%. Is my understanding correct?
Bikramjit Ghosh
Yeah, around 25%.
Saurav Gupta
Okay. Okay, got it. Sir. And second question that I have that in last con call we have mentioned that we got six approval in European un, five in Bulgaria and one in Bosnia. So how the commercialization ramping over there?
Bikramjit Ghosh
Yeah, last time also I told you because there is one important thing is that for the first supply we need to get prepared with certain things. And particularly for the European supply we need to have a few things which includes serialization of the products, then sequencing of the. Sorry, then artwork of the products. And thereby the commercial orders has to be in pipeline for logistics so that it can be supplied. So we have already received the orders pos and currently the manufacturing has been scheduled and we will be maybe dispatching either in May or maybe in April, depending upon the weather setup is ready for us.
And this is for the first time As I told you, because there is a normally a threshold of 90 days to 150 days for the supply. But once it is done, the next supply onwards this infrastructure once gets ready it does not cause any problem.
Saurav Gupta
So is it. Is it for Bulgaria or for other countries as well? If we see that before Bulgaria it will take around three to five months. And for example for Bosnia it will take again four to five months or it will take only three months.
Bikramjit Ghosh
So for Bosnia it will be around three, four months. Because the complexity is little bit less. But it comes under Europe as well. So the thing is that it may be. That’s why again 90 days to 150 days. Maybe someone will. Someone will take 140 days. Someone will take 120 days. So it does not depend always on our hand. Because as I told you the partner will be arranging for the logistics and all. And this is for the first time. So that is the reason. But otherwise from next order onwards the lead time normally for us is around 75 to 90 days.
Saurav Gupta
Okay. Okay, got it. So the commercialization will start from Q1 and by 27 latest.
operator
Yeah.
Saurav Gupta
Yeah. Thank you. Thank you. That’s it. From my side.
operator
Yeah, thank you. The next question comes from the line of Aditya from an individual investor. Please go ahead.
Unidentified Participant
Hi sir. Good morning sir. Good afternoon sir. When you say you have nine molecules will convert does that mean we’ll get MA approval or commercial supplies? Nine or 11 already we have the MA approvals. This is relevant. I was talking about the tech transfer which you told in the call imatinib is. Yeah right. So.
Bikramjit Ghosh
Yes. So there that will be 10, 10 volatiles. And so does that mean MA approval or commercial supplies in next 2, 3 quarters they are. They have the MAs already with them. So it is basically the technology is getting transferred at our unit. So our manufacturing unit get added up and we can now supply to their marketing authorizations. So it is an immediate turnaround time. If you see we have already got the approval for inclusion for site within a few days. Even so that gives us the encouragement that the rest of the products are also getting lined up or queued up for approval already the second one is already been approved.
Now coming back to your point is automatically once it is approved they can now arrange for the supplies accordingly. So that is in the queue only. So now they are arranging for the logistics. Okay, okay. Okay. Okay. Okay.
Unidentified Participant
Okay. Got it sir. Got it. And my another question was on for Iman Mrtinib supplies to accord. So do we have any firm purchase commitment or rolling Order visibility for next 2, 3 quarters. How does the agreement works out for us?
Bikramjit Ghosh
So normally agreement have a business forecast in that which shows that they have a minimum commitment in terms of batch sizes and in terms of minimum value so that we can it becomes feasible. And normally what happens in the first consignment people used to go with a laser quantity considering that this is the first one, so everything goes right. So from the second onwards they normally give the actual quantity which is our batch size offer roughly around 100 to 2, around 300,000 units.
Unidentified Participant
Okay, so basically this is a rolling order which we’ll get, right?
Bikramjit Ghosh
Yeah, yeah, absolutely, absolutely. And this will be maybe a bi monthly order based on their already established product in the European Union. And the supplies have started. This will start from March end onwards. We are expecting the supply. Okay, so thank you. I’ll get back in the queue, sir. Thank you. Congratulations sir. Thank you.
operator
Thank you. The next question comes from the line of Pratik Dugar from Intense. Please go ahead.
Pratik Dugar
Yeah. Hello. Good afternoon sir. Thank you for the opportunity. I wanted to ask, sir, we are a very TKI focused based player, I think and because like when I look at the doses, a lot of TKIs are there in the dose here, I wanted to ask, there is another I think Indiana pharma player who is also very much focused into TKIs and they have seen a meaningful revenue uptake in the EU. So what is our, you know, plans with TKIs in the EU?
Bikramjit Ghosh
Can you come again sir?
Pratik Dugar
I was asking that we are a very like the tyrosine kinase inhibitors TKIs in our dossiers. It’s a big list there. And I was asking that there is another TKI based player in India. They are seeing meaningful revenue traction in the eu. So from that perspective, if you can give us an idea like is, is there a meaningful demand of TKIs in the EU? Are you seeing that for yourself?
Bikramjit Ghosh
What is T? What is that specific term you are using?
Pratik Dugar
So the tyrosine kinase inhibitors, all the Tinibs, Imatinib, Gepitinib, these are all the.
Bikramjit Ghosh
Okay, okay, I got your point. So you, you can understand we have the entire range or basket in our portfolio along with the dossiers and bio equivalent studies which has been conducted in the last six to nine months time. So primarily you have to prepare so updated information that is more important now in order to confront with the competition in the market. Because in Europe if you see there are more multinational competitors as well as our Indian competitors who are there in the market. So in order to do that the best possible is that you have to identify the right partner in the right place within the Europe who can take it forward because we are not directly going into the market.
So there lies the partnership which we are currently in the process of building. And if you see, we have already concluded around 50 plus agreements overall with Oncology, out of which if you see the European part, we have already completed more than 20. So within Europe we are already partnered with the key players who can take these products in the market. So that is the key here because they have their own strengths in respective territories out of which, for example, I’m just telling you, out of which we have the partnership with Torrent uk, we have partnership with Hoyman in Germany as well.
So they are the market leaders in particular products in the respective markets. So this gives us the additional age over the competition who are coming from India and going to establish the product in the market.
Pratik Dugar
Okay. And sir, I also noticed that we are having oral suspension formats. Are there any other players who are also there in oral suspension or is this a niche with us?
Bikramjit Ghosh
This is a niche product which we have developed in a sequence of 12. So most importantly, maybe in India, few of the players are there who are ready with one or two. And we have the entire basket. And we are in negotiations with multiple partners with this product range because we do not want to play with one or two. We want to move ahead with a full basket of 10 to 12 products which we have developed. So this is a unique feature we presently hold and which our competitors are not having.
Pratik Dugar
Okay, thank you, sir.
operator
Thank you. The next question comes from the line of Ankit Gupta from Bamboo Capital. Please go ahead.
Ankit Gupta
Yeah, thanks for the opportunity. Again, the 60, 70% growth that you are talking about for next year, so let’s say seeing this year with 270, 280 crore kind of revenue. So 60, 70% growth is on that base for the entire company.
Bikramjit Ghosh
It’s with the oncology products.
Ankit Gupta
Okay, so we, we should expect like 100, 110, 120 crore kind of, you know, full year revenue for oncology, you know, and on that we’ll have 60, 70% growth, right?
Bikramjit Ghosh
Yeah, growth percentage I can estimate. Rest you can calculate.
Ankit Gupta
And on the margins part this year, given how the oncology scaled up significantly in this quarter, we saw 26% kind of EBITDA margins. So when an oncology scales up further in the coming quarters, how should we look at the EBITDA margins for the company?
Bikramjit Ghosh
A precise number would be difficult at this point in time. But the margins would be way better compared to the margins that we have right now. So when we had conceptualized oncology, so we were expecting an EBITDA margin somewhere around 30%. So that is the target we would be trying to achieve.
Ankit Gupta
Okay. So on a combined basis we should be looking at 30% kind of margins. Okay. Okay, thank you.
operator
Thank you. The next question comes from the line of Hitender Pradhan from Maximal Capital. Please go ahead.
Nikunj Seth
Yeah, hi sir, thanks for the opportunity again. So just wanted to you know, confirm something like you mentioned that Imatinib, the market opportunity of 200 to 250cr in the EU market.
Bikramjit Ghosh
I have not mentioned. Somebody has told. I told. Yeah, that is the market size.
Nikunj Seth
Okay. And sir, what is the like renewal margin profile for this? Because this is something where we are, you know, selling it on the thing, record the brand name and using the distribution. Right. So what is the like you know, revenue and you know the margin profile you can enters for mrt.
Bikramjit Ghosh
Currently we are doing the business with all the players and that is giving us an ebitda of around 25 margin. So you can understand this will be ranging between 25, 24 to 26% only.
Nikunj Seth
Okay, 25%. Okay sir. Okay, that’s all from my side. Thank you.
operator
Thank you. The next question comes from the line of Ishid Desai from Ford’s family office. Please go ahead.
Ishit Desai
Thank you for the follow up opportunity, sir. Most of the questions answered. Just one additional one sir. Was there any revenue from imanib supply in Q3 to accord in tax? If so, if will it be possible to quantify the number?
Bikramjit Ghosh
As I told this for this tech transfer imatinib according to us it will start in March. For this tech transfer product it will start from there. Only this I have already mentioned earlier.
Ishit Desai
And no, I got just confused between the new got approved. Yeah, so I mean fair to assume that most of the tech transfer revenues then should start accruing from FY27 and beyond imatinib also we should have at least one or two more molecules which will start contributing to that.
Bikramjit Ghosh
Yeah, absolutely. From Those basket of 10 it will start comprehend for the tech transfer project it will be there only from there.
Ishit Desai
Thank you.
Bikramjit Ghosh
The second one already has been approved that I have already told. So you can understand that one by one this will come up and what we can foresee it will come within the first or maximum second quarter of next financial year. So the commercials are expected from these products for all the products, almost all the products by next year, next financial year and What?
Ishit Desai
Within these 10 molecules, what will be the mix of OST and injectable? If you could help us understand.
Bikramjit Ghosh
It’s almost balanced. It’s almost balanced. Five and five.
Ishit Desai
Understood. Thank you.
Nikunj Seth
Thank you.
operator
Thank you. The next question comes from the line of Avnish Verman from Icaria. Please go ahead.
Avnish Burman
Hi, thanks for taking the follow up. Because Eji, I had the impression that the oncology revenues for FY26 would end somewhere around 100 crores and would ramp up to somewhere around 200 crores in FY27 which is not tying up with the 60% growth in Encore that you are mentioning. So where am I getting this wrong?
Bikramjit Ghosh
See, this is the bare minimum growth percentages what we I am expecting or we are expecting rather considering that certain things are not in our hand in terms of regulatory approvals. Because as I told you, the equation stands as such that we have 100 plus submissions of marketing authorizations right now which we expect within next 12 months. So now these will gear up the sale what you are telling or what we have discussed earlier, it will be over. It will be means we can overshoot that number. Now the thing is that along with that we have another 200 dojas which are lying in different countries right now with our partners which are to be submitted.
So if you see that buildup is like that so that we can cross that number of Magic Number of 200 in the next year. But having said that, the number what we are seeing right now in terms of the approvals we have in hand of the tech transfer projects we have in the 60 plus growth is means what we can see at present for the next financial year and 60% growth.
Avnish Burman
Over what base in.
Bikramjit Ghosh
I mean where are you current current year which we are almost expecting around 30% growth over the last year.
Avnish Burman
30% growth. Okay, understood. Okay. The second question is on the capex side. You mentioned that the 9 month capex is 39 crores. I think the first half capex was 27 crores. Just wanted some color on where incremental CAPEX is being spent because the maintenance capex seems to be like a very small number.
Bikramjit Ghosh
So the balance capex, the 9 crore capex that has happened in the last quarter is towards the planted machinery that has been set up as per the revised requirements or the additions of the capacities. So that has gone towards the plant and machinery setups and the utilities.
Avnish Burman
Okay, so on these is there is the incremental capex over and now we can only expect to incur the maintenance capex or there is some more planted machinery.
Bikramjit Ghosh
Capex also no, this is the setup. Whatever we had planned is not fully set up so we do not foresee any further apex towards that.
Avnish Burman
Understood. Thank you so much.
operator
Thank you. Ladies and gentlemen, due to time constraint. That was the last question for today and I’ll hand the conference over to the management for closing comments. Thank you. And over to you sir.
Bikramjit Ghosh
Thank you everyone for joining this convol. Thank you so much.
operator
Thank you. On behalf of Sakar Healthcare Limited that concludes this conference. Thank you for joining us and you may now disconnect your lines. Thank you.