{"id":182351,"date":"2026-05-05T07:37:54","date_gmt":"2026-05-05T11:37:54","guid":{"rendered":"https:\/\/alphastreet.com\/india\/emcure-pharmaceuticals-ltd-emcure-q4-2026-earnings-call-transcript\/"},"modified":"2026-05-05T08:46:19","modified_gmt":"2026-05-05T12:46:19","slug":"emcure-pharmaceuticals-ltd-emcure-q4-2026-earnings-call-transcript","status":"publish","type":"post","link":"https:\/\/alphastreet.com\/india\/emcure-pharmaceuticals-ltd-emcure-q4-2026-earnings-call-transcript\/","title":{"rendered":"Emcure Pharmaceuticals Ltd (EMCURE) Q4 2026 Earnings Call Transcript"},"content":{"rendered":"

Emcure Pharmaceuticals Ltd (NSE: EMCURE) Q4 2026 Earnings Call dated May. 05, 2026<\/span><\/strong><\/p>\n

Corporate Participants:<\/h2>\n

Piyush Nahar<\/strong> \u2014 Executive Vice President, Corporate Development and Strategy<\/em><\/p>\n

Satish Ramanlal Mehta<\/strong> \u2014 Chief Executive Officer & Managing Director<\/em><\/p>\n

Tajuddin Sabir Shaikh<\/strong> \u2014 Chief Financial Officer<\/em><\/p>\n

Vikas Madan Thapar<\/strong> \u2014 President, Corporate Development, Strategy & Finance<\/em><\/p>\n

Samit Satish Mehta<\/strong> \u2014 Whole-Time Director<\/em><\/p>\n

Analysts:<\/h2>\n

Amey Chalke<\/strong> \u2014 Analyst<\/em><\/p>\n

Tushar Manudhane<\/strong> \u2014 Analyst<\/em><\/p>\n

Bansi Desai<\/strong> \u2014 Analyst<\/em><\/p>\n

Dheeresh Pathak<\/strong> \u2014 Analyst<\/em><\/p>\n

Unidentified Participant<\/strong><\/p>\n

Sidharth Negandhi<\/strong> \u2014 Analyst<\/em><\/p>\n

Ankush Mahajan<\/strong> \u2014 Analyst<\/em><\/p>\n

Foram Parekh<\/strong> \u2014 Analyst<\/em><\/p>\n

Kunal Randeria<\/strong> \u2014 Analyst<\/em><\/p>\n

Avnish Burman<\/strong> \u2014 Analyst<\/em><\/p>\n

Presentation:<\/h2>\n

Operator<\/strong><\/p>\n

Ladies and gentlemen, good day and welcome to the Q4FY26 earnings conference call of MQL Pharmaceuticals Limited. As a reminder, all participant lines will be in the listen only mode and there will be an opportunity for you to ask questions after the presentation concludes. Should you need assistance during this conference call, please signal an operator by pressing Star Bin 0 on it. Upstone 4. Please note that this conference is being recorded. I now hand the conference over to Mr. Saurabh Paliwal. Thank you. And over to you sir.<\/p>\n

Piyush Nahar<\/strong> \u2014 Executive Vice President, Corporate Development and Strategy<\/em><\/p>\n

Thank you. Good afternoon everyone and welcome to the Q4FY26 earnings conference call for MTUA Pharmaceuticals. Thank you for joining us today. I am Saurav Paliwal and we’ll begin today with brief opening remarks from the management and then open the line for Q and A after the commentary concludes. Joining me today on the call are Mr. Satish Mehtar, Managing Director and CEO Mr. Taj Sheikh, Chief Financial Officer, Mr. Samit Mehta, Full Time Director Mr. Vic Thapar, President Corporate Development Strategy and Finance and Mr.<\/p>\n

Piyush Nahar, Executive Vice President Corporate Development and Strategy. We hope you have had an opportunity to review the financial results, the results presentation and the press release that were released earlier. Before we start, I would like to remind everyone that this call is being recorded. I also need to remind everyone about the safe harbor linked to today’s call. Certain statements made during the call may be forward looking in nature. These statements are based on our current expectations, assumptions and management’s view.<\/p>\n

As of today, actual results may differ materially due to a range of factors including market conditions, regulatory developments, competitive dynamics, operational factors and other risks and uncertainties. For additional details please refer to our earnings presentation and press release. I’ll now hand up the call to Mr. Mehta to begin his opening remarks. Over to you, Mr. Mehta.<\/p>\n

Satish Ramanlal Mehta<\/strong> \u2014 Chief Executive Officer & Managing Director<\/em><\/p>\n

Thank you sir. And good afternoon all of you Or Bhulib didn’t say. I would like to thank you for joining us to review MQS Q4 and FY26 results. It means a lot that you have found time to join me. FY26 marked the start of our five year strategy focusing on turning last year’s operational changes into measurable outcomes. I’m very happy to tell my investors that we crossed a major milestone this year surpassing $1 billion in revenue and having a growth of 16.6% year on year increase exceeding the guidance low that we had given to you.<\/p>\n

We also increased our base business EBITDA margins by over 100 basis points and our adjusted PAT grew more than 40%. I repeat our adjusted PAT grew more than 40 percent. This outstanding results give us confidence that the investments we are making in our people, our people are very important our processes. And I always keep telling, you know, whenever I have been on the call that we take pride in telling everyone that NPR has been built on science, technology and innovation and technology including the adoption of AI across key functions are obviously starting to deliver.<\/p>\n

I’m very happy to say that turning to key strategic highlights from the year, let me now focus on portfolio expansion. That’s the first thing I would like to take up. We strengthened our portfolio in core markets through in licensing MA and internal R and D. I would now like to highlight three notable partnerships that we had in the year that have ended. I’m focusing on in licensing to begin with the first part that we had with known orders. We also spoke last time and very happy to inform my investors that NQR was selected as the exclusive India partner for Povista, a patented RDNA biologics hemoglobutide.<\/p>\n

This was the products that we are seeing in the market of synthetic. This is our DNA biologic semoglotide which I would like to emphasize. Strong exclusive global data and established device distinguishes Polista from the generic switcheroo which have been introduced. The initial update has been promising especially after the price cut in April 2026 and I must say that pricing which has been done is very competitive and we obviously have a story and strategy. We aim for steady growth through FY27 after Novo Nordisk.<\/p>\n

The second in licensing that I would like to focus on is Sanofi. We expanded our partnership to include our oral anti diabetic brands Amaryl and Cetafene, boosting our position in cardiac and metabolic therapies. This NQR is amongst the leading cardiac players and thanks to MRL and Sikafrine we also have now a reasonably good strong foothold in the metabolic space as well. The third partnership has happened and we virtually started billing, you know, from 1st of April. We signed a distribution agreement for select nephrology and transplant medication in India which has widened our offering in the therapy.<\/p>\n

It will not be out of place to mention that we have a reasonably strong position in the field of nephrology. We are one of the top five companies and to that extent, you know this portfolio is will obviously help us to augment our position in the field of nephrology going forward. These alliances with leading pharmaceutical companies demonstrate our strong commercial capabilities and scale in the India Market India market means a lot to us. Now after having spoken about in licensing I would now talk about M and A and portfolio consolidation.<\/p>\n

As far as Zoendus is concerned we completed minority stake buyout for full consolidation and expect operational synergies to play out over a period of time globally. We acquired the man’s portfolio in the UK to grow our UK business and European business as well and qtmad we recently acquired in Canada enhancing our Dharma range along with mqtips. Let me now focus on our R D and pipeline updates. I spoke about in licensing I spoke about MLA and portfolio consolidation. Now let me turn on what has been happening in our R and D and pipeline and which we take a lot of slide.<\/p>\n

Amputoresinv remains a key near term focus. We launched in select European markets in H2 FY26 and intend expanding the Europe and rest of the world markets in FY27 for Beva Sizomar ophthalmic biosimilar for wet AMD. We received endorsement from CDSEO Subject Expert Committee and we plan to launch in H1 FY27 pending approval. The third important thing is in the field of HIV where my company enjoys a poll position. We are one of the six global voluntary licensees for Gilead Lena Kapazee. We have filed EMF and expect to seek product registration in FY27.<\/p>\n

Our scientific advisory committee is shaping our long term pipeline in four areas. Four areas. Let me focus on these four areas. One is complex injectables. Second is Biosimilars. Third is new delivery routes for existing drugs and something about which we have been talking for last couple of calls as well is antibody drug conjugates. Now having focused on in licensing, merger and acquisition portfolio consolidation and having given you some flavor about R and D and our pipeline updates, let me now turn my attention to business performance.<\/p>\n

As far as the year which has just ended FY26 we grew by 16.6% to 9204 crores. 9204 crores with a resilient domestic performance and strong international performance performance. Now let me focus you know as far as business performance is concerned to focus on domestic business which is very close to my heart. Domestic business grew by 10% in FY26 to 4,027 crores. 4,027 crores led by women, Health, Cardiac, CNS and Oncology. I mean as far as Q4 is concerned, yes I will admit first person to admit it was softer mainly due to Sontas portfolio and team reorganization causing higher attrition.<\/p>\n

As you know that we acquired the minority stake in Zorinta so there was attrition. But integration and new leadership hires have addressed these issues and I’m very happy to say that as far as April is concerned it’s absolutely as per the plan. It is on track so nothing to really worry as far as Roentos is concerned going forward. New therapy areas about which we spoke last time as well. Derma Nutrix, Consumer Health, Diabetes are scaling well. Ovistra known all this partnership shows promising early uptake especially after the price.<\/p>\n

So we are in soft spot, you know as far as the pricing is concerned and we do expect reasonable growth in FY27. I’m very happy to inform that as far as the fuel productivity is concerned it has gone up from 5.4 lakhs per medical representative to 7 lakh per person over a period of last two years. So obviously good things are happening. As far as international markets are concerned, I am very happy to inform that revenue grew by 22% to 5,177 crores in FY26 5,177 crores in FY2026 stronger strong wasteland business growth and successful launches with Max Integration Canada posted solid growth of market share gains and new launches.<\/p>\n

Rest of the world deliver healthy growth across non ARV and ARV with non ARV supporting revenue diversification and ARV maintaining a strong order book. I think as you know non ARB business is very important and that’s a function of the registration that we get in the various markets. So we got reasonably good registrations so we are very bullish as far as the international markets are concerned going forward. EBITDA margins improved year on year due to operating leverage across both domestic and international markets.<\/p>\n

Now having talked about the year which has ended, now let me focus on outlook and growth levers as far as FY27 is concerned. That’s what I would like to focus. Having spoken about the business for the year which has just ended, I talked about the first year of our strategic plan flow where we have delivered the results and we have been focusing on execution about whatever we decided in the beginning of the year and now as far as the second year of our strategic plan is concerned, I am very happy to inform my investors and your presence means a lot to me that NQRA is very well positioned for strong performance going forward.<\/p>\n

Our growth drivers at different stages the first growth drivers is obviously going to be domestic market. I’m very happy to say that we have A very strong team and portfolio which will drive better than industry growth ahead especially in cardio, diabetes, biologics, women health and new initiatives. I’ve been leading this domestic initiative for last 30 years and I feel good about the team which we have built up in last few months and I feel good about the domestic market going forward. Then the second lever of growth will be Semaglutide partnership then nqtex, the Dharma product that we have launched and of course the consumer business Earth which is showing good uptake, it’s stabilizing reasonably well, are in initial stages of scale up and we expect returns from this to build over a period of next few years.<\/p>\n

And all these areas are growing areas like as far as Dharma is concerned that’s a growing market of 14,000 crores. And there because of the strategic initiatives that we are taking we are bullish and Earth of course we are doing well. Under leadership of Manita then Canada and Europe we expect growth to continue led by market share gains, new launches and expanded portfolio. Canada and Europe will continue to grow. The fourth lever is Amphipazine B and we expect in the current year Anthropocene B should make significant contribution in FY27 on the back of registration that we are receiving from different geographies both regulated as well as emerging markets in the rest of the world markets we expect sustained growth led by non ARV pipeline and robust ARV order book FY27 we project low to mid teen revenue growth and as I’ve been explaining in last meet and a few calls so that I have had the privilege of addressing to you guys that EBITDA margin expansion will happen as committed between 75 to 100 basis points going forward assuming stable regulations and macroeconomic conditions.<\/p>\n

I think this is based on the assumptions that there will not be a major upheaval or problems throughout the geopolitical level. So I think you know overall. Overall we are quite optimistic. Optimistic and bullish about the business as for the second year of the execution of the plan is concerned. In closing I would like to tell my investors that our strong performance highlights our strong performance highlights our diversified business model, India led manufacturing, scientific strengths, focus on science, innovation, technology and more than anything else one area on which we are hugely focused is on execution because that’s one area where we will distinguish with.<\/p>\n

We’ll make a distinction when you compare, you know or distinguish ourselves when we compare with other companies the focus will be on execution. Going forward our priorities are clear and priorities are absolutely well defined. Achieve sustainable above industry Growth very important both in domestic and other market. The second area as far as execution is going to play a very important role is to expand margins. That is very important going forward. Get the synergies on account of the scaling of the business that is happening and create long term value for my stakeholders.<\/p>\n

It’s very very important that my stakeholders is at the core of these strategies that will be formulating and I’m extremely conscious of the fact that they have reposed faith in me and my company to that ext always remain at the back of my mind as we execute our policies going forward. Again I would like to reiterate that MQR science driven portfolio and record delivering complex products set us apart. We are different because we are focusing on technology so our complex products will set us apart.<\/p>\n

Our ongoing investments will be in people, products, processes and partnership position and partnerships so that we have position us for growth and profitability across all geographies as in India, Canada, Europe and rest of the world as we progress towards strategic plan. So I think as far as going forward is concerned the focus will be on growth and growth and and obviously improving the margins. That’s something that we have and that’s how we will go now. I would also like to thank you all and all my inquiries for all unstinted support they have given us and we are very proud of that.<\/p>\n

And I would also like to thank all of our shareholders for deposing creepiness and partners for their absolutely unstinted support which means a lot to me as an individual at this point of time in my career. And that’s the biggest capital that I have and I intend building on it for my shareholders and my partners going forward to deliver results, better results year after year. Thank you for giving me patient hearing. Your support means a lot to us, all of us. Now I will hand over to Taj, our CFO review the Q4 and FY26 financial. Taj over to you.<\/p>\n

Tajuddin Sabir Shaikh<\/strong> \u2014 Chief Financial Officer<\/em><\/p>\n

Good afternoon everyone. I will take you through the key financial highlights for the fourth quarter and the full year. FY26 I’ll be discussing all comparison on a year on year basis starting with the Q4 performance. Revenue from operations for the quarter grew by 16.7% to 2,470 crores up by 16.7%. The domestic business grew by 5.2% to 977 crores due to softness in grievances arising from the recently concluded minority stake transaction and related leadership changes and team and portfolio reorganizations.<\/p>\n

International markets maintained their strong growth momentum with revenues growing 25.7% to 1,493 crores. Europe reported revenues of 538 crores a growth of 35.8% with base business Mag and Ampertritin B scaling up being contributing factors. Canada reported a 28.6% growth with revenues increasing to 399 crores led by market share gains and new launches. Emerging markets grew 15.5% to 556 crores with both ARV and non ARV seeing strong growth. Gross margins for the quarter stood at 59.4% versus 57.8% in quarter four of FY25 up 160bps because of a better business mix especially new launches in international markets.<\/p>\n

EBITDA excluding other income grew 24.5% to 485 crores. EBITDA margins improved to 19.7% from 18.4% in Q4 of FY25 and 19.5% in Q3 of FY26 supported by operating leverage and productivity gains being partly offset by Sanofi Oad contribution depreciation and amortization for the quarter was 106 crores. Interest cost was 46 crores. During the quarter we also booked an exceptional expense of 43 crores related to Mantra earnout being higher than initial expectation due to better performance achieved.<\/p>\n

This was partly offset by reversal of 12 crores due to reassessment of new labor coat related liabilities. Excluding the impact of exceptions, the effective tax rate stood at 25.4% for the quarter. Consequently, reported PAT for the quarter was 244 crores with a PAT margin of 9.9%. Adjusted PAT came at 279 crores showing strong growth of 36% year over year with PAT margin of 11.3% which was up 160 billion. Net debt as of 31st March 2026 stood at 1054 crores. The increase in debt over the last year has primarily been because of payout of Formanc as well as Duentis minority stake acquisition.<\/p>\n

Moving to the annual performance for FY26, revenue from operations grew to 9,204 crores, a strong growth of 16.6%. Domestic business grew to 4,027 crores representing a growth of 10%. International markets performed well with revenues growing 22.2% to 5,177 crores driven by strong performance across EU ROW markets and Canada. EU was the strongest performer with revenues growing 25.5% to 1,850 crores crores. ROW market scaled up to 1,840 crores delivering a 21.8% growth. Both ARV and non ARV verticals contributed to the strong performance.<\/p>\n

Canada grew 18.7% to 1,487 crores through base business growth and new launches. Gross margins for FY26 stood at 60.3% up 20 wips. EBITDA for the year was at 1,789 crores growing 21.8% from 1,469 crores. In FY25, EBITDA margins improved 80bps to 19.4% reflecting improved utilization and productivity gains. The EBITDA margin improvement is despite increase in R and D investments during the year. R and D Investments stood at 383.5 crores for FY26 corresponding to 4.2% of revenue. This was an increase of 50bps year over year.<\/p>\n

Depreciation and amortization grew to 415 crores from 384 crores in FY25. Excluding exceptional and one time impact, our effective tax rate for FY26 was 26%. Reported PAT was 941 crores with PAT margin of 10.2%. PAT adjusted for exceptions was 1008 crores reflecting a growth of 41%. Adjusted PAT margin stood at 10.9% up by 189bps. With that, I will now open the floor for questions.<\/p>\n

Questions and Answers:<\/h2>\n

Operator<\/strong><\/p>\n

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 then one on the Touchstone telephone. If you wish to remove yourself from the question queue, you may press STAR and then two participants. You are requested to use handsets while asking the question. Ladies and gentlemen, we will wait for a moment while the question queues embellish. A reminder to all. You may press STAR and then one on your Touchstone telephone to ask a question.<\/p>\n

We will take the first question from the line of Amai Charke from JM Financial. Please go ahead.<\/p>\n

Amey Chalke<\/strong><\/p>\n

Yeah, thank you so much for giving an opportunity and congrats. A good set of numbers. So the first question I have on India business, we have delivered around 5% growth this quarter. I understand if there was a moment of impact. Is it possible to quantify this impact and does it mean that since there is accretion and all what you mentioned the next few quarters year on year growth could be affected on account of this restructuring?<\/p>\n

Tajuddin Sabir Shaikh<\/strong><\/p>\n

Sure. Thanks Amit so I think just to give the context, as you know we took over the Zovintex in end of Q2 early Q3 we had got a new management team And I think Q4 is when we did the restructuring of the whole team and portfolio. So most of the slow growth that you are seeing is because of that. I think X off the Zovitas impact for the full year we would have been close to the 9, 10% based business growth that we have been talking about that we delivered even in the first nine months. So majority of the decline that you’re seeing in Q4 was debt by jointus.<\/p>\n

I think the restructuring was a mix of portfolio restructuring, team refocus and which led to a higher attrition. We don’t think the impact lasts for the full year for FY27. What we do expect is we continue to growing above industry and as the CEO had mentioned even in his opening statement April, we are now recovering back on track.<\/p>\n

Operator<\/strong><\/p>\n

Hello.<\/p>\n

Tajuddin Sabir Shaikh<\/strong><\/p>\n

Yeah, go ahead. I think we lost<\/p>\n

Operator<\/strong><\/p>\n

Due to no response from the current participant. We will take the next question. Question we have the next question from the line of Manudani. Please go ahead.<\/p>\n

Tushar Manudhane<\/strong><\/p>\n

Thanks for the opportunity. Am I audible?<\/p>\n

Operator<\/strong><\/p>\n

Yes, you are. Yes.<\/p>\n

Tushar Manudhane<\/strong><\/p>\n

As far as international market is concerned, if you could just share how much would have been the constant currency growth for each of the segments? Europe, Canada, energy market. That’s my first question for the quarter.<\/p>\n

Tajuddin Sabir Shaikh<\/strong><\/p>\n

Okay, so I think overall for the international market the currency impact was about that 7 to 8% that we had. So it was slightly higher, more about closer to 1112% in Europe while Canada in emerging was slightly lower.<\/p>\n

Tushar Manudhane<\/strong><\/p>\n

Got it. So then considering even if I have let’s say constant currency growth of Europe to the tune of almost 20% for the quarter and then we have niche product scale up that’s happening in Europe. So what kind of outlook one can think for next few years? 27:28<\/p>\n

Tajuddin Sabir Shaikh<\/strong><\/p>\n

We’re talking about the overall international markets or<\/p>\n

Tushar Manudhane<\/strong><\/p>\n

I was referring particularly for Euro like even adjusting for the constant currency the growth has been rate with scale up in certain niche products. So just was trying to understand the outlook for 2028 for Europe market.<\/p>\n

Tajuddin Sabir Shaikh<\/strong><\/p>\n

Yeah, so I think in the near term the growth we do expect it to be stronger in Europe especially as Amco gets launched up. But yeah once it reaches the scale. So I think over the next two years we do still expect mid teens of growth in the Europe business as a category<\/p>\n

Tushar Manudhane<\/strong><\/p>\n

And that should help to get better gross margins as well. At least for Q4 it is not getting reflected compared to Q3 despite improvement in the overall international business.<\/p>\n

Tajuddin Sabir Shaikh<\/strong><\/p>\n

So I think. So if you look at it among the business itself, right. Usually domestic is a higher GC business versus international. Now if you look at it despite the domestic being slightly softer in Q4, our overall GC has improved Q on Q. So some of that is deflecting out. I think for the full year we do expect GCs to remain around that 60 basis percentage point, so.<\/p>\n

Tushar Manudhane<\/strong><\/p>\n

Understood, understood. And just lastly on the domestic play, what kind of industry growth do you think would be there for say FY27?<\/p>\n

Tajuddin Sabir Shaikh<\/strong><\/p>\n

I think we continue to expect industry growth to be around that 8 to 9% or and for us the target as you said target for us is to grow faster than the industry out for your low double digits.<\/p>\n

Tushar Manudhane<\/strong><\/p>\n

Understood, thanks. That’s it.<\/p>\n

Operator<\/strong><\/p>\n

Thank you. We will take the next follow up question from the line of Ama Chalke from JM Financial. Please go ahead.<\/p>\n

Amey Chalke<\/strong><\/p>\n

Yeah, am I audible now?<\/p>\n

Operator<\/strong><\/p>\n

Yeah, you’re audible.<\/p>\n

Amey Chalke<\/strong><\/p>\n

Yeah. Thank you so much. I did have one follow up question on the winter. So what kind of operational synergies do you expect in the Ventus? Like will it improve our India margins? Are you going to consolidate our like a common molecule brands which are present in both the entities like or the Mr. Field Force? Are you going to cut it down so that that could improve the profitability? Any color on that would be helpful.<\/p>\n

Satish Ramanlal Mehta<\/strong><\/p>\n

So basically let me tell you that as far as we are considered Zubentos is a different segment altogether. Just to give you a flavor as far as NQL is concerned, essentially focuses on gynec cardio and metabolics. That’s what we do as far as nq.<\/p>\n

Operator<\/strong><\/p>\n

Sorry to interrupt sir. If you’re speaking, you’re not audible. Hello?<\/p>\n

Vikas Madan Thapar<\/strong><\/p>\n

I think we lost the CEO. Can you guys hear me? This is Vic.<\/p>\n

Operator<\/strong><\/p>\n

Yes I can hear you sir.<\/p>\n

Vikas Madan Thapar<\/strong><\/p>\n

Yeah, I’ll try and take a stab. Until Satish is able to join back in. I think the synergies are going to be more in terms of how we’re organized on the sales and marketing efforts. I think what Satish was trying to highlight that given these two segments still cater to very different therapeutic segments. On the manufacturing synergies it’s less because we have plants that are catering to specific sets of products on both sides but definitely on some of the sales and marketing and related support functions.<\/p>\n

That’s exactly some of the restructuring efforts that are underway to be able to synergize and get some operating leverage in the sales and marketing aspects of the Zoventus business.<\/p>\n

Operator<\/strong><\/p>\n

Amit, does that answer your question? Ladies and gentlemen, the line for the management has been disconnected. Please stay connected while we join them back. Ladies and gentlemen, the line for the management has been connected. We will take the next participant. We have the next question from the line of Bansi from JP Morgan. Please go ahead.<\/p>\n

Bansi Desai<\/strong><\/p>\n

Yeah, Thanks. So just two questions from my side. Firstly on India, If you can just help us understand slightly more in detail as to how the acquisition of minority stake affected the Winter’s portfolio and the attrition. The second part to it is that of our total Mr. Count, you know what percentage of field force is for Juventus and what is the kind of restructuring we saw there?<\/p>\n

Tajuddin Sabir Shaikh<\/strong><\/p>\n

Sure. So I think what happened along with the minority stake, what we also had was the management big change in the management team. Right. So Mr. Goa was leading that business since the inception. He stepped down and we had a new team coming in. And I think when the new management came in we also had a revocate the whole portfolio. The team structure that we had, I think something similar to what we did in the cardio diabetes when you took over the Sanofi and restructured the teams. So which division was going to which therapies, what is the focus?<\/p>\n

That is what we took over in Q4. That I think with the management change and all that we have seen that is what led to a higher accretion in the field force. And as you know, acute is likely a short term treatment. Right. So if you have a gap in the field force it does lead to a much higher sales drop than what you will see in a normal chronic business. For coming to a question on the field Force, about 40% of the field force is in Joventis for us.<\/p>\n

Bansi Desai<\/strong><\/p>\n

Okay. And what percentage of this 40% would have seen restructuring or change in Mrs.<\/p>\n

Tajuddin Sabir Shaikh<\/strong><\/p>\n

So I think we structured the poll so difficult number but the attrition would have been. So normally if you look at it, attrition is about 20 to 30% the quarter we had a much higher attrition out there.<\/p>\n

Vikas Madan Thapar<\/strong><\/p>\n

Yeah, it’s not just the attrition, it’s also restructuring of couple of the divisions and the products. So I think it’s not just the attrition aspect, it’s also, you know, being repurposed. So there is a little bit of disruption related to that that happens normally as part of any such exercise. So I think all in all what we’re trying to highlight is that that was something carried out towards the end of Q3 and in Q4, but it’s starting to pay us dividends in the sense that for April, as the CEO mentioned, we are right on target in terms of our own internal expectations for Zoventis. So we’re very happy with the progress that we’re seeing, particularly over the last 45 to 60 days.<\/p>\n

Bansi Desai<\/strong><\/p>\n

All right, just if you can call out what is our Mr. Strength as of today,<\/p>\n

Tajuddin Sabir Shaikh<\/strong><\/p>\n

Close to 4,000.<\/p>\n

Bansi Desai<\/strong><\/p>\n

Okay. The reason why, you know, I asked these questions is that, you know, at least with, you know, some of your peers, what we’ve seen is that on the acute side, you know, when we see such restructuring, you know, of, you know, it does take a while for the productivity to show up because as you highlighted, this is short term treatment. A lot of it is based on your relationship with doctors, etc. So that is the reason why I was trying to check. But it’s good to know that you’re mentioning that you’re already seeing improvement in the month of April. So we basically should not expect this to sustain in terms of impact going into the next quarter.<\/p>\n

Satish Ramanlal Mehta<\/strong><\/p>\n

Yeah, so we’ll be back on track. And again, the other thing, you know that I would like to say that as royalties is concerned over a period of time, you know, we have built some very strong brands. So that should also take us through though we are in acute but at the same time some very strong brands. So I think, you know, that’s how, you know, Vic was mentioning some time back. Right. From April onwards we are on track and every reason to believe that things will get better by.<\/p>\n

Bansi Desai<\/strong><\/p>\n

All right. And second question just on our employee expenses, you know, this year we’ve probably grown at about 7 odd percentage. Should we assume this run rate to continue?<\/p>\n

Tajuddin Sabir Shaikh<\/strong><\/p>\n

Yeah, we expect it to be around 10%.<\/p>\n

Bansi Desai<\/strong><\/p>\n

Okay. Next year. Understood, Understood. I’ll get back in the future. Thank you.<\/p>\n

Operator<\/strong><\/p>\n

We will take the next question from the line of d. Pathak from Y2 capital. So please go ahead.<\/p>\n

Dheeresh Pathak<\/strong><\/p>\n

Yeah, thank you. So just carrying forward on domestic growth. So for April, can you confirm like with Zoentus, the growth is in line with the market or it is still below market growth, including Zoeventus in the month of April?<\/p>\n

Tajuddin Sabir Shaikh<\/strong><\/p>\n

I don’t think we’ll comment on monthly growth and all, but as you mentioned. Right. I think versus what we had targeted out, we are fully on track for that. I think once we have a quarter, that’s where we talk about the full year.<\/p>\n

Dheeresh Pathak<\/strong><\/p>\n

Okay. And Q4, did you say that X of Zwentis the growth was high single digit? Did I hear that right or something like that? I<\/p>\n

Tajuddin Sabir Shaikh<\/strong><\/p>\n

Think now what we said is X of Zuvintes for the full year we would have been that high single digits growth For the full year. And in Q4 Q4 would have been about 7,<\/p>\n

Dheeresh Pathak<\/strong><\/p>\n

8%, 70%. All right, thank you.<\/p>\n

Operator<\/strong><\/p>\n

Thank you. We will take the next question from the line of Dino from Elara Capital. Please go ahead.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Hi, good afternoon. Just a quick question. You had recently licensed these Nephro brands from Roche. Could you give a sense of What is the annual revenue run rate for those brands and also what sort of upfront payment have you made?<\/p>\n

Tajuddin Sabir Shaikh<\/strong><\/p>\n

So you know there’s no upfront payment that we have made for this. Right. I think similar to all the other licensing we have done, there is no upfront payment out here. The portfolio is the smallest, only two, three brands. So it will be less than 50cr analyzed. Understood. And We have a reasonably strong presence in necrobaugy. We always say there is strong position. So it should help Roche, it should help us.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Got it. And quick question on your guidance of low to mid teen growth, what sort of currency assumptions have you made? Does that include the benefit of depreciation of inr?<\/p>\n

Tajuddin Sabir Shaikh<\/strong><\/p>\n

So I think the currency assumption, what you’re building is a currency of average currency of 92 USD INR. 92 USD INR. Okay, yeah, got it. Thank you.<\/p>\n

Operator<\/strong><\/p>\n

Thank you. We will take the next question from the line of Siddharth Meghandi from cwc. Please go ahead.<\/p>\n

Sidharth Negandhi<\/strong><\/p>\n

Thanks for taking that question. You and you mentioned about certain AI initiatives that are beginning to show results. If you could provide some color on that. That’s question one second is in terms of market share in your covered markets, how did that pan out in Q4 and in the full year and the third is in. In the semi glutide part that you’re talking about that how are you seeing catch up post you taking down the pricing in in the month of April given the launch of gender, are you seeing your market share flow back?<\/p>\n

Those are the three questions.<\/p>\n

Vikas Madan Thapar<\/strong><\/p>\n

Okay. Yeah. So let me start on the AI front and I can have my colleagues join in. I think the AI initiative, it’s very early days and obviously AI landscape keeps changing by the day. But what we are trying to do is really champion it across the company. So in places like R and D and Menu we are seeing definite benefits in terms of some of the speed of research and development of some of the products in the pipeline that we’re working on as well as in manufacturing looking at how to obviously get better efficiencies or throughputs.<\/p>\n

Using AI to study our own batches being produced, et cetera. Then across the organization. I think whether you talk of support functions like legal, hr, finance, I think we are starting to adopt AI in different ways and means to be able to make our workforce a lot more productive even on the marketing side. Whether it’s analysis of salesforce effectiveness and related sales and marketing initiatives like graphics design or brand plans, et cetera, these are all areas where we’re seeing some adoption of AI bearing some fruit.<\/p>\n

But we’re very excited because I think the real benefits of that will accrue over the next two or three years as we become more and more well versed in using it more holistically across the organization. I think to your second question around Semabutide, I’ll let my colleagues also answer, but certainly we wanted to be aggressive in terms of the post generic entry in terms of offering a very robust price point while still offering the innovator brand. And so we are starting to see some green shoots of that as well.<\/p>\n

I will pause and let Peyush or Satish comment on Samadh Guthad and as well as the last question that you had, thank you.<\/p>\n

Satish Ramanlal Mehta<\/strong><\/p>\n

Would you like to talk about some other practices? Sameer, go ahead. So that’s something I know that is very close to your heart.<\/p>\n

Samit Satish Mehta<\/strong><\/p>\n

I mean there’s obviously a lot going for that brand. It’s an innovative brand. B it’s an RDNA biologic versus the synthetic generics that have entered the market. Now with this price reduction I think we have a real sweet spot in terms of the pricing vis a vis the generics and of course across specialties there’s close to thousand sales reps that are actively promoted promoting this product. So we believe that all this should get us very good traction over the short to medium term as well.<\/p>\n

Satish Ramanlal Mehta<\/strong><\/p>\n

The other thing I would like to add only some time back we got also permission for Nash. That’s one thing that is happening newer indications then we in addition to that, you know SEC has cleared submit so it should be coming anytime. In addition to that, you know what really happens that in the price warlord that is going on with so many generics in the market with absolutely correct pricing strategy thanks to known always and reach and penetration and having got some head start because we started promoting the product from December onwards.<\/p>\n

So I think going forward I’m quite optimistic about should do well on the back of the clinical data that we have as far no is concerned we have access to 40 clinical trials that have done all over the world Sameet rightly alluded to, you know our DNA rest of the products are synthetic. So I think you know, on the back of say science and technology that we’ll be talking, we’ll distinguish ourselves from the competition and let’s see how it plays out. But at the same time, you know, as I’m talking to you, I’m quite optimistic.<\/p>\n

And third one which is a piyush<\/p>\n

Tajuddin Sabir Shaikh<\/strong><\/p>\n

Covered market share. Yeah. I think overall given the vintage impact that we had in Q4, our market share would have probably been flattish for the year.<\/p>\n

Sidharth Negandhi<\/strong><\/p>\n

Thank you. Thanks for the detailed responses. Thanks.<\/p>\n

Operator<\/strong><\/p>\n

Thank you. We will take the next question from the line of Ankush Mahajan from Sanctum Wealth. Please go ahead.<\/p>\n

Ankush Mahajan<\/strong><\/p>\n

Thanks for the opportunity. My question is related to the India business. So if you see there are different parts in the business like basic. And snowflake illness. So despite all these parts our growth is just 5%. So I just try to understand what kind of growth we have seen in base business than other businesses also and what we are as compared to previous questions. We are realizing that the peers does have a cute portfolio or facing such problems like they vary of the team and all. So the growth is almost delayed for a few quarters.<\/p>\n

So will you throw some more light on that part?<\/p>\n

Tajuddin Sabir Shaikh<\/strong><\/p>\n

So I think as you mentioned, so yes, the restructuring had impact on Q4, what we are seeing at least in the last 45 days, 40 or 35 days or of the year, the revival and the business performing as per plan. So I think for us we do, we don’t expect the impact to last a very long time for us.<\/p>\n

Satish Ramanlal Mehta<\/strong><\/p>\n

As I explained some time back. I’m sure you must have listened that we have problem. Only Juventus as far as other business are concerned like IB where we are strong in Kaimi Kargate and metabolic fluid that continues to perform as per our expectations in our Onco and Metrology also is performing as per the experiment expectations. And because of change in management and restructuring that so eloquently explained, we had a bit of a setback, you know, as far as zolenters is concerned. But as I told you know in my opening remarks right from April onwards we are on track, so nothing to worry really.<\/p>\n

Vikas Madan Thapar<\/strong><\/p>\n

I would like to just clarify one point. You know the acquisition of the minority stake and the departure of Mr. Guha happened in the month of October. So this is not a recent departure and therefore we’re concerned about the lagging effect of that over the next two, three quarters. What we’re trying to highlight is some of this started already in let’s say end of our Q3 carried into predominantly Q4 where we took the efforts over the prior three months in Q4 to have a lot of that restructuring take place and now we’re seeing the green shoots of that.<\/p>\n

So from our perspective we think that zovensis is more or less tracking on back on track starting in Q1 itself as opposed to being concerned that this is going to be a let’s say two, three additional quarters lag. We’re already about four or five months into that entire process. My assessment is that we are almost lost 80 to 90 crore of a business in the first quarter. Sorry in the last quarter, 3, 4 or more quarter from a given test side. So but the half of that we have grown in the same butide side and others also. So this growth should be on the higher side. Did you follow the question?<\/p>\n

Tajuddin Sabir Shaikh<\/strong><\/p>\n

So I think the semaglutide side is still ramping up. Right. So it’s not a big driver for what a big contributor to growth at this point. As you know I think what we talked about even last time, the initial few months it was more about market shaping and building the business and all and then March onwards there was anticipation of generics coming in so there is a price cut. So Q4 we didn’t have that much of a semavu type of delta in there in the business out there. I think what it’s highlighting is EXO’s events.<\/p>\n

If you look at it, our domestic business is growing at that high single digit, low double digit rate on an organic basis itself.<\/p>\n

Ankush Mahajan<\/strong><\/p>\n

Thank you sir. Thank you very much.<\/p>\n

Operator<\/strong><\/p>\n

Thank you. We will take the next question from the line of Forum Parikh from BOV Capital. Please go ahead.<\/p>\n

Foram Parekh<\/strong><\/p>\n

Thank you for the opportunity. My first question is on The domestic side. If you can quantify the contribution of these in licensing products to the domestic business So the in licensing make up for the domestic about 15% of our fees. Okay. And are we still scouting or are we still interested in doing more such in licensing these in the near term?<\/p>\n

Satish Ramanlal Mehta<\/strong><\/p>\n

Let me, I’ll take that question here. So ma’, am we are concerned though the entire focus will be on organic growth. Build our own brands and take them to the next level. Also launch the products from our R D. But at the same time suppose if something comes in licensing we are obviously pretty open because let me tell you getting the portfolio cardio portfolio from Sanofi has obviously given a fillip to our products elsewhere that has worked out well and as far as metabolics are concerned we hardly had any presence before we bought, you know, Metabolics portfolio, I did Ameril instead of Sanofi.<\/p>\n

And what really happened on the back of this portfolio, my own products, good GC has also started doing well. So I think, you know, while the emphasis will be obviously on organic growth and focusing on our big brands becoming bigger. But at the same time, as I mentioned, you know, in the early part of my, my digital address in licensing will continue to be part of our strategy going forward. Wherever it is going to be accretive and going to add value to our current portfolio.<\/p>\n

Foram Parekh<\/strong><\/p>\n

Sure. And on this Provost brand, how should we look at it? I mean, despite the competition, but then we had a price cut and we had some encouraging results out of it. So do we see it becoming a meaningful contributor in the next couple of years through the domestic sales?<\/p>\n

Satish Ramanlal Mehta<\/strong><\/p>\n

I, I think so, you know, because what really happens, you know, thanks to Node or not, is the pricing, you know, is very competitive and as the market, you know, crowds and most of the people will be talking about say price war is going to happen in times to come. But as soon as we are concerned, you know, we’ll talk about the merit of the product, which is RBMA product, not synthetic, backed up by a lot of clinical data. So we’ll be differentiating ourselves on the back of science. We’ll be talking to the doctor to that extent as I’m talking to every reason to believe that this product should do well going forward for us.<\/p>\n

Yeah, go ahead.<\/p>\n

Vikas Madan Thapar<\/strong><\/p>\n

I was just going to add that as you already mentioned, as the indications of use continue to widen and more and more specialists become comfortable riding the brand, that’s where we think we will continue to gain momentum with this brand as well.<\/p>\n

Foram Parekh<\/strong><\/p>\n

Sure. My second question is on the R and D pipeline towards adc. So if you can just explain what part of the ADC are we. When do we see this getting commercialized? How long is it for the commercialization to take place?<\/p>\n

Samit Satish Mehta<\/strong><\/p>\n

Sure. So there are two parts to the ADC program. One will be a biosimilar ADC and the other will have some element of innovation in it, especially the linker around which we have our own ip. So the linker and payloads will be in house, the consolidation will be done in house for the mab. Since you know, it’s a crowded market with available drug substance, we are partnering with a company to work on the mab. So in that context the biosimilar ADC should have a shorter approval pathway and you know, the innovative ADC of course will be slightly longer.<\/p>\n

But you know, we’re seeing some encouraging results in terms of identifying some potential lead candidates.<\/p>\n

Foram Parekh<\/strong><\/p>\n

Okay, so by when do we expect commercializing these products? Is it in the near couple of years time?<\/p>\n

Samit Satish Mehta<\/strong><\/p>\n

So the biosimilar adc? I’m not giving out a very specific timeline is because the regulatory landscape in India itself is evolving. Many countries globally have done away with phase three trials which are typically the most expensive studies which have the longest timeline as well. So if there is some regulatory pathway that is similar to these countries then it could take away a significant portion of the development timeline. So you know, there’s no point in trying to guess where and at what time these paths will coincide.<\/p>\n

But it could make a significant difference in the approved timelines with and without a phase three. So it may not be accurate to give out a timeline but obviously the biosimilar will be earlier than the novel one.<\/p>\n

Foram Parekh<\/strong><\/p>\n

Okay. And lastly on the Capex front, if you can just give us the capex expected for FY27<\/p>\n

Vikas Madan Thapar<\/strong><\/p>\n

I think there we go around that 400 crores rough number. I think we’ll broadly be in that range of 400 425ish crores.<\/p>\n

Foram Parekh<\/strong><\/p>\n

Sure. Okay, thank you. Thanks a lot.<\/p>\n

Operator<\/strong><\/p>\n

Thank you. We will take the next question from the line of Kunal Ganderia from Axis Capital. Please go ahead.<\/p>\n

Kunal Randeria<\/strong><\/p>\n

Yeah. Hi, good afternoon. So my first question is around assumptions on the guidance. So you said barring any geopolitical events but as we speak, you know there are geopolitical events afoot that might just push up the prices or would have already pushed up the price of some raw materials. So How much of it? Some of the price cost increase would be already baked in your guidance.<\/p>\n

Tajuddin Sabir Shaikh<\/strong><\/p>\n

So Konal, I think a couple of factors right. One is I think given the nature of the business and especially some of the markets we are in for most of the markets we do have between one to two quarter of inventory. So at least for the next couple I think for next one or two quarters we are we don’t see much of an impact coming through. I think post that there are obviously we’ll have to see if this price elevation lasts across raw material and how much we can pass it on to the customer side. So you would have seen even in the domestic market the IPA has reached out for price hikes.<\/p>\n

I think we are also looking at what we can do within the international markets. So it’s still an evolving phase at this point. We don’t think unless it waits further it should not be a major impact. But we’ll have to see as it evolves.<\/p>\n

Satish Ramanlal Mehta<\/strong><\/p>\n

One more point, you know, that I would like to add. You say industry wide problem, not necessarily restricted to one company and the, the advantage, you know, that we will have that we are not in a purely generic, generic market, you know, because we are having differentiated products. So to that extent our ability, that’s what I teach you. I don’t know how it plays out. Will be better in terms of, you know, asking for higher quality price, you know, going forward. And as far as India is concerned, this industry wide problem, IP has very proactively taken up, you know, with the government and we are also involved, you know, in the negotiations.<\/p>\n

So let’s see how it plays out going forward. It’s an industry wide problem.<\/p>\n

Kunal Randeria<\/strong><\/p>\n

Understood. So second question is you are looking to file for semicard in Canada now with a couple of approvals. It might be a bit late, I guess. So what is the path ahead? Would you be kind of now partnering with someone maybe as a marketing partner? What’s the path ahead?<\/p>\n

Vikas Madan Thapar<\/strong><\/p>\n

Would you like to take that? Yeah, I can take that. So in fact, in Canada, as you know, both Apotex and Redis did get the approval very recently. You’ll be happy to know that our Mantra subsidiary in Quebec has partnered with Dr. Reddy’s and will be launching the product hopefully sometime in Q2 and then ramp up from there. We are obviously filing our own product in Canada as well for addressing, I think the more midterm opportunity for throughout Canada. But we’re very, very excited about our partnership with Dr.<\/p>\n

Reddy’s to be able to capture decent market share in the Quebec market where we anticipate that the pricing dynamics will be more favorable there relative to even the rest of Canada. And it just shows you the strength of our team that DRL has chosen to partner with us for trying to capture that early mover advantage in the Canadian market.<\/p>\n

Tajuddin Sabir Shaikh<\/strong><\/p>\n

That’s good to know. So would it be like a profit share kind of an agreement or more of a marketing margin kind of fixed marketing margin kind of agreement?<\/p>\n

Vikas Madan Thapar<\/strong><\/p>\n

Yeah. So I don’t want to specifically comment on the deal dynamics. I think it’s early days but you know, I think it’s a decent opportunity for us for specifically the Quebec region. And I think only time will tell how lucrative that can become. But obviously at the same time, I must say that early days there was a lot of numbers being thrown around for the Canadian market. Obviously some of the pricing has corrected a bit. So we think it’s still a decent opportunity for us. Looking at the dynamics of the deal as well as longer term when we anticipate entering at some point in the future with our own product to address the remainder of the market.<\/p>\n

Kunal Randeria<\/strong><\/p>\n

Got it. Thank you. All the best.<\/p>\n

Operator<\/strong><\/p>\n

Thank you. We will take the next question from the line of Avnish Burmal from Vikarya. Please go ahead.<\/p>\n

Avnish Burman<\/strong><\/p>\n

Yeah, hi, good evening. Thanks for taking my question. My first question is in continuation with the previous participants session on the impact of business because of the Middle east conflict. I just wanted to know whether are you facing any constraints in terms of, you know, container availability or raw material or even people in your factory, Is there any impact On the business because of that?<\/p>\n

Tajuddin Sabir Shaikh<\/strong><\/p>\n

No. So I don’t think we’re seeing any supply issues right now. I think the impact that you have is largely more on the pricing front. Supplies are not yet. No<\/p>\n

Satish Ramanlal Mehta<\/strong><\/p>\n

Again supplies in this sense, limited sense. What is really happening, the solvents, you know, of the prices are short of. The solvents are not available that we require, you know, for active pharmaceutical ingredients. And that is industry wide problem, you know, that we are facing. And even for that month, you know, it’s, it will be, one must admit, you know, the insurance cost and the freight cost has also gone up because a longer route which is required to be taken. But at the same time it’s difficult to find, you know, what is the impact as of now, as rightly mentioned, you know, sometime back we are carrying inventory everywhere and if the war continues, you know, for a few months, I think the entire industry, or entire industry, not necessarily pharma, all of those are going to be impacted<\/p>\n

Tajuddin Sabir Shaikh<\/strong><\/p>\n

Right now. So for example, cost like you mentioned, freight and insurance costs and all, I mean these are inventory independent. So in these kind of cost increases, are you able to pass it on or are you taking it right now in your pnl? I think it’s a mix, I don’t think. I think the guidance, what we are guiding out includes the current, what we are seeing in terms of the pricing.<\/p>\n

Avnish Burman<\/strong><\/p>\n

Okay. And as far as for your domestic business, if you have any CMO partners in India, are you facing any bottlenecks From those partners?<\/p>\n

Tushar Manudhane<\/strong><\/p>\n

No. As of now, no.<\/p>\n

Avnish Burman<\/strong><\/p>\n

Okay. Okay. My second question is on this. The FDA announced some development on the biosimilar front where they reduced the RD biosimilar. Just your opinion on, you know, how does it impact the new entrance or the incumbents differently? If you can just talk about that a little bit.<\/p>\n

Samit Satish Mehta<\/strong><\/p>\n

I think many companies will now find it a little more lucrative to enter the biosimilar space because like I was previously mentioning, phase Three, which is essentially an efficacy study, you know, for a lot of biosimilars could possibly be waived off. And that was the largest component in terms of both costs as well as elongating the timelines. So once that goes away and we see more approvals coming through that have been filed without the phase three or with the waiver, then definitely the biosimilar space will heat up a little more.<\/p>\n

And that said, that’s where company like MQ Genova will have the advantage. Given that we have been in this business for quite a long time and have developed strong and expertise on both the mammalian as well as the bacterial platforms of which most of the biosimilars are anyway produced in terms of maximizing or optimizing the titers, the yield, the cogs. We are there. So you know, even with competition being very intense and cogs playing a major role, we should be able to thrive in the market going forward.<\/p>\n

Avnish Burman<\/strong><\/p>\n

Understood. Thanks. I will get back in with you.<\/p>\n

Operator<\/strong><\/p>\n

Thank you very much ladies and gentlemen. We will take that as the last question for today. And with that concludes the question and answer session. I now hand the conference back to the management for closing comments.<\/p>\n

Satish Ramanlal Mehta<\/strong><\/p>\n

Okay. I mean this is Satish Mehta. Thanks for very active participation. I would like to reiterate, you know that we have delivered strong growth route in FY26 which has exceeded our initial guidance. I understand you are concerned about Z but I would like to again reiterate we are in good shape. April has been as per our expectations and I believe you know we will deliver the growth as per what the guidance which has been given by the company. Nothing to worry as far as the domestic business is concerned with our diversified business model model.<\/p>\n

As we kept on talking about our position that we have in Canada, Europe and emerging market. I believe we are very well positioned to continue our growth trajectory and as Piyush mentioned and as also mentioned in my initial remarks, low to mid teen growth with continued EBITDA margin expansion in FY27 will keep on working. That is something which will happen and as we mentioned the end entire focus will be on execution processes and people and growth will be fairly well diversified because the company and the business that we have built we are very strong four verticals as a domestic market which I love, we should keep on doing better and better as we go along but at the same time excellent position in Canada, Europe and emerging market that we have.<\/p>\n

So to that extent business is in good shape and we should deliver results as per the expectations of the market going forward. So thank you very much for giving patient hearing and looking forward to interacting with you from time to time. And if you have any follow up questions, kindly feel free to reach out to us and we’ll be more than happy to answer. Thank you very much.<\/p>\n

Operator<\/strong><\/p>\n

Thank you members of the management, on behalf of N.K. Pharmaceuticals Ltd. That includes this conference, thank you all for joining with us today. And you may now disconnect your lines. Thank you.<\/p>\n","protected":false},"excerpt":{"rendered":"

Emcure Pharmaceuticals Ltd (NSE: EMCURE) Q4 2026 Earnings Call dated May. 05, 2026 Corporate Participants: Piyush Nahar \u2014 Executive Vice President, Corporate Development and Strategy Satish Ramanlal Mehta \u2014 Chief Executive Officer & Managing Director Tajuddin Sabir Shaikh \u2014 Chief Financial Officer Vikas Madan Thapar \u2014 President, Corporate Development, Strategy & Finance Samit Satish Mehta […]<\/p>\n","protected":false},"author":2377,"featured_media":147581,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"jetpack_post_was_ever_published":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":true,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2}},"categories":[6349],"tags":[10169,9175,9104,9092,14492,13743,10089],"class_list":["post-182351","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-transcripts","tag-earnings","tag-earnings-call","tag-earnings-conference","tag-earnings-transcripts","tag-financial-results","tag-health-care","tag-quarterly-earnings"],"jetpack_publicize_connections":[],"jetpack_featured_media_url":"https:\/\/alphastreet.com\/india\/wp-content\/uploads\/2023\/05\/Transcript-thumbnail.jpg","jetpack_likes_enabled":false,"jetpack-related-posts":[{"id":172833,"url":"https:\/\/alphastreet.com\/india\/emcure-q2-fy26-earnings-results\/","url_meta":{"origin":182351,"position":0},"title":"Emcure Q2 FY26 Earnings Results","author":"Divyansh_Kasana","date":"December 1, 2025","format":false,"excerpt":"Emcure Pharmaceuticals Ltd , incorporated in 1981 and a global manufacturer and marketer of pharmaceutical products, reported strong financial results for Q2FY26. Financial Highlights: Revenues increased 13.39% year-on-year to \u20b92,270 crore from \u20b92,002 crore. Total expenses rose 9.52% to \u20b91,932 crore from \u20b91,764 crore. Consolidated net profit grew 24.26% to\u2026","rel":"","context":"In "AlphaGraphs"","block_context":{"text":"AlphaGraphs","link":"https:\/\/alphastreet.com\/india\/category\/infographics\/"},"img":{"alt_text":"Q2 FY26","src":"https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2025\/12\/E.png?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2025\/12\/E.png?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2025\/12\/E.png?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2025\/12\/E.png?resize=700%2C400&ssl=1 2x, https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2025\/12\/E.png?resize=1050%2C600&ssl=1 3x, https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2025\/12\/E.png?resize=1400%2C800&ssl=1 4x"},"classes":[]},{"id":171315,"url":"https:\/\/alphastreet.com\/india\/emcure-q1-fy26-earnings-results-2\/","url_meta":{"origin":182351,"position":1},"title":"Emcure Q1 FY26 Earnings Results","author":"Divyansh_Kasana","date":"September 17, 2025","format":false,"excerpt":"Company Overview: Incorporated in 1981, Emcure Pharmaceuticals Ltd manufactures and markets pharmaceutical products globally, serving diverse therapeutic segments. Presenting below its Q1 FY26 Earnings Results. Financial Highlights for Q1 FY26: Revenue: \u20b92,101 crore, up 15.76% year-on-year from \u20b91,815 crore Total Expenses: \u20b91,810 crore, up 10.91% year-on-year from \u20b91,632 crore Consolidated\u2026","rel":"","context":"In "AlphaGraphs"","block_context":{"text":"AlphaGraphs","link":"https:\/\/alphastreet.com\/india\/category\/infographics\/"},"img":{"alt_text":"EMCURE Q1 FY26 Earnings Results","src":"https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2025\/09\/EMC.png?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2025\/09\/EMC.png?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2025\/09\/EMC.png?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2025\/09\/EMC.png?resize=700%2C400&ssl=1 2x, https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2025\/09\/EMC.png?resize=1050%2C600&ssl=1 3x, https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2025\/09\/EMC.png?resize=1400%2C800&ssl=1 4x"},"classes":[]},{"id":169071,"url":"https:\/\/alphastreet.com\/india\/emcure-pharmaceuticals-ltd-q4fy25-63-rise-in-profits\/","url_meta":{"origin":182351,"position":2},"title":"Emcure Pharmaceuticals Ltd Q4FY25; 63% rise in Profits","author":"Divyansh_Kasana","date":"July 9, 2025","format":false,"excerpt":"Incorporated in 1981, Emcure Pharmaceuticals Ltd manufactures and markets pharmaceutical products globally Financial Results: Emcure Pharmaceuticals Ltd reported Revenues for Q4FY25 of \u20b92,116.00 Crores up from \u20b91,771.00 Crore year on year, a rise of 19.48%. Total Expenses for Q4FY25 of \u20b91,850.00 Crores up from \u20b91,616.00 Crores year on year, a\u2026","rel":"","context":"In "AlphaGraphs"","block_context":{"text":"AlphaGraphs","link":"https:\/\/alphastreet.com\/india\/category\/infographics\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2025\/07\/I-5.png?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2025\/07\/I-5.png?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2025\/07\/I-5.png?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2025\/07\/I-5.png?resize=700%2C400&ssl=1 2x, https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2025\/07\/I-5.png?resize=1050%2C600&ssl=1 3x, https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2025\/07\/I-5.png?resize=1400%2C800&ssl=1 4x"},"classes":[]},{"id":179601,"url":"https:\/\/alphastreet.com\/india\/emcure-pharmaceuticals-q3-fy26-earnings-results\/","url_meta":{"origin":182351,"position":3},"title":"Emcure Pharmaceuticals Q3 FY26 Earnings Results","author":"Divyansh_Kasana","date":"February 5, 2026","format":false,"excerpt":"Executive Summary Emcure Pharmaceuticals Ltd reported Q3FY26 revenues of \u20b92,363 crore, up 20.38% YoY, with consolidated net profit surging 48.08% to \u20b9231 crore despite \u20b938 crore one-time labour code expenses. International sales exceeded 50% revenue mix with 24.5% growth, complemented by strong domestic chronic therapy performance. Revenue & Growth Revenues\u2026","rel":"","context":"In "AlphaGraphs"","block_context":{"text":"AlphaGraphs","link":"https:\/\/alphastreet.com\/india\/category\/infographics\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2026\/02\/E.png?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2026\/02\/E.png?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2026\/02\/E.png?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2026\/02\/E.png?resize=700%2C400&ssl=1 2x, https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2026\/02\/E.png?resize=1050%2C600&ssl=1 3x, https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2026\/02\/E.png?resize=1400%2C800&ssl=1 4x"},"classes":[]},{"id":176035,"url":"https:\/\/alphastreet.com\/india\/emcure-pharmaceuticals-ltd-emcure-q1-2026-earnings-call-transcript\/","url_meta":{"origin":182351,"position":4},"title":"Emcure Pharmaceuticals Ltd (EMCURE) Q1 2026 Earnings Call Transcript","author":"News desk","date":"January 22, 2026","format":false,"excerpt":"Emcure Pharmaceuticals Ltd (NSE: EMCURE) Q1 2026 Earnings Call dated Aug. 07, 2025 Corporate Participants: Piyush Nahar \u2014 Senior Director, Corporate Development and Strategy Satish Ramanlal Mehta \u2014 Chief Executive officer and Managing Director Tajuddin Sabir Shaikh \u2014 Chief Financial Officer Unidentified Speaker Samit Satish Mehta \u2014 Executive Director, Operations\u2026","rel":"","context":"In "Earnings Call Transcripts"","block_context":{"text":"Earnings Call Transcripts","link":"https:\/\/alphastreet.com\/india\/category\/transcripts\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2023\/05\/Transcript-thumbnail.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2023\/05\/Transcript-thumbnail.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2023\/05\/Transcript-thumbnail.jpg?resize=525%2C300&ssl=1 1.5x"},"classes":[]},{"id":181535,"url":"https:\/\/alphastreet.com\/india\/emcure-pharmaceuticals-ltd-emcure-q3-2026-earnings-call-transcript\/","url_meta":{"origin":182351,"position":5},"title":"Emcure Pharmaceuticals Ltd (EMCURE) Q3 2026 Earnings Call Transcript","author":"News desk","date":"April 6, 2026","format":false,"excerpt":"Emcure Pharmaceuticals Ltd (NSE: EMCURE) Q3 2026 Earnings Call dated Feb. 04, 2026 Corporate Participants: Piyush Nahar \u2014 Senior Director of Corporate Development & Strategy Satish Ramanlal Mehta \u2014 Chief Executive Officer & Managing Director Tajuddin Sabir Shaikh \u2014 Chief Financial Officer Vikas Madan Thapar \u2014 President, Corporate Development, Strategy\u2026","rel":"","context":"In "Earnings Call Transcripts"","block_context":{"text":"Earnings Call Transcripts","link":"https:\/\/alphastreet.com\/india\/category\/transcripts\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2023\/05\/Transcript-thumbnail.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2023\/05\/Transcript-thumbnail.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2023\/05\/Transcript-thumbnail.jpg?resize=525%2C300&ssl=1 1.5x"},"classes":[]}],"jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/alphastreet.com\/india\/wp-json\/wp\/v2\/posts\/182351","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/alphastreet.com\/india\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/alphastreet.com\/india\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/alphastreet.com\/india\/wp-json\/wp\/v2\/users\/2377"}],"replies":[{"embeddable":true,"href":"https:\/\/alphastreet.com\/india\/wp-json\/wp\/v2\/comments?post=182351"}],"version-history":[{"count":1,"href":"https:\/\/alphastreet.com\/india\/wp-json\/wp\/v2\/posts\/182351\/revisions"}],"predecessor-version":[{"id":182361,"href":"https:\/\/alphastreet.com\/india\/wp-json\/wp\/v2\/posts\/182351\/revisions\/182361"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/alphastreet.com\/india\/wp-json\/wp\/v2\/media\/147581"}],"wp:attachment":[{"href":"https:\/\/alphastreet.com\/india\/wp-json\/wp\/v2\/media?parent=182351"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/alphastreet.com\/india\/wp-json\/wp\/v2\/categories?post=182351"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/alphastreet.com\/india\/wp-json\/wp\/v2\/tags?post=182351"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}