{"id":183001,"date":"2026-05-14T08:45:38","date_gmt":"2026-05-14T12:45:38","guid":{"rendered":"https:\/\/alphastreet.com\/india\/senores-pharmaceuticals-ltd-senores-q4-2026-earnings-call-transcript\/"},"modified":"2026-05-14T09:00:11","modified_gmt":"2026-05-14T13:00:11","slug":"senores-pharmaceuticals-ltd-senores-q4-2026-earnings-call-transcript","status":"publish","type":"post","link":"https:\/\/alphastreet.com\/india\/senores-pharmaceuticals-ltd-senores-q4-2026-earnings-call-transcript\/","title":{"rendered":"Senores Pharmaceuticals Ltd (SENORES) Q4 2026 Earnings Call Transcript"},"content":{"rendered":"

Note:<\/strong> This is a preliminary transcript and may contain inaccuracies. It will be updated with a final, fully-reviewed version soon.<\/em><\/p>\n

Senores Pharmaceuticals Ltd (NSE: SENORES) Q4 2026 Earnings Call dated May. 14, 2026<\/span><\/strong><\/p>\n

Corporate Participants:<\/h2>\n

Swapnil Shah<\/strong> \u2014 Promoter and Managing Director<\/em><\/p>\n

Deval Shah<\/strong> \u2014 Whole-Time Director and Chief Financial Officer<\/em><\/p>\n

Analysts:<\/h2>\n

Kashish Thakur<\/strong> \u2014 Analyst<\/em><\/p>\n

Maitri Sheth<\/strong> \u2014 Analyst<\/em><\/p>\n

Nishita<\/strong> \u2014 Analyst<\/em><\/p>\n

Presentation:<\/h2>\n

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

Ladies and gentlemen, good day and welcome to Senaris Pharmaceuticals Limited Q4FY26 earnings conference call hosted by Ambit Capital. This conference call may contain forward looking statements about the company which are based on beliefs, opinions and expectations of the company as on the date of this call. These statements are not the guarantees of future performance and involve risks and uncertainties that are difficult to predict. 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.<\/p>\n

Should you need assistance during the conference call, please signal an operator by pressing Star Turn zero on a Touchstone phone. Please note that this conference is being recorded. I now hand the conference over to Mr. Gaurav Dinani from Ambit Capital. Thank you. And over to you, sir. Yeah. Thank you, Yusuf. Good evening everyone. On behalf of Ambit Capital, we welcome you all on the Q4 and FY26 earnings conference call for Senoritz Pharmaceuticals Limited. Today. On the call we are joined by Mr.<\/p>\n

Sopnil Shah, the Promoter and Managing Director, Mr. Sanjay Majmudar, the Chairman and Mr. Deval Shah, the Chief Financial Officer of Senoris Pharmaceuticals Limited. We will begin the call with opening remarks from the management followed by a question and answer session. Thank you. And over to you, sir.<\/p>\n

Swapnil Shah<\/strong> \u2014 Promoter and Managing Director<\/em><\/p>\n

Yes, thank you, Gaurav. Good evening everyone. Thank you for joining us on Semrus Pharmaceuticals Limited Q4 and FY26 earnings conference call. We have uploaded our results, press release and invest a presentation on stock exchanges and company’s website. Guided by our well defined strategies and strong execution capabilities, we delivered our robust performance across segments during the quarter and throughout FY26. Our focus on operational discipline and consistent execution along with sustained momentum in key growth areas and our diversified business verticals enabled us to maintain healthy business performance despite an uncertain operating environment.<\/p>\n

The diversity of our business across vertical geographies provides tremendous resilience in challenging market conditions but has also helped strengthen our overall performance for FY26. We achieved approximately 62% revenue growth and 108% PAT growth over FY25. Showcasing the strength of our business model and our execution excellence. Total revenue stands at about 663 crores with a profit of 122 crores. This clearly surpasses our guidance for the year. It is gratifying that even after eight quarters after our IPO, we continue to deliver performance ahead of our stated commitments despite an uncertain environment.<\/p>\n

This consistency reflects the credibility of our long term strategy and the strong execution culture embedded across the organization. We remain optimistic about sustaining this momentum in the years to come. Our confidence is supported by a robust product pipeline, expanded manufacturing capacities and standard R and D infrastructure. Coupled with our proven ability to identify develop commercialized niche products in developed markets as well as our deep understanding of market dynamics, we believe we will continue to outperform industry growth trends.<\/p>\n

In parallel, we have continued to diversify our product portfolio geographic presence by strengthening our reach in emerging and domestic markets thereby creating additional revenue for sustainable long term growth. We are consciously building a balanced revenue mix to ensure that over the past 18 months we have made significant investments in expanding our product market, enhancing manufacturing R and D capacity, broadening our global footprint, onboarding experienced industry professionals across critical functions which will fetch huge benefits in the future.<\/p>\n

With a strong foundation, differentiated capabilities and a clear growth map, we are confident in our ability to continue delivering similar performance in FY27 and beyond. For FY27, our initial outlook indicates our revenue growth of approximate 30 to 40% and our PAT growth of about 50 to 60%. This confidence is supported by robust order pipeline and a clear visibility on upcoming product launches over the coming quarters. Speaking about the segmental performance, revenue from the regulated market registered a robust growth of 83% YoY in FY26 driven by expansion of our product portfolio, selection of sales challenge and differentiated go to market strategies.<\/p>\n

Our ANDA portfolio continues to stand in through a combination of in house development initiatives and strategic acquisitions. As of March 2026, we had a portfolio of 51 approved ANDAs collectively covering more than 150 product trends. Over the past year our approved ANDA portfolio has more than doubled increasing from 22 ANDAs in March 25 to 51 approved ANDAs in March 26. Reflecting the scale and the pace of our execution. Out of Approved product portfolio, 20 NDAs have already been commercially launch while an additional 30 approved ANDAs covering over 100 stents will be launched over next few quarters.<\/p>\n

Beyond our approved product portfolio, we currently have 27 molecules involving more than 60 stents under various stages of development. This broad and differentiated product pipeline provides strong visibility for growth over next 24 months. Our team continues to identify evolved products that strengthen our pipeline. It provides sustainable growth visibility over years to come. Our CDM or CMO segment is also witnessing steady momentum and growing traction. A key differentiator of this business lies in our ability to offer end to end solution to customers spanning product development, scale up exhibit batch manufacturing, supply chain planning, commercial production, comprehensive regulatory support covering both pre and post approval requirements.<\/p>\n

Our CDMO business compromises of specialty, complex and NDAs application with 505 D2 and other differentiated formulation strategies. Our CMO business not only has absorbed a significant portion of our operating cost but also drives large scale volumes thereby creating meaningful operating leverage for the company. In this segment, we partner with several market, global and domestic players, reinforcing confidence in our capabilities to consistently deliver high quality products on time and with a competitive price.<\/p>\n

Speaking about recent developments, we acquired 75% stake in Upland Pharma in Q4FY26 with the remaining 25% is expected by end of this year. The plant acquisition with its US FD approved manufacturing facility provides significant strategic advantages establish a strong platform for long term sustainable growth. The relatively new facility equipped with multiple pre constructed linkedins and expansion ready infrastructure enhances our manufacturing capacity and operational flexibility while India based manufacturing enables cost efficiency.<\/p>\n

Additionally, the diversified manufacturing footprint strengthens scalability, accelerates product commercialization and enhances our ability to pursue broader range of CDM or CMO opportunities across both facilities. Beyond the US this facility is also approved by UKMHRA Health Canada which enables immediately to leverage upon current existing approval in this market. We have already commenced products rollout from this facility. Revenue for this quarter from this facility was modest. However, we have already started significant commercials from this quarter onwards.<\/p>\n

In line with our strategy to deepen our presence in US market, we acquired Soraya Pharmaceuticals as a step down subsidiary in Q3 FY26 bolstering our marketing and distribution strength in the US Soraya manages full cycle pharmaceutical commercialization with a partner team bringing over a decade of sales and marketing experience and commercialization in the US In April we entered into a strategic agreement on a joint venture called Americine marking a significant strategic milestone for Celrus US operations.<\/p>\n

This partnership enables us into high barrier US Government procurement markets positioning us to supply our portfolio to the US Federal Government, veteran affairs and military programs. Our experienced partners bring expertise in government procurement and liaisoning will help us leverage specialized credentials for long term national contracts and and FSS tenders. Overall, all the initiatives that we have taken are to strengthen and solidify our US operations which are more strategic to us Moving to Emerging market business Emerging market revenue grew by 20% in FY26.<\/p>\n

EBITDA margin has improved towards low to mid double digit range, we achieved our highest level quarterly revenue EBITDA impact in Emerging market business in Q4. Importantly, the business is now cash flow positive and Q4 EBITDA which is notably was 18% to 19% which we think that will be continued EBITDA percentage for our emerging market business going forward. A shift towards niche molecules refined go to market strategies is driving improvements across key metrics in emerging markets including better pricing and margins.<\/p>\n

Overall, emerging market business is demonstrating steady momentum in both growth and profitability. We are also in the process of obtaining fixed approval for our emerging market facility by June July of this year. This approval will enable us to fill into key mid tier markets some of them like South Africa, Vietnam and so on and so forth. Turning to India business, our branded generic business segment continued to build on the strong momentum weakness over the past few quarters. Revenue for FY26 stood at about 40 crores growing nearly five times from FY25.<\/p>\n

This growth was driven by expansion of our salesforce and broader MAP portfolio enabling us to strengthen our reach both wider and deeper across India. We have also commenced supplies to several marquee hospitals across the country providing us with a steady revenue visibility while creating opportunities to deepen engagement with existing clients and external customers based purpose on a consolidated basis. We continue to remain strong focused continue to maintain a strong focus on cash flow generation with an operating cash flow demonstrating a steady upward trajectory.<\/p>\n

Despite a very high business growth, our EBITDA to operating cash flow conversion has improved meaningfully compared to last year reflecting enhanced operational efficiency, disciplined working capital management. Our cash flow performance has shown consistent and sustainable improvement and and we remain confident of maintaining and further strengthening this metric going forward. Also, we see a long and promising growth trajectory for Senoras and are well positioned to capitalize on the same. With our deep industry experience and extensive experience, deep industry expertise and extensive experience, we are confident in our ability to continue driving sustainable and profitable growth in years to come.<\/p>\n

With that I would like to hand over the call to Mr. Deval Shahar, Chief Financial Officer to take you through the financial and operational performance. Thank you and over to you.<\/p>\n

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

Thank you Sabnim. A warm welcome to everyone on our Q4 and FY26 earning call. I’d like to take you through our financial and operational performance for the quarter and year ended 31st March 2026. Starting with the quarterly performance, consolidated income for Q4 of 26 stood at 190 crores reflecting a strong growth of 66% on the YOY basis Driven by robust growth in regulated market, Revenue from regulated market grew by 83% YoY and came to 118 crores. This was driven mainly by product portfolio expansion.<\/p>\n

Revenue from emerging markets grew by 26% and through that 20 yoy has stood at 20%. In Q4 of 2026, India branded journey business doubled on a Y o Y basis with the revenue coming to around 9 crores. Consolidated EBITDA for Q4 stood at 62, growth growing more than 3 times. On a ROI basis, EBITDA margin came at 32.7%, improving by almost 1161bps. Yes. Profit after tax and minority interest for the quarter grew by 78% y o y and came to approximately 32 crores. Speaking on the full year performance, Consolidated income was FY26, 2, 664 crores displaying a strong growth of 62% YoY.<\/p>\n

Revenue from regulated markets for FY26 stood at 427 crores, growing by 75%. Revenue from emerging market grew by 20%. Y O OI stood at 145 crores. Revenue from India Branded Journey business grew almost high in FY26 and stood at around 40 crores. Consolidated EBTA for 2026 stood at around 200 crores, more than doubling it from FY25. EBITDA margin improved by 527 BP’s YoY and stood at 30%. Profit after tax and minority interest for 2026 stood at 122 crores, more than doubling. On a ROI basis. We are maintaining a strong focus on cash flow generation.<\/p>\n

Operating cash flow for 2526 stands at around 75 crores, showing a significant improvement over last year. To summarize, we have witnessed a strong performance across segments during the year. We have delivered on our guidance of 50% revenue growth and 100% pet growth for the year FY 2026. We are well positioned to continue healthy momentum and are confident of delivering sustained profitable growth going forward with this, I would like to open the floor for questions. Thank you.<\/p>\n

Questions and Answers:<\/h2>\n

Kashish Thakur<\/strong><\/p>\n

Thank you very much sir. We will now begin the question and answer<\/p>\n

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

Session. Anyone who wishes to ask a question may press STAR and one on the Touchstone telephone. If you wish to withdraw yourself from the question queue, you may press STAR and two participants are requested to use handset while asking a question. Ladies and gentlemen, we’ll wait for a moment while the question queue assembles. Participants to join the question queue, you may press STAR and one first question is from the line of Tarun Krishna from I thought pms. Please go ahead.<\/p>\n

Deval Shah<\/strong><\/p>\n

Thank you for the opportunity. My question is on. So based on our older filings, I find that there was a source product segment within the marketed product segment. Can you please comment on how has that evolved over the years?<\/p>\n

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

Your<\/p>\n

Kashish Thakur<\/strong><\/p>\n

Voice is not clear.<\/p>\n

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

You said source product and architect. Can you repeat your question please?<\/p>\n

Deval Shah<\/strong><\/p>\n

Yeah, yeah. So based on our older filings, I find that we had a source product statement within the regulated markets. So can you please comment on how has that segment evolved over the years?<\/p>\n

Swapnil Shah<\/strong><\/p>\n

Yes. So thank you Tarun for your question. So this is usually the squat business that has been done. The business has more or less remained consistent and we don’t expect any further growth from that particular business, so to speak. It’s all spot business that we are able to do through our network within the U.S.<\/p>\n

Deval Shah<\/strong><\/p>\n

Got it. And as of now, how much is that as a percentage of total revenue?<\/p>\n

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

10 to 12%.<\/p>\n

Deval Shah<\/strong><\/p>\n

Got it. And the next question on the working capital, it has been 114 days as of 2025. As of 2026 it has gone to 187 days. So why has this jump happened and what do you expect as a steady state?<\/p>\n

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

I think we have held the APNA thing coming in this last quarter. So the working capital has shown that jumps the sales has not come in some apna. So that has inserted our own paper. It is not so around. If we get out of now, it is around 104 days networking cycle.<\/p>\n

Deval Shah<\/strong><\/p>\n

Understood. And going forward you see Apnar reaching the console level working capital.<\/p>\n

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

We see coming in from next year, the current year now. So it will be at par with our current operating cycle. Nothing<\/p>\n

Swapnil Shah<\/strong><\/p>\n

Different.<\/p>\n

Deval Shah<\/strong><\/p>\n

Okay, thank you. That is it for myself.<\/p>\n

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

Thank you. Participants, to ask a question, you may press star and one next question is from the line of Maitrey Sheth from Choice Institutional Equities. Please go ahead.<\/p>\n

Maitri Sheth<\/strong><\/p>\n

Hi. Congratulations on a great set of numbers. Just two questions from my end. We’ve mentioned at least 30 and A launches. Can you tell me how much of these are expected to be CGT products? And second on the margin, front margins has come in around 26.5. What kind of margins are we looking at going forward from FY27 onwards? That’s all?<\/p>\n

Swapnil Shah<\/strong><\/p>\n

Yes, thank you. So exact CGP number would be difficult to. Difficult to demonstrate right now. But quite bit of products that we have that would qualify for CG2 and some of those products are for us to first to launch, first to market. There we can specifically give you a number what would qualify for CGT in subsequent discussions, that is one. The second is for the margin. I think there are about 100, 100 basis point being suppressed because of the acquisition of Apnar where we have incurred expenses over the last three months.<\/p>\n

But the subsequent revenue has not come in as of last quarter which we are already seeing coming in this quarter from April onwards. Right. So I feel blended where we have guided 29 to 31% of EBITDA margin which we probably would see in coming quarters as APNAR will start giving us about the revenue that we anticipate. So for the full year we expect Apna to give us about 100 crores, 80 to 100 crores of revenues from that particular plant. And that will be that has already started giving us from this last month onwards.<\/p>\n

So we already made commercial shipments. There have been shipments have already gone to us. As we speak more shipments are going on and that will amp up. Already started from month of April. Is it okay?<\/p>\n

Nishita<\/strong><\/p>\n

Yes, that helps. Thank you so much.<\/p>\n

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

Thank you. Next question is from the line of Rishikesh Rajeshah from Alchemy Capital. Please go ahead.<\/p>\n

Nishita<\/strong><\/p>\n

Hi. Am I audible?<\/p>\n

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

Yes, yes. Please go ahead.<\/p>\n

Nishita<\/strong><\/p>\n

Yes. Thank you.<\/p>\n

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

Good set of numbers. Sir. So I had just one question. If you look at our balance sheet, there’s one line item, other financial assets. So if you look over the years this has kept on increasing. Last year it was 116 crores. This year FY26 it’s at 172 crores. And if I look at last year’s balance sheet, this figure was actually unbilled revenue. So if you can explain us what this actually means.<\/p>\n

Swapnil Shah<\/strong><\/p>\n

Yes, I’m Rishikesh. So Rishikesh, the way the business is structured is. You know we. We are in a B2B B2B business wherein goods that we supply are billed at a cost plus margin basis. So we don’t realize the complete net pricing of that goods until and unless goods are being sold in the marketplace that we are in. So the part of the revenue each goods that is being sold is already been considered in our pnl. But however the goods profit being sold being categorized as those other assets that you will see on the books.<\/p>\n

So as we ramp up and as the product gets commercialized this amount will probably be at some point of time will plateau it and then will start decreasing. But since over last few quarters there have been lot of launches that happened. That’s why you see that amount that has increased from last year to this year which you subsequent quarter, I think it will reach To a level and then it will start coming down as you speak,<\/p>\n

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

Sir. So if you can help me understand, is this a royalty part or what part is this unbilled revenue? Somewhat hard to understand that it’s going up every quarter. I think with the new. As we explained the new launches.<\/p>\n

Nishita<\/strong><\/p>\n

Yeah.<\/p>\n

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

When we launch a product I think as per India, due to that revenue they only get ready. Right. So my collection, as we say, the profit share will come in gradually. It is collected. It has nothing to do with warranty. It is not warranty or royalty or nothing like that. There is no warranty.<\/p>\n

Kashish Thakur<\/strong><\/p>\n

Okay.<\/p>\n

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

Contractually the revenue that is due as a profit share is booked as income and it is part as a financial asset till it is realized. And usually what is your period between you booking at and when you start getting the money for this? Usually what is the difference? Typically it can be anywhere between one or two months to maximum six months. Okay, got it. Okay. Yeah. That’s all from myself. Thank you sir. Thanks. Thank you. Next question is from the line of Sumit Gupta from Antique Stockbroking.<\/p>\n

Please go ahead.<\/p>\n

Kashish Thakur<\/strong><\/p>\n

Hello. Am I audible? Yes. Congrats on the great set of numbers, sir. So I have a<\/p>\n

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

Few questions. So first is like you mentioned, EBITDA for emerging markets is nearly around 20%. So how like how should we see the margins going forward over the next three to four years at least. And what can be the optimal margins in the segment?<\/p>\n

Swapnil Shah<\/strong><\/p>\n

Yes, yes, I thank you for your question. So emerging market we anticipate next year our projection is about 180, 180 crores of revenue that we are looking to get from emerging markets. As I stated in my opening remarks, the last quarter our EBITDA margin stood at about 18 to 19% on emerging market. As we add another 1020 crore, 30, 40 crore of revenue as we move forward, I think the margin will sustain at 18 19, maybe at another 100, 100, 200 basis points. So may settle at about 20 21% on EBITDA.<\/p>\n

So we feel that is the optimum number that next year we can look at emerging market on an EBITDA basis. Probably once we cross about 220 to 50 crores then you will probably see another 200, 300 basis point jump in emerging market margins. Just to give you a little more perspective, when we started, I mean probably about a year, year and a half back per unit realization on emerging market capacity was about 1 rupee 20 paisa which we are already about 190 paisa. So you can see there is significant about 60 70% jump realization with the same capacity that we have now on emerging market unit metrics.<\/p>\n

So which we feel that will continue to improve as we move forward and we get more products and we have more than 4,000 products under approval registration approval for emerging market. So that’s a significant growth that we also anticipate out of emerging market in quarters to come.<\/p>\n

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

Okay, next question is so like what kind of revenue and EBITDA we can see over the next two to three years?<\/p>\n

Swapnil Shah<\/strong><\/p>\n

So this, this year we did about two and a half three crores of revenue. Last three months it was again we just, we could make only two shipments, one to US and one to uk. And this quarter as we speak we are expecting revenue to be around 15, 15 to 20 crores. 10 to 20 crores from Apnar facility. And Shadi said maybe full year we are looking at about 80 to 100 crores. As far as Apnar is concerned in two to three year time frame we feel we should be able to do about 180 to 200 crores revenue from the Apnar facility.<\/p>\n

Of course it will require a little bit of more expansion on the production suites and so on and so forth. But I think 180 to 200 crores in two to three years from Afnari is quite visible as we speak in terms of keeping all the products that we are currently making it. There are a lot of site transfer products that are happening and new approvals will come from Apnal plants. So that’s something which is visible to us as we speak today.<\/p>\n

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

So the follow up on this is like the opportunities that you see for Apnar. What is the market size opportunity for this and what exactly will drive this growth?<\/p>\n

Swapnil Shah<\/strong><\/p>\n

So market size opportunity just for Apnar will be tough to say, right? I mean it sits across the board. We don’t look at APNA as a separate company and a separate opportunity. When we look at, we look at as a US business console, right? That includes our facility in the us, our facility in India and so on and so forth. So from that standpoint, total accessible market for our own currently approved products for us it’s close to about a billion dollars. So with all 51 odd endas that are going to be commercialized in next few quarters out of which just 20 are there and then another 27 endas at a different stage and there’s a CDMO CMO segment.<\/p>\n

So if you see going forward ada US business for us in next two to three years time frame that’s a significant growth that we anticipate as a company we are building at least 2,500 to 3,000 crore of revenue just coming out of us in next three to four years time frame. So everything that we aspire to become about 3 to 4,000 crore revenue from the US as we speak all efforts are being done. Products are being mapped. Commercialization has been done. So whether we reach or not, probably in next few quarters will be more visible.<\/p>\n

But we are putting in all the efforts to reach that kind of revenue number from the US operation. Now that compromises both the Indian operation as well as the US plan both put together.<\/p>\n

Kashish Thakur<\/strong><\/p>\n

Understood sir. Thank you. All the best.<\/p>\n

Swapnil Shah<\/strong><\/p>\n

Thank you.<\/p>\n

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

Thank you. Next question is from the line of Kashish Thakur from Ilara Capital. Please go ahead.<\/p>\n

Kashish Thakur<\/strong><\/p>\n

Oh hi. Thank you. Congratulations on the great set of numbers. Such as wanted to ask a question on tax rate for FY20. FY25 our tax rate was somewhere around<\/p>\n

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

17%. In FY26 it’s somewhere around 20 23.6%. Why a drastic jump in this? And<\/p>\n

Swapnil Shah<\/strong><\/p>\n

Going ahead what can be on normalized tax rates?<\/p>\n

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

The drastic jump is I think US taxes and Indian taxes are at 26%. US is at 20 21%. So since we have started earning in Ratna trades with that exposure on ratna trades which is being affected. So overall by 21 to 23% rate is going to be a long term thing. Depending on where I earn. The Indian rate STL stand alone is again 26%. The US rates are less than Indian companies also started coming earning. The rate as this rate has gone up. But you can say by 17 18%. What you’re talking of is because of the old caddy for losses that we declared in US for which that explosion was not required.<\/p>\n

Deval Shah<\/strong><\/p>\n

So going ahead what kind of rate we can expect<\/p>\n

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

23, 23%. Around 23% average.<\/p>\n

Kashish Thakur<\/strong><\/p>\n

Understood.<\/p>\n

Deval Shah<\/strong><\/p>\n

Another bookkeeping<\/p>\n

Kashish Thakur<\/strong><\/p>\n

Question. What kind of capex we incurred in FY26 and what we are planning for FY27.<\/p>\n

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

FY26 is around 230 crores. Including my acquisition of Anda and everything. Talking of 2726, I’m talking of.<\/p>\n

Swapnil Shah<\/strong><\/p>\n

Okay. And can you break your brick down? So how much we have spent and how much is the maintenance<\/p>\n

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

And the acquisition is almost 65 crores. 61,75 crores. Plus the development beyond the acquisition is also taking place on the same molecules. So that is again a area. But everything taken together and<\/p>\n

Deval Shah<\/strong><\/p>\n

What will be for FY27<\/p>\n

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

27 we are expecting around around 200 crores taken together.<\/p>\n

Deval Shah<\/strong><\/p>\n

And for last question, sir, what has seen our growth rate for CDMO business and items that we have not disclosed. But what kind of cdm?<\/p>\n

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

CDMI and own products are almost same. We continue to do around 50 to 53% of home products and 58% of CDM of CMO data. We expect it to continue at the same time. 2 or 3% here and there. Yes, our home product will increase this year. The launch of more product what we have acquired.<\/p>\n

Kashish Thakur<\/strong><\/p>\n

Wonderful. Thank you. Thank you so much. Thank<\/p>\n

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

You. Next question is from the line of Nishita from Sapphire Capital. Please go ahead.<\/p>\n

Nishita<\/strong><\/p>\n

Yes, hello. So I just wanted a clarification on the margin, blended margin that you have given. So on blended basis we can do. We can do ebitda margin of 29 to 30%. Is that right?<\/p>\n

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

In<\/p>\n

Nishita<\/strong><\/p>\n

FY20. Yes.<\/p>\n

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

It also depends on how you work out your ebitda. Because when we work out our Ebitdas it is taking all operating other income. Get my point? But if you are excluding everything then 26 and a half can become around 28 or 28 and a half.<\/p>\n

Nishita<\/strong><\/p>\n

Okay, okay, understood. And on Apnar you mentioned that we can do revenue of 100 crores in S27, right?<\/p>\n

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

Yeah,<\/p>\n

Swapnil Shah<\/strong><\/p>\n

Yeah. 80 to 100 crores is what we have budgeted for the year.<\/p>\n

Nishita<\/strong><\/p>\n

Okay,<\/p>\n

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

Thank you. Next question is from the line of forum Parikh from Bob Capital. Please go ahead.<\/p>\n

Maitri Sheth<\/strong><\/p>\n

Thank you for the opportunity. My first question is on our IPO fund. So we almost have 100 crores of unutilized fund. So if you can just help us understand. Do we plan to utilize this fund in the near term towards any more acquisition or any such things?<\/p>\n

Swapnil Shah<\/strong><\/p>\n

Yes, I forum. So that 100 quad crores of IPO fund is for the specific purpose it has already been given in our drhp. So we plan to start the operations for that particular purpose within this year. So I think part of it will be utilized this year subsequently going forward for next couple of years in terms of the development of our sterile manufacturing.<\/p>\n

Maitri Sheth<\/strong><\/p>\n

Okay. And my second question is on this regulated business, US business. So we have given our guidance of almost US regulated business reaching 3000 to 4000 or 2500 to 3000 crore. So if you can just help us break, you know, understand like how much would be from organic and inorganic activities since we have done so many inorganic activity.<\/p>\n

Swapnil Shah<\/strong><\/p>\n

Yes. So what we anticipate in terms of the 51 ANDAs that we have currently approved and that only seven more products coming accessible market for opportunity for us can be of the number that we have spoken about in next three to five years time frame in terms of organic, inorganic, I think it will be very difficult to pinpoint in terms of what could be the organic or inorganic. For us, everything becomes organic because not necessary the product that is acquired is immediately been launched. There are a lot of modifications happens on the products.<\/p>\n

There are differentiated strategies being worked out on individual products that has been acquired. So there are a lot of things, there are a lot of development over and above acquisition that happens. Right. So for us everything is organic and that is our strategy and we’ll continue to demonstrate and derive that strategy going forward.<\/p>\n

Maitri Sheth<\/strong><\/p>\n

Okay. And my third question is on the branded business. So if you can help us understand how many people we have currently and what’s the strategy there like within five years time frame, how big can we expect this business to scale up to and do we intend to add more misses?<\/p>\n

Swapnil Shah<\/strong><\/p>\n

Yes, definitely. We’ve already increased our Mr. Capacity Mr. Count from last year to this year significantly. We had about 120 to 130 people today on the field as we speak. We are already approved in, we are already approved in a lot of marquee hospitals as we’ve spoken about. That will continue to drive our further growth. So this year we have budgeted about 60 to 70 crore of branded generic business in India. I mean we could still do better but this is what the what we have budgeted so far that will probably require us to hire some more field force, some more misses in different parts of parts of India.<\/p>\n

But this branded generics for the business that we operate is little different from typically how the branded generic that exists in India. So not necessary. We need to hire a lot more field force to kind of scale up the business. So we’ll definitely hire but to relatively to the lesser number as you speak.<\/p>\n

Maitri Sheth<\/strong><\/p>\n

So would you be comfortable giving this the quantum of Mr. That we intend to plateau at or you know, we all. We need to have at least.<\/p>\n

Swapnil Shah<\/strong><\/p>\n

Yeah. About 200. Yeah. If you have to put a number to it. So I think at a 200 we will try and kind of consolidate on that side.<\/p>\n

Maitri Sheth<\/strong><\/p>\n

Okay, that’s helpful. Thank you.<\/p>\n

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

Thank you. Ladies and gentlemen, in order to ensure that the management is able to address questions from all the participants in the question queue, please restrict yourself to two questions only. Should you have a follow up question, please rejoin the queue. Next question is from the line of Gaurav Pinani from Ambit Capital. Please go ahead.<\/p>\n

Swapnil Shah<\/strong><\/p>\n

Yeah.<\/p>\n

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

Hi. Thank you. So sir, just on your guidance you guided for a 30 to 40% kind of growth on the revenue and 50 to 60% on profitability. So you’ve already done you know, 30% kind of margin in FY26 and you’re guiding for margins to stay at the same levels next year. So then with a 40% revenue guy, you know, how does the 50 to 60% profitability is that that or is that EBITDA that you are guiding for?<\/p>\n

Swapnil Shah<\/strong><\/p>\n

Yes. All right, thank you for your question. So there are as you know there are a lot of moving parts in terms of currently in scenario. The margin is in effect of multiple things that reveals our aim is to grow our margin from what we have guided for not necessary every time because of the uncertainties that we’re currently living in will probably result into something like that. If you historically see we’ve grown our operations by 60 odd percent on the revenue and 100 plus percent on the on the profitability pad side.<\/p>\n

So keeping the same metrics in place if you ask me will be able to 30 to 40% on the revenue bid of 50 to 60% on the pack doable because that we have demonstrated so far over the last couple of years. However, from a margin standpoint, blended margin, I think we are comfortable picking at about 29 to 31% that we have spoken about on the EBITDA basis. So I think currently we would not want to change our EBITDA blended guidance for the next year. But if we are able to do and there is a geopolitical and macroeconomic sectors unfavorable of course that can further improve.<\/p>\n

But at this point of time do you think our margins to improve on this? I think we don’t want to guide it. We would don’t want to guide more than the 29 to 31% that we have been talking about on the EBITDA basis.<\/p>\n

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

So looking at your guidance a little differently so 30 to 40% top line growth I’m assuming includes 100 crore from Apnar as well. So then you know X of Apnar is only guiding for you know something closer to 20 to 25 growth on your the business and this is with you know your CDMO business also growing your own AMD launches to gather pace from there. So isn’t it, you know it it you’ve been going at 60% now with Apna you’re driving for 40 and you know without Apna for 25 and your product mix is also changing and you know, so it’s a little difficult<\/p>\n

Maitri Sheth<\/strong><\/p>\n

To comprehend, you know why you’re being so convertible or maybe we are<\/p>\n

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

So gaurav this is. Sanjay. What we want to convey is that this is the minimum 30, 35%, 40% top line is the range we are giving for three reasons as we speak. There are a lot of moving parts in terms of external environment which is not very conducive. Shipping lines, everything, overall atmosphere even in US in terms of the inflationary pressures etc. So we have decided to be a little conservative. Let us wait for one or two quarters. Let us see how things settle in the world in today’s scenario.<\/p>\n

To Talk of a 35% group itself is a very courageous thing I would say. But I think we have a lot of visibility to at least say that this could be regarded as minimum achievable. Let us wait for a couple of at least one or two quarters and then we will see whether we need to revise the guidance. Let’s go with this number for now. Okay sir. And I think the second question from mine would be. You know you’ve generated OCS now in FY26, FY27. I didn’t get the capex number you’ve been guiding for. And do you see, you know what kind of.<\/p>\n

You know it can be the first year we generate FCF also free cash flow. Let’s see. Currently the guidance is that out of the current year’s capex we have about 100 crore funds available from IPO. Correct. So I think we should generate free cash flow in 2627.<\/p>\n

Swapnil Shah<\/strong><\/p>\n

But what would be the capex number for FY27 maintenance and growth combined<\/p>\n

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

Which includes that 100 crore for injectable and balance. 100 for various other plans plus maintenance capex etc.<\/p>\n

Nishita<\/strong><\/p>\n

Okay. 100 crores IPO procedure. 100.<\/p>\n

Kashish Thakur<\/strong><\/p>\n

Thank you.<\/p>\n

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

Thank you. Next question is from the line of Sujal Janwar from Opportune Wealth Advisors Private limited. Please go ahead. Hi. Am I audible?<\/p>\n

Kashish Thakur<\/strong><\/p>\n

Yes.<\/p>\n

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

So sir, I want to ask about the this JV which you had within the us. So how much able to you will give the better margins on the pet side with the help of the gv. Can you give me the kind of guidance on that part, sir?<\/p>\n

Swapnil Shah<\/strong><\/p>\n

No, no. You mean to say the new jv.<\/p>\n

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

Yeah, the from the GV you did in the US business. How much there will be an incremental margin you will be able to make with the help of jv. You know we will go with the overall guidance that includes whatever we have internally calculated from within our the new JVs that are happening. Okay sir. And my second question on the part of sir is are you Able to seeing any product mix change between regulatory emerging and branded generics in upcoming four, three to five years like brandit becoming the more business, becoming more business than emerging markets.<\/p>\n

Swapnil Shah<\/strong><\/p>\n

So all segment business you see are in the growth stage. Right? I mean each segment that we operate in are growing at a fast pace. Changing the product mix. Yeah, of course, you know, emerging market, we’ve already spoken about that. New and new products are getting approved which are higher margin. First to five, first to launch kind of opportunity. Even in US there are a lot of CGP kind of opportunities, first to launch kind of opportunities. Of course, as we move forward, the lucrativeness of product may come in which will probably represent the larger share as we speak.<\/p>\n

What percentage it will change going into granularity will be up to kind of point out at this point of time. We will address it at a later date, you know, if there is any significant change on that side.<\/p>\n

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

Okay. So thank you. That’s so much.<\/p>\n

Swapnil Shah<\/strong><\/p>\n

Thank you.<\/p>\n

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

Thank you. Next question is from the line of Rachel Maheshwari from Naridi Investments. Please go ahead.<\/p>\n

Maitri Sheth<\/strong><\/p>\n

Hi, am I audible?<\/p>\n

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

Yes, please go ahead.<\/p>\n

Maitri Sheth<\/strong><\/p>\n

Yeah. Hi. Congratulations on what set of numbers? I just had a few questions. First is, can you repeat your FY27 emerging markets revenue? How much was it?<\/p>\n

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

FY27, what you say? Revenue? Yeah,<\/p>\n

Maitri Sheth<\/strong><\/p>\n

Yeah.<\/p>\n

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

180 crores.<\/p>\n

Maitri Sheth<\/strong><\/p>\n

Okay. And so earlier we were talking about an facility in Atlanta and OSD facility that was coming up in. Is it steady coming or.<\/p>\n

Swapnil Shah<\/strong><\/p>\n

So OSD is already there. Right. We’ve been operating that facility for almost a decade now. I think<\/p>\n

Maitri Sheth<\/strong><\/p>\n

We were putting line, two more lines there. So<\/p>\n

Swapnil Shah<\/strong><\/p>\n

Yeah, so we, we have come or currently commercialized three lines. Fourth line was, fourth line was to be commercialized or was to be installed. But we have pushed that plan because we acquired APNAR in month of December 2025. So we will get utilization of both the facilities to a level that we would be comfortable in. Then we’ll probably see whether we want to install a fourth line in the US or maybe expand lines at our APNAR facility in Baroda. So I think probably in the next two quarters we’ll have more clarity in terms of where that expansion will be followed through.<\/p>\n

So fourth line is currently being pushed to a later date as we speak.<\/p>\n

Maitri Sheth<\/strong><\/p>\n

And sir, I had one more question. That is what is the thought process behind moving towards, you know, front end sales and marketing in the US.<\/p>\n

Swapnil Shah<\/strong><\/p>\n

There are, I would briefly, I would like to be brief about it. So yeah, there are a lot of acquisition of products that we have Done. And those acquisitions are largely an approved product. So for us to access the market relatively is quicker than doing a completely new development of a product. Right. So the idea is to get access to market quickly with our own front end presence. That kind of helps us create our visibility and the marketing presence. You know, on those acquisition approved and us cash wise, the cash requirement to launch those already approved products is significantly lower than developing a new product and then going into market with your own marketing presence.<\/p>\n

So overall we looked at our differentiated strategy, we compared and we thought this would be a right strategy for us specifically for an acquisition portfolio to go on and launch our own printed presence. So largely currently our printed presence, our own marketing, our own sales and marketing distribution company is through our acquisition portfolio.<\/p>\n

Maitri Sheth<\/strong><\/p>\n

Right? Thank you so much. Those are my questions.<\/p>\n

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

Thank you. Next question is from the line of Smith Doshi from Okapital. Please go ahead.<\/p>\n

Maitri Sheth<\/strong><\/p>\n

Am I audible?<\/p>\n

Nishita<\/strong><\/p>\n

Yeah,<\/p>\n

Maitri Sheth<\/strong><\/p>\n

Yeah. So I have two questions. First is on the forex gain part in emergency market we have. Mr.<\/p>\n

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

Smith, are you on a speaker phone? Request you to please use your handset. Sir. Yeah,<\/p>\n

Kashish Thakur<\/strong><\/p>\n

I have two questions. First is with regards to Forex<\/p>\n

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

Gain in our emerging market portfolio we have done around 20% kind of EBITDA margin compared to earlier quarter 3 of 13%. So how much would be due to forex kind of movement and how much is due to operational efficiency? Like what sir said that 1.2 rupees to 1.9 rupees per unit. That is first question and second question is with regards to the earlier participant question with regard to other financial assets. So if you can elaborate that answer that 172 crore rupees of other current financial assets with example of let’s say 100 rupees of sales then it would be very helpful for the overall audience to understand I think to answer your first question, whatever in emerging market whatever you have seen the improvement in margins are mainly due to the product change what we have received.<\/p>\n

So the forex due to forex years but these are all realized forex because you receive the realization on the sales. So yes, that is partly due to the exchange rate increase I’ll say. But still it’s about 3 crores. 2, 3 crores emerging market around 3 crores due to that forex favorable movement effect during the year. I think on the second question giving examples etc, what we would suggest<\/p>\n

Swapnil Shah<\/strong><\/p>\n

Is let’s take this offline with Devil tomorrow or any other day and you will explain. Okay.<\/p>\n

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

No issue. No, thank you. Thank you. Next question is from the line of Divya Doshi from 923 Capital. Please go ahead.<\/p>\n

Kashish Thakur<\/strong><\/p>\n

Congratulations sir on the good set of numbers. I just wanted to ask you that we have 51 and as right now, out of which 21 are launched and 30 are not launched. So can you give me a expected timeline when you are going to launch these?<\/p>\n

Swapnil Shah<\/strong><\/p>\n

Yes, thank you Divyam. So we expect complete rollout of remaining products in next about six to eight quarters. The remaining approved andas. And you know it’s an ongoing strategy, right. So we’ll acquire probably a few more strategically in quarters to come. So we feel that this trajectory, this strategy for us is going to is going to continue. But if we speak specifically of this 51, I think another six to eight quarters we should have at least 90 to 95% of 51 is to be commercialized.<\/p>\n

Kashish Thakur<\/strong><\/p>\n

Okay. So thank you. And what would be the average revenue and I could generate?<\/p>\n

Swapnil Shah<\/strong><\/p>\n

Very tough to comment on this at this point of time. We will come back right. In terms of. You can have a specific question and we can answer that. No,<\/p>\n

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

But just to add, you see all these launches will not immediately give peak revenue. Peak revenue takes three to five years or at least two to three years for the product to reach. But from a can perspective has already given you an invitation. So yeah, the fairly different expectation over next three to five years.<\/p>\n

Kashish Thakur<\/strong><\/p>\n

Okay, so I get that. Thank you so much. And one last question. That the US jv, that is Amazon, what the target is basically a revenue, right? Because that are government contracts. So the margins will be very thin, right?<\/p>\n

Swapnil Shah<\/strong><\/p>\n

You’re talking about a medicine, right? Particularly.<\/p>\n

Kashish Thakur<\/strong><\/p>\n

Yes sir, particularly.<\/p>\n

Swapnil Shah<\/strong><\/p>\n

Well, margins are not very thin. I mean, you know, it’s a different vertical of business that’s out there. We feel this year probably we’ll do about 80 to 100 crores of revenue from that JV or maybe a little conservatively maybe 50 to 70 crores. That’s what has been budgeted between say 70, 80 odd crores. Right. On an average basis. We feel we’ll be able to achieve that with additional profitability. Profitability, which will be almost an average of what our US EBITDA business is, which is about upwards to about 40%.<\/p>\n

So I think that is within that the guidance within the framework that we have for US business.<\/p>\n

Kashish Thakur<\/strong><\/p>\n

Okay, I get that. Thank you so much and all the rest. Thanks.<\/p>\n

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

Thank you. Ladies and gentlemen, due to time constraint we will take this as the last question for the day. I now hand the conference over to the management for the closing comments.<\/p>\n

Swapnil Shah<\/strong><\/p>\n

I would like to once again thank you everyone for joining our earnings call. We will keep updating the investor community on regular basis of the developments at Synergies. I hope we have been able to address all your queries. For any further information, kindly get in touch with us directly or through our investor relations partner. Thank you once again.<\/p>\n

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

Thank you and have a good evening. Thank you.<\/p>\n

Kashish Thakur<\/strong><\/p>\n

Thank you, sir. On behalf of Ambed Capital, that concludes this conference. Thank you all for joining us. And you may now disconnect your lines.<\/p>\n","protected":false},"excerpt":{"rendered":"

Note: This is a preliminary transcript and may contain inaccuracies. It will be updated with a final, fully-reviewed version soon. Senores Pharmaceuticals Ltd (NSE: SENORES) Q4 2026 Earnings Call dated May. 14, 2026 Corporate Participants: Swapnil Shah \u2014 Promoter and Managing Director Deval Shah \u2014 Whole-Time Director and Chief Financial Officer Analysts: Kashish Thakur \u2014 […]<\/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":[10169,9175,9104,9092,14492,10089],"class_list":["post-183001","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-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":177028,"url":"https:\/\/alphastreet.com\/india\/senores-pharmaceuticals-shares-gain-after-quarterly-profit-rise\/","url_meta":{"origin":183001,"position":0},"title":"Senores Pharmaceuticals Shares Gain After Quarterly Profit Rise","author":"Staff Correspondent","date":"January 20, 2026","format":false,"excerpt":"Senores Pharmaceuticals Ltd. (NSE: SENORES; BSE: 544319) shares closed 4.85% higher on the National Stock Exchange and Bombay Stock Exchange today, following the release of the company\u2019s third-quarter financial results. The stock recovery follows a period of volatility in the pharmaceutical sector. Market Capitalization The total market capitalization of Senores\u2026","rel":"","context":"In "Health Care"","block_context":{"text":"Health Care","link":"https:\/\/alphastreet.com\/india\/category\/healthcare-stocks\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2021\/10\/Earnings-Coverage.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2021\/10\/Earnings-Coverage.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2021\/10\/Earnings-Coverage.jpg?resize=525%2C300&ssl=1 1.5x"},"classes":[]},{"id":176861,"url":"https:\/\/alphastreet.com\/india\/senores-pharmaceuticals-ltd-senores-q3-2025-earnings-call-transcript\/","url_meta":{"origin":183001,"position":1},"title":"Senores Pharmaceuticals Ltd (SENORES) Q3 2025 Earnings Call Transcript","author":"News desk","date":"January 22, 2026","format":false,"excerpt":"Senores Pharmaceuticals Ltd (NSE: SENORES) Q3 2025 Earnings Call dated Jan. 23, 2025 Corporate Participants: Prashant Nair \u2014 Moderator Swapnil Shah \u2014 Managing Director Deval Rajnikant Shah \u2014 Chief Financial Officer Sanjay Shaileshbhai Majmudar \u2014 Chairman Analysts: Ninad Sarpotdar \u2014 Analyst Vivek Gautam \u2014 Analyst Aman Goyal \u2014 Analyst Divyaxa\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, 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Officer Arpit Shah \u2014 Managing Director Swapnil Shah \u2014 Chairman and Non Executive, Non-Independent Director Analysts: Nupur Jainkunia \u2014 Analyst Shubham Gupta \u2014 Analyst Unidentified Participant Presentation: Operator Ladies and\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 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