Dr Reddys Laboratories Ltd 6-K, filed Jan 28, 2026

Dr Reddys Laboratories Ltd (RDY)

6-K 2026-01-28 For: 2026-01-27

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Added on April 09, 2026

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Dr Reddys Laboratories Ltd filed this 6-K on January 28, 2026.

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	DR. REDDY’S LABORATORIES LIMITED (Registrant)

Date: January 27, 2026	By:	/s/ K Randhir Singh
		Name: K Randhir Singh
		Title: Company Secretary

Management:	Mr. Erez Israeli: Chief Executive Officer
	Mr. M. V. Narasimham: Chief Financial Officer
	Ms. Aishwarya Sitharam: Head - Investor Relations

Erez Israeli:	So, it's somewhere between 17% and 18%, if I calculate, I'm not sure exactly where it is, but let's say it's more than 17% organic, without acquisitions.
Neha Manpuria:	And what is driving this strong growth, Erez? Because, I know we've been moving in the double-digit category for a few quarters now, but the step up to 17-18% does seem very large in a quarter's time. What's changed in this quarter, and how sustainable is this growth trajectory? Particularly this, let's say, mid-teens sort of growth trajectory as we look through the next few quarters.
Erez Israeli:	So, it's primarily the performance of the innovative products. They're actually very good products that are being really appreciated by the market. So, normally, when you introduce a brand that is not known, there is a period of time in which you have cycle of physicians that recognize this product and then recommend it. So, there is a certain growth pattern in introduction of any brand. And, I think, what happened to us, is actually the strategy is working. We are, in some of these brands, in the third year since launch, in some of them in the second year. And you will start to see the move. In addition to that, the branded generics generally performed in a similar manner, meaning that we are increasing the prices, we have the support of those. But it's primarily what we called, at the time, Horizon 2, introducing of innovation to India, this is the primary move that is actually working.
Neha Manpuria:	Understood. Sorry, one last question on India. The innovative portfolio would be what portion of our sales, roughly, today? You know, if you were to quantify it?
Erez Israeli:	It's somewhere between 10 to 15%, but I'm not sure, Neha.
Neha Manpuria:	All right, no problem. And my second question is on Semaglutide. I think, you mentioned that we have submitted the response, and we are awaiting response from the agency. So, have we not got a follow-up goal date as well? And according to you, what would be the next timeline that we should look at for Semaglutide approval in Canada?
Erez Israeli:	Yeah, so we do have a goal date, because it comes automatically, 6 months from the response time. So, it takes us to May, but it doesn't mean that we need to get approval by that date, it can be any time between now and May. And hopefully May, no additional questions. I don't know when we will get a response. We are preparing for a launch even in Q4. And there are scenarios like that, and if not, it will be in Q1. But let's say any time between end of February to May, we should expect a launch in Canada.
Neha Manpuria:	Thank you so much, Erez.

Aishwarya Sitharam:	Thanks, Neha. The next question is from the line of Damayanti Kerai from HSBC. Damayanti, please go ahead.
Damayanti Kerai:	Yeah, hi. Thank you for the opportunity. My question is again on India business. So you mentioned, the innovative products, etc. is helping you to achieve such strong numbers. So, two things. Again, what is the sustainability of these growth numbers in India? And also, if you can clarify if the December quarter has some spillover benefit from the prior quarter, where we had seen the GST disruption.
Erez Israeli:	So, it's absolutely sustainable. I don't know if it's 19%. It could be also 15%. So, it's absolutely sustainable in this range. And, I don't think that we had a major spillover.
M. V. Narasimham:	There's no spillover on account of GST implementation. This is a clear quarter.
Damayanti Kerai:	Got it, thank you. My second question is on Semaglutide. I guess, we are waiting for Health Canada to revert, but meanwhile, what are your expectations in terms of pricing compared to, say, a few months back? Given now, most of the companies are gearing up for these opportunities, and what's your broader expectation on the pricing and competition in the key markets where you are looking to launch Semaglutide?
Erez Israeli:	So, my expectations did not change much since our recent discussions. We know that eventually there will be competition in Canada. We also know that Novo Nordisk announced that they want also to participate, and they even started to offer certain organizations in Canada, what they call their own generic brands, if you wish, in Canada as well. They made some arrangements like that. I still believe that if we will get the approval, we have a good chance to be alone, or even with the low level of numbers of players that will compete, and over time, they will accumulate. The opportunity, to my opinion, is still there.
Damayanti Kerai:	Sure, and earlier, I guess your expectation for pricing across different markets was somewhere, say, $20 to $70 per unit. So, are you still, expecting the similar range, in terms of pricing in different markets?
Erez Israeli:	Yeah, yeah, most of the markets will be on the lower end of the spectrum, but yes, the spectrum is still there. We did not get yet indications that it will be lower. Over time, when people will get approval, we are expecting it to be a very competitive market. There will be a short period of time, which can be from weeks to months, it depends on the market, in which we can have healthier prices, but then we're preparing ourselves for a scenario of very competitive markets.
Damayanti Kerai:	So, somewhere closer to the lower end of the range, right? That's the expectation?
Erez Israeli:	Yes. I think, this is a fair assumption for your analysis.
Damayanti Kerai:	Okay, thank you, I'll get back in the queue.

Aishwarya Sitharam:	Thanks, Damayanti. The next question is from the line of Dr. Bino Pathiparampil from Elara Capital. Bino, please go ahead.
Dr. Bino Pathiparampil:	Hi, good evening. Couple of questions. One, how much has generic Lenalidomide still contributed to the EBITDA margins in the quarter? And now that we have a visibility of our expense levels, etc., what shall we look forward to in terms of EBITDA margins in Q4 and FY27?
Erez Israeli:	You know, four years, I did not answer this question, and this is the last quarter that I need to answer this question, so I will not be able to tell you the amount, and this is because of the confidentiality agreement that we have with the innovator. It's not because I don't want. But what we can say is that the decline that you see in America is primarily Lenalidomide. And, actually, without Lenalidomide, we even grew. So, you can take it from there.
Dr. Bino Pathiparampil:	Got it. When you say, decline in the US, it's YoY or QoQ?
Erez Israeli:	Both.
Dr. Bino Pathiparampil:	Thank you. And, second, can I also understand the latest timelines now for Denosumab and Rituximab in the US?
Erez Israeli:	So, for Denosumab, Alvotech needs to answer the deficiency letter. And then, of course, it depends on how the USFDA will address the response. So, the answer is I don’t know. But it is likely that it'll be in the second quarter of FY27 and maybe even after. You know, the normal time that they evaluate the deficiency letter, a new goal date, likely that it will take us to this time frame. But I really don't know, because you know, in biologies, you don't always end up with one deficiency letter. So we need to see.
Dr. Bino Pathiparampil:	Got it.
Erez Israeli:	Answered on Denusumab. On Rituximab, we have one out of the two comments that they gave, which is related to our response, primarily related to one of the lines of the fill and finish. On that, we will answer in the next two weeks, give or take, and then the expectation is that they will come to visit us again, and re-inspect us. So, the approval likely, it's not official, but I'm giving my best assessment, that likely that we'll get re-inspection on that specific line. And I'm already pre-empting one of the next questions, there is no impact on Abatacept, because Abatacept is not on the same lines. But this is the status of rituximab. So right now, it will be the response. Then, they will decide when they want to come to visit. And it will go from there. So, unlikely, let's say, in the next 6 months, and maybe more than that.
Dr. Bino Pathiparampil:	Understood. Thank you, I'll join back the queue.
Aishwarya Sitharam:	Thank you, Bino. The next question is from the line of Abdulkader Puranwala from ICICI Securities. Abdul, please go ahead.

	Q3FY26 Earnings Conference Call Transcript
	January 21, 2026

Abdulkader Puranwala:	Yeah, hi, thank you for the opportunity. Firstly, on Semaglutide. I heard your comments about Canada where you expect entry in February to May. How about the other countries in which the patent expires in March, including India? And, we previously talked about having a capacity of 12 million cartridges. Is there any increase to that? And by when we should see a meaningful traction coming from this product?

Erez Israeli:	So, the starting point is India. We will launch on time. The date is March 21^st, which also happens to be my birthday. So, this is one. Canada, like I mentioned, it can be any time from now until the goal date of May, that's what I answered Neha. I don't know, in that spectrum, when exactly it's going to be, but the expectation is that we have an approvable product, and we will launch at this time frame. In addition to that, we are using our COPP that we got already for India to register in other markets. Altogether, like I mentioned in the past, it's much more than 80 markets. I think it's 87 or 80-something markets altogether. But the most meaningful will be Brazil, somewhere around July, as well as Turkey, give or take, the same time frame. In addition to that, we have partners, both in India as well as outside of India, who want the right for our Semaglutide for their market, and we are obtaining also licensing fee for this kind of activities, not just for this product, but also for other products. So, overall, the 12 million pens remains the same for that period of time. For the period after, we can have more than that. Right now, as you know, we are using primarily the fill-and-finish from Stelis. But as time will go by, we have additional capacity, and we'll continue to use our partner, as well as our own internal facilities.

Abdulkader Puranwala:	Sure, got it. Thanks for that. And, just to follow up on the biosimilars as well. We are having now a CRL for Denosumab and Rituximab. So, internally, how is that impacting our estimates for your entire biosimilar launch timelines? And secondly, with Abatacept, is there any timeline for launch we are planning internally?

Erez Israeli:	So, on Rituximab, the main delay of the launch is to our partner, Fresenius. As you recall, Rituximab was a product we primarily used to qualify Bachupally. And it's actually served the purpose well, maybe even too much engagement with the authorities. It's actually served the purpose really, really well in that respect. So, the overall delay in the launch versus the original plan is probably a year plus. In Europe, we already launched. So Europe is good, and we are progressing there. Denosumab, the same. We launched in Europe and we are going to launch in additional markets. It's a very competitive market over there. Denosumab, right now, because of the deficiency letter, I don't know exactly when it will be answered. So I don't know how much is the delay, but it is at least 6 months, if not more than that. For this particular product, I don't see any impact of Abatacept. Denosumab is made by a partner, Alvotech, in Reykjavik, Iceland. Abatacept is made on different lines in Bachupally, India. Obviously, we need to get approval for Abatacept in the stipulated time. We submitted it on time, so the first expectation is that we'll get somewhere towards the end of the calendar 2026, the approval for the IV product, and then we can launch it. The approval for the subcutaneous should be by January or February of 2028. We believe that we are still on time for that. Of course, we need to see that we are actually making it happen. But Abatacept, so far, looks in the right direction, especially in the United States.

Aishwarya Sitharam:	All right, thanks, Abdul. The next question is from the line of Dr. Kunal Dhamesha from Macquarie. Kunal, please go ahead.

Dr. Kunal Dhamesha:	Thank you for the opportunity. Just one on Semaglutide Canada. Is there a requirement of plant inspection from Health Canada before approval, or all those things are already done from our side as well as from our partner's side?

Erez Israeli:	So, no inspections are expected or needed. We just hope for approval. Of course, Kunal, they can give us additional queries, like a normal regulatory process. But we are expecting approval.

Dr. Kunal Dhamesha:	But normal regulatory process does not involve plant inspection from Health Canada, like the USFDA has.

Erez Israeli:	No, no inspection.

Dr. Kunal Dhamesha:	Sure, sure. And secondly, in one of the media articles, the Health Canada spokesperson has mentioned that the manufacturing of the API is different between generic players versus the innovator, and hence, whether the generics would be substitutable is kind of questionable. So, if you could provide any colour on this, how much confident we are that our generic would be substitutable, at the pharmacy level?

Erez Israeli:	It's absolutely substitutable. And by the way, what he said is not correct. Actually, also, the innovator is using synthetic API for the injectables and the recombinant products for the oral, and we are planning to do the same for the generics. So, in that respect, I don't see merit to that statement. I believe, the product is absolutely going to be substitutable, so there is no need for any special prescription, or branding, or any brand generic activity. It's a normal retail product, once we will get approval.

Dr. Kunal Dhamesha:	Sure, thanks for that. And my second question is on the new Labour Codes-related provision that we have provided some Rs. 117 Crores for. So, how should we think of this? Is it some bit of retrospective cost also baked into this Rs. 117 Crores, or it's just prospective cost? And is it recurring in nature, that structurally our employee expenses would be a little higher now? How should we think about this?

M. V. Narasimham:	So, Kunal, the wage definition has been revised, in line with the new Labour Law Codes. For employees on the payroll of the company as of December 31^st, we have re-computed retrospectively. It is not prospective. So that's where this entire gratuity, leave encashment provision has been made. And going forward, in line with this, but may not be this extent, that would be, my view. Less than 50 basis points would be the impact, but that's not very significant.

Dr. Kunal Dhamesha:	Sure, thank you, and all the best.

Aishwarya Sitharam:	Thanks, Kunal. The next question is from the line of Madhav Marda from Fidelity International. Madhav, please go ahead.

Madhav Marda:	Hi, could you talk a little bit about biosimilar Abatacept launch in the European markets as well? Is that something that we are planning to target in the next couple of years? And also, if you could talk about the addressable market in Europe, as well? Thank you. That's my first question.

Erez Israeli:	Europe is a very important market for Abatacept. We are going to do it by ourselves as well as with partner to cover all the markets. Because in some of the markets, we don't have the ability to go to physicians, and so we are trying to cover as much as possible. Obviously, the markets that are tender markets, we can cover easily by ourselves.

M. V. Narasimham:	We are submitting in July 2026, and expecting approval in 12 months.

Erez Israeli:	So, July 2027, you should expect a launch in Europe for both IV and the subcutaneous.

Madhav Marda:	And, how large is the addressable market in Europe for Abatacept today?

Erez Israeli:	About US$2 billion, maybe a little bit more.

Madhav Marda:	In terms of the competitive landscape, given in Abatacept, seems like we're the only one who has completed Phase III. Maybe one more person is starting it off, I don't know where they are right now, but even in Europe, similar competitive landscape? Like we'll probably be the first and only company at launch?

Erez Israeli:	Yes, and by the way, the idea is to launch Abatacept in every country that has a demand for this product, either by ourselves or with a partner. So, we are planning to launch in this time frame in Europe, in the United States, in Japan, in Canada, and in every market where there is a demand for this product.

Madhav Marda:	Understood, understood. Great, thank you so much.

Aishwarya Sitharam:	Thanks, Madhav. The next question is from the line of Shyam Srinivasan from Goldman Sachs. Shyam, please go ahead.

Shyam Srinivasan:	Yeah, good evening and thank you for taking my question. The first one on NRT. The disclosure you have shared around the growth there is about 25% YoY. Can you just split it out into constant currency terms, what the growth was? I remember, we had about Rs. 6 billion that is Rs. 600 Crores last year, same time, and we had Rs. 1 billion pre-tax profits. So how has that evolved from these levels now?

M. V. Narasimham:	So, Shyam, constant currency is, year-over-year, 8% growth.

Shyam Srinivasan:	Okay, MVN, so the rest is all coming from currency generally?

M. V. Narasimham:	Yes.

Shyam Srinivasan:	Okay, so how should we how should we look at the steady-state growth for this? Is there something that has changed? Because I remember single-digit growth was what we guided to, so that continues, right, in constant currency?

Erez Israeli:	Yeah, Shyam, firstly, yes. It can be. Right now, we see upside to the model. It's not a significant upside, but let's say we always had single digit, but right now it looks like on the upper side of the single digit. And it may go to double digit, depends. Because we are also participating in certain tenders, like Brazil. So, if you win this tender, it gives you a chunk of sales in a particular situation. Overall, it looks good, it looks that we are exceeding the expectation that we had internally. And, actually, the demand for this product is higher than what we thought.

Shyam Srinivasan:	Helpful, Erez. So, the sub-part of the question was on the profitability as well. I know we have done additional brand building exercise, but has the profitability materially changed?

M. V. Narasimham:	Sales are also higher, and then, with the A&P investments overall, if you remember, at the business case level, we said EBITDA is around 25%. But now, since we are doing well, the EBITDA percentage is higher than 25% currently.

Erez Israeli:	Right now, it looks really well, above expectations, but let's say, I think fair assumption will be that we'll stay with 25%.

Shyam Srinivasan:	Got it, thank you. And just the last question to some of the opening remarks you made on Novo’s strategy in Canada. Just curious, why would they want to tie up with some local organization? They didn't defend their patents originally. Is there a chance that slippage happens across the border into the US for the lower-priced version? Any philosophy or thought process to understand why they're doing it?

Erez Israeli:	You know, it's beyond my paycheque. I'm not managing Novo Nordisk. I hardly manage Dr. Reddy, that too with a lot of difficulties. I'm assuming that they want to protect their market share. They understand what will happen when a company like us will launch, and other companies will launch. Apparently, it's important for them to keep the relationship. They also said it. About, over the border, probably, but I have no data or indications about it. We are not building on that, let's say. We are building on selling to Canadians, and if it will be more, it will be more.

Shyam Srinivasan:	Thank you. All the best.

Aishwarya Sitharam:	Thanks, Shyam. The next question is from the line of Tushar Manudhane from Motilal Oswal. Tushar, please go ahead.

Tushar Manudhane:	Thanks for the opportunity. First question on India Semaglutide opportunity. Just would like to understand the approval which we have got is for diabetes and weight management, or only diabetes?

Erez Israeli:	We got it for the diabetic product. And we are planning to launch eventually all products in India. Also, the other part of the products are in the queue to get approval. But what we will launch in March is the generic version of Ozempic, if you wish.

Tushar Manudhane:	Got it. And, so effectively, if at all, for weight management, it would not be in March, but subsequently, as and when you get the approval from the regulatory authority.

Erez Israeli:	You know, the physicians will prescribe the way they believe they should. But the indication of the product we will launch is for diabetic.

Tushar Manudhane:	Because the strength of the product is relatively lower for weight management, right?

Erez Israeli:	Also, many, many people use the Ozempic for the same, but yeah, the equivalent of Wegovy will come later. In March, we will launch Ozempic, but in India, we have all strains. We will have both the indications, as well as the oral.

Tushar Manudhane:	Got it. So, secondly, on rituximab, let's say, if at all that re-inspection happens, post your response, in your experience, has it happened that USFDA comes only for a particular line for inspection and doesn't inspect the entire site, as such?

Erez Israeli:	Absolutely. This is what PAI, pre-approval inspection, is all about. So, they are coming for a specific line. They can extend it, if they wish, it's up to them, but it's very, very common. Especially for sterile products.

Tushar Manudhane:	Got it. And on the same thing, what would be the tentative timeline for submitting the subcutaneous version filing for USFDA?

Erez Israeli:	In July 2026, we will submit, and we hope to get approval at the patent date, which is January or February 2028.

Tushar Manudhane:	Got it. And just one more from my side, R&D spend guidance, if you could share?

M. V. Narasimham:	It's in the range of, Tushar, 7-8%. What we have guided earlier, that remains same.

Tushar Manudhane:	But now that major part, which was with respect to Abatacept, is largely done, you think that we'll be still on the higher side of this guidance? At least for FY27?

M. V. Narasimham:	So, for Pembrolizumab also, we have just started the collaboration with Alvotech. New molecules also we'll continue to introduce. That's why we are saying 7% to 8% range.

Erez Israeli:	When we finish a budget of a product, we obviously want to develop more products. We have aspiration to launch hundreds of products in the next 15 years. So, there is enough products to develop. So, it's more how much we can afford in a particular time and our capacity in R&D.

Tushar Manudhane:	Yes, agreed. Great, absolutely. Thanks, and all the best.

Aishwarya Sitharam:	Thanks, Tushar. The next question is from the line of Vivek Agarwal from Citi. Vivek, please go ahead.

Vivek Agrawal:	Yeah, thanks. My question is related to SG&A spend. That continues to remain high, and this is against the company's guidance of some moderation ahead of Revlimid cliff. Just want to understand the outlook here. Are we expecting any kind of decline in SG&A spend next year in FY27, or it can still grow YoY, maybe at a lower rate? So if you can help us understand. Thank you.

M. V. Narasimham:	Well, Vivek, with lower Lenalidomide sales for the quarter, as a percentage to sales, the SG&A still is, without this Labor Law Codes impact at 30%. Then, the way in which forex has given a favourable impact on the top line, our SG&A spends are also there in Russia, in Europe for the NRT and there is a forex impact also in SG&A. We have continued to invest in our branded businesses growth, be it India, emerging markets, NRT, all are on the solid path of growth. Despite continuing to invest, with 30% of the sales, we believe, we are in the control of the overall SG&A.

Vivek Agrawal:	Understood, and that makes sense, but just want to understand an absolute level, right? So, in the absolute terms, are we expecting any kind of moderation or decline in next year, or it can still grow from here on?

Erez Israeli:	So, you'll see that it will grow less. So, moderation of the growth. The reason for that, as we discussed in the past, we obviously prepared for the post-Lenalidomide era for quite some time. We knew it is coming, we are aware of the implications. It did not come as a surprise to us. And part of our cost containment, which is one of the key principles that I mentioned, is that we want to control the cost, also the SG&A. The idea is that, overall, the discretionary cost we are controlling very much, like we discussed in the past, and the pace of the growth of the cost will be less than half of the growth of the top line.

Vivek Agrawal:	Thanks, Erez. That's all from my side. Thank you.

Aishwarya Sitharam:	Thanks, Vivek. The next question is from the line of Kunal Lakhan from CLSA. Kunal, please go ahead.

Kunal Lakhan:	Yeah, hi. Thanks for taking my question. My question was on the emerging markets, especially Russia. We saw some good growth numbers this quarter, and I do read your commentary that it's primarily driven by new product launches. Just wanted to understand how much of this growth was because of the new products, and how much was the base business growth here?

Erez Israeli:	It is both. We have grown in all three segments in Russia, meaning the retail, the hospitals. And in retail, both on the Rx and the OTC. So, it's both, you know, the old products as well as the new products.

Kunal Lakhan:	And also, in terms of pipeline of new products, if you can give some colour on the coming quarters and years, how does the pipeline look like, and whether this growth is sustainable, once the current high base is actually in the base.

Erez Israeli:	So, the growth in Russia is sustainable. Not always you'll see a 21% growth every quarter, but healthy double digits in Russia is absolutely sustainable.

Kunal Lakhan:	Sure, thanks, that's helpful. All the best.

Aishwarya Sitharam:	Thanks, Kunal. The next question is from the line of Shashank Krishnakumar from Emkay Global. Shashank, please go ahead.

Shashank Krishnakumar:	Hi, thanks for taking my question. Just one question on our Semaglutide tablets filing in India. I think the SEC has asked for some on-site verification of our Phase III trial data. Now, does it typically meaningfully impact approval timelines, or is it sort of relatively easier to address? Just wanted to understand that.

Erez Israeli:	I don't have any concerns on this one.

Shashank Krishnakumar:	Got it, and just a related question, so, post-March, subject to an approval, there's no litigation overhang even for the launch of tablets, right, in India?

Erez Israeli:	Correct.

Shashank Krishnakumar:	Good. Thank you. That's helpful. That's it from my side.

Aishwarya Sitharam:	Thanks, Shashank. The next question is from the line of Surya Patra, from PhillipCapital. Surya, please go ahead.

Surya Patra:	Thanks for the opportunity. My first question is on the Aurigene CDMO opportunity. In the opening remarks, you have mentioned that, it has been qualified as an exclusive supplier of two innovative APIs. So, how important this opportunity could be for us, and when would that be fructifying, and in terms of the revenue contribution, what we should be seeing out of it?

Erez Israeli:	So, as we speak, this is still a small business. I'm sure you all recall, we started placing more emphasis on this activity for the last two years. What we try today to do is to engage meaningful products. Initially, we start with Phase I, Phase II, and we are very happy that efforts that started about 2 years ago now started to yield. How significant it is now? It's not that significant, but we should absolutely see, I believe, 100 plus of million dollars coming to us as a growth in the next 2 to 3 years from that. For the overall scheme is not big, but for the CDMO business, it is an important place, because it will allow them to have sustainable capabilities over time.

Surya Patra:	Sure. My second question is on Lenalidomide. So, knowing the fact that we are an integrated player, means having our own API also for that. So, given that situation, what is a kind of a tail-end opportunity in Lenalidomide that we should be seeing?

Erez Israeli:	We'll continue to be in the product. But given the fact that we are comparing it to the period of time in which we had this agreement, I always advise people not to give a value to it. So, it will not confuse all of you. So, you should assume that the old arrangement from Q4 is zero. Doesn't mean that we will not sell, but let's say just another molecule for clarity, just it will help everybody.

Surya Patra:	Sure, sure. Just one bookkeeping question. We have talked about the forex element, in couple of line items this quarter. So, whether there is a kind of a net positive impact that we have seen? What is the kind of net Forex loss or gain that we have seen in the financials for the quarter? And the same number, if you can give for the corresponding previous quarter also.

M. V. Narasimham:	So, Surya, if you see that for each of the sales we have called out, especially in Europe and EM, there's definitely a forex element. At the same time, in the SG&A, as well as COGS on whatever we import also, we have to account at a higher price. There is a net-net positive impact on the EBITDA margins.

Surya Patra:	Sure. Are we quantifying, sir?

M. V. Narasimham:	It's not that significant.

Erez Israeli:	I don't remember exactly the numbers, but it is not very significant. For the sake of analysis, I don't remember exactly the percentage, but it's not huge.

Surya Patra:	Thank you, sir. Wish you all the best.

Aishwarya Sitharam:	Thanks, Surya. In the interest of time, we will take one last question from Foram Parekh of Bank of Baroda Capital Markets. Foram, please go ahead.

Foram Parekh:	Thank you for the opportunity. My question is on the India market. So, with the new acquisition that we have done, we have seen growth expanding to 19%. So, in FY27, can we assume with Semaglutide launch, and as the new acquisition scales up, would it be wise to assume a growth rate higher than the current growth rate of 19%?

Erez Israeli:	We feel very, very comfortable with a 15% plus. Can it be more than 19%? It can, but I don't recommend using it for now. What we can say, that the 15-16% is very sustainable. The rest is dependent on certain scenarios. But it might. Plus, we are not done with BD. So, likely it will come, but of course, we cannot guide for it.

Foram Parekh:	Okay, that's helpful. My second question is on the European side, ex of NRT, where we have seen sales mellowing down to 15% growth, even with the launch of biosimilars. So, again, the question is, as these biosimilars scale up, and probably with the launch of Abatecept in the European market, so can European region ex of NRT, scale, north of 20% or so?

Erez Israeli:	Again, it can, but it depends on the scenarios. So, I think what I can say about Europe, and this is something that we are very proud of. You know, in 2018, we had less than EUR 100 million sales in Europe. And in the future, in the next 2 or 3 years, we will see 10 times this number. So it emphasizes the importance of Europe for us. Europe is not only what we do in Europe, but also what we do with partners in Europe. So it's very, very important for us, because we will not have capability in all the markets. So the answer to if it's possible? It is possible, but we are not guiding for that. What we are saying is that all markets should grow double digits, beside the United States. That will grow single digit. And this is without taking the impact of Lenalidomide, like I mentioned, from next quarter, this arrangement is done. And, that's how we should see.

Foram Parekh:	Sure. And last question is on the global, generics gross margin. As Revlimid sales have come down, we've seen gross margins also coming down to 57%. So, from next quarter onwards, with zero Revlimid sales, can the gross margin trajectory scale down further?

M. V. Narasimham:	So, we can expect, without Lenalidomide scenario, from Q4 onwards, our gross margin of both Global Generics and PSAI in the range of 50-55%. Some quarters, depending on the products, and business mix, it varies, but the range is 50-55% overall.

Foram Parekh:	Sure, thanks for taking my question.

Aishwarya Sitharam:	Thanks, Forum. And that was the last question for the call today. Thank you all for joining us. We value your time and participation on the call. If you have any further questions or need additional information, please do feel free to reach out to me. With that, we conclude today's earnings call. Thank you, everyone.