Innova Captab Limited (INNOVACAP) Q4 2026 Earnings Call Transcript

Ladies and gentlemen, good day and welcome to Innova CapTap Ltd. Q4 and FI26 Earning Conference Call. This conference call may contain forward-looking statements about the company, which are based on beliefs, opinion, and expectation of the company as on date of the call. These statements are not the guarantee of future performance and involve risk 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. Should you need assistance during the conference call, please signal an operator by pressing star then zero on your touchtone phone. Today, from the management side, we have with us Mr. Binay Lahoriwala, Managing Director, and Mr. Lokesh Vassin, Chief Financial Officer and SGA Investor Relations Advisor. I now hand the confidence over to Mr. Binay Lahoriwala, Managing Director of Innova CapTab Ltd. Thank you, and over to you, sir.

Good morning, everyone, and thank you for joining us today. We are pleased to present our operational and financial performance for Q4 and FY26. FY26 has been a defining year for Innova CapTap as we achieved our highest ever annual performance, reflecting the strength of our business model, exhibition capability, and customer relationship. On a full-year basis, revenue stood at INR 1630 crore, resisting a healthy growth of 31% year-on-year, while Q4 revenue come at INR 448 crore, delivering a strong growth of 42% compared to the cross-funding quarter last year. The growth momentum was broad-based, supported by continued traction across both our CDMO and branded generic business. Over the last few years, we have remained focused on expanding our product portfolio, strengthening customer partnerships, enhancing manufacturing capabilities, and improving operational efficiencies. The benefits of these initiatives are now increasingly visible in our overall performance. A key highlight during the year was the successful completion of the first full year of operation at our Katwa Jammu facility. The ramp-up was progress steadily, and I would like to appreciate the effort of our team across the function for ensuring smooth execution while maintaining high standard of quality and compliance. Starting with the CDMO business, we continue to deepen our presence in the domestic. The CDMMO business reported revenue of INR 1,133 crore, that is 1,133 crore during F526, reflecting a year-on-year growth of 24%. Going forward, we see strong opportunity to further expand wallet share with existing customers while also adding new relationship across therapeutic category and doses forms. Coming to our branded generic business, we delivered a strong growth of 51% during the year. The performance was given by geographical expansion into high-potential domestic and international markets coupled with deeper penetration in our existing geographies. Our manufacturing infrastructure continues to remain one of the core strengths of the company. Over the years, we have built advanced and technology-driven facilities supported by automation, stringent quality system, and globally compliant manufacturing practices. These capabilities provide us with scalability, consistency, pressibility, and operational flexibility as we continue to grow the business. We also achieved important regulatory milestones during this year. Our cephalosporin facility in Baddi received UK MHRA approval, while our Jammu blocks received fixed certifications through SMDC Ukraine. These certifications will support our entry into regulated international market and strengthen our positioning as a quality-focused pharmaceutical manufacturing partner. The Jammu facility continues to witness increasing progress. With several marquee customers successfully completing audits and validating stability data, along with other key parameters, we remain confident about the scale-up of the facility and its contribution to grow over the coming years. Looking ahead, with multiple growth levers in place, Capacity ramp up and expanding product portfolios, deeper market penetration, and a strong R&D engine. We are confident in our ability to deliver 20% plus revenue growth and create long-term value for stakeholders. With improving scale and operating livery, we expect EBITDA growth to outperform revenue growth. As the Jammu plant, utilization ramp up further. Fat growth should outpace EBITDA growth, aided by the fact that the repression and financial costs related to the Jammu facility are largely fixed and already reflected in the base. Overall, incremental growth should translate into much stronger profitability going forward. We remain committed to executing our strategic roadmap with discipline and agility across both. Both of our business areas. With this, I would like to hand over the call to our CFO to detail out the financial performance during Q4 and FY26.

And good morning, everyone. I will now walk you through the financial highlights for quarter 4 and F5-26. Consolidated revenue for the quarter came in at Rs. 447.8 crores, with a strong 42% year-on-year growth, mainly driven by a strong demand in both our business areas. Exports contributed 48% for quarter four, reflecting our continued focus and progress in global markets. Our CDMO business revenue came in at Rs. 314.8 crores, up by 41% year-on-year. Mainly led by increased product portfolio, adding new customers, and deepening our wallet share with existing customers. The branded journey business revenues through that Rs. 133 crores, growth of 46% on a year-on-year basis, showcasing a pure testament to our distribution strategy. EBITDA for the quarter stood at Rs. 66.7 crores with 31% increase and EBITDA margin of 14.9%, mainly due to change in product mix. Profit after tax for the quarter came in at Rs. 38.1 crores, up 29% on year-on-year basis. FY26 highlights, consolidated revenue for the full year. KME net rupees 1630 crores with a growth of 31% on an year-on-year basis. Exports for the full year contributed 31% to the overall revenue. TDMO business revenue stood at 1133 crores with a growth of 24%. The Andrit Jandi business showed robust growth of 51% and KME net rupees 497 crores. Abitda for the full year came in at Rs. 250.3 crores as against Rs. 198.2 crores last year. Operating margins for FY26 came in at 15.4%. Profit after tax stood at Rs. 140.9 crores with a growth of 10% on an year-on-year basis. Our balance sheet continues to demonstrate strong resilience, reflecting the effects of strategic decisions undertaken over the past few years that are now translating into tangible education on the ground. With disciplined capital allocation, a prudent library profile, and sustained investment in capacity and capabilities, we have built a solid financial foundation to support our growth ambitions. As these initiatives continue to scale and deliver operating leverage, we are confident of our future growth in the coming years. With this, I would like to conclude our opening reward and open the floor for question and answer. Thank you.

Thank you, Sharmu Sir. Ladies and gentlemen, we will now begin with the question and answer session. Anyone who wishes to ask a question may press star N1 on their touchstone telephone. If you wish to remove yourself from the question queue, you may press star N2. Participants are requested to use handsets while asking a question. Ladies and gentlemen, we'll wait for a moment while the question assembles. Our first question comes from the line of Anubhav from Precent Capital. Please go ahead.

Sir, thanks for the opportunity. My first question is, can you provide a rate of the CDMO segment revenue growth into volume and realization growth?

So, normally, our volume growth is at an entry level, at rather more of a circuitry level, so, often... It was mainly through Jammu Facility, which has just ramped up for the full year, and talking about our budget facility,

And sir, are you witnessing a spiking API crisis and how will that impact our revenue growth in the medium or segment going forward?

So basically, you are talking about increase in APA prices and its impact on our revenue model, right?

On CDMO revenue, because of the mid-week situation, are we witnessing spiking, apply prices, and I understand it's a post-plus model, but going forward, will we be able to pass it on completely?

So, yes, so due to this going on conflict, there is certain uptick in prices of our raw materials and major ingredients. You already said, our cost, our pricing with CDMOs customers is on cost plus basis. So, largely those increases have been passed to our customers.

Yes, sir.

I said the sequential acceleration in revenue growth in second half and even in two-four, the growth you have, is it mainly driven by the ramp-up in the Jammu?

See, if I talk about, if we talk about overall growth in Q4 as well as full year, yes, one of the major contributors is our ramp up for Jammu facility, but having said that, each and every business area as well as our capability across group has contributed to this overall growth.

And sir, for the branded generic segment, do you

provide a bit of that between domestic-branded and smooth-branded? Normally, we do not track our geography-based business that is in the serial level, but roughly it is in the range of 70% domestic and 30-35% exports.

And, sir, between the two, which segment is, like,

driving the very, like, good growth for this overall business?

Can you provide some color to that?

Yes, as we submitted, while majority of our business comes from our CDMO business area, but the growth which is coming is coming from all business area, and at the same time is being fueled by each and every manufacturing capability that we are having.

And sir, final question before I get back in the queue. Sir, how are you witnessing the schedule and implementation? Like, it's been a while now. So, like, do you see, like, crackdown on, like, facilities which are not compliant? And is it, like, helping our growth? Can you give some color on that?

So, Schedule M is now effective across the country, and it is better that we comment on our capability, where all facilities are well-compliant with the local regulation, as well as the international regulation. We have the... Approval, like, if you see, in the last year also, we have received MHRA certification, we have the UGMP certification, and then we have the PIC certification. So, we have the international as well as the local complying plants, and definitely those who are complying will be in an advantage space. That I can say.

Okay. I've got that. Thank you.

Thank you, ladies and gentlemen, anyone who wishes to ask a question may press star and 1. Our first question comes from, next question comes from the line of Sudarshan Padamabhan from ASK Investment Managers. Please go ahead.

Yeah, thank you for taking my question and congrats on a great set of numbers. Sir, you know, with all the global issues happening, you know, how is the availability of raw materials? Do we have any issues in the supply chain that we have seen, which we, you know, are trying to address? Can you give some color on, you know, the availability of metadata?

So, as far as the availability is concerned, there is no such problem. What should I say? So, prices are going up. That is the one thing. But availability is not at all a concern. So, nothing is in shortage. The other way around, what we can say, there are two things. One is the demand side and one is the supply side. So, if you compare with the COVID situation, in COVID situation, there is a demand side disruption also, right? This time, demand is increasing at a normal growth rate or normal pace. There are some disruption on the supply side. So, that basically on the prices rather than availability of the material, largely.

Sure, sir. And, sir, you know, coming to, you know, the sub-parts of the business, I mean, I'm just trying to gauge the, you know, the extent of the operating delivery that can happen. If I look at the utilization across plans, I mean, demo facility is at 10 percent, then you have the other facilities at 75 percent. You know, and also if I look at, you know, ShareOn, which again can be a huge cost of delta both on sales and margin. So while EBITDA would grow faster than your top line, I mean, should we see, what are the kind of margin expansions should we see? Because across the board, when I look at it, it looks like it is all, you know, pointing out to sustained margin expansion over the next few days.

This is again a complex area to comment on the margin expansion, but what we can say is that it should be better than the current year. Next year, the margin should be better than the current year. Because how it is a complex that it depends on the product basket, geographical presence, everything, and then overall number will, how much delta will result. So that we are not able to speculate on that. And the overall outlook, we can say that it is positive for margin expansion also.

The final question before I join that with you is when I look at the regulated international markets, I mean, we have basically got the approval from UKMHRA for CEPLOS foreign unit, which we have a dedicated unit. And if I look at the CEPLOS foreign, you know, market as well, I think we are in a stronger wicket, given that, you know, government has implemented the NIP, you know, ensuring that Indian ecosystem does play, etc. I mean, we also have, you know, invested a lot on ShareOn after, you know, we had got that facility in that time. So how do we see this part of the business, I mean, the internationally regulated part, say, in the next two years from a strategic perspective? And where do you think in the next two to three years in terms of contribution?

So if you see our regulated portfolio, as you already covered, that acquisition of Speron helped us in that territory. In Speron, we are operating in markets like Canada, UK, and then Europe, Australia. And from our cephalosporin block also, we are operating in all these markets, Canada, Europe, and UK especially. So, we are continuing focused on this market, filing our product in this territory. We are getting the endorsement for the multiple product in this market, and we see a healthy, better growth in our business, and with a better margin, especially in this market.

Do we see a contribution of, you know, developed markets improving, you know, visibly in the next three years from where it is today?

If you see that we have covered this line multiple times, that we are focused on all our engines simultaneously equally. Whether it's a regulated market or our domestic trade generic or our CDMO, we are focused on all markets. So let's say if we are growing in one segment by 30%, the other one is also growing. So, whether the product overall mix will change or not change, that is in the future, but as a strategy or as a company, we are focused on all the category of the business.

Sure, sure, so thank you all, thank you, everyone.

Thank you. Our next question come from the line of Ankit Shah from Kyanara Radeko AMC. Please go ahead.

Hi, thanks for the opportunity. Sir, can you share the revenues from Jammu in this quarter and whether it has started contributing positively to EBITDA?

So, this quarter, so basically if you talk about full year, Jammu is achieved around 300 crores, and this quarter we are nearing EBITDA, and in coming quarter, as we said that the Jammu AMPUP is going on, we are very much positive that in coming quarter, we should be able to achieve EBITDA positive, as well as start covering the fixed cost on Jammu part.

Okay. Right now, we will be close to breakeven, and going forward, it will start contributing positively.

Yes, sir. Okay, got it.

The second question was on the gross margin. So, if I look over why my gross margins are down despite our branded business share going up. So, what is the reason for the decline in any RM cost increases are impacting that?

So basically, if you see the change in gross margin profile is mainly due to the change in product mix. That is the only reason. The change in raw material prices on the output side has nothing impact on the gross margin file.

Okay.

Got it, sir. Thanks for this. I'll get back in the case for more questions. Thank you.

Thank you. Our next question comes from the line of Avneesh Barman from Vaikarya AMC. Please go ahead.

Hi. Good morning. Thanks for taking my question. Lokesh, one question on specifically the CIFAR API prices that you are seeing in this quarter. Can you broadly quantify on the CIFAR prices only what has been the increase on the YOY and QOQ basis?

So, you were talking about previous year, Amish?

Ceplex4 and API prices.

So, yes, if you remember, our Ceplex4 and prices have reduced during the quarter 2 and quarter 3 of this financial year and start stabilizing in the first half of quarter 4 before this conflict pays out. So, yes, there had been impact on Jammu that we have called out earlier. That was the major impact which has impacted our venue during this year.

Has there been a meaningful increase in these prices on a sequential basis?

So, not in the Q4, we can say, but yes, with the Braille, if we see on the YTD basis, then we can say, yes, there is an increase in the prices. Okay.

And the other question was on, you quantified 300 crores of full year Jammu revenues, just translates to above 90 crores approximately on quarterly revenues. And again, I mean, if these 90 crores are coming at EBITDA break-even, so you're, just the back of the envelope calculation, your ex-Jammu EBITDA margin comes at about 18, 18.2%. Is that a good estimate of the ex-Jammu profitability of the business?

Yes, you are right, Ramesh.

Okay. And one more question. Vinerji, you said that EBITDA margin in FI27 should show some increase. And in the previous calls, you were also talking about some investments that you need to do in the business for long-term growth, because of which I think you mentioned that there might be some pressure on margins. So you are talking about an EBITDA margin increase taking into account these investments that you'll need to do next year?

So, I mean, I'll see if you see that the next chunk of the revenue which is going to contribute in Jammu, right? So, in pharmaceutical facility, what happens? Maximum operating side expenses we have already committed, whether it's, let's say, electricity or employee benefits head, most of the cost is already committed. So, whatever the incremental revenue will come, it will trigger the operational leverage, and we expect that there should be a few percent point improvement in the EBITDA. Now, the thing is that the overall situation will depend on the product mix, overall revenue growth, and every factor taking in account. Now, let me come to the second part of your question that if there is a long-term investment in any strategy, so what happened in the initial strategy, that is a capitalized cost. So, let's say if we are putting some plant in the next financial year, then the cost of interest is again a capitalized. So, directly, it will not flow to the P&L. And that's why we are expecting that there is a margin expansion can happen.

Okay. So, despite this investment, there could be a margin expansion, at least on the EBITDA side. But you also mentioned, like, the path growth to be higher than EBITDA growth. So, let's say if there is capitalization of a new facility, say, still you believe that the path growth can be higher than the EBITDA growth. Because then your operating leverage might hit you negatively, because the plant expenses will come and the revenues would not come in FFV7,000.

Yes. So, the cost of depreciation and interest is already taken care in the FY26, right? So, if there is an improvement in EBITDA, so that will outperform the EBITDA. Then, even if you see the quarter and quarter results of our company, if you compare the results with the Q2. Q3, Q4, with the Q1, even the H2 with the H1. So that is a clear-cut example of that, right? So when there is a revenue increase of, let's say, X percent, then EBITDA and PET grow better than the revenue grow.

Yeah, but Viniji, for the new investment, I mean, the depreciation and interest cost is still not in the P&L, right?

So, that will take the time, sir. This will kick in, not in the FY27, or maybe partly kick in for the FY28. Okay. Okay. Understood. Yeah. Understood. Thank you so much. I'll get back to it. Because any new project, if we start with the green field, it takes one and a half year to start the commercial production.

Right.

Right. Understood, Vincent. Thank you so much. Yeah. Thank you. Thank you. Ladies and gentlemen, anyone who wishes to ask a question, my press star and one. Our next question comes from the line of Rajas Joshi from Chris Capital. Please go ahead.

Yeah, congratulations on a good set of numbers, and thank you for this opportunity. So my question would be, I mean, a couple of months back, I think, if I remember correctly, we had disclosed in an exchange filing that we had purchased a land parcel

at Budi for about 20 odd crores.

So, just wanted to get a sense on, you know, since you started this Jammu plant recently, I mean, are you facing a supply crunch in, or a capacity crunch in one of our products already, and which is why we've got to end with that, you know, acquisition of land there at Baghdhi?

So, this, if you see the numbers for the Baghdhi general block facilities, that is on the higher utilization side. So, the Burdi land acquired for the general block construction. So, let's say we will come out with the detailed note on that once the things will be finalized, but this block will be for the general oral tablet capsule oral liquid facility in Burdi. That will... Relax our baddi portfolio. So, if you see our baddi portfolio, we are going on a higher utilizing site. So, keep the growth momentum active and live. We need the capacity expansion for general portfolios, which is not covered in Jammu. In Jammu, we have like injectables in general facility and cephalosporin, beta-lectam, and phenam. So, the expansion will not be in that area. So, it will be in an existing portfolio of Paddi.

So, this will be, I mean, in which year or something, so, I mean, my question is basically for FI27, do we see any major capex, I mean, in terms of growth capex as such, that we are planning to incur, or anything which is, you know, already incurred that might come online in FI27?

Thank you very much. So basically, as we said, it is still in the valuation stage, and as and when it will be finalized, we will come with a more concrete plan going ahead. But on a very broad stop, this capex should be incurred in both FI27 and FI28. The weightage of it and the portion of it will be finalized as and when we have in the position to finalize it. But, on an overall level, the way we are seeing it right now, the overall capital outlet should be in the range of 150-170 crores.

Understood, sir. Thank you.

And the overall potential of this log at an optimum level should be in the range of 450-500 crores. Thank you. Understood, sir. Thank you, sir.

And last question. So, on semaglutide, we are seeing a very strong pickup now in the IPM. So, just wanted to get your thoughts on how you are looking at this opportunity and your plans for the same thing.

Yeah, so for semaglutide, we are closely monitoring the market, and we are working in our R&D, and our initial R&D have... We worked on the product and we are getting a positive trigger from there. So there are two things. One is the market side and the other is our exhibition of our exhibit batches and filing to the local FDA. So, we will not be, as the product is already launched, we are not in the race of the initial launching and all that. So, we will be ready with the Wave 2 type concept. So, let's say if the product is going good in the market, then we should be ready in the Wave 2 of the product.

Thank you very much.

Thank you. Our next question comes from the line of Gaurav Bhama from JM Financial. Please go ahead.

Hi, sir. Good morning. Am I audible?

Yes. Good morning.

Hello. Yes, first of all, congratulations on the website of Hermos, and thank you for sending me the opportunity. So I have a few questions. The first I start with Jammu. If you can provide me a rough split between, let's say, CDMO business and the Band-Aid generic business index 300 core top line that you mentioned for FA26.

That will be helpful. So, Gaurav, we normally do not track our business area revenue at a capability level, but yes, our manufacturing capability at Jammu is in position to cater all our business areas for all geographies. So, this revenue which has come from Jammu contributes to both CDMO as well as rent-in-generate.

Understood. And even a rough breakup is not possible at this point. And secondly, I want you to understand how has Sharon Bio been performing, what are the top plans for the year, and how are the margins looking at that part of the business?

So, Sharon has been performing well. It has integrated good enough over the last two years of our acquisition. This year, their revenue is around 240 odd crores. As we said, it is mainly presence in export regulatory markets, so their margin profile is better as far as our average EBITDA margin is concerned.

Understood, understood. And so going forward to FY27, what will be the KPEX guidance for the year entire year?

Do we have any numbers in our mind? Yes, in addition to our normal maintenance capacity that we incurred, which is the trend of our recent percentage number reflected in financials, so the project of new Badi plant which we said, which is still under pipeline and under finalization, that is a major thing that we anticipate, should come within FI 27 and FI 28.

Understood. That will be all for my part.

Thank you.

Thank you.

Thank you. Ladies and gentlemen, anyone who wishes to ask a question, may press star and one. Our next question comes from the line of Nitin Shakhtar from Green Capital, single family office. Please go ahead.

Hi, good afternoon to the manager. My question is more from a macro point of view as an investor rather than an analyst. Is that, sir, what do you see the future of the CDMO and the Gendrix landscape? I just wanted to get a sense of the starting of the annual vision exercise from the company. Are we looking at more complex biologics and advanced therapies, or are we looking at antibody drug conjugates or high-potency APIs or peptide-based therapies in terms of more complex formulations? I just wanted to get a sense of Gendrix. I mean, we all understand CDMO, Gendrix, and Jumbo facility and all that, but just wanted to get a sense of a vision exercise from the company. It will be helpful to understand and evaluate the strategy, please. Thank you.

Thank you for the question. So if you see, sir, CDMO partner is essential for any front-end marketing company. It's not like a luxury. It is essential to cover up the capacity gap, to cover up the product gap, technology gap. And that's why it is an essential partnership between two companies, B2B companies, in the landscape. And if you see our portfolio, your question is well... And defining the future of the CDMO industry as well. So there are two parts. One is that is like a complex and missegment product like peptides, and we are already working on that. And the other is that like what we used to do in the past, since last 20 years. And then in the third domain is like expanding our capability into the new doses form, where we are not present. So even if you see our Jammu facility, we have expanded ourselves in the multiple segments like BFS, REST tools, and then the different category of the drugs like beta, lexam, and panem. And overall, if you see in the future that we also expect that a strong product pipeline in R&D can support our business function in well-value-added margins as well as the top line.

Great. Thank you, sir. I just wanted to get a quick connection to that. Like, in terms of... movement of CDMO more from to CRDMO, where we say that research and development is far more important in the long run. And the spend on research and development and the actual time and effort and bandwidth of management on research and development rather than just manufacturing. So in the context of Innova, CapTab, if you can just highlight Little points which will make very clear that what is the company intending to do and kind of spend on research and development in specific without highlighting any competitive research advantages, but Gendrix, if you could talk about general viewpoint on research and development from the point of view of an overall gap.

So, we are basically a Zendik-focused company, and our development and R&D is also focused in that segment only, right? And in the coming future, there are multiple product is going to be off-patented, and if we can do the reverse engineering and can launch these products early in market, right? So, that could be the advantageous play for us. And being a CDMO company, for us, the advantage is that we can have the frontlining partner with a multiple company. So one way or other way, there is a cost sharing also.

Okay, thank you. Yes, yes. Thank you, sir, for that input, and all the best for the consistent performance shown by, you know, with our captor. Thank you. Thank you. Thank you.

Thank you. Our next question comes from the line of Viraj Shah from PGIM. Please go ahead.

Thank you for the opportunity, and congratulations on great set of numbers. I just have one question. So, you mentioned 300 crores of revenue for Jammu in FY26, which comes to...

I'm sorry to interrupt you in between, but your voice is very low. If you can just be a little loud, please. Thank you.

Am I audible now?

Yes.

I was mentioning the Jammu revenue. You mentioned 300 crores in FY26, which comes to around 75-80 crores. If you could help me with a quarterly run rate or full year guidance for FY27, specifically from Jammu point of view. How are you expecting the revenue to ramp up in that area?

Yes, so for current year, our exit run rate was 90% plus for this quarter, and for as far as FI 27 is concerned, so we would like to maintain that we are very much confident of maintaining that 20% plus volume growth. From F by 26 to F by 27. And yes, Jammu would play a major role in that. But as of now, the break-up of facility-wise may not be available. It is not feasible for us to share that break-up. We will still like to maintain that overall at group level, we will maintain that 20% plus volume growth.

Thanks, sir. That's it from my side. All the best. Thank you.

Thank you. Our next question comes from the line of Anubha Mukherjee from Precent Capital. Please go ahead.

Sir, the domestic branded business, is it entirely trade generics or do we market like our products in ethical marketing?

No, no, no. Our domestic frontage generic business is in the form of trade generic.

And, sir, can you share some qualitative aspects of, like, what differentiated strategy are we following that is helping us grow this business at such a high growth rate? That will be very helpful.

So, yes, Anubhag, as far as our trade-in-law business is concerned, we follow a very on-ground strategy. We have a distribution model through distributors, stockists, which to the stockist level and retailer level. At the same time, we have adopted a hybrid model of having a on-field staff. At the ground, which helps and contributes to the sale. So they keep on working with the stockings, the wholesalers, as well as the retailers to push the sale forward. So it's a hybrid model, which we have adopted, and it has really results year on year. At the same time, having a good business acumen of pharmaceutical trading. So, the placement of product, the dosage form, the penetration into market at all levels of tiers of market, so it is really helping us to scale up the revenue here.

Yes, sir. And so, the branded business, is it like therapy agnostic or do we focus on certain therapies?

Sorry, your question is not clear. Can you please repeat, sir?

Yeah, I will repeat. Sir, for the branded generic business, like, do we focus on certain therapies in this segment or, like, the market, like, all sorts of that?

So, if you see from the domestic angle, then largely where the Innova has the capability, it is focused on that. But, we are open to the other segment of the products as well.

Okay, thanks, I appreciate that.

Yeah, thank you.

Thank you. Our next question comes from the line of Vansh Gupta from Present Capital, please go ahead.

Hi sir, thank you for the opportunity. Am I, Madhul? Yes, thank you. Hi, sir. So, we had about 200 odd crores of growth in the CDMO business year-on-year. Was the majority of this growth driven by a domestic business or was the majority of it driven by an export business?

So, as we said earlier also, so the revenue which is coming, whether it is manufacturing capability or business area, it is coming from all growth engines. So, CDMO growth is fueled by both domestic as well as workforce.

Right, sir. But the majority of it, will you be able to provide, like, just a correlative format, or whether the majority of it was domestic or exports?

That quantity team breakup may not be available as of now. That's right, sir.

Right, sir. So, the export group that we've also witnessed, we've also had, like, about 200 odd. Growth and export business as well. Sir, was the bulk of the growth and export business driven by the brand generics business or the CDMO business?

Again, so, see, Once, as I submitted, that further session set, we will break up of domestic export as well as CDMO branches, as of now, we may not be able to comment on that.

Got it, sir. Just one last question, sir. Sir, I just wanted to have an understanding of customer concentration in the export business for both the branded generics as well as the CDMO business. Can we just give like a correlative understanding of RV life?

So, as well as our CDMO business is concerned, our business is well diversified among major pharmaceutical companies of India as well as globally. And it is well diversified, not having an overlay length of any customer or any product. And at the same time, the bandit journey business, as it is more spread out at a distributor, stockish, and retailer level, there is also not that much over-reliant or dependency on any single one customer or geography or a location.

Gotcha. And the same thing holds true specifically just for the export business as well, sir. We are not heavily reliant on few customers for our export business. Just the export business.

At a group level, we are also well diversified there.

All right, sir. Thank you, sir. That's all from my hand. Thank you.

Ladies and gentlemen, due to the time constant, that was the last question for today. I know in the conference, over to management for the closing remarks. Thank you, and over to you, Dave.

Thank you, everyone, for joining us in this earning call. We appreciate your time and showing interest in our company. In case of any queries, you can get in touch with us or SGA, our investor relation advisors. We look forward to meeting all of you over the next call. Thanks a lot.

Thank you so much, sir. Ladies and gentlemen, on behalf of Innova Capital Limited, that concludes this conference. Thank you for joining us, and you may now disconnect your lines.