Vidhi Specialty Food Ingredients Limited (VIDHIING) Q4 2026 Earnings Call Transcript

Ladies and gentlemen, good day and welcome to Vidhi's Facility Food Eat Gradients Limited Q4 and FY26 Earnings Conference Call. 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. Shooting assistance during the conference call, please signal an operator by pressing star then zero on a touch-tone phone. Please note that this conference is being recorded. I now hand a conference over to Ms. Midi Vaisa from MUFG. In time, thank you, and over to you, ma'am.

Thank you, Mitesh. On behalf of MUFG in time, I welcome you all to Viti Speciality Food and Credence Limited Q4 and FY26 earnings conference call. From the management side, we have Mr. Bipin Manik, Chairman and the Managing Director, Mr. Mihir Manik, Joint Managing Director, and Mr. Mitesh Manik, Chief Financial Officer. I hope everybody had an opportunity to go through our investor deck that we have uploaded on Exchange and the company's website. A short disclaimer I would like to say before we begin the call. This call will contain some of the forward-looking statements which are completely based upon our beliefs, opinions, and expectations as of today. These statements are not a guarantee of our future performance and involve unfortunate risk and uncertainty. With this, now I hand over the call to Mr. Bipin Manik. Over to you, sir.

Thank you.

Good afternoon, everyone. It's my pleasure to welcome all our esteemed shareholders, enemies, and partners to investor call of Hiji Specialty Food Ingredients Limited for the financial year ended 2025-26. The year gone by has been marked by significant global economic uncertainty, Geopolitica e Tensens, Teddy Presence. and a noticeable slowdown in demand across several international markets. Industries across the chemical and specialty ingredient value chain have witnessed rising pressures, cautious inventory management by customers, and slower consumption trend in key export geographies. Despite these challenging conditions, Viti has delivered an exceptional performance. Demonstrating the resilience of our business model, the strength of our customer relationships, and the agility of our management team. Our continued focus on operational excellence, discipline, cost management, product mix optimization, and value-added offerings has enabled us to maintain healthy margins and deliver sustainable growth even during a difficult market environment. Over the last year, we have also accelerated our strategic transformation journey. We continue to strengthen our position as a trusted global supplier of colors, while simultaneously expanding our presence into higher-valued and application-driven segments. One of the most exciting developments for the company is the strong progress. The product range is currently in an aggressive sampling and customer qualification stage with several multi-pharmaceutical companies both in India and international markets. The response received so far. It has been extremely encouraging and validates our long-term strategy of forward integration into specialized application-based solutions. In addition, our R&E and innovation pipeline remains robust with multiple exciting product ranges currently under development and in pilot plant stages. These initiatives are aligned with our vision of building, And diversified specialty ingredients platform catering to food, pharmaceutical, cosmetics, and allied industries. We believe these investments will create meaningful long-term growth opportunities and strengthen with this positioning as a comprehensive solution provider. Our commitment towards innovation, sustainability, quality, and customer-centricity continues to remain at the core of everything that we do. We are making strategic investments in technology, infrastructure, product development, and human capital to ensure that Vidhi remains future-ready and well-positioned to capitalize on emerging opportunities globally. Looking ahead, while the external environment may continue to remain uncertain in the near term, we are optimistic about the future. With a strong balance sheet, expanding product portfolio, improving application capabilities, and growing customer engagement across the new business verticals, we believe the company is entering into an exciting new phase of growth and transformation. Before I conclude, I would like to express my heartful gratitude to our employees for their dedication and hard work, our customers for their continued trust, and our shareholders for their unwavering support and belief in Vidi's long-term vision. With that, I now hand over to our CFO, Mr. Mitesh Manik, who will take you through the detailed operational and financial performance for the year. Thank you once again for joining us today and for being a valued part of this growth story. Thank you.

Good afternoon, everybody. I am pleased to present the financial performance of Vidi Specialty Food Ingredients Limited for the financial year ended 31st March, 2026, and to share an overview of the company's operational and financial progress during the year. Financial year 2025-26 was a year characterized by significant external challenges. Including tariff pressure, geopolitical uncertainties, inflationary trends, and volatile freight markets, and a slowdown in the global demand across several end-user industries. And despite these headwinds, the company delivered a resilient and commendable performance through disciplined execution, improved operational efficiencies, and continued focus on value-added business segments. During the year in question, the company reported a revenue of 380 crores, as against 382.30 crores in the financial year 24-25. While demand conditions remain relatively subdued in certain international markets for the first half of the years, our focus on product mix, optimization, customer diversification, and operational discipline Unimled us to maintain strong profitability and healthy cash flows. The EBITDA for year 2025-26 stood at Rs. 78 crores compared to Rs. 68 crores in the previous financial year. Accordingly, the EBITDA margins improved from 17.91 to 20.52%, supported by better realizations. Increased contribution from speciality and high-margin products, improved manufacturing efficiencies, and tighter cost management initiatives across operations. Profit before tax increased 2 rupees 65.97 crores as against 60.16 crores in financial year 24-25, while the net profit stood at 49.15 crores. Reflecting a year-on-year growth of 20.80%. The net profit margins improved during the year, demonstrating the company's ability to protect profitability even in a challenging business environment. On the balance sheet front, the company continues to remain financially robust with strong liquidity position and conservative leverage profile. Our debt-to-equity ratio remained very low at 0.28%, highlighting prudent fiscal management and disciplined capital allocation. The return ratios also continued to strengthen. Return on capital employed improved to 20.90% from 20.17% in the previous year. While return on equity increased to 14.94% as against 14.92% in the previous year, reflecting efficient utilization of capital and sustainable profitability. Overall, the performance of financial year 2526 reflects the resilience of Vidi's business model, the strength of our operational foundation, and our ability to navigate difficult market conditions while continuing to invest. In the future, I would also like to take you all through a few other ratios which we have for you. The debtor's turnover ratio improved from 2.91% in 2425 to 2.66% in 2526. The inventory turnover ratio also improved from 4.99% to 4.70% in the year 2526. Current ratio, that is the working capital ratio, improved from 2.92% to 3.91%. Accordingly, the interest coverage ratio of the company reduced from 28.27% to 16.75% in the current year. Operating profit margin improved from 18.75 to 21.01%. Profit after tax improved from 11.66% to 12.93% and profit before tax improved from 16.10% to 17.36%. So, this overall shows that the year 2025-26 has been an excellent year for the company.

Thank you. Thank you very much.

We will now begin the question-answer session. Anyone who wishes to ask a question may press star and 1 on the touch-tone telephone. If you wish to remove yourself from the question queue, you may press star and 2. Participants are requested to use handsets for asking a question. Ladies and gentlemen, we will wait for a moment while the question is assembled. We have first question from the line of Gukul Maheshwari from Abrega Capital. Please go ahead.

Yeah, thank you for the opportunity. So, while, you know, it's fairly clear that FY26 was a fairly challenging year on account of tariffs and also some geopolitical events. Um, given part of the tariff issues, how do you see the outlook for FI27 in terms of volumes and sales?

Any other questions you have for us or is this the only one?

Yeah, okay. Okay, then I'll just give all my questions. So one and second is on. On your EBITDA margin, so over the last few years, we have sort of given up on our trading sales and the business model has moved towards manufacturing sales, where there was an expectation that the margins will improve substantially. But in the last three, four years, the margins have been fairly range bound while there is some positive bias, but it has not gone up as per that expectation, especially also on a focus on higher realization projects. So can you just give an outlook on the margins also that where do you see them settle down in the next one to two years? Um, third is on, uh, your comment on the fact that you've cut the dividend and we as, uh, investors, we, um, Completely support the management with respect to cutting dividend and investing the cash flows back into the business for new projects. So both these projects on pharma coating as well as the cosmetic, the pigment range, if you could just indicate what kind of CapEx, which you are expected to do for each of these products, projects, timelines, when is this expected to come on stream, and how do you see the scale up for these three? And lastly, just a clarification, our capacity used to be 8,100 tons, which was split into a row of 3,900 and 4,200. In the PPT, you mentioned 7,400. Is there a reclassification of the capacity? These were my four questions, so I look forward to your answer. Thank you.

Thank you so much. I will take the opportunity to answer all your questions one by one. With regards to the total installed capacity, the number is relevant to the kind of product mix that the company chooses and undertakes to manufacture. So, you know, depending on how we continue to improve and change our product portfolio, what we are manufacturing, the capacity of the company would, you know, tend to differ a little bit here and there. Now, with regards to the, you know, to the outlook which we have asked for 26-27, the demand of the company remains highly robust. As far as, you know, 26-27 is concerned, then we expect full utilization of both our DAEJ and ROHA facilities in this financial year. With regards to the EBITDA margins, I would like to point out, you know, that... Out of the total revenue from operation, which we have indicated, that is 382 crores versus 380 crores in FY25-26, the manufacturing sales has been 330 crores, from which most of this EBITDA margin has evolved. So if you see the actual EBITDA margin on manufactured sales, it would be close to 24-25%. Thank you. Which was what the target of the company was as far as synthetic food colors and a certain other value added products, which we are now increasing the sales from time to time. And as these value added products and certain specialized products used in certain industries continue to, you know, increase in quantity, the EBITDA margins of the company are expected to rise even further from the same manufacturing facilities. Now, with regards to the CAPEX, which is to be done on, you know, our Pharma product line, which is the quote icon, which we have recently introduced, and the other products which we wish to now introduce, I will give you the backup of what is, you know, the expected outcome. So, on the pharma, on the court icon range, you know, on the scale-up of the manufacturing of that particular product line, our outflow is expected to be between 5 to 12 crores, and with regards to our other new products which we wish to introduce, the CAPEX outflow is expected to be between 75 to 85 crores in the first phase.

This is going to be spent in FY27 only?

Most of it, yes, most of it will be spent in FY27.

And the commissioning would happen in the next, in this current fiscal itself?

No, 18 months. The commissioning would happen, would require 18 months, yes.

Okay, so this should be in the middle of calendar year 27.

Calendar year 27, financial year 27, 28, yeah. Middle of financial year 27, 28.

Okay, great. Thank you for this. I will come back in the queue for more questions.

Thank you. Thank you. Thank you. We have next question from the line of Dipesh Sancheti from Manaya Finance. Please go ahead.

Mr. Dipesh, your line is unmuted. Please ask for your question.

And there is no response.

Hello.

Hello. Hello. Am I audible? Yes, sir. You're audible.

Yeah. Just wanted to understand how some margin expectations in the coming future. And if you can even give the guidance for the ROE. Will the ROE be in the same 15% band or are we expecting a better ROE?

I think this question has been answered in detail given by our CFO in the last question, where he laid out in detail as to what have been the EBITDA margins so far from the manufacturing side of the business and what will happen with them as we go ahead. So, I think that fully covers your question. That's okay.

I'll go through that.

My second question was regarding when is the commercial production of both the capacities going to happen? And with that, if you can give the guidance for that also.

We just answered all of this, my dear. You have not been listening to the call.

No, no. Point is, I've joined in late. That's right.

No problem.

I'll go through the call details.

Thank you. We have next question from the line of Ushper Jain from Millicapital. Please go ahead.

Yeah. Hi, sir. Congratulations on good set of numbers.

My question is regarding working capital.

So, I was seeing that there has been, you know, increment in working capital requirement in the last six months. So, can you give some reason why it is attributed?

Like, I explained while I was going through the ratio analysis. The debtor's turnover period has slightly reduced from 2.91% to 2.66%, and the inventory turnover ratio is also reduced from 4.99% to 4.70%. So, there hasn't been any incremental working capital which has been introduced. You might have seen the difference on the interest cost of the company, which is due to the subvention on, you know, export finance, which has been withdrawn by the Indian government as of December 2025. So, the impact of that would be? The finance cost of the company has increased slightly due to the, you know, withdrawal of subvention scheme on Expo Finance. However, the interest coverage ratio has come down from 28.27 to 16.75 years.

Okay. Thanks a lot. My pleasure.

Thank you. Reminder to all the participants that you may press star event to ask a question. The next question from the line of Ankit Kulkarni from Kameya Wealth Management Private Limited. Please go ahead.

Hi, thanks for the opportunity. My first question is regarding the higher margin value added products. Around H1N, we were at 15% 1.5. Currently, where are we in terms of the higher value products? And when do we intend to reach the 50% higher value products that we had, you know, intended in H1 Concord? This is my first question, and my second question is I wanted to understand better regarding the newer product lines that we are coming up with. So what is like the, you know, the time that it takes to get approval, what sort of client basis, of course, the kind of the end user industries are given, but how did we actually come up with the opportunity and how do we expect to, you know, kind of materialize it in the best way possible going forward? These are just my two questions.

Right. Okay.

So to answer to your first question, currently the contribution of the high margin, high value products in our total product portfolio mix is around 5% and increasing gradually. In the coming year, 2026-27, we expect it to go to around, you know, in the range of 10 to 12% or it may be higher also because there are certain, you know, approvals and evaluations from customers available. We expect all to be in the favor of the company because of the quality we maintain, so it might be higher also. Now, with regards to the newer product lines, one of them which we have launched and the other one which we are going to launch. The Knoticon tablet coating system, like, you know, we said, is in the aggressive phase of sampling and approval from several, you know, pharmaceutical companies in India and across the globe. And the general time cycle required by them is close to six months' time because our products, when incorporated in their final products, also go through a certain stability test, etc., which takes a bit of time. But, you know, the initial feedback which has come out from most of the companies is very favorable, and we are excited about the same. With regards to the other line of products which are on R&D stage, right now we would not like to disclose much more about them, but what we can say is that, you know, the company has dwelled upon, you know, related industries to which we are already working with right now. So, it is not... And, you know, we have also started sampling to, you know, to several customers, and it is a line where most or some of the market is already, you know, within our reach and through the current distribution channels, which the company has rolled over.

Wonderful, sir. I just have one follow-up, if I'm committed. What is the competitive scenario and margin profile for the new product?

See, as far as, you know, competition is concerned, it's relatively thin, and the margin profile is expected to be excellent because of that fact.

Thanks a lot for the answer, sir, and all the best for the next two.

Thank you so much, sir. Thank you. The next question from the line of Zeno State from Avrika Capital Advisors. Please go ahead. Good afternoon, team. Am I audible?

Yes, sir, you are audible. Oh, great. My first question is, when you mentioned about the tariffs that were there last year, how were the inventory levels during last year? Were they, in a way, below normal? And given how geopolitically things are, do we kind of expect our customers to increase inventory levels? So that's my first question. Second question is, on slide A, you speak of a transformation journey starting for the company. Can you give a perspective on what investments you've done in people, R&D, and obviously the new products, which in a way you've mentioned for the next leg of growth? And my last question is that U.S. sales have been roughly anywhere between 150 to 200 crores in that range for the last three to four years. How do you see that outlook in the next 12 to 24 months for the same? Thanks.

Okay, so I will take this question. My subject will be here. Hello.

Yes, yes.

Yeah. So, number one, I will start in the reverse order. So, as far as your question with regards to 150 to 200 crows of annual sales for the U.S. market is concerned. Look, you are aware that since January 25th, since when Mr. Trump has, you know, taken chair as the president of USA, his policies have been, you know, very volatile, these tariff issues that keep coming and going. So, a lot of disturbances have been occurring because on account of this whole tariff tantrum that has been, you know, taking place over the whole last, a good period of last 12 months. Which has brought in a lot of instability. So, you know, one cannot, you know, the fact that we were able to sustain ourselves in the U.S. market in such a volatile business is, you know, a matter of... Great satisfaction for us. But naturally, as things settle down in the U.S. market with regards to that, you will see that over-longer market will definitely open up substantially. As far as the R&D investments, etc. are concerned, we have outlined this in our previous calls also. I will again, you know, lay it down for you that we have two R&D facilities in the outskirts of Mumbai. These have in excess of 60. We are dedicated chemists only working on R&D projects, right from developing in-house process protocols to pilot plant production, and then passing it to the plant for commercialization of these products. So they are all starting from BSD, MSC, right up to PhD. We have a number of PhDs in our research facilities. We have invested in excess of 4.5 to 5 crores only on the analytical equipments in these R&D facilities. So, you know, a substantial amount of investments are going, profits are being poured back into R&D projects, which is creating a robust product pipeline for CapEx projects that can be taken up for the next 10 years. So, we have an existing business plan on which we are working, commercializing these products. Which can be, you know, done every 18-24 months, we have a new pipeline of products that are being commercialized, which, you know, leaves us with a very clear pathway of growth for a longer, you know, period of time, that is one whole decade from now. So, and then this is, this business plan is ever evolving also, you know. So... This is what is being done publicly at Viti. And I'm sorry, any part of your question that I have not yet answered?

Yeah, I think thanks for the detailed answer for these two questions. I didn't mention about the inventory levels, what they were earlier, in the sense, were they lower during the time of the tariff?

No, this is something that our CAFO will answer better.

Thank you, Mr. Mead. See, the point is that, you know, when the tariff scenario existed, the inventory levels had risen to some extent. And, you know, in fact, coming into February 28th, the slightly higher inventory levels, which the company was maintaining, came of great use, because as we all know, that as soon as the disruptions in the Middle Eastern, you know, territory started, the pricing of all the raw materials, etc., started moving upwards quite sharply. And your company was very well positioned with, you know, with regards to their inventory levels due to this reason, you know.

Let's go.

Sorry, I was referring to the inventory levels at the customer end.

Oh, yes, of course. You know, the inventory levels at the customer end was almost 50% reduced because, you know, because of the tariffs. So, what they were trying to do was to, you know, sell whatever they had from their own warehouses, trying to buy some time and, you know, see what happens with the tariff situation. Thank you so much for joining us. So, when the 50% tariff was applicable in Indian products, of course, the inventory level that the customer is in was on a much lower side than what they used to be, you know. Now, they are in the...

Also, I would...

Yeah, sorry.

I would also like to add a few points here. See, apart from just discussing inventory levels... What is, I will give you some additional information even though you may have not asked for it. As far as even the current scenario is concerned of this Middle Eastern conflict, what it has done is that a lot of the economies, like for example, even Iran itself, It is a big market for colors, which is completely out at this point of time. Countries like Bangladesh have also been for decades a good market, which has again been disturbed since last two years. They don't have any money to buy food or rice or diesel, what they will buy color, you So there are several such markets wherein, you know, the economy is at ETH right now. Philippines is a very strong market for us. But right now, you know, if you see the condition of the whole Philippine economy, naturally there will be a slowdown in their color purchases also. So, you know, all these economies globally, countries which have been impacted by this crisis, firstly they were impacted by, they were facing slowdown because of the tariff tantrums by Mr. Trump. And now, to top it up, now this whole Iran issue causing, you know, further strain on these economies, Even with all these, you know, impediments, what we have been able to do is that we have been able to put up a very robust performance in terms of skills. Which gives us a very good amount of confidence that as things improve geopolitically, all these markets which are currently, you know, right now, you can say, facing very challenging situation. Once they run there, geopolitical situation starts improving, you will see the demand for color also improving from these markets. And as such, we see good, you know, times, we are very confident of better performance going ahead as soon as the geopolitical tsunami will start to improve.

Just one point there, Mirvai, is that since U.S. is a large market for us, and obviously that was impacted because of credit, so what I'm trying to understand is that because of that resolution there, Are we seeing inventory replenishment at the customer end in the US market?

More than US, US is now stabilized, US is now stabilized, but more growth will come from the other markets which are right now severely impacted, which is doing worse at this time, only then you can be more support of improvement, you know. This is law of nature, you know. Even in a bit and out, market stocks which have fallen the most, rise the fastest once the scenario turns. So same will be with these markets, you know. The demands of these markets will be much sharper once the geopolitical situation starts easing out, is what I call it.

So in a way, are you indicating that over the next three to five years, US dependency will start reducing?

Certainly, yes. Certainly, yes. Certainly, yes. We see more sales coming from EMs. EM markets is always something where there is sales growth in percentage points. See, because U.S. is the biggest economy on your sale. Even if you see the GDP of U.S., if it grows by 2%, they get excited. But even if the GDP of India grows by 6-7%, it is not so exciting. Why? Because they are growing at a base. Of 38 trillion, 2%. You are going at a base of 3.8 trillion by 67%. The absolute number of terms, you know, it is always the U.S. who is growing much more than U.S. Similar will be the case in terms of our color sales, you know. In percentage terms, if you see the growth in percentage terms in the U.S., it will be much more than the U.S. But because of the absolute size of U.S., numbers in U.S. will look bigger.

Perfect. Perfect. Thanks a lot. Yeah.

Thank you. We have next question from the line of Surabhi from Bill with Keptel. Please go ahead.

Hi, thank you for the opportunity. So we spoke about changes in our product mix and moving more towards the value-added product apart from our normal food colors. Some of the products that you've mentioned in the PPT include co-blended lakes, salt-free dyes, chlorophyll dyes. Wanted you to spend some time on these value-added products. How much of a business is coming from this? How did the realization and the margin profile of these differ from a food color business and your outlook on the growth for these segments?

You know, let's not get into the number specifics as far as margin profiles, etc. are concerned. But like, you know, I mentioned just a while ago, the contribution of value-added products to our portfolio currently is at 5% and continuously growing. As we make inroads into several other markets and end-user industries for these, and in 2026-27, we expect the contribution to double from what it was in 25-26. And of course, they enjoy a very, very high margin profile, needless to say, without getting into specifics here.

From a company average, would you want to state any ballpark difference, say, 2-3% above the company average? Anything cutback of that sort?

Well, I would like to say it is much above the company average.

Sure, sir. So my second question is on the other expenses. The trajectory that we have had is around 15-17 crores per quarter. I see there's a sharp increase in other expenses in this quarter. Wanted to understand is there a one-off there or are these expenses more related to front loading of some of the expenses for some of the new projects that you've highlighted?

No, it is a one-off, you know, other expense partly on the R&D side, and a part of it is also gone towards the US FDA certification costs wherein we are paying $1 per kilo to US FDA, and then when we sell those products to our customers, we are passing it on to them. So this is not exactly an expense for the company. It will be passed on to the relevant customers once those products are sold from our end, you know. But since that realization is going to come in the present year, we would have, we've had to expense it out in March 26th year. Got it. Got it.

Understood, sir. Thank you.

My pleasure. Thank you. We have next question from the line of Sai Ganesh from Square 64 Capital Advisors. Please go ahead.

Thank you, Mr. O'Gosney, sir. Am I audible?

Yes, sir. You are audible.

Yes, please go ahead. Yes, sir. With 44% of our export share coming from USA, and the USA was planning to ban synthetic food colors, how does our company plan to tackle the situation if this happens, sir?

See, let me explain you one thing. The US was never planning to ban synthetic food colors. So that perception is completely false. There was no plan to ban synthetic food colors, you know, and with regards to the percentage share of our exports into the U.S., the percentage is not 44%. Our exports to the U.S. are pegged at 19%. And that includes Canada also. So, the North American continent, which we have highlighted, consists of Mexico, Canada, and USA.

Okay, understood. Do you know some articles regarding FDAS are going to bind synthetic, petroleum-based synthetic dyes and new colors?

No, no. There are several hundreds of such articles which have come over the last two, last one decade, but nothing happens. So, unless and until there is any state investigation or directive by the U.S.FDA, which is not happening at this moment of time, there is no point in making any such speculative remarks.

And what happened is, To further explain this, the entire range of colors which we are exporting to the US FDA have been approved by the US FDA itself and found fit and safe for use in human consumption. And even as of today, each and every batch is controlled by the US FDA, wherein we have to send a sample to their Washington laboratory. They will test the product, and once they find it fit for human consumption, only then it will be allowed for use in the US.

Oh, it is understood. And sir, what will be the realization difference between a synthetic and a natural food color, light to light dishes?

That is some data which is not available because both the synthetic and natural color industries are very loosely regulated and covered. So, you know, I mean, they are not covered by any market reports or anything. So, you know, as far as what margins the natural color companies are making, and there are no surlisted entities in the Indian market also, so no such data is available to be captured. And this comparison is not possible at this point of time.

You sir, I was asking regarding the realization, on a Poitagy basis, of synthetic and natural colour.

But because we don't know natural colours, how can we tell you? That what are the Poitagy realizations on the natural colours, right?

Okay, okay understood sir.

Thank you sir.

The next question from the line of Mr. Saakit from Kapoor Corporation, please go ahead.

Namaskar sir, hope I'm audible. Yes, sir. I joined late, so sorry for any repetitive question. Firstly, sir, with the opening remark, especially in your investor presentation, in your address to the shareholder, you have alluded to the aspect that there are going to be meaningful changes in terms of what our company was currently and how things are going to shape up. So, if you could just allude to us in terms of the margin profile and the incremental revenue that we are expecting, especially from the two projects, first at Roja and the other one, I think so, at Dahej. And just give us some color by how is the current financial year shaping up.

The current financial year as far as the existing product lines is shaping up well. Now, as far as the new product lines are concerned, we have already informed that one part of it, which is our coat icon tablet coating systems, they are in a very aggressive phase of sampling world over to all the pharmaceutical companies and have a very high margin profile. And once they are through with the stability testing and approvals, we can start. You know, large-scale operations on that line. And with regards to the other product line, which is currently in the R&D and the pilot plan stage, without giving too much information as of now, as it is not, you know, it is not in the benefit of us all, what I would still like to reiterate is that, again, it's a very, very high-margin profile product line with almost the trend to next. It's a negligible competition, and, you know, the prospects for that line are extremely bright in the future, you know.

No, and we can add one point here, Miteshji, that we have already said that, you know, we will be investing around 75 to 85 crores for the capex for this project, which is going to be taking off at the age. In the first phase, we will hope to get about anywhere between 125,000 to 150,000 of sales at CapEx.

Great, thank you.

Thank you. Participant, this was the last question. I now hand over call to the management for closing comments.

So we would like to thank everybody present for today's investor fall. And while your company strives to make the next year very fruitful, we look forward to everybody's support in our journey. Thank you so much.

Ladies and gentlemen, on behalf of Vidi's specialty food ingredients limited, that concludes this conference. Thank you for joining us and you may not discuss tonight. Thank you.