Acutaas Chemicals Ltd — Q4 FY26

Acutaas Chemicals Ltd Q4 FY2025-26 Earnings Conference Call https://www.youtube.com/watch?v=0V4SVPhv-XA Published: 13 days ago

0:01 1 second Ladies and gentlemen, good day and welcome to the Aquitas Chemicals Limited Q4 FY26 earnings conference call hosted by 361 Capital. 0:11 11 seconds 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. 0:21 21 seconds Should you need assistance during the conference call, please signal an operator by pressing star then zero on your test on phone. I now hand the 0:29 29 seconds conference over to Mr. Rohit Nagrash from 361 Capital. Thank you and over to you sir. Please proceed. 0:38 38 seconds Uh thanks Alendra. Uh good evening everyone and thank you for joining us on Acutas Chemicals Q4 FI26 earnings 0:45 45 seconds conference call. Uh we thank the management for providing us the opportunity to host this call. Uh today we have with us Autas Chemicals 0:53 53 seconds management represented by Mr. Maris Bay Patel chairman and managing director Mr. 0:59 59 seconds Abish Patel vice president strategy and Mr. Bhavin Bay Sha chief financial officer I would like to invite Mr. Bin 1:09 1 minute, 9 seconds Sha to initiate the proceedings now over to you sir. Thank you. 1:14 1 minute, 14 seconds Thank you Roy. Good evening everyone. We are pleased to welcome you all to our earnings conference call to discuss Q4 FI26 financials. 1:26 1 minute, 26 seconds Please note that a copy of our disclosure is available on the investor section of our website as well as on the stock exchanges. 1:35 1 minute, 35 seconds Please do note that anything said on this call which reflects our outlook towards the future or which could be 1:43 1 minute, 43 seconds construed as forward-looking statement must be reviewed in conjunction with the risk that the company faces. 1:50 1 minute, 50 seconds The conference call is being recorded and the transcript along with the audio of the same will be made available on the website of the company and exchanges. 1:59 1 minute, 59 seconds This call will be recorded. 2:00 2 minutes Please also please also note that the audio on the conference call is a copyright materials 2:08 2 minutes, 8 seconds and cannot be copied, rebroadcasted or attributed in press or media without specific and written consent of the 2:16 2 minutes, 16 seconds company. Now I would like to hand over the floor to our chairman and managing director Mr. Naresh Patel for his opening statement. 2:24 2 minutes, 24 seconds Over to you sir. Thank you Babin. Good evening everyone. I hope you are you are all doing well. 2:34 2 minutes, 34 seconds I will provide an overview of industry and about our future strategies before handing over to Avis for detailed business updates. 2:44 2 minutes, 44 seconds The industry is once again navigated turbulent conditions driven by the ongoing conflict in the Gulf region 2:51 2 minutes, 51 seconds which has disrupted supply chain for key feed stocks and consequently pushed raw model prices higher. Piing seals and 2:59 2 minutes, 59 seconds vessel availability have also been affected. We are closely monitoring how the situation evolves. On our part, our 3:06 3 minutes, 6 seconds procurement and operence teams have acted swiftly and we do not anticipate any raw material shortage that would impact our production continuity. 3:16 3 minutes, 16 seconds On the demand side, momentum remains strong. New product inquiries continue to come in at a healthy pace. While 3:23 3 minutes, 23 seconds demand for existing products remain robust, we are working closely with our customers to ensure on-time delivery 3:30 3 minutes, 30 seconds and unin supply through its period of market uncertaintity. 3:35 3 minutes, 35 seconds during sorry turning to our strategic initiatives I'm pleased to say that we are making strong progress on our 3:42 3 minutes, 42 seconds journey to build a diversified multi-vertical chemicals company in our battery chemical business the foundation is firmly in place we have successfully 3:51 3 minutes, 51 seconds commercialized our two first two first few products and have a healthy pipeline of new products in development we expect 3:59 3 minutes, 59 seconds to bring two original products to commercial scale in FY27 further strengthening Our revenue visibility of backed by long-term 4:07 4 minutes, 7 seconds customer contracts in our semiconductor business. The product expansion strategy at BFC is clearly gaining traction. New 4:15 4 minutes, 15 seconds products other than Harious products are expected to be a meaningful contributor to growth in the coming year and we will continue building on this momentum to 4:23 4 minutes, 23 seconds establish BFC as sizable business over the medium term. on India. Our South Korea joint venture while Abby will walk 4:32 4 minutes, 32 seconds you through the capex decay. I am pleased to share that the R&D center is up and running. We have already started sending samples to prospective 4:40 4 minutes, 40 seconds customers. A critical step that we expect will significantly reduce our times to market. On the CDMO front, we 4:48 4 minutes, 48 seconds continue to build a strong and differentiated pipeline. While commercialization in this business takes time, the ramp up one initiated tends to 4:57 4 minutes, 57 seconds be steep and pristine. Overall, I believe that my FI28 sorry my FI28 are both businesses 5:06 5 minutes, 6 seconds verticals which are in investment phase now chemicals and semiconductors will be have evolved in into independent 5:14 5 minutes, 14 seconds self-sustaining growth engines each contributing meaningful to our topline along with pharmaceutical intermediate vineyards. This multi-vertical model is 5:23 5 minutes, 23 seconds central to our vision of building a truly diversified chemicals company. 5:27 5 minutes, 27 seconds Turning to our financial performance for the year, I'm pleased to report that we have continued our strong growth trajectory closing the year with revenue 5:36 5 minutes, 36 seconds of rups 1,339 cr and our highest ever of rups 356 cr. These results reflect the 5:45 5 minutes, 45 seconds strength of our business model and the discipline execution of our teams. 5:50 5 minutes, 50 seconds I will request BIN to take you through the detailed financial sorting. To conclude, we enter FI27 from a position 5:58 5 minutes, 58 seconds of strength with a clear strategy, a strong pipeline across all three verticals and a proven tech record of execution. I'm confident of delivering 6:07 6 minutes, 7 seconds 25% revenue growth in SI 27. With that, I would now like to hand over to our vice president of strategy, Aish Patel, 6:15 6 minutes, 15 seconds who will walk you through the detailed business update. Over to you officer. 6:23 6 minutes, 23 seconds Thank you Narbai. Good evening everyone. 6:26 6 minutes, 26 seconds Let me take this opportunity to share further insight into our business performance for the quarter. Starting with advanced pharmaceutical 6:34 6 minutes, 34 seconds intermediate segment. This segment continued robust performance with revenue of 392.4 cr in Q4 FY26 6:43 6 minutes, 43 seconds reflecting a strong year-on-year growth of 43.9%. 6:48 6 minutes, 48 seconds growth was primarily driven by CDM business complemented by steady contribution from our core advanced pharmaceutical intermediate segment. 6:57 6 minutes, 57 seconds Here I would like to mention that our process of reshuffleling portfolio was mostly over during first nine months and 7:05 7 minutes, 5 seconds we have seen healthy growth in this business sequentially. 7:09 7 minutes, 9 seconds Moving on to the spe speciality chemical segment revenue for this segment stood at 40.3 cr during the quarter. Radiing a steady year-on-year growth of 12.3%. 7:20 7 minutes, 20 seconds Our commodity chemical segment sub segment recorded degrade during the quarter which was offset by strong recovery in BFC business. Now turning to 7:30 7 minutes, 30 seconds a capital expenditure capex for FI26 stood at 195 cr primarily directed 7:37 7 minutes, 37 seconds towards the Jagya site for battery chemical project and then pilot plant at Sachin site and maintenance capex. Let 7:46 7 minutes, 46 seconds me provide some additional updates on our three projects regarding the electrolyte additive capex at Jagaria. 7:53 7 minutes, 53 seconds The first phase of electrolyte capex is completed. The second phase of capex is currently undergo ongoing and expected to get completed by Q1 FY27. 8:04 8 minutes, 4 seconds Pilot plant capex is slightly delayed due to delay in equipment arrival. It is now expected to get completed by Q2 FY27. 8:14 8 minutes, 14 seconds Apart from this, another major cash outlay during the year was our investment in South Korea joint venture Ind. 8:22 8 minutes, 22 seconds We have invested 190 cr in this JV during the year FI26. 8:29 8 minutes, 29 seconds Turning to our strategic infrastructure update while Narish by has covered our key growth drivers in detail. I would 8:37 8 minutes, 37 seconds like to focus on the infrastructure that will support the support and enable growth in the years ahead. Our existing 8:45 8 minutes, 45 seconds infrastructure is well positioned to support our growth through FI28. 8:51 8 minutes, 51 seconds However, looking further ahead, we have already began laying a groundwork for the next phase of infrastructure 8:58 8 minutes, 58 seconds development which will underpine our growth over the next 5 to 10 years. As immediate priority, we are embarking on 9:07 9 minutes, 7 seconds ambitious expansion of our R&D center, one that will elevate it into worldclass internationally renowned facility 9:16 9 minutes, 16 seconds purpose built to meet the demand of tomorrow's industry. With planned 10x 9:22 9 minutes, 22 seconds capacity expansion, the new center will feature dedicated sections spanning pharmaceuticals, battery chemical, 9:30 9 minutes, 30 seconds semiconductor, electronics and cosmetic etc. 9:34 9 minutes, 34 seconds Each house has a distinct division under one roof bringing together deep specialization and power of cross disciplinary innovations. 9:45 9 minutes, 45 seconds This is a defining investment for our future designed to sustain our innovation pipeline and fuel long-term 9:53 9 minutes, 53 seconds growth in the years ahead. In parallel, we are actively evaluating land acquisition opportunities to develop new infrastructure that will support our long-term growth ambitions. 10:04 10 minutes, 4 seconds Alongside physical infrastructure, a key pillar of strategy is deliberate migration of our portfolio towards 10:12 10 minutes, 12 seconds higher value products. The first step, a strategic reshuffleling of our core advanced pharmaceutical portfolio has 10:20 10 minutes, 20 seconds been completed. The next phase involves the systematic replacement of commodity chemical product with a higher value 10:27 10 minutes, 27 seconds differentiated offerings. We will begin phasing out select commodity products this year replacing them with a new product using same infrastructure with 10:36 10 minutes, 36 seconds slight modification in calibrated phase manner. Moving on, as nourished by outline, we are guiding 25% revenue 10:44 10 minutes, 44 seconds growth in FI27 on margins. While we remain mindful of the near-term cost pressure steaming 10:52 10 minutes, 52 seconds from global supply chain disruption, we are confident in our ability to maintain AITA margin at a similar level in the 10:59 10 minutes, 59 seconds coming year, underfine our product portfolio upgrade strategy and improving business mix. I also want to highlight a key trend driven by our business cycle. 11:11 11 minutes, 11 seconds Q1 is typically a our weakest quarter with revenue steadily increasing sequentially till Q4 which is always a 11:19 11 minutes, 19 seconds strongest quarter. This pattern results in H1 contributing around 40% of our top line while H2 accounts for generally 11:27 11 minutes, 27 seconds around 60%. With that I will now hand over our floor to our chief financial officer Bhavin Sha who will walk you through the detailed financial update. 11:38 11 minutes, 38 seconds Over to you binder. Thank you officer. 11:42 11 minutes, 42 seconds I would like to briefly highlight the key performance metrics for the quarter and FI26 before we open the floor for questions. 11:51 11 minutes, 51 seconds Let me start with quarterly performance. 11:53 11 minutes, 53 seconds Revenue from operations for the quarter reach 432.8 8 cr representing 40.3% growth y 12:02 12 minutes, 2 seconds gross profit for the quarter was 268.3 cr reflecting 83.8% 8% increase compared 12:08 12 minutes, 8 seconds to the same period last year. The gross margin expanded by 1416 basis point Yi to 62%. 12:17 12 minutes, 17 seconds Gross margin was driven by improved product mix. AITA for the quarter was 12:24 12 minutes, 24 seconds 183.5 cr which represent more than twofold increase compared to the AITA of 12:30 12 minutes, 30 seconds same period last year. AITA margins were at 42.4% 4% up 1487 basis point YITA 12:41 12 minutes, 41 seconds margin was driven by expansion in gross margin as well as operating leverage bet 12:46 12 minutes, 46 seconds for the quarter was 134.3 cr up 114.1% yi pet margin for the quarter were 31% 12:56 12 minutes, 56 seconds which show which show an expansion of uh70 basis point yi moving on the per fi 26 13:06 13 minutes, 6 seconds performance revenue from operations for FI26 reach uh 1339.4 13:12 13 minutes, 12 seconds cr representing 33% increase yi aa for the fi26 was 480.4 cr which was which is 13:22 13 minutes, 22 seconds 2x compared to the same period last year for fi26 uh is at 356.4 4 cr which more than 13:31 13 minutes, 31 seconds doubled compared to the same period last year. Moving on to the balance sheet item net cash and cash equivalent were at 198.3 cr as on 31st March 2026. 13:43 13 minutes, 43 seconds Our working capital for the year increased to 120 120 days from 114 days. 13:51 13 minutes, 51 seconds There was some improvement in data and inventory days which was offseted by lower payable days. With that I request 14:00 14 minutes moderator to open the floor for questions. Thank you. 14:06 14 minutes, 6 seconds Thank you very much. We will now begin the question and answer session. 14:10 14 minutes, 10 seconds [clears throat] 14:10 14 minutes, 10 seconds Anyone who wishes to ask a question may press star and one on the test telephone. 14:16 14 minutes, 16 seconds If you wish to remove yourself from the question queue, you may press star and two. 14:22 14 minutes, 22 seconds Participants are requested to use handsets while asking a question. Ladies and gentlemen, we will wait for a moment while the question key members. 14:47 14 minutes, 47 seconds We have first first question from Ricken Sha from Boring AMC. Please go ahead. 14:53 14 minutes, 53 seconds Um hi team congratulations on a fantastic set of results. Uh I would 15:00 15 minutes just like uh first uh a little bit if you all can expand on the R&D center that you all mentioned and you know what 15:08 15 minutes, 8 seconds is the idea behind that going ahead. 15:17 15 minutes, 17 seconds So thank you Rakenbach. Uh the R&D center which we are doing is for upgrading and enhancing our capability 15:24 15 minutes, 24 seconds and capacity with our existing R&D center because our existing center is uh 15:30 15 minutes, 30 seconds having uh uh capacity which can cater uh all the requirement but we are expecting 15:38 15 minutes, 38 seconds lot more inquiries and more uh traction towards the new molecule. So the we don't want to be remain uh out of 15:46 15 minutes, 46 seconds capacity when it it came. That's why we decided to have a new expanded RNA center and this RNA center will be 15:53 15 minutes, 53 seconds equipped with uh facilitating all the uh vertical uh in a chemical sector which we are catering right now. So it is 16:01 16 minutes, 1 second designed in a single complex comp uh with all multiple uh multiple outlets in the chemical sector. 16:10 16 minutes, 10 seconds Got it sir. Thank you so much uh for that. U another question. So uh 16:16 16 minutes, 16 seconds naturally you know if I see our uh spec or adv spec business is not relatively 16:24 16 minutes, 24 seconds grown as quickly as our advanced intermediates business and thanks to our marquee CDMO project uh the differential 16:33 16 minutes, 33 seconds is far higher at this point but uh going forward within even within advanced intermediates per se uh we have spoken 16:42 16 minutes, 42 seconds about churning out lower margin products go in in Q3. So what is the base 16:48 16 minutes, 48 seconds business looking like today and do we have any growth plans for the same for the next uh two financial years? Thanks. 16:59 16 minutes, 59 seconds So basically as we mentioned we had some portfolio reshuffleling for our pharma intermediate business X of CDMO and that 17:08 17 minutes, 8 seconds has yielded us in terms of margin expansion. I have already mentioned during my commentary that after 9 months 17:15 17 minutes, 15 seconds of FI 20 uh 6, it has gone sequentially in Q4 FI 20 uh Q4 FI26 and expected to 17:24 17 minutes, 24 seconds go grow further in FI27 as well. the volume wise that business has grown uh uh despite of being a flat in terms of 17:32 17 minutes, 32 seconds revenue and obviously going forward it we are expecting good kind of revenue expectation from our exceeded CMO 17:41 17 minutes, 41 seconds business also. Now coming to your question related to intermediate uh sorry uh spec business we have to understand that the initially what the 17:50 17 minutes, 50 seconds business we acquired uh through an acquisition of sites that business has grown uh in the range of 12 to 15% 17:59 17 minutes, 59 seconds despite of some uh price uh reduction but now the the this segment is expected 18:07 18 minutes, 7 seconds to grow with add uh additional revenue coming in from ad uh battery electrolyte uh electrolyte 18:15 18 minutes, 15 seconds additive space and that the plant has already been constructed and uh uh and the production has started. So this year 18:23 18 minutes, 23 seconds we will have a very good exponential growth coming in from uh spec business as well. 18:30 18 minutes, 30 seconds Got it sir. So within that let's say in battery cam we had sent samples and now we've completed our first uh leg of 18:37 18 minutes, 37 seconds capacity expansion. So in terms of contributing you know a little bit meaningfully to FI27 maybe if we cannot 18:45 18 minutes, 45 seconds give a number on today but do we have that sort of uh target or understanding inside that you know this that this 18:53 18 minutes, 53 seconds segment will contribute meaningfully this year I understand you have that sort of longer term vision of scaling this as a big business but in FY27 does this seem like a decent contribution? 19:05 19 minutes, 5 seconds Definitely in FY27 it will have a meaningful uh revenue contribution. It will start slowly with the Q1 and till 19:13 19 minutes, 13 seconds Q4 it will keep on ramping up and at the end of complete financial year FYI 27 we will definitely have a meaningful uh 19:21 19 minutes, 21 seconds revenue contribution. I will not put it any number to it as of now because there are many variables but uh it will be a meaningful contribution. 19:30 19 minutes, 30 seconds Sure. Thanks. and are we taking any sort of uh contribution from the uh two new 19:37 19 minutes, 37 seconds electrolytes we have added or this is just the you know two products we have discussed before. 19:43 19 minutes, 43 seconds So as I mentioned uh the capex is already going on for the third uh uh electrolyte additive product 19:52 19 minutes, 52 seconds and which is getting completed by uh Q2 uh Q1 FI27. So once that gets completed it will also start contributing in the 20:00 20 minutes revenue and the fourth uh uh product we are in the phase of business development. 20:07 20 minutes, 7 seconds Got it. Uh within within the CDMO piece uh we have now I think basket of five 20:14 20 minutes, 14 seconds products other than u you know the keep project that is going on today and we have been in the process of validation 20:22 20 minutes, 22 seconds and approval with the innovators and originators. So um yeah the longerterm 20:29 20 minutes, 29 seconds thousand cr guidance in CDMO for FI28 is intact I but within that obviously 20:37 20 minutes, 37 seconds for FI27 do these four to five products also contribute something. 20:43 20 minutes, 43 seconds Yes definitely as you mentioned those are all validated product and we are uh building it as good revenue expectation 20:51 20 minutes, 51 seconds from these four products as well apart from the first product. All right. And last question from my side or sir recon sir please two questions for 20:59 20 minutes, 59 seconds participants sir please uh get back into the queue sir. Thank you. 21:04 21 minutes, 4 seconds Yeah yeah ladies and gentlemen in order to ensure that the management is able to address questions from all participants in the 21:12 21 minutes, 12 seconds conference. Please limit your questions to two one or two per participants. 21:17 21 minutes, 17 seconds Should you have a follow-up question we would request you to rejoin the queue. 21:21 21 minutes, 21 seconds We have next question from Bharat Sa from BCS Capital Ideas Center. Please go ahead sir. 21:28 21 minutes, 28 seconds Yeah. Uh congratulations Nareshai and the entire team uh once again very very 21:37 21 minutes, 37 seconds robust uh delivery. I had only uh one suggestion to make 21:44 21 minutes, 44 seconds uh it and which is in general the future of uh uh Indian corporate sector per se. 21:55 21 minutes, 55 seconds Uh uh you see uh lot of businesses which have been successful over a period of 22:02 22 minutes, 2 seconds time but remain underinvested in building the future by underinvesting 22:09 22 minutes, 9 seconds into the uh innovation pipeline underinvestment into research and development capability. In short, 22:18 22 minutes, 18 seconds building the future uh uh software services businesses uh [clears throat] 22:26 22 minutes, 26 seconds is an example of that where huge cash flows but uh very limited investment 22:33 22 minutes, 33 seconds into building the future technology and therefore uh the struggle is evident as we have seen. Uh similarly we have seen 22:42 22 minutes, 42 seconds in consumer businesses in India which have been very successful but underinvested in the new consumerf 22:51 22 minutes, 51 seconds facing technology and the way of delivering. Even our lot of banks are underinvested in technology to build it 23:00 23 minutes in the contemporary manner. Therefore, a kit which is displayed remarkable 23:07 23 minutes, 7 seconds capability in a relatively smaller size of our operation. I don't think we 23:14 23 minutes, 14 seconds should remain limited in ambition by our current size. If we want to build the 23:20 23 minutes, 20 seconds future, I think meaningful intelligently uh uh kind of planned uh within our 23:28 23 minutes, 28 seconds balance sheet capability but sustained investment in building future is absolutely vital especially in our uh 23:36 23 minutes, 36 seconds chemical business like this because otherwise the business will get commoditized at some stage. Um 23:44 23 minutes, 44 seconds to kind of summarize if you don't want the business to be commoditized uh investing into the future to build it 23:52 23 minutes, 52 seconds is an absolutely very vital one and uh we have done very well by taking up uh 24:00 24 minutes intelligent bets and we have to consolidate. So I think we shouldn't get bittered by our current size in order to 24:08 24 minutes, 8 seconds build our future which can be very exciting. I thought I'll just put in that word narpi but once again hearty 24:16 24 minutes, 16 seconds congratulations uh uh very heart I mean delightful results and 24:24 24 minutes, 24 seconds entire team uh deserves the credit and congratulations 24:30 24 minutes, 30 seconds thank you Barai it's a good uh advice and it's from the and it is coming from the veteran it's really meaning to us 24:39 24 minutes, 39 seconds and if you remember uh if to uh in my commentary I said that we are going to be put up a new R&D center which will be 24:46 24 minutes, 46 seconds versatile. It is not a conventional R&D center but it is a versatile R&D center which will be cater across the sector of 24:55 24 minutes, 55 seconds a semiconductor electronics electrical battery uh pharma agro and cosmetics. So 25:03 25 minutes, 3 seconds it's a versatile R&D center with a different segment. So you are right to say that we need to invest into the innovation and we this is what we do 25:10 25 minutes, 10 seconds continuously. Initially we started with the conventional chemistry flow chemistry which is successfully imparted and now commercialized then we enter 25:19 25 minutes, 19 seconds first in India in the electrolyte then in chemical. So we continuously making ourself uh uh learning and then putting into the system and then executing it. 25:30 25 minutes, 30 seconds So we taken serious note on that what you suggested and in future we will uh keep in mind when we do any any new things. Thank you very much brother. 25:41 25 minutes, 41 seconds Yeah absolutely great sir and once again hearty congratulations. Thank you sir. 25:48 25 minutes, 48 seconds Thank you. Next question is from Govid Goyel from Siri Nerfa. Please go ahead sir. Uh hi am I audible? 25:57 25 minutes, 57 seconds Yes you are. Uh good evening sir and congress for a good set of numbers. Uh my first question is on the goodwill. Uh can you please elaborate on uh this 26:05 26 minutes, 5 seconds increase in the goodwill happened in a 26 over 25 specifically uh if this pertains to the indic which is which is 26:13 26 minutes, 13 seconds a newly incorporated entity. uh I would like to understand uh what is the rational for uh goodwill at this stage 26:20 26 minutes, 20 seconds and and further uh can you also clar give some clarity on on on the basis for which the management is showing the confidence on the on the recoverability 26:28 26 minutes, 28 seconds of this total goodwill of 104 CR that's my first question sir so uh when you talk about 104 CR it is 26:38 26 minutes, 38 seconds it has a two part one module is which was created in the past that was towards acquisition of our BFC business and for 26:48 26 minutes, 48 seconds the year there is a addition of around 48 cr in the goodwill. So when we have made an uh investment of 190 cr uh in 26:57 26 minutes, 57 seconds indicam so the partner has bring in the capital that was at par value only so 27:05 27 minutes, 5 seconds for 25% which is uh there for our partner so whatever we have paid 190 cr out of that 25% 27:14 27 minutes, 14 seconds uh is going towards the uh goodwill in our books of account. Now since this is 27:20 27 minutes, 20 seconds the investment we have made uh and uh we are very much confident that uh this business in coming years is going to do 27:30 27 minutes, 30 seconds excellently well. There is a valuation also attached to it uh bases the future projection. So this has been correctly 27:39 27 minutes, 39 seconds account as per the accounting standard uh guide guided by ICI and uh regarding your partner with this 27:47 27 minutes, 47 seconds uh JV uh what is the background of uh uh of that partner like what kind of expertise they are bringing in because 27:55 27 minutes, 55 seconds uh this JV is not having any revenue so far. So booking the goodwill uh means something which I'm not able to understand maybe they are bringing some 28:02 28 minutes, 2 seconds tax uh so can you please elaborate on that part? 28:07 28 minutes, 7 seconds Now first about the background of our partner he has been working in this uh 28:13 28 minutes, 13 seconds space for more than uh 30 years and uh he uh so he is a veteran in this 28:20 28 minutes, 20 seconds business understand the Korean ecosystem well apart from the uh international customer outside Korea like Taiwan and 28:29 28 minutes, 29 seconds Japan and he has assembled a good team of people coming from the production and R&D and regulator regulatory side. So 28:37 28 minutes, 37 seconds this is how we have join hand with our partner. Your question related to goodwill as bas has mentioned uh for 28:46 28 minutes, 46 seconds this JV all the investment financial investment has been done by acutas and 28:53 28 minutes, 53 seconds we have given the 25% equity to the partner. So that's the reason we have to account uh 25% of those investment uh in 29:03 29 minutes, 3 seconds the goodwill as per uh uh accounting standard this is how it is going and as we mentioned we have a good confidential 29:10 29 minutes, 10 seconds business with the projection going on and and we see that definitely the goodwill is uh recoverable in future. 29:20 29 minutes, 20 seconds Got it. Got it. And sir your revenue contribution from Baba fine chemicals has remained limited and now we are 29:28 29 minutes, 28 seconds doing uh this JV with India. So I just wanted to understand from you how do the product offerings of Indicam and Baba fine chemicals complement each other. 29:37 29 minutes, 37 seconds Are there any clear synergies in the terms of products in the terms of customers or maybe in the terms of end application sir? 29:45 29 minutes, 45 seconds No way. uh we uh mentioned previously also for our semiconductor business we have two different uh stream of revenue. 29:53 29 minutes, 53 seconds One is a tradition or Baba fine cam business and then in Korea it is a uh advanced stage product than what we uh 30:02 30 minutes, 2 seconds offer uh in BFC. So these are complete uh and which is different from what BFC 30:09 30 minutes, 9 seconds is manufacturing for Harriers. So these are a more value added product uh and a different uh uh stream of revenue. 30:20 30 minutes, 20 seconds Okay. So what kind of peak revenue are we anticipating uh maybe from this stats of 200 cr in India? 30:26 30 minutes, 26 seconds Uh we are expecting around 1x kind of revenue from this uh plant. What kind of margin sir? 30:33 30 minutes, 33 seconds Uh it is very premature to say as of now because it's it is in a construction phase but generally you can expect a 30:41 30 minutes, 41 seconds good margin from semiconductor business as an industry you study. 30:46 30 minutes, 46 seconds Maybe uh in line with your specialy sir please return to the just one last just one last Mr. follow only maybe in line with the specialty chemical sir. 30:56 30 minutes, 56 seconds No, no, obviously not in line of this traditional specialy. It should be in line of the BFC business. 31:03 31 minutes, 3 seconds Okay. Okay. Got it. Uh thank you sir. 31:06 31 minutes, 6 seconds Thank you very much and all the best for the future. Thank you. Thank you. 31:10 31 minutes, 10 seconds Thank you. The next question is from the line of Sanil Jan from Ambbit Capital. Please go ahead. 31:18 31 minutes, 18 seconds Uh hi sir. Uh am I audible? Yes. 31:23 31 minutes, 23 seconds Yeah. uh congratulations on a good set of numbers. So I just have couple of questions. So uh the first question from 31:31 31 minutes, 31 seconds my side is uh can you give us some developments on the new CDMO products under progress other than the FM formium 31:38 31 minutes, 38 seconds contract and what can be the potential opportunity size of it. 31:44 31 minutes, 44 seconds Okay. So obviously we have a long pipeline of uh CDMO products but we have 31:50 31 minutes, 50 seconds announced validation of four more products after the first one and those are when we say validation it's a 31:58 31 minutes, 58 seconds commercialized product already submitted to the customer and now it's a process of getting regulatory approval uh from those once that gets completed it will 32:06 32 minutes, 6 seconds keep on going on large quantity and in terms of revenue potential we are expecting those product to be uh between 32:14 32 minutes, 14 seconds 50 200 cr each at a peak level that's 5200 crores each right 32:21 32 minutes, 21 seconds each right okay and the second question is uh that uh we have reported excellent aida 32:28 32 minutes, 28 seconds margins of 42%. So can you tell us what was the margin for speciality chemicals and inter advanced intermediates separately? 32:41 32 minutes, 41 seconds So uh for our pharma business uh uh for this quarter uh a bit margin is around 44% and for speciality it is around 13%. 32:54 32 minutes, 54 seconds 28% 13%. 29% sorry it's sorry sorry for it is for pharma it is 44% and for 33:04 33 minutes, 4 seconds speciality it is 29% right 29 okay and just one more uh that are we 33:11 33 minutes, 11 seconds planning to expand our firm capacity given the improved outlook uh by the innovators 33:18 33 minutes, 18 seconds so as uh as we earlier also said that we have got good visibility for the uh from 33:25 33 minutes, 25 seconds this particular CDMO contact and we have already built our capacity which can suffice uh those production requirements. 33:33 33 minutes, 33 seconds Understood. Unders. Thank you. That's it from my side. 33:37 33 minutes, 37 seconds Thank you. The next question is from the line of Nikon Gupta from AK investment. Please go ahead. 33:44 33 minutes, 44 seconds Yeah. Hello. Am I audible? Yes sir. 33:46 33 minutes, 46 seconds Yeah. Yeah. Hi team, congratulations for the great set of numbers. Uh my first question is previously we had talked 33:54 33 minutes, 54 seconds about semiconductor chemical shipments to Japanese and Korean customers. So has it already been started? 34:03 34 minutes, 3 seconds Yes. 34:05 34 minutes, 5 seconds Okay. And my next question is uh what is the revenue potential from the semiconductor chemicals and battery 34:12 34 minutes, 12 seconds chemicals business over the next 3 to 5 years? And also if you can put some light on Eida margins as well that would be very helpful. 34:22 34 minutes, 22 seconds So for electrolyte additive business it's a function of capacity what we have built in and uh as of now the capacity 34:30 34 minutes, 30 seconds for electrolyte additive is uh 2,000 mington for VC and APC. So based on that you can uh you can see the revenue 34:37 34 minutes, 37 seconds potential coming in from uh that business and related to uh semiconductor business uh that business has been going 34:47 34 minutes, 47 seconds through some uh difficult phase in last financial year but now it has recovered from Q4 onwards and it will continue to ramp up in future also. 34:57 34 minutes, 57 seconds Okay. Yeah. Thank you T and all the best for the future. 35:04 35 minutes, 4 seconds Thank you. The next question is from the line of Saiikumar from family fund. Please go ahead. 35:11 35 minutes, 11 seconds Yeah. Hi sir. Uh congratulate on a great set of numbers. So my question is on this sir this year you have consolidated it yearly margins around 34.5%. 35:24 35 minutes, 24 seconds Somewhere around 35. So for the FI27 what kind of range you are expecting? 35:32 35 minutes, 32 seconds So as I mentioned during my commentary also we are expecting similar kind of margin in FI27 also for us the margin is 35:40 35 minutes, 40 seconds a function of product mix and we expect similar kind of product mix in FI27 that's the reason we see that it should 35:47 35 minutes, 47 seconds be in a similar range only okay yeah got uh regarding this INDM JV 35:56 35 minutes, 56 seconds so you said like around uh end of FI26 you are going to commercialize the plant. So when can we 36:05 36 minutes, 5 seconds expect the supplies and do do we need to go any validation phase for that molecules and when can we expect the commercial revenue from that indic. 36:16 36 minutes, 16 seconds So as soon as the plant gets constructed we will have a commercial production going on from that plant. as Narish by 36:25 36 minutes, 25 seconds mentioned during his commentary uh that we have already started our R&D center uh in indicam and from we have already 36:33 36 minutes, 33 seconds started supplying the samples to the customer. So parallelly by the time the cap capex complete we should have some 36:41 36 minutes, 41 seconds uh customer onboarding happening so it can uh make our process faster in terms of commercial production ramp up. 36:51 36 minutes, 51 seconds Okay. Yeah. And one last question uh I see I mean in the China you the BYD 36:59 36 minutes, 59 seconds shifting more of their uh battery like from lithium to sodium ion. So what is 37:06 37 minutes, 6 seconds the risk you see for that shift coming for sodium ion batteries or else do you supply the molecules eligible for sodium ion battery technology as well? 37:18 37 minutes, 18 seconds See the sodium ion battery is not a new it is started inventing seven eight years back and it was uh now it is 37:25 37 minutes, 25 seconds slowly slowly maturing whereas lithium battery has still potential of next 10 15 years. So it's not that 100% 37:33 37 minutes, 33 seconds replacement of sodium ion battery with lithium. So we are in whatever the we are targeting is even not a 1% of the demand. So for us is not an impact. 37:43 37 minutes, 43 seconds Contrary whatever the new molecule which is coming into the electrolyte segment there are some which is also going in this kind of area but we can't disclose 37:51 37 minutes, 51 seconds based on the our contra so it's a confidence for us but yes whatever the segments are working in electrolyte 37:58 37 minutes, 58 seconds battery area whether it's a sodium or lithium or solid state battery we are there we are trying to be supply our 38:06 38 minutes, 6 seconds molecule in that segment okay okay yeah sir and uh one last question sir Thank you sir. 38:14 38 minutes, 14 seconds Okay. Yeah. I'll come back. 38:15 38 minutes, 15 seconds Please limit your questions to finance to all. Yes. Thank you. 38:20 38 minutes, 20 seconds Thank you. The next question is from the line of Jason Son from IDBI Capital. Please go ahead. 38:29 38 minutes, 29 seconds Yes sir. Thank you so much for taking my question. First question just for just wanted to know the capacity utilization for the suchin plant the jagardia plant 38:38 38 minutes, 38 seconds and the glacial facility for this quarter under review Q4 uh utilization at suchin plant is 75%. 38:48 38 minutes, 48 seconds Unit 2ar is 31%. And unit 3 jagadia is 50%. 38:57 38 minutes, 57 seconds Jagadia is 50%. Okay. Right. 39:01 39 minutes, 1 second Ela I just wanted to also understand in terms of this uh you said the emidam emitter margin for specialty chemicals 39:08 39 minutes, 8 seconds in this quarter is 29%. Right now generally the margins are quite low I mean 15 20% that is the kind of margins 39:16 39 minutes, 16 seconds we clock so just wanted to know what is the reason for this jump. 39:21 39 minutes, 21 seconds uh so Jason uh we need to understand that chemical segment includes our traditional product as well as semiconductor and electronic business. 39:32 39 minutes, 32 seconds So for the quarter we have seen a uh a very good growth in the BFC business uh 39:39 39 minutes, 39 seconds which has a very high AITA margin and which is recovering from Q4 onwards. 39:45 39 minutes, 45 seconds So because of this we have seen a better margin in chemical segment. So basically that's a mix of both traditional uh the 39:54 39 minutes, 54 seconds spec margin as well as the BFC product margin. 40:00 40 minutes Okay. Battery chemicals also will be a part of this only right the specialty chemicals. Yes it is part of uh this business only. 40:07 40 minutes, 7 seconds It is a part of this business. Okay. And just one question if I may just add on. 40:12 40 minutes, 12 seconds So just I mean I understand 2,000 tons of the both products in the battery chemicals electrolyte additive segment. 40:18 40 minutes, 18 seconds Just wanted to understand sir what utilization are we looking at? I mean just uh you have long you have those binded by long-term contract. So you 40:26 40 minutes, 26 seconds would have some idea if you could give some color whatever possible of what revenue we can look at in in the in FI27. 40:35 40 minutes, 35 seconds Yeah. 40:36 40 minutes, 36 seconds Yes. So we have 2,000 metric in capacity for both FCD. And uh as we mentioned during last our last last commentary 40:44 40 minutes, 44 seconds also that uh this plant is fully covered back by the customer contracts for all 40:50 40 minutes, 50 seconds the capacities in next 3 years time. uh I will not put in any figure around the capacity utilization expected in this 40:59 40 minutes, 59 seconds financial year but uh as I mentioned in during my first uh Q&A uh that it will 41:06 41 minutes, 6 seconds production has already started and it will keep on keep on adding quarter by quarter from first quarter to fourth quarter and it will definitely have a 41:15 41 minutes, 15 seconds meaningful contribution from uh electro additive space sure thanks I'll join back with you 41:22 41 minutes, 22 seconds thank you so Thank you. The next question is from the line of Raj Araal from nishai.com. 41:32 41 minutes, 32 seconds Please go ahead. Hello. Yes sir. You are a sir. 41:38 41 minutes, 38 seconds Yes sir. S thank you so much for the opportunity and great. Uh so I had a question on CDMO business. Uh you know 41:47 41 minutes, 47 seconds we have lot of this new businesses like battery chemicals and Canada chemicals that are scaling up. So and we have guided for 25% kind of a growth uh for 41:56 41 minutes, 56 seconds the next year. So uh are we anticipating any kind of slowdown in CDMO or basically if CDMO performs well then we can we can supplies on the upside. 42:06 42 minutes, 6 seconds No we are guiding 25% growth with mix of all the vertical and over the total top line what we have achieved in 2000 uh FY26. 42:18 42 minutes, 18 seconds Got it sir. Got it. And so on the on the margin side, so this this CDMO business as a whole has a relatively higher 42:25 42 minutes, 25 seconds margin, right? So this this battery chemical business and our specialty chemical business on the other hand does not have that kind of margin profile. So 42:34 42 minutes, 34 seconds um to will it be difficult to maintain the current margin profile in FI27 or we will be able to do it with the current mix? 42:42 42 minutes, 42 seconds So as I mentioned during my commentary also we are expecting similar kind of margin in FI27 because as I said the margin is a function of product mix and 42:51 42 minutes, 51 seconds we are expecting similar kind of margin in similar kind of product mix in FI27 as well. So as uh as I mentioned there 42:59 42 minutes, 59 seconds will be some meaningful contribution coming from electrolyte additive space but there is a additional data coming from CDMO business also. So that's the 43:06 43 minutes, 6 seconds reason we are expecting similar kind of margin. 43:10 43 minutes, 10 seconds So, so just one on last thing on this if you can just explain what do you mean by the mix will remain the same because the mix will change right because you have 43:17 43 minutes, 17 seconds new business that is entering this this mix. 43:21 43 minutes, 21 seconds So as I said uh there is some portion of additional revenue coming from the spec business because of uh battery addit 43:29 43 minutes, 29 seconds electrolyte additive uh segment and there is a CDMO additional revenue also coming so percentage wise it looks uh similar. 43:38 43 minutes, 38 seconds Got it. for thank you so much. 43:43 43 minutes, 43 seconds Thank you. The next question is from Mihul Panchwami from 40 cents. Please go ahead. 43:52 43 minutes, 52 seconds Hello sir, congratulations on a great set of numbers. Uh my first question is what the portion of our uh growth in FY 44:00 44 minutes 2728 is uh backed by confirm orders and long-term contracts across CDMMO and the 44:07 44 minutes, 7 seconds battery segment battery chemical segment for for CDMO business as I mentioned for 44:14 44 minutes, 14 seconds the for this customer first customer we have long-term supply contract already in place for 10 years so that's a backed by good visibility from the customer and 44:24 44 minutes, 24 seconds uh on the electro additive space also as I just mentioned we have already got customer contract in place and already 44:31 44 minutes, 31 seconds signed right sir can you throw some light on because I'm new uh in tracking our company uh you mentioned in one of the 44:40 44 minutes, 40 seconds uh responses that we have a partner who is uh having 30 years of experience uh so is it a firm or is it individual or 44:49 44 minutes, 49 seconds can you just elaborate on the uh contract which we have signed with the entity 44:55 44 minutes, 55 seconds So that partner is uh is a uh the contract which we have entered is a 45:02 45 minutes, 2 seconds proprietary firm and the experience of that partner uh which I just mentioned uh during our uh indicam business partner profile. 45:14 45 minutes, 14 seconds Okay. Okay. Okay. Thank you so much. 45:17 45 minutes, 17 seconds Thanks all the Thank you sir. The next question is from the line of Krishnan Pawwani from SBI mutual fund. Please go ahead. 45:28 45 minutes, 28 seconds Yes. Hi sir. Um many congratulations on uh once again a great set of numbers. Um 45:35 45 minutes, 35 seconds just uh two uh two questions. First on the CDMO pipeline uh I believe u u you 45:42 45 minutes, 42 seconds know we had certain uh products in the validation stages in the last uh quarters and uh we expected them to 45:51 45 minutes, 51 seconds commercialized in the uh first half of FI 27. So wanted to know has there been any update on these new products? Uh 45:59 45 minutes, 59 seconds have you commercialized it? Uh uh yeah so that's question number. So uh these are already commercialized product 46:07 46 minutes, 7 seconds because it is validation bath validation patches are already supplied. Now it's not in our hand or customer's hand 46:14 46 minutes, 14 seconds because it's a regulatory approval and uh we have already got some projection from the customer. So that's the reason 46:21 46 minutes, 21 seconds I'm saying in FI27 we will definitely have a revenue coming from other four CDMO as well. 46:28 46 minutes, 28 seconds Four CDMO right apart from the first one. Okay. 46:33 46 minutes, 33 seconds And the ramp up of those uh will be majorly seen in F28. Correct. 46:39 46 minutes, 39 seconds Yes. Yes. Okay. And um and and that's that's great sir. Uh and secondly on the 46:47 46 minutes, 47 seconds um margins I believe by you mentioned margins at a similar level u similar level as 4Q or similar level to FI26. 46:57 46 minutes, 57 seconds Similar level as FI26. 47:01 47 minutes, 1 second Q4 is too ambiguous ambience good but okay no problem I mean 47:07 47 minutes, 7 seconds 36% is uh also great u and uh uh just 47:12 47 minutes, 12 seconds lastly if I may squeeze one more u so um just uh baba fine um I think nar in his 47:22 47 minutes, 22 seconds opening remarks mentioned that uh there is a strong pick up that you expect uh over the next two to three years uh for 47:30 47 minutes, 30 seconds the Baba Franken. So you know are the things uh really picking up pace right now or or what 47:39 47 minutes, 39 seconds stage are we? So just uh some some some insights on that would be helpful. 47:45 47 minutes, 45 seconds So just we mentioned that in Q4 the spec re uh AITA was 29% driven by the uh very 47:53 47 minutes, 53 seconds good uh uh recovery business of Baba Fine Cam in Q4. Uh so that's that's a 48:00 48 minutes sign of already recovered business for BFC and we have similar kind of visibility for FI27 as well. Okay. Okay. 48:10 48 minutes, 10 seconds And and uh I believe you don't uh need to do a large Apex uh for the BSA because I think you didn't mention in the plan. So uh so is that correct? 48:21 48 minutes, 21 seconds Yes, that's correct. 48:23 48 minutes, 23 seconds Okay. Okay. books. Thank you so much for uh answering our question and wish you all the best. Thank you so much sir. 48:31 48 minutes, 31 seconds Thank you. 48:35 48 minutes, 35 seconds The next question is from the line of Hmon as individual. Please go ahead. 48:41 48 minutes, 41 seconds Sir, thank you for providing me with the opportunity and uh congratulations on a very good set of numbers sir. uh what I 48:49 48 minutes, 49 seconds understand is that uh since you have grinded for 25% kind of revenue growth in FI27 48:55 48 minutes, 55 seconds so I think the main contributor will be the electrolyte additive division right 49:02 49 minutes, 2 seconds so uh if I take a little longer view maybe from FY28 and all what can be the 49:11 49 minutes, 11 seconds growth drivers for the company sir no it's not only electrol additive which will be driving uh growth for FI27. 49:20 49 minutes, 20 seconds Both our pharma intermediate business is also uh also growing very fast and that is the biggest engine for us uh for the 49:28 49 minutes, 28 seconds growth and then uh slowly slowly this additive business is also uh taking charge of our growth and then we have a 49:37 49 minutes, 37 seconds uh battery sorry uh semiconductor business uh picking up first started with DSC and then maybe in next two to 49:45 49 minutes, 45 seconds three years time it should be from Indicam as well. So there are three different growth engine which is driving our growth for next three years. 49:54 49 minutes, 54 seconds Uh so can we expect a similar kind of run rate sir? I think uh we had earlier mentioned that 25% kind of revenue 50:02 50 minutes, 2 seconds growth till FY 28 I guess in one of the previous calls. So can we expect the same? 50:10 50 minutes, 10 seconds Yes, we have always guided uh that we are growing uh uh 25% growth that's our 50:18 50 minutes, 18 seconds history for more than a decade and these how we guide the market also going forward also. 50:24 50 minutes, 24 seconds So any other major capex lined up and then and what is the contribution from CDFO CDMO side because uh I think we 50:34 50 minutes, 34 seconds have a guidance of thousand groups of revenue from CDMO by F28. 50:40 50 minutes, 40 seconds Yes, that is the guidance. Correct. And on the capex side, I have already mentioned that for next year our uh 50:47 50 minutes, 47 seconds capex will be the sum of the spill over of FY 26 capex which is around 50 cr and 50:55 50 minutes, 55 seconds around 40 cr will be from maintenance capex and then there will be capex around the R&D center and land but uh 51:04 51 minutes, 4 seconds the figures are yet to get finalized. We will update uh at a relevant times. 51:09 51 minutes, 9 seconds So sir no major growth capital sir thank you 51:17 51 minutes, 17 seconds we have followup question from this from LDBI capital please go ahead 51:24 51 minutes, 24 seconds so thank you for taking my question again right uh I just wanted to uh you know ask you on the uh this indicim 51:33 51 minutes, 33 seconds acquisition I sorry the indicim investment has been done and but earlier in the last con call you had guided for that the facility will be on stream by 51:42 51 minutes, 42 seconds the start of CY 27. Is that plan on or has it been delayed or something like that? 51:48 51 minutes, 48 seconds No, it is plan is on. In fact, uh it will uh it will be even uh earlier than what it was guided. So as I said it will 51:57 51 minutes, 57 seconds it should get completed in second half of calendar year FI20 calendar year 26. 52:04 52 minutes, 4 seconds Okay. And sure and sir about but the capeex you just mentioned some spillover capex of this year so basically probably around 100 cr odd number for 27 kex 52:13 52 minutes, 13 seconds should be fine and after that for the R&D center I know you would need to firm up those numbers so 100 cr for 27 would be okay that would be a good figure 52:22 52 minutes, 22 seconds so that is already planned capex and then as I mentioned the R&D and any other capex we will update as and when it gets uh uh it gets finalized. 52:33 52 minutes, 33 seconds Okay. And I just lastly wanted to know so this uh of course we know the firm contract is doing very well and sir uh I 52:41 52 minutes, 41 seconds have I mean the numbers are there $5 billion kind of um peak revenue potential in the next 3 to four years. 52:47 52 minutes, 47 seconds So just on the ground how do you see this contract ramping up? Just wanted to get some color on from your side how is it doing label extensions etc. How do you see the contract ramping up for you? 52:59 52 minutes, 59 seconds So those things are already available uh in the presentation of bear as well as per me on contract and uh sorry for on 53:09 53 minutes, 9 seconds presentation and they have also guided the market about the growth of those products. So I think being their primary 53:16 53 minutes, 16 seconds supplier we should be the beneficiary of those uh business and we we have already guided the market that how the business 53:23 53 minutes, 23 seconds is going on and uh further expected to ramp up in FI27 and going forward as well. 53:31 53 minutes, 31 seconds Okay. Sure. Thanks. Thank you so much sir for answering all the questions. Thank you so much. 53:36 53 minutes, 36 seconds Thank you. The next question is from Dharag Gonatra from Value Quest. Please go ahead. 53:45 53 minutes, 45 seconds Thank you for taking my question sir. Uh just to follow up on the previous participating uh you mentioned that there is a 50 crores spillover of capex that will be done in FI27. 53:57 53 minutes, 57 seconds What is this 50 crores spill over sir? What is this cap? 54:02 54 minutes, 2 seconds Capex of electrolyte additive and the pilot plant. 54:07 54 minutes, 7 seconds Additive and pilot plant. Okay. Thank you sir. 54:13 54 minutes, 13 seconds Thank you. The next question is from the line of the Shankit Mitt individual investor. Please go ahead. 54:21 54 minutes, 21 seconds Yes sir. Thank you for the opportunity and congratulations for a great set. 54:27 54 minutes, 27 seconds Thanks Mr. Ankit Mel. We unable to hear you. Uh yes. Can you hear me now? 54:36 54 minutes, 36 seconds Yes, you're audible. Please go ahead. 54:38 54 minutes, 38 seconds Yeah. So I was asking for the first question. Uh so um and that is regards to the revenue growth guidance. Um so as 54:46 54 minutes, 46 seconds you mentioned in the last uh uh patient's reply uh we already know about the permanium project and the uh the 54:54 54 minutes, 54 seconds growth uh guidance given by Bayer which is uh for 50% growth in calendar year 2026. uh given that uh we have that 55:04 55 minutes, 4 seconds outlook from there. So and uh also we have this electrolyte business coming up uh in this financial year. So wanted to 55:12 55 minutes, 12 seconds know if we are being conservative in in giving this 25% uh revenue growth guidance for this year 55:19 55 minutes, 19 seconds and uh would it be like if the if all the things remain u um in this condition for uh with respect to this peron 55:28 55 minutes, 28 seconds project uh we might have an opportunity to revise this guidance later in this year. 55:34 55 minutes, 34 seconds So we have always guided the market about 25% growth gagger and that has been our history and uh we would be 55:43 55 minutes, 43 seconds happy to revise our guidance if uh that business potential goes uh beyond those 55:49 55 minutes, 49 seconds 25% at a at a relevant uh stage of this financial year and uh secondly on the seasonality of 55:58 55 minutes, 58 seconds the business which you mentioned uh in in the introductory remarks uh which is 40% % in the first half uh and 60% in 56:06 56 minutes, 6 seconds second half uh but with this uh permanon contract uh this year um which is already being ramped up to a decent size 56:15 56 minutes, 15 seconds do you think that that seasonality will reduce this year um and um I mean the Q decline which we usually see in the 56:23 56 minutes, 23 seconds first quarter that might be limited this year given that the kind of growth we are seeing in that project 56:30 56 minutes, 30 seconds yes that is also expected in FI27 this one as well 56:37 56 minutes, 37 seconds and expected meaning um in Q1 um uh I mean wanted to check um if I mean the 56:45 56 minutes, 45 seconds usual seasonality is there because usually we see 20 30% revenue decline Q in Q1 but given that uh the um 56:54 56 minutes, 54 seconds significant ramp up of peron project um contract was there in FI20 for uh and 57:03 57 minutes, 3 seconds FI25 and FI 26 as well and the both here has shown the similar kind of revenue 57:09 57 minutes, 9 seconds trajectory Q4 Q1 to Q4 and that's our history for more than that 57:17 57 minutes, 17 seconds okay any particular reasons why we see it because we don't see similar uh I mean seasonality when we look at the 57:24 57 minutes, 24 seconds numbers from Orion or bear um any any particular reasons why we see it at acuras level 57:31 57 minutes, 31 seconds sir this is my company history is that we have always Q1 is lower than Q2, Q2 is lower than Q3, Q3 is lower in last 15 57:40 57 minutes, 40 seconds years is like that we are not only dealing with permission we have more than 600 customer so each customer has different requirement different time and 57:48 57 minutes, 48 seconds we have more than 100 products so it's a it's my company's season my company's seasonality and working like that I'm 57:56 57 minutes, 56 seconds not representing from you just thank you thank you and the best. Thank you. 58:05 58 minutes, 5 seconds Thank you ladies and gentlemen. Due to time constraint, we will take this as a last question. I now hand the conference over to 58:13 58 minutes, 13 seconds management for closing comments. Over to you sir. 58:19 58 minutes, 19 seconds Thank you 361 capital team for hosting our conference call. We appreciate everyone's questions 58:26 58 minutes, 26 seconds and hope we have addressed most of your queries. If we miss any of your qu questions, please reach out to our investor relations team and we will get 58:35 58 minutes, 35 seconds back to you. Once again, thank you and good evening to all of you. 58:40 58 minutes, 40 seconds Thank you. On behalf of Autas Chemicals Limited, that concludes this conference. 58:45 58 minutes, 45 seconds Thank you for joining us and you may now disconnect your lines. Thank you.