Alkem Laboratories Limited — Q3 FY26

revenue could be around INR 1,000 crore, and EBITDA would be around, say, 20%-22%. 25% would take higher, but since your question was two to five years, I've answered that.

This is a research-oriented company... third-largest company in the world... revenue coming from Western Europe and U.S., to the tune of 85%... EBITDA positive in the present year... 10% EBITDA by FY 2027, which will take us to around 23%-24% in three years' time.

balance shareholders, they want to retain their shareholding... maybe after three to four years, we can again look at buying the balance stake from them.

initial investment will be of around INR 1,100 crores... maybe invest INR 100 crores-200 crores more over the next two years to fund their R&D program.

payback is around 10 years on this asset. But after considering LAA... the payback will significantly be lower.

if you look at our YTD numbers, you know, I think we are close to 10%... if you remove that, we are actually, you know, close to around 11% or 12%... In a market which is growing at around 7.5%-8%.

gross margin of the company is, as of now, close to 73%... operating leverage... opportunities to optimize cost... new products that will be introduced in very high AC market.

It is just a cut-off adjustment... there is no divergence in any primary or secondary. It is just because last year, because of the cut-off... base impact.

close to, say, INR 80 crore-INR 100 crore impact... we are looking at, say, a similar guidance on the gross margin, maybe 0.5-1 percentage basis points here and there.

INR 600 crore, we are estimating in the, you know, calendar year 2026. And then, subsequently, we will grow that number up to INR 780 crore approximately 14% CAGR for the next five years.

we are going to put muscles into the company by making investments... Alkem's strength in building organizations across the globe... large infrastructure and GCC to reduce the SG&A.