FY26 closed 21% EBITDA matching Q3 cut.

On the U.S. business, given price erosion in Revlimid, how does our outlook on U.S. business growth remain for FY '26 and FY '27? And were Abraxane and Nilotinib already launched in Q1 or in July?

We have launched partially in Q1. The Q1 does not reflect the full momentum of the launch for Nilo and Pacli. Revlimid will be a critical phasing and might phase out where in the first 3 quarters there might be more Revlimid and quarter 4 it will peter off, although prices have already started correcting in the market.

Our aspiration to achieve closer to $1 billion sales in U.S. in FY '27, do we still believe that's possible? And would $1 billion bake in Symbicort?

Yes, that's largely out of our pipeline opportunity. We believe that our pipeline should hopefully get us closer or surpass that, depending on the launch timing. It would bake in a lot of our respiratory launches, including Symbicort.

On India business, excluding consumer, we are at roughly 3% growth and trade generics is strong, so branded generic has been muted. Within respi, shouldn't our portfolio be more chronic with less volatility versus IPM respi?

Ideally yes - on a full year basis we think respiratory and overall growth will be very strong. This quarter, the impact of seasons being different, rains in summer, the respiratory season didn't really take off. As the largest player in that category, it impacts us. We strategically aligned our team to further growth of triples combinations with several triple launches coming. From a full year perspective we are very confident.

On respiratory at industry level, growth has been slow for the last 12 to 15 months or past 2 years. Could you throw some light on that?

We are coming off a fairly significant respiratory quantum in the industry. There were adjustments to price made on some large inhalers in the last 12 to 15 months by government notifications and DPCO certifications, which impacted some of our brands as they adjusted to lower pricing. Volume growth is there but coming from categories where we've repositioned for more program growth. The slower growth may be a phenomenon of a year or 1.5 years, but we are quite bullish going forward.

On respiratory launches in U.S., will Advair likely be a 1H or 2H launch? For Symbicort and other inhalation products, have you done dual filing for risk management?

Yes, we have done double filings for most of our products from a risk management perspective on the respiratory side. And generic Advair, the way we are looking at it, may be an H2 launch in this year.

Now you have both 505(b)(2) as well as the generic version of Lanreotide. Where do you see more room to gain market share?

The generic always has the maximum room because it's a completely substitutable product. It depends on the production mix between the 2 and your ability to supply it to the marketplace. In any product category, generics will always have the ability to gain more market share.

On Albuterol in the U.S., is the meaningful sequential ramp-up because of competition factor or aggression from our side?

We've been on the path of this recovery for almost 12, 13 months or so. Our share had dropped about a year back, and after that we have consistently gained the market share. So yes, it's just maximizing the supplies that we have.

On India growth, given low base from trade generic restructuring last year, shouldn't growth be better than industry? And will respi realignment impact growth for a couple of quarters or just this quarter?

Yes, the growth should have been higher. When we isolate the problem - we are strong on Gx, strong on CHL. But on prescription business, largely because respiratory and acute is almost 59%, 58% of total mix, and unfortunately this quarter they've both grown at 4%, 5% level. It was a slower quarter than what we thought, exacerbated because we were also restructuring and realigning teams. Seasonal triggers have kicked in and we are seeing the impact in our growth now.

For the full year, can India business grow in line with the industry?

Yes, yes. At least for the next 3 quarters, we think that we can grow in line with the industry, for sure.

One Indian player has taken a significant stake in Adcock Ingram in South Africa. Does this change the market or competitive dynamics for you?

Adcock from what we understand already had a significant relationship with Natco. So I'm not sure that competitive dynamics will change significantly. Adcock has a large share of the OTC portfolio as much as it does on the branded side. If they get more pipeline from Natco, then yes, competitive dynamics would change. But the existing relationship also has significant support to the Adcock engine from Natco.

Next quarter we are launching one biosimilar in the U.S. What is the strategy for other biosimilars to launch in the U.S.? What is the timing for licensed biosimilars - 2 or 3?

We will probably in-license a few assets through partnerships in the near term and maybe launch our own biosimilar assets somewhere towards the '29, '30 time period. Right now we're launching one through partnership, and we will have a few partnerships through which we will launch in the near term. In the longer term it will be our own assets.

On the biosimilar, this is not an interchangeable drug so we'll have to create prescriptions. What gives us right to win? How does in-licensing help for supply, and how much overall investment are we earmarking for biosimilar?

Our right to win is our oncology presence and team presence in the U.S. We sell into the institution channel - Lanreotide is a very large business and we sell 2 variants. The biosimilar goes through essentially the same channel. We have committed almost upwards of $100 million to a joint venture for our share of biosimilar development, and might increase our outlay in the next couple of years. In the short term we are launching biosimilars in partnership with others.

On trade generics - given possible impact on branded generics, what would be the quantum of growth in trade generics? How do you see this going forward in context of overall IPM growth?

Last year the pace of trade generics business was significantly lower because we had reacquired the distribution operation from our partner. So the superior growth rate is also a function of the base of the previous quarter plus ability to get back to significant growth. Going forward, trade generics will grow at IPM or about IPM. The range could be between 8% to 10%.

We've been seeing trade generics grow faster than IPM in the past. Given additional competition coming into trade generics, will our trade generics business grow at that rate?

A large share of IPM volumes are from products which are more acute and distributed inside the country. We believe trade generics will continue to grow at the same rate as IPM. Trade generics do not sell as many chronic therapies as on the branded side. While competition is great, it expands the market for trade generics. We have some very large brands within the trade generics segment and are quite hopeful of this segment going forward.

On the domestic trade generic business, this quarter on relatively lower 1Q base last year, would it have grown at low single digits or a bit higher?

There was a lower base last year and on that there was a significant growth delivered this year. The seasonality on the anti-infective side also affects the trade generic side. Typically Q1 is not as strong a quarter for this business. Going forward we will see it growing in line with the market and hopefully beat the market as well.

On the Indore facility, given it's been slightly more than 2 years, is it up for reinspection this year? How prepared are we?

We do expect a reinspection. General timelines are within the 2-year period. So we are expecting a reinspection any time from now till February. We are prepared for the inspection, and we're looking forward to it.

On the INR120 crores other income, could you share how much is PLI? What would be sustainable PLI contribution for coming quarters/years?

Other income is below EBITDA. It has treasury income mainly, and exchange gains - those are the 2 big elements. Other operating income mainly has your PLI sitting out there, plus export incentives and small bit of scrap sale. PLI is a material component as part of other operating income. It is linked to the complex portfolio you sell in India or outside, but there is a cap on benefit per the scheme.

Other expenses have come down by almost INR 80 crores excluding R&D on a sequential basis. Was there any one-off in Q4? Or is this a run rate to take going forward?

Run rate should continue. In Q4 there may have been some one-off that gets eliminated, but more or less every quarter will have some one-off. Overall this run rate should continue. Hopefully after Indore, your remediation costs should come down - that is one trend that should be noticeable.

On India business, we added 5 brands in the INR100 crores plus category. How much time does it take on average to reach INR100 crores scale in India now? And can GLP-1 ramp up be faster?

It depends on the category, therapy area and our strength. Voltido Trio has started very strong. We launched empagliflozin brands in March when LOE happened and are already at fourth rank. Typically for a new brand it takes a while to reach INR 100 crores. On GLP-1 - last 3 months of IQVIA data show innovator brand has clocked around INR 50-plus crores, one of the fastest ramp-ups seen in India. Given the disruptive nature, ramp-up should be much faster.

On biosimilars, given filgrastim licensing, JV $100 million commitment, and own product in '29-'30, what are the key milestones over the next 2-3 years?

When we set up our decision to get into biosimilars 3 years back, most biosimilars had extensive Phase III requirements - that is beginning to change. So a biosimilar engine for a company like us will begin to mimic an investment return ratio more like a complex generics product. You could be spending $15 million, $20 million, $25 million per product minus Phase III. Interchangeability will make market access easier. We don't have any product out of our own engine which will come out before '29-'30 - by design. We will deploy capital towards in-licensing. The $100 million will be invested in the next 3 years, and we've already spent 20%, 30% of that. It is part of our R&D budget.

Did I hear correctly that there was lack of capacity in albuterol so we couldn't take larger market share? Will you be putting up capacity?

Let me clarify - we are maximizing our capacity out there and able to supply all of it. If we build more capacity, we can increase further. From a market share point of view, at 19.5% maybe some more improvement, but that's where we can go to with the current capacity. This is our own capacity - we supply from India, and we have capacity in Fall River as well. This is the capacity we'll keep in the future also.