Senores Pharmaceuticals Limited has informed the Exchange regarding the transcript of Earnings Conference Call held on Thursday, November 06, 2025 for Q2 & H1FY26
Date: November 13, 2025
To, Sr. General Manager Listing Department BSE Limited Phiroze Jeejeebhoy Towers Dalal Street Mumbai – 400 001
To, Sr. General Manager Listing Department National Stock Exchange of India Limited Exchange Plaza, C-1, Block G Bandra Kurla Complex Bandra (E), Mumbai – 400 051
BSE Scrip Code: 544319
NSE Symbol: SENORES
Sub.: Compliance under Regulation 30 of Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015– Transcript of the Earnings Conference Call – Q2 & H1FY26
Dear Sir/Madam,
Pursuant to Regulation 30 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015, and in continuation to our intimations dated October 29, 2025 and November 06, 2025, please find enclosed the transcript of the Earnings Conference Call for the Q2 & H1FY26, held on Thursday, November 06, 2025 at 05:00 P.M. (IST).
The aforesaid information is also being hosted on the Company's website at www.senorespharma.com.
You are requested to take the same on record.
Thanking you.
For Senores Pharmaceuticals Limited
Vinay Kumar Mishra Company Secretary and Compliance Officer ICSI Membership No.: F11464
Enclosures: As above
Senores Pharmaceuticals Limited 1101 to 1103, 11th Floor, South Tower, One42, Opp. Jayantilal Park, Ambali Bopal Road, Ahmedabad-380054, Gujarat, India
P: +91 79 2999 9857 | E: info@senorespharma.com W: www.senorespharma.com | CIN No.: L24290GJ2017PLC100263
Senores Pharmaceuticals Limited
Q2 & H1FY’26 Earnings Conference Call”
November 06, 2025
E&OE - This transcript is edited for factual errors. In case of discrepancy, the audio recording uploaded on the stock exchange on 6th November 2025 will prevail.
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Senores Pharmaceuticals Limited November 06, 2025
MANAGEMENT: MR. SWAPNIL SHAH – MANAGING DIRECTOR –
SENORES PHARMACEUTICALS LIMITED MR. SANJAY MAJMUDAR – CHAIRMAN – SENORES PHARMACEUTICALS LIMITED MR. DEVAL SHAH – CHIEF FINANCIAL OFFICER – SENORES PHARMACEUTICALS LIMITED MR. CHETAN SHAH – CHIEF OPERATING OFFICER – SENORES PHARMACEUTICALS LIMITED
MODERATOR:
MR. PRANAV CHAWLA – AMBIT CAPITAL
Moderator:
Ladies and gentlemen, good day and welcome to the Senores Pharmaceuticals Limited Q2 and
H1FY‘26 Earnings Conference Call hosted by Ambit Capital Private Limited. These statements
are not guaranteed of future performance and involve risks and uncertainties that are difficult to
predict.
As a reminder, all the participants' lines will be in the listen-only mode, and there will be an
opportunity for you to ask questions after the presentation concludes. Should you need
assistance during the conference call, please signal an operator by pressing star then zero on
your touch-tone telephone. Please note that this conference is being recorded.
I now hand the conference over to Mr. Pranav Chawla, from Ambit Capital. Thank you, and
over to you.
Pranav Chawla:
Thank you. Good evening. On behalf of Ambit Capital, I would like to thank the management
of Senores Pharmaceuticals Limited for providing us with the opportunity to host this earnings
call. We have the following members of the management with us today: Mr. Swapnil Shah,
Managing Director, Mr. Sanjay Majmudar, Chairman, and Mr. Deval Shah, CFO.
I now hand over the call to the management for opening remarks. Thank you all. Over to you,
sir.
Swapnil Shah:
Thank you, Pranav. Good evening, everyone. Thank you for joining us on Senores
Pharmaceuticals Limited’s Q2 and H1 FY26 earnings conference. Along with me on the call,
we have our Chairman, Mr. Sanjay Majmudar, our CFO, Mr. Deval Shah, our COO, Mr. Chetan
Shah, and our SGA team members. We have uploaded the results, press release, and investor
presentation on the stock exchanges and the company’s website. I hope everybody had an
opportunity to go through the same.
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Senores Pharmaceuticals Limited November 06, 2025
Continuing on our established strategies, we have delivered a healthy performance across
segments in Q2 FY26. Our revenue and profits for the first half of the year are in line with our
annual guidance, and we remain on track and confident of delivering at least 50% growth in top
line and 100% growth in PAT for FY ‘26 over FY ‘25.
Our current business is undergoing a structural advancement, which will provide better market
visibility and support the growth momentum for us over the medium to long term. Speaking
about the segmental performance, revenue from regulated markets grew by 87% YOY in Q2
FY'26 and 78% in H1 FY'26, reflecting our efforts of expanding the product portfolio and
carefully select sales channels and go-to-market strategies.
On a Q-on-Q basis, revenue has grown by 19%. We have continued to expand our ANDA
portfolio through both in-house product development and strategic acquisitions. Furthermore,
the acquired ANDA portfolio has notably strengthened and diversified our product basket.
During the quarter, we launched 8 new products, including some from our recently acquired
portfolio. The initial launches have been extremely successful. A substantial portion of the
acquired portfolio is yet to be launched. Additionally, the continued scale-up of existing
products and launch of new products together set a solid foundation for accelerated growth
momentum not only in the second half of FY'26 but also further in FY'27.
In Q2 FY'26, with acquired products and in-house development, our portfolio now stands at 81
products. In H1 FY‘27, we plan to launch approximately 8-10 ANDA products. Over and above
this, we have close to 70 products in different stages of development. We have also launched
more products in the CDMO-CMO segment during Q2 FY26.
Our portfolio now stands at about 32 products. We have more than 50 products in the pipeline
as of September 2025. Our CDMO-CMO advantage is from delivering end-to-end solutions
from development to scale-up to exhibit batch to supply chain planning for commercial
production, as well as complete regulatory support, including pre- and post-approvals.
Also, we stand out in terms of CDMO projects. Since our manufacturing capacities are in the
U.S., we will have more control over the supply chain agility for any changes or disruptions in
the industry. All in all, the regulatory market business, which is our largest vertical, continues
to show high and consistent growth driven by our portfolio expansion, customer addition, and
increased market penetration.
Our existing portfolio and the pipeline in the owned product segment, coupled with contracts in
hand for the CDMO-CMO segment, give us good visibility for the year in the regulated markets.
Speaking of capabilities, the upcoming capacity expansion at our U.S. facility will provide an
additional growth driver.
We expect the third manufacturing line at our U.S. facility to be operational in Q3-FY ‘26 and
fourth line sometime towards the end of FY ‘26. This expansion will take us to the overall solid
capacity at our U.S. plant from 1.2 billion units to about 2 billion units, thus creating enough
headroom to cater to our stated targets.
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Senores Pharmaceuticals Limited November 06, 2025
With the emerging market business, during the quarter, we received approvals for 86 new
products, bringing our total portfolio to 394 registered products as of September 30, 2025. In
addition, 824 products are currently under registration.
With our portfolio shifting towards niche molecules and the continued refinement of our go-to-
market strategies, we are witnessing improvement across all key performance metrics in
emerging market segments.
Beyond expanding our portfolio of registered products, we are also realizing better pricing and
margins. Importantly, the businesses has now turned cashflow positive. So, there is a continue
flow of registration, due to dollar fluctuation and geopolitical situations in some of the markets
we operating in and commercialization of new products is slow.
Overall, the emerging market is demonstrating a steady momentum in both growth and
profitability. While we remain focused on niche products, we are also in the process of obtaining
fixed approvals for our Chhatral manufacturing facility. This approval will enable us to expand
our footprint in key mid-tier semi-regulated markets.
Turning to the Indian business, our branded generic segment has continued to build on the strong
momentum seen over the last few quarters. We are steadily expanding our field force in this
segment and aim to achieve PAN-India coverage by the end of FY '26.
We are already an approved supplier of branded generics to several leading multi-specialty
hospitals across India. The business remains on track to reach approximately INR50 crores in
revenue in FY'26. In H1 FY '26, our branded generic business stood at about INR20 crores, an
impressive growth of 667% on a y-o-y basis.
Looking ahead, our macro-integration strategy will not only strengthen our supply chain and
support sustainable growth across both business segments in the near future. With an annual
capacity of more than 100 metric tons of API facility, this facility will play a major role in the
backward integration of our products.
Our facility is projected to get approval by the US FDA in Q2 FY '26-FY '27. Furthermore, our
second API facility will be manufacturing key products post-FDA approval from Q2 FY '26-FY
'27.
Continuing our focus on cash flow generation, I am pleased to share that we achieved an
operating cash flow of approximately INR31 crores on top of FY'26, more than 3 times INR9
crores that were generated in H1 FY25. Even with the strong growth in the business, our
EBITDA to cash flow conversion has improved considerably from the previous year.
Our cash flow trajectory has shown steady, consistent improvement and we remain confident in
our ability to generate and further strengthen this metrics. We have consistently delivered on
our commitments in both revenue and profitability, underscoring the effectiveness of our
strategy and execution. Our focus remains firmly on our business model across all regulated
emerging markets and India .
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Senores Pharmaceuticals Limited November 06, 2025
We see a long and promising growth trajectory ahead for Senores and are well-positioned to
capitalize on the same. We have also added some of the best industry brains to lead our critical
operating verticals, which will bring deep industry expertise and extensive experience, making
us even more confident in our ability to continue driving sustained and profitable growth in the
years to come.
With that, I would like to hand over the call to Deval Shah, our Chief Financial Officer, to take
you through the financial and operational highlights of the quarter. Thank you, and over to you,
Deval.
Deval Shah:
Thank you, Swapnil. A warm welcome to everyone on our Q2 FY '26 earnings call. I will just
take you through our financial and operational performance for the quarter and the half-year
ended September2025.
Our consolidated income for Q2FY26 stood at INR162 crores, reflecting a strong growth of
61% on a Y-o-Y basis. Results revealed largely that new product launches in the regulated
market. On a Q2 basis, consolidated income grew by 17%.
EBITDA for Q2 FY '26 stood at about INR50 crores, growing by almost 113% on Y-o-Y basis.
EBITDA margin came in at 31%, improving by 750 BPS Y-o-Y. On sequential basis, EBITDA
margin has improved by around 580 BPS. Profit after tax for the quarter grew by 131% Y-o-Y
and came to INR30 crores.
Coming to the H1 performance, consolidated income stood at INR300 crores, growing by 66%
Y-o-Y. EBITDA for H1 stood at INR84 crores, growing by 88% Y-o-Y. And PAT stood at
51%, growing by above 114% Y-o-Y.
Coming to our segment-wise performance for Q2, revenue from regulated markets stood at
INR107 crores, growing by 87% Y-o-Y and 19% Q-o-Q. This growth was primarily driven at
successful launches of our own products within the quarter.
EBITDA margin in the regulated market stood at 44% for Q2 FY '26. EBITDA margin was
aided by higher share of our own products launched during the quarter. Revenue from the
emerging markets for the quarter stood at INR32 crores, which was growing 9% sequentially.
EBITDA margin in the emerging markets stood at 6.6%, which is almost similar to the earlier
quarter.
Domestic branded generic business revenue stood at INR12 crores in Q2 FY '26, growing more
than 10 fold on Y-o-Y basis. Segment-wise performance for H1, if you see, regulated market
revenue stood at INR197 crores, which grew by 78% Y-o-Y, and EBITDA margin stood at 40%
on H1 basis.
Emerging market for H1 revenue was INR61 crores, EBITDA margin stood at 6.2%, which is
similar to that in Q1. Our branded generics revenue grew more than 7 fold Y-o-Y in H1 and
stood at INR20 crores.
Cash flow from operations for H1 FY26 stood at INR31 crores, with around INR11 crores
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Senores Pharmaceuticals Limited November 06, 2025
coming in Q1 and then around INR20 crores in Q2. Accordingly, the cash flow from operations
to EBITDA for Q2 and H1 stands at 40% and 38%, respectively.
Despite higher growth of 66% in H1, we have been able to improve our capital efficiency and
deployment and generate positive cash flow from operations. As the business further scales up
, we will see this ratio increasing further and will be able to enhance our liquidity and return
ratios.
To summarize, we have witnessed a very healthy performance across segments in the quarter as
well as the half-year end of September. We are well-positioned to sustain this momentum over
the full year. We are confident of delivering the sustained profitable growth going forward.
With this, I would now like to open the floor for questions. Thank you.
Moderator:
The first question comes from the line of Sumit Gupta from Centrum. Please go ahead.
Sumit Gupta:
Hi, good evening, sir. Thank you for the opportunity. Sir, one question on the emerging market
segment, so it has declined. What are the factors leading to this decline?
Swapnil Shah:
Hi, Sumit. This is Swapnil here. Thank you for your question. So, in the emerging market, you
see, we have got about 80 plus product registrations in this quarter. There are two issues that are
driving, or maybe I would say not giving us, the kind of growth momentum that we need in the
emerging market. One is the dollar appreciation across, right? So, people are kind of holding
back and wanting their currency to stabilize.
The second is that although we have got registration approvals, those approvals have not
converted yet into commercial orders, because there are import permits need to be taken, and so
on and so forth. And, you know, because of certain geopolitical issues, those things have been
delayed.
From a business standpoint, everything is going as per the plan. But whatever the new
registration which have to give that additional growth, that is kind of slow. That's why you see
only 4% growth on a H1 of last year to H1 of this year on the revenue side, which we feel in
next coming quarters with the amount of product registration that we have and the already
approved product getting commercialized, we will be able to get to a better growth number on
the emerging market.
Sumit Gupta:
Okay. So, in the second half, we can expect double-digit growth?
Swapnil Shah:
So, double-digit growth can be expected, I would say, from next year. So, Q1 FY'26-FY'27 is
what we are looking at for double-digit growth. But our revenue targets for this year, more or
less, on the emerging market, we are likely to achieve.
Sanjay Majmudar:
Well, I think this year there will be a double-digit growth on the Emerging Market side. No
problem at all.
Sumit Gupta:
And with respect to margin, so currently it's around 6.5%. So, how should we look at it over the
next 2-3 years at least?
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Senores Pharmaceuticals Limited November 06, 2025
Deval Shah:
At least the next 2-3 years horizon, I think we should be in mid-teens..
Sumit Gupta:
Mid-teens margin?
Deval Shah:
Yes. Okay.
Sumit Gupta:
Okay. And for regulated markets also? Like around, do we expect this to stabilize at these levels,
or is there any further room to grow the margin?
Deval Shah:
I think we should stabilize around this level for this regulated market.
Sumit Gupta:
So, 40%-42% kind of margin?
Deval Shah:
Yes correct.
Sumit Gupta:
Understood. Thank you, sir. I will get back in the queue.
Moderator:
Next question comes from the line of Naitik Mohata from Sequent Investments. Please go ahead.
Naitik Mohata:
Good evening, sir. And thank you for the opportunity. Congratulations on such a good
performance by a company in quarter 2. My question was regarding the gross margins. Our
gross margins really picked up in quarter 2. So, if you could elaborate on what has resulted in
these gross margins and going forward into H2, how sustainable are these margins?
Deval Shah:
I think gross margins mainly improved in this quarter because our own products have been
launched. So, if you see the breakdown of our own products in the CDMO-CMO, CDMO-CMO
is growing at a constant pace. So, we are able to launch our own products.
And due to that, the gross margin has improved for the quarter, definitely. But it may settle
down around 65% or 60%-65% going forward on average.
Swapnil Shah:
So, just to add to this, as we continue more and more launches of our own product through our
own R&D-driven products as well as the acquired portfolio, the gross margin, whatever that we
see today, will continue to sustain. It may get improved depending upon the particular quarter
launches. But from a long-term view, I think whatever the margins that we have, it is quite
sustainable.
Naitik Mohata:
Okay. Excellent, sir. Excellent. And so, another bookkeeping question. So, we have INR8 crores
sort of hit in OCI. So, if you could explain what that is regarding?
Sanjay Majmudar:
You mean to say other operating income, correct?
Naitik Mohata:
No, not the other operating income. Other comprehensive income under the PAT. So, there is
an INR8 crores worth of expense.
Deval Shah:
So, that is mainly related to the foreign currency transfer to shares. The translation in terms of
the cost we have to bear. The translation cost, which has been going into FCTRS. That is arising
out of FCTRS mainly. Because the original cost was low, and now we are having a higher rate.
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Senores Pharmaceuticals Limited November 06, 2025
It does not impact the PAT anyway.
Moderator:
The next question comes from the line of Abhishek Kumar Jain from AlfAccurate. Please go
ahead.
Abhishek Kumar Jain:
Thanks for the opportunity and congrats on a strong set of numbers. Sir, as you mentioned, you
are targeting around 60% revenue growth in FY'26. So, if you can throw some more light on the
FY '27 growth rate. As you are adding the capacity in the US from INR1.2 billion to around
INR2 billion in FY '27. So, just wanted to understand what the target utilization rate of the INR2
billion would be. How much will it add to the revenue and profitability?
Swapnil Shah:
Yes, Abhishek. Thank you. So, post this year, FY'27, I think sustainable growth on a CAGR
basis should be between 25%-30%. That is what we have targeted. I mean, with the positive
launches, this could well exceed. But from our internal target perspective, at least 30% CAGR
sustainable growth over next 3-5 years, this is very much visible for us and which will continue
to deliver. So, that is what our internal targets have been.
Abhishek Kumar Jain:
And how much would be the regulated this should be?
Sanjay Majmudar
This should be taken as a target and not exactly a guidance, okay, just for your understanding.
Abhishek Kumar Jain:
Yes, understood. And sir, what would be the mix of the regulated market business in the medium
to longer term? Will it be at 80 plus percent in the overall revenue mix, or will it go down.?
Deval Shah:
It should continue at the same level. Almost 65% will be from the regulated market going
forward, also, because we are growing on both sides.
Abhishek Kumar Jain:
Okay. And sir, the new API facility in Chhatral is expected to be completed in FY'27. So, just
wanted to understand how much incremental revenue would be possible from that plant in the
first year and the second year?
Swapnil Shah:
So, yes. The API facility is going to go for FDA approval in FY '27. The targeted revenue should
be between INR50 and INR100 crores from that facility for the next year. But again, as I said,
that's largely driven by our internal pipeline. So, the products that we currently have will be
largely used for backward integration for supply chain protection.
So, I would not read too much into the sales of that particular API facility coming in. For us, the
most strategic is integrating the supply chain for our key products. So, I think the way we've
built it is for the integrated backward supply chain planning.
Abhishek Kumar Jain:
Okay. Got it. And sir, my last question on the India-branded generic business. So, what is the
long-term strategic role of the India-branded generic business within the overall company's
portfolio? And what is the aspirational market share or revenue threshold targeted for this
segment?
Swapnil Shah:
Yes, so India has been an integral part of our business. You know, any strategic vertical that we
want to initiate in the business plays a big role. And as you can see, the level of growth that we
have, we've been able to achieve with a positive cash flow immediately, right? In terms of our
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Senores Pharmaceuticals Limited November 06, 2025
ROCE, it has been pretty good on the India generic side of the business.
So, with 1.4 billion population of India, you know, having such a big pharmaceutical market,
continues to grow and on various critical segments, I think it gives us the right strategy and right
marketplace to kind of be there and grow our business with the right amount of products that
we have and right people that we have placed to grow that business.
So, strategically, it fits in well in terms of diversifying our current portfolio of products and our
geographical segment that we are presenting. Also, it is de-risking, right? Having the
concentration on just one side of the business or one market of the business. So, strategically, it
plays a big role.
But going forward, as I said, it will continue to grow from INR50 odd crores this year to about
INR100 odd crores next year, which is what we have planned on the branded generic side of the
business. We'll be able to launch more divisions next year. I think the growth could be better,
but this is what we are internally planning, as you see.
Sanjay Majmudar :
Just to add, currently the focus is on critical care injectable products with hospitals. So, that's
the current focus.
Abhishek Kumar Jain:
And what would be the margin of this business when it crosses the INR100 crores?
Swapnil Shah:
Yes, so we are at about 30-odd percent gross margin, about 18%-20% percent EBITDA
currently on the branded generic side of the business. And as we have more products and we
expand PAN India, I think this margin and gross profit are likely to scale up further. We'll be
watchful in terms of how it plays out in the next few quarters.
Abhishek Kumar Jain:
Okay, and my last question on the new business acquisition, the new company acquisition you
announced yesterday. If you can throw some more light over there, what was the reason? And
what kind of revenue potential over there?
Swapnil Shah:
So, as you already know, we have acquired 51% interest in Zoraya Pharmaceuticals LLC, based
in the US. Zoraya is being formed to further vertically integrate ourselves in the marketplace.
So, some of our products that we have acquired, the ANDAs, will be launched under the Zoraya
platform.
So, this will be our brand in the marketplace that we will operate in. So, not necessarily all our
products that we do development on will be launched under Zoraya, but some strategic key
products that we feel we want to launch under our Zoraya platform, which we will continue to
launch.
The important part to know is that the remaining 49% of Zoraya is somebody who already has
marketing experience over the last few decades in the United States, who already has the right
infrastructure to do all the marketing and sales in that particular country.
So, we have tied up with the people who already have experience in the marketplace over a few
decades to expedite our presence and launch, and then gain the marketplace for some of the
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Senores Pharmaceuticals Limited November 06, 2025
strategic key products that we want to launch under the Zoraya platform.
Abhishek Kumar Jain:
And what is the acquisition cost and expected revenue from this?
Deval Shah:
These are new formations. There is no acquisition. These are new formations and a joint end.
Abhishek Kumar Jain:
No acquisition cost?
Deval Shah:
No, no, no. These are new formations, and whatever we contribute will be the cost.
Abhishek Kumar Jain:
Okay.
Deval Shah:
That new business is being set up.
Abhishek Kumar Jain:
Okay, got it. Thank you, sir. That's all from my side.
Moderator:
The next question comes from the line of Bharat Celly from Equirus. Please go ahead.
Bharat Celly:
Hi. Thanks for the opportunity. I just wanted to understand Zoraya. So, we'll be using this to
market the product because there are a couple of products in the US. Is it correct?
Swapnil Shah:
Yes. Hi, Bharat. Thank you for your question. Yes. So, the strategy behind Zoraya is part of our
acquisition portfolio. We would be launching on our own label under the Zoraya platform.
Bharat Celly:
Right. And when it comes to the dedicated market for this quarter, what was our out-licensing
income?
Swapnil Shah:
Sorry, what is the out-licensing income you said?
Bharat Celly:
Yes, for this quarter.
Deval Shah:
It's INR1.2 million.
Bharat Celly:
INR1.2 million.
Deval Shah:
Yes.
Bharat Celly:
Okay. And how have our own Products grown within the regulated market as compared to the
last year? Within the regulated market?
Deval Shah:
Yes, it has grown. You want a percentage.
Bharat Celly:
Yes. I'm looking for the percentage?
Deval Shah:
So, it has grown by almost 60 percent. More than 60 percent, 65 percent.
Bharat Celly:
Right. And how many ANDAs are we looking to launch in the second half of this year?
Swapnil Shah:
So, we are looking at about 6 to 8 launches in the second half.
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Senores Pharmaceuticals Limited November 06, 2025
Bharat Celly:
And this includes the acquired portfolio as well, right?
Swapnil Shah:
It includes the acquired portfolio. That's correct.
Bharat Celly:
Okay. Thanks. That's helpful. I will get back in the queue.
Swapnil Shah
Yes. Thank you, Bharat bhai.
Moderator:
Thank you. The next question comes from the line of Abhijeet from PI Asset. Please go ahead.
Abhijeet:
Thanks for the opportunity. Just one question. There was a considerable jump in employee
expenses this quarter. What led to this, and how do you see the trajectory going forward?
Deval Shah:
Yes. I think employee expenses have increased due to two main reasons. We had our increment
done in August. So, arrears were given from April. It was retrospective from April. So, that
impacted this quarter mainly.
And the salary revision for the Directors. And the U.S. business has grown. So, we had certain
key persons addition in the U.S. also. So, that increased the salary cost. And going forward, it
should be around INR27 crores -INR28 crores quarterly. That is what we see.
Abhijeet:
Sorry. I missed the figure. How much?
Deval Shah:
INR27 crores -INR28 crores quarterly.
Abhijeet:
Understood. Thank you.
Moderator:
Thank you. The next question comes from the line of Forum from Bank of Baroda Capital
Market. Please go ahead. Mr. Forum, please go ahead.
Forum:
So, congratulations on the good set of numbers. Could you please highlight the CDMO part?
Like, if you can show some color.
What is the contract size we have? How many, you know, contracts do we have? And what is
the percentage you are looking at, you know, as a percentage of the regulated market that it can
scale up to?
Swapnil Shah:
So, thank you, Forum. So, it would not be possible to give you the exact specific information,
you know. What we can tell you is we have about $12 million worth of visible business for the
year on the CDMO-CMO side across various contracts and with various customers for multiple
products.
Forum:
And so, this pie is expected to grow at what CAGR in a two or three-year time frame?
Swapnil Shah:
Difficult to comment on three-year CAGR growth. But as I said, from last year to this year, our
CDMO-CMO has shown a significant growth, multi-fold growth. With that growth and the
benchmark that we have today, I think we should be able to grow over about 30odd percent
CAGR over the next three to five years, even on the CDMO-CMO side.
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Senores Pharmaceuticals Limited November 06, 2025
Forum:
That's helpful. My second question is on the emerging market side. So, our emerging market
margin is still around 6%. So, we had indicated of inching up to double-digit, like 12% odd.
And that's what will lead to an increase in the blended EBITDA margin. So, from when do we
see this, you know, traction picking up?
Swapnil Shah:
So, I think we see the traction even in this year. So, I think we feel that 6%, 7%, whatever we
see today should get into the early double-digits by the end of this year. So, I think that there is
visibility over it.
It's just that we have to kind of, as I said, we have to be watchful in terms of the next few months,
how it plays out. So far, as we speak, as we stand in the kind of order visibility that we have for
the remaining quarter in the year, I feel we should be able to get that.
And subsequently, next year, with all the registrations and everything that has been done, and
those approvals come in, and the commercial launches would happen, it can go into between
15% and 20% EBITDA. So, lower streams of EBITDA percentages is what we are planning
for the next year, which looks visible right now, as we speak.
Forum:
Okay, that's helpful too. Thirdly, we have spoken of normalized sales growth next year onwards
of 25% revenue growth. So, if you could just highlight on the PAT level growth as well, because
we have been consistently growing since two years, I mean, last year at 100% PAT, and this
year also we have guided 400% PAT. So, what is the normalized PAT growth we should look
at two years down the line?
Sanjay Majmudar:
I think a better way would be to talk about the percentages. So, I think a sustainable EBITDA
of 28% to 30% is what we are looking at from next year onwards. And therefore, on a like-to -
like basis, since we don't have too much of a debt burden, you can work out the PAT, but PAT
as a percentage will improve by a couple of hundred BPS. That's what we are looking at.
Forum:
Okay, that's helpful. And lastly, on the balance sheet item, I see trade receivables have gone up
substantially. So, if you could just highlight the reason for the increase.
Deval Shah:
Last year. I think last year we had the consolidation coming in for two companies. Last year,
the receivables jumped because of the consolidation effect. We are talking about 2025, right?
Forum:
Yes.
Sanjay Majmudar:
So, Forum, is this question relevant to FY'25?
Forum:
Yes, I see our trade receivables increasing. So, if you can just highlight that part as well. Trade
receivables have gone up from INR25 crores to like INR45 crores odd on a stand-alone basis.
Sanjay Majmudar:
No, I think you have to look at it in terms of the number of days. We don't feel any particular
reason to talk about because receivables are well under control. However, what we can do is,
maybe if we can be a little more specific, we can take this question offline, no problem.
Forum:
Sure, no problem. Thank you.
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Senores Pharmaceuticals Limited November 06, 2025
Moderator:
The next question comes from the line of Sumit Gupta from Centrum. Please go ahead.
Sumit Gupta:
Hi, thanks for the opportunity again. So, I wanted to understand the gross margin aspect. Since
in FY'27, your API, like the in-house API, would be integrated, and so, let's say by FY'27-FY'28,
how should we see gross margin faring up?
Sanjay Majmudar:
So, Sumit, we have already given an indication that a sustainable gross margin will be in the
60% to 65% range. Exact working once the API kicks in is a little premature at this point in
time, but at this point in time, you work with this number.
Sumit Gupta:
So, 60% to 60% is in FY'27?
Sanjay Majmudar:
60% to 65% sustainable gross margin.
Sumit Gupta:
So, that's what I'm saying. So, as of now, it is at around 55, right? Just give me one minute.
Sumit Gupta:
Understood, understood, understood, sir. Sure, sure. Okay. Thank you.
Moderator:
The next question comes from the line of Pranav Chawla from Ambit Capital. Please go ahead.
Pranav Chawla:
Thank you. Thank you for giving us the opportunity. Can you just highlight what the second
half of this fiscal year would look like for the various segments? That would be my first question.
Sanjay Majmudar:
So, actually, we don't share the exact segmental information in terms of projections.
Pranav Chawla:
Just for emerging market and -- just emerging market and regulated.
Sanjay Majmudar:
Broadly, the regulated markets should definitely have a top-line in excess of INR400 crores.
That is what our internal target is. Emerging, let us see, but around INR150 crores looks doable.
Overall, we have given you guidance that my top-line will grow, but these are the two main
contributors. Swapnil already talked about the critical care, branded, generics in India, it's
touching close to about INR50 crores, and then there would be some residual business coming
from API, etcetera.
Pranav Chawla:
Okay, sir. Sir, do we maintain a guidance of around 27% to 30% for this fiscal?
Sanjay Majmudar:
Margin guidance, we already said, as compared to last year, it will be more than double. Margin,
sorry. Margin was flat…
Pranav Chawla:
Margin.
Sanjay Majmudar:
Margin, you can put it in a similar range to what we have achieved in H1.
Pranav Chawla:
Okay. Okay. Got it. So, does that mean there will be some lumpiness in the second half, given
the -- do you expect some lumpiness in the second half of the fiscal?
Swapnil Shah:
Yes. There is no lumpiness, I hope. Usually, for us, the second half has always been better. Over
the last three years, it's the trajectory that we have seen. So, we expect it to be better. Now we -
- today, we are at about INR300 crores revenue, with INR50 plus crores of PAT, right? Now, if
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the second half is going to be better than the first half, we'll see.
Historically, it has been better, but overall, for the year, the projections, you very well know
what we have given, both on the revenue side, as well as on our PAT side. I think we are pretty
much on target to achieve those numbers.
And let's see how the next few months go, and then we'll have a better visibility in terms of how
actually the whole year will be shaping out. So, maybe around next quarter, so in February, we
should be pretty close to what the year looks like, but we are pretty much on target, I would say,
on both the revenue and profitability side.
Pranav Chawla:
Perfect. Sir, one last question from my end. Sir, we have seen a working capital cycle
considerably improve in the first half. Do you think you will be able to maintain this 80- to 90-
day working capital cycle, or will it be closer to 100 days, as we were in FY'25?
Deval Shah:
No. It will be around 90 days to 100 days.
Pranav Chawla:
Okay. As our emerging market business picks up in the second half? Is it because of that?
Deval Shah:
Yes. It can go to 100 days.
Moderator:
The next question comes from the line of Richa from Equitymaster.
Richa:
Sir, thank you for the opportunity, and congrats on a good set of numbers. My question is, within
the regulated markets, how should we look at the mix of CDMO and non-CDMO business? That
is first. Second, again, in the regulated markets, you had plans to come up with a sterile facility,
a 107-floor investment. If you could just give us some timeline and visibility on the business,
what kind of ramp-up can be expected, and what kind of margins could be there, that would
help? These are the two questions I have.
Swapnil Shah:
So, on the regulated market, as just Sanjay bhai stated, it's INR400 plus crores. So, targeting
about INR400 crores to 450 crores in revenue in the regulated market. The split between our
own products and CDMO-CMO would be fairly equal. Maybe with more launches, our own
product may be slightly 5% to 10% higher than the CDMO-CMO, as what it looks like today,
as we speak, and going forward in the next two quarters. So, that's the revenue that we are
planning for the year.
From the sterile side of the business, as you know, we have planned to set up a sterile
manufacturing facility in the US next year. So, probably Q2, Q3 of FY'27 is what the plan is.
Now, the sterile is largely going to be not just the general injectable, it's also going to be part of
the biologic CDMO-CMO as well, right?
So, putting all together, considering all sterile manufacturing, which is for the injectable, as well
as the biologic side of the business, is also what we are planning. Giving some sort of revenue
guidance or a margin guidance on the sterile would be too premature and early. So, as the event
progresses, we'll give you more information in terms of how it is looking and what the actual
plans are at that point in time.
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Senores Pharmaceuticals Limited November 06, 2025
Richa:
So, sir, your guidance for 25% to 30% sustainable growth guidance, that does not include sterile
facilities. Is that understanding correct?
Swapnil Shah:
Yes.
Moderator:
The next question comes from the line of Divyam from Pragya Securities Private Limited.
Divyam:
Hello, sir. Congratulations on the great set of numbers. I have two questions for you. The first
one is the Ratnatris and Havis -- Havix, sorry, have been integrated, but the margins from these
units are still lagging at consolidated levels. Where exactly are the synergies you expected? Are
the US manufacturing and India R&D teams now operating in sync or still as separate cost
centers?
And my second question would be, you have highlighted having one of the highest proportions
of CGT exclusivity among peers, but CGT windows are temporary and highly competitive. So,
how many of these executivities are still commercially active and how much revenue did CGT
actually contribute in the first half of FY'26?
Swapnil Shah:
So, I think I'll put the CGT question first. So, CGT, again, one is the CGT designated and one
is the CGT granted. So, there are two separate segments. Currently, quite a bit of our current
portfolio has a CGT designation. Once those get launched, we'll get a CGT granting done. Now,
segregated, what revenue comes out of CGT would be difficult and not necessary that we want
to kind of give that information out, but not more than 20%, 25% of our revenue comes from
those CGT-designated products, as we speak.
Again, whether they are highly competitive or they're not, I think it depends on each opportunity
and each product, as we speak. But with the newer launches that are planned every quarter that
we have, whether it is CGT or non-CGT, whether it is a government business or a controlled
substance, I think, growth trajectory, what we are seeing and what we are commenting about,
whether we get CGT or we don't get CGT, that will continue to be there.
If we get CGT, that could be upside on whatever has already been committed or communicated.
That's there. But even if we don't get CGT on some of those opportunities, still, whatever has
been projected, we are quite comfortable on achieving those numbers. So, that's the CGT part,
I think. What was the second question?
Sanjay Majmudar:
I think he was talking of Ratnatris and Havix.
Swapnil Shah:
Correct.
Deval Shah:
In terms of their role and what else.
Swapnil Shah:
So, on the Havix side so far, we were first inspected in February 2019. So, our first commercial
transaction from that facility started in 2019. Havix was a completely green field unit, right? So,
it had no prior business or anything of its own as such. In 2019, the commercial transaction
happened. In 2020, we were hit by COVID. Things did not go through the way they should have
been in 2020 and 2021 because of the COVID lockdown and the restrictions that were around.
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Senores Pharmaceuticals Limited November 06, 2025
So, what you see on the margin on the Havix is not the actual margin that you saw last year or
previous years. Those were when we were actually building up the facility, utilizing the
capacity, increasing it for tablet capsule sales realization. So, those were being planned. What
you see this year and the next year forward is the actual Havix margin that you would probably
see.
So, I would not comment on what was two years back because we were still building up on the
business, because it's a fairly new infrastructure that we had put in. And you know how
pharmaceuticals work. It's a five-year journey, even a product from development to filing to
approval to commercialization to market share. So, it takes time, right? So, what you see this
year and the next year on the Havix revenue, those are sustainable revenue on the margin for
the Havix, per se, as we speak.
Coming to Ratnatris, if I go back in a little history on the Ratnatris, it's about a 14-year, 15-year-
old plant. When we acquired it in 2022, it had about INR55 crores, INR56 crores in revenue,
with EBITDA and cash loss. They had about 47, 48 product registrations. So, if you think about
it from where we have grown from those FY ‘22 end to FY ‘25 as we speak today, from INR55-
odd crores, we are talking about INR150-odd crores of the revenue.
So, revenue in three years has grown -- will grow about 3x. The registration that they had was
about 48; we are at 394 today. So, the number of registrations has gone up by 6 times. Again, it
takes time to reach the potential market share on each registration for which we get approval on.
It takes time. It takes six months, eight months, or 10 months to gain the market share as we
want once the registration comes in.
So, also on the Ratnatris, a lot of efforts have been put in the last two years, which we are seeing
now this year from calendar beginning January onwards, we are seeing per unit realization has
already gone up from INR1.2 to INR1.8, INR1.9, which will further increase to INR2.2, INR2.4
in the next coming years. More registrations coming in, achieving the peak market of each
registration will further drive our profitability, as well as our per-unit realization.
So, those are pretty distinctively different DNA of a business that we are currently addressing.
From a strategic point of view, as you said, again, we want to be a diversified company, not
have a lot of concentration on one geography. As you speak, that's why you see emerging
markets where there are a thousand plus registrations that we would have, and India's business
with a 1.4 billion population and continuously growing, one of the fastest-growing
pharmaceutical markets in the world. So, that is where diversification comes in for our business.
Sanjay Majmudar:
Yes. And just a very, very quick add-on to what Swapnil said about Havix. Don't view Havix in
isolation. You have to look at Havix with Senores Inc., my wholly-owned subsidiary, which is
a very integral part of our US business, which holds all the marketing intangibles and the IP.
And that is where, on a consolidated basis in the US, we're talking about 40%, 42% EBITDA
margin.
Divyam:
So, sir, how much percentage of increase could we see in the next two, three coming years in
the Havix and in Ratnatris?
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Senores Pharmaceuticals Limited November 06, 2025
Swapnil Shah:
So, we've already stated, right, for the US as a combined entity, we expect our margins to be
around 40%, 45% EBITDA, so that will be sustainable when we move forward on our various
aspects. On Ratnatris, we've already commented, right
Sanjay Majmudar:
16% to 18%, yes.
Swapnil Shah:
We should be in the lower teens this year and the higher teens next year, which is what the plan
is on the margin side.
Divyam:
Okay. And one last question. We have four verticals right now, okay? So, for example, our --
for any reason, our cash flow becomes constrained. So, which vertical are you planning to
majorly focus on?
Sanjay Majmudar:
We are already always focused more on regulated markets and regulated markets-related
business verticals, which still contribute a significant portion of our revenue and profits. And
therefore, all the investments would also be in that focus. But as Swapnil said, it will be a
balanced approach. API, most of the investment is already done. We will have, obviously, some
incremental investment coming for the mid-tier standardized markets. That is what we are
focused on. But primary focus and capital allocation will be on the regulated market side.
Moderator:
The next question comes from the line of Hitaindra Pradhan from Maximal Capital.
Hitaindra Pradhan:
Hi, sir. I hope I'm audible. Sir, my question is related to your medium-term growth guidance of
25% plus, gross margin of 65% -- 60% to 65% and regulated market 40% plus. So, there has
been some upside to the EBITDA margin from your regulated market business this quarter
because previously it used to be around 35%.
So, I just want to understand what is contributing to that? I mean, the new launches because as
per your previous kind of description in the last quarter, so there have been, like, government
channel controlled substances that you kind of sell and your own ANDA as well.
So, in one, there was a lower margin, and your own ANDA, you kind of generate licensing, and
then there is, like, profit share as well. So, that kind of gets some additional margin or upside to
your margins. So, if you can just elaborate on your revenue profile when you launch your own
ANDA, and what the margin outlook is, from the time you launch to whatever timeline when
the sales pick up, and all. So, that would be helpful.
Deval Shah:
Yes. I think what you are saying is correct. We are trying to launch our own products in the
coming quarters. We have planned new products launches every quarter for the next four
quarters, five quarters, I think. So, yes, the margin profile might increase a bit in the regulated
market. But overall, what we see is the big failure on 40%, 41%, 42% of the market, the gross
margin profile, in the EBIDTA margin profile.
Sanjay Majmudar: Yes, and you mentioned the multiple verticals of revenue. So, for my own products, as we speak
today, it is under the profit share model, we get a share of profit from the marketing partner,
plus we get the reimbursement in the form of a licensing fee, and then the cogs.
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So, it's very difficult. But as the basket grows, this becomes a little more even and predictable,
quarter-over-quarter. Because at times when there is a new product launch or a new partnership,
there could be a little higher influx of my licensing fee. But now, a major contributor sustainably
will be the profit share part, and the licensing fee will continue.
So, I think the predictable part of the margin seems to be around 42%, plus, minus, I mean, I
would say more plus, a couple of 200 basis points or so. Let us see. And then, in the emerging
market, as the margins improve, overall, we have guided that 27% EBITDA can easily go up to
30% or even a little higher, 30%, 32%. But time will tell. Let us wait.
Hitaindra Pradhan:
Got it, sir. But in a regulated market, it would be fair to say that it would be kind of a J-curve.
Initially, upfront, you receive licensing, and then as the sales pick up, there will be profits, and
the margin profile can improve for themselves, like, depending on if the product kind of
continues on its sales trajectory and all, especially with your own ANDA, like, you -- what you
sell.
Deval Shah:
Again, from the product mix, it is a continuous process. So, you cannot say that we jump
somewhere, somewhere. If some product goes up, some existing product might go down. So,
we don't have a clear vision on product-wise, profitability-wise, that way. But overall, what we
see is that 40%, 42% is going to be sustained.
Hitaindra Pradhan:
42%. Yes, sir. Okay, sir. Okay. And then the second and the final question is on your supply
chain for your API. So, you, like, highlighted last quarter as well, like you kind of get a very
marginal quantity from China and all. But given the tariff situation and the disruptions around,
where do you source it from? What is the supply chain that you're looking at, especially for
regulated markets? And if you can just give some more color on that.
Deval Shah:
I think China is a very mixed, and one product is coming from China for us. So that we are not
much impacted that way. So, supply chain, what we say is that, yes, US, we have some products
which are typically procured from a single source, but we are getting a backup in our own API
facility. So, down the line, in the next year or two, we should be having our own product from
our own facility. The product is a single source. That is what we are trying.
Swapnil Shah:
Also, if there are any API-related issues with the API manufacturer, having your own facility
gives you a lot of comfort in terms of having that sustainable business for the formulation, right?
So, those are the key attributes to having a vertically integrated supply chain. And as just Deval
bhai stated, we have an identified portfolio that we want to backward integrate for our products
that we sell on the formulation side.
Deval Shah:
That is just to protect the supply chain, isn’t it?
Hitaindra Pradhan:
And sir, the API facility backward integration, how much of your like, you say you will be
consuming captively, like, you plan to do of your entire consumption from your own facilities,
or you will still be like, importing from outside post the API plant is operational?
Swapnil Shah:
No. I think it's a make or buy decision, right? I mean, so anything that we'll do, it will be based
on a make or buy. If I'm able to get a product at a cheaper cost outside, then what I can produce
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in-house, I think that doesn't make sense to kind of integrate it, right?
But if that is something where I have margin expansion or the price could then be very low from
what we purchase it, then we probably look to make also the volumes and critical activities of
manufacturing, those are the aspects that we also have to look at when you make that decision.
Hitaindra Pradhan:
It will depend on the spot prices, sir, during that time, I know the decision of.
Deval Shah:
Exactly.
Hitaindra Pradhan:
Yes. Okay, sir.
Moderator:
Due to time constraints, we would be taking the last question from the line of Hardik Gandhi
from HPMG Shares & Securities Limited.
Hardik Gandhi:
Hello, sir. Congratulations on an absolute set of numbers. I just wanted to know one thing, given
that we have the exclusive rights for a lot of brands for the US and CGT things, right? So, what
is our right to win there, and what is stopping other players from doing the same? I just wanted
your thoughts on that.
Swapnil Shah:
Yes, Hardik. So there is no -- nobody can stop anybody, right? I mean, it's an open marketplace.
Everybody can do what needs to be done or what's out there. But identifying them on a timely
basis, executing them on a timely basis, and launching them on a timely basis just makes us
different in the marketplace, right?
So, when we look at an opportunity, it is completely mapped from end-to-end in terms of
execution capability, in terms of launching capability, and the marketplace. So, we do a lot of
work. There's a massive back-end work is being done before any product is taken up to launch,
or to develop, So, there's a lot of research that goes into it, there's a lot of work that has been
done, partners are mapped, and a lot of things that we do before such opportunities are taken up.
So, I feel, I don't know why others are not able to do or not doing or even doing or not doing it
on a timely basis or dropping it halfway, it's difficult to say. But we've been able to do it
successfully in the past. Are we doing it successfully today? Yes. Do you think we're going to
be doing it successfully in the future? Yes.
So, from our perspective, I think it's just a phase that we've been operating in over the last few
years, which will continue to operate next year. But again, as I said, it's not something that is
driving the revenue. Revenue exposure is 20%, 25% which will be remaining on that segment
of the business, and we're comfortable with it, right?
So, with the new launches also, I think that number is not going to substantially increase or
decrease. So, that means that it will continue to drive our growth, continue to do what it is doing
today in the future as well.
Hardik Gandhi:
Understood. So, just to know more on this, what are the risk mitigants we have in place, or just
from a strategy point of view, because I'm seeing that the exclusivity period is just for 180 days,
right? So, I'm just thinking from a different point of view that we are at a very healthy margin
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Senores Pharmaceuticals Limited November 06, 2025
right now. So -- and given that we are listed, anyone can see these numbers, and it could be
either a competitor or the regulator himself, and ask for a lower margin product. So, what are
the checks in place? After six months, we haven't found ourselves without a customer on that
front.
Swapnil Shah:
So far -- all your stated risks are correct. But so far, have we encountered any of those stated
risks? The answer is no. Again, as I said, these are not relatively like $100 million, $200 million,
$500 million opportunities where the moment exclusively expires and there are like 10 people
jumps in.
I think you have to understand our business. As I said, I've been repeatedly saying, our
manufacturing capacities are pre-sold. We don't sit on any finished goods inventory as we speak.
Anything that we produce is already sold, right? So, a lot of those attributes of the business give
us comfort in terms of where we stand and what we do.
And as I said, it's about 20%, 25% exposure is there, right? So, even if out of this 20%, one of
the products kind of has that rising pressure of 10%, 20%, 30%, but there are enough other
products coming in and growing in the marketplace which absorb that 2%, 2.5%, 3% of the
revenue on that particular product, right?
So, overall, in the pie, if you look at it with how we are placed, both CDMO-CMO and our own
product, it is an extremely diversified business, right? That gives us a lot of comfort in the
flexibility in terms of protecting our margin and giving that margin guidance.
Sanjay Majmudar:
This in itself is a derisking strategy that we have a very strong CDMO-CMO portfolio. We
utilize our capacities well. Being in the US, we focus on several opportunities, such as
government supplies, like controlled substances. And then on the CGT, please understand, these
are all generics. So, the price erosion risk is also relatively much much under control.
So, there are multiple risk mitigants already in the model, and we are not dependent heavily on
any one particular vertical. And therefore, it is a very, very balanced kind of a portfolio. And
then to end it all, we also have an equally strong ROW exposure and then a backward-integrated
API facility in India. And this is not the end. We have evolved over the last two years, three
years. In the next three, four years, the strategy will continuously evolve as we grow.
Moderator:
The next question comes from the line of Sanath Vaze from Centrum.
Sanath Vaze:
Hello, sir. Thank you for the opportunity. Am I audible?
Swapnil Shah:
Yes. Yes, Sanath. Yes. Please go ahead.
Sanath Vaze:
Yes, sir. Just one question. Can you provide input on the launch of semaglutide in the ROW
market?
Swapnil Shah:
Yes. Yes. So, Sanath, semaglutide, ROW, we have filed tablets, dossier, in close to 12 to 14
markets, as we speak. An injectable dossier is also being filed, as we speak today, in a lot of
those emerging markets. We expect the opportunity to be large for us in the ROW emerging
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markets.
How large? It's difficult to state because in this emerging market, there are no IMS data or
IQVIA data available where we could extrapolate and say we will gain 5%, 10% market share,
and this will be the opportunity number for us. But looking at the enthusiasm of our partner and
what we're looking at, this could be a pretty sizable opportunity for us going forward as a
semaglutide, as a particular product is concerned.
And to update you, we've also got the manufacturing capability in-house, right? So, we've got a
PFS prefilled syringe line installed in our facility as well, just to take on this semaglutide
opportunity in the emerging market as we speak.
Moderator:
We take that as the last question for the day. I would now like to hand the conference over to
management for closing comments.
Swapnil Shah:
I would like to once again thank everyone for joining our earnings call. We will keep updating
the investor community on a regular basis on the development at Senores. I hope we have been
able to address all your queries. For any further information, kindly get in touch with us directly
or through our Investor Relations partners here. Thank you very much, everyone.
Sanjay Majmudar:
Thank you, and have a very good evening.
Moderator:
This brings the conference call to an end. On behalf of Ambit Capital, we thank you all for
joining us. Thank you, and you may now disconnect your lines. Thank you.
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