Veerhealth Care Limited (VEERHEALTH.BO) Q3 FY2026 Earnings Call Transcript & Summary

Good afternoon to everyone. I'm Yugandhara from AKMIL Strategic Advisors, and I extend a warm welcome to the Bharat Conclave 2026 Emerging Leaders Conference and the Investor Meet of Veerhealth Care Limited. To begin, I would like to share a short presentation video about AKMIL Strategic Advisors. Let's start. [Presentation]

Thank you for watching. We are pleased to welcome the management team of Veerhealth Care Limited. Mr. Bhavin Shah, Managing Director -- Chairman and Managing Director. I would now like to hand over the session to Mr. Bhavin Shah for the company presentation. Over to you, sir. Thank you. Sir, please start.

Okay. Can I adjust the screen a little bit more there, Shreya?

Sir, can you repeat what you said?

Hello?

Sir, can you repeat what you said? Sir, can you repeat?

I'm unable to read the screen. Can you run through the presentation? I can take the QA.

Okay.

Shreya, now it's clear. You can put on the screen and you can stand on the slides. Hello, good afternoon, everyone. My name is Bhavin Shah. I'm the MD for the Veerhealth Care Limited. We will quickly run through a brief presentation about our operations. So, our manufacturing facility is based out of Vapi, Gujarat, that's South Gujarat. Next slide, please. We are a U.S. FDA-approved register...

Sir, sorry to interrupt. Can you turn on your camera?

So, Veerhealth Care is a U.S. FDA approved facility for -- under drug OTC and this registration and the approval -- drug OTC approval, we have received last year. And we are registered under drug OTC and MoCRA, both the categories with the U.S. FDA. Next slide, please. So, our operations are into three verticals: one is, we are into Herbals; second is, Cosmetics; and third is Disinfectant. So the company has three different operations. One is in Herbal -- under Herbal license, that is Ayurvedic, under which we are doing oral liquid, tablets and ointment. These three product categories are taken care under our Herbal section. Second section, second category is Cosmetic. Cosmetic, we are covering external preparation and oral care. So under this section, we are doing Cream, Lotion, Shampoo, Conditioner, Toothpaste and the other different products, which are broadly under Skin Care, Body Care, Hair Care and other categories. Our exposure to the U.S., all these products come under OTC. So, our -- under Cosmetic -- majority business of company is under Cosmetic section. And thirdly, we have a Disinfectant segment, where we are covering different types of disinfectants which are under OTC. Next slide, please. Next slide. So, company started with its operations in Herbal and gradually we have entered into Oral Care segment with exports to African and other Middle East countries. And going forward, we have been working with private label partners in India with the majority customers who are into pharmacy retail, and we have been working with -- under private label and our brand as well. And we are -- predominantly our major business and major forte is into Oral Care segment. Next slide, please. Can we go to Page #12? Shreya, can you take the screen to Page #12, please? Yes. So company has certifications like ISO, GMP, cGMP, the U.S. FDA, Animal Cruelty Free, and other EU and other certifications. We are also in the process of certifying our Plastic division into Medical device, so, ISO 22716 certification is also in the process. Next slide, please. Either or our major customers include Babuline Pharma, which is a 90-plus year old brand in Gripe Water, of which private label is taken care by us. Company also has customers like Apollo Pharmacy, Zota Healthcare, Davaindia. These are various pharmacy retail chains in India. For them private label is taken -- is done by us. Next slide. Next, please. So, our services and our major forte is into product development, private labeling, contract manufacturing, product development and customized formulation, which has been helped by our team of Dr. Vinod Mehta and Dr. Rajiv Bhirud, who have been consulting us for -- next slide, please, who have been taking care of the formulations and other different R&D and development. Our core team includes Akash Shah, who's the CFO of the company; and [ Rashida Baggalu ], who heads QA at the factory. Next slide, please. Our operational highlights. First is the regulatory approval and new commercial order. We have been working with the U.S. market since last 1.5 years. And as we all know, that we were held back by the tariffs made by the U.S. government. But now things are falling in place and we are back with the business of about 60%. We are back to our normal volumes with the U.S. And we expect to touch our expected target with the export orders by this year-end. Contract manufacturing, there's a development wherein we have been -- we have tied up with the company, one of the major brands in India, for Skin Care and Face Care segment. We have been doing contract manufacturing for this company, which is into private label. Now we see the manufacturing capacity companies into manufacturing of tablets, ointments, toothpaste. It's a Class 10 certified facility, tube filling, liquid filling machines, cosmetic filling lines. We have a global presence in the East Africa in countries like Kenya, Uganda, Tanzania, Burundi; in Middle East, countries like UAE; we have also a presence in Hong Kong, U.K. These are the countries where company has its exports. Company also has his own brand name, Ayuveer. So, Ayuveer is the brand of Veerhealth Care Limited. If you can go on Page #21, please. So under Ayuveer, we are covering Skin Care. In under Skin Care, first we see is -- you need to go one slide up, please. That's Slide #21. Okay. Under Hair Care, we are covering Shampoo, Conditioner, Hair Oil and Hair Serums. All these are under the brand name of Ayuveer, which has a presence online on marketplaces and on our own website as well. Next slide, please. Under the Body Care segment, we are doing Body Wash, Lotion, Bath Salt and Hand Wash in different variants, which are also being done under private label with many different players in India. Next slide, please. Under Oral Care, which is our major forte, we are doing Toothpaste of many different variants which is having our -- which has a major share in our export business to the U.S. and other countries. So at this moment, we are into exports of Oral Care products to the U.S. with different types of Toothpaste. We are also doing Toothpaste of private label brands here in India, like Herbal, Red Gel, Clear Gel, White Toothpaste, that's like Colgate Sensitive, Charcoal and other different variants. Under Health Care, we are doing oral liquids like Gripe Water, Cough Syrup, Yuva Tonic and other elements. Under Tablets, we are covering chronic tablets as well as other ailment tablets like for diabetes, for joint pain and other different types of tablets. Next slide, please. All these are under Herbal license. These are the few of our new introduction to our current product range, which covers Kids Toothpaste, different types of Shampoos and Creams and the latest innovations of Micro BM and other Toners and Gels. Next slide, please. See, going forward, we have also entered into Sunscreen, Body Wash and other different variants, which are under Wasabi section. Next slide, please. So, these are the different products what we are proposing under the brand name of Ayuveer and to other different private label partners as well. So, here we see a Purple Tooth Serum or Face Gel, Lip Care and Serum. So, all that with under different formulations as guided by our R&D team. Next slide, please. So this covers Moisturizers, the Balms and Soft Body Cream. Next slide. Our company also has a Plastic division by the name of Veer Plast, under which we had -- we are doing backward integration. We are having injection and blow molding facility. Under the blow molding companies manufacturing bottles, cans, canisters, few of which are used for our own consumption and few are being marketed here in India. We are also doing toothbrush, which comes into the medical device category in the U.S. The present customer in the U.S. is also buying toothpaste and toothbrush with itself. So, toothbrush comes under Medical Device in the U.S. So company has also set up a unit for toothbrush, which has injection molding and tufting facility. This is under the name of Veer Plast. It's a division of Veerhealth Care Limited. Next slide, please. Thank you all for your time. We can take Q&A.

Thank you for the detailed overview. We will now open the floor for a Q&A session. Participants may raise their hand or type their question in the chat box. Also due to time restrictions, the participants are request to limit their questions to two each. Yes, [ Mythri. ] Please go ahead and ask your question.

Am I audible?

Yes, you are audible.

So, this is going to be my first meeting with the management. So, my questions will be very basic. Firstly, what is the split between our revenue from our own brand and also from the white labeling that we have?

At the moment, company's -- the split goes like, the contract manufacturing is a share of 60% in the revenue. Export business is about 30%, and 10% to 15% -- 10% is about revenue from our own brand, which we are targeting to scale up to 20% in the upcoming quarter.

Okay. And this export revenues that we are getting, this again is contract manufacturing? Or are we selling it through our own brand only?

It's a mixture of both, which is the majority of contract manufacturing. It's a white label brand. The majority share is white label.

And it's just one brand that for whom we are exporting? Or we have multiple brands?

There are multiple brands in that.

Multiple brands. Okay. What countries are we exporting to?

Majority exports at this moment is to the U.S.

So has this been hit by the tariffs currently? Or there's been no backwards?

We were hit and we were having low volumes during the month of September, October. Now we are back with our numbers. We have recovered. About 70% of our business is back to normal now. Our customer has stayed with us. And we are hoping to get this normalized very soon.

And did we take some impact on the cost, because of the tariffs, are we splitting it? Or are the customers, they are taking the cost?

Customer is kind enough to take the hit and keeping us alive.

Also the margins in the contract manufacturing and the margins in our own brand, if you could give me the difference in there.

Our contract manufacturing margins will be 8% to 10%, and our own brand will be 12% to 15%.

This is the EBITDA level?

Yes.

Anyone else? Participants, if you have any query -- Okay. Yes, Mr. [ Majid ] sir, please go ahead and ask your question.

Am I audible, sir?

Yes.

Sir, my first question that I have is, so you are producing all these type of products related to Health Care and everything. So by FY '26 and '27, what type of revenue are we looking, sir? So this quarter, we had profits. In the coming quarters, what are we expecting? And by FY '27, what's the plan, sir?

We are planning to touch INR 100 crores plus by FY '27. Presently, this second quarter end, we've done about INR 404.2 crores, our total revenue, which we are -- for the third quarter numbers will be out soon. But we are having a very good improvement with the U.S. back with us. And also, we have recently gotten contract manufacturing opportunity with a very big business house, also here in India, which is having very big volumes with us. And all the scaling up activities are done and now the results are out. So, you will see a lot of improvement in the numbers in this quarter and in the fourth quarter for this current year as well. So, we should be touching INR 100 crores plus by FY '27.

INR 100 crores in aggregate or INR 100 crores FY '27, we are looking at?

FY '27.

By FY '27 itself INR 100 crores, we are looking at? Am I audible, sir?

Yes, sir.

Yes, sir. So you are saying INR 100 crores by FY '27?

Yes, because tariff is also almost about to get -- the feedback what we have from our customer and other business what we are exploring, we would be -- once the Christmas is over and people are back to work, so they had a long break at the moment for the Thanksgiving. So things are a little delayed. But now since in the upcoming year, things fall in place and we should be having good business and up and running soon.

Okay, sir. Sir, like if I see your balance sheet, I think you have around INR 23 crores of fixed asset. So, to support that INR 100 crores, do you need incremental CapEx or working capital, like as you need to?

Things are in process at the moment. There are a few opportunities to scale up for other operations like backward integrating a couple of few operations in the existing facility. So that is under consideration. Second is, the contract manufacturing which we are doing here in India, that also has a scope of adding up a few more product lines, and we are going to open a very good area in the existing product line with the existing customer. So like in currently, we are going for sales in Skin Care. We may be opening Body Care very soon in next 10 to 12 days' time. So, everything is finalized. We just are waiting for a few materials to come in, and a few trials and validation are also in the process, which we expect to close by this month end. And we should be running parallelly.

Okay, sir. So, with this capacity, you can do INR 100 crores by FY '27? Yes, sir?

Definitely.

Okay, sir. Okay. You don't need any incremental CapEx to do that is what I understood.

We would be needing -- we wouldn't be needing it. So, as I said, once the validation and other processes are rolled over, we will be doing expansions. There will be capacity enhancement. There will be automization in the production lines. So, all those things will be taken care of. We are just waiting for things to fall in place, which we are expecting it to be done by this month end. So, once that is done, we'll have a clear visibility and the road map going forward.

Okay, sir. So finally, I just want to understand, sir, so it's a very competitive market, like selling these products and others. I think how are we going to scale it? I'm unable to understand it. A lot of players are there, unorganized players are there doing this labeling in other parts. How can we sustain growth? I'm unable to understand.

Sir, there are very few -- the number is not even in double figures of companies who are U.S. FDA-approved facility. So the export business, which has a very healthy share in our total turnover. And going forward, once the tariffs are lifted, we are going to open more areas, as I said. So of course, it is competitive, but having a certified facility is also very crucial at this moment for buyers to get associated with. So regulatory-wise, company has a very big advantage compared to others. That is number one. Number two, based on the systems and the compliances, so there are big business houses which we have collaborated with. And that is also going to give us a very big mileage in the business in the coming future. So, having a validated facility, having a certified facility is the biggest advantage we have at the moment to get more and more business and expand in quick time. I have a question from Mr. Gupta. We have a question from Mr. Gupta that we are in a discussion with the Russian corporate. When can we expect revenues from them? And what can be the size of the revenue? So, I'll take the first question. We are in the very advanced discussion and the process for getting on to the business with this Russian group. Now this group is into wide range of activities, how we have in Hindustan Unilever and Procter & Gamble here in India. So they are in a wide range of equities. One of the areas what we are exploring with them is the Oral Care segment, the formulation, the R&D, the entire product process has been finalized. Due to the small issues in the Russia and Ukraine, things were a little slow. But now we are back on track, and we hope to see our first shipment or maybe couple of shipments by this coming year end by March '26. So, that is in the process. Second question is last year, we had announced a right issue. What is the status of it and when can we expect right issue? That is still under -- I would say, Mr. Gupta, it's still under consideration by the Board. Looking at the current market scenario, I would not be able to comment at this moment. But as and when we have an update, we will be informing soon.

Okay. Thank you, sir. Yes, Mythri, please go ahead.

Am I audible?

Yes. you are audible.

Sir, you mentioned that we are planning to touch INR 100 crore revenue by FY '27. And currently, our run rate is around INR 4 crores per quarter. So, we're planning to scale up to close to INR 25 crores per quarter. What sort of drivers do you see? How are we expecting the growth to come from? Is it from contract manufacturing or from our own brand or exports driving this growth?

So, we'll take each segment at a time, Mythri. First is the contract manufacturing. Contract manufacturing, up until now, we were having companies like Apollo Pharmacy, Davaindia. Now very recently, we have entered an agreement and we have started production and shipments have also started going from our factory for a very big corporate house. Now we used to do a contract manufacturing for a company under the Face Care category. Now under this Face Care category, this company has been taken over by a very big business house here in India. So, we are doing Face Care at the moment. And we're going to start Body Care very soon. Now the volume is about -- it will be taking up about 85% to 90% of our existing manufacturing capacity. So that's a very big number and a very big boost for us. Having such a big opportunity and such a big -- it took us a very long time to get the validation and to get the process completed, to get on board with this company. Since now we are on board with them. Since some months, we have done about close to 1 million pieces of supply to them. So, those numbers are coming into -- you will see reflecting those figures in quarter 3, that's December end. Secondly, the exports of which the majority share is from the U.S. market and the group, and we see the tariff issue is getting resolved, and we see a healthy business in that. So export, the biggest opportunity for us at the moment is that up until now, we were doing majority of the Oral Care business. But we have opened up with the Body Care and Skin Care. The customer with us in the U.S. is an institutional supplier in the U.S. So they are having supplies in all 50 states of the U.S. and they have long-term contracts with the government. So the process and the business which works with them is, a, is that your facility has to be qualified and it has to be a U.S. FDA approved facility. Second, the requirement is about catering to different SKUs in each different category of products which we have done until now. We were very well on the path of accelerating, but due to -- unfortunately, due to tariff, things held up a little slow. But now we see this resolving and we are very close. Because in Oral Care, we are back to about 70% of orders. We are doing about 3 shipments this month as well. We'll go doing 4 in Jan '26. So things are getting back. So, we see a very healthy growth in this as well. And thirdly is Ayuveer. Ayuveer, which is our own brand contribution. So, we have done a couple of tie-up with independent agencies, which is helping us scale up the business online, which is helping us getting the mileage. That also, we see it -- we are hoping to encash on that as well. So the share of that, which is about 8% to 10% at this moment, we see an acceleration of a minimum of 15% by this March '26. So, things are looking very good from here. It's just that the numbers will reflect soon.

Correct. Also, currently, if you can give me, some sort of, order book number. Do we have -- do we keep track of our order book number, that's possible? If you could quantify that?

That I would not be able to share. But we have been sharing regular updates on the exchange. If you can just have -- you can please have a look at the updates we have shared, you will get an idea.

Okay. And our margins in the export business, what sort of margins do we have there?

In exports, we are covering about 12% to 15%.

It's similar to the margins our own brand has domestically?

Own brand -- See, own brand, Mythri, it's the numbers -- there's a lot of marketing expense since, we are in the process of building on the brand. So at this moment, we don't have bigger margins. But once the product is set -- and the positive side for us is that our R&D and our product formulation and the CSAT are improving at a very good pace week-by-week. So I would -- it would be great even if you can have a look at our website and share us your feedback, or we'll be ready to -- we'll be keen to share a few products to you. Please share us a feedback. So that's on a very improvement side. And we hope to improvise by each week.

Okay. And currently, our capacity, at what utilization it is going? And also, what sort of products we are manufacturing in-house? And are we also manufacturing some -- like outsourcing some of our manufacturing? Or everything is being manufactured in-house?

No, everything in-house. There is no outsourcing activity. Entire products -- the entire process is done in-house. In fact, we have done a backward integration of manufacturing, bottles and caps and enclosures and canisters under our division name Veer Plast. So, our packing material requirement is also taken by our own division by the name of Veer Plast.

And we can -- so the previous participant also asked, we can reach close to INR 100 crores from this capacity. We're just adding more capacity for the Body Care segment.

As I said, there will be -- there is a scaling of -- since we are opening up new segments and new markets, so there will be scaling up and automization required, which is in the process. So as time goes by, say, another 6 weeks from now, we'll have a clear road map and things will get rolling soon.

So, we have now a CapEx plan? Any CapEx plan we have for FY '26, '27, new? Or those are still yet in discussion?

Yes, there should be. There will be updates about that as well on the exchange.

Thank you, Mythri. Sir, we are having some questions in the chat box. Mr. Pratik is asking, Veerhealth Care has positioned itself as a local to global brand. What are the next key milestones to actual global expansion?

Pratik, answering to your question, the first key milestone individually for me would be to have maximum possible coverage in the U.S. market. It's a very big market in our category. Right now, what we are catering to our customers is, I think, not even 30% of this industry. Institutional supply, company supply and government supply is a huge business. And we've done it well. We have been running this since last 2 years. So, we are sitting on a very good advantage with everything ready with us. So, if you ask me, key milestone at this moment to achieve would be to cover maximum possible business in the U.S. market. We have been -- we worked hard enough in last 2, 2.5 years to upgrade the facility, to uplift the facility, to get all the systems in place, to get all the process in place, all the validation in place. So based on that, since our company is officially certified. So if you ask me, the first target will be to capitalize on this and encash on our qualification and making good inroads into the U.S. market, And that should be the expansion plan with respect to global expansion.

How is the Ayuveer brand performing since its launch, especially across e-commerce channels like Myntra?

Ayuveer, as a brand has been scaling up high path. Ayuveer, as a brand has been scaling up each month. And there are product addition in different new categories, different new variants. Our team is focusing on matching and uplifting our present product offerings to the latest trends and the latest available molecules in the market. Right now, if you see, there may be many different brands in the market having different formulations. But our more focus is on formulating and offering results-oriented products to the consumers. So, we believe that if we have a result-oriented product, that will give us a good mileage. And we are seeing results of that. So, as our policy, we are formulating all the products as per the new latest molecules, new latest studies. And our presence on online e-commerce platforms like Amazon, Flipkart, Myntra is also scaling up. We have a dedicated team working for that. We have a team doing marketing, making us more and more spread on the online platforms. And that has also been scaling up, which we will be, going forward, by putting more budget into the marketing innovative new products in our existing product line, and there are different few ideas also to get it implemented. And hopefully, we should be scaling this up on a very big scale very soon. It is going to take time, but the growth at the moment is far more than satisfactory what we have targeted. So, it's going good.

Mr. Kapil is asking, what's your current plant utilization level and how much capacity is left before you need to expand?

Kapil, the question for plant utilization, I would say we are utilizing about 75% to 80% of our current production capacity. But as I said, with the new contract manufacturing, tie-ups with global companies and with companies here in India, we would be scaling up. We would be getting into automization and scaling up the current production capacity. So at this moment, we are using about 75% to 80%. But as things open up for other different categories, we would be looking at capacity expansion, and we'll be looking at automization as well.

Parth Varma is asking, are there plans to expand Ayuveer into new categories?

Yes. Parth, yes, Ayuveer has been working very updatedly, and we have been very active. And we've been working on all the possible latest formulations and new categories, which are on the -- if you see our online Instagram handles and other social media platforms, we are very much innovative and there are new products introduced as well. So, I would request -- I would be putting in the social media handle of our company. So that would give you the exact new categories and other new innovations and introduction as well.

Okay. Questions from Mythri. What, sort of, marketing cost of sales percentage are we expecting in FY '27?

Mythri, cost of sales to cost of marketing to sales, as you see, the majority marketing effort and the majority marketing budget would go under our own brand marketing. And rest of the -- so marketing, we would say, about 40% of the -- not the entire revenue, but the 40% of our product -- of our sales contribution. That is about 10%, which we expand, which we are planning to reach to 15% by FY '27. So, if I have a share of 15% of our own brand by FY '27, so that to promote that, to get that 15%, we will be having an expense of about 40% of the product cost in the marketing.

Pratik is asking, how does Veerhealth integrate Ayurvedic formulation with modern Cosmetic Science in its product development?

Pratik. So, as per the regulation at the moment under the AYUSH, and the AYUSH is nodal agency here in India under which -- that's the Indian FDA and the nodal agency under which the Ayurvedic science is covered, and the FDA covers the Cosmetic. So, a mixture of both, Ayurvedic and Cosmetic and introducing Cosmetic products with Ayurvedic ingredients has already been introduced in our product line. If you see, we are dealing with products like Shikakai shampoo, we are dealing in products like -- there are a lot of herbal products, cosmetics, you will see in Skin Care, Body Care. So innovation and introduction with the combination of Ayurvedic and Cosmetic has always been our product -- has been part of our product line. So, that is being taken care of. And the R&D team is working on the same. We will be sharing updates with the new introductions as and when we have them.

Okay. Question from Mr. Kishan Tosniwal. What was the capacity utilization during July to September quarter and in October, December quarter?

Mr. Kishan, capacity utilization between July to September, I would say that October to December has been a proper maximum utilization of the capacity with about 80% to 85% of the capacity utilization we have been doing in October to December quarter compared to July to September. July to September, we could say we were utilizing about 60% to 65% due to tariff and other slowdowns. But now, since October to December, we are utilizing about 85% of the current capacity.

Parth Varma is asking, you have a strong B2B clients like Apollo Pharmacy and Davaindia. What is the growth potentially in D2C channels?

Parth. We have been working with Apollo Pharmacy and Davaindia since more than -- with Apollo, we have been associated with more than 5 to 6 years now, and with the Davaindia also about 4 to 5 years. Now the pharmacy retail chain in India. Apollo is the biggest in India with about 7,000 plus of retail outlets; next is Tata, 1mg; and then comes other different players. So in Apollo, we have about seven to eight different products which we do contract manufacturing for them. So, a few of the products for them. There are four products which we do with them, which are under value deal section in their pharmacy, which has a very big mileage and which have a very big numbers of sales in number of units in their own contribution as well. So, how it works is, they have a value deal section in each of the store where they provide a mixture of products or an individual product at a fixed price. So it works like in INR 200, you can pick four products. So, in INR 200, you can pick five products. So it's a combination and it's a mixture of products, out of which four products, we've been doing for them under the value deal. Other different products we are doing with Apollo under their own private label, and it has been improving over the years. Same with Davaindia and same with other stores like, we are also doing with GenMed, which is a retail chain in South of Gujarat and other parts of the Gujarat. We are very close to getting associated among the top four. Due to our NDA and other legal processes, I cannot reveal the name at the moment. But since we are already working with among the top pharmacies, getting into other pharmacy chains is very much on the cards, and we see that onboarding very soon. And all these retail pharmacies are also having their presence online as well. So it's not only an offline or a general trade business which helps you gain numbers in pharmacy retail business, but also from their online platforms, around their own individual -- like Apollo has online platform by the name of Apollo 24/7. So, that also gives you a very good exposure, and that also gives us a good number of business. Same way like Tata also has an outlet and they also have their own app. So, same way other companies are also having. And we are in talks and we will be onboarding with a couple of more D2C companies very soon.

Okay. Next question is from Mr. Sachit Gupta. We are supplying to India's one of the biggest pharmacy chain. Are we expecting a large share from them or a new product to supply them?

Mr. Gupta. At this moment, as I said, we are doing about 7 SKUs with them, seven different products with them. So the share of individual product has been consistent over the years. Two of the products are not entirely, but it is little related -- it's a seasonal business with -- related to the Skin Care range of the products. But we are in introduction of a few more products. So there will be an addition of, I would say, a minimum of three new products in addition to the existing product line.

For FY '27, we are expecting INR 100 crores revenues. For FY '26, what is the target?

I would not be able to comment at this moment. But later third quarter close. And there are a few onboarding processes and other processes which we are about to close. But things are looking very good from here. We will see a very handsome growth in the third quarter and when we end for March '26.

Okay. Mythri is asking, with marketing CapEx and working capital cost, what sort of PAT margins are we targeting in FY '27?

PAT margins, I would not be able to share at the moment. But as I said, we are expecting things to shape up. So, once we have everything in place by this year-end, by the December end, we should be having a clear picture.

Okay. Mr. Kishan is asking, are we expecting 100% revenue growth for the next few years? If so, would it results in PAT margin expansion?

Yes, Mr. Kishan. When we close for this March '26, going forward for the March '27, if not 100%, but there will be about 80% growth in the revenue year-on-year. With all the three different segments, what we are catering to opening up, we should be seeing an opening soon. And that would have an effect on the PAT margin as well. So, the bottom line is also going to improve.

What is our working capital cycle?

I would say about 90 to 120 days.

Okay. [ Mr. Javed ] is asking, how do you see the Indian Ayurvedic and Natural Personal Care industry evolving over the next 10 years?

I would say the Natural Personal Care industry and Ayurvedic industry is going to have a very long-lasting future in India. The reason being, one, is diversion of people towards natural ingredients, lesser use of surfactants, lesser use of chemicals. Second major reason I see is, very innovation done by the players in the industry, the result-oriented products, the testing of the products. That has also played a very major role. And successes by the few brands in the market, what you see, that has also been a driving force of people moving towards Ayurvedic and Natural Personal Care. So that's going to have a very good future in the next 10 years.

Okay. Now we are taking the last question -- okay. Two questions are there. Vimal Banchal is asking, during previous con call hosted by Kiran Advise Company has announced plant visit. Can we plan now? We can come at our cost.

Mr. Vimal, yes, we would be glad to have you at our facility. We can always plan a facility whenever it is suitable for you. So, you can please let us know in advance and we can schedule a plant visit. We would be glad to have you at our facility.

Okay. And Mr. Kishan is asking, are we going to do this quarterly con call after every quarterly result?

Yes, we should be doing it.

Okay. Thank you. If you have any further queries, please write us at the [email protected]. Thank you for joining this session. We appreciate your time and participation. Thank you, sir, for the detailed information.

Thank you so much. Thank you, everybody.

Have a good day.