Amanta Healthcare Limited (AMANTA) Earnings Call Transcript

Ladies and gentlemen, good day, and welcome to Amanta Healthcare Limited Q3 and 9 Months FY '26 Earnings Call hosted by, Go India Advisors LLP. [Operator Instructions] Please note that this conference is being recorded. I now hand the conference over to Ms. Soumya from Go India Advisors LLP. Thank you, and over to you, ma'am.

Good day, everyone, and welcome to Q3 and 9 months FY '26 Earnings Conference Call of Amanta Healthcare Limited. We have on call with us Mr. Bhavesh Patel, Chairman and Managing Director; Mr. Paras Mehta, Chief Financial Officer. We must remind you that discussion on today's call may include certain forward-looking statements and must be therefore viewed in conjunction with the risks pertaining to the business. I now request the management to take us through the same and provide some more insight on the quarter gone by. Post that, we will open the floor for Q&A. Thank you, and over to you, sir.

Namaskar, and good afternoon to everyone, and a warm welcome to Amanta Healthcare Limited's maiden earnings call. Thank you for joining us today and for taking the time to understand our business, our journey and our long-term vision. This is our first interaction with the investor community as a listed entity, and we see this call as an important opportunity to introduce Amanta Healthcare, not just through numbers, but through the fundamentals that define our business, our growth strategy and our capital discipline. Amanta Healthcare is one of India's leading manufacturers of 2-port IV fluid container system, which is branded as SteriPort and operates as a fully integrated Sterile Liquid manufacturing operation spanning both large volume and small volume parenterals. Our product portfolio caters to 6 key therapeutic segments, including fluid therapy, injectable formulations, diluents, ophthalmics, respiratory care and eye and wound irrigation products, giving us a diversified yet focused presence within sterile pharmaceutical space. A key differentiator for Amanta is our SteriPort platform, which we were the first in India to introduce. Built on advanced ISBM technology, SteriPort offers superior sterilization or I would say, absolute sterilization, which reduces the risk associated with fungal and microbial contamination. Over time, SteriPort has evolved into an industry benchmark and is increasingly becoming the preferred choice for hospitals and healthcare institutions. Today, SteriPort contributes approximately 40% of our revenue and operates at high utilization level, underlining both strong demand and customer acceptance. Alongside LVP, our SVP business represents a high-margin export-focused growth engine. This segment contributes nearly 20% of our revenue and operates at near peak utilization. Over the past few years, we have consciously moved up the value chain from low-value diluents to high-value formulations such as eye drops and respiratory respules, which has materially improved realization and margin profile. From a financial standpoint, Amanta is at an important inflection point. We have transitioned from an investment-led phase to a structurally profitable growth phase. While our quarter and 9-month performance shall be shared shortly by our CFO, Shri Paras bhai Mehta, allow me to share the numbers. Over the medium term, our performance reflects the impact of focused execution and disciplined investments. Revenues have grown at 12% CAGR between year '21 and year '25, reaching INR 275 crores. EBITDA has shown consistent improvement, increasing from INR 56 crores in '23 to INR 61 crores in '25. While PAT has seen a meaningful turnaround from a loss of INR 2 crores in FY '23 to a profit of INR 11 crores in FY '25. This progression highlights the benefits of scale, product mix improvement and operating efficiencies coming through in our financials. Looking ahead, our growth strategy is anchored around capacity expansion, operating leverage and cost efficiency. In LVP, we are doubling our SteriPort capacity from 6.6 crore bottles per annum to roughly INR 12 crores per year, supported by INR 90 crore investment to meet strong demand visibility. In SVP, we are expanding capacity from INR 21 crores to 31 crore units per year, further strengthening our position in high-margin export market. Parallelly, we are investing in structural cost advantages. Our 10.8-megawatt captive solar power plant expected to be commissioned by Q1 FY '27 is projected to generate a cost saving of roughly INR 9 crores, leading to annual EBITDA level of the cost savings, enhancing operating leverage and sustainability. These initiatives, combined with improving scale are expected to meaningfully support margins over the medium term. We are equally focused on capital discipline and balance sheet improvement. Our return ratios have improved meaningfully and leverage has been steadily reducing. IPO proceeds have been deployed largely towards capacity expansion, ensuring that capital raised is directly aligned with long-term value creation. In summary, Amanta Healthcare stands at the intersection of category leadership, high-margin products, visible capacity-led growth and improving return metrics. As health care demand continues to rise and quality standards tighten, we believe our differentiated platform positions us well for sustained growth and value creation. With that, I will now invite Mr. Paras Mehta to take you through the financial performance in detail, after which we will be happy to take your questions. Thank you for your time and continued interest in Amanta Healthcare Limited. Over to you, Paras bhai.

Thank you. A warm welcome to everybody, and good afternoon. During the quarter ended December 2025 as well as 9-month period ended same, the company has delivered stable and improving financial performance that is reflecting disciplined execution across operations as well as continued focus on the profitability. For the quarter, revenue stood at about INR 75 crores, registering 9.8% year-on-year growth, driven by steady demand and volume-led expansion. For 9 months ended December '26, revenue has increased to INR 211 crores, 4% plus year-on-year growth. This underscores the resilience of our core portfolio as well as consistency of our operating model. We would like to inform that operational discipline has continued to support margins. EBITDA for quarter 3 came in at INR 15 crores with margins at about 21%, while 9-month EBITDA has increased 6.1% year-on-year, amounting to INR 45 crores. Importantly, EBITDA margin for the 9-month period has improved 42 basis points to 21.3%. This reflects effective cost control, improved operational efficiency as well as better absorption of fixed overheads. Profitability has strengthened meaningfully during the period. Net profit for the quarter 3 2025, that is financial year '25-'26, has risen to INR 5 crores, which is up by 8.1% on a year-on-year basis, while 9-month PAT has grown about 51% year-on-year to INR 9 crores. This demonstrates the benefit of operating leverage as well as improvement in bottom line by way of continuous improvement in revenue, business sustainability as well as the control over the cost. Earnings quality has also improved as reflected in margin expansion. PAT margin for the quarter has stood 6.2% as already informed, while 9-month PAT margin has expanded by 139 basis points year-on-year. This is supported by margin normalization and improving scale efficiencies. I would just like to draw the attention that the 9-month number includes exceptional item, which is the IPO expenses as company came out with the -- its maiden IPO during the year in the month of September. So whatever profitability we see on a 9-month basis that includes exceptional item, when we add back, it gives even more and better results. Overall, financial performance during the quarter as well as 9-month period reinforces our confidence in the business fundamentals as well as our capacity addition, cost efficiency initiative and operating leverage continue to play out. We, as a company and management remain focused on sustaining margins, improving return ratios, maintaining disciplined balance sheet and improving all the ratios in the financial terms while supporting the future growth by way of expansion for which we came out with the IPO. The IPO growth and the CapEx through IPO is going to be reflected in coming quarters. It is not yet started. So whatever results we are looking at is on the same capacity what we had during the last year. So on the same capacity, we have a better revenue, better profitability, leverage benefit as well as we are ready to go further with the expansion. With this, I would like to thank you all for joining this call. And if you have any further queries or questions during Q&A session, we can answer all your questions. We will aim to have the transparent communication and continue advancing our objectives and creating value for our stakeholders. Thank you once again, and we now open the question-and-answer session. Thank you.

[Operator Instructions] The first question is from the line of Aniket from ABN Capital.

Congratulations on a successful IPO. Sir, my first question is, can you tell us a little bit about the current status of the CapEx and when we are expecting the new facility to go live?

So we had initiated this expansion way before the IPO was conceived. The idea was to finish off the entire CapEx in 2 phases. And -- but by that time the IPO was conceived and it materialized, so now we have combined both the phases into one. So the work started in 2024. As on today, while we are talking, the manufacturing equipment and the utilities are being installed. The equipments are already placed and they are being integrated by way of piping, wiring and so on and so forth. So I am presuming that by 15th March, all the machines would be placed, connected, and we will be taking dry trials section-wise. So we are hoping to have bottle coming out of the system by end of March, but we have to provide a buffer of 10 days, 15 days for any contingency. So we will definitely see commercialization in the month of April.

Okay. Got it. So we will be able to ramp up also quite quickly, sir, in terms of plant and test runs and stuff like that? Or does it take a few quarters for testing?

No. So the process validation, the product validation, et cetera, doesn't take time. It takes 15 days to maybe 21 days, but it can happen concurrently. As I said, when we take the dry trial, the validation trials also happen parallelly. But to -- I understand what your question is, let's say, we commission the line, then from very first day, we can run the line at full capacity. But we may not be able to achieve sales numbers corresponding to that output. So initially, we'll be running the plant at full capacity, but we will be accumulating some inventory for 3 to 5 months. And then we reach an equilibrium where production equals sales. And gradually, by 6 months to 9 months, that window, we'll be able to absorb excess inventory. So that's how typically we have observed in the past also, whenever we have done ramp-up of this scale. So this year also, by -- we will not reduce the production. We don't mind holding inventory, but production has to be at full capacity because that makes more financial sense. But the inventory pileup will get addressed by month of October also. So in the year '26, '27, we will see the benefit of full-scale production and almost full-scale liquidation.

Understood, sir. And if you -- given this is obviously a reasonably large expansion for our company, if you sort of looked out at a full scale, then what is the total potential revenue with this facility that we can get to, whatever approximate you can indicate?

So the incremental revenue would be in the range of INR 120 crores plus/minus 4%, 5% here and there through SteriPort line alone. And by the way, we are talking only about SteriPort line. SPP line is likely to get commercialized by January '27. So that would be additional revenue. At the moment, we are only talking about SteriPort.

Okay. So sir, combined, both how much can it be?

Roughly INR 150 crores.

Okay, 150 crores. Got it, sir. And sir, lastly, as we are planning about -- we have, I think, done the CapEx from our IPO proceeds. So a little bit about how you -- the management is thinking about the debt on the books, how we are planning to manage that? And what is our thinking around that, if you can highlight?

So we had coined this idea that should we raise more equity and repay debt, but the consensus and the common, most obvious reaction was that you are raising expensive capital to reduce the cheaper debt. And cheaper debt was not prohibitively out of our limits or ratios. So what we feel is that the existing revenue plus incremental revenue suffice to repay the debt at accelerated rate. For instance, in this year, we have already repaid debt of around INR 28 or INR 30 crores. And by the end of March, we should be repaying INR 36 crores in this accounting year.

Sir. Accounting year, broadly, what will be our debt at the end at March, maybe because it's right here.

TThe debt by and large will remain almost same. Maybe it will reduce to only INR 5 crores in spite of paying INR 36 crores because we are raising INR 30 crore debt for solar project. So the debt number doesn't change much, but our cost efficiency improves because solar is likely to save -- give -- contribute around INR 9 crores per year in terms of cost saving. To answer your question...

Just last thing, sir. Therefore, over a 2-, 3-year period, our thinking is to repay that because I see in your presentation also, you sort of guided that -- indicated that CapEx will reduce next year onwards.

Yes. So once we have commissioned SteriPort line and once we complete our SVP expansion, which is IPO proceeds, there will be enough growth drivers within this asset group. For instance, I answered your question about SteriPort, how fast we can ramp up. So SteriPort can be ramped up because it's addressed to India as a one nonlarge, non-fragmented market. But SVP ramp-up to sizable EBITDA level will take 1 to 2 years because that's addressed to different markets, they are regulated and there are different product offerings. So SVP alone will be offering enough growth drivers within our portfolio. So of course, some CapEx -- in pharma CapEx is done. I mean you can't escape that situation. But we will see as compared to CapEx, the value creation would be incrementally much, much higher than the CapEx demand.

[Operator Instructions] The next question is from the line of Vilina Jain from Perpetuity Ventures.

Sir, I wanted to understand a bit on the SteriPort product. Like how is it different from the others in the market? And what gives us confidence about that the additional capacity demand is there in the market?

So SteriPort, as a concept, it was our creation sort of, if I can claim so. And we introduced this in 2015, '16, and it has some unique features. For example, it has a 2-port system, one IV set and second is for medication. Now there are other companies also who have similar offerings like B. Brown, Otsuka, Fresenius, Aculife. They also have 2-port system. But SteriPort, again, has a differentiation in the sense of the primary packaging material that uses it -- that it is using. So we use random co-polymer polypropylene, whereas all our competing 2-port system products are having polyethylene. So polyethylene cannot be sterilized at more than 109 degrees centigrade, whereas our container can withstand 125 degrees centigrade. So globally, anything below 121.1 is a compromise in terms of sterility. So we are the only company in this space to have this established claim that it is absolutely autoclave. And the results are obvious. We must have sold more than 35 crore bottles so far. We have not got a single complaint of fungal contamination, not even one complaint. So this is something which gives comfort to the paramedics and medical fraternity and to us as operator also. Apart from this, SteriPort, although it is thinner than polyethylene, it is having 5x more tensile strength. So the container is not breached, making solution sterile is the simplest of the process. But maintaining the integrity of solution in the sterile form is the challenge, be it glass because in glass also, you can have hairline crack. You can't see it, but it's there and can lead to fungal contamination. So container integrity is of supreme importance in this space. And that's what SteriPort is offering. And I think that is the reason why it is most preferred pack amongst intensivist, oncologists, high dependency units, et cetera.

Got it. Sir, secondly, on our solar plant, you mentioned that we have INR 9 crores of cost savings. Would this be on EBITDA or PBT level?

EBITDA level. But it would be -- yes, I think INR 9 crores saving is gross saving minus operating cost, but not interest. All the maintenance and running costs will be deducted. And then what you save is INR 9 crores minus interest. But normally, for payback, you don't count interest.

Got it. And sir, when would the solar plant be operational by?

So our target is to commission the entire facility by March end. But then you have to have regulatory approvals, and they take some time. So we are hoping that we should be operational by end of April. So from May onwards, we should be accruing the benefit of this.

Okay. Understood. And sir, on the debt part, I see that the finance cost has been coming down despite us adding another INR 30 crores of debt, which we sort of paid off as well. So could you help us understand how our interest cost has changed and how it can change going forward as we keep on paying debt?

I think the interest cost is coming down because of repayment. But main change is in the coupon rate, but it is still not getting captured adequately here. Most of the cost-effective borrowing has been done from September onwards. So it hardly gets captured here. But in coming months, we'll see a larger effect of that. But primarily because of repayment and reduction in coupon rate. Paras bhai, you want to add anything to this or...

No. that's it.

Yes, that's about it.

What would be the reduction in interest rate in the coupon rate, which we have seen?

Come again, please?

What would be the reduction in coupon rate, which we have seen?

I think it's varying from 250 bps to 400 bps. We had preference instrument from KKR time, and that was to be redeemed in '28, but we have done earlier redemption. So their reduction would be roughly 500 bps. But that was roughly INR 11 crores. But generally, it is 250 to 400 bps points.

Secondly, sir, you also mentioned that on the SVP side, we'll take 1 to 2 years to ramp up the offering. So does this mean that the INR 30 crore revenue will take 1 to 2 years to come in or you can do value addition INR 30 crores and ramp it up further? Can you elaborate on that?

No. What I meant was that SteriPort is addressed to India, which is a large market, non-fragmented one. There are no regulatory barriers. So there, the ramp-up can happen very fast. But likewise, unlike that, SVP is primarily addressed to international audience. So that's where we have to wait for approvals, change variation, filing, et cetera. So initially, the capacity utilization would not be a challenge. We'll be making -- we're running the plant at full capacity, we'll make diluents. But the kind of EBITDA levels we have seen historically in SVP, that or exceeding that may take 2 years. That's what we mean. I think that's what we indicated in the projection also in the past.

[Operator Instructions] The next question is from the line of Dhairya Trivedi from DJT Investments.

Congratulations on a successful IPO and on your maiden earnings call. My first question is around SteriPort. So basically, you're mentioning that the capacity increase through SteriPort is going to be roughly 5 crore units?

Yes.

Okay. So I'm just referring to Slide 12, in that FY '25 number is 6.6 crores and the '27 projected number is 10.6 crores. So that adds up to roughly 4 crore units. So am I missing something there?

One second. SteriPort capacity, 6.6 crores and 10.6 crores. Yes, this is totaling to 4 crores. I think there's an error. So it should be 11.6 crores, right? Yes, it's just typo error. It should be roughly between 11.6 crores and 12 crores.

Okay. Okay. So roughly INR 12 crores, right?

Yes, a little less than INR 12 crores, yes.

Okay. Okay. And given that you mentioned that both production and liquidation are going to happen concurrently. So can we assume that this entire INR 110 crores, INR 120 crores that you mentioned, the incremental revenue, all of that will happen in FY '27?

Yes, yes.

Okay. Okay. Got it. And the steady-state EBITDA margin for SteriPort would be roughly 26%,27%.

So incremental capacity will produce much higher EBITDA levels. But because of SteriPort, post commissioning, company's overall EBITDA will expand by 3% to 4%.

Okay. Okay. So the steady-state EBITDA margin for the company would be roughly, say, 26%, 27% post the SteriPort commissioning?

Yes.

The next question is from the line of Madhur Rathi from Counter Cyclical Investments.

Sir, I wanted to understand who would be our closest competitors in both our segments? And are our competitors also increasing their capacity?

So as I mentioned, we were -- I will answer your question for SteriPort first and then SVP. We were the first ones to adopt this ISBM technology. And in terms of learning curve, we are having some advantage over others. So IV fluid market is broadly informally categorized. So companies who are operating at national level, they command different respect and price in hospitals, followed by regional and then local companies. So I will make our comparison only with national level companies. So as I said, apart from us, we have Fresenius, Otsuka, B. Brown and Aculife, who are major companies offering a 2-port system. But except for Amanta, all of them are offering 2-port system with polyethylene. So there, they cannot sterilize that more than 109 degrees centigrade. So in high-dependency units, critical care, oncology, then organ transplant, SteriPort is the most preferred container in that sense, I mean system. Apart from sterility, the polymer is different. So open medications when they're given, they will have to look at the compatibility of the drug with the container. So for example, 85% of the anticancer drugs, if you give in polyethylene container, the discoloration, which also means degradation starts within 90 minutes to 2 hour. Whereas in case of SteriPort, it starts in 28 to 45 hours. So -- and we have done this research in a collaboration with a university. We mandated the engineering department and the pharmaceutical department of a university, and we have all the protocols, all the studies, videography, photography, everything to support our argument and our merits. So that is where the community, paramedics and medical fraternity derive the confidence from. So that's the reason it's a preferred container. So there are -- these 5 companies, they are comparable in what we do. B. Braun has very little exposure in the market. They are confined only to 7 to 8 cities. But I would say Otsuka is closest in terms of numbers and their presence across the country.

Got it. And sir, on the capacity addition, has any of these players added capacity or are going to add capacity in the next 1 or 2 years?

Not much action in 2-port system. But many companies are converting their existing lines into 2-port system because when we launched the product, very few doctors were willing to patronize because the cost was high, the price was high. But then lately -- then somewhere in between around '19, '20, '21, what we found was that this was used in onco intensive care, et cetera. But now in last 1 year or so, what I'm seeing is even a small nursing home uses 2-port system. So the acceptance has increased a lot. In IV flood in general, the demand is growing at around 8% to 10% year-on-year. So every year, we need additional 12 crores to 13 crore bottles of IV fluid. But the demand of 2-port system would be growing at a faster pace because there's a conversion from conventional legacy product to 2-port system. So -- but that is not supply driven in a way because the capacity is hardly 15% of -- 15%, 20% of the total demand. So we see good traction, and we have always seen short supply kind of situation in SteriPort.

Right. Sir, so if I were to compare the average life or expiry period for our product versus our competitor product before it starts degrading, what would that be? And sir, a sub question would be what stops our competitors from like moving from the polyethylene packaging that they are doing to the packaging that we are doing? Is that the trade know-how or the technological barrier that we have because of that, we can't enter into the similar packaging?

I would not claim that we have any technological know-how, which is not available to others. It's a question of shaping the business model. But I will answer your question, the science part of that question. The degradation happens because of the nature of the primary packaging material. Every material has a tendency to breathe and has tendency to throw out moisture. Plastic is more permeable and more breathing material than glass. So every plastic container will throw out moisture and absorb oxygen. So with that, there is oxidation process that goes on inside the container and oxidation is one of the decay process. So in our case, in SteriPort, we use random copolymer of polypropylene, and it is a DMF-grade material. By the way, there are very few companies in India who are using DMF-grade primary packaging material. The companies which I mentioned, all the 5 companies; Otsuka, B. Braun, Fresenius, Aculife, they do use DMF-grade, but there are some companies who don't use this. But even in DMF-grade, B polyethylene, you can't prevent the degradation because polyethylene is a low density and very soft material. So it throws out moisture and absorbs oxygen, which accelerates the degradation of the product. And that's why in inhalation solution, you must have seen respules which are used in nebulizers. So we have to replace oxygen by way of nitrogen so that the solution inside doesn't get decayed. And the whole thing is wrapped in aluminum foil to prevent further oxidation. So most of the pharma products in -- when they are dissolved in water, they become very sensitive to oxidation process.

Got it. Sir, so the final question -- sir, the second question was the expiry life of our product versus our competitors' product. So what would that be? And sir, when we say that, that product is -- so from what I understand from your commentary, that product is much better in terms of expiry or the degradation versus our competitors. Sir, so how -- when can we see this impact on our working capital cycle?

No. expiry has no relevance to this decay cycle because expiry is something which you have to -- you claim based on the stability. So our product stability in incubation can -- is suggestive that for how long we can keep it valid and for how long it -- what kind of shelf life it can have. So for example, in polyethylene also, we had a 5-year expiry, in SteriPort also, we had a 5-year expiry. But we have reduced that to 3 years because you don't use -- you don't keep this product on shelf for more than 6 months to 1 year. So there's no point in keeping 5-year expiry. So we all claim 3-year expiry only. There is stability. What I'm referring to is compatibility. So if you have a normal saline, IV fluid, so as long as it remains normal saline, there is no change, whether it's SteriPort or conventional legacy product. But the moment you put injectable, that injection reacts with the container and then the decay process starts. So I was referring to that part.

Got it. And sir, on the working capital cycle?

So Paras, do you want to address this?

Yes. So working capital cycle will be slightly improving going forward. We are controlling our inventory and receivables. It was a phase in which it was at a higher level during IPO and post IPO. But going forward, you will see the working capital cycle improving, not by a very drastic number. But over next few quarters, there will be continuous improvement in the working capital cycle.

So currently around 30...

Sorry to interrupt. Mr. Rathi, if you could join back the queue for more questions. [Operator Instructions] The next question is from the line of Saket Kapoor from Kapoor & Company.

Sir, firstly, when we look at our accounts presentation, just correct me here, the line item paid-up capital in the P&L is being mentioned at INR 343.6 crores. And wherein when we look at our balance sheet part and account, it is INR 38.82 crores. So can you correct me, sir, what is -- I missed -- where is the disconnect, sir?

Paras, do you want to address this?

Yes. So when you see the profit and loss, you see the weighted average capital because it has to be calculated for the purpose of arriving at the earnings per share. So this is as per accounting standard, this is the year in which the additional capital has been raised by way of IPO. So in profit and loss statement, you will see the weighted average capital, which is for the purpose of EPS. In balance sheet, you will see the closing balance. So both figures are correct at their respective bases.

Okay. So when will this get corrected to 39, sir, when -- at the time of full utilization of the capex, I mean, the permanent number would be 38? Okay, sir.

So it has nothing to do with CapEx. It has to do with the financial year. So during the financial year, March '25, the additional capital is raised. So from April '26 onwards, you will see the full value because then financial year changes and your opening balance remains full.

Okay, sir. Now sir, I joined a bit late in the call. Can you put some more understanding on the cost of fund? I think some arrangement with KKR was there that has resulted in higher cost of debt. So as on date, our September balance sheet -- if we look at the September balance sheet, we have our noncurrent -- our liability at INR 123 crores, the noncurrent liability, that is the long-term borrowing. So what portion of it still carries the higher cost of blended debt? And what is the current cost of fund for us for both long-term and working capital?

So the long-term debt is about INR 95 crores as on today when we are having this call, which is at the higher rate of about 11.5% and blended rate is about 10%. And we have new working capital facilities at about 8.5%. So our blended rate is just above 10%, 10.1% or so. And in coming period, it will be below 10%.

Okay. And what is our current rating, sir?

Our rating is BBB -- CRISIL rating, BBB.

Okay. When it is due, sir? I think so we are done with the IPO...

Sorry to interrup. Mr. Kapoor...

Yes, ma'am. Just a follow-up. I will definitely join. When is our rating due, sir?

Yes, it was due in the current month only. So recently, it has been BBB.

Okay. Recently, it has been. I have operational questions also.

[Operator Instructions] The next question is from the line of Neelam Punjabi from Perpetuity Ventures.

Congratulations on the listing and stable set of numbers, sir. My first question is on SteriPort. So just for an understanding what is our current market share in the 2-port bottles currently?

So difficult to quantify the market share because there is no classification in any -- neither in government classification nor any market research identifies it separately. But I would -- my personal guess is that we have around 30% to 35% market share in this 2-port system.

Got it, sir. So since we were the first ones to start this, would we be the largest ones over here in 2-port bottles?