: Guidance – Concall Update Management expects the underlying EBITDA margin to be around 25% after adjusting for one-time provisions. The India business is expected to sustain "15% plus" growth, with potential for higher, and Emerging Markets (including Russia) are projected to maintain "healthy double-digit" growth. Semaglutide is slated for launch in India on March 21st, Canada between late February and May, and Brazil and Turkey around July, with pricing anticipated at the lower end of the $20-$70 spectrum due to expected competition. US launch timelines for biosimilars are delayed: Denosumab is likely in Q2 FY27 or later, and Rituximab is unlikely within the next six months due to regulatory processes. Abatacept biosimilar is expected to launch in the US (IV product) by the end of calendar 2026 and subQ by January or February 2028, with a European launch for both IV and subQ planned for July 2027 into a $2 billion addressable market.