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And historically this management has not done capex until they have strong visibility of growth CEO Krishna Kanumuri was deliberate in framing this as demand-driven, not speculative: These investments are being undertaken either with clear demand visibility or through active strategic conversations with our large pharma customers. The guidance for FY27 is measured: 15-20% revenue growth, 28-30% EBITDA margins, with H2 expected to be stronger than H1 as new capacities come online

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