FY27 base-case growth 12-15%

Underlying Volume Growth (UVG) — India Branded — UVG re-accelerated sharply from a soft FY24–FY25 base, reaching 15% in Q3 FY26 — the highest reading in the tracked window and well above the 4–5% range that characterised the Lenalidomide-equivalent peak years for TCPL's core categories. This is the clearest validation of the GTM restructuring thesis, but sustaining 15% into Q4 FY26 against harder base comparisons will be the real test of whether this is structural or a low-base bounce.