Advait Energy Transitions Limited — Q3 FY26

Advait Energy Transitions Ltd Q3 FY2025-26 Earnings Conference Call https://www.youtube.com/watch?v=GZWXGUv9Mk4 Published: 3 months ago

0:00 Ladies and gentlemen, good day and welcome to the Adwit Energy Transitions Limited Q3 FI26 earnings conference 0:09 9 seconds call. As a reminder, all participant lines will be in the listenonly mode and there will be an opportunity for you to 0:16 16 seconds ask questions after the presentation concludes. Should you need assistance during the call, please signal an operator by pressing star then zero on your touchstone phone. 0:27 27 seconds I now hand the conference over to the EVI team for the questionary statement. Thank you and over to you. 0:34 34 seconds Thank you. Good afternoon everyone. I'm pleased to welcome you all to Adret Energy Trans Transitions Limited uh earnings conference call to discuss the 0:43 43 seconds Q3 9month financials results 2026. Today from the management side we have with us Mr. Shalen Shik founder MD, Mr. Vasel 0:52 52 seconds Kundala MD a green energy Mr. Narayan Singh the CFO and Mr. 0:58 58 seconds Priyank Sha the head of corporate IR and corporate affairs please note a copy of disclosure is available in the investor 1:05 1 minute, 5 seconds section of the website as well as stock exchange anything said on this call which reflects the outlook for the future or which can be construed as a 1:13 1 minute, 13 seconds forward-looking statement must be reviewed in conjunction with the risk that the company faces now I shall hand over the call to Mr. Shalin say for his 1:22 1 minute, 22 seconds opening remark over to you sir. Thank you. 1:27 1 minute, 27 seconds Good afternoon and thank you for joining us on Adage Energy Conditions Limited earnings 1:34 1 minute, 34 seconds conference call to discuss our business and financial performance for the quarter and 9 months ended financial year 26. 1:43 1 minute, 43 seconds would like also to express our sincere gratitude to our investors and shareholders for their continued trust 1:49 1 minute, 49 seconds and support during the year. We have achieved a significant milestone with a listing of a company on NSP main board on 20th January 2026. 2:01 2 minutes, 1 second We are now listed and tradable on both BSP and NS main boards making an important step in our growth journey. 2:10 2 minutes, 10 seconds The first nine months of financial year 26 have been particularly strong for the company. Our order book has maintained 2:17 2 minutes, 17 seconds thousand crores milestone reflecting robust execution capabilities and sustained business momentum. The order 2:25 2 minutes, 25 seconds book has grown by 132% over year on year with approximately 84% contribution by the power transmission 2:33 2 minutes, 33 seconds solutions division and 16% by new and renewable energy division. This provides strong visibility and confidence in our 2:42 2 minutes, 42 seconds continued growth trajectory is supported by healthy order inflows in the pipeline. For the uh financial year 2:51 2 minutes, 51 seconds 26 9 month we reported consolidated revenue of 486 crores registering a 2:57 2 minutes, 57 seconds growth of 138% uh year on year. ITA stood at 55 crores up to 74% yearon year 3:04 3 minutes, 4 seconds and AITA margins at 11% profit after tax was about 35 crores reflecting 80% 3:11 3 minutes, 11 seconds year-on-year growth with PAT margins at 7%. These numbers demonstrate our focus 3:17 3 minutes, 17 seconds on discipline execution and sustainable profitability. Looking ahead, we remain confident on delivering approximately 40 3:25 3 minutes, 25 seconds to 44% revenue growth in 2026. Our diversified order book over thousand crores along with a strong tender 3:33 3 minutes, 33 seconds pipeline of the similar size and particularly driven by PTSD division provides a healthy growth visibility. 3:40 3 minutes, 40 seconds Our strategy prioritizes profitable growth over pure revenue expansion. We are continuously improving our order 3:48 3 minutes, 48 seconds section focusing on right mix of business or products and enhanced margin and overall return from a segment 3:56 3 minutes, 56 seconds perspective. The discom business continues to be key growth driver continuing about 46% revenue growth for 4:03 4 minutes, 3 seconds the nth uh year 46. We also witnessing strong traction in ERS and stringent growth business within the PTS division 4:12 4 minutes, 12 seconds as well as a very steady uh growth is coming from solar EPC and NR division and particularly we also looking forward 4:19 4 minutes, 19 seconds for the strong growth coming from our BS division. 4:24 4 minutes, 24 seconds Operationally we executed 59 crores of ACS and OPW supply and historical work and supply transmission tools worth 4:32 4 minutes, 32 seconds about 52.8 crores during uh financial year 26. Several critical EPC projects have been completed without delay and 4:41 4 minutes, 41 seconds many cases are we have completed before schedule. 4:46 4 minutes, 46 seconds Our foray into discom and solar EPC projects have been executed with a elevated approach starting with smaller projects to build the pre-qualification 4:54 4 minutes, 54 seconds credentials. We have delivered this project successfully strengthening our execution track record 5:01 5 minutes, 1 second with a strong order book improving margin expanding capabilities across both conventional and renewable business. We are confident of sustained growth and momentum in coming quarters. 5:12 5 minutes, 12 seconds To further accelerate our growth trajectory and align with our ad 2030 vision, we are setting up a gigaf factory complex for the new and 5:21 5 minutes, 21 seconds renewable energy division along with capacity expansion for the new product addition for PTSD division and 10 5:28 5 minutes, 28 seconds location uh in on a fixed lane road AB express. 5:34 5 minutes, 34 seconds This strategic capacity is expected to drive the company's future business and financial growth. The facility is targeted to be make fully commercialized and operationalized by the mid of 2028. 5:46 5 minutes, 46 seconds With this I would like to know I would like to now hand over the call to Mr. 5:50 5 minutes, 50 seconds Naran Singh our CFO for the PTS division to share the financial performance of the company. 6:00 6 minutes Thank you Simra. Good afternoon everyone and a warm welcome to the Adid Energy Transitions Limited Q3 and 9 months FI26 6:09 6 minutes, 9 seconds earning conference call. It is a pleasure to connect with you and present our financials performance for the quarter and 9 months ended FI26. 6:19 6 minutes, 19 seconds I am pleased to share that we have delivered yet another strong quarter continuing our consistency growth. Our 6:28 6 minutes, 28 seconds financial performance remain robust and healthy aligned with the company's long-term vision and a positive momentum 6:35 6 minutes, 35 seconds in the sector. Now let me give you the key highlights of our AL standalone and cons 6:46 6 minutes, 46 seconds standalone financial in Q3 FI 26 revenue from operation 6:52 6 minutes, 52 seconds increased by 32% YI to rupees 124 points 7:00 7 minutes and well diversified order group in quarter 3 FI 26 a bit increase by 40% Y 7:07 7 minutes, 7 seconds to Y to rupees 21.10 crores from rupees 15.06 cr in quarter 3 FI25 7:15 7 minutes, 15 seconds margin stood at 16.92% in quarter 3 FI23 in quarter 3 FI26 increased by 20% Y to 7:25 7 minutes, 25 seconds rupees 12.51 K from rupees 10.39 cr in quarter 3 FI25 7:32 7 minutes, 32 seconds margin stood at 10.03% 03% in quarter 3 FI26. 7:37 7 minutes, 37 seconds Let me start with the ATL consolidated financial performance. In quarter 3 FI26, revenue from operation increased 7:44 7 minutes, 44 seconds by 114% Y to rupees 211 K from rupees 98.41 cr. In quarter 3 FI25 7:53 7 minutes, 53 seconds in quarter 3 FI 26, a beta increased by 58% Y to Y to rupees 24.16 K from rupees 8:01 8 minutes, 1 second 15.25 25 cr in quarter C FI25 EITA margin stood at 11.45% 8:08 8 minutes, 8 seconds in quarter C FI26 in quarter C FI26 increased by 78% Y to 8:15 8 minutes, 15 seconds Y rupees 17.39 cr from 9.79 cr in quarter 3 FI25 margin stood at 8.24% 24% in quarter 3 FI23. 8:26 8 minutes, 26 seconds This concludes with the update on the company's financial highlight. We remain confident of sustainability this growth momentum in the up uh coming quarter 8:35 8 minutes, 35 seconds reflecting our strong overall performance and yearon-year growth strategy. I shall now request to auditor to open the floor for question and answer session. 8:47 8 minutes, 47 seconds Thank you very much. We will now begin the question and answer session. Anyone who wishes to ask questions may press star and one on the touchstone 8:55 8 minutes, 55 seconds telephone. If you wish to remove yourself from the question queue, you may press star and two. Participants are requested to use handsets while asking 9:03 9 minutes, 3 seconds questions. Ladies and gentlemen, we will wait for a moment while the question Q assembles. 9:11 9 minutes, 11 seconds To ask questions, please press start and one. 9:17 9 minutes, 17 seconds The first question is from Shashank Ja from SB Capital. Please go ahead. Yeah. Hi sir. 9:25 9 minutes, 25 seconds Hello. Yes. 9:29 9 minutes, 29 seconds Yeah. Yeah. So sir my question is regarding new R division. Uh so first of all how is order buildup happening like 9:37 9 minutes, 37 seconds uh I can see like you are getting lot of order from transmission division but no big order coming in new area division 9:45 9 minutes, 45 seconds recently like I you around 300 K in transmission but none of this work from division. So how is the pipeline looking there? 9:56 9 minutes, 56 seconds Thank you for the question Shashan B. Uh yes as you uh as you mentioned rightly that we have been building the major 10:04 10 minutes, 4 seconds orders in the PTS division. Uh wherein in the last few years we focused on creating the qualifications for the 10:10 10 minutes, 10 seconds various segments in our division and we are expecting the similar flow of the order is coming into this division in 10:18 10 minutes, 18 seconds the quarter Q4 for the year and the Q4 for the next year. uh we are very selective with the orders uh and that is 10:27 10 minutes, 27 seconds uh tricking us to make the right quality of the order book. So what I can what we can mention to you that we'll be finding 10:34 10 minutes, 34 seconds the similar kind of order coming into division 2 and as a company we have been maintaining our growth. 10:41 10 minutes, 41 seconds Okay. Got it. Sir one question is regarding this KPI green. So KPI itself has an EPC part. So when they are giving 10:48 10 minutes, 48 seconds a order to you so is it EPC work or is it balance of plan kind of work? 10:54 10 minutes, 54 seconds Uh we are getting both the orders EPC and balance of plan like recently we took the order from Adani Adani order is 11:02 11 minutes, 2 seconds balance of work it was not on EPC except solar panel everything we are doing. Okay. 11:09 11 minutes, 9 seconds Uh and so I think we'll be able to complete Adani order also in the month of March which will be very significant milestone. to uh 11:17 11 minutes, 17 seconds okay rather we are getting to yes please uh yeah yeah so there will be 11:24 11 minutes, 24 seconds then big up in right sir yeah so getting the complete EPC orders 11:31 11 minutes, 31 seconds needs your qualification in terms of EPC qualification and revenue we are meeting all the revenue qualification it's a matter of time that how we are able to 11:40 11 minutes, 40 seconds get the complete EPC for the solar complete EPC for the bear or the combined EPC per it's a matter Perfect. 11:48 11 minutes, 48 seconds Okay. Got it. Uh thank you. And sir, one thing regarding the electroly you told like in FY27 Q3 or Q4 electroly 300 11:57 11 minutes, 57 seconds megawatt will be active. So how is it going? Is it going as? 12:03 12 minutes, 3 seconds Yeah. Uh thank you for this question too. uh as a company uh we have decided 12:10 12 minutes, 10 seconds to watch the market carefully taking the right opportunity at right time so that we maintain company's growth and 12:18 12 minutes, 18 seconds profitability also considering this vision we are putting up our first 30 megawatt electrolizer uh 12:26 12 minutes, 26 seconds assembly and manufacturing unit to be ready by 15th of March this year in Ahmedabad uh we are also actively going ahead for 12:34 12 minutes, 34 seconds the first expansion towards our drive of 300 megawatt for that the land procurement has already been done and we'll be among the only company to 12:42 12 minutes, 42 seconds complete the two projects on supply and EPC for the green hydrogen uh which is of 1 megawatt and 300 kow so we have 12:51 12 minutes, 51 seconds also in several uh MUS uh with the global players in this segment and very importantly we have completed uh two 13:00 13 minutes models uh technology transfer for the same okay sir econ 13:19 13 minutes, 19 seconds uh our focus as a company is always to look at the uh APC and then going backward integration to manufacture the 13:27 13 minutes, 27 seconds products. So uh so we are completely aligned to the focus uh that's the reason we have been uh in process to 13:36 13 minutes, 36 seconds make uh depart and then fully electronizes time ahead. 13:43 13 minutes, 43 seconds Okay and sir one last question so uh what can be the revenue expectation from one megawatt electrolyer. 13:55 13 minutes, 55 seconds So 1 megawatt uh I think you should not take as only numbers on megawatt because when you talk about 1 megawatt, 5 14:02 14 minutes, 2 seconds megawatt, 10 megawatt, 20 megawatt with a different project different things will come uh uh because it's all about 14:09 14 minutes, 9 seconds economy of scale. So broadly I can tell you those numbers can be anywhere between uh 3.5 to 56 crores on the 14:18 14 minutes, 18 seconds electrolizer part. And then there are many other allied accessories and assemblies like compressors, piping, cooling that will add extra revenue. 14:29 14 minutes, 29 seconds Come again with the number sir. I missed that. 14:32 14 minutes, 32 seconds The numbers can be anywhere between 3.5 crores to 6 crores per megawatt based on the economy of scale and size of the project and then it will further add 14:40 14 minutes, 40 seconds about the other products like compressors, piping, filling plants and cooling towers etc. So those things depends on project to project but these 14:48 14 minutes, 48 seconds are core enterprises numbers are given to you. 14:52 14 minutes, 52 seconds Okay. Okay sir. One more last question is it regarding how much your stake is in ad like 69% something. Am I right? 15:01 15 minutes, 1 second Yeah it's about 69 70% stake in advi. Yes. 15:06 15 minutes, 6 seconds Okay great sir. Thank you for answering my question sir. 15:08 15 minutes, 8 seconds Thank you so much for asking the question sir. Thank you. Thank you. 15:14 15 minutes, 14 seconds Before we take the next question, a reminder to participants that you may press star and one to join the question queue. 15:21 15 minutes, 21 seconds The next question is from Suankar Malik from Sangai family office. Please go ahead. 15:29 15 minutes, 29 seconds Hello sir, thank you for this opportunity. Can you hear me? Yeah, I can we can hear you. 15:34 15 minutes, 34 seconds Yes. Yes. Uh so this is uh I'm covering a for the first time. So can you give me 15:41 15 minutes, 41 seconds and like a overview of this company all the segment how the segment works uh and like a margin the revenue growth in a 15:51 15 minutes, 51 seconds brief not in detail. This is my first question. 15:55 15 minutes, 55 seconds Uh thank you. Can you please uh once again repeat the name of the family office? Uh Shanghai family office. 16:03 16 minutes, 3 seconds Oh very unique Chinese. No no no Indian best. 16:09 16 minutes, 9 seconds Thank you sir. Uh uh see uh we have got lot of investors are setting. So I'd like to uh complete the uh my 16:17 16 minutes, 17 seconds explanation about the company's operation in short. So broadly our company uh developed its operation from 16:25 16 minutes, 25 seconds identifying the unique products. Those are rarely manufactured or being manufactured or are imported and we have 16:33 16 minutes, 33 seconds been uh plan to take up those projects under making India or as schemes and put on our manufacturing program which we've 16:40 16 minutes, 40 seconds been doing regularly. So we build up the PTS accordingly and presently we manufacture ACF, OPW, ERS and uh then uh 16:50 16 minutes, 50 seconds high high tension low Z conductors and we are also developing two more products now which are purely imported. So this 16:57 16 minutes, 57 seconds is first is the manufacturing and then we also provide the EPG services of the same product being used for the various products. So we are having EPC and 17:06 17 minutes, 6 seconds manufacturing division under uh working as a power transmission solutions. Uh and as we have mentioned in our formal 17:14 17 minutes, 14 seconds speech we are also putting integrated facility for further growth of this division. Uh we also uh have the second 17:22 17 minutes, 22 seconds division called NR new and renewable under which we have been working with BS as a manufacturing and also EPC and also 17:30 17 minutes, 30 seconds working as a developer. This is a one part and we have got a PLI of 450 K rupees for the manufacturing of electrolyers for which as I said in 17:39 17 minutes, 39 seconds earlier answer that we have been looking forward uh to go in the segment time to time and we also have the technology 17:46 17 minutes, 46 seconds transfer with one of the European European leading companies for uh development and manufacturing of the 17:53 17 minutes, 53 seconds fuel cell probably will be among the top two or three company in India when the fuel cell drive will come in India and we also doing the EPC of the solar that 18:01 18 minutes, 1 second NR division. So broadly I told you how do we operate and both division are having the total separate business head 18:10 18 minutes, 10 seconds separate FBU head and all are working separately as a separate company. Okay. 18:18 18 minutes, 18 seconds Thank you so much. 18:19 18 minutes, 19 seconds So so my next question is uh so if I look at the presentation uh Mr. I'm really sorry to interrupt but uh there's a lot of background noise at your end. 18:31 18 minutes, 31 seconds request you to maybe move to a quieter area. Uh now is this okay? Yes. Thank you. 18:39 18 minutes, 39 seconds Yeah. Uh so I was if I look at your Q2 presentation in that presentation the 18:45 18 minutes, 45 seconds order book was 1070 cr and the new business was 24% of the order book. So 18:53 18 minutes, 53 seconds you can the order book is 1048 cr and the new business that is 16% of the 19:01 19 minutes, 1 second order right. So I can see if there any uh order solar related uh order the 19:09 19 minutes, 9 seconds companies it's a very lot less right. So what is going on in the sector? Is there any slowdown in the sector? What is what is going on? 19:20 19 minutes, 20 seconds Uh our business head for the NR division Mr. Matal Kundala he will take up the question. 19:28 19 minutes, 28 seconds Yes. Uh hello sir. Thank you for the question and uh the thing is that as even 19:36 19 minutes, 36 seconds repeated in the last question we are in a capacity and capability uh building zone when it comes to uh specifically 19:43 19 minutes, 43 seconds solar projects. uh when we talk about solar as a business uh if if financial side then uh you know the the top line 19:53 19 minutes, 53 seconds is very high in solar businesses but at the same time currently uh there are not very lucrative orders in the market 20:00 20 minutes where a company like us can uh be working at a desired margin and uh of course as uh again we have in this 20:09 20 minutes, 9 seconds quarter itself we have charged 30 megawatt which is our first solar uh project in Kawa And even in the 100 mega adani project 20:18 20 minutes, 18 seconds we have charged uh one block of it which is of 12.5 megawatt and we are due to complete it by March 10. And uh we'll be 20:26 20 minutes, 26 seconds seeing uh some good opportunities uh visible in the quarter 4 and quarter uh before quarter 1 of the next upcoming financial year. 20:37 20 minutes, 37 seconds Okay. Okay. Okay. I'll get back in. Thank you. 20:44 20 minutes, 44 seconds Thank you. The next question is from Akillesh Raat from Reddanta Vision. Please go ahead. Uh hi. Am I audible? 20:53 20 minutes, 53 seconds Yes, you're audible. 20:55 20 minutes, 55 seconds Uh hi. So uh so my first question is uh if I compare revenue or sorry our AITA margin from uh for some past quarters. 21:05 21 minutes, 5 seconds So like there isn't uh much growth in the AITA margin front. So are we uh going to see any improvement uh going 21:13 21 minutes, 13 seconds forward and like what is our margin target for FI 26 and 27? 21:20 21 minutes, 20 seconds Uh thank you for the questions. Uh see this was the quarter three. Normally this quarter 3 is predominant with the 21:28 21 minutes, 28 seconds the weather and monsoon also. So overall on a year on year uh because we should not look at the business on a fragmented 21:37 21 minutes, 37 seconds basis. We should look at the business on year on year basis. So we are hopeful for having the similar numbers by end of the year. 21:48 21 minutes, 48 seconds Okay. So if you could quantify like a bit you know like at what target you you want to end the FI26. 21:58 21 minutes, 58 seconds Uh quantifying the target date uh will not be suitable in this forum. If you want 22:05 22 minutes, 5 seconds to ask such questions, our CFO and business head can definitely take up. 22:10 22 minutes, 10 seconds But what I just tried to mention that overall numbers will be in line with our uh track record. 22:17 22 minutes, 17 seconds Okay. Okay. Sure sir. So my second question is so uh sir going forward do we have any plan to like servicing our 22:25 22 minutes, 25 seconds you know like the we are currently into EPC project right? So we we made EPC project. So like going forward do we do 22:32 22 minutes, 32 seconds we have any plan to like service those project projects which we have uh done so like we we can get a you know a 22:39 22 minutes, 39 seconds recurring uh revenue stream. So do we have any such kind of uh you know uh 22:46 22 minutes, 46 seconds future future like outlooks uh see we have to look at uh how we are 22:53 22 minutes, 53 seconds getting and bringing the value to the business. So EPC is a kind of value bringing business to us. We are also 23:01 23 minutes, 1 second working as a developer as you might be aware that we own several projects on uh BFS wherein we also need to maintain our 23:09 23 minutes, 9 seconds projects. So uh we are bringing value wherever it comes in terms of O andM services 23:16 23 minutes, 16 seconds but we also have the partners who are helping us for taking up our O andM projects for electrolizers for solar and 23:25 23 minutes, 25 seconds for BSL. So we will take such projects wherever we are able to add the value in the company. Thank you. 23:34 23 minutes, 34 seconds Yeah sir. Sir uh sir I have few more questions. So sir my um uh my my next question is so so in this in this 23:42 23 minutes, 42 seconds presentation uh as we have mentioned that we have got our largest EPC order of 216 cr from PGVCL. So, so like when 23:51 23 minutes, 51 seconds are we uh so what kind of revenue visibility like in which quarter are we are we going to see some revenue coming from it? 23:59 23 minutes, 59 seconds The revenue will start coming from the Q4 and it will be completed completely by next year. 24:05 24 minutes, 5 seconds Okay sir. Okay sir. And my uh one last question sir. Uh sir uh sir what is our ERS segment revenue uh revenue in this quarter? 24:17 24 minutes, 17 seconds uh you Q3 or Q4? 24:20 24 minutes, 20 seconds Yeah, sir. Q3 Q3 uh for ERS you know that we have received the biggest orders 24:27 24 minutes, 27 seconds uh in these quarters and uh our revenue for these biggest orders will start from the Q4 of this year to be continued for 24:35 24 minutes, 35 seconds about uh four to six quarters for the coming year for the current orders what you receive. 24:41 24 minutes, 41 seconds Okay sir. So, so that means we don't have any like we don't have any revenue in this quarter of Q3. 24:49 24 minutes, 49 seconds Yeah, for last quarter we don't have revenue because last quarter was a very significant milestone for us for completion of the earlier ERS project 24:57 24 minutes, 57 seconds installation and commissioning and I think this was the first ERS indigenously developed manufactured supplied and commission in India. So by 25:06 25 minutes, 6 seconds that way it was the most important quarter for completion and order booking but revenue wise no. 25:13 25 minutes, 13 seconds Okay. Thank you sir. Thank you. Thank you for answering my question. Thank you. Thank you so much. Yeah. 25:19 25 minutes, 19 seconds Thank you. The next question is from Tanme Zaweri from Finest Capital. Please go ahead. 25:26 25 minutes, 26 seconds Hello. Hi sir. Good afternoon. First congratulations on good set of numbers. 25:32 25 minutes, 32 seconds So my question was regarding the order books out of the current order books that we have uh how much percentage of 25:40 25 minutes, 40 seconds the order book would be uh to be executed in less than 6 months period. 25:49 25 minutes, 49 seconds Uh thank you for the question. Uh from our current order books we hope that about uh 75% orders will be completed by 25:57 25 minutes, 57 seconds next year in next month or next financial year. 26:01 26 minutes, 1 second Is this over and above the new orders to be received and to be completed during the year right sir just then uh you said 75% in next financial year am I right? 26:11 26 minutes, 11 seconds Yes. 26:12 26 minutes, 12 seconds Yes. Okay. And sir in the previous control you had mentioned that by the month of Jan we'll complete uh two 26:20 26 minutes, 20 seconds things. First was 10 me capacity for electrolyers and PTS manufacturing. 26:26 26 minutes, 26 seconds So right now in the I'm sorry to interrupt uh T I'm sorry to interrupt but uh your your voice is uh 26:34 26 minutes, 34 seconds not very clear. If you are on a handsfree request you to use the handset. Am I audible now? 26:40 26 minutes, 40 seconds Yes much better. Please go ahead. Thank you. 26:43 26 minutes, 43 seconds Question of the previous phone call you had mentioned that we'll be having a capacity of 10 megawatts of electrolyers by Jan and PTS manufacturing would be 26:52 26 minutes, 52 seconds completed by Q3 FY26. So just one uh you know add 27:01 27 minutes, 1 second uh I would request Mr. Chaitananya the head of the DH2 division would take up this question. 27:11 27 minutes, 11 seconds Hello. Thank you so much sir and thank you so much sir. So the plan is for the electrolyer manufacturing in the first phase of 30 megawatt will be completed 27:19 27 minutes, 19 seconds in the March 15 of this year and the next phase of the 300 megawatt in the first phase will be completed end of this financial year and the next phase 27:28 27 minutes, 28 seconds will be the next year. This is the plan for electrolizer manufacturing which includes indigenous manufacturing of uh we will call it as making India of 95% indigenous product. 27:41 27 minutes, 41 seconds Okay. Yeah. Thank you so much sir. Thank you. Thank you. 27:50 27 minutes, 50 seconds The next question is from Nitan Gandhi from Innoquest Advisor. Please go ahead. 27:59 27 minutes, 59 seconds Thank you very much for taking my question. Uh continuing this question, uh phase electrolyer when 30 megawatt 28:06 28 minutes, 6 seconds phase one and phase 2, what will be the capex and what's likely affect turnover at a peak potential? 28:13 28 minutes, 13 seconds Uh thank you for the question. I think uh by who is taking care of the capex of the company, he will be taking up the question. 28:26 28 minutes, 26 seconds Thank you so much for your question. So overall prepex plan for the electrolyer factory for the current NX2 financial 28:33 28 minutes, 33 seconds year would be close to 200 cr and we would like to complete the first phase 28:39 28 minutes, 39 seconds by end of this uh uh March 2026 and we are expecting once our full-fledged capacity will be up likely 28:48 28 minutes, 48 seconds to be commissionized by end of the uh March 27 then our fullfledged revenue will be reflecting in FI28. 28:57 28 minutes, 57 seconds Uh we are expecting uh the revenue from first pool financial year is roughly anything between uh 200 to uh 300 cr 29:07 29 minutes, 7 seconds stly adding up considering the market demand and uh upcoming uh time ahead potential from the inquiries coming from the sector. 29:18 29 minutes, 18 seconds So out of 450 cr for electrolyer 200 cr will get commissioned by March 27 and which will assess turnover of 1 to 1.5. 29:27 29 minutes, 27 seconds Can you share for uh balance 250 cr what will happen and when sorry 29:35 29 minutes, 35 seconds electroly for electrolyer total capex plan is 450 cr right? No, no, not exactly 4. In 29:44 29 minutes, 44 seconds first phase, we are likely to complete the 100 megawatt plan is there. Uh by end of next financial year, we would 29:51 29 minutes, 51 seconds like to spend capex of rupees 200 cr in setting up this factory and making it full-fledged operation. Rest of the 29:59 29 minutes, 59 seconds capex we will incur in next to next financial year. 30:03 30 minutes, 3 seconds Okay. Can you share something more on a san also? Now capex site what is the capex and what is the asset turnover 30:11 30 minutes, 11 seconds likely to be commissioned by March 27 uh Q3 27 sorry. 30:17 30 minutes, 17 seconds So I have already mentioned by end of next financial year we are likely to complete the capex of 200 cr for 30:24 30 minutes, 24 seconds completing this and we are expecting the full phase revenue from next to next financial year that will be full financial first financial year getting 30:33 30 minutes, 33 seconds the full revenue estimating anything between 250 to 300 cr. 30:38 30 minutes, 38 seconds Okay. uh for PTS and NRE put together all the expansion plans and whatever you 30:45 30 minutes, 45 seconds have in mind FI28 what will be the revenue potential 30:55 30 minutes, 55 seconds so you're asking about the revenue uh plan for the PTS and NI division separately right right 31:03 31 minutes, 3 seconds and that is for the year 202728 or 2627 71 of after completion of all the projects in 27. So it's 2829. 31:14 31 minutes, 14 seconds So uh 2829 will be too early but what I can indicate to you that uh looking to the our upcoming manufacturing facility 31:24 31 minutes, 24 seconds looking to the trend in the industry and our qualification being updated and 31:30 31 minutes, 30 seconds looking to the kind of exposure my company is able to take. uh we will be continuing the uh growth rate on a 31:40 31 minutes, 40 seconds company level and also at the NR business level will be maintained. It may be a little more or there division wise but overall we maintain. 31:50 31 minutes, 50 seconds So that is 40 45% of 26 right? Yes. 31:55 31 minutes, 55 seconds Okay. And this excludes uh bass and other ventures which you have still to decide right? 32:05 32 minutes, 5 seconds Broadly we can say yes. Okay. Thank you. Thank you so much. 32:12 32 minutes, 12 seconds Thank you. 32:14 32 minutes, 14 seconds Participants who wish to ask questions, please press star and one to join the question queue. The next question is from Sashank Udupa. Please go ahead. 32:25 32 minutes, 25 seconds Yeah. Hi, can you hear me? Yes, I can hear you m. 32:30 32 minutes, 30 seconds Yes. Uh wonderful sir. First of all, thank you for such amazing numbers. Uh my first question is on the 90 cr fund raise that is coming and can you shed 32:39 32 minutes, 39 seconds some light on that for the subsidiary company? 32:42 32 minutes, 42 seconds Uh thank you for the thank you for the question. This fundraising requirement is coming into subsidiary company and we 32:50 32 minutes, 50 seconds are very happy to inform. Okay, this will be probably one of the few or or the only company in India which is having the manufacturing of the base, 32:59 32 minutes, 59 seconds manufacturing of the electrolizer, manufacturing of the fuel cell and also the EPC and validated services through 33:06 33 minutes, 6 seconds uh solar in the one room. So this company naturally needs the funds as required to take up their expansion run. 33:15 33 minutes, 15 seconds So we are taking the points in the first phase now and we would like to take up this in next 2 or 3 months uh which will 33:22 33 minutes, 22 seconds help us to manufacture our uh second expansion of the electrolyis and part of the expansion of the BFS facility. Thank you for the question. 33:34 33 minutes, 34 seconds Wonderful sir and also I had the privilege of meeting your team at the IEW event um and they you know ran me through the entire hydrogen plant as 33:41 33 minutes, 41 seconds well. One question I had on that front is what triggers do you see in the medium-term to long term that should be done by the government for us to you 33:50 33 minutes, 50 seconds know streamline these orders and get more orders? Any triggers that need to happen? 33:55 33 minutes, 55 seconds Uh very interesting question. I would like to give very short answer and then further explanation can be given by our business. 34:02 34 minutes, 2 seconds See we have got these triggers not now before two or three years and we are firmly believer about the uh exponential growth of this segment in years to come. 34:14 34 minutes, 14 seconds At the same time we take the our decisions in interest of the company so that we don't have the overinvestment. 34:22 34 minutes, 22 seconds At the same time we don't want to left behind when the market comes. So that we have been steadily making our facilities developing the qualifications developing 34:30 34 minutes, 30 seconds knowhow completing our P and completing our balance of plan engineering. So uh 34:37 34 minutes, 37 seconds we strongly believe that in next 3 to 5 years it will have the exponential requirements in the market. Further can be explained by Mr. Chet. 34:50 34 minutes, 50 seconds Hello. Thank you sir. Sir on the contrary of the s sir's answer we just want to give you addition on that the market regarding the green hydrogen what 34:59 34 minutes, 59 seconds we have seen from last two years it's growing exponentially which we which is having some segments in the PSU as well as the private segment we see that what 35:09 35 minutes, 9 seconds firm believe and the companies believe we just want to invest on the technology first we want to driven engineering completed on site so we can make our PT 35:18 35 minutes, 18 seconds stronger and after that we can be develop our product in the market. So we see in next two years the market uh 35:25 35 minutes, 25 seconds should be fulfilled in a green hydrogen segment which if you ask me on the segments it would be all the fertilizer industries and the steel industry and 35:33 35 minutes, 33 seconds also we are working on some commercial uh commercial applications as well like pharmaceutical industries uh and a 35:41 35 minutes, 41 seconds different uh regarding the feed stock which is used for green hydrogen. 35:47 35 minutes, 47 seconds Wonderful sir. Thank you. That's my question and again all the best. Thank you sir. 35:55 35 minutes, 55 seconds Thank you. The next question is from Sorab Gupta from financially free. Please go ahead. 36:03 36 minutes, 3 seconds Audible. Hello. Yes. 36:10 36 minutes, 10 seconds Am I audible sir? Yeah you're audible please. 36:14 36 minutes, 14 seconds So thank you for the opportunity sir. So sir if I see the last 2 three year financial of our company margins are 36:21 36 minutes, 21 seconds continuously going down. So what could be the reason behind it sir? 36:27 36 minutes, 27 seconds Uh thank you for the question. Uh I would uh further request our CFO to explain but broadly I'll tell why. uh if 36:36 36 minutes, 36 seconds you look at our company on a standalone basis I think uh uh your questions will be reflected back to you that our 36:43 36 minutes, 43 seconds company is maintaining the AITA and all the numbers and uh the extension of your questions can be answered in a 36:50 36 minutes, 50 seconds consolation basis because uh when you are making the new business you have to get the business by compromising margin 36:57 36 minutes, 57 seconds to develop the qualification and capability so in one year this portion will be completed and I'm sure that we'll be able to give those kind of 37:05 37 minutes, 5 seconds margins into other part of the business also in time to come and our target is to maintain the same numbers in terms of 37:13 37 minutes, 13 seconds EIT and revenue for the all company business in time. 37:19 37 minutes, 19 seconds So when can uh we expect those type of margin reflect in our P&L somewhere by 28 29 or if you provide some color about 37:27 37 minutes, 27 seconds the timeline as you said it will take two to three years. 37:33 37 minutes, 33 seconds Okay. So it takes two to three years to get back to those because at the same time our company need to grow also. 37:40 37 minutes, 40 seconds So those numbers we talking about on those revenue numbers. 37:45 37 minutes, 45 seconds Got it sir. And other question that I have is sir if I see the order book of our company from last three quarter our 37:51 37 minutes, 51 seconds order book mix if I see the NR division is continuously going down from 34% to 25 and currently it is around 16%. 38:00 38 minutes So if you could provide some clar about it sir. 38:04 38 minutes, 4 seconds Uh as uh Mr. Watson head of NR has mentioned that we've been developing uh the quality orders capability and I 38:12 38 minutes, 12 seconds think it is already completed. So by this year will we have the qualification of the solar. We'll be among the first company to complete the less project uh 38:20 38 minutes, 20 seconds fully completed on EPC basis and as a developer basis. We expect our first project to come in June 2026. 38:29 38 minutes, 29 seconds uh so with this all uh actions and efforts together you'll be able to find the numbers in coming time. 38:40 38 minutes, 40 seconds So sir what what can be the mix we are looking for in NPI 27 or beyond sir we are looking forward the mix will uh 38:49 38 minutes, 49 seconds continuously uh changing towards NR division by adding 5 to 7% increase in the mix every year maybe 10%. 38:59 38 minutes, 59 seconds Okay. At the base of Q's reserve. Yes. 39:04 39 minutes, 4 seconds Okay. Okay sir. Got it. And any type of guidance if you want to provide for FY27 on for top line or margin? Sir, 39:11 39 minutes, 11 seconds as I uh try to reply the question in previous uh question also we've been growing uh with the CA of 40 to 50% from 39:19 39 minutes, 19 seconds last 3 to 5 years and we expect this to be continued. 39:24 39 minutes, 24 seconds Okay. Okay. Sir and sir about margin sir uh margin I also reply to you that uh in 39:32 39 minutes, 32 seconds the long term maybe the mid comes maybe in 2 to 3 years we'll be able to maintain the margins at the same level 39:39 39 minutes, 39 seconds for both the company uh for standalone we'll continue with the margin for developing the new business our margin may change uh may but it will be towards their uh betterment zone. 39:52 39 minutes, 52 seconds Okay. Okay. So can we expect around 12 13% margin for FY27 sir that level? 39:59 39 minutes, 59 seconds Yeah sir level sir for that's what we have been working for I think we'll be successful. 40:06 40 minutes, 6 seconds Okay. Okay sir. Got it. Got it. Thank you. That's sir. Thank you sir. Thank you. 40:10 40 minutes, 10 seconds Thank you. Next question is from Vignesh Ayar from Sequent Investments. Please go ahead. 40:17 40 minutes, 17 seconds Uh so thank you for the opportunity. Uh and my first question is uh sir uh if I heard you right and if uh please correct 40:25 40 minutes, 25 seconds me if I'm wrong uh that you said 100 megawatt uh electrolyer is what you're 40:32 40 minutes, 32 seconds targeting by end of FI27 and you will require a capex of around 200 K which is phase one right 40:41 40 minutes, 41 seconds um mostly right okay uh just wanted to know so considering uh a target of 300 megawatt 40:49 40 minutes, 49 seconds uh you know uh in times to come. Uh so what how are we planning on funding 40:56 40 minutes, 56 seconds this? Uh are we planning on raising some fund uh in next year or maybe after that? 41:05 41 minutes, 5 seconds Uh by uh thank you for your question. I think Priyan has already uh tried to mention and reply this question. The uh 41:14 41 minutes, 14 seconds fundraising what we've been doing now of about 90 to 100 crores uh along with a mix of uh date we'll be creating the 41:22 41 minutes, 22 seconds facility initially to start with uh 100 to 125 megawatt of supplies of zeroizers and this is already covering the 41:29 41 minutes, 29 seconds complete plant setup and land requirements uh for to go ahead with the gawatt scale. So we will be needing some 41:38 41 minutes, 38 seconds only differential amount for adding up some further equipment. So I think uh uh one part or one fifth of the investment 41:47 41 minutes, 47 seconds will take care for us to go from 100 to 300. So we may not be needing the further fund from augmenting through 100 to 300 megawatt. 41:58 41 minutes, 58 seconds Oh okay. Got it. So basically the land cost and the structure cost uh is advanced uh in such a way that we can 42:05 42 minutes, 5 seconds scale up easier uh in an easier way later on. Right. is what I yeah because we are looking forward when the time comes our factory should be of 42:13 42 minutes, 13 seconds the gawatt square and we're looking forward this factory to make up to 1 gawatt factory okay right perfect sir uh yeah that's 42:21 42 minutes, 21 seconds all from my side sir and uh thank you and all the best thank you thank you next question is from Aditya 42:29 42 minutes, 29 seconds Sara from Swom advisor please go ahead audible 42:37 42 minutes, 37 seconds yes you're audible I just uh most of my questions are clear and just one of questions that uh that 42:45 42 minutes, 45 seconds we are planning for uh this best manufacturing want to know that what will be our component in this area it 42:52 42 minutes, 52 seconds can be EMS assembly and or please throw some light on uh our uh marketing head for the base is 43:02 43 minutes, 2 seconds sitting with us so I'd request by you to attend the question Okay. 43:09 43 minutes, 9 seconds Hello. Yeah. Thank you for the question sir. 43:16 43 minutes, 16 seconds Uh so sir for initially uh we are uh you know uh targeting uh by October to 43:25 43 minutes, 25 seconds commission our factory and uh we are targeting for you know 2.5 gawatt hour factory and uh for the EMS we are uh you 43:34 43 minutes, 34 seconds know uh trying uh to develop it uh inhouse for the EMS and for the PCS we 43:41 43 minutes, 41 seconds will be collaborating with the channel partners Yes. 43:48 43 minutes, 48 seconds Uh what you said that what for we are calibrating uh 43:56 43 minutes, 56 seconds sir for EMS as Babikav mentioned that we are doing in house but uh we have already collaborated with India one of 44:03 44 minutes, 3 seconds the biggest EMS company who is already our partner for various applications now 44:10 44 minutes, 10 seconds and uh that company has already uh commissioned the projects for the BSS more than 300 megawatt and orders in 44:18 44 minutes, 18 seconds hand are about 1 gawatt with them and they've been already providing the solutions about the EMS and software for the solar and completed more than 80 44:26 44 minutes, 26 seconds gawatt of solar in the software side. So those valued partners will be part of us for providing EMS services and of course 44:34 44 minutes, 34 seconds the PMS will always be the out. So we have lined up the strategic supplying chain for the PCS with one of the India based company. 44:47 44 minutes, 47 seconds Okay. Okay sir. Thank you. That's it from us. All the best. Thank you so much. 44:56 44 minutes, 56 seconds Thank you. 44:57 44 minutes, 57 seconds The next question is from Sashyank Cha from SB Capital. Please go ahead. 45:04 45 minutes, 4 seconds Hey sir, my question is regarding the B. 45:06 45 minutes, 6 seconds So are you planning to have battery assembling also? 45:12 45 minutes, 12 seconds Uh I think uh by has already covered the question by mentioning that yes my battery assembly factory should be 45:19 45 minutes, 19 seconds started by the Q3 for the year 2026 27 and yes we are going ahead. 45:27 45 minutes, 27 seconds Yeah. 45:30 45 minutes, 30 seconds So uh so uh when you are doing fund raise for a green so you must be diluting your estate and how are you 45:36 45 minutes, 36 seconds raising fund for a green we are not diluting the stake of a energy and a green on its own 45:47 45 minutes, 47 seconds we go for the divestment for raising about 100 crores and that is already own and our uh 45:55 45 minutes, 55 seconds fund head Mr. Priyankam Sha is only taking care of the film. 46:02 46 minutes, 2 seconds Okay. Got it. And your guidance of 45 50% looks very very conservative. For my calculation, you can easily grow 60 70% 46:10 46 minutes, 10 seconds if all your plan goes successful like electrolyer sales. So you can easily grow 60 70% for next four years. 46:20 46 minutes, 20 seconds Uh if your plan goes successful any comment on that sir? Sorry can I uh can can I hear you again? 46:28 46 minutes, 28 seconds Yes sir. What I am saying if your every plan for base tool sale electrolyer uh base EPC then solar EPC then cast me 46:37 46 minutes, 37 seconds everything go successful then you can easily grow at 60 70% for next 32 years as per and the plan you have shared. 46:46 46 minutes, 46 seconds Yes. So the time ahead the market demand will be 4A and whatever the demand will be for a new and renewable energy 46:53 46 minutes, 53 seconds segment. We are now building up the capacity and capability so to mitigate and take the no uh lead in that segment. 47:03 47 minutes, 3 seconds So we are in pro uh process of the sale. 47:06 47 minutes, 6 seconds So that growth which you are telling can be easily uh attract and mitigate. 47:13 47 minutes, 13 seconds Yeah. Yeah, I just wanted confirmation. 47:16 47 minutes, 16 seconds I think you're doing great job sir and thank you for answering my questions. 47:24 47 minutes, 24 seconds And sir, one last request. 47:26 47 minutes, 26 seconds Sir, one last request. Uh sir, please say when you get a EPC order and uh like base order, so please say in details is 47:36 47 minutes, 36 seconds it EPC or balance of plant? What what is the nature of actual order sir? It will be very helpful for you. 47:45 47 minutes, 45 seconds uh broadly speaking yeah yeah yeah I'm answering your question broadly speaking 47:51 47 minutes, 51 seconds for uh EPC part of the BSS is having these component one is a supplying of 47:59 47 minutes, 59 seconds the DC components supplying of the AC component third integration of AC and DC components by actual installation at the 48:08 48 minutes, 8 seconds site and fourth by providing O and services these are four parts If you look at this four part, the first 48:14 48 minutes, 14 seconds one will be about 60% or 65% of the project and balance three is about 35%. 48:22 48 minutes, 22 seconds So when you ask someone about NPC normally it covers the balance three not this first one because it is a purely supplying side. So while we are 48:31 48 minutes, 31 seconds developing some of the project on BSS B so we are trying to cover all four and the first is a supplying part that is 48:40 48 minutes, 40 seconds coming also under AGPL as a supplying of the BSS DC blocks and balance three as a EPC portion. So company is getting the total exposure on the EP by this way. 48:53 48 minutes, 53 seconds Okay great. 48:56 48 minutes, 56 seconds Thank you. Thank you sir. Thank you so much. Thank you. 49:03 49 minutes, 3 seconds The next question is from Akillesh Raat from Ranta Vision. Please go ahead. 49:09 49 minutes, 9 seconds Yeah sir. Uh sir actually uh my question is answered sir. Uh could you please like could you please repeat the capex number sir? I I I didn't heard that. 49:20 49 minutes, 20 seconds Could you please repeat the capex number like the 200 cr and then there is something? Yeah I'll tell you the capex number sir. 49:25 49 minutes, 25 seconds Our our PTS division power transmission solution division is going with the capex of 100 crores. This capex equity 49:34 49 minutes, 34 seconds we are managing from our internal cash flow and existing funds of the company. 49:38 49 minutes, 38 seconds So this 100 crores will be taken care by the company on on its own by debt and equity. Uh we are going ahead for the 49:45 49 minutes, 45 seconds capex under EGPN for developing of the facility of BSS. Here we are going with 49:53 49 minutes, 53 seconds a total capex of about uh 180 to 200 crores and for that we are raising about 90 to 100 crores. These are the broad numbers. 50:03 50 minutes, 3 seconds Okay. Thank you sir. Thank you so much. 50:08 50 minutes, 8 seconds Thank you. Next question is from Arvind Ratan from Capital Lamb. Please go ahead. 50:15 50 minutes, 15 seconds Yeah. Hi. Uh congratulations on great set of numbers. I have two questions. 50:20 50 minutes, 20 seconds One is on the uh on the orders from Adoni clean energy in Kra. So you have provided details about the EPC contracts 50:28 50 minutes, 28 seconds coming up for uh production this quarter. But I also want to understand if any of your BSS EPC contract contract 50:36 50 minutes, 36 seconds order book comprises of orders from the Kava project. 50:41 50 minutes, 41 seconds Uh and the second question, yeah, I'll ask. 50:45 50 minutes, 45 seconds Yeah, confuse the question. Yeah, please. 50:47 50 minutes, 47 seconds The second question is I understand you'll be divesting a stake at the APL level right uh what would be the nature 50:55 50 minutes, 55 seconds of that state d are you looking at a small minority are you trying to bring in a strategic if you can provide some color on that that would be great 51:03 51 minutes, 3 seconds I would request you please repeat your second question once again please my question is on the adani green uh 51:12 51 minutes, 12 seconds sorry the green energy uh subsidiary uh the renewable energy subsidiary that you have uh for the state divestment. 51:21 51 minutes, 21 seconds Are you talking to a strategic or a financial partner? And secondly, what is the nature of that fund raise going to be? Is it going to be a a significant 51:29 51 minutes, 29 seconds minority? Is it going to be a small minority or I don't know if a majority thinking majority? Thank you for the two great questions. 51:38 51 minutes, 38 seconds Uh first about the Adani Kawa. See like Adani is coming up with the Kawa reliance in a big way. uh our focus was 51:46 51 minutes, 46 seconds to complete one or two projects successfully with them and we have uh we believe that month or this this year by 51:54 51 minutes, 54 seconds 15th of March we'll be able to complete our first project of the 100 megawatt pitatani I think their expansion plan needs about 5 to 6 gawatt of solar per 52:02 52 minutes, 2 seconds year similarly about 4 to 5 gawatt will be also coming from Reliance and this is also adding to about five to four to 5 52:10 52 minutes, 10 seconds gawatt from other company so what we foresee in next few years Kuch region will be having about 10 to 15 gawatt of 52:18 52 minutes, 18 seconds new installations. So business is not at dark right contractor right facility 52:25 52 minutes, 25 seconds right team will definitely be able to take the reasonable pie of the same. So we are with this focus we are working on the segment and your second question 52:34 52 minutes, 34 seconds about the base portion for the ka projects. uh I think uh we are working 52:41 52 minutes, 41 seconds selectively on the base of the uh the EPC of the base as I tried to explain in my first uh last answer that it is 52:49 52 minutes, 49 seconds having the four parts and uh yesterday also uh we have uh been the lowest 52:56 52 minutes, 56 seconds position for development about 300 gawatt of solar facility on our own. So this kind of opportunity are also coming 53:04 53 minutes, 4 seconds for the AGPL time ahead. Uh and about uh any other questions left about the capex from your side? 53:14 53 minutes, 14 seconds No that that should be all. I just want to have a view uh on the the statement and the fund raise. 53:21 53 minutes, 21 seconds Uh see we have never forgot uh the people who has helped us by investing with us in adv20. 53:30 53 minutes, 30 seconds So we are of course will be open for the uh small requirement and the small funds also and Mr. Priyank is already having 53:39 53 minutes, 39 seconds the plan for the same. So you can definitely in touch with our PR and investment division and we'll be happy to invite small holders also. 53:52 53 minutes, 52 seconds Got it. Okay. Thank you very much and all the best. Thank you. Thank you. 53:58 53 minutes, 58 seconds Next question is from Jignha. Please go ahead. 54:04 54 minutes, 4 seconds Yes sir. Actually my question was regarding that such region of 10 15 gawatt hour development but as you have 54:11 54 minutes, 11 seconds told that uh very uh good contractors will be able to garner a bigger share of the pie. But sir wanted to understand that uh these are very big developers. 54:23 54 minutes, 23 seconds So I I think the margins needs to be sacrificed for bigger orders from them. Right. 54:30 54 minutes, 30 seconds Uh I think uh answer to question is no. Okay. 54:39 54 minutes, 39 seconds Because what we have seen in last one one and a half years uh maybe this not this bigger players but many small 54:47 54 minutes, 47 seconds players who have taken EPC contracts and because of change in few uh module or 54:54 54 minutes, 54 seconds other uh commodity prices they are not able to meet the uh the required price that they have taken the contracts at. 55:05 55 minutes, 5 seconds Yes, you're right. But I'm sure that for the bigger projects time ahead margin will not be squeezed because requirement 55:12 55 minutes, 12 seconds are going to increase continuously and only the mighty only the good track record kind of companies will be able to 55:21 55 minutes, 21 seconds uh secure such projects with the better margin and they'll also be able to perform. 55:27 55 minutes, 27 seconds Right. Right. And uh as you had mentioned that your best target is around 1 gawatt in next five years. So 55:35 55 minutes, 35 seconds uh wanted to understand that four parts of this component that you explained. So this 1 gawatt broadly will handle uh the 55:45 55 minutes, 45 seconds first part uh will you will handle around uh 50% or more 55:51 55 minutes, 51 seconds if you break it down uh I think uh you heard 1 gawatt that I spoke about the electrolizer facility 56:01 56 minutes, 1 second and for the base we are anyway putting the 2.5 gawatt assembly plant to be ready by Q3 this year 56:09 56 minutes, 9 seconds and Oh, correct. So this is the answer at the moment and against the four part the first part which is supplying the DC 56:17 56 minutes, 17 seconds block this is what we are building the capacity where three we are anyway doing 56:23 56 minutes, 23 seconds right understood. So final question uh in few of other conalls of transmission 56:30 56 minutes, 30 seconds equipments player uh there were uh issues raised that uh few parts like 56:37 56 minutes, 37 seconds insulators there is a shortage few other parts is shortage. So in your uh this 56:44 56 minutes, 44 seconds manufacturing divisions uh are you seeing a bump up in demand because lot of transmission orders are underway next 56:52 56 minutes, 52 seconds two years. So any surprise we can expect in next one or two years in manufacturing side? 57:00 57 minutes There's a very interesting question. 57:01 57 minutes, 1 second First I would like this to be addressed by Mr. Pat Gandhi heading over the business development for the PTS division and then I'll try to further 57:09 57 minutes, 9 seconds take the question after part is replying. 57:19 57 minutes, 19 seconds Uh thank you sir. Uh I just want to uh uh before briefing just want to understand your question once again. Uh so I'll be able to better reply. 57:30 57 minutes, 30 seconds Yes. So in few con there was mentioned that uh insulators and few other products there is a shortage. So and 57:38 57 minutes, 38 seconds there are a lot of transmission activity coming in next one or two years. So can we see a surprise in your manufacturing 57:47 57 minutes, 47 seconds various products in next coming one to two years? 57:52 57 minutes, 52 seconds See there is uh your question is very valid and there's a lot of uh uh few transmission products uh which uh which 58:01 58 minutes, 1 second you have mentioned one of them is yes insulators uh uh for for the for the new upcoming uh transmission lines but 58:09 58 minutes, 9 seconds basically the new whatever the transmission lines are coming up in India are basically for the higher voltages maybe around 765 uh KV 800 KV 58:19 58 minutes, 19 seconds and that 2 into HBDC uh the the uh uh the technology for the HBDC 58:26 58 minutes, 26 seconds products uh that brings uh that may need to bring to India uh which may we which 58:34 58 minutes, 34 seconds may we can think of uh uh in near uh future. 58:44 58 minutes, 44 seconds Okay, you would like to add see uh this company Adway is today 58:52 58 minutes, 52 seconds spending on the uh the foundation made by the insulator because our company used to have 30 40% of the total revenue 59:01 59 minutes, 1 second coming from the insulators and looking to this company we have got the highest ever exposure knowhow knowledge of 59:10 59 minutes, 10 seconds insulator industry we have supplied composite L and porcelain from our sources 59:20 59 minutes, 20 seconds uh and our collaborators in Russia and China over the years. Recently uh as you 59:28 59 minutes, 28 seconds ask that will there be any surprise? I can tell you the surprise has already come. Our country is looking forward for 59:36 59 minutes, 36 seconds the new investment and the new products to come in India very fastly and uh uh 59:43 59 minutes, 43 seconds uh our company to be specific here is looking forward to put up the assembly operations of the glass insulators time 59:51 59 minutes, 51 seconds ahead along with some specialized composite work post insulators to be 1:00:00 1 hour required for transmission length towers 220 KV and above. that is in the plan. 1:00:08 1 hour, 8 seconds Okay. Thank you very much. Thank you so much. 1:00:13 1 hour, 13 seconds Thank you. Next question is from Shinmai from Satwa Ventures. Please go ahead. 1:00:20 1 hour, 20 seconds Uh sir, I would like to understand more on the electroly business. You mentioned that it it will entail a capex of 200 1:00:28 1 hour, 28 seconds kores which could generate a revenue of 250 to 300 kores in 1 to two years post completion. So what kind of margin can we expect from that business? 1:00:40 1 hour, 40 seconds Can you answer the question please? 1:00:49 1 hour, 49 seconds So for the manufacturing s the margin should be around 8 to 10%. 1:00:57 1 hour, 57 seconds Okay. So, it's a net margin around 8 to 10%. 1:01:03 1 hour, 1 minute, 3 seconds Okay. Net margin uh understood that full scale. What kind what kind of revenue can be generated from that? 1:01:13 1 hour, 1 minute, 13 seconds Uh for for 2027 28 it will around 200 crores. 1:01:18 1 hour, 1 minute, 18 seconds Uh no I'm saying like at like a full state one is become 100 100 100% operational maybe next next two three year F 29. 1:01:27 1 hour, 1 minute, 27 seconds Yeah. Okay. 1:01:32 1 hour, 1 minute, 32 seconds Okay. Understood. And sir uh like all these new initiatives that are you're taking like in the new energy segment 1:01:39 1 hour, 1 minute, 39 seconds what kind of ROC profile would that be that was initiative like would it be compared to your initial businesses or would it be like an you know ROC 1:01:48 1 hour, 1 minute, 48 seconds accusator because you are taking a lot of you know venturing into a lot of new products and segments. 1:01:55 1 hour, 1 minute, 55 seconds Uh once again can you explain ROC because I could not understood your question with regards to ROC. 1:02:01 1 hour, 2 minutes, 1 second So I'm saying so when you're venturing into these new segments what kind of you know return on capital which we can expect from these new initiatives that 1:02:10 1 hour, 2 minutes, 10 seconds you are taking because I believe that you know uh like some of them will be have a lower margin. So from the capital 1:02:17 1 hour, 2 minutes, 17 seconds allocation perspective how you are thinking and planning see uh for our uh manufacturing 1:02:26 1 hour, 2 minutes, 26 seconds our ROS is normally more than 25 to 30%. 1:02:32 1 hour, 2 minutes, 32 seconds For EPC our ro will be about 15 to 25%. 1:02:36 1 hour, 2 minutes, 36 seconds And for our development project the rosé will be about 12 to 15%. Okay. 1:02:45 1 hour, 2 minutes, 45 seconds Understood. Thank you so much, sir. These were the questions I have. Yeah. Yeah. 1:02:51 1 hour, 2 minutes, 51 seconds Thank you. Next question is from the line of Gautam. Please go ahead. 1:02:58 1 hour, 2 minutes, 58 seconds Am I audible? Yeah, you're audible. 1:03:03 1 hour, 3 minutes, 3 seconds I just wanted to ask uh one question. Uh so there are a lot of uh players coming in uh in the green hydrogen space and a 1:03:12 1 hour, 3 minutes, 12 seconds lot of big players are also entering into it. So how we see our company against those players in the next two years? Thanks. 1:03:21 1 hour, 3 minutes, 21 seconds Uh thank you for the question. Uh there are some big players there are the midwest players already are entering 1:03:28 1 hour, 3 minutes, 28 seconds into the segment and in next 3 years or two years will be the consolidation phase. 1:03:35 1 hour, 3 minutes, 35 seconds Many big players may decide not to continue and many small players have decided already to exit. 1:03:44 1 hour, 3 minutes, 44 seconds And we are among the company who is sticking to the plan since last three years. And the kind of market and kind 1:03:54 1 hour, 3 minutes, 54 seconds of product segmentation for the big player in a company like us will be totally different. The big 1:04:00 1 hour, 4 minutes player will be working for their own requirement of the letterizers because they are into business of the molecules not the supplying of the letterizers. 1:04:11 1 hour, 4 minutes, 11 seconds So for supplying of the letterizers I think we will always be able to have the fair chance of market and overheads and 1:04:19 1 hour, 4 minutes, 19 seconds technology cost will of course will be at our side when we are competing also with the big player. 1:04:26 1 hour, 4 minutes, 26 seconds So we find that looking to our expansion plan we will not find any challenge. 1:04:31 1 hour, 4 minutes, 31 seconds Only thing we're looking forward for the right market to come. Okay. Thank you. 1:04:40 1 hour, 4 minutes, 40 seconds Thank you. 1:04:43 1 hour, 4 minutes, 43 seconds Next question is from Sorab Gupta from Finani Free. Please go ahead. Hi sir, am I audible? 1:04:50 1 hour, 4 minutes, 50 seconds Yes please you're able. 1:04:52 1 hour, 4 minutes, 52 seconds So thank thanks for the followup sir. I have missed one part that you said electrolyer plant will go into live on 1:04:58 1 hour, 4 minutes, 58 seconds till the 15th of March 2026. So it is for 30 megawatt or or something else sir. Uh what's can you please answer the question? 1:05:08 1 hour, 5 minutes, 8 seconds Yes, thank you. Currently, we are aiming at the uh total capacity of the plant to be at a 30 megawatt of electrolyer uh manufacturing from from our plant. So, it will be 30 megawatt. 1:05:19 1 hour, 5 minutes, 19 seconds 30 megawatt 30. Yes. 30 30. 1:05:23 1 hour, 5 minutes, 23 seconds Okay. Okay. And sir, the next uh question that I have is sir mentioned recently that cex for pts is 100 cr and 1:05:31 1 hour, 5 minutes, 31 seconds that will be from internal approval and electrolyer plus bes is 200 cr. So is it for April 27? 1:05:40 1 hour, 5 minutes, 40 seconds Yes. 1:05:42 1 hour, 5 minutes, 42 seconds And Okay. Okay. And what what what is the amount of KE that we have incurred in 9 months? If you can provide the number. 1:05:56 1 hour, 5 minutes, 56 seconds So so far during this nine months we have already we have invested in technology adoption more than 35 cr that 1:06:04 1 hour, 6 minutes, 4 seconds is the capex over and above uh we have also procured the plant and machinery and some of the civil work we have 1:06:12 1 hour, 6 minutes, 12 seconds completed. So all put together uh during this 9 months we are very uh much close to no around 1:06:21 1 hour, 6 minutes, 21 seconds 60 cr kind of capex and by end of this year uh we are likely to uh incur another uh maybe 110 cr kind of capex by end of this financial year. 1:06:33 1 hour, 6 minutes, 33 seconds So means you have incurred around 60 cr in 9 month and it will go to 110 cr by the end of FY 26. 1:06:40 1 hour, 6 minutes, 40 seconds Yes. Am I correct? Yes. Yes, you are correct. Okay. So, means another 50 cr in Q4. 1:06:48 1 hour, 6 minutes, 48 seconds Yes. Yes. Okay. Okay. Got it. Got it. Thank you. That's it from my side. 1:06:54 1 hour, 6 minutes, 54 seconds Thank you very much. That was the last question in queue. I would now like to hand the conference over to the management team for closing comments. 1:07:05 1 hour, 7 minutes, 5 seconds Thank you everyone. On behalf of the management of Adway Energy Transitioners Limited, we thank you all for joining us 1:07:12 1 hour, 7 minutes, 12 seconds on our post earnings call today. We hope we have been able to address majority of the queries. You may reach out to me or 1:07:21 1 hour, 7 minutes, 21 seconds our investor relation partner Ernst Yung ey for any further queries that you may have and they will connect you with uh offline. 1:07:32 1 hour, 7 minutes, 32 seconds Renu uh we can close the call. Thank you very much. Thank you all. 1:07:40 1 hour, 7 minutes, 40 seconds With that we conclude today's conference. Thank you for joining us ladies and gentlemen. You may now disconnect your lines.