Alpex Solar Ltd — Q3 FY26

Alpex Solar Ltd Q3 FY2025-26 Earnings Conference Call https://www.youtube.com/watch?v=HKXzOuIJOWY Published: 3 months ago

0:00 Good evening ladies and gentlemen and welcome to the earnings conference call for Q3 and 9 month FI26 for Alpek Solar Limited that is ASL. 0:10 10 seconds Let us now begin with the introduction of the management team. We have with us today Mr. Ashwini Seagel managing director Mr. Vipin Seagel director Mr. 0:20 20 seconds Adika Seagel CEO Miss Uda Seagel CFO Mr. 0:24 24 seconds LK Damija VP finance and Mr. Sakshi Tomar company secretary Mr. Ashwini Seagel, managing director, a mechanical 0:33 33 seconds engineer from Punjab University, has been a stalwart and p pioneer in the field of solar manufacturing and currently serves as the general 0:41 41 seconds secretary of the Indian solar manufacturers association that is ESMA which consists Adani, Tata, Reliance as 0:49 49 seconds its members among others where he has also served as the president for 12 years and played a pivotal role in advocating for favorable government policies that benefit solar manufactur. 1:00 1 minute ers like ALMM, ALCM and ALWM. 1:04 1 minute, 4 seconds His impeccable reputation within the solar manufacturing industry has solidified his position as a respected industry leader and driving force for 1:13 1 minute, 13 seconds the solar manufacturing industry in India. Also joining us today is Mr. 1:18 1 minute, 18 seconds Adita Seel, CEO. Mr. Adita Seagel is a bachelor's degree in science with a focus on electrical engineering from the prestigious University of California. 1:28 1 minute, 28 seconds As the CEO of Alpek Solar, Mr. Adita Seagel has been driving the global export opportunity and is focused on 1:34 1 minute, 34 seconds developing newer markets. I would now invite Mr. Ashel, managing director to give his opening remarks. Thank you and over to you. 1:51 1 minute, 51 seconds Uh Mr. Seel, please unmute yourself. 1:57 1 minute, 57 seconds Uh thank you very much. Uh so first of all I thank each one of you who have 2:03 2 minutes, 3 seconds joined this uh investors call uh and those who have joined it uh maybe second 2:09 2 minutes, 9 seconds or third or fourth time. So I uh welcome all of you to this investors call and 2:16 2 minutes, 16 seconds wherein we are passing through some really interesting and exciting times for the industry. Uh as you might have 2:25 2 minutes, 25 seconds seen the industry is rapidly growing and uh uh we at Alpex are enjoying uh this 2:32 2 minutes, 32 seconds growth uh with the minimum uh uh expenditure I would say and uh we are 2:40 2 minutes, 40 seconds reaping the benefits of this expansion uh in the industry uh and we are significantly contributing towards uh the atam mission of government of India. 2:53 2 minutes, 53 seconds And uh as you might be aware uh Alpex in the last uh after getting listed uh 3:02 3 minutes, 2 seconds within not even 2 years we have grown uh at a very very rapid pace. So when we 3:09 3 minutes, 9 seconds got listed we had just one location of manufacturing and now we are almost completing six locations of 3:17 3 minutes, 17 seconds manufacturing wherein our uh module capacity will touch 3.6 6 gawatt uh 3:23 3 minutes, 23 seconds solar cell uh the most uh beautiful project for Alpex and the industry and for the government of India also uh we 3:33 3 minutes, 33 seconds have taken strides and uh gone for backward integration and putting up 2.02 3:39 3 minutes, 39 seconds 2 Gawatt of uh Topcon uh G12R cells uh which is also completing the uh likely 3:47 3 minutes, 47 seconds to be completed very soon and uh the production will start very soon. 3:51 3 minutes, 51 seconds Similarly, we were the pioneers to start that uh aluminium 4:00 4 minutes uh frame project and that is also uh giving good results uh to LPEX. Uh so I 4:08 4 minutes, 8 seconds have uh uh the industry is industry is uh growing rapidly uh with the 4:17 4 minutes, 17 seconds uh government's intent that uh this industry needs to grow uh vertically uh and backward also and 4:26 4 minutes, 26 seconds we have to uh manufacture the complete value chain within India. So with that 4:34 4 minutes, 34 seconds uh mission [clears throat] the government of India has made the policies which are very conducive to the manufacturing and uh not only Alpex 4:43 4 minutes, 43 seconds other people are also uh having uh diversifying backward integration or forward integration. So all companies 4:51 4 minutes, 51 seconds are taking these steps. uh so uh without taking much of your time more 4:59 4 minutes, 59 seconds uh more time I would like to now uh ask uh uh Mr. Damea 5:06 5 minutes, 6 seconds to uh uh share our uh results and our presentation and what is uh like in future for all of us. Thank you. 5:17 5 minutes, 17 seconds Thank you sir. I would now invite Mr. to the mija vice president finance to give orientation about financials of Q3 and 9 months ending on 31st December 2025. 5:27 5 minutes, 27 seconds Over to you sir. 5:30 5 minutes, 30 seconds Thank you very much sir. Good evening ladies and gentlemen. 5:35 5 minutes, 35 seconds I would like to draw the attention this uh slide number three. I'm happy to share that LP solar is becoming a big 5:42 5 minutes, 42 seconds conglomerate with massive expansion plans undergoing enter execution which are spread over 1 million square ft 5:50 5 minutes, 50 seconds area. The company's becoming integrated player engaged in entire value chain of solar power industry and by the end of 5:58 5 minutes, 58 seconds this fin next financial year that's 2627 we will have 3.6 gawatt capacity of solar module manufacturing 2.2 2 gawatt 6:08 6 minutes, 8 seconds solar cell capacity 12,000 tons of aluminium frame capacity 115 megawatt of EPC business and 100 megawatt of uh 6:17 6 minutes, 17 seconds independent power purch uh power plants uh within the company and I'm happy to sh mention that when last conference was 6:26 6 minutes, 26 seconds held we had six functional units now we have sorry we had six units now we'll have seven units because we have added 6:33 6 minutes, 33 seconds one more unit in OC glass for aluminum frame so out of that Six units are functioning. 6:40 6 minutes, 40 seconds Next slide. Now let me share the power pack performance of the company uh which achieved in the quarter three. In fact quarter 3 has been a record quarter for 6:49 6 minutes, 49 seconds the company with highest ever turnover, highest ever AITA and high highest ever pack. Company achieved a revenue of 648 6:57 6 minutes, 57 seconds crores for the quarter AITA of 91 crores and profit after tax of 54 crores in 7:03 7 minutes, 3 seconds quarter three which which is 14 AIA which shows the AITA margin of 14.03% and net margin of 8.37%. 7:12 7 minutes, 12 seconds There's a small decline in the margin net margin this margin margin and net margin which we'll discuss in the on later slides. 7:24 7 minutes, 24 seconds Now would like to you would have uh seen our published results for this quarter which were published today only. First let me cover the quarter quarter to 7:33 7 minutes, 33 seconds quarter comparison uh for the current quarter 3 versus quarter 3 of last year. 7:38 7 minutes, 38 seconds Company has achieved return of 648 crores against 187 crores uh the quarter three last year which is 3.45 times. 7:48 7 minutes, 48 seconds Similarly on the AITA we have achieved 91 crores AITA which was 37 crores in K3 last year which 7:56 7 minutes, 56 seconds shows it 2.5 2.45 times as growth and net profit for the quarter is 54 crores which was 23 crores in the same quarter 8:05 8 minutes, 5 seconds last year which is 2.38 2.32 times 3.22.34 times. 8:13 8 minutes, 13 seconds Next slide. 8:15 8 minutes, 15 seconds Uh coming to the performance uh consistent performance quarter on quarter if you see the this uh full year in all three quarters we have grown 8:22 8 minutes, 22 seconds consistently Q1 our turnover was 380 crores which grown which has grown to 523 crores in quarter 2 and 648 crores 8:30 8 minutes, 30 seconds in quarter 3. Similarly at profit after tax also u net profit was 42 crores in Q1 which grew to 51 crores in quarter 2 8:39 8 minutes, 39 seconds and now in quarter 3 it has grown to 54 crores. Next section. 8:49 8 minutes, 49 seconds Yeah. Now coming to the full 9 month result. Uh the company has achieved a turnover of 1,551 8:56 8 minutes, 56 seconds cr for 9 months against 452 crores for the same period last year which is 3.43x. 9:06 9 minutes, 6 seconds uh AITA for the 9 months period is 234 crores against 73 crores in the corresponding period last year. 9:14 9 minutes, 14 seconds Similarly, profit after tax is 148 crores against 48 crores in the same period last year. All these figures are 9:22 9 minutes, 22 seconds more than three times if we compare the same period of last financial year. 9:28 9 minutes, 28 seconds Next, yeah, uh lot is happening in the solar industry uh which our chairman and managing director Mr. Ashni Seagel we'll 9:35 9 minutes, 35 seconds be discuss discussing uh but before that I would like to mention one more thing in the last four years the company that is from 2223 onwards and going up to 9:44 9 minutes, 44 seconds 2526 this first n months the company has grown manifold if we compare the uh figures of 2223 with the annualized 9:53 9 minutes, 53 seconds figures of current financial year uh our turnover has increased more than 10 times AITA has increased more than 24 10:01 10 minutes, 1 second times and profit after tax has increased more 52 times during these four years. 10:07 10 minutes, 7 seconds Now I would request uh Mr. Seel to take it forward. 10:12 10 minutes, 12 seconds Thank you. I would now invite Mr. Vipin Sel director for updates on upcoming GR12 topcon solar cell facility. Over to you sir. 10:24 10 minutes, 24 seconds Thank you. Welcome everyone. Uh regarding this solar cell project 2.2 2 G 10:35 10 minutes, 35 seconds first PH 1.4 G and second PH total capacity will be 2.2 2 G12 10:54 10 minutes, 54 seconds mostly 11:05 11 minutes, 5 seconds G12 R size industry 11:13 11 minutes, 13 seconds Or because of that 11:34 11 minutes, 34 seconds next phase. 11:44 11 minutes, 44 seconds Total top G12 size total. Thank you. 11:56 11 minutes, 56 seconds Should we begin the question and answer session? 12:00 12 minutes Thank you ladies and gentlemen. We will now begin the question and answer session. To ask a question, please click on the QA tab on the panel and click on 12:08 12 minutes, 8 seconds raise hand button. The operator will announce your name when it is your turn to ask a question. Please accept the prompt on your screen and un microphone while proceeding with your question. 12:19 12 minutes, 19 seconds Ladies and gentlemen, we will wait for a moment while the questions. 12:28 12 minutes, 28 seconds We'll take our first question from Shashank Ja from SB Capital. Please go ahead. 12:37 12 minutes, 37 seconds Yes sir. My question regarding Shashank, I'm sorry we couldn't hear you. 12:46 12 minutes, 46 seconds Shashank, can you please repeat your question? Hello. Yes, we can hear you. Please go ahead. 12:53 12 minutes, 53 seconds Yes, please go ahead. 12:55 12 minutes, 55 seconds Yes, I my question is regard the capacity. So by FY28 that is that planned 3.2 gawatt module capacity will 13:03 13 minutes, 3 seconds be most likely be utilized uh the rate at which we are growing. So any plan after that sir? 13:11 13 minutes, 11 seconds Uh Shashank very good question. uh uh we have stated uh in the past that we are a 13:17 13 minutes, 17 seconds conservative uh uh company which uh decides as and when the situation arises. Uh yes, we are growing at a 13:26 13 minutes, 26 seconds rapid pace and there is a good chance that our 3.6 gawatt capacity will become 13:33 13 minutes, 33 seconds uh uh not sufficient for us. So with our uh kind of experience so if required 13:41 13 minutes, 41 seconds maybe 2.4 4 GW of additional capacity for modules can be uh installed at the 13:49 13 minutes, 49 seconds same new factory which is under construction at OC. So we will uh announce this once we have a very clear 13:57 13 minutes, 57 seconds visibility uh further. So this is our IP. Thank you. 14:02 14 minutes, 2 seconds Okay. Any plan on export uh export opportunity? Yes. If you recall in my previous [clears throat] 14:10 14 minutes, 10 seconds uh uh similar discussions so we were one of the pioneers of export to Germany, Italy and Australia uh in the uh in 14:19 14 minutes, 19 seconds olden times but uh now we are not exporting but with the issue of 14:26 14 minutes, 26 seconds reciprocal tariffs gone so we hope that America market will open up and if it opens up and we since we we have our own 14:36 14 minutes, 36 seconds cell our own aluminium And at the same time we in our uh uh uh uh uh in in our group we are expanding 14:45 14 minutes, 45 seconds into silver based business also. So we will have lot of uh almost 80% of module will be manufactured by alpex. So uh we 14:54 14 minutes, 54 seconds will have an clear edge and we will enter the export market if it is profitable and the policy is conducive from USA side. 15:03 15 minutes, 3 seconds Okay great. Sir one question is regarding the order book. Uh when I see premier I don't want to take the company name but uh I have to take it because of 15:12 15 minutes, 12 seconds my question. Uh so like uh if I see premium energy and Y energy their order book provide me visibility of two years 15:19 15 minutes, 19 seconds next two years one year at least. So how is our order book nature? 15:25 15 minutes, 25 seconds Uh our order book is sufficient to expand our business. uh our uh our guidance for the next year is uh 2x of 15:33 15 minutes, 33 seconds uh 2x is our uh general guidance for this business. So our next year guidance 15:40 15 minutes, 40 seconds will be around 3,000 uh cr uh which uh uh we uh have more than that uh orders 15:46 15 minutes, 46 seconds and moreover since with our uh uh uh sell line commissioning very soon uh the order book uh will become more and more strengthened and it will get filled up. 15:57 15 minutes, 57 seconds Uh I mean uh I don't want to declare anything as of now. So orders is not going to be any problem and moreover our 16:04 16 minutes, 4 seconds orders are repetitive uh from the similar customers and uh we have stated that 1,800 cr is the order book as of 16:13 16 minutes, 13 seconds now but it is getting expanded every day order is not a problem. Okay sir, one last question. 16:34 16 minutes, 34 seconds This may be a silly question for you all but it is a important question for me. Uh so DC market is governed by the cell. 16:41 16 minutes, 41 seconds Okay. It is not governed by the uh module makers. So uh since we have our own cell uh we will uh uh continue to 16:50 16 minutes, 50 seconds have this kind of pricing which you mentioned and at the same time the cell market uh uh sell capacity expansion is 16:58 16 minutes, 58 seconds not uh coming at that kind of a pace. So the pricing uh is going to be 17:06 17 minutes, 6 seconds maintained. The government cannot tell us that reduce the price. Yes, the competition can dictate uh a lower 17:14 17 minutes, 14 seconds prices but uh uh uh so this is the situation. If one more last question 17:19 17 minutes, 19 seconds regarding margins last question sir okay okay like margin analysis we can easily 17:28 17 minutes, 28 seconds exceed 30% of we will have aluminum frame then sales we can easily uh exceed it so can you give some commentary on 17:35 17 minutes, 35 seconds that I have seen standards yeah so currently our contributor uh in 17:42 17 minutes, 42 seconds the uh IA is module EPC and uh aluminium uh the cell is yet to add to the beta. 17:51 17 minutes, 51 seconds So once cell comes into uh uh picture. 17:55 17 minutes, 55 seconds So the VA margins are going to rapidly uh uh expand and uh uh so this way our 18:03 18 minutes, 3 seconds margins will be insulated and moreover not only insulated but will be expanded very rapidly. Yeah. Thank you sir. Thank you. 18:11 18 minutes, 11 seconds Thank you. Thank you. Thank you. 18:14 18 minutes, 14 seconds Next question is from Sil Sha from Paris Investments. Please go ahead. 18:21 18 minutes, 21 seconds Hi Sudible. Yes. Yes, please go ahead. 18:25 18 minutes, 25 seconds Yeah. So my question was similar to the previous participants once we start this cell manufacturing what kind of AITA 18:32 18 minutes, 32 seconds margins and pet margins can we I mean achieve at company level. 18:38 18 minutes, 38 seconds Uh uh okay I will uh comment on the uh aida 18:46 18 minutes, 46 seconds which our industry colleagues are enjoying and uh uh so they are enjoying 18:52 18 minutes, 52 seconds a pat margin of around 25 26% on uh cell manufacturing and as our other director 19:00 19 minutes Mr. Vipen cycle explained that we are coming up with one of the most efficient 19:07 19 minutes, 7 seconds cell manufacturing and uh uh uh efficient means that to manufacture 1 19:14 19 minutes, 14 seconds gawatt of cells in that plant is the most cost most cost most cost most cost 19:18 19 minutes, 18 seconds most cost most cost most cost most cost most cost most cost most cost most efficient and at the same time uh uh we are coming up with the most efficient 19:26 19 minutes, 26 seconds cell size also which is the uh industry which has become the industry standard. 19:32 19 minutes, 32 seconds So we anticipate better margins uh than uh our uh uh in the in the industry uh 19:40 19 minutes, 40 seconds because some people are shifting to this uh G12R. So but we are directly starting from G12R. So we will have some uh uh uh some extra uh points on on this. 19:53 19 minutes, 53 seconds Okay on a Okay. So on a base case scenario we can expect 25% pet margin at least for next year. 20:03 20 minutes, 3 seconds Uh yeah it it it should happen like that. Why not? Okay. Okay. Okay. Yeah. But again it is the industry. 20:11 20 minutes, 11 seconds Understood. And by Q1 of next financial year we are starting this cell manufacturing or it may be delayed. 20:18 20 minutes, 18 seconds Uh we are likely to start. your life and uh once we start I mean by by when we can have a full utilization of that capacity. 20:32 20 minutes, 32 seconds Uh we are being aided by one of the most uh efficient and professional teams and 20:39 20 minutes, 39 seconds uh uh the capacity utilization 20:46 20 minutes, 46 seconds we hope that we should be able to get uh once we start the line. So within 45 days we should be able to achieve 90 to 20:54 20 minutes, 54 seconds 95% of the capacity utilization. Uh this is our uh based on our uh industry uh 21:02 21 minutes, 2 seconds consultants and uh uh colleagues who are helping us set up this line. Uh so uh so 21:10 21 minutes, 10 seconds this is this way we think that within once we start so another 45 days will take us and uh we will have the capacity utilization at a reasonably good level. 21:21 21 minutes, 21 seconds Okay. And that will be for our own use right? 21:25 21 minutes, 25 seconds Uh yes uh we have not because uh uh we don't intend to sell the sales but there 21:32 21 minutes, 32 seconds is a uh uh uh some kind we need to plan a little bit uh because all the orders 21:39 21 minutes, 39 seconds are we may have some monopark uh orders pending uh with us. So we may buy monopark cells from other DCR 21:47 21 minutes, 47 seconds manufacturers and sell our G12R small quantity to other uh uh uh buyers of DCR G12. 21:57 21 minutes, 57 seconds Okay. Okay. As of now we don't we don't foresee any problem in consuming each and every single sale which we manufacture. 22:07 22 minutes, 7 seconds Okay. Okay. And so my final question uh do we see any impact of silver prices I mean on our margins going forward? 22:13 22 minutes, 13 seconds Yeah. silver prices are affecting the whole industry and uh uh but uh our uh 22:21 22 minutes, 21 seconds as Mr. Weapon cycle explained our technology is uh uh slightly different and it is one of the most efficient and 22:28 22 minutes, 28 seconds most uh uh I would say uh uh the latest technology we're adopting wherein the 22:36 22 minutes, 36 seconds consumption of silver will be uh uh relatively lesser than uh the 22:43 22 minutes, 43 seconds competitors and at the same time as we explained to you so the new we have a uh 22:51 22 minutes, 51 seconds silver based company already established with the technology from USA and uh uh 22:58 22 minutes, 58 seconds Taiwan and uh this is the JV in it is in the group in in alpex group not in the alpex company. So that is going to help 23:06 23 minutes, 6 seconds a lot to this cell manufact cell manufacturing also. So we are adopting one of the most most recent technology 23:15 23 minutes, 15 seconds advances. So uh so so as we explained so copper will be substituted in in some 23:23 23 minutes, 23 seconds form uh and uh that will add to the profitability of alpex. Thank you. 23:30 23 minutes, 30 seconds But sir I mean on an average I mean what is the usage of the silver in our raw material? 23:36 23 minutes, 36 seconds Uh currently we are not using any silver because we are not directly consuming silver. Silver goes into the manufacturing of solar cells. So once we 23:45 23 minutes, 45 seconds start manufacturing cell then we will use the silver. So as of now we are indirectly buying silver through the cell sell rout. 23:54 23 minutes, 54 seconds Okay. Okay. Uh that's it from my side. Thank you and all the best. Thank you. 24:00 24 minutes Thank you. We'll take our next question from Yash Jarani from Q advisors. Please go ahead. 24:10 24 minutes, 10 seconds Audible. Hello. Am I audible? 24:12 24 minutes, 12 seconds Yes, you're audible. Yes, please go ahead. 24:15 24 minutes, 15 seconds So, basically there were two things that I wanted to know. One was in the November con call you said that uh we had a blended realization of around 17 24:23 24 minutes, 23 seconds to 17 17.5 INR per watt peak. So what's our current realization say in DCR and nondr and what's a blended uh realization for the company? 24:34 24 minutes, 34 seconds Uh it's a still in the similar region. 24:38 24 minutes, 38 seconds uh uh so now the prices are strengthening once again and uh we hope 24:45 24 minutes, 45 seconds and uh it is in going in that direction that the blended uh uh per watt price realization will reach around 18.5 or 24:54 24 minutes, 54 seconds maybe 19 rupees also 18.5 yeah and generally in the industry currently 25:01 25 minutes, 1 second if I'm not wrong non DTR is at around 14 to 18 rupees per Ford PE and DCR is at 25:09 25 minutes, 9 seconds around 22 to 24. So are we within that range in terms of the DCR and nonDCR split or are we above that? 25:17 25 minutes, 17 seconds uh we are in the similar region and uh uh the nondcr module prices are 25:25 25 minutes, 25 seconds strengthened further uh because they were quite uh uh they were competing with Chinese products but now uh because 25:33 25 minutes, 33 seconds of uh the silver and other things and lot of uh uh uh developments are taking place in China and so the prices are 25:41 25 minutes, 41 seconds strengthening at a rapid pace so we feel that the nondesc your segment will cross 25:48 25 minutes, 48 seconds uh 16 rupees very soon. Now and the last one is so we know that Alpex say generally paid a relatively 25:56 25 minutes, 56 seconds high uh NCD rate versus the fe which was at around 13 to 14%. So like can you explain us why the cost was this high? 26:05 26 minutes, 5 seconds What is the question? Sorry I missed data. 26:07 26 minutes, 7 seconds Uh so we paid at least I think around 13 to 14% while we were raising our non-convertible debentures. So why was this cost so high when we compared to 26:16 26 minutes, 16 seconds the other players who are raising debt in the current market? 26:21 26 minutes, 21 seconds the uh so I would say it is the main reason was the timing and uh uh so you 26:28 26 minutes, 28 seconds would have seen uh from our presentation and from our results that uh uh our uh 26:35 26 minutes, 35 seconds banking limits are very very uh epsimal and uh uh the banks take their own sweet 26:43 26 minutes, 43 seconds time and they are unable to uh cope up with the expansion which is happening at 26:49 26 minutes, 49 seconds uh uh uh at Lex level. So our top line and bottom line both are rapidly growing 26:56 26 minutes, 56 seconds but banks they are quite uh conservative and slow in uh uh giving that kind of limits. So because uh uh we are also at 27:06 27 minutes, 6 seconds the same time investing lot of money in our cell and extra capacities which are coming up. So we raised uh this 125 cr 27:16 27 minutes, 16 seconds of uh uh non DCR uh sorry no uh the debentures and uh yes these are slightly expensive but the [clears throat] 27:24 27 minutes, 24 seconds because of essence in timing so uh we went in for that but so that is it 27:32 27 minutes, 32 seconds thank you so much thank you thank you next question is from Chitra 27:38 27 minutes, 38 seconds Lunawat from 9enture Please go ahead for the amazing set of numbers. So sir I 27:48 27 minutes, 48 seconds just wanted to understand the impact of silver like so normally it is around 25% of the cell cost is the silver cost 27:55 27 minutes, 55 seconds right. So in our new technology like uh how how much are we expecting to you know cut down that and use of copper. Uh so if we s you can answer that. 28:05 28 minutes, 5 seconds Uh vapon can you answer this question? 28:08 28 minutes, 8 seconds uh because yes thank you because of the silver price going up the silver cost in the cell is already probably it's at 40%. 28:18 28 minutes, 18 seconds uh but as we already I have informed you that we will be using the latest technology where the silver usage will 28:25 28 minutes, 25 seconds be uh we will be saving at least 15 20% on the silver cost because of this and then we will be 28:34 28 minutes, 34 seconds again migrating to the copper paste. So there again we will save some some more. 28:40 28 minutes, 40 seconds Huh? So as of now it's around 40 45% is the silver is the silver cost is there in the cell. I hope I have answered your question. 28:51 28 minutes, 51 seconds Yes. Yes sir. And sir why are we having this company out outside of Alpex company like the space company? 28:57 28 minutes, 57 seconds Uh okay I'll answer this question. So this is a tech high technology area uh wherein the technology lies with uh two 29:06 29 minutes, 6 seconds gentlemen who are PhDs and uh they are American citizens and they have uh 29:13 29 minutes, 13 seconds investments in this technology and they own the patents also. So uh they wanted and uh this kind of structure. So that's 29:22 29 minutes, 22 seconds why we have kept it outside uh the LEX uh uh LPX solar. So not as a subsidiary but it is in the group. So uh Alpex 29:30 29 minutes, 30 seconds solar will definitely reap rich benefits of this development. Okay. Okay. Okay sir. 29:39 29 minutes, 39 seconds Thank you. And and uh uh one more thing is this still this past company when it 29:46 29 minutes, 46 seconds starts the uh business so it will not only uh uh supply to help but it will supply to other uh uh cell manufacturers also. 29:56 29 minutes, 56 seconds Sure. Sure sir. And sir, currently what is a DC and non diesel order book sir? 30:00 30 minutes Like uh so as I explained to you we have almost 1,900 crores of uh orders order book and 30:09 30 minutes, 9 seconds uh exact uh uh bifurcation I may not be knowing at at immediately but you can set an email to us and Sachi will reply to you on that. 30:19 30 minutes, 19 seconds Sure. Uh that is it for my suggestions. 30:21 30 minutes, 21 seconds Thank thank you very Thank you. 30:24 30 minutes, 24 seconds Next question is from Apurva Bandi from Whiteststone PMS. Please go ahead. 30:31 30 minutes, 31 seconds Yeah. Hi sir, thanks for the opportunity. So my question is on the as you mentioned the order book is of around 1,900 crores, right? So what is 30:39 30 minutes, 39 seconds the execution timeline for this? I think it's less than uh Yeah. Right. 30:44 30 minutes, 44 seconds Yeah. Yeah. Yeah. As I told you that we are growing at a more than 2x and Mr. 30:49 30 minutes, 49 seconds Damija explained to you in one of the slides that uh this year uh our growth is much more than that. So even if we 30:58 30 minutes, 58 seconds grow uh with uh 2x kind of guidance which we gave uh so we we'll be doing around 3,000 more than 3,000 crores but 31:06 31 minutes, 6 seconds uh uh this question I have already answered that with uh we have a lot of orders coming flowing in and uh we don't 31:14 31 minutes, 14 seconds see any problem of orders. Huh. So uh yeah yeah and so so 19004 will be not more than they will not last more than six seven months sir. 31:26 31 minutes, 26 seconds Got it. 31:27 31 minutes, 27 seconds We have also announced the time period of completion of all the project on our stock exchange announcement also. Okay. 31:34 31 minutes, 34 seconds So this all will be completed by FI 26. 31:39 31 minutes, 39 seconds Also sir what is the capex amount which we are doing for the 2.2 to gawatt uh topcon and the revenue potential for it. 31:47 31 minutes, 47 seconds So revenue potential because majority of the sales will be to Lex only within the group. So we have not quantified 31:57 31 minutes, 57 seconds separate uh this thing uh because all the sales will be consumed within LEX. 32:02 32 minutes, 2 seconds Uh but uh from otherwise you can make a an internal calculation. 32:08 32 minutes, 8 seconds So it will be uh the memored. 32:28 32 minutes, 28 seconds So okay I I can give you that estimate. 32:31 32 minutes, 31 seconds Okay on a on an average 1 gawatt of solar cell which we will manufacture. So we will be generating a turnover of around 1,200 K. 32:41 32 minutes, 41 seconds Got it. Yeah. 32:43 32 minutes, 43 seconds Okay. And so the cap amount which we are uh which put on is for the cell manufacturing. 32:51 32 minutes, 51 seconds I'm sorry the how much amount like we have put in for the capex of 2.2 gawatt. So it's in the public domain. Uh Mr. 33:00 33 minutes Damija how much is in the public domain this thing? Uh we have 800 and something. 33:05 33 minutes, 5 seconds Yes. uh including the soft cost which is uh that uh IDC and everything put together and working margin total cost 33:12 33 minutes, 12 seconds is 825 crores as a project cost or the otherwise uh hard cost will be roughly 750 crores. 33:20 33 minutes, 20 seconds Got it. Got it. And so the last question is on that like like we are hearing there is over capacity in India especially in the module side right so 33:28 33 minutes, 28 seconds what is the what is the impact of that on a modules realization and and demand 33:35 33 minutes, 35 seconds uh yes module capacity is growing rapidly and it is rather in fact it has grown uh much uh at a much uh faster 33:44 33 minutes, 44 seconds level but uh uh the India uh market is also growing at the rapid 33:51 33 minutes, 51 seconds pace. So there will be some kind of mismatch between demand and supply. But 33:58 33 minutes, 58 seconds uh uh module manufacturing which is uh in a some kind of different 34:07 34 minutes, 7 seconds that the name plate capacity and the realistic [clears throat] deliveries are uh in the region of 55 to 34:14 34 minutes, 14 seconds 60%. So you would have seen our industry colleagues uh if you I mean look at their uh top line and try to convert 34:23 34 minutes, 23 seconds into uh the uh the capacity which uh is being utilized you will see that it will be around 50 to 55% or maybe at times it 34:31 34 minutes, 31 seconds is lesser than that. So uh we feel that uh large uh uh module capacity is not 34:40 34 minutes, 40 seconds going to hurt a lot but uh uh and moreover now with the ALCM in picture 34:47 34 minutes, 47 seconds from 1st of June uh the capacities uh will be dependent on solar cells. So we 34:57 34 minutes, 57 seconds uh uh we at AlpEx are uh slated to reap good uh benefits of this uh timely 35:06 35 minutes, 6 seconds expansion and timely implementation of our cell business. Thank you. And moreover one more thing lot of module 35:14 35 minutes, 14 seconds capacity is going offline also because monopark module capacity will be gone uh 35:21 35 minutes, 21 seconds because uh in another 6 to 9 months robot will buy those uh panels. 35:27 35 minutes, 27 seconds Got it. And so just my last question is that uh like as you mentioned that we would be using copper in our uh in the 35:34 35 minutes, 34 seconds cell right so won't it be impacting the efficiency of the cell? Uh uh okay no no no uh this is these are the developments 35:43 35 minutes, 43 seconds this is the industry trend u you would see if you check it internationally all 35:50 35 minutes, 50 seconds uh global leaders they are trying to minimize the usage of uh silver and 35:57 35 minutes, 57 seconds substituted with copper or copper uh uh some kind of uh I would not like to name 36:04 36 minutes, 4 seconds those technologies so they are substituting which is which is the right way to cut down the cost and without 36:11 36 minutes, 11 seconds compromising the quality of the uh solar cell. So we are also doing the similar kind of a business. I am myself not an 36:20 36 minutes, 20 seconds uh uh I'm an engineer by education but still I do not understand this high-tech silver based business. So uh maybe in 36:29 36 minutes, 29 seconds the next uh meeting or something like this we will ask our uh colleagues in 36:36 36 minutes, 36 seconds from the silverface company to answer a few of your queries. Thank you. 36:41 36 minutes, 41 seconds Sure sir. Thank you sir and all the best. Thank you. Thank you. 36:45 36 minutes, 45 seconds Thank you. Next question is from Abi Seagel from Singularity. Please go ahead. 36:54 36 minutes, 54 seconds Good evening sir. Congratulations on a great set of numbers. So I wanted to understand one thing more uh a little bit more on the aluminum frame business sir. 37:03 37 minutes, 3 seconds Sorry your voice is sounding muffled. Can you hear me now sir? Uh sir you're able to hear him right? 37:12 37 minutes, 12 seconds You're better. Yeah you're no better. Yeah please go ahead. 37:15 37 minutes, 15 seconds So so wanted to understand uh you were one of the first entrance to get into this aluminium frame business. wanted to understand 37:23 37 minutes, 23 seconds what kind of what is the benefit on a cost per what peak do you expect to get from this because would it make sense to put the rather the additional capex into 37:33 37 minutes, 33 seconds the modular cell line versus on the aluminium prim so just wanted to understand your thoughts on that from a capital decision 37:41 37 minutes, 41 seconds okay uh you are one seagle seagle brotherh 37:48 37 minutes, 48 seconds so I'm very proud you asked me this question. So what's your full name? Abi Sagal. 37:57 37 minutes, 57 seconds Abi Seagal. Abi Seagal. Okay. Abi. The thing is like this. I answered this question when we are we were getting 38:03 38 minutes, 3 seconds listed. So we were the first ones to come up with the aluminium uh project, 38:10 38 minutes, 10 seconds aluminium frame uh production because uh at that time we felt that uh aluminium frame will create bottlenecks. 38:20 38 minutes, 20 seconds uh for uh uh uh manufacturers like us because the government is uh quite clear that uh uh everything has to be 38:29 38 minutes, 29 seconds manufactured in India and uh I'm very proud to uh share with you that that our 38:36 38 minutes, 36 seconds uh uh decision at that time was quite correct and it was before time I would 38:42 38 minutes, 42 seconds say uh so after our frame manufacturing so companies like Premier and uh even 38:52 38 minutes, 52 seconds wor everybody is setting up the aluminium frame 38:58 38 minutes, 58 seconds lines. So and uh regarding the uh uh capeex which you mentioned that if we uh 39:07 39 minutes, 7 seconds uh spend the same capex on uh uh module or cell yes we can uh uh uh do 39:15 39 minutes, 15 seconds that but uh uh aluminium manufacturing aluminium frame manufacturing imparts 39:22 39 minutes, 22 seconds lot of freedom to uh uh module manufacturer because uh some frames are many frames are custom made. 39:32 39 minutes, 32 seconds So and the cex form frame manufacturing is not very high and uh it is a smart 39:40 39 minutes, 40 seconds move with a small kex uh you can generate handsome margins and generate lot of freedom which is given to our 39:49 39 minutes, 49 seconds module line. Hope I have answered your question above the price to understand the cost because 39:57 39 minutes, 57 seconds most of the frame today is bought from China. There's no issue on that. This India has kept a minimum duty on it. So 40:04 40 minutes, 4 seconds just wanted to understand how uh expensive more expensive are we versus the Chinese today. 40:12 40 minutes, 12 seconds Oh, I am not exact. I may not I mean I uh per what peak uh how much money we 40:19 40 minutes, 19 seconds will be saving but I have a rough estimate that uh on our expanded capacity which we will be generating uh 40:27 40 minutes, 27 seconds an additional profit of around 60 odd cr from the aluminium business in the next year. So which is not a small uh uh uh 40:35 40 minutes, 35 seconds uh profit and it can be converted into perk also in this way and uh uh one more 40:44 40 minutes, 44 seconds thing the most important aspect is the government is already put in a non-tariff barrier on aluminium frames 40:52 40 minutes, 52 seconds and uh uh the manufacturers who do not have frame manufacturing they will uh 40:59 40 minutes, 59 seconds they are likely to suffer a little bit on that count because we already have. 41:04 41 minutes, 4 seconds So we are we so some of our industry colleagues ask us please give us some frames etc. So this is a good and smart move. Thanks. 41:13 41 minutes, 13 seconds And so what would be the utilization of the aluminium frame line? So how you said module is 50 to 55%. What would it be for the aluminium frame? 41:22 41 minutes, 22 seconds Aluminium frame we are going to expand 41:31 41 minutes, 31 seconds the utilization generally name plate capacity capacity utilization is almost as of now we are doing more than 75 80% which is a 41:41 41 minutes, 41 seconds quite high okay so I'll ask one more question is that last one was that we see the bigger 41:49 41 minutes, 49 seconds players expanding into modules like the bigger capacities. How do you see smaller players because there are a lot of new players who also coming in with 2 41:57 41 minutes, 57 seconds G, 3 G, 4 G, five and then you have VI, Vikram and all at the 15 GW. How are you seeing competition play out in the 42:06 42 minutes, 6 seconds actual market because we understand price is also dropping to 12 to 13 rupees or what peak also given the in the recent time what I've understood in 42:14 42 minutes, 14 seconds the market recently. So what did your thoughts on it? 42:19 42 minutes, 19 seconds Uh uh uh yes uh there are lot of uh new uh 42:27 42 minutes, 27 seconds announcements and a lot of expansion is happening uh and uh mark at the same time I answered in indirectly this 42:35 42 minutes, 35 seconds question that uh we uh not only uh this kind of expansion but new markets are 42:43 42 minutes, 43 seconds also uh getting into uh the indust in India uh market is also expanding. So 42:51 42 minutes, 51 seconds the CNA CNI segment is also opening up and uh so market demand will keep on 42:57 42 minutes, 57 seconds expanding also. Yes, the supply also catching up and uh plain vanilla manufacturers like small manufacturer 43:06 43 minutes, 6 seconds the market uh will dry up for them. uh the people who have uh integration 43:14 43 minutes, 14 seconds backward and forward integration so they stand to gain a lot vain vanilla 1 G to 43:21 43 minutes, 21 seconds 1.2 G of module hope I have answered your question yes thank you as a last question sir if 43:28 43 minutes, 28 seconds price goes up by 15 or 20% how much can you pass on to this year or to the model players how does that work sir just to 43:37 43 minutes, 37 seconds understand if tomorrow Alum I'm unable to understand your question. Uh now the voice is not good. 43:43 43 minutes, 43 seconds I was just asking how if aluminum price goes up can you pass the different to the cell player? Is it possible the cell Yeah. Yeah. Aluminium. Yeah. Yeah. 43:54 43 minutes, 54 seconds Aluminium frame prices do affect the end uh module price. So aluminium as of now 44:02 44 minutes, 2 seconds is around 13 to 15% of the cost of a panel. So if uh it goes up we we'll have 44:10 44 minutes, 10 seconds to increase the price but uh we are insulated because we have our own man. Yes. Thank you. Yes. 44:18 44 minutes, 18 seconds Thank you. We'll take our next question from Maitri S from Sapphire Capital. Please go ahead. 44:29 44 minutes, 29 seconds Mri, please unmute your microphone. Yes, please go ahead. 44:32 44 minutes, 32 seconds Yeah. Hello. Good evening. Uh um just a few questions firstly on the I think we're getting into the cells currently 44:40 44 minutes, 40 seconds and you mentioned that these are going to be uh operationally much more efficient and also uh efficient on the 44:47 44 minutes, 47 seconds cost side. Um what sort of benefits are we going to pass on? So you like the DCR cell modules will be much competitively 44:55 44 minutes, 55 seconds priced to the uh current DCR value. 45:00 45 minutes Oh yeah. Uh what's your name? Maitri. Maitri. 45:05 45 minutes, 5 seconds Maitri. Uh yes. If we will produce something at the least cost then our 45:12 45 minutes, 12 seconds profitability will be increased. Number one uh our competitive 45:18 45 minutes, 18 seconds uh readiness also improves. So uh this way we will be benefited in both the 45:24 45 minutes, 24 seconds ways and uh uh it is always better to have a more efficient running factory than some factory which is not 45:33 45 minutes, 33 seconds efficient. So it's a very basic basic thing and uh we will reap the benefits of this kind of technology and uh uh 45:42 45 minutes, 42 seconds processes which we are adopting in this cell business and this cell these cells are not going to be copper based. This is still going 45:49 45 minutes, 49 seconds to be in the silver based uh the next phase we'll be adding the corus. 45:54 45 minutes, 54 seconds Yeah. No, no, no, no. The as vapon my uh other director informed so we are going 46:02 46 minutes, 2 seconds to substitute silver with copper not 100%. there will be few percentages uh 46:08 46 minutes, 8 seconds of level and uh then the technology will uh recheck recalibrate and then come back and like that maybe uh uh I do not 46:17 46 minutes, 17 seconds know exactly when and how much percentage of silver will be substituted with this compos composite kind of a 46:24 46 minutes, 24 seconds thing uh it's a evolving story and evolving technology I would say and uh 46:30 46 minutes, 30 seconds this will happen uh and uh uh uh but uh it is difficult to comment as of now how 46:37 46 minutes, 37 seconds much percentage can be substituted but uh just uh the starting will be it will be 100% silver I mean it will be 46:45 46 minutes, 45 seconds the standard procedure but again efficient okay and are we going to hedge the silver is is there is that going to be 46:52 46 minutes, 52 seconds included as well going forward because now we're going going into style manufacturing I'm sorry what was the question 47:00 47 minutes uh are we hedging the silver once we start with cell manufacturing hedging ah We have not booked silver as of now and 47:08 47 minutes, 8 seconds uh uh we will be starting this process very soon and uh uh we do not know uh it 47:16 47 minutes, 16 seconds is a good idea to hedge the silver at this moment. Uh but uh uh we will take a 47:23 47 minutes, 23 seconds call very soon. We are another rather scratching our heads how to go about it at this moment. Okay. Thank you. 47:29 47 minutes, 29 seconds Also you mentioned that the module prices are now strengthening. So is this uh is this the lag that we the increase 47:37 47 minutes, 37 seconds in solar prices now are now transferred to the uh sales as well is that the reason why the module module prices are 47:44 47 minutes, 44 seconds increasing or this is also more of a structure where like the demand is increasing hence the price is also going up. 47:51 47 minutes, 51 seconds Yeah. So there is a couple of reasons. 47:53 47 minutes, 53 seconds demand is also increasing. Then the silver prices are increasing. Then the copper prices are increasing. Then uh all 11 aluminium prices are increasing. 48:03 48 minutes, 3 seconds [clears throat] 48:04 48 minutes, 4 seconds And then there is a uh China story also. 48:07 48 minutes, 7 seconds The China is changing uh its basic structure of uh export uh uh benefits. 48:14 48 minutes, 14 seconds They are withdrawing export benefits to uh these industries. So couple uh all things added. So the prices are shrink. 48:25 48 minutes, 25 seconds And uh last lastly this is much more of a future question. So now that we are into cells do we see ourselves getting 48:33 48 minutes, 33 seconds into wafer ingots because a lot of the solar manufacturing companies are also getting into those uh manufacturingities 48:40 48 minutes, 40 seconds maybe two three years down the line. Is is that in the plan? 48:44 48 minutes, 44 seconds Correct. Uh you are very right. Uh this will be our plan. uh as of now uh the 48:51 48 minutes, 51 seconds policy for wafer manufacturing and uh in manufacturing is not favorable to manufacturing. Uh people are putting in 48:59 48 minutes, 59 seconds place uh some kind of plan but uh this plan is dependent on the government of India. Uh so as uh uh the director of 49:10 49 minutes, 10 seconds ISMA uh beginning they introduced me as the general secretary of ISMA but now my position is director in ISMA and so ISMA 49:18 49 minutes, 18 seconds is interacting with the government of India etc. So the government is coming up with a policy uh to strengthen the 49:26 49 minutes, 26 seconds manufacturing of ingots and wafers. Once this announcement uh is placed in a 49:33 49 minutes, 33 seconds public domain by the government then definitely alex will take a call of that. So we are open uh we are not uh 49:40 49 minutes, 40 seconds saying that we cannot do it. In fact uh uh this uh interest me a lot the paper manufacturing and we will uh take a 49:49 49 minutes, 49 seconds decision depending upon the clear policy initiative from the government. 49:54 49 minutes, 54 seconds Okay that's great. Also you mentioned that FI27 we are still guiding for a double growth or 2x growth. So uh are we targeting close to 4,000 4,500 cr. 50:06 50 minutes, 6 seconds No no no no uh don't get me wrong. Uh yeah we would like to do 4,000 but uh our original guidance was when our last 50:14 50 minutes, 14 seconds year's turnover was 750. So uh from 750 we gave a 2x that was 1,500. 50:21 50 minutes, 21 seconds Incidentally we have done 1500 within 9 months. So more than 1500 in 9 months. 50:27 50 minutes, 27 seconds So now the the uh the markets will think that okay we will do 2,000 or something like that and from 2x uh uh is from 50:36 50 minutes, 36 seconds 2,000. So uh we would like to maintain uh in the public domain that our 2x is from our 750 cr uh and uh if we are 50:45 50 minutes, 45 seconds outperforming then uh we should be uh uh given a pat on the back rather than 50:53 50 minutes, 53 seconds putting us in a bigger fire but we would we we we feel that uh it's a doable kind of thing. 51:02 51 minutes, 2 seconds Okay. and uh 4Q is it in line with how the 3Q has performed because we had a very good growth in quarter 3. So do we 51:11 51 minutes, 11 seconds expect similar I would say similar revenues coming in fourth queue as well. 51:18 51 minutes, 18 seconds Uh we are doing very well in fact and uh we will come back to you on that. We would 51:25 51 minutes, 25 seconds not uh uh uh comment but uh we are growing more reasonably fashion. Yeah. 51:34 51 minutes, 34 seconds Yeah. Thank you so much for answering all the questions. Thank you. 51:39 51 minutes, 39 seconds Next question is from Bhavya Sha from 3A Financial Services. Please go ahead. 51:48 51 minutes, 48 seconds Good good afternoon sir. Congratulations for the great set of results. So my question is what is our current 51:56 51 minutes, 56 seconds realization per megawatt and after commissioning sell an aluminum frame? 52:01 52 minutes, 1 second What could be the expectation for realization per megawatt? 52:08 52 minutes, 8 seconds Bab uh I think I have answered uh your I mean this question uh in other uh 52:13 52 minutes, 13 seconds questions. So uh our uh realization as I explained uh will be around 18.5 or 52:22 52 minutes, 22 seconds something like that and uh based but uh once we have sell the price realization 52:30 52 minutes, 30 seconds will not uh increase but the margin will increase because we are going to consume the cells within. 52:37 52 minutes, 37 seconds Okay. Got it. And sir uh all the capex that we are doing at 52:44 52 minutes, 44 seconds module and cells all will be fresh line or used line from China. 52:49 52 minutes, 49 seconds It's a fresh line, brand new line and uh we will be inaugurating uh we will be 52:56 52 minutes, 56 seconds putting up into the public domain and uh uh I would like to welcome all of you to come and see for yourself. 53:05 53 minutes, 5 seconds Yeah, this is a brand new line. is not a huge thank you so much sir for for that I'm happy to ask me this question yeah 53:13 53 minutes, 13 seconds but uh uh my question is uh when we look at other peers uh other companies they 53:20 53 minutes, 20 seconds are doing uh in 600 cr they are commissioning 1 gawatt of sales in 825 cr is uh 53:31 53 minutes, 31 seconds commissioning 2.2 2 gawatt of cell line that two latest G12R. So what could be 53:38 53 minutes, 38 seconds secret or what could uh how how we are uh doing this? 53:50 53 minutes, 50 seconds Yeah is answering this question. Yeah. Thank you. 54:00 54 minutes Okay. Okay. Thank you so much. Thank you. 54:05 54 minutes, 5 seconds Next question is from Dhanjay Mishra from Sunidi Securities. Please go ahead 54:13 54 minutes, 13 seconds sir. What is your arrangement? Uh am I audible? Yes, please go ahead. 54:20 54 minutes, 20 seconds So what is your arrangement with the uh this uh sale solar cell? Is it at fixed 54:26 54 minutes, 26 seconds cost uh for certain certain uh uh amount of inventory uh or if silver price 54:34 54 minutes, 34 seconds increases we have to pay higher to them and that is why the margin is getting affected. 54:42 54 minutes, 42 seconds Uh if I am correct I I kind of missed a part of your question but uh uh you you you wanted to ask 54:51 54 minutes, 51 seconds can you repeat the question? So how is how is the arrangement with the the cell supplier uh to us because we have order 54:59 54 minutes, 59 seconds book of 1,900 K. So I guess uh in terms of megawatt that could be around uh 55:05 55 minutes, 5 seconds 1,600 megawatt uh or 1,700 megawatt. So uh how how do we uh uh uh uh arrange the 55:15 55 minutes, 15 seconds uh supply with the suppliers and at is it at fixed price uh as on today or uh how do we book the uh sale capacity? 55:26 55 minutes, 26 seconds Uh Danj good question uh from you. Uh the thing is uh we have orders from DCR 55:32 55 minutes, 32 seconds and non DCR. So non uh nondcr is price sensitive uh which is dependent on the silver but DCR market is a little 55:41 55 minutes, 41 seconds different because the cell manufacturers are enjoying lot of margins. So over there the we do not anticipate any 55:50 55 minutes, 50 seconds increase in the price and at the same time we are sitting on a reasonable good uh stock level uh of sales. So we are uh 55:59 55 minutes, 59 seconds uh uh in a way quite insulated and some of our supplies are renegotiable which 56:05 56 minutes, 5 seconds has a pass through kind of a uh pass through mechanism is there. So if the prices increase uh we will increase the 56:13 56 minutes, 13 seconds price or if the prices decrease we will decrease the prices. Thank you. 56:18 56 minutes, 18 seconds So out of total order book of 1900 K uh uh how much is the uh I mean there is a pass through mechanism if if you are getting uh sale at higher price. 56:31 56 minutes, 31 seconds Uh as I told you there are three different components. Okay. So we have DCR, we 56:38 56 minutes, 38 seconds have nonDCR, then we have sitting on some stock also and uh uh and there then the fourth is the pass through. So I may 56:47 56 minutes, 47 seconds not be knowing the exact uh how much is the pass through but uh we Sakshi we can reply to them on email uh little later. 56:58 56 minutes, 58 seconds Sakshi you're on mute but definitely sir we can report on the mail. Uh Danj one more thing uh uh uh 57:06 57 minutes, 6 seconds this uh uh question is uh you trying to assess that how much uh margin we might 57:14 57 minutes, 14 seconds lose on that counter is that the reason you till till the time we start our own because Q4 Q4 of 57:23 57 minutes, 23 seconds this this financial year and Q1 of the next financial year because uh July onwards we will be uh start uh we will start uh 57:31 57 minutes, 31 seconds producing uh uh the cell and that will be also kind of uh 1,200 megawatt or 57:39 57 minutes, 39 seconds maybe lower capacity but but we will still have to buy buy from the market right no so how the margin will look like uh for 57:47 57 minutes, 47 seconds next two quarter uh this quarter we did yeah yeah yeah we we we we are uh somewhat insulated 57:55 57 minutes, 55 seconds and uh we have uh uh covered I would say and uh uh We 58:02 58 minutes, 2 seconds don't foresee uh that it will uh be problematic but I would like to 58:12 58 minutes, 12 seconds emphasize over here we are better prepared than most of our competitors have. 58:21 58 minutes, 21 seconds So this 14% margin uh can be uh is sustainable for next two two quarter at least. 58:28 58 minutes, 28 seconds You can form your opinion. I will not be able to answer that question. Okay. Okay. In terms of order or Yeah. 58:39 58 minutes, 39 seconds Uh in terms of order inflow uh uh I mean how do you look uh for next 6 to 9 months and whatever order we are getting 58:48 58 minutes, 48 seconds uh is kind of uh 200 300 core order. So uh uh are can we get uh higher size of 58:57 58 minutes, 57 seconds order once we have this uh our own cell capacity? 59:03 59 minutes, 3 seconds Uh we do not want to take very very large orders. Okay. Say let us say uh the 59:10 59 minutes, 10 seconds order size is one typical order is say 800 crores. So that creates lot of issues uh with respect to the pricing 59:19 59 minutes, 19 seconds and uh because if it is 800 cr orders that mean the supply time will be 5 to 6 months maybe 7 months also. So many 59:28 59 minutes, 28 seconds things change in five to 7 months. So we are happy doing smaller orders of 200 to 300 crores and with the pass through 59:35 59 minutes, 35 seconds mechanism and uh uh so this is uh our uh 59:42 59 minutes, 42 seconds uh uh strategy on large orders and uh we feel that this is the better strategy than going in for a very large order and 59:50 59 minutes, 50 seconds then getting boggled down by uh some uh unforeseen circumstances. Thank you. 59:58 59 minutes, 58 seconds And uh lastly on the capex side so uh for this uh 750 cr total capex you said 1:00:05 1 hour, 5 seconds uh on our own. So we raised money uh through propential issue of shares and this NCD. So how much more money we we 1:00:14 1 hour, 14 seconds may require uh to complete the capex uh for this uh sale uh sec phase two as well as uh uh this module. So do we need 1:00:23 1 hour, 23 seconds to raise or it will it will happen through internal approvals? 1:00:27 1 hour, 27 seconds Yeah, most of it is coming through internal approvals and we don't uh have any plans to go to the capital markets 1:00:34 1 hour, 34 seconds again. Uh and uh uh whatever maybe there may be some shortfall we have already plugged in that and we don't foresee any 1:00:43 1 hour, 43 seconds uh uh I mean uh we we will not going to the uh going going back to the market. 1:00:50 1 hour, 50 seconds Okay. So whatever if we we need 100 150 cr or more we will do check date right. 1:00:55 1 hour, 55 seconds We are our beta levels are very healthy you can see it from uh uh our this 9 1:01:03 1 hour, 1 minute, 3 seconds month results which we have produced. So from internal approvals and if there is let us say small short one then we can raise a small debt from our bankers. Gh. 1:01:15 1 hour, 1 minute, 15 seconds Yes sir. In fact this uh entire project cost for solar cell as mentioned including the um soft cost that is our 1:01:22 1 hour, 1 minute, 22 seconds capital margin and IDC is 825 crores. So out of 825 crores you have plan of raising term loan debt 1:01:30 1 hour, 1 minute, 30 seconds portion of 400 only and balance 425 is coming from internal resources intern. Thank you. 1:01:37 1 hour, 1 minute, 37 seconds I think most of the questions okay all the best. Thank you. 1:01:44 1 hour, 1 minute, 44 seconds Thank you. Thank you. 1:01:46 1 hour, 1 minute, 46 seconds Thank you. We'll take a next question from Ishima Bunsel from Alpha AIF. Please go ahead. 1:01:55 1 hour, 1 minute, 55 seconds Um hello everyone. Uh first of all, congratulations for the fabulous results. Uh for the quarter three, we 1:02:02 1 hour, 2 minutes, 2 seconds have actually outpaced our quarter two numbers. Just wanted to understand why there has been a slight decline in the pack margins as compared to our previous quarter. 1:02:13 1 hour, 2 minutes, 13 seconds I forgot I didn't get your name. Huh? Ishima. 1:02:17 1 hour, 2 minutes, 17 seconds Ishima. Uh, so the results are in line with the uh industry trends. Uh, you would have seen our industry colleagues 1:02:26 1 hour, 2 minutes, 26 seconds are also uh the margins have gone down a little bit on account of higher input costs and uh uh realization being 1:02:35 1 hour, 2 minutes, 35 seconds stagnant at at that time. So now the uh realization is getting better and we hope that uh we can go back to the 1:02:43 1 hour, 2 minutes, 43 seconds margins but otherwise [clears throat] industry uh volumes we are increasing and we are compensating the uh uh addition to our eida from extra volume. 1:02:54 1 hour, 2 minutes, 54 seconds So we we will continue to do so. So I hope I have answered the question. 1:03:00 1 hour, 3 minutes Uh so as you mentioned that the margins there is has been a slight squeeze in the margins because of the increase in the input prices. So if you can shed 1:03:09 1 hour, 3 minutes, 9 seconds some more light that perspective. So which enterprises have increased? 1:03:15 1 hour, 3 minutes, 15 seconds Uh so the there are two things have happened. So realization in some segments have also gone down and uh uh 1:03:24 1 hour, 3 minutes, 24 seconds the buying price of solar cells they have increased. the dollar was also very 1:03:31 1 hour, 3 minutes, 31 seconds uh it almost touched 92.5 or something like that. So these things and in in our 1:03:38 1 hour, 3 minutes, 38 seconds case in the case of alphax because we are expanding at a rapid pace and we are putting up so uh uh large capacities we 1:03:48 1 hour, 3 minutes, 48 seconds uh incurred uh some capital expenditures where which have been uh uh I mean paid from our this only. 1:03:56 1 hour, 3 minutes, 56 seconds Got it. Thank you. 1:03:58 1 hour, 3 minutes, 58 seconds What was average utilization in quarter 3 FY26 for the existing module capacity and expected? 1:04:06 1 hour, 4 minutes, 6 seconds We are almost Yeah, we are almost doing more than 80 75 to 80%. 1:04:13 1 hour, 4 minutes, 13 seconds Thank you ladies and gentlemen. We'll take that as the last question for today. I would now like to hand conference over to Mr. 1:04:20 1 hour, 4 minutes, 20 seconds Ashwini Sagel, managing director for closing comments. Over to you sir. Uh I think I'll ask uh Uda Sagal to uh give the parting comments. UA over to you. 1:04:32 1 hour, 4 minutes, 32 seconds Hi everyone. Um thank you for being here. Um we're very proud and very excited. We've shared our results with 1:04:40 1 hour, 4 minutes, 40 seconds you all and um um I think the journey is going strong, stronger than ever. And we 1:04:47 1 hour, 4 minutes, 47 seconds hope to continue this momentum um and keep publishing great results and um thank you for all the support, all the 1:04:55 1 hour, 4 minutes, 55 seconds wonderful questions that you ask because they always help us think harder, guide us in a lot of ways. Um so thank you for always always asking so many questions. 1:05:05 1 hour, 5 minutes, 5 seconds It's lovely to have you all join in every call. Um and I think um looking forward to the year end results now. So 1:05:14 1 hour, 5 minutes, 14 seconds um all the best to all of us and thank you for joining in. Good evening. Thank you everyone. 1:05:20 1 hour, 5 minutes, 20 seconds Thank you everyone. Thank you ladies and gentlemen. On behalf of Alpek Solar Limited that concludes today's 1:05:27 1 hour, 5 minutes, 27 seconds session. Thank you for your participation. You may now exit the meeting. Thank you.