Borosil Renewables Ltd — Q4 FY26

Borosil Renewables Ltd Q4 FY2025-26 Earnings Conference Call https://www.youtube.com/watch?v=CfvQmJcO14E

0:01 1 second Ladies and gentlemen, good day and welcome to the Borisil Renewables Limited Q4 FI26 results call hosted by 0:08 8 seconds Access Capital Limited. This conference call may contain forward-looking statements about the company which are based on the beliefs, opinions, and 0:17 17 seconds expectations of the company as on the date of this call. These statements are not the guarantees of future performance and involve risk and uncertainties that are difficult to predict. 0:28 28 seconds As a reminder, all participant lines will be in the listen only mode and there will be an opportunity for you to ask questions after the presentation 0:36 36 seconds concludes. Should you need assistance during the conference call, please signal an operator by pressing star then 0:44 44 seconds zero on your touchtone phone. Please note that this conference is being recorded. Ananda conference Rohan Gwala 0:52 52 seconds from Access Capital. Thank you and over to you sir. 0:57 57 seconds Thank you. Good evening. On behalf of Access Capital, I'm pleased to welcome you all to the Q4 FY26 earnings 1:05 1 minute, 5 seconds conference call of Corros Limited. We have the task for management represented by Mr. PKa, executive chairman, Mr. 1:12 1 minute, 12 seconds Ashok Chen, non-executive director, Mr. 1:15 1 minute, 15 seconds Melvin Moses, chief executive officer, Mr. Sila, fulltime director and chief financial officer and Mr. Daval Patel, 1:23 1 minute, 23 seconds ABP investor relations. We will begin with the opening remarks from the management followed by an interactive Q&A session. Thank you and over to you sir. 1:33 1 minute, 33 seconds Good afternoon and welcome to the Boros renewables quarter 4 financial year 26 investor call. This is Praep Kukha um 1:43 1 minute, 43 seconds executive chairman addressing all of you. 1:47 1 minute, 47 seconds The standalone and consolidated financial results for the year ended 31st March 2026 and for the quarter were 1:56 1 minute, 56 seconds approved by the board of bored renewables yesterday Tuesday 12th May. 2:01 2 minutes, 1 second Our results and an updated presentation have been sent to the stock exchanges and have also been uploaded on the 2:08 2 minutes, 8 seconds company's website. We will now discuss the operations of company on a standalone basis as well as on a 2:15 2 minutes, 15 seconds consolidated basis. I'm extremely happy to announce that the company has on standalone basis achieved a significant 2:23 2 minutes, 23 seconds mile of sales of rupees 1,500 crores for the year gone by. The company recorded sales of 15 2:32 2 minutes, 32 seconds 1,534.83 83 crores for the year gone by versus 2:39 2 minutes, 39 seconds 1,19.94 crores in the last year showing an impressive growth of over 38%. 2:47 2 minutes, 47 seconds I'm delighted to report that the company has achieved a robusta of rupees 491.68 2:53 2 minutes, 53 seconds 68 crores for the last financial year which is 32% of sales showing a quantum 3:00 3 minutes jump of 172% from rupees 180.51 crores which was 16% of sales in the last year. 3:09 3 minutes, 9 seconds The average x factory selling price realized during the year increased to rupees 146.7 3:16 3 minutes, 16 seconds per millm as compared to rupees 113.44 44 per millimeter in the last year which 3:23 3 minutes, 23 seconds contributed to significantly to the dramatic turnaround in the revenue and IIDA margin. The rise in selling prices 3:31 3 minutes, 31 seconds has been possible only after the government's positive approach by levying anti-dumping duties on solar glass imports from China and Vietnam in December 2024. 3:42 3 minutes, 42 seconds Sales and quantity terms were high by about 8% compared to last year. Exports amounted to about 113.29 3:50 3 minutes, 50 seconds crores accounting for 7.4% of the turnover compared to rupees 87.11 cr in 3:58 3 minutes, 58 seconds the previous year when exports made up 7.9% of the turnover. 4:05 4 minutes, 5 seconds Coming now to the quarterly results the company recorded sales of 437.62 62 crores 4:14 4 minutes, 14 seconds versus 327.23 crores in the corresponding quarter of the previous year. 4:23 4 minutes, 23 seconds This has surpassed the previous all-time high quarterly sales of 386.5 crores in the previous quarter that is 4:31 4 minutes, 31 seconds to say third quarter of the current financial year. The bida for the last quarter at 33% of sales was 144.61 61 4:40 4 minutes, 40 seconds crores in quarter 4 financial year 26 showing a quantum jump of 88% from 4:46 4 minutes, 46 seconds rupees 77.03 crores which was 23.5% of sales in the corresponding quarter 4:53 4 minutes, 53 seconds last year. This has also exceeded the previous quarter aida of rupees 129.04 crores. 5:02 5 minutes, 2 seconds The average factory selling prices during the quarter increased to rupees 5:08 5 minutes, 8 seconds 150.2. 2 per millm as compared to 127.6 in the corresponding quarter 5:17 5 minutes, 17 seconds and corresponding and to from 149.97 in the preceding quarter leading to a 5:24 5 minutes, 24 seconds marked improvement in the margins while improvement in production efficiencies and cost reduction measures also contributed. 5:32 5 minutes, 32 seconds Sales in quantity terms were high by 15% compared to the corresponding quarter and 14% over the preceding quarter. 5:42 5 minutes, 42 seconds Exports amounted to rupees 12.32 crores accounting for 2.8% of the turnover 5:49 5 minutes, 49 seconds compared to rupees 17.85 crores in the corresponding quarter last year when exports made up 5.5% of the turnover. 5:58 5 minutes, 58 seconds The company's major export markets continue to face low demand. 6:04 6 minutes, 4 seconds The ongoing war in West Asia has adversely impacted oil and gas supplies. 6:10 6 minutes, 10 seconds The industries had to struggle to get fuel supplies. Fuel prices of imported gas more than doubled and prices of furnace oil also rose by over 50%. 6:23 6 minutes, 23 seconds In this difficult situation, the company had no choice but to request its customers to accept a fuel search 6:32 6 minutes, 32 seconds charge. We acknowledge the cooperation extended by all our esteemed customers. 6:39 6 minutes, 39 seconds We did not curtail production and have been able to maintain full production throughout. 6:46 6 minutes, 46 seconds Looking to this adverse supply situation, the company has further intensified efforts to improve 6:53 6 minutes, 53 seconds efficiencies and cut costs. I'm happy to say that the rise in fuel cost has not so far made any impact on the margins. 7:04 7 minutes, 4 seconds The domestic demand for solar glass continues to be robust led by a rise in domestic production of solar modules. 7:11 7 minutes, 11 seconds The ALM mechanism for modules has led to rush for capacity additions within 7:18 7 minutes, 18 seconds India. These now stand at 193 gawatt as on 1st May 2026 7:26 7 minutes, 26 seconds and is expected to rise soon to exceed 250 gaw. The solar installations in 7:34 7 minutes, 34 seconds financial year end 26 have been at an all-time high at 44.6 6 GW which means 7:42 7 minutes, 42 seconds modules of last consumption of 60 to 62 GW as against 23.8 GW last year. 7:52 7 minutes, 52 seconds Looking at the success of ALM for solar modules, the government had introduced ALM2 with effect from June 2026 8:01 8 minutes, 1 second mandating use of domestically produced solar cells. This has already led to rise in the solar cell capacity to 30 8:08 8 minutes, 8 seconds gawatt which is expected to rise to 75 gaw by the end of uh this financial year 8:16 8 minutes, 16 seconds as significant capacities are under installation. Although the announcement suggests that this could surpass 100 100 8:23 8 minutes, 23 seconds gaw. The government has also announced introduction of ALMM3 from June 2028 8:33 8 minutes, 33 seconds under which ingot and wafer will also be mandated to be locally produced. In view of this, many existing large module cell 8:42 8 minutes, 42 seconds manufacturers have announced their plans to set up capacities aggregating to about 55 to 60 gawatt. 8:49 8 minutes, 49 seconds These measures will ensure building up of a local supply chain and ecosystem and ensure lowering import dependence 8:57 8 minutes, 57 seconds for energy security need for which it is felt more than ever in the current war and geopolitical situation 9:06 9 minutes, 6 seconds going by a scenario with a continued high level of demand and expected growth in demand from other emerging sectors like EV data centers and green hydrogen. 9:17 9 minutes, 17 seconds We expect a rise in installations to nearly 65 gawatt peranom on DC basis leading to a high demand for solar 9:25 9 minutes, 25 seconds glass. Present solar glass capacity in the country 2,600 tons per day that is to say 18 9:34 9 minutes, 34 seconds gawatt. Currently imports occupy about 70% share of the consumption of about 62 gawatt 9:43 9 minutes, 43 seconds leaving huge scope for capacity addition to substitute the imports and meet the growing demand. 9:50 9 minutes, 50 seconds Based on information available we expect solar glass capacities of about 33 gawatt by multiple companies 9:58 9 minutes, 58 seconds majority of which is for captive consumption to be commissioned by March 2027. 10:05 10 minutes, 5 seconds taking the total domestic capacity to 51 gawatt as against current level of demand of about 65 gawatt still leaving 10:14 10 minutes, 14 seconds a respectable gap to be built. 10:19 10 minutes, 19 seconds I'm pleased to say work on our ongoing expansion at our existing location is in full swing. All the orders or nearly all 10:28 10 minutes, 28 seconds the orders have been placed. Building construction is proceeding as per plan and we expect timely completion of the 10:36 10 minutes, 36 seconds project. Once commissioned, this is expected to generate certain operating leverages. 10:42 10 minutes, 42 seconds Company has decided to enhance the existing business by starting a new division for selling rooftop solutions 10:50 10 minutes, 50 seconds with a view to offer superior products to customers by sourcing from outside and use morsel brand and distribution. 10:58 10 minutes, 58 seconds The rooftop market comprising of poor PM Surya Yoja and commercial and industrial sectors is large and the company will 11:07 11 minutes, 7 seconds use appropriate strategy to tap the same. 11:10 11 minutes, 10 seconds There is no capex plants at this time for the initial period. The pod has also approved an enabling resolution to raise 11:19 11 minutes, 19 seconds equity funds up to rupees 750 crores subject to approval of shareholders. 11:25 11 minutes, 25 seconds The relevant authority that is to say the director general of trade remedies has issued final findings in the matter of CBD on solar glass imported from 11:35 11 minutes, 35 seconds Malaysia recommending CBD for the next 5 years. We expect the Ministry of Finance to issue a customs notification before 11:43 11 minutes, 43 seconds the current duties expire on 8th June 2026. 11:49 11 minutes, 49 seconds In the quarterly results for financial year 26 which is to say the current quarter a provision has been 11:58 11 minutes, 58 seconds made for rupees 325.91 crores towards the exposure in German 12:05 12 minutes, 5 seconds subsidiary geosphere and step down subsidiary GMBB in view of the insolveny filing by GMBB. The company has received 12:15 12 minutes, 15 seconds a copy of the report dated December 1, 2025 issued by courtapp appointed insolveny administrator of GMBB which 12:24 12 minutes, 24 seconds was submitted to the insolveny court in court Germany. As per the report, assets of GMBB are insufficient for discharging 12:32 12 minutes, 32 seconds its liabilities and creditors are unlikely to receive any amounts. In view of this, the company in its books of 12:39 12 minutes, 39 seconds accounts for the financial year ended 31 March 2026 has written of the above 12:45 12 minutes, 45 seconds exposure in geosphere and GMV. Since fulfilled provision had already been made in the books of account previously, 12:55 12 minutes, 55 seconds it will not result into any additional locks loss in the books. 13:01 13 minutes, 1 second Now I come to the consolidated results for the quarter and year for the subsidiaries in including the 13:08 13 minutes, 8 seconds subsidiaries. The overseas subsidiaries including the step down subsidies have generated net revenue of rupees 2.3 13:16 13 minutes, 16 seconds crores and a bida of rupees.82 crores for quarter 4 of the last year as against net revenue of 3.96 crores and a 13:25 13 minutes, 25 seconds bid of rup 1.90 crores in the last quarter. The consolidated net revenue 13:31 13 minutes, 31 seconds for the year stands at rupees 1,555.84 13:37 13 minutes, 37 seconds crores and a bida of rups 465.96 crores as compared to net revenue of 13:44 13 minutes, 44 seconds rupees 1479.33 crores and a bid of rupees 92.84 13:53 13 minutes, 53 seconds crores in the last quarter in the last year. 13:58 13 minutes, 58 seconds I'm happy to report that the company has been able to surpass the consolidated net revenue of last year despite shutting down of production in Germany from July 2025. 14:10 14 minutes, 10 seconds With that, I would now like to open the floor to questions that you may have. 14:17 14 minutes, 17 seconds Thank you very much. We will now begin the question and answer session. Anyone who wishes to ask a question may press star N1 on their touchstone telephone. 14:29 14 minutes, 29 seconds If you wish to remove yourself from the question queue, you may press star N2. 14:35 14 minutes, 35 seconds Participants are requested to use handsets while asking a question. Ladies and gentlemen, we will wait for a moment while the question Q assembles. 15:14 15 minutes, 14 seconds The first question is from the line of Sahil Sate from Anantraati Institutional Equities. Please go ahead. 15:22 15 minutes, 22 seconds Hi, congratulations on the great sector members. So first question would be if we were to look at a realization for the quarter it is at around rupees 150 per 15:30 15 minutes, 30 seconds mm what part of this realization would be because of the pass through in increase of gas and what would be the 15:38 15 minutes, 38 seconds realization if uh we were not if we if we hadn't pass on the prices to the customers 15:47 15 minutes, 47 seconds it's very minor amount very minor less than a rupee okay my Second question would be as you 15:56 15 minutes, 56 seconds said in your opening remarks that out of currently the demand standards around 65 gawatt upcoming capacity it is expected 16:04 16 minutes, 4 seconds to reach 51 gaw. Do you see any pressure in materializations or margin terms in the coming year 16:12 16 minutes, 12 seconds for the company for domestic gas manufacturing? I do not see any pressure. 16:17 16 minutes, 17 seconds you know the demand is much higher than 51 and uh most of these capacities which are coming up are for captive 16:24 16 minutes, 24 seconds consumption. So the capacity which will be available in the market will be very limited. So that way the pressure will not be there as per our understanding. 16:35 16 minutes, 35 seconds Okay. And sir in terms of our uh export markets apart from US which are the other key markets uh which has the most 16:44 16 minutes, 44 seconds potential right now as per your calculations. 16:48 16 minutes, 48 seconds There are specialized demand centers in Europe which we are meeting for green houses and um light blade solar 16:57 16 minutes, 57 seconds collectors and so on. And um there are still some mod manufacturers who are continuing to operate in Europe. we meet 17:06 17 minutes, 6 seconds the demand as well. Plus of course the United States. 17:10 17 minutes, 10 seconds So United State is not a very large market for us as of now but it may become large because uh now the USA wants material which is not coming from 17:19 17 minutes, 19 seconds Chinese origin. So they they are the customers are looking at India as one of the source country and we might get some 17:27 17 minutes, 27 seconds demand generated from from USA in the coming quarters. 17:32 17 minutes, 32 seconds Okay. This was very helpful. Thank you and all the best. Thank you. Thank you. 17:40 17 minutes, 40 seconds Thank you. Next question is from the line of Anu Chain from Globe Capital. Please go ahead. 17:49 17 minutes, 49 seconds Uh hello good afternoon sir and uh congratulations on the great turnaround. 17:54 17 minutes, 54 seconds uh just want to understand sir I missed your uh in your speech opening remarks that there is some deadline which is on 8th June 2026 that government will come 18:04 18 minutes, 4 seconds with some notification what was that sir I missed that part we we had applied for extension or 18:12 18 minutes, 12 seconds variation in the CBD which has been imposed on imports from Malaysia that's 18:19 18 minutes, 19 seconds a counterveailing duty so the director general of trade revenue has heard our application and has put 18:28 18 minutes, 28 seconds forward his recommendation for continuation of the of the CVD which had been previously imposed and uh the the 18:39 18 minutes, 39 seconds date for expiry of the previous CVD is 6th of June. Now we are saying that we are hopeful that before the expiry of 18:47 18 minutes, 47 seconds that 6th June deadline for extension of the old CVD uh the new uh the new announcement should come uh to continue. 19:00 19 minutes Okay sir got it and just want to understand one more thing I mean like uh in terms of realization uh uh in the subsequent quarter it was 19:09 19 minutes, 9 seconds 149 and this in this quarter like it was 150 something. So I mean what kind of headroom is available for this pricing? 19:16 19 minutes, 16 seconds I mean what kind of differential is available in the international market as well as in the Indian market. I mean kind of headroom for the for the coming 19:24 19 minutes, 24 seconds period. I mean what room we see do we see? 19:28 19 minutes, 28 seconds You see uh the only other I mean fundamentally uh the soda glass supply 19:35 19 minutes, 35 seconds is coming from China, Indonesia, Vietnam and Malaysia. 19:40 19 minutes, 40 seconds So the companies in Vietnam, Indonesia and Malaysia are 100% owned by China. So 19:48 19 minutes, 48 seconds therefore in the eyes of most of us including the government, these are um seen as Chinese companies. So other than 19:58 19 minutes, 58 seconds these Chinese companies, we have Borosil as a manufacturer today together with other Indian manufacturers and 20:06 20 minutes, 6 seconds internationally there is just one manufacturer called Shisham in Turkey. 20:11 20 minutes, 11 seconds But because of the current hostility in the Red Sea area, any import from Turkey for India would have to go across the 20:20 20 minutes, 20 seconds Mediterranean and around the co cape of good hope in Africa and then come to India. So the the shipping charges would be exorbitant. 20:30 20 minutes, 30 seconds So we do not really see any challenge from any other producer as of now. There was a factory coming up in UAE which 20:38 20 minutes, 38 seconds would have been ready for firing any time but because of the very adverse conditions prevailing currently in the 20:46 20 minutes, 46 seconds states of Hormuz. I do not see how uh glass can come from UAE to India even if 20:53 20 minutes, 53 seconds they decide to start the furnace production. 20:57 20 minutes, 57 seconds As regards the headroom available, uh you know the exchange rate has been rising continuously. The dollar has been clanging against rupees uh which allows 21:05 21 minutes, 5 seconds certain headroom but it it will not be significant. We are already at almost peak of the pricing. 21:12 21 minutes, 12 seconds Right. Right. That's what my understanding. Okay. And one one uh one more uh thing I mean like you have said that in this quarter you have passed on 21:20 21 minutes, 20 seconds certainly fuel cost uh pricing in uh fuel cost increase prices to the customers. So uh what is the scenario 21:28 21 minutes, 28 seconds you know uh in this current quarter like we are already in the middle of the current quarter. So I mean do we see 21:35 21 minutes, 35 seconds that uh that passing on of the fuel higher fuel costs is possible? 21:43 21 minutes, 43 seconds So the fuel search charge which was levied has been continuing uh ever since it was levied on say 10th of March or so 21:51 21 minutes, 51 seconds and uh the prices have been fluctuating in the meantime of gas and oil. So we will have to take a stock at the end of 30th June that what has actually 21:59 21 minutes, 59 seconds happened over a period of 3 months but on balance we feel that it will even out as far as we we see the the data the 22:08 22 minutes, 8 seconds pricing difference and the cost difference would eventually be even out at the end of 30th June that's our feeling 22:15 22 minutes, 15 seconds okay and one last question sir like in the history of boros we have seen the you know uh in like fi26 28% of a beta 22:24 22 minutes, 24 seconds margins we have seen which is high highest in the indust uh in the history. 22:29 22 minutes, 29 seconds So what sort of you know margins we can expect going uh for this financial year and onwards. 22:36 22 minutes, 36 seconds I think we already said that 30 to 30 33% margin is something what we consider 22:44 22 minutes, 44 seconds as achievable barring any unforcing circumstances. 22:48 22 minutes, 48 seconds Right. Got it sir. That's it from my side and uh all the very best sir. Thank you. 22:57 22 minutes, 57 seconds Thank you. Next question is from the line of Mayul Bajani from 40 cents. Please go ahead. 23:05 23 minutes, 5 seconds Sir, congratulations on a great seven chart of numbers. Uh sir uh in view of the current West Asia crisis 23:13 23 minutes, 13 seconds uh let's say if this crisis was to extend further uh do we see uh apart 23:20 23 minutes, 20 seconds from the uh fuel impact do you see any other impact in terms of raw material or any other which can adversely impact us? 23:32 23 minutes, 32 seconds Yeah. Yeah. You're right. There are there are several raw materials which are affected by oil and oil prices. So 23:40 23 minutes, 40 seconds obviously there has been cost pressure and and the vendor there is some disturbance coming 23:48 23 minutes, 48 seconds uh and the vendors are uh talking to us to pass on certain cost increases uh which we have been negotiating with them 23:57 23 minutes, 57 seconds and uh so far the impact has not been very high in terms of the rise in input cost but should the should the conflict 24:05 24 minutes, 5 seconds continue for a long time uh there may be additional burden of uh or the cost of certain inputs uh which we'll see how to 24:12 24 minutes, 12 seconds mitigate in terms of whether we can uh mitigate through the cost savings and production efficiencies or we'll have to 24:20 24 minutes, 20 seconds look at some price increases. Uh but so far it is the cost pressure is not high. 24:26 24 minutes, 26 seconds So I must make a you asked a very interesting question and uh interestingly for some companies the 24:35 24 minutes, 35 seconds problem has not been faced in the shape of uh increase in cost of inputs or raw 24:44 24 minutes, 44 seconds materials. The problem has been faced in a very very unexpected direction which is that workers have been leaving their jobs and going home. 24:54 24 minutes, 54 seconds And the reason for that is that the workers in their homes are not able to get LPG to cook food. So they are not able to continue. Now I want to say in 25:02 25 minutes, 2 seconds the case of our company, we are very fortunate because we are running on natural gas. We have pipes natural gas in which though the price might have 25:11 25 minutes, 11 seconds been fluctuating, there is no fluctuation in supply. So as as far as we speak today, 25:18 25 minutes, 18 seconds we have not had one single hours of loss due to nonavailability of food for the workers. And so food is fully and 25:26 25 minutes, 26 seconds plentifully available which which is in a way a kind of a positive for our company that the workers are happy to 25:33 25 minutes, 33 seconds stay there and you know they're able to cook their food. 25:37 25 minutes, 37 seconds Thank you sir. This was very insightful. Sir, second question is on uh uh you know the 25:44 25 minutes, 44 seconds uh because of this uh uh moving away from uh uh I mean moving uh the demand for renewable energy is going up across 25:53 25 minutes, 53 seconds the globe now. So uh in view of that are we uh planning any expansion which we 26:00 26 minutes have not uh I mean or or are we in the are we in the discussion process of expanding further 26:08 26 minutes, 8 seconds uh so that you know we can uh capitalize this on capitalize on this excess demand which will come our way. So as you all 26:16 26 minutes, 16 seconds know that we are already well on way to set up new production of 300 tons per 26:23 26 minutes, 23 seconds day two furnaces. So that is 600 tons per day which we hope to see in production within this financial year. 26:32 26 minutes, 32 seconds And uh that would increase our production capacity by 60%. which is quite sizable and in addition to that we 26:40 26 minutes, 40 seconds have taken a further step forward which is that as I've mentioned in my opening 26:47 26 minutes, 47 seconds remarks we've started marketing a rooftop solar installations and solutions under the brand name of 26:55 26 minutes, 55 seconds Borusil. So for the time being we shall be procuring very high quality modules made under our strict uh um ter strict 27:06 27 minutes, 6 seconds guidelines and our specifications from very reputable manufacturers which we shall supply to the public at large 27:13 27 minutes, 13 seconds under the Borosil brand. Now this could have a signature impact on our uh 27:20 27 minutes, 20 seconds operations because uh we do have a good brand and uh in time we have no doubt 27:27 27 minutes, 27 seconds our brand will be well established as a leading dependable supplier for rooftop 27:33 27 minutes, 33 seconds solutions by the citizens of our country and then that should give us uh further improvement in our margins. 27:41 27 minutes, 41 seconds Sir by when would this both these initiative start contributing to our top line? 27:47 27 minutes, 47 seconds Yeah, we have we we have made our first sales in March already. So the current the current turnover already includes a 27:54 27 minutes, 54 seconds very well it's actually doesn't include anything yet because we booked the business but we are we're going to start delivering now. uh it's very difficult 28:02 28 minutes, 2 seconds to say though you know what extra but let's say we might we we might be aiming for about 75 crores sales for the first 28:12 28 minutes, 12 seconds year which is very modest but uh in time this could become very significant sir but that is for the rooftop right 28:19 28 minutes, 19 seconds I'm I'm talking about the two furnaces which we have planned and which will be operational in this financial year so 28:26 28 minutes, 26 seconds when would they contribute to our top line sensibly Sensibly we should take it from the next year. 28:35 28 minutes, 35 seconds Q1 of next year sir. 28:37 28 minutes, 37 seconds Uh Q1 of next year we expect that there might be some sales in this year some but 28:46 28 minutes, 46 seconds right only to have it again. 28:49 28 minutes, 49 seconds All right sir. Sir thank you so much and wish you the very best. Thank you. 28:56 28 minutes, 56 seconds Thank you. Next question is from the line of Koshel Sharma from Equinox Capital Ventures Private Limited. Please go ahead. 29:05 29 minutes, 5 seconds Hey sir, uh actually my question has been answered. Thank you sir and congratulations to the set of number. 29:14 29 minutes, 14 seconds Thank you. Thank you. Thank you. 29:17 29 minutes, 17 seconds Next question is from the line of Vitta Amlani and individual investor. Please go ahead. 29:23 29 minutes, 23 seconds Um in this order we have recorded tax benefit from I'm sorry to interrupt uh we are not able to hear you properly. Can you use your handset mostly? 29:35 29 minutes, 35 seconds So this quarter we have recorded tax benefit from that of London company. Uh can you please guide what tax bracket can we consider going forward? 29:48 29 minutes, 48 seconds So actually next year we are going to capitalize our uh expansion. So uh 29:55 29 minutes, 55 seconds that way our next tax outgo would be very small uh because 950 cr capitalization will be doing in the next financial current financial year. So it 30:04 30 minutes, 4 seconds is difficult to predict as of now what would be the tax percentage. 30:09 30 minutes, 9 seconds Okay tax it would be same with defer tax it will be same uh 21% also 30:17 30 minutes, 17 seconds okay we can consider around 21% on PBT yes 30:24 30 minutes, 24 seconds uh and for as you said LNG prices are passed on to the customers uh so for it is not reflected in the 30:33 30 minutes, 33 seconds realization it is more or less flat and gross margin is also around 1.2% less. So can you please explain this? 30:44 30 minutes, 44 seconds Yeah. So this impact is only for about 20 days in the last say quarter or even financial year and the impact of this uh 30:53 30 minutes, 53 seconds fuel cost rise was less than a rupee as I said maybe about 70 pesa or 75 pesa. 30:58 30 minutes, 58 seconds So similar amount of increase you can see in the net realization also between the last quarter 3 and quarter four. So 31:06 31 minutes, 6 seconds uh this uh this figure is not very significant and uh uh in terms of the realization it is not impacted greatly. 31:17 31 minutes, 17 seconds Okay sir thank you. 31:21 31 minutes, 21 seconds Thank you. Next question is from the line of Deepak Paswani from Swan Investments. Please go ahead. 31:29 31 minutes, 29 seconds Yeah. Hi uh good evening sir and congratulation for a very good set of number especially in the challenging environment 31:37 31 minutes, 37 seconds uh sir firstly wanted to check it out if I were to check it on the sequential basis our revenues has grown 13%. 31:46 31 minutes, 46 seconds Whereas our realization is flat largely flat on the sequential basis. So there seems to some volume gain uh in the in 31:56 31 minutes, 56 seconds the last 3 months. So just wanted to check it out is it primarily a 10% efficiency gain which we have seen that's the reason there is a sharp 32:04 32 minutes, 4 seconds improvement in the volume or how should we read into it? 32:10 32 minutes, 10 seconds uh GAP gets a mix of the two actually there has been increase in the production uh that is one thing and the second thing is the impact of Indas 32:19 32 minutes, 19 seconds because in the last quarter of this financial year uh the inventory which was or the sale which was in transit was 32:26 32 minutes, 26 seconds much lower compared to the uh earlier periods. So there has been incremental sale coming in this uh this quarter uh 32:34 32 minutes, 34 seconds which is which has shown up as increase in sales. So it is almost 50/50 you can say out of the 15% or 14% 7% would be 32:43 32 minutes, 43 seconds the uh production gain and maybe similar amount due to the Indas. There's another matter which is that at the end of the 32:52 32 minutes, 52 seconds year there were many model makers who were very keen to complete their sales and their production. So we literally 33:00 33 minutes had to sweep our warehouse and we had virtually I think the lowest stock of glass we've ever held in our lives was 33:07 33 minutes, 7 seconds on the 31st of March 2026. We we had I think one shift of production or something like that in stock. So everything was sold out. 33:18 33 minutes, 18 seconds Okay. Okay. And uh secondly uh wanted to check it out on the fuel cost uh from 33:26 33 minutes, 26 seconds the gas supply point of view. How should we see on the incremental basis is it completely secured at this point of time and what is the kind of arrangement we 33:34 33 minutes, 34 seconds have in terms of the long-term contracts and spot pricing basis. 33:40 33 minutes, 40 seconds So we we have contracts for medium-term as well as the short-term which is on the monthly basis and uh the quantities 33:48 33 minutes, 48 seconds are broadly secured. The price is is is a problem which is uh which is the current market price we have to pay for certain uh gas as per the government 33:56 33 minutes, 56 seconds directive even the past uh uh the gas cut has been applied which is which is related to the past 6 month uses average 34:04 34 minutes, 4 seconds uses. So the whatever the num the quantity we were using in past 6 months or rather say buying from uh our source 34:12 34 minutes, 12 seconds uh that is the quantity available at agreed price and the rest we are buying from the uh same vendor or different 34:19 34 minutes, 19 seconds vendor at market related price. So only price is a challenge as of now the quantities are secured. 34:26 34 minutes, 26 seconds Okay. And uh thirdly I wanted to check it out from the root of solar point of view. If you can share the uh uh road 34:35 34 minutes, 35 seconds map over the next three years, how should we see scaling up of this business and what would be the kind of investment we would be looking whether 34:44 34 minutes, 44 seconds uh we would be putting manufacturing capacity for this going ahead or this would be purely outsource kind of model and what would be the kind of investment 34:52 34 minutes, 52 seconds we would be making in the marketing and distribution network in this. 34:57 34 minutes, 57 seconds So it's little early for us to give you all the details but broadly we are not envisaging any capital investment for next uh one one and a half year. That is 35:06 35 minutes, 6 seconds one thing. Second thing is that we are going to outsource all the uh three components which we are or the kit which we are going to supply will have three items solar module inverter and battery. 35:19 35 minutes, 19 seconds So all those items we are going to outsource from other reputed vendors and supply as a part of our offering and uh 35:28 35 minutes, 28 seconds uh in terms of the manufacturing we will take a call after one year or so uh as to what amount of manufacturing we can 35:35 35 minutes, 35 seconds do. We are surely looking at inverter for the purpose of manufacturing or assembly but not the modules and other things and we don't has a very large 35:44 35 minutes, 44 seconds capex to be incurred on this business at this point in time but we can we can only review the situation after say uh 6 35:54 35 minutes, 54 seconds months and then come back to you further on this. 35:57 35 minutes, 57 seconds Okay. And finally sir, one bookkeeping question. Deposition for the year as a whole has come down versus the last 36:04 36 minutes, 4 seconds year. Uh how should we see this uh in this year? I mean if you can give some explanation for this s and how should we 36:12 36 minutes, 12 seconds see this going whether on the existing facility I do understand for the new capitalization there would be incremental deposition 36:20 36 minutes, 20 seconds but for the existing facility how should we see going? 36:24 36 minutes, 24 seconds So we should we should take the run rate current run rate uh of the depreciation because the past capex which was on 36:32 36 minutes, 32 seconds earlier furnaces SC1 SG2 uh the period has expired for their you know uh life over which we were to depreciate those 36:41 36 minutes, 41 seconds furnaces. So after that period is over the depreciation has dropped considerably and uh current depreciation 36:49 36 minutes, 49 seconds mainly belongs to the last expansion which we did in 2023. So which which is the continuing uh capex. 36:57 36 minutes, 57 seconds Uh I can add here is that the old fundes SG1 and SG2 will have certain capex when 37:04 37 minutes, 4 seconds we rebuild them uh which will be almost 100 crores uh on two fundes. So which will get incurred when whenever we are 37:12 37 minutes, 12 seconds taking the these fundes for uh repair and rebuild which might happen in the next calendar year. 37:21 37 minutes, 21 seconds Okay. Got it. And uh so finally on the enabling resolution of 750 K for the 37:28 37 minutes, 28 seconds fundraising if you can get a uh broader sense on that that would be really helpful. 37:34 37 minutes, 34 seconds Uh this is just the enabling resolution taken by us for any eventuality as of now we don't have any uh plans rather we 37:42 37 minutes, 42 seconds don't have any need also to raise any capital but uh should there be any opportunity or need then uh this is an enabling resolution taken by the board. 37:52 37 minutes, 52 seconds Thank you. Thank thanks a lot sir and wish you all the best. Okay. Thank you. 38:00 38 minutes Next question is from the line of Siddhant Luda from Sanchi Fund. Please go ahead. 38:07 38 minutes, 7 seconds So I just wanted to understand uh what the trend is regarding the Xactory selling prices and Hollywood perspective. 38:18 38 minutes, 18 seconds Uh can you can you say again uh we not clear? Just a second. 38:26 38 minutes, 26 seconds Yeah, I just wanted to understand uh what will be the trend of the X factory selling prices. 38:33 38 minutes, 33 seconds Well, it is difficult to predict the trend but uh we are selling against the landed cost of imported uh Chinese glass 38:40 38 minutes, 40 seconds and uh that is also benchmark based on the reference price which is already determined. So uh if nothing goes wrong 38:49 38 minutes, 49 seconds the prices should continue at this uh at this level uh and we don't foresee much uh challenge in maintaining the prices. 38:59 38 minutes, 59 seconds Understood. And uh any guidance on the big margin are these current margins estimable at around 30 33%. 39:07 39 minutes, 7 seconds for the next year. 39:09 39 minutes, 9 seconds Yeah, the same reply was same question was asked and reply is already given that on normal basis we expect 30 to 33% margin uh in this business. 39:19 39 minutes, 19 seconds All right. Thank you. 39:26 39 minutes, 26 seconds Thank you. Next question is from the line of Vijay Gupta from Pantacle Consultants. Please go ahead. 39:33 39 minutes, 33 seconds Uh hi, congratulations on a good set of numbers. Uh my question comes around like uh attending the Q3 conc call uh 39:40 39 minutes, 40 seconds the management said that they are not currently looking for capacity expansion of their bar plant and they're working 39:47 39 minutes, 47 seconds on 100% capacity. So coming on down to the Q4 does the view remains intact or uh there's a change in view currently. 39:56 39 minutes, 56 seconds So in the unless the expansion gets commissioned uh there is no additional capacity coming in between. So the your question may be that in the coming 40:05 40 minutes, 5 seconds quarters whether there will be any capacity expansion our expansion will get commissioned only in the Q4 of this current financial year. Before that 40:13 40 minutes, 13 seconds there will be incremental uh improvement in the production because of in uh our efforts to bring in more efficiencies or 40:21 40 minutes, 21 seconds increasing productivity uh which will be incremental in terms of say 3 4 5%. 40:26 40 minutes, 26 seconds Other than that there will not be any substantial increase in the production or sales volume. 40:33 40 minutes, 33 seconds Okay, thank you. 40:39 40 minutes, 39 seconds Thank you. Next question is from the line of Amit Ma from Sunidi Securities. Please go ahead. 40:46 40 minutes, 46 seconds Hello. Yes, you're audible. 40:49 40 minutes, 49 seconds Yeah. Yeah. Yeah. Congratulations for good set of number. 40:53 40 minutes, 53 seconds Regarding the the capex which we are doing about 600 tons per day. I've been I was told earlier that we are doing two furnances of 300 tons per day each and 41:03 41 minutes, 3 seconds probably the the first furnance might go live in the month of January 2027. So is 41:10 41 minutes, 10 seconds the timeline is the same uh for the the first uh for months as of now? Yes, that's what we are looking at. 41:20 41 minutes, 20 seconds Okay. and uh uh uh this margin which uh we have reported 41:27 41 minutes, 27 seconds about 33% in this quarter and in the opening remark Mr. Kirukaji has said that you know once the expansion comes 41:36 41 minutes, 36 seconds there would be the the benefit of operating leverage coming in and since we're adding almost 60% capacity from,000 tons to 1600 tons per day. 41:45 41 minutes, 45 seconds Okay. And uh new fans may have the the higher output yield. So is it safe to 41:52 41 minutes, 52 seconds assume that uh you know the the combined uh margin would be much better considering uh the benefit of uh new 42:02 42 minutes, 2 seconds firers and the benefit of operating leverage. 42:06 42 minutes, 6 seconds Well I think u as far as we are concerned that is certainly our expectation that is our hope and uh so far uh things have panned out 42:15 42 minutes, 15 seconds as we had expected. The new installations are going to be an upgraded version of what we have now. 42:23 42 minutes, 23 seconds And I hope that uh that will show its colors, but Borusil typically works at 42:30 42 minutes, 30 seconds the cutting edge of technology. And so uh we we our expectations are much better. Now we have to wait and see what we can realize. 42:40 42 minutes, 40 seconds Okay. And the last question about our rooftop uh solar the new venture. Uh you 42:47 42 minutes, 47 seconds have said that the first year you are targeting 75 cr of revenue. Okay. Yeah. 42:52 42 minutes, 52 seconds And uh without any further major capital as most of the thing will get outsourced. So uh currently we are doing 43:01 43 minutes, 1 second about 30 more than 30% margin in our existing business. So can we assume that this kind of business since it is an 43:08 43 minutes, 8 seconds asset light model and uh since this is an extension of what we are doing in the similar so can we assume the margin will 43:16 43 minutes, 16 seconds be in the similar line even on the yeah I would be very surprised if it is similar line it would be a lot lower than this and part of the reason that we 43:25 43 minutes, 25 seconds have this high 32% margin also I must say that the asset to turnover ratio in 43:32 43 minutes, 32 seconds setting up a glass factory is very adverse So uh the the total turnover is much less than the value of the asset that we 43:40 43 minutes, 40 seconds that we have installed. So for that the the margin has to be very high. So we have to repay debt and so on. 43:48 43 minutes, 48 seconds Yes. 43:49 43 minutes, 49 seconds So at this rate it's all of course very profitable. So in the case of bought out item with virtually no asset the rate of 43:59 43 minutes, 59 seconds margin would be a lot lower than this but should still be profitable and because of the fact that we once we take 44:07 44 minutes, 7 seconds up a job we try to do it well. Hopefully we will have a good reputation and boru sales rooftop solar installations will 44:15 44 minutes, 15 seconds become the preferred choice for many householders as they are in other other things that we work with in in household 44:23 44 minutes, 23 seconds goods and so on. So if that happens then yes it should be a business worth having. 44:30 44 minutes, 30 seconds So actually the uh scaling up uh is the key here in terms of this kind of business. Initially you may spend lot of 44:38 44 minutes, 38 seconds money on the uh brand building which fortunately in our case the brand is already existing. Uh it's a very uh 44:45 44 minutes, 45 seconds robust and uh uh good brand to to deal with and in terms of the volume once we build up substantial volume then even a 44:54 44 minutes, 54 seconds smaller percentage would work out to be a good overall absolute numbers. 44:59 44 minutes, 59 seconds Initially we may expect less than 10% just to give you a number but uh eventually it will work out better once we have certain volumes. 45:07 45 minutes, 7 seconds Okay. Now you know this may not require any capex in terms of the capital investment but uh normally what kind of 45:15 45 minutes, 15 seconds working capital will get blocked to do this 75 cr of turnover. 45:22 45 minutes, 22 seconds Uh well we are we are trying to ensure that it does not become adverse on the other business and uh it is self 45:29 45 minutes, 29 seconds financed business as of now. So we we are we are negotiating terms of sale and purchase in a way that uh it does not needs lot of working capital. 45:38 45 minutes, 38 seconds Okay. Okay. So whatever is come is incremental profit to the existing profit pool. That's the expectation. Okay. 45:46 45 minutes, 46 seconds In in the initial year we we don't expect profit actually. Uh so uh maybe 45:52 45 minutes, 52 seconds one year we have to allow it to uh uh gather steam and then then we can say that how much we can really uh generate on this business. 46:03 46 minutes, 3 seconds Okay. Yeah. Thank you. Thank you. Thank you. 46:09 46 minutes, 9 seconds Thank you. The next question is on the line of Dal Sha from Philip Capital PCG. Please go ahead. 46:16 46 minutes, 16 seconds Yeah. Good evening sir. uh thanks uh for the opportunity. Now as we are running at full capacity so do we expect you 46:23 46 minutes, 23 seconds know the current sales momentum based on the X factory price which is there that will continue for next two quarters. 46:33 46 minutes, 33 seconds There is no reason to expect otherwise. 46:38 46 minutes, 38 seconds I see the whole world is full of uh uncertainty. Nobody knew on 27th 46:45 46 minutes, 45 seconds February that there will be a big attack on Iran on 28th February and all these problems will happen. So we just were 46:52 46 minutes, 52 seconds sitting normally at home and 28 suddenly there was this big warlike situation and that has had a major impact on oil 47:00 47 minutes supply for people around the world. So nobody had expected. So just as it came 47:07 47 minutes, 7 seconds from nowhere, who knows? It might disappear into nowhere and if if this there's a settlement uh between these 47:14 47 minutes, 14 seconds two nations, then maybe things will resume to normal very quickly. So 47:21 47 minutes, 21 seconds nothing is very certain all just to bring in uh uh caution here is that 47:28 47 minutes, 28 seconds about 6% of the sales impact in Q4 is on account of India's impact and that will 47:34 47 minutes, 34 seconds that is exhausted. So now to to continue to expect the same amount of sales uh will not be right this 6% will go off. 47:44 47 minutes, 44 seconds uh so so on a run rate basis if you want to look at maybe 400 crores or thereabout is a good 400 410 is a good 47:52 47 minutes, 52 seconds amount to look at sir if you can explain what is the 6% impact because of the indust 47:59 47 minutes, 59 seconds so as you would know the ind accounting requires the accounting standards required you to recognize sales only 48:07 48 minutes, 7 seconds when it is delivered in as per the terms inco terms so there are lot of customers whom we dispense the goods in the say 48:14 48 minutes, 14 seconds last 10 days or 15 days of the month of the quarter and if those goods are dispatched to far off places or exported 48:21 48 minutes, 21 seconds those sales have to be reversed and it has to be shown as inventory. So in this quarter particularly the Q4 of last 48:29 48 minutes, 29 seconds financial year such sales were very limited and opening sales were very high. So there is a positive positive 48:38 48 minutes, 38 seconds addition to the sales for the quarter which was earlier recorded as sales and rewards. So that way sales have become 48:47 48 minutes, 47 seconds uh higher this quarter. Although these were sales earlier but they were not included as sales earlier. So in a on a quarterly basis if you see this quarter 48:56 48 minutes, 56 seconds has received that credit which which is why the sales are higher in this quarter to that extent. 49:03 49 minutes, 3 seconds Okay. So normal would be around 400 K 4 yeah 400 410 as I said. 49:11 49 minutes, 11 seconds Okay. And sir what kind of drops you have seen on the import side after this basic custom due anti-dumping duty that we have seen on the solar glass? 49:21 49 minutes, 21 seconds Uh are you looking at the volumes or how? Yes on the volume side. 49:27 49 minutes, 27 seconds Now as as the country is producing only 30% of the solar glass required the rest loss is coming from by way of imports 49:35 49 minutes, 35 seconds only which continue to happen despite the duty because uh the indust Indian producers cannot supply extra quantity. 49:43 49 minutes, 43 seconds In the past there were some inventory built up because of the prices becoming prices were low from the imports but 49:50 49 minutes, 50 seconds from December 24 onwards that situation has changed. Now domestic producers are able to sell in their entire production 49:58 49 minutes, 58 seconds but on the top of that almost 70% of the demand is uh still outstanding to be made uh which is filled by the imports. 50:06 50 minutes, 6 seconds So imports are continuing at a higher price. Uh that's the impact of the duty and the Indian producers are able to uh seek a higher price to the extent of 50:15 50 minutes, 15 seconds landed cost of imports which is allowing them to uh show good performance good results which is required for this kind of business. 50:26 50 minutes, 26 seconds Okay. Okay. Got your point. Thank you so much, sir. 50:32 50 minutes, 32 seconds Thank you. The next question is from the line of Vikram Sharma from Navishai. Please go ahead. 50:42 50 minutes, 42 seconds Hello. Hi sir. Uh congratulation for good. 50:46 50 minutes, 46 seconds So sir I I wanted to hear your views on uh rooftop solar business side like we have very good market share in solar 50:55 50 minutes, 55 seconds side and solar glass is more of B2B business so we don't have any uh like 51:02 51 minutes, 2 seconds sales distribution channel like Boros limited then why we are like uh trying 51:08 51 minutes, 8 seconds uh or focusing on a very highly competitive rooftop market. 51:19 51 minutes, 19 seconds Borusil as a group has a lot of marketing experience across different 51:26 51 minutes, 26 seconds market segments and um there has been a very strong representation 51:34 51 minutes, 34 seconds by many different people uh who have come up and said why don't you sell Borosil branded 51:41 51 minutes, 41 seconds modules and give Borosil uh solutions to rooftops. So, so there is a certain amount of demand over there 51:50 51 minutes, 50 seconds because uh if we were to give a solution which includes the the module and the 51:56 51 minutes, 56 seconds inverter to begin with uh and maybe later on migrate to installation as well. People would have faith in that 52:04 52 minutes, 4 seconds and we could uh they would give us a little bit of a premium over other people who are unknown. So this could become a very interesting business for 52:13 52 minutes, 13 seconds us. Um as you you may perhaps know Tata Power itself is an EPC and they are they 52:21 52 minutes, 21 seconds are a contractor who agreed to set up installations for various customers and 52:28 52 minutes, 28 seconds we are we are looking at that possibility it could be very interesting for us going forward like don't you 52:35 52 minutes, 35 seconds think this is very competitive market like play like he luminous or Tata all are in the market and they are doing 52:44 52 minutes, 44 seconds very aggressive marketing this side. 52:50 52 minutes, 50 seconds Everything nearly in the world that you do is subject to some competition. Uh this is uh kind of useful for us because 52:59 52 minutes, 59 seconds it uh we do manufacture the glass and now we are developing new solutions. For example, we have a new uh solution which 53:08 53 minutes, 8 seconds is an anti-oiling solution uh where we apply the coating on the glass and that cleans off uh that that cleans off any 53:16 53 minutes, 16 seconds dirt accumulated there. The little bit of water. So the output from the entire installation uh rises. Now these are 53:26 53 minutes, 26 seconds things which if we sell the glass to a module manufacturer then he sells to an EPC then the EPC sells to somebody then these features are lost to the customer. 53:37 53 minutes, 37 seconds In case we are able to sell our own product our own branded glass then we would have u uh we we would be able to 53:47 53 minutes, 47 seconds offer such solutions to customers who might uh find value in what we are offering. 53:55 53 minutes, 55 seconds Okay. And like do we have plan to manufacture module plus batteries as well? 54:03 54 minutes, 3 seconds Yes. Uh the idea is to uh to be able to meet customers demands including batteries. 54:12 54 minutes, 12 seconds Okay sir. Thank you. Thank you. 54:16 54 minutes, 16 seconds Thank you. The next question is from the line of Daksh Malotra from Arab Global. Please go ahead. 54:24 54 minutes, 24 seconds Yeah, good afternoon and uh congratulations on the good set of results sir. Most of my questions have 54:30 54 minutes, 30 seconds been uh you know answered already and uh just uh to take hint from the previous 54:36 54 minutes, 36 seconds uh listing on the rooftop. uh apart from this anti-soiling solution, do we have 54:43 54 minutes, 43 seconds any other unique selling points or uh or what is the you know larger uh trend or the larger uh thought behind 54:53 54 minutes, 53 seconds uh going for rooftop? Uh as you mentioned we might venture into manufacturing inverters as the second 55:01 55 minutes, 1 second phase. Is it something to do with uh the uh as ASML3 or are we looking at 55:08 55 minutes, 8 seconds something else in the future uh as Boris renewables? 55:13 55 minutes, 13 seconds See the thing is we are in this business. We've been here for the last 16 years. 55:18 55 minutes, 18 seconds People know us and uh people rely upon us. So uh there is no doubt that uh we 55:25 55 minutes, 25 seconds are as a component manufacturer we end up making a commodity product which people would buy and price it along with 55:33 55 minutes, 33 seconds a commodity because our customers who are the module makers are in turn selling their products to uh people who 55:41 55 minutes, 41 seconds are either EPCs or people who are uh owners of projects and so on and the only thing in our country that works is 55:49 55 minutes, 49 seconds the price uh what we are seeing in recent years that when when that a lot of high value products are also being 55:58 55 minutes, 58 seconds sold in the country, it's no longer the company that buys the cheapest car, the cheapest uh uh the cheapest home, the 56:05 56 minutes, 5 seconds cheapest furnishings. People are now ready to pay for quality and uh uh unfortunately we are not able to tap 56:12 56 minutes, 12 seconds into that market. So we are just u migrating outward to see where we would end up what would be the expectation 56:21 56 minutes, 21 seconds customers have from their systems. Um I foresee in the years to come uh a 56:29 56 minutes, 29 seconds growing uh dependence on cell generation across the whole nation and uh the era 56:36 56 minutes, 36 seconds of very large plants which are providing power u to to not be growing as 56:43 56 minutes, 43 seconds aggressively as domestic uh personal generation. And if if you are coupling 56:50 56 minutes, 50 seconds that with with battery standby, you're giving people a taste of self-sufficiency at an predictive price. 56:59 56 minutes, 59 seconds Uh today there is no predict there is that the price of power is not predictive. You you you don't know what you're going to be ending up paying for your power. 57:08 57 minutes, 8 seconds So for there there are many reasons to consider going into this where you're coming face to face with a consumer 57:15 57 minutes, 15 seconds where you know we are very comfortable with that. We make domestic appliances. 57:19 57 minutes, 19 seconds We make so many products which are directly used by the consumer. And so this would this is an area where we have comfort. 57:29 57 minutes, 29 seconds Fair enough. 57:31 57 minutes, 31 seconds Let's uh as long as we are not investing too much uh capital behind it, let's see where it goes. And uh 57:39 57 minutes, 39 seconds yeah, you mentioned in the last uh call there was some plant uh in Indonesia 57:45 57 minutes, 45 seconds also which had fired up furnace. Uh now that we are you know talking to the government and I have initial nod from 57:54 57 minutes, 54 seconds the director general for uh counterweing duties on Malaysia. uh are we 58:01 58 minutes, 1 second you know expected to foresee some imports uh from Indonesia where we can have some price trouble or so I'll tell 58:11 58 minutes, 11 seconds you uh I I'll tell you something um a lot has changed in India so far as 58:19 58 minutes, 19 seconds our customers are concerned so the domestic manufacturers of modules uh have undergone a significant change 58:26 58 minutes, 26 seconds and and where is the change the change is that the speed at which the modules are being made by the manufacturer has 58:33 58 minutes, 33 seconds really gone up several times. So they are making a module every few seconds and uh they cannot take risks with new 58:42 58 minutes, 42 seconds suppliers who who are giving them a product they're not so sure about. So to some extent like pharma producers when 58:51 58 minutes, 51 seconds they buy packaging they buy ampules and wires which by the way Borus also manufactures and we sell to pharma 58:58 58 minutes, 58 seconds producers uh they are very very finicky they're very particular about the wires and that they buy because they don't 59:06 59 minutes, 6 seconds want to lose any any uh of production by because of the breakage of the packaging and these are all done at high-speed 59:14 59 minutes, 14 seconds packaging lines. So in a similar way u a company which is manufacturing modules 59:21 59 minutes, 21 seconds is dependent upon its profitability uh if it is able to make the desired number of modules every hour. So they 59:28 59 minutes, 28 seconds have started valuing uh dependability and quality etc so that their production lines are not unnecessarily disrupted and they don't have to lose production. 59:39 59 minutes, 39 seconds So with us uh the customers who buy from us they buy large volumes and they are happy with us. So uh to answer your 59:48 59 minutes, 48 seconds question about Indonesia their market their glass has come into the market so far it has not made any very great 59:55 59 minutes, 55 seconds impact. It'll it'll take a while before they can actually break into large scale. 1:00:01 1 hour, 1 second Sir is it coming at is it coming at lower prices or is it uh in the ballpark of it's not coming at that much. You see, 1:00:09 1 hour, 9 seconds you see, you see it's like this. The the Chinese company based in Indonesia is very very keenly aware of the prices at 1:00:17 1 hour, 17 seconds which glass is being sold in India and they're also aware about the price at which glasses were being sold from China and even continue to be sold from China. 1:00:27 1 hour, 27 seconds But since they are an independent one one company in Indonesia, there's no need for them to go down to that to the Chinese price level. So their selling 1:00:36 1 hour, 36 seconds prices are very much higher than what they would have been if they're selling from China. So so the price pressure is 1:00:43 1 hour, 43 seconds not that high as we see at this time. We don't know about going forward. At this time the price pressure is not so high 1:00:51 1 hour, 51 seconds that they're trying to keep their price at a level where is just enough sufficiently attractive to their customer in India to buy from them. 1:01:00 1 hour, 1 minute All right. And what is the capacity of their uh production? Just if you have any idea how much how 1:01:07 1 hour, 1 minute, 7 seconds the Chinese the Chinese factory in Indonesia has been ordered I think 1,500 tons per day. The shortfall in India is 1:01:15 1 hour, 1 minute, 15 seconds 7,000 tons per day. So even if they were to sell everything in India, it would still not make any impact on the 1:01:24 1 hour, 1 minute, 24 seconds domestic uh supply or demand for domestic glass that the prices might come under pressure but we we wait and see. 1:01:36 1 hour, 1 minute, 36 seconds There are limited limited customers who would potentially get material from Indonesia in any case and today there 1:01:44 1 hour, 1 minute, 44 seconds are multiple options available to the company in terms of the uh customers and also the demand is quite high. So there 1:01:51 1 hour, 1 minute, 51 seconds is no great pressure in terms of the uh prices uh and we are also working with 1:01:58 1 hour, 1 minute, 58 seconds the government to introduce BIS and uh qual get quality control order on the solar glass in course of time. So if the 1:02:06 1 hour, 2 minutes, 6 seconds situation worsens in say next one year or 6 months we will uh we will make an options are available. Yeah, 1:02:13 1 hour, 2 minutes, 13 seconds they can attempt to get these measures introduced uh in by way of intervention from the government and government is 1:02:20 1 hour, 2 minutes, 20 seconds quite positive on the uh domestic production of solar components and entire solar value chain. So we expect 1:02:28 1 hour, 2 minutes, 28 seconds the prices not to come in so much come in so under so much of pressure because of uh entry of Indonesia and the production. 1:02:38 1 hour, 2 minutes, 38 seconds You must also keep in mind the ocean freight rates are very fluctuating quite wildly because of the you know 1:02:46 1 hour, 2 minutes, 46 seconds uncertainty about supply of uh oil for the ships of oil fuel. So the prices 1:02:55 1 hour, 2 minutes, 55 seconds export prices also subject to that variation. Yes sir. But all these are shortlived. 1:03:03 1 hour, 3 minutes, 3 seconds uh as you said you know this can end in a jify we if we get the vis or some sort 1:03:10 1 hour, 3 minutes, 10 seconds of uh government uh you know confidence that uh the the minimum price level will 1:03:17 1 hour, 3 minutes, 17 seconds be maintained and Chinese companies doesn't matter where they you know setup shop uh should not be undermining our 1:03:25 1 hour, 3 minutes, 25 seconds prices that will be longerterm comfort for us and the Indian glass manufacturing community Something very 1:03:33 1 hour, 3 minutes, 33 seconds positive which has emerged in the last two or three years, four years is Indian 1:03:39 1 hour, 3 minutes, 39 seconds industries's uh very uh dramatic response to the government's uh dictum 1:03:46 1 hour, 3 minutes, 46 seconds to manufacture in India and u once these incentives have been given for Indian 1:03:54 1 hour, 3 minutes, 54 seconds manufacturing the increase in domestic manufacturing is staggering. As you can see, solar modules are well over 150 1:04:02 1 hour, 4 minutes, 2 seconds gawatt. That's a very large capacity that we have in our country and uh the value chain even for glass for so many 1:04:12 1 hour, 4 minutes, 12 seconds every aspect of every aspect of solar component is uh is being enhanced uh in 1:04:19 1 hour, 4 minutes, 19 seconds a in a exponential way. So the government can see that we are developing as a manufacturing power and 1:04:27 1 hour, 4 minutes, 27 seconds solar as well and so I think they will be maintaining their stand to protect the industry. 1:04:38 1 hour, 4 minutes, 38 seconds Right sir. And lastly on the uh uh you know quarterly exit run rate uh sir had 1:04:46 1 hour, 4 minutes, 46 seconds pointed out that we can consider uh for the first three quarters the given run rate and for Q4 do we anticipate uh 1:04:55 1 hour, 4 minutes, 55 seconds maybe a 300 uh ton furnace uh getting fired up somewhere in December early Jan 1:05:02 1 hour, 5 minutes, 2 seconds and uh that giving boost to our uh uh keyo numbers or 1:05:08 1 hour, 5 minutes, 8 seconds That is certainly our objective but that is our objective but we are not saying so 1:05:15 1 hour, 5 minutes, 15 seconds I mean we are not saying in the Q2 Q2 call Q2 call 1:05:22 1 hour, 5 minutes, 22 seconds we'll see probably Q2 call we'll we'll have a better we'll have a closer picture at that time. 1:05:31 1 hour, 5 minutes, 31 seconds Thank you very much. We work very hard and we hope that we we can satisfy all our own demands and our 1:05:40 1 hour, 5 minutes, 40 seconds but if the demand is so good if the demand is so good in the and the solar manufacturing is increasing and 1:05:48 1 hour, 5 minutes, 48 seconds especially after this West Asia award why don't we you know plan to set up one more furnace uh and venture in our core 1:05:57 1 hour, 5 minutes, 57 seconds competence uh uh if we anticipate uh there's there's uh growing demand here. 1:06:03 1 hour, 6 minutes, 3 seconds It it is not it's not at all out of uh the realms of possibility. Let me say that. Uh but uh we'll have to see uh how 1:06:13 1 hour, 6 minutes, 13 seconds it goes. I I I'm I've spent my life uh trying to make sure that I don't 1:06:20 1 hour, 6 minutes, 20 seconds disappoint, you know, and uh I try to bite as much as I can chew and and getting a 60% higher output. uh this is 1:06:29 1 hour, 6 minutes, 29 seconds a skilled job making solar glass. It it's not that by throwing money at something. It's not like buying a car which is ready to be driven on the road, 1:06:37 1 hour, 6 minutes, 37 seconds you know. It is you have to fine-tune it every single installation. And um having spent the last nearly 60 years of my 1:06:46 1 hour, 6 minutes, 46 seconds life doing it, I'm fairly confident that uh I should remain within my bounds. 1:06:56 1 hour, 6 minutes, 56 seconds Noted. at this you know if we uh announce and plan for it today the sooner we do it it will take whatever time would say a year year and a half to 1:07:04 1 hour, 7 minutes, 4 seconds set it up uh and if we foresee that uh maybe you see okay understood sir yeah 1:07:12 1 hour, 7 minutes, 12 seconds it's on the card then you take the right call thank you thank you thank you if I may say I just interrupt at this 1:07:19 1 hour, 7 minutes, 19 seconds point and say that can we take to one last question please because it's been an hour and 15 minutes now uh sir That was the last question. Uh 1:07:28 1 hour, 7 minutes, 28 seconds the management can proceed with their closing comments. 1:07:32 1 hour, 7 minutes, 32 seconds Um thank you very much uh dear investors for your searching questions uh which show that you have been following uh the 1:07:41 1 hour, 7 minutes, 41 seconds operations very closely. uh we continue to work for all our stakeholders and investors are very important part of uh 1:07:51 1 hour, 7 minutes, 51 seconds a very important stakeholder for the management of this company and uh thank you very much. Uh good day to you. 1:08:00 1 hour, 8 minutes Thank you members of the management team. Ladies and gentlemen, on behalf of Axis Capital Limited, that concludes this conference call. We thank you for 1:08:08 1 hour, 8 minutes, 8 seconds joining us and you may now disconnect your lines. Thank you.