Emmvee Photovoltaic Power Limited — Q3 FY26

Emmvee Photovoltaic Power Ltd Q3 FY2025-26 Earnings Conference Call https://www.youtube.com/watch?v=Hb8DnV166OI Published: 3 months ago

0:02 2 seconds Good evening ladies and gentlemen. 0:03 3 seconds Welcome to the Q3 FI26 earnings conference call of MV Photoic Power Limited hosted by Radhi Capital. As a reminder, all attendees will be in the 0:12 12 seconds listenon only mode and there will be an opportunity for you to ask questions after the presentation concludes. If you have any questions, please feel free to 0:19 19 seconds press the raise hand button. We'll call on you in turn and unmute your line so you can speak. You can also post your questions in the chat window and we'll 0:27 27 seconds try to answer either during the call or get back to you on email. Please note that this conference is being recorded. 0:33 33 seconds Kindly also know that the audio of the earnings call is a corporate material of MV Limited and cannot be copied, rebroadcasted or attributed in the PR 0:41 41 seconds media without specific and written consent of the company. Please note that anything said on this call that reflects the outlook towards the future which can 0:50 50 seconds be construed as a forward-looking statement must be reviewed in conjunction with the risk that the company faces. A copy of the disclosure 0:57 57 seconds is available on the investor relations section of the website as well as on the stock exchanges. To give you an in-depth understanding of the company and answer 1:06 1 minute, 6 seconds all your queries, we have from the management side today Mr. Mr. Mjunata Dvi chairman and managing director, Mr. 1:13 1 minute, 13 seconds Suhas Donti Mangjunata, president and CEO and Mr. Pavan Kumar Jen, Chief Financial Officer. I now hand over the 1:20 1 minute, 20 seconds conference to Mr. Mangjanad for his opening remarks. Thank you and over to you sir. 1:26 1 minute, 26 seconds Uh thank you. Good evening everyone and thank you for joining MVQ3 financial year 26 earning call. Uh our Q3 was a 1:35 1 minute, 35 seconds strong quarter for us on both performance and execution. We delivered healthy financial results supported by 1:42 1 minute, 42 seconds stable operation across the our facilities. At the same time we continue to build the uh foundations for the next 1:51 1 minute, 51 seconds phase of growth which capacity addition and progress in integration. 1:56 1 minute, 56 seconds At a headline level we reported total income about INR 11.7 billion IITA of 2:03 2 minutes, 3 seconds about 4.1 billion with margin around 36%. and profit after tax of about uh 2:10 2 minutes, 10 seconds 2.6 billion. These outcomes reflect the combination of scale, operation, discipline and value of our integrated 2:18 2 minutes, 18 seconds operational models. On the operating operation side, we commissioned 2.5 gawatt of model line at Sulib. Uh taking 2:28 2 minutes, 28 seconds our aggregate model capacity of 10.3 gawatt. We also completed the land payment and also acquired the land which 2:35 2 minutes, 35 seconds is planned for 6 gawatt of integrated cell and model facility at junali. Uh and the project work is is progress in 2:44 2 minutes, 44 seconds line with our plan. Uh and all our financial also has been closed for this purpose. We ended the quarter with an 2:53 2 minutes, 53 seconds order book of 9.3 Gawatt of asan 31st December 2025 including a 4.5 G of multi- 3:01 3 minutes, 1 second year top console order. This provides a good visibility as we ramp up capacity. 3:06 3 minutes, 6 seconds With that overview I will now hand over to SAS who will take you through the financial and operation details. 3:16 3 minutes, 16 seconds Uh thank you Shan and good evening everyone. I will summarize the key financial and operating highlights for Q3 FI26. 3:25 3 minutes, 25 seconds For the quarter, revenue from operations was 1,152.3 crores. 3:33 3 minutes, 33 seconds That is up at 118% yearon year and up 2% quarteron quarter. Total income was 3:41 3 minutes, 41 seconds 1,167.9 crores up by 117% yearon-year. Gross 3:48 3 minutes, 48 seconds profit was 5,430 43 sorry 5443.8 3:57 3 minutes, 57 seconds crores with a gross margin of about 47%. 4:02 4 minutes, 2 seconds EITA for the quarter was 413.4 crores up uh 105% yearonear with an AITA margin of 35.9%. 4:15 4 minutes, 15 seconds Profit after tax was 263.6 crores up 4:21 4 minutes, 21 seconds 166% yearon year with a back margin of 23%. 4:26 4 minutes, 26 seconds A few line items to note finance cost was three uh 33 crores that uh and that 4:34 4 minutes, 34 seconds was uh lower than the previous quarter which is subsequent to the loan repayment. 4:40 4 minutes, 40 seconds Depreciation was 74 crores reflecting the expanded asset base as new capacity is garnished. 4:49 4 minutes, 49 seconds For 9 month uh of FI 2026 revenue from operations was 3,311.1 4:58 4 minutes, 58 seconds crores. Abita was 1,163.3 5:05 5 minutes, 5 seconds crores and profit after tax was 600 uh was 689.2 crores indicating strong performance 5:14 5 minutes, 14 seconds through the year so far. On operations we commissioned the new 2.5 gawatt module line in the quarter. Installed 5:23 5 minutes, 23 seconds module capacity is now 10.3 gawatt and cell capacity stands at about 2.94 5:29 5 minutes, 29 seconds gawatt. Q3 production was about 737 megawatt of modules and about 412 5:38 5 minutes, 38 seconds megawatt of cells with utilization of approximately 43% for modules and 76% 5:44 5 minutes, 44 seconds for cells reflecting ramp up and product mix. Finally, as of 31st December 2025, 5:53 5 minutes, 53 seconds our order book was about 9.3 Gawatt including the 4.5 Gawatt multi-year top 6:00 6 minutes order. That covers the highlights and uh we are happy to take any questions and answers. 6:13 6 minutes, 13 seconds Thank you. Uh we'll start with the Q&A. 6:16 6 minutes, 16 seconds The first question is from the line of Mr. Subramanyamadab. 6:20 6 minutes, 20 seconds Uh Mr. Subraman, please unmute your line. You're on screen. 6:25 6 minutes, 25 seconds Yeah, thank you sir. Thank you very much. Uh sir, if you can uh let us know what is the mix of DCR and nonDCR in our module sales. 6:34 6 minutes, 34 seconds Uh yeah, hi sir. Thank you for the question. Uh so uh the mix of DCR will be about close to 50%. 6:43 6 minutes, 43 seconds In the order book in the order in the execution sir in the execution 6:50 6 minutes, 50 seconds it's about 40% sir uh DCR is 40%. 40%. 7:01 7 minutes, 1 second Okay. Okay. Answer uh in terms of the rising costs uh in the raw material like 7:08 7 minutes, 8 seconds silver paste aluminium etc. uh so how are we looking at it and uh uh when is the what kind of impact would be there 7:17 7 minutes, 17 seconds in the margin we ahead yeah uh I think that's a very relevant question this time sir so uh when we talk about uh the 7:25 7 minutes, 25 seconds silver paste uh there uh you know uh the technology has come a long way and so has our uh operations for example uh 7:34 7 minutes, 34 seconds today the silver paste what we are consuming we were consuming about double the silver paste person 7:41 7 minutes, 41 seconds uh in when we started the line in September because of uh improved technologies, screen designs and process 7:49 7 minutes, 49 seconds uh R&Ds uh the consumption of silver paste has come down drastically and uh the targeted uh uh consumption of silver 7:58 7 minutes, 58 seconds paste is 40% uh to be coming down another 40% uh uh there is an opportunity uh this is what we have seen 8:05 8 minutes, 5 seconds even in China and uh when we talk about uh all materials in general. You have seen that our uh we have mentioned this 8:14 8 minutes, 14 seconds even in our DRSP time that our contracts are are all uh most of them backed by uh pass through contracts. So any major 8:23 8 minutes, 23 seconds changes in materials are passed on to the customer. 8:27 8 minutes, 27 seconds Okay. Uh okay. And I should say that if you can give us uh silver paste as a 8:34 8 minutes, 34 seconds percentage of your uh cost uh uh manufacturing cost or maybe the selling 8:41 8 minutes, 41 seconds selling price what would be the uh percentage of that in the cost to lowest 8:48 8 minutes, 48 seconds alone about 2% 2 cents 2% of the selling price of the sale. 8:56 8 minutes, 56 seconds Yeah. 8:58 8 minutes, 58 seconds 2 cents two cents or 2% sir 2 cents sir 2 cents it comes to only if 9:05 9 minutes, 5 seconds you take about uh uh sell price uh the percentage comes about 13%. Or sell price is 13%. 9:13 9 minutes, 13 seconds Yeah. And the module it going to be less. Okay. 9:17 9 minutes, 17 seconds On the module it going to be uh around 8 to 8 to 9%. 9:25 9 minutes, 25 seconds 8 to 9%. This is after our reduction in the silver paste. Yeah. 9:33 9 minutes, 33 seconds Okay. Okay. Understood, sir. Thank you. And there is a further possibility. The further possibility is also there. 9:39 9 minutes, 39 seconds So sir, the impact on the AITA would be lower than in that case. Uh uh sorry sir, can you repeat your 9:48 9 minutes, 48 seconds the impact of this rising cost on our AITA would be lower? If you can quantify how much we can look at this number 9:55 9 minutes, 55 seconds going ahead AIA level margin or if you can say the spread in the AITA sir we are right now very comfortable with the 10:03 10 minutes, 3 seconds level of aa per what peaks that we are uh uh but what we are getting either for 10:10 10 minutes, 10 seconds DCR or non DCR we don't see any pressure in uh uh that epitap or whatotic uh even going forward 10:18 10 minutes, 18 seconds okay so we can we have achieved the company has achieved so are we continue to achieve that uh number sir? Yeah 35% margin what we are getting we can maintain that. 10:29 10 minutes, 29 seconds No I'm not saying don't look at percentage of margin. The reason is because in this this industry we have seen uh in multiple occasions and I've 10:38 10 minutes, 38 seconds explained this is that uh the price of the module or cell can change because of 10:45 10 minutes, 45 seconds materials or other things. So that should that should not simply give you a wrong perspective. It inflates the percentage. For example, like I said, 10:53 10 minutes, 53 seconds when we were started the manufacturing in 2006 of modules, the price of module was €3 per watt. But today the price is 11:03 11 minutes, 3 seconds 15 cents. That doesn't mean margins have gone down. Our absolute margins per watt peak, absolute margins are do doing 11:09 11 minutes, 9 seconds extremely fine but it is uh so it will not look correct. Look at percentage margin. So the aida margins, absolute 11:16 11 minutes, 16 seconds margins what we are looking at that will continue to be in a very strong position. 11:21 11 minutes, 21 seconds Okay, understood whether in terms of spread also when we look at it uh the spread comes to roughly around uh 8 and 11:29 11 minutes, 29 seconds 1/2 cents now right on the gross level uh sorry sir 8 and 12 11:37 11 minutes, 37 seconds uh is a gross level our uh aa uh sorry at gross level our spread comes to around 8 and 1/2 cents so we can maintain that thing. 11:48 11 minutes, 48 seconds Yeah. Yeah. looking at a blended blended aband subject to subject to our DCR and nonDCR ratios we can maintain that with 11:56 11 minutes, 56 seconds the current testing we can maintain it no doubt okay sir great thank you sir thank you very much 12:03 12 minutes, 3 seconds the next question is from the line of sahil s from Alendrati uh sahil I'm getting you on screen please unmute 12:10 12 minutes, 10 seconds yourself and go ahead hi sir congratulations on the good set of numbers so my first question would be if I look at the production number and 12:19 12 minutes, 19 seconds the revenue number the blended realization for module has decreased significantly even on a year-on-year basis or a quarteronquarter basis. Is 12:28 12 minutes, 28 seconds this because of a change in your sales mix between DCR and nonDCR or are there any pricing pressures you are experiencing in the uh market right now? 12:37 12 minutes, 37 seconds No, you're absolutely right. Right? I mean there is no pricing pressures in the market which basically is seen by our uh AIDA that we have uh uh we have 12:46 12 minutes, 46 seconds shown it is uh because of the percentage mix of your uh uh you know DCR and nonDCR. 12:55 12 minutes, 55 seconds So currently we have 40% of revenue from DCR. So earlier in the previous quarter was it higher? 13:02 13 minutes, 2 seconds Yes. which have increase sir here what we looking at is uh the uh no here what we are looking what we are 13:10 13 minutes, 10 seconds discussing is the production numbers uh the this thing the sales what will happen is it's uh you know that is something that we usually don't disclose 13:18 13 minutes, 18 seconds the percentage of DCR and non DCR because it's a competition wise it is a sensitive information which uh no no 13:26 13 minutes, 26 seconds peers are also uh disclosing today okay and uh recently we also got a 4.5 13:32 13 minutes, 32 seconds GW sale order. So going ahead uh what would be our strategy like how much percentage of our capacity would be used for captive consumption and how would 13:41 13 minutes, 41 seconds how much would be used to cater to third party? 13:44 13 minutes, 44 seconds Most of our capacity will be used for captive consumption. Uh uh third party catering will be limited. Even if you 13:52 13 minutes, 52 seconds see this 4.5 G of cell cell is uh spread over 5 years. So when we are having a 13:59 13 minutes, 59 seconds capacity of 8.9 gawatt of capacity this is a very marginal number. 14:06 14 minutes, 6 seconds Okay. And uh what are your thoughts on the recent news on China uh ex uh 14:13 14 minutes, 13 seconds removing the rebate for the exports by Chinese manufacturers? How would it this is this is not something new sir. I 14:21 14 minutes, 21 seconds mean initially it was about 18% rebate was there that had come down to 13% then it came down to 9 today they're saying 14:28 14 minutes, 28 seconds zero so the market uh adaptability will happen based on that and uh of course 14:35 14 minutes, 35 seconds like in a overall sense perspective it can be treated as an advantage to Indian manufacturers because overall uh gap 14:43 14 minutes, 43 seconds between the Chinese modules and the Indian modules will will be uh narrowed down but uh you this really does doesn't 14:52 14 minutes, 52 seconds uh matter much there's not going to be raw material cost also increase not not necessarily that's what I was 15:01 15 minutes, 1 second telling what happens is like one is like yeah even if there is an any increase it happens to be passed through and uh 15:09 15 minutes, 9 seconds number two what happens is uh like you know in China it is the price that they decide to set it is not really mattered 15:16 15 minutes, 16 seconds on this right like we have seen this in the past when there was no BCD For example, in India, the difference between Chinese price and India price 15:24 15 minutes, 24 seconds was hardly less than 1 one and a half cent. Uh where China was cheaper than that India. But after 44% BCD also the 15:33 15 minutes, 33 seconds price difference was same. So math really doesn't really like fit in here. It is something time will have to tell. 15:40 15 minutes, 40 seconds But again we in our perspective we have passed through when it comes to uh nondcr orders to large account customers that we cater to you in usual sense. 15:51 15 minutes, 51 seconds Okay sir thank you. Thank you sir. 15:55 15 minutes, 55 seconds Thank you. Uh the next question is from the line of Abi Seagel from Singularity MC. Uh Abby I've got you on screen. 16:02 16 minutes, 2 seconds Please unmute yourself and uh hi sir congrats on the great set of numbers. I have a two-part question. 16:07 16 minutes, 7 seconds First being can you share some light on the current DCR pricing and where do you see the trend going let's say in the next year by the next year same time and 16:16 16 minutes, 16 seconds second being you mentioned by FY28 you'll have around 16:22 16 minutes, 22 seconds around 16.3 GW of module and 8.9 GW of cell that would give you around 3 G of 16:29 16 minutes, 29 seconds excess module so do you think around FI 2829 there would be uh still some module only demand in the market. 16:38 16 minutes, 38 seconds So uh uh thank you sir. Thanks for the question. The first question uh the about uh the uh you know the DCR price 16:46 16 minutes, 46 seconds realizations. DCR price realizations today are about 24 24 and a half uh cents per watt. uh when we're looking at 16:55 16 minutes, 55 seconds on a uh like you know significantly uh decent size of order orders uh like you know not I'm not talking about like 17:03 17 minutes, 3 seconds retail spot orders that will be on a high much higher uh uh price utilization this is on a bulk order basis it's about 17:11 17 minutes, 11 seconds 24 24 and a half cents and uh when we look at and that pricing that we have not seen so far uh change downwards but 17:20 17 minutes, 20 seconds uh you know uh but again our efficiencies are increasing and uh uh you know our uh cost economics are are 17:27 17 minutes, 27 seconds getting better. Uh that is uh one thing that's significantly helping which you can see uh because in our in our efficiencies if you see we 17:36 17 minutes, 36 seconds started off with 24.5% efficiency today we're at 25.2% efficiency and that is a growth that we have seen. Next is uh uh 17:45 17 minutes, 45 seconds and then you know for uh and then uh then we are going to uh go moving to your uh next question uh which is uh 17:54 17 minutes, 54 seconds about uh the uh gap between module and cell. So this if you see that it's kept intentionally 18:03 18 minutes, 3 seconds uh basically like you know 60 uh module capacities have a tendency of peak utilization to be at 60 to 65% whereas 18:12 18 minutes, 12 seconds cell will be about 85 to 90%. The reason is what happens is uh in module it's an inline production whereas cell is a 18:21 18 minutes, 21 seconds batch production. Module is a made to order product whereas cell is a made to uh stock product. So my uh for these 18:31 18 minutes, 31 seconds reasons uh we have made sure that we keep our module capacity slightly higher than cell capacity to so more or less 18:39 18 minutes, 39 seconds effectively my production will be uh similar where I'll have almost 100% of the cells for my model capacity. Uh so 18:49 18 minutes, 49 seconds you're saying uh cell would be at 80% of the name plate capacity 80% utilization of name plate capacity 85 to 90% of the effective capacity 18:58 18 minutes, 58 seconds then it would be lower in terms of name plate capacity right around 70 and then also have some 19:07 19 minutes, 7 seconds depending on what technology the market is using at that time for example today we are using at M10 uh soon we are going 19:14 19 minutes, 14 seconds to be transitioning to G12R where the effective capacity and the main name plate capacity difference is lesser. So 19:21 19 minutes, 21 seconds in case by 2028 if the market decide decides to move in the direction of G2 uh G12 that time there will be no 19:29 19 minutes, 29 seconds difference between name plate and effective capacity that time it will be full 85% uh utilization to 90% utilization can be achieved uh of the 19:38 19 minutes, 38 seconds name uh it would be the same your module module production and sale production would be the same broadly in line yeah broadly in line broadly in line and 19:47 19 minutes, 47 seconds there even uh like you know the whole idea is like there The cost of module production on a little higher like know 19:55 19 minutes, 55 seconds let's say like half to half gawatt to 1 gawatt is something that it would not hurt at all whereas you can't have the opposite side 20:03 20 minutes, 3 seconds you can't have cell capacity more than your model capacity that is not that is more difficult because of the capex and s just to confirm you mentioned 20:12 20 minutes, 12 seconds pricing 24 cents per watt p not INR correct sir correct sir correct yes thank you so much sir have a great day thank Good. 20:21 20 minutes, 21 seconds Thank you. Uh the next question is from the line from uh Prahar. Uh Praar you're on screen please go ahead. From Ambit. 20:29 20 minutes, 29 seconds Uh thanks congratulations on good set of numbers. Um so two questions one is firstly on the order book if I see we've 20:37 20 minutes, 37 seconds got this 4.5 G sale order. uh but bearing that on nonDCR or DCR modules there has been very limited growth even 20:46 20 minutes, 46 seconds in the la in the first 9 months of the year. So do you see that as a concern or do you see that picking up in later 20:53 20 minutes, 53 seconds maybe part of the year? the inflows if you see uh is uh going well for example 21:00 21 minutes if you're looking at uh you know the uh nuclear uh sorry if you're looking at uh the 9 months for example if we have uh 21:09 21 minutes, 9 seconds grown have se seen an increase in uh the we not only seen the increase in order 21:16 21 minutes, 16 seconds book but we are also seeing that the orders have been executed to that tool. 21:21 21 minutes, 21 seconds So we have executed so much orders and still we have added uh you know capacities. 21:29 21 minutes, 29 seconds So uh if I we have ordered the order book. Yeah. 21:32 21 minutes, 32 seconds So let's say if I accumulate 9 months production approximately if I assume sales it is around 2 gawatt 21:39 21 minutes, 39 seconds um and by March we already had around 5 G of order book um of modules because we didn't have sales. So effectively two 21:48 21 minutes, 48 seconds three three G of orders is what we received in this year for on modules. Yeah. 21:54 21 minutes, 54 seconds Correct. Correct. And that is uh that is quite uh that is how it should be because like you know we don't want to take up more orders than what we can 22:03 22 minutes, 3 seconds execute in the next 12 to 18 months when it comes to modules. The reason the difference between modules and cells what happened the people who I sell 22:10 22 minutes, 10 seconds module to are developers and these developers can only get bank financing after they've signed their PPA and after they get their uh you know the uh land. 22:23 22 minutes, 23 seconds So after that is the order that I take is the orders that are backed by advance and are confirmed orders and that is how 22:31 22 minutes, 31 seconds we have planned and that is the order uh uh inflow that we are envisaging and that kind of a size of order that is 6.3 22:40 22 minutes, 40 seconds gawatt of order that I can execute in the next 12 to 18 months is quite strong when you look at my capacity uh 22:48 22 minutes, 48 seconds additions and that is what we look for we don't want to over book the order. 22:54 22 minutes, 54 seconds H okay. And so um and second question was on realizations as a previous participant as so let's say our 23:03 23 minutes, 3 seconds production is around 700 740 megawatt sales would be roughly if I assume similar sales then my blended 23:11 23 minutes, 11 seconds realization is only 15 cents. Um I get there will be mix of DCR and nonDCR but 23:18 23 minutes, 18 seconds even on a blended basis uh if I let's say assume all nonDCR still it is coming out to be only 15 cents. So what is the 23:26 23 minutes, 26 seconds disconnect? Is it that the sales is lower or maybe some inter segment elimination or how to read the realization number from top line? 23:36 23 minutes, 36 seconds So top line there will be couple of uh huh so there'll be couple of different things. I mean one is uh it's difficult 23:44 23 minutes, 44 seconds to read uh that way because what will happen is your cells uh you'll do indep individual cell sales 23:50 23 minutes, 50 seconds then we also do non DCR and DCR mix which you are trying to uh I think try to understand uh so I think the best way 23:58 23 minutes, 58 seconds to see whether there is pressure or realization or not is to understand the profitability and the AITA of the business. So the profitability and EITA 24:07 24 minutes, 7 seconds is only possible to come when there is there there is a decent realization that there is and and also it is not 15 cents it is 24:16 24 minutes, 16 seconds around 7 18 cent around 17.8 date to 18 cents realization rupees. Yeah, that is rupees 15 rupees is what you're saying. 24:27 24 minutes, 27 seconds Oh yeah. Yeah. Sorry. Sorry. 15 cents. Mhm. 24:31 24 minutes, 31 seconds And just last question on margins. So around I just wanted to understand so your partnership that you did I mean the 24:38 24 minutes, 38 seconds tech tie up with fronoffware um because if I compare margins across peers you by far stand um at the first 37% margin. 24:48 24 minutes, 48 seconds Is that helping or are we able to optimize our costs better? just some guidance on that 24:55 24 minutes, 55 seconds sir but I mean it's a mix of a lot of things but uh if you see historically also I think we have enough data in the 25:04 25 minutes, 4 seconds uh with us uh given our history and our history we can see that year on year and quarter on quarter we have been quite 25:12 25 minutes, 12 seconds efficient in managing our cost as well as making sure that we don't we we don't operate at the bottom of the uh chain in 25:21 25 minutes, 21 seconds the uh even in the pricing because of the kind of quality products that we are known to produce and the kind of A-list 25:30 25 minutes, 30 seconds customer base that we cater to uh we always happen to enjoy uh that kind of a 25:37 25 minutes, 37 seconds u you know uh realization as well as uh margin because of slightly because of that. 25:46 25 minutes, 46 seconds Understood. Thank you. Thank you so much. Thank you sir. 25:51 25 minutes, 51 seconds Thank you. Uh the next question is from the line of Yani from Code Advisor. Uh yes, I've got you on screen. Please 25:59 25 minutes, 59 seconds unmute yourself and Yes, please unmute yourself. 26:11 26 minutes, 11 seconds We'll take the next question. 26:16 26 minutes, 16 seconds Next question is from the line of Sarang from Vimmana Capital. 26:23 26 minutes, 23 seconds Sar please unmute yourself and go ahead. 26:34 26 minutes, 34 seconds Star please unmute yourself. 26:46 26 minutes, 46 seconds So please check from our end is there any issue because they're mentioning they're not able to unmute. 26:53 26 minutes, 53 seconds Yeah just one second. 26:58 26 minutes, 58 seconds Um we'll take next question from the line of Udit from Pinpoint X capital Capital can you unmute yourself? 27:10 27 minutes, 10 seconds Uh yeah good afternoon. Uh so sir uh you just mentioned about uh the DCR uh panel 27:19 27 minutes, 19 seconds prices. So what is uh the difference right now between the DCR uh cells the DCR panels and the non DCR cells and 27:26 27 minutes, 26 seconds panels and do you see any pricing pressure on these? 27:36 27 minutes, 36 seconds So there is no price pressure sir. Both are uh uh as you know that it is all passed through this thing. It is around 27:43 27 minutes, 43 seconds uh 5 to 6 cents. Uh the max is 7 cents. Difference is on the retail and the uh retail will be around 27:51 27 minutes, 51 seconds 7 to 7 cent less and uh the bulk orders is around 6 cents. 27:59 27 minutes, 59 seconds This you mean to say between the uh DCR and the nonDCR panel 6 cents is reference. Yeah. 6 to 7 cents. 28:07 28 minutes, 7 seconds Okay. And with the cell capacities coming up uh you know in India uh do you 28:14 28 minutes, 14 seconds have any uh update on the ALCM mandate whether it's going to come is it going to be delayed and uh do we have sufficient capacity for it? 28:24 28 minutes, 24 seconds So with the so with the ALCM cap uh mandate I mean we can see that there the 28:31 28 minutes, 31 seconds capacities that are there on ALM list 2 is already to the 25 28:39 28 minutes, 39 seconds and then uh there is also some capacities that probably could come up but uh when it comes to the mandate 28:46 28 minutes, 46 seconds being there uh from June 2026 onwards there is no change on that there 28:53 28 minutes, 53 seconds was sufficient time that was given uh by the ministry and the ministry's intention is quite clear. Uh in fact I 29:02 29 minutes, 2 seconds think what is more reassuring is the they have released a plan to further uh give uh you know the um ALM for wafers. 29:13 29 minutes, 13 seconds So that itself shows that the intent is to further deepen the ALM uh aspect and 29:19 29 minutes, 19 seconds not uh move this uh further and also sir do you see any uh you know 29:27 29 minutes, 27 seconds delays from the developers in uh taking up the DCR and both the nonDCRI panels like on the projects do you see any uh delays in general? 29:39 29 minutes, 39 seconds Sir, no sir. I mean in our perspective, we have not seen any delays. In fact, that our the increase in the way our 29:46 29 minutes, 46 seconds order book is coming is is a way for you to judge whether the there are delays. I think uh we are all seeing very good 29:55 29 minutes, 55 seconds order books that are uh uh filling up our capacities and that uh there is no delay that we are seeing so far. 30:04 30 minutes, 4 seconds Okay sir. Thank you. That's it from my sir. Thank you. 30:09 30 minutes, 9 seconds Thank you. Uh the next question is from the Deepak from Swan Investments. Uh Deepak, I've got you on screen. Please unmute yourself and go ahead. 30:20 30 minutes, 20 seconds Yeah. Hi, good evening sir and congratulation for very good setup number. 30:27 30 minutes, 27 seconds Sir firstly wanted to check it out on the uh China point uh regarding export 30:34 30 minutes, 34 seconds removing of sec export rebate. Would it also open up export market for the Indian player as a whole? How do you see 30:42 30 minutes, 42 seconds that development uh even beyond US market? 30:49 30 minutes, 49 seconds So uh when when we talk about export markets uh uh sir export market is something that is uh something that we 30:56 30 minutes, 56 seconds we continuously keep evaluating uh and uh I think uh that is something that we probably will have to uh like you know 31:04 31 minutes, 4 seconds you know still see what is the capabilities but we are seeing more markets that open up for example in Europe there are regulations that 31:12 31 minutes, 12 seconds mandate about 10% of their uh uh capacities to be used from non-China 31:18 31 minutes, 18 seconds cell and module um that probably that also includes uh uh non-China Chinese 31:26 31 minutes, 26 seconds ownership also for example Italy was is the country that started it and ratified that uh bill and that is further getting 31:33 31 minutes, 33 seconds extended to going to get extended to Germany also and uh many countries going to follow after that. So there are some 31:41 31 minutes, 41 seconds opportunities that will open up but uh I think this probably could be a little early to case that but uh you know in uh 31:50 31 minutes, 50 seconds currently like our focus uh strongly remains on the domestic market but we have a strong team in the US as well as 31:58 31 minutes, 58 seconds in uh Europe to see any opportunity that comes and we can see that. 32:04 32 minutes, 4 seconds Okay. And secondly sir coming to the DCR market uh if I were to look into your slide number 16 where we have given the 32:12 32 minutes, 12 seconds projection for the DCR market from the demand perspective. 32:17 32 minutes, 17 seconds Uh so just wanted to check it out when from June 26 when there is going to be implementation of the uh uh ALMM uh two 32:28 32 minutes, 28 seconds list which which would also include cell as well. uh should not should the uh PSU 32:35 32 minutes, 35 seconds demand entirely come into the DCR market and hence the uh demand environment should be very high or uh this will remain at a uh two three or five 32:44 32 minutes, 44 seconds megawatt which we have shown in the presentation just wanted to see the clarification on this so basically see the uh this is this is 32:51 32 minutes, 51 seconds on a cons conservative side what keeps what's uh uh important to see is that there are some many tenders that have 32:58 32 minutes, 58 seconds already happened before August 2025 and any tender that are taking place before August 2025 that are exempted from this ALM list 2 which is the DCR. 33:09 33 minutes, 9 seconds Sure. Sure. 33:10 33 minutes, 10 seconds And after so those particular capacities are something that is going to come in 33:17 33 minutes, 17 seconds after uh like you know uh so whatever is going to the be the bits that are going to come in from August is going to be 33:24 33 minutes, 24 seconds completely under uh ALM list 2 and all CNI all your other uh like rooftops and 33:31 33 minutes, 31 seconds any other installations is going to be uh this thing and uh all we like you know the capacities that are totally 33:40 33 minutes, 40 seconds All the installations that is going to happen in India is completely going to be uh with uh uh DCR 34:07 34 minutes, 7 seconds coming from the point of view let's say If we were to say okay demand is going to be 18 to 22 gawatt whereas supply has 34:15 34 minutes, 15 seconds uh now come down to this 26 to 29 gawatt on the DCR market. So would that also imply that there is going to be the pricing pressure in the near term? 34:24 34 minutes, 24 seconds No. Uh see what we are saying is like for example what you're seeing is about 25 gawatt of installed capacity right 34:33 34 minutes, 33 seconds and there is a difference between the installed and the effective capacity. 34:37 34 minutes, 37 seconds then what difference is going to be there on the utilization because most of these capacities that you are seeing are new capacities. So that is also that 34:45 34 minutes, 45 seconds that is why I'm saying the ramp up that is going to be be there that will take place between from FI25 to FI28 34:54 34 minutes, 54 seconds is the time that's that the there is sufficient capacity for the ALM but there is uh you know the cap there is 35:03 35 minutes, 3 seconds always going to be a difference between the experienced capacity and the new capacity. So what you are seeing for 35:10 35 minutes, 10 seconds companies like MV already have existing experienced capacity proven uh products 35:17 35 minutes, 17 seconds and track records. Uh we are companies that are going to be the first preference for the developers and of the markets which are limited in numbers. 35:30 35 minutes, 30 seconds Okay. Okay. And sir just wanted to check it out on the uh utilization factor 35:37 35 minutes, 37 seconds which is given in the presentation. If I were to calculate cell capacity based on 2.9 gawatt the production number and 35:45 35 minutes, 45 seconds utilization number the usual cell production would have been appears I mean should have been higher. So whereas 35:53 35 minutes, 53 seconds in the presentation it is given at 412 megawatt. So just wanted to check it. Am I missing something in this calculation? 36:02 36 minutes, 2 seconds So that is what uh uh I mean the presentation show talks about the effective capacity utilization and I think you have seen in uh all our uh 36:12 36 minutes, 12 seconds public uh information that we have put in the arrangement previous presentations also that the effective and also there's a footnote effective 36:19 36 minutes, 19 seconds capacity is the actual uh installed capac uh capacity adjusted for working as well as the product specification. So 36:27 36 minutes, 27 seconds what I was explaining earlier the G12 is the installed capacity size G12 which is 36:33 36 minutes, 33 seconds about uh 11.5 to 11.6 watt per uh uh per cell whereas now what the market demand 36:40 36 minutes, 40 seconds is and what we are producing is about uh like you know 8.5 uh uh 8.5 watt per cell. Uh so this is 36:50 36 minutes, 50 seconds the difference that you will see between effective and installed capacity. So sir for this 2.9 G what is effective capacity? 37:00 37 minutes So effective capacity is 2155. 37:04 37 minutes, 4 seconds 2155. Okay. Okay. Thank you. Thanks a lot for your explanation. Thank you. 37:10 37 minutes, 10 seconds Thank you. Uh the next question is from the line of s Shashang Ja. Uh Shashang I've got you on screen. Please unmute yourself and go ahead. 37:21 37 minutes, 21 seconds Hi Am I audible? Yes. 37:28 37 minutes, 28 seconds Yes sir. My question was regarding the capacity. So basically I have done my research and found that in India after 37:35 37 minutes, 35 seconds 2028 accumulative capacity will be around 180 gaw for module combining all the listed 37:43 37 minutes, 43 seconds and non-listed players and 140 gaw for sale. Okay. So my question here is that 37:49 37 minutes, 49 seconds after FI28 that is FI 29 2030 will there be that much demand in India? 37:58 37 minutes, 58 seconds Yeah, I think that's a very valid question sir and I think it's an important question to address also. So if you uh I'll I'll just uh take this in 38:08 38 minutes, 8 seconds couple of uh different uh uh uh like you know uh scenario. So basically when we 38:14 38 minutes, 14 seconds are talking about 180 or 140 G of capacity, let us keep modular cell. Let us only talk about cells because cells 38:22 38 minutes, 22 seconds uh capacity is what is going to be relevant. So 140 gawatt of capacity uh we are talking about by fi 20 uh 28 and 38:32 38 minutes, 32 seconds uh this includes a lot of new capacities uh I mean people who have not had the experience of sales and lot of 38:40 38 minutes, 40 seconds announcements that are made and uh I think last time when we checked uh I think last time when we checked the 38:47 38 minutes, 47 seconds publicly available data in May almost uh that time it was about uh no that time 38:55 38 minutes, 55 seconds it was about uh 12 to 15% of the capacities that were announced had no 39:02 39 minutes, 2 seconds progress after even 3 years of announcement. So that is uh one point uh that we have seen. Then uh what are what 39:10 39 minutes, 10 seconds is also going to be the biggest differentiator is how much of this capacity is going to come in and how much of these capacity is going to be 39:19 39 minutes, 19 seconds able to transition to make good quality cells because cell manufacturing cells 39:26 39 minutes, 26 seconds is not easy. One is not only about the high capex but the complexity of the process and this we have seen that lot 39:33 39 minutes, 33 seconds of different approaches are being taken and time is going to tell what is the uh what is going to happen but what is certainly going to be the scenario is 39:41 39 minutes, 41 seconds there is going to be a difference between experienced players and non-experienced players and that is something that we have not only seen in 39:49 39 minutes, 49 seconds uh not only what we are going to see in India but what you are also seen even in uh China that has happened right So we 39:58 39 minutes, 58 seconds uh because like you know just taking an example of modules right module being much simpler and so much different. If 40:04 40 minutes, 4 seconds you see FI25 for that matter, FI25 sir the module capacity in India was about 40:12 40 minutes, 12 seconds uh 110 uh me megawatt correct right and uh with with that uh gawatt sorry gawatt 40:20 40 minutes, 20 seconds and with that India consumption was only about uh 36 gawatt and we exported about 40:27 40 minutes, 27 seconds 8 gawatt so that is about 42 gawatt of capacity and out of that we India imported 14 g of modules. So only for 40:36 40 minutes, 36 seconds about uh 28 gawatt of capacity India basic India uh like you know the 40:44 40 minutes, 44 seconds utilizations you know the uh demand for companies like MV and you know the results the companies like MV have 40:52 40 minutes, 52 seconds shown. So there there is always going to be that difference the market is going to give and is going to treat and uh MV 41:00 41 minutes being one of the first module uh cell manufacturers of topcon technology established topcon uh lines and you uh 41:08 41 minutes, 8 seconds with our capability we are going to be the preferred cell uh module supplier for our developers. 41:15 41 minutes, 15 seconds Okay sir, one more question. Uh like uh demand forecasting like building capex before building capex you may have done 41:23 41 minutes, 23 seconds some demand forecasting that this is the number of gawatt sale demand that may come in fi 2930. Uh so can you give 41:31 41 minutes, 31 seconds those numbers and one last thing is regarding G12R module. So a smaller companies like NPX is moving to G12R 41:41 41 minutes, 41 seconds like I have been through their con calls and they are right now starting to move to G12R. So by how many years or after 41:48 41 minutes, 48 seconds how many years you can say that uh it will be necessary to move to G12R and if required how much time it will take for us to move to G12R. 41:58 41 minutes, 58 seconds So we have already started producing G12R modules and uh you know we that's already part of our moders and I think 42:06 42 minutes, 6 seconds Q3 also we have supplied with G12R so we are always uh you know in ahead of the 42:13 42 minutes, 13 seconds market in adapting for example uh if you see the definition the timeline of when the market should move is very different 42:22 42 minutes, 22 seconds for MB very different for uh X player very different for Y player in this market for us we are always earlier ones 42:30 42 minutes, 30 seconds to move for example for example for us is topconorn top module for example I'm not talking about sales when we our 42:38 42 minutes, 38 seconds module capacity module sales we did about 70% sales of uh topcon and only 42:44 42 minutes, 44 seconds 30% of monoperk sales in fi25 and in fi26 we are doing zero monopark 100% topcon we are probably one of the 42:53 42 minutes, 53 seconds only companies doing that transition so our transition is always uh ahead quite ahead in the market and we are always uh quite uh adapting first. 43:05 43 minutes, 5 seconds Got it sir. Uh any I beta margin varies superior compared to other companies sir. So why is it so? 43:14 43 minutes, 14 seconds Uh that's what like I said I I covered this answer in the previous question. uh uh basically like you know we have seen 43:21 43 minutes, 21 seconds this pattern not only this quarter but I think you can study the history of MB and history of others our costing and as 43:29 43 minutes, 29 seconds as well as our cost efficiencies have always been quite well uh quite well managed and also because we operate at a 43:38 43 minutes, 38 seconds very premium segment of the industry for example if you look at our client list it is all uh you know uh hero cleanmax 43:46 43 minutes, 46 seconds Iana bluep and KPI like you know very key accounts a a a class A accounts that 43:53 43 minutes, 53 seconds are uh there we tend to have a um very strong preference from our customers 43:59 43 minutes, 59 seconds when it comes to uh giving order so that is the advantage that you are seeing with MD got it and sir demand forecast numbers 44:08 44 minutes, 8 seconds for FI 2930 if you have done any no uh Shashank uh can I please request you to come back in the queue 44:17 44 minutes, 17 seconds okay mir Yeah, please say those numbers sir, please. Sure, sir. 44:22 44 minutes, 22 seconds The next question is from the line of Bharti. Uh, Bharti, I've got you on screen. Please unmute yourself and go ahead. 44:46 44 minutes, 46 seconds The next can you unmute yourself? 44:52 44 minutes, 52 seconds Okay, we'll take the next question from the line of Vine. Uh Vin, please go ahead with your question. Unmute yourself and go ahead. 45:10 45 minutes, 10 seconds Hello. Yeah. Hello. Hello. 45:15 45 minutes, 15 seconds We can hear it. Yes sir. Uh first of all congratulation for the excellent numbers. I had just one question that uh 45:23 45 minutes, 23 seconds with respect to the raw material prices such as silver or maybe the cell uh which is uh basically imported in US dollars the input cost being rising. 45:32 45 minutes, 32 seconds What will be the effect you know the overall the pricing of the finished goods? How how much do you see uh going 45:40 45 minutes, 40 seconds up due to this uh also the the due to this China uh rebate cut there must be 45:47 45 minutes, 47 seconds some kind of uh uh holding rush. So all these factors considering what will be the overall cost that will be going up 45:56 45 minutes, 56 seconds and the final cost of the products also going up from here. 46:01 46 minutes, 1 second Yeah. Uh sir uh I think uh basically like uh the way we we look at things we basically like you know for example uh 46:09 46 minutes, 9 seconds USD is something that uh you know for us it's all passed on because what happens is all our key contracts right we take 46:17 46 minutes, 17 seconds all key account contracts everything is done in US sense so at only at the time of execution we change it to INR we 46:25 46 minutes, 25 seconds build it in INR but uh orders are all taken in US sense so whatever exchange rate is all passed on to the uh uh 46:32 46 minutes, 32 seconds customer and when it comes to the uh rebate I as I addressed this uh in my uh 46:39 46 minutes, 39 seconds previous s both rebate and silver silver price I've already advised this in my uh uh address this in the previous answers 46:47 46 minutes, 47 seconds but I'll just uh say it again silver silver for example uh with improved technology 46:54 46 minutes, 54 seconds improved process R&D improved adaptation of the latest uh screen designs process and silver paste we are able to reduce 47:03 47 minutes, 3 seconds our silver paste consumption as in from what we are currently consuming we used to consume two times of that uh silver 47:11 47 minutes, 11 seconds paste earlier per cell. So uh this has all kept the cost in line where we are 47:18 47 minutes, 18 seconds not uh seeing the effect and we further uh uh are aiming to reduce the silver paste consumption by another 40%. So 47:26 47 minutes, 26 seconds these things will further like you know strengthen our uh uh costing and that is with technology uh improvement we are uh 47:34 47 minutes, 34 seconds we are doing this and uh um you know so I hope you have answered your question brief. 47:40 47 minutes, 40 seconds Yeah thanks a lot thanks a lot for the very uh clarification sir. One more thing are the domestic orders like you 47:47 47 minutes, 47 seconds said KP Green are these domestic orders fixed? 47:52 47 minutes, 52 seconds Can you please speak? Yeah. So, domestic uh orders uh like KP Green are these 47:59 47 minutes, 59 seconds fixed price tenders or they are also linked with the dollar price and uh uh sir most of our uh orders especially for 48:08 48 minutes, 8 seconds key accounts uh pretty much like everything is done done on US sense and then they are converted at the time of execution. 48:19 48 minutes, 19 seconds Okay. So the other players other players uh the smaller players they might be uh having some kind of impact with the 48:25 48 minutes, 25 seconds dollars because you are selling in USD but the players who are solely dependent of uh uh Indian market they must be 48:33 48 minutes, 33 seconds facing some of the little bit challenges right sir if we can difficult to comment on other other people's uh strategy but this is how we 48:42 48 minutes, 42 seconds are doing sir thank you thanks a lot sir thank you uh thank you the next question is from the line Mokia from systematics. 48:51 48 minutes, 51 seconds Mukchia, I've got you on screen. Please unmute yourself and go ahead. 49:03 49 minutes, 3 seconds Uh moka, can you please unmute yourself? 49:13 49 minutes, 13 seconds Uh we'll take the next question from the line of Anushka Mura. Anushka please go ahead 49:20 49 minutes, 20 seconds unmute your session. Go ahead Anushka 49:39 49 minutes, 39 seconds Anushka please unmute yourself. 49:49 49 minutes, 49 seconds We take the next question from the line of UTSA from one capital. Uh please unmute yourself and go ahead. 50:07 50 minutes, 7 seconds Please unmute yourself. 50:11 50 minutes, 11 seconds Yeah, thank you. Uh thank you for the opportunity sir. I know uh silver has been addressed couple of times but I just want to again get some 50:19 50 minutes, 19 seconds clarification on it. Uh let's say 6 months back silver was around 0.7 cents 50:26 50 minutes, 26 seconds uh as part of the total module cost and today it's close to 2 cents like you mentioned earlier. Have we taken any uh 50:35 50 minutes, 35 seconds price hike in the DCR mod in the DCR module segment because of this or are we 50:40 50 minutes, 40 seconds observing this change in silver price this number 50:50 50 minutes, 50 seconds 7 cents and 2 cents no no 7 cents uh I don't know how you got it that because earlier also it is 50:57 50 minutes, 57 seconds around 2 cents only it is 1.75 to 2 cents where you got from the 7 I don't know uh because uh even if you see the 51:07 51 minutes, 7 seconds consumption of silver paste earlier is around between 185 to 200 mg with one lakh rupees it comes to 2 cents only I 51:16 51 minutes, 16 seconds don't know where you got it that number and today also it is from because of our uh process improvement and the consumption come down 51:24 51 minutes, 24 seconds sir today would it be fair to understand it's 9 mg per godpick or would it be higher than that 51:31 51 minutes, 31 seconds it's lesser than that sir Uh it's uh it's lesser than that. Yes. 51:38 51 minutes, 38 seconds Understood. And sir, on your customers end uh we keep reading about connectivity delays for utilities. Are 51:45 51 minutes, 45 seconds we seeing any project delays or any offtake delays from our customers? This is already we have addressed sir. 51:52 51 minutes, 52 seconds We if you see we whatever the PPS which is signed and which is the loan sanction that only we have taken as an booked one 52:02 52 minutes, 2 seconds for us. Uh the which the cancellation or anything is talking presently which is not done the PPA yet. So that also still no cancellation has taken place. 52:13 52 minutes, 13 seconds Sir even for signed PPAs there are some delays because of connectivity issues right? that for that they have the what 52:21 52 minutes, 21 seconds happens is like I mean there like see when there is a project there are always there could be some delays like you know 52:28 52 minutes, 28 seconds because of connectivity because of land but that delay is something that is not any we have not seen any abnormal delay 52:35 52 minutes, 35 seconds lately because of any because of one particular reason there are always uh some delays that could happen and there is always a cascading you know one order 52:44 52 minutes, 44 seconds order gets delayed the previous order will come come for risk Understood. Thank you so much. 52:52 52 minutes, 52 seconds Thank you. Uh the next question is from the line of Nikl Abankar. Uh Nikl please unmute yourself and go ahead with your question. 53:01 53 minutes, 1 second Hi sir, I just have a couple of questions. So I was just going through your presentation. I saw that your quarter on quarter the cell production 53:08 53 minutes, 8 seconds is up by almost 100 megawatt but it is not exactly reflected in our EIA growth. 53:15 53 minutes, 15 seconds for Q of Q every time is around 10 12 cross. So just can you highlight that and uh why exactly is it? 53:26 53 minutes, 26 seconds Yeah. 53:28 53 minutes, 28 seconds So the behind 53:36 53 minutes, 36 seconds the some background. Yeah. 53:40 53 minutes, 40 seconds Okay. So the uh the 100 megawatt is improvement on the production because that you know that whatever production 53:47 53 minutes, 47 seconds we do will not be able to sell in the same quarter itself. it will going to be also move into the next quarter. So the 53:54 53 minutes, 54 seconds whatever we have produced that will continue to be there in the coming months that results you can say in the coming quarter. 54:05 54 minutes, 5 seconds Okay understood and sir any outlook on the uh outlook on utility scale DCR demand uh when do you expect it to kick 54:13 54 minutes, 13 seconds in? Yes sir. Yeah, we already started seeing I mean utility scale okay utility scale uh will take uh still about 54:20 54 minutes, 20 seconds another like you know 9 to 12 months but uh CNI CNI IP demand is something that is 54:28 54 minutes, 28 seconds already started for the DCR also 54:36 54 minutes, 36 seconds uh so say for fi 27 uh cross India how much do you expect this uh C and I bcr demand. 54:45 54 minutes, 45 seconds No, CNI DCR demand is something that is going strong as you have seen. See with DCR there are many places demand is 54:52 54 minutes, 52 seconds coming from uh right like if I have to break it down for FI27 we are looking at uh like you know we are looking at first 55:01 55 minutes, 1 second firstly your uh uh like the current ones if I want to talk one is the suryagar yoja which is about 30 gawatt out of 55:10 55 minutes, 10 seconds that we have seen uh about five 6 gawatt only completed so far and we are looking 55:16 55 minutes, 16 seconds at kusum that's another 30 gawatt uh you know that the fresh there there is a lot 55:24 55 minutes, 24 seconds of discussion that Kusum 2 is going to start from Zan onwards uh and uh sorry uh from April onwards uh so that is 55:32 55 minutes, 32 seconds something that we are going to have then the CNI demand CNI demand if you see in the country today we are seeing about 15 55:41 55 minutes, 41 seconds 16 gawatt that has been completed in a year uh you know especially we're looking at last year and this uh as CN 55:48 55 minutes, 48 seconds has been the fastest growing segment in the solar industry that could grow further especially with the adding of 55:57 55 minutes, 57 seconds data centers and all the uh new new power requirement that's coming from the industry set 56:05 56 minutes, 5 seconds sure and uh final question any plans on adding wafer capacity as of now certainly sir I mean wafer is the next 56:14 56 minutes, 14 seconds uh uh trans transition that we are looking at doing and uh that is something that uh you know we are looking uh as I think we have also 56:23 56 minutes, 23 seconds announced that we want to do ingot and wafer uh capacity uh quite soon but the only thing is that we don't want to 56:30 56 minutes, 30 seconds commit on a timeline right now the reason is that we want to get some clarity on the implementation of uh ALM 56:38 56 minutes, 38 seconds on wafers and the demand create demand for wafers when it is going to start onwards so from then we will start uh 56:46 56 minutes, 46 seconds you know working on the wafers Thank you and all the welcome. Thank you sir. 56:53 56 minutes, 53 seconds Thank you. The next question is from the line of Bharti. Bharti. Um please go ahead with your question. Unmute yourself. 57:08 57 minutes, 8 seconds Hello. Am I audible ma'am? Yes ma'am. 57:12 57 minutes, 12 seconds Right. Right. Thank you. Thank you so much sir. Uh sir can you throw some light uh for the renewable sector as a whole beyond FY28 some kind of 57:19 57 minutes, 19 seconds qualitative uh commentary because uh one of the binding constraints on ground today is that the risk shortfall in grid 57:25 57 minutes, 25 seconds and transmission capacity right uh uh uh grid expansion is lagging generation uh some kind of kind of PPAs are not 57:32 57 minutes, 32 seconds getting signed leading to project delays project takes are getting delayed so what kind of visibility do you see in the evolving in the ancillary 57:40 57 minutes, 40 seconds infrastructure how is it evolving beyond FI28 eight. Thank you sir. 57:45 57 minutes, 45 seconds Yeah thank you ma'am. I mean uh when we looking at the uh renewable sectors and the infrastructure for that we're 57:52 57 minutes, 52 seconds already seeing uh best integration that is happening apart from like you know earlier what we used to see standalone 57:59 57 minutes, 59 seconds solar or just solar and wind uh being the way of uh tendering or installations that are being taken place. Today we are 58:07 58 minutes, 7 seconds seeing solar uh plus best and solar plus best up to 6 hours of storage. Yesterday 58:14 58 minutes, 14 seconds I think uh the tender closed at 300 3 rupees 11 pesa which is which is 58:21 58 minutes, 21 seconds extremely low compared to even coal coal or thermal or even so like you know uh the any capacity any particular energy 58:30 58 minutes, 30 seconds source. So with that kind of a scenario that we are getting into I think grid stability or the uh 58:38 58 minutes, 38 seconds transmission uh pressure on transmission lines is something that you you will not uh uh see. There is just go there is 58:46 58 minutes, 46 seconds positive here is that there is a realignment of the kind of demand that there is going to be which is very good for the industry as well as for the sector. 58:57 58 minutes, 57 seconds Okay sir, the kind of uh tendering do you you you uh foresee beyond FI28 for the projects? 59:06 59 minutes, 6 seconds Absolutely ma'am I mean tenders are going uh quite well. Uh I mean uh that I think will happen uh in a good phase. So 59:14 59 minutes, 14 seconds there is quite a good backlog also that is there and uh further tendering also will catch up uh uh for that pace 59:22 59 minutes, 22 seconds because uh the question the there the the thing that we have to all all as a country solve is to give power uh for 59:31 59 minutes, 31 seconds the requirement that there is and that is something that is that I don't think we anyone is seeing a slowdown it noted sir thank you so much and all the 59:39 59 minutes, 39 seconds best for the future thank you thank you sir thank you next question is from the line of Ardu. Uh please go ahead unmute yourself and go ahead. 59:50 59 minutes, 50 seconds Yeah. Uh thank you sir. Congratulations on a very good quarter. So my uh I just wanted one clarification. So in your presentation you have mentioned uh your 59:59 59 minutes, 59 seconds you know installed solar cell capacity of around 2.9 gawatt. But if I look at the ALM uh list of December 15 so your 1:00:07 1 hour, 7 seconds uh approved capacity is of around 1.5 G or so. So uh by when do we expect the remaining capacity to be approved by A1? 1:00:16 1 hour, 16 seconds If you could provide a color on that. 1:00:19 1 hour, 19 seconds Yeah absolutely sir. I mean that's a very valid observation. So if you look at it uh a couple of things here. one is there the difference between the 1:00:27 1 hour, 27 seconds installed and the effective capacity that effective capacity at 2.155 uh mega uh 2.155 gawatt and on that the 1:00:36 1 hour, 36 seconds way alm works is on the day they come for inspection whatever is the running capacity on that day is the capacity 1:00:44 1 hour, 44 seconds that they uh approve right and uh so what when uh you can see this particular 1:00:52 1 hour, 52 seconds capacity of 16 uh 1,000 600 megawatt is as per our utilization rate at that at 1:01:00 1 hour, 1 minute that time and uh we are uh and the way ALM works is once your utilization improves you can invite ALM for an audit 1:01:08 1 hour, 1 minute, 8 seconds and they will come come back and reodit it and increase the capacity accordingly. So that is something that we will uh uh do in the due process and 1:01:17 1 hour, 1 minute, 17 seconds uh it is in line with what we are uh anticipating. 1:01:24 1 hour, 1 minute, 24 seconds understand it uh very clear. So if I could squeeze in one more question. So regarding your forecast regarding the DCR demand. So I think the numbers seem 1:01:33 1 hour, 1 minute, 33 seconds fair to me at least. But I just wanted to understand like would it be fair to assume that by you know FI30 the majority of or very almost the entire 1:01:41 1 hour, 1 minute, 41 seconds market would be uh DCR led and non DCR would be a very poulry portion of the market or do you see non DCR to still 1:01:49 1 hour, 1 minute, 49 seconds have a healthy share by 2030 and another thing is because of uh yeah another thing is because of the 1:01:58 1 hour, 1 minute, 58 seconds you know the large amount of cell capacities that are coming up do you see a sizable market for you know standalone selling of solar cells uh going forward 1:02:07 1 hour, 2 minutes, 7 seconds as well or do you think it will be mostly a module based market and u selling of solar cells will be phased out if you could uh provide a color on 1:02:16 1 hour, 2 minutes, 16 seconds these two questions please thanks yeah um so basically uh when it comes to 1:02:22 1 hour, 2 minutes, 22 seconds uh the uh demand for DCR I think that there by FY 2030 I don't see um any 1:02:31 1 hour, 2 minutes, 31 seconds capacity that is going to be of non DCR It could be extremely small very like you know like you know immaterial 1:02:39 1 hour, 2 minutes, 39 seconds capacity if there is any that is going to be there for demand it is all going to be with uh DCR and uh when we're 1:02:47 1 hour, 2 minutes, 47 seconds looking at uh uh that particular per uh period uh I think uh 1:02:55 1 hour, 2 minutes, 55 seconds uh that that is quite clear that is quite clear then uh for the later part of the question. 1:03:03 1 hour, 3 minutes, 3 seconds So, can you repeat the second part of the question? Sorry, I think uh we lost it. 1:03:07 1 hour, 3 minutes, 7 seconds Yeah. So, I just wanted to understand, you know, right now there's a market where you can sell solar cells on a standalone level instead of uh a DCR module. Correct. 1:03:16 1 hour, 3 minutes, 16 seconds So, going forward with you know, cell capacity is coming up. Do you see that market still existing or do you think it will be only a module based market? 1:03:24 1 hour, 3 minutes, 24 seconds No, I think that that will ex that will exist to a very small extent but that will not be a majority that will be a very small portion. 1:03:35 1 hour, 3 minutes, 35 seconds Uh sure sir understood and thanks for the answering of questions and all the best for the coming quarters. 1:03:41 1 hour, 3 minutes, 41 seconds Thank you. The next question is line from from the line of yog please go ahead and unmute yourself. 1:04:01 1 hour, 4 minutes, 1 second Lugish can you unmute yourself? 1:04:03 1 hour, 4 minutes, 3 seconds I'm able Yes, you are. Please go ahead. 1:04:07 1 hour, 4 minutes, 7 seconds Thanks for taking my questions. Uh sorry uh but again I'm going back to the silver a small understanding. a silver 1:04:16 1 hour, 4 minutes, 16 seconds 185 mg to 200 mg uh in the current consumption per module per cell. Will it be possible for you to provide a silver 1:04:25 1 hour, 4 minutes, 25 seconds paste consumption per wide basis or any thumb rule of silver paste consumption per wide basis? 1:04:32 1 hour, 4 minutes, 32 seconds So I mean uh so basically the reason why we are not giving you the silver paste consumption per cell or per W is because 1:04:39 1 hour, 4 minutes, 39 seconds these are all done by process R&Ds uh and a lot of uh technical upgradations and uh material upgradations uh are 1:04:49 1 hour, 4 minutes, 49 seconds taken place. So because of the sensitivity of that information we would uh restrict from saying that uh giving 1:04:56 1 hour, 4 minutes, 56 seconds that information out but uh maybe there could be a publicly available information that is there that we can find and send it to you if there is any. 1:05:06 1 hour, 5 minutes, 6 seconds Any thumb rule for silver consumption per any any publicly available data as per your understanding? 1:05:16 1 hour, 5 minutes, 16 seconds Um sorry Peter I mean uh so basically I think what uh 1:05:23 1 hour, 5 minutes, 23 seconds what we what we told uh that time is that it's about two cents uh you know uh is the silver paste uh the cost of solar 1:05:31 1 hour, 5 minutes, 31 seconds paste about per watt so based on that you can probably calculate what the uh consumption levels are at I think this 1:05:39 1 hour, 5 minutes, 39 seconds is something that we told the difficult part is that the silver is moving so rapidly on a daily basis 1:05:47 1 hour, 5 minutes, 47 seconds So okay no worries. Uh the second again on the commodity side if you could give us a ballpark number how much quantity 1:05:55 1 hour, 5 minutes, 55 seconds of aluminum in terms of grams or pg generally required for the single module it would be helpful. 1:06:02 1 hour, 6 minutes, 2 seconds Aluminum module uh no you're asking for aluminum or for 1:06:10 1 hour, 6 minutes, 10 seconds silver frames. Aluminum frames we we generally require for the aluminum frame for the model. 1:06:16 1 hour, 6 minutes, 16 seconds Okay. Aluminum frames are usually about uh three kgs per one or three kg per per 1:06:23 1 hour, 6 minutes, 23 seconds frame per per module. It will be usually used. 1:06:28 1 hour, 6 minutes, 28 seconds Okay. Thank you. Thank you and wish you all the best. Yeah. 1:06:32 1 hour, 6 minutes, 32 seconds Thank you. Uh due to time constraint we are just taking the last question for the day from Ammon Jen. Ammon please go ahead and unmute. 1:06:42 1 hour, 6 minutes, 42 seconds Hello. Uh am I audible? Yes, you're audible. Yes, you are. Please go. 1:06:48 1 hour, 6 minutes, 48 seconds Yes. Uh yeah, sir, I understand that we have talked about this quite a few few times now about the silver cost, but I 1:06:56 1 hour, 6 minutes, 56 seconds just wanted to ask one follow-up question. I mean uh in the last four five months silver cost has more than 1:07:03 1 hour, 7 minutes, 3 seconds doubled and you were saying that with technologically advancements uh we have reduced silver consumption so much that 1:07:11 1 hour, 7 minutes, 11 seconds it has almost negligible effect on our cost. So that does that mean we have brought down silver consumption by more than 50 60% in just uh you know in the last 3 4 months only? 1:07:22 1 hour, 7 minutes, 22 seconds Yes definely is that the case? 1:07:24 1 hour, 7 minutes, 24 seconds Yeah you are understanding is 100% perfect. 1:07:29 1 hour, 7 minutes, 29 seconds Uh okay. So it has been so advanced and we are uh expecting another 40% reduction going forward from here. 1:07:36 1 hour, 7 minutes, 36 seconds Yeah. Further further from what from where we are today not from the basic. 1:07:44 1 hour, 7 minutes, 44 seconds Okay. Okay. Okay. Got it. Got it. Thank you so much. That's very helpful. 1:07:51 1 hour, 7 minutes, 51 seconds Thank you. That was the last question for the day. I would now request Mr. Manjunata to give his closing remarks. Thank you and over to you sir. 1:08:00 1 hour, 8 minutes Yeah. 1:08:03 1 hour, 8 minutes, 3 seconds Thank you everyone for joining us today and for the thoughtful questions. We value the time you spend with us each 1:08:10 1 hour, 8 minutes, 10 seconds part and we appreciate the trust you place in MV. Your questions and feedback help us to stay focused and improve how 1:08:17 1 hour, 8 minutes, 17 seconds we communicate our progress. If you have any followup after the call, please reach out in our investor relation team 1:08:25 1 hour, 8 minutes, 25 seconds using the contact detail share. We will also continue to keep the market update through our disclosures. Thank you uh 1:08:33 1 hour, 8 minutes, 33 seconds again for your continued support. We look forward to speaking with you again next quarter. 1:08:40 1 hour, 8 minutes, 40 seconds Thank you once again and for your time and participation. On behalf of MV Photoic Power Limited, this concludes today's conference. For any questions, 1:08:49 1 hour, 8 minutes, 49 seconds please feel free to write to us on the email ids mentioned on the invite. We appreciate your engagement.