Fujiyama Power Systems Limited — Q4 FY26

Fujiyama Power Systems Ltd Q4 FY2025-26 Earnings Conference Call https://www.youtube.com/watch?v=Md7D4fDI7eY Published: 1d ago

0:01 1 second Ladies and gentlemen, good day and welcome to Fujiama Power System Tokyo FI26 earnings conference call hosted by Motila Los Financial Services Limited. 0:13 13 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 0:20 20 seconds concludes. Should you need assistance during the conference call, please signal an operator by pressing star then 0:28 28 seconds zero on your touchtone phone. Please note that this conference is being recorded. I now hand the conference 0:35 35 seconds Suman Kumar from Motila Swan. Thank you and over to you sir. 0:39 39 seconds Thank you. Good evening everyone and a very warm welcome to Fujama Power System Limited 4Q FI 26th uh posted earning 0:48 48 seconds call hosted by Motila Finan Service Limited. On the call today we have management team being represented by Mr. 0:55 55 seconds Pavan Kumar chair manage joint managing director Mr. Yogesh Dwa CEO and joint 1:02 1 minute, 2 seconds managing director Mr. Sri Kumar uh non-executive director and Mr. Dr. 1:07 1 minute, 7 seconds Prasand Gupta, CFO. We will begin the call with key thoughts from the management team. Thereafter, we will 1:14 1 minute, 14 seconds open the floor for Q&A. I would now like uh to request the management to share their perspective on the performance of 1:21 1 minute, 21 seconds the company. Thank you and uh over to you sir. 1:26 1 minute, 26 seconds Good afternoon. This is Pawan. Good afternoon everyone and thank you for joining us today. It is pleasure to 1:35 1 minute, 35 seconds address you as we conclude our first full financial year post listing and share update on our performance for quarter and year ended 31st March 2026. 1:49 1 minute, 49 seconds Let me begin with thanking all our stakeholders for their continuous support through their import this important year. 2:00 2 minutes The past 12 months have been significant for Fudyama as we transition into listed 2:08 2 minutes, 8 seconds company while continuing scale our operations, expand our manufacturing footprint and strengthen our 2:16 2 minutes, 16 seconds distribution network. Over the years, we have built a unique position in rooftop solar market by proxing off-grid and 2:25 2 minutes, 25 seconds hybrid solutions. Our systems are largely adopted as reliable backup for households facing inconsistent grid 2:34 2 minutes, 34 seconds supply rather than being driven by subsidies. 2:39 2 minutes, 39 seconds This approach has helped us build a strong customer base especially in tier 2:45 2 minutes, 45 seconds 2 tier three cities that see solar as a necessary rather than an optional 2:52 2 minutes, 52 seconds purchase allowing us grow consistently across the market cycle. Now coming to 3:00 3 minutes our performance, the March quarter marked a strong finish to the year. 3:05 3 minutes, 5 seconds Revenue from operations for the quarter is uh rupees 9,8 millions reflecting yearon year growth of 87.5%. 3:17 3 minutes, 17 seconds AITA for the quarter more than double year on year to rupees 1,715 millions. 3:26 3 minutes, 26 seconds For the four full year, revenue from operations reached rupees 26,545 3:34 3 minutes, 34 seconds millions, representing a growth of 72.3 year onyear basis. 3:40 3 minutes, 40 seconds AITA for the year was rupees 4,93 million with margin extending to 18.5% 3:50 3 minutes, 50 seconds as compared to 16.1% of last financial year. 3:56 3 minutes, 56 seconds We have added four lakh plus households during this financial year considering number of inverters sold during this period. 4:06 4 minutes, 6 seconds This performance reflects the strength of our integrated model supported by manufacturing distribution and after sales capabilities. 4:16 4 minutes, 16 seconds A key contribution to this growth has been our continued focus on distribution. During the quarter, we 4:24 4 minutes, 24 seconds added over 80 distributors, more than 450 dealers, and 30 exclusive copies 4:31 4 minutes, 31 seconds outlet. With this, our total channel partners network has crossed 8,900 as on March 2026. 4:42 4 minutes, 42 seconds This expansion had allowed us to deepen our presence in exist existing market while also entering new regions. 4:54 4 minutes, 54 seconds On the manufacturing front, we have achieved an important milestone with commissioning of our 2,000 megawatt 5:02 5 minutes, 2 seconds solar panel manufacturing facility at Raklan. This plant strengthens our ability to meet growing demand and improves our overall supply readiness. 5:15 5 minutes, 15 seconds At the same location, the commissioning of power electronics and battery capacity suddenly delayed as we 5:23 5 minutes, 23 seconds incorporated the latest advancements in lithium ion battery technology. Earlier 5:29 5 minutes, 29 seconds we are using 100 cells but in coming time 300 and more capacity cells will be 5:38 5 minutes, 38 seconds becoming more common in lithium batteries. We have ordered our lines considering future technology demands. 5:47 5 minutes, 47 seconds It is also worth to mention that we could manage the total cost of the line within our target cost while adopting 5:55 5 minutes, 55 seconds more flexibility along with future ready technology requirements ensuring our products remain relevant 6:03 6 minutes, 3 seconds and competitive as the market in evolves. In addition, certain ge geopolitical developments had an impact 6:12 6 minutes, 12 seconds on supply timelines of plant and machinery during the execution phase. 6:19 6 minutes, 19 seconds With these factors now largely addressed, the inverter manufacturing lines machinery already received at the 6:27 6 minutes, 27 seconds facility and expected to be commissioned in first quarter of 2027. 6:34 6 minutes, 34 seconds Furthermore, the batteries machinery ordered have been placed and commissioning is expected in the second quarter of 2027. 6:45 6 minutes, 45 seconds Further strengthening our backward integration strategy, we are 6:52 6 minutes, 52 seconds also setting up 1200 megawatt Stoone solar cell manufacturing facility at Rotam. This addition will further enable 7:01 7 minutes, 1 second us to address ongrid solar rooftop market more effectively. 7:07 7 minutes, 7 seconds As we look ahead, the demand environment for solar solutions in India continue to 7:14 7 minutes, 14 seconds remain favorable with over 7 million installations still untapped under PM Surya Gary. 7:22 7 minutes, 22 seconds This represents close to 25 gawatt of incremental opportunity. 7:28 7 minutes, 28 seconds with our existing 1,00 megawatt monopark solar capacity 7:34 7 minutes, 34 seconds and planned additional 1200 megawatt tokon facility. We are well positioned to address the energy demand under the A12 framework. 7:48 7 minutes, 48 seconds I would also like to update everyone on the unfortunate fire incident that occurred our bubble manufacturing facility. 7:59 7 minutes, 59 seconds We we are relieved to share that there were no 8:06 8 minutes, 6 seconds casualties or injuries and the safety and wellness of our employees and workers remain our highest priority. 8:15 8 minutes, 15 seconds The infected facility had a lead acid battery manufacturing capacity of 1.3 gawatt and the company maintains 8:25 8 minutes, 25 seconds comprehensive insurance coverage for the plant inventory and related assets. 8:32 8 minutes, 32 seconds Operations at the facility have been temporarily suspended while the exact cause of the incident remains under 8:40 8 minutes, 40 seconds investigations. In parallel, the company is facilitating to the employee to other manufacturing 8:48 8 minutes, 48 seconds facilities to ensure the continuity of employment to ensure uninterrupted customer supply 8:56 8 minutes, 56 seconds and overall business continuity. We have already activated alternate manufacturing agreement through third party partners. 9:06 9 minutes, 6 seconds Further all critical business system and operations continue to remain fully functional and secure. 9:14 9 minutes, 14 seconds All critical business operations and ERP system continue to remain fully functional and secure. Ensuring 9:23 9 minutes, 23 seconds uninterrupted business continuity with no loss of centralized digital data. The management remains confident that 9:31 9 minutes, 31 seconds incident will not have any material long-term impact on the company's overall business operations. Regarding 9:40 9 minutes, 40 seconds the growth of the rooftop solar industry, with electricity demand continuing to rise and conventional 9:48 9 minutes, 48 seconds energy sources facing challenges, solar is becoming a preferred alternative. 9:55 9 minutes, 55 seconds This shift is particularly visible in regions experiencing grid instability where consumers are actively seeking 10:04 10 minutes, 4 seconds more reliable and long-term energy solutions. 10:10 10 minutes, 10 seconds Our focus remains clear as we move into next year. We will continue to expand our distribution network, complete our 10:18 10 minutes, 18 seconds ongoing capacity additions. At the same time, maintaining service quality and 10:25 10 minutes, 25 seconds strengthening customer relationship will remain priority as we scale. 10:32 10 minutes, 32 seconds Before I conclude, I would like to thank our employees for their dedication and consistent efforts across Fugans which 10:41 10 minutes, 41 seconds have enabled us to deliver this performance. 10:46 10 minutes, 46 seconds I would also like to thank our shareholders for their continued confidence in Fujama as we build a 10:54 10 minutes, 54 seconds business focused on long-term value creation while contributing to India transition towards the reliable and 11:03 11 minutes, 3 seconds clean energy. Thank you very much. I will now hand over to our CFO who will take you through the detailed financial. 11:12 11 minutes, 12 seconds After that we will be happy to take your queries. Thank you. 11:18 11 minutes, 18 seconds Thank you Panji. Good afternoon everyone. I will take you through the financial performance for the quarter 11:25 11 minutes, 25 seconds and year ended March 31st 2026. Let me begin with the quarterly performance. 11:30 11 minutes, 30 seconds During Q4 FY26 revenue from operations was rupes 9,8 million compared to rups 11:38 11 minutes, 38 seconds 4,83 million in Q4 last year. reflecting a year-on-year growth of 87.5%. 11:46 11 minutes, 46 seconds IVIXA for the quarter was rupees 1,715 million with IITA margins improving to 19% 11:55 11 minutes, 55 seconds from 16.5% in the corresponding period last year. Profit after tax for the quarter was rupees 1,63 million with fat 12:04 12 minutes, 4 seconds margins improving to 11.8% compared to 10.7% in Q4 FY25. 12:12 12 minutes, 12 seconds The improvement in profitability on a year-on-year basis was mainly supported by better material margin which expanded by 2.1%. 12:20 12 minutes, 20 seconds It was driven by continued backward integration and higher captive manufacturing across solar panels, batteries and power electronics. During 12:29 12 minutes, 29 seconds the year, solar panel manufacturing capacity increased from 1,039 megawatt to 1,639 megawatt. Power electronics 12:39 12 minutes, 39 seconds capacity expanded from 1,143 megawatt to 2,180 megawatt and lithium battery manufacturing capacity increased 12:48 12 minutes, 48 seconds from 45 megawatt hours to 545 megawatt hour. The higher scale of operations also supported better absorption of fix 12:56 12 minutes, 56 seconds cost and improved manufacturing efficiency during the quarter. We also saw increased participation in the 13:03 13 minutes, 3 seconds on-grid solar segment particularly under the Phan Mantri Surva which supported volume growth during the 13:11 13 minutes, 11 seconds period. Employee and other operating costs remained broadly stable overall with increases in certain expenses had 13:19 13 minutes, 19 seconds substantially offset by efficiencies and savings across other costs. Let me now discuss this with the sequential performance on a quarteronquarter basis. 13:29 13 minutes, 29 seconds Revenue from operations increased by 53.1% compared to Q3 FY 26A 13:36 13 minutes, 36 seconds increased by 56% while increased by 58% sequentially that margins improved from 11.4% in Q3 FI26 to 11.8% 8% NQ42. 13:49 13 minutes, 49 seconds Despite the significant increase in volume during the quarter, material margins remain broadly stable with only a marginal movement sequentially reflect reflecting stable operating performance. 14:00 14 minutes The improvement in pack margins were also supported by lower finance cost following repayment of debt through utilization of IPFC. 14:08 14 minutes, 8 seconds This was partly offset by a moderate increase in other operating expenses during the quarter. 14:14 14 minutes, 14 seconds Moving to the full year performance for FY26, revenue from operations was rupes 26,545 14:22 14 minutes, 22 seconds million compared to rups 15,47 million in F25 representing a growth of 72.3%. 14:30 14 minutes, 30 seconds IVITA for the year was rupes 4,93 million up by 97.3% yearon year with 14:36 14 minutes, 36 seconds IITA margins improving to 18.5% from 15.1% in FY25. 14:42 14 minutes, 42 seconds profit after tax was rupes 3,41 million compared to rups 1,563 million last year while packed margins 14:51 14 minutes, 51 seconds improved to 11.5% from 10.1% in FY25. 14:57 14 minutes, 57 seconds The improvement in full year profitability was mainly driven by a 1.6% 6% extension material and in material margin supported by backward 15:05 15 minutes, 5 seconds integration initiatives and operating leverage benefits across manufacturing operations. Employee cost optimization 15:12 15 minutes, 12 seconds and scale efficiencies also supported margin improvement during the year. 15:16 15 minutes, 16 seconds Other operating cost remains under control overall overall with increase in certain expenses categories largely offset by savings and other oper 15:24 15 minutes, 24 seconds operating efficiencies across the business. Let me now briefly touch upon the balance sheet. As of March 31st, 15:30 15 minutes, 30 seconds 2026, our total assets were rupes 23,436 million compared to rups 10,140 million in FY25. 15:42 15 minutes, 42 seconds Total equity increased to rups 12,734 million from rupees 3,968 15:49 15 minutes, 49 seconds million in the previous year supported by the IPO proceeds and profit generated during the year. Total gross debt was 15:56 15 minutes, 56 seconds rupes 4,615 million compared to rups 3,452 million in FY25. 16:04 16 minutes, 4 seconds Despite the increase in borrowings towards ongoing capacity expansion and manufacturing investment, the balance sheet position improved during the year. 16:12 16 minutes, 12 seconds Net net debt to equity ratio improved to 0.25 25 as of March 26 compared to 85 in 16:20 16 minutes, 20 seconds FY25 reflecting the benefit of equity infusion through the IPO and repayment of debt using IPO proceeds. On the 16:29 16 minutes, 29 seconds working capital front, net working capital days increased to 83 days in F26 compared to 71 days in F25. The increase 16:37 16 minutes, 37 seconds was primary on account of higher inventory levels maintained during the years to support expending operations. 16:43 16 minutes, 43 seconds That concludes my remarks on financial performance. 16:48 16 minutes, 48 seconds We can we can now open the floor for question and answer. Thank you. 17:01 17 minutes, 1 second 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. 17:11 17 minutes, 11 seconds If you wish to remove yourself from the question queue, you may press star and two. Participants are requested to use 17:19 17 minutes, 19 seconds handsets while asking a question. Ladies and gentlemen, we will wait for a moment while the question cue assignments. 17:51 17 minutes, 51 seconds The first question is from the line of Apura Bahadan from RFL Capital. Please go ahead. 17:59 17 minutes, 59 seconds Hi sir, uh congratulations on a very good set of numbers and thank you for taking my question. Uh sir uh it would 18:07 18 minutes, 7 seconds be great if you can provide some colors as to why the inventory increased very 18:13 18 minutes, 13 seconds sharply this year. Uh 18:22 18 minutes, 22 seconds yes thank you for your question. So uh as you know that our capacity has been increased in the last year from uh when 18:30 18 minutes, 30 seconds we talk panel it increased from 1,39 megawatt to 106 uh 1,639 megawatt and 18:37 18 minutes, 37 seconds power electronics from 1,143 megawatt to 2,180 megawatt. So and in battery also when we talk about lithium 18:46 18 minutes, 46 seconds battery manufacturing capacity increased from 45 megawatt hours to 545 megawatt hours. Now to support uh this expansion 18:54 18 minutes, 54 seconds while we are increasing our sales we need to keep the inventory right. So uh I would like to highlight one point the increase in uh inventory that we are 19:01 19 minutes, 1 second seeing is mainly in the raw material side. If you see in terms of fixed goods inventory days it is uh close to the 19:08 19 minutes, 8 seconds last year but uh since we are opening new locations as we did in Dadri uh in Nida also uh in last year and recently 19:17 19 minutes, 17 seconds in the plant so uh that's why or raw we are keeping the raw materials there to uh sustain to supply with along with the increased demand. 19:29 19 minutes, 29 seconds Okay. Uh sir can you can you provide a split between raw material and the next question inventory? 19:36 19 minutes, 36 seconds Uh sure. Just allow me a second. 20:06 20 minutes, 6 seconds So out of 900 cr inventory uh 500 plus belongs to raw material and uh rest is uh by wip and finish goods. 20:18 20 minutes, 18 seconds Okay. Answer this uh of this 400 curls of finished inventory. Uh is it possible 20:25 20 minutes, 25 seconds to provide a breakdown into uh solar panels and batteries and other equipment? 20:33 20 minutes, 33 seconds Uh right now this information is not readily available with us but generally uh we we consider inventory as a SPS in 20:41 20 minutes, 41 seconds total package solar power generating system and we also do not give the segmentation in our financials also. 20:47 20 minutes, 47 seconds Understood. Sure. 20:50 20 minutes, 50 seconds Uh one thing is uh one thing to note here because per watt uh cost for solar panel is higher than the battery and 20:59 20 minutes, 59 seconds inverter. So most likely total inventory for panel will be higher side in comparison to inverter and battery. 21:07 21 minutes, 7 seconds Understood sir. 21:08 21 minutes, 8 seconds If we if we if we store 10 same me for inverter same me for battery 10 same me for panel then panel cost is high. 21:18 21 minutes, 18 seconds Okay. Okay. Understood. And then you have also mentioned about uh the plan to install uh a 1.2 gawatt topcon 10 line 21:28 21 minutes, 28 seconds uh with a capital expenditure of uh 350 kores. Uh so sir uh yeah can can you 21:35 21 minutes, 35 seconds prov help us with uh if u if this line the equipment and all have we already ordered and uh are these like absolutely new coming from the OEMs? 21:48 21 minutes, 48 seconds Actually we have taken the quotations and uh we have compared that and uh we have uh like we will give the order now 21:57 21 minutes, 57 seconds because uh now we have taken the letter to like uh uh uh in the uh director meeting then we 22:06 22 minutes, 6 seconds have passed the now we will give the uh order we will place the order we have taken the quotation basically and this 22:14 22 minutes, 14 seconds is the allincclusive cost for this opportunity 350 Yes sir. 22:22 22 minutes, 22 seconds Okay. Okay. That's that's for the existing line which is commissioned this year. uh what is the exit utilization that you saw at towards the end. 22:37 22 minutes, 37 seconds Uh now at present we are running around 65% but we are jumping up and uh we expect uh in a month or two it will be at around 80%. 22:51 22 minutes, 51 seconds Okay sir. S last question if I may ask in your notes to accounts you have mentioned two instances of visa. 22:59 22 minutes, 59 seconds Uh can you help us understand like what exactly did they pertain to and which equipment was in the sense that was it inverters or solar panels or batteries? 23:11 23 minutes, 11 seconds Okay. uh uh uh we have around 500 SKU and uh uh 23:22 23 minutes, 22 seconds like uh few of the SKU in uh like inverter and battery. Uh these um these 23:31 23 minutes, 31 seconds were uh under question from the BIS department and uh as per our submission 23:39 23 minutes, 39 seconds uh to the department um BIS was not mandatory on those SKU and uh their submission was uh that it 23:48 23 minutes, 48 seconds is required but we have filed the reply to them. uh out of 500 I think uh around 23:56 23 minutes, 56 seconds 10 to 15 FU are there in the question. 24:01 24 minutes, 1 second Okay. And largely related to inverters and batteries. Yes sir. 24:06 24 minutes, 6 seconds Okay sir. Thank you. Uh that's that's all from my side. All the best. 24:14 24 minutes, 14 seconds Thank you ladies and gentlemen. In order to ensure that the management will be able to address questions from all the participants in the conference, kindly 24:22 24 minutes, 22 seconds limit your questions to two per participants. Should you have a follow-up question, please rejoin the queue. We will take our next question from the from the line of Anushia from Invest. Please go ahead. 24:35 24 minutes, 35 seconds Yeah. Hi, thanks for the opportunity and congratulation on stellar performance. 24:40 24 minutes, 40 seconds So my first questions uh belong to your uplam capacity uh the 2 gawatt model which you have recently wrapped up. So how much revenue can this contribute to 24:49 24 minutes, 49 seconds and uh similarly on the 1.2 gawatt of 10 line which has been planned out here. So what sort of revenue contribution as 24:57 24 minutes, 57 seconds well as a margin expansion can be expected on this facility sir? 25:02 25 minutes, 2 seconds Uh okay. Uh in the clamp facility we have uh uh we have 2 gawatt integrated 25:09 25 minutes, 9 seconds facility including uh solar panel uh inverters and battery lithium batteries. 25:16 25 minutes, 16 seconds Uh we we can expect total revenue uh peak revenue from this facility when all the 25:23 25 minutes, 23 seconds line will be fully operational and fully utilized around 5,000 cr. we can go up 25:30 25 minutes, 30 seconds to 5,000 cr in uh in terms of revenue regarding this top line 25:38 25 minutes, 38 seconds uh because ALM2 is coming very soon to uh to continue our rooftop business uh 25:46 25 minutes, 46 seconds that is mandatory part for our business to uh to accommodate all ALM 2 requirements basically 25:55 25 minutes, 55 seconds that's why we have to go for uh additional um like top cell line of 1.2 G. 26:06 26 minutes, 6 seconds Okay. So for this 5,000 K you mentioned it including the cell revenue or cell has a separate set of revenue. I mean like it can contribute separate 26:14 26 minutes, 14 seconds actually sell uh regarding the cell sell will not add the revenue because it is backward integration only uh backward 26:22 26 minutes, 22 seconds integration includes the margins not the revenue s. 26:28 26 minutes, 28 seconds Okay. Okay. And uh the next question is basically how we have already reached 8,900 plus kind of a channel partner and 26:36 26 minutes, 36 seconds in the last call you had mentioned that we are seeking to cater to other geographies as well. So any targeted channel partner number which we have in mind over the next one or two years so that we can cover other market as well. 26:47 26 minutes, 47 seconds And just a follow up on if you can quantify how much of gigawatt in terms of rooftop we sold uh in the current fix 26:55 26 minutes, 55 seconds or megawatt whatever number is uh okay we can u we have the twin branch 27:04 27 minutes, 4 seconds strategy basically. So we are expecting double our channel partners even uh our second brand and uh uh 50% of our like 27:14 27 minutes, 14 seconds uh area is untapped uh basically it is starting phase but if we go for fully 27:21 27 minutes, 21 seconds operational all over the India then we can we can uh 27:29 27 minutes, 29 seconds like total partners. 27:42 27 minutes, 42 seconds So, uh we are expecting double channel partners in next three years sir. 27:50 27 minutes, 50 seconds So that's very helpful sir and and lastly sir which I was asking on the gigawatt part or megawatt how much sales we have done if you can quantify that. 28:00 28 minutes Uh okay. Now uh in last financial year basically uh just gone. So we have done 28:08 28 minutes, 8 seconds 1 gawatt plus uh like integrated uh SPGS 28:13 28 minutes, 13 seconds sale uh in um like uh 20 256 28:22 28 minutes, 22 seconds 1,26 megawatt uh 1,00 megawatt uh 28:30 28 minutes, 30 seconds including in in Uh actually uh we we had deciding not to 28:40 28 minutes, 40 seconds declare the segment wise but uh you can take aggregate 1 gawatt uh SPGs. 28:50 28 minutes, 50 seconds That's helpful sir. I'll rejoin the queue for further question. Thank you sir. Yes sir. Yes. Thank you. Thank you. 28:59 28 minutes, 59 seconds Next question is from the line of Anik Madwani from Step Trade Capital. Please go ahead. 29:06 29 minutes, 6 seconds Yeah. Yes. 29:12 29 minutes, 12 seconds So I just wanted the uh clarification on your uh uh power facility. So uh I mean 29:21 29 minutes, 21 seconds recently the fire broke out on the facility. So is it operational? Right now uh right now it is not operational sir. 29:30 29 minutes, 30 seconds It is suspended basically. 29:34 29 minutes, 34 seconds We have lost the connection for the current participant. We will take the next question from the line of Sahil Sik from Anantraati Institutional Equity. 29:43 29 minutes, 43 seconds Please go ahead. 29:45 29 minutes, 45 seconds Hi sir, congratulations on the great set of numbers. If you can uh share what would be our uh revenue mix in terms of 29:53 29 minutes, 53 seconds tier 1, tier 2 and tier three cities and where do you see more uh opportunity in the coming years? 30:02 30 minutes, 2 seconds Okay. Uh our major sale is s in towns and villages basically in tier 2, tier three cities and towns and villages. 30:11 30 minutes, 11 seconds Basically in tier one uh like we are now because we are adding on grid uh solar 30:19 30 minutes, 19 seconds cells now. So now tier one will be added basically uh now onwards tier one we 30:26 30 minutes, 26 seconds will focus tier one also. But uh in the past mostly our sale is tier 2, tier three towns and villages and our focus 30:35 30 minutes, 35 seconds will remain uh for uh like towns and villages in the in the future also because uh mainly we are into uh like 30:44 30 minutes, 44 seconds backup based systems mostly uh for uh like uh on grid also we have hybrid 30:52 30 minutes, 52 seconds system which can uh be uh which can be used as a off-grid as well as phone grid which has the uh both the uh oper uh 31:01 31 minutes, 1 second like uh uses it can export the electricity to grid also and it can give the backup in 31:08 31 minutes, 8 seconds case of power failure. So mostly our focus is in that area where power 31:15 31 minutes, 15 seconds fluctuations are there, power uh outage are there but uh uh along with that 31:23 31 minutes, 23 seconds business we are also focusing on on business also there uh no power shortage is there. 31:31 31 minutes, 31 seconds Got it. Sir and uh such a followup to a previous question where you said that new 2 G capacity will contribute around 31:39 31 minutes, 39 seconds 5,000 K of revenue I when do you that is revenue sir that will be revenue 31:47 31 minutes, 47 seconds when it will be fully utilized by when do you expect it the capacity to be fully utilized? 31:55 31 minutes, 55 seconds Uh we are expecting in the end of next financial year that will be fully utilized next next financial year. 32:05 32 minutes, 5 seconds Uh by end of FY 28 uh yeah 32:13 32 minutes, 13 seconds K4 28 we can expect K fully utilized. Okay. 32:22 32 minutes, 22 seconds Yeah. And so my last question would be as you mentioned that you have just placed orders for your new 1.2 gawatt 32:28 32 minutes, 28 seconds top online for the equip manufacturing equipment uh what would be and uh is the land for 32:37 32 minutes, 37 seconds the same in the existing ratlam current city or uh has it been acquired or is in process of being acquired? 32:45 32 minutes, 45 seconds Same land sir which was already taken sir in the same facility. 32:51 32 minutes, 51 seconds Yes sir. And would and the 350 crax amount would be excluding the land cost. 32:57 32 minutes, 57 seconds Actually land cost is was around 18 cr sir basically including uh uh earlier uh 33:05 33 minutes, 5 seconds like uh phase one project and phase two project and uh some land will be uh even uh we have extra land. So yeah land cost 33:14 33 minutes, 14 seconds is uh not very high in this uh trend line but uh it is excluding of land 33:20 33 minutes, 20 seconds basically sir land very marginal but uh that is excluding 33:28 33 minutes, 28 seconds of land because we have the land one 33:36 33 minutes, 36 seconds do we have any plans to upgrade our existing monopell line to topcon Still till now we have no such uh uh 33:45 33 minutes, 45 seconds planning. Uh after this ramp up of uh top whatever will be the market 33:52 33 minutes, 52 seconds situation we will decide. I think we are not required to change at present. Uh we think we are not required to change sir. 34:01 34 minutes, 1 second Got it sir. This was very helpful and all the best. Thank you. Thank you sir. 34:08 34 minutes, 8 seconds Thank you. Next question is from the line of Alchital from Stepra Capital. Please go ahead. 34:14 34 minutes, 14 seconds Hello. Hello. Yes sir. You are audible sir. 34:19 34 minutes, 19 seconds Yes. Congratulations from Buchet of Nong. So I have two question. The first question is about the Babel facility. So 34:27 34 minutes, 27 seconds on the fire incident happened in the bowel facility. So does it affect the capacity or is it a state operation? 34:37 34 minutes, 37 seconds Yes, temporary it impacts the facility uh capacity but uh we have uh made already made the alternate arrangements. 34:45 34 minutes, 45 seconds Luckily at this time uh for the lead battery especially there there is huge capacity in the market basically extra available. 34:56 34 minutes, 56 seconds uh uh when we decided for uh this uh starting of this facility at that time 35:03 35 minutes, 3 seconds like uh extra capacity in the market was not available in the season time mainly and you can see this is our main season 35:11 35 minutes, 11 seconds time and uh uh we are experiencing uh we can achieve even more than what we 35:18 35 minutes, 18 seconds require from the market uh from third party basically we have made uh uh third party arrangements 35:26 35 minutes, 26 seconds And uh that is done uh immediately because extra capacities are available in lead acidic battery because market is shifting towards lead acid to lithiumion battery. 35:36 35 minutes, 36 seconds Okay. So will it affect the margin? 35:41 35 minutes, 41 seconds Margins uh will have uh slightly different uh effect but we will cover through top line basically adding extra 35:50 35 minutes, 50 seconds coke line because uh uh like uh extra uh capacities are available in the market. 36:00 36 minutes There is marginal difference if we go for third party because we we we could able to achieve good prices from third party. 36:12 36 minutes, 12 seconds Okay. And the second question is about uh can you uh give the revenue by application for this part? 36:22 36 minutes, 22 seconds Uh or actually yes 36:35 36 minutes, 35 seconds largely um you can uh consider because panel prices are higher side comparatively per whatever if we see 36:44 36 minutes, 44 seconds panel prices are higher side. uh but our electronics share is comparatively high 36:51 36 minutes, 51 seconds then we can uh just uh estimate like 40 40 20% 37:00 37 minutes in percent uh like 40% solar panel 40% electric and 20% battery largely 37:08 37 minutes, 8 seconds okay okay that's all from my side thank you it because we are adding new areas like 37:15 37 minutes, 15 seconds we are extending in existing areas depending on geographical situations and like electricity uh like fluctuations. 37:25 37 minutes, 25 seconds Basically it um this ratio variates time to time but largely we uh in uh at this time we can consider 40 40 20. 37:43 37 minutes, 43 seconds Thank you. Next question is from the line of Himmanu Dasani from Pinpoint X Capital. Please go ahead. 37:51 37 minutes, 51 seconds Hi sir. Uh thanks for the opportunity and congratulations on the great set of numbers. Sir, if you could uh bifrocate 37:58 37 minutes, 58 seconds your growth from uh in a revenue uh in realization and volume perspective that would be great. 38:06 38 minutes, 6 seconds Uh for next year for the current uh repeat s question 38:14 38 minutes, 14 seconds the current year your revenue grow by 70%. Um can you bifurcate that growth in 38:20 38 minutes, 20 seconds volume and realization terms mean you want to know okay in gawatt or 38:29 38 minutes, 29 seconds like that or what does this rooftop systems that have been per so are you asking the per 38:36 38 minutes, 36 seconds realization yeah per watt or from a system perspective whatever so growth from a price increase perspective and from a 38:44 38 minutes, 44 seconds volume perspective is what I'm asking uh largely if you see 38:52 38 minutes, 52 seconds like some of the components prices gone up and some of the component prices come down and uh if you see uh if you want to 39:01 39 minutes, 1 second uh if we go for cap like uh uh in terms of gawatt like if our revenue is gone up 39:10 39 minutes, 10 seconds 70% then in gawatt also it is around 70% up So it is mostly volume bag is what you are saying. 39:19 39 minutes, 19 seconds Yes. Yes. Volume volume increase. 39:22 39 minutes, 22 seconds Okay. Okay. So um on the competitive side so there are so many players who have announced or for into rooftop uh 39:31 39 minutes, 31 seconds solar market. How do you see how do you see the competitive intensity and also s do you see a similar peer uh who has an 39:40 39 minutes, 40 seconds integrated facility from you know cell panels to power electronics and also have a distribution as wide as ours. 39:49 39 minutes, 49 seconds Uh actually sir there is huge demand and huge opportunity in the market. If many people are coming because we alone 39:58 39 minutes, 58 seconds cannot cater this uh opportunity because uh like you can see China is adding four uh 60 40:08 40 minutes, 8 seconds gawatt every year in rooftop solar and we even don't touch like even that 40:15 40 minutes, 15 seconds number commulative number and our population is more than China and our requirements are more than China because 40:23 40 minutes, 23 seconds we have power outage also. So here and uh like we have u prices of power is higher side and in 40:32 40 minutes, 32 seconds rooftop solar like uh if we consider uh this is the answer to uh like 40:42 40 minutes, 42 seconds crisis because uh if power is not there if uh fan is not running if light is not there that is the necessity basically 40:50 40 minutes, 50 seconds not uh the ROI condition basically Even along with meeting the emergency it is giving good 40:59 40 minutes, 59 seconds return also. So this is good uh a lot of opportunity actually awareness was not 41:07 41 minutes, 7 seconds there because of subsidy linked business awareness is there and because of that 41:14 41 minutes, 14 seconds awareness subsidy business is increased and non-s subsidiary business also increased a load. There is huge 41:22 41 minutes, 22 seconds opportunity in the market if good good companies are coming and good services they will provide to customers there is huge opportunity. 41:33 41 minutes, 33 seconds I would also Mr. Yog will also like he taking care of marketing he will also like to add 41:40 41 minutes, 40 seconds something. So uh we are we are catering uh more towards tier 2 and tier three segments of uh Indian markets and we 41:49 41 minutes, 49 seconds have been there in this market from very long time. So making network here making dealers, distributors, service engineers 41:57 41 minutes, 57 seconds and the sales network it really takes time. So everyone is coming and everyone is welcomed but making uh proper 42:05 42 minutes, 5 seconds arrangements for sales and service in tier two and tier three areas is really uh challenging and uh we wish everyone 42:13 42 minutes, 13 seconds the best of luck and because there is good opportunity so everyone can do business. 42:19 42 minutes, 19 seconds Understood. So you're saying that opportunity is wide enough for even so then the competition is not that high right now. 42:27 42 minutes, 27 seconds Yes. If more number of people will come uh like more number of customers will be like awareness will be there sir 42:34 42 minutes, 34 seconds basically if more companies are coming they will advertise and more awareness will be there sir and requirement will 42:42 42 minutes, 42 seconds be more and just to continue on that s that you're saying that it is such a big opportunity and you know government also 42:50 42 minutes, 50 seconds has some ambitious targets of um rapidly scaling rooftop market how do you see your revenues and what is our guidance 42:58 42 minutes, 58 seconds for uh coming in the medium term and for the current year next current year. 43:04 43 minutes, 4 seconds Uh yeah in in current year uh our guidance is uh 50% in revenue sir 50% in revenue grow. Yes sir. 43:15 43 minutes, 15 seconds Okay. So just to consider that so your existing facility plus thelam facility that we have managed what is the topline 43:23 43 minutes, 23 seconds potential completely that it can generate? 43:27 43 minutes, 27 seconds uh like we have 1 uh we had 1.5 gawatt 43:34 43 minutes, 34 seconds like uh integrated uh capacities uh across battery panel and uh like uh 43:41 43 minutes, 41 seconds inverters and is adding 2 gawatt additional capacity in integrated u like 43:49 43 minutes, 49 seconds inverter solar panel and batteries. 43:55 43 minutes, 55 seconds So we can achieve easily basically u u what is our guidance of 50% up 44:04 44 minutes, 4 seconds okay even even we have we even we have the infrastructure for more more revenue sir 44:12 44 minutes, 12 seconds understood sir thank you so much and I joined back in thank you thank you sir thank you next question is from the line 44:20 44 minutes, 20 seconds of vine lira from vatna capital please go ahead Hello. Uh yeah, hi sir. I had two main 44:29 44 minutes, 29 seconds questions. One is on the capacity utilization side. Uh can you please mention the approximate utilization we had in FI26 for all the five categories 44:38 44 minutes, 38 seconds we have mean like panels, power, electronics and other it is generally 70 to 80 just to give 44:46 44 minutes, 46 seconds you a range on each side. It is generally 70 to 80% of the available capacity. 44:53 44 minutes, 53 seconds battery in lithium batteries we are catching up but in the rest of the segment it is 70 to 80%. 45:00 45 minutes Okay. Uh 70 to 80 for all the others, right? So that I'm giving you a range because all the products are in there that range only. 45:08 45 minutes, 8 seconds Okay. And are catching up to that number? 45:13 45 minutes, 13 seconds So So in terms of a new facility ratlam facility, how would it ramp up this capacity utilization? Can you just throw some light on that for the next few years? What would be the capacity 45:22 45 minutes, 22 seconds utilization for these capacities? uh ratlam facility in coming year we are expecting 50% utilization and uh for 45:31 45 minutes, 31 seconds next financial year we will uh in uh by ranking up in in last quarter we are expecting around 80% utilization 45:41 45 minutes, 41 seconds that is for all that is for all the categories right yes all the category yes okay and my next question is on the 45:49 45 minutes, 49 seconds refusable side so uh from where are we getting this account receivable Like yeah can you just state it in terms of the customers because for the retail it 45:57 45 minutes, 57 seconds could be up front right the payment uh so we supply to the distributors and distributor further supplies to the 46:05 46 minutes, 5 seconds dealers and then dealers and or shop supplies to the end customers. So we get our receivables from distributors only. 46:14 46 minutes, 14 seconds Now I I think you are asking that whether the end consumers directly pay us. So that is not the case. uh the end consumer pays to the dealers and dealers 46:21 46 minutes, 21 seconds pay to the distributors and we receive the funds from the distributors and our cycle revenue cycle is around 14 days a year for this year. 46:30 46 minutes, 30 seconds Uh 144. 46:34 46 minutes, 34 seconds Okay. Okay. And like who is the customer? So for example, if I'm the customer of a like if I'm the customer, how will I decide which with which brand 46:42 46 minutes, 42 seconds should I go? Do you have like any push in terms of marketing or or all those things to uh for the brandability? 46:50 46 minutes, 50 seconds Sir, the main uh point here is that if I have someone who has installed solar system in nearby my house or any 46:58 46 minutes, 58 seconds relatives or my friend has installed. So I will check whether this system is working well. Then I will ask the brand and then I will decide that I should go 47:07 47 minutes, 7 seconds for this. Main main reason behind this is that uh this is huge investment for a person who is living in tier two tier 47:14 47 minutes, 14 seconds three city. So they check the references and then decide upon the brand and we and uh 47:21 47 minutes, 21 seconds yeah on the uh on the uh customer side like do we have any long-term long-term contract with these p few players? 47:34 47 minutes, 34 seconds Hello. 47:35 47 minutes, 35 seconds Yes. See uh once a distributor is added so that continues to do business with us because uh we are having a stack of 500 47:44 47 minutes, 44 seconds SKUs and uh this is the need uh he mostly has because he has a wide range of customers living in villages, towns, 47:53 47 minutes, 53 seconds cities, industrial customers and their business customers. So we have all range to get his needs. So he never generally 48:02 48 minutes, 2 seconds needs us. These comes under distributor only. 48:08 48 minutes, 8 seconds Yes. Yes sir. Agreements are piece of paper only. It is relationship sir. 48:13 48 minutes, 13 seconds Basically if our relation is many of the distributors are from starting 15 year 20 25 years. So it is relationship sir basically. Yes sir. 48:24 48 minutes, 24 seconds Okay. Got it. Okay. Thanks a lot. Thank you. 48:31 48 minutes, 31 seconds Next question is from the line of Sagal Sha from Spark PWM. Please go ahead. 48:38 48 minutes, 38 seconds Yeah. Uh first of all, congratulations to the entire team of Fujama for uh posting such great set of numbers. Hello 48:46 48 minutes, 46 seconds Pawan Gi. Hello Prashant Gi. Hope you're doing well. Uh thank you sir. 48:51 48 minutes, 51 seconds Yeah. So uh sir my first question was related to our ATLAM facility. Sorry to 48:57 48 minutes, 57 seconds harp on again on this one. So on uh in this quarter sir uh how much revenue of the uh total revenue that we generated 49:06 49 minutes, 6 seconds in this quarter of around 91 crores how much was from Raklam sir I think we have 49:13 49 minutes, 13 seconds commissioned the solar panels for year uh sir this is just commission basically and uh it will contribute in this quarter s not last quart sir. 49:24 49 minutes, 24 seconds Okay. So uh right now the growth that we had uh got in this uh particular quarter such healthy sequential growth as well 49:33 49 minutes, 33 seconds as Yi growth. So can you highlight that which of the facilities actually contributed to this growth? Was it Dadri, was it Roen or Greater Nida? 49:43 49 minutes, 43 seconds Which which actually capacity and which product line did very well actually for you to clock such healthy growth sir in 49:51 49 minutes, 51 seconds revenue terms as well as in the bottom line actually? 49:55 49 minutes, 55 seconds Actually sir most um like we can say it is NA factory basically it is integrated 50:03 50 minutes, 3 seconds factory basically lithium ion battery are there uh like inverters all the range of inverters offgrid on grid uh 50:11 50 minutes, 11 seconds are there and uh some of the uh solar panel lines also there. So if we uh can 50:18 50 minutes, 18 seconds say so number one is no and uh then if we can say then number two will be basically. 50:25 50 minutes, 25 seconds Okay. So is this safe to assume sir that we are at these numbers that we are running at optimum capacity utilization 50:33 50 minutes, 33 seconds the the four plants that we had. This is the best capacity utilization numbers. 50:40 50 minutes, 40 seconds Yes sir. Uh if you if you can see last quarter we have done 900 and in March alone we have done 400 sir. So you see 50:50 50 minutes, 50 seconds if we consider the m it is fully utilized sir more than fully utilized it is more than sir. 50:58 50 minutes, 58 seconds Okay. Okay. So my second question was related to the southern region uh the uh the new facility uh the plum facility 51:07 51 minutes, 7 seconds that we will be ramping up in FI27 and FI28 and the growth will be largely visible from these from this factory 51:16 51 minutes, 16 seconds actually and also from the topcon cell facility which is naturally integrated in the modules. But what I wanted to 51:24 51 minutes, 24 seconds understand that uh the new states that you are venturing into with the help of this facility I'm talking of Karnataka 51:31 51 minutes, 31 seconds and today Sri Lanka. So basically uh the uh what is the status now? Have you done that demand feibility there? How is the 51:40 51 minutes, 40 seconds demand supply situation? How are the competitors placed there? Because in the this is a different geography as what as 51:47 51 minutes, 47 seconds compared to what we were in UP in Noa the these are very mature states for you because you have a very strong position 51:56 51 minutes, 56 seconds here but these are new states for you where already competitors are there so the pricing pressure will also be there. 52:03 52 minutes, 3 seconds So what I wanted to understand that how how should we look in the southern region actually can you explain the demand supply dynamics some somewhat the demand visibility there? 52:14 52 minutes, 14 seconds Yes sir. So actually if you see our growth from last year to this year it is a growth on uh every state. It is not 52:22 52 minutes, 22 seconds only in some states. Uh UP is our best state and still it is growing on. See uh 52:29 52 minutes, 29 seconds the demand in UT is really high because of the population because of the uh 52:35 52 minutes, 35 seconds conditions there still uh if we uh study the turnover uh increase if we study the number of distributor number of dealers 52:43 52 minutes, 43 seconds and number of shop increase it's everywhere equal. So uh everywhere we are expanding and also towards uh 52:51 52 minutes, 51 seconds geographical expansion we are working and uh from last year to this year we have added uh Odrisa 53:00 53 minutes as well as uh this Andhra Pradesh from from uh special 53:07 53 minutes, 7 seconds focus to growing right now and uh Assam was a potential state for us now it is 53:14 53 minutes, 14 seconds our special focus state. So it it is growing geographically as well. Demands uh demand there is mostly for for 53:23 53 minutes, 23 seconds southern states the demand is for um ongrid or hybrid kind of systems and in uh Assam and uh west Bengal the demand 53:31 53 minutes, 31 seconds is towards hybrid as well as offgrid. So we have done uh studies there and we are also some distributors there. 53:40 53 minutes, 40 seconds Okay. So but uh how's the consumer demand sir mean how is the demand that you are actually witnessing there is it 53:47 53 minutes, 47 seconds the same as UP means can you explain a little bit more about that 53:54 53 minutes, 54 seconds demands are uh concrete demand is given by the subsidy uh given by the central government and state governments and uh 54:03 54 minutes, 3 seconds because of this awareness the demand of hybrid as well as the off-grid is also there. So uh we have studied these 54:11 54 minutes, 11 seconds demands. We have uh mapped the distributors we can appoint in areas we are working on that. So we are pretty 54:18 54 minutes, 18 seconds confident that the proposed turnover is easily achievable. 54:24 54 minutes, 24 seconds Okay. And sir the inventory number question I'll come back in. 54:32 54 minutes, 32 seconds Next question is from the line of Saksham from Diamond Asia. Please go ahead. 54:38 54 minutes, 38 seconds Yeah, thank you for the opportunity and congratulations to the management for an extremely good quarter. Sir, I have just one question. 54:47 54 minutes, 47 seconds How do you see uh how do you see the sell production ramp? I know you have already explained but if you could highlight more on the profitability front that would be really helpful. 55:00 55 minutes Uh repeat sir please question. 55:03 55 minutes, 3 seconds So uh like you have already mentioned about the production ramper. Could you more highlight on the profitability how 55:11 55 minutes, 11 seconds the company will be profitable because of this production ramp? If you could contact me numbers. 55:19 55 minutes, 19 seconds Uh okay sir. Uh actually uh it is definitely um because um like BCR was main 55:29 55 minutes, 29 seconds challenge uh for the company if you see the past because sales were not available and uh definitely in house 55:37 55 minutes, 37 seconds production of sales uh like good margins are there but um like we are not totally 55:47 55 minutes, 47 seconds focusing on margin we are more focusing on customer acquisition you can see okay number of distributors and number of 55:55 55 minutes, 55 seconds dealers we are acquiring quarteronquarter basis uh because we are passing some of the margins to 56:03 56 minutes, 3 seconds distribute customers also basically so definitely margins for the DCR is higher 56:11 56 minutes, 11 seconds side but we are not keeping all the margins in our pocket we are diverting that margins to customers so that we can acquire more and more customers. 56:22 56 minutes, 22 seconds Basically, ALM2 is coming and uh because of that ALM2 ALM2 is means uh for uh 56:30 56 minutes, 30 seconds other than rooftop business all grid connected systems will require DCR solar 56:36 56 minutes, 36 seconds cell. uh because of that I think some uh margins are likely to be increased and 56:45 56 minutes, 45 seconds uh we are expecting like uh but there are other variables also in the market 56:52 56 minutes, 52 seconds uh like uh uh like uh we can see uh inflation is 56:59 56 minutes, 59 seconds increasing and uh other like uh we can see nonDCR margins on non DCR side is 57:07 57 minutes, 7 seconds slightly decreasing. So uh we can take a uh we will uh mean uh like stable to 57:15 57 minutes, 15 seconds improve we will go for uh stable to improve side overall margins basically. 57:23 57 minutes, 23 seconds Understood sir. Uh all the best for the next year sir looking forward to it. 57:31 57 minutes, 31 seconds Thank you. Next question is from the line of Lish from Burman Capital. Please go ahead. 57:39 57 minutes, 39 seconds Hi, thank you for the opportunity. Am I audible? Yes sir. Yes. 57:44 57 minutes, 44 seconds Yeah. So my question is pertaining to the B inspection. I know you answered it earlier but my question is slightly different. So given the inspections that 57:51 57 minutes, 51 seconds we had, what are the nature of penalties that the B department could apply if any? And also are there any similar 57:59 57 minutes, 59 seconds inspections that have been taken place at your peers or competitors? 58:05 58 minutes, 5 seconds Uh okay sir. Uh actually uh this will be decided by the court now and provisions uh we have checked with the legal team. 58:15 58 minutes, 15 seconds Uh the provisions are maximum uh what what is the penalty? Maximum is equal to seizure value sir. basically 58:24 58 minutes, 24 seconds maximum penalty but uh our in our case it is it will not go up to that level 58:31 58 minutes, 31 seconds because uh the uh the their questions and our submissions are clear enough to 58:38 58 minutes, 38 seconds settle down the uh situations and we hope uh we will not face any penalty basically. 58:46 58 minutes, 46 seconds Got it sir. And sir, have similar inspection occurred at other facilities of your competitors? 58:52 58 minutes, 52 seconds Uh no sir uh we have not uh such information any got it. Got it. And sir just one highle 59:00 59 minutes question also uh does this inspection impact our ability to wrap up the new facilities that we have in Dadri and the 59:07 59 minutes, 7 seconds plan and also does this impact our participation in the PM suriker scheme? 59:13 59 minutes, 13 seconds No sir because there is no such because out of 500 SKU only 10 to 15 SKU are uh 59:21 59 minutes, 21 seconds in their post chunk basically. So it will not affect anyway sir. 59:27 59 minutes, 27 seconds Got so just to sum yeah so just to summarize uh this means that even if in the worst case scenario 59:34 59 minutes, 34 seconds it will not have a material impact on your operations. Yes sir. Yes sir. Got it. Thank you sir. Thank you. 59:43 59 minutes, 43 seconds Thank you. Next question is from the line of Dashil Zaviri from Crown Capital. Please go ahead. 59:51 59 minutes, 51 seconds Hello. Uh good evening sir. Thank you so much for taking my question sir. Uh firstly sir congratulations on a great 59:58 59 minutes, 58 seconds set of results sir. Uh sir 50% growth guidance. 1:00:25 1 hour, 25 seconds last quarter uh uh if we buy cricket uh like uh next year so we can consider uh 1:00:32 1 hour, 32 seconds like uh K1 900 around K2 800 K3 800 then 1500 1:00:40 1 hour, 40 seconds okay okay okay fair enough okay okay uh uh and margins 1:00:48 1 hour, 48 seconds capacity ramp we want to acquire our customers. So 1:00:56 1 hour, 56 seconds margins maintain uh repeat s 1:01:03 1 hour, 1 minute, 3 seconds margins I'm asking that key we are right now I think fi 26 we did around 18% margin so we want to maintain that only 1:01:11 1 hour, 1 minute, 11 seconds or because of uh all the you know leverage we should be able to do better sir 1:01:18 1 hour, 1 minute, 18 seconds uh it it will be sustained to improving sir basically okay okay fair 1:01:25 1 hour, 1 minute, 25 seconds And just wanted to understand any kind of you know price. 1:01:48 1 hour, 1 minute, 48 seconds What do you feel about competition sir? 1:01:52 1 hour, 1 minute, 52 seconds competition that is mostly ground mounted business basically and in rooftop business uh 1:02:00 1 hour, 2 minutes like in product mix like inverters, solar panels, DCR cells and uh like 1:02:07 1 hour, 2 minutes, 7 seconds batteries we don't think so sir basically because uh if any of the product is facing challenges due to 1:02:15 1 hour, 2 minutes, 15 seconds competition any other product also giving good premium s we have product mix very good uh product portfolio and very 1:02:25 1 hour, 2 minutes, 25 seconds big range of products. Uh few of the products anytime give uh more competition but few of the products give 1:02:32 1 hour, 2 minutes, 32 seconds good margins also. We have few of the products which are like uh like that is only with user. No one has 1:02:41 1 hour, 2 minutes, 41 seconds the those products. Few of the products are like that. Uh and uh uh like our 1:02:48 1 hour, 2 minutes, 48 seconds range of Sigma that is hybrid uh solar PCU. Uh those are proprietary items for 1:02:55 1 hour, 2 minutes, 55 seconds the company. So those products are uh and uh we are also working for coming requirements 1:03:03 1 hour, 3 minutes, 3 seconds uh like uh uh residential and uh industrial back systems vS systems. So 1:03:11 1 hour, 3 minutes, 11 seconds those systems uh uh we are working on those systems which are future requirements. So market is changing 1:03:19 1 hour, 3 minutes, 19 seconds every time, applications are changing every time and we are working in advance. 1:03:25 1 hour, 3 minutes, 25 seconds So it will it will give us well comfort to maintain our margin sir. 1:03:31 1 hour, 3 minutes, 31 seconds Okay. Okay. Fair enough sir. And sir just two question last from my end. 1:03:35 1 hour, 3 minutes, 35 seconds I'm sorry to interrupt dashil. You may please rejoin the for more questions. Okay. 1:03:40 1 hour, 3 minutes, 40 seconds Thank you. Next question is from the line of Aish from Leo Capital. Please go ahead. Thank you sir for taking my question. 1:03:48 1 hour, 3 minutes, 48 seconds Sir, could you could you explain how Fujiama's market share measured as a percentage of the solar rooftop segment 1:03:55 1 hour, 3 minutes, 55 seconds in Megawatt have evolved from let's say FI21 to uh last year FI26 1:04:04 1 hour, 4 minutes, 4 seconds uh um there are two segments it one is on grid or one is offrid basically on 1:04:11 1 hour, 4 minutes, 11 seconds grid data uh are available uh with government agencies but off-grid data is not available with government agencies 1:04:19 1 hour, 4 minutes, 19 seconds and overall when uh there was like care research uh during the uh industry 1:04:26 1 hour, 4 minutes, 26 seconds research basically uh that our market share uh in inverters was around like uh 1:04:33 1 hour, 4 minutes, 33 seconds uh more than 10%. And uh we hope we are sustaining or improving that market share sir. 1:04:40 1 hour, 4 minutes, 40 seconds Okay. So offgrid you don't have exact numbers exact uh yes madam uh there is no exact 1:04:49 1 hour, 4 minutes, 49 seconds with any of research agencies or uh like uh exact numbers are not there sir 1:04:56 1 hour, 4 minutes, 56 seconds can you give your sales volume from fi21 in solar uh solar panels in fi26 1:05:05 1 hour, 5 minutes, 5 seconds so that you get an idea 2021 we don't had the like in house capacity at in 21 I think I have to cross check also. 1:05:15 1 hour, 5 minutes, 15 seconds No but yes sir. So at that time very little uh contribution was from the solar panel 1:05:24 1 hour, 5 minutes, 24 seconds because solar panel prices were were very high at that time. Gradually uh our like inhouse manufacturing capacities 1:05:32 1 hour, 5 minutes, 32 seconds ramp up and uh solar panel prices are coming down. So uh like this contribution of solar panel increased 1:05:39 1 hour, 5 minutes, 39 seconds time time to time s basically and in the 21 uh 1:05:48 1 hour, 5 minutes, 48 seconds even at present our like electronics uh volume in terms of gawatt is just double from the solar panel. If we consider 1:05:57 1 hour, 5 minutes, 57 seconds same number of like how many gawatt solar panel we sold and how many gawatt inverter we sold our inverter gawatt is 1:06:05 1 hour, 6 minutes, 5 seconds double basically that's no sir but sales volume in uh fi26 of solar panel 1:06:12 1 hour, 6 minutes, 12 seconds revenue revenue for solar panel is higher side because per what solar panel cost is higher inverter cost is lower in 1:06:21 1 hour, 6 minutes, 21 seconds general so I think I mean so in megawatt sales FI26 1:06:32 1 hour, 6 minutes, 32 seconds of competition basically 1:06:52 1 hour, 6 minutes, 52 seconds integrated solutions. Okay. Okay sir. Thank you sir. 1:06:59 1 hour, 6 minutes, 59 seconds There's room for everyone to grow. So I I think from the investor community if you could share a little more data around sales volume it would be better. 1:07:23 1 hour, 7 minutes, 23 seconds You're welcome. All right. Thank you, sir. Thank you, sir. 1:07:27 1 hour, 7 minutes, 27 seconds Thank you. Next question is from the line of Sanjay from Mr. Please go ahead. 1:07:36 1 hour, 7 minutes, 36 seconds Uh yes sir. Uh can you hear me? Yes sir. 1:07:41 1 hour, 7 minutes, 41 seconds Yeah. Uh two quick questions. one again regarding that uh inventory uh which has gone up uh is that uh kind of an 1:07:50 1 hour, 7 minutes, 50 seconds indication of the kind of uh revenue growth that you are looking at because uh unit day wise it is up almost 50 60%. 1:07:59 1 hour, 7 minutes, 59 seconds Uh but at the same time you are not really looking at a higher revenue in quarter one compared to quarter 4. 1:08:10 1 hour, 8 minutes, 10 seconds So uh so part of the of your question is correct. Uh we are as another investor 1:08:17 1 hour, 8 minutes, 17 seconds also asked the same questions at the start of the call. So if you see our inventory days it has gone up in the raw material size. So part of your question 1:08:26 1 hour, 8 minutes, 26 seconds is uh correct that we are building of our raw material inventory to scale up to meet the demand in the coming 1:08:33 1 hour, 8 minutes, 33 seconds quarter. So on because on the FG side if you see uh our inventory is on a similar lines of the previous year 1:08:42 1 hour, 8 minutes, 42 seconds and apart from that we have open new location in in in current year we have open in new locations including our cell 1:08:49 1 hour, 8 minutes, 49 seconds plant in DBI which is mainly backward integration if you see and uh 1.2 two gigawatt line is there in the for solar 1:08:56 1 hour, 8 minutes, 56 seconds pan itself apart from that uh this uh there is our cap extension in the NA as well and recently we are also started 1:09:05 1 hour, 9 minutes, 5 seconds purchasing inventory foram as well so uh that's why the inventory with all these things once it gets over 1:09:13 1 hour, 9 minutes, 13 seconds will your inventory day which has gone up from some 120 to 180 should one expect that to go back to 120 days or 1:09:21 1 hour, 9 minutes, 21 seconds not yes definitely Definely it will come down sir along with time basically when we go for uh in the history we we have 1:09:30 1 hour, 9 minutes, 30 seconds seen whenever we going for backward integration our inventory gone up because we have to take care of raw 1:09:37 1 hour, 9 minutes, 37 seconds material we we have to take care of uh FG also uh like if we consider solar uh 1:09:44 1 hour, 9 minutes, 44 seconds solar cell uh we have to take care of raw material for solar cell and we have to take care of like solar cell imported 1:09:53 1 hour, 9 minutes, 53 seconds from China. So uh we have to maintain both the uh both the inventory but later 1:10:01 1 hour, 10 minutes, 1 second on when it is fully ramp up and it is fully utilized it come down in history we have seen the trend sir and for the 1:10:10 1 hour, 10 minutes, 10 seconds clam facility like whatever inventory we have collected in March basically that 1:10:16 1 hour, 10 minutes, 16 seconds is like because line are not not started in March so that is additional inventory 1:10:23 1 hour, 10 minutes, 23 seconds and when line will be started uh like number of inventory days will come down automatically sir 1:10:30 1 hour, 10 minutes, 30 seconds understood you I'm sorry to interrupt Sanjay I'm really sorry you may please rejoin the key for more question we have other participants 1:10:38 1 hour, 10 minutes, 38 seconds waiting for their turn thank you next question is from the line of Dshan from DBS please go ahead 1:10:47 1 hour, 10 minutes, 47 seconds hi sir congratulations on the numbers um my first question uh yes sir So my first question is basically 1:10:56 1 hour, 10 minutes, 56 seconds um what is the sort of profitability that we can look on exact percentage terms right now we are around at 11.45 1:11:04 1 hour, 11 minutes, 4 seconds four five 11.5% part margins for this year. So um what kind of part margins are we hoping for? 1:11:14 1 hour, 11 minutes, 14 seconds I'm talking in the terms of 12 months, 24 months, 36 months. What you can guid us 1:11:21 1 hour, 11 minutes, 21 seconds for coming year uh you can consider the guidance 11% to 13% basically 1:11:28 1 hour, 11 minutes, 28 seconds um for margin. uh the reason is if like 1:11:34 1 hour, 11 minutes, 34 seconds in any case like uh because uh um because we have DRL we can earn more 1:11:42 1 hour, 11 minutes, 42 seconds margin but we uh we don't think we will keep in pocket we will transfer the margins to customer to acquire more 1:11:50 1 hour, 11 minutes, 50 seconds customer uh because we we are giving integrated system not alone sell or not 1:11:57 1 hour, 11 minutes, 57 seconds alone panel panel we we are providing a integrated system comprising of like solar panel, inverter, batteries and uh 1:12:06 1 hour, 12 minutes, 6 seconds like our we have big distributor distribution network. So we have to take 1:12:13 1 hour, 12 minutes, 13 seconds care of any every partners basically like uh distributors and dealers are 1:12:18 1 hour, 12 minutes, 18 seconds also partner. So uh if uh like if we are sharing the margins uh we can increase our distribution network basically sir. 1:12:30 1 hour, 12 minutes, 30 seconds No, I completely get it and uh I mean what you're doing it's clearly showing results. So um kudos to you on that but 1:12:37 1 hour, 12 minutes, 37 seconds like we are thinking that we can get 11 to 13% margins but once our modes are 1:12:45 1 hour, 12 minutes, 45 seconds stronger in terms of distribution let's say 24 months from now or 36 months from now then do we see an improving and 1:12:53 1 hour, 12 minutes, 53 seconds accelerated trend of our margins. uh what I mean to say that let's say that uh in 36 months do we think that the 1:13:01 1 hour, 13 minutes, 1 second peace margins is going to be 13% 14% or uh what what do you think what's your aspiration that's one part of your 1:13:08 1 hour, 13 minutes, 8 seconds question and second is uh on promoter holding do you in the next 12 to 24 months think that you are going to uh 1:13:16 1 hour, 13 minutes, 16 seconds raise some money and sell promoter holding those that's my s okay regarding second question uh in 1:13:25 1 hour, 13 minutes, 25 seconds next 12 months we I have no proposal for uh like uh uh promoter holding to reduce 1:13:31 1 hour, 13 minutes, 31 seconds promoter holding or uh raise any money in next 12 months. In first question sir 1:13:38 1 hour, 13 minutes, 38 seconds because margins depends on many things mainly it is demand and supply basically 1:13:45 1 hour, 13 minutes, 45 seconds which which drives the margin. If uh like uh but in our case uh we are not just like 1:13:55 1 hour, 13 minutes, 55 seconds equipment manufacturer or suppliers we are the solutions provider basically. So uh integrated system along with uh 1:14:05 1 hour, 14 minutes, 5 seconds services from our network uh it can maintain this margin definitely uh because 1:14:15 1 hour, 14 minutes, 15 seconds including of power electric item batteries and solar panel all together along with services uh of installation 1:14:23 1 hour, 14 minutes, 23 seconds and after sale service. Uh we see margin 1:14:29 1 hour, 14 minutes, 29 seconds definitely we are um in in a general view it seems improving time to time 1:14:37 1 hour, 14 minutes, 37 seconds basically u crypto clarity you're saying in 36 months 1:14:45 1 hour, 14 minutes, 45 seconds that our margins are going to be more than 13% 14% or do you think that this is uh we are a 12 to 13% margin business 1:14:55 1 hour, 14 minutes, 55 seconds because competition will also come. Our mode will also be there, new product mix will be there, you will perform great. 1:15:02 1 hour, 15 minutes, 2 seconds But overall uh the way that we are modeling our business what kind of margins do you think that uh for a longer term our business can fetch us? 1:15:31 1 hour, 15 minutes, 31 seconds Definely margin. Just 1:15:54 1 hour, 15 minutes, 54 seconds generally standing 1:16:12 1 hour, 16 minutes, 12 seconds At least bottom facto 1:16:43 1 hour, 16 minutes, 43 seconds Thank you so much for the clarity sir and amazing execution sir. All the best to the team. Thank you. Thank you. 1:16:52 1 hour, 16 minutes, 52 seconds Thank you. We're going to take that as a last question for today. I would now like to hand over the call back to the management for closing comments. 1:17:10 1 hour, 17 minutes, 10 seconds Thank you once again for joining us today and for giving continued interest in Fujama. Many questions provide deep 1:17:18 1 hour, 17 minutes, 18 seconds insight and we have noted those to work again. We appreciate the confidence you 1:17:25 1 hour, 17 minutes, 25 seconds place in our company. If you have any additional questions, please feel free to reach out our investor relationship 1:17:33 1 hour, 17 minutes, 33 seconds advisor church partner and we will be glad to assist you. Thank you very much for your time and support. Thank you. 1:17:41 1 hour, 17 minutes, 41 seconds Thank you. Thank you. Thank you very much. 1:17:45 1 hour, 17 minutes, 45 seconds Thank you very much on behalf of Motila Losal Financial Services Limited. That concludes this conference. Thank you all 1:17:52 1 hour, 17 minutes, 52 seconds for joining us today and you may now disconnect your lines.