Insolation Energy Ltd — Q3 FY26

Insolation Energy Ltd Q3 FY2025-26 Earnings Conference Call https://www.youtube.com/watch?v=vYMnfg5dG5s Published: 2 months ago

0:00 Good afternoon ladies and gentlemen. I'm Akash, moderator for the conference call. Welcome to Insolation Energy Limited Q3 and 9month FI26 earnings 0:10 10 seconds conference call. As a reminder, all participants will be in listenonly mode and there'll be an opportunity for you to ask questions after the presentation 0:19 19 seconds concludes. Should you need assistance during the conference call, please signal an operator by pressing star then zero on a touchstone telephone. Please 0:27 27 seconds note this conference is recorded. I would now like to hand over the floor to Miss Priyashi Patel from Go India Advisor. Thank you and over to you ma'am. 0:38 38 seconds Thank you. Good morning everyone and welcome to Q3 and 9mon FI26 earning call of insulation energy limited. We have on 0:46 46 seconds the call Mr. Manish Gupta chairman and whole time director, Mr. Vikar Jane, managing director and Mr. Ravi Duser, 0:54 54 seconds Chief Financial Officer. We must remind you that the discussion in today's call may include certain forward-looking statement and must be therefore viewed 1:02 1 minute, 2 seconds in conjunction with the risk that company may face. I will now request Mr. 1:07 1 minute, 7 seconds Gupta to take us through the financial and business update subsequent to which we will open the floor for Q&A. Thank you and over to you sir. 1:17 1 minute, 17 seconds Good afternoon everyone uh and thank you for joining us. It is a pleasure to welcome you to our earning calls. We 1:24 1 minute, 24 seconds value this engagement and look forward to maintaining on an ongoing dialogue with the investor community. 1:32 1 minute, 32 seconds Insulation Energy Limited founded in 2017 operates in the renewable energy sector with a strong focus on manufacturing solar PV modules. 1:44 1 minute, 44 seconds We are consistently ranked among India's top PV module manufacturers and have built a pan India brand presence 1:53 1 minute, 53 seconds in our brand name INA solar supplying highquality modules across diverse geographics and customer segments. As 2:02 2 minutes, 2 seconds part of our long-term strategy, we are expanding this year into solar cell 2:09 2 minutes, 9 seconds aluminum frame and in future in solar inward wafer also with the vision of 2:16 2 minutes, 16 seconds becoming one of India's leading integrated client clean tech solutions provider. 2:23 2 minutes, 23 seconds The renewable energy sector is expanding rapidly and we are aligned with the government of India's Arc Nebar Bharat 2:31 2 minutes, 31 seconds mission by strengthening domestic manufacturing and reducing import dependence while supportive policies and 2:40 2 minutes, 40 seconds rooftop solar initiatives continue to drive a strong long-term demand. 2:47 2 minutes, 47 seconds Q3 and 9 month FY26 reflect solid progress for the company 2:54 2 minutes, 54 seconds driven by higher dispatches, disciplined cost execution and improving operating leverage. During the quarter, revenue 3:04 3 minutes, 4 seconds grew by 77% yearonear and AITA margin expanded by more than 500 basis point demonstrating 3:13 3 minutes, 13 seconds the benefits of scale operational efficiency and execution discipline. 3:20 3 minutes, 20 seconds Looking ahead, the structural growth divers drivers for solar manufacturing in India remain firmly in place 3:29 3 minutes, 29 seconds supported by our capacity expansion, backward integration initiatives and strong demand visibility. We are 3:37 3 minutes, 37 seconds confident of sustaining 40 to 45% revenue growth CAGR over the medium terms. 3:45 3 minutes, 45 seconds Our mission is to become India's leading client tech clean tech solution provider setting the benchmark in integrated 3:54 3 minutes, 54 seconds solar manufacturing while delivering technology solutions globally. We are building a fully integrated solar 4:02 4 minutes, 2 seconds ecosystem spanning cells, modules, aluminum frame 4:09 4 minutes, 9 seconds and energy solution while expanding into IP projects and sub EPC and O andM 4:15 4 minutes, 15 seconds services and in future energy storage also. This integrated approach will strengthen margins, enhance resilience 4:25 4 minutes, 25 seconds and position the company for long-term value creations. With that I will now request our MD Mr. 4:32 4 minutes, 32 seconds Vikas Jen to share operational and strategic updates. 4:42 4 minutes, 42 seconds Good morning all. Thank you Manish. 4:46 4 minutes, 46 seconds During this quarter we continued to execute steadily across operations while advancing our expansion road map. 4:53 4 minutes, 53 seconds Production for Q3 FI26 stood at 356 megawatt with the dispatches of 364 megawatt. Supported by consistent 5:02 5 minutes, 2 seconds execution and healthy demand from commercial and industrial segment. 5:07 5 minutes, 7 seconds The newly commissioned line at our3 facility were in the ramp of sales during the quarter. As operations 5:14 5 minutes, 14 seconds stabilize, we expect production to increase meaningfully over the coming quarters. 5:20 5 minutes, 20 seconds INA3 is designed to be one of the most automated PV module manufacturing lines in India enabling higher throughput, superior quality control and scalable 5:29 5 minutes, 29 seconds operations. With the addition of latest 1.5 gawatt line in December, our total installed module capacity stood at 5 5.5 5:37 5 minutes, 37 seconds gawatt as of 31st December strengthening our ability to address growing market demand. On the strategic 5:45 5 minutes, 45 seconds front, our green field project at Nirmadapuram, Madhya Pradesh comprising a 4.5 gawatt topcon G12R cell 5:52 5 minutes, 52 seconds manufacturing facility and 18,000 aluminium extrusion unit is progressing as planned. The civil works and TV building activities in full sale. 6:03 6 minutes, 3 seconds This expansion marks a key milestone in our backward integration journey. By building a make India value chain, we aim to improve cost competitiveness, 6:12 6 minutes, 12 seconds support long-term margin sustainability and enhance resilience towards global supply chain disruptions. 6:19 6 minutes, 19 seconds On the execution side, Kusum projects secured in Rajasthan in last quarter covering more than 200 sites and aggregating approximately 400 megawatt have completed all PPAs. 6:31 6 minutes, 31 seconds This provides strong aggregation visibility while supporting the gradual buildup of our IT portfolio. We also continue to maintain a strong demand 6:39 6 minutes, 39 seconds visibility supported by a healthy order book of approximately 2.1 gawatt providing confidence in sustaining sustained capacity utilization and growth. 6:49 6 minutes, 49 seconds Overall our focus remains on scaling capacity strengthening integration and enhancing execution capabilities to 6:55 6 minutes, 55 seconds support in the next growth phase. With that I now hand over to Mr. Raviad CFO of the company to discuss the financial handlines. 7:08 7 minutes, 8 seconds Thank you Vas G. I will briefly walk you through the company's financial performance for the quarter and 9 months period. 7:16 7 minutes, 16 seconds For 9 months, FY26 revenue stood at 1352 crores, reflecting a strong 44% YUI 7:23 7 minutes, 23 seconds growth. This growth was primarily driven by capacity scaling up and expanding distribution footprint. For Q3 of FI26, 7:32 7 minutes, 32 seconds revenue came in at 575 crores, registering a robust 77% YUI growth supported by higher volumes across key 7:40 7 minutes, 40 seconds markets. On profitability, ITA for 9 months, FI26 stood at 195.5 7:47 7 minutes, 47 seconds crores up 69% YI translating into an IITA margin of of more than 14% reflecting operating leverage and improved resilience to price volatility. 7:58 7 minutes, 58 seconds For Q3 of FY26, IBITA stood at 81.7 crores, increasing 175% YI with ITA 8:06 8 minutes, 6 seconds margins over 14%. Margin expanded 56 basis point YI supported by scale, efficiencies, 8:15 8 minutes, 15 seconds discipline, cost management, and improved operating leverage. 8:20 8 minutes, 20 seconds Earning per share for the period remains strong with EPS at 2.27 27 for Q3 of 8:28 8 minutes, 28 seconds FY26 and 5.89 for 9 months FY26 representing growth of 170% and 55% YI respectively. 8:40 8 minutes, 40 seconds Overall, our financial performance reflects the benefits of scale, improved operational efficiency and disciplined 8:48 8 minutes, 48 seconds execution while maintaining a strong balance sheet to support future growth. 8:53 8 minutes, 53 seconds With that, we would now like to open the floors for questions. 8:59 8 minutes, 59 seconds Thank you sir. Ladies and gentlemen, we will now begin the question and answer session. If you have a question, please press star and one on your telephone 9:08 9 minutes, 8 seconds keypad and wait for your turn to ask question. If you would like to withdraw your request, you may do so by pressing star and one again. 9:17 9 minutes, 17 seconds Ladies and gentlemen, if you have a question, please press star and one on your telephone keypad. 9:24 9 minutes, 24 seconds The first question comes from Disha Bordia from Safia Capital. Please go ahead. 9:32 9 minutes, 32 seconds Audible sir. Yes ma'am. 9:36 9 minutes, 36 seconds Yes. Thank you so much for this opportunity. So just a couple of questions. So for this quarter I think our production was around 356 megawatt. 9:43 9 minutes, 43 seconds Can you tell me this number for H1 FR6? 9:49 9 minutes, 49 seconds uh see the uh we'll get back to you on production figures of H1 and Q1 and Q2. 9:57 9 minutes, 57 seconds So I think sorry quantity wise you won quantity wise 10:04 10 minutes, 4 seconds right this time it was 356 megawatt yeah it is Q3 356 megawatt and dispatches are 64 megawatt for Q1 or H1 10:13 10 minutes, 13 seconds we'll get back to you so I think we had earlier guided that we'll we're targeting around I think 20 10:20 10 minutes, 20 seconds 2,000 megawatt of production this year so are we on track for that 10:26 10 minutes, 26 seconds Yeah. Uh this year uh we already uh informed that our production is started 10:34 10 minutes, 34 seconds the next uh expansion feed is started somewhere after September of this month this year. So around if I discussed 10:41 10 minutes, 41 seconds about the H1 of uh this year FY 26 we have dispatched around the same uh 350 10:49 10 minutes, 49 seconds 360 megawatt of the solar panel because till that time we have our only uh facility manufacturing facility for INA1 10:58 10 minutes, 58 seconds and INA2. INAX3 we have started after September and where in this quarter we are able to dispatch more than 350 m 11:06 11 minutes, 6 seconds hour and however this whole capacity is uh started from this month because we 11:14 11 minutes, 14 seconds have three phases uh the line one, line two and line three. Line one and line two already operational. Line three uh 11:23 11 minutes, 23 seconds partly operational and fully operational within next 15 days. And if we discuss about this year then we have operational 11:30 11 minutes, 30 seconds fully complete uh all three lines including our INA2 manufacturing capacity also. So if we are talking 11:37 11 minutes, 37 seconds about F by 27 then we can easily dispatch uh the monthly capacity we will reach up to 300 megawatt of the 11:45 11 minutes, 45 seconds manufacturing capacity monthly capacity then we are able to dispatch more than 3.5 GW in this the next calendar this 11:54 11 minutes, 54 seconds calendar year or you can say next financial year so just if I got this right I think H1 the volumes were 360 megawatt H1 12:02 12 minutes, 2 seconds near nearly H1 360 megawatt and What sort of uh dispatch do we see for four the this fourth quarter? 12:11 12 minutes, 11 seconds Fourth quarter we are looking good dispatches. Fourth quarter maybe dispatches is more than 350 uh megawatt near we are uh tentative we have orders 12:20 12 minutes, 20 seconds we have everything in in line. So let's uh uh let all decide or we can have clear picture till the mid of the March. 12:30 12 minutes, 30 seconds We are planning to dispatch nearly uh 450 to 500 megawatt in this last quarter. 12:38 12 minutes, 38 seconds And then from next and from next year onward you saying 300 megawatt will be the monthly run. Yes. Monthly. Yes. 300 megawatt monthly. 12:47 12 minutes, 47 seconds Okay. Okay. And uh so as in terms of your margin because next year I think by end of Q3 we'll have the sales as well. 12:55 12 minutes, 55 seconds So this this year I think you'd graded for 11% Pat. Are we on track for that? 13:13 13 minutes, 13 seconds Hello. Hello. Hello. Yeah. Hello. Yeah. Please. Yeah. Yeah. 13:20 13 minutes, 20 seconds Should I repeat the question? Yes. Yeah, please. 13:24 13 minutes, 24 seconds Yeah. I think this year you would valid for 11% bad and with cells coming from next year onward you would mention we'll see around 14% odd bad levels for the next year. So are we on track for that? 13:34 13 minutes, 34 seconds Yeah, definitely when sell is started uh that we are hope that sell will be start with Q3 of FI27 then definitely margin 13:44 13 minutes, 44 seconds will increase but but we'll see the major impact coming from FI28 onward right because Q3 13:51 13 minutes, 51 seconds will come so it take some time to the fact impact should be uh started from Q4 of FY27 13:59 13 minutes, 59 seconds right and the major impact the major impact in the whole uh FY by 28. 14:05 14 minutes, 5 seconds Right. Right. Right. So once the sell comes what sort of incremental margins do you see? 14:11 14 minutes, 11 seconds We think that margin should be increment definitely. Uh let's see what happen at that time when the sell start market is 14:18 14 minutes, 18 seconds also slightly comp competitive uh whatever BCR or uh ALCM market right now but we hope that we will maintain uh somewhere above 15%. 14:31 14 minutes, 31 seconds 15% uh above above 15%. 14:36 14 minutes, 36 seconds The pack that you're talking about sorry for interrupting ma'am request you to join the queue for more questions ma'am. Sure. 14:44 14 minutes, 44 seconds Thank you. 14:46 14 minutes, 46 seconds The participants we request you to restrict with two questions in the initial round and get back to more questions from the queue. The next 14:53 14 minutes, 53 seconds question comes from Mr. Babeshaar from Quundamental Alpha Spark Ventures. Please do. 14:59 14 minutes, 59 seconds Yes. Hi, actually my am I audible first of all? Yes sir. Yes sir. Yes sir. You are audible. 15:06 15 minutes, 6 seconds Okay. So my question is again related to the margins only. Uh so this quarter itself as we mentioned that we witnessed 15:14 15 minutes, 14 seconds 500% increase in uh 500 bits increase in beta margins. First of all what led it 15:21 15 minutes, 21 seconds to such a spike. Secondly as the lady previous lady was asking. So addition of 15:28 15 minutes, 28 seconds sales coming into the system should have meaningfully guided your pack margin 15:35 15 minutes, 35 seconds guidance higher but you just mentioned that you know from 14 it might go to 15 uh once the solar comes in. So just want little bit more clarity on that. 15:46 15 minutes, 46 seconds uh su if you see the full year or 9 month figure the margins in the eetine has been improved by 200 basis point. 15:56 15 minutes, 56 seconds Last year uh there is uh last year in Q3 uh there is a uh the there are some 16:03 16 minutes, 3 seconds orders which uh which have relatively less margins are processed and in Q4 some better 16:12 16 minutes, 12 seconds relatively better margin orders were processed. So you will see a gap of 9 to 14%. But if you see a 9 month figure, 16:18 16 minutes, 18 seconds our IITA has increased from 12.32 to 14.46%. That will give you a true and correct picture. 16:26 16 minutes, 26 seconds Yes. So that's what my follow-up question regarding this was. So we should not pencil in sustain large jump 16:34 16 minutes, 34 seconds in the margins ITA margins going forward. So what should be the sustained sustained IITA margin should be 9% be what? 16:41 16 minutes, 41 seconds Sir the the sustained ITA margin will be in the range of 14 and a half to 15%. 16:48 16 minutes, 48 seconds 14 X of cell right? 16:53 16 minutes, 53 seconds Yes sir. Yes. This is X of cell and these will be maintained. 16:58 16 minutes, 58 seconds Okay. And with cell the delta would go by how much? uh you know from Q4 another that is what uh that is what uh 17:07 17 minutes, 7 seconds it has it was replied in the last question that uh in Q4 of 26 27 when PEL 17:14 17 minutes, 14 seconds is on uh the beta margins will be will be uh uh grown by another 400 to 500 17:21 17 minutes, 21 seconds basis so which means we will be closer to 20% a bit yes yes yes closer to 20 17:30 17 minutes, 30 seconds and it all depends depends upon how how the markets will pan out. This is what we are investaging right now. It all 17:37 17 minutes, 37 seconds depends upon how the markets will pan out. Okay. Okay. Thank you so much. 17:43 17 minutes, 43 seconds Thank you so much sir. The next question comes from uh Mr. Sabri Hazarika from MK Global. Please go ahead. 17:50 17 minutes, 50 seconds Yeah. Good afternoon. So two questions. 17:52 17 minutes, 52 seconds Uh firstly uh just wanted to know some idea on your overall 17:59 17 minutes, 59 seconds u sales mix. uh in terms of how much percentage is CNI, how much percentage 18:05 18 minutes, 5 seconds is DCR if at all and uh also uh your order book if you are like disclosing 18:12 18 minutes, 12 seconds that uh sir right now uh the order in the DCR 18:19 18 minutes, 19 seconds we have around 10 to 15% of our dispatch for DCR and the balance is uh for uh you 18:27 18 minutes, 27 seconds can say CNI, IP, EPC and our dealer distributor network and some we are doing uh OEM for uh our old customers 18:37 18 minutes, 37 seconds for uh in that we are making solar panel and they have done the we are doing white labeling but that is very less now 18:45 18 minutes, 45 seconds and how I mean so follow up to this question how's the realizations like in these segments any ballpark rate I don't 18:52 18 minutes, 52 seconds want the exact number but price 19:01 19 minutes, 1 second DCR and nonDCR price uh no doubt there is a price difference is there uh the real the price whatever the difference 19:10 19 minutes, 10 seconds is all due to the sale price the uh the DCR sale price is in uh available in the Indian market right now so realization 19:18 19 minutes, 18 seconds if we can say the both uh solar panel we are uh either DCR or non DCR the we are 19:25 19 minutes, 25 seconds working on our uh you can say uh the the differentiation or you can say our margins whatever the manufacturing cost 19:34 19 minutes, 34 seconds we are having for uh either for DCR or nonDCR is our same the difference is only for the price of the solar cell 19:42 19 minutes, 42 seconds what we get from the Indian solar cell manufacturer other realization is nearly the same for both uh 19:50 19 minutes, 50 seconds hello okay hello the average dation depends upon one more thing what kind of blending we are 19:58 19 minutes, 58 seconds doing. For example, if we are doing 10% blending, the realization average relation will be uh somewhat different and if we higher the blending, the 20:06 20 minutes, 6 seconds relation will be different. So, it is very difficult to say what is the uh good what is the average relation. 20:15 20 minutes, 15 seconds Got it. 20:16 20 minutes, 16 seconds It all depends upon what is the blended uh blanking of DCR and nonBCR. 20:21 20 minutes, 21 seconds Right. Uh second question is on your uh cell plan. So you are saying you will uh commission it in Q3 FI27. Uh so how long 20:29 20 minutes, 29 seconds will it take to stabilize and and based on this uh capacity 4.5 gawatt which is the name plate capacity I guess uh uh 20:36 20 minutes, 36 seconds how long will you take to achieve optimum utilization and what would be the peak utilization level for this cell plant? 20:45 20 minutes, 45 seconds After commissioning it will take almost 3 months to get the plant to ramp up to its full capacity and we hope to produce 20:52 20 minutes, 52 seconds almost uh 3.8 8 to 4 G of sales from this plant is utilized on full scale. 21:02 21 minutes, 2 seconds Okay, fair enough. Thank you so much. 21:04 21 minutes, 4 seconds Since we are not uh since we are not constructing this plant in phases, this is a single single location single setup of 4.5 gawatt. So the all the production will come into one stretch only. 21:17 21 minutes, 17 seconds Right. Got it. And this is like these uh the aluminum frame as well as this plant they are at the same facility right in mother. 21:24 21 minutes, 24 seconds Yes they they are at the same location. Okay. Okay. Thank you. 21:28 21 minutes, 28 seconds At the same location only we we we have kept around 70,000 square meter of land free for further extensions into maybe 10 minutes. 21:39 21 minutes, 39 seconds Okay. Okay. Thanks. Yeah. Thanks. Thank you. 21:43 21 minutes, 43 seconds Thank you so much sir. The next question comes from Mr. Tarun Araval from Tata Investment Limited Corporation. Please go ahead. 21:50 21 minutes, 50 seconds Yeah. Hi. Hello. So my question is pertaining to the order book. Currently as we speak about we have a order book 21:58 21 minutes, 58 seconds of 2.2 to gawatt and the next next quarter we will be doing close to 400 5 450 to 500 megawatt of orders will be 22:05 22 minutes, 5 seconds executed and going down the track for the next year we we will be doing 300 megawatt of orders uh per month which you have said earlier in this corn call. 22:16 22 minutes, 16 seconds So can you give us some give brief picture about the order book because I guess there is some misalignment in terms of the order execution and the 22:25 22 minutes, 25 seconds order book built up. So how the order book will come currently uh how many orders have we placed and what is our deal win ratio. So if you can give some 22:33 22 minutes, 33 seconds picture over there that would be helpful. 22:38 22 minutes, 38 seconds Yeah. So uh presently our order book stands at 2.1 Gawatt right so which will give you a clear which will give us a 22:47 22 minutes, 47 seconds clear visibility of next 6 to9 month and we are and this is a an order book refilling is a continuous process 22:54 22 minutes, 54 seconds because we are we operates in many market segments we operates in delay distribution network we operate in small 23:01 23 minutes, 1 second EPC we operates in large EBC so uh uh it is a as a function uh we cannot create 23:09 23 minutes, 9 seconds large order book at at on the same time because uh every customer wants immediate dispatch. So it is a process 23:17 23 minutes, 17 seconds it is a function. uh the present order book gives us a visibility of 6 to 9 months and and also uh one more thing what 23:25 23 minutes, 25 seconds happened in last uh means last quarter or last to last quarter it's a huge 23:30 23 minutes, 30 seconds rapidly changes in the uh uh uh in the poly silicon uh complete prices from 23:39 23 minutes, 39 seconds poly silicon to solar cell and all supply chain the prices are changing so much in last few months you cannot 23:48 23 minutes, 48 seconds possibly to maintain so long of a period of the order. So it's a huge problem in this uh sector right now. So for long 23:56 23 minutes, 56 seconds order either we need to keep order without uh uh the the price of the raw material only on the tolling basis or if 24:06 24 minutes, 6 seconds we need order with the uh raw material then it should be either uh funded by 24:12 24 minutes, 12 seconds the uh customer or uh or the uh covered with the uh any rise uh addition or 24:20 24 minutes, 20 seconds decreasion. So right now it's very difficult anyone to maintain one year or twoear long order book with the fixed 24:27 24 minutes, 27 seconds price. So we are trying that order book should be fixed price uh whatever uh raw material we are in our uh in our 24:35 24 minutes, 35 seconds control. So up to that extent of the time we are trying to book six fixed price order otherwise the all future 24:43 24 minutes, 43 seconds order with the uh adjustable price as per the raw material availability in the China and in India. 24:51 24 minutes, 51 seconds But it will helps us to to keep our margins intact to increase our margins. The strategy will always help us. 25:00 25 minutes Okay. Got it. And one last question from my side. What is the current status about the migration from SN to the main board because I guess there was some 25:07 25 minutes, 7 seconds commentary from the management side that this would be done by the end of January. I guess we are at sir. Uh I I will like to inform you that 25:16 25 minutes, 16 seconds uh from BC we have already received letter on 23rd of the January for migration letter and NSE we are waiting 25:24 25 minutes, 24 seconds that can we will get anytime in this week already everything is done the final uh sanction means migration letter 25:32 25 minutes, 32 seconds we will uh receive anytime in this week and after receiving migration from BS uh nse BS we already received we will plan 25:41 25 minutes, 41 seconds to migrate uh within this month or early of the March first week. Okay, got it. That's it from my sir. 25:50 25 minutes, 50 seconds Thank you. Thank you. 25:52 25 minutes, 52 seconds Thank you, sir. The next question comes from the line of Mr. Tagarajan R from Capital Taurus Capital. Please go ahead. 25:59 25 minutes, 59 seconds Uh good afternoon sir. Uh you know uh thanks for your time for the call. Just couple of questions sir. One uh you know you in one of the presentations you 26:07 26 minutes, 7 seconds spoke about building a 400 megawatt ITP portfolio under the Kusen project sir. 26:12 26 minutes, 12 seconds So what is the thought process in terms of capital allocation for the ITP right u and uh you know u is it going to be um 26:21 26 minutes, 21 seconds u u from a lens perspective how much of contribution capex contribution do you think the current business is going to fund into the IP and uh you know what 26:29 26 minutes, 29 seconds would be the debt equity ratio currently I think it's closer on point2 uh are we adequately capitalized for setting up 26:36 26 minutes, 36 seconds this IP and uh you know uh would you be looking at uh further d equate the dilution uh given that you know IP requires it own capex. 26:46 26 minutes, 46 seconds So uh so there are multiple questions. So let me give you you want to ask for the 26:53 26 minutes, 53 seconds whole the IP business right? So I will give you answer in parts. First you want to understand what how we are growing 27:02 27 minutes, 2 seconds ICP. So let me give you a brief that approximately 400 megawatt of projects we have won through tender and we are in 27:11 27 minutes, 11 seconds the process of executing those uh projects. Coming to uh debt equity 27:18 27 minutes, 18 seconds uh uh IP is having a different set of debt equity ratio as compared to other manufacturing or modular cell 27:25 27 minutes, 25 seconds manufacturing business. So uh the debt equity remains uh the same which other IP players are having. We are also 27:33 27 minutes, 33 seconds having the same we will also going to maintain the same debt equity. Your question number three is capital allocation or how we will fund that our 27:42 27 minutes, 42 seconds capital our contribution. So in this year uh our cash app across we are advising or we are uh thinking that uh 27:52 27 minutes, 52 seconds our cash approvals will be close to 220 crores for this current financial year. 27:56 27 minutes, 56 seconds Next year if we uh see a 40 50% growth and with uh cell coming in the uh cash app across will be more than 400 crores. 28:07 28 minutes, 7 seconds So we have enough cash flows we have enough internal approvals to fund our ITP business from our side and coming to 28:16 28 minutes, 16 seconds uh financial closure of these ITP projects already seven eight Indian banks are ready to fund us. They have 28:23 28 minutes, 23 seconds given us in principle uh as and when required we will get the debt and what is the capital allocation for the ITP project sir. 28:35 28 minutes, 35 seconds Uh we will get back to you on uh uh on the capital allocation. We'll get back to you. 28:42 28 minutes, 42 seconds I appreciate that. Thank you sir. Thank you so much sir. Next question comes from the line of Mr. 28:48 28 minutes, 48 seconds Matesh Ma from Long-Term Investment Group. Please go ahead sir. 28:52 28 minutes, 52 seconds Uh good afternoon and congratulations for a great set of numbers. Uh I have two questions. Uh first is related to 29:01 29 minutes, 1 second the all noise in over capacity in uh solar panels manufacturing. So like uh 29:10 29 minutes, 10 seconds how does management plan uh to uh uh 29:16 29 minutes, 16 seconds grow this uh business say by uh uh going into exports 29:23 29 minutes, 23 seconds or uh going in now new projects comes with BESS or something like that. So uh 29:31 29 minutes, 31 seconds does management have any plan to diversify there also? 29:37 29 minutes, 37 seconds Sir, first of all, I would like to uh tell you that there is a myth in India that there is over capacity of solar 29:44 29 minutes, 44 seconds panel manufacturing in our country. uh right now I will tell you sir around 142 gawatt of total cell manufacturing 29:53 29 minutes, 53 seconds capacity registered in the ALM and however that manufacturing capacity around uh less than 100 or you can say 30:02 30 minutes, 2 seconds 100 nearly 100 gawatt of the capacity registered which is topcon or G12R you 30:09 30 minutes, 9 seconds can say what is the latest technology right now the the balance is all whatever the registered is either monop 30:16 30 minutes, 16 seconds or Poly the old uh manufacturing capacity is there and if we say uh that 30:23 30 minutes, 23 seconds our uh any anyone company any company who is uh showing their uh manufacturing 30:30 30 minutes, 30 seconds capacity all companies are working annual maximum the efficiency of the machines is nearly 70%. 30:38 30 minutes, 38 seconds Not more than 70% machines are performing at their maximum manufacturing capacity. So effectively 30:45 30 minutes, 45 seconds 70 to 75 gawatt of the manufacturing capacity right now we have actually in our country for topcon M10R or G12R 30:53 30 minutes, 53 seconds manufacturing capacity out of that you can say government is already finalized more than 50 gawatt is regularly 31:01 31 minutes, 1 second tenders for purchasing by the central state governments including all schemes other than this CNI market is there 31:09 31 minutes, 9 seconds rooftop market is there and the upgrowing market which is expanding very fast. One is the data center, another is 31:17 31 minutes, 17 seconds the green hydrogen, another is the EESS which is expanding very fast. Their requirement is regularly increasing in 31:25 31 minutes, 25 seconds the market. And if we say that government is uh offering the tender for 50 gawatt annually that is 50 gawatt AC 31:33 31 minutes, 33 seconds capacity whatever the government is expecting uh uh opening or offering all tender for that 50 gawatt AC we need at 31:41 31 minutes, 41 seconds least 65 to 70 gawatt or the 50 capacity to fulfill the requirement. So if we say the capacity whatever we have right now 31:50 31 minutes, 50 seconds is nearly equal uh the uh demand whatever the demand in India and whatever the capacity available in India 31:58 31 minutes, 58 seconds manufacturing capacity. So there is no such of over capacity of solar panel manufacturing in our country right now 32:05 32 minutes, 5 seconds and you can see that uh in each and every manufacturing solar panel manufacturing company their quarterly quarter quarter to quarter number you 32:13 32 minutes, 13 seconds can see in all manufacturing company they have some increase or they have some positive sign with their numbers in each quarter. 32:23 32 minutes, 23 seconds So capacity wise I don't think so in next 5 years or in 10 years there is any uh currently there is or you can say 32:32 32 minutes, 32 seconds currently there is any excessive capacity of manufacturing in our country. 32:38 32 minutes, 38 seconds Okay. And uh uh that solves uh my question and uh any plans for exports or uh diversification to sir. Right now there is only Yes sir. 32:49 32 minutes, 49 seconds Right now only one country where we can export from our uh India that is US and uh when now we are uh uh start our 32:58 32 minutes, 58 seconds manufacturing capacity and make new facilities. Then this year we are planning uh to start uh quality certification and uh explore the US 33:07 33 minutes, 7 seconds market for exporting and for VSSs uh we are in right now we are in just uh in the planning phase and uh however the 33:15 33 minutes, 15 seconds market will uh move for VSSs manufacturing in our country then definitely as a manufacturer or as a 33:22 33 minutes, 22 seconds forward or backward integration if uh there is any uh we think that or we see that if the market is uh going towards 33:31 33 minutes, 31 seconds the BSS manufacturing then we definitely go with manufacturing or B. Okay. And are you into EPC? 33:38 33 minutes, 38 seconds Sorry for interrupting sir. Misha would request you to get back to the message. Thank you. 33:43 33 minutes, 43 seconds The participants are requested to restrict with two questions in round and follow get back to the queue for more questions. The next question comes from 33:51 33 minutes, 51 seconds Mr. Kapil Arwani from Earth Growth Funds. Please go ahead. Hi sir, am I audible? 33:58 33 minutes, 58 seconds Yes. Uh thank you for taking up the question sir. I just have one question on the revenue guidance. So we have mentioned that uh we will do about 3,300 34:07 34 minutes, 7 seconds crores of revenue this year but as you mentioned on the earlier part of the con call that we are only we will be doing 34:16 34 minutes, 16 seconds 45 to 40 to 45% of kagger growth that will comes about 2,000 cr of revenue this year. So in that case we still miss 34:25 34 minutes, 25 seconds about 50% from the guidance. Can you shed some light on that? 34:30 34 minutes, 30 seconds There are two parts in your question. Uh uh we already we had already communicated uh in October and November to our 34:39 34 minutes, 39 seconds investors that there is a delay due to delay in uh production capacity ramping up of production capacity due to monsoon 34:48 34 minutes, 48 seconds and other factors which are beyond our control. So uh before September we have only 1 gawatt of production capacity. 34:56 34 minutes, 56 seconds the new capacity addition will come in uh after September only. So until unless we don't have capacity addition it uh uh 35:05 35 minutes, 5 seconds revenue cannot we cannot achieve revenue guidance. So this is what we have already communicated with our investors 35:12 35 minutes, 12 seconds and uh the current scenario what we are uh envisaging right now is close to 2,000 crores. 35:21 35 minutes, 21 seconds So there is uh what we envisage that our plant will be operational in the month of June July but due to un uh factors 35:29 35 minutes, 29 seconds beyond our control the plant is not operational. So if capacities are not uh in line then it is not possible to translate it into revenue. 35:39 35 minutes, 39 seconds Okay sir. Thank you. Thank you. That's all from my Thank you sir. The next question comes from the line of Mr. Adil Parik an 35:47 35 minutes, 47 seconds individual investor. Please go ahead. Am I audible? Yes. Yes. 35:54 35 minutes, 54 seconds Okay. Thank you for taking my question. 35:56 35 minutes, 56 seconds This is my first phone call. Um so wanted to ask the management if they could share some information about what parts that go into currently making a 36:05 36 minutes, 5 seconds solar panel that are being imported from China and which of these parts do we intend to replace through either internal manufacturing or sourcing from 36:13 36 minutes, 13 seconds within the country and which parts will continue to be imported from China you know 3 years out 5 years out. 36:21 36 minutes, 21 seconds Sir, right now there is different type of cutting raw material which is used uh for the manufacturing of solar panel. Uh 36:30 36 minutes, 30 seconds one is solar cell, glass, aluminum frame, EPA uh back uh EPA junction 36:38 36 minutes, 38 seconds boxes, ribbons and like this item. If we say about the manufacturing component manufacturing or you can say raw 36:46 36 minutes, 46 seconds material manufacturing in India right now uh model manufacturing is 100% done in India and for raw material cell we 36:54 36 minutes, 54 seconds are now around 15 to 20 gawatt cell manufacturing in our country but in future I think we have uh 1 is to1 cell 37:04 37 minutes, 4 seconds manufacturing capacity in our country within next 3 years for glass right now we 37:11 37 minutes, 11 seconds not such so much of the manufacturing capacity of glass but lots of companies are right now are coming with the glass solar glass manufacturing. So I think 37:20 37 minutes, 20 seconds within next two three two to three years we are also uh independent for the glass manufacturing in our country. Same the 37:27 37 minutes, 27 seconds aluminium frame manufacturing capacities are also expanding in our country. Uh right now we are purchased from India 37:34 37 minutes, 34 seconds also and we are purchased from China and Malaysia also. But I think in future also within 2 three years the same the 37:42 37 minutes, 42 seconds uh aluminum frame also uh fully manufactured in our country and uh then ribbon there is a uh copper ribbon which 37:50 37 minutes, 50 seconds we are using that also manufacturing capacity expanding right now we are also purchasing from India lots more than 50% of our requirement we are purchasing 37:59 37 minutes, 59 seconds from our country and the same in future I think this is also manufacturer in our country EP also we have lots of uh manufacturing capacity in our country. 38:10 38 minutes, 10 seconds So we are morely uh you can say we are having enough capacity in our country but as per customer requirement we are 38:18 38 minutes, 18 seconds purchasing from India also and we are purchasing from China also for the next major raw material is junction box. 38:25 38 minutes, 25 seconds Junction box also we have enough capacity in our country right now but as per the customer demand because right now the customer is demanding some 38:34 38 minutes, 34 seconds specific brand names for the these raw materials. So as per the customer requirement we are purchasing from our 38:40 38 minutes, 40 seconds country and from China also. So you can say uh if within next two uh two to three years uh I think for solar panel 38:49 38 minutes, 49 seconds manufacturing uh mostly supply chain is uh manufacturer or we can we we have 38:56 38 minutes, 56 seconds availability in our country and the government is also supporting uh our right now the central government is very much keen to have all uh supply chain of 39:05 39 minutes, 5 seconds solar panel up to policy to make in India uh solar panel already we have ALM Solar sale ALCM come from January 26. 39:16 39 minutes, 16 seconds ALWM or you can say ALM part 3 is effective from J June 28 where Ingot or 39:24 39 minutes, 24 seconds Wafer is also mandatory from make in India. So this government is very much keen to have all solar panel manu or you 39:32 39 minutes, 32 seconds can say this supply chain manufacturing in our country only. 39:36 39 minutes, 36 seconds So sir do you anticipate that in the next 5 years India will become completely self-sufficient with respect to uh solar panel manufacturing 39:44 39 minutes, 44 seconds including raw material before maybe maybe before that not five year I think within next 3 years. 39:51 39 minutes, 51 seconds Okay and my last question is about uh you know a lot of conversation India happening about the power super cycle. I was just wondering if you could talk a 39:59 39 minutes, 59 seconds little about the power sector like you know particularly about the power demand from data centers. Do you think they are more likely to use green energy such as 40:07 40 minutes, 7 seconds yours or you know more traditional forms of energy and how big is the US export opportunity that you uh talked about uh you know with respect to numbers any 40:15 40 minutes, 15 seconds color you could provide that would really help. Thank you. 40:19 40 minutes, 19 seconds Uh I will tell you sir just you say the power requirement you say that our country is still the power deficient 40:26 40 minutes, 26 seconds country in the world. We are right now a manufacturer or you could you can say the uh we have generate 486 gawatt of 40:34 40 minutes, 34 seconds the power totally in whole. Out of that around 221 gawatt from the coal, 123 plus gawatt from the solar, 8090 gawatt 40:44 40 minutes, 44 seconds from the wind and the balance from nuclear, hydro and uh other uh things. 40:50 40 minutes, 50 seconds And you know India is now the per capita power consumption of our country is 52 40:58 40 minutes, 58 seconds means per capita power consumption. 41:03 41 minutes, 3 seconds We are below than the Bangladesh we are below than the Mayawar. Government is very keen to increase the power uh 41:11 41 minutes, 11 seconds manufacturing increase the power production capacity in our country. Till 2030 our target is 500 gawatt from the 41:18 41 minutes, 18 seconds renewable sources. Out of that around 298 gawatt from the solar and the balance is from uh wind, nuclear, hydro 41:28 41 minutes, 28 seconds and other sources of nuclear power. And as far as my knowledge this target is very very uh you can say you can see 41:37 41 minutes, 37 seconds very nearly it's going to be changed. I think the government is changing that uh target from 500 gawatt to 12 to 1300 41:45 41 minutes, 45 seconds gawatt till 2032 or 2033. So government is also keen to increase uh the power 41:52 41 minutes, 52 seconds generation in our country and in data center in EV charging in AI or you can say in the EV data center and green 42:02 42 minutes, 2 seconds hydrogen BESS these these are the four sector which is very fast up upcoming 42:09 42 minutes, 9 seconds sector where the requirement of power is increasing day by day and we think to uh 42:16 42 minutes, 16 seconds achieve that requirement to uh fulfill that power requirement. Solar is the major uh uh sector where we from where 42:25 42 minutes, 25 seconds we can fulfill our power requirement of our country. 42:29 42 minutes, 29 seconds Right. So you mentioned about solar being the major uh provider for power. 42:33 42 minutes, 33 seconds Do you see that happening even though you know solar has a shelf life and there is substantial maintenance? Yeah, that was my last question. 42:41 42 minutes, 41 seconds You can join the sir. 42:46 42 minutes, 46 seconds Dear participants, we are kindly requested to restrict with one question in the initial round and get back to the queue for more questions. 42:54 42 minutes, 54 seconds The next question comes from the line of Sarang Jleka from Vimana Capital. Please go ahead. 43:00 43 minutes Yeah. Hi, thanks for the opportunity. Uh just wanted some color on the cell lineex. 43:06 43 minutes, 6 seconds So, uh this year FY27 will be spending about 1,000 cr, right? And then the total capeex is 1,300 cr. Is that correct? 43:16 43 minutes, 16 seconds Your voice is Karan, your voice is not audible properly. Can you speak some on a louder note? 43:24 43 minutes, 24 seconds Yeah. Is it am I audible? Yeah. 43:28 43 minutes, 28 seconds Yeah. So on the cell line the total KEX is 1,300 cr if I'm not wrong, right? Yes. Yes. 43:36 43 minutes, 36 seconds Yeah. And this year FI27, how much of that would you be spending? 43:42 43 minutes, 42 seconds It is uh as communicated earlier it is uh in FI27 750 crores close to 7 700 to 750 crores we will be spending. 43:53 43 minutes, 53 seconds Understood. Got it. And on the IP side uh what is the progress and do you 44:00 44 minutes expect any revenue from that project in FY27 in uh see the plant is commissioned in 44:07 44 minutes, 7 seconds Q3 now. So we are expecting revenue in Q4. Yeah. 44:12 44 minutes, 12 seconds Oh, okay. So, and how many the IP I'm talking about? You're talking Yeah, please, please. 44:22 44 minutes, 22 seconds What's the question? Can you repeat the question? 44:25 44 minutes, 25 seconds I'm saying IP uh the IP projects that you're doing 400 megawatt. What's the uh progress on that? And uh do you expect 44:33 44 minutes, 33 seconds any like how much revenue do you expect in FI27 uh for IP these projects? uh there is 44:42 44 minutes, 42 seconds two part one is for kusum a part which we have PPA uh in December uh in 44:48 44 minutes, 48 seconds December this last uh last to last month and the second part where PPA is having earliest. So that uh 14 15 plant we have 44:57 44 minutes, 57 seconds already commissioned and they already start power generation and we have all uh formality done with the rice 45:04 45 minutes, 4 seconds government and the balance the kusume which we get around 214 locations 211 45:11 45 minutes, 11 seconds locations for that we got loi in the month of December uh uh PTA we got in the month of December. Out of that 211 45:20 45 minutes, 20 seconds land uh uh location, we have already uh finalized uh lease deed agreement and uh 45:27 45 minutes, 27 seconds migration uh mutation around 100 sites and the balance sites uh the le and uh 45:34 45 minutes, 34 seconds mutation is in the process and for these 100 site we have already uh uh uh doing 45:41 45 minutes, 41 seconds our working and we will start formally work on the site or on the ground. uh maybe within this week or the next week. 45:49 45 minutes, 49 seconds One by one we are starting and we have finalized all the Inc contractor we have finalized mostly all the uh suppliers of 45:57 45 minutes, 57 seconds the structures, transformers, inverters etc. Solar panel we are supplying from our factory and banks uh we are aligned 46:06 46 minutes, 6 seconds with uh two three major banks especially SBI bank, AU bank and bank of Baloda. We 46:13 46 minutes, 13 seconds have already aligned for the uh this uh project loans. They have already given our their uh in principle approval for 46:22 46 minutes, 22 seconds these loans and these all projects we are we think that we will uh complete this all projects within the whatever 46:29 46 minutes, 29 seconds the stipulated timeline from the Rajasthan government. 46:34 46 minutes, 34 seconds Maybe this is this timeline will be up to September 26. Got it. and so pull all the 400. 46:42 46 minutes, 42 seconds Sorry for interrupting sir. Sorry for interrupting you. Request you to join my queue for more questions. Sir, 46:50 46 minutes, 50 seconds thank you sir. The next question comes from the line of Nam Opendra and individual minister. Please go ahead. 46:57 46 minutes, 57 seconds Yeah. Hello everyone. 47:01 47 minutes, 1 second So uh the question is Hello. Am I audible? 47:06 47 minutes, 6 seconds Yes, you yes. Yeah. Yeah. So the question is key uh we are looking for backward integration like uh solar cell solar panel and then ingot and wafers. 47:17 47 minutes, 17 seconds So in forward we are establishing ourselves as an EPC player and then we 47:24 47 minutes, 24 seconds are also considering BESS. So uh the up I would request for the update on the bees and are we considering being a 47:33 47 minutes, 33 seconds player in green hydrogen or electrolyer? 47:39 47 minutes, 39 seconds No, right now we are not uh uh planning any for this green hydrogen. We don't have any plan for green hydrogen and for 47:47 47 minutes, 47 seconds VSS also we are uh right now we are in uh the discussion and planning phase. uh 47:54 47 minutes, 54 seconds still we we are not finalizing any uh plant machinery or anything for this BSS. We are just waiting for uh clear 48:02 48 minutes, 2 seconds policies from the central government on the BESS on the import of BSS or they are putting any uh 48:11 48 minutes, 11 seconds like solar panel manufacturing like ALM type thing anything for tender they are uh the local Indian tender they are uh 48:19 48 minutes, 19 seconds participating the make in India BSS like this type of any policies. So we are waiting for that policy to finalize the 48:26 48 minutes, 26 seconds plant machinery any any further investment in the BSS. 48:31 48 minutes, 31 seconds Okay. And the second question is that uh since we are establishing an IP uh 48:38 48 minutes, 38 seconds business so is there any like long-term targets apart from this 400 megawatt that we are looking to build a portfolio 48:46 48 minutes, 46 seconds of so that we get a sustainable income revenue from it. Yes, definitely we are planning uh if there is any uh tenders 48:56 48 minutes, 56 seconds or there any opportunities upcoming in the our Rajasthan state or any other state in the country then 49:03 49 minutes, 3 seconds definitely we are going to participate in that uh tenders. Okay, thank you very much. 49:10 49 minutes, 10 seconds Thank you so much sir. The next question comes from uh the line of Priyanu Maheshwari from Hollani Venture Capital Fund. Please go ahead. 49:19 49 minutes, 19 seconds Hello. Uh good afternoon everyone. Uh congratulations sir on the set of numbers. 49:25 49 minutes, 25 seconds Uh so while going through the while going through the financials uh in despite infusion of uh 400 crores 49:32 49 minutes, 32 seconds through the preferential issue last year the finance costs have been on an incremental trend for the last two quarters and overall in the last 9 49:41 49 minutes, 41 seconds months. So can you shed some light on what the debt structure of the company uh what was the end use of the debt as 49:49 49 minutes, 49 seconds well as what was the average cost weighted average cost of the debt that was raised. 49:53 49 minutes, 53 seconds So the the finance cost the finance cost is almost short-term working capital. 49:57 49 minutes, 57 seconds There is no long-term loans in the books on a consolidated level. The long-term loans are very very minuscule. In 50:05 50 minutes, 5 seconds insulation green energy the main company where we raise 300 where we raise money uh for uh setting up a plant the working 50:13 50 minutes, 13 seconds capital will be close to 350 crores. So that working capital is for 3 gawatt capacity the average price of the uh 50:23 50 minutes, 23 seconds finance the average cost of the finance is 8%. 50:29 50 minutes, 29 seconds 8% and uh the since the capacity is multiffold so utilization is multiffold 50:36 50 minutes, 36 seconds henceforth the uh cost uh the finance cost is has increased. 50:42 50 minutes, 42 seconds Sure. Uh thank you. Uh further can you please shed some light over the uh capacity utilization of all the three units separately because uh since you 50:51 50 minutes, 51 seconds already mentioned the unit the third unit came in commencement uh in September uh in September and October. 50:58 50 minutes, 58 seconds So if you can just shed some light over the all the three capacity total capacity and its utilization. 51:04 51 minutes, 4 seconds uh the capacity utilization see uh as per normal standards the uh capacity which uh the out of total installed 51:13 51 minutes, 13 seconds capacity 50 to 55% can be utilized capacity right so uh uh from unit one we 51:21 51 minutes, 21 seconds have less utilization unit two we have uh fully unit 2 is fully utilized for 51:27 51 minutes, 27 seconds first 6 months and moderately utilized in uh Q2 and unit 3 is now more utilized 51:34 51 minutes, 34 seconds because of the top corn uh facility we have which has better yield and better 51:40 51 minutes, 40 seconds demand side. So uh unit 3 is uh more utilized as compared to unit one and two 51:48 51 minutes, 48 seconds and what will be the going forward this will be the trend. 51:53 51 minutes, 53 seconds Sorry to interrupt you sir we would request you to join the queue for more questions sir. Sure sure no worries. 51:58 51 minutes, 58 seconds Thank you so much. The next question comes from the line of cha satin and individual investor. Please go ahead sir. 52:06 52 minutes, 6 seconds Yeah. Good afternoon sir. Am I audible sir? 52:09 52 minutes, 9 seconds Yes. Yeah. Uh sir uh my uh some of my questions are already answered. Uh one 52:17 52 minutes, 17 seconds question is about the NVC turnout of 8,000 course and top margin of 10% pat margin which was invised by the company last year two three updates was were 52:25 52 minutes, 25 seconds given when the investors can expect this these figures sir 8,000 stock and 10% margin. 52:33 52 minutes, 33 seconds Sorry can you repeat your question? 52:37 52 minutes, 37 seconds is some uh sometime during last year the company has given updates to the stock exchanges saying that the company invisages 8,000 cr stop line and 10% fat 52:46 52 minutes, 46 seconds margin yes and when the investors can expect these figures there actually the 52:53 52 minutes, 53 seconds vision of $1 billion is still intact we will going to achieve that vision in next three years you will see our top 53:00 53 minutes line will uh be $1 billion or 8,000 crores what what we have uh in form to investors will be met and that is the reason we are working on it. 53:12 53 minutes, 12 seconds That means in which in 28 28 Yeah. Yeah. Either in 2728 or 2829. 53:21 53 minutes, 21 seconds Sure. And the company is having plans to enter into V. Sorry for interrupting sir. 53:26 53 minutes, 26 seconds Would request you to ask one question and then in get back to the Q for more question sir. Right. Okay. 53:34 53 minutes, 34 seconds The next question comes from the line of Mr. Hman J and individual minister. Please go ahead sir. 53:43 53 minutes, 43 seconds Yeah sir, can you speak a little louder? Hello. 53:49 53 minutes, 49 seconds Yes, sir. I want to know the capacity utilization for half H1 and quarter 3 of our units. 54:00 54 minutes See, we are on a growth phase. Our first line has been uh commercialized in the month of uh September. Second line will 54:08 54 minutes, 8 seconds be in the month of December. So it is not wise to give you the exact capital capacity utilization. Once the whole 54:15 54 minutes, 15 seconds plant, whole uh INA3 unit has been commercialized then it will be wise to give you the capacity utilization. 54:23 54 minutes, 23 seconds Okay. Thank you. 54:25 54 minutes, 25 seconds Thank you so much. The next question comes from the line of Mr. Sachin Raj and individual minister please. 54:33 54 minutes, 33 seconds Yeah. Uh I'm audible on that side. 54:36 54 minutes, 36 seconds Yes. Yes. Please. Yes. Yes. Uh so my question is to chairman sir. What was 54:43 54 minutes, 43 seconds the assumptions that has been made when we charted the investment plan? And second question is that out of 100 sales 54:52 54 minutes, 52 seconds that you must be you know must be placing in the market what is the success rate of winning that out of 100 whether it is 36 79 what is that? 55:04 55 minutes, 4 seconds Uh sir uh c can you repeat sir your first question first voice louder can 55:11 55 minutes, 11 seconds you speak sir can you first question yeah my first questions to chairman was what was the assumption that we made 55:18 55 minutes, 18 seconds when we decided on this investment and to achieve the target of 8,000 cr because since we uh we are saying that 55:26 55 minutes, 26 seconds we are on track for next three years what was assumptions and sir and second question sir first I will I will reply you 55:34 55 minutes, 34 seconds questions. The assumption is very clear sir. We are uh around 5.5 GW of the solar panel manufacturing 55:42 55 minutes, 42 seconds then uh around 4.5 G of the cell manufacturing and the the same the pace the 4.5 G of the aluminium 55:50 55 minutes, 50 seconds manufacturing. So if you calculate in uh after 2 years or you can say one by one 55:56 55 minutes, 56 seconds when after this FY27 Q4 when all manufacturing capacity is ramp up on 56:03 56 minutes, 3 seconds their full then FY28 when we are uh able to apply or able to run our factory on 56:10 56 minutes, 10 seconds that pace then each factory is producing their own uh uh the manufacturing uh uh 56:18 56 minutes, 18 seconds means uh target means solar panel manufacturing We are planning that around 5,000 uh cr of the main uh the 56:25 56 minutes, 25 seconds top line. The solar cell is nearly 3,000 to 3,00 500 cr of the top line and the aluminium 56:34 56 minutes, 34 seconds it's somewhere around uh 700 to 800 cr of the top line for the next uh uh year 56:42 56 minutes, 42 seconds uh means you can say March 28th uh or you can say March 27 onward. So we are 56:48 56 minutes, 48 seconds uh uh taking all that assumption to when the our all manufacturing capacity is fulfilled and uh working on their full 56:57 56 minutes, 57 seconds pace. Uh so this uh we are able to uh uh achieve this $1 billion plus revenue. 57:05 57 minutes, 5 seconds Okay, great. And one quick question sorry to moderator but uh out of 100 bids placed in the market either it is a 57:12 57 minutes, 12 seconds tender or it is some quotation based bid how what is our success rate as a out of 100 how many times we are 57:20 57 minutes, 20 seconds receiving the order. Sorry to interrupt Sachin sir. In the interest of time I would request you to uh please join the sir one way sir. Uh sir around 30 to 40% 57:30 57 minutes, 30 seconds we have our success rate wherever we submit our offer as we are doing the market with the our uni brand. 57:38 57 minutes, 38 seconds Okay. Thank you. Good. 57:41 57 minutes, 41 seconds Thank you so much sir. The next question is a follow-up question from Tarunal from Tata Investment Limited Corporation. Sir I would request you to take one question at a time. Thank you. 57:52 57 minutes, 52 seconds Yeah. Hello. So my question pertains to the monop conversion to topconcoin because I guess the more of the 58:00 58 minutes contribution is coming from the topcon facility and if you can just bifurcate the revenue contribution between the topcon line and the monop line and is 58:09 58 minutes, 9 seconds there any possibility that the monop line would be converted to the topcon facility in the near future and also 58:15 58 minutes, 15 seconds just add to this question uh you have mentioned in the in your presentation that the wafer line would not be a 58:22 58 minutes, 22 seconds builtup line but would more be a taken line from another one. So how this would uh help in terms of synergy for INO. 58:33 58 minutes, 33 seconds So I will question answer you one by one. First you ask that uh the our bifuration of mono and topcon. Okay. So 58:41 58 minutes, 41 seconds if we if we say about the H1 or FY26 the major contribution is for monoline in 58:48 58 minutes, 48 seconds the H1 and in the and the Q3 it's it's around you can say the 50/50 of the 58:55 58 minutes, 55 seconds contribution in Q3 and in Q4 definitely the contribution of topcoin is increasing and monop is decreasing in Q4. 59:05 59 minutes, 5 seconds Yes. uh and if we see about FY 27 then definitely uh if I can say that more 59:13 59 minutes, 13 seconds than 80% is top corn and I think uh less than uh 20 or uh maybe later uh and or the end of the 27 maybe monop will stop. 59:25 59 minutes, 25 seconds So whenever the uh we have requirement in the market for monopark or we get the DCR sale from the market we will uh 59:33 59 minutes, 33 seconds we're running about this monopark facility because still lots of requirement are coming from the market or especially from the pajan manti suja ya for 550 watt of the DCR monopanel. 59:46 59 minutes, 46 seconds So we are uh whenever till then whenever we get the uh DCR sales and uh we have 59:52 59 minutes, 52 seconds uh our own market then we will uh regularly uh manufacturing the monopark and uh the your second question whether 1:00:00 1 hour we can change this monopark facility to top corn. Yes, we can change this facility uh from monopark to top corn 1:00:08 1 hour, 8 seconds and we have already buying all kits uh for changing this monopark to top corn 1:00:14 1 hour, 14 seconds and we are also uh we are in process to ready our civil construction also in our new IN3 unit where we will transfer in 1:00:24 1 hour, 24 seconds future uh that this all monop uh facility convert into top corners. 1:00:31 1 hour, 31 seconds soon. 1:00:33 1 hour, 33 seconds Thank you sir. In the interest of time that will be the last question for the day. Now I hand over the floor to the management for the closing comments. 1:00:42 1 hour, 42 seconds So we once again thank you to all our valuable investors for joining this conference call. Thank you once again from Insulation Energy Limited. 1:00:51 1 hour, 51 seconds Thank you sir. Ladies and gentlemen, this concludes your conference for today. Thank you for your participation. 1:00:56 1 hour, 56 seconds You may disconnect your lines now. Thank you and have a pleasant