Waaree Renewable Technologies Ltd — Q4 FY26

Waaree Renewable Technologies Ltd Q4 FY2025-26 Earnings Conference Call https://www.youtube.com/watch?v=NXJyE8bVmIU Published: 3 weeks ago

0:01 1 second Ladies and gentlemen, good day and welcome to VI renewable technologies limited Q4 and FI26 earning conference 0:09 9 seconds call hosted by MUFG in time India private limited. As a reminder, all participant line will be the listenon 0:17 17 seconds mode and there will be an opportunity for you to ask questions after the presentation conclude. Should you need assistance during the conference call, 0:25 25 seconds please signal an operator by pressing star then zero on your touchstone phone. 0:30 30 seconds Please note that this conference is being recorded. I now hand the conference over to Mr. Nikun Jan from MUFG Inime India Private Limited. Thank you and over to you sir. 0:42 42 seconds Thank you. Good afternoon ladies and gentlemen. I welcome you all to the Q4 and FY26 earnings conference call of VI 0:49 49 seconds Renewable Technologies Limited. Today on the call we have from the management Mr. 0:54 54 seconds Mata full-time director, Mr. Manm Sharma uh chief financial officer, Mr. Nirj Vinayak, vice president investor 1:02 1 minute, 2 seconds relations, Mr. and Mr. Rohitw general manager investor relations. Before we proceed with this call, I would like to mention that some of the statements made 1:11 1 minute, 11 seconds in today's call may be forward-looking in nature and may involve risk and uncertaintities. For more details, kindly refer to the investor 1:18 1 minute, 18 seconds presentation and other filings that can be found on the company's website. 1:22 1 minute, 22 seconds Without further ado, I would like to hand over the call to Mr. Manuan Sharma for his opening remarks and then we will open the floor for Q&A. Thank you and over to you sir. 1:32 1 minute, 32 seconds Thank you Nikun. Good afternoon everyone and I would like to extend a warm welcome to all participants for joining 1:41 1 minute, 41 seconds the earnings conference call of Far Renewable Technology Limited for discussing our business performance for Q4 and FI 2026. 1:51 1 minute, 51 seconds I hope you all had an opportunity to review our financial results and investor presentation which have been 1:58 1 minute, 58 seconds made available on the stock exchanges and are uploaded on company's website. 2:04 2 minutes, 4 seconds I would like to commence by showing my sincere gratitude to all our stakeholders for their unwavering trust 2:11 2 minutes, 11 seconds and support. Your continued confidence in our vision and execution has played an important role in shaping our journey 2:20 2 minutes, 20 seconds so far. Today on the call I have along with me the key members of our management team. Starting with our 2:29 2 minutes, 29 seconds financial results for the quarter, our revenue from operations stood at rupees 1,12.40 2:36 2 minutes, 36 seconds crores reflecting a growth of 131.31% compared to the same quarter of last 2:43 2 minutes, 43 seconds year. IBITA comes at rupees 26.82 crores with a margin of 18.76%. 2:52 2 minutes, 52 seconds P for the quarter reached at rupees 155.72 crores marking a yearon-year increase of 66.08%. 3:01 3 minutes, 1 second For the financial year 2026 we reported revenue of rups 3,331.42 3:08 3 minutes, 8 seconds crores a growth of 108.51% over FI 2025 3:15 3 minutes, 15 seconds IBITA stood at rupees 641 crores up 106.21 21% year-on-year basis 3:23 3 minutes, 23 seconds while PAT reached at rupees 478.65 crores showing growth of 109.09% 3:31 3 minutes, 31 seconds on year-on-year basis. These results highlights our strong execution capability and the operating leverage 3:39 3 minutes, 39 seconds that we continue to build across our business. 3:44 3 minutes, 44 seconds From an operational standpoint, FI 2026 was a year marked by scale and steady 3:51 3 minutes, 51 seconds execution. During FI 2026, we have successfully executed 2,727 3:58 3 minutes, 58 seconds megawatt peak of projects which is highest for any year. This reflects the depth of our execution capability for 4:07 4 minutes, 7 seconds the year end. Our unexe order books to date 2.83 83 gawattp providing us with a 4:14 4 minutes, 14 seconds strong visibility and continuity of business going for forward. At the same time, our portfolio stood at 1.18 gawatt 4:24 4 minutes, 24 seconds peak, further strengthening our base of recurring revenue and reinforcing our role as a reliable long-term partner for 4:33 4 minutes, 33 seconds our customers. Overall, this performance demonstrates our ability to grow responsibly while maintaining 4:41 4 minutes, 41 seconds consistency and reliability across project execution. 4:46 4 minutes, 46 seconds Let me now turn to the broader industry environment where momentum across India's renewable energy sector remains strong. 4:55 4 minutes, 55 seconds The country clean energy transition continue to accelerate with total installed renewable capacity now 5:02 5 minutes, 2 seconds crossing 274 gawatt and solar alone contributing over 150 gawatt as of March 5:09 5 minutes, 9 seconds 2026. The growth is due to rapid expansion with contribution from ground mounted solar plants of 114.87 5:18 5 minutes, 18 seconds 87 gawatt grid connected solar solar rooftop of 25.73 gawatt and other solar segments 5:28 5 minutes, 28 seconds contributing to 9.66 gawatt. This shift demonstrate the growing importance of solar within India's energy 5:36 5 minutes, 36 seconds [clears throat] ecosystem. In FI 2026 over 44 gawatt of solar capacity was 5:43 5 minutes, 43 seconds added representing a substantial increase from 23.8 83 gawatt in the 5:49 5 minutes, 49 seconds previous year. In FI 2026, solar emerged as the leading driver of capacity 5:57 5 minutes, 57 seconds additions, accounting for approximately 82% of total renewable installations, 6:04 6 minutes, 4 seconds reinforcing its position as a primary growth driver within the sector. 6:10 6 minutes, 10 seconds India's renewable energy growth continue to be supported by stable policies framework such as the national solar 6:18 6 minutes, 18 seconds mission PM kusum and PM surar yna alongside expanding demand across 6:25 6 minutes, 25 seconds utility scale rooftop and decentralized segment which is improving visibility for EPC players. 6:33 6 minutes, 33 seconds Additionally, battery energy storage system base are now emerging as a key enabler for grid stability with 6:43 6 minutes, 43 seconds increasing inclusion of renewable tenders opening up new opportunity within the EPC ecosystem. 6:51 6 minutes, 51 seconds In this environment, we are well positioned with a strong order book, a healthy world portfolio and expanding 6:58 6 minutes, 58 seconds into best CPC while maintaining our focus on education discipline and operational efficiency. We are 7:05 7 minutes, 5 seconds encouraged by the progress made in FI 2026 and are hopeful about the opportunities ahead. VI renewable 7:14 7 minutes, 14 seconds technology is committed to driving sustainable growth and creating lasting value for all stakeholders. Thank you once again for your continued support. 7:24 7 minutes, 24 seconds We now open the floor for any questions you may have. Thank you so much sir. 7:32 7 minutes, 32 seconds Ladies and gentlemen, we will now begin the question and answer session. Anyone who wishes to ask a question may press star N1 on their touchstone telephone. 7:41 7 minutes, 41 seconds If you wish to remove yourself from the question queue, you may press star and two. Participants are requested to use handsets while asking a question. 7:50 7 minutes, 50 seconds Ladies and gentlemen, we'll wait for a moment while the question assembles. 7:59 7 minutes, 59 seconds Our first question come from the line of Paris Kulkani from Ignite Capital. Please go ahead. 8:11 8 minutes, 11 seconds Paris, you may please proceed with your question. 8:19 8 minutes, 19 seconds Paris, you may please proceed with your question. 8:26 8 minutes, 26 seconds If there's no response from Paris, we'll move forward to the next participant. 8:32 8 minutes, 32 seconds Our next question come from the line of Sahil Sit from Anandrati Institution, Nal Equities. Please go ahead. 8:39 8 minutes, 39 seconds Hi sir, congratulation on the great set of numbers. My first question is uh if you look at the quarterly execution number and revenue numbers, the implied 8:48 8 minutes, 48 seconds realization is quite high uh coming to approximate Indian million per megawatt. 8:53 8 minutes, 53 seconds Is this to any different types of project execution or will this be one will it be recurring in nature? 9:02 9 minutes, 2 seconds Thank you. Uh so the pro this variation which you have noticed is depend upon the which kind of order we are executing 9:10 9 minutes, 10 seconds for a particular quarter. So as you are aware we are taking all type of order uh with module without module pure EPC 9:19 9 minutes, 19 seconds orders. So for the particular quarter which is this current quarter uh some of the orders are executed with module. So 9:26 9 minutes, 26 seconds therefore uh you are getting this kind of uh uh amount. 9:32 9 minutes, 32 seconds Could you uh share any uh what is the mix between the orders where model procurement was under our scope and 9:41 9 minutes, 41 seconds orders where it was under the consumer scope. 9:46 9 minutes, 46 seconds So for the this quarter actually around uh if broadly if I say any rough idea is around 50% of the execution revenue 9:55 9 minutes, 55 seconds numbers are coming from the with uh with modules. So therefore uh there is a realization which you have noticed is coming as compared to other quarters. 10:06 10 minutes, 6 seconds Okay. So and my second question would be there has been a slowdown in tendering activity if you compare FI25 with FI26. 10:14 10 minutes, 14 seconds Do you what kind of impact could we see on new orders coming in for uh varying? 10:21 10 minutes, 21 seconds Yeah. So as far as tender business is concerned, we are actively participating or looking all kind of opportunity in 10:28 10 minutes, 28 seconds the tender business. A lot of tenders are coming with the base as well. So uh but the tenders are there but as a v as 10:37 10 minutes, 37 seconds a company uh we are only participating when when there is a suitable to our margin or suitable to riskreward matrix 10:46 10 minutes, 46 seconds which we prefer that if it is suiting our requirement and the margin then only we are participating and as far as the 10:53 10 minutes, 53 seconds this order pipeline is concerned there is a good amount of pipeline in the tender business as well. 11:01 11 minutes, 1 second Okay sir thank you. Thank you. 11:06 11 minutes, 6 seconds Next question come from the line of Ishita Ludha from Swan Investments. 11:10 11 minutes, 10 seconds Please go ahead. Hi sir, thank you for the opportunity. Uh the order book has 11:16 11 minutes, 16 seconds declined from 3.2 gawatt to 2.8 gawatt on a y basis March versus March. So why 11:24 11 minutes, 24 seconds has this happened and how do you see the order and outlook going forward? 11:30 11 minutes, 30 seconds So uh order inflow going forward if you see that we have existing order book of 2.8 G. Apart from that we are also uh 11:39 11 minutes, 39 seconds changing the order pipeline uh of around 36 G which is around 23 G is is is from 11:47 11 minutes, 47 seconds domestic and maybe other 12 G from the uh international market. So uh this uh this this scenario will keep on 11:55 11 minutes, 55 seconds happening actually we are we are going to get orders and in spite of our application uh and achieving revenue 12:01 12 minutes, 1 second number of more than 3,300 cr uh in spite of that we are able to maintain our order book. So how whatever orders we 12:09 12 minutes, 9 seconds are executing uh more or less we are getting the same similar kind of order in the current financial year. 12:16 12 minutes, 16 seconds So like previous financial year order inflow was 2.4 4 G and this time it was 2.3 G slight decrease 5%. But is this 12:25 12 minutes, 25 seconds because of competition or like why this happened but uh as far as the India is concerned 12:34 12 minutes, 34 seconds we have done good amount of uh installation uh of solar projects and throughout the execution is strong. I'm talking about 12:42 12 minutes, 42 seconds orderance sir. Yeah, orderance also we have as as I mentioned that we are discussing bilaterally uh the order 12:50 12 minutes, 50 seconds pipeline uh which I mentioned to you and probably some of them will get converted in coming quarters. 12:56 12 minutes, 56 seconds Okay, thank you sir. 13:00 13 minutes Thank you. Our next question come from the line of Bala Subramanyan from Aryant Capital. Please go ahead. 13:09 13 minutes, 9 seconds Good evening sir. Thank you so much. uh thank you so much for the opportunities. 13:13 13 minutes, 13 seconds So I'm trying to understand the margins uh perspective. Uh whether the new entrance are bidding aggressively for 13:20 13 minutes, 20 seconds the project side uh whether uh if you look at every Q4 we have a 25% plus kind of margins but right now we end up 13:30 13 minutes, 30 seconds nearly uh 19 20% kind of margins. So I'm trying to understand this is a new normal margin band 18 to 20% for a 13:37 13 minutes, 37 seconds blended portfolio uh or we can do back to level of 25% kind of level in every 13:44 13 minutes, 44 seconds Q4 levels it could uh uh help us to understand on the margins levels uh it's a shrinking because of the competitions 13:52 13 minutes, 52 seconds uh or uh uh or like is there any uh technological changes uh due to or is 13:59 13 minutes, 59 seconds there any technological changes also having impact or uh is there any fixed price uh impact also there? 14:07 14 minutes, 7 seconds So as far as this we have all kind of fixed price contract that is number one as far as the margin is concerned uh 14:15 14 minutes, 15 seconds that the margin for a particular quarter depend upon the which customers order I am executing in this particular in any 14:23 14 minutes, 23 seconds particular quarter as far as if you will notice that for the entire financial year we are able to maintain EIA margin uh more than 19.24%. 14:34 14 minutes, 34 seconds So uh if you you will see on a year on bas basis also we have we are more or less we we are able we have able to 14:42 14 minutes, 42 seconds achieve similar kind of margin. So maybe in a particular quarter you may see uh some some difference but overall basis 14:52 14 minutes, 52 seconds from last fi 25 as well 25 26 also we are more than 19%. 15:02 15 minutes, 2 seconds Okay sir. So these margins will continue in next to PS and pre. 15:07 15 minutes, 7 seconds So uh as as we are mentioning that we are trying to keep uh with some operational improvement timely execution 15:16 15 minutes, 16 seconds and tight budgeting control we are able to maintain uh this we have maintained this kind of margin but always we are 15:23 15 minutes, 23 seconds mentioning that the margin uh would be around is is around AITA margin should remain around 15%. But definitely uh we 15:31 15 minutes, 31 seconds are delivering on a continuous basis that is what it is. 15:36 15 minutes, 36 seconds Okay sir. So my second question uh on the IP side earlier 120 megawatt IP had announced uh uh with the indicative 15:45 15 minutes, 45 seconds capex of 3.5 cr per megawatt which comes nearly 420 crores of capex. This will be funded through internal approvals or we 15:54 15 minutes, 54 seconds have any uh debt arrangements. And secondly, if you could uh share your view on our IP uh asset strategy side. 16:02 16 minutes, 2 seconds Uh right now it's around 54.8 uh mega megawatt peak is operational and we also 16:09 16 minutes, 9 seconds setting up additional megawatt and I'm trying to understand 16:16 16 minutes, 16 seconds what is the IR on this IP side and our regular EPC. 16:22 16 minutes, 22 seconds Yeah. So 16:31 16 minutes, 31 seconds Yeah. So as of now we have operational 54 megawatt peak of solar power project 16:39 16 minutes, 39 seconds that is IP and additionally we are setting up around more than 200 uh megawatt IP projects uh for our own. So 16:49 16 minutes, 49 seconds uh these projects are mean necessary is is as of now it is funded uh is under construction is funded through internal 16:57 16 minutes, 57 seconds approvals only. So far we have not tied up any kind of debt for this. We are funding it internally. Uh so that is 17:05 17 minutes, 5 seconds number one and secondly as you are aware that the company has uh three revenue stream that is uh APC plus and third one 17:14 17 minutes, 14 seconds is IP. So our strategy is to to have a smaller size of project IP so that we 17:21 17 minutes, 21 seconds can have continuous revenue uh for the for the next financial year for the next few years. 17:32 17 minutes, 32 seconds Yes. Thank you sir. Thank you. 17:37 17 minutes, 37 seconds Next question come from the line of Deepak Pod from Sapphire Capital. Please go ahead. Yeah. Am I aware sir? 17:45 17 minutes, 45 seconds Yes please. 17:46 17 minutes, 46 seconds Yeah. Thank you very much um for this opportunity sir. So I just wanted to understand uh we have a order book of 2.3 gawatt. Uh so is is it possible to 17:56 17 minutes, 56 seconds uh quantify in in terms of rupees cr how much would that worth be and plus the composition with module without module 18:03 18 minutes, 3 seconds only EPC. Um so something on those line will be very helpful. 18:09 18 minutes, 9 seconds Yeah. So normally we we we don't quantify through uh this thing because even if I if I tell for this quarter 18:17 18 minutes, 17 seconds also it will vary maybe in the next month itself it could vary because of getting new orders and execution. So it 18:24 18 minutes, 24 seconds is uh but broadly uh this ranges between one one to 1.25 or 1.2 megawatt. 18:35 18 minutes, 35 seconds Okay. 1 to 1.25 crores per megawatt. 18:38 18 minutes, 38 seconds Yeah. So it again I will say the same thing because it will vary. So next time if I get some with module order it will 18:45 18 minutes, 45 seconds vary and if I get pure EPC or some of changes etc it will vary. So any any calculation by this method may not give 18:54 18 minutes, 54 seconds the correct result for the future and how much the compulsion would be with module we'll have any rough range 19:00 19 minutes on that. uh maybe actually in the around 20% or something like that with module. 19:08 19 minutes, 8 seconds Uh so the composition remain there 20% with module. 19:16 19 minutes, 16 seconds Okay. Yeah. Yeah. Please continue sir. 19:21 19 minutes, 21 seconds And remaining like meawatt it could be vary between 10 to 15% or 20%. depend 19:29 19 minutes, 29 seconds when when you are asking with the question. Okay. So, so this this quarter 50% revenue mix was with modules. So, so that we can see as an aberration, right? 19:39 19 minutes, 39 seconds Yeah. Correct. 19:40 19 minutes, 40 seconds Okay. Okay. Understood. And and I mean in terms of execution are we seeing anytime type of slowdown because of any 19:47 19 minutes, 47 seconds kind of grid infra problem any any kind of delay in construction transmission line. So so how's the execution uh traction on the ground? Yeah. So 19:56 19 minutes, 56 seconds execution is going well actually when whenever somebody or developer wanted to have the solar uh project installation. 20:04 20 minutes, 4 seconds So after getting uh required connectivity land etc then only uh they mostly they provide the EPC order. So 20:12 20 minutes, 12 seconds when it comes to us for application by the time all the previous points have been cross verified check then only the 20:20 20 minutes, 20 seconds contract is awarded. So from our side once we receive the order we start executing and deliver uh as as early as 20:28 20 minutes, 28 seconds possible or within the time required time discussion with the customer. 20:33 20 minutes, 33 seconds Okay. Okay. Um understood. Um and and I think this year we had execution of around 2.7 gawatt right uh so so what 20:42 20 minutes, 42 seconds sort of um execution we are looking for this year now FI27. 20:47 20 minutes, 47 seconds So uh we depend actually as as of now what the order book which I have is around 2.8 gawatt. So that we are going 20:56 20 minutes, 56 seconds to execute in next uh quarter which we mentioned 12 to 15 and uh moreover we are going to receive orders in this 21:04 21 minutes, 4 seconds current financial year. So both put together uh will get executed during the year and some of them will go to the next quarters also. 21:15 21 minutes, 15 seconds Okay. And then this 36 gawatt pipeline. 21:17 21 minutes, 17 seconds So any so what is the historical hit ratio we have? I mean in terms of conversion it's difficult to quantify any kind of 21:26 21 minutes, 26 seconds hit ratio because uh these are the bilateral discussion with the customers. 21:30 21 minutes, 30 seconds The domestic uh pipeline gets with the bilateral discussion with the customers. 21:35 21 minutes, 35 seconds So we have fair amount of uh chance that we'll be able to convert uh some of them into the form. 21:44 21 minutes, 44 seconds Okay, okay, okay. Um, understood, understood. That's it from my side. Very helpful, sir. Um, all the very best. Thank you. 21:53 21 minutes, 53 seconds Thank you. Next question comes from the line of Sumit Kishor from Access Capital. Please go ahead. 22:01 22 minutes, 1 second Good evening and uh thanks for the opportunity. Uh my first question is of your 2.8 gawatt order book. 22:09 22 minutes, 9 seconds what would be your geographical uh exposure uh to Rajasthan and Gujarat on a ballpark basis that's my first 22:18 22 minutes, 18 seconds question so geographically we are operating in almost seven eight states uh that is 22:25 22 minutes, 25 seconds Rajasthan Gujarat MP Andhra Pradesh this uh and Maharashtra of course so 22:32 22 minutes, 32 seconds geographically we are spread into four five major states where our orders we executing the project. Most of them are in Rajasthan. Yeah, please. 22:42 22 minutes, 42 seconds Sure. So, I was asking this question because Rajasthan and Gujarat uh seem to account for almost 65% of the potential. 22:51 22 minutes, 51 seconds So, is is your order book also more heavier in these two states? Is that a fair understanding? 23:00 23 minutes A majority of the are in there in those areas. But other areas is also a significant equally significant 23:08 23 minutes, 8 seconds Maharashtra and MP and Andra is also contributing a great amount of uh order. 23:14 23 minutes, 14 seconds So all all state are contributor but as of now like Rajasthan is he has little heavy weight on this heavy weight. Okay. 23:25 23 minutes, 25 seconds The question is uh you know CTIL uh in a representation in the CC order uh dated 23:34 23 minutes, 34 seconds 10th April was that almost 60 gawatt of projects in Rajasthan uh are awaiting clarity of coordinates 23:42 23 minutes, 42 seconds of their associated power substation for re evacuation. 23:47 23 minutes, 47 seconds Uh [clears throat] is there uh any uh uh uh uh could this possibly impact the award of new EPC 23:56 23 minutes, 56 seconds projects? Uh because uh you know the uh developers would await clarity uh uh of 24:04 24 minutes, 4 seconds the associated uh substation before they acquire land and award EPC contract. So basically your thoughts uh on this 24:11 24 minutes, 11 seconds particular uh issue in one of the largest states uh in terms of worry potential. 24:18 24 minutes, 18 seconds So uh as far as this uh your thoughts are correct but if you see that somebody want to install let's say 500 megawatt 24:27 24 minutes, 27 seconds or 1 g 2 gawatt project. So definitely it takes uh a little time maybe 12 to 15 months to uh complete from from thinking 24:36 24 minutes, 36 seconds or maybe design prospect to the completion process 12 to 15 months. So by the time uh this backlog will be there but but uh they there is a always 24:46 24 minutes, 46 seconds uh risk which is taken by the developer uh when they they know that these are the power evacuation and when they are 24:53 24 minutes, 53 seconds likely to be in place. So similarly but as far as we as a EPC player are concerned we are uh we have been awarded 25:01 25 minutes, 1 second when they they all studies have been must have been done from their side and once it is awarded and timeline is given 25:09 25 minutes, 9 seconds we executed within those timeline some so basically your 2.8 8 gawatt order backlog the portion of which is in 25:16 25 minutes, 16 seconds India. None of those projects are impacted because the customer does not have clarity on evacuation as of now. 25:24 25 minutes, 24 seconds That's a fair understanding. 25:26 25 minutes, 26 seconds Yeah. Yeah. Fair understanding because our job is to uh connect to the nearest maybe substation or the station uh when 25:34 25 minutes, 34 seconds and our infra is ready actually. So to that extent we have to work. 25:40 25 minutes, 40 seconds Excellent. Thank you so much and wish you all the best. Thank you. Thank you. 25:47 25 minutes, 47 seconds Our next question come from the line of Karan Gupta from ACM. Please go ahead. 25:56 25 minutes, 56 seconds Uh hello Mr. Gupta. Yes. 25:58 25 minutes, 58 seconds Yes. Yes. Uh so uh my question is related to the margin side as you've uh alluded to 15% that you're targeting but 26:08 26 minutes, 8 seconds uh right now you are able to deliver more than you know uh 15 16% now it is around 19%. 26:15 26 minutes, 15 seconds So what makes you uh you know uh coming to the point of 15% as you calculated 26:23 26 minutes, 23 seconds maybe so what is the situation right now and what will be in future as you said 26:29 26 minutes, 29 seconds 15%. So uh you are expecting that in future maybe one or two years down the 26:38 26 minutes, 38 seconds line uh there will be more aggressive bidding on the same projects 26:45 26 minutes, 45 seconds and what right now we are getting benefited from this 26:52 26 minutes, 52 seconds version which we are mentioning is not a a 27:08 27 minutes, 8 seconds Yes. So the 15% which we are mentioning is not a calculation or guiding number. 27:13 27 minutes, 13 seconds This is the some uh threshold which which we are maintaining uh when we are uh all 27:25 27 minutes, 25 seconds So when we are calculating our uh like when we are offering to the customer it back end we do all busting etc all kind 27:32 27 minutes, 32 seconds of exercise and this is the what we have this we maintain that so uh it is not 27:39 27 minutes, 39 seconds that it will get net flies at this kind of percentage going forward also like we we whatever order we execute that 27:48 27 minutes, 48 seconds operational efficiency and discipline execution timely exeution All these projects will play and this will keep on 27:55 27 minutes, 55 seconds improving uh maybe going forward also it is not like that it will get normalized at some point of level. 28:06 28 minutes, 6 seconds Okay. Okay. 28:09 28 minutes, 9 seconds Okay. Uh second is on uh the receivable part. 28:14 28 minutes, 14 seconds I think most of the receivables that you can see on the uh consolidated basis uh came in the uh second H2. 28:26 28 minutes, 26 seconds So what is the timeline of getting the simple stack? It is less than six month kind of or more than 28:34 28 minutes, 34 seconds no mostly our most of our receivables are less than six months only and in 28:41 28 minutes, 41 seconds many of the contact we are secured by way of letter of credit also so that we we are operating 28:52 28 minutes, 52 seconds okay because uh from 500 to now it's double more than doubled yeah correct that side yeah that Right? 28:59 28 minutes, 59 seconds Because the last quarter or maybe last months that will uh that will get 29:06 29 minutes, 6 seconds accumulated to this number but all are like uh through many of them are through LCS and we are getting our payment. 29:17 29 minutes, 17 seconds Okay. Okay. So uh there is no payment stretch from the government side or 29:24 29 minutes, 24 seconds maybe the companies or setting of this nothing any uh receivable stretch 29:32 29 minutes, 32 seconds uh nothing as of now or significant. Okay. Thank you. 29:44 29 minutes, 44 seconds Thank you. Our next question come from the line of Mohit Chandani from Value Wise Capital. Please go ahead. Uh hi sir, am I audible? 29:54 29 minutes, 54 seconds Yes. Yes. Yeah. Thanks for the opportunity. 29:58 29 minutes, 58 seconds Uh I wanted to understand uh uh best on a standalone basis uh like what is the cost per megawatt for EPC? 30:10 30 minutes, 10 seconds See it depend upon the scope of the work which is awarded to us in the form of EPC because pure EPC maybe through 30:18 30 minutes, 18 seconds supply or maybe depend upon the uh because each project has different uh calculations like whether how much it is 30:27 30 minutes, 27 seconds already existing project or we have set up the alltogether new project. So it's difficult to provide any kind of uh 30:34 30 minutes, 34 seconds number unless we have some clarity on the uh the scope of work with us. 30:41 30 minutes, 41 seconds Okay. Uh so so let's assume 100 megawatt plant with some ideal ratio of bets. Uh 30:48 30 minutes, 48 seconds so what is the incremental cost per megawatt 30:55 30 minutes, 55 seconds for our own this EPC work? maybe uh around if I guess it could be around 0.5 to 31:04 31 minutes, 4 seconds between 0.5 to 75 uh per megawatt but I again I yeah please 31:12 31 minutes, 12 seconds no sir please continue so again that again depend upon because uh every project and site is independent 31:21 31 minutes, 21 seconds and where you want which where you have to connect and to the grid or maybe stations that All factor is to be 31:29 31 minutes, 29 seconds considered while giving any kind of number. 31:33 31 minutes, 33 seconds Okay. Got it. And uh what is the break up of the best project in terms of battery cost and other components? 31:42 31 minutes, 42 seconds So actually as of now we have uh we are just uh thinking as avenue of like doing 31:49 31 minutes, 49 seconds best as a EPC. uh but definitely if somebody want to install 31:56 31 minutes, 56 seconds like module which we are doing in our solar projects if somebody want module from us similarly base as a as a also 32:05 32 minutes, 5 seconds battery also they wanted from us then definitely we'll be able to arrive the course but these are the specific uh project related questionations 32:13 32 minutes, 13 seconds okay okay understood and assuming the whole value chain is ordered through you then what is the per megawatt rough 32:23 32 minutes, 23 seconds that again it's difficult because it's a you are asking a project specific 32:30 32 minutes, 30 seconds question so uh I think uh it depend upon the size where you want what kind of 32:38 32 minutes, 38 seconds it's diff it's difficult to answer in this forum okay okay thank you sir that's it from my side 32:47 32 minutes, 47 seconds thank you our next question come from the line of paris Kulkarni from Ignite Capital. Please go ahead. 32:55 32 minutes, 55 seconds Yeah. Hi, thanks for the opportunity. I hope I'm audible. Yes, you are. Yeah. Yes. 33:01 33 minutes, 1 second Yeah. So, ma'am, uh question pertain to your IP asset. Now, if I look at the historical uh numbers of the company, we 33:11 33 minutes, 11 seconds have been a pretty asset light model kind of a thing. So can you uh please explain the thought process behind 33:17 33 minutes, 17 seconds opening IP as a project and secondly how do we look at uh the long-term uh 33:25 33 minutes, 25 seconds viability of this and the contribution to revenues going ahead do we see that in a as a major contributor or uh do we 33:33 33 minutes, 33 seconds see ourselves as the EPC company going ahead so uh it will be dominated by the EPC 33:41 33 minutes, 41 seconds only because we are the EPC company. Uh apart from that this this IP whatever assets we have and we are likely to have 33:50 33 minutes, 50 seconds some more assets uh that we are building so that it we can give uh regular 33:57 33 minutes, 57 seconds revenue for this company maybe another 2025. As you rightly said we are the asset light company and we are not 34:04 34 minutes, 4 seconds carrying any significant debt in our books as of now uh for these projects. 34:11 34 minutes, 11 seconds Okay. Okay. Understood. So we uh won't be scaling beyond the uh plan say 270 34:19 34 minutes, 19 seconds megawatt kind of a thing. Uh is that understanding correct? 34:24 34 minutes, 24 seconds Uh additionally which we have announced in various our board meeting etc. Uh so these these are the relatively smaller 34:32 34 minutes, 32 seconds kind of a project in various size uh various sites. So these are the opportunity which we have identified as a IP for this this uh V renewable 34:42 34 minutes, 42 seconds company and so that we can have add some more revenue but in overall revenue 34:48 34 minutes, 48 seconds scheme uh the the percentage ws actually okay okay understood and secondly sir 34:55 34 minutes, 55 seconds what I'm understanding is that the industry as a whole is facing problem of uh you know acquiring uh land for uh the 35:05 35 minutes, 5 seconds uh renewable projects for uh ground mounted solar uh especially so how are we as a company dealing with it uh with 35:13 35 minutes, 13 seconds respect of to our R&D are we uh sort of uh recommending our um customers the 35:19 35 minutes, 19 seconds rooftop projects or um how do we go about it basically? So basically if you see our revenue stream we are majority 35:28 35 minutes, 28 seconds with the ground mounted projects only uh rooftop is hard is not contributing or hardly contributing any any amount 35:35 35 minutes, 35 seconds revenue in this. So uh acquisition of land as you rightly said uh it is a challenge but mostly it is in the scope 35:43 35 minutes, 43 seconds of the developer. So mostly lands are uh procured and connectivity is seen by the developer and then only they this EPC contract is awarded to us. 35:54 35 minutes, 54 seconds Okay. Okay. So, uh you don't see that as a major challenge in growing or topline growing, right? 36:03 36 minutes, 3 seconds In procurement of land, you're asking. 36:05 36 minutes, 5 seconds Yeah. So, uh uh in case our customers are having a challenge in procurement of land. So, don't you see that as a 36:12 36 minutes, 12 seconds challenge uh in the incremental order inflows which uh we would be getting? 36:19 36 minutes, 19 seconds No, no, no. we we are we are getting actually if you see the overall country's potential is more 44 gawatt is 36:28 36 minutes, 28 seconds already installed. So definitely the pace will continue uh and of course every business has a challenge. So uh 36:36 36 minutes, 36 seconds but the project will uh will be installed going forward. 36:41 36 minutes, 41 seconds Okay understood. And secondly sir on the uh cash flow side uh I see a uh slight 36:47 36 minutes, 47 seconds bit of drop in uh OCF generation for full year FY26. Could you kindly uh sort 36:54 36 minutes, 54 seconds of uh give me a kind of a outlook as to what uh has actually happened and uh 37:01 37 minutes, 1 second when uh and historically speaking we had a much better cash conversion as compared to FI26. So we uh so how do we 37:10 37 minutes, 10 seconds go back to what we had done historically and or whether we would be continuing this sort of cash conversion. 37:17 37 minutes, 17 seconds So whatever cash which which we are generating from the from the operations all cash are mostly conserved and like 37:27 37 minutes, 27 seconds uh it is going in the like either either development of our own IP projects or maybe like uh whenever some margin 37:35 37 minutes, 35 seconds requirement is there with the customer uh sorry with the banks that we are fulfilling out of it. So our target is 37:42 37 minutes, 42 seconds to conserve cash put it back into the in the project so that there will be revenue out of it. Okay. Okay. 37:51 37 minutes, 51 seconds Understood. And lastly a bookkeeping question sir. Uh I'll see in the non-current assets a very uh big increase in other financial assets. 38:00 38 minutes Could you please uh tell what does that put into? 38:09 38 minutes, 9 seconds Just one second. 38:42 38 minutes, 42 seconds So, so uh other financial assets may 38:50 38 minutes, 50 seconds balance uh government authority because certain amount of money like GST receivables etc. Those will remain with 38:57 38 minutes, 57 seconds the government and some is advanced to uh supplier would be there. 39:05 39 minutes, 5 seconds Okay. Okay. pretty helpful sir for the future quot Thank you. 39:11 39 minutes, 11 seconds Thank you. Our next question comes from the line of Nirv Dalal from MIB Securities India. Please go ahead. 39:19 39 minutes, 19 seconds Yeah. Hello sir. Thank you for the opportunity. I had I had a couple of questions on the IP. Uh so what would be our current uh IP capacity or current IP 39:29 39 minutes, 29 seconds uh moment? 39:33 39 minutes, 33 seconds Uh the Yeah. So we have yeah we have current around 54 megawatt of IP assets which 39:40 39 minutes, 40 seconds are running and generating revenue. The revenue is around 26 cr for this financial year. 39:46 39 minutes, 46 seconds Okay. Okay. And uh we we are so there is a CWIP also in the uh balance sheet. So 39:54 39 minutes, 54 seconds that would be for the additional capacity that is going to come up. 39:57 39 minutes, 57 seconds Yeah. So, so whatever the the previous question they asked uh the additional uh this IP project which we are undertaking 40:05 40 minutes, 5 seconds uh on account of that this CV itself so probably during this current financial year they will get commissioned and 40:14 40 minutes, 14 seconds okay okay so what would be the capeex for the 227.1 megawatt uh uh uh what 40:20 40 minutes, 20 seconds will be the capeex for that project yeah So as as and when we are incurring 40:28 40 minutes, 28 seconds the cost we are capitalizing CV as of now is you are seeing the financials. So uh as soon as we incur it will get capitalized during this consumption. 40:39 40 minutes, 39 seconds Yeah. But what is the broad capex that we're looking at for this uh it'll be good to us for us to you know build the 40:47 40 minutes, 47 seconds balance sheet. So hence I wanted that number broad. So capex is suppose I'll give you the rough number for for any 40:55 40 minutes, 55 seconds any kind of solar capacity which you want to install if you put anything between it it come to 3 cr to 3.5 cr per 41:04 41 minutes, 4 seconds megawatt per megawatt so okay okay so so but in our case whatever the 41:12 41 minutes, 12 seconds this cost etc minimization whatever we do based on that we'll plan it but this number this board number I have given for the installation of solar page. 41:22 41 minutes, 22 seconds Correct. Correct. And if I were to look at the broad group, the the group is talking about power uh infrastructure assets of about capex of about 2 to 50 41:32 41 minutes, 32 seconds cores. So uh what our what are our plans on that or is there any uh clarity in 41:39 41 minutes, 39 seconds terms of uh how our IBPS are going to uh increase going ahead or how what what 41:46 41 minutes, 46 seconds role are we playing in in the group capex? 41:50 41 minutes, 50 seconds Yeah. So group has its own plan because which has been disclosed by the group in various form presentation etc. But as 41:58 41 minutes, 58 seconds far as the V reasonable technology is concerned, we are we have what we mentioned to you is the capeex as 42:05 42 minutes, 5 seconds Okay. Okay. So our capeex is outside of whatever the group has announced in terms of the power infrastructure outlay 42:13 42 minutes, 13 seconds that they are looking at that would be the so so when it gets consolidated so I'm I will not be able to comment actually how 42:20 42 minutes, 20 seconds what figure you are so and asking me the question but as far as the varable technology is concerned these are the likely capex going forward immediately. 42:30 42 minutes, 30 seconds Okay. Okay. No, so where I was going to is that whether in the future the power uh assets would be housed under W uh 42:37 42 minutes, 37 seconds under uh technologies or it would be housed under any other company. So there that is where I was leading to but fine. 42:45 42 minutes, 45 seconds Uh at the moment there's no clarity. 42:47 42 minutes, 47 seconds There's not uh yes not much clarity on that. Right. 42:53 42 minutes, 53 seconds Correct. So what this again I'll mention this this whatever the capex which this existing my 54 megawatt plus 227 43:03 43 minutes, 3 seconds megawatt which we have mentioned and presented these are the only capex as far as the varable technology is concerned and group has its own plan 43:12 43 minutes, 12 seconds initiative capex etc that you can see sir our presentation group presentation 43:19 43 minutes, 19 seconds no problems thank you thank you for the opportunity Thank you. 43:26 43 minutes, 26 seconds Our next question come from the line of Ash from Ventura Securities Limited. Please go ahead. 43:34 43 minutes, 34 seconds Yeah. Hello, sir. Can you hear me? 43:37 43 minutes, 37 seconds Uh sir, can you be a little bit loud, please? Your voice is low. Hello. 43:44 43 minutes, 44 seconds Can you hear me now? Uh go ahead. 43:52 43 minutes, 52 seconds Yes sir. So two questions only sir. So on the newer ALCM regulations uh sir uh 43:58 43 minutes, 58 seconds working on some numbers sir current cost per module per watt comes out to be 14 rupees and it is expected to rise to 23 44:07 44 minutes, 7 seconds rupees per module per watt. So do you see any impact on the top line or the margins or if they are expected to remain intact and any update on the 44:17 44 minutes, 17 seconds enforcement push back if maybe that's possible from 1st June 2026 to later on date 44:25 44 minutes, 25 seconds okay so as far as the uh varable technology the module price is concerned uh we are getting orders as as I 44:33 44 minutes, 33 seconds mentioned earlier also with maybe with module or maybe without module also So uh and all this if somebody want the 44:42 44 minutes, 42 seconds complete turnkey project from our side we provide the pricing considering the current prevailing module price. So for 44:49 44 minutes, 49 seconds a variable technology there is like nothing uh if even if goes up also it is passed through uh to the customer. 45:01 45 minutes, 1 second Uh do you see any impact on the top line if the cost rise significantly higher from current levels? 45:09 45 minutes, 9 seconds So the cost if rises to the significant the current level also as I mentioned sir if you want a turnkey order from 45:16 45 minutes, 16 seconds varable technology along with the modules I'll be able to provide the pricing of current willing rate of 45:23 45 minutes, 23 seconds modules and immediately I'll I'll procure it from the supplier. So as far as variable technology is concerned the 45:32 45 minutes, 32 seconds pricing of varying this module price will not impact everything. 45:39 45 minutes, 39 seconds Fair enough sir. Thank you. Thank you. 45:45 45 minutes, 45 seconds Our next question come from the line of Hitin Bicha from Sequent Investments. Please go ahead. 45:51 45 minutes, 51 seconds Yeah. Uh good evening and thanks for the opportunity sir. So my question is on the execution rate. So in the first half 45:59 45 minutes, 59 seconds our execution was roughly of 700 megawatt to 900 megawatt which has declined to 600 or less than 500 in Q4. 46:07 46 minutes, 7 seconds So what kind of execution rate we are expecting sir and second if you can also uh guide on the order inflow sir because 46:16 46 minutes, 16 seconds at the current order book at 2800 g meawatt considering we will be execute executing the order in next 12 months. 46:24 46 minutes, 24 seconds So what kind of growth we are looking just to understand the growth side sir and also if I can throw some color why 46:31 46 minutes, 31 seconds our execution rate is decline in last four quarters. Thank you. 46:37 46 minutes, 37 seconds Yeah. So as you are aware that we have all variety of order maybe key or with 46:44 46 minutes, 44 seconds or without mod I repeatedly mentioned that. So depend upon the quarter in which quarter I am executing which order 46:52 46 minutes, 52 seconds if it is a boss order maybe with only megawatt is higher maybe but my scope is less so it will give you that kind of 47:01 47 minutes, 1 second number maybe earlier quarter I have said the execution is more now this quarter execution is because of the variety of 47:07 47 minutes, 7 seconds order which I'm executing and as a party as a has a capability to execute any 47:14 47 minutes, 14 seconds kind of like meawad it can any any megawatt because we have capability of executing orders in 47:22 47 minutes, 22 seconds various states, various site only the main power and all the sourcing is needed to expedite scale up the 47:30 47 minutes, 30 seconds operation further and as far as order inflow is concerned because if you see from the last one year whatever the 47:37 47 minutes, 37 seconds amount of orders we have executed maybe equivalent or uh same kind of order we have already received so I think the 47:45 47 minutes, 45 seconds pace will continue going forward. ward uh because of the renewal push from the government and recently we have seen 47:53 47 minutes, 53 seconds that everybody wanted to have a green energy so it will continue sir 47:57 47 minutes, 57 seconds [clears throat] 47:59 47 minutes, 59 seconds no so the reason I'm asking this question about order info is we currently have an order book of 2800 48:05 48 minutes, 5 seconds megawatt right assuming we execute around 3,000 megawatt at 1.2 to pro 48:13 48 minutes, 13 seconds realization per megawatt we still won't see much growth sir this year so my question comes on that point sir 48:22 48 minutes, 22 seconds so this yeah so this whatever I this one maybe the order per me one or 1.2 it 48:29 48 minutes, 29 seconds depend again again the next month if or next quarter if I get some orders the ratio will change further sir so but 48:38 48 minutes, 38 seconds what you rightly said is 2.8 8 GHz order further as I mentioned that there's lot of order pipeline which we are changing 48:46 48 minutes, 46 seconds uh in the pilot discussion so maybe in the coming quarter we are likely to receive uh some order and throughout the years the scenario will continue so 48:54 48 minutes, 54 seconds whatever the existing order plus which the orders which we are going to get in the current financial year will get executed sir 49:04 49 minutes, 4 seconds understood understood okay thank Thank you. 49:12 49 minutes, 12 seconds Ladies and gentlemen, in order to ensure that the management will be able to address all question from the participant, we request you to kindly limit your 49:21 49 minutes, 21 seconds question to two question per participant. If you have a follow-up question, please rejoin the queue. 49:28 49 minutes, 28 seconds Our next question come from the line of Hershit Jan from PJC Capital. Please go ahead. 49:34 49 minutes, 34 seconds Good evening, sir, and thank you for the opportunity. There are three questions. 49:37 49 minutes, 37 seconds So my first question is that the company from battery system and data center and what guidance? 49:49 49 minutes, 49 seconds Sir can you repeat sir your question sir? 49:55 49 minutes, 55 seconds My question is that is company currently earning any revenue from battery energy storage systems and data center and what is future guidance for both segments? 50:05 50 minutes, 5 seconds So from the current existing uh this uh revenue is is all from EPC, IP ord. So 50:13 50 minutes, 13 seconds there is no uh order or revenue from these two segment which you mentioned. 50:18 50 minutes, 18 seconds However, we are executing one one of the best this project uh relatively smaller 50:24 50 minutes, 24 seconds size but we are executing during this quarter or maybe this financial year. So that order will get executed. But if you 50:33 50 minutes, 33 seconds see that on the going forward also uh to have a grid stability this base is 50:39 50 minutes, 39 seconds necessary. So everybody's like we are getting lot of inquiries for the base project along with the solar project. So 50:47 50 minutes, 47 seconds this revenue stream will open up uh during the current financial year. That is what we are maybe expectation and 50:54 50 minutes, 54 seconds with respect to data center as of now we are working with the various uh like maybe inquiries etc. But as of now there 51:04 51 minutes, 4 seconds is uh no immediately form order which is available to us which we can mention to you sir. 51:11 51 minutes, 11 seconds And sir that the company has achieved a web. Sir could you help me understand 51:17 51 minutes, 17 seconds that this year there is soluting the balance sheet. So sir tell can you tell uh is there the new form of capital or is it normalized 27? 51:32 51 minutes, 32 seconds So uh which which I could understood from the flow uh of your voice you are asking about the receivables and the inventory. 51:42 51 minutes, 42 seconds So inventory whatever inventory uh we are procuring actually whatever the components we are procuring mostly 51:50 51 minutes, 50 seconds almost all are for the specific project requirements only. So uh it may be point of time whenever we are financing our 51:57 51 minutes, 57 seconds financial you can see but uh it will get it will be build subsequently to the to the customer based on their project requirement. 52:07 52 minutes, 7 seconds Thank you sir. 52:11 52 minutes, 11 seconds Thank you. Our next question come from the line of Amnish Tari from Varia change LLP. Please go ahead. 52:20 52 minutes, 20 seconds Hello. Am I audible? Yes you are. 52:24 52 minutes, 24 seconds I this uh what is the intact uh you have seen this uh RM gas situation any raw material inflation or labor because of 52:33 52 minutes, 33 seconds LPG surrenders uh uh have they stayed back or gone back to their villages or any other impact in terms of your cost 52:40 52 minutes, 40 seconds or education timelines have you experienced anything because of the shock uh so from the current situation which 52:49 52 minutes, 49 seconds is uh prevailing in the world so uh indirectly everybody's impacted actually in one or the other form. Uh but as far 52:58 52 minutes, 58 seconds as the company is concerned uh we are uh we have uh all domestic orders and all 53:05 53 minutes, 5 seconds domestic supply chain. So uh we are all are sourcing from the domestically only uh these are available in India all the 53:14 53 minutes, 14 seconds component which are required for the construction of solar power projects. So uh that way directly we are not having 53:22 53 minutes, 22 seconds any kind of impact and there is an opportunity for the company like us because everybody wanted to have solar 53:29 53 minutes, 29 seconds power that green energy going forward that is lesson maybe from this. So it will it will be helpful for the company like us. 53:39 53 minutes, 39 seconds Okay. Okay. So you not experienced uh any kind of either any components being delayed or any any sort of uh raw 53:48 53 minutes, 48 seconds materialization which you have to digest rather than passing it on to the projects. 53:53 53 minutes, 53 seconds Now as so as I mentioned all are domestically sourcing. So therefore uh immediately not have any effect and if I 54:02 54 minutes, 2 seconds look at your order flow every quarter why has it been so weak when the the outlook is so good uh in the industry 54:10 54 minutes, 10 seconds and if you can also articulate uh an incremental basis are your margins uh in the new orders you are booking uh are 54:17 54 minutes, 17 seconds they better than your existing order book margin or lesser than your existing order book margins. 54:25 54 minutes, 25 seconds So this order inflow what you said is like in spite of installation the order 54:32 54 minutes, 32 seconds order will be there uh because when you for a such a large order actually uh because 54:40 54 minutes, 40 seconds this developer has to put in money for the other activities also module or maybe for infrastructure creations. So 54:47 54 minutes, 47 seconds when all these are considered and these are the nowadays you are seeing that our order book is with like maybe to gaw scale of order which we are executing. 54:59 54 minutes, 59 seconds So it takes some time uh with the customers for the negotiation fination of the orders. So that is that is how it is working sir. 55:08 55 minutes, 8 seconds Okay. So it's not to do with the more number of players in the competitive file. But aggregate basis in your slide you say uh ordering has been overall 55:17 55 minutes, 17 seconds increasing but the order flow to you is is not increasing. Uh so is it uh something to the market share we have in 55:24 55 minutes, 24 seconds the new order booking or is it just that because of these delays and uh converting these orders to on the ground execution is just taking more time at a 55:32 55 minutes, 32 seconds scale we are doing it right now. So uh maybe like uh what you said is correct. 55:37 55 minutes, 37 seconds it can it can contribute but it is difficult to quantify how much is on each count 55:44 55 minutes, 44 seconds and the margin wise incremental margin I'm sorry to interrupt you sir uh but please rejoin the queue for more question 55:52 55 minutes, 52 seconds thank you ladies and gentlemen in order to ensure that the management will be able to address all the question from the 56:00 56 minutes participant we request you to kindly limit one question per participant if you have a follow-up question please reach to join the queue. 56:10 56 minutes, 10 seconds Our next question come from the line of yog. Please go ahead. Hello sir. 56:18 56 minutes, 18 seconds So you mentioned that order can be based on with or without modules. When an order includes modules are we to procure 56:27 56 minutes, 27 seconds them from parent company or it is flexibility to source from third party vendors. 56:37 56 minutes, 37 seconds Okay. So, uh mostly if you see that the uh uh whatever order we are getting is 56:44 56 minutes, 44 seconds uh pure US order. If at all uh we are getting this uh orders with the modulate sector. So immediately based on the 56:53 56 minutes, 53 seconds customer requirement it could be on SRMS basis from the V also it could be from the other source also. So it depend 57:02 57 minutes, 2 seconds actually uh on the customer whom we are interacting and how he wanted to be 57:08 57 minutes, 8 seconds any sentence breakdown in procurement from parent and other sources 57:17 57 minutes, 17 seconds any the sentence breakdown from parent company and the other sources. 57:27 57 minutes, 27 seconds So I it's not very clear to me but uh uh can you repeat sorry 57:35 57 minutes, 35 seconds I just want to ask how much percentage breakdown from modules from the parent and the third party owners 57:43 57 minutes, 43 seconds so it is difficult to uh quantify because we don't have then kind of ready number with us how much from the parent 57:50 57 minutes, 50 seconds and otherwise but it depend upon the customer requirement and with the bilateral discussions It could be var or it can be some other uh also. 58:02 58 minutes, 2 seconds Okay. Thank you sir. Thank you. 58:07 58 minutes, 7 seconds Our next question come from the line line of Sarang Jolikal from Vimanta Capital. Please go ahead. 58:17 58 minutes, 17 seconds Hello. Yeah. So I just wanted to understand what has been the pricing of modules with both DCR and nonDCR in this 58:26 58 minutes, 26 seconds quarter and do you see uh and what's the trend do you see going forward? 58:34 58 minutes, 34 seconds No. Uh see we are not directly uh dealing with the module uh that you are 58:40 58 minutes, 40 seconds aware of and uh based on the customer requirement only whether they they need to install DCR or other other models 58:49 58 minutes, 49 seconds because modules are mostly on most of the cases modules are procured by the developer. 58:56 58 minutes, 56 seconds Yeah. But I mean whenever you get an order which includes modules you must be procuring modules as well right. So uh 59:04 59 minutes, 4 seconds trying to understand what's the pricing for modules currently. 59:08 59 minutes, 8 seconds So in the recent actually it depend because the DCR model uh will always have the higher uh higher size that is 59:16 59 minutes, 16 seconds what we understand. So uh in the recent because depend upon the customer specific requirement these modules are 59:25 59 minutes, 25 seconds procured but uh mostly the orders which we are getting is B order also. 59:33 59 minutes, 33 seconds All right. But any range if you can give difficult [clears throat] to give any kind of uh range sir for this. 59:43 59 minutes, 43 seconds All right. Got it. Thank you. 59:47 59 minutes, 47 seconds Thank you. Next question comes from the line of Sahil Kushwah from Master Capital Services Limited. Please go ahead. 59:56 59 minutes, 56 seconds Am I audible? Hello. Yes, you are. 1:00:00 1 hour Hi. Uh good evening sir. Uh my question is uh uh sir there is uh uh I'm sorry sorry to interrupt you but there's a background 1:00:08 1 hour, 8 seconds noise or echo sound is coming sir. 1:00:17 1 hour, 17 seconds Oh is it now? 1:00:20 1 hour, 20 seconds Still we can hear the echo. If you can remove the Bluetooth device yes if you're using. 1:00:26 1 hour, 26 seconds Yes. Uh so my question is do we face any kind of uh regulatory issues while uh while executing the uh long uh the uh the projects the the long-term projects? 1:00:39 1 hour, 39 seconds No. As such there is no uh regulatory require requirement because the the permission which are necessary for the 1:00:47 1 hour, 47 seconds installation of solar projects is already in most of the cases already in place. So whatever the required 1:00:54 1 hour, 54 seconds remaining uh formalities which I I think is not that significant uh it's a process given only. So those are maybe 1:01:03 1 hour, 1 minute, 3 seconds in our scope and there's no hurdle for that. 1:01:07 1 hour, 1 minute, 7 seconds Okay. Okay. That's from Thank you. 1:01:12 1 hour, 1 minute, 12 seconds Our next question come from the line of Arindam Banerjee from Microsc wealth management. Please go ahead. Uh thank you for the opportunity. Uh am I audible? 1:01:24 1 hour, 1 minute, 24 seconds Yes sir you uh sir I have one question uh that is uh what is the percentage of revenue from 1:01:32 1 hour, 1 minute, 32 seconds the pure EPC and the TPC and uh also what is the bifurcation in terms of order? So can you please some light on 1:01:42 1 hour, 1 minute, 42 seconds this and what is the margin profile in both sides? 1:01:51 1 hour, 1 minute, 51 seconds Uh you are asking this bifurcation with model without mod is it 1:01:58 1 hour, 1 minute, 58 seconds actually I'm asking the margin profile margin profile in pp and tp 1:02:05 1 hour, 2 minutes, 5 seconds okay okay so uh as when we start like maybe if a turnkey project or maybe the pure boot project 1:02:15 1 hour, 2 minutes, 15 seconds uh we we consider setting a parameter threshold for the margin percentage. So 1:02:21 1 hour, 2 minutes, 21 seconds uh for us both type of projects are uh like we have the same kind of category 1:02:28 1 hour, 2 minutes, 28 seconds as far as the uh modular concern we takes uh the appropriate ports from the 1:02:34 1 hour, 2 minutes, 34 seconds market or uh and then we calculate our B rest of the BC price. So these uh but 1:02:42 1 hour, 2 minutes, 42 seconds margin it is it cannot be said like this particular segment has a higher margin can be have lower margin. 1:02:49 1 hour, 2 minutes, 49 seconds Okay. Okay. Understood sir. And um my next question is are you executing any EPC project in overseas? 1:02:56 1 hour, 2 minutes, 56 seconds Uh as of now we are not executing anything sir but we have uh this uh 1:03:03 1 hour, 3 minutes, 3 seconds pipeline or or in pipeline which we are staging uh for the overseas projects also but as of now we are not exactly 1:03:10 1 hour, 3 minutes, 10 seconds any overseas project and uh my last question just one question that is uh what is the 1:03:16 1 hour, 3 minutes, 16 seconds opportunity under PMI have you see any opportunity under the rooftop solar 1:03:25 1 hour, 3 minutes, 25 seconds So as as I mentioned that we are undertaking ground mounted mostly ground mounted solar project which are relative 1:03:34 1 hour, 3 minutes, 34 seconds in bigger size. So uh our company variable technology is uh not actively uh doing this kind this project. 1:03:47 1 hour, 3 minutes, 47 seconds Okay. Okay. Thank you. Thank you ladies and gentlemen. Due to the time 1:03:55 1 hour, 3 minutes, 55 seconds constraint that was the last question for today. I would like to hand the conference over to Mr. Nikun Jen for closing comments. Over to you sir. 1:04:03 1 hour, 4 minutes, 3 seconds Thank you. I would like to thank the management for taking the time out for this conference call today and also thanks to all the participants for 1:04:10 1 hour, 4 minutes, 10 seconds attending. If you have any queries feel free to contact us. We are MG Intang India Private Limited investor relation 1:04:18 1 hour, 4 minutes, 18 seconds advisor for VI renewable technologies limited. Thank you. 1:04:23 1 hour, 4 minutes, 23 seconds Thank you ladies and gentlemen on behalf of VI Renewable Technologies Limited that conclude this conference. Thank you 1:04:31 1 hour, 4 minutes, 31 seconds for joining us and you may now disconnect your lines.