Q2 25/26

Nov 12, 2025

Ladies and gentlemen, good day, and welcome to the Q2 FY 'twenty six Earnings Conference Call of Borosil Renewables Limited, hosted by Axis Capital. As a reminder, all participant lines will be in the listen only mode, and there will be an opportunity for you to ask questions after the presentation concludes. Please note that this conference is being recorded. I now hand the conference over to Mr. Manan Mehta from Axis Capital. Thank you, and over to you, Mr. Mehta. Thank you. Good evening. On On behalf of Axis Capital, I'm pleased to welcome you all to the q two FY twenty six earnings conference call of Borussil Renewables Limited. We have it under management represented by mister P. K. Kharuka, executive chairman mister Ashok Jayant, nonexecutive director Mr. Sunil Rohta, Full Time Director and Chief Financial Officer Mr. Balesh Talapati, VP, Investor Relations. We will begin with the opening remarks from management followed by an interactive Q and A session. Thank you, and over to you, sir. Thank you very much. Good afternoon, and welcome to the Borosil Renewables quarter two financial year twenty six investor call. The stand alone and consolidated financial results for the quarter ended thirtieth September were approved by the board of Borosil Renewables on Tuesday, November. Our results and an updated presentation have been sent to the stock exchanges and have also been uploaded on the company's website. We will now discuss the operations of company on a stand alone basis as well as on a consolidated basis. The company received 371.49 crores from investors towards preferential issue of shares, and the board approved allotment of 69 lakh 43,691 equity shares to the respective investors on seventeenth October two thousand twenty five. In respect of issue of warrants made earlier in February, the last date for payments by Allotis is August 2026. However, some have fully paid up already and a sum of rupees 282.52 crores remains to be received by the company from investors. Interfloat Corporation, a step down subsidy of the company, has faced significant challenges in retaining customers following the cessation of annealing glass production at GMB, Germany from thirty first December two thousand twenty four. Fierce competition compelled Interfloat customers to seek highly reduced prices for solar glass, which were unremurative point of float. This has left Interfloat with a highly reduced demand, which is insufficient to pay for its fixed operational costs. Following an independent review by the management of Interfloat, it is assessed that there are no clear indicators of demand recovery in the near term that would support a return to profitable operations. In view of this, the management of Laxman AG, which is the company's wholly owned subsidiary, has partially provided its exposure in Interfloat during the quarter ended thirtieth September two thousand thirty five. And accordingly, rupees 33.87 crores have been considered as impaired out of total exposure of rupees 57.59 crores and has been provided for in the books of account of the company and disclosed as an exceptional item in the above results. Coming out of the stand alone performance, the company achieved sales of 378.44 crores versus rupees 332.26 crores in the trailing quarter and rupees 265.61 crores in the same quarter last year. The company registered EBITDA of 33.2%, showing a significant improvement over the 19.9% in the corresponding quarter. The absolute amount of EBITDA at rupees 125.5 crores shows a quantum jump of 137% from rupees 52.88 crores, 19.9% of sales in the corresponding quarter and 36% compared to an EBITDA of 92.56 crores, which was representing then 27.8% of sales in the preceding quarter. Sales rose by 42% during this period compared to the corresponding quarter, And the major increase, which is 29% in sales value, came from the selling prices as the as the average. Ex factory selling prices during the quarter increased to rupees 147.5 per millimeter as compared to rupees 115 per millimeter in the corresponding quarter, which was rupees 138.12 in the preceding quarter, leading to improvement in the margins. Besides this, the production efficiencies improved, which enabled a higher sales volume and better margins. Exports amounted to INR45.61 crores, accounting for 12.1% of the turnover compared to rupees 34.62 crores in the preceding quarter when exports made up 10.4% of the turnover. The domestic demand continues to be robust. Manufacturing capacity for solar modules in the country has already reached a 110 gigawatts and is expected to rise to a 150 gigawatts by March 2027. We expect the solar installations in 2526 to reach 35 gigawatts, which means modules of glass consumption of about 50 gigawatts as against 35 gigawatts during the previous year. ALMM mechanism for modules implemented from April 2024 has led to increased demand for modules as well as for all the companies including solar glass. Demand is expected to grow even higher. Present solar glass capacity in the country is 2,600 tons per day, which is to say 17 gigawatts. With the expected current demand of about 50 kilowatts for domestic 50 gigawatts for domestic installations, imports occupy about 70% of the consumption, leaving used scope for capacity addition for import substitution. Another 12 gigawatt of capacity, primarily for captive by a new producer, is getting commissioned by the end of financial year '26. And further capacity of 100 gig 16 gigawatts is to be commissioned by December 2026. Players including four gigawatts by the company. The work on company's expansion plan project is in progress as per schedule. Finally, we see good prospects for the company over the next few years looking at the growth in the sector, robust demand, and stable selling prices of solar glass. This surge will come from both large scale utility projects, PM Khusum scheme, and rapidly rising rooftop installations under the PM Surya Kharyojuna. The company is confident to continue the improved performance in both sales and EBITDA in the coming quarters barring any unforeseen circumstances. Now let's come to the consolidated results for the quarter, which include the operations of the subsidiaries. The overseas subsidiaries, including the step down subsidiaries, has generated net revenue of rupees 18.65 crores and negative EBITDA of $3.7.71 crores for the second quarter of the current financial year. As against net revenue of rupees 32.77 crores and negative EBITDA of rupees 24.43 crores in the preceding quarter. Provisions have been made for amounts due by Interfloat from GMV, €551,000, and customer claims about euros 754,000. The results not include any figures for GMP, which filed for insolvency on 07/04/2025. We understand that the plant of GMP remains shut The insurgency the consolidated net revenue for the quarter under review stands at rupees 378.88 crores and EBITDA of rupees 120.42 crores as compared to net revenue of rupees 346.58 crores and EBITDA of rupees 69.28 crores in the preceding quarter, which had the impact of losses of GMV operations. I'm happy to report that the company has been able to achieve a higher sales and much better EBITDA on the back of improved domestic operations despite shutdown of GMV, which was a drag on the profitability and performance. With that, I would now like to open the floor to questions that you may have. Thank you very much, sir. Ladies and gentlemen, we will now begin with the question and answer session. Anyone who wishes to ask questions may press star and 1 on the touch tone phone. If you wish to withdraw yourself from the question queue, you may press star and 2. Participants are requested to use only handsets while asking a question. Ladies and gentlemen, we will wait for a moment while the question queue assembles. You may please press star and 1 to ask questions. The first question is from the line of Puneet Gulati from HSBC. Congrats on good performance. My first question is with respect to the capacity utilization. What is the utilization you are experiencing right now? Last month the last quarter, we we had pretty much full utilization of the capacity. Oh, full utilization. Thousand tons per day, it was more than 960 or 980 tons per day. Okay. And was it similar to q one? Q one was a little less. It it it was above 900 tons per day in q one as well. It q one was 942, and the q q two is 991. So 942 tons per day in q one, nine 192 tons in q two. Understood. That's helpful. And in terms of your realization for the quarter, you recorded one forty seven point five. What is the run rate going in the current quarter? And how much more do you think you can stretch this realization to? It seems to be about the same, sir. Okay. And lastly, on the other expenses side, they seem to have gone up a bit quarter on quarter. Anything to read into that 72 crores versus 62 crores? Good deal. So other expenses actually include some onetime expenses and some expenses which have been accounted in terms of the sales support services and some payments made with regard to overseas subsidiaries because we were not able to pay directly from there. So some some expenses have been paid to the auditors and all. And some consultation fees to lawyers overseas for this resolution and all for restructuring of the GMB or filing of the insolvency and all those things. So there have been some expenses which will increase the other expenses. How much would that be, and then should that normalize into q three? Yes. We we we hope to normalize the expense. Some cut down will be there in those expenses. Okay. And and lastly, if you can, you know, talk a bit about what what you're seeing in terms of, you know, new capacity coming in from competition or any pressures that you're seeing from the import side? So as we have given the details of the company capacities coming up, the total capacities after adding our capacity and the competition capacity will still be shorter than the demand in the country. So these capacities are now coming up because the antidumping has come into play and all. And since the demand is already at 50 gigawatt and capacities will not be more than 45 gigawatts since then another one, one and a half years time, So there'll be still scope to to Right. Other capacity capacity. Okay. And anything more in terms of write offs that you need to do for your European subsidiary? No. There will not be any. Okay. That's helpful. Thank you so much, and all the best. Thank you. Thank you. Thank you. The next question is from the line of Akash Tan from MoneyCurve Analytics. Please go ahead. Yeah. Apologies for asking a very basic question. I just wanted to understand if I have to look at the glass per ton per megawatt. How should I think of it in terms of modules capacity in megawatt and how much glass goes into solar glass goes into the module on a, on a per megawatt basis? I think about 6,000. How much is that? See, about $4.04 1 is the bifacial module, about forty forty six kilo glass goes in one module, which is about, say, 580 watts peak or something. So from that, you can calculate the numbers. How how many tons of glass will be required for a per per gigawatt or 300 gigawatt? 46 kilo per module of 518 watt peak. Okay. Okay. On and just one more quick question. On this inter interpolate, we have obviously taken a impairment. But at an ongoing level, will there be more losses over there? Because we have not stricken off or that that company at that at that ongoing basis will continue to make some losses? There will be minor amount of losses, which we are trying to curtail further. As you can see in the q two, the losses have cut down sharply as compared to the q one in terms of the overseas subsidiary, which also includes certain certain provision because of the claims from the customers past to past business which we had transacted. But going forward, that is not existing now. So the expenses will be much lower. So those will be quite minimum. And and this company primarily only, in a way, buys or trades modules and and sells it to customers. That is the that is the primary because there was also a manufacturing company in Germany. So what was this company primarily doing, sir? So the manufacturing company has ensured, as you know, from July 4, it was going to. This company was has all along been selling the goods manufactured by the manufacturing company. And prior to that, also, it was importing and selling the goods into European Union. So this was a selling company or marketing company from that perspective. So it buys the goods or it acts on a commission basis and earns its income. Now that we have closed the German company, do we not what is the thought process behind curtailing this and not shutting this down also? Because I would assume that that company typically will not do much business now given that we have a type of bankruptcy of the German manufacturing companies. I'm just trying to understand on that. Is there a plan to completely shut this down also going forward? Can you also please, okay, tell a little bit in terms of that also? You're right. That option also will come for discussion, actually. We are trying to first see whether there are any improvement possible or not in terms of its profitability. And in in by next quarter also, we'll have we would have taken a decision regarding this. For this quarter, we'll just try whether this can still be brought into positive position. Okay. Thank you so much. Thank you. We'll take the next question from the line of Ronit Jain from Sangi Family Office. Please go ahead. Hello? Hello? Am I audible? Hello, ma'am? Yeah. Yeah. Go ahead, Good evening, sir. I have one question that this EBITDA margins of 33 percent, is this is this sustainable for future? What are your guidance on this? I think we are fairly confident to sustain this margin at this level. Okay. Okay. Sure, sir. Sure, sir. Thank you. Thank Thank Bye. Okay. Thank you. We'll take the next question from the line of Rikinshaw from The Boring AMC. Please go ahead. Hi, team. Great results. Just wanted to ask that across the ecosystem in solar module, there's a lot of price correction that is happening, whereas we have a it did which is lowering our price in dollar terms. So how is the end customer absorbing this in a time where, you know, his perhaps his module prices are correcting? So you you have been seeing the results of the module manufacturing companies who are our customers, and their margins have been quite robust in that sense, and their ROC is quite robust. It's almost 60 to 80% in many cases, the return on capital employed. So, obviously, this is not a normal margin on a sustainable basis. So there may be some some contraction in the margins, for the module industry, because of the, say, overcapacity or whatever the challenges may be there. At our level, I think, currently or so far, we have not experienced any pushback from the customers with regard to the selling prices. So this entity in in the form of MIP has been helping us a lot. And as of now, we are not finding any reduction in or any kind of pushback in the price. Alright. Thank you. That's it from my side. Thank you. The next question is from the line of Pratik Giri from Shublab Research. Please go ahead. Hi, mister. Hi. Good set of numbers. So, mister, I just wanted to understand, you know, the demand supply dynamics at this point of time. Because if I look at the industry demand, versus the the supply which, we can do at this point of time, probably with thousand PPD capacity, So should we assume flattish, performance every quarter from this point onwards? Because, probably, we are getting, 100% capacity pressure, or is there a scope of debottlenecking in the existing capacity? That's the question number one, mister. To to answer that question, I'd say that you see, there is always a spur so that you're spurred on to have higher attempts at better performance. So the higher demand for the glass require is spurring us, the manufacturing team, to do even better, achieve better efficiencies. And we are trying for that. And, hopefully, we can expect some improvement. Not very significant perhaps, but improvement nonetheless in terms of quantities. We are already getting prices which are aligned with the MIP, how for the import prices. So I do not see much change there. And I I would I would expect that we may expect a little improvement in their working efficiency going forward based on, you know, constant effort made by the team, but generally in this ballpark. Yeah. Besides this, there will be as you mentioned about the efficiencies, there is also effort to reduce the cost in terms of the, say, power cost. We'll be achieving some savings because our captive group captive power plant will get commissioned by end of this month, most likely. So we will have certain savings arising out of that, and also some operational improvements or some work which we have done in raw materials or coating materials will help help us to achieve some efficiencies. So there will be certain amount of uptick in due to these efficiencies. And, of course, the production efficiencies will also be our attempt will be to increase there as well. Understood, mister Kilkat. So should we assume I mean, just just trying to, you know, numerically understand it. We've gotten leaking should have a scope of only 10% is what you're saying. I mean, non immaterial. I think 10% is reasonable. Maybe maybe 3% Yeah. Something what we are towards targeting. About 3%. Understood. Understood. Okay. Okay. Got it. My second question is on pardon my ignorance, mister Kilkha, but, you know, I just wanted to understand the mix of our probably proprietary two me two glass, which only we have in the industry, if I'm not wrong. So the entire revenues from that glass only or the there's another product mix here? See, what has happened is even though we were able to successfully manufacture fully tempered two millimeter glass, the Chinese could not do it. When the Chinese could not do it, then the Chinese control the market in the sense of overwhelmingly largest manufacturers in the world. So they are supplying something called heat shielding glass, which is a safety glass, and you manufacture that by running it through the tempering line. But at the end of it, you don't get a fully tempered glass with a heat sending glass. It's a strong glass. It acts as a cover plate for the solar modules. So in that sense, we still have not got anybody who is interested in a fully tempered two glass. If you find somebody, then, of course, we'd be very happy to sell them. And we we we are in discussions with some module makers to get them to try to buy this and and make a product which is differentiated. If they do that, then we will be having something better on our side. But as it stands, we are easily making all the two millimeter heat cylinder that we need to, and it's it's going quite well. Understood. So the current revenue is primarily from non two millimeter glass, but the best which you can produce at this point of time. No. We are making two millimeter heat strengthened glass. See, the product is same as what is being available in the market. So two millimeter is almost two third or 70% of our production, and the rest is 3.2 millimeter. So two millimeter market is growing very rapidly, and we are we are pretty much there to supply two millimeter glass to the customers. It is significantly high portion of our sales now. Understood. Mister Dan, two millimeter two millimeter glass has better realization than three millimeter glass. Is it is it right? Reli Reli can be roughly the same roughly the same. Maybe some difference. Marginal. Got it. Got it. Mister, may I put one last question, if you don't mind? Go ahead. Yeah. So I was just wondering, that, you know, our CapEx, which we have already put a lot of effort for, is anyways going to come, you know, at least, next year, probably at least a year, gap of one year. Is there a possibility of, you know, acquiring any other mid small size, glass manufacturer in the country so that we can, you know, beef up our production, you know, a little faster? Because, ultimately, this ADT is for five years. So I was just wondering, you know, if you can is there a scope of faster execution of capital expenditure or other capacity expansion? To answer that question, actually, as of now, we are fully aware of all the manufacturers of glass, and we don't know that anybody is interested in selling. So Okay. The the question is a little bit rhetorical, but we we cannot say anything at this stage. We have bought a number of companies in the past, successfully turned them around. So, I mean, if if there if an opportunity presents itself, we would always consider such an opportunity. Understood. Understood, mister. Is there any Chinese inventory left into the ecosystem or the module manufacturer over imported of LED, or is the inventory not clear? No. No. Imports of glass from China continuing every month. In very huge volumes, they are paying. The the module manufacturers are paying the duty and importing the glass. Importing it. So the I I I would say that, more than 70% of the modules, which are today being made in the country are using imported glass. So the despite the fact that we have been growing in the Indian industry, the demand has been growing even faster. So that we we do hope that with the with the new investments which have been made and which are under production under construction and direction, we will be having a lot more glass in the country. And we would then be able to supply that requirement from within India rather than importing. But as of now, the the demand is very robust. I think from the module from the module angle, there may be some kind of inventory buildup, which has happened, say, towards the September to now because of two reasons. One was earlier was because of the GST reduction implementation. Since the module duty was being reduced, the GST was being reduced, there were some holdback from the buyers. And of late due to monsoon, there have been delays in terms of installation. So at the module level, there has been some buildup in the inventory. But, typically, what you've seen is that last four months of the financial year, that is December to March, the installations are very quick and very high. So we assume that some of these inventories will get cleared during these four months, and the module inventory at the module level will moderate to normal levels. Understood. Those are my questions, mister Kilkha. Good set of numbers. Congratulations, and good luck for future. Thank you so much. Thank you. We'll take the next question from the line of Daksh Malhotra from Adreif Global. Please go ahead. Yes. Good afternoon, mister Kirtan, and congratulations on the good set of members, especially on, you know, achieving the margins that we had anticipated and even surpassing them, so well done. And if we happen to continue this space of more than 30% on the EBITDA level, it will definitely cause you to be better. So, sir, actually, I've missed your point on the initial notes where you were mentioning that there are the there is some other company which is planning to set up the solar glass manufacturing in India to start with. They come with 12 gigawatt of production, And then there's another additional 15 gigawatts coming. So can you please repeat what you are saying then? The 12 gigawatts is the lands. They have sort of not that there's a formal announcement, but within industry circles, they have been saying that they should be in production by March '26. Alright. Though Yeah. Again, industry circles feel this might be delayed till June. But at the end of the day, it's coming. Whether it's March or June, whenever it is, it's coming. So we expect that to definitely happen. And there are other companies which are in coming up with Shaka is coming with 1,200 tons. Then Emerge is coming up with 300 tons. Mhmm. Avada is coming up with 1,200 tons. 1,200 tons. And Mhmm. There's another company in Hyderabad, I think. So they're hearing about. They're not yet to start it. Okay. So this Avada is 1,200 tons, and, Imaj, 300, and Vishaka, 1,200, 700 from us, 600 from us. These are all, definitely coming. There's no question about that. And some other people have also been talking about it. And so we expect that production certainly going to rise significantly. In fact, it'll more than double in the in the country. So we are currently at about 16 gigawatt. Double would be with with Reliance and all of the other 1,200, 300, 1,200, and 600. Ballpark about 15 gigawatt is already in plan in the pipeline, which will come I I say 4,700 tons 4,700 tons per day of melting capacity is getting added, if I'm if I'm right. Give me one second. It's so, actually, just to put the numbers on one page, the Can we please convert it in gigawatt? It would just be easier. Yeah. Yeah. So I'm just giving you that. 18 gigawatt is the capacity currently. Another 12 is coming from Reliance, and another 12 is coming from the Vishaga and Borosil put together. Mhmm. So this this is about, say, 48. Shaka, says it's 1,200. I mean, it's talking gigawatts. Gigawatts. Sorry. Okay. Yes. Yeah. So 18 plus 12 Reliance plus 12 of Vorasil plus Vishaka, this makes it 48 gigawatts, which which should happen by March 27. And other than that, Avada is seven gigawatt, which Makes it 42 gigawatt. Another three will come from here, so ten ten gigawatt from there. So it might become 55 to 58. And the demand is 50? Current demand is 50, which is also likely to go because the policy the the hydrogen demand has not yet come in in this because Reliance plant is basically for hydrogen green hydrogen. They want to make the modules for using power production for hydrogen. Can you please correct me? Reliance was making that heterojunction technology, a different glass, right, which was sort of said to be more efficient. No. The glass remains the same. In that. No. No. No. No. No. There there's no problem with the glass. There's no there's no difference in the glass. The difference is in the module manufacturing machine and the cells, etcetera. So the the glass remains unchanged. So the there is some talk that they might be coming in with the top line also. The head for junction is a little expensive. That's what we had in the market. So we don't know what they'll do. So But we nutshell, sir, we see ample demand even after expanding our 600 ton capacity. We see ample demand demand should not be an issue for the country. You do not Absolutely correct. Yes. Absolutely correct. Okay. We won't have to probably, you know, look at export markets to fulfill our you know? No. We could As of now, there it doesn't look like that at all. Okay. Thank you so much, sir. Thanks a lot. Thank you. Thank you. The next question is from the line of Deepak Pouraswani from Swan Investments. Please go ahead. Yes. Good evening, sir, and congratulation for very good set of number. Thank you. Yeah. Sir, just wanted to check it out. What is your current average realization? Last quarter, average was $1.47. And what is the current run rate which is happening in the market? About the same. Okay. Okay. And secondly, sir, if I were to look into the balance sheet, there is a significant improvement on the inventory side as well. So just wanted to get the perspective. How should we see look into it going ahead? I mean, what are the key changes which has led to this improvement in the inventories? Typically, when we closed the quarter or the year, we have very little inventory. On the thirty first March, we washed our warehouse with water. It was absolutely empty. There was not one single inch of glass in the warehouse on the thirty first or on on the April 1. So we we try to achieve that. We have small quantities, very small quantities at the end of each month, but we we have a habit of trying to clean out the warehouse completely. So we don't see inventories here Okay. Got it. Generally. And, of course, we've been trying to yes? Yeah. Yeah. Please continue, sir. You will first mention it. Now I'm just saying that so far as inventories of spares and raw materials, etcetera, concerned, these are all you know, they they they depend on multitude of things. So right now, we've got reflectees for setting up rebuilding our two furnaces, s g one and s g two, which have been in operation since 2019. So we are ready with that. So, obviously, that inventory is showing up in the in the books. And once the furnaces are taken down for rebuilding, then those will get consumed at that time. So Okay. There's a little bit of surge and depletion like that. Okay. Okay. And, sir, just thinking little longer term in nature, if I were to look into probably three to five year down the line, See, I mean, at the current juncture, from the industry point of view, there is a deck there is a ADD component, and hence, there is a sharp localization demand which is coming into the picture. Yeah. But if I want to look into three, four years down the line, if you can also give a sense, what is the difference in in terms of cost of production for the Indian and Chinese players? And, eventually, at what scale we can reach or probably will have a similar cost of production of the Chinese players. If you can See, want to tell you perspective. You raised a very interesting question to which I'll give you a straightforward answer. You see, the point is how do you measure cost of production. If you measure cost of production in terms of rupees, then you have to value the input which you are using to manufacture a unit of output. Now the the value of your input might be higher here as compared to China. So it will appear to be a higher cost per unit of production. So that is a little difficult to to fathom. So what we do for our internal benchmarking purpose, we try to see what are the units of consumption that we use per unit of output. So how many kilograms of raw material do we use, you know, sand, soda, etcetera? How much fuel do we use to get a unit of output? And there, we are better than China. We are more competitive than them. We are not less competitive than them. The thing is they are subsidized in a very, very big way. And because of that subsidization that they are selling at a lower price, it has nothing to do at all with any specialized lower cost of production or anything like that. Okay. Got it. Got it. And, sir, finally, on the if you can also give some, share some perspective on the, Interfloat Corporation. I think from the, provisioning point of view, we had done 34 out of 58. Yeah. Firstly, how should we see the remaining provisioning? And, also, is there any further scope I mean, is there any further subsidy where we have to take some write off in the future, or this is only another entity here we we we are looking looking for? For? We are looking at what we believe we can derive from them, but they they do have cash in their books, and there's certain amount due to us. So we believe that we should be able to get that money back. And that's why we haven't taken that write off. And the write off that we've taken is based on certain claims that certain customers had laid and which have to be payable according to European law for delay in supply or non delivery and stuff like that. Because, you see, the GMV shut down production almost without any notice. And, there had been pending orders, etcetera, which could not get delivered. So there are some claims for which there is no backing, which we have decided to take as a we've decided to provision the accounts for that. So we have actually accounted in this adjustment, including the extra cost or the Hello? The likely likely, say, negative results up to March 26, whatever they are going to be having. So that much we already accounted in this by way of impairment. So, hopefully, we should not have any any further provisioning to be made on this account. And as I said earlier before the maybe next quarter or so, we'll take a decision of the company or the operations there so that further cost can be cut down. Or if we have to take a decision to shut the operation, then we can do that as well. Okay. Okay. Got it. Thank you, and wish you all the best. Thank you. Very much. Thank you, sir. The next question is from the line of Anuj Jain from Globe Capital. Please go ahead. Good evening, sir, and congratulation on the wonderful set of numbers. Almost most of my questions have been answered. Just one question on the export part. Currently, we are having 12% order for exports and which was 10% in the last quarter. So going forward, how what kind of mix we are comfortable with? Actually, this is a question of our customers. If if we have existing customers who wish to import something from us, we we offer a certain price, which is with which we are comfortable. And if they accept, then we export. So it's it's it's not that we actively going out looking for anybody, and we do not discourage them when they come. So this is as it happens. Okay. And any any differ Seven to 10% is is probably something what we can consider in a normal course. Seven to 10%. 10 to 10%. Other differentiating margins in terms of exports and domestic? We try to go for the high margin stuff. Okay. So, I mean, domestic Within exports, there are specialized products that everybody cannot make. So we get a better price for that. So when we get that kind of an order, then we we accept the order, and we make it for them. Got it, sir. Got it, sir. Thank you very much, and wish you all the very best. Thank you. Thank you. The next question is from the line of Vikram Sibal from MoneyGov. Please go ahead. Thank you, sir. Sir, since kind of the outlook is so positive on the demand side for us, is there any thought on maybe increasing the CapEx? Like, currently, we're doing 600 TPD. Maybe why not maybe go for more CapEx? And because the the commissioning time the setup time is quite high. Right? It takes only one and a half years from the data conception to data production. So any plans of kind of increasing CapEx and kind of going from more capacities? At the moment, you see, we are sticking to this because it's not a question of money. You need people. This is very highly skilled operation. And as it is, we we we are running. We are neck to neck with our requirement for manpower. So we have to train people on on this job of actually manufacturing the glass. It's very demanding, very taxing operation to make glass. So we we would rather do what we think we can manage rather than stretching too far and then landing in the soup. Mhmm. Okay. And would the inorganic make sense, for you versus greenfield? Yeah. If if that opportunity arises for you in this industry, does that make sense? Go for a greenfield. We we have all the capability to go into a greenfield operation if the opportunity exists or if if that is the right thing for us to do. But right now, by growing where we are already located, we are able to have several economies of scale and, you know, economies and management, etcetera, which are very attractive. And so we don't need to, at this moment, consider going outside anywhere. Okay. Okay. Well, that's the thought because, you know, the the demand scenario is going to be so strong for next two years if you believe this is last story. I think at some point in time, maybe not now, maybe couple of quarters down, I think you guys should look to, get more aggressive on, increasing your CapEx as well because the lead time, you know, is considerably high for you to set that CapEx. So I don't want you to I agree with you. Well, with that, thank you for the the for the thought, which we accept gratefully, and we keep it in head. Great. Thank you so much, sir. All the very best. My pleasure. Thank you. Thank you. The next question is from the line of Ronald Jain from Sangvi Family Office. Please go ahead. Good evening, sir. Just wanted clarification that there was a humor in route sorry. There was a rumor that we are entering into modular rooftop rooftop manufacturing. I'm so I'm so sorry for humbledness. Can you please confirm that rumor? You see, the point is that as a dynamic company, we have to keep exploring different options. And the option of manufacturing modules comes up from time to time, And we even consider it a little bit seriously. But at this moment, the expansion plans for glass for the new furnaces for 600 tons per day are very important, and they are large they are large CapEx. So it's just they they require not just money, but you require manpower. You require management time and a and a lot of things. Okay. So at the moment, we are not looking, at, making modules at this time. Okay. Thank you, sir, for clarification. That's all from me, sir. Thank you. Ladies and gentlemen, you may please press star and 1 to ask questions. If there are no further questions, we can end this call. Yes. Thank you. Ladies and gentlemen, as there are yes, sir. Please go ahead with your closing comments. No. No. My my closing remarks are just that it's very encouraging to to have this this kind of conference or a meeting with investors because many questions asked, and it it it makes us happy that people are following this business so closely. We do believe that we are in an industry which is a sunrise industry and very large scope for growth in this industry. And we are we we hope that all investors will continue to flourish, those who have invested in renewables. So with these remarks, we should thank you. And I'd like to see you again at the end of the next quarter when we have our next set of investor call. Thank you, sir. Thank you, members of the management. On behalf of Axis Capital, that concludes this conference. We thank you for joining us, and you may now disconnect your lines. Thank you. Bye bye.