Q1 26/27

Jul 15, 2026

Summary

Q1 FY27 revenue rose 51% YoY and EBITDA 56%, with 35% margin and record module and cell output. The 9.9 GW order book supports a ₹2,400 crore FY27 EBITDA target and ongoing 6 GW expansion.

Ladies and gentlemen, good day and welcome to the Emmvee Photovoltaic Power Limited Q1 FY 2027 conference call hosted by Radhika. 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. Should you need assistance during the conference call, please signal an operator by pressing star then zero on your touchtone phone. Please note that anything said on this call that reflects the outlook towards the future, which can be construed as a forward-looking statement, must be reviewed in conjunction with the risks that the company faces. A copy of the disclosure is available on the investor relations section on the website as well as on the stock exchanges. Kindly also note that the audio of the earnings call is a corporate material of Emmvee Limited and cannot be copied, rebroadcasted, or attributed in the PR media without specific and written consent of the company. To give you an in-depth understanding of the company and answer all your queries, we have from the management side today, Mr. Manjunatha DV, Chairman and Managing Director, Mr. Suhas Donthi Manjunatha, President and CEO, and Mr. Pawan Kumar Jain, Chief Financial Officer. I now hand the conference over to Mr. Manjunatha, sir. Thank you, and over to you, sir. Thank you. Good evening, ladies and gentlemen. A warm welcome to all our shareholders, investors, analysts and colleagues joining us today for Emmvee Q1 FY 2027 earnings call. Thank you for your continued trust and confidence in Emmvee. FY 2027 has begun on a strong note for our company. During the quarter, we delivered revenue from operations of INR 1,555 crores, EBITDA of INR 548 crores, and profit after tax is INR 380 crores. With an EBITDA margin of 35%, our order book further strengthened to 9.9 gigawatts, supported by fresh order inflows at approximately 1.5 gigawatts. More importantly, these results reflect the strength of our business fundamentals. They were driven by improved operational excellence execution, higher manufacturing efficiencies, stronger integration benefits, disciplined cost management, and continued customer confidence. Operationally, this was our best quarter so far. We achieved record production across both solar module and solar cells, with higher cell utilization further strengthening the advantages of our integrated manufacturing platform. This quarter also marked another foundation day for Emmvee. Looking back over more than three decades, we have grown from small solar water heater manufacturing into one of the leading Indian integrated solar manufacturing companies. While our scale has changed significantly, our values remain the same: quality, innovation, customer trust, integrity and long-term thinking. I sincerely thank our employees, customers, suppliers, lenders, shareholders, and all our stakeholders for their continued support and confidence in our journey. Looking ahead, we believe India is entering a defining decade for renewable energy. Growing electricity demand, increasing energy security, domestic manufacturing initiative, electric mobility, energy storage, green hydrogen and data centers are creating a significant long-term opportunity for the Indian solar industry. The implementation of ALMM List-II is another important milestone in strengthening Indian domestic manufacturing ecosystem. Emmvee entered this transition from a position of preparedness. Our operational TOPCon cell manufacturing facility and inclusion under ALMM List-II position us well to benefit from the growing demand for domestically manufactured solar cells. At Emmvee, we firmly believe that long-term leadership will not be determined simply by installing capacity. It will be determined by technology, operational excellence, supply chain resilience, financial discipline, and consistent execution. Our ongoing 6 gigawatt integrated TOPCon cell and module expansion continue to progress according to plan. Upon completion, our installed capacity will increase to approximately 16.3 gigawatt of modules and 8.9 gigawatt of solar cells, significantly strengthen our integrated manufacturing platform. At the same time, we continue to prepare for the next phase of backward integration into ingot and wafer manufacturing, together with our investment in digital technology, automation and artificial intelligence. These initiatives will further strengthen our competitiveness and support sustainable long-term growth. As we move through FY 2027, our priority remains clear. Execute our expansion on schedule, increase utilization across our existing facility, strengthen technology leadership, maintain financial discipline, uphold the highest standard of governance, and continue creating sustainable long-term value for all our stakeholders. Ladies and gentlemen, the India solar manufacturing industry is on an important inflection point. The companies that will lead this industry will be those that combine technology integration, operational excellence, customer trust and disciplined execution. At Emmvee, we remain committed to building exactly the kind of institution. We have started FY 2027 with a strong momentum, and we remain confident about the opportunity ahead. Thank you once again for your continued trust and support. I will now invite our President and CEO, Mr. Suhas Donthi Manjunatha, to take you through the operational and financial performance for the quarter in greater detail. Thank you. Thank you, Mr. Manjunatha, for your opening remarks, and good afternoon to everyone joining the earnings call for the first quarter of FY 2027. We have started the financial year on a strong note with healthy growth in revenue and profitability, a record quarterly production, improving capacity utilization, and continued momentum in our order book. Let me begin with the financial performance. Revenue from operations for Q1 FY 2027 stood at INR 1,555 crore, registering growth of 51% over Q1 FY 2026. EBITDA for the quarter stood at INR 548.1 crore, an increase of 56% year-on-year. EBITDA margin improved to 35% compared to 34% in Q1 FY 2026 and 33% in Q4 FY 2026. Despite the sequential decline in revenue, EBITDA was lower by only 4% quarter-on-quarter, reflecting operating leverage, optimizing of expenses, and benefits of increased internal cell consumption. Profit after tax stood at INR 380.3 crore, registering growth of 103% over Q1 FY 2026. PAT margin improved to 24% compared to 18% in the corresponding quarter last year and 23% in the previous quarter due to lower finance costs that reduced significantly to INR 11.1 crore compared to INR 53.1 crore in Q1 FY 2026. Moving to our operational performance, both module and cell production reached their highest ever quarterly levels. Solar module production stood at 970 megawatts compared to 635 megawatts in Q1 FY 2026 and 952 megawatts in Q4 FY 2026. This represents year-on-year growth of 53%. Solar cell production increased to 454 megawatts compared to 360 megawatts in Q1 FY 2026 and 428 megawatts in Q4 FY 2026, representing year-on-year growth of 26%. Effective module capacity utilization stood at 45% compared to 44% in both Q1 FY 2026 and Q4 FY 2026. Cell capacity utilization improved further to 83% compared to 68% in Q1 FY 2026 and 79% in Q4 FY 2026. The continued improvement in cell utilization is an important operational milestone. It increases the proportion of internal manufactured cells used in our modules, strengthens our integrated manufacturing model, and supports better control over product quality, supply availability, and margins. Our current installed capacity stands at 10.3 gigawatts of solar modules and 2.94 gigawatts of TOPCon cells. Our inflow during Q1 FY 2027 stood at 1,484 megawatts. Consecutively, our order book increased to 9.9 gigawatts at the end of the quarter, compared to 9.4 gigawatts at the end of FY 2026. The order book provides healthy revenue visibility and reflects continued demand across utility scale, C&I, and rooftop solar segments. Let me now provide you an update on our ongoing capacity expansion. Work on the six gigawatt integrated TOPCon cell and manufacturing facility is progressing in line with our plans. The module line is expected to be commissioned by December 2026, followed by the cell line by March 2027. Commercial sales will commence in line with the respective commissioning schedules, with capacity utilization expected to scale progressively. The total project cost is estimated at approximately INR 5,500 crore, including hard costs of around INR 4,600 crore. Debt funding of approximately INR 3,300 crore has been tied up at the cost of less than 8%. All major equipment has been ordered. Orders representing approximately 60% of the total hard costs have been already in place. Following the completion of this expansion, our total manufacturing capacity is expected to increase to approximately 16.3 gigawatts of modules and 8.9 gigawatts of cells by end of FY 2027. The implementation of ALMM Phase 2 from June 2026 is another important development for the domestic industry. The requirement for the use of domestically manufactured cells in covered projects is expected to expand the addressable DCR market beyond the government schemes. We expect DCR demand to strengthen progressively during FY 2027 as grandfathered non-DCR projects are completed and procurement aligned with the ALMM requirements becomes more broad-based. Domestic supply of high efficiency TOPCon cells continues to remain relatively tight, which should support the operating environment for established and compliant cell manufacturers. Our existing cell manufacturing capacity, improving cell utilization, planned integration, integrated expansion position as well to participate in this opportunity. We have also outlined our medium term plan to further backward integrate into ingot and wafer manufacturing. The proposed facility will have a total of 9 gigawatt and is planned in two phases, with 5 gigawatt targeted in FY29 and the remaining 4 gigawatt in FY30. The timings of this investment will remain subject to the final clarity on ALMM List-III and prevailing market conditions. The capital expenditure for the same is expected to be funded largely through internal accruals. This backward integration is intended primarily to protect margins, reduce exposure to upstream supply chain volatility and strengthen the economics of our domestic cells and module manufacturing operations. To conclude, Q1 FY27 represents a healthy start to the year. We delivered strong year-on-year financial growth, expanded margins, achieved record module and cell production, improved cell utilization and strong additions to our order book. Our priorities remain focused on increasing utilization of existing capacity, executing the order book efficiently, commissioning the 6 gigawatt integrated facility according to schedule, and maintaining financial discipline as we progress through the next phase of growth. I would like to thank our employees, customers, suppliers, lenders, shareholders and other stakeholders for their continual support. With that, we can open the floor for questions. 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 please press star and one on their touchtone phone. If you wish to withdraw yourself from the question queue, you may press star and two. 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 one to ask questions. The first question is from the line of Rohit from Axis Max Life. Please go ahead. Thank you for this opportunity. First of all, congratulations on a very strong set of results. My question has more to do with the EBITDA per watt in DCR and non-DCR modules that you do right now. How has it fared in this particular quarter? What is the trend like and what is the outlook over there? Yeah. Thank you for the question, Rohit. EBITDA can, both non-DCR and DCR, have been in line with what we experienced in the previous quarters, which is also reflecting from our EBITDA margin as well. So far, going forward, also what we are expecting is a stable kind of a scenario, and that is what is reflected as of now. Okay. My second question has more to do with the capacity expansion plans, like 6 gigawatt integrated cell plus module, where you have stated that the module plant will be operational by Q3, and you want to accelerate even the cell plant before the beginning of FY28. So when will the order bookings start and what should be the quantum jump in order backlog or order inflow one should look at? Will that be a right indicator to say that things are getting commissioned on track? See, order backlog is something that we've already started seeing expansion of and that is in tandem to our increasing growth as well. Today we have an order inflow close to 1,500 megawatt and order book of close to 10 gigawatt. So with that we are looking at almost more than close to 7 plus gigawatt of orders that will be executed in the next 18 months. So that is quite in line with our expansion plans as well. Yeah, I think we have already started to see that. Okay. My final question is more to do with the wafer ingot backward integration. This year stated that the roll-out will be in two phases. Is the board approval done and will we hit the ground immediately or are we waiting for some sort of procedural steps ahead? No, there is no procedural steps. Rather, the timing that we have planned the commissioning is by mid of calendar year 2028. So, that does not require such early actions to our understanding. So that is something that in line we are planning, because it is quite clear that our priority right now is expanding the cell and module and ingot and wafer is something that we are adding in calendar year of 2028. So we will take the actions accordingly. Thank you. I will get back into you. Thank you. Thanks a lot. Thank you. Thank you. The next question is from the line of Subramaniam Yadav from SBI Life. Please go ahead. Thank you, sir, for the opportunity. Sir, if you can give us a trend or the number in terms of gross margin spread. Because we have the production number, and if you can give us gross margin spread on the sales number, that would be helpful. Thank you for your question, Sukumaranji. I think we've been guiding more or less on the EBITDA spread rather than the gross margin spread. Probably for the sake of clarity and understanding the trend, we'll stick to the EBITDA per watt. And EBITDA per watt, what we had guided is around INR 2.5 per watt for this module, and for the cell part of it of INR 6.5 per watt. I think that is something that's in line to the current trends also. It moved from Q4 to Q1? Not much. It's in the similar stage. If you see that similar- Similar. Okay. Also, sir, on the overall mix of DCR and non-DCR, how was it in terms of sales? This time, the DCR, non-DCR mix has been heavier on the DCR side, which is the output of our increased margin percentage as well. We have done, I think, over 50% DCR. Okay. And sir, how is it likely to be ahead in next couple of quarters? Sir, looking at our module to cell capacity difference and the market scenarios, there will be more non-DCR than DCR, but it's not going to be as dramatic as the capacity will look like because we have some comfortable DCR inventories that we intend to use in these coming quarters. Okay. Thank you, sir. Yeah. Thank you. We will take the next question from the line of Prakhar Porwal from Ambit Capital. Please go ahead. Thank you for the opportunity. Sir, just one question. After June 1, how has been the C&I demand in terms of order inflows? Also, I understand you have mentioned that from Q4 to Q1, the margins have been stable, but in terms of new orders, which maybe you will execute in the next six months or 12 months, are you seeing margins increasing again because of some tightness from the solar cell side currently? That is the question. Thank you, Prakhar, for your questions. On the C&I demand order inflows, that is something that we have already started seeing. But the supply of it is something that you should expect towards later of this financial year and not immediately. But this is a moment that we have already started seeing in our order inflows. When it comes to the margins, that is there. We have been in a similar state of margin per watt peak, like I said, both in DCR as well as non-DCR cells in the Q1. What we are seeing also is like, yes, there could be a slight better, there could be some slight improvements in the DCR side. But I think it is not something to consider, rather just assuming the stable levels of margin, more confidently is something that you should take back from this. Sure. Just a follow from that, because I was hearing some news about C&I players, specifically in Karnataka, requesting the state to push back the deadlines given current unavailability of DCR modules. So anything, given you are based in Karnataka, anything on that also? Or is the availability in terms of DCR modules totally there and those are just rumors? Anything on that? Yeah, it is important to recognize that the ALMM implementation in reality is coming in a phased manner. I think companies like Emmvee are equipping themselves in that kind of phased manner to be there at the forefront of the industry with the expertise that we have for the last two years of top-notch cell manufacturing capability to deliver the requirements for the demand. I think the government is very clear. In fact, their intentions and discussions have now started. Now we are all looking at the ALMM 3 rather than looking at ALMM 2 anymore. I think this is something that has already happened. Now we need to focus on how do we bring in the ingot and wafer and ensure that is going to be done. Sure. On the current capacity of 2.9 gigawatts, can we expect more run rate increase going forward? Let us say 450 going to 500, 550, that kind of number. Because I understand the capacity is at 710 Wp modules. Just that. Before the new capacity comes in, can we see more increase in the run rate production? Yeah, absolutely. That is something that you should expect to see in these coming quarters. Okay, sure. Thank you. Thank you. We will take the next question from the line of Apoorva Bahadur from IIFL Capital. Please go ahead. Thank you. Thank you, Swati, and congratulations on another strong quarter. I just wanted to check, in our sales mix, have we also sold cells, or have we restricted ourselves to selling DCR and non-DCR modules? Yeah. Thank you, Apoorva. Yeah. Our sales mix also includes merchant sales. Okay. Is that a meaningful number or is it very small? It is an increased number quarter-on-quarter or this thing, probably the highest we have also done in the history of Emmvee also. I wouldn't say that it's a dominant number, but it's a meaningful number. Okay. Understood. Secondly, when I see the financials, I see a sharp quarter-on-quarter drop in the cost of raw materials consumed, about 18%, 19% Q on Q, while the production has increased slightly. What is leading to this sharp decline in cost of raw materials? Yeah. See, there are a couple of things. I think maybe I'll let Pawan Ji add in. Here the couple of things are that the mix of DCR and non-DCR, when it becomes healthy on the DCR side, you will see the costs being much more better. And two, like I said, there is also cell sales that is involved in this quarter. That is also a reason why you should see the absolute costs also being lower compared to the previous quarter. Okay. Is this trend sort of expected to continue in future quarters as DCR sales pick up even further? Or do you expect this to be a one-off thing? No, this purely depends on the mix of the DCR, non-DCR and also the sales. I think accordingly it will change. That should not be any guidance that should be taken out of that. Okay. Understood. But the understanding is that if the mix were to be the same, then yes, it will be similar. I don't see a change in that. Okay. In last quarter, I recollect there we had a discussion about the inventory position. How is it at the end of this quarter? Are we seeing a wind down of inventory or it is still at similar levels? Yeah. The inventory, if you see in the P&L, there is some interchange in inventory, which is mostly finished good because the production is high, so some production is added to inventory, but otherwise, barring ₹74.5 crore of the addition to inventory. Otherwise it is in line with our previous quarter's inventory levels. Okay. Are we expecting, sir, this inventory to wind down in future quarter, next one or two quarter, or do we expect to carry this type of finished goods inventory into FY 2027? With the order book, heavy order book, we added another 1.48 gigawatt order book. This will help us to liquid the inventory also, both in terms of finished goods and raw material also inventory will be used to have improved production to meet the target orders. Added to that, this quarter, we have strategically kept a little more raw material and the materials. Reason is that the geopolitical issues, what is taking place. Okay. Understood, sir. Lastly, I think on the availability of silver, I think government had imposed some sort of restriction on import of silver. Are we facing any challenges because of that, either in terms of securing the raw materials or in terms of the pricing in India? That's a good question. We are not facing any difficulties. It is only procedural has been introduced. What we have to do is now we have to apply well in advance to the DGFT for what is the import quantity we want to bring in. Then accordingly, they are giving approval to the import. What Emmvee is following up is we are following up three months inventory what we required. We are applying in one time, and we are getting into the approvals in time. By the time of introduction till date, we have not faced any difficulties. As soon as we are applying, within three to four days, we are getting the approvals. Okay. Is the pricing in line with the global price or is there a premium in India in the retail or the spot market? No. Still it is imported only, so it is in line with the earlier prices. There is no changes because the silver price, still we are largely dependent upon imported. Understood, sir. Thank you so much. I will get back in the queue. Thank you. The next question is from the line of Sahil Jignesh Sheth from Anand Rathi Institutional Equities. Please go ahead. Hi, sir. Thank you for the opportunity. Sir, just following on a previous question, you said the finished goods inventory was increased in this quarter. But if I were to look at the DCR number from the DCR portal, the module manufacturing and sales data are is quite in line. Would it be fair to assume that the slower uptake is only in the non-DCR segment and not as much as in the DCR module segment? No, this is not the uptake. This is the order. The non-DCR, normally we produce based on the orders or the uptake it is only. It is all done. The pickup of this particular quarter is not been done in the last month because of LC establishment and other things, which is the movement is going happening in this month. This is as per the normal. The normal cascading that would be expected. Because some lines in those areas, they are not able to pick up the materials. Okay, sir. Sir, my second question would be, when you previously mentioned that the 50% mix was DCR, does that only includes DCR modules, or it also includes your DCR cells in that mix? That's both included. Including both. That was helpful. Thank you, sir. Thank you. The next question is from the line of Karan from Niveshaay. Please go ahead. Thank you for the opportunity. Wanted to understand, we have a 50% mix in revenue for DCR. Is it similar in our order book as well? There has been more and more increase in DCR in the mix of order book. There is still a good non-DCR portion as well that is there. It will be around similar. Understood. What would be our blended realization for modules currently? Realization for module in the last quarter was, I think, around $0.15, $0.16 in the non-DCR. Has it increased for us because we sold more DCR modules this quarter? Sir, there is a small increase. On a blended one, it is going to be about INR 1 increase. Understood. One last question, what would be our peak utilization that we can achieve in modules and cells? When are we expected to achieve for the current facility? Peak utilization for cell is around 85%-90%, which we are already close to that. With respect to modules, it will be about 65%. But with cell, as we are transitioning to G12R, the overall effective capacity is also going to increase. You will see a higher production volume, even though the percentage could remain similar. Our transition has been completed or is it still in progress? Already done. We have started the thing. We have already, I mean, so- We have partially- We have partially completed the conversion. The remaining we will convert it sequentially. Understood. Great. Thank you so much, and all the very best. Thank you. Thank you. The next question is from the line of Meghna from Old Bridge Capital. Please go ahead. Just a follow-up to the original question. In the coming quarters, what is the module utilization that we expect? When do we- I think you can take it on a base case at similar levels. I think that will be a fair assumption to take it. Okay, got you. Any color on when do we expect to achieve the 65% level? We expect that we will keep increasing the production volumes. Rather instead of guiding on that, what we are stuck to guiding is strictly on the overall EBITDA, absolute EBITDA perspective. And we are looking at around INR 2,400 crore of EBITDA closing this FY27. So we should be reaching increasing levels of utilization on modules and cells as well. Got you. Thank you. Thank you. The next question is from the line of Karan Gupta from Asit C. Mehta Investment. Please go ahead. Yeah, hi. So my question is on the capacity utilization of cell. As you look at the previous quarter's numbers, couple of quarters, the cell capacity utilization is improved significantly from 50% to 83%, if you compare Q4 FY25, and your EBITDA per watt is more or less similar in line. So my question is on, we are not getting the backward integration benefit plus the utilization benefit in our EBITDA per watt numbers. No, you are getting it. On per watt number you will not get because it's, again, if your utilization is going up per watt, your production is going up, but mainly, it's the ramp-up of efficiency and the raw material that's happened. Absolutely, you can see that our module production has also gone up. On blended basis, it will be difficult to measure that. If you calculate cell-to-module ratio, which is, if I assume, let's say your cells, 100% cells are going into your modules. Whatever the cell number you have produced, 100% is going to the module side. Which is in line, I mean, 45%-46% historically in couple of quarters. This is still number same, but as the capacity utilization is increasing, the benefit of backward integration, plus the benefit of your capacity utilization, which is operating leverage, should come into the EBITDA per watt numbers. What's your view on that? You can see the other operational efficiency improvements on these lines. No, one more thing. If you see the previous quarter, the EBITDA margin is around 32.84%, and this quarter is 35.2%. This is also because of the mix, and we are getting benefit of a domestic scale produce. That is also getting reflected in the EBITDA margin. Okay. What is the number of cell you are selling to outside or to the merchant? What is the in-house? We are not disclosing the sales mix of our cells, modules, and DCR, non-DCR. Rather, there has been a significant increase in cell sales this quarter. The understanding that all the cells that we make are going into our modules is not correct. Rather, there is a big mix of both. We are selling separately as well as we are using in our own modules. That is why it will be difficult for you to look at it on an EBITDA per watt peak on a blended basis. Rather, it is something that there has been that reflection in the financials. Okay. In cell capacity, we are seeing the operating leverage part when we are selling outside. EBITDA per watt, standalone basis for the cell capacity. We are seeing the operating leverage part playing out in the cell part. Sorry, what was the question? So for the standalone cell capacity utilization, it is increasing. So for EBITDA per watt, if you just calculate for the cell portion, the operating leverage playing out when you are selling into the outside market and consuming inside. No, see, it is not that distinct. We have to also be significantly aware that the changes in the raw material prices, either the silver or with respect to the other kind of increase in raw materials, are not reflected where the EBITDA per watt pick is going down. This is happening only because increased operating leverage. Because our consumptions have been more streamlined, our operating efficiencies have become better, efficiency of the cell has become better, and the consumption has become better. So that is why you are able to see this stable EBITDA per watt irrespective of the increase in other headwinds that we are seeing. Okay. So for cell, we are getting better realization in the outside market? No. Realization for cells has been quite stable. So has been module, so has been DCR, and otherwise. So realizations have been quite stable. It is in line with the movements in your commodities. So could you please put the number? What is the- Mr. Gupta, I am sorry to interrupt you. Sir, I would request you to kindly rejoin the queue for follow-ups. We have a queue here, sir. There are those who are waiting for their turn. Sure. Thank you so much, sir. We will take the next question from the line of Dhruv Muchhal from HDFC AMC. Please go ahead. Yeah, sir. Thank you so much. Firstly, on the non-DCR modules now, I mean, non-DCR cell-based modules now. At least the news flows are suggesting that the market has become more limited now because at least the C&I market has shifted to the DCR cells now, and also rooftop anyways was. Probably there could be some margin compression in the pure module business. But based on your guidance, it seems that is not the case. Just trying to understand the guidance that you are giving INR 2.5 on modules EBITDA, is that the blend of DCR modules plus non-DCR modules or just the non-DCR modules? No. Sir, just for clarity, I think there are markets operating at different places. But it's important to recognize that there is only limited supply that has been always available with players who have the bankability and credibility of supplying to the IPPs of both C&I and developers. Today, whoever has the grandfathered projects are the very serious IPP players. So here what happens is that the selectiveness of quality, stability, and bankability becomes extremely crucial. So at that point, players like Emmvee are at the forefront of that, where there is no pressure to operate at every level. So for us, it's very clear that choosing our markets, choosing our customers, in terms of without letting go of the bottom line is something that's been very important to us. So making that reasonable return, even with lower utilization is rather better than making a higher utilization and lower margin. So that's the philosophy we've been following. Got it. So but purely on modules, based on your level of volume that you expect, basically, I don't know, I think 50% or 60% utilization on the capacity of module. You believe, despite the change in the market structure, but because of your positioning, you will be able to get to that INR 2 to INR 2.5 EBITDA? Yeah. That should be- Sure. In that range. Yes, absolutely. Sure. Sir, secondly, just to reconfirm, the cell pricing, for example, the cell that you sell, they are based on dollar pricing. They are not based on INR pricing, right? Yeah, correct. For example, whatever you sell to the rooftop market or the KUSUM market, whatever, or C&I market, that all happens in the dollar pricing based. Correct. So any dollar change which probably has some implication on your input pricing, but to a large degree, it is offset because the selling price is also in dollars. Yeah, that is correct. Sure. Okay, sir. Great. Thank you so much, and all the best. Thank you. Thank you. The next question will be the last question for today from the line of Dhaval Popat from Choice International Limited. Please go ahead. Thank you so much for the opportunity. My question is, first is regarding particularly passing of the raw material cost. You did say that it moves in line with the commodity. Is it fair to understand that you are still able to pass on the raw material or at least certain part of the raw material cost to the customers? Like for example, as silver fluctuated so much, were you able to pass on this cost or how should we read this? If you can throw some light on this, if possible. Yeah. This we have answered even in the last time also. See, we do two types of. The pass-through will be done in two ways. One is we will do value engineering in the production. If that is there, we will not pass through to the vendor if we can able to make it in line with our margins. If not, yes. That is why if you see the change in the prices will be there. That is why we always say absolute number of EBITDA will always be considered, not on the percentage. Percentage may vary, because if my price is high, the percentage will come down. If the price is low, my percentage will go up, but my absolute number will remain same. Okay. Yeah. That is helpful. I am sorry if I missed this, but should we expect that given the prices decline, could we expect recurring inventory losses or that would not be the case, or how do you plan to protect against inventory losses, particularly? There is no decline in the prices, but what we said is, non-DCR, we normally produce based on the orders inflows only, and which is already covered by the advances and the LCs. So which doesn't have any effect. DCR markets, you know that there is not going to be any change as of today. As of now, we have not impacted anything on the price variations because we are strategically, even if you see in the earlier three quarter calls also, we made very clear, we normally inventory and the dollar as well as the procurement of material based on our inflows of orders. Mm-hmm. Yeah, okay. Thank you so much. I hope we can connect offline as well, because, yeah, I'm here to Yeah looking at this company. Yeah. Thanks for the opportunity. I'll connect offline. Thank you. Ladies and gentlemen, we'll be taking one more question for today from Gaurav Birmiwal from Axis Mutual Fund. Please go ahead. Thank you, sir, for the opportunity. I just had one question. You did elaborate on how the margins are split. But just for my understanding, let's say if you produce and sell a cell separately, how much margins will you make there? Let's say, second case, which is you produce the cell, you convert it to modules as well. How much are the margins there? And third is, of course, the non-DCR, wherein you buy cells from, let's say, China, and then you convert it to modules and sell it. What will be the margins in each of these three cases? Yeah. Thank you, sir, for the question. Like we said, non-DCR module is about INR 2 to INR 2.5 per watt. Then the cell is about INR 6.5 per watt. So DCR module is usually INR 8.5 to INR 9 per watt. That is pretty much like you either sell separately or you sell together, it is pretty much similar kind of margins. Understood, sir. Very clear. Thank you. Thank you. That was the last question for today. Thank you, members of the management. Thank you once again for your time and participation. On behalf of Emmvee Photovoltaic Power Limited, this concludes today's conference. For any questions, please feel free to write on the email IDs mentioned on the invite. We appreciate your engagement. You may disconnect your lines now. Thank you so much, sir.