Q4 25/26

Apr 28, 2026

Summary

FY2026 revenue grew 116% and PAT 193%, alongside a 9.4 GW order book and stronger balance sheet. Priorities include ramping existing capacity and executing a 6 GW integrated expansion, while competition and policy shifts remain key variables.

Ladies and gentlemen, good day and welcome to the Q4 FY 2026 conference call of Emmvee Photovoltaic Power Limited, hosted by Raadhi 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. Should you need assistance during the conference call, please signal an operator by pressing star and then zero on your touchtone phone. Please note that anything said on this call that reflects the outlook towards the future, which can be constituted as a forward-looking statement, must be reviewed in conjunction with the risk that the company faces. A copy of a disclosure is available on the investor relations section of 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 D V, 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, for his opening remarks. Thank you, and over to you, sir. Good evening to all our investors, analysts, partners, colleagues, and our well-wishers joining today. I welcome you to Emmvee's financial year earnings call. FY 2026 was an important year for us. It was the year in which Emmvee completed its transition into a publicly listed company and entered a new phase of institutional responsibility. At a headline level, FY 2026 was a strong year. We closed the financial year with a revenue of INR 5,049 crores, EBITDA of INR 1,734 crores, PAT of INR 1,082 crores, and an order book of 9.4 GW. These numbers reflect the scale-up of our operations, the benefit of our integrated manufacturing model, and the discipline with which our team executed through the year. Over the past year, the global solar industry has entered a new phase. Markets are becoming more selective, supply chains are being reconfigured, and the domestic manufacturing capability is becoming increasingly important across regions. In this environment, scale alone is no longer sufficient. Integration, technology alignment, and execution reliability are becoming the defining factor for long-term competitiveness. Emmvee's strategy has been built with this transition in mind. We are building an integrated technology build and reliable solar manufacturing platform. Our focus remains on module manufacturing, cell manufacturing, backward integration, operating efficiency, and customer trust. During FY 2026, we expanded our module capacity, strengthened our cell manufacturing platform, commissioned new capacity at Sulibele, and advanced our plans for integrated cell and module facility at Devanahalli. We also continue to invest in technology, process improvement, and quality systems. India's policy direction remains supportive and more value chain focused. ALMM List-I created the foundation for approved module manufacturing. The next phase is more important for integrated manufacturers. ALMM List-II for cell is expected to deepen domestic cell sourcing, while ALMM List-III for wafers and ingots will gradually move framework further upstream from 2028. For Emmvee, this direction is aligned with our strategy. We have already built cell manufacturing capability and are evaluating backward integration in a measured manner. We believe the long-term opportunity will not belong only to companies with module manufacturing. It will belong to a company that can participate deeper in the value chain, maintain quality, improve traceability, and reduce dependency on external supply chain. Schemes such as PM Surya Ghar, PM-KUSUM, and other domestic content related program are also creating a more stable demand environment for Indian manufacturers. These initiatives support clean energy adoption while also encouraging domestic value addition. That said, policy support alone cannot be the foundation of sustainable company. Our goal is to compete through execution technology, reliability, cost discipline, and governance. As a listed company, governance remains central to how we operate. We understand that public shareholders expect transparency, consistency, and capital discipline. We will continue to strengthen disclosure, internal controls, board oversight, ESG practice, and investor communication. Solar manufacturing is special and capital intensive growth must therefore be measured against returns, leverage, execution timelines, and customer visibility. We will continue to invest where we see a clear strategic advantage while remaining disciplined on balance sheet strength. As we enter financial year 2027, opportunity remains large, but the environment is also more complex. Competition will increase, technology will evolve, trade routes will change, logistic and commodity cycles may remain volatile. In such an environment, companies with a strong execution, integration, governance, and customer relationship will be better placed. For Emmvee, the direction is clear. We will deepen integration, scale with discipline, improve technology and efficiency, protect balance sheet strength, and build resilience across the supply chain. FY 2026 was a milestone year. FY 2027 will be the year of execution. We are grateful for the trust placed in Emmvee, and we know that this trust must be earned every quarter. With that, I thank each of you for joining us today. I will now hand over to Suhas, who will take you through the financial and operational performance of FY 2026 and in more detail. Thank you. Good afternoon, everyone, and thank you for joining Emmvee Photovoltaic Power Limited's earning call for Q4 and full year FY 2026. As the CFO just alluded, FY 2026 was a defining year for Emmvee. It was our first year as a listed company, a year in which we scaled capacity, improved operating performance, strengthened our balance sheet, expanded our order book, and took important steps towards building Emmvee as a larger integrated solar PV manufacturing platform. Let me begin with the financial performance. For FY 2026, our revenue from operations stood at INR 5,049 crores, registering a growth of 116% year-on-year. This growth was driven by higher production volumes, improved cell utilization during the first full year of cell operations, and the expansion of our module manufacturing capacity. EBITDA for the year stood at INR 1,734 crores compared to INR 722 crores in FY 2025, reflecting a growth of 140% year-on-year. EBITDA margin expanded to 34% compared to 31% in the previous year. This improvement was supported by scale benefits, operating leverage, higher module production, and better utilization of our cell manufacturing capacity. Profit after tax for FY 2026 stood at INR 1,082 crores compared to INR 396 crores in FY 2025, a growth of 193% year-on-year. PAT margin improved to 21% compared to 16% in FY 2025. The improvement in profitability was supported by strong EBITDA growth and lower finance cost intensity after balance sheet deleveraging. On the operating side, FY 2026 was equally important. Our installed solar module capacity increased to 10.3 gigawatts as of March 31, 2026. During the year, we commissioned 2.5 gigawatt module manufacturing line in May 2025 and another 2.5 gigawatt line in December 2025 at Sulibele, Bengaluru. With this, our module capacity expansion for the year was completed as planned. Our solar cell installed capacity stood at 2.94 gigawatt. 2026 was the first full year of operations for our cell manufacturing business, and this contributed meaningfully to both revenue and margin improvement. In terms of production, solar PV module production increased to 2,999 megawatt in FY 2026 compared to 1,482 megawatt in 2025. Solar cell production increased to 1,520 megawatt in 2026 compared to 534 megawatt in 2025. In simple terms, module production roughly doubled while cell production grew close to three times year-on-year. Capacity utilization also improved meaningfully, especially in cells. Solar cell capacity utilization increased from 43.3% in FY 2025 to 69.9% in FY 2026. In Q4 FY 2026, cell utilization reached 79%. Module utilization for FY 2026 stood at 43%, which should be read in the context of unit 5 and 6 commissioned during the year and therefore being available only for part of the year. We also made progress on technology and product readiness. Our aggregate module capacity now reflects 100% transition to TOPCon technology. We now commenced production of our G12R format TOPCon modules enabling higher power density modules. Let me now turn to the balance sheet. FY 2026 was a year of significant capital structure strengthening. We completed our IPO and public listing in November 2025, raising INR 2,900 crores, including INR 2,144 crores of fresh issue proceeds. We used approximately INR 1,621 crore of IPO proceeds to prepay term loans. This has materially reduced leverage and lowered our finance cost trend rate. As of March 31, 2026, our net debt to equity stood at negative 0.06 times. Our current ratio improved to 2.1 times. Return ratios also remained strong, with ROCE at 38% and ROE at 51% for FY 2026. Our credit profile also improved during the year. ICRA upgraded our rating from triple B minus to A minus in August 2025, and further to A in January 2026. These upgrades reflect improved scale, lower leverage, and strong debt coverage. Order book momentum remained healthy. Our order book increased from 4.9 gigawatt in FY 2025 to 9.4 gigawatt in FY 2026. For Q4 FY 2026, order inflows stood at 1.27 gigawatt. We are also seeing an improvement in the quality and scale of customer relationships. The average order size among the top 10 customers increased to 221 megawatt in FY 2026, compared to 121 megawatt in FY 2025. Our module order book remains diversified across customer categories, with IPPs, C&I customers and others contributing to demand. Another important area of progress is our next phase of capacity expansion. We have initiated plans for our new 6 GW integrated cell and module manufacturing facility. Once completed, this will take our total installed capacity to 16.3 GW of modules at 8.9 GW for cells by the end of FY 2027. IREDA has sanctioned our term loan for INR 3,306 crores for this facility. We have also completed payment for land allotment at Devanahalli, Bengaluru, and the land is now in the company's possession. Progress remains in line with our target commissioning schedule. This expansion is important for three reasons. First, it deepens our integrated manufacturing position. Second, it improves our ability to serve the market with both modules and cells. Third, it positions us better for DCR link demand and domestic manufacturing requirements as Indian solar market continues to move towards greater localization. To conclude, FY 2026 was a year in which Emmvee delivered strong growth with improved profitability, expanded capacity, strengthened the balance sheet, deepened its technologies platform, and built a larger order book. Our immediate focus remains clear. We will continue ramping up utilization across our existing capacity. We will execute our order book with discipline. We will progress the 6 GW integrated expansion as planned. We will continue to strengthen our top technology platform, and we will remain focused on profitable growth, balance sheet discipline, and long-term value creation. With that, I would like to thank our customers, employees, partners, lenders, shareholders, and other stakeholders for their continued trust in Emmvee. We can now open the floor for questions. Thank you very much. We will now begin with the question and answer session. Anyone who wishes to ask a question may press star and then 1 on their touchtone phone. If you wish to remove yourself from the question queue, you may press star and 2. Participants are requested to use handsets while asking a question. Ladies and gentlemen, we will wait for a moment while the question queue assembles. Our first question comes from the line of Deepak Krishnan from Kotak Institutional Equities. Please go ahead. Yeah. Hope I am audible. Just maybe one particular thing, just wanted to check on the 6 GW integrated cell and module capacity expansion. We have understood we have the land and the loan sanction, but what sort of the progress on ground and by when do we see the module line coming through, and when do we see the cell line kind of coming through? So both timelines of that. And now that Ingot & Wafer has been announced by 1 June 2028, what is the quantum of capacity that we are sort of evaluating to put? If you could sort of answer those questions, I will come back with a couple more. Sure. Thank you for the question, sir. So with respect to the current expansion plan of 6 GW integrated capacity, we have progressed where our construction has started and major equipment orders have already been placed. So it is in line with the planned progress of the line, and we expect to see the module line getting commissioned by end of this calendar year and cell line getting commissioned at the end of this financial year. With respect to the ingot and wafer, it's something that we have always planned, and our intention has been very clear with fully backward integrating. With that, we intend to set up an ingot and wafer facility of about 9 GW, integrating us fully in phases. We plan to set up our first facility in FY 2029, so in the calendar year of 2028. Sure. For execution, at least quantify phase 1, how much is the amount of that? Second, just wanted to check on the working capital also. We have seen that advances have gone down and inventory receivables have slightly gone up. Is this the new normal, like about 70-80 days of sales with lower advances? Just wanted your thought on both of this, phase 1 of wafer and as well as the working capital cycle. Sure. So with the expansion, we're looking at a 5 GW expansion in phase 1 and a 4 GW expansion in phase 2 which is going to be a year after. So that is how we have planned the wafer and ingot expansion. The more plans we'll be announcing also very soon with more plans. When it comes to the working capital cycle, we have experienced a phenomenal growth in our capacity as well as our execution, if you see in FY 2027, in FY 2026. So as we have doubled our module manufacturing capacity, doubled our revenue, 3 times our profit. So in line, we have grown the inventories. With that, both the inventory receivable cycle has moved in line with the business that we have got in Q4 2026. I think the number of days calculations should start seeing normalized as we don't have any new expansion coming up in the coming quarters. Yeah, maybe just one final question. Just wanted to check on the outlook for demand. You have about 40% exposure to IPP, about 30% to C&I. IPP, we have heard Adani Green and we have heard some news about solar curtailment. But also on the other side, C&I, before 1 June, they can do DCR and the demand tailwinds for Surya Ghar as well as PM-KUSUM. Maybe just your outlook on all the four segments that you are seeing. We obviously know the government targets. Any update on all the four segments, especially, IPP, if you could sort of add any more insights. The demand outlook for manufacturer like us has been strong. You can see that our Q4 inflow has been strong as well, to the extent that we require. C&I has been the fastest growing sector in a long time, which you can see is similarly grown in our case as well. With ALMM List-II coming into effect, that is only going to put a company like Emmvee with an existing cell capacity at a better position to leverage this situation. Similarly for the IPP demand also where ALMM is going to come into place, expected to come in the financial year of 2028 or late 2027. We are well-positioned to cater to that demand. Sure. Those were my questions. I will reserve them for future quarters. Thank you. Your next question comes from the line of Apoorva Bahadur from IIFL Capital. Please go ahead. Hi. Thank you for the opportunity. I wanted to ask you two questions. One was on the CapEx this year. We can see in the cash flow statement that I think you have spent almost INR 650 odd crores on CapEx. If I look at your gross block, I think it has increased by about INR 1,000 crores, adjusting for the government grant. Can you bifurcate this, where has this CapEx been spent, between module and other stuff? During the year, the CapEx, we have commissioned two module lines, unit 5 in May and unit 6 in December. So largely this is capturing the CapEx of these two, the module production lines. This is mostly capturing this amount. The rest, land, if you see, we almost spent INR 311 crores for the land acquisition for the expansion project. Then there's a small amount of around INR 10 crores is sitting for the new expansion project, but the other rest CapEx will be coming in the coming quarters. Okay. So INR 300 crore for land for the next, for the cell plant that has been expensed this year. Understood. Also, I wanted to touch a little bit more on the working capital position, especially on the cash generation. We have seen your profit increase materially, and it's commendable. The operating profit has increased from INR 750 odd crores to almost INR 1,800 crores. So it's more than a INR 1,000 crore jump. But when I see this, after adjusting for the working capital movement, there has been a decline from INR 625 odd crores to INR 200 crores. So I want to understand two things. One is on the inventory front. Is it that the inventory has built up? Is it a timing issue? By when do we expect this to be cleared out? Secondly, could we expect it to result in some sort of a reduction in production going ahead? Or will it be managed at the current utilization rates? If you look at the working capital requirements, largely as you have pointed it out correctly, our buildup has gone into inventory and the business operations. But when you look at the Q4 revenue itself, it is INR 1,700 crores compared to Q1 where we did about INR 1,000 crores. If you look at the previous year Q4 quarter, it is even lesser. When you look at that kind of a growth that is seen, the working capital, the inventories. Our inventory, what is the level that is there? It is at the level that is to service the current run rate of revenue and production that we are doing. For example, if you look at the module production, module production in this particular quarter, we have produced almost 1 GW module production and sales of about of half a GW, compared to 50% of what we used to do earlier. This is the scale of ramp up. Naturally, both on the raw material and finished goods side, it has increased to that extent, because this has come with added capacity increase. Okay. In your P&L, I see that these changes in inventories of finished goods, it has been a negative number, and in FY 2026 it was quite material at INR 636 crores. FY 2025 it was, I think INR 115, INR 116 crores. Can you help us understand why is this increasing and why is it such a large number, and what really caused this? Increase in inventory. In the P&L. In changes in inventory in P&L. Change in inventory, basically, this is reflected in this particular FY 2026 at INR 636 crores. Basically, we have used the inventory from the production to the sales number. The total cost of material consume is INR 3,411 crores. Out of that, INR 636 crores has been produced and we have added to the inventory. This is the reason. As Suhas also mentioned that my current level of inventory, both finished goods and raw material, is reflecting the current operations which we are having in March compared with the previous quarters. Okay. Next year we should expect this to reverse as we liquidate the inventory. Is my understanding correct, sir? Largely, I would say that, yes, with this current level of inventory, it is justifying the current level of production and sales. We will be mostly either maintaining the same level of inventory with the current level of operation till the new expansion coming up, or possibly some improvement in inventory level that we will be using the current inventory to convert into the production and to be more mindful in having the new inventory till we consume the existing inventory of especially the raw material. Okay, understood. Last question, I see if I look at the DCR portal, our production for sales in April appears to be a little bit lower trending. I know it is not for the full month, probably it is for three weeks of April. But on a run rate basis, have you taken some sort of a maintenance in the plant or what is the reason for this? No, we are continuing the production normally, and I think updation normally they will do in the end of the month or beginning of May. Updation will not happen in a day-to-day way. It is not real-time data what DCR portal is showing. Understood. Thank you so much. Thank you. The next question comes from the line of Thakur Forval from Ambit. Please go ahead. Hello. Am I audible? Yes. Yes, sir. Please proceed. Thank you for the opportunity. Just, sorry for harping back again on the working capital thing, but you explained on inventory. Are there advances from customers? Given your order book has remained afloat at 9.3 GW, 9.4 GW, and almost 1 GW, 1.2 GW of order inflow. Any reason why advances have come up in this quarter? That is first question. Yeah, I think that's a good question. Basically, advance from customer, what happens is, time to time it depends on the business call, what we take. Sometimes advances are taken in the form of LCs, which is not usually reflected in the advance from customers part in the balance sheet. We take LCs and sometimes we take a decision. It is not really the exact idea of what exactly is the security that we have from the customers. Just to add what Suhas mentioned, in FY 2025 we have advance from the NTPC customer, which was the largest advance we had. Against that this year, because it was very large order of almost 795 MW. That advance had got registered and there's a reason now this year the advance is much lower as that was the single largest order of almost advance of INR 320 crores. Understood. INR 320 crore is the figure that you said? 20%. Hello. INR 320 crore is the figure that you said for NTPC's amount. That was from the NTPC advance that we had received that time, which was reflected in the balance sheet of FY. Understood. Just one more thing, on the 4.5 GW cell order that you've received to be executed in next 3-4 years, on that also you would have received advance for the entire 4.5 GW, or will it happen according to your delivery schedule? We have received an advance for the contract full order, and we have already started supply for that. Understood. My second question is, if you see even in FY 2026 also, your volumes of DCR modules, given largely we have been more on the utility and C&I side. Our external sales of solar cell is very less. Where are we selling the, is it on the retail segment in PM Surya Ghar and KUSUM? I just wanted to understand our customer segment in the DCR modules right now. Sure. In the DCR modules, our primary segment is PM-KUSUM, and KUSUM primarily at KUSUM Component C, which is a component which is adding a large installations and Surya Ghar being the primary demand factors for us. Sure. Just last question, if you can throw some light on the inter-segment eliminations. They have increased this quarter quite significantly. I wanted to understand the accounting and which is worked out. The intercompany eliminations, right? Yes, this is mainly because of the order. The whole expansion has been taking place in Emmvee Energy, that is a subsidiary of the company. Some orders we have also taken Emmvee Photovoltaic, which is the main company. Whenever the execution time and the raw material availability and this thing, intercompany, we have to transfer some of the material from one site to another site. That is where you see the elimination. Okay. Because of different subsidiaries, when you transfer your raw materials? Basically what happens is, yes, you are right. Basically, it is like we have two companies. Basically one is a parent and subsidiary where both have manufacturing capacities and one has cell manufacturing capacity. There will be some intercompany movement in materials. Yes, but it is all within the group. Sure. Thank you so much. Those were my questions. Thank you. Thank you. The next question comes from the line of Nidhi Shah from ICICI Securities. Please go ahead. Yeah. Thank you for the opportunity. My first question is whether at this point, do we supply modules to any other countries, U.S. or otherwise, or do we plan to do that in the future? Do we have access to be able to supply to other countries? So with U.S., right now, in our FY 2026, we had zero exports. As a company, we've been quite agile with our markets of choice. We have had a time of 100% exports in the initial phase of Emmvee as a module manufacturer. Then we scaled it down, and then we shifted markets from Europe, U.S., and then India. We've been very agile with that, and we have teams that are actively looking for markets, looking for opportunities. But exports are treated as an upside for us rather than the core part of our business in the current scenarios. All right. In addition to that, my understanding is that we do not have any export orders in the order book at this point, right? Correct. From a competitive standpoint, from a price standpoint, if we were ever to export, are we competitive with other countries that do produce cells and modules to be able to supply globally? To be very candid, other than China, yes, all other regions is something that India can compete with, and we can. At Emmvee, we are very much geared up with the cost competitiveness. When it comes to technology, product quality, or preference of the customer, there is no doubt or anything about the capability of either Emmvee or as an Indian manufacturer. We are very much competitive and welcomed in many parts of the world. Mm-hmm. My actual last question on this would be that, as the U.S. and a lot of other countries are moving in a way that outside of the cell as well, they require non-Chinese components within the entire module. Is that something that, do we have access to non-Chinese solar glass, junction boxes and wafers? Is that sort of a line of supply that we are actively looking at building, or is that something that is not required at this point in time? No, we already have an existing alternate supply chain to China in every material that we use. There are many materials we are already buying locally or moved out of China as well, in the interest of diversifying our supply chain. Similarly, for the purpose of U.S. or other countries where they require non-Chinese ownerships also for raw materials, we have a very resilient supply chain available, which is not Chinese linked. All right. On the capacity, the FY 2028 target capacity, the cells are 9 GW, whereas the module is 7 GW more than that. My question there is this 7 GW an older capacity or mono PERC that we are eventually looking to retire, or is it that we are looking for a higher module capacity over cells as perpetuity? We do not have any mono capacity. All our capacity is TOPCon latest. But the difference that you see between module and cell capacity is that typically what happens in a module line, the actual or maximum utilization that we can achieve is to the extent of about 65%-70%, whereas in cell, you can achieve up to 90%-95%. With this logic, our module capacity is intentionally kept higher than the cell capacity to effectively achieve the similar production in both module and cell. Is this like a sizing issue? Because we are seeing a lot of other peers have utilizations of up to 80% or 85% in modules. Is this something that is specific to the machinery that we are using or the sizes that we are providing? No. Basically what happens is, in a typical module manufacturing business where you are servicing many IPPs and large developer customers, what happens is there is a lot of requirements that are unique to each customer. It could be a different testing standard, it could be a different material, like cable length, for example. What we have to do is we have to flush out the lines they have in inline inspection, and then we have to do the line after that because it is an inline production module. Whereas cell is a batch production and it is made to stock. Module is made to order. That is why you see that typical difference that is there. Also added to that point, the capacity of how others are going to be declared also is one of the points. What Emmvee is very clear, what the capacity of the machines able to produce is the capacity what is being declared. That is 10.3 what we are mentioning is the capacity of the gigawatt. That is the combination of the module where the 720 watt peak of the module what is coming. If you calculate in that manner, it will be All done. Thank you so much. Thank you. The next question comes from the line of Abhi Sehgal from Singularity AMC. Please go ahead. Congratulations on a great set of numbers. Just two questions of mine. ALMM comes in in June 2026. Just wanted to see how as an industry now, as Emmvee, are you preparing for that? Are you seeing any difficulty in orders or solar cell plus DCR pricing going up currently? For us, having our own cell capacity, it is something that we are welcoming quite well. If you see the transition, there is a phase transition where C&I and first the utility, all demand other than the utility demand will come into the ALMM List-I from June 2026. Your utility demand for projects that were bid after August 2025 is going to come in. It is a phase demand and that is something that we are prepped up for and that is something that we are looking forward to. Are you seeing any increase in DCR pricing happening given there is only limited capacity of solar cells in the market today? As of now, I'd say that the pricing is quite similar, Susant. I'm not seeing that kind of upward pricing as we speak. Just last thing, what is the average pricing for DCR today, sir, and for non-DCR, if you could share that? For DCR module, it is about INR 21-INR 22 on a watt, and module is around INR 14-INR 15 per watt. Thank you, sir. Thank you. Your next question comes from the line of Kunal Shah from DAM Capital. Please go ahead. Yeah. Hi, sir. A couple of questions. So one, in terms of, in the last quarter, we had mentioned that the DCR mix is around 40% odd. What would be the exact mix between DCR modules, non-DCR, and cells for this quarter? Hello? Just give me one moment, Kunal sir. Management, are you able to hear us? Ladies and gentlemen, the line for the management seems to have been disconnected. Please stay connected while we reconnect the line to the management. Ladies and gentlemen, thank you for holding the line. We have the management reconnected with us. Yes, sir, please go ahead. Kunal sir, could you please repeat the question once again? Yeah. So sir, just a couple of questions. One, in terms of the mix of business, last quarter we had mentioned about 40% DCR. For this quarter, could you just give the exact mix between DCR modules, non-DCR, and cells for this quarter? So I think last year, whatever mix I explained, I think it was not a mix that we usually don't give out. It was inferred from the production number that we showcased. So even this time, if you look at the production number, our module production with added capacity has increased to 953 MW. With that, we are looking at a mix of between 30%-35% of DCR. 30%-35% for DCR, right? Understood. Got it. That's helpful. And sir, in terms of just a follow-up on this, how would this mix look like for FY 2027, FY 2028? If you can give sort of any ballpark guidance on the same. For the most part, for the first two, three quarters, I do not see much difference because our capacities are added similarly. We do not have any incremental capacity that is coming up in module. But going forward, by the beginning of next year, it will be more or less all capacity that we sell will be DCR. Thank you, sir. Got it. Coming to cell utilization, sir, when would we be seeing the transitioning from M10 to G12 our cells, just to utilize the capacity in a much better way? Because even when we are looking on an M10 basis, our utilization keeps hovering between 70%-80%. Can we see that crossing 80%? That is number one. And two, when would we finally see that transitioning to G12 cells? Yeah. Firstly, we have already achieved 80% in Q4. But then actually, if you look at our March numbers, we have also reached 85% in cell utilization. I think we are confident to keep that around the similar levels. Transitioning to G12 was, yes, our plans are in and our capability is there. It is only that we have an order book for M10 now that is lasting until end of May. We are looking to transition in this by the end of this quarter. Understood. And, sir, in terms of balance sheet, now we are just trying to understand. Obviously we have roughly, give or take, around INR 4,800 crores of CapEx spending on the 6 GW integrated line, INR 4,500-INR 4,800 crores. You highlighted about the ingot & wafer as well, right? One, you mentioned about 9 GW, but can we expect around the similar levels of cell wherein we have been incurring some INR 700, INR 750 crores per gigawatt for the ingot & wafer as well? That is one. How are we looking at our balance sheet shaping up, given the 6 GW integrated line as well, and then 9 GW of ingot & wafer as well? Yeah. Ingot wafer, we are looking at around INR 600 crores-INR 700 crores per gigawatt. That is going to be the CapEx that would require. Our balance sheet, as you see, our quarter numbers, our earnings has increased, our execution has improved. I think this is something that we are looking to maintain in a strong way. Even for the further ingot wafer expansion, whatever debt or any equity needs to be raised, we are very cognizant that we will keep it within one, the debt equity ratio. Understood. Got it. Sir, just lastly, if I may ask one question. On a spot basis, versus the margins that we have seen in FY 2026 across non-DCR, DCR cells. On a spot basis, looking at the commodity inflation wherever it is and looking at the realization, how are the margins shaping up? If we were to pick up orders today, how different that would be versus, let us say, FY 2026 margins? Are we seeing a major impact on non-DCR? If you could just give any color on that. Right now, the margins that we are seeing going into FY 2027 is not very different to what we have seen earlier. Our, the EBITDA spread perspective things have been quite resilient. Yeah, but that is because you would be executing the March 2026 closing order book. I am just trying to understand in terms of the new orders now that you would be taking up. Even the new order, what I mean. Are these orders making similar profile? Got you. Yeah. Even in the new order, what I mean, it's in the similar profile. Understood. Thank you, sir. This is very helpful and all the best. Thank you. Thank you. The next question comes from the line of Sahil Sheth from Anand Rathi Institutional Equities. Please go ahead. Hi, sir. Congratulations on the good set of numbers. My first question would be, when we are shifting our cell base from M10 to G12R, would there be any production downtime? How many months would it take to shift our cell base to the G12R? In our case, one, it will be a phased transition that we will be doing. Like I had explained earlier that cell is a batch production, so the disruption will be quite minimal. Two is it will not take that much time because our line is already capable to do up to G12. Whatever change will be, it is just a kit change. It is not supposed to take. It should not reflect any material disruptions. Okay, got it. My second question would be on the INR 33 billion loans sanctioned from the IREDA, what is the rate of interest we have received on that? What would the loan offtake schedule look like in FY 2027 or FY 2028? Yeah, I will answer both the questions. Currently, the rate is 7.95%. Earlier rate was higher, but with the current market trend and offers we are getting from other banks, we have got a very competitive rate of 7.95% now. So far, we have not drawn any amount, which we are planning to do in the next month or so, first installment. Total debt is INR 3,306 crore. Possibly, we will be very mindful of drawing the amount to optimize the interest cost. By March 31, probably around 75%-80% we will be drawing, and rest, probably, because we will have some retention payment also, which is 15%-20%, that will be spilling over to FY 2027. For Ingot & Wafer or for other projects, this is a long way to go. Right now, our focus is only to commission the integrated cell and module line. Got it. And sir, my last question would be, recently there was some news where some of the developers have filed some petition to push the ALMM to July deadline. What are your views on that? These are efforts that are expected. I think this is something that also happened during ALMM one also. It is quite clear that the capabilities and the serviceability of the industry, what it is at. As far as we are concerned, we are very much aligned towards the ramp-up of ALMM and even a small one, two-month plus minus will not really make a difference in what we intend to do, because we've been cognizant of our capacities that we have added and planned addition of cell line also, which is coming only in end of this financial year. So if there is a six months delay in the ALMM deadline, what kind of impact are we seeing on whether the DCR, non-DCR mix would shift, or would it be more dependent on how your order book is formed currently right now? Yeah, for us, we don't see any shift in this thing because our capacity is only 3 GW out of what this thing is. So even if there could be a few months shift of this thing, we don't see it to impact any DCR, non-DCR mix for us. Okay, got it. That was quite thankful. Okay, sir. Thank you. The next question comes from the line of Aman Jain from Bernstein's team. Please go ahead. Hello. Hello, Adit. Yes. Hello. Yeah. Thanks for taking my question. I just want to understand one thing. If we see quarter-on-quarter, our revenues are up around 67%, but our production is up only by 30%. Even if you look at inventory, it's actually going up. It's not like the old inventory getting used up. I just wanted to understand where this extra revenue is coming from. So, see, there are a couple of things. One is the sales is different to production, and two, what happens is that the realization price moves with the raw material price up and down in some cases. That is why we always say that you look at EBITDA or absolute EBITDA or EBITDA for what peak in the case of module manufacturing or cell manufacturing, because that will give you a true picture of what the performance is. Got it. But sir, like you said, that the realization also being in the similar range over the last quarter. I am not able to understand how that extra revenue- We spoke, I think in the earlier question, I think one we spoke about was the spread. EBITDA spread was the question about. Two, what I also said is that the production number is not to be taken as a sales number. Usually, we do not give the sales megawatt that is done because it will just come into the calculations for a lot of competition and other things. That is why the production and sales is two different numbers that has to be considered. Okay. Thank you. Understood. Thank you. Thank you. Ladies and gentlemen, we will take this as the last question for today. I now hand the conference over to the management for closing comments. Thank you for joining. I hope the performance of FY 2026 has been as phenomenal as it has been for us to all the stakeholders. With that, I thank everyone for being on this call. Thank you, members of the management. On behalf of Emmvee Photovoltaic Power Limited, that concludes this conference. Thank you for joining us, and you may now disconnect your lines.