Q3 25/26

Jan 15, 2026

Summary

Q3 FY26 revenue rose 118% YoY and EBITDA 105%, with 35.9% margin. Capacity expanded to 10.3 GW of modules, while a 9.3 GW order book and integrated-facility investment underpin growth.

Evening, ladies and gentlemen. Welcome to the Q3 FY 2026 earnings conference call of Emmvee Photovoltaic Power Limited, hosted by Raadhi Capital. As a reminder, all attendees will be in the listen only mode, and there will be an opportunity for you to ask questions after the presentation concludes. If you have any questions, please feel free to press the Raise Hand button. We will call on you in turn and unmute your line so you can speak. You can also post your questions in the chat window and we will try to answer either during the call or get back to you on email. Please note that this conference is being recorded. 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. 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 risk that the company faces. A copy of the disclosure is available on the investor relations section of the website, as well as on the stock exchanges. 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 over the conference to Mr. Manjunatha for his opening remarks. Thank you, and over to you, sir. Thank you. Good evening, everyone, and thank you for joining Emmvee's Q3 financial year 2026 earning call. Our Q3 was a strong quarter for us on both performance and execution. We delivered healthy financial results, supported by stable operations across our facilities. At the same time, we continue to build the foundations for the next phase of growth with capacity addition and progress in integration. At a headline level, we reported total income about INR 11.7 billion, EBITDA of about INR 4.1 billion, with margin around 36%, and profit after tax of about INR 2.6 billion. These outcomes reflect the combination of scale, operations discipline, and value of our integrated operational models. On the operation side, we commissioned 2.5 gigawatt of module line at Sulibele, taking our aggregate module capacity of 10.3 gigawatt. We also completed the land payment and also acquired the land which is planned for 6 gigawatt of integrated cell and module facility at Devanahalli. The project work is progress in line with our plan, and our financial also has been closed for this purpose. We ended the quarter with an order book of 9.3 gigawatt as on 31st December 2025, including a 4.5 gigawatt of multi and TOPCon cell order. This provides a good visibility as we ramp up capacity. With that overview, I will now hand over to Suhas, who will take you through the financial and operation details. Thank you, Chairman, and good evening, everyone. I will summarize the key financial and operating highlights for Q3 FY 2026. For the quarter, revenue from operations was INR 1,152.3 crores. That is up by 118% year-on-year and up 2% quarter-on-quarter. Total income was INR 1,167.9 crores, up by 117% year-on-year. Gross profit was INR 543.8 crores with a gross margin of about 47%. EBITDA for the quarter was INR 413.4 crores, up 105% year-on-year with an EBITDA margin of 35.9%. Profit after tax was INR 263.6 crores, up 166% year-on-year with a PAT margin of 23%. A few line items to note. Finance cost was INR 33 crores, and that was lower than the previous quarter, which is subsequent to the loan repayment. Depreciation was INR 74 crores, reflecting the expanded asset base as new capacity is commissioned. For nine months of FY 2026, revenue from operations was INR 3,311.1 crores. EBITDA was INR 1,163.3 crores. Profit after tax was INR 689.2 crores, indicating strong performance through the year so far. On operations, we commissioned the new 2.5 gigawatt module line in the quarter. Installed module capacity is now 10.3 gigawatt and cell capacity stands at about 2.94 gigawatt. Q3 production was about 737 megawatt of modules and about 412 megawatt of cells, with utilization of approximately 43% for modules and 76% for cells, reflecting ramp-up and product mix. Finally, as of 31st December 2025, our order book was about 9.3 gigawatt, including the 4.5 gigawatt multi-year TOPCon cell order. That covers the highlights, and we are happy to take any questions and answers. Thank you. We will start with the Q&A. The first question is from the line of Mr. Subramanyam Yadav. Mr. Subramanyam, please unmute your line. You are on screen. Yeah. Thank you, sir. Thank you very much. Sir, if you can let us know what is the mix of DCR and non-DCR in our module sales? Yeah. Hi, sir. Thank you for the question. Yeah. The mix of DCR will be about close to 50% in the order book. In the execution, though? In the execution? Yeah. It's about 40%, sir. DCR is 40%? 40% DCR. Okay. And sir, in terms of the rising costs in the raw material like the silver paste, aluminum, et cetera. Sir, how are we looking at it and what kind of impact would be there in the margin going ahead? Yeah. I think that is a very relevant question this time, sir. When we talk about the silver paste, the technology has come a long way, and so has our operations. For example, today, the silver paste what we are consuming, we were consuming about double the silver paste per cell when we started the line in September. Because of improved technologies, screen designs, and process R&Ds, the consumption of silver paste has come down drastically, and the targeted consumption of silver paste is 40%. Coming down another 40%, there is an opportunity. This is what we have seen even in China. When we talk about all materials in general, you have seen that we have mentioned this even in our DRHP time, that our contracts are, most of them, backed by pass-through contracts, so any major changes in materials are passed on to the customer. Okay. I should say, sir, if you can give us silver paste as a percentage of your cost, manufacturing cost or maybe the selling price. What would be the percentage of that in the cost, silver paste alone? About 2%, USD 0.02. 2% of the selling price of the cell? Yeah. $0.02. 2 cents or 2%? Sir, $0.02, sir. INR 0.02. It comes to only if you take about cell price, the percentage comes about 13%. Of cell price, it is 13%. Yeah. On the module it is going to be less. Okay. On the module, it is going to be around 8%-9%. 8%-9%. This is after our reduction in the silver paste? Yeah. Okay. Understood, sir. Thank you. There is a further possibility. Okay, further possibility is also there. Sir, the impact on the EBITDA would be lower than in that case? Sorry, sir, can you repeat your last question? The impact of this rising cost on our EBITDA would be lower. If you can quantify how much we can look at this number going ahead, EBITDA level margin? Or if you can say the spread in the EBITDA. Sir, we are right now very comfortable at the level of EBITDA per watt peaks that we are getting either for DCR or non-DCR. We don't see any pressure in that EBITDA per watt peak even going forward. Okay. Can we maintain this? What we have achieved, Emmvee has achieved so far, we continue to achieve that number, sir. Yeah. The 35% margin what we are getting, can we maintain that? No, I am not saying. Do not look at percentage of margin. Okay. The reason is because in this industry, we have seen in multiple occasions, and I have explained this, is that the price of the module or cell can change because of Change, correct. raw materials or other things. That should not simply give you a wrong perspective if it inflates the percentage. For example, like I said, when we started the manufacturing in 2006 of modules, the price of module was EUR 3 per watt. But today the price is EUR 0.15. That does not mean margins have gone down. Our absolute margins per watt peak, absolute margins are doing extremely fine. So it will not look correct, look at percentage margin. So the EBITDA margins, absolute margins, what we are looking at, that will continue to be in a very strong position. Okay, understood. Sir, in terms of spread also, when we look at it, the spread comes to roughly around 8.5 cents now, right? On the gross level. Sorry, sir, 8.5? At gross level, our EBITDA, sorry. At gross level, our spread comes to around 8.5 cents. So we can maintain that thing? Yeah. You are looking at a blended EBITDA. Yeah, blended EBITDA. Subject to our DCR and non-DCR ratios, we can maintain it. Okay. With the current testing, we can maintain it, no doubt. Okay, sir. Great. Thank you, sir. Thank you very much. Understood. The next question is from the line of Sahil Sheth from Anand Rathi. Sahil, I am getting you on screen. Please unmute yourself and go ahead. Hi, sir. Congratulations on the good set of numbers. My first question would be, if I look at the production number and the revenue number, the blended realization for module has decreased significantly, even on a year-on-year basis or a quarter-on-quarter basis. Is this because of a change in your sales mix between DCR and non-DCR, or are there any pricing pressures you are experiencing in the market right now? No, you are absolutely right. There is no pricing pressures in the market, which basically is seen by our EBITDA that we have shown. It is because of the percentage mix of your DCR and non-DCR. So currently we have 40% of revenue from DCR. Earlier in the previous quarter, was it higher? Yes. Which has led to the decrease. Sir, here what we are discussing is the production numbers. This thing, the sales, what will happen is that is something that we usually don't disclose the percentage of DCR and non-DCR because competition-wise, it is a sensitive information, which no peers are also disclosing today. Okay. Recently we also got a 4.5 gigawatt cell order. Going ahead, what would be our strategy? How much percentage of our capacity would be used for captive consumption, and how much would be used to cater to third party? Most of our capacity will be used for captive consumption. Our third party catering will be limited. Even if you see this 4.5 gigawatt of cell is spread over five years. When we are having a capacity of 8.9 gigawatt of capacity, this is a very marginal number. Okay. What are your thoughts on the recent news on China removing the rebate for the exports by Chinese manufacturers? How would it affect us? This is not something new, sir. Initially, it was about 18% rebate was there. That had come down to 13%. Then it came down to 9. Today, they are saying zero. The market adaptability will happen based on that. Of course, overall sales perspective, it can be treated as an advantage to Indian manufacturers because overall, gap between the Chinese modules and the Indian modules will be narrowed down. This really does not matter much. There is not going to be an impact. Our raw material cost also increase? Not necessarily. That is what I was telling. What happens is, even if there is any increase, it happens to be passed through. Number two, what happens is, in China, it is the price that they decide to set. It has not really mattered on this. We have seen this in the past. When there was no BCD, for example, in India, the difference between Chinese price and India price was hardly less than 1.5 cent, where China was cheaper than India. After 44% BCD also, the price difference was same. Math really does not really fit in here. It is something time will have to tell. Again, in our perspective, we have passed through when it comes to non-DCR orders to large key account customers that we cater to in usual sense. Okay, sir. Thank you. Thank you, sir. Thank you. The next question is from the line of Abhi Sehgal from Singularity AMC. Abhi, I have got you on screen. Please unmute yourself and go ahead. Hi, sir. Congrats on great set of numbers. I have a two-part question. First being, can you share some light on the current DCR pricing, and where do you see the trend going, let us say, in the next year, by the next year same time? Second being, you mentioned by FY 2028, you will have around 16.3 gigawatts of module and 8.9 gigawatts of cell. That would give you around 3 gigawatts of excess module. Do you think around FY 2028, FY 2029, there would be still some module-only demand in the market? So, thank you, sir. Thanks for the question. The first question, about the DCR price realizations. DCR price realizations today are about $0.24, $0.245 per watt when we are looking at significantly decent size of orders. I am not talking about retail spot orders. That will be on a much higher price realization. This is on a bulk order basis. It is about $0.24, $0.245. That pricing we have not seen so far change downwards. Okay. Our efficiencies are increasing and our cost economics are getting better. That is one thing that is significantly helping, which you can see. Because in our efficiencies, if you see, we started off with 24.5% efficiency. Today, we are at 25.2% efficiency, and that is our growth that we have seen. Then we are moving to your next question, which is about the gap between module and cell. This, if you see that, it is kept intentionally. Basically, module capacities have a tendency of peak utilization to be at 60% to 65%, whereas cell will be about 85% to 90%. The reason is, what happens is, in module, it is an inline production, whereas cell is a batch production. Module is a made-to-order product, whereas cell is a made-to-stock product. For these reasons, we have made sure that we keep our module capacity slightly higher than cell capacity. More or less effectively, my production will be similar, where I will have almost 100% of the cells for my module capacity. So you are saying cell would be at 80% of the nameplate capacity, 80% utilization of nameplate capacity. 85% to 90% of the effective capacity. Perfect. It will be lower in terms of nameplate capacity, right? Around 70%. Correct. But then also you have some- Depending on what technology the market is using at that time. For example, today we are using M10. Soon we are going to be transitioning to G12R, where the effective capacity and the nameplate capacity difference is lesser. In case by 2028, if the market decides to move in the direction of G12, that time there will be no difference between nameplate and effective capacity. That time it will be full 85% utilization to 90% utilization can be achieved of the nameplate capacity. It would be the same. Your module production and cell production will be the same, broadly in line. Yeah, broadly in line. Broadly in line. The whole idea is the cost of module production on a little higher, let's say half gigawatt to 1 gigawatt, is something that it would not hurt at all. You can't have the opposite side. You can't have cell capacity more than your module capacity. Agreed. That is more difficult because of the CAPEX. Sir, just to confirm, you mentioned DCR pricing INR 24.5 per watt peak, not INR. Correct, sir. Correct. Yes. Thank you so much, sir. Have a great day. Thank you. Thank you, Abhi. The next question is from the line from Prakhar. Prakhar, you are on screen. Please go ahead, from Ambit. Thanks. Congratulations on good set of numbers. So two questions. One is, firstly, on the order book, if I see we have got this 4.5 gigawatt cell order. But bearing that on non-DCR or DCR modules, there has been very limited growth even in the first nine months of the year. So do you see that as a concern or do you see that picking up in later maybe part of the year? Sir, the inflows, if you see, is going well. For example, if you are looking at the nine months, for example. Yeah. If we have grown, we have not only seen the increase in order book, but we are also seeing that the orders have been executed to that too. We have executed so much orders and still we have added capacities. If I- Still we have ordered the order book. Yeah. So let's say if I accumulate 9 months production approximately, if I assume sales, it is around 2 gigawatt. By March, we already had around 5 gigawatt of order book of modules because we didn't have cells. Effectively, 3 gigawatt of orders is what we received in this year on modules, right? Correct. That is how it should be, because we don't want to take up more orders than what we can execute in the next 12 to 18 months when it comes to modules. The difference between modules and cells, what happened, the people who I sell module to are developers. These developers can only get bank financing after they've signed their PPA and after they get the land. After that, the order that I take is the orders that are backed by advance and are confirmed orders. That is how we have planned, and that is the order inflow that we are envisaging. That kind of a size of order, that is 6.3 gigawatt of order that I can execute in the next 12 to 18 months is quite strong when you look at my capacity additions. That is what we look for. We don't want to overbook the order book. Okay. Second question goes on realizations as a previous participant asked. So let's say our production is around 740 megawatts. Sales would be roughly, if I assume similar sales, then my blended realization is only $0.15. I get there will be mix of DCR and non-DCR. But even on a blended basis, if I, let's say, assume all non-DCR still it is coming out to be only $0.15. So what is the disconnect? Is it that the sales is lower or maybe some inter-segment elimination or how to read the realization number from top line? Yes, sir. Top line, there will be a couple of different things. One is it's difficult to read that way because what will happen is your cells, you will do individual cell sales. Then we also do non-DCR and DCR mix, which you are, I think, trying to understand. I think the best way to see whether there is pressure on realization or not is to understand the profitability and the EBITDA of the business. The profitability and EBITDA is only possible to come when there is a decent realization that there is. Also it is not $0.15, it is around $0.18. Around $0.178-$0.18 realization. That is INR 15 is what I am saying. Oh, yeah. Sorry. INR 15, $0.18. Yeah. And just last question on margins. So around, I just wanted to understand your partnership that you did, the tech tie-up with Fraunhofer. Because if I compare margins across peers, you by first stand at the first 37% margin. So is that helping or are we able to optimize our costs better? Just some guidance on that. Sir, it's a mix of a lot of things. But if you see historically also, I think we have enough data with us, given our history and our past history. We can see that year-on-year and quarter-on-quarter, we have been quite efficient in managing our costs, as well as making sure that we don't operate at the bottom of the chain, even in the pricing. Because of the kind of quality products that we are known to produce and the kind of A-list customer base that we cater to, we always happen to enjoy that kind of realization as well as margin, slightly because of that. Understood. Thank you. Thank you so much. Thank you, sir. Yes, got you. Thank you. Thank you. The next question is from the line of Yash Girani from Code Advisor. Yash, I have got you on screen. Please unmute yourself. Yash, please unmute yourself. We will take the next question. Next question is from the line of Sarang from Vimana Capital. Sarang, please unmute yourself and go ahead. Sarang, please unmute yourself. Please check from our end, is there an unmute issue? Because they are mentioning they are not able to unmute. Yeah, just one second. We will take next question from the line of Udit from PinPoint X Capital. Udit, can you unmute yourself? Yeah, good afternoon. Sir, you just mentioned about the DCR panel prices. What is the difference right now between the DCR cells, the DCR panels, and the non-DCR cells and panels? Do you see any pricing pressure on this? Sir, there is no price pressure, sir. Both are, as you know that it is all passed through this thing. It is around 5-6 cents. The max is 7 cents difference is on the retail, and the retail will be around 7 cents less, and the bulk orders is around 6 cents. This you mean to say between the DCR and the non-DCR panel, 6 cents is the difference? Right. Yeah, INR 0.06-INR 0.07. Okay. With the cell capacities coming up in India, do you have any update on the ALMM mandate, whether it is going to come, is it going to be delayed, and do we have sufficient capacity for it? With the ALMM mandate, we can see that there are capacities that are there on ALMM List 2 today is already to the tune of 25 gigawatt. There is also some capacities that probably could come up. But when it comes to the mandate being there from June 2026 onwards, there is no change on that. There was sufficient time that was given by the ministry, and the ministry's intention is quite clear. In fact, I think what is more reassuring is they have released a plan to further give the ALMM for wafers. That itself shows that the intent is to further deepen the ALMM aspect and not move this further. Also, sir, do you see any delays from the developers in taking up the DCR and both the non-DCR panels, like on the projects? Do you see any delays in general? No, sir. In our perspective, we have not seen any delays. In fact, the increase in the way our order book is coming is a way for you to judge whether there are delays. I think we are all seeing very good order books that are filling up our capacities, and there is no delay that we are seeing so far. Okay, sir. Thank you. That is it from my side. Thank you. Thank you. The next question is from Deepak from Swan Investments. Deepak, I have got you on screen. Please unmute yourself and go ahead. Yeah. Hi, good evening, sir. Congratulations for very good set of numbers. Sir, firstly, wanted to check it out on the China point, regarding removing of export rebate. Would it also open up export market for the Indian player as a whole? How do you see that development, even beyond the U.S. market? When we talk about export markets, sir, export market is something that we continuously keep evaluating. I think that is something that we probably will have to still see what is the capabilities. We are seeing more markets that open up. For example, in Europe, there are regulations that mandate about 10% of their capacities to be used from non-China cell and module. That also includes the non-China Chinese ownership also. For example, Italy is the country that started it and ratified that bill, and that is further going to get extended to Germany also. Many countries are going to follow after that. There are some opportunities that will open up, but I think this probably could be a little early to gauge that. Currently, our focus strongly remains on the domestic market, but we have a strong team in the U.S. as well as in Europe to see any opportunity that comes in. We can see with that. Okay. Secondly, sir, coming to the DCR market. If I were to look into your slide number 16, where we have given the projection for the DCR market from the demand perspective. Sir, just wanted to check it out, from June 2026, when there is going to be implementation of the ALMM List 2, which would also include cell as well. Should the PSU demand entirely come into the DCR market and hence the demand environment should be very high or this will remain at a 2, 3, or 5 gigawatt, which we have shown in the presentation? Just wanted to see your clarification on this. Basically, this is on a conservative side. What is important to see is that there are many tenders that have already happened before August 2025. Any tenders that have taken place before August 2025 are exempted from this ALMM List 2, which is the DCR. Sure. Those particular capacities are something that is going to come in after. Whatever is going to be the bids that are going to come in from August is going to be completely under ALMM List 2. All C&I, all your other rooftops and any other installation is going to be the same. DCR. The capacities that are totally, all the installations that is going to happen in India is completely going to be with DCR. I think you understand that the data that we put in our presentation are publicly available data, and to the tune of best extent that is representing the market. That is what we have put in the numbers. Okay. Sir, I was just coming from the point of view, let us say if we were to say demand is going to be 18-22 GW, whereas supply has now come down to this 26-29 GW on the DCR market. Would that also imply that there is going to be pricing pressure in the near term? No. See, what we are saying is, for example, what you are seeing is about 25 gigawatt of installed capacity, right? Yeah. There is a difference between the installed and the effective capacity. Then what difference is going to be there on the utilization? Because most of these capacities that you are seeing are new capacities. That is why I am saying the ramp-up that is going to be there, that will take place between from FY 2025 to FY 2028, is the time that there is sufficient capacity for the ALMM. But there is always going to be a difference between the experienced capacity and the new capacity. What you are seeing for companies like Emmvee, we already have existing experienced capacity, proven products and track records. We are companies that are going to be the first preference for the developers and of the markets, which are limited in numbers. Okay. And sir, just wanted to check it out on the utilization factor, which is given in the presentation. If I were to calculate cell capacity based on 2.9 gigawatt, the production number and utilization number, the usual cell production should have been higher. So in the presentation, it is given at 412 megawatt. Just wanted to check it. Am I missing something in this calculation? The presentation talks about the effective capacity utilization. I think you have seen in all our public information that we have put in the RHP previous presentations also, and also there is a footnote. Effective capacity is the actual installed capacity adjusted for working days as well as the product specification. What I was explaining earlier, the G12 is the installed capacity, size G12- Yeah which is about 11.5 to 11.6 watt per cell. Whereas now what the market demand is and what we are producing is about 8.5 watt per cell. This is the difference that you will see between the effective and installed capacity. Sir, for this 2.9 gigawatt, what is the effective capacity? Effective capacity is 2,155. 2,155. Okay. Thank you. Thanks a lot for your explanation. Thank you. Thank you. Thank you. The next question is from the line of Shashank Jha. Shashank, I've got you on screen. Please unmute yourself and go ahead. Hi. Am I audible? Yes, we can hear you, sir. Yes, sir. My question was regarding the capacity. I have done my research and found that in India, after 2028, cumulative capacity will be around 180 gigawatts for module, combining all the listed and non-listed players and 140 gigawatts for cell. My question here is that after FY 2028, that is FY 2029, 2030, will there be that much demand in India? Yeah, I think that is a very valid question, sir, and I think it is an important question to address also. I will just take this in a couple of different scenarios. Basically, one, we are talking about 180 or 140 gigawatts of capacity. Let us keep module aside. Let us only talk about cells, because cells capacity is what is going to be relevant. 140 gigawatts of capacity, we are talking about by FY 2028. This includes a lot of new capacities, people who have not had the experience of cells and a lot of announcements that are made. I think last time when we checked the publicly available data in May, that time it was about 12%-15% of the capacities that were announced had no progress after even three years of announcement. That is one point that we had seen. What is also going to be the biggest differentiator is how much of this capacity is going to come in and how much of this capacity is going to be able to transition to make good quality cells. Because manufacturing cells is not easy. One is not only about the high CAPEX, but the complexity of the process. This we have seen that a lot of different approaches are being taken and time is going to tell what is going to happen. But what is certainly going to be the scenario is there is going to be a difference between experienced players and non-experienced players. That is something that we have not only what we are going to see in India, but what we are also seeing even in China that has happened. Just taking an example of modules. Module being much simpler and so much different. If you see FY 2025, for that matter. FY 2025, sir, the module capacity in India was about- Megawatt 110 MW, correct? And with that-- Gigawatt. Gigawatt, sorry. Gigawatt. And with that, India consumption was only about 36 GW and we exported about 8 GW, so that is about 42 GW of capacity. And out of that, we, India, imported 14 GW of modules. So only for about 28 GW of capacity. You know the utilizations, you know the demand for companies like Emmvee, and you know the results the companies like Emmvee have shown. So there is always going to be that difference the market is going to give and is going to take. And Emmvee being one of the first cell manufacturers of TOPCon technology, established TOPCon lines and with our capability, we are going to be the preferred cell module supplier for our developers. Okay. Sir, one more question. Demand forecasting, like building CapEx. Before building CapEx, you may have done some demand forecasting, that this is the number of gigawatt cell demand that may come in FY 2029, 2030. So can you give those numbers? And one last thing is regarding G12R module. So a smaller company like Enphase is moving to G12R. I have been through their con calls and they are right now starting to move to G12R. So by how many years or after how many years you can say that it will be necessary to move to G12R? And if required, how much time it will take for us to move to G12R? We have already started producing G12R modules. Okay. That is already part of our models. I think Q3 also we have supplied with G12R. We are always ahead of the market and adapting. For example, if you see the timeline of when the market should move is very different for Emmvee, very different for X player, very different for Y player in this market. For us, we are always earlier ones to move. For example, for us is TOPCon. TOPCon module, for example, I am not talking about cells, but our module sales, we did about 70% sales of TOPCon and only 30% of mono PERC cells in FY 2025. In FY 2026, we are doing zero mono PERC, 100% TOPCon. We are probably one of the only companies doing that transition. Our transition is always quite ahead in the market and we are always quite adapting first. Got it. Sir, your EBITDA margin is very superior compared to other companies, sir. So why is it so? That is what, like I said, I covered this answer in the previous question. Basically, we have seen this pattern not only this quarter. I think you can study the history of Emmvee and history of others. Our cost efficiencies have always been quite well-managed, and also because we operate at a very premium segment of the industry. For example, if you look at our client list, it is all Hero, CleanMax, Ayana, BluPine, KPI, very key accounts, class A accounts that are there. We tend to have a very strong preference from our customers when it comes to giving order. That is the advantage that you are seeing with Emmvee. Got it. Sir, demand forecast numbers for FY 2029, 2030, if you have done any. No. Shashank, can I please request you to come back in the queue? Okay, ma'am. Please share those numbers, sir. Please. Yeah. Sure. Will share. The next question is from the line of Bharti. Bharti, I've got you on screen. Please unmute yourself and go ahead. Bharti? Bharti, can you unmute yourself? Please sir. Okay, we will take the next question from the line of Vinay. Vinay, please go ahead with your question. Unmute yourself and go ahead. Hello. Yeah. Hello. Yeah. We can hear you. Yes, sir. First of all, congratulations for the excellent numbers. I had just one question with respect to the raw material prices such as silver or maybe the cell, which is basically imported in USD. The input cost being rising, what will be the effect, the overall pricing of the finished goods? How much do you see going up due to this China rebate cut? There must be some kind of hoarding rush. All these factors considering, what will be the overall cost that will be going up and the final cost of the products also going up from here? Yeah. Sir, I think basically the way we look at things, for example, USD is something that for us it's all passed on because what happens is all our key contracts that we take, all key account contracts, everything is done in US cents. Only at the time of execution we change it to INR. We bill it in INR, but orders are all taken in US cents. Whatever exchange rate is all passed on to the customer. When it comes to the rebate, as I addressed this in my previous search, both rebate and silver price, I've already addressed this in the previous answers, but I'll just say it again. Silver, for example, with improved technology, improved process R&D, improved adaptation of the latest screen designs, process and silver paste, we are able to reduce our silver paste consumption. As in, from what we are currently consuming, we used to consume two times of that silver paste earlier, per cell. This has all kept the cost in line where we are not seeing the effect. We further are aiming to reduce the silver paste consumption by another 40%. These things will further strengthen our costing. That is with technology improvement we are doing this. I hope I've answered your question brief. Yeah. Thanks a lot for the clarification, sir. One more thing, sir. Are the domestic orders like you said, KPI Green, are these domestic orders fixed price? Can you please speak in Yeah. Sir, those domestic orders like KPI Green, are these fixed price tenders or they are also linked with the dollar price and Sir, most of our orders, especially for key accounts, pretty much everything is done on US cents, and then they are converted at the time of execution. Okay. The other players, the smaller players, they might be having some kind of impact with the dollars because you are selling in USD, but the players who are solely dependent of Indian market, they must be facing some other little bit challenges, right, sir? If It's difficult to comment on other people's strategy, but this is how we are doing, sir. Thank you. Thanks a lot, sir. Thank you. Okay. Thank you. The next question is from the line of Moksha from Systematix. Moksha, I've got you on screen. Please unmute yourself and go ahead. Moksha, can you please unmute yourself? Back on mute. We'll take the next question from the line of Anushka Vora. Anushka, please go ahead. Unmute yourself and go ahead, Anushka. Anusha, please unmute yourself. We'll leave the next question from the line of Utsav from One Capital. Utsav, please unmute yourself and go ahead. Utsav, please unmute yourself. Yeah. Thank you. Thank you for the opportunity. Sir, I know silver has been addressed a couple of times, but I just want to get some clarification on it. Let's say six months back, silver was around $0.007 as part of the total module cost, and today it's close to $0.02, like you mentioned earlier. Have we taken any price hike in the DCR module segment because of this, or are we absorbing this change in silver price? This number? Hello? This INR 0.7 cents and 2 cents. No, no, INR 0.7 cents, I don't know how you got it that, sir, because earlier as also it is around 2 cents only. It is INR 1.75 to 2 cents. Where you got from the INR 0.7, I don't know. Because even if you see the consumption of silver paste earlier is around between 185-200 milligrams. 200. With a 1 lakh rupees, it comes to 2 cents only. I don't know where you got it, that number. And today also it is from because of our process improvement and the consumption come down. Today, would it be fair to understand it's 9 mg per watt peak, or would it be higher than that? It's lesser than that, sir. It's lesser than that. Yes. 0.8. Not 9. Understood. And sir, on your customer's end, we keep reading about connectivity delays for utilities. Are we seeing any project delays or any offtake delays from our customers? This is already we have addressed, sir. If you see, whatever the PPAs which is signed and which is the loan sanction, that only we have taken as an after booked one for us. Which the cancellation or anything is talking presently, which is not done the PPA yet. So that also still no cancellation has taken place. Sir, even for signed PPAs, there are some delays because of connectivity issues, right? For that, they have the- Sir, what happens is, like, I mean, like see, when there is a project, there are always, there could be some delays, like because of connectivity, because of land, but that delay is something that is not any We have not seen any abnormal delay lately because of one particular reason. There are always some delays that could happen, and there is always a cascading. One order gets delayed, the previous order will come for this thing. Understood. Thank you so much. Thank you. The next question is from the line of Nikhil Abhyankar. Nikhil, please unmute yourself and go ahead with your question. Hi, sir. I just have a couple of questions. I was just going through your presentation. I saw that your quarter-on-quarter, the cell production is up by almost 100 megawatts, but it is not exactly reflected in our EBITDA growth. For QoQ, EBITDA growth is around INR 10-12 crore. Can you highlight that? I mean, why exactly is it so? Yeah. So the- There is a noise behind. Nikhil, can you please give some background note? Yeah. Okay. The 100 MW is improvement on the production because you know that whatever production we do will not be able to sell in the same quarter itself. It is going to be also move into the next quarter. Whatever we have produced, that will continue to be there in the coming months. That results you can see in the coming quarter. Okay, understood. And sir, any outlook on the outlook on utility scale DCR demand, when do you expect it to kick in? Sir, we already started seeing, I mean, utility scale. Okay, utility scale will take still about another nine to 12 months. C&I IPP demand is something that is already started. For the DCR? For DCR, utility also is starting. Yeah. How much do you expect this C&I DCR demand for FY 2027 across India? C&I DCR demand is something that is going strong, as you have seen. With DCR, there are many places demand is coming from. If I have to break it down for FY 2027, we are looking at, like, you know, we are looking at first, firstly, your, like the current ones if I were to talk. One is the Surya Ghar Yojana, which is about 30 gigawatt. Out of that, we have seen about 5-6 gigawatt only completed so far. We are looking at KUSUM. That is another 30 gigawatt. You know that the fresh, there is a lot of discussion that KUSUM 2 is going to start from April onwards. That is something that we are going to have. Then the C&I demand. C&I demand, if you see in the country today, we are seeing about 15-16 gigawatt that has been completed in a year. Especially we are looking at last year. This as C&I has been the fastest growing segment in the solar industry, that could grow further, especially with the adding of data centers and all the new power requirement that is coming from the industry side. Sure. Final question, any plans on adding wafer capacity Certainly, sir. Wafer is the next transition that we are looking at doing, and that is something that we are looking. I think we have also announced that we want to do ingot and wafer capacity quite soon. The only thing is that we don't want to commit on a timeline right now. The reason is that we want to get some clarity on the implementation of ALMM on wafers and the demand for wafers, when it is going to start onwards. From then we will start working on the wafers. Got it, sir. Thank you and all the best. Thank you. Thank you. The next question is from the line of Bharti. Bharti, please go ahead with your question. Unmute yourself. Hello, am I audible, ma'am? Yes. Yes. Please- Right. Thank you so much, sir. Sir, can you throw some light for the renewable sector as a whole beyond FY 2028, some kind of qualitative commentary, because one of the binding constraints on ground today is that there is shortfall in grid and transmission capacity. Grid expansion is lagging generation. Some kind of PPAs are not getting signed, leading to project delays, project offtakes are getting delayed. So what kind of visibility do you see in the ancillary infrastructure? How is it evolving beyond FY 2028? Thank you, sir. Yeah. Thank you, ma'am. When we are looking at the renewable sectors and the infrastructure for that, we are already seeing BESS integration that is happening. Apart from earlier what we used to see standalone solar or just solar and wind being the way of tendering or installations that are being taken place. Today, we are seeing solar plus BESS, and solar plus BESS up to six hours of storage. Yesterday, I think, the tender closed at INR 3.11 paisa, which is extremely low compared to even coal or thermal or any capacity, any particular energy source. With that kind of a scenario that we are getting into, I think grid stability or the Transmission pressure on transmission lines is something that you will not see. There is positive here is that there is a realignment of the kind of demand that there is going to be, which is very good for the industry as well as for the sector. Okay, sir. And sir, on the kind of tendering you foresee beyond FY 2028 for the projects? Absolutely, ma'am. Tenders are going quite well. That I think will happen in a good phase. So there is quite a good backlog also that is there, and further tendering also will catch up for that phase. Because the thing that we have to as a country solve, is to give power for the requirement that there is, and that is something that I do not think anyone is seeing a slowdown at. Noted, sir. Thank you so much and all the best for the future. Thank you. Thank you, sir. Thank you. Next question is from the line of Anuj. Please go ahead. Unmute yourself and go ahead. Yeah. Thank you, sir. Congratulations on a very good quarter. I just wanted one clarification. In your presentation, you have mentioned your installed solar cell capacity of around 2.9 GW. But if I look at the ALMM list of December 15, your approved capacity is of around 1.5 GW or so. By when do we expect the remaining capacity to be approved by ALMM, if you could provide a color on that? Yeah, absolutely, sir. That's a very valid observation. If you look at it, a couple of things here. One is the difference between the installed and the effective capacity. That effective capacity at 2.155 gigawatt. On that, the way ALMM works is on the day they come for inspection, whatever is the running capacity on that day, is the capacity that they approve. You can see this particular capacity of 1,600 megawatt is as per our utilizations rate at that time. The way ALMM works is once your utilization improves, you can invite ALMM for an audit and they will come back and re-audit it and increase the capacity accordingly. That is something that we will do in the due process, and it is in line with what we are anticipating. Understood, sir. Very clear. Sir, if I could squeeze in one more question. Sir, regarding your forecasts regarding the DCR demand. I think the numbers seem fair to me at least, but I just wanted to understand, would it be fair to assume that by FY 2030, the majority of or almost the entire market would be DCR-led and non-DCR would be a very paltry portion of the market, or do you see non-DCR to still have a healthy share by 2030? Another thing- Go ahead, sir. Yeah. Another thing is because of the large amount of cell capacities that are coming up, do you see a sizable market for standalone selling of solar cells? going forward as well, or do you think it will be mostly a module-based market and selling of solar cells will be phased out? If you could provide color on these two questions, please. Thanks. Yeah. Basically, when it comes to the demand for DCR, I think that by 2030, I do not see any capacity that is going to be of non-DCR. It could be extremely small, very immaterial capacity, if there is any, that is going to be there for demand. It is all going to be with DCR. When we are looking at that particular period, I think that is quite clear. For the later part of the question. Sir, can you repeat the second part of the question? Sorry, I think we lost it. Yeah. I just wanted to understand. Right now there is a market where you can sell solar cells on a standalone level instead of a DCR module. Correct. Going forward with cell capacities coming up, do you see that market still existing, or do you think it will be only a module-based market? No, I think that will exist to a very small extent, but that will not be a majority. That will be a very small portion. Sure, sir. Understood. Thanks for answering the questions, and all the best for the coming quarters. Thank you. The next question is from the line of Yogesh Patil. Yogesh, please go ahead and unmute yourself. Yogesh, can you unmute yourself? I am audible? Yes, you are. Please go ahead. Thanks for taking my questions. Sorry, but again, I am going back to the silver. A small understanding. Silver 185 milligram to 200 milligram in the current consumption per module per cell. Will it be possible for you to provide a silver paste consumption per watt basis or any thumb rule of silver paste consumption per watt basis? Basically, the reason why we are not giving you the silver paste consumption per cell or per watt is because these are all done by process R&Ds. A lot of technical upgradations and material upgradations are taking place. Because of the sensitivity of that information, we would restrict from giving that information out. Maybe there could be a publicly available information that is there that we can find and send it to you, if there is any. Any thumb rule for silver paste consumption per watt basis? Any publicly available data as per your understanding. Basically, I think what we told that time is that it is about $0.02, is the silver paste, the cost of silver paste about per watt. Based on that, you can probably calculate what the consumption levels are at. I think this is something that we told. The difficult part is that the silver is moving so rapidly on a daily basis. No worries. Secondly, again, on the commodity side, if you could give us a ballpark number, how much quantity of aluminum in terms of grams or kg, generally required for the single module, it would be helpful. Aluminum? Module. No, you are asking for aluminum or for silver? Aluminum frames which are generally required for the- You mean frame for the module? Okay. For aluminum frames are usually about 3 kgs per one. Around 3 kgs. Per module, it will be usually used. Okay. Thank you, and wish you all the best. Yeah. Thank you. Due to time constraint, we are just taking the last question for the day from Aman Jain. Aman, please go ahead and unmute. Hello. I am audible? Yes, you are audible. Yes, you are. Please go ahead. Yes. Sir, I understand that we have talked about this quite a few times now about the silver cost. I just wanted to ask one follow-up question. In the last four or five months, silver cost has more than doubled. You were saying that with technology advancements, we have reduced silver consumption so much that it has almost negligible effect on our cost. Does that mean we have brought down silver consumption by more than 50%, 60% in the last three, four months only? Yes, definitely. Is that the case? Yeah, your understanding is 100% perfect. Okay. It has been so advanced, and we are expecting another 40% reduction going forward from here. Yeah, further. Further. From where we are today, not from the basic. Okay, got it. Thank you so much, sir. That is very helpful. Thank you. That was the last question for the day. I would now request Mr. Manjunatha to give his closing remarks. Thank you, and over to you, sir. Thank you everyone for joining us today and for the thoughtful questions. We value the time you spend with us each quarter, and we appreciate the trust you place in Emmvee. Your questions and feedback help us to stay focused and improve how we communicate our progress. If you have any follow-up after the call, please reach out in our investor relations team using the contact details shared. We will also continue to keep the market update through our disclosures. Thank you again for your continued support. We look forward to speaking with you again next quarter. Thank you once again, and 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 to us on the email IDs mentioned on the invite. We appreciate your engagement, and now you may disconnect your lines.