Q2 25/26

Dec 1, 2025

Summary

Q2 revenue rose 181% YoY to INR 1,131 crore, with 35% EBITDA margin; H1 revenue grew 193%. A 5+ GW order book and debt repayment support capacity expansion and management’s margin outlook.

Good evening, ladies and gentlemen. Welcome to the Q2 FY 2026 earnings conference call of Emmvee Photovoltaic Power Limited, hosted by Raadhi Advisors and JM Financial. 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. 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 Manjunatha, President and CEO, and Mr. Pawan Kumar Jain, the Chief Financial Officer. I now hand over the conference to Mr. Manjunatha for his opening remarks. Thank you and over to you, sir. Yeah. I am audible? Yes, yes. Please go ahead. Good evening to all our esteemed investors, analysts, partners, and well-wishers joining us today. This is our first interaction after listing, and I am honored to welcome you to Emmvee's Q2 results discussion. Today marks an important milestone, not just in our financial calendar, but in the journey of Emmvee as a newly listed company. Over the last few months, we have experienced a remarkable transition from a closely held organization to a publicly listed enterprise, accountable to a larger community of shareholders. I want to begin by saying thank you for your trust, your belief, and your confidence in Emmvee's mission. Our Q2 results reflect resilience, operational discipline, and demand visibility. We have continued to strengthen our manufacturing ecosystem, expand customer engagement, and maintain quality and reliability as the core of our business. What I want to emphasize is not just the numbers, but the consistency of execution across all units, and the solid momentum we are seeing across domestic and international markets. As the Chairman, my first message to investor community is simple. Emmvee will remain a transparent, compliant, well-governed institution. This is not only our obligation, it is our core value. You will see us strengthening board oversight, internal controls, ESG practice, and disclosure every quarter. Our commitment is to build an organization that earns long-term trust, not short-term appreciation. The next few years, we will be transformational for both India solar manufacturing sector and Emmvee. We are deeply aligned with the nation's clean energy goals, and our strategy is built around four pillars. We are investing in world-class module and cell manufacturing and moving firmly into advanced technology that keeps Emmvee competitive on a global scale. Demand visibility is strong. We are strengthening relationship with IPPs, utilities, EPCs, corporates, and international customers. Export will be a key part of our strategic roadmap. Automation, digitization, SAP-driven control systems, and disciplines of management remain focus area. We are committed to enhancing yield, reducing wastage, and maximizing our assets' productivity. ESG is not an additional layer for us. It is integrated into how we build and operate plants, manage people, and design product. Let me state this clearly. Clear communication, sensible capital allocation, balanced leverage, quality-driven expansion, moderate sustainable growth, continued focus on delivering returns. This is how we intend to build long-term shareholders' value. For me, as the founder and Chairman, this quarter is symbolic. It is the first time I am speaking to you as a listed company, and I want you to know Emmvee is at an inflection point. We have the experience of three decades, the energy of a young organization, and the ambition to compete globally. Our foundation is strong, our direction is clear, and our team is deeply passionate about where we are headed. We have placed your trust in Emmvee, and we will honor that trust every single day. With that, I once again thank you, each of you for joining us today, for your confidence and your partnership. We look forward to your questions and open, constructive discussions after speaking by Suhas. Thank you. Good evening, everyone. Thank you for joining us today. I am Suhas Manjunatha, the CEO and President of Emmvee. I will take you through Emmvee's Q2 and H1 for our financial year 2026 performance, the operational progress we have made, and how our capacity expansion pipeline is shaping the next phase of growth. Q2 FY 2026 was another quarter of meaningful scale-up for Emmvee. Revenue from operations for the quarter stood at INR 1,131 crore. That is up by 181% year-on-year and 10% sequentially quarter-on-quarter. EBITDA came in at INR 399 crore, translating to 35% margin, supported by higher utilization and improved product mix. PAT for the quarter was INR 238 crore at a 21% margin. For H1 FY 2026, revenue grew 193% year-on-year to INR 2,159 crore, and PAT increased nearly seven times over the same period last year. The growth continues to be driven by higher module volumes and operating leverage from our expanded footprint. On the operations side, we are tracking well against our planned scale-up. Our installed capacity today stands at 7.8 GW of modules and 2.94 GW of cells. Our confirmed order book of over 5 GW gives us clear visibility for the next 12 to 18 months. A large part of our focus this quarter has been on stabilizing our newly commissioned 2.5 GW module facility at Sulibele, which is now operating smoothly. Our capacity expansion program continues on schedule. The second 2.5 GW module line will come online in FY 2026. That is within this month. Work has commenced on our 6 GW integrated cell and module facility at ITIR Phase II in Bengaluru. We have secured IREDA's sanction of INR 3,306 crore for the same project. These additions significantly strengthen our integrated manufacturing platform and keep us competitive on cost, technology, and delivery timelines. Our Q2 EBITDA margin of 35% was supported by higher utilization, benefits of integration, product mix, and structural cost efficiencies. As volumes ramp up further, our goal is to maintain margins broadly around this current band while staying competitive and continuing to invest in technology upgrades and backward integration. Following our IPO, we have already repaid INR 1,621 crore of long-term debt. The balance sheet is now stronger, leaner, and better positioned to support our growth pipeline. To summarize, demand visibility is strong, execution across capacities is stable, margin performance remains disciplined, and the balance sheet is significantly de-risked from IPO proceeds utilization. These fundamentals give us confidence in our ability to scale predictably and deliver consistent performance as we move into the second half of the year. With that, I will hand the call over to Vinita to take us through the Q&A. Thank you. Thank you. Thank you, Suhas. We will now open the call for questions. Kindly raise your hand to ask a question. We will unmute your line. As a reminder, we request all participants to restrict themselves to two questions and come back in the queue. The first question is from Kaushal Sharma. Kaushal, please unmute yourself and go ahead. Kaushal, unmute yourself. We can't hear you, Kaushal. I'll take the next question from Mr. Deepak Krishnan. Deepak, please unmute yourself. You're on screen, Deepak. Please unmute yourself. I hope this is still audible, fine, Vineetha. Yeah. Question, but Deepak has admitted. Go ahead. Or you can put your question in the chat box. I'll take a few questions from the chat box. What is your R&D spend? How has it grown in the last five years? Does the grid have capacity to absorb electricity generated by solar? Suhas? Sonal, two questions. One is on the R&D spend and the growth over the last five years. Without having numbers in front of me, what I will talk about is we have recently moved into the cell manufacturing. As you know, Emmvee has been a leader in adapting new technologies. Similar to like we have been one of the first TOPCon cell manufacturers, there has been a lot of technical expertise that has gone into choosing this right technology. When it comes to cell manufacturing, what is very important is there are two types of R&D here. One is a product R&D, and the other process R&D. Emmvee has a team of process R&D who hold PhDs in the company, and they are focused on improving the efficiencies of the product and keeping at the forefront of the industry. That is what we are focused on doing today. Point number two, when we are talking about the grid having the capacity to absorb electricity from solar, see, there is a transition that we are seeing made in the installations that are happening, the bids that are being done, where there is an implementation of round-the-clock systems with integration of battery energy storage systems. With this specific integration, the dependency or the over-utilization of the transmission lines have been eased out, and that has been a more sustainable way of going forward. On a positive side, even though the battery integration is there, with the battery integration and round the clock, solar is still now the cheapest form of electricity, which becomes a very good tailwind for us. With that link, we can go to the next question. Yeah. What is the current order book? What is the timeframe to fulfill this order? As I said, the current order book we have is over 5 GW right now. Usually, our order book, if you see in the history also, is about 12-18 months, is the timeline that it takes to operationalize this order. Yeah. I'll go to the next question. As a large chunk of capital raised through, just one second, through IPO was used to repay debt, will it result in increment of profit margin in upcoming quarters? What amount was used earlier in repayment per quarter, and what will it become after the repayment using IPO proceeds? Yeah. We have repaid a total of INR 1,621 crores from the IPO proceeds. After repayment, my debt is only the company's debt, it is long-term, it is around INR 100 crore, plus some small working capital, the funds which we are replacing. Out of this INR 100 crore also, we'll be repaying almost INR 45 crores in next two quarters. By end of March 2026, it will be around INR 50-INR 55 crore long-term debt. With the reduction in the long-term debt of INR 1,621 crore, there will be almost reduction in the interest output by around INR 35-INR 40 crores quarterly. Okay. The next question is, what is the peak revenue potential per 1 GW, and what amount of CapEx is required for 1 GW TOPCon facility? I'll just give a flavor based on what we have done. If you see, with the 7.8 GW of module capacity with us today, our H1 results clearly show that we have a revenue of INR 2,191 crore. That is the revenue potential that 7.8 GW of module is having at the current utilization levels that we are having today. Our CapEx outlook for the 6 GW of integrated facility of our TOPCon cell and module is about INR 5,500 crores. Per gigawatt basis, I think you can work it out based on that. On this EBITDA margins questions, I think there is a clear out. Since we started manufacturing cells, that is September 2024 onwards, we have seen at least consistent delivery of over three quarters now at the range of what we are enjoying today, that is 30%-35%. This is something that we have shown, and not just as one quarter, but continuously over three quarters now. Thank you for that answer. Next question is from the line of Vinay. The current capacity ramp up across industry have overcapacity concerns. What is the management view about the current industry status? Are there any new government support coming of PLI or ALMM? For the overcapacity situation, I'll just talk about where Emmvee stands. If you see, Emmvee has a manufacturing experience in PV modules of about two decades. We've been in the industry for a very long time now. We have proven our capability of being a long-term, reliable, high-quality module manufacturer in this industry. We have a proven track record of establishing cell facility as well as operating the cell facility. These are certain things that a customer of ours would look for. Today, apart from that, when you talk about quality, we have seen that Emmvee's warranty claim rate, what was also published in our prospectus, was less than 0.008% for the average of last three years. Last year was less than 0.0002%. These are certain things where Emmvee is put at the top of the evaluation matrix for any developer that we would talk about. More importantly, when we talk about this is on how Emmvee stands to be on filling up the first preference in the capacity. When we talk about the overcapacity situation, I'll just draw an analogy to module capacity and demand of last year to give you a perspective of how fragmented the industry is and what exactly is going on in this industry. If you look at that last year in FY 2025, India consumed about 35 GW of modules. Out of that, 34 GW of modules. We exported 7 GW of modules. That is 41 GW of modules that were either consumed or exported from India. Now, with the 82 gigawatt of installed capacity of modules last year, India imported 15 gigawatt of modules last year. That's bringing it to 26 gigawatt of modules, only that was manufactured by Indian manufacturers, either for export or for domestic consumption. For that kind of a number of only 26 gigawatt of actual utilization out of 82 gigawatt of capacity, the top companies like Emmvee are successfully delivering. That is the fragmentation the industry has. Serious players in this industry are the ones that are relied on about when it comes to demand from developers. Even if you see on the demand side, if you see that, I'll talk about Q1 data. India added about 11.8 gigawatt of solar installation in the country on the AC side. If you convert to DC side, that is usually 1.2 to 1.4 times, that will basically mean that about 15 gigawatt of installation happened in India for a single quarter. If you annualize it, we're talking about 60 gigawatt of installation that was expected in the-- If you annualize it, 60 gigawatt of demand is expected from the country this year. That is the growth rate that we are seeing. Okay. Thank you for that answer. Next question is from Mr. Subramaniam Yadav. I'm bringing you on screen, Mr. Subramaniam. Please unmute yourself. Thank you very much. Sir, if you can share out of our order book of 5 gigawatt, how much would be DCR orders? Yeah. Thank you, sir. Sir, out of our order book of 5 GW, about 20% of orders would be DCR orders. Okay. Sir, if you can highlight also what is our plan of the backward integration into wafer and ingots, and would that be coming up along with our existing integrated facility in ITIR Phase II? Sure, sir. With respect to our backward integration plan, as you have seen that Emmvee has started manufacturing of cells at the right time, where it was neither too early nor too late for the market. We also got in the latest technology when it came to solar cell manufacturing. Similarly, we are cognizant of the fact that ALMM List-III, roadmap for that has been announced by the government. We have the understanding of June 28 timeline as of today. With that in mind, we have a plan to backward integrate into wafers and ingots. The timeline for that is something that we would like to closely watch on the developments and bring in and announce our plans, so that we are not too early or too late in that perspective. Okay, sir. Finally, sir, if you can give some guidance on the utilization part of solar cell. Because in Q2, what I'm seeing is because of some efficiency improvement, the utilization had dropped to 59%. What is the level you are expecting to end by this year-end? Yeah. Sir, that's a valid question. I mean, you're right. Because we are doing TOPCon cell manufacturing, the latest technology, with efficiency increase, we have maintained the efficiency utilization level of 90%. This will go up to about 85%-90% by the end of the year. Okay, sir. Thank you, sir, very much. I come back in the queue. Thank you, sir. Thank you, Subramaniam. The next question is from Palasha. Palasha, I've got you on screen. Can you please unmute yourself and go ahead? Sure. Thank you. First of all, congratulations, Suhas, and the entire Emmvee team on a very good set of numbers. I think you addressed it partially, but just like to ask, I think there's been quite a bit of chatter in terms of solar PPAs being canceled of late. The point I'm trying to understand is because of the load demand, right? I think there has been quite a few PPAs being canceled, right? Maybe the discoms have not been able to sort of pay up and all. Is there any impact from that visible on module manufacturing? You did mention about supply being inadequate, but this is more about demand being low. Are we seeing something of that sort? Thank you, sir. You have a very relevant question of the present one. See, in reality, there is no PPA has been canceled as of now. That is the PPAs, which has been a standalone solar, the bits which has been taken place for quite a long time, which has not been connected to the grid because of the transmission delays and other issues. Now what the discoms and the SECI or whatever they are looking, it is for the round the clock of the power. What they are telling is, they mentioned that for the mutual understanding, they need to come forward to help to either close that standalone only solar to be including the battery storage changeover, or they need to go for a new bidding. As of today, there is no single PPA which has been canceled. Which recently also we have checked the same with the SECI also. It has been only told that because it is delayed long time, they need to have a round the clock one. That is what presently what is meant. That if you see, sir- Just a quick also, there is one tender pending of what of round the clock bidding has taken place. Just to add on to that if you see this kind of a transition is a positive thing for the industry. One is there was a question about the strain on the transmission lines, which will get eased out because of the round the clock power that is going to be done. More importantly, if you look at it as a manufacturer perspective, all these bids that are going to be re-tendered now will be part of the ALMM List II. That means that cells requirement for these projects will be required. It has been made very clear by the ministry as well, that there is going to be no change in the renewable energy targets that have been set by the government. That is again, a very reassuring statement that was issued. Got it. Yeah. That's helpful. Thanks for that. I think just maybe one follow-up on that. Suhas, basically, again, there's been some bit of reporting saying that there were quite a few tenders which were rushed to maybe sort of have a workaround around the ALMM timeline. Is that quantum significant or I mean, I'm talking in the point of view of DCR demand. The higher obviously tenders which are, let's say, canceled because of not having a workaround. I mean, the better it is for us, right? In terms of DCR, essentially capacity coming into play. No. See, DCR capacity, in terms of demand perspective, is going to be in three different buckets. Bucket one is the existing scheme projects, that is your PM-KUSUM scheme, your PM Surya Ghar Yojana, the SCST scheme and the CPSU Scheme. This is one existing bucket that will continue to be there. The second bucket is your C&I segment or anything that is other than the utility segment, that is going to be connected to the grid, is mandated to use ALMM2 modules, that is DCR modules, from June 2026 onwards. There is a big utility segment. That is anyways having exemption for tenders that have already been bid until August 2025. Those things, usually once the tender is completed, then it usually takes about 12 to 18 months for these tenders to get executed into completion of project. That is the timeline it takes for the module delivery also to happen for these projects. Usually, you need it towards the end of the execution timeline. If you see on reality basis, most of the utility segment would usually come in in first calendar year of 2028 for DCR requirement. Similar to what we have planned the expansion of 6 GW of cell and module. Which is operational. Which is the operational expansion of cell and module. That is how we have planned our expansion to time it right. Okay. Yeah. Thank you. Thanks for this info. This is helpful, yeah. Thank you. The next question is from Sudhanshu. Sudhanshu, I have brought you on screen, please unmute yourself. Yeah. Thank you, Suhas, and congrats for the good set of numbers. MNRE has proposed increasing the threshold efficiency limit from 20% to 21%. What will be that's impact on the installed capacity in the country? Sir, yeah, that's a very good question. Thank you for that. If you see that right now, there is a mix of There is a very high fragmentation of capacities that are there in the country. There are lines that are quite old or are not in a capable position to operate high efficiency modules, produce high efficiency modules. With the MNRE's intention to promote high efficiency solar modules and cells, this particular 21% and 21.5% roadmap what they have given for the requirement, that basically means only your high efficiency mono PERC and your TOPCon modules can only fit into this. That probably that means almost about over 30% of capacities have to be relooked at what is going to happen to them. Is it if some manufacturer has the efficiency levels which is less than 20%, is it possible for them to cut? How they are going to increase their efficiency levels? Basically, it depends on the way the line is built. Some lines are capable to run a higher efficiency with some minor alterations. Whereas many lines which are currently running at over 20%, to my understanding, it is difficult, and it requires a full change of line, when it comes to moving into Okay modules. When it comes to Emmvee, all our products right now, all our lines are running 20, 21 to 21.5, more than 21.5% efficiency, for our module efficiency. We are in a very comfortable place in this sector. Okay. My next question is, so much of cell capacity, some 20 gigawatt plus cell capacity is there in the country, and out of that a lot of is the mono PERC. How feasible it is for these manufacturers to graduate from mono PERC to the TOPCon cell capacity? Theoretically, it is feasible, but practically it has not been Sir, lot of disturbances coming from the back. Vineetha, there is a background noise, I don't know, from some of the attendees. Attendees are on mute. Okay. So it's okay. Okay. Anyway, sir, I hope I am audible now. Yes. What I was saying is that when it comes to practically moving from mono PERC to TOPCon in cell manufacturing, there are a few things, there is a lot of things that will change. One is that mono PERC is just an 8-step process, whereas TOPCon is 14 steps. That means double the equipment what was there for mono PERC needs to be added. You need more space for that, and more space means that is larger cleanroom area. Just not more land, but you need to have a larger cleanroom that is available or need to be built within the same facility. The type of cleanroom is also changing. Let us say you already have a cleanroom that is big enough. But that cleanroom is now built for mono PERC, it is usually class 8 cleanroom that is required. For TOPCon, you need class 6 cleanroom. That is 185 times you have to change air inside the room every hour for class 6. Which is close to a semiconductor-grade cleanroom and greater than a pharma-grade cleanroom. So that kind of upgradation needs to be done. And then there is a water consumption that is required almost 1.5 times. Then gases, there are more gases required than what is required for mono PERC. Power, that is more power required than what was required for mono PERC. That is 1.6 times more required. Again, all the chemicals, gases you use, you need to treat that. So all your scrubber systems, your ETP, everything needs to be, again, sized much higher. What has happened, what we have seen in China is that people have built new TOPCon facilities and not converted their mono PERC facilities. It is practically a very challenging task. Okay. Just last question from my side. As per the PPT, the cell capacity is 2.9 gigawatt. Okay. But in ALMM2 list, it is listed, I think, 1.9, 1.5. So why there is a difference? I will tell you, sir. Basically, 2.94 gigawatt is the design capacity of a cell plant, right? When we have set up our TOPCon cell line, we have done for the latest modules and latest machinery and latest size. Our maximum size of cell that we can make is 210mm by 210mm. That in the solar industry it is called as G12 cell, G12 format. When we make that means per cell, the cell can produce a much higher energy, that is 11.5 to 11.8 watt per cell. Because of the current market demand and market situation, because of the sizes, heavy weight of the module et al., right now the market is at M10 size, and that is slowly going to transition to G12 size. When you do M10 size, the effective capacity will come much lower than what it is comes in your G12 watt, because in M10 you can make only about 8.2 to 8.5 watt peak of power per cell. That is the change that will come through. Then in the ALMM list, what happens is, just on, they have a percentage of capacity that they will consider on whatever they see at actual performing with the efficiency that is coming. That is 8.2, 8.3, whatever watt peak we are talking about, that much. That is why you see that difference. Okay. Thank you. That's what they will take. Okay. Thank you, sir. This was last from my side. Thank you. Thank you. Thank you, Sudhanshu. The next question is from the line of Aman Jain. Aman, can you please unmute yourself and go ahead with your question? Yeah. Hi, am I audible? Yes. Yes, you are. Yeah. Yes. Please go ahead. Okay, good. Thank you for taking my question. My first question is regarding the pricing trend in both DCR and non-DCR market. As per our channel checks, we are hearing that prices in non-DCR market has softened up, while in the DCR market, they are still going quite strong. Any color on that will be really appreciated. Also, can you please also tell what are the current prices that are going on? Let me tell you one thing. I mean, pricing in non-DCR market going down, and these things. See, for us, since 2006 when we started manufacturing till now, we have seen varied pricing. Most of the time, the pricing is on downward. When we started in 2006, the price was around EUR 3 per watt, and today we are talking about less than 5% of what it was back then, right? These are the cycles that we have seen. Irrespective of that, if you look at our last three years of data, our five performance, what was also in our prospectus, you can see that irrespective of the prices changing, because there were times in that last three years, financial years of there was no duty, there was no ALMM, there was ALMM, there was duty. These kind of scenarios, these kind of price changes that you have seen. The basic pricing of, or the basic EBITDA seen is strong. The EBITDA per watt peak, which you can work out by seeing our production as well as EBITDA. You can see that it is quite stable. Point number 2, what happens, most of our— Since Emmvee is a manufacturer who supplies to primarily a key account customers, that is why you see top 10 customers forming about 80%-95% of our revenue, is that we basically have a more stable order book and a more long-term kind of a situation with passthrough contracts, with change in price contracts. These ones are— We are not as much affected to any momentary changes in pricing. Our EBITDA continues to be stable irrespective of what pricing changes. Because pricing also would change based on our costs, would also change based on increase in efficiency, the per watt peak prices changes. These things will all change. As we transition from mono PERC to TOPCon, prices have reduced. As we transition from TOPCon to G12, our prices will reduce from M10 up to G12, because the efficiency for each module you make is more. Your cost per module also will reduce accordingly. Got it. That is great to hear that we are able to maintain our EBITDA, but what peak margin? Is it the case, are we seeing prices softening up in either market? I just want to get a sense of the market, how is it shaping up? No, as I said, price softening is something which is why it is difficult to say that, but what I can tell you with conviction is that our EBITDA is not changing. Okay. We are maintaining our EBITDA irrespective of what changes on the realization. That is really great. My second question is regarding a new cell line. Will you be able to share any timeline on it? By when will you be able to commission the cell manufacturing line? Yeah, sure. See, right now, we have got the land plotted, and work is started on the expansion. It is a 6 GW of greenfield cell expansion. This is additional to what we already have of 2.94 GW of TOPCon cell. So it is pretty much a replication of probably doing it better, this time. That we expect to become on a fully operational basis, on a ramped up basis, by end of March 2027. March? April 2027. March, April 2027. That's great. Just quickly, one more, if I may. You briefly discussed about demand from rooftop. In the recent months, we saw a run rate of almost 1 GW per month, which is almost double of what it has been historically. That's great, but are you seeing any slowdown in the additions, or do you expect the additions to be this strong going forward? It is going to be forward furthermore because of now the Surya Ghar Yojana as well as the rooftop, the benefits of the individuals, what they are getting is the cost-benefit analysis and net metering, the policies of all discoms, what they are easing out. This is going to increase furthermore. Okay. Thank you so much for your response. That's it from me. Thank you. Thank you, Aman. The next question is from the line of Sahil Sheshrai. Sahil, I've got you on screen. Please unmute yourself and go ahead. Congratulations on the good set of numbers. My question would be, if you could shed some light on what is the CapEx differential- Hello? Hello? Sahil, can you just speak a little loudly? Hi, sir. Am I audible now? Yeah, much better. My question would be, what is the CapEx differential when using European manufacturing equipment versus a Chinese manufacturing equipment? See, when it comes to cell manufacturing, there are a couple of things that comes in, right? One is, at the time when we were setting up our cell manufacturing, it was one of the first TOPCon cell manufacturing that was set up in the country. Point number two is, and it was a time when the geopolitical scenario between China and India was not at its best. Point number three is that the cell equipment, when you see the CapEx, it is different, but when you see the cost of operational difference. Because on the OpEx side, the European equipments are much lesser expensive than Chinese. Because, for example, the water, European equipments use 50% of the water what Chinese equipment uses. Power, it is using much less power than what Chinese equipment uses. Similarly, all the resources. These things, if you see it, our decision was that European equipments are not very expensive compared to the Chinese. What would its effect be on the overall IRR or the payback period for the project? Our calculations showed that it was quite negligible. Okay, sir. Thank you. Thank you. The next question is from the line of Rishi Tekchandani. Rishi, can you please unmute yourself and go ahead? Yeah. Hi. My question was that, considering that there is significant overcapacity in the module market currently in India, how is the industry panning out, going forward? What do you expect in terms of the smaller players being able to sustain? Or you feel that the smaller players will be largely drawn out of the market with vertically integrated players which are backward integrated into cell, wafer, ingot, and so on and so forth, they will sustain. Also, the impact of this overcapacity on the current price trend. Are you experiencing any sort of margin pressure and going forward, how is the trajectory expected to be in terms of profitability? I will answer this question again in two parts. One is on the overcapacity and margin pressure because of overcapacity. I think I have already explained the capacities, what was last year and what is this year also. With that, I think I probably tried to establish that irrespective of overcapacity on paper, in the last financial year, our margins were strong and continued in the next two quarters this financial year, our margins remained strong. Overcapacity on paper is not necessarily what we see as an overcapacity in actual, in the market. Point number two, when it comes to talking about smaller players sustaining or not, I will probably answer in a different way. Instead of talking about smaller or bigger players, I will talk about integrated players or not standalone module manufacturers. When we look at standalone module manufacturers, I think the roadmap of the industry is quite clear that in the next couple of years, within the next one, two years, the standalone module capacity in India starts to become irrelevant, and the focus is going to be completely on integrated module manufacturers. For now, integrated manufacturers mean cell and module. Going forward with the roadmap the ministry has announced, it is for people who are also going to get into wafers and ingots. I think it is not about the size, but it is more of the conviction and the seriousness that the manufacturer is showing on the industry and the control of the value chain that it will continue to have. Similar to this, we are completely geared up, and we have proven that our capability to set up and backward integrate into cell line, with speed, with conviction is there. Then, similarly, we have shown clear plans of getting further backward integrating without adding the timelines. We also have spoken about further establishing other parts of the value chain. That includes your ancillary components to strengthen our capabilities and our seriousness into the industry. Sir, just a small follow-up question, just to be clear. Going forward from, let's say FY 2027 onwards, what is the margin trend that you are expecting? Is it still expected to improve compared to this full year, FY 2026? Or, you expect some kind of a moderation? Or how is it? Because of backward integration it could be the same or improve even further. Sir, right now, with backward integration, whatever margin levels that we are achieving, it is going to be in line with that. That is how we are looking at this. Okay. Okay, sir. Yeah. Thank you. Thank you. Thank you. The next question is from the line of Kapil Ahuja. If you can just unmute yourself and go ahead, Kapil. Yeah. Hi, am I audible? Yes, you are. Please go ahead. Sir, I would like to know regarding the DCR requirements, how much is the offtake of TOPCon cells and how much is the offtake of mono PERC cells in the last one and a half years? If you see that last year, I am talking about modules because we had cells only from September 2024, and all our cell production was all our cell is TOPCon. I will just give you an idea of last year, last financial year that is I am not sure that is asked. Okay. Hello. Sorry. What I was saying is that from April 2024 to March 2025, our sales had 70% TOPCon and only 30% mono PERC of module. These are module sales. Then in this financial year, you are seeing that 100% of the demand that we have is for TOPCon modules. That is the mix that you are seeing and the transition that you are seeing from mono PERC to TOPCon. What's the user base of the TOPCon modules? Because, I suppose mono PERC user base is more for the solar pumps and big IPP projects. Are they taking TOPCon also, the IPP ones? Yeah, absolutely. The IPPs are only preferring TOPCon because what happens is from mono PERC to TOPCon, you're seeing more than 1.5% increase in efficiencies. That is at the current moment. But mono PERC has a theoretical limitation of 25% when it comes to efficiency and that means practically you'll be only able to do 24%, which we are already at. TOPCon, on the other hand, has a theoretical efficiency limit of 29%, and we are only at 25.5% today, and it is only increasing now. With this, you are going to save on The developer save on land, they're going to save on BOS cost, and they're going to save drastically. That way, what happens is, it becomes a very important thing for them to use higher efficiency modules, which is why it becomes a natural choice for the customer. Similarly, even for any applications for that matter. Instead of using five panels, if I use four panels, I will save that much, 20% of the cost. That is how this works. Okay. Because many players have been adding capacity by buying the refurbished or the secondhand mono PERC plants. They are buying from Thailand, China, and elsewhere. Because the cost is almost half of the new one, and their ROICs are much better because they are getting the payback in less than three years. When we talk of realization per watt in non-DCR, what's the realization of TOPCon versus mono PERC in non-DCR market per watt? Very simple. I mean, right now, see, realization doesn't matter much because what happens is, if I were to make a TOPCon module or a mono PERC module for non-DCR also, my cell cost right now for mono PERC is more expensive than TOPCon. The reason is, the availability of mono PERC has reduced across the world because China has completely transitioned to TOPCon. Very small capacity of mono PERC is available. Point number 2, the quality of that capacity available is not too much. Then point number 3, what is there right now is, so even though it is going to be more expensive for me to make a mono PERC module as against a TOPCon module, I cannot sell mono PERC higher. In fact, I have to sell mono PERC lower than TOPCon because for the developer, it is going to be more expensive to use a mono PERC module than TOPCon module. This discussion we have not had in a very long time with our customers, but when we had in 2022, 2023, the customers were suggesting that they were willing to pay 1.5 cent more for TOPCon per watt than for mono PERC. Because for them, they will save that much on the land. Yeah, same thing happened in 2021 also, when multi-crystal modules were getting converted into mono PERC. Yes. We were not getting the wafers for the multi-crystal. Thank you. That's all from our side, sir. That is correct. Thank you. The next question is from line of Deepak Krishnan. Deepak, can you please come on screen? I have got you on screen. Please unmute yourself. Deepak, can you go ahead with your question? Just unmute yourself. I think Deepak is still not again. Problem on his side. Maybe question in the chat box. Yeah. I can take the next question. We will get Deepak afterwards. Next question is from the line of Tanmay Zaveri. Tanmay, please go ahead. Unmute yourself. Hi. Good evening, sir. Thank you for taking my question. My question was, I just wanted to understand that from INR 500 crore revenue, we have scaled up to INR 2,000 crore plus revenue, and the fact that our PAT has grown from INR 13 crore to INR 370 crore. Just wanted to understand what were the key factors that drove this growth? When it comes to revenue, it is basically a function of our capacity expansions that we have done over the last few years. You can see our capacities has grown significantly to today's 7.8 gigawatt. The gigawatt growth is coming because of our cell expansion, that is, backward integrating into cell manufacturing rather than only module manufacturing. I think what essentially I am trying to say is we are not only adding capacities or backward integrating, but that is basically backed by the results that you see on paper. Okay. Sir, I guess I missed a part on the debt and the interest part, which was discussed earlier in this call. What I have gathered so far is we have repaid all our INR 1,600 crores debt, and so far we will have only INR 100 crores of long-term debt. Yes. Which will be around INR 45 crores by end of this year. Around 55. Yeah, INR 55 crores. Then we also have INR 3,000 crores debt which will be coming from IREDA for that capacity, right? That is basically through the expansion plan. It will come in a phased manner and full capitalization we are going to see only in, like I told, April 2027. That essentially will come to your 2028 financial year. There are also growth plans. You can see that we are also our capacities until then and our growth plans until then are expanding. We aim to maintain that debt to equity ratio of less than one in this. Just to add it, going forward with the strong results and the cash flow, maybe we will not be able to draw the full amount. We will be able to fund part of the capacity expansion. Okay. What kind of interest are we looking for H2? Pardon of? Interest. Interest, interest cost. In H2? Yeah. H2 of this, Q3 and Q4. Probably we'll take a guidance on what Pawan told earlier. Like current interest versus what we have repaid will basically give a relief of about INR 30 crore-INR 35 crore, because of the repayment that has- Per quarter. The third quarter. That will be the saving on whatever we have achieved so far. Yes. Without getting into exact numbers. Okay. Thank you so much, sir. Wish you all the best. Thank you very much. Thank you. We will take the last question for the day, from Mr. Abhishek. Abhishek, please unmute yourself and come on, and go ahead. Abhishek, you can unmute yourself. Hello, my voice is audible? Yes. My question is, we have order book of 5 GW as written on PPT. Is this price locked or the module prices will be when delivered? When we deliver the module, that price at that time will be the actual revenue. We have two types of contracts. One is on a short to medium term basis, it will be a fixed price contract where the price is locked and we receive a sizable advance to block our raw material, that is cells in some cases, and wafers in some cases, which becomes the most major part of our raw material. Remaining is not as volatile. Then point number 2, where we are talking about the variable contract, which makes up most of the contracts that we are selling at Emmvee, which is close to about 70% of the contract. There what happens is your price is fixed and other than the cost of the cell or the wafer, which basically changes to the, at the time when we are bringing the cell and the wafer, jointly with discussing with our customers. That basically means that our margins are protected, in these cases, and there is lesser risk for the manufacturers. Okay. Another question was, this year the order book grew significantly. Are you expecting at the end of this financial year, how much would be the order book? Any estimation on how much we have applied for the tenders and what is the percentage that we usually get? If you see our order books, we are only growing to the extent of our capacity growth, and we are not taking multiple times of capacity. The idea is to maintain that 12-18 month delivery period from the order book. All our order books are confirmed order books with some advance received. In that case scenario, whatever the rate of expansion, you should see the order book also getting added to that extent. And we usually take around 12 to 18 months of the order book, of the work capacity. Correct. Thank you. Thank you. Thank you. That was the last question for the day. Thank you once again for your time and participation. On behalf of Emmvee 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. You may now disconnect your lines. Thank you, Suhas. Thank you, Maniranjan. Thank you. Thank you. Thank you.