Good day, and welcome to Q3 and Nine Months FY 2026 Earnings Conference Call, hosted by Shakti Pumps (India) Limited. As a reminder, all participants' lines will be in listen-only mode, and there will be an opportunity for you to ask questions after the presentation concludes. Should you need assistance during this conference call, please signal an operator by pressing star then zero on your touchtone phone. I now hand over the conference to Mr. Rohit Anand from EY. Thank you, and over to you, sir. Good afternoon, everyone. Before we proceed, let me remind you that the discussion may contain forward-looking statements that may involve known or unknown risks, uncertainties, and other factors. It must be viewed in conjunction with our business risks that could cause future results, performance, or achievements to differ significantly from what is expressed or implied by such forward-looking statements. To take us forward through the financial results and developments and to answer our questions today, we have the senior management of Shakti Pumps (India) Limited, represented by Mr. Dinesh Patidar, Chairman, Mr. Ramesh Patidar, Managing Director, Mr. Ramakrishna Sataluri, CEO, Shakti Energy Solutions Pvt Ltd, Mr. Dinesh Patel, Chief Financial Officer, and Mr. Ravi Patidar, CS and Compliance Officer. We will start the call with a brief overview of the past quarter by Mr. Ramesh Patidar, our Managing Director. I will now hand over the call to Mr. Ramesh Patidar, sir. Over to you, sir. Thank you, Rohit. Good afternoon, everyone, and thank you for joining us on a Saturday. I'm pleased to welcome you to Shakti Pumps' earnings call for the third quarter and nine months ended December 31st, 2025. Let me start by saying that Q3 FY 2026 was a quarter of deliberate and disciplined choice for us. While our reported financial performance for the quarter was below our earlier expectations, the actions we took were intentional, prudent, and aimed at strengthening the company for the long term. During Q3, we consciously moderated execution, especially in Maharashtra, to address elevated receivables level and protect balance sheet strength. As part of this approach, we temporarily paused execution of orders of approximately INR 200 crore. This decision resulted in lower revenue recognition and pressure on margins on both QoQ and YoY basis. However, we want to clearly emphasize that this was a strategic decision, prioritizing cash flows and working capital discipline over short-term revenue growth. Margins during the quarter were also impacted by several factors. These included lower realization of around 4% in Magel Tyala orders, a continued increase of around 2% in raw material prices, such as copper, steel, and solar panels, and higher employee costs. Additionally, we consumed some inventory that was procured in Q2 FY 2026, when input prices were higher, which also impacted the margins. We also incurred a one-time manpower cost of INR 4.4 crore due to the implementation of the new labor code, along with investments in emerging businesses that are still in their build-up phase. Importantly, our working capital position has started to stabilize. Even with incremental revenue recognition during the quarter, trade receivables remained broadly stable compared to Q2 FY 2026, reflecting improved collections and tighter execution disciplines. This give us confidence that the corrective steps taken are already showing results. We continue to maintain a strong, diversified order book of approximately INR 2,100 crore rupees, with healthy representation across multiple states, including Maharashtra, Karnataka, Madhya Pradesh, Jharkhand, Uttar Pradesh, and Haryana. Payments from Maharashtra have started improving following the release of funds by the Asian Infrastructure Investment Bank and the state government. The execution in the state has now resumed. Our entry into Karnataka with our first large order marks an important expansion into the southern region. The executions there will be closely aligned with the payment timelines. Our export business remained resilient, performing well during the quarter, with the retail business reporting 25% YoY growth. Revenue from export business stood at INR 307 crore in nine months FY 2026 and INR 105 crore in Q3 FY 2026. We expect this segment to grow at a healthy pace for the full year, supported by the strong retail exports and expanding international opportunities. We also expect our export business to gain traction with the signing of trade agreements of India in major international markets, like USA, our major export market, and also with the Europe. We also continue to see encouraging traction in emerging businesses. AC sales grew strongly during the nine-month period to INR 66.6 crore, a YoY growth of 68%, and our solar rooftop business is recently expanding its dealer network, positioning it to become a meaningful contributor post-commissioning of our DCR module capacity of 500 MW in Q1 FY 2027. Looking ahead, we expect execution momentum to improve meaningful in Q4 2026, which we anticipate to be our highest revenue quarter ever. Although some revenue may spill over into subsequent quarters, we aim to reach as close to our revenue guidance given for the full year FY 2026. Our focus remains firmly on strengthening the balance sheet, disciplined execution and sustainable growth. In closing, we believe the steps we have taken during the quarter place Shakti Pumps on a much stronger footing, allowing us to capture upcoming opportunities while protecting long term value for all stakeholders. Thank you for your continued trust and support. Now, I would like to request Mr. Ramakrishna Sataluri to share the developments and outlook for the Solar Rooftop business. Thank you. Thank you very much, Mr. Ramesh Patidar. We've had a very exciting set of actions in the quarter for the rooftop business. This being a new business that we are starting off, the focus isn't to look into the long term, but work on the basics at present. We spent a lot of time in building the infrastructure, the channel infrastructure for the business. We placed our products in the market to get feedback and the feedback has been very positive. We also started a digital campaign speaking about our products, our strengths, the legacy of Shakti. That's been well received as well. As Mr. Patidar just said, we are looking at some volumes coming in in the next financial year. Once our module plant, the 500-megawatt module plant, also comes up. I now open the floor for questions, please. Thank you very much. We will now begin the question- and- answer session. Anyone who wishes to ask a question may press star and one on their touchtone telephone. If you wish to remove yourself from the question queue, you may press star and two. Participants are requested to use handsets while asking a question. Ladies and gentlemen, we will wait for a moment while the question queue assembles. The first question is from the line of Mahesh Bendre from LIC Mutual Fund. Please proceed. Hi, good afternoon, sir. Thank you for the opportunity. Sir, I think this quarter was, I mean, unexpected one. So was that expected from your end, or is it that as the quarter progressed, the situation become challenging in terms of execution? [Foreign language] Okay, okay, sir, I mean, when you go into this quarter, [Foreign language]? Yes, yes, [Foreign language] Okay, okay, sir, another thing is non-KUSUM business and export business [Foreign language]? What was the contribution from this non-KUSUM and export business? [Foreign language]? Okay, okay, [Foreign language] [Foreign language] Okay, okay and non-KUSUM pump business. [Foreign language] Okay, sir, last question from my end. I think we were doing two projects. One was backward integration project. [Foreign language] solar cell aur solar, I mean solar cell [Foreign language]. Solar module and solar cell and secondly EV business electric vehicle [Foreign language] the so how what is the timeline for this two business and [Foreign language] FY 2027 [Foreign language]? [Foreign language] Sure, sure sir, thank you so much sir! Thank you, Mahesh. Thank you. Thank you, sir. The next question is on the line of Ashish from Investec PMS. Please proceed. [Foreign language]? [Foreign language] [Foreign language]? [Foreign language]. Sir, [Foreign language]. [Foreign language]. [Foreign language] [Foreign language]. [Foreign language] [Foreign language] next 15 to 1 month, 15 days to 1 month [Foreign language]. Okay, [Foreign language] to KUSUM 2 mein [Foreign language]. Visibility wise. [Foreign language] [Foreign language] Ashish bhai, [Foreign language] to INR 5,000 crore [Foreign language], for KUSUM and [Foreign language] INR 22,000 crore ka allocation [Foreign language]. Third thing [Foreign language]. [Foreign language]. [Foreign language] [Foreign language]. Thank you. Thank you. Thank you. Thank you. The next question is from the line of Praveen Motwani from BOI MF. Please proceed. Hi, thanks for the opportunity, sir. [Foreign language] question the. Sir, [Foreign language]. [Foreign language]. But sir, direction [Foreign language] one-time margin [Foreign language] it will come back to 20% plus level [Foreign language]. [Foreign language] Okay, okay, and sir, [Foreign language] some delay. [Foreign language] [Foreign language] [Foreign language] [Foreign language] sir. Second [Foreign language] sir, margins [Foreign language]? Non-KUSUM aur KUSUM [Foreign language] margin difference hai? KUSUM and non-KUSUM mein export and domestic [Foreign language]. Okay, okay, okay. Sir, how should we see this rooftop ramp? In 2027 initially meaning how will the revenue trajectory build? In 2027 what is your internal target? Revenue in 2027. As I said, [Foreign language] think by Q1 we will be clear with what volume we will be looking for the year. Okay, so you will give us more clarity in Q1 of 2027. [Foreign language] Okay, and last question hai, if you can just help me to give some timeline on the new business. Sorry, I missed your initial remark sir!... [Foreign language] please. [Foreign language]. To that is the update for the project. Remaining [Foreign language]. [Foreign language] i sir, thank you. Thank you! The next question is from the line of Kamlesh Bagmar from Lotus Asset Managers. Please proceed. Thank you. The first question was that sir, the current Karnataka order, right, it is about 35, 35% of our total order book and sir, if we look at Karnataka's state finances as well. Sir, their highest ever dues have reached within January 2026. So sir, even though these orders are coming in, but sir, there is an inherent issue of recovery in them sir. So sir, how are you viewing that? Because sir, this Maharashtra one also, this issue has been going on for a very long time, because if we look at other companies too, like suppose a DI pipe company. They had this issue, it has been going on for the past one year and sir, for the past two quarters, this question has also been asked on the call that sir, how will the recovery of these dues happen? [Foreign language] [Foreign language] [Foreign language]? [Foreign language] Back-to-back arrangement [Foreign language] raw material ka. [Foreign language] [Foreign language]? [Foreign language]. Okay, thank you. [Foreign language]. Best possible. [Foreign language], thank you. [Foreign language] Thank you. The next question from the line of Nikunj Bhanushali from Core Wealth. Please proceed. Hello sir, thank you for the opportunity. Sir, there were two three questions. So first of all order [Foreign language]. So last quarter order book was at INR 1,300 crore and we receive additional INR 1,900 crore ka order book. To [Foreign language] I think there is a gap of around INR 400 crore-INR 500 crore. Yes, you rightly said. Actually, the case is that it was a slow-moving project, which was of Ajmer, KUSUM C's. So in that, we are not seeing much traction, therefore we have removed it from the order book. You must have seen, so the Ajmer which KUSUM C's project is, its orders we have removed from here, because it is very slow-moving. Second one which UP's order was, in that they have given us the final order, that 52's they have given. Remaining which 300 crore's orders were, that they have cancelled the old one which order was. In one way and in its place new order to us 52 crore's given so there a correction happened. So these two corrections' reason from you order book in slightly change is showing. But even after that if you see then we have sufficient order book, for next two quarters. Okay, [Foreign language] INR 2,100 crore [Foreign language]? [Foreign language] Right, right, right and [Foreign language]. To any news on that sir? No, [Foreign language]. Okay, okay and then long term [Foreign language]. So from two three years point of view, how do you see the company growing? I mean [Foreign language] and what are target right now? What direction we are moving and what action are we taking right now to achieve your goal. [Foreign language] Right, right. Export ka bhi earlier we had guided in current financial year that approximately we want to cross INR 500 crore this year. ... so what are we expecting exports to be in this year and next year? Ya, to actually [Foreign language]. Okay, okay. [Foreign language], that's it from my side. Thank you. [Foreign language] Thank you. The next question is from the line of Keval Gala from Navkar Investments. Please proceed. [Foreign language], thank you for the opportunity [Foreign language]. [Foreign language]. Ramesh. Sir, [Foreign language]. [Foreign language]. [Foreign language]. [Foreign language] Okay, sir, one last question [Foreign language] sir? [Foreign language] Okay, okay. Thank you, sir. Thank you. The next question is from the line of Darshan Jhaveri from Crown Capital, please proceed. Hello, good afternoon sir! Thank you so much for taking my question. My many questions have matched. Already answered. So sir, one this question I had to ask from you that as you are saying that our order book nearly two quarters for our is enough. So this means that we people INR 1,000 crore + revenue doing are next two quarters in, because that is means no, that's like nearly double of what we have done in last quarter and means company highest ever. You are saying, but highest ever! Means quite big jump is so our with capability is this doing sir, that our capacity constraint not is. Something we will be able to maintain, like we will be able to do a INR 1,000 crore revenue sir. Sir, [Foreign language]? [Foreign language]. [Foreign language]. Correct sir! [Foreign language] Okay, okay, fair enough sir, fair enough sir and sir, [Foreign language]? Sir, it will be 20%+ because export [Foreign language] sir. Retail business [Foreign language]. Okay, okay, okay, fair enough sir, and one last question from my end sir. [Foreign language]. [Foreign language]. Reason behind this is that [Foreign language] INR 400 crore-INR 500 crore [Foreign language]. [Foreign language]? [Foreign language] Okay, because sir, [Foreign language] sir? Particularly, [Foreign language]. Okay, okay, fair enough, that's it from my side. Thank you. Thank you. The next question is from the line of Praveen Motwani from BOI MF. Please proceed. [inaudible] [Foreign language] Mr. Praveen, are you there on the line? Yes, yes, I am audible now? Yes sir, you are audible now. Yeah hi, yeah hi, thanks for the opportunity sir again. Sir, one thing I didn't understand from you, this how are you seeing the orders in pipeline sir, for next couple of months or immediate where it seems that orders possibility is in which state and second sir what is your view on Kusum 2? Would be better than Kusum 1. Sir, these two questions were from mine. [Foreign language] Okay, [Foreign language] sir. Thank you. [Foreign language] Thank you. The next question from the line of Gaurav Shukla from Fin Investors. Please proceed. Sir, am I audible? Yes, yes. Sir, mere maximum questions [Foreign language] 3%. [Foreign language] [Foreign language] sir! Thank you, thank you. Thank you. Ladies and gentlemen, due to time constraint, that was the last question for today. I now hand over the conference to Mr. Dinesh Patidar for closing comments. Over to you, sir. Okay, thank you! Thank you very much. [Foreign language]. Thank you. Thank you on behalf of Shakti Pumps (India) Limited. That concludes this conference. Thank you for joining us and you may now disconnect your line. Thank you.