Ladies and gentlemen, good day, and welcome to the Q4 and full year FY 2026 earnings conference call hosted by Shakti Pumps India Limited. As a reminder all participants lines will be on a listening mode and there will be an opportunity for you to ask questions after the presentation concludes. Should you need assistance during this conference, please signal operator by pressing star then zero on your touchtone phone. Please note that this conference is being recorded. I now hand the conference over to Mr. Rohit Anand from Ernst & Young LLP. Thank you, and over to you, Mr. Anand. 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 development and to answer your question 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, Chief Executive Officer, Shakti Energy Solutions Limited; Mr. Dinesh Patel, Chief Financial Officer; and Mr. Ravi Patidar, Company Secretary and Compliance Officer. We will start the call with a brief overview of the past quarter and full year FY 2026 by Mr. Ramesh Patidar, our Managing Director. I will now hand over the call to Mr. Ramesh Patidar. Over to you, sir. Thanks, Rohit. Good afternoon, everyone, and thank you for joining us on Shakti Pumps Q4 FY 2026 earning calls. FY 2026 marked a strategic transition year for the company, one where we deliberately balanced growth with financial discipline. Our priority throughout the year was clear, to strengthen the balance sheet, improve cash conversion, and build a resilient operating platform capital capable of delivering sustainable long-term growth while continuing to reinforce our leadership in the solar pumping segment. The company delivered its highest ever consolidated revenue of INR 2,698 crore in FY 2026, with Q4 FY 2026 revenue at INR 858 crore, also the highest in the single quarter. This performance was backed by a strong execution ramp-up, with solar pump installation increasing 20% year-on-year to 86,086 units in FY 2026, and a robust 51% year-on-year growth in Q4 FY 2026 to 28,345 installations. The strong exit run rate in the fourth quarter underlines our improved execution capabilities and sustained traction across key states. During the year, we navigated a challenging operating environment. EBITDA margin faced pressure from lower realizations under the Magel Tyala scheme, a sharp increase in raw material prices, and elevated logistic and freight costs impacted by ongoing global geopolitical disruptions. Importantly, these are external and cyclical headwinds, not a structural issue. Despite these challenges, we sustained EBITDA margin at approximately 16% for FY 2026, reinforcing the robustness of our operating model and our ability to protect profitability while maintaining execution momentum. Crucially, we have not pursued growth at the cost of balance sheet strength. FY 2026 focused on disciplined execution and capital stewardship. This is now clearly reflected in our financials. Receivables were reduced by over INR 420 crores during the fourth quarter, reduced from INR 160, INR 197 crore as of December 31st, 2025 to INR 1,276 crore as of March 31st, 2026, representing a 77-day improvement in receivable days. This was achieved even as Q4 marked the highest quarterly revenue in the company's history, underscoring our strong focus on working capital efficiency. As a result, the company generated healthy cash flows from operations of INR 124 crore in FY 2026, significantly strengthening balance sheet quality and liquidity. The improvement in cash conversion is key pillar of our long-term strategy and position us well to fund growth sustainably without undue leverage. Our order book stands at approximately INR 1,500 crore as of May 7, 2026, providing strong revenue visibility for the coming periods. We remain constructive on demand prospects supported by anticipated policy momentum under KUSUM 2.0, continued opportunities under the Magel Tyala scheme, Sustained demand across other state-level solar initiatives. On the export front, FY 2026 saw a stable performance. During Q4, export were temporarily affected due to the delays in order placement amid geopolitical tensions in the Middle East. Encouragingly, we have witnessed improving traction through our dealer and distributor network, which we expect to remain a steady contributor going forward. Meanwhile, the growth in our case based domestic business has enhanced revenue diversification and further supported working capital efficiency. Beyond our core solar pumping business, we are also looking into related areas like solar rooftop system and electric vehicle parts, which are aligned with India's clean energy transition and offer attractive medium to long term opportunities. Shakti Pumps remain committed to growing responsibly, protecting the balance sheet, preserving cash flows and investing for the long term. We are confident that the fundamentals of the business remain strong and the steps taken in FY 2026 ensure that we emerge from current challenges better positioned, more resilient and firmly focused on sustainable value creation. We believe these actions reinforce our long standing commitment to all stakeholders and underscore the Shakti Pumps is here to stay with long term growth firmly intact. I now request Mr. Ramakrishna Sataluri to share key developments and the outlook of our solar rooftop business. Thank you. Thank you, sir. Thank you very much, Mr. Ramesh Patidar. Good afternoon, everybody. Just to take it from where he has left, the strong fundamentals and the excellent product quality has really helped the rooftop business to start off very well. We started very well, and we realized that the heart of this solution belongs to the inverter, and therefore we placed a lot of inverters in the market to check the feedback. Given that the strong Shakti brand acceptance is pretty good. The feedback also for this product is very good. We have partners and we have customers who've come back to us and said that whenever there is a Shakti inverter that has been installed, we're having about roughly 10% better generation, which all goes very well for this business. We've already set the channel up in most of the places. That's a continuous process. We have some very good distributors set across the country. We are looking forward to some very good numbers in this financial year. This year really looks very good for us. Thank you very much. Now I open the floor for your questions, please. Thank you. Thank you very much. We will now begin the question- and- answer session. Anyone who wishes to ask a question may press star one on their touchtone telephone. If you wish to remove yourself from the question queue, you may press star two. Participants are requested to please use handsets while asking a question. Ladies and gentlemen, we will now wait for a moment while the question queue assembles. Our first question comes from the line of Prakhar Tibrewala from Choice Institutional Equities. Please go ahead. Yeah. Hello, sirs. Congratulations for a record-breaking revenue number. My question is regarding the margin. Do we see a way back to the peak margins of 24% we saw in H1 FY 2026 and back in FY 2025? Are we expected to remain at the current levels? Prakhar, margin [Non-English content] effect raw material [Non-English content] pricing[Non-English content] control [Non-English content] raw material price, copper, stainless steel [Non-English content] silicon sheets [Non-English content] variation [Non-English content] Dollar [Non-English content] increase [Non-English content] margin [Non-English content] matter [Non-English content] yes, [Non-English content] better margin [Non-English content] raw material [Non-English content] pressure [Non-English content] margin [Non-English content] product day by day [Non-English content] improve [Non-English content] growth [Non-English content] export [Non-English content] yes, margin always depend on the raw material pricing [Non-English content] Dinesh Patel [Non-English content] Sir, actually [Non-English content] temporary impact [Non-English content] just because of this war and other things. [Non-English content] smoothen [Non-English content] margin [Non-English content] improve [Non-English content] Okay. Do we see it coming back to like 20% again? [Non-English content] comment [Non-English content] early [Non-English content] Once the things get back. [Non-English content] war settle [Non-English content] We update you in Q1. [Non-English content] sir [Non-English content] lower realization [Non-English content] impact [Non-English content] approximately? 3%-4% [Non-English content] impact sir [Non-English content]- Okay. ... [Non-English content] earlier call [Non-English content] recent [Non-English content] tenders [Non-English content] 3%-4% [Non-English content] impact [Non-English content] [Non-English content] follow up [Non-English content] for FY 2027 [Non-English content] states [Non-English content] expect [Non-English content] orders? [Non-English content] INR 1500 [Non-English content] order [Non-English content] order book [Non-English content] Prime Minister [Non-English content] speech [Non-English content] diesel pump [Non-English content] solar pump [Non-English content] replace [Non-English content] KUSUM, PM KUSUM [Non-English content] PM KUSUM 2.0 [Non-English content] quarters [Non-English content] KUSUM [Non-English content] Okay. Okay, sir. Thank you. Thank you, Prakhar. Thank you. Thank you. Thank you. Our next question is from the line of Aashish Upganlawar from InvesQ PMS. Please go ahead. [Non-English content] detail [Non-English content] tendering [Non-English content] prices [Non-English content]? Competitive scenario [Non-English content] situation on state government [Non-English content] payment [Non-English content] but still [Non-English content] receivables [Non-English content] PM-KUSUM 2.0 [Non-English content] delay [Non-English content] as in government [Non-English content] context [Non-English content] clarity [Non-English content] overall [Non-English content] government [Non-English content] thinking [Non-English content] tender [Non-English content] prices [Non-English content] competition [Non-English content] pressure [Non-English content] basically? Sir, actually [Non-English content] Q3 [Non-English content] compare [Non-English content] improve [Non-English content] commitment [Non-English content] according [Non-English content] almost [Non-English content] INR 800 [Non-English content] top line [Non-English content] quarter [Non-English content] INR 1,200 [Non-English content] compared [Non-English content] receive [Non-English content] receivable side [Non-English content] improvement. [Non-English content] balance sheet strength [Non-English content] receivable timely collect [Non-English content] execution [Non-English content] quarter [Non-English content] remaining [Non-English content] INR 1,200 [Non-English content] receivable [Non-English content] INR 900 [Non-English content] not due [Non-English content] RMS [Non-English content] fund [Non-English content] availability [Non-English content] states [Non-English content] issue [Non-English content] execution [Non-English content] committed [Non-English content] Okay. Not due [Non-English content] before which you can raise the receivable. [Non-English content] installation? [Non-English content] sir, [Non-English content] tender terms [Non-English content] installation [Non-English content] seven days [Non-English content] RMS [Non-English content] 10% [Non-English content] 90 days [Non-English content] RMS [Non-English content] due [Non-English content] recover [Non-English content] [Non-English content] sir- [Non-English content] recent [Non-English content] pump [Non-English content] ...[Non-English content] 100 [Non-English content] minimum block [Non-English content] receivable [Non-English content] count [Non-English content]- [Non-English content] [Non-English content] [Non-English content] [Non-English content] [Non-English content] [Non-English content] [Non-English content] [Non-English content] [Non-English content] [Non-English content] [Non-English content] Thank you, sir. Okay, thank you. Thank you. Our next question is from the line of Ankit Shah from Anand Rathi. Please go ahead. Hello, am I audible? Yes, you are audible, sir. You may proceed. Sir, [Non-English content] margin [Non-English content] 25% [Non-English content] 10% [Non-English content] revenue [Non-English content] year-on-year increase [Non-English content] operating leverage advantage [Non-English content]? [Non-English content] 2%-3% का sir operating leverage [Non-English content] 2%-3% okay [Non-English content] raw material price [Non-English content] impact [Non-English content]? Raw material price [Non-English content] around 6%-7% [Non-English content] impact [Non-English content] quarter [Non-English content] Okay 6%-7% okay raw material [Non-English content] impact [Non-English content] 3%-4% [Non-English content] operating leverage impact [Non-English content] realization [Non-English content] impact [Non-English content]? Realization [Non-English content] 77 days [Non-English content] impact [Non-English content] Q3- Q4 में [Non-English content] receivables, even though [Non-English content] quarter highest ever [Non-English content] [Non-English content] receivable around INR 1,200 [Non-English content], right? [Non-English content] receivable days [Non-English content]. Depend [Non-English content] depend [Non-English content] execution [Non-English content] Quarter on quarter [Non-English content] update [Non-English content] [Non-English content] guidance [Non-English content] financial year 2027 [Non-English content] top line [Non-English content] Sir [Non-English content] year-on-year growth [Non-English content], numbers [Non-English content] quarterly update [Non-English content] Okay okay thank you so much. Thank you. Thank you Ankit. Thank you. Our next question comes from the line of Nikunj Bhanushali from Wallfort PMS. Please go ahead. Hi sir, thank you for the opportunity. Sir, my first question is next year [Non-English content] financial year [Non-English content] standpoint [Non-English content] CapEx [Non-English content]? Firstly FY 2026 [Non-English content] CapEx [Non-English content] and FY 2027 [Non-English content] plan [Non-English content] for the solar cells or module? [Non-English content] actually [Non-English content] monitoring report [Non-English content] publish [Non-English content] Q2 onwards [Non-English content] Okay in terms of pump installations next year [Non-English content] target? [Non-English content] last year [Non-English content] quarter on quarter. [Non-English content] One last question. exports [Non-English content] because of the West Asia war impact so will the current year [Non-English content] orders [Non-English content] orders [Non-English content] situation [Non-English content] export wise [Non-English content] growth [Non-English content]? Definitely [Non-English content] current situation [Non-English content], geopolitical situation [Non-English content] problem [Non-English content] everywhere [Non-English content] materialist [Non-English content] year-on-year [Non-English content] Okay [Non-English content] Thank you sir. Okay thank you. Thank you. Our next question comes from the line of Daksh Malhotra from Aadriv Global. Please go ahead. [Non-English content] [Non-English content] Sir, would you like to give any put any numbers to this for FY 2027? Numbers [Non-English content] Maybe gigawatts or whatever. [Non-English content] Noted sir. [Non-English content] Are we getting any breakthroughs? Last [Non-English content] last to last call [Non-English content] Patidar [Non-English content] JBM Auto [Non-English content], but it still shows under emerging business in the presentation, [Non-English content] output [Non-English content], revenue [Non-English content] generate [Non-English content]? [Non-English content] [Non-English content] sir, thank you for answering these questions. Wish you the best sir. Thank you. Thank you. Thank you. Thank you very much. Thank you. Our next question comes from the line of Mahendra Jain from Way2Wealth. Please go ahead. Yeah good afternoon sir. Thank you for giving me that opportunity. Sir [Non-English content] I am audible sir? [Non-English content] Thank you sir thank you. Sir [Non-English content] sir we are expecting [Non-English content] world [Non-English content] CapEx [Non-English content] war [Non-English content] export [Non-English content] opportunities open [Non-English content] are we thinking on that line [Non-English content] nuclear [Non-English content] hydrogen [Non-English content] we can enter like in future [Non-English content] higher end products [Non-English content] low turnover high margin products value added products [Non-English content] sir [Non-English content] light [Non-English content]? [Non-English content] already product develop [Non-English content] distributor develop [Non-English content] 130 country [Non-English content] Sir nuclear side [Non-English content] [Non-English content] [Non-English content] What we are expecting? [Non-English content] Okay sir [Non-English content] thank you. Thank you Mahendra, thank you. Thank you sir, thank you. Thank you. Ladies and gentlemen, to ask a question you may please press star and one. Our next question is from the line of Yohan Khinvasara from Asian Broking. Please go ahead. Hello. [Non-English content] Sir, actually [Non-English content] sir [Non-English content] quarter [Non-English content] tax rate [Non-English content] high [Non-English content], sir, approximately 42%? [Non-English content] impacts [Non-English content] warranty provisions [Non-English content] dividend tax [Non-English content] corporate CSR [Non-English content] addition [Non-English content] due to year end [Non-English content] complete [Non-English content] slightly [Non-English content] actually total profit [Non-English content] quarter- on- quarter impact [Non-English content] but [Non-English content] year-on-year [Non-English content] always 27% approx [Non-English content] Okay sir, thank you sir. Thank you. Our next question is from the line of [Suvankar Malik] from [Sanghai Family Office]. Please go ahead. Hello sir, am I audible? [Non-English content] Sir, [Non-English content] question [Non-English content] PM-KUSUM 2.0 [Non-English content] first half of the year [Non-English content] second half of the year? [Non-English content] announcement [Non-English content] PM sir [Non-English content] side [Non-English content] Q1 end [Non-English content] Q2 onwards [Non-English content] orders [Non-English content] Actually next question [Non-English content] project [Non-English content] government [Non-English content]? [Non-English content] problem [Non-English content] INR 1,200 [Non-English content] balance sheet strong [Non-English content] Okay sir [Non-English content] update? [Non-English content] Yes sir UP [Non-English content] MP [Non-English content] second quarter[[Non-English content] comment? [Non-English content] Okay sir okay [Non-English content] Thank you. The next question is from the line of Rahul Gupta from Evergrowth Capital. Please go ahead. Hello Rahul [Non-English content] [Non-English content] next quarter? [Non-English content] [Non-English content] order book complete [Non-English content] combined [Non-English content] [Non-English content] sir. [Non-English content] [Non-English content] improvement [Non-English content] situation temporary [Non-English content] inflated metal [Non-English content] price [Non-English content] impact [Non-English content] quarter on quarter [Non-English content] update [Non-English content] same situation [Non-English content] [Non-English content] sir export margin [Non-English content]? Export margin I think double [Non-English content] Export margin [Non-English content] around 10%+ [Non-English content] as compared to domestic market. Okay sir, okay sir, thank you sir. Thank you. Thank you. Our next question is from the line of Jeet Jhaveri from Waya Financial Technologies. Please go ahead. [Non-English content] order book INR 1,500 [Non-English content] type [Non-English content] margin expect [Non-English content] [Non-English content] we will update you in the Q1. We once execute then will update you because the operational efficiency is second matter and raw material price dependency is the 1 matter. [Non-English content] [Non-English content] raw material prices pass on [Non-English content] question [Non-English content] order book [Non-English content] INR 1,500 [Non-English content] quarters [Non-English content] expect [Non-English content] fulfill [Non-English content] [Non-English content] next two quarters [Non-English content] execute [Non-English content] margin side [Non-English content] margin side [Non-English content] solar panel [Non-English content] plant [Non-English content] start [Non-English content] Q1 onwards [Non-English content] margin plus [Non-English content] R&D [Non-English content] reverse engineering [Non-English content] through [Non-English content] margin [Non-English content] scale [Non-English content] vendor [Non-English content] negotiate [Non-English content] pricing [Non-English content] margin plus [Non-English content] [Non-English content] sir thank you. Thank you. Thank you. Our next question is from the line of Bhavya Shah from Wallfort Fund Management. Please go ahead. Good afternoon sir. [Non-English content] question [Non-English content] BESS solution [Non-English content] R&D [Non-English content] on battery management. [Non-English content] solar cell [Non-English content] what is your view on battery management [Non-English content] fast integration [Non-English content] solar pump [Non-English content] rooftop solar cell [Non-English content] [Non-English content] Thank you sir. Thank you. Thank you. Our next question is from the line of Kamlesh Bagmar from Lotus Asset Managers. Please go ahead. [Non-English content]? [Non-English content] reverse engineering [Non-English content] INR 800- INR850 [Non-English content] quarter [Non-English content] vendor [Non-English content] negotiation start [Non-English content] panel [Non-English content] plant [Non-English content] margin improvement [Non-English content] raw material [Non-English content] Thank you. [Non-English content] margin factoring [Non-English content] sir margin [Non-English content] 24% [Non-English content] 10% [Non-English content] flexibility [Non-English content], I know [Non-English content] sir war [Non-English content] margin [Non-English content] guidance [Non-English content] 24% [Non-English content] second half [Non-English content] 11% margin sir. [Non-English content] pricing [Non-English content] part. Correct, correct. Sir actually [Non-English content] Sir, lastly [Non-English content] order book [Non-English content] quarter [Non-English content] last year [Non-English content] three month [Non-English content] quarter end [Non-English content] order book [Non-English content] 10 month [Non-English content] [Non-English content] Our next question comes from the line of Himanshu Shivhare from MB Investment. Please go ahead. Good afternoon, [Non-English content] PM-KUSUM one [Non-English content] payments [Non-English content] pending [Non-English content] [Non-English content] [Non-English content] [Non-English content] Okay. Thank you. Our next question comes from Vamika Mandhania from Anand Rathi. Please go ahead. Hello sir, congratulations on your set of numbers. [Non-English content] questions [Non-English content] last quarter mention [Non-English content] South [Non-English content] expand [Non-English content] order book [Non-English content] visibility maybe [Non-English content] Karnataka [Non-English content] maybe [Non-English content] comment [Non-English content] [Non-English content] [Non-English content] percent out of the total order book. Order book [Non-English content] 24 hours [Non-English content] inform [Non-English content] [Non-English content] question [Non-English content] mention [Non-English content] 0.5 GW [Non-English content] module plant commission [Non-English content] Q1 2027 [Non-English content] update [Non-English content] [Non-English content] progress [Non-English content] Q1 [Non-English content] end [Non-English content] facility [Non-English content] margin improvement [Non-English content] Okay, thank you so much. Thank you. Thank you. Our next question is from the line of Prakhar Tibrewala from Choice Institutional Equities. Please go ahead. Hi sir, [Non-English content] question [Non-English content] quarterly revenue [Non-English content] orders [Non-English content] book [Non-English content] orders [Non-English content] map [Non-English content] orders [Non-English content] revenue recognize [Non-English content] INR 850 [Non-English content] for Q4, [Non-English content] orders [Non-English content] orders [Non-English content] Q3 [Non-English content] fulfill [Non-English content] quarters [Non-English content] revenues properly forecast [Non-English content] Actually [Non-English content] order [Non-English content] calculation [Non-English content] properly guide [Non-English content] Second thing [Non-English content] order last quarter [Non-English content] quarter [Non-English content] INR 1,500 [Non-English content] as on date [Non-English content] pending [Non-English content] quarter [Non-English content] execution [Non-English content] around INR 700 [Non-English content] execution [Non-English content] year [Non-English content] INR 2,080 [Non-English content] year [Non-English content] execution [Non-English content] solar [Non-English content] Remaining execution [Non-English content] OEM [Non-English content], EV sales [Non-English content] domestic [Non-English content] export [Non-English content] solar segment [Non-English content], EPC segment [Non-English content] INR 704 [Non-English content] quarter [Non-English content] year [Non-English content] INR 2,080 [Non-English content] confusion [Non-English content] somewhere [Non-English content] detail [Non-English content] separately mail [Non-English content] EY team [Non-English content] separately [Non-English content] reply [Non-English content] [Non-English content] approximately, [Non-English content] timeline [Non-English content] release [Non-English content] order, [Non-English content] timeline 60 days [Non-English content] 120 days [Non-English content] 90 days [Non-English content] [Non-English content] order [Non-English content] timeline [Non-English content] mention [Non-English content] [Non-English content] mention [Non-English content] order accept [Non-English content] approximately [Non-English content] Sir, actually [Non-English content], Sir, [Non-English content] minor correction [Non-English content] press release [Non-English content] PM-KUSUM [Non-English content] orders [Non-English content] execution [Non-English content] timeline [Non-English content] timeline match [Non-English content] properly [Non-English content] company disclose [Non-English content] order books [Non-English content] concentrate [Non-English content] numbers [Non-English content] concentrate [Non-English content] better [Non-English content] analysis [Non-English content] [Non-English content] order [Non-English content] 24 hours [Non-English content] disclose [Non-English content] sir. [Non-English content] numbers [Non-English content] order [Non-English content] timeline [Non-English content] FY 2027 [Non-English content] book [Non-English content] Q2 [Non-English content] [Non-English content] 90- 120 days [Non-English content] extension [Non-English content] PM-KUSUM [Non-English content] execution [Non-English content] extension already government [Non-English content] players [Non-English content] provide [Non-English content] extension [Non-English content] timeline [Non-English content] [Non-English content] timeline [Non-English content] use [Non-English content] Correct. Okay [Non-English content] Thank you, sir. Thank you. Ladies and gentlemen, due to time constraints, we will take that as a last question. I would now like to hand the conference over to Mr. Dinesh Patidar, Chairman for closing comments. Over to you, sir. Thank you [Non-English content] questions [Non-English content] question [Non-English content] requirement [Non-English content] EY team [Non-English content] through [Non-English content] contact [Non-English content] question [Non-English content] question [Non-English content] reply [Non-English content] call [Non-English content] Thank you very much. Thank you. On behalf of Shakti Pumps (India) Limited. That concludes this conference. Thank you all for joining us. You may now disconnect your lines.