Ladies and gentlemen, good day and welcome to Borosil Renewables Limited Q1 FY 2027 results call. As a reminder, all participant lines will be in the listen only mode, and there will be an opportunity for you to ask questions after the presentation concludes. Should you need assistance during this conference call, please signal an operator by pressing star then zero on your touchtone phone. Please note that this conference is being recorded. I would now like to hand over the call to Mr. Rohan Gheewala from Axis Capital Limited. Thank you, and over to you, sir. Thank you. Good evening. On behalf of Axis Capital, I am pleased to welcome you all to the Q1 FY 2027 earnings conference call of Borosil Renewables Limited. We have with us the management represented by Mr. Ashok Jain, Director, Mr. Melwyn Moses, Chief Executive Officer, Mr. Sunil Roongta, Whole-time Director and Chief Financial Officer, and Mr. Dhaval Patel, AVP, Investor Relations. We will begin with the opening remarks from the management, followed by an interactive Q&A session. Thank you, and over to you, sir. Thank you, Rohan. Good afternoon, and welcome to the Borosil Renewables Q1 FY 2027 investor call. For the quarter ended June 2026, as approved by the board on 16th July, and an updated presentation has been uploaded at both the stock exchanges and company's website. We will now discuss the operations of the company on a standalone and consolidated basis. First, coming to the standalone results. Sales were INR 405.69 crores, versus INR 332.26 crores in the corresponding quarter last year, registering a jump of 53%. Q4 FY 2026 immediately preceding quarter sales were INR 437.62 crore, which included sales of INR 32.07 crores, goods dispatched in previous quarters but delivered to customers in the Q4 FY 2026. EBITDA was at 35% of sales at INR 142 crores, as against INR 92.53 crore in the corresponding quarter last year, which was at 20 Q4. There is some interruption coming. Yes, sir. There's some echo coming. Hello. Should I continue? There's still an echo coming. Yes, sir, you may continue. Crores, versus INR 92.53 crore in the corresponding quarter last year, which was at 27.9% of sales. Q4 FY 2026 EBITDA was INR 144.61 crore, which included INR 9.77 crore on the goods of INR 32.07 crore, as I mentioned some time ago. The major increase in sales value came from the selling prices, as the average expected price during the quarter increased to INR 160.30 per square meter, as compared to INR 138.10 in the corresponding quarter and INR 150.20 in the preceding quarter. The selling price includes a fuel surcharge levied from 10th March 2026 to offset cost increase due to rise in fuel prices after outbreak of war in West Asia. Sales in quantity terms were higher by 8% compared to the corresponding quarter. I am happy to inform that we were able to operate the plants at full capacity despite disruption in fuel supplies and the prices led by war in West Asia. EBITDA margin has consistently stayed above 33% for the fourth quarter in a row. We continue to work on efficiency improvements and cost reductions and expect further enhancement in the operational efficiencies. Our new solar wind hybrid captive power plant, commissioned in March 2026, has helped us increase the share of renewable power sources to 93% of the total power requirements of the quarter, making our processes more environment friendly, it is also saving us on the cost. The West Asia war situation seems to have slightly eased, and the prices of fuels have come off in the last few weeks, although uncertainties still prevail. The government has already announced lifting of supply curbs, and we expect that full contracted volumes will be made available after some time. This will bring the cost closer to the prior levels. Solar manufacturing has seen a strong growth on the back of government support. The module manufacturing capacity in the country has reached 203 GW compared to just 11 GW five years ago on the back of support by way of PLI scheme, basic customs duty, and ALMM scheme. Similarly, solar cell manufacturing is now supported, and ALMM 2 has been implemented with effect from 1st June 2026, mandating use of domestically produced solar cells. This has led to increase in the capacity to 30 GW already, which is now expected to rise to 75 GW by 2027, as significant capacities are under installation. Government is extending similar support to ingot and wafer manufacturing by introduction of ALMM 3 which is scheduled from June 28th, under which ingot and wafer will also be mandated to be sourced from local production. We expect ingot wafer capacities of about 50 GW to come into production gradually by 2029. This will bring further resilience in the solar PV value chain in the country. Various demand drivers introduced by the government helped annual solar installations to reach 45 GW, which is equal to 62 GW on DC basis in 2025-26. Expected growth in demand from other emerging sectors like electric vehicles, data centers, and green hydrogen will take this to even higher levels going forward, leading to an increased demand of solar glass. Government support to develop domestic supply of components, for example, solar glass, is also seen as the Ministry of Finance has issued a customs notification on 2nd June 2026, extending the CVD of 9.71% against import of solar glass from Malaysia for an additional period of five years. Earlier, you will recall that in December 2024, government extended a major support by imposing anti-dumping duties on import of solar glass from China and Vietnam. The 62 GW module requirement translates to solar glass capacity of about 11,000 ton per day, against which local solar glass capacity stands at 2,600 ton per day, equivalent to 18 gigawatt, and the country depends on import of balance for the balance. Domestic solar glass production capacity is expected to rise gradually to 7,700 ton per day, which will be close to 51 gigawatt by March 2027, still leaving a supply gap. A significant portion of these new capacities is all for captive consumption. As such, the company has a ready demand for its ongoing expansion, and the company does not see any challenges in selling the additional production in view of its customer relationships. Work on our ongoing expansion of 600 ton per day at existing location is in full swing, and we expect the commissioning of the project in Q4 FY 2027. Once commissioned, this will result in sales to rise by 60% with corresponding rise in the EBITDA amount. Company is exploring further opportunities for the next round of growth. I come to the consolidated results for the quarter. The overseas subsidiaries, including the step-down subsidiaries, did not generate any revenue for Q1 FY 2027 and had a negative EBITDA of INR 0.84 crores as against net revenue of INR 14.32 crores and negative EBITDA of INR 23.24 crores in the corresponding quarter last year. The consolidated net revenue for the quarter stands at INR 405.69 crores and EBITDA at INR 141.16 crores as compared to net revenue of INR 346.58 crores and EBITDA of INR 69.28 crores in the corresponding quarter last year. With these words, I would like to now open the floor to questions that you may have. 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 and one on their touchtone telephone. If you wish to remove yourself from the question queue, you may press star and two. Participants are roequested 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 Shivam Gupta from Trinica Asset Managers. Please go ahead. Hi, sir. Thank you for giving me the opportunity. I want to know, profit nearly half from INR 169 crore in Q4 to INR 87 crore in Q1, despite revenue decline only 8%, what significantly dropped the margin compression this quarter? Sorry, I didn't get your question. The numbers which you are mentioning do not seem to be in line. What numbers you have announced? I am telling, profit. Yes. Which was INR 169 crore in Q4, it went to INR 87 crore in Q1. Revenue only declined around 8%. What significantly dropped this disproportionate margin compression this quarter? Actually, I will just repeat the numbers for the quarter. The revenue has been INR 405.69 crores, and EBITDA has been INR 142 crores. As against the revenue of INR 332 crores in the previous corresponding quarter and INR 92 crores of EBITDA in the corresponding quarter. In fact, the performance has been significantly better. The EBITDA has risen by 53%. There is no drop in the profit. I don't know which numbers you are referring to. Sir, I am comparing from Q4 to Q1, profit number, net profit. Okay. Q4, if you really look at Q4 of FY 2026, the EBITDA was INR 144 crores, Q1 number is INR 142 crores. It's just about there only, same numbers almost. Sir, I'm talking about the- Are you talking of the PAT? P-A-T? Yes, sir. Okay. I'll just explain that. In the quarter four of last year, we had recognized the tax shield on the amount provided against the German subsidiary's investment of INR 325 crores. What had happened was that in the Q1, Q2, Q3, we had not considered any tax rebate, and we have provided tax. When we got to know from the court administrator that there is nothing which Borosil or the shareholders is going to receive out of the proceedings, we considered that as a write-off. We have written off the investment into books, and accordingly, the tax shield has been taken into account. The tax provision has been recalculated, which is why you see that the PBT is INR 120 crores and the PAT is INR 169 crores. The INR 75 crores of tax provision has been written back on that investment, and it has been shown as a higher PAT. If you really remove that INR 75 crores, the performance is not inferior. Am I making it clear? Yes, sir. Okay. Thank you. Thank you. Thank you. The next question is from the line of Purvi from RV Investments. Please go ahead. Sir, you may speak now. Hello? Yes. Yes, sir. Please go on. Sir, I wanted to ask, what is the U.S. impact on the company? The impact of U.S. or the tariff. What is the impact of that on the company? Which tariff? Like on tariffs put on by the U.S. government. Is there any problem that you're facing on the export side? U.S. government. Actually, our exports to U.S. are very small, and we are dealing with customers who are having niche products and niche applications. Our export to that extent are not impacted. However, we foresee that USA may become a significant market to look at in future. As of now, it's a very small percentage of our portfolio. Our domestic demand in India is quite high, and prices are good. We are more focused on the domestic business as of now. Sir, U.S. also started a rooftop solar business. What are the revenue expectations from new business? We have started this new initiative to leverage the brand and to use the acceptability of product of the company and the group. This is very early stage that what would be the outcome finally. Our internal target is to generate revenue of about INR 36 crore in this financial year. In the first quarter, the revenue was about INR 1.3 crore. We just started with small projects. As we go along, the awareness will increase, and our team has been already built up, which will be obtaining more business, and we hope to do a good job here. Okay, sure. Sir, what about the capacity expansion? Are you planning for any debt increase, or are you planning for equity raise? No, for the current expansion, which is already ongoing, we are already fully funded. For the next round of expansion, whenever we decide on the project and the size of the project, we will take a call about financing it. I think, looking at the current run rate of profitability, after the current project is commissioned by March 2027, for next one year or two years, we will generate certain cash, and that will provide by way of equity support for the next expansion. Some amount of debt may be required in case size of the project is high. We don't foresee any equity raise in the near future. Another question, sir. The working capital days have been increased from 34 to 152 in the current year. Can we see any decrease in the working capital days? Working capital days have, according to us, not gone up substantially. Slight increase is there because of the stored inventory and other things, but in fact, we do not carry much stock of finished goods or WIP. I'll have to really look at from where you are getting this number, 152 days. Our working capital is just about 60 days. Okay, sir. Yeah. Thank you. The next question is from the line of Dhairya Trivedi from DJT Investments. Please go ahead. Hi, sir. Congratulations on a great set of numbers, thanks for taking my question. Thank you. My question is like long-term. As per my understanding, at the moment, the Indian producers are able to seek a higher price because the landed cost of imports is higher than domestic prices. Now with the domestic capacity expected to rise from 2,600 tons per day to 7,700 tons per day by March 2027, how will the price get impacted? I understand that a lot of the capacities are captive consumption, do you expect the domestic prices to move downwards because of this? Actually, the demand in the country is quite high, currently, the domestic industry is able to supply only about 25% of the demand. Even after the capacities have expanded to 7,700 tons per day, it will still be 75% of the demand only. As I mentioned, a lot of these capacities are coming from the players who are using it for captive. The capacity available in the market will not rise substantially. In any case, the competition will remain, whether from imported or domestic goods. Because the demand is very robust and we are having a reference price as the import price parity, we don't foresee any kind of challenge on the pricing. Right. Understood. Sir, is it fair to assume that we'll maintain the current revenue and EBITDA rate for the rest of the financial year? Well, it will not be appropriate to give any guidance like that. We are expecting that if all the things remain the same, we hope to continue to do in the similar way. Okay. Understood, sir. Thank you, all the best. Thank you so much. Thank you. The next question is from the line of Siddharth Jain from Sattva Ventures. Please go ahead. Thank you for giving me the opportunity. My question is, sir, how do you look Borosil Renewables as a company growing from FY 2028, say, for next five years? What is the vision of the company? How big the company wants to become, say, towards a INR 4,000 crore, INR 5,000 crore top line? How do we plan to get into On the last call, Kheruka Ji had mentioned that Borosil is also evaluating options to get into inverter, backward integrate into inverters, and get into multiple solar rooftop products. I'm interested as a long-term investor, what are the growth prospects the company is looking for next four, five years? Well, this is a very important thought for the management of the company to grow the company from here. After the current expansion, we need to certainly take up some other project which will enhance the company's turnover, profitability, as well as provide it more diversified base of revenue streams. We are looking at options including additional solar glass furnace, because the demand is still very robust. The gap is still there, and there is a possibility for coming up with more production of solar glass. At the same time, we are also evaluating other options in the allied or adjacent fields where we can, in terms of glass, our expertise in glass production. We are also looking at certain other areas where it could be more interesting compared to expanding in the same product. We hope to conclude on these aspects in next six months or so. The project size and the turnover, everything will be known by that time. We certainly are looking to grow this company from here, after March 2027, from INR 2,500 crore to at least INR 4,000 crore or so. That's how we are looking at in terms of growing the company in next, say, three, four years. Sure. That's very helpful, sir. Another question, one last question I had that in the current capacity utilization, we are increasing in the current new capacity, we are increasing our total capacity from 1,000 TPD to 1,600 TPD. If, say, further we want to do any further CapEx on the 600 TPD, can we increase the capacity more by spending some amount of CapEx in the new facility, say, more 500, 600 TPD, if possible, if the company feels so? Again, we have to go for an entire greenfield kind of a project. This will be a separate project only because whatever expansion we are doing currently is already fully designed and layout is frozen and building is already getting constructed accordingly. If we decide to add more capacity, it will be a new project and new building and new facility only. It may be in the same premises, I mean, same location. It will have to be constructed anew, and the project size will depend whether 600 or 1,200, will depend on what decision the management and board takes at an appropriate time. Got it. Thanks a lot, sir. All the best to you. Thank you so much. Thank you. Thank you. The next question is from the line of Siddhant Lodaya from Sanshi Fund. Please go ahead. Yeah, I had a question regarding the solar rooftop business only, but it's answered now. Thank you. Thanks. Okay. Thank you. The next question is from the line of Sanyam Dhoka from Front Wave Research. Please go ahead. Hi, sir. Sir. Yes, please. Sanyam- We can't hear you. Yeah. You may speak now, sir. No audio? Not audible, Subhash. Hello? Yes, please. We can hear you now. Sorry. There was some connection. Thank you for giving me this opportunity, sir. Sir, I just had a couple of questions. Yes. For the expansion of our 600 TPD that we'll be going live, how is the timeline looking, sir? Is everything on track or we are seeing some delays? It is going on as per the plan, and we hope to complete the construction and everything by December 2026. Okay We hope to commission the project within first quarter, that is January to March 2027. Both the furnaces, SG4 and SG5. We want to start both the furnaces. It will be done one after another. There may be a gap of maybe one month or so, both will be commissioned by March 2027. We'll be seeing the entire revenue from FY 2028 for both the furnaces. Yes, absolutely. Okay. Sir, also for this expansion that we have done, the incremental volume, is it earmarked for existing large account scaling up or widening of customer base? Are there any commitments from any large manufacturers? It will be decided at appropriate time because existing customers also are looking for more volumes. On the other hand, we are not able to service some customers which we would like to take on board. We have been supplying to them in the past, but because of the paucity of material availability, we have not been able to supply to them. We may add a couple of those customers whom we wanted to take on board. Okay Which we are not able to do. Also we will increase supplies to some of the existing customers. Okay. Also, sir, if you can shed some light on the solar glass revenue between the large integrated module manufacturers versus the smaller and unorganized module makers that we have on our customer roster. Now every module manufacturer is becoming big and big. If you really look at the numbers earlier, the people were in 100, 200, 300 MW. Everybody is in gigawatts. Gigawatts. You might see at least 10, 15 of them, between 5-15 GW even. Broadly, our supplies are to customers who are large or medium, but small customers also, we are servicing to the extent we can. In terms of our concentration, if you ask me on the customer concentration, our top 10 customers would be almost 65%-68% of the total volume. Okay. Yeah. With this new expansion coming in, we're able to cater more players because it's like we are the biggest one out there, and everyone wants the best glass for their module, right? Yes I think we'll be able to cater to all small players as well as to such large orders which we'll be seeing down the line. While we will attempt to service the existing and new customers as well, but we will have to see how the module industry actually consolidates in the next one year or one and a half year, because the module capacity has run up very fast and it is far in excess of requirement. There may be some adjustment. Because of the technology also, you might find that the module manufacturers who have got their plants based on monoPERC cell, they may not be able to perform. Or the module players who do not have cell production facility or do not get enough cell for domestic production, they might not be able to continue or their volumes might drop. We'll have to see how the situation pan out and then take our call on customer arrangements, which customers we would continue to deal with or which customers, whether they perish or they consolidate or whatever happens to them. Because of the ALMM coming in, the cell will have to be domestic, a lot of changes throughout the industry will be happening. Our expansion plan post FY 2027, like for FY 2028, if we see, do company have some framework or any understanding for what more we can do from here on? I mentioned some time back that we are evaluating both options, like whether to increase capacity in solar glass itself by setting up additional furnaces or whether to go for some other product which also diversifies our revenue stream and de-risk from the perspective of concentration on single product. We have been evaluating these options, and we will take another five, six months before finalizing any particular strategy. All right, sir. Thank you so much. Okay, thanks. Thank you. The next question is from the line of Anuj Jain from Globe Capital. Please go ahead. Anuj's line has dropped. We move to the next participant. Yeah. The next question is from the line of Deepak Purswani from Swan Investments. Please go ahead. Mr. Deepak? Can you hear me? Hello. Am I audible? Yes, sir. You're audible. Thank you for the opportunity, sir. Sir, just wanted to check, if you can please repeat regarding the volume growth, what was the volume growth in this quarter? Volume growth compared to the corresponding quarter was 8%, in terms of sales. Okay. What was the yield in the plant in this quarter? The net production was also about 10% higher compared to corresponding quarter. It was 102,500,000 sq m. Okay. Sir, if I were to look into the realization part, this INR 160.3, does it also include in the calculation the fuel surcharge which we were discussing, that's the reason the realization is appearing to be higher? Because when I'm doing on the implied basis, the volume growth based on this realization, there seems to be some decline. Just wanted to double-check on this. Yeah, you are right that INR 9.50 was the full fuel surcharge which we had invoiced to our customers, that is included in INR 160. Which is why you see that realization from INR 150 has increased to INR 160 in this quarter compared to the previous quarter. The decline in volume, what you are looking at probably is from Q4 FY 2026 and not Q1 FY 2026. Okay. No, probably the realization was higher at 160 and hence I was getting the decline in the volume even on the year-on-year basis. I got it probably at a lower realization, there might be some growth in the volume. Secondly, on this part, sir, considering the current scenario like you mentioned, there is also some easing out of the fuel supply. How should we see this fuel surcharge in the coming quarter as well? See, the situation as you know, is very dynamic and the U.S. President has been behaving differently on everyday basis. Although the fuel situation had eased out a little bit after the war was stopped and there were agreements that there will not be a further exchange of firing and all, you know again what is happening. Prices have dropped slightly from the perspective of international gas prices or oil prices, every day there is a change in the oil prices, you can see that already. It moved down to $72, $73 and again to $85 and all. We don't know how it will finally pan out in next coming months or so. In the meantime, whatever prices decline we got from the suppliers of energy, basis that we already curtailed the fuel surcharge for the customers. This INR 9.5 has been slightly curtailed to adjust the decline in cost. That will happen because we are committed to our customers that whatever reduction happens in this oil prices or gas prices, we'll pass it on to the customers. We have started to do that. Okay. Finally, sir, just wanted to check it out, this SG1 and SG2 refurbishment which we were planning, when that is going to be lining up from the timeline perspective, and what would be the duration for that? This actual event will happen as and when the situation becomes necessary for the refurbishment. Right now the furnaces are working properly. SG1 we had some issues where we have done some patching. We used patching tiles for nearly four or five days. We had done that work and now the furnace is working properly. Although we are keeping the materials ready for the furnace repair, but actual repair might happen somewhere in 2027. Whether it will happen in Q1 or Q2 or Q3, right now I cannot commit, but my sense is that once we have commissioned the SG4, Okay The production has come into market, it will be sensible to do planned repair around that time, which could be in, say, Q1 of next year or so, like that. Okay. If there is some urgency, then we might have to do it earlier as well, because if the furnace is giving away, then we cannot hold back on our planning and we have to just execute the repair. Okay. Got it. Thank you. Thanks a lot, sir. Wish you all the best. Thank you. Thank you, Deepak. Thank you. Thank you. The next question is from the line of Karan from Nivesha. Please go ahead. Thank you for the opportunity. Sir, you said that the furnace would be going complete by December, could we expect some revenue in Q4 or would that quarter go for stabilization of those furnaces? While we expect the stabilization to happen quickly after the furnaces have been fired, for glass furnaces of this nature, one or two months could be absolutely necessary for stabilizing. We would like to be cautious here and, in that sense, we would like to consider revenue only from April, although internal target is to consider revenue from 1st of March. From any modeling point of view or any projection point of view, I would advise to be conservative and take from first of April. Understood. Also, we have already commissioned the renewable project. If you could maybe quantify what kind of savings can we get at the power cost on a yearly basis from the added capacity? From the last solar wind hybrid project, which we have commissioned in March, the annual savings are expected to be about INR 18 crores. Although the savings have been higher in the current quarter, that is April to June, because wind and solar both have been very good. Generation has been very good. Our savings were more than INR 6 crore in quarter. On an annual basis, if you were to ask me, the figure would be about INR 18 crores per annum. Understood. Also, there were some articles regarding the strategic investment. If you want to maybe highlight any ongoing advanced talks regarding it. I cannot offer any comment on this. Understood. No problem. I'm sorry. Yeah. Yeah. All the very best, and thank you so much for the opportunity. Thank you. Thank you. The next question is from the line of Purvi from RV Investments. Please go ahead. Sir, you also mentioned that you are planning to sell inverters and lithium batteries. What is the future in this? Can you explain, please? Actually what we are doing is we have decided to introduce a solar kit. Now what it contains is a module, an inverter, and a battery. It's a complete system, a solution which a homeowner can own and we can supply. We are not independently selling batteries or inverters like that. It's a system, solar power rooftop. We are currently focusing on the off-grid system, which is like, say, residential rooftops. We'll gradually probably enter into C&I as well. As of now, small size rooftops, which are required by homeowners, is something what we are looking at. Any revenue expectation from this segment? This is a very nascent stage as of now, although the opportunity we see is bigger, in the sense the market is quite large, we are taking baby steps as of now in terms of entering into a new field where we were not present, although our name and our brand is very well known in the market, it's a different segment as such. We are moving selectively right now, starting with two, three states, then we will see further strategies and how to grow this to a higher level. We of course see this as a much bigger opportunity in terms of turnover. In terms of the profitability, it's not similar like glass manufacturing where you can expect 30-35% EBITDA. Here, the profitability will be much lower, in single digit, I think since the volume could be higher, even the single digit would be material in terms of the profitability. Sir, you have also said that you are expanding your capacity by 600 TPD by December 2026. What kind of revenue addition can you expect from this? Our expansion is exactly 60% of the current capacity, we are assuming the prices to remain same way. 60% will be extra production, our EBITDA will also rise correspondingly. Nothing in absolute numbers? Absolute numbers are very difficult to predict as of now because we can take current numbers and then extrapolate probably. If you were to ask me any numbers in current quarter EBITDA, suppose it is INR 142, you can expect another INR 80-85 crores to be the extra EBITDA, assuming everything remains in line with what we are doing today. Okay. Thank you, sir. Yes. Thank you. The next question is from the line of Chetan, an individual investor. Please go ahead. Am I audible, sir? Yes. Sir, my question is about new ventures of solar rooftop solution. Sir, could you share the revenue contribution of this business along with its EBITDA margin profitability profile? Sir, how, as an investor, I should think about the long-term margin potential of this business compared with the core solar glass business? I just said about this, that it is a very early stage for us to give you any projection, any guidelines on this number that what will be the turnover and all. As I mentioned sometime back, our current year internal plan is to generate revenue of about INR 36 crores in this business, INR 36 crore for this financial year. EBITDA numbers or the profit numbers are going to be in single digits, which is what I just mentioned. Unlike solar business, where solar glass is a manufacturing business, and this is more of a trading business, where you have to buy all the three components from elsewhere and then offer as a solution. The numbers are not in line with solar glass profitability. We expect to grow this business, and if the volumes become sizable, then even a smaller percentage would also mean additional revenue, additional profitability of a sizable amount. Okay. Sir, my second question is, your average selling price is increased to INR 160.3 per square meter from INR 150.2 per square meter in the preceding quarter. Sir, as you mentioned, is it because of the rise in the fuel charges because of West Asian crisis? Sir, in future, if everything would be normal, then realization would be same or it would be reduced? I just mentioned sometime back that this INR 9.50 is it is a fuel surcharge which we have been charging to our customers. We have started to reduce the fuel surcharge already as the cost of fuel which we were paying earlier has reduced. This 160 or 150, the gap of that INR 9.50 will keep compressing as the fuel cost goes down, because it was to offset the cost, and if the cost has gone down, then we have no reason for it to be continued in fairness to the customers. This might compress as the fuel costs go down, but it won't affect the profit because on the other hand, the costs would have also gone down. Okay. Thank you so much, sir. All the best. Yeah. Thank you. Thank you. The next question is from the line of Dhairya Trivedi from DJT Investments. Please go ahead. Sir, just had a question on the gross margins. This quarter, the gross margins are almost to the tune of 80%. Are we likely to maintain that going forward? It is how you define the gross margins is something which we need to be aligned. I think you are taking only the raw material consumption. Right. Since we are a manufacturing company, we generally take manufacturing expenses also and calculate a gross margin. Assuming that whatever way you are considering it, we have gross margin of about 78%, I think, from the perspective of numbers, what I can see. Raw material cost is about 23%-24% or so. Since we do not expect a significant change in the raw material prices, and selling prices are more or less constant in that sense, we don't foresee a volatility in the gross margins. Sir, does that mean that the EBITDA margins can move higher? Please repeat your question. Assuming that the gross margins will stay at about 80%, can we assume that the EBITDA margins will move higher compared to what we've done in the previous financial year? Because there the gross margins were lower. Yeah, obviously because the anti-dumping duty came into effect in December 2024, thereafter we gradually raised our selling prices. In the even first three to four months of the financial year also, that is financial year 2025/2026 also, the prices were not at the full level. The prices peaked after that. Obviously there will be some amount of extra profitability in the current financial year, because current financial year we'll hope to see full prices throughout the year. Right. When we undergo maintenance of SG1 and SG2 sometime in the next financial year or end of this financial year, do we foresee any loss of volumes because of that? Yes, because the furnaces will have to be brought down. They have to be dismantled and re-erected in the sense that whatever refractories have got worn out will have to be replaced. There will be a shutdown of production for nearly 75 days. To come back into production, it will take another 15 days. Almost for 90 days, there will not be glass production in furnaces whichever have to be taken for repair. After that it will be business as usual. Okay. Which means we may not get the entire- this is typical to any glass furnace for that matter. Every six, seven years or so, the furnaces have to be rebuilt because refractories are very corrosive and they are in contact with a high temperature at 1,600 degrees. It's a part of the industry. Right. Which means we may not get the entire 1,600 tons per day for the next financial year. You're right. To the extent we put down the furnaces for repairs, there will be quantum loss. Okay. Sir, can you please reiterate the timeline for this repair and maintenance of the two furnaces? Timeline is not certain, I mentioned some time back, and we will have to see whether and when we are required to take them for repair. Maybe in quarter 4 of this financial year or quarter 1 or quarter 2 of next financial year. Okay. Sir, just one last question. What was the capacity utilization for this quarter? Capacity utilization is full, actually. We are operating at full production and almost 1,000 ton is our capacity, and we operate at 1,000 tons per day. Sure. All right. Thank you so much. Thank you. Thank you. The next question is from the line of Kanoria Nikhil from Sunidhi Securities. Please go ahead. Good afternoon, sir. Am I audible? Yes, please. Yeah. Firstly, congratulations on the recent set of numbers. Sir, just wanted to recheck with you. You said to a previous participant that you had done some minor, major work to the first two furnaces. If you can say, what was the number of days for which it was carried on? It was a small patchwork for one of the furnaces, which lasted for, I think, four days. For those four days, we did not have production. I think that was about, in terms of value, it was close to INR 3 crore, I think. Okay, sir. Having said that, if it might come earlier, we might do it, but as we speak, We are not seeing anything coming up in the immediate future, right? Yes, you are right. Okay, sir. That was my question. Thank you, all the best for your future, sir. Thanks. Thank you so much. Thank you. The next question is from the line of Sonal from Persistence Capital. Please go ahead. Hi, this is Sonal Minas. I hope I'm audible. Thanks for taking my question, sir. Yes. my first question was with regard to the tax rate. This quarter, the effective tax rate is 26%. Just want to reiterate, this is what we should be assuming for the whole year or are there? I think it is about 25.2%, which is what we should assume. For the whole year? Yeah. Sure. My second question, sir. Sir, from a promoter's time share perspective, and the time share of the promoters, they have three businesses which are running. I just want to know how do they spend time on this one vis-a-vis the others? To an investor, I think this looks a far more complicated business because of too many macro factors lying beyond your control. first question is, how do promoters allocate and juggle time? what is it that they have in mind for let's say a four, five-year outlook for this particular business? We have three listed companies with different businesses. As you rightly mentioned, this business is more policy-driven or involved business from the government intervention point of view. There are a lot of changes or moving parts in the whole entire ecosystem of the solar and renewables. Obviously, somebody has to give complete attention. Mr. P. K. Kheruka, who is the Executive Chairman, he's completely focused on this business. He looks after, along with him, there is a CEO who is on the line, Mr. Melwyn Moses is there. Mr. Roongta, who is Whole-time Director and CFO is also on the line. There is a team below him, which is on day-to-day basis managing the affairs of the company. He is also deeply involved in the entire operations and business. Regarding the government intervention and other eco, Mr. Kheruka and myself are generally involved for the government representations and handling the policy advocacy and other things. This is a setup which we have for Borosil Renewables. In terms of the other businesses, Mr. Shreevar Kheruka for Borosil Limited is the Chairman. He's the MD also. Below him, there is a CEO who looks after the day-to-day business. Then, of course, the plant teams are there and various functional teams like finance and other things are there. Similarly, for Borosil Scientific, also separate team is there, which is independently working and focused on the growth of that business. Got it, sir. I get my answer. Thank you. Thank you, Sonal. Thank you. Ladies and gentlemen, that was the last question of the day. I would now like to hand the conference over to the management for closing comments. Thank you so much to all the investors for presenting and coming into this conference of Borosil Renewables and asking detailed questions. I hope I was able to do justice to your questions by replying you satisfactorily. We at Borosil Renewables are looking to grow shareholder value all points in time. Our team is fully committed to commission the project and deliver the desired results from, say, Q4 FY 2027. With this, I would like to end the conference. Thank you so much. On behalf of Axis Capital Limited, that concludes this conference. Thank you for joining us. You may now disconnect your lines.