Ladies and gentlemen, good day and welcome to Borosil Renewables Q2 FY 2027 earnings call hosted by Go India Advisors LLP. As a reminder, all participant 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 the conference call, please signal an operator by pressing star then zero on your touch-tone phone. Please note that this conference is being recorded. I now hand the conference over to Tanishka Tanvi from Go India Advisors. Thank you, and over to you, ma'am. Thank you, Saisha. Good evening, everyone, and welcome to Borosil Renewables Limited earnings call to discuss Q2 and H1 FY 2027 results. We have the senior management of the company on call, Mr. P K Kheruka, Executive Chairman; Mr. Ashok Jain, Director; Mr. Melwyn Moses, Chief Executive Officer; Mr. Sunil Roongta, Whole-time Director and CFO; Mr. Dhaval Patel, AVP, Investor Relations. We must remind you that the discussion on today's call may include certain forward-looking statements and must be therefore viewed in conjunction with the risks that the company may face. May I now request Mr. P K Kheruka sir to take us through the company's business outlook and financial highlights. Subsequent to which, we will open the floor for Q&A. Thank you, and over to you, sir. Good afternoon. Welcome to the Borosil Renewables Q2 financial year 2027 investor call. The standalone and consolidated results for the quarter and half year ended September 2026, as approved by the board today, and an updated presentation have been uploaded at both the stock exchange and company's website. We will now discuss the operations of company on a standalone and consolidated basis. Standalone results half yearly, sales at INR 801.8 crore, including INR 15.4 crore sales of solar kits, registered a rise of 12.8% versus INR 710.7 crore in first half financial year 2026. The EBITDA rose by 18.5% to INR 258.3 crore from INR 218 crore in first half year financial year 2025-2026. Coming to the quarterly sales, total sales during the quarter stood at INR 396.2 crore, including solar kits, which accounted for INR 14.1 crore. Solar glass sales stood at INR 382.1 crore versus INR 378.4 crore in quarter two FY 2026, and INR 405.7 crore in quarter one FY 2027. There was negligible EBITDA in sales of solar kits. EBITDA INR 116.34 crore stood at 30.4% based on sales of solar glass, versus INR 125.5 crore in quarter two financial year 2026 at 33%, and INR 142.0 crore in quarter one financial year 2027 at 33.8%. There was a small drop in margins compared to quarter two FY 2026 due to lower production. I should inform our investors that in the quarter that went by, we had a decline in solar glass volumes, which was because of furnace maintenance and also a price decline of 2.8%, as collection of fuel surcharge on sales was reduced, looking at the correction in gas prices. The production was also being adjusted by the production team to correct small anomalies and come to a finer tuning, which would eventually result in higher production, which worked very well, and production has gradually increased from middle of September to levels which are higher than at any time before in the history of the company. During the month of October, we have had exceptionally good production, which we hope is going to continue for the rest of the quarter. With more positive results in the current quarter, we feel it would be possible to make good this shortfall in the rest of the year. The average ex-factory selling price during quarter two FY 2027 was INR 155.9/mm, as compared to INR 147.5 /mm in quarter two FY 2026, and against INR 160.3 /mm in quarter one FY 2027. The surcharge levied to offset the fuel cost increase after outbreak of West Asia war was partially rolled back in July, looking at decline in gas prices on the hope of improvement in war situation. However, this was short-lived. Disturbances resumed after a brief time, taking prices of oil and gas to higher levels as compared to before, putting an additional cost burden on the company operations. We have recently taken steps to raise the fuel surcharge to offset this. As production and selling prices have normalized in the current quarter, we expect the margins to move back to higher levels at the end of this quarter. Solar manufacturing continues to show strong growth on the back of government support. The module manufacturing capacity on the support by way of PLI, BCD, and ALMM List-I has reached 233 GW as against annual installations of about 62 GW on DC basis. Solar cell manufacturing supported by ALMM List-II is leading to speedy increase in capacity, which is expected to rise to about 75 GW by 2027 from about 38 GW currently, as significant capacities are under installation. We expect the annual solar installations to maintain at a level of 45 GW, which translates to 62 GW on DC basis, while other emerging sectors like EV, data centers, and green hydrogen may take this to a higher level going forward. Thus, solar glass demand for domestic installations can be expected at least at 62 GW, leaving a huge supply gap. In view of supply gap and its customer relationships, the company does not foresee any challenges in selling the additional production. Work on our ongoing 60% capacity expansion by adding production facilities of 600 tons per day at our existing location is in full swing, and we expect the commissioning of the project towards the end of Q4 FY 2027. While the existing furnaces are operating at full capacity, we may have to take furnace one and two for a temporary shutdown of 75 days each for rebuild, which may happen in first half of the next financial year, 2027-2028. The company is exploring further opportunities for the next round of growth. Now, I come to the consolidated results for the quarter. The overseas subsidiaries, including the step-down subsidiaries, did not generate any net revenue for quarter two FY 2027 and had a negative EBITDA of INR 0.11 crore as against net revenue of INR 0.40 crore and negative EBITDA of INR 5.08 crore in quarter two FY 2026. The consolidated net revenue for the quarter stands at INR 396.7 crore and EBITDA of INR 116.22 crore as compared to net revenue of INR 378.88 crore and EBITDA of INR 120.42 crore in quarter two FY 2027. With that, I would now like to open the floor to questions that you may have. 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 touch-tone 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 Pankaj Kumar from Kotak Neo. Please go ahead. Thank you. Thanks for taking my question. Good evening, sir. Mr. Pankaj, please go ahead. Am I audible? Yes. Hello? Am I audible? Hello? Audible? Since Mr. Pankaj Kumar is not audible, the next question is from the line of Deepak Purswani from Svan Investments. Please go ahead. Yeah. Hi. Thank you for the opportunity. Sir, just wanted to check it out. Can you go ahead, please? Hello? Am I audible? Can you check whether there is any problem in the line? People are not able to connect. Sure, sir. Please hold for a minute. Mr. Deepak Purswani? Hello? Am I audible? Yes. Yes, you are audible now. Yeah, you are audible. Yeah, please carry on. Yeah. Thank you for the opportunity. Sir, just wanted to check out regarding this production disruption which we saw. If you can also quantify what was the revenue loss in this quarter and what was the revenue and EBITDA loss in this quarter because of this? Secondly, there seems to be, power and fuel cost seems to be a little on the higher side if I were to look at as a percentage of revenue. Just wanted to check out whether incremental basis, these all rise in power and fuel and other raw material cost, is it getting passed on to the customers at the current juncture? And net of fuel surcharge, how are the realization shaping up in the industry? If you can throw some light on all these aspects. Absolutely. Yeah, the production was down by close to 4.5% because of this maintenance. But the happy part is that after the repair is done, we have not only come back to the earlier levels, but we are actually exceeding, as Chairman sir has just said in his opening remarks. So, that shortfall which has happened will be made good. As regards the cost of gas and other items, the cost actually, as you know, initially in the beginning of July, because there was some understanding between the countries who are engaging into the war, that there will be some peace, and that lived for only about two weeks or so. And after that, the prices again resumed, and they are running at an even higher level. So, when the prices were down and there was a challenge in terms of module manufacturing because of the ALMM List-II, we agreed to reduce the fuel surcharge. Post that, the f uel cost has remained elevated, which has also impacted our profitability. But in October, we have again gone back to the customers to come back to the original fuel surcharge. So, this was a temporary moderation, you can say, which happened in the last quarter. But we hope to be back to the previous levels in terms of the earnings. Also, the running turnover will increase because the production is rising even higher than the earlier levels. Okay. Would it be fair to say, on the broad basis, there could be a revenue loss to the extent of INR 20 crore because of the shutdown or maintenance? Well, this was about INR 15 crore, I think. Okay. Yeah. And secondly, I think on the new project, we had revised the CapEx to the extent of INR 1,100- odd crore. Yes, that was by adding equipment. Okay. And sir, if you can share a little more detail on that part, that would be really helpful. So, we had in the last board meeting, which happened in September, we had decided that this scope of the project needs to be widened little bit to incorporate some costs which were not budgeted earlier. And a small part was regarding the exchange fluctuation, which happened because of the devaluation of rupee vis-à-vis dollar. So, that was about, say, 20% of the increase, about say INR 150 crore, so about 20% was the increase on account of exchange. But the major part was on account of basically two factors. One was regarding some items of cost saving, fuel cost saving, which will have its own payback. That was a major part of the increase. And the second item was regarding building in more redundancies against the power failure b ecause power, constant and robust power supply is very important in this industry, a nd power fluctuations can cause serious disturbances in the furnaces. So, we are going to build even higher amount of redundancy in the project, so that we don't suffer any losses on account of power. That also is about, say, INR 25 crore or so. All this put together, board has decided to increase the project cost by INR 150 crore, which will, of course, be funded internally and without any increase in the loan amounts from the banks. Okay. Thank you and wish you all the best, sir. Thank you, Deepak. Thank you very much. The next question is from the line of Kaushal Sharma from Equinox Capital Venture Private Limited. Please go ahead. Yeah. Hi, sir. Very good evening. I just want to know about your realization per unit in this quarter as compared to the last quarter. Realization, you are saying, realization per square meter? Yeah, per square meter per ton basis. This quarter was INR 155.9, and last quarter was INR 160.3. So, there was a drop of about INR 4.4/ sq m, which happened because the reduction in fuel surcharge, it was communicated and n ow, we are back to the original numbers. Okay. So, in Q3, you are expecting the original number of INR 160? Well, we are gradually inching towards that, and by the end of quarter, we will expect that the number is achieved. Okay. And sir, our new furnaces would be commenced by financial 2027. So, are we on track on this? Can you say loudly? We are not able to hear properly. I am saying, sir, your new furnaces would be commenced by the end of this year. So, are we on track on this? Yes, we are on track to fire the furnaces in February and March, respectively. There are two furnaces. One we want to fire in February, another in March. And we are on course to be on time to do this. And we are expecting some INR 75 crore in our capacity in the next first half because of this capacity addition? Sorry, we could not understand what you said. No, you had said in your original remark that 75 days your furnaces would be on hold in the first half of the next year. So, the earlier furnaces, they are like what we call them furnace one, SG-1 and SG-2, have been in operation for seven years. And after seven years, they can fall due for repair or rebuild anytime, depending on the health of the furnaces. Currently, we have done the repair work already, and we expect the furnaces to continue production until at least March 2027. We will, of course, be monitoring continuously, but we will take a call in February, March, whether the furnaces have to be put down in the next financial year. And gradually, one by one, we will plan that, depending on the health of the furnace, of course. This will be most likely done in next financial year first half. And whenever we start doing that, for 75 days, there will not be any production from that furnace. So, we will do furnace first, like SG-1, and then do furnace two. In the meantime, our additional production from the new plant will be already coming in. So, we will not be out of production, or we will maintain our supply to the customers seamlessly. There would not be a production loss like in this quarter as we have foreseen in the next year? Until March. Current year, we do not expect any production loss. It is not planned nor expected. Okay. The low production is because of this issue, like repair and maintenance of the existing furnaces, right? In this quarter? In the last quarter, sorry. Yes, we have maintenance and all adjustment of parameters to fine-tune them to deliver a better performance. So, both have been simultaneously done, which seems to be working very well, more than our expectation at this point in time. We will make good the loss which has happened in the month of July and August in the rest of the year. And we will be able to maintain our 31%, 32% of the EBITDA for this current year and the next year? Yes, we hope to do that. Based on current, based on current parameters, yes. Got it, got it. Thank you very much for answering my question. Thank you. Thank you very much. The next question is from the line of Sanyam Dhoka from Front Wave Research. Please go ahead. Hi, sir. Good evening. Thank you for the opportunity for this question line. Sir, based on our calculations, we expected that around next year, we will have 60% increase in revenue with the 60% increase in our capacity. But with this SG-1 and SG-2 going down for 75 days each, that brings down our growth from 60% to 48%. Actually, both these furnaces, after repair, are expected to give higher output. Okay. So, that remains to be seen whether there will be any difference or not. It may not be. So, it may not be. So, we are saying that it would be giving out more output than it is like giving out currently. Correct. So, the growth remains constant even by them being down. Correct. All right. My second question would be, sir, about the INR 600-odd crore that we have in our investments. Sir, how are we handling that? I see they are in like liquid mutual funds and debt market. So, are we seeing any higher realization from them? We are investing that money temporarily in secured investments because it is the project money. We, of course, do not want to enter into any kind of risk from the perspective of safety of the money. So, we are trying to increase revenue to the extent it is permissible within the guidelines given by the board. And of late, we have been trying to invest into, say, AAA securities as well, where we can ensure the yield by about, say, 0.5% o r so. But all said and done, the yield is going to be, say, between 7.5%, 7%- 7.5%. So, right now, it is at 7%- 7.5% is like what the INR 600-odd crore are yielding us, right, sir? Right now, they are at little less than 7%, but we want to raise it to 7.3%- 7.5%, which we are doing already. Okay. So, AAA securities is like our next thing to add on because of, you know, the repo rate and everything that is going on right now? Yes, yes. All right, sir. Noted. Thank you, sir. Thank you so much. Okay. Thank you very much. The next question is from the line of Saket Kapoor from Kapoor & Co. Please go ahead. Yes, sir. Namaskar, sir. Hope I am audible. Namaskar. Yeah, sir. Firstly, pertaining to the previous reply, so [Non-English content] planned shutdown [Non-English content] during the first quarter of next financial year, the volume loss would be made up during that year itself, and for the next year, we can look forward at 1,600- ton capacity to be fully available to us. That is what your reply was, sir? [Non-English content], this is a speculative answer. We cannot guarantee that we will make up the volume loss. This is a question of what we are planning to do or what we are attempting to do. Our company is making glass at a higher rate than anywhere else in the world. Per square meter, we have the most efficient glass melting anywhere in the world. And we are going to make it even more efficient than what it is now. This is a planned operation with a lot of thought and understanding, so I hope that it works out. So, this is all speculative that we expect that we would be able to make up whatever we have lost at the time of shutdown by the operations of the furnace afterwards. Okay. Sir, in your opening remark, you also mentioned that there were some underlying factors which give us the confidence that the expanded capacity will be also easily sold out. Can you just reiterate those three, four factors for the sake of repetition? Yeah. So, actually, the demand for solar glass continues to be robust at about 62 GW modules are being made, and t he domestic supply is very limited at this point in time. The domestic players are able to supply about 18 GW, and rest is imported. So, when we come into production by, say, end of March, even at that point in time, the demand will be higher, and supply will be much lower than demand. So, there is no challenge in terms of the demand. Now, depending, or since we are the largest player, we have been the first mover, we have relationship with the customers, we are hopeful and we are, say, confident that we will be able to sell that volume, extra volume without any problems. And to do that, we are already in discussion with the customers and also additional customers whom we have not been able to supply so far because of the limited capacity. We onboard them so that when it comes to start up the furnace, that time, we do not have any challenge in terms of the customers' availability and to whom to sell to. That confidence is available with our team and due to which we are confident that there will not be any issue in terms of selling the extra volume. Right, sir. Sir, when we look at our capital work in progress closing balance, as on September, it is at INR 349 crore. This is up from INR 107 crore for March. So, the entire INR 349 crore is pertaining to the 600- ton capacity for which we have envisaged INR 1,100 crore as the total amount? Yes, the entire amount is related to the project and a lot of LCs are in place, about INR 720 crore+, for which material is in pipeline. We also paid a lot of advances. So, all that is for the project only, and w e are expecting delivery of machines now. Building is more or less complete. So, we will have the construction in, or we will have the installation starting in somewhere in the end of the quarter. Sir, for the entire project, what kind of debt have we looked into and have we tied up, and what is the rate and what is the thought process for the debt? The entire funding is already in place. INR 1,100 crore will be funded internally by INR 800 crore, and INR 300 crore is the debt which we had signed much earlier. We have not yet drawn the debt as such, but the equity is already arranged. We did preferential issue of warrants and preferential issue of equity shares from last year, and the money is already with us. So, it is fully funded, and company does not foresee any challenge in meeting the fund requirement. Okay. Just to reiterate, sir, as you mentioned that the kind of outage we had in Q2 had been overcome. The yields have improved for the month of October. So, H2 looks, as of today, on better efficiency terms, and we returning to our previous EBITDA margin trajectory of 31%+. That should be the likelihood, barring unforeseen circumstances? You are right. Right, sir. Yeah. Okay, sir. Thank you, sir. I will just join the queue, sir. Thank you, and all the best to you. Thank you. Thank you very much. Ladies and gentlemen, in order to ask a question, please press star and one on your touch-tone telephone. I repeat, in order to ask a question, please press star and one on your touch-tone telephone. The next question is from the line of [Adit] from [AG Capital]. Please go ahead. Hello, sir. Am I audible? Yes, please. Okay. Sir, I had majorly two questions. One was, wanted some color on the rooftop solar business and how do we intend to scale this new business? Rooftop business? Yes. Yeah, so rooftop business, as we have been mentioning, it is more to use the experience and relationship which we have and the brand, Borosil, which is quite well-recognized in the household, to develop a business in our adjacencies of making solar glass. So, this is how we have started. It has received very good response from the customers. In fact, a lot of distributors are very excited to associate with Borosil in this business. We have started in four states initially, where the demand, we perceive demand to be good. Also, the appointment of distributors has been done. Some projects have been already done by our team. We have a lot of projects already signed up for the current quarter, and the response is quite encouraging. Moreover, the performance of whatever equipment we have supplied in terms of the power output has been very encouraging. Customers are actually giving us signed letters that your modules have been performing very well and all, and they are getting much better generation of power. So, as you know, Borosil is recognized for its quality, maintenance of its quality, and service, which is what we are providing over here. Although module manufacturing is done by many other people, but our quality control, our checks, our bill of material specification, everything is so robust that we are able to deliver a better product. And we hope to build this up to greater heights. But after we have reached a particular size, we will start thinking more about it, maybe by end of the financial year, which will allow us to come back to you, how do we proceed for the next round of growth in this rooftop business. Okay. So sir, we are seeing a good response, right? Yes, extremely good. Okay. And sir, one was that, how sustainable is the company's profitability, sir? And considering the volatility in gas prices and other energy costs, l ike, how do we see the profitability being affected and all? You see, for last six, seven quarters, we have been delivering very robust numbers, EBITDA in the range of 30% or thereabouts. And even after the gas price increase, which has been prevailing for last two, three quarters, we have been able to maintain the momentum. So, obviously, there is a buoyancy in the market, and the demand is high, which is why we are able to get good working. Our anti-dumping duty, which is there against China and Vietnam, which is in place until December 2029. So, we don't foresee any challenge in terms of maintaining the margins. The domestic solar glass capacity remains short of the demand, which gives an assurance that the prices will be maintained, and there should not be any challenge in maintaining the margins. Okay. Okay, got it, sir. And just one more question, if I can ask. What is the expected revenue contribution from the new capacity that we have, and any margin improvement that we can see from that? We are expanding by 60%. So, similar percentage rise we can expect in the turnover. Revenue. In terms of the EBITDA margins, I think we should be happy to have additional 2%-3% operating leverage out of the new facility because of the distribution of overheads over a larger production. So, that's the range we can probably look at. Okay, sir. Got it. Thank you, sir. Best of luck. Thanks. Thank you very much. The next question is from the line of Pankaj Kumar from Kotak Neo. Please go ahead. Yeah. Good evening, sir. Am I audible? Yes. Yeah. Sir, on this raw material cost and its impact on gross margins, in this quarter, we have seen the quarter-on-quarter decline in the gross margin and the raw material costs have gone up. What could be the reason behind that? I understand that there was a shutdown for 15 days, but the raw material costs have also seemingly unregulated. Yeah, so raw material costs, basically, there are two, three cost drivers. One is the prices of soda ash have been slightly increased by the various vendors in India. And after a lot of negotiation, we have got very good price, but still, it is higher than the previous quarter. So, we accepted certain price increase from the soda ash manufacturers. The second item is the import of dolomite and limestone, which we have to do because the quality and grade which we require to maintain our quality of glass, we have to get from imported sources. Of course, partially, we mix it with the local material, but for the imported item, we are paying a much higher price. As you know, in the last couple of months, the freight rates have gone up from China, and one of the items which is imported from China, the freight cost is substantially higher. So, these things are leading to sudden rise in the cost. We, on our part, are making effort to minimize the base cost or raw material cost. We are also taking steps to change the domestic and import mix in favor of domestic. We are currently doing about 30%- 40% domestic from, say, for say, dolomite, but we want to reverse it in the next couple of months. That will save us from this cost rise. In terms of the soda ash, we have to live with it because this has been done after a lot of negotiation, and we don't foresee it to come down soon. But we will try to economize on other fronts by which we can offset these cost increases. Like, say, if the production which is increasing substantially compared to the previous quarters, it will pay for itself in terms of the, or it will offset the increase in the costs. These we cannot pass, like what we have seen in case of gas, where we have a surcharge or something. Here, we don't have that kind of arrangement with the suppliers? In fact, there is no such arrangement of fuel cost surcharge also because the prices were being charged by us in par with the landed cost of imports. But this was like one-off situation, force majeure situation, where the war was thrown on the entire world, and this became impossible for us to bear. So, we requested the customers to bear this additional charge. And we are fortunate that during that time, in that sense that the rupee devaluation took place, which increased the cost for the imported glass also for the customers. So, they were able to agree to this. But as we are selling the goods as per the market price, there is no cost plus or pass-through mechanism for the other items of cost. So, we have to improve our efficiencies, we have to do productivity improvements in order to offset these costs, which we are doing actively. With this, all these productivity measures, we will be able to cover that because if you see the quarter-on-quarter basis, there is a 400, roughly 500 basis points decline in the EBITDA margin, and the gross margin are around 400 basis points decline. I mean, whether we would be able to go back to this 30% kind of EBITDA margin? Yeah, we already said that this production deficit which took place is already out of the way, and in fact, we are producing more. So, obviously, it will generate more output and more sales. The second important item is about the selling price. We also gone back to the earlier levels of fuel surcharge, which again protects the margin from that angle. And with the other measures like making or sourcing the products indigenously in terms of raw materials like dolomite and all, we will be having those savings. So, we expect to do much better actually, but we will certainly be able to reach the earlier margins. Sir, you said you have increased the level of production with the modification which you did in the recent capacity shutdown that you had in the second quarter. What kind of increase in capacity that we saw? See, this production dip by about 5%, but we are actually up by about 15% from that. Obviously, we are higher by 8%-10% compared to the earlier levels. But this is very early to commit that number to you on a sustained basis. We are trying to work around it and trying to maintain that level of production. So, that means whatever loss has taken place in two months, not only that will be recovered in terms of the plan for the year or plan for the next half, but we might do better actually. And sir, we have also seen the increase in the employee expenses. So, this is largely for the new capacity or there is some one-off impact? Employee headcounts were increased in between for certain extra work which we had to do around this furnace repair time and all. Also, there were some more people engaged to do additional activity on the ground in terms of maintaining the production flow. But this was temporary, I think, and we should be able to come back to the earlier levels. For the new project, we have not yet hired so many people. We are going to do it now. Okay. And sir, one more question if I may ask. In terms of future capital allocation plan, of course, with this CapEx, we will be done with what we have announced. So, have you thought of the future CapEx or the growth plans if we have worked out on that, or by when we can expect the same? For the future, the option of increasing further production in solar glass is always there. We are meanwhile exploring other options. The company Borosil is well-known for specialized for specialty glass. When we entered the field of solar glass in 2008, it was a brand-new field and few people had heard about it, and this was a very, very sunrise kind of a product. As time goes by, two things have happened. Other people have entered, number one. Number two, the other thing that has happened is our skill in its production and reduction of costs has also taken place, so w e are much more efficient today than we have ever been in the past. We continue to be very well-positioned if we were to increase in solar glass. Meanwhile, the country has a new requirement. There are many new products which are hanging over our heads, and we are exploring many, many different opportunities. Perhaps, within the end of this financial year, we should be a little better poised to take a call on what to do next. For the time being, our energies are focused on getting production up and running in the two new furnaces that are coming up and stabilizing on that. So, I think in terms of time, our time will be spent a lot on ensuring that production takes place on time and good quality and good quantity. So, that being said, we are actively evaluating opportunities as they come by, and we are taking help of others also, like external consultants, to scout for the opportunity to suggest areas of growth which will be suitable to Borosil Renewables and also looking at the investment size and other things. This work should get over by before end of the financial year, and we should be in a position to that time take a call b ecause we will remain net cash positive by end of March as we foresee, and the next financial year's cash flows will be available for us to deploy for any new growth areas, on which we are already working upon, and we should be able to come back before end of financial year. Okay, sir. Thanks for answering the question and all the best. Thank you very much. The next question is from the line of Daksh Malhotra from Aadriv Global. Please go ahead. Namaskar, sir, and season greetings to all of you. My question was also centered mostly around FY 2027. You have given a fair enough outlook. FY 2028 also, even after the SG-1 and SG-2 production slowdown or going into maintenance for 75 days each, you have said we will mostly make up and probably be able to do the 50%-60% growth by the end of the year. That is really nice to hear. As the previous participant asked, what beyond 2028, and you have explained you are looking at newer options, t hat is good. Just if you can add some more color here. Also, on rooftop solar, that is the second question. The rooftop, we were anticipating the revenue of about INR 100 crore from the first year, m y numbers might be a little off, you can check, a nd you are saying that the response, the initial response is good. How big is this space? And because it is a B2C arena, are the margins much lower? Will it be quite dilutive? Just some light on this as well. And once again, wish you all a happy Diwali. Thank you so much. So, rooftop, as we have been maintaining that this is very early stage of our entry, and we have only the confidence of our team to talk to you, a nd they are quite confident about the numbers which they have spoken about, they are, I mean, it is easier to get any contract in the way the demand is right now. PM Surya Ghar: Muft Bijli Yojana itself is very large, and the country has done only about, say, 50 lakh homes until now, and other 50 lakh are proposed to be done. So, there is a huge opportunity there which can be captured. And besides that, the C&I demands are very high. Large companies are even doing 100 MW and 120 MW of projects. We have entered for a smaller segment. Like in C&I also, we are doing smaller segments. But we are being cautious about it, and we are building up slowly and gradually. So, we can expect more contracts to come in. We already have a lot of other contracts in hand which will be executed in this quarter. In terms of the margins, yes, you are right, the margins are low because it is more of a trading. It is also that there are a lot of competitive strengths playing in this business because a lot of players are there in the market who are offering the same products, same means, same solutions. But Borosil, of course, gives a much better product in that sense. So, margins will remain low, and they will not be supporting in terms of the growth in margins. But yes, once we have certain level of operation, then we can probably earn better margins and make it more profitable for the company. Does this answer your question? Yes, it does. And what about any light on any time beyond FY 2028, once we have ramped up the capacity? Is it only the efficiency improvement that we expect going forward, or are we? FY 2028, we will have the production from the new line for the full year. And after that, whatever growth will come will be coming from the new investment, which we hope to get into by March 2027. So, whatever we plan will have certain period, certain gestation, implementation period, after which the new area of new stream of revenue will come. So, depending on what kind of project we get into and what are the timelines, it will be seen at that point in time. But for 2027-2028, I think that 1,600- ton production is what we can expect. And for ensuing year from FY 2029, there could be something coming out from the new project, which whenever we decide and implement it, that will generate additional revenue. I have to say something here, that as a company in corporate philosophy, we do not believe in overstretching ourselves to the point that management suffers. So, with the 60% increase in production, which is envisaged for the financial year 2027-2028, that is going to be a big jump over what we are doing today. We need to manage that and land on our feet after taking that kind of a rise. We do not feel that it is appropriate for our investors based on the sure trust that they have on us to be reckless in any way. So, yes, we will proceed in time, and we absolutely have every intention of continuing to expand in profitable directions. Understood, sir. Thank you so much. Thank you. Thank you very much. The next question is from the line of Saket Kapoor from Kapoor & Co. Please go ahead. Yes, sir. Sir, in response to a participant wherein you mentioned that there were some price changes in terms of soda ash. Firstly, sir, out of the total raw material basket, what percentage constitute soda ash contribution as a percentage of RM? As a percentage of RM, it is about 30%-32%. What have been the price hikes, sir, if we take that into Q1 into factor? Price hike is about 10%, yeah. There has been a 10% price hike from June versus September quarter. Yeah. Sir, secondly, when we look at our P&L, there is some purchase of stock-in-trade component also for INR 14 crore. What would you attribute this number to? This basically represents the solar module and solar inverters which we have bought for this kit business, solar kit business. This is the purchase cost of those items. Okay. Against which the sales is reflected in the sales. Sorry? Yeah, no, no, you continue, sir. Against which the sales are already included in the revenue. Okay, so that INR 396 crore includes around INR 14 crore-INR 15 crore worth of the solar kit trading number? That is right. That is right. Okay. What is the thought process now, sir, going ahead? We will continue with this exercise, or what are we trying to garner going ahead with solar kit as a vertical, or what exactly is? See, this is a very promising avenue for the company, because if we are able to generate a strong sale of solar kits, then this is going to be very good for our sales of solar glass, because the people from whom we are buying the solar modules currently, they always use our glass. So, this strengthens our supply chain position in the market, and also, it brings us in direct touch with the customer to know exactly what the customer needs, what is valuable to the customer, and so we become more market-friendly as a company. Okay, so more of an awareness exercise this is translating into, and this is more of the entire solar module kit that we supply to the EPC player. That is what the end product is? Yes. We are also deploying our glass into the manufacture of modules because we are buying these modules from our own customers to whom we sell glass. Okay, and this run rate will continue with quarterly run rate, or sir, we can see the ramp-up here also, this INR 13 crore, INR 14 crore number? Right now, we are very cautious in selling. We are not overselling at all. In case we open the floodgates, I think our sales will rise dramatically. We are not doing that. We are doing it in batches so that we evaluate the sale, we evaluate the customer response, we go back to the customer asking how was his experience, what is his ongoing experience. We compare that with sales of other kits by other vendors, because finally, it is the customer who's paying for it. And there's a huge outlay from the government under the Pradhan Mantri scheme for solar households, and this is what Borosil specializes in, because in our other businesses, we are customer-facing directly. So, here again, we are going into a customer-facing situation. Okay, two small points. Sir, firstly, pertaining to the warrant issuance, so our equity is completely, w hen the full dilution has happened, there are no pending warrants or money pending from your investors or from the promoters? No. Everything has been realized. Everything, it's all tied up. Some people who had been issued warrants were not able to pay the remainder of the fee, and according to the SEBI law, we were obliged to forfeit their initial deposit, which we have reported. In the case of promoters, it was always equity issuance, not warrant, so they had already paid in February 2025, the entire money against the equity shares. As of date, nothing is outstanding from anybody. And no further dilution is anticipated since we have already tied up on everything for the CapEx that we have? Yes, at the moment, in the foreseeable future, there's no dilution. Okay. Lastly, about the tax rates, sir. Now, taking into account the current stand, now we have only the standalone as also the consolidated similar numbers. So, how is entity taxed at what rate? And how are the, y eah, sir, please, I'll have the time. We are taxed at 25%. Okay. So, sir, when we look at our cash flow, our direct tax payment is to the tune of INR 39 crore. That is attributable to, that sales attributable for September, it is 45% advance tax that is to be paid. So, this amount is attributable to that number of INR 39 crore? Basically, we are liable to pay 25% tax on our income, and I do not have exact understanding on that INR 39 crore which you are saying. If you really want. Cash flow is, yeah, i f we look at the cash flow part, under the direct tax refund paid net, the number is INR 39 crore for September 2026. Previous year, it was INR 42 crore. This is where the cash flow is page number, I think, of the submission. My point was that since, yeah, yeah. You can write to Mr. Dhaval, our Investor Relation AVP. He will get it clarified from the finance team and will answer your question on this. Lastly, sir, on the surcharge part of the power. Sir, sorry to interrupt. Ma'am, just to conclude, if you allow. Otherwise, if other participants are there, then I'll. You please complete your question. Yeah. Sir, for this power and fuel surcharge part, what we could understand is that it was a recovery exercise that we did because of the unexpected increase in the gas, which was again reversed in the next quarter. Now, sir, since again the prices and how are the price trends currently for the input cost for gas currently, and whether again we can go ahead with the pass-on to our customers? What is the thought process currently? So, the earlier levels, that means the levels prevailing in Q1, have been breached again in the last one month or one and a half month, because you know how the Brent price and how the gas price have gone up to $115 in case of Brent. When we passed on the price to customers, that time it was at about $100 or so. When we gave the price reduction, it went down to $75, $80 or so. So, this has been moving number. But as we speak, the current gas prices are higher even compared to quarter one. We are trying to come to the quarter one level at least for the time being, and we will see whether there is an opportunity to even close that, because the cost per millimeter, the increase which we saw in the first quarter, that has been exceeded already in the current month. So, we will have to work on that, whether we can increase by small percentage higher than the earlier fuel surcharge. But the good part is that in case of the consumptions or whatever parameters which we can work upon in terms of the operational efficiency, the team has been able to deliver substantial savings, which will offset this difference. Also, our, this power production from the captive power has been helping us to reduce our cost. In the last six months, we have saved close to INR 10 crore on that. So, this is also helping us to cut down on the cost. So, we have to balance it out between the selling price and operational efficiencies and optimizing the cost, and try to ensure that we come to the level of at least 30% EBITDA going forward. Right, sir. Thank you. We will take a call going ahead of. Yes. To pass on the cost. No cost. Sure. Pass on as of, y eah, yeah. Right. Thank you once again, sir, and best wishes to the team for a prosperous Diwali and a happy new Samvat coming ahead for all of us. Thank you very much. Thank you. Thank you very much. As there are no further questions, I would now like to hand the conference over to management for closing comments. Thank you very much, dear investors, for all your questions. Thank you for studying the balance sheets and our performance. We always look forward to the future with great anticipation and excitement. And so far, it seems that everything is looking very good for us, for the future, the country at large. So, thank you very much and good luck to everybody. Wish everybody a very happy Diwali. Wish you a happy Diwali to everyone. Thank you very much. On behalf of Borosil Renewables, that concludes this conference. Thank you for joining us, and you may now disconnect your line. Thank you.