Ladies and gentlemen, good day and welcome to the Saatvik Green Energy Limited Q1 FY 2026 earnings conference call hosted by Motilal Oswal Financial Services Limited. As a reminder, all participant lines will remain 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 the operator by pressing star, then zero on your touch-tone telephone. Please note that this conference is being recorded. I will now hand the conference over to Mr. Abhishek Nigam from Motilal Oswal Financial Services Limited for opening remarks. Thank you, and over to you, Abhishek. Yeah, thank you, Ryan. Hi everyone, good morning. Thank you for joining the Q1 FY 2026 earnings conference call for Saatvik Green Energy Limited. From Saatvik Green Management, we have with us today Mr. Neelesh Garg, Chairman and MD, Mr. Manik Garg, Managing Director, Mr. Prashant Mathur, CEO, and Mr. Abani Kant Jha, CFO. And now, without any further delay, I will hand over to Mr. Neelesh Garg for opening remarks. Over to you, sir. Yeah. Good morning, everyone. It is a real pleasure to welcome you all to Saatvik Green Energy Limited's middle earnings call after listing on the stock exchanges. On behalf of the entire Saatvik team, I would like to thank our shareholders, investors, and partners for the trust and confidence that you have placed in us. I hope you have had a chance to review our quarter one FY 2026 results and investor presentation, which are available on the exchanges and our website. Joining me today on the call are Mr. Manik Garg, our Managing Director, Mr. Prashant Mathur, our Chief Executive Officer, and Mr. Abani Kant Jha, who is our Chief Financial Officer. Before I move ahead, I'd like to take a moment to talk about our recent IPO, a significant milestone in Saatvik Green Energy's journey. Our INR 900 crore initial public offering received an encouraging response from the market, with overall subscription of 6.93 x. We are truly grateful to all our investors and stakeholders for the trust they have placed in our vision and growth story. The proceeds from the IPO will primarily be used to fund our upcoming greenfield manufacturing project in Odisha. A portion of the funds will also be utilized to repay debt in one of our subsidiaries, further strengthening our balance sheet and enhancing financial flexibility. To share a brief overview of our company, Saatvik Green Energy today is among India's leading solar photovoltaic module manufacturers. We began operations back in 2016 with a modest 125 MW capacity, and since then have grown rapidly to reach about 3.8 GW of installed capacity as of June 2025. We have added 1 GW of capacity in Q2 FY 2026. Over this period, we have supplied more than 2.5 GW of high-efficiency modules with strong validation of our quality, execution, and customer trust. We operate across the renewable energy value chain, combining module manufacturing, EPC, and O&M services, which gives us a clear competitive advantage and helps us deliver end-to-end solar solutions. Coming to our products, our diverse portfolio includes advanced Mono PERC and TOPCon modules available in both monofacial and bifacial configurations. These modules are designed for higher efficiency and are suited for residential, commercial, and large-scale utility projects. Talking about our manufacturing footprint, we currently operate 3 state-of-the-art module manufacturing facilities in Ambala, Haryana, spread over 724,000 sq ft. This is one of the largest single location setups in the country. It is equipped with fully automated production lines that ensure precision and consistency across all stages. To meet growing demand, we have added another 1 GW capacity at Ambala, which should be operational henceforth, taking our total capacity to 4.8 GW. Beyond this, we are expanding our capabilities further with a fully integrated cell and module manufacturing facility in Odisha, 4.8 GW for cells and 4 GW for modules, expected to be commissioned by quarter three FY 2027 and FY 2026 respectively. With our expanding manufacturing base, proven execution track record, and integrated business model, Saatvik Green Energy is well placed to capture these opportunities and play a meaningful role in advancing India's renewable energy transition. With this, I would like to request mr. Abani Kant Jha, CFO of Saatvik Green Energy, to take us through our financial highlights for the quarter. Neelesh ji, and good morning, everyone. I hope you are able to hear my voice. I'll take you through the key financial highlights for the quarter ended June 30 FY 2025. Our first set of results as a listed company. Saatvik Green delivered a strong performance during the quarter with growth across revenue, profitability, and return ratios. Some of the numbers which I would like to mention here is revenue from operations stood at INR 916 crores approximately, registering a 272% year-on-year growth. EBITDA came in INR 181 crores, up 346% year-on-year, translating into an EBITDA margin of 19.8% compared to 16.5% in Q1 FY 2024. Profit after tax increased sharply to INR 119 crores, a 459% growth year-on-year, with PAT margin improving to 13% versus 8.6% in Q1 FY 2024. During the quarter, we had high capacity utilization of 81.47% and a strong production of 685 MW. On the balance sheet front, return on equity is due at 26%, and return on capital employed at 24% non-annualized, indicating efficient capital utilization. This equity ratio we have improved to 1.28% from 1.36% in FY 2025. Now, I would like to hand over the call to Mr. Prashant Mathur. Sorry, sorry. Now I would like to hand over the call to Mr. Neelesh Garg for his remarks. Thank you, Neelesh. Thank you, Mr. Jha. Overall, the company continues to maintain a solid financial foundation while investing in future growth opportunities in module manufacturing and EPC. We aim to further enhance our brand positioning by embedding sustainability and operational excellence at the core of our business strategy. Thank you, and we can now open the floor for questions. The management team and I will be happy to address any questions that you may have. Thank you. Ladies and gentlemen, 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 their handsets while asking a question. Ladies and gentlemen, we will wait for a moment while the question queue assembles. We take the first question from the line of Harsh, who is an individual investor. Please go ahead. Congratulations on the listing and spectacular Q1 numbers. My first question is regarding the order book visibility as we continue to expand capacity. So how we are anticipating the demands from the industry, and what will be the pace of order into an execution going forward? I will request Mr. Prashant Mathur, the CEO of the company, to respond on this. Thank you, Mr. Jha, and thank you for the question. So our order book as of June 30th stands at over 4 GW, and the order book generally comprises of medium and long-term orders. Apart from that, there are spot orders as well as retail distributor orders, which you receive, and these are in small quantities, but large numbers of these orders are there every month, and these get executed, which is also about 25%-30% of our monthly sales. And so that is not there in the order book, but since our capacity was 3.8 GW, we are adding 1 more GW because of high demand, and that is the reason why we have the order book today is over 4 GW. As we are adding more capacity, we will be adding more orders, but normally these orders are on a running basis of 9-12 months' supplies. So every month, these orders also get executed, and new orders are booked based on how much capacities are available to sell. So we have fantastic visibility going forward. Okay. My second question was, could you please share some growth outlook and margin outlook in targeting in FY 2026 and FY 2027 ahead? So if you see, last two years, consistently, we have logged EBITDA of over 16%. Last year was over 16.5%, and this year, Q1, the EBITDA has been EBITDA is 19.8% in the Q1. Going forward, it's difficult to really give a number of what EBITDA margin we have, but we feel that it will be decent numbers, quite similar to what we have seen in the past. That is the kind of visibility we can give. Okay. But we can sustain the EBITDA margin which we have in Q1 FY 2026, right? I understand correct? No comments on that. Thank you. Thank you. We take the next question from the line of Surinder Singh, who is an individual investor. Please go ahead. Good morning and congratulations on these excellent orders, sorry, excellent results. My question is that do you have any revenue guidance for FY 2026? Thank you, Mr. Singh, for the question. For the revenue guidelines, we cannot really give the guidance, but what we can say is that we have continuously focused on high-capacity utilization, which is also reflecting in our results in the past as well as in the current year as well. Our capacity utilization has been over 80% consistently, and that means we have capacity utilization helps us to have better costs because then your overheads are distributed well in your costs. Capacity utilization also means that we have a strong order book, and we have been good at executing our orders. With the kind of capacity utilization which we have been targeting and matching for the last two years, we feel that we should be able to have a high capacity utilization in this year as well, and that should reflect in our numbers. So if you see, last year, our capacity available was about 1.7 GW. This year, our capacity available will be close to about 3.6, 3.7 GW. That is the best we can give the guidance. Thank you for the explanation. That makes sense. My second question would be that as you have planned for your capacities, do you also have plans to have the order books by financial year 2026? If yes, then what is the number? And also, if you can share what is the current order book at the end of the month of September? We can give the order book at the end of June, which is 4 GW+. As I said in my remarks earlier also, that our order book does not comprise of the spot orders and distributor orders because these orders also are significant, but they come and go on a rather not even monthly, weekly basis, you have those orders coming and going. Our order book reflects the capacities which we have as we are adding capacities. Along with the capacities, our order book will also be filling that as we come close to commissioning of our Odisha plant as well. Okay. See, my concern is, do you anticipate that demand will slow down in one year's time because of overcapacity? So overcapacity, on the face of it, it may look like an overcapacity, but what we know is that a lot of the capacity, firstly, if you see industry standards, the capacity utilization is not even 40%. So capacity on ALMM may look high, but actual capacity utilization is very low. That is one point. The other point is that there has been tectonic technology change that has happened in the last one year, and many old technologies like multi, mono, and Mono PERC will become obsolete in the next one year, or mono and multi would they might be in ALMM because ALMM is for three years. They may become obsolete, or they are already obsolete, but they are visible there. So considering that a lot of old technologies will become offline, we don't see overcapacity kind of situation in the coming at least few years. Along with that, the Green Hydrogen and Green Ammonia play will also start because their execution timeline was three years, and already one year and so has passed. So their commissioning timelines are also getting closer. So we feel that that also will be powered from solar, and that additional volume will also start adding up in the coming period. So we feel that the demand should keep rising because you have alternate demand also adding up to the already prevalent demand. And along with that, battery storage is also adding up to that demand. So all that is adding the backward demand is ultimately coming to solar only. I think, thank you very much. Very comprehensive answer. My best wishes. Thank you. Thank you. Thank you. We take the next question from the line of Kunal Shah from DAM Capital Advisors Limited. Please go ahead. Yeah. Hi, sir. Congratulations on a good set of numbers. So firstly, I wanted to understand the status of our solar cell line expansion in terms of exact timelines and capacity therein, and what would be the status for the equipment ordering, etc., over there? What was the second question, Kunal? Sorry? Status for equipment ordering. Okay, okay. Our Odisha project is well on time. The civil construction work is already going on. We should start our PEB erection very soon, probably by end of this month. Module and cell capacities should come around the same time, but module takes a little less time to optimize and commercialize. That should start giving revenue from April 2026, but installation should happen in the last quarter of this financial year. It takes 3-4 months to really stabilize and get this fully commercialized. That's why we are saying April 2026 is when it should start producing, and full production should take another 3 months. The Q2 onward, we will get full production of that 4 GW module. Along with this, cell capacities are also coming, but cell takes a little more time to optimize because this is a more complex process, and gases and chemicals and a lot of efficiencies are a big, and that stabilization takes a little more time. So we are targeting end of Q2 for our 2.4 GW cell. The equipment ordering has already been done, and we are well on track on that. Understood. Sir, just to clarify, are you saying that the cell line would be stabilized by the end of the Q2, or would be commissioned by the end of the Q2? Stabilized by the end of Q2. Understood. So, sir, any guidance on the utilization then for the H2 of FY 2027, basically from a cell production perspective? Out of this 2.4 GW, we feel that for the entire year, 1 GW will be available because the H2 of the year only we will be able to get the revenue out of it. Cell is a continuous process. Around 800 MW-1 GW is the kind of output we are expecting for the financial year. Understood. So this is very helpful. So secondly, I wanted to understand the thought process of the promoters on sideways integration, let's say, in terms of entering into manufacturing of inverters or BESS. So from a 3- or 5-year perspective, how should one expect this company to evolve from a longer-term perspective? That would be helpful. So what we are building is we are building an integrated renewable energy manufacturing as well as a service providing company. So we are backward integrating into cell manufacturing. We also have plans to get into wafer and ingot value chain. So entire value chain from ingot to module is what we are targeting. We are already doing EPC. We are doing solar pumps. Solar pumps also, last year, we have incubated it, and we did about 100 pumps last year. This year, we should do about 4,000-5,000 pumps. So the kind of growth which will be seen from less than INR 2 crore revenue last year to about INR 50 crore revenue this year. And that is also a division which has a potential of becoming a separate business unit. So that is also happening. We are also getting into ancillaries. Yesterday, we have launched our inverters. So we have forayed into our inverter business with residential as well as small commercial industrial inverters. And also ancillaries, as I said, we are looking at getting into encapsulated manufacturing and also into other. So all in all, we are building; we are also doing EPC projects, and ultimately, the target is to get into battery storage products also. So all in all, we are building entire integrated forward, backward, and sideways energy company, renewable energy company, especially. Understood. This is extremely helpful, sir. I'll fall back in that view. Thanks a lot. Thank you. Thank you. Thank you. We take the next question from the line of Deepak Poddar from Sapphire Capital. Please go ahead. Yeah, I'm audible, sir? Yes, please go ahead. Yeah. Thank you very much, sir, for this opportunity, and many congratulations for a good set of numbers. So just wanted to understand, first up, on the recently Ambala 1 GW, what was the CapEx involved there? So see, I'm a CFO of the company, so what I can tell you is that the average cost of commissioning a GW plant in module will cost around INR 75-100 crore, depending on the land cost. That much I can tell you. I would be so our capital expenditure will also be in the range. Okay. So 1 GW would be around INR 75 crore-INR 100 crore. So what about the Odisha one? I mean, we have got their module as well as cell, right? So what's the total CapEx involved there? So we are investing about INR 1,850 crores, which includes 4 GW of module and 2.4 GW of cell. So our objective, as we have put in our various offer documents to the regulators, is that we will be building 4.8 GW of cell capacity. The first phase will have 2.4 GW, and another phase will have another 2.4 GW. So for the first phase of 4 GW of module and 2.4 GW of cell, the total capacity is INR 1,850 crores. Okay. So this 1,850 excludes 2.4 GW of solar cell? Second phase of the CapEx. Individually, the module would be costing around 4 GW, would be some INR 300-400 crore, right, as per GW? No, there it will be INR 550 crores. It will take kind of what I have given you earlier number is because we already have the base there. So it's a kind of brownfield expansion. Here in this location in Odisha, we should greenfield expansion. So the CapEx is a bit more because you have to create the infrastructure also. Understood. So INR 550 crore would be module, and INR 1,300 crore would be 2.4 GW solar cell, right? Correct. Correct. Okay. Okay. That's pretty clear. And in terms of realization, I mean, I was reading your press release, so you mentioned that the module prices have bottomed out, and it kind of you expect it to stabilize going forward. So what sort of realization we are seeing right now per megawatt? The realization per megawatt is around INR 2, INR 2 per watt, per watt peak. Yeah. So per megawatt, if you can share, that would be very helpful. Per megawatt will be INR 2 lakh. Okay. Per megawatt would be INR 2 lakh? 20 lakh. 20 lakh. 20 lakh. 20 lakh for solar panels? I think the realization in terms of revenue would be about INR 1.5 crore, INR 1.4 crore-INR 1.5 crore per megawatt. So it includes, yeah, yeah. So it includes all your solar cell and etc., everything. Yeah. Yeah. Yeah. Yeah. Okay. Okay. Okay. Understood. And you mentioned right now about BESS plan. Can you elaborate more on what sort of capacity and CapEx that is involved there, and by when we are coming through with those BESS projects? What I meant was we are doing EPC projects, which is a best standalone project. So we have taken a project in Bihar, and we are also bidding for other EPC projects. We have plans to get into manufacturing also for batteries, but that is still on the whiteboard stage. So we don't have a number to give on that. Okay. Okay. Okay. So that is on whiteboard. Okay. I got it. And just finally, a couple of things from my side. Now, this solar cell capacity will be everything will be internally utilized? I mean, would that be a fair understanding? Because you will have 8.8 GW of module capacity, right? Yes. That would depend on the market dynamics, depending on where we get the best value and the best demand. But in a hypothetical situation, obviously, this will be internally digested, but it would depend on what kind of orders we are booked with, and we can sell also some of the cells depending on the market situation. What sort of margin benefit it can bring? I mean, what sort of differential it would have versus, I mean, externally sourcing versus internally manufacturing? So domestic cell tenders and demand is totally different, where the prices also are very different. And that is so what we are expecting additional for that kind of capacity, additional 4%-5% EBITDA would come for the cell part. 4%-5% EBITDA benefit will come because of cell manufacturing at the company level, right? Yes. Okay. Okay. That's very helpful, sir. I mean, that would be it from my side. All the very best to you. Thank you. Thank you. Thank you. We take the next question from the line of Kartik Sharma from Anand Rathi Financial Services Limited. Please go ahead. Yeah. I just wanted to understand whether the CUFs differ from a brownfield project and from a greenfield project? No, the CUF does not really differ, but what happens is our brownfield project, what we had additional space available in our shed, and we were able to quickly up and run the additional module capacity. So the additional benefit is that you don't have much CapEx requirement because there's no land required. There's no building required. You have the infrastructure, utilities, all available. And it is faster also because you can start commercialized production from it maybe in 2-3 months, in 2 months. And then you kind of optimize it. And in a total 5-6 months, you can run it at full, at least 80% capacity. In a Greenfield project? In a greenfield project. In a Brownfield project? In a brownfield project, you have land. You have to do all the approvals. You have utilities. You have to have the civil work. You have foundation, shed, everything. And then it's a longer gestation cycle. But everything brownfield is at one point of time greenfield. So that's the difference. Got it. And so one more last question from my side. When you say you had plans for ingot wafer till module, so an entire integrated facility, so are there any capacities that you are focusing for the ingot wafer and where that might be? So it's also under consideration right now. So there are two directions which we are thinking of. One is setting up backward integration of the ingot wafer, matching our cell capacities in Odisha. And additionally, we have taken land in Madhya Pradesh also. There is a solar manufacturing park which is being built in Narmadapuram near Bhopal, where we have initially got 51 acres of land, but we are trying to increase it to at least 200 acres. 300 acres is what we've asked. But even if we get 200 acres, we will be able to build an 8 GW integrated ingot wafer cell module kind of a facility there. Got it, sir. Thank you so much. Thank you. The next question, that's from the line of Sarang Joglekar from Vimana Capital Management. Please go ahead. Yeah. Hi. Can you hear me? Yeah. Can you please repeat your name if you can? My name is Sarang. Sarang Joglekar. Sarang. Okay. Yeah. Yes, sir. Yes, sir. Yes. On the demand side, just wanted to understand. You said that the overall technology that it is actually. So the demand for monofacial and monocrystalline, is it already it has already gone, or there are still fragments who are there is demand for these? Sorry, your voice is not clear, but I kind of understand your question. You are saying that yeah. So what happens is it's like you have the iPhone 17 gets launched and then iPhone 16. Firstly, the demand also goes down, and then the price also kind of is down because of the lower demand. The same is happening for monofacial as well as for the older technologies. So we still have projects which demand for 540, 550-watt panels. But the kind of margins we'll see in TOPCon versus the kind of margins you see in monofacial, because ultimately, even if the developer compromises on the wattage of the panel, they want to compensate for entire system cost. Because when you have a 625-watt panel versus a 550-watt panel, you have higher system cost because the structure, inverter, cable, everything is additional 10%-15%. You have higher land requirement with a lesser wattage. So the margins are really tight. And so that is there on monofacial. But also in TOPCon, also you have generations. So like M10, M10R today, G12R. So in a year or so, the monofacial or the mono is already obsolete. Monofacial, the margins become very less. It shrinks, and it does not really become sustainable to hold on to those kind of margins because the customer ultimately wants a higher efficient product. So that is what I mean. Understood. So whatever the new demand is coming, it is all coming mostly for TOPCon. Is that right? Yes. And also, it is shifting towards G12R TOPCon. So G12R is in the same size module. Instead of 590, 595, you can get 625 watt. So the customer is so sensitive that they also want the highest efficiency, even in TOPCon also. Understood. Also, on the FY 2027, now that ALMM is also coming in, you said that your facility cell capacity will come from September. And most of the players have faced delays in stabilization because of the complex process. So if there is maybe 1 or 2 month delay, let's say it goes to November, so is it the case that you lose the business between June and October, those 4 or 5 months because there is a very limited cell capacity? So ALMM was expected to come in 2019. Eventually, it came in 2024 because the government has to do a balancing act of not sacrificing the, what do you call, the energy demand shifting from renewable to non-renewable. So they would want the installations to keep happening for the solar projects. And also, in parallel, want the ecosystem also getting built. So the balancing act is being done, wherein every quarter, they ask us for the kind of module capacities we have, what is the utilization of our capacities, how much cell capacities we are putting in, what is the timeline. And based on that, the demand for domestic cell tenders are getting built up. So the government has shown a commitment to create the entire manufacturing ecosystem in India by way of ALMM. But there are not enough cell capacities which have really got commissioned because there was a technology change also happening from monofacial to TOPCon. So now, like us, others are also setting up cell manufacturing. And so until there is a 40-50 GW type of cell up and running, it is difficult to do the entire shift towards domestic cell. So we feel that there will be some extension into those timelines. Apart from that, there, it takes about 18-20, rather 30 months to commission a project from awarding till the end. So even if the demand starts from 2026, it takes about 2 years to commission. And then there are about 70 GW-100 GW of pent-up demand also that is tendered and is going to get installed in the coming period. So there is enough demand to continue and shift towards domestic cell. That will happen somewhere around 2027-2028. The other thing is also wafer ingot. So government has also given a draft policy. So they have shown their interest to get wafer ingot manufacturing also built. The initial draft says 2028. So that people like us can also plan further backward integrating into ingot and wafer. So that is how the situation is. Understood. So my last question is on the capacity, the ALMM capacity, when you see it's more than 100 GW. Do you have any estimate of how much of that is Topcon? And secondly, you said 40% is the industry capacity utilization, and yours is, I think, 80%, you said. So what exactly are you doing? Because when I speak with the listed peers, everyone gives a number around 60%. So what is it that you are doing differently? So industry capacity utilization is low because there are some players who are because ALMM is a three-year so you list in ALMM, and then you are there for three years. So not every manufacturer is similar. So a manufacturer may have issues with cash flow, order booking. They may be running only last quarter of the year. They may not be focused. So there are various, they don't have the bank limits available. They don't have the team available. They might not be industry-focused. And there could be many factors why a manufacturer may not be utilizing their capacity fully. But overall average, if you see, somebody would be at 0% also. Some might be at 10%. Then you would have people like us at 80%. Now, comparing us with the others who have 60%, the way we are doing it differently is firstly, we consider ourselves as a sales-driven organization. We ensure that our order book is always full, and we have our set of customers in every different segment, be it utilities, C&I, retail. You have open access, pumps. So we have our foothold. We are also doing EPC. We are doing our own pumps also. So kind of it cushions also if there is a demand up and down in a year, in a month. So we have been focused on our diversification in terms of our customer base, be it regional, be it segment-wise. And that gives us on the demand side. On the supply side, since we have a strong purchasing power now, so we have a better supplier base. We have good working capital limits. We have executed for the last 10 years. We have been in business. We have a good kind of performance credentials also in the market. That is what differentiates us. Because ultimately, if you are at 50%-60% versus the 85% capacity utilization, your overhead automatically is 10%-20% higher if you are at a lower capacity utilization. That is what differentiates us. Right. And And on the TOPCon capacity, how much is that of the ALMM, total ALMM? Yeah. So ALMM does not clearly mention, but our estimate is that currently, the monofacial or the lower efficiency would be about 35 GW in that. Also, there are some equipment who would have upgraded from monofacial to TOPCon with a 10-busbar or a 16-busbar type of kind of stringer capacities. That might be visible in TOPCon, but they might be lower efficient, or they may also once a 10-busbar cells also stop. So that might, my estimate is around 40 GW would be obsolete technology very soon. Understood. Understood. Thanks for the clarifications and for that interview. Thank you. Thank you. The next question comes from the line of Chirag Jain from Emkay Global Financial Services. Please go ahead. Hello. Am I audible? Yes, Chirag. Please go ahead. Yeah. Morning, sir. Congrats on good quarterly performance. My first question was, so I was trying to understand effective installed capacity of our total installed capacity. Based on disclosures, it appears that our effective operational capacity is currently below 50% of total installed capacity. I was trying to understand what is the gap. Is it related to any operating hours or technical limitations? Additionally, what do we expect? Do we expect to maintain this same effective utilization capacity going forward? Because then it would tap the top line growth and also elongate our execution timelines. Okay. So our capacities have gone by 2 GW. And one was in January, and the other was in March. So it takes a few months to kind of optimize and get to a full optimum utilization level. So this year, our available capacity effectively will be about 3.6GW-3.7 GW. Our 1 GW has recently got installed. We should start getting revenue for that in October, November. Also, Q3. Yeah, in the Q3. So our effective available capacity will end up being about 3.8 GW. So we should be able to clock around 3.5 GW kind of output in this year. Okay. Understood. So there is no anything like operating hours or any technical limitation? Yeah. So my next question was on the 4 GW plant for cell manufacturing that we are planning, which would lead to outlay of INR 1,300 crores. So how do we plan to fund that? I have read somewhere that management was planning to fund it through internal accruals only. But I can see the working capital is not managed properly. It's increasing year-on-year. So anything on that? So your first question was related to how we are going to fund the 2.4 GW capacity of cell, right? Yeah. So, we are going to invest about INR 1,300 crore in two different financial years, in FY 2026 and FY 2027, in the ratio of maybe 60% this year and 40% next year. So to fund that 60%, we have secured the debt from the leading government bank, which will fund us 75% of the project cost. And 25% of the project will be funded through equity. And we have enough equity capital, equity available in our balance sheet, and we are also generating profit. So those internal accruals will be more than sufficient to fund our cell production or cell CapEx. Okay. Understood. Sir, about working capital, how do we plan to manage it forward? So see, working capital has grown in the same proportion of the growth in the business. However, we are putting a lot of focus on making it more effective utilization and more effective availability of working capital through the better treasury management. And this is the kind of normally every company does on a routine basis, and we will follow the same. Okay. Thank you so much. Thank you. The next question comes from the line of Jenna from Saltoro Investment. Please go ahead. Congratulations on getting listed. I wanted to ask my first question is on building upon the previous participant. So you said 75% of the project cost would be through debt. So I'm assuming it would be from IREDA. What would be the debt rate? That's my first question. Sorry? I missed your question. What would be the rate of debt for that 75% of CapEx that you're looking at of that INR 1,350 crore for the 2.4 GW cell plant? These interest rates are generally dependent on the index price. It is linked to the MCLR rate with some margin. It will be. So, roughly, what would it be? It will be in the range of 8.9-9. Okay. What is the peak level of debt that the company wants to, that the company is comfortable at? Currently, I think it's 1.28x this. So after this CapEx that we are going to do, and I'm assuming going forward as well for wafers, maybe that's a little out. But what's that comfortable level of debt that you want to ensure that beyond that the company doesn't go? No. So we will maintain the debt-equity ratio in our current level only. So it will be about even including the debt we are going to take on the CapEx, we will maintain the debt-equity ratio between 1.2-1.3. Okay. I also wanted to understand that in terms of your customers, if you could give a better idea, who are your customers? What would be your concentration? And in terms of mix, as you said, that EPC, C&I, and there would be also probably some system integrators within PM-KUSUM and PM Surya Ghar that you would be supplying to. So if you could give that mix, that would be great. So, see, we have all the leading names in the as our customer. But I can tell you, so it won't be possible because we have about more than 500 customers. But I can tell you that we are selling all across categories in utilities, retail, C&I, EPC, and export. So export, we have very, very minimum percentage. But in utility, utility is the largest chunk of our sale. And. What would that be roughly when you mean largest? Would it be 70%? Would it be 40%? In the current quarter, it will be 80%, to be precise. Okay. Okay. That is a large area. The retail is about 10%. C&I is about 8%. The remaining one is EPC and export. That is the application we can give at this point of time. Got it. Yeah. So you also mentioned about PM-KUSUM and solar pumps being a big opportunity. As a part of your sideward integration as well, you launched the solar inverters. So if you first could talk about how big is the PM-KUSUM opportunity and what gives you the confidence to scale up the business as a separate vertical? What is the vision of the company when it comes to solar pumps? Where do you want to reach? If you could touch upon that. Yeah. There are two segments in PM-KUSUM. One is the pump segment, and the other is the KUSUM C and KUSUM A, which is also kind of a utility or you can call it a small C&I kind of a project. Yeah. So we have a very decent market share in the PM-KUSUM component C as well as PM-KUSUM A, and especially in Rajasthan, Maharashtra, and Bihar. We have significant market share in Rajasthan, especially. And then you have PM-KUSUM B segment, which is solar pumps, where also we are firstly, we are selling modules to project developers here. And the other is we are also doing our own PM-KUSUM projects, PM-KUSUM B. So last year, we incubated this, as I said earlier also. And initially, we got a very small order of about 150 pumps. And last year, we did only INR 2 crore kind of a business here, less than INR 2 crore, actually. And then we executed this in the first month or second month of this year. And then we have got another we have done another Maharashtra. Now we have got 1,500 pumps. We also got from IREDA. We have got it from Odisha. We have got from Madhya Pradesh. So this year, we are targeting to do close to 4,000, 5,000 pumps, which will be around INR 50 crore-INR 80 crore kind of a revenue. But what happens is it's like EPC. You have to build your credentials one after another. So initially, you will get small, then you will get a little bigger, and then in three, four years, then you become a large that becomes a large chunk of your business also. So. So you are fairly confident about the opportunity over there. Probably in 3-4 years, you can scale it up. Is that a fair conclusion? This year, we have a target is to do about 4,000-5,000 pumps. But next year, our target is to do about 15,000 pumps. And then scale upon that. Got it. That is the kind of scalability we see in that business as well. Yeah. And in Surya Ghar, what is the strategy with inverters? And are we also one of the players participating in PM Surya Ghar? And between the two, which one do you find to be a bigger and better opportunity, Surya Ghar and KUSUM? Both are very close to our heart, both the schemes. So I can't say one of them. But the potential which we see, I think PM-KUSUM potential is already understood and is being done. I think it has much bigger scale also because still, India has about 50%-60% of our economy is agricultural. And it was always a stretch between the farmers not paying the electricity bill and all state governments trying to subsidize it. I think this PM-KUSUM scheme takes care of it, wherein they have a solar pump installed. Because they were not paying the bill, the grid was not giving them electricity. Ultimately, their agriculture output was getting affected. So now that has been addressed by PM-KUSUM scheme, wherein you have a pump which does not require electricity. Solar does it for them. So that is the potential. Same goes with the PM Surya Ghar Yojana. Initially, it was for 1 crore homes. What I understand is over 3 crores applications have come. We feel the potential is much higher, the portal. But since the cell availability is very low, both schemes are getting affected now. But as more cell capacities get built up, these schemes will actually have a huge kind of potential, upside potential in these. Understood. Now, on your cell plant, what I want to understand is, are you tying up with a Chinese vendor or a European vendor? And is it something that is turnkey? If you could throw some light upon that and given how cell plant is complex, as you said. So what is the timeline? I know you are on track, but if you could give typically what is the timeline in general, and are there any challenges that in your journey you faced at all while setting up the cell plant? Because also in Odisha, I've seen a couple of companies, like probably, for example, Waaree had its plants in Odisha, but I think it shifted its plant from Odisha to probably now Maharashtra and Gujarat. So any kind of challenges, whether it comes to cell line and the vendor that you are facing? And who is the vendor? Firstly, on the vendor side, let me talk about that. Yes. There were two options. One is the European option with Chinese make, and the other is the Chinese option with Chinese make. So the only difference is that the technology is either European or European with Chinese. So ultimately, all equipment currently are getting made in China only. And even we had an option with Centrotherm also, but ultimately, China is only the one who's making equipment. Otherwise, it's difficult to even compete. So we are getting our technology from SC Solar. And SC Solar has done similar projects for our peers also. So they have the learning curve. And for us, the speed of execution of the project is very important. So we have gone in with the partners who have delivered, like SC Solar has done it for our large peers, and also M+W India, who has done it for TPSSL for them. So we have gone in with people who have done it in Indian conditions. The other thing is Odisha per se did not pose any problem. But what happened is what we have done is instead of taking a government land, we have taken a Tata Steel SEZ land in Gopalpur, Odisha. And the benefit is maybe we paid a little higher on the land price, but firstly, it is very close to the Gopalpur Port, which is being taken by Adani, and they are developing it as a future deep-sea port. It is also very close to Vizag as well as Paradip Port, within 200 km distance. So we get access to the port. In Tata Steel SEZ, it's a developed SEZ. We get land there on the main spine road. We get electricity, water, which is very important. And future CETP access will also be given. There's a multi-utility corridor also that is being built. We are on Calcutta-Chennai Highway, this Tata Steel SEZ. So what happens is when you take a large chunk of land, like Vari did, about 600 acres that took in Dhenkanal, the government gave them land and promises, but ultimately, you're delivering the electricity, water, and there were challenges because such a large chunk of land was in a very remote area. And they struggled to get things done. So we learned lessons from that, and we took it in the SEZ. So that is how we have addressed a potential delay in our project by doing it. Thank you. Ladies and gentlemen, due to time constraints, we take that as the last question, and we conclude the question-and-answer session. I now hand the conference over to the management for their closing comments. Yeah. So I would request Mr. Prashant Mathur, CEO, to give the closing remarks. Thank you, sir. Thank you, Baniji. And thank you, everyone. Q1 FY 2026 has been a very strong year, a strong start for the year, reflecting Saatvik's continued momentum in scaling operations and strengthening our profitability. Our focus remains on expanding capacity, driving operational excellence, and deepening our presence. We see sustained demand for high-efficiency solar modules supported by India's clean energy goals and global transition to renewables. With our integrated model and committed team, we are confident of delivering consistent growth and value to all our stakeholders. So thank you for your continuous trust and support. Thank you. On behalf of Motilal Oswal Financial Services Limited, that concludes this conference. Thank you for joining us, and you may now disconnect your lines.