Ladies and gentlemen, good day and welcome to Saatvik Green Energy Limited Q3 FY 2026 earnings conference call. As a reminder, all participants' lines will be in listen-only mode, and there will be an opportunity for you to ask questions after the presentation concludes. Should you need assistance during this conference call, please signal our operator by pressing star, then zero on your touch-tone phone. I now hand over the conference to Mr. Prakhar Porwal from Ambit Capital Private Limited. Thank you, and over to you, sir. Good morning, everyone, and welcome to the Q3 and 9-month FY 2026 earnings call of Saatvik Green Energy Limited. Today we have with us Mr. Neelesh Garg, Chairman and MD; Mr. Prashant Mathur, CEO; Mr. Abani Jha, CFO; and Adfactors IR team. We will begin the call with the opening remarks from the management, after which we will have the forum open for the interactive Q&A session. I must remind you that this conference call may include forward-looking statements about the company, which are based on the beliefs, opinions, and expectations of the company as on the date of this call. The statements are not a guarantee of future performance and involve risks and uncertainties that are difficult to predict. I now hand over the conference to Mr. Neelesh Garg, Chairman and MD of Saatvik Green Energy Limited for opening remarks. Thank you, and over to you, sir. Hi, good morning, everyone, and a warm welcome to Saatvik Green Energy Limited's earnings conference call to discuss our performance for the third quarter and 9-month ended FY 2026. Thank you for joining us today and for your continued interest in Saatvik. On behalf of the board and the management team, I would like to sincerely thank our investors, analysts, and stakeholders for their trust and confidence to continue to place with us. The first 9 months of FY 2026 have been a period of steady operational execution, disciplined capacity utilization, and continued strategic progress. While the second quarter saw temporary headwinds due to monsoon-related execution delays, logistics disruptions, and the impact of GST rate reduction, the operating environment improved meaningfully in quarter three, allowing execution momentum to normalize. India's renewable energy sector continues to remain structurally strong. Government initiatives such as PM Surya Ghar, PM Kusum, CPSU scheme phase two, and the national target of achieving 500 GW of non-fossil fuel capacity by 2030 continue to support long-term demand for solar energy. The progressive increase in government allocations for rooftop solar schemes over the past few years reflects rising policy intensity and provides greater confidence in the sustainability of demand growth. Simultaneously, the industry is witnessing a clear shift towards high-efficiency technologies, reinforcing the importance of scale, reliability, and technology leadership. Against this backdrop, Saatvik continues to strengthen its position as one of India's leading solar module manufacturers. Our Ambala manufacturing facility is fully operational at an annual capacity of 4.8 GW, supported by high utilization levels of over 81% during quarter three, and a diversified customer base across utility scale, C&I, EPC, and distributed segments. During the period, we successfully commissioned and operationalized our 2 GW in-house EVA film manufacturing facility in Ambala. Moreover, we continue to make steady progress on our greenfield integrated manufacturing project in Odisha, which will comprise 4 GW of module capacity and 4.8 GW of solar cell capacity. The project is a critical milestone in our journey towards backward integration, improved cost competitiveness, and long-term margin sustainability. In parallel, our module businesses continue to secure repeat domestic orders, and we remain focused on expanding selectively across adjacencies such as solar pumps and inverters while maintaining capital discipline. With that, I would like to now invite our Chief Financial Officer, Mr. Abani Jha, to take you through our financial performance for quarter three and 9 months ended FY 2026. Thank you, Neelesh, and good morning, everyone. I will now take you through the financial performance for the third quarter and 9 months ended FY 2026. For the 9-month period, Saatvik delivered a strong year-on-year growth across revenue and profitability, driven by higher volume, stable realizations, and disciplined cost management. Revenue for the quarter is INR 21,570 million, registering a 143% growth over Q3 FY 2025. EBITDA was INR 1,647.6 million, up 134% year-on-year, translating into EBITDA margin of 13.11%. Profit after tax came in at INR 987.2 million, reflecting a 144% year-on-year increase. The sequential improvement in Q3 was driven by normalization of dispatch and logistics schedules, pickup in project execution post the monsoon season, and continued strong demand across utility scale and C&I segments. From an operational standpoint, total production during Q3 was 759 MW. Capacity utilization remained robust at 81% in Q3 and around 82% for 9-month FY 2026, underscoring the strength of our execution capabilities. Revenue for the period is INR 229,407.8 million, registering a 137% growth over 9-month FY 2025. EBITDA was INR 4,693.4 million, up 135% year-on-year, translating into an EBITDA margin of 15.96%, reflecting sustained operating efficiency. PAT came in INR 3,007.9 million, reflecting a 145% year-on-year increase, with a PAT margin of 10.23% supported by operating leverage. Our greenfield integrated project in Odisha remains on track with 4 GW of module capacity scheduled for commissioning by the end of FY 2026 and 4.8 GW of cell capacity scheduled for FY 2027. This expansion enhances vertical integration, improved cost control, and supports sustainable margin performance in the future. During the quarter, we successfully commissioned and operationalized our 2 GW in-house EPE film manufacturing facility at Ambala, making a major step in our vertical integration journey. This investment strengthens supply chain security, enhances quality control, and improves margin stability, reinforcing our focus on long-term operational resilience. From a balance sheet perspective, the company remains financially strong with healthy returns ratios and continued focus on prudent capital deployment, even as we invest for future growth. As of the end of the quarter, our order book remains healthy at approximately 5.05 gigawatts, providing clear visibility for the coming quarters. Overall, the financial performance for Q3 and 9-month FY 2026 demonstrates Saatvik's ability to scale profitably, maintain balance in discipline, and execute consistently in a dynamic operating environment. With that, I open the floor for the questions. We will be answering your questions. Thank you very much, sir. 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 the handset 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 Raman V.K. from Sequent Investments. Please go ahead. Hello, sir. Can you hear me? Yes, sir. Very clear. Thank you, sir. Thank you for the opportunity, and congratulations on a good set of numbers. My first question is with respect to the capacity expansion. We will be adding a 4 GW of module by the end of FY 2026. My assumption is around 8.8 gigawatt of module will be working and will be operating in FY 2027. When will the cell capacity of 4.8 GW cell be starting to operationalize? Yes, good morning. This is Prashant Mathur. So the module plant commissioning will happen in the last around March of 2026. The equipment installation will start. And then there is a ramp-up which happens. So in the first quarter, we will start the commercial production from the module plant. And this is in one stroke, it is 4 GW of module. So it takes the ramp-up happens over 3-4 months' time. So we should start in the first quarter, around mid of the first quarter of the next financial year. Installation machines will also start around the same time, but cell takes a little more time to stabilize and ramp up the efficiencies. So we expect the commercial production from the second half of next financial year. So assuming around October is the timeline which we are planning for commercial production of our cell line. Understood, sir. Due to the rising silver prices, as well as China stopping export rebate in solar cells and modules, there has been a slight increase in module and cell prices. Can you give the ballpark realization figures for the module as well as cell for the quarter? The inherent nature of this industry is that the price volatility is always there, and prices are determined by not only the commodity prices but also various government policies, taxation, duties. All these factors, and that is where a strong decision-making management is very important in any operations. But the way we structure our business is we take care of the fluctuations in the commodities. But the prices also have risen because of the silver and aluminum and copper prices impact. So the effect could be marginal in the short term, but long term, the prices adjust in the market according to the behavior of the commodities and the input material prices. Understood. What is the realization figure for the quarter? For the quarter, our EBITDA is 13.11%, and for the year, our EBITDA is 15.96%, close to 16%. No, sir. I meant the module and cell price realization. Module realization per rupee per watt, how much are we selling it for? Absolute number, we cannot tell. But what we can say is that prices dipped a little bit in the last quarter, but it has gone back to the original level again in this quarter because of the rising prices. Understood. As As I said, the prices fluctuate up and down due to all these factors. And since there's been a lot of fluctuation in the silver prices, silver prices used to be about 15%-16% of the module prices. Today, it is close to 25%. So that is the kind of impact the fluctuation has given to the input price of silver only in the module price. Understood, sir. And so my final question is, during the quarter, how much of the total revenue at the consolidated level was from modules, and how much was from solar pumps? So solar pump is a very recent offer of our business. This year, we target to make it a standalone business unit. But as of now, the solar pump revenue mix in our business is close to 0.5%, 35%. 3.5%? No, no, no. 0.35%. So basically, this entire INR 1,250 crore of revenue is basically from sale of module, if my understanding is right? No, around 95% of the sales is in the module sales. But in EPC also, there is module involved. In pumps also, there are module involved. But these are all counted in the module sales. Understood, sir. And sir, can you give the guidance with respect to solar pumps? How are you planning to expand the revenue or this business segment in the coming year? So our solar module versus the rest of the business this year expected to be 95% and 5%. But as we are expanding into EPC business, pump, inverter, the target for going forward is to make it to 15%, which we are trying to achieve in the next couple of years. Also, this quarter, we have started our encapsulant plant, so 2 GW manufacturing of encapsulant. We are also setting up now manufacturing assembly of inverters also. We are also getting into cell manufacturing. So cell manufacturing gives us additional margins because you have a DCR policy, which is giving extra margins if you are a cell manufacturer. So all that will add on to our overall numbers in the period to come. Understood, sir. Thank you, sir. Thank you. Thank you. Ladies and gentlemen, anyone who wishes to ask a question, please press star and one now. The next question is from the line of Pinaki from IDBI Capital. Please go ahead. Hello. Am I audible? Yes, please. Good morning. Please go ahead. Yes. Good morning, sir. Congratulations for your results. Sir, my question would be is very from the bidding point of view or the order book that you have, how the pricing works? Because given the volatility in the silver and the copper price, which is very critical input for your raw material, so is it a pass-through formula, or is there something here that normally a company has to take? So order book is a mix of large utility customer, C&I. But the order book does not consist of spot orders and retail, which is also a sizable chunk of our business. So if you see our order book, we have executed close to 1 gigawatt in this quarter. But we have also added new orders. And today, our order book is over 5 GW, which translates to about INR 6,500 crore. Now, some of the orders, which are long-term, are devised in a way which takes care of the change in the dollar fluctuation, change in the input cost. So either the end customer secures the cell or gives us financial instruments for us to secure the cell. Also, change in law, these are the three things which we take care of while devising any long-term contract. And these long-term contracts, I'm talking of, are between 6-12 months' cycle. There are other orders also which are short-term, which need to be executed in a month or till 4, 5 months' period. Those could be fixed as well. It's a mix. Okay, sir. And sir, second question and the last question is, in the recent budget, government have exempted the critical raw material to manufacture the glass. So would that be would have an advantage in the maybe not immediately, but maybe coming one year or two years in terms of the better margins being glass being locally manufactured, if any inputs can be highlighted? I understand it's too early to say, but just to understand. Yes. It's too early to say because we are not into glass manufacturing. We expect it to have a positive impact on the glass prices. It should help reducing the input cost for modules. Okay. That's it from my side. Thank you, sir. Thank you very much. Thank you. Ladies and gentlemen, in order to ensure that management is able to address questions from all participants in the conference, please limit your question to three per participant. Thank you. The next question is from the line of Gaurav from Axis Mutual Fund. Please go ahead. Hello, sir. Thank you for the opportunity. Sir, I just wanted to know, what are the market prices for DCR and non-DCR modules in the market today? This is not fair for me to comment on the market prices. Fair enough. Second question is, what is the share of DCR versus non-DCR in our sales, what we are selling? So since we are not manufacturing cells as of now, DCR is only in our retail part. So I would say it's maybe around 3%-4% of our monthly sales. Fair enough. Yeah, that's what in the earlier answer I was saying, that with Saatvik, the value unlocking is around the corner. That is because since our cell manufacturing is about to begin, and so the value unlocking from cell manufacturing and DCR is going to come in the year next year. Fair enough. Just last question, sir. What is the CapEx that we are planning for the cell line that we are setting up? The CapEx for cell plus module is about INR 1,850 crores. For cell part, it is INR 1,300 crores, INR 1,350 crores. Sorry, INR 1,350 crores. Understood. Understood. Fair enough, sir. Thank you so much. That's all. Thank you. Thank you. Participants who wish to ask a question may press star and one this time. The next question is from the line of Prakhar Porwal from Ambit Capital. Please go ahead. Hello, sir. Just two questions. One is, what is the sales volume of this number? I understand 756 MW is production. Wanted to know the megawatt sales. 920 MW in December in Q3. Yeah, in Q3. Overall sales is 2,058 MW. Sure, sir. And sir, on your margins, if I see 13% orders, including other income, X of that is around 12.2%. So I understand prices would not fluctuate so sharply in just a matter of one quarter. So maybe it was some commodity inflation that we couldn't pass through on the spot orders. So what was the reason for this margin contraction? Prakhar, if you see, even in our guidance, we have said that 13% EBITDA is a realistic expectation for the year. However, if you see for the year, we are at 16%. The marginal dip in this quarter was, as you have rightly said, the impact of the fluctuation in the commodity pricing. Also the US dollar. The US dollar. These were the two fluctuations. This impact will show positively in the fourth quarter of this financial year because the market adapts to the prices. With a lag, but it actually adapts to the prices. Understood. And sir, just lastly, on exports, given all this duty with the U.S., how do you see exports to the U.S. given we had some exposure back in 2024? So any outlook there? So we are still evaluating the trade policy, but it is a very welcome and a positive step. 18%-50% is definitely good for us. And as you rightly said, last year, we were doing exports. We were building the business there. We are still exporting, though it is less than 1% of our overall sales. But we are still exporting, but we were exporting where we were not taking any tariff risk for the U.S. market. So we have the foot in the door, and we will be pursuing the U.S. market, especially now when our cell manufacturing is also going to start soon. We will be positively pursuing the U.S. market, both for our cells and modules. 18 is over and above the Section 201 duty, right, which is 14%? The 18%. Yeah. So that nitty-gritty needs to be evaluated because the announcement has happened, but we have not got the full details of the policy. I think it is still not signed. The more details we should be seeing in the following weeks, then we can really comment on that. Sure, sir. Thank you so much. Thank you. Thank you. The next question is from the line of Abhi Sehgal from Singularity AMC. Participant got disconnected. The next question is from the line of Aniket Madhwani from Stept rade Capital. Please go ahead. The next question is from the line of Maitri Shah from Sapphire Capital. Please go ahead. Yeah. Hello. No, audible? Yeah, yeah. Yes, you're audible. Yeah. Good morning. I just have two questions. Firstly, on the realizations, since you said that we are back on the original realizations, do we see them staying the same going forward? Again, I really cannot comment because silver price is really going 9% up and down on a daily basis. But what I was saying was that the module prices, which were at a number in the first half of the year, dipped in the third quarter but is again back to those numbers. If the commodity prices keep rising, obviously, that will reflect in the module prices also. But if it stabilizes, which is actually good for any business, then we should see around the same prices. Okay. Secondly, on the interest cost, there has been a sharp increase in the interest cost in this quarter. Any one-off reason for that, or is it going to sustain at this level? Yeah. Yeah. Yeah. So the upward trends in the commodity prices were actually impacting the sales prices also. So we have taken some short-term position for sell. And for that to finance that, we have taken some short-term borrowings. And because of that, the interest cost is temporarily sorted out, which will be normalized by March. Okay. Lastly, any sort of targets you have for the output in FY 2027 or also you can guide for that on the module manufacturing side? For FY 2027? Okay. So future can be seen from the past. And if you see our growth pattern has been 88% CAGR growth in revenues and 250% growth in the PAT for the last few years. This year also, we have grown over 100% in all be it revenue, EBITDA, or PAT. So this number should we should be we will try to defend these numbers for the year. And this is the kind of growth which we are also expected to grow for the next year as well. Okay. That is from my side. Thank you. Thank you. Thank you. Participants who wish to ask a question may press star and one this time. The next question is from the line of Raman V.K. from Sequent Investments. Please go ahead. Thank you for the follow-up. I just want to understand with respect to cell, which is currently our raw material, for how many months did we procure cell in our inventory? So normally, it depends, but we try to procure cells for we keep inventory for about 3-4 weeks, and then in transit, so about 6 weeks inventory. Now, as at the current because of the fluctuation in the silver prices and other. Sorry, we missed your question, sir. Sir, the line for Mr. Raman got disconnected. Should we move to the next question? Yeah, please. Okay. The next question is from the line of Sarang from Vimana Capital. Please go ahead. Yeah. Hi. Thanks for the opportunity. So on the raw material price increase, wanted to understand, are you able to fully pass on these raw material prices, or because of rising capacity, rising competition, do you also have to take a hit? Yeah. Good morning, Mr. Sarang. It is, as I said earlier, your order book is a mix of long-term orders where you have the ability to pass through, and then you have short-term orders wherein these are inbuilt in the prices. Is the background noise? It is inbuilt in the prices. So in some, you are able to pass through, and some, you are not able to pass through. But if you see the material procurement, though we try to keep inventory to minimum level, but if you see our interest cost reason is because we have secured our inventory because when you have fluctuating prices of this magnitude, then you try to secure your raw materials. So we have done that also. But fluctuations up and down are part of this industry. Any person who operates in the industry has the understanding of when to secure the material and what prices to book the orders. Got it. Understood. And on the cell side, I'm sorry if I missed it, but when will you be commissioning the plant? Cell commercial production, we should start somewhere in October 2026. Commissioning of the plant will happen in the second quarter, which is in July to September. Commercial production should start somewhere around October. Got it. How much time did you take for this? From groundbreaking to October 2026, how much period is this? It took us almost 15-18 months. Understood. Sir, one last question. On the competition, how are you thinking about it? Because on the module side, at least, there has already been about 140 GW of ALMM capacity. Even on the cell, many players are increasing their capacity. It's about 30 GW right now, expected to go to 50-60 GW in a year. How do you look at that? So competition is always welcome because that also expands the market. If you see this year also, last year, about 32-34 GW installation happened. This year itself, the pace which is going on, I think India should be over 50-55 GW already. And with the rising energy demand in India, electric vehicle, battery storage, green hydrogen, India wants to be a rising developed economy. So all this will drive the energy demand and installations in India. So even at this level, with the average capacity utilization of the industry, somewhere around 40%-50%, we don't see overcapacity. And also with the India-US trade deal, the risk which was, in some forums, has been talked about, that those capacities which were made for export market will now end up in India. I think that has also got addressed. So we don't see market flooded with that. In cell manufacturing also, there's a difference between the cup and the lip. So these are announcements. The reality is today, only 26 GW of cell manufacturing is there, out of which about 12 GW is mono PERC, which as more cell capacities will count, will become obsolete because that's an outdated technology. So cell manufacturing, it takes time for a new player to understand the dynamics and enter the manufacturing and be able to fully commit doing it for a longer period of time. So we welcome all competition. And I think we have spent 10 years in this business, and we should be able to handle those market dynamics. Understood. Got it. Thank you. That was very helpful. Thank you. Thank you. The next question is from the line of Abhi Sehgal from Singularity AMC. Please go ahead. Hi, sir. So just to follow up on the previous question, what kind of DCR demand do you foresee coming in the next 2-3 years once ALMM is in? So the mandate, which is to develop the ecosystem in India and from module to now cell, and which is expected to shift in 2028 to ingot and w afer. So the vision is very clear that we want to manufacture everything in India. So the shift from module to cell will start happening once ALMM. And there is a transition time. But I'm assuming that from June 2026 onwards, the tenders which will be bid out, and then the tenders take 18-24 months to see the light of installations. So when the market will be 60-70 GW, then that kind of a demand is expected for Indian-made cells. Because once ALMM comes in fully, then the mandatory requirement will be that the cell and module have to be made in India. Got it, sir. Any internal discussions, or do you plan to integrate further back to ingots and wafers as of now? Yes. We are working on it and will be making announcement in the future. Our first priority is to get our first project started and running. But those developments are also in line. And also, there is a draft policy from June 2028 for ingots and w afers. Once there is some kind of clarity on this policy, our plans are ready, and we will firm it up. Sure, sir. Thank you and all the best. Thank you very much. Thank you. The next question is from the line of Hitesh from SBI General. Please go ahead. Hi. Hi. Thank you. Am I audible? Yes, sir. Hello, sir. Good morning. Sir, I have a few questions. One is that what is you have said about your CapEx plan of about INR 1,850 crore. Can you give me the CapEx schedule? How much is for 2027 and 2028? This project is entirely for the 4 GW module and 2.4 GW cell. This is all already everything is on track. Both the equity and debt are raised fully. The project which we were talking for Odisha, which will start from the first quarter of 2027, FY 2027, and October 2026, these are all for this project only. It's already in the stage wherein it will be commissioned very soon. This INR 1,850 crore will be deployed by the end of FY 2027, H2 FY 2027, right? Fully deployed? Yes. Yes. Yes. Yes. Okay. Sir, can you tell me what is the current debt today by the end of nine months? You are asking the term part of it, or you are asking all together? No, no. Gross debt level or net debt, whatever, 9-month FY 2020. Today, INR 749 crores, to be precise. It's a net debt, or it's a gross? Net debt. Including short term, yeah, including working capital. Okay. Sir, is there any change in working capital as a percentage of sales if I see net working capital over the same period last year, or is it the same, or has it increased? What is the change? No. So the change is just to take the, as explained in the previous questions, that there was a high volatility in the raw material prices. So we have taken certain positions to ensure a smooth operation. So to that extent, our leverage is increased. But otherwise, we are at the same level. Okay. And sir, the thing was that the next capacity, you said earlier that the addition will ramp up from Q1 FY 2027 onwards. So does that mean the Q1Q for this quarter is with that kind of 81%-82% of utilization level which you reported in Q3? So to that extent, there would be kind of a flattish revenue on a Q1Q basis sorry, volume on a Q1Q basis? You mean quarter three versus quarter four? No, no. Yes. Yes. So normally, quarter four is the busiest quarter. And now all our 4.8 GW is operational. So I cannot give an absolute statement, but we will continue to give decent growth quarter-on-quarter and year-on-year. Got it, sir. Just a clarification. Thing is that you had operated with the capacity of 4.8 GW by the end of nine months, FY 2025, right? And additional capacity is going to add Q1 FY 2027 only. So I was asking, with that kind of utilization level of 80%, that volume is likely to remain flat on a Q1Q basis. That is what the clarification. I am not asking absolute number or any growth or anything. I'm just asking that. You're talking about Q1 to Q1 for next year? Yes, Q3 and Q4. Q3 to Q4. For next year, our 4 GW module will start. From 4.8, we will become 8.8. Obviously, there is a ramp-up. We are not saying we will have entire 8 GW available for the next year. But we will have sizable growth expected next year also. Okay. Okay, sir. Got it. Our cell will start giving revenue from the second half of the year. That will be an additional cell revenue will also cell profitability will also add. No, I am not going next year, sir. I am not going next year. I'm not going. No, no. So I understand. He pays. He pays. He pays. So what we are trying to communicate here is that your question was right, that from Q4 to Q1 comparison, the capacity will be flat because it will take some time to ramp up. So that is to that extent, we are right. And what we were trying to tell you, that additional capacity will be available, but it may not be available fully from the Q1. Okay. All right. Yeah. That's all. That's it. Got it. Got it. Thank you, sir. Thanks for this call. Thank you. Thank you. The next follow-up question is from Raman from Sequent Investments. Please go ahead. Hello, sir. Yeah. Can you hear me okay? So, yeah, I just missed the debt figures. What is our current net debt figure? Current net debt figure? INR 749 crore, to be precise, which includes term debt and the working capital. Understood, sir. Thank you, sir. Got it. Thank you. Ladies and gentlemen, this was the last question for today. I now hand over the conference to management for closing comments. Thank you very much. To summarize, Saatvik continues to execute on its long-term strategy of building scale, integration, and resilience in a rapidly evolving solar manufacturing landscape. Our focus remains on sustaining high utilization of existing capacities, timely execution and stabilization of the Odisha integrated facility, selective expansion across EPC solar business, inverters, storage, while maintaining capital discipline. We are on track to transitioning into a fully integrated solar energy solution provider. We remain mindful of industry cycles and continue to prioritize disciplined growth over aggressive volume expansion. Our diversified customer base, technology-focused approach, and execution capabilities provide us confidence in navigating industry transitions effectively. With a strong order pipeline, improving execution environment, and a clear strategic roadmap, we believe Saatvik is well-positioned to deliver sustainable growth and long-term value creation. Thank you once again for your continued support and participation. Have a very good day. Thank you. Thank you. On behalf of Saatvik Green Energy Limited, that concludes this conference. Thank you for joining us, and you may now disconnect your lines. Thank you.