Ladies and gentlemen, good day and welcome to Saatvik Green Energy Limited Q1 FY 2027 earnings conference call hosted by Ambit Capital Private Limited. 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 an operator by pressing star then zero on your touchtone phone. Please note that this conference is being recorded. I now hand over the conference to Mr. Prakhar Porwal from Ambit Capital. Thank you, and over to you, sir. Thank you. Good evening, everyone, and welcome to the Q1 FY 2027 earnings call of Saatvik Green Energy Limited. Today we have with us Mr. Neelesh Garg, Chairman and MD, Mr. Prashant Mathur, CEO, Mr. Rishabh Mehtta, Interim CFO, and Adfactors PR IR team. We will begin the call with the opening remarks from the management, after which we will have the forum open for 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 under the date of this call. The statements are not 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 evening, everyone, and a very warm welcome to Saatvik Green Energy Limited's earnings call to discuss our performance for the first quarter of financial year 2027. Thank you all for joining us today and for your continued trust, confidence, and support towards Saatvik. Quarter one financial year 2027 marks an important phase in Saatvik's journey. While the quarter witnessed a relatively moderate financial and operational performance, it was also a period of significant progress on our strategic priorities, particularly our transition towards a more integrated solar manufacturing platform. Let me begin with an update on our Odisha integrated manufacturing project, which remains one of the key milestones in this transition. The Phase 1 project, spread across 57 acres, comprises 2.4 GW of cell manufacturing capacity and 4 GW of module manufacturing capacity. I am pleased to share that the project continues to progress well and remains firmly on track. On the cell manufacturing side, the project is progressing well and remains on track for the upcoming ramp-up. Tooling move-in activities have commenced, followed by tool assembly and associated installation works. Several critical utility and infrastructure milestones have also been achieved. The electrical room is ready for charging, while compressor installation and associated piping works have been completed. HVAC ducting works and MAU mechanical piping works have also been completed, while exhaust ducting installation is complete and blower connection works are currently in progress. In parallel, installation of emergency doors, et cetera, is underway. Overall, the key equipment, utilities, and supporting infrastructure are progressing as planned, and the cell line is now moving towards operational readiness. We expect the cell line ramp-up to commence shortly with the ALMM-II inspection planned for September 2026. On the module manufacturing side, equipment movement and installation activities have progressed substantially. Tech testing, validation, trial runs, and process stabilization activities are underway, with the module line also approaching the production ramp-up stage. The Odisha facility represents a significant step forward in strengthening our manufacturing capabilities and advancing our integrated solar manufacturing strategy. With both cell and module capacities coming up at the same location, the facility will enhance our ability to serve customers with a more integrated and resilient manufacturing platform. Beyond Phase 1, we are also progressing with the next stages of our manufacturing expansion. Phase 2, spread across 27 acres, envisages an additional 3.6 GW of cell manufacturing capacity, taking our total cell manufacturing capacity to 6 GW. Site activities for Phase 2 are targeted to commence by the end of Q2 FY 2027, with the projected targeted for completion by end of FY 2028. In parallel, we have initiated planning for Phase 3, which envisages 6 GW of ingot and wafer manufacturing capacity. The Phase 3 project is targeted for completion in FY 2029 and is aligned with the anticipated ALMM-III transition. Together, these phases will enable us to progressively deepen our backward integration, strengthen supply chain resilience, and build a more comprehensive domestic solar manufacturing ecosystem. Against this backdrop, Q1 FY 2027 was a relatively moderate quarter from a financial and operational perspective. The quarter was impacted by a combination of external and industry-specific factors. The ongoing geopolitical situation and associated supply chain uncertainties continued to influence global markets. Commodity prices remained volatile, logistics costs remained elevated, and foreign currency fluctuations added further variability to the cost environment. On the customer side, certain customers adopted a wait-and-watch approach during the quarter as they sought greater clarity around regulatory developments, domestic sourcing requirements, and the prevailing market environment. As a result, some procurement decisions and execution schedules were deferred. Importantly, we also remained disciplined in our approach towards order execution. We remained selective in the orders we executed, with a clear focus on executing orders that provided healthy contribution and sustainable commercial returns. We believe this is the right approach for the business. Our objective is not to pursue volumes at any cost, but to build a sustainable business with healthy economics and long-term value creation. Therefore, while the near-term performance was impacted, we believe the decisions taken during the quarter were appropriate from a long-term perspective. While the near-term environment has been challenging, we believe the solar manufacturing industry is undergoing an important structural transition. The industry is progressively moving from a predominantly module-led model towards a more integrated cell-led manufacturing ecosystem. Domestic cell manufacturing is becoming increasingly important, and integrated manufacturing is expected to become a key differentiator in the evolving industry landscape. Saatvik is well positioned for this transition. Our strategy is centered around strengthening our core module and cell manufacturing capabilities, followed by deeper backward integration into ingot and wafer manufacturing, supported by ancillary capabilities such as encapsulants. This deeper integration will provide greater control over key inputs, enhance operational resilience, and help us manage the impact of commodity prices, foreign exchange movements, and global market volatility more effectively. Looking ahead, we remain constructive on the long-term opportunity in the Indian renewable energy market. India's solar demand continues to be supported by the country's target of 500 GW of non-fossil fuel capacity by 2030, along with initiatives such as PM-Surya Ghar: Muft Bijli Yojana, PM-KUSUM, and a broader push towards domestic renewable energy manufacturing. We also see increasing opportunities across C&I, distributed solar, and other emerging customer segments. At Saatvik, we are continuing to diversify our customer base and market presence. We have entered the B2C segment, are strengthening our distribution network, and continue to focus on expanding our export opportunities. Alongside this, we are expanding our product portfolio through offerings such as the Saatvik SuryaConnect Solar Kit and the UDAY Plus hybrid inverter, enabling us to participate across a wider range of residential and commercial applications. Our broader objective is to progressively evolve from a solar manufacturer into an integrated energy platform with capabilities across manufacturing, power electronics, storage components, and broader energy infrastructure. With that, I will now hand over the call to our Interim Chief Financial Officer, Mr. Rishabh Mehtta, to take you through the detailed financial and operational performance for the quarter. Thank you. Thank you, Neelesh ji, and good evening, everyone. I will now take you through the financial and operational performance for quarter one, FY 2027. As highlighted earlier, the quarter was impacted by lower execution volumes, customer-led delays, commodity and logistics cost volatility, foreign currency movements, and our conscious decision to remain selective in executing orders where the prevailing commercial economics were not attractive. For quarter one FY 2027, production stood at 408 MW compared to 935 MW in quarter four FY 2026 and 685 MW in quarter one FY 2026. Sales stood at 334 MW compared with 1,050 MW in quarter four FY 2026 and 579 MW in quarter one FY 2026. Revenue from operations stood at INR 5,110 million, compared with INR 16,077 million in quarter four FY 2026 and INR 9,157 million in quarter one FY 2026. EBITDA stood at INR 425 million, with an EBITDA margin of 8.33%, compared with INR 1,166 million and 7.25% margin in quarter four FY 2026 and INR 1,777 million in quarter one FY 2026. Profit after tax stood at INR 54 million, compared with INR 604 million in quarter four FY 2026 and INR 1,166 million in quarter one FY 2026. The moderation in the quarter was primarily driven by lower sales volume. As discussed earlier, certain customers adopted a wait-and-watch approach during the quarter, resulting in some execution being deferred. The cost environment also remained challenging, with volatility in commodity prices, logistics cost, and foreign currency movements. While Q1 execution was moderate, our forward order visibility remains strong. Our confirmed order book currently stands at approximately 6.35 GW, representing around 132% of our current operational module capacity of 4.8 GW and providing strong forward revenue visibility. We have also continued to receive orders. In July 2026, we secured an INR 138 crore domestic solar PV module order with execution scheduled by December 2026. Further, on August 11th, 2026, orders aggregating approximately INR 400 crore were received and accepted by our subsidiary for the supply of solar PV modules with the execution scheduled by March 2027. These orders reinforce our view that the underlying demand environment remains healthy. From a balance sheet perspective, we have continued to maintain financial discipline while investing in our expansion initiatives. Our debt-to-equity ratio stood at 0.99. As we move forward, our focus will remain on maintaining prudent financial discipline and ensuring that our expansion is supported by a balanced capital structure. With the Odisha facility approaching ramp up, our focus in the coming quarters will be on improving capacity utilization, stabilizing operations, and progressively realizing the benefits of our integrated manufacturing strategy. With that, I conclude the financial and operational update for Q1 FY 2027. We would now like to open the floor for questions and answers. Thank you. Thank you very much. We will now begin with the question -and -answer session. Anyone who wishes to ask a question may press star and one on their touchtone telephone. If you wish to remove yourself from the question queue, you may press star and two. Participants are requested to use handsets while asking the question. Ladies and gentlemen, we will wait for a moment while the question queue assembles. The first question is from the line of Yogesh from NYN Associates. Please proceed with your question. Hello? Hello? Yes, please continue. We can hear you. Yeah, hi. Thank you so much for giving this opportunity. Sir, I just wanted to know some key initiatives that you have taken to protect your margin, if you can highlight this. Yeah, that's it. Okay. The key initiatives which we have taken to protect our margins is, firstly, we are progressing well on our cell manufacturing. What we have done is earlier, if you see our target was to start our cell manufacturing in the last quarter of this financial year. The things are progressing well and as you can see in our presentation as well as the management commentary, that we are planning to apply for ALMM inspection in September, which is next month. We are very hopeful that by quarter three, we will be running our cell production. This will immediately give a higher EBITDA in our second half of the year. Apart from that, on a long-term basis, encapsulant, currently we have 2 GW manufacturing capacity, but we are increasing it to 5 GW. That will also give us better control on our supply chain, and better margins. Also, overall, the geopolitical situation has been very challenging in the last four, five months since the war in Iran started. We have tried to protect us from this by also diversifying our supply chain, cell purchases from outside China also to the other FTA countries. These are some of the factors which we are working on increasing our bottom line. Question, you highlighted that adding 5 GW of capacity. By when can we expect that? We are in process of working on the equipment side. Hopefully in the next few months we will be making more. Next quarter we will be making an announcement, and in the next few months we will be upscaling that manufacturing as well. Okay. Got it. That is it from my side. Thanks. Thank you. And best of luck. Thank you. Thank you. The next question is from the line of Manasvini Mukherjee from Oracle. Please proceed with your question. Hi, sir. I hope I'm audible. Yes, please. I had a couple of questions. One was I wanted to know that when do you expect the cell manufacturing facility to start commercial production? What are the utilization levels that you expect from the new module or the cell capability, Q4 FY 2027? Okay. Thank you for the question. What we are doing now is, if you see our cell equipment are currently- Hello. Can you hear me? Yes. Now, better. Okay. Yeah. Our cell equipment is currently under installation. Our civil work on the plant in Odisha is more or less complete. Our cell equipment installation is in progress. We are going to start the ramp-up somewhere by end of this month or early September, and we are planning to apply for ALMM inspection somewhere in September. Once we start the ramp-up, small quantities will start coming immediately once the ramp-up starts. Its first phase is 2.4 GW, which is about 200 MW per month. We are hopeful that the full ramp-up will happen in three months. We should see a full ramp-up wherein we will get about 80% utilization by the fourth quarter of this year. Okay. That makes sense. Thank you, sir. Thank you. Thank you. Ladies and gentlemen, anyone who wishes to ask a question may press star and one on their touchtone telephone. The next question is from the line of Mahesh Kumar from MU Investments. Please proceed with your question. Hi, sir. Good evening, and thanks for the opportunity. Just wanted to understand, as you move towards a more integrated manufacturing setup with cell and eventually ingots and wafer capacity, how should we think about the margin trajectory? Do you see integration leading to a structural better margin profile over the next couple of years? Yes. As you may be aware, ALMM -II was supposed to be fully operational from July 1st. But because of the shortage of cell manufacturing in India, this has been postponed now, starting from January 1st. There is a very high demand for domestic cell and domestic cell-based modules, ALMM -II compliant modules. Once our cell manufacturing starts, we feel it will be a significant increase in our EBITDA and the bottom line. Difficult to give a number, but it is going to be in the high double digits. That is what we can say right now. Yeah. Sir, if I look at Q1, EBITDA margins have came down quite sharply compared to the last year, despite strong order book we have. Could you help us understand where the key factors behind the margin compression and should we expect this to normalize as capacity utilization improves? Yeah. Firstly, we currently do not have cell manufacturing. Module manufacturing is what we currently have. It has become a crowded market. Overall, if you see in our last quarter also, last quarter was about 7.25% EBITDA. This quarter is still better, 8.33%. One factor is that it has become a crowded market. But the other factor has been the geopolitical situation, which has impacted commodity prices, freight cost, and foreign currency also. The commodity price fluctuation has impacted the input costs. Higher logistics and freight costs has impacted margins, and foreign currency fluctuation has impacted our imported input cost. Apart from that, a lot of customers postponed their purchase also because ALMM -I versus ALMM -II, there was lot of uncertainty. A lot of C&I customers also pushed their purchases. The demand also from the customer side was low. Margins were compressed already because of all these geopolitical situation. Since demand was low, that has compressed the margins further because of these two situations. We also kind of kept a selective approach for our order execution because when input cost was high, we were not able to transfer those prices to the customer. So we chose only to do some profitable orders only. That is one of the reason why you see lower EBITDA. But it should improve. The volume should also improve in the second quarter onwards. However, the margins in the second quarter, though the volume will be high, but this geopolitical situation, again, has continued to be what it was. Also, raw material costs. There has been some policy changes in U.S. Because of that, the cell and the polysilicon prices have also gone up in the last two weeks. All these factors, unless our cell manufacturing scales up, which we are very confident that in the second half of the year, our cell will start giving revenues, our margins will significantly improve in the second half of the year. Okay. Makes sense, sir. Just last question from my side. While the order book is quite strong, that we have around 6.35 GW of order book, could you please give us some color on the mix of these orders in terms of utility scale versus C&I? And how you are thinking about the margin profile of the current order book compared with the business you are executing today. One is on the DCR and the non-DCR side. Almost 30% of these orders are DCR domestic sell orders. In terms of the mix, about 70% of them are utility and about 30% is C&I and open access. Retail customers are not there in the list because these come on a monthly basis and get executed in a week's time. Those are not there in the list. But mostly it is 70% utility, 30% C&I. Okay. That answers my question, sir. I will join back with you. Thank you. Thank you very much. Thank you. The next question is from the line of Prakhar Porwal from Ambit Capital. Please proceed with your question. Thank you. Sir, two questions. One, where do you see debt peaking now? And what amount of CapEx will incur in FY 2027 and 2028? That is question one. Hello. Yes, Prakhar. The debt that we are at right now is approximately at INR 1,250 crore, which majorly includes our debt related to our Odisha plant and also our CapEx project right now. Till now, the CapEx that we have done is about INR 1,000 crore, and the rest is underway. How much have you incurred, INR 1,200 crore? Sorry? How much have you incurred in- We have yet incurred INR 1,000 crore of CapEx- Okay till now. Total CapEx on the 6 GW cell plus 4 GW module would be? Right now, with the Phase 1 that we have of about 2.4 GW of cell and 4 GW of module, that is approximately INR 1,850 crore. The Phase 2 of 3.6 GW of cell would be approximately around INR 1,600 crore-INR 1,700 crore. Okay. So total roughly INR 3,500 crore out of INR 6,000 crore. Roughly INR 3,500 crore. Yes. Okay. Any net debt number that you expect might be where it will peak, given margins and what type of EBITDA, maybe internal cash flows would be in trade, anything maybe FY 2028 that way? Do you see that? The net debt with what we are looking at would be at around INR 2,200 crore, approximately INR 2,200 crore- INR 2,400 crore. Understood. Sure. My second question is on order book. You mentioned about the mix between utility and C&I. Can I also get the mix between what kind of orders will be fixed price versus orders where you can pass on the inflation to customers? That is second question. Okay. First question was, what will be the? What will be the mix of your order book in terms of fixed price contracts and variable price? Basically, where you can pass on the cost inflation to customers. Yeah. So the orders, because on the module side, I would say almost 30%, which are the C&I are fixed price. On the utility side, I would say 30%, 40% is variable price, and the rest is fixed price. Okay, sure. Prashant sir, lastly, on ALMM, I was under the impression that might be there would be some postponement by the C&I customers to commission the projects before full bloom, and hence volumes could be better in this quarter. Anyway, 1Q is a relatively strong quarter than maybe 2Q. But maybe what you are saying that suggests that there were delays and people were on wait and watch type of strategy to see how policy unfolds. So where is the disconnect? How is my understanding wrong? Maybe if you can put some light on that. I think what happened is that when the Iran war started on February 20th, the input prices went up, not only for solar panels but for all items for a project. What happened is that a lot of these projects got pushed because of the situation. There was always this going on that firstly, the input cost is high and the war is going to get over in few days, and things will get stabilized. So the project developers were in wait and watch because of that. Secondly, what happened is when the war situation happened, then force majeure notices were given by manufacturers, and there was underlining sentiment in the market that projects will get extended. Extension will come because of that, because there was a war going on globally. Eventually that happened also. Because of that, these two factors, one was the viability and the other was force majeure, that a lot of these projects after March, April, a lot of these projects were not able to get a commissioning. Then there was this undercurrent that the DCR will get extended. So people were in a wait and watch situation because there was a situation wherein they were not able to commission the projects on time. So there were two type of tariff going on in the market. If the project gets commissioned before June 30th, then this tariff, and if it is after July 1st, then this tariff. So customers were also kind of wait and watch, and that is the reason why you have subdued demand in the market, and especially in May and June. Just lastly, on the second phase, which is 3.6 GW cell that you said would be ready by 2Q FY 2028. Is that the correct understanding? Yes. Then further ramp up maybe to whatever time it takes, three months or so. Correct. I think by that time our learning curve would have been far better. We will be able to definitely do better than this. Actually, on the previous question, when you said 30% of the orders are DCR, maybe they are expected to be delivered in next three to six months then. Does that mean that you are now booking orders on the new cell line that is just getting commissioned? Yes. Or you will still purchase? Okay. No, no. For now, we do purchase cells, DCR cells. But we have started taking DCR orders for our cell as well. And that would be from C&I customers? Yes. Utility, because I assume they will still be there some time, right? Yeah, from PM-KUSUM C&I residential. Mm. Okay. Module manufacturers also. Sure. Thank you, sir. Thank you. Thank you. The next question is from the line of Maria Mittal, an Individual Investor. Please proceed with your question. Thank you for the opportunity. Sir, my question is, among the EPC, IPP, storage, B2C, and the transformer manufacturing, which business do you expect to become more meaningful contributors to your EBITDA over the next two to three years? Difficult to give a breakup. Firstly, thank you, Maria Mittal, for the question. Difficult to give you a breakup. What we have been targeting is that non-module, rather non-cell module business has been in the range of 4% or 5%. Our target is to take it to 15% of our revenue. This year, our target is to get to 7%, 8%, 10%. By next year, our target is to get to 15% of non-solar module business. Okay, sir. Sir, on a broader level, can you give your guidance for the FY 2027 also, like revenue and EBITDA margins? For the whole year? For the whole year, yes. Our guidance remains as was given earlier, between 3.5 GW-4 GW sales. Revenue around INR 6,000 crore with an EBITDA of about 12% and a PAT margin of about 6%-7%. Okay, sir. Thank you. Thank you. Thank you. Before we take the next question, a gentle reminder to participants that you may press star and one to ask a question. The next question is from the line of Nimish Pandya from NP Investments. Please proceed with your question. Sir, I have a couple of questions. My first question is, with the solar manufacturing landscape evolving rapidly in India, how is Saatvik preparing to strengthen its market position over the next two to three years? Thank you, Nimish, for the question. Firstly, it is very clear that the government vision is to make integrated manufacturing ecosystem in India. We are very well aligned on that. We have to reduce our dependency on China. That is the first thing which the government is focusing on. The module happened, now cell manufacturing and ingot wafer manufacturing, and eventually once polysilicon starts, then we are self-sufficient on the manufacturing. We are very well aligned with the vision, so that you can see our cell manufacturing, ingot wafer manufacturing is in that direction. The other thing is ancillaries. As the manufacturing ecosystem gets built, the ancillaries also automatically gets built. It is already there for module. Eventually, once cell manufacturing will be close to about 100 GW, we will see cell ancillaries also and an ingot wafer also. What we are doing is not only module manufacturing, cell manufacturing and backward, but also in the ancillaries. Currently, our contribution in a project, solar module contribution is almost 50% of the project cost. For us, as a cell and module manufacturer, this contribution is 50% of that. Overall, if the module cost is 15 cents, about 50% of this is our value addition. Apart from a module, the project also has transformers, inverters. We are also getting into other ancillaries, transformers, inverters, and also battery storage, so that we get a bigger chunk. From that 25% of a project cost, we want to increase it to 40% or 50% of the project cost. That is how our vision is. We want, in terms of power electronics business, module business, ancillaries for our EPC projects, for our solar kits. We have also launched solar kits lately. Hybrid inverters, grid tied inverters, off-grid inverters. These are all in the pipeline. We are creating various business units which will be run by business unit managers, reporting into the group. That is how we see our future. Did I answer your question? Yes, sir. Also, can you please throw some light on what could potentially slow down or affect the company's targeted capacity addition plans for FY 2027? Potentially. I think from a structural point of view, the demand scenario is well structured. Last year, India did about 55 GW - 57 GW DC. Before that was about 35 GW, 36 GW. This year will be around same because there are structures happening from ALMM -I to ALMM -II, and there is not enough cell capacity. We might see similar kind of, but with the kind of demand projected with the electric vehicles, with data centers, AI and overall Indian economy growing, middle class energy demand increasing. We see India market to be about 70 GW, 80 GW, and eventually about 100 GW. Then the replacement markets, about 100 GW market. We are well-positioned from a demand point of view. Module manufacturing and then cell manufacturing, backward integration is where we see our growth. Apart from that, globally also, once we have integrated manufacturing in India, at least from ingot onwards, we will see that globally also our manufacturing will be competitive and we will be able to compete on a global scale also, in other countries also. India will become not only energy provider, but also the energy equipment provider also. That is how we see our growth. Understood, sir. Last question from my side, sir. What role do you see Melcon playing in Saatvik's transformer manufacturing plans? And how large can this business become over the next few years? Melcon acquisition has recently happened. That was somewhere mid of quarter one. We are also learning transformer business and power electronics business. We have entered this business. Firstly, transformer, there is a huge demand, not only in renewable, but overall transmission, overall energy mix, there is a demand of transformer everywhere. The market size currently is about INR 30,000 crore for transformer, which is also slated to become about INR 55,000 crore by 2031. That is the kind of market size which is available for us. We are in the learning phase right now, but we also are planning to expand our manufacturing, and we will make an announcement soon on that as well. But we want to take a significant market share in this. We have always targeted to about 8% - 10% of the market share, and eventually that is where we see in our journey in the transformer business also, we want to be in that. It will take some time, but I feel that we want to make it a INR 1,500 crore business in next three, four years. Understood, sir. Understood. Thanks a lot, sir. That is a promise. Thanks a lot, sir. Thank you. Thank you. The next question is from the line of Preksha from Motilal Oswal. Please proceed with your question. Hi. Thank you for taking my question. Am I audible? Yes, you're audible. Yeah. I have a couple of questions. First would be, that the order book of 6.35 GW that you have currently, can you please let us know what it translates into in INR terms? That is about INR 7,800 crore. INR 7,800 crore. INR 8,200 crore. Sorry. INR 8,200 crore. Okay. Thank you. Another question would be, when it comes to DCR orders that you have booked, just wanted to get a broad idea. There could be two types, right? One would be that for the DCR order, you are procuring cell from outside or using internally manufactured cells. What would be the margins like in both the cases? The DCR orders which we are talking here are based on our manufacturing mostly. Okay. Because the work which we are doing from buying cells are mostly spot orders, and those spot orders are not there in the order book. On the margins on the DCR cells, we are taking about 18% - 20% margins on the cells. Okay. That helps. Also, as you gave guidance for FY 2027, could you throw some light on FY 2028 as well in terms of EBITDA or revenue growth? EBITDA margins or revenue growth. Yeah, difficult to really comment. Maybe we can talk about FY 2028 in the third quarter. But there are a couple of factors. One is the geopolitical situation has to really improve. But the other thing, what we feel is that there are not enough cell manufacturing available there, and there are a lot of projects which have been tendered since December last year. Since a project cycle is about 18 - 24 months, currently the DCR demand in this financial year is mostly from the retail, C&I and PM-KUSUM. But the large utility projects, which has 18 - 24 months cycle, the real demand for DCR panels in that segment will start coming from April onwards, which is next financial year onwards. There will be a significant demand for DCR panels in the next financial year because that will have demand from all the three segments: retail, C&I, PM-KUSUM, and utility. We feel that FY 2028 will be a milestone year for us and for the industry. Okay. That answers my question. Thank you so much, and wish you the best. Thank you. Thank you. The next question is on the line of Srijan Nath, Retail Investor. Please proceed with your question. Okay, sir, can you hear me? Yes. Can I know what company? Sir, can you hear me? Yes, you are audible. Can you introduce yourself? Yeah, I am a Retail Investor, sir. Okay. Great. The last question was, how much was the INR value for the 6.5 GW you have on your order book? My question is, what is the execution timeline for it? How much you are going to execute within this financial year? How much you may postpone it or you may execute in the next financial year? Normally the order book is between 12 - 18 months. This order book also will get executed in that period only. Apart from this order book, there is also retail, which is also 20% of our monthly sales. That is not reflected in this order book. This order book is only for mid-size and large customers. Okay, sir. Clear. Thank you. Thank you. Thank you. Ladies and gentlemen, that was the last question for today. I would now like to hand over the conference over to Mr. Prashant Mathur for closing comments. Thank you, and over to you, sir. Thank you very much. To conclude, we remain very positive about Saatvik's growth trajectory and long-term prospects. With the Odisha project moving towards production ramp-up and a strong order book and a clear roadmap for deeper integration, we are well-positioned for the next phase of growth. Our focus remains on scaling capacities, strengthening integration, and improving operational efficiency. We remain confident that these initiatives will drive sustainable growth and create long-term value for all our stakeholders. Thank you once again for joining us today. Thank you, and wish you all a very happy Independence Day. Thank you. On behalf of Ambit Capital Private Limited, that concludes this conference. Thank you for joining us, and you may now disconnect your lines. Thank you.