Ladies and gentlemen, good day and welcome to the Suzlon Energy Limited Q2 FY 2026 earnings conference call. During this call, the company management may make certain statements that reflect their outlook for the future, which could be construed as forward-looking statements. These statements are based on management's current expectations and are associated with uncertainties and risks, as detailed in the annual report. Actual results may differ, so these statements should be reviewed in conjunction with the risks the company faces. As a reminder, all participant lines will be in the listen-only mode. If you need assistance during the conference call, please signal an operator by pressing star, then zero on a touchstone phone. Please note that this conference is being recorded. We will begin with the opening remarks followed by a Q&A session. To be fair to others, we kindly request each participant to ask no more than two or three questions. From the management, we have with us Mr. J.P. Chalasani, Group CEO, and senior members of the finance team. I would now like to hand the conference over to Mr. J.P. Chalasani, sir. Thank you, and over to you. Thank you. Good evening, everyone, and thank you for joining us for Suzlon's Quarter 2 FY 2026 earnings conference call. In Quarter 2 FY 2026, India's power sector marked two historic milestones. We have reached a cumulative installed power capacity of over 500 GW. More importantly, the non-fossil fuel capacity of this is 50%. This is clearly signaling the renewable transition which is underway. Talking about the industry, the recent reduction in GST from 12%- 5% on wind turbines is a major boost for the sector. It is expected to substantially lower capital expenditure and effectively reduce the levelized cost of energy. This move is expected to accelerate the capacity addition across the wind energy landscape, make renewable power more affordable to end consumers, and expedite the pace of energy transition. Additionally, MNRE's release of standard operating procedures, SOPs for inclusion in the ALMM, reinforces its commitment to quality and domestic manufacturing, a key step towards meeting India's growing energy demand sustainably. On the commissioning front, industry commissioned over 3 GW in the first half of FY 2026, doubled installations in the corresponding period in FY 2025, indicating a notable acceleration in execution. We firmly believe total wind installations will reach approximately 6 GW by the end of FY 2026 and 8 GW in FY 2027. Coming to business highlights, we are pleased to report yet another record-breaking quarter. Suzlon has set a new benchmark in execution by delivering a record-breaking 565 MW in Quarter 2 FY 2026. The highest-ever Quarter 2 in India we delivered in over 30-year history. Our order book has exceeded 6 GW, reaffirming our market leadership with more than 2 GW orders in the first half of FY 2026. Taking you through our S144 order book, it has exceeded 5.6 GW, a strong endorsement of its advanced technology and customer trust. It also got certified as the lowest carbon footprint and fully compliant with MNRE's latest regulations. On the manufacturing front, our capacity of 4.5 GW is fully operational and ramped up to meet the order book. Suzlon commissioned 270 MW in the first half of this financial year, with a robust execution pipeline of 1,865 MW at various stages. Site readiness is progressing across 29 locations in seven states, laying the groundwork for accelerated installations ahead. We have specifically included this as part of our investor presentation at slide number 21, and we will further discuss this during our Q&A. Update on land development, unlocking long-term execution potential. We have been saying for the last few quarters that our concentration or our strategy is now towards the land development in advance so that the execution delays can be curtailed in significant ways. With that in view, currently we have identified 23+ GW of renewable potential sites, laying a strong foundation for sustained growth. Out of this, 7+ GW of land development is underway, ensuring rapid deployment readiness. Seed capital allocated, strategically invested without materially impacting working capital. Execution velocity is set to accelerate, enabling faster value realization. This would also enable us to increase our EPC share in the coming years from the current 20/80 ratio. Our O&M business continues to perform strongly with over 15 GW under management in India and machine availability consistently above 95%. Renorm's assets under management set to expand further, driven by steady customer fleet acquisitions and ongoing pipeline. Our forging and foundry business started showing our efforts in unlocking potential, with 53% year-on-year growth in the first half of this year. Revenues with 2.43% jump in EBITDA to reach INR 52 crore, and we expect to continue this trend in FY 2026. On leadership strengthening, we have appointed Mr. Rahul Jain as our Chief Financial Officer effective 15th December 2025. His vast experience and deep expertise will help us evaluate new areas of high growth while strengthening financial health and corporate governance even further. We welcome Rahul to the Suzlon leadership team. Taking you through the financial performance in Quarter 2 FY 2026. Suzlon continued its exponential growth trajectory, delivering 565 MW, 121% growth on a year-on-year basis, with all financial parameters showing a strong uptrend. Suzlon reported consolidated revenue of INR 3,866 crore in Quarter 2 FY 2026, with EBITDA reaching INR 721 crore, a robust 145% increase from year-on-year. The EBITDA margin improved by 460 basis points to 18.6%, up from 14.1% in the same quarter last year. Achieved a profit before tax of INR 562 crore, registering 117% year-on-year growth over Quarter 2 FY 2025, with PAT outperforming at INR 1,279 crore. In Quarter 2 FY 2026, the company has recognized an incremental net deferred tax asset of INR 718 crore based on reasonable certainty of future profits. This brings the total w ith DTA, that is, Deferred Tax Assets, in relative DTA, as of September 2025 to INR 1,229 crore, which provides a tax shield on future profits to the tune of INR 5,000 crore. The additional carry-forward losses remain available with the company and are likely to result in further determination of DTA in the future, subject to meeting the required determination criteria. DTA recognition. Public charge is a non-cash item. However, DTA provides tax shield for future profits, and the company does not need to pay taxes to the extent of DTA. We have placed the report on our balance sheet as of September 2025 reflects the position of exceptional strength with a strong consolidated net worth of INR 7,860 crore. Our net cash position is at INR 1,480 crore, further enhancing our financial flexibility and resilience. Adequate banking limits tied up up to INR 7,000 crore for execution of the current order book. We remain committed to achieving our FY 2026 guidance of 60% year-on-year growth across all key performance parameters. I would also like to reiterate that our end-to-end wind energy models, supported by a fully integrated supply chain, proven execution capabilities, and best-in-class service deliver a competitive advantage, competitive edge that is both distinctive and difficult to replicate. With this, now. We can open for Q&A. Sure. Thank you very much. We will now begin the question-and-answer session. Anyone who wishes to ask a question may press star and one on the touchstone 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 questions. Ladies and gentlemen, we will wait for a moment while the question queue assembles. The first question is from Mohit Kumar from ICICI Securities. Please go ahead. Yeah. Good evening, sir. And congratulations on a very good set of numbers. Sir, my first question is on slide number 22 and slide number 23 of the presentation. So there is the 1,865 MW which you mentioned in slide number 23. Is it over and above the 838 MW or 1,009 MW mentioned in slide number 22? Is it fair to expect that this 1,865 MW will get installed and start contributing to the revenues for H2 FY 2026 and FY 2027? Is that the right understanding? Let me, Mohit, thanks for your encouraging things in the beginning. Let me explain from slide 23, which will be clear to you. As we reported, we had done 217 MW of commissioning in the first two quarters. However, this slide shows a significant pipeline available for commissioning in the next two quarters. What it shows is that as of October 2025, we have 1,865 MW of execution pipeline, out of which 568 MW is already completed. Even if we take just—let's consider 568 MW of production done, which is beyond the 217 MW that is commissioned till 30th September. In this 568 MW, as we speak today, 80 MW is already commissioned, taking the cumulative capacity to 350 MW this year. And another 144 MW is actually ready for commissioning. We have done everything that is required, waiting for the client's evacuation readiness. That takes 240, 80 COD done, and 160 MW is ready for commissioning from our end, which will obviously get commissioned in this quarter. In addition to that, about 327 MW, that's the balance of 568 MW, is the erection is completed in the process of commissioning activities. That means what we are saying is that even as of today, you see a clear visibility while more and more erections will happen in the balance period of the quarter. We see a clear visibility of 568 MW at different stages that would get commissioned in this quarter. Therefore, while the capacity addition has been lower in H1, we see a clear visibility in H2. We are reasonably confident that taking 6 GW as the country's capacity addition this year, we would definitely touch 25% of market share. That is 59 MW. It's reasonably confident, while the first half is only 270. Looking at the visibility of what we have, the slide is trying to say is that we have done foundation, we have done everything to give the comfort that this year is going to be different for us compared to the previous year. In fact, if you look at as of 30th October, we crossed the entire last year's capacity addition of what we had done. Last year, all of last year, we did T26. On 31st October we had 350. This gives the confidence that we will achieve the market share of 25% this year, definitely. Is it clear, Mohit? Yes, it is clear. My second question is the inquiry pipeline. How is the inquiry pipeline looking like for the new orders? The concerns on new order inflow increased materially compared to last year on account of low bidding activity and the recent news around cancellation of LOA worth 42 GW. See, obviously, we are seeing that this quarter, again, we continue the trend of closing order book higher than the opening order book, in spite of the fact that our deliveries during the quarter are going up. If you see this quarter itself, we added more than one, I think we received orders more than 1.4 GW. That's why even if we had done 565, we moved to 6.2 GW of order book. There is a significant pipeline under various discussions today. On the bidding, we understand now it's going to pick up. Even when we had the confidence, Nate was told that now they want to actually move towards more and more of FDRE. In our case, we know that even currently, 65% of our 6.2 GW is the non-bidding route, and 35% is bidding route. In fact, it's gone up the bidding route because of 836 MW of what we received from Tata Power. I've been saying this earlier on the record, and I would continue to reiterate that I don't think order book would be an issue for us for the next at least couple of years. I don't think that's an issue. We will continue to add. I'm making this statement based on the clear pipeline of discussions of what we are having with various clients at this period as we speak. Understood. Thank you. All the best. Thank you. Thank you. The next question is from Sumit Kishore from Axis Capital. Please go ahead. Good evening, sir. Thanks for the opportunity and a very strong set of numbers. The first question is in question two. The 40 GW of LOAs which are likely to get canceled for solar and the projects EIPTs were not signed. I mean, how does that impact the wind sector capacity addition? And are there any slow-moving orders in your backlog? First thing I want to say is that our 6.2 GW of confirmed orders, what we have closing order book, what we have. Nothing from that 42 GW of PPA we're talking about these days in the 6.2. There is absolutely no impact in the existing order book. Even in the current visual, what I mentioned sometime back to Mohit is even in that, we do not have any of this nature. Having said that, what it says is not that canceling 42 GW of PPA. The decision was to review that 42 GW, go back to various stakeholders, wherever they think it is not feasible. Either we cancel them, not 42, whatever can be signed, signed. Or even it said that if the REIA is willing to sign the PPA without the back. Obviously, please go ahead and do it. Therefore, I do not think the entire 42 GW would get this thing. In fact, today, I saw the clarification coming from the ministry through PIB that that is not the intention. I do not think it is going to get canceled. First of all, no impact on us. Second thing is, in fact, it is mainly for a lot of pure solar bids where the discounts are not willing to sign pure solar PPAs at this stage. Sum and substance is that I do not think it will have a serious impact on Suzlon. As we speak, already, there is about 11 GW of bids under progress, in fact, today. Either bids submitted and the reverse auction not done or the bids announced and the bids are to be submitted. I think the adequate pipeline is what they would provide. It will be more of an RTC. We will continue to be out of booking for us in that two-thirds of our segment, which is the C&I and public sector. Sure. The second question is that your competitors, in fact, a couple of them are launching a 5 MW variant. One is launching a 4 MW variant for onshore. What is the pipeline on how Suzlon is going to graduate from 3.X, and over what time frames? First of all, that today, our 3.15 MW is a very successful product what we have. We have already supplied about 2.3 GW. More than 5 GW in the current order book is 3.15. In fact, 90% of our current order book is 3.15. There is a significant interest in 3.15 because people look at cost per kilowatt hour than what is the capacity of the model. Having said that, our next set of models would keep coming regularly, and you will start seeing us announcing the next model shortly. We would be there at that level. I do not want to mention the timeline, but the progress is on the way. Some models are under prototype, and some are currently under the procurement phase. We will not, in my view, we will not see that as an issue for us to face the competition. I am not trying to dodge the question here, but I do not see that as a major issue. We are pretty confident that when the 3.15 interests exhaust, much before that, we will have our next higher model to buy. Sure. Just one last question. On the previous conference call, you had mentioned that by the end of the fiscal, you will try to get your even export contract. Is there any traction in that direction? Thank you. I mentioned that next year is what we would get. Early next year is what we'll get the order. The surprise would come in FY 2028. We've been standby that. Right now, the various markets are starting now, and teams are being hired. We would move in that direction. It's what we give a guidance. Next fiscal. Okay, FY 2027. Yeah. Okay. Thank you. We'll show the best. Thank you. Thank you. Next question is from Mahesh Patil from ICICI Securities. Please go ahead. Yeah. Hi, sir. Congrats on the great set of results. Sir, my first question is on the pipeline. What is the near-term pipeline that we foresee? If you can also bifurcate it in PSU, non-PSU segments. Thank you. The current capacity, current order book, what we have 6.2, as I said, sometime back. 65% is, in fact, if you want further data, 61% is CNI, 14% is PSU, and about 35% is bidding at this stage. For us, what is more important now moving ahead is more than which segment is contributing or CNI continues to contribute. We are working consistently towards moving to the EPC, increasing the share of EPC contracts. I think that's our concentration now. The current 20-80 is what we have. 20 is EPC, 80 is non-EPC. Our target is to move to 50-50 by FY 2028. That is where we are working significantly on developing the new site, which is what I mentioned in my opening comments. We've been talking earlier, so we hear some details this time. As we speak today, we have identified sites for about 23 GW, which have a significant potential to bring our turbine. And out of this 23 GW, for about 7.5 GW, we started the land acquisition where we have not signed the EPC contract. Nothing to do with the existing 6.2. In fact, in this 7.5 GW, we already acquired land footprint along with the pathways for about 11-15 MW. Some of these things, we signed the land contracts, not the EPC contracts. Some of them we acquired on our own with the seed capital. I think that is what is going to be our significant concentration going to be. One is to bring back the EPC. What it does is that it gives us the competitive advantage because nobody else offers the EPC with the land. Second is that it gives us the control on execution. It will improve our execution COD capacity. Third is that it will also allow us to pull the turbines in the manufacturing. Therefore, more and more turbines can be supplied. I think that's going to be our future strategy while we continue to concentrate on the CNI market. I think the much more significant is that the mix of EPC and non-EPC. Thank you, sir. My second question is on the O&M segment. If we look at the EBIT for this quarter compared to Q2 FY2035, it's lower. INR 1.5 billion versus INR 2 billion. Could you help us understand why the dip in the margin here in the O&M segment? You're talking about O&M margin? Yes, sir. Yeah. On the contribution margin level, there's no difference between last year to this year. You're talking about the EBITDA margin, where it is a one-off sort of an impact for this quarter. If you look at it, even on the first half of this year, we're still at 37%. Our guidance still demands that we will be anywhere between this and 40%. This is a one-off, being conservative this quarter for some costs we provided for. Otherwise, there is no red flag in terms of margin guidance in O&M. Okay, sir. Thank you. Thank you. Next question is from Satpal Singh Khanuja from Ishaan Ventures. Please go ahead. Good evening. Am I audible? Yeah, yeah. You are. Please go ahead. Okay. Sir, thank you for the opportunity. A lot of my questions have already been answered by you in the other questions which have been asked by other participants. I just need to ask one small thing. Sir, if you would, can you give us a timeline for, for the lack of a name, if I call it the wind farms, when can we see the first windmill getting installed in our own wind farm? The land development business that we have been getting into? Not even today we are doing it. All the EPC contracts, at least 20% of EPC contracts, what we are doing today is our own wind farms. We acquire the land and doing these projects. What I said in the previous question is that we want to significantly increase that to 50% share. That is where we said that we identified about 23 GW equivalent of five in different states. About 7.5 GW, we already started the land acquisition, and 11 MW- 15 MW, we have to acquire the land as well. Therefore, these are all converted into EPC contracts moving forward. In fact, you will start seeing us announcing more and more EPC contracts starting from maybe the quarter four of this year. Wow. That is great news, sir. Sir, we have mentioned that in many places that our installed capacity is at about 4, 4.5 GW. And we have in past stated that you are targeting a 90% achievement of that capacity. Now, to attain 4 GW of deliveries a year, what is the kind of order book number that we need to attain? Even today, we have the order book to that extent. If you look at it. We have. Yeah. Go ahead. We have a delivery time of, say, 18 to 24 months. Ideally, to do, say, 4 GW a year, the order book number should reach somewhere around 8 GW-10 GW. Not necessarily. I think as long as you have 1.5x of your manufacturing capacity, you should be able to reach that. I think the issue is not that. It is not the order book, okay, which is actually restricting how much capacity we are manufacturing. The issue is how much the projects are able to offtake the turbines. As we've been talking earlier, even today, we are in the push mode for the manufacturing industry. We want to push the turbines to the projects. We want to move that to pull mode where people put pressure on us for turbines. We want more turbines. That stage has not yet come. One of the reasons why, again linked to that EPC, is also that would enable us to have a control on more supplies to happen. Because project execution happens faster, more turbines can be supplied. The manufacturing capacity is not an issue. I think in the country, the capacity addition keeps going up. Obviously, that 4 GW can be reached at some point of time. We do expect that the capacity addition in the country is going to go up because if you see that in H1, we doubled compared to last year. From somewhere around 1,476 MW, I think we reached 3,086 MW in the first half of this year. We are pretty confident that we'll reach 6 GW. In fact, we revised our estimate for FY 2027. Earlier, we were talking about 7 GW. Now we're saying that technically we will hit 8 GW in FY 2027. Then can reach about 9 GW, 9.5 GW in FY 2028. That's our current estimate based on what we are working on with our own EPC sites and what the market is talking about. Thank you. Thank you, sir. Sir, we did 1,550 MW of delivery last year. We are expecting a 60% increase that should reach to somewhere around 2,500 MW this year. Now, first half, we have already done about 1,000 MW, 1 GW. And we have, in past, been doing, say, first half, if we do 30%, we do 60%, 70% in the second half. Can I expect a better than 2,500 MW performance this year? No, see, your expectations obviously can't stop. You have a right to expect. Our guidance would remind that we said that 60%, and we reaffirm that 60% growth in our parameters would be fine. Just time well, sir. Thank you. Thank you very much, sir. Thank you. Thank you. Next question is from Karthik Sharma from Anand Rathi. Please go ahead. Good evening, sir. This is Sweta Jain here. First of all, congratulations on a very good set of numbers. My question is with respect to the overall sector that we're looking at, phenomenal growth in terms of the order book. When you look at more of hybrid projects and FDRE projects coming into the picture, particularly hybrid, how do we see BESS as a competitor? Particularly when, I mean, there is a line in the investor presentation that says that wind integration through charging cycles of BESS can be achieved to further optimize the landed NCOEs. Could you a bit explain on this, please, as well? Yeah. Sweta, there are a number of experts on the call today who have different opinions about solar plus BESS versus this. I know that there is so much talk about solar plus BESS is that we do not need wind. We have been saying, and we continue to say, that it is not one versus the other. We need to achieve the lowest cost of energy, which is mandatory for us. We also need to achieve a capacity addition in a manner that we meet the load profile of the country. Only then can you replace the fossil fuel. For that, what is required is FDRE. We have done our own analysis, a very detailed analysis. If you want to create a project of, let's say, 300 MW where you need 80% of PLF on a year, with a minimum of 75% on an every month basis and 90% availability in the peak period. If you do that, if you do the BESS and the solar only, which is what many people are talking, the tariff is expected to be somewhere around INR 6.5. The same thing if you do solar plus wind plus BESS, which is what is the required one, the tariff falls to somewhere around INR 4.7, INR 4.65. Okay? Therefore, on the cost of energy basis, you can never, ever have a lower tariff with solar plus BESS meeting the round-the-clock power. This is just a myth. With all my experience, I can say that this is being spoken by the people who do not understand the sector. You will never hear this from utility players, whether it is people at Tata Power or Torrent Power or NTPC, anyone. It is from different people. Otherwise, there is no way we can achieve our target with solar plus BESS. It has to be all three. Clearly, that is the only way we will actually get the lowest tariff. Can we fast forward to over the next five years also, assuming the costs go down for all the three verticals, this equation will still remain true? See, Sweta, first of all, let's talk about battery. Okay? Today, it's a single source. Can we afford to have a supply concentration of a single country which can dictate what will happen in our country? Correct. That's a major, major concern. Okay? Correct. The price of batteries is not in our hands. Even recently, we just withdrew some of the benefits for what it is, and the cost is going up, both for solar as well as BESS. Therefore, as a country, we can't afford to have that. Like we had done in the solar, we will continue to do on the batteries, alternatively move towards the domestics. Okay? Therefore, what would happen to the cost is that the moment we reach that economy of scale, the cost would keep coming down. Definitely, cost would come down for all three. Even today, in the last quarter with the GST change from 12%- 5%, obviously, even the wind itself is now impacted about 15%-17% of the tariff. Tariffs would keep coming down. I don't think it's a good idea for the country to have a concentration of this. More importantly, the country which has the most capacity of battery has announced that in the next five years, that is 2026 to 2030, they will add 120 GW of wind every year, every single year. In the last five years, they were adding, their target was 50 GW per year. They revised their target to 120 GW per year, a country which has the maximum capacity of BESS. Therefore, there people understand that you can never do with solar plus battery. Okay? This is completely a myth that solar plus BESS alone can meet our demand. It can never meet. Got it. Very good perspective, sir. Thank you on that. Coming to the company financials, sir, on SC Forge particularly, can you break the first half growth into how much was driven by Suzlon and the others? Can you break that number up? Also, the levers for margin expansion? We've seen a very good margin expansion from the first half of last year. Yeah. Let me pull out that number right now. I don't have it ready, but I think we've not. It's slide 25 on the presentation. How much is it? Solar and non-solar? Suzlon is doing by double. Oh, share, share. Correct. 53%. Yeah. It is now almost like a 50-50 between Suzlon and the non-Suzlon as we speak now. We expect that this would come down. It will become like one-third and two-third between Suzlon and non-Suzlon. Suzlon will be one-third and two-third will be non-Suzlon in FY 2027. That is our expectation. Suzlon numbers are growing, and the Suzlon offtake from the SC Forge will increase. Their offtake, their supplies to the non-Suzlon customers will significantly increase because they are now also getting into the non-wind. First of all, the exports are increasing in the wind sector itself. The second thing is they are getting into the non-wind sector. Plus, the forging unit is coming up with different products. That is why while the numbers of SC Forge today do not move the needle so much for Suzlon as a whole, if you look at their growth story itself, that is a great story, instead of the fact that our forging unit was almost shut for two months in this quarter because of the restriction in a particular skill component, which is not quite clear now, instead of the fact that our numbers from H1 to H1 saw it, both in EBITDA as well as revenue, have significantly gone up. That trend is what is encouraging to us, and that will continue. I think guidance-wise, one-third, two-third is what Suzlon and non-Suzlon is what we can say from FY 2027 onwards. Got it. And sir, on margins, we've seen a sharp jump from 8.6%- 19.5%. Yeah. This is mainly the various initiatives that they've taken in terms of cost control. Then increasing the area that we were depending upon outsourcing of the machining done. Now, we have installed our own machines for machining. Machining is completely being done internally. Recycling of scrap has increased. Procurement costs have come down. The cost-out initiatives, what they've taken, is what is helping us to increase our margins. These margins will be sustainable in the future? Sure. Okay. Thank you so much, sir. That's it from my side for now. Thank you. Next question is from Shiva from Purnartha Investment Advisors. Please go ahead. Shiva, you may go ahead with the question. Yes, sir. You are. Please go ahead. First of all, congratulations for a great set of numbers. My question is first, with respect to you saying that in two, three years, EPC will move to 50-50. I wanted to understand how will the conversion margin of WTG play out in the next two years? Because it is at a very high stage and it is at 26%. How will that move going ahead? What will be the initial capital required to get this land? What will be our capital requirement for this? Let me answer your second point first. We provided a seed capital of about INR 150 crore that will keep getting recycled. What happens is by the time we acquire, let's say that a 300 MW wind farm is what in some place we started acquisition of the land. By the time we reach 25% of the land acquired, we would normally try to find a partner or a co-developer where EPC is not signed, but the land contract is signed with the condition that the EPC would be with us. They will reimburse for the entire 25% of what we acquired. In future, the balance 100%, they'll compensate. This is how this recycling happens. Therefore, INR 150-INR 160 crore is what the seed capital requires. Even today, as I said some time back, we already acquired about 1,150 MW of land. That is what is the range in which w e also started now getting the money back from the land contract. On the margins, FY 2028 is a bit far away when we reach this 50-50. A lot of things will happen c ould be on the positive side on the margins. Let's wait for them. Obviously, the world record, if you see, whenever we did EPC, we used to do about almost 80%, 85% EPC in about FY 2017 or FY 2018. At that point of time, our margins on EPC were much higher than the equipment supply. Directly, our margin is always better in EPC than in equipment supply. Okay. Understood. Helpful. The second is with respect to cash flow from operations, if you could just help me understand what will be the payment schedule for 100 MW if it is a INR 600 crore-odd? At what stages do we get the payments? I mean, I understand the revenue accruing, but when do we get the final payments at different stages? Let me address this. I know that while you're asking these questions, I'll address that concern as well because of everything that's going on. Normally, for most of our contracts, we get 5%-10% advance. Then 40%-45% is what we get on dispatch, and another 40%-45% is what we get on receipt, and 5% on commission. This is our standard payment terms, give and take here and there some variation. On the public sector projects, which is what we've done a significant supply in the last two quarters. In fact, in Q1 and Q2, our supplies to the public sector contracts have been more than 50%. Even in this 565 MW that we supplied in quarter two, close to 300 MW has gone to the single PSU. There, it's bid terms, and we know what the payment terms are in advance. There, in addition to giving 10% in advance, the first payment comes only after the materials are received at site, and that also is only 70%. In other contracts, we receive almost 90%, 95% at the time materials are received at site. Here, you get 70%, and then the balance 20% gets split till commissioning and testing and various things. We take that in. Also, in the public sector, the time taken from the time material reaches to their whole process of completing and taking it, if normally in other contracts, it takes, let's say, about 20-25 days, three weeks' time to get our payment once it is due, here, it can take even up to 45 days. We knew these things, that we had a correct line of credit for this project. Significant supplies having been made to the particular PSU contract, you are seeing a surge in the receivables. That is not a red flag, in my opinion. We ask that that tapers down. It will get back under control. We know why it happened, and we know the reason, and we also know it will get controlled. It's purely because of the payment terms, and that we knew in advance. We have adequately loaded the working capital interest in our bids and everything, and everything is covered in our pricing. Understood. Third is with respect to booking. The finance cost was directed that the net finance cost would be in the range of INR 200-odd crore. Because it has hit INR 150-odd crore, what will be the net finance cost for this year? The second part is the DTA. You've added INR 700-odd crore. What is the entire potential? How much have we used as of now till now? What is left over? That's the second part. The way. Obviously, you all know I'm not a CFO. But the way I understood the DTA, I will explain to you. And if I make a mistake, my colleague here will cover it. As long as you have carry-forward losses, which are known to us, you filed in your income tax returns. The moment there is a certainty towards the profits going to happen, then you become mandatory under the accounting standards to provide for DTA. Here, the auditors took a conservative view of looking at the profitability of the company over the next three-year period. We have much more carry-forward losses to the extent of about INR 11,000 crore, but because they've only taken for the next forward three years, they are now converted to that. First of all, we've done in the quarter four of last year. In the six months, obviously, additional six months extension happens. They cover for the balance portion. Now, as we speak, on 1st of October, we have about INR 1,229 crore of the tax credit. Tax asset, we call it, as a deferred tax asset, which means that up to even if you don't add any further DTA, but we expect that to get added further. As the time proceeds, there will be more and more visibility of profits. Even current INR 1,229 crore means effectively for the next INR 5,000 crore of profit as and when we reach. Till that time, we have a tax period. There is no tax outgoing in terms of the cash. We expect that as the time passes, some more DTA would get added. Anon, you want to add anything? Go ahead. Go ahead. My colleague Anon will also further add. To answer your question specifically, carry-forward losses as per annual report of FY 2025 were about INR 14,000 crore. And DTA recognized so far is on about INR 6,000 crore. There is sizable balance left on which potentially going forward, based upon DTA recognition condition getting met, there is a potential. Further additional DTA. So just to understand, the max potential is INR 8,000 crore, 25%. That would be INR 2,000 crore more addition. The max that we can add. Left over INR 8,000 crore? No, Shiva. Further. Further, the max potential. Although what can be planned out is different, the max, the potential. Yeah. That is in addition to the INR 5,000 crore profit tax shield we have for the INR 5,000 crore of profit. Today, it is very small. Understood. With respect to the net finance costs, what was the? Our guidance has been that. I think we will have about INR 70 crore per quarter as a net financial cost. Maybe we will touch about INR 250 crore. This quarter, we saw slightly higher because we also started issuing surety bonds. For some time, we had a parallel of surety bonds as well as letter of comfort from REC. That is why we had some additional costs admitted onto INR 80 crore. Otherwise, guidance would be we would be around INR 250 crore of net financial cost in a year. Also, let's understand that if volumes are increasing, then the volumes increase working capital. We are also seeing that. Which contract you are supplying. If the contract has extended to you, if you do it to PSU, that is something that will increase as the cost would keep changing from quarter to quarter. These are all known. They are not unknown things which are coming up as a surprise to us. Okay. Thank you. If I may squeeze in one last question. You've directed that the margins for O&M divisions have come down. It is a one-off thing. If you could just give a direction, is the revenue per megawatt for the new S144 similar to the older ones? No, no. For O&M? O&M. The previous question was specific to O&M. I did not talk about all business divisions. In fact, all business divisions take no reduction. If you look at our WTG division, we still have a 26.9% contribution margin. And even if intermargin is good. And even in the O&M, our contribution margin still remains at 66%. There is no reduction. In fact, wherever there is possible, there is only improvement. Our margins will only change based on the revenue share between the WTG versus O&M versus others. In fact, quarter two to quarter one to quarter two, we moved. Our WTG revenue share has gone up from 82%- 84%. When the WTG increases, that margin being at lower than the O&M margin, the margins will change. While the individual business margins will increase, continue to increase, that is what happened even this year, this quarter for WTG. Because the mix of revenue changes. At the group level, the margins can change. O&M division margins are slightly lower, right? EBITDA margin is 34.5% for India O&M. Yeah, that is one which I explained. That is what which I explained to you last time. The previous question, that this is sort of a one-off. If you look at H1, we are still at 37%. Okay. Quarter is 35%, but H1 is still 37%. Therefore, our guidance continues that we would be hovering around 39%-40%. This is a one-off for this quarter alone. That is why I said there are no red flags there. It will be normal moving ahead. Understood. So the revenue per megawatt for O&M is in the same range for S114 compared to S144 to the earlier models? No, it means like per turbine, different per megawatt, it will be different. Because you're maintaining a turbine, therefore, if it is a 100 MW wind farm, there you're maintaining 50 turbines, and here you'll be maintaining 33 turbines. Therefore, the per turbine, the O&M price could be higher, but per megawatt cost will be low. Also, your cost per megawatt price will be low, but your cost also is low. Your number of turbines you're maintaining are low. Instead of maintaining 50 turbines, you'll only maintain 33 turbines in a 100 MW farm. All your cost, your space cost, your manpower cost, everything will be low. Therefore, it won't impact the margins that way. Understood. The growth will be slightly lower compared to the older ones? No, no. Growth also will not be lower. Growth, everything will remain the same. You need to look at the price per turbine rather than the price per megawatt in O&M. Because your maintenance cost comes per turbine, but your maintenance cost does not come per megawatt. Okay? Therefore, as long as you are maintaining your price levels, cost levels for the turbine, your margins will not come down. Therefore, let us not get confused with 3 MW turbines. Tomorrow, if you go to a 5 MW turbine, obviously, price per megawatt will come down. Then you are maintaining only 20 turbines per 100 MW farm. Your cost also will be low. Therefore, in O&M, you should look at cost per turbine, price per turbine. From that angle, the higher the capacity, it is not going to have any impact on your margins. Understood. Thank you. All the best. Thank you. Next question is from Abhishek Nigam from Motilal Oswal. Please go ahead. Yeah, hi. Thank you for the opportunity. MNRE recently came out with a detailed SOP for local manufacturing of wind turbines. I think where they basically give details regarding what qualifies, what is not qualified. I just wanted to know, after that, is there a little more clarity on, in terms of localization, is it more easy, tough, how are the competitors responding? Any clarity you can give on that? Yeah, yeah. Clear. Clarity was there right from the beginning. The SOP defines that clarity in a proper way, that how do you actually put it, what happens, step one, step two. They are absolutely clear that the companies have to get listed there. And before getting listed, there will be inspection, physical inspection. And you got to meet that inspection requirement. You need to meet the ISO requirements. There is a process by which you can list the company. Only you can buy from that. Not only SOP, they have now also come up with what is called the REEMS, that is Renewable Energy Equipment Import Monitoring System. They're even going to the extent of if you want to import any company, you got to get registered there. Then only you'll be allowed to import. Otherwise, you will not be allowed to import. That has become effective from 1st of November. They're also moving further, the next portal, what they're developing is that not just the import, they want to monitor which turbine, which project that particular component got consumed, where it has been used. Therefore, there's going to be a complete control on where from you're buying and which project you're buying and what are you doing it. In fact, they also said in the SOP that you can, even if you come with a new model, we will not, it's like the new model is the same platform. Unless the incremental power is more than 10%, we don't recognize as a new model. Because some people can try slightly same as new model so that they get that advantage of up to 800 MW you can import, okay, in a new model. They even clarified that we will not allow even that. Unless the rotor diameter goes up by 2% and the power goes up by more than 10%, it won't be considered a new model. They will consider the old model only. You don't get the benefit of 800 MW of whatever it is can be imported. I think this only shows that they are very, very extremely keen that the domestic manufacturing has to increase, which we said earlier, that we meet that requirement fully. We encourage that at this power level playing field. Now the cost advantage what people had on cheaper imports will go away. Okay. Is there also subsequent steps which are expecting? Like if I see on the solar side, we are seeing it started with ALMM, then ALCM. Now they've already announced ALWM. People expect ALBM, which is on the battery side. I mean, subsequent to this, do you see more announcements in the coming years? Okay. Because we know about wind, we're done right in the beginning because we have the manufacturing capacity for all the components. In solar, we didn't have it, so they're going step by step. What they're going, probably we can expect is now their next step is they will go sub-component level. If you're talking about a gearbox, they're going to look at it as, are you assembling a gearbox here? Then saying it's domestically manufactured. What restrictions should we put on sub-component level? Because the castings are available in India, then they may say that you need to buy only from India. The step two is what they will do is the component level, sub-component level restrictions. Otherwise, because all components are manufactured in India, at one stroke they have gone unless in solar. Solar initially started the modules when they went into the cell and now they're getting into different things. Here, only next step will be sub-component level. Fair enough. Just last question. What I'm seeing on the solar side is that companies are now sort of going into these ages and phases. Companies are looking to get into transformer manufacturing, inverters, batteries. I know this question is probably a little too early, but if that sub-component level manufacturing comes in wind, I mean, would you be willing to explore that? Why not? Or is it too early? No, no. We already see. At one point of time, even today, we manufacture our turbines. We make our panels. At one point, we were making even generators. Therefore, we already did that. Even today, we do our own transformers. We do our own panels. Therefore, with increase in volume, we do have that experience. We do have the capability. Therefore, why not get into that? If somebody can do it, someone who is the easiest for anybody, it is for us. Because we do have that experience. We do have the facilities available already for the popular manufacturing business. Definitely, we look at that. Okay. Perfect. Thank you so much. That really helps. Thank you. Next question is from Amit Mahawar from UBS. Please go ahead. Sure. Hi. Congrats on great operational performance. You explained on the EPC rationale in detail about those two, three points, why Suzlon is looking at now. They are also expanding capacity. Eventually, we will target export market. Do you think on the risk profile side, the risk will need to be significantly looked at? I agree, industry is growing very well. This year is going to be good, and our share is ramping up. All the policies are very, very favorable. As we move the EPC route, I understand integrated renewable power is in your mind when you think about EPC. If you can throw some light on potential risk that we have to keep in mind because, or rather, why not think about only the WTG model that any of these have? The 4Gs, O&M, a very diversified business model. Why go the EPC route considering the potential risks? I just wanted to get some handle on potentially what can go wrong if we go the EPC route. Thank you. If I understand you right, there could be some confusion in the definition of EPC. EPC, even today, we do. Okay? 20% is EPC. When we talk about EPC, that is where we acquire the land. And we do the complete DOP and supply the turbines and commission them and administer to the O&M. Our second alternative is that land does not belong to us. And even we may not. Other extreme is that nothing belongs to us. We just supply the turbines and supervise the entire work. That is called the equipment supply. Okay? The risk on EPC is much less and much higher control. In fact, the EPC is a risk mitigation model. Because we are just supplying the equipment there, our equipment supply would completely depend upon its readiness. Whether it is positive, ready to take the turbines or not. If the turbines are on the ground for two years, three years, what happens to the turbines, warranties. It is a huge risk. Plus, we also cannot even predict how much quantity of turbines we can supply. Because we could really know when that project is going to happen. That is what is a concern today for us. What we have today's problem is that. Okay? Most of the places where we supplied the turbines, we are not able to commission them or in the non-EPC project. Very less in the EPC project. When we move to the EPC, we are mitigating that risk. Anyway, there is no additional risk we are taking. We acquired the land. In fact, we are mitigating the risk of land and ROW, which is a major risk where we are not doing the EPC. That risk is we are mitigating here by taking the land and ROW issue out of it because we are acquiring the land along with the pathways much in advance. EPC route is actually a risk mitigation, not the risk creation. That would significantly increase our capacity addition speed at which we can add each year. It would improve our turbine supplies. It would improve our margins. Most importantly, that is a significant competitive advantage what we have. Because we are the only player who can actually provide an EPC service along with the land. There is no one else who can actually provide significant support. When it comes to the export, there we would take the risk of only supply. Because that is a new geography, we do not understand that we really do not get into EPC there. We will not take the risk of EPC when we go out of the country. Sure. Definitely. No, that's very helpful. Thank you very much and good luck. Thank you. Next question is from Gauri Shankar Dadhal from Cresta Capital. Please go ahead. Thank you, sir, for the opportunity. I have a couple of queries. First of all, we have a cash plunge of around INR 8,000,000,000 in the balance sheet. How are we planning to use it and put to use and create value for the shareholders? See, first of all, right now, today. This is a very small cash what is available. Therefore, we're expanding the business. Let's keep that as a reserve money, whatever is required for in between for various purposes. Also, we need our CapEx. If we're spending money on the CapEx, we're spending, as I said, that we provided 150% seed money for our development. As we further go ahead and more and more we generate the cash, then that's a good problem to have it. What do we do with the cash? Okay? Whether we wanted to do dividends, what it is. Let's reach that stage of having a good problem on hand. Right today, I think it is fully used for our CapEx and various other purposes. Okay. My next question is with regard to the revenues and all. Your revenue year-on-year has increased by around 84%. It is majorly led by the volumes. Can we assume there is some moderation with regard to the prices also year-on-year? No, I think our average realization per megawatt remains more or less the same in line with the guidance what we gave. There is no change in the revenue per megawatt. Okay. Thank you, sir. Thank you. Before we take the next question, a request to participants to please limit your questions to one per participant. The next question is from Smith Gala from RSPN Ventures. Please go ahead. Yes. Congratulations for the good set of numbers. I just wanted to understand about, how is the company looking at for FY 2027 given a great 2026 is going on? That's great. Let's consider Q3, Q4 of this year. Then we will look at the FY 2027. Obviously, there will be growth. I don't want to put a number to that. Okay. Thank you. Next question is from Kumar Divyanshu, who's an individual investor. Please go ahead. Yeah. Hello. Is my sound audible? Yeah. You are. Please go ahead. Okay. Thank you for giving me the opportunity. Basically, I have one or two questions. The first question is regarding the promoter holding. As far as I can see, that promoter holding is very much low. It is 11%. Is there for the management planning, or is there for the company planning to increase the promoter holding? I'm not the right person to comment on that because as a professional CEO, this is a question regarding the promoters. To the extent I know that, they have no intention of reducing further, and the commitment is fully clear for the company moving forward. Whether they will increase or not increase, I think I would be the wrong person to answer that question. I think as and when you have an opportunity to meet up with the promoters, I think that's the question you should address to them. Okay. No issues, sir. The second question is, I think that what is the maximum time duration for the execution of an order? How much period could you comment on that? No, I think whatever order book we have is that this is to be executed in the next 18 to 24 months. Current order book. 18 to 24 months. Okay. And what about the order in close for the upcoming quarter? No, every project, when they're giving us order, they, a day and we together decide what is the execution timeline. Depending upon that, if it is a big project, what is the PPA timeline and when is that evacuation facility is coming in? It can be as less as 18 months. In some cases, it can go up to even 26, 27 months. It varies from contract to contract. I said this one time, I understood this from asking that, is there any upcoming order in close for the upcoming quarters? There will be. Is it in pipeline or not? Yeah. I explained that order pipeline. I said that there is significant order pipeline. We will continue to announce the new orders. Hopefully, we would continue to maintain the trend of closing order book as in the opening order book instead of the fact that our supplies in the quarter would keep increasing. Okay, sir. Debtor date and base payment is quite high, as far as you can see. Is that clear in that how we will be? You're not clear. Can you speak a bit louder? As far as I can see, that debtor date and base payment is quite high in the ratio, as far as I can see. Is there any complete comment on that? Is there any planning that how you will decrease that particular number? Yeah. We explained sometime back it's basically happening because of a public sector contract, and that's the portion being higher. I think we went through this question in detail in the previous question. Answer to that. Thank you. We'll be able to take one last question. We take the last question from Hardik Sharda from Mavera Asset Management. Please go ahead. Hello, sir. Thank you for taking my question. I just want to understand what is the situation around rare earth metals and how does it affect Suzlon given the geopolitical situation. Thank you. That will be my question. No. See, as far as the speed is concerned, generally, we get protected in the contract. Speed does up and down. Except for the cleaning plant. The rest of the metals we keep watching, and then somewhere we need to procure. Rare earth, we do not use much. Therefore, I do not think we have any impact of rare earth on our plants. Therefore, we are completely insulated from the so-called geopolitical issues of rare earth being supplied or not supplied. It will not impact us. Okay, sir. Thank you. Thank you very much. We'll take that as the last question. I would now like to hand the conference over to the management team for any closing comments. Thank you very much for joining and making it very interactive. Any further details we need, my colleagues, Nayar team, are available for you to provide. Please reach out to them. Any amount of details you need to satisfy yourself, we will provide. Thank you. Thank you very much. On behalf of Suzlon Energy Limited, that concludes the conference. Thank you for joining us, ladies and gentlemen. You may now disconnect your lines.