Waaree Renewable Technologies Limited (WAAREERTL) Q4 2026 Earnings Call Transcript

Ladies and gentlemen, good day and welcome to VARI Renewable Technologies Limited Q4 and Fi26 Earning Conference Call hosted by MUFG End Time India Private Limited. As a reminder, all participant line will be in the lesson only mode and there will be an opportunity for you to ask questions after the presentation conclude. Should you need assistance during the 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 the conference over to Mr. Nikun Jain from MUFG In Time India Private Limited. Thank you and over to you, sir.

Thank you. Good afternoon, ladies and gentlemen. I welcome you all to the Q4 and FY26 earnings conference call of WARI Renewable Technologies Limited. Today on the call, we have from the management, Mr. Hitesh Mehta, full-time director, Mr. Manmohan Sharma, chief financial officer, Mr. Neeraj Vinayak, vice president, investor relations, and Mr. Rohit Wade, general manager, investor relations. Before we proceed with this call, I would like to mention that some of the statements made in today's call may be forward-looking in nature and may involve risk and uncertainties. For more details, kindly refer to the investor presentation and other filings that can be found on the company's website. Without further ado, I would like to hand over the call to Mr. Manmohan Sharma for his opening remarks and then we will open the floor for Q&A. Thank you and over to you, sir.

Thank you, Nikunj. Good afternoon, everyone. And I would like to extend a warm welcome to all participants for joining the earnings conference call of VARI Renumerable Technology Ltd. for discussing our business performance for Q4 and FY2026. I hope you all had an opportunity to review our financial results and investor presentation, which have been made available on the stock exchanges and are uploaded on company's website. I would like to comment by showing my sincere gratitude to all our stakeholders for their unwavering trust and support. Your continued confidence in our vision and execution has played an important role in shaping our journey so far. Today on the call, I have along with me the key members of our management team. Starting with our financial results for the quarter, our revenue from operations stood at Rs. 1,102.40 crores, reflecting a growth of 131.31% compared to the same quarter of last year. EBITDA comes at Rs. 206.82 crores with a margin of 18.76%. Bet for the quarter reached Rs. 155.72 crores, marking a year-on-year increase of 66.08%. For the financial year 2026, we reported revenue of Rs. 3,331.42 crores, a growth of 108.51% over FY2025. EBITDA stood at Rs. 641.10 crores, up 106.21% year-on-year basis. While BAT reached Rs. 478.65 crores, showing growth of 109.09% on year-on-year basis. These results highlight our strong execution capability and the operating leverage that we continue to build across our business. From an operational standpoint, FI 2026 was a year marked by scale and steady execution. During FI 2026, we have successfully executed 2727 megawatt peak of project, which is highest for any year. This reflects the depth of our execution capability for the year-end, our unexecuted order book stood at 2.83 gigawatt peak. Providing us with a strong visibility and continuity of business going forward. At the same time, our O&M portfolio stood at 1.18 GigaW peak, further strengthening our base of recurring revenue and reinforcing our role as a reliable long-term partner for our customers. Overall, this performance demonstrates our ability to grow responsibly while maintaining consistency and reliability across project execution. Let me now turn to the broader industry environment where momentum across India's renewable energy sector remains strong. The country clean energy transition continued to accelerate with total installed renewable capacity now crossing 274 GW and solar alone contributing over 150 GW as of March 2026. The growth is due to rapid expansion with contribution from ground-mounted solar plants of 114.87 GW. Grid-connected solar rooftop of 25.73 GW and other solar segments contributing to 9.66 GW. This shift demonstrates the growing importance of solar within India's energy ecosystem. In FI 2026, over 44 GW of solar capacity was added, representing a substantial increase from 23.83 GW in the previous year. In FI 2026, solar emerged as the leading driver of capacity additions. Accounting for approximately 82% of total renewable installations, reinforcing its position as a primary growth driver within the sector. India's renewable energy growth continues to be supported by stable policies framework such as the National Solar Mission PM Kusum and PM Surya Ghar Yojna alongside expanding demand across utility scale. rooftop and decentralized segment, which is improving visibility for EPC players. Additionally, battery energy storage system base are now emerging as a key enabler for grid stability with increasing inclusion of renewable tenders, opening up new opportunities within the EPC ecosystem. In this environment, we are well positioned with a strong order book, a healthy order portfolio, and expanding into best CPC while maintaining our focus on execution discipline and operation efficiency. We are encouraged by the progress made in FY2026 and are hopeful about the opportunities ahead. Wari Renewable Technology is committed to driving sustainable growth and creating lasting value for all stakeholders. Thank you once again for your continued support. We now open the floor for any questions you may have.

Thank you so much. Ladies and gentlemen, we will now begin the question and answer session. Anyone who wishes to ask a question may press star and 1 on their touchstone telephone. If you wish to remove yourself from the question queue, you may press star and 2. Participants are requested to use handsets while asking a question. Ladies and gentlemen, we will wait for a moment while the question queue assembles. A first question comes from the line of Paris Kulkarni from Ignite Capital. Please go ahead. Paras, you may please proceed with the question. Faris, you may please proceed ahead with your question. If there is no response from Paras, we will move forward to the next participant. Our next question comes from the line of Sahil Seth from Anandrati Institutional Equities. Please go ahead.

Hi, sir.

Congratulations on the great set of numbers.

My first question is, if we look at the quarterly execution numbers and revenue numbers, the implied regularization is quite high, coming to a prospect, million per megawatt. Do any different types of project execution or will this be one thing? Will it be recurring in nature?

Thank you. So this variation which you have noticed is depend upon which kind of order we are executing for a particular quarter. So as you are aware, we are taking all type of order with modules, without module, pure EPC order. So for the particular quarter, which is this current quarter, some of the orders are executed with modules. So therefore, you are getting this kind of amount.

Could you share any, what is the mix between the orders where model procurement was under our scope and orders where it was under the consumer scope?

So, of course, this quarter actually around if probably if I say any rough idea is around 50% of the execution revenue numbers are coming from the with with modules. So, therefore, there is a realization which you have noticed is coming as compared to other quarters.

Okay. So, and my second question would be there has been a slowdown in tendering activity if you compare FY25 with FY26. Do you, what kind of impact could we see on new orders coming in for YVM?

Yeah, so as far as tender business is concerned, we are actively participating or looking all kind of opportunity in the tender business. A lot of tenders are coming with the base as well. So, but the tenders are there, but as a Wari, as a company, we are only participating when there is a suitable to our margin or suitable to risk reward metrics, which we prefer. That if it is shooting our requirement and the margin, then only we are participating. As far as this order pipeline is concerned, there is a good amount of pipeline in the tender business as well.

Okay, sir. Thank you.

Thank you. The next question comes from the line of Ishita Lodha from Sven Investments. Please go ahead.

Hi, sir. Thank you for the opportunity. The order book has declined from 3.2 gigawatt to 2.8 gigawatt on a YOY basis, March versus March. So why has this happened, and how do you see the order and clock look going forward?

So, order inflow going forward, if you see that we have existing order book of 2.8 gigawatt. Apart from that, we are also changing the order pipeline of around 36 gigawatt, which is around 23 gigawatt is from domestic and maybe other than 12 gigawatt from the international market. So, this scenario will keep on happening. Actually, we are going to get orders, and in spite of our execution and achieving revenue number of more than 3,300 crore, in spite of that, we are able to maintain our order book. So, whatever orders we are executing, more or less, we are getting the same similar kind of orders in the current financial year.

So, like previous financial year, order inflow was 2.4 GigaWatt, and this time it was 2.3 GigaWatt, slight decrease 5%. But is this because of competition, or like why this happened?

But as far as India is concerned, we have done good amount of installation of solar projects throughout that.

Execution is strong, I am talking about order inflow, sir.

Yeah, order is also, we have, as I mentioned, that we are discussing bilaterally, the order pipeline, which I mentioned to you, and probably some of them will get converted in coming quarters.

Okay. Thank you, sir.

Thank you. Our next question comes from the line of Bala Subramanian from Arihant Capital. Please go ahead.

Good evening, sir. Thank you so much. Thank you so much for the opportunity. So, I'm trying to understand the margins perspective, whether the new entrants are bidding aggressively for the project side, whether if you look at every Q4, we have a 25% plus kind of margins. But right now, we enter nearly 19-20% kind of margins. So, I'm trying to understand this is a new normal margin brand, 80-20% for the blended portfolio. Or we can go back to a level of 25% kind of level in every Q4 levels. The good help is to understand on the margins levels, it's a shrinking because of the competitions or like is there any technical changes due to – is there any technical changes also having impact or is there any fixed price impact also there?

So, as far as this, we have all kind of fixed price contract, that is number one. As far as the margin is concerned, the margin for a particular quarter depends upon which customer order I am executing in any particular quarter. As far as if you will notice, for the entire financial year, we are able to maintain EBITDA margin more than 19.24%. So, you will see on a year-run basis also, we have more or less, we are able to achieve similar kind of margin. So, maybe in a particular quarter, you may see some slightly different, but overall basis from last FY25 as well as FY25 also, we are more than 19%.

Okay, so this margin will continue next to the end of the month, sir.

So, as we are mentioning that we are trying to keep with some operational improvement, timely regression, and tight budgeting control, we are able to maintain this kind of margin, but always we are mentioning that the margin would be around, EBITDA margin should remain around 15%, but definitely we are delivering on a continuous basis, that is what it is.

Okay, sir. So my second question, on the IPP side, earlier 120 megawatt IPP had announced with indicative CAPEX of 3.5 crores per megawatt, which comes nearly 420 crores of CAPEX. This will be funded through internal accruals or we have any debt arrangements? And secondly, if you could share your view on our IPP asset strategy side. Right now, it's around 54.8 megawatt peak is operational, and we are also setting up additional 27

megawatt

peak, and I'm trying to understand what is the IRR on this IPP side and our regular IPP side.

Yeah, so...

Hello.

So, Now, we have operational 54 megawatt peak of solar power project, that is IPP. And additionally, we are setting up around more than 200 megawatt IPP projects for our own. So, these projects are necessary. As of now, it is funded. It is under construction. It is funded through internal work only. So far, we have not tied up any kind of debt for this. We are funding it internally. So, that is number one. And secondly, as you are aware that the company has three revenue streams, that is APC plus O&M, and third one is IPP. So, our strategy is to have a smaller size of project IPP so that we can have continuous revenue for the next financial year, for the next few years.

Yes, thank you, sir.

Thank you. Next question comes from the line of Deepak Puddha from Sapphire Capital. Please go ahead.

Yeah, I have more. Do I still? Yes, please. Thank you very much for this opportunity, sir. So, I just wanted to understand, we have an order book of 2.3 gigawatt. So, is it possible to quantify in terms of rupees cross, how much would that worth be, and plus the composition, with module, without module, only EPC? So, something on those lines will be very helpful.

Yeah, so, normally, we don't quantify to this thing, because even if I tell for this quarter also, it will vary, maybe, in the next month itself, it could vary, because of getting new orders and executions. So, it is, but, broadly, this ranges between 1 to 1.25 or 1.2 per megawatt.

Okay, 1 to 1.25 crores per megawatt.

Yeah, so again I will say the same thing because it will vary. So next time if I get some with module order, it will vary. And if I get pure EPC or some off changes, etc., it will vary. So any calculation by this method may not give the correct result for the future.

And how much the composition would be with module? Will have any rough range on that?

Maybe, actually, around 20% or something like that with the module. So, the composition remains there, don't you? 20% with module? Okay.

Yeah, please continue, sir.

And remaining, like, megawatt term, it could vary between 10 to 15% or maybe 20%. It depends, Deepak, when you are asking with a question.

So, this quarter, 50% revenue mix was with modules, so that we can see as an aberration rate? Yes, correct. Okay, understood. And, I mean, in terms of execution, are we seeing any type of slowdown because of any kind of grid infra problem, any kind of delay in construction transmission line? So, how is the execution traction on the ground?

So, execution is going well. Actually, whenever somebody or developer wanted to have the solar project installation, so, after getting required connectivity, land, etc., then only they, mostly they provide the EPC order. So, when it comes to us for execution, by the time all the previous points have been cross-verified, checked, then only they have contact. So, from our side, once we receive the order, we start executing and deliver as early as possible.

Last year we had an execution of around 2.7 gigawatt, right? So what sort of execution we are looking for this year now, FI27?

So, we depend actually. As of now, the order book which I have is around 2.8 gigawatts. So, that we are going to execute in next quarter, which we mentioned 12 to 15. And moreover, we are going to receive orders in this current financial year. So, both put together will get executed during the year, and some of them will go to the next quarter.

Okay, and then this 36 gigawatt pipeline, so what is the historical hit ratio we have, I mean, in terms of conversion?

It's difficult to quantify any kind of hit ratio because these are the bilateral discussions with the customers. Domestic pipeline gets closed with the bilateral discussions with the customers. So we have fair amount of chance that we'll be able to convert some of them into the firm.

Understood, understood. That's it from my side. Very helpful, sir. All the very best. Thank you.

Thank you. The next question comes from the line of Sumit Kishore from Access Capital. Please go ahead.

Good evening, and thanks for the opportunity. My first question is of your 2.8 gigawatt auto book. What would be your geographical exposure to Rajasthan and Gujarat on a ballpark basis? That's my first question.

So geographically, we are operating in almost seven, eight states, that is Rajasthan, Gujarat, MP, Andhra Pradesh, and Maharashtra, of course. So geographically, we are spread into four, five major states where our orders... We are executing the project. Most of them are in Rajasthan. Yeah, please.

Sure. So, I was asking this question because Rajasthan and Gujarat seem to account for almost 65% of the RE potential. So, is your order book also more heavier in these two states? Is that a fair understanding?

A majority of the are in those areas, but other areas also are equally significant, like Maharashtra and MP, and Antra is also contributing a great amount of order. So, all states are contributors, but as of now, like Rajasthan is a little heavyweight on this. Heavyweight, okay.

The question is, you know, CTYL in a representation in the CERC order dated 10th April, was that almost 60 gigawatt of RE projects in Rajasthan are awaiting clarity of coordinates of their associated power substation for RE evacuation. Is there any, could this possibly impact the award? of new EPC projects because, you know, the developers would await clarity of the associated substation before they acquire land and award EPC contract. So basically your thoughts on this particular issue in one of the largest states in terms of RE potential.

So, as far as these, your thoughts are correct, but if you see that somebody wants to install, let us say, 500 megawatt or 1 gigawatt, 2 gigawatt project, so definitely it takes a little time, maybe 12 to 15 months to complete from thinking or maybe design prospect to the completion for the 12 to 15 months. So by that time, this backlog will be there, but there is always risk which is taken by the developer when they know that these are the power evacuations and when they are likely to be in place. So similarly, but as far as we as an EPC player are concerned, we have been awarded when all studies must have been done from their side. And once it is awarded and timeline is given, we are executed within those timelines.

So, basically, your 2.8 gigawatt or the backlog, the portion of which is in India, none of those projects are impacted because the customer does not have clarity on evacuation as of now. That's a fair understanding.

No, yeah, fair understanding because our job is to connect to the nearest maybe substation or the station and our infra is ready, actually. So, to that extent, we have to work. Excellent.

Thank you so much, and wish you all the best.

Thank you. The next question comes from the line of Karan Gupta from ECMIR. Please go ahead. Mr. Gupta, yes.

Yes, yes. So, my question is related to the margin side, as you aggregate 15% that you are targeting, but right now you are able to deliver more than 15-16%, now it is around 19%. So, what makes you, you know, coming to the point of 15% as you calculated maybe? So, what is the situation right now, and what will be in future? As you said, 15%. So, you are expecting that in future, maybe one or two years down the line, there will be more aggressive bidding on the same projects, and what right now we are getting benefited from.

The inversion which we are mentioning is not a calculator. So, the 15% which we are mentioning is not a calculation of guiding number. This is some threshold which we are maintaining when we are calling. So, when we are calculating our, like, when we are offering to the customer back-end, we do all bursting, etc., all kind of exercise, and this is what we have this, we maintain that. So, it is not that it will get net flies at this kind of percentage. Going forward also, like whatever order we execute, operational efficiency and discipline, execution, timely execution, all these projects will play. And this will keep on improving, maybe going forward also. It is not like that it will get normalized at some point of labor.

Okay, okay.

Second is on the receivables part. I think most of the receivables that you can see on the consolidated basis came in the second H2. So what is the timeline of getting the receivables stack? It is less than six month kind of or more than.

No, mostly, most of our receipts are less than six months only, and in many of the contracts, we are secured by way of letter of credit also, so that way we are operating.

Okay, because from 500 to now, it's double more than double.

Yeah, that's right. Yeah, that's right, because the last quarter, maybe last month, that will get accumulated to this number. But all are like, too many of them are through LCs, and we are getting our payment.

Okay, okay. So, there is no permanent stretch from the government side or maybe the companies are setting up this? No, nothing. Are there any receivable stretch?

Nothing as of now or significant.

Okay.

Thank you. Our next question comes from the line of Mohit Chandani from ValueWise Capital. Please go ahead.

Hi, sir. Am I audible? Yeah. Thanks for the opportunity. I wanted to understand best on a standalone basis, what is the cost per megawatt for EPC?

It depends upon the scope of the work which is awarded to us in the form of EPC because pure EPC may be through supply or maybe depend upon the, because each project has different calculations, like whether how much it is already existing project or we have set up the altogether new project. So it's difficult to provide any kind of number unless we have some clarity on the scope of work with us.

Okay, so let us assume 100 megawatt plant with some ideal ratio of bets. So, what is the incremental cost per megawatt?

For our own this EPC work may be around, if I guess it could be around 0.5 to between 0.5 to 0.75 per megawatt. But I, again, I, I wish, yeah, please.

No, sir, please continue.

So, again, that, again, depend upon, because every project and site is independent, and where you want, which, where you have to connect, and to the grid or maybe stations, that all sector is to be considered while giving any kind of number.

Okay, sir. Got it. And what is the breakup of the BES project in terms of battery cost and other components?

So, actually, as of now, we are just thinking as avenue of like doing BES. As a EPC, but definitely if somebody want to install like module which we are doing in our solar projects, if somebody want module from us, similarly base as a battery also they wanted from us, then definitely we'll be able to arrive the call. But these are the specific project related call questions.

Okay, okay, sir, understood. And assuming the whole value chain is ordered through you, then what is the per megawatt rough cost?

That again, it's difficult because it's a, you are asking a project specific question. So, I think it depends upon the size, where you want, what kind of, it's different, it's difficult to answer in this forum.

Okay. Thank you, sir. That's it from my side.

Thank you. Our next question comes from the line of Paris Kulkarni from Ignite Capital. Please go ahead.

Yeah, hi. Thanks for the opportunity. I hope I'm audible.

Yes, you are. Yeah, yes.

Yeah, so my question pertains to your IPP asset. Now, if I look at the historical numbers of the company, we have been a pretty asset-like model kind of a thing. So, can you please explain the thought process behind opening IPP as a project? And secondly, how do we look at the long-term liability of this and the contribution to revenue going ahead? Do we see that as a major contributor or do we see ourselves as an EPC company going ahead?

So, it will be dominated by the EPC only because we are the EPC company. Apart from that, this IPC, whatever assets we have, and we are likely to have some more assets that we are building so that if we can give regular revenue for this company, maybe another 2025. As you rightly said, we are the asset light company, and we are not caring.

The plan is 270 MW kind of a thing. Is that understanding correct?

Additionally, which we have announced in various, our board meeting, etc. So, these are the relatively smaller kind of a project in various sites. So, these are the opportunities which we have identified as the IPP for this Wari Renewable company and so that we can have some more revenue. But in overall revenue scheme, the percentage rate will be very less actually.

Okay, okay, understood. And secondly, sir, what I'm understanding is that the industry as a whole is facing problem of, you know, acquiring land for the renewable projects for ground-mounted solar especially. So how are we as a company dealing with it with respect to our R&D? Are we sort of recommending our customers the rooftop project or how do we go about it basically?

So basically, if you see our revenue stream, we are majority with the ground mounted projects only. Rooftop is hardly contributing or hardly contributing any revenue in this. So acquisition of land, as you rightly said, it is a challenge, but mostly it is in scope of the developer. So mostly lands are procured and connectivity is seen by the developer, and then only this EPC contract is awarded to us.

Okay, okay. So, you don't see that as a major challenge in growing our top-line going, right?

In procurement of land, you're asking?

Yeah. So, in case our customers are having a challenge in procurement of land, so don't you see that as a challenge in the incremental order inflows which we would be getting?

No, no, no, we are getting, actually, if you see the overall country's potential is more, 44 gigawatt is already installed. So, definitely the pace will continue, and of course, every business has a challenge. So, but the project will be installed going forward.

Okay, understood.

And secondly, sir, on the cash flow side, I see a slight bit of drop in OCF generation for full year FY26. Could you kindly sort of give me a kind of outlook as to what has actually happened? And when, and historically speaking, we had a much better cash conversion as compared to FY26. So we, so how do we go back to what we had done historically and or whether we would be continuing this sort of cash conversion.

So, whatever cache which we are generating from there, From the operations, all cash are mostly conserved, and, like, it is going in the, like, either development of our own IPV projects, or maybe, like, whenever some margin requirement is there with the customer, sorry, with the banks, that we are fulfilling out of it. So, our target is to conserve cash, put it back into the project, so that there will be revenue out of it.

Okay, okay, understood. And lastly, a bookkeeping question, sir. I see in the non-current assets a very big increase in other financial assets. Could you please tell what does that pertain to?

So, in financial assets, This is balanced with government authority, because certain amount of money like GST receivables, etc., those will remain with the government, and some is advanced to suppliers will be there.

Okay, okay. Pretty helpful, sir, on the mail for the future quarters.

Thank you.

Thank you. Our next question comes from the line of Nirav Dalal from MIB Securities, India. Please go ahead.

Yeah, hello, sir. Thank you for the opportunity. I had a couple of questions on the IPP. So, what would be our current IPP capacity or current IPP revenue at the moment?

Yeah, so we have, yeah, we have current around 54 megawatts of IPP assets, which are running and generating revenue. The revenue is around 26 crores for this financial year.

Okay, okay, and we are, so there is a CWIP also in the balance sheet, so that would be for the additional capacity that is going to come up.

Yeah, so whatever the previous question they asked, the additional this IP project which we are undertaking, on account of that, this is CW itself. So probably during this current financial year, they will get commissioned.

What would be the capex for the 227.1 megawatt peak? What would be the capex for that project? So, yeah.

So, as and when we are incurring the cost, we are deploying CWIP as of now is we are seeing the financials. So, as soon as we incur, it will get capitalized during this current financial.

Yeah, but what is the broad capex that we are looking at for this? So, it will be good for us to build the balance sheet. So, hence I wanted that number.

So, capex is, suppose I give you the rough number for any kind of solar capacity which you want to install. If you put anything between it, it comes to 3 crore to 3.5 crore per megawatt.

Per megawatt. Okay.

So, but in our case, whatever the... This cost, etc, minimization, whatever we do, based on that, we will plan it. But this number, this is the board number I have given you for the installation of solar program.

Correct, correct. And if I were to look at the broad group, the group is talking about power infrastructure assets of about 2 to 5 0 crores. So what are our plans on that or is there any clarity in terms of... How our IPPF tests are going to increase going ahead? What role are we playing in the group CAPEX?

Yeah, so group has its own plan because which has been disclosed by the group in various form, presentation, etc. But as far as the worry-reasonable technology is concerned, we have what we mentioned to you is the capex as of now.

Okay, okay. So our capex is outside of whatever the group has announced in terms of the power infrastructure outlay that we are looking at.

So, when it gets consolidated, I will not be able to comment actually what seeker you are so and asking with the question. But as far as the variable technology is concerned, these are the likely capex going forward immediately.

Okay, okay. Now, so where I was going to is that whether in the future the power assets would be housed under technologies or... It would be housed under any other company. So that is where I was leading to, but fine. At the moment, there's no clarity. There's not much clarity on that, right?

So, again, I will mention, sir, whatever the CAPEX, which is existing by 54 MW plus 227 MW, which we have mentioned and presented, these are the only CAPEX as far as the variable technology is concerned. And group has its own plan, initiative, CAPEX, etc. That you can see, sir, in our presentation, group presentation.

No problem. Thank you. Thank you for the opportunity.

Thank you. Our next question comes from the line of Ashre Seth from Ventura Securities Limited. Please go ahead.

Hello, sir, can you hear me?

Sir, can you be a little bit loud, please? Your voice is low.

Hello.

Can you hear me now?

Good.

Yes, sir. So, two questions only. Sir, so, on the newer ALCM regulations, sir, working on some numbers, sir, current... The cost per module per watt comes out to be 14 rupees, and it is expected to rise to 20 rupees per module per watt. So, do you see any impact on the top line of the margins, or if they are expected to remain intact?

And any update on the enforcement pushback, if maybe that's possible from 1st June 2026 to later on date?

Okay. So, as far as the variable technology, the module price is concerned, we are getting orders, as I mentioned earlier also, maybe with module or maybe without module also. So, and all this, if somebody wants the complete, trunky project from outside, we provide the pricing considering the current prevailing module price. So for a variable technology, there is like nothing, even if it goes up also, it is passed through to the customer.

Do you see any impact on the top

line if the cost rise significantly higher from current levels?

The cost rises to the current level also. As I mentioned, sir, if you want a chunky order from variable technology along with the module, I will be able to provide the pricing of current billing rate of modules. And immediately, I will procure it from the supplier. So, as far as variable technology is concerned, the pricing of varying this module price will not impact everything.

Fair enough, sir. Thank you.

Thank you. Our next question comes from the line of Hiten Boricha from Sequint Investments. Please go ahead.

Yeah, good evening, and thanks for the opportunity, sir. Sir, my question is on the execution rate. So, in the first half, our execution was roughly 700 megawatt to 900 megawatt, which has declined to 600 or less than 500 in Q4. So, what kind of execution rate we are expecting, sir? And second, if you can also guide on the order inflow, sir, because at the current order book, it's 2,800 megawatts. Considering we will be executing the quarter in next 12 months, so what kind of growth we are looking just to understand the growth side, sir. And also if I can show some color why our execution rate has declined in last four months. Thank you.

Yeah. As you are aware that we have all variety of order, maybe funky or with or without modulus, I have repeatedly mentioned that. So, depend upon the quarter, in which quarter I am executing which order, if it is a BOS order, maybe with only megawatt is higher, maybe, but my scope is less. So, it will give you that kind of number. Maybe earlier quarter, I have said the execution is more. Now, this quarterly execution is because of the variety of order which I am executing. And as a pari has a capability to execute any kind of like megawatt, it can be any megawatt because we have capability of executing orders in various states, various sites, only the main power and all the sourcing is needed to scale up the operation further. And as far as the order inflow is concerned, because if you see from the last one year, whatever the amount of orders we have executed, maybe equivalent or same kind of order we have already received. So I think the base will continue going forward because of the renewal push from the government and recently we have seen that everybody wanted to have a green energy. So it will continue.

The reason I'm asking this question about order info is, we currently have an order book of 2800 megawatts, right? Assuming we execute around 3000 megawatts at 1.2 per realization per megawatt, we still won't see much growth, sir, this year. So my question comes on that point, sir. So, yeah.

So, this whatever I, this one, maybe the order per megard 1 or 1.2, it depends again. Again, the next month or next part, if I get some orders, the ratio will change further. So, but... What you rightly said is 2.8 gigawatt year order. Further, as I mentioned, there is a lot of order pipeline which we are changing in the bilateral discussion. So, maybe in the coming quarter, we are likely to receive some order and throughout the year, this NERI will continue. So, whatever the existing order plus which the orders which we are going to get in the current financial year will get executed first.

Understood, understood. Okay, thank you.

Thank you. Ladies and gentlemen, in order to ensure that the management will be able to address all questions from the participant, we request you to kindly limit your question to two questions per participant. If you have a follow-up question, please rejoin the queue. Our next question comes from the line of Hershey Jain from POJC Capital. Please go ahead.

Good evening, sir, and thank you for the opportunity. Sir, I have a few questions. Corona first question, is that the company currently having recently come back to energy solar system and data sensor, and watching this video guidance on daily segment?

Sir, can you repeat, sir, your question, sir?

Sir, my question is that, is company currently earning any revenue from battery, energy, storage systems, and data centers, and what is its future guidance for food development?

So, from the current existing revenue is all from EPC, IPP or O&M. So, there is no order or revenue from the two segments which I mentioned. However, we are executing one of the best, this project, relatively smaller size, but we are executing during this quarter or maybe this financial year. So, that order will execute. But if you see that going forward also, to have a grid stability, this base is necessary. So, everybody is like, we are getting a lot of inquiries for the base project along with the solar project. So, this revenue stream will open up during the current financial year. That is what we are maybe expectation. And with respect to data center, as of now, we are working with the various, like, maybe inquiries, etc. But as of now, there is no immediately firm order which is available to us, which we can mention to you.

I'll tell my solicitation that the company has achieved a very good revenue load. Sir, could you help me understand that this year there is solicitation is going to be trade receivable and inventing the value. So, sir, well, I will tell if there is the new form of working capital or it will normalize SR-27.

So, Which I could understood from the flow of your voice. You are asking about the receivables and the inventory. So, inventory, whatever inventory we are procuring, whatever the components we are procuring, mostly, almost all are for the specific project requirements only. So, it may be point of time whenever we are finalizing our financial, you can see, but it will be built subsequently to the customer based on their project requirement.

Doctor, thank you.

Thank you. Our next question comes from the line of Amnish Tiwari from Vaikarya Change LLP. Please go ahead.

Hello. Am I audible? Yes, you are.

Hi, what is the impact you have seen in this oil and gas situation? Any raw material inflation or labor because of LPG surrenders? Have they stayed back or gone back to their villages or any other impact in terms of your cost or execution timelines? Have you experienced anything because of the shock?

So, from the current situation, which is prevailing in the word, so, Indirectly, everybody is impacted actually in one or the other form. But as far as the company is concerned, we have all domestic orders and all domestic supply chains. So we are all are forcing from the domestically only. These are available in India, all the components which are required for the construction of solar power projects. So that way, directly we are not having any kind of impact. And there is an opportunity for a company like us because everybody wanted to have solar power project, green energy going forward. That is a lesson maybe from this. So it will be helpful for the company like us.

Okay, so you have not experienced any kind of, either any components being delayed, or any sort of raw materialization which you have to digest, rather than passing it on to the projects?

No, as I mentioned, all are domestically sourcing, so therefore, it immediately not have any effect.

And if I look at your order flow every quarter, why has it been so weak when the outlook is so good in the industry? And if you can also articulate on an incremental basis, are your margins in the new orders you are booking, are they better than your existing order book margin or lesser than your existing order book margins?

This ordering flow, what you said is like in spite of installation, the order will be there because when you, for such a large order actually, because this developer has to put in money for the other activities also, module or maybe for infrastructure creation. So, when all these are considered, and nowadays you are seeing that our order book is with like maybe megawatt to gigawatt scale of order which we are executing. So, it takes some time with the customers for the negotiation and finalization of the order. So, that is how it is working.

Okay, so it's not to do with the more number of players in the competitive phase. On the aggregate basis on your slide, you say ordering has been overall increasing, but the order flow to you is not increasing. So is it something to do with the market share we have in the new order booking, or is it just that these delays and converting these orders to underground execution is just taking more time at a scale we are doing it right now?

So, maybe like what you said is correct, it can contribute, but it is difficult to quantify how much is on each call.

And the margin-wise, incremental margin-wise.

I am sorry to interrupt you, sir, but please rejoin the queue for more questions. Thank you. Ladies and gentlemen, in order to ensure that the management will be able to address all the questions from the participant, we request you to kindly limit. One question per participant. If you have a follow-up question, please rejoin the queue. Our next question comes from the line of Yogesh from Care Insurance. Please go ahead.

Hello, sir. Sir, you mentioned that orders can be based on a bit of the DAO's modules. When an order includes modules, are we risky to procure them from a parent company, or is it the flexibility to source from third-party vendors?

So, I think that the whatever order we are getting is pure BUS order. If at all, we are getting this orders with the modulate sector. So immediately, based on the customer requirement, it could be on some basis from the WAI also. It could be from the other source also. So it depends actually on the customer whom we are interacting and how he wanted to be.

Any present and breakdown in procurement from parent and other services? Any kind of breakdown from parent, company, and the other sources.

So, it's not very clear to me, but can you repeat, sorry?

Sir, I just want to ask how much percentage breakdown from the parent and the third-party owners?

So, it is difficult to quantify because we don't have any kind of ready number with us, how much from the parent and otherwise. But, it depends upon the customer requirement and with the billeted discussions, it could be WARI or it can be some other also.

Okay. Thank you, sir.

Thank you. Our next question comes from the line of Saran Joglikar from Vivanta Capital. Please go ahead.

Yeah, so I just wanted to understand what has been the pricing of modules with both DCR and non-DCR in this quarter, and do you see, and what's the trend do you see going forward?

No, we are not directly dealing with the module that you are aware of, and Based on the customer requirement only, whether they need to install a DCR or other models, because modules are mostly, in most of the cases, modules are directly procured by the developer.

Yeah, but I mean, whenever you get an order, which includes modules, you must be procuring modules as well, right? So, trying to understand what's the pricing for modules currently.

So, in the recent, actually, it depends because the DCR model will always have the higher price. That is what we understand. So, in the recent, because it depends upon the customer specific requirements, these modules are perfect. But mostly, the orders which you are getting is the US order also.

Alright, but any ranges you can give?

Difficult to give any kind of rain, sir, for this. All right.

Good. Thank you.

Thank you. Next question comes from the line of Sahil Koshua from Master Capital Services Limited. Please go ahead.

Hello. Hello.

Yes, you are.

Hi. Good evening, sir.

My question is... Sir, there is a... I'm sorry to interrupt you, but there is a background noise. Echo sound is coming, sir.

Hello, is it Bhatma?

Still we can hear the echo. If you can remove the Bluetooth device, if you are using.

Yes, so my question is, do we face any kind of regulatory issues while executing the long-term projects?

No, as such, there is no regulatory requirement because the permissions which are necessary for the installation of solar projects is already in, most of the cases are already in place. So, whatever the required remaining format is, which I think is not that significant, it's a process driven only. So, those are maybe in our scope and there is no hurdle for that.

Thank you. Our next question comes from the line of Arindam Banerjee from Microsec Wealth Management. Please go ahead.

Thank you for the opportunity. Am I audible?

Yes, sir, you are.

Sir, I have one question. That is, what is the percentage of revenue from the pure EPC and the Tanki EPC? And also, what is the bifurcation in terms of order. So, can you please some light on this, and what is the margin profile in both sizes?

Thank you very much.

You are asking this bifurcation with, module, without module, is it?

Actually, I am asking the margin profile in POD PC and Tanki PC.

Okay. So, when we start like maybe a Tanki project or maybe there. Your project, we consider setting a parameter and threshold for the margin percentage. So... For us, both type of projects are like we have the same kind of category. As far as the modular concern, we take the appropriate quotes from the market and then we calculate the rest of the BOC price. But margin, it cannot be said like this particular segment has a higher margin, it can be a lower margin.

Okay, okay, understood, sir. And my next question is, are you executing any EPC projects in Overtly?

As of now, we are not executing anything, sir, but we have this pipeline, or a pipeline which we are changing for the overseas projects also, but as of now, we are not executing any overseas projects.

And my last question, just one question, that is, what is the opportunity under PM's Shuri Yogan Moorzisli, Jojana? Have you seen any opportunity under the Roots of Solar Project?

So, as I mentioned that we are undertaking ground-mounted, mostly ground-mounted solar projects, which are related in bigger size. So, our company, Varidinable Technology, is not actively doing this project. We are most curious now. Okay, sir.

Okay. Thank you. That is for my question.

Thank you. Ladies and gentlemen, due to the time constant, that was the last question for today. I would like to hand the conference over to Mr. Nikun Jain for closing comments. Over to you, sir.

Thank you. I would like to thank the management for taking the time out for this conference call today. And also, thanks to all the participants for attending. If you have any queries, feel free to contact us. We are MUSG Intense India Private Limited, Investor Relations Advice for Wadi Renewable Technologies Limited. Thank you.

Thank you. Ladies and gentlemen, on behalf of WARI Renewable Technologies Ltd., that concludes this conference. Thank you for joining us, and you may now disconnect your lines.