GK Energy Limited (GKENERGY) Q2 2027 Earnings Call Transcript

Ladies and gentlemen, good day, and welcome to the GK Energy Limited Q2 and H1 F527 earnings conference call. As a reminder, all partisan lines will be in the listen-only mode, and there will be an opportunity for you to ask questions after the presentation concludes. Should you have a session during the conference call, please signal an operator by pressing star and then zero on your touch-tone phone. I now hand the conference over to Mr. Gopal Kabra. Thank you, and over to you, sir.

Thank you. Thank you very much. I, Gopal Rajaram Kadra, Chairman, Managing Director, and CEO, welcome you all. Thank you, and very good afternoon to everyone. Welcome to our earning call for the second quarter and half year ended 30 September 2026. Joining me on the call are Mr. Mehul Shah, World Time Director, COO, and Mr. Sunil Maghub, CFO. Our investor presentation is available on the stock exchange and our website. And now I hand over to Mr. Mehul to take you through the performance and business highlight. Over to you, Mehul.

I am Mehul Shah, full-time director and CEO. Thank you, Vopalji, and a very good afternoon to everyone. Before I go into the details, let me highlight three key takeaways from today's call. First, growth. In H1FY27, we delivered revenue of 907.8 crores, up 38.9%. That is already nearly 60% of the revenue we delivered in the whole of FY26. Second, a broader renewable energy platform. GK Energy was built on solar pumps. Today, we are building across three segments. Retail rooftop, residential, and commercial. B2C. Our retail rooftop solar business is growing strongly, driven by rising acceptance among residential and commercial customers. We have also received an institutional order to install one lakh rooftop solar systems. Agriculture. In October, 2026, we have received an additional institutional order for 14,000 off-grid DC solar photovoltaic water pumping systems in Maharashtra. Utility. We entered the fast-growing battery energy storage system best segment with a first-order for a 150 MW by 300 MW utility-scale installation. We are no longer a single product company. We are becoming a renewable energy platform across generation, storage, and delivery. Third collection, since 30th September, we have received 377.5 crores from customers, which puts us in the stronger position going into the second half. Let me now deep dive into performance starting with the first half, starting with the half year. For H1 FY27, revenue From operations grew 38.9% to 907.8 crores. EBITDA grew to 21.6% to 160.5 crores at a margin of 17.7%. Profit after tax grew 30.7% to 109 crore. Speaking of quarterly performance, the second quarter is seasonally our weakest quarter because the monsoon slows field installation, especially for agriculture firms. Our revenue from Q2 to FY27 grew 12.3% year-on-year to 402.7 crores. At the same time, EBITDA stood at 74.4 gross with 18.5% EBITDA margins, and profit after tax rose 6.3% to 49.4 gross with 12.3% FAT margins. On working capital front, while inventory and payables continue to remain within the range, the trade receivables stood at 1,012.38 crores as at 30 September 2026, with 204 days of outstanding. However, it is important to note that we have received 377.5 crores in last 28 days, which brings down outstanding receivables considerably to about 128 days. Our business is execution. So let me give you the numbers from the field. In Q2, we installed 19,391 systems, up 41.8% year-on-year, and commissioned 84 MW, up 33.3%. For the half-year, installation rose 77.6% to 43,509 systems, and capacity commission rose 70.8% to 193 MW. Our cumulative base now stands at over 1,84,000 systems and over 800 MW across India. Behind every one of this system is our network, 6 states, more than 7,500 villages, and over 20,000 warehouses, more than 40 owned vehicles, 200 plus team leads, and 1,300 plus installations, and commissioning partner. This is 18 years of groundwork and it is very hard to replicate. Let me now turn to where our growth will come from. India's installed capacity reached 171 gigawatt at the end of September, with 20.8 gigawatt added in the first half alone. Within this, we see three engines from GK Energy as of today. Solar pumps, our foundation. Fewer than 30% of India's farmers have access to irrigation, and less than 2% of the pump run on solar. 78 million farmers still have no pumping solution at all. The demand for solar pump remains strong with product proof of concept well established. In October 2026, we received an additional institutional order for 14,000 off-grid solar photovoltaic water pumping systems in Maharashtra. Rooftop solar is our next growth drive. India's grid-connected rooftop capacity has reached 33.4 GigaWatt. Rooftop additions grew 69% in F-26 to 8.7 GigaWatt. Our retail rooftop business across residential and commercial B2C customers is growing strongly, driven by rising acceptance among residential and commercial customers. In addition, we have received an institutional order to install 1 lakh rooftop solar systems. Rooftop fits our model well. It uses the same field network and the same supply chain and it diversifies our revenue. Energy storage is our entry into the next big opportunity. CEA projection cited by MNRE shows India's battery storage requirement rising from about 35 gigawatt-hour in FY27 to around 236 gigawatt-hour by FY32. We have entered this fast-growing segment with a strong order for a 150MW by 300MW utility-scale installation, and we intend to expand to 2GW in mid-term. Across this business, our order book stands at 788 crores, comprising order as on 30th September 2026, and order received from 1st October 2026 onwards. Important to highlight that during the financial year, we have received cumulative orders worth 1422.29 crores, including GST, But excluding the best order. Together, this gives us clear visibility for execution over the coming quarters. All of this runs on what we believe is our biggest advantage. Our technology defines low-capex controlled manufacturing ecosystem. We design the products and set the specifications. We control critical sourcing, and we grow with multiple partners across eight states to manufacture. This lets us add volume and adapt new technologies such as strong without bonding our own factories. Our capital goes into execution, brand, technology, and customer reach, not into fixed assets. We are further working on exploring newer products in decentralized renewable energy segment and shall keep you updated with newer developments. Today, we are building India's largest decentralized renewable energy exhibition platform, and we are just getting started. Our ambition for 2030 is clear. 1 million installed system and USD 1 billion business. We will build it across decentralized renewable energy, battery storage, utility scale, EPC, and new renewable products. Thank you for your continued trust and support. I now request the moderator to open the floor for questions and answers.

Thank you. We will now begin the question-answer session. Participants who wish to ask a question may press star and 1 on your 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 as the question queue arises. We have the first question online of Nishita Jain from Sapphire Capital. Please go ahead.

Yes, hello. Am I audible?

Yes, you can hear me. Yes, very well audible. Please go ahead.

Yeah, so I just have some clarification. So I heard a recent interview of GK Energy on E.T. Now. In that, you mentioned that our order book for this year is 1,800 crores. And here, in the presentation, you mentioned that we have the order book of 788 crores. So, is there some confusion?

That is a revenue visibility of 1800 crores. This is the order book of current year, and we have some order book of the last year also. So, what Mr. Mihul has mentioned, what we have received in current year.

Okay. So, this 1800 crore revenue visibility, what do you mean by revenue visibility? Is it like an order book pipeline?

Yes. Yes, our order book pipeline is there, and we have executed some of the part already, which is reflecting in our top line as well. So, we had some opening order book. This order book is available. Out of that, close to 900 plus crore, we have already executed.

Okay, okay, understood. And my next question is, again, so you mentioned that you can maintain the EBITDA margin of 17% to 18% for FI27, but in Q1, we've done around 16%, and in Q2, we've done around 70%. So, like, for the full year, do you expect that you can still do the 17-18% EBITDA margin?

Yeah, we are intent to maintain that thing. And I think complete procurement and the management is aligned with that. If you see that, you know, because of our proper planning and control manufacturing ecosystem, we are able to maintain that in spite of there are some hurdles in market, but that impact did not got on the GK Energy. It's because of our business model itself. So, we are very confident, yes, we will definitely going to maintain that.

Right. My next question is that in the same interview, you also mentioned that even if we don't get the PM custom order or if PM custom is delayed, we can still grow by 35 to 40%. I just wanted to understand what is the growth driver for that?

We have got that growth driver already order what we have, plus the rooftop market where we got the very handsome adaptability. We have installed more than 2,000 systems already, and we have almost 4,000 to 5,000 system demand already, and it is a retail market, again, what we have expanded. We have been not dependent only on the institutional order or the government driven of the solar pump business. So we expanded our wing very well in right time. So now we are there in the market with the rooftop. So what visibility I have said to you, that visibility is with pump order what we have already plus rooftop order what we have executed and what we are going to execute it. With this only, I have said that, plus we have Margiel Taylor 7 is also coming up. There also some order is in pipeline. With that, we have said if TM Kusum get delayed, which is not going to be the case, but that was a question has been asked. If it is get delayed, then what? Then in that reference, I said, still we will be able to grow with 35 to 40%.

Right. So, just an understanding, for a 40% growth in H2, we'll need to do around 1,500 crores of revenue, and our existing order book is 788 crores only. So, where are we getting this revenue visibility of 1,500 crores from?

Yeah, so in that close to 800 crore rupees order I already have, we are intending to reach 2,200 crore rupees. Without PM Kusum, it's just a hypothetical question we are talking. We would be reaching to the more better number. So what you have said, we need to have 1,300 crore rupees in H2. 2,200 crore if you are counting, 900 we have already done, 1,300 crore we have to do. Out of that 800, close to 800 crore rupees order, already I have. Right now, we're in the quarter three beginning, right? So, only 500 crore rupees order that we have to secure in the market and with our portfolio and the business network and the market leadership we have in the rooftop itself, we will be able to catch that business.

Okay, okay, understood. And my last question would be how, what is the number of sold albums installed in Q2FI27?

Q2FI27, you are talking what we are going to...

This quarter.

You said Q2.

Q2, Q2, this quarter. Okay, this quarter.

It is 19,500 close to, more Thank you.

Participants who wish to ask a question may press star and 1 on your touchtone telephone. We have the next question from the line of Shweta Jain from Anandrati. Please go ahead.

Hi. Good afternoon, everyone. Sir, I have two, three questions. The first one being, we've mentioned around 78 million farmers, they don't have pumping solutions. So, how do we consider that as an addressable market for us?

Okay. So, see, we have 11 crore plus farmer. Out of that, 3 crore farmer only got the irrigation. This is the government numbers, what we have. And with that, remaining farmers don't have the pumping solution for them. So, they have the water availability. We have to provide them solutions. So, more precisely, 11.8 crore farmers we have in the country. Out of that, 3 crore farmers got the pumping solution either from grid, solar, and the diesel waste. It's a mix of all these three. So, pending is 7.8 crore farmers. This is what the market we are talking about.

Could that be, like, is there any acreage size at minimum, you know, for a farmer to have a pump or something like that, and is there a possibility that 7.8 overstates the market size?

No, it's not my number. This is the numbers we have taken from the government, right? I'm not stating that these are the farmers.

No, no, no, understood, but they don't have a pumping solution, but is there a basic eligibility criteria for a farmer to have a pumping solution in the first place?

See, generally, those farmers have one acre and above land area, they need the pumping solution because with that farm area, they are able to take multiple crops. Right now, they are taking only crops with the monsoon availability. So, that's why we see the very longevity in this product line. We need to look towards the food security and the national leadership is really working on that. We are looking towards the energy security. Again, we are working on that. So, it's a combination of the product that brings the food security as well as the energy security, plus one more important thing I would like to highlight. Whenever the grid or the DISCOMs want to give the grid connection to any farmer, it takes much more time. Where the solar pump has proven that, yes, it can start very fast, it can install very fast, and it can deliver results very fast. For take an example, if 100 farms need a connection, in some of the discom, it takes 2 years, 3 years, because of the distance, because of the natural hurdles what they have. But when the toner is like that, we go on the deep, any remote area, we install the pump and pumping stuff. That's why it's one of the most feasible.

And what could be the discom?

Yeah, yeah, please go ahead.

No, no, sir, please continue.

No, it's okay. You continue. It's okay.

No, I just wanted to understand when you mentioned this, I understand grid connectivity will be an issue. But if you compare the cost of setting up a solar pump versus a diesel pump, how would that economics work for the farmer?

See, diesel pump economics is like that farmer has to always put up the diesel. And where the one solar pump is installed, he gets the assurance of the 300 plus day of the water availability. So, economics-wise, for the farmer, diesel pump is always better. Plus, it's a one-time installation, one-time momentum is there. So, farmer is having the assurance sunrise to sunset, he's having the water, and he's not worried for the diesel to buy from the market, to run the diesel pump. Again, it's a polluting thing.

And the KPEX would be very similar to either of them?

Even in some of the states, it's lesser, or it can be similar, you can consider. And we are talking with the historical number, we are not talking with the assumption. It is there, plus the life of the pump is very higher than the diesel pump.

Can you quantify this?

See, life, we have the solar module life, 25 years, pump is warranted for the 5 years, structure is there, and my install pumps have been working since 7, 8, 9 years, right? Right? So, very simple calculation. If you have the diesel pump, it requires the maintenance. It requires many things, right? Where it is not here. So, that's the difference is there for the farmer because they also look for the ease of doing the business.

Understood. Understood. So, second, on this again, the rooftop would completely be a cash and carry business model, right? But it seems like the solar pumps business, We really have, like, a more than six-month debtor days on the books. Is this a business model where we give that deadline, or is it something specific to one particular geography, or, like, can you just throw some light to understand why is it so stretched?

Okay, there are two different questions in one question. So, first question I would answer, you said that the debtor has been stretched. As on 31st year, H1 ended, you are able to see, but as Mr. Mihul already said in this call itself, we received 375 crore in the current month as of now, right? So, because of the day has been few days ahead, we received the money. So, if you do that calculation, we are at 128 days now only. Okay, that's point number one.

So, again, six months, right?

Yeah, six months. So, 120 days, 8 days, yes, we already always indicated that it's 120 days. This is what we have been always saying that. And talking about the rooftop, then yes, rooftop is the model where the cash and carry is there, and it's a natural extension for us. So, we are doing that as well.

So, this business, the rooftop, sorry, the pumps business will perennially be at 6 months receivables?

Not six months. We said 120 days. This is what we have said. And practically, it is 120 days only. H1 definitely, because of the end of the H1 is there, and after that, we received the money, so it could not be calculated into the H1 results.

Sir, this would be across all geographies, or do we have any particular state-wise breakup in terms of, you know, some particular, like, Maharashtra farmers or Karnataka farmers would be, you know, more prone to such creditor days, or it's across San India?

I didn't understand your question. Can you just repeat one?

Sir, I wanted to understand the debtor's profile, basically. Is it specifically to certain So, this is a pan-India average.

It's a project cycle because the survey, installation, dispatch, you know, then the report, then inspection, and then payment. And we get the payment from the government for the, under the schemes, what firm we are doing it. So, this is the, will be there, and rooftop is definitely, will have the better cash flow.

Passion. So we receive the payment from the government and not from the farmer?

No, no, we don't receive from the farmer. Even farmer has to deposit his share in upfront, then they get the vendor selection and it's a market mode business. So you are able to capture the business if your brand is there, if your service is there and if your network is there, that is satisfied to them. So that's why we have become a brand into the segment where

And my last question would be on are we looking at any form of backward integration as in entering into the manufacturing space?

See, as we have already said that we have the manufacturing control ecosystem, a satellite model, that gives us the flexibility. If you see, we begin with the pumping, we started, you know, new vertical of the rooftop, and we started with the best. If I would have been stuck in some of the one product manufacturing, then it's really difficult for me to do the expansion as per the business model gets shipped. And the world is dynamic, world is technological shift is taking place. So we prefer to utilize the manufacturers, those who have already built the asset. We give them the much more larger order. So, they dedicatedly work us and this is order, this kind of the business model is getting proven itself in the market. And definitely, if something new product comes, that is very much, I get assurance that yes, it is going to last for the five to seven years. Then only we will be intent to enter in the manufacturing. Else, we are quite comfortable to have the model. And anyhow, the product, what we are doing, the crux is your network, not the manufacturing, because it's a commodity. We have the hundreds of the manufacturers for each component I'm doing it. So it doesn't make sense. And what we are doing, we have spreaded our manufacturing partners across the state, so we reduce the transportation cost also. I'm not getting my product traveled 1,000 kilometers just for the installation. So, this kind of the innovations, I won't say innovations, the adaptability of the smart adaptability is able to see in the results if you compare anywhere.

Got it. Thank you so much for such elaborate answers. All the best for future.

Thank you. Thank you very much. Thank you. Participants who wish to ask a question may press star and one on your touchstone telephone. We have the next question on the line of Jainam Vora. Please go ahead.

Congratulations on a good set of numbers, particularly the order wins in Sula Pump and Sula Rooftop. So, I just want to first double-click on Sula Rooftop. What are our plans? And while this is a big order that we have won of around 450-odd crores, how are we ensuring that we have repeatability of such orders of such magnitude? And what are the margins, typically, if you can throw some light for this particular order, and what can we expect in terms of working capital as well?

Thank you very much to appreciate my team. So, see, rooftop replication order, yes, we are looking into that, and the complete country is moving on that. So, we may be able to give you some positivity in coming quarters. Along with that, retail rooftop also has been moved very good way. So we are not only getting dependent ourselves on the institutional order. We have made the vertical available. That is a retail market. So we are leveraging the brand value what we have created in the market. And the margin side, we are looking at the similar margin, what we are able to take into the pumping segment. We would try to come on that side.

So, it will be slightly lesser is what you are indicating compared to pumps or is it similar to the pumps?

Slightly less it will be there, but not too much.

Got it. And what is the working capital typically over here, just to get an idea, while it will be substantially lesser than the pumps business, but if you can provide some color it will be helpful.

Total pump flow cash-in, cash-out require around 45 to 60 days in the rooftop segment.

Got it. My second question is on the competition winning orders. While you said that there are a lot of other orders like Magaltyala, Seven, and opportunities, I believe that the competition is also winning orders in other states like Karnataka, MP, etc. So, while we are very solid when it comes to Maharashtra, what are the other opportunities that you are looking at in the different states and how are you kind of looking at that? Whether it's rooftop or solar pumps, that would be helpful.

Yeah, thank you. Basically, it's nowhere the order winning. It's everywhere to get impaneled. So, order is like we get from the market mode. So, once we get impaneled, they're the beneficiary selectors. So, here we are very confident because we have created our base in Haryana, Rajasthan, UP also we did. MPE, yes, definitely a few thousand pumps we have already executed. So, we are building the brand in such a way that everywhere we are able to gain the momentum in the market.

Okay. So, is it fair to assume that empanelment in southern states is something that we will be looking at or are we just completely avoiding that opportunity right now?

No, it's not avoiding opportunity. It's like selective while taking the opportunity. GKNG don't have intent to say we are present in 20 states in the country. We intend to be in the market where the maximum market share is there. So the state where we are doing the geographically, that state comprise more than 70% of the market what we are targeting in the midterm in coming years. So, better to represent that just for to cover that 30%, expanding to further 15 states, giving the burden on the company's balance sheet is not intent of the GK Energy Management. We are very clear. We are here to make the business, to provide the service. So, we move and we expand in very controlled manner. When we are very confident, then only we add on the state. If you see, still we are present in 6-7 states only. We have never been present in 20 states. Why? The reason is very simple. Expansion is very easy, but giving and building the brand requires the presence there. You need to understand everything. So, yes, eventually we may expand one or two states, but we don't have any intent to expand very aggressively. We would like to do it in a controlled way.

Understood. I wanted to get a call on PMQSUM 2.0 scheme. It's been fairly delayed. So, what is the conversation going now, and when can we realistically expect the PMQSUM scheme going live? And what is the reason for delay? Because that's something that we are not aware about.

See, I don't say it's delayed at all. If you see my statement since last six months, even my last initial year result, my quarter one result also, I said it will arrive in quarter three only. I don't know how the assumption has been made for the arrival in the quarter one itself or quarter two. It was very clear indication already has been given from our side to the market. Quarter three only we are expecting, and we will be getting the fruits of this scheme in the quarter four onwards only. So from my side, I don't see it's a delay. I see it's going as per the plan is there. That's point number one. And yes, definitely there are certain technical discussions going on where the product upgradation thought process is there. Because it has been more than five years. The reports have been available. Well, we also have certain feedback because we have been implementers, so we know we have given certain input that this thing gets changed, and yes, definitely it will help for the growing of this market, and it will help to the implementers for the country as well as the beneficiaries, and we are expecting that the suggested changes shall incorporate, and we should be able to see the scheme rolling soon.

So, like you said, Q3, sometimes the announcement will come. So, in terms of the guidance of your top line and in terms of margins, what kind of growth can we expect? And what kind of margins can we expect for FY27? And when the scheme is live, assuming from Q4, FY27, what are we looking at when it comes to FY28? That would be super helpful to know.

See, margin side, we are very clear. We would be maintaining the two-digit PAD. Okay, I am talking about PAD. That's point number one. And what was your another question?

Revenue growth for FY27 and FY28.

Okay, next financial year you are talking about.

And current year as well.

See, current year, I have even indicated that without PM Kusum also, we are able to go close to 40%. With the PM Kusum, yes, we intend what we have already shared. And next, financially, definitely, till that, PM Kusum would be having the very accelerated market. So, definitely, we would be able to give some kind of the call when the near maturity time would be the right time to indicate that.

Okay, so FI27, like you stated in the Q4 call, can we double our FI26 numbers given the fact that everything is going as per timeline and PMKusum will be coming in Q3? So, 3,000 crore is top line, is that possible?

There is no question at all. If PMKusum roll out very well in time, started very well in the time, yes, we are on track for that number. If PMKusum is there. If not, then still we have the 40% growth.

Understood. Understood. And my last question is regarding solar module procurement. Solar cells is a big challenge for the industry and particularly because we need DCR cells. So while there are our peers who are backward integrating into that, we have consciously avoided that as you stated your thought process. But I just want to get your perspective when you are scaling up so well and you know, it's so many pumps that you installed. So, do you see that to be a challenge as you continue to scale, and how are you kind of ensuring that there is a timely procurement?

See, our model is very clear. Point number one, module has already become a commodity, everyone knows, and I believe Shell also will become a commodity in coming one and a half year. So, already 40 gigawatt installed and further 60-70 gigawatt is in process. So, we won't prefer to go backward, that you have already confirmed. And how we have made this secure? We have entered in the confirmative agreement with the certain cell manufacturer for the 875 megawatts in current year. Last year also, we had a purchase from the two cell manufacturers close to 300 megawatts. So we plan very well in advance. We do the tie-up. We do the manufacturing tie-up with the future upcoming manufacturing setup, and that is also in process. So, I can assure you that GK Energy will not get any kind of the shortage for the DCR cell or the DCR model because model is already commodity cell is going to become a commodity in half year itself.

Understood. And sir, can you provide some idea on the best, how the margins are, what is the opportunity technically because it's different from solar rooftop and pumps. So, technically how difficult it is and is there any working capital When it comes to that, how heavy could it be?

Yeah, this is definitely a very big opportunity, and that's the reason we have been very selective while entering into the new domain, close to our existing work itself. So, future is really bright. You know, if you see, we have lost hundreds of the megawatt hour of the energy in current year because we don't have the storage facility. So, that facility is going to give the leverage for this business model, and we have further gig out of the capacity solar installation is coming. So, daytime, India got the security for the power supply. What about the non-solar hours? To have the excess of the power, which is getting generated in daytime, we need the best. This is why the best future is very bright, point number one. Point number two, what business model we have taken, this is a utility-scale business model Where we are going to put our own best plan, and we are going to get the power from the discoms, and we will be selling back to the power to the discoms. So we go with a very secure mechanism of the business modeling, rather than taking unnecessary risk, which I don't find suitable.

So, here it's not just EPC. We are kind of, if I understood you right, we'll be installing as well as we'll be kind of securing the, if you can just provide some color because I'm getting a little bit confused over here. And in terms of margins also, if you can provide some profile, some color, that would be helpful.

Okay. So, as you, I believe you understand, let me repeat one second. Here we are going If we put our own best plants, we are going to get the power from the DISCOM and we are going to sell to the DISCOM. We call as a CapEx modeling for that. So, it is going to be in that mode and it has a fixed revenue model for the further 15 years from the date of the installation. So, this is how we are making the GK energy on the stable income sources plus new coming thing as well. So, we are making the combination where we can make sure that, yes, company growth is constant and have the assured bottom line.

Perfect. Understood. Thank you so much. And wishing you the best on achieving FY27 and your 2013 guidance as well. All the best. Thank you. Thank you.

Thank you. We have the next question online of Aditya Srinivasan, an independent investor. Please go ahead.

Thank you for the opportunity. So I just have two questions, one with respect to receivables and one with respect to the best segment. So with respect to receivables, the receivables have gone up a little bit ever since March. So what debtor days would you expect by the end of FY27 and 28? And due to that, will you slow down order intake if collections don't go as expected? This is my first question. And with respect to best on my second question, I would just like to understand the unit economics per megawatt hour, what it would cost to, what's the battery life cycle, the operation and maintenance cost. I would just like to understand this a little bit more.

Okay, so your point number one, receivable, yes, H1UC, but as I said, we received the money in the October itself, 375 crore we have received. With that calculation, it's coming one to But definitely because H1 ended, it's reflecting 200 days. Year-end, we are expecting 120 to 150 max days would be there year-end on the receivable side. And anyhow, we never went or go in aggressive for getting any order. So slowing down is not going aggressive. We go with the pace what we have determined, and we work with that model only. Your answer for the question number one. Question number two, life cycle for the best what we are talking about. So right now, 10,000 to 8,000 cycle is what market product is available. And technically, day by day improvement is going on. So right now, it's a lithium ion, then sodium ion, sodium batteries also is in process. So, it might be in the coming future that cycle can go up to 12,000 to 15,000, but right now it's 8,000 to 10,000 cycle batteries are available. That's point number one. And if we talk over the per megawatt hour, I'm talking very broad number. It's move, get changes, project to project, location to location, number of hour and everything. But broadly, it's around 90 lakh to 1 crore is what megawatt hour of the capex is required. Very broad number, I said that.

Got it, yeah, that's very clear. It's very helpful. I just have one more question on, just to follow up on the receivables and with respect to funding the working capital, is there any plans going forward to raising any fresh equity or any increasing borrowing? So, just a little bit more color on this. Sorry, this is a repeated question.

Yeah, first, I will answer your second question. We are not intent to dilute our equity. We have to come down to 75%. Right now, me and Mehul both are at 79.7%. So we would be diluting if in the sense definitely in two years we have to do it, but not at this stage, at this price band. We are expecting ourselves doing the good business, and with the good results, that time we will think on that. And answering to your first question on the debt, so we have sufficient debt what we have already taken up, And profit, what we are generating, I think that will be also going to help for taking the business ahead with what target we have.

Unlisted. Okay.

All the best. I think that's it from my side. Thank you. Thank you.

Thank you. Participants who wish to ask a question may press star and one on your touchtone telephone. As there are no further questions from the participants, I now hand the conference over to Mr. Gopal Kabra for closing comments.

Thank you. So I, Gopal Kabra, Chairman, Managing Director, thank you for all your questions and for the time today. I hope we have answered them well. If there are anything more you need, please get in touch with our investor relation team, our Churgeet partners. Thank you once again, and we look forward to speaking with you next quarter. Stay healthy, stay sunshine, and enjoy the sun. Thank you.

Thank you. On behalf of GK Energy Limited, that concludes this conference. Thank you for joining us and you may now disconnect your lines.