Insolation Energy Limited (INA) Q4 2026 Earnings Call Transcript

Ladies and gentlemen, good day and welcome to the Insulation Energy Q4 FY26 Earnings Conference Call hosted by GoIndia Advisors LLP. As a reminder, all participant 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 need assistance during the conference call, please signal an operator by pressing start, then zero on your touchtone phone. Please note that this conference is being recorded. I now hand the conference over to Ms. Tanishka Tanvir from Go India Advisors, LLP. Thank you, and over to you.

Thank you, Yashashree. Good afternoon, everyone, and welcome to Insulation Energy Earnings Call to discuss Q4 and full-year FY26 results. We have the senior management of the company on call, Mr. Manish Gupta, Chairman, Mr. Vikas Jain, Managing Director, Mr. Ravi Dushat, Chief Financial Officer. We must remind you that the discussion on today's call may include certain forward-looking statements and must be therefore viewed in conjunction with the risk that the company faces. May I now request Mr. Manish Gupta to take us through the company's operational and strategic highlights for Q4 and full year FY26 along with the business outlook going forward, subsequent to which we can open the floor for the Q&A session. Thank you, and over to you, sir.

Good afternoon, everyone. This is Manish Shutta, Chairman, Insulation Energy Limited, and thank you for joining us for Insulation Energy Limited's Q4 and FY26 earning calls. FY26 has been a defining year in INA Solar's journey. We successfully migrated to the mainboard and got listed on the both BSE and NSE platforms, mainboard platforms, on 9th March 2026. Marking an important milestone in our evolution as a scalable and institutionally credible clean energy company. During the year, we delivered strong operational and financial performance with revenue from operations growing 61% year-on-year to 2,146 crore, EBITDA margin increasing 79% to 305 crore, and PED rising 59% to 201 crore. These results reflect the strength of our integrated business model execution capabilities and increasing acceptance of our brand across India's rapidly expanding solar ecosystem. India's renewable energy transition continues to create a multi-year Structural opportunity with rising solar installations, supportive government policies such as PM Suringer Yojna, PM Kusum Yojna, ALMM Part 1 and Part 2 implementation, increasing renewable energy purchase obligations, and the growing importance of BESS linked projects. We believe the industry is entering its next phase of sustainable growth. At INA Solar, our strategy is centered around building a fully integrated clean energy manufacturing platform. We are progressing aggressively on our 4.5 gigawatt top-com solar cell facility and 4.5 gigawatt of aluminum frame manufacturing expansion at Narmadapuram, Madhya Pradesh, which will strengthen our backward integration, improve supply chain control, and support long-term margin expansion. Our long-term vision is also able to expand manufacturing capacity for ingot and wafer in future, and also build a future-ready clean energy ecosystem, spanning module, cell, frame, EPC, IPP projects, including in future ingot or wafer, and emerging segments such as BSS assembly also. We continue to strengthen our positioning through advanced technology including Topcon, M10, and G12R modules while maintaining strong quality standards and compliance capabilities. Our focus remains on sustainable growth, operational excellence, disciplined capital allocation, and long-term value creation for all stakeholders. of recognition INA Solar has received during the year, including being a feature in Force India best under a billion and being ranked globally along listed solar manufacturer in financial stability rankings. These achievements reinforce our commitment to building a trusted and resilient organization. While Rabi would be discussing the financial performance in detail, we remain confident about our long-term growth trajectory and believe that INA Solar is well positioned to maintain revenue growth as we maintain in FY26 and over the next three years, supported by capacity expansion, backward integration, rising domestic demand, and increasing market opportunities across solar manufacturing and clean energy solutions. We also remain focused on sustaining healthy profitability and expense to maintain a sustainable EBITDA margin in the range of whatever we achieve in FY26, and definitely we will increase our EBITDA margin when cell line is fully operational in upcoming quarters. As we move into FY27 and beyond, we remain confident about the growth opportunity ahead and our ability to scale responsibly while strengthening our market leadership. With that, I would now like to hand over to call to our Managing Director, Mr. Vikas Jain, who will discuss the operational and execution highlights in greater detail. Thank you. Thank you, everyone, for joining.

Thank you, Manish. FY26 was a year of strong execution momentum across manufacturing, operations, channel expansion, and project delivery. On the operational front, we witnessed significant growth in both production and sales volumes supported by robust demand across utility-scale rooftop, EPC government, and channel partner segments. Our diversified demand channels continue to provide revenue visibility while reducing customer concentration risk. We currently operate 5.5 gigawatt of module manufacturing capacity. Simultaneously, our 4.5 gigawatt solar cell project at Narmadapuram is progressing as planned. With COD targeted in Q3 of FY27, this project is strategically important as it will significantly enhance our backwards integration capabilities and strengthen our competitiveness under evolving ALMM part 2 framework. The aluminum frame manufacturing facility is also progressing well and is expected to commission in Q1 of FY27. These initiatives will help. Help us to improve supply chain reliability, optimizing cost, and enhance overall operational efficiency. One of the key strengths of INA Solar is our strong execution ecosystem. We have established strategic partnership across technology, engineering, utilities, and equipment suppliers to ensure timely commissioning and efficient project execution. Our facilities are equipped with manufacturing advanced, high-efficiency modules, including Top 1, N10R, and G12R technologies. We also continue to deepen our Pan-India distribution network with our over 700 channel partners and more than 25,000 customers. During the quarter, we organized Urja 4.0 Channel Partners Meet, which witnessed participation from over 700 channel partners and celebrate the solarization of 40,000 homes. In the EPC and IPP segment, we continue to scale our execution capabilities with targeted IPP portfolio of 400 MW by FY27. We believe integrated players with manufacturing, EPC, and project development capabilities will be best positioned to benefit from India's accelerating renewable energy transition. Looking ahead, our focus remains on timely commissioning of our ongoing projects, improving operational efficiencies, increasing capacity utilization, strengthening technological capabilities, and delivering superior product quality to our customers. I would now like to hand over the call to our CFO, Mr. Ravi Dusad, who will take you through the financial performance in the team.

Thank you, Vikasji, and good afternoon, everyone. I will briefly take you through the financial performance for Q4 and full year of FY26. For FY26, the revenue from operations stood at 2146 crores and the total income stood at 2163 crores. As compared to 1,334 crores in FY25, resisting a strong growth of 61%. The EBITDA for the year increased by 79%, YOI basis to 305 crores, while PAT grew at 59%, YOI basis to 201 crores. For Q4 of FY26, revenue from operations stood at 794 crores, reflecting 100% year-on-year growth. Quarterly basis. EBITDA stood at 111 crores, up 93%, while PAID increased 65% to 70 crores. Our EBITDA margins for FY26 improved to 14% as compared to 13% in FY25, supported by operating leverage, improved scale efficiencies, disciplined cost management. Our pad margin for the year stood at 9.3%. The company continues to maintain a healthy balance sheet with net debt to equity at 0.5x, rose at 19% and ROE at 25%. We remain focused on maintaining prudent leverage while continuing investments towards strategic capacity expansion and backward integration initiatives. Working capital management also remains an area of focus, and we continue to optimize receivable cycle, inventory cycle, and procurement efficiencies as we scale operations. Going forward, our priorities are capital allocation. We remain centered around execution of the ongoing sell and frame expansion projects, strengthening operational integration, and maintaining healthy returns, ROCE. Thank you. With order pipeline, diverse customer base, expanding manufacturing ecosystem, and favorable government policies, we remain optimistic about growth momentum to continue for coming years. With this, I would like now to open the floor for question and answer.

Thank you very much. We will now begin the question and answer session. Anyone who wishes to ask a question may press star and 1 on their touchtone telephone. If you wish to remove yourself from the question queue, you may press star and 2. Participants are requested to use handset while asking a question. Ladies and gentlemen, we will wait for a moment while the question queue assembles. We'll take a first question from the line of Vishwinder Singh from Prudent Equity. Please go ahead.

Hi, sir. I'm out of here.

Yes, please go ahead.

Sir, I wanted to ask on the current order book size and the execution timeline of it for this year and next year.

Sir, this year order book size is nearly... Nearly 1.6 GWh to 1.8 GWh. And next year with ALCM, already we have done MOU with some companies and also MOUs with some companies in pipeline, which may be done within next one or two months. With the ALM part 2 sales for module sales. And some companies for the DCR sales sales also.

Got it. And on the margin side, I believe some of the raw materials have seen very much price increases in the last few months. So, how are we tackling the margin pressure and are we seeing similar margins going ahead?

Definitely, maybe some margin should be on pressure side, but we believe that on delta basis, some margin we will absorb and some margin we will... We will pass to our customers also. So that depends on the market call. And till now, we are supplying the material as per our previous order book. And our future order book, maybe with some orders, we will prices from our customer, maybe some price we adjust with our customer, or some price maybe we will absorb. So that depends on the market condition for the upcoming months. And maybe you can say the picture will be clear after 1st June or next month, what market should we react, how market would we react on this whole current scenario.

Okay, and lastly on the price escalation cost clause, so in our previous order book, how much of the total order book is within price escalation, so where we can, you know, pass on the increase in raw material.

Generally, price escalation clause is maximum is based on the dollar price basis. So we are trying to escalate price with our customers. But whatever the price we have finalized from our customer, in the backup of that, we have already tried to arrange the all raw material for that purchase order at least two to three months. Raw material we will kept in our factory, so that the current order value, whatever the current order we have taken, or we are supplying to our customer, that is backup with the raw material price also. So maybe some price escalation is mostly dependent on the dollar price basis, which we are trying to escalate or change with our customer.

Okay. All right. That would be all. Thank you.

Thank you. Next question is from the line of Nishita Shanklesha from Sapphire Capital. Please go ahead.

Yes, thank you for taking my question. So, I again had a question on the EBITDA margin fund only. You mentioned that we can maintain the current margins of 14% in FY27, but once the cell, TopCon cell facility is operational, our margins will, like we can expect better margins than 14%. So, our cell manufacturing facility will be online in H2. So, can we see better margins in H2FI27, say, around the range of 15-16%?

Yes, definitely. Our EBITDA margin should be increased when our Shell is operational. And we are thinking that Shell will be operational in our Q4 of this financial year. And after Q4, whenever we add our Shell capacity, that is, operational Shell capacity will be enhancing. In manner-wise phase, you can say the phase-wise manner, the total capacity is 4.5 gigawatts. So we are trying to expand that capacity as soon as possible. And after when we are expanding the capacity of cell or when the production is operational, then definitely EBITDA margins will increase from 14 percent, maybe to 17-18 percent.

Okay, okay. So, like, we are going to ramp it up in phase-wise manner. So, open 5GW will not be operational. All of open 5GW will not be operational in P4.

Yes, as far as now, the Q4, from the Q4, that is, start where ramp-up is started, then maybe whole ramp-up should be taken time 3-4 months after the starting of the plant.

In Q1FY28, we can see full utilization of the plant?

Yes, definitely, definitely.

In Q1FY28?

In Q1FY28, definitely, that whole plant should be ramp-up.

Okay, okay. And also, the entire capacity will be for captive consumption or are we going to sell it outside?

That depend, ma'am, that depend, that time of the situation. But some of the capacity we will definitely sell out in the open market also. Because what I believe that in the next one and one and a half year, still the non-DCR market should be there. Still in all India, it's more than 45 gigawatts plus tenders are already open, which is completed by non-DCR sale. Because lots of the kosum is still open in the market, lots of the tenders, which is... Thank you.

As soon as on KPEX, what is the total KPEX amount we are going to incur in FY27 and how much we've done in FY26?

So, the total capex we have done so far is our Savarda plant unit 3 has been completed for which we have raised 320 crores. That has been fully operational. All three lines have been fully operational. For cell line, till 31st March, we have drawdown loan amount of 340 crores from IREDA. The total capex for this year, FY27, includes... The commencement of cell line, 4.5 GHz, which is operational. And welcome to the call. Okay, so 1,500 crores is the total capex for that. So, all in all, 1,500 crores of capex for cell line and 1,000 crores of capex in Kusum. So, all in all, 2,500 crores capex this year.

Okay, so 1,500 crores for cell line for which we've taken a loan of 340 crores.

No, the total loan is 31134 crores from Ereda, out of which we have drawn on first installment in last year, 340 crores.

Okay, okay, understood, understood. And my last question would be on revenue growth, how much revenue growth do we see in FY27? We've done around 60% in FY26, so do we see the same growth or better growth in FY27?

Yes, we are looking for the same growth or maybe some higher growth, but that depends on the market condition. Let's see after Q1, what should be the market condition should be positioned because ALCM or ALMM Part 2 is effective now. Government is fully effective from 1st June 2026. So let's see the market how will be opened and how market should be. But we definitely, we are sure that whatever the growth in FY26 should be there, the revenue growth in FY27 at least should be there.

Okay, understood. Thank you so much. Thank you.

We'll take our next question from the line of Dattatreya Thunuguntla from Deloitte, USI. Please go ahead. Dr. Tattraya, please go ahead with your question. Can you hear me? Your volume is very low.

Hello.

Yeah, go ahead, please.

Yeah, congratulations on the great set of members, first of all. Mr. Manish, I just want to know on the paper and ingot plans that you have, and also on the BESS plans that you have mentioned in the PPT. When will it be revealed?

So, for wafer and ingot, we have already secured the land, and the DPR work has already been started. We have secured 70,000 square meter of land in Narmadapuram, especially for this wafer and ingot factory, which would be in the tune of 4.5 gigawatt only, and we have already started preparation for DPR. For BES, we have still under evaluation phase. As of now, we have not planned any capex on the BES.

Okay, but there are some of the issues in the transmission side, right? As you know, minimum four hours during the evenings in the current market requirement. Yes. Do you get those requirements from any of these EPC, IPP players?

But we are not working as an EPC or IPP. We are not working as an EPC. We are currently focusing on this backward integration of solar modules. That is cell and then after cell, wafer and ingot.

And upon that, we have got order for Kusum projects, Kusum A, and that is without BAS.

Thank you. We'll take our next question from the line of Himanshu Srivastava from Taurus Mutual Fund. Please go ahead.

Hi, Vaniji and team, and congratulations on good set of numbers as well. I just wanted to know that working capital is negative and pre-cash flow to firm is negative. And because of the huge capacity you are doing, so how long it will take after commissioning of your self-manufacturing plant to come at a positive pre-cash-flow yield? Right now, pre-cash-flow yield is minus 16.9, I suppose.

Sir, as you rightly mentioned that when Hello. Am I audible, sir?

Yes, yes, yes.

Sir, as you rightly pointed out that when a company is in growth phase or capex phase, generally free cash flows are not positive. Right? So we are targeting that Q4 of FY27, our cell plant will be live. And in the next six to eight months, you will see a positive free cash flow. Because all the heavy tax will be done this year only.

Okay.

So, next year, please... So far. Yeah.

Yeah, so after Q4, the capacity utilization will be like within next two quarters will be close to like 70 to 80 percent or it will be like 50, 60 percent?

No, no. In next two quarters, the capacity will be from maximum 60 to 70 percent.

60 to 70 percent. Okay. Thanks, sir. Thanks so much.

Thank you. Next question is from the line of Nirav Khandar from Cresco Equity. Please go ahead.

Yeah, thank you for the opportunity. So, I want to ask, we had a target of EPC execution by March 26. So, is there any realization in Q4 FY26 revenue on the EPC front?

It is very, on EPC front, we are at a very nascent stage by end of 26. There is a very small realization. In last year, we have secured a third-party order of more than 300 crores. So we are working on that. So this year, you will see the revenue on that front.

Okay, and so I have been through interviews of the promoters, and they had, they were quite Happy for the investment community to visit their plant and discuss with them. So, is there any opportunity in the near front to visit and meet the promoters and visit the plant?

Yeah, we'll definitely let you know.

Yeah, definitely. For your visit, we are always welcome. Earlier, we had already visit around analyst meet, we already done in our factory some months ago. So, in future, we are also planning for again our meeting in our factory. So, definitely, whenever that is, we will inform you, you can visit to our factory. Part is, whenever you want, especially you want to come, you're welcome, you just send me your detail, you just send me your number. We will especially call up, invite you to visit our all factories.

Okay. Thank you. Thank you.

Thank you. We'll take our next question from the line of Darmendra Kumar Jain from Reliance Enterprises. Please go ahead.

Good afternoon, all. My question is regarding the debt and repayment plan. Sir, the borrowing you have done from 108 to 835, they are one year only. So, what is the clear timeline and roadmap for debt reduction? And what, sir? Okay.

The total borrowing, the bifurcation of the borrowing is long-term and short-term. Short-term borrowing has risen from 100 to 300 crores. That is because of the extended capacity. Previously, our capacity is less than 1 gigawatt. Today, we are stood at 550 gigawatt. So, working capital will fall in the same line as we expand our capacities. So, that is part one. Part two, long-term debt, it is less than 500 crores right now. 468 crores is the total debt in the books. In that, a trans of 340 crores is from Merida, and if you see the balance sheet, we have more than 400 crores of cash. So out of that 300 crores, 40 crores drawn from Merida, the total, we have an FD of close to 300 crores. So as and when we use that debt. We will be charged. So, that is how we are positioned. And this debt will be fully utilized within the next 2 to 3 months. So, this is how we are positioned in debt. Now, coming to repayment, the total loan of Erida is 1134 crores, which will be repayable after a monetary of 12 months in 7 years.

Okay. Okay, the next question is regarding the receivables, that also have increased 156% to 280 crores. So, what is the current data date and what is your target data date by the end of this year? Any concrete collection plan or factoring arrangement?

No, see, again, earlier very small orders are processed because our capacities are very low. Now, we are processing... Large orders in 100 MW, 200 MW, 500 MW. So it is how market behaves. Earlier we are taking advance and process the orders. Now if we are giving 45 days LC, it means it is a cash deal, but the payment will accrue after 45 days. So this is the only reason why you are seeing the jump in debt, trade issuables. We are fully cautious, we are fully aware about the market conditions, and we are fully cautious about all debt, all our receivables, and all.

Okay.

And regarding the raw material cost, that also has jumped by around 190% approximate, while the revenue is very less. So what long-term sourcing strategy you are planning to protect these margins?

Yes, so that, in the opening remarks and speech, what our chairman, sir, told you, that we, whenever we secure any order, we will take back-to-back arrangement for raw material, and we work on data. So this is how we are positioned.

Okay, okay. Thank you, sir.

Thank you. We'll take our next question from the line of Harishat Jain, an individual investor. Please go ahead.

Yeah, hi. First of all, congratulations for a good set of numbers. As I was listening to your call regarding your margin and revenue guidance, so you were saying that you are targeting a 60% of minimum growth this year from your module segment. So are we targeting a 3,300 crore of revenue? With a margin of around 13 to 14 percent.

Sir, what we are saying, what our chairman, sir, has repeatedly said, that we will maintain the current growth momentum for next couple of years, at least. So, it is between 60, 50, that is a number, but we will continue to grow in that manner only.

Okay. And my second question would be, like, what kind of peak debt you are assuming, including the 1135 crores of Iridia debt, what kind of total peak debt you are expecting?

It is close to 1500 crores peak debt in this year, 26-27.

Okay, and my last question would be, what kind of revenues you are targeting from aluminium frame segment during FI27?

Sir, it is a backward integration. So, it will improve the margin. So, at a beta level, you will see some growth.

Aluminium factory is mostly for our internal use only. So, that product aluminum frame should be used mostly in our factory only.

Okay, and my last question would be, like, in Q426, your company... made a production of around 500 and something megawatt of solar module. So, what kind of production you are targeting in Q1 of FI27?

FI27 is nearly the same. Similar.

Thank you so much.

Thank you. Next question is from the line of Pratham Rawal from Chetan Shah Financial Services. Please go ahead.

Hello, I'm an article.

Yes, sir.

I have just a question that what would be the target of FY27 production and the sales volume?

For FY27, nearly from 2 gigawatts of production and 2 gigawatts of sales from the module line, we are targeting. And it is easy and comfortable to achieve because right now we have 4.5 gigawatts of new line which has commenced commercial operations.

Okay, so basically we are targeting 60% plus growth. So if I, in fact, I believe the cell manufacturing also included. But if we remove that, it is just solar module or only or also with cell manufacturing sales.

This is only with the solar module. Sir, with module only. If the cell should be added, then that should be extra.

Okay, sir. Thank you.

Thank you. We have a next question from the line of Kapil Advani from Earth Growth Fund. Please go ahead.

Hello, am I available?

Yes, please go ahead.

Good evening, everyone, and congratulations, sir, from the great set of numbers. I have a few questions. The first one is on the realization, per what? So, how has been the realization so far in the last quarter, and how do you see the realization moving forward in FHR27?

So, the realization is basically depends upon what kind of blending we are doing in DCR and non-DCR. You just want to price?

The average realisation, yeah.

Price is, you can say the last quarter, the price non-DCR is around 13 to 14 rupees per watt, and DCR is from 20 to 22 rupees per watt. That is monopurgin top form.

Okay. Got it, understood. And sir, on the CAPEX part, I think you have mentioned in your Q3 call that the total CAPEX for sell was around 1300 crore. Now that it has increased to 1500 crore, what led to this increase of 200 crore? Can you shed some light on that?

Sir, in 1500 course, the working capital margin and contingency is included. And in 1300 courses, in that, that is not included.

There is only plant, machinery, and building, and utilities.

Okay, sir. Okay.

That is the same. The 180-90 rule is the contingency and the working capital.

Understood. And, sir, what will be the capex for referent in call that we are planning to...

DPR is under progress, but I think that something around 1,000 to 1,200 crore. That is, we are also realizing and we are collecting the data and we are collecting the prices of all equipment from the manufacturing companies. It will take some 2-3 months' time. We're analyzing and to finalizing DPR and everything.

Okay, and what will be the capacity? 4.5, please. 4.5.

Same.

Okay, sir. That is all from my end. Thank you.

Thank you. Next question is from the line of Sachin Rajurkar, an individual investor. Please go ahead.

Hi. Good afternoon, all. Out of the total installed capacity that we have projected in this year, that is financial rate 2027, how much of that would be a kind of a booked with respect to the current order book or the expected order book?

Sir, since we operate in different segments, so our order books got refilled, and long-term orders, our chairman has already told about the long-term orders, and remaining orders are on a refilling mode. Since we operate in different segments, dealer distribution network is there, small EPC network is there, large EPC is there, and almost 50% of the order book is with books. Capacity is booked.

So, for financial year 2027, it will be around 50%.

I am sorry, your audience is not very clear, Sachin. Can you use your handset mode, please?

Yeah, I am audible now.

A little better.

Yeah, my question is that for financial year 2027, the total capacity will be around 50% book. Is that statement correct?

Yes, 50% is book and the balance is on a monthly basis.

So, the capacity we produce will be occupied for 50% of the order, right?

50% for whole year. It is already booked for whole year. And the balance is we are already refilling on the monthly basis because we have the... A very large distribution base in Rajasthan, Delhi NCR, Haryana, MP, Uttar Pradesh, where we got the order from our distributor on monthly basis. Some of our OEM manufacturers, we are doing white labeling for them. From that, we got order from monthly basis. Some of our KOSUM partners, which we are working in the Rajasthan, MP, and the Maharashtra especially, from there, we are getting the order on the monthly basis of their requirement.

Okay, so one small small of questions I asked last time also that what is the percentage of the total order book with respect to the B2B and B2C, let's say retail and the industry or EPC?

Sir, I guess, around total capacity, we have in utility sector, it is around 65%. For Kusum project, it is around 15%. For PM Surigarh, around 5%. For OEM, it is around 5%. And the balance, the miscellaneous is around 10%.

Okay, so return is constituting around 10-15%, not more than that. Is that correct understanding?

Yes, sir. 10-15%. Okay.

Got it. Thank you. Good luck.

Thank you. Ladies and gentlemen, in order to ensure that management is able to answer queries from all the participants in the queue, kindly restrict your questions to two at a time. We'll take our next question from the line of Mitesh Mehta from Long Term Investment Group. Please go ahead.

Hello. Am I audible?

Yes, sir.

Yeah. First of all, congratulations for a great set of numbers. And I have two questions. One is like any plan for into BESS. And the second question is. Hello.

Hello.

Yeah. Should I continue with second?

Yes. Sir, as of now, we have already told, we are just evaluating the BSS market, and in near future, we have no plans for BSS.

Okay. And, like, there is market news of overcapacity and price pressure, especially for non-ALM panels. So, what is the scenario of market currently?

In the market, non-ALMM compliant modules orders are already available to the tune of maybe 30 gigawatts or so. And in the next six months, we will be starting our cell factory, then this pressure won't be applicable on us. And we have already secured, mostly, we have already secured the orders for the next six months until our cell capacity is on.

Okay, so all cell capacity would be used in our own panel manufacturing.

First of all, we will try to use on our own, and if something extra is available, then we can offer to market.

Okay, okay. Thank you.

Thank you. Next question is from the line of Niro Kandar from Presco Equities. Please go ahead.

Yeah, thank you. So, in December, we had some peak production plus sales, and it was around 350 crores in a month. So, going by the Q4 results, we were not able to maintain that run rate for the three months. So, is there any particular reason for that? Because in Q4, we touched around 790 crores. In three months, and in December itself, we had touched around 350 crores.

Yes, sir, definitely, but we have done again the peak revenue in the March month, where we have supply dispatched around 440 plus crore of the solar panel from our factory. In our sector, sir, it's very common that dispatches are cumulative in the end of the quarter month. You can say this is a pattern in our industry. The mostly utility scale dispatches are mostly done in the quarter end, and this is not from this year, this is very long, this is a pattern in our industry. You can check with each and every factory, because utility scale is mostly dispatches or lift the material in the quarter end, either Q1, Q4, Q3 and Q4, you can check there, the mostly dispatches are on the last month of the quarter. It's a standard, and around 350 crore sale we are done in the December month, then 440 plus crore sale we are done in the March month. Okay. This is a standard pattern in our industry. The order, whatever order the utility scale companies will place to us, they will try to lift in the last month of the quarter.

Okay, got it. And the second question is that, In the previous conference call, our target was that on a monthly basis, we would touch around 250 to 275 megawatt production and dispatch, and that comes to around 3 gigawatt yearly basis. But in this con-call, we have, I think, revised our target to 2 GW. So is there any particular reason for that? Or is there something I am missing?

So this is for, means 2 to 2.5 GW is for non-DCR, and DCR should be extra, which we are, in this next upcoming H1, we have already have tie-up with the, Uh, um... Cell factories like MV, like Premier and other companies, we have already have tie-up for their DCR cells. So DCR, this is the non-DCR capacity. DCR capacity should be extra. And also, dispatch-wise, in the last quarter, we have already dispatched more than 500 MW in Q4. So, that pattern should be increasing in this FY27, this complete financial year, and as I say you that this is a standard pattern in our industry, that orders are cumulative, and we will make the material, and the utility companies will be dispatched or lift material in the end of the quarter, last month of the quarter.

Okay.

So, DCR and non-DCR capacity should be extra. So, definitely we are trying to touch 2.5 gigawatt plus whatever the DCR sale we can procure from the market. So, 2.5 to 3 gigawatt we are trying to touch with the complete total production.

Okay. Thank you.

Thank you. We'll take our next question from the line of Madhur Rathi, an individual investor. Please go ahead.

Hello, sir. I'm not audible. Yes, sir. Master, I have two questions. Assuming all the expansion plans of us comes in through execution by March 2027, so from 1st April 21st, we can assume full revenue, full sale operation. So what do you expect financial year 28 revenue and tax margin under current scenario?

So, every 28th year... Targeting more than 5,000 crore of the top-line revenue, and if the full sold line should be operational, then EBITDA should be 100% 20+.

20+. Okay, sir. Thank you. And second question I had, what I read in your presentation, that we have 28 acres remaining, so what have you thought about, have you thought anything about what are you going to respond on that?

Pardon, sir?

In presentation, we have mentioned that we have 20 acres of land remaining after all the current expansion, right?

Yes. Yes, exactly.

So, what have you planned after one or two years down the line? What have you thought that, what are we going to do there?

Wafer and ingot factory, that's ingot and wafer.

Okay. Okay. Thank you.

Thank you. Next question is from the line of Nitesh Mehta from Long Term Investment Group. Please go ahead.

Yes, sir. Thank you again for taking my question. I just want, I'm looking for breakup of realization per what in all the segments like DCR, non-DCR, and IPP. All the segments, realization per what?

Sir, as I earlier said, the price of non-DCR is right now is from 13 to 14 rupees per watt, top-con.

Okay.

And DCR is from 20 to 22. The monopark is priced 20 to 21, and top-con price is somewhere 21 to 22, in some locations 22.5 also. This is the DCR, DCR benefit price.

Okay, and what are the blended margin like cell capacity is going to come up sometime later in the year? So blended margin for full year, what are the margins we are looking for? Any guideline on that?

The margins currently we are operating at 14% EBITDA. For this year, we are very much optimistic that after aluminium integration, the margins will be expanded a little bit, but with cell line, the EBITDA margins will be 20+, as our chairman told earlier.

Okay. So, any guidance on blended margin for full year?

Mitesh, we have participants waiting in the queue. Yeah, we'll move on to the next question. Yeah, go ahead, sir.

20% plus EBITDA margins is what we are saying right now. Let's see how the market shapes. If there is further increase, then we will improve our guidance.

Thank you. We'll take our next question from the line of Ashish Jain, an individual investor. Please go ahead.

Yeah, hi. Am I out of time?

Yes, please go ahead.

Yeah, so while 4.5 cell, you know, integration, output integration is a masterpiece, I'm, like, you know, asking this around, like, 85% of the industry remains dependent on Chinese equipment. Can you shed some light on, like, how are we de-risking the, like, you know, what is the de-risking strategy on this one, and do we have any local maintenance partners, and are we exploring any European alternatives?

Okay. Sir, for Solarcell, we have tied up with the company in China whose local representation is already available in India. Servicing and commissioning and installation shall be done jointly by Chinese and Indian team. We have already awarded the contract with two years on-site. Support from Chinese and Indian company who will supply us the equipment, they will ensure the desired efficiency of solar cell is obtained from the plant for the next two years after commissioning. Then only we will take the handover of the plant.

Okay.

And their payment terms is also associated just like this only, sir.

Okay. Got it. Thank you. That's my only question.

Thank you. Next question is from the line of Siddharth Jain from Yes Securities. Please go ahead.

Yeah, hi, good afternoon, sir. So, sorry, just to clear on something that the previous participant asked, you said that the EBITDA margin that you are targeting is 20% plus. That is the exit margin that you are saying or that is the blended margin for the entire full financial year of FI27?

That is for full financial year for 27-28. In the current financial year, whatever we had done, whatever is 14 percent, and we are close between 14 to 15 percent. With aluminium integration, there is a small expansion in margins.

So, we will be closing the full year at 14 to

15% and if the conditions changes and if there is any further margin expansion, then we will communicate to investors about it.

Yeah, so at the moment, we can expect coding to be present for this year, and around 20% for next year onwards.

As of now.

Thank you, thank you so much.

Thank you. Next question is from the line of Kapil Adwani from Earth Growth Fund. Please go ahead.

Hello.

Yes, Kapil, please go ahead.

So, sir, I have a follow-up question on the CAPEX part for wafer and ingot. What is the mix that we are looking at for equity and debt for funding the CAPEX?

Sir, for ingot wafer, we think that with 4.5 gigawatt of cell live, we have ample of cash flow. So we don't think that we need any kind of debt, but if at that moment, if it is required, then we will take a small part of debt. Because with cell, there is large amount of cash flow which will come to us.

Okay, so majorly it will be done from the internal approach?

From internal approach only, yes.

Got it. And sir, can you please bifurcate the non-DCR and DCR bifurcation for the sales in FI26?

FI26 around 85% non-DCR and 15% DCR.

And, sir, how are you looking at 27?

Kabil, I request you to join back, please, as we are participants waiting for their turn. Thank you. Ladies and gentlemen, we request you to restrict one question at a time, please. Next question is from the line of Pawan Kumar, an individual investor. Please go ahead.

Hi, I'm Arun.

Yes.

So, as you said that, you know, you guys are going to take the debt to 500 crores, give or take during the year. So, what kind of interest costs do you guys expect for the year of FF27?

Sir, it is, for IRIDA loan, it has already been told in the last conference call also, the loan was sanctioned at a rate of 9.20 pre-COD and post-COD it is 8.95.

For the entire 900 crore that we have currently on the book.

Yes, sir. Yes, sir. And the CC limit is lesser.

And the working capital borrowing is close to 8%. Close to 8%. Working capital borrowing is on the lesser interest rate.

Okay. And from a second question, I want to know about the EPC. Can you give me the bifurcation of the FF26 in terms of modules sold and EPC projects done?

Sir, I told you sir, yes, let's say, I will again tell you sir, the utility sector is around 65%, Kusum is around 15%, PM Surigarh is around 5%, OEM is around 5%, and the miscellaneous is other, balance is 10%. Okay, thank you.

Thank you. Next question is from the line of Jatin, an individual investor. Please go ahead.

Sir, do we have any plans to export in Europe and Africa?

Jatin, your audio is not very clear. Please use your handset mode.

Hello?

Yes, sir.

Please.

Sir, any plans to export in Europe and Africa?

No, not now, sir. Because, sir, Europe, from India to Europe, solar panel export is not viable right now.

Thank you, sir.

Thank you. Check our next question from the line of Hari B. Kuru, an individual investor. Please go ahead. Hari, please go ahead with your question.

Yeah. Hello, sir, Hakeem.

Yeah, I have a question regarding the partnership with some technology providers with respect to wafers and ingots. Could you hint us at what kind of technology and when can you expect the capacity announcement?

Sir, that is the same, sir, top cone, G12R top cone we are planning for wafers and ingots. And the technology, sir, whatever the ingot growing technology is CZK, that is technology called in the international market, in China especially, for growing of the ingot from the polysilicon. Thank you, sir. We are exploring for all possible available options and technologies, and that we will announce very soon. Our DPR is under progress, sir. So maybe within the next few months, the DPR is ready, and definitely we will give you the perfect answer. Because right now, the in-water wafer in India is very initial stage, and still all companies are evaluating the technology and the technology partner from China or other countries. And I think very soon the ordering is started and companies start to bring the new plant machines in India. And our M&R is already announced that ALMM part 3 is effective from 1st June 2028. So we are planning to start in-water wafer manufacturing before that. Thank you. This technology is called the CZ, the semiconductor industry. Thank you, sir. Thank you.

Thank you. We'll take a last question from the line of Nirav Kandar from Cresco Equity. Please go ahead.

Yeah, hi. So, the question is, in module manufacturing, the efficiency is around 60 to 65% is what I have understood. So, what is the efficiency we are looking in solar cell when the line gets operationalized?

Usually the solar cell efficiencies are much higher than the modules. We are targeting for more than 80% of the plant efficiency.

Okay, so the balance would be available for the other players, we can sell the solar cell, apart from using the captive, right?

No, no, I am talking about the plant efficiency. The manufacturing efficiency. Suppose if the plant capacity is 4.5 gigawatt, out of that 80% would be practically the operational production output.

Okay. Thank you.

Okay, fine.

Yeah. Yeah.

We'll take a last question from the line of Savro Khadam from VT Capuchin. Please go ahead.

Hi, sir. Hello.

Hello, sir. Yes, sir.

Yeah. Sir, what am I expecting from IPP project in FY27 and as well as FY28?

Sir, right now, FY27, we have our IPP Kusum project. That is around 325 MW AC and around 400 MW DC. That is our plan for commissioning. Out of that, around 38-40 MW we have already commissioned, and the rest is in the process.

Sir, can you guide the revenue? What type of revenue we will get from that? Because we are doing a thousand crore capex in that.

After COD, sir, the revenue is approximated. Sir, in the first year,

the plant will be commissioned during the year. So, with one thousand crore capex, the average. Debt will be 500 crores on which we are paying interest, right? So, we have to look at it in that manner. Secondly, the revenue will be around 135 crores for the first year. From next year, the revenue will be for the full, for full 12 months.

Okay.

In these kinds of projects, the EBITDA, the EBITDA level.

Around 135 crore of the revenue we will get from the Kusum projects as a ceiling of.

In FY27, we are getting 130 CR, 135 CR, yes sir. In FY28, full utilization level, what's in with the revenue from ITG?

Sir, that is what I told you, 50%, because the plant will be commissioned on a monthly basis in a phased manner.

This is the full revenue, sir, when all projects are running. It is the 135 crore plus is the full revenue. For this year.

Okay, I am asking for FY28, sir.

FY28, it is close to 300 crores. Okay, okay, okay.

Thank you, sir.

Thank you. I now hand the conference over to management for closing comments. Over to you, sir.

We are very much thankful for all participants who are... We are very much thankful for all participants who is attending today's Insulation Energy Call, and we are now forwarding to the Go India team. Thank you, everyone, for attending the call.

Thank you. On behalf of Go India Advisors LLP, that concludes this conference. Thank you all for joining us, and you may now disconnect your line.