Waaree Renewable Technologies Limited (WAAREERTL) Q1 2027 Earnings Call Transcript

Ladies and gentlemen, good day and welcome to VARI Renewable Technologies Limited Q1 FY27 Conference Call hosted by MUFJ InTime India Private Limited. As a reminder, all participant clients 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 this call, please signal an operator by pressing star then zero on your touchtone phone. I now hand the conference over to Mr. Nikunjan from MUFG InTime India Private Limited. Thank you, and over to you, sir.

Thank you, Sanya. Good afternoon, ladies and gentlemen. I welcome you all to the Q1 FY27 earnings conference call of WARI Renewable Technologies Limited. Today on the call, we have from the management, Mr. Manmohan Sharma, Chief Financial Officer, along with the other management team. 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. Now, 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 a warm welcome to all of you joining the earnings conference call of Various Noble Technologies Limited to discuss our performance for Q1 F527. I hope you all had the opportunity to go through our financial results and investor presentations, which have been already made available on the stock exchange as well as on the company's website. Before I begin, I would like to sincerely thank all our stakeholders for their unwavering confidence and their trust in the company. Your support for our business, our education, and our long-term strategy has been a strong source of encouragement for us. We are committed to building on this trust through disciplined education, steady growth, and a clear focus on long-term value creation. We want to bring your attention on the recent transactions concluded by the company before we get into the quarterly highlights and industry overview. During the current quarter, we have successfully completed the acquisition of a 55% equity stake. In Associates Power Structure Private Limited, based out of Vadodara, Gujarat, which is an integrated EPC solution provider for substation and transmission line, having manufacturing capacity of 1,8,000 metric ton per annum that provides fabrication and generalization. For transmission tower, wind turbine lattice tower, telcom tower, solar panel structure. APS-PL has been in the T&D business for over two decades and its in-house manufacturing capability directly supports its project execution. We see this acquisition as a step that brings us closer to the grid and power evacuation requirements that go alongside renewable energy capacity addition in the country, and I will share more detail on this, along with the broader transmission and distribution opportunity a little later on this call. We are pleased to report a strong start for FI 2027. In this quarter, our revenue from operation stood Rs. 924.25 crores, reflecting a healthy growth of 53.23% over the same quarter of last year. EBITDA for the quarter comes at Rs. 173.48 crores while profit after tax stood at Rs. 118.97 crores, resisting a growth of 37.7% on a year-on-year basis. These results reflect not only the strength of our project aggregation capabilities, but also the quality of our order book and the operating discipline we have maintained. We believe this gives us a good foundation of growth as we move through the rest of the year. On the operational front, the quarter has also been encouraging for us. During Q1 FY27, we executed 888.81 MW ECOF project and our consolidated unexecuted order book stood at Rs.5,300 crores, including P&D. This provides healthy visibility for the coming quarter to us. Our O&M portfolio stood at 1.15 GWh peak. This strengthens our recurring revenue base and also establishes our relationship with the customer over the long period of time. Overall, we focused on timely execution, operational efficiency, and consistency while expanding the scale of business. Let me now turn to the broader industry environment where momentum across India's renewable energy sector remains strong. As of 30 June 2026, India's total installed renewable energy capacity stood at around 288 GW, while cumulative solar capacity rose 162 GW. Within solar, ground-mounted projects accounted for around 121 Gigawatt. Grid-connected rooftop solar around 30 GW, hybrid and off-grid solar together contributing the remaining capacity around 11 GW. These numbers clearly show the scale at which solar industry is growing in India and reflects the broader opportunity across utility scale and C&I segments. At the same time, the sector is also moving into the next phase of growth where storage and grid readiness will become even more important. India's battery energy storage requirement is projected at around 208 GWh by 2030. These trends give us confidence that the renewable energy opportunity in India stays diversified, structurally attractive, and full of long-term potential. Apart from solar capacity addition, India's power transmission distribution segment is also seeing significant investment. As per the NEP published by Central Electricity Authority, the plan includes addition 76,787 circuit kilometer of transmission lines, 497,855 MV of substation, and 32,250 MW of SD. SVDC during 2027 to 2032. It has an estimated investment of Rs 490,920 crores. A significant portion of this expansion is driven by the need to evacuate and integrate growing renewable energy capacity into the national grid. We see this as a segment that will continue to offer strong opportunity in the coming years supported by the renewable energy build-out already underway. As I mentioned earlier, our acquisition of a 55% equity stake in associated power structure marks its Strategic steps into the transmission distribution segment, enabling us to address the growing demand for grid and the power evacuation infrastructure alongside renewable energy capacity additions. APSPL has a strong threat record in power transmission distribution, including overhead transmission line, substation, and grid infrastructure. The company has executed over 10,461 plus circuit kilometers of transmission line and supplies tower and structure across India as well as international market. We believe its capabilities complement our existing renewable EPC business well and we look forward to sharing more on the progress and contribution of this business in the coming quarters. Looking ahead, we are confident about the opportunity in front of us. The sector continues to benefit from strong policy support, increasing clear energy demand, growing storage requirement, and a clear long-term push toward energy transition. In this environment, we believe Wari Renewable Technologies is well positioned with its execution track record, healthy pipeline, growing O&M portfolio, and expanding capabilities into the other EPC opportunity. Q1 FY27 has given us a strong and encouraging start for the year. We stay focused on executing well, growing responsibility, and creating long-term value for all our stakeholders. Thank you once again for your continued support. We will now be happy to take your questions.

Thank you very much. We will now begin the question and answer session. Anyone who wishes to ask a question may press star and one on their touchtone telephone. If you wish to remove yourself from the question queue, you may press star and two. Participants are requested to use handsets while asking a question. Ladies and gentlemen, we will wait for a moment while the question queue assembles. The first question is from the line of Ninath Sarputdar from InCred Research. Please go ahead.

Hello. Yeah, good afternoon, sir. Sir, my first question is in the line of the order book. Sir, when we say we executed around 888 MW during the quarter and our closing order book of around 2.4 GHz, does this include our 1500 MWh of best?

No, it is not really, because around a small portion of base we have executed, this, whatever the order book which you are showing is purely from the EPC, Solar EPC. Correct.

So my understanding is this 2600 crore number on standalone basis of our order book will be higher, right? Really higher, because if we include base, that number will go beyond 2600.

No, it is the base, the EPC is already included in this entire order book of...

Okay, okay, okay.

Yeah, just let me clarify, let me clarify, this 2400 is the pure solar EPC, and any 200 is from the base EPC.

Remaining? Sorry, I didn't get your... Okay, 200 crores. Okay, okay. Got it. And so, my second question is regarding the standalone results. If we only look at our standalone performance, our margins have been intact. In fact, they have improved by 20 bps. And so, on the consolidated level, when we see a dip in margin, that's purely because of consolidation of a lower margin business in our financials. Is my understanding correct?

Yeah, to some extent, it's right, actually, because you rightly observed that our standalone EPC business margin has improved from the last quarter as well as we have maintained the line with last two years, in fact. But while consolidating this trendy business, there is a slightly drop in the margin that is purely because of that.

And so lastly, my only concern about the performance is the visibility, like 5,300 crores of order book gives us a visibility of only beyond a year. So any insights or any color on how the market is looking or what kind of order flows or any guidance that how much orders we can see coming in during the year, both for WARI and for APSL.

So, I will just clarify about the margin because there is margin also. If you see that in monetary term, it has improved significantly. But in percentage term, there is a slight drop. And with respect to your question, with respect to execution of order book and coming up. So, these are the order book which we are carrying as of now. And we have already executed 925 out of this. And remaining 5300 code is to be executed over next few quarters, maybe 12 to 15 months or 18 months. So during the year, entire year is still, the N9 nine month is there, we are likely to receive some orders during this upcoming quarters also. And that will also get executed along with this existing order code.

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

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

Hi. Hi. Thanks so much for taking my question. I had a few of them. First, on the ALMM2 regulatory regulations, now they have been sort of extended until the December quarter. So any impact that it would have on our auto inflows or the execution timelines or would it impact our margins as such?

So, with respect to the extension of this timeline which you have mentioned, as far as we are worried about technology is concerned, we are the EPC player, EPC, doing the EPC attraction work of the solar projects. So, more and more projects are likely to come before we go nearer to these deadlines.

Okay, so does that mean, sort of, now that our order inflows have bottomed out, I mean, the 1Q order inflows are up 20% QQ over 4Q26. Now, do you see that accelerating for a stand-alone business on the solar EPC part?

Yeah, so, as of now, we are already changing this. Order pipeline, maybe 27 gigawatts of around domestically plus around 10 gigawatts international order pipeline. So, these are the order pipelines which are likely to get converted into form order in the upcoming quarters. So, that is also GAL executed during this financial year.

Okay, so any firm guidance as to how much would be sort of converted into firm order?

So, as it is, whatever our endeavor is to make at maximum out of it, because some of the existing customer which we are discussing negotiating, so that also likely to get convert during the next upcoming quarter.

Okay, understood. The second question pertains to the associated power acquisition. Now that we have acquired a 55% stake, could you sort of throw some color on the debt equity makes on the financing? Because it is a cash acquisition.

Yeah, so this acquisition is through self-funding or plus debt component is there. So we have taken around 75% debt for the entire acquisition.

Okay, understood. So now, given that the consolidated path margins have sort of contracted on a year-on-year basis, I see that the interest costs have sort of played a role in sort of compressing the margins. Is it on account of the higher debt and only the twelfth day consolidation of associated power? Is that understanding correct?

So, definitely this all, the interest portion will also come in. In the coming quarter. As of now, we are doing solar EPC, but we will mix it with the... This is the part where we have an opportunity to get orders for transmission line, as well as... After they are going for the transmission line, there is an opportunity for us to go for the EPC etc.

Understood. Now, on Associated Power, now it is essentially a low margin and low ROIC business, so what are the steps that we are taking to, you know, improve the EBITDA margins from here, given that your standalone minimum threshold is 15% on the EBITDA side, so could you throw the light on that, and secondly, whether through Associated Power we are executing any HVDC projects.

Definitely, this margin improvement will be ongoing exercise for the entire company for renewable technology and our issues.

And any outlook on HVDC on that part?

So, these companies, transmission companies, doing all kind of projects, which are, like I mentioned in my opening remarks.

Okay, understood. Yeah, I'll join back to you. Thanks.

Thank you. Before we take the next question, we would like to remind the participant, please press star and 1 to ask questions. The next question is from the line of Shivam Gupta from Trinitra Asset Managers. Please go ahead.

Hi, sir. Thank you for giving me the opportunity. As you've seen, more competition is entering into Soda EPC space now. And is there a lot of the facilities you have to make for us?

Hello.

Hello. I'm very good.

Sir, your voice is not coming clear.

Is it clear now?

Yes, sir. You may go.

As you see, most competitors are entering into Zora EPC space now, and is that affecting how aggressively you have to bid to the orders?

No, actually, competition is always good for the industry, but as far as we are concerned, we are only taking those projects which are really profitable and suits our risk-reward metrics.

Hello. Hello.

Sir, can you please use handsets while asking a question?

I will join the student. He will take care of the questions.

Sir, your voice is not coming through. Okay, we'll move on to the next question. The next question is from the line of Siddharth S. from NAFA. Please go ahead.

Good evening, sir. Congrats on a great set of numbers. So, my question is a bit unrelated to the business specifically. There's a lot of, if you look at the, you know, from a macro lens on the industry, there's been a lot of, you know, around the overcapacity fears. There is one set of aggression saying that, you know, the most backward integrated player will effectively be, you know, shrinking the supply and the supply is still going to be constrained. But that seems to have a bit of a toll on the whole solar space at the moment. I would just like to know your light and some view on that.

So, if I take question, the way competition is increasing, lot of supply, etc. is there, lot of competition is there. So, as far as we are concerned, we are doing the APC best possible manner. And at the same time, as you rightly said, there is a lot of things, lot of players are entering. So, therefore, we also like entered into the another area of that is transmission and distribution. So to make and consolidate this company, we have taken this step, and by doing so, now we have ability to not only execute the solar EPC, now we can do the transmission EPC also, where supplies are also involved. So these are the things which we have done, and I think demand will be there going forward for this entire energy. Because of this, the government push is there for renewable, or otherwise also there is power requirement in the country. So by combining these two, solar EPC plus transmission, it will give a demand for a longer or many, maybe multiple years.

Understood. Thanks for clarifying, sir. Thank you.

The next question is from the line of Umang Adatia, an individual investor. Please go ahead.

Sir, first of all, congrats on a great set of numbers. I have a question on cash flow side. Historically, I have viewed or rather value were a renewable for its asset-led cash-generative model. After a PSPL acquisition, should I expect operating cash flow conversion to structurally decline?

No, operational cash flow will definitely be there because of our business, the way we are doing the business, not only in our Wari renewal, but also associated. But the allied costs with respect to the fund raised for this thing, that will come. But basically, because the business will also expand. So, all these are the possible where we can improve the margin, combine these two areas together, and focus on the business so that these all costs will go away slightly.

But considering a T&D business, as we know that in a T&D business, there is a question about operating cash flow. So I was asking you about that.

No, that will also, there is a, this company is, what we have taken stake is the company which is there from last three decades, actually. So, they have the good revenue stream over a period of, like, last, past few years, this company has grown significantly. So, now, by this time, it's matured the people who are driving this company. So, definitely, by synchronizing both the entity, definitely, there is a lot of opportunity for us to improve margin and enter into a bigger market. All this will be there in the future.

Okay, sir. Since you mentioned about margins, I want to ask one last question. What concrete structural advantages allow you to avoid the economics typically associated with T&D industry? Because if I consider this Q1 result also, there we can see that the T&D margins can push your overall margins on a downside. So can you just comment on that?

So, that is what I mentioned, actually, because of the improvement in the process, or maybe wherever we can bring down the overall cost for the company, that will be reserved in the upcoming quarter.

Sir, but what my question is, in the future, in the upcoming quarters also, can we see a meaningful downside in EBITDA margins due to T&D business?

So, these are the things will evolve over a period of time, maybe in the coming quarter, etc. We will be able to tell you them more precisely. But as of now, there is always scope of improvement in any of the businesses, but the way we are doing it. So, probably we will see all these parameters and we will come back in the next quarter. Thank you, sir.

I will join back in the queue.

Thank you very much. The next question is from the line of Sahil Sheth from Anandrati Institutional Equities. Please go ahead.

Yes, sir. Congratulations on the distribution. Sir, my first question would be on the 1.5 gigawatt hour BES order view at issue. So, sir, for that, can you specify what is the value of the order distribution timeline and how would EPC margin for BES efficiency be different than BES market distribution?

Sorry to interrupt. Sir, your voice is not coming clear.

Am I audible now? Yes, please.

Yeah. So, some question was on the 1.5 gigawatt hour of base order. What is the value of that order, the execution timeline, and how does base EPC margin would be in comparison to the solar EPC margin?

So, this base order which we have mentioned is not a one single order. Part of one of the order. So, we have around 200 crores of the base order, I think, order, unexpected order. And going forward also, the margin which you mentioned, that margin is likely to be, I will keep in the same branch with the overall margin of the company, which we decide when we take the order. So, it will be in line with our expectations and whatever we are doing existing, it will be in line with that only. Okay.

Sorry to interrupt.

Sahil, sir, your voice is not coming through.

Hello, sir.

No, sir, it's still not clear.

So, I understood. Let me clarify. What is asked is about setting up 198.6 megawatt every plant. So, Sahil, what we are doing, actually, whenever there is an opportunity, we are setting up not this one size, maybe around, say, few plants, like maybe 25 megawatt, maybe 10 megawatt kind of a plant, wherever there is an opportunity is there to keep our revenue stream continuously flowing. Like, we have IPP income also in our financials. So, by addition of these plants, we are adding small capacity to the financials.

Sorry to interrupt, Mr. Sahil, sir. Your voice is not coming through. Please join the queue. The next question is from the line of Diyajan from Sapphire Capital. Please go ahead.

Hi, sir. Hopefully, I'm Monibin.

Yes.

So, how much can we execute this year on a standalone basis and also the associated power structures combined?

So, we have capability, as you've seen from our last financial, that we have capability to execute this make award. So, therefore, our revenue for the last financial was $3,300. So, we have similar line of capability. We can enhance it further also because there is no capacity concerns as far as we are concerned in the industry. And now we have the order, and now we have the order from 5300 for both the TND and EPC business considered to be ourselves. So buy this order from among this order book, along with the order which we are likely to receive in the next nine months, we will be executing this financial year.

So this 5,300 crores will be executable in 9 months?

Not 9 months. It will range from 12 to 15 months.

Okay, so NCATIO also provides FY27 guidance in terms of margins.

So margin, we are not giving any kind of guidance, but however, you have seen in the past for the EPG business, which we are doing as of now, last year we have maintained around 19% of the EBITDA margin, and by considering this associate power, that also will maybe not in the same line, but definitely we will try to maintain around 15% of the margin. For the financial year. But these all these things will come up with the next quarter when we are presenting the financial research.

Thank you. The next question is from the line of Ashreshit from Ventura Securities. Please go ahead.

Hello, sir. Congratulations for the wonderful set of results. Certainly one question from my side would be, what sort of margins are we envisaging with the T&D business that we are getting into? And how is the order book pipeline look like in T&D business? And what is the usual execution timeline for the order book?

So, for the TND, as I mentioned, for the Solar EPC, we are following around 27 gigawatts domestically, plus around 10, 11 gigawatts internationally. And similarly, for the TND also, we are following around 20,000 crores of the order pipeline, which are actively we are following and negotiations are, in some of the cases, negotiations are there with the customers. So, these are the pipelines which I mentioned to you. And what about, what is the next question?

And sir, what would be the execution timeline that typical execution timeline looks like in T&D business?

So T&D business, I think it is relatively a little higher, but maybe around 18 months, 24 months is there.

How about 18 to 24 months?

Depends. See, again, it depends upon how much line I have to create. Maybe it's a smaller distance. It can be a little less, maybe around 9 to 12 months also. But it depends upon the construction of the line, area, terrain, etc. All these are the factors we need to consider before we give any kind of timeline.

And sir, lastly, given the T&D business is a capital-intensive business, how does our working capital cycle look like on a consoled basis?

So that also, whatever the EPC, maybe with the T&D or otherwise, we are doing, we are getting certain percent of advance. And based on the project progress, all payments we are receiving.

Can you give any guidance on networking capital days?

So, the working capital is maybe around from maybe 60 to 90 days actually when we receive, because all these are the progressive payment. It's not the completion, at the time of completion of the project, there is certain percentage. But whenever this progressive bill which we are raising and we are getting the payment based on the progress of the project.

Thank you very much.

The next question is from the line of Rajesh, an individual investor. Please go ahead.

Congrats for the wonderful set of numbers, and just wanted to understand the VSS order pipeline and any strategies related to data centers for the power supply.

So, as of now, we are getting a lot of inquiry, as you know that this base is needed for the grid stability and requirement is also there immediately to have base power. So, we are also getting orders or maybe changing the pipeline which are along with the base. So, presently, we have order which I have mentioned to you, and we are actively participating and bidding wherever then is the position for base EPC. And as far as data center is concerned, so far we have not received any kind of order, but negotiations are there with the customers so that if we get the order, we will announce through exchange.

Thank you for answering my question.

Thank you. The next question is from the line of Manish Morey from Morey Muraka. Please go ahead.

Good afternoon. I have just two queries. First is regarding data centers and how we are approaching the massive data center of the addition of the development in India. What are we exactly planning to build around that?

So, we are actually actively looking for any EPC opportunity in the data center. So, we are in discussion with the people to create an EPC stream for the data center. That is what we are planning as of now.

Okay. So, do we have a team or the infrastructure currently in place to execute orders or we are just building capability?

No, no, we are, yeah, we are building the capability and required people we are taking on board so that this can be developed over a period of time.

Okay. My second question is regarding our solar order book of 2.4 gigawatts. Out of that 2.4 gigawatts, how much of the order book is from our associated entities or as I can put it like how many of these orders are from our sister company? Because recently many orders, 450 megawatts, that best order, 350 megawatts, all these have been from our subsidiary company. So what is that bifurcation?

So, some of the orders which are related to the Group Entities Initiative that we announced. As of now, we have around, maybe I need to check those real numbers, maybe around 30 to 40 percent of the order book is from the group entities.

So, if I go, the significant order book is from our group entities, are these independent contracts given to our group entities, which are then subcontracted to WARI, or are these developed internally for our own purposes, like an IPP project?

So, it depends upon the, like, group initiative, what they are doing, and what is the end views of that, that we are not. But, as far as we are concerned, these are the orders for us, for the execution, for the development of the EPC project.

Yeah, that will show us the revenue in our books, but if it is an independent project, then it is not a revenue. So, I would like to have some clarity on that part.

No, it is, see, whatever orders if I am getting within the, within my, let us say from my own subsidiary, that will get eliminated, sir. Okay, so that will not form part of the revenue at a console level. Secondly, if I am getting from the other than my own WRTL and subsidiaries, maybe with the group, those will come as a revenue to me, sir.

Okay, but I would really like a bit of clarity on these orders, whether these are external orders or just independent capability.

Partly suggestion, you can send us the query on our investor relations field reply. Okay, thank you very much.

Thank you. The next question is from the line of Venkatesha RJ, an individual research analyst. Please go ahead.

Thank you, sir. My first question is, what is our execution capacity or capability per annum on individual sector levels, sir?

It could be all our EPC or BESs and TND or whatever we have currently, you know, taken up. So, let me tell you that we have been executing this big amount of the 2 gigawatt projects, 1 gigawatt projects, or we find that gigawatt projects, up to 50 also we are executing. So, as far as the capability of the team is concerned, execution team is concerned, we can take up any size of the projects which are available. Maybe 2 gigawatt and 1 gigawatt we are executing right now. So, because our projects are scattered in the various states, we are doing business in seven to eight states. So, whenever there is opportunity, we are taking those orders and executing. So, as far as capability is concerned, we can execute as much as possible.

Sorry to interrupt, Mr. Venkatesh, sir. Your voice is not coming clear.

Is it now audible? Am I audible now? Sorry to interrupt, sir.

Your voice is not coming clear.

It's okay.

Hello. Am I auditing? Yes, now, sir, please.

Sir, I wanted, you know, what I wanted as a, you know, approximate, you know, what is our execution. Suppose, say, for example, tomorrow we will receive 5 gigawatts. Will we be able to, you know, do all 5 gigawatts in a year? Do we have so much of execution capacity?

Yes, sir, yes, sir. We will be happy to execute, sir. So, provided all the, you know, clearance comes in. Okay, my last question is, why are we into P?

Sorry to interrupt, Mr. Venkatesh, sir. Your voice is not coming clear. Please come closer to the mic.

Is it possible?

Am I audible? No, sir, it's not clear. Please move to the next one, sir.

Yeah, sir, my last question is, why have we moved to TND? Have we found some sweet spot there so that we have moved or it is only for the purpose, sir, because we want to forward integrate or something like that?

Purpose of TND?

Yeah, definitely. Because when our group is there in the entire energy value chain, and we as an EPC company, we are also doing the solar EPC, base EPC, and maybe data center, we wanted to execute those also. So, this another like, whenever this power project is there, these also need to be evacuated to the grid. So, this is the right. A company for us to identify the need of power transmission T&D business. So therefore, we have taken the state by combining these two entity. This is not the new company which we have started, actually. This is the existing company. They have done a lot, many projects, actually. So, by acquiring this, we have now capability to do the TND also, along with our existing solar EPC.

Thank you.

The next question is from the line of Animesh Jain, from Dalal and Brocha. Please go ahead.

Hello, sir. I want to ask about the question of how

much we are in the department.

Sorry to interrupt, Mr. Animesh. Your voice is not coming clear.

Hello. Now it's coming clear?

No, sir.

Hello. Hello, now it's coming.

Sir, can you use your handset?

Yes, sir. Hello.

Yes, sir.

So, I want to understand about that IPP assets, how much are there in the pipeline and how much we have EPC done in this quarter?

See, IPP pipeline, we have already 82 megawatt peak of IPP as of now in the financials, and some of them is created in this Q1 also.

How much in the pipeline?

Pipeline, we have around 198 megawatt peak. So, these are, as I mentioned earlier, that these are the small, relatively small projects, maybe 25 megawatt, 20 megawatt, etc., in various parts. So, based on the requirement, if we see an opportunity, we have availability of land and connectivity. Therefore, we thought of installing these projects. So, it will create IPP assets for the company and regular like inflow or revenue stream for the company for next few years.

So, these projects are for our special company, group company or for other?

No, no, for our, for Wari Renewable Technology only, for this, the entity which we are discussing, Wari Renewable Technology.

Okay, and you have mentioned in the ONM portfolio that we are all megawatt of the ONM portfolio. So, are there any in pipeline or? How much we can be able to execute and how much timeline it's for.

So, definitely, you asked a very valid question, because as of now, we have 1.15 gigawatt of O&M portfolio. So, whatever projects which we are executing, we try to get the O&M also. So some of the contract at the time of award service is given the O&M to us for the maybe one year, two years. So these are the projects. As and when we complete the project, it will get added to our O&M. God bless you.

Good morning, everyone.

Sir, please use your handset. Animesh, sir, please use your handset. Sorry to interrupt. Animesh, sir, please use your handset. Your voice is not coming clear. Mr. Animesh, sir, I will request you to come back in the queue. The next question is from the line of Shubham Jain from Centricity. Please go ahead.

Hi, I wanted to understand about the tolling business model which you have adopted over the last quarter, right? And secondly, how is Varyanaji looking at the company from the job work point of view?

Can you repeat, sir, what you asked? Actually, we are doing the VARI Renewable Energy, and we are doing the EP, Solar EPC business.

Right. Now, what is, what is, I wanted to understand a little bit more about the tolling business model of Indosolar, and how is VARI Energy looking at Indosolar's tolling business model, right? I wanted to know a little bit more about the entire Indosolar's tolling business model.

So, thanks for that, but this question is related to Wari Energy or Inglos. So, kindly send that question to IR team or maybe ask in the conference call of Wari Energy.

How is, no, that is what the question is, right? How is Wari Renewable related to Indusolar's tooling business, is what my question is.

No, no, no, we have nothing to, we are not directly related on that kind of business.

Understood. Okay. Thank you.

Thank you.

The next question is from the line of Shivam Patel from PL Capital. Please go ahead.

Sorry to interrupt.

Mr. Shivam Patel, your voice is not coming clear.

Hello, ma'am.

No, ma'am. No, sir. Please use answer.

Yeah, well, thank you.

Shivam, I would like to ask you to come back in the queue. We'll move on to the next question. The next question is from the line of Aryan Vijan from RV Investment. Please go ahead.

Will you meet, sir? Yes, Will you meet? Sir, I missed the first question about the guidance that you have given. Can you just repeat the guidance? You said something about the guidance in the charting. I missed that. Can you repeat it?

No, we have not given any guidance, sort of guidance. What we mentioned, sir, what we mentioned that we have an unexpected order book of 5,000 during the year. We have already achieved 925 almost revenue for the current quarter. So, looking at our bidding pipeline, which we are actually discussing with the customer, these orders get executed along with our existing order in the next few quarters. That is what we mentioned.

Okay, sir. Thank you.

Thank you. The next question is from the line of Neenath Sarputtar from Incred Research. Please go ahead.

Hi, sir. So, one question on best front. Like, we calculate some metrics for your EPC, solar EPC orders, like, for megawatt realization. For best order, I wanted to ask you, how should we approach it? Should we look at the power capacity or the storage capacity? Like, the order that we have won is around 300 megawatts and 1400 megawatt hours. Like, so how should we look at it?

No, it depends actually. It is difficult to give these numbers because the base is also maybe required for two hours or four hours. So it depends upon the order how much for the megawatt size they want, the base capacity for how much hours they want it. So it depends and varies. It is difficult to give any kind of some rule or some numbers.

Okay, got it. And was there any announcement in this order? Because previously when we uploaded or announced this order, it was for 1400 megawatt hours, and now we are reporting around 15-20 megawatt hours.

So it's a combination of orders, sir. Whatever we have, and earlier also we must have announced. So along with that, it is a combination of orders, it's not a single order.

Okay, okay, got it. And, sir, second question is on APSPL margin. What we saw from the DRHP of the company, you know, margins for the FY25 financials were around 9.7%. And now if you look at it, they are around 11%. So, we have already seen some margin expansion. What kind of trajectory are you looking at and do we have any plans for capacity ramp-ups for the galvanization plant or how do you look at it taking forward?

As I mentioned in my earlier conversation, this is the beginning or partially consolidation for a few days in our financial. In the coming quarter, definitely we will look at all the parameters and we will work closely in this company so that all parameters get improved. So, not only this order positioning, maybe financial, wherever improvements are required to be collectively, we will work on all these things, and we will see whatever the possible results in coming quarters.

Sure, sure. And lastly, there was some 24 megawatt of reduction in the O&M portfolio, because as on FY26 end, our O&M was 1180 megawatts. So, is something moving out?

No, it's a small part. It can be whatever we are reporting. can sometimes increase sometime maybe contact may be over but it is to be renewed etc so many things are there actually so all right all right

just just last one feedback that if you can give us some APSL numbers or some key highlights of the P&L or the balance sheet would be helpful going forward especially yeah thank you

so we have already uploaded this segment wise reporting in When we've done the Excel uploading, you can kindly refer that and I think you will get.

Ladies and gentlemen, we would take that as a last question. I now hand the conference over to Mr. Nikunj Jain for closing comments. Please go ahead.

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 reach contact us. We are MUFG India Private Limited, Investor Relations Advisors for Wadi Renewable Technologies Limited.

On behalf of Wari Renewable Technology Ltd., that concludes this conference. Thank you for joining us and you may now disconnect your lines.