Good afternoon, everyone. Before we proceed, let me remind you that the discussion may contain forward-looking statements that may involve known or unknown risks, uncertainties, and other factors.

It must be viewed in conjunction with our business risks that could cause future results, performance, or achievements to differ significantly from what is expressed or implied by such forward-looking statements. To take us forward through the financial results and developments, and to answer our questions today, we have the senior management of Shakti Pumps India Limited represented by Mr.

Dinesh Patidar, Chairman, Mr. Ramesh Patidar, Managing Director, Mr.

Ramakrishna Satuluri, CEO, Shakti Energy Solutions Limited, Mr. Dinesh Patel, Chief Financial Officer, and Mr.

Ravi Patidar, CS and Compliance Officer. We will start the call with a brief overview of the past quarter by Mr.

Ramesh Patidar, our Managing Director. I will now hand over the call to Mr.

Ramesh Patidar, sir. Over to you, sir.

Thank you, Rohit. Good afternoon, everyone, and thank you for joining us on a Saturday.

I am pleased to welcome you to Shakti Pumps' earnings call for the third quarter and nine months ended December 31st, 2025. Let me start by saying that Q3 FY26 was a quarter of deliberate and disciplined choice for us.

While our reported financial performance for the quarter was below our earlier expectations, the actions we took were intentional, prudent, and aimed at strengthening the company for the long term. During Q3, we consciously moderated execution, especially in Maharashtra, to address elevated receivables level and protect balance sheet strength.

As part of this approach, we temporarily paused execution of orders of approximately ₹200 crores. This decision resulted in lower revenue recognition and pressure on margins on both QoQ and YoY basis.

However, we want to clearly emphasize that this was a strategic decision, prioritizing cash flows and working capital discipline over short-term revenue growth. Margins during the quarter were also impacted by several factors.

These included lower realizations of around 4% in Magaltala orders, a continued increase of around 2% in raw material prices such as copper, steel, and solar panels, and higher employee costs. Additionally, we consumed some inventory that was procured in Q2 FY26 when input prices were higher, which also impacted the margins.

We also incurred a one-time manpower cost of ₹4.4 crores due to the implementation of the new labor code, along with investments in emerging businesses that are still in their buildup phase. Importantly, our working capital position has started to stabilize.

Even with incremental revenue recognition during the quarter, trade receivables remained broadly stable compared to Q2 FY26, reflecting improved collections and tighter execution disciplines. This gives us confidence that the corrective steps taken are already showing results.

We continue to maintain a strong, diversified order book of approximately ₹2,100 crores with healthy representation across multiple states, including Maharashtra, Karnataka, Madhya Pradesh, Jharkhand, Uttar Pradesh, and Haryana. Payments from Maharashtra have started improving following the release of funds by the Asian Infrastructure Investment Bank and the state government.

The execution in the state has now resumed. Our entry into Karnataka with our first large order marks an important expansion into the southern region.

The executions there will be closely aligned with the payment timelines. Our export business remained resilient, performing well during the quarter with the retail business reporting 25% YoY growth.

Revenue from export business stood ₹307 crores in nine months FY26 and ₹105 crores in Q3 FY26. We expect this segment to grow at a healthy pace for the full year, supported by the strong retail exports and expanding international opportunities.

We also expect our export business to gain traction with the signing of trade agreements of India in major international markets like USA, our major export market, and also with the Europe. We also continue to see encouraging traction in emerging businesses.

EV sales grew strongly during the nine-month period to ₹66.6 crore, a YoY growth of 68%. Our solar rooftop business is steadily expanding its dealer network, positioning it to become a meaningful contributor post-commissioning of our DCR module capacity of 500 megawatt in Q1 FY27.

Looking ahead, we expect execution momentum to improve meaningful in Q4 '26, which we anticipate to be our highest revenue quarter ever, although some revenue may spill over into subsequent quarters. We aim to reach as close to our revenue guidance given for the full year FY26.

Our focus remains firmly on strengthening the balance sheet, disciplined executions, and sustainable growth. In closing, we believe the steps we have taken during the quarter place Shakti Pumps on a much stronger footing, allowing us to capture upcoming opportunities while protecting long-term value for all stakeholders.

Thank you for your continued trust and support. Now I would like to request Mr.

Ramakrishna Satuluri ji to share the developments and outlook for the solar rooftop business. Thank you.

Thank you very much, Mr. Ramesh Patidar.

We've had a very exciting set of actions in the quarter for the rooftop business. This being a new business that we are starting off, the focus isn't to look into the long term, but work on the basics at present.

We spent a lot of time in building the channel infrastructure for the business. We placed our products in the market to get feedback, and the feedback has been very positive.

We also started a digital campaign speaking about our products, our strengths, the legacy of Shakti. That's been well received as well.

As Mr. Patidar just said, we are looking at some volumes coming in in the next financial year once our module plant, the 500 megawatt module plant also comes up.

I now open the floor for questions, please.

Hi. Good afternoon, sir, and thank you for the opportunity.

Sir, this quarter was unexpected one. Was that expected from your end, or is it that as quarter progressed, the situation become challenging in terms of execution?

Yes, Mahesh. Maharashtra government mein kuch payment delay hone ki sambhavna se pichle quarter mein humne kuch ₹200 crores ke order hamare jo the wo humne roke the unko, kyunki unki payments jo ab jaake Asian Development Bank ki sanction ho chuki hai aur budget se bhi unko paisa ab aa chuka hai.

Pichle quarter mein payment nahi aane ki wajah se humne thoda sa pause kiya tha ki hum uska jo material hamara poora ready hai, orders godowns pe material ready hai, sab kuch ready hai, lekin humne apni balance sheet ko strengthen karne ke liye aur working capital ko discipline mein rakhne ke liye yeh decision humne liya tha. Yeh decision yes, thoda kadwa tha, lekin hamare liye zaroori tha, isliye humne is decision ko liya aur ab yeh aage already humko lag raha hai ki yahan acchi situation ho chuki hai.

Maharashtra government ne already ₹1,000 crore sanction kiya hai aur Asian Development Bank ka bhi sanction aa gaya hai, toh ab iss quarter mein humko lagta hai ki hum apni speed aage aur badhayenge aur abhi already start kar chuke hain, aur bhi speed se aage kaam karne ki poori koshish kar rahe hain. Aur kuch paisa bhi aa chuka hai abhi hamare paas, paisa bhi aana chalu ho gaya hai, toh ab humko confidence lag raha hai ki routine mein paisa kal bhi kuch aaya hai aur ek aadh din mein aur aane wala hai.

Accha sthiti ab lag raha hai. Unhone 1 lakh pump ka tender bhi doosra bulaya hai, toh ab unko payment bhi saare clear karna padenge.

Aur waise bhi March end mein government departments chahte hi hain ki saara payment clear karein wo.

Okay. Sir, when we go into this quarter, aapko lagta hai ki jo cheezein impact hua tha iss Q3 mein wo reverse hongi Q4 mein?

Yes, bilkul zaroor kyunki humne khud ne hi roka tha. Abhi dekhiye hamari order book ₹2,100 crore ki hai.

Usme se humne ₹200 crore ke order jo roke the jo pipeline mein wait kar rahe the dispatch ke liye, sab kuch ready tha. Humne usko isliye roka kyunki hum discipline chah rahe the ki ek baar payment clear ho jaye inka.

Toh ab sab kuch clear ho chuka hai. Budget se paisa aa chuka hai, Asian Bank se sanction aa chuka hai aur agla tender bhi wo log la rahe hain, toh unko payment toh time pe karenge.

Maharashtra government ab discipline mein rahegi aisi hamari poori soch bhi hai aur hum confident hain.

Okay. Sir, another thing is non-KUSUM business and export business.

Kaisa rahega? What was the contribution from this non-KUSUM and export business?

Aur iska outlook kya rahega going forward?

Okay. Main pehle export ke liye Ramesh ko bolta hoon, Ramesh usko aur acche se aapko address karenge.

Jee Mahesh ji. Jaise maine bataya ki hum log 25% ki growth hamare poore nine month mein bhi dekhe jayenge toh hum logo ne maintain kari hai aur hum bilkul wo maintain karenge aur hamare paas mein acche orders bhi hain aur abhi jo US ka jo tariff ka jo 50% se jo 18% hua hai, wo ek hamare liye bohot accha positive note hai.

Hamara market already established hai wahan par, toh uska humko definitely benefit milega ispe.

Okay. Non-KUSUM pump business?

Non-KUSUM mein bhi hum logon ne jaise 68% ki abhi growth kari hai, toh usme bhi hum log dealer network pe bhi kaam kar rahe hain aur wo growth hum log aur acche se maintain kar rahe hain usko. Uske result aapko aagle quarter mein matlab Q1 mein definitely milenge uske baad se.

Okay. Sir, last question from my end.

I think we were doing two projects. One was backward integration project, aapke solar cell ki capacity aane wali thi, solar module and solar cell, and secondly EV business, electric vehicle jo motor banane wale the.

Toh what is the timeline for these two businesses and iska FY27 mein kya impact hoga?

Isme sir jo hamara yeh pump wala business hai jiska expansion hum la rahe hain, toh isme abhi kaafi accha kaam hua hai. Site development started hai aur abhi usme building ka kaam chal raha hai aur most probably jo abhi machino ke orders bhi hue hain aur yeh August mein humko full-fledged hum isme production le payenge.

Jo apna module ka capacity hai, toh usme do update hain. Ek hum usme 0.5 giga ka capacity la rahe hain jo hum Q1 FY27 mein dekh rahe hain ki wo humko mil jayega jisse hum production kar payenge.

Second jo cell plus module ka capacity jo 2.2 giga ki apan baat kar rahe hain naye projects ki, toh usme jo remaining capacity hai wo April '27 tak humko expected hai ki wo apne floor pe aa jayegi. Toh dono projects apni timeline ke according chal rahe hain, barabar aayenge aur hum aur well before karne ki koshish kar rahe hain.

Ab Shakti EV ki baat karte hain. Shakti EV pe bohot acche kaam hue hain iss quarter mein, lekin sale aane mein agla saal lagega.

Humne kuch motors develop kar li hain, kuch testing bhi ho chuki hai aur kuch humne already pehle se hi hamara jo customer hai JBM, unko bhi aur varieties badhana chalu ki hai abhi humne aur unke liye kuch controllers bhi humne banaye hain jo proven bhi ho chuke hain, test bhi ho chuke hain. Toh aur bhi do-chaar company hain jisme ki hum motor aur controller dono apne approve kara chuke hain.

Toh next year mein hum dekhenge ki EV ka bhi ek accha sale hum dekh payenge aur hamari jo SES hai jo solar panel banane wali company, uska bhi hum accha sale dekh rahe hain next year mein. Abhi yeh dono companiyan initial stage pe hain aur development sab mein badhiya se ekdum acche se hue hain aur solar mein toh proven technology hai aur motor mein already hamara 40 saal ka anubhav hai.

Controller mein hum 10 saal ke anubhav ke saath aage badh rahe hain, toh humko EV mein Bharat Sarkar ki bhi help mil rahi hai kyunki unhone bhi abhi uska domestic consent ab improve kar diya hai, toh kuch log jo pehle imported motorein hi laga rahe the ab wo hamari taraf aa rahe hain.

Sure. Sure, sir.

Thank you so much, sir.

Thank you, Mahesh.

Thank you.

Yes. Sir, yeh jo realization kam hua hai Maharashtra Magaltala mein, iska trajectory kya lag raha hai?

Matlab yeh abhi 4% kam hone se hamare gross margins bhi hit hue hain aur EBITDA margin jo pichle saal 24% jaisa tha abhi yeh quarter mein toh do-teen cheezein hain lekin sustainable margin isme kya dikhta hai, sir? Aur kyunki yeh agar aise hi chalta raha competition ki wajah se ya jo bhi factors hain agar realization kam hote rahe toh hamare margin pressure mein rahenge hamesha downward trajectory mein, toh hum kaise isko deal karenge?

Haan Ashish. Actually jo aap pichle quarter mein margin wala jo history dekh rahe ho na, basically isme kya hai teen aur 5 HP ke pumps zyada hain kyunki humne Maharashtra government ke hi order ko execute kiya hai.

Magaltala wala hi execute zyada kiya hai kyunki jo hamare doosre state hain jahan par hum higher HP ke pump bhi supply karte hain aur usme higher margin bhi hai. Jaise ki aap dekhein Rajasthan ho aur Haryana ho, UP ho, Jharkhand ho aur MP ho aur abhi hamara jo South mein ek state khula hai usme bhi margin humko jab kabhi hum bade horsepower ki taraf jaate hain toh hamara margin badhta hai.

Haan, main yeh baat aapki maanne ke liye taiyyar hoon ki jo Magaltala mein jo pressure raha kyunki ek toh unke chhote HP ki wajah se kuch realization kam hota hai, doosra in dino kya hua ki raw material ke rate bhi kuch upar gaye aur usme dollar ki price ka hamesha effect rehta hai. Jab kabhi dollar badhta hai toh hamara raw material stainless steel, copper, solar panel, abhi aap dekhenge panel jo hain wo bhi thoda sa DCR panel kam hua hai, lekin baaki cheezon mein sab jagah humko price mein thodi si hit lagi hai aur isi ke kaaran thoda margin ek aadh quarter mein aage-peeche hota hai.

Aur yeh business mein possibility hai ki jab kabhi dollar badhega thoda sa humko usme dikkat hoti hai. Main ek aur cheez aapko batana chahunga ki hum dollar-plus company hain, toh dollar ke appreciation ka jo humko fayda milta hai wo toh milta hi hai, lekin raw material hamara hai dollar ki wajah se aata hai isliye thoda sa aapko margin mein thoda farak padta hai.

Sir, abhi aage jaake matlab aap yeh iska matlab yeh nahi hai ki because of competition L1 prices neeche aane ki wajah se hamare rate overall kam hue hain aur margin kam ho raha hai. Yeh barabar interpretation hai ya yeh nahi hai?

Nahi, thoda sa correction hai ki hamesha hum margin ko leke yeh toh planning karte hain ki business ki history ko bhi dhyan mein rakhte karte hain ki kahan par kaam karna aur kahan par nahi karna. Toh hamare product mein aap dekhenge ki hamara 20% ke aas-paas 20% se 25% ke aas-paas hum export se laane ki koshish karte hain.

Doosre state mein jahan pe margin zyada hai wahan pe kaam karte hain. Toh yeh depend karta hai ki hum higher horsepower mein jahan par zyada margin hai wo kitna business conclude kar paa rahe hain.

Aur export mein humko accha margin milta hai, uski wajah se hum hamare margin ko maintain kar paate hain. Yes, mujhe yeh kehte hue calculated way mein main baat kar raha hoon ki haan, humne Maharashtra mein iss baar iss quarter mein low HP ka kaam zyada kiya, iski wajah se hamare margin zyada hit hue hain.

Aane wale samay mein hum poori koshish karenge, poora improve karenge, poore margin ko jitne efforts kar sakte hain wo sab karke improve karne ki koshish karenge.

Par sir, andaza kya lagana chahiye? Hum log kya rate of margin pe rahenge next year?

Aapko toh matlab ground situation aur aapka business hum logon ko kaafi zyada pata hai, toh if you can give some direction on that, it will be great. Second is working capital matlab jo fasa hua tha, toh abhi jo collections aaye honge Maharashtra government se, toh December ki balance sheet aapne di hui hai, usme working capital loan aur term loan dono upar gaya hai.

Toh abhi kya situation hai? Working capital release hua hai kya matlab wo December ki balance sheet se kam hua hai?

Kyunki 1.5 mahina toh already nikal gaya hai Q4 ka. Toh yeh do cheezein aur add karke batayenge toh please help hogi.

Debtors mein jaise sir ne aapko bataya ki usme realization aa raha hai aur visibility bhi dikh rahi hai ki Maharashtra government jo hai paisa time pe release kar rahi hai. As such wahan pe koi humko ab problems nahi dikh raha hai, toh isliye humne wahan pe apna execution bhi badhaya hai, speed up kiya hai.

Toh ab isliye hum bol pa rahe hain ki yeh jo Q4 rahega wo bohot accha rahega aur sabse accha rahega yeh bhi bol rahe hain. Jo aap margins aur yeh bol rahe hain uske liye sabhi poori team koshish kar rahi hai aur aage chal ke humko dikhta hai ki isme kaafi improvements aayenge.

Toh yeh one-off hai kyunki sales mix change hua hai, chhote HP mein iss baar kaam zyada hua hai. Agli baar mein jo hai wo sales mix change hoga toh margin bhi improve wahan pe hoga.

Lekin working capital kitna neeche aa sakta hai? Yeh jo balance sheet mein dikh raha hai bohot bade numbers hain yeh, toh thoda number pe baat karenge ki working capital total kitna tha aur abhi kya lag raha hai Q4 ke end tak?

Because abhi aadha quarter toh nikal gaya hai, toh ek andaza hoga apne paas ki agar Maharashtra government se reasonable collections aa rahe hain toh wo kam hona chahiye.

Haan, wo kam hoga but wo March tak isliye aapko uske liye wait karna padega kyunki March tak mein wo fund poora release hoga tab jaake wo working capital aur jo debtors position aapko dikh rahi hai wo smoothen hote dikhegi.

Aur abhi filhaal order aane—

Abhi kya hai ki jaise aapne abhi recent announcement suna hoga ₹1,100 crore ka Maharashtra government ne jo support diya hai solar pump ko plus jo ₹900-1,000 crore ka support diya hai AIIB ne Maharashtra government ko, toh yeh dono fund jo release honge yeh honge abhi next 15 to 1 month 15 days to 1 month mein. Toh iske baad mein main ispe kuch zyada better comment kar paunga.

Abhi hum bhi wait kar rahe hain us cheez ka. Haan, humko visibility ab dikh rahi hai ki fund ki availability wahan par hai.

Isliye humne apna jo execution hai wo poora speed up kar rakha hai aur abhi hum full strength pe apna kaam kar rahe hain.

Okay. Ek aur sawal agar sir pooch saku toh KUSUM 2 mein kya update hai?

Matlab central government se aapko kya sunayi de raha hai ki kahan atka hua hai cheezein aur kab announcement expected hai? Matlab states apna-apna kaam kar hi rahe hain lekin wo scheme agar clarify ho jaye toh shayad investors ke liye thoda sa better rahega visibility wise.

Hum bade confident hain ki agar KUSUM aayegi, KUSUM aana chahiye aur KUSUM aa bhi rahi hai, isme koi do mat nahi hai. Lekin agar KUSUM nahi aati hai toh hum yeh bolenge ki hamara cash business aur bhi speed se badhega kyunki aaj mere customer ko pump usko chahiye lekin milta nahi hai kyunki yeh jo KUSUM mein jo number pump hum dekh rahe hain yeh toh bohot hi kam hai.

Abhi jaise abhi 5 lakh aur 7 lakh pump hamare Maharashtra ne lagaye hain, unko requirement hai 40 lakh pump ki. Ab 5 lakh pump 40 lakh pump ke saamne hain, 40 lakh kisan solar pump lena chahte hain lekin wo le nahi paate hain kyunki numbers ki sanction kam hai.

Toh yeh number ki wajah se wo le nahi paate hain aur aisa nahi hai ki unke paas paisa nahi hai. Paisa bhi hai unke paas, quality bhi hai hamari aur unke paas paisa bhi hai, wo lena bhi chahte hain aur hamara hi pump lena chahte hain, yeh baat jag-zahir hai kyunki hamara agar aap dekhenge Maharashtra mein toh 30 se 40 minute mein hamara 15,000 pump ka portal full ho jaata hai khulte barabar.

Toh logon ko hamare pump ki requirement hai, lekin logon ko unhone ek wo carrot wala maamla diya hua hai toh wo subsidy ka intezaar karte rehte hain. Aur subsidy ka intezaar bhi isliye karte hain ki padosi ke paas subsidy ka pump aa gaya aur main full payment laga ke pump khareed ke aaun toh mera jo hai na ego hurt hota hai.

Haan, barabar.

Toh wo zara apni Nano wali story ho jaati hai gareeb logon ki car, toh uski wajah se bhi nahi ho paa raha hai. Thoda sa main aapko—

Yeh toh government ko bhi pata hoga yeh sab issues ki directly bhi kar lenge toh bhi kaam matlab karne layak hai yeh, lekin government ke incentive ki wajah se jo log ruke rehte hain uske wajah se implement nahi ho paa raha hai. Toh government side mein bhi pata hoga yeh, still matlab iska solution kya hai matlab apna improvement toh nahi hoga yeh sab cheez?

Ashish bhai, isme kaisa hai ki aapko do fact jo hain usko consider karna padega. Ek toh ₹5,000 crore ka jo budget mein allocation hua hai for KUSUM and kareeb ₹22,000 crore ka allocation hua hai PM Surya Ghar ke liye, toh dono se visibility dikhti hai kyunki yeh last year mein yahi allocation ₹2,600 something hua tha KUSUM ke liye aur ₹10,000 crore hua tha for PM Surya Ghar.

Toh aap dekhenge starting ka jo budget hai uska allocation just double ho گیا hai. Revise ho ke yeh budget aur badhta hai, yeh aap har baar trend dekhte aaye hain.

Toh PM-KUSUM nahi aayega isme toh humko koi doubt nahi hai. KUSUM 2.0 aayega, yeh poori tarah se certain hai aur iska hum bhi wait kar rahe hain.

Haan, iske saath mein humko add-on mein hum yeh bata payenge ki ab state government bhi apne tenders layegi. Toh kewal KUSUM nahi, ab state tender bhi available hain.

Third thing isme jaisa sir ne aapko bataya ki agar yeh maano tender business aage chal ke kuch kam hota bhi hai, toh hum usme aur happy hain. Reason behind yeh hai ki wahan pe hum quality competition kar payenge.

Aaj ki date mein hamari jo quality hai usse koi bhi competitor abhi humko match nahi kar paata hai, toh hum wahan pe quality competition mein apne aap ko ek add-on dekhte hain, leadership mein dekhte hain. Toh isliye humko uska koi worry nahi hai.

Sir, baaki states ka kuch bata payenge ki kya scene hai ki wahan pe bhi matlab Maharashtra is one of the states, but major one, lekin hamara concentration Maharashtra pe hi hai mostly sabka. Toh baaki states mein jo naye hain, UP hai ya baaki jo states hain usme kya lag raha hai ki usme numbers badhenge ya kyunki bohot chhote numbers hain abhi given the size that India has.

Aur usme bhi process same hi hoti hai kya ki farmer choose karta hai on the portal ya fir usme tendering alag se hoti hai, kuch process alag hota hai?

Nahi, sabhi jagah process wahi hai ki farmer choose karta hai. Yeh rate contract mode mein hota hai matlab decision maker isme farmer hota hai aur saare hi state mein jo hai aane wale samay mein humko lag raha hai ki ek accha sabko ho chuka hai, sabhi number badhane ke liye taiyyar hain.

Hamare MP mein bhi hamare Chief Minister toh bol rahe hain lekin unki process thodi phas gayi hai kisi cheezon ko leke toh wo slow hai, lekin baaki jagah bhi sabhi log planning kar rahe hain aur acche number saare state ko lene hi padenge kyunki unko agar apne DISCOM ka loss kam karna hai toh yahi agriculture pump ko solarize karne ke alawa chara nahi hai. Ya toh customer khud kare ya state usme help kare ya center kare, tabhi hamare DISCOM ki sthiti sudhregi.

Isliye Karnataka bhi laaya.

Theek hai. Sir, mere aur bhi questions hain lekin mujhe pata nahi baaki logon ko bhi shayad sawal poochne honge, toh main aata hoon wapas.

Thank you, Ashish. Thank you.

Thank you, Ashish.

Hi. Thanks for the opportunity, sir.

Ek-do questions the. Sir, firstly mujhe samajhna hai ki jo humne margins report kiye hain yeh quarter mein, sir yeh kaise dekhein?

Isme one-off bhi agar hum dekhein sab nikaal ke toh aage aane wale quarters mein hum log yeh margin trajectory kaise dekhein, sir? Because hum log margin trajectory hamari 20 ke upar hai aur yeh quarter 11 hai, toh hum pahunch jayenge agle coming quarters mein ki 20 se zyada margin kar payenge ki kaise dekhein isko agar aap humko explain kar sakein?

Haan, jaisa abhi bataya sir ne bhi bataya aapko ki ab wo jo ₹200 crore ke order the wo humne jo last time pe roke the wo ab humne execution apna badha diya, toh scale up ka bhi humko benefit milega aur hum margin ko maximum le jaane ki koshish kar rahe hain, toh poori team usi mein lagi hui hai.

Sir directionally kaise dekhein? Yahan se improve hoga ki yeh one-time margin jaise dikhaye hain aage jaake it will come back to 20% plus level aur kaise dekhein wo main samajhne ka thoda try kar raha hoon.

Praveen, maine abhi bhi bataya tha ki yeh jo margin aap dekh rahe ho pichle quarter mein, main fir se aapko batata hoon. Pichle quarter mein margin jo tha because of humne sirf Magaltala ke business pe hi kaam kiya tha.

Maharashtra ke rate already chhote teen HP aur 5 HP ke pumps hote hain aur inke rate bhi kam hain. Jab yeh margin aapko pata chalega product mix ki wajah se.

Hamare paas jo South ka order hai wo bhi acche margin pe hain, doosre 10 HP aur 7.5 HP ke jo product doosre state mein jaate hain wo bhi ek acche margin ke hote hain. Haan, abhi filhaal dollar ki wajah se hamare raw material ka hit humko hua hai aur hum aage hamare jo margin ko maintain karne ke liye poori koshish kar rahe hain.

Okay. Okay.

Sir, aapne jo full year ka guidance diya tha last quarter mein, toh hum log wo achieve kar sakenge yeh '26 mein matlab yeh quarter mein ki there is some delay?

Haan Praveen, bilkul hum poori koshish kar rahe hain ki jo humne guidance diya tha jo bataya tha aapko, hum poori koshish mein lage hain kyunki speed se hum usi liye South mein bhi start kiya hai kaam humne aur Maharashtra mein bhi abhi speed badhai hai, toh hum zaroor poori koshish karenge. Hamare uski hope hai humko poora ki hum us jo humne guidance diya tha usko hum achieve karenge.

Wahan tak pahunchne ki—

Sir—

Correction karna, wahan tak pahunchne ki koshish karenge.

Theek hai. Theek hai.

Sir, second mujhe poochna tha, sir margins kaise hain non-KUSUM aur KUSUM mein? Kya kya margin difference hai?

KUSUM aur non-KUSUM mein means export and domestic ke baat kar rahe hain kya? Toh export mein hamesha 10% margin zyada rehta hai as compared to domestic market.

Okay. Okay.

Okay. Sir, hum log yeh rooftop ka ramp up kaise dekhein '27 mein initially matlab kaise revenue trajectory build hogi '27 mein?

Aapka kya internal targets hai revenue pe in '27?

As I said, isse abhi tak toh hum poore market mein poora study kar rahe hain. Marketing programs abhi humne chalu kiya hai aur hamara jo 500 megawatt wala plant bhi hum expect kar rahe hain ki Q1 of FY27 mein wo chalu hoga, usse hamare volumes pe bhi impact hone wala hai.

Toh hum iska poora planning karke I think by quarter one we will be clear with what volumes we will be looking for the year.

Got it. You will give us some more clarity in Q1 of '27?

Yes.

Got it. Sir, last question hai.

If you can just help me to give some timeline on the new businesses. Sorry, I missed your initial remarks, sir.

Cell ki kab capacity aa rahi hai, module ki kab capacity aa rahi hai, agar aap thoda timeline ek baar wapas bata sakein please?

Jo pump ki capacity thi, wo ab August tak hamari full-fledged complete ho jayegi aur August mein hum usko start bhi kar rahe hain, wahan se hum full production le payenge. Jo hamara module ka capacity hai wo do part hai.

Ek 0.5 giga ka jo module capacity hai wo aa raha hai abhi apna Q1 mein FY27 mein jaise sir ne aapko abhi bataya aur jo 2.2 giga ka cell ka capacity hai wo humko April '27 mein expected hai. That is the update for the project.

Remaining mein jaise structure ka capacity already built up ho chuka hai, VFD ka capacity already built up ho chuka hai, toh yeh project side mein mere side se update hai.

Theek hai, sir. Thank you.

Yeah. Sir, pehla question yeh tha ki sir abhi jo Karnataka wala order hai wo kareeban 35-37% hai apni total order book ka.

Aur sir abhi Karnataka ka bhi state ka finances ka dekhein, sir unke highest ever dues pahunch gaye hain January 2026 ke andar. Toh sir yeh order bhale hi mil rahe hain lekin sir inke andar ek inherent issue ho gaya hai recovery ka, sir.

Toh sir usko kaise dekh rahe hain? Kyunki sir yeh Maharashtra wala bhi yeh bohot time se issue chal raha tha kyunki hum agar dekhein doosri companies bhi jaise maaniye DI pipe ki companies ho gayi, inme yeh issue lagatar pichle ek saal se chale ja raha tha aur sir hum pichle do quarter se yeh call pe question bhi poocha ja raha tha ki sir yeh dues ki recovery ka kaise hoga kyunki hamesha company yeh bolti rahi ki humko paisa mil jayega aur iss quarter mein yeh reality mein iss baar yeh play out hua hai aapke earnings mein, sir.

Toh sir mujhe lag raha hai thoda miscommunication ka ek issue ho raha hai, sir, pichle do quarter mein aur jaise yeh apna Maharashtra wala order bhi humne is quarter mein earning na aayi aur margin dip hue 4% realization lower hai. Toh iss baar kyunki earning mein impact hua iske kaaran hum isko iss baar bol rahe hain.

Lekin sir yeh nazar aa raha hai ki thoda communication mein ek issue hai. Aur lastly, sir, jo yeh copper ke prices aur yeh sab kuch badhe hain aur wo abhi stabilize bhi ho rahe hain us level pe, udhar se koi zyada girawat bhi nahi aa rahi hai, sir.

Toh yeh jo apni order book hai ₹2,100 crore ki, iske andar agar yeh current raw material prices continue rehti hain toh hum margins ka kya level dekh rahe hain kyunki humko maloom hai ki yeh agar prices hain toh hum kya margin pe operate karenge. Toh yeh in do cheezon pe sir thodi clarity de paye toh bohot helpful hoga.

Haan Kamlesh, main bilkul koshish karta hoon aapke prashna ka jawab dene ki. Aapka pehla prashna toh jo hai ki Karnataka mein payment ko leke issue aa sakte hain aisi aapne yeh bataya.

Mera aisa sochna hai hum hamare paas jo information yeh hai ki Karnataka ke paas already jo hai kuch paisa MNRE ne advance deke rakha hai. Toh yeh paisa aur kuch farmer ka paisa jo aayega usse humko abhi jo order mila hai uska 25-30% payment humko turant milna chahiye.

Aur wo jo 30% ke aas-paas jo hum jo order hai usme se hum iss quarter mein shayad ho sakta hai ki 50% 40% hi supply kar payen 50% aur rahega. Toh iss quarter ki toh humko payment ki possibility dikh rahi hai.

Karnataka mein jaise-jaise payment ki humko clarity aayegi waise hi hum aage badhenge. Yeh hum har call pe pehle se bhi kehte aaye hain, sabhi logon ko kehte aaye hain ki hum tabhi aage badhte hain jab humko payment ki possibility hoti hai.

Abhi dekhiye hamara poora quarter hum pause kare kyunki humko balance sheet ko strengthen karna tha. Hum apne aap ko discipline mein rakhna chahte hain, isiliye humne Maharashtra ke godownon mein material bhara rakha tha lekin fir bhi humne dispatch nahi kiya.

Wo payment ab aaya, ab humne start kiya, ab humne speed bhi badha di. Waise hi hum Karnataka mein bhi karenge.

Hum payment ka intezaar karenge, payment hamare haath mein first phase ka aayega toh second phase ki aur speed hum aage badhayenge. Aur first phase mein mujhe nahi lagta ki mujhe kuch payment mein Karnataka mein koi challenge hai.

Toh hum confident hain. Hum yes, discipline mein rehna chahenge, jab kabhi jis department mein humko payment mein kuch delay hoga toh hum apne aap ko discipline mein rakh ke hi aage badhenge.

Hum order ke pressure mein ya top line ke pressure mein pehle bhi hum Haryana mein ₹500 crore ka ek order chhod chuke hain aur wahi waise hi hum aage bhi karte hain kyunki hum hamari shareholders ke paison ko kahin aisi jagah nahi lagana chahenge ki jahan hum phas jayen.

Aur sir, secondly margin pe kyunki sir agar current raw material prices continue rehte hain toh humko kya lagta hai, sir? Yeh saal toh guzar gaya hai, sir, lekin next year ke andar yeh margins hum jo bol rahe hain wo kya level pe rahenge kyunki sir aisa kahin lag nahi raha hai ki raw material prices mein kuch aane wala hai pressure.

Aur secondly, sir, hum yeh rupee ka hum bol rahe hain lekin sir rupee ke andar 3-4% girawat hui hogi ya 4% se 5%, lekin jo copper ki prices ek saal mein 30% badhi hai wo zyada impactful hai rather than ki yeh rupee ka ek jo girawat hai. Aur secondly, sir, abhi prices abhi kahin farm par hi hain kareeban ₹6,000 se ₹7,000 badha hai pichle 1.5 se 2 mahine mein.

Toh sir yeh sab cheezein dekhte hue humko margin ki kya trajectory lag rahi hai kyunki yeh saal hum accept karte hain ki yeh sab issue hua hai, lekin next year ke andar kyunki sir hamara business aisa hai ki hum order pehle lete hain aur prices kyunki hum hamara back-to-back arrangement hai nahi hamara raw material ka.

Sir, wo actually— Bilkul rightly said, sir. Aapne bilkul sahi bola.

Actually kaisa hai ki wahi cheez sir bhi aapko bol rahe hain ki price itni volatile ho rahi hai, dollar itna volatile ho raha hai, toh isme abhi ek badi guideline de pana poore saal ka abhi ke liye difficult hai. Ek baar thoda sa economic condition aur jo global conditions hain yeh thodi si ab jab smoothen hoti hain aur jab ek yeh stabilize hoti hain tab hum yeh margin ki aapko ek badi guideline de paate hain.

Toh isliye abhi hum yeh bol payenge ki abhi hum sabse best karne ki koshish kar rahe hain kyunki iss time pe aap bhi jaante hain jaise aapne bataya ki copper ki price iss line pe badh chuki hai, steel ki price badh chuki hai, aluminum ki price badh chuki hai. Toh yeh sab impact toh kar rahi hain apni jagah par, par margin hum isse accha kar payenge aur jab execution badhta hai toh scale up ka jo humko benefit milta hai wo earlier quarters mein bhi humko mila hai, wo aage bhi humko milega.

Aur yeh jo sales mix jab change hoga toh usme improvement bhi aayega. Toh jo 10 HP, 7.5 HP aur yeh 5 HP ke jab execution badhte hain toh margin bhi automatic badh jaata hai, realization bhi automatic badh jaata hai.

Toh isme koi bohot bada impact aisa nahi hai, but haan yeh one-off jo aaya hai due to chhota hamara sales mix mein chhota jo pump tha uska contribution zyada raha. Aage se humko dikh raha hai ki yeh wapas hum us line pe kahin na kahin wapas aa payenge.

Sir. Lekin sir main yahi pooch raha tha ki aapka jo product mix hai wapas purane jaisa ho jaye aur yeh jo raw material ki prices jo aaj chal rahi hain, kyunki sir humko aapne yeh quarter mein toh raw material le hi rakha hoga, sir, agar wahi continue rahe toh apne margin kidhar dikh rahe hain?

Wo ek sir clarity toh at least hamare paas hogi na?

Haan, abhi toh hum jo YTD level pe aapko margins dikh rahe hain wo toh abhi maintain dikh rahe hain humko.

Okay. Thank you, sir.

Aur usi mein jo improvement ho sakta hai team uske liye poora effort kar rahi hai best possible.

Theek hai, sir. Thank you, sir.

Thank you.

Hello, sir. Thank you for the opportunity.

Sir, do-teen sawal the. Order book mein ek gap lag raha tha.

Last quarter our order book was at ₹1,300 crores and we received additional ₹1,900 crores ka order book. Toh usme se execution yeh quarter ka nikaal ke bhi I think there is a gap of around ₹400-500 crores.

Yeah. You rightly said.

Actually kaisa hai ki ek slow-moving project tha jo Ajmer ka tha KUSUM C ka, toh usme humko zyada traction nahi dikh raha hai isliye humne usko order book se remove kiya hai. Aapne dekha hoga toh Ajmer ka jo KUSUM C ka project hai uske orders humne yahan se remove kiye hain kyunki wo bohot slow-moving hai.

Second one jo UP ka order tha, usme unhone jo final humko order diya hai wo 52 ka diya hai. Remaining jo ₹300 crore ke orders the wo unhone puraane wala jo orders tha usko cancel kar liya ek tareeke se aur uski jagah pe naya orders humko ₹52 crore ka diya, toh wahan pe ek correction hua hai.

Toh yeh do correction ki wajah se aapko order book mein slightly change dikh raha hai, but uske baad bhi agar aap dekhenge toh hamare paas sufficient order book hai for next two quarters.

Okay. Toh yeh jo current order book hai apna ₹2,100 crores ka, uska execution timeline approximately kya rahega?

Abhi maine jaise aapko bataya ki next two quarters ke liye hamare paas sufficient order book hai aur bhi isme jab agle do quarter mein aur bhi addition honge toh wo hum aapko jaise aayenge waise aapko update karte jayenge.

Right, right, right. Aur yeh jo Component C ka hai, toh isme there has been not much movement.

Toh what do we expect ki Component C mein solar panels ka hi I think feeder level pe program hai wo, toh how is our involvement in that and PM-KUSUM 2.0 mein bhi bol rahe hain ki Component C level ka thoda modification rahega, toh any news on that, sir?

Nahi, abhi abhi clarity nahi hai ki KUSUM C ko kya hone wala hai, lekin KUSUM C jo hai wo feeder level pe jo karna hai uske liye major tha aur usme pump bhi iss baar aage KUSUM C mein aane wala hai aur photovoltaic solar pe bhi baatein chal rahi hain. Toh total ek baar aa jaye toh uspe hum aapko kuch light de payenge.

Okay. Okay.

Sir, fir long term ek vision kaisa rahega? Abhi do-teen businesses ho jayenge.

One is solar pump, then solar ka bhi alag se aa jayega and the EV. From two-three years point of view, how do you see the company growing, ek percentage ke hisaab se aap kaise grow karna chahenge and what are our targets right now, what direction we are moving, and what actions are we taking right now to achieve your goal?

Bilkul aapne sahi bola. Hamara jo target hai wo jaise hum pehle bhi bol chuke hain ki leader rehne ka hi hai aur leader aage bhi rahenge.

Aur isme jaise Ramkrishna sir isme rooftop mein bhi accha kaam kar rahe hain aur same line pe hum pump mein bhi accha kaam kar rahe hain. Aur '28 ke aas-paas hum apne aap ko dekhte hain ki hum kahin ₹5,000 crore ka hamara ek vision leke hum chal rahe hain.

Isi ke liye hi humne yeh saari capex plan ki hui hai ki backward integration karna hai, new diversification karna hai aur export market mein bhi aage badhna hai. Toh yeh saare initiative jo hain usi line par hi hain.

Even rooftop bhi aap dekhenge toh usme jo branding hui, advertisements hue hain, jo new team development hue hain, wo saare usi line pe hi humne aage badhaye hain. Toh hum confident hain ki hum wo achieve karenge aur aage bhi aapko quarter-on-quarter mein update dete rahenge.

Right, right. Export ka bhi earlier we had guided in current financial year ki bhai approximately we want to cross ₹500 crores this year.

What are we expecting exports to be in this year and next year?

Yeah. Toh actually jaisa Ramesh ji ne aapko bataya already ki unka jo retail market hai wo toh already grow kar hi raha hai 20-25% se aur aage bhi isi line pe hi grow kar raha hai.

Aap dekhoge historical trend same hai aur abhi bhi hum usi ko continue kar rahe hain, aage bhi expand kar rahe hain. Jo project hai wo zaroor thoda aage-peeche hote hain jaise Uganda project mein humne accha execution kiya hai, iski wajah se humko aage ki kuch countries mein aur acche orders ki expectation hai.

Toh yeh jab orders aate hain toh yeh export aapko project export jo hai wo aur bada hua dikhega, but haan jo retail export hai wo toh always 25% se every year grow karega.

Okay. Okay.

Theek hai. That's it from my side.

Thank you.

Thank you.

Sir, thank you for the opportunity. Sir, mere do-teen questions the.

Jaise ki apne ko January and December aur Jan mein bohot acche orders mile, new state bhi Karnataka mein bhi bohot bada order mila, toh aise sir aur kaunse states hain jahan pe possibility hai next quarters mein ki wahan se acche orders aane ki aashankayein hain apne ko? Ek wo poochna tha mujhe.

Sabhi state mein accha kaam hoga aur jaise hi order milenge hum sabse pehle 24 ghante ke andar inform karenge aapko stock exchange ke through, hai na? Jo bhi state ke order aate hain turant hum aapko 24 ghante ke andar inform karenge.

Saare state acchi planning kar rahe hain, sabne apne-apne budget pe plan kiya hai. Toh aur hum apne export mein bhi accha kar rahe hain aur cash sale mein bhi accha kar rahe hain aur aage bhi jaise hi koi bade order aayenge hum turant aapko inform karenge, Kamlesh.

Sir, ek aur question tha. Jaise ki aapne December quarter mein order kuch pause kiye, execution apna pause kiya, toh yeh ongoing Q4 mein bhi kuch initially apan ne pause kiya ki abhi wo continuity mein aa gaya hai sir poora?

Nahi, jaise aapko sir ne already aapko bataya hua hai ki hum log wait kar rahe the visibility ka ki inka jo payment fund allocation hai wo proper hota hai ki nahi. Maharashtra government mein fund allocation ka aapko jaise abhi update hai ki already ₹1,100 crore state government ne unko funding support diya hai aur kareeb ₹1,000 crore ka AIIB ka fund aa raha hai.

Toh iss tarah se unko ab proper funding support mil chuka hai, toh humne apna execution level wahi se start kar diya hai, toh ramp up hai aur ab bohot speed up hai.

Aur sir, ek ek baat abhi jo jaise con-call mein ek doosre sir ne kuch question poocha tha ki jabhi bhi humko lagega ki working capital kahin pe phas raha hai ya ho raha hai toh hum log apna top line ko itna nahi dekhenge aur hum log apna execution pause kar denge. Toh sir aisa nahi hoga ki doosre bhi jo peers competitor hain apne jaise GK ho gaya, Oswal ho gaya, unko ek edge mil jayega us wo cheez mein?

Kyunki government-related apna kaam hai toh usme thoda delay toh bohot obvious hai hona hi hone hi wala hai yeh cheez.

Nahi, aise actually kaisa hai sir, aapko dono jagah pe balance rakhna padta hai. Aapko apni balance sheet ko bhi strength rakhna hai, aapko organization ko bhi dekhna hai, toh dono side mein aapko balance rakhna padta hai.

Competition apni jagah pe hai, wo always rahega, aaj nahi kal bhi rahega aur kal bhi tha. Toh uske liye aapko koi worry karne ka requirement nahi hai, par aapko hamesha do cheezon ki jo Shakti Pumps ne hamesha baat ki hai wo hai ek profitability maintain karne ke liye aur doosra hai apne receivable ko time pe milega ki nahi iski visibility check karne ke liye.

Toh visibility jab tak check nahi hogi jab tak wo kahin na kahin waise decisions aapko milenge. Same profitability ka bhi jo last time pe ek baar decision hua tha ki us raw material ki price jo exceptional high hui thi inflation ki wajah se, toh us wajah se us time pe humne kuch orders ko left kiya tha Haryana mein.

Toh aise exceptional cases aate hain, ek aadh quarter mein kabhi aata hai poore history mein, baaki koi aisa hamara historical trend nahi hai.

Okay. Sir, ek last question tha mera ki abhi samjho last do con-call se ya management ka guidance jo aap ekdum reaffirm bhi kar rahe ho ki nahi management apna yeh guidance achieve kar lega, mota-moti kar lega, toh sir yeh hum log as an investor jaanna chahte hain ki yeh quarter mein itna huge jo revenue apne ko karna hai wo kya possible hai, sir?

Hum apna poora best effort kar rahe hain ki usse close kahin na kahin apne aap ko kar paayein aur poori team usi mein effort kar rahi hai. Ek baar quarter ke numbers aane dete hain.

Okay. Okay.

Thank you, sir.

Thank you.

Hello. Good afternoon, sir.

Thank you so much mera question lene ke liye. Mere bohot saare questions match ho gaye hain, already answer ho chuke hain.

Toh sir, ek mere ko yeh question poochna tha aap se ki jaise aap bol rahe ho ki apna order book nearly do quarter ke liye apna enough hai, iska matlab yeh hai ki hum log ₹1,000 crore plus ka revenue karne wale hain next do quarters mein because that is matlab nearly double of what we've done in last quarter and matlab company's highest ever aap bol rahe ho but highest ever matlab kaafi bada jump hai. Toh apne paas capability hai yeh karne ka, sir, ki apni capacity constraint nahi hai kuch and we'll be able to do a ₹1,000 crore revenue, sir?

Sir, isme yeh jo ₹1,000 crore ka aap calculate kar rahe ho, wo aapki jagah pe aap apna better calculate kar rahe ho, par mera yeh kehna tha ki hamare paas sufficient order book hai for future execution aur sufficient capacity hai for supply of the pump and other products. Usko humne kahin pe bhi yeh nahi bola ki hum ₹1,000 crore ki koi top line karne wale hain, hai na?

Toh isko main thoda sa aapko correct karne ki koshish karunga. Second jo main baat karne ki baat kar raha hoon ki business opportunity sufficient available hai, team poora usi ke liye kaam kar rahi hai aur hum apna sabse best effort kar rahe hain ki jitna bhi maximum hum usko match kar paayein utna hum kar paayein kyunki abhi hum 60% capacity pe hi hain, toh 40% capacity already available hai.

Aur humne pehle bhi jo execution kiya hai us line pe hum apna dekh pa rahe hain ki hum accha execution kar payenge.

Accha, accha. Sir.

Samjha main because apan 20% growth bhi samjhein last year se toh at least apne ko ₹800-900 crores plus karna padega, iske liye main pooch raha tha. Matlab apna aadha quarter chale gaya hai toh apne ko confidence level hai ki matlab we'll be near, main nahi pooch raha aap exact number dijiye, but at least hum log near honge, right?

Apna wo assumption kar sakte hain. Correct, sir?

Usi ke liye main bola ki ek baar quarter ke numbers humko dene dijiye. Hum aapko batayenge hamare acche numbers ki humko lag rahi hai toh hum poori koshish kar rahe hain toh number jab acche aayenge toh hum aapko batayenge bhi na.

Okay. Fair enough, sir.

Fair enough, sir. Sir, mere ko wahi poochna tha ki jaise abhi hum log diversification kar rahe hain and aap bhi bol rahe ho ki jitna KUSUM ke siwaye bhi there is a lot more demand.

Over the next two-three years, sir, apan kya matlab assumption kar sakte hain sirf apna pump division se, EV toh baad mein aayega, toh uske liye sirf apna jo current business hai uska hum log kya growth rate dekh sakte hain, sir? It will be 25% plus because export bhi abhi hum log ke liye bohot khul gaya hai, toh uske liye aapka poochna tha, sir.

Retail business aap sir dekhenge toh dono business mere bhale wo export ho ya retail business apne domestic wala ho, dono 25% se upar grow kar rahe hain aur wo same trajectory humko dikhti hai hum aage bhi maintain kar jayenge kyunki bohot bada market hai, abhi toh hum bohot chhote level pe hi kaam kar pa rahe hain.

Okay. Fair enough, sir.

Sir, ek last question mere end se. Sir, yeh interest cost apna thoda in Q3 bada hua hai.

I assume working capital ke wajah se bada hua hai, but kya yeh hamara naya normal rahega ki interest cost apna nearly I think ₹18 crore jaisa tha I think so. Toh apna kya interest cost thoda elevated hi rahega because working capital thoda extended ho raha hai apna iske liye?

Nahi sir, hamara historical trend aisa raha hai ki March mein humko fund mostly release ho jaata hai, toh hamara working capital ka jo utilization hai wo bhi down hota hai. Haan, interest cost ka jo aapne baat kara toh wo abhi ₹18 crore jo hai wo wapas us line pe aayega, but aage chal ke thoda sa fir plus hoga.

Reason behind yeh hai ki jo humko naye projects laane hain toh uske liye humne kuch toh aap logon se fund liya hua hai aur kuch fund jo hai humko bank se leke aur usko execute karna hai. Wahan par term loans hum kuch plan kar rahe hain jo, toh uska bhi kuch impact finance cost mein aayega hi aayega kyunki jo solar ka plant lagana hai ₹1,200 crore ka jo investment karna hai, usme kareeb ₹400-500 crore ke aas-paas toh minimum debt hum plan karke chal hi rahe hain.

Okay. Aur sir, yeh solar plant kab tak poora khada ho jayega, sir?

Yeh April '27 mein dekh pa rahe hain sir hum isko abhi ki jo expectation humko dikh rahi hai aur jo abhi humne line up kiye hain saari teams ko uske according.

Because sir mere ko yeh sir solar plant ke liye aapko poochna tha industry mein thoda abhi negativity hai ki sab log ko darr hai oversupply ka, toh aapko kya lagta hai ki matlab yeh abhi oversupply ka situation hai iske andar ki kaisa hai, sir?

Particularly agar main DCR ke liye baat karoon toh mujhe koi oversupply abhi nahi dikh raha hai kyunki rate mein waisa kuch correction dikhta nahi hai. Second jo hai main apne plant ke liye baat karoon toh wo yeh hai ki sir hamare paas khud ka in-house demand hai.

Toh in-house jo backward integration hume solar pump aur solar rooftop ke liye chahiye, wo demand ke liye hamare paas yeh sufficient capacity hai aage ke expansion aur jo aage ke growth dikh rahi hai uske hisaab se. Aur yeh humko minimum requirement thi.

Reason behind yeh hai ki humko ek timeline mein kuch bade orders jo hain execute karne padte hain, toh us time hum third party pe dependency thodi kam chahenge.

Okay. Fair enough, sir.

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

Yes, Praveen.

Yes, yes. Am I audible now?

Hi. Hi.

Thanks for the opportunity, sir, again. Sir, ek cheez samajhni thi aap se, yeh aapko order inflow pipeline kaise dikh raha hai, sir, for next couple of months ya immediately jahan pe lag raha hai ki orders possibility hai kaunse state mein?

Aur secondly sir, KUSUM 2 pe aapka kya view hai? Would it be better than the KUSUM 1?

Bas sir, yeh do questions the from my end.

Haan, toh isme dono ko apan separately lete hain. Jaise aapne KUSUM ke liye baat kiya toh jaise maine aapko bataya ki isme budget allocation humko badha hua dikh raha hai, toh humko lagta hai ki acche scale pe ek aana chahiye fir se.

Aur second jo aapne bola other states mein kahan-kahan pe abhi orders dikhte hain, toh other states mein bhi humko jaise sir ne aapko already bataya Maharashtra mein toh already ek tender aa hi chuka hai aur other states bhi plan kar rahe hain, toh let's see jaise-jaise aayega waise-waise aapko hum update karte jayenge.

Okay. Theek hai, sir.

Thank you.

Okay. Thank you.

Sir, am I audible?

Yes, yes.

Sir, mere maximum question toh pooch liye gaye hain. Mujhe bas ek cheez, aap KUSUM 2 ko kab tak aata dekh rahe hain matlab aapka kya apeksha hai ki kab tak aayega?

Aur ek aur question abhi previous participant ne poocha tha ki jo solar plant aapne bola FY27 mein April '27 mein ready ho jayega, toh yeh as a backward integration aapke liye kaam karega toh margin expansion rahega usme? Wo cheez poochna tha.

Haan, bilkul margin ke liye hi kiya hai, jo kiya hai wo isiliye kiya hai. Itna investment bhi isiliye kiya hai, 3% margin badhega hamare total usme.

Aur usse bhi badi baat yeh hai ki hum timely apna supply kar payenge aur doosri baat yeh ki usse hamara export bhi khulega. Humko aaj export mein hamara customer hamare pump ke saath mein hum jo solar pump export karte hain usme wo panel hamara lena chahta hai lekin humko zyada price bhi dena chahta hai lekin hamare paas solar panel hai nahi isliye hum wo usko hum poora nahi dete.

Hamara customer nahi chahte hue bhi doosre logon se panel khareedne ke liye aage jaata hai, number one. Number two, aapne KUSUM ki baat ki.

KUSUM yes, KUSUM aayega, KUSUM aane ki poori sambhavna hai aur isme thoda samay lagega toh ab dekhte hain jaise hi KUSUM aayega information hum stock exchange pe sabse pehle denge.

Aur isme jo ab hamara plant aa raha hai na sir, usme humko ek bada benefit yeh milega ki hamari working capital jo hai us wo thoda sa humko release hote hue dikh rahi hai. Reason behind yeh hai ki abhi humko poori panel ke liye LC backed karna padti hai, deposits dene padte hain, unko raw material laake dena padta hai.

Toh yeh saara jo working capital hamara wahan pe freeze hota hai wo release ho jayega aur yeh hamare existing business ko support karega. Toh humko dikhta hai ki abhi jo hamara iss solar panel ke liye jo working capital abhi blocked hai wo lagbhag 50% release ho jayega kyunki fir humko kewal cell ke liye hi humko wafers ke liye hi only LC wagairah ki requirement aayegi.

Sir. Bohot-bohot dhanyawad, sir.

Thank you.

Thank you.

Thank you very much saare dosto ko fir se. Bohot-bohot dhanyawad.

Thank you.