Good morning, and a very welcome to our Q3 FY26 earnings call. We have with us today Mr.

C. K.

Thakur, our Global CEO; Mr. Ajit Pratap Singh, our CFO; and SGA, who are our IR partners.

We will start today's call with key operational highlights for the quarter and industry outlook by Mr. Thakur, followed by the financial highlights by Ajit, post which we will open the floor for Q&A.

Thank you, and over to you, CKT sir.

Thanks, Sandeep, and a very good morning to all of you. This investor earning call marks my first anniversary over as a Global CEO of Sterling Wilson, and I would like to thank all stakeholders for their continued support in this exciting journey.

I will begin today's call with a quick update on business operations and outlook. The third quarter has been an eventful and exciting time for our business, with company achieving some important milestones, which is expected to have a long-term positive impact on the company's future and operations.

We have been able to deliver on the key order inflows guidance, which is a critical lead indicators of the company's business health. While we had conservatively projected 15% growth in order inflows at the start of this fiscal year, we have already achieved ₹6,929 crore of new orders this fiscal till date.

Of this, ₹3,086 crore of new orders was bagged in the third quarter through four new project wins. We are happy to announce that with the orders already achieved and a few more orders in advanced stage of closure, we are increasing our order inflow guidance to more than ₹11,000 crore in this fiscal, which is more than 60% year-on-year growth in order inflows, and will mark this fiscal as one of the most successful ever in terms of order booking for the company.

We bagged four new orders this quarter, totaling ₹3,086 crore. The first was a gigawatt-scale order from Adani Green for a balance of system package for three solar power projects at one of the world's largest RE projects at Khavda Renewable Energy Park, Gujarat.

This order is valued at approximately ₹1,381 crore. We also took a meaningful step towards deepening our engagements by entering into a multi-year strategic partnership framework agreement with Adani Green Energy Limited.

This framework is intended to support future utility-scale renewables deployment through a structured and enduring engagements model and reflects a growing industry preference for experienced EPC partners that can deliver large repeatable project scopes with speed, consistency, and rigorous risk management. We view this partnership as a strong endorsement of our execution capabilities and operating discipline, as well as a recognition of our increasing relevance in India's next phase of large-format renewable energy development, where scale, reliability, and repeatability will be critical differentiators.

We are confident of delivering the projects within stipulated timelines, which are also we hope will start to showcase our ability to deliver domestic gigawatt-scale projects in a short 12-month time frame or lesser, which we expect will increasingly become the norm for the project in Kutch regions where a huge 100-plus gigawatt-scale PV project pipeline is building up. On the domestic side, there has been two more key project wins in the third quarter, including a 210 megawatt project from a private IPP and a large 790 megawatt-hour battery energy storage project from Serentica.

After the JSW BESS order award last year, the Serentica project win establishes our BESS credentials strongly in the market. In the international market, we continue to make strong inroads in South Africa, where we have bagged our second order win this fiscal with a 240 megawatt turnkey project with nearly $147 million.

This will be the fourth project we will be executing in South Africa, and we have made strong progress with the first two projects in South Africa as well. At this point, it may be worth reiterating that all our post-COVID international projects have been moving along expected lines and profitability, indicating that our strategy to only work as per our terms and risk appetite in the international market is bearing fruit.

On the execution side, we are continuing to scale up and deliver as per expectation. This is evident from our top line, which is up nearly 48% year-on-year and also well ahead of the revenue guidance at the start of the year.

Moving to our unexecuted order value, it currently stands at ₹10,413 crore compared to ₹9,096 crore as of March 26—March 25, and approximately ₹9,287 crore as of last quarter. About 75% of our current order book comprises domestic Indian projects, while the international UOB comprises primarily two projects in Europe, which are in advanced stages of completion, and four projects in South Africa.

A large proportion of new wins is coming from clients with strong balance sheets, projects with clearer land [availability?] .

Our Operations and Maintenance business continues to be a steady and growing annuity stream and has now touched the 10 gigawatt portfolio mark. The O&M portfolio has crossed critical scale, supported both by third-party contracts and the steady commissioning of our own EPC projects.

As more large projects move from construction to operation, we expect this segment to contribute meaningfully to revenue stability and margin resilience over time. Now coming to the industry outlook and how things are shaping up for us in quarter four and beyond.

We have nearly 6, 7 gigawatt of orders that are likely to be bid out this quarter in India alone, and we are fairly confident of making further headway in some of these bids. We also have some interesting projects lining up in the international side, where, as I mentioned earlier, we are beginning to find work aligned with terms that we prefer and find equitable.

I would like to reiterate that we continue to remain patient and carefully evaluate projects in India and overseas. We stay focused in targeting profitable orders.

We did some aggressive biddings in last two quarters on the PSU side, especially from smaller new EPC entrants. Last but not the least, our new order inflow guidance does not capture any potential order inflow from Reliance, where we continue to remain in active dialogue on their large multi-year multi-gigawatt RE rollout.

Those will be over and above our current guidance for this fiscal. For financial year 2027, we are already beginning to see a strong third-party EPC pipeline continue to build and expect the market's bids can surpass over 30 gigawatt.

What gives us greater confidence in the character of our order pipeline, we are increasingly engaging in projects that are part of multi-year capacity rollouts. These programs will typically involve repeatable scopes, standardized engineering, and tight integration with transmission and storage infrastructure, an environment where scale, experience, and process maturity becomes decisive advantages.

Over the past quarters, we have seen a visible shift in how large developers engage with EPC partners, moving away from purely transactional contracts towards longer-horizon engagements framework and deeper operational coordination. This evolution aligns well with our strategic intent to grow through repeatable executions rather than episodic wins.

These developments are structurally significant for EPC players like us. The broader outlook for India's renewable energy sectors remains fundamentally constructive.

Installed capacity continues to rise, costs are tending lower, and ecosystem is deepening across manufacturing, energy storage, and emerging green sectors such as hydrogen and ammonia. As India accelerates its transitions towards renewables, the availability of reliable large-scale battery storage systems is becoming essential for round-the-clock power.

Despite its strategic importance, India's installed BESS capacity is at very nascent stage. As of June 2025, cumulative operational capacity stood at roughly 0.5 gigawatt-hour.

CEA estimates India will need 34.7 gigawatt and above of BESS capacities by the end of financial year 2027. This widening gap between current capacity and future requirements is now driving a significant reallocation of capital across the power value chain, where we hope to play an active role in the coming years.

With this, I'll ask Ajit to take you through the consolidated financial highlights. Thank you very much.

Thank you, CKT sir, and good morning, everyone. Our quarterly performance has continued to pick up pace.

We achieved our highest-ever third-quarter top-line performance since listing, with revenue touching ₹2,092 crore. For the nine-month period, our revenue has grown 48% year-on-year to ₹5,602 crore.

The strong top-line performance is largely attributable to improved execution pace witnessed in our domestic EPC business, aided by improved availability of non-fund-based limits in recent quarters, among other factors. Our unexecuted order book of ₹10,413 crore remains healthy and diversified, providing revenue visibility for the future periods.

Importantly, the nature of the order book continues to improve, with commercial structures that minimize commodity price exposure, accelerate cash flows, and are less demanding on our balance sheet. This reflects our conscious decision to prioritize quality of earnings over aggressive bidding, a principle that remains central to our operating philosophy, as we prefer to chase margin rather than chasing only the top-line growth.

On the gross margin front, our nine-month FY26 gross margin was 10% compared to FY25 gross margin of 10.1%. Third-quarter gross margin of 9.5% has shown improvement both sequentially, where it was 8.9% in previous quarter, and versus same period last year, where it was about 9.4% in quarter three FY25.

Our operational EBITDA, which is operating revenues less recurring overheads, amounted to ₹105 crore this quarter compared to approx ₹90 crore seen in quarter two FY25 last year and ₹62 crore seen in prior quarter. On a nine-month basis, operational EBITDA is up 115% to ₹289 crore from ₹134 crore in same period last year.

The operational EBITDA is a key indicator of how operational leverage can favorably add bottom line as execution scale pick up. Our recurring overheads have remained flat in this quarter at around ₹93 crore and at levels similar to seen in last quarter.

Our non-recurring overheads for this quarter was impacted by an additional charge on the Conti matter towards legal expenses of Conti as a result of the final order which we received in quarter three. That resulted in us having to provide for some additional cost, thereby impacting our reported PBT and PAT.

Now coming to the balance sheet numbers, our debt levels have remained stable during the quarter, with net debt decreasing by approximately ₹4 crore compared to last quarter, and stands at ₹738 crore. Our net working capital has shown improvement at negative ₹407 crore compared to negative ₹279 crore in previous quarter, and we continue to operate in a negative working capital cycle.

We have been able to retain our credit rating during the quarter and continue to make progress on fresh limits on non-fund as well as fund-based requirement. We have cumulative been able to raise fresh funds to the tune of around ₹2,500 crore since the start of this fiscal.

That includes both fund-based as well as non-fund-based limits. With respect to indemnity proceeds, we have received the full amount from Mr.

Khurshed Daruvala, while we are expecting Shapoorji Group payment by January 31st. With this, we can now open the floor to questions and answers.

Hi. Two questions.

The first is, we've scaled up our operations very well, which is congratulations on that, you've got ₹2,000 crore revenue. Obviously the gross margins have not come in very good for the simple reason that if you look at your overall costs have not gone up, but your operating margins overall have not gone up, in fact, have gone down quarter-on-quarter.

What was the reason for that lower in lower gross margins, and how do we see gross margins moving going forward, given that we're working on this kind of open costing model, especially the one we've tied up with Adani? Two, ₹30 crore again we took a additional loss.

I'm guessing now this is completely over. Going forward, do we, are there any other known or unknown risks that lie in the balance sheet like the one we had, and if you can just elaborate a little bit on that?

Thank you. In terms of gross margin, as we have indicated earlier also, we expect a gross margin in the range of 8% to 10%.

The gross margin keeps changing based on the orders we execute, whether it is a turnkey order or it's only BOS, because, in general, in percentage terms, margins are better if the order is only BOS. If it is coupled with the module supply, in terms of margin percentage, the margin comes down a little bit.

On overall basis and absolute number terms, our margins improve. We will continue to maintain the guidance of around 8% to 10% overall margin, and I think we are in the same range.

Coming to the second question on Conti matter, last time when we have given our investor presentation, that time we have received the interim order on the Conti matter, and that interim order had a variable element, which was legal fees of the Conti lawyers, which was to be reimbursed on actual basis. This ₹30 crore is towards that legal fees of Conti lawyers.

We now received the final order, and with that, we believe the Conti matter is over in terms of the impact in our financials. Going forward, most of the legal cases are covered under indemnity.

We don't this was the largest case, Conti case was the largest case which was not covered indemnity, and we don't foresee any large impact in future like Conti in our financials.

I understand that. My question is, are there any small—you said this is the largest one.

Are there any smaller ones that we need to look out for, which could have smaller impacts, no doubt. Are there any If you can just tell us if there is any possibility of anything coming up surprising, because that is what has caused the stock Every other day people don't like these sudden losses, sudden exceptional losses coming up.

Can you just tell us what exactly is there in the even if it's smaller, ₹10 crore, ₹5 crore, whatever, what is the possibility of any loss arising which is not backed up by the erstwhile promoters? There is

at this point in time, no crystallized foreseeable loss which is not covered right now. No,

my question is not the crystallized. I'm saying what is there in the books?

Is there any contingent liability that we need to worry about? What is that about?

No, so, Sameer, basically see, there are two things. One is that some kinds of the non-recurring things coming out of the court cases, and the other part is that if you can foresee some of the losses through operations, right?

If you see the operational losses, I don't see any such eventualities coming in, right? As of now, we don't have any claim from the client.

There is no operational deficiencies, absolutely not, right? I don't foresee any such things to happen again.

On the court side cases, right, we are pretty confident that whatever court cases are pending for the US matters, once it is, we are pretty confident about winning those cases. The court case is a court case, you know that, right?

Then our all experts' opinions, legal experts' opinions, stay confident about winning this cases. All

right. What is the value for that for the sort of which are That's the question.

No, so, court cases are basically all of you are aware that these are all basically the encashment of the bank guarantee, right? Those against that's fraudulent encashment of the bank guarantee, we have moved to the court.

That's it. Otherwise, there is nothing that the client has basically, I know in the process this goes client have some claims, we have some claims, but it's all about basically against the bank guarantee encashment that we have moved to the court.

Our cash outgo at this point in time is around ₹750 crore towards legal cases, which is covered under indemnity.

Okay. Fine.

Thank you. I'll come back in queue.

Thank you.

Yes. This is five years or more framework arrangements, and scope is defined.

Contractual terms and conditions has been agreed between both the parties. If you can successfully complete this project which is in hand, a basis that, since they have a lot of ambitious plans in Khavda regions to go on, we are expecting that at the similar rate or even more than that, we could be getting EPC orders year-on-year basis.

Margins, typically, if you see, it is aligned with the numbers that Ajit has just spoken. It is around, let's say, ₹10 lakh per megawatt peak kind of things, right, which comes to be around 8%, something like this.

This is all aligned as the market, but what is important is that it is all, in the same regions, without any risk of, the modules price going up and down, or transmission lines, or the land issues. You have assured business, right?

With this kind of, the business propositions, we feel that, our stability towards the, the margins and all would continue. Is there a quantum of how many gigawatts you will execute over the period or each year?

This year the first order that we are executing is over 1 gigawatt, and for the value of ₹1,381 crore. They have the huge capacity to add there.

Initially, they were doing their internal EPC. Now they have moved to the third-party EPC.

There are four, five parties. We and L&T are the major players there.

Depending on our performance, which we are, pretty sure about delivering good, we should be expecting, if not more, at least the same gigawatt-level kind of, the operations every year from there. So 1 gigawatt each year is broadly— Minimum.

That's what I say, minimum. Gigawatt and more, right.

Yeah. Okay.

Any further clarity from when Reliance will start for you? No, so, things are seen to be on the ground now.

Their infrastructure development activities are going on. We are expecting that some more traction will take in this quarter, end of this quarter.

Okay. Will you have bandwidth to do both Adani and Reliance at the same time or would you have to rely on any external help here?

I think it's very interesting question. Today we are doing almost 10 gigawatt in the country, right, and overseas.

Every single segment is defined in a manner that particular, operational region is sufficient to deliver that kind of, the goods. While we're talking about Reliance, obviously we have to build up our capacity.

That's how the organization expands. Reliance Adani is a separate setup that has already been defined.

When you are moving to Reliance, then Reliance setup would be different. Everything would be different.

As far as capacity is concerned, no organizations can from the day one say that we are there to handle everything, but gradually you have to improve and you have to keep on building up. That exercise we'll continue doing, but we are confident of delivering this.

Yeah. Understood.

Just lastly, if you can elaborate why Conti was not covered in the indemnity?

Yeah. Most of the cases with customers, those were covered under indemnity when Reliance came as a new strategic investor in our company.

Conti being a case with subcontractor that was not considered during due diligence and negotiation with Reliance when they joined as investor. Okay.

This case also started after Reliance came. It was not before that.

Yeah. Okay.

Understood. That's helpful.

Thank you so much.

Yes, sir. Need to understand, your gross margins during the quarter was above 9%, but despite that, our EBITDA margin on a consol basis is around 3% or maybe slightly better than 3%.

Can you cite is there any one-off in the operational numbers on consol basis also?

As we alluded during our discussion, one Conti matter came that we have shown, and around ₹30 crore is the cost for that. That has impacted our EBITDA margin from our gross margin.

That's what you have shown as a that's what you have shown as a exceptional item, I'm not talking about that. That is been mentioned in the consol numbers.

Even even after excluding that, your EBITDA is somewhere around 65 or 67-odd crores. On a consol basis, so, normally, you indicated that our recurring cost is around 93 crore, so, the numbers are not matching up because still the EBITDA looks little lower, on percentage terms and also on absolute terms.

Any other one-off in the numbers apart from this 30 crore?

No, normal business provision in one of the case in Australia, we have incurred certain expenses on defect liability of the during O&M. Those costs have been accounted for, but those are normal business expenses basically, although one-off, but normal business expense in terms of our O&M cost.

O&M margin that's why came down little bit during the quarter, and that has impacted our EBITDA.

Got it. Sir, next year, excluding let's say Reliance is something that also, we expect maybe sometime in the near future, that is also something which is expected.

Barring Reliance, in FY27, considering our order book is above 10,000 crore, with Adani is also into foray, can we expect 9,000 crore sort of top line in FY27 with at least, 9, 9.5% sort of GP margin and close to 5% EBITDA margin? Is that a right assumption?

In terms of revenue growth, we have guided for the current year around 15% to 20% growth over last year. We are on the same guidance.

For the next year also, we can consider similar kind of growth, 15% to 20% in the revenue, with the gross margin what I indicated during our discussion. So—

Got it. Sir, just on the interest cost part, during the quarter also on the consol basis interest costs have shot up to almost 45 or 47 crores.

Any broader reasons for that shoot-up and how do we see interest cost panning out into FY27, because our debt is more or less stable and we are almost a negative working capital company? Just some highlights on that will be really helpful.

During, if you remember, during last discussion, we have disclosed that we have obtained the loan from IREDA that was disbursed in September 2025, that was for ₹500 crore. Interest expense of that loan for the came during this quarter for full quarter, and that has increased overall interest expense.

Plus, during the current quarter, we have also taken another loan from an NBFC for ₹100 crore. These put together basically ₹600 crore addition in our gross debt, that has increased the interest expenses.

With the repayment of the these loans majorly in the next year, FY27, we expect the interest cost to come down sequentially.

Okay. Can we expect the run rate to be around 30, 30-odd crore per quarter basis on FY27?

It will change. First quarter will be high, and then gradually it will come down until fourth quarter.

By Q4, interest cost would be highest because we'll have ₹500 crore impact of IREDA loan plus ₹100 crore what you've taken recently. Q4 interest would be the highest one, and then gradually it will come down.

We can expect around ₹35, ₹40 crore per quarter on an average basis.

Got it. Sir.

All the very best, sir. Thank you very much.

Thank you.

Thank you.

Good morning, sir. Congratulations on the good set of numbers.

My simple question. In terms of revenue visibility, we are doing a lot many things and it is shown in numbers.

Again, the same is not reflecting in the bottom line. That is the main concern over the last, I would say, seven, eight quarters that we have a very lumpy kind of bottom line due to some event or the other.

When we can see a stabilized number going by which quarter or which year we would be able to see the stabilized number that, yeah, these are our gross margins, and we have so much lumpiness in the EBITDA margin. Any stability in kind of numbers as an investor?

Because it's pretty difficult. In every quarter, we don't see any improvement on the bottom-line side.

Just want to understand what is the way forward?

One of the unforeseen issue was this Conti legal case, which we were hopeful to win, but ultimately we lost, and that has resulted in an exceptional loss during the last quarter as well as this quarter for around ₹30 crore. This quarter, we got the impact.

With this, looks like most of these exceptional and unforeseen things are resolved. Now in terms of cost also, we are in the process of rationalizing the cost and overhead.

We expect in future the EBITDA margins to be in the range of 5% plus, and gross margin, as I indicated, 8% to 10%. That's what we can guide at this point in time.

By when we can see that stability? From the Q4 or from the next financial year?

That's right. Yeah.

From Q4, you're saying?

Q4 Q4 Q4 onwards. Yeah.

One more thing. Any color on this Nigeria project?

Do we have any discussion going on or still now it is not there, or?

Which?

Nigeria.

Nigeria is still on. I'll not say, now what has happened is that basically the Ministry of Finance has taken over the SPV operations, right?

They say that now this project is to be redone under SPV. The project is still on, but their internal discussions, it has moved from [NSDP?]

to MOF, Ministry of Finance. At this stage, I can only say that still things are going on.

Okay. In your order win, you have one order win for the battery energy BESS thing.

Can you quantify that thing? How big that order is, and what kind of things are lined up in the battery energy storage system vertical?

This order is for about 790 megawatt-hour. Although the battery supply is free-issue item from the client, but the rest of the integration is with us.

On the risk part, if you say, in a way, this is better, right? Value is less, but then at least the battery risk is not there.

Recently, you must have seen the battery prices are again going up and all. After the JSW orders last year, this is the first large-size BESS orders that we have got.

What kind of margins we expect in this BESS project?

Margin, yeah, margin would be in the same range for, all the EPC works, I say, whether it is the BOS project or BOS with except for the BOS with modules, the margin slightly goes down, but for all such BESS projects and all, the margin remains same, 8% to 10%. Here also it is more than 10% only.

Sir, value-wise, what did you say? in terms of value-wise, BESS project?

I missed it,

actually. This value is around ₹170 crore.

₹170 crore, sorry. Yeah.

Got it, sir. That's it from my side, and wish you all the very best.

Thank you.

Hi. Good morning.

Congratulations on a good set of numbers and revenue growing pretty well. I had two questions.

One, actually, you had alluded to a previous caller earlier where you spoke about the O&M margin. If you could give us a sense on when do you think these would kind of come back to where they were?

If I were to see in December '24, your margins were close to 25%, and today you're at approximately 3%. I understand there are one-offs that are there, but do you at any point of time see these margins coming back, or will they be lower?

That's question number one. Question number two, sir, you also spoke about the Adani orders at roughly 1 gigawatt a year.

What would that translate in value terms, and any indication or color on what would be the order booking next year, sir? That's it from my end.

Thank you.

I'll take second question first, right? On the Adani order side, the value of the order for 1 gigawatt over 1 gigawatt is around ₹1,381 crore, right, ₹1,381 crore.

Got it.

This is pretty aligned with the normal market orders that we get from the various clients, some of the PSU and in the IPP, a better, in fact, we'll say. As I have told just now that this is a long-term framework agreements, based on our performance in this project, we'll keep on getting this kind of the megawatt-level orders or even more.

With this, I think you see how the India RE progressing. This last year has been around 62 gigawatt of the tendering.

More, part of them the contract signing to have to has to happen between the implementing agencies and the developers. With this, this pace has to continue.

With then the other energy transition element, the hydrogen and the BESS and the other things coming up.

The requirement of solar for sure is going up only. What was the seen this year, let's say around 40 gigawatt plus will be achieving.

I'm expecting the similar, traction will happen in next few years to come again, right? Whatever order guidance that we have given now, right, so, around this level orders for sure would be coming.

That's what I believe. Right.

Yeah. Got it, sir.

In case of O&M margin, you are right, we have consistently given 20% to 25% O&M margin, and that's what we delivered also in the past. During this quarter, our O&M margin were around 18%, and there is little bit dip in terms of O&M margin because of one-off expense we have incurred in a defect liability in one of the international location.

That has reduced our O&M margin for the quarter a little bit, but otherwise we continue to maintain the guidance of 20% to 24%, 25% in the times to come.

Got it, sir. Because if you see for even last quarter, the September quarter, I'm just seeing your consolidated numbers, the segment, your O&M top line was about ₹63 crore and your O&M EBIT was about ₹9.5 crore.

That's about 15%. I'm just trying to understand, sir, if O&M okay, if it remains at about 60-odd crore as the top line, will your margin come back to the 10, 12 crore number or is the new normal about 8, 9 crore?

No, basically see, our business model remains same, with some kind of risk that we are taking for O&M project, which is operational risk. That means we have to maintain the performance ratio, we have to maintain the availability, right?

That is that comes in our scope. We maintain sufficient inventory of the spares, and the planned operation and maintenance practices are strictly followed with our SOPs and all.

Now in this particular quarters, in one of the Australian projects basically, the panel which normally doesn't fail, right, normally such equipments are never supposed to fail, we have, hardly rarely you will see. Somehow this panel, I don't know because of what reasons, but then it's under still under the due diligence, but then the this panel failed.

Although we took a lot of actions to air freight the panels to ensure that the downtime becomes less and all, but despite all the actions, there were unavailability for a few days, right, for a few days. The generation lost during that day because of unavailability of one of the panels has really caused the, penalty to be incurred, and that's the reason that this quarters has gone down.

Otherwise, if you see over the several quarters or, historically, our our margin in O&M remains same. This one one kind of event does not mean that it is cyclic, and then again in the next quarters we were going to get a hit also.

No. The margin will continue in the range that we have been getting from the O&M business.

Got it, sir. Sir.

Thanks, sir. Thank you so much, sir.

Thank you. Thanks, Danish.

Hi. Good morning, sir, and thank you for taking my question.

First question is this recent export rebate which was taken off by China on the module prices, do you see that impacting any of our projects, especially in the turnkey where module we have to supply? I'm assuming the prices of module will go up because of this.

It's a very good question. Fortunately, see, it has happened in the past also several times that because of the cell price, the modules prices have fluctuated one or two times, and industry has suffered because of this.

Fortunately for us, the orders that we have with modules, all the orders have been, tied up. One project where we are eleven we can discuss, this order is yet to come, and this will give us some time for us to take a decisions, and by that time, I'm expecting that the market would be again stabilized.

Of course, yeah, your apprehension is right. Maybe there would be some slowdown on to the developmental parts, but I think again it will recoup and it will happen, because market force is such a big force that nobody can afford to basically slow down to the extent that we are expecting.

Then particularly for Indian market, on the DCR components, even if, the wafers for some more time will be coming from China, but then domestic market is gearing up. Next few months of time, I'm expecting that all the domestic market, Indian market, will be immune from that kind of fluctuations, in my opinion, right?

Then, this is the dynamics, but we have to keep watching, and all. Then we are not affected.

We are not affected for any of our orders.

Right. India anyways we are doing BOS largely, except I think one EPC order.

There anyways there is less in impact, but in all these South African orders and all, in the past also, we had tied up all these modules and then the module prices went up and they backtracked on their contract. That is the apprehension that I'm coming at.

No, basically you're right. Earlier used to take the, the module risk from the date of submission of the bids and all.

Now the caution that we have taken is that the module price is to the customer's account till the date the NTP is given to us, right? Once the NTP is given, that means any fluctuations in the module price is to the client scopes.

After that, there is hardly any risk. Once the NTP is given and that price is taken care of, that means we are onto the current market level, and it does never happen that every single day the module prices is going up.

We have three, four months time of window, and during this time, we ensure that the module supplies are happening. Wherever we have suffered in the past from the from our experience, if you see for international projects, they are all basically the price were agreed some years before, and then during the course of execution, the prices have gone up, and then we have no contractual protection.

Now every single contract that we are signing, the contract has protection that the client has to take responsibility till NTP date. Post NTP, we generally tie up with the suppliers without further delays.

Got it. In the—

Okay.

No, see, our business model now is basically so we are getting from three, four verticals. One is the international orders that we're talking about.

In domestic markets, we are now in a framework with Adani, which can give you a better stability in terms of order inflow. Then we are expecting Reliance to start with, that will give us the better stability.

In terms of overall India level if you can say, then you're right. Out of the 60 gigawatt that was tendered out, around 40 gigawatt kind of the contract yet to be signed.

That means the PPA adoption issues and some other issues, the land acquisitions or maybe there are so many policy-related issues. I'm sure that all those orders, with a delay, but then soon these are all going to be sorted out.

It will be, the pending for last. Otherwise, the Government of India programs for achievement of the 500 gigawatt would be, under trouble.

Industry is watching, and historically if you see, this is for the first time that such a large gigawatt level of PPA signing is pending, and there has been hue and cry, and then the people are pushing trying to solve it as early as possible. Yeah.

Correct. Taking that module pricing question forward, I did not clearly understand how does that module price changes in the module prices affect the international orders?

Because even if we are transferring the module even if we are making on a BOS basis, the cell prices the rebate has been canceled on cells and wafers too, correct? Yes.

No, if you see in the value chain, the wafer price is basically smaller than the cell price, correct? Now the large manufacturers in India, when after 1st September 2025, when the DCR components, any bids which are going to out from after 1st September '25, necessarily have to follow the ALMM-C, which is, the domestic modules.

Now under this scheme, today we are at cell manufacturing capacity around 125 gigawatt, right? It is expected that the module manufacturing, and the cell would be around 60 gigawatt, something like this, right?

In the value chain, the wafer cell is also coming up. I'm expecting that even at least for the large players like, Adani, Reliance, the Waaree, Vikram, with all those the domestic capacity would be sufficient to cater to the requirement of Indian market.

Indian market is around 40 gigawatt a year, and that much capacity is already demonstrated. It's now since it's going out and all those kind of things, but once the ALMM-C condition is imposed, the domestic requirement is to be fulfilled first.

I don't foresee any reasons that with all those things coming up and the new pricing mechanism would be evolved when everything would be on the DCR, then it is part of the contract. Then maybe the tariff will also go higher kind of things.

Until this year, we are in— Yeah. Do we expect LCOEs to inch up in that case?

Hello, sir. Hi.

[unclear]

Your voice is not clear. If you can repeat the question, please.

We are sorry. We could not hear you properly.

Your voice is cracked. Am I audible now?

Slightly better. You can just, yeah.

Yeah. My question is, the bid pipeline stands at around 8.4 gigawatts versus the last quarter bid pipeline of 25.4 gigawatts, and we have received around orders of around say ₹3,000 crores in this quarter.

What gives us this confidence 25.4 gigawatts, you will be able to win around ₹4,000 crore worth of the orders? One.

How much of this inflow is accounted for Adani also? All right,

okay, sir. No, I think it's a good question.

Basically, we are already L1 in one of the very important PSU for the large-size project, right? Then we are at the advanced stage of closing few orders with the private IPPs, also international.

With all those things, we are pretty confident that we'll be crossing or we'll be achieving this ₹4,000 crore mark.

Okay. Can you just throw some light on South Africa project?

How are the margin there? Because we are moving towards our international order book and shifting from the domestic focus which we had in the recent couple of years.

No, we are not shifting our focus from domestic to international. As you have told that in my the investors' speech also, we're very carefully evaluating the project outside domestic market, and those projects which are at better margin and the terms and conditions are conducive to our requirement, those projects only we are taking, right?

We are not just for the sake of increasing our share going to market again. What is the forex risk?

No, this is all the contract is in dollar, no? Hence there is no forex risk.

Your payment would be done in dollar.

Okay. Any guidance for the next year?

I think with this rate only we'll keep on increasing. See, now two to three to four projects we are getting every year.

At least you can say this year we have two, another years also we'll target two, three. We'll go conservatively.

We'll not go for any number of projects that we want to pick up. We'll go for the projects only those are good for us.

All the ongoing projects internationally, we are just towards completion only. Those four projects, two in South Africa, one in Spain, and one in Greece, these are likely to be completed in next three, four months.

These two new orders will give us some momentum to continue business internationally, and in terms of guidance, we can say around 15%, 20% of our overall revenue or order book would be international. Otherwise, our focus primarily would be domestic market.

Sure.

Good morning, sir, and thank you for this opportunity. Am I audible, sir?

Your voice also cracking, not very clear, but, yeah, you can speak. Let's try.

Am I clearer sir now?

It's better now.

Yeah. Sir, the recurring overheads are approx 93 crore in this Q3.

What is the steady-state quarterly overheads run rate as the business scales, and what is operating leverage roadmap?

We are in the process of rationalizing our cost though, but on a conservative basis, we can consider the similar kind of run rate to go ahead.

Approx 100 crore every quarter?

Around 90.

Okay. Thank you, sir.

Thank you for the opportunity. Sir, I have a couple of questions.

Regarding the consolidated segment performance, you can see that the operational O&M margin has come down substantially in this quarter. Does it have got something to do with the gross margin?

Because if the gross margin has not improved substantially, but the EPC margin has improved. Does it have something to do with the gross margin?

That is my question first question. Regarding the interest cost and also the overhead cost, interest cost you mentioned that the interest cost has gone up due to the additional loans you have taken in this quarter, and also probably this quarter will be remain elevated this cost, and also the legal expenses you're saying that a lot of cases has been resolved.

Do we see that the legal expenses will go down, and also we see the other expenses which is around 66 crore in this quarter consolidated level will go down in the coming quarters? That is my second question.

The last question about this, this the tax outflow is very low in this quarter. Probably the reason could be the, the you can highlight what are the reason for this.

The guidance of the extraordinary expenses in the P&L, and what are the projects which are running the legal cases which have come after the Reliance taken the stake in the company?

Thank you. Sure.

We'll try to answer as many as possible. In terms of O&M expenses or margin, as Mr.

C. K.

Thakur has also spoken, in one of the case in Australia, we had to incur certain expenses because that project was under defect liability period, and that has resulted in additional cost being booked under O&M, and that reduced our margin. Our gross margin in O&M for the quarter was around 18% as against our normal margin, which remains in the range of 20% to 24%.

That has ultimately resulted in our reduction in O&M margin. That's one.

In terms of interest cost, as I mentioned, we have taken ₹500 crore loan in last quarter, September end, and this current quarter, we have taken around ₹100 crore. Interest cost would remain elevated during this quarter as well, Q4, and then it will start coming down from Q1 of FY27 onwards.

In terms of tax, tax expenses are low because we have booked exceptional expense during the last quarter as we lost case in Conti, and that has resulted in our PAT being negative on consol basis as well as on standalone basis, and we got that benefit. That our standalone tax profit has come down.

Basically, it is negative, and there won't be any tax obligation on my standalone balance sheet going forward for in this current quarter also and some of the future quarters as well till that time we set off the entire losses. That has resulted in our tax expense getting reduced in the quarter.

Okay. Sir, can you predict the guidance on

this is related to this, related to that. What is the guidance on the sales and gross margin for this year?

Sales,

for the current year, we have given a guidance of 15% to 20% growth over last year, and we continue to maintain the same. In terms of gross margin for the full year, it would be in the range of 8% to 10%, and going forward also, we continue to maintain the same guidance.

Okay. Thank you.

Hello. Am I audible,

sir? Aniket, you are.

Yeah. Sir, first of all, congratulations on the good set of numbers.

I just wanted a clarification. You have mentioned the 15%, 20% growth over the FY25 or the quarter-on-quarter

basis? FY25, for the full year, 15% to 20% growth, yeah.

Okay. What is the current order book in hand, outstanding order book?

At this point in time, 31st December was ₹10,000 crore plus order book plus another ₹4,000 crore orders are in the final stage of negotiations, which we can expect during Q4.

All right. You are expecting the same margin—

Sure, sure.

Hi. Thank you, sir.

My question was more on the import. Do you see any decline in the non-DCR module prices?

Decline in the non-DCR module prices. Yes, we are expecting, if you see, around six months before, DCR module prices were quoted at around ₹18 per megawatt peak, 18 to 19, but then it came to 17.

Suddenly, this wafer prices, cell prices has gone up slightly. Therefore, some wafer also will go up.

For one, two months, I can see some turbulence. I'm not sure that how much it will impact, right, but then some turbulence would be there for next couple of months.

Going forward, then if the Indian capacities, all the developers are reaching to that level of the capacity building up that they have promised, I'm sure that this will not impact the market at large then, right?

Understood. Non-DCR this is you're talking about, right?

No, DCR I told about, right. I told for DCR.

You're asking for DCR only, right?

Non-DCR I'm talking about.

No, no, non-DCR, yes, for non-DCR, sure, the market is under fluctuations for couple of months, and everybody's watching. Let's see, because of, the subsidy that the Chinese government were giving to their manufactures that have been withdrawn, some so with all those kind of things, and suddenly the market has gone up.

So $0.015 to $0.02, this has to be stabilized. You have to keep watching.

Understood, sir. Thank you.

Hello. Hello.

Hi. You are.

Congratulations on the good numbers. Hope the bottom line will follow soon.

My first question is that you just mentioned that tax offsetting clause, something like that, you have legitimately not to pay that tax going forward for some quarters. Can you please explain it?

Sure, sir. Our standalone profit, because of the Conti case which we lost and we took a hit, our in terms of tax profit, we are tax negative.

Basically, we have accumulated tax losses, which can be set off over some future periods of profit. That's why on our standalone financials, now we are not getting any tax impact.

Can I presume that this losses which we have occurred will be taken care of in form of taxes going forward?

We got the tax benefit because of the loss, you can say that.

Second thing, sir, what sort of margins can we expect from this Reliance New Energy project? Gross margin and net margin?

At this stage, it's too premature basically to talk about this. It will come up.

Once I think soon this traction has to happen, then we'll give you the guidance on this.

Can we see something by quarter one in this regard?

For sure. We are expecting that the things to start now in this quarter end or maybe quarter first quarter.

The momentum has already gained, once it is concluded, then we will come back to you.

Thank you, sir. All the best.

Thank you.

Thank you, everyone. Thank you.

Thanks, everyone. Thanks for the support.