Thank you, and good morning, everyone. Let me begin with an update on our business, operations, and outlook.

The most significant milestone of the quarter has been on the international front. In June this financial year, we received a letter of award for our 50-50 joint venture with Hassan Allam Construction, one of the leading construction company in Egypt and the wider MENA regions, for the West Minya solar power project in the Minya governorate of Egypt.

This is a landmark mandate: a 1,000 MW AC solar PV plant integrated with 600 MWh battery energy storage system, valued at approximately $560 million. Once completed, it will rank among Egypt's largest utility-scale renewables development.

For us, it marks the third gigawatt-scale order win in the space of nine months, a clear signal both of the rising ticket size of the projects and of the confidence that marquee developers place in our ability to execute complex storage-integrated solar at scale. The joint venture will undertake the full engineering, procurement, and construction scope, spanning the photovoltaic general facilities, the battery storage infrastructures, grid connection, transmission works, and all associated balance of the plant.

With this order win, we concluded Q1 FY '27 with highest-ever UOV of INR 13,000 crore, driving strong visibility for revenue growth for forthcoming quarters. At this point, I would like to draw your attention to the fact that current UOV comprises six turnkey projects, three each in India and international markets, which are yet to commence execution.

The total value of these six projects is approximately INR 9,000 crore. These orders were won during the second half of financial year '26 and Q1 FY '27.

We expect these orders to start contributing more meaningfully during the second half of the fiscal year. Since these are the large projects, we also expect the working capital cycle of the company to significantly improve as the customer advances for these large projects start flowing through.

Moving to the market outlook, the domestic solar EPC market remained a bit slow for a second consecutive quarters due to geopolitical tensions, volatile commodities prices, and high domestic module prices, which deferred new project awards. Activity on battery storage market has been increasing exponentially, with both standalone BESS projects getting awarded and hybrid solar projects with battery storage.

We believe there is significant significantly large market. We remain patient to get profitable orders out of this.

We continue to remain patient and are only pursuing margin-accretive projects. The bid pipeline continues to remain extremely robust at 27.7 GW, of which almost 90% is in India-focused.

The current bid pipeline is purely focused on the solar PV market and also the BESS projects, which is another large opportunities in itself. In value terms, we expect the BESS market ordering activities to be almost equal to the size to the PV market.

We anticipate ordering activity to pick up from this quarter in the domestic market, and we are confident of maintaining our market share, which in our view should enable us to deliver 10% to 15% growth in revenue this fiscal despite the high base of financial year '26. On the international market outlook, we continue to remain very optimistic on the Africa and Middle East markets and certain geographies in Europe.

We currently have three ongoing projects in Africa and Middle East, which should commence execution during this quarter. In all our international projects, we continue to judiciously evaluate the risk and rewards and are mindful of not being exposed to the commodities prices and equipment price increase risk.

As I have indicated in previous calls, all international solar projects undertaken thus far have been completed successfully within the projected margins. Moving to the operations and maintenance segments, we have now achieved a record 18.3 GW peak of peak capacities under operations.

We anticipate this full portfolio to start contributing fully from third quarter to this fiscal year. The O&M business provides us a steady annuity stream and good gross and EBITDA margin due to a very low overheads.

Our engagement with the Reliance Group continues to be deeper. As you have seen, the Reliance Group articulated at its recent annual general body meeting an ambition to build one of the world's largest integrated renewable energy hubs in the Kutch region of Gujarat, a development spread across 5.5 lakh acres, designed to deliver round-the-clock power at gigawatt scale by integrating solar generation with battery storage and targeted to generate in excess of 40 billion units annually, equivalent to close to 3% of India's current power demand.

The Reliance Group has already commissioned its integrated new energy manufacturing ecosystems, and the first phase of its 40 GWh battery gigafactory is on track for commissioning this year with a stated pathway to 120 GWh. We are working very closely with Reliance Group on technical configurations and execution readiness.

While the timing and quantum of specific orders will necessarily follow their rollout schedule, we are we remain confident of becoming a large share share-holders of Reliance initiative. I want to close my remarks with a point of philosophy, because in this business, the discipline that matters is not merely winning orders, but executing projects without negative surprises.

We continue to protect ourselves through back-to-back pricing arrangements with our supply chain. We remain deliberately selective, staying away from the mandates that carry land, major right-of-way, or resource risk outside our control.

We run the business, as we always have, on the negative working capital model. That conservatism is in our considered view precisely what was what will separate the durable players from the rest as the cycle matures.

With that, I'll hand over to Ajit to take you through the financials of the company.

Thank you, CKD, sir, and very good morning, everyone. I am pleased to report a significant milestone in our unexecuted order value, exceeding INR 13,000 crore, which is a first in the company's operating history post-COVID era, on the back of strong order inflows.

While our first-quarter performance may not be very exciting from a top-line perspective, the unexecuted order value and expected execution timelines give us confidence to close this fiscal year with around 10% to 15% growth in overall top-line. This implies a strong pickup in top-line growth in the forthcoming quarters.

For Q1 FY '27, our revenue came in at INR 1,590 crore, and it was lower both sequentially and year-on-year due to lower rate of execution primarily in the international EPC segment, due to fag end of completion of four of our international projects in South Africa, Spain, and Italy. We were mindful in new international business due to earlier challenges faced in international market.

Now, with this success story of four successful international projects, we have bagged three three new projects, two in South Africa and one in Egypt, where the execution and revenue flow is likely to start soon. As CKD alluded during his opening remarks, a significant proportion of our UOV is yet to commence execution, post which our top-line growth is also expected to pick up.

A bright spot in our Q1 results was the performance of O&M segment, where the top-line grew around 40% year-on-year due to the significant increase in O&M portfolio size. We expect continued improvement in O&M top-line as the complete portfolio is yet to contribute fully.

We anticipate full contribution of 18.3 GW to commence from Q3 FY '27 onwards. On the gross margin front, our Q1 FY '27 gross margins were around 9.9% compared to 10.5% in FY '26.

We expect the EPC gross margin to range between 8% to 10%, depending on the project mix of turnkey and BOS. On the O&M side, we expect gross margins to stabilize at around 20% level.

Our operational EBITDA, which is operating revenues less recurring overheads, amounted to INR 78 crore this quarter, and the operational EBITDA margin was around 4.9%. Our reported quarterly EBITDA was also positively impacted by forex gains and amounted to INR 96 crore.

Our Q1 PAT grew 36% year-on-year to INR 53 crore, aided by lower effective taxation rates. Now, coming to the balance sheet, our net debt levels have remained largely stable this quarter.

Our gross borrowings declined by approximately INR 130 crore this quarter due to scheduled repayments of term loans. Our net working capital was at negative INR 260 crore, compared to negative INR 329 crore in previous quarter.

As CKD mentioned earlier, with the improved collections from the new large projects, we anticipate the working capital cycle to continue to improve. We continue to make good progress on fresh limits on non-fund- and fund-based requirement.

We have cumulatively been able to obtain fresh credit lines to the tune of more than 3,200 crore to aid the growth momentum in the business. With this, we can now open the floor to questions and answers.

Hi, sir. Now, despite the order inflow momentum being strong, still the revenue is declined 10% YoY, and we've not been able to achieve the targeted 20 to 25 billion run rate for revenues on a quarterly basis.

Could you just explain what happened during the quarter? Versus the last quarter guidance of 15% growth for FY '27, now you're mentioning about 10% to 15%.

Is there some bit of miss that you're seeing in terms of execution?

We have given the guidance of growth of, I'd say roughly, 2 billion quarter-on-quarter basis or 2.5 billion quarter-on-quarter basis. The assumption was that revenue would be coming from the projects in hand and the new orders where we were announced L1 in Q3 and Q4.

The NTP dates or LOA for these projects were delayed for the specific reasons, and the contributions from those new orders could not add to this quarter's revenue streams. Also, the UOV from the existing orders that we had, all those projects were during the advanced stage of the execution, and most of the supplies were taken into the previous quarters.

We were expecting that the revenue contribution from the new orders will come initially through the supply from here, and therefore our assumptions was absolutely on the right track, and you could have got it. Unfortunately, all new orders launch were delayed, and therefore, this is the seasonal phenomena that the revenue has dipped.

The subsequent quarters, we don't anticipate, maybe the second quarters also would see the slight slow, but then third and second half of the years could be definitely very bright.

Understood. Also, secondly, with this mega order from Egypt, could you just explain the lifecycle of this particular project and when will the execution start?

Yeah. That's the landmark project for us, and the project is for 13 to 15 months time after NTP, the two months LNTP periods, and the NTP of this project we are expecting in September.

With this September NTP, we are expecting that the revenue contribution from this project will add to the last quarter of this financial year.

Understood. Just last bit on the orders from Adani or potential parent orders or the Egypt one, none of the company-specific banking limits would be used for these three projects, right?

No, yeah. For this Egypt order, there could be part amount which we'll use from existing credit lines, and partly we can get the new credit lines for project-specific requirement.

For Adani, there is no specific requirement for using credit lines because supplies are primarily from their side, so, and from parent company, we have still not closed the terms, would be speculative if we say anything in terms of requirement of credit lines, but broadly we anticipate that there may not be requirement of using any credit lines.

Understood. This is helpful, sir.

Thanks a lot.

Hi, sir. How much of our 13,000 crore UOV is exposed to say the ALMM List-II cell?

With domestic cell being at around 130%-160% premium and a six-month certification backlog, what is the risk of that our execution ramp slips off into say the next few quarters?

Basically the Coal India orders that we announced last time, where we are L1, the NTP or LOA still we are expecting, this is a turnkey project. Here, and you know that as per the policy guidelines, any project which were bidded after 1st September 2026, they are all under the DCR category.

The Coal India orders is one that is under DCR category. Interestingly, we have already locked the price, the price at which we have submitted our bids.

Despite the fact that the market is not stabilized, the DCR market, there are a lot of speculations all around, but the Coal India would be large first orders, where the DCR modules demonstration will come. Fortunately, we have locked the price, and we don't anticipate any impact onto the module price increase because of the market upsurge.

Understood, sir. Just a follow-up for that.

For future orders and tenders that we will bid, the DCR cost tariff shock, will it break any project IRRs for you guys?

Not really. Not really.

I'll say that as we have given the guidelines that it depends on the mix of the orders that we are getting. Whether full turnkey or BOS, some seasonal impact in one or one quarters could happen, but overall, at the end of the year, if you see, then our margins will remain in basically 8% to 10%.

For BESS, it has its own, say, localization pressure. How exposed is your BESS margin to the duty charges on the imported cells?

No, no,

I could not really get your questions. Can you come back again, please?

The BESS projects have their own localization pressure in terms of the cells that are currently being imported. Just wanted to understand how exposed is our BESS project IRR or the orders say on the duty charges which are put on the imported cells?

What kind of margin do we expect from that segment if any, say, regulations come into place?

Absolutely. I got it.

This is basically you are talking about the BESS projects. Basically, we are currently executing one BESS project, which is the BESS supply is not in our scope, which is being supplied by the client free of cost.

There is no impact of such regulatory changes and all. We are doing only BESS project.

In futures, if the BESS projects comes with the turnkey orders, including the BESS supply in our scope, whatever price we will considers, kilowatt-hour price, we will consider the current market scenarios and all. As of now, in the existing orders, we are not exposed to any such risk.

Okay. Thank you so much.

Sir, are we going to work on any kind of projects over the sea in this financial year or any orders coming up for that? Secondly, sir, did you say that the second quarter will be also slow because of revenue not being recognized and execution being slow?

The first question is your over the sea. Floating, are you talking about the floating solar plant?

Great.

No, so you are

You may be aware that, we are doing one of the India's largest floating plants with NTPC and DVC joint venture as a client in their one of the biggest dam in Tilaiya, Jharkhand. After that, there was one more tender in the market that we lost to somebody, maybe KPTL in Gujarat through SECI.

This quarters, there are a few tenders which are coming, right, and there's large size, including again the NTPC, DVC's ventures and plus the some of the state governments. Having executed one large projects, we are well positioned to participate in these tenders, and we are expecting, yes, some of the, some portions of the orders definitely will come to us.

Second question, that you have the the revenue in the second quarters. Yes, what I said that in second quarters, there will be two factors.

One that the new orders that I have mentioned, even if it I'm expecting the LOI LOA to come in this quarter, this, yeah, this quarters, but then their revenue realizations will happen in subsequent quarters only. On the existing UOV in the hands, to that extent, it will be impacted, and plus the rainy seasons, the monsoons, right.

That also will slightly attend. Nevertheless, the the number that we have achieved in this quarters, I'm confident of achieving, in the similar range for the next quarter as well.

Quarter 3 and quarter 4 would be definitely be very, very high because by that time, all the new orders will come into the execution stage, and I am expecting that the significant contributions from those orders will come to the revenue.

Just to add, what are the efforts that we are making to reduce the central office expenses and the overall fixed costs that we are having? Secondly, sir, is there any way that we can mitigate the risks of this international order that we have also got?

What was the first? No,

the first part of the question again I just missed. Fixed costs, you told,

right? Fixed costs particularly our central office expenses, because that is what

No, got it. Yeah.

No, with all these order increase, see, whatever manpower strengths and the other things are augmented to take up this kind of the new orders, they are all costed into the project. Miniscule augmentations happens at the head office.

If you see our manpower strength and other things, so, and the number also, this quarter's overhead is also lesser than the last quarter, in fact. We are pretty well onto the managing the overhead at the company levels.

On the international side, the risk, I don't foresee, because all the market surge and everything, and few of the items which we believe that would be getting impacted were all tied up back-to-back. Having executed the four projects in international market, as we have been telling in the previous calls also, the team is well positioned to understand the market risk before times and position themselves to take care of all those.

Both the projects in Africa, in Europe, successfully we have completed within the prescribed limits and above or you can say above the targeted margins. We're pretty confident that there should not be any miss on the new projects that has come to us now.

Sir, what is the hit rate in this quarter for us out of total amount of projects that have already been bidded out in India? How much have we won, and what is the kind of bid pipeline we see for the coming year in India in terms of INR crore?

Unfortunately, this quarter, we were expecting that the order in the tune of over 20,000 crore could have been finalized, right, but those were the spillover order from the Q4. Unfortunately, the total orders that were concluded was only 6,400 crore, including both the PSU and the IPP.

Some of the new entrants have gone aggressive, and we remain patient to see the profitable orders. Since we had already very great visibility of the revenue streams out of the new orders that we got and the UOV that we had from the existing one, we definitely have not gone that aggressive.

That's basically we decided not to go that aggressive. Since these two quarters have been sluggish, the projects that have been announced in the quarter 3 and the project that I'm anticipating to be announced in quarter 4, overall value if you say that still I can clearly see that the order worth of around 45,000 to 50,000 crore, right.

Let's say around 35 GW orders on the 25 GW only the utility scale and around 35 GWh on the BESS side. Those kind of orders pipelines is clearly seen.

I'm expecting that this quarters and the next quarters, our shortfall will be definitely catching up. There is a huge pipeline, significant orders is seen, and we are anticipating our share to remain intact.

Thank you very much for answering my questions so well, sir. Thank you.

Thank you.

Hi. Thanks for taking my question.

My question is now that you have already reduced the top-line guidance from more than 15% to 10% to 15%, and you are also alluding to the fact that second quarter, of course because of monsoon and other factors, is also going to be as slow as the first one. That means that your execution in H2 will need to be greater than maybe 2,600, 2,700 crore or maybe around 2,600 crore.

On top of it, you will have Reliance starting their projects, which will also demand faster execution. Are we geared up for such kind of execution scale?

Won't that be a bottleneck going ahead?

No, absolutely not. In fact, as per our guidance, we were geared up to achieve over 2,000 crore of revenue in these quarters as well.

Unfortunately, the market scenario came into the play, and we could not get the support from the orders that we had, right. Then the team was absolutely in place, and we are completely geared up for even Reliance initiatives also.

We are in the process of augmenting the team. We have more than the core team strength that we have in place.

We are absolutely fine-tuned, and we have no other options also. We have to achieve the kind of the revenues in second half of the years, as you have explained.

We have no other option. We have to.

Okay. Just one more clarification.

This top-line guidance of 10% to 15% is ex-Reliance, right?

That's right. Yeah.

Okay. That means that we'll have to do maybe around 3,000 crore around Q4 types.

That's what I am saying. See, you've guided for execution of more than 2,000 crore, but here we are talking of close to 3,000 crore.

That is why I asked that question, will that not become a bottleneck in execution?

Point well noted, and we are mindful of this point, that our target for quarter 3 and quarter 4 is going to be heavy. We are mindful of this thing, and we are well prepared for that.

Okay. Management is confident and reassuring on that, that will not come as an excuse or a bottleneck to downgrade the top-line growth any further?

Boss,

we have no option. We have to perform at that level.

We have no option.

In Q4 of FY '25, I think we did more than 2,500 crore.

We have demonstrated already.

We have already demonstrated in FY '25 Q4. Then

the significant contribution will come in Q3 and Q4 from international orders also. With the domestic and international mix, achieving the target of over 2,500 crore, I don't foresee any challenge in that.

Okay. We've at least stabilized on the operational front, and our gross margins also closer to 9.5%, 10%.

Now we are talking of the guidance between 8% to 10%. Is there some downgrade there, or why are we talking of 8% to 10%?

No, why we are talking is basically in the beginning, I have told you. This margin basically comes from the mix of orders that we get.

The turnkey orders that in terms of absolute numbers for turnovers, while the percentage margin will remain low, but then absolute number it will be high, right? Whereas you have the BOS project.

On the BOS project side, we have margin of, let's say, around 10%, correct? In the next few quarters, the kind of orders, the opportunity are huge for even both the turnkey and the BOS, but at this moment, I can't tell you that all are through the RA process and all.

It will all depends on the kind of order mix that we will have, and that would be between 8% and 10%. That's what we have guided.

I'm sorry for asking this, maybe a very dumb question, but will that have any bearing on our EBITDA margins also? Because of maybe a lower gross margin?

Our overheads in terms of absolute number will not increase. In terms of percentage, it should come down a little bit from the current number because we are growing in terms of revenue.

Of course, if the gross margin is getting impacted negatively, there'll be some impact on EBITDA margin as well. A

marginal impact, yeah. Yeah.

Okay. All right.

All right. Otherwise, in case of a stable margin, your operating leverage scenario should play out?

Absolutely. That's right.

All right.

All right. Thank you so much.

That's all from my side.

Yeah. Thank you for taking my question.

Now you explain that revenue was impacted due to delays in the projects. Do these delays increase the risk of bank guarantee invocation or contract termination?

If yes, what is the maximum financial impact in the worst-case scenario?

No, not really. Since the new orders that we said that had been delayed, those orders contract date itself has not started because you are anticipating the LOA to come.

Now, the project timelines will start from the date of LOA. There is no question of the bank guarantee invocations or any further risk on such orders.

Okay. The second question is there are total claims are around 1,800 crore.

Realistically, when do you expect a meaningful portion of this claims to be resolved or recovered?

Indemnity? The question was

Not indemnity, but basically you have done some claims. Basically there are some claims related to arbitration, then some 500 508 crore of wrongful invoked bank guarantee claims, and there are two international customer claims.

At what time you are expecting that this will be recovered?

Basically, if you see the out of this claim, large claims are from the US two projects, right, two orders. They are in the court.

The settlement of this case in the court will take, let's say, two to three years times. Conservatively, I can say minimum two years.

It can go up to three years times. Then and rest others are basically could be settled much earliers, either through settlement or through the arbitration process being concluded.

The two claims will go longer.

Yeah. Okay.

Okay. Thank you.

Thanks.

Good morning to the team. I have two forward-looking questions.

Maybe these questions would have been answered by others. Just want to have a clarity on this.

The first question to Mr. Thakur is, beyond the headline order book growth, how are you planning to structurally reposition the company's EPC and O&M portfolio over '25-'28 financial year to defend margins in a rising input cost kind of a scenario, while ensuring the performance against execution delays and battling the competition also in the space?

First question. I'll ask my second question after this.

Thank you. No,

basically, as I have been telling you that from the project side, we are anticipating the margin in the range of 8% to 10%. On O&M business, this time's on the top-line in the O&M has been the massive addition.

That is from largely from the gigawatt levels of the project that we completed in the last couple of the quarters. Those have come to the operation stage, and their revenue streams will start from the subsequent quarters.

On an average, 20% margin on the O&M size will continue to be there. That would be the kind of scenario.

Because of any uncertainties at this stage, either in the O&M or in the project, I'm not anticipating the margin to dip down from the level that we have now explained you earlier and now explaining you in this call.

Thank you. My second question to Mr.

Ajit Singh is, again, along the same lines. Just want to understand, with working capital intensity rising and financing costs also being volatile, what frameworks are you putting into place to sustain the profits and fund global expansion and maintain your regular dividend commitments?

Just in case, if any project delays or regulation increase comes in this quarter. Just want to understand your view on this.

Thank you.

Thank you. In terms of credit lines, we have diversified base of lenders.

We have added few new lenders recently in a couple of few quarters in India as well as globally. For example, in South African project what we have got over there, we have taken credit lines locally from the banks in South Africa.

Now we have very diversified pool of lenders supporting our growth initiatives. In fact, the lead bank also has increased the limit.

From existing lenders also, we are seeing good response, and they are increasing the limit. That's on the credit line side.

In terms of term loans, we have significant term loans which will get repaid during the current year and next year, and post that we'll be almost deleveraged in terms of fund-based requirement. Working capital, we likely foresee that we continue to operate in negative working capital cycle, considering the advances what we receive from the customers and overall payment portfolio from customers and supplies under LCs, which is basically from 90 to 120, 180 up to 180 days also in certain cases.

We will continue to leverage that position in terms of managing working capital going forward.

Thank you, and best wishes.

Thank you.

Hi, good morning. This recent arbitration that we entered in Australia, is that covered under indemnity?

There are two portion. One is liquid damage under this contract.

It's a contract with the parent, initial. That is covered under indemnity.

We are expecting the amount to get realized in the current fiscal from the promoters. The balance amount, we have very strong case because for the same LD, the customer encashed bank guarantees.

They levied LD also, and then encashed bank guarantee as well. There can't be two claims, and they withheld our receivables and payments.

We have initiated action in that case as per the legal advice we opted, and that's why we are going ahead with the litigation.

Okay. The total arbitration amount is about 200 crore.

Of that, how much is covered by the indemnity?

Around 110 crore is covered under LD.

Okay. In our annual report, we mentioned certain cases which we think are not tenable, but they amount to about 3,800 crores.

How much of that would be covered? Hello?

We'll get back to you on this. Basically, these are frivolous kind of claims lodged from our customers, and there's no cash out as of now, it is difficult to quantify the amount at this stage.

Okay. No, but do I just want to understand if any of it is covered by the indemnity or not?

Speak for him. One large claim is covered, that is from a customer where we have not taken the project.

We bid the project, but later on that was cancelled, so that's covered. To quantify the exact amount, because this kind of frivolous claims and without any basis as of now, to quantify the amount is difficult, but we don't foresee any likely impact on the company because of these claims.

Okay. Thank you so much.

Good morning, sir. Thank you so much for the opportunity.

Sir, on the battery side, the opportunity side earlier mentioned about 50 to 60 gigawatt-hour, but our order backlog is around 300, 400 crore range. I'm trying to understand what are the bid pipeline in the BESS segment, and what are that government target or tender pipeline over next two, three years?

When we can expect sizable revenue contribution in the BESS segment? No,

the Government of India target of achieving this 500 megawatt by 2030 is well on track. Contribution from solar is close to 200 megawatt as of now.

I'm expecting that in the next two to three years, the opportunities to be made available in the market would be in the tune of, let's say, 35 to 40 GW, right? Enough opportunities are there.

When I say that, how our business philosophy operates is that whatever UOV you have from the projects that you have in hand, that we commit to the market that from there we will be getting the revenue. Any orders, new orders coming before the quarter 1, let's say 20% to 30% would be coming as a part of revenue in the subsequent quarters.

Any orders which will come in the quarter 3, particularly quarter 4 and all, that will spill over to the next quarter. That's how basically we forecast our revenue streams and accordingly the other financials on that.

Sir, on the BESS margins, it's same like solar EPC margin, 8% to 10% kind of gross margin? I'm trying to understand that EPC on BESS side, which are the battery chemistries we are currently pursuing, whether it's LFP, NMC, sodium-ion?

What is the current trend, and what is our sourcing strategy? Because in Indian market, it's not that much matured.

Right now, it's evolving stage. If you could explain your sourcing strategy and what kind of battery chemistries we are looking on, is there any changes in technology, whether it will improve our margin side?

You see, on the BESS side, if you see the margin in the BOS is same as the PV plant, 10%, around 10%. On the battery side, in fact, market could be turbulent, and that also can go sometimes even lower than the PV modules margin that in the turnkey project you consider.

More or less, you can consider in a similar amount. On the technology side, yeah, we are also geared up.

We know that having executed around 28 GW around the globes, we are well positioned to take care of any kind of technological development that is happening in the industries. We can see much ahead of the times.

The market pressures is also basically leading us towards the more innovations and innovations and innovations and optimizations in the area. You are right that pressure will come from the other uncertainties in terms of technological development and in terms of other things, but we are well positioned to handle all those kind of things, right.

On

the sourcing strategy side, sir, for battery?

Huh?

On sourcing strategy for the battery, domestic as well as global.

Sourcing strategy, yeah. Sourcing strategy, you see, currently, we don't have Indian market matured enough to get the battery in India.

Now the criteria for the tender is that it should be Make in India program. Most of the peoples, there could be mushroom growth in time to come, but currently all those players, they are getting the cell, the containers, the rack, all other components from outside, and they are just assembling in India, and they say it's a Make in India program.

We are very, very carefully evaluating that who all could be our partners in the future, particularly looking at their performance and all, because as a EPC company, the performance criteria comes on our head. With all these kind of uncertainties, you were just trying to understand, that's right, it is there.

Then, we being leader in the industries, we are trying to evaluate all those kind of things, and then accordingly we'll go for the tie-ups. We are evaluating.

We're still in the process of evaluating from the markets, all those who are trying to integrate the battery supply from India.

Sir.

For international projects, wherever the BESS will come, they are all from the reputed suppliers. Their products is proven.

There is no such conditions of the Make in specific country programs and all. There we don't foresee any problem.

For India, till such time the market will be getting matured, we have to move carefully, and we have to evaluate all these things, and then we have to take a call.

Sir. Sir, when we can expect improvement in Nigeria side?

I think currently it's going through slow phase. What is our current exposure, and is there any bid pipeline in Nigeria market?

No,

Nigeria market, it's slow, procedural delay, heavily heavily delayed onto the procedure side. With the again elections becoming due and all, it may get further delayed.

Frankly speakings, in all our business plans, we are not considering as of now in this particular year for any revenue coming from the Nigeria and all. Other than that, there could be some opportunities in Nigeria, smaller ones, but we are not following that.

Got it, sir. Thank you.

Sir, any reason for increasing in our O&M capacity drastically from 13.5 GW to 18.3 GW within one quarter? Where do you see the O&M capacity going to 25 GW by FY '28?

As we have scaled up our O&M capacity, our revenue should shoot up in next few quarters of O&M from 90 crores quarterly to 120, 130 crores.

Thanks. Basically, it's very simple.

Basically, our O&M business model is that order additions comes from the EPC orders, so that's the integrated O&M contract basically. When the project is completed, it comes to the O&M phase, and equivalent to the O&M orders, this goes to the O&M.

That is from our own EPC additions. If you see the last year, we completed around 5.8 GW DC commissionings, and all those projects which were commissioned, straight they have come to the O&M stage because those orders were for two to three years of O&M in our scope.

The third one is basically the orders from the third party. There has been a significant improvement in the orders from third party as well in the last quarters.

Around 1.2 GW was a one single orders that we concluded, and then there were few in the range of 200 to 300. I say that if you have seen the market how it is surging, in two part the financial year '24-'25, let's say it was 17 GW of additions.

I'm talking about only utility scale, not the rooftop and the other. The '25-'26 was around 25 GW.

This year it could be around, let's say, 30, 35 GW. All those projects, when it is commissioned, it comes to the O&M stage.

Subsequently, we are also raising our limit for the project execution. Those will come to the O&M stage, and the remaining from the third party, our efforts will grab some more orders from there.

Basically, putting together, this kind of growth is seen, which is quite logical and justified.

We expect a revenue of more than 400, will be in the range of 400 to 450 crore in the current year from O&M business, vis-a-vis around 268 crore in the last year, there's a significant

Should we see increase in margins from 18% to 25%, which we have seen in FY '22?

O&M margin, we expect to be stabilized at around 20%.

Understood. Sir, what was the reason for increasing in our total employee base over one year, because technically double based on annual report?

No,

basically you see the executions capacity you have to augment, right? Earlier, let's say, we have been doing 3 GW kind of things.

This year, we have around 10.5 GW under execution. On the project-specific manpower, you have to increase.

Then the large portions of the projects have come to the O&M, then the O&M manpower also getting added. Also to see the market, since the manpower attritions and the market is volatile because a lot of infrastructural projects coming in, we also create the pipeline of our GETs and all.

This year, we have hired around 100 GETs to be trained in next couple of years to take their positions and all. They are all futuristic plan.

Because of that, you have to take some call, right? Then that's how it has increased.

They're all onto the project-specific. They're not adding to the overhead.

Okay. Based on your commentary, the H2 FY '27 EPC revenue will be way way more higher than the H1, and it will cover the 15% growth we are expecting?

That's what I have told. Yes, you're right.

Understood.

Sir, on the Reliance orders, there will be, as we bid for the order and there is a delay in LOA, on Reliance side, due to their parentage, there could be a quicker LOA acceptance given to you. Is it correct?

That time to bid and win the orders and the time to execute will be way lower than the other orders?

The execution plan would be very, very intensive. Time would be definitely lower than the markets, but then accordingly the Reliance is also preparing that kind of readiness.

We as a EPC company also we are gearing up to cope up that with this kind of readiness.

Sir, in that, all the raw material will be provided by Reliance New Energy only? We have to only execute on the EPC side?

At this stage, it's difficult to reveal all these informations, because the kind of contract that will be formulated with some supply in our scope, majorly maybe being supplied by them. Then what would be the composition of the contracting in terms of pricing and all is difficult to reveal at this stage.

It will happen with some supply in our scope maybe, majorly by them, and then of course the executions. Then exactly revealing the fundamentals on the orders compositions is difficult at this stage.

Both the companies being listed companies, all those transactions will be on arm's-length basis.

Yeah. That's what we can confirm at this point in time.

Understood. Do you see our O&M order book shooting up to as we execute more orders, O&M order shooting up to 30, 35 GW order book size and then by FY '28, which will lead to more sticky revenue and EBITDA margin for our company?

Our business plan is of course, yeah, if you see the five years business plan, then 18 to we started 1.8 GW of O&M orders in 2018, and from there today we are at 18 GW in last four years, right, five years, you can say, right, 18 to 26, oh no, eight years, eight or nine years. That means we have gone multifold, right?

Adding even 5 GW, 4 to 5 GW per annum from our own EPC projects and 2 GW from the outside, the tempo rate would be pretty high. We don't foresee the O&M business, and see that we add value to the customer.

Having seen the kind of the operations and maintenance we do for the customer, that also spreads. Some of the customer who have tried with the other agencies, O&M agencies, and seeing the performance of the plant that we operate, and we add value to them during this stage, they come to us for the operations.

This market is a pretty robust, I think in our opinion, I can't tell you that 35 or 45 GW, but then the CAGR for the O&M growth definitely would be going to add the much much higher speed.

Understood. Sir, on the arbitration side, if we lose, we have two arbitrations, one in US, one in other geography, if we lose, then are there any chances of losing on the 1,800 and 1,300 crore counterclaims filed by the party?

As in some of the questions, our CFO has already addressed this questions. We said that two parts of any claim.

One is the LD, right, other is the operationals, frivolous claims or whatever it is from the client side and somewhere our genuine claims, those are under arbitration. While the US cases are under the court, which will take pretty longer times, maybe two to three years, the LD size is indemnified, and the others will depend on the court cases.

In our opinions, all our cases are very strong, we are not anticipating any impact.

Should we see a lower legal and

Hi. Am I audible?

Yes.

Hi, good morning.

Yeah. Good morning.

My question is regarding you had mentioned that other receivables related to LC and BG invocations are around 1,054 crores from your annual report. Just wanted to understand how much of these are covered under indemnity?

We are cash out and covered under indemnity for around 800 crore, which is likely to fructify over next couple of years. Current year, we are expecting in the range of 120 to 130 crore to get realized under indemnity.

Based on the outcome of the litigations, amount will get realized from indemnity or from the customer based on the final outcome. We believe that based on the legal opinions whatever we have obtained, that all those litigations, we have very strong case to recover the money either from the customer or from the promoters.

Got it. My second question is regarding your trade receivables.

If I look at your undisputed trade receivables more than three years, they were at around 145 crores as of FY '26 end. If I take more than one year of trade receivables, they are around 392 crores.

Are you expecting any credit impairment loss from these trade receivables?

Not exactly. This trade receivables, you can say in three parts.

One is normal trade receivables; second is retention money, which is being locked post completion of the project and get released from the customer as per the contractual terms post completion of defect liability period; and third is under litigation, which outcome of final litigation will give the final cash flow to the company either from the promoter or from the customer.

These undisputed that you have mentioned in the annual report, these would largely be pertaining to the retention money related to the project?

It has all component. That's what I mentioned.

It has retention money also. It has the litigated receivables as well as so, yeah.

Got it. My final question is regarding your in the last con call, you had said that the order book as of FY '27 end would also grow at 15%.

Considering that you have already achieved a 13,000 crores of order book, would you still maintain that guidance of 15% of order book growth as of FY '27 end?

That's why. Basically, last year, our progress run rate on the order achievement was more than the guided number.

The base was really high, and so from that base, we are expecting the growth at least 10% to 15%. Yes, you can anticipate the additions of 10% to 15% over the last year number.

I'm asking not about revenue, but about order book as of FY '27 end, would you have a number in mind that you can achieve?

That's what I'm just trying to say that, yeah, you can say that order book would be definitely more than 10,000 crores in this financial year, to start with in the first quarter of next financial years, at maybe slightly higher numbers than this financial years we had as a UOV.

Got it. Got it.

Thank you. That's all from my side.