Thank you. Good morning, everyone, and welcome to Q4 FY26 earnings call of Saatvik Green Energy Limited.

Today, we have with us Mr. Neelesh Garg, Chairman and MD; Mr.

Prashant Mathur, CEO; Mr. Rishabh Mehta, Interim CFO; and the Adfactors IR team.

We will begin the call with the opening remarks from the management, after which we will have the forum open for interactive Q&A. I must remind you that this conference call may include forward-looking statements about the company, which are based on the beliefs, opinions, and expectations of the company as on the date of this call.

The statements are not guarantee of future performance and involve risks and uncertainties that are difficult to predict. I now hand over the conference over to Mr.

Neelesh Garg, Chairman and MD of Saatvik Green Energy Limited for opening remarks. Thank you, and over to you, sir.

Yeah.

Hi. Good morning, everyone, and a very warm welcome to Saatvik Green Energy Limited's earnings call to discuss the company's performance for the fourth quarter and financial year ended FY26.

Thank you all for joining us today and for your continued trust, confidence, and support towards Saatvik Green Energy. FY26 has been a defining year in Saatvik's journey, not only from a financial and operational standpoint, but more importantly, from a strategic perspective, as we laid the foundation for becoming a fully integrated clean energy manufacturing and solutions platform.

Before discussing our performance, I would like to briefly touch upon the larger transformation underway in the global energy ecosystem. Over the last few years, and more recently amid geopolitical uncertainties and supply chain disruptions across global markets, one thing has become increasingly clear: energy security is now a strategic national priority for countries across the world.

For import-dependent economies like India, renewable energy is no longer only an environmental objective, it is becoming a critical pillar of economic resilience, industrial competitiveness, and long-term energy independence. India today stands at the center of this global transition.

The country crossed nearly 150 GW of installed solar capacity during FY26 and added approximately 44.6 GW of solar capacity during the year, which is amongst the highest annual additions globally. Renewable energy now contributes meaningfully to India's peak power demand, reflecting the increasing role of clean energy in the country's power infrastructure.

At the policy level as well, the outlook for India's renewable energy sector continues to remain highly supportive. Government initiatives such as PM Surya Ghar Yojana, PM-KUSUM, ALMM, and domestic manufacturing programs, together with India's ambitious target of achieving 500 GW of non-fossil fuel capacity by 2030, are driving long-term growth opportunities for companies with strong manufacturing capabilities, execution strength, and integrated operations.

This is not a cyclical opportunity, this is a multi-decade structural transformation of India's energy infrastructure, and Saatvik is positioning itself accordingly. Against this backdrop, I'm pleased to share that FY26 has been a defining and transformational year for Saatvik Green Energy, marked by record financial and operational performance, strong strategic and execution, and continued strengthening of the company's long-term growth foundation.

During the year, we achieved record production and sales volumes, maintained healthy capacity utilization levels, strengthened our balance sheet considerably, and further enhanced our market positioning within India's rapidly evolving renewable energy ecosystem. Importantly, FY26 was not only about scale, but also about building the foundation for Saatvik's next phase of long-term growth.

We made meaningful progress across backward integration, manufacturing expansion, and diversification into adjacent clean energy and power infrastructure segments. Our order book continues to remain robust, providing strong visibility for the coming quarters and reinforcing customer confidence in Saatvik's execution capabilities and product offerings.

The detailed financial and operational performance for the quarter and full year will be covered by our Interim CFO, Mr. Rishabh Mehta, in the subsequent section.

FY26 was also one of the most strategically significant years in Saatvik's journey. At the core of our long-term strategy is backward integration and the creation of a fully integrated energy solutions and manufacturing platform.

In line with this vision, our Odisha integrated manufacturing project continues to progress well and remains firmly on track as per the planned execution timeline. Significant progress has already been achieved across civil, structural, and infrastructure development activities, while equipment mobilization and installation activities are advancing in line with scheduled milestones.

Earlier, Saatvik's solar cell manufacturing roadmap was envisaged at 4.8 GW. However, aligned with the accelerating domestic manufacturing opportunity, strong policy momentum, and the company's long-term integrated growth vision, Saatvik has now scaled its solar cell manufacturing ambition to 6 GW.

We believe this represents a defining strategic milestone in the company's evolution and firmly positions Saatvik amongst India's emerging large-scale integrated renewable energy manufacturing platforms. Further, as part of our broader long-term integration roadmap, Saatvik is also progressing towards entry into ingot and wafer manufacturing with a planned capacity of 6 GW.

We believe this will represent another transformational step in strengthening backward integration and building a comprehensive presence across the solar manufacturing value chain. During the year, we successfully commissioned our 2 GW EPE encapsulant manufacturing facility in Ambala, marking another key milestone.

Building on this progress, we have now expanded our encapsulant manufacturing roadmap from 2 GW to 5 GW, further strengthening supply chain control, operational resilience, and long-term integration capabilities. Over the long term, Saatvik aims to progressively build a comprehensive end-to-end integrated energy platform spanning across manufacturing, storage, power electronics, components, and energy infrastructure, positioning the company towards full value chain integration within the evolving energy ecosystem.

During FY26, we made significant progress across several strategic growth areas aligned with this long-term vision. We entered the transformer manufacturing segment through the acquisition of an 80% stake in Melcon Transformers & Electricals Private Limited, marking Saatvik's strategic entry into the broader power transmission and energy infrastructure segment.

We also launched our Uday series on-grid inverters as part of our expanding power electronics portfolio, further strengthening our downstream energy solutions offerings. Our solar pump business witnessed strong momentum during the year and is steadily evolving into a meaningful high-growth vertical for the company, supported by increasing rural electrification initiatives and government programs such as PM-KUSUM.

In parallel, we launched Saatvik Power Storage Solutions Limited focused on battery energy storage systems. As renewable energy adoption accelerates, energy storage is expected to become a critical pillar of the future energy ecosystem, enabling grid stability, reliability, and energy management capabilities.

Building further on this opportunity, the company is also progressing towards expansion across BESS solutions for the commercial and industrial segment, hybrid and off-grid inverters, and D2C-focused solar kits. Additionally, Saatvik is actively expanding its ancillary and component manufacturing ecosystem, including aluminum frames, ribbons, junction boxes, and other critical solar components, further strengthening integration capabilities and supply chain resilience.

Our broader objective is very clear: to progressively build a fully integrated end-to-end energy platform with capabilities spanning across the entire value chain, including generation, storage, power electronics, components, transmission, and broader energy infrastructure. Further reinforcing our commitment towards sustainability and responsible manufacturing, Saatvik was awarded the Bronze medal rating by EcoVadis during the year, reflecting the company's continued focus on ESG and sustainable manufacturing practices.

As the energy transition accelerates, we believe the future of the industry will increasingly be driven by integrated energy ecosystems spanning generation, storage, transmission, and broader energy infrastructure. Saatvik is positioning itself with that long-term vision.

Going forward, our focus remains on timely commissioning and stabilization of new capacities, strengthening backward integration, disciplined growth, operational excellence, and long-term value creation for all stakeholders. With a strong order pipeline, major expansion projects nearing commissioning, improving financial strength, and multiple new growth engines taking shape, we remain highly confident about the opportunities ahead.

With that, I would now hand over the call to our Interim CFO, Mr. Rishabh Mehta, to take you through the detailed financial and operational performance for the quarter and full year.

Thank you.

Thank you, Neelesh ji, and good morning, everyone. I will now take you through the financial performance for the fourth quarter and full year ended FY26.

FY26 has been a landmark year for Saatvik Green Energy, with the company delivering its highest-ever operational and financial performance across key parameters. The year was marked by strong revenue growth, record production and sales volumes, improved operational scale, and continued strengthening of the balance sheet.

Our performance during FY26 reflects the strength of our manufacturing platform, execution capabilities, customer relationships, and the growing demand environment within India's renewable energy sector. For the full year FY26, revenue from operations increased to ₹45,484 million, registering a strong growth of around 111% year-on-year and representing the highest-ever annual revenue achieved by the company.

EBITDA for FY26 stood at ₹5,811 million, reflecting a growth of around 62% year-on-year. EBITDA margin for FY26 stood at 12.78%.

Profit after tax increased to ₹3,571 million, registering a growth of around 64% year-on-year and representing the highest-ever profitability achieved by Saatvik. PAT margin for FY26 stood at 7.85%.

Operationally as well, FY26 was our strongest year till date. Total production during the year stood at 3,162 MW as compared to 1,459 MW in FY25.

Total sales volumes increased significantly to 3,138 MW during FY26 as against 1,389 MW in FY25. Capacity utilization remained healthy at over 84% during the year, demonstrating strong operational efficiency and demand visibility.

From a balance sheet perspective, the company continues to remain financially strong. Our debt-equity ratio improved significantly to 0.65 as compared to 1.34 in FY25, reflecting prudent financial management, reduction in leverage, and improved financial flexibility even as we continue to invest towards future expansion and initiatives.

Our confirmed order book remains robust at approximately 5.89 GW as of March 2026, providing strong forward revenue visibility for the coming quarters. During the year, the company also continued to make strategic investments towards manufacturing expansion, backward integration, and strengthening its presence across the broader renewable energy ecosystem.

For quarter four FY26, the company reported its highest-ever quarterly revenue performance, with the revenue from operations standing at ₹16,077 million, while EBITDA and profit after tax stood at ₹1,166 million and ₹604 million, respectively. Overall, the financial performance for FY26 demonstrates Saatvik's ability to scale profitability, execute consistently, and build a strong foundation for long-term sustainable growth.

With that, I conclude the financial update for the quarter and full year FY26. We would now like to open the floor for question and answers.

Thank you.

Hello. Am I audible?

Yes. My question is on the drop in profitability which has happened this quarter.

What's the reason for it? Because from what I can see, your realizations have gone up.

I'm assuming a part of it is because of silver prices, commodities prices being up. Long run, do you see more orders being with compressed margins, or are you seeing margins holding up?

If you could answer the first question, then I'll have follow-up questions. Okay.

Good morning, Naman. This is Prashant Mathur.

The major reasons for decrease in EBITDA is, yeah, as you rightly mentioned is correct because there was increase in commodity pricing, which really impacted our input costs across the value chain. Solar cell procurement cost was driven by high increase in silver prices, aluminum frame cost also risen due to rise in aluminum prices, copper and other key raw materials also because of the high oil prices also coming after this war has escalated our input costs.

Also, the depreciation of Indian rupee against the dollar resulting in higher import and procurement cost for key components. Also, since this war started on 28th February, last quarter, you have orders which are at fixed price contracts, and it was not possible for us to pass on the increase in the input cost and the dollar cost immediately, and that compressed our margin for that period.

It does. A quick follow-up.

The new orders that you're getting, right, what margins do you think they'll come at? Secondly, and what's your view on this ALMM II implementation?

Do you think it's going to get pushed? Because we are hearing from some other participants, as in some other companies, right, that there is some possibility.

What is your view on it?

Yeah. Some of them we'll be able to pass on the fluctuations, and some of them we will have to absorb because ultimately, the customer whom we are serving has also either they have an EPC contract or they're a developer and they also have their contracts or PPAs signed at a particular tariff.

Whatever the change in the cost happens, it also impacts them for their project execution. It depends from orders to orders.

For some of the orders, we will be able to pass on that change, and for other, we will have to absorb some of that compression.

Understood. Your view on ALMM II?

We believe that today we are already on 21st. You're talking about ALMM II, right?

ALMM II.

No, no. ALMM II is just around the corner, which is coming from 1st onwards.

That is there. ALMM III also has already been declared, which is really good for the industry because we have a clear path on how the ecosystem built-up commitment is there from the government, and we are also aligned with that.

That's going to start from June 2028. There is a requirement of at least three manufacturers of 15 GW cumulative capacity, which we believe is a clear mandate that ALMM III is coming, and it is going to be a good move for the overall manufacturing ecosystem for renewable energy.

Prashant,

when do you think your cell will come online? From what I understand, 2.4 will come first and then you'll increase it to 6, right?

When will 2.4 commission and stabilize, and when will 6 GW total commission and stabilize, if you can give the timeline? So

2.4, if you see our investor presentation, our civil and our building is ready and our equipment move-in is going to start. Module equipment move-in will start from June and cell equipment move-in will start from July.

We believe that in the second half of the year beginning, we'll be able to start our cell production and then ramp up. We are very, very close to our cell production start of 2.4 GW.

The second phase, which was also 2.4, has been increased to 3.6 because the policy stability we see, and we also see that the market is now ripe for higher cell requirement because most of the tenders are now in that local cell manufacturing. That 3.6 civil work will start immediately after our first phase is done.

We are expecting civil work to start from August onwards for our phase two. We believe that by mid of next financial year, we will have our 3.6 GW also up and running.

We'll be 6 GW by somewhere around mid of around June, July, yeah, June, July 2027.

Your utilities is completed in 2.4?

Yes.

Okay. You're just now installing the equipment and then you will start production by 2H, if I'm correct.

Yes, that's the plan.

Got it. Okay.

Thank you. Thanks a lot for your responses.

Thank you.

Hi, sir. Now, just on the order book of 5.89 GW, could you help with what proportion of this order book is on a fixed price basis?

In the order book, the large utility customers is almost 65% wherein most of it will be pass-through, and the rest C&I customers will be on a fixed price basis.

Understood. Sir, in terms of your non-DCR margins, how do you see them shaping up for FY27 as you execute this order backlog?

The reason why I'm asking is there's been a high volatility, right? Will it be 7%, which was your 4Q margin, or will it be 12%, which was your FY26 margins, or somewhere in the middle, if you could just guide some on that?

Kunal, it's difficult to give a number right now, but what we see next year is that it's going to be a good and stable year ahead, and next year will also be a growth ably supported by our backward integration strategy wherein cell manufacturing is round the corner, which we are very aggressively trying to advance as much as possible. What we see is that and that cell manufacturing, that revenue and our bottom-line margins will significantly improve in the second half of the year.

What we are seeing now is a war situation, a force majeure situation right now. We expect that the first quarter because this war still continues, the first quarter will be a little softer because there's high fluctuation, which is really extraordinary fluctuations, both in the US dollars and commodities and oil prices, and all these are key components into manufacturing.

I cannot give you a number per se, but what we see is, overall, what is happening long-term is very good for the industry. Short-term pain is there, but, overall, the margins will significantly be better in the second half of the year.

Understood. Sir, in terms of your internal assumptions, how are we billing the production?

Or if you could just give the production guidance for cells for the second half of FY27, because your effective capacity will be around 1.2 GW. What is the production that we are aiming for?

We'll try to maximize the production. Internally, we have taken very, very ambitious targets, but for the market point of view, we would like to give conservative numbers, but still we believe that we will be able to optimize our production for the second half of the year.

Okay. Understood.

Thirdly, sir, on the capex front, now how would the capital outgo look like for '27 and '28 as we are planning this entire 6 GW cell capacity? How would that shape up?

A related question there is how do you see the net debt shaping up, right, over the next two years given that we are entering into a major capex phase?

For FY27, our capex requirement for this expansion is about ₹1,700 crores. It will be a mix of debt-equity, the equity will be funded from accruals and that we are already working on.

That will be our requirement for FY27. ₹1,700

Okay. Then obviously, there'll be some flow-through of the 3.6 GW cell line for FY28, you're saying.

Yeah. For FY27 will be in the similar range because in FY27, we'll be working on our 6 GW ingot project.

FY28, yeah. We are already in FY27.

FY28, we'll be working on our 6 GW ingot project. The capex requirement for that will be about ₹2,500 crores, but it will be in two phases.

We see around ₹1,800 to ₹2,000 crore capex will be required in FY28 as well.

Got it. Sir, on the debt side, given that would swell as well, what is the comfort of the promoters in terms of either absolute debt or a gearing ratio, net debt-EBITDA?

What would be the upper level of that?

Our current debt-equity is 0.65, but we feel that our debt-equity will remain around 1.1 between 1 to 1.5 times ratio, not more than that.

Okay. Understood.

Sure, sir. This is helpful.

All the best. Thank you.

Thank you, Kunal.

Hi, sir. Sir, just a follow-up on a previous question where you mentioned that rupee depreciation has led to a bit of cost increase.

From what I understand that in the industry, your orders are also booked in dollar terms. Wouldn't the rupee depreciation also help in increasing your realization in rupees terms?

Yes, Anand, that is there, but what happens is as on end of February, we were at ₹88 a dollar, and nobody was expecting this war to, huh? 88, yeah.

Yeah. Nobody was expecting this war, and so what happens is when you have orders for a quarter, LCs are opened and based on pro forma invoices, and so for one month or for three months dispatches, you have LCs which are made.

At that time, the dollars are fixed. Because production planning is based on that only.

Once your dollar is fixed, your LCs are opened, then you have to execute that. What happened is that this dollar rapidly went from 88 to 94 in no time.

That was 5-6% of dollar impact, which was there, which was an extraordinary situation. Nobody expected that to happen, because this war was also not expected that it will suddenly happen.

That is the reason why you see that we have that dollar fluctuation impacting us in the last quarter.

Got it, sir. Sir, my second question would be on our encapsulant capacity.

What would be the percentage of total cost of the modules encapsulant takes, and what cost savings are we incurring having an in-house production versus external third-party sourcing?

Encapsulant cost is around 15% of the module cost, 7% 7 to 10% of the module cost. Now oil prices have also gone up.

What happens is that the reason why we have is, firstly, we are building it not only for our supply chain resilience, but also we are building it as a separate business unit also. Initially, we started this 2 GW for our internal usage, but what we've found is that there are manufacturers who are not good in planning and they're not importing and they are not able to secure, they are ready to pay a premium on encapsulant.

Also since these are very dependent on the oil prices, especially the polyolefin, and so what happens is, for us, it has been a good move, and that's the reason why we're expanding this capacity is one for our internal consumption and also for selling in the business. The saving which we get from our internal manufacturing is between 5 to 10%, depending on what prices we are able to secure the raw material, but it gives us an added advantage.

Okay. Sir, but if I look at our planned capacity, we have a module planned capacity of 8.8 versus an encapsulant capacity of 5 GW.

If we will be selling our encapsulant sheet to third party, wouldn't our sourcing get more expensive for the remaining part of our module consumption?

That is what smart sourcing is. We do not intend as of now to match our encapsulant capacity to our module capacity, but we are building it to give us the baseload for our encapsulant manufacturing.

We'll see how it goes in the future. If we will require, we will be able to match it or maybe even exceed it, but it is too early as of now to speak on that.

Yes, sir. Just wanted to understand in terms of PLF, the EVA capacity PLFs would also range between 80%, 90%?

Yes, capacity utilization is about 80%, yes. For

let's say from a conversion perspective, 1 GW of EVA will equivalent be sufficient for 1 GW of module?

Yes.

Okay. Thank you, sir.

Thank you.

Thank you. Sir, my first question is on working capital.

If I see free cash flow conversion, that has gone down to almost 17, 18%, led by reduction in creditors and reduction in some advances to customers. Why has been the cash conversion very low in last 2, 3 years, not just about FY26?

That is question one.

Yeah. No, you can speak.

As far as the cash conversion goes on, there are many factors to it. In the past year, if I see, we have many orders which are from large-scale PSU orders, the recovery cycle on those are about 90 to 120 days.

We also had particularly in quarter four, we had good amount of PSU orders where the recovery cycle is 90 to 120 days, the recovery comes approximately in the next financial year by April and May. I would also like to add that our debtors are secured against LC, but still it takes around 45 to 60 days for the procurement because the sales happen, the dispatches happen, and the lead time that it takes, and also the dispatches if are more in the southern part of the India, since we are in the northern part of the India, the dispatches take time.

Also, our good portion of amount of dispatches were in the last 30 to 45 days in the last quarter, if you see. Which the recovery happens in April and May.

Anything on creditors? I see a sharp reduction in number of days for creditors.

Basically, for, as Prashant ji said about the war situation and everything, get at the better pricing and the volatility in the markets, creditor days was really normalized during the year because of these situations, and we paid the creditors better to get better pricing to ensure our cost of production reduces.

Understood. Second question is on cell, which you mentioned that it will get commissioned by first half and then production from second half.

Just wanted to understand, given all the utility customers and even C&I would have stringent quality audits, etc., to make sure the efficiencies are good enough as compared to peers. I guess that will take some time in order to get empanelled on their list of vendors.

Will that mean that maybe initially for maybe a year or so, you would serve in the rooftop retail market, or would the orders for C&I come through in the next 6-7 months by the time your line comes in? Wanted to understand how ordering, etc., takes place, and when would that reflect in your order book.

We are already filling our order book, and equipment move-in is starting from July, and ramp-up will also start in the second quarter. Initially, you're right, but we are in a situation wherein Mono PERC also is in very high demand, which is very less efficient cell.

It is more like a seller's market right now for solar cells, and there is very high demand in the retail segment, especially in the PM Surya Ghar and in the Kusum segment. Initially, we will be focusing on the retail segment, and also we believe, because we have gone in with the same set of equipments and technical know-how, and the technical staff also are coming along with it, we are very confident that we will be able to stabilize our efficiencies in a very short period of time wherein we'll be able to get into C&I and the large utility segment also by end of third of beginning of fourth quarter of this year.

Okay. This is a G12R line?

Correct.

4.8, okay. Just lastly, yeah, on margins, if you can just talk on how is the current scenario in terms of when you're taking orders, let's say, 1.8 GW of orders that you took in this quarter, I know prices are increased because of raw material inflation, but is there impact on margins given competitive intensity?

Or are you able to, at least from the orders that you are taking now, are you able to pass on the increased cost to the customer? That is the last question.

As I said earlier also, we are able to pass some of the increase to our customer, but what the current situation is that the costs are rising, but our customers, their project costs are also fixed, and the gestation cycle is between 18 to 24 months, at least from 6 to 24 months is when they close the orders and the PPA, and the price fluctuations happen two, three times within the cycle when they start ordering modules. They are also very restricted on how much increase they are able to pass on or to absorb.

It is more like some orders which are C&I, you are able to take it and pass on. Some of the large utility orders, you have to absorb, or they are pass-through because of your agreements with them, either they are providing cells also to you or it's a dollar contract.

Every customer is unique, and every situation is handled at its face value. Overall, what we see is that the margins are obviously getting compressed because of the war situation.

Oil has gone up from $60 to $100, which is also encapsulant is oil-based. Freight costs have gone up.

Commodities, dollar is going up every day. There is a compression, but it is across every industry, I would say, and every business right now, and the same is in our industry as well right now.

Understood. Thank you so much.

Thank you.

Yes. Thank you for taking my questions.

I had a few questions. Again on the margin front only, you mentioned that because of war, we are seeing that the margins are getting compressed.

Like how do we see margins in FY27 on the overall level? Yeah.

In overall '27, we see that margins are going to be stable and good because, firstly, we feel that from second quarter of this year, the industry is going to be back, because we see that the war should ultimately come to a halt. Also our cell production is starting, which will give a good bump to our bottom line.

Overall, we see that the margins will be quite healthy and stable for FY27. Like

can we see them returning to the previous 15% level?

Difficult to give a number, but yes, we feel that it will return to a healthy number, which was existing. Okay.

Okay. Understood.

My next question is on our current order book of 5.89 GW. What is the execution timeline for that?

The execution timeline is for 18 months. We have taken orders which has a timeline of 18 months, but some of them are also

Hello.

Can you hear me?

Sorry. Your voice was not audible in the beginning.

You mentioned that 18 months is the execution timeline.

Yes. Yes.

Okay.

Okay. Do we have any new orders in pipeline?

What is our order book pipeline?

Order book pipeline is 5.89 GW, which is about ₹8,000 crores.

That is our current order book, right?

Current order book, and we are working on several opportunities, both in DCR and non-DCR. We are building our order book as we speak, and we'll be announcing some very soon as well.

Okay. Okay.

Understood. I just wanted to understand the overall 6 GW of cell consumption, is that going to be completely captive consumption, or are we going to use it to sell it outside also?

As of now, we have built it for self-consumption only, but

what we feel is that there are enough non-DCR orders in the pipeline, which will another 12 months to 18 months of execution will happen. We'll see there is enough demand for DCR cells also.

We'll see how our orders whichever gives us a better margin, we will prefer to take that direction. We cannot really give a clear mandate that we will not sell any cell in the market, but we'll take a informed call as the business progresses and how our order book fills, whichever has a better margin, we'll take that.

Understood. I just wanted to clarify something.

A previous participant mentioned that our orders are booked in dollar terms, I just wanted to understand what orders is this referring to. Are these the Indian orders that we take?

Because from what I understand, we don't have a very large export order book.

No, no, what happens is that when you have long-term orders, you and this the inherent nature of this industry is that there are price fluctuations because a lot of commodities are involved in the prices. When you have a long-term order, which is going to be executed in 18 months' time, to ensure that it's a fair business for both the parties, what we normally do is we plug three types of possible fluctuations.

One is the dollar fluctuation. The other is the silver cost.

Normally, now that we will have our own cell, then you have wafer cost plus kind of a contract. When you have only module, then it is cell plus processing kind of a contract.

The third is the change in law, because it's also a very policy-driven business. There are change in policies, you have custom duty changes, you have anti-dumping, you have taxes changes.

Those three fluctuations are normally captured in a long-term contract. That is what he was talking about, the dollar fluctuation.

Okay.

These contracts are done in dollar terms.

Okay. Okay.

Understood. My last question would be on EPC.

What EPC revenue contribution did we have in FY26?

Our EPC contribution was about 150 MW, which is about 3, 4% of our bottom line. We only take EPCs which are profitable, high margin, because that is not our core business.

In terms of breakup of our other part of EPC, which is the solar pump projects also, that was 1% of our top line, which was about ₹50 crore of our revenue came from solar pumps.

Okay. Okay.

The 3 to 4% contribution is on the bottom line, right?

Top line.

That's on top line.

Bottom line is also similar.

Same, okay.

Could be a little more, but not a big difference.

In FY27 also, we see that in the same range, in 3, 4% range, or do we expect to increase it?

No, will be in that same range. So

Okay. Understood.

Thank you so much.

Thank you.

Thank you.