Yeah. Good morning, and welcome, everyone, to the Q4 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 the key operational highlights for the quarter and industry outlook by Mr.

Thakur, followed by the financial highlights by Ajit, post which we will open up for Q&A. Thank you, and over to you, C.

K. Thakur.

Thanks, Sandeep. A very good morning to all of you.

I'll begin today's call with an update on business operations and outlook. FY26 has been a very good year for us on multiple counts, where we achieved certain important milestones.

First, we have been able to bag new orders of more than 10,000 crore in this fiscal, marking this fiscal as one of the most successful ever in the terms of order bookings for the company. The strong order inflow has reflected in our unexecuted order value exceeding 11,800 crore, which provides good visibility for the future earnings.

Second, we have been able to deliver and commission almost 4.5 GW AC, equivalent to nearly 5.9 GW DC, of solar PV projects in India and international market. To put to put this that numbers in perspective, the whole solar utility scale installations in India was approximately 28.3 GW AC in financial year '26 as per MNRE data when you exclude rooftop solar.

About 15% of solar projects commissioned in the country during last fiscal were by Sterling and Wilson, which is a very proud proud moment for all of us. Third, we continue to invest in building scale, looking at the growth prospects available to us.

Our employees' headcount have now touched about 3,500 compared to 2,005 a year a year ago. We are gearing up to do multiple gigawatt-scale projects for key clients, as that is the way we see the solar market gearing up in India.

Fourth, the operation and maintenance segments, which has till now been relatively a small contributor to top lines and profits, is beginning to reach an inflection point. The total portfolio size has increased to 13.5 GW from 8.7 GW in last fiscal, making us probably one of the largest third-party O&M players globally.

With a steady stream of our own EPC projects and third-party acquisitions, we believe the segments can be in a positions to accelerate at a much rapid pace than in previous years. Finally, our financial performance, which Ajit will take you through in detail, has continued to improve despite some of the one-off litigations-related costs we incurred in fiscal 2026.

Now, let me give some additional color on our operational performance. New EPC orders inflow grew more than 43% year-on-year to 10,062 crore, while we had conservative projected 15% growth in order inflows at the start of this fiscal year.

The unexpected geopolitical tensions coupled with high commodity price fluctuations meant that EPC ordering activities by developers in the fourth quarters was largely muted. During the fourth quarter, we bagged a prestigious new orders from Coal India when we were declared L1 for 1.2 GW DC turnkey projects in Rajasthan.

We also won a 50 MW project from a private IPP for a project in Maharashtra. Overall, in fiscal 2026, we bagged 12 new orders.

Of these, 11 were EPC orders totally nearly 5.2 GW DC, and one was a pure battery storage project of 790 MWh. In the Indian market, we won 10 projects totaling 4.8 GW DC with an order value of ₹7,659 crore.

The growth in domestic order inflows in value terms was approximately 30% compared to last fiscal, showcasing the strong underlying momentum. In the international market, we won two projects from South Africa worth US$270 million, as we have reported previously.

Another unique aspect of our orders this fiscal has been a larger skew towards turnkey projects, which accounted for nearly 70% of our total orders. As a result of the strong order inflow, our unexecuted order value is now at a record high of about 11,813 crore, compared to 9,096 crore last fiscal.

Domestic orders comprise about 78% of current UOV, or about 9,250 crore. We had reported revenue of 5,836 crore in domestic EPC in financial year '26, the growth visibility is good.

Our UOV has projects where we have been declared L1 by PSU, and we will need final LOA to start execution in those, like the recent Coal India orders. Our international UOV is about 2,562 crore, while our reported financial year '26 revenue was 1,444 crore.

Our international EPC business continues to grow rapidly due to the small base it started from post-COVID. We would like to reiterate that the post-COVID international projects have been profitable, with gross margins higher than domestic EPC margins in many cases.

Turnkey orders comprise about 2/3 of our current UOV, and BOS orders make up the rest. The skew towards turnkey is primarily due to recent Coal India and two South Africa projects win this fiscal.

We remain confident of achieving our targeted margins in these projects. Now coming to the industry outlook.

Our bid pipeline is pretty robust and heavily skewed towards India, as we are anticipating another good year to start with for solar EPC players. Our current bid pipeline targets about 31 GW overall, of which India is more than 27 GW.

Over and above, we also expect strong momentum from the battery storage market in this fiscal. In the international market, our key focus region continues to remain Middle East and Africa, and select parts of Europe.

We remain extremely prudent in terms of bidding in the international market, and are very mindful of the risk. The post-COVID project wins and corresponding strong execution has been showing us that our strategy has been working well.

In our core market, India has just crossed a landmark of 150 GW of cumulative installed solar capacity. What makes this milestones truly extraordinary is the velocity at which it was accomplished.

The last 50 GW were added in just about 14 months, compared compared to the 11 years it took India to reach its first 50 GW level. I have no doubt that this growth will continue to benefit established solar EPC players like us.

At current market dynamics, we are closely monitoring solar module prices. PV module prices globally have been rising since January, driven in part by production cuts in China and the removal of Chinese export tax credits effective April 1st, and due to the highly volatile commodity prices, especially key inputs like silver, etc.

However, for our existing order book, we have adequate back-to-back pricing protection in place with suppliers as well as well as appropriate contingencies buffers. On the Reliance front, we continue to remain in active dialogue.

We have been putting in place strategies that will help us to quickly scale scale up as and when the need arises on the large multi-year, multi-gigawatt solar rollout. With this, I'll ask Ajit to take you through the consolidated financial highlights.

Thank you very much. Over to you, Ajit.

Thank you, C. K.

T. sir.

Good morning, everyone. We are pleased to report two significant financial milestones we achieved during the quarter.

First, we achieved our highest annual turnover since listing of ₹7,548 crore, which was 20% higher than FY25. Second, company achieved its highest ever reported quarterly PAT number since listing of INR 142 crore in quarter 4 FY26.

Our top line growth has been driven primarily on the back of a growing domestic EPC business. For quarter 4 FY26, our revenue came in at ₹1,946 crore.

Commodity price volatility impacted some of the supplies and material availability, and company had to defer some of the supplies and revised execution plans accordingly in quarter 4 FY26, which led to the sequential and year-on-year drop in Q4 revenue. On the gross margin front, our FY26 gross margin improved to 10.5% versus 10.1% in FY25, primarily aided by international EPC segment, where margins reflected to 13.2% versus 8% in FY25.

Q4 FY26 gross margins were strong in international EPC due to three projects achieving commissioning ahead of budgeted cost, reiterating C. K.

T.' s earlier point in his opening remarks of current international projects' attractiveness in our portfolio.

We reiterate that we anticipate EPC gross margins to range between 8% to 10%, depending on whether they are turnkey or BOS orders. Quarterly fluctuations in margins are going to be dependent on type and quantum of projects recognized during a particular quarter.

On the O&M side, we expect gross margin to stabilize at around 20% level. Our operational EBITDA, which is operating revenues less recurring overheads, amounted to ₹444 crore this fiscal, and grew 53% year-on-year.

The operational EBITDA margin was around 5.9%, and we believe these are beginning to trend towards steady state levels. Our annual recurring overheads of 349 crore has remained steady this year and is at similar levels compared to last year, even with higher revenue growth this fiscal.

It is reflective of the operational leverage in the business. On a quarterly basis, stronger gross margins from the international EPC segment and lower recurring overheads drove the operational EBITDA higher.

Our quarter 4 FY26 reported EBITDA was also positively impacted by forex gain of approximately 35 crore. Our quarter 4 PAT was a record 142 crore since listing.

Reported FY26 PAT was negatively impacted by exceptional items of 611 crore, primarily related to litigation matters reported during quarter 2 FY quarter 2 and quarter 3, leading to an annual loss of INR 296 crore. Now coming to the balance sheet.

Our debt levels have declined by 149 crore compared to last quarter, reflecting stronger cash flow generation and scheduled repayments done during the quarter. Our net working capital was at negative 329 crore compared to negative 407 crore in previous quarter, due to a pickup in vendor payments in Q4.

We continue to make strong progress on fresh credit lines on non-fund and fund-based limits. We have cumulatively been able to raise fresh credit lines to the tune of nearly 200 2,800 crore.

With this, we can now open the floor to questions and answers.

Good morning.

Yes. Am I audible now, sir?

Sir, what sort of traction can we expect in the operation and maintenance going forward, though it has been a very wonderful appreciation from the last year? One thing.

One question. Second, sir, by what time can we expect Reliance New Energy to be on board, sir?

Hello?

Hello, sir. Good morning, sir.

Hi.

Good morning.

Congratulation on a very good numbers, sir. My first question is, sir, there has been a decent traction in the operation and maintenance.

Sir, what sort of view will you give going forward, especially the third-party operation and maintenance project, first? Sir, in the last con-call, you said that in the fourth quarter we may see something from the Reliance New Energy.

Is there any clarity, any vision, and what sort of margins can we expect from those projects if any data available? Sir, any update on Nigeria project, sir?

Shelved off or is it still on, sir?

Thank you, Saurabh. First questions on your O&M business outlook, right?

Third-party O&M business. You have seen that there has been good tractions on the O&M orders in the last few quarters.

Although our own EPC O&Ms would be added, part of them have been added in the last quarters, and will continue to add. In the last quarters, we have also bagged one orders from the large IPP companies, Enercon, for about 900 MW O&M orders.

The last year's all those projects which have been trial operation that has been completed, for them, the opportunity will be coming up. Expecting, apart from our own EPC O&M orders, the third-party orders will continue to flow in.

Sir, are these third-party orders annual or multi-year contracts, sir?

Mostly, they are all multi-years, at least for two to three years. Some contracts are two years.

Most of them are for three years, and few of them are also for a very, very long time. What are the margins, and

what sort of margins do we plan to settle for the third-party O&M, sir?

They are all in the range of 20% to 25%. It all depends on what kind of orders and what kind of the scopes are.

It is not the fixed basically for every single orders will go for more than 25%. Of course, this all depends on the scope.

In Indian markets, we are operating for more than 20% orders as of now. Okay.

This is gross margin?

Gross margin, yeah. Right, sir.

Right, sir.

On the second question of Reliance, Reliance, as you have been guiding the markets also, you have been deeply engaged with them. There has been discussions on their technical parameters, the kind of configuration of the projects that they are going to have and all.

On all fronts, we are deeply engaged with them. Traction would be seen in this financial year, I'm sure.

How is clarity on margins, sir?

No, all terms and conditions, everythings are yet to be decided, discussed. As at this moment, we can't tell you any number.

The Nigerian one, sir?

Nigeria, yeah, basically is on the slow pace. Again, the election coming in and all, you can say that this will take much longer times.

May not be happening in maybe this financial years, yeah. Yeah.

Thank you, sir.

Thank you. Thanks, Saurabh.

Yeah. Hi.

Congratulations on the good profitability. I have two questions.

The first is, we saw some amount of slowdown or no pickup per se, if you can say, in the order execution given our order backlog, right? Q4 degrowth in the top line.

If you can throw some understanding on why this is. The second question, would you be willing to give us some sort of guidance on what kind of revenue we can expect in the next financial year, given the fact that order book is more or less I think 1,000 crores more than what it was last year when we finished the previous year?

Does that mean that growth is going to taper down, or do you think that order inflow in the first half will be so strong that you'll be able to capture some of it and be able to grow stronger by the second half?

Yeah. Sameer, on the quarter 4 order pickup, the market has been generally been showing less traction because of some uncertainties in the commodity pricings and all.

All those orders that were slated to be concluded in quarter 4, most of them have been shifted to quarter 1. Not that our share has gone down.

In general, the industries was seeing the traction of lower slowdown on the order book side. Your second question was on the revenue guidance, right?

Last year's, our track record has been very good, and with pretty good UOV of over 11,000 crore. Orders will keep on flowing.

There's no question of tapering down. We'll be definitely be growing at a reasonably let's say 15% the growth, yeah.

The 15% growth that you're targeting, does this include any future orders from Reliance, or that would be an add-on to the 15% that you're giving us kind of a view on based on your current order book?

No, this is based on to the current order books and the orders that we'll be getting in quarter 3 and quarter 4, because some of the projects would definitely be coming under execution. The orders in hands and the few of the orders will be coming Q3, Q4.

Reliance is excluded out of this. We don't consider Reliance in this, because Reliance orders, unless it comes in, we can't commit anything on this, right?

Fair enough. Last question, if you allow me.

You talked about doing the battery energy storage part of it. What kind of tie-ups do you have with companies that are making all these batteries, when you set up your storage?

If you do a fully integrated project with setting up the solar plant with battery energy storage, just to understand, how would these revenue look for a similar project where you're purely doing a solar park versus with the battery energy storage, and what would be the margin profile of that kind of orders and business? No,

this financial years will definitely witness the combination of solar plus battery. As far as our strategic tie-up with few of them is concerned, I don't have, as of now, the fully tie-up.

We keep on engaging with the manufacturers based on the I mean the opportunities coming on project-on-project basis. Before I mean bid is submitted, we definitely get into the dialogue with the manufacturers to lock our prices with them so that any fluctuations during execution is not, affecting us on our supply patterns or on the bottom line.

I this is why I'm just telling you this is that battery market in India itself is not very mature. There is no point at this stage when getting stuck up with one and then getting into trouble.

That is one the battery part. Your second question was?

Margin How would the

how would the revenue profile change, and how would the margin profile change when you do these combine combined projects?

Margin profile on the battery also will remain same. We have been, let's say, working depending upon the supply of battery in our scope or only BOS for the battery.

It would be around 8% to 10%. If it is only, let's say the BOS, margin could be a little more.

If it is supply, then the margin would be less, depending upon the type of the orders that is coming on. The I'll say let's say around 20% to 25% in the quarter 2, quarter 3, not in quarter 1, but Q2, Q3 is, 20% order 20%, 25% orders add-on will keep on happening.

That kind of traction is being seen. For sure, the battery market seems to be very, very, very good for years this years and onwards.

Over 50 GWh battery opportunities are being seen. Out of that, definitely we will be getting some part of our in in our shares.

Yeah. Fair enough.

Thank you very much for the info, and I'll get back in queue. Thank you for the time.

Yeah. Hello, sir.

Am I audible?

Bhavik. Hi.

Good morning.

Good morning. My first question is, how much of inflows can we expect from Reliance in the current financial year?

Say, in terms of execution, when can we see the execution coming once we get the orders? Also,

just before this questions, while I was addressing to Sameer, I addressed this part. I told you that we're deeply engaged with them.

Discussions are happening on the technologies and all those kind of tie-ups and things by them.

Actually just want to understand where is it getting hindered. What is making it delay?

No, I can't be discussing more on this kind of things, but of course, Khavda being a large project, the Kutch being a very, very large project, they're evaluating the pros and cons on the various technologies and all. Right, finally, once they come to a point where they feel that the project can be fully launched on, and thereafter, only our role starts.

We are fully engaging them to support all the things, not only understanding of the project, technical parts, and other things. As and when it comes, then we'll come back to you on the size of the orders and the timing of the orders and all.

Okay. Until now, we don't see any clarity in near term, right?

No, clarity is that we are deeply engaged with them, and the project is on with them, and the larger shares maybe we will be expecting out of the project that will be coming for EPC stage.

Okay. Sir, in terms of our margins this quarter, was there any one-off in terms of completion or anything, because we have not seen such margins when our revenue has dropped, but our gross margins have improved?

What are those reasons which led to that improvement?

There were three projects, international projects, which were towards the fag end of completion, and so there was certain savings towards the budgeted cost that has improved our overall margin, particularly that came from international projects.

Okay. Because in the presentation, you guided we will continue to do 8% to 10% gross.

That's the reason I'm asking. Is it a one-off we should consider?

It's savings towards the budgeted cost in international projects.

Okay. Sir, say in this savings, how do we see the 11,000 crore order book in terms of our execution?

How much of it is a fixed order book, and how much the raw material inflation will affect this? No,

all major items are tied up, mostly let's say for the portions of the turnkey projects where the module comes up in our scope. There also we have tied up back-to-back with the suppliers.

The rest of the project, if you see, the project timelines are short. So 6 to 9 months, let's say, or 1 year.

The fluctuations on the pricing of commodities also will not be impacting much.

When you say 6, 9, 12 months is my project execution, and I have my 11,000 crore order book, can we see a 10, 11,000 crore execution this year then?

No, so, this orders few of them are orders coming where the NTP is still to be received. Those projects would be let's say for 15 months, 14 months, but part of that will be coming in this fiscal.

The on the revenue side, we'll be growing let's say at a 15% growth rates from the last quarter last year.

Sir. Understood.

All the best.

Yeah. Hi.

Thanks for giving me opportunity. I had couple of questions.

In terms of the recent hike in raw material prices and coupled with a very, very volatile USD-INR rates, you think that this could adversely affect our margins? Although you have already mentioned that your raw material supplies are tied up, but can rupee-dollar play a spoil sport in terms of margins?

Not really, if you see the dollar valuation part of things, that is not to our account. Basically, it's for domestic supply, we are purchasing from India.

They're all fixed contract, and such fluctuations is not impacting us. For internationals, I think we will be benefiting from the variations.

In international, there is a natural hedge available, because our revenue is also in USD, there won't be any significant impact in terms of any foreign exchange variation.

All right. Net-net, a depreciating rupee is actually beneficial to us.

That's what is reflected in this quarter's result also.

For the international market, sure. Yeah.

Okay. Secondly, in terms of our aspiration to get into wind energy projects also, what is the status there?

Also,

we are doing one project for one of our clients, and the project's on track. To remove the intermittency and all the orders inflow this years, we are expecting that there would be better tractions on the wind projects.

With one projects which we are doing is already on track, we are expecting that we will be adding few more into the wind side.

Okay. When you're giving a guidance of about 15% growth, that would also include the potential wind projects?

Few of them, yes, it could be, yeah. This is all-inclusive.

Or

is it over and above our guidance? I just wanted to check that.

No, so that would be including battery, wind, and solar, everything. Yeah.

All right. Okay.

Just one more thing. I know you've been asked a lot of times about Reliance New Energy.

You've answered to so many of them, but any guidance or any idea in terms of when could the execution start?

Or

at least when could the order inflow start for us?

Current year, it should happen. Just to pinpoint that it is going to happen this quarter or next, I'm not in a position to tell you now.

This year definitely should happen.

Okay. I don't want to push you more on that, but this year it will not happen that this year means Q4 of FY27, right?

I'll say no comment at this point.

Okay. All right.

Just one last thing. We've taken a lot of hit on our international portfolio in terms of taking the write-offs and everything.

Is every kind of problem that we faced there is behind us, or is there something more that we need to provide for? Also,

we are almost done. There are a few cases in the US market, under court cases, so that will take some time.

Yes, you can say, other than the US cases, more or less, we are done.

What would be the approximate value of those projects?

Since it is a court cases and it's all, we are not considering that we will be losing the case and therefore the provision to be made at this stage, because

No, forget the provision, but what is the value of the total for the cases that we are fighting for?

We are out of money for around more than 200 crore, and that is predominantly backed by the promoters'

indemnity

agreement on the US case.

So 200 crore is the worst-case scenario if we lose all the cases.

That's backed by promoter indemnity.

That's backed by promoter. At least we will have to take the hit first and then recover the money.

But 200 crore is the worst-case scenario, right?

It could be more, in fact, yeah. We'll come back to you.

I think on these numbers, we will come back to you, right?

No, because the performance of stock has gone down drastically primarily because we've taken so much of a hit. Now after taking so much of a hit, you're still saying that it could be a bigger number.

How big that number could be? How many cases you are fighting for and what is the total amount of cases that we're fighting for.

See, I think at this point, since it is in litigation and it is expected to take time, it is difficult to ascertain a certain number. I think what Ajit has already alluded to is the point that as a company, we are already cash out on 200 crore, and most of it is indemnified.

There's no question of taking any hit on this 200 crore. It is money that will come to the company from the promoters once the case is settled.

Yeah? What C.

K. T.

was alluding to, and what we've always maintained is, if the case goes adversely against us, then there is always a chance that there may be additional cost. For example, in the last US case, there were litigation costs which we had to bear, which was over and above the settlement that had to happen.

Those are additional things, and those can only be ascertained at the time that the final resolution on those litigations happen. If it is in our favor, we won't have to pay anything, but if it goes against us, then there could be additional cost.

I think that's the point that C. K.

T. was trying to allude to here, and that's the exactly the reason why we are unable to put a number to it at this point of time as well.

No, I completely agree. If you're let's say fighting for a total of 200 crores, the litigation cost will be some percentage of that.

It will not be a multiple of that number, right? Is that understanding correct?

Sir, can you just repeat that?

If we are saying that our amount total that we are fighting for is about 200 crores, and we are unable to put a number or a additional number to that because that could be some additional litigation cost if we lose that we'll have to pay. That litigation cost or that additional amount would be a percentage of this 200 crores.

It will definitely not be multiple of 200 crores, right?

The point is that we are speculating at this point on what that amount could be, isn't it? Our view has been that we are in a strong, very strong position with regards to this case and effectively that this case will go in our favor.

To say that, first of all, the case will go against us, and then therefore the quantum of amount that

We are talking of worst-case scenario. My question is that if we have to pay additional litigation cost, it cannot be more than 200 crores.

It can be 10, 20, 30, 40% of 200 crores, right? It cannot be two times 200 crores or three times 200 crores.

That's what I'm asking.

Litigation costs, yes, but all depends on the judgment is the point, right?

Claims and counterclaims from the party.

That would be additional penalties. This is the worst-case scenario again I'm repeating.

There could be additional penalties over and above 200 crores. That's what you're saying.

If we lose the case, which same chances are very remote.

Okay. What is the likely timeline, you have any idea on this?

Since it is under court, it can take maybe two years. Because US court, all of you are aware that it's taking a much longer times.

It may take two years, in fact.

Okay. We've settled a few cases earlier where both the parties have withdrawn the cases and all.

Considering large write-offs that we've taken, are there any chances of recoveries, or we would want to settle it where both the parties just withdraw the cases?

No, our efforts are always to mutually agree and settle the case in our favor. If that happens, then that is a win-win situation, right?

If it doesn't happen, then, in any case, we are either in the arbitrations or we are into the court. Then we'll wait for the judgment from the either arbitration panel or from the court.

Our efforts are always there to settle if it comes to our terms and conditions.

All right. Okay.

That's it from my side. Thank you so much.

Thank you.

Hello, sir. Thank you for taking my question.

Am I audible?

Yeah. Hi, Nirmal.

Audible. Good morning.

Hello. Yes, thank you, sir, for taking my question.

Sir, you discussed briefly about BESS as a space. I just wanted to understand how are you approaching this in terms of building your order book in general, and in addition to that, just wanted to understand what are the CapEx and timelines like.

In terms of customer expectations, how are they preferring standalone or hybrid? How is the BESS capacity determined by an IPP?

No, so, yes,

this is a good question basically, Nirmal. If we look at the overall industry scenario, one is that megawatt capacity addition from solar and wind is projected, which is onto the domain.

Let's say from the Government of India target point of view, still we have to reach from let's say 250 MW to 500 MW, 250. Solar alone will have a space for 150 MW additions, and then rest of the other renewables.

Now since the energy generated from the renewables has never been at par with the thermal power plants or the fossil fuel power plants, and therefore, there has been strong urge to add the batteries. The hybrid will continue.

Therefore, the wind also will take traction, and battery also will keep on adding. On the current reports published by MNRE, we are expecting that around 60 MWh GWh kind of battery opportunity would be coming.

There is also policy taken out by ministry that the every single solar plant installation, there has to be 2 hours of BESS capacity additions, right? Now again it depends on whether it is for the only utilities for 2 hours as per the mandatory condition requirement or from the captive point of view where people would be looking for round-the-clock battery additions.

The battery storage opportunities will definitely be keep on adding to this. Therefore, we are also equally prepared.

As of now, when you give the guidance for our revenue growth, this would be mix of the battery and then the solar, and then part of wind also. From the CapEx perspective if we see, then there is a huge opportunities coming from all three.

Okay. For a standalone project, what are the CapEx intensity like?

And

As I said, at this stage, see, out of the current order book, UOV, when I say 11,000 odd, we have around 300 close to 300 crore coming from the battery. The orders that will come as an inflow in the rest of the quarters, will determine on the kind of the opportunity that will be coming in.

On the conservative number, you can say that let's say in our new orders books, I'm expecting 20% order to come from the battery, rest would be from the solars and all.

Sir. Just one last question.

Currently when you are approaching customers, they are preferring hybrid over standalone? Is that understanding correct?

No standalone BESS projects, right?

No, there are standalone BESS project also, because as per all those projects that have been built only as a solar, there also, as per the obligations, now they are adding some 20%, 15%, 10%, depending upon the hours of storage energy requirement. That is also coming up.

That both ways. The projects that will be coming as a hybrid for solar and battery, or maybe wind and battery, or maybe solar, wind, and battery, and there would be standalone battery also.

All three kinds of the market opportunities are being seen.

Sir. Thank you.

Thank you so much for the answers.

Thank you.

Thanks, Nirmal.

Hi, sir. There was one question.

Just wanted to understand on Reliance again. Historically, when you mentioned that you are engaging with Reliance, what exactly Sterling and Wilson has done till now?

Have all visited the ground and done some checks, or what exactly is happening in terms of the engagement, yeah?

No, on Reliance, see, we are the EPC players, Reliance is developer, right? Since it is a large development project by them, the mode of executions are being decided by them.

Supply to their scope, part supply in the EPC scope, executions by EPC or the construction company, all those things are being discussed. Since it is a huge investments, therefore it's important that there should be enough time for them also to give on the selection of the technologies and all the kind of things.

Our involvement in this practice is that we, as a very strong and maybe India's number one EPC player in solar, we have been deeply engaging with them in discussions of every single bit of things, right? Then once it comes for the final rollout stage, then our expectation is that we should be getting the larger share from them.

Okay. Thank you.

Finished

where do we stand on the bank ratings? Is there any chance of any improvement, and are we finding it now difficult to get BGs issued because of the downgrade of our ratings?

What are the kind of terms that they have set us There's no downgrade in the rating.

What are the kind of terms they have set if we have to improve our ratings? Does it mean addition to any kind of equity?

First question, there is no downgrade in the rating. We are rated as BBB+.

In the beginning of the year, we were rated as BBB-, during the year, we have been upgraded for our rating by two notch. In terms of support from the bank, we have been able to secure broadly 2,800 crore new credit lines during the last fiscal.

Bankers are supporting. In fact, recently we got additional sanction from our lead bank also.

We have added few new banks in our consortium during the year. We are getting support from the banks.

Our cost for LC and bank guarantees also got reduced during the year significantly. The moment we'll get additional orders and we have better visibility in terms of revenue, we are hopeful to get additional credit lines also based on the requirement.

Sir, about Adani orders, do you think that those may be much quicker because they are already on the go in Khavda and generally they are much more agile in the solar space?

Basically this timeline for this project execution is around 13 months, and the project is doing really well. That's the pace that we are keeping, and then orders will keep on flowing, I believe.

That's our long-term understanding with Adani is, right?

Sir, how do you see the international space going? Is there any chance that we get some larger orders from other places apart from the Nigeria orders?

Can you give some color as to what kind of bidding competition was there in the Coal India order which you recently won? Has the bidding velocity subsided?

No, for Coal India orders, we will say, yeah, Coal India they have a good portfolio basically coming in. That was their I think second project of the large size, and there were quite a few numbers of the bidders in this, including L&Ts and the larger players.

Of course, we have been declared L1. NTP is still awaited.

With this, we are expecting that we should be participating in the Coal India tenders as well. On the PSU front, if you say, NTPC, Coal India, SJVN, they will remain to be a large developers.

On the international order booking side, yes, this years you can see some skewness towards the more international projects. That's the traction we can clearly see.

Our focus area still remain the Africa, Middle East, and select countries in Europe. The size and the quantum of the orders, I can't comment you at this stage, but then you can always expect that from the last years the order book positions on international markets will definitely be more than that.

We are closely working on few of the projects which are a fairly very large size, and we are in better positions to get this order.

Okay. Thank you so very much, sir.

Appreciate your answering my question so well.

Thank you. Thanks.

Yeah. Hi, sir.

Sir, congrats on Coal India order L1 at least as of now. Sir, the observation is that we are able to engage with Reliance, Adani Group, and also PSUs under like Coal India, which means it reiterates our market leadership position of all the CapEx on the solar side happens.

Sir, the question to you, sir, is one, you had mentioned that we have an x kind of order bid pipeline. Last year we were successful in achieving say 15% market share in all-India spending of solar.

Sir, based on your understanding of this order bid pipeline, which may be a subset of all-India orders, what is our likely win rate? Maybe a large percentage variation also may happen because of a large Coal India order type win may not be predictable.

Any range of a likely win ratio would really help us to understand this year's order book growth if at all we can get some visibility there, sir.

Historically, if you see that our hit ratio have been, around 25% to 28%, right? Even today, with respect to the last year's orders and the overall market positioning that we have, our market share in the solar space is around 25%, more than 25%, right?

With the next couple of years, 4 years to, achieve the target of 2030, the opportunities are I mean if not, we'll say it is more than the opportunity that have been made available in the last year also. With this run rate, our cap market share would be definitely more than 25%.

That's what I can give you at this stage.

Sure, sir. That's helpful.

Sir, what are the key reasons why these slowdown has happened recently and because of which this fourth quarter order book was a bit slower? Historically, we understood the execution timeline was 6 to 9% in our case, but you're mentioning one of the faster moving order also is now say 13 months.

Maybe our ticket size of the order book has grown, which is probably taking this. If you can give us some sense on one, outstanding order book execution timeline for the order book?

Second, sir, what are the key reasons which is holding up this overall order pace? Is it more due to this international issues that you had mentioned about pricing of key material, including China export withdrawal subsidy that you had mentioned, or silver prices?

Or is it India issues in terms of land availability and some old issues which are continuous to bother us?

Basically, there are a couple of reasons. For the last quarter slowdown, I will say that there was basically commodities price surge.

From January onwards, if you see the LME prices for coppers, aluminums, other things going up, the developers chose to probably take a back seat for some times, just pause. That was one.

Then for the larger industrial perspective if you see, the connectivity is particularly in one of the regions, Rajasthan. There has been two major area in the India, Rajasthan and Gujarat.

In Rajasthan, some of the projects, I mean in the substation projects and all, connectivity issues are really popping up. Around more than 40 GW of kind of things are where the PPA is already signed, but the connectivity is not there.

Those are, and there are there was a GIB issue as well. The those were the reasons why the projects development in Rajasthans were basically delayed.

Now, since GIB decisions from the court has already come, and the substations all those which were supposed to be commissioned in 2027 or the maybe early 2028, I think delayed by quarter of weeks quarter of months, right? Then 22 2028 would be the time when then all those things will clear.

I'm not I mean understanding that basically because of, I mean while it has impacted the I mean development in Rajasthan, but going forwards, the kind of, the odd opportunity that we have seen, that will keep on coming.

Okay. Sir, this year may not be as bad as say last year in terms of execution.

No, it should not be as bad, yeah.

Hopefully, it should not be as bad,

yeah.

Sir, the last question, sir, on the exceptional side, the question is, sir, one, we provided for that 611 crores of this year's exceptional item, because of which the overall year is at a loss. The question is one, is there any outstanding payment that we have done for which the erstwhile promoters need to pay us, and that can come as this year's income as a reversal, one?

Two, the out-of-court settlement that we have done press release was given yesterday, is there any upside or downside in terms of known unsettled cases, just if you can update us there?

On the press release, whatever we have given yesterday on that settlement, there is neither any upside nor any downside, the case has been closed and without any liability or payment obligation either of the party. On that 611 crore write-off, whatever we did, there was some payment outgo from our side to the party, and we have already paid the full amount by end of this quarter.

This case was un-indemnified matter, there is nothing which can be recovered from the promoter on this particular case. On other cases, based on the crystallization of the liability and closure of the cases, we can raise the claim on the erstwhile promoters whatever cases are crystallized by 30th September.

We'll do that based on outcome of all those cases.

Okay. As of now, there is no claim on promoters, and they have been paying as and when that is crystallizing, sir?

Can we assume that?

That's right.

That's right.

Last year, whatever claims were raised on the promoters, they have paid in full, around 180 crore. Okay.

Okay. Thanks a lot for all the clarification, and all the best, sir.

Thank you.

Thank you.

Yeah. Am I audible, sir?

Yeah. Hi, Deepak.

Good morning.

Yeah. Hi.

Good morning. Sir, just a few queries from my side.

Now the bid pipeline that you have mentioned is around close to 31 GW, right? Can you also tell me in terms of rupees crores how much would that amount to?

No,

overall opportunities if you see, that is over 50,000 crores basically, maybe 55,000 crores, right, overall. Out of this, let's say our market shares will continue to be 25%.

Uh-huh. The

order books would be in the range of 10 with the 15% more than the order book that we have this year. Something like this, right?

So

15% currently close to 12,000 crores, 15%. Basically, close to 14,000 crores order book we may target by FY27 end?

Would that be a fair assumption?

Basically it depends on a lot of factors. You have seen the geopolitical wars and all those things.

Conservatively, we feel that we must be growing at 15% growth rate, right, from the last year. Yeah.

So

15% growth rate both in order book as well as in revenue is what we are looking at, right?

Can think so. You're right.

Okay. Understood.

You had mentioned I think gross margin in the presentation, gross margin from EPC business to stabilize around 8% to 10% and O&M at 20%. This is the medium-term view we have on the margin front, right?

Right.

That's right, depending on the nature of the job, whether it is turnkey or only BOS.

Correct. What does it translate to EBITDA margin?

4% to 5%, would that be a fair number to look at for us?

Our overheads would be in the range of 4% to 4.5% max to max.

Uh-huh.

Yeah. Then we can 4% to

4.5%. Even if you assume an average of let's say 9%, yeah, 4% to 5% would be a fair range where as a company we can work with, right?

Hello? Yeah.

Yes,

that's right.

Okay. That's right.

Okay. Understood.

In terms of BESS, I think you mentioned about 20% of orders you expect to get from BESS opportunities, right, going forward? Would that be right?

That's the basically kind of mix trend which is being witnessed in the market. Hybrid portions will definitely be adding on.

Keeping that opportunity in mind, we expect that our orders will be also adding around let's say 20% of the overall market in the segment of storage, battery and storage, yeah.

Okay. What's the margin profile we expect in BESS?

Would be same as the solar. The margin profile will not change.

So 8% to 10% gross margin?

Yeah, 8% to 10%. If it is, let's say, only the balance of supply for the battery project, standalone battery project, could be 10%.

If it is including the supply of the battery, then it could be 8%. Yeah.

Okay. Understood.

Fair point. I got it.

That would be it from my side. Wish you all the very best.

Thank you.

Thank you. Thanks, Deepak.