Good morning, and thank you for joining us on this call today to discuss the financial results of TD Power Systems Limited for the quarter ended 30th June 2026. I trust all of you would have received our results and investor presentation.

Now I'll discuss with you the financial performance of TDPS for this quarter ended 30th June. Standalone: our total income for Q1 on a standalone basis was ₹6.3 billion versus ₹3.63 billion over the same period in the previous year, an increase of 74%.

EBITDA for the quarter is 19.34% including other income excluding exceptional and treasury income versus 18.7% over the same period in the previous year. Profit after tax and comprehensive income for the quarter is ₹853 million versus a profit of ₹471 million in the same period in the previous year, an increase of 81%.

Order book for the manufacturing segment is ₹22.08 billion, out of which ₹19.29 billion is the generator and motor manufacturing business, ₹2.11 billion is railway business, spares and aftermarket is ₹0.22 billion, and ₹0.46 billion is the Turkey business. Export and deemed export excluding railway order for both domestic and exports is 57%.

Order inflow statistics: order inflow during the quarter is ₹7.34 billion INR, an increase of 87% on a Q1-Q1 basis. Order inflow from direct and deemed exports is ₹6.84 billion compared to ₹2.57 billion; 93% of our quarterly order inflow is exports, while 7% is domestic.

Consolidated: our total consol performance for Q1 is sales of ₹6.43 billion versus ₹3.76 billion, an increase of 71%, and profit after tax and other comprehensive income for the quarter is ₹860 million versus a profit of ₹500 million, an increase of 72%. We continue to maintain a strong cash position of ₹2.44 billion.

Coming to the order book, market situation, and guidance: market conditions and guidance, in general, we see a very buoyant market for TDPS in all segments of business. The basic factors that are driving growth continue to play out: AI data centers, grid stabilization, basic power generation, push towards renewables.

This drives demand for geothermal, hydro, waste to energy, etc. With all sectors in full force, we see this strong order inflow situation continuing, and the focus is still heavily on execution.

Despite differing views on sustainability of this buoyancy in the media, the ground reality is that there is a tremendous shortage of power generation equipment, specifically in gas turbines, gas engines, transformers, and generators. The forecasts of demand at the moment are very strong, and TDPS is taking the position to maximize the order inflow, and on the capacity side, we are focusing on efficiency as well as debottlenecking to increase output for FY '28.

We will most likely go in for another round of capacity addition for generators below 100 megawatt. TDPS will inform the market about these investments and plans in the next earnings call since we're still in the process of assessing which products and which capacities need to be enhanced.

As mentioned above, at the moment, we have sufficient capacity for FY '28 around ₹32 billion INR, and although we will do some debottlenecking with investments around ₹500 million INR. Next, we are looking at what we should be doing for FY '29 and FY '30 to move the capacities to ₹40 billion and above.

Regarding the opportunity in the large generator segment, we are close to signing agreements with the relevant parties, and we will inform the market, most probably in the month of August, about these unique opportunities. These opportunities are over and above current business of the company, which is generators below 100 megawatt.

Now let me come to the segments one by one. The steam turbine market continues to grow at the rate we predicted, with no surprises on the upside or downside.

The market is steady, with around 10% to 12% growth taking place in the captive power plant business, biomass, and waste heat recovery. Gas engines and gas turbines: this growth still continues to be massive and rolls on without pause.

As mentioned in the investor presentation, we're getting large-volume orders, and forecasts for next year continue to show strong upward growth. Hydro: we have a busy year ahead of us.

This year will be one of the highest TDPS in hydro. TDPS is very active in the refurbishment business in India and abroad.

This segment will result in some high-value orders for TDPS in this quarter. Motors: it remains a key area of our business, and teams are working on increasing the footprint.

In railways, we're not taking any fresh orders in the segment, and we will review the sustainability of this segment at the end of this year. Once the Indian Railway contract is completed, the production space and capacity that we have will be used for generator and motor products.

Guidance: we revise our guidance for FY '27 at ₹2,600 crores, with a small chance that we may even cross this number. This brings me to the end of my initial remarks.

I'll now be happy to address any queries that you may have. Thank you.

Sir, first of all, congratulations on the great set of numbers. You continue to outbeat the Street expectations.

Sir, my first question is with respect to the peak revenue potential without incurring any new growth capex. Last time, you mentioned we can reach somewhere around ₹3,000 crores of top line.

At this point, do you think we can exceed that using our current base? That's my first question.

I would rather look at it how we are gearing up to meet the demand of the market from and matching our capacities on a year-on-year basis with the expected demand from the market. As I mentioned in my earnings call speech a few minutes ago, we are building our capacity with some debottlenecking for ₹32 billion next year.

That's the capacity we would like to have, plus-minus. Then we certainly need to make another round of capacity additions for '29 FY '29 and '30, and then we'll be looking at how do we create the capacities for beyond ₹40 billion.

For that, we said that we would provide more details in the next earnings call. This is the direction in which we are going in right now.

We need to be careful about which products, which capacities, what kind of capacities, how to make them fungible across different businesses that we have. A lot of analysis is going on right now.

We need another three months' time to finalize our plan. As I said, this is the direction in which we're going.

We're aligning our capacities with the market demand.

Understood, sir. Sir, just one more question as a follow-up.

Sir, the larger-capacity generator manufacturing, can you give us some understanding of the TAM of this market, say beyond 100 megawatt, compared to what we are currently below 100 megawatt? Just in case, how big is that compared to the current segment that we are in currently?

Look, it's a very large segment. I don't have the exact market size information with me, but it's a very large segment.

It's dominated by very large players, and I can't give you any further information right now. As I said in the earnings call speech, we will be announcing something in the month of August, and once we make the announcement, obviously, at that time, I will have to answer all these questions, and then once the details of these things are out in the market, we will definitely provide more information.

Understood, sir. Thank you so much.

That's all from my end.

Yes. Hello, am I audible?

Yes, Nishita. Yeah.

My question is on the order book. We've had a very good order book growth YoY in Q1.

Just wanted to understand what will our closing order book look like, what sort of growth can we expect in the order book for the full year?

We're expecting around ₹700 crores per quarter.

Okay. That means ₹700 crores order inflow.

Somewhere like ₹2,800 crores plus we'll have for the whole year order inflow.

Understood. My next question is on that earlier, you've mentioned that by doing the debottlenecking which will require capex of around 100 crores, we can reach the revenue potential of 32 billion in FY '28.

Yeah.

When do we expect to incur this capex? Have you already started the capex, or Yeah.

That's an ongoing process.

Okay. What sort of total capex do we anticipate in FY '27?

₹50 crores.

₹50 crores, okay. With this debottlenecking, do we expect in FY '28 we'll have around 32 billion of revenue, or can we see some upside potential to that also?

It's not a hard and fast number. If there is an upside potential, we will have to find ways to make it happen, and we'll make it happen.

It's not written in stone that it is 3 3200 and it ends over there. If it goes to 33, then we do 33; it goes to 34, we do 34.

It's around that number.

Okay. Understood.

My last question would be on you mentioned that in FY '29 we'll do fresh capacity expansion, which will take our capacities to around 40 billion. Do we expect when can we reach that 40 billion number?

Look, Nishita, I've tried to make this as simple and clear as possible. I said that we are going to invest ₹50 crores to have a capacity around 32 billion for FY '28, and I said that in 3 months' time when we have the next earnings call, we will give an indication of what kind of investments we need to gear up to meet the demand for FY '29 and FY '30,

which could be

we would be looking at taking the number to around 40 plus. Now, which specific year it's going to happen and that I can't say that right now.

That's the direction in which we are going in.

Understood, yeah.

It's a dynamic situation. We're looking at things which are going to happen 2, 3 years from now, right?

We have to have flexibility in the plan, and so we have to be open to see how the market develops, which kind of products are going to be dominating the demand situation, align ourselves to that, and be flexible. Nothing can be written in stone about what's going to happen in '29 and '30 in '26.

That's not how it works.

Understood, yeah. Thank you, sir.

Thank you.

Hi, thanks for the opportunity, and congrats on a very strong performance. Sir, I wanted to understand you spoke about pricing increase last quarter.

Have those been put in place this quarter already?

We have contracts with our customers where we have price variation clauses, and wherever we have price variation clauses, those are implemented, yes.

Okay. Okay.

Last quarter's gross margin I mean we see improvement from last quarter gross margin. That that is reflective of the pricing uptick that the or the price clauses that you're talking about, right?

Look, I can't tell you we have basically guided in the last call that we will maintain our approximately plus-minus 1% here and there, we'll maintain the gross contribution margin for the company. Part of it will come from price increases, part of it will come from cost reductions, part of it will come from product mix, part of it will come from exchange rate gains.

I can't give you the exact breakup of how much is the contributing factor from each of these things, but overall, the company will be able to maintain plus-minus within a certain tolerable range the gross contribution margin which we have guided the market.

Understood. Okay.

On the revenue guidance for the full year, does that include any revenue from large turbine generators?

No.

Okay. Okay.

Because

just for your information, it takes between 18 to 20 months to make a big generator like that, okay? There's no way it's going to happen,

right,

in 6 months from now.

Got it. All right, that's all the questions that I have for now.

Thank you so much.

Hi, Nikhil and team. Thanks a lot for taking my question.

Firstly, congratulations on good set of numbers. I just had one question on the margins front.

We have always guided for 18% to 19% EBITDA margin, and in such a global situation as well, firstly, I wanted to understand how are we able to manage and maintain our margins? As I understand that there would be some impact which would be coming from the increase in logistics cost, etc., which is probably getting offset by higher-margin export orders.

What would be the quantum of these two? Just wanted to understand that if the situation improves, can we expect any inch-up on the margin front?

That is my question.

I cannot commit to that any I I've committed to a range, and we will stick to the range. How we get it, I have already in the I've answered in the last question.

There are a number of factors that drive margins: one is pricing, one is cost reductions, one is exchange rates, raw material prices, and then there's also EBITDA margin is also dependent on the factory loading, capacity utilization. There are a number of factors that drive this, and as a management, we we we need to, we need to have certain levers that we can work on to achieve the numbers that we commit to the market.

Now, how much of it if it's going to contribute to each of these things, I'm sorry, I'm not in a good position to answer that.

Sure, Nikhil. That was all from my side.

Thank you.

Hi, Nikhil. Good morning.

Congratulations on great set of numbers. I just wanted to refer to something you mentioned in the opening commentary that while demand is exceedingly buoyant, on ground, there is shortage of power equipment and there are some delays.

Also considering the current geopolitical issues, there is a little bit of supply chain disruption. Are we seeing the impact of that in any segment, any market, and any steps you're taking to ensure that it doesn't derail us?

While you're sounding very confident to achieve the guidance, it will be helpful to get some qualitative color also.

We don't see any disruption in our order inflow. From the market side, also, we see no letup in the demand situation.

The forecast that we have from our customers is still extraordinarily strong, continues to be so. We are always in very, very close contact with all our customers since there's huge amounts of co-dependency that we have with each other.

It's very important that we stay very deeply connected with them. Deliveries and capacities is always the number one and number two topics on the agenda when we meet these customers.

At the moment, whatever guidance that I have provided to the market are guidance that we will be able to achieve. Upside potential or whatever will be announced as and when we see that actually materializing.

I have not yet given the guidance for next year for FY '28. I have only said we're building up a capacity for that.

I've not yet given the guidance for FY '29 and '30. I've only said we're building up a capacity in that direction.

I think when we take certain decisions to add capacity and when we gear ourselves up towards a certain capacity number, it provides an indication of which direction we're going in. I think more than that, I can't really say.

No segment or order is probably facing any kind of slowdown because of this shortage or because of shipping-related delays?

No, I don't see

that

shipping delays will cause disruptions in the demand situation. So

No, the question is that while the demand is there and I think you've spoken excessively about it, there is delay in execution, ongoing projects are getting delayed. What I'm trying to understand is, are we seeing a slowdown from an execution perspective in any of our segments, in any of our markets?

All our products are just going straight from our factory gate straight onto ships and getting moved into the US. Now, they may not be commissioned immediately.

There could be execution delays, but all customers are taking the products as ordered.

Understood. Great, thanks.

It's not that all the turbines and all the engines are going into only one single customer, one single project who is not able to digest, and then starts asking us to start holding back shipments because he's not These are going to multiple sites, multiple data centers, multiple customers. Everyone is taking delivery.

I don't see a problem with this at the moment. Can we move on to the next question?

Miss Mahawla, are you done with your question?

Yes, thank you.

Yeah. Hi, sir.

Thanks for the opportunity. Sir, my first question is would you be able to share out of the current order book how much actually is contributed by data centers for both gas engines and gas turbine?

No, we don't give that split-up of applications with our order inflows.

You don't. Sure.

Sir, my second question is around as data center campuses move to higher 50, 100 megawatt kind of a configuration, are you seeing customers increasingly talking about combined cycles? If yes, does that meaningfully increase the TAM for TD Power?

There are noises about combined cycles, for sure, and I think there will come a point of time when all these open-cycle gas turbines will start moving towards combined cycles. As Alisha pointed out a little bit earlier, there are execution delays on the data center side.

By the time that these projects actually go on stream and project running with open cycle and then they start planning combined cycle, then it gets installed, it could be years from now. It will happen, but my opinion is it's not going to happen immediately.

It's going to take some time, but it's going to happen.

Sure. If and when that happens, is the understanding correct that that will improve the opportunity size for TD Power

in [unclear]? Naturally.

We work with all the major steam turbine companies in the world, we are well-connected with them, and we will get a certain proportion of that business, for sure.

Sure. Thank you so much, and

Thank you for the opportunity. I just wanted to get a sense of the market share which we now command in the export market.

How much have we increased our wallet share with our OEM customers? Also, any client additions or anything else that you want to point out in that direction?

Mythili, we don't have that number where we can pinpoint that this is our market share. We don't have that number.

In terms of client addition?

We don't have any major client addition at the moment. We have a couple of smaller client additions which in the pipeline, which we are hopeful to close in this quarter.

Of course, all the major clients, major engine makers, major turbine makers, we're already working with them very closely. We don't see a big opportunity to increase client addition which can dramatically change the business outlook.

It's more about cutting deeper with them and more about market itself having growing. That's where our biggest opportunity is going to be.

Got it. In terms of the Turkey subsidiary, could you just indicate what is our thought process on it currently and matlab what are we sort of going to do about it in the

We have about 3, 3.5 million euros worth of orders for execution this year. We will execute that 3.5 million euros this year.

We don't see a big pipeline for business for next year right now, but the Turkey facility still continues to be like an insurance facility in case we have to do major for service. For insurance, you have to pay a certain amount to keep it alive, and it will probably be used still playing that role even next year.

Got it. Thanks.

That's all from my side.

Hi, Nikhil. Nikhil, I think six months back on one of the calls, you mentioned that you guys are looking at the refurbishment opportunity in India.

If there's been any progress on that, you could update on that, please?

We have won a few hydro refurbishment orders. It's already in the order book in the last quarter, Q1, and there are a few more jobs in the pipeline for Q2 and Q3, and we are very active in the hydro refurbishment market in India.

Great. Any plans of when will you be in a position to take it global?

At the moment, we're not looking at taking it global.

Understood. Second question is, going back on some questions on the demand, now, in your experience, if you could just kind of give some picture on how inelastic is demand to prices or costs, given that commodity prices are increasing, metal prices are up, freight costs are up, plus there is shortage of all equipment in the power value chain and prices are going up there too of the base product?

When you talk to your customers, do you sense that there could be a point where they might kind of start rethinking the scale of projects or the timing of projects or something like that?

The power plant, it forms a very, very small percentage of overall project cost. If you look at data centers and things like that, it's less than 5%.

The demand elasticity is very high. They need electricity, and there's no choice.

They have to buy. They need to have behind-the-meter power generation equipment.

They have to pay for it, the price. Commodity prices go up, that's how this market is.

There's no choice. They need electricity to run the data centers.

It's not just data centers, it's also grid stabilization. You need to have equipment for grid stabilization.

There is a push towards renewables. There is a certain mix that all utilities have to have in terms of renewables.

These are all factors that are driving compulsive buying power. You have to do it.

Understood, great. Very helpful.

Thank you so much.

Hi, Nikhil. Thank you, and congrats for the very strong set of numbers.

My first question again on this service business: since the installations are growing so rapidly for you, what's the service revenue contribution, and can it scale up in next 2, 3 years? If so, probably that can aid the EBITDA margin higher.

Why are we still guiding that 18%, 19% if the installations have gone up and probably we have a better service revenue also apart from the product demand?

Generators, electric generators don't require service for the first 10 years of should not require service, let me put it this way, for the first 10 years of their operation if they are well good-manufactured, high-quality machines and they are reasonably well maintained. There is almost zero service potential from in the first 10 years.

That's the reason why we haven't.

Understood. What's the proportion now?

Earlier, the proportion used to be, 5%, 6%, and now since the sales is it's it's still remains around 5%, 6% of our overall sales. The sales are also growing at, 30%, 40% per year.

Our service business is also still growing at that rate, keeping the if the percentage remains the same of our overall business.

Right. Second question on Turkey: so, last financial year, because of the tariff uncertainties, because of the advantage we are getting, utilized Turkish factory for the export.

Now again, we are hearing that probably there could be more tariff, 100% tariff on oil-imported nations. What are your thoughts?

How are we now thinking and utilizing the Turkish factory amid

I have not heard about this 100% tariff on it.

It's in the media. In general, what is your sense now on the factory?

I don't have an answer for that right now since I'm not aware of this 100% duty. None of our customers have talked to me about it so far as recently as 2 days ago.

I don't think anyone is taking that threat very seriously at the moment.

Understood. From Turkey, you have started selling again?

We were cutting down the operations there, how are we utilizing that factory now?

I just said 5 minutes ago, it's about 3.5 3 to 3.5 million euros of sales for this year. We don't have an outlook for next year.

That facility will still be used as a service backup, and it will have a certain cost to keep it alive. It's not a big cost, but it will be there as insurance for our service for the European market where we have a big population of machines.

That's the strategy at the moment.

Right. Lastly, on your capex, you did highlighted ₹50 crore investment probably will get you to close to ₹3,200 crore by FY '28.

Just wanted to understand and probably you're adding capacity beyond that. Will it be also driven by more customer additions or any other verticals, or this is the pure-play demand which is coming, and that's where you'll be expanding because of that demand, or there's other thought process also for the capacity expansion over 3, 4 years?

Partly new customers, partly new products, and partly existing products and existing customers. I can't give you the mix, but it is going to be driven by both.

Understood. Thank you, sir.

Thank you so much.

Thank you.

Thank you. Many congratulations to Nikhil sir and team for the strong set.

Sir, this is

just a small understanding on larger generators. You're saying it takes 18 to 20 months to make a large generator.

Just want to understand, add to this the time to get the plant up and ready, when should the revenue be impacted because of the larger generators? When should we start thinking about additions from that?

I have no comments. I can't answer on any of these questions.

I can't, unless I announce the exact deal to the market with what exactly we're going to be doing, and unless I come to that stage, I can't answer this question. I'm really sorry.

You have to wait until we announce it sometime in August. At that point of time, we will answer all these questions.

These are pertinent questions, but these cannot be answered today.

No problem, sir. Sir, just second thing, on the capex side, for the already existing capacity, if I remember right, you are planning to do a ₹50 crore capex both in FY '27 as well as FY '28.

Just to understand, is there a debottlenecking scope beyond ₹3,200 crore as well that you can do in FY '28 sometime?

It's a dynamic situation that keeps changing. Nothing is written in stone over here that we can't change.

We have to adapt to the different kinds of demand for different kinds of products, and we have to adapt our capacities to be ready to manufacture what the market wants. If I had said earlier that we need 50 plus 50, now I am saying we need 50 for FY '28, and for '29 and '30, we're looking at a larger situation.

What do we need for meeting the demand to push the capacity to beyond 40? I'm saying the same thing again and again and again.

We will get back to you about it in 3 months' time.

Got it, sir. Fine.

Thank you.

Thank you for taking my question, and congratulations, Nikhil and team.

Hello, Ganesh.

Hi. Nikhil, mine is more strategic and high-level.

I've been looking at the commentary of some of these global OEMs, and recently, I think there's a lot of discussions around what's the ROI that these data centers are actually making on the capex, and in the 4- to 5-year visibility they have, a large proportion of it seems to be slot reservation agreements, which don't seem as secure as orders, although there definitely is a tie-in. When we start thinking about FY '29 and '30 from here, what's the confidence that you're getting that this capex is going to continue to stay and there will be sufficient demand to absorb the capacity?

Our OEM customers have taken significant amounts of nonrefundable advances from people who want to buy their equipment. That is the reason why we have confidence, and they have confidence that the demand will be there in the years ahead.

Yeah. Makes sense.

All right, thanks, Nikhil.

Thank you.

Hello, sir. Thank you for this opportunity.

Sir, in the last quarter, you had mentioned that we have largely employed people we wanted to, and now we see 20% QoQ employee expense increase. Can you help understand this?

The number of employees have increased. You see that the business is also increasing.

We have almost 75% growth over last quarter. I think there could be some more additions to the employees list because they are scaling up from 1,750 to 2,600.

It is but natural that the expenses will go up.

Got it. Can we understand how many employees have we added in this quarter?

No, we don't share that kind of information, sir.

Alright, yeah. Thank you very much.

Okay.

This includes the wage hike as well for this year, or that is the

other

[unclear]?

No, that is already built in.

Okay. Thank you very much.

Hi. Thank you for the opportunity.

I had a question regarding the TAM, Nikhil. In your annual report, you have mentioned that $52 billion is the global generator market.

What would be the relevant TAM for us, specifically in the sub-200 megawatt and the 0 to 50 megawatt range? How big is that TAM for that particular range?

I don't have the latest number with me, but sometime back, it was something like $5 to $10 billion, so.

Okay. Sub-50 megawatt, you mean?

Yeah.

Okay. The 50 to 100 megawatt range, how big is that market?

I don't have the latest number with me, and there's no place where you can get this kind of data. If someone is tracking this,

so. Exactly.

That's the difficulty even we are having in terms of

We don't have that number.

Okay. Thanks, Nikhil.

Thanks for the reply.

Hi. Thanks for taking my question, Nikhil.

You mentioned our customer OEMs get advances from their customers. Just wondering, for us, do we also get advances from our customers when we book orders, or how does our working capital work for that?

From certain customers, we get advances.

If possible, can you quantify how much would that be in the overall value of the generator?

We can't do that. Sorry, we can't do that.

No worries. Thanks.

Thank you for the opportunity, and first of all, many, many congratulations for great execution. Thank you.

I just had one question on the domestic business. You just mentioned that the domestic order book was only 5% to 6% of what we got during the quarter.

Can you just give us some more insights, which are the sectors which are holding it back, and whether data center business in India does provide some scope for further ordering in the next few quarters? Something on that will be helpful for us.

In India, demand is fairly subdued in a it's it's in the region of 10%, 12% like what we what what I have guided in the I've been saying this not just now, but I've been saying this for the past 5, 6 quarters, and that is what it what it is, and that and that's, don't please don't expect anything more, and it is it's correct what I'm saying. It's it's will continue to be this way.

The demand is being supported by metals and across the board, but there's no there's no explosive growth taking place in the economy, there's no explosive demand for for for for power generation. India is putting up a lot of capacity right now in large coal-fired power power plants: 600, 800 megawatt sets.

There's a lot of there is a huge demand in those large larger sizes. All the players in that segment are are completely booked out for the next 3, 4 years, including people like BHEL, L&T, Mitsubishi.

There is massive power generation capacity being added in the larger sizes. That is that's still not going to be enough for India, this power shortage is going to continue for at least for for for some more time.

Now, second part of the question: AI. We don't see any meaningful AI when it comes to things like hyperscalers and everything being put up in India.

We're still of the firm belief that unless there is an availability of gas and lots of water, it is difficult to have a hyperscaler kind of facility in India. They're talking about renewables and everything, but you need to have baseload.

You need to have baseload power for data centers, and that will have that's going to have to come from gas. Diesel diesel engines is not a solution for large-scale 500 megawatt to 1 gigawatt hyperscalers.

I don't think they're going to see a widespread widespread demand for this in India at the moment.

Understood, Nikhil. Thank you very much, and all the very best to you and your team.

Thank you.

Thank you.

Hi, sir. Congratulations on a stellar quarter.

Just one question from my side: your gross margin stay stable YoY, was it because of the mix or you were able to pass on commodity price hike?

I answered this question a number of times, and I'll answer it once again. When we give a guidance on gross contribution, gross margins, we have certain levers that we have.

Levers are cost reduction, price increases, capacity utilization. Capacity utilization of course will not come in the case of gross contribution.

Exchange rate. These are the levers that we have, right?

As a company, we have these levers, and sometimes something goes up, sometimes something goes down, but overall, we try to keep the balance and try to maintain the numbers that we commit to the market. I have answered this question a number of times, and I'm saying the same thing again and again and again.

Got it, sir.

Congratulations once again on the great set of numbers being consistently provided by the company under your leadership. Sir, there was a recently sort of a meltdown in Korean market of the AI and India sort of getting benefit the anti-AI trade and IT services also getting benefit of it.

Is it sort of a temporary blip adding to some issue that Oracle and OpenAI data center plans in US also, and any impact on our services there? Second question was about when you expect to do the QIP complete and deploy the funds, sir?

Thank you.

First question, I have absolutely no idea, I can't answer it. I'm not in that market to give you an educated answer on that question.

The second part of the question, also, I'm not in a position to be able to answer any questions about it right now.

Underlying the opportunity size remains quite large, and TAM remains quite okay for the next few years at least. That is for sure.

Yes, that's for sure.

Thanks a lot. Thank you and

Hello, can you hear me?

Yes, I can hear you.

Hi and congratulations on the great numbers. My question was around the number of generators.

On the 320 additional generators this quarter, should we see the growth going forward as continued unit count expansion, or it is even bigger driver that value per megawatt will increase? The question is, will it be a volume story or realization per unit story from here?

It will be both: unit as well as realization.

Okay. Can we see around 14 to 15,000 unit as a total generator in FY '30, '31?

Ma'am,

that FY '30 is quite a distance that we can give answer to this. We'll take it year-on-year.

The run rate can be similar to this quarter?

Yes. If the growth in the revenue definitely is also will grow, it will be a play of both.

With larger generator size, megawatt per generator also increase?

Yes, obviously.

Okay. Thank you for that.

Hi. Thank you for the opportunity, and congratulations on great set of numbers.

My question is, since we have announced about our capacity increase up to, let's say, 32 billion in 2028, should that be treated as ceiling for that year, or is there any kind of bottleneck opportunity within that to, let's say, increase it further?

I have already answered that question. I'm sorry, I don't want to answer it once again, but I've already answered that question.

It's an estimate, 3,200. It is an approximate number.

That's planning we can do. If the opportunity is there and the market is there, we're not going to turn away from it, and we will do it.

Thank you.

Yeah. Hi, thank you for the opportunity, and congratulations on a great set.

My question is around working capital. Do we expect this to remain in line with what we have currently?

Second is the other current liabilities have increased significantly this quarter. Is this predominantly customer advances?

Actually working capital will continue to remain on the same line because we see a significant growth from last year to this year. On the current liabilities, yes, there are customer advances and also the provisions for taxation because of the increased volume of business.

Okay. Thank you, and all the best.

Hi, Nikhil. Hope you're doing well.

My question was again on the trade receivables part. It's around close to ₹785 crore.

Now, I understand that we have been growing at a very high speed. However, we do have around ₹240 crores of money in the balance sheet, and in spite of that, we are doing a fundraise.

What efforts are we putting to better our working capital and particularly the receivables day so we can generate more internal accruals and would not need a lot of external funds to grow at a higher speed?

We have payment terms fixed with our customers, and we're not going to be able to alter them dramatically to be able to do what you are saying we should do. We need to make sure that our business continuity with our customers is a number one priority.

Commercial terms and conditions can be changed a little bit here and there, but they cannot be altered significantly because otherwise, we will lose business. We have to keep in perspective that we have to keep the business, keep our customers, grow the business with them.

Working capital needs may to increase, funding requirements may increase, in which case we will have to look at ways to fund the entire company. Everything is in the balance of do a little bit of this, a little bit of that.

In the end, we have to make sure the number one priority always is our customers have to be happy and have to continue to buy generators from us. Theoretically, what you're saying is possible, but practically, it is not possible.

Thank you so much. My second question is just a clarification on the fundraise.

I hope we would also consider debt as compared to equity because we are debt-free and the cost of equity is always higher than the cost of debt. Just wanted your thoughts on that.

I'm not going to be able to talk about any fundraising issues. We have issued a notification to the exchange that we'll be having a board meeting on Friday, and I cannot discuss anything before the board meeting takes place on Friday.

After Friday, after we finish the board meeting, naturally, we'll have to disclose to the market what we plan to do, and then after that, once that has been disclosed to the market, I'll be happy to answer whatever questions you may have about our plans.

Sure, okay. Thank you so much.

Thank you for the opportunity again. Just one question on the tariff refunds.

Some of the Indian companies have started receiving the refund of tariffs that they have paid to the US. Are we seeing similar inflows?

Just

All our products are ex-works India, we are not the importer on record, and so we will not get any refund.

Understood. Thank you, sir.

That's all from my end.

Thank you, Mohit.

thank you, everybody, for joining us on this call today. I will be in a investor conference next week, where I hope to see many of you.

Look forward to the future interaction together. Thank you.

Bye-bye.