Q1 2027 Oswal Pumps Ltd Earnings Call

August 10, 2026

Speaker #1: Ladies and gentlemen, good day and welcome to the Oswal Pumps Ltd. Q1 FY27 conference call. As a reminder, all participant lines will be in listen-only mode, and there will be an opportunity.

Operator 2: Ladies and gentlemen, good day and welcome to Oswal Pumps Limited Q1 FY27 conference call. As a reminder, all participant lines will be in the listen only mode and there will be an opportunity. Please signal an operator by pressing star then zero on your touchtone phone. Please note that this conference is being recorded. I now hand the conference over to Mr. Dheeraj Ram from 361 Capital Market Private Limited. Thank you, over to you, sir.

Operator: Ladies and gentlemen, good day and welcome to Oswal Pumps Limited Q1 FY27 conference call. As a reminder, all participant lines will be in the listen only mode and there will be an opportunity. Please signal an operator by pressing star then zero on your touchtone phone. Please note that this conference is being recorded. I now hand the conference over to Mr. Dheeraj Ram from 361 Capital Market Private Limited. Thank you, over to you, sir.

Speaker #1: Please signal an operator by pressing star, then zero on your Touchtone phone. Please note that this conference is being recorded. I now hand the conference over to Mr. Thiradram from 361 Capital Market Pvt.

Speaker #1: Ltd. Thank you, and over to you, sir.

Speaker #2: Thank you. On behalf of 361 Capital, I'd like to welcome the management of Oswal Pumps. With us today to discuss Q1 FY27 earnings from the management team, we have Mr. Vivek Gupta, Chairman and Managing Director.

Dheeraj Ram: Thank you. On behalf of 361 Capital, I'd like to welcome the management of Oswal Pumps with us today to discuss Q1 FY27 earnings. From the management team, we have with us Mr. Vivek Gupta, Chairman and Managing Director, Mr. Amulya Gupta, who's our Whole-time Director, Mr. Vijay Yadav, Chief Financial Officer, and Mr. Avnish Singh, Chief Operating Officer. We have with us Mr. Sandeep Sancheti, IR advisor, Reuters Advisors. I now hand over the call to Mr. Sandeep Sancheti for his opening comments. Thank you, over to you, sir.

Speaker #2: Mr. Amulya Gupta, who is our General Director; Mr. Vijay Yadav, Chief Financial Officer; and Mr. Avinesh Singh, Chief Operating Officer. We also have with us Mr. Sandeep Singh Chetty, IR Advisor, and UTRS Advisor.

Speaker #2: I will now hand over the call to Mr. Sandeep Singh Chetty for his opening comments. Thank you, and over to you, sir.

Speaker #3: Thank you, and good afternoon, everyone. Before we begin, I would like to draw your attention to the safe harbor statement included in the earnings presentation.

Sandeep Sancheti: Thank you, good afternoon, everyone. Before we begin, I would like to draw your attention to the Safe Harbor statement included in the release presentation, which contains forward-looking statement and is also available on the BSE and NSE website. Please go through the Safe Harbor statement thoroughly. With that, I will now hand over the call to Mr. Vivek Gupta for his opening remarks. Over to you, VG.

Sanjeev Sancheti: Thank you, good afternoon, everyone. Before we begin, I would like to draw your attention to the Safe Harbor statement included in the release presentation, which contains forward-looking statement and is also available on the BSE and NSE website. Please go through the Safe Harbor statement thoroughly. With that, I will now hand over the call to Mr. Vivek Gupta for his opening remarks. Over to you, VG.

Speaker #3: It contains forward-looking statements and is also available on the BSE and NSE websites. Please go through the safe harbor statement thoroughly. With that,

Speaker #1: I will now have to call on Mr. Gupta for his opening remarks. Oh, you will be...

Speaker #2: Thank you , sir And very good afternoon , everyone . On behalf of Oswal Pumps Limited , I warmly welcome all of you to our Q1 FY 27 call .

Vivek Gupta: Thank you, Sandeepji, and a very good afternoon, everyone. On behalf of Oswal Pumps Limited, I warmly welcome all of you to our Q1 FY27 earnings call. Thank you for taking the time to join us today. We have commenced FY27 with continued execution of our order book, even as the tender pricing environment across the industry has become more competitive. Revenue from operations from the quarter stood at INR 474 crore, reflecting a year-over-year decline of 7.9% and a sequential decline of 7.1% over Q4 FY26. EBITDA for the quarter stood at INR 82 crore with a margin of 17.1%, while operating EBITDA for the quarter stood at INR 74 crore, translating in a margin of 15.7%. The reduction in margin was primarily driven by three factors: industry-wide competitive bidding under the Margal Seela scheme, which led to a 9% reduction in realization.

Speaker #2: And thank you for taking the time to join us today . We have commenced FY 27 with continued execution of our order book , even as the tender pricing environment across the industry turned more competitive Revenue from operations from the quarter stood at 474 crore , reflecting a year on year decline of 7.9% and a sequential decline of 7.1% over Q 4526 .

Speaker #2: EBITDA for the quarter stood at ₹82 crore, with a margin of 17.1%, while EBIT operating EBITDA for the quarter stood at ₹74 crore.

Speaker #2: Translating in a margin of 15.7%. The reduction in margins was primarily driven by three factors: industry-wide competitive bidding under the Marvel scheme, which led to a 9% reduction in realization.

Speaker #2: Our diversification into module sales through the channel and elevated input costs stemming from the ongoing geopolitical situation . This impact was partially mitigated by our forecast cost and value engineering initiatives Nonetheless , gross margin declined by 548 basis points sequentially , and operating EBITDA margin correspondingly moderated by 747 basis points quarter on quarter On account of the fall in gross margin and increase in employee cost , benefits , expenses driven by annual increment and hiring at senior level Turning to our order book .

Vivek Gupta: Our diversification into module sales through the channel and elevated input costs stemming from the ongoing geopolitical situation. This impact was partially mitigated by our focused cost and value engineering initiatives. Nonetheless, gross margin declined by 548 basis points sequentially, and operating EBITDA margin correspondingly moderated by 747 basis points quarter on quarter on account of the fall in gross margin. An increase in supply cost benefits expenses driven by annual increment and hiring at senior level. Coming to our order book, the company's pump order books stand at 22,025 pumps as on date, with a near-term pipeline of approximately 12,500 pumps across direct PM-KUSUM Margal Seela, indirect PM-KUSUM and export orders. Given the delay in the anticipated rollout of PM-KUSUM 2.0, we continue to sharpen our focus on diversifying beyond our core government-led solar irrigation business.

Speaker #2: The company's pump order book stands at 22,025 pumps as on date, with a near-term pipeline of approximately 12,500 pumps across direct PM and PM.

Speaker #2: And export orders. Given the delay in the anticipated rollout of PM 2.0, we continue to sharpen our focus on diversifying beyond our core government-led solar irrigation business.

Speaker #2: As on date, our order book across rooftop, rooftop solar, utility, and commercial and industrial solar EPC segments stands at approximately 72 MW, backed by a wider pipeline of 359 MW.

Vivek Gupta: As on date, our order book across rooftop solar, utility, and commercial and industrial solar EPC segment stand at approximately 72 MW, backed by a wider pipeline of 359 MW, underscoring the strength of our expanding addressable market beyond the core government-led solar irrigation business. To sharpen our from this growth avenue, we have created PM Surya Ghar as a dedicated vertical within the company, with a dedicated business head appointed to drive market penetration with participation and digital. On the IPP objects front, I would like to share a brief update on our capital expenditure plans. Number one- Pump and motor plant capacity expansion and automation. Scheduled for completion by Q3 FY27. The solar module plant with respect to our solar module capacity, we expect the first stage of expansion comprising 1 GW of module capacity to be completed by end of Q2.

Speaker #2: Underscoring the strength of our expanding addressable market beyond the core government-led solar irrigation business. To sharpen our focus on this growth avenue, we have created PM as a dedicated vertical within the company, with a dedicated business head appointed to drive market penetration with participation and delivery on the IPO objectives front.

Speaker #2: I would like to share a brief update on our capital expenditure plans. Number one: our pump and motor plant capacity expansion and automation is scheduled for completion by Q3.

Speaker #2: For FY27 and the solar module plant, with respect to the solar module facility, we expect the first phase of expansion, comprising one gigawatt of module capacity, to be completed by the end of the second quarter.

Speaker #2: The remaining expansion is also progressing as planned, backed by a healthy execution pipeline, a rapidly growing presence across multiple renewable energy segments, and proven project execution capabilities.

Vivek Gupta: The remaining expansion is also progressing as planned. Backed by healthy execution pipeline, a rapidly growing presence across multiple renewable energy segments and proven project execution capabilities. We remain focused on disciplined execution, operational efficiency, and creating long-term value for all our stakeholders. With that, I will now hand over the call to our CFO, Mr. Vijay Kumar Yadav, who will take you through the financial performance in greater detail. Over to you, Vijay.

Speaker #2: We remain focused on disciplined execution , operational efficiency , and creating long term value for all our stakeholders . With that , I will now hand over the call to our CFO , Mr. Vijay Kumar Yadav , who will take you through the financial performance in greater detail .

Speaker #2: Over to

Speaker #3: Thank you , sir , and good afternoon to everyone . I will now take you through the key financial highlights for Q1 FY 27 .

Vijay Kumar Yadav: Thank you, sir, and good afternoon to everyone. I will now take you through the key financial highlights for Q1 FY27. I believe you have reviewed the earning presentation and financial disclosure, while Mr. Gupta has already covered the operational and business performance. I will focus on the company's financial position and working capital profile. PAT for the quarter ended 26 June is INR 54 crore, with the PAT margin of 11.2%. From the balancing perspective as of 30 June 2026, net debt is at INR 266 crore, translating into net debt to equity ratio of 0.15x and net debt to operating EBITDA of 0.9x. Our cash conversion cycle as of 30 June 2026 is at 224 days as compared to 172 days of 31 March 2026.

Speaker #3: I believe you have reviewed the earnings presentation and financial disclosure. While Mr. Gupta has already covered the operational and business performance, I will focus on the company's financial position and working capital profile for the quarter ended 26th June.

Speaker #3: 58 . 54 crore with the margin of 11.2% from the balance sheet perspective as of 30 June 26th , net debt is at two .

Speaker #3: 66 crore , translating into net debt to equity ratio of 0.15 times . And net debt to operating EBITDA of 0.90 times . Our cash conversion cycle as a June 26th is at 2224 days , as compared to 172 days of March 31st March 26th .

Speaker #3: This increase was primarily driven by receivable days increasing to 229 days, up from 155 days, attributable to a delay in payment from the state.

Vijay Kumar Yadav: This increase was primarily driven by receivable days increase to 229 days from 155 days, attributable to delay in payment from state nodal agencies. We would like to reiterate that these receivables are entirely from government and government-led counter-parties and therefore remain fully secure in nature. We would also like to highlight that INR 305 crore of the total receivable-

Speaker #3: Nodal agencies. We would like to reiterate that these receivables are entirely from government and government-backed counterparties, and therefore remain fully secured in nature.

Speaker #3: We would also like to highlight that ₹305 crore of the total receivable

Speaker #4: Hello . Sorry to interrupt , sir . Your voice is not audible Hello Hello As the line of the management is disconnected , please stay connected while we connect them back The line of the management is connected .

Operator 2: Hello, sorry to interrupt, sir, your voice is not audible. Hello? Hello? The line of the management is disconnected, please stay connected while we connect them back. The line of the management is connected. Sir, please go ahead.

Operator: Hello, sorry to interrupt, sir, your voice is not audible. Hello? Hello? The line of the management is disconnected, please stay connected while we connect them back. The line of the management is connected. Sir, please go ahead.

Speaker #4: Sir, please go ahead.

Vijay Kumar Yadav: Yes. For FY

Speaker #3: For

Speaker #4: Hello, sir. Your voice is not audible. Ladies and gentlemen, please stay connected while the management line gets connected. The management is connected, so please go ahead.

Operator 2: Hello sir. Your voice is not audible. Ladies and gentlemen, please stay connected while the management line gets connected. The management is connected. Sir, please go ahead.

Operator: Hello sir. Your voice is not audible. Ladies and gentlemen, please stay connected while the management line gets connected. The management is connected. Sir, please go ahead.

Speaker #3: So apology for this inconvenience . We have a strong execution capabilities and our actively , actively participating in tender across these opportunities which provide us confidence for healthy book order book for the year .

Vijay Kumar Yadav: Apologies for this inconvenience. We have strong execution capabilities and are actively participating in tender across these opportunities, which provide us confidence for healthy order books for the year ahead.

Speaker #3: I had indicated on our last call that the first quarter was expected to witness a moderate, but temporary, revenue decline. Given the timing of project awards and execution schedules, with the momentum expected to build progressively in the second half, Q1 FY27 performance has been broadly in line with this phasing.

Vivek Gupta: As indicated on our last call, Q1 was executed to witness a moderate but temporary revenue decline, given the timing of project awards and execution schedules, with the momentum expected to build progressively in H2. Q1 FY27 performance has been broadly in line with this phasing. Looking beyond FY27, we are targeting a sustained growth momentum of 30% to 40% in the medium term as execution across these multiple fronts gains pace. We expect operating EBITDA margin for FY27 to be in the range of 15% to 17% and PAT margin in the range of 11% to 13%. With that, we would now be happy to take your questions.

Speaker #3: Looking beyond FY 27 , we are targeting a sustained growth momentum of 30 to 40% in the medium term as execution across these multiple fronts gather pace We expect operating EBITDA margin for FY 27 to be in the range of 15 to 17% , and margin in the range of 11 to 13% , with that , we would now be happy to take your questions

Operator 2: Thank you very much. We will now begin the question and answer session. Anyone who wishes to ask a question may press star and one on the touchtone telephone. If you wish to remove yourself from the question queue, you may press star and two. Participants are requested to use handsets while asking a question. Ladies and gentlemen, we will wait for a moment while the question queue assembles. The first question is from the line of Manish Gadia, an individual investor. Please go ahead.

Operator: Thank you very much. We will now begin the question and answer session. Anyone who wishes to ask a question may press star and one on the touchtone telephone. If you wish to remove yourself from the question queue, you may press star and two. Participants are requested to use handsets while asking a question. Ladies and gentlemen, we will wait for a moment while the question queue assembles. The first question is from the line of Manish Gadia, an individual investor. Please go ahead.

Speaker #4: Thank you very much. We will now begin the question and answer session. Anyone who wishes to ask a question may press star and one on the touch-tone telephone.

Speaker #4: If you wish to remove yourself from the question queue, you may press star and two. Participants are requested to use handsets while asking a question. Ladies and gentlemen, we will wait for a moment while the question queue assembles. The first question is from the line of Manish Guardian, individual investor.

Speaker #4: Please go ahead

Speaker #1: Hi sir

Manish Gadia: Hi sir.

Vivek Gupta: Hi Manish.

Speaker #2: Hi

Vivek Gupta: Sir, actually मेरा एक query था। Sir, retail investors Oswal Pumps में invested हैं, from the time of listing से। उसके बाद से अगर आप share price देखोगे, अपना share price half हो गया है और guidance हर time अच्छा होता है, लेकिन हम लोगों का result उतना guidance से खराब उतरता नहीं है। तो आपको क्या लगता है कि future में क्या रखा है हमारे लिए?

Speaker #1: Sir . Retail investors Oswal Pumps from the optimistic . But For guidance Guidance To future Investor from IPO levels here Guidance . Guidance .

Vivek Gupta: आपकी voice नहीं आ रही। please दोबारा बोलोगे मुझे?

Manish Gadia: मैं बोल रहा था कि जैसे हम लोग invested हैं from IPO level से, तो जब भी conference में guidance होता है तो guidance अच्छा होता है आपका, लेकिन execution हर time guidance को match नहीं करता है, उससे कम ही होता है। तो हमको यह जानना था कि for a retail investor what should we do? In future क्या लगता है कि FY27 का, FY28 का guidance because अगर आप देखो हमारा stock price भी half हो गया है from the IPO level. So as a retail investor many are worried. What do you have to say? मतलब आपको क्या बोलना है?

Speaker #1: Execution . Guidance . So For a retail investor . What should you do in future ? 27 to 28 guidance . Because there are stock price half of their from the IPO level correct .

Speaker #1: So, as a retail investor, many are worried. So, what do you have to say?

Speaker #3: Right

Vivek Gupta: Right.

Vivek Gupta: देखिए, Manish जी आपका जो सोचना है वह बिल्कुल ठीक है। लेकिन मैं आपको एक चीज बताऊं, as a fundamentally जो company काम कर रही है और company के अपने जितने भी plans हैं, वो as per plan चल रहे हैं। due to external factors जैसे PM-KUSUM 2.0 की जो late हुई है। Second हमारी dependency जो EPC pump projects में particular Mangaltala में timing है और पिछले कुछ time से उसी पर रही है। उसकी वजह से Mangaltala में ज्यादा bidder आने से, ज्यादा लोगों की dependability होने से, वहां पर price में bid बहुत down आई है। एक reason वो सबसे बड़ा रहा। Second, जो market में uncertainty आई है, due to geopolitical conditions की वजह से raw materials बहुत ज्यादा increase हुए हैं। इन दो factors की वजह से हमारे profitability में impact आया है। लेकिन अगर हम company के fundamentally side से देखते हैं, या company के अपनी capacities की देखते हैं, या supply की position, installation की position, वो सब में कहीं भी किसी तरह का gap नहीं है। जितना भी IPO से लेकर हम आगे बढ़े हैं, उसके execution में तो मुझे लगता है कि यह जो भी phase हम लोग face कर रहे हैं, यह temporary phase है। Market में PM-KUSUM 2.0 आने वाली है, जैसे government और ministry हमें one up aspect में बात कर रहे हैं। हम बहुत जल्दी इसको expect कर रहे हैं। Second, solar की market grow हो रही है। इसलिए हमारी team ने पूरी तरह से efforts किए ताकि dependability आने वाले time में कुछ कम हो सके PM-KUSUM पर। अगर late भी होती है तो हम लोग अपने आप को diversify कर रहे हैं। PM Surya Ghar में कुछ wires and cables may be हम लोग introduce कर रहे हैं। इस तरह की हम activities कर रहे हैं ताकि हमारा revenue top line और bottom line में dependability PM-KUSUM में कम हो। even then fundamentally company is very good.

Speaker #2: As a fundamentally your company or company plans as per plan . But due to external factors . PM two late we . Second dependency your ITC projects particularly time being or Was Are Yada come yada .

Speaker #2: Dependability. Price may be a reason for second. Your market uncertainty due to geopolitical conditions, raw materials increase, and those factors. Profitability impacts companies fundamentally, your company capacities.

Vivek Gupta: Second, जो market में uncertainty आई है, due to geopolitical conditions की वजह से raw materials बहुत ज्यादा increase हुए हैं। इन दो factors की वजह से हमारे profitability में impact आया है। लेकिन अगर हम company के fundamentally side से देखते हैं, या company के अपनी capacities की देखते हैं, या supply की position, installation की position, वो सब में कहीं भी किसी तरह का gap नहीं है। जितना भी IPO से लेकर हम आगे बढ़े हैं, उसके execution में तो मुझे लगता है कि यह जो भी phase हम लोग face कर रहे हैं, यह temporary phase है।

Speaker #2: Your supply position , installation position Nahi IPO funds execution . So face face to face market are PM two government are a broader aspect So are Second or solar market grows be our team efforts .

Vivek Gupta: Market में PM-KUSUM 2.0 आने वाली है, जैसे government और ministry हमें one up aspect में बात कर रहे हैं। हम बहुत जल्दी इसको expect कर रहे हैं। Second, solar की market grow हो रही है। इसलिए हमारी team ने पूरी तरह से efforts किए ताकि dependability आने वाले time में कुछ कम हो सके PM-KUSUM पर। अगर late भी होती है तो हम लोग अपने आप को diversify कर रहे हैं। PM Surya Ghar में कुछ wires and cables may be हम लोग introduce कर रहे हैं। इस तरह की हम activities कर रहे हैं ताकि हमारा revenue top line और bottom line में dependability PM-KUSUM में कम हो। even then fundamentally company is very good.

Speaker #2: He dependability time PM Diversify PM me wires and cables may be introduced Activities Revenue . Top line and bottom line . Dependability . PM may come .

Speaker #2: But even then, fundamentally, companies—very good company.

Vivek Gupta: कहीं पर company में कोई gap नहीं है. Thank you, Manish.

Speaker #1: Okay, sir. So, fundamentally, we are all good. Only temporary software has been given down. The one-year line will be all better.

Manish Gadia: Okay sir. Fundamentally we are all good, only temporarily. तो आपका क्या लगता है given down the one year line will be all better, will do much much better?

Speaker #1: Will do much, much better.

Speaker #2: Yeah, absolutely. 527, we are in a geopolitical condition. PM 527. 52,829—clear or not, growth. So, industry or challenge in near future, but we are very much optimistic.

Vivek Gupta: देखिए, मुझे जो दिख रहा है ये FY27 की एक geopolitical condition, PM-KUSUM, ये सब की वजह से एक थोड़ा सा turbulence मुझे FY27 में दिख रहा है। लेकिन इसके बाद के जो year है FY28 देख रहे हैं या FY29 देख रहे हैं, वो बहुत ही clear, बहुत ही अच्छे दिख रहे हैं और हमें बहुत अच्छी growth वहां पर दिख पा रही है। तो मुझे नहीं लगता कि पूरी industry के लिए और Oswal के लिए किसी तरह का भी कोई challenge in near future होने वाला है। We are very much optimistic और हमारी team पूरी लगन के साथ, sincerity के साथ, पूरे efforts के साथ लगी हुई है। We have very good hope. Thank you, Manish.

Speaker #2: But our team is fully prepared, so we have very good hope. Thank you.

Sandeep Sancheti: Okay sir. Thank you sir. If you have hope, we have hope. Thank you.

Sanjeev Sancheti: Okay sir. Thank you sir. If you have hope, we have hope. Thank you.

Speaker #1: Okay sir . Thank you sir . If you have hope , we have hope , sir . Thank you . Absolutely .

Vivek Gupta: हम आपकी hope से ही बैठे हैं और हमारी hope बिल्कुल strong है। We are बहुत positive, बहुत aligned हम चल रहे हैं और इसलिए हमारी company की पूरी team multiple efforts कर रही है आगे बढ़ने की।

Speaker #2: I'm hope, I hope they are very positive line. Company team, multiple efforts.

Sandeep Sancheti: मैं थोड़ा सा इसमें add करना चाहूंगा, संजीव से। देखिए, fundamentally जो challenge आया है, वह पूरा PM-KUSUM के कारण है। PM-KUSUM is a very big project. उसके delay होने के कारण, सारा focus जो state government के projects से Maharashtra से आ गए। एक state के project में सारे country के builders bid कर रहे हैं। उसके कारण वहां पर price pressure आ गया है। People have visited very low prices. इसका dual impact हुआ। एक तो PM-KUSUM का volume delay हो गया। वह जब आएगा तब वापस pick up करेगा। Secondly, market छोटा हो गया। Once PM-KUSUM comes, I think both the problems will get sorted out. One that the volumes will go back and second the price pressure will come because the demand supply position will change. I think this is word in short.

Manish Gadia: मैं थोड़ा सा इसमें add करना चाहूंगा, संजीव से। देखिए, fundamentally जो challenge आया है, वह पूरा PM-KUSUM के कारण है। PM-KUSUM is a very big project. उसके delay होने के कारण, सारा focus जो state government के projects से Maharashtra से आ गए। एक state के project में सारे country के builders bid कर रहे हैं। उसके कारण वहां पर price pressure आ गया है। People have visited very low prices. इसका dual impact हुआ। एक तो PM-KUSUM का volume delay हो गया। वह जब आएगा तब वापस pick up करेगा। Secondly, market छोटा हो गया। Once PM-KUSUM comes, I think both the problems will get sorted out. One that the volumes will go back and second the price pressure will come because the demand supply position will change. I think this is word in short.

Speaker #1: Fundamental challenge. PM. PM is a very big project. We are focused on state government projects in Maharashtra. So, in state projects across the country, price pressure is there—people have very low prices.

Speaker #1: So, if the dual impact of PM volume picks up. Secondly, the market comes. I think both—the problem will get sorted out. One, that the volumes will go back.

Speaker #1: And second the price will come because the demand supply position will change . I think this is a broad and short of the are only hoping that the Beyond the point , we don't have a control right ?

Manish Gadia: We are only hoping that जल्दी से जल्दी PM-KUSUM आ जाए। I mean beyond the point we don't have a control. It has to come because it's a very critical project for the rural India, for the benefit of farmers. We are just hoping that it comes sooner than later. Sir, एक और query अगर मैं पूछ सकूं तो। क्या आपका जो competitor है, उन्होंने con call में बताया था कि maybe August में PM-KUSUM आना चाहिए? आपके जितने भी contacts से बात हुई है या कुछ भी updates हैं, आप updates share करें, कीजिए जरा।

Speaker #1: Because... But, but, but it has to come, because it is a very critical project for the Government of India, for the benefit of farmers.

Speaker #1: We are just hoping that it comes sooner than later. Yeah. Sir, query—the competitor called me, maybe August 2, after contact update.

Speaker #3: Okay .

Vivek Gupta: देखिए मनी जी, जो हमारे पास information आ रही है, actually दो तरह की information आ रही है। अभी तक की information यह है कि August के महीने में पूरी industry बहुत ही positive way में expect कर रही है और ऐसी ही information हमारे पास भी आई हुई है। फिर भी क्योंकि multiple थोड़े factors चल रहे हैं external या government से, तो हम यह मान के चलते हैं कि इस quarter में, जो quarter two चल रहा है हमारा, इस quarter में मुझे लगता है कि कोई gap नहीं दिख रहा है कि ना आए PM-KUSUM 2.0. क्योंकि जितनी positive news ministry से आ रही है, जितनी healthy news आ रही है, तो उसके base पर we are much confident और we are very sure कि आ जाएगा।

Speaker #2: Okay . Information . Actually . Information Information . Industry . But he . Positive . May expect or as the internal information . But B multiple factors .

Speaker #2: External government is Q2, is quarter GAAP, too. Positive news, healthy news. We are much confident, or we are very sure. Yeah.

Sandeep Sancheti: उसमें मैं add करना चाहूंगा that having said that I like to add that ultimately the PM-KUSUM has to be released by the government. अब beyond the point हम hope ही कर सकते हैं। I don't think there is a situation that anybody in the industry can assure. That much insider no one will have. It will come, timing we are hoping that they come in August. Again earlier also we were hoping that it will come in little earlier. We are wanting to be a little cautious now on passing on the confidence to everybody else. We are hoping that it will come. Obviously no one can guarantee it that it will come in August. It will correct. We are also hoping that it comes sooner. Thank you, sir. Thank you for taking my query, sir. Thank you very much.

Sanjeev Sancheti: उसमें मैं add करना चाहूंगा that having said that I like to add that ultimately the PM-KUSUM has to be released by the government. अब beyond the point हम hope ही कर सकते हैं। I don't think there is a situation that anybody in the industry can assure. That much insider no one will have. It will come, timing we are hoping that they come in August. Again earlier also we were hoping that it will come in little earlier. We are wanting to be a little cautious now on passing on the confidence to everybody else. We are hoping that it will come. Obviously no one can guarantee it that it will come in August. It will correct. We are also hoping that it comes sooner. Thank you, sir. Thank you for taking my query, sir. Thank you very much.

Speaker #1: Having said that , having said that , I like to add that ultimately the the the person has to be released by the government to the point I don't think there is a situation where anybody in the industry can assure that much .

Speaker #1: Insider movement will happen . It will come . But timing . We are hoping that will come in August , but again , earlier also , we are hoping that it will come in earlier .

Speaker #1: So we are wanting to be a little cautious now on on how on on passing on the confidence to everybody else . Yes , we are hoping that it comes , but obviously no one can guarantee it .

Speaker #1: That will come along with it . It is the also hoping that it comes to the . Thank you sir . Thank you for taking my call , sir .

Speaker #1: Thank you very much

Speaker #4: Thank you . Ladies and gentlemen , to ensure that every participant gets an opportunity , please , please restrict your questions to two per participant .

Operator 2: Thank you. Ladies and gentlemen, to ensure that every participant gets an opportunity, please restrict your question to two per participant. The next question is from the line of Disha from Sapphire Capital. Please go ahead.

Operator: Thank you. Ladies and gentlemen, to ensure that every participant gets an opportunity, please restrict your question to two per participant. The next question is from the line of Disha from Sapphire Capital. Please go ahead.

Speaker #4: The next question is from the line of Disha from Sapphire Capital. Please go ahead.

Speaker #5: Hello? No audio, sir. Hello? Hello.

[Analyst] (Sapphire Capital): Hello, am I audible, sir? Hello?

Speaker #4: Yes . Yes . You're audible . Just a second , ladies and gentlemen , the management line is disconnected . Please stay connected while we connect them Ladies and gentlemen , the management is connected .

Operator 2: Yes, you are audible. Just a second. Ladies and gentlemen, the management line is disconnected. Please stay connected while we connect them. Ladies and gentlemen, the management is connected. Sir, please go ahead.

Operator: Yes, you are audible. Just a second. Ladies and gentlemen, the management line is disconnected. Please stay connected while we connect them. Ladies and gentlemen, the management is connected. Sir, please go ahead.

Speaker #4: Sir , please go ahead

Speaker #5: Hello

[Analyst] (Sapphire Capital): Hello.

Speaker #1: Hello .

Vivek Gupta: Hello.

Speaker #5: Yes. Yes. Am I audible?

[Analyst] (Sapphire Capital): Yes, sir. Am I audible?

Speaker #2: Yes, yes, you are audible.

Vivek Gupta: Yes, you are audible.

Speaker #5: Yes . Thank you so much for this opportunity . Couple of questions . Firstly , on the decline in margins , you said because of the pricing getting very extremely competitive , what sort of steps are we taking in terms of our cost in order to be competitive ?

[Analyst] (Sapphire Capital): Yes. Thank you so much, sir, for this opportunity. Couple of questions, sir. Firstly, on the decline in margin, you said because of the pricing getting very extremely competitive. What sort of steps are we taking in terms of our cost in order to be this competitive in order for us to win the tenders? If you could just elaborate a bit more on that.

Speaker #5: In order for us to win the tenders, could you just elaborate a bit more on that?

Speaker #4: Hello, hello sir. Please go ahead. We are connecting the management line again.

Operator 2: Hello, sir. Please go ahead. Sorry, Disha. We are connecting the management line again.

Operator: Hello, sir. Please go ahead. Sorry, Disha. We are connecting the management line again.

Speaker #5: Sure

[Analyst] (Sapphire Capital): Sure.

Speaker #4: Ladies and gentlemen, the management line is connected, so please go ahead. Decides on the line.

Operator 2: Ladies and gentlemen, the management line is connected. Sir, please go ahead. Disha is on the line.

Operator: Ladies and gentlemen, the management line is connected. Sir, please go ahead. Disha is on the line.

Speaker #1: Hello .

Vivek Gupta: Hello.

Speaker #5: Yes. Yes, sir.

[Analyst] (Sapphire Capital): Yes, sir.

Vivek Gupta: Thank you so much. Please.

Speaker #1: Please .

Speaker #5: Yes , sir . So my question was again . So you . We saw the decline in margins because of heightened competition in our tenders .

[Analyst] (Sapphire Capital): Yes, sir. My question was again to you. We saw the decline in margins because of heightened competition in our tenders. What sort of steps are we taking in terms of our cost initiatives in order to qualify for these tenders? Because now with PM-KUSUM being delayed, it is very important for us to win the orders for our growth. What sort of initiatives are we taking?

Speaker #5: So, what sort of steps are we taking in terms of our cost initiatives in order to qualify for these tenders? Because now, with PM being delayed, we— it is right for us to...

Speaker #5: It is very important for us to win these orders for our growth. So, what sort of initiatives are we taking?

Speaker #1: Okay

Vivek Gupta: देखिए Disha जी, इसमें दो बातें हैं। अभी तक के जो margins decline हुए हैं, उसका major reason यह था कि PM-KUSUM, जो हमारा pump project है, उसके bidding के prices down हुए हैं। यह सबसे बड़ा reason है। और second, geopolitical conditions की वजह से across India में raw materials के prices rise हुए हैं। वह एक reason रहा, mainly हमारे profitability down आने से। ये दोनों ही effect ऐसे हैं जो across industry के ऊपर हैं। हम अपने profits को कैसे sustain करेंगे?

Speaker #2: Margins decline is the major reason pumps project U.S. bidding prices down. Our second geo conditions across India. Raw materials prices rise is mainly profitability down effect across industry.

Speaker #2: So definitely, as a profit center, number one point — planning our company, our team, value engineering, original impact. Sandusky. Price effect. Our team, company, are value diversifying target.

Vivek Gupta: Number one point, जितने भी हम लोग आगे planning कर रहे हैं bid करने के लिए, हमारी company, हमारी team काफी अच्छे ढंग से value engineering कर रही है, जिसकी वजह से original impact, tenders की वजह से या price की वजह से आया, उससे कम effect हमारी team ने company के ऊपर लेकर आए हैं। तो कुछ value engineering recover किया है। और यही एक reason है कि हम लोग अपने आप को कुछ diversify भी कर रहे हैं PM सूर्य घर में। जैसे इस साल का हमारा major target है कि हम PM सूर्य घर में करीब 2 लाख pumps की installation करें। 2 लाख solar की installation करें। तो first year में हमने एक बड़ा target अपना लिया है ताकि अपने margins को हम लोग sustain कर पाएं और diversify करने से किसी एक skill के ऊपर company का पूरा pressure built up ना हो। ये हमने already एक precautionary step लिया है। Thank you, Disha जी।

Speaker #2: Come PM Solar installation . So first year . Target Margins . Sustain or diversify . A scheme . Company pressure built up already except precautionary step .

Speaker #2: Thank you sir .

Speaker #5: Okay , okay . So so we're doing a lot of diversification . But that impact will come from the next year that we'll see .

[Analyst] (Sapphire Capital): Okay. Sir, we're doing a lot of diversification, but that impact will come from the next year that we'll see. For this year, sir, because we have the order book for the Q2, but suppose if the PM-KUSUM projects are again delayed, then how should we look at the overall growth for this year then?

Speaker #5: But for this year sir , because we have the order book for the two . But suppose if the PM comes from again delayed , then how should we look at the overall growth , sir , for this year then .

Speaker #1: Okay .

Vivek Gupta: देखिए, मैंने जैसे बताया कि हम FY27 में करीब 2 लाख PM Surya Ghar का target लेकर चल रहे हैं। Plus, हम लोगों ने अभी solar में भी अपने channel sales को active किया है। जैसे मैंने बताया, कुछ wires and cables भी हम अपने channels में introduce कर रहे हैं। ये वो businesses हैं जो हम diversify business देख रहे हैं, apart of solar pumping. Plus, मागल तेला के जो हमारे पास already orders in hand हैं, वो भी हम लोग Q2 में execute करेंगे। Plus, T6 का एक नया tender already मागल तेला ने float कर दिया है, जिसमें हमने bid किया है। वो भी अगले एक week में, 10 दिन में, is expected to open.

Speaker #2: Okay . FY 27 lakh PM target . Plus solar channel Wires and cables . Channels . Introduce your businesses . Diversify business . A of solar pumping plus Marvel already orders in hand .

Speaker #2: Q2 execute plus t six tender already Are expected to open so revenue Visibility facility growth in revenue . Clear visibility Projects in hand already or in projects bidding expected to win plus orders or Diversifying business Yeah .

Vivek Gupta: तो वो भी हम open की planning कर रहे हैं। तो इस साल का जो revenue है, जैसे हमने बताया कि हमें जो visibility आ रही है कि 20 से 25% की growth in the revenue, तो बहुत clear visibility आ रही है, जिसमें हमारे पास जो projects in hand already हैं और जिन projects की bidding हमने की है, जो expected to win हैं, plus मागल तेला के orders और कुछ, जैसे मैंने बताया कि diversified business में हम लोग आगे बढ़ रहे हैं। Thank you, Disha जी।

Speaker #2: Thank you sir .

Speaker #5: Right . And sir , so just so you understand more on the tendering process , how long does it take for this tender from this tender process to convert into orders .

[Analyst] (Sapphire Capital): Right. Sir, just so to understand more bit on the tendering process, how long does it take, sir, for this tender process to convert into orders?

Speaker #2: Are it depends normally you m tender Bid execute bid allotment I think are 60 to 80 days time Meetings with technical grounds commercial grounds execution allotment 70 to 80 days .

Vivek Gupta: इसे depend करता है कि किस तरह के -- normally जो PM Surya Ghar के tenders की बात करें, उनको bid करने से allotment होने तक का तकरीबन, I think 60 to 80 days का time है, कि आज के अंदर float होता है। तो उसके बाद उनकी meetings होती हैं technical ground से, commercial ground से। ये सब execution में allotment तक हम मानते हैं कि 70 to 80 days में allot हो जाता है। फिर हमारे पास जो as per tender के हिसाब से guidelines हैं, उनके जो timelines हैं, इस timeline में हमें इतना quantum पूरा करना है, तो accordingly हमारी team वैसे काम करती है। तो जैसे हम लोगों ने अभी बिहार के कुछ projects उठाए हैं, कुछ आंध्र प्रदेश के projects उठाए थे, कुछ राजस्थान के projects उठाए थे, वो execution stage में शुरू हो गए और काफी अच्छे ढंग से वो execute हो रहे हैं। तो I think क्योंकि already हमारे पास team बहुत healthy team है और lower level पर team बहुत actively काम कर रही है। तो parallel हम उनकी trainings भी इस नए project में हम लोगों ने start कर दी है, अच्छे से actively। तो वहां पर हमें कोई challenge नहीं दिख रहा है।

Speaker #2: Your as per tender guidelines . Timelines . If timeline . Quantum . Accordingly , our team . So . Bihar . Bihar which .

Speaker #2: Andhra . Pradesh . Rajasthan . Education . Stage . Or . Execute . So I think already our team are both healthy team or lower level team .

Speaker #2: What training started actively, so yeah.

[Analyst] (Sapphire Capital): Okay. Sir, pretty much we are very confident of this 20% to 25% growth.

Speaker #5: So, so pretty. We are very confident of this 2,025% growth.

Speaker #2: Yes, yes, we are pretty much very confident. Growth is a challenge for our whole team. All are 100% aligned on growth—both visible. So, first quarter, maybe revenue growth will be a part, or even in the second quarter, maybe even then we are very mature.

Vivek Gupta: Yes, we are very much confident कि हमें 20 से 25% की growth में किसी तरह का कोई भी challenge नहीं दिख रहा है। Our all team all 100% aligned कि यह growth बहुत visible है। तो आप देखेंगे तो Q1 में भी revenue में बहुत ज्यादा big growth नहीं कर पाए हैं। Apart of PM-KUSUM का भी हमारे पास कोई नहीं है इसके साथ में, और even Q2 में भी PM-KUSUM नहीं आ रहा है। So even then we are very much sure कि ये हम ले लेंगे। कोई tension नहीं है इसमें।

Speaker #2: See a potential

[Analyst] (Sapphire Capital): Sir, this 20% to 25% majority growth will come in the H2. In Q2, we are expecting some growth or will it again be de-growing? Not by much, but will there be de-growth or?

Speaker #5: 2,025% majority growth will come in the second half right . So in Q two we are expecting some growth . Or will it again be or will be be growing .

Speaker #5: Not by much. De-growth. Okay.

Vivek Gupta: Okay. Q2 definitely we are expecting growth from Y on Y quarter basis. Definitely we are expecting more than 10% to 15% growth. 10% to 15% in Q2. That we have expectation. Definitely we are not expecting any de-growth here at all in Q2. That is very sure.

Speaker #2: Q Q2 definitely we are expecting growth from r , Y and y basis . So definitely we are expecting a more than 10% 16% growth , 10 to 15% in Q2 that we have expectation , but definitely growth .

Speaker #2: Expect that it is very short.

Speaker #5: Okay . Okay . And sir , just the last thing . What is the Q1 volume ? The number of funds that were supplied in the first quarter .

[Analyst] (Sapphire Capital): Okay. Sir, just the last thing, what was the Q1 volume, the number of pumps that you supplied in Q1?

Speaker #2: Okay. Are you sure you have in Q1? How much is the total number for Q1? The total number of pumps we supplied was around 43,000.

Vivek Gupta: Okay. Ayush, you have in Q1, how much total number of pumps Q1? Total number of pumps we supplied around 43,000 numbers.

Speaker #5: And what was this number last year, sir?

[Analyst] (Sapphire Capital): What was this number last year, sir?

Speaker #2: The last year numbers .

Vivek Gupta: Last year number?

Speaker #5: What was this number for the last quarter ? FY 26 and one . Q4 26 . Both quarter on quarter year .

[Analyst] (Sapphire Capital): What was this number for the last quarter? For QFY 2026 and Q1 FY2026. Both quarter-on-quarter, year-on-year.

Vivek Gupta: The sequential quarter and the last year quarter.

Speaker #2: The sequential quarter and the last year quarter?

Speaker #5: Yes . Yeah Yes

[Analyst] (Sapphire Capital): Yes.

Vivek Gupta: One minute, Disha.

[Analyst] (Sapphire Capital): Yes.

Amulya Gupta: Q4 this was 40,400.

Speaker #1: For 3400 .

Vivek Gupta: Q4. Q4 it was around INR 40,400.

Speaker #2: Q4 , Q4 , it was around 40,400 . And Q1 . Last year was 56,000 .

Amulya Gupta: Q1 last year was INR 56,000.

Vivek Gupta: Q1 last year was INR 56,000.

Speaker #5: Okay . Okay . So so yes , this last question from my side for this year , obviously , we're going to see a lot of margin pressure .

[Analyst] (Sapphire Capital): Okay. Just this last question from my side. This year, obviously, we're going to see a lot of margin pressure. You've guided for 15% to 17%, but from going ahead in FY28, do we expect margins to come back as to what we have been doing previously? How should one look at FY28?

Speaker #5: You've guided for 15 to 17% , but from going ahead in FY 28 , do we expect margins to come back as to what we've been doing previously and how how should one look at

Speaker #2: Okay , because these are both fundamentally clear company , fundamentally strong . Our team are value engineering , design So profit margin down 100% .

Vivek Gupta: Okay. See, Disha, one thing is very fundamentally clear, that the company is fundamentally very strong. Our team, value engineering, which is working on good design, we are very aligned there. All the profit of margin that has gone down, it has happened 100% because of external factors. Because of aggressive price bidding, because of geopolitical price, because of some operating leverage. All these are those factors, which in the coming time, we are expecting that we can recover it. As PM KUSUM 2 comes, its biggest advantage is going to be that we will get multiple options of bidding across the country. We are not expecting so much aggressive bidding in PM KUSUM 2. Number one. Second, now because of geopolitical position due to war and other factors, an uncertainty position has been created across India.

Speaker #2: External factors: the aggressive price bidding, geopolitical price, operating leverage factors. Expect to recover PM too, advantage across the country, multiple options.

Speaker #2: So, aggressive—we are not expecting, number one. Second, geopolitical position due to war and other factors across India—a position of uncertainty.

Speaker #2: So that position definitely is market price. Market condition—the condition of the market is price is value or absorb. So definitely, we are expecting in the near future.

Vivek Gupta: That position, if this position remains forever, then definitely the market will price it. Either this condition is going to improve in the market, if not, the condition will not improve, then the market will value and absorb these prices. Definitely, we are expecting in near future, that profit of margin will improve. Because the company is doing its work well, Disha, here also we will see one thing that in a very short time, our company, Oswal, has worked so fast to diversify the business, that this year we are carrying a target of 200,000 solar under the PM Surya Ghar scheme. It's a big target, and it's a new business. Definitely, we just started, and took such a big target, and in this we do not feel any kind of very big gap that we will not achieve.

Speaker #2: Okay . Profit margin will improve or company Some time our company come time diversify business Solar target . And it's a big target for new business .

Speaker #2: It's a definite. We just started the target. Our team is very much confident. Yeah, thank you.

Vivek Gupta: Our team is very much confident. Thank you, Disha.

Speaker #5: And in the worst-case scenario, we can expect PM to come by this year-end. So for next year, automatically, the pressure on the bidding should go away.

[Analyst] (Sapphire Capital): The worst case scenario, we can expect PM-KUSUM to come by this year end. For next year, automatically, the pressure on the bidding should go away.

Speaker #2: Okay .

Vivek Gupta: See.

Speaker #5: The worst case scenario .

[Analyst] (Sapphire Capital): The worst case scenario.

Speaker #2: Okay . Yeah . Futuristic Perception perception market PM with better volumes . Big big quantity . So option Intuition . He . Aggressive .

Vivek Gupta: Okay. Since we cannot do so much with such a futuristic thing, this perception may be there. The perception is being created that when PM-KUSUM 2 comes in the market with better volumes, big quantity, then there are going to be a lot of options. In that case, we have such an intuition that there will not be so much aggressive bidding. Number one point. Second, if there is aggressive bidding, then the supply position in the market, where the pressure on our vendors has now started coming, in the coming time, the pressure will also come on the vendors. From there also some price benefits will be available to the entire industry. These prices, which have been bid now, these prices are not sustainable.

Speaker #2: Bidding . Number one second . Aggressive Market . Supply position . Vendors . Pressure to vendors . Pressure . Price . Benefits . Industry .

Speaker #2: Prices . Your price is sustainable . Your price is aggressive . Price . Industry . Prices . So we are . Entire industry is expecting to supply side benefit .

Vivek Gupta: These prices are very aggressive prices, the entire industry is not going to bear these prices in the future. The entire industry is expecting that either they will get benefit from the supplier side, or they will get benefit from the price bidding side. That we are expecting.

Speaker #2: Yeah, price bidding is a side benefit that we are expecting.

Speaker #5: Okay okay . That is it . For my side . Thank you so much . All the best .

[Analyst] (Sapphire Capital): Okay. That is it, sir, from my side. Thank you so much. All the best.

Speaker #2: Thank you. Thank you.

Vivek Gupta: Thank you, Disha. Thank you.

Speaker #4: Thank you, ladies and gentlemen. To ensure that every participant gets an opportunity, please restrict your questions to two per participant. The next question is from the line of Dheeraj Ram.

Speaker #4: Please go ahead

Speaker #1: Thank you

Dheeraj Ram: Thank you for taking my question, sir. Sir, regarding my presentation-

Vivek Gupta: Sir, is your voice audible?

Speaker #2: Audible . You Hello

Dheeraj Ram: Sir, can you hear me, sir, now?

Vivek Gupta: Hello? Not clear.

Speaker #1: Can you hear me, sir?

Dheeraj Ram: Can you hear me, sir? Hello, are you now?

Operator 2: Sorry, your voice is not cracking. Sir, can you please say again?

Operator: Sorry, your voice is not cracking. Sir, can you please say again?

Speaker #4: Why is it not cracking ? So , can you please say again No , sir . Your voice is not audible .

Dheeraj Ram: Now? Just let me know.

Vivek Gupta: No.

Dheeraj Ram: Can you hear me?

Operator 2: No, sir, your voice is not audible.

Operator: No, sir, your voice is not audible.

Speaker #1: Sir . It .

Dheeraj Ram: Sir, can you hear me?

Speaker #4: Okay, the next question is from the line of [Name] from Choice Institutional Equities. Please go ahead.

Operator 2: Okay. The next question is from the line of Karan from Choice Institutional Equities. Please go ahead.

Operator: Okay. The next question is from the line of Karan from Choice Institutional Equities. Please go ahead.

[Analyst] (Choice Institutional Equities): Hope I'm audible. Thank you for the opportunity. Sir, if you can explain the margin loss that we have suffered from about 24%, 25% to 15%. What exactly, how much would you attribute it to lower realization and how much would you attribute it to higher raw material costing?

Karan Kamdar: Hope I'm audible. Thank you for the opportunity. Sir, if you can explain the margin loss that we have suffered from about 24%, 25% to 15%. What exactly, how much would you attribute it to lower realization and how much would you attribute it to higher raw material costing?

Speaker #1: Thank you for the opportunity , sir . So if you can explain the margin loss that we have suffered from about 24 , 25% to 15% , what exactly how much would you attribute it to lower realization and how much would you attribute to lower or higher for higher raw material costing

Vivek Gupta: Karan जी, अगर मैं इसको bifurcate करता हूँ, तो mota-mota यह मानते हैं कि Q1 में करीब 8 से 9% का impact, aggressive price bidding में Mangalkela में आया है। यह effect सबसे बड़ा रहा। Second, करीब 3 से 3.5% का effect, अगर मैं to be very precise में जाता हूँ, 3-3.5% ऊपर आया difference यह geopolitical में cost की वजह से। Raw materials का cost increase हुआ है, यह एक difference आया है। इसके अलावा कुछ operating leverage, जहां पर हम करीब 1 से 1.5% का impact मान रहे हैं, वह भी impact आया है। accommodate करते हैं, तो हमारी company ने कुछ value engineering की, तो जो difference था, उसको कुछ limited किया। तो overall जो हम ले कर आ पाए हैं, करीब जो मैंने कहा 7-7.9% के आसपास का जो impact EBITDA margin में आया है, that is यह practically आ पाया है। और यह सब external factors की वजह से आया है, जिसे मैंने आपको bifurcated किया है। Yes, Karan जी।

Speaker #2: Hello Karen G To bifurcate so motor motor No personal impact price . Bidding . Aggressive price . Bidding Second crib 1,015% . The effect to be very precise 13% upfront .

Speaker #2: Higher difference with geopolitical may cause the cost increase in raw materials. Key difference is operating leverage impact will be impact. So, accumulate company value engineering.

Speaker #2: So your difference is limited. So overall, I have a 7.9% margin. That is practically due to some external factors. Can you bifurcate?

Speaker #1: Right, sir. During the quarter, orders' price impact previously booked orders already March 26th. Order book outstanding.

[Analyst] (Choice Institutional Equities): Right. Sir, यह जो during the quarter वाले orders से price impact आया है, या जो previously booked order जो already March 2026 को जो हमारी order book outstanding थी, उसमें से आया हुआ है।

Karan Kamdar: Right. Sir, यह जो during the quarter वाले orders से price impact आया है, या जो previously booked order जो already March 2026 को जो हमारी order book outstanding थी, उसमें से आया हुआ है।

Vivek Gupta: देखिए, जो हमारे पास March में outstanding थी, उनमें जो prices थे, कुछ tenders के prices हमने execute किए, quantity वह हमने Q1 में execute की। Plus जो एक tender Q1 में आया, उसका भी same price आया था, जो कि last Q4 के tender में price आया था। तो price में impact definitely है। इसलिए मैंने बताया कि करीब 9% हमारा Mangalkela के tender में सीधा-सीधा effect आया price bidding का। यह effect आया था।

Speaker #2: March outstanding Which tenders prices have execute . Quantity . Quarter 1st May execute plus calendar one . Semi price . Last quarter . Quarter for price .

Speaker #2: The price impact is definitely no effect. Price. Bidding effect.

Speaker #1: Okay. Okay. And sir, when do you expect all of this will stabilize and we will sort of get back on growth, if not then on wherever we feel more comfortable and we are getting orders? What is the rough timeline?

[Analyst] (Choice Institutional Equities): Okay. Sir, when do you expect कि all of this will stabilize and we will sort of get back on road. If not Kusum, then on PM Surya Ghar. यह दोनों मिलाकर wherever we feel more comfortable and we are getting orders. What is the rough timeline?

Karan Kamdar: Okay. Sir, when do you expect कि all of this will stabilize and we will sort of get back on road. If not Kusum, then on PM Surya Ghar. यह दोनों मिलाकर wherever we feel more comfortable and we are getting orders. What is the rough timeline?

Speaker #2: Okay. Currently, our company is purely focused on PM cushion or solar pumping systems. For the last so many years, our focus has been expertise.

Vivek Gupta: देखिए, Karan जी, मैं एक बात मानता हूँ, जो शायद होता है, वह बहुत अच्छे के लिए होता है। अभी तक company का pure vision था PM-KUSUM और solar pumping system. यहां पर last so many years से हमारा बहुत focus था। इसलिए हमने अपनी expertise pumping system में given across the country.

Speaker #2: Pumping system across the country, but PM Kusum is too late. Extra PM or EPC business, or both. Aggressive or additional business model.

Vivek Gupta: PM-KUSUM too late होने से हमें एक extra vision मिला है कि PM Surya Ghar में हमने entry ली और EPC business में हम entry ले रहे हैं और बहुत aggressive ले रहे हैं। यह एक additional business model हमारे पास develop हुआ है। तो मुझे लगता है कि primarily या originally जो हम total growth सोच रहे थे Oswal की PM-KUSUM से, अब PM-KUSUM 2.0 आने के बाद हमारी overall growth पहले expectation से ज्यादा होने वाली है। क्योंकि अब हमारे पास business opportunities as comparatively original plan से ज्यादा हो गई हैं और उसकी visibility भी बहुत आई है। Now we are very much sure कि number of opportunities, number of business avenues बहुत ज्यादा open करती जा रही हैं हमारी। We are quite very sure कि business opportunity में दिक्कत नहीं आने वाली है।

Speaker #2: He developed, so primarily originally your total growth PM Kusum, PM Kusum II. The overall growth expectations, has business opportunities as comparatively original plan or visibility.

Speaker #2: So now we are very much sure about the number of opportunities, the number of business avenues open. So we are quite sure, yeah.

Speaker #1: Okay . Yes sir Scheme for me . Personally , elaborate order Farmers . Yes . Order . Right . You .

[Analyst] (Choice Institutional Equities): Sir, आपने अच्छा बढ़िया target लिया है PM Surya Ghar के लिए। हमारे लिए नया scheme है for me personally. आप थोड़ा उस पर elaborate कर सकते हैं कि कैसे PM Surya Ghar में order मिलते हैं। PM-KUSUM के orders तो हमें पता है via farmer जाते हैं। कैसे order मिलते हैं, कैसे bidding होता है, क्या pricing होता है।

Karan Kamdar: Sir, आपने अच्छा बढ़िया target लिया है PM Surya Ghar के लिए। हमारे लिए नया scheme है for me personally. आप थोड़ा उस पर elaborate कर सकते हैं कि कैसे PM Surya Ghar में order मिलते हैं। PM-KUSUM के orders तो हमें पता है via farmer जाते हैं। कैसे order मिलते हैं, कैसे bidding होता है, क्या pricing होता है।

Vivek Gupta: PM Surya Ghar में भी entry करने के कई कारण थे। Number 1, company जैसे PM-KUSUM में pumping system is backward integrated है और बहुत बड़ी dependability external factor पर नहीं है। Same way में PM Surya Ghar में भी हमने वही model बनाया है, क्योंकि company module manufacturing खुद का plant है, खुद manufacturing कर रही है। इसके structures खुद manufacturing कर रही है, BOS खुद manufacturing कर रही है और इसके inverters जो इसका main है, वह भी बहुत जल्दी ही हमारे खुद के production से हो जाएगी। We are expecting inverter production within 6 months in-house. तो वह भी aggressively हमारी team उसके development पर लगी हुई है। Already prototype भी बनाए हैं उन्होंने। Field test भी we are expecting in next 2 months.

Speaker #2: PM should maybe be entry number. Company PM pumping system is backward integrated or dependent. External factors, say PM model, company module, manufacturing plant, manufacturing structures, core manufacturing, boss, core manufacturing, or inverters will be our production.

Speaker #2: So we are expecting the inverter production within six months in-house. So, aggressive development is already underway, and the prototype is in the field testing. We are expecting it in the next two months.

Vivek Gupta: Field trial शुरू हो जाएंगे। तो वह एक वजह थी कि हमने same model PM Surya Ghar में लाया और वही हमारी जो external team हमारे पास already pumping में है, वह भी हमें PM Surya Ghar में बहुत help कर रही है with the same team.

Speaker #2: So, the same model, the PM or external team has already been pumping. So, PM should help with the same team factor. Second, already channel partners are already pumping our solar pumping grid operating, pumping channel partners, channel sales, solar channel sales may be advantageous. Additional product wire and cables introduced.

Vivek Gupta: यह एक सबसे बड़ा factor रहा हमें इस पूरे मामले में। Second, already जो हमारे पास channel partners हैं, already जो pumping में काम कर रहे हैं, हमारे solar pumping में या grid operating pumping में, उन channel partners का हम लोग अपने channel sales में, solar channel sales में भी advantage लेने की कोशिश कर रहे हैं। जैसे मैंने बताया आपको, इसके additional कुछ और product wires and cables यह भी introduce कर रहे हैं। Specially we are very much confident PM Surya Ghar में company के profit और margin बढ़ेंगे. Definitely एक बात मुझे बहुत clear दिख रही है, कि PM Surya Ghar के profit margin PM-KUSUM को match नहीं कर सकते। यह definitely मैं मानता हूँ। Business revenue, business model, business के opportunities उससे बहुत ज्यादा होने वाली है. Yeah. Thank you, Karan जी.

Speaker #2: But especially, we are very much confident. PM, PM may company a profit of margin, but definitely key PM profit margin. PM, yes, definitely.

Speaker #2: But business revenue is just model business. Yeah. Thank you.

[Analyst] (Choice Institutional Equities): अच्छा, just one last question sir, if I can on margins of all these three businesses. I think I heard wires and cables also. Would we need be adding capacity in wires and cables?

Karan Kamdar: अच्छा, just one last question sir, if I can on margins of all these three businesses. I think I heard wires and cables also. Would we need be adding capacity in wires and cables?

Speaker #1: Just one last question , sir . If I can . On margins of all these three businesses , I think I heard wires and cables also .

Speaker #1: So why would we need to be adding capacity in wires and cables, or will it be a trading business for us?

Dheeraj Ram: Sir, will it be trading business for us?

Karan Kamdar: Sir, will it be trading business for us?

Speaker #2: No, actually, already wires and cables are in-house manufacturing. So in-house capacity, with capacity in-house channels, may introduce or feedback wires and cables' feature profitability, suitable profitability, product acceptance, market.

Vivek Gupta: Actually क्या है, already हमारे wires and cables हम लोग in-house manufacturing कर रहे हैं। अभी इस साल में जो हमारे पास in-house pair capacity है, हम उस capacities को in-house अपने पूरे channels में introduce करेंगे और वहां से पूरा feedback लेंगे कि हमें wires and cables का क्या आने वाले time में future दिखने वाला है, इसकी profitability हमारे लिए suitable profitability है, कितना product की acceptance market में हो पाती है। Again, यह आने वाले future तक decide करेगा but definitely we are hoping. Market survey जो हमारी team ने किया है, हमें external report आई है that is very positive for Oswal.

Speaker #2: So again, future aspect too. But definitely, we are hoping—the market survey of our team, external report—that is very positive for Oswal.

Speaker #2: So, confident he, but definitely, again, even wire and cable may be a limitation. The profitability, the same profitability of PM, profitability of solar pumping—it's that profitability.

Vivek Gupta: वहां पर हम बहुत confident हैं but definitely again even wire and cables में यह एक limitation है। यहां भी the profitability है। The same profitability of PM-KUSUM वाली जो profitability है solar pumping में, that profitability we cannot expect. Definitely, यह add-on advantage है company में, क्योंकि यहां पर मैं कोई CapEx invest नहीं कर रहा हूँ। अपनी present चीजों को use कर रहा हूँ, यह मेरे revenue और मेरी absolute term में profitability को बढ़ाएगा। Thank you.

Speaker #2: We cannot expect. But definitely, we add on advantage company capital CapEx investment presence, revenue, or in absolute terms, profitability. Yeah. Thank you, Randy.

Speaker #1: Okay, sir. Sir, margin for all three businesses, and—

Dheeraj Ram: Okay. Sir, कोई margin का number आप देना चाहोगे for all three business? PM-KUSUM, PM Surya Ghar, and wires and cables.

Karan Kamdar: Okay. Sir, कोई margin का number आप देना चाहोगे for all three business? PM-KUSUM, PM Surya Ghar, and wires and cables.

Vivek Gupta: मैं broadly यह बोल सकता हूँ, जैसे हमारे CFO Mr. Vijay जी ने बताया कि इस साल हम करीब 15 से 17% के बीच में EBITDA margin देख पा रहे हैं। इस साल की जो पूरी challenges हैं, उन्हें हमने काफी कोशिश की है कि इनको बहुत अच्छी तरह से visualize किया जाए। जितने tenders हाथ में हमारे हैं, उन सबको देखा, उनके pricing को, तो पूरी अच्छी तरह working करने के बाद team के पास जो confidence आया है कि इतना EBITDA हम इस साल में आराम से ले लेंगे। और मुझे लगता है कि FY27 definitely is the most turbulence year for entire country.

Speaker #2: Broadly, CFO Mr. Vijay, he said the 3% EBITDA margin is a challenge. Visualize pricing, so you are confident. I have 527. Definitely, it is the most turbulent year for the entire country, especially PM.

Vivek Gupta: तो यही एक साल होने वाला है और specially हम लोगों के लिए, क्योंकि PM-KUSUM 2.0 भी बिना हुआ है, PM मंगल कला में aggressive bidding हुई है। Geopolitical की वजह से price में बहुत बड़ा difference आया है। तो यह सब conditions के बाद अगर हम लोग 15 से 17% हैं, तो I think team is trying hard कि इसको कैसे हम ज्यादा अच्छे से अच्छा results आप लोगों को दे पाएं।

Speaker #2: 2 p.m., aggressive bidding. The geopolitical price war—what a difference in conditions. So, I think the team is working hard.

Speaker #1: Okay. Thank you, and all the best.

Dheeraj Ram: Okay, thank you and all the best.

Karan Kamdar: Okay, thank you and all the best.

Speaker #2: Thank you. Thank you very much.

Vivek Gupta: Thank you, Pawan जी. Thank you very much.

Speaker #4: Thank you. The next question is from the line of Prakhar from Institutional Equities. Please go ahead.

Operator 2: Thank you. The next question is from the line of Prakhar from Choice Institutional Equities. Please go ahead.

Operator: Thank you. The next question is from the line of Prakhar from Choice Institutional Equities. Please go ahead.

Speaker #5: Hello, sir. My question is about the CapEx for the 1.5 GW module expansion. I found in the PPT that CapEx is approximately— Squadron or Q3 timeline is on schedule.

[Analyst] (Choice Institutional Equities): मेरा पहला question CapEx को लेकर था। तो हमारा जो 1.5 GW का module expansion चल रहा है, so I saw in the PPT कि आपने INR 200 करोड़ का CapEx approx. कर दिया इस quarter में, और क्या हमारा Q3 का timeline is on schedule?

Speaker #2: Yes. Okay. Solar module 1 gigawatt investment or operational first week or second week of September. We are expecting commercial production, or same IPO proceeds CapEx plan pump or solar WhatsApp as per plan will intact, or as a plan both are with otherwise.

Vivek Gupta: देखिए, अगर इसमें हम solar module की बात करते हैं, तो 1.8 GW का investment हमने already कर दिया है और वो operational first week, maximum second week of September में we are expecting कि इसकी commercial production आ जाएगी। और same बाकी जो हमारी IPO proceeds से CapEx के plan हैं pump और solar में, वो सब as per plan बिल्कुल intact हैं और वो as a plan चल रहे हैं, तो वहां पर हमें किसी तरह का gap नहीं दिख रहा है। थोड़ा-बहुत एक-दो महीने का gap इसलिए हो सकता है कि शायद बरसात या कुछ otherwise. कोई लंबा चौड़ा gap नहीं है।

Speaker #5: Okay, so sir, CapEx is approximately ₹360 crore to ₹400 crore.

[Analyst] (Choice Institutional Equities): इस साल का पूरे साल का CapEx approximately वही INR 360 करोड़ to INR 400 करोड़ के बीच में होगा।

Karan Kamdar: इस साल का पूरे साल का CapEx approximately वही INR 360 करोड़ to INR 400 करोड़ के बीच में होगा।

Vivek Gupta: जो हमने IPO proceeds में जो CapEx लिया था, almost मुझे लगता है कि as a plan वो सारा infuse हो जाएगा।

Speaker #2: IPO proceeds. CapEx almost as the plan was.

Speaker #5: Okay , okay . Thank you . And one more question , sir , regarding the EBITDA margin guidance of 15 to 17 for FY 27 .

[Analyst] (Choice Institutional Equities): Okay, done. Thank you. One more question, sir, regarding the EBITDA margin guidance of 15% to 17% for FY27. To isme humne Kusum renewal ko assume kiya hua hai kya? Ya this is the worst case scenario EBITDA margin?

Karan Kamdar: Okay, done. Thank you. One more question, sir, regarding the EBITDA margin guidance of 15% to 17% for FY27. To isme humne Kusum renewal ko assume kiya hua hai kya? Ya this is the worst case scenario EBITDA margin?

Speaker #5: So, assume this is the worst-case scenario. EBITDA margin...

Vivek Gupta: देखिए, अभी जो margins हम बात कर रहे हैं, वो कर रहे हैं कि present जो bidding हमारे हाथ में है, जो aggressive bidding हमने अभी देखी है, एक PM Surya Ghar में जो हमने bid किया है, उनकी profitability, या जो भी हम present scenario के हिसाब से visualize कर सकते हैं। हम इसके अंदर वो visualize नहीं कर रहे हैं कि इससे ज्यादा prices better आएंगी, तो profitability होगी। We are not expecting. हम at least यह मान के चल रहे हैं कि आज की जो position है, इससे भी थोड़ा सा और safer side हमने calculate किया है, तो हम लोगों ने यह calculate किया है कि 15% से 17% के बीच में EBITDA margin हम लोग maintain कर पाएंगे।

Speaker #2: Margin Present your bidding your aggressive bidding Ache . PM me bid . Profitability . Your job . Present scenario . His Visualize . The price is better so profitability .

Speaker #2: We are not expecting at least—or calculate—a 15% to 17% EBITDA margin.

Speaker #5: Okay, okay. Thank you so much, sir. I'm done.

[Analyst] (Choice Institutional Equities): Okay, done. Thank you so much, sir. I'm done.

Karan Kamdar: Okay, done. Thank you so much, sir. I'm done.

Speaker #2: Thank you , thank you

Vivek Gupta: Thank you, Prakhar जी.

Speaker #4: Thank you. The next question is from the line of Rajaram. Please go ahead.

Operator 2: Thank you. The next question is from the line of Dheeraj Ram. Please go ahead.

Operator: Thank you. The next question is from the line of Dheeraj Ram. Please go ahead.

Speaker #1: Hi, sir. Audible.

Dheeraj Ram: Hi sir, am I audible?

Speaker #2: Yes, sir. Audible. Yeah.

Vivek Gupta: Yes, Dheeraj जी, audible.

Speaker #1: Thank you for taking the question, sir. Outstanding receivables this quarter.

Dheeraj Ram: Thank you for taking up the question. Sir, क्या हमको कुछ outstanding receivables मिले हैं इस quarter में?

Speaker #2: This quarter, outstanding receivables are up. Quarter two, compared comparatively to Q1, had better receivable aspects. The commitments we and the team have are to be up or active, focusing on company receivables.

Vivek Gupta: इस quarter में outstanding receivables मिले हैं, पर बहुत कम आए हैं। और हम Q2 में comparatively Q1 से better receivables expect कर रहे हैं। जो commitments हुए हैं, हर state से हमें हुए हैं। हमारी team भी अब और active हो गई है receivables को लेकर। तो पूरा focus अब company का receivables को लेकर ज्यादा है, number one point. definitely हम यह नहीं बोल सकते कि Q2 में भी हमारे cash conversion cycle या days, debtor days में बहुत बड़ा लंबा-चौड़ा difference आएगा, क्योंकि billing भी parallelly हम लोग अच्छे plan कर रहे हैं, revenue भी अच्छा plan कर रहे हैं। even then as compared to Q1, receivables will be much better in Q2.

Speaker #2: Number one point. But definitely in Q2, there may be higher cash conversion cycle days, better days difference. Billing plan is there. But even then, as compared to Q1, receivables will be much better in Q2.

Speaker #2: Second , Q3 a Q3 receivable receivables Assurance Both optimistic . Yes . Thank you .

Vivek Gupta: Q3 में हम बहुत बड़ा Q3 में चीजें देख पा रहे हैं। Q3 में बहुत अच्छा receivable देख पा रहे हैं कि वहां पर हमें receivables बहुत अच्छे level पर आएगा। जितनी team हमारी काम कर रही है, जितनी assurance सब जगह से आई है, तो वहां पर हम बहुत optimistic हैं।

Dheeraj Ram: Okay, great. Sir, आपने जो guidance दिया था कि 15% to 17% EBITDA margin, ये Q2 से towards 17% जाते हुए दिखेगा sir, या towards 3Q या 4Q में reflect होगा?

Speaker #1: Okay . Okay . Great . So yeah . Guidance 15 to 17% EBITDA margin . We Q two towards 17% . Yeah . Towards fag end .

Speaker #1: Yeah, three or four. Q may reflect over.

Speaker #2: Q. Percent, specifically 17%. Definitely external factors. Is general experience diversifying? So, 15% to 17% maybe. Maintain solar. But 15% to 17% EBITDA margin.

Vivek Gupta: देखिए, 15 से 17% specifically बोलने का मतलब यह है कि इसको हमने इसलिए 17% नहीं बोला कि कुछ चीजें definitely हमारे हाथ में नहीं हैं, external factors की वजह से। तो यहां पर हम लोग देख पा रहे हैं कि बीच-बीच में कुछ bid ऐसा आ गया, जो हमें हमारी minimum ये definitely इस tender को लेना है experience purpose. क्योंकि हम लोग diversifying भी कर रहे हैं। तो कुछ वजह से हो जाते हैं। तो इसलिए हम लोग इसको visualize कर पा रहे हैं कि 15 to 17%. Maybe हम 17% maintain कर पाए, 16 कर पाए, 15.5 कर पाए, but ये visualize बहुत clear है कि 15 to 17% के अंदर EBITDA margin हमें दिख रहा है।

Speaker #1: Sir, copper prices are volatile towards the upside, so 15% margin.

Dheeraj Ram: Sir, और यहां से अगर corporate prices volatile रहते हैं, towards upside, तो margin 15% के नीचे जा सकता है sir?

Vivek Gupta: देखिए, ये एक perception बना सकते हैं। कितना pricing up जाएगा, आज के दिन इसको assume किया नहीं जा सकता है। Right? और किस-किस चीज के prices कितने up जाएंगे, ये मुझे नहीं पता आज के दिन। मैं एक चीज का यह कह सकता हूं कि अगर prices up गए तो entire industry पर impact आएगा, सिर्फ Oswal पर impact नहीं आएगा। और हम अपने peer competitor से कहीं भी, ऐसा नहीं होगा कि peer competitor पर वो effect नहीं आ रहा है और हमें effect आ गया। ऐसी मुझे कोई visibility नहीं आ रही है। वो effect आएगा तो पूरी industry पर आएगा। specially अपने ऊपर मुझे कोई impact particular नहीं दिख रहा है। ऐसे।

Speaker #2: Perception is that prices are up, right? Prices are up. So is the entire industry impacted—Oswal Pumps or peer competitors? Peer competitors, or visibility?

Speaker #2: So, in fact, so, especially, in particular,

Speaker #1: Agreed. Okay, so the last question: Sun Five Seven solar rooftop revenue.

Dheeraj Ram: Agreed, okay. Sir, last question है कि इस साल FY27 में कितना solar rooftop का revenue हो सकता है?

Speaker #2: Okay . Solar rooftop two lakh internal target . So target . But a practical way visibility Or team internal team expectation . But discount drill down healthy expectation .

Vivek Gupta: देखिए, हम लोगों ने solar rooftop का तकरीबन दो लाख घर का अपना एक internal target लिया हुआ है। वो target बड़ा practical way में हमने लिया हुआ है, जिसकी visibility हमें बहुत अच्छे तरीके से आ रही है। और हमारी internal team की expectation इससे ज्यादा है। उसको हमने पूरा discount करके, drill down करके जो एक healthy expectation बनाई है, so somehow हमें ये दिख रहा है। इसके आसपास का हमें दो लाख घर का दिख रहा है और हमने कुछ tenders win भी किए हैं अपने। Accordingly जो tenders में हमने bid किया हुआ है, plus हम private sales पर भी बहुत active हो रहे हैं, हमारी team जो channel sales के through. Overall expectation हमारी इस तरफ जा रही है। तो मुझे लगता नहीं है कि बहुत बड़ा gap आएगा।

Speaker #2: So somehow Or So accordingly . Big plus some private sales team or channel sales . So overall expectation Yeah .

Speaker #1: In terms of numbers, in terms...

Dheeraj Ram: In terms of number आपको कुछ quote कर सकते हैं sir कि ₹500 करोड़ या-

Vivek Gupta: In terms of revenue? देखिए, दो लाख घर का तकरीबन अगर मैं in terms of revenue बोलता हूं तो ₹1,000 करोड़ के आसपास का revenue बनता है ये. Approximate. मतलब ₹800 to ₹1,000 करोड़. आप इसको ऐसे बात कर सकते हैं। हमने अपना revenue side में इस साल का ₹800 to ₹1,000 करोड़ इस business opportunity से लिया होगा, अगर मैं revenue की बात करता हूं।

Speaker #2: In terms of revenue, it's approximately 1,000 crore. Okay, 800 to 1,000. So, on the revenue side, 800 to 1,000 crore is the business opportunity.

Speaker #2: Revenue

Speaker #1: Understood . Assuming you Margin

Dheeraj Ram: यहां पर कोई O&M नहीं है sir कि सिर्फ ये EPC करने के लिए इसमें margin क्या हो सकता है sir?

Speaker #2: It depends. A particular type of project, hum, with future planning—strategic Oswal Pumps solar EPC projects. Multiple experiences are there. Focus is on the EPC business.

Vivek Gupta: इसे depend करता है। देखिए, हम इसमें एक particular type के project नहीं उठा रहे हैं। हम कुछ future के लिए भी planning कर रहे हैं। जैसे मान लीजिए, अभी अगर हम Oswal की पुरानी strategy को देखते हैं, तो Oswal ने आज से तीन-चार साल पहले solar EPC में आने के लिए सिर्फ एक तरह के project नहीं उठाए थे। multiple तरह के experience किए थे। उसके बाद choose करके, focus करके फिर EPC business में enter किया था। Same way में हम कुछ ऐसे project भी उठा रहे हैं जो IPP भी है, जो rooftop भी है, जो CapEx भी है, कुछ CapEx और OpEx मिलाकर है। तो multiple type के ले रहे हैं। तो कुछ projects में हो सकता है कि initially इस साल हमें revenue तो मिले, but direct profitability ना मिले, लेकिन अगले सालों में वो continuously हमें sequentially, वहां पर हमारी total expense या raw material हमारे पास आ जाएगी इस साल revenue.

Speaker #2: Same way . Project IP your rooftop CapEx . CapEx and OpEx . So multiple types . Projects Are initially . Revenue but direct profitability Continuously sequential Total expenses and raw material revenue .

Speaker #2: But profitability is about having multiple projects, experience, and time as a company. Cash flow allows us to pick and choose opportunities—other opportunities as well. So that is the entire strategy overall.

Vivek Gupta: उसका जो profitability है, वो अगले पांच सालों में divide होकर आना शुरू हो जाएगा। तो कुछ projects में ऐसे भी उठाने की plan ही कर रहे हैं, ताकि हमारे पास multiple projects के experience हों और फिर आने वाले time में company के पास जैसे-जैसे cash flow बढ़ेगा, तो हमारे पास pick and choose करने की opportunities होगी। हम किस जगह ज्यादा opportunities को encash कर पाएंगे। So that is the entire strategy of Oswal.

Speaker #1: Got it, got it. Thank you, sir. Thank you.

Dheeraj Ram: Got it. Thank you sir.

Vivek Gupta: Thank you sir.

Speaker #2: Thank you, sir. Thank you.

Operator 2: Thank you. The next question is from the line of Pawan Kumar from Share Capital. Please go ahead.

Operator: Thank you. The next question is from the line of Pawan Kumar from Share Capital. Please go ahead.

Speaker #4: Thank you. The next question is from the line of Pavan Kumar from Shade Capital. Please go ahead.

Speaker #1: Thank you for the opportunity. Am I audible?

Pawan Kumar: Thank you for the opportunity. Am I audible?

[Analyst] (Share Capital): Thank you for the opportunity. Am I audible?

Speaker #2: Yes , yes

Vivek Gupta: Yes, Pawanji. You are audible.

Speaker #1: Sir, thank you. Thank you, sir. Competitive bidding price—is it the number of players? Industry competition opportunity comes.

Pawan Kumar: Sir, पहले तो मैं जानना चाह रहा था कि जैसे आपने कहा कि competitive bidding के कारण शायद आपको price थोड़ा नीचे करना पड़ा है। थोड़ा मुझे बता सकते हैं कि is it कि number of players बढ़ गए हैं industry में? Competition इस तरह बढ़ गया है कि opportunity कम हो गई है।

[Analyst] (Share Capital): Sir, पहले तो मैं जानना चाह रहा था कि जैसे आपने कहा कि competitive bidding के कारण शायद आपको price थोड़ा नीचे करना पड़ा है। थोड़ा मुझे बता सकते हैं कि is it कि number of players बढ़ गए हैं industry में? Competition इस तरह बढ़ गया है कि opportunity कम हो गई है।

Speaker #2: To PM dot se As Charles Charles Peters Scheme . Quantity . Explore 2526 . Alone These . Pumicestone Pump . Listed and unlisted companies .

Vivek Gupta: देखिए sir, क्या था, अब इसको थोड़ा सा मैं आपको ऐसे brief करूंगा कि अभी तक ये जो PM-KUSUM में चल रहा था, पिछले दो-तीन साल से करीब 30, 40-45 meters के आसपास थे। जैसे-जैसे यह scheme quantity में explore होनी शुरू हुई, मतलब अगर आप देखेंगे तो 2025-26 में alone पांच लाख pump करीब install हुए हैं। 2024-25 में करीब साढ़े तीन लाख pump install हुए हैं। 2023-24 में करीब डेढ़ लाख pump install हुए। उससे पहले कम थे, तो लोग active नहीं थे। जैसे-जैसे pump हुए तो लोगों को listed और unlisted companies के profitability दिखने शुरू हुए, ज्यादा दिखने शुरू हुए, healthy profit दिखने शुरू हुए। उन profit को देखकर दूसरी companies attract हुई और उन्होंने भी इस scheme में participate करना शुरू किया। So definitely कुछ number of players बढ़े हैं। Plus, जिन्होंने जो number of players बढ़े और उनको entry लेने के लिए कुछ लोगों ने aggressive bidding की, या कुछ जो पुराने players थे, जिनकी quantity कम हो रही थी, उन्होंने भी aggressive bidding की। तो यह एक मिला-जुला result है, but definitely competition आया है। Yes.

Speaker #2: Profitability . The . Healthy . Profit and profit companies . Attract or . Unknown . Is . Scheme . Participate so definitely number of players plus Unknown number of players or entry Players .

Speaker #2: Quantity unknown. Aggressive, but definitely competition, yes.

Pawan Kumar: ठीक है sir.

[Analyst] (Share Capital): ठीक है sir.

Speaker #1: Sir . Secondly , sir PM Yojana . May have . Experts . Revenue . Right . AM I right , sir ? Right , sir .

Vivek Gupta: Yes.

Pawan Kumar: Secondly sir, जैसे आपने बताया PM Surya Ghar योजना में आप expect कर रहे हैं ₹800 से ₹1,000 करोड़ का revenue.

[Analyst] (Share Capital): Secondly sir, जैसे आपने बताया PM Surya Ghar योजना में आप expect कर रहे हैं ₹800 से ₹1,000 करोड़ का revenue.

Vivek Gupta: Right.

Pawan Kumar: Am I right, sir?

[Analyst] (Share Capital): Am I right, sir?

Vivek Gupta: Right, sir.

Speaker #1: I think we are getting guidance of 25% growth.

Pawan Kumar: I think we are getting guidance कि आप 25% growth की बात कर रहे हैं इस साल।

[Analyst] (Share Capital): I think we are getting guidance कि आप 25% growth की बात कर रहे हैं इस साल।

Vivek Gupta: 20 से 25% growth की बात कर रहे हैं हम total.

Speaker #2: On total

Pawan Kumar: जी, तो हमारा INR 2,000 करोड़ का revenue है, तब लगभग INR 500 करोड़ बनता है।

[Analyst] (Share Capital): जी, तो हमारा INR 2,000 करोड़ का revenue है, तब लगभग INR 500 करोड़ बनता है।

Speaker #1: Revenue Right . Which is disconnect . Can . Yeah . Please . Those are growth revenue PM Yojana

Vivek Gupta: Right.

Pawan Kumar: कुछ इसमें disconnect देख रहा हूँ मैं।

[Analyst] (Share Capital): कुछ इसमें disconnect देख रहा हूँ मैं।

Vivek Gupta: हाँ, पवन जी बताइए, क्या disconnect है।

Pawan Kumar: ₹2000 करोड़ में 25% growth मानते हैं, लगभग ₹500 करोड़ का हम revenue देख रहे हैं उधर।

[Analyst] (Share Capital): ₹2000 करोड़ में 25% growth मानते हैं, लगभग ₹500 करोड़ का हम revenue देख रहे हैं उधर।

Vivek Gupta: बिल्कुल ठीक है।

Pawan Kumar: तो आप PM Surya Ghar योजना सही कह रहे हैं, लगभग ₹800 से ₹1,000 करोड़। तो इस साल कितना आ सकता है इसमें?

[Analyst] (Share Capital): तो आप PM Surya Ghar योजना सही कह रहे हैं, लगभग ₹800 से ₹1,000 करोड़। तो इस साल कितना आ सकता है इसमें?

Vivek Gupta: देखिए, मैं इसी साल की बात कर रहा हूँ। हम जो भी बात कर रहे हैं, FY27 की बात कर रहे हैं।

Speaker #2: 27. Bifurcate. So, Q1 was ₹470 crore. So PM contribution was almost negligible, negligible contribution for Q2 contribution. PM. So, Q2.

Pawan Kumar: जी।

[Analyst] (Share Capital): जी।

Vivek Gupta: देखिए, अगर हम इसको bifurcate करते हैं, Q1 में हमने करीब ₹470 करोड़ के आसपास का business किया है। तो इसके अंदर हमारा जो PM Surya Ghar का contribution है, वह almost negligible है। negligible है। तो यहां पर हमारा pumping का contribution है। अब Q2 से हमारा contribution PM Surya Ghar में start होगा।

Pawan Kumar: Okay.

[Analyst] (Share Capital): Okay.

Vivek Gupta: Q2, Q3, Q4 में हम expect कर रहे हैं करीब ₹800 से ₹1000 करोड़ का revenue.

Speaker #2: Q2 two three Q4 Revenue . So Business or Orders in hand . This Orders . PM . Pumping system . Direct system or other Order .

Vivek Gupta: safer side बात करते हैं कि हमने ₹800 करोड़ का business लिया, क्योंकि already हम ₹500 करोड़ का business कर चुके हैं। और अभी हमारे पास करीब 22,000 pumps के orders in-hand हैं, जिसमें से साढ़े 12,000 pumps के orders हमारे PM-KUSUM में, sorry, pumping system के direct system में हैं, जैसे Maharashtra या other states में। तो वो हमारे पास है। तो वो एक order in-hand है। Plus, जैसे मैंने बताया कि Maharashtra का एक tender already float हो चुका है T6, जिसमें already company ने bidding कर दी है, जो expected to be open in next couple of days, maybe seven to ten days में। तो वो भी एक allotment हमारे पास आने वाली है. ये सब मिलाते हैं, plus हमने wires and cables का भी कुछ इस साल का revenue लिया है। बहुत aggressive revenue नहीं है, बहुत थोड़ा सा revenue है। But to MP purpose maybe ₹70 to ₹100 करोड़ के आसपास का revenue है वो, वो भी हमने लिया है. accumulate अगर total revenue करते हैं, तो यह जो हमारा target 20 से 25% है, यहां पर हमें किसी तरह का कोई भी gap visible नहीं है। क्या Pawan जी?

Speaker #2: Plus, Mughal, Tilaka, a tender already floated. T6 holiday company expected to be open in the next couple of days, maybe 7 to 10 days.

Speaker #2: So allotment . So yes . Plus Revenue . Both . Aggressive revenue But to empty purpose maybe 70 to 100 crore . So accumulated total revenue target be Gap

Pawan Kumar: Sir, तो इसमें margin कैसे आप 15 से 17% बना पाएंगे। जैसे आप कह रहे हैं अभी PM सूर्य घर योजना में शायद आपका margin कम रहेगा।

[Analyst] (Share Capital): Sir, तो इसमें margin कैसे आप 15 से 17% बना पाएंगे। जैसे आप कह रहे हैं अभी PM सूर्य घर योजना में शायद आपका margin कम रहेगा।

Speaker #1: Margin, PM margin. Yes.

Vivek Gupta: Yes. Comparatively PM-KUSUM.

Speaker #2: Comparatively . PM PM right PM margin Vertical . Open channel . Sales . Open Revenue or better . Margins are . Margin . Overall margin .

Pawan Kumar: जी।

[Analyst] (Share Capital): जी।

Vivek Gupta: अब देखिए, यहां पर मैं बताता हूँ आपको। हम PM-KUSUM के अंदर जो margins ले रहे हैं, plus हम इसमें कई verticals इस बार open कर रहे हैं। हम अपने channel sales भी open कर रहे हैं, जो solar के हैं। वहां भी हमें कुछ revenue और थोड़े से better margins मिलने की उम्मीद है, कुछ margins.

Vivek Gupta: तभी हमारे overall margins 15 से 17% के reduce हो रहे हैं। Second, जो हमने PM Surya Ghar में project उठाए हैं, अगर हम इसको देखते हैं, हम already as a manufacturer की तरह supply कर रहे हैं। मतलब हम solar module की manufacturing कर रहे हैं, BOS manufacturing कर रहे हैं, structure manufacturing कर रहे हैं और ये तीन चीज़ तो आज के दिन manufacturing कर रहे हैं। इसके अलावा जो वहां पर हमारी installation, supply वो हमारे खुद के channels हैं, उसके through हो रही है। तो वहां पर हमें एक reasonable profit का margin मिलने वाला है, क्योंकि company को solar module के margin manufacturing के मिलेंगे और इसमें installation के और EPC के जो margin होते हैं, वो मिलेंगे। Accumulate के margin यहां भी हमारे पास reasonable margin आने वाले हैं। तो इन दोनों के margin को, जब हम PM pumping margin और PM Surya Ghar और दूसरे channel sales के margin को accumulate करते हैं, तो यह margin हम उम्मीद करें 15 से 17% के बीच की figure, यह हमारे पास आ रही है। जो already हमने bid किए हुए हैं और जो हमारे पास हाथ में tender already availed हमने जो की है, उसके हिसाब से बात कर रहे हैं।

Speaker #2: PM . Project Some . Already . As a manufacturer . Supply of . Hum . Solar module . Manufacturing . Boss . Manufacturing structure .

Speaker #2: Manufacturing or the manufacturing Installation . Supply . Channel Channels Make reasonable . Profit . Margin . Company . Solar . Module . Margin .

Speaker #2: Manufacturing or margin . Installation . Margin . So . Accumulate . Margin . Reasonable . Margin . So . Margin . PM . Pumping margin or PM or sales margin .

Speaker #2: Accumulate margin already built, or are already available? Yes.

Pawan Kumar: तो जैसा आप कह रहे हैं, लगभग हजार करोड़ का आपका PM Surya Ghar योजना से आ रहा है, जिसमें maybe आपका 12 से 15% margin रहेंगे और rest of the business से थोड़ा ज्यादा रहेंगे। इस तरह का

[Analyst] (Share Capital): तो जैसा आप कह रहे हैं, लगभग हजार करोड़ का आपका PM Surya Ghar योजना से आ रहा है, जिसमें maybe आपका 12 से 15% margin रहेंगे और rest of the business से थोड़ा ज्यादा रहेंगे। इस तरह का

Speaker #1: So, PM Yojana may be percent margin or the rest of the business. Absolutely.

Vivek Gupta: Absolutely.

Speaker #2: Absolutely

Pawan Kumar: ठीक है sir. Thank you.

[Analyst] (Share Capital): ठीक है sir. Thank you.

Speaker #1: Thank you, thank you. Thank you for all these answers. Thank you.

Vivek Gupta: कभी भी इसका average around हम 15 से 17 बना पाएंगे।

Pawan Kumar: जी। ठीक है sir. Thank you for all these answers.

[Analyst] (Share Capital): जी। ठीक है sir. Thank you for all these answers.

Speaker #2: All the best. Thank you.

Vivek Gupta: Thank you, पवन जी।

Speaker #4: Thank you. The next question is from the line of Manish, an individual investor. Please go ahead.

Operator 2: Thank you. The next question is from the line of Manish Gadia, an individual investor. Please go ahead.

Operator: Thank you. The next question is from the line of Manish Gadia, an individual investor. Please go ahead.

Manish Gadia: Sir, देखिए, हम लोगों ने 15 से 17% margin बोला है, ये हम लोगों ने PM-KUSUM 2.0 को, मतलब वो marked that date and time, PM-KUSUM 2.0 आया तो अपना margin नहीं बढ़ सकता है, right?

Speaker #1: Hi Sir. Sorry to ask you. So, last, Sir, percent margin call margin, right?

Speaker #2: Definitely , sir . Margin Margins . You are the visible margin . But definitely PM . We are expecting margins Better . But depending margin .

Vivek Gupta: देखिए, ये जो margins हम बात कर रहे हैं 15 से 17%, ये वो margins हैं जो हमें अभी bidding की हुई है, हमने जो visible है, उनके above ये margins दिख रहे हैं। Definitely अगर PM-KUSUM 2.0 आता है, तो we are expecting कि margins यहां से थोड़े से बढ़ सकते हैं, better हो सकते हैं। Depend करता है वो कितने margin में ये आज के दिन कहना बहुत tough है, but we are expecting better margin होने चाहिए। Yes, Manish जी।

Speaker #2: But we are expecting better margins, okay? Yes.

Speaker #1: Thank you sir .

Sandeep Sancheti: Thank you, sir. All the best, sir.

Manish Gadia: Thank you, sir. All the best, sir.

Speaker #2: Thank you , thank you

Vivek Gupta: Thank you, Manish जी.

Operator 2: Thank you. Ladies and gentlemen, that was the last question. I would now like to hand the conference over to the management for closing comments.

Operator: Thank you. Ladies and gentlemen, that was the last question. I would now like to hand the conference over to the management for closing comments.

Speaker #4: Thank you, ladies and gentlemen. That was the last question. I would now like to hand the conference over to the management for closing comments.

Speaker #2: Thank you . Thank you , all of you , for your company , the company And we are very much sure . We are very positive .

Vivek Gupta: Thank you all of you. और आप लोग जो company का साथ दे रहे हैं, तो company बिल्कुल आप सबके साथ है and we are very much sure, हमारी पूरी team बहुत positive है और बहुत aggressively company के future पर काम कर रही है। Thank you all. Thank you very much.

Speaker #2: About aggressively communicate . Thank you . Thank you . All of you . Thank you very much .

Operator 2: On behalf of 360 ONE Capital Markets, that concludes this conference. Thank you for joining us and you may now disconnect your line.

Operator: On behalf of 360 ONE Capital Markets, that concludes this conference. Thank you for joining us and you may now disconnect your line.

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