Q1 2027 Websol Energy System Ltd Earnings Call

August 11, 2026

Speaker #1: Ladies and gentlemen, good day and welcome to the Q1 FY27 conference call of Websol Energy System Limited. As a reminder, all participant lines will be in listen-only mode, and there will be an opportunity for you to ask questions after the presentation concludes.

Operator 3: Ladies and gentlemen, good day and welcome to the Q1 FY27 conference call of Websol Energy System Limited. As a reminder, all participant lines will be in the listen only mode, and there will be an opportunity for you to ask questions after the presentation concludes. Should you need assistance during this conference call, 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. Sohanlal Agarwal, Managing Director. Thank you, and over to you, sir.

Operator: Ladies and gentlemen, good day and welcome to the Q1 FY 2027 Conference Call of Websol Energy System Limited. As a reminder, all participant lines will be in the listen only mode, and there will be an opportunity for you to ask questions after the presentation concludes. Should you need assistance during this conference call, 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. Sohan Lal Agarwal, Managing Director. Thank you, and over to you, sir.

Speaker #1: Should you need assistance during this conference call, please signal an operator by pressing star, then zero, on your touch-tone phone. Please note that this conference is being recorded.

Speaker #1: I now hand the conference over to Mr. Suvarnal Agarwal, Managing Director. Thank you, and over to you, sir.

Speaker #2: Thank you. Good afternoon, everyone, and thank you for joining us on Websol. I think for the first quarter of FY27, when we spoke at the end of FY26, I had said that the year marked an important change for Websol.

Sohanlal Agarwal: Thank you. Good afternoon, everyone, and thank you for joining us on Websol's earning call for the first quarter of FY27. When we spoke at the end of FY26, I had said that the year marked an important change for Websol. The capacities we had spent the last few years building were coming up on stream. The balance sheet had become stronger, and we had created the base for the next phase of the company. Q1 FY27 is about beginning to convert that base into operating performance. We reported revenue from operations of INR 373 crores for the quarter, 70% higher than the same quarter last year. EBITDA was INR 126 crores, and profit after tax was INR 78 crore, higher by 21% and 16% respectively. More than the financial numbers, I would draw your attention to what happened inside the plant.

Sohan Lal Agarwal: Thank you. Good afternoon, everyone, and thank you for joining us on Websol's earning call for the Q1 of FY 2027. When we spoke at the end of FY26, I had said that the year marked an important change for Websol. The capacities we had spent the last few years building were coming up on stream. The balance sheet had become stronger, and we had created the base for the next phase of the company. Q1 FY27 is about beginning to convert that base into operating performance. We reported revenue from operations of INR 373 crores for the quarter, 70% higher than the same quarter last year. EBITDA was INR 126 crores, and profit after tax was INR 78 crore, higher by 21% and 16% respectively. More than the financial numbers, I would draw your attention to what happened inside the plant.

Speaker #2: The capacities we had spent the last few years building were coming on stream. The balance sheet had become stronger, and we had created the base for the next phase of the company.

Speaker #2: Q1 FY27 is about beginning to convert that base into operating performance. We reported revenue from operations of ₹373.3 crore for the quarter, 70% higher than the same quarter last year.

Speaker #2: EBITDA was ₹126 crore, and profit after tax was ₹78 crore, higher by 21% and 16%, respectively. More than the financial numbers, I would draw your attention to what happened inside the plant.

Speaker #2: Our cell production increased from 126 megawatts in Q1 last year to 259 megawatts this quarter, with cell utilization at 92%. Module production more than doubled from 50 megawatts to 103 megawatts, and module utilization moved from 39% to 81%.

Sohanlal Agarwal: Our cell production increased from 126 megawatts in Q1 last year to 259 megawatts this quarter, with cell utilization at 92%. Module production more than doubled from 50 megawatts to 103 megawatts, and module utilization moved from 39% to 81%. The capacity we have built is now being used more fully, and that is the most important operating development of the quarter. I want to address our margin directly rather than leave it to the identity inferred. EBITDA margin for the quarter was 34% against 47% in Q1 last year. The principal reason is the change in our sales mix. We sold substantially more modules during the quarter and module margins are lower than cell margins. In absolute terms, EBITDA has still grown 21% because the additional module volume adds to earning even as it reduces the percentage margin.

Sohan Lal Agarwal: Our cell production increased from 126 megawatts in Q1 last year to 259 megawatts this quarter, with cell utilization at 92%. Module production more than doubled from 50 megawatts to 103 megawatts, and module utilization moved from 39% to 81%. The capacity we have built is now being used more fully, and that is the most important operating development of the quarter. I want to address our margin directly rather than leave it to the identity inferred. EBITDA margin for the quarter was 34% against 47% in Q1 last year. The principal reason is the change in our sales mix. We sold substantially more modules during the quarter and module margins are lower than cell margins. In absolute terms, EBITDA has still grown 21% because the additional module volume adds to earning even as it reduces the percentage margin.

Speaker #2: The capacity we have built is now being used more fully, and that is the most important operating development of the quarter. I want to address our margin directly, rather than leave it to be identified.

Speaker #2: EBITDA margin for the quarter was 34% against 47% in Q1 last year. The principal reason is the change in our sales mix—we sold substantially more modules during the quarter, and module margins are lower than cell margins.

Speaker #2: In absolute terms, EBITDA still grew 21% because the additional module volume adds to earnings even as it reduces the percentage margin. Our objective is to operate the entire manufacturing base efficiently.

Sohanlal Agarwal: Our objective is to operate the entire manufacturing base efficiently, to grow absolute earnings and cash generation, and to keep improving the economics of the business over time. This quarter reflects that approach. The second development I want to cover took place shortly after the quarter end, and it is one that matters to us personally. On 4 August, we prepaid the entire INR 110 crore outstanding on our IREDA term loan from internal accruals. We did this without raising fresh capital and without slowing any of our ongoing growth investments. With the closure of the facility, the collateral attached to the loan, including the promoter shares pledged against it, is being released, and the promoter pledge would accordingly come down from 80% to 16% of promoter holding. I would place this in the context of what Websol has done over the last two years.

Sohan Lal Agarwal: Our objective is to operate the entire manufacturing base efficiently, to grow absolute earnings and cash generation, and to keep improving the economics of the business over time. This quarter reflects that approach. The second development I want to cover took place shortly after the quarter end, and it is one that matters to us personally. On 4 August, we prepaid the entire INR 110 crore outstanding on our IREDA term loan from internal accruals. We did this without raising fresh capital and without slowing any of our ongoing growth investments. With the closure of the facility, the collateral attached to the loan, including the promoter shares pledged against it, is being released, and the promoter pledge would accordingly come down from 80% to 16% of promoter holding. I would place this in the context of what Websol has done over the last two years.

Speaker #2: To grow absolute earnings and cash generation, and to keep improving the economics of the business over time. This quarter reflects that approach. The second development I want to cover took place shortly after the quarter-end, and it is one that matters to us personally.

Speaker #2: On August 4, we prepaid the entire ₹110 crore outstanding on our IREDA term loan from internal approvals. We did this without raising fresh capital, and without slowing any of our ongoing growth investments.

Speaker #2: With the closure of the facility, the collateral attached to the loan, including the pledged shares placed against it, is being released. And the promoter pledge would accordingly come down from 80% to 16% of promoter holding.

Speaker #2: I would place this in the context of what Websol has done over the last two years. We doubled our sales capacity, largely through internally generated funds.

Sohanlal Agarwal: We developed our cell capacity largely through internally generated funds, and we have now repaid this term loan from cash generated by the business itself. For us, this is what capital discipline means. Growth is important, but how we fund that growth is equally important. The third area is technology. We have initiated the upgrade of one of our existing mono-PERC cell lines to TOPCon. On completion, that line will have 750 megawatts of TOPCon capacity, taking Websol's overall solar manufacturing capacity from 1.2 gigawatts to 1.3 gigawatts, with approximately 55% of our cell capacity on TOPCon. We expect the upgrade to be completed by March 2027. I want to explain why this matters. The TOPCon upgrade is not an isolated CapEx project.

Sohan Lal Agarwal: We developed our cell capacity largely through internally generated funds, and we have now repaid this term loan from cash generated by the business itself. For us, this is what capital discipline means. Growth is important, but how we fund that growth is equally important. The third area is technology. We have initiated the upgrade of one of our existing mono-PERC cell lines to TOPCon. On completion, that line will have 750 megawatts of TOPCon capacity, taking Websol's overall solar manufacturing capacity from 1.2 gigawatts to 1.3 gigawatts, with approximately 55% of our cell capacity on TOPCon. We expect the upgrade to be completed by March 2027. I want to explain why this matters. The TOPCon upgrade is not an isolated CapEx project.

Speaker #2: And we have now repaid this term loan from cash generated by the business as well. For us, this is what capital discipline means. Growth is important, but how we fund that growth is equally important.

Speaker #2: The third area is technology. We have initiated the upgrade of one of our existing Monopark cell lines to TOPCon. On completion, that line will have 750 megawatts of TOPCon capacity.

Speaker #2: Taking Websol's overall sales manufacturing capacity to 1.2 gigawatts. From 1.2 gigawatts to 1.3 gigawatts, with approximately 55% of our sales capacity on top one.

Speaker #2: We expect the upgrade to be completed by March 2027. I want to explain why this matters. The Top One upgrade is not an isolated capex project.

Speaker #2: It is a bridge between the capacity we operate today and the technology platform on which we intend to build our next phase of scale.

Sohanlal Agarwal: It is a bridge between the capacity we operate today and the technology platform on which we intend to build our next phase of scale, including our planned four gigawatt crystalline manufacturing expansion. There is considerable opportunity in Indian solar manufacturing, and we believe Tamil Nadu, in particular, is entering an interesting phase. Websol has been manufacturing in the state for more than three decades, so we have seen its industrial ecosystem evolve over long periods. The recent direction of the state towards greater industrialization, including the proposed new industrial policy, simpler access to industrial land, and a stronger focus on attracting manufacturing investment is encouraging for companies like ours, which already have an operating base here. We look at Tamil Nadu not only as the location of our existing plant, but as a natural place to consider for the capacity build next.

Sohan Lal Agarwal: It is a bridge between the capacity we operate today and the technology platform on which we intend to build our next phase of scale, including our planned four gigawatt crystalline manufacturing expansion. There is considerable opportunity in Indian solar manufacturing, and we believe Tamil Nadu, in particular, is entering an interesting phase. Websol has been manufacturing in the state for more than three decades, so we have seen its industrial ecosystem evolve over long periods. The recent direction of the state towards greater industrialization, including the proposed new industrial policy, simpler access to industrial land, and a stronger focus on attracting manufacturing investment is encouraging for companies like ours, which already have an operating base here. We look at Tamil Nadu not only as the location of our existing plant, but as a natural place to consider for the capacity build next.

Speaker #2: Including our planned 4-gigawatt cell manufacturing expansion, there is considerable opportunity in Indian solar manufacturing. We believe West Bengal in particular is entering an interesting phase, where solar has been manufactured in the state for more than three decades.

Speaker #2: So we have seen its industrial ecosystem evolve over a long period. The recent direction of the state towards greater industrialization, including the proposed new industrial policy, simpler access to industrial land, and a stronger focus on attracting manufacturing investment, is encouraging for companies like ours, which already have an operating base here.

Speaker #2: So we look at West Bengal not only as the location of our existing plant, but also as a natural place to consider for the next capacity build.

Speaker #2: We have come a long way from where Websol was a few years back. But there is considerably more than what we have built from there. With that, I would request Sanjuna to take you through the operational and financial performance for the quarter in greater detail.

Sohanlal Agarwal: We have come a long way from where Websol was a few years back, but there is considerably more than what we build from here. With that, I would request Sanjana to take you through the operational and financial performance for the quarter in greater detail. Thank you very much, everyone.

Sohan Lal Agarwal: We have come a long way from where Websol was a few years back, but there is considerably more than what we build from here. With that, I would request Sanjana to take you through the operational and financial performance for the quarter in greater detail. Thank you very much, everyone.

Speaker #2: Thank you very much, gentlemen.

Speaker #3: Thank you, sir, and good afternoon, everyone. Let me take you through our operational and financial performance for the first quarter of financial year 2027 in some more detail.

Sanjana Khaitan: Thank you, sir, and good afternoon, everyone. Let me take you through our operational and financial performance for the Q1 of financial year 2027 in some more detail. Starting with the profit and loss statement, revenue from operations for the quarter stood at INR 373 crore against INR 219 crore in Q1, financial year 2026, a growth of 70%. EBITDA was INR 126 crore as against INR 103 crore, higher by 21%, with an EBITDA margin of 34%. Profit after tax was INR 78 crore as against INR 67 crore, higher by 16%, translating into a PAT margin of 21%. Sir has already spoken about the margin. Module volumes more than doubled during the quarter, from 50 megawatts to 103 megawatts, and modules therefore account for a materially larger share of the revenue mix than they did a year ago.

Speaker #3: Starting with the profit and loss statement, revenue from operations for the quarter stood at ₹373 crore against ₹219 crore in Q1 FY26, a growth of 70%.

Speaker #3: EBITDA was ₹126 crore as against ₹103 crore, higher by 21%, with an EBITDA margin of 34%. Profit after tax was ₹78 crore as against ₹67 crore, higher by 16%, translating into a PAT margin of 21%.

Speaker #3: Sir, as already mentioned about the margin, module volumes more than doubled during the quarter from 50 megawatts to 103 megawatts, and modules therefore account for a materially larger share of the revenue mix than they did a year ago.

Speaker #3: A rupee of module revenue carries a lower margin than a rupee of cell revenue. So, as the module share rises, the blended percentage margin comes down, even as absolute EBITDA grows.

Sanjana Khaitan: A rupee of module revenue carries a lower margin than a rupee of cell revenue, so as the module share rises, the blended percentage margin comes down even as absolute EBITDA grows. This is what has happened this quarter. The percentage margin is lower. Absolute EBITDA is 21% higher, and we are running considerably more of our installed base. With respect to our rating, our CRISIL rating of BBB+ stable remains unchanged. On the operational side, cell production for the quarter was 259 megawatts against 126 megawatts in Q1 last year, with cell utilization at 92%. Module production was 103 megawatts against 50 megawatts, with module utilization at 81%, against 39% a year ago. As we move through the year, we expect to operate close to full run rate utilization across our lines, other than any downtime associated with the TOPCon upgrade.

Speaker #3: This is what has happened this quarter. The percentage margin is lower, absolute EBITDA is 21% higher, and we are running considerably more of our installed base.

Speaker #3: With respect to our CRISL, with respect to our rating, our CRISL rating of BBB plus stable remains unchanged. On the operational side, cell production for the quarter was 259 megawatt against 126 megawatt in Q1 last year, with cell utilization at 92%.

Speaker #3: Module production was 103 megawatts, up from 60 megawatts, with module utilization at 81%, compared to 39% a year ago. As we move through the year, we expect to operate close to full run-rate utilization across our lines, other than any downtime associated with the Top 1 upgrade.

Speaker #3: On input costs, we brought silver consumption down by 25% during financial year '26 and had set ourselves a further 10% reduction target. So, in the longer term, we continue to evaluate alternative metallization pathways.

Sanjana Khaitan: On input costs, we brought silver consumption down by 25% during financial year 2026 and had set ourselves a further 10% reduction target. For the longer term, we continue to evaluate alternative metallization pathways. On the order book, we closed the quarter with a confirmed order book of INR 1,278 crore as on 30 June 2026, against INR 1,161 crore at the end of March 2026. This provides us healthy visibility into the next few quarters of operations. On capital expenditures, the TOPCon upgrade will take our cell capacity from 1.2 gigawatts to 1.35 gigawatts and is expected to be completed by March 2027. The project entails an estimated CapEx of approximately INR 270 crore. The company is capable of funding the project through internal accruals. However, it may also evaluate debt financing to optimize liquidity position.

Speaker #3: On the order book, we closed the quarter with a confirmed order book of ₹1,278 crores as on 30th June 2026, against ₹1,161 crores at the end of March 2026.

Speaker #3: This provides us healthy visibility into the next few quarters of operations. On capital expenditures, the top one upgrade will take our cell capacity from 1.2 gigawatts to 1.35 gigawatts and is expected to be completed by March 2027.

Speaker #3: The project entails an estimated capital expenditure of approximately ₹270 crore. The company is capable of funding the project through internal accruals. However, it may also evaluate debt financing to optimize its liquidity position.

Speaker #3: Upon completion, the upgraded facility is expected to achieve cell efficiency of around 25%. To summarize, Q1 has been a quarter of higher utilization, higher absolute earnings, and a further strengthening of the balance sheet, with a mix-led moderation in percentage margins, which we have explained.

Sanjana Khaitan: Upon completion, the upgraded facility is expected to achieve cell efficiency of around 25%. To summarize, Q1 has been a quarter of higher utilization, higher absolute earnings, and a further strengthening of the balance sheet with a mix-led moderation in percentage margins, which we have explained. We enter the rest of the year with our existing capacity running much closer to its potential and with the TOPCon upgrade underway. With this, we can now open the floor for questions. Thank you.

Speaker #3: We enter the rest of the year with our existing capacity running much closer to its potential and with the Top 1 upgrade underway. With this, we can now open the floor for questions.

Speaker #3: Thank you.

Speaker #1: We will now begin the question-and-answer session. Anyone who wishes to ask a question may press star and one on their touch-tone telephone.

Operator 3: We will now begin with the question and answer session. Anyone who wishes to ask a question may press star and one on their 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 comes from the line of Amit Mishra, an individual investor. Please go ahead.

Operator: We will now begin with the question and answer session. Anyone who wishes to ask a question may press star and one on their 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 comes from the line of Amit Mishra, an individual investor. Please go ahead.

Speaker #1: 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.

Speaker #1: Ladies and gentlemen, we will wait for a moment while the question queue assembles. The first question comes from Amit Mishra, an individual investor.

Speaker #1: Please go ahead.

Speaker #4: Hello. Am I audible?

Amit Mishra: Hello, am I audible?

Speaker #1: Yes, Amit.

Operator 3: Yes, Amit.

Operator: Yes, Amit.

Speaker #4: Yeah, thank you for giving me the opportunity. Congratulations to the management for a good set of numbers. I have a question related to phase three.

Amit Mishra: Yeah. Thank you for giving me the opportunity. Congratulations to the management for good set numbers. I have a question related to phase 3. So in the investor presentation, we saw a reference to West Bengal. We want to know because so far we have heard about Andhra Pradesh. We just want to know what has changed, if something has changed, and if you can develop or expand on the timelines it will take required to complete. If we are changing location from Andhra Pradesh to West Bengal, how it impacts, whether the machinery is ordered now or the land is acquired now. All these related aspects, if you can explain so that we would know what's happening.

Speaker #4: So, in the investor presentation, we saw a reference to West Bengal. We want to know, because so far we have only heard about Andhra Pradesh.

Speaker #4: So, we just want to know what has changed, if something has changed, and if you can develop or expand on the timelines required to complete it.

Speaker #4: If we are changing the location from Andhra Pradesh to West Bengal, how does it impact whether the machinery is ordered now or whether the land is acquired now?

Speaker #4: So all these related aspects—if you could explain them, we would better understand what's happening.

Speaker #3: Sure. So we believe that the environment in West Bengal has become increasingly constructive for solar manufacturing, and our three decades of operating experience at Falta provide us with a strong advantage in this context.

Sanjana Khaitan: Sure. We believe that the environment in West Bengal has become increasingly constructive for solar manufacturing, and our three decades of operating experience at Falta provides us with a strong advantage in this context. Accordingly, we have shortlisted land close to our current facilities and are currently awaiting the requisite approvals for the same. There is no change in our CapEx plan. Whatever capacity we have announced is what we are confident of executing. Our project cost also remains the same, and the funding strategy and the pathway to that which we have previously discussed also remains the same. With respect to timelines also, we are not anticipating any change at this stage. Importantly, establishing the expansion in our home state provides us with significant synergies in terms of infrastructure, availability of skilled manpower, supply chain, and operational resources.

Speaker #3: So accordingly, we have shortlisted land close to our current facility and are currently awaiting the requisite approvals for the same. There's no change in our CAPEX plans.

Speaker #3: Whatever capacity we have announced is what we are confident of executing. Our project cost also remains the same, and the funding strategy and the pathway to that, which we have previously discussed, also remain the same.

Speaker #3: With respect to timelines, also, we are not anticipating any change at this stage. Importantly, establishing the expansion in our home state provides us with significant synergies in terms of infrastructure, availability of skilled manpower, supply chain, and operational resources.

Speaker #3: We are hopeful that any interim delay arising from the change in this location will be substantially offset by these operating synergies. So, to sum up, we are not expecting any delays at this stage, and our plans have not changed.

Sanjana Khaitan: We are hopeful that any interim delay arising from the change in this location will substantially offset by these operating synergies. To sum up, we are not expecting any delays at this stage, and our plans have not changed. We still remain confident on executing the 4 gigawatt capacity in phases. With respect to your specific question on the machinery. Machinery's, the lead time is close to four to six months. So right now there is no requirement of blocking capital on account of advance of machinery. Definitely, we have finalized the equipment and the technical teams are in touch with respect to the same. We will be letting out the advances for the equipment according to the project schedule.

Speaker #3: We still remain confident on executing the four-gigawatt capacity in phases. With respect to your specific question on the machinery, the lead time is close to four to six months.

Speaker #3: So right now, there is no requirement of blocking capital on account of the advance for machinery. Definitely, we have finalized the equipment, and the technical team is in touch with respect to the same.

Speaker #3: We will be releasing the advances for the equipment according to the project schedule.

Speaker #4: Oh, that's great. Thank you for the clarification. So, just to summarize: we have moved from Andhra Pradesh to West Bengal, and we will keep all the timelines as they were.

Amit Mishra: Oh, that's great. Thank you for clarification. Just to summarize, we have moved from Andhra Pradesh to West Bengal, and we will keep all the timelines as they were, and the CapEx as well. That's- But to yourself that question. And by the way, congratulations on clearing the debt. Can we expect-

Speaker #4: And the CAPEX as well. So that's the clearest on that question. And by the way, congratulations on clearing the debt. So can we expect the pledge to drop in the next few days, like in terms of having the SARS disclosures coming up?

Sanjana Khaitan: Yeah

Amit Mishra: the pledge to drop in next few days, in terms of having the disclosures coming up?

Speaker #3: Yeah, correct. So actually, we repaid the debt only on the 4th of August, so that was around a week ago. So all the debt has now been cleared.

Sanjana Khaitan: Yes, correct. So actually, we repaid the debt only on 4 August, so that was around a week ago. So all the debt has now been cleared, and accordingly, whatever shares were pledged in association in context of this debt will accordingly be released. So we are in between completing all the formalities required to release all the securities.

Speaker #3: And accordingly, whatever shares were pledged in association, in context of this debt, will accordingly be released. So, we are in the process of completing all the formalities required to release all these securities.

Speaker #4: And you expect them to be done within, let's say, one week or two weeks or three weeks' time? What was—I don't know the process.

Amit Mishra: And you expect them to be done within, let's say, one week or two week or three week time? I do not know the process, so I am just asking.

Speaker #4: Just ask.

Sanjana Khaitan: Yes. So we are actually, whatever paperwork, et cetera, is required at our end, we are aggressively working on that. It also depends on the lender, what the process and the timelines are at their end. So we are hopeful that it comes through soon.

Speaker #3: Yeah, so we are actually—whatever paperwork, etc., is required at our end—we are aggressively working on that. It also depends on the lender, what the process and the timelines are at their end.

Speaker #3: So, we are hopeful that it comes through soon.

Speaker #4: Understood. One last question, if I may. And it's a bit more abstract, you know. So, just tracing our journey over the last nine quarters: it has been a complete turnaround—very impressive growth—from a ₹25 crore top line to ₹400 crore.

Amit Mishra: Understood. One last question, if I may.

Sanjana Khaitan: Yeah.

Amit Mishra: It is more abstract. Tracing out our journey for last 9 quarters, it has been a complete turnaround, very impressive growth from INR 25 crore top line to INR 400 crore in Q4, and now we are at INR 370 crore, there around. Also, we produce EBITDA above 40%, which has stabilized now around 35% with the introduction of module production. It is very envious to many businesses in India. Congrats to the team, and full marks to the team in achieving this. However, as an investor, it is quite puzzling to see that we do not have any institutional interest, except some FIIs which came purely due to MSCI, FTSE indices inclusions. In such a great business, in a sector with heavy tailwinds, such businesses deserves to get decent valuations.

Speaker #4: In Q4, we now get around 370 there. Also, we produced EBITDA above 40%, which has now stabilized around 35% with the introduction of module production.

Speaker #4: It's very enviable to many businesses in India. So congrats to the team, and full marks to the team in achieving this. But, you know, however, as an investor, it is quite puzzling to see that we don't have any institutional interest except some FIIs, which came purely due to MSCI and FTSE indices inclusions.

Amit Mishra: It is very envious to many businesses in India. Congrats to the team, and full marks to the team in achieving this. However, as an investor, it is quite puzzling to see that we do not have any institutional interest, except some FIIs which came purely due to MSCI, FTSE indices inclusions. In such a great business, in a sector with heavy tailwinds, such businesses deserves to get decent valuations. Especially compared to peers who are enjoying around 20 to 28 PE, while we are trading at, let's say, 12 today, and 1-year forward basis, less than 10. I just wanted to hear view from management where we are lacking to attract this institutional interest. As we know that operations we can control, but the market controls the valuation. There is clear indication that market is trying to tell management something more to be done.

Speaker #4: In such a great business, you know, in a sector with heavy tailwinds, such businesses deserve to get decent valuations. Especially compared to peers who are enjoying around 20 to 28 P/E, while we are trading at, let's say, 12 today.

Amit Mishra: Especially compared to peers who are enjoying around 20 to 28 PE, while we are trading at, let's say, 12 today, and 1-year forward basis, less than 10. I just wanted to hear view from management where we are lacking to attract this institutional interest. As we know that operations we can control, but the market controls the valuation. There is clear indication that market is trying to tell management something more to be done. I just want to pick your brains specifically about what is your view, why we are trading so low.

Speaker #4: And on a one-year forward basis, it's less than 10. So I just wanted to hear from management—where are we lacking in attracting this institutional interest? We know that operations we can control, but the market controls the valuation.

Speaker #4: And there is a clear indication that the market is trying to tell management that something more needs to be done. So, I just want to pick your brains, basically, about what's your view—why are we trading so low?

Amit Mishra: I just want to pick your brains specifically about what is your view, why we are trading so low.

Speaker #3: Understood. So I think as you correctly mentioned the operations is something which is definitely in hands of the management and that is something which I feel over the last two, three years we have proven our ability to be able to execute quickly and then operate very effectively and efficiently.

Sanjana Khaitan: Understood. I think as you correctly mentioned, operations is something which is definitely in hands of the management, and that is something which I feel over the last two, three years, we have proven our ability to be able to execute quickly and then operate very effectively and efficiently. Our lines have come up in record-breaking time, and we are one of the few manufacturers who currently is able to operate their line to maximum utilization and also generate efficiency at a maximum level. From that perspective on the operations front, we remain very positive. With respect to valuation, definitely our institutional exposure has been limited. We are trying our level best to increase our interaction across investor forums, and we are hopeful that if we are able to increase that interaction, there would be some change. That is something we are now aggressively trying to do.

Speaker #3: Our lines have come up in record-breaking time, and we are one of the few manufacturers who currently are able to operate their line at maximum utilization and also generate efficiency at a maximum level.

Speaker #3: So from that perspective, on the operations front, we remain very positive. With respect to valuation, definitely our institutional exposure has been limited.

Speaker #3: We are trying our level best to increase our interaction across investor forums, and we are hopeful that if we are able to increase that interaction, there will be some change.

Speaker #3: So, that is something we are now aggressively trying to do.

Speaker #4: Right. Basically, you know, I just wanted to hear out also if there are some reasons which you think are, you know, applicable for our business—whether it's being around phase three, or, you know, sort of a lack of information where we are, as we keep also changing the location.

Amit Mishra: Right. Basically, I just wanted to hear out also if there are some reasons which you think are applicable for our business, whether it is being around phase 3, sort of lack of information where we are. We keep also changing the location. These kind of things confuses the market, I think. This is my reading, but I could be wrong, of course. The fact is that we are trading at much bigger discount to peers. It is concerning to see such a business to go to that valuation. In any other sector, 35% EBITDA is very, very good. Anyway, yeah, so, thank you. I will get back in the queue, and then ask more. I have few more questions. Yeah.

Speaker #4: And I mean, these kinds of things confuse the market, I think. So this is my reading, but I could be wrong, of course. But the fact is that we are trading at a much bigger discount to peers.

Speaker #4: So, it's concerning to see such a business go to that, you know, that valuation. In any other sector, 35% EBITDA is very, very good.

Speaker #4: Anyway, yeah. So, thank you. I'll get back in the queue and then ask a few more questions.

Speaker #3: Sure.

Sanjana Khaitan: Sure.

Speaker #2: Next question. Participants, in the interest of time and fairness to others, please restrict yourselves to two questions. For any additional questions, you may rejoin the queue.

Operator 3: The next question. Participants, in the interest of time and fairness to others, please restrict yourselves to two questions. For any more questions, you may rejoin the queue. We have our next question from the line of Sushil Choksey with Indus Equity Advisors. Please go ahead.

Operator: The next question. Participants, in the interest of time and fairness to others, please restrict yourselves to two questions. For any more questions, you may rejoin the queue. We have our next question from the line of Sushil Choksey with Indus Equity Advisors. Please go ahead.

Speaker #2: We have the next question from the line of Sushil Choksi with Indus Equity Advisors. Please go ahead.

Speaker #5: Good afternoon, Websol management, and congratulations on all parameters, specifically on cell utilization and module production utilization. My direct question is: Will we achieve 92% or better efficiency for the year?

Sushil Choksey: Good afternoon, Websol management, and congratulations on all parameters, specifically on cell utilization and module production utilization. My direct question is, will we achieve 92% or better efficiency for the year and the module production at 81% or better? Second thing, if you could indicate, are we carrying based on MNRE website, what data is visible to the street and which is in circulation in markets? We are carrying a huge inventory. Third is, as we have moved from Andhra Pradesh to West Bengal, I am sure the CapEx utilization for funds would be lesser than compared to Andhra Pradesh because of approximate land price, management synergy, time bandwidth, lesser people required to be hired at two places. So what is the cost of project? If lead time indicators, as Sanjana just mentioned, have been provided, if Vasanthi ma'am or Sohanlal Agarwal ji can address that question.

Speaker #5: And the module production at 81% or better? Second thing, if you could indicate, are we carrying, based on the MNRE website—what data is visible to the street and which is in circulation in markets? We're carrying a huge inventory.

Speaker #5: Third is, as we have moved from Andhra Pradesh to West Bengal, I'm sure the Capex utilization for funds would be lesser compared to Andhra Pradesh because of approximate land price, management synergy, time bandwidth, and fewer people required to be hired at two places.

Speaker #5: So, what is the cost of the project? And if lead time indicators, as Sanjna just mentioned, have been provided, if Vasanthi ma'am or Somanlal Agarwalji can address that question.

Speaker #5: Second thing is, as we move to TOPCon production facility for 750 megawatt, what would be the revenue increase per megawatt once we shift from mono PERC to TOPCon?

Sushil Choksey: Second thing is, as we move to TOPCon production facility for 750 megawatts, what would be the revenue increase per megawatt once we shift from mono-PERC to TOPCon, and that helps our margin. I am happy to note that we are integrating module and cell together. Looking at the order book, I think we can still consume more order book. Were the prices for July and August looking higher than pre Q1? That is the first question I have to ask.

Speaker #5: And that helps our margin. I am happy to note that we are integrating module and cell together, but looking at the order book, I think we can still consume more from the order book.

Speaker #5: Were the prices for July and August looking higher than pre-Q1? That is the first question I have to ask.

Speaker #3: Yeah. So, I'll comment first on the utilization. With respect to cell utilization, both our lines are right now running close to their full effective capacity.

Sanjana Khaitan: Yeah. I will comment first on the utilization. With respect to cell utilization, both our lines are right now running close to their full effective capacity, and 92% for a quarter is a level we are comfortable holding. Marginal gains may still be available from process optimization on the cell efficiency front, wherein right now we are still at an average of 23.3%, so it may go up marginally more. However, the next change would come on account of cell output, which will increase once we complete the TOPCon upgrade. That is a remarkable change which will take place after the upgrade. However, otherwise 92% is what we propose to keep holding for the time being. On account of module also, as per industry average, around 70% to 75% is a comfortable level to be operating at. This quarter we have achieved 81%.

Speaker #3: And 92% for a quarter is a level we are comfortable holding. Marginal gains may still be available from process optimization on the cell efficiency front, wherein, you know, like right now we are seeing an average of 23.3%, so it may go up marginally more.

Speaker #3: However, the next change would come on account of cell output, which will increase once we complete the TOPCon upgrade. So, that is a remarkable change which will take place after the upgrade.

Speaker #3: However, otherwise, 92% is what we propose to keep holding for the time being. On account of module also, as per industry average, around 70% to 75% is a comfortable level to be operating at.

Speaker #3: So this quarter, we've achieved 81%. So we would like to say that we are already operating at close to full effective utilization in case of the module as well.

Sanjana Khaitan: We would like to say that we are already operating at close to full effective utilization in case of module as well. Apart from this, your next question was with respect to any cost savings on account of moving the project from Andhra Pradesh to West Bengal. Definitely two changes or three changes rather, which we are being able to immediately see is that one, definitely the amount of outflow on account of land is appearing to be lesser as compared to Andhra Pradesh. However, the exact information in this regard we can only disclose once we are able to share the details of the land with you. Second, definitely over a period of time, the cost of equipment are also coming down. We are expecting some sort of decrease in project cost on account of that also.

Speaker #3: Apart from this, your next question was with respect to any cost savings on account of moving the project from Andhra Pradesh to West Bengal.

Speaker #3: So, definitely, two changes—or three changes, rather—which we are able to immediately see are: one, definitely, the amount of outflow on account of land is appearing to be lesser as compared to Andhra Pradesh.

Speaker #3: However, the exact information in this regard we can only disclose once we are able to share the details of the land with you. Second, definitely over a period of time, the cost of equipment is also coming down.

Speaker #3: So, we are expecting some sort of decrease in project cost on account of that also. And last, with respect to operational synergies on account of manpower—one of the key reasons was that manpower is definitely very important in our industry to be able to source the correct skill set.

Sanjana Khaitan: Last, with respect to operational synergies on account of manpower. Definitely one of the key reasons was that manpower definitely is very important in our industry to be able to source the correct skill set. Given that we already have a readily available team in our current facility, it will be easier to have trained manpower deployed almost quickly at the new location, which is supposed to be very close to our current facility. This would also result in hiring of fewer new manpower, especially at a senior level. What the exact numbers are, that we will not be able to share at this point. Apart from that, I think, what was your third question was on inventory item. Could you please repeat that question?

Speaker #3: And given that we already have a readily available team in our current facility, it will be easier to have trained manpower deployed almost immediately at the new location, which is supposed to be very close to our current facility.

Speaker #3: So this would also result in hiring fewer new personnel, especially at a senior level. But what the exact numbers are, we will not be able to share at this point.

Speaker #3: Apart from this, I think your third question was on inventory, I think. Could you please repeat that question?

Speaker #5: Basically, looking at the published data—which was available until 15 days ago on the MNRE website—and the production number of Websol, and the sales which we have reflected at the prevailing price, it seems that you’re carrying a little larger inventory than what was usual at the Q1 end.

Sushil Choksey: Basically, looking at the published data, which was available till 15 days back on MNRE website, and the production number of Websol, and the sales which you have reflected at the price prevailing, it seems that you are carrying a little larger inventory than what usual was at the Q1 end. That would result into better pricing, I suppose, in the Q2. Are the prices on cell and module looking better in the current quarter and the quarters to come by? Second thing, looks like you have not taken full year orders as per if you take 92% and 81% utilization for module and cell. Looks like you have appetite to take another INR 300, 400 crores worth of order, depending on between module and cells for the year.

Speaker #5: And that would result into a better pricing, I suppose, in the Q2. And are the prices on cell and module looking better in the current quarter and the quarters to come by?

Speaker #5: And second thing, looks like you've not taken full orders as per—if you take 92% and 81% utilization for module and cell, looks like you have appetite to take another three or four hundred crores of orders, depending on between module and cell, for the year.

Speaker #2: So, sir, the overall inventory has increased by roughly 7% if we compare the Q4 inventory versus Q1. So, there has not been any sharp increase in overall total inventory.

[Company Representative] (Websol Energy System): Sir, the overall inventory has increased by roughly 7% if we compare the Q4 inventory versus Q1. There has not been a very sharp increase in overall total inventory. However, if you see through the result, there has been some increase in the inventory, that we agree. That is some cyclical issues. I think this will be realized in the next quarter.

Amrit Daga: Sushil, the overall inventory has increased by roughly 7% if we compare the Q4 inventory versus Q1. There has not been a very sharp increase in overall total inventory. However, if you see through the result, there has been some increase in the inventory, that we agree. That is some cyclical issues. I think this will be realized in the next quarter.

Speaker #2: However, if you look through the results, there has been some increase in inventory, which we agree with. But those are some cyclical issues there.

Speaker #2: I think this will be realized in the next quarter.

Speaker #5: On the price.

Sushil Choksey: The price?

Speaker #2: So, you are correct that in the previous quarter, the prices were soft, and we are seeing that the prices have increased in the current quarter.

[Company Representative] (Websol Energy System): The prices, you are correct, that in the previous quarter, the prices were soft and we are seeing that the prices have increased in the current quarter on the count of the implementation of the ALMM initially. However, later on, it has deferred to December week, but still prices are higher than the previous quarter.

Amrit Daga: The prices, you are correct, that in the previous quarter, the prices were soft and we are seeing that the prices have increased in the current quarter on the count of the implementation of the ALMM initially. However, later on, it has deferred to December week, but still prices are higher than the previous quarter.

Speaker #2: Initially, on account of the implementation of the ALM, prices were affected. However, later on, it was deferred to December, but still, prices are higher than the previous quarter.

Speaker #1: Thank you. The next question comes from the line of Aman Soni with Seven Alpha Investors. Please go ahead.

Operator 3: Thank you. The next question comes from the line of Aman Soni with Seven Alpha Investors. Please go ahead.

Operator: Thank you. The next question comes from the line of Aman Soni with Seven Alpha Investors. Please go ahead.

Speaker #5: Sure. I'm already good.

Sushil Choksey: Am I even

Aman Soni: Am I audible?

Speaker #3: Yes. We can hear you.

Sanjana Khaitan: Yes.

Sushil Choksey: Hello.

Aman Soni: Hello.

Sushil Choksey: We can hear you.

Sanjana Khaitan: We can hear you.

Speaker #5: Good evening. Players have reported recently moderate growth in recent quarters, with companies such as KP Green witnessing results well below their earlier estimates.

Sushil Choksey: Good evening. Several solar EPC players have reported recently moderate growth in recent quarters. With companies such as Katevi being witnessing well below their early estimates. Nothing specific to any company. I just want to understand from you, are you seeing any slowdown in solar EPC projects which will lead to solar demand for modules and cells going ahead?

Aman Soni: Good evening. Several solar EPC players have reported recently moderate growth in recent quarters. With companies such as Katevi being witnessing well below their early estimates. Nothing specific to any company. I just want to understand from you, are you seeing any slowdown in solar EPC projects which will lead to solar demand for modules and cells going ahead?

Speaker #5: So, nothing specific to any company, but I just want to understand from you—are you seeing any slowdown in solar EPC projects, which will lead to lower demand for solar modules and cells going forward?

Speaker #2: So if you see your current product profile, we are supplying products mostly to DCR projects with PM Surya and PM Kusum.

[Company Representative] (Websol Energy System): Our current product profile, our products are supplied to mostly DCR projects with PM Surya Ghar and PM-KUSUM, and we are not seeing any reduction on account of that front. On our product side, we are not seeing any decline in demand side.

Amrit Daga: Our current product profile, our products are supplied to mostly DCR projects with PM Surya Ghar and PM-KUSUM, and we are not seeing any reduction on account of that front. On our product side, we are not seeing any decline in demand side. Does that answer your question, Aman?

Speaker #2: And we are not seeing any reduction on account of that front. So, on our product side, we are not seeing any decline on the demand side.

Speaker #1: That answers your question, Aman.

Operator 3: Does that answer your question, Aman?

Speaker #5: Yeah, but sir, is there any kind of admin in this industry or anything which could lead to a reduction in the demand for the future, or is there any challenge at the current level also?

Aman Soni: Yeah. But sir, is there any kind of headwind in this industry or anything which lead to reduction in the demand for future? Or is there any challenges at current level also?

Speaker #2: So, if you see, however the solar industry is structured, we see that there will be an increase in demand considering the impact of AI, the impact of the BESS, and also the nighttime solar requirement that will be generated through solar BESS.

[Company Representative] (Websol Energy System): If you see how the solar industry is structured, we see that there will be an increase in demand, considering that the impact of the AI, the impact of the BESS, and also the nighttime solar requirement that will be generated to solar BESS. So we expect there will be an increase in demand for solar sector going forward.

Amrit Daga: If you see how the solar industry is structured, we see that there will be an increase in demand, considering that the impact of the AI, the impact of the BESS, and also the nighttime solar requirement that will be generated to solar BESS. So we expect there will be an increase in demand for solar sector going forward.

Speaker #2: So, we expect there will be an increase in demand for the solar sector going forward.

Speaker #1: Thank you. The next question comes from the line of Ankush Agrawal with Search Capital. Please go ahead.

Operator 3: Thank you. The next question comes from the line of Ankush Agrawal with Search Capital. Please go ahead.

Operator: Thank you. The next question comes from the line of Ankush Agrawal with Surge Capital. Please go ahead.

Speaker #2: Yeah, hi. Thanks for taking my question. So, sir, in this Q4, sequentially, revenues are down by about 7-8 percent, and EBITDA is down about 14 percent, despite the fact that module utilization has sort of increased.

Ankush Agrawal: Okay. Hi, thanks for taking my question. Sir, versus Q4, sequentially, our revenues are down by about 7% to 8% and the EBITDA is down about 14%, despite the fact that the modules utilization has sort of increased. Is it primarily the reflection of lower realization in Q1 versus Q4, or there has been some reduction in the optic as well from our customers?

Speaker #2: So, is it primarily the reflection of lower realization in Q1 versus Q4, or has there been some reduction in the optic effect from our customers?

Sanjana Khaitan: Yeah. The percentage decline on account of EBITDA is owing to a change in the product mix, essentially.

Speaker #3: Yeah. So, the percentage decline in EBITDA is owing to a change in the product mix, essentially.

Speaker #2: No, I'm talking about absolute EBITDA, man. Absolute EBITDA—I'm talking about, not the percentage margins.

Ankush Agrawal: No, I am talking about absolute EBITDA, ma'am. Absolute EBITDA I am talking about, not the percentage margins.

Speaker #3: So, there has been a reduction on account of sales to the extent of 7%, which is why the absolute numbers have also changed.

Sanjana Khaitan: So there has been a reduction on account of sales to the extent of 7%, which is why the absolute numbers have also changed. Just a couple of things in this context. There are three things actually. The EBITDA has reduced in percentage terms on account of change in the mix because this quarter seems to be a module heavy quarter.

Speaker #3: So, just a couple of things in this context. So, one—actually, there are three things. The EBITDA has reduced in percentage terms on account of the change in the mix, because this quarter seems to be module-heavy.

Ankush Agrawal: I think I wasn't clear with my question. I am not talking about percentage. Sequentially, absolute revenues are down by 7%. Because of operating leverage, maybe the EBITDA is down by 14%. But why is revenue down 7% Q1 is what I am trying to understand. Is it primarily the realization or the lower optic of volume?

Speaker #2: I think I wasn't clear with my question. I'm not talking about percentage. Sequentially, absolute revenues are down by 7 percent. And okay, because of operating revenues, maybe the EBITDA is down by 14 percent.

Speaker #2: So, but why is revenue down seven percent, is what I'm trying to understand. Is it primarily the realization, or the lower uptake of volume?

Speaker #3: So, realization has also decreased in the last quarter. Like we discussed previously, we've seen the price increase a little in the last month or so because of the ALMM mandate.

Sanjana Khaitan: Realization also has decreased in the last quarter, like we discussed previously. We have seen the price increase a little in the last month or so because of the ALMM mandate, but definitely the price was much softer last quarter. Second, from a volume perspective, though we have done our production numbers are higher from a perspective of greater utilization of lines. We are carrying a little extra inventory as compared to last quarter, because as Amit mentioned, there is some cyclicality in the industry. Of course, though we are producing, we have to time our sales with respect to the requirement of the client in case of long-term modules.

Speaker #3: But definitely, the price was much softer last quarter. Second, from a volume perspective, though we have done higher production numbers from a perspective of greater utilization of lines.

Speaker #3: We are carrying a little extra inventory as compared to last quarter because, as Amrit mentioned, there's some cyclicality in the industry. And of course, though we are producing, we have to time our sales with respect to the requirement of the clients.

Speaker #3: In case of long-term orders.

Speaker #2: Okay, so would it be possible for you to share what was the realization for cells and modules in Q1, and what is the realization now?

Ankush Agrawal: Okay. Would it be possible for you to share what was the realization for cell and modules in Q1 and what is the realization now?

Speaker #2: So I think the Q1 realization is hovering around 12.5 cents per watt peak for solar cells, and it is around ₹20.50 for solar modules.

[Company Representative] (Websol Energy System): I think the Q1 realization is hovering around 12.5 cents per watt peak for solar cells, and it is around INR 20.50 for solar modules.

Amrit Daga: I think the Q1 realization is hovering around 12.5 cents per watt peak for solar cells, and it is around INR 20.50 for solar modules.

Speaker #2: INR.

Speaker #1: Thank you. The next question comes from the line of Rahul Himani with Himani Financial Services. Please go ahead.

Operator 3: Thank you. The next question comes from the line of Rahul Himani with Hemani Financial Solutions. Please go ahead.

Operator: Thank you. The next question comes from the line of Rahul Hemani with Hemani Financial Services. Please go ahead.

Speaker #5: Hello, Sanna. Thank you for answering all those questions. I have a simple question. Last quarter, you said that you don't see any pressure on the margins for the next one or two years.

Rahul Himani: Hello, Sandhya. Thank you for answering all those questions. I have a simple question. Last quarter, you had said that you do not see any pressure on the margins for the next 1 or 2 years. Even today, as of today, you believe that the same is true?

Rahul Hemani: Hello, Sanjana. Thank you for answering all those questions. I have a simple question. Last quarter, you had said that you do not see any pressure on the margins for the next one or two years. Even today, as of today, you believe that the same is true?

Speaker #5: Even today, as of today, you believe that the same is true?

Speaker #3: I mean, see, definitely for us the margins have come down, as I said, owing to a change in product mix. On account of sales, the margins still tend to be much higher as compared to module.

Sanjana Khaitan: I mean, see, definitely for us, the margins have come down, as I said, because owing to a change in product mix. On account of cells, the margins still tend to be much higher as compared to modules. Definitely, in case of cell also, there is expectation of some amount of fall in margins, but definitely it would not be a very aggressive fall, and we expect that whatever level we are currently operating at, given that now module line is also being fully utilized, we propose to maintain the same levels in time to come.

Speaker #3: Definitely, in case of sale also, there is expectation of some amount of fall in margin. But definitely, it wouldn't be a very aggressive fall, and we expect that whatever level we are currently operating at, given that now module line is also being fully utilized, we propose to maintain the same levels in time to come.

Speaker #5: No, so what I mean to ask you is that the sell margins may be a little bit here and there, but do you think that they will continue to be there for the next two years?

Rahul Himani: No. So what I meant to ask you is that the cell margins may be a little bit here and there, but do you think that it will continue to be there for the next 2 years?

Rahul Hemani: No. So what I meant to ask you is that the cell margins may be a little bit here and there, but do you think that it will continue to be there for the next two years?

Speaker #3: I mean, it's difficult to see how long it will be there, but as of now, it seems that the margins we are holding for this quarter, we should be able to hold for a year or two.

Sanjana Khaitan: I mean, it is difficult to say how long it will be there, but as of now, it seems that the margins we are holding for this quarter, we should be able to hold it for a year or 2.

Sanjana Khaitan: I mean, it is difficult to say how long it will be there, but as of now, it seems that the margins we are holding for this quarter, we should be able to hold it for a year or two.

Speaker #5: Okay. And again, regarding what Amit Mishra asked you, I think all the shareholders, including the minority shareholders, fully agree with what Amit said.

Rahul Himani: Okay. What Amit Mishra did ask you, I think all the shareholders, including the minority shareholders, they fully agree with what Amit says. So I think we are trading at the cheap valuation, and the management needs to introspect it, why this is happening. Just to point out, it may sound a little odd, but in a span of 4 months, Websol share price falls from 130 to 50, and then in 1 month it rises from 50 to 120. We do not have absolutely any explanation from the management. So I think this is something that we need to look at, because even if there is someone who is manipulating the share prices, we have AI, we have so many technologies to detect it. But there is no response from the management whatsoever.

Rahul Hemani: Okay. What Amit Mishra did ask you, I think all the shareholders, including the minority shareholders, they fully agree with what Amit says. So I think we are trading at the cheap valuation, and the management needs to introspect it, why this is happening. Just to point out, it may sound a little odd, but in a span of 4 months, Websol share price falls from 130 to 50, and then in 1 month it rises from 50 to 120. We do not have absolutely any explanation from the management. So I think this is something that we need to look at, because even if there is someone who is manipulating the share prices, we have AI, we have so many technologies to detect it. But there is no response from the management whatsoever.

Speaker #5: You know, I think we are trading at a dirt cheap valuation and the management needs to introspect why this is happening. Now again, just to point out— and it may sound a little odd— but in a span of four months, Websol's share price fell from ₹130 to ₹50, and then in one month it rose from ₹50 to ₹120.

Speaker #5: And we don't have absolutely any explanation from the management. So I think, you know, this is something that we need to look at, because even if there is someone who is manipulating the share prices—

Speaker #5: You know, we have AI, we have so many technologies to detect it, but, I mean, there is no response from the management whatsoever. I think the management should look at it.

Rahul Himani: I think, the management should look at it, plus the visibility and transparency should be there at what stage the third phase CapEx is as of today. We should get regular updates rather than waiting for 1 quarter. I think the more updates, the more transparency we give to the market, I think the valuations will automatically increase. I would request you to take a note of this.

Rahul Hemani: I think, the management should look at it, plus the visibility and transparency should be there at what stage the third phase CapEx is as of today. We should get regular updates rather than waiting for Q1. I think the more updates, the more transparency we give to the market, I think the valuations will automatically increase. I would request you to take a note of this.

Speaker #5: And plus, the visibility and transparency should be there. At what stage the third phase capex is, as of today, you know, we should get regular updates rather than waiting for one quarter. I think the more updates, the more transparency we give to the markets, I think the valuations will automatically increase.

Speaker #5: I think, you know, I would request you to take note of this.

Speaker #2: So, sir, I would like to answer the question that we are not aware of any information that we are required to submit to the exchange.

[Company Representative] (Websol Energy System): Sir, I would like to answer the question that we are not aware of any information that we require to submit to the exchange. We are promptly submitting all the required information and explanation to stock exchanges in any case which is required. It is not that management is aware of any fraud or any like thing. Management is not aware of. If you see from the previous quarter, we have increased our interactions. We are continuously doing the investor intentions, investor concalls. We are also participating in the various investors' meets. Management is aware of the situation, and we are doing our best to increase the communication that we can do with the shareholders and other stakeholders.

Amrit Daga: Sir, I would like to answer the question that we are not aware of any information that we require to submit to the exchange. We are promptly submitting all the required information and explanation to stock exchanges in any case which is required. It is not that management is aware of any fraud or any like thing. Management is not aware of. If you see from the previous quarter, we have increased our interactions. We are continuously doing the investor intentions, investor concalls. We are also participating in the various investors' meets. Management is aware of the situation, and we are doing our best to increase the communication that we can do with the shareholders and other stakeholders.

Speaker #2: We are promptly submitting all the required information and explanations to the stock exchanges in any case where it is required. So it's not that management is aware of any fraud or anything like that.

Speaker #2: Management is not aware of it. If you see from the previous quarter, we have increased our interactions. We are continuously investing in calls, and we are also participating in various investors' needs as well.

Speaker #2: So, management is aware of the situation, and we are doing our best to increase the communication that we can have with the shareholders and other stakeholders.

Speaker #2: And regarding Phase Three, we have already indicated that we want to do this in our best name calls because of the synergy issues we are having with the skilled manpower, and we are aware of the current land area.

[Company Representative] (Websol Energy System): Regarding phase 3, we have already indicated that we want to do this in our West Bengal because of the synergy issues we are having with the skilled manpower, and we are aware of the current land area. I do not think so that any information which is required to be given to the investors, we are holding back.

Amrit Daga: Regarding phase 3, we have already indicated that we want to do this in our West Bengal because of the synergy issues we are having with the skilled manpower, and we are aware of the current land area. I do not think so that any information which is required to be given to the investors, we are holding back.

Speaker #2: So I don't think that any information which is required to be given to the investors is— we are handling that.

Speaker #1: Thank you. The next question comes from the line of Rahul with SOAR Enterprises. Please go ahead.

Operator 3: Thank you. The next question comes from the line of Rahul with Sowre Enterprises. Please go ahead.

Operator: Thank you. The next question comes from the line of Rahul with Sour Enterprises. Please go ahead.

Speaker #4: Hi, good afternoon, everybody. It's indeed a good quarter, we would say, considering the market conditions, the seasonality, and all elements put in place.

[Analyst] (Sowre Enterprises): Hi. Good afternoon, everybody. It is indeed a good quarter, we would say, considering the market conditions, the seasonality and all elements put in place. Just one surprise, which I am sure a lot of people are surprised and would want more clarity is the part of shifting of the expansion plans from Naidupeta, if I am not wrong, in Andhra to West Bengal. Certainly only time would tell whether it is a good or a bad move. Sanjana, thanks that you clarified on a couple of pointers which work in our favor. Certainly it makes a lot of difference to expand on the existing location. But why has this sudden change of location come into the place? One. If you could give us a fair understanding of the timelines that we have for the first and the second phase. Thank you.

[Analyst] (Sour Enterprises): Hi. Good afternoon, everybody. It is indeed a good quarter, we would say, considering the market conditions, the seasonality and all elements put in place. Just one surprise, which I am sure a lot of people are surprised and would want more clarity is the part of shifting of the expansion plans from Naidupeta, if I am not wrong, in Andhra to West Bengal. Certainly only time would tell whether it is a good or a bad move. Sanjana, thanks that you clarified on a couple of pointers which work in our favor. Certainly it makes a lot of difference to expand on the existing location. But why has this sudden change of location come into the place? One. If you could give us a fair understanding of the timelines that we have for the first and the second phase. Thank you.

Speaker #4: Just one surprise, which I'm sure a lot of people are surprised about and would want more clarity on, is the part about shifting the expansion plans from Naidu Peta, if I'm not wrong, in Andhra, to West Bengal.

Speaker #4: Certainly, only time will tell whether it's a good or a bad move. But Sanjana, thank you for clarifying a couple of points which work in our favor.

Speaker #4: And certainly, it makes a lot of difference to expand on the existing location. But why has this sudden change of location come into play?

Speaker #4: And if you could give us a fair understanding of the timelines that we have for the first and the second phase. Thank you.

Speaker #3: Yeah, so I think as I suggested, the teams have honestly come on account of where we thought we could implement this faster. So, given how the climate and environment in West Bengal has evolved, we felt that doing it here, we would be able to get the requisite synergies on account of supply chain, manpower, and just be able to execute faster in general.

Sanjana Khaitan: Yeah. I think as I suggested, the change has honestly come on account of where we thought we could implement this faster. Given how the climate and environment in West Bengal has evolved, we felt that doing it here, we will be able to get the requisite synergies on account of supply chain, manpower, and just be able to execute faster in general. That was the primary reason to shifting base here. There had been no financial outflow in regard of the Andhra Pradesh land. From that perspective, it felt prudent to do it here. In terms of timelines, as we had mentioned in the previous call, whatever the groundwork was in terms of the layout, the equipment and identification of team, all that already stands completed. What we are currently awaiting is land approval.

Speaker #3: So that was the primary reason for shifting base here. There had been no financial outflow with regard to the Andhra Pradesh land. So from that perspective, it felt prudent to do it here.

Speaker #3: In terms of timelines, as we had mentioned in the previous call, whatever groundwork was needed in terms of the layout, the equipment, and identification of the team, all that already stands completed.

Speaker #3: So, what we are currently awaiting is land approval. The land parcel has already been identified, and as soon as we get the approval, we will be disclosing the same to the exchange. We are hopeful that from that day onwards, we will be able to execute to meet the currently announced timeline.

Sanjana Khaitan: The land parcel has already been identified, and as soon as we get the approval, we will be disclosing the same to the exchange. We are hoping that from that day onwards, we will be able to execute to meet the currently announced timeline.

Speaker #4: Right. When Sanjana, tentative timeline are you expecting the land approvals to come in? And one follow-up question on the previous answer that you gave us.

[Analyst] (Sowre Enterprises): By when, Sanjana, tentative timeline are you expecting the land approvals to come in? One follow-up question on the previous answer that you gave us. Are the incentives that were being provided by the Andhra Pradesh government and now whatever must have been committed to you by the West Bengal government, are they at par or the West Bengal government has sweetened the offer further better than what the AP government was offering?

[Analyst] (Sour Enterprises): By when, Sanjana, tentative timeline are you expecting the land approvals to come in? One follow-up question on the previous answer that you gave us. Are the incentives that were being provided by the Andhra Pradesh government and now whatever must have been committed to you by the West Bengal government, are they at par or the West Bengal government has sweetened the offer further better than what the AP government was offering?

Speaker #4: Are the incentives that were being provided by the Andhra Pradesh government and now whatever must have been committed to you by the West Bengal government—are they at par, or has the West Bengal government sweetened the offer, making it better than what the Andhra Pradesh government was offering?

Speaker #3: Right. So with respect to land approvals, are expected definitely this quarter only. Hopefully this month. So that is what we are aiming for with respect to what the incentives, etc., would be that we will be able to disclose only once the land has been allocated to us because we are still in between our conversation with them with regard to this.

Sanjana Khaitan: Right. With respect to land approvals are expected definitely this quarter only, hopefully this month. That is what we are aiming for. With respect to what the incentives, et cetera, would be, that we will be able to disclose only once the land has been allocated to us because we are still in between our conversations with them with regard to this.

Speaker #1: Thank you. The next question comes from the line of Amit Mishra, an individual investor. Please go ahead. Amit, please go ahead with your question and kindly unmute your line in case you are on mute.

Operator 3: Thank you. The next question comes from the line of Amit Mishra, an individual investor. Please go ahead. Amit, please go ahead with your question and kindly unmute your line in case you are on mute.

Operator: Thank you. The next question comes from the line of Amit Mishra, an individual investor. Please go ahead. Amit, please go ahead with your question and kindly unmute your line in case you are on mute.

Speaker #5: Yeah, hello. Hi. Just one question. So, like Sanjana, you mentioned about the lead time for machinery being four to six months. When are we, let's say, kicking off the construction on the land?

Amit Mishra: Yeah. Hello. Hi. Just one question. Sanjana, you mentioned about lead time for machinery, 4 to 6 months. When are we, let's say, kicking off the construction in the land? The construction part, how long does it take? You must have a planning schedule basically with you. I do not want you to go into the details of it, but if you can just guide us on when is, let's say, first construction is expected to start, then we can work out from there, machinery, et cetera, and the rest of the activities.

Amit Mishra: Yeah. Hello. Hi. Just one question. Sanjana, you mentioned about lead time for machinery, four to six months. When are we, let's say, kicking off the construction in the land? The construction part, how long does it take? You must have a planning schedule basically with you. I do not want you to go into the details of it, but if you can just guide us on when is, let's say, first construction is expected to start, then we can work out from there, machinery, et cetera, and the rest of the activities.

Speaker #5: Because and the construction part, how long does it take? So I mean, you must have a planning schedule basically with you. I don't want you to go into the details of it, but if you can just guide us on when is the first, let's say, first construction is expected to start.

Speaker #5: And then we can work out, you know, from there—machinery, etc.—and the rest of the activities.

Speaker #3: Right. So, with respect to the construction, as I said, we are expecting the land approvals this month. Accordingly, construction is expected to start in September.

Sanjana Khaitan: Right. With respect to the construction, as I said, we are expecting the land approval in this month. Accordingly, construction is expected to start in September, sometime mid. Accordingly, we should be taking around 9 months to complete this whole process. Approximately in the month of December is when we will order the equipment, which we are expecting would be at our facility by approximately April to May, accordingly, we are expecting 2 months of trial.

Speaker #3: Sometime mid-year. And accordingly, we should be taking around nine months to complete this whole process. Approximately in the month of December is when we will apply for the—sorry, order the equipment, which we are expecting would be at our facility by approximately April to May.

Speaker #3: And accordingly, we are expecting two months of trial.

Speaker #5: Understood. So just to get some context, I mean, this machinery—it's like it's auto, like it takes a little time to assemble, compared to previous legacy machines. Now, how are we sure that within two months we would be able to assemble everything, including utilities?

[Company Representative] (Websol Energy System): Understood. Just to get some context, this machinery, it takes a little time to assemble than previous legacy machineries. How are we assured that within 2 months we would be able to assemble everything, including utilities, connections, et cetera, and start ramping up from July onwards?

Amit Mishra: Understood. Just to get some context, this machinery, it takes a little time to assemble than previous legacy machineries. How are we assured that within 2 months we would be able to assemble everything, including utilities, connections, et cetera, and start ramping up from July onwards?

Speaker #5: Connections, etc. And start ramping up from July onwards.

Speaker #3: I mean, in the last few years also, when we implemented mono percs, that's the amount of time installation and commissioning has taken. So we are hopeful we'll be able to do it, also given that we are currently upgrading one of our lines to Popcorn.

Sanjana Khaitan: I mean, in the last few years also when we implemented mono-PERC, that is the amount of time installation and commissioning has taken. We are hopeful we will be able to do it also given that we are currently upgrading one of our lines to TOPCon. We are expecting that that will be a good learning for us to be able to implement faster in the greenfield project.

Speaker #3: We are expecting that that will be like good learning for us to be able to implement faster in the greenfield project.

Speaker #1: Thank you. The next question comes from the line of Rajinder Passey with NP Analysts. Please go ahead.

Operator 3: Thank you. The next question comes from the line of Rajender Passi with NP Analysts. Please go ahead.

Operator: Thank you. The next question comes from the line of Rajender Passi with NP Analysts. Please go ahead.

Speaker #6: Hello.

Rajender Passi: Hello.

Speaker #1: Rajinder, please go ahead with your question.

[Company Representative] (Websol Energy System): Rajender, please go ahead with your question.

Amrit Daga: Rajender, please go ahead with your question.

Speaker #6: Yeah, I'm available, right?

Rajender Passi: Yeah, I am audible, right?

Speaker #1: Yes.

[Company Representative] (Websol Energy System): Yes.

Amrit Daga: Yes.

Speaker #6: Yeah. So my first question is regarding the order book part. Right now, I guess we have close to ₹1,200 crore of order book. So what are the internal targets of the company—where should our order book stand, let's say, for FY27 and going forward?

Rajender Passi: Yeah. My first question is regarding the order book part. Right now, I guess we have close to 1,200 crores of order book. What are the internal targets of the company that where should our order book stand for, let's say, for FY27 and going forward?

Speaker #4: Can you please repeat your question, actually?

[Company Representative] (Websol Energy System): Can you repeat your question?

Amrit Daga: Can you repeat your question?

Speaker #6: Yeah. So my question is regarding the order book. As of now, the order book stands at ₹1,200 crore, right?

Rajender Passi: Yeah. My question is regarding the order book. As of now, the order book stands at 1,200 crores, right?

Rajender Passi: Yeah. My question is regarding the order book. As of now, the order book stands at 1,200 crores, right? What are the internal targets of the company that where should our order book stand towards the end of FY27 and going forward? What are the kind of inquiries that we are getting right now? A number to look at basically for the future.

Speaker #4: Mm-hmm.

Speaker #6: So, what are the internal targets of the company? Where should our order book stand towards the end of FY27 and going forward? Also, what are the inquiries?

Rajender Passi: What are the internal targets of the company that where should our order book stand towards the end of FY27 and going forward? What are the kind of inquiries that we are getting right now? A number to look at basically for the future.

Speaker #6: What are the kind of inquiries that we are getting right now? So a number to look at, basically, for the future.

Speaker #5: So, if you are aware that we are completely dealing in the DCR market, we are getting regular inquiries to supply solar cells and solar modules in the DCR market.

[Company Representative] (Websol Energy System): So, if you are aware that we are completely dealing in the DCR market, we are getting regular inquiries to supply solar cells and solar module in the DCR market. So we are continued to disclose only firm purchase orders and repeat business and that the orders are complete. We are not targeting a higher order book or something like that. We are continuing to focus on production and supply of the material to our regular customers. So order books denotes the confirmed purchase orders only.

Amrit Daga: So, if you are aware that we are completely dealing in the DCR market, we are getting regular inquiries to supply solar cells and solar module in the DCR market. So we are continued to disclose only firm purchase orders and repeat business and that the orders are complete. We are not targeting a higher order book or something like that. We are continuing to focus on production and supply of the material to our regular customers. So order books denotes the confirmed purchase orders only.

Speaker #5: So we will continue to disclose only firm purchase orders and repeat business under that, as those orders are complete. So we are not targeting a higher order book or something like that.

Speaker #5: We are continuing to focus on production and supply of the material to our regular customers. So, order books denote the confirmed purchase orders of this.

Speaker #6: Right.

Rajender Passi: Right.

Speaker #5: So, there are many, many, many module manufacturers for the customers who order regularly on a routine basis, without an entry manual or fixed-term contract.

[Company Representative] (Websol Energy System): There are many module manufacturers or the customers who order regularly on routine basis without entering any fixed-term contract.

Amrit Daga: There are many module manufacturers or the customers who order regularly on routine basis without entering any fixed-term contract.

Speaker #6: Okay. I know a lot of people have asked this question as well, but I still want to understand a bit more about the EBITDA margin part.

Rajender Passi: Okay. I know a lot of people have asked this question as well, but I still want to understand a bit more on the EBITDA margin part, like our EBITDA margins have decreased year-on-year as well as quarter-on-quarter. Now, year-on-year, I understand that we have a higher module percentage within this quarter as compared to the last year. But what about quarter-on-quarter? If I go through the DCR portal data, I think the cell percentage is higher in this quarter as compared to the last quarter. Still our margins, I guess, from quarter-on-quarter fell by almost 2 or 3 percentage points. So if you can explain more on that.

Speaker #6: Our EBITDA margins have decreased year on year, as well as quarter on quarter. Now, year on year, I understand that we have a higher module percentage within this quarter as compared to last year.

Speaker #6: But what about quarter on quarter? If I go through the DCR portal data, I think the cell percentage was higher in this quarter as compared to the last quarter.

Speaker #6: Still, our margins, I guess, from quarter-on-quarter fell by almost two or three percentage points. So, if you can explain more on that?

Speaker #4: So, you are correct that one of the reasons was the mix of the cell and modules. But apart from the solar cell and modules, there was some softening in the price of solar cells during the previous first quarter.

[Company Representative] (Websol Energy System): You are correct that one of the reason was the mix of the cell and modules. But apart from the solar cell and modules, there were some softening in the price of solar cells during the previous Q1. Also there was some increase in the BOM cost, particularly silver. So that has also put a pressure on the margin side.

Amrit Daga: You are correct that one of the reason was the mix of the cell and modules. But apart from the solar cell and modules, there were some softening in the price of solar cells during the previous Q1. Also there was some increase in the BOM cost, particularly silver. So that has also put a pressure on the margin side.

Speaker #4: And also, there was some increase in the BOM cost, particularly silver. So that has also put pressure on the margin side. So, there is a decline in the margins.

Operator 3: Thank you.

Operator: Thank you.

Operator 3: There is a decline in the margins. That has accounted on account of decline on the price and the increase in BOM. Thank you. The next question comes from the line of Pruthul Shah with Anubhuti Advisors. Please go ahead.

Amrit Daga: There is a decline in the margins. That has accounted on account of decline on the price and the increase in BOM.

Speaker #4: So, that has been accounted for on account of the decline in the price and the increase in BOM.

Speaker #1: Thank you. The next question comes from the line of Pruthul Shah with Anubhuti Advisors. Please go ahead.

Operator: Thank you. The next question comes from the line of Pruthul Shah with Anubhuti Advisors. Please go ahead.

Speaker #5: Yeah, so thank you for the opportunity. Sir, I just wanted a clarification: earlier, when we were setting up the plant in Andhra Pradesh for phase three, the commercial production was to be started, I think, in June '27.

Pruthul Shah: Yeah. Sir, thank you for the opportunity. Sir, just wanted the clarification that earlier when we were talking of the plant in Andhra Pradesh for phase 3, the commercial production was to be started, I think in June 2017. Now when we are shifting this to West Bengal, when is the commercial production actually expected to start?

Speaker #5: So now, when we are shifting this to West Bengal, when is the commercial production actually expected to start?

Speaker #4: So, at this stage, we are not anticipating any change in the overall project timelines. We have shortlisted land in West Bengal, and we are currently awaiting the requisite approvals.

[Company Representative] (Websol Energy System): At this stage, we are not anticipating any change in overall project timelines. We have shortlisted land in West Bengal, and we are currently awaiting the requisite approval. As of now, there is no change in our CapEx plans, project cost, or funding strategy. Importantly, establishing the expansion in our home state provides us the significant synergies in terms of infrastructure availability of skilled manpower, operational resources. We are hopeful that any imprint delay arising from the change in location will be substantially offset by these operating synergies.

Amrit Daga: At this stage, we are not anticipating any change in overall project timelines. We have shortlisted land in West Bengal, and we are currently awaiting the requisite approval. As of now, there is no change in our CapEx plans, project cost, or funding strategy. Importantly, establishing the expansion in our home state provides us the significant synergies in terms of infrastructure availability of skilled manpower, operational resources. We are hopeful that any imprint delay arising from the change in location will be substantially offset by these operating synergies.

Speaker #4: So, as of now, there is no change in our CAPEX plan, project cost, or funding strategy. Importantly, establishing the expansion in our home state provides us with significant synergies in terms of infrastructure, availability of skilled manpower, and operational resources.

Speaker #4: So, we are hopeful that any interim delay arising from the change in location will be substantially offset by these operating synergies.

Speaker #5: Okay, got it. I just wanted to know with respect to our, you know, the cost of material and cost part of the P&L item.

Pruthul Shah: Okay. I just wanted to know with respect to our cost of material COGS part of the P&L item. We have understood that the realizations are going a bit down on a QOQ basis. But how is the input cost getting impacted, like input wafers and all? You might be importing that and silver has moved a bit and for this quarter, if you see QOQ, it has gone down. How that cost is behaving currently, just wanted your sense on that.

Speaker #5: So, like, we are understanding the realizations are going a bit down on a QoQ basis. But how is the input cost getting impacted? Like, you know, ingot wafers and all.

Speaker #5: We might be importing that, and silver has moved a bit. For this quarter, if you see QOP, it has gone down. So, how is that cost behaving currently? Just wanted to get a sense on that.

Speaker #4: So, you are correct that the silver price has come down. But if you see, we are importing the silver paste from China and other countries, so there is a lag between the current market price and what we are absorbing for the silver.

[Company Representative] (Websol Energy System): You are correct that the silver price has come down. But if you see that we are importing the silver paste from China and other countries. There is a lag between the current market price and what we are absorbing the silver. We expect that this lag will create a cost reduction this quarter. In respect to wafers, the prices are more or less similar in nature. There has been no increase in cost on account of wafer prices.

Amrit Daga: You are correct that the silver price has come down. But if you see that we are importing the silver paste from China and other countries. There is a lag between the current market price and what we are absorbing the silver. We expect that this lag will create a cost reduction this quarter. In respect to wafers, the prices are more or less similar in nature. There has been no increase in cost on account of wafer prices.

Speaker #4: So this lag, will we expect that this lag will create a cost reduction in this quarter. And in respect to wafers, the prices are more or less similar in nature.

Speaker #4: So, there has been no increase in cost on account of wafer prices.

Speaker #1: Thank you. The next question comes from the line of Hriday Choksi with Indus Equity. Please go ahead.

Operator 3: Thank you. The next question comes from the line of Hriday Choksey with Indus Equity. Please go ahead.

Operator: Thank you. The next question comes from the line of Hriday Choksey with Indus Equity. Please go ahead.

Hriday Choksey: Thank you for the opportunity. One quick question. As we are ramping up our capacity to an additional 4 gigawatts in extra between module and cells and then another 4 gigawatts, I think, the following year, are we confident of maintaining utilization and efficiency, everything with such a significant ramp up?

Speaker #6: Thank you for the opportunity. So, one quick question: as we are ramping up our capacity to an additional 4 gigawatts next year between module and cells, and then another 4 gigawatts, I think, the following year, are we confident of maintaining, you know, utilization and efficiency—everything—with such a significant ramp up?

Speaker #4: So, we are doing a 4-gigawatt expansion in two phases. So the total expansion will be 4 gigawatts of additional cells and 4 gigawatts of solar modules.

[Company Representative] (Websol Energy System): We are doing the 4 gigawatt expansion in two phases. The total expansion will be 4 gigawatt of additional cell and 4 gigawatt of solar modules. We are not doing 8 gigawatt.

Amrit Daga: We are doing the 4 gigawatt expansion in two phases. The total expansion will be 4 gigawatt of additional cell and 4 gigawatt of solar modules. We are not doing 8 gigawatt.

Speaker #4: We are not doing eight gigawatts. And we are doing it in phase five.

Hriday Choksey: No, I meant 8.

[Company Representative] (Websol Energy System): We are doing in the phase by. Yeah.

Amrit Daga: We are doing in the phase by. Yeah.

Speaker #6: Yeah. I meant eight totally.

Hriday Choksey: I meant 8 total.

Speaker #4: No, no, no. In total, it's four gigawatts, and we are doing it in phases—two phases of two gigawatts each. That is why, to take care of any technology risk, we are doing it in two phases.

[Company Representative] (Websol Energy System): No, its total is 4 gigawatts. That we are doing in phase-wise, in two phases of 2 gigawatts of each. That is why to take care of any technology risk, we are doing in two phases.

Amrit Daga: No, its total is 4 gigawatts. That we are doing in phase-wise, in two phases of 2 gigawatts of each. That is why to take care of any technology risk, we are doing in two phases.

Speaker #6: Okay. And are we confident of the ramp-up at a similar speed that we showcased with our existing facilities?

Hriday Choksey: Okay. Are we confident of the ramp-up at the similar speed that we showcased with our existing facilities?

Speaker #4: So as of now, we are confident that we will be able to ramp up. And to train ourselves, we are currently converting our existing 600 megawatts of non-fossil line to top one line.

[Company Representative] (Websol Energy System): So as of now, we are confident that we will be able to ramp up and to train ourselves, we are converting our existing 600 megawatts of mono PERC line to TOPCon line. This will help us to create a practical experience of TOPCon before we are going for a greenfield expansion.

Amrit Daga: So as of now, we are confident that we will be able to ramp up and to train ourselves, we are converting our existing 600 megawatts of mono PERC line to TOPCon line. This will help us to create a practical experience of TOPCon before we are going for a greenfield expansion.

Speaker #4: So this will help us to create a practical experience of TOPCon before we go for a greenfield expansion.

Speaker #1: Thank you. The next question comes from the line of Mukesh Agarwal with Turbo. Please go ahead.

Operator 3: Thank you. The next question comes from the line of Mukesh Agarwal with Turbo. Please go ahead.

Operator: Thank you. The next question comes from the line of Mukesh Agarwal with Turbo. Please go ahead.

Speaker #6: Hi. Good evening, everybody. My question is, since the war is going on in West Asia, is it affecting us in any way? And if it is affecting us, then how is it affecting us?

Mukesh Agarwal: Hi, good evening, everybody. My question is, since the war is going on in West Asia, is it affecting us in any way? If it is affecting, then overall, how is it affecting to us?

Speaker #4: So, on account of this war, there has been some increase in the cost of the BOM that is basically more used in solar modules. In solar cells, there has been no impact on wafer prices.

[Company Representative] (Websol Energy System): On account of this war, there has been some increase in cost of the BOM that are basically more used in solar modules. In solar cells, there has been no impact on solar wafer prices, and the silver price has come down. In cell segment, we are not anticipating any impact on BOM. But in case of solar modules, yes, the impacts are there on BOM front.

Amrit Daga: On account of this war, there has been some increase in cost of the BOM that are basically more used in solar modules. In solar cells, there has been no impact on solar wafer prices, and the silver price has come down. In cell segment, we are not anticipating any impact on BOM. But in case of solar modules, yes, the impacts are there on BOM front.

Speaker #4: And the silver price has come down. So in the cell segment, we are not anticipating any impact on BOM. But in the case of solar modules, yes, the impacts are there.

Speaker #4: On BOM front.

Speaker #6: Okay. Thank you.

Mukesh Agarwal: Okay. Thank you.

Speaker #1: The next question comes from the line of Ankur Jain, an individual investor. Please go ahead.

Operator 3: The next question comes from the line of Ankur Jain, an individual investor. Please go ahead.

Operator: The next question comes from the line of Ankur Jain, an individual investor. Please go ahead.

Speaker #5: Yeah. Hi. Thanks for the opportunity. So, I have two or three questions which are interrelated to what has been asked and answered. The first point is, we are saying that there is no information which management is not sharing.

Ankur Jain: Yeah. Thanks for the opportunity. I have two, three questions which are related to what have been asked and answered. The first point is, we are saying that there is no information which management is not sharing. It is not about not sharing, but it is about sharing it at the right time and in a timely manner. One example is, the earlier first six, eight months, we were planning to have expansion in AP. But yesterday it is told that it is like from AP we are moving to Kolkata. Sanjana said that we are expecting land approval within this month. Does it not show that the updates are not timely in manner? Second question is, and does it not show that the planning is incompetent? Because we wasted six, eight months in planning for expansion in AP.

Speaker #5: So it's not about not sharing, but it's about sharing at the right time and in a timely manner. One example is, in the earlier first six to eight months, we were planning to have expansion in AP.

Speaker #5: But yesterday, it was told that it's like from AP we are moving to Kolkata. And one of them said that we are expecting land approval within this month.

Speaker #5: So, doesn't it show that the updates are not timely in manner? Second question is, does it not show that the planning is incompetent?

Speaker #5: Because we wasted six to eight months in planning for expansion in AP. Then we said, okay, it's much better to expand in Kolkata.

Ankur Jain: Then we are saying, it is much better to, say, expand in Kolkata. So the confidence on management is also shaking for me, and I am sure for most other investors also. Third point is, management needs to acknowledge that investor relations and PR is very poor. And we need immediate change in the strategy. Because for expansion, if you have to raise funds via equity dilution. At such poor market valuation, it would become difficult for you also. These are my three questions.

Speaker #5: So, the confidence in management is also shaking for me, and I'm sure for most other investors as well. Third point is, management needs to acknowledge that investor relations and PR are really poor.

Speaker #5: And we need to initiate a change in the strategy. Because for expansion, if you have to raise funds via equity dilution at such poor market valuation, it would become difficult for you also.

Speaker #5: These are my three questions.

Sanjana Khaitan: With respect to change in location, I think we have been operating basis what we feel would be the best way forward. That is what has led to the change of location. As we multiple times mentioned previously, we feel that there would be greater synergies here. So definitely the six months that have gone in Andhra Pradesh and all the efforts on that regard, but we are just looking ahead, and we feel that doing it here would be better for the organization, and that is why we have taken that decision. With respect to increasing IR and PR efforts, definitely the point is well taken and we have tried to increase our efforts. We will continue doing the same and we will continue interacting more with the investor community in time to come.

Speaker #2: With respect to the change in location, I think we have been operating based on what we feel would be the best way forward. That is what has led to the change of location and, as we have mentioned multiple times previously, we've seen that there would be greater synergies here.

Speaker #2: So, definitely, the six months that have gone in Andhra Pradesh and all the effort in that regard, but we are just looking ahead, and we feel that doing it here would be better for the organization, and that is why we have taken that decision.

Speaker #2: With respect to increasing IR and PR efforts, definitely the point is well taken, and we have tried to increase our efforts. We will continue doing the same, and we will continue interacting more with the investor community in the time to come.

Speaker #1: Thank you. The next question comes from the line of Sandhya Yadav with Wealth Mine Advisory. Please go ahead.

Operator 3: Thank you. The next question comes from the line of Sandhya Yadav with WealthMine Advisory. Please go ahead.

Operator: Thank you. The next question comes from the line of Sandhya Yadav with Wealthmine Advisory. Please go ahead.

Sandhya Yadav: Hello, sir. Am I audible?

Speaker #2: Hello, sir. I know how this is. Yes, we can hear you. Yeah. So, I had a couple of questions. The 150 megawatt TOPCon agreed is expected to be commissioned by March 2027 at a cost of ₹270 crore.

[Company Representative] (Websol Energy System): Yes, Sandhya.

Amrit Daga: Yes, Sandhya.

Sanjana Khaitan: Yes, we can hear you.

Operator 1: Yeah. I had a couple of questions. The 150 MW TOPCon agreed is expected to be commissioned by March 2027 at a cost of $270 million. Could management indicate the expected revenue contribution, EBITDA margin, utilization ramp-up, and payback period once the capacity is fully operational?

Sandhya Yadav: Yeah. I had a couple of questions. The 150 MW TOPCon agreed is expected to be commissioned by March 2027 at a cost of $270 million. Could management indicate the expected revenue contribution, EBITDA margin, utilization ramp-up, and payback period once the capacity is fully operational?

Speaker #2: Could management indicate the expected revenue contribution if the margin and utilization ramp up, as well as the payback period once the capacity is fully operational?

[Company Representative] (Websol Energy System): This TOPCon upgradation, we expect to complete by March 2027, and this will generate 150 megawatt of additional capacity. As of now, the solar cell prices of TOPCon are trading higher than the solar mono price. There will be an incremental revenue on account of both sides, that 150 we will be gaining 150 megawatt additional TOPCon, and the price difference between TOPCon and mono will also be captured.

Amrit Daga: This TOPCon upgradation, we expect to complete by March 2027, and this will generate 150 megawatt of additional capacity. As of now, the solar cell prices of TOPCon are trading higher than the solar mono price. There will be an incremental revenue on account of both sides, that 150 we will be gaining 150 megawatt additional TOPCon, and the price difference between TOPCon and mono will also be captured.

Speaker #4: So the TOPCon aggregation, we expect to complete by March 2027, and this will generate 150 megawatts of additional capacity. As of now, the solar cell prices for TOPCon are trading higher than the solar mono path price.

Speaker #4: So there will be an incremental revenue on account of both side that 150 we will be gaining 150 megawatt additional TOPCon. And the price difference will be TOPCon and monopath TOPCon and monopath will also be captured.

Sandhya Yadav: Okay.

Speaker #4: So we will be getting a 750-megawatt price of TOPCon cells. But, to give an exact estimate of how much this will increase, it's difficult to predict as of now.

[Company Representative] (Websol Energy System): We will be getting a 750 megawatt price of TOPCon cells. To give an exact estimate how much this will increase is difficult to predict as of now.

Amrit Daga: We will be getting a 750 megawatt price of TOPCon cells. To give an exact estimate how much this will increase is difficult to predict as of now.

Speaker #2: So, the incremental gain is on account of the increase in capacity as well. It's also due to the increase in what we per sell in the case of TOPCon, as well as higher efficiency levels.

Sanjana Khaitan: The incremental gain is on account of increase in capacity also. It is on account of increase in wattpeak per cell in case of TOPCon, as well as higher efficiency levels. For example, in mono PERC, right now the per wattpeak is 7.6, 7.7, which in case of TOPCon, we are expecting 9.5 above. That is the first increase. Second, right now our base is 600 megawatts, which becomes 750. Accordingly, the number of cells we will be producing will also increase. Third, the realization per unit wattpeak is also higher in case of TOPCon. Owing to all these three reasons, we will expect incremental revenue once the line is up and running.

Speaker #2: So for example, in mono PERC, right now the per watt peak is 7.6, 7.7, which in case of TOPCon we are expecting 9.5 and above. So that is the first increase.

Speaker #2: Second, right now our base is 600 megawatts, which becomes 750. So accordingly, the number of cells we will be producing will also increase. And third, the realization per unit, what we get, is also higher in the case of TOPCon.

Speaker #2: So, owing to all these three reasons, we will expect incremental revenue once the line is up and running.

Speaker #1: Thank you. The next question comes from the line of Sushil Choksi with Indus Equity Advisors. Please go ahead.

Operator 3: Thank you. The next question comes from the line of Sushil Choksey with Indus Equity Advisors. Please go ahead.

Operator: Thank you. The next question comes from the line of Sushil Choksey with Indus Equity Advisors. Please go ahead.

Speaker #5: And you know, if I heard you right, and Vasanthi Nanan Sir was there on the line soon on me. Are you expecting the conversion of monopath to TOPCon, as the yield per watt will rise and the realization would be higher?

Sushil Choksey: Anil, if I heard you right, and Vasantji Ranan sir is there on the line, so am me. Are you expecting the conversion of mono-PERC to TOPCon as the yield per wattpeak will rise and the realization would be higher, the payback of conversion would be less than 2 years or 2 and a half years of the entire CapEx?

Sushil Choksey: Amrit, if I heard you right, and Vasantji Ranan sir is there on the line, so am me. Are you expecting the conversion of mono-PERC to TOPCon as the yield per wattpeak will rise and the realization would be higher, the payback of conversion would be less than 2 years or 2 and a half years of the entire CapEx?

Speaker #5: The payback of conversion would be less than two years or two and a half years? Of the entire CAPEX?

Speaker #4: So sir, we expect the payback to be between two to three years for this CAPEX expansion.

[Company Representative] (Websol Energy System): Sir, we expect the payback between 2 to 3 years of this CapEx, it will be.

Amrit Daga: Sir, we expect the payback between 2 to 3 years of this CapEx, it will be.

Speaker #5: So, incremental revenue and EBITDA generated per week, plus additional production, and because you're moving from mono-PERC to TOPCon, the ₹270 crore CAPEX, loud and clear, will be paid back in less than three years, if not two years.

Sushil Choksey: Incremental revenue and EBITDA generated per wattpeak plus additional production and because we are moving from mono-PERC to TOPCon, the INR 270 crore CapEx, I am loud and clear, would be paid back in less than 3 years, if not 2 years.

Speaker #4: Yeah, you can consider that.

Operator 3: Yeah, you can consider that. Thank you. The next question comes from the line of Sukrit Agarwal with Palaji Investments. Please go ahead.

Amrit Daga: Yeah, you can consider that.

Speaker #1: Thank you. The next question comes from the line of Sukrit Agrawal with Palaji Investments. Please go ahead.

Operator: Thank you. The next question comes from the line of Sukrit Agrawal with Balaji Investments. Please go ahead.

Sukrit Agarwal: Sir, my question to you is, how do you expect to unlock the value of shareholders who have, who held the shares for the past 3 months and incurred a loss of around 15% to 20% in the past 3 months?

Sukrit Agrawal: Sir, my question to you is, how do you expect to unlock the value of shareholders who have, who held the shares for the past 3 months and incurred a loss of around 15% to 20% in the past 3 months?

Speaker #5: So, my question to you is: How do you expect to unlock the value for shareholders who have held the shares for the past three months and incurred a loss of around 15–20 percent in that period?

[Company Representative] (Websol Energy System): I think the management has a control of operations, and we are doing whatever we can do on operations front. If you see our performances of the company for last 2 years. We do not have any control on the stock prices. Stock prices, I think you are better aware, depend on many internal and external factors, and also depends on the industry wide, how the prices are going on. What we can say, we do not have any control on the stock prices. Does that answer your question, Sukrit?

Amrit Daga: I think the management has a control of operations, and we are doing whatever we can do on operations front. If you see our performances of the company for last 2 years. We do not have any control on the stock prices. Stock prices, I think you are better aware, depend on many internal and external factors, and also depends on the industry wide, how the prices are going on. What we can say, we do not have any control on the stock prices. Does that answer your question, Sukrit?

Speaker #4: I think the management has control of operations, and we are doing whatever we can on the operations front. If you see the performances of the company for the last two years, we don't have any control over the stock prices.

Speaker #4: Stock prices, I think you are better aware, depend on many internal and external factors. They also depend on the industry-wide trends and how the prices are moving.

Speaker #4: So, what we can say is that we don't have any control over the stock prices.

Speaker #1: Does that answer your question, Sukrit?

Speaker #5: Yeah, same.

Sukrit Agarwal: Yeah, sir.

Sukrit Agrawal: Yeah, sir.

Speaker #1: Thank you. The next question comes from the line of Sagar Gokhani with HNI. Please go ahead.

Operator 3: Thank you. The next question comes from the line of Sagar Gokani with HNI. Please go ahead.

Operator: Thank you. The next question comes from the line of Sagar Gokani with HNI. Please go ahead.

Speaker #5: Yeah, thank you for giving me the opportunity. So, the question is, you know, the inventory levels have continuously been rising. And from ₹160 crores, we understand it's gone up by another 7 percent or so.

Sagar Gokani: Yeah, thank you for giving the opportunity. The question is, the inventory levels has continuously been rising, and from INR 160 crores, we understand it has gone up by another 7% or so. Given that we have a large order book, what is the reason of carrying such a large inventory? If you can explain that.

Speaker #5: So, given that we have a large order book, what is the reason for carrying such a large inventory? If you can explain that.

Speaker #4: So sometimes it's also cyclical. There can be some delays on account of customers who are taking the delivery. So, there has not been any sharp increase in the inventory if you see.

[Company Representative] (Websol Energy System): Sometime it is also cyclical. There can be some delays on account of customers who are taking the delivery. It has not been a sharp increase in the inventory, if you see. Since when we have started the increase the production of solar modules, there has been an increase of inventory, what we are carrying. But we do not foresee that any alarming position is there as on 30 June 2026. I can add on certain thing, that during this period when the monsoon is there, the installations are slowing down, and the offtake also slows down at that time. But we cannot stop the production, we continue it, because the moment the monsoon will be over, the demand will start rising. Monsoon installations are stopped almost many places, like Assam now. Installations are almost zero. The offtake is also very low. The production comes into the inventory.

Amrit Daga: Sometime it is also cyclical. There can be some delays on account of customers who are taking the delivery. It has not been a sharp increase in the inventory, if you see. Since when we have started the increase the production of solar modules, there has been an increase of inventory, what we are carrying. But we do not foresee that any alarming position is there as on 30 June 2026. I can add on certain thing, that during this period when the monsoon is there, the installations are slowing down, and the offtake also slows down at that time. But we cannot stop the production, we continue it, because the moment the monsoon will be over, the demand will start rising. Monsoon installations are stopped almost many places, like Assam now. Installations are almost zero. The offtake is also very low. The production comes into the inventory.

Speaker #4: Since we have started to increase the production of solar modules, there has been an increase in the inventory we are carrying.

Speaker #4: But we don't foresee that any alarming position is there as on June 30, 2026.

Speaker #5: I’d like to add that during this period, when the monsoon is there, the installation starts slowing down. And even after the monsoon, it also slows down at that time.

Speaker #5: But you can't stop the production—you continue it, because the moment the monsoon is over, the demand will start rising. During the monsoon, many production installations are stopped—almost everywhere, like in Assam now.

Speaker #5: Installations are almost zero, so the uptake is also very low. As a result, production goes into inventory—so the inventory...

[Company Representative] (Websol Energy System): The inventory. Sorry. As a different, larger model. Okay. And one another thing I tell you, the revenues, because we use our own cells in making our modules. As and when the modules are being sold, the cost of the cells are also being blocked into the module, the revenues are not realized. Understood. But once the modules are sold out, the revenues of the cell and the panel both are realized at the same time. Understood. Yeah, that is very helpful. Thank you.

Sagar Gokani: The inventory. Sorry.

Speaker #4: At the moment the.

Speaker #5: Sorry.

Speaker #4: That is definitely largely module.

Amrit Daga: As a different, larger model.

Speaker #5: Okay.

Sagar Gokani: Okay.

Amrit Daga: And one another thing I tell you, the revenues, because we use our own cells in making our modules. As and when the modules are being sold, the cost of the cells are also being blocked into the module, the revenues are not realized.

Speaker #4: One other thing I tell about the revenue is that we use our own sales in making our modules. So, unless the modules are being sold, the cost of the sales is also being brought into the module.

Speaker #4: The revenues are not realized. But once the modules are sold out, the revenues from the sale and the panel both are realized at the same time.

Sagar Gokani: Understood.

Amrit Daga: But once the modules are sold out, the revenues of the cell and the panel both are realized at the same time.

Speaker #5: Understood. Yes, that's very helpful. Thank you.

Sagar Gokani: Understood. Yeah, that is very helpful. Thank you.

Speaker #1: The next question comes from the line of Ankush Agrawal with Search Capital. Please go ahead.

Operator 3: The next question comes from the line of Ankush Agrawal with Search Capital. Please go ahead.

Operator: The next question comes from the line of Ankush Agrawal with Surge Capital. Please go ahead.

Speaker #4: Yes, sir. Now, Leo Koshan, I think I was told that. Can you share the realization as it stands currently?

Ankush Agrawal: Yes, sir. Ma'am, your question, I think I was stopped at, can you share the realization that is currently now?

Speaker #5: Current realization for solar cell is about 0.125 cents per watt peak. And for solar module, it's around 20 rupees 50 paise.

[Company Representative] (Websol Energy System): Currently realization for solar cell is INR 12.1 to 12.5 per watt peak, and for solar module it is around INR 20.50 per share.

Amrit Daga: Currently realization for solar cell is INR 12.1 to 12.5 per watt peak, and for solar module it is around INR 20.50 per share.

Ankush Agrawal: Fine. You said 12.5 and 20.5 for cell and module for Q1, but the understanding was that it has increased currently post Q1, so you are stating the same number.

Speaker #4: You said 12.5 and 20.5 for selling module for Q1, but the other commentary was that it has increased, and currently post-Q1. So, you are selling the same number.

Speaker #5: No, I'm referring to Q1.

[Company Representative] (Websol Energy System): No. I am telling for the Q1.

Amrit Daga: No. I am telling for the Q1.

Speaker #4: Yeah, I'm asking for now. Like, what is it now? Q1 you shared earlier.

Ankush Agrawal: Yeah, I'm asking for now. What is it now? The one you said earlier.

Speaker #5: So there has been some increase in the solar cell prices. It's hovering around 13 cents per watt.

[Company Representative] (Websol Energy System): So, there has been some increase in solar cell prices. It's hovering around INR 13.10 per watt peak.

Amrit Daga: So, there has been some increase in solar cell prices. It's hovering around INR 13.10 per watt peak.

Speaker #4: Okay. And module is?

Ankush Agrawal: Okay. And module is?

Speaker #5: So module is hovering around 21 to 20 and a half.

[Company Representative] (Websol Energy System): So module is hovering around INR 21 to 20 and a half.

Amrit Daga: So module is hovering around INR 21 to 20 and a half.

Speaker #4: Okay. And is the market dynamics shaping up the way one would have expected for the LCM? Obviously, it got deferred a bit, but post, say, June, how are you seeing the demand and supply dynamics shaping up for the industry?

Ankush Agrawal: Okay. Is the market dynamic shaping up the way one would have expected for the ALMM? Obviously it got deferred a bit, but post, say, June, how are you seeing the demand and supply dynamics shaping up for the industry?

Speaker #5: So basically definitely

[Company Representative] (Websol Energy System): So.

Amrit Daga: So.

Sanjana Khaitan: So basically, definitely the ALMM mandate got postponed from June to December, which is an indication of the fact that the solar cell capacity still remains much lower than the module capacity, because of which we had to move this deadline. So definitely that is directly correlated to the amount of capacity which is going to come on the ground by December. Right? So how this deadline will move is dependent on how much capacity we are able to see on ground by December.

Speaker #2: The ENMM mandate got postponed from June to December, which is an indication of the fact that the solar cell capacity still remains much lower than the module capacity, because of which they had to move this deadline.

Speaker #2: So, definitely, that is directly correlated to the amount of capacity which is going to come on the ground by December, right? So how this deadline will move is dependent on how much capacity we are able to see on the ground until then.

Speaker #4: Okay, that was all. Thank you.

Ankush Agrawal: Okay. That was all. Thank you.

Speaker #1: The next question comes from the line of Krupal Rathod with Shri Baubali Stock Broking. Please go ahead. Yes, Krupal.

Operator 3: The next question comes from the line of Krupal Rathod with Shree Bahubali Stock Broking. Please go ahead.

Operator: The next question comes from the line of Krupal Rathod with Shree Bahubali Stock Broking. Please go ahead.

Krupal Rathod: Am I audible?

Operator 3: Yes, Krupal.

Amrit Daga: Yes, Krupal.

Speaker #2: Yes, thank you for the opportunity. I had two questions. The first one would be: the order book has shifted from 60 percent modules and 40 percent carry in FY26 to 52 percent modules and 48 percent carry in FY27.

Krupal Rathod: Yes. Thank you for the opportunity. I had two questions. First one, the order book has shifted from 60% module, 40% cell in FY26 to 52% module and 48% cell in FY27. Is this an early indication of strong cell demand or simply timing related? What mix should we expect for FY27?

Speaker #2: Is this an early indication of strong credit demand, or simply timing-related? What should we expect next for FY27?

[Company Representative] (Websol Energy System): Ma'am, can you repeat your question? I was not able to hear.

Amrit Daga: Ma'am, can you repeat your question? I was not able to hear.

Speaker #4: Ma'am, can you repeat your question? I was not able to catch it.

Sanjana Khaitan: Yeah, your voice is a bit feeble. Can you just repeat, please?

Speaker #2: Leo's voice is a bit muffled. Can you please repeat that?

Speaker #1: Krupal please use your phone.

Operator 3: Krupal, please use your phone headset mode in case if you are using a hands-free device.

Operator: Krupal, please use your phone headset mode in case if you are using a hands-free device.

Speaker #2: Okay. So.

Speaker #1: Set mode in case you are using a hands-free device.

Speaker #2: No, it's on hand. Okay, so I will repeat it again. The order book was 60 percent module and 40 percent cell in Q4 FY26.

Krupal Rathod: Yes, on hands. Okay, I will repeat it again. The order book was 60% module and 40% cell in Q4 FY26. In this quarter it is 52% module and 48% cell. Is this an early indication in stronger cell demand or some timing related? What mix should we expect for FY27?

Speaker #2: And in this quarter, it's 52 percent module and 48 percent cell. So is this an early indication of stronger cell demand, or is it something timing related?

Speaker #2: And what should we expect next for FY27?

Speaker #4: So, madam, we continue to disclose only firm purchase orders, which are written, confirmed orders. So...

[Company Representative] (Websol Energy System): Madam, we continue to disclose only firm purchase orders, which are written confirmed orders.

Amrit Daga: Madam, we continue to disclose only firm purchase orders, which are written confirmed orders.

Speaker #2: It's difficult to comment on how the mix would evolve, right? Because this is a factor of realization on account of cell and module fund. So definitely, what happens in case of our cell is we are converting our own cell into modules.

Sanjana Khaitan: It's difficult to comment how the mix would evolve, right? Because this is a factor of realization on account of cell and module front. So definitely what happens in case of our cell, we are converting our own cell into modules. So it's being used captive. We can just say that we are confident that whatever we are producing, we have orders ahead of. We have orders in the pipeline to be able to sell off everything that we are producing. Definitely quarter on a quarter there is some cyclicality. But on a broad basis, we have that order visibility. How the mix changes is a conversation around realization, which is very difficult to predict what it would be in FY27, 2027.

Speaker #2: So it's being used captive. So we can just say that we are confident that whatever we are producing, we have orders ahead—I mean, we have orders in the pipeline to be able to sell off everything that we are producing.

Speaker #2: Definitely, quarter-on-quarter there is some cyclicality. But on a broad basis, we have that order visibility. How the mix changes is a conversation around realization, which is very difficult to predict what it would be in FY27.

Speaker #2: Okay, and just a follow-up on that. So, the cell production was 259 megawatts, and module production was 103 megawatts in Q1.

Krupal Rathod: Okay. Just a follow-up on it. So it's like the cell production was 259 megawatts and module production was 103 megawatts in Q1. How much of cell production was sold externally versus consumed internally for modules?

Speaker #2: So, how much of cell production was sold externally versus consumed internally for modules?

[Company Representative] (Websol Energy System): If we see the

Speaker #4: So we see that.

Amrit Daga: If we see the.

Krupal Rathod: Cell quantity.

Sanjana Khaitan: Cell quantity.

[Company Representative] (Websol Energy System): Yeah.

Amrit Daga: Yeah.

Speaker #2: Yeah.

Speaker #4: So, we have sold roughly 153 megawatts to external customers.

Krupal Rathod: Yeah.

Sanjana Khaitan: Yeah.

[Company Representative] (Websol Energy System): We have sold roughly 153 megawatts to external customers.

Amrit Daga: We have sold roughly 153 megawatts to external customers.

Speaker #1: Thank you. Ladies and gentlemen, we will take that as the last question for today. I would now like to hand the conference over to the management for the closing remarks.

Operator 3: Thank you. Ladies and gentlemen, we will take that as the last question for today. I would now like to hand the conference over to the management for the closing remarks.

Operator: Thank you. Ladies and gentlemen, we will take that as the last question for today. I would now like to hand the conference over to the management for the closing remarks.

Speaker #2: Yeah, thank you so much for your questions, and definitely, we will come back if we have not answered anything. We will speak next week and give you further updates as and when required.

Sanjana Khaitan: Yeah, thank you so much for your questions. Definitely, we will come back if we have not answered anything, and we will stay connected, and give you further updates as and when required.

Speaker #1: Thank you sir. Thank you ma'am. Ladies and gentlemen on behalf of Websol Energy System that concludes this conference call. Thank you for joining us and you may now disconnect your lines.

Operator 3: Thank you, sir. Thank you, ma'am. Ladies and gentlemen, on behalf of Websol Energy System, that concludes this conference call. Thank you for joining us, and you may now disconnect your lines.

Operator: Thank you, sir. Thank you, ma'am. Ladies and gentlemen, on behalf of Websol Energy System, that concludes this conference call. Thank you for joining us, and you may now disconnect your lines.

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Q1 2027 Websol Energy System Ltd Earnings Call

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