Waaree Renewable Technologies (NSE:WAAREERTL) Q1 2027 Earnings Call

0:01 Ladies and gentlemen, good day, and welcome to Waaree Renewable Technologies Limited q one FY twenty seven conference call hosted by MUFG In Time India Private 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 call, please signal an operator by pressing 0 on your touch tone phone. I now hand the conference over to mister from MUFG India Private Limited. Thank you, and over to you, sir. Thank you, Sonia. Good afternoon, ladies and gentlemen. I welcome you all to the q one f y twenty seven earnings conference call of Waaree Renewable Technologies Limited.

0:50 Today on the call, we have from the management, mister Manmohan Sharma, chief financial officer, along with the other management team. Before we proceed with this call, I would like to mention that some of the statements made in today's call may be forward looking in nature and may involve risk and uncertainties. For more details, kindly refer to the investor presentation and other filings that can be found on company's website. Now without further ado, I would like to hand over the call to mister Manoan Sharma for his opening remarks, and then we we we will open the floor for q and a. Thank you, and over to you, sir. Thank you, Nikunj. Good afternoon, everyone, and a warm welcome to all of you joining the earnings conference call of Waaree Renewable Technologies Limited to discuss our performance for Q1 FY 'twenty seven.

1:37 I hope you all had the opportunity to go through our financial results and investor presentations, which have been already made available on the stock exchange as well as on the company's website. Before I begin, I would like to sincerely thank all our stakeholders for their unwavering confidence and the trust in the company. Your support for our business, our education and our long term strategy has been a strong source of encouragement for us. We are committed to building on this trust through disciplined education, steady growth, and a clear focus on long term value creation. We want to bring your attention on the recent transaction concluded by the company before we get into the quarterly highlights and industry overview.

2:32 During the current quarter, we have successfully completed the acquisition of a 55% equity stake in Associate Power Structures Private Limited based out of Bodhosara, Uzad, which is an integrated EPC solution provider for substation and transmission line having manufacturing capacity of one lakh 8,000 metric ton per annum that provides fabrication and cannibalization. For transmission tower, wind turbine lattice tower, telecom tower, solar panel structure. APS PL has been in the T and D business for over two decades and its in house manufacturing capability directly supports its project execution.

3:19 We see this acquisition as a step that brings us closer to the grid and power evacuation requirement that go alongside renewable energy capacity addition in the country. And I will share more detail on this along with the broader transmission and distribution opportunity a little later on this call. We are pleased to report a strong start for FY 2027. In this quarter, our revenue from operations stood INR 824.25 crores, reflecting a healthy growth of 53.23% over the same quarter of last year. EBITDA for the quarter comes at INR 173.48 crores, while profit after tax stood at INR 118.97 crores, resisting a growth of 37.7% on a year on year basis.

4:18 These results reflect not only the strength of our project execution capabilities, but also the quality of our order book and the operating discipline we have maintained. We believe this gives us a good foundation of growth as we move through the rest of the year. On the operational front, the quarter has also been encouraging for us During Q1 FY 'twenty seven, we executed 888.81 megawatt peak of project and our consolidated and aggregate order book stood INR 5,300 crores including T and D, which provides healthy visibility for the coming quarter.

5:05 O and M portfolio stood at 1.15 gigawatt peak. This strengthens our recurring revenue base and also establish our relationship with the customer over the long period of time. Overall, we focused on timely execution, operational efficiency and consistency while expanding the scale of business. Let me now turn to the broader industry environment where momentum across India's renewable energy sector remains strong. As of 06/30/2026, India's total installed renewable energy capacity stood at around 288 gigawatt, while community solar capacity rose 162 gigawatt.

5:51 Within solar, ground mounted projects accounted for around one twenty one gigawatt. Grid connected rooftop solar around 30 gigawatt. Hybrid and off grid solar together contributing the remaining capacity around 11 gigawatt. These numbers clearly shows the scale at which solar industry is growing in India and reflects the broader opportunity across utility scale and C and I segments. At the same time, the sector is also moving into the next phase of growth where storage and grid readiness will become even more important. India's battery energy storage requirement is projected is around two zero eight gigawatt hours by 2030.

6:36 These trends gives us confidence that the renewable energy opportunity India stay diversified, structurally attractive and full of long term potential. Apart from solar capacity addition, India's power transmission distribution segment is also seeing significant investment. As per the NEP published by Central Electricity Authority, the plan includes addition 76,787 circuit kilometer of transmission lines, four lakh 97,855 MB of substation and thirty two thousand two fifty megawatt of SD SVDC during 2027 to 2032.

7:21 It's an estimated investment of rupees 490,920 crores. A significant portion of this expansion is driven by the need to evacuate and integrate growing renewable energy capacity into the national grid. We see this as a segment that will continue to offer strong opportunity in the coming years supported by the renewable energy build out already underway. As I mentioned earlier, our efficient of a 55% equity stake in associated power structure marks a strategic step into the transmission distribution segment enabling us to address the growing demand for grid and the power evacuation infrastructure alongside renewable energy capacity additions.

8:14 APS PL has a strong track record in power transmission distribution including overhead transmission line, substation and grid infrastructure. The company has executed over 10,461 plus circuit kilometers of transmission line and supplies tower and structure across India as well as international market. We believe its capabilities complement our existing renewable EPC business well and we look forward to sharing more on the progress and contribution of this business in the coming quarters. Looking ahead, we are confident about the opportunity in front of us. The sector continue to benefit from strong policy support, increasing clear energy demand, growing storage requirement and a clear long term push towards energy transition.

9:11 In this environment, we believe Waaree Renewable Technologies is well positioned with its execution track record, healthy pipeline, growing O and M portfolio and expanding capabilities into the other EPC opportunity. Q1 FY twenty seven has given us a strong and encouraging start for the year. We stay focused on executing well, growing responsibility and creating long term value for all our stakeholders. Thank you once again for your continued support. We will now be happy to take your questions. Thank you very much. We will now begin the question and answer session. Anyone who wishes to ask a question may press star and 1 on their touch tone telephone.

9:59 If you wish to remove yourself from the question queue, you may press star and 2. Participants are requested to use handsets while asking a question. Ladies and gentlemen, we will wait for a moment while the question queue assembles. The first question is from the line of from Incred Research. Please go ahead. Hello. Yeah. Good afternoon, sir. So my first question is on the... In the line of the order book. So when we say we executed around 888 megawatts during the quarter and our closing order book of around 2.4 gigawatts, does this include our 1,500 megawatt hour of BEST?

10:59 No. It is not really because around small portion of best we have been executed. This... Whatever the order book which you are showing is purely from the EPC... Solar EPC. Correct. So my understanding is this 2,600 crore number on stand alone basis of our order book will be higher. Right? Really higher. Because if we include best, that number will go beyond 2,600. No. It is... That's best. The EPC is already included in this... The entire order book of... Okay. Okay. Okay. Yeah. Just let me clarify. Let me clarify. This 2,400 is the pure solar EPC, and 200 is from the best EPC.

11:49 Remaining? Sorry. I didn't get you. Okay. 200 crores. Okay. Okay. Got it. And, sir, my second question is regarding the stand alone results. If we only look at our stand alone performance, our margins have been intact. In fact, they have improved by 20 bps. And so on the consolidated level, when we see a different margin, that's purely because of consolidation of a lower margin business in our financials. Is my understanding correct? Yeah. It's to some extent is right, actually, because you rightly observed that our standalone EPC business margin has improved from the last quarter as well as we have maintained the line with last two years in fact. But while consolidate this this business is slightly... There is a slightly drop in the margin that is purely because of that.

12:46 Yeah. Correct. And, sir, lastly, my only concern about the performance is the visibility. Like, 5,300 crores of order book gives us a visibility of only beyond year. So any insights or any color on how the market is looking, what kind of order flows, or any guidance that how much I'd... Orders we can see coming in during the year, both for WAAREER and for APSM? So I'll I'll just clarify about the margin because this margin also, if you see that in monetary term, it has improved significantly. But in percentage term, there is a slight drop. And with respect... Yeah. With respect to your question, with respect to order... Execution of order book and coming up. So these are the order book which we we are getting as of now.

13:38 And we have only executed $9.25 out of this. And remaining 5,003... $5,010.04 is to be executed over next few quarters, maybe twelve to fifteen months or eighteen months. So during the year, entire year is still there. And nine nine months is there. We are likely to receive some orders during this upcoming quarters also, and that will also get executed along with this existing order book. Okay. Alright. That's from my side, sir. Thank you. Thank you. The next question is from the line of from Ignite Capital. Please go ahead. Hi. Hi. Hi. Thanks thanks so much for taking my question. Had few of them. First, on the two regulatory regulations.

14:31 Now they have been sort of extended until the December quarter. So any any impact that it would have on our order inflows or the execution time line or would it impact our margins as such? That's my first question. So, Sid, with respect to the extension of this timeline which you have mentioned, As far as we... Waaree Renewable Technologies is concerned, we are the EPC player, e p... EPC doing the EPC attrition work of the solar projects. So more and more projects is likely to come before we go nearer to the... These deadlines. Okay. So does that mean sort of... Now that our order inflows have bottomed out, I mean, the 1Q order inflows are up 20% Q o Q over 4Q 'twenty six. Now do you see that accelerating for a stand alone business on the solar EPC part?

15:36 Yes. So as of now, we are already changing this order pipeline. Maybe 27 gigawatt of around domestically plus around 10 gigawatts In terms of order pipeline, we are taking. So these are the or... These are the order pipeline which are likely to get converted in the form order in the upcoming quarters. So that is also get executed during this financial year. Okay. So any any firm guidance as to how much would be sort of converted into firm order? So as as it is... Whatever the our endeavor is to make it maximum out of it because some of the existing customer which we are discussing negotiating.

16:23 So that also likely to get convert during the next upcoming quarter. Okay. Understood. So the second question pertains to the associated power acquisition. Now that we have acquired a 55% stake, could you sort of give throw some color on the debt equity mix on the financing because it is a cash acquisition? Yes. So this acquisition is to self funding or plus debt component is there. So we have taken around 75% debt for the entire acquisition. Okay. Understood. So now given that the consolidated tax margin has sort of contracted on a year on year basis, I see that the interest cost has sort of played a role in sort of compressing the margins. Is it on account of the higher debt and only the twelve day consolidation of associated power? Is that understanding correct?

17:25 So definitely this all... The interest portion will also come in the coming quarters, etcetera. But by this occasion is more important for us to have this revenue stream for this company. So as of now, we are doing solar EPC, but we'll mix it with the TNT also. It will give a complete value chain for the transmission. So that that is the part where we have an opportunity to get order for transmission line as well as in this subsidiary or vice versa. Whenever they are going for the transmission line, there is a opportunity for us to go for the EPC, etcetera. And now on associated power, it essentially a low margin and low ROIC business.

18:15 So what are the steps that we are taking to, you know, improve the EBITDA margins from here given that your stand alone minimum threshold is 15% EBITDA side. So could you throw some light on that? And secondly, whether through associated power, we are executing any HVDC projects? Definitely, this margin improvement will be ongoing exercise for the entire company for renewable technology and our associates. So it will be a continuous exercise where we will be... You will see the continuous improvements on the margin, etcetera, in the coming quarter. Okay. And any outlook on HVDC on that part?

19:03 So they... This this company is... Transmission company is doing all kind of projects, which are, like, which I mentioned in my opening remark. Okay. Understood. Yeah. I'll I'll join back the queue. Thanks. Thank you. Before we take the next question, we would like to remind the participant, please press star and one to ask questions. The next question is from the line of Shivam Gupta from TriNetra Asset Manager. Please go ahead. Hi, sir. Thank you for giving me the opportunity. As you've seen, like, more operator is entering into solar EPC space now. And is Hello?

19:58 Hello? Hello? Sir, your voice is not coming clear. Is it clear now? Yes, sir. You may go ahead. I'm telling you, like, yeah, as you're seeing more competitor is entering into our APC space now, and is that affecting how aggressively you have to be tooling orders? No. Actually, this... There are... Competition is always good for the industry. But as far as we are concerned, we are only taking those projects which are really profitable and suits our risk reward metrics. Okay. Then can and are EBITDA guidance on the. Hello?

20:47 Hello? Sir, can you please use handset while asking a question? Sir, your voice is not coming through. Okay. We'll move on to the next question. The next question is from the line of Siddharth S from NAFA. Please go ahead. Good evening, sir. Congrats on a great set of numbers. So my question is a bit unrelated to the business specifically. There's a lot of... If you look at the... You know, from a macro lens on the industry, there's been a lot of, you know, around the old capacity fields. That is one set of addressing saying that, you know, the most backward integrated player will effectively be, you know, shrinking the supply, and the supply is still going to be constrained.

21:39 But that seems to have a bit of a toll on the whole solar space at the moment. I just like to know your light and, you know, some view on that. So if I take question, the way the completion is increasing lot of supply, etcetera, there lot of completion is there. So as far as we are concerned, we are doing the EPC best possible manner. And at the same time, as you rightly said that there's a lot of things, lot of players are entering. So therefore, we also, like, entered into the another area of that is transfusion distribution. So to make and consolidate this this company, we we have taken this step. And by doing so, we have... Now we have ability to not only execute the solar EPC. Now we can do the transmission EPC also where the supply is also involved.

22:33 So these are the things which which we have done, and I I think it will be a a demand will be there going forward for this this entire energy. Because of this, the government pushes there for renewable or otherwise also there is power requirement in the country. So by combining these two solar EPC plus transmission, it will give the demand for a longer or many... Maybe multiple years. Understood. Thanks for clarifying, sir. Thank you. The next question is from the line of, an individual investor. Please go ahead. Sir, first of all, congrats on a great set of numbers.

23:20 I have a question on cash flow side. Historically, I have viewed or as a value WAAREERTLINE renewable for its asset light cash generating model. After a PSPL acquisition, should I expect operating cash flow conversion to structurally decline? No. Operational cash flow will definitely will be there because because of the... Our business, the way we are doing the business, not only in the... Our Wari Renewable, but also is associated. But the allied cost with respect to the fundraise for the things that will come. But, basically, because the business will all... Also expand. So all these are the possible way we can improve the margin, combine these two these two areas together and focus on the business so that these all costs will go away slightly.

24:14 Sir, but considering a t and d business, as we know that in a t and d business, there is a question about operating cash flow. So I was asking you about that. Well, that will also... There is a... This company is what we have... They can stake is the company which is there from last three decades, actually. So they have the good revenue stream over a period of, like, few last... Past few years. They... This company has grown significantly. So they... Now by this time, this is a is a mature... The people who are driving this company. So definitely this fall by synchronizing both the entity. Definitely, there there is lot of opportunity for us to improve margin and enter into bigger market. All this will be there in future.

25:10 Okay, sir. Sir, since you mentioned about margins, I want to ask one last question. What concrete structural advantages allow you to avoid the economics typically associated with T and D industry? Because if I consider this q one result also, there there we can see that the t and d margins can push your overall margins on a downside. So can you just comment on that? So that is what I mentioned actually because of the improvement in the in the process or maybe wherever that we can bring down the old... Overall cost for the company that will that will be result in the upcoming quarters. Sir, what what my question is in the future for... In upcoming quarters also, can we see a meaningful downside in EBITDA margins due to for T and D business?

26:05 So these are the things will evolve over a period of time, maybe in the coming quarter, etcetera. We will be able to tell you the more precisely. But as of now, there is always scope of improvement in any any of the businesses part where the way we are doing it. So probably we'll see all these parameters, and we'll we'll come back in the next quarter. Thank you, sir. I will join back in the queue. Thank you very much. The next question is from the line of Sahil Sheth from Anandrati Institutional Equities. Please go ahead. Sir, congratulations on the. So my first question would be on the 1.5 gigawatt hour best order you had received.

26:50 So, sir, for that, can you specify what's the value of the order, the execution timeline, and how would the EPC margins for the be different than the smart? Sorry to interrupt. Sir, your voice is not coming clear. Am I audible now? Yes, please. Yeah. So, Suman, question was on the 1.5 gigawatt hour of best order. What is the value of that order, the execution time line, and how does best EPC margin would be in comparison to the solar EPC margin? So this best order which we have mentioned is not a one single order. It's part of one of the order. So the...

27:37 Around... We have around 200 crores of the best order type listing order and excluded. And going forward also, the margin which you have mentioned, that margin is likely to be... I will keep in the same branch in the... With the overall margin of the of the company, which we decide when we take the order. So it will be line with our expectations, and whatever we are doing existing, it will be in line with that only. Okay. And, sir, in our investor presentation, we are mentioning that we are setting up about a 100 megawatts of Sir, RTT your voice is not coming through. Hello? No, sir. It's still not clear. So I understood. Let let me clarify.

28:23 What is asked is about setting up one ninety eight point six megawatt. So,, what we are doing, actually, whenever there is an opportunity, we are setting up not just one size, maybe around say, few few plants, like, maybe 25 megawatt, maybe 10 megawatt kind of a plant. Wherever there is an opportunity there to keep our revenue stream continuously flowing. Like, we have IPP income also in our financials. So by addition of these plans, which we are adding small capacity to the balance sheet. Sorry to interrupt, mister Sail, sir. Your voice is not coming through. Please join the queue.

29:22 The next question is from the line of from Sapphire Capital. Please go ahead. Hi, sir. Hopefully, I'm audible. Yes. So how much can we execute this year on a stand alone basis and also the associated power structures combined? So we have capability as you've seen from our last financial that we have capability to execute this megawatt. So therefore our revenue for the last financial was 3,300 crores. So we have similar line of capability. We can enhance it further also because there is no capacity concerns as far as we are concerned in the industry.

30:09 And now we we have the order. I know it's the order will from $5,003,300 for for both the T and D and EPC business considered to be. By this order from among this... From this order book, along with the order which we are likely to receive in the next nine months, we will be executing this financially. So this 5,300 crores will be executable in nine months? Not nine months. It's... It will range from twelve to fifteen months. Okay, sir. And can you also provide FY twenty seven guidance in terms of margins? So margin, any... We are not giving any kind of guidance. But however, we have... You have seen in the past for the EPC business, which we are doing as of now.

31:04 Last year, we maintain around 19% of the EBITDA margin. And by considering this associate power, that also will will maybe not in the same line, but definitely there is a... We'll try to maintain around 15% of the margin for the financial year. But these... All these things will come come up with the next quarter when we are presenting the financial results. Okay. So thank you. I'll get back in the queue. Thank you. The next question is from the line of Ashrajit from Ventura Securities. Sir, only one question from my side would be what sort of margins are we envisaging with the T and D business that we are getting into?

32:01 And how is the order book pipeline look like in T and D business? And what is the usual execution time line for the order book? So for the t and d, as I mentioned, for the solar EPC, we are following around 27 gigawatt domestically plus around 10, 11 gigawatt internationally. And then similarly for the T and D also, are pulling around 20,000 crores of the order pipeline, which are actively we are pulling and and and and negotiation are... Some of in some of the case, the negotiation are there with the customers. So these are the pipeline which I mentioned to you. And what about what? And, sir, what would be the execution timeline that... Typical execution timeline looks like in t and d business?

32:56 So t and d business, think it is relatively little higher, but maybe around eighteen months, twenty four months is it. About eighteen to twenty four months. Depends. See, again, it's depend upon the... How much line I have to create. Maybe it's a smaller distance. It can be little less, maybe around nine to twelve months also. But it depend upon the construction of the line area, etcetera. All these are the factor when we are we we need to consider before we give any kind of the timeline. And sir, lastly, given the D and D business is a capital intensive business, how does the working capital cycle looks like on a consolidated basis?

33:44 So that also, whatever the EPC of maybe with the T and D or otherwise, we are doing, we are getting certain percentage advance. And based on the project progress, all payments we are receiving. So can you give any guidance on net working capital days? So the working capital is maybe around from maybe sixty to ninety days actually when we receive because all these are the progressive payment. It's not the completion at the time of completion of the project. It is certain percentage. But whenever this progressive bill which we are raising and we are getting the payment based on the progress of the project.

34:32 Okay, sir. Thank you for asking the question, and I'll be in future. Thank you very much. The next question is from the line of Rajesh, an individual investor. Please go ahead. Congrats for the wonderful set of numbers. And, just wanted to understand the BSS order pipeline and any strategies related to data centers of the power supply. So as of now, we are getting lot of inquiry, but as you know that this base is needed for the grid stability and requirement is also there, military to have base power. So we are also getting orders or maybe changing the pipeline which are along with the base. So, presently, we have order which I have mentioned to you, and we are actively participating and bidding available then is there's a portion for BEST EPC.

35:33 And as far as data center is concerned, we... That so far, we have not received any kind of order, but negotiation are there with the customer so that if we get the order, we'll announce the exchange. Thank you for answering my question. Thank you. The next question is from the line of Manish Murray from. Please go ahead. Good afternoon, sir. I have just two queries. First is regarding data center that how we are approaching the massive data center of the additional use case development in India. Right? What are we exactly planning to build around that? No. We we are actually actively looking for any EPC opportunity in the data center. So we are in discussion with the with the people to create a EPC stream for the data center. That is what we are planning as of now.

36:34 Okay. So do we have a team or the infrastructure currently in place to execute orders, or we are just building capabilities? No. No. We are... Yeah. We are building the capability and required people we are taking on board so that this can be developed over a period of time. Okay. My second question is regarding our solar order book of 2.4 gigawatts. Out of that 2.4 gigawatts, how much of the order book is from our associated entities or as I can put it, like, how many of these are apart from our sister concern? Because recently, many orders, four fifty megawatts, that best order, three fifty megawatts, all these have been from our subsidiary company. So what is that bifurcation?

37:22 So some of the orders which are are related to the group entities initiative that we announced. So as of now, we have around maybe I need to check those real number, maybe around 30 to 40% of the order book is from the group entities. So if I go that significant order with this from our group entities, are these independent contracts given to our group entities which are then subcontracted to Waaree, or are these developed internally for our own purposes like an ITV project? So it's depend upon the, like, group initiative, what they are doing, and what is the end use of that that we are not... But as far as we are concerned, these are the orders for us for the execution for the development of the EPC project.

38:14 Yeah. That will show us the revenue in our books, but if it is a independent project, then it is not a revenue. So I would like to have some clarity on that part. No. It is... See, whatever orders if I'm getting within the... Within my... Let us say from my own subsidiary, that will get eliminated, sir. Okay. So that will not form part of the revenue at a console level. Secondly, if I'm getting from the other than my own WRTL and subsidiaries, maybe with the group, those will come as a revenue to me, sir. Okay. But I would really like a bit of clarity on these orders, whether these are external orders or just independent capability. Partly partly suggestion, you can send us the query on our...

39:00 This investor relations. We'll reply. Okay. Thank you very much. Thank you. The next question is from the line of, an individual research analyst. Please go ahead. Thank you, sir. My first question is, what is our execution capacity or capability per annum on individual sector level, sir? It could be solar EPC or BESL and T and D, you whatever we have currently, you know, taken out. So let me tell you that we have been executing the... This big amount of the two gigawatt project, one gigawatt projects, or may find a gigawatt project up to 50 also we are executing. So as far as the capability of the team is concerned, execution team is concerned, we can take up any size of the project which are available. Maybe two gigawatt and one gigawatt, we are executing right now. So because our projects are scattered in the various states, we are doing business in seven to eight states. So whenever there is opportunity, we are taking those orders and executing.

40:12 So as far as capability is concerned, we can execute as much as possible. No. So I will Sorry to interrupt, mister Venkatesh, sir. Your voice is not coming clear. Is it now audible? Am I audible now? Yeah. Sorry to interrupt, sir. Your voice is not coming clear. Okay? Hello? Am I audible? Yes. Now you said this. Yeah. Sir, I wanted... No. What I wanted is a, you know, approximate, you know, what is our execution.

40:58 Suppose, say, for example, tomorrow, we'll receive five gigawatt. Will we be able to, you do all five gigawatt in a year? Do we have so much of execution capacity? Yes, sir. Yes. We'll be happy to execute, sir. So provided all the, you know, clearance comes in? Yes. Yes. Okay. My last question is, are we into Sorry to interrupt, mister Venkatesh, sir. Your voice is not coming clear. Please come closer to the mic. Sir, is it possible? Am I audible? Sir. It's not clear.

41:44 Please move to next one, sir. Yeah. Yeah. Sir, my last question is why have we moved to T and D? Have we found some sweet spot there so that we have more or it is only for the purpose, sir, because I want to forward integrate or something like that. Purpose of t and d. Yeah. Yeah. Definitely. Because when the... Our group is there in the entire energy value chain, and we as a EPC company, we are also doing the solar EPC, base EPC, and maybe data center, we wanted to execute those also. So this... I I know that, like, whenever that... This power project is there, these these also need to be evacuated to the grid. So this is the right company for us to identify the need of power transmission at T and D business. So therefore, we have taken the state by combining these two entity which which which will create valuation for the stakeholders.

42:45 And this is the... This is not the new company which we have started actually. This is the existing company. They they have done lot many projects actually. So by acquiring this, we have now capability to do that d and d also along with our existing solar EPC. The next question is from the line of from Dalal and Broja. Please go ahead. Hello. Sir, I want to ask about the question about how much we are in the pipeline. Sorry to interrupt, mister Animesh.

43:32 Your voice is not coming clear. Hello? Now it's coming clear? No, sir. Hello? Hello? Now it's coming? Sir, can you use your handset? Yes, sir. Hello? Yes, sir. So I want to understand about that I I I I p p assets. How much are there in the pipeline and how much we have consist EPC done in this quarter? See, I... IPP pipeline, we have already 82 megawatt peak of IPP as of now in the financials.

44:20 And that some of them is created in the... In this q one also. So how much in the pipeline? Pipeline, we have around one ninety eight megawatt peak. So these are... As I mentioned earlier, that these are the small... Relatively small projects, maybe 25 megawatt, 25... 20 megawatt, etcetera, in various parts. So based on the requirement, if we see an opportunity, we have a liberty of land and connectivity. Therefore, we thought of installing these projects. So it will create IPP assets for the company and regular, like, inflow or revenue stream for the company or for next few years. So these projects are for our company, group company, or for other No. No. For our... For Waaree Renewable Technologies only for this... The entity which we are discussing. Waaree Renewable.

45:20 Okay. And you have mentioned in the O and M portfolio that we are all... Megawatt of the O and M portfolio. So are there any pipeline or how much we can be able to execute and how much timeline it's for? So definitely, you asked very valid question because this... As of now, we have 1.15 for 11... 1.15 gigawatt of portfolio. So whatever projects which we are executing, we we try to get the old name also. Some of the contact is the time of award still is given the old name to us for the... Maybe one year, two years. So these are the projects.

46:08 As in when we complete the projects, it will get added to our old name portfolio. Sir, please use your handset., sir. Please use your handset. Sorry to interrupt, sir. Please use your handset. Your voice is not coming clear. Mister, sir, I will request you to come back in the queue.

47:02 The next question is from the line of from Centricity. Please go ahead. Hi. I wanted to understand about the tolling business model which you have adopted over the last quarter. Right? And secondly, how is Waaree Energy looking at the company from the job work point of view? Can you repeat, sir, what you asked? Actually, we are doing the Waaree Renewable Energy, and we are doing the EP Solar EPC business, sir. Right. Now what is what is... I wanted to understand a little bit more about the tolling business model of Indosolar, and how is Waaree Energy looking at Indosolar's tolling business model, right? I wanted to know a little bit more about the entire Indosolar's tolling business model.

47:58 So thanks for that. But this question is related to Waaree Energy or Indosolar. So kindly send that question to IR team or maybe ask in the conference call of Waaree Energy. No. That is what the question is. Right? How is Waaree Renewable related to in the solar's tooling business is what my question is. Oh, no. No. No. We we have nothing to... We are not directly rated on that kind of business. Understood. Okay. Thank you. Thank you. The next question is from the line of Shivam Patel from PL Capital.

48:47 Please go ahead. Sorry to interrupt. Mister, your voice is not coming clear. Hello? No, ma'am. No, sir. Please use answer. Shivam, I would like to ask you to come back in the queue.

49:41 We'll move on to the next question. The next question is from the line of from RV Investment. Please go ahead. Good evening, sir. Yes. Good evening. So I missed the first question about the guidance that you have given. Can you just repeat the guidance? Hello? Yeah. Can you ask questions, sir? Sir, you said something about the guidance in the starting. I missed that. Can you repeat it? No. We have not given any guidance... Sort of guidance. We have been Part part we mentioned, sir, what we mentioned that we have an aggregate order book of 5,000 during the year. We have already achieved a nine and twenty five almost revenue for the current quarter. So looking at that, our bidding pipeline, which we are actually discussing with the customer, these orders like, get executed along with our existing order in the next few quarters. That is what we mentioned.

50:51 Sir. Thank you. Thank you. The next question is from the line of from Ingrid Research. Please go ahead. Hi, sir. So one question on best front. Like, we we calculate some metrics for your EPC, solar EPC orders, like, per megawatt realization. For best order, I wanted to ask you how should we approach it? Should we look at the power capacity or the storage capacity? Like, the order that we have won is around 300 megawatts and 1,400 megawatt hours. Like, so how should we look at it? And No. It depend, actually, this... It is difficult to give this number because the base is also maybe required for two hours or four hours. It depend upon the owner how much for the megawatt size they want, the best capacity for how much... How much they want it. So it depend and very...

51:53 It is difficult to give any kind of some room or some numbers. Oh, okay. Got it. And was there any enhancement in this order? Because previously, when we uploaded or announced this order, it was for 1,400 megawatt hours, and now we are reporting around 15, 20 megawatt hours. So so it's a combination of orders, sir, is it? But what we have... And earlier also, we must have announced maybe it was cut. So along with that, it is a combination of orders. It's not a single order in the. Okay. Okay. Got it. And, sir, second question is on APSPL margin. What we saw from the DRHP of the company in the margins for the FY twenty five financials are around 9.7.

52:46 And now if you look at it, they are around 11%. So we have already seen some margin expansion. What kind of trajectory are you looking at, and do we have any plans for capacity ramp ups for the galvanization plant, or how do how do you look at it taking forward? Yeah. So as I mentioned in my earlier conversation that this is the beginning or parts... Partially cons... A consolidation for few days in our. In the coming quarters, definitely, we'll look all the parameter, and we'll work closely in this company so that the all parameters get improved. Not only this order positioning, maybe financial, wherever the improvements are required from... To be... Collectively, we'll work on all these things, and we'll see whatever the possible results in in coming quarters. Sure.

53:44 Sure. And lastly, there was some 24 megawatt of reduction in the o and m portfolio. Because as on f y twenty six end, our o and m was an 1,180 megawatts. So is something moving out? No. It's a small part. It it can be Small. Reporting it. Sometimes get increase. Sometime, maybe contact may be over, but it needs to be renewed, etcetera. So many things are there, actually. And so Alright. Alright. Just just last one feedback that if you can give us some APS and numbers or some key highlights of the p and l or the balance sheet would be helpful going forward, especially. Yeah. Thank you. So we have already uploaded this segment by reporting in and we've done the... Since uploading.

54:38 You can... May kindly refer that, and I think you will get some potential which you wanted to know. Alright. Alright. Ladies and gentlemen, we would take that as the last question. I now hand the conference over to mister Nikunj Jain for closing comments. Please go ahead. Thank you. I would like to thank the management for taking the time out for this conference call today, and, also, thanks to all the participants for attending. If you have any queries, feel free to reach... Contact us. We are MUFG India Private Limited, investor relation advisers for Waaree Renewable Technologies Limited. Thank you. On behalf of Waaree Renewable Technologies Limited, that concludes this conference.

55:29 Thank you for joining us, and you may now disconnect your line.