Thank you. We will now begin question-and-answer session. The first question is from the line of Vishal from ValueQuest. Please go ahead.

Thanks for the opportunity. So basically, we wanted to understand your expansion plan in a bit detail. So what we understood, we are coming up with 10 gigawatt of cell and wafer along with batteries. So if you can give some guidance in terms of how to think about when this commissioning will happen, how produ ction ramp-up will happen in FY '28, '29 to understand more long-term journey about Waaree, it will be really helpful.

Yes, Vishal, this is Varun here. Thank you for asking this question. And I know all of us are bound to have questions around this quarter and all that, but I think we shouldn’t miss forest for the trees and this is very important that we understand that at the end of FY'27, Waaree completes a very large portion of the entire capex plan so at the end of FY'27, we will be close to 28 gigawatt of solar module, close to 15.4 gigawatt of solar cell. We will complete our first phase of inverters, 4 gigawatt of inverter and it doesn't stop there. 20,000 MVA of transformers, 1 gigawatt of electrolyzers so that you know. And this itself provides us a very big step jump in FY'28. So FY '27, you could say is capex, working on operating efficiencies. And later during the call, we'll also share as to what we are working in terms of efficiencies. But '28, if we are talking about close to INR7,000-odd crores of EBITDA this year as guidance, ballpark, this is when our cell capacity, the 10 gigawatt additional includes barely like a gigawatt contribution from there. '28 is when the entire 15.4 gigawatt will be operational. And we could look at close to 10 gigawatt of production from cell. So close to 16- odd gigawatt of module -- 16 to 18 gigawatt of module and 10 -odd gigawatt of cell production is what we are looking at in FY '28 as a very big step jump. I wouldn't get into realizations. I think that you understand very well. So this is the core module and cell business and then you have the other equipment, power electronics business, plus EPC will also have a big step jump because of the APSPL acquisition, right? But Abhishek, please add -- and '29, of course, we have -- so battery also goes live, 5 gigawatt hour goes into full production. The second phase 16 gigawatt hour is in '29. So let's focus first on '28 and then we can discuss '29.

Abhishek, you were saying something.

No, I just wanted to add that on 10 gigawatt cell capacity, the equipments are already gated in the factory. We have also applied for the ALMM-II for the cell capacity. So we are very near to going live on the commercial production for entire 10 gigawatt cell facility there.

Understood. Second question on margins. If you can give some idea of what happened in this particular margin as our gross margins has gone down at the module business level. If you can give us some understanding more on it.

Yes, Vishal. So to explain it, I think we'll have to look into different segments. For example, we have manufactured around 800 megawatts worth of DCR cell this quarter. Balance of the sales in India includes non -DCR, small component from export and U.S. local manufactur ing. The cell integrated lines continue to show the margin profile of 35% to 40%.

The U.S. local manufacturing now going up quarter-on-quarter. However, in Q1, a major portion of U.S. dispatches have also come in from the OEM manufacturing in U.S., leading to a lower IRA realization. So in Q2 onwards, when our 1.6 gigawatt capacity addi tional in U.S.A. goes live, this should add up to our ability to generate more IRA incentive as well as structurally cut down on our operating cost in the U.S. In India also, the non-DCR market where the ALMM -II facility came in 1 st of June. The order came in effect 1st of June. And now the government has given a window of around next five to six months of time, we are looking at large offtake from the customers. There was a delay in offtake from many developers in this quarter, leading to a lower realization on the on-spot market supplies that we have done. However, in Q2 and Q3 onwards, we are looking large offtake against those contracts for which we are building inventory. So this will again structurally land up in a point where we'll be able to get benefit of higher realization as well as get the benefit from the current spot prices of the cell and other equipments. On export front also, this quarter, the dispatches are softer because the clearance in the U.S. took more than required time than it would generally take. Going ahead, from August itself, we are again starting our export supplies from Indian facilities. So this should also add up to the revenue profile and the margin accretiveness. In terms of DCR also, as I mentioned earlier, that 800 megawatt of capacity production of DCR in Q1 expected to go up from 1.1, 1.2 gigawatt in Q2 and moving towards 1.5 gigawatt quarterly trajectory going ahead from Q3 and Q4 could be a little higher. So these are three to four levers. The most important is the DCR production. Second is the U.S. local production scaling up with the new capacity 1.6 gigawatt. Third is export starting off from Q2 and the fourth is non -DCR market offtake going to increase from Q2 onwards with the six month window. By the time we land up in December till which the extension is live, we should also be having start of with our facility of 10 gigawatt in Gujarat solar cell manufacturing, which should give us complete integration of module with the cell capacity for Indian markets. And that is where the structural change of margin happens.

Understood. And last question from my side. So our current 5.4 gigawatt of cell capacity, for which conversion was going on, I think that we have already completed and our ramp-up already started in the month of June and July also, we can see. So how we can see the production number from this particular facility, if you can give some idea?

As I mentioned just now that from the same facility, we are already starting to see around 400 megawatts of monthly production. Going ahead, this can go between 420 to 430 megawatt of monthly production leading to a quarterly ramp up of around 1.3 to 1.4 gigawatt from the same facility. On top of it, the 10 gigawatt facility should start adding up from Q3 itself.

Thank you. The next question is from the line of Harshita Surana from UBS. Please go ahead.

Yes. Thank you for the opportunity. My first question was, could you help us with the module realizations across DCR, non-DCR and exports for this quarter? And next would be like while we understand that Q1 was the first quarter where we have seen a meaningful ramp -up in the modules manufactured in the U.S. Going ahead, how should we think about the profitability in the U.S. operations and also the cash flow from operations for this quarter?

So, if you look at the realization across DCR, non -DCR and export market, the export market, whatever we have exported, the realization is between $0.25 to $0.26 cents per watt peak basis. The DCR market continues to stand across $0.20 to $0.25 per watt peak basis on realization terms. And non-DCR markets continue to range between $0.13 to $0.14 per watt. In terms of the cash flow, like quarter one itself, our operating cash flow has been far better because of controlled inventory that has continued. Our production also now moving to a scenario wherein the offtake has started happening from the non-DCR community which was a little softer in Q1. With the extension of six months for the non-DCR market, we are starting to see larger offtake starting from Q2 itself.

Miss Harshita, I would request to re-join the queue for a follow-up question. The next question is from the line of Kunal Shah from DAM Capital. Please go ahead.

Thanks for a lot of clarification. Just wanted to understand post the tariff implementation by U.S., our commentary was around that the business, the export business would remain unaffected as you sort of procure cells from non-tariff nations and sort of service that piece of order book. Yet the revenues today are like one-third on a Y-o-Y basis, right? So you did give some clarity that clearance s took more time, but what gives us the confidence that, that would be expedited going ahead? And just a related question here is today, 25% of our order book is U.S. exports. Like again, what is the confidence to sort of service this piece and at what margins?

Thank you for that question. If you look at the overall export right, in terms of megawatt, it's lower compared to previous but the good news here is that our 1.6 gigawatt local capacity in U.S. is ramping up and catching up soon. This gives us confidence that the dispatches to our local U.S. clients can continue to happen from our local facility. Also in terms of the wider supply chain that we have been able to adopt, we have been able to now start shipments to U.S. markets from Q2 itself. Since there were some orders leading to delays in supplies across U.S. markets and with the newer supply chains that we have been able to tap in our dispatches start from Q2 itself.

Just to add here, if you track the U.S. market, there was a lull for six months in terms of installations because of a lot of tariff confusion, developers and utilities were trying to wait it out before.

But if you see recently, Waaree itself has got a lot of orders in the last few weeks itself. You'll suddenly find either related to data centers or otherwise, other alternate sources of energy have very long backlogs, long lead times. So the focus has again shifted back to solar plus BESS. So again, order flows and interest and inquiries in U.S. have significantly gone up.

Understood. And just one, if I could squeeze in. Now the module production that has sort of declined to 3.2 gigawatts this quarter versus, let's say, 4.2 in last quarter. This decline, would it be largely attributable to the domestic non -DCR market? And is that the piece that has been under margin pressure during the quarter? I mean, would that be right to assume?

Offtake by the clients in India certainly has got deferred by a quarter, leading to lower offtake in this quarter. Also, comparatively lower export in this particular quarter led to lower offtakes -- but the important point here to understand is from quarter 3 onwards, our cell integration is going up from around 20% currently to around 65-odd percent, which is more than sufficient for our overall domestic market supply that we have been doing. I just try to complete -- also the 6- month extension by the government on the non-DCR markets gives us the confidence that the offtake is now going to ramp starting from next month.

Mr. Kunal Shah, I would request you to rejoin the queue for a follow -up question. The next question is from the line of Sahil Sheth from Anand Rathi Institutional Equities.

Wanted to understand the margin profile for the U.S. business. One is when you're exporting it from India and the second is when you're actually manufacturing in the U.S. and then selling it there. And the second is the retail segment that you are operating in India.

Sure, Sweta. Like if you look at the pure-play exports market, in terms of the cents per watt peak basis, around $0.25 is realization on a stand -alone basis against that $0.04 to $ 0.05 worth of EBITDA margin or margin is a good number to assume. In terms of the local manufacturing in the U.S. to the similar set of customers, there are 2 points. One is the margin from the operation, which with the new capacity in the U.S. is bound to go up. ready as well as there is USD0.07 per watt peak of incremental realization under the U.S. IRA program. Put together around USD0.07 to USD0.08 worth of margin per watt peak basis in U.S. from local U.S. facility is a reasonable assumption against USD0.04 to USD0.05 of exports from India.

So USD0.07 of margin is completely a side benefit that's adding up to the margin then?

Yes, so out of USD0.07, there are expenses that has to be borne you get the net realization around $0.055 to $0.06 only and balance is the operating margin. But when we see 1.6 gigawatt of new capacity in U.S. adds up, our structural cost of USD0.06 per watt peak of conversion in U.S. is expected to go cut down by USD0.01 to USD0.02, which will give us an additional flip in the margin profile for the U.S. local manufacturing. That means our overall realization and net EBITDA margin from U.S. facility can range somewhere between USD0.07 to USD0.08 per watt peak basis.

Sorry to interrupt you, ma'am. I would request you to rejoin the queue for follow -up questions. Ladies and gentlemen, I request you to limit your question to one per participant. The next question is from the line of Praveen Sahay from PL Capital. Please go ahead.

My only question is related to the cell pricing. If you can give the imported cell price versus the local India manufactured cell prices currently?

If you look at the current import price of around USD0.04 to USD0.045 per watt peak basis in local markets, our manufacturing cost is around USD0.07 to USD0.08 and the market pricing in terms of the DCR market is around USD0.12 to USD0.13 per watt peak.

Thank you, sir.

Thank you. The next question is from the line of Sabri Hazarika from Emkay Global.

Yes. Good morning. Just wanted to get some color on the BESS business, how much volumes you are expecting this year or any meaningful earnings contribution from the same

Thanks for the question. If you look at the 5.15 gigawatt worth of container line, which has gone live this year, we are starting to add up our order book as well. In FY27, '28, we are looking at a reasonable output from this facility because we are also adding 3.5 gigawatt of BESS cell in current financial year and 5.15 gigawatt of pack capacity. So that will integrate our entire BESS facility where 3.5 gigawatt of cell and 5.15 gigawatt of pack and container is going to start the dispatches -- we are starting to see the commercial supplies from starting from this quarter itself. And we are already started to build our order book as well for the energy storage projects. We are not just limiting our markets to domestic. In fact, there's a large traction from the overseas markets as well, like the large set of markets in U.S., which is asking for FEOC compliance supply chain for energy storage. Also , the market from Europe, we are asking for non -Chinese supply chain for larger orders to supply for. Recently, the subsidiary has recently entered into an ECI agreement to supply large -scale projects delivered with best supplies in New Zealand and Australia. That also gives us confidence that BESS market in terms of the market diversification has larger markets to serve for apart from India, U.S., Europe, Australia and New Zealand markets seem to add up a lot for our best offtakes.

Thank you.

Thank you. The next question is from the line of Suyash Kela from Singularity AMC.

Thank you for the opportunity. First of all, thank you for the disclosures incrementally that you're doing bring a lot of clarity as we are understanding the business a little bit better. If you can talk about the planned QIP, what was the strategy behind it? What kind of amount is actually needed which is the requirements of the business? And what are more methods of strengthening the balance sheet, that understanding will be very helpful.

Suyash, if you look at the approval that we have taken from Board and shareholders to have around INR10,000 crores worth of fund raised through various channels, including equity. Right now, our balance sheet stands at around INR7,000 crores worth of cash available as of 30th of June. capex outflow is around 30-odd percent. Majority of portion is already happened over the next 2 to 3 quarters, we'll have incremental outflow. Our total balance capex of INR22,000 crores over the next 3 years, if we dissect it year-on-year level, around 40% is happening in FY28 and around 30% balance is happening in FY29. Our own EBITDA guidance which we have given at the start of this year is broadly sufficient to fund for these projects. However, in order to strengthen our balance sheet, we continue to look out and wait for the right time to hit the market in terms of the approvals that we have for the QIP.

The next question is from the line of Nirmal from Aditya Birla Sun Life.

Hello, thank you for taking my question. Sir, I had a question. So, we had an effective installed module capacity of 16.7 gigawatt in FY26, but the capacity utilization was 71%. I assume it was the result of gradual ramp-up that happened from 11 gigawatt to 16.7 gigawatts throughout the year. Is this understanding, correct? And now that we have an effective capacity of 24 gigawatts in place, do we expect it to run at full capacity? Or how much of the existing order book of 25 gigawatt would be able to deliver this year? Thank you.

On an ongoing basis, module capacity if you look at track record also on basis around 70%, 75% utilizaion has been there. We assume the same to continue. But with more cell integration happening over next 2 to 3 quarters, we are also assuming module offtake going up from 70%, 75% to around 80%, 85% over next 2 to 3 quarters of time. So that not just help us to expand in terms of module offtake in India and as well as to expand on our margin profile with more cell capacity coming up in Q3 and Q4.

Thank you. The next question is from the line of Prakhar Porwal from Ambit Capital.

Yes. Thank you for the opportunity. My question is on the U.S. IRA incentives. So you are booking the USD0.07 of incentives what would be the cycle for payment of these incentives by the U.S? Just a color on that.

So, like there are 2 options, either you file the return and take the refund from the government. Other way to sell the higher incentives. We are already in discussion with large players in the U.S. to sell the IRA incentives. You can assume that on a quarterly basis, we can start receiving the IRA incentives starting from Q3 and Q4 onwards. So that will result into an ongoing cash flow basis the accruals that we do every quarter.

Okay. Thanks.

Sir, 2 questions. One is that on the export front, this quarter, we had a little lower softer export. So going forward, when we have U.S. plant now ramped up, how do we see the margins going forward in the overseas market? Should we take lower margins because from India export is going to be lower and more on U.S. domestic will ramp up? That is first.

As I've explained earlier also that U.S. domestic margins are far superior because of the local incentives also U.S. IRA incentives which is at USD 0. 07 per watt peak basis while we are accounting at around USD 0.055 to USD 0.06 only net of expenses. In our U.S. manufacturing, like this quarter, we have around USD12 million to USD13 million worth of IRA incentives on account of roughly 230 -odd megawatts of production. Going ahead, we are looking at the same production go up between 400 to 500 megawatts starting from Q3 onwards. So that gives us a big headroom to accumulate more incentives and enhance our margin profile for the U.S. business. Our exports continue to sell around USD0.04 to USD0.05 worth of margin. Though dispatches were lower in Q1, but starting from August and September, we are seeing larger dispatches because of the wider and spread supply chain that we have established for the U.S. market. Not just about U.S. going ahead alone anymore. In fact, there are new markets which have opened for us to supply. Recently, we have signed contracts are in process to finalize contract for supply into European markets also. So the moment that adds up to our export, you can see a further enhancement in the overall export supply quarter-on-quarter basis.

Okay. Sir, next question is on the -- now that the ALCM has also been extended under conditions, but do we see any pricing movement or discounting any disruption in the prices of non-DCR?

If we look at the order book also, like this quarter, we have added a substantial order book and largely on account of the DCR-driven order book as well as the export order book, when we see the realization for this order book also, the realization still ranging between USD0.24, USD0.25 for next couple of quarters. For long -range DCR orders, we are looking at price of around USD0.21 to USD0.22-odd, so we don't see much of change in this realization at least for the next few quarters.

Mr. Anupam, I would request you to rejoin the queue for a follow -up question. Ladies and gentlemen, I request you to limit your questions to one per participant. The next question is from the line of Venkatesha RJ an individual research analyst.

My only question is, suppose if we don't have PLI, DCR, ALMM, how are we ready to compete with other markets like China and others? That is the only question I have, sir.

I'll try and address that. I understand where you're coming from, but I think that question was probably relevant maybe 4 or 5 years back, where we used to have this concern. But let me take you back into a little bit of history of Waaree. So , all these regulations with respect to ALMM came in, in June '22.

But if you see Waaree has a 10-year financial track record publicly available. And in our investor event, Abhishek had also shown in one of the slides, our last 10 -year financial history that's available on the exchanges. So even before these policies came in, Waaree was doing over 20% CAGR in terms of growth and in terms of return on capital, which was very healthy, not as high as today, but still very, very healthy. While theoretical, but if you say India is today already competing with respect to module cost with China. Our real competition is not China, though. It's more Southeast and other nations which are able to either export to Europe and U.S. Within India, India is landlocked and India is one of the largest markets. Today, if India did 60 gigawatts of solar and let's say, approximately INR2 crore s per megawatt realization, that's around INR120,000 crores of domestic market available for domestic manufacturers only. So, it's hypothetical that, you know, we have to really compete with China, not really. But even if I have to answer that, India is at a barely USD0.025 to USD0.03 differential in module cost versus China because it is one of the largest manufacturing capacities out of China. In cells, also, we will move towards at par or near about cost to China. But the third point most important is with respect to dealing with exports. Today, with U.S. and Europe, FEOC compliance becomes important. In U.S. FEOC compliance -- in Europe soon, the non -Chinese demand is also opening. And mind you, in FY '29, which is post '28, entire India market becomes, so to say, DCR. So, entire module, entire cell and eventually, when wafer policy comes in from June 28, even wafer integration. So , India becomes almost completely self -dependent and fully backward integrated.

Also, to add up to this, what Varun said is, if you look at Waaree’s the presentation also, we have got PLI approval of INR1,920 odd crores also for the full integrated wafer cell model capacity. Once the wafer capacity goes live next year, we're also eligible for this INR2,000 crores worth of PLI incentive over the next 4 years to 5 years. On top of it, there are other state incentives also which adds up. However, in our internal decision -making for any project, we really don't account for these subsidies. But certainly, there are optionality of adding up on top of our own guidance of margins and EBITDAs. So, this continues as a upside for our guidance.

You know, for the benefit of larger audience, just one point. These tariffs that you see are not -- or non-tariff barriers also, like ALMM or they are not temporary measures. They are measures to create the whole ecosystem for manufacturing independence. This has nothing to do with renewables. The same policies are happening across defence, electronics, across all critical manufacturing areas. So, I wouldn’t say these are protection. And not only India, even other countries are directing these tariff barriers or non -tariff barriers for home production. In fact, in inverter, there has been a recent policy where the data that was flowing to countries which share border with India , now is getting restricted. So , one is manufacturing independence. Second is data integrity. And the third is supply chain independence. You do not want to be completely dependent on time lags and supply chain dependence on foreign countries. You want to have just-in-time supply chain here.

Thank you. The next question is from the line of Nithin Kaushik from Afin Capital Private Limited. Please go ahead.

Good evening, everyone. And thanks for the opportunity. Sir, my question was after this ingot and wafer and all that cell capex, what kind of margin expansion should we expect since after all that, we would be completely backward integrated. So, should we expect any margin expansion from here on?

As we have earlier discussed also on the call that when the cell integration comes up, it really help us -- one is to look at the margin expansion because of the further integration in upstream manufacturing, as well as it also help us to support more offtake through various channels that we have. To answer your question, of course, yes, the cell integration certainly adds up to the margin profile and that will be a very wide range.

Sir, could you quantify that extension?

So, we don't guide on segment specific margin. But one thing that I can tell you is compared to module only suppliers in India, let’s say, module plus cell integrated supply, the margin profile generally is between 35% to 41%.

Okay, sir. That's it from my side. Thanks a lot, sir.

Thank you. The next question is from the line of Kaushal Sharma from Equinox Capital Venture. Please go ahead.

Hi, sir. Very good afternoon. Am I audible?

Yes.

Yes. So, my question is on your solar glass capacity expansion, like we have a plan of 2500 TPD investment of INR3,900 crores. So, is it a greenfield plant or we are looking to an acquisition?

Like, we have already taken an approval from the Board to look out for the 2500 TPD worth of glass capacity all-in for captive purposes. At the same point in time, we remain positive on the capex, as well as signing up for the overall supply for glass that we have for next 2 years. Our intent here is only to look at the -- and supply chain for our manufacturing in India , as well as manufacturing in U.S. So, to secure a supply chain, we are looking at this capex. Our next one quarter, you should expect some update on the capex, as well as on the supply chain security that we are looking out for our glass supply , because apart from solar cell, glass is the second largest element in terms of the value of the module.

I just want to get the clarification on this. We are open acquisition as well in this regard , right? Since we have got plenty of lucrative options?

Mr. Kaushal, I would request you to rejoin the queue for a follow-up question. The next question is from the line of Sumit Kishore from Axis Capital. Please go ahead.

Hi. Thanks for the opportunity. I wanted to understand your BESS capital allocation progression between Phase 1 and Phase 2 better. So, what exactly has been achieved with the odd INR1,400 crores capex so far for your 3.5 gigawatt hour Phase 1? And what sort of contract visibility are you sort of building up in terms of initial revenue bookings that could pan out here in the next fiscal.

So, what I've been seeing is believing, we need to come down to our factory to see and let's plan its soon.

Okay. Yes, sir.

Yes. I think that is required, but maybe, you know, for the time being.

Sure. So, maybe I'll answer that. Our capex of BESS cell manufacturing along with pack and container is well in shape and as per plan. We are already at the verge of starting our cell production over the next 2 quarters. So , within FY '27, our entire 3.5 gigawatt hour of cell of BESS facility is expected to start commercially. W e have done more than 90% -- 95% of site construction. All the equipments have already arrived either at the site or are lying at the ports. So, we have control of all the equipment, which is the BESS news here. We have recently started the container line, which should also follow the pack line over 60 days at the same facility. In terms of market for this particular line, I think I'll take a step back and try to explain it in a deeper way. So, one is the container and BESS solution available for the Indian market, you know, at large scale for utility. Second is the retail kits for the rooftop program. Recently, PM Surya Ghar Yojana also gave a signal that it could be PM Surya Ghar along with the BESS pack manufacturing. So, pack and container line have a larger market offtakes in Indian market. We have like, for example, our Waaree Renewable Technology Subsidiary has recently got an opportunity of 1,500 megawatt hour worth of EPC contract for the BESS supply. So, this gives a clear indication that a single order in BESS itself can take care of the entire year’s production. For the cell manufacturing specifically, we are building this line for the global markets, including the U.S. and Europe, where the FEOC compliant supply chain is very lucrative and margin accretive. In terms of the realization per megawatt hour basis for the cell -- for the FEOC compliant, the numbers are around 25% to 30% higher than Chinese cell pricing. Currently, USD50 -- USD55 per kilowatt hour is the price of Chinese cell against it, the non-FEOC market is ranging between USD75 to USD80, so the margin profile for FEOC combined market also is very, very superior compared to pure-play BESS solution and the pack manufacturing. So, there are two markets for Waaree. One is Make in India for overseas market from the cell manufacturing. Second is Make in India for BESS solution for India and rooftop as well as export from India. So, two different revenue streams for the BESS cell manufacturing. Hope this helps.

See for the Make in India for India, is it getting any sort of incentives from the government that you're expecting?

Right now, there are no announced incentives as such. But certainly, there are indications that Make in India campaign or Make in India likes of policy for BESS is already expected soon.

Okay. Thank you so much. And I'll take on the offer to visit the plant. Thank you.

Thank you, Sumit.

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

Yes. I'll just add a few points and continuing from what we left the previous -- what Abhishek said, Waaree is building for five major markets: Make in India, sell to utilities, sell to C&I. C&I is a very, very large budding market, basically for large corporates and midsized corporates, they add for captive renewables or grid captive. And the third being retail. I think in this call, we haven't got too many questions on retail. But like Jignesh Bhai and Abhishek emphasized, our retail business is going to be north of INR9,000 crores, INR10,000 crores. How many consumer companies have this kind of size, scale, depth distribution, and this is just a beginning. Our retail is yet to see the benefit of battery getting added that would add to a whole new growth lever. The second being there are significant in dustry consolidation tailwinds that are available ahead of us. We saw the benefit of ALMM, then now ALCM. The entire market will become FY '29 onwards DCR. And the way things are happening on the data center side, hopefully, it should add -- and this is a guess estimate, 15 gigawatt to 20 gigawatt of additional solar and BESS demand driven by data center. And FY '28, June '28 ballpark is when the wafer policy is supposed to come in. This will, like China, become a 10 - 12 or a few player market. So, such a large domestic market plus the ability to export. So, make in India for utilities, C&I, retail -- and there are two additional markets, which very few companies like Waaree are building for and ready at scale is exports and make in U.S. and sell in U.S. Final point, like Abhishek emphasized, our FY '27 guidance that remains. But then more important point is our aspiration , vision and execution towards in less than -- or maybe in 4 years or less than 5 years, the near INR1 lakh crore vision is what Waaree is building towards. Jignesh Bhai, if any closing comments?

Thank you so much, everyone, for trusting us and continue the trust. Thank you so much. Have a good day.

On behalf of Waaree Energies Limited , that concludes this conference. Thank you for joining us, and you may now disconnect your lines.