Waaree Renewable Technologies Limited ($534618)

Ladies and gentlemen, good day, and welcome to Waaree Renewable Technologies Limited Q4 and FY '26 Earnings Conference Call hosted by [ MUFG Intime India Private Limited ]. [Operator Instructions]. Please note that this conference is being recorded. I now hand the conference over to Mr. [ Nikul Jan ] from [ MUFG InTimIndia Private Limited ]. Thank you, and over to you, sir.

Thank you. Good afternoon, ladies and gentlemen, and welcome you all to the Q4 and FY '26 Earnings Conference Call of Waaree Renewable Technologies Limited. Today on the call, we have from the management, Mr. Hitesh Mehta, [ full-time ] Director; Mr. Manmohan Sharma, Chief Financial Officer; Mr. [ Niraj Vinayak ], Vice President, Investor Relations; and Mr. [ Rohit Hare], General Manager, Investor Relations. 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 risks and uncertainties. For more details, kindly refer to the investor presentation and other filings that can be found on the company's website. Without further ado, I would like to hand over the call to Mr. Manmohan Sharma for his opening remarks, and then we will open the floor for Q&A. Thank you, and over to you, sir.

Thank you, [ Nitin ]. Good afternoon, everyone. And I would like to extend a warm welcome to all participants for joining the earnings conference call of Waaree Renewable Technologies Limited for discussing our business performance for Q4 and FY 2026. I hope you all had an opportunity to review our financial results and investor presentation, which have been made available on the stock exchange and are uploaded on company's website. I would like to comment by showing my sincere gratitude to all our stakeholders for their unwavering sustained support. Your continued confidence in our vision and execution has played an important role in shaping our journey so far. Today on the call, I have along with me a key member of our management team. Starting with our financial results for the quarter, our revenue from operations stood at INR 1,140 crores, reflecting a growth of 31% compared to the same quarter of last year. EBITDA accounted INR 206.82 crores with a margin of 18.76%. As for the quarter reached INR 155.72 crores, marking a year-on-year increase of 66.0%. For the financial year 2026, we reported revenue of INR 3,331.42 crores, a growth of 18.5% over FY 2025. EBITDA stood INR 641.10 crores, up 106.21% year-on-year basis. While that reached INR 478.65 crores, showing growth of 109.09% on year-on-year basis. These results highlight our strong execution capability and the operating leverage that we continue to build across our business. From an operational standpoint, FY 2026 was a year marked by scale and steady execution. During FY 2026, we have successfully exited 2,727 megawatt peak of projects which is highest for any year. This reflects the depth of our education capability for the year-end, our unachieved order book stood at 2.83 gigawatt providing us with a strong visibility and continuity of business going forward. At the same time, our O&M portfolio stood at 1.18 gigawatt peak further [ tendering ] our base of recurring revenue and is reinforcing our role as a reliable long-term partner for our customers. Overall, this performance demonstrates our ability to grow responsibly while maintaining consistency and reliability across project execution. Let me now turn to the border industry environment where momentum across India's renewable energy sector remains strong. The country clean energy transition continued to accelerate with total installed renewable capacity now crossing 274 gigawatt and solar alone contributing over 150 gigawatt as of March 2026. The growth is due to rapid expansion with contribution from ground market solar plant of 114.87 gigawatts. Grid-connected [ Solar Rooftop ] of [ 25.73 ] gigawatts and other solar segments contributing to 9.66 gigawatt. This shift demonstrates the growing importance of solar within India's energy ecosystem. In FY 2026, over 44 gigawatts of solar capacity was added, representing a substantial increase from 23.83 gigawatts in the previous year. In FY 2026, solar [indiscernible] as the leading driver of capacity additions accounting for approximately 82% of total renewable installations reinforcing its position as the primary growth driver within the sector. India's renewable energy growth continued to be supported by stable policies framework, such as the [ National Solar Mission, PM Kusum and Pure ] was now alongside expanding demand across utility scale. [indiscernible] and decentralized segment, which is improving visibility for EPC players. Additionally, better energy storage system [indiscernible] as are now emerging as it enabler for grid stability with increasing inclusion of renewable tenders opening up new opportunity within the [ EPC ] ecosystem. In this environment, we are well positioned with a strong order book, a healthy [indiscernible] portfolio and expanding into best CPC while maintaining our focus on execution discipline and operational efficiency. We are encouraged by the progress made in FY 2026 and are hopeful about the opportunities ahead. Waaree Renewable Technologies is committed to driving sustainable growth and creating lasting value for all stakeholders. Thank you once again for your continued support. We now open the floor for any questions you may have.

[Operator Instructions]. Our first question comes from the line of [ Paras Kulkarni from Ignite Capital]. There's no response from [ Paras], we'll move over to the next participant. The next question comes from the line of Sahil Sheth from Anand Rathi Institution.

Congratulations on the great set of numbers. My first question is, if you look at the quarterly execution number and revenue numbers, the implied realization is quite high, coming to approximate [indiscernible]. Is this any different types of product execution? Or will this be on -- would it be recurring sir?

So this variation which are not [indiscernible], it depends upon which kind of orders we are executing for a particular quarter. So as you are aware, we are taking all types of products with models without [indiscernible]. For the particular quarter, which is this current quarter, some of the orders are executed with model. So therefore, we are getting this kind of some ...

Could you share any -- what is the mix between the orders where model procurement was under our scope and orders where it was under the consumers scope?

So for this quarter actually around broadly, if I say, I mean [indiscernible] it's around 50% of the education revenue numbers are coming from the -- with model. So therefore, there is a realization which we have noticed is coming as compared to other matters.

Okay. And my second question would be there has been a slowdown in tendering activity if you compare FY '25 in FY '26? Do you -- what kind of impact could we see on new orders coming in for Waaree [indiscernible]?

Yes. So far, as far as tender business is concerned, we are actively participating or looking all kind of opportunity in the tender business. A lot of tenders are coming with the base as well. So -- but the tenders are there, but as a Waaree, as a company, we are only participating when there is suitable to our margin or stable to risk reward metrics, which we prefer. If you're suiting our requirement and the margin then only we are participating. As far as this order pipeline is concerned, there is a good amount of pipeline in the [ tender ] business as well.

Our next question comes from the line of Ishita Lodha from Swan Investments.

The order book has declined from 3.2 gigawatts to 2.8 gigawatt on a Y-o-Y basis at March versus March. So why has this happened? And how do you see the order and [ cloud ] outlook going forward?

So order inflow going forward, if you see that we have existing order book of 2.8 gigawatt. Apart from that, we are also changing the order pipeline of around 36 gigawatts, which is around 23 gigawatts is from domestic and maybe other no 12 gigawatts from that international market. So this scenario will keep on happening. Actually, we are going to get orders. And in spite of our execution and achieving revenue number of more than INR 3,300 crores, in spite of that, we are able to maintain our order book. So whatever orders we are executing, more or less, we are getting the similar kind of [indiscernible] in the current financial year.

The previous financial year order inflow was 2.4 gigawatt. And this time, it was 2.3 gigawatt, slight decrease [ 5%]. But is this because of competition or like why this happened?

But as far as India is concerned, we have done good amount of installation of solar projects and on the --

Execution is strong. I'm talking about order inflows.

Yes. Order inflows, we have -- as I mentioned, that we are discussing bilaterally the order pipeline, which I mentioned to you. And probably some of them will get converted in coming quarters.

Our next question comes from the line of [ Bala Subramanian ] from [ Arihant Capital ].

Sir, I'm trying to understand the margin perspective. The new entrants are bidding aggressively for the project side. There -- if you look at every Q4, we have a 33% plus kind of margins. But right now, we enter nearly [ 900 to 1,000 ] kind of margins. So I'm trying to understand this is a new normal margin plan, 18% to 20% for the branded portfolio or we can go back to [indiscernible] a 25% kind of level in your Q4 levels? Growth helps to understand on the margin level. So it's a strength because of the competition. Is there any technological changes due to the [indiscernible] changes also having impact? Or is there any fixed price impact also there?

So as far as the -- we have all kind of fixed price contract that is number one. As far as the margin is concerned, the margin for a particular quarter depend upon the which customers order and executing in this -- in any particular quarter. As far [indiscernible] if you will not take the -- for the entire financial year, we are able to maintain EBITDA margin more than [ 19% to 4% ]. So if you will see on a year-on-year basis also, we have more or less we are able to achieve similar kind of margin. So maybe in a particular quarter, you may see some slightly different. But overall, this is for last FY '25 as well as '26 also here more than 19%.

Okay. So these margins will continue in the [indiscernible]?

So as we are mentioning that we are trying to keep with some operational improvement, timely execution and tight [ busting ] control, we are able to maintain -- we have maintained this kind of margin. But alas, we are mentioning that the margin would be around -- is around EBITDA margin should remain around 15%. But definitely, we are delivering on a continuous basis. That is what it is.

Okay, sir. Sir, my second question, on the [ IPP ] side, earlier 130-megawatt [ IPT ] had announced with the indicated CapEx of 3.5 crores, which comes nearly [ INR 420 crores ] of CapEx. This will be funded through internal accruals or we have any debt arrangements? And secondly, if you could share your view on our [ ITP ] asset strategy side. Right now, it's around 54.8 [indiscernible] take this operational. And we are also setting up additional rigs on the finance [indiscernible] that I'm trying to understand what is the IRR on the ICT side and our regular [indiscernible] side.

Yes. So we -- Yes. So -- as of now, we have operational 54 regard [indiscernible] or project that is [ IP ]. And additionally, we are setting up around more than 200-megawatt [ IPP ] project for our own. So these projects are necessary as of now is funded, is under construction is [indiscernible] crores only. So far, we have not tied up any kind of debt for this. We are funding it internally. So that is number one. And secondly, as you are aware that the company has 3 revenue stream, that is EPC plus [ O&M ] and third one is IPP. So our strategy is to have a smaller size of project IPP, so that we can have continuous revenue for the next financial year for the next few years.

Next question comes from the line of Deepak Poddar from Sapphire Capital.

So just wanted to understand we have an order book of 2.3 gigawatt. So is it possible to quantify in terms of rupees crores, how much would that would be and plus the composition with module without module only PC. So something on those lines will be very helpful.

Yes. So normally, we don't quantify through [ thing ] because even if I tell for this quarter also, it will vary, maybe in the next month or so, we could bear because of getting new orders and execution. So it is -- but broadly, the changes between 1 -- 1 to 1.25 or 1.2 megawatt.

Okay. INR 1 crores to INR 1.25 crores per megawatt?

Yes. So again, I will say the same thing because it will vary. So for next time, if I get some bit model order, it will vary. And if I get pure [ EPC ] or some of changes, et cetera, it will vary. So any calculation by this matter may not give the correct result for the future.

And how much the completion would be with [ module ]? Do we have any rough range on that?

Maybe actually around 20% or something like that model. So the composition remains better -- 20% at model. . And remaining like megawatt time, it could be vary between 10% to 15% or 20%, depends because then you are asking me the question.

And so this quarter, 50% revenue mix was this module, so that we can see as an aberration rate?

Yes.

Okay. Okay. Understood. And I mean, in terms of execution, are we seeing any type of slowdown because of any kind of grid infra problem, any kind of delay in construction transmission line? So how is the execution traction on the ground, yes?

So execution is going well. Actually, whenever somebody or developer [indiscernible], you have the solar project installation. So after getting required connectivity land, et cetera, then only they -- mostly they provide the [ EPC ] or ... When it comes to us for acquisition, by the time all the previous parts have been crossed verified check, then only they have contract is awarded. So from our side, once we receive the order, we start executing and deliver as early as possible or during the time -- required time discussion with the customer.

Okay. Understood. And I think this year, we had an execution of around 2.7 gigawatt, right? So what sort of execution we are looking for this year now FY '27?

So actually, as of now, what the order book, which I have is around 2.8 gigawatts. So that we are going to execute in the next quarter, which we mentioned [indiscernible]. And moreover, we are going to receive orders in this current financial year. So both put together, will get executed during the year. And some of them will go to the next quarters also.

Okay. And then this 36 gigawatt pipeline, so any -- so what is the historical hit ratio we have, I mean, in terms of conversion?

So it's difficult to quantify any kind of ratio because these are the bilateral discussion with the customers, the domestic pipeline get growth with the bilateral discussion with the customers we have clear amount of charge that we'll be able to convert some of them into the form.

Our next question comes from the line of [ Sumit Kishore ] from Axis Capital.

My first question is that your 2.8 gigawatt [indiscernible]. What would be your geographical exposure to [ Rajasthan ] and [indiscernible] on a ballpark basis? That's my first question.

So geographically, we are operating in almost 7, 8 states. That is [ Rajasthan, Gujarat, MP, Andra Pradesh ] [indiscernible] and [ Maharastha ]. So geographically, we are spread into 5 major states where our orders, we are executing the project. Most of them are in Rajasthan.

So I was asking the question because [ Rajasthan ] and [ Gujarat ] seem to account for 65% of the potential. So is your order book also more heavier in these 2 states? Is that a fair understanding?

A majority of the are in the -- those areas, but other areas also are significant -- equally significant at [indiscernible]. And [indiscernible] also contributing a great amount of order. So all states are contributors. But as of now, like [indiscernible], leading little heavy weight on the very rate.

The question is [ CTL ] in representation, the [ CERC ] order dated 10th April. Was that almost 60 gigawatt of [ RE ] projects in Rajasthan are awaiting clarity of coordinates of the associated power substation or our evacuation? Is there any -- could this possibly impact the award of new EPC projects because the developers would await clarity of the associated substation before they acquire land and award EPC contract? So basically, your thoughts on this particular issue in one of the largest states in terms of Waaree potential.

So as far as these, your thoughts are correct. But if you see that somebody wants to install, let's say, 500-megawatt or 1 gigawatt 2 gigawatt for test. So definitely takes a little time, maybe 12 to 15 months to complete from [ thinking ] or maybe design prospect to the completion for 12 to 15 months. So by the time this backlog will be there, but there is always risk, which is taken by the developer when they know that these are the power evacuation and when they are likely to be in place. So similarly, but as far as we, as the [ EPC ] players are concerned, we are -- we have been awarded when they -- all studies have -- must have been done from their side. And once it is awarded and time line is, given we executed in the time line some.

So basically, your 2.8 gigawatt order backlog, the portion of which is in India, none of those projects are impacted because the customer does not have clarity on evacuation as of now. That's a fair understanding?

Yes. Fair understanding because our job is to connect to the nearest maybe some station -- order station will -- and our infra ready actually. So to that extent, we have to work it.

Our next question comes from the line of [ Karan Gupta ] from [ ECM ].

Sir, my question is related to the margin side. [indiscernible] [ 15% ] that you're targeting. But right now, you are able to deliver more than 15%, 16% now, is around 19%. So what makes you coming to the point of 15%, as you calculated maybe. So what is the situation right now? And what will be in future as we said 15%? So you are expecting that in future, must be 1 or 2 years down the line, there will be more aggressive bid obviously in budgets. And what -- right now, we are getting benefited from?

16%, which you are mentioning is not a -- yes. So the 15%, which we are mentioning is not a calculation of guiding number. This some threshold, which we are maintaining when we are -- so when we are calculating our -- like when we are offering to the customer is [indiscernible], we do all vesting, et cetera, all kind of exercise. And this is what we have this -- as we maintain that, so it is not that it will get net size at this kind of pertain case. Going forward also, like we -- whatever order we operational efficiency and discipline, eduction timely on all these projects will play. And this will keep on improving maybe going forward also. It is not like that it will get normalized at some point of late.

Okay. Second is on the real part I think the most that you can see as a consolidated is came in the second H2. So what is the time line of making differentiate [indiscernible]? Are you closing net or [indiscernible]?

No. Mostly, our -- most of our receivables are less than 6 months only. And in many of the contracts, we are secured by way of letter of credit also to -- let's say we are operating.

Okay. Because from 500 to now stable more than [indiscernible].

Correct. That's right. Yes. That's right. Because the last quarter maybe last [ Muskrat ] will get accumulated to this number. But all are like -- many of them are through LCs and we are getting our payment.

Okay, okay. So there is no [ moment ] stretch from the government side or any of the companies are setting up this stretch?

Nothing as of now or significant.

Our next question comes from the line of [ Mohit Chandani ] from [ Bell Wise Capital ].

I wanted to understand best on a stand-alone basis, what is the cost per megawatt for EPC?

It depend upon the scope of the work, which is awarded to us in the form of EPC because for EPC maybe through supply or maybe depend upon the because each project has different calculations like how much already existing projects or you have set up there all together new projects. So it's difficult to provide any kind of number unless we have some clarity on the scope of first weaker.

Okay. So less you 100-megawatt plant with some ideal ratio of beds. So what is the incremental cost per megawatt?

For our own EPC work, maybe around -- if I get it could be around between 0.5 to 0.75 per [indiscernible]. So that, again, depends upon -- because every project and site is independent and where you want, where you have to connect and to the grid or maybe situations that all sectors is to be considered by giving any kind of number.

Okay, sir. Got it. And what is the breakup of the best project in terms of battery percent and other components?

So actually, as of now, we are just continued avenue of like being best as EPC. But definitely, if somebody want to install like model, which we are doing in our solar projects, if somebody wants moving from a similarly base as -- also the battery also they wanted from us, and definitely, we'll be able to arrive the cost. But these are the specific project-related [indiscernible].

Okay. Okay, sir, understood. And assuming the whole value chain is ordered through you, then what is the per megawatt rough cost?

Again difficult because it's -- you are asking project specification. So it depends upon the size where you want, what kind of -- it differs so it difficult to answer in this quarter.

Our next question comes from the line of [ Paras Pilani ] from [ Ignite Capital ].

So question, but in to your IPP asset. Now if I look at the historical numbers of the company saving a pretty asset-light model kind of a thing, can you please explain the thought presence behind opening IPP as a project? And secondly, how do you look at the long-term viability of this and the contribution to revenue going ahead? Do we see that in [indiscernible] as a major contributor? Or do we see a change as a EPC?

So it will be dominated by the EPC only because we are the EPC company. Apart from that, this IPP whatever assets we have, and we are likely to have some more assets that we are building so that we can give regular revenue for this company, maybe another [indiscernible] [ 25 ]. As you rightly said, we are the asset-light company, and we are not selling any given debt in our books as of now for these projects.

Okay. Okay. Understood. So we want the scaling beyond the plan, say, 270 [indiscernible] kind of a thing? Is that understanding correct?

Additionally, which we have announced in various -- our board meeting, et cetera. So these are the relatively smaller kind of a project in various sites. So these are the opportunities, which we have identified as the IPP for this Waaree renewable company and so that we can have -- add some more revenue. But in overall revenue scheme, the percentage might be very less.

Okay. Okay. Understood. And secondly, sir, what I'm understanding is that the industry as a whole is facing problem acquiring land for the relevant projects for ground-mounted for that [indiscernible]. So how are we as a company dealing with it respect to our R&D? Are we sort of recommending our customer the rules [indiscernible] or how do we go about it, basically?

So basically, if you see our revenue stream, we are [indiscernible] with the ground-mounted project. Rooftop is not contributing or highly contributing any amount of revenue in this. So accretion of land, as you rightly said, it is a challenge. But mostly, it is in the scope of the developer. So mostly lands are [indiscernible] and connectivity seen by the developer and then only the [ EPC ] contract is awarded to us.

Okay, okay. So you don't see that as a major challenge in growing top line [indiscernible]?

Top line [ procurement ] of land you're asking?

Yes. So in case our customers are having a challenging procurement of land, do you see that as a challenge in the incremental order influence, which we would be getting?

No, no, no. We are getting -- actually, if you see the overall country's potential more 44 gigawatt is already installed. So definitely, the pace will continue. And of course, every business has a challenge. So -- but the project will be installed going forward.

Okay. Understood. And secondly, sir, on the cash side. I see a slight bit of drop in car generation for full year FY '26. Could this kindly sort of give me kind of an outlook as to what has actually happened? And when -- and historically speaking, we had a much better cash conversion as compared to FY '26. So how do we go back to what we have done historically and or whether we would be continuing this sort of cash conversion?

So whatever cash which we are generating from the operations, all cases are mostly concerned and like -- it is going in like either development of our own IP [indiscernible] or maybe like when you have some margin requirement is there with the customer -- sorry, the banks that we are fulfilling out of it. So our target is to conserve cash, put it back in the project so that they will be revenue out of it.

Okay. Okay. Understood. And lastly, a bookkeeping question, sir. I see in the noncurrent assets, a very big increase in other financial assets. Could you please tell you what the pertain to?

Other financial [indiscernible]. So government [indiscernible] because I think amount of money like [ GST ] receivables, et cetera, those will remain with the government and some is advance to suppliers will be there.

Inputs are on numbers for the future quarters.

Our next question comes from the line of [ Nirav Ball ] from [ MIB Securities India ].

I had a couple of questions on the IPP. So what would be our current IPP capacity or current IPP revenue?

Yes. So we have -- yes, we have current around 54 megawatts of IPP assets, which are running and generating revenue. The revenue is around INR 26 crores for the financial year.

Okay. Okay. And we are -- so there is a [ CWIP ] also in the balance sheet. So that would be for the additional capacity values going to come up?

Yes. So part [indiscernible] previous question, they asked the additional -- this [indiscernible] project which we are undertaking. On account of that, [indiscernible] itself. So probably during this current financial year, they will get commissioned and [indiscernible].

Okay. Okay. So what would be the CapEx for the 7.1 megawatts -- what will the CapEx for that project? What is the capital [indiscernible]?

Yes. So as and when we are incurring the cost, we are applying [ CVP ] as of now as we are seeing the financials. So as soon as the income, it will get capitalized during the [indiscernible].

Yes. But what is the broad CapEx that you're looking at for this -- it will be good to us for us to build the balance sheet. So hence, I wanted that number.

So CapEx is -- I suppose I'll give the rough number for any kind of solar capacity [indiscernible] installed. If you put anything between -- it comes to INR 3 crores to INR 3.5 crores [indiscernible] megawatt. So -- but in our case, whatever the cost, et cetera, minimization whatever we do, based on that we'll plan it -- but this number, the board number I've given you for the installation of solar.

Correct. And if I were to look at the broad group, the group is talking about power infrastructure assets of about CapEx of about [ INR 20 crores to INR 50 crores ]. So what are our plans on that? Or is there any clarity in terms of how our IPP assets are going to increase going ahead? Or what are we playing in the group CapEx?

Yes. So group has its own plan because -- which has been disclosed by the group in various presentation, et cetera. But as far as the variable technology is concerned, we are -- we have what we mentioned to you is the CapEx [indiscernible].

Okay. Okay. So our CapEx is outside of whatever the group has announced in terms of the power infrastructure outlay that they are looking. That would be --

So when it gets consolidated, so I will not be able to comment actually how about [indiscernible] you so and asking the question. But as far as the variable technology concerned, either the likely CapEx going forward [indiscernible].

Okay. Okay. No. So where I was going to is that whether in the future, the power assets would be housed under technologies or it would be housed under any other company. So that is where I was leading to, but fine at the moment, the clarity -- there's not much clarity on that, right?

So this -- again, I'll mention this. Whatever the CapEx the existing 54-megawatt [indiscernible], which we have mentioned, and [ ended], these are the only CapEx as far as the Waaree Technology is concerned. And Group has its own plan initiative, CapEx, et cetera, that you can see in our [indiscernible].

Our next question comes from the line of [indiscernible] from Ventura Securities Limited.

Sir, 2 questions. Sir, sir, on the [ newer LCM ] regulations, sir, working on some numbers, sir, current cost per module per watt comes out to INR 14 and it is expected to rise to INR 23 per model per watt. So do you see any impact on the top line of the margins or they are expected to remain intact? And any update on the enforcement pushback if maybe that's possible from first June 2026 to later on late?

Okay. So as far as the Waaree Renewable Technology, the module price is concerned, we are getting orders, as I mentioned earlier, also maybe with [ module ] or maybe without model also. So and all this if somebody wants the complete [ turnkey ] project from our side, we see considering the current [indiscernible] model price. So for Waaree Renewable Technologies, there is like nothing -- even if it goes up also it is passed through to the [indiscernible].

So do you see any impact on the top line if the cost rise significantly higher from current levels?

Yes. Because it's tied to the significant -- at the current level also. As I mentioned, sir, if you want a turnkey order from Waaree Renewable Technologies, along with the model, I'll be able to provide the pricing of current billing rate of models and immediately help [ operate ] from the suppliers. So as far as variable technology is concerned, the pricing of wearing this model price will not impact the [indiscernible].

Our next question comes from the line of [ Hiten Boricha ] from Sequent Investments.

Sir, my question is on the acquisition rate. So in the first half, execution was 700-megawatt to 900 megawatts, which has declined to 600 or less than 500 in Q4. So what kind of execution rate we are expecting, sir? And second, if you can also guide on order inflow because at the current order book, like 2,800 megawatts considering we will be executing the quarter in the next 12 months. So what kind of growth we are looking just to understand the growth side, sir? And also, if you can throw some color why our execution rate has declined in large context.

Yes. So as you are aware that we have a variety of order, maybe can or with or without model [indiscernible]. So depends upon the quarter in which quarter and execution which order, if it is a [ BOS ] order, maybe with only megawatt is higher, maybe my scope is less. So it will give you that kind of number maybe earlier quarter, I have said the execution is more now this quarter [indiscernible]. Because of the variety of product, which I'm advising [indiscernible]. And Waaree has a capability to execute any kind of like megawatts, it can be any megawatt because we have capability of executing orders in various states, various sites, only the main power and all the source is needed to expect and scale up the operations further. And as far as the order inflow is concerned, because if you see from the last 1 year, whatever the amount of orders we have executed, maybe equivalent or same kind of order we have already received. So I think the pace will continue going forward because of the renewal push from the government and recently we have seen that everybody wanted to have a green energy. So it will continue, sir.

So the reason I'm asking this question about order inflow is, we currently have an order book of 2,800 megawatt, right? Assuming we execute around 3,000 megawatts at 1.2 [indiscernible] realization per megawatt, we still won't see much growth this year. So my question comes on that point sir.

Yes. So this -- whatever I -- this 1 maybe to per mega 1 or 1.2, it depends again. Again, the next month if -- or next quarter, if I get some orders, this ratio will change further, sir. So -- but what you rightly said is 2.8 gigawatt [indiscernible]. Further, as I mentioned, that the lot of order pipeline, which we are changing in the pilot discussion. So maybe in the coming quarter, we are likely to receive some orders. And throughout the year, the [indiscernible] share will continue. So whatever the existing order plus, which the orders you are going to get in the current financial year will get executed first.

[Operator Instructions]. Our next question comes from the line of [ Harshit Jan ] from PoC Capital.

[indiscernible].

Can you repeat, sir, your question?

[indiscernible] that income currently all revenue from battery and new sale systems and data center? And what is the future guidance for [indiscernible]?

From the current existing revenue is all from EPC and [indiscernible]. So there is no order or revenue from these 2 segments which you have mentioned. However, we are executing one of the best this project, a relatively smaller size, but we are executing during this quarter or maybe this financial year. So that order will get executed. But if you see that on the -- going forward also, are to have a good stability this base is necessary. So everybody is like we are getting a lot of inquiries for the best project along with the solar project. So this revenue stream will open up during the current financial year. That is what we are maybe expectation. And with respect to data center, as of now, we are working with the various like maybe in tires, et cetera. But as of now, there is no immediacy form orders which is available to us, which we can mention [indiscernible].

And in terms of the one that the company has achieved idn growth, sir can you help me understand that retail [indiscernible] for receivables and invent [indiscernible] in the balance sheet. So sir, can I tell you, is there been new promoter or normalize something this event?

So which I could understood from the flow of your voice, you are asking about the receivables and the inventory. So inventory, whatever inventory we are procuring whatever the components we are offering mostly almost all are for the specific project requirements on [indiscernible]. So it may be point of time, whenever we are financing our financials, you can see, but it will get -- it will be built subsequently to the customer based on their project requirement.

Our next question comes from the line of [ Avnish Tiwari ] from [indiscernible].

What the impact you have seen in this oil and gas situation? Any raw material inflation or labor because of [ LPE ] vendors? Have they stayed back or gone back to their villages or any other impact in terms of your cost or education time lines? Have you experienced anything of the shock?

So from the current situation, which is prevailing in the world. So indirectly, everybody is impacted actually in one or the other form. But as far as the company is concerned, we are we have all domestic orders and all domestic supply chain. So we are -- all are foreseen from the domestic events. These are available in India all the components which are required for the construction of solar power projects. So that way, directly, we are not having any kind of impact. And there is an opportunity for a company like us because everybody wanted to have solar power at green energy going forward, that is a lesson maybe from this. So it will be helpful for the company like us.

Okay. So you're not experiencing and components being delayed or any sort of raw materialization which you have to digest rather than passing it on to the projects?

So as I mentioned, all are domestically sourcing. So therefore, immediately not have any effect.

And if I look at your order flow every quarter, why has been so weak when that outlook is so called in the industry? And if you can also articulate on an incremental basis, are your margins in the new orders you are booking. Are they better than your existing order book margin or lesser than your existing order book margins?

This order inflow, what you said is like in spite of installation, the quarter will be there. Because when you -- for such a large order, actually, because this developer has to put in money for the other activities also model or maybe for infrastructure rations. So when all these are considered and these are the -- nowadays, we are seeing that our order book is like maybe regard to gigawatt-scale of order which we are exiting. So it takes some time with the customers for the equation and at of the orders. So that is how we --

Okay. So it's not to do with the more number of players in the competitive pay on an aggregate basis in your slide, you say the ordering has been overall increasing, but the order flow to you is not increasing. So is it something to the market share we have in the new order booking? Or is it just that the these delays and converting the orders to underground education is just taking more time at the scale we're doing it right now?

So maybe like what you said is correct, it can contribute, but it's difficult to quantify how much is on each count.

And the margin-wise, incremental margin --

I'm sorry to interrupt you, sir, but please reach in the queue for more questions. [Operator Instructions] Our next question comes from the line of [ Yogesh ] from [ Car Insurance].

[indiscernible] based on [indiscernible] than in other insurers, [indiscernible] are test to procure bank for [indiscernible] pain company it is inflated to source some third-party vendors.

Okay. So mostly, if you see that whatever order we are getting is pure U.S. owners. If at all, we are getting this orders in the [indiscernible] sector. So immediately, based on the customer requirement, it could be on [indiscernible] from the Waaree also, it could be from the other sources. So it depends actually on the customer whom we are interacting and how we want it to be.

Any [indiscernible] breakdown an improvement from parent and [indiscernible]?

Any?

[indiscernible] company and the businesses.

So it's not very clear to me, but can you repeat, sorry?

I just want to ask how much percentage going down from a from the parent and the third-party lenders?

So it is difficult to quantify because we don't have the kind of ready number with us, how much from the parent and otherwise. But it depends upon the customer requirement and with the valuated discussions, it could be Waaree or it can be some other also.

Our next question comes from the line of Sarang Joglekar from [indiscernible].

Hello. Yes. So I just wanted to understand what has been the pricing of [ modules ] with both DCR and not DCR in this quarter? And do you see and what's the trend do you see going forward?

See, we are not directly dealing with the model that you are aware of. And based on the customer requirement only [indiscernible] to install [indiscernible] because models are more seen on most of the cases, models are all procured by the developer.

Yes. But I mean whenever you get an order, which includes model must be procuring modules as well, right? So trying to understand what's the pricing for models currently.

So in the recent actually, it depends because the DCR model will always have the higher size, that is what we understand. So in the recent -- because it depends upon the customer specific requirement, these models are profit not the orders which are getting [indiscernible].

But any range you can give?

Difficult to give any kind of [indiscernible] for this.

This question comes from the line of [ Sahil Kushal ] from [ Mars Capital Services ] Limited.

My question is --

I'm sorry, sorry to interrupt you, but there's a background noise.

My question is, do we face any kind of regulatory [ insure ] while executing the long -- the products, the long-term projects?

No. As such, there is no regulatory requirement because the permission, which are necessary for the installation of solar projects is already most of the cases only in place. So whatever the required remaining format, which I think is not that significant, it's a process driven only. So those are our scope and there's no hurdle for the --

Our next question comes from the line of [ Arindam Banergy ] from [ Microsec Wealth Management ].

Sir, I have one question. That is, what is the percentage of revenue from the new EPC and the tan [indiscernible]? And also, what is the bifurcation in terms of orders. So can you please some light on this? And what is the margin profile in both centers?

You are asking this bifurcation with model without a -- is it?

Actually, I'm asking a margin profile, margin profile in POC and an [indiscernible].

Okay. So when we start like maybe a turnkey project or maybe the pure project, we consider setting parameter and threshold for the margin percentage. So for us, both type of projects are like we have the same kind of category as far as the modular concern we take the appropriate ports on the market or -- and then we can get our rest of the BOC price. So this -- but margin -- it cannot be said like this particular segment as the higher margins can be have lower margin.

Okay. Okay. Understood, sir. And my next question is, are you executing any PP projects in overseas?

As of now, we are not executing anything, sir, but we have this pipeline or pipeline which we are changing for the overseas projects also. But as of now, we are not exiting any site.

And my, sir, last question, just one question. That is what is the opportunity under [indiscernible]? Have you seen any opportunity under the [ Riposolar ] project?

So as I mentioned that we are undertaking ground mounted, mostly ground mounted solar project which are related in a bigger site. So our company, variable technology is not actually doing this project in the rear.

Thank you. Ladies and gentlemen, due to the time concern, that was the last question for today. I would like to hand the conference over to Mr. [ Nikon Jain ] for closing comments. Over to you, sir.

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, will read to contact us. We are [indiscernible], Investor Relations adviser for Waaree Renewable Technologies Limited. Thank you.

Ladies and gentlemen, on behalf of Waaree Renewable Technologies Limited, that concludes this conference. Thank you for joining us, and you may now disconnect your lines.