Websol Energy System (NSE:WEBELSOLAR) Q2 2027 Earnings Call

0:00 Ladies and gentlemen, good day, and welcome to Websol Energy System Limited's Q2 FY 'twenty seven Earnings Call hosted by Tuohyse Consultants. 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. Please note that this call is being recorded. I now hand the conference over to Mr. Sohan Lal Agarwal, Founder and Managing Director at Websol Energy System Limited. Thank you, and over to you, sir.

0:47 Thank you, ma'am. Good afternoon, everyone. Thank you for joining us for Websol Energy System Limited's earnings call. Wishing you and your loved ones a very happy and prosperous Deepawi. Before getting into the quarterly numbers, I want to spend a few minutes on the industry we are operating in. There's a lot of excitement around renewable energy and solar manufacturing in India today and rightly so. We are witnessing a fundamental shift in how India thinks about energy security, domestic manufacturing and the role of renewable energy in our future. After more than thirty years in this business, I see a real opportunity for Indian manufacturers who can translate a rising demand into consistent production, high product quality and reliable customer delivery.

1:49 This is where I believe our experience gives us an advantage. India added about 20.8 gigawatts of solar capacity in the first six months of this financial year. That is very significant number. The first half of calendar year 2027 has replaced India's highest ever solar installation for a six month period. Demand is coming from large solar parks, commercial and industrial users, rooftop installations and government programs, which is storage and hybrid projects becoming more important, the way in which solar power is being used are outstanding. For a manufacturer like WEBELSOLAR, however, I see two sides of this opportunity.

2:38 The first is demand. The second is the structure of manufacturing itself. India has built a very large model manufacturing base, but making reliable, high efficiency solar cell is a different challenge. It requires technology, process control, experienced people and time to get the right skills. The ARMM List two framework is important because it encourages more domestic sales and production. The government has allowed a limited commissioning window for certain projects, but the larger direction towards domestic value and this remains clear in my view. The companies that we win will be the ones that can manufacture consistently, control cost and adapt quickly when the market changes.

3:32 That is the backdrop of which I look at our quarter. Our solar cell lines operated at 91% utilization in quarter two. We produced a little over two fifty five megawatts of sales. I attached partners to this because it is one thing to install equipment and that is to keep it running at these levels quarter and after quarter. It reflects the work being inside of part of plan by our production and engineering team. We also mobilized that we need to evolve technology for conversion of an existing one of our client to top one design win. We are building for 600 megawatt line to a planned seven fifty megawatt of copper mine, which targeted towards the end of this financial year.

4:23 The second major development this quarter was in Istvanag as informed earlier in September. We received the allotment of 54.20 acres at Halta Industrial Park for our proposed integrated facility of four gigawatt planned into phases. We know the pace, we know the people and we have an operating plant close by. Their disciplined workforce and existing network of suppliers and their familiarity with their local condition that cannot be created overnight. We will speak about time lines at each stage of founder. We are also encouraged by the renewed emphasis on industrial development and investment facilitation by the government investment work.

5:13 The administration has outlined its intent to strengthen the state's industrial ecosystem through a more investment oriented industrial policy, improved land availability, streamlined approvals and renewed focus on ease of green business. Overall, we remain focused on executing our expansion roadmap, extending our technology capabilities and maintaining operational and financial discipline. With our normal capacity enhancement, transition to our top four technology and a proposed integrated manufacturing expansion, we believe Websol is well positioned to participate in the next phase of the year, so that manufacturing growth.

6:02 I now hand over to Sangeana for her comments on the performance for the quarter and half year ended. Sangeana, please go ahead. Thank you, sir. Good afternoon, everyone, and thank you for joining us today. I will now take you through Websol's operational and financial performance for the second quarter and first half of financial year twenty twenty seven. HY FY 'twenty seven marks Websol's highest ever half yearly revenue and operating profit with revenue reaching INR $7.34 crores and EBITDA stood at INR $2.54 crores. Profit before tax also reached a new half year high. We delivered a strong financial performance during the quarter with revenue growing by 114.6% year on year to INR $3.61 crores.

6:52 EBITDA increased by 77.3% to 128 crores, while net profit registered a growth of 73.2% to 80. For the first half of financial year twenty twenty seven, revenue, EBITDA and net profit recorded growth of 89.6%, 44.439.2%, respectively, reflecting the continued improvement in our operating performance. Our cash generation has also been strong. During H 1 FY 'twenty seven, we generated INR $2.44 crores in cash from operations compared with INR 137 crores in the corresponding period last year. After taxes, net operating cash flow stood $2.12 crores against 132 crores in H1 FY 'twenty six.

7:44 This is particularly encouraging because our growth is translating into cash, giving us greater flexibility to fund our expansion plan. A major milestone this quarter was becoming debt free with the repayment of our debt in August, further strengthening our balance sheet and providing greater financial flexibility to support our future growth plan. On the operational front, as highlighted by sir, module and cell capacity utilization stood at 6891%, respectively, during the quarter. The stabilization of our manufacturing operations at these levels is helping us maintain predictable production, absorb fixed costs more efficiently and serve our customers consistently.

8:30 We remain focused on driving operational excellence by continuously identifying opportunities to improve our cost structure and protect margins. Our approach includes disciplined procurement, better input utilization, process efficiencies and tighter control over manufacturing costs. The moderation in silver prices, together with our effort to optimize silver consumption, has supported cost management and helped us maintain our overall blended margin. We will continue to closely monitor commodity price movements and proactively manage input costs to safeguard profitability. On the order book front, our outstanding order book stood at $12.80 crores at the end of the second quarter financial year twenty twenty seven.

9:20 This provides visibility on near term execution and reflects continued demand for our products. On investment, the immediate priority is to complete the top one upgrade conversion properly. For the next facility at Palta, we have the land allotment, and the work ahead is to take the project through detailed planning and execution in a safe manner. I also want to touch on the company's move into other parts of the renewable energy business. The Board has approved pursuing opportunities in EPC, solar independent power production, solar parts and energy trading. It has also approved the proposed subscription to 40% of Bright or Sell Private Limited future.

10:10 We progress made in subsidiaries, which will be incorporated in the due course. Further developments will be communicated to investors as and when appropriate. These are steps towards broadening our presence, but they are at an early stage. As we evaluate these opportunities, we want the right expertise and a clear commercial case before committing further capital. Manufacturing will remain our core business, and that is where the bulk of our attention continues to be. Overall, our focus remains on profitable growth, operational efficiency and prudent financial management as we build the next phase of WEBELSOLAR expansion.

11:00 We now open the floor to questions and answers. Thank you. Thank you, questions. Ladies and gentlemen, we will wait for a moment while the question queue assembles. A gentle reminder to all the participants to ensure that the management is able to address questions from all the participants in this conference, please limit your questions to two per participant.

11:46 The first question is from the line of Mr. Virendra Verma from Implenia Services. First, congratulations on good set of numbers. See, sir, in the press release, you have mentioned there is four gigawatt of expense in West Bengal. Is still in the two fee. Yeah. I'm sorry to interrupt. Can you come again with your question? Your voice is breaking in between. Okay. Yeah. Yeah. Is it... I am better?

12:31 Is it better now? Yes, sir. Please come again with your question. Yeah. Thank Yeah. Yeah. Thanks for the opportunity. See, my question is company has stated that four gigawatt of this capacity solar cell manufacturing will be coming up. So if you could give a detailed time plan as well as financing plan. Yes. So... Yeah. So we've been allocated land in West Bengal very close to our current facility at Palta for this upcoming greenfield project. So as we have communicated in the month of September, we have been allocated 54.2 acres of land for this four gigawatt integrated project.

13:22 This project will be completed in two phases of two gigawatt each. And with respect to funding, we are anticipating or other estimating a project cost of 1,350 crores for the first phase of two gigawatt. And the funding plan with respect to this would be that the equity portion as of now, we feel comfortable that we'll be able to fund through our internal accruals. With respect to the remaining part, we expect that we will be raising some amount of debt for this expansion. To touch a little on the timeline as you asked, so currently, land development exercise is underway.

14:12 So we are hoping to complete the same by early next year post which the construction phase will commence. Currently, teams are evaluating all the technical details. They are in touch with the necessary vendors for the equipment and other facility, utility, and electrical supplies. We are hoping that we will be able to move as per our internal timeline and start trial run by the third quarter of the next financial year. That is somewhere around the '28 or '29... Sorry. '27 or '28? '27. Oh. 2027. Yeah. Yeah. Sure. Thanks. And one more question, ma'am.

14:58 See, like, you have also appointed a new CEO for your renewal business. What will be his role and what... I think to my understanding, the business is yet to begin the way to. So Yeah. With the the responsibility and why when at this moment he has been appointed?. So, of course, our plan is to scale and grow to the extent of scaling all our manufacturing capacity. Also, we have announced entry into other forward integrated verticals of solar. So definitely, the idea is to strengthen our management and get professionals in the respective team to lead from the front. So when I have been appointed the CEO of WEBELSOLAR Renewables, Websol Energy business is going to be the manufacturing of the top one capacities of cell and modules.

16:02 In addition to that, Gunai has... Is carrying significant experience in execution of lot of power development projects through his past experiences. And definitely, he will be adding value to the newer verticals that the company is planning to come up with in time to come. Okay. Thanks. And by when this this... We can see some from this subsidy. So the subsidiary right now, Websol Renewables is going to be starting with the two gigawatt top con integrated line. Right? So that as I communicated will come up sometime in quarter three financial year twenty seven, twenty eight. Oh, thank you,.

16:48 Thank you. Participants, you have requested to limit your questions to two. The next question is from the line of Mr. Manav Chokshi from KR Chokshi Shares and Securities Private Limited. Please go ahead, Hello. Hi. Good afternoon, and team. Wishing everyone a happy Diwali in advance. I just had one question on the energy trading EPC IPP business. What's the vision there? How how do you see that business shaping up in the next one to two years? And if there are any chances of also getting into other agencies like inverters and BESS around solar and battery.

17:33 So if you could just give your vision around how you see that that thing around solar and its ancillaries. Right. So the reason for GP at Websol is cap and capital light. So it will help us build our own ITT and past projects, and it will help us to serve module customers who want turnkey supply. So the idea behind this vertical is that it can help us emerge as complete energy solution providers, and it should help us enable to capture the entire energy value chain. So we are building this business through separate SPD, which will carry more manufacturing capital, and we will report it separately once material.

18:23 We are expecting that this will serve as a channel for sales and modules and not a profit center that will touch our manufacturing margins. So manufacturing will definitely continue to take majority of our capital, and it will continue to be our primary business. The intention of these forward integrated verticals is only to give us access to the broader market and help us in more than complete value chain providers. Got it. That that was all from my side. Thank you. Thank you. The next question is from the line of miss Jasmine Surana from VT Capital. Please go ahead. Hi.

19:08 I have two questions. The first question is what is our capacity today by technology, and what is the cell and module capacity? And what is the outlook on it for the same? The other question is, what is our plan for three and invert wafers that you could flow from light, obviously? Yeah. So current cell capacity stands at 1.2 gigawatts, which we are manufacturing using and the module capacity is five fifty megawatts. We are currently in between upgrading one of our monopurc lines of 600 megawatts to top one, which will result in incremental capacity of 150 megawatts.

19:54 So by end of this financial year, we expect to be a cell capacity of 1.35 gigawatt, which includes 600 megawatt monopur and seven fifty megawatt top quark, and we will be a five fifty megawatt module capacity. So that is on our current capacity of this financial year. And looking forward, we are planning to get a four gigawatt integrated facility in a phased manner, which will be a. So the first two gigawatt is expected to come live by quarter three of financial year twenty seven twenty eight. Great. And what is our plan for ALNN three and the? Right. So our team already announced that we are going to backward in this need to...

20:46 It was in deeper as well. So, definitely, we are right now in touch with the technical providers for the necessary evaluation taking the... To take this project forward. So we are just waiting on clarity of the deadlines before we can commit any capital to this project. We are definitely aggressive, and we are definitely going to implement this project, but we will be able to give further clarity with respect to timeline only once the e l m m list fee mandate is cured in terms of the timeline. Any any idea by when that this can be decided? So as of now, it's June 28.

21:32 So we are working as per that timeline, but we are monitoring closely to see if there's any sort of on that front. Can I squeeze in just one more question, please? Yeah. Please go ahead. Thank you so much. I just wanted to know the cash flow performance and the margin. You repeat your Cash flow performance. I wanted to know how yes, for this quarter, please. So if you see our results, so I think we have generated cash flow from operation is around $2.13 crore in this half year. And if you see the cash flow from operation has increased from last year's 132 crore to INR $2.12 crore. So there is a healthy cash limited from the operating activities, and we are using that cash to repay the EBITDA debt, and also we are using this cash activities for top line of production.

22:36 Okay. So is there any particular outlook for how we'll be using the cash flow or where the cash flow number should be? Cash flow number to be are you asking a forward projection for cash flows? Yes, a rough range if possible. So we believe that the cash flow in the later half also usually be strong, and we will use the cash flow for our expansion activities. Okay. Thank you so much. Thank you. The next question is from the line of Mr. Rahul Joshi from SOAR Enterprises. Am I audible, ma'am?

23:24 Yes, We can hear you. Yeah. Good afternoon, everybody, and congratulations for keeping the momentum going. One indeed amazing news that came last quarter sorry, last month was the location of the land. And thanks, Indina, for sharing the time lines on that. Another interesting thing which came up yesterday in the update was entry into the new businesses that is planned for the EPC and others. Just one question on that. Any thought on getting into the best side of the business as well? Because most of the competition that we are into are getting into this line and considering the end of ramp up that the government is talking about, there would be a substantial requirement for the best storage platform as well. So any thoughts on that?

24:25 Yeah. No. You're absolutely right. I think the whole industry is very aggressive when it comes to BIS and so are we. We definitely feel that with SOLAR, that is a good complement, and we definitely... If we can help store the energy, that is definitely going to meet the future brighter. So we are evaluating this opportunity. We don't have any firm plans yet to share, but definitely once we have some clarity on plans to enter this, we will be sharing the same with investors. But as of now, I don't have any concrete plans to share. Okay. Just one follow-up question on that. From these new initiatives that we're planning on EPC and the others, what kind of a revenue are we expecting from it? And from when do you think that these revenues would start accruing?

25:20 Right. So I think, you know, it's very preliminary right now, and it's very premature to be commenting on projected revenue. So the idea, as I mentioned earlier, was that, you know, we want to become, like, a one stop solution for energy solution provider. Right? Like, we want to become a energy solution provider wherein we capture the whole chain from the silicon. We make the wafer, then we make the cell, we make the module, and we are able to consequently install and commission the modules to be able to generate power. So that is our vision that we want to be a part of the entire value chain. So definitely, verticals like DC and power development are new for us right now. The board has given us a go ahead to explore these opportunities because they also feel that, you know, this is where the industry is heading now because, you know, like, if you have access to the whole value chain, then you can cater to the customers directly.

26:26 So we are making an effort to explore these fields proactively, and only as time progresses will we be able to share more details with respect to how our efforts are evolving. Thanks a lot. Thanks a lot. Thank you. The next question is from the line of Mr. Singh from. We'll move on to the next question. The next question is from the line of Mr. Rahul from Himani Financial Services. My question is, does the management look at warrants as an option? Do you want to take warrants as of now, maybe in the coming two months, three months?

27:20 So I think if you see your current benefit strength, and we are confident that we will be able to follow our expansion on the basis of the internal approvals and the current financing portion we have. So we have not decided to raise any equity as of now. Obviously, in case we require any equity, then we will come to the capital market to raise the equity. So as of now, we have not decided to take any warrants or something. So if we decide anything, we will inform the market as per the daily regulations. Okay. And I think if I'm not wrong, maybe six months ago, the first CapEx requirements were around INR 1,700 crores, which is now INR 1,300 crores, if I'm not wrong, right?

28:12 Yes. So we are projecting this CapEx to be around INR $13.50 crores as of now. And how much of that will be from internal accruals? We are projecting roughly 400 crores to INR 500 crores from internal accruals, and that will be raised in form of debt. All right. Thank you. Thank you. The next question is from the line of Mr. Geetaar Chandan from Green Portfolio Private Limited. Please go ahead. Thank you for the opportunity. Actually, I wanted to know one part that out of the 52% in land allotment to you, four gigawatt will be used for sale expansion. Right? So afterwards, how much land bank will be available?

29:07 Sorry. Your voice was a bit. Can you please repeat your question? What I was trying to say was that out of the 54.2 acre land bank, which you are using for four acre expansion of solar part, so out of that, how much acre of land bank will be available? And will that be used for the wafer and ingot as well, or you are planning to get wafer and ingot somewhere else? Yeah. So, basically, we put in what will be put at a different facility. The 54.2 acre land is just for the integrated facility. Okay. Got it. And for the part, how much CapEx are we planning to do? Because I think one, one point five years will be used for the plant setup, and you are targeting it by the mid of twenty twenty eight.

30:01 So we are still evaluating exactly how much CapEx will be required. And we are in advanced stage. So I think by next quarter, we will be able to confirm how much the CapEx will be required. Okay. So during that point of time, you will be planning to add some part of equity including because I think as per my calculation analysis, internal accruals would not be sufficient to fund that expansion. Am I right on this? Or is there any change? So if you see your September results, we are a debt free company with a network of $7.18 crores, and we believe that the cash that we will be healthy in the coming future.

30:46 So regarding what will be the we will evaluate how much equity and debt position will be after considering the WEBELSOLAR project. And in case any requirement rises, we will definitely look into the other revenues, how to raise the fund for the wafer thing. But as of now, we believe that we can do the extension with our internal tools and the current current funds we are having in the company. Sure. It's important. Thank you. Thank The next question is from the line of Ms. Jasmine Surana from WEBE Capital. Please go ahead, ma'am.

31:39 Hi. I also wanted your outlook on the margins, please, EBITDA margins. So, ma'am, if you see my EBITDA margin, EBITDA margin, we have maintained consistent EBITDA margins and our EBITDA margins are roughly 80 basis, our EBITDA margin is 35%. And we believe, as we have also informed over the earlier call also that we believe some moderation in the margin. We expect EBITDA margin to stabilize in the range of 30% in this financial year. But considering the new CapEx is coming on, we do believe some moderation will be there in the EBITDA margins.

32:27 Okay. Great. And by FY 'twenty eight, 'twenty nine, do we expect a ramp up there? Ma'am, it's very difficult to comment on what will be the margin on FY 'twenty eight, 'twenty nine because there are many external forces are working on this. It depends on how much will be the capacity and how much will be the demand in FY 'twenty eight, 'twenty nine. But we still believe this is a high-tech industry and this industry will continue to generate a decent set of EBITDA margins. But to comment on the exact number of margin is very difficult to predict. The next question is from the line of Mr. Gaurav Singh from Aditya Villa.

33:18 So my question is with reference to technology. As we have seen last month, China has come out with the proposal that they will be expecting also of top on another 11 technology to to the world where they are exporting. So my question is the line which we are renting and the line and the four gigawatt which we are planning in future. So are we going to use the technology which China is supplying? Because in our... In your website, you just mentioned that we use the Chinese technology.

34:05 So will there be any impact of this action of the China on our production or future plan because technology plays a very important role. It could lead to handling the future plan as well. So I just wanted to know the clarity on this. Yes. So actually, China has put an embargo on certain equipments, which are mainly furnaces. So we have all these suppliers outside China also for providing the same. So we are I know so we are not constrained by the Chinese restrictions. There are certain other instrument equipment that we get from China. They are not in that list. So overall, we are quite safe as far as our... Because, you know, we have not placed order as a turnkey line to any Chinese company.

35:02 So from that angle, we are quite safe. So we don't have any issue. So with reference to the landline, which we are modernizing, are we going outside China only? So German company. Yeah. Yeah. So we don't have any problem. And for the four gigawatt, which we are planning, that would be also outside China? The next question is from the line of Mr. Chetan Pourohit, an individual investor.

35:56 Everyone. Or both the company 2020, March 20 or times. The basis of the future prediction all of us. Questions, majority questions, sir. So we... It's been like a job March 27... December 27. Yeah. So December 27 is what we are targeting that we will start our...

36:51 I mean, by December 27 rather. So we will start our first two gigawatt top one integrated facility. That is the plan. Okay. Thank you very much. Thank you. Thank you. The next question is from the line of Mr. Amit Mishra, an individual investor. So I have one question related to the top one upgrade that that... Can you please confirm that if the machine has already arrived and... Or we are still in procurement phase.

37:36 And the related, you know, the the price per megawatt increase because we go from 600 megawatt to 750 megawatt Topcon. So between Monopurc and Topcon, the efficiency increase is almost 7%. So the price would be proportional as well, or is there additional part of it because of the durability side, etcetera? Yeah. So, basically, with respect to the question on the equipment arrival, so we've already finalized the equipment list for the top one upgrade. The advances have been paid, and the equipments have been accordingly ordered. Most of these equipments have been shipped and are on the way to reach our facility.

38:24 Currently, activity at plant that is ongoing is the completion of the civil work and readiness of the utility facility and electrical to kind of welcome these equipment on the floor. So I think we are on track. We had announced that we will commercialize by March 2027, which is the last quarter of the current financial year, and our plan still holds good with respect to the same. And I'll give the line to Amrit for the realization. Yeah. So, Amit, you are correct. The price realization in top form is higher in in compared to the monopur. But to comment on how much it will be higher, it will be very difficult to comment on. But as of now, we are hearing there is a gap in price of monopur cells and popcorn cells.

39:20 It can be around 1¢. Right. Understood. Going back on the larger CapEx greenfield, we we we just made the payment for around 110, then the land payment, 28. And then we are, of course, buying machines for top online for this brownfield expansion. So I just want to understand out of 1,300 crore that we are putting for this first phase two year worth. Internal accrual, okay, our equity part with the debt, we can... We do... So just want to understand, like, we we we are okay when we are going to put the machine reorder. I think last time when we talked, it was December, and that was the timeline given for machine reorders.

40:17 So we are in November. So when we say that we are comfortable funding this by internal accrual and debt, we haven't had the details on debt so far. Have we finalized debt already, or what's what's the status? Yeah. So you're right. The upcoming greenfield expansion is going to be approximately $13.50 crores, and the top one upgrade, which we are currently doing at our current plant, is around $2.70 crores. So just to give some further clarity on this, with respect to the top one upgrade as per our estimation, we are very well prepared to fund the same from our internal accruals.

41:07 In fact, the projects, as you know, is already ongoing. The equipments are to arrive. So we have already made maximum payments for this project. However, we will be raising debt for the greenfield of projects. And for the current upgradation, though we are well prepared to fund the team, we may take on some leverage for which we are already in discussions since we do have an appetite to service some debt as of now. Like, as you correctly mentioned, we repaid. So we do have some appetite to take on some leverage even for the current project, but we don't foresee any delay in timeline on account of funding because we are very prepared to complete this project without any debt also. Right. And and the construction has started for the greenfield?

41:56 So for the greenfield, as I mentioned, we are currently doing the land development exercise. The construction is expected to commence for end of the financial year, as in by January next year. January next year? Yeah. So we'll be going for a PED, so that technically will happen at the vendor site. So at our facility, we will be doing the land development and the civil work, which will land development has commenced, civil will commence sometime in January next year. Right. And just if I can squeeze one more on the EPC, IPP and energy Absolutely. You'll have to rejoin the queue. Okay. Sure. No problem. Thank you. Thank you so much.

42:43 The next question is from the line of Mr. Sushil Chokshi from Indus Equity Advisors. Please go ahead. Congratulations to Websol team, excellent performance. Going back to the sell business out, which is a predominant for pay. So,, if you can upgrade that there is a lot of noise that there is too much of capacity coming up. But the cell to module capacity still seems to be a constraint for next two, three years with new government rules, regulation, ALM, and things like that. And based on the forecast of demand between and other schemes, which government is rolling out and other schemes, how do you see the supply mismatch between cell and module and how Websol benefits by accelerating compared to what you are giving in commentary for the expansion?

43:41 That's my question number one. Yes. Yes. I should ask this question. Yes. So, sir, as you correctly pointed out that the cell and the module gap is quite immense as on date, and the fact that the deadline for ELMM list two implementation has been extended indicates that that necessary cell capacity is still not there in India. So as primary cell manufacturers, we see this as an opportunity definitely because we are self focused and all the modules that we make are DCR and compliant. So, definitely, we are at the benefiting end of this.

44:26 And with respect to how the situation will evolve in the next two, three years, I think it's going to be a factor of how many cell capacities come on the ground. So definitely, we've heard very ambitious announcement, but the amount of capacity addition which we mentioned during our opening was approximately 20 gigawatt in the first six months of the year. So definitely, the additions have been less than expected. So it depends now how quickly these capacities are able to come up to bridge that gap between cell and module. Second question is to Asanti, ma'am, the stock on enhancements or enhancement capacity of mono work from the current capacity with incremental 20%.

45:16 Is this machinery being altered keeping in line with our two gigawatt expansion, learning curve, experience, interface with the technology vendor, supply chain, whereby that we should be able to accelerate the next two gigawatt and the following two gigawatt or both the business, the machinery manufacturing technology may have a little difference between the German and the Chinese or the... Any other supplier? Yeah. No. So more more or less, you know, this expansion that... Sorry, conversion that we are doing, that will be the learning curve for us. And the two gigawatt would be more of an extension to this expansion, the the conversion that we are doing.

46:02 So whatever we learn from through the conversion, that will be used to utilize fully for the two gigawatt expansion. Regarding... That is about how we learn. What else did you ask? Sorry. If I can... Hello? Yeah, ma'am. And the... Basically, this will be a learning curve for the two gigawatt, like, entire operations which we are planning. I understand that. Can you accelerate, like, the previous plan which we enhanced at the faster pace of implementation and capacity utilization here on the Correct. So so, yeah, two gigawatts that we will have the expansion, it will be at a much faster rate. And because the good thing is the new two plants are going to be nearby, so we will have the opportunity of training our people for the two gigawatt in this line itself and then take moving them there.

46:58 So... Yeah. So that will be a big advantage. Is central to my aggregator here too? Yeah. Mostly, we are thinking like that only. And second request is a worst case scenario, do you estimate fifty fifty for the two gigawatt between equity and debt, or the number would be looking a little different during our previous quarter's con call? Since fifty fifty means that? 50 equity, 50% debt. For this $13.50 crores for the impact. Yeah. So we are are targeting as of now the around 30% equity, 70% debt.

47:48 But if you are not counting your second half, next year, the cash flow and the expansion plan for the first nine months? Sir, that is that flexibility we are having. In case we will be having more from, we will like that is it. So that is an obvious thing, but we are we we are planning to take a debt as per thirty seventy ratio, and we will apply that for the requirements. No. Application, I am looking for more of your confidence. Is it possible based on the current price scenario and the cash flow? Can it be achieved on fifty fifty? You may get a sanction for a 100% finance. That is a different matter. I'm not suspecting... Yeah. Is it possible to feasible based on current metrics at 50 That's all I'm asking.

48:35 Yes. I think where we are coming from is that we are... We have a seventy fifty ratio, which we are going for. Reason for that is that definitely the project could be executed at fifty fifty, but we want to take a seventy thirty sanction from a perspective that we see further CapEx coming our way. We have another two gigawatt to execute ahead of the first two gigawatt. We have wafer inward also coming up. And given that currently, we have no leverage on our books, I think it would be prudent to potentially raise some substantial debt at this stage to be able to cushion for the upcoming CapEx. Basically, you're keeping enough cash flow to the next two gigawatt and any other value additions or backward integration. Absolutely. Absolutely. We would want to keep that level of capital in our hand. Yeah.

49:22 Happy to all all at Websol, and good luck for the year. Thank you. You. Ladies and gentlemen, due to time constraints, I now hand the conference over to the management for closing comments. Okay. Thank you so much, everyone, for your questions. I'm wishing everyone a very happy Duvali. Thank you, ma'am. On behalf of two Wiz Consultants, that concludes this conference. Thank you for joining us, and you may now disconnect your lines.