Please find the attached transcript of Q1FY27 earning conference call held on July 16, 2026.

AI summary - Q1FY27 revenue 1,555 Cr +51% y-y; EBITDA 548 Cr +56% y-y; EBITDA margin 35% (34% Q1FY26); PAT 380 Cr +103% y-y - Module production 970 MW +53% y-y; cell production 454 MW +26% y-y; cell utilization improved to 83% - Order book at 9.9 GW with 1.5 GW inflow in Q1; strong demand across segments - 6 GW integrated TOPCon expansion on track; commissioning module by Dec 2026, cell by Mar 2027 - Backward integration into ingot/wafer planned for FY29-30; capex ~5,500 Cr funded by debt and accruals - Stable EBITDA per watt guidance: INR 2.5 for modules, INR 6-6.5 for cells, INR 8.5-9 for DCR modules - Raw material cost pass-through managed via value engineering; no inventory losses expected - Dollar-linked pricing for sales; margins supported by domestic cell production and operational efficiencies