Please find the attached transcript of Q4 & FY26 earnings conference call held on April 29, 2026.

AI summary - FY26 revenue 5,049 Cr +116% y-y; EBITDA 1,734 Cr +140% y-y (margin 34%, +300 bps); PAT 1,082 Cr +193% y-y (margin 21%, +500 bps) - Module capacity 10.3 GW; cell capacity 2.94 GW; FY26 module production 2,999 MW, cell production 1,520 MW; cell utilization 69.9% FY26, 79% Q4 - 6 GW integrated cell-module facility commissioning: module line by end CY26, cell line by end FY27; ingot-wafer 9 GW planned from FY29 - Order book 9.4 GW; Q4 inflow 1.27 GW; average top 10 customer order size 221 MW - IPO raised 2,900 Cr; net debt to equity negative 0.06x; ROCE 38%, ROE 51%; ICRA rating upgraded to A - DCR mix ~30-35% in Q4; expected to increase to mostly DCR by FY28 start - Margins and pricing stable; no material price hikes; resilient EBITDA spread going into FY27 - Export currently zero; supply chain diversified away from China; competitive globally except China - Transition to G12R cells planned by end Q1 FY27 with minimal downtime - Working capital elevated due to scale-up; inventory aligned with production; expected to normalize - IREDA loan INR3,306 Cr at 7.95% interest; drawdown planned starting May 2026 - Management confident of disciplined execution, technology leadership, and balance sheet strength