Please find enclosed Earnings Call Transcript for Q1FY27

AI summary - Q1FY27 revenue grew 38% y-y to INR1,563 Cr; volume 1,006 MW, +32% y-y - EBITDA INR126 Cr, margin 8.06%, PAT INR19.78 Cr; margin impacted by raw material cost inflation - DCR modules sold 76 MW in Q1, expected to grow 2-2.5x each quarter; DCR yields higher realization - Cell plant commissioning on track for Q4 FY27; 9 GW cell and wafer-ingot capacity planned - Capex INR500 Cr deployed in Q1; INR4,700 Cr planned for FY27 for integrated Gangaikondan facility - Distribution channel expanding with 119 distributors, 757 dealers; mid-market sales team doubled - Cost pressures mainly from metals and crude-linked inputs; cost optimization programs underway - Order book 7.9 GW non-DCR; DCR mainly through distribution channel; execution clarity expected next quarter - Management cautious on margin recovery in Q2; awaiting policy clarity on ALMM 2 deferment - Net debt negligible; no long-term debt; capex funded with internal accruals and planned debt