Emmvee Photovoltaic Power Ltd (NSE: EMMVEE) Q4 2026 Earnings Call dated Apr. 29, 2026
Corporate Participants:
Manjunatha Donthi Venkatarathnaiah — Chairman and Managing Director
Suhas Donthi Manjunatha — President and Chief Executive Officer
Analysts:
Deepak Krishnan — Analyst
Apoorva Bahadur — Analyst
Prakhar Porwal — Analyst
Nidhi Shah — Analyst
Abhishek Sengal — Analyst
Kunal Shah — Analyst
Sahil Sheth — Analyst
Aman Jain — Analyst
Presentation:
Operator
Ladies and gentlemen, good day and welcome to the Q4FY26 conference call of MV Photovoltaic Power Limited hosted by Radhi Capital. 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 conference is being recorded. Should you need assistance during the conference call, please signal an operator by pressing Star and then zero on your touchstone phone.
Please note that anything said on this call that reflects the outlook towards the future which can be constituted as a forward looking statement, must be reviewed in conjunction with the risk that the company faces. A copy of a disclosure is available on the Investor Relations section of the website as well as on the stock exchanges. Finally, also note that the audio of the earnings call is a corporate material of MV limited And cannot be copied, rebroadcasted or attributed in the PR media without specific and written consent of the company. To give you an in depth understanding of the company and answer all your queries, we have from the management side today Mr. Manjanatha Dev, Chairman and Managing Director, Mr. Suhas Daunthi Manjunatha, President and CEO and Mr. Pawan Kumar Jain, Chief Financial Officer. I now hand the conference over to Mr. Manjunatha sir for his opening remarks. Thank you. And over to you sir.
Manjunatha Donthi Venkatarathnaiah — Chairman and Managing Director
Good evening to all our investors, analysts, partner, colleague and well wisher. Darling, today I welcome you to the NV’s financial year call. FY26 was an important year for us. It was the year in which NV completed its transition into a publicly listed company and entered a new phase of institutional responsibility. At a headline level, FY26 was a strong year. We closed the financial year with revenue of 5049 crores, EBITDA of 1734 crores, FAT of 1082 crores and on an order book of 9.4 gigawatt. These numbers reflect the scale up of our operations, the benefit of our integrated manufacturing model and the discipline with which our team executed through the year. Over the past year, the global solar industry has entered a new phase.
Markets are becoming more selective, supply chains are being reconfigured and the domestic manufacturing capability is becoming increasingly important across regions. In this environment, scale alone is no longer sufficient integration, technology alignment and execution reliability and becoming the defining factor for long term competitiveness. MB strength strategy has been built with this transition in mind. We are building an integrated technology lead and reliable solar manufacturing platform. Our focus remains on a model manufacturing, cell manufacturing, backward integration, operating efficiency and customer trust.
During FY26 we expanded our model capacity, strengthened our cell manufacturing platform, commissioned new capacity at Suni Belay and advanced our plans for integrated cell and module facility at Devanali. We also continue to invest in technology, process improvement and quality systems. India’s policy direction remains supportive. More value chain Focus LLM1 created the foundation for approved model manufacturing. The next phase is more important for integrated manufacturers. LLM list 2 for cell is expected to deepen domestic sales sourcing while LLM Lease three for wafers and ingots will gradually move framework further upstream from 2028 for MB. This direction is aligned with our strategy. We have already built self manufacturing capability and are evaluating backward integration in a measured manner. We believe the long term. Opportunity will not belong only to companies with model manufacturing. It will belong to companies that can participate deeper in the value chain, maintain quality, improve traceability and reduce dependency on external supply chain. Teams such as PM Suregar, PM Kusum and other domestic content related program are also creating a more stable demand environment for Indian manufacturers. These incentives support clean energy adoption while also increasing domestic value addition. That said, policy support alone cannot be the foundation of sustainable company. Our goal is to compete through execution, technology, reliability, cost discipline and governance. As a listed company, governance remains central to how we operate. We understand that public shareholders expect transparency, consistency and capital discipline. We will continue to strengthen disclosure, internal control, board oversight, ESG practice and investor communication. Solar manufacturing is a special and capital incentive. Growth must therefore be measured against return leverage, execution timeline and customer visibility. We will continue to invest where we see a clear strategic advantage while remaining disciplined on balance sheet strength as we Enter financial year 2017 remains large but the environment is also more complex. Competition will increase, technology will evolve, trade rules will change, logistics and commodity cycles may remain volatile. In such an environment, companies with a strong institution in integration, governance and customer relationship will be better placed. For mv, the direction is clear. We will deepen integration, scale with discipline, improve technology and efficiency, protect balance sheet strength and build resilience across the supply chain. FY26 was a milestone year. FY27 will be the year of execution. We are grateful for the trust placed in MV and we know that this trust must be earned every quarter. With that I thank you of you for joining us today. I will now hand over to Suaz who will take you through the financial and operational performance of FY26 and in more detail. Thank you. Good afternoon everyone and thank you for joining MV. Photovoltaic Power Private Limited earning call for Q4 and full year FY26 as the CMB just alluded, FY2026 was a defining year for MB.
Suhas Donthi Manjunatha — President and Chief Executive Officer
It was our first year as a listed company, a year in which we scaled capacity, improved, operating performance, strengthened our balance sheet, expanded our order book and took important steps towards building MB as a larger integrated solar PV manufacturing platform. Let me begin with the financial performance for FY2026. Our revenue from operations stood at 5,049 crores registering a growth of 116% year on year. This growth was driven by higher production volumes, improved cell utilization during the first full year of cell operations and the expansion of our module manufacturing capacity. EBITDA for the year stood at 1,734 crore compared to 722 crore in FY 2025 reflecting a growth of 140% year on year. EBITDA margin expanded to 34% compared to 31% in the previous year.
This improvement was supported by scale benefits, operating leverage, higher module production and better utilization of our cell manufacturing capacity. Profit after tax for FY 2026 stood at 1,082 crore compared to 396 crore in FY 2025, a growth of 193% year on year. CAT margin improved to 21% compared to 16% in FY 2025. The improvement in profitability was supported by strong EBITDA growth and lower finance cost intensity after balance sheet deleveraging. On the operating side, FY2026 was equally important. Our installed solar module capacity increased to 10.3 gigawatt as of March 31, 2026.
During the year, we commissioned 2.5 gigawatt module manufacturing line in May 2025 and another 2.5 gigawatt line in December 2025 at Sune Valley, Bengaluru. With this, our module capacity expansion for the year was completed. As planned, our solar cell installed capacity stood at 2.94 gigawatt. 2026 was the first full year of operations for our cell manufacturing business and this contributed meaningfully to both revenue and margin improvement in terms of production. Solar PV module Production increased to 2,999 megawatt in FY 2026 compared to 1,482 megawatts in 2025. Solar cell production increased to 1,520 megawatts in 2026 compared to 534 megawatt in 2025. In simple terms, modules. Production roughly doubled while cell production grew close to three times year on year. Capacity utilization also improved meaningfully, especially in cells. Solar cell capacity utilization increased from 43.3% in FY25 to 69.9% in FY26. In Q4 FY2026 soil utilization reached 79%. Module utilization for FY2026 stood at 43% which should be read in the context of unit 5 and 6 commissioned during the year and therefore be available only for part of the year. We also made progress on technology and product readiness. Our aggregate module capacity now reflects a 100% transition to Topcon technology. We now commenced production of our G12 our format Topcon modules enabling higher power density modules. Let me now turn to the balance sheet. FY 2026 was a year of significant capital structure strengthening. We completed our IPO and public listing in November 2025 raising 2,900 crores including 2144 clothes of flashing shoe proceeds. We used approximately 1621 crore of IPO proceeds to prepay term loans. This has materially reduced leverage and lowered our finance cost run rate. As of March 31, 2026, our net debt to equity stood at negative 0.06 times. Our current ratio improved to 2.1 times. Return ratios also remained strong with ROCE at 38% and ROE at 51% for FY2026. Our credit profile also improved during the year. ICRA upgraded our rating from EEE to A in August 2025 and further to A in August in January 2026. These upgrades reflect improved scale, lower leverage and strong bet coverage. Order book momentum remained healthy. Our order book increased from 4.9 gigawatt in FY25 to 9.4 gigawatt in FY26. For Q4 FY26 order inflow stood at 1.27 gigawatt. We are also seeing an improvement in the quality and scale of customer relationships. The average order size among the customer among the top 10 customers increased to 221 megawatt in FY26 compared to 121 megawatt in FY25. Our module order book remains diversified across customer. Categories with IPPs, C&I customers and others contributing to demand. Another important area of progress is our next phase of capacity expansion. We have initiated plans for our new 6 gigawatt integrated cell and module manufacturing facility. Once completed, this will take our total installed capacity to 16.3 gigawatt of modules at 8.9 gigawatt for cells by the end of FY 2027. Financial Yearda has sanctioned our term loan for 3,306 crores for this facility. We have also completed payment for land allotment at Devnandi, Bangalore and the land is now in the company’s possession. Progress remains in line with our target commissioning schedule. This expansion is important for three reasons. First, it deepens our integrated manufacturing position. Second, it improves our ability to serve the market with both modules and cells. Third, it positions us better for DCR link demand and domestic manufacturing requirements as Indian solar market continues to move towards greater localization. To conclude, FY2026 was a year in which MD delivered strong growth with improved profitability, expanded CAPAC, strengthened the balance sheet, deepened its technologies platform and built a larger order book. Our immediate focus remains clear. We will continue ramping up utilization across our existing capacity. We will execute our order book with discipline. We will progress the 6 gigawatt integrated expansion as planned. We will continue to strengthen our TOPCON technology platform and we will remain focused on profitable growth, balance sheet discipline and long term value creation. With that, I would like to thank our customers, employees, partners, lenders, shareholders and other stakeholders for their continued trust in. Indeed, we can now open the floor for questions.
Questions and Answers:
Operator
Thank you very much. We will now begin with the question and answer session. Anyone who wishes to ask a question may press STAR and then one on their Touchstone phone. If you wish to remove yourself from the question queue, you may press STAR and two participants are requested to use hand fits while asking a question. Ladies and gentlemen, we will wait for a moment while the question queue assembles. Our first question comes from the line of Deepak Krishnan from Kotak Institution Equities. Please go ahead.
Deepak Krishnan
Just maybe one particular thing. Just wanted to check on the CC Road integrated cell and module capacity expansion. We understand we have the land and the loan sanction, but you know what sort of the progress on ground and you know by when do we see the module line coming through and when do we see the cell line kind of coming through? So both timelines of that and now that you know what wafer has been announced by June 2028, what is the quantum of capacity that we’re sort of evaluating to put. If you could sort of come and answer those questions, I’ll come back with a couple more.
Suhas Donthi Manjunatha
Thank you for the question, sir. So with respect to the current expansion plan of 6 gig integrated capacity, we have progressed where our construction has started and equipment of major equipment orders have already been placed. So so it is in line with the planned progress of the line and we expect to see the module line getting commissioned by end of this calendar year and cell line getting commission at the end of this financial year.
And with respect to the invert and wafer, with the invert and wafer it’s something that we have always planned and our intention has been very clear with fully backward integrating and with that we intend to set up inbuilt and base facility of about 9 gigawatt, integrating us fully in phases. And we plan to set up our first facility in FY29. So in the calendar year of 28.
Deepak Krishnan
Short process, you can talk about quantifies phase one, how much is the amount and second, just wanted to check on the working capital also. So we have seen that advances have gone down and inventory receivables have slightly gone up. So is this the new normal, like about 70, 80 days as base of sales with lower advances. Just wanted your thought on both of this phase one of paper and as well as the working capital cycle that sort of moved.
Suhas Donthi Manjunatha
So with the, with the expansion we’re looking at a 5 gigawatt expansion in phase one and a 4 gigawatt expansion in phase two which is going to be a year after. So that is how we have planned the wafer and in data expansion. The more plans we’ll be announcing also very soon with more plans. And when it comes to the working capital cycle, we have experienced phenomenal growth in our capacity as well as our execution. If you see in FY27, in FY26. So as we have doubled our module manufacturing capacity, doubled our revenue three times our profit. So in line we have grown the. Inventories and with that both the inventory receivable cycle has moved in line with the business that we have got in Q4 2026. So I think this number of days calculations should start seeing normalized as we have not seen any. As we don’t have any new expansion coming up in the coming quarters.
Deepak Krishnan
Yeah, maybe just one final question. Just wanted to check on the outlook for demand. You know you have over 40% exposure to IPP about 30% to CNI. Now IPP we’ve heard Adani Green and we’ve heard some news about solar curtailment. But also on the other side, you know CNI, you know before the 1st of June they can do DTR and there’s demand tailwinds for Asuriyagarh as well as you know. So maybe just your outlook on all the four segments that you are seeing. You obviously know the government targets. So any update on all the four segments especially ipp. If you could sort of add any more insights.
Suhas Donthi Manjunatha
The demand outlook for manufacturer like us has been strong. You can see that our Q4 inflow has been strong as well to the extent that we require. And CI has been the fastest growing sector in a long time which you can see is similarly grown in our case as well. And with ALM2 coming into effect that is only going to put company like envy with an existing cell capacity at a better position to leverage this situation. And similarly for the IPP demand also where ALM is going to come into place, you know expected to come into a financial load of 28 or late 27. We are well positioned to cater to that demand.
Deepak Krishnan
Go for all my questions for a few kquotos.
Operator
Thank you. Your next question comes from the line of Apurva Bahadur from IIFL Capital. Please go ahead.
Apoorva Bahadur
Hi. Thank you for the opportunity. One tip to ask you two questions. One was on the CapEx ACL. We can see in the cash flow statement that I think you have spent almost 650 odd crores on Capex. If I look at your gross block I think it has increased by about a thousand crores. Interesting for the government grant. Can you bifurcate this? Where has this capex been spent? Between module and other stuff.
Manjunatha Donthi Venkatarathnaiah
So during the year there was a capex we have commissioned two module banks. Unit 5 in May and unit 6 in December. So largely this is capturing the capex of these two. The module production line. So this is mostly capturing this amount and rest land. If you see we almost 311 crores for the land depreciation for the expansion project. And then there’s a small amount of around 10 crores is civil for the new expansion project. But the other rest capacity be coming in the coming quarters.
Apoorva Bahadur
Okay. For the for land for the next for the cell plan that has been expenses here. Understood. So also wanted to touch a little bit more on the working capital, especially on the cash generation. We have seen your profit increase materially and it’s commendable. The profits, I mean operating profit has increased by from 750 odd crores to almost 1800 crores. So it’s more than a thousand crore jump. But when I see this, after adjusting for the working capital movement, there has been a decline from 625 watt crores to 200 crores. So I want to understand two things. One is on the inventory front. So why is it that the inventory has built up? Is it a timing issue? And by when do we expect this to be cleared out? And secondly, could we expect it to result in some sort of a reduction in production going ahead or will it be managed at the current utilization rates?
Suhas Donthi Manjunatha
So if you look at the working capital requirements, largely as you have pointed it out correctly, our buildup has gone into inventory and the business operations. But when you look at the Q4 revenue itself, it is compared to Q1 where we did about 1000 crores. And if you look at and if you look at the previous year Q4 quarter it is even lesser. So when you look at that kind of a growth that is seen the working capital, the inventories are inventory.
What is the level that is there? It is at the level that is to service the current run rate of revenue and production that we are doing. For example, if you look at the module production, module production we have in this particular quarter, we have produced almost 1 GW module production compared to what you know and sells of about half a gigawatt compared to 50% of what we used to do earlier. So this is the scale of ramp up. So naturally both on the raw material and finished good side it has increased to that extent because this has come with added capacity increase. Okay, okay. And also in your PNL I see that this changes in inventories of finished good. It’s.
Apoorva Bahadur
It has been a negative number and in FY26 it was quite material at 636 crores. 25 it was I think 115, 16 crores. Can you help us understand why it is increasing and why is it such a large number? What any cost is.
Suhas Donthi Manjunatha
The changes in inventory. Basically you know that this is deflect in this particular FY26 crores. So basically it is. We have used the inventory, you know, from the production to the space number. So the total cost of, you know, material consumed is 3411 crore. Out of that, 636 crore has been, you know, produced and we have added to the inventory. So this is the reason that. And as Suad also mentioned that my current payout of inventory, both finished and raw material is reflecting the current operation which we are having in March compared to the previous quarter.
Apoorva Bahadur
Okay. So next year we should expect this to reverse as we liquidate the inventory. Is my understanding correct, sir?
Manjunatha Donthi Venkatarathnaiah
So largely I would say that yes, with this current level of entry, inventory is justifying the current level of production. And so we will be mostly either maintaining the same level of inventory with the current level operation till the new expansion is coming up or possibly some incremental inventory level that we’ll be using the current inventory to convert into the production and to be more mindful in, you know, getting the new inventory if we consume the existing inventory, especially the raw material.
Apoorva Bahadur
Okay, understood. And last question I see if I look at the DCR portal, our production for shells in April appears to be a little bit lower trending. I know it’s not for the full month, probably for three weeks of April, but on a run date basis is there. I mean have you taken some sort of a maintenance in the plant or what’s the reason for this?
Suhas Donthi Manjunatha
No, we are continuing the production normally and I think updation normally they will do in the end of the month or beginning of May. So will not happen in a day to day. It’s not real time data or TCR portal is shown.
Apoorva Bahadur
Thank you so much.
Operator
Thank you. The next question comes from the line of Prakhar Porwal from Ambit. Please go ahead. Hello. Yes. Yes sir. Please. Thank you for the opportunity. Again, sorry for hopping back again on the working capital thing but you explained on inventory on advances from customers because given your order.
Prakhar Porwal
The book has remained uploaded 9.3 9.4 gigawatt and almost running 1.2 gigawatt of order inflow. So any reason why advances have come up in this quarter? That is one first question.
Suhas Donthi Manjunatha
Yeah, I think that’s a good question. So basically advance from customer. What happens is, you know it depends on the business call what we take. Sometimes advances are taken in the form of LC which is not usually reflected in the advance from customers in the balance sheet. So we take LCs and sometimes we take a decision like you know. So it is not really the exact, you know, idea of what exactly is the advance, the security that we have from the customers.
Manjunatha Donthi Venkatarathnaiah
Just to add what was mentioned that in FY25 we have an advance from the NDPC customer which was the large advance we had and against that this year because there was very large amount, almost 795megawatts. So net market got exist and is the reason not this year the AGN is much lower. There was a single largest order 324
Prakhar Porwal
Understood 320 crore is the figure, The figure that you said for ntpc that was
Suhas Donthi Manjunatha
From the NTPC advance that we had received that time which is. Which was reflected on the balance sheet of. Excellent.
Prakhar Porwal
And just one more thing. On the 4.5 gigawatt sale order that you received to be executed in the next three, four years on that also you would have received advance for the entire 4.5 gigawatt or will it happen according to your delivery schedule?
Suhas Donthi Manjunatha
So we’ve received an advance for the contract full order and we’ve already started supply for that. And my second question is if you see even in FY26 also your volumes of DCR modules given largely we have been more on the utility and C and I side so. And our external sales of solar cell is very less.
Prakhar Porwal
So where are we selling? Is it in the retail segment in tm, Suryaware and Kusum or. I mean just wanted to understand our customer segment in the DCR modules right now.
Suhas Donthi Manjunatha
Sure, yeah. So in the DCR modules our primary segment is Pion, Kusum and Kusum primarily Kusum C is a component which place like you know which is adding a large installation and Suryagar being the primary demand factors for us. Sure. And this last question if you can, you can throw some light on the inter segment eliminations. They have increased this quarter quite significantly. So wanted to understand. Defined accounting and how it is worked up. The intercompany elimination, sir. Yeah, this is mainly because of the order we all expansion has been taken place in MBA Energy, that is the subsidiary of the company and some models we have also taken MB Photovoltaic, which is the main company. So whenever the execution time and the raw material availability and this thing so intercompany we have to transfer some of the material from one side to another site. So that is the way where you see the elimination. Okay. Because of different facilities, when you transfer your raw material. Yeah, yeah, you’re right. I mean basically it’s like you know, one. We have two, like two companies basically. One is a parental subsidiary where both have manufacturing capacities and one has cell manufacturing capacity. So there will be some intercompany moment in, but it’s all within the group.
Prakhar Porwal
Thank you so much. Those were my questions.
Operator
Thank you. The next question comes from the line of Nidhisha from ICICI securities. Please go ahead.
Nidhi Shah
Thank you for the opportunity. My first question is whether at this point do we supply modules to any other country or do we plan to do that in the future? Do we have access, you know, to be able to supply to other countries?
Suhas Donthi Manjunatha
So yeah, I mean so with us we are right now like 26. We had zero exports. And as a company we’ve been quite agile with our markets of choice. We have had a time of 100% exports in our in the initial phase of Andy as a model manufacturer and then we scaled it down and then we shifted markets from Europe, US and then India. So we’ve been very agile with that and we have teams that are actively looking for markets, looking for opportunities. But exports are treated as an upside for us rather than the core part of our business in the current scenarios.
Nidhi Shah
In addition to that, my understanding is that we do not have any export orders in the order book at at this point, Right? Yeah, correct, correct. So from, from a competitive standpoint, from a price standpoint, if we were ever to export, are we competitive with other countries that do produce cells and modules to be able to supply globally?
Suhas Donthi Manjunatha
So to be very candid, I mean other than China, yes, all other regions is something that India can compete with and we can like we are very much GE. With the cost competitiveness when it comes to technology, product quality or preference of the customer, there is no doubt or anything about the capability of either. As an Indian manufacturer, you are very much competitive and welcomed in many parts of the world.
Nidhi Shah
My absolute last question on this would be that as the US is and a lot of other countries are moving in a way that outside of the cell as well, they require non Chinese components within the entire module. So is that something that. Do we have access to non Chinese solar glass junction boxes and vapors? Is that sort of a line of supply that we’re actively looking at building or is that something that is not required at this point in time?
Suhas Donthi Manjunatha
We already have an existing supply, alternate supply chain to China in every material that we use. And there are many materials we are already buying locally or moved out of China as well in the interest of diversifying our supply chain. And similarly, for the purpose of US or other countries where they require non Chinese ownerships also for raw materials, we have a very resilient supply chain available which is not Chinese linked.
Nidhi Shah
And on the capacity, the FY28 target capacity, the cells are 9 gigawatt whereas the module is 7 gigawatts more than that. So my question here is, is this 7 gigawatt an older capacity of monofoc that we’re eventually looking to retire, or is it that we are looking for a higher model capacity over cell with perpetuity,
Suhas Donthi Manjunatha
So we don’t have any monopocapacity. All our capacity is top quarantine. The difference that you see between module and cell capacity is that typically what happens in a module line, the actual or maximum utilization that we can achieve is to the extent of about 65 to 70%, whereas in cell you can achieve up to like 90, 95%. So with this logic, our module capacity is intentionally kept higher than the cell capacity to effectively achieve the similar production in both module and cell.
Nidhi Shah
So is it like a sizing issue because we’re seeing a lot of other peers have, you know, utilizations of up to 80% or 85% in modules. So is this something that is specific to the machinery that we are using or the sizes that we are providing?
Suhas Donthi Manjunatha
No. So basically what happens is like, you know, in a typical. The model manufacturing business where you are. You’re servicing many ipps and like you know, large developer customers. What happens is your. There is a lot of requirements that are unique to each customer. It could be a different testing standard. It could be a different material like could cable length for example. So. So what we have to do is we have to flush out the lines they have inline introduction and then we have to do the line after that because it’s an inline production module whereas cell is a batch production and it’s made to stock module is made to order. So that is why you see that typical difference that is there.
Manjunatha Donthi Venkatarathnaiah
And also added to that point the capacity of the out others are going to be declared also is one of the point what envy is very clear what the capacity of the machines able to produce is the capacity what is being declared. That’s 10.3. What we are mentioning is the capacity of the G12 that is the combination of the model with the 720 watt pickup. The model what is. If you calculate in that manner it will be.
Nidhi Shah
All right. All right. Thank you so much.
Operator
Thank you. The next question comes from the line of ABHI Sehgal from Singularity. Go ahead.
Abhishek Sengal
Congratulations sir on a great set of numbers. Two questions of mine. So ALCM comes in in June 2026. So just wanted to see how as an industry now as mv are you preparing for that? Are you seeing any difficulty in orders or solar cell plus DCR pricing going up currently. So for us being having our own cell capacity it is something that we are welcoming like you know quite well. And if you see the transition that there is a phase transition that C and I and first the utility all demand other than the utility demand will come into the Eleven Bistro from June 2028 to June 2026. But your utility demand for projects that were bid after August 2025 is going to come in. So it is going to. It’s a phase demand and that is something that we are prepped up for and that is something that we are looking forward to. And are you seeing any increase in DCR pricing happening given there is only limited capacity of solar cell market today? I mean as of now I’d say that the pricing is quite similar. I’m not seeing that kind of upward pricing as we speak. This last one. What is the average pricing for DCR today? EOF And for non DCR, if you could share that.
Suhas Donthi Manjunatha
So for DCR module it is about 21 to 20, 22 rupees on a watt. And module is around like 40 to 15 rupees per watt.
Abhishek Sengal
Thank you sir. Thank you.
Operator
Thank you. Your next question comes from the line of Kunal Shah from Dam Capital. Please go ahead.
Kunal Shah
Yeah. Hi sir, a couple of questions. So one, in terms of. In the last quarter we had mentioned that the DCR mix is around 40 odd percent. What would be the exact mix between DCR module, planned ECR and cells for this quarter?
Operator
Hello. Just give me one moment. Management, are you able to hear us? Ladies and gentlemen, the line for the management seems to have been disconnected. Please stay connected while we reconnect the line to the management. Ladies and gentlemen, thank you for holding the line. We have the management reconnected with us. Yes sir. Please go ahead. Kunal sir, could you please repeat the question once again?
Kunal Shah
Yeah. So sir, just a couple of questions. One, in terms of the mix of business last quarter we had mentioned about 40% DCR for this quarter. Could you just give the exact mix between DCR modules, non DCR and sales for this quarter? So I think last year whatever I mixed I explained I think it was not a mix that we usually don’t give out. It was inferred from the production number that we showcased. So even this time if you look at the production number our module production with added capacity has increased to 953. Megawatt. With that we are looking at like you know, a mix of between 30 to 35% of DCR. 30 to 35% for DCR. Right, got it. That’s helpful. And sir, in terms of just a follow up on this, how would this mix look like for F27, 28? I mean if you can give sort of any ballpark guidance on the same.
Suhas Donthi Manjunatha
For the most part of, for the, for the first three, first two, three quarters, I don’t see much difference because our capacities are added similarly. Like I mean we don’t have an incremental capacity that’s coming up in module. But going forward there could like in, during, by the end of, by the beginning of next year it will be more or less all capacity that we sell will be pcr.
Kunal Shah
Got it. And now you know, coming to cell utilization, when would we be seeing the transitioning from M10 to sort of G12R cells just to utilize the capacity in a much better way? Because you know, even when we are looking on an M10 basis, our utilization keeps hovering between 70, 80%. So can we see that crossing 80%? That’s number one and two, you know, when would we finally see that transition into G12?
Suhas Donthi Manjunatha
Yeah. So firstly like we have already achieved 80% in Q4 and actually if you look at our MAS numbers, we have also reached 85% in cell utilization. So I think we are confident to keep that around the similar levels. And transitioning to G12 are. Yes, you know, our plans are in and our capability is there in. It’s only that we have an order book for M10R that is lasting until end of May. And we are looking to transition this by the end of this quarter.
Kunal Shah
Understood. And in terms of balance sheet now we’re just trying to understand. So we see we have roughly give or take around 4800 crores of capex spending on the 6G integrated line. 45 to 4800 crores. And then you highlighted about the ingot wafer as well. Right. So one, so you mentioned about 9 gigawatt. But can we expect around the similar levels of sell wherein you know, we’ve been getting some 700, 750 crores per gigawatt for the ingot wafer as well. That’s one. And how are we looking at our balance sheet shaping up? I mean given the 6 GHz integrated line as well. And then you know, 9 GHz of NGAT G for assets.
Suhas Donthi Manjunatha
Yeah, in that wafer we’re looking at around 600 to 700 crores per gigawatt. That’s going to be the capex that is required. That we require and our balance sheet as you see like you know our quarter numbers, our earnings have increased, our execution has improved. So I think this is something that we are looking to maintain in a strong way. And even for the further in that wafer expansion, whatever, you know debt or any equity needs to be raised, we are very cognizant that we’ll keep it within one the debt equity ratio.
Kunal Shah
Understood. Got it. And just lastly if I may ask one question. So on a spot basis like you know, versus the margins that we have seen in F26 across non DCI DCI sales on a spot basis, looking at the commodity inflation wherever it is and looking at the realization how are the margins shaping up? Like if you were to pick up orders today, how different that would be versus let’s say F26 margins. I mean like are we seeing a major impact on non DCR or you know, if you could just give any color on that.
Suhas Donthi Manjunatha
So right now, whatever, like you know the margins that we are seeing going into FY27 is not very different to what we have seen earlier. So are the EBITDA spread prospective things have been like, you know, quite resilient.
Kunal Shah
Yeah, but that’s because you’d be exists executing the March 26th cruising order book. I’m just trying to understand in terms of the new orders now that you’d be taking up.
Suhas Donthi Manjunatha
Yeah. Even in the new order. What I mean it’s in the similar.
Kunal Shah
Understood. Thank you sir. This is very helpful and all the best. Thank you.
Operator
Thank you. The next question comes from the line of Sahil Sheth from Anandrati Institution. Please go ahead.
Sahil Sheth
Hi sir. Congratulations on a good set of numbers. So my first question would be when we are shifting cell days from M10 to G12R would there be any production downtime? Like what? How many months would it take to shift our send this to the G2NR. So in our case like you know one, it will be a phased transition that we will be doing. And like I already I had explained earlier that it is cell is a batch production. So the disruption will be quite minimal. And two is it. It will not take that much time because we are line is already capable to do up to G12. So whatever change will be. There is just a kit change. So it’s not supposed to take. It should not reflect any material disruptions. Okay, got it. My second question would be on the 33 billion loan census. From the radar, what is the rate of interest we have received on net and what would the loan optic schedule look like in FY27? FY28. So yeah, I will answer both the questions.
Manjunatha Donthi Venkatarathnaiah
So currently the rate is 7.95%. Earlier rate was higher but with the current market trend and offers we’re getting for other brands. So we got a very complicated rate of 7.995%. Now so far we have not drawn any amount which we are planning to do in the next month or so. First installment total debt is 3,306 crore. So possibly we will be very mindful of drawing the amount to optimize the interest cost. So by 31 March probably around 75 to 80% will be growing and rest that we will have some retention payment also which is 15 to 20% that will be spilling over to FY27. But for inventory or for other projects this is a long way to go. So right now we focus only to commission the integrated stage.
Sahil Sheth
Got it. My last question would be. Recently there was some news where some of the developers have filed some petition to push the ALM to July deadline. What are the views on that?
Suhas Donthi Manjunatha
I mean so there is, I mean these are efforts that are like expected. I think this is something that was also happened during ALM1 also and it is quite clear that the capabilities and the serviceability of the industry what it is at. But as far as we are concerned like you know we are very much aligned towards the ramp up of ALM and even like a small 12 month plus minus will not really make a difference in what we intend to do because we’ve been cognizant of our capacities that we have added and planned addition of cell line also which is coming only in end of this financial year.
Sahil Sheth
So if There is a 6 month delay in the 11 deadline what kind of impact are we seeing on whether the DCR non DCR mix would shift or would it be more dependent how your order book is formed currently right now?
Suhas Donthi Manjunatha
Yeah, for us like if we don’t see any shift in the same because our, you know our capacity is only 3 gigawatt out of what this thing is. And so even if there is there, there could be a few months shift of this thing we don’t see to impact the any DCR non DCR mix for us. Okay, got it. That was quite an. People,
Operator
Thank you. The next question comes from the line of Aman Jain from Ponstein. Please go ahead.
Aman Jain
Hello, Am I audible? Yes, hello. Yeah, yeah, thanks for taking my question. So I just want to understand one thing. If you see quarter on quarter our revenues are up around 67% but our production is up only by 30%. And if you look at, even if you look at inventory, you know it’s actually going up. It’s not like the older inventory getting used up. So I just wanted to understand where this extra revenue is coming from.
Suhas Donthi Manjunatha
So one is, see there are a couple of things. One is the sales is different to production and two, what happens is that the realization price moves with the raw material price up and down in some cases. But that is why we always say that you look at EBITDA or absolute EBITDA or EBITDA per watt peak in the case of module manufacturing or cell manufacturing because that will give you a true picture of what the performance is.
Aman Jain
Got it, got it. Let’s say like you said that the revenues are all. Sorry, the realizations also been, you know, in the similar range over the past for the last quarter. So I mean I’m not able to understand so how that extra.
Suhas Donthi Manjunatha
I think in the earlier question, I think one we spoke about was the spread EBITDA spread was the question about. And two, what we discussed, what I also said is that the production number is not to be taken as a sales number. Usually we don’t give the sales number what that is done because it just come into the calculations for a lot of competition and other things. So that is why the production and sales is two different numbers that has to be considered.
Aman Jain
Okay, so thank you.
Operator
Thank you ladies and gentlemen. We will take this as the last session for today. I now hand the conference over to the management for closing comments.
Suhas Donthi Manjunatha
So thank you for joining. Joining and I hope the performance of FY2026 has been as phenomenal as it has been for us to all the stakeholders. And with that I thank everyone for being on this call.
Operator
Thank you members of the management on. Behalf of MV Photovoltaic Power limited. That concludes this conference. Thank you for joining us. And you may now disconnect your line.