Saatvik Green Energy Ltd (NSE: SAATVIKGL) Q3 2026 Earnings Call dated Feb. 05, 2026
Corporate Participants:
Neelesh Garg — Chairman and Managing Director
Abani Kant Jha — Chief Financial Officer
Prashant Mathur — Chief Executive Officer
Analysts:
Unidentified Participant
Prakhar Porwal — Analyst
Raman KV — Analyst
Gaurav Birmiwal — Analyst
Maitri Shah — Analyst
Sarang Joglekar — Analyst
Abhi Sehgal — Analyst
Presentation:
operator
Sa. Sam sa. Sa. Foreign. Ladies and gentlemen, good day and welcome to Satwik Green Energy Limited Q3FY26 earnings conference call. As a reminder, all participants lines will be in listen only mode and there will be an opportunity for you to ask question after the presentation concludes. Should you need assistance during this conference call, please signal an operator by pressing Star then zero on your touchstone phone. I now hand over the conference to Mr. Prakhar Porwal from Ambit Capital Ltd. Thank you. And over to you sir.
Prakhar Porwal — Analyst
Good morning everyone and welcome to the Q3 and 9 months FY26 earnings call of Satwi Green Energy Limited. Today we have with us Mr. Nilesh Garg, Chairman and MD Mr. Prashant Mathur CEO Mr. Abney Jha, CFO and AD Factors IR team. We will begin the call with the opening remarks from the management after which we will have the forum open for the interactive Q and A session. I must remind you that this conference call may include forward looking statements about the company which are based on the beliefs, opinions and expectations of the company as on the date of this call.
The statements are not guarantee of future performance and involve risks and uncertainties that are difficult to predict. I now hand over the conference to Mr. Nilesh Garg, Chairman and MD of Satwik Green Energy Limited for opening remarks. Thank you and over to you sir.
Neelesh Garg — Chairman and Managing Director
Hi, Good morning everyone and a warm welcome to Satwik Green Energy Limited’s earnings conference call to discuss our performance for the third quarter and nine months ended FY26. Thank you for joining us today and for your continued interest in Sapslik. On behalf of the Board and the management team, I would like to sincerely thank our investors, analysts and stakeholders for the trust and confidence to continue to place with us. The first nine months of FY26 have been a period of steady operational execution, disciplined capacity utilization and continued strategic progress. While the second quarter saw temporary headwind due to monsoon related execution delays, logistics disruptions and the impact of GST rate reduction.
The operating environment improved meaningfully in quarter three, allowing execution momentum to normalize. India’s renewable energy sector continues to remain structurally strong. Government initiatives such as PM Suradar, PM Kusum, CPSU Scheme Phase 2 and the national target of achieving 500 GW of non fossil fuel capacity by 2030 continue to support long term demand for solar energy. The progressive increase in government allocations for rooftop solar schemes over the past few years reflects rising policy intensity and provides greater confidence in the sustainability of demand growth. Simultaneously, the industry is witnessing a clear shift towards high efficiency technologies, reinforcing the importance of scale reliability and technology leadership.
Against this backdrop, Satsic continues to strengthen its position as one of India’s leading solar module manufacturers. Our Ambala manufacturing facility is fully operational at an annual capacity of 4.8 gigawatts supported by high utilization levels of over 81% during quarter three and a diversified customer base across utility scale C and I, EPC and distributed segments. During the period we successfully commissioned and operationalized our 2 gigawatt in house EP film manufacturing facility in Ambala. Moreover, we continue to make steady progress on our greenfield integrated manufacturing project in Odisha which will comprise 4 gigawatts of module capacity and 4.8 gigawatts of solar cell capacity.
The project is a critical milestone in our journey towards backhaul integration, improved cost competitiveness and long term margin sustainability. In parallel, our module businesses continue to secure repeat domestic orders and we remain focused on expanding collectively across adjacencies such as solar pumps and inverters while maintaining capital discipline. With that, I would like to now invite our Chief Financial Officer Mr. Abneet Jhar to take you through our financial performance for quarter three and nine months ended FY26.
Abani Kant Jha — Chief Financial Officer
Thank you Nileshi and good morning everyone. I will now take you through the financial performance for the third quarter and nine months in the FY26. For the nine month period Sablik delivered a strong year on year growth across revenue and profitability driven by higher volume, stable realizations and disciplined cost management. Revenue for the quarter Is stood at 12,570 million 143% growth over Q3 FY25. EBITDA was 1,647.6 million up 134% year on year translating into EBITDA margin of 13.01%. Profit after tax came in at 987.2 million reflecting 140% 144% year on year increase. The sequential improvement in Q3 was driven by normalization of dispatch and logistics schedules pick up in project execution post the monsoon season and continued the strong demand across utility scale and CNI segment.
From an operational standpoint, total production during Q3 was 759 megawatts. Capacity utilization remained robust at 81% in Q3 and around 82% for nine months FY26 underscoring the strength of our execution capabilities. Revenue for the period stood at 29,407.8 million registering 137% growth over nine months FY25 EBITDA was 4,693.4 million, up 135% year on year, translating into an EBITDA margin of 15.96% reflecting sustained operating efficiency. PAT came in 3,007.9 million reflecting 145% year on year increase with a PAT margin of 10.23% supported by operating leverage. Our greenfield integrated project in Odisha remains on track with 4 gigawatt of module capacity scheduled for commissioning by the end of FY26 and 4.8 gigawatt of cell capacity scheduled for FY27.
This expansion enhances vertical integration, improved cost control and support sustainable margin performance in the future. During the quarter, we successfully commissioned and operationalized our 2 gigawatt in house EPE film manufacturing facility at Ambala, making a major step in our vertical integration journey. This investment strengthens supply chain security, enhance quality control and improve margin stability, reinforcing our focus on long term operational resilience. From a balance sheet perspective, the company remains financially strong with healthy returns ratios and continued focus on prudent capital deployment even as we invest for future growth. As of the end of the quarter, our order book remains healthy at approximately 5.05 GW providing clear visibility for the coming quarters.
Overall, the financial performance for Q3 and 9 months FY26 demonstrates Satwik’s ability to to scale profitably, maintain balanced discipline and execute consistently in a dynamic operating environment. With that, I open the floor for the questions. We will be answering your questions.
Questions and Answers:
operator
Thank you very much sir. We will now begin the question and answer session. Anyone who wishes to ask a question may press STAR and one on their touchstone telephone. If you wish to remove yourself from the question queue, you may press STAR and two participants are requested to use handsets while asking a question. Ladies and gentlemen, we will wait for a moment while the question queue assembles. The first question is from the line of Raman KV from Sequent Investments. Please go ahead.
Raman KV
Hello. So can you hear me?
operator
Yes sir, very clear.
Raman KV
Thank you sir. Thank you for the opportunity and congratulation on good set of numbers. So my first question is with respect to the capacity expansion. We will be adding a 4 gigawatt of module by the end of FY26. So my assumption is around 8.8 gigawatt of module will be working and will be you will be operating in FY27 and when will the cell capacity of 4.8 gigawatt cell will be starting to operationalize?
Prashant Mathur
Yes, good morning, this is Prashant Maharaj So the module plant commissioning will happen in the last. Around March of 26. The equipment installation will start and then there is a ramp up which happens. So in the first quarter we will start the commercial production from the module plant. And this is in one stroke, it is 4 gigawatt of module. It takes, it takes, you know, if the ramp up happens over 3, 4 months time. So we start news in the first quarter around mid of the first quarter of next year. Cell will installation machines will also start around the same time.
But cell takes little more time to stabilize and ramp up the efficiencies. So we expect the commercial production from the second half of next financial year. So assuming around October is the timeline which we are planning for commercial production of cell line.
Raman KV
Understood, sir. And so due to the rising silver prices as well as China stopping export rebate in solar cells and modules, there has been slight increase in module and sell prices. So can you give the ballpark on realization figures for the module as well as sell for the quarter?
Prashant Mathur
So the inherent nature of this industry is that it is the price volatility is always there and prices are determined by not only the commodity prices but also various, you know, government policies, taxation duties, so all these factors. And that is where a strong and decision making management is very important in any operations. But. The way we structure our business is we take care of the fluctuations in the commodities. But the prices also has risen because of the silver and aluminum and copper prices impact. So you know, the effect could be marginal in the short term. But long term the prices adjust in the market are according to the behavior of the commodities and the input material prices.
Raman KV
Understood. So, and what is the realization figure for the quarter?
Prashant Mathur
For the quarter our EBITDA is 13.11. And for the year over EBITDA is 15.96%. Close to 16%.
Raman KV
No sir, I. I meant the module and sell price realization. Module realization like per rupees per watt. How much are we selling it for?
Prashant Mathur
Absolute number we cannot tell. But what, what we can say is that the prices dipped a little bit in the last quarter. But it has gone back to the original level again in this quarter because of the rising prices.
Raman KV
Understood sir.
Prashant Mathur
As I said, the prices fluctuates up and down due to all these factors. And since there’s been lot of fluctuation in the silver prices. Silver prices used to be about 15, 16% of the module prices. Today it is close to 25%. So that is the kind of impact the fluctuation has given to the input price of silver Only in the model price.
Raman KV
Understood sir. And so my final question is during the quarter, how much of the total revenue at the consolidated level was from modules and how much was from solar pumps?
Prashant Mathur
The solar pump is a very recent of our business. This year we target to make it a business unit, a standalone business unit. But as of now the solar pump revenue mix in our business is close to 0.5%. 3 5%.
Raman KV
3.5%.
Prashant Mathur
No, no, no, no, no.
Raman KV
0.35%. So basically this entire 1250 crores of revenue is basically from sale of module. If my understanding is right.
Prashant Mathur
No. Around 95% of the sales is in this, in the module sales. But in EPC also there is module involved. In pumps also there are module involved. But these are all counted in the module sales. Understood sir.
Raman KV
Answer is, can you give the guidance with respect to solar pumps? How are you planning to expand the revenue or the this business segment in the coming year?
Prashant Mathur
Our solar module versus the the rest of the business this year expected to be 95 and 5%. But as we are expanding into EPC business, pump inverter this the target for going forward is to make it to 15% which we are trying to achieve in the next couple of years. Also this quarter we have started our encapsulant plant so 2 gigawatt manufacturing of encapsulant. We are also setting up now manufacturing assembly of inverters. Also we are also getting into cell manufacturing. So cell, cell manufacturing gives us additional, you know, margins because you have a DCR policy which is, which is, you know, giving extra margins for if you’re a cell manufacturer.
So all that will add on to our overall numbers in the period to come. Understood sir.
Raman KV
Thank you sir. Thank you.
operator
Thank you. Ladies and gentlemen. Anyone who wishes to ask a question, please press star and one. Now the next question is from the line of Penang from IDBI Capital. Please go ahead. Hello.
Unidentified Participant
Am I audible?
Neelesh Garg
Yes, please. Good morning. Please go ahead.
Unidentified Participant
Yeah, good morning sir. Congratulations for your results. So my question would be is very, you know, from the bidding point of view or the order book that you have is like how the pricing works because given the volatility in the silver and the copper price which is the very critical input point. So is it a pass through formula or there is something normally company has to hate.
Neelesh Garg
The order book is a mix of large utility, customer C and I. But the order book does not consist spot orders and retail which is also a sizable chunk of our business. So if you see our order book, we have executed close to gigawatt in this quarter. But we have also added new orders. And today our order book is over 5 gigawatt. Which translates to about 6 and a half thousand crore. Now some of the orders which are long term are devised in a way which takes care of the change in the dollar fluctuation, change in the input cost.
So either the end customer secures the cell or gives us financial instrument for us to secure the cell also. Change in law. These are the three things which we take care of while devising any long term contract. And these long term contracts I’m talking of is between 6 to 12 months cycle. But then there are other orders also which are short term which needs to be executed in a month or till 4, 5 months period. And those could be fixed as well. So it’s a mix.
Unidentified Participant
Okay, sir, and sir, second question. And the last question is. In the recent budget government have, you know, exempted the critical raw material to manufacture the glass. So would that be, you know, would have a advantage in the. Maybe not immediately but in maybe you know, coming one year or two years. Like in term of the better margins being glass and locally manufactured. If any. Inputs can be highlighted. I understand. You know, it’s too early to say, but just to understand.
Neelesh Garg
Yes, so it’s too early to say because we are not into glass manufacturing. But we. We expect it to have a positive impact on the. On the glass prices. And it should help reducing the input cost for modules.
Unidentified Participant
Okay, that’s it. From my side. Thank you, sir.
operator
Thank you. Ladies and gentlemen, in order to ensure that management is able to address question from all participants in the conference please limit your question to three per participant. Thank you. The next question is from the line of Gaurav from Access Mutual Fund. Please go ahead.
Gaurav Birmiwal
Hello sir. Thank you for the opportunity. Sir, I just wanted to know what are the market prices for DCR and non DCR modules in the market today?
Neelesh Garg
It is not fair for me to comment on the market prices.
Gaurav Birmiwal
Fair enough. Second question is what is our. What is the share of DCR versus non DCR in our sales? What we are selling.
Neelesh Garg
So since we are not manufacturing cells as of now, DCR is only in our retail part. So I would say it’s maybe around 3, 4% of our monthly sales.
Gaurav Birmiwal
Fair enough.
Neelesh Garg
That’s what in the earlier answer I was saying that with Satwik the value unlocking is around the corner. And that is because since our cell manufacturing is about to begin and so the value unlocking from cell manufacturing and DCR is going to come in the next year.
Gaurav Birmiwal
Fair Enough. Just last question. Sir, what is the capex that we’re planning for the cell line that we’re setting up?
Abani Kant Jha
So the capex for cell plus module is about 1850 crores and for sell part is 1500 crores. Sorry, 13.
Gaurav Birmiwal
Understood? Understood. Fair enough sir, thank you so much. That’s all. Thank you.
operator
Thank you. Participants who wish to ask a question may press star and one this time. The next question is from the line of Prakhar Porwal from Ambit Capital. Please go ahead.
Prakhar Porwal
Hello sir, just two questions. One is what’s the sales volume of this number? I understand 756 megawatt is production. Wanted to know the megawatt sales.
Neelesh Garg
A 920 megawatt in December. In Q3. Yeah, in Q3. And overall sales is 22058 megawatt.
Prakhar Porwal
Sure sir. And sir, on your margins If I see 13% orders including other income x of that is around 12.2%. So I understand prices would not fluctuate so sharply in this in just a matter of one quarter. So maybe it was some commodity inflation that you couldn’t pass through on the on the spot order. So what was the reason for this margin contraction?
Neelesh Garg
So Prakhar, if you see even in our guidance we have, we have said that 13% EBITDA is a realistic expectations for the year. However if you see for the year we are at 16%. The marginal dip in this quarter was as you rightly said, was the impact of the fluctuation in the commodity pricing and also the dollar and the dollar. So these were, these were the two fluctuations. But you know this impact will show positively, should show positively in the fourth quarter of this financial year because the market adapts to the prices with a lag but it actually adapts to the price.
Prakhar Porwal
Understood. And so just lastly on exports, given all this duty with us, how do you see exports to us given we had some exposure back in 24. So any outlook there?
Neelesh Garg
So we are still evaluating the policy, trade policy, but it is a very welcome and a positive step. 18% from 50% is definitely good for us. And as you said, rightly said last year we were doing exports, we were building the business there. We are still exporting though it is less than 1% of our overall sales. But we are still exporting. But we were exporting where we were not taking any tariff risk for the US market. So we have the foot in the door and we will be pursuing the US market especially now when our cell manufacturing is also going to start soon.
We will be positively pursuing the US market both for ourselves and modules.
Prakhar Porwal
And this is 18 is over and over the section 201 duty. Right. Which is 14%.
Neelesh Garg
Yeah.
Neelesh Garg
So. So that nitty gritty is needs to be evaluated because the announcement has happened but we have not got the full, full details of the policy. I think it is still not signed. I. The more. The more details we should be seeing in the following weeks then we can really comment on that.
Prakhar Porwal
Sure sir. Thank you so much.
operator
Thank you. The next question is from the line of ABHI Sedil from Singularity. AMC Participant got disconnected. The next question is from the line of Aniket Madhwani from Step Trade Capital. Please go ahead. The next question is from the line of Maitri Shah from Sapphire Capital. Please go ahead.
Maitri Shah
Yeah, hello, I’m audible. Yeah, good morning. I just have two questions. Firstly, on the realization since you said that we are back on the original realizations. Do we see them staying the same going forward?
Neelesh Garg
Again I really cannot comment because silver prices are really going 9% up and down on a daily basis. But what I was saying was that the module prices which were at a number in the first half of the year dipped in the third quarter but is again back to those numbers. If the prices, commodity prices keeps rising, obviously that will reflect in the module prices also. But if it is stabilizes which is actually good for any business then we should see around the same prices.
Maitri Shah
Okay. And secondly on the interest cost, there has been a sharp increase in the interest cost in this quarter. Any one off reason for that or is it going to sustain at this level?
Neelesh Garg
Yeah. Yeah. So you know, so the trend upward trends in the commodity prices was actually impacting the sales prices also. So we have taken some short term position for sell and for that to. For that to finance that we have taken some short term borrowing and because of that the interest causes temporarily sort of which will be normalized by March.
Maitri Shah
Okay. And lastly any sort of targets you have for the output in FY27 or so, you can guide for that on the module manufacturing side.
Neelesh Garg
Forever 27. Okay. So future can be seen from the past. And if you see our growth pattern has been 88% CAGR growth in revenues and 250% growth in the pack for last few years. This year also we have grown over 100% in all be it revenue, EBITDA or PAT. So this number should we. We should be. We should. We will try to defend these numbers in this for. For the. For the year. And this is the kind of growth which we are also expected to grow for the next year as well.
Maitri Shah
That is for my time. Thank you. Thank you. Participants who wish to ask a question may press star and one this time. The next question is from the line of Raman KV from Sequentin Resistance. Please go ahead.
Raman KV
Thank you for the follow up. I just want to understand with respect. To. Cell, which is. Which is currently our raw material, for how many months do we did we procure cell in our inventory. Cell?
Neelesh Garg
So normally it depends, but we try to procure cells for. We keep inventory for about three to four weeks and then in transit. So about six weeks inventory. And now is. And at the current because of the fluctuation in the silver prices and other. We missed your question, sir.
operator
So the line for Mr. Raman got disconnected. Should we move to the next question?
Neelesh Garg
Yeah, please.
operator
Okay. The next question is from the line of Sarang from Vimana Capital. Please go ahead.
Sarang Joglekar
Yeah, thanks for the opportunity. So, on the raw material price increase, wanted to understand, are you able to fully pass on these raw material prices or because of rising capacity, rising competition, do you also have to take a hit?
Neelesh Garg
Yeah. Good morning, Mr. Sarang. It is. You know, as I said earlier, your order book is a mix of long terms order where you have the ability to pass through and then you have short term orders wherein these are inbuilt in. In the prices is the bedroom. It is inbuilt in the prices. So in some you are able to pass through and some you are not able to pass through. But if you. If you see the procurement, material procurement though we try to keep inventory to. Minimum level. But if you see our interest cost reason is because we.
We have secured our inventory. Because when you have fluctuating prices of this magnitude, then you try to secure your raw material. So we have, we have done that also. So. But fluctuations up and down are part of this industry. And any person who operates in the industry has the understanding of when to secure the material and what prices to book the orders.
Sarang Joglekar
Got it? Understood. And on the sell side, I’m sorry if I missed it, but when will you be commissioning the plant.
Neelesh Garg
Cell commercial production we should start somewhere in October 26th. Commissioning of the plant will happen in the second quarter, which is in July to September. Commercial production should start somewhere around October.
Sarang Joglekar
Got it. And how much time did you take for this? Like from groundbreaking to October 26, how much period is this?
Neelesh Garg
It took us almost 15 to 18 months.
Sarang Joglekar
Understood. And the one last question on the competition, how are you thinking about it? Because on the module side at least there has already been about 140 gigawatt of ALM capacity. And even on the cell many players are increasing their capacity. So it’s about 30 right now expected to go to 50, 60 gigawatt in a year. So how do you look at that?
Neelesh Garg
So competition is always welcome because that also expands the market. If you see this year also last year about 32 gigawatt, 30 to 34 gigawatt installation happened this year itself the pace which is going on, I think India should be over 50, 55 gigawatt already. And with the, with the rising energy demand in India, electric vehicle battery storage, green hydrogen, you know India wants to be a rising economy, developed economy. So all this will drive the energy demand installations in India. So even at this level with the capacity utilization, average capacity utilization of the industry somewhere around 40 to 50% we don’t see over capacity.
And also with the India US trade deal the risk which was, which was in some forums have been talked about that those capacities which were made for export market will now end up in India. I think that has also got addressed. So we don’t see market flooded with that. In cell manufacturing also there’s a difference between the cup and the lip. So these are announcements. The reality is today only 26 gigawatt of cell manufacturing is there out of which. About 12 gigawatt is Monopark which as more cell capacities will come will become obsolete because that’s a outdated technology.
So cell manufacturing, it takes time for a new player to understand the dynamics and enter the manufacturing and be able to fully commit doing it for a longer period of time. So we are, we welcome you know, all competition and I think we have spent 10 years in this business and we should be able to handle those market dynamics.
Sarang Joglekar
Understood? Got it. Thank you, that was very helpful. Thank you.
operator
Thank you. The next question is from the line of ABHI Sehgal from Singularity amc. Please go ahead.
Abhi Sehgal
Hi sir. So just to follow up on the previous question what kind of DCR demand do you foresee coming in in the next two, three years once ALCM is in?
Neelesh Garg
So the mandate which, which is to develop the ecosystem in India and that from module to now cell and which which is expected to shift in 28 to ingot and wafer. So the, the vision is very clear that we want to manufacture everything in India. So the shift to from module to cell will start happening once ALMM and there is a transition time. But if I am assuming that from June 26th onwards the tenders which will be bid out and then the tenders take 18 to 24 months to see the light of installations.
So when the market will be 60, 70 gigawatt then that kind of a demand is expected for Indian made cells. Because once ALCM pump comes in fully then the mandatory requirement will be that the cell and module have to be made in India. Got it, sir. And. And any internal discussions or do you plan to integrate further back to ingots and wafers as of now? Yes, we are working on it. And we’ll be making announcement in the future. Our first priority is to get our first project started and running. But those developments are also in the line. And also there is a draft policy from June 28 for Ingot and wafer. Once there is some kind of clarity on this policy, work plans are ready and we will form it up. Sure sir. Thank you. And all the best. Thank you very much.
operator
Thank you. The next question is from the line of Hitesh from SBI journal. Please go ahead.
Unidentified Participant
Hi. Hi. Thank you. Am I audible?
operator
Yes, sir.
Unidentified Participant
Hello sir. Good morning sir. I have a few questions. One is that what is you have you have said about your CAPEX plan of about 1850 crore. Can you give me that CAPEX schedule? How much is for 27 and 28?
Neelesh Garg
So this project is entirely for the 4 gigawatt module and 2.4 gigawatt cell. So this is all already. Everything is on track. Both the equity and debt are raised fully. And the project which we were talking for Odisha which will start from 1Q27, FY27 and October 26th. These are all for this project only. And it’s already in the. In the stage wherein it will be commissioned, you know, very soon. So this 1850 crore will be deployed by the end of FY27. H2H2FY27. Right. Fully deployed. Yes.
Unidentified Participant
Okay. And sir, can you tell me the. What is the current debt today by the end of nine months.
Neelesh Garg
You are asking the term, term, part of it or you are asking all.
Neelesh Garg
All together on a gross debt level or net debt. Whatever. 9 month FY20. So it is 7,749crores to be precise. It’s a net debt or it’s a gross net debt. Including short term? Yeah, including working capital.
Abhi Sehgal
And sir, is there any change in working capital as a percentage of sales? If I see a net working capital over the same period last year or is it the same or it has it increased? What is the change?
Neelesh Garg
No. So the change is just to take the. As explained in the previous questions that it is. There is a. There was a high volatility in the raw material prices. So we have taken certain position to ensure smooth products, smooth operation. So to that extent our leverage is increased. But otherwise we are. We are at the same level.
Abhi Sehgal
Okay. And sir, the thing was that that the next capacity you said earlier that will be the addition will ramp up from Q1FY27 onwards. So does that mean the Q1Q for this quarter is with that kind of 81, 82% of utilization level which you reported in Q3. So to that extent there would be kind of a flattish revenue on a Q and Q basis. Sorry, volume on a Q and Q basis.
Neelesh Garg
You mean quarter three versus quarter four. Yes, yes. So normally quarter four is the. The busiest quarter. And now all our 4.8 gigawatt is operational. So we. I cannot give a absolute statement, but we will continue to give decent growth over quarter on quarter and year on year.
Abhi Sehgal
Got it. Sir, My just a few. Just a clarification thing is that you had operated 4.8 with the capacity of 4.8 gigawatt by the end of nine month FY25. Right. And additional capacity is going to add Q1 FY27 only. So I was asking with that kind of utilization level of 80% that volume is likely to be remain flat on a Q1Q basis. That is what the clarification. I am not asking absolute number or any growth or anything. I’m just asking.
Neelesh Garg
You’re talking about Q1 to Q1 for next year.
Abhi Sehgal
Yeah, Q4 Q3.
Neelesh Garg
So for next year our 4 gigawatt modules start. So from 4.8 we will become 8.8. Obviously there is a ramp up. So we, we are not saying we will have entire 8 gigawatt available for the next year, but we will have sizable growth expected next year also.
Abhi Sehgal
Okay. Okay.
Neelesh Garg
And our cell will start giving revenue from the second half of the year. So that will be an additional sell sell revenue will also add. No, I am not going next year, sir. I am not going next year.
Abhi Sehgal
No, no, so I understand. He did. He did. So so what we are trying to communicate here is that your. Your questions was right, that from Q4 to Q1 comparison the product the capacity will will be like flat because it will take some time to ramp up.
Neelesh Garg
So. So that is. That is to that extent we are right. But and what we were trying to tell you that the capacity, additional capacity will be available, but it may not be available fully from the Q1.
Abhi Sehgal
Okay. Yeah, that’s all. That’s got it. Got it. Thank you sir. Thanks for this.
Neelesh Garg
Thank you.
operator
Thank you. The next follow up question is from Raman from Secret Investments. Please go ahead.
Raman KV
Hello sir. Yeah, so yeah, I just missed the debt figures. What is our current net debt figure?
Neelesh Garg
7, 749 crores to be precise. Which includes term debt and the working capital. Thank you sir.
operator
Thank you. Ladies and gentlemen, this was the last question for today. I now hand over the conference over to management for closing comments.
Neelesh Garg
Thank you very much. To summarize, Satwik continues to execute on its long term strategy of building scale integration and resilience in a rapidly evolving solar manufacturing landscape. Our focus remains on sustaining high utilization of existing capacities. Timely execution and stabilization of the Odisha Integrated facility, selective expansion across EPC solar business inverters storage while maintaining capital discipline. We are on track to transitioning into a fully integrated solar energy solution provider. We remain mindful of industry cycles and continue to prioritize disciplined growth over aggressive volume expansion. Our diversified customer base, technology focused approach and execution capabilities provides us confidence in navigating industry transitions effectively.
With a strong order pipeline, improving execution environment and a clear strategic roadmap, we believe Satwik is well positioned to deliver sustainable growth long term value creation. Thank you once again for your continued support and participation. Have a very good day. Thank you.
operator
Thank you. On behalf of Pathway Green Energy Ltd. That concludes this conference. Thank you for joining us and you may now disconnect your lines. Thank you. Thank you.