Solarworld Energy Solutions Ltd (NSE: SOLARWORLD) Q3 2026 Earnings Call dated Jan. 28, 2026
Corporate Participants:
Kartik Teltia — Managing Director
Mukut Goyal — Chief Financial Officer
Analysts:
Sejal Bhattar — Analyst
Udit Sehgal — Analyst
Dhruvin Shah — Analyst
Unidentified Participant
Deepak Patel — Analyst
Ravinder Singh — Analyst
Sarang Joglekar — Analyst
Ravindranath Naik — Analyst
Presentation:
Operator
Good day and welcome to Solar World Energy Solutions Limited Q3FY26 earnings conference call. As a reminder, all participants lines will be in the listen only mode and there will be an opportunity for you to ask questions 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. Please note that this conference has been recorded. And now hand the conference over to Ms. Sejal Bhattar from MUFG in time. Thank you. And over to you ma’. Am.
Sejal Bhattar — Analyst
Thank you. Shubham. Hello everyone. Welcome to Q3FY26 earnings call of Solar World Energy Solutions Ltd. From the management today we have Mr. Kartik Tailtia, the Managing Director, Mr. Rishabh Jain, full time Director, Mr. Mukut Goyal, Chief Financial Officer and Mrs. Ms. Varisha Bharti, Company Secretary and Compliance Officer.
We must remind you that the discussion on today’s call may include certain forward looking statements that may involve known and unknown risks, uncertainties and other factors and must therefore be viewed in conjunction with the risks that the company faces. Future results, performance or achievements may differ significantly from what is expressed and implied by such forward looking statements.
Now I hand over the call to the management for the opening remarks.
Kartik Teltia — Managing Director
Good evening everyone and thank you for joining us today. I am Karthik Tiltia Desaic. On behalf of SolarWorld Energy Solutions, I extend a warm welcome to all the participants on our quarter three earnings call. I hope you have had the opportunity to review the presentation shared on the stock exchanges. Let me begin with a brief perspective on the industry backdrop followed by an Update on how SolarWorld performed during the quarter. India Solar sector continues to witness strong structural Momentum as on FY26 cumulative installed solar capacity stands at approximately 136 gigawatts. During the first nine months of FY26 alone the country added 30.2 gigawatts already exceeding the 23.8. Added during the entire FY25. This acceleration is being supported by sustained policy support and strong capital inflows and with the Indian renewable energy sector attracting close to USD18 billion during the 5 first 9 months of calendar year 2025 surpassing annual inflows seen over the last 3 years as renewable penetration increases, the focus is gradually shifting from only adding capacity to to ensuring reliability and round the clock power availability. In this context, battery energy storage systems are becoming increasingly critical. However, India’s installed bus capacity remains at a very early stage with only about half a gigawatt operational as on June 2025.
Against this, the CEA estimates a requirement of over 35 gigawatt of storage capacity by FY27, highlighting a significant demand supply gap and accelerating investments into hybrid RTC and storage link projects. Demand drivers remain broad based across utility scale projects, the commercial and industrial segment and government led programs. Teams such as PM Kosam for solar pumps, PM Suryagar for residential rooftops continue to provide execution visibility over the medium term. Again, this backdrop let me now turn to SolarWorld’s performance during the quarter. Quarter three has been highly productive quarter for the company marked by strong progress across execution capacity expansion and strategic initiatives that reinforce our long term growth trajectory.
We delivered a strong operating performance with revenue growing 184% year on year while profit after tax increased by 15% year on year. Order inflows during the quarter remained in line with our guidance and we continue to remain confident of achieving our stated target for FY26. Our order book remains healthy and well diversified as on 31st December 2025 we have an executed order book aggregating to almost 2600 crore comprising 7 EPC projects and 2 best orders. Our unexecuted order book provides strong revenue and execution visibility over the coming quarters.
On the manufacturing front, we successfully commenced operations of our solar module manufacturing line in Roorkee during the quarter and also received the alm approval for 1.552 gigawatts of annual capacity. In parallel construction of our 1.2 gigawatt solar cell manufacturing facilities progressing as planned with commercial operations targeted for June 27. Energy storage is a key strategic focus area for us. Our 3.4 gigawatt best manufacturing facility has already begun receiving orders during the quarter, we have signed a bespa for a 200 megawatt oblique 400 megawatt hour project valued at over 800 crore. This order marks SolarWorld’s formal entry into battery storage segment and.Positions us meaningfully in one of the most critical growth areas within India’s renewable energy ecosystem. We are also strengthening backward integration through the establishment of a junction box manufacturing line which will support our solar module operations and improve cost efficiency. The facility is expected to be operational by end of March 2026. Beyond capacity expansion, our focus remains firmly on technology, efficiency and automation.
Our R and D initiatives are aligned towards higher efficiency modules and integrated renewable energy solutions that address evolving customer requirements. Sustainability and ESG considerations continue to remain embedded across our sourcing, manufacturing and operational processes. Looking ahead, our priorities are disciplined execution of ongoing expansion projects, strengthening domestic and international partnerships and consistent value creation for shareholders. With a growing presence across the solar and energy storage value chain, strong operating fundamentals and a clear strategic roadmap, SolarWorld is well positioned for its next phase of growth.
With this, I would now like to hand over the call to Mr. Mukut Goyal, our CFO who will take you through the financials.
Mukut Goyal — Chief Financial Officer
Thank you sir. Hello everyone, Good evening. I welcome you all to this call as we present our third quarterly result. I am pleased to report that solarwall Energy Solutions have delivered stable and promising financial performance reflecting operational resilience and strong execution across business segments. For the quarter ended quarter by 26 our revenue from operation stood at rupees 5782.28 million representing a year on year growth of 184%.
Our EBITDA stood at rupees 754.23 million and margin stood at 12.8% supported by better capacity utilization, supply chain optimization and favorable input cost management. Our profit after tax for the period was rupees 492.19 million translating into a net margin of 8.4% for nine month end date. For nine months ended revenue from operation stood at rupees 7843.44 million representing a year on year growth of 113%. Total income stood at rupees 8091.13 million representing year on year growth of 180%. Our EBITDA student rupees 1146.43 million and margins stood at 40.2%. Our tax for the period was 714.2 million translating into a net margin of eight point eight percent.
On the balance sheet side, as of 12-31-25 our network stand at approximately 7991 million while total debt is around 2553 million resulting in debt to equity ratio is 0.32 times looking at RPM. Financial strategy will continue to emphasize capital efficiency and consistent cash flow generation. With clear visibility on capacity addition and a healthy order pipeline, we are confident of maintaining strong revenue momentum and expanding profitability in the coming quarters. Our approach remains guided by prudent financial management, operational excellence and long term shareholder value creation. Thank you.
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 one on the Touchstone phone. 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 comes from the line of Udit Sehgal from Pinpoint Capital. Please go ahead.
Udit Sehgal
Yeah, good afternoon sir and congratulations. Congratulations on a good set of numbers. How do you see the outlet outlook for, you know, the coming year? What would be the combination of say solar, EPC and this that we would be looking for going forward?
Kartik Teltia
Sir, So Bess is one of our focus areas going forward. We believe that solar with Bess is going to be the mainstream for Indian market going forward because the grid is also requesting now that the solar power has to be more stable. So we believe that Bess will play a big part in all future orders that come to us. So definitely we are focusing on Bess as a market. We believe that solar market might be a little slow in the coming year because of the grid related issue that the government has been highlighting. But overall we think Indian solar story is still strong and very promising.
Udit Sehgal
And on the best side, how are the bidding days going? I mean earlier there was talk that, you know, the bidders were quoting low rates lower in each tender because of the falling sell prices. Has that stabilized? How do you see the margins in that segment?
Kartik Teltia
So it’s a very, very dramatic story that has taken place in the Indian solar in the, in the Indian best market. I’ll give you an example. In February we got an order from Ruvnl for which we have now signed a Vespa. This order is at 2,21,000 rupees per megawatt per month. In addition we will get a subsidy of 27 lakh rupees per megawatt hour. Now within two months of getting this order, a new tender has come out in which people have bid down to 1 lakh 77 thousand rupees per megawatt. Megawatt per month with a subsidy of just 18 lakh rupees per megawatt hour. So this is almost a 30% reduction in price, maybe across two or three months.
Now on the flip side, the supply side, most of the best sells are coming from China. The prices have shot up by almost 20, 25%. So you will see that initially the tender there was a euphoria in the market and people were bidding assuming prices of best coming down to maybe $40, which are hovering around $65. So we in, in relation to our orders we are sitting at very fairly good prices and we did not participate when the prices were falling very fast. Recently we participated in another tender from NTPC in which we were L1. We have not received LOA but the price has significantly gone up because everybody in the market can now see that expectations of $40 were not right. So the market has corrected based on the current market situation.
Udit Sehgal
Great. And will our focus be, you know, EPC and with BEST as a backward integration or do we are we looking to supply BEST containers solutions as well to people who won the tenders?
Kartik Teltia
So our idea is we are looking at BESS as multifold proposition. To start with, our smallest segment will be the CNI segment. As you know in the CNI segment, especially in Delhi, NCR generators are not preferred because of government regulation and BEST systems tend to act as a power backup and a ups. So that becomes a good proposition to replace your gensets. That is one market we are targeting, that is a pure product market. Second market that we are targeting is obviously utility scale best. The idea is that anybody who is looking to set up a BEST project will also need an ETC to do their switch yards, installation commissioning, regulatory approvals, transmission lines which already is a forte for Solar world. So we can offer a complete solution for our in house projects and also for external projects. People who are looking to set up who have won best projects and are looking to set up and want a EPC Commerce supplier.
The thirdly the advantage will be if you procure a container from China, a BEST container, you do not get any after sale service. So if there is a problem with the container, you either have to send a component or the whole container back to China. With SolarWorld setting up a manufacturing facility in India, we can offer a very quick turnaround in terms of after sales service. So that’s become a very good value proposition and we are already receiving a lot of inquiry for our best.
Udit Sehgal
So based on our current pipeline of orders, how do you see FY27 playing out like what could be like the percentage increase in revenues that we are looking at. So FY27 should be a good year for us. The mix in FY27 will be, I think more towards best and less towards solar. Growth will come a lot from best projects, I think because even our solar projects, EPC projects that we are now getting compared with the best projects. So it should be a good year. As on date we are sitting on almost an order book of 2600 crores. In addition to this we have two more orders in which we were L. One in both of them we have not received LOA. One was a best order and one was a solar order. So this order book is definitely maybe close to about 3400, 3500 crores as on date. Wow. So out of that Q4 I would assume we would be executing say what, 30% of that or 20% and the remaining would spill over to FY27.
Kartik Teltia
Look, out of this order book maybe we will execute maybe about 20% this year or round about that and the balance will be executed in the next year. To be honest, sir, best orders don’t take a lot of time to execute. EPC orders generally tend to take a longer, maybe 11 to 14 months time period to execute. But best orders don’t require a lot of land, do not require a lot of preparation. The switchyard and the best project in itself can be turned around fairly quickly. So just, just wanted to add that we are still bidding for more orders.
Udit Sehgal
Yeah, that’s great. That’s what I was coming to. So I mean, I mean to say besides the 3000 crores there are a lot of other orders also in the pipeline which could be executed in FY27.
Kartik Teltia
Yes, yes, yes, yes. We are adding more orders to our pipeline. Yes, sir.
Udit Sehgal
Okay, thank you so much. I’ll come back in. Thank you.
Kartik Teltia
Thank you sir. Thank you.
Operator
Thank you. A reminder to all participants, anyone who wishes to ask a question may press star and one on the Touchstone phone. The next question comes from the line of Durban Shah from HDFC Securities. Please go ahead.
Dhruvin Shah
Yeah, so I’m audible.
Kartik Teltia
Yes sir. Good afternoon sir.
Dhruvin Shah
Yeah, good afternoon. Yeah. So my, I just have one question which is regarding which projects have we executed in the current quarter? Because if I see at the order book has decreased by let’s say 600 megawatt while the capacity of completed projects that we have mentioned is largely the same.
Kartik Teltia
So actually in the current quarter we were executing two orders largely. One was a NTPC order of about 376megawatt and one is a order we have received through a private party. But it’s for NHPC, around 272megawatt in Kavra. So both these projects are expected to get finished by May 2026. So that is when you will see the executed capacity going up significantly.
Dhruvin Shah
All right, Understood. Thank you so much.
Operator
Thank you. The next question comes from the line of Shuya SK from Singularity amc. Please go ahead.
Unidentified Participant
Hi, thank you for taking my question. Hi, I two questions. If you can talk about your module lines utilization and what revenue and incremental EBITDA we are expecting from the module lines and similarly for Excels. Our initial understanding was the RSL line would have been live by end of this year or you know, Jan. Feb 2027. But I think you guided June 2027. So if we are seeing any delays over there. So if you can first answer these two questions.
Kartik Teltia
Yeah, so on the module line. My module line got commissioned in July 2025, end of July 2025 and there was some ambiguity with the government on the DIF registration because the standard IEC standard had changed and the government did not take a call on which standard to follow. So we could only get our ALM on December 23rd. So the line has as on date the line is running at full capacity and we expect that in the next 12 months you should see good numbers from the module manufacturing line. Having said that, what is our monthly output? We are expecting in January we are expecting about 50 megawatt in September. In Feb it should go up to about 70 and from March onwards you should see maybe somewhere between 80 to 90 megawatt.
Unidentified Participant
And every, from what I understood every 1 gigawatt module edition can add another 150 EBITDA to your bottom line. Is that understanding correct? When do we see the benefits of it coming to our bottom line?
Kartik Teltia
So bottom line benefits, I think over the next 12 months you should definitely see a lot of benefits. So if you compare the current quarter December, you will see that my standalone profits are much higher than my consolidated profit because the module line was showing a loss of about 11 crores. That was purely on depreciation and interest cost on that line because the line was not fully functional. So having said that, I think over the next 12 months you will see a lot of improvement on that line. Typical line on a, if you just do tooling should give you a profit of somewhere about 70 to 80 crore PAT on a gigawatt scale. Currently module manufacturers are kind of suffering because the silver prices have kind of quadrupled. So cost of silver in a single solar panel has gone up from about 500 rupees to about 2,000 rupees. So that’s a challenge. But the market does tend to adjust to higher prices and the PPA tend to adjust. So we. We don’t see a big challenge. In the short run it will be a slight challenge, but in the long run it should not be a challenge at all.
Unidentified Participant
Okay, one final question if I may. If you can talk about the DCR implementation. When would you execute your first DCR projects and what should we. Because the revenue per megawatt might go up, right? But would it also reflect any higher EBITDA per megawatt for us or would our EBITDA margin go down because the spread for us remains the same? And what are the timelines for that on the financials?
Kartik Teltia
Yeah, so DCR projects. Government has mandated DCR solar panels from June 2026. At present my entire order book is without DCR requirements. So we are not working on DCR projects. We are in active discussion to execute a 80 megawatt Kusum project which will have DCR requirements. Now the problem with DCR solar panels is the availability of cells. Obviously VARI has set up a 5 gigawatt capacity and more capacities are coming up. But our cell line should also get kind of commercialized between December and March 2027. We are hoping to do it between December and Jan. Once that happens, that risk goes away and our margins should substantially improve.
We believe that the cost of manufacturing a DCR cell is somewhere between seven to eight rupees per watt, whereas in the market we are currently able to procure them somewhere between 14 to 15 rupees. And with silver prices going up, I think the price would have further improved or gone up. So we definitely see our margin substantially improving once the cell line is operational. But without X of our cell lines, when do you otherwise implement DCR projects? So DCR project. See every project that we get, we have about 12 to 14 months timeline to execute those projects. So from June onwards, most of the bidding that will happen will have a DCR requirement. For example, there is another project right now, Google in Rajasthan, which we are planning to bid or we are evaluating for a bid. That tender will require DCR solar panels.
Now these DCR solar panels will have to be supplied in about 12 months time. So we hope to execute those projects to our own through our own cell line in case our cell line is not available. If your question is, if we buy them from the market, our EBITDA pat margins should remain consistent. But we could see a lot of volatility in the prices. To be honest, I believe in 12 months cell capacity is coming up, so prices should ease. So any project that we pick up now should give us better margins, not lesser margins. Going down the line. 12 months down the line.
Unidentified Participant
Good. Sir, thank you so much.
Operator
Thank you. A reminder to all participants. Anyone who wishes to ask a question may press star and one on a Touchstone telephone. The next question comes from the line of here. Hariya from Satrunja Investment managers. Please go ahead.
Unidentified Participant
Hello.
Kartik Teltia
Hello.
Unidentified Participant
Hello. Yeah. Hi. Hi. Good afternoon. First of all, congratulations for a good set of numbers. So my question is regarding the SJVN issue that we are facing. Like what? So I just wanted to understand what is going on with this case and what would be the financial and the revenue impact regarding the same. And also going forward what would be the impact on our order book from SJVN that we already have or we might be in a process to receive?
Kartik Teltia
Yes sir. So outright I would like to tell you that SJVN over the years has been one of my most consistent customers. So this. We have already completed three projects for them. One in Parasan, one in Gujarat, one in Gujarat. We had received these two orders in 2023. Both the project was situated in Bhuj. As part of the contract the land was to be provided by SJVN Latest by. By January 2024. And today in January 2026 we are yet to receive that land. So we have gone to the court to request the court or to request SJVN to start arbitration proceedings in this so that we can close out the contract. Because it has already been two years. We. In terms of negative financial implication. There will be no negative financial implication. What we expect to receive is because we have supplied material to FJBN on which they are holding retention amount that retention around might get released to us. Also over the last two years we have incurred certain expenses to maintain the material that was supplied to sjvn. So we have claimed those amounts from them. We are hoping to recover that as well.
In terms of a relationship with fjvn, I’m sure they also understand that the project is already 24 months delayed. So we don’t foresee any relationship related issues with sgv. And for our other projects currently we are executing or we are at the stage of almost completing a 70 megawatt project for them in Assam. Okay. So we don’t see any issues going forward regarding this issue. SJVM processings that are going on. So we are hoping to start arbitration. Sir, we are. We are not. We are not in a legal battle with them. It’s a standard process of the contract that we are following.
Unidentified Participant
Okay, got it. And. And what would be the forecast revenue for the FY26 and what would be the expected pat margin.For the same year,
Kartik Teltia
Sir, we’ve got a very strong momentum in the third quarter. We are hoping to carry forward a similar momentum in quarter four also and to give you very good results. We have a strong order book for this year already and also for the next year. So we are hoping to give you good results.
Unidentified Participant
Okay. Okay. Thank you very much. That’s it from my time.
Kartik Teltia
Thank you.
Operator
Thank you. Ladies and gentlemen, if you wish to ask a question, you may press star and 1. The next question comes from the line of Lokesh Patil, an individual investor. Please go ahead.
Unidentified Participant
Congratulations Karthik and team for a good set of numbers. I just want to you know ask you about the strategy piece. Right. Given the turbulent situation around solar and what you’ve seen with Reliance Technology transfer request, do you foresee moving into other areas like let’s say green hydrogen or any other opportunities in the future?
Kartik Teltia
So if you ask me, for a renewable energy company, green hydrogen is merely an extension of what we are doing. Because green hydrogen requires renewable energy and it forms a very significant part of that contract. So green hydrogen is something that we have definitely evaluated. But as on date our focus remains on solar, EPC and very strongly on bet. Because solar and BET we think is the way forward for solar energy and also for fdre. And if so if you’re hearing in the market, I think a lot of downsides that you’re hearing is one is there is grid is not supporting a lot of solar energy right now because the connectivity is not there, transmission lines were not built timely basis.
Second, you would be hearing a lot about silver prices moving up, battery prices moving up. So there is a lot of volatility in the market currently. But we have seen these in the past. These are cycles that come and go and I think during these times it is good if you are a diversified company. So we are currently working on solar, we are working on best. We are focusing on setting up our cell lines. Once all these three businesses are fairly stable you will see a very strong growth as well.
Unidentified Participant
Okay. And secondly I think in the recent circular you said Rishabh Jen stepping down from the executive role. Any reason for that, sir?
Kartik Teltia
So Rishabh is stepping down as a executive role and will be a non executive director on the company. Rishabh. So one of our shareholders is Pioneer Psychor it which is one of the main line of business for Rishabh as well. One of the subsidiaries is going for listing there. He’s going to be the executive director there and he will continue to act as a non executive director on the board of Solar World. I will continue to be the executive director and. Full time involved in solar world.
Unidentified Participant
Okay. Okay. Thank you.
Operator
Thank you. The next question comes from the line of Deepak Patel from Equin Wealth Advisory. Please go ahead.
Deepak Patel
Am I audible?
Operator
Yes, sir.
Deepak Patel
Okay. Just to confirm that. Good afternoon, sir. Good afternoon. On the previous order book question, are you going to execute the 20% of total unexecuted order group which is 700. Right.
Kartik Teltia
Thank you. For we are targeting that much, almost that much in this quarter.
Deepak Patel
Okay. And the 1500 crore for FY26 guidance is still intact.
Kartik Teltia
Sorry.
Deepak Patel
1500 crore revenue guidance for FY26.
Kartik Teltia
I hope we exceed that significantly.
Operator
Thank you. The next question comes from the line of Homer Irani, an individual investor. Please go ahead.
Unidentified Participant
Yeah, I would like to know how come in. Good afternoon. I would like to know first of all in financial year 2025 you’ve done a margin of EBITDA margin of 20 or higher. Whereas this financial year you’re barely managing. 11%
Kartik Teltia
In our NPC business is a very good margin. To be honest. Last year we were executing a project which was fairly difficult. And in the northeast part of India the margins in those difficult projects tend to be much higher compared to other places. We had built in a lot of contingency for that project which were not utilized. And so correspondingly our margins turned out to be quite high. We have always guided for margins to remain between 9 to 11% for our ECC results.
Unidentified Participant
Okay. And your previous con call you had mentioned that 2600 crore rupees order book and out of that 90% will be completed in this financial year. And however now you mentioned that the SJVN project has been deferred. I mean because of lack of land allotment that is lost of the SJVN project. You still do the 1500 crore rupees guidance for this year that you given.
Kartik Teltia
Sir. Sir, in my last call, the guidance that I had given, we had not included the Gujarat project. We don’t include them in our revenue projection. Because the land has not been given to us yet. If the land is given to us, that is an upside that we get. To be honest, we don’t consider. Consider because land is a very critical thing in India and once it gets dark it usually takes a very long time to get out of that land problem.
So SGVN is still struggling with that land and we don’t account for it. While when we give you the order book we have to mention those projects legally. But for our internal revenue calculation we do not consider them
Unidentified Participant
Okay. And with the silver prices now more than tripling and they don’t seem to be going up, and due to that, I believe the solar cell as well as solar panel prices are going to go up substantially. So will you still be able to maintain the margin of 9 or 10% that you’re saying?
Kartik Teltia
So to be honest, it is a challenge because the silver prices now constitute almost 25% of the solar panel price and they are still going up. But I do believe that it is a temporary situation and silver prices should come down because we don’t see industrial demand going up. Solar tends to be the biggest user of silver and this year China has done less solar projects compared to last year. India is also slowing down a little bit and US has also slowed down. So we believe industrial demand is not there so the prices should normalize. Having said that, we also have risk mitigation strategies in place for our existing projects. We do have substantial amount of time left so we can defer the module suppliers to manage our margins and we are hoping the prices will stabilize. One
Secondly, we have also operationalized our module manufacturing line that also acts as a hedge. Our cost of manufacturing solar panels is now almost at par with our suppliers. So that margin percentage also helps in maintaining our margin. So we are hoping the markets will calm down. We don’t expect silver to go go down to its original prices, but even if silver falls down to back to $90, we are happy to execute all our orders and maintain our margin.
Unidentified Participant
Okay, now since I would like to know how what is your competitive strength Visa with KPI Green Energy and VARI Renewables, who also into EPC and VARI as an advantage of the parent company for provision of solar cells and solar modules.
Kartik Teltia
So Vahri Renewable Technologies is definitely a much bigger company than Art and they have an advantage in terms of customer relationships that their parent company has built over the last decade or so because Vahri has been supplying solar panels to almost every developer in India. So if you look at our order books, my order book is mostly PSU driven whereas WRTL’s order book is mostly driven by private developers. So that’s a difference between my company and WRTL W in terms of. Ability to source solar panels. Solar World has its own solar panel line now. We are hoping to commercialize our cell line in the next 12 months. So we should be quite, we are quite confident that in terms of pricing we should be very efficient. Thirdly sir, in terms of epc, I can surely tell you that we are very, very lean and we are very very efficient. We do not take up too many projects. We pick up projects that can be executed and we focus on them to finish them. And other than these two Gujarat projects, you would not see in Solo World 50 that we have not finished any projects.
We are still pushing to finish these projects if SGV can give us the land. But that’s a good thing to have that we are able to finish all our projects and on time.
Unidentified Participant
And do you have like KPI Green Energy which has independent power projects on which I think the EBITDA is very high because of that 30% or more because the earnings from the power generation. I think it gets that it has, I think it has contracts, yes, PowerPoint agreements with various individuals. Do you have any such projects where you can make money with sale of power?
Kartik Teltia
Sir, we have signed two battery energy storage projects with RUVL and DUVNL which are similar to solar PPS. Both of them will get operational in the next 12 to 13 months. So those two projects will give us revenue over the over the next 12 years or so. Having said that Solar World is backward integrated into manufacturing to support that CPC business. We have not yet taken a decision on whether we want to forward integrate into ipp. But that is a segment that we are also looking at seriously now. And the margin for the BSS, your margin is 9 and 10% higher than 9 and 10%.
Unidentified Participant
Yes. Okay, that’s it. Thank you very much.
Operator
Thank you. A reminder to all participants, anyone who wishes to ask a question may press star and one unattached on telephone. The next question comes from the line of Ravindra Singh from Alpha AMC please.
Ravinder Singh
What? Hello, I’m audible.
Kartik Teltia
Hello sir. Yes sir. Yes sir.
Ravinder Singh
So my question is regarding your best projects you have mentioned. Like you got two projects, one from GU VNL and one from RVNL that accounts for 125 megawatt and 250 megawatt an hour and one is for 200 megawatt, right? Yeah. So I just want to know about the costing structure of this project. Like how will be the time and how will you be sourcing the cells, the projects and what you will be supplying. And are all the projects built on a freight basis? Or will you be transferring the project as well?
Kartik Teltia
Sir. So as per the best part, the projects are build on operate our agreement with RUBNL and Guvnil. Build, build, own, operate. Now what Solar World will do in this is Solar World has set up a battery cell to battery pack line. So Solar World will import the cell and we will build the container in India. The containerized solution will be supplied to the subsidiary which will install it at the site. Solar World will then do the EPC for the transmission lines, the situad and get all the approvals for the subsidiary. Once the subsidiary is operational or before that, if we can find a financial partner, we will definitely want to upload the projects to them at a good premium. That’s the idea. Okay, so Solar World will do will supply the best and do the entire EPC and get all the approvals and make it commercially operational.
Ravinder Singh
And can you provide the per megawatt pricing on the best project? Like how much will you be charging for the batteries?
Kartik Teltia
Battery prices as I said earlier in the call have shot up. At present best containers from China can be sourced at around $65 per kilowatt. I believe that if we source the cells from China and try to assemble it in India we will be maybe a few dollars cheaper than that. So that will definitely be an advantage. There is also a duty advantage. When you import a container from China the duty is 22%. I believe when you import cells and you assemble it in India duty comes down to about 5 to 6%. So there’s a duty advantage there as well. So definitely doing it through Solar World will have a big advantage in terms of other pricing. It’s an once you install the best then you have to do your PCs which is your inverter which is followed by your switch yard and transmission line. In Rubnl project the transmission line is negligible because it is within their own plant. In Guv Nil the transmission line is maybe one and a half kilometers. So again negligible, not a significant part.
Ravinder Singh
Okay, so just want to understand about the costing structure. Like how would be the costing for 200 megawatt plant?
Kartik Teltia
200 megawatt plant including GST should be somewhere around 200 to 265 crores.
Ravinder Singh
200 to 265. 265 crore.
Kartik Teltia
250 to 265 crores. To be honest, 200 would be too low.
Ravinder Singh
Okay, and for Guvn, is it the same around
Kartik Teltia
Approximately the same.
Ravinder Singh
Okay answer. How do you see the competitors in this case? Like many companies have won the project for built on a fair type but those companies don’t have the technology or you say don’t have the proper battery line. So like how will they be competing with you?
Kartik Teltia
There are two types of. So there are two types of competitions that we see in the market. One is Malform manufacturers, other manufacturers there is Pace Digitech and there are other companies who have set up similar cell to battery pack lines. The advantage we have is that we are also an EPC company so we can, we can engage with developers and do an end to end project where we do the EPC and supply both. That definitely gives us an advantage over that kind of competition. Second competition is when we go to a tender and we bid and there are other bidders now because let us take an example of maybe Micromax or Patanjali who were there in the second bid. They don’t have manufacturing facilities in India so they are paying a higher duty or they are buying from other manufacturers who definitely charge them a margin. So we believe that we should be more competitive there. We have a first mover advantage in this market and we have close to about a 1 gigawatt hour of projects now with us. So. So we are looking to take a lead in this.
Ravinder Singh
Okay answer you mentioned like Pace Recheck is also your competitor also RCRS innovation they are also into same line. So don’t you think like other people like who don’t have the capabilities of establishing the best they will be reaching out to you for assembling those projects is that we are already in discussion with private developers for this. Okay. Do you have any order visible from them or is there anything confirmed from them yet?
Kartik Teltia
Confirmed orders are closed. So as I said we have 250 megawatt hours from Ruvnl, 400 megawatt hour from Guvnl. We have another order about 264 megawatt hour in which we were L1 we are yet to receive the LOA. In addition to this we are already in discussion for close to about 400 to 500 megawatt hour for a private CNI segment customers. We are also discussing with two developers on a large scale order to supply for their best requirements because they have solar with best PPA is already signed.
Ravinder Singh
Okay answer for these project for the, for these projects like will you be importing the cells or will you be importing the complete battery containers
Kartik Teltia
Only cells and some components rest we intend to do in India because otherwise the duty advantage goes away and we already have assembly line in India.
Ravinder Singh
Okay and also at the current tariffs like the tariffs if you see there is a decline like some companies you have accepted the terrible 2 lakh 25,000 but other companies accepted for lower tariffs like around 1 like 77,000. So how much do you think you owe projected viable tariff?
Kartik Teltia
To be honest, I believe that about 60% of the projects that were bid out in the six months will not be executable until unless the price comes down to about $40. So that price adjustment has happened. In the market already. And I don’t know how those projects will get settled. But it seems quite difficult that at those very low pricing people will be able to execute. Until prices in China fall significantly, I can’t predict that. But at current prices they are not possible. It is not possible to execute those projects.
Ravinder Singh
So, so we can assume that like before, like below 2 lakh of tariff we cannot execute a project.
Kartik Teltia
Sir. So I would not say a 2 lakh tariff because every project is different. It could be one cycle, could be two cycles. Right? It could be four hours. Four hours with two cycles, six hours. So it will depend on project to project. We. We can’t generalize the TPA. But anybody who is assuming a price less than 60 to $65 for their calculation right now will find it difficult to execute.
Ravinder Singh
Okay. Okay. So thank you for the answers. I will join again.
Kartik Teltia
Thank you. Thank you sir.
Operator
Thank you. The next question comes from the line of Shiva and RN from Quantified Investment llb. Please go ahead.
Kartik Teltia
Hello. Good afternoon sir. Yes sir,
Unidentified Participant
Good afternoon. My question was about the top line growth. I just wanted to know in the coming years what does the company expect its top line growth to come from? What will be the main drivers of it?
Kartik Teltia
So there are three segments that we are focusing on. Obviously you will see that our EPC has shown a very significant growth compared to last year. Our top line on a standalone basis is close to around for the nine months is about 721 crores which was last year was around 550 crores. On a console basis you will see that the top line has not grown much because the module line has not made a big dent yet into this. So if we are able to keep our module line running for the whole year and if we sell that capacity into the market it should add about thousand to eleven hundred crores to the top line. EPC I believe will see a 25 to 30% if the market sustains should see a very good growth of about 25 to 30% next year as well. Third is best. There’s a. Is something that should add a lot to our top line because it is becoming like one of the mainstream for our market.
Unidentified Participant
Okay, thank you so much. With the new. I just wanted to ask another question. But the new energy policy which was being drafted, do we have any significant impacts on the assumptions?
Kartik Teltia
So with the new energy policy. So to be honest sir, I think the solar sector that we work in or the renewable energy sector, this is one of the most dynamic sectors in India. Every day something changes and we try to stay in touch on top of it. So in terms of best, government has now asked our suggestions on how quickly we can do it under MAKE in India. So they have given a timeline. That have been shared with many manufacturers on which comments have now been sought. So that is happening in the new energy policy. I think one of the focus has been on how to make solar and wind more reliable. So that that shift is already starting to happen with DISCOMF not accepting any pure solar projects now and asking for solar with base or around the clock projects paired with wind. So those changes we are already seeing in the market and that’s something that will get translated into our policy.
Government has kind of had earlier said that coal project will not come up, but government has given approval to some of the coal projects, so that is also happening.
Unidentified Participant
Okay, thank you so much.
Kartik Teltia
Thank you sir.
Operator
Thank you. The next question comes from the line of Sarang Jogalingar from Vimana Capital. Please go ahead.
Kartik Teltia
Hello, sir.
Sarang Joglekar
Yeah, hi. Thanks for the opportunity. So on the solar module, just wanted to understand the one part is that silver prices and other input prices are rising. And how do you look at it when on the other side model capacity has also come up a lot, around 140 gigawatt. So with that kind of capacity, are you able to pass on the input prices increase or are you having to take the hit?
Kartik Teltia
So to be honest, the price of silver that has gone up, there is no opportunity to take the hit. You have to pass it on to your customers, to be honest. So prices in the market for solar panels have definitely gone up. The market for solar panel has always worked on three parts. People would check the sell price, people would check the BOS price and then there’s a discussion on the tolling price. Tolling is basically the conversion cost of the cell and the raw materials into a solar panel. So tolling prices have definitely come down because the competition has increased. But the price of cell and POs tend to get passed on to the developers.
Now, for developers, the problem is that sometimes when the prices suit up a lot, the project may not be that viable or may not give them that kind of return. So some of this demand does get deferred to a few months down the line when the prices stabilize. As I said earlier, I don’t expect prices to remain this high because in China there is a similar problem where there are a lot of factories that are not able to supply now because the demand has kind of fallen because the prices are going up. And with solar being the biggest consumer of silver demand going down, the price should eventually come down.
Secondly, I think in China they have already started on working towards a copper silver paste that would reduce the requirement for silver. Hopefully in the coming months, the prices should stabilize and come back to normal. But competition does impact the tolling prices, too. Answer your question there.
Sarang Joglekar
Got it. So there is some pressure because of competition.
Kartik Teltia
Everybody will face pressure. So if you see exports to US, I think are down because of 50% duty and US is not pushing for a lot of solar which was a big market for Indian exporters. Chinese solar panels have stopped coming in. But India, if it’s not 144 gigawatt, to be honest, currently the capacity, actual capacity should be close to 80, 90 gigawatts out of it. G12R is maybe 15, 20 gigawatt. And G12R is the most latest solar panel which we are manufacturing. So there is still demand in the market. You can still supply, but tolling margins do take a hit.
Sarang Joglekar
Understood. And on the best side, you said that there is a scope for replacing diesel generators, right? So is there, is there a market ready for it? Are the industrial, I mean corporate industries ready to accept that or is there still any hesitation? Just trying to understand.
Kartik Teltia
So to be honest, it’s a market that we are developing. But northern India tends to be a better market for this because of the Delhi NCR regulation where every winter people are not allowed to switch on their petrol and diesel gensets. Secondly sir, if you look at a base, it can also act as a ups. So with power curtailment in northern India, a lot of companies do have backup generators and UPS systems. This best container can now replace your UPS which you were earlier changing every three years. So while you have a UPS and a generator combined in one, it does make economic sense. So it’s about converting your customers. And I think it’s a fairly large enough market in northern India to target. And eventually we will start targeting other places as well for UPS replacement. Because if you look at all PNI segment, everybody will have a UPS and will have a backup generator.
Sarang Joglekar
Understood? Got it. Thank you.
Operator
Thank you. The next question comes from the line of Ravindranath Naik from suny, the securities. Please go ahead.
Ravindranath Naik
Hello. Am I audible?
Kartik Teltia
Yes.
Ravindranath Naik
Hello. Hello. Am I audible?
Kartik Teltia
Hello. Yes, sir.
Ravindranath Naik
Yeah. So can you please tell me what is the total in the order book? How percentage is coming from utility solar or it is fully utility solar, that is fully utility solar, sir. Okay. Okay. And in this order, do you have the base order into it?
Kartik Teltia
Yes sir, we do have the best orders in it.
Ravindranath Naik
What is the percentage of that?
Kartik Teltia
So just give us a minute.The best orders are about 23% balance as EPC order.
Ravindranath Naik
Okay, so going ahead, do you see the base order is going to grow faster than the solar order or it is, it will go in sync with the both orders simultaneously.
Kartik Teltia
So I’ll give you an example to answer that. So let’s say we get an order for 100 megawatt solar. Now these orders tend to be paired with 400 megawatt hour of bass. So single order, if you look at the costing breakup, maybe the best is more pricier than the 100 megawatt solar itself. So I think going forward you could see a shift in terms of best and solar being 50, 50% or even solar being higher than that or best being higher than solar.
Ravindranath Naik
Okay, that’s understood. And in this current year we have actually the run rate for around 40,000 gigawatt solar. You know, order is already been. Execution is already going to be happened. But how, how do you see the things are for next year because. And can you please throw some light on this grid curtailment? What the the big issue for the solar sector? Can you give some light on that and what is your expectation for next year in terms of industry, you know, execution?
Kartik Teltia
So, so great containment is an issue that is faced when there is not enough transmission capacity to execute the power that is being generated. So for example, power grid was supposed to make a substation on which I was supposed to execute 3 gigawatt of solar power. But that substation has not come up. So a lot of that power gets stranded where the projects are set up. Not able to get substations. At some places where substations are done, the transmission lines are not done. So those kind of structural issues there are, which I think will get addressed in the next 12 months or so, even for new projects. Let’s say we want to set up a project for NTPC and they ask us to find a grid connectivity at ISTF level. Grid connectivity not available. Currently it is only available for 27 and 28N. So those, those are structural issues that will get addressed. But in terms of next year capacity, as I said, I think there will be a slowdown in how much solar is installed. You will see a big shift that instead of pure solar and wind, it will be mostly FDRE round the clock and solar with best tenders that will get executed. And that is what the preference is for discomfs as well. So maybe a slight slowdown in the capacity execution and change in the nature of the contacts that are getting executed.
Ravindranath Naik
Okay, that means, you know, even to say that the DSS will take. Better, you know, growth.
Kartik Teltia
So at present sir, I think about 40 gigawatt of best tenders have been bid out but only about half a gigawatt has been executed. So there’s a big opportunity to execute best projects in the coming years.
Ravindranath Naik
Okay, so, so, so should we will you go for the. You know already you have developed your panel capacity right now the solar panel is already set up.
Kartik Teltia
Best will get commissioned in the next couple of months, maybe end of March. So best capacity of 3.4 gigawatt will also be available for us to sell in the market. We have orders in hand for about a gigawatt. So 2.4 gigawatt is still available.
Ravindranath Naik
Okay. Okay. And secondly one question you mentioned that somebody previous participant asked about this replacement of the diesel gensets with the BSS, you know, products. So one of the player was actually manufacturing the digital density. So humans has already developed that product in one of the easiest product. Yes. So how do you see the demand in the market as of now and how your demand will you see the demand for your product in the northern market, sir?
Kartik Teltia
So demand for the product is there because it’s a new product. It will take some time to convert people to explain the dynamics of it and the economics of it. But I genuinely believe in India if you offer a solution which is economically viable, people do tend to convert fairly quickly. And you can look at solar rooftop adoption as a prime example of that. We have been discussing with TNI customers for converting to lithium batteries and they have been very, very positive about it. Once our factory starts, we will go all ahead. We are displaying our best products in one of the exhibitions in Gujarat in Feb. So we, we have started targeting the market fairly strongly and we, we hope to gather a lot of orders in the next couple of months.
Ravindranath Naik
Okay, what is the starters, you know, what is the outlook you are getting from the market for the Cubans product order that today for the generator replacement?
Kartik Teltia
Yes, yes sir. We are already discussing with about 14 factories not to replace the generator but to add our general add our best product as a UPS for them and a backup for about one hour and after which the generators can kick in. So those discussions are going on fairly well, sir.
Ravindranath Naik
Okay. Okay. So what could be the market in the one year time if you. Size. What could be that? Can you please specify
Kartik Teltia
1 year utility scale? About 40 gigawatt of best projects have already been tendered out. That will have to be executed. Whether they executed get executed on price or not, that individual developer will have to take us on the generator. I would say we will target maybe close to a gigawatt or two gigawatt of CNI customers in the coming 12 months.
Ravindranath Naik
Okay. Okay. Okay. Thank you. Thank you for asking.
Kartik Teltia
Thank you sir.
Operator
Thank you ladies and gentlemen. That was the last question for today. And now hand the conference over to the management for closing comments. Thank you. And over to you sir.
Kartik Teltia
Thank you. Thank you everyone for joining in on the call today. We really appreciate your support and we hope to hear from you in our next call at the end of the next quarter. Thank you so much everyone. Thank you everyone. Thank you.
Operator
Thank you. On behalf of Solar World Energy Solutions Ltd. That concludes this conference. Thank you for joining us and you and our Disconnect alliance. Thank you.