Waaree Energies Ltd (NSE: WAAREEENER) Q4 2025 Earnings Call dated Apr. 23, 2025
Corporate Participants:
Pooja Swami — ORIENT CAPITAL
Amit Ashok Paithankar — Chief Executive Officer, Whole-Time Director
Sonal Shrivastava — Chief Financial Officer
Abhishek Pareek — Group Head Finance
Analysts:
Mohit Kumar — Analyst
Sunny Gosar — Analyst
Kartik Sharma — Analyst
Subramaniam Yadav — Analyst
Sarang Joglekar — Analyst
Saurabh Doshi — Analyst
Kuntal Shah — Analyst
Bhaskar Chakraborty — Analyst
Vishal Thanvi — Analyst
Balasubramanian A — Analyst
Dharwad Goel — Analyst
Priyesh Vibaria — Analyst
Unidentified Participant
Akshay Mane — Analyst
Aditya Vora — Analyst
Presentation:
Operator
Ladies and gentlemen, good day and welcome to Vahri Energies Limited Q4 and FY25 earnings conference call. 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. Should you need assistance during the conference call, please signal an operator by pressing the star then zero on your touchstone phone. I now hand the conference over to Ms. Pooja Swami from MUFG in Time India Private Limited. Thank you. And over to you, ma’am.
Pooja Swami — ORIENT CAPITAL
Thank you, Steve. Good morning everyone and welcome to the Q4 and FY25 earnings call of Avari Energies Limited. From the management today we have with us Mr. Amit Paithankar, full time Director and CEO Ms. Sonal Srivastava, Chief Financial Officer. Mr. Abhishek Parikh, Group Head Finance and Mr. Rohit Uade, General Manager Investor Relations.
Before we proceed with this call, I would like to give a small disclaimer that this conference call may contain a certain forward looking statement which are based on beliefs, opinions and expectations of the company as of date. A detailed disclaimer has also been given on the company’s investor presentation which has been uploaded on the stock exchanges. I hope everyone had a chance to go through the results.
Now I would like to hand over the call to Mr. Amit Paitharkar for his opening remarks. Over to you.
Amit Ashok Paithankar — Chief Executive Officer, Whole-Time Director
Thank you very much, Pooja. Good morning ladies and gentlemen. Thank you for giving us your valuable time and joining the Q4 earnings call of Vadi Energies Limited. I will be referring to the presentation that has been uploaded on the NSE and BSE websites. If you have the presentation handy, it will be helpful to follow along. We move to slide 4. 2025 has been a landmark year for Wadi. It was a year of exceptional performance, major milestones and solid execution across the board.
The entire team at Wadi worked tirelessly to deliver what we believe has been one of our most outstanding years yet. Our revenues for FY25 reached 14,846 crores with an EBITDA of 3123 crores. Our order book remains robust at 47,000 crores and as of March 31st we had 15,550 crores of funds available for capital deployment. A testament to our strong financial health. Our module manufacturing capacity now stands at 15 gigawatts making us the largest in the country. Our 5.4 gigawatt cell factory was inaugurated during the year, also the largest of its kind in India. In the US we operationalized 1.6 GW manufacturing facility Indosolar, which Wadi acquired, had its first year of operations in 2025 and posted a profit of 55 crores. We thank all of our investors for their enthusiastic participation in our IPO and for the confidence you have placed in us. We have continued to receive industry recognition, ranked as Tier 1 PV module supplier by BNEF for the 30th consecutive quarter. Sustainability remains core to our strategy. We won Ecovadis Gold Medal placing us in the top 3% of companies globally. CARE upgraded our rating from A for long term and A1 for short term, further validating our performance. Looking at the broader picture on slide 5 you will see our strategy of backward and forward integration aimed at becoming a comprehensive energy transition partner. On the backward integration we have already achieved 15 gigawatts of model manufacturing capacity and are targeting additional 4.8 gigawatts by FY27. Our 6 gigawatt integrated wafer cell and module factory remains on track for 27 R&D collaborations such as IIT Bombay aim to commercialize perovskite tandem cell technology. Our 3.5 gigawatt battery storage facility and 300 megawatt green hydrogen electrolyzer plant are also scheduled to be operational by 2027. On the forward integration side, we are actively expanding into power infrastructure with one acquisition already in progress at 170megawatts in development. Our EPC business is growing with 3.2 gigawatts under execution. A 3 gigawatt inverter facility is on track to be online late FY26. Our position therefore in the industry is very solid. On chart number six, 14.1% share of India’s module manufacturing and over 400 channel partners across the country. We are able to reach to every nook and corner of our vast country. A pipeline exceeding 100 gigawatts and all of this has thousands of regulatory policies of make in India. PM Suryagarh, Yojana, PM Kusum and several other. Benefits like PLI slide 7 sustainability for us is non negotiable and we continue to demonstrate our commitment towards the environment. We are committed to Net zero emissions scope 1 and scope 2 by 2030 and scope 3 by 2040 through science based targets and our initiatives are aligned with to the United Nations Sustainable Development Goals. We are the only Indian company in our category with an Eco Models gold medal. Our 600 wattpeak and 550 watt peak modules have environmental product declarations from cradle to grave. The first Indian company with this certification. Our aim is to have the lowest carbon footprint in the industry. Slide number 8 Bankability in this industry matters. Our modules are consistently ranked highly by PvTech, RETA and Kiva. We have achieved the bankability rating of A, the first foreign Indian company to do so. Ladies and gentlemen, I will now hand it over to to Sonal Srivastava, our cfo.
Sonal Shrivastava — Chief Financial Officer
Thank you Amit. Good morning to everyone and welcome to our Q4 earnings call. I’m pleased to present the outstanding results of our company for this quarter. Starting with our consolidated performance for the full year we have reported a revenue of 14846.06 crores for the year which is reflecting a robust year on year growth of 27% plus.
EBITDA for the year stood at Rs. 3123 crore representing a strong increase of 72.59% year on year with margins of 21.04%. Last year the same margin was at 15.56%. PAT for the year stood at 1928crores compared to 1275crores last year, an impressive growth of 51.29%. Now coming to the Q4 results, the revenue for the quarter was recorded at 4140.92 crores up by 37.7%. That’s on year. On year basis, EBITDA for the quarter stood at an impressive 1059.57 crores, a rise of 116% last. Compared to last year excluding the other, income margin for the quarter was at 25.59% which expanded by about 900 basis point plus profit after tax stood at 644.47 compared to rupees 475 crores in last year. Thank you. Now I hand it back to Amit.
Amit Ashok Paithankar — Chief Executive Officer, Whole-Time Director
Thank you very much. Sonal, thank you for taking us through those strong financials. I want to take a moment to reflect on what all of this means. FY25 has been an exceptional year for Vadi. Record revenues, strong profitability, expanded capacity and strategic global execution. It is on the back of this solid performance that we now offer confident guidance for FY26. We are projecting an EBITDA range of 5500 crores to 6000 crores.
A substantial growth from FY25. This confidence is grounded in the scale of our order book, our integrated value chain and our proven execution Engine on the slide 14. I would like to close with a few key takeaways. We had a robust FY25 and are well positioned for FY26. Our leadership in technology, sustainability and manufacturing is clear and shall continue to hold us in good stead going forward. We continue to deepen investments across the value chain.
Cells, ingots, wafers, green hydrogen battery and power infrastructure. Strategic collaborations and institutional partnerships including with IIT Bombay are unlocking new opportunities in R and D and innovation. FY26 is going to be about consolidation, acceleration. Our performance gives us the platform, our strategy gives us the direction and our execution will deliver the results. Ladies and gentlemen, thank you very much.
For a patient listening, I will now hand it over to Pooja to coordinate the question and answer session.
Questions and Answers:
Operator
Thank you very much. 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 handset 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 Mohit Kumar from ICICI Securities. Please go ahead.
Mohit Kumar
Yes, good morning sir. And congratulations on a very good quarter and a fiscal. So my first question is on this, on the dcr. Have you started building the DCR order book? Given that our sale capacity is up and running, is it possible to give us some sales of it? If you don’t want to quantify.
Amit Ashok Paithankar
Yes, sure. Thank you very much for the question. A very pertinent question. BCR is an extremely important strategy and like you rightly said, 5.4 gigawatts of cell manufacturing has commenced in our factory in Chicory. So DCR order book is getting built and fast and furious. One of the segments which is going to be a primary offtaker for that is going to be the retail segment and that is a more book and ship kind of a segment where you book the order and in a fairly short period of time you ship it.
And so that overall order book is looking very strong and actually is building up in a very fast manner. Is it possible to quantify that number to integer Watkins, directionally, what I would say is, you know, we will quickly go up to over one and a half gigawatts of requirement from the market. That’s what we are anticipating at this point in time.
Mohit Kumar
Understood, sir. My second question is, given that the recent uncertainty from the new U.S. administration and recent tariff pronouncement. Right. What kind of risk you invest, especially on the overseas order book in terms of execution or postponement of the orders in F26 and F27. So the good part f
Amit Ashok Paithankar
So the good part for us in our business, as I was talking about in my opening commentary, is we have a 47,000 crore of order book and that’s a fairly certain and a stable order book for which we already have received advances for most of the line items. And we are in the process of delivering that order book, which is why our certainty for the EBITDA numbers are so from that perspective, I would not say we are.
Nobody can be completely insulated in the way in which things are moving around. But for the present year, for 2026, we are fairly confident of achieving our EBITDA guidance number that we have given, which is 5500 to 6. Crores.
Mohit Kumar
Understood, sir. Thank you. Thank you. And best of luck, sir. Thank you.
Amit Ashok Paithankar
Thank you very much.
Operator
The next question is from the line of Sunny Gosar from MK Ventures. Please go ahead. Hello, Mrs. Sunny, your line has been unmuted. Please go ahead with your question.
Sunny Gosar
Hi sir. Thank you so much for taking the question. Sir. On the FY26 guidance if you can. Because we are moving from a manufacturing LED business to manufacturing plus like an ipt. If you can roughly give the breakup between what will come from our manufacturing, whether it’s cells in modules and you know, batteries, etc. Which will come in the future. And from the IPV business. Thank you.
Amit Ashok Paithankar
So the primary business for 2026 will continue to be our manufacturing business. The core business, solar business. As you would have seen from our presentation as well as the comments that I gave right at the beginning, most of those, you know, whether it’s batteries or whether it’s green hydrogen, these facilities will be up and running in our expectation in 2027. So 2026, it’s going to be very similar set of businesses that we already have that is going to deliver the Number answer our ITB business in 26.
Sunny Gosar
The NL acquisition.
Amit Ashok Paithankar
Yes. So NL acquisition at this point in time is in progress. So the numbers that we have given consider a very small portion of potential power infrastructure business as we call it. But it’s largely solar business. It’s largely solar manufacturing business and the EPC business through our subsidiary Renewable Technologies Ltd. Which is considered in this. In this set of numbers.
Sunny Gosar
Thank you. I’ll join the po.
Operator
Thank you. The next question is from the line of Kartik Sharma from Anantrati Institutional Equities. Please go ahead.
Kartik Sharma
Hi, I’m Audible and thank you for taking my question. Congratulations on the great set of numbers. I just have two questions. One is on the. Sorry, one is on the audible breakup and what kind of capacity utilizations are we looking at now and going forward? If you could give.
Amit Ashok Paithankar
Sure. So. Our order book at this point in time is roughly split about 47% from India or 45% from India and the rest overseas. So that’s the number at this point in time. And from a CUF perspective we have been constant. And that’s how if you see the revenue uplift that we have a lot of it has actually come out of sweating the assets better. And every passing month we keep getting better and better. We have a bit of a spread. Depending on the type of lines that we have and several factories that we have. The CUF is actually ranging anywhere from 60% to in some cases even touching 90%. So it’s a mixed bag. But over a period of time our endeavor will be to continue to keep pushing the CUF up and which is also a significant portion of the builder component that we are talking about.
Kartik Sharma
Got it sir. Thank you. Just a follow up question on the order book. Is this order book just for the modules or does it also contain the EPC portion or BARI when you have RDL post that separately?
Amit Ashok Paithankar
It is a consolidated order book that we are talking about which includes
Kartik Sharma
The 3.2 gigawatt order book of Variatl is also included in this.
Amit Ashok Paithankar
You are absolutely right, Karthik.
Kartik Sharma
Okay, thank you.
Amit Ashok Paithankar
Thank you very much.
Operator
The next question is on the line of Supermaniam Yadav from SBI Life Insurance. Please go ahead.
Subramaniam Yadav
Hi, good morning. Just wanted to understand this guidance of this. By quoting 500 to 6000 crore, does it also include other income?
Amit Ashok Paithankar
So the guidance that we have given Mr. Subramanam is guidance that the EBITDA that is going to get generated out of our operations and really not any. I mean there is no other exception or other income or anything of that sort included in that. This is pure play income that is going to come out of operations.
Subramaniam Yadav
Okay. Understood sir. But if you can throw some light on what kind of production estimate you have taken for this EBITDA maybe 10 gigawatt or 11 gigawatt. That would be really helpful.
Amit Ashok Paithankar
So phenomenal question. The way we are going to configure or steer our business, Mr. Subramaniam is our key control variable is going to be EBITDA and that’s going to drive how we are going to manage. The number of megawatts or gigawatts we are going to manufacture. And that just simplifies the way in which we internally run the business as well the goals that all of us have. It kind of simplifies the whole deal. So that’s the reason why we are going to concentrate on EBITDA and not as much on the other parameters. Now having said that, our EBITDA in 2025 was 3123 crores. We are gunning for 5500 to 6000 crores. And so one would say is there a linear relationship between megawatts on the top? The answer to that is not necessarily. It really depends on many other factors. And that’s the reason why our concentration point is on ebitda.
Subramaniam Yadav
Okay, so do you expect your realization also to improve from here on? Because currently when we look at your quarterly numbers, we are sitting somewhere around 21 cents on the module side. So how do you see this developing?
Sonal Shrivastava
Yeah, hi, thanks for the question. This is Sonal here. See, I think the number to look at is the gross margin management and that’s what we have been focusing throughout in body. If you look at the pricing on solar over the years, the trend is coming down and rightly so because of technology changes and therefore the input price also changes the main input ingredients. And that’s what we manage here in Bari. So as the prices are coming down, you will see our raw material prices are coming down faster and therefore we are able to manage a good margin.
And that’s something that we hope to do as we continue into the future. The strategy to do this is, you can see our order book. So the moment we have an order we try to see what kind of raw materials can be secured against that order. So we kind of have lock in on the margin. Of course we try to do that as much as possible and that’s what is a continuous effort in Bari. So you will see over the last, all the quarters this year that the margin, gross margin improvement has happened.
Subramaniam Yadav
Yeah, that is what I was coming to because our margin is improving but our realization is stable. So this maybe we spread also if I’m looking at.
Sonal Shrivastava
Yes, that’s correct. So if you look at the major, you know, if you see the breakup, the raw material cost itself, even from large quotes. So if you see the last quarter we came in something like around 68% and this quarter we are something around 65%. And on a total cogs basis, if you see the margin has gone up of course like from 29.3 to about. So this remains our key focus area which is the raw material and also manufacturing expense. Internally we continue to manage that for efficiencies, etc.
Amit Ashok Paithankar
Okay. And to stop it, our mix, you know, in our mix the locally made cells within WARI is also increasing and that also helps in the overall margin uplift. So there are many reasons why there are margin uplift. So that’s the reason why. Mr. Subramaniam, you know we are going to have the key control parameter as ebitda and when you do that, you manage the business around that.
Subramaniam Yadav
Understood. But when we source locally for the price of the cell will be bit higher than what we get from countries or China maybe.
Sonal Shrivastava
So basically, you know, we are keeping our supply chains flexible and we keep changing depending upon the customer requirement, depending on the country that we are sourcing. As far as India is concerned, I think what Amit rightly pointed out was this year we are going to get a good Filip because of our own sales which is going to ramp up this year which was bought there last year.
And obviously this cell is going to be focused in the DCR market which will help us expand the DCR in our portfolio mix compared to last year as well as help us source cells which are, you know, externally we are sourcing them at a higher price. And this year of course with our own cells that differentiate will also play out.
Subramaniam Yadav
Understood. And finally ma’am, if you can give me.
Operator
Please come back in the queue for further questions. Ladies and gentlemen, in order to ensure the management is able to answer questions from all participants, please limit your questions to two per participants as there are several participants waiting for their turn. The next question is from the line of Sarang Jogalekar from Vimana Capital. Please go ahead.
Sarang Joglekar
Yeah, thanks. So, just wanted to get some understanding on the DCR market. How is that shaping up? What’s the annual demand for DCR modules? Secondly, as now you already have 5.4 gigawatt. Do you see further margin expansion because of that?
Sonal Shrivastava
See, I will talk about, you know, one major segment in the DCR market, you know, which you know is the PM Surya Kharhina. But of course it includes Kusum. Also, the way this market is playing out, last year it was something like around 3 to 4 gigawatts. And based on the allocation increase by the government and their own government’s spend structure, we expect this market itself to go up to anywhere between 10 to 15 gigawatts this year. So that’s the potential. That we have on the DCR market.
Amit Ashok Paithankar
And Mr. Sarang, just to add on to what Sonal said, a good portion of this will also find its way to the US as importation into the US will find more and more restrictions. Indian cells are actually going to be better positioned tariff wise, potentially, you know, to be accepted. So that there are many ways in which the cells that we will be manufacturing be used. All of them of course will be used by ourselves.
Sarang Joglekar
Got it. One last question. The DCR module prices, I think last time I checked it was around 23 rupees or what. So is that the correct or do you see any decline in price given that many more players are putting up facilities?
Sonal Shrivastava
So what we can say right now is the prices are stable on the DCR front. We will see how it plays out, but our expectation it will remain something in that range.
Sarang Joglekar
Got it. All right, thank you.
Operator
Thank you. The next question is from the line of Saurabh Dosi from ICICI Prudential Life Insurance. Please go ahead.
Saurabh Doshi
Hi. Thank you for giving me the opportunity. So I have two questions. Firstly on would you be able to guide as to how much was the overall exports to the US for the full year? And secondly on tariffs. What are the current tariffs that are applicable and how does it overall impact your, you know, profitability? Admin, like are you able to pass that on to your customer there or how did that work?
Amit Ashok Paithankar
So in the revenue stack that we have at this point in time, anywhere between 17 to 20% is, is us bound directionally. And so as you can see, there’s a very substantial 80% of our revenue coming from India market. So in that sense we are in a position to manage our EBITDA in the right manner. The other aspect, Sourabh, that works for us is that we have a manufacturing facility in the US and of course a substantial manufacturing facility in India.
And so based on how the tariff will ultimately settle into a rhythm, we will decide how much should be manufactured in the US and how much should be manufactured in India. And so we have a sort of a natural hedge or a natural mode which we can use. To again control the primary control parameter which we have with which we are going to run the company that is ebitda. Sure. Just a follow up on that. So do you expect the export percentage to be in the similar range for the next couple of years? It would be directionally in the similar region.
Saurabh Doshi
Okay. And on the tariff, so currently how much percentage is what is applicable and does that get passed on to the customers, if at all, whatever it is.
Sonal Shrivastava
So there are two things. One is of course, as you know, there is a tariff pause. So we’re looking what we can optimize in that. We will see how it plays out.
Amit Ashok Paithankar
So at this point in time. At this point in time it is 14%. Right. And the flat rate that was going to be imposed on India was an additional 26%. That is what we know at this point in time. Right. But we will need to see the evolution of all of this and I’m sure all of us are going through the news. What I would do is I would emphasize once again on how are we going to deal with it. Right. I think that’s the more important component here.
We are going to ensure that our ebitda remains between 5,500 to 6,000. And the way we are going to do it is by using our leverage of having manufacturing facilities in both the countries. And that’s how you know, we are going to. Those are sort of the norms that we control. And whichever way the tariff settles, we will be in a position to hold on to our EBITDA levels that we have given guidance for.
Operator
Sorry to interrupt. I would request Mr. Sourabh to please come back in the queue for further questions. The next question is from the line of Kunjal Shah from Oakland Capital Management. Please go ahead.
Kuntal Shah
Hi, thank you for taking my call and good to see the presentation and the execution. My question is regarding the cell capacity. What is the current utilization and the efficiency and what do you project it in next two years? And second would be on ENEL acquisition, how much is the total equity and that we planning to take on in IPP in next to two years?
Amit Ashok Paithankar
So great question. So modules, cells, whatever you take and you have a nameplate capacity and you have ultimately how much can you manufacture right now? For modules, there is a natural sort of limitation on the top because of the type of the frame sizes that you have, you know, the size of cells, all of that taken together, there is a natural limit to which you can reach to with respect. Nameplate capacity. As far as the cell capacity is concerned it is not as limited. So as your facility ramps up you can potentially get to a higher level of utilization faster. So some of the lines that we have actually started three four months ago are already at 90 plus percent utilization. And the efficiency of the cells for mono quirk we are getting already in the region of 23.23.5%. And for the Topcon modules where the lines have just started we are already pushing 24%. So the cell capacity is actually ramping up very very nicely. I’m just going to hand it over to Abhishek to talk a little bit about the NL question that you had.
Abhishek Pareek
Hi Kuntaji. So on the NL acquisition. So we have informed that the transition is under process and there are some customary approvals which are happening. But to give you a sense we have committed phenomenon equity value of around 790 odd crore of money. Plus there are other small pricing mechanism which shall uncover by the time we close the transaction which is expected within this quarter itself. As far as debt is concerned A typical IPP generally gets a debt of 7030 when around 60 by 70% is debt and 25, 30% is UQT.
NL is no different from that from structuring percentage. Hope that answers.
Operator
Mr. Kuntal, does that answer your question? We will move on to the next question. It’s on the line of Bhaskar Chakrabouti from Jeffries. Please go ahead.
Bhaskar Chakraborty
Thank you very much for taking my question. In your order book it shows us that 57% is from overseas. Is it fair to assume that most of this is conveyed?
Amit Ashok Paithankar
Yes. Most of it is from the U.S. that’s correct.
Bhaskar Chakraborty
So we are also seeing entry in the US and it appears that the imposed down sharply. So would you be fairly confident on these materializing over FY26?
Amit Ashok Paithankar
Mr. Bhaktar, great question. So all of these. I mean Wadi has a philosophy of book and build. Let me take a few moments here to explain what do we mean by book and build. So we decide to build a factory only after we have confidence in the booking numbers. Once we book the orders and we know that we have to deliver. Only then we go ahead and build the factories and the factory that we have in the US as well as the factories that we have, frankly anywhere, including our chicory, which is the largest facility, is built on the back of a very strong order book. And so the confidence that we have, and that’s the reason why we have been able to give the guidance for our ebitda, it stems out of an order book which we are very, very confident about. Our customers are clearly needing all of these panels and we are ensuring that we are able to deliver to them. In fact, the execution need inside our organization now is to, and since it’s IPL season going on, is to really consider almost every day as a, as an over and to make sure that we are actually hitting the manufacturing numbers every day to meet our customers requirements.
Bhaskar Chakraborty
That’s very useful. Just one more thing. Given that this overseas order book typically has about two year cycle of execution, is it fair to assume that the overseas order book will become a much larger contributor to your overall revenue over FY26 and 27? Because if you are doing only 20% from the exports then you will always have a very skewed order book towards overseas and it will be further stretched out. Right. Which is not the case.
Amit Ashok Paithankar
Yeah. I will tell you, the velocity of orders for various different segments keep changing. So for exports it’s always like you rightly said Bhaskar, it’s always is two years plus two to three years. But typically for Indian orders, which is even for large institutional customers in India it tends to be lower. So one year, one and a half years and plus there is almost quarter of our business which comes from retail segment where the velocity is even higher. It’s really book and ship.
And so with all of this spread, you know, just because my order book is 55, 45, that doesn’t mean that my sales profile is going to be 55, 45. That will keep changing on the basis of customer requirements at that particular period of time. And so I would say yeah, it could change, but it might not dramatically.
Definitely in 26, it is not going to dramatically change in 27 onwards as well. I’m not expecting like wild swings. This will be sort of the pattern that we will see for some time.
Bhaskar Chakraborty
What that implies is that six months out or 12 months out, the proportion of overseas in your overall order book will be much higher than what. It is today.
Amit Ashok Paithankar
Right. Like I said, the proportion, both sides on the order side as well as on the sales side could remain similar. There could be variations but they are not going to be major or wide variations. The way we are seeing the order book, you know, laid out right now and we are booked for the entire year, so 2026, we can actually see the future. We can see Q1, Q2, Q3, Q4 and we therefore know that it is still going to be in the same 17 to 22% for overseas.
And again I mean supposing a particular quarter you might have a situation where there are several customers demanding in the US are demanding modules and therefore you might have a variation. But on a yearly basis or on a long term averages basis you will find that range bound between 72 to 22% in that zone for sales for the, you know, through the, through the years.
Bhaskar Chakraborty
Great, thanks. Last question is that.
Operator
I’m sorry to interrupt. Mr. Bhaskar, please come back in the queue for further questions. The next question is from the line of Vishal Tanvi from Valley Quest. Please go ahead.
Vishal Thanvi
Hi everyone. Firstly congratulation on numbers. My first question was on revenue breakup. So can you give some breakup of how much revenue we are getting from retail business? Second question was on advance from customers. Can you give the number how much was advanced from the customers during this year and if you can break that into US business and domestic business, it will help. Thank you
Amit Ashok Paithankar
Vishal, thank you very much for the question. You know like I said directionally we have about 23 to 25% from our retail business. We also talked about the overall difference between, I mean split order split between overseas and India. But we do not normally get into the further details beyond that because they keep changing, they are dynamic.
Vishal Thanvi
Understood. And what about the advance from customers?
Sonal Shrivastava
So Vishal, if you can just look at the contract liabilities on the balance sheet that’s indicative of the advance that mostly the advance is there sitting there both in the current and the non current section. So currently roughly about, I can say around 4300 or 400 crores is what we have as advances. Difficult to give you the breakup but yeah, that’s, that’s the broad number. And it sits in the head contract liability.
Vishal Thanvi
Understood. Thank you.
Operator
Thank you. The next question is from the line of Bala Subramaniam from Aryan Capital. Please go ahead.
Balasubramanian A
Congratulations for good set of numbers. Sir. Regarding. We got PIs certification for 730 watt big hush jit models. I think it’s a high cost on the emerging segment and especially used for premium and performance setup side. We just want to the demand and opportunity size for this JT.
Amit Ashok Paithankar
Mr. Balsamindran, thank you very much for the question. It’s an. It’s a very, very important question. This is at this point in time for very niche applications like you said. So the demand is very nascent. We have the product, we have developed it and of course we are farming for the niche segment to which we can sell this to.
Balasubramanian A
So anything specific quantifying any quantifiable numbers sir, market size or a drop in
Amit Ashok Paithankar
Mr. Balasudam, at this point in time it’s actually going to be, you know, considering the overall set of numbers that we are talking about, not a very significant number to start with. I think these are products which will start making a big impact typically after a year of they being introduced. Topcon as a technology will be pretty much dominant in almost all the world markets at this point in time. Certainly for 2026 that will be the case. Maybe 2027 onwards we will start seeing HJG coming and becoming mainstream. But for now I think Topcon will pretty much rule the roost.
Balasubramanian A
Okay sir, thank you.
Operator
Thank you. The next question is from the line of Dharvat Koel from Invest Analytical Advisory. Please go ahead.
Dharwad Goel
Hi. Am I audible?
Amit Ashok Paithankar
Yes.
Dharwad Goel
Good morning sir. Congrats for a decent set of numbers. Most of my questions are answered. I just want to spend few minutes on the demand outlook like in the. I agree we are having a decent order book in hand that is going to be executed in FY26. But I want to understand from you in the terms of what kind of order inflow are we expecting from India as well as us? Are we facing any challenges in the terms of newer orders that will contribute, let’s say FY27 onwards or the order flow is still going to be the decent one that we were earlier expecting. Thank you very much.
Amit Ashok Paithankar
Goyal, that’s an absolutely brilliant question. One that really determines the fit of a business, right? I mean you need to have the right demand for a business to do well. The good part is we are in a cycle where the. Demand is going to be robust for 26 as well as 27. And the reason for that, probably even beyond that, honestly, the reason for that is in a country like India, we already have a clear target of reaching 500 gigawatts of renewables by 2030. And a lot of it is actually got to come from solar. In fact, we just cross the 100 gigawatt mark and in the next few years, the cumulative demand for solar will now will be 35, but by the time we get towards the end of the decade, it will go to 70 gigawatts. So that’s a very, very strong, that’s a very, very strong demand. Across the world. The demand is only increasing, especially because of applications like artificial intelligence. One search on Google, Gemini or ChatGPT. In terms of what is 10 times more intensive than a plain Google search, even if now you give a plain Google search first, Gemini gives you stuff, and that is 10 times more than what Google used to do a year back. And many majors, large IT majors who are setting up large data centers, have clearly said that they are going to have all of this power coming from renewables. So worldwide, including the us, we are seeing a very, very substantial rise in demand. This also does not include the green hydrogen demand which will come up. So we are in a good cycle from a demand perspective. We are actually seeing a pipeline of about 100 gigawatts ahead of us, which gives us the confidence that 26 booking numbers are going to be solid and the Same goes for 27.
Dharwad Goel
Understood, sir. And so what percentage of your order book is driven by like say solar EPC players and what kind of conversations are you having with them? Like was the biggest customer in that particular area and what kind of demand they are anticipating this particular category, particularly in India.
Amit Ashok Paithankar
Right, so EPC demand again. So EPC, essentially, largely, there are many EPCs, right? It’s a very large wide basket. There are EPCs which are large EPCs which have their end customers as large institutional players. That is one category of EPCs. There are categories of EPCs that are much smaller level, which do rooftops of a reasonable size, 5 megawatt and less. So it’s a very, very widespread wide basket. And so we’ll need to further segment EPC. To really answer your question, but if you are talking about let us say EPC which supply to large institutional customers it could be anywhere between 25 odd percentage and upwards.
Dharwad Goel
And what kind of demand or conversation are we having with them in terms of the orders they are getting? Because obviously if they are going to get some bigger orders or continuous orders then getting the continuous orders from them, right?
Abhishek Pareek
So as Amitji rightly pointed out that we are already chasing around 100 gigawatt worth of pipeline for the module. Similarly the EPC company, the subsidiary Vari Enable is also chasing a pipeline of somewhere around 30 or gigawatts for the EPC contracts. So that gives you a sense of the pipeline ahead of us for both module business as well as for the epc.
Dharwad Goel
Understood sir. Thank you very much sir. Thank you. All the best.
Operator
Thank you. The next question is from the line of Priyesh Vibaria from Mahindra Mutual Funds. Please go ahead.
Priyesh Vibaria
Thank you sir. So much for opportunity to ask the question. So basically just wanted to understand from the perspective of the related question demand outlook when we see around 24 gigahertz of addition index in FY25 and when we see power demand excess as of now and because of let’s say excess generation of the solar solar during the daytime you are also seeing kind of an 8 paisa per unit tariff per se.
And because of the same we are also seeing kind of a situation where these comps are reluctance to sign sign on the PPS the same solar. So just want to wanted to understand the demand outlook from this angle wherein if the further delay in signing of the PPA will happen. So is there any downside risk to the same numbers of funded kilo?
Amit Ashok Paithankar
So again a very very good and a very relevant question and the reason why I say that is this goes into the technicality of the way in which renewable power works. Like you rightly said, a solar panel will produce only when the sun shines. The windmill will only produce power when the wind howls. And therefore recognizing that these could be problems for the grid, what Government of India has decided is that there has to be a minimum amount of storage of energy that needs to go with a certain amount of renewable and that is only going to increase over. Period of time. And so round the clock power will be more and more a reality from a renewable perspective. Grid stability is also going to be something that is going to be sharply in focus and that’s the reason why batteries are going to be extremely important as we go forward. Because the price of batteries is also dropping and over a period of time we will have new PPAs or tenders that are going to come up with renewable power as well as storage requirement.
Priyesh Vibaria
Sure. How much would be a utility share of the fund just like you are mentioning for retail?
Amit Ashok Paithankar
I mean like I said, we don’t really go into the details but directionally you can say that it’s. It’s. I would say around 60 odd percent. 60 north of 60%.
Priyesh Vibaria
Okay, understood. And I just wanted to.
Operator
Sorry to interrupt sir. Please come back in the question queue for further questions. The next question is from the line of Jainam Voda from Solfero Investment Advisors. Please go ahead.
Unidentified Participant
Hi. Congratulations on a great set of results. I just wanted to understand that Anuji, you had said that 1.4 gigawatts of motherboard capacity is already ramped up by 90% plus capacity utilization. So I just wanted to understand the remaining 4 gigawatts of top one. When do we see that happening? Will it take another quarter or from sort of 3 onwards will we start seeing that? That’s my first question.
Amit Ashok Paithankar
Voras, I have a great question from you. So the topcon o gigawatts of Topcon first few lines of that have already started and there are advanced stages of ramp up and the ones which have come up on stream recently are ramping up. So I mean our expectation is that in the next 45 to 60 days the entire factory of 5.4 gigawatts will be fully on stream and manufacturing it at its rated capacity.
Unidentified Participant
Got it. And in terms of risks, I just wanted to understand that the company is doing great in terms of margins and it has successfully transitioned from that exports to domestic heavy business which is likely there for a couple of years. That kind of a mix. But in terms of risks, are there any risks given the kind of growth that the company is having and the execution which is probably not been historically the place. So how is the company preparing for execution and are there any evidence that.
Unidentified Participant
Companies actively looking at to mitigate. That is my second question that I would want to get some idea.
Amit Ashok Paithankar
Mr. Vora, I live and breathe that every day. There are always risks in any given business. We have to make sure that we understand the risk, we mitigate the risk and we deliver. There are risks in terms of supply chain making sure that you get your material on time. There are risks associated with logistics. There are risks associated with power outages as you start manufacturing. There are risks associated with when you are done with your manufacturing, getting money on time on the facility side.
There are risks associated with making sure that the facilities come on time at the right capex price point that you want it to come on as well as at the right point in time. Right. So there are all these kinds of sort of quote unquote risks that you have. But those are things that we will need to manage on a day to day basis and make sure that we mitigate those risks and have an eye on the ball.
And the ball is very clear. EBITDA get to 5500 to 6000 crores of EBITDA, get it in that range and keep managing the business to make sure that that happens.
Operator
Thank you. The next question is from the line of Akshay Mane from Rama Wealth Management. Please go ahead.
Akshay Mane
Hi. First of all, congratulations for a good set of numbers. I have one question. In the press release you have mentioned that board of directors have approved establishment of an additional 1.6 gigawatt of module manufacturing line at the company’s facility in US and also that you are setting up additional module lines with capacity of 3.2 literally. So can you just spend couple of minutes there and what kind of apex that we are looking at and also give a guidance on what kind of apex would you be doing in FY26 and 27?
Amit Ashok Paithankar
Sure. So again a great question. I will talk about the strategy and I’ll hand it over for the exact numbers to sonal. But our 1.6 gigawatts of module facility in the U.S. we have, you know, we have got the approval from the board. We are closely watching the situation as it is evolving and at the right time we will go ahead and deploy the resources that are there at our, at our beck and call. However, 3.2 gigawatts of chicken facility. We are going ahead and executing. That project at breakneck speed. Because that is really tied to a lot of our customer requirements and needs. And so that we would like to get online in the next, I would say three to four months here.
Akshay Mane
Yeah, Hi. Yes, I think you’ve given a timeline of having completion by FY20.
Amit Ashok Paithankar
Yeah, no, the 3.2 gigawatts, Mr. Akshay. We would like to get it done much earlier. The PLI. The PLI project, which is an integrated 6 gigawatts of ingots and vapors, cells and modules. That’s the one which we would be commissioning by 2027. And that is on time. We are on time for that. And that’s that, you know, the CapEx for that. On your question for CapEx, that’s around 9,000 crores of CapEx that you’ll be spending to get that done.
Akshay Mane
Okay. Okay. Yes, ma’am, you can go ahead.
Amit Ashok Paithankar
No, I think we have answered the question. Let’s move to the next one.
Operator
Thank you. The next question is from the line of Aditya Vora from Soham Asset Managers. Please go ahead.
Aditya Vora
Thanks for the opportunity and congratulations on a great set of results. Sir, I just wanted to help you to reconcile the EBITDA guidance which you’ve given is 5,500 to 6,000 crores. Because if I look at the top line, we have the numbers in terms of the capacity and also the realization if I keep it steady. So what are the levers which you see to achieve this? 5,500. 6,000 crores. Because your new business will come in FY27.
So just wanted to understand in terms of synergy of sell, how it is going to pan out.
Amit Ashok Paithankar
Sure. So let me take you through the full P and L and please picture in your mind the P and L right on the top line. I have 47,000 crores worth order book which feeds all of my factories. And my factories are completely booked till 31st of March 2026 and beyond. But certainly till 31st of March 2026.
So I have the fodder which is required to munch on to make sure that I make the solar panels. Right. Then as we go down, our size and scale is increasing. And so that. I’m sorry, that helps me in managing my costs both at the manufacturing side as well as at the SGNA side. I get a substantial lever in doing that. The third, as the scale grows, we start manufacturing more efficiently in a better manner. Our capacity utilization keeps going up. We start getting more and more closer to the retail. Capacity or as they call the nameplate capacity of a plant. And so all of these reasons taken together and those are the levers that we are actually going to pull to ensure that we reach to 5,500 to 6,000 crores of EBITDA.
Aditya Vora
Right sir. And lastly, just one thing on in terms of the cell plant which is there, if you could directionally tell me how much is the percentage difference in the cell which you procure from outside the Southeast Asian countries and the cell which you make in house, what would be the percentage difference in terms of the costing?
Sonal Shrivastava
So traditionally we have sourced these cells predominantly for the US market at around anywhere between 11 and a half to right up to 14 cents. The domestic DCR market also is something around that. So these two segments with our own cell when it comes online, which is expected to be something around 7 to 8.
Operator
Thank you ladies and gentlemen. That was the last question for today’s conference call. I now hand the conference over to Mr. Amit Petnikar for closing comments.
Amit Ashok Paithankar
Ladies and gentlemen, thank you very much for being with us. We really, really appreciate it. The entire investor community being with us is something extremely important for us. And we thank you for the faith that you are imposing on us whilst on the earnings call and often set up unsung heroes that actually make this happen. I would like to thank everybody within Wadi family to make these numbers happen.
It takes a lot of hard work, toil day in and day out to get these numbers done. So thank you very much each and every vari family individual to deliver these numbers. 26 is going to be about consolidation. It is going to be our acceleration. Our strategy will give us the direction, our execution will deliver the results. And we are here to deliver 5,500 to 6,000 crores of EBITDA. Thank you very much ladies and gentlemen.
Operator
Thank you on behalf of Re Energies Limited. That concludes this conference. Thank you for joining us. And you may now disconnect the alliance. Thank you.