Note: This is a preliminary transcript and may contain inaccuracies. It will be updated with a final, fully-reviewed version soon.
Waaree Renewable Technologies Ltd (BSE: 534618) Q3 2026 Earnings Call dated Jan. 16, 2026
Corporate Participants:
Mamta Nehra — Investor Relations
Manmohan Sharma — Chief Financial Officer
Jigar — Individual Investor
Analysts:
Deepakrishnan — Analyst
Sahil Seth — Analyst
Deepak Podar — Analyst
Srinik Mehta — Analyst
Raman KV — Analyst
Udit Sehgal — Analyst
UTSAV Adani — Analyst
Sarang Jokhlikar — Analyst
Surya Narayan Nayak — Analyst
Namreel Shah — Analyst
Yash Jirani — Analyst
Paras Kulkarni — Analyst
Anushka Vora — Analyst
Sirav Banik — Analyst
Hardik Sharda — Analyst
Presentation:
Operator
Ladies and gentlemen, good day and welcome to the Q3 and 9M FY26 earnings conference call of Vadi Renewable Technologies Limited hosted by MUFG in Time India Private Limited. 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 Star then zero on your touchtone phone. Please note that this conference is being recorded and I hand the conference over to Ms.
Mamta Nehra from MUFG in Time India Private Limited. Thank you. And over to you.
Mamta Nehra — Investor Relations
Thank you. Good afternoon ladies and gentlemen. I welcome you all to the Q3 and 9 months FY26 earnings conference call of Vahri Renewable Technologies Limited. Today on the call we have from the management Mr. Hitesh Mehta, Full Time Director, Mr. Manmohan Sharma, CFO Mr. Abhishek Parikh, Group Head Finance Mr. Neeraj Vinaylak, Vice President Investor Relations and Mr. Rohit Wadej, General Manager Investor Relations. Before we proceed with this call I would like to mention that some of the statements made in today’s call may be forward looking in nature and may involve risk and uncertainties.
For more details kindly refer to the investor presentation and other filings that can be found on the company’s website. Without further ado I would like to hand over the call to Mr. Manmohan Sharma for his opening remarks and then we will open the floor for Q and A. Thank you. And over to you sir.
Manmohan Sharma — Chief Financial Officer
Thank you Mamta. Good afternoon everyone. And I would like to extend a warm welcome to all participants for joining the earnings conference call of vari Renewable Technology Limited for discussing our business performance for Q3 and nine months of FY 2026. I hope you all had an opportunity to review our financial results and investor presentations which has been made available on the Stock exchange and are uploaded on company’s website. I would like to commence by showing my sincere gratitude to all our stakeholders for their unwavering trust and support.
Your continued confidence in our vision and execution has played an important role in shaping our journey so far. Today on the call I have along with me the key members of our management team. Starting with our financial results for the quarter. Our revenue from operations stood at rupees 851.06 crores. A growth of 136.18% over the same period of last year. EBITDA comes at rupees 158.80 crore up 120.79% year on year basis. EBITDA margin for the quarter stood at 18.66% patriots to rupees 120.19 crore marking it 124.74% increase against Q3FY 2025.
For the nine months of FY 2026 we recorded total revenue from operations of rupees 2229.03 crores up 98.81%. Over the same period of last year, EBITDA for first nine months stood at rupees 434.28 crores reflecting a growth of 135.29% year on year basis and the paid comes in at rupees 322.93 crores up 138.92% year on year basis. These results reflect our consistent performance and strong operating leverage for the current financial year. Operationally, our order books remains healthy provide a clear visibility for the upcoming quarters with an executed order book of 2.92 gigawatt peak.
During this nine month of FY 2026 we executed 2230 megawatt peak of EPC project, reinforcing our execution capability and enabling us to sustain our leadership in India’s solar EPC space. Further, our O and M portfolio is also growing and stood at approximately 1,180 megawatt peak as of December 2025. Let me now turn to the broader industry developments that are shaping our operating environment. India’s renewable energy transition continue to accelerate with known fossil fuel capacity now more than 265 gigawatts marking a significant milestone toward the national target of 500 gigawatts by 2030.
This progress highlights not only the scale of opportunity but also the increasing execution and integration requirement across the renewable value chain. As of December 2025, India’s cumulative solar capacities stand at over 135 gigawatt with an addition of over 30 gigawatts in current financial year. Out of this utility scale, projects contributing 76% of total installation and balance are contributed by rooftop, open access, hybrid and off grid systems. Together these additions are supported by government initiatives such as PM Suryagar, Muft, Bizli Yozna and PM Kusum Yozna.
The sector is undergoing a noticeable transition as renewable energy grows. Large scale battery storage is becoming essential to keep the grid stable Storage solutions are now being included in the renewable tenders to ensure reliable peak power supply which opens new opportunities for us to expand into base epc. Alongside this, our growing solar base is and exhibited projects are making the O and M segment a strong growth driver. The rising need for storage and the increasing adoption of hybrid projects will further boost demand for efficient, dependable and technology led O and M services.
At VARI Renewable Technologies we are using our integrated expertise and strong execution capabilities to stay ahead in this fast changing market. With a solid order book, wider presence and supportive policy, we are well placed to capture growth across new and emerging geographies. Looking forward, we believe our edge will rest on three key strengths. Operational efficiency, timely delivery and the ability to provide complete end to end solutions. In this evolving environment, we are not just aligned with market needs but are strongly positioned to grab opportunity in EPC and allied segment.
We are excited about the road ahead and remain dedicated to driving sustainable growth in renewable energy while creating lasting value for all our stakeholders. Thank you for your continued support. We may now open the floor for questions.
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 touchtone telephone. If you wish to remove yourself from the question queue, you may press star and 2. Participants are requested to use handsets while asking a question. Ladies and gentlemen, we will wait for a moment while the question queue assembles. The first question is from the line of Deepakrishnan from Kotak Institutional Equities. Please go ahead.
Manmohan Sharma
Yes, please.
Deepakrishnan
Yeah, so I just wanted to check for this quarter. When we look at the, you know, the execution per megawatt and then we look at the revenue, it seems that the realization for, you know, megawatt has gone up to about say 1.3 crores or 1.4 crores against you know, run rate of 86, 85 crores. So is there a healthy mix of projects where we are also supplying the modules? In this particular quarter, if you could quantify of the executed about 610megawatt, how much of that is related to, you know, orders with modules and of our backlog, you know, what percentage orders will also have module in it so that we can sort of get a good sense of, you know, the rough estimated order book value in terms of.
Manmohan Sharma
You rightly said that our total order includes turnkey order. Also during the quarter there is a execution of the order which includes module also. So this is difficult to give you any number as of now out of this mix, how much is contributed by that supplied module etc. But our order books for the going forward as well as remains along with the modules. So the present order book is 2.9 gigawatt. That includes some portion of the order which have module as well.
Deepakrishnan
But you can’t. Okay, so you are giving a particular percentage. Okay, we get that. Maybe were these modules through worry energies or were these through external procured models? If you could sort of quantify that as well.
Manmohan Sharma
So mostly actually based on the customer requirement and approved list. Some of these modules are from the. From the VARI only and based on the customer requirement if they want a specific other modules also that can also be included in our turnkey order.
Deepakrishnan
Sure sir. And maybe if I just look at your order book, it’s gone from about 3.2 gigawatt to you know, 2.9 this particular quarter. I think the absolute edition has been slightly lower or you know, because of the one order where we have adjusted for the the revised amount. Is that the right way to look at it?
Manmohan Sharma
That is also partially included in this. But this order books is like not like every quarter we are getting good amount of past in H1. If you seen we have got I think around 1.8 gigawatt of order. So this base will continue whatever we have executed during the ninth month. That amount of order we have already there in our hand. And we are also following up 29 gigawatt of order pipeline which included around 5 to 6 gigawatt of tender. And that some of them is with base also. So and geographically also from the, from the domestic as well as internationally also we are getting lot of inquiries for the order.
So we think that this order book will remain healthy going forward as well.
Deepakrishnan
Sure sir. And maybe just wanted to check on your other expenses also. You know, sequentially we have seen revenues go up, but other expenses, you know, go down from 12 crores to 6 crores or 5.6 crores. Anything that we should be sort of aware for you know what would have sort of triggered that?
Manmohan Sharma
No, no. Actually in the last quarter there were certain expenses related to CSR activities that were paid and included in the last quarter. So that is the only exception which is there. Otherwise our all expenses remain in the range where it we want to be them.
Deepakrishnan
Sure. And maybe just our thought process on, you know, participating for best data centers, you know, or essentially getting assets on book, you know, any of the three. If you can sort of quantify from an EPC perspective what all are we looking to do? You know, just beyond solar.
Manmohan Sharma
So we have as of now three revenue stream actually that is one EPC, then O&M and then our own IPP generation. These are the three existing revenue stream. Going forward, we are actively looking for the base as well. Base for data center, epc. Wherever there is opportunity, we are actively looking for the best and presently we are executing one of the best order during this year.
Deepakrishnan
If you could quantify any value of the order or any other data points related to that.
Manmohan Sharma
No, it’s around the margin profile
Deepakrishnan
Very. Different from our business or is it similar? The
Manmohan Sharma
Margin profile will remain the same whether it is base or solar. We do business whenever it suits our risk reward metric. So that kind of EBITDA we are looking at that should be there in the best hotel.
Deepakrishnan
Sure sir. And I think the IPP of 227
Operator
Please. Okay, maybe just. Yeah,
Deepakrishnan
Sure, no worries.
Operator
Thank you. Ladies and gentlemen, in order to ensure that the management will be able to address questions from all the participants in the conference, please limit your questions to two per participants. Should you have a follow up question, please rejoin the queue. The next question is from the line of Sahil Seth from Anantrati Institutional Equities. Please go ahead.
Sahil Seth
Hi sir. Congratulations on the good set of numbers. My first question would be There has been contraction in EBITDA margins and even the realization per megawatt of executed project has come down. Are we seeing any pricing pressures or what are the reasons attributable to that?
Manmohan Sharma
No, actually if you see for the entire nine months there is an improvement in the margin. There is an improvement in on year end based revenue as well. So we have 98.81% improvement in the revenue and EBITDA margin as compared my yoyo for nine months as again 16.48 we have done 19.48. So this is significantly improved over a period of nine months. And for this particular car it’s slightly lower than what is of previous quarter. So it is all in line with our budget and estimates.
Sahil Seth
So in terms of realization, do you expect your per project revolution to inch upwards from the current quarter levels?
Manmohan Sharma
Yeah, it depends actually how what kind of order we are getting going forward and it is difficult to comment any specific order what we likely to come in future and what could be the margin profile. But we are always guided that our margin EBITDA margin should be over and above 15%. Close to that.
Sahil Seth
Okay. And one more thing. So recently there was news that China had revoked the rebate on the export rebate on the modules and solar cells. Would that have any effect on Our margins or projects where we are supplying the modules as a part of the project?
Manmohan Sharma
No, no. Whenever there is an inquiry from the customer, whether is it pure, pure EPC order or a turnkey order, whatever the cost which are associated for the execution of the entire project, we calculate the cost and convey back to the customer and with our profit margins. So as and when the order is confirmed and firm, we immediately book our raw material component which are supplied and for the execution of solar power. So we don’t see any kind of this kind of situation going forward as well.
Sahil Seth
Okay, and if I can, what are your views on the 44 gigawatts of project which are still stranded in the solar space?
Manmohan Sharma
So that is again that depend upon the government initiative. I think they, they should be. We also expect that those should be completed by the government with the government support.
Sahil Seth
Okay, sir, thank you.
Operator
Thank you. The next question is from the line of Deepak Podar from Sapphire Capital. Please go ahead.
Deepak Podar
I’m audible, sir.
Manmohan Sharma
Yes.
Deepak Podar
So just wanted to understand something on the industry front. I mean how do you see the supply demand scenario currently at the solar space? I mean lot of capacities are getting built up. So do you, do you see any kind of over capacity kind of situation in solar? So and some kind of comment on this would be very helpful, sir.
Manmohan Sharma
Yeah, definitely. Because as you all of us are aware that the 500 gigawatt is enabled target by 2030 we have already crossed 266 gigawatt. And the fourth, the current nine months also we have only installed around 30 gigawatt of order. So what we were talking about two, three years back, that is this number that this could be the number going forward we have already achieved in nine months itself. So with the looking at the present situation and going forward promotion of this renewable energy, we see that there is, there will be good demand going forward also.
And we should be completing this target much earlier than that is also need of the industry actually.
Deepak Podar
Okay, so, so, so by when you. I mean the 500 gigawatt target by 2030. Right. So so do you expect that this target we can reach since we have already reached around 270 gigawatt. Odd. So this target can be reached by 2028 or 29 itself.
Manmohan Sharma
Maybe it could be because that is, that is kind of the demand is there because lot of industries are there, lot of people need a clean green day and green energy. So all this sector putting together that it should, it can be possibility.
Deepak Podar
Okay, okay, understood. And, and how do you see the, I mean what would Be the current. I mean hole in the capacity in the solar space right now.
Manmohan Sharma
Sorry,
Deepak Podar
The solar industry capacity currently, what would that be? I mean you if you have any figure on that.
Manmohan Sharma
Solar in terms of module you are asking or some installation. Actually
Deepak Podar
Installation capacity. I mean overall both module and capacity. I mean installation.
Manmohan Sharma
Total installed capacity of the solar as of now is around 136 gigawatt actually.
Deepak Podar
And then per annum what would be India’s per annum.
Manmohan Sharma
Is same only like what we did. 30 to 40 gigawatt should be there.
Deepak Podar
Okay, okay, understood. Fair point. And in terms of execution, I mean we. We have around 3 gigawatts of unexecuted order book. Right. So. So anything on the execution front? I mean this year and next year what’s the execution target out of this total 3 GW automation.
Operator
Please rejoin the queue for more questions. Thank you. The next question is from the line of Srinik Mehta from Indo Elsewheal. Please go ahead.
Srinik Mehta
Hi, am I audible?
Manmohan Sharma
Yes please.
Srinik Mehta
I wanted to ask about a little bit of a longer term vision. Say for next two, three years you have changing your business model in a significant manner. You’re bringing in ipp, you’re bringing in many other lines of businesses where possibly the model will be different. It won’t be the same asset light model. So how do you see the business evolving over the next two, three years? Which business will take up what kind of share? A little bit of color on this will be really helpful.
Manmohan Sharma
So out of the entire revenue if you see that my revenue is majority was coming is maybe more than 95% is coming out of the EPC. And we have another two interesting revenue stream that is O&M. Whatever project we have completed we are doing O and M also and ipp. The this power is produced at our own generation solar. So these this will continue actually going forward. Also we will be more in the epc. Maybe this solar EPC plus best CPC and whatever the cash we conserve that we are adding as a ipp.
So this will give a continuous revenue stream for this company.
Srinik Mehta
Okay. So whatever cash you’re generating you will pour it into the IPV project so that you can have a longer term. Revenue stream coming out of it.
Manmohan Sharma
So
Srinik Mehta
It will still be a small proportion of your business even two, three years down the line. Maybe.
Manmohan Sharma
Business will expand like like you have seen from the past few years that our top line has grown very significantly. We have already achieved 1597 was my revenue for March 2025 we only reached 2200 crores. So this base will continue and over and above what I mentioned is that like IPP and this O and M business that will also going to grow going forward.
Raman KV
Okay, thank you.
Operator
Thank you. The next question is from the line of Udit Sehgal from Pinpoint X Capital. Please go ahead.
Udit Sehgal
Sir. I wanted to know about the pace of tendering activities in the solar epc. There’s been talk that there is a. Lack of transmission capacity so the tendering activity may go down. I mean how do you see the. Pipeline and how do you see things moving ahead?
Manmohan Sharma
So with the current order book unexecuted we have a pipeline of order pipeline of around 29 gigawatt and the standarding also is any point of time the tender business is around 5 to 6 gigawatt live tenders are coming up is going on. Apart from that this domestic we are there is a re inquiry or power pipeline from the international space as well.
Udit Sehgal
Okay. So as such you don’t see any slowdown happening and. About the best station what is our target and like what is the kind of tenders happening? You know what is the quantum and. What would be the government’s target for installation for the coming year?
Manmohan Sharma
So BASS also is one of the requirement to have a continuous power in the peak time that is night and to support the grid stability also this is one of the requirements. So we are getting a lot of inquiries for one hour or two hour BAS supply along with the solar. So this, I think this, this will be a complaints needed requirement going forward to install have the base also along with the solar.
Udit Sehgal
And we see sir a lot of I mean on the base and both of the solar EPC side that the. Rates keep going down with each and every tender. Are you facing any such compression in margins or I mean is that in. Line with the fall in sell prices. Or the other raw materials?
Manmohan Sharma
Now this, this cost optimization or all this will continue because of the competition. It will keeps on continuing the regular phenomena. So but as of now we are not seeing once it is avoided by this order is awarded to somebody then the EPC work will come into the picture. So once it is formed as a order we will get the EPC work. So we don’t see any kind of pressure pressure on this.
UTSAV Adani
Thank you. That’s it for bye.
Operator
Thank you. The next question is from the line of Saran Jokhlikar from Vimana Capital. Please go ahead.
Sarang Jokhlikar
Yeah. Hi sir. So on the competitive intensity the current. Pipeline that you have first of all. Can you give us split of how much is from the government versus private. And secondly has the. Because I’ve been hearing from the competitors. That the margin there have been a lot of new players coming in the. Participating in the tenders. So does that threaten your margin maintaining. The margins in future?
Manmohan Sharma
No. See, as far as my current order book is concerned we have around in megawatt term it is around less than 10% of the total order book. In the value it could be around 2022 percent. But this. This is one. This one question you have asked. And as the long as the new player is entering so there will be always competition in the industry. So because of our education capability, timely delivering of the project, this will be is on us to get orders actually.
Sarang Jokhlikar
Got it. And this split between government versus private in your pipeline, can you get that?
Manmohan Sharma
Yeah, it is around in capacity wise less than 10% value term it is could be around 2022.
Sarang Jokhlikar
Understood. Got it. On the module prices. Just wanted to understand because I think your good portion of your order book. Is including module supply, right? So what are the. How are the module prices trending both. On the DCR as well as non dcr?
Manmohan Sharma
No, as far as this our order book is concerned actually whenever we are getting any kind of order with the turnkey where module is also in our scope based on the prevailing price, we calculate our cost etc. And once the order is formed we just place the order so that there should not be any effect of any price variation upward etc. To on our financials. So that is what we are doing actually.
Sarang Jokhlikar
Got it. Thank you.
Operator
Thank you. The next question is from the line of Surya Narayan Nayak from Sunidhi Securities. Please go ahead.
Manmohan Sharma
Yes.
Surya Narayan Nayak
Yeah. Thank you for giving me opportunity. Couple of questions. So one is that you have been telling that now when you get the place orders so you are booking the materials with the Chinese vendors. Probably. So just to understand because here the order execution takes nearly about close to 18 months to 24 months. Whereas when you. When you order the. The materials from the Chinese vendors it could be you could be factoring the prevailing prices plus some margin you could be accounting for. So in case the prices keeps on rising over the period.
Of course of let’s say 18 months is too big. So. But I hope that the Chinese vendor would not be able to give you assurance beyond six months or so. So then how are you just counting the price variation clause in the tenders? Because there is. I understood from clients that a certain competitors that there is no price variation clause in the base orders. So that is number One question.
Manmohan Sharma
So just to clarify that our most of the is almost a. All the supplies are domestic only. We are not procuring anything directly from the China. What you have said
Surya Narayan Nayak
And Basel base. Cell is not manufactured in India. So obviously you would be requiring bs. I’m saying the lithium ion sales.
Manmohan Sharma
No, no. Actually this is not in our scope. Actually whenever we are doing the EPC work of the solar power project. So either the module is appropriate through us or module is supplied by the respective customer for us to execute the project. So there is no sale kind of effect in our balance sheet.
Surya Narayan Nayak
So you won’t own any. You know risk of rise in the prices because you know on the raw. On the material.
Manmohan Sharma
No, no, that is not in our particulate. Most of the component which are required for generation may be transformer, cable etc there are domestically available. Apart from that there is a module which could be the procured by the customer directly. Or if it is through us then what I said in previously that stands.
Surya Narayan Nayak
Okay. And secondly, secondly hitherto you are you. I mean the industry was seeing that no measure orders were pure solar without any base base pairing is the norm. Base pairing with one to two hours storage facilities is a norm to avoid the curtailments and all. And so then. Then what is. What will be the. Your course of action? Because what I understand is that because of the recent Chinese actions of rolling out their export subsidies on the. On the solar cells. Sorry. On the bass sales lithium zion sales.
The prices of sales are rising. Then obviously the it would put some pressure on the module side because ultimately as a package model plus this you will have to offer. So what would be the. What would be the cost going forward? I mean the tangent the progression of the cost with the non DCR scenario and with this year scenario.
Manmohan Sharma
That’s all I write. But as far as we as a EPC player is concerned we is good that we get some this compulsory one hour to our batteries is should be there. So we also get the EPC work out of that. As far as this all procurements are concerned either is a scope of the customer and or it can be through us. If it is through us then we’ll do our this own calculation convey with our profit margin to the customers. So that is how we operate.
Surya Narayan Nayak
Okay. And so going forward with the 500 gigawatt of progression. What is that? 20, 30, 32. It is the government is said. So your component of government is very less. You said around 20% if I heard right. So going forward how much will be the utility Solar from the government side or semi government side like you know NT or NLC who are who have lined off and what will be the private portion you are envisaging.
Manmohan Sharma
So if you see the government portion also there are around 5 to 6 gigawatt countries live projects are there. So if the tenders which suits our profitability or hosting then only we participate. Otherwise we leave that particular thing. So this will keep on happening whether the tenders with the base or without base. This will be the we will going to participate and win if suits our profit and loss.
Surya Narayan Nayak
Because you know your your competitors who are majorly participating in government tenders or let’s say PSU tenders their margin is nearly 500 to 600 pips lower. Just last question,
Operator
The
Surya Narayan Nayak
Last question.
Manmohan Sharma
So. So as I said that we only participate when it suits our risk reward metric. If the tender is not suitable for our guideline then we don’t participate in that sir.
Surya Narayan Nayak
So your threshold margin will be 15% or so minimum.
Manmohan Sharma
We’ll try. We’ll try to maintain that is what we are saying that we’ll try to maintain this kind of margin.
Surya Narayan Nayak
Okay, I’ll come later.
Operator
Thank you. The next question is from the line of UTSAV Adani from Oakland. Please go ahead.
UTSAV Adani
Thank you so much for the opportunity. Sir, of the 29 gigawatt pipeline that you mentioned. Can you help us understand the mix between vanilla solar projects versus and complex projects and in case of complex projects will be executing wind project or that will be also to a third party?
Manmohan Sharma
No, as of now we don’t have any kind of wind project that is to be executed. And we have like we are EPC projects is also there then pure this tanks are there where modules are in scope. Both type orders are there is of now.
UTSAV Adani
So that’s part of the current order. Look, I’m asking for the pipeline, the 29 GHz pipeline that you mentioned. Yeah, pipeline.
Manmohan Sharma
Yeah, pipeline. Pipeline has like it includes base supplies also base this it and this module supply also various type of inquiries are there actually depend so from the private sector both type of inquiries from government also they are a compulsory adding base as well. So it’s a mix actually.
UTSAV Adani
And sir, sometime back we had created a subsidiary to execute small projects. That’s a sub 100 kilowatt projects for rooftop for household as well as small MSME customers. And also on the data center side of the business. Do we have any key updates on these businesses?
Manmohan Sharma
This small rooftop size project we actually we have not added any kind of subsidiary. And as Far as data center is also concerned we are getting inquiry about the data center EPC work But as and when something gets finalized definitely will announce through exchange and you will get to know sir.
UTSAV Adani
Sure. Thank you.
Operator
Thank you. The next question is from the line of namreel Shah from ValueQuest Investment Advisors. Please go ahead.
Namreel Shah
Hi, my question is with respect to the newer foray into the IPV business we’ve announced 120 megawatt of IPV projects. Just wanted some more economic details on it as to what apex do we think that would go into installation of this IPP project? What would be the budgeted IRRs? What are the budgeted IRRs? If we have the PPA in place and are we well funded outside of the unencumbered cash balances to fund this IPV project? That is my first question.
Manmohan Sharma
So we have just recently said that 120 megawatt of this project so that will add in this in this current next financial year roughly you know that this all projects are in ranges between 3.3.5 crore per megawatt based on the where the project is etc. So and as far as this fine details with respect to the all fine detail which you asked definitely we cannot share immediately instantly on the call but whatever the is suiting our requirement and with the available cash flow if required we need to raise some loan etc that we’ll see all kind of financing we’ll see going forward and update user.
Namreel Shah
Sure. Okay. And the second question is with respect to the working capital currently if you could just briefly explain what is the working capital cycle we had I think Q2 was 600 crores of receivables. Where do we stand on that front Just so that we could understand the working capital cycle bit.
Manmohan Sharma
So working capital also just to tell you that as of now we have not availed any kind of fund based working capital from the banks so that give you some sense on this and we are operating with the non fund based limit so that is the like we we are not using any kind of fund based limit that is that will give you sense the operating cycle of this company. So mostly our receivables are in line with our expectations. We are getting money from our receivables also and maybe using this greater credit period etc.
We are operating this company.
Namreel Shah
Sure. Just one last question.
Operator
Please rejoin the queue for more questions. Sure.
Namreel Shah
Okay.
Operator
Thank you. The next question is from the line of Yash Jirani from Code advices. Please go ahead.
Manmohan Sharma
Hello,
Yash Jirani
Am I audible? So basically I wanted to know something. Sir, could you comment on the order, say the order or the award velocity, like the time from the L1 to the NTP like in the last one quarter. And like is there any slowdown driven by the module price expectations or any policy change or like on ground readiness?
Manmohan Sharma
No, we. We have not really says this or face to slow down. We have not really faced this kind of situation. We have not sensed this kind of slowdown etc but typically it takes time from when we start discussion to the like NTP stage. So it takes definitely four to six months. Six months to get at this stage.
Yash Jirani
Okay. And also I wanted to know one more thing. So within the order book currently, what is the proportion say of module included turn PPC vs any say bos only or a service only scope and like if there is a module that is included, like you said, they are either procured by the customer or they give it directly. So like what did they share if it is like ice or contracted? Like if you could give me something of that sort.
Manmohan Sharma
So this, my order book includes this module also. So majority of the order is pure epc if I would say in that sense. So majority of order is your epc but there are certain orders which includes modules also. So what type of order is there?
Yash Jirani
Understood. Like any idea if I could say how much percentage of orders.
Operator
Please rejoin the queue for more questions. Yeah, thank you. The next question is from the line of Raman KV from Sequent Investments. Please go ahead.
Raman KV
Hello. Hi, can you hear me?
Manmohan Sharma
Yes please
Raman KV
Sir, I just have two questions. One, I just want to understand the revenue split for the nine month between epc, IPP and onm.
Manmohan Sharma
Okay, so the revenues. Yeah, so the revenue is if you see the my total nine months is 2229. Majority of is is coming from the EPC. Maybe in percentage term is you see around 97 to 98% is coming out of this these two this EPC.
Raman KV
So 97% of their revenue comes from EPC and the remaining 3% comes from OM and IPP. My understanding is IBP
Manmohan Sharma
And when 2 to 3% is coming from that.
Raman KV
Sure. I just want to understand if that’s the case. Usually EPC margins are around 10%. If my understanding is right. So how are we able to do around 19% margin in the despite the majority of the revenue coming is from EPC. Because my understanding is.
Operator
My understanding
Raman KV
Is 10% is the margin for EPC of solar projects and 20% or 20% more than 20% margin you get from OM of this project. So that’s I just want to understand how are we able to do like 2x the normal industry average margins.
Manmohan Sharma
So margin, majority of the margin is coming from the EPC segment only. That is all because of like we are executing large scale project a different geography within the time completion time, budgetary and monitoring, control and financial discipline. These are the few key parameters actually on which we operate. And that is all. We are actually able to capitalize all these areas and translate into margin improvements.
Raman KV
Understood. So there is nothing apart from that. There is. It’s just a follow up. It’s just a follow.
Manmohan Sharma
Yeah. Continue this.
Raman KV
So apart from the this execution part of it we there is nothing. How do I say. There is nothing else which makes the margin uptake so high. If my understanding is right, it’s
Manmohan Sharma
Already purely from is coming from the epc. What I mentioned is small portion that is coming from the my IPP and O and M.
Raman KV
Okay, Understood sir. Thank you.
Operator
Thank you. The next question is from the line of Paras Kulkarni from Ignite Capital. Please go ahead.
Paras Kulkarni
Sorry to interrupt. Paras, can
Operator
You please speak a little louder? We are unable to hear you.
Paras Kulkarni
Yeah.
Operator
A little more.
Paras Kulkarni
No.
Operator
Yes, you are audible but you are sounding very distant from the device. Can you please come closer to the device? No, still the same. Please join back the queue and make sure the volume is full. Thank you. The next question is from the line of Naman Maheshwari from Breastcon. Please go ahead.
Raman KV
Hi, thanks for the opportunity. Just quickly, you know, good set of numbers as always. But wanted to understand more on the growth strategies right. That you have put in place right. In the renewables you have said in the storage. Wanted to understand further that what is the demand pipeline looking like, you know, across Bess and BSP where we are, you know, planning to expand. Secondly, what is the strategy in bidding for these these areas and what. What is our edge that remains in these areas?
So just three short points.
Manmohan Sharma
Yeah. So along with my existing this EPC revenue, we are into the best. We are exploring all kind of base EPC opportunities. Correct. So like as I mentioned earlier there is a requirement to add best along with the existing solar power plant with 1 hour 2 hour capacity etc so that that will contribute to expand our operation into base EPC space as well. And with the existing water pipeline also there is lot of inquiry about the including base into the solar power projects.
Raman KV
Sorry, just a small follow on. So there’s a 2.92 gigawatts of order book already includes certain Bess projects in it. And if yes, could you just highlight what percentage of the book would be Bess bank?
Manmohan Sharma
No, see this 2.9 which I mentioned is only purely of EPC and there is small order which we are executing maybe for 45 megawatt hours. So that is also we are executing of which of base.
Raman KV
Okay. Okay, thank you. I’ll join back the queue in case of any further queries. Thanks.
Operator
Thank you. The next question is from the line of Jigar, an individual investor. Please go ahead.
Jigar
Good afternoon and thank you for the opportunity. Congratulations to the team for the fantastic results and wishing you all the best to continue great execution. My question is that considering more and more projects are now moving towards fixed load dispatches instead of standalone solar or maybe wind, is our company at a disadvantage in getting the business growth? Because we do not have a significant foothold in either this or pump storage or green hydrogen. Basically we have not won any significant orders of the large orders which have been given in this hybrid renewal space.
Manmohan Sharma
So we are actively looking and discussing with our customer for the base EPC work. So just with the existing solar power project or maybe upcoming solar power project, the customers intended to install base projects base also. So we are getting good amount inquiry so that maybe sooner or later it will convert into the firm order going forward.
Jigar
But to her solar epc I think we would have been amongst the leaders. But hybrid project, they’re not among the top two, three. So like we have, we
Manmohan Sharma
Have, we. Have our execution capability and the team is there execute. So that will also be there in next few quarters, maybe year.
Jigar
And just one small thing, a couple of years back we announced a tie up with 5B Maverick. And any further development or any kind of market for that?
Manmohan Sharma
No, there is no significant development as of now.
Jigar
Right. Thank you very much and for answering and all the best for the future.
Operator
Thank you. The next question is from the line of Pawan Kumar from Shade Capital. Please go ahead.
Sarang Jokhlikar
Thank you for the opportunity. Am I audible?
Manmohan Sharma
Yes.
Sarang Jokhlikar
So this question is regarding the IPA IPP assets. Like you are already commissioned around 54 megawatt and looking for 227 megawatts. Can you give some sense of the timeline of commissioning at what stage these are which are to be commissioned?
Manmohan Sharma
So this, some of them will get added by during March and some of them are planned for the next financial year.
Sarang Jokhlikar
And like the current like orders we have or like it will be executed within one year, right?
Manmohan Sharma
Yeah, from 12 to 15.
Sarang Jokhlikar
Okay. And so any sense of what sort of IR we are generating? Maybe a base level IR which we are targeting on the.
Manmohan Sharma
Okay, this fine detail is not available with me as of now, but we are whatever this shooting, our, this revenue stream plus overall the company, we are executing only those projects.
Sarang Jokhlikar
Okay, sir, thank you. Thank you for the answers.
Operator
Thank you. The next question is from the line of Anushka Vora from Vimana Capital. Please go ahead.
Anushka Vora
Hi. Thank you for the opportunity and congratulations on a great set of numbers. So I have a couple of questions. One is your current order book of 2.9 gigawatt. What is the execution timeline? And the second question is the pipeline. That you said of, you know, around 29 gigawatt. What would be your hit rate generally? What percent of these orders do you expect to win from?
Manmohan Sharma
So activation timeline for the existing 2.9 gigawatt is around 12 to 15 months actually. So this will get executed in next few quarters. And the pipeline which we are following is around 29 gigawatt definitely. We are in discussion with our customers and we’ll try to gain some of them into a firm order in next few quarters.
Anushka Vora
Okay. And this 2.9 gigawatt order book that. You have, how much of it is private versus
Manmohan Sharma
Yeah, in. In terms of megawatt size down less than 10%. Government and value term is around 20, 22%. So that is what it is as of now.
Anushka Vora
Okay, thank you so much.
Operator
Thank you. The next question is from the line of Paras Kulkarni from Ignite Capital. Please go ahead.
Paras Kulkarni
Question regarding the realization on a per megawatt basis. So as of third quarter, I guess the realization per megawatt has increased as compared to 2Q. So what is the primary reason for that? And out of the unexecuted order book, do we see similar kind of a realization?
Manmohan Sharma
Correct. So far as we. In our order book, actually we have pure EPC orders or maybe order along with the module that is run key order so that keep on adding our order book and that keep on changing over a period of time. And during the quarter whenever we are coming for the result, certain orders get executed. So this, this will remain as it is because some of them have done cure and some of them the pure epcot and the combination is coming to you so it will keep on changing.
Paras Kulkarni
Has gone down in the third quarter as compared to second quarter. Whereas in second quarter where the Italian sort of increases. How do you look at it? And lastly, where do we see our order book at the year end?
Manmohan Sharma
So at the year end like it is difficult to give any right answer at this stage because we keep on getting the order. This, this, this also like next in two three days also we have announced certain order. So this order received will keep on coming. Actually we will keep on doing that and execution both will be a parallel activity.
Paras Kulkarni
Okay, so you won’t be writing any. Sorry to interrupt.
Operator
Sorry to interrupt. Please rejoin the queue for follow up questions.
Paras Kulkarni
So you will be writing any kind of execution sustainable run rate for the coming quarters?
Manmohan Sharma
Execution,
Paras Kulkarni
Execution run rate. I mean like I said in 3Q we have had a lesser execution as compared to the second quarter. So any sustainable?
Manmohan Sharma
Yeah, yeah. So there are. These are. The projects are splayed over various geography in various states. So the key aggregation will will keep on happening and they where wherever there is order there is there may be some progress in that particular order in that particular state etc. So this will be a continuous feature. We’ll be executing order throughout the year.
Operator
Thank you. Before we take the next question, a reminder to all if you wish to ask a question, please press star and one. The next question is from the line of Raman KV from Sequin Investments. Please go ahead. Your line is unmuted. Please proceed with your question.
Raman KV
Yes, I just have a follow up. So during the quarter I have noticed two things. The execution of order book has slowed down when we Compare it to Q2 and also the order info has slowed down. Is there a particular reason?
Manmohan Sharma
No, no. Actually if you see that over a period of nine months we have got more or less the same amount of order which we have executed. So it is not like that there is any kind of slowdown. There may be some sometime you may get some more order, maybe some butter, you may get less order also. So if you observe closely that whatever order book we had during the nine month, whatever execution we did, that amount of order we already added in our order.
Raman KV
And with respect to the big pipeline, how much are you will you able to capitalize over the next by the end of this financial year? Like I just want to understand the going forward the revenue visibility for the company. Yeah.
Manmohan Sharma
So. So from the various type of order pipeline is there around 29 which includes government tender private in all kind of order which we are following. So it’s difficult to give any kind of number that that will be added in the next quarter or like this
Raman KV
Maybe
Manmohan Sharma
We are hopeful that out of this entire problem we are we should be getting good amount of order going forward as well to maintain our order book.
Raman KV
And also with respect to the eps, the revenue split going forward, can we expect the O and M&IPP share to increase further from currently 3%. Or.
Manmohan Sharma
See this two segment that is O&M and IPP they have the fixed contract and fixed amount of this project. In both the case if as my EPC turnover goes this percentage will come down
Namreel Shah
In
Manmohan Sharma
Any case even though I will increase it further. But that in the percentage term if you see it may may come down also because my if my EPC revenue goes up and this significantly then this. This will also grow at a certain pace. So that is difficult like to calculate in this fashion.
Raman KV
Understood. Thank you sir.
Operator
Thank you. The next question is from the line of Sirav Banik from Devas Consultants. Please go ahead.
Sirav Banik
Good afternoon sir. My voice is audible.
Manmohan Sharma
Yes.
Sirav Banik
So sir I just want to ask. You one question regarding the EBITDA margins and net profit margin. Both have contracted in this quarter as well. So if you just put a light on it. So what do you expect for the next quarter that remains for the financial. Year what to be that it’s that. With the margins and pat margin.
Manmohan Sharma
So if you see the for the overall period of nine months it has improved by almost 3300 basis points. So from 16.46% now we are 19.48% for the quarter. There is a slightly diplomatic in this margin but what we are saying that we’ll try to maintain EBITDA margin the range of around 15% going forward as well. So from this overall nine month point of view we have improved significantly in terms of like in absolute number also we have almost doubled from last nine months and in the profitability also we have done 138.92% over the period of nine months.
Sirav Banik
Okay, thank you for the clarification sir. So my another question is on the. B sector that you are pouring into. So how for the next few years. That you look for this sector and how this will actually impact or effect. In our revenue front if you just put a guideline for next two to three years.
Manmohan Sharma
So it is a. So this base is also like I have mentioned in various previous question that this also going to grow because you need battery storage for the for your solar power projects. So this like we are getting a lot of inquiry for one hour to our base project along with the solar project. So in all terms we are going to get this EPC opportunity. Also maybe there is an opportunity to have a turnkey order of base as well in our portfolio.
Sirav Banik
Okay, thank you so much for my answers and wish you all the best. For the next coming quarters and yours.
Manmohan Sharma
Thank you.
Operator
Thank you. The next question is from the line of Hardik Sharda from Mavira amc. Please go ahead.
Hardik Sharda
Oh, hi sir. Good afternoon. I just wanted to understand the rationale behind entering into segment because since recent developments in north due to the fog the availability of the suntime has reduced which could eventually you know, the revenues and margins. So are we well protected? And what is the scope of IPPARI rtl?
Manmohan Sharma
The VARI RTL IPP business? As I mentioned that it will keep on adding this so this power project based on the requirement and based on the financials of the company so that we will keep on adding. So what was the earliest question you asked?
Hardik Sharda
No, no, I just wanted to understand the rationale and scope of the IPP segment. So I think you just answered that so not affect the margins of the. Because also although it is not contributing too much to the business but in the future, how. How is it. How is it planned for Warrior?
Manmohan Sharma
No, see, it is though it is as far as the total top line is concerned, it may make contribution maybe relatively less in percentage absolute term. Whatever I am adding to the IPP business, it is getting into a more profitable and giving a revenue stream for the company for next 20, 25 years. So this is kind of the things we are doing. Apart from that there is OM also. So whatever projects we are completing, we are doing the OD name. So that is also the continuous team for this company.
Hardik Sharda
Okay, sure. Thank you. Thank you.
Operator
Thank you. There are no further questions. I would now like to hand the conference over to Ms. Mamta Mehra for closing comments. Thank you. And over to you, ma’. Am.
Mamta Nehra
Thank you. I would like to thank the management for taking the time out for this conference call today. And also thanks to all the participants for attending. If you have any queries, feel free to contact us. We are MUFC