Waaree Renewable Technologies Ltd (BSE: 534618) Q4 2026 Earnings Call dated Apr. 17, 2026
Corporate Participants:
Nikunj Jain — Associate Vice President
Manmohan Sharma — Chief Financial Officer
Analysts:
Sahil Sheth — Analyst
Ishita Lodha — Analyst
Balasubramanian A. — Analyst
Deepak Poddar — Analyst
Sumit Kishore — Analyst
Karan Gupta — Analyst
Mohit Chandani — Analyst
Paras Kulkarni — Analyst
Neerav Dalal — Analyst
Ashray Sheth — Analyst
Hiten Boricha — Analyst
Harshit Jain — Analyst
Avnish Tiwari — Analyst
Yogesh Bansal — Analyst
Sarang Joglekar — Analyst
Sahil Kushwaha — Analyst
Arindam Banerjee — Analyst
Presentation:
Operator
Ladies and gentlemen, good day and welcome to Waaree Renewable Technologies Limited Q4 and FY ’26 Earnings Conference Call hosted by MUFG InTime India Private Limited. [Operator Instructions] I now hand the conference over to Mr. Nikunj Jain from MUFG InTime India Private Limited. Thank you and over to you, sir.
Nikunj Jain — Associate Vice President
Thank you. Good afternoon, ladies and gentlemen. I welcome you all to the Q4 and FY ’26 earnings conference call of Waaree Renewable Technologies Limited. Today on the call, we have from the management, Mr. Hitesh Mehta, Whole-time Director; Mr. Manmohan Sharma, Chief Financial Officer; Mr. Neeraj Vinayak, Vice President, Investor Relations; and Mr. Rohit Wade, 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 risks 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&A.
Thank you and over to you, sir.
Manmohan Sharma — Chief Financial Officer
Thank you, Nikunj. Good afternoon everyone and I would like to extend a warm welcome to all participants for joining the earnings conference call of Waaree Renewable Technologies Limited for discussing our business performance for Q4 and FY 2026. I hope you all had an opportunity to review our financial results and investor presentation which have been made available on the stock exchange and are uploaded on the 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 INR1,102.40 crores, reflecting a growth of 131.31% compared to the same quarter of last year. EBITDA comes at INR206.82 crores, with a margin of 18.76%. PAT for the quarter reached at INR155.72 crores, marking a year-on-year increase of 66.08%. For the financial year 2026, we reported revenue of INR3,331.42 crores, a growth of 108.51% over FY 2025. EBITDA stood at INR641.10 crores, up 106.21% on year-on-year basis, while PAT reached at INR478.65 crores showing growth of 109.09% on year-on-year basis. These results highlight our strong execution capability and the operating leverage that we continue to build across our business.
From an operational standpoint, FY 2026 was a year marked by scale and steady execution. During FY 2026, we have successfully executed 2,727 megawatt-peak of projects, which is the highest for any year. This reflects the depth of our execution capability for the year-end. Our unexecuted order book stood at 2.83 gigawatt-peak, providing us with the strong visibility and continuity of business going forward. At the same time, our O&M portfolio stood at 1.18 gigawatt-peak, further strengthening our base of recurring revenue and reinforcing our role as a reliable long-term partner for our customers. Overall, this performance demonstrates our ability to grow responsibly while maintaining consistency and reliability across project execution.
Let me now turn to the broader industry environment where momentum across India’s renewable energy sector remains strong. The country’s clean energy transition continued to accelerate with total installed renewable capacity now crossing 274 gigawatts and solar alone contributing over 150 gigawatts as of March 2026. The growth is due to rapid expansion with contribution from ground-mounted solar plants of 114.87 gigawatts, grid-connected solar rooftop of 25.73 gigawatts, and other solar segments contributing 9.66 gigawatts. This shift demonstrates the growing importance of solar within India’s energy ecosystem. In FY 2026, over 44 gigawatts of solar capacity was added, representing a substantial increase from 23.83 gigawatts in the previous year. In FY 2026, solar emerged as the leading driver of capacity additions, accounting for approximately 82% of total renewable installations, reinforcing its position as the primary growth driver within the sector.
India’s renewable energy growth continues to be supported by a stable policy framework, such as the National Solar Mission, PM-KUSUM and PM Surya Ghar Yojana, alongside expanding demand across utility-scale, rooftop and decentralized segments, which is improving visibility for EPC players. Additionally, battery energy storage system, BESS, are now emerging as a key enabler for grid stability with increasing inclusion of renewable tenders, opening up new opportunities within the EPC ecosystem.
In this environment, we are well positioned with a strong order book, a healthy O&M portfolio, and expanding into BESS EPC while maintaining our focus on execution discipline and operational efficiency. We are encouraged by the progress made in FY 2026 and are hopeful about the opportunities ahead. Waaree Renewable Technologies is committed to driving sustainable growth and creating lasting value for all stakeholders.
Thank you once again for your continued support. We now open the floor for any questions you may have.
Questions and Answers:
Operator
[Operator Instructions] Our first question comes from the line of Paras Kulkarni [Phonetic] from Ignite [Phonetic] Capital. Please go ahead. Paras, you may please proceed with the question. Paras, you may please proceed ahead with your question. As there’s no response from Paras, we’ll move forward to the next participant. Our next question comes from the line of Sahil Sheth from Anand Rathi Institutional Equities. Please go ahead.
Sahil Sheth
Hi, sir. Congratulations on the great set of numbers. My first question is, if we look at the quarterly execution number and revenue numbers, the implied realization is quite high, coming to approximately INR2.2 crores [Phonetic] per megawatt. Is this due to any different types of project execution or will this be one-time or will it be recurring in nature?
Manmohan Sharma
Thank you. So this variation which you have noticed it depends upon which kind of orders we are executing for a particular quarter. So as you are aware, we are taking all types of orders — with modules, without modules, pure EPC orders. So for the particular quarter, which is this current quarter, some of the orders are executed with modules, so therefore you are getting this amount.
Sahil Sheth
Could you share what is the mix between the orders where module procurement was under our scope and orders where it was under the consumer scope?
Manmohan Sharma
So, for this quarter, actually around, broadly if I say any rough idea, is around 50% of the execution revenue numbers are coming from with modules. So, therefore, there is a realization which you have noticed is coming as compared to other quarters.
Sahil Sheth
Okay, sir. And my second question would be, there has been a slowdown in tendering activity if we compare FY ’25 with FY ’26. What impact could we see on new orders coming in for Waaree Renewable?
Manmohan Sharma
Yeah. So as far as tender business is concerned, we are actively participating or looking at all opportunities in the tender business. A lot of tenders are coming with the BESS as well. So the tenders are there, but as Waaree, as a company, we are only participating when there is a — it’s suitable to our margin or suitable to risk-reward metrics, which we prefer. That if it is suiting our requirement and the margin, then only we are participating. But as far as this order pipeline is concerned, there is a good amount of pipeline in the tender business as well.
Sahil Sheth
Okay, sir. Thank you.
Operator
Next question comes from the line of Ishita Lodha SVAN Investment Managers. Please go ahead.
Ishita Lodha
Hi, sir. Thank you for the opportunity. The order book has declined from 3.2 gigawatt to 2.8 gigawatt on a YoY basis, March versus March. So why has this happened and how do you see the order inflow outlook going forward?
Manmohan Sharma
So, order inflow going forward, if you see that we have existing order book of 2.8 gigawatts. Apart from that, we are also chasing the order pipeline of around 36 gigawatts, which is around 23 gigawatts is from domestic and maybe another 12 gigawatts from the international market. So, this scenario will keep on happening. Actually, we are going to get orders, and in spite of our execution and achieving revenue number of more than INR3,300 crores, in spite of that we are able to maintain our order book. So whatever orders we are executing, more or less we are getting the same similar order in the current financial year.
Ishita Lodha
So like previous financial year order inflow was 2.4 gigawatt and this time it was 2.3 gigawatt, slight decrease 5%. But is this because of competition or like why this happened?
Manmohan Sharma
But as far as India is concerned, we have done a good amount of installation of solar projects.
Ishita Lodha
Execution is strong. I’m talking about order inflow, sir.
Manmohan Sharma
Yeah, order inflow, so we have — as I mentioned, that we are discussing bilaterally the order pipeline, which I mentioned to you. And probably some of them will get converted in coming quarters.
Ishita Lodha
Okay. Thank you, sir.
Operator
Thank you. Our next question comes from the line of Balasubramanian from Arihant Capital. Please go ahead.
Balasubramanian A.
Good evening, sir. Thank you so much for the opportunity. Sir, I’m trying to understand the margins perspective, whether the new entrants are bidding aggressively for the project side. If you look at every Q4, we have a 25%-plus margins. But right now we enter nearly 19% to 20% margins. So I’m trying to understand, this is a new normal margin band, 18% to 20% for the blended portfolio, or we can be able to back to original level of 25% level in every Q4 levels. If you could help us to understand on the margins levels, it’s shrinking because of the competition, or is there any technological changes also having impact or is there any fixed price impact also there?
Manmohan Sharma
So, as far as this, we have all kinds of fixed price contracts, that is number one. As far as the margin is concerned, the margin for a particular quarter depends upon which customer’s order I am executing in any particular quarter. As far as if you will notice that for the entire financial year, we are able to maintain EBITDA margin more than 19.24%. So you will see on a year-on-year basis also, we are more or less able to achieve similar margin. So maybe in a particular quarter, you may see some slight difference, but overall basis, from last FY ’25 as well as FY ’26 also, we are more than 19%.
Balasubramanian A.
Okay, sir. So these margins will continue in next 2-3 years, EBITDA margins, sir?
Manmohan Sharma
So, as we are mentioning that we are trying to keep with some operational improvement, timely execution, and tight budgeting control, we are able to maintain this — we have maintained this kind of margin. But always we are mentioning that the margin would be around — EBITDA margin should remain around 15%. But definitely we are delivering on a continuous basis. That is what it is.
Balasubramanian A.
Okay, sir. Sir, my second question, on the IPP side, earlier 120 megawatt IPP had announced with indicative capex of INR3.5 crores per megawatt, which comes nearly INR420 crores of capex. This will be funded through internal accruals or we have any debt arrangements? And secondly, if you could share your view on our IPP asset strategy side. Right now it’s around 54.8 megawatt-peak is operational, and we are also setting up additional. I’m trying to understand what is the IRR on this IPP side and our regular EPC side.
Manmohan Sharma
Yeah. As of now, we have operational 54 megawatt-peak solar power project that is IPP. And additionally, we are setting up around more than 200 megawatt IPP project for our own. So, these projects are necessary. As of now, it is funded. It is under construction. It is funded through internal accruals only. So far, we have not tied up any debt for this. We are funding it internally. So that is number one. And secondly, as you are aware that the company has three revenue streams, that is EPC plus O&M, and third one is IPP. So our strategy is to have a smaller size of project IPP so that we can have continuous revenue for the next financial year and for the next few years.
Balasubramanian A.
Yes, thank you, sir.
Operator
Thank you. Next question comes from the line of Deepak Poddar from Sapphire Capital. Please go ahead.
Deepak Poddar
Yeah, am I audible, sir?
Manmohan Sharma
Yes, please.
Deepak Poddar
Thank you very much for this opportunity, sir. So just wanted to understand, we have an order book of 2.3 gigawatts. So is it possible to quantify in terms of rupees crores, how much would that worth be and plus the composition, with module, without module, only EPC? So something on those lines will be very helpful.
Manmohan Sharma
Yeah, so normally we don’t quantify through this thing because even if I tell for this quarter also, it will vary maybe. In the next month itself, it could vary because of getting new orders and executions. But broadly, this ranges between INR1 crore to INR1.25 crores or INR1.2 crores per megawatt.
Deepak Poddar
Okay. INR1 crore to INR1.25 crores per megawatt.
Manmohan Sharma
Yeah. So again I will say the same thing because it will vary. So next time if I get some with-module order, it will vary. And if I get pure EPC or some scope changes, etc., it will vary. So any calculation by this method may not give the correct result for the future.
Deepak Poddar
And how much the composition would be with module? Will we have any rough range on that?
Manmohan Sharma
Maybe actually around 20% or something like that with module. So the composition remains that only.
Deepak Poddar
20% with module. Okay. And so…
Manmohan Sharma
Yeah, with module…
Deepak Poddar
Yeah. Please continue, sir.
Manmohan Sharma
And remaining like megawatt term, it could vary between 10% to 15%, or maybe 20%. It depends, Deepak, when you are asking me the question.
Deepak Poddar
Okay. So this quarter 50% revenue mix was with modules. So that we can see as an aberration, right?
Manmohan Sharma
Yes, correct.
Deepak Poddar
Okay, understood. And I mean, in terms of execution, are we seeing any type of slowdown because of any grid infra problem, any delay in construction transmission line? So how is the execution traction on the ground?
Manmohan Sharma
So execution is going well. Actually, whenever somebody or developer wanted to have the solar project installation, so after getting required connectivity, land, etc., then only they — mostly they provide the EPC order. When it comes to us for execution, by the time all the previous points have been cross-verified, checked, then only the contract is awarded. So from our side, once we receive the order, we start executing and deliver as early as possible or within the required time discussing with the customer.
Deepak Poddar
Okay, understood. And I think this year we had execution of around 2.7 gigawatt, right? So what execution we are looking for this year now, FY ’27?
Manmohan Sharma
So it depends actually. As of now, the order book which I have is around 2.8 gigawatts that we are going to execute in next quarter, which we mentioned 12 to 15 months. And moreover, we are going to receive orders in this current financial year. So both put together will get executed during the year and some of them will go to the next quarters also.
Deepak Poddar
Okay. And then this 36-gigawatt pipeline, so what is the historical hit ratio we have, I mean, in terms of conversion?
Manmohan Sharma
It’s difficult to quantify any hit ratio because these are the bilateral discussions with the customers. Domestic pipeline gets closed with the bilateral discussions with the customers. We have a fair amount of chance that we’ll be able to convert some of them into the firm orders.
Deepak Poddar
Okay, understood. That’s it from my side. Very helpful, sir. All the very best. Thank you.
Operator
Thank you. Our next question comes from the line of Sumit Kishore from Axis Capital. Please go ahead.
Sumit Kishore
Good evening, and thanks for the opportunity. My first question is, of your 2.8 gigawatt order book, what would be your geographical exposure to Rajasthan and Gujarat on a ballpark basis? That’s my first question.
Manmohan Sharma
So geographically, we are operating in almost seven, eight states. That is Rajasthan, Gujarat, MP, Andhra Pradesh, and Maharashtra, of course. So geographically, we are spread into four, five major states where we are executing the project. Most of them are in Rajasthan.
Sumit Kishore
So I was asking this question because Rajasthan and Gujarat seem to account for almost 65% of the RE potential. Is your order book also more heavier in these two states? Is that a fair understanding?
Manmohan Sharma
A majority of them are there in those areas. But other areas are also equally significant, like Maharashtra and MP. And Andhra is also contributing a great amount of order. So all states are contributors. But as of now, Rajasthan has a little heavy weight on the order book.
Sumit Kishore
Heavy weight, okay. The question is, CTUIL in a representation in the CERC order dated 10th April was that almost 60 gigawatt of RE projects in Rajasthan are awaiting clarity of coordinates of their associated power substation for RE evacuation. Is there any — could this possibly impact the award of new EPC projects because the developers would await clarity of the associated substation before they acquire land and award EPC contracts? So basically, your thoughts on this particular issue in one of the largest states in terms of RE potential.
Manmohan Sharma
So as far as this, your thoughts are correct. But if you see that somebody wants to install, let us say, 500 megawatt or 1 gigawatt, 2 gigawatt project, so definitely it takes a little time, maybe 12 to 15 months to complete from thinking or maybe design prospect to the completion project 12 to 15 months. So by that time this backlog will be there, but there is always a risk which is taken by the developer when they know that these are the power evacuations and when they are likely to be in place. But as far as we as an EPC player are concerned, we have been awarded when all studies must have been done from their side. And once it is awarded and timeline is given, we execute it within those timelines only.
Sumit Kishore
So basically, your 2.8 gigawatt order backlog, the portion of which is in India, none of those projects are impacted because the customer does not have clarity on evacuation as of now. That’s a fair understanding.
Manmohan Sharma
Yeah, fair understanding. Because our job is to connect to the nearest substation or the station, our infra is ready actually. So to that extent, we have to work.
Sumit Kishore
Excellent. Thank you so much and wish you all the best.
Manmohan Sharma
Thank you.
Operator
Thank you. Our next question comes from the line of Karan Gupta from ACMIIL. Please go ahead. Mr. Gupta?
Karan Gupta
Yes, yes. So my question is related to the margin side, which is about 15% that you are targeting. But right now you are able to deliver more than 15%, 16%. Now it is around 19%. So what makes you coming to the point of 15% as you calculated maybe, so what is the situation right now and what will be in future as you said 15%. So you are expecting that in future maybe one or two years down the line there will be more aggressive bidding on the same projects and what right now we are getting benefited from?
Manmohan Sharma
So the 15% which we are mentioning is not a calculation of guiding number. This is some threshold which we are maintaining when we are — so when we are calculating our — when we are offering to the customer at backend we do all budgeting, etc., all kind of exercise, and this is what we have — we maintain that. So it is not that it will get net sized at this percentage. Going forward also, whatever order we’ve executed, our operational efficiency and disciplined execution, timely execution of all these projects will play. And this will keep on improving maybe going forward also. It is not like that it will get normalized at some point of level.
Karan Gupta
Okay, okay. Second is on the receivable part. I think most of the receivables that we can see on the consolidated basis came in the H2. So what is the timeline of getting receivables back? It is less than six months or more than?
Manmohan Sharma
No, most of our receivables are less than six months only. And in many of the contracts we are secured by way of letters of credit also. So that way we are operating.
Karan Gupta
Okay. Because from 500 to now it’s more than doubled.
Manmohan Sharma
Yeah, correct. That’s right. Because the last quarter or maybe last month, that will get accumulated to this number, but all are like — many of them are through LCs, and we are getting our payments.
Karan Gupta
Okay. So there is no payment stretch from the government side or maybe the companies are setting up this? Have you seen any receivable stretch?
Manmohan Sharma
No, nothing. Nothing as of now or significant.
Karan Gupta
Okay, thank you.
Operator
Thank you. Our next question comes from the line of Mohit Chandani [Phonetic] from Value Wise Capital [Phonetic]. Please go ahead.
Mohit Chandani
Hi, sir. Am I audible?
Operator
Yes.
Mohit Chandani
Thanks for the opportunity. I wanted to understand BESS on a standalone basis, what is the cost per megawatt for EPC?
Manmohan Sharma
It depends upon the scope of the work which is awarded to us in the form of EPC. Because pure EPC may be through supply or maybe it depends upon the — because each project has different calculations, like how much it is — is it already existing project or we have set up the altogether new project. So it’s difficult to provide any number unless we have some clarity on the scope of work with us.
Mohit Chandani
Okay. So let’s assume a 100-megawatt plant with some ideal ratio of BESS. So what is the incremental cost per megawatt?
Manmohan Sharma
For our own EPC work, maybe around — if I guess, it could be around INR0.5 crore to — between INR0.5 crores to INR0.75 crores per megawatt. But again — yeah, please.
Mohit Chandani
No sir, please continue.
Manmohan Sharma
Again, that depends upon because every project and site is independent and where you have to connect — to the grid or maybe stations — that all factors are to be considered while giving any number.
Mohit Chandani
Okay, got it. And what is the breakup of the BESS project in terms of battery cost and other components?
Manmohan Sharma
So actually, as of now, we are just thinking as a venue of like doing BESS as an EPC. But definitely if somebody wants to install like module which we are doing in our solar projects, if somebody wants modules from us, similarly BESS also, the battery also they want it from us, then definitely we’ll be able to arrive at the cost. But these are specific project-related questions.
Mohit Chandani
Okay, sir. Understood. And assuming the whole value chain is ordered through you, then what is the per megawatt rough cost?
Manmohan Sharma
That again is difficult because you are asking a project-specific question. So I think it depends upon the size, where you want, what. It’s difficult to answer in this forum.
Mohit Chandani
Okay. Thank you, sir. That’s it from my side.
Operator
Thank you. Our next question comes from the line of Paras Kulkarni from Ignite Capital. Please go ahead.
Paras Kulkarni
Yeah, hi. Thanks for the opportunity. I hope I’m audible.
Operator
Yes, you are.
Manmohan Sharma
Yes.
Paras Kulkarni
My question pertains to your IPP assets. Now, if I look at the historical numbers of the company, we have been a pretty asset-light model kind of a thing. So, can you please explain the thought process behind opening IPP as a project? And secondly, how do we look at the long-term viability of this and the contribution to revenues going ahead? Do we see that as a major contributor or do we see ourselves as an EPC company going ahead?
Manmohan Sharma
So, it will be dominated by the EPC only because we are the EPC company. Apart from that, this IPP, whatever assets we have, and we are likely to have some more assets that we are building so that we can give a regular revenue for this company, maybe another INR20 crores, INR25 crores. As you rightly said, we are asset-light company, and we are not getting any significant debt in our books as of now for these projects.
Paras Kulkarni
Okay. Understood. So we won’t be scaling beyond the planned say 270 megawatts kind of a thing. Is that understanding correct?
Manmohan Sharma
Additionally, which we have announced in various board meetings, etc., so these are relatively smaller kind of projects in various sites, so these are the opportunities which we have identified as an IPP for this Waaree Renewable company so that we can add some more revenue. But in overall revenue scheme, the percentage-wise it will be very less actually.
Paras Kulkarni
Okay understood. And secondly sir, what I’m understanding is that the industry as a whole is facing a problem of acquiring land for renewable projects for ground-mounted solar especially. So how are we as a company dealing with it with respect to our R&D? Are we recommending to our customers rooftop projects or how do we go about it basically?
Manmohan Sharma
So basically if you see our revenue stream, we are majority with the ground-mounted projects only. Rooftop is hardly contributing any amount of revenue in this. So acquisition of land, as you rightly said, it is a challenge, but mostly it is in the scope of the developer. So mostly land is procured and connectivity is seen by the developer and then only this EPC contract is awarded to us.
Paras Kulkarni
Okay, okay. Sir, you don’t see that as a major challenge in growing or top-line growing, right?
Manmohan Sharma
In procurement of land, you are asking?
Paras Kulkarni
Yeah. In case our customers are having a challenge in procurement of land, so don’t you see that as a challenge in the incremental order inflows which we would be getting?
Manmohan Sharma
No, no. We are getting — actually if you see the overall country’s potential, 44 gigawatts is already installed, so definitely the pace will continue. And of course, every business has a challenge. But the project will be installed going forward.
Paras Kulkarni
Okay, understood. And secondly, sir, on the cash flow side, I see a slight bit of drop in OCF generation for full year FY ’26. Could you kindly give me an outlook as to what has actually happened? And historically speaking, we had a much better cash conversion as compared to FY ’26. So how do we go back to what we had done historically or whether we will be continuing this cash conversion?
Manmohan Sharma
So whatever cash which we are generating from the operations, all cash is mostly conserved. And it is going into either development of our own IPP projects or maybe like whenever some margin requirement is there with the customer — sorry, with the bank, that we are fulfilling out of it. So our target is to conserve cash, put it back into the project so that there will be revenue out of it.
Paras Kulkarni
Okay, understood. And lastly, a bookkeeping question, sir. I see in the non-current assets a very big increase in other financial assets. Could you please tell me what does that pertain to?
Manmohan Sharma
Just one second. So other financial assets, because certain amount of money, like GST receivables, etc., those will remain with the government and some is advanced to supplier would be there.
Paras Kulkarni
Okay. Okay. Pretty helpful sir. All the best for the future quarters.
Manmohan Sharma
Thank you.
Operator
Thank you. Our next question comes from the line of Neerav Dalal from MIB Securities India. Please go ahead.
Neerav Dalal
Hello, sir. Thank you for the opportunity. I had a couple of questions on the IPP. So what would be our current IPP capacity or current IPP revenue?
Manmohan Sharma
So we have currently around 54 megawatts of IPP assets which are running and generating revenue. The revenue is around INR26 crores for the financial year.
Neerav Dalal
Okay, okay. So there is a CWIP also in the balance sheet. So that would be for the additional capacity that is going to come up.
Manmohan Sharma
Yeah. So whatever the previous question they asked, the additional IPP project which we are undertaking, on account of that, this is a CWIP itself. So probably during this current financial year they will get commissioned.
Neerav Dalal
Okay, so what would be the capex for the 227.1 megawatt-peak? What will be the capex for that project?
Manmohan Sharma
Yeah. So as and when we are incurring the cost we are applying CWIP. As of now is you are seeing the financials. So as soon as we incur, it will get capitalized during this current financial year.
Neerav Dalal
Yeah, but what is the broad capex that we are looking at for this? It will be good for us to build the balance sheet, hence I wanted that number.
Manmohan Sharma
So, capex is — suppose I will give you the rough number for any solar capacity which you want to install. If you put anything between, it comes to INR3 crores to INR3.5 crores per megawatt.
Neerav Dalal
Per megawatt. Okay.
Manmohan Sharma
But in our case, whatever the cost minimization, whatever we do, based on that we’ll plan it. But the broad number I’ve given you is for the installation of solar projects.
Neerav Dalal
Correct. And if I were to look at the broad group, the group is talking about power infrastructure assets of about — capex of about INR2,250 crores. So what are our plans on that or is there any clarity in terms of how our IPP assets are going to increase going ahead? Or what role are we playing in the group capex?
Manmohan Sharma
Yeah. So group has its own plan which is being disclosed by the group in various forums, presentations, etc. But as far as Waaree Renewable Technologies is concerned, we have what we mentioned to you is the capex as of now.
Neerav Dalal
Okay. So our capex is outside of whatever the group has announced in terms of the power infrastructure outlay that they are looking at, that would be the…
Manmohan Sharma
So when it gets consolidated, I will not be able to comment actually what figure you saw and asking me the question. But as far as Waaree Renewable Technologies is concerned, these are the likely capex going forward immediately.
Neerav Dalal
Okay. No, so where I was going to is whether in the future the power assets would be housed under Technologies or it would be housed under any other company. So that is where I was leading to, but fine. At the moment, there’s no clarity. There’s not much clarity on that, right?
Manmohan Sharma
Correct. So again I’ll mention this. Whatever the capex this existing my 54 megawatt plus 227 megawatt which we have mentioned and presented, these are the only capex as far as Waaree Renewable Technologies is concerned. And group has its own planned initiatives, capex, etc., that you can see in our presentation — group presentation.
Neerav Dalal
No problem. Thank you for the opportunity.
Operator
Thank you. Our next question comes from the line of Ashray Sheth from Ventura Securities Limited. Please go ahead.
Ashray Sheth
Hello, sir. Can you hear me?
Operator
Sir, can you be a little bit loud, please? Your voice is low.
Ashray Sheth
Hello. Can you hear me now?
Operator
Go ahead.
Ashray Sheth
Yes, sir. So two questions only. So on the newer ALCM regulations, working on some numbers, current cost per module per watt comes out to be INR14 and it is expected to rise to INR23 per module per watt. So do you see any impact on the top line or the margins, or they are expected to remain intact? And any update on the enforcement pushback, if maybe that’s possible from 1st June 2026 to a later date?
Manmohan Sharma
Okay, so as far as Waaree Renewable Technology, the module price is concerned, we are getting orders — as I mentioned earlier also — with maybe with module or maybe without module also. If somebody wants the complete turnkey project from our side, we provide the pricing considering the current prevailing module price. So for Waaree Renewable Technology there is nothing — even if it goes up also, it is passed through to the customer.
Ashray Sheth
Do you see any impact on the top line if the cost rises significantly higher from current levels?
Manmohan Sharma
If the cost rises to the significant at this current level also, as I mentioned that if you want a turnkey order from Waaree Renewable Technology along with the module, I’ll be able to provide the pricing current prevailing rate of modules and immediately I’ll procure it from the supplier. So as far as Waaree Renewable Technology is concerned, the pricing of varying this module price will not impact us.
Ashray Sheth
Fair enough, sir. Thank you.
Operator
Thank you. Our next question comes from the line of Hiten Boricha [Phonetic] from Sequent Investments [Phonetic]. Please go ahead.
Hiten Boricha
Yeah, good evening, and thanks for the opportunity, sir. Sir, my question is on the execution rate. So in the first half, our execution was 700 megawatt to 900 megawatt, which has declined to 600 or less than 500 in Q4. So what kind of execution rate we are expecting, sir? And second, if you can also guide on the order inflow, sir, because at the current order book, at 2,800 megawatts, considering we will be executing the orders in next 12 months, so what growth we are looking at? Just to understand the growth side, sir. And also if you can show some color why our execution rate has declined in last four quarters. Thank you.
Manmohan Sharma
Yeah, so if you are aware that we have all variety of orders — maybe turnkey or with or without modules, as I will repeatedly mention that. So it depends upon in which part I am executing which order. If it is a BOS order, maybe the megawatt is higher, but my scope is less, so it will give you that number. Maybe in an earlier quarter I have said the execution is more, now this quarter is additional because of the variety of orders which I am executing. And as Waaree, it has a capability to execute any megawatt because we have the capability of executing orders in various states, various sites. Only the manpower and all the sourcing is needed to scale up the operation further.
And as far as the order inflow is concerned, if you see from the last one year, whatever the amount of orders we have executed, maybe equivalent or same orders we have already received. So I think the pace will continue going forward because of the renewable push from the government and recently we have seen that everybody wanted to have green energy. So it will continue, sir.
Hiten Boricha
So the reason I’m asking this question about order inflow is we currently have an order book of 2,800 megawatts. Assuming we execute around 3,000 megawatts at 1.2 realization per megawatt, we still won’t see much growth, sir, this year. So my question comes, sir.
Manmohan Sharma
Yeah. So this — whatever this one maybe the order per megawatt is 1 or 1.2, it depends again. Again the next month or next quarter, if I get some orders, the ratio will change for the cell. But what you rightly said is 2.8 gigawatt is your order book. Further, as I mentioned that there’s a lot of order pipeline which we are chasing in the pilot registration. So maybe in the coming quarters we are likely to receive some orders and throughout the year the scenario will continue. So whatever the existing orders plus the orders which we are going to get in the current financial year will get executed.
Hiten Boricha
Understood. Okay. Thank you.
Operator
Thank you. Ladies and gentlemen, in order to ensure that the management will be able to address all questions from the participants, we request you to kindly limit your question to two questions per participant. If you have a follow-up question, please rejoin the queue. Our next question comes from the line of Harshit Jain [Phonetic] from POJC Capital [Phonetic]. Please go ahead.
Harshit Jain
Good evening, sir, and thank you for the opportunity. Sir, I have three questions. Sir, my first question is, is company currently earning any revenue from battery energy storage systems and data center? And what is the future guidance for both the segments?
Manmohan Sharma
Sir, can you repeat your question?
Harshit Jain
Sir, my question is that, is company currently earning any revenue from battery energy storage systems and data centers? And what is the future guidance for both the segments.
Manmohan Sharma
So, from the current existing revenue is all from EPC, IPP or O&M. So, there is no order or revenue from these two segments which you have mentioned. However, we are executing one of the BESS projects, relatively smaller size, but we are executing during this quarter or maybe this financial year. So that order will get executed. But if you see that going forward also, to have a good stability, this BESS is necessary. So everybody is like we are getting a lot of inquiries for the BESS projects along with the solar projects. So this revenue stream will open up during the current financial year, that is what our expectation is. And with respect to data centers, as of now we are working with various maybe inquiries etc. But as of now there is no immediately firm order which is available to us which we can mention to you, sir.
Harshit Jain
And sir, my second question is that the company has increased the [Indecipherable]. Sir, could you help me understand that this year there is a significant increase in trade receivables and inventory in the balance sheet. So sir, can you tell if there will be a new form of working capital or it will normalize in FY ’27?
Manmohan Sharma
So, what I could understand from the flow of your voice, you are asking about the receivables and the inventory. So whatever inventory we are procuring, whatever the components we are procuring, mostly, almost all are for the specific project requirements only. So it may be point of time whenever we are finalizing our financials, you can see, but it will be billed subsequently to the customer based on their project requirements.
Harshit Jain
Sure, sir. Thank you, sir.
Operator
Thank you. Our next question comes from the line of Avnish Tiwari from Vaikarya Change LLP. Please go ahead.
Avnish Tiwari
Hello. Am I audible?
Operator
Yes, you are.
Avnish Tiwari
What is the impact you have seen in this oil and gas situation? Any raw material inflation or labor because of LPG cylinders? Have they stayed back or gone back to their villages or any other impact in terms of your costs or execution timelines? Have you experienced anything because of the shock?
Manmohan Sharma
From the current situation which is prevailing in the world, so indirectly everybody is impacted actually in one or the other form. But as far as the company is concerned, we have all domestic orders and all domestic supply chains. So we all are sourcing domestically only. These are available in India, all the components which are required for the construction of solar power projects. So that way, directly, we are not having any impact. And there is an opportunity for a company like us because everybody wanted to have solar power project, green energy going forward. That is a lesson maybe from this. So it will be helpful for the company like us.
Avnish Tiwari
Okay, so you’re not experiencing any components being delayed or any raw material inflation that you have to digest rather than passing it on to the projects?
Manmohan Sharma
As I mentioned, all are domestically sourcing, so therefore it immediately does not have any effects.
Avnish Tiwari
And if I look at your order flow every quarter, why has it been so weak when the outlook is so good in the industry? And if you can also articulate on incremental basis, are your margins in the new orders you are booking, are they better than your existing order book margins or lesser than your existing order book margins?
Manmohan Sharma
So this order inflow what you said is, in spite of installation, the order will be there. Because when you — for such a large order actually, because this developer has to put in money for the other activities also, module or maybe for infrastructure creation. So when all these are considered — and nowadays you are seeing that our order book is maybe megawatt to gigawatt scale of order which we are executing. So it takes some time with the customers for the negotiation and finalization of the orders. So that is how it is working.
Avnish Tiwari
Okay, so it’s not to do with the more number of players in the competitive space. On an aggregate basis, on your slide, you say ordering has been overall increasing, but the order flow to you is not increasing. So is it something to do with the market share we have in the new order booking, or is it just that one of these delays in converting these orders to on-ground execution is just taking more time at a scale we are doing it right now?
Manmohan Sharma
So maybe like what you said is correct, it can contribute, but it is difficult to quantify how much is on each count.
Avnish Tiwari
And then margin-wise, incremental margin…
Operator
I’m sorry to interrupt you, sir, but please rejoin the queue for more questions. Thank you. Ladies and gentlemen, in order to ensure that the management will be able to address all the questions from the participants, we request you to kindly limit to one question per participant. If you have a follow-up question, please rejoin the queue. Our next question comes from the line of Yogesh from Care Insurance. Please go ahead.
Yogesh Bansal
Hello, sir. So you mentioned that orders can be based on with or without modules. When an order includes modules, are we required to procure them from the parent company or is there the flexibility to source from third-party vendors?
Manmohan Sharma
So, mostly if you see that whatever orders we are getting is pure BoS order. If at all we are getting these orders with the modular sector, so immediately based on the customer requirement, it could be on [Indecipherable] from Waaree also, it could be from the other source also. So, it depends actually on the customer whom we are interacting and how he wants it to be.
Yogesh Bansal
Any percentage breakdown in procurement from parent and other sources?
Manmohan Sharma
Any?
Yogesh Bansal
Percentage breakdown from parent company and the other sources?
Manmohan Sharma
So, it’s not very clear to me but can you repeat, sorry?
Yogesh Bansal
Sir, I just wanted to ask how much percentage is going down of the module from the parent and the third-party vendors?
Manmohan Sharma
So it is difficult to quantify because we don’t have ready number with us how much from the parent and otherwise. But it depends upon the customer requirement and with the bilateral discussions, it could be Waaree or it can be some other also.
Yogesh Bansal
Okay, thank you so much.
Operator
Thank you. Our next question comes from the line of Sarang Joglekar from Vimana Capital. Please go ahead.
Sarang Joglekar
Hello. Yeah, so I just wanted to understand what has been the pricing of modules with both DCR and non-DCR in this quarter? And what’s the trend do you see going forward?
Manmohan Sharma
No, we are not directly dealing with the modules that you are aware of. And based on the customer requirement only, whether they need to install DCR or other models, because modules are mostly — in most of the cases — modules are directly procured by the developer.
Sarang Joglekar
Yeah, but I mean, whenever you get an order, which includes modules, you must be procuring modules as well, right? So trying to understand what’s the pricing for modules currently.
Manmohan Sharma
So in the recent — actually it depends because the DCR modules will always have the higher price, that is what we understand. So in the recent — because depending upon the customer-specific requirement, these modules are procured, but mostly the orders which we are getting is the U.S.order also.
Sarang Joglekar
All right. But any range if you can give?
Manmohan Sharma
Difficult to give any range, sir, for this.
Sarang Joglekar
All right, got it. Thank you.
Operator
Thank you. Next question comes from the line of Sahil Kushwaha [Phonetic] from Master Capital Services Limited [Phonetic]. Please go ahead.
Sahil Kushwaha
Am I audible?
Manmohan Sharma
Yes, you are.
Sahil Kushwaha
Hi, good evening, sir.
Operator
I’m sorry to interrupt you, but there’s a background noise or echo sound is coming, sir. Still, we can hear the echo. If you can remove the Bluetooth device, if you’re using.
Sahil Kushwaha
Yes. So my question is, do we face any regulatory issues while executing the long-term projects?
Manmohan Sharma
No, as such there is no regulatory requirement because the permissions which are necessary for the installation of solar projects are already — in most of the cases — already in place. So whatever the required remaining formalities which I think are not that significant, it’s a process driven only. So those are maybe in our scope and there is no hurdle for this. Thank you.
Operator
Our next question comes from the line of Arindam Banerjee from Microsec Wealth Management. Please go ahead.
Arindam Banerjee
Thank you for the opportunity. Am I audible?
Operator
Yes, sir, you are.
Arindam Banerjee
Sir, I have one question. That is, what is the percentage of revenue from the pure EPC and the turnkey EPC? And also, what is the bifurcation in terms of orders? So, can you please shed some light on this? And what is the margin profile on both sides?
Manmohan Sharma
You are asking this bifurcation with module and without module, is it? Actually I’m asking the margin profile in pure EPC and turnkey EPC. Okay, so when we start — like maybe it’s a turnkey project or maybe the pure BOS project — we consider setting a parameter and threshold for the margin percentage. So for us both types of projects are like we have the same category. As far as the modules are concerned, we take the appropriate quotes from the market or and then we calculate our rest of the BOS price. But margin — it cannot be said like this particular segment has a higher margin or lower margin.
Arindam Banerjee
Okay understood sir. And my next question is, are you executing any EPC projects in overseas?
Manmohan Sharma
As of now, we are not executing anything, sir. But we have this pipeline which we are chasing for the overseas projects also. But as of now, we are not executing any overseas projects.
Arindam Banerjee
And my last question, just one question. That is, what is the opportunity under PM Surya Ghar Muft Bijli Yojana? Have you seen any opportunity under the rooftop solar project?
Manmohan Sharma
So, as I mentioned that we are undertaking ground-mounted, mostly ground-mounted solar projects, which are relatively bigger in size. So, our company, Waaree Renewable Technologies, is not actively doing these projects in the PM Surya Ghar.
Arindam Banerjee
Okay. Thank you. That is for my part.
Operator
Thank you. Ladies and gentlemen, due to the time constraint, that was the last question for today. I would like to hand the conference over to Mr. Nikunj Jain for closing comments. Over to you, sir.
Nikunj Jain
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 MUFG InTime India Private Limited, Investor Relations for Waaree Renewable Technologies Limited. Thank you.
Operator
Thank you. Ladies and gentlemen, on behalf of Waaree Renewable Technologies Limited, that concludes this conference. Thank you for joining us and you may now disconnect your lines.