Advait Energy Transitions Ltd — Important, 06-06-2026: Company Update

Date: 06.06.2026

To,

General Manager

Department of Corporate Services

BSE Limited

Listing Department

Phiroze Jeejeeboy Tower, Dalal Street,

Fort Mumbai-400 001

To,

The Manager

Listing Compliance Department

National Stock Exchange of India Limited

Exchange Plaza, Plot No. C/1,

G Block, Bandra - Kurla Complex,

Bandra (East), Mumbai 400 051

Scrip code: 543230

Symbol: ADVAIT

Sub: Transcript of the Post Results Conference Call on Audited Financial Results (Standalone

and Consolidated) for the quarter and year ended March 31, 2026

Dear Sir/Madam,

Pursuant to Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements)

Regulations, 2015, transcript of the Post Results Conference Call on Audited Financial Results

(Standalone and Consolidated) of the Company for the quarter and year ended March 31, 2026,

held on June 01, 2026 will be available on the Company’s website at

https://www.advaitgroup.co.in/investors/stock-exchange-announcements/investors-meet

The said transcript is also enclosed herewith.

Kindly take the same on your records.

Thanking You.

Yours Faithfully,

For Advait Energy Transitions Limited

(Formerly Advait Infratech Limited)

Deepa Fernandes

Company Secretary & Compliance Officer

FCS: 13015

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“Advait Energy Transitions Limited

Q4 FY ‘26 Earnings Conference Call”

June 01, 2026

MANAGEMENT: MR. SHALIN SHETH – FOUNDER AND MANAGING

DIRECTOR – ADVAIT ENERGY TRANSITIONS LIMITED

MR. VATSAL KUNDALIA – MANAGING DIRECTOR –

ADVAIT GREEN ENERGY

MR. NARAYAN SINGH – CHIEF FINANCIAL OFFICER –

ADVAIT ENERGY TRANSITIONS LIMITED

MR. PRIYANK SHAH – HEAD OF CORPORATE

INVESTOR RELATIONS AND CORPORATE AFFAIRS –

ADVAIT ENERGY TRANSITIONS LIMITED

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Advait Energy Transitions Limited

June 01, 2026

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Moderator: Ladies and gentlemen, good day and welcome to the Advait Energy Transitions Limited Q4

FY26 Earnings Conference Call. As a reminder, all participant lines will be in the listen-only

mode and there will be an opportunity for you to ask questions after the presentation concludes.

Should you need assistance during this conference call, please signal an operator by pressing "*"

then "0" on your touchtone phone. Please note that this conference is being recorded. I now hand

the conference over to Krishna Patel from EY. Thank you and over to you.

Krishna Patel: Thank you, Steve. Good afternoon, everyone. We are pleased to welcome you all to Advait

Energy Transitions Limited earnings conference call to discuss the Q4 FY26 and FY26 financial

results. Today from the management, we have with us Mr. Shalin Sheth, the Founder and MD;

Mr. Vatsal Kundalia, MD, Advait Green Energy; Mr. Narayan Singh, CFO; Mr. Priyank Shah,

Head IR & Corporate Affairs, and other KMPs.

Please note, a copy of disclosure is available in the investors section of the website as well as on

the stock exchange. Anything said on this call which reflects the outlook for the future or which

could be construed as a forward-looking statement must be reviewed in conjunction with the

risks that the company faces. Now, I shall hand over the call to Mr. Shalin Sheth for his opening

remarks. Over to you, sir. Thank you.

Shalin Sheth: Good afternoon, everyone. I am Shalin Sheth, MD and Founder of the Advait Group of

companies. With this, I would like to take up the earnings call speech. Thank you for joining us

today on Advait Energy Transitions Limited earnings conference call to discuss our performance

for the quarter and financial year ended March 31, 2026. We sincerely appreciate the continuous

support from our investors, stakeholders, and partners.

Despite global geopolitical uncertainties, inflationary pressures, and evolving economic

conditions, we have delivered yet another strong quarter and a remarkable year. Our performance

reinforces our conviction that we are operating in a golden era of power and energy transition

sector, driven by India's vision for energy independence and sustainability.

Let me now briefly highlight our performance for the Q4FY26 and Q4FY25

Starting with the quarterly performance:

 During the year Q4FY26, the revenue from the operations was INR228 crores with an

increase of 18% from INR193 crores for the Q4FY25. EBITDA during the quarter was at

INR28.78 crores, an increase of 49% from INR19.28 crores in the Q4FY25.

 EBITDA margin was at 12.61% versus 9.97% in Q4FY25. PAT,

 PAT, during the quarter was INR19.96 crores, an increase of 55% from INR12.89 crores

in Q4 25. The PAT margin came at 8.36% versus 6.65% in Q4FY25.

FY26 V/S FY25 (YOY)

 During the year 2026, the revenue from the operations was INR714.52 crores with an

increase of 80%INR397.66 crores in FY25.

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 EBITDA during the year was INR83.78 crores, an increase of 64% from INR51.17 crores

in Financial Year 25. EBITDA margin was at 11.73% versus 12.87% in FY25PAT during

the year was at INR58.08 crores, an increase of 75% from INR33.24 crores in FY25. The

PAT margin came at 7.71% versus 8.05% in FY25.

We are pleased to share that our order book has reached an all-time high of INR1,304 crores,

marking a 159% year-on-year growth. 64% of the order book is contributed by power

transmission solution business and 36% came from new and renewable business segment. This

diversified and strong order book provides excellent visibility for sustained growth over the

coming years.

During Q4 FY26, we achieved several milestones.

 We have successfully secured supply of ERS for the company amounting to INR70 crores

to MNRE.

 We have successfully secured the first direct business in Uttarakhand state by securing the

first EPC order amounting to INR33 crores.

 We have also received the EPC order amounting to about INR27 crores from GETCO for

re-conductoring of the old conductor. We have secured the largest order book in our

stringing tools and capital tools division in Q4 of INR22 crores for the various EPC clients

in India.

 We have received NABL laboratory certification and approval for our manufacturing

facility, which is for our existing OPGW, ERS, and stringing tools manufacturing business.

 We have received our OPGW product supplier's approval from three new state utility

boards and private customers.

Cumulatively during the year, we have received approval for more than 10 utility boards.

In this renewable energy segment, we have successfully commissioned 75 megawatt of Adani's

renewable project at Khavda for the solar. Additionally, about 67.5-megawatt project is also

executed at Khavda, expected to be completed by the Q1 2026-27. These achievements

demonstrate our ability to scale execution across both conventional and renewable business.

We continue to invest aggressively in future growth-aligned business for our Vision 2030. As a

part of this strategy, we are developing a multi-integrated manufacturing facility near Dholera,

which is expected to be operational by Q4 FY27 in Phase 1. Alongside expanding our footprint

in manufacturing of battery energy storage systems of 2.5 gigawatthours and electrolysers

manufacturing Phase 1 for 100 Mw, focusing on strengthening our indigenous manufacturing

capabilities.

This strategic initiative will play a pivotal role in positioning Advait as a leading player in India's

evolving energy transition landscape. Strategically, we firmly believe that India's energy

transition is no longer an option; it is imperative. The recent geopolitical developments have

underscored the country's exposure to external energy dependencies, necessitating the need for

long-term sustainable solutions.

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We see strong momentum building in infrastructure areas such as green hydrogen, ammonia,

ethanol, BESS, and C&I battery-operated solutions. Advait is actively investing and positioning

itself in these high-potential segments. To further enhance focus and execution, we have set up

a dedicated subsidiary like Advait Green Energy Private Limited focusing on green hydrogen

and EPC business of solar; Advait Battery Ecosystems Private Limited to focus on BESS

manufacturing and C&I solutions; Akara focusing on our carbon solutions delivery; and Aura,

that is Advait Unified Resource, to focus on our asset-based business.

This is all in aligning our long-term growth strategy. We are pleased to share Board of Directors

have recommended a dividend of INR2 per equity share for the year 26, subject to shareholders'

approval. This reflects our commitment to delivering value to our shareholders while continuing

to invest for our long-term growth. Looking ahead, we remain highly optimistic about our

growth trajectory.

We are confident on delivering sustained revenue growth, which may be 40% plus, supported

by our strong order book and robust tender pipeline that provides clear visibility into future

performance. Our upcoming manufacturing facilities are expected to further enhance margins

and improve scalability. At the same time, our approach continues to emphasize a profitable

growth with focus on maintaining right mix of products and ensuring disciplined capital

allocation.

In conclusion, FY26 has been a defining year for the Advait Energy Transitions Limited. With

a strong foundation established across both power transmission and distribution business and

new energy segment, a record order book, and strategic investment going underway, we are

well-positioned to capitalize on India's rapidly accelerating energy transition journey.

On behalf of entire management team, I would like to express our sincere gratitude to all

shareholders for the continued support and confidence in our vision. A big thank you for the

same. Now, I request our CFO, Narayan Singh, to take you through our financial performance

for further details.

Narayan Singh: Thank you, Shalin sir. Good afternoon, everyone, and a warm welcome to Advait Energy

Transitions Limited Q4FY26 & FY26 earnings conference call. It is a pleasure to connect with

you and present our financial performance for the quarter and 12-month ended FY26.

I am pleased to share our financial performance remains robust and healthy aligned with the

company's long-term vision and the positive momentum in the sector.

Now, let me give you the key highlight of our Advait standalone financial performance of

Q4FY26.

Let me start with Advait standalone financial year of Q4FY26.

 In the recent quarter, revenue from operation increased by 62% year-on-year to INR154

crores due to the project executions and well-diversified order book.

 In this recent quarter, EBITDA increased by 64% year-on-year to INR23 crores from

INR14 crores in Quarter 4 FY25. EBITDA margin stood at 15% in Q4FY26. In Q4FY26,

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PAT increased by 59% from INR15 crores to INR10 crores in Quarter 4 FY25. PAT margin

stood at the 10% in Quarter 4 FY26.

Let me start with the AETL standalone financial performance of Financial Year 26.

 In FY26, revenue from operation increased by 52% year-on-year to INR448 crores from

INR295 crores.

 In FY26, EBITDA increased by 51% year-on-year to INR71 crores from INR47 crores in

FY25. EBITDA margin stood at 16% in FY26.

 In FFY26, PAT increased by 47% year-on-year to INR46 crores from INR31 crores in

FY25. PAT margin stood at 10% in Financial Year 26.

 Debt-equity ratio stood at 0.46 times as on March 26 versus 0.23 times as on March 25.

 Long-term credit rating upgraded to CRISIL A- /stable.

This concludes with the update on the company financial highlight. We remain confident of our

sustained the growth momentum in the coming quarters, reflecting our strong overall

performance and year-on-year growth strategy. I shall now request to moderator to open the

floor for question-and-answer session.

Moderator: Thank you, sir. We will now begin the question-and-answer session. The first question comes

from the line of Disha with Sapphire Capital. Please go ahead.

Disha: Yes, thank you so much, sir, for this opportunity. Couple of questions, sir. Firstly, what is a

typical order execution timeline do we see?

Shalin Sheth: Normally our orders execution timeline is between 6 months to 12 months to 18 months

depending upon the type of business.

Disha: So, sir, given a very strong healthy order book at INR1,300 crores, this 40% revenue growth,

aren't we being too conservative, sir, because we can do much higher, right?

Shalin Sheth: If we refer to the last year investor call, we have also mentioned the similar thing. So this year

we could achieve about 80% revenue growth, and we are expecting robust growth for this year.

So yes, this figure is a little conservative.

Disha: Okay. And what about the order pipeline, sir? How do we look at that and what sort of order

inflow can we expect for FY27?

Shalin Sheth: Looking to the order pipeline, we are working on the various opportunities for the order about

INR2,000 crores for the year. We are looking forward that next year our company should stand

at about INR1,600 to INR1,650 crores of order book by end of the next year.

Disha: Okay. And sir, if it would be possible for you to quantify how much will be from the energy

segment and how much will be from the power transmission solutions thing?

Shalin Sheth: Yes, our ratio is being changed with the shifting by 10% every year. So this year we are having

about 25% to 27% from NRE. Next year looking forward that this will be about 65:35.

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Disha: Okay, okay. So how should one look at the overall margins, sir, for this?

Shalin Sheth: Our margins with our manufacturing facility being opened up for this year and having the

sustained program for putting more manufacturing will keep on improved marginally. So we are

looking forward for improving the margins by one point for the next year.

Disha: For FY27, right?

Shalin Sheth: Yes.

Disha: Okay. And sir, given our major facility will be commissioned in Q4, so what sort of margin

increase can we see for FY28 and what will be the capex number for FY27?

Shalin Sheth: we have done a sizeable capex for PTS division during the year, that is about Approx INR100

crores. That is already arranged through our internal funds, our total our capex for the next year

for the excluding IPP for the year 26, For the next year, we are looking forward the capex of

about INR137 crores for excluding IPP and various IPP business and investment in our

subsidiaries to put up the facilities for the BESS, electrolysers will be about INR75 crores.

Disha: So total will be around INR198 crores, is that correct, sir?

Shalin Sheth: Total our capex should be about INR300 crores to INR350 crores for the year.

Disha: Okay, okay. All right. That is, it from my side. Thank you.

Moderator: Thank you. The next question comes from the line of Shashank Jha with SB Capital. Please go

ahead.

Shashank Jha: So what I noticed is that most of the BESS orders were of nature of model of build and operate.

That is, you will build a BESS kind of container and then you will sell electricity out of it. But

your Q4 BESS revenue was INR46 crores. So how come it, sir? Am I missing something here?

Priyank Shah: Shashank bhai, actually that revenue is what the project for BOO we have won, we have given

order on EPC basis to our group company named Advait Green Energy Private Limited and the

INR43 crores we have reported from the same as an EPC revenue

Shashank Jha: Okay, so going forward your that 1-gigawatt BESS plant, electricity selling will not be there in

revenue, right? Then?

Priyank Shah: Going forward 1 gigawatt plant

Shashank Jha: our plan is to have 1 gigawatt build and operate by FY30 I think. So that electricity generating

revenue would not be there, will not be considered in that, right?

Priyank Shah: Sir, electricity generation revenue will be reported in special purpose vehicle -SPV company

separately. It is going to be part of consolidated statement. Once project will get operational and

achieve the COD, then that revenue can be reported. So may be this Financial Year end, you will

find that revenue is separately reported. The BOO order which we have received under the

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development scheme, that we are doing EPC through our subsidiary. So that is what we have

reported so far.

Shashank Jha: Okay, got it. And sir, second question is regarding the fuel cell and electrolyser. So when do you

expect a strong demand for fuel cells and electrolysers, especially fuel cells?

Shalin Sheth: I was trying to mention this in our speech, wherein I mentioned that recent Iran-US war has also

opened up this segment very strongly. And now the government is taking very, very strong

actions that how fast we develop these ecosystems. We believe that this requirement will start

from this year itself, but delivery will start from '27-'28.

Shashank Jha: Great, great, sir. And sir, in fuel cells, are we making some products?

Shalin Sheth: I was answering the same question since last 2 or 3 years. We are the firm believer, the time will

come and we have been creating our facilities, and we are creating our qualifications for the

same.

Shashank Jha: Sir, one more question of mine. Like you are saying you are building a facility for fuel cells.

Like for electrolysers, there is a 300-megawatt plan, then it will go to 1 gigawatt. So what is our

metric for fuel cells? Are we making a product or are we providing a service there?

Shalin Sheth: In fuel cell, you would have read our news that we did the joint venture MoU with one of the

most renowned technical company called AVL and TECO for putting up a plant in Ahmedabad.

So, we have done the technology transfer agreement wherein we'll be having the proven

technology with us.

It will take about 1.5 year from now to put up the manual plant at our level and it will take about

2 years or 3 years to put an automatic plant for the fuel cell. And we are fully dedicated to

manufacture the fuel cell like electrolysers at our facility. And this fuel cell will be working on

stationary applications for continuous and backup like DG set for the data center and various

applications. And we'll also provide this fuel cell for the short distance shipping solution, ferries,

and various defense solutions.

Shashank Jha: Great, great, sir. Sir, one question on BESS. Like our 2.5-gigawatt plant will be active in this

financial year, right? So as far as I know, at least INR1,300 crores revenue can be generated

from 2 gigawatt even if we work at a decent utilization. So, your guidance seems very

conservative in that sense. I can see a revenue of INR1,000 crores from demand...

Shalin Sheth: Sir, this plant will be operational in the month of September-October. So, we'll be having only

the 2 months to do the business for this plant. So, we are looking forward maybe INR100 crores

to INR200 crores of business for the manufacturing of the BESS. But from the next year

onwards, your sentence may be right that if we operate so and so capacity, we can talk about

INR1,000 crores plus for that plant.

Shashank Jha: Yes. And how is our solar EPC bid pipeline looking?

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Vatsal Kundalia: Thank you for the question, Mr. Shashank. As we speak, we are in advanced discussions for lot

of opportunities and for quite of a few EPC tenders in NRE segment. So it is in pipeline and

we'll share the updates as soon as it will get materialised.

Shashank Jha: Okay. Sir, one last question from PTS division. Like we are doing capex in PTS division as well.

So once capex will be done, what will be the peak revenue potential from PTS division?

Shalin Sheth: Sir, this after the capex is completed, our vision is to continue with this 40% to 50% growth for

next 5 years. So, we are creating the manufacturing site to ensure that we are also able to deliver

those kinds of margins. So, our growth for next 5 years with 50% growth from PTS is the plan.

Moderator: Thank you. The next question comes from the line of Krishna Yoga with -- an individual

investor. Please go ahead.

Krishna Yoga: Yes. Sir, my question is on the margin front. In the electrolyser's capacity, once it is

commercialized, what kind of margins we are seeing in the electrolyser manufacturing?

Chaitanya Mallurwar: Hello, Krishna ji. Thank you so much for your question. So, for the modules what you are asking,

we are having a module from a smaller capacity of 250 kilowatt, then 500 kilowatt, then 1

megawatt, then 2.5 megawatt and 5 megawatt, the single stack capacity which are we are going

to manufacture in our factory.

And we already designed it for the capacity of the project of 100 megawatt. Yes. And the margins

is around 5% to 10% to start with, once the supply chain will be adding over, the margins will

be around 20% in the subsequent year.

Krishna Yoga: Okay, you mean like FY28, the margin will be around 20% from this business?

Chaitanya Mallurwar: Yes.

Krishna Yoga: Because, sir, why I'm asking this is because before we're entering NRE division, we used to

enjoy the margins around 17%, 18%, 19%. But as the revenue mix is going to increase in the

NRE division, our margins subdued. So, but this quarter we got around 13%. o Our conductor

business also going to come and recently we got a very good order from ERS business.

So in this FY27, one of the participant sir was answering around 1% of improvement in the

margin. So in the overall -- in a yearly margin, what kind of margin -- is it a 13% or 14% are we

going to expect in the FY27?

Shalin Sheth: Madam, thank you very much for the question. Looking at the margin, madam, in this year we

have seen very high growth in the prices of the metals, also the fuel, and lot of ingredients. So

that has taken the margin of the industry as a whole. But wherein in this situation also, we

envisage at least 1% improvement in the margin for the next year. That's what we are trying to

tell.

Krishna Yoga: I mean, whatever the commodity prices increased, we have the clause of pass-on to the customer,

right?

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Shalin Sheth: There are several businesses where we have the clause and there are several business where we

cannot expect this clause. If it is a conductor business, yes, we have the clause. If it is a

transformer business we are supplying, yes, we have the clause. But if a supply of some specific

product like OPGW, we do not have the clause. But we are considering all these things and we

have been talking about these numbers to you.

Moderator: Thank you. The next question comes from the line of Kayan Irani with Front Wave Research.

Please go ahead.

Kayan Irani: Hello, sir. Good afternoon. So just wanted to check mainly there's a new ALMM guidelines

which have come into effect from June 1st regarding all solar projects in India, majority of them

having like Indian-made cells. So how do you see that impact in your business?

Vatsal Kundalia: So yes, you are right and this is actually a good signalling because this will be a similar clause

addition in even the battery business and the hydrogen electrolysers business in time ahead. So

this is a positive sign by the government.

And in past if you ask about our own projects currently and moving forward, this is a positive

signalling and all the EPC tenders that we are bidding at this point of time or the customer

projects that we are doing at this point of time, we are already considering this particular factor

and then putting the cost and bidding for the same.

So that has already been factored. And for private development or C&I segment, this clause is

not applicable at the moment. So we can still import on those lines. But in EPC tenders which

are government or PSU issued, this clause we keep in mind and then bid.

Kayan Irani: Okay. And just looking at our order book and also at the order book of the general industry, how

much percentage will be private and how much percentage will be government? Because I'm

just trying to assess how much percentage of the industry will be impacted because of these

guidelines?

Vatsal Kundalia: It will be largely equal, about 60%-40% or 50%-50%.

Kayan Irani: Okay, okay. And any kind of hikes in let's say cell prices that y'all are seeing in the market today

because of which -- because we believe that the capacity is not yet built out fully to kind of take

so much demand on the cell.

Vatsal Kundalia: For module side, the rate that we are getting are quite competitive with the international rates as

well. So, I don't think that that will affect it that much.

Kayan Irani: But the cell being Indian made, is the capacity of the cell in India is not built to that much

demand. Do you see any kind of cell prices of Indian-made cell going up which will then affect

the module pricing also, maybe in the future, one year later? What do you see at all?

Vatsal Kundalia: Currently and in recent times that we have been seeing the prices; they are quite competitive in

the open market as well. And this news has been going on since the past one year. So, there are

lot of developments overall in the module market also. So Indian players are quite prepared for

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this shift. And there are already good Tier 1 players who have already built up their cell

capacities. So, no -- there will not much be a price impact for the same.

Kayan Irani: Okay. Okay, thank you so much.

Vatsal Kundalia: Thank you.

Moderator: Thank you. The next question comes from the line of Ayush Jain with XEquity Advisory. Please

go ahead.

Ayush Jain: Yes, yes. Good afternoon. My question is related to the fact that you have recently created four

subsidiaries, right? Advait BESS, Advait Battery Ecosystems, Advait Carbon, Advait Unified

Resource. For what purpose have these been created? Are you entering into a partnership or have

you created these as promoter entities?

Shalin Sheth: All these subsidiaries have been created under the Advait Group with a clear focus of growth,

seeking the positions in the market, availing the very focused bank facility, and as and when we

need to raise equity.

Ayush Jain: You already have four subsidiaries. Will you be conducting the same type of business across all

eight subsidiaries?

Shalin Sheth: I think I have tried to cover this point in my opening speech and I have mentioned very, very

clearly that which subsidiary is for which business. But I will tell you once again. Like AGPL

is a company which is taking care of manufacturing of the electrolysers and EPC service of the

solar. Our battery company, Advait Battery Ecosystems Private Limited, will be manufacturing

the battery and battery-related products, to start with assembling of the containerized solutions

and C&I solutions manufacturing.

It may also expand in future based on the requirements. It may also go up to recycling of the

battery at the time ahead. Carbon, we were already doing the business into the carbon segment

by giving the carbon solutions and trading of the carbon credits. So that business has been taken

up into our carbon-related company. And we already received the two asset-based projects in

our Advait Group, which we will be taking up into our asset company. And in future, asset-

based business will be taken up in asset company.

Ayush Jain: So when you are already doing business of carbon, suppose you are doing a carbon consultancy

business in your Advait main company. Now you have created an 80% subsidiary, not a wholly

owned subsidiary. It's an 80% subsidiary. 20% belongs to whom?

Shalin Sheth: That you can ask onemail and we'll be able to reply to you.

Moderator: Thank you. The next question comes from the line of Shashank Jha with SB Capital. Please go

ahead.

Shashank Jha: Yes, sir. This question regarding solar EPC again. So basically, I want to understand that most

of the projects that we are getting till now is balance of plant, like the client will be giving us

solar module. So when are we moving to this pure-play solar EPC?

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Shalin Sheth: You will see this in this year itself as, you know, the last year and the half year previous to that

were invested in capacity and capability and qualification building. So now we have got the QRs

which are necessary to participate in the large tenders that have been offered. So including

projects involving modules, on that we'll be able to bid and will be able to secure a few orders

in this year currently.

Shashank Jha: Sir, what is our capacity in terms of megawatt that we can handle? How many megawatt orders

can we take in a year?

Shalin Sheth: Physical capacity is close to 100 to 200 megawatt a year.

Shashank Jha: Okay, got it. And sir, we are doing so much capex, so what is the plan for funding? How much

more funding do we need to raise? Through which medium will we raise it? How much debt

will we take? How much equity will we dilute? I just want to understand, sir, because you will

have to dilute equity, that is for sure. I want to know.

Shalin Sheth: Yes, of course, we'll take up the equity route, but more predominantly it will also follow the debt

route. So we'll make a mix based on the business composition. But it is very clear that we are

going to expand.

Shashank Jha: You are almost in every sector where there is growth, like electrolyser, fuel cell. I mean, it looks

like the vision is there?

Shalin Sheth: Yes, yes. So that's what I am telling that we want to take that growth with strategic and structured

way. So our equity we also want to invest and allocate in that way.

Shashank Jha: Sir, one thing, please do not dilute the electrolyser business to the extent that it does not benefit

me as a shareholder.

Shalin Sheth: Sir, equity dilution will only happen if it benefits the business and overall shareholders. Because

I am also a shareholder like you.

Shashank Jha: Yes. And one last question on fuel cells. How big do we see the fuel cell business in our revenue?

By FY28, FY29 around what revenue you are expecting?

Shalin Sheth: I would like to answer this question very, very clearly and openly. That our vision is to be ready

to take the plunge being the first in the market, among the first few, first two or three. So this is

definitely depends and is driven by the market. So if the market is opening by 2027-'28, we'll be

ready.

If it is opening by '28, '29, we'll be ready. I personally see this market should go up to 500

megawatt before '28, '29. I can see personally. And the total it can go into gigawatt. But at the

moment, I see 500 megawatt in next two to three years. When it is going to come, it depends on

lot of factor which is beyond our control. But we will be ready.

Shashank Jha: Great. And sir, this fuel cell plan for data centers, that will be for electricity, right? Basically.

And for ships, marine, etcetera. Are you talking about all these combined?

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Shalin Sheth: Yes, see, data center will be requiring of course a continuous backup power and emergency

backup power. There are two kinds of things, okay? And we all know that data center will have

to shift gradually towards 100% green power. Yes. So that will necessitate the requirement of

BESS and fuel cell for backup power.

And maybe if the fuel cell is going to be more economical in time ahead with the cost of the

hydrogen, then the fuel cell will be used as a continuous power for the data center. Wherein

when you look at the Coast Guard and the projects like Bharat Setu project, Samudra Setu, for

these kinds of projects, we foresee the requirement of the fuel cell in mobility.

Shashank Jha: Okay, okay. Great, sir. Sir, one technical question. In solar, I understood that for 1 gigawatt AC

power, you need 1.6 gigawatt solar DC module, right? Because AC-DC conversion is heavily

involved there. So, I see the same thing in BESS as well. In battery also, we will put DC power,

power will come from AC grid, so here also AC-DC conversion will happen. So my question is,

for 1 gigawatt AC power through battery, how much battery do we actually need?

Shalin Sheth: See, solar, I think -- I don't think you need 60%. The solar normally DC-AC will be about 25%

to 30%.

Shashank Jha: Sir, Waaree Energy's management said this, that it becomes 60%, when you include inverter,

transformer, etcetera.

Shalin Sheth: Maybe he would have considered other factors. Normally in DC-AC in solar, when you produce

so and so DC power, AC will take about 30% will be the variance. But that is not the losses.

That is normally a conversion, and you have to take care of that investment in a solar. Here we

are talking about the losses for the battery. So, for the battery in-and-out, we call as a AC-to-

AC, will be roughly about 5% to 7% losses for AC-to-AC.

And I think you were also discussing about the losses into electrolysers and fuel cell, or you

were just asking about the battery and solar?

Shashank Jha: I was asking about battery, sir.

Shalin Sheth: So, in battery, there are two kinds of losses. As far as we talk about the energy storage. One is

the degradation over the years, which may be subject to 1% to 2% per year. That is the

degradation. And second, the losses, which is AC-to-AC, taking AC power and giving back to

the system, which will be between 5% to 7.5%.

Shashank Jha: Okay, so for 100-gigawatt, 105-gigawatt battery would be needed?

Shalin Sheth: For 100 gigawatts, normally people are planning 115 to 120 gigawatts of installation of the

battery.

Shashank Jha: And the BESS demand, our capacity which we are doing 2.5 gigawatt, then the plan to make it

5 gigawatts. So by when do you see 100% utilization of that? I know it can change, positively

or negatively. What do you think as of today? FY29-FY30?

Shalin Sheth: 80%, 85% utilization.

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Shashank Jha: In which year, sir?

Shalin Sheth: Maybe year and a half to start from.

Shashank Jha: Okay, great, sir. Thank you, sir. All the best.

Moderator: Thank you. The next question comes from the line of Santosh, an Individual Investor. Please go

ahead.

Santosh: Regarding my question, it's basically around cash flow. it is around INR5.8 crores, right? So, at

what point, can we expect operating cash flow to turn positive and align with PAT? Because we

have a lot of net profit, but that is not getting converted into operating cash flow, right? That's

what the question is about?

Shalin Sheth: So, cash flow is largely INR5.82 crores, which is you have mentioned correctly. It is against

after factoring the working capital investment into. Time ahead, year-on-year, when we are

realizing working capital into a business, this cash flow will be further improved. Largely our

revenue has been increased during last quarter, if you can see.

So large portion of working capital has been also spent during that particular period. So the time

ahead, when this cash flow is subsequently realized, it is impacting more positive from cash flow

operational activity. Now, your second part of question about the working capital. Can I have

this?

Santosh: Yes, regarding working capital, like we have less cash, are we going to -- are we funding this

from working capital loans or debt for our daily operations?

Shalin Sheth: Sorry, I am getting lots of noise from your background.

Santosh: Okay, I'll get back later. There's some problem with the connection.

Moderator: Thank you. The next question comes from the line of Gautam, an Individual Investor. Please go

ahead.

Gautam: Yes. I was just going through an article which was mentioning about government planning for

an 1,150 high-volt ultra-high volt transmission system -- kilovolt ultra-high voltage transmission

system under the National Electricity Plan. So I just wanted to know, I mean, our company

would be party to this implementation or we are not right into that segment? And how will we

be benefiting from this?

Shalin Sheth: So, you're talking about this ultra-high voltage capacity addition AC side or DC side?

Gautam: It is AC side?

Shalin Sheth: AC side. So, our company's focus is not to build the transmission line, but our focus is to

manufacturing the products which are specific like OPGW, ERS, providing the stringing tools

to manufacture the transmission line, and also to provide the conductors which are high

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ampacity. So, we can say that up to these products are concerned, our company will be the

partition to this, but not as an EPC of the transmission line.

As our growth plan, we are not envisaging Advait to do the EPC of the transmission line or to

manufacture the towers for the transmission line. But we have been providing the allied product

for transmissions like specialized high ampacity conductors, OPGW, stringing tools, and ERS.

These all four products will go into this new segment. So we will be the beneficiary of this plan.

Now am I audible?

Moderator: Thank you. There are no further questions from the participants. I will now hand the conference

over to the management for closing comments.

Shalin Sheth: Thank you, everyone. On behalf of management and Advait Energy Transitions Limited, we

thank you all for joining us for the post-earnings call today. We hope we have been able to

address majority of the questions. Reach out to us or our Investor Relation Partner, E&Y for any

further queries that you may have, and they would connect with you offline. Moderator, can we

now close the call?

Moderator: Yes, sir. Thank you. On behalf of Advait Energy Transitions Limited, that concludes this

conference. Thank you for joining us and you may now disconnect your lines. Thank you.

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