Nuclear FY27 revenue contribution estimate?
I think very comfortably. That's a pretty conservative number for us, but we'll do much more than that.
Q4 EBITDA margin trajectory — sticking with FY28 28% guidance?
Yes. FY '26, as I said, is -- average is about 21%, but FY '27 would be a lot higher than that, right? So, we'll be in the high -- much higher range. It's a very clear indications for all of you to see.
Visibility for capacity expansion from 8,000 to 30,000 hot boxes?
we have a capacity, as you mentioned, 8,000 units, but we are expanding to 12,000 by end of March. Everything is on track with that. And then based on a clear visibility given by the customer, we are expanding in a phased manner to 20,000 units, hopefully by end of December. And then with that, we'll have a capacity of about 20,000 units. And then we move on to the Phase 2 of the expansion plan to about 30,000 units in the subsequent year.
Gross margin decline this quarter — sustainable level?
While this current period is -- current quarter is 46.1% gross profit, whereas 9 months ended, if you look at, it is 49.5%. It is purely on the product mix. Just because gross margin is lower, it doesn't mean that our EBITDA will affect. As we explained it many times, the gross margins in the fuel cells is lower, in case of domestic, it is higher.
₹500cr Kaiga nuclear order execution cycle?
The INR500 crores orders should be executed within a period of -- over a period of 3 years. That's how it is done. That's the timeline that we are looking at. There are various projects out of this INR500 crores. Some will be executed within a year, some 1.5 years, some in 2 years and some projects within 3 years. So, it's a combination of all this. So, all this INR500 crores should be executed within the next 36 months.
Clean energy capex for 20,000 / 30,000 unit ramp?
So basically, that's right. For 12,000, it's about 35,000 to 40,000 whatever numbers we have given earlier. But for the -- going from 12,000 to 20,000, the infrastructure is being done for 30,000. The building, everything is being constructed for the long-term requirement of the company. But the equipment installation will be done for additional 8,000 units. And subsequently, we'll do for the next phase up to 30,000. So, we are looking at roughly about INR50 crores to INR60 crores of capex that might be required, it's an approximate number.
FY26 + FY27 revenue and margin guidance?
No, the guidance would remain the same. We would -- as I said earlier that we would do 30% to 35% growth guidance for this year. So, we'll cross about INR900 crores plus for the financial year FY '26. And FY '27, we're expecting growth of about 50% revenue growth for FY '27 based on the current growth what we have, about INR900 crores plus in the current financial year. And obviously, the margins, what we said 21% plus/minus 100 bps will -- we are very confident to maintain or do slightly better than that.
Aerospace order book — long-term contract vs ongoing release pattern?
See, we have the long-term contracts, but the orders, what we show in the order book is based on specific orders being given based on the long-term contract. The long-term contract is for 5 years, 10 years like that. So, we have the overall order book of around INR325 crores in the aerospace and defence sector. Specific to aerospace, we have INR120 crores of MNC orders. And then space, we have INR120 crores odd and defence about INR80 crores. So, the total is INR325 crores.
Aerospace ramp — INR18cr quarterly base case?
So, when it comes to the first question, the aerospace, what you're looking at INR18 crores, INR19 crores is just the beginning, right? We have been growing step by step in aerospace. So, part of the first articles, what we are working on, once it gets converted to volume production, we're looking at almost twice the number as what you can see right now, closer to INR40 crores or even up to INR50 crores per quarter. So overall, next year, we can look at that kind of a situation where we can do about INR150 crores to INR160 crores in aerospace itself.
Nuclear ramp in FY27 — front or back-loaded?
No, it will start from Q1 itself. Hopefully, we're going to start from Q1 itself and then move on from there. We already have started working on the existing orders and the new orders which have come in will slowly start kicking in from Q3, Q4, but the existing orders will start executing from Q1, Q2 onwards.
Weatherford and IAI FY27 ramp timeline?
That's a good question. We have already completed the Weatherford first articles. It's been approved already. The only thing is we are waiting for is for the volume production. Now to do the volume production, our plant is getting ready. We are pushing it to be ready by June, but by September, we should be in a full-fledged commercial operations. So, then we get into the volume production.
Q4 expected order inflow composition?
See, it's a combination of the fuel cell orders, the nuclear orders, the space and aerospace orders. All this put together, should be roughly around close to INR700 crores to INR800 crores that we are expecting in this quarter. So that's how the closing order book would be around INR2,800 crores.
Nuclear opportunity per reactor — increase from Kaiga's INR250 cr?
Slightly more because we are going to add additional assemblies for the new reactors calledEnd Shield and Calandria. So probably it should be going up to about INR350 crores to INR400 crores of opportunity per reactor. That's what we are looking at.