• ALMM extension scope: The recent ALMM-2 extension is not a blanket policy and is limited to commercial and industrial demand for captive projects or those with specific connectivity approvals over the next six months.
• Manufacturing capacity expansion: Waaree operates 25 GW of module manufacturing capacity (24 GW in India and the remainder in the US) against 5.4 GW of cell capacity, with an additional 10 GW of cell capacity scheduled to go commercially live in five to six months.
• Margin and utilization: Management anticipates no near-term margin degradation from the policy extension because cell capacity is fully utilized and DCR capacity is running above 90% with strong forward bookings.
• Retail segment bookings: Cash-and-carry retail accounts for 20% to 25% of gross revenue and consistently maintains three to six months of orders in hand, securing cell capacity through December or March.