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hi Shiladitya, it is bit more nuanced - I think the mgmt statements need to be reviewed considering different dynamics of cell and module - both from point of complexity of two businesses and Indian macros. need to consider - pan-India cell has under-capacity by a big margin - cell capex is cost intensive, execution is difficult & time consuming. everyone announcing cell capex to please markets but we have seen how the performance of cell capex execution had been in last 4 years. - tech-wise, unlike module, cell players have to continually spend on r&d to improve its processes, explore new tech & also need upgrades for lines/equipment from time to time - at the same time demand is expected to increase further from different avenues in coming years - govt policy focus shifted to cell only recently and is only going to increase with almm for cell to come into effect from 1 jun 2026 so high margins for cell are justified - and there is no major margin pressure for cell, & it won’t be there for next few years. on cell prices, they can move up or down based on raw material prices - those costs are normally passed on to clients by all cell players but retaining margins. module mfg is another story where overcapacity is there - it’s a simple low cost set up with most task are automatic - easy to put up - hence margins are low and pressure should remain - imv, many pure play module manufacturers may close the shop - and module mfg should see consolidation - mostly the backward integrated players with in-house cell (and later ingot/wafer) will do the module fab. as for websol, it is obvious that overall blended margins will come down to account ramping up of its module line (but absolute term bottom line will increase) no recommendation - do your own due diligence and consider all market related risks.