Domestic integration: The 5.4 GW cell base and planned 10 GW expansion can improve sourcing control and domestic-content participation. We expect a gradual margin recovery as production yields and captive integration improve. Distribution advantage: Retail revenue more than doubled YoY in Q1FY27. A national installer and franchise network broadens demand and provides a route to market for inverters, kits and storage. US localisation: Texas manufacturing diversifies delivery routes, while planned US additions create further growth potential. Local production improves strategic...