Q3 2026 ReNew Energy Global PLC Earnings Call

February 16, 2026

Speaker #3: If you wish to ask a question, you will need to press the star key followed by the number 1 on your telephone keypad. I would now like to hand the conference over for opening remarks.

Speaker #3: Please go ahead.

Speaker #2: Thank you. Good morning, everyone, and thank you for joining us today. We have put out a press release announcing results for our fiscal 2026 third quarter, ended December 31, 2025.

Anunay Shahi: Thank you. Good morning, everyone, and thank you for joining us today. We have put out a press release announcing results for our fiscal 2026 Q3, ended 31 December 2025. A copy of the press release and the earnings presentation are available on the Investor Relations section of our website at www.renew.com. With me today are Sumant Sinha, our Founder, Chairman, and CEO; Kailash Vaswani, our CFO; and Vaishali Nigam Sinha, our Co-founder and Chief Person, Sustainability. After the prepared remarks, which we expect will take about 30 minutes, we will open the call for questions. Please note that our safe harbor statements are contained within our press release, presentation materials, and materials available on our website. These statements are important and integral to all our remarks.

Speaker #2: A copy of the press release and the earnings presentation are available on the Investor Relations section of our website, at www.renew.com. With me today are Sumant Sinha, our founder, chairman, and CEO; Kailash Vaswani, our CFO; and Vaishali Nigam Sinha, our co-founder and person sustainability.

Speaker #2: After the prepared remarks, which we expect will take about 30 minutes, we will open the call for questions. Please note that our safe harbor statements are contained within our press release, presentation materials, and materials available on our website.

Speaker #2: These statements are important and integral to all our remarks. There are risks and uncertainties that could cause our results to differ materially from those expressed or implied by such forward-looking statements.

Anunay Shahi: There are risks and uncertainties that could cause our results to differ materially from those expressed or implied by such forward-looking statements. So we encourage you to review the press release and the presentation on our website for a more complete description. Also contained in our press release, presentation materials, and annual report are certain non-IFRS measures that we reconcile to the most comparable IFRS measures, and these reconciliations are also available on our website in the press release, presentation materials, and our annual report. With that being said, it's now my pleasure to hand it over to Sumant.

Speaker #2: So we encourage you to review the press release and the presentation on our website for a more complete description. Also contained in our press release presentation materials and annual report are certain non-IFRS measures that we reconcile to the most comparable IFRS measures, and these reconciliations are also available on our website in the press release presentation materials and our annual report.

Speaker #2: With that being said, it's now my pleasure to hand it over to Sumant.

Speaker #3: Yes. Hi. Thank you, Anunay. Good morning, everybody, and good evening, depending on your time zones. I'm glad to have you all in our earnings call for the third quarter.

Sumant Sinha: Yes. Hi, thank you, Anirudh. Good morning, everybody, and good evening, depending on your time zones. I'm glad to have you all on our earnings call for Q3 and the first nine months of fiscal 2026. The year 2026 has kicked off with good news on the macro front. As you all would be knowing, a few days ago, India and the US agreed on a trade deal. Apart from reducing the general overhang and uncertainty, this is likely to also open up the US market again for Indian exporters and benefit the economy overall. This has also benefited the rupee in recovering some value versus the dollar. Additionally, the financing environment remains benign, with interest rates on a downward curve.

Speaker #3: And the first nine months of fiscal 2026. The year 2026 has kicked off with good news on the macro front. As you all would be knowing, a few days ago, India and the US agreed on a trade deal.

Speaker #3: Apart from reducing the general overhang and uncertainty, this is likely to also open up the US market again for Indian exporters and benefit the economy overall.

Speaker #3: This has also benefited the rupee in recovering some value versus the dollar. Additionally, the financing environment remains benign, with interest rates on a downward curve.

Speaker #3: All this has enabled India's growth projections to stay above 7% in fiscal 2026, with roughly the same growth rate forecast by the Government of India for fiscal 2027 as well.

Sumant Sinha: All this has enabled India's growth projections to stay above 7% in fiscal 2026, with roughly the same growth rate forecast by the government of India for fiscal 2027 as well. Coming to our sector, we have also seen some recovery in electricity demand as growth rebounded sharply in December 2026, with slightly better numbers in January 2026 as well. Power demand is expected to rebound to normal levels in fiscal 2027. In today's call, while I will cover the updates for the quarter, I will also briefly cover the strategic path forward for us as a company. Turning to our highlights. Since December of last year, our operating capacity has increased from 10.7GW to 11.8GW. Given that we have also sold 900MW during this period, and adjusting for this-...

Speaker #3: Coming to our sector, we have also seen some recovery in electricity demand as growth rebounded sharply in December 2026, with slightly better numbers. In January 2026 as well.

Speaker #3: Power demand is expected to rebound to normal levels in fiscal 2027. In today's call, I will cover the updates for the quarter. I will also briefly cover the strategic path forward for us as a company.

Speaker #3: Turning to our highlights, since December of last year, our operating capacity has increased from 10.7 gigawatts to 11.8 gigawatts. Given that we have also sold 900 megawatts during this period, and adjusting for this, our portfolio actually increased by 19%, or 2 gigawatts, over the last 12 months.

Sumant Sinha: Our portfolio actually increased by 19% or 2GW over the last 12 months. We continue to focus on optimizing our portfolio for lower execution risk, CapEx, and more predictable cash flows. Hence, for our complex projects, we have decided to replace part of our wind projects with more battery energy storage systems, or BESS, and solar capacity. We have reduced, therefore, the wind capacity in our committed portfolio from 2.5GW to approximately 850MW, effectively taking up now to 19.2GW, which is inclusive of approximately 1.5GW of batteries. This pivot enables us to lower CapEx, reduce execution risk, as well as more accurately forecast our future cash flows, owing to less volatility in the weather patterns. Coming to our financial highlights.

Speaker #3: We continue to focus on optimizing our portfolio for lower execution risk, CAPEX, and more predictable cash flows, and hence, for our complex projects, we have decided to replace a part of our wind in those projects with more battery energy storage systems, or BESS, and solar capacity.

Speaker #3: We have reduced, therefore, the wind capacity in our committed portfolio from 2.5 gigawatts to approximately 850 megawatts, effectively taking up now to 19.2 gigawatts, which is inclusive of approximately 1.5 gigawatts of batteries.

Speaker #3: This pivot enables us to lower CAPEX, reduce execution risk, as well as more accurately forecast our future cash flows owing to less volatility in the weather patterns.

Speaker #3: Coming to our financial highlights, our adjusted EBITDA increased by 31% to INR 74.8 billion for the nine months ending December 31, 2026, accompanied by an over six-fold profit after tax.

Sumant Sinha: Our Adjusted EBITDA increased by 31% to INR 74.8 billion for the nine months ending 31 December 2026, accompanied by an over six-fold increase in our profit after tax. We also successfully raised $600 million through a bond offering and successfully refinanced our previous bond due in July 2026. The offering received demand in excess of $2 billion, and we were able to reduce the interest rate from the earlier 7.95% to 6.5%. Therefore, thereby saving approximately $9 million in annual interest expense. This was also the first bond issued through Gift City. We also continued our capital recycling engine and sold another 300 MW of solar assets this quarter. Our manufacturing business contributed INR 10.8 billion to our Adjusted EBITDA for the first nine months.

Speaker #3: We also successfully raised $600 million through a bond offering and successfully refinanced our previous bond due in July 2026. The offering received demand in excess of $2 billion, and we were able to reduce the interest rate from the earlier 7.95% to 6.5%.

Speaker #3: Therefore, thereby saving approximately $9 million in annual interest expense. This was also the first bond issued through GIFT City. We also continued our capital recycling engine and sold another 300 megawatts of solar assets this quarter.

Speaker #3: Our manufacturing business contributed ₹10.8 billion to our adjusted EBITDA for the first nine months. As a result, we have increased the lower end of the guidance range for both our adjusted EBITDA and megawatts for the year.

Sumant Sinha: As a result, we have increased the lower end of the guidance range for both our Adjusted EBITDA and megawatts for the year. We now expect to deliver INR 90 to 93 billion of Adjusted EBITDA, of which our manufacturing business should contribute between INR 11 billion to 13 billion. We have also narrowed the range for our project guidance and expect to construct between 1.8 and 2.4 gigawatts in the fiscal year ending 31 March 2026. Lastly, and most importantly, ESG is at the core of everything we do. I am happy to report that we continue to outperform on our ESG commitments. We have received an A-grade rating from LSEG and a score of 90.41 out of 100, effectively placing us in the top quartile globally.

Speaker #3: We now expect to deliver INR 90 billion to INR 93 billion of adjusted EBITDA, of which our manufacturing business should contribute between INR 11 billion and INR 13 billion.

Speaker #3: We have also narrowed the range for our project guidance and expect to construct between 1.8 and 2.4 gigawatts in the fiscal year ended March 31, 2026.

Speaker #3: Lastly, and most importantly, ESG is at the core of everything we do. I'm happy to report that we continue to outperform on our ESG commitments.

Speaker #3: We have received an A-grade rating from LSEG and a score of 90.41 out of 100, effectively placing us in the top quartile globally. We have also received an A-grade rating from CDP Climate Change and Water Assessments for effective water management at our plants.

Sumant Sinha: We have also received an A-grade rating from CDP Climate Change and Water Assessments for effective water management at our plants. Not only this, but we have also been able to get water positive certification for 2 of our sites. Turning to pages 8 and 9, I wanted to highlight that this year marks a significant milestone for us as we mark 15 years of our operations. We now have 3 mature businesses comprising a utility-scale IPP business, a C&I business, as well as our manufacturing business. Turning to page 10, it is important to note the crucial strides ReNew has continued to take against the backdrop of a transaction. We have commissioned approximately 1.9GW, ramped up our manufacturing capacity, and also raised $100 million from BII, British International Investments, to finance the cell expansion of our manufacturing business.

Speaker #3: Not only this, but we have also been able to get water-positive certification for two of our sites. Turning to pages 8 and 9, I wanted to highlight that this year marks a significant milestone for us as we mark 15 years of our operations.

Speaker #3: We now have three mature businesses comprising a utility-scale IPP business, a C&I business, as well as our manufacturing business. Turning to page 10, it is important to note the crucial strides ReNew has continued to take against the backdrop of a transaction.

Speaker #3: We have commissioned approximately 1.9 gigawatts, ramped up our manufacturing capacity, and also raised $100 million from BII, British International Investments, to finance the cell expansion of our manufacturing business.

Speaker #3: Our CNI business is among the market leaders in the segment, and our portfolio has expanded by approximately 30% over the past year through contracts with marquee customers.

Sumant Sinha: Our C&I business is among the market leaders in the segment, and our portfolio has expanded by approximately 30% over the past year through contracts with marquee customers. Leverage also continues to trend downwards meaningfully, and we are already at approximately 5.5 levels for our operating portfolio, which is debt to EBITDA. Moving to page 11, I wanted to spend some time highlighting our key strengths. While everyone knows the size and scale of our portfolio, both in utility scale and C&I, over the years, we have developed in-house O&M and EPC capabilities. We have also secured connectivity for our entire portfolio, including for our letter of awards, with 5 to 6 GW of spare connectivity on hand. This is an important differentiator, as timely connectivity continues to be a key metric in the sector that we operate in. Moving to page 12.

Speaker #3: Leverage also continues to trend downwards, meaningfully. And we are already at approximately 5.5x levels for our operating portfolio, which is debt to EBITDA. Moving to page 11, I wanted to spend some time highlighting our key strengths.

Speaker #3: While everyone knows the size and scale of our portfolio, both in utility scale and C&I, over the years, we have developed in-house O&M and EPC capabilities.

Speaker #3: We have also secured connectivity for our entire portfolio, including for our letters of award, with five to six gigawatts of spare connectivity on hand.

Speaker #3: This is an important differentiator, as timely connectivity continues to be a key metric in the sector that we operate in. Moving to page 12, it is important to note that we have been consistently growing our EBITDA at approximately 17% per year since our listing.

Sumant Sinha: It is important to note that we have been consistently growing our EBITDA at approximately 17% per year since our listing. We have managed to do this without issuing any new equity and relying on capital recycling, which has been more attractive for us. On page 14, I would like to add some new elements that will be pivotal for both growth, predictability, and profitability. We have de-risked our project execution and improved predictability of future cash flows by increasing more BESS and solar in our portfolio and reducing the reliance on wind. This will enable faster execution and more predictable revenues, given that we already have a 25-year PPA backing these tariffs. Our capital needs will continue to be fueled by a mix of internal cash generation and capital recycling, enabling us to improve returns. Lastly, and most importantly...

Speaker #3: We have managed to do this without issuing any new equity and relying on capital recycling, which has been more attractive for us. On page 14, I would like to add some new elements that will be pivotal for both growth, predictability, and profitability.

Speaker #3: We have de-risked our project execution and improved predictability of future cash flows by increasing more BESS and solar in our portfolio and reducing the reliance on wind.

Speaker #3: This will enable faster execution and more predictable revenues, given that we already have a 25-year PPA backing these tariffs. Our capital needs will continue to be fueled by a mix of internal cash generation and capital recycling.

Speaker #3: Enabling us to improve returns. Lastly, and most importantly, we will now have increased focus and balance sheet strength and discipline, and will actively look to reduce leverage even further.

Sumant Sinha: We will now have increased focus on balance sheet strength and discipline, and will actively look to reduce leverage even further. While we are now delivering profitable results, a focus on leverage and cost optimization should further enhance our returns and cash flows. Turning to page 15, we have provided some run rate numbers based on the current configuration, gross and net of asset sales. We wanted to demonstrate that by selling about 1.6GW over a period, we can effectively reach a portfolio of 19.2GW without having to raise external capital, as well as reduce ex-headline leverage, including under construction projects, from the current 6.7x levels to under 5.5.

Speaker #3: While we are now delivering profitable results, a focus on leverage and cost optimization should further enhance our returns and cash flows. Turning to page 15, we have provided some run-rate numbers based on the current configuration: gross and net of asset sales.

Speaker #3: We wanted to demonstrate that by selling about 1.6 gigawatts over a period, we can effectively reach a portfolio of 19.2 gigawatts without having to raise external capital, as well as reduce headline leverage, including under-construction projects, from the current 6.7x levels to under 5.5.

Speaker #3: If we are able to do more asset recycling or farm-downs, we plan to use that extra capital to get the leverage and corporate debt down even further.

Sumant Sinha: If we are able to do more asset recycling or farm downs, we plan to use that extra capital to get the leverage and corporate debt down even further. Moving to business updates on page 17. We continue to deliver on operating megawatts and now have an operating portfolio of 11.8GW, an increase of 19%, adjusting for the 900MW of assets during the last twelve months. Our overall portfolio is now 19.2GW, inclusive of BEVs. In the past nine months, we have commissioned over 600MW of wind projects and over 900MW of solar. Turning to page 18, our manufacturing business continues to perform above expectations and has delivered an Adjusted EBITDA of INR 10.8 billion in the first nine months of the current fiscal year. The business has an external order book of 900MW.

Speaker #3: Moving to business updates on page 17, we continue to deliver on operating megawatts and now have an operating portfolio of 11.8 gigawatts, an increase of 19%, adjusting for the 900 megawatts of assets during the last 12 months.

Speaker #3: Our overall portfolio is now 19.2 gigawatts, inclusive of BESS. In the past nine months, we have commissioned over 600 megawatts of wind projects and over 900 megawatts of solar.

Speaker #3: Turning to page 18, our manufacturing business continues to perform above expectations and has delivered an adjusted EBITDA of $10.8 billion in the first nine months of the current fiscal.

Speaker #3: The business has an external order book of 900 megawatts. Our under-construction 4-gigawatt cell facility is progressing well, and we should see it deliver its first cells later this fiscal year.

Sumant Sinha: Our under construction 4GW cell facility is progressing well, and we should see it deliver its first cells later this fiscal year, later next fiscal year, actually. Our module facilities are producing over 12MW per day and have produced 3GW this year to date, while our cell facility is producing over 5.5MW per day and has produced 1.4GW this year to date. So far this year, we have sold 2.6+GW of modules, of which approximately 1.5GW have been sold externally, with the rest being used as part of our own operations. Turning to page 19. Our C&I segment has done exceedingly well and is one of the largest C&I portfolios in the country.

Speaker #3: Later next fiscal year, actually. Our module facilities are producing over 12 megawatts per day and have produced 3 gigawatts this year to date, while our cell facility is producing over 5.5 megawatts per day and has produced 1.4 gigawatts this year to date.

Speaker #3: So far this year, we have sold over 2.6 gigawatts of modules, of which approximately 1.5 gigawatts have been sold externally, with the rest being used as part of our own operations.

Speaker #3: Turning to page 19. Our CNI segment has done exceedingly well and is one of the largest CNI portfolios in the country. We have developed a strong partnership with global tech giants like Amazon, Microsoft, and Google, as well as expanded our customer base across the country.

Sumant Sinha: We have developed a strong partnership with global tech giants like Amazon, Microsoft, and Google, as well as expanded our customer base across the country. Overall, 50% of our portfolio is with these tech giants. The business is also well-placed to tap into upcoming business opportunities, such as energy management services and supply of renewable energy to data centers. Now I will hand it over to Kailash to discuss the financial highlights. Kailash, over to you.

Speaker #3: Overall, 50% of our portfolio is with these tech giants. The business is also well placed to tap into upcoming business opportunities, such as energy management services and the supply of renewable energy to data centers.

Speaker #3: Now I will hand it over to Kailash to discuss the financial highlights. Kailash, over to you.

Speaker #2: Thanks, Sumant. Turning to page 21, we continue to deliver consistent, profitable growth. Since the same time last year, we have constructed over 1.9 gigawatts of projects and achieved a 19% increase in operating capacity, after adjusting for the 900 megawatts sold during the trailing 12 months.

Kailash Vaswani: Thanks, Sumant. Turning to page 21, we continue to deliver consistent, profitable growth. Since the same time last year, we have constructed over 1.9 GW of projects, a 19% increase in operating capacity after adjusting for the 900 MW sold during the trailing twelve months. This year, so far, we have commissioned 1.6 GW of renewable capacity. Our revenue increased by 48% for the first nine months of this fiscal compared to last year, due to increase in megawatts and a meaningful contribution by the manufacturing business. Our Adjusted EBITDA for Q3 of this fiscal is also up, largely on account of gains from asset sales, scaling up of our manufacturing business, as well as an increase in the operating megawatts. Turning to page 22. Our headline leverage continues to decline consistently.

Speaker #2: This year, so far, we have commissioned 1.6 gigawatts of renewable capacity. Our revenue increased by 48% for the first nine months of this fiscal compared to last year due to the increase in megawatts and a meaningful contribution by the manufacturing business.

Speaker #2: Our adjusted EBITDA for the third quarter of this fiscal is also up, largely on account of gain from asset sales, scaling up of our manufacturing business, as well as an increase in the operating megawatts.

Speaker #2: Turning to page 22, our headline leverage continues to decline consistently. We have reduced from 8.2x in December 2024 to 7x net EBITDA at present, and to 6.7x once you exclude the contribution from our JV partners, which are equity.

Kailash Vaswani: We have reduced from 8.2x in December 2024 to 7x net EBITDA at present, and at 6.7x, once you exclude the contribution from our JV partners, which are equity. On a trailing twelve-month basis, the leverage for our operating portfolio was approximately 5.6x. Do note that our trailing twelve-month EBITDA is not reflective of the run rate EBITDA for these assets, as many of these assets have less than one year of operations. We continue to pursue all options that will decrease our leverage ratio at the consolidated levels, such as asset recycling, cost optimization, and a reduction in our corporate debt. Turning to page 23, which covers details of our financing and asset recycling.

Speaker #2: On a trailing 12-month basis, the leverage for our operating portfolio was approximately 5.6x. Do note that our trailing 12-month EBITDA is not reflective of the run-rate EBITDA for these assets, as many of these assets have less than one year of operations.

Speaker #2: We continue to pursue all options that will decrease our leverage ratio at the consolidated levels, such as asset recycling, cost optimization, and a reduction in our corporate debt.

Speaker #2: Turning to page 23, which covers details of our financing and asset recycling, recently we issued a $600 million bond at a coupon of 6.5%, which replaces the earlier bond that was at 7.95%.

Kailash Vaswani: Recently, we issued a $600 million bond at a coupon of 6.5%, which replaces the earlier bond, which was at 7.95%. This is the first bond from India's Gift City, making it a marquee transaction. This issuance received strong investor interest of, you know, greater than $2 billion, and has also enabled us to save $9 million in interest costs annually, in addition to withholding tax savings. Additionally, we also concluded sale of our solar 300MW asset, taking our total asset sales for the year to 600MW, through which we have raised a total of $275 million through capital recycling this year, including the $100 million that we raised from BII from our manufacturing business. Let me now hand it over to Vaishali for comments on ESG.

Speaker #2: This is the first bond from India's KIF City, making it a marquee transaction. This issuance received strong investor interest of greater than $2 billion and has also enabled us to save $9 million in interest costs annually, in addition to withholding tax savings.

Speaker #2: Additionally, we also concluded the sale of a solar 300-megawatt asset, taking our total asset sales for the year to 600 megawatts. Through this, we have raised a total of $275 million through capital recycling this year, including the $100 million that we raised from BII from our manufacturing business.

Speaker #2: Let me now hand it over to Vaishali for comments on ESG.

Speaker #3: Thanks, Kailash. Turning to slide 25, let's look at the advancements in renewed sustainability initiatives and targets. The global landscape for ESG in 2026 demands mandatory action and demonstrable progress.

Sumant Sinha: Thanks, Kailash. Turning to slide 25, let's look at the advancements in ReNew sustainability initiatives and targets. The global landscape for ESG in 20-

Vaishali Nigam Sinha: Thanks, Kailash. Turning to slide 25, let's look at the advancements in ReNew sustainability initiatives and targets. The global landscape for ESG in 2026 demands mandatory action and demonstrable progress, and we are proud to be leading the way in the renewable energy sector and beyond. Starting with our recent ESG ratings. For the LSEG ESG rating-

Vaishali Nigam Sinha: ... 2026 demands mandatory action and demonstrable progress, and we are proud to be leading the way in the renewable energy sector and beyond. Starting with our recent ESG ratings. For the LSEG ESG rating-

Speaker #3: And we are proud to be leading the way in the renewable energy sector and beyond. Starting with our recent ESG ratings—for the LSEG ESG rating, it appears we've lost connection with our speaker.

Operator: It appears we've lost connection with our speaker. One moment while we reconnect.

Speaker #3: One moment while we reconnect.

Speaker #4: Hello?

Vaishali Nigam Sinha: Hello?

Speaker #5: Yes, I can hear you, Vaishali.

Kailash Vaswani: Yes, I can hear you, Vaishali.

Speaker #4: Yes, so for the LSEG ESG rating, we received a remarkable score of 90.1 out of 100 and an A-grade, placing us in the top quartile globally.

Vaishali Nigam Sinha: Yeah. So for the LSEG ESG rating, we received a remarkable score of 90.1 out of 100, an A grade, placing us in the top quartile globally. We are ranked second among 346 companies in our sector, reflecting a strong 7% year-on-year gain and clear industry leadership. We also excelled in the CDP climate change and water assessments. We received an A rating in the climate change assessment, featuring us in the prestigious, prestigious Global Corporate A List, and retained an A-minus rating in water security. Overall, we are ranked in the top 4% globally by CDP. Water stewardship is a core pillar of ReNew's environmental strategy embedded across our operations. We successfully initiated a water positivity pilot, certifying 2 sites as water positive.

Speaker #4: We are ranked second among 346 companies in our sector, reflecting a strong 7% year-on-year gain and clear industry leadership. We also excelled in the CDP climate change and water assessments.

Speaker #4: We received an 'A' rating in the climate change assessment, featuring us in the prestigious global corporate A-list, and retained an A-minus rating in water security.

Speaker #4: Overall, we are ranked in the top 4% globally by CDP. Water stewardship is a core pillar of our renewed environmental strategy, embedded across our operations.

Speaker #4: We successfully initiated a water positivity pilot, certifying two sites as water positive. Our solar site in Ashok Nagar, Madhya Pradesh, was certified as water positive, making it India's first water positive solar plant.

Vaishali Nigam Sinha: Our solar site in Ashok Nagar, Madhya Pradesh, was certified as water positive, making it India's first water positive solar plant. These achievements underscore our commitment to setting new benchmarks for sustainability in the sector. Now, turning to slide 26, let's review our advancements across the core pillars of our ESG initiatives and targets. Under the environment pillar, we have achieved our target of being carbon neutral by completing the verification for the fifth consecutive year for fiscal year 2024-25. We continue to remain aligned to our annual SBT targets, achieving an 18.2% reduction in scope 1 and 2 emissions from the baseline in fiscal year 2025. As the country advances towards sustainable, economic, and inclusive development, our CSR initiatives have also evolved to strengthen the priorities of new India.

Speaker #4: These achievements underscore our commitment to setting new benchmarks for sustainability in the sector. Now, turning to slide 26, let's review our advancements across the core pillars of our ESG initiatives and targets.

Speaker #4: Under the environment pillar, we have achieved our target of being carbon neutral by completing the verification for the fifth consecutive year for fiscal year 24-25.

Speaker #4: We continue to remain aligned to our annual SBT targets, achieving an 18.2% reduction in Scope 1 and 2 emissions from the baseline in fiscal year 2025.

Speaker #4: As the country advances towards sustainable economic and inclusive development, our CSR initiatives have also evolved to strengthen the priorities of New India. Our initiatives have positively impacted over 1.7 million lives so far.

Vaishali Nigam Sinha: Our initiatives have positively impacted over 1.7 million lives so far. A major highlight is our Project Surya, which is skilling 1,000 solar power workers as solar technicians, with 720 women trained and over 200 already placed in the sector, significantly boosting gender equality and skilled employment. Under governance, we are making strong progress towards our target to rank amongst the top 5 global energy and utilities company by 2030, across leading ESG rating agencies. This is reflected in an S&P Global CSA score of 84, an LSEG score of 90.4, and top-tier CDP ratings of A for climate change and A-minus for water. These results reflect our continued commitment to responsible and sustainable practices. I will now turn it over to Kailash. Over to you, Kailash.

Speaker #4: A major highlight is our project Surya, which is scaling 1,000 solar panel workers as solar technicians, with 720 women trained and over 200 already placed in the sector, significantly boosting gender equality and skilled employment.

Speaker #4: Under governance, we are making strong progress towards our target to rank amongst the top five global energy and utilities companies by 2030 across leading ESG rating agencies.

Speaker #4: This is reflected in an S&P Global CSA score of 84, an LSEG score of 90.4, and top-tier CDP ratings of A for climate change and A-minus for water.

Speaker #4: These results reflect our continued commitment to responsible and sustainable practices. I will now turn it over to Kailash. Over to you, Kailash.

Speaker #6: Thank you, Vaishali. Turning to guidance for the fiscal year ending March 31, 2026, we have increased the lower end of our EBITDA guidance range by 3%, and now expect that our adjusted EBITDA will be between ₹90 to ₹93 billion.

Kailash Vaswani: Thank you, Vaishali. Turning to guidance for the fiscal year ending 31 March 2026, we have increased the lower end of our EBITDA guidance range by 3%, and now expect that our adjusted EBITDA will be between INR 90 to 93 billion. We now expect to construct 1.8 to 2.4 GW, up from 1.6 at the lower end of projects during the year, and generate cash flow to equity of INR 14 to 17 billion. We are also increasing the guidance for the adjusted EBITDA contribution from our manufacturing business to INR 11 to 13 billion. With that, we'll be happy to take questions.

Speaker #6: We now expect to construct 1.8 to 2.4 gigawatts, up from 1.6 at the lower end of projects during the year, and generate cash flow to equity of INR 14 to 17 billion.

Speaker #6: We are also increasing the guidance for the adjusted EBITDA contribution from our manufacturing business to ₹11 to ₹13 billion. With that, we'll be happy to take questions.

Speaker #7: Thank you. If you wish to ask a question, please press star one (*) on your telephone and wait for your name to be announced. If you wish to cancel your request, please press star two (*2).

Operator: Thank you. If you wish to ask a question, please press star one on your telephone and wait for your name to be announced. If you wish to cancel your request, please press star two. If you are on a speakerphone, please pick up the handset to ask your question. Your first question comes from Maheep Mandloi with Mizuho. Please go ahead.

Speaker #7: If you are on a speakerphone, please pick up the handset to ask your question. Your first question comes from Mahip Mandaloy with Mizuho. Please go ahead.

Speaker #8: Hey, thanks for taking the question here. Just one question on the revised strategy to manage—you talked about having more solar and BESS-only projects going forward.

Maheep Mandloi: Hey, thanks for taking the question here. Just one question on the revised strategy. Sumant, you talked about having more solar and BESS-only projects going forward. Could you just talk more in detail about that? What drove that decision, so all the puts and takes there? And, on the solar side, you've been manufacturing the modules and cells. So is there any plans to also do something like that on the BESS side as well? Thanks.

Speaker #8: Could you just talk more in detail about that? What drove that decision? So, all the puts and takes there. And on the solar side, you have been manufacturing the modules and cells.

Speaker #8: Are there any plans to also do something like that on the BESS side as well? Thanks.

Speaker #9: Yeah, thank you, Mahip. Yeah, look, so the reason we are basically decreasing the amount of wind in the portfolio is because when we bid out some of these projects, at that time, price levels for BESS were significantly higher than where they are right now.

Vaishali Nigam Sinha: Yeah. Thank you, Maheep. Yeah, look, so the reason we are basically decreasing the amount of wind in the portfolio is because when we bid on some of these projects, at that time, price levels were, for BESS, were significantly higher than where they are right now.

Sumant Sinha: Yeah. Thank you, Maheep. Yeah, look, so the reason we are basically decreasing the amount of wind in the portfolio is because when we bid on some of these projects, at that time, price levels were, for BESS, were significantly higher than where they are right now.

Speaker #9: And also for solar. So, in general, with prices of BESS coming down substantially, the ability to thermal power through solar plus BESS has actually improved.

Sumant Sinha: ... and also for solar. So in general, with prices of BESS coming down substantially, the ability to firm up power through solar plus BESS has actually improved. And therefore, to get to the right solutions that are desired by the customers, we require essentially less wind from an overall new configuration standpoint. So that is one reason that the amount of wind has decreased. The second thing also is that, as you know, we've had experience in wind, where PLF has been unfortunately lower than expected over the last seven years, over the last five years. And you know, we don't know exactly when that trend will reverse. It may reverse next year, it may take a little longer. But fundamentally, the variability in wind is a lot higher than it is in the case of solar.

Speaker #9: And therefore, to get to the right solutions that are desired by the customers, we require essentially less wind from an overall new configuration standpoint.

Speaker #9: So, that is one reason that the amount of wind has decreased. The second thing also is that, as you know, we've had experience in wind where PLFs have been unfortunately lower than expected over the last several years, over the last five years.

Speaker #9: And we don't know exactly when that trend will reverse. It may reverse next year; it may take a little longer. But fundamentally, the variability in wind is a lot higher than it is in the case of solar.

Speaker #9: And execution also in general, because a lot of the execution in solar is in Rajasthan, where it's easier to get land. And a lot of the execution of wind is in sort of Deccan central India, where a lot of it is agricultural land.

Sumant Sinha: Execution also in general, because a lot of the execution in solar is in Rajasthan, where it's easier to get land, and a lot of the execution of wind is in sort of Deccan, central India, which a lot of it is agricultural land. It's usually harder to get. And so therefore, to do a similar amount of capacity is easier in solar than it is in wind. And so for both of those reasons, actually all three reasons, which is related to change of price in BESS, change of the issue of wind variability, and the issue of easier execution in solar, we have therefore, you know, tried to reduce the amount of wind in our portfolio going forward.

Speaker #9: It's usually harder to get, and so therefore, to do a similar amount of capacity is easier in solar than it is in wind. And so for both of those reasons—I'd say all three reasons—which are related to the change of price in BESS, the change of the issue of wind variability, and the issue of easier execution in solar—we have therefore tried to reduce the amount of wind in our portfolio going forward.

Speaker #9: And so, in the close to about seven gigawatts of now capacity of PPS that we have, we have reconfigured those projects as we are allowed to under the terms of the bid—of the various bids.

Sumant Sinha: So in the close to about 7 GW of our capacity of PPA that we have, we have reconfigured those projects as we are allowed to under the terms of the bid, of the various bids. We are now therefore trying to go for a higher amount of solar plus BESS. There is, of course, still close to 1 GW of wind, but it is down substantially from 2.5 GW that we had earlier. So those are the reasons. As far as manufacturing BESS is concerned, it's not something that we've actively looked at seriously at this point. The reasons are actually twofold. One is there is no restriction at this point on imports of batteries from China or cells from China.

Speaker #9: And we are now, therefore, trying to go for a higher amount of solar plus BESS. There is, of course, still close to a gigawatt of wind, but it's down substantially from the two and a half gigawatts that we had earlier.

Speaker #9: So those are the reasons. As far as manufacturing, BESS is concerned, it's not something that we've actively looked at—seriously—at this point. And the reasons are actually twofold.

Speaker #9: One is, or I would even say threefold. One is that there is no restriction at this point on imports of batteries from China or cells from China.

Sumant Sinha: And you know that you can import at a much cheaper level than you can manufacture domestically. And so that is one reason. And the second reason was that on the technology front, technology moves a lot faster in the case of batteries. And so it just requires a lot more expertise to be able to get into the understanding of the right cell technologies and so on. And a lot of the cell manufacturing in the country, or in any country for that matter, is really driven by the EV industry. And so that's a market that we obviously would not be targeting for our BESS production. Or a lot of it would have to go into that segment, which is, you know, something that we don't understand as well.

Speaker #9: And you know that you can import at a much cheaper level than you can manufacture domestically, and so that is one reason. And the second reason was that, on the technology front, technology moves a lot faster in the case of batteries.

Speaker #9: And so, it just requires a lot more expertise to be able to get into the understanding of the right cell technologies and so on.

Speaker #9: And a lot of the cell manufacturing in the country, or in any country for that matter, is really driven by the EV industry. And so that's a market that we obviously would not be targeting for our BESS production, or a lot of it would have to go into that segment, which is something that we don't understand as well.

Speaker #9: And so that's why we haven't looked at cell manufacturing, or battery cell manufacturing, so far.

Sumant Sinha: And so that's why we haven't looked at cell manufacturing so far, or battery cell manufacturing so far.

Speaker #8: Got it. I appreciate that clarity. And then maybe just on the update on that take-private or the course since here, one of the slides you talked about the path forward here.

Maheep Mandloi: Got it. I appreciate that clarity. And then maybe just on the update on the state privatization or the discourse since here, like, in one of the slides, you talked about the path forward here. Is that the strategy going forward, or should we expect more in terms of the path forward or more talks on privatization here? Thanks.

Speaker #8: Is that the strategy going forward, or should we expect more in terms of the path forward—or more talks on privatization here? Thanks.

Speaker #9: So, Mahip, that's not something that we can really comment on. Obviously, as you know, because that's a very specific topic. And should there be something that requires to be commented on, the company will make an appropriate disclosure at that time.

Sumant Sinha: So, Maheep, that's not something that we can really comment on, obviously, as you know, because that's a, that's a very specific topic. And that, you know, it should there be something that requires to be commented on, you know, that the company will make an appropriate disclosure at that time.

Maheep Mandloi: Okay. I'll go back in the queue. Thanks.

Speaker #8: I'll go back and make you. Thanks.

Speaker #7: What's the next question? Comes from Nikhil Nagania with Bernstein. Please go ahead.

Operator: The next question comes from Nikhil Nagania with Bernstein. Please go ahead.

Speaker #10: Hey, thank you for taking my question, and good to see the focus on reducing leverage and increasing solar plus BESS instead of wind. My first question was on the industry issues, which are broader—specifically transmission project delays and curtailment, both of which are outside our control.

Nikhil Nigania: Hi, thank you for taking my question, and good to see the focus on reducing leverage, and increasing solar plus BESS instead of wind. My first question was on the industry issues, which are broader, which is transmission project delays and curtailment, both which are outside our control, but are impacting the industry. Are we seeing any directional improvement on those two aspects, or they continue to be a hurdle for us?

Speaker #10: But they are impacting the industry. Are we seeing any directional improvement on those two aspects, or do they continue to be a hurdle for us?

Speaker #9: Yeah, Nikhil, thanks for the question. So, you know that, obviously, these are issues that have got now a lot of visibility because it's impacting the industry as a whole.

Sumant Sinha: Yeah, Nikhil, thanks for the question. So you know that, obviously, these are issues that have got now a lot of visibility because it's impacting the industry as a whole. And therefore, there has been a lot of discussion within the ministries, that is MNRE and MoP, on how to deal with this issue. And there's a lot more focus on how to get transmission execution improved. And there are various things that the government is doing, which, you know, I can tell you about separately perhaps, or you can also find out what's happening. And the same thing on curtailment.

Speaker #9: And therefore, there has been a lot of discussion within the ministries—that is, MNRE and MOP—on how to deal with this issue. And there's a lot more focus on how to get transmission execution improved.

Speaker #9: And there are various things that the government is doing, which I can tell you about separately, perhaps, or you can also find out what's happening.

Speaker #9: And the same thing on curtailment. So, essentially, in the case of curtailment, a joint committee has sort of been established between the secretaries of MNRE and MOP to look at how to deal with this issue and how to essentially look at this loss, which obviously accrues to us, but which should actually get borne by a broader set of stakeholders.

Sumant Sinha: So essentially, you know, in the case of curtailment, a joint committee has sort of been established between the Secretaries of MNRE and MoP, to look at how to deal with this issue and, you know, how to essentially look at this loss, which obviously accrues to us, but which should actually get borne by a broader set of stakeholders. So that is something that is under discussion right now. I don't know exactly which direction or where it will finally end up at, or even how long it might take to get to the right, to the conclusion. But certainly, there is a recognition that this is a loss, that is a systemic loss.

Speaker #9: So, that is something that is under discussion right now. I don't know exactly which direction or where it will finally end up at, or even how long it might take to get to the conclusion.

Speaker #9: But certainly, there is a recognition that this is a loss that is a systemic loss, and there is no reason for only the developers at the sharp end of the stick to be taking on this loss in our books.

Sumant Sinha: and there is, there is no reason for only the developers at the sharp end of the stick to be taking on, this loss in our, in our books. So, so that, that philosophy is accepted. What is the right way of dealing with this is something that the government is thinking through. And on transmission as well, they're working on a lot of different things to see how they can improve, the transmission build-out.

Speaker #9: So that philosophy is accepted. What is the right way of dealing with this is something that the government is thinking through. And on transmission as well, they're working on a lot of different things to see how they can improve the transmission buildout.

Speaker #10: Got it. Just a follow-up on that, on the curtailment bit. Is it fair to assume, where we have a GNA and not a TGNA, that we are compensated by the DISCOM in case of curtailment?

Nikhil Nigania: Got it. Just to follow up on that, on the curtailment bit, is it fair to assume where we have a GNA, and not a TGNA, there we are compensated, by the DISCOM in case of curtailment?

Speaker #9: Yes, that is the case. So, for example, in our situation, of the total loss we've incurred on account of this combined issue, approximately about 30% or 35% we're getting compensated back because we had GNA, a permanent GNA.

Sumant Sinha: Yes, that is the case. So for example, in our situation, you know, of the total loss we've incurred on account of this combined issue, approximately about 30% or 35%, we're getting compensated back because we had GNA, a permanent GNA. So when you have a permanent GNA, you basically get, you get paid based on your schedule rather than on the power that you supply. And in the case where you have a TGNA, of course, you have to take the loss on your chin, which is now what the government is trying to figure out how to socialize that loss a little bit more across all stakeholders. But in the case of GNA, we get compensated.

Speaker #9: So, when you have a permanent GNA, you basically get paid based on your schedule rather than on the power that you supply. And in the case where you have a TGNA, of course, you have to take the loss on your chin.

Speaker #9: Which is now what the government is trying to figure out—how to socialize that loss a little bit more across all stakeholders. But in the case of GNA, we get compensated.

Speaker #10: Got it. Appreciate that. And one last question on the manufacturing bit. I mean, it's a good source of cash for us. On the cell manufacturing side, on the cell.

Nikhil Nigania: Got it. Appreciate that. And one last question on the manufacturing bit, I mean, good source of cash for us. On the cell manufacturing side, on the cell, are we seeing any compression in margins or that continue to hold strong?

Speaker #10: Are we seeing any compression in margins, or does that continue to hold strong?

Sumant Sinha: You know, so far it's held up. There was a temporary lull when, you know, post during the monsoons, when inventories tend to build up a little bit and execution slows down. But margins have again picked up a little bit, in this current quarter, and it looks like the demand is reasonably okay at this point.

Speaker #9: So far, it’s held up. There was a temporary lull when, post during the monsoons, inventories tend to build up a little bit and execution slows down.

Speaker #9: But margins have again picked up a little bit in this current quarter. And it looks like the demand is reasonably okay at this point.

Speaker #10: Got it. Thank you. Those are my questions. Thanks a lot for answering.

Nikhil Nigania: Got it. Thank you. Those are my questions. Thanks a lot for answering them.

Speaker #7: As a reminder, if you would like to ask a question, please press star, then one to join the question queue. The next question comes from Puneet Gulati.

Operator: As a reminder, if you would like to ask a question, please press Star and One to join the question queue. The next question comes from Puneet Gulati. Please go ahead.

Speaker #7: Please go ahead.

Speaker #9: Yeah, thank you so much. My first question is on the change in configuration, with more focus towards BESS and solar. Would it be fair to say that, even unadjusted for risk, the IRRs are better than what you could get out of wind?

Puneet Gulati: Yeah, thank you so much. My first question is on the change in configuration with more towards BESS and solar. Would it be fair to say that even unadjusted for risk, the IRRs are better than what you could get out of wind?

Sumant Sinha: I would say not at the time of bidding, but what has worked out historically in solar, because of CapEx reductions, has been that people have ended up with higher IRRs in solar because CapEx has declined, sometimes more steeply than expected. We are seeing a bit of reversal in that right now, as you know, because people have bid very aggressive numbers in recent auctions and prices have actually gone up, you know, given what's happening in China and so on. So it's a little time dependent, but in general, I would say that solar has tended to give higher returns than wind on account of reduction in CapEx over a long-ish period of time.

Speaker #9: I would say not at the time of bidding. But what has worked out historically in solar, because of campus reductions, has been that people have ended up with higher IRRs in solar.

Speaker #9: Because CapEx has declined too, sometimes more steeply than expected. We are seeing a bit of a reversal in that right now, as you know, because people have bid very aggressive numbers in recent auctions.

Speaker #9: And the prices have actually gone up, given what's happening in China and so on. So it's a little time-dependent. But in general, I would say that solar has tended to give higher returns than wind on account of reduction in CapEx over a long-ish period of time.

Speaker #10: Right. So for your projects, if you were to execute it with wind versus solar, you would earn more out of it.

Puneet Gulati: Right. So for your projects, if you were to execute it with wind versus solar, you will earn more out of it?

Speaker #9: If you do it more with solar than with wind, obviously—look, what happens is that we look to optimize our returns on the configuration at all points in time, right?

Sumant Sinha: If you do it more with solar than with wind,

Puneet Gulati: Yeah.

Sumant Sinha: Obviously, look, what happens is that we look to optimize our returns on the configuration at all points in time, right? Now-

Speaker #9: Now, as I said, there are three reasons for shifting away from wind. One is just configuration optimization, because of the new capital costs that are now available in the market for BESS.

Puneet Gulati: Right.

Sumant Sinha: As I said, there are three reasons of shifting away from wind. One is just configuration optimization, because of the new capital costs that are now available in the market for BESS. So that is allowing us to get better returns than what we had assumed at the time we bid. Okay? So that is-

Speaker #9: So that is allowing us to get better returns than what we had assumed at the time we bid. Okay. So that is basically what's happening.

Puneet Gulati: Yeah.

Sumant Sinha: That is basically what's happening. But when you tend to execute wind, the risks are higher, not just on the capital cost side, but, and we've seen cost overruns happening in wind more frequently than we've seen happening in solar because of the execution problems that I was mentioning. And secondly, also, once the asset is up and running, then also sometimes you see that wind performance does not show up as expected, and therefore your returns end up going down. So, so I would say that those are things that you, can't necessarily, or you don't really model for necessarily, but those end up happening in real life. Okay? So the, so-

Speaker #9: But when you tend to execute wind, the risks are higher—not just on the capital cost side, but we've seen cost overruns happening in wind more frequently than we've seen happening in solar.

Speaker #9: Because of execution problems that I was mentioning. And secondly, also, once the asset is up and running, then also sometimes you see that wind performance does not show up as expected.

Speaker #9: And therefore, your returns end up going down. So I would say that those are things that you can't necessarily, or you don't really, model for necessarily.

Speaker #9: But those end up happening in real life. Okay, so it doesn't happen in every case, but on balance, it can happen. And so, therefore, in general, the view is that solar risk-adjusted returns are more steady than wind risk-adjusted returns are.

Puneet Gulati: Understood.

Sumant Sinha: And now it doesn't happen in every case, but on balance, it can happen. And so therefore, in general, the view is that solar and risk-adjusted returns are more steady than wind risk-adjusted returns are.

Puneet Gulati: Understood.

Speaker #9: Understood. And overall capacity—yeah, sorry.

Sumant Sinha: And also the overall capacity.

Puneet Gulati: Yeah, sorry.

Speaker #10: No, I was just saying that if you see the presentation on page 15, and then we have the updated configuration on page 41. So basically, what has happened is, with the fall in BESS prices and the new configuration, essentially our CapEx for the buildout is going down by around $60 billion.

Sumant Sinha: No, I was just saying that if you see it, the presentation on page 15, and then we have the updated configuration on page 41. So basically what has happened is, with the fall in BESS prices and the new configuration, essentially our CapEx for the build-out is going down by around INR 60 billion rupees.

Anunay Shahi: No, I was just saying that if you see it, the presentation on page 15, and then we have the updated configuration on page 41. So basically what has happened is, with the fall in BESS prices and the new configuration, essentially our CapEx for the build-out is going down by around INR 60 billion rupees.

Puneet Gulati: Okay.

Sumant Sinha: Whereas on the other hand, the EBITDA is only declining by around, you know, 65 to 68, 6.5 to 6.8 billion. So effectively, our EBITDA for the under construction portfolio is improving a bit, apart from obviously having greater control of execution and more predictable cash flows. So even from a return perspective... Because of the way BESS prices have trended and solar prices have trended, it's more, it's better for our returns.

Speaker #10: And whereas, on the other hand, the EBITDA is only declining by around 65 to 68, 6.5 to 6.8 billion. So effectively, our EV/EBITDA for the under-construction portfolio is improving a bit.

Anunay Shahi: Whereas on the other hand, the EBITDA is only declining by around, you know, 65 to 68, 6.5 to 6.8 billion. So effectively, our EBITDA for the under construction portfolio is improving a bit, apart from obviously having greater control of execution and more predictable cash flows. So even from a return perspective... Because of the way BESS prices have trended and solar prices have trended, it's more, it's better for our returns.

Speaker #10: Apart from, obviously, having greater control of execution and more predictable cash flows. So, even from a return perspective, because of the way BESS prices have trended and solar prices have trended, it's better for our returns.

Puneet Gulati: Understood. And, secondly, in your overall production or capacity, how much would be under TGNA? And what sort of curtailment would you have faced in the current quarter?

Speaker #9: Understood. And secondly, in your overall production or capacity, how much would be under TGNA? And what sort of curtailment would you have faced in the current quarter?

Speaker #10: In the current quarter, see, the TGNA is—it's not a fixed number. If you just ask for the last quarter, actually, some of our projects actually moved from TGNA to GNA.

Sumant Sinha: In the current quarter? See, the TGNA-

Puneet Gulati: Yeah.

Sumant Sinha: It's not a fixed number. If you just ask for the last quarter, you know, actually-

Puneet Gulati: Yeah.

Sumant Sinha: Some of our projects actually moved from GNA, from TGNA to GNA. So I can't give an exact number, but it's probably in the few hundreds of megawatts now. I think it was maybe close to 1 GW earlier, now it's perhaps down to 400, 500 MW. Because 500 MW or thereabouts moved from TGNA to GNA. But, you know, as we build new projects, it, it depends on the substation that you're connecting into. If that substation has not been properly connected at the back end to various other transmission lines to the rest of the national grid, then the, any, any, any project that connects to the substation faces or gets TGNA. And then whenever those back-end transmission lines get built out, then that TGNA converts to GNA.

Speaker #10: So I can't give an exact number, but it's probably in the few hundreds of megawatts now. I think it was maybe close to a gigawatt earlier.

Speaker #10: Now it's perhaps down to 400, 500 megawatts, because 500 megawatts or thereabouts moved from TGNA to GNA. But as we build new projects, it depends on the substation that you're connecting into.

Speaker #10: If that substation has not been properly connected at the back end to various other transmission lines to the rest of the national grid, then any project that connects to the substation faces or gets TGNA.

Speaker #10: And then, whenever those back-end transmission lines get built out, then that TGNA converts to GNA. So, it could be that a project is on TGNA for a quarter or two quarters.

Sumant Sinha: So it could be that a project is on TGNA for a quarter or two quarters, you know, and it's some part of the new projects that you're building out. So that is the way it's sort of working. There could be 500, 700 MW that are at any given point in time on TGNA.

Speaker #10: And at some part of the new projects that you're building out, so that is the way it's sort of working. There could be 500, 700 megawatts that are at any given point in time on TGNA.

Speaker #10: Okay. And on this TGNA capacity for last quarter, how much would you have faced curtailment?

Puneet Gulati: Okay. On this TGNA capacity for last quarter, how much would we have faced curtailment?

Sumant Sinha: Anunay, do we have those numbers?

Speaker #9: Anunay, do you have those numbers?

Sumant Sinha: Anunay, do we have those numbers?

Speaker #10: Yeah, yeah, yeah. So, Puneet, when we started the last quarter, there was roughly, as Sumant said, close to a gigawatt of capacity on TGNA.

Anunay Shahi: Yeah, yeah, yeah. So, Puneet, you know, when we started the last quarter, there was roughly, as Suman said, close to 1GW of capacity on TGNA.

Speaker #10: Out of which, about 600-odd megawatts moved to permanent GNA. So currently, we are maybe somewhere around 400, or a little below that, which is on TGNA.

Sumant Sinha: Yeah.

Anunay Shahi: Out of which, about 600 odd MW moved to permanent GNA. So currently, we're, we are maybe at somewhere 400 or a bit little below that, which is, which is on TGNA.

Speaker #9: And by the way, when something's on TGNA, it doesn't mean that it's getting fully curtailed. It just means that there is some degree of curtailment.

Sumant Sinha: By the way, when something's on TGNA, it doesn't mean that it's getting fully curtailed. It just means that there is some degree of curtailment, which could be 10%.

Speaker #9: Which could be 10%, 20%, something in that range. And that also depends on—yeah, yeah, yeah—and that also depends on the day and the demand and all of those things.

Puneet Gulati: Understood.

Sumant Sinha: 20%, something, something in that range.

Puneet Gulati: Yeah, so-

Sumant Sinha: And that also depends on-

Puneet Gulati: Get a sense of...

Sumant Sinha: Yeah. And yeah. Yeah, and that also depends, you know, on the day, and the demand and all of those things.

Speaker #10: Got it. Got it. And lastly, you talked about your target leverage ratio at 5.5 for a fully constructed portfolio. You're already at 5.6 for your operational portfolio.

Puneet Gulati: Got it. Got it. And lastly, you know, you talked about your target leverage ratio at 5.5 for fully constructed portfolio. You're already at 5.6 for your operational portfolio. How much more do you want to bring your leverage down to? Is there really a need to bring down leverage? Once your portfolio is constructed, you should automatically be there, or there's a general need to bring down a large leverage?

Speaker #10: How much more do you want to bring your leverage down? Is there really a need to bring down leverage? Once your portfolio is constructed, you should automatically be there, or is there a general need to bring down a large leverage?

Speaker #9: Kailash, one thing I'll clarify. There's one thing I'll clarify, Puneet. Sorry, with Kailash—before you answer—is, Puneet, when we say five and a half X, it is the headline leverage.

Sumant Sinha: Kailash?

Anunay Shahi: So maybe one-

Sumant Sinha: Yeah, I can-

Anunay Shahi: One thing I'll clarify. You know, one, just one thing I'll clarify, Puneet, sorry, with Kailash, before you answer, is, Puneet, what when we say 5.5x is the headline leverage, so whereas right now it's closer to 6.5, 6.6. The intention would be to-

Speaker #9: So, whereas right now it's closer to six and a half, 6.6, the intention would be to bring it down to that level over time.

Puneet Gulati: Okay.

Anunay Shahi: bring it down to that level over time. But yeah, Kailash, please.

Speaker #9: But yeah, Kailash, please. Yeah. I think, Puneet, obviously, that's one clarification. And the other thing is that overall, the feedback that we have received—and we also believe strongly in this—is that we need to have more accruals coming to shareholders than to debt providers.

Kailash Vaswani: Yeah, I think, Puneet, you know, obviously, that's one clarification. And the other thing is that, you know, overall, you know, feedback that we have received, and, you know, we also believe strongly in that, is that, you know, we need to have more, accruals, you know, coming to shareholders, than to debt providers. And in that context, obviously, you know, bringing down leverage is the easiest way to do that, because, you know, I think cost reduction, you know, we have managed to achieve as much, as we can. But I think it's just the headline, debt number, which, takes out, the free cash flows to the firm. That's so the reason why we would like to bring it down.

Speaker #9: And in that context, obviously, bringing down leverage is the easy way to do that. Because I think cost reduction—we have managed to achieve as much as we can.

Speaker #9: But I think it's just the headline debt number, which takes out the free cash flows to the firm. That's the reason why we would like to bring it down.

Speaker #10: Understood. 6.7 going down to five and a half is what one should think about. Any target date in mind, or year in mind?

Puneet Gulati: Understood. 6.7 going down to 5.5 is what one should think about. Any target date in mind or year in mind?

Speaker #9: No, so I would say that, based on whatever number crunching we've done, I think between 2028 to 2030 timeline, we'll be able to achieve this.

Kailash Vaswani: No, so I would say that, you know, basis, you know, whatever number financing that we've done, I think by between 28 to 30 timeline, we'll be able to achieve this.

Speaker #10: Okay, great. That's all from my side. Thank you so much, and all the best.

Puneet Gulati: Okay. Great. That's helpful, myself. Thank you so much, and all the best.

Speaker #9: Thanks.

Kailash Vaswani: Thanks.

Operator: That does conclude our Q&A session and our conference for today. Thank you for participating, and you may now disconnect.

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