Thank you. Good morning, everyone.

I would like to congratulate the management on very good set of numbers on behalf of Share India Securities. I welcome you all for Q4 FY '26 earnings conference call of KPI Green Energy.

We are pleased to have with us the management team represented by Mr. Sohil Dabhoya, the Whole-Time Director, Dr.

Alok Das, Group CEO, Mr. Salim Yahoo, Chief Financial Officer of the company.

We will have the opening remarks from the management, followed by question-and-answer session. Thank you, and over to you, Vinod.

Okay. Thank you.

Good morning, everyone. Myself Vinod Jain, Head - Investor Relations.

On behalf of management team, I would like to extend a very warm welcome to all our investors, shareholders, and other participants for today's earning call for quarter four and FY 25-26 for KPI Green Energy. Joining us on the call are Whole-Time Director, Group CEO, and CFO, who have already been introduced.

They will take us through the financial and the operational performance for the quarter and year. Let me tell you that financial year 25-26 has been another strong and excellent year for the company, with robust operational and financial performance.

As committed, during the year, we reported strong growth on top line, EBITDA, PAT, and cash profit, which will be detailed by our CFO, Mr. Salim Yahoo.

During the year, we secured several strategic project wins across solar, wind, BESS, emerging segment like floating solar, and the power trading license from the CERC, while continuing to strengthen our long-term IPP portfolio and power evacuation infrastructure. At KPI Green, we remain committed to building an integrated renewable energy platform with strong execution capability, technology-led operation, and long-term value creation for all the stakeholders.

Now I would like to hand over the call to Mr. Salim Yahoo for the financial and operational overview.

Thank you and over to Mr. Salim Yahoo.

Good morning, everyone. On behalf of KPI Green Energy Limited, I extend a warm welcome to all our investors, analysts, shareholders, and participants joining us today for the earnings conference call for the quarter and financial year ended March 31st, 2026.

I hope all of you have had the opportunity to go through our audited financial results and the investor presentation uploaded on the stock exchange. FY 25-26 has been another landmark year for KPI Green Energy Limited.

The company has delivered strong growth across all key financial and operational parameters, supported by continued execution strength, a diversified renewable portfolio, and a clear focus on building long-term sustainable value. Our journey over the past 5 years reflects the strength and scalability of our business model.

During this period, our compounded growth has been remarkable, with 92% CAGR in sales and 104% CAGR in profit. This demonstrates that KPI Green is well aligned with India's renewable energy requirement and is consistently creating sustainable value for shareholders.

Over the last 3 years, we have built not just projects, but strong momentum. Our total assets have grown more than double every year, rising from ₹2,436 crore in FY '24 to ₹4,792 crore in FY '25, and further reaching ₹9,882 crore this year in FY '26.

This growth reflects our disciplined investment in renewable assets, land evacuation infrastructure, and execution capabilities. Moving to the financial performance, for FY '26, our total income stood at ₹2,742 crore as compared to ₹1,755 crore in FY '25, registering a strong growth of 56% year-on-year.

Earning before interest, tax, and depreciation increased to ₹1,006 crore as compared to ₹581 crore in FY '25, reflecting growth of 73%. Profit after tax stood at ₹509 crore as compared to ₹325 crore in FY '25, registering growth of 57% Y-o-Y.

For quarter four FY '26, total income stood at ₹810 crore, earning before interest, tax, and depreciation stood at ₹305 crore, and PAT stood at ₹155 crore. This reflects strong momentum in the closing quarter of the year and demonstrate our ability to execute at scale while maintaining profitability.

Our balance sheet has also strengthened significantly. Net worth increased to ₹3,273 crore in FY '26 from ₹2,630 crore in FY '25, while fixed assets grew to ₹5,427 crore, reflecting our continued investment in renewable energy assets and future growth capacity.

Cash flow from operating activities improved to ₹424 crore in FY '26 compared to ₹208 crore in FY '25. Moving on to operational and portfolios.

On the operational front, KPI Green continued to scale its renewable portfolio across both IPP and CPP segment. As on March 31, 2026, our installed capacity stood at over 1.62 gigawatt, with work-in-progress capacity of over 4.64 gigawatt.

Our installed plus upcoming portfolio has reached approximately 6.26 gigawatt, comprising 2.57 gigawatt under IPP segment and 3.69 gigawatt under CPP segment. Our expanding IPP portfolio is expected to generate more than 390 crore units annually, strengthening the company's recurring revenue base and improving long-term visibility of earnings.

With long-tenor PPAs, strong execution capabilities, and integrated project development expertise, we are building a platform that combines growth with predictable cash flows. During the year, we secured several important project wins across solar, wind, floating solar, green hydrogen, and battery energy storage.

This includes 150 megawatt wind project with GUVNL, 445/890 megawatt-hours standalone BESS project, again 120 megawatt/240 megawatt-hours standalone BESS project, 142 megawatt floating solar project, 250 megawatt solar project from SJVN, 1.13 gigawatt solar balance of plant project from Adani Group, and 300 megawatt wind project from SJVN. Sustainable financial milestones that we have achieved, one of the defining milestone for us was the successful listing of India's first externally credit-enhanced green bond.

This was ₹670 crore, 5-year instrument carrying 8.50% coupon rate, with quarterly amortization backed by a 65% partial guarantee from GuarantCo, which is an international private infrastructure development group. The instrument was rated AA+ (CE) by CRISIL and ICRA.

This innovative structure broadened our investor base among long-tenor domestic institutions and set a new benchmark for sustainable finance in India. More importantly, it reinforces the market confidence in KPI Green's business model, governance standards, and renewable growth platform.

We are pleased to highlight that KPI Green has received both inter-state trading license from CERC and intra-state trading license from GERC. This enables us to participate in pan-India power market exchange and bilateral contracts, thereby creating wider market access, better realization opportunities, and enhanced portfolio flexibility.

Looking ahead, our focus remains on strengthening the IPP portfolio, expanding the CPP businesses, and building capabilities in future growth segments such as battery energy storage system, green hydrogen, floating solar, offshore wind, pumped storage, and energy trading. Our strategy is to build an integrated renewable energy platform with strong execution capabilities, predictable annuity revenue, and long-term value creation for all the stakeholders.

As India accelerates its renewable energy transition, KPI Green is well positioned to contribute meaningfully through scale, execution, innovation, and disciplined financial management. We remain committed to timely execution, strong governance, sustainable growth, and consistent value creation for all our stakeholders.

I thank you for all the support that has been provided by all our stakeholders. With this, I would like to thank all our shareholders also, lenders, customers, employees, partners, regulators for their continued trust and support.

I now request the moderator to open the floor for questions and answers.

Hi, team. Am I audible?

Hi, am I audible now?

Yes. Congratulations for the great set of numbers.

My question was towards one of our subsidiaries, Sun Drops Energia. We are also a stakeholder in that company, wanted to get some idea on the H2 numbers and Q4 numbers, and also what is the status of the DRHP filing and the eventual listing?

Thank you, Aditya, for the compliment. Speaking about Sun Drops, which is a subsidiary of KPI at present, and the top line of Sun Drops this year was ₹586 crore, which was a substantial growth, with a PBT of ₹130 crore and a PAT of ₹97 crore.

With respect to the IPO of Sun Drops, we are going to do all the battery energy storage system, that is the BESS, which is an upcoming segment. That segment has been dedicated to Sun Drops.

Sun Drops will be coming up shortly with filing of DRHP for the IPO with the object of battery energy storage system along with the battery energy manufacturing also is in line with us. Shortly you will see the interaction in this particular company more, and growth also is there.

On the top line, as you have seen, this year we have grown again substantially. Next year also, we have a substantial target of growing this company going forward.

Understood. I think I missed the part where I think you didn't mention the timeline for listing.

This year. This year we have, as we told, no?

This year, this financial year, we'll be doing the listing for Sun Drops.

Understood. Okay.

Thank you.

Hi. My question is about overall IPP strategy.

FY '26, you saw revenue growth of almost 56% and profit growth of 57%, but the EPS has grown only 49% and the stock has derated. Now our interest cost is up almost 130% to ₹182 crore against the IPP contribution, which is only 9%.

You have almost 1.6 gigawatt of IP energies over FY '27 and '28 that will come up. What will be the peak interest burden that the P&L will absorb?

At what point of time do you expect this IPP PAT to cross the interest plus the depreciation and the dilution drag? The question is largely that when does this transition become EPS accretive rather than EPS dilutive on a per-share basis?

Yeah. Thank you, Shrenik.

I think if I summarize your question, you want to understand when is the break-even going to happen and when we'll see the positive impact on the financials from the IPP segment, right?

Also the peak interest burden what we'll have.

Yes, yes. See, first of all, let me just explain you the interest cost, why it has increased.

If you see last year, last year we had, done an QIP because of which, we have repaid some of portion of our long-term loans and short-term loans, because of which the interest cost in the last year was seen very less compared to this year. This year, we have added more capacity.

We have taken we have started 250 megawatt, 370 megawatt, and then also Khavda 240 megawatt. IPP is a segment which, we it's a capex burden, automatically the interest cost has increased this year.

Now the peak interest cost approximately would be at around ₹300-odd crore. If you see the initial phase, when you see the business when it starts, the IPP segment comes in a phase-wise manner.

If you first see that, out of this 1 gigawatt, you'll find 250, then 3 another 250s coming up over a period of time. The revenue will start coming.

FY 27-28 is where we will see the full year operation of this IPP what we have taken in hand, and then you'll see the, within that stability period will also go. You'll find that majority of the things, whereas a break-even of any IPP project would be around 6 to 7 years.

You'll see a strong cash flow coming from FY 27-28 in the IPP segment.

Okay. We can expect that the ROE of the company will continue to decline even until FY '28?

Not decline. See, again, I am telling you, we are doing it in a phase-wise manner.

If you have the PPA that we have signed with the government institutions like GUVNL, there we have a clause that we can set up the plants in the batches of 25 megawatt, 50 megawatt. The revenue also start coming up.

What happens is that it also reduces my interest cost. Automatically, it's fine that it will not be that much burden in the construction phase also because while constructing the other portion of the plant, some portion will automatically start generating revenue.

Though maybe the COD of that will be in the end of September '27, but before that, 50%, 60% of the plant is already started generating revenue. You'll see a mixed impact on the financial where you will not see too much of impact of interest or too much of impact of other cost.

At the same time, there will be also revenue which will come up. Yes, the exact impact will come only in '27-'28 when the entire plant is done, and we start seeing the revenue flowing in.

Yeah. That is probably the reason why the stock has been underperforming.

Your ROCE has been dropping almost from 18%-19% to around 13%-14%, and probably from what you're explaining, it may further drop in the next 1 or 2 years before it starts to climb up.

Not 1 or 2 years. I think most probably this year we will curtail the drop this year itself, and next year we'll see again ROE coming back to the earlier level.

That is what we are targeting.

Okay. All right, thank you.

Thank you.

Hi. My question is on this evacuation.

In FY '24, the evacuation was 1.6 gigawatt, and in FY '25, it increased to approximately 3.26 gigawatt, which is 100% increase Y-o-Y. This year, the evacuation has only increased to 3.56, which is 10% of the previous year's.

What is the reason which we are seeing that only very less increase in the Y-o-Y evacuation overall?

Ayush, your question we are not able to understand exactly. What you are looking at, in FY '25, it was you are saying 3.9 gigawatt, right, as per the presentation?

3.26. FY '25, it was 3.26.

You can just open the presentation of the last year, same quarter.

Only evacuation portfolio you're talking about, right? Yes.

Evacuation. This year, it is has increased to 3.59%.

Yes, yes.

3.59 gigawatt, which is 10%.

Yeah. See, evacuation, there is a process of evacuation getting approval or getting the evacuation in your kitty.

The process is that you have to apply, you have to check wherever there is an evacuation, and then So, we have applied multiple. Maybe this year you have not seen too much of evacuation, but there are multiple evacuations which have been applied, and we have applied in different companies also because we have multiple other companies.

We apply it in individual companies where we can set up the project and later on transfer that evacuation to KPI. Rest be assured that evacuation is substantial at our end.

We have also applied, you'll find the growth in evacuation. Evacuation is not a bottleneck for our growth.

We have already been growing because of these two factors, land bank and power evacuation, and this will be the growth runners for our business going forward also.

Okay. My next question is on the Botswana project.

Have we started the project work there? Have we done the ground breaking there?

What is the timeline for it? Ayush, your voice is cracking.

Am I audible now?

Hello, am I audible now?

Hi. Thanks for taking my question.

Salim, sir, congratulations to you and your team for a good set of numbers. Sir,

couple of

housekeeping questions. What is our current CPP order book in terms of rupees crores?

Yeah. That is only question?

Current CPP order book, if you see, we have approximately ₹5,246 crore of order book on the CPP side.

Perfect. Secondly, sir, we've seen substantial increase in inventory, about a 4x increase in inventory and 2x increase in inventory days.

What's the strategy there?

If you see what is the inventory in our balance sheet is approximately 1,000-plus, right, crore?

Right, ₹1,400-odd crore.

Yes, ₹1,400-odd crore. If you look at the order book that I told you, ₹5,246 crore, right?

Right.

Hello? If you see

Yes, sir.

The inventory that I'm holding is only 40% of 30% to 40%. I have to keep on building up the inventory so I can execute the orders in a timely manner.

That's the reason if you see, we have stocked inventory because we have huge order which has lined up and we have to execute them in the upcoming quarters.

Perfect, sir.

I think it's reasonable, 30% to 40% inventory is a reasonable thing. Sure, sure,

sure. Sir, if I may just squeeze in one last question, and then I will join back in the queue.

If you can give us an update on the Botswana project, that would be helpful.

Yeah. We have already set up company in Botswana.

That Botswana company will be a subsidiary of a company which will be in GIFT City, which will be 100% subsidiary of KPI. We have done all the groundwork for setting up the company.

All the approvals have been taken place so that we can infuse funds from as per the overseas direct investment policies under FEMA. All those procedures has been done.

We have set up a team over there. We have taken offices over there, and we are shortly be signing the PPAs in Botswana or in the neighboring countries so that we can start working on our first commitment of 500 megawatt by end of December '27.

That is there already in process.

Okay. Thank you, sir.

I'll join back the queue.

Hi, sir. My question is regarding the growth outlook of the company.

What is the expected growth in revenue and PAT you are expecting in percentage basis previous financial year?

Ankit, our honorable CMD sir, Dr. Faruk Patel, has for various public domain or on the televisions have given the commitment that we are binded to grow at a rate of 40% to 50% year-on-year.

We'll try to maintain that growth structure. As far as the profitability is concerned, we'll try to maintain on the profitability.

Our profitability is very strong and we'll try to maintain that profitability by figuring out how the mix of IPP and the CPP will help us to maintain that profitability.

Sir. Thank you so much.

Hi, sir. Thank you for taking my question.

Sir, my first question is on grid stabilization

You're able to hear me now?

Yeah. My first question is on grid stabilization charges, which have been imposed in many states.

What is the impact on the CPP segment for KPI?

Can you just elaborate your question? We are not able to understand what are the charges.

Yeah.

There are grid stabilization charges which have been imposed in Maharashtra. We have heard from multiple sources that this is the add-on to the bills that everyone is getting in the rooftop solar and in the CPP also.

I just asking that does it have any impact on the CPP segment for KPI?

Dr. Alok speaking.

Basically, grid stabilization charges Maharashtra policy newly introduced, and actually we are not doing any project in the rooftop particularly. We are exploring some new policy declared about BESS compatible of 50% mandatory.

Under that, the policy declared recently. We, as a KPI, are evaluating the project feasibility in the state of Maharashtra, and when it is all these things are calculated, we will be try to see that what kind of charges they're giving.

Grid stabilization charges, we are just evaluating how it is impacting to our project feasibility. As on today, we are not sure how much it will be impacted for CPP sectors as

because in the Maharashtra, there's a huge captive charges. We are sure it can stabilize somewhere else.

We need to see in detail evaluation for that. Sir,

these charges have not been applied in Gujarat and other states? No,

grid stabilization charges in Gujarat is not there. We are not finding this thing there in other states also.

This policy recently declared, probably we have to see that how it is impacting back.

Okay. Sir, my next question is on land bank.

What is the percentage that we own and what is the leased? What is the percentage of that breakup?

See, approximately 800 to 1,000 acres is out of 7,210 acres which was shown in the presentation. 800 to 1,000 acre is something which is owned by us,

and

the rest all is 26 to 27 years kind of a lease agreement with the farmers or the private party.

Okay. Sir.

My next question is CPP addition, we have done around 210 megawatts this year. If we see, even last year we did 165-odd megawatts.

How do we plan to scale up this because we have a huge capital work in progress. What is the addition for this year what we are aiming at?

You're talking about the CPP, right,

or the CPP. This year, I guess we had added 210 megawatts as per your presentation.

How do we scale up such a huge order book which is pending actually? This year, what is the target?

Yeah. See,

if you see in the CPP segment, we do billing on milestone basis, whereas the addition of the capacity is shown in the presentation only when we complete the entire project. Comparing apple to apple will not be right thing over here.

We do the business. Sometime you might see that in some quarter we might add up a huge capacity because we have just completed that project, which was being carried on for almost a year.

There will always be addition like that. Rest be assured, we have strong execution capability and a strong order book in this particular year also.

How much for this year, how much we are planning at like to execute? What is the yearly target that we have from here on?

See, yearly target, as I told in the previous question, we are committing to grow at 40% to 50% year-on-year. This year also, you will see inshallah the same.

Even on CPP side? Yes,

yes. It will be on the both sides.

Around 500 megawatts can we expect, sir, this year?

See, commitment on the capacity cannot be given, but on the top line, on the revenue side, we can tell you 40% to 50% because capacity, as I told you, depends upon the completion of the entire project, then only we add the capacity.

Sure. Sir, my last question is on the IPP.

The Khavda project got last year, I guess, in 2025. From when did we start the billing, and how much revenue did we miss actually on this?

See, we have already started the billing in the Khavda project. The revenue or the billing got delayed.

The plant was ready, everything was ready, but the GSS, the government substation, which was in the scope of the GSECL, they were not able to complete. That's the reason the revenue got a little bit delayed.

With that delay, they have already agreed for extending the PPA terms. Whenever they complete it, the PPA terms of 25 years start post that only.

Okay. Our return on capital employed gets impacted so badly, right, because of this?

Because of 1-year postponement

See, not a 1-year postponement.

There

is, I think 6 to 7 months postponement which has happened. After that also, they are agreeing.

For example, if they have completed a portion of it, they are allocating that, okay, fine. Out of the 240, if they have completed 120, I can infuse 120 megawatt of power to them and they will pay for that.

In piecemeal also, they are accommodating us. I think and also at the end, they are increasing the tenure of the PPA.

I don't think there is a too much impact.

Okay. Now the whole project, the revenue has started?

It's almost started. Some portion of the capacity of GSECL government substation is still pending.

They will complete by, I think, in this quarter and they will complete it, and post that, the entire revenue will start immediately. At present, we are getting partial revenue whatever is completed.

Okay. Sir, thank you so much, sir.

Thank you so much for answering all the questions. Thank you, sir.

Thank you.

Hello, sir. Am I audible?

Yes, yes. You are audible.

Yes, sir. My first question is, sir, on this increase in the prices of the inputs that we procure, which is solar module, steel, and copper.

How we are planning to protect our EPC margins because of this input cost pressure?

When you talk about the input cost, the major input cost are the panels, turbine, right, which are almost 60% to 70% of the entire project cost wherever we have with material contracts. Okay?

In these input costs, we already, if you see, why we have built up the stock to hedge this pricing also. That is the reason if you see, we have given advances to our turbine manufacturers, we have given advances to our panel manufacturers, we have taken stock on our books so that we can curtail or we can safeguard ourselves from the increasing price or the input cost.

That's the reason we are able to maintain our profitability margin also.

Okay. My second question is, sir, on this promoter pledge.

Could you help us understand that what is the road map or timeline to bring this pledge down?

In the last call also, quarter call, we have stated that. We already have sanction from State Bank of India where around 50% of the promoter share are pledged.

Long back before IPO, these shares were pledged to give a collateral security for upcoming project. Now SBI has already sanctioned and given us in the current sanction of ₹3,000 crore which they have given for 250, 370 megawatt, they have given the approval for release of pledge once we complete the COD of this project.

Within 3 months after that, I think by March '27, all the pledge will be released by the bank.

Sir. My last question is, sir, on the guidance part.

Last year,

we are speaking about 50% to 60%, but now we are speaking about 40% to 50%. Could you help us understand why there is a decrease?

Sir,

your voice is cracking. Can you repeat the question?

Yes. I was asking that earlier we were speaking about 50% to 60% growth guidance.

Now we are speaking about 40% to 50%. Could you help us understand why this decrease?

I don't see any decrease. 50% to 60% is there and 40% to 50%.

So, 50% is a common in both the place. If you look at all other companies, I don't think any other companies in the similar segment or any other segment are showing a year-on-year 40% to 50% growth.

In spite of this conditions, we have shown that growth. In spite of the geopolitical conditions, in spite of the slowdown in the economy, we have been able to grow.

I think we should appreciate that in spite of this, we have been able to maintain in and give and fulfill the commitment that we have given.

Sir. Okay.

Thanks and all the best for future.

Thank you very much.

Hi, thank you for the opportunity. I hope I'm audible.

Gentlemen, I have few questions on the broader industry-level developments which we have been reading and noticing in the last few months. My first question is on probably now only SECI is the only REIA.

I wanted to get your opinion on how this will shape up the RE sector going forward. Now we saw significant tendering in '22, '23, probably '24 also.

Then, there was some slowdown. How are you looking at this decision taken by the leadership of converging four into one REIA?

This is your first question?

That's the first question.

Okay. Let me answer one by one.

Thing is like this. You are telling about RE scenario today.

Today, you see that what growth is coming in India. Today, there is a power demand is about 6% to 7% CAGR.

Today, if you see that non-fossil fuel is a penetration idea of Government of India, they have directed about 500 gigawatt is to be installed, and out of 500 gigawatt, 220 gigawatt only for the solar lead, and total that capacity happened about 280 gigawatt non-fossil fuel. Now, there is a 54% the penetration's are there as on today.

There is a target to complete that 500 megawatt about 45 to 50 gigawatt per year. Last year, if you see that last year solar and wind combination close to 50 gigawatt installed.

Now, question is to looking into the peak demand and making the CAGR and market growth is about the 40 to 50 gigawatt per year is a value addition. There are two, three things are coming.

SECI, they are coming with the bidding process for the remaining, that how to fulfill for that. To support to that bidding, whatever the IPP sectors, they are having your all sort of the resources, land and peak connectivity.

All the bidders are quite equipped to submit that quotations and etc. Yet each state also, they are coming for the bidding process.

Obviously, that growth trajectory remains same. Because of the new technology like BESS compatibility, green hydrogen, and floating solar is also coming.

Some of the state like declared as a new the RE destination like Odisha, they are declared as a RE destination. Obviously, to go to that milestone 2030 and beyond, to that 2030, like green hydrogen policy, that has been declared the free transmission charges up to 2035.

Looking into this concept, we are pretty confident. Market is wide, big, and all stakeholders are ready to fulfill to that the directives given by Government of India.

Yes.

Understood, sir. If you can just add on to the impact of just one REIA.

Will it lead to more clearer policy structure, more clearer tendering process going ahead, and clearer connectivity challenges getting sorted out because of only one REIA, SECI? Will it lead to that or what is your opinion on that, sir?

See, the single REIA has given a clear-cut directive for tendering process and all, that SECI is the single-point body today. They have been given clear-cut that instructions that SECI would be the single-point hub.

Now, last for MNRE meeting, it has been very clearly told, so that directive is very clear to fulfill that, that SECI would be taking the leading role for that. I think that they are now quite equipped and they are making all sort of necessary structure, that how to implement to that implementing the agencies in SECI, and Personally, I was there in the meeting.

Obviously, we are very confident this is the only agency who can take forward.

Understood. Understood.

My second question is on the reports which we keep reading about, and not just news sources, even CERC writes about it, about the curtailment of renewable energy during the peak hours. Probably there's a significant number both in solar and wind.

I know this is beyond our control because this is probably largely a transmission issue, but I just wanted to get your understanding, what is the clarity we are getting from the TRANSCOs on getting this issue sorted out? Because if this continues, probably RE addition will also get hampered in my limited understanding if you can throw some light there, the transmission issues which we are facing because of curtailment is happening.

Yes, over to you. Yeah.

Now if you basically curtailment issues is a much-discussed topic today in the centrally. Now, they are taking that how to address that curtailment, and at the same time, if that curtailment happened, how to mitigate to that risk of that curtailment.

This is a discussion topic today. Now, they are taking how to create a green corridor for the proper power evacuation, proper load flow study, so that whatever the power evacuation is coming, that can be given and properly that utilized by the load dispatcher center to each zone, like in WRPC, that NLDC and other things.

It is under the discussion. Mostly topic is coming to three predominant state where the curtailment has been found, and how to address during peak time of generation both predominant two sources of the solar and wind.

Now, it is in the discussion, how that PGCIL already come with the tendering that how to create a early kind of power evacuation to address to that curtailment issues. It is being discussed all the TRANSCO and distribution company, not only central CERC, all sort of ERC also there in the participant.

This is a coming time probably some solution will come, how fast that project can come. Today, most of the CTU projects, they are coming 2028, 2029, 2030.

That kind of that augmentations of power evacuation systems are just a way to create a all sort of facilities to address that curtailment issue. That is a dynamic situation.

It will be going like that only.

Understood, sir. As of now, there's no deadline for the solution of all this.

These all are under discussion and probably will fructify in coming quarters, in coming months. Correct, sir?

Yes, yes. That's a dynamic situation.

Not as a concrete decision has come from CERC level, or some of the verdict has come from CERC level what kind of process we should follow. Yeah.

Got it. Got it.

I have few more questions. We'll try to get an opportunity again.

Thank you.

Thank you.

Good morning, sir, and congratulations on a very good set of numbers.

Thank you, Monesh.

My question is that what will be the portfolio addition in the IPP segment in the coming first 6 months of the year? With the increase in the portfolio of IPP, can we expect any increase in margins?

Monish, IPP portfolio, if you see that we have already won a couple of tenders out of which this 250, 370 is already partially fully energized, and remaining is getting energized. Over and above that, we have already got financial closure as well as disbursement and working on 150 megawatt wind, which is again in KPI.

Other than that, there is an SJVN also, which we have yet not signed the PPA. It is expected to come.

The IPP portfolio is expected to increase. As the IPP segment gives you a very strong EBITDA.

It's around 85% to 90% of EBITDA. Automatically, once the IPP portfolio capacity increases in this overall revenue segment, it will improve the profitability as we go forward.

Got it, sir. My second question is that with the EPC segment also likely to grow, will the margins stay there or will the overall EBIT margin of the entire portfolio is going to raise?

See, as we grow the EPC segment, you are right that the combination has to be seen that how much EPC segment increases, how much IPP segment increases. That combination we always try to see that our margins are maintained or they are improved.

We'll always keep in mind that our IPP portfolio increased to an extent where it will improve our margin or it will keep the margin stable because the EPC is also growing substantially, as you are aware that we have already have ₹5,000 crore of order book in EPC segment also. The more the EPC segment, the margin will get a little bit strained.

We are increasing the IPP segment also to that extent so that we are able to maintain this healthy margin what we are earning right now.

Sir. That would be from my side.

Thank you. Thanks a lot.

All the best.

Hello.

Hi to all the team members and management. Congratulation on a strong and very superb numbers.

Thank you, Falguni.

My question is regarding cash flow. As the company continues scaling rapidly, okay, how should investors look at operating cash flows generation and working capital?

See,

as we are growing, the working capital requirement is more on the EPC's business. We have strong EPC business, so that's why if you see, my working capital has also increased substantially, which has increased our interest cost also.

At the same time, we are able to maintain healthy cash flow. With the increase in the working capital, our cash flows are not strained.

If you see that we have grown almost 100% on the cash flow last year, which were around 200 has almost crossed 100%, and as we have crossed ₹400 crore on the cash flow side. We are very cautious, and we see to it that we have a proper mix between the working capital that we are utilizing and the revenue that we are clocking with that working capital so that our operating cash flows are always positive.

At the same time, we have capex and everything. We keep in mind that our operating cash flows are positive and the capex comes from our long-term investments only.

That's why we have been able to give a good numbers analysis.

All right. Understood.

Thank you so much for the great clarification.

Thank you very much.

Yeah. Just wanted to know that as you previously mentioned that the Botswana project will be funded by some step-down subsidiary for KPI, which will be a kind of new entity.

Just wanted to understand that what would be the equity mix? Would that be just like Sun Drops Energia, where the 50% holding will be with the KPI and rest of will be exposed privately?

How that will be done? Just wanted to have sense on that.

As I said in my earlier answer also, the Botswana company will be a step-down subsidiary of KPI. As per the ODI rules of FEMA, four times of the net worth of the parent company can be invested into the international or step-down subsidiary.

We are leveraging on the net worth of KPI also because ultimately, it will be a step-down subsidiary, the consolidation will happen at KPI level. We will leverage on KPI's strong net worth, which is going to go strong rather, and then start working on that equity portion, how we'll get in the equity.

We have other options like InvIT and everything, which we might think at that time. At present, the first commitment of 500 megawatt, we are very comfortable with the existing net worth of KPI, which a portion can be invested for the equity portion.

Rest all, we already have in-principle approvals from various international funds for investing into Botswana project.

Okay. Thank you.

Hi, thanks for the follow-up. Sir, just one clarification on the CPP order book.

You mentioned it's ₹5,246 crore. At the end of the last quarter, if I remember correctly, in the concall, we had mentioned that we have an order book of about ₹6,000 crore.

This quarter, we have an execution of about ₹700-plus crore, and further addition of about 1 gigawatt as I can see from the presentation. I was under the impression that order book in CPP would be well above ₹10,000 crore if you can just help me understand what's my disconnect?

If you see, I'll give you an exact calculations out of the total capacity in the order book. Out of this ₹5,426 crore, 1,500 is already executed.

There is another 3,679 which is there. I'm only counting about the bigger order book.

There are a lot of small, small orders also. If you see, we have added one bigger one like we had Aditya Birla, we had Adani Green, we have multiple orders in Sun Drops also.

CPP order book what we are showing is the total new order book plus whatever is left from the previous order book that was pending till now. In the small order, we have multiple small orders in Sun Drops, which we have not factored in over there.

Yeah.

Got it. Sir, I just want to understand if we are confident, see, I think in FY '27, given the current order book, we will do a 40%-50% growth.

Post-FY '27, especially in '28, '29 on a higher base, do you think we can still continue to grow at 30%-40% on the CPP side?

Yes, because if you see, there is a huge market, and as we are seeing that the way the world is moving towards renewable energy, we have substantial order book, lot of tenders are coming. As Dr.

Alok had also specified, we had discussion with stakeholders, government stakeholders. We are sure that we will be able to contribute 30 to 40% to 50% growth year-on-year with the existing order book and with the new order book that we'll be taking over in this year and the next year.

Yeah. The addition to that, there are so many tenders are happened and by what Salim was telling, we have just got order from Adani and other things.

Similar, there are so many IPP customer, they need some sort of partner for their execution partner, whereby we are also tapping some of the new funnel for such type of activities. Obviously, there is a profile where we can really stick into our target and other thing.

There are more than 20, 30 gigawatt projects are to be scheduled to be commissioned for next 2 years.

Sure, sir. Thanks, this

was

very helpful.

Hi, sir. Am I audible?

Yes, Karthik, you're audible.

Hi, sir. Thanks for taking the question and congratulations on a great set of numbers.

I just have one question on each of your segment, IPP and CPP. We have a 1.61 approximately WIP in the IPP segment.

Can you give us some CODs for the work in progress?

See, I'll give you the CODs for the working progress. Like 250 megawatt, we have October '26.

Another 370 megawatt, we have again October '26. The new 150 megawatt, we have November '27.

There is another 300 megawatt SJVN, which we cannot give the COD because the PPA is yet to be signed. Once you sign the PPA, you get approximately 2 24 months, 18 to 24 months for signing that.

Yeah.

Got it. Sir.

Thank you. On the CPP side, from the previous participant, just continuing on that, can you just give us some highlights on as to what realizations do we get on our EPC business?

EPC business, if you see, EBITDA on EPC business is approximately 16% to 18%, sometimes goes depending upon the kind of a project. The project if there is with material, it might have a different margin.

If it is only balance of plant or it's only EPC business without material, then it is a different margin. Combined, you can see that on the EPC side, we get around 16% to 18% margin.

On the IPP side, we have around 85%-odd percent margin. Combined EBITDA of the company comes at around 33%

to 36%. Understood, sir.

I understand that is the margins, but I wanted to understand the realizations. For example, let's say your order book is around like you said ₹5,246 crore.

How do we convert that into megawatt or gigawatt? What is the number or conversion ratio that you use?

If I look at this 5,246, in a broader sense, it might go up to 2.7 gigawatt. There are orders which are with material, but if I calculate the amount of each order with the capacity will not tie up because some projects are with material, some are without material, that's why.

But 2.7 gigawatt is something that you can round about the size of the orders that we have on the EPC side.

Okay. This 2.7 is including the module procurement and the turbine procurement?

That's why 2.7 is the size of the order. In some orders, module might not be part of it.

In some orders, it might be part of it.

Is there a breakup for that, how much is with and without?

No, we cannot give that breakup in the public domain because it's our business trade. That everyone will come to know what is our pricing and everything, right?

Understood, sir. Fair point.

Okay. Thank you, sir.

Thank you.

Hello. Am I audible, sir?

Yes, Disha, you're audible.

Yes. Thank you so much for this opportunity and congratulations for a good set of numbers.

Firstly, sir, on the BESS segment side, I just wanted to know what sort of growth do you see in that segment, and what are the EBITDA margins that we see in these projects?

Battery energy storage system, I'll just give you a brief. This is one upcoming segment.

The reason is that majority of the solar power, there's a issue of FDRE on the renewable energy power. Battery will bring that peak dispatch renewable energy kind of a system, which most of the government institution or the discom want.

Margins depend upon different, because there at present, there are the viability gap funding and everything. The government is supporting this battery energy storage system.

I think the margin will be something because a lot of projects will be on the rental where you have to provide the rental services of setting up the battery system and providing the power. Margin will not be as lucrative as an IPP or something, but it will be at a decent range.

Depends upon the pricing at which you win the tender. Exact margin cannot be stated, but I would request Dr.

Alok also to give a little bit on the scenario how the battery energy storage system segment is shaping up in coming.

You see, basically why this battery energy storage system are being, most of the states are considered. Because of disciplined in power, because mostly that renewable energy today mostly dominated by wind and solar.

Wind is coming on the day little not in consistent, but nighttime it is more. Solar, they are coming in the daytime, and at night, there is nothing.

Just to maintain the discipline based on the demand of the state distribution company, there is a concept that's come storage. Now that storage come to the battery energy storage, where daytime they can give the surplus power day and night, they can store in the battery, and when the state distribution company require the power, so that is to be discharged.

That is the concept that's coming the battery energy storage. If that battery energy storage is coming just a part of the system, then there's a good discipline would be coming, and that market today is coming enormous.

There is all states, be it Rajasthan, Maharashtra has declared the policy, Gujarat has declared the policy. That target in gigawatt scale.

If you take the gigawatt-scale battery, so that is what the market is coming, and what rate it should depend on the demand curve, all the distribution curve, when it is TOD slot, time of the day tariff slots, they will define the tariff by which the battery will discharge. It is a very, very primitive stage, very, very nascent stage, how the whole system would be working.

This is what we can get what tariff would be coming, but market is because today there is a mandatory that BESS should be a part of the system. Otherwise, renewable energy cannot be compatible with the grid management system.

That is a mandatory requirement for the battery storage.

Right. What is the current order book that we have for the BESS?

At present, on the BESS or the battery energy storage system, we have two major orders. We have 445/890 megawatt-hours one which we have won the tender.

Another one is 120/240 megawatt-hours. These two orders we already have which are signed.

The end customer is GUVNL. We have got that order book present.

Overall, sir, how do you see the pipeline and what sort of order inflows are we targeting for FY '27?

Most of the biddings are coming, be it from the SECI, and all states, they're coming on the bidding process. The pipeline, as I said, it is a pan-India basis.

There are gigawatt-scale bidding is coming, and mostly KPI is participating most of the bidding. Obviously, it is because it just has come as a mandatory option.

We are in the pathway to participate in the bid, and most of the battery energy storage is coming through bid only. That is what we are planning for that.

Okay. That's it from my side.

Thank you so much and all the best.

Thank you.

Thank you for the opportunity. Just wanted some clarity in the recently declared results.

One, the other income has gone up from roughly ₹20 crore to roughly ₹45 crore. Why is that?

Second, the depreciation has more than doubled. Third, the finance charges have more than doubled.

If you could throw light on these three aspects.

Okay. If you see, the other income has increased substantially on account of interest on fixed deposit and the amount that we had got throughout the year, because of which the other income has increased substantially.

If you look at the depreciation portion, we have added assets. If you add the assets, automatically the depreciation portion increases with the add in the assets.

If you see on the asset side, we have increased substantially on the KPI as a consol level also if you see. Last year, the asset side was around 2, 3 as I told in my opening remarks also, and the asset has almost increased to 5,000-plus kind of a thing.

On the finance cost, which has increased substantially, if you remember, last year we had done this QIP had raised funds due to which we were net-zero at some point of time. During that period, the interest cost was not there, because of which the last year interest seems to be lower.

This year, we have increased on our working capital limits also because we have increased on the top line, and due to which, the interest cost has also increased substantially.

Got it. Also, one thing, were you saying something?

Please complete.

No. You can go ahead.

Okay. The debtor days have sort of gone down, but the inventory days have gone up.

If you could throw some light on that.

See, inventory days, as I told, we have a huge order book. For that, the geopolitical conditions, we know that the availability of turbine, panels will be an issue.

We have infused funds in stocking up the inventory. But 30% to 40% of the order book that I have, I at present have inventory, which is a decent size.

Debtor days, we have been able to get what we say that payments on time and everything. Debtor days, if you compare to that, with the increase in the top line, debtors have been at the same level.

That's why at a days level, it looks a little bit reduced. Inventory, yes, inventory we have added.

As I told earlier in my earlier question also, to cater to our upcoming orders, we have to execute in timely manner, and to avoid any delay on account of geopolitical conditions, we are piling up the inventory and we have added the inventory so that we can execute in a timely manner.

Got it. That's nice to know.

Also, your capacity to be delivered, right now, we are on the IPP side, we are a little shy of a gigawatt, some 9 964 or something, please correct me if I'm wrong.

Right.

Where at the halfway mark in the current financial year, fiscal '27, what would IPP capacity stand at? Once we complete fiscal '27, what would be the capacity at that point in time?

See,

996, which was as on 31st March '26, okay? Today, I'm sitting, we have already crossed the 1 gigawatt mark, because as I told in my earlier answer also that whatever capacity that we are doing on IPP, we can do it in a phase-wise manner.

We have already got the CEIG approvals and everything, and we have already crossed the 1 gigawatt. Total capacity if I look at on a DC level, I might go above 1.

with this and the existing capacity of approximately 500-plus and 1. so, 1.6 or 1.7 gigawatt is something that we'll be adding up.

Majority of which will be this year. Partially, I think, will go in case if it is a delay, but we are planning to get it in this financial year 1.7 gigawatt on the IPP side.

Got it. Correspondingly, what I have noticed, and you may please enlighten me more about it, that gradually, the EBITDA margin is increasing quarter-by-quarter.

In the fourth quarter, it went up to 36.6% without counting other income. Can one expect that the EBITDA margin will go further high as the share of IPP increases?

Yes.

That is what is our game plan also, that increase the IPP portion in the overall mix of IPP and CPP. At the same time, if I keep on increasing my top line with CPP also, because I have to increase that business also.

We are sure that our EBITDA will grow. If I reduce the CPP, automatically the margins will grow, but my top line will curtail to some extent, but we don't want that.

We want the margins to be as we have done, we need to be maintained. We don't want it to go down or increase only, but at the same time, CPP business should also increase.

Okay. Now this is more of a broader industry question.

See, the Indian government has recently got a scare and a shock from the Iran war situation. One would imagine that there would be better appreciation of renewable energy.

Do you see any change in the way policy makers are behaving with you in terms of wanting greater renewable energy and thereby does that translate into better business opportunities for you? Not to mention, you anyway are growing very, very well.

As a result of the Iran-US conflict, any changes in the environment that you are seeing?

Yes, sir. Now this is a complete paradigm shift are happening in India because we are mostly dependent on the fuel import the economy.

Now, there is a clear-cut directives from the central government, you should use maximum non-fossil fuel-based resources, which means renewables is coming in the very much limelight. Now, this government author is MNRE has been taking a very strong step that how to utilize and how to potential mapping very fast so that whole demand of India, which is this will be hitting up to the 300 megawatt per day, something like that your demand is coming.

Peak demand today is coming about 256 gigawatt, and this is expected about 300 gigawatt. To match that demand, there's a clear-cut directive maximum renewable energy have to be explored.

Be it rural or urban or just any kind of that industry, it is to be gone through a project by renewable energy. For example, if it is a steel industries, they need in the that hydrogen.

Previously, it is the coal-based. Now they are clear-cut directives, it is to be green hydrogen-based.

Now, green hydrogen, that obligation, that is driven by that policy, it is been declared already. By 2035, they have given certain relaxation in a transmission charges so that all industry for green hydrogen, they can go for such type of industry, number one.

Number two, if it is a agrivoltaic, all kind of agriculture, what the maximum diesel etc. Now that government is declaring, you have to go for the solar installation.

That market is coming more than if you ask me, that market is more than 1.2 gigawatt. 1.2 gigawatt market is their short term, and long term it should be much more gigawatt scale even for the agricultural.

If it is a all captive projects, all kind of that industrial use, it has been given directives, at least they should go for the renewable energy. This is and government is not for theirs.

Whatever the renewable purchase obligation, they are coming a policy, it is to be mandated now. All company, they should go for the this is their demand to meet it to obligatory by renewable energy only.

It is to be regulated by the state distribution company and also state regulatory system. These are the few changes being adopted by the Government of India and state government.

With that hope, we are expecting, being a KPI, it is a good platform for an opportunity to take it forward.

Just one follow-up, one question on that. In fact, I have two.

I'll just say the first one first. That the operating cash flow has improved quite well actually.

It has more than doubled this year, which is a positive development. As you go ahead with greater and greater IPP, what will happen to the operating cash flow and the OCF flow-through?

Today, roughly, whatever I can see, around 44%, 45% of the declared EBITDA has been delivered as cash flow in the hands of the company. If you can comment on how the cash flow will evolve as IPP becomes more dominant, unless you are saying that CPP also is keeping pace, the balance will not change.

Just wanted to know, good thing OCF has gone up, but what is the outlook on OCF? Yeah.

We have to understand that IPP is a segment which gives us a very strong cash flows, okay? One is because of its strong EBITDA.

At the same time, IPP does not require any working capital. Increase in IPP will have a positive impact on the cash flows, because it adds to the net cash accruals, but doesn't take anything in the working capital.

Just like CPP, it requires working capital, IPP doesn't require working capital. You can understand if there is a working capital, automatically your cash flow from operations get hit if there is a lot of working capital which is utilized.

Here, it is clear-cut that IPP increase will increase the cash flow, and we'll have very good positive impact on the overall operating cash flows of the company, and that was one of the reason for having this good numbers on the cash flow side also.

Okay. This on the BESS side, B-E-S-S, BESS side, is the profitability more or unchanged or lower than your regular business of IPP and EPC that you do?

Regular IPP business has got an EBITDA of around 85% to 90%, which we might not see, provided if there is a very good BESS project which has come with a very good, what do you say, pricing, it can give up to that extent. At present, we have not seen any BESS project which can give up to 85% to 90% of EBITDA margin.

Okay. In fact, in this one, you will be having viability gap funding.

It seems that the battery prices haven't come down enough that on its own it becomes a viable project. Including the VGF, what margins can one expect in a BESS project?

See, I told you the expecting margin, because all the tenders have been floated at different pricing. VGF is also at different.

Somewhere it is ₹18 lakh per megawatt, somewhere it is ₹27 lakh. Different tenders have been bid at different prices.

Speaking about the margin, yes, there is not a very strong margin, but there are margin depending upon the at what pricing the projects have been taken and how they will get executed, because again, battery and technology, whether you are using lithium, whether you are using sodium. That is also dependent upon the technology that you might be using and the pricing at which the batteries are taken.

These are the same 25-year

No, batteries have 12 years kind of a PPA.

Just to add your question about this battery storage what Salim was telling, yes, that is very much correct. Now you see, VGF cannot be a long-term solution.

When that India is driving towards 250 gigawatt-hour by 2030, whatever VGF first has been declared, later on, there should be some facility management to be created in-house in India, and most of the company is doing like that way. When this volume come, obviously there should be cost reductions.

As on today, the scenario what he told, Mr. Salim, that is the situation today.

Okay. No, thank you, sir.

Then what would be the IRR of a BESS project and what is the IRR of an IPP project?

Your sound was not very clear.

Let me say again. The equity IRR of the regular IPP projects, in the past, you've mentioned, I think it is 15%, 16% or so.

Maybe it is higher, I don't know. You can please clarify.

Compared to that, what is the equity IRR of a BESS project?

I think we are losing your half of the words, we are not able to hear.

Your voice is breaking.

Is there any issue at our side or

Can you hear me better now? Can you hear me better now?

Hello?

Yes.

Is it better now? I'll repeat my question.

No, actually, is it cracking in the middle? We are not able to hear the entire sentence.

We are able to miss out on some words for

that. Give me one last chance.

Otherwise, we can go to the next speaker.

Yes, we can go.

You are audible, but the question participant who is asking question, we are not able to hear that.

Even your even your voice is a little bit it's cracking.

Oh. One last chance and then we can move to the next speaker if you can please give me a chance.

This

Still there's a problem, sir. I think you can communicate to us and we can revert to you.

All right. Next speaker, yeah.

Thank you.

Hi, Salim-ji, is my voice audible to you? No,

I think the operator itself is not audible properly. There is some gap between the sentences that we are hearing.

Madam, your voice is not clear. It is breaking in between.

It is still breaking, operator. I think they are in a bad network.

I think there is some system problem.

There is some another voice.

I can hear you, but I think they cannot hear us. I think the management's still in the bad network.

Okay. Thanks.

Can you hear me, Salim-ji?

Yes, yes, Ashish.

Salim for the technical glitch which you had to wait for that. No, it happens all the time.

No worries. See, Salim, I've been seeing the company for quite some time.

Faruk-ji historically used to talk about 70%-80% CAGR till FY '30. Then it became 60%-70%.

Last two quarters, he was speaking 50%-60% CAGR. Now last 3, 4 days his interviews, now he's started talking 40%-50% CAGR.

I'm all talking till FY '30. Is there a structural slowdown that you all are seeing, hence this forecast of growth is reducing?

If you can just throw some light on that.

See, CAGR what we have shown, it's around 50%, 60% or 40%, 50%, we are going at a very strong pace, we already said that, okay? Now if I ask somebody, you tell me companies which are growing at 40% to 50%, 50% to 60% in a renewable sector.

There are hardly any companies which has grown at this pace. It's also depends upon the sector.

If you see what growth it was giving earlier, the sector growth has also little bit what we say, curtailed. At the same time, we have not curtailed too much.

We have grown at a very good rate. We are expecting to come at a 40% to 50% rate growth rate in the upcoming years also.

Got it. Fair enough.

I'm not questioning whether it's slow or I'm just trying to understand if I look at the last 2, 3-year journey or even longer journey, we were speaking of a higher CAGR earlier, and I'm talking of a longer guide, I'm not talking of 1 year, and we are sort of now highlighting a lower value, which is okay

because That's what. At that time, if you see, the sector was very promising at that time also, right now also.

With the geopolitical conditions, you have seen some kind of, what we say, less acceleration, I would say. I won't say slowdown, it's less acceleration compared to what acceleration was there earlier.

We are also in line with that the same acceleration. We are growing in the same pace.

If you see, we might grow at more than 60% to 70% also depending upon if the sector gives you that support. It has to be also the geopolitical condition to be taken into consideration while we look at the sector, because when we gave that CAGR, the sector was very promising and very booming.

Now the acceleration of to that extent has not been in the sector, that's why, if you see, we are also growing at the same pace where the sector has slowed the acceleration, but we are, again, I'm reiterating this to for my shareholders and stakeholders that this is something what we have achieved over a period of time, and we are maintaining that growth strategy or the growth momentum which we have shown over a period of time.

Fair enough, Salim-ji. Currently, we are saying 40% to 50% CAGR till FY '30.

Is that the understanding? Fine.

Okay. Secondly, if I look at it also last 2 years in the investor presentation, we are seeing we'll go to nearby states, right?

We have highlighted Voice is cracking.

Is it audible? Is it better now?

Hello? It's

again.

Can you hear me, Salim?

Yes, yes.

Ha. I'm saying we have been talking about nearby states for quite some time, right?

Obviously, I think I saw the recent order of Rajasthan, but in your investor presentation, we are highlighting Odisha, AP, Telangana, other states. Where are we on that journey?

Are we going to

Not able to hear.

Hello.

Again, voice is breaking, operator.

Madam, we are not able to hear you. We are having issue.

Your voice is also breaking.

Okay. Thanks.

Can you hear me, Salim?

Yes, yes, Ashish. Sorry for the technical glitch which you had to wait for that.

Okay.

No, it happens all the time. No worries.

See, the nearby states, Salim-ji, we have been talking it for quite some time, right, and I think I saw some progress on the Rajasthan front. What about other states, right?

When do we expect that we'll be able to venture out to those states?

You see, the thing is like this. Now today, we are venturing into Rajasthan as you said very correctly.

We have already entered some of the states like Karnataka. We have already taken some of the projects to be some other resources we have taken.

We'll be doing some projects there. We are also participating in the state of the Odisha for their bidding process of floating solar initiative.

These states, when they are coming on the bidding process, we are in the queue to participate for theirs. In a nutshell, apart from Gujarat, we are there in Rajasthan, Odisha, and Karnataka, and we are now planning to enter into the MP also and Maharashtra.

Got it. Earlier, Maharashtra was my question, right, right?

Because I think Maharashtra has announced a very strong focus on renewables. We entered or won a project about 2 years ago, but I have not seen too much traction in Maharashtra.

Any reason why Maharashtra was not a focus for us?

You see, Maharashtra now very recent, they have declared with the BESS-compatible projects. Now they have declared more than 100 kilowatt that just any project to be based on the BESS.

Now, there's a lot of tractions coming in the Maharashtra, particularly those projects who need the round-the-clock operation, data centers, and all. There are some policy also declared just in favor of renewable energy.

We are getting a lot of traction. At present, we are in the search of good resources, because you know the renewable energy should come always in the good connectivity and land

and

etc. KPI is already doing some of the searching for all sort of resource very advanced stage.

You will getting very fast hearing from our side about some Maharashtra projects are happening.

Got it. Any color on the our order pipeline?

I think we have quoted the value is ₹4,500 that's already won. In terms of bids that we have placed, any color on that?

On the bid pipeline,

we

have more than 4 to 5, I can say, megawatt bid which we are trying to participate in. You mean 4 to 5 gigawatt, right?

4 to 5

gigawatt, yes, yes.

Overall bid.

What should we expect as in terms of win ratio for these 4 to 5 based on historical?

In the past, our win ratio has been at 75%. Going forward, we'll be very selective, we'll select high-margin kind of a tender, and we'll try to gain as much as the faster execution kind of a tender.

We'll focus more on that.

Got it. Botswana, any update?

Have we moved on that 500 megawatt? Have we got that ground work from the

I already answered that question that, yes, we have already

Sorry, I joined a bit late. I will hear back, no worries.

Not an issue. Yes, we have already moved ahead substantially.

Companies are formed. It's a step-down subsidiary of KPI, and very shortly, you'll see the PPA getting signed, and we'll be starting with our execution.

Got it. Thank you.

Appreciate it and all the best.

Thank you.

Thank you.

Thank you for the follow-up, sir. My question is with respect to the IPP EBITDA Hello?

Please carry on, sir.

Thank you for the opportunity again, sir. I have a question that this BESS revenue, when will this start contributing to our top line by FY '27 or FY '28?

You're talking about the IPP projects, right?

This BESS, B-E-S-S, battery energy storage.

BESS, I think we'll complete it in this financial year most probably, and next year, '27-'28, you'll find the revenue getting clocked into our top line of Sun Drops.

By FY '28, right?

'27-'28, yeah, financial

year. Sir.

Thank you. Now our Whole-Time Director, Mr.

Sohil Dabhoya, he will in a brief on the operational part of our business. Yes, Mr.

Sohil.

Thank you, Mr. Jain.

Good afternoon, ladies and gentlemen. I would like to take this opportunity to highlight how we see our growth trajectory in the coming years.

We are now growing at a strong pace of 40% to 50% year-on-year. Our team is fully equipped and well prepared to support this growth journey.

We are on track to achieve our 10 gigawatt target by 2030, and we are confident that we will reach this milestone ahead of schedule. Our vision extends beyond India.

We aim to expand globally and develop renewable energy projects in international markets, leveraging our proven execution capabilities and industry expertise. At the same time, our strategic focus is to increase the share of our IPP business, which will help us build a stable annuity income stream for the next 50 25 years.

Thank you once again for your continued trust and support. We remain committed to creating long-term value for all our stakeholders.

Thank you. Over to you, Mr.

Jain.

Thank you. At last, I would like to convey my heartiest thanks to all the participants for their active participation.

I hope that we have been able to reply to all your queries to your fullest satisfaction. Once again, we look forward to your continued support and confidence in the company and company's operation.

Thank you. Thank you very much.