Thank you. Good evening to each one of you.

We welcome you to Q4 FY26 investors call. I also welcome Ajay Kapur, who has now taken over the baton, and he will take you through the most of the things along with Rahul Jain whom we met last time.

I just wanted to briefly tell you that over the last 12 months, we made different commitments at different points of time in interactions with you. A few of those things where we what we said and what we achieved is what I want to take you through in a couple of minutes.

First one, at the beginning of the financial year, we said that in FY26 we will have a 60% of growth. That was a commitment what we made, and we are glad to say that we achieved that.

Our overall EBITDA went up by 63%, profit before tax consolidated went up by 63%, and our WTG revenue went up by 65%. Therefore, the the commitment what we made is what we fulfilled.

Similarly, in the quarter two when we were discussing the results, some of you had a concern that EBITDA has fallen for OMS business. We clearly said it's a one-off, and by end of the year we will recoup it.

Accordingly, by end of the year we achieved EBITDA of 45.5%. We also promised that our EPC order share, in an order book EPC share would keep increasing to 50% by FY28.

We started moving in that direction. In Q2 we were at around 20%, now we reached the 28%, and we expect it to continue to grow in FY27 and ultimately reach 50% in FY28.

We also said that SE Forge is now on the momentum, and we are glad to say that its revenue went up by 22% and EBITDA went up by 60%, and it would continue to see the growth even in the coming financial year. The last point I want to say is that some of you are aware that we signed a project implementation agreement with the government of AP in 2015, under which we commissioned some projects in 20 FY16 and FY17.

However, it remained dormant for some time because of government change. Now after the new government has come in, we are glad to inform you that in April they've extended the PIA by another 2 years.

Under this PIA, we have development rights for 2.1 GW, 2,100 MW, out of which 775 MW is the PPA which was signed earlier. Now it has now reached the APERC for tariff fixation.

They asked us whether we can do and convert this into an FDRE. We said we gave our consent.

There is a precedent of FDRE PPA tariff finalized by APERC last year. This for this 775 MW there are a couple of clients who are keen to take over this project once PPA gets approved.

Beyond this 775, we have 1,325 MW which will completely get monetized from June onwards in the next 6 months. This is one very, very positive development for us what happened in this quarter.

These are the significant things what happened, what we promised and what we achieved. The rest of the details is what the Ajay and Rahul will take you through.

Ajay, I'll hand over this now to you.

Thank you, JPC. Hello everyone.

It is great connecting with you today. Many of you may know me from my earlier associations, but for the benefit of the larger group, please allow me to introduce myself.

I am Ajay Kapur, and I have joined Suzlon Energy Limited as Group Chief Executive Officer. I bring over three decades of leadership experience across infrastructure, power, construction, and heavy industries, and most recently served as Managing Director of Ambuja Cements.

Talking about the industry, we are seeing a strong start to the year 2027 with power demand growing 5% to 6% since April, and peak demand has already touched 270+ GW. Overall, the environment remains favorable with sustained demand growth and increasing peak intensity, reinforcing the need for reliable, flexible, and round-the-clock power, FDRE solutions, which are wind dominated.

FY26 has been a defining year for the wind sector with installations crossing 6 GW, its highest since 2017, surpassing the previous peak and clearly underscoring the strong demand revival. This momentum sets the stage for a multi-year growth cycle with installations expected to cross 10 GW in the near term and reaching 15 GW in the next 5 years.

With 56 GW already installed and a strong pipeline of STU and PSU bids, as well as C&I demand, India is set to achieve the near-term target of 100 GW by 2030. Repowering also started gaining traction, and there is rising consumer interest, which gives visibility of several opportunities ramping up in the next 2 to 3 years.

Now taking you through the business highlights. In FY26, Suzlon transitioned into a scaled, profitable, and financially strong market leader in wind sector.

Suzlon delivered a record 830 MW in quarter four and 2,456 MW in FY26, which is our ever highest deliveries in India. Revenues also reached a record 16,679 crores, reflecting a strong 50% YoY, 54% rather, YoY growth.

Order book of 5.9 GW consists of 66% of C&I and PSU segment, which is fast growing. The focus now is on expanding our EPC offering, which has grown from 20% to 28%, which enhances our competitive edge and further help to accelerate order book growth.

Our S144 order intake has reached to close to 9 GW, a strong endorsement of its advanced technology and customer trust. The BlueSky platform launched in Spain marks our reentry into European and other export markets with S175 and S163 turbines.

These next-generation, high-capacity turbines are designed for diverse wind regimes, delivering higher yields, improved reliability, and lower LCOE, while positioning us to tap both repowering and new-build opportunities globally. 4.5 GW manufacturing capacity fully operational, expanding footprint with three AI-enabled smart blade factories to drive efficiency and scale.

Suzlon commissioned 744 MW in FY26, and another 971 MW is erected, taking the number to 1,715 MW. It shows the trajectory of commissioning growth for the future.

We have achieved ramped-up commissioning momentum with 332 MW in quarter four, and this trend is expected to continue in FY27 pursuant to operational excellence work done in the last few quarters. Our OMS business remains strong with 15.7+ GW under management in India and machine availability consistently above 95%.

Renom's AUM is consistently growing on the back of steady fleet additions and a healthy order pipeline. Forging and Foundry continue to scale strongly, revenue at 597 crores, up 22% YoY, and EBITDA at 119 crores, up 61% YoY, with continued momentum driven by domestic demand and export growth.

Now I invite Rahul Jain, our Group CFO, to take you through our financial performance.

Thank you, Ajay, and good afternoon, ladies and gentlemen. I would be using slides 18 to 25 of our investor presentation, which has been uploaded on our website, as the reference point for my discussion during the presentation.

In Q4 FY26, Suzlon continued its exponential growth trajectory, delivering 830 MW, highest ever India deliveries for any quarter, with all financial parameters showing a strong uptrend. Suzlon reported consolidated revenue of 5,468 crore in Q4 FY26, with EBITDA reaching ₹964 crores, a robust 39% year-on-year growth, with PBT of ₹833 crore, and with a PAT of 1,114 crore.

For the full year FY26, deliveries grew 58% to 2,456 MW. Strong execution momentum drove revenues up to 16,679 crore, up 54% YoY.

The WTG segment revenues grew 65% to 14,040 crore, with contribution margin at 24.5%. Consolidated EBITDA increased to 3,022 crore, reflecting a strong operating leverage with 63% YoY growth.

EBITDA margin expanded to 18.1%, up 100 basis points YoY. PBT rose 67% to 2,422 crore, with PAT improving to 3,163 crore.

Let me also say that PAT includes a deferred tax asset recognition of 742 crore for the year FY26. We are pleased to report that our balance sheet as of March '26 reflects a position of exceptional strength, with consolidated net worth of 9,464 crore.

Our net cash balance at 2,384 crore further enhances our financial flexibility and resilience. We also have adequate working capital limits tied up for execution of the current order book.

Our end-to-end wind energy model, supported by an integrated supply chain, strong execution, and industry-leading service, provides a competitive edge that is unique and difficult for others to match. With this, I hand over the call to the operator and open the floor for Q&A.

Thank you.

Yeah. Good evening, and thanks for the opportunity.

Good set of numbers. My first question is order inflow has been very, very good for the year, but for the quarter it is seems to be tad muted.

How do you think about from the opportunity perspective for the fiscal year '27? Is it fair to assume a decline for a couple of quarters before the order book picks up once again?

Okay. Hi, Mohit.

As you've seen, we are more or less closing at the same order book as we started the year. You would have heard JPC talking about our AP project where we have a very good pipeline of in our new model of DevCo.

We are getting very good responses. I can assure you that the order pipeline and the discussions that are currently underway, I think we should not have a issue.

Our opening book was 5 and we are closing at 5.9. I think that is not a concern.

I think it should be fine.

Mohit, just to add to what Ajay said, as we're moving now from equipment supply to mostly the EPC contracts, EPC contracts take little longer time to close in terms of contracting. Because multiple contracts we are offering the sites to them, they will do they will do their own wind assessment, and and then start discussing.

We have a land agreement separate, all the agreements separate. Right now the we we are in advanced stage, and I think you will significantly start hearing from June itself this quarter the EPC orders getting closed.

Therefore, I don't think there will be any downward trend in a couple of years couple of quarters as you mentioned. It will continue to be there.

It's purely because changing over to EPC is taking little longer time to close each other things. You will start hearing from June.

Understood. My second question on the PSU opportunity.

We were going through the NTPC Green slide deck, which is available in the public domain. They were talking about adding 6.6 GW, which is part of their contracted plus awarded pipelines, right?

Out of which I think they barely have tied up maybe 1 1 GW or around 2 GW. A lot of capacity is still pending.

We haven't seen any closure in last maybe 8 to 9 months. How do you think about that pipeline, talking particularly about NTPC, yeah?

NTPC, Mohit, till now experimented with having a separate contracts for development in BOP and then to WTG, means turbine supplies. That's what our contracts have been till now.

That's not yielding good results in terms of project execution. We understand they are now moving towards a turnkey EPC contracts.

To start with, they already come out with some 250 MW contract in AP. We also understand they're going to come up with another 540 MW in AP plus another 2,000 MW in AP.

They have a significant pipeline now moving away from split contracts to the EPC contracts. Therefore, obviously we are strong in PSU, especially if it's in EPC contracts, you would know that we would be much better off.

I think that split contracts was making the capacity addition delay.

Understood. You expect that to pick up as you go along.

That is correct, right?

Absolutely. [unclear]

given this I think is a large pipeline. My last question, sir, if I may squeeze in.

Of course there has been some talk about the DSM and of course is not finalized as of now. In case the DSM, the deviations settlement mechanism for the wind gets tightened, how can a manufacture like us can help mitigate the risk from the client perspective?

Yeah.

Mohit, we've been talking about this for the last two quarters, if you remember, okay? Yes, the CERC order has come now for wind changing it from plus minus 15 to plus minus 10.

For the existing projects, as well as they said that part is that by 2031 we will reach the fossil fuel level. In fact, for the new project which are going to be bid out from 1st of April 2026, right from the day one they get commissioned, they'll get on with fossil fuel.

While there is a stay currently, but I think this is one which is in our opinion would happen for simple reason, because even today at a number of days the energy meeting the demand of energy, I'm not talking about the megawatts, is renewable energy is crossing 50%. Grid stability becomes important.

This will move. As far as we're concerned, we said earlier that we developed a strong scheduling and forecasting model which we were testing till now at plus minus 15%.

We're now quickly moved into making it plus minus 10% and moving ahead. We would use this as an opportunity for us as an additional service to provide scheduling and forecasting so that the accuracy levels significantly go up.

Is it possible to use this model to help the existing client set? Absolutely.

The client who have already installed?

Absolutely. We can start doing that.

In fact, we had done for number of our projects what would be the impact of this plus minus 10% 15% to plus minus 10%. Elsewhere in the world, Mohit, there are significant improvements happened in the predictability of the wind.

Okay? Nearing some of them, we are going to collaborate with few of the international people.

This is badly needed for the sector, not just for Suzlon. This is important for the sector to grow.

We will play a key role in scheduling and forecasting.

Understood, sir. Thank you, and all the best, sir.

Thank you.

Yeah. Hi, sir.

Thank you for giving me the opportunity. Congratulations, Ajay sir, for joining Suzlon.

My first question is on the lines of last few quarters we used to provide the execution progress. This quarter we haven't provided that.

Can you update us on what is the execution progress this quarter?

Okay. Thanks, Nikhil.

I think if it's not there, we will have it provided. The good news is, as you have seen from my opening comments, we have delivered a record commissioning.

I also mentioned there are almost 971 MW of turbines erected and not yet commissioned. Of those, almost 350 are just ready for commissioning.

They are just waiting for the last mile because this is on the customer scope. I'm actually very happy with the progress we've made, and I'm very positive that going forward this pace will only improve at a much, much faster pace.

Sir.

Thank you for providing the answer, sir. My next question is can you share the guidance for the next year for the FY27, for the FY28?

How do you foresee the order flow will happen in the industry and how will Suzlon benefit? More on our European venture, why start that European things right now, not prior to that?

If you could provide the vision for the European venture too, sir.

Okay. You're asking two, three questions.

Let me start first addressing the fundamental one. On the demand side, if you see over the years in FY23, the industry did 2.3 GW of installations, which went up to 3.3 in FY24, further went up to 4.1 in '25.

As I mentioned, 6 GW in FY26 is a record year. Our numbers would be more or less plus minus you can give some leeway, 8 GW in '27 and maybe 10 GW in '28.

I also mentioned that FY30 or '31, we should be looking at around 15 GW. There is a very strong demand coming from wind as the industry moves towards FDRE with the solar peaking out in the morning.

In the evening is when wind really works. Battery in any case is there, but that battery is not generating.

To that extent, I think the demand is very good. I was there along with my colleagues in the Madrid WindEurope conference where we had opportunity to launch our new BlueSky product range, which I mentioned.

Of course, it will take some time for that to fructify, but around the sidelines of the conference, we met lots of developers, IPPs, and utilities. Most of them were very excited to work with us, surprisingly on our 2 MW and 3 MW series, and also the newer ones.

Suzlon is very well-known globally, as over the years. We have a legacy there.

We still have a fleet there, and we still have offices across the world. We want to scale it up.

It's a great market opportunity. We feel in the next couple of years, this will become another big revenue driver and a bottom-line driver.

We'll talk about it more at some other opportune moment. I think on the order book, Mohit had already asked, and I think between me and JPC, we had tried to give you some guidance.

Other than that, if you want some more specific once, we can separately connect with you. Thank you, Nikhil.

Sir. Thank you, sir.

I will join back in the queue.

Thanks for the opportunity. My first question is on your cash flows.

Basically if you look at your operating cash flow, it's about 12 billion rupees for FY26 versus your EBITDA of 30 billion rupees. Could you please speak about the increase in working capital and receivables and whether there are any provisions for doubtful debtors?

Okay. Thank you, Sumit.

I think the way I would look at it, our cash flow from operations has improved significantly when you look at it from an overall basis. Working capital is predominantly recently available buildup as primarily due to the PSU contracts.

However, this was anticipated and factored into the tender pricing as well. The silver lining really is that most of this is serviced through non-fund based limits.

In a secular growth scenario, working capital days could improve substantially going forward as well. Yes, there is something, but overall also when I look at it, our overall cash position has improved only.

Delta around that is 400 crores plus. I'm actually pretty happy to see some positive momentum on that side as well.

That's how I would really look at it, Sumit.

Sure, sir. My second question is after posting 60% plus growth at the EBITDA level in FY26, how are you looking at the WTG deliveries, contribution margin, and basically your growth outlook for FY27?

Sumit, hi, I'll come in here. Just as I was telling Nikhil, I already gave you our idea that next year market can be anywhere between 8 to 9 GW.

Suzlon has also mentioned that a very high amount of turbines erected, not commissioned, so that should help us. I also said that our opening order book, and also recently we got a Sunsure order, you already seen about it.

We are already sitting at almost 6 GW. Mr.

JPC highlighted right in the beginning a great opportunity emerging from our forward-looking strategy. We'll also talk about it more in the coming days on development pipeline.

At any given point of time, we are sitting on about 25 GW of assets across the nation, of which 8 to 10 are very much better baked. Of those, some of them JPC mentioned to you.

I think our teams are engaging with the customers. I am very positive on the future, but I think beyond that at this moment I would not like to venture into giving absolute numbers, other than saying that the trend is already very positive.

Strong.

Strong.

Thanks for the clarification. Just one small point.

Last year at the end of the financial year, you had done a small cleanup exercise on the order book in terms of the non-moving orders. There hasn't been any such clarification this time.

Is there any non-moving or slow-moving order in your 5,892 MW order backlog?

Sumit, as of now there is nothing of that sort, and as management, from time to time, we will undertake such actions which are I think very mature. Our order book is very healthy.

In fact, I would stop at that. I mentioned our S144 platform, the 3X series.

I'm really excited. 9 GW of orders I think is one of its kind, and still receiving fantastic response.

I was quite thrilled when I went to Madrid, when I met people across those 2, 3 days. Very, very active pipeline of some of the leading developers, top companies, and they want to also shake hands with us.

I think in time to come, that will also help us.

Perfect. Those were my questions.

Thank you, and wish you all the very best.

Thank you so much, Sumit.

Thank you so much for the opportunity. First question is on the FDRE which JPC sir mentioned in the opening remarks.

Are you seeing more such conversions of projects into FDRE, if you could speak about that? That will be of my first question.

Okay. I'll request JPC with his wisdom and deep knowledge of the industry to guide us on this.

Yeah. Sure.

See, the bits whether FDRE or RTC or the pure wind, these bits would keep it coming depending upon which state has what sort of a current generation profile and their load profile. While FDRE would continue to be there, I mentioned FDRE with respect to the AP PPA what we signed for 775 MW way back, and which came for hearing in regulatory, and they asked us whether we would be willing to convert into FDRE, which we said yes.

In fact, if some of you may know that in last financial year APERC approved one of the FDRE bids of 400 MW with 2 hours peak 90% 90%, 2 hours morning, 2 hours evening plus 60% CUF. They're looking at something of this nature.

However, sector-wise if you're looking at it here also we are also seeing uptake in pure wind bids coming in both at central as well as state level because there was some gap because solar went up, and then they're now realized wind. Also if you look at in the recent past, the peak, which Ajay mentioned 270 MW, which was in the daytime, but evening peak is continuing to be at 250 250 MW, and it's continuing till about midnight.

If you say the contribution from that point of it at 270 GW, sorry not megawatt, 270 GW peak was there. In that, the solar contributed 22% and 5% the wind during the daytime.

In the evening peak when it was 250 GW, solar was zero and wind was 21%. Therefore, now you can clearly see that the wind contribution is increasing.

Therefore, that's the reason we are also seeing increasing in bids. I think it's purely whether FDRE comes or the RTC comes or hybrid comes or the pure this thing comes, it all would depend upon state to state, their load profile and current generation mix.

Perfect, sir. Thank you so much.

Second question is there has been a lot of depreciation of the Indian currency, the Indian rupee of late. Is there a need to take price hikes to maintain margins at consistent with FY26?

Abhishek, I'll come in here. Some of our contracts have a pass-through with respect to the foreign currency impact that comes through, right?

Again, while there is a geopolitical situation that is prevailing as of now, we are always on a cost management drive to be able to reduce our cost to deliver better value to our customers. Yes, there is an impact, but again with our cost management drives, we've been able to mitigate that impact to a very large extent, is what I would say.

For the future, obviously, when we think about newer contracts, it will get priced in based on the newer let's say exchange rates that are prevailing. I hope that answers it.

Okay. For now, margin-wise broadly, you would think margin should remain stable, not really go down in FY27?

No real pressure on that?

WTG margins, I don't think materially can go down.

Also, just to add what Rahul is saying, Abhishek, we are constantly also working on our R&D and cost optimization, supplier diversification, and also Make in India. All the three things are working.

Every year we have a target of constantly cutting on costs, because that's the only way you can remain resilient. Our resilient supply chain has helped us over the last 3 years to keep cutting cost.

Not too sure how much of pricing we can increase, but certainly business model reorientation is what we are currently working on. I believe with a more EPC, with a development company strategy with I already mentioned 8 to 10 GW of more fully ready projects, customers are very excited to work with us, because we just don't talk of selling for today, but we are actually talking of helping them build their projects for the year '28, '29, '30.

I think that's where then price is important. Which also JPC alluded in the beginning when a question was asked that it takes time when you do these kind of development projects because it entails series of combinations of contracting.

I'm very happy that we have a team in place, we have a structure in place, and we have a business model. We are now pushing actively this year.

That should help us mitigate a lot of our costs. At the same time, keep building our pipeline going forward.

Perfect, sir. That's very clear.

Thank you so much.

Hi, sir. Thank you for the opportunity.

My first question is on the exceptional item that we see. One is in the consol statements of 70 crore.

You've mentioned that it is gain on settlement of contractual matters. Is that in the OMS business?

That is then?

Prakhar, to answer it simply, no. It is not in the OMS business.

It is largely SE Forge. Okay.

Okay.

Actually it is fully SE Forge. It was an old arbitration matter that got settled in our favor.

Okay. Also second question is on the Andhra Pradesh order.

Given you mentioned DevCo, you have already done around 775 MW back in 2016, '17. Wanted to just understand, I know the DevCo model, but given you mentioned it is now getting converted to FDRE, what will be the scope that Suzlon will do?

Will it be entire FDRE, solar wind, etc. development, or you'll do the wind part, which will be a similar EPC plus WTG model?

That is second question. Just wanted some details on the Andhra Pradesh.

Given this will be I think our first DevCo model after our transition to the new business model, right?

Sure. JPC ji, would you like to

Let me just clarify that as far as Andhra Pradesh is concerned, way back in 2015, we signed what is called a project implementation agreement where government of AP has given us rights to develop X megawatts of projects. We had done some capacity of it in FY17 and FY18.

That point of time in FY18, they also signed a PPA for 775 MW saying that tariff for this project will be fixed by the regulatory commission. Nothing much happened when in between the transition government came in.

It went after it came back here. Now what we are talking about is not just this 775 MW, we're talking about totally 2.1 GW of development rights.

Government recently approved extension of the PIA by another 24 months. We are right to develop 2.1 MW gigawatts where the land boundaries and everything are fixed, and then the agreements are signed with NREDCAP.

Out of the 775 MW, they are willing to take PPA. That's the only difference.

Balance is they're not responsible for taking the power off-take and which so therefore they'll get converted into our normal way of EPC contracts. The 775 MW FDRE once the PPA gets finalized, there are a couple of clients who are willing to take over that as a PPA along with the SPV which is signed in the PPA.

We have intention to supply the entire FDRE rather than just a wind portion of it. Because now we're anyway getting into full RE stack.

That is what is arrangement as and when the tariff gets finalized for this project by APERC. One of those clients will finalize where they will own the project, and they will do complete FDRE supply and as well as services thereafter.

Sir,

that is on 775, and the balance 2. the remaining part which is Balance we are already converting into, yeah.

Balance we are already converting into EPC contracts, where we are even offer various clients. As I said that at the beginning, you will see this from June onwards next 6 months the entire 1,300 MW getting converted into from EPC contracts.

That will be on a DevCo model where you do the entire part and sell it on a turnkey basis? That will be

I don't know what you mean by turnkey. We will provide right from land Okay.

to the entire project commissioning on EPC on a turnkey basis.

Sure. Just lastly on margins and commodity inflation.

I know, Rahul sir, you mentioned you'll be able to maintain margins, but given steel is a big component, if you can maybe qualitatively tell what type of measures would help? I know there are pass-through clauses, but not all contracts have those.

What all levers do we have to maintain margin going forward on the WTG business? That is the last question.

Abhishek, steel is largely a pass-through other than maybe some PSU contracts. I'm not really very worried upon steel.

Again, like I said, we should have fair capability of maintaining margins where we were exiting. Obviously, this is an environment that is also volatile.

Let's say there or thereabouts, we should be in good shape.

Just to add what Rahul mentioned, also as we sell more of our turbines, we are able to renegotiate better rates on our diversified supply chain. I mentioned that 9 GW of S144 order book as it gets into COD, an RR, so that gives our procurement and manufacturing teams also to renegotiate with the suppliers on the back end.

Because there's a constant battle, how do you And also then we'll have a leverage effect as we grow. Those are some of the other things we're working.

We're also constantly doing value creation besides just negotiations. Sure.

Thank you so much.

Good evening, sir. Thank you for the opportunity.

For the installation numbers this year, we did I think if we leave the 971 windmills which are erected but not installed, we did a number of 744 MW this year. Sir, when do you see this momentum changing installations being more than the deliveries so that the pending installations may start coming down?

Basically, if you see, the growth is substantial. If you just see last year same quarter, and also as you know last quarter is always a bigger one, in RR, we did 573 versus that this quarter was 830, which was 45% improvement.

Last year same time, I think it was also an industry-specific issue, we did 95, and this year same quarter we did 332, that is 250% improvement. On top of it, there are 350 turbines as I megawatt I mentioned is already ready just to plug in for want of the customers readiness.

I think the momentum is good. Over the last couple of quarters, we have also rejuvenated our entire line organization.

There are some decisions we have taken in terms of reorganization there, which are already yielding very positive results. We are also running drives to improve the fundamental blocks right from land to erection and before erection, your foundation.

I'm seeing a very good traction. I believe this trend will continue.

Rahul is also driving at his level along with his teams a drive on how we optimize our working capital, and for that, we need to pull the commissioning forward and also close accounts so that's the way you can recycle your money which is in the working capital. We are very very very very very focused on this.

I'm sure in coming quarters, you'll only hear a very good positive traction by us on this.

Sir, just a suggestion. If the management finds it all right, you could think about announcing the monthly installation numbers.

The entire stock price is very jittery based on the installation progress. Maybe, we cannot waiting for a quarter.

The installation numbers can be given monthly if the management finds it it's okay to do it. I hear you.

Satpal, I hear you, but I think some things you can do it, some things you don't want to do it, and there's something. I hear you.

I can only say that. Rahul had something to say.

Please go ahead. Actually I just wanted to add to what Ajay is saying.

We've heard you. I think there is some merit in it, but we will have to evaluate the positions internally and then think about how do we manage it.

Thank you for the suggestion. Yeah.

Right. Right.

For my second question, is are there any development on the solar and BESS side? We wanted to move to those levels.

Any acquisition nearing finalization or anything going on at that level?

As of now, answer to your second question is no. There's nothing round on the corner.

Answer to your question number one on solar BESS, JPC ji already mentioned that we are getting into FDRE. As we get into it, start signing contracts with our customers, we'll start announcing these.

Yes, that's very much in our agenda. What strategy, asset-light versus investing, that's something we'll talk to you in time to come, but not today.

Okay. If I can squeeze just one more question.

Sure. Satpal, please go ahead.

Huh.

Okay. Is it best to say that the most probable scenario is that Suzlon will do 2,500 MW next year also?

Now you're putting words in my mouth.

Is that the most probable scenario, sir?

You're talking of installations, you're talking of RR?

Deliveries. Deliveries, sir.

We cannot give you that number, as I mentioned. Certainly, we can have a discussion whenever you want to.

I can only tell you what we are doing on the leading indicators which are going to help the lagging indicator, which is the delivery.

Again, JPC sir, you just want to quickly answer that as well? No,

I would only say please look at the past trend. 700 to 1,550, 1,550 to 24 56.

Therefore, I just want you to concentrate on the trend, and we expect that positive trend to continue.

Yeah.

Thank you, sir.

Thank you. Thanks for the opportunity.

Thank you.

Good evening, everyone. Most of the questions have been answered, just one on the co-development model again to get the EPC visibility.

Where are we? Last time, I think we had interacted, we were talking about a 22 to 23 GW kind of a development pipeline, of which I think 7 GW were at different stages of advancements.

Could you throw some light on where those projects are and has this pipeline moved anywhere?

Again request JPC to kindly guide us on this.

I think you're spot on, Sweta. We talked about 22, 23 GW of identified sites and about 8 GW development.

That work is progressing, and some of them are now getting converted into contracts. Some places the land acquisition is under progress.

Some places we sign the land agreements. We are also now converting them into EPC contracts.

There's a progress happening, and then we would keep increasing this 8 GW to further as soon as some contracts get signed, then obviously we'll keep adding more to it into the active development phase. This is what clearly is going to be our engine for growth in the coming years.

Not just for us, I think this is going to be the engine for growth for the sector because the execution is becoming a major challenge, and this will actually unlock that execution challenges. You're already seeing that some of the EPC orders getting announced through this route.

By when do we see this announcements happening?

No, see, we don't announce a land contracts.

Okay.

We'll only announce when we do the EPC contracts. There are some land contracts signed.

See, the model I clearly explained earlier that we will start acquiring the land wherever we see a high feasibility of sale of the site, and we have put some working capital into that. Before we reach 25% of the land acquisition, we try to do a land contract.

Now some of them we signed, and which we don't announce, as I said. We only announce the EPC contracts.

We're getting converted into EPC contracts, and in fact, we announced some of them like the one which we announced with ArcelorMittal was coming out of the development pipeline only. Okay.

EPC contract what we announced some time back. You'll also see some contracts getting announced from June onwards.

When we announce the EPC contract, we don't announce it as come from the development pipeline, that's why you may not be seeing it separately. Correct.

It's coming. That contract itself is somewhat of development contract.

Just to add to what JPC

is saying, Sweta, I think as we go out in time, you will see more announcements around it as well.

Got it. Does 22, 23 GW remain as is for now?

Probably slightly higher.

No, it will never remain that way. Fine.

One is a number, that number will have X amount of sites. Some sites get signed, and some sites get added.

As you know that every year we keep adding new wind mast.

Correct.

We keep collecting wind data. We also map the likely substations coming up in the future.

Okay? We also map which other sites which can easily get converted into co-located hybrid projects.

Okay? On that basis, we keep adding to this.

It is a dynamic situation, it will never remain static. Okay.

Got it. Thank you so much.

That was my question.

Yeah. Hi, sir.

Most of the questions answered, just one question on the Q4 PAT, sir. We have recognized deferred tax asset.

How much exactly we should adjust in the reported PAT for the Q4?

The number on the reported PAT that I have for the quarter is about 281 crore. That's the number to be adjusted.

281.

Okay. Sir, in terms of the EPC contracts that we are doing, the transmission part will also be handled by us, is that correct?

There is a background noise, we can't hear you well. Could you just repeat the question, Mahesh?

I'm saying in the EPC contracts that we are doing, the transmission part will also be handled by us? Is that correct?

No, no. I don't think.

JPC, you like to answer that?

EPC contracts normally we do the land, supply, erection, and the BOP. In some cases, we also do the pooling substations.

Very rarely, extremely rare cases, but very, very rare, we take up the transmission line from there to this thing, but that's extremely rare. Most of the contracts will have within the plant boundary, and some will have plus the pooling substation, extreme rare cases is the transmission line.

Sir. Yeah.

Thank you.

Yeah. Sir, just a couple of quick questions.

We have seen that capex almost

I just want to understand about the capex guide. We spent almost 550-odd crores last year, any run rate capex that we can assume over the next 3, 4 years?

Nikhil, as we expand our capacity to participate in the demand which I mentioned already to you all, we would have a run rate of about 600-odd plus minus 50 going forward.

Sir, what is the current capital deployed for the DevCo? We had set certainly threshold beyond which you wouldn't go, what is that threshold and how much have we deployed right now, if you can?

JPC, you want to handle that?

I think Rahul will know. See, we talked about earlier about 300 crores of the cash we'll keep it for this.

Then as we move ahead depending upon how the model develops, and in case we also want to get into connectivity, then we will be needing some non-fund based facility. We are also in the development

Sorry. Please go ahead, JPC.

Yeah.

As of now roughly the number is in the range of about 300, 350, but yes, what you're saying is absolutely right, JPC. As we go on, we will see some more of working capital needs on that side.

There are RE parks coming up, in some states have come up with already RE parks. We are also working with the government of India for a possibility of changing the GNA regulation so that we can develop RE parks with connectivity which is transferable.

As and when those things happen, obviously that there will be more required, but that will all would help us to grow the business.

Sure, sir. Just a final one, how much tax assets are still remaining, and what should be the expected tax rate say in next couple of years?

Okay. Again, the deferred tax adjustments that you've seen till now are largely in the nature of recognizing certain deferred tax assets.

Given our current run rate, we believe that for the next 2 years only the deferred tax charge will come into the profit and loss account, which is also a non-cash charge. Rough estimates on this are in the range of about 3,000 to 3,500 crores in terms of unrecognized deferred tax assets.

Sure. Understood, sir.

Thank you, and all the very best.

Thank you, everyone. Look forward to remaining in touch in coming days and sharing with you the progress of the company.

Have a good evening. Thank you.

Thank you, and bye-bye.

Thank you.