Thank you, Ikra. Hello, everybody.

On behalf of JM Financial, I welcome you all to the Q4 FY '26 earnings call of Adani Green Energy. For today's call, we have with us the leadership team of Adani Green led by Mr.

Sagar Adani, Executive Director; Mr. Ashish Khanna, CEO; Mr.

Rajat Seksaria, CEO, Battery Storage; Mr. Saurabh Shah, CFO; and Mr.

Viral Jain, Head IR, along with other team members. Before we proceed, I would like to congratulate whole Adani Green family under the leadership of Mr.

Sagar for phenomenal performance. More than 5 GW of the capacity addition in 1 year is truly remarkable, more so when it is across the technologies, be it solar, wind, and the hybrid.

Congratulations to all the team members. I would like to hand over now to Mr.

Sagar for his opening remarks, after which we will open the floor for the Q&A session. Thank you so much, sir, for your kind presence and giving us the opportunity to host the call.

Over to you, sir.

Hi, thank you very much for setting up the call for us. Good afternoon, everyone.

Globally, energy security is the defining priority for economies all over the world today. India has already made a strategic pivot in this direction, and that is already evidenced in the scale and speed of green electron production in the country.

In FY '26, our country witnessed the highest-ever renewable energy share in electricity generation and also achieved a record non-fossil fuel capacity addition of over 55 GW. With this, India now has about 283 GW of non-fossil capacity already installed, and the country is well on its way to achieve 500 GW by 2030.

At Adani Green Energy, we are proud to be leading the country's energy transition. Our robust operational and financial performance for the FY '26 demonstrates our unparalleled execution capabilities and sectoral leadership.

Our energy sales surged by an impressive 34% year-on-year, reaching 37.6 billion units. Just to put this into context, this is nearly the annual electricity consumption of many European countries as a whole.

This growth has driven by significant greenfield capacity additions and strong operating performance at our plants. During the year, we have added 5.1 GW, a 35% year-on-year growth, with a cumulative 19.3 GW operating portfolio today.

This is the highest greenfield annual capacity expansion globally by any company outside of China. With this, we further consolidated our leadership position in India's renewable energy sector, and that's put us very firmly on course to achieve 50 GW by 2030.

Notably, our landmark Khavda project, the world's largest renewable energy installation, continues to make considerable progress, with 9.4 GW of wind, solar, and hybrid assets already operational in that location. Within Khavda, we have also added 1.4 GWh of battery capacity in the last year.

This is one of the world's largest single-location battery energy storage project. On the pumped hydro side, we are making noteworthy progress, and we aim to complete our maiden 500 MW project at Chitravathi in Andhra Pradesh in this coming year.

Our consistent efforts towards adoption of advanced technologies, digitization, and leveraging sophisticated data analytics for predictive maintenance have enabled us to deliver an exceptional operating performance. Our industry-leading financial results further reflect our operational excellence and scale advantage.

Revenue from our power supply increased by 22% year-on-year, ending at ₹11,602 crores, whilst our EBITDA grew 23% to ₹10,865 crores. We achieved an EBITDA margin of 91.2%.

One of the very significant highlights on the capital management side was last year the Japanese credit rating agency assigned Adani Green an inaugural rating of BBB+ with a stable outlook, which is equivalent to India's sovereign credit rating. This demonstrates Adani Green Energy's ability to sustain its growth while maintaining fiscal discipline at the same time.

Adani Green Energy's commitment to sustainability and responsible business practices continues to be recognized globally and in India. We've achieved top ranks in all the ESG platforms and benchmarks comparable globally.

Further, I take pride in sharing that Adani Green's 19.3 GW operating portfolio will power more than 8.7 million homes and will avoid about 36 million tonnes of CO2 emissions annually. We are committed to continuing with a similar level of greenfield capacity addition going forward, and we are constantly strengthening both our organizational ecosystem and our partnership ecosystem to achieve our goal of 50 GW by 2030.

Thank you, everyone, and we'd love to open up for questions.

Good afternoon, good evening. Congratulations on a strong fiscal '26 and best of luck for '27.

A couple of questions on my end, if I may. First, Sagar, you talked about the BESS impact as you grow the operational side from 1.4 GWh to 10 GWh by '27.

If you can just help us understand some of the milestones to getting there, supply chain dependencies, grid connectivity, what is it going to take to ramp to that level in '27 and how it will pan out here? Sure,

Manish. From our point of view, at least even where we stand today, even in the last 30 days of this month, we've added a significant amount of BESS capacity in Khavda.

We hope that in the next few days, we should reach the mark of 3 GWh of installed capacity in Khavda by sometime in the next week. Our capacity ramp-up and addition on the battery side has been very significant so far and is very robust.

The only sensitivity we see with that is the capital flexibility to be able to fund the growth of batteries and to be able to have the organizational capability to manage the supply chain. These are the only two sensitivities.

Batteries are delinked with pretty much everything else. In fact, batteries operate as a hedge to the lack of grid availability.

If there's any issues with regards to grid availability or curtailment, adding more and more capacity of battery storage in fact helps to hedge against that, because batteries absorb a lot of the generation and help give it later in the evening. Basically, what we've done in the last year is we've added about 3 GW of batteries pretty much so to speak in the last 3 to 4 months in effect.

If you look at the run rate quarterly of about 3 GWh or so that we have already achieved and we are constantly committed and we are very comfortable that we will continue to be able to maintain, achieve, and probably only make better and increase going forward, that should comfortably put us in a 10 GWh plus range of being able to add those many amount of capacities in a given year. That is what our target remains as well as we move forward.

Right. Okay.

Then just related to that, how should we think about battery economics versus core solar wind portfolio in terms of EBITDA margin, capital intensity, payback period?

We think that batteries give similar to or in fact, in many cases slightly better. Obviously, there's a market-related element because we discharge capacities from our batteries many times in the evening peak, and the rates in the evening peak also contribute to how the economics are.

There are one or two inputs that are outside-driven. From an overall capital intensity versus returns, we basically look at funding our BESS portfolio at about ₹1.5 crores per MWh.

That's the range at which we're setting up our future capacities. We think that at a very comfortable level, we should be able to get about ₹25 lakhs of EBITDA per MWh from a thumb-rule perspective.

These economics are similar or slightly better to what we get on the renewable side as well, no different.

That's super helpful. Then just lastly, as I think about

You obviously also might be aware of some issues that have been related to curtailment, which has affected AGEL and many other companies in the country. The power that is curtailed today goes completely to waste.

When you put up battery storage capacity, you use otherwise wasted power, which has today zero economic value, into the BESS, making the cost of input very, very low, and hence, for a limited-time perspective, the margins significantly high as well. You also have these periods and opportunities and windows of certain months here and there where there may or may not be some curtailment issues, in which case the economics of batteries improve even more dramatically.

Okay. No, that's super helpful.

Then just lastly, as we look at fiscal '27, how should we look at or think about the blended revenue per unit and realizations? Just I guess if I can connect a second piece to it, how should we think about merchant versus C&I exposure?

Our average blended PPA rates across the board are about ₹3.10, Manish, and when we go forward, we're looking at contracting additional solar capacity around the range of about ₹2.65, and we're looking at contracting additional wind capacity around the range of about ₹3.75, ₹3.80. That's the range at which AGEL has visibility to be contracting its upcoming capacities.

Obviously, that falls very comfortably within the profitability and return threshold that AGEL expects to deliver going forward. When you look at it from a C&I, etc., perspective, what AGEL has taken a principal call to is that AGEL is not directly coordinating or participating in opportunities for C&I.

There is a sister company at the group level which is called Adani Energy Solutions Limited. That is the listed company that interfaces with C&I customers.

AGEL and AESL have an agreement at the backend where AGEL will contract capacities with AESL at market-driven rates between two listed companies. Basis the rates that AGEL gives AESL, AESL goes forward and contracts those capacities with the C&I customers directly.

This is super helpful. Thank you so much, Sagar, and best of luck.

Thank you.

Good evening, and thanks for the opportunity. My first question is, sir, what is the loss in EBITDA in FY '26 due to lower availability and the lower prices realized compared to long-term rates for the infirm power you are selling?

What could have potential EBITDA for the entire fiscal? Yeah.

If it is possible, yeah, to

Yes, please. Mohit, we've lost about ₹500 crores of EBITDA in the past year on account of curtailment, and if you look at the rates at which we're looking at contracting our merchant capacities this year going forward versus the realization that we had in the past year, the loss would be in the range of somewhere between ₹800 to ₹1,000 crores.

We would have lost a total of somewhere between ₹1,200, ₹1,300 to ₹1,500 crores of EBITDA in the past year, which we do not expect to be happening going forward as we move in the coming year and the years after that.

Understood. Sir, my second question is, of course, you will again commission 5-6 GW in this 5-6 GW in this fiscal.

How are we seeing the on-the-ground transmission connectivity coming up, especially in Khavda? My question is whether do you think the infirm power you're selling right now will completely get transferred to long-term PPAs over next 20 next in this fiscal?

How do you resolve for the new capacity which you're coming up, yeah?

Mohit, very good questions. I'll try and answer all of them.

Basically, our capability as an organization is to be able to execute a capacity of around the range of 7 to 8 GW a year even today. Even today, if AGEL wished, it has both the financial flexibility as well as the organizational capability to execute somewhere between 7 to 8 GW in a given year.

We are stopping our execution at a number of about between 4.5 to 5 looking at the transmission and evacuation constraints that we expect to happen going forward, because unlike the past year, the mistake that we do not want to repeat going forward is to have capacities coming up and then evacuation not being sufficiently available. That is something we're very cognizant of, and our capacity addition plan makes sure to factor for that completely.

An additional thing that is also affecting this in a very significant way is the quantum of battery storage that we're adding in this coming year, because obviously, again, as I said in the beginning, the hedge to non-availability of transmission is the commissioning of battery capacity so that the batteries can absorb the power being generated during the day and evacuated at peak hours during the evening. We're in the process of very significantly ramping up our capacity addition for batteries, which we expect to commission north of 10,000 megawatt-hours, 10 GWh in this coming year.

That's a very, very substantial battery addition that AGEL is in the process of executing as we speak, and looking at both of these things, we don't expect there to be any significant evacuation constraints for us as the year moves on. Sorry, your question about converting the merchant power or the infirm power into long-term PPAs, yes, AGEL has a public commitment and we've always maintained that very clearly from our side that AGEL will always look to and will always endeavor to make sure that the capacities that it is setting up are always a significant majority of them are tied up in long-term contracts.

Obviously, last year was an anomaly because, as all of us know, the ISTS benefit was going away. We wanted to make sure we add as much capacity as we can on the ground before the ISTS benefit goes away so that these capacities can enjoy the ISTS benefit for the next 25 years.

Obviously, we had a short-term price to pay for that, but it's a very massive benefit for us in the longer term. We've done that, and from this year onwards as well as going forward, you will see that and our long-term stated goal remains that more than 90% of the capacities that AGEL adds will be tied up in long-term PPAs and long-term contracts.

My last question, if I can ask, can you just talk about the quantum of battery in terms of megawatt and megawatt-hour and number of cycle you're looking to run and capital costs likely to incur in FY '27 for the batteries?

For us

Oh sorry. We'll be adding north of 10 gigawatt-hours of batteries.

We are setting up our batteries in a 3-hour configuration. That would be about 3.3 GW equivalent of dispatch capacity multiplied by 3 hours equivalent to about 10 gigawatt-hours or north of 10 gigawatt-hours.

We have the flexibility to design our plants both between 2 hours to 3 hours, there's some different plans we're designing in different manners specifically. Basically, the gigawatt-hours is 10 gigawatt-hours.

We may put the AC capacity depending on whether we want the dispatch to happen within 2 hours or 3 hours, and that is a call we will progressively make depending on how we see the market evolving as we move forward. From a capital cost perspective, you can consider a cost of about ₹1.5 crores per megawatt-hour, so that should be about ₹15,000 crores total capex in the coming year for the battery storage that we want to set up.

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

Thank you.

Thank you.

thank you for taking my question. Good to see the numbers.

My first question is on the future growth plans. You of course have two big PPAs in the manufacturing-linked PPA and the Maharashtra PPA.

Beyond that, we don't see Adani Green actively participate in some of the recent renewable tenders. Yeah.

Is the plan beyond that to focus more on the C&I/data center space via Adani Energy Solutions as you mentioned earlier? Or are there some other plans to build the pipeline beyond that?

No, Nikhil, absolutely. From our perspective, today, in addition to whatever the capacity is operating, we have a total of 28 GW that's already signed up.

We probably have one of the highest PPA signed-up capacity of any company in the country today. As I said, directionally, it's very clear that there's obviously a lot of development happening in the market, the nature of contracts that discoms are coming up with is changing very significantly, the type of power that C&I customers are looking for going forward is changing very dramatically.

There's obviously a lot of demand expected that our sister company Adani Energy Solutions is working on from upcoming data centers, from a lot of other industrial consumers that it is also in parallel tying up for which a lot of this open capacity and open power from Adani Green will go for. There's a lot of these things that are expected, but as I said, directionally, we will make sure that more than 90% of installed capacity of AGEL is tied up in long-term contracts, and nothing changes from that perspective.

Perfect. That's helpful.

If you could also clarify, today Adani Energy mentioned, I think, about 5 GW is what they have signed up on the renewable front, which I'm supposing is with Adani Green. Possible to get some color on what are commercial terms for that arrangement?

Adani Green and Adani Energy Solutions both contract capacities on an arm's length market test basis. Adani Energy Solutions has an independent market test view in terms of if they wanted to buy within that time frame the given quantity of solar power, what are the rates that they would be able to contract at.

Similarly, if Adani Green wanted to sell that quantum of power in that time frame, what is a rate that it would be able to sell at. It's an independent market discovery on both hands, and the managements independently sit together and agree on a rate that is workable on both hands from a market-linked basis.

I think that that's the basis on which they decide. I think that number today, again as I said, is somewhere between ₹2.60 to ₹2.70 for solar and somewhere between ₹3.70 to ₹3.90 for wind.

Those are numbers at which they're contracting today, but obviously, the number may move, may change depending on how market situations evolve, because both companies always look at opportunities that they have from the market independently and will always look to find that middle ground threshold in terms of the number that makes sense for both.

Got it, sir. If I may add to that then on the battery front and the pumped storage coming online this year, is the plan to keep that merchant for now and then later possibly use it as part of these contracts or other similar contracts?

Yes. Basically, we internally have a lot of capacities that are tagged for a lot of the opportunities we think are going to convert in the next couple of months.

We have a very clear visibility and line of sight on all of the assets, be that the pumped hydro assets, the battery storage assets, or the solar and wind which either go into pumped storage or battery storage or are being delivered independently. We have line of sight very clearly on all of those being contracted and we're reserving those capacities accordingly so that the respective C&I customers that will finally be contracted with have capacities available in the time frame that they want them.

Makes sense. If you could give some color on, last quarter to this quarter, we see a good improvement in performance.

Was it due to the Rajasthan line getting commissioned? Was it because merchant prices were low again last quarter.

What drove the better performance and possibly lower curtailment, what it looks like?

No, very good question again. It's been a multitude of factors put together.

It's been the Rajasthan line being commissioned, yes. It's been additional lines being commissioned at Khavda, where the evacuation bottleneck that we had in Khavda has opened up very significantly.

It's also been relatively better merchant pricing compared to what there was in Q3. Just all of these factors put together have contributed to that.

Going forward, would you say

Ashish Khanna, our CEO of Adani Green is also sitting next to me. He's also pointed out the fact that we've also added 2 GW of additional capacity in the last quarter.

The short time for which those capacities have run as well, they've also contributed to EBITDA similarly.

Makes sense. Would you say the worst is behind given you guys are involved across the value chain on transmission, on generation, for transmission curtailments and the transmission issues?

Would it be fair to say that?

We work within the regulatory framework of India, which can many times be relatively complicated and is not always that straightforward, right? We're talking about very significant capacities being added in the country over the next 5, 7 years across multiple places in the country, all being interconnected with each other, at the same time interfacing with what the demand profile looks like as well.

If your question to me is that do we now ensure that there will never be curtailment going forward, that everything will be hunky-dory and run smoothly, I think we should always make sure we always work from the perspective of expecting that in a country that's as complex and as interfaced as India is, that there may always be pockets of uncertainty or complications that come up from time to time. Just being very honest and frank with you, I don't think that one or anyone can say that this issue is permanently behind us.

All we can do is what is in our hand, which is what we're doing, which is making sure that we have enough and more battery capacities being added up, that even from a country perspective if this matter becomes an issue, it does not remain an issue for Adani Green. That is what we are focused on, that how do we make sure that all the elements linked to Khavda are coming on time?

How do we support that? How do we accelerate that?

How do we make sure that that is tracked very, very closely? How do we make sure that our storage capacities come online very, very rapidly and in size so that whatever constraints there may be at a sector level don't apply to Adani Green because of the way in which we're executing capacities.

We obviously understand and know what the risks are. We know what the issues might be, and that's why we have a very close eye in terms of exactly how evacuation is coming up in various places and at the same time have a very strong push on setting up our own storage capacities so that we get insulated from many of these country-level macro issues to the extent that is possible.

Makes sense, sir. One last question from my side.

I think CEA released a plan on generation capacity addition in India in the next 10 years, and, as per them, at least that plan, solar addition is tough to take it beyond 35 GW a year kind of a number, even in a 6.4% demand growth scenario. Would you agree to that, or do you think that's a conservative number?

This year we have executed 55 GW, right, as a country. See, again, I think It's not the right way to look at a 5, 6-year total capacity addition divided by 5 years and say that that is what the capacity addition will be year-on-year.

In my relatively limited experience of working in this sector, we see that growth in India comes in spurts and bursts. There's always because these are all infrastructure projects that have long lead time, right?

It's not something that moves very, very smoothly, that every single year this is a target. Sometimes you may achieve 20, sometimes you may achieve 50, and then that may go back to 30, 35 again and may go up to 60 the next year.

A little bit of that move will continue to happen on a year-by-year basis. Directionally speaking, going forward, obviously, the government of India and many state governments have taken very significant, positive, decisive steps to make sure that the overall planning and the overall capacity addition and how to integrate the evacuation with the capacity addition and the demand at the backend happens in as smooth and as synced-up a manner as is practically possible.

Regulations like those and efforts like those have led us to a situation today where last year 55 GW was added of clean energy into the grid. That's a very, very substantial number.

If you look at India 5, 7 years ago, people were talking about a number that would peak out at 15 or 20, versus that we've added a number of 55 in the past year. Obviously, that's all credit to the really good job that the government has done in terms of streamlining things and at the same time the private sector that has also stepped up in a very significant way across all companies to be able to put these capacity additions on the ground and all the stakeholders, right, the EPC participants, the banks who all rally together to make additions like this happen.

We see that overall the sector is in a very comfortable and positive space, and we think that's going to keep on continuing going forward.

Makes sense. Thanks a lot for your answers, sir.

Sir, just in one of your previous answers about your financial and execution ability of executing 7 to 8,000 MW, and we are doing 4 to 5. When you look at the 5-year vision of over 50,000, we need to do that 7-100.

Is it fair to assume that what we saw as addition of 4 to 5 in the last 2 years, this number should move to 7,000 or 7 to 8,000 with effect next year, which is FY '28, as you want to prepone your battery expansion ahead of the solar expansion?

Again, good question. We will be looking at an addition in the coming year of somewhere between 4.5 to 5, and the limit on that addition is primarily due to our view in terms of how evacuation constraints might come up.

We don't want to guide to a number of FY '28, '29 today, because it's a very closely evolving target. It's pretty much impossible to have a view of transmission 24 months out, because of so many different linkages and nuances that have to do with many of those transmission lines coming, because keep in mind it's not unlike renewables, which is execution within a certain boundary, transmission line is cross-country, and local issues come up, and stringing issues come up, and ROW issues come up, and those issues have a way of cropping up, right, in a way that you don't expect.

What we have decided for ourselves at AGEL is we will make sure that we commit to a capacity on a 12-month forward basis, not only from a market guidance perspective, but also from an internal planning perspective, because we want to make sure that we don't either overplan or underplan basis what evacuation flexibility is going to open up and come up. That's how we typically look at it and think about it.

Obviously, as you rightly pointed out, the hedge against all of this for us is battery storage. Even the 1.5 gigawatt-hours we added in the last 3 to 4 months, soon to be 3 GWh, actually, that's 50% of India.

Once our capacity touches 3 GWh, we will have 50% of operating battery storage capacity in the country. That's very, very substantial and significant.

Now we're adding 10 to that 3. We're ramping that capacity up in a very significant way as well.

So 10 GWh, although is a very, very significant capacity addition to be done by a single company in a single year, now our endeavor will be to increase that even further from a run-rate perspective in FY '28. Obviously, we will see what experience we have, what learnings we have this year, and then calibrate our plan for FY '28 accordingly.

Okay. Does this need a review to the 50 gig capacity in FY '30?

We are currently not guiding to any revision of our 50 GW target in FY 2030. Currently, we're gearing up to find a way to deliver on the target that we've announced.

Okay. Thank you very much, sir.

Thank you.

Hello, sir. Congratulations on a good set of numbers.

Sir, what I understand is by 5 GW of execution and 10 GWh of BESS and the pumped hydro coming up, our capex for the year would be at around, say, 45,000 around ₹45,000 crores, if that understanding is correct, because obviously you will be executing some and you will start some for the next year as well. Is that understanding correct?

Around 40 to 42 is what we are guiding to the market generally. Yes, the number can touch around the number that you're speaking about, yes.

Understood. Sir, with the recent improvement in our rating, our blended rate is at 8.9, as seen in the presentation.

Do we see any improvement there, or will it be remain same?

We expect downward pressure on that number. Understood.

Understood. Sir, when we say we are only about to add, say, 4.5, 5 GW in this year, can you just quantify the evacuation facilities coming up, say, at Khavda or Rajasthan in, say, FY '27 and FY '28, just to be able to understand how this trajectory would be?

We expect an additional 7 GW of evacuation that is opening up in Khavda by December of 2026.

Okay. Say, in FY '28?

There's a few other people who will also be participating in those capacities. Then we expect an additional 7 GW that is coming up by March of '27.

Oh.

In next three months

From where we are today, somewhere between 14 to 15 GW of additional capacity should open up in Khavda over the next 12 months, 12 to 15 months. Obviously, that number can move above or below by 3 to 4 months.

There's always that margin of error you have to consider when you're considering evacuation, because things can move by that much. Yes, that's broadly what we're expecting.

Understood. Would it be fair to assume that in FY '28 you might see a sharp jump in our execution as well?

If the evacuation capacities open up as per our expectations, then obviously we will look to ramp up our execution on the ground for solar and wind capacities as well. Exact numbers, we will be guiding for FY '28 somewhere towards the end of this year.

Understood, sir. Understood.

Thank you so much.

Thank you.

Good evening, and congratulations on steady numbers. I just wanted to clarify.

Right now, we are close to 20 GW of capacity. This 50 GW could be 5 GW for the next 5 years and another 5 to 6 GW of PSP, is that right way to assume?

That is the right way to think about it, yes.

Batteries would be on top of that. Battery and PSP in a way they are not pure capacities, those would be basically ESS supporting capacities, right?

Correct. You're right.

Okay. Secondly, on this, given the current geopolitical scenario, have you seen any sort of change in the policy environment with respect to renewable energy?

I know it's quite robust all along, but have you seen some more importance coming up on the policy side with respect to renewable energy sector in general? No,

no, 100%. I think not only the renewable energy sector, but every single sector that touches electricity has a very significant thematic advantage, because if you look at it from an India perspective, the answer to so much volatility happening globally is electrification, which is similar to what China has done, right?

Instead of importing crude and importing gas, if we're able to electrify our economy domestically, that takes away from a very significant amount of dependence on regular crude and gas flowing from many of the areas that are and may continue to be affected by the conflict that is going on today. Not only Adani Green and not only the renewable energy sector, but any and every sector that touches electrification is poised to have a very significant advantage from this, because what we've seen, and rightly so, from the government that the priority from a country perspective going forward is going to be a very significant amount of electrification that we expect to happen across the economy comprehensively.

Right. Just one last question, with respect to the evacuation capacity, you mentioned 14 GW would open up in the next 1, 1.5 years.

Right now, what is the number for Khavda in general? Also wanted to get some color on the evacuation on the grid situation on the customer side.

I think you've got, not directly, but indirectly one of Andhra Pradesh is one of your major customers, what's the situation like there?

The situation from what perspective, I'm sorry? I must have missed that.

The

evacuation perspective. Transmission, yeah.

Okay. From a Khavda perspective, we have 9 GW of transmission capacity that is currently active.

From a customer perspective, evacuation is something that's open for both, right? From an Andhra perspective or from a buyer perspective, obviously their PPAs come into effect only once the evacuation capacities are ready.

They don't really have much of a role in this matter. As soon as the evacuation capacities become ready by the transmission network, the PPAs become live and active.

We will at least what we can do, which is what we are doing, is that all the capacity addition that we need to do on the backend before the evacuation capacities get online is what we're focusing on. When the day that the evacuation capacities are online and the PPAs become active, our capacities are ready.

You mentioned that ₹1,500 crore of under-recovery would get elevated over the next 1 to 2 years, right? That's

Because of better rates that we are seeing visibility of contracting with and because of lower curtailment, yes.

Got it. Thank you so much.

That was a one-time loss, yes.

Okay. Thank you so much, and all the best, yeah.

Thank you.

Thank you, sir. Just one question from my side.

Recently, we have seen that Adani Power has participated in an RTC renewable bid. Just want to understand whether this is a one-time thing or would you see them participating in RE bids going ahead as well?

I can't answer a question about Adani Power in the Adani Green earnings call, my apologies. You will have an opportunity to ask the Adani Power management the same call when they have their earnings, which I believe is sometime next week.

I wanted to understand more from a group's perspective whether from the general perception was that Green will be executing the RE generation system. From that perspective, I was

Basically, I'll tell you for many of these contracts, there are two elements to it. Let me just give you a macro answer, and then you can deduce it as per how you feel is best.

There's always two elements whenever we're looking at RTC capacities. One is the element of where the capacities are coming from.

Many of these RTC bids and tenders make sure that they need a certain amount of thermal power, they need a certain amount of renewable power, they need a certain amount of stored power, they need a certain amount of wind, they need multiple sources that come in from multiple places to be able to bundle a power that can be provided on a predictable basis through the day. How do you get that power from what sources, at what rates, from which companies becomes one side of the thing.

Similarly, on the other side, it becomes very important how do we manage the customer. Which is going to be the entity that is facing the customer and providing this overall solution to the customer, and why?

From a group perspective, the call that we've taken collectively and individually, because that is how the strength of every group company is, is that respective generating companies will be responsible for and will be participating in the opportunity to provide a lot of these capacities and making them available for contracts and for such opportunities, which may be profitable in nature from a customer standpoint. Then Adani Energy Solutions is the entity that will take end-to-end responsibility of blending all these sources of power and giving one comprehensive, quote, unquote, energy solution to the end consumer and to the end discom.

That is a principle that you will always see group companies follow as we move forward.

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

Thank you.

Hi. Thanks for the opportunity.

Sagar bhai, just want to get some clarity on what strategy we are taking on this 10 gigawatt-hour in the long-term basis? Would it be exclusively parked towards the 25% of the targetted merchant capacity which we have by FY '30 so that this curtailment issue can get addressed, or probably we are flexible enough to use this 10 gigawatt-hour capacity either as a standalone storage capacity, which might be used in the SECI bids, or it could be used for the upcoming FDRE projects as well?

Just to get your thought on this.

They'll be available for all three purposes, Anuj bhai. We'll make sure that they're flexible, because we don't want to be in a situation where we have a fixed target in an evolving market.

Because

the market at the end of the day is an evolving one, our planning, our working will always also be evolving. Today, basically, what we're focused on is fundamentally having the option and the ability of setting up these storage capacities in a significant way is what we are focused on, because that is fixed in every scenario.

Whatever option you want to go for, you need to have those capacities in the first place. Our focus today is that we want to lock in those capacities, we want to commission them, we want to get them ready, we want to install them, and we want to make sure that they're available to then participate in whichever economic opportunity seems the best for them independently.

Our focus today is to make sure that we set up these capacities, and as the market evolves, which is the specific area where the economic opportunity is the highest, that is where we will deploy them.

Oh, fair point. Quite clear on this thing.

Also, we are witnessing a lot of curtailment happening, especially in case of Rajasthan. While we have a long-term project, but any thoughts on having standalone BESS in Rajasthan as well?

Yes, we will be having BESS in Rajasthan going forward as well. Just to clarify, our projects are not getting curtailed in Rajasthan.

Our projects are being evacuated. That being said, yes, we will also be having BESS projects in Rajasthan as well.

Yes.

Thank you. Thank you, Sagar bhai, for this.

Thank you.

Thank you so much. My question is basically with respect to your slide where you talk about growth in generation and you've broken this down between PPA-based, merchant, and PPA which is currently sold on merchant, right?

If I look at that slide, which is slide number 16, it seems only 5% growth has happened on the PPA-based capacity while in your overall capacity, 35% capacity got added. To what extent is the PPA-based capacity which you currently categorize as merchant is still likely to remain on merchant for some more period of time, and if you can quantify that capacity as well?

Puneet,

as I touched upon in one of my previous comments, last year was an anomalous year because ISTS benefits for merchant projects and all future projects were going to go away from this year onwards. We wanted to deliberately make sure that we do a disproportionate amount of merchant capacity addition last year, because those projects get ISTS benefit for the next 25 years.

That becomes a structural advantage for us over the next 25 years for those amount of capacities compared to all of the other new capacities coming up. It was a very deliberate decision on our side, but that is an anomaly.

Going forward, you will see all or most capacity being added from a PPA perspective. Even this year, the 4.5 to 5 GW that we're adding in terms of capacity is 100% PPA.

The way you've broken down generation, can you also break down your 19 GW capacity? In PPA-based what is Yeah.

Just give me 1 second.

See, from our perspective of PPA, we have

Let me say it. We have 19.3 GW of operating capacity.

Out of that, 9.7 GW of operating capacity is going 100% under PPAs. 5,300 MW of capacity is going as informed today, but those are PPA capacities that are going to be converted into PPAs as soon as all the elements are in place.

That's an interim merchant, which is going to automatically get converted into PPAs, that's 5.3 GW. And 4.2 GW is merchant capacity that is pure merchant today, which we will tie up in long-term contracts ASAP.

Understood. The 5.3 GW which is in the informed, when do you expect the PPA to start for this capacity?

Should it be this year, or do you expect maybe next year?

No, all of this will incrementally happen by December of 2026. Some of it might remain, which will get done by March.

That will continue as informed selling in the merchant until that point in time. Again, it's a question of elements, right?

As soon as all the elements come up, they'll automatically get converted into PPAs. Bear in mind, please, from a profitability perspective, all of the revenue and EBITDA we are making under these projects as informed revenue today is over and above the PPA economics.

For us, this is an additional delta that we get from an overall perspective and so it's not necessarily a value-destructive thing for us.

This is despite you witnessing curtailment in the same projects, right? Because PPA would not have curtailment, I would assume.

PPAs don't have curtailment. That's a take-or-pay.

For this 5.3 plus 4.2, which is about 9.5 again, there is some bit of curtailment. The entire hit of ₹1,500 crores or sorry, ₹1,200 crores, which you said, has happened to the extent of only this half of this capacity.

Absolutely. Yes, you're right.

Okay. Understood.

Secondly, in FY '25, you installed about 2.7 GW of solar and close to 600 MW of wind. Can you also talk about your experience there?

What is the PLF you experienced for this 2.7 GW and 600 MW of wind? Because overall PLF number sort of dilutes the impact of PLF from the new plants.

Just specifically for FY '25 capacity, what is the PLF you experienced?

This see,

this year only

For this year, most of the capacities or all of these capacities have come in in Khavda only. In Khavda, we have a very good CUF as compared to the overall CUF which we have in our portfolio.

For Khavda, even with curtailment, we have had a CUF of upwards of 27% because of curtailment, whatever has happened has happened. In wind also, we have upward near to about 29, 30% of CUF in case of Khavda.

From that aspect, Khavda continues to increase the overall CUF. For the year, because of curtailment, about 2.5, 3% of CUF impact has been there, which over a progressive year will continue to come down.

As Khavda capacities keep on increasing, the CUF should see an uptick going forward.

Correct. So 27% Khavda from solar should have been 30%?

Wind also similarly 2-3% more, or wind was largely okay?

Wind was largely okay, but there was some reduction in Q3. Generally, Q3, it starts to go up from Q4 onwards.

We will keep on reviewing it, and as we move forward, we will see how The

curtailment is primarily attributable to solar, much less so for wind. Because wind generates in the evening where solar capacities have gone down, a lot of transmission capacity is available.

Right. Understood.

In your 9.4 GW capacity which you talk about for Khavda, about 742, you say, is for group company. Is that built by you?

The

EBITDA accrues to you only, right? Is that fair to assume?

Or is that, yeah. No, no.

No. That EBITDA is not a part of Adani Green, no.

That's for other group companies in a way, but you

Yes. They're tied up on their balance sheet,

and

the EBITDA or the set-off in terms of their electricity cost accrues to them.

Okay. Understood.

Adani Green gets a project management charge for the capacities that they execute.

Got it. That's really

I'm sorry, I think we're out of time.

Yep, thank you. That's all from my side.

Thank you. Yeah.

Thank you so much. Thank you.

We will

have to close the call, yes.

Thank you, everyone, for taking out the time, and we appreciate your participation. Thank you.