Thank you, Swapnali. Good morning.

On behalf of ICICI Securities, I would like to welcome you all to Q4 FY26 earnings call of Adani Power Limited. Today, we have with us from the management: Mr.

S. B.

Khyalia, CEO; Mr. Dilip Jha, CFO; and Mr.

Nishit Dave, Head - Investor Relations. We'll start with brief opening remarks, which will be followed by Q&A.

Thank you, and over to you, sir.

Good morning, friends. I want to extend a warm welcome to everyone who has joined us today for our fourth-quarter and full-year 25-26 earnings call.

I appreciate you taking time out of your busy schedule to connect with us. Before we begin, I encourage you to download and review our quarterly results and the analyst presentation, which are available on the stock exchanges and our website.

With me on the call today are our CFO, Mr. Dilip Jha, and our Investor Relations Head, Nishit Dave.

As you all know, the world is trying to endure a major energy price shock, which happened due to geopolitical reasons. Most of the people have nothing to do with this event, and therefore, they can't avoid such risks.

The only way to combat this is to mitigate the fallout, which means we have to become self-sufficient in our energy needs. It is vital for economic health and growth.

Luckily for India, we have abundant natural resources, be it solar and wind energy or coal. They help us enhance our energy security and lead us to a position where we can enjoy energy sovereignty.

Now, the world has also come to realize that fossil fuel-generated power cannot be just wished away. It has a crucial role to play to balance the grid as renewable energy penetration increases.

As our power needs become more intense, it is reliable and domestic energy sources like coal that come to our help and provide electricity that runs our ACs, our factories, our data centers. I'm proud to say that Adani Power has consistently delivered a strong performance and supplied power reliably for its customers.

In the financial year 25-26, we achieved a milestone by generating 105 billion units of power. This is in the backdrop of tepid growth in power demand, which was only 0.08% for financial year 26 and 1.6% for quarter four financial year 26 for the previous year.

As you all know, this slow growth in demand was due to an early and extended monsoon that lasted almost till November, and cold weather in some parts of the country following that. However, we have started to see a good revival in power demand from March as warmer weather has arrived.

Peak demand has recently touched 256 GW, and it is expected to rise further in the current year. We believe that FY27 will see a strong growth in overall power demand as well as peak demand.

Despite a dynamic demand environment influenced by variable weather patterns, we reported a robust EBITDA of ₹23,431 crore for the full year. Our performance in the fourth quarter was particularly strong, with an EBITDA of ₹6,498 crore, marking a significant 27% increase year-on-year.

This demonstrates our operational resilience and financial discipline. We have ended financial year 26 with a solid ₹12,971 crore profit after tax.

Our capacity expansion program is a cornerstone of our strategy. We are making excellent progress towards our goal of adding 23.7 GW of thermal capacity by 2032.

During the year, we have successfully tied up 10.4 GW of expansion capacity under long-term power purchase agreements. A key highlight this quarter was securing a letter of award for a 1,600 MW PPA from Maharashtra DISCOM.

With this, our total tied-up expansion capacity now stands at an impressive 13.3 GW. Furthermore, we have ensured revenue visibility for our current operations with 95% of our operating capacity now tied up under long-term and medium-term PPAs.

This strategy provides stability and de-risks our business from short-term market volatility. We expect higher PPA offtake and stronger bilateral demand in FY27.

As we look ahead, we are sure of reaching our capacity expansion goals according to our target timelines. The 1,600 MW Mahan Phase II project in Madhya Pradesh is 86% complete.

In Chhattisgarh, the Raipur Phase II has achieved 54% progress, and Raigarh Phase II is 47% complete. The Korba Phase II project is close to completion.

We expect to commission Korba II during the course of this current year. Our upcoming capacity commissioning will drive the next phase of EBITDA and cash flow growth.

We expect significant earnings growth in the years to come. These new PPAs are highly earnings-accretive, which will generate significant cash flows in the coming years.

We will maintain a careful approach to capital allocation to take advantage of new opportunities in India's expanding energy sector. We are expanding our area of focus beyond the Indian territory.

We will evaluate interesting projects in thermal, hydro, and transmission sectors, and invest in attractive opportunities that qualify. We have recently incorporated an SPV in Bhutan for setting up a 570 MW hydropower plant with DHI.

We are also aligning ourselves to the emerging long-term opportunities in the power sector, such as nuclear power. We have incorporated seven SPVs in India for investment in nuclear power projects.

We are identifying lands for these projects and seeking necessary approvals. This is a very exciting time for the committed IPP players in India like us.

I would now like to hand over the call to our CFO, Mr. Dilip, to elaborate further on the quarter four results and full-year results.

Thank you, and over to Mr. Dilip, please.

Thank you, Khyalia sir. Good morning, everyone.

I will take you through the financial and operational performance for quarter four and FY26, and then share a brief update on our balance sheet. On operating environment front, let me start with the operating backdrop.

FY26 was marked by weather-induced demand volatility, lower peak temperatures, and increased renewable generation. As a result, merchant prices remained subdued for most of the year.

However, core demand drivers linked to economic growth remain intact, and demand recovery is already visible as we move into FY27. On operational performance, despite this environment, Adani Power achieved excellent operating performance in the recently concluded quarter.

Consolidated PLF for quarter four remained healthy and at quarter four, this is 74%; on annual basis, this is 66.5%, reflecting competitive strength in the middle of demand volatility. Our quarter four power sales reached 27.2 billion units, while for full year, sales increased 3.4% to 99.1 billion units.

The volumes were supported by higher operating capacity, stable plant availability, and new PPAs for the existing capacities. On revenue performance, quarter four FY26 continuing revenue grew to ₹15,059 crore, up nearly 4% year-on-year.

At the same time, reported revenue for quarter four FY26 grew 9% to ₹15,989 crore. For FY26, continuing revenue was ₹55,583 crore, broadly stable despite lower merchant rates.

Tariff on imported coal-based were also lower due to reduction in import coal prices. On EBITDA performance, continuing EBITDA for quarter four FY26 increased 9% year-on-year to ₹5,573 crore.

At the same time, reported EBITDA was ₹6,498 crore, up 27% year-on-year versus the EBITDA for quarter four last year. This improvement was driven by higher PPA tariff contribution, cost discipline, better operating efficiency, and contribution from recently acquired assets.

For FY26, continuing EBITDA was ₹21,285 crore, broadly stable year-on-year basis. On profitability part, at the bottom line, quarter four FY26 PAT increased sharply by 64% year-on-year to ₹4,700 ₹4,471 crore.

This was aided by strong operating performance and lower tax charges. For FY26, PAT increased to ₹12,971 crore, broadly in line with last year, and demonstrating earning resilience despite market volatility.

On the balance sheet and funding front, as of March 31st, '26, total debt stood at ₹53,556 crore, while net debt was ₹45,022 crore. The increase in leverage primarily reflects planned bridge financing for ongoing capex.

During the recent quarter, we successfully raised ₹7,500 crore for secured non-convertible debentures. We also have received interim fund from banks in the form of corporate debt.

We have continuously maintained strong credit rating and liquidity access. We continue to follow a conservative capital management approach, with a majority portion of expansion being funded through internal accruals over time.

On contracted portfolio and visibility front, 95% of our augmented operating capacity of 18.15 GW is now tied up under long-term and medium-term PPAs. We have also tied up 13.3 GW of long-term PPAs for the ongoing 23.7 GW expansion.

These PPAs provide availability-based fixed charges, offering stable per-megawatt EBITDA. New PPAs carry materially better capacity charges, improving future return metrics.

As you may be aware, the fuel cost is pass-through for these PPAs. The fuel availability is also assured, as the states have to first obtain fuel allocation and then offer it to the winning bidders.

Now to summarize, our business fundamentals remain strong. Operations continue to be highly liquid and profitable.

Capacity expansion is progressing well. Liquidity and funding access are robust.

Earning visibility has improved materially. Thank you for your continued confidence in Adani Power.

We will now be happy to take your questions. Handing over to moderator.

Thank you.

Hi. Good morning.

Thanks for the opportunity. My first question is, can you help us with the detailed contours of RE-RTC, the 2.5 GW MSEDCL contract?

If possible, can you also share the tariffs?

This capacity which we have signed with Maharashtra is not specifically only for Adani Power, because we have in the group all type of products. Renewable is with AGEL.

The battery installation is also happening with AGEL. Adani Power is having thermal capacity.

As whatever will be left out from the PPAs will be obviously offered under this trading platform. This PPA is signed from the point of view of offering these residual capacity and by creating a suitable product as per the requirement of the customer.

This PPA will be served through the trading platform which we are going to create under either of the companies. That is the intent of this agreement.

Sorry, sir. There'll be some coal capacity that will be signed.

That is the right understanding?

Can you repeat?

There will be certain coal capacity that will be signed, and that will be what Adani Power will be supplying, right? That understanding is correct?

Whatever coal capacity is left out, let's say we have been saying that at the end of all the tie-ups which we will be doing, there is a possibility of 1% to 1.5% capacity left out, small capacity in different power stations. That capacity will also be used under this PPA.

We will also use the renewable, either wind or solar. We will also use the PSP, we will also use the batteries.

This would be a mixed product created by the trading platform, and through the trading platform, we will be servicing this PPA.

Understood. Sir, my second question is on merchant power.

When you say merchant sales, trying to understand how you exactly define it. Given that 20-21% of total units sold was merchant, that would roughly come out to be about 4 GW.

How much of this capacity is under medium term, and is there anything that will get converted into long term?

As stated in our speech that today the merchant capacity is only 5%. The meaning of merchant is which is not tied up under long term and the medium term.

If you take 5% of 18,000, it, let's say, works out only about 1,000 MW on RTC basis. In the beginning of the year, we were at 16% merchant capacity.

These units are supplied through this average capacity we have remained throughout the year ranging from 16 to today it is five. That is the way we have achieved this quantum.

Apart from that, sometimes when a PPA-based power station is out, and there is a, let's say, facility which is allowed that you can buy from the market, and you can service this quantum which is to be supplied under the PPA, medium term or long term, through buying from the market. That type of quantum is also considered under merchant.

Understood. Sir, my final question is on capacities that we expect to get commissioned in FY27-28, and what will be the capex plan for FY27-28 and the funding for it?

'27-28? FY27.

Yeah. Capacity, what we are 100% sure of that, coming in FY26-27, we are adding Korba, 1.32 GW.

In terms of capex for FY26-27, it will be near about ₹25,000 crore for our expansion. He's asking '27-28.

'26-27, he has given

that. And '28 as well, FY28 as well.

For FY27-28, it will be near about to ₹33,000 crore. Roughly, you can say, near ₹33,000 crore.

What capacity will be commissioned?

Next year, our capacity will be 1.6 GW. To precisely, for FY26-27, our capacity addition will be 1.32 GW.

For '27-28, our capacity addition will be 1.6 GW. In terms of capex, FY26-27, it is roughly, ₹25,000 crore, and for FY27-28, it will be near about ₹33,000 crore.

Understood. Thanks.

That's helpful. Thank you.

Good morning, gentlemen. Just to stay on the last topic on Korba, and maybe if you can also help us with Mahan.

First with Korba, what quarter should we expect the commissioning in '27? Then with Mahan, if you can just give us some sense of commissioning, I would imagine that's fiscal '28.

If you can also just help us with EBITDA contribution from Korba and from Mahan, please.

Manish, your voice is not very clear, but what I understood is that you are seeking the details of when the Korba and the Mahan will get commissioned. The Korba will get commissioned

Yes.

Korba will get commissioned something between June to September, it will be in the second quarter of this year, first unit. The second unit will get commissioned before the year ends.

As regards to Mahan is concerned, Mahan's first unit is likely to get commissioned in the last quarter of this year, but at the most, it will get commissioned in the first quarter of the next year, and second unit six months thereafter.

That's helpful. Then how should we think about the EBITDA contribution from Korba and from Mahan in 2027 and 2028?

In terms of contribution, this is an estimate on that. As we are adding this year only, its EBITDA will be contributed roughly near about ₹1,000 crore.

Subsequently, it will so add in its contribution. From next year, '27-28, it will be the full year, and it will contribute at the roughly ₹2,500 crore plus.

Its peak, while it will be at peak, when it will be under PPA, we are expecting that the contribution will go to near about ₹3,000 crore. In terms of Mahan, as we are adding this capacity in FY27-28, we are expecting that EBITDA will be so near about ₹2,200 or ₹2,300 crore.

That's super helpful. Then just to go back to the plant load factor, obviously, we saw a nice improvement in the fourth quarter sequentially.

If you can just give us an idea of how that's faring so far in Q1 of '27, and how should we think about the PLFs in fiscal '27?

Manish, unfortunately, your question is not very clear. We are not getting clarity on your question.

Let me ask it a different way. On the plant load factor in '27, how should we think about that?

Obviously, in '26, it was 66.5%. I was just wondering how that's faring so far in Q1 of this year, and how should we think about PLFs for the full year?

Manish, what though your voice is breaking, but what we understood, you want to know the, the plant availability, and then So, to to reply you that our plant availability for the quarter is more than 91%, and the same time, the, quarter last year, it was roughly near about 88%. On year-on-year basis, it is, in the same line.

In terms of PLF, PLF for this quarter is 74%. If you compare same quarter in the last year, it was almost in the same line.

On year-on-year basis, this time, the PLF is, slightly lower than the last year PLF, due to all these merchants and Now, in terms of '27, the the PLF it is better. We are expecting that the PLF will be far more better than the last last year the first quarter of last year.

In terms of, the the expectation, what Khyalia sir also said that, and the power demand is rapidly increasing, and due to all the geopolitical scenario also, the dependence on power, especially for based power, is increasing. What we hope that this quarter, first, first quarter of this year and also during the year, PLF will be far more better than last year.

Okay. Then just lastly, if I can just squeeze one more in.

On the Bangladesh Power Development Board receivable collection and reconciliation process, can you just give us a quick update on where we stand?

We are very sorry. We are unable to, though we are hearing your voice, but not getting.

Whatever we could interpret what you said because of the issue about clarity of your voice, as regards to collection is concerned, the outstanding has gone down, and therefore, we are getting now regular payments from the Bangladesh. As regards to the other issue probably which you are asking or seeking details about is the disputed amount and its resolution process.

As a part of the resolution process, we have appointed an expert, and expert is going to hear the both parties soon. Once the order of the expert is received, if it is acceptable to both parties, it will get implemented.

If it is not accepted by any of the party, either of the party, the party can approach Singapore International Arbitration Council. That is where we are today.

Thank you.

Wonderful. Thank you so much, and congratulations again.

Thank you.

There is a feedback that our audio is not very clear. I would request the moderator to reconnect us if everybody excuses us for a minute or so.

We hope that the line will become clearer after that.

Hi, thank you for taking my question. My first question was on the recent 1,600 MW PPA with MSEDCL.

Since this doesn't increase our pipeline, which project out of the list of projects will this be assigned to, and if you could also please share the tariff details for the PPA?

We have yet not assigned the project location so far. The probability is either the Raigarh or Raipur.

These are the two probabilities or at the most, it can be the Korba. These are three locations where we are developing the power stations and where we have not allocated the capacity to certain PPAs.

Either it can be considered as Raigarh or Raipur or Korba. That is the first part.

As regards to the tariff is concerned, the tariff has been stated, I think, in the stock exchange filing, which is ₹5.30, which consists of ₹4.11 the capacity charge and 1.19 as the energy charge. Thank you.

Thank you for that, sir. My second question is on the Jaiprakash resolution plan.

What exactly would Adani Power's role be, since in the presentation it is mentioned as an implementing agency? Could you please elaborate on that, sir?

There is one asset within the JAL that is a small generating capacity at Churk, let's say, 180 MW. That may be taken over by Adani Power as an implementing agency.

Apart from that, JAL is having 24% shareholding of JPVL, Jaiprakash Power Ventures. That 24% shareholding will again be taken over by Adani Power as implementing agency.

These are the two generating assets. In case of JPVL, the actually generating stations are three.

One is Nigrie, another is Bina, and third one is Vishnuprayag. These are the three generating projects.

Sir, could you please repeat the three projects? Your voice broke a little bit.

In case of JPVL, there are three power projects. One is at Nigrie, second is at Bina, and third is Vishnuprayag Hydro.

These would be three assets under JPVL, and there is a small generating station under JAL itself is Churk power station, which is 180 MW. Overall, there will be these four locations and four stations.

Understood, sir. Thank you for that, sir.

My third question would be on the nuclear plan that we have. I think great to hear that, but are we planning only small modular reactors?

Is there a target capacity or timeline that we have planned for?

Far, Government of India has not notified the rules. We are only, let's say, getting ourselves ready as and when the rules will come.

That will give us clarity what type of, which size of capacity, and how we will proceed ahead. Once we will get the rules from the Government of India, then only we can, I think, elaborate on this.

At this stage, we are only preparing ourselves, therefore, we are identifying the sites, wherever we have already the sites, we are applying for the necessary approvals. We are preparing ourselves ready for the opportunity as and when the rules will come so that we can move fast.

Thank you.

We are planning on the existing thermal sites only we have, or are we looking for newer land sites for this?

In our case, these would be all new sites. It will not be at existing thermal sites.

Understood, sir. Thank you for that, sir.

I'll join back in the queue for other questions.

Good morning, sir. Thank you for taking my question.

One continuing question is that on the 1,600 MW Maharashtra PPA, what is the timeline of starting of this PPA?

PPA is yet to sign. Once the PPA is signed, then only we can decide the timeline.

We have received the LOA, and Maharashtra is yet to file the petition for tariff adoption. We expect that in next quarter, next three months, we should be in a position to get the PPA signed, and then we will need 48 months.

From now onwards, you can consider 4 to 5 years in commissioning the project related to this PPA.

Okay. Secondly, what is the capex per megawatt for the Korba expansion and Mahan expansion?

Initially, we were targeting to commission that capacity in December. What has led to the delay in postponing it to FY28?

Can you repeat your question?

Firstly, I wanted to understand what is the capex per megawatt for Korba, and secondly, what has led to the delays in postponing commissioning of Mahan in FY28? Initially, we were targeting it at around October to December this year, right?

As regards to the Korba is concerned, the overall capex, in addition to the You are asking the the capex of the project which we are going to commission this year, 1320?

Yes.

In addition to the amount which we spent on acquiring this asset, around ₹4,100 crore, we are going to spend another ₹4,000 crore. It would be roughly ₹8,000-8,500 crore in total, which includes the first two units' commission and these two units which we are going to commission.

It would be very difficult to specifically say what would be the per-megawatt cost of unit three and four, because the acquisition cost includes one, two also. As regards to Mahan is concerned, Mahan, we thought of that we should be in a position to commission both units this year.

We are still hopeful, but because of this ongoing geopolitical situation, which is slightly impacting the availability of labor, the availability of LPG. Therefore, we are taking a conservative approach and of the view that one unit, yes, we are targeting by end of this year.

If the geopolitical situation continues for a longer time, then at the most, it can go to the first quarter of the next year.

Got it, sir. Lastly, just wanted to know what is our weighted average cost of borrowing right now post the increase in debt?

Recently, what we are getting it rate from the market, this is near about 8%, the recent borrowings, what we are getting from market, either DCM or from domestic banks.

Got it. Thank you, sir.

Those were my questions.

Thank you.

Sir. Thanks, sir, for the opportunity.

Sir, is my audio clear to you?

It's a bit better than previous.

Fine. Thank you, sir.

Sir, in terms of the merchant share, you mentioned currently only 5% is there. Is it fair to say from quarter one FY27, we'll have a 5% as a merchant capacity and generation or it is staggered over the year?

No,

this year, since we have already achieved the 95% tie-up under the medium-term or the long-term PPAs, obviously, 5% of capacity will be available for merchant during this quarter-to-quarter.

Starting quarter one onward.

Then

is it fair to say, I think you did mention on Korba as giving an example like how the EBITDA move in PPA and non-PPA. Once we move our capacity to a PPA, then EBITDA trajectory is better vis-a-vis what we are getting in merchant?

It would not be fair to say in advance that whether you will get realization better in merchant or the PPA. Under PPA, you have surety that you will get, let us say, ₹5.50 or so, whereas in case of merchant, nowadays you are getting ₹7, ₹8 also, and sometimes you are getting ₹3.

It all depends on the weather volatility. We will not be in a position to forecast or make a comment exactly on whether the merchant would be better or whether the PPA would be better.

Obviously, in PPA, you get surety, you get complete sight what we are going to get at the end of the year. In case of merchant, it can give you upside, but at the same time, sometimes because of weather problems, your realization may go down also.

Okay. Is it fair to say, when we have signed those PPAs, and moving from merchant to PPA, the EBITDA trajectory for them, it is maybe equal or better, or anything on the signed PPA vis-a-vis the merchant when we were selling power?

See, why we are signing the long-term PPA is that it gives you a stability and long-term stability. In case of merchant, of course, let's say, the last to last year, the prices or the rates were very good.

2026-27, the rates were not very good. Current quarter, the rates are very good, but going forward, we are not sure.

We feel, we are of the view that when more and more renewable will get added, the prices of merchant are bound to go down. That is the risk which we are trying to mitigate by signing the more and more PPAs.

Risk is visible. What would be the impact of that risk, how much that risk is, only future will tell.

One thing is sure that renewable is going to get added every year in a big quantum, and that is going to suppress the merchant prices.

Sure, sir. Got it.

Then in the PPT, I think there is one slide of consol debt profile that we have, which talks about how exactly has been the net fixed asset movement in FY26 over FY25, which has seen an increase of almost 25-odd percent, 20 80 to 20, almost 25% movement year-on-year basis, but our capacities have moved by maybe 6-7%. What exactly could be the reason for this, sir?

As I explained in one of the question that we have incurred near about the ₹22,000-23,000 crore in the capex for our expansion plan. Also, we have acquired the some assets, Vidarbha, from the market.

The operating capacity addition of Vidarbha adding into fixed assets in addition, then also the expansion plan, work-in-progress, expenditure is also adding. That is why the operating capacity has not increased by that proportionate.

It is only added by 600, but in terms of expenditure, capacity acquisition for 600 and also part of expansion plan. This CWIP is also adding into the total fixed assets.

Okay. Got it.

The CWIP is part of it. Okay.

Got it.

Yeah.

Fine, thank you.

Thank you. My question was answered by earlier gentlemen.

I do have a question on a macro level. Given the coal shortages and the world situation, could you just give us a insight on

Sorry, Kartik, we are not really audible clearly. We request you to speak

Am I audible now? Yeah.

I had questions on the capex and the capacities, which you answered earlier. If you could give some insights on the coal shortages that are happening in India and how insulated are we or how are we taking measures to mitigate that?

Coal shortages?

Yeah.

Coal shortages, how coal shortages are happening, how are we dealing with it. Far there is no coal shortage which we are facing.

Since the domestic coal is not directly impacted by the geopolitical issue, and the production of coal in India is sufficient, we are not really having any issue as far as domestic coal availability is concerned. As regards to imported coal is also concerned, there is some impact on the price because of increase in bunker fuel, etc., and therefore, the shipping cost has gone slightly high.

Since it is pass-through, we will not get impacted by that. Thank you.

Understood, sir. Thank you so much.

Good afternoon, sir. Sir, my first question is on the minority interest or non-controlling interest item in P&L.

I think there's sharp jump Q-o-Q. Can you please explain that?

Sir, sorry, we are not getting, sir. Your voice is breaking.

Sir, non-controlling interest, the minority interest, the entry in the P&L, consolidated P&L, has jumped from ₹8.5 crore in Q3 FY26 to ₹254 crore in Q4 FY26. Can you please help explain that?

If you see the Moxie, last year, the financial year FY26 and financial year 24-25, we acquired Moxie, in last year. It was operational partly, but during the year 25-26, our Tuticorin plant, Moxie, operational fully.

Due to the timing of both the year, this year it is 12 months, vis-a-vis last year it was not 12 months. That is why this percentage has also increased.

My question was more about the Q-o-Q movement, sir. Q-o-Q also there's sharp jump, Q-o-Q.

Yeah. Let us see.

Give me a moment, please.

Should we go ahead with the next question, sir?

Mohit, sorry, we took a few seconds. This is due to impact in PPA, actually.

This impact of minority controlling interest is the impact of PPA,

quarter-to-quarter.

As you see, Moxie, we have PPA last to last quarter. In quarter three, there was no PPA in Moxie, Tuticorin.

We entered into an agreement with Moxie with Tamil Nadu, 558 MW. The impact of PPA, mid-term PPA, we executed.

For five years.

Understood, sir.

Thanks.

My second question is, sir, can you help us with the outlook on the new PPA from the states? How many active tenders you see currently?

Has there been any development in Rajasthan, which will help us tie up the 3.2 GW Kawai power plant? Yeah.

The upcoming PPAs in the market, we have almost 13 GW. Precisely, it is from Uttar Pradesh, Rajasthan, Uttarakhand, West Bengal, Gujarat.

There are PPAs in the market, and if we include total, that is 13.1 GW. Further, Gujarat has also issued a draft bidding document for bidding process for procurement of another 4,000 GW.

PPAs are in the market from various states, including Uttar Pradesh, Rajasthan, Uttarakhand, West Bengal, and Gujarat.

Understood, sir. My last question, you mentioned that your merchant capacity is going to decline significantly, right?

I understand Vidarbha is going to medium term. 625 MW Karnataka will start operational.

Coastal has tied up 600 MW. Still, does it also mean that some of the capacities, our merchant capacities, will also tie up with the group in FY27 under the long-term PPAs?

No.

Mohit, are you asking about the PPAs that we have with group companies, related to that?

Yes.

Mohit, I got your question. You are saying, have we signed any long-term PPA within the group?

Yes, because merchant capacity is declining significantly. I do understand a few of the short-term capacity will move to medium term and long term.

Is there something which also tied with the group companies?

No, we have not signed during the year 26-27. No,

in FY26. Understood, sir.

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

Hi, sir. Thanks for the opportunity.

My first question is on your open merchant capacity, which was 5%. Would it be possible for you to give a break-up, plant-wise, which plants have the open merchant capacity?

You had shared this in 3Q, but now could you share the updated number? Yeah.

Primarily, open capacity is now with Mundra. We have some open capacity available in Mundra in the unit number nine, partially tied up.

Apart from that, we have got merchant capacity spread between different places: Raipur, Mahan, mainly, you can say.

Mainly we have now in three power stations the merchant capacity: Mahan the Stage 1, then Mundra unit nine, and small capacity in Raipur. These are the three stations where we have small capacities, which makes it to 5%.

Understood, sir. Thank you.

Second is, you had last quarter shared an annual addition plan of how you plan to get to the 42 GW number. You had mentioned FY27 you'd be adding 2.9 GW, FY28 would be 2.4 GW, FY29 2.4.

Now you seem to have revised that downwards, with FY27 only being 1.32, FY28 only being 1.6, being the Mahan plant. Could you give an updated sort of plan till '32 of how you would be adding your capacities to achieve this 42 GW, bearing in mind that '27 and '28 now have been revised down?

I think we can give this trajectory in the presentation, because giving all those 5-6 years' trajectory on a call may be difficult. Yes, earlier we said that even the Mahan both units will come in this current year, but because of this geopolitical issue, we are taking a conservative approach, because certain things, as I said earlier, the issue of availability of workforce, there are issues of availability of certain critical sources like LPG, etc.

Therefore, we are moving this 1.6 GW of Mahan to the next year. We are still trying that the first unit should get commissioned in the current year.

Therefore, on conservative side, we have considered this year 1.3 GW, next year 1.6 GW. For the rest of the period, we will give the trajectory separately in the presentation.

Understood, sir. Just directionally, last time you had mentioned by '30, you would have around 34 GW capacity.

Are we still on track for that, or would it be now directionally lower?

These are on track.

Actually what's happening, Shriram, is we are only deferring the sort of commissioning targets by an average of six months, and that falls across the financial year boundary. In FY29, there would be the capacities that are being shifted, let's say, from FY28, both will get commissioned in FY29.

Then, similarly, there would be around six months sort of deferment. Beyond that, actually, it is very much in line with what we have said.

It's evenly spread out, starting from FY29 to FY32. We are commissioning 4 GW or more every year.

As Khyalia sir said, we are moving as per our plan. On the conservative approach, we are communicating like that.

Still we are confident that we are in line with our plan only.

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

Khyalia sahab, namaskar. Bharat

bol raha

hoon. Namaskar.

Namaste. Jo hamare the operational cash flow when we talk about last two, three years, the operational cash flow, say, in 23 23-24 was about ₹14,000 crore.

I'm talking of purely operational cash flow. And

'25

and '26 has been about ₹21,000 crore. If I look at our EBITDA, they are 22 to ₹24,000 in last 3 years: '24, '25, and '26.

When do we see our EBITDA kind of touching ₹50,000 crore number? Is that something a matter of 4 years or matter of 5 years?

I think Dilip should clarify this. Dilip, give some broader numbers.

Dilip

bhai,

if you look at our EBITDA has been ranging from 22 to ₹24,000 in last 3 years: 23-24, 24-25, and 25-26. Given our upcoming capacity, the target of 30 GW capacity which is to come up, and the agreements which are in pipeline and commissioning schedule, this ₹24,000-25,000 crore EBITDA, when do we see it essentially doubling to 50-odd thousand crore, in 4 years' time, 5 years' time?

When do you think this is most likely to be the case?

Bharat bhai, we should be in a position to achieve 50,000 conservatively 2031. Or what we have planned today, if we could achieve that, and let's say, no issues arise during this period related to presently we have this geopolitical, etc., in that case, we can touch this even in 2030.

If we miss because of any reasons, then at the most, it would be 2031.

Fantastic. Secondly, given the fact that while we are, of course, incurring a decent amount of capex, ₹25,000 crore in 26-27 and 33-odd thousand in 27-28, but essentially, the business is throwing a lot of cash.

As we complete our expansion program, I think the level of cash would be rising. What are broad thoughts?

I'm sure you'll find a way to invest in. Given the fact of large upcoming cash flows that the business will generate, any broad thoughts on the deployment plan subsequently?

Bharat bhai, now, so, as you rightly said, that we are expecting that this year we will have capex of ₹25,000 crore, and then subsequent year it will be ₹33,000 crore, in the overall gamut of ₹2 lakh crore of expansion plan. On the average annual basis, if you will compute annualized and average cash flow, this is ₹20,000 crore we are adding.

Now, the interim gap, we are either arranging from domestic capital market or domestic bank. Now, to second part of your question, sir, the quantum of cash flow we will generate from this business, what is our strategy and what is our plan?

As Khyalia sir also said that this is the moment for thermal expansion. As peak capacity is growing on, every state is ensuring their resource adequacy, there are PPAs in the market.

We are moving from this 5%

sorry?

Entire voice, lost or some parts? Haan,

Dilip ji, instead of speakerphone, just lift the phone and speak. That'll be easier.

It is better, sir?

Yeah.

Now, I was to repeat again that, sir, our capex plan is so to add 24 GW, ₹2 lakh crore. For this year, this is ₹25,000 crore, next year this is ₹33,000 crore.

On an annualized basis, we are generating FFO of ₹20,000 crore, there is interim cash flow requirement which we are arranging from the market for a short-term period. To answer, sir, your next part of question, what is our strategy and plan for when we will have huge amount of cash surplus?

Because literally by '31, '32, we can pay our entire debt, and thereafter also, from '32, '33, we'll have huge cash surplus. As Khyalia sir also said that this is a moment for thermal.

Capacity expansion is going on across the country. We have also targeted for 24 GW.

This is the moment to invest all this cash flow in thermal. Strategically, if you'll see, sir, as a country, from 9 GW to 100 GW, atomic energy addition is there.

Maybe when we'll have huge amount of cash surplus, that may be one of the area, or the global expansion. The things are, in plate, huge opportunity in the market, but it's time to focus on execution and achieve our so planned capacity of 24 GW.

We are confident that by '31, '32, our capacity will be 42 GW from so planned capacity. The quantum of surplus, multiple avenues we have, we can deploy to leverage for more better value.

It will be a debt-free company.

Jee, jee. No, no.

I'm sure given the growth hunger, we'll always find a way to utilize the cash flow that we generate. I just wanted to get a kind of a glimpse into strategy or thought process.

Thank you. Thank you, Khyalia sahab.

Thank you, Dilip bhai. Thank you, sir.

Thank you.

Thank you very much for your time and opportunity given to us to present so our business. We are hopeful that we will have same type of support and engagement with you all.

Thank you. Thanks a lot.

Have a great day.