Hi, everyone. Good afternoon.

This is Kuldeep. I'm joined by my CFO, Nikunj, as well.

Thank you so much for your time today. We are ready to begin at our end, of course.

We had, I think, about 150-plus people who had registered. We'll just maybe give another minute or so to ensure that people can join.

Ryan, will you let us know how many people we have right now?

Okay. We'll just give it another 1 minute, guys, and then we will begin.

I think we have more than enough quorum. We'll begin in a minute's time.

Thank you for your patience. Maybe we will begin now.

Thank you, everyone. Ryan, just give us a count.

How many people have joined? All right.

The way we'll do it is we do have a PowerPoint, but I'll take about a few minutes upfront to walk you through some of my comments for results of the last quarter and overall. We also have already put out on Friday evening after our board meeting which approved the results, both the financial results as well as this investor presentation and a shareholder letter is already up on our website since last Friday night.

I will touch upon a few of my comments, which are more from the shareholders' letter, and thereafter walk you through some of the PowerPoint pages. A few minutes without the aid of PowerPoint, but just my key messages.

First message about the quarter's performance is we had terrific growth in our profit after tax, which was at ₹55 crore, which was really driven by three things. First is doubling of our revenue.

Second is we improved our EBITDA margins in both of the segments of our business, which is in renewable energy power sales, our EBITDA margins went up from 76% to 84%, and in renewable energy services, they increased from 9% to 11%. We had improved EBITDA margins in both business segments.

We also had lower interest costs due to efforts of Nikunj and team. Our weighted average rate of interest was 9.4% in say April 2025, last year, which has fallen about 100 basis points to 8.4% is where we stand as of June 2026.

As a result of these three factors, doubling of revenue, improved EBITDA margins in both business segments, and lower interest costs, we had substantial growth in PAT. That's first message.

Second is, if you look at indicators of future continued growth, we added substantial new capacity of about 500 MW in the first quarter of this year. This gives me a lot of confidence that we will be able to meet or exceed our guidance of 1.5 GW of minimum new capacity addition during this year.

We have many more details about why we believe we are confident about meeting 1.5 GW in the shareholders' letter, specifically in the Q&A section on question number 3, which you can refer to. The third thing is we are therefore quite comfortable providing a new guidance, which is a lot of you have previously asked us that, okay, we understand how you are growing and your results, but we want to have a view on FY '28, what is the likely EBITDA you're going to get to.

We are comfortable providing that new guidance that we will have a minimum EBITDA of ₹3,000 crore in FY '28, which is nearly 2.4 times the EBITDA in FY '26. So, 2.4x in 2 years from about ₹1,290 crore in FY '26 to a minimum of ₹3,000 crore in FY '28 on the back of this 1,500 MW of OPEX capacity that we plan to add in the current financial year.

Now, talking about clients and our business, we have two big business segments. One is Data and AI, second is general industrial corporates.

If you look at the first segment, which is Data and AI, this continues to be a big business segment for us. We had 42% of our capacity in Data and AI, in terms of our contracted capacity, 42% is Data and AI, and we have about 10x growth in the last 2 years.

Between March '24 to March '26, we've grown about 10x in the Data and AI segment. That's the relevance of that segment to us.

We are proud that in this fiscal alone, we have announced deals with many global hyperscalers in calendar 2026, such as Meta, Apple, Google, and Amazon. We estimate that we have about 35% market share of such hyperscalers' business in India, right?

In addition, we are also energy partners, clean energy partners to various data center companies, such as NTT, STT, L&T Data, Equinix, Iron Mountain, and several others, right? Therefore, we do expect, on a look-forward basis, we do expect substantial growth to continue coming from the Data and AI part of the business segment.

The reason is really down to a simple equation that when a data center or a hyperscaler says that, "We will have 1 GW of new capacity that comes up," that 1 GW is what is called IT load. It translates to roughly 1.4 or 1.5 GW of round-the-clock, which is 100% PLF power load, which really means about 6 GW, right, like 3 GW of wind plus 3 GW of solar kind of combination.

It means 6 GW of power generation capacity to meet this requirement, right, which is, in other words, a ₹40,000 crore capital investment. If you work the equation all the way through, every 1 GW of data center IT load translates to 6 GW of new RE capacity plus a few GW of storage, which equates to a ₹40,000 crore investment.

There's many, many more gigawatts of data center capacity to come in India over the next 5, 7 years, and therefore, we expect this segment to be a continued growth driver. Our other segment is industrial customers, right, non-Data and AI, but just general Make in India, but with cheaper, greener power, right?

We have seen a lot of growth in that segment as well. We have doubled our contracted volumes in the last 2 years, which means that we're growing at about 46% even in that segment.

This growth is driven by a combination of two things. First is a low penetration starting point.

The last available data was that only 7% of industrial power in India was consumed through such bilateral green sources, which, in other words, implies that 93% is available for penetration. There's a huge penetration potential.

The second reason is that the customer value proposition is terrific. Customers save upwards of 25% on their energy cost and also lowers their carbon footprint.

There is low penetration with a high consumer proposition, and therefore, the last 2 years, we have seen over 46% annual CAGR in terms of new capacity signed up, and we do think that some of that will continue. Therefore, we do have a substantial pipeline, which is just contracted capacity, which is under construction, which has remained stable at 2.5 GW or more.

At any point, we have enough locked and loaded to build for the next 18 months of growth, right? The good news is that the new volumes we have have a similar quality standard and profitability standard as the prior volumes.

Let me explain. There are three metrics that we track closely.

First is how much of our customers are rated AA, AAA, or multinational subsidiaries in India. We're glad to report that honestly, for the last decade or so, that number has been well above 80% and continues to be.

Second, the tariff of the 2.5 GW which is contracted yet to be built without value-to-storage is about ₹4 per unit of power. The tariff prospects are as good.

The new volumes are as profitable from a tariff perspective as existing volumes. And 80% of the new volumes are with existing clients.

That's those three dimensions of quality that we track in new customers, which is what is the share of high credit rating, i.e., AA, AAA, multinational clients, that remains as always. Second is tariff is not declining, profitability is intact.

Third is that the share of repeats, we continue having customer love, and nearly 80% of new volumes we contracted in the last quarter were repeat business. That's about clients.

We've also lowered our borrowing costs on project finance from 9.4%, as I mentioned, in April '25 to about 8.4% in June '26. We are looking to tap the domestic credit markets, the bond markets, for the first-ever corporate bond issuance by us.

This is enabled by the fact that recently our credit rating also got upgraded to a AA- threshold. The AA barrier is important if you are to do a domestic corporate bond, and that's the market we are tapping into.

A lot of other questions also frequently come up. We've tried to provide very detailed answers in our FAQ, in our shareholders' letter, which has a very detailed FAQ section, please do refer to that.

With that, I'm done with my opening comments, and I will try to walk us through this PowerPoint right now. What I will also do, though, is to the extent there is a repetition from my opening comments, I will take the liberty to skip the slide.

Highlights for Q1, as we said, we've now got about 6 GW of contracted capacity overall and 3.5 GW of operational RE power sales segment. In this quarter, we've commissioned about 400 MW in the RE power sales segment and 100 MW in the RE services segment, overall 500 MW.

We've had a lot of commissioning in the last one quarter. We're also delighted that our EBITDA has increased about 74% to about ₹494 crore for this quarter.

We went about some of these other dimensions, and from a quality perspective, we continue to do very well with Data and AI clients, and most of our volumes come from repeat business with existing customers. Often we talk about and give data about which states we are operating in.

I don't think there's too much of relevance here. We continue to have strong positions in each of the markets where we already had that, with an increasing diversifying trend across various states, right?

The total contracted capacity is about 6 GW as of 30th June. Of that 6 GW, 3.5 GW is already operational, and another 2,500 MW therefore is contracted and currently being executed.

In our RE services segment, we have about 682 MW, which is operational because we commissioned 127 MW in this quarter, and 147 MW is contracted and under execution. Therefore, the portfolio total of built and under construction is about 6.8 GW for us.

There is in our KPI section, you'll see there's another 6 GW or so where we have transmission capacity as well as we have applied for new transmission, we are very optimistic about the growth, and therefore, we are continuously replenishing the transmission and evacuation capacities available to us. A few highlights on our financial results.

As I mentioned, our revenues have more than doubled, and in each of the segments, there is high high high growth in revenues. There is also an uptick in our EBITDA margins in both our segments, which is really down to operating leverage more than anything else.

RE power sales, first quarter of last fiscal, our EBITDA margin was 76%, which has increased to about 84% in the first quarter of this fiscal. Secondly, second business segment is RE services, which was 8.7% EBITDA margin in Q1 of last year, which is 11.2% in Q1 of this year.

Both our business segments have improved their EBITDA margins. As a result, our PAT has been positive ₹55 crore for the first quarter of this year, right?

I'll flip over this chart quickly because we went through this in the last fiscal. Our run-rate EBITDA has increased.

Run-rate EBITDA means EBITDA from all operational assets as on that date for the next 12 months. At the end of last fiscal, it was ₹1,870 crore or so.

That's a repeat from really the last presentation. We'll take you through some of these key unit economics.

I'll focus on one or two numbers only here, which is if you look at our tariff on the bottom right-hand side, the operational portfolio tariff is about ₹3.93 per unit of power. This is for the existing capacity of 3.5 GW.

What is under execution, so, 2.5 GW is contracted under execution, that is at a tariff level of ₹4. I mentioned that earlier.

We now see in renewables the tariff levels stabilizing to rising. We have given some illustrative operating assumptions, but based on what we are putting up and all of these assumptions, we are now comfortable providing a sort of threshold EBITDA guidance for next fiscal, which is FY '28, which is that we believe the first number is 4.6 GW will be the minimum OPEX sales capacity on 1st April 2027, which was 3,100 MW at the start of the year plus about 1,500 MW of new capacity we are adding this year.

So, 4,600 MW of OPEX sales capacity minimum by 1st April 2027. This should give us, and therefore we are comfortable issuing a guidance to the street, that we will have a minimum reported EBITDA in FY '28 of about ₹3,000 crore.

This is a substantial, which is nearly 2.3 times growth in 2 years between FY '26 and FY '28. We are comfortable issuing that as a guidance, and that came from a feedback from a lot of you all, which is that we don't want to just look at how we are building and how we are doing in the current year, but we'd like some estimate for next year as well.

That's the guidance we are providing. A few business updates.

One is, as we talked about, Data and AI continues to be a strong component of our business. It's maintained its position at about 42% of our aggregate contracted capacity and has grown nearly 10 times between start of 20 fiscal '24 to about now.

In 2 years, it's grown about 10 times. Even the conventional C&I, which is really largely industrial clients, Make in India, if you will, so that has also enjoyed about a 2.2x growth in volumes overall and is growing at therefore about 46% per annum, right?

We have a number of key customers in the Data and AI business as well as in industrial clients, but quite disaggregated. We had given a guidance and stick to it that we will add over 1.5 GW in the current fiscal in terms of OPEX sales capacity, and we've added in OPEX sales capacity 400 MW in the first quarter of the year, and we have plenty of unbuilt capacity.

Why we feel very confident about this is answered in much more detail in question 3 in the shareholders' letter as well. We've always enjoyed somewhere between 75% and 80% of our new contracts signed are with existing clients.

In the last quarter, that number was quite similar. The new contracted capacity is with existing customers, right?

We continue to have low receivable days. We continue to maintain above 80% share of volumes with clients who are rated AA, AAA, or multinational, so that continues to be a big part of our business.

The PPA tenure remains very long. We have, on average, 23 years PPA tenure.

We have a great tariff locked in for the next 2.5 GW. It's about ₹4 or so, which is, in today's times, a fantastic tariff.

We continue growing our customer base, today we have nearly 600 unique C&I customers and are in about 10 states. Seven states we are already evacuating power, three more states is contracted and under execution.

That footprint is also vital because customers need the RE capacity to be in the same state as their power consumption, and therefore that footprint also matters. Let's talk about project and execution performance.

Before I head into that, I do think this is a very, very critical area of our business because today we do feel that we are constrained not by demand as much as by how much we can actually put up, all right? We are in a almost happy situation to be supply-constrained, not demand-constrained.

Therefore, firstly, I'm very proud that we have improved the pace of build. If you came and met us almost a year ago and looked at a trailing 12 months as of June '26, how much capacity have we added, the answer was 450 MW in the 12 months prior to 30th June 2026.

This reflects our execution capacity. How much you add in a quarter may go up or down, but always looking at trailing 12 months of capacity addition is a useful metric.

And 450 MW of capacity addition has increased to about 1,740 MW in the trailing 12 months, which included one CTU project. Even the STU and rooftop part of the capacity addition grew from 450 MW to 1,200, and we've now started building CTU capacities as well, maybe like one CTU site a year, about 500 MW a year.

The pace at which we are executing has grown to a trailing 12-month run rate of about 1,743 MW. That gives you a sense of the capabilities of the organization have improved to be able to grow at this pace.

The second aspect of execution in our mind is on time and within budget, which is very critical in a projects business, and it's important to look at this operating discipline over a long period of time. We are quite happy that over the last 3, 3.5 years, including the last quarter, we have always come in within budget.

Whenever we contract something with a client, the board approves a project and there's an approved capital expenditure on basis of which we have underwritten the project. In each of the last three fiscals as well as in the most recent quarter, we have installed projects below budgeted cost.

That's a positive for us. Our grid uptime has generally been quite good.

STU is most of our capacity, is about 87% of our EBITDA is STU plus rooftop. In STU, grid uptime has remained very high at above 99% kind of levels, and you'd always assume 1% sort of downtime somewhere in the grid.

Yes, like many other players, CTU is also a problem area for us. We have a project commissioning in Bikaner at the end of last fiscal, start of this fiscal, where we have about 70% backdown and expect that backdown to actually continue throughout the duration of the current financial year.

The saving grace for us is that CTU capacities only represent about 13% of our FY '27, of our start of year run-rate EBITDA, and therefore the impact is only on that 13% or so. Someone earlier today asked me a question, "Yes, our EBITDA would have been higher by maybe 8% or 9% if we did not have this backdown, but that's the extent of the impact."

Right? We continue to do well in our power generation because you can put up assets, but are they generating as per your expectation and as per prior exhibited performance?

We always, on PLF basis, we have to look at trailing 12 months because of seasonality. Any one quarter is not a good metric of PLF.

We look at trailing 12 months. In wind, we have marginally improved our PLF.

In solar and hybrid, we are almost similar. I would say in all types of technologies we use, our PLFs have remained industry-leading and at a high level.

Right. I'll request Nikunj to now walk us through the financial results section of our presentation.

Thank you.

Thank you, Kuldeep, and good afternoon, everyone. We are on slide number 16.

Those who are not joined on webcast and using the phone lines, it's financial results snapshot for the first quarter FY '27. I'll focus on the key double clicking on the numbers which perhaps we've not touched upon thus far.

Revenue from operations grown 107% to ₹832 crore. If we double click on it, the RE power sales segment has grown 47% to ₹528 crore compared to ₹358 crore last quarter, and the RE services segment had reported a revenue of ₹300 crore this quarter compared to ₹41 crore, which is a sixfold increase because we executed more projects and booked revenue under this segment.

The EBITDA, given the mix of the two segments, has grown 74% on a cash EBITDA basis, and on a reported basis, it's a 68% increase to ₹462 crore compared to ₹274 crore. Of course, the PAT reflects this operating and financial leverage we touched upon.

Some of the other important balance sheet numbers for the quarter are the gross block, which is at ₹14,138 crore now, and the net debt number is ₹11,809 crore compared to the ₹9,684 crore the last quarter, right, which is 31st March 2026. Similarly, the net equity base also has increased to ₹5,831 crore.

We have some more slides covering the build-up of the EBITDA and net debt, which is the next slide, which is page number 17. This is an important two numbers which we look at it that what is the breakup of EBITDA.

It's ₹494 crore is the adjusted reported EBITDA. In our business, there are projects which are operational at the start of the year has already been fully stabilized and have been operating.

That represents close to ₹334 crore of EBITDA comes from that out of 494. 7% EBITDA comes from the RE services business, and the remaining, which is ₹125 crore of the EBITDA in the quarter, is primarily from the project which is commissioned in the last 12 months and in the process of fully stabilization.

Some of them have fully, some are still maybe stabilizing. This is a breakup we give so that we can look at the corresponding debt against it and try and better appreciate the cash flow versus the debt position.

Out of the total ₹11,800 crore net debt, approximately 44% of the debt is against the project which has been operational at the 12 months prior to the start of the year, which is ₹5,154 crore. Very interestingly, 38% of the total debt, which is ₹4,483 crore, is against the under-construction assets.

It means that assets are yet to generate the cash flows. The debt is being utilized for the projects which are currently under construction, which reflects the velocity of the new construction and what is more coming in as a future pipelines and the projects.

Page number 18, which is further covers the breakup of the RE power sales segments and the operating leverage within this business. The gross margin primarily remains in the range of 93% to 92%, it's more of a flat line.

We see the EBITDA margin continue to expand primarily because of the reason that SG&A to total income continue to decrease purely on account of the operating leverage with the increase in the capacity and the base. The 84% is the approximately 84% is EBITDA margin for RE power sales business for this quarter, which was for last financial year was around 82%, 83%.

It's already moved to 84%, and a couple of years back, it was 75%. It's already seeing that expansion, and the base hopefully it should further continue to expand.

Now, this is the last slide for this presentation, and maybe we will open this for Q&A. A couple of three points to highlight here.

One is that our credit rating now is AA, which was AA- for the last quarter, same period. That certainly is a very, very good outcome for us post-listing.

That Kuldeep already touched upon that this also opens up a DCM opportunity for us. We'll be coming up with the first domestic bond for CleanMax hopefully soon.

And 23-year weighted average PPA against the 18 to 19-year loan profile is also reflects that there is a very strong asset-liability sort of coverage, and the combination of two now reflects on the cost of financing, which is 8.4% for the 30th June 2026 compared to 9% and above for the last financial year, 1st April 2025. This, we believe, is a very good outcome on the financing side for the business, and now we will try to build upon on that momentum as we progress further in the year.

With this, maybe I'll stop the management commentary and open the floor for Q&A. Thank you, everyone.

Hi, sir. Thank you for the opportunity and for the very detailed presentation.

I think it's class-leading. I want to know your thoughts on this deferral of ALMM II.

We are one of the beneficiaries, I think. How are we planning to sort of take advantage of this gap which the government has created?

Thank you, Apoorva. The government has basically said that for all projects which can commission before 31st March, you can continue using domestic modules made with Chinese or imported cells.

That's essentially the benefit, and those are available cheaper. The price difference is about ₹60 lakh per megawatt between Indian-made cells and imported cells.

The benefit is about ₹60 lakh per megawatt. Obviously, the projects which we were planning to build between now and 31st December or even something which was maybe internally slated for Jan and Feb, we are examining and working on pulling it forward, making sure we can build it by 31st December to take advantage of that.

It's tough to give a precise number on how many megawatts that would be, but Apoorva, if we're doing 1,500 MW overall, you can think about or estimate on a per-quarter what's the amount of solar modules. There is undoubtedly some benefit.

In some sites where we have existing clients, PPAs are signed, they were close to making a decision, we are seeing some acceleration of decision-making at their end as well. Everyone wants to take advantage of this and capture a little lower tariff.

That is only in a few, I would say, brownfield STU sites, such as in Maharashtra and Karnataka, where we have that ability to build that quickly that even if someone contracted today, we could actually commission it by 31st December. There is some benefit.

It will definitely accrue to the contracted under execution at the rate of ₹60 lakh a megawatt cheaper cost, and there may be also some incremental sales, particularly where we have brownfield sites, for example, in Maharashtra and Karnataka, where it can be executed quickly. Thank you, Apoorva.

Thank you so much, sir. Also on the pricing for these modules, are you seeing any drop in the prices or softening of prices because of this delay, or how are we positioned over there?

We've not yet contracted. I was in a meeting last week where I was updated that we are under process of negotiations, it's too early to comment, honestly.

It's not yet contracted by us. Fundamentally, between Indian-made cells and imported cells, there is, on average, at least a ₹60 lakh per megawatt-peak difference.

Okay. Understood, sir.

Just touching on your comment on this 1.5 GW capacity addition target in FY '27, I read your shareholder letter, and where you have mentioned that 543 of this 1.5 GW will be contributed by the CTU project at Koppal, where two bays have been allocated, and they commission by October '26 and March '27. Can you break down the capacity linked to each of these bays?

Maybe

I don't have the number straight off the bat, Apoorva. We can provide it to you maybe post this call.

It is useful to have two bays because what happens is you have some fungibility across bays also. That's also a factor in CTU.

Sir, on the second bay commissioning by Sorry, please go ahead.

I was just saying for everyone else's benefit that we have put up the shareholder letter that Apoorva is referring to on the screen as well. I don't know if you can increase the font a little bit.

The people can refer to this in their free time as well. Sorry, Apoorva, but why don't you finish asking your question?

Sure. No, I was just wondering about this commissioning timeline for the second bay.

It's by March '27. Is it a little too close for comfort for our target, or have you factored that in in your 1.5 GW target itself, the probability of meeting this quite high even if there's slight slippage in the second bay commissioning?

What we do know is even in the first bay, there is spare capacity and so on. We've been given an assurance that, look, if you manage to commission right now, the bays are empty enough that there is enough evacuation capacity and there's fungibility across the two bays.

Okay. Even if the second one gets slightly delayed, we'll still meet our target.

Understood, sir. I was going through your results, and I think there was one quite interesting observation over there that there has been a reclassification or an amendment to the debenture trust deed, which has reclassified existing listed debentures from unsecured to secured and lifted the security cover from 0.7x to 1x.

Why would existing debenture holders need more security?

Apoorva, I can take that. You remember that there was certain corporate debenture issued.

Part of that is repaid using the IPO proceeds. Part still remains.

The way our debenture trust deed was written that the security cover would remain from 0.7 to 1.25. It was a range.

Either we have to keep it 0.7 minimum, or we take it to 1.25. Given that now we're listed, we are planning another corporate bond, we said that it would be 1x.

We are not keeping a range. Otherwise, post repayment, we would have taken it to 1.25.

It appears like they are increasing. We are not increasing.

We are just making it consistent. It's consistent.

It's consistent to the upcoming bond, where we would offer maybe similar 1x security.

Okay. Understood.

Very clear. Thank you so much.

I'll get back in the queue.

No problem.

No worries.

Sir. Thanks a lot.

Sir, just two questions. Obviously, over past one or two quarters, we have been seeing pretty sharp pick-up in battery installations, and many listed players are also getting very aggressively into this game, ordering 10, 15, 20 GWh of batteries.

The question is, how is it playing for your business, and are your new PPAs also incorporating some kind of batteries? If not, then how are you thinking about this opportunity?

That is the first question.

Thank you, Atul. For benefit of all, it's covered in question number 5 of our FAQ section of the shareholder letter, which Rahul is just putting up, right?

To answer that, Atul, yes, we agree this is a huge potential growth opportunity for CleanMax and is a natural evolution. Just like in our corporate journey, we started with rooftop solar, we added then off-site solar, then we added wind, we've added carbon solutions, we are now adding BESS, right?

It's a natural evolution and something which we are quite excited about. Now, what are all the things we are doing?

First, where we this is in the where we stand today. We have greenlit our first BESS investment already, right, which is our STU project in Rajasthan, and have also signed MOUs with three clients in the past 1 month alone.

Because for us Just go up. I yeah, I was here.

We have also signed MOUs with three clients in the past 1 month alone, right, because for us, we cannot just put up a blind BESS investment. We have to sign up with a customer to pay for that BESS investment, right?

That's what we are doing, and we've done MOUs with three. We do see strong tailwinds here, right, and we'll talk more about this.

Next page. What are the opportunities which we see over the next 3 years?

Atul,

I'm not finished, Atul.

We

we are seeing with C&I customers, right, I'm not talking about whether discom has a tender, as you all know, we do not participate in discom tenders. In the C&I market, we are seeing three kinds of opportunities.

One is in solar-only states, where, like Uttarakhand or Haryana, where wind resource is not available, BESS allows us to pair daytime solar generation with storage to improve the energy offset customers can get, right? Those that is one type of market we are tackling.

Second is in some markets, the grid has now started creating more of a price differential between daytime and evening peak power. Maharashtra is a good example.

They have made daytime energy cheaper as a discom and said, "We will charge much more of a premium in evening peak," and that's therefore customers are saying, "Hey, can you make some can you store some power and give it to us in the evening?" Third aspect is we are already seeing a few customer tenders out for BESS as a service, because some very large customers who may have contracted with multiple people may need BESS as a service.

These are the three kind of segments or opportunities that we are targeting, right? It is very valuable because it helps improve, if you do solar plus add BESS, it helps increase the offset of power that you can offer a customer.

It essentially enlarges the addressable market for CleanMax. Therefore, we are very serious about it.

We've got going. We've we've solved the technical issues, we have vendor choices done, we've contracts done, we've started dealing with clients and are building our first few projects under that.

All of this is in Q&A number 5 of the shareholder letter.

Great. Very detailed answer.

My second and the last question is on the new PPA pipeline. Obviously, over past 2 years, we have seen very sharp growth in your total portfolio to 6,000 MW, 40%, 45% growth.

To maintain the same kind of growth, how does the pipeline look over next 1 to 2 years, both from your traditional C&I segment and data centers and AI?

We are seeing tremendous growth, Atul. Pipeline basically means all the hundreds of conversations we are engaged in to sell more energy.

That's pipeline for us. It's not contracted, right?

It's the hundreds of conversations we are engaged in to sell more energy. There are two, three drivers why this pipeline growth is terrific.

First is, and I'll take both our customer segments separately. First is, if you look at Data and AI as a customer segment, every 1 GW of data center needs about 1.5 GW of round-the-clock power, which needs about 6 GW of renewable energy, right?

Today, we, as CleanMax, enjoy 35% share of the hyperscaler business in India. Our view on Data and AI is that the market is going to expand at such an incredibly furious pace that there is space for many more players to come in and for everyone to win, right, because just the volumes are expanding so much, there's a potential for everyone to win.

Certainly in this, we feel confident that existing proven suppliers like us, who have contracts with all the data centers as well as with all the hyperscalers, will get a more than fair chance to get our size of pie. If the data center market increases by, say, 5 GW over the next 5 years or the numbers I've heard from all you analysts are 5 to 10 GW in the next 5 years, then that means about a 30 to 60 GW, 30,000 MW to 60,000 MW of new renewables needed to supply 75% of that data center capacity.

Therefore, we feel very excited about that portion of the market, and it reflects in the conversations we are having with clients. The second part of the market is Make in India, but with cheaper, greener power.

There we feel excited about two things. First, the customer proposition is great, and the penetration is very low.

Customer proposition, why should a corporate adopt green power, is because they save 25% on their power bill and improve their ESG score, lower their carbon footprint, and so on. Achha kaam karne ke liye achhe paise bach rahe hain, right?

The customer proposition is great, and the market is very, very large. This is there in our other investor presentations as well.

It's a ₹3 lakh crore EBITDA market. Just C&I market on RE generation valued at say even ₹3.6 per unit of power at a generation busbar is worth ₹3 lakh crore of EBITDA pool currently.

This EBITDA pool is growing, but the penetration of this pool is very low, only about 7% to 8% of these customers are today buying green directly, the penetration potential is very high, and therefore the opportunity is big. The way we are tackling it is, of course, doubling down in the biggest markets where we are quite strong, such as Gujarat, Maharashtra, Karnataka, and Tamil Nadu.

These are the biggest industrial markets in India, and we're doubling down on that, but also we are entering new states where we were today not present. For instance, we have new transmission capacities in states like Uttarakhand or Andhra Pradesh and Rajasthan, which we are now constructing in.

Both low penetration hai nationwide, so that's huge opportunity. Of course, there's a opportunity to do a lot more in the biggest markets of India, where we are the market leaders, and there's potential to enter new states.

Therefore, both in Data and AI as well as in Make in India segment, Data and AI is 42% of our volume, Make in India is 58%, in both those segments, we see huge potential for growth for the reasons I explained.

Great, sir. Thank you.

Thanks a lot.

Hello, sir. I had a few questions on your curtailment issue.

Can you quantify, because in your shareholder letter, you have mentioned that curtailment was 70% in June, but can you quantify it for the whole quarter, one, and can you just put a EBITDA number or a number of units lost due to curtailment?

Yeah. The way to look at it is our run-rate EBITDA at the end of last fiscal, as declared by us previously also, was ₹1,870 crore.

Of this, the other number we've declared is our CTU project, where the curtailment problem is there, accounts for about 13% of this run-rate EBITDA, right? In that, we are currently facing a curtailment of about 70%.

If you assume the curtailment continues for the whole year, you are saying ₹1,870 crore into roughly 13% is your EBITDA from the project, which is about ₹240 crore, and if you take a 70% curtailment, that's about ₹170 crore on a full-year basis.

Right. Got it.

Other thing I wanted to understand is if you can give your PLFs and generation on a quarterly basis. PLF, you mentioned TTM, which does not give the understanding about how your assets performed in a given quarter.

That's one thing. In the presentation

I think even in the KPI, you can refer to this.

Sorry?

Even when we did our IPO, my friend, in our KPIs, we refer to PLF on a trailing 12 months basis. Because of seasonality, that's the right way to evaluate rather than within one quarter.

Of course, if the PLFs have remained the same or only improved, we've done well in the last quarter as well from a PLF perspective.

Right. Even in terms of units sold, in one of your slides, you've given units generated by the on-site capacity.

Balance is off-site. In that, if you can give solar, wind breakup, at least that would give us a sense of how your assets are performing in the given quarter.

Let's see if we

The breakup is given on the when we report our greenhouse gas reporting, which is on page

in That is on-site, right?

It has the breakup of unit generated on No, both. Off-site, on-site breakup is given.

He's saying he wants solar and wind breakup.

Solar and wind, off-site

within off-site. Let's see whether we can give it from next time.

Right. Other thing that I wanted to understand is that in your opening remarks, you mentioned that 38% of your 118 billion debt is related to CWIP.

Now, 38% seems to be too high. Just clarifying, are you considering the debt related to the 525 MW project, which is stuck because of the connectivity issue, as CWIP?

No, we are not, because that is already commissioned and comes in our commissioned.

Right. I was just clarifying

on that. Yeah.

We do have the happy situation of very high growth, right? Therefore, though all those projects are in very late stages of construction, certainly all the equipments are already at site and so on, and therefore the CWIP debt is high because the capacity being built is high, the EBITDA that will be generated from such capacity is high as well.

Right. Got it.

Right. The last question from my end is if you can tell us about the CapEx that was done in Q1.

No, we can't. We can tell you about the capacity that was commissioned, which we have, that we added about 500 MW overall.

400 MW was in our RE power sales segment, slightly above 100 MW was in RE services. We don't have a breakup of fixed assets growth, but we can maybe get back to you offline on that.

Right. Sure.

No worries. Those were my questions.

Thank you.

Thank you.

Hello. Thank you for the opportunity.

Sir, my question was in case of EAPA or the VPPA contracts, where we are essentially acting as merchant agent for hyperscalers. My understanding is that when the merchant prices in solar hours are moving down, how does it impact the way hyperscalers look at this, and is this understanding correct?

Two things. Firstly, when hyperscalers sign up to such contracts, all of our contracts give the customer the right to either take the power directly to their data centers in India or to use it to buy the energy attribute offset.

That right is really with them, and the way they think about it is that as and when their data centers come up in India and the energy load ramps up, typically the intention is you will then consume the power directly, but that option is left to them. Second thing is that under an EAPA or a VPPA contract, the net tariff to us is irrespective of what is happening in the merchant market.

Whether, for instance, the solar power is being sold in the merchant market at ₹1 or ₹3 makes no difference to us because we are to get the assured revenue on a per-unit basis, which is typically like ₹3.7 or thereabouts, I forget the precise number, but we are to get the assured revenue on a per-unit basis, which is what we continue to get, and therefore it makes no real difference to us. I think they are still quite gung-ho about such contracts because most importantly, all of them, I think, have large data center in India plans, they are not looking at India as just a market from which to do EAPA or VPPA contracts, they're looking at it as a big data center market, and therefore India is also a good place to source RE power from because you could use it to offset India and non-India offset requirements till such time as your data centers ramp up.

That's how they are looking at it.

Sir. Thank you.

My second question is historically, hyperscalers have chosen us as preferred partner. As you mentioned, we are 35% 35% market share.

Just wanted to understand, what are we doing differently here?

We are glad that we have, over the last many, many years, strong relationship with each of the hyperscalers with many deals done over multiple years, and therefore credibility as a vendor built through that, which translates into, as of today, we have about estimated 35% market share of the hyperscaler business in India. What all we have done with each client is listed on the left-hand side of this page.

I don't think hyperscalers necessarily have preferred vendors or they only work with X or Y. The way we look at it or what we have learned in our dealings with them is that their volume requirements are so incredibly large that they will need multiple vendors to supply to them, and therefore even as they have announced data center contracts with multiple players, you've all been privy to recent announcements, they are simultaneously contracted clean energy requirements with players like us.

We feel very confident about our relationships and our work, and we do think that this market share of hyperscaler deals is currently very, very high at 35%-plus. I think that will come down, but as a share may come down, but if the volume just explodes, that's fine.

It's quite a few gigawatts for us in this segment in itself. Thank you.

Sir. Just my last question on competitive intensity.

Many big players like Adani and Reliance and also NTPC have expressed a desire to come into the C&I space. How are you looking at this?

Of course, you mentioned that it's a very large EBITDA pool, but how are you looking at it going ahead?

See, the good news is we've been exclusively focused on the C&I market for the last 15 years, and therefore created huge advantages, such as 600 customers. These customers also often require to put 26% equity, we have nearly 100 SPVs with client equity in them, and 80% of our new volumes every year is repeat business through these clients.

Second is execution difficulties in C&I because you do need capacity in every state where people have a requirement. You can't just put up one big plant, whether in Kutch or some desert or so on, and supply everywhere in India to the C&I segment.

The average PPA size is only about 13 MW in this market. All of those are the challenges.

Our advantage is a strong base of clients, high share of repeat from those clients, that's how we power our growth, and presence across 10 states to supply to those customers. Obviously, as the market grows, as people realize that this is a higher-profitability, high-growth segment of the market, they are announcing their plans to compete here.

We have been the proven market leaders for the last 15 years, and therefore we feel very confident about getting our share of the pie. That said, it has always been and will remain a fragmented market.

We may be number one, but as per some recently released statistics, our market share is about 14%, it's not a winner-takes-all market. It used to be 12%.

I think it's increased to about 14% now, but it's not a winner-takes-all market. If our share is 14%, it means everyone else is splitting 85% between them, right?

There's ample scope for everyone to play.

Thank you so much, sir.

Thank you. Next question, please.

We lost our administrator? Ryan, are you there?

Ryan, can you prompt the next question, please?

Hi, Ryan. I think you are back now.

Hello, sir. Can I ask a question?

Why don't you go ahead?

Sir. Sir, I have mainly two questions.

One is with respect to renewable energy services. Sir, if my understanding is right, you correct me if I'm wrong, but under this division, it's more or less like a EPC business wherein we build renewable energy power plant for our client, and then once the plant is commissioned, we transfer the plant to the client, right?

Yeah. What's the question?

I just want to understand, this is an order

book That is the business model.

Yeah. I just want to understand the business model and whether this is a order book-driven business or a long-term contract business?

What we do is that the nature of the revenue is EPC and O&M and usage of our transmission line. The way it works is this is only done for corporate customers, it's still for C&I customers, but some customers may make an internal decision to deploy their own capital expenditure to own their own facility.

Our clients who have publicly talked about this include Sun Pharma, Himalaya Drugs & Chemicals, Honda Motorcycle, and many others. They may make an internal boardroom decision to invest their own CapEx.

We will do the EPC, O&M. We will build a plant for them within our farm, it's always on their books.

Our source of revenue here are two types. One is upfront margins of EPC on building it, and the second is sustained annuity business from doing O&M and allowing them use of our common transmission infrastructure in our solar and wind farm.

We have a mix of both one-time as well as recurring revenues in this business segment. It is an order book-driven business, and currently the order book in terms of capacity that we have is 147 MW, which Rahul is pointing out to, which is contracted yet to be executed.

Sir,

what's the order execution cycle for this business?

The order to execution is definitely within 12 months. Maybe even shorter, but it's definitely within 12 months.

Understood, sir. Sir, earlier with respect to the guidance, the management mentioned that 3,000 crore EBITDA for FY '28.

This is from renewable power sale only, right? Or is it including the renewable energy service as well?

We give a corporate-level EBITDA guidance, it's obviously including both.

Understood, sir. Sir, last question from my side, what's the peak debt can we expect by FY '26 '28?

What's the

Peak debt can we expect

Can you repeat your question, please?

Hello, can you hear me, sir?

We've given, if you look at this page 10, we have put it up right now. We have provided that the steady-state net debt corresponding to this 3,000 crore EBITDA will be 16,000 crore.

We may have more debt then if we have debt for under-construction assets, but we are saying like-to-like, when you have 3,000 crore of EBITDA from those assets, the debt will be about 16,000 crore for assets corresponding debt.

Understood, sir. Thank you so much.

Yeah. Hi, sir.

Thank you for taking my question. I just wanted to know if you could tell some color on BESS, what would be the tariff jump using the BESS and to offset the 70%, 75% energy for the customer, how many hours of BESS we're talking about, and what would be the CapEx?

Yeah.

Right now, it does not form a substantial part of our CapEx program really for this year, therefore firstly from a materiality perspective, it is not material, right? It would be about 2 hours of storage is what the numbers correspond to.

That's what we are willing to talk about right now.

How much will be the jump in tariff using BESS?

Typically, we have seen that we need about ₹3 or so for just the ₹3 or more for just the service of porting the electricity from daytime to evening. There may be more for generating the electricity in the daytime, but just the BESS as a service would be closer to ₹3.5 or more is our expectation.

Got it, sir. Secondly, I see that in our under-construction book from last quarter to this quarter, the tariff has gone up from ₹3.87 to ₹4.

Just wanted to understand what was the reason for it. Secondly, whether extension in ALMM, the benefit will be passed on to the customers or will it be our reduced CapEx and that's our increased returns?

I don't think the ALMM reduction or the ALMM benefit is a humongous one. It will really apply to the volumes we were anyway building over the next 3 to 4 months.

Those are contracted quantities, and therefore there is no sort of tariff renegotiation there. The CapEx risk or benefit is to our account.

That's on the next 4 months of this ALMM issuance. Yes, the tariff is up now to about ₹4 per unit of power and, for those already operating, it's about ₹3.93.

Those are the facts.

Got it. Thank you.

Thank you so much for the opportunity. My first question is on 31st of March, we provided the data of run-rate EBITDA at 1,870.

Do you have a similar number as of 30th of June based on the capacity?

No, Puneet. The way we are looking at it is we have historically experienced that the run-rate EBITDA at the close of a fiscal will typically be the EBITDA for the next year.

Right? Or 1 to 1.1x EBITDA of the run-rate EBITDA is actually our reported EBITDA for the next year.

Of course, there could be many issues which affect it one way or the other, and therefore, we don't really publish a number every quarter of the run-rate EBITDA because that gives a wrong indication to the markets, because assets also take some time to stabilize fully. The way we would urge you to think about it is, what was the run-rate EBITDA end of last year, and therefore what is the likely EBITDA for this year?

That's how to look at it, and I think run-rate EBITDA numbers are better looked at on a end-of-fiscal basis.

Understood. Secondly, on your data center contracts, are you still experiencing more 12 to 15 MW size contracts, or have the size of contracts started increasing now?

We are, I think, overall seeing that, firstly for our STU business, right, which is not with hyperscalers, which is either with Make in India customers or is with data centers located in the likes of Mumbai, Chennai, Bangalore, there the average per PPA is still about 13 MW or so on an average basis. Now, of course, our largest contracts there also would be about 150 MW.

You must have read our recent public announcement, we signed with GS here, something to that effect. As well as I think even with the data center clients, the average size of contracts are obviously above 13 MW.

13 MW is the average for all the deals signed, for just data centers or for some of the largest deals is obviously higher even in the STU segment. Now, we have CTU segment, which is more for the hyperscalers, because their requirements are also at a different scale.

In that segment, the average deal size is, I think, maybe about 200 MW per deal, right, would be the average. I don't have a firm number, but maybe 200, 250, or thereabouts.

That market for hyperscalers is, of course, very large

deals. That's currently at VPPA level, right?

Not the actual supply.

That's currently at VPPA level, but all of them have the option and I would hazard a guess, even the intention of taking direct supplies of those energy contracts into their data centers as and when those data centers begin operating, because the hyperscalers today, while they're building and have announced plans and so on, they're not actually power-consuming data centers owned by them yet.

Understood. Lastly, you've won about 300-plus megawatt contracts in this quarter as well.

Is it possible to get some sense of what sort of tariffs you would have experienced given that some of them will also have a BESS component, especially in Rajasthan?

Overall our two things: we're not giving quarter-by-quarter tariff numbers, but for 2,500 MW contracted yet to be built, which is the number as of 30th June, 2,500 MW contracted yet to be built is about ₹4 per unit of power. Out of this 2,500 MW, only about 150 MW or so is in the state of Rajasthan.

It's obviously not significant, Puneet. It's about 6%, 7% of that total component.

Of that 6%, 7%, some 5%, 7% must be BESS. It's not a significant number at all.

I think the way to look at that ₹4 tariff for 2,500 MW is this is what we are getting now without BESS, right? That practically how to look at it.

Understood. Lastly,

on the Like I said earlier, our internal estimate suggests that we need ₹3 to ₹4 per unit of power for BESS as a service, which is just the act of porting the electricity from daytime to evening.

Okay. ₹3 to ₹4 per unit, okay.

Excluding cost of generation.

Excluding cost of generation. Lastly, on the EBITDA side, there is a 31 crore of unallocated EBITDA.

If you can just shed some light on that as well.

This is how the accounting part is done, the full EBITDA, because there are certain expenses in the EBITDA, the revenue is easy to allocate between two segments, but there are certain expenses, given our business, it's not very easy to just allocate based on the megawatt basis, so that remains unallocated. It's more of a accounting The way to think about it, guys, is allocation of revenue and cost to two different business segments is done as per accounting standards and in consultation with our auditors, which is KPMG, and therefore as per those accounting standards, there would have been some unallocated cost for EBITDA, which is sort of therefore identified that way.

Okay. Just one more from my side.

Any update on Bikaner II, when do you expect the transmission line to fully get built and curtailment to completely go away, anything you've heard from PGCIL side?

We don't know, honestly, and this number keeps changing. Therefore, we think we should all be prudent and assume that there is heavy curtailment for the rest of the financial year.

Obviously, we fully respect and admire the speed and effort that the Power Grid and the government is making to rectify the issue. They are fully charged with it, and there's a lot of interaction which happens between all members of the renewable energy industry and the government.

It's difficult to hazard a guess. I would say that to be conservative, you should assume it continues for the rest of the fiscal.

Understood. That's very helpful.

Thank you so much, and all the best.

Thank you, Puneet.

Yeah. Hi, sir.

Thanks for the opportunity, and congratulations on a very strong set of numbers. Sir, just one question with respect to Tamil Nadu.

Are we seeing any delays with respect to C&I project approvals with respect to the new government? Just wanted some insight on that.

Thank you. I think there was 1 or 2 months of just I would describe it as flux.

I would not call it delay. Sometimes when political administration changes, there's just 1 or 2 months of flux, people are just waiting for some directions on how things are to move.

We do a project review every month. The last one was just on this Saturday, and I remember in Tamil Nadu, now the approvals are moving and the issues are getting sorted out.

I don't think there is structural continuing delay. There was maybe 1 or 2 months of flux once the new of government took over.

I think it's behind us now.

Sure, sir. Thank you so much.

Good afternoon, gentlemen. Congrats on strong growth and numbers.

I think the investor disclosures are amongst the best, well done. I would like to ask, what is the competitive advantage your company has vis-a-vis competition in this business, and what is the market share we have?

Rajesh-ji, thanks for your compliment, and I think the competitive advantage is around two or three things. First, in this business, any customer is contracting for the long run, and therefore has some amount of risk, because they're contracting for 23 years, and typically on day one, a customer is putting in equity for a plant which is yet to be built.

The customer wants to be careful that whom am I doing this with, and what is the certainty or the de-risking on the project coming up, and therefore my savings starting? Therein, the fact that we are already present in seven states, have been the market leaders for the last 15 years, and have a pool of 600-plus customers, who contribute typically three-fourths or 75% or more of our new volume growth every year, is a huge advantage.

That's one aspect of it. Second is even this customer needs, whether he's an existing customer or a new customer, needs two or three key things from us.

One, a mix of wind and solar power in states where you can have both, because just solar power is not enough, you need wind also to complement and meet evening peak and nighttime load, whereas solar is more a daytime load. In most of the major industrial states of India, like Gujarat, Maharashtra, Karnataka, and Tamil Nadu, which are the four biggest C&I markets in this country, there is both wind and solar.

First we are able to supply wind and solar in all of those key geographies. Second, because of our scale, we have very large sites in each of those states, and an ability to add brownfield capacity relatively quickly.

That gives customers the confidence that this capacity will come up relatively quickly. That's the second sort of advantage that we do enjoy.

I think one moat is around 600 customers, 80% of our new volumes from them, and it's a real moat because customer has a risk of investing equity, and what if the project doesn't come and so on. That's an important one.

Second is the fact that we are able to do both wind and solar, and offer power across 10 states, because that's an important requirement of those customers. Therefore, in a market where in group captive, the average size per PPA is about 13 MW, that does become a critical success factor and advantage.

A root cause I always say, sir, is that what differentiates us from some of the other players, and all the big boys have at different points in time tried very hard to win in this market, but what differentiates us is the fact that sheer focus, this is 100% of our business for the last 15, 16 years. Yes, we appreciate that for a lot of big players, they feel that this is an attractive segment of the market and we should do something there, and all of you analysts only go and tell them, "Arey, look at that without storage, tariff is ₹4, what is your tariff?"

They feel the need to also say we will compete, but we feel very confident about our ability to continue winning. Lastly, I would highlight that this is not a winner-takes-all market.

This is a highly fragmented market. Even a market leader like us has 14% or so market share.

We don't need to win every contract, right? We are not in every state, we are not in every client discussion.

That's fine. Very

very useful, very interesting perspective, Kuldeep. The second question I would like to ask is, given the enormous opportunity that your business has, what is the current organization team and infra set up in terms of capability?

What level of renewable power installation can we run successfully on a annual basis, let's say 2, 3 years going forward?

Sure, sir. Thank you.

I'll answer it in two ways, sir. One is, as you've seen over the past 12 months already, we are adding at the pace of about 1,750 MW a year.

This is what we've demonstrated in the past 12 months. We've proven that our organizational machinery, whether that does project development, which is land buying, evacuation, and so on, or that is engineering, supply chain management, project execution, they can all deal with capacity addition at this pace.

This is one thing, we've worked very hard over the last 2 or 3 years to increase our organizational capacity. 2 years ago, we were adding 500 MW a year, we are now adding more than 1,500 MW a year, and we've demonstrated that by doing 1,700 MW in the trailing 12 months.

That's firstly demonstrated organizational capacity. That said, sir, in any business which is growing so fast, it would be wrong to say that we have no gaps or no teams which do not need improvement.

I would say that someone is lying if they said that. While on an analyst call, it would be inappropriate to share specific areas, but I can assure you that in just last Friday's board meeting, we did discuss five, six areas of gaps and what we are doing to address them with the NRC subcommittee of the board.

It is something which we consistently do to ensure that our organizational capacity to keep growing and expand into the bigger shoes we are getting into is intact.

That's very useful. If I can ask the last question.

In the last couple of years or since March '24, AI data center segment has grown something like 10x, right?

Yeah.

Non-data center industrial customer has doubled, right?

That's right, sir.

Okay.

Wonderful,

wonderful. My next question is, can we repeat that in the following 2 years, or is there a potential?

Sir, if you look at it this way, the way I would look at it is we've had a 3x growth in contracted capacity in the past 2 years. So, 1,850 MW has gone to 6,000 MW.

I don't think we should just look at it on a multiple basis, but let's look at it in terms of contracted capacity we've added.