Q2 2026 ReNew Energy Global PLC Earnings Call

Thank you for standing by and welcome to the renew. Second quarter fiscal year. 26 earnings report. All participants are in a listen-only mode. There will be a presentation followed by a question and answer session. If you wish to ask a question, you will need to press the star key followed by the number 1 on your telephone keypad,

I would now like to hand the conference over to anunay Shahi head of ir. Please go ahead.

Thank you.

Thank you. Good morning everyone. And thank you for joining us today.

We have put out a press release announcing results for fiscal 2026.

second quarter and the half year ended, September 30th 2025

A copy of the press release and the earnings presentation is available in the investor relations section on renews website at www.renew.com.

With me today again, our sum our founder, chairman and CEO kailash vaswani, the CFO and Bash Ali Nigam Sina co-founder renew and chairperson sustainability.

After the prepared remarks, we expect which we expect will take close to half an hour. We will open the call for questions.

As per usual, please note that our Safe Harbor statements are contained within our press release presentation materials and materials available on our website.

The statements are important and integral to all our remarks.

There are risks and uncertainties that could cause our results to differ materially.

From those expressed or implied by such forward-looking statements.

So we encourage you to review the press release, we furnish in our form 6K and the presentation on our website for a more complete description.

Also contained in our press release presentation, materials and annual report are certain non-ifrs measures.

That we reconciled to the most comparable IFRS measures. And these reconciliations are also available on our website in the, in the press release presentation, materials and our annual report.

With that being said, it's now my pleasure to hand it over to our CEO, Sumant Sinha.

Yeah. Hi, uh, thank you and good morning. Uh, good evening. Um uh to everybody uh and glad to have you all on our earnings, call for the second quarter and for the first half of fiscal 2026,

While we continue to see global macroeconomic and trade related. Volatility, the situation in India remains relatively benign.

S&P has upgraded, India's long-term federating, and the inflation remains low.

Providing scope for further rate cuts by the Reserve Bank of India.

There is also an expectation of an indoor U.S. trade team being concluded and announced in the near future.

Coming to the energy sector.

We also have seen an unusual Trend in climatic conditions this year in India.

There has been an extended spell of the monsoons, resulting in more muted power demand growth as well as lower solar PLS compared to last year.

Um, on the policy front, in a welcome move, the government of India took a significant step and reduced the Goods and Services Tax on most items in the renewable energy sector from 12% to 5%.

They should further increase the affordability of clean energy which was anyway the cheapest source of electricity in India.

Uh as a company, we continue to deliver profitable growth deliver on Project execution as well as demonstrate Capital discipline in delivering returns significantly above our cost of capital.

Turning to our highlights for the quarter.

Since October of last year.

We have commissioned over 2.1, gigawatts of renewable. Energy capacity.

Marking a 22% growth in our portfolio. After adjusting for the asset sales, over the period.

We can continue to expand our committed portfolio and have signed PPS for 3.8. Gigawatts of installed renewable energy capacity over the past 4 quarters for projects that should provide returns towards the higher. End of our targeted IRS range if not better.

We therefore, we create our fee, 26 megawatt guidance, and our on track to complete construction of 1.6 to 2.4 gigawatts of capacity in fiscal 2026.

Turning to our financial highlights.

We continue to demonstrate strong, financial performance, delivering adjusted, evida of INR 53.5 billion, which is a 24% growth year on year for the first half of the fiscal year. Ended March 31st 2026

We have also meaningfully improved, our leverage metrics for operational projects, and we reaffirm our fiscal year 2026 adjusted EPA. Guidance of INR 87 to 93 billion.

Our manufacturing business comprises an operational capacity of 6.4 gigawatts of modules and 2.5 gigawatts of cells. It is fully stabilized and produced over 2 gigawatts of modules and over 900 megawatts of cells in H1 FY26.

Manufacturing also made a meaningful contribution of INR 3.3 billion towards adjusted EBITDA for the quarter, which adds up to INR 8.16 billion for the first 6 months of fiscal year 2026.

As a result, we are revising our fee. 26, adjusted ebit the guidance for manufacturing efforts to INR, 10 to 12 billion.

they also steadfast in our ESG commitments as showcased by the weighting of 83 out of 100 in the S&P Global corporate sustainability assessment, which we received recently

This is the highest ever buy any Indian IPP.

We were also recognized in the Fortune Global Change to Go Lift 2025 for the third time.

We have also published our inaugural climate risk, and biodiversity risk reports aligned with the tcfd and tnfb Frameworks indicating. Our continued post towards transparency and governance,

Turning to page 9 execution is our topmost priority and a key differentiator for us.

We have commissioned over 2.1 gigawatts of capacity over the last 12 months or so and we reiterate our guidance to complete the construction of 1.6 to 2.4 gigawatts for fiscal year 2026.

Year to date. We have commissioned more than 1.2 gigawatts, which are split into approximately 750 megawatts of solar capacity and nearly 500 megawatts of wind.

In addition.

We have over 500 megawatts of solar capacity that has already been elected and will enable us.

To meet our construction targets.

Turning to page 10.

Manufacturing facilities are now operating at Full Tilt.

They are currently producing over 12. Megawatts of modules and 5 megawatts of cells on a daily basis.

in the first half of this year, we Produce close to 2 gigawatts of modules operating at high utilization and efficiency levels

We currently have third-party orders to sell approximately 650 megawatts, with physical deliveries, and close to 1.5 gigawatts already delivered this year.

In September 2025, we also closed the 100 million dollar investment from British International Investments, which is primarily be used for expansion of the self facility.

We are pleased to say that the construction of our new 4 gigawatt, top front self facility is on track with the land acquisition, engineering and Machinery orders, completed and the Civil Works well underway.

Our manufacturing business has started contributing meaningfully to the Consolidated pnl by delivering an adjusted. Even though 3.33 billion this quarter at a margin of over 30%.

We even have contribution on this quarter has moderated as compared to the previous quarter due to a higher percentage of captive sales.

In addition, the margins are slightly higher due to some cost savings and procurements ahead of time which may normalize as this year progresses.

Now, let me hand it over to Kailash to talk more about the financial highlights.

Thank you so much. Uh, turning to page 12, we continue to deliver consistent profitable growth since the same time last year. We have constructed over 2.1, gigawatt of projects, representing a 22% increase in operating capacity after adjusting for the 600 megawatt sold during the trailing 12 months. This year so far, we have commissioned over. 1.2 gigawatt of renewable. Energy, capacity, our Revenue increased by over 50% for H1 of this fiscal compared to last year, due to increase in megawatts and a meaningful contribution from third-party sales in our manufacturing business, turning to page 12 and the eida work, we source of viewed plfs, this quarter due to lower. Irradiation from an extended spell of monsoon resulting in a net negative impact of INR 1.7 billion for the quarter compared to last year.

The new projects that we commissioned over the last 12 months contributed ?2.5 billion to our adjusted EA, while the manufacturing business provided ?3.3 billion.

Over the past year, we have sold 600 megawatts of solar assets, as well as a transmission project contribution, which was also absent in the adjusted EBITDA for this quarter.

Turning to leverage the headline, leverage continues to decline significantly and consistently having reduced from 8.6, in September 24 to 7 in September 25 leveridge at the operating assets, level also continues to be below the 6X threshold that we have set on a trailing 12 month basis. The Leverage was around 5.5 eggs, excluding our under construction portfolio and the contribution from our JV partner Partners. Do note that our trailing 12-month Aventa is not reflective of the Run rate. We build for these assets as many of these assets have listed 1 year of operation.

We continue to focus all options.

We continue to pursue all options, that will improve our leverage ratio at the Consolidated levels, such as asset, recycling, cost optimization and reduction in the corporate debt during the quarter. There was also favorable macro news with smpp upgrading India's long-term ratings to Triple B from triple V minus, which was the first upgrade in almost 18 years. There was also a reduction in GST rate by the government of India. There are also further expectations of rate cut by RBI, which should also get transmitted

To our future borrowing costs. Let me now hand it over to vaishali for comment on ESG.

Thanks, Kailash. Turning to page 15, let's look at the advancements in renewable sustainability initiatives and targets.

The global landscape is Shifting quickly towards mandatory regulations as climate impacts intensify.

In India, recent reports highlight extreme challenges with events such as the August 2025 flood in Punjab, along with severe AQI levels in Delhi. This underscores the urgent need for action and resilience.

At Renew, we remained steadfast in our mission to lead with purpose and resilience.

Performance in the prestigious S&P Global CSA.

Assessment, which is 1 of, uh, the key highlights of this quarter, we achieved this score of 83, our highest ever marking of 14% year-on-year Improvement. And more than doubling our scores. Since our fiscal year, 22 debut,

This makes renew the highest rated India based Energy company, and places us among the top. 10% of energy companies globally.

This Milestone reflects the depth and breadth of our overall climate strategy, human rights and our continued commitment to transparency and ethical governance.

In terms of awards and recognitions, as we've mentioned earlier, Fortune changed the World list for 2025. Renew has been recognized in this prestigious list for the third time. This marks our second consecutive recognition for a community water-related initiative in Rajasthan for sustainability. Renew's Chairman and CEO, Sumant Sinha, has been named amongst the top 50 climate leaders globally, reinforcing Renew's leadership in.

Ility movement on the reporting front. We published our inaugural climate risk report aligned with IFRS.

S2 and pcfd outlining, um, key climate related risks and opportunities.

We also released our first nature risk report, aligned with tnfd identify nature related, risks and opportunities, critical to our long-term resilience

Now, turning to page 16 to see the progress made across our ESG targets. We remain fully committed to our sustainability roadmap and have made meaningful progress across overall sustainability goals. We have achieved an 18.2% reduction in our scope on into emissions from the Baseline and as part of our pilot, study 2 of our sites have become more of a positive

Social responsibility remains at the heart of our work. We strongly believe that a Just Energy transition must Empower, those at the Grassroots and we continue to upskill and train women and Coal, Mine Workers in Green Technology.

Diversity. Forms a core aspect of our overall sustainability strategy and our full-time employee diversity. Now stands at approximately 16.2%.

Our S&P Global CSA score of 83 continues to reflect our leadership in sustainability. We are currently awaiting results. From our ESG ratings and will disclose progress across all ratings in our upcoming meeting as we move forward, we remain committed to delivering sustainable growth, and driving positive change across the world. I will now turn it back to kailash.

Thank you. Wish she turning to guidance for the fiscal year, ended March 31 2026. We reiterate our guidance provided earlier. We expect to be at the higher end of the adjusted EPA. Guidance range of INR, 87 to 93 billion subject to weather staying on track for the remaining of the year. We also expect to construct 1.6 to 2.4 gigawatt of projects during the year and generate cash flow to equity of INR, 14 to 17 billion.

During the first half of this fiscal, while we saw marginally better wind PLS versus last year on account of the extended monsoon, we saw significantly lower PLS in solar, resulting in overall lower PLS year on year. Our overall consolidated adjusted EUA has also benefited from the performance of our manufacturing business, wherein we have increased the range of EUA contribution by INR 2 billion, revising the guidance to INR 10 to 12 billion for the remaining part of the year.

With that, we will be happy to take questions.

Thank you. If you wish to ask a question, please press star 1 on your telephone and wait for your name to be announced.

If you wish to cancel your request, please press star, then 2. If you are on a speakerphone, please pick up the handset to ask your question.

Your first question comes from.

Justin Claire with Roth Capital partners.

Please go ahead.

That you continue to make on the Contracting side. So I think 3.8, gigawatts of PPA signed over the last 12 months. Uh, could you just comment on the Contracting environment, uh, your expectations for additional PPA signings over the next few quarters. And then do you have any sense for when you might contract? The entire 25 gigawatt, uh, pipeline, uh, that you currently have secured?

So what would you like to take that?

Yeah, okay. Hi Justin. Uh, yeah, look, we made some good progress on our, on our PPA signings over the last 12 months. Um, and we have approximately as you know, about 6, gigawatts of Eloise that we would hope, um, uh, substantial chunk of that would convert into bpas. Uh, it's hard to give you a specific visibility on it because, uh, PPA is, uh, you know, get signed when they do based on feedback from the discounts.

Uh, our expectation would be that over the next, uh, 6 months, uh, or so, uh, a reasonable chunk and it's very hard for me to have it exactly how much of this 6 would get signed. Um,

and, you know, it's

It's very hard to give a specific uh, indication as to, when all of it might get converted. I think we just have to be patient and we have to continue to work with the discoms. A lot of that capacity is, um, uh, you know, the more Structured Products and that does take time for this forms to, um, essentially convert, uh, on because we need to do a lot of diligence and work.

The other thing also is that, you know, a lot of the capacity is for execution out to 2029 2030 and so on. And there we have to work very closely with the discoms to see what the requirements are see if we can prep on some of that capacity or not. So there is a lot of conversation and dialogue going on with, with this calm through the Rhea is the bidding agencies to to convert this capacity. But it's hard to give you a very specific timeline as to when all of that will be converted at this point.

Uh, I was wondering if you could just update us on the transmission status for the projects in your pipeline, especially as you go out into 2029 2030. Uh, and maybe help us understand the, you know, remaining risks in in securing the transmission uh, necessary for your, um, for your assets.

Yeah, so, you know, we have most of the transmission in place because the moment you win a bid and you get to the letter of award, you are allowed to, uh, go and block connectivity. So, we've actually blocked connectivity for the entire 25 gigawatts. Uh, plus, you know, you're allowed to block connectivity based on, uh, acquiring land, uh, which is not linked to a specific project. So, we we blocked a fair amount of connectivity basis that as well, which is not linked to a specific project. Uh, now, as I said, what is happening, is that some of the, the storms are coming back and saying, that look, if the projects are to be constructed, you know, based on transmission coming up in 29 or 30, that may be too far away for us. So, can you give us the projects, a little faster. So we are seeing where we have the flexibility of converting, the existing, um, uh, transmission connectivity that we have, which is further out, uh, to, to, in some ways try to,

Replace that with some of the Land Based connectivity that we have, which will be coming up sooner. And so that is some, that is a, that is what we are doing, uh, to see which of those TPS. We want to actually Prepon using the Land Based connectivity that we have. So that gives us a lot of flexibility actually, um, uh, in terms of allowing us to convert some of those anyways, into ppas, at an early stage, but of course, land-based connectivity at this point is

A very scarce commodity, and it's very valuable. So we want to use it very carefully.

Appreciate it and then just 1 more uh on the manufacturing business. Uh, the solar manufacturing uh, ibido margin. Uh, it looks like it moved lower to 33% in fiscal Q2 from 40% in q1. I I think in your prepared remarks, you you mentioned that um, maybe a higher mix of cap, captive sales but I wanted to better understand what drove the decline. So maybe you could just expand on that a little bit. And then, um, if you have a, if you could provide um, you know your expectations for how even on margins might Trend into the back half that, that'd be helpful. Thank you.

Absolutely.

Yeah. Hi Justin. Thanks. Um so see. Justin the, the captive sales don't really have an impact on the reported AA margins because when we report our numbers, we only report for third party manufacturing sales. Uh, obviously you know, and was exceptional, you know, we had, you know, better realizations and to that extent, the margins were high, but obviously quarter 2 is a relatively leaner month, when it comes to sales, uh, to the extent, we were producing. We were also, you know, selling at the same time, so that's why there was some impact, uh, in terms of realizations which cost the margins to be lower. Uh, secondly also in quarter 1, you know, we had done some, uh, you know, strategic procurement earlier or before, you know, the prices went higher, uh, for wafers and all and, uh, and some of the other key equipments to make sales, uh, and modules. Uh, so I think that, you know, we saw play out in quarter 1 quarter 2 was obviously, you know, with the revised pricing that we got on our procurement side.

Thank you. Okay.

Thank you.

The next question comes from Nick Hill, Nika with Bernstein. Please go ahead.

Hi uh thank you for taking my question. Uh my first question, just continuing on the discussion uh on the solar manufacturing bit. Uh would be great if you could share some timelines on the expected commissioning for the cell expansion and also if there are any plans to enter Ingot wafer uh given the guidance government has given

So on, on expansion, go ahead.

Uh, you know, we, we are currently in, in advance, uh, stages, uh, in terms of land acquisition and placing some of the key equipment orders. Uh, so we expect that, you know, we will start seeing pre-commissioning happen, uh, by uh, same time next year. Uh, and I think the full commissioning would happen perhaps by the end of this k27, uh, and in terms of plans on wafer, uh you know the notification is relatively new. Uh you know we will obviously see with you know what, the merits of that expansion would be and then accordingly decide if you want to expand into wafer English.

Understood. Uh, the second question I have is regarding manufacturing. We hear that there has been some softening in prices on the non-DCR modules, whereas DCR remains strong heading into this quarter as well. Um, would you agree with those points on both counts?

Yeah, Nikki again a long expected lines. I would say, you know, as more capacity has come online uh that uh sort of trend does tend to play out, but also there's a factor of seasonality, uh, you know, where you know, it was a lean season in terms of construction activity. So we saw some slowdown in sales so obviously, you know, prices also could have, uh, moved down a little bit. Let's see how the rest of the year pans out. Uh, but again as capacity comes up, you know, the supernormal margins that we were getting would have corrected over a period of time in any case

And on the DCR side also, I would say that you know, while right now you know, there's no immediate concern uh but there is no capacity coming online uh, on the sales side also uh so you know, again the margins would go to normalized levels over a period of time.

Perfect very helpful on the manufacturing bit. My second question. Then was on the renewable assets. Uh, if I look at the committed pipeline of 7 gigawatts which is to be built out, there is about 2 gigawatts of solar where I think the timeline Clarity is better but the balance 5 gigawatt seems to be the complex projects, FDR RTC with the timeline given is 2 years from PPA subject to transmission. Uh so would appreciate if you could give some more color on when you expect this balance capacity uh to come online the committed pipeline in the complex. FDR RTC part where that substantial number.

So uh, on the committed, uh, pipeline side, you know, we are expecting, uh, you know, some of the transmission, you know, projects are yet to, uh, be awarded. Uh, so, you know, we won't have the exact sense of, you know what, the timelines on those would be. Uh, but again given our understanding As Time, currently, you know, for Phi 29. Uh, is when most of it would get done and some part only could overflow beyond that.

Understood. So then, is there a possibility that if I spread this 7 gigawatts, I could still see a fee of 29? There could be a drop in capacity addition in FY 27 or FY 28.

Uh, which, you know, we could, uh, evaluate and, uh, participate in some of those options or do cni. Uh, so I think, uh, you know, as as a company, you know, we have been on this, uh, you know, capacity addition trajectory, uh, you know, so I don't see any reason why, you know, that should change because of connectivity not being available.

Got it and directly if you could tell me has things have things got better uh, on transmission project, completion or right of way for that part. Or is it similar to where it was last year?

Hard to tell. Uh because every project uh every transmission project has its a different uh uh you know qualities where it either gets done on time or later. Uh but you know the situation on the ground is that, you know, in Rajasthan, you know, which was relatively uh you know, easier in terms of execution. Some RW issues have been coming up there. Also,

Got it, that's helpful. Uh, my last question was then on the future or the ongoing bidding. Uh we see a lot of battery energy storage standards happening, uh and uh uh I mean to us the big same quite aggressive. But what I do here, your thoughts if renew feels similar and that's why renew has not been very active on that front.

That's absolutely correct. It's, you know, our actions are reflective of, you know, what I believe is.

Perfect, thank you. Those are my questions. Thanks for asking.

Thank you.

The next question comes from Punnett Gulati with HSBC. Please go ahead.

Yeah, thank you so much. My first question is if you can talk about whether you also experienced any containment during the last quarter and what was the extent of that?

The month. Would you like to take that?

Yes, sure. No, no. We did experience some containment in front of our projects and Rajasthan Sudit, and the extent of that was about 100% of the actual duty number in the first half.

These are linked to projects where we have. Yeah. Okay of of Revenue. Yeah. Uh so these are linked to projects where we have tgna where uh the substation is ready. And so we have to connect but sometimes the back end lines are not ready. Um to to give us the full GNA

uh, I think this will continue to some extent um, and then some of those back end lines are done which, who will probably happen in the next, uh,

Couple of months. So uh, at least in those areas that could take me to go down

Okay. Uh, that's absolutely in terms of just absolute power capacity. What what number would that be in terms of containment?

Oh, assume an average value of maybe 350 to 4 rupees.

So, you know, it will probably do whatever the units worked out to.

Yeah, thank you, sir. Uh, secondly, on the connectivity side, you have the target of 1.62 plus 1 for this year. Is connectivity ready for all these projects up to $2.1 billion, or are you still banking on the timely commissioning of connectivity?

Um,

you know, I I would say most of it is very, um, there is 1, of course, uh, issue that is currently going on, which is the Great Indian Buster issue. Um, that, um, the Supreme Court is a ping on, um, I think that is the only externality that we are facing in these projects, but, uh, hopefully, that gets resolved and, and therefore, that doesn't end up being a constraining factor. But regardless, you know, even if there is a delay, it will be a delay of a month or 2 months at Max.

so, it's not going to be substantial from the point of view of impacting financials that much

And lastly, you know your commissioned, RTC big Power projects. Can you also talk a bit about how those have been going in terms of how much capacity, you know, selling uh, outside and and how has the battery performance been

uh,

I don't think I have exact numbers to give you, uh, to share with you today.

Needs uh, on uh, on Peak power. It's fully commissioned. So the entire uh, you know,

400.

Megawatts of, uh, our capacity Plus 150 m.

Um, and you know, I experience has been, uh, has been pretty good on RTC, the batteries are done as well as about 1100. Plus 1100, megawatts of

heat capacity, which is about 700 megawatts of uh,

and,

400 micros. So

For, you know, um, nothing, nothing really to complain about, no, no concerns and such on both these projects and the operating performance.

Okay.

Great. That's it. Thank you so much, and all the best.

The next question comes from mahip, Malloy with mizuho. Please go ahead.

Hey uh, thanks for taking my questions here. Uh, maybe 1 question, just on the manufacturing side and I think that I should talk about normalized margins or hyping that in the future. Can you talk about, like what expectations or on?

Was normalized margins in the future for seller modules.

So mhm, it's hard to say at this point in time, you know, when uh, you know, may do our projections, you know, we don't take 35 40% type of margins, you know, we are more like a reasonable and, uh, give me a function of, you know what happens as far as, you know, the demand Supply, uh, situation is concerned. So let's see. It will be hard for me to give you an exact number.

Thoughts on when we hit that, like maybe 1 or 2 years after the approved list of cell manufacturers would affect or ...

When we get there.

So uh, you know, as part of Alm for sales, also a lot of capacity is coming up. Some of it is coming up now before 11 comes into being, which is April next year. And so to that extent, there would be some additional Supply also, which is there uh in the DCR market right now.

Uh, but then again, as, uh,

As the window, uh, you know, for a 111 cells start then again you know, you'll see margins uh Spike up briefly. So I think, you know, whichever segment of the market, you know, there is scarcity. We are seeing an initial period uh of say 12 to 15 months, 18 months where we are making uh higher than our expected margins.

Got you got it. And I would love to see some kind of question on the uh privatization. But here it's saw the latest updates from your uh your press release recently. Any updates after that uh on the offer or any uh beds you receiving from other investors which you know, thank you.

Uh, no. Uh, you know, if there was any other bid, then, you know, that would have had to be announced, uh, to the market, uh, at this point in time. Uh, you know, the special committee has only received the bid from the Consortium.

and and and any thoughts on the timeline here or uh as the Consortium at the timeline of I think t plus 1 year is is that a fair to kind of

timeline for the closing that

I mean, that's what, uh, you know, they have, uh, shared, uh, in their filings. Uh,

You know, hopefully, we will, you know, be efficient about it to the extent, you know, some of the processes which are within the control of the company is concerned.

Sorry to clarify, I think they had, they had the Consortium had indicated t + 7 to 8 months.

And uh scalar said uh no R assessment, is that hopefully it gets sooner than that. And this is perhaps at the more conservative end of the range.

Appreciate the clarification. Thank you.

And we have a follow-up from nikil Nika with Bernstein. Please go ahead.

Hi. Thanks for taking my question again. I just have 1 followup question on the 6th of so which is where the L is awarded by the pp is not signed. Uh they were they were multiple press articles. Recently highlighting government plans to cancel this, 42 gigawatts of renewable tenders where the tenders have been avoided. But tpas have not been signed, uh, any thoughts on that, uh, in light of that could this 6 gigawatt, uh, go away.

Things that came out on the pairs. But finally, the final word on it is what the MNR said, which is that they are working and encouraging the Reis to get all the PPS signed. And uh, that they will continue to work at it. And uh, any cancellations, if at all will be done, after a lot of effort has been put in and on a very selective and Case by case basis. So I don't see any, um,

Any, uh, blankets out of decision being taken on this, uh, I think it will carry on, uh, for some more time. People are going to continue to put in effort to get this PP assigned, and, um, it's only after maybe another 6 months, 9 months, or a year that we will see what happens in case some of the PPAs, even after, let's say, a couple of years of having got, uh, bid out, have not got signed. What action the government then takes, I think at this point, it's still premature.

Understood. I appreciate answer. Thank you so much.

Now, I would like to pass to Anon Shahi for online questions.

Please go ahead.

For refinancing the diamond 2 bonds due in 2026. And the ing pH, which is, which is a restricted group issuance, uh, which is due in, uh, 2027 and is the plan to refinance it.

again, with dollar bonds or locally in INR,

Um, so uh, the answer to that question is that, you know, the majority is for both those bonds are uh, uh, in this late second half of uh, next calendar year and uh, you know, we are working on plans uh, to refinance it. We will see whichever market offers the lowest cost of capital to refinance. Uh, we would pursue the refinancing in that market. Having said that, overall, uh, the financing markets continue to remain quite strong and robust, and access to capital gains, uh, is there across, uh, you know, multiple pools, uh, that we typically assess? Which includes, you know, not only the dollar bond market but also the domestic financing market where the public sector undertakings, the uh, you know, financial institutions, the private sector banks, they are all quite active and focused on uh, financing renewable energy projects. Uh, so we don't,

Do you foresee any major challenges in the refinancing whenever that becomes due?

The second question.

I think this is for you, as well, is on the status of the

Uh, take private offer. I think the question is.

Uh, when do you expect, uh, the Consortium to firm up on their offer?

Um, is it likely to be in November?

And second question is, are you in regular discussions with them?

And uh and do you know if they are talking directly with some of your long-term shareholders?

Okay, um, so just let me know if I miss any answer. Uh, in terms of a process from here on, uh, I think the special committee has shown its support to the final non-binding offer received, and asked the Consortium to convert the same into a binding offer. And, uh, the expectation is that, uh, you know, sometime within the month of November is when we will get the final binding offer, uh, from the Consortium. Uh, from there on, uh, I think, uh, you know, there would be a process in terms of documentation, uh, you know, we'll finalize the transaction agreement, work towards, you know, the 13D filings, and then, you know, move between E3 filing with the scheme for SEC review. Uh,

I answered some of the questions. Did I miss anything? Then let me know.

no, I think that's uh,

okay.

Is there no further questions at this time? This concludes the question and answer session and the renew second quarter fiscal year. 26 earnings report for today, thank you for participating. You may now disconnect