Q4 2026 ReNew Energy Global PLC Earnings Call

May 18, 2026

Operator 2: Good day. Welcome to the ReNew Energy Global Q4 of FY 2026 Conference Call. At this time, I would like to turn the conference over to Anunay Shahi, Head of Investor Relations. Please go ahead.

Operator: Good day. Welcome to the ReNew Energy Global Q4 of FY 2026 Conference Call. At this time, I would like to turn the conference over to Anunay Shahi, Head of Investor Relations. Please go ahead.

Speaker #3: Should you need assistance, please signal a conference specialist by pressing the star key followed by zero. After today's presentation, there will be an opportunity to ask questions.

Speaker #3: To ask a question, you may press star and then one on your touchtone phone. To withdraw your question, please press star then two. Please note, this event is being recorded.

Speaker #3: At this time, I would like to turn the conference over to Anunay Shahi, Head of Investor Relations. Please go ahead.

Speaker #2: Thank you. Good morning, everyone, and thank you for joining us today. We have put out a press release announcing our results for the fiscal 2026 fourth quarter.

Anunay Shahi: Thank you. Good morning, everyone, and thank you for joining us today. We have put out a press release announcing our results for the fiscal 2026 Q4, as well as for the full year ending 31 March 2026. A copy of the press release and the earnings presentation will be available on the Investor Relations section on ReNew's website at ir.renew.com. With me today are Sumant Sinha, our Founder, Chairman, and CEO, Kailash Vaswani, our CFO, and Vaishali Nigam Sinha, our Co-founder and Chairperson, Sustainability. After the prepared remarks, which we expect will take about 30 minutes, we will open the call for questions. Please note that our safe harbor statements are contained within our press release, presentation materials, and the materials available on our website. These statements are important and integral to all our remarks.

Speaker #2: As well as for the full year ending March 31, 2026. A copy of the press release and the earnings presentation will be available on the Investor Relations section of ReNew's website at www.renew.com.

Speaker #2: With me today are Sumant Sinha, our Founder, Chairman, and CEO; Kailash Vaswani, our CFO; and Vaishali Nigam Sinha, our Co-Founder and Chairperson, Sustainability. After the prepared remarks, which we expect will take about 30 minutes, we will open the call for questions.

Speaker #2: Please note that our Safe Harbor statements are contained within our press release, presentation materials, and the materials available on our website. These statements are important and integral to all our remarks.

Speaker #2: There are risks and uncertainties that could cause our results to defer materially from those expressed or implied by such forward-looking statements, so we encourage you to review the press release and the presentation on our website for a more complete description.

Anunay Shahi: There are risks and uncertainties that could cause our results to differ materially from those expressed or implied by such forward-looking statements. We encourage you to review the press release and the presentation on our website for a more complete description. Contained in our press release, presentation materials, and annual report are certain non-IFRS measures that we reconcile to the most comparable IFRS measures. These reconciliations are also available on our website, in the press release, presentation materials, and our annual report. It's now my pleasure to hand it over to our Founder, Chairman, and CEO, Sumant Sinha. Over to you, Sumant.

Speaker #2: Also contained in our press release presentation materials and annual report are certain non-IFRS measures that we reconcile to the most comparable IFRS measures, and these reconciliations are also available on our website in the press release presentation materials and our annual report.

Speaker #2: It's now my pleasure to hand it over to our Founder, Chairman, and CEO, Sumant Sinha. Over to you, Sumant.

Speaker #3: Yeah, thank you, Anunay, and good morning, good afternoon, and good evening to everybody. I'm glad to have you all on our earnings call for the fourth quarter and fiscal 2026.

Sumant Sinha: Thank you, Anand. Good morning, good afternoon, and good evening to everybody, and glad to have you all on our earnings call for the fourth and quarter and of fiscal 2026. Before we dive into our earnings, I wanted to touch a little bit upon what is happening in the world and how it is affecting us in India. As you may be aware, India is heavily reliant on energy imports. With the war and the geopolitical situation in the Middle East, it has made energy security and relying on domestic sources of energy a top priority for the country. Given that India does not have too much oil and gas reserves, and with growing power demand, renewable energy becomes even more important than before.

Speaker #3: Before we dive into our earnings, I wanted to touch a little bit upon what is happening in the world and how it is affecting us in India.

Speaker #3: As you may be aware, India is heavily reliant on energy imports. With the war and the geopolitical situation in the Middle East, it has made energy security and relying on domestic sources of energy a top priority for the country.

Speaker #3: Given that India does not have too much oil and gas reserves, and with growing power demand, renewable energy becomes even more important than before.

Speaker #3: India continues to see strong renewable capacity additions. With renewable seeing the highest-ever installations at 51 gigawatts in fiscal 2026 and accounting for 90% of new capacity, solar remains the dominant growth driver and increasing power demand, particularly during non-solar hours, is driving accelerated adoption of battery energy storage systems.

Sumant Sinha: India continues to see strong renewable capacity additions, with renewables seeing the highest ever installations at 51 GW in fiscal 2026 and accounting for 90% of new capacity. solar remains the dominant growth driver, and increasing power demand, particularly during non-solar hours, is driving accelerated adoption of battery energy storage systems. Policy support, domestic manufacturing incentives, and a continued push for energy security are further strengthening the long-term growth outlook for the sector. I also wanted to highlight that it has been a wonderful year for us. Not only have our financial results improved in spite of the global macroeconomic volatility, our project execution stood out as well. This shows that the entrepreneurial spirit with which I founded ReNew remains as strong as ever after 15 years. Turning to the highlights on page 6.

Speaker #3: Policy support, manufacturing incentives, and a continued push for energy security are further strengthening the long-term growth outlook for the sector. I also wanted to highlight that it has been a wonderful year for us.

Speaker #3: Not only have our financial results improved in spite of the global macroeconomic volatility, our project execution stood out as well. This shows that the entrepreneurial spirit with which I founded ReNew remains as strong as ever after 15 years.

Speaker #3: Turning to the highlights on page six, fiscal 2026 has been a landmark year for ReNew. Marked by strong execution, record profitability, reduced leverage, and continued progress in strengthening our platform for long-term growth.

Sumant Sinha: Fiscal 2026 has been a landmark year for ReNew, marked by strong execution, record profitability, reduced leverage, and continued progress in strengthening our platform for long-term growth. Our operating portfolio has now reached approximately 12.8 GW, representing a 25% year-on-year growth once you adjust for asset sales. We commissioned our highest ever MW in a year, delivering 2.4 GW. Our total committed portfolio now stands at 20.2 GW, including 1.7 GW of battery storage, with a pipeline which includes projects where we have won auctions but not signed PPAs yet, exceeding a total of 26 GW, which is up more than 2.5 times, 2.6 times, in fact, since listing in August 2021.

Speaker #3: Our operating portfolio has now reached approximately 12.8 gigawatts, representing a 25% year-on-year growth once you adjust for asset sales. And we commissioned our highest-ever megawatts in a year, delivering 2.4 gigawatts.

Speaker #3: Our total committed portfolio now stands at $20.2 gigawatts, including $1.7 gigawatts of battery storage, with a pipeline which includes projects where we have one auctions, but not signed PPS yet, exceeding a total of $26 gigawatts.

Speaker #3: Which is up 2.5x, in fact, since listing in August 2021. After $20.2 gigawatts of our committed pipeline, our CNI business comprises 2.7 gigawatts, being one of the largest in India, and having grown 7x in the last five years.

Sumant Sinha: Of the 20.2 GW of our committed pipeline, our C&I business comprises 2.7 GW, being one of the largest in India and having grown 7x in the last 5 years. In our C&I business, almost 50% capacity is tied up with large technology companies and hyperscalers. We see our C&I business, and specifically technology companies and data centers, to be big drivers of power demand growth. We continue to see strong demand for renewable energy in India, with peak demand increasing and expected to grow further in FY 2027. Importantly, demand growth during non-solar hours is increasing, which is driving the need for hybrid solutions and battery storage. Moving to our financial performance. Fiscal 2026 has been our strongest year yet.

Speaker #3: In our CNI business, almost 50% of capacity is tied up with large technology companies and hyperscalers. We see our CNI business, and specifically technology companies and data centers, to be big drivers of power demand growth.

Speaker #3: We continue to see strong demand for renewable energy in India, with peak demand increasing and expected to grow further in FY27. Importantly, demand growth during non-solar hours is increasing, which is driving the need for hybrid solutions and battery storage.

Speaker #3: Moving to our financial performance, fiscal 2026 has been our strongest year yet. We delivered adjusted EBITDA of INR 98.5 billion, exceeding the top end of our guidance, and achieved our highest-ever profit after tax of INR 10.4 billion, up 2.3 times from fiscal 2025.

Sumant Sinha: We delivered adjusted EBITDA of INR 98.5 billion, exceeding the top end of our guidance, and achieved our highest ever profit after tax of INR 10.4 billion, up 2.3 times from fiscal 2025. This marks our third consecutive year of profitability, with strong cash flow generation and improving balance sheet metrics. We continue to be laser-focused on continually reducing our leverage and our net debt to EBITDA declined by 1.1x year-on-year. This has helped improve our profitability as well. Our interest expense to adjusted EBITDA ratio has declined from 66% in fiscal 2025 to 61.5% in fiscal 2026.

Speaker #3: This marks our third consecutive year of profitability, with strong cash flow generation and improving balance sheet metrics. We continue to be laser-focused on continually reducing our leverage, and our net debt-to-EBITDA declined by 1.1x year-on-year.

Speaker #3: This has helped improve our profitability as well. Our interest expense to adjusted EBITDA ratio has declined from 66% in fiscal 25 to 61.5% in fiscal 26.

Speaker #3: Our receivables position is also the best it has ever been, and we have received a favorable Supreme Court order with respect to almost 15%, 5-0, of the overdue Andhra Pradesh receivables.

Sumant Sinha: Our receivables position is also the best it has ever been. We have received a favorable Supreme Court order with respect to almost 50% of the overdue Andhra Pradesh receivables, and we have started receiving initial payments with respect to some past due receivables. Do remember that outstanding AP receivables constituted more than 50% of the overall DSODs. We continue to execute our capital recycling and funding strategy and raised the highest ever $375 million during the year. This comprised of $195 million through fundraise in two mature businesses, the manufacturing business and the C&I business, at attractive valuations, along with an additional $180 million through the sale of 600 MW of projects. Part of these proceeds have been used to repay debt.

Speaker #3: And we have started receiving initial payments with respect to some past due receivables. Do remember that outstanding AP receivables constituted more than 50% of the overall DSODs.

Speaker #3: We continue to execute our capital recycling and funding strategy, and raised the highest-ever $375 million during the year. This comprised $195 million through funds raised in two mature businesses, the manufacturing business and the CNI business, at attractive valuations, along with an additional $180 million through the sale of 600 megawatts of projects.

Speaker #3: Part of these proceeds have been used to repay debt. This has helped us strengthen the balance sheet and reduce leverage, with net debt-to-EBITDA improving meaningfully.

Sumant Sinha: This has helped us strengthen the balance sheet and reduce leverage with net debt to EBITDA improving meaningfully. A key driver of growth this year has been our manufacturing business, which contributed INR 14.8 billion EBITDA to our consolidated results. This business continues to scale rapidly, supported by strong demand and our integrated manufacturing capabilities. We expect to start production at our 4GW cell facility towards the end of this fiscal year. ALMM 2, which mandates domestic sourcing of cells, kicks in from June 2026, and the C&I sector, which added 10GW of capacity in India in fiscal 2026, will transition immediately to domestic cells. In addition, the government of India continues to prioritize indigenization of supply chains and has introduced ALMM 3, whereby ingots and wafers will also have to be procured domestically from June 2028.

Speaker #3: A key driver of growth this year has been our manufacturing business, which contributed INR 14.8 billion EBITDA to our consolidated results. This business continues to scale rapidly, supported by strong demand and our integrated manufacturing capabilities.

Speaker #3: We expect to start production at our 4-gigawatt cell facility towards the end of this fiscal year. ALMM2, which mandates domestic sourcing of cells, kicks in from June 2026, and the CNI sector, which added 10 gigawatts of capacity in India in fiscal 2026, will transition immediately to domestic cells.

Speaker #3: In addition, the Government of India continues to prioritize indigenization of supply chains and has introduced ALMM3, whereby ingots and wafers will also have to be procured domestically from June 2028.

Speaker #3: Alongside this, we have announced our $6.5 gigawatt ingot and wafer plant, in order to keep capturing the higher margin and more complex parts of the manufacturing business.

Sumant Sinha: Alongside this, we have announced our 6.5GW ingot and wafer plant in order to keep capturing the higher margin and more complex parts of the manufacturing business. We expect to fund this expansion through a mix of internal tools and an external fundraise. Strategically, we are increasingly transitioning our portfolio towards solar and battery energy storage, reducing reliance on wind. This shift allows us to improve execution timelines, enhance predictability of cash flows, and reduce capital intensity. Page 9 highlights how we are well-positioned and diversified across key renewable energy segments, utility scale, C&I, and manufacturing, which provides us a resilient growth platform. Page 10 illustrates our integrated renewable energy business model supported by a strong financial and fundraise engine. Let me now turn to business updates on page 12.

Speaker #3: We expect to fund this expansion through a mix of internal accruals and an external fundraise. Strategically, we are increasingly transitioning our portfolio towards solar and battery energy storage, reducing reliance on wind.

Speaker #3: This shift allows us to improve execution timelines, enhance predictability of cash flows, and reduce capital intensity. Page 9 highlights how we are well positioned and diversified across key renewable energy segments—utility scale, TNI, and manufacturing—which provides us a resilient growth platform.

Speaker #3: Page 10 illustrates our integrated renewable energy business model, supported by a strong financial and fundraise engine. Let me now turn to business updates on page 12.

Speaker #3: Renewable energy is the cheapest source of power, and we expect that we will continue to see growth in RE driven by high solar megawatts and increasingly high battery installations.

Sumant Sinha: Renewable energy is the cheapest source of power, and we expect that we will continue to see growth in RE driven by high solar MW and increasingly high battery installations. Renewable energy constituted 90% of the overall capacity additions in fiscal 2026, in line with the previous few years, mainly driven by expanded solar installations. After a muted fiscal 2026, we also expect power demand in India to increase meaningfully this year as El Niño kicks in, supported by a favorable base. India recently discovered a new highest ever peak time demand of 256 GW. As mentioned earlier, there also continues to be a strong push towards indigenization and expansion of solar manufacturing in India. The government of India has hence proposed ALMM 3 for ingots and wafers to take effect from June 2028.

Speaker #3: Renewable energy constituted 90% of the overall capacity additions in fiscal 2026, in line with the previous few years, mainly driven by expanded solar installations.

Speaker #3: After a muted fiscal 2026, we also expect power demand in India to increase meaningfully this year, as El Niño kicks in, supported by a favorable base.

Speaker #3: India recently discovered a new highest-ever peak time demand of 256 gigawatts. As mentioned earlier, there also continues to be a strong push towards indigenization and expansion of solar manufacturing in India, and the Government of India has hence proposed ALMM3 for ingots and wafers, to take effect from June 2028.

Speaker #3: All in all, I don't see the RE juggernaut slowing down. The one sobering feature in fiscal 2026 has been the fact that grid expansion has not kept track with renewable energy installations.

Sumant Sinha: All in all, I don't see the RE juggernaut slowing down. The one sobering feature in fiscal 2026 has been the fact that grid expansion has not kept track with renewable energy installations. This led to some curtailment of RE projects, particularly in Rajasthan. While the impact reduced in Q4 of fiscal 2026, we expect this to have some impact in this fiscal, particularly in the H1. Turning to page 13. Our project execution remains strong, and we have consistently delivered on our megawatt guidance. We have delivered over 2.4 GW of RE projects this year that included over 1.7 GW of solar projects and 600 MW of wind. From a long-term perspective, we will continue to target a similar mix in execution with the share of batteries gradually increasing.

Speaker #3: This led to some curtailment of RE projects, particularly in Rajasthan. While the impact reduced in Q4 of fiscal 26, we expect this to have some impact in this fiscal, particularly in the first half.

Speaker #3: Turning to page 13. Our project execution remains strong, and we have consistently delivered on our megawatt guidance. We have delivered over 2.4 gigawatts of renewable energy projects this year. That included over 1.7 gigawatts of solar projects and 600 megawatts of wind.

Speaker #3: From a long-term perspective, we will continue to target a similar mix in execution, with the share of batteries gradually increasing. We plan to accelerate some of the battery deployment in our portfolio as well.

Sumant Sinha: We plan to accelerate some of the battery deployment in our portfolio as well. Our portfolio also continues to expand, and as we see the power demand coming back and focus shifting to energy security, we should see an acceleration in PPA signing as well. During FY 2026, we signed PPAs for around 2.5 GW of RE capacity, taking our committed portfolio to over 20 GW. That also includes 1.7 GW of BESS. Our total pipeline is now 26 plus GW, including BESS capacity. Given the overall geopolitical uncertainty, we have managed our procurement for FY 2027 well. 50% of our modules are already at site. 100% of our battery and wind turbine prices are locked in, and land is largely tied up, giving us strong visibility on execution. Turning to page 14.

Speaker #3: Our portfolio also continues to expand and, as we see the power demand coming back and focus shifting to energy security, we should see an acceleration in PPA signing as well.

Speaker #3: During FY26, we signed PPAs for around 2.5 gigawatts of RE capacity, taking our committed portfolio to over 20 gigawatts. That also includes 1.7 gigawatts of BES.

Speaker #3: Our total pipeline is now 26-plus gigawatts, including BES capacity. Given the overall geopolitical uncertainty, we have managed our procurement for FY27 well. Fifty percent of our modules are already at site, 100% of our battery and wind turbine prices are locked in, and land is largely tied up.

Speaker #3: Giving a strong visibility on execution. Turning to page 14. We highlighted our CNI business last quarter, and I'm happy to report that since then, we have raised 95 million dollars for an 11.3% stake from a leapfrog-led consortium to fund growth in our CNI platform.

Sumant Sinha: We highlighted our C&I business last quarter, and I'm happy to report that since then, we have raised $95 million for an 11.3% stake from a LeapFrog led consortium to fund growth in our C&I platform. We remain extremely excited about this business. It continues to perform well with a total portfolio of 2.7 GW, including 2.2 GW commissioned at this time. Renewable penetration among C&I customers who consume 50% of the electricity in India and pay some of the highest grid tariffs remains low. We are one of the market leaders, and we have strong relationships with high quality customers, including the leading global technology companies and hyperscalers, which account for almost 50% of our contracted capacity. This segment is also well-positioned to benefit from emerging opportunities such as data center demand. Turning to page 15.

Speaker #3: We remain extremely excited about this business. It continues to perform well, with a total portfolio of 2.7 gigawatts, including 2.2 gigawatts commissioned at this time.

Speaker #3: Renewable penetration among CNI customers, who consume 50% of the electricity in India and pay some of the highest grid tariffs, remains low. We are one of the market leaders, and we have strong relationships with high-quality customers including the leading global technology companies and hyperscalers, which account for almost 50% of our contracted capacity.

Speaker #3: This segment is also well positioned to benefit from emerging opportunities such as data center demand. Turning to page 15. Our manufacturing business is another major growth engine.

Sumant Sinha: Our manufacturing business is another major growth engine. We now have one of the largest integrated solar manufacturing capacities in India, with strong and fast ramp-up across both module and cell production. In fiscal 2026, this business contributed about 15% of our overall adjusted EBITDA. We have invested around US dollar 80 million in this business and raised $100 million from BII in return for an approximately 6% shareholding. Given the restrictions on import of cells and modules and the shortage of supply, particularly in cells, the business has not only provided us security of supply, but has become a self-funded growth engine with attractive margins that will provide us with long-term profitability. We are also progressing well on our 4 GW cell expansion, with production expected in the H2 of this fiscal. Turning to page 16.

Speaker #3: We now have one of the largest integrated solar manufacturing capacities in India, with strong and fast ramp-up across both module and cell production. In fiscal 26, this business contributed about 15% of our overall adjusted EBITDA.

Speaker #3: We have invested around $80 million in this business and raised $100 million from BII in return for an approximately 6% shareholding. Given the restrictions on import of cells and modules, and the shortage of supply, particularly in cells, the business has not only provided us security of supply, but has become a self-funded growth engine with attractive margins.

Speaker #3: That will provide us with long-term profitability. We are also progressing well in our 4-gigawatt cell expansion, with production expected in the second half of this fiscal year.

Speaker #3: Turning to page 16. We have announced a new 6.5-gigawatt ingot wafer facility, which will further strengthen our backward integration and supply chain resilience, and continue to protect our margins.

Sumant Sinha: We have announced a new 6.5GW ingot wafer facility, which will further strengthen our backward integration and supply chain resilience and continue to protect our margins. We aim to fund this growth through a mix of internal accruals and an external fund raise so that the growth, cash flows, and margins do not get impacted. This will ensure that manufacturing business continues to provide us profitability in the long run. As the margins taper down a little, we expect the margins to keep remaining stronger upstream in cells first and then further backward to ingot and wafers. Overall, we remain focused on disciplined growth, improving returns and profitability, and reducing our leverage. I will now hand it over to Kailash for the financial updates.

Speaker #3: We aim to fund this growth through a mix of internal accruals and an external fundraise so that the growth, cash flows, and margins do not get impacted.

Speaker #3: This will ensure that the manufacturing business continues to provide us profitability in the long run. As the margins taper down a little, we expect the margins to keep remaining stronger upstream.

Speaker #3: In cells first, and then further backward to ingot and wafers. Overall, we remain focused on disciplined growth, improving returns and profitability, and reducing our leverage.

Speaker #3: I will now hand it over to Kailash for the financial updates.

Speaker #2: Thank you, Sumant. Turning to page 18, we delivered strong financial performance in FY26, driven by portfolio growth, reduced leverage and therefore interest expense, contributions from the manufacturing business, and disciplined cost management.

Kailash Vaswani: Thank you, Sumant Sinha. Turning to page 18. We delivered strong financial performance in FY 2026, driven by portfolio growth, reduced leverage and therefore interest expense, contributions from manufacturing business and disciplined cost management. Our adjusted EBITDA for the year was INR 98.5 billion, representing approximately a 25% growth year on year. As part of our deleveraging program, we also reduced our net debt to EBITDA by almost 1.1 turn, and therefore our interest expense grew at a lower pace than our EBITDA. As a result of all these measures, our profit after tax grew by 2.3x from INR 4.6 billion in fiscal 2025 to INR 10.4 billion in fiscal 2026. Our cash flow to equity also grew by 45% to INR 21.6 billion in fiscal 2026.

Speaker #2: Our adjusted EBITDA for the year was Rs 98.5 billion, representing approximately 25% growth year on year. As part of our deleveraging program, we also reduced our net debt-to-EBITDA by almost 1.1 turn, and therefore our interest expense grew at a lower pace than our EBITDA.

Speaker #2: As a result of all these measures, our profit after tax grew by 2.3x, from ₹4.6 billion in fiscal 2025 to ₹10.4 billion in fiscal 2026.

Speaker #2: Our cash flow to equity also grew by 45% to Rs 21.6 billion in fiscal 2026. The current year has seen a strong performance driven by a focus on reducing leverage, cost optimization, accelerated capital recycling and fundraise, and increased contribution by our manufacturing business.

Kailash Vaswani: The current year has seen a strong performance driven by a focus on reducing leverage, cost optimization, accelerated capital recycling and fundraise, and increased contribution by our manufacturing business. On the cash flow and working capital front, recently we saw the Supreme Court rule in our favor on the long overdue receivable case from Andhra Pradesh. We expect that this should enable us to bring down our DSO days to under 50 by next year. Page 19 highlights the segment-wide contribution of the core business and the manufacturing to our overall performance. Our total income increased by 40%, supported by higher operating capacity and scaling of the manufacturing business. While manufacturing contributed INR 14.8 billion to the adjusted EBITDA in the consolidated results of FY 2026, it delivered more than INR 19 billion of EBITDA on a standalone basis.

Speaker #2: On the cash flow and working capital front, recently we saw the Supreme Court rule in our favor on the long-overdue receivable case from Andhra Pradesh.

Speaker #2: We expect that this should enable us to bring down our DSO days to under 50 by next year. Page 19 highlights the segment-wise contribution of the core business and the manufacturing to our overall performance.

Speaker #2: Our total income increased by 40%, supported by higher operating capacity, and scaling of the manufacturing business. Our manufacturing contributed Rs. 14.8 billion to the adjusted EBITDA, and in the consolidated results of fiscal 2026, it delivered more than Rs.

Speaker #2: Rs. 19 billion of EBITDA on a standalone basis. In Q4 of fiscal 2026, we delivered adjusted EBITDA of approximately Rs. 23.7 billion compared to Rs.

Kailash Vaswani: In Q4 of fiscal 2026, we delivered adjusted EBITDA of approximately INR 23.7 billion compared to INR 22.1 billion in Q4 of fiscal 2025. This includes the contribution of INR 4 billion from our manufacturing business versus INR 3.6 billion in the corresponding quarter of fiscal 2025. In Q4 of 2026, we recognized fair value gain on conversion of a jointly controlled entity to a subsidiary, while the overall P&Ls were also marginally lower compared to last year. Juxtaposed against this, last year the asset sale gains were reflected in this quarter, thereby leading to a higher base. Turning to page 20. A key focus area for us has been balance sheet strength and reducing leverage. We have made significant progress in this, with net debt to EBITDA improving by approximately 1.1x year on year.

Speaker #2: 22.1 billion in Q4 of fiscal 2025. This includes the contribution of Rs. 4 billion from a manufacturing business, versus Rs. 3.6 billion in the corresponding quarter of fiscal 2025.

Speaker #2: In Q4 of '26, we recognized a fair value gain on conversion of a jointly controlled entity to a subsidiary, while the overall PLFs were also marginally lower compared to last year.

Speaker #2: Juxtaposed against this, last year the asset sale gains were reflected in this quarter, thereby leading to a higher pace. Turning to page 20. A key focus area for us has been balance sheet strength and reducing leverage.

Speaker #2: We have made significant progress in this with net debt-to-EBITDA improving by approximately 1.1X year on year. This has been driven by strong internal cash generation, accelerated capital recycling, and fundraise plan.

Kailash Vaswani: This has been driven by strong internal cash generation, accelerated capital recycling, and fundraise plan. During the year, we raised approximately $375 million through asset monetization, a portion of which has been used to reduce debt. We have also accelerated debt repayments in fiscal 2026. Turning to page 21. While we are disciplined in our capital allocation, we are also prudent in our risk management strategies, continuing to actively manage our refinancing requirements. We have strong visibility on refinancing our upcoming maturities, supported by diversified access to funding sources, including offshore markets, domestic banks, and institutions, and so on and so forth. Of the INR 1 billion due for repayment in about 12 months, we have already received commitment of INR 400 million. I'm sorry. We already received commitment of INR 400 million.

Speaker #2: During the year, we raised approximately $375 million through asset monetization, a portion of which has been used to reduce debt. We have also accelerated debt repayments in fiscal 2026.

Speaker #2: Turning to page 21. While we are disciplined in our capital allocation, we are also prudent in our risk management strategies, continuing to actively manage our refinancing requirements.

Speaker #2: We have strong visibility on refinancing our upcoming maturity, supported by diversified access to funding sources, including offshore markets, domestic banks and institutions, and so on and so forth.

Speaker #2: Off the $1 billion due for repayment in about 12 months, we have already received commitment of $400 million—sorry, we have already received commitment of $400 million.

Speaker #2: We have a strong track record of refinancing and have refinanced more debt than is currently on our balance sheet. For example, in fiscal 2026, we refinanced approximately $2 billion of debt.

Kailash Vaswani: We have a strong track record of refinancing and have refinanced more than debt in our currently on our balance sheet. For example, in fiscal 2026, we've refinanced approximately $2 billion of debt. In these volatile times, our Forex exposure also remains well hedged, with approximately 90% of our principal and all of our interest being fully hedged, which provides protection against the foreign currency volatility. While we saw the rupee depreciate quite sharply in FY 2026 by almost 10%, the impact on our overall interest cost was only around 30 basis points. Moving to page 22. We remain focused on maintaining capital discipline and enhancing returns, reducing leverage over time. Our target remains to bring consolidated leverage closer to around 5.5 times for the fully constructed portfolio.

Speaker #2: In these volatile times, our forex exposure also remains well hedged, with approximately 90% of our principal and all of our interest being fully hedged.

Speaker #2: This provides protection against foreign currency volatility. While we saw the rupee depreciate quite sharply in FY2026 by almost 10%, the impact on our overall interest cost was only around 30 basis points.

Speaker #2: Moving to page 22, we remain focused on maintaining capital discipline and enhancing returns reducing leverage over time. Our target remains to bring consolidated leverage closer to around 5.5 times for the fully constructed portfolio.

Speaker #2: In terms of our portfolio, with the fall in battery energy storage systems prices, we have pivoted to a solar-plus-based heavy portfolio option. This helps us improve our returns due to lower base and solar capital expenditure.

Kailash Vaswani: In terms of our portfolio, with the fall in battery energy storage system prices, we have pivoted to a solar plus BESS heavy portfolio option. This helps us improve our returns due to lower BESS and solar capital expenditure. Compared to the earlier configuration, our overall CapEx is down by INR 60 billion, while EBITDA has been impacted only by INR 7 billion by making this change. The updated configuration also helps reduce the risk profile of these assets and provide more certainty on generation and on execution. Given lesser variation versus winds will also make our cash flows more predictable once the project is operational. Wind projects will continue to play an important role, particularly in C&I and other higher IRR opportunities. We will continue to deploy our wind execution capabilities where we can generate an alpha in terms of returns.

Speaker #2: Compared to the earlier configuration, our overall capex is down by Rs. 60 billion, while EBITDA has been impacted only by $7 billion by making this change.

Speaker #2: The updated configuration also helps reduce the risk profile of these assets and provides more certainty on generation and on execution. Given lesser variation versus wind, this will also make our cash flows more predictable once the project is operational.

Speaker #2: Wind projects will continue to play an important role, particularly in CNI and other higher IRR opportunities. We will continue to deploy our wind execution alpha in terms of returns.

Speaker #2: Let me now hand it over to Vaishali for comments on ESG.

Kailash Vaswani: Let me now hand it over to Vaishali for comments on ESG.

Speaker #1: Thanks, Kailash. Turning to slide 24 now. Today, sustainability and geopolitics are inseparable. Recent geopolitical tensions and supply chain shocks have elevated energy security from a policy priority to a business imperative.

Vaishali Nigam Sinha: Thanks, Kailash. Turning to slide 24 now. Today, sustainability and geopolitics are inseparable. Recent geopolitical tensions and supply chain shocks have elevated energy security from a policy priority to a business imperative. For ReNew, that means our sustainability strategy is not an add-on. It is the mechanism by which we reduce national vulnerability, protect communities, and create enduring value. Our ability to navigate this complex landscape is being recognized by leading global sustainability benchmarks, marking a high note as we close the financial year. First, in the S&P Global Corporate Sustainability Assessment, we earned a spot in the S&P Global CSA Yearbook with a top 10% distinction globally and an industry-leading score of 84. Second, in the CDP Supply Engagement assessment, we achieved the A rating for the second consecutive year. Third, in the MSCI ESG rating, we achieved the highest possible triple A rating.

Speaker #1: For renew, that means our sustainability strategy is not an add-on. It is the mechanism by which we reduce national vulnerability, protect communities, and create enduring value.

Speaker #1: Our ability to navigate this complex landscape is being recognized by leading global sustainability benchmarks, marking a high note as we close the financial year.

Speaker #1: First, in the S&P Global Corporate Sustainability Assessment, we earned a spot in the S&P Global CSA Yearbook with a top 10% distinction globally and an industry-leading score of 84.

Speaker #1: Second, in the CDP Supply Engagement Assessment, we achieved the A rating for the second consecutive year. Third, in the MSCI ESG Rating, we achieved the highest possible AAA rating.

Speaker #1: This places us in the top 19.5% of utilities globally and makes us the highest-rated energy utility in India. And finally, at the coveted CII ITC Sustainability Awards, we received the Outstanding Accomplishment Award in Corporate Excellence, the highest category in this award.

Vaishali Nigam Sinha: This places us in the top 19.5% of utilities globally and makes us the highest-rated energy utility in India. Finally, at the coveted CII-ITC Sustainability Awards, we received the Outstanding Accomplishment Award in Corporate Excellence, the highest category in this award. Together, these benchmarks demonstrate how ReNew is not only meeting ESG standards but defining the industry pace. Moving to slide 25, let's look at the data behind our targets. On environment, ReNew remains committed to achieving its SBTi validated net zero targets. We have rolled out key levers of our manufacturing decarb roadmap and initiated annual assurance calculations and disclosures for the financial year. People continue to remain at the very center of what we do. Our CSR journey mirrors the transformational trajectory of India's ongoing development.

Speaker #1: Together, these benchmarks demonstrate how ReNew is not only meeting ESG standards, but defining the industry pace. Moving to slide 25. Let's look at the data behind our targets.

Speaker #1: On environment, ReNew remains committed to achieving its SBTi-validated net-zero targets. We have rolled out key levers of our manufacturing decarb roadmap and initiated annual assurance calculations and disclosures for the financial year.

Speaker #1: People continue to remain at the very center of what we do. Our CSR journey mirrors the transformational trajectory of India's ongoing development. Our CSR initiatives have positively impacted over 1.7 million lives, electrified 350-plus schools, and established 200 smart classrooms and 125 digital labs.

Vaishali Nigam Sinha: Our CSR initiatives have positively impacted over 1.7 million lives, electrified 350-plus schools, and established 200 smart classrooms and 125 digital labs. Our workforce diversity stands at 17.6%, progressing steadily towards our 30% women workforce target by 2030. In closing, fiscal year 2026 has been a milestone year for ReNew. We surpassed our targets to deliver breakthrough results across major global benchmarks, including an MSCI triple A rating, an industry-leading S&P Global CSA score of 84, and the coveted A list in CDP. Our impact goes beyond just numbers. By embedding ESG at the very core of our business, we are positioning ReNew as a true pioneer in the global energy transition. We look forward to building on this momentum and sharing our progress in our third integrated report coming up soon.

Speaker #1: Our workforce diversity stands at 17.6%, progressing steadily toward our 30% women workforce target by 2030. In closing, fiscal year 2026 has been a milestone year for ReNew.

Speaker #1: We surpassed our targets to deliver breakthrough results across major global benchmarks, including an MSCI AAA rating and an industry-leading S&P Global CSA score of 84, as well as the coveted A List in CDP.

Speaker #1: But our impact goes beyond just numbers. By embedding ESG at the very core of our business, we are positioning renew as a true pioneer in the global energy transition.

Speaker #1: We look forward to building on this momentum and sharing our progress in our third integrated report coming up soon. I will now turn it over to Kailash to take us through guidance.

Vaishali Nigam Sinha: I will now turn it over to Kailash to take us through guidance. Back to you, Kailash.

Speaker #1: Back to you, Kailash.

Speaker #3: Thank you, Vaishali. For fiscal 2027, we expect to have adjusted EBITDA in the range of Rs. 103 to 109 billion, with continued contributions from both our core and the manufacturing business.

Kailash Vaswani: Thank you, Vaishali. For fiscal 2027, we expect to have adjusted EBITDA in the range of INR 103 to 109 billion, with continued contributions from both our core and the manufacturing business. This will be a 17% increase from the guidance range we provided last year. We expect our manufacturing business to contribute INR 10 to 12 billion in fiscal 2027. While we expect margins to moderate somewhat this year in the manufacturing business, the long-term EBITDA growth story in the manufacturing remains intact, with the 4 GW cell expansion expected to contribute meaningfully in fiscal 2028 and the ingot wafer plant to do the same in fiscal 2029. We also expect INR 1.2 billion from asset recycling.

Speaker #3: This will be a 17% increase from the guidance range we provided last year. We expect our manufacturing business to contribute Rs. 10 to 12 billion in fiscal 2027.

Speaker #3: While we expect margins to moderate somewhat this year in the manufacturing business, the long-term EBITDA growth story in manufacturing remains intact, with the 4-gigawatt cell expansion expected to contribute meaningfully in fiscal 2028.

Speaker #3: And the injured wafer plan to do the same in fiscal 2029. We also expect Rs. 1.2 billion from asset recycling. We expect to construct between 1.6 to 2.4 gigawatts of capacity during the year and generate cash flow to equity of Rs.

Kailash Vaswani: We expect to construct between 1.6 to 2.4 GW of capacity during the year and generate cash flow to equity of INR 18 to 22 billion. With that, we will be happy to take questions. Anunay Shahi?

Speaker #3: $18 to $22 billion. With that, we would be happy to take questions. Anunay?

Speaker #4: Thank you, Kailash.

Anunay Shahi: Thank you, Kailash.

Speaker #5: Thank you.

Operator 2: Thank you.

Operator: Thank you.

Speaker #4: Operator, do we have any questions from the phone line? Please go ahead.

Anunay Shahi: Operator, do we have any questions from the phone line?

Operator 2: Uh-

Operator: Uh-

Anunay Shahi: Please go ahead.

Speaker #5: Of course. We'll begin the question-and-answer session. If anyone would like to ask a question, please press star, and then one. If you are using a speakerphone, please pick up your handset.

Operator 2: Sure. We'll begin the question and answer session. If anyone would like to ask a question, please press star and then one. If you are using a speakerphone, please pick up your handset before pressing the keys. If you would like to withdraw your question, please press star and then two. Our first question today will come from Maheep Mandloi of Mizuho. Please go ahead with your question.

Operator: Sure. We'll begin the question and answer session. If anyone would like to ask a question, please press star and then one. If you are using a speakerphone, please pick up your handset before pressing the keys. If you would like to withdraw your question, please press star and then two. Our first question today will come from Maheep Mandloi of Mizuho. Please go ahead with your question.

Speaker #5: Before pressing the keys, if you would like to withdraw your question, please press star, and then two. Our first question today will come from Nahid Manloy of Mizuho.

Speaker #5: Please go ahead with your question.

Speaker #6: Hey, hello, girl. Thanks for taking the questions. And congratulations on the nice quarter there. Maybe just a question first on the manufacturing business—the injured wafer capacity, which I think we talked about last time and gave more color here.

Maheep Mandloi: Hey, hello, guys. Thanks for taking the questions, and congratulations on the nice quarter there. Maybe just a question first on the manufacturing business, the ingot wafer capacity, which I think we talked about last time and gave more color here. When should we expect that contribution? Does the guidance include any contribution from that business? I think mostly from the margin side, but curious if that would be for third-party sales as well.

Speaker #6: When should we expect that contribution? And does the guidance include any contribution from that business? I think mostly from the margin side, but curious if that would be for third-party sales as well.

Speaker #7: Yeah, Mahid.

Sumant Sinha: Yeah, Maheep Mandloi.

Speaker #4: Kailash, would you want to take that?

Anunay Shahi: Kailash, would you want to take that?

Speaker #7: Yeah. Okay.

Sumant Sinha: Yeah. Yeah.

Anunay Shahi: Okay, go ahead.

Speaker #4: So, Mahid, as I mentioned, the cell facility—the Topcon cell facility—will be operational towards the end of this fiscal year. So, right now, the guidance doesn't include any contribution from that business.

Kailash Vaswani: Maheep, as I mentioned, the cell facility, TOPCon cell facility will be operational towards the end of this fiscal year. Right now the guidance doesn't include any contribution from that business, where initially it would be in sort of trial run phases.

Speaker #4: It was initially—it would be in sort of trial-run phases.

Speaker #7: I think he was asking about the wafer injured plan. So, Mahid?

Sumant Sinha: I think he was asking about the wafer ingot plant. No, Maheep?

Speaker #6: Yeah, yeah, that's right also. Yeah, for the wafer business, injured.

Maheep Mandloi: Yeah, yeah, that's right also. Yes, you know, for the wafer business.

Speaker #7: Yeah, the wafer plant will be commissioned only by June 2028 or thereabouts, right? So it won't register in this FY27 financial year, or in fact, even in the FY28 financial year.

Sumant Sinha: Yeah, the wafer plant will be commissioned only by June 2028 or thereabout. Maybe, you know, it won't register in this FY 27 financial year or in fact even in the FY 28 financial year.

Speaker #6: Gotcha. And secondly, just on the performance this quarter, I think, while PLF was definitely better, on the solar side we saw it was slightly lower. Were there any resource issues or some curtailments, or how should we think about that going forward?

Maheep Mandloi: Got you. Secondly, just on the performance this quarter, I think wind PLF was definitely better. On solar we saw slightly lower. Was there any resource issue or some curtailments or how to think about that going forward?

Speaker #7: Yeah, there was some curtailment, Mahid. As I said, it was a little lower in Q4, but there was some degree of curtailment that happened.

Sumant Sinha: There was some curtailment, Maheep. As I said, it was a little lower in Q4, but there was some degree of curtailment that happened. Resource, you know, efficiency was a tad lower. On top of that, there was a curtailment. That's why the overall PLF for solar has been lower than last year.

Speaker #7: Resource efficiency was a tad lower, but on top of that, there was a curtailment. That's why the overall PLF for solar has been lower.

Speaker #7: Than last year.

Speaker #6: Got it. Appreciate it. Thank you.

Maheep Mandloi: Got it. Appreciate it. Thank you.

Speaker #5: Again, if you would like to ask a question, please press star, and then one. Our next question will come from Nikhil Nagania of Bernstein.

Operator 2: Again, if you would like to ask a question, please press star and then one. Our next question will come from Nikhil Nigania of Bernstein. Please go ahead.

Operator: Again, if you would like to ask a question, please press star and then one. Our next question will come from Nikhil Nigania of Bernstein. Please go ahead.

Speaker #5: Please go ahead.

Speaker #8: Hi. Thank you for taking my question. My first question is on the solar cell manufacturing facility. While I see 2.5 gigawatts in our presentation, on the government ALMM list it still reflects at 1.8 gigawatts.

Nikhil Nigania: Hi. Thank you for taking my question. My first question is on the solar cell manufacturing facility. While I see 2.5 GW in our presentation on the government ALMM List, it still reflects at 1.8 GW. Even the yield that we are seeing is closer to that kind of a capacity. Could you please clarify on that?

Speaker #8: And even the yield that we are seeing is closer to that kind of a capacity. So, could you please clarify on that?

Speaker #7: Yeah, so the general yield is about 80%. That is why we tend to have the output of around 1.8 gigawatts for that plant.

Sumant Sinha: The general yield is about 80%, so that is why we tend to have the output of around 1.8 GW for that plant.

Speaker #8: Understood.

Nikhil Nigania: Understood. Got it.

Speaker #4: So Nikhil, the 2.5, is it. Complete capacity? Yes.

Kailash Vaswani: Nikhil, the 2.5 is the template capacity. Yes.

Speaker #8: Okay. Got it, Anunay. The second question I had was the DSM regulations, which the CRC implemented and then there was a stay order from the Karnataka High Court.

Nikhil Nigania: Okay, got it. The second question I had was, the DSM regulations which the CERC implemented, and then there was a stay order from High Court of Karnataka. If it were to go through, what is the kind of impact that we can assume for our business, given our sizable wind portfolio?

Speaker #8: If it were to go through, what is the kind of impact that we can assume for our business? Even our sizable wind portfolio.

Speaker #7: Yeah, so if that were to go ahead—which, first of all, let me tell you that there's a lot of conversation happening—and there are some changes that are likely to be proposed to whatever the CRC had come out with.

Sumant Sinha: Yeah. You know, if that were to go ahead, which first of all, let me tell you that there's a lot of conversation happening, and it is, there are some changes that are likely to be proposed to whatever the CERC had come out with. I don't think that the current guidelines are gonna continue as they are. There will be some change, and there will be some relaxation to it. Nevertheless, to answer your question, in case the current thing was supposed to continue, then there might be another INR 0.5 billion of impact to the numbers for DSM for this year. As I said, we don't expect it to continue. There's likely to be some change towards the relaxation side.

Speaker #7: So, I don't think that the current guidelines are going to continue as they are. There will be some change, and there will be some relaxation to it.

Speaker #7: Nevertheless, to answer your question, in case the current thing was supposed to continue, then there might be another half a billion rupees of impact to the numbers for DSM for this year.

Speaker #7: But as I said, we don't expect it to continue. There is likely to be some change, towards the relaxation side.

Speaker #8: Understood. Appreciate it. Just to clarify, the half a billion impact you said was for FY27, is it?

Nikhil Nigania: Understood. Appreciate it. Just to clarify, the half a billion in the impact you said was for FY 2027, is it?

Speaker #7: For FY27, yes. But as you know, the CRC is proposing tightening of the band consistently over the next five years. Right? So what I the number I gave you is only for FY27.

Sumant Sinha: For FY 2027, yes. As you know, the CERC is proposing tightening of the band consistently over the next 5 years, right? The number I gave you is only for FY 2027. We frankly haven't estimated the numbers after that. As I said, in any case, it's gonna become irrelevant because the current system is unlikely to undergo some change, the one that they've proposed.

Speaker #7: We frankly haven't estimated the numbers after that. And as I said, in any case, it's going to become irrelevant because the current system is unlikely to undergo some change.

Speaker #7: The one that they've proposed.

Speaker #8: Makes sense. Thanks for that clarity. The other question I had, which you were alluding to earlier, is on energy security. There's a big push.

Nikhil Nigania: Makes sense. Thanks for that clarity. The other question I had was what you were alluding to earlier is on energy security. There's a big push. Green hydrogen is an area we were discussing in earlier days. We haven't been very active or there haven't been too many tenders in that area. Are you hearing more opportunities emerge in green hydrogen, ammonia or methanol?

Speaker #8: And green hydrogen is an area we were discussing in earlier days. We haven't been very active on it; they haven't made too many tenders in that area.

Speaker #8: But are you hearing more opportunities emerge in green hydrogen, ammonia, or methane?

Speaker #7: Yes, we definitely are. So there is a new green methanol tender that has been planned by the government of, I think, 500 KTPA. I think we'll also see a renewed formulation and bidding for some of the fertilizer-based tenders.

Sumant Sinha: Yes, we definitely are. You know, there is a new green methanol tender that has been planned by the government of, I think, 500 KTPA. I think we'll also see a renewed formulation and bidding for some of the fertilizer-based tenders. There may be some speeding up for the refinery tenders. I mean, the exact bids have not yet been formulated because obviously we're dealing with a very emerging situation right now. What we're also seeing is demand picking up overseas. There's more activity happening in the overseas markets as well, especially in the Far East, and I think it'll also get reflected in Europe very soon. I, my sense is that green fuels will emerge as a bigger opportunity in the medium term.

Speaker #7: There may be some speeding up for the green for the refinery tenders. I mean, the exact bids have not yet been formulated, because obviously we're dealing with a very emerging situation right now.

Speaker #7: But what we're also seeing is demand picking up overseas. There's more activity happening in the overseas markets as well. Especially in the Far East and I think it'll also get reflected in Europe very soon.

Speaker #7: So, my sense is that green fuel is going to emerge as a bigger opportunity in the medium term.

Speaker #8: Got it. Thanks for the reply. One last question I had. I mean, it's a two-part question in a way. When we look at CEA forecasts, for power generation capacity addition, they are expecting some dip in solar addition in FY27, 28.

Nikhil Nigania: Got it. Thanks for the reply. One last question I had. I mean, it's a two-part question in a way. When we look at CEA forecasts for power generation capacity addition, they are expecting some dip in solar addition in FY 2027, 2028. It could be due to transmission issues, but wanted to hear your thoughts on that. A, are they underestimating it? B, are the usual transmission challenges, which you alluded to earlier leading to curtailments as well, have they got any better or are they still the same?

Speaker #8: It could be due to transmission issues, but I wanted to hear your thoughts on that. Are they underestimating it? And B, are the usual transmission challenges, which you alluded to earlier, leading to curtailments as well?

Speaker #8: Have they got any better, or are they still the same?

Sumant Sinha: You know, I can't say that there's any significant change from last year, and I don't know what the CEA's latest numbers are. If you can just tell me what is the CEA proposing exactly for this year.

Speaker #7: I can't say that there's any significant change from last year. And I don't know what the CEA's latest numbers are. So if you can just tell me what is the CEA proposing, exactly.

Speaker #7: For this year.

Speaker #8: On solar capacity addition, they were expecting a decline in addition in FY27 from 26 to 27 and 28.

Nikhil Nigania: On solar capacity addition, they were expecting a decline in addition in FY 2027, from 2026 to 2027 and 2028.

Speaker #7: Okay. So look, I don't know what those numbers are based on. But just given the amount of PPAs that are outstanding, given the fact that there are so many operators now, developers trying to set up capacity, I don't think that there's any constraining parameter right now.

Sumant Sinha: Okay. Look, I don't know what those numbers are based on, but, you know, just given the amount of PPAs that are outstanding, given the fact that there are so many operators now, developers trying to set up capacity, I don't think that there's any constraining parameter right now. We're also seeing, obviously, the distributed side, both rooftop as well as pumps, the pump side also progressing well. C&I demand is strong. I'm not sure that I, that I would feel that there would be a slowdown in solar installations. I think if anything, we are sort of at a ramp-up phase at this point. Now, will transmission issues constrain it?

Speaker #7: We're also seeing, obviously, the distributed side—both rooftop as well as the pump side—also progressing there. CNI demand is strong, so I'm not sure that I would feel that there would be a slowdown in solar installations.

Speaker #7: I think, if anything, we are sort of at a ramp-up phase at this point. Now, will transmission issues constrain it? I think, at the margin, perhaps, it could have an impact.

Sumant Sinha: I think at the margin perhaps it could have an impact, but a lot of people are trying to move out from Rajasthan into other states now and trying to take advantage of transmission capacities available in other parts of the country.

Speaker #7: But a lot of people are trying to move out from Rajasthan into other states now, and trying to take advantage of transmission capacities available in other parts of the country.

Speaker #8: Got it. Thank you so much, Pan Singh. Those are my questions.

Nikhil Nigania: Got it. Thank you so much for answering. Those are my questions.

Speaker #9: Thank you. There are no further questions on the phone line at this time.

Operator 1: Thank you. There are no further questions on the phone line at this time.

Operator: Thank you. There are no further questions on the phone line at this time.

Speaker #4: I think.

Anunay Shahi: I think.

Speaker #9: I will now hand over.

Operator 1: I will now hand over to webcast line.

Operator: I will now hand over to webcast line.

Speaker #4: There are some questions yeah, there are some questions on the webcast. Maybe we can pick those up.

Anunay Shahi: There are some questions. Yeah, there are some questions on the webcast. Maybe we can pick those up. There's a question from Jordan Gilmore. I guess, Kailash, this is for you. The question is: Do you still have some USD bonds to be refinanced this year? How much is the quantum? What's the plan to refinance them?

Speaker #8: So there's a question from Jordan Gilmore, I guess. Kailash, this is for you. The question is, do you still have some USD bonds to be refinanced this year?

Speaker #8: And how much is the quantum? And what's the plan to refinance them?

Speaker #4: Right. So, Jordan, we have $1 billion out for maturity starting January next year, but rather in the first half of 2027. And, as I mentioned earlier in my prepared remarks, we have a $400 million commitment already sitting with us.

Kailash Vaswani: Right. Jordan, we have $1 billion up for maturity, you know, starting January next year, rather in H1 2027. As I mentioned earlier in my prepared remarks that, you know, we have $400 million commitment already sitting with us. We may do, you know, other refinancings, as we get closer to the time, which could be either a mix of, you know, dollar bonds or, you know, tapping into the onshore liquidity. You know, whatever provides us, you know, the lowest cost of capital, we would evaluate those options.

Speaker #4: And we may do other refinancings as we get closer to the time, which could be either a mix of dollar bonds or tapping into the onshore liquidity. Whatever provides us the lowest cost of capital, we would evaluate those options.

Speaker #4: And there's one last question from Shish Jain. His question is, and I'm paraphrasing, is that ReNew's Indian peers trade at a higher multiple than ReNew?

Anunay Shahi: There's one last question from Shishir Jain. His question is, and I'm paraphrasing, is with ReNew's Indian peers trade at a higher multiple than ReNew, is the management considering an India listing for the business or any of the subsidiary businesses? Again, for you, Kailash.

Speaker #4: Is the management considering an India listing for the business or any of the subsidiary businesses? Again, for you, Kailash.

Speaker #5: Yeah, so it’s a valid observation. I think we have noticed that too. In that spirit is where I think some of the investors were looking to take the company private at some point, because the multiples in the US market are not really reflecting the value of the company.

Kailash Vaswani: Yeah. You know, it's a valid observation. I think, you know, we have noticed that too. You know, in that spirit is where I think, you know, some of the investors were looking to take the company private at some point because the multiples in the US market are not really reflecting the value of the company, you know, compared to the peers. Given that the transaction didn't go through, we continue to remain listed in the US. At this point in time, we are not considering, you know, any listing in India.

Speaker #5: Compared to the peers, given that the transaction didn't go through, we continue to remain listed in the US. At this point in time, we are not considering any listing in India.

Speaker #4: Sure. And one last question. Maybe I can answer that from Carolyn Chu. What is the CapEx required for the six-and-a-half-gigawatt Ingrid Plus wafer facility?

Anunay Shahi: One last question, maybe I can answer that from Carolyn Chu, is what is the CapEx required for the 6.5 GW ingot plus wafer facility, which we mentioned will be funded through internal accruals and external fundraise. Carolyn, we've mentioned this in the presentation. It is about INR 42 billion, assuming we don't do a captive power plant. Given that we will take some project debt for this, maybe around 50% to 60%, so the balance will be funded through cash accruals from the manufacturing business along with the external fundraise that we propose to do. ReNew parent won't be deploying any additional equity into the manufacturing business to set up this ingot and wafer facility.

Speaker #4: Which we mentioned will be funded through internal approvals and external fundraise. So Carolyn, we've mentioned this. In the presentation. So it is about 42 billion rupees.

Speaker #4: Assuming we don't do a captive power plant, and given that we will take some project debt for this—maybe around 50 to 60 percent.

Speaker #4: So the balance will be funded through cash accruals from the manufacturing business, along with the external fundraise that we propose to do. So ReNew parent won't be deploying any additional equity into the manufacturing business to set up this ingot or wafer facility.

Speaker #4: I think those were all the questions.

Anunay Shahi: I think those were all the questions.

Operator 1: That does conclude our conference for today. Thank you for participating. You may now disconnect.

Operator: That does conclude our conference for today. Thank you for participating. You may now disconnect.