Q1 2027 KPI Green Energy Ltd Earnings Call

Speaker #1: Ladies and gentlemen, good day and welcome to the KPI Green Energy Limited Q1 FY27 earnings conference call. As a reminder, all participant lines will be in listen-only mode, and there will be an opportunity for you to ask questions after the presentation concludes.

Operator: Ladies and gentlemen, good day and welcome to the KPI Green Energy Limited Q1 FY27 earnings conference call. As a reminder, all participant lines will be in the listen only mode and there will be an opportunity for you to ask questions after the presentation concludes. Should you need assistance during the conference call, please signal an operator by pressing star then zero on your touchtone phone. Please note that this conference is being recorded. I now hand the conference over to Mr. Cyril Paul from EY. Thank you, and over to you, sir.

Speaker #1: Should you need assistance during the conference call, please signal an operator by pressing star then zero on your touch-tone phone. Please note that this conference is being recorded.

Speaker #1: I now hand the conference over to Mr. Cyril Paul from EY. Thank you, and over to you, Sir.

Speaker #2: Thank you, Avarath. Good morning, everyone. On behalf of Point Sanyang, I welcome you to the Q1 FY27 earnings conference call of KPI Green Energy Limited.

Cyril Paul: Thank you, Avrat. Good morning, everyone. On behalf of EY, I welcome you to the Q1 FY27 earnings conference call of KPI Green Energy Limited. We are pleased to have with us senior management team from the company, represented by Mr. Sohail Dabhoya, the Whole Time Director, Dr. Alok Das, Group CEO, Mr. Salim Yahoo, former Chief Financial Officer, and Mr. Vinod Jain, President, Investor Relations. We will have the opening remarks from the management, followed by a question and answer session. On that note, let me hand over the call to Mr. Vinod Jain. Over to you, Mr. Jain.

Speaker #2: We are pleased to have with us the Senior Management Team from the company, represented by Mr. Sohil Daboya, Whole-Time Director; Dr. Alok Das, Group CEO; Mr. Salim Yahoo, former Chief Financial Officer; and Mr. Vinod Jain, President, Investor Relations.

Speaker #2: We will have the opening remarks from the management, followed by a question-and-answer session. On that note, let me hand over the call to Mr. Vinod Jain.

Speaker #2: Over to you, Mr. Jain.

Speaker #3: Thank you, Cyril. Good morning, everyone. Myself, Vinod Jain, Head of Investor Relations at KPI Green Energy. On behalf of the management team, I would like to extend a very warm welcome to all of our investors, analysts, stakeholders, and other participants for today's Q1 FY27 earnings call, and thank you for your continued interest and support.

Vinod Jain: Thank you, Cyril. Good morning, everyone. Myself, Vinod Jain, Head of Investor Relations at KPI Green Energy. On behalf of management team, I would like to extend a very warm welcome to all of our investors, analysts, stakeholders, and other participants for today's Q1 FY27 earning call, and for your continued interest and support. Leadership team has already been introduced by Mr. Cyril. I would like to briefly touch upon few important leadership development during the quarter. We are delighted to welcome Professor Sunil Maheshwari as Vice Chairman and Mr. Rajesh Srivastava as Whole Time Director. Both leaders, having decades of experience across strategy, governance, business transformation, renewable energy, infrastructure, and organization leadership, further strengthen the depth and capability of our board as we enter the next phase of growth. We are also pleased to welcome Mr. Kapil Kripalani as incoming Group CFO.

Speaker #3: The leadership team has already been introduced by Mr. Cyril. I would like to briefly touch upon a few important leadership developments during the quarter. We are delighted to welcome Professor Sunil Maheshwari as Vice Chairman, and Mr. Rajesh Srivastava as Whole-time Director.

Speaker #3: Both leaders, having decades of experience across strategy, governance, business transformation, renewable energy, infrastructure, and organizational leadership, have further strengthened the depth and capability of our board as we enter the next phase of growth.

Speaker #3: We are also pleased to welcome Mr. Kapil Kriplani as incoming Group CFO. His extensive experience in finance, capital markets, and strategic growth initiatives will be a valuable addition as we continue to scale the business and strengthen our institutional platform.

Vinod Jain: His extensive experience in finance, capital markets, and strategic growth initiatives will be a valuable addition as we continue to scale the business and strengthen our institutional platform. Please note that company has published its results and has uploaded the investor presentation yesterday. I trust that all of you have had the opportunity to review them. Before we begin, I would like to remind everyone that certain statements made during this call may be forward-looking in nature. Such forward-looking statements are subject to risks and uncertainties, which may cause actual results to differ from those anticipated. While these statements are based on management's current beliefs and assumptions, investors are cautioned not to place undue reliance on them while making their investments decisions. With that, now I hand over the call to Mr. Salim Yahoo, our CFO, for his brief address, followed by the question and answer.

Speaker #3: Please note that the company has published its results and uploaded the investor presentation yesterday. I trust that all of you have had the opportunity to review them.

Speaker #3: Before we begin, I would like to remind everyone that certain statements made during this call may be forward-looking in nature. Such forward-looking statements are subject to risks and uncertainties.

Speaker #3: Which may cause actual results to differ from the growth anticipated. While these statements are based on management's current beliefs and assumptions, investors are cautioned not to place undue reliance on them while making their investment decisions.

Speaker #3: With that, I now hand over the call to Mr. Salim Yahoo, our CFO, for his brief address, followed by the question and answer session. Thank you, and over to Mr. Salim Yahoo.

Vinod Jain: Thank you, and over to Mr. Salim Yahoo.

Speaker #4: Thank you, Vinod. Good morning, everyone, and a warm welcome to all of you who are on today's call. On behalf of KPI Green Energy Limited, I extend a warm welcome to all our investors, analysts, shareholders, and participants joining us today for the earnings conference call for the quarter ended June 30, 2026.

Salim Yahoo: Thank you, Vinod. Good morning, everyone, and a warm welcome to all of you, those who are there on today's call. On behalf of KPI Green Energy Limited, I extend a warm welcome to all our investors, analysts, shareholders, and participants joining us today for the earning conference call for the quarter ended 30 June 2026. I hope all of you have had the opportunity to go through our unaudited financial results and the investor presentation uploaded on the stock exchange. KPI Green Energy Limited has made a strong start to the financial year FY26-27. The company has continued to deliver healthy growth in revenue and operating profit, backed by consistent execution, a diversified renewable portfolio across IPP and CPP segments, and a clear focus on building long-term sustainable value. Our journey over the past five years reflect the strength and scalability of our business model.

Speaker #4: I hope all of you have had the opportunity to go through our unaudited financial results and the investor presentation uploaded on the stock exchange.

Speaker #4: KPI Green Energy Limited has made a strong start to the financial year FY26–27. The company has an operating profit, backed by consistent execution, a diversified renewable portfolio across IPP and CPP segments, and a clear focus on building long-term sustainable value.

Speaker #4: Our journey over the past five years reflects the strength and scalability of our business model. During this period, our compounded growth has been remarkable, with a 92% CAGR in revenue and a 104% CAGR in profit.

Salim Yahoo: During this period, our compounded growth has been remarkable with a 92% CAGR in revenue, 104% CAGR in profit. This demonstrates that KPI Green Energy Limited remains well-aligned with India's renewable energy requirement and continues to create sustainable value for shareholders. Speaking about the financial performance for Q1 FY27, our total income stood at INR 710 crore as compared to INR 614 crore in Q1 of FY26, registering growth of 16% YoY. On the similar line, EBITDA increased to INR 262 crore as compared to INR 217 crore in the corresponding quarter, reflecting a growth of 21% year-on-year. Our EBITDA margin has improved to 37% from 35%, reflecting the operating strength of our portfolio.

Speaker #4: This demonstrates that KPI Green Energy Limited remains well aligned with India's renewable energy requirements and continues to create sustainable value for shareholders. Speaking about the financial performance, for Quarter 1, FY27, our total income stood at ₹710 crore as compared to ₹614 crore in Quarter 1 of FY26.

Speaker #4: Registering growth of 16% year-on-year. On similar lines, EBITDA increased to ₹262 crore as compared to ₹217 crore in the corresponding quarter, reflecting a growth of 21% year-on-year.

Speaker #4: Our EBITDA margin has improved to 37% from 35%, reflecting the operating strength of our portfolio. Profit after tax for the quarter stood at $95 crore, as compared to $111 crore in Q1 FY26.

Salim Yahoo: Profit after tax for the quarter stood at INR 95 crore as compared to INR 111 crore in Q1 FY26. I would like to take some time and like to explain this clearly. The year-on-year movement in PAT reflects higher depreciation and finance cost on rapidly growing asset base. As we commission new IPP capacity, the associated depreciation interests are recognized upfront, while the full revenue and earning contribution of these assets materialize progressively over the year. Cash profits, which is a better measure of the underlying cash generation of the business, actually grew at 6% year-on-year basis to INR 173 crore as compared to INR 163 crore in Q1 of FY26. We expect the full earning contribution of the newly commissioned assets to build to the remainder of FY27.

Speaker #4: I would like to take some time and explain this clearly. The year-on-year movement in PAT reflects higher depreciation and finance cost on a rapidly growing asset base.

Speaker #4: As we commission new IPP capacity, the associated depreciation and interest are recognized upfront, while the full revenue and earnings contribution of these assets materialize progressively over the year.

Speaker #4: Cash profits, which is a better measure of the underlying cash generation of the business, actually grew by 6% year-on-year to ₹173 crore, as compared to ₹163 crore in Q1 FY26.

Speaker #4: We expect the full earnings contribution of the newly commissioned assets to build through the remainder of FY27. It is also worth noting that our Q1 FY27 unit generation under the IPP portfolio has grown nearly four times year-on-year, and the generation achieved in this single quarter already exceeds 65% of the entire FY26 generation.

Salim Yahoo: It is also worth noting that our Q1 FY27 unit generation under the IPP portfolio has grown nearly four times year-on-year, and the generation assured in this single quarter already exceeds 65% of the entire FY26 generation. This reflects the scale of our annuity base and the growing recurring revenue engine of the company. Speaking about the operational and portfolio highlights, on the operational front, KPI Green continues to scale its renewable portfolio across IPP and CPP segment. As of 30 June 2026, our portfolio has reached approximately 6.94 gigawatts, up 71% year-on-year from 4.06 gigawatts a year ago. This comprises an installed capacity of 1.87 gigawatts and work in progress capacity of 5.07 gigawatts. Of the total portfolio, 2.57 gigawatts is under IPP and 4.37 gigawatts is under the CPP segment.

Speaker #4: This reflects the scale of our annuity-based and the growing recurring revenue engine of the company. Speaking about the operational and portfolio highlights, on the operational front, KPI Green continues to scale its renewable portfolio across IPP and CPP segments.

Speaker #4: As of June 30, 2026, our portfolio has reached approximately 6.94 gigawatts, up 71% year-on-year from 4.06 gigawatts a year ago. This comprises an installed capacity of 1.87 gigawatts and work-in-progress capacity of 5.07 gigawatts.

Speaker #4: Of the total portfolio, 2.57 gigawatts is under IPP and 4.37 gigawatts is under the CPP segment. During the year gone by, we commissioned 0.85 gigawatts of capacity, while booking a further 2.88 gigawatts of fresh orders, taking overall capacity from 4.06 gigawatts to 6.94 gigawatts in a single year.

Salim Yahoo: During the year gone by, we commissioned 0.85 gigawatts of capacity while booking a further 2.88 gigawatts of fresh orders, making overall capacity from 4.06 gigawatts to 6.94 gigawatts in a single year. This reflects both our execution strength and continued strong demand for our double engine IPP plus CPP business models. Our expanding IPP portfolio is expected to generate more than 390 crore units annually at a full run rate, strengthening the company's recurring revenue base and improving the long-term visibility of earnings. With long tenure 25 years PPA, strong execution capabilities, and integrated project development expertise, we are building a platform that combines growth with predictable cash flows. We have also continued to strengthen our key execution enablers.

Speaker #4: This continued strong demand for our double-engine IPP plus CPP business model. Our expanding IPP portfolio is expected to generate more than 390 crore units annually at a full run rate, strengthening the company's recurring revenue base and improving the long-term visibility of earnings.

Speaker #4: With long-tenor, 25-year PPA, strong execution capabilities, and integrated project development expertise, we are building a platform that combines growth with predictable cash flows. We have also continued to strengthen our key execution enablers. Our strategic land bank now stands at 8,657 acres.

Salim Yahoo: Our strategic land bank now stands at 8,657 acres, and our power evacuation capacity has reached 5.10 gigawatts, both of which secures our project pipeline and support faster, lower risk conversion of order into operating capacity. During the quarter, we also successfully expanded our geographical footprint into Rajasthan, taking our total number of sites to 133. Speaking about the projects that we won, we continue to make strong progress across our key growth platform. In battery energy storage, our 565 megawatt/1130 megawatt hour BESS has been executed and financial closure is under process. In floating solar, we are actively executing 142 megawatt EPC order for Kadana Dam in Gujarat. In our 150 megawatt wind project in Junel, the PPA has been signed and financial closure has been achieved, and the PPA signing of our 300 megawatt SUN backed wind project is under process.

Speaker #4: And our power evacuation capacity has reached 5.10 gigawatts, both of which secures a project pipeline and supports faster, lower-risk conversion of orders into operating capacity.

Speaker #4: During the quarter, we also successfully expanded our geographical footprint into Rajasthan, taking our total number of sites to 133. Speaking about the projects that we won, we continue to make strong progress across our key growth platform.

Speaker #4: In battery energy storage, our 565-megawatt/130-megawatt Vespa has been executed, and financial closure is under process. In floating solar, we are actively executing a 142-megawatt EPC order for Khadanand Khadana Dam in Gujarat.

Speaker #4: In our 150-megawatt wind project in GNL, the PPA has been signed, and financial closure has been achieved. The PPA signing for our 300-megawatt SGN-backed wind project is under process.

Speaker #4: We have also secured both an interstate trading license from the CERC and an interstate trading license from the GERC. Energy trading is being undertaken on a pilot basis, creating wider market access and better realization opportunities.

Salim Yahoo: We have also secured both an interstate trading license from the CERC and interstate trading license from the GERC. Energy trading is being undertaken on a pilot basis, creating wider market access and better realization opportunities. Speaking about the international expansion, KPI Green is also expanding international footprint to strengthen its global market presence. In Botswana, we have signed an MoU with the government for 5 gigawatts of renewable energy, with planning for first 500 megawatt phase underway. In the UAE, through a global alliance with the Fabtech Group and F Plus Healthcare Technologies, execution is underway for the solar power project integrated with battery energy storage system, awarded to our subsidiary, Sun Drops Energia Limited, to power containerized data center facilities. Our balance sheet and financing profile remains robust.

Speaker #4: Speaking about the international expansion, KPI Green is also expanding its international footprint to strengthen its global market presence. In Botswana, we have signed an MOU with the government for 5 gigawatts of renewable energy, with planning for the first 500-megawatt phase underway.

Speaker #4: In the UAE, through a global alliance with the FAPTAC group and F+ Healthcare Technologies, execution is underway for the solar power project integrated with a battery energy storage system ordered to our subsidiary, SunDrop Energy Limited, to power constrained data and containerized data center facilities.

Speaker #4: Our balance sheet and financing profile remain robust. We continue to build on the successful listing of India's first externally credited, enhanced green bond—a ₹670 crore, 5-year instrument carrying an 8.50% coupon with quarterly amortization, backed by a 65% partial guarantee from GuarantCo, and which is AA+ rated by CRISIL and ICRA.

Salim Yahoo: We continue to build on the successful listing of India's first externally credit enhanced green bond, a INR 670 crore, a five-year instrument carrying 8.50% coupon with quarterly amortization, backed by 65% partial guarantee from GuarantCo, and which is AA+ rated by CRISIL and ICRA. This continues to reinforce the market confidence in KPI Green business model, governance standard, and renewable growth platform. Looking ahead, our focus remains on strengthening the IPP portfolio, expanding the CPP business, and building capabilities in future growth segments such as BESS, battery energy storage system, green hydrogen, floating solar, offshore wind, pump storage, and energy trading. Our strategy is to build an integrated renewable energy platform with strong execution capabilities, predictable annuity revenue, and long-term value creation for all the stakeholders. As India accelerates its renewable energy transition, KPI Green is well-positioned to contribute meaningfully through scale, execution, innovation, and disciplined financial management.

Speaker #4: This continues to reinforce market confidence in the KPI Green business model, governance standards, and renewable growth platform. Looking ahead, our focus remains on strengthening the IPP portfolio, expanding the CPP business, and building capabilities in future growth segments such as BESS (Battery Energy Storage Systems), green hydrogen, floating solar, offshore wind, pumped storage, and energy trading.

Speaker #4: Our strategy is to build an integrated renewable energy platform with strong execution capabilities, predictable annuity revenue, and long-term value creation for all the stakeholders.

Speaker #4: As India accelerates its renewable energy transition, KPI Green is well positioned to contribute meaningfully through scale, execution, innovation, and disciplined financial management. We remain committed to timely execution, strong governance, sustainable growth, and consistent value creation for all our stakeholders.

Salim Yahoo: We remain committed to timely execution, strong governance, sustainable growth, and consistent value creation for all our stakeholders. With this, I would like to thank all our shareholders, lenders, customers, employees, partners, and regulators for their continued trust and support. I now request the moderator to open the floor for question and answer session.

Speaker #4: With this, I would like to thank all our shareholders, lenders, customers, employees, partners, and regulators for their continued trust and support. I now request the moderator to open the floor for the question and answer session.

Speaker #1: Thank you very much. We will now begin the question and answer session. Anyone who wishes to ask a question may press star and 1 on their touch-tone telephone.

Operator: Thank you very much. We will now begin the question and answer session. Anyone who wishes to ask a question may press star and one on the touchtone telephone. If you wish to remove yourself from the question queue, you may press star and two. Participants are requested to use handsets while asking a question. Ladies and gentlemen, we will wait for a moment while the question queue assembles. The first question is from the line of Kartik Sharma from Anand Rathi Institutional Equities. Please go ahead.

Speaker #1: If you wish to remove yourself from the question queue, you may press star and 2. Participants are requested to use handsets while asking a question.

Speaker #1: Ladies and gentlemen, we'll wait for a moment while the question queue assembles. The first question is from the line of Karthik Sharma from Anand Rathi Institutional Equities.

Speaker #1: Please go ahead.

Speaker #2: Hello. I hope I'm audible.

Kartik Sharma: Hello. I hope I am audible.

Speaker #1: Yes, Mr. Sharma, you may go ahead with your question.

Operator: Yes, Mr. Sharma, you may go ahead with your question.

Kartik Sharma: Yeah. Congratulations on the great start for FY27. I have a couple of questions. Given the expansion of our IPP segment, could you give us some color on how you see the debt and cash position evolving going forward?

Speaker #2: Congratulations on the great start for FY27. I have a couple of questions. Given the expansion of our IPP segment, could you give us some color on how you see the debt and cash positions evolving going forward?

Speaker #4: IPP segment, at present, you know, we are at a very comfortable leverage, as you can say. We are at around 2— a couple of figures over there.

Salim Yahoo: IPP segment at present, we are at a very comfortable leverage, as you can see. We are at around 2 point a couple of figures over there. But going forward also, if you see the way we are adding our profitability, the way we have already expensed out the debt which was to be taken for our bigger project, that is around 250 and 370 megawatts. Going forward, I think the debt enhancement will be in the comfortable position of 3:1 max to max, which will be long-term debt to net worth. That is it.

Speaker #4: But going forward also, if you see the way we are adding to our profitability, the way we have, you know, we have already expensed out the debt which was to be taken for our bigger project— that is, around 250 and 370 megawatts.

Speaker #4: So, going forward, I think the debt and everything will be in the comfortable position of 3:1, max to max, which will be long-term debt to net worth, that is.

Speaker #2: Understood, sir. And also, if you could give us some color on how our pipeline is shaping up for FY27 and 28. If you could give us some quarterly if you could give us some quarterly run rate?

Kartik Sharma: Understood, sir. Also, if you could give us some color on how our pipeline is shaping up for FY27 and 2028. If you could give us some quarterly run rate.

Speaker #4: See, as I told you, you know, our IPP segment has energized a substantial portion of our existing projects in hand. And the CPP also—I have an order book of approximately ₹5,000 crore plus.

Salim Yahoo: See, as I told you, our IPP segment has energized a substantial portion of our existing projects in hand. The CPP also, I have an order book of approximately INR 5,000 plus crore. Going forward, there is enough order book in hand for the CPP side and the IPP revenue also, as I told in my initial talk, the IPP segment from here will show a better, strong upward trajectory. The reason is that all the expenses have been expensed out, and now the revenue has started coming in. Since it was built in a phase-wise manner, the revenue will slowly start getting up stronger and stronger. Going forward, I think the coming quarters will have a far more better performance than what we have seen in this quarter also.

Speaker #4: So going forward, there is enough order book in hand for the CPP side, and the IPP revenue also, as I told in my initial talk, that, you know, the IPP segment will, from here, will show a better strong upward, you know, trajectory.

Speaker #4: The reason is that, you know, all the expenses have been expensed out, and now the revenue has started coming in. Since it was built in a phase-by-phase manner, the revenue will slowly, slowly, start getting stronger and stronger.

Speaker #4: So, going forward, I think the coming quarters will have a far better performance than what we have seen in this first quarter.

Speaker #2: Understood, sir. This is just about the order book that you just spoke about. With the data centers coming up, are we targeting any— is there any share of data centers in the order book?

Kartik Sharma: Understood, sir. About the order book that you just spoke about, with the data centers coming up, is there any share of data centers in the order book? If you could give us some number.

Speaker #2: If you could give us some numbers.

Speaker #4: If you have your money later on speaking, basically data center is the latest entrant and also opportunist horizon, that in the RE sectors. Generally, data center needs a rounding clock operations, so nowadays every data center needs two things, like the rounding clock operations and all.

Alok Das: Good morning.

Alok Das: Anup speaking. Basically, data center is the latest entrant and also opportunist horizon in the RE sectors. Generally, data center needs around-the-clock operations. Nowadays, every data center needs two things like the around-the-clock operations and all. Yes, as a KPI, we are in touch with some of the data center people, and some sort of inquiry is going on. I think it is a continuous process. As and when it is to be materialized, obviously it should be known to all the stakeholders. Understood, sir. I have more questions, but I will join the queue again so that others can also get a turn.

Speaker #4: Yes, as a KPI, we are in touch with some of the data center people, and some sort of inquiries are going on. So, I think it is a continuous process.

Speaker #4: As and when it is to be materialized, obviously it should be known to all the stakeholders.

Speaker #2: Understood, sir. I'll join. I have more questions, but I'll join the queue again so that others can also get a chance.

Speaker #4: Thanks. No issues. Thanks, Karthik.

Alok Das: Thanks. No issues.

Kartik Sharma: Bye, sir.

Operator: Thank you. The next question is from the line of Parth Kotak from Plus91 Asset Management. Please go ahead.

Speaker #2: All right, sir.

Speaker #1: Thank you. The next question is from the line of Parth Kotak from +91 Asset Management. Please go ahead.

Speaker #5: Hi, sir. Thanks for taking my question. Sir, I have a couple of questions. One, on inventory— we saw a large buildup towards the end of the last financial year.

Parth Kotak: Hi, sir. Thanks for taking my question. I have a couple of questions. One, on inventory, we saw a large buildup towards the end of the last financial year. If you can update on the inventory position today, and do we expect inventory to come down probably when we announce the next quarter results?

Speaker #5: Can you provide an update on the inventory position today, and do we expect inventory to come down, probably when we announce the next quarter results?

Speaker #4: Yeah. So, if you see, you know, the inventory as on March, we have seen the inventory buildup has been there. It has come down to some extent in this quarter, and we expect it to go down further as we go on that.

Salim Yahoo: Well, if you see now the inventory as on March, you have seen the inventory buildup has been there. It has come down to some extent in this quarter, and we expect it to go down further as we go on. The reason for building the inventory was two, three factors. One was that since the geopolitical conditions were getting worsened, a lot of material we had to pile up because the availability of material, we do not want it to create a delay in our execution capability. From that point of view, we have added the inventory and stocked up the inventory. But as we go forward, it will slowly come down as we complete our projects.

Speaker #4: The reason for building the inventory was two, three factors. One was that, you know, since the geopolitical conditions were getting worsened, a lot of material we had to pile up because, you know, the availability of material—we didn't want it to create a delay in our execution capability.

Speaker #4: So from that point of view, I have added the inventory and stocked up the inventory. But as we go forward, it will slowly, slowly come down as we complete our projects and everything.

Speaker #5: Okay, that's encouraging, sir. Sir, my second question is on Botswana. We did mention in the opening remarks that 500 megawatts is under execution. First, when can we see some revenue contribution from this project? And this will be IPP, right?

Parth Kotak: Okay, that is encouraging, sir. Sir, second question is on Botswana. We did mention in the opening remarks that 500 megawatts is under execution. One, when can we see some revenue contribution from this project? This will be IPP, right?

Speaker #4: Yeah, Botswana will be IPP. So, Botswana project—the KPIs—has a subsidiary in Gift City now, and under Gift City, the Botswana company will be a subsidiary of Gift City.

Salim Yahoo: Yeah, Botswana will be IPP. Botswana project, KPI Green Energy has a subsidiary in GIFT City now. Under the GIFT City, the Botswana company will be a subsidiary of GIFT City. We have already acquired land over there, 5 acres of land has already been acquired.

Speaker #4: And we have already acquired land over there, 1.5 acres of land has already been 5 acres of land has already been acquired.

Speaker #5: 500 acres. 500.

Parth Kotak: 500 acres.

Speaker #4: 500 acres of land has already been acquired. So, we are at a very advanced stage of signing the PPAs also. And so, shortly, I think we'll see.

Salim Yahoo: 500 acres of land has already been acquired. We are at a very advanced stage of signing the PPAs also. Shortly, I think we will see. By execution point of view, I think, this year we will not see any revenue. Upcoming years, we will start seeing revenues in the Botswana project also.

Speaker #4: But from an execution point of view, I think this year we will not see any revenue. In the coming years, we'll start seeing revenues from the Botswana project also.

Speaker #5: That's great, sir. Sir, lastly on Sun Drops, before I jump back in the queue, if you can give me what kind of path we've generated in Sun Drops compared to last year, that would be helpful.

Parth Kotak: That is great, sir. Lastly, on Sun Drops, before I jump back in the queue, if you can give me what kind of PAT we have generated in Sun Drops compared to last year, that would be helpful.

Speaker #4: See, Sun Drop, this quarter, if I want to say, you know, I have already done ₹150,455 crores with a PAT of ₹26-odd crores.

Salim Yahoo: In Sun Drops this quarter, if I want to say, I have already done INR 154, 155 crores with a PAT of 26 odd crores. So it has shown a very good profitability of 70 odd percent. Since Sun Drops does not have any big IPP the way we had in KPI, because of it the KPI PAT was a bit down. But Sun Drops has done an EBITDA of INR 42 crore. So altogether, we can see that Sun Drops cash profit is also 30 odd crore. Going forward, Sun Drops has a very good future. We are adding up battery energy storage system over there. We are adding the battery energy manufacturing over there. As you are aware, we are coming with the Sundrop IPO here.

Speaker #4: So, it has shown a very good profitability of around 17 percent. Since Sundrop doesn't have any big IPP the way we had in KPI, because of which the KPI path was a little bit down.

Speaker #4: But Sun Drops has done—it has done an EBITDA of ₹42 crore. So altogether, you can see that Sun Drop cash profit is also ₹30-odd crore.

Speaker #4: So, going forward, Sun Drop has a very good future. We are adding a battery energy storage system over there. We are also adding battery energy manufacturing over there.

Speaker #4: And as you are aware, you know, we are coming with the Sun Drop IPO. So we have a strong order book, and Sun Drop, I think this year, only on the IPP and the CPP side, if I look at it, we will cross ₹1,500 crore of top line this year in Sun Drop.

Salim Yahoo: We have a strong order book and Sun Drops, I think this year, only on the IPP and the CPP side, if I look at, we will cross INR 1,500 odd crore of top line in the year in Sun Drops.

Speaker #5: That's great, sir. That's all from my side. I will jump back in the queue. Thanks.

Parth Kotak: That is great, sir. That is all from my side. I will jump back in the queue. Thanks.

Speaker #4: Thanks.

Salim Yahoo: Thanks.

Speaker #1: Thank you. The next question is from the line of Aman Soni from 7Alpha Investors Private Limited. Please go ahead.

Operator: Thank you. The next question is from the line of Aman Soni from Seven Alpha Investors Private Limited. Please go ahead.

Speaker #6: Hello. Am I audible?

Aman Soni: Hello. Am I audible?

Speaker #4: Yes, Aman, you're audible.

Salim Yahoo: Yes, I am able to hear.

Speaker #6: Hi, good morning. I have three questions. What is only the growth part? While we have maintained our margins on a broader basis, our execution was very slow as compared to our guidance in this quarter, right?

Aman Soni: Hi, good morning. I have three questions. First is on the growth part. While we have maintained our margins on a broader basis, our execution was very slow as compared to our guidance in this quarter, right? What is the reason for that? Because this time I am not seeing any early monsoons or anything like that. Can you help us to understand for not showing 40% to 50% YoY kind of growth that we have been doing earlier? Secondly, how we should look at the revenue and the margin numbers for full year FY27. That is my first question.

Speaker #6: So what is the reason for that? Because this time, I'm not seeing any early monsoons or anything like that. So can you help us understand, first, why we are not showing 40-50% year-over-year kind of growth that we have been seeing earlier, and secondly, how we should look at the revenue and margin numbers for the full year of '27?

Speaker #6: So that's my first question.

Speaker #4: Yeah, so to your first question, I don't think there was, you know, what do you say, a slowdown in the execution. We have done substantial execution.

Salim Yahoo: Yeah. So your first question. I do not think there was a slowdown in the execution. We have done execution, substantial execution. Now, if you see the growth in the revenue is around 16% to 20%. I expect that, we were expecting 20%, 30%, but it is also a lot of other factors. We have utility scale projects where the billing takes some time because there are institutions like Coal India Limited, Adani Group, and we have Aditya Birla Group. Because of it, the billing got postponed to the next quarter. Coming forward, if you see that the growth we have committed for the 30% to 40% YoY, that is something that which we will be able to maintain. Also on the margin, I have already said that, the margin impact is a temporary impact because of the depreciation interest.

Speaker #4: Now, if you see the growth in the revenue, it's around 16 to 20 percent. I expect that, you know, we were expecting 20 or 30 percent, but there are also a lot of other factors. You know, we have utility scale projects where the billing takes some time because there are institutions like Coal India Limited, Adani Group, and we have Aditya Birla Group.

Speaker #4: So because of it, the billing. So I this got postponed to the next quarter. So coming forward, if you see that the growth we have committed for, you know, the 30 to 40 percent year on year, that is something that which will be able to maintain.

Speaker #4: And also, on the margin, I have already said that the margin impact is a temporary impact because of the deposition and interest.

Speaker #4: As the stabilization period gets over for these plants, the full revenue will start coming in, so it will jump back to the levels that we had seen in the past.

Salim Yahoo: As the stabilization period gets over of these plants, the full revenue start coming in, so it will jump back to the levels that we had seen in the past.

Aman Soni: Sorry to again, like when you are saying 30%, 40% growth, this is differing from what your Chairman, Mr. Farooq yesterday mentioned in the YouTube interview. He was speaking about 40%, 50% CAGR. Just-

Speaker #6: Sorry to ask again, but when you are saying 30–40% growth, this is different from what your Chairman and Mr. Farooq mentioned yesterday in the YouTube interview.

Speaker #6: He was speaking about 40–50 percent CAGR, so just wanted some clarity on that.

Salim Yahoo: I understand.

Aman Soni: wanted some clarity on

Speaker #4: I understand, I understand. See, 40 to 50 percent growth we have mentioned earlier also, but you need to understand there are geopolitical conditions. So I'm just factoring that in and being a little bit conservative.

Salim Yahoo: I understand. See, 40%, 50% growth we have said earlier also. But you need to understand there are geopolitical conditions. So I am just factoring that and being a little bit conservative. It is not that if we get 50% growth, we will go to 60% also. It is not that we will curtail ourselves, but the way the geopolitical conditions are coming up, a lot of things are creating as a hurdle for the executions and everything. So from that point of view, I am being a little bit conservative being a finance guy, but if we get an opportunity as this condition settles down, we will surely jump to what 50%, 60% or whatever the chairman had earlier said, we will come back to that.

Speaker #4: It's not that if we get 50 percent growth, we'll go to 60 also. It's not that we will curtail ourselves. But the way the geopolitical conditions are coming up, you know, a lot of things are, you know, creating a hurdle for the executions and everything.

Speaker #4: So from that point of view, we are being I'm being a little bit conservative, being a finance guy, but we if we get an opportunity, if these conditions settle down, we'll surely jump to what, 50, 60 percent, whatever the you know, the chairman had earlier said, we will come back to that.

Speaker #6: Okay. Can you help us understand a bit more about what kind of impact you are facing in terms of the geopolitical situation?

Aman Soni: Can you help us to understand a bit more on what kind of impact are you facing in the terms of the geopolitical situation? Is it in the terms of the supply chain bottleneck or

Speaker #6: Is it in the terms of the—

Speaker #4: The geopolitical.

Speaker #6: Or means.

Speaker #4: Yes. See, the see, if you understand, if you understand, geopolitical condition, the major impact is from the fuel. Now you understand that, you know, a lot of component goes into a solar plant.

Salim Yahoo: Yes.

Aman Soni: Yes.

Salim Yahoo: See, if you understand geopolitical condition, the major impact is from the fuel. Now you understand that a lot of component goes into a solar plant. You have cables, you have steel, you have other ROW issues. You have logistics. All these factors have got impacted and if you have seen, majority of the industries have been impacted because of the geopolitical condition. So we cannot say that we are very much averse to it. We tried to maintain it, though we are not as highly impacted as some who are directly involved into the fuel. But we have been impacted because the component that we use, majorly steel. MMS structure is a steel. Evacuation towers is a steel. Then we have cable. So these are major components which are impacting. So that is the reason we also have impacted to an extent.

Speaker #4: You have cables, you have steel, you have—you know—other ROW issues. You have logistics. All these factors have been impacted. And if you've seen, the majority of the industries have been impacted because of the geopolitical conditions.

Speaker #4: So, we cannot say that we are very much aware of it. We tried to maintain it, though we are not as highly impacted as some who are, you know, directly involved in the fuel, you know.

Speaker #4: But we have been impacted because the component that we use, you know, mainly steel—MMS structure is steel, evacuation towers are steel.

Speaker #4: Then we have cable. So these are major components which are impacting us. So that's the reason we are also impacted to an extent. We have absorbed some portion of that, and some portion we have passed on to the customers.

Salim Yahoo: We have absorbed some portion of that and some portion we have passed on to the customers. So that has been a factor for us also.

Speaker #4: So, that has been a factor for us also.

Speaker #6: Got it, got it. And you mentioned the stabilization period. How long can we expect this period to be? Because even if we're going to the top line, due to increased interest costs and depreciation, we will not be able to see any benefit in terms of the bottom line, right, during this period?

Aman Soni: Got it. How long we can expect this period to be? Because even if we are growing the top line because of increased interest cost and the depreciation, we will not be able to see any benefit in the terms of the bottom line, right, during this period. How long investors should look like this period going to be there?

Speaker #6: So, how long should this period look like it's going to be there?

Speaker #4: See, if you look at the lender's point of view, they give a stabilization period of one year. Okay. Now, if you see that, in spite of the stabilization period, in this quarter we have done 65% of what we did in the entire last year.

Salim Yahoo: See, if you look at the lender's point of view, they give a stabilization period of 1 year. Okay. Now, if you see that in spite of stabilization period, in this quarter, we have done 65% of what we have done in the entire last year. So this clearly shows that my plants have almost in the phase of running in a full-fledged. So I expect that, in the upcoming quarters, you will see the full benefit of the plants. So automatically it will then generate the same revenue. It will generate the same profitability that we expect.

Speaker #4: So this clearly shows that my plants are almost, you know, in the phase of running, you know, full-fledged. So I expect that, you know, in the upcoming quarters, you will see the full benefit of the plants.

Speaker #4: So, automatically, it will then generate the same revenue. It will generate the same profitability that we expect.

Speaker #6: And how should we look at interest, forex, and depreciation for the rest of the year, and for the full year by '27?

Aman Soni: How we should look at interest cost and depreciation for rest of the year for full year FY27?

Speaker #4: See, now that the debt has already been taken and the IDC—that we call the interest during construction—has been utilized, since we have completed the project portion of the project.

Salim Yahoo: Now the debt has already been taken and the IDC that we call, the interest during construction, has been utilized since we have completed the project, our portion of the project. As we go forward, you will have the full interest cost which will coming up for the project, but at the same time revenue will also get stronger. It will be able to sustain both the things and then maintain the profit.

Speaker #4: So, as we go forward, you will have the full interest cost, which will be coming up for the project. But at the same time, revenue will also get stronger.

Speaker #4: So, it will be able to sustain both the things, and then maintain the profit.

Speaker #6: Okay, okay. And just one last question, if I may. In your interview given by Mr. Farooq yesterday, he mentioned that in this financial year your focus will be more on the governance side, right?

Aman Soni: Okay. Just last question, if I may. In the interview given by Mr. Farooq yesterday, he mentioned that, in this financial year, your focus will be more on the governance side. I wanted to understand more on this front, because we have continuously highlighted our concerns in the past with respect to high pledge percentage and domestic institutions not being on the CAP table. Can you throw some little light on these, like, where these issues stand in your governance framework right now and what else you are looking to cater to?

Speaker #6: So, I wanted to understand more on this front because we have continuously highlighted our concerns in the past with respect to the high pledge percentage and domestic institutions not being on the cap table.

Speaker #6: So, can you throw some light on these—like, where these issues stand in your governance framework right now, and what else you are looking to cater to?

Speaker #4: Yesterday, what he mentioned was more on the, what we say, it is not about any issues of governance. It is more about the change in the auditors.

Salim Yahoo: Yesterday what he mentioned was more on the, what we say, it is not about any issues of governance, it is more about the change in the auditors. We have changed our auditors, we have added people in the board, and that is for better guidance for, because even BDO is in the top five, and we have added BDO as our auditors. We have to bring better practices, better processes, and for that purpose, we are adding experts in the industry, and we are getting. That is what he wanted to highlight on the governance point. Got it. Thank you very much, sir. Thank you.

Speaker #4: So we have changed our auditors. We have added people in the board. And that is that, you know, for better guidance for, you know, because you know, BDO is in the top five and we have added BDO as our auditors.

Speaker #4: So we have to bring better practices, better, you know, processes, and for that purpose, we are, you know, adding experts in the industry, and we are guiding.

Speaker #4: So, that is what he wanted to highlight on the governance point.

Speaker #6: Got it. Got it. Got it. Thank you very much, sir, for the discussion.

Speaker #1: Thank you. Ladies and gentlemen, in order to ensure that the management is able to address questions from all participants in the conference, please limit your questions to two per participant.

Operator: Thank you. Ladies and gentlemen, in order to ensure that the management is able to address questions from all participants in the conference, please limit your questions to two per participant. The next question is from the line of Shrenik Mehta from Indo Alps Wealth. Please go ahead. Mr. Mehta, your line has been unmuted. Please go ahead with your question.

Speaker #1: The next question is from the line of Shrey Nik Mehta from Indo Alps Wealth. Please go ahead. Mr. Mehta, your line has been unmuted.

Speaker #1: Please go ahead with your question.

Speaker #3: Okay. I just see this whole separation between IPP and CPP, and the way we are increasing our weightage on the IPP.

Shrenik Mehta: I just want this whole separation between IPP and CPP. The way we are increasing our weightage on the IPP

Speaker #4: Question: Senik, your voice is cracking. Can you repeat the question?

Salim Yahoo: Shrenik, your voice is cracking. Can you repeat the question?

Speaker #3: Okay. Am I audible now?

Shrenik Mehta: Okay. Am I audible now?

Speaker #4: Yes. Yes.

Salim Yahoo: Yes.

Speaker #3: Okay, I just wanted to understand going forward, are you thinking about any changes in the proportion between IPP and CPP? The way we have increased our weightage for the IPP, it's definitely straining our balance sheet.

Shrenik Mehta: Okay. I just wanted to understand, going forward, are you thinking about any changes in the proportion between IPP and CPP? The way we have increased our weightage for the IPP, it is definitely straining our balance sheet. We are continuously seeing additional equity being infused. The EPS growth for the first time has come in the negative. The execution of IPP is still a lot in the pipeline. This is very capital intensive and very different from the original model of KPI, which was more of CPP. Looking at the strain that this is building up, are we looking at changing anything in terms of the proportion for the future between the CPP and IPP?

Speaker #3: We are continuously seeing additional equity being infused. You know, the EPS growth for the first time has come in negative, and the execution of IPP is still a lot in the pipeline.

Speaker #3: This is very capital intensive, and very different from the original model of KPI, which was more of CPP. So, looking at the strain that this is building up, are we looking at changing anything in terms of the proportion for the future between the CPP and IPP?

Speaker #4: See, as we have earlier in our phone calls also said that, you know, we will try to maintain IPP at a level of 20-odd percent of the total revenue mix.

Salim Yahoo: As we have earlier in our con calls also said that, we will try to maintain IPP at a level of 20% odd of the total revenue mix. The reason is that this is a long-term revenue, and it is a very strong revenue. You can understand IPP gives me an EBIT of 85% to 90%. It is a sustainable growth for next 25 years. Once I put an IPP, I do not have to worry about the profitability or the top line and all those shows. As far as the IPP concerned, the straining, what I say, still I am at a very good, comfortable leverage position. I am still at below 3. I might go up to 3, because all the loans have already been taken of the upcoming project, and we are just executing those projects.

Speaker #4: The reason is that this is a long-term revenue, and it's a very strong revenue. You can understand, IPP gives me an EBIT of 85 to 90 percent.

Speaker #4: So, and it is sustainable growth for the next 25 years. So once I put in an IPP, I don't have to worry about, you know, the profitability or the top line and all those things.

Speaker #4: As far as the IPP is concerned, you know, the strain—what I say is, you know, still I am at a very good, comfortable leverage position.

Speaker #4: I'm still at below three. I might go up to three because all the loans have already been taken for the upcoming project, and we are just executing those projects.

Speaker #4: So, the majority of the project—I mean, we have a deadline of September. We'll try to close all the projects by September, and the revenue from a portion of those projects has already started coming in.

Salim Yahoo: Majority of the project, we have a deadline of September. We will try to close all the project by September, and the revenue of the part portion of those projects have already started coming in. From that point, I think that my EPS this quarter was down because of the PAT level, because as you see, my EBITDA has been very strong as compared to the previous quarter also. From that point of view, this is a temporary phenomena which will get covered as we stabilize the projects. As I told you that this IPP project, once they stabilize, they will give me a strong profitability, and then EPS will also come back to its original level.

Speaker #4: So from that point, I think that, you know, my EPS this quarter was down because of the PAT level because, as you see, my EBITDA, my PBT has been very—EBITDA has been very strong as compared to the previous quarter also.

Speaker #4: So from that point of view, this is a temporary phenomenon which will get covered as we stabilize the projects. As I told you, you know, this IPP project, once they stabilize, they will give me strong profitability, and then EPS will also come back to its original level.

Speaker #3: Yeah. But we invest in the company to have a growing EPS, not not declining.

Shrenik Mehta: Yeah, but we invest in the company to have a growing EPS, not bringing it to normal level.

Speaker #4: No, but yeah. Yeah, Shreyik, but you need to understand every project has a life cycle, okay? Whenever any project— for example, any factory— if you put it here, it doesn't start with 100 percent utilization on day one.

Salim Yahoo: Yeah. Shrenik, but you need to understand, every project has a life cycle, okay? Whenever any project, for example, any factory, if you put here, it does not start with 100% utilization on the day 1. It takes over a period of time, and that is called the life cycle of a project. So those project life cycle has its own phases. So we are going through that phases, but believe me, if it had been a cash profit less, I can understand. If it had been EBITDA less, I can understand there is a concern, but PAT, you can clearly seen that it is a depreciation with a non-cash item majority. It is only the interest cost, which will also get paid off as we start. The major portion is that you have to focus on is that the generation has grown substantially.

Speaker #4: It takes place over a period of time, and that is called the life cycle of a project. So, the project life cycle has its own, you know, phases.

Speaker #4: So, we are going through those phases. But believe me—I mean, if it had been a cash profit loss, I could understand.

Speaker #4: If it had been EBITDA less, I can understand there is a concern. But PAT, it can clearly be seen that it's depreciation—which is a non-cash item mainly—and it's only the interest cost, which will also get paid off as we start.

Speaker #4: And the major portion that you have to focus on is that the generation has grown substantially. What I did in the full year, 65 percent of that I've already completed in this first quarter.

Salim Yahoo: What I did in the full year, 65% of that I have already completed in this Q1. I have 3 more quarters with such kind of, you can understand the amount of revenue generation that will happen in the IPP going forward is substantial. You can see EPS will go from the past level to further stronger level as we go forward because of the IPP business.

Speaker #4: I have three more quarters of such kind. So you can understand the amount of revenue generation that will happen in the IPP going forward is substantial.

Speaker #4: And you can see EPS will go from the past level to a further stronger level as we go forward because of the IPP business.

Speaker #3: So let me put this slightly differently. I totally understand your point and totally understand your perspective as well. But a typical IPP has a much lower ROE, and our ambitions in KPI are much, much higher.

Shrenik Mehta: Let me put this slightly differently. I totally understand your point and totally understand your perspective as well. But a typical IPP has a much lower ROE, and our ambitions in KPI are much, much higher. In order to invest for the IPP, if we have a ROE of 15% to 18%, we cannot have a growth rate of 40% to 50% as has been stated by the company. This difference will always be required to be financed by an external source, either through equity or debt. This gap is what probably is a challenge for the company right now.

Speaker #3: So, in order to invest for the IPP, if we have an ROE of 15–18 percent, we can't have a growth rate of 40–50 percent, as has been stated by the company.

Speaker #3: So that that difference will always be required to be financed by an external source. Either through equity or or debt. So so this this gap is is what probably is a challenge for for the company right now.

Speaker #4: No, no, no. Shreyik, you are missing out on one factor. When you invest, you not only look at the returns on equity, but you also look at the appreciation of the shares, okay?

Salim Yahoo: No, Shrenik, you are losing out on one factor. When you invest, you not only look at the returns on equity, but you also look at the appreciation of the shares, okay? If I give you an example, a simple example, if you look at ACME. ACME is a pure kind of an, you can say IPP, majority IPP. Look at the PE that ACME is getting. Once we go into that state, automatically your appreciation is also, the market cap will grow substantially. As you grow market cap substantially, I presume, as an investor, even I would rather look at more on appreciation of the share price rather than the return on equity or the dividend I am getting. That is a point we are looking at.

Speaker #4: If you—if I give you a simple example. If you look at ACME, ACME is a pure kind of, you can say, IPP—majority IPP, kind of.

Speaker #4: Look at the P that ACME is getting. So once we go into that stage, automatically your appreciation and also market cap will grow substantially.

Speaker #4: And as you grow market cap substantially, I presume, you know, as an investor—even I—I would rather look more at appreciation of the share price rather than the return on equity or the dividend I'm getting.

Speaker #4: That's a point we are looking at. We are looking at, you know, once we add more and more IPP, we'll get a better piece from the market, and the appreciation of your share will be substantial.

Salim Yahoo: We are looking at once we add more and more IPP, we will get a better PE from the market and the appreciation of your share will be substantial. That has been the history with the KPI. When it started, it has already given 100 times returns to the stakeholder. We abide by that. We will give returns, and that is why we are focusing more on IPP, that we get a better returns, and ultimately, EPS increases, and the PE of the company also increases, which increases the market cap.

Speaker #4: And that has been the history with the KPI. I mean, when it started, it had already given 100-times returns to the stakeholder, and we abide by that.

Speaker #4: We will give returns. And that's why we are focusing more on IPP, so that we get better returns and ultimately EPS increases, and the P of the company also increases, which increases the market cap.

Speaker #3: Okay, so with deeper fingers crossed. Thank you.

Shrenik Mehta: Okay. We will keep our fingers crossed. Thank you.

Speaker #2: Sorry to interrupt. Mr. Mehta, may we request that you return to the question queue for a follow-up question? Thank you. The next question is from the line of Sahil Agarwal from AYM Investments.

Operator: Sorry to interrupt, Mr. Mehta. May we request you to return to the question queue for a follow-up question? Thank you. The next question is from the line of Sahil Agarwal from AYM Investments. Please go ahead.

Speaker #2: Please go ahead.

Speaker #3: Okay, thanks for the opportunity. So, one thing I wanted to understand is that the gross margins for the CPP segment for KP Energy and KPI Green have both fallen substantially.

Sahil Agarwal: Thanks for the opportunity. One thing I wanted to understand that the gross margins for the CPP segment of KP Energy and KPI Green, both have fallen substantially. Is this a one-time issue, or is this the new normal gross margin that we are going to see in the coming years or coming quarters?

Speaker #3: So, is this a one-time issue, or is this the new normal for gross margins that we are going to see in the coming years?

Speaker #3: Or coming quarters?

Speaker #4: See, gross margin, as I told you, you know, one of the factors for the impact on the margin is the geopolitical issues.

Salim Yahoo: See, gross margin, as I told you, one of the factor for the impact on the margin is the geopolitical issues. The cost of lot of balance of plant, logistic, everything has impacted this. That is the reason it has a little bit, it might have tapered down.

Speaker #4: So the cost of later a lot of balance of land, logistic, everything has, you know, impacted this. And that's the reason it has a little bit it might have tapered down.

Speaker #3: So, what can we expect going forward for the CPP segment only?

Sahil Agarwal: What can we expect going forward for the CPP segment only?

Speaker #4: For the CPP, I mean, if the issues get resolved, I might jump back to my existing, but there are also a lot of other factors.

Salim Yahoo: For the CPP, if the issues get resolved, I might jump back to my existing, but there is also a lot of other factor. If we have seen, we were expecting that the issue getting resolved 6 months back only, but it is again and again resurfacing. That impact, geopolitical confirmation is something which we cannot judge right now because the way it went in the past year. But as soon as these things improve, we will be able to jump back to our margins.

Speaker #4: If we have seen, we were expecting that the issue would get resolved six months back only, but it is again and again resurfacing. So, that impact of geopolitical confirmation is something which we cannot judge right now because of the way it went in the past year.

Speaker #4: So, we are saying that as soon as these things improve, we will be able to jump back to our margins.

Speaker #3: But the impact on margins for KPI Green and the gross is still only 300 bps. But in KP Energy, it has fallen—EBITDA margins have fallen from 22 percent to 12 percent.

Sahil Agarwal: But the impact on margins for KPI Green in the gross is still only 300 basis. But in KP Energy, EBITDA margins have fallen from 22% to 12%. How do we investor see to all of this? Because there was no hint from the management that there was a hint that margins may dip a little, but not from 22% to 12%. That is our major concern.

Speaker #3: So how does how do we investor see to all of this? Because there was no hint from the management that there was a hint that margins may dip a little, but not from 22 percent to 12 percent.

Speaker #3: So, that is a major concern.

Speaker #4: See, if you see, you know, KPI along with its existing business has got IPP support. So, there are some costs which are shared with the IPP, and because of which the KPI margins, you can say, are a little bit better compared.

Salim Yahoo: If you see, KPI, along with its existing business, has got IPP support. There are some costs which is shared with the IPP, and because of which the KPI margins, you can say, are a little bit better compared. But EPC business, if you see overall, KP Energy is purely, you can say, on the EPC side, EPC side. From that point of view, it has a little bit more impact of the geopolitical condition. Because KPI had some, for example, I have a crane, which is there in this. I am utilizing the same crane for the EPC business. Automatically, the cost gets divided and everything. It is the economics of scale which also factor in. But KP Energy itself is an EPC-driven business, that is why it had a more impact compared with this.

Speaker #4: But EPC business, if you see overall, KP Energy is purely, you can say, on the EPP side. EPC side. So from that point of view, it has a little bit more impact of the geopolitical condition because KPI had some, for example, I have a crane which is there in the so I'm utilizing the same crane for the EPC business.

Speaker #4: Automatically, the cost gets divided and everything. So it is the economies of scale which also you know, factor in. And but KP Energy, it itself is an EPC, you know, driven business.

Speaker #4: So that's why it had more impact compared to this.

Speaker #3: So, you are saying you will be able to get back to 20 percent in the coming quarters, right?

Sahil Agarwal: You are saying you will be able to get back to 20% in coming quarters, right?

Speaker #4: Yeah, it depends upon the factors also, you know, geopolitical conditions and everything. But we are keen on getting back to our old levels.

Salim Yahoo: Yeah, it depends upon the factors also, geopolitical conditions and everything. But we are keen on getting back to our old rates.

Speaker #3: So what do we.

Sahil Agarwal: What do we-

Speaker #2: Sorry to interrupt. Mr. Agarwal, may we request that you return to the question queue for a follow-up question? Thank you. Ladies and gentlemen, in order to ensure that the management is able to address questions from all participants in the conference, please limit your questions to two per participant.

Operator: Sorry to interrupt. Mr. Agarwal, may we request you return to the question queue for a follow-up question? Thank you. Ladies and gentlemen, in order to ensure that the management is able to address questions from all participants in the conference, please limit your questions to two per participant. The next question is from the line of Kush Shah from Vivoke. Please go ahead.

Speaker #2: The next question is from the line of Kush Shah from Vivok. Please go ahead.

Speaker #5: Hi sir. Congratulations on the good set of numbers. My question is related to what you said earlier about the incremental interest and depreciation costs, which you mentioned would be coming in higher.

Kush Shah: Hi, sir. Congratulations for the good set of numbers. My question would be related to earlier that you said about the incremental interest and depreciation cost that will be coming higher, but the revenue will be set off the interest and depreciation cost. Just want to understand for the bookkeeping what would be the incremental interest and depreciation for the investment that you had made.

Speaker #5: But the revenue comes with the set of interest and depreciation costs. So, just want to understand for the bookkeeping, what would be the incremental interest and depreciation for the investment that you would need?

Salim Yahoo: Whatever interest cost, the existing debt what we have taken. As I told you, my IDC, Interest During Construction, which is part of the project, which is financed by the lender, has got over. Now, the entire interest will get booked as an expensive. It does not get capitalized. From that point of view, that interest will. At the same time, revenue has started. So automatically I have revenue to service that interest. Now the revenue goes into phase-wise manner, so it will full-fledged. For example, 40%, 50% revenue we have booked. Going forward will increase 60%, 70%, 80%, 90%. And once it fully energize or fully stabilize, then we can figure out that the revenue has been able to and give us a good profitability also.

Speaker #4: See, whatever interest cost, you know, the existing debt that we have taken—now, as I told you, the IDC, interest during construction, which is part of the project and which is financed by the lender, has got over.

Speaker #4: Now the entire interest will get booked as an expense. It doesn't get capitalized. From that point of view, that interest will—but at the same time, revenue has started.

Speaker #4: So automatically, I have revenue to service that interest. Now, the revenue comes in a phase-wise manner, so it will be full-fledged. For example, 40-50% revenue we have booked, and going forward, this will increase to 60, 70, 80, 90%.

Speaker #4: And once it is fully energized or fully stabilized, then we can figure out that, you know, that the revenue has been able to and give us a good profitability also.

Speaker #5: Okay. But is there any number that you can give us specifically for FY27 or the coming quarter on interest and depreciation?

Kush Shah: Okay. But any number that you can give us specific for FY27 or the coming quarter of interest and depreciation?

Speaker #4: See, everything. See, everything depends upon the generation. You're right. And you know that solar wind is a seasonal matter. So until unless I see the generation because next quarter also is a it's a what we say lower compared to other quarters in the renewable energy because it has got rains and everything.

Salim Yahoo: See, everything depends upon the generation. And you know that solar wind is a seasonal matter. Until unless I see the generation, because next quarter also is a, what we say, lower compared to other quarters in the renewable energy because it has got rains and everything. So that also is a factor which will be.

Speaker #4: So that also is a factor which will.

Speaker #5: Okay. Okay. Got it. Thank you.

Kush Shah: Okay. Got it. Thank you.

Speaker #2: Thank you. The next question is from the line of Nikhil Kothari from Antara Capital. Please go ahead.

Operator: Thank you. The next question is from the line of Nikhil Kothari from Antara Capital. Please go ahead.

Speaker #4: Hello. Hello.

Nikhil Kothari: Hello.

Salim Yahoo: Hello.

Nikhil Kothari: Hello. Sir, thank you so much for the opportunity. We are currently having an IPP capacity of 1 gigawatt, right? What is the peak cash flows after interest that we expect?

Speaker #3: Sir, thank you so much for the opportunity. So, we are currently having an IPP capacity of one gigawatt, right? So, what is the peak cash flow after interest that we expect?

Speaker #4: See, I can tell you my IPP business gives me an EBITDA of 85 to 90 percent. Post EBITDA, there are not too many costs.

Salim Yahoo: See, I can tell you my IPP business gives me an EBITDA of 85% to 90%. Post EBITDA, there are not too much of cost. Okay.

Speaker #4: Okay.

Speaker #3: Okay.

Nikhil Kothari: Okay.

Speaker #4: So it's depreciation and interest. Sorry.

Salim Yahoo: It is a depreciation and interest cost.

Speaker #3: So, what's the annual interest cost?

Nikhil Kothari: What is the annual interest cost?

Speaker #4: Annual interest cost would be at around, I don't know, see, our rate of interest is very limited at 8.5 percent or something.

Salim Yahoo: Annual interest cost would be at around, the rate of interest is very limited, 8.5% or something.

Speaker #3: Mm-hmm.

Speaker #4: So if I calculate my 8.5, it's around 450-odd crore, which should be the total, for my capacity of 5,000-odd crore of debt and something coming into the picture.

Salim Yahoo: If I calculate my 8.5, it is around INR 450 odd crore should be the total full my capacity of INR 5,000 odd crore of debt and something coming into picture. Then my annual interest cost for the full year with the entire capacity, I can say that 2027, 2028 would be at around INR 450 odd crore.

Speaker #4: And then my annual interest cost for the full year with the entire capacity—like, I can say that '27, '28 would be at around ₹450-odd crore.

Speaker #3: Okay. And what would the annual peak EBITDA be, do you expect?

Nikhil Kothari: Okay. What would the annual peak EBITDA be expecting?

Speaker #4: Peak EBITDA, see, from one gigawatt I can expect, you know, 85 to 90 percent is the EBITDA, you know. So I am expecting, you know, at least my top line coming from my IPP segment going forward, at a minimum rate, will be upwards of ₹1,000 crore.

Salim Yahoo: EBITDA, see, your own 1 GW, I can expect 85% to 90% is the EBITDA. I am expecting at least my top line coming from my IPP segment going forward. Minimum rate, it will be upwards of INR 1,000 crores.

Speaker #3: Okay. Okay. And do we expect to be at the peak capacity this year itself?

Nikhil Kothari: Okay. Do we expect to be at the peak capacity this year itself?

Speaker #4: I can expect it in the third or the fourth quarter. But second quarter is a little bit, because it's rainy and everything. So it will happen.

Salim Yahoo: I can expect it in Q3 or Q4. Second quarter is a little bit, because it's rainy and everything, so it will offset. Q3 or Q4, we can expect it.

Speaker #4: Third or the fourth quarter, we can expect it.

Speaker #3: Okay. Okay. Okay. Understood. That's it from my side. Thank you so much.

Nikhil Kothari: Okay. Understood. That is it from my side. Thank you so much.

Speaker #4: Thank you.

Salim Yahoo: Thank you.

Speaker #2: Thank you. The next question is from the line of C.A. Gurvit Gohil from Sirin Alpha. Please go ahead.

Operator: Thank you. The next question is from the line of CA Garvit Goyal from Cirrus Alpha. Please go ahead.

Garvit Goyal: Hi. In addition to the previous participant, I just wanted to understand, when can we achieve this INR 1,000 crore mark from IPP segment? That is the full capacity utilization of the IPP segment.

Speaker #3: Hi, sir. In addition to the previous participant, I just wanted to understand when we can achieve this 1,000 crore mark from the IPP segment—that is, the full, full capacity utilization of the IPP segment.

Speaker #4: Next financial year, I can tell you that you can enjoy more than ₹1,000 crores. ₹1,000 is a very conservative number, I would say.

Salim Yahoo: Next financial year, I can tell you that you can enjoy more than INR 1,000 crore. Thousand is a very conservative number, I would say. It will be upward of INR 1,000 crore, I am saying.

Speaker #4: It will be up to the word of ₹1,000 crore, I'm saying.

Speaker #5: Right. Right.

Aman Soni: Right. Okay. Can you also let me know, particularly to IPP segment, what will be the depreciation there?

Speaker #3: Okay. And can you also let me know, particularly for the IPP segment, what will be the depreciation there?

Speaker #4: See, depreciation, if I look at, you know, it's around the Companies Act, it would be around 10 to 15 percent. But, you know, as per the Income Tax Act, we get 40 percent depreciation benefit.

Salim Yahoo: Depreciation, if I look at, Companies Act, it would be around 10% to 15%. As per Income Tax Act, we get 40% depreciation benefit. That is the biggest part that helps my cash profits.

Speaker #4: And that's the biggest part, you know, that has my cash profits.

Speaker #3: Okay, so can you let me know what is the total investment we have made? I just wanted to understand what will be the absolute depreciation you will be.

Aman Soni: Okay. Can you let me know what is the total investments we have made? I just wanted to understand what will be the absolute depreciation you will be looking.

Speaker #4: See, we are still we are still we are still capitalizing the assets and everything. The total investment might go, you know, upwards of 5,000, 6,000 crores.

Salim Yahoo: We are still capitalizing the assets and everything. The total investment might go upwards of INR 5,000, INR 6,000 crore in the asset side as we go forward in 2027 till 2028. It will go in a phase-wise manner.

Speaker #4: On the asset side, as we move forward into 2027 and 2028, it will progress in a phase-wise manner.

Speaker #3: So even if I look at ₹5,000–6,000 crore total investment, and you are speaking about 15 percent depreciation, right? In the books. So it will be in the range of ₹750 to ₹900 crore depreciation you will be having.

Garvit Goyal: If even I look at INR 5,000, INR 6,000 crore total investment, and you are speaking about 15% depreciation, right, in the books.

Garvit Goyal: It will be in the range of INR 750 to INR 900 crore depreciation you will be having.

Speaker #3: Each year, right? So, where is the profit then? Like, ₹850 crore EBITDA we will be doing, ₹450 crore will go into the interest side of it.

Garvit Goyal: Each year, right? So where is the profit then? Like INR 850 crore EBITDA we will be doing, INR 450 crore will go into the interest side of it.

Speaker #4: Instead, I said, you know, I said conservative is only for that one gigawatt, what we are doing. We already have 500 gigawatts, which is already done.

Salim Yahoo: I said conservative is only for that 1 gigawatt what we are doing. We already have 500 gigawatt, which is already done. You are not counting all those things also, where we have very less appreciation. Altogether, if you see, the business will be able to generate INR 1,500 to 1,600 plus of your revenue, minimum. That I am saying.

Speaker #4: So you're not counting all those things also, where we have very little depreciation. So altogether, if you see, the business will be able to generate $1,500 to $1,600 plus of, you know, your revenue.

Speaker #4: Minima. That's what I'm saying.

Speaker #3: Okay. I'm not getting, like, how we are going to.

Garvit Goyal: Okay. I am still not getting how we are going to.

Speaker #2: Sorry to interrupt. Mr. Gohil, may we request that you return to the question queue for a follow-up?

Operator: Sorry to interrupt, Mr. Goyal. We request you to return to the question queue for a follow-up.

Speaker #3: Actually, I should get some clarity, you know. I mean, I'm asking one question.

Garvit Goyal: Actually, I should get some clarity. I mean, I am asking one question.

Speaker #4: Yes, yes. Yeah, let him complete. Yeah, go ahead.

Salim Yahoo: Yes. Let him complete. Go ahead.

Speaker #3: Yeah. So, ma'am, just trying to understand—like, even if we take ₹1,500 crore, right, peak revenue, 85 percent you are saying, it will be EBITDA of more than ₹1,200 crore, right?

Garvit Goyal: I am just trying to understand, even if we take INR 1,500 crore, right, peak revenue, 85% you are saying it will be EBITDA of more than INR 1,200 crore, right? On that, you are saying INR 450 crore will be your interest cost. Based on the depreciation number, even if I account for INR 700 crore, altogether my expense, after EBITDA expense, will be INR 1,150. I am doing the EBITDA of INR 1,200.

Speaker #3: And on that, you are saying ₹450 crore will be your interest cost. And based on the depreciation number, even if I account for ₹700 crore, altogether, my expense—like after EBITDA expense—will be ₹1,150 crore.

Speaker #3: And I am doing the EBITDA of 1,200. Then that means the profit from the IPP segment before tax is only 50 crore. I'm just trying to understand that, sir.

Garvit Goyal: Yes.

Garvit Goyal: Then that means the profit from IPP segment before tax is only INR 50 crore. I am just trying to understand that, sir.

Speaker #4: See, it is, if you have to see, you know, my IPP is around 1,600 as I told you. It's something that is full scale.

Salim Yahoo: It is, if you are to see, my IPP is around 1,600, as I told you. It is something that is at full scale when I start.

Speaker #4: Full scale when I start.

Speaker #3: If it.

Aman Soni: If it-

Speaker #4: And out of that, 80, 85, 85 to 90 percent. So it is 1,600 into—if I take 90 percent, it is 1,500. That is what I say as an EBITDA.

Salim Yahoo: Out of that, 85% to 90%. It is 1,600 into, if I take 90% is 1,500 is what I see as an EBITDA. Out of that interest cost would be around 450. Right.

Speaker #4: Out of that, interest cost would be around 450. Right? So I still have 1,000 odd crore which is left. Okay. Now, depreciation, you know, it is it it would be around I think the depreciation is something which is a calculation.

Salim Yahoo: So I still have 1,000 odd crore which is left. Okay. Now depreciation, it would be at around, I think the depreciation is something which is a calculation. It is around 5% because it is 25-year plant. So that calculation, because plant and machinery has got 15%. Here it is 5%, because it is a 25-year plant. So that calculation is what something we have missed out. Okay?

Speaker #4: It's around 5 to 10, 5 to 10, 5 percent because it is a 25-year plan. So that calculation—because plant and machinery has got 15.

Speaker #4: Percent. Here, it is 5 percent because it's a 25-year plan. So, that calculation is something that we missed out.

Speaker #3: Okay. Okay. Okay. Okay.

Aman Soni: Okay.

Speaker #4: And 85 percent is the EBITDA.

Salim Yahoo: 5% is the EBITDA.

Speaker #3: Okay. Understood. Understood. Understood.

Garvit Goyal: Okay. Understood.

Salim Yahoo: Yeah.

Speaker #4: Yeah.

Speaker #3: Thanks. Thanks.

Garvit Goyal: Thanks.

Speaker #2: Thank you. The next question is from the line of Subhash from Value Investments. Please go ahead.

Operator: Thank you. The next question is from the line of Subhash from Value Investments. Please go ahead.

Speaker #5: No. I'm in audio.

[Analyst] (Value Investments): Hello, am I audible?

Speaker #4: Yeah, Subhash.

Salim Yahoo: Yeah, Subhash.

Speaker #5: Yeah. I mean, thank you for clearing so many questions. I have been your investor for so many years, and I've always believed in the management delivering whatever they have guided in the past.

[Analyst] (Value Investments): Thank you for clearing so many questions. I have been your investor for so many years and I have always believed in the management delivering whatever they guided in the past. I see that you had guided 16% to 18% of PAT margin for FY27, and I see that in Q1 it is quite low. Do you expect to cover it in at least H2 of the year, so that ultimately for FY27 you end up at 16% to 18% PAT margin?

Speaker #5: So I see that you had guided 16 to 18 percent of PAT margin for FY27, and I see that in Q1, it is quite low.

Speaker #5: But do you expect to cover it at least in H2 of the year, so that ultimately for FY27, you end up at a 16–18 percent PBT margin?

Speaker #4: See, Q3 and Q4 is somewhere I am seeing. You know, see, Q2 again is a rainy season, and it has got, you know, seasonality.

Salim Yahoo: See, Q3 and Q4 is somewhere I am seeing because Q2 again is a rainy season and it has got a seasonality, where the renewable energy-

Speaker #4: Where the renewable energy.

Speaker #5: Sorry, that's why I asked. Would you cover in H2? H2, that is Q3 and Q4, right?

[Analyst] (Value Investments): That is why I asked, would you cover in H2? H2 that is Q3 and Q4.

Speaker #4: H2. Yeah. H2, we will try. H2 will be covering a portion of it, but the full-fledged, you know, what we say, the benefit of the plants, you can see in '27, '28.

Salim Yahoo: H2, yeah. H2 we will try. H2 we will be covering a portion of it, but full-fledged what we say, the benefit of the plants you can see in 2027, 2028.

Speaker #5: Okay. So, FY27 PACT margin will not be close to the guidance of 16 to 18 percent, right? It will be much less. I mean, do you want to revise that guidance?

[Analyst] (Value Investments): Okay. If current PAT margin will not be close to the guidance of 16% to 18%, it will be much lesser. Do you want to revise that guidance?

Speaker #4: Yeah. Quarter 3 and 4, you will try to, you know, whatever the gap which was created in first and the second quarter, we'll try to get covered up in the at the plant goes towards the more stabilization period.

Salim Yahoo: Yeah. It will be down. Q3 and Q4 you will try to, whatever the gap which was created in Q1 and Q2 will get covered up as the plant goes towards the more stabilization period. So it will be a little bit lesser, I think, compared to what we had shown in the past. But 2027, 2028, when the full plant is stabilized, it will again be expected to jump back to the older levels.

Speaker #4: So it would be, you know, a little bit less. I think compared to what we had shown in the past. But FY27, 28, when the full plant is stabilized, we expect it to jump back to the older levels.

Speaker #5: Sir, understood. That's why FY27 to—sorry, FY28 will be great, because the IPP plants in which you have invested right now will be stabilized, and their margins will be higher.

[Analyst]: Understood that FY27 to FY28 will be great because of the IPP plants in which you have invested right now will be stabilized and their margins will be higher. Understood. But for FY27, do you want to revise the PAT margin? Like you had said 16% to 18% before. What would be?

Speaker #5: I understood that. But for FY27, do you want to revise the pact margin? Like, you had said 16 to 18 percent before. What would it be?

Speaker #4: Yes. So I don't—I don't think that will be a concern. Now, depending upon the seasonality, if my plant performs better because it is under seasonality...

Salim Yahoo: Yes. I told that will be lesser. Now, depending upon the seasonality, if my plant better perform, because it is on the seasonality, but it will be lesser compared to what it was earlier. That is something which has.

Speaker #4: But it will be less compared to what it was earlier. That is something which I understand.

Speaker #5: Correct. But what is that number?

[Analyst]: Right. But what is that number?

Speaker #4: That's what I'm saying. It depends on seasonality. It's upon wind, it's upon the sun, it's upon the rainy season. So, all those factors—because my IPP segment adds to the bottom line.

Salim Yahoo: That is what I am saying. It depends upon seasonality. It is upon wind, it is upon the sun, it is upon the rainy seasons, all those factors. Because my IPP segment adds to the bottom line, and IPP segment depends upon the generation. The generation, as we see, if the season is in my favor, more on my favor, more winds and everything, because I have got hybrid plant, then the wind is on my side, I can say. Then I can come back to better or try to match up with what I did last year. Again, I am telling, I do not expect it because we have lost this quarter. Upcoming quarter also we will not see them.

Speaker #4: And IPP segment depends upon the generation. And the generation, as we see, if the, what we say, the season is in my favor—more on my favor, more winds and everything, because I have got hybrid plant—then the wind is on my side, I can say.

Speaker #4: And then I can come back to, you know, better or try to match up with what I did last year. But again, I'm telling you, I don't expect it because we have lost this quarter.

Speaker #4: Now, the upcoming quarter also will not see them. So, there are two quarters which we have lost, because of which there will be a dip. But I cannot judge the dip right now, because it is not like, you know, a manufacturing plant where I can put in raw material and that.

Salim Yahoo: There are two quarters which we have lost, because of which there will be a dip, but I cannot judge the dip right now because it is not like a manufacturing plant where I can put in raw material. The raw material is totally seasonality. On that basis, it is dependent.

Speaker #4: The raw material is totally seasonal, so on that basis, it depends.

Speaker #5: Okay. My other last question was—I mean, you mentioned that for both KPEL and KPI Green, because of the geopolitical tensions... So for KPI Green, you mentioned one of the strongest reasons for the drop in the margins was because of the realization of depreciation and finance cost in the current quarter.

[Analyst]: Okay. My another last question was, you mentioned that for both KP Energy and KPI Green Energy, because of the geopolitical tensions. For KPI Green Energy, you mentioned one of the strongest thing for the drop in the margins was because of the realization of depreciation and finance cost in the current quarter, but the revenues will be generated in the future quarters, which will cover up the lost margins right now, right? But in the case of KP Energy, the revenue has grown up significantly, but still the margins have come down so badly, I would say. Is it because of the geopolitical tensions alone there in KP Energy? Could you specify what are the geopolitical tensions, like in which sectors you are facing the trouble?

Speaker #5: But the revenues will be generated in the future quarters, which will cover up the lost margins right now, right? But in the case of KPEL, the revenue has grown up significantly.

Speaker #5: But still, the margins have come down, and so badly, I would say. So, is it because of the geopolitical tensions alone there in Q1?

Speaker #5: And could you specify, like, what are the geopolitical tensions? Like, in which sectors are you facing the trouble?

Speaker #4: Okay, can I speak now? See, I think you have to see—if you look at the EBITDA of KPI, it has been at a similar level.

[Analyst]: Okay. Can I speak now?

[Analyst]: Yeah.

[Analyst]: See, I think you have to see. If you look at the EBITDA of KPI, it has been at the similar level. But only the interest and depreciation cost, which has major impact. As I have told in the earlier question also, the geopolitical condition has impacted, but it has impacted more to KP Energy because of its nature of totally into EPC business.

Speaker #4: But only the interest and depreciation cost, which has a major impact. As I mentioned in an earlier question also, the geopolitical conditions have had an impact, but they have affected KP Energy more because of its nature of being totally into the EPC business.

[Analyst]: Okay.

Speaker #4: Here it is, you know, hardly—I think, I don't think even 1 or 2 percent of the top line will come from any IPP projects, whoever is there.

Salim Yahoo: Here, it is hardly, I don't think even 1% or 2% of the top line will come from any IPP projects over there. But here it is 17% to 18% coming from the IPP project. And that also the cost gets bifurcated into the, what do you say, IPP and CPP when it comes to KPI. But in KP Energy, it is totally on the cost. And it's become very difficult. And also it is more of a wind. The cost over there, the ROW issues over there are far more compared to that in a solar or a dispatch.

Speaker #4: But here, it is 17–18 percent coming from the IPP project. And also, you know, the cost gets bifurcated into what we say IPP and CPP when it comes to KPI.

Speaker #4: But in KP Energy, it is totally on the cost, and it's become very difficult. Also, it is more of a wind. The cost over there, the ROW issues over there are far more compared to those in a solar orbital span.

Speaker #5: Okay. So it's only because of the geopolitical tension. I mean, the other part of my question was about the sectors in which you are facing trouble.

[Analyst]: Okay. So it's only because of the geopolitical tension. The other part of my question was the sectors in which you are facing the trouble. Because of the geopolitical tensions, where are you facing it?

Speaker #5: Like, because of the geopolitical tensions—yeah, like, where are you facing?

Speaker #4: Sure. We are facing issues on the cost side. We are not facing issues on the sales side, right? On the cost side, which we are facing, you can say sectors like cables, you can say MMS structures, you can also say on the ROW, logistics of those—cranes, everything—every cost goes up, no?

Salim Yahoo: We are facing on the cost side. We are not facing on the sales side, right? It is a cost side which we are facing. In sectors, you can say cables, you can say MMS structures, you can say also on the ROW, logistic of those things, cranes, everything. Every cost goes up. Because even crane, we have to hire for a year and everything, all the diesel, everything goes up. So you need to understand that itself.

Speaker #4: Because even cranes, we have to hire for a year and everything, all the diesel, everything goes up. So you need to understand that it is a—

Speaker #5: Okay, I think that's all. Thank you so much.

[Analyst]: Okay. I think that is all. Thank you so much.

Speaker #4: Yeah. Thank you.

Salim Yahoo: Yes. Thank you.

Speaker #2: Thank you. The next question is from the line of Sunil Kumar, an individual investor. Please go ahead.

Operator: Thank you. The next question is from the line of Sunil Kumar, an individual investor. Please go ahead.

Speaker #5: Sir, am I audible?

Sunil Kumar: Sir, am I audible?

Salim Yahoo: Yes, Sunil.

Speaker #4: Yes, Sunil.

Speaker #5: Please. Thank you. So, I think most of the questions have already been answered, but I have one basic question. We keep talking about the revenue guidance across KPI, KPAGL, KPI, KP Energy, and all of that, right?

Sunil Kumar: Thank you. I think most of the questions have already been answered, but I think I have one basic question. We keep talking about the revenue guidance across KPI, KPEGL, KP Energy, and all of that, right? I think one which got completely off guard in terms of the EBITDA guidance, right? I understand in KPI Green, while the EBITDA was maintained, but the interest cost and depreciation have finally shoot up significantly. I have couple of questions. One, is the interest cost, do we continue to see around INR 250 odd crores for this year, and depreciation around INR 200 odd crores for the entire year?

Speaker #5: I think one which caught everyone completely off guard was the EBITDA guidance, right? I understand that in KPI Green, the EBITDA was maintained, but the interest cost and depreciation have shot up significantly.

Speaker #5: So, I have a couple of questions. One is about the interest cost—do we continue to see around 250-odd crore gross for this year? And depreciation, around 200-odd crore for the entire year?

Speaker #4: Yes, sir. The calculation that we are looking at is the interest cost. You know, the loan has been disbursed in a phase-wise manner, so the depreciation cost, as well as the interest cost, will be in phases as well.

Salim Yahoo: The calculation that we are looking at interest cost. The loan has been dispersed in a phase-wise manner. The interest cost will be in a phase. The calculating of that, because it is a phase-wise, every time we take a disbursement, it gets calculated. Then there is portion of IDC which was utilized. Exact calculation for this particular year, because again, I am telling you, the stabilization period, it is very difficult to factor what cost exactly come. Similarly, depreciation also, a portion of the plant, when we capitalize and everything, the depreciation starts into it. We are doing these projects in a phase-wise manner. Once we get a COD, it is called commissioning of the plant, then we put to use, and as per the law, only when we put to use, we can charge the depreciation.

Speaker #4: The calculating of that because it's a phase-wise, you know, every time we take a disbursement, it becomes a, you know, that it gets calculated.

Speaker #4: Then there is a portion of IDC which was utilized. So, for the exact calculation for this particular year—because, again, I am telling you, during the stabilization period, it is very difficult to, you know, factor in what exact costs come.

Speaker #4: And similarly, depreciation also—a portion of the plant, when we capitalize and everything, the depreciation starts on it. And, you know, we are doing these projects in a phase-wise manner.

Speaker #4: So once we get a COD, it is called commissioning of the plant. Then we put it to use. And as per the law, only when we put it to use, we can charge the depreciation.

Speaker #4: So, as we do it in a phase-wise manner, we get the depreciation in a phase-wise manner. So both the factors, you can say, are real-time basis calculations.

Salim Yahoo: As we do in a phase-wise manner, we get the depreciation in a phase-wise manner. Both the factors you can say are a real-time basis calculation. Anything to assess at present, because we are still energizing the plant, we are still taking a portion of the disbursement. At this juncture, it is not. As we told in our earlier question, the full pledge in 2028, whatever will be the depreciation cost, in our previous question, we already mentioned that.

Speaker #4: So anything to assess at present, because we are still energizing the plant, we are still taking the portion of the disbursement. So, at this juncture, it is not.

Speaker #4: But as we mentioned in our earlier question, regarding the full pledge in 2028, whatever will be the depreciation cost—we have already covered that in our previous question, right?

Speaker #5: So, because if I look at the FY26 borrowing, right, it is about 5,200-odd gross, correct? And there could be additional borrowing which could have happened in the last three months or so, right?

Sunil Kumar: Because if I look at the bond 2026 borrowing, it is about INR 5,200 odd crores.

Salim Yahoo: Right

Sunil Kumar: Additional borrowing which could have happened in the last three months or so. Let's take from a math standpoint. Out of the INR 5,200 crores, how much has been amortized out of this INR 5,200 odd crores? If you can just give me as a ballpark number, I am not looking at the exact figure. If we say INR 1,000 crores has been accounted for, and remaining INR 4,200 crores is what going to get accounted for the rest of the subsequently.

Speaker #5: So let's take it from a math standpoint: out of the 5,200-odd gross, how much has been amortized out of this 5,200-odd gross? If you can just give me a ballpark number—I am not looking for the exact figure.

Speaker #5: If you say 1,000 gross has been accounted for and the remaining 4,200 gross is what, going to get accounted for the rest of the in subsequent years for the question?

Speaker #4: As you are aware, you know, in the quarter, we don't prepare the balance sheet. We prepare the balance sheet in the half-yearly only. So full pledge amortization is something which, you know, it's a what we say, internal data which we I will not be able to tell you.

Salim Yahoo: As you are aware, in the quarter, we don't prepare the balance sheet. We prepare the balance sheet in the half yearly only. Full pledge amortization is something which, it's what we say, internal data, which I will not be able to tell you. As I told you, it is going in a phase-wise manner. By the end of this year, you'll see the entire plant being energized, and stabilization also will happen by then, next year we'll get. Exact figures of amortization or the depreciation, it will happen in a phase-wise manner. Since the balance sheet happens only in the half yearly, we'll not be able to disclose this at this moment.

Speaker #4: But as I told you, it is going in a phase-wise manner. By the end of this year, you will see the entire plant being energized, and stabilization will also happen.

Speaker #4: By the time next year, we’ll be able to. So, exact figures of amortization or depreciation will happen in a phase-wise manner. And since the balance sheet happens only half-yearly, we’ll not be able to disclose this at this moment.

Speaker #5: No problem, that's fair. So, I have one question on KP Energy, if I may. I know there is a concall later tonight, later in the evening at 3:00 PM, but it is more...

Sunil Kumar: No problem. That is fair. I have one question on KP Energy, if I may. I know there is a con call later tonight, later in the evening at 3:00 PM.

Speaker #4: I have already answered a couple of questions on the KP Energy also with this, yeah? So, it would be good if you can just join, as others would also like to have a chance to ask questions, right?

Salim Yahoo: I have already answered a couple of questions on the KP Energy also with this. It would be good if you can just join with others, also would like to have a chance for asking questions.

Sunil Kumar: Sure. No problem.

Speaker #4: So I request you to, you know, you can join again in the KP Energy Concord.

Salim Yahoo: I request you to, you know, can join again in the KP Energy con call. Okay.

Sunil Kumar: And the revenue guidance for KPI, we continue to maintain the 50%-60% what we have said earlier for the FY27?

Speaker #5: Regarding revenue guidance for KPIs, we continue to maintain that 50–60 percent, which is what we have said earlier for FY27.

Speaker #4: That also, I answered that, you know, we are keen on increasing that to that level. But the geopolitical conditions—a lot of factors, you know, are there—which will play.

Salim Yahoo: That also I answered that. We are keen in increasing that to that level. But the geopolitical conditions, a lot of factors, which will play as we go forward. But our guidance as per our CMD, sir, is that we will grow at that level, and then we will try to maintain that levels.

Speaker #4: We will go forward. But our guidance, as per our CMD, sir, is that we will grow at that level, and then we'll try to maintain those levels.

Speaker #5: Okay. Fair. Fair enough. Thank you.

Sunil Kumar: Okay. Fair enough. Thank you.

Speaker #2: Thank you. The next question is from the line of Ayush Sharma, an individual investor. Please go ahead. Mr. Sharma, your line has been unmuted.

Operator: Thank you. The next question is from the line of Ayush Sharma, an individual investor. Please go ahead. Mr. Sharma, your line has been unmuted. Please go ahead with the question. As there is no response, moving on to the next question. The next question is from the line of Samrat Shah, an individual investor. Please go ahead.

Speaker #2: Please go ahead with the question. As there is no response, we will move on to the next question. The next question is from the line of Samrat Shah, an individual investor.

Speaker #2: Please go ahead.

Speaker #5: Hello. Amount.

Samrat Shah: Hello. Am I on? Hello. Am I audible?

Speaker #4: Hello.

Salim Yahoo: Yes, we hear you.

Speaker #5: Good morning, sir, and congratulations on a good set of numbers. We've seen growth in revenue. Most of my questions are answered.

Samrat Shah: Good morning, sir. Congratulations for a good set of numbers. We've seen a growth in revenue. Most of my questions are answered.

Speaker #4: Thank you, sir.

Salim Yahoo: Thank you.

Speaker #5: I just wanted to know—I heard about the interest and depreciation cost. I directly stick to the PAC numbers. So on a conservative basis, if I see a 30% revenue growth, as you guided on this call, the revenue comes to around 3,500 gross.

Samrat Shah: I just wanted to know that I heard about the interest and depreciation cost. I will directly stick to the PAT numbers. So on a conservative basis, if I see a 30% revenue growth as you guided in this con call, the revenue comes to around INR 3,500 crores. If the net profit margin, if you say that Q2 is also going to be impacted because of the monsoon, and H2 will have a jump. So can I expect NPM to be at around 15%? The PAT comes to around INR 520 odd crores. So will the PAT number be at least closer to the last year or it will be lesser than last year, is I wanted to know.

Speaker #5: And if the net profit margin—if you say that Q2 is also going to be impacted because of the monsoon, and that H2 will have a jump.

Speaker #5: So, can I expect NPM to be at around 15 percent? The PAC comes to around 520-odd gross. So, will the PAC number be at least closer to last year, or will it be less than last year?

Speaker #5: Is I wanted to know.

Speaker #4: See, as I told you, you know, going forward, the stabilization of the plant is a major factor which will as far as what we have projected, you know, we are being conservative because of the geopolitical condition, but we are trying to match with whatever the CMD, sir, had already said in this you know, the absolute terms, it will surely grow.

Salim Yahoo: See, as I told you, going forward, the stabilization of the plant is a major factor which will help us. As far as what we have projected, we are being conservative because of geopolitical condition, but we are trying to match with whatever the CMD sir had already said in this. The absolute terms, it will surely grow. The PAT will grow compared to the absolute terms. The percentage is something which we will have to figure it out depending upon the various factors like the top-line growth and everything. So absolute term, I assure you that we will grow compared to what we have done in the last year.

Speaker #4: The PAC will grow compared to the absolute terms. The percentage is something which we will have to figure out depending upon various factors, like the top line growth and everything.

Speaker #4: So, in absolute terms, I assure you that we'll grow compared to what we have done in the last year.

Speaker #5: Sir, in this particular on-call, if we look at the word 'geopolitical' being used, I think in most of the answers this particular term has been used. If you compare it with your previous on-calls, right from the first-ever on-call that you made, I think this is the first time that we are using 'geopolitical.'

Samrat Shah: Sir, in this particular con call, if we look at the word geopolitical being used, I think in most of the answers, this particular term has been used. If you compare it with your previous con calls, right from the first ever con call that you have made, I think this is the first time that we are using geopolitical. However, what I feel is it is just the interest and depreciation cost that has impacted the net profit margins. OPMs have been maintained. So going forward, will we be expecting geopolitical conditions impacting our company a lot more than it was impacting earlier, is my question.

Speaker #5: However, what I feel is that it is just the interest and depreciation costs that have impacted the net profit margin. Your OPMs have been maintained.

Speaker #5: So, going forward, we will be expecting geopolitical conditions to impact our company a lot more than they did earlier. Is that my question?

Speaker #4: See, in the US, it's more on the sales side. So, on the sales side, it is not affecting me. But on the cost side, it's something, because I have EPC businesses.

Salim Yahoo: See, in the previous con call, whenever somebody asked us, it is more on the sales side. On the sales side, it is not affecting me. But on the cost side, it is something because I have EPC businesses. EPC businesses, as I told in my earlier also, and why we said it is because I already bifurcated into KP Energy and KPI Green. I told you that if you look at KPI Green-

Speaker #4: And EPC businesses, as I told you earlier also, and why we said it is because I have already bifurcated it into KP Energy and KPI Green.

Speaker #4: And I told you that if you look at KPI Green, EBITDA has also grown, as I said. So, the geopolitical condition is more related to the EPC business compared to the IPP business.

Samrat Shah: Sorry

Salim Yahoo: EBITDA, it has also grown, I said. The geopolitical condition is more related to the EPC businesses compared to the IPP business. IPP business, we have already factored the cost and everything, and the revenue is coming not from exports or anything. But the EPC business is my majority. Around 83% of my total revenue comes from the EPC business. Those business will hit because of the various cost factors, your cable costs, your logistic costs, your MMS structure cost, all these factors will impact the EPC business. That is what we are trying to say.

Speaker #4: So, IPP business—we have already factored the cost and everything. The revenue is not coming from exports or anything, but the EPC business is my majority; around 83 percent of my total revenue comes from the EPC business.

Speaker #4: So those businesses will be hit because of the various cost factors—your cable cost, your, you know, logistic cost, your MMS structure cost—all these factors will impact the EPC business.

Speaker #4: That's what we are trying to say.

Speaker #5: Oh, fine, sir. And sir, that's it from my end. I would like to wish you all the best, since I know that you've given your resignation and are moving forward.

Samrat Shah: Fine, sir. That is it from my end, and I would like to wish you all the best, since I know that you have given your resignation and moving forward. It was fantastic talking to you in all the previous con calls, and thank you very much for the tremendous growth that you have given to the company as well as the shareholders. I have been invested in this company since July 2021. I have seen my investments grow a lot under your leadership as well. I thank the entire management team of the KP Group and wish you all the best.

Speaker #5: It was fantastic talking to you on all the previous calls. Thank you very much for the tremendous growth that you have given to the company as well as the shareholders.

Speaker #5: I've been invested in this company since July 2021, so I've seen my investment grow a lot under your leadership as well. I thank the entire management team of the KP Group and wish you all the best.

Speaker #4: Samrat, thank you for your kind words. I would like to say that the management is still there. People come and go, but at the same time, it is in very good hands.

Salim Yahoo: Samrat, thank you for your kind words. I would like to say that the management is still there. People come and go, but at the same time, it is in very good hands, and you will see your investment growing in multiple fold as you go forward again. I wish you best luck.

Speaker #4: And you'll see your investment growing multifold as you go forward again, yeah? And I wish you the best for that.

Speaker #5: Thank you. Thank you, sir.

Samrat Shah: Thank you. Thank you, sir.

Speaker #2: Thank you. The next question is from the line of Nishant, an individual investor. Please go ahead.

Operator: Thank you. The next question is from the line of Nishant, an individual investor. Please go ahead.

Speaker #5: Am I audible?

[Company Representative]: Am I audible?

Speaker #4: Yeah. Yes, Nishant. Yeah.

Salim Yahoo: Yeah.

Operator: Yes, Nishant.

Salim Yahoo: Yeah.

Speaker #5: Okay, so my question is: Despite the company's growth doubling, market cap has fallen by nearly 60 percent, right? And the stock is trading at a P/E roughly half the sector.

[Company Representative]: My question is, despite the company's growth doubling, market cap has fallen by nearly 50%. The stock is trading at a PE roughly half the sector. This represents a clear disconnect between business performance and shareholder value. Where does management believe is driving this continued weakness in the share price? What concrete actions are being taken to restore longstanding investor confidence and, more importantly, attract institutional investors?

Speaker #5: This represents a clear disconnect between business performance and shareholder value. So, where does management believe the continued weakness in the share price is coming from?

Speaker #5: And what concrete actions are being taken to restore long-standing investor confidence? And, more importantly, to attract institutional investors?

Speaker #4: See, management—I mean, share price is not something which is controlled by the management or anything, you need to understand. But management has taken a cautious call.

Salim Yahoo: Share price is not something which is controlled by the management or anything. You need to understand, but management has taken cautious call. If you see, one of the action is that we have hired BDO, which is one of the top five, as our auditor. This is a very positive action which has been taken to increase the confidence of the stakeholders, of the lenders, and everything. This, I think, will go a long way to increase. At the same time, promoter is also increasing the stake. If you see, he has already given for a warrant. Promoter group company, Quyosh, has purchased shares. Promoter has been very positive on the growth of the company, and that's why he has increased his stake. If you look at any other company, promoter at today is almost 51% plus.

Speaker #4: For example, if you see, one of the actions is that we have now hired BDO, which is one of the top five, as our auditor.

Speaker #4: So this is a positive, very positive action which has been taken to increase the confidence of the stakeholders, of the lenders and everyone. And this, I think, will go a long way to increase the, you know—and at the same time, the promoter is also increasing their stake.

Speaker #4: If you see, he has already given for a warrant. He has promoted group company Kiosh and has purchased shares, so the promoter has been very positive on the growth of the company.

Speaker #4: And that's why he has increasingly increased his stake. If you look at any other companies, you know, promoter, today it's almost 51 percent plus.

Speaker #4: So, he has a majority stake in this company. So you can be assured that management is taking steps to increase the trust which is there with the investors.

Salim Yahoo: He has majority stake in this company. You can be assured that management is taking steps to increase the trust which is there with the investors.

Speaker #5: Well, before I move to the second question, I mean, nothing on attraction to institutional investors, right? Because that has been a concern.

[Company Representative]: But before I move to the second question, nothing on attraction to institutional investor, right? Because that has been a concern.

Speaker #4: See, institutional investors are still there. If you see my presentation, we have Vanguard, we have Abu Dhabi Investment Fund, we have OkoWorld, we have, you know, Bengal Pension Fund—so all those institutional investors are still there.

Salim Yahoo: See, institutional investors are still there. If you see my presentation, we have Vanguard, we have Abu Dhabi Investment Authority, we have OCIO World, we have pension funds. All those institutional investors are still there. BlackRock is also there. All these are still there in this script. You don't have to worry about that. It's a temporary phase, which sometimes, retail investors are unable to understand. That's why there are a little bit, you can say, a decline of it.

Speaker #4: Black Blackstone is also there. So all these are still there. In this, you don't have to worry about that. It's a temporary phase which sometimes, you know, retail investors are unable to understand.

Speaker #4: And that's why you can see a little bit of a decline on this.

Speaker #5: On the continuity of management.

Operator: On the company.

[Company Representative]: What was the cash flow from the last quarter?

Speaker #4: Sorry?

Salim Yahoo: Sorry?

Speaker #5: The cash flow from last quarter.

[Company Representative]: The cash flow from last quarter.

Speaker #4: Cash flow from last quarter—so if you can see, you know, you can add the depreciation on the quarter. I can say my PAT is around ₹94 crore.

Salim Yahoo: Cash flow from last quarter. If you can see, I can add the depreciation on the power. I can say my PAT is around INR 94 crore. Plus, if I add the depreciation portion, which is around INR 45 crore. Approximately you can say INR 140, INR 150 crore is the cash flow from operation.

Speaker #4: Plus, if I add the depreciation portion, which is around ₹45 crore, so approximately you can say ₹140–150 crore is the cash flow from operations.

Speaker #5: Okay. Thank you.

[Company Representative]: Okay, thank you.

Speaker #4: Yeah. That's it.

Salim Yahoo: Yeah, that's it.

Speaker #2: Thank you. Ladies and gentlemen, due to time constraints, we will take that as the last question for the day. I would now like to hand over the conference to the management for closing comments.

Operator: Thank you. Ladies and gentlemen, due to time constraints, we will take that as the last question for the day. Now I would like to hand over the conference to the management for closing comments.

Speaker #5: Will do.

Speaker #4: So, thank you, everyone. Now, I will request Mr. Soil Daboya to say a few words.

Salim Yahoo: Thank you, everyone. Now I will request Mr. Sohil Dabhoya to say some words.

Speaker #5: Good afternoon, everyone. First of all, I would like to extend my heartfelt thanks to all our investors for joining today's earnings call. Your continued trust, confidence, and unwavering support in KPI Green Energy mean a great deal to us.

Sohil Dabhoya: Good afternoon, everyone. First of all, I would like to extend my heartfelt thanks to all our investors for joining today's earning call. Your continued trust, confidence, and unwavering support in KPI Green Energy mean a great deal to us. We truly value the faith you have placed in our company, and we remain committed to creating long-term value for our all stakeholders. Before we conclude, I would also like to take a moment to express our sincere gratitude to Mr. Salim Yahoo, who has been an integral part of our journey and has made significant contribution to the financial strength and growth of our journey. Salim is stepping away due to personal family commitments. On behalf of the board, the management team, and all our investors, I would like to thank him for his dedication, professionalism, and invaluable service.

Speaker #5: We truly value the faith you have placed in our company, and we remain committed to creating long-term value for all our stakeholders. Before we conclude, I would also like to take a moment to express our sincere gratitude to Mr. Salim Yahoo, who has been an integral part of our journey and has made significant contributions to the financial strength and growth of our company.

Speaker #5: Salim is stepping away due to personal family commitments, and on behalf of the board, the management team, and all our investors, I would like to thank him for his dedication, professionalism, and invaluable service.

Speaker #5: We wish him and his family the very best for the future. At the same time, it gives me great pleasure to welcome Mr. Kapil Kriplani as our new Chief Financial Officer.

Sohil Dabhoya: We wish him and his family the very best for the future. At the same time, it gives me great pleasure to welcome Mr. Kapil Kripalani as our new Chief Financial Officer. Kapil brings with him rich experience and deep financial expertise, and we are confident that he will play a key role in supporting the company's next phase of growth and value creation. Kapil, welcome to the KPI Green family. We look forward to your leadership and contribution. With that, I would now like to invite Mr. Kapil Kripalani to say a few words and address our valued investors. Kapil, over to you.

Speaker #5: Kapil brings with him rich experience and deep financial expertise, and we are confident that he will play a key role in supporting the company's next phase of growth and value creation.

Speaker #5: Kapil, welcome to the KPI Green family. We look forward to your leadership and contribution. With that, I would now like to invite Mr. Kapil Kriplani to say a few words and address our valued investors.

Speaker #5: Kapil, over to you.

Speaker #6: Good afternoon, all, and thank you to the full-time director for your kind words. I thank the management for the warm welcome. I also give my best regards to Mr. Salim, and hope to transition from him to the next level in the future.

Kapil Kripalani: Good afternoon, all, and thank you to the Whole Time Director for kind words. I thank the management for the warm welcome. I also give my best regards to Mr. Salim, and hope to transit from him to next level in the future. We hope for the continued growth, which we have seen, shown in last four years. I look forward to work with all the stakeholders and create value for all the shareholders. Thank you very much. That's the end of the call.

Speaker #6: We hope for the continued growth which we have seen in the last four years. I look forward to working with all the stakeholders and creating value for all the shareholders.

Speaker #6: Thank you very much. That's the end of the call.

Speaker #2: Thank you.

Operator: Thank you.

Speaker #4: Thank you, everyone. Thank you all for your active participation in the call. We hope we have been able to answer all your queries satisfactorily.

Salim Yahoo: Yeah. Thank you, everyone, for your active participation in the call. Hope we have been able to answer all your queries satisfactorily. For any additional query, feel free to write to us at our email address given on our website as well as our investor presentation. We look forward to staying in touch with you for any further interaction. Thank you very much.

Speaker #4: For any additional queries, please feel free to write to us at the email address given on our website as well as in our investor presentation.

Speaker #4: We look forward to staying in touch with you for any further interaction. Thank you very much.

Speaker #2: Thank you. On behalf of KPI Green Energy Limited, that concludes this conference. Thank you for joining us, and you may now disconnect your lines.

Operator: Thank you. On behalf of KPI Green Energy Limited, that concludes this conference. Thank you for joining us, and you may now disconnect your lines.

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