Q1 2027 ReNew Energy Global PLC Earnings Call

August 18, 2026

Operator: Thank you for standing by, and welcome to the ReNew Power ReNew's Q1 FY27 Earnings Report. All participants are in a listen-only mode. There will be a presentation followed by a question and answer session. If you wish to ask a question, you will need to press the star key followed by the number 1 on your telephone keypad. I would now like to hand the conference over to Anunay Shahi. Thank you, and over to you.

Speaker #1: If you wish to ask a question, please press 1 on your telephone keypad. I would now like to hand the conference over to Anunay Shahi. Thank you, and over to you.

Speaker #2: Thank you. Good morning, everyone, and thank you for joining us today. We have put out a press release announcing our results for the first quarter of fiscal year 2027. A copy of the press release and the earnings presentation are available in the IR section of ReNew's website at www.renew.com.

Anunay Shahi: Thank you. Good morning, everyone, and thank you for joining us today. We have put out a press release announcing our results for the first quarter of fiscal year 2027. A copy of the press release and the earnings presentation are available in the IR section of ReNew's website at ir@renew.com. With me today are Sumant Sinha, our founder, chairman, and CEO, Kailash Vaswani, our CFO, and Vaishali Nigam Sinha, co-founder and chairperson, sustainability. After the prepared remarks, which we expect will take 20 to 25 minutes, we will open the call for questions. Please note that our safe harbor statements are contained within our press release, presentation materials, and materials available on our website. These statements are important and integral to all our remarks. There are risks and uncertainties that could cause our results to differ materially from those expressed or implied by such forward-looking statements.

Speaker #2: With me today are Sumant Sinha, our Founder, Chairman, and CEO; Kailash Vaswani, our CFO; and Vaishali Nigam Sinha, Co-Founder and Chairperson, Sustainability. After the prepared remarks, which we expect will take 20 to 25 minutes, we will open the call for questions.

Speaker #2: Please note that our Safe Harbor statements are contained within our press release, presentation materials, and materials available on our website. These statements are important and integral to all our remarks. There are risks and uncertainties that could cause our results to differ materially from those expressed or implied by such forward-looking statements.

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

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

Anunay Shahi: Therefore, we encourage you to review the press release and the presentation on our website for a more complete description. Also contained in our press release, presentation materials, and annual report are certain non-IFRS measures that we reconcile to the most comparable IFRS measures, and these reconciliations are also available on our website, in the press release, presentation materials, and our annual report. With that, it is now my pleasure to hand it over to our founder, Chairman, and CEO, Sumant. Over to you, Sumant.

Speaker #2: With that, it is now my pleasure to hand it over to our Founder, Chairman, and CEO, Sumant. Over to you, Sumant.

Speaker #3: Yes, thank you, Anunay. Good morning, good afternoon, and good evening, everybody. I'm glad to have you all on our earnings call for the first quarter of the fiscal year ended March 2027.

Sumant Sinha: Yes. Thank you, Anunay. Good morning, good afternoon, and good evening, everybody. I am glad to have you all on our earnings call for the first quarter of fiscal year ended March 2027. After a terrific fiscal 2026, where we reported our highest ever EBITDA and PAT, we continue to deliver on our promise of profitable growth in spite of the uncertain global macroeconomic situation and grid-related challenges in India. We also continue to be disciplined in our approach towards judicious use of capital and allocating capital only towards the highest return opportunities. Turning to highlights for this quarter. Our focus towards executing at scale continues as we delivered a 26% growth in our operating portfolio year over year. We have commissioned over 1 GW to date in the current fiscal, which includes over 600 MW in Q1 itself.

Speaker #3: After a terrific fiscal 2026, where we reported our highest-ever EBITDA and PAT, we continue to deliver on our promise of profitable growth. In spite of the uncertain global macroeconomic situation and grid-related challenges in India, we also continue to be disciplined in our approach towards the judicious use of capital, allocating capital only towards the highest-return opportunities.

Speaker #3: Turning to highlights for this quarter, our focus on executing at scale continues, as we delivered a 26% growth in our operating portfolio year over year.

Sumant Sinha: Turning to highlights for this quarter. Our focus towards executing at scale continues as we delivered a 26% growth in our operating portfolio year over year. We have commissioned over 1 GW to date in the current fiscal, which includes over 600 MW in Q1 itself. Our overall committed portfolio now stands at 20.5 GW and includes 1.7 GW of BESS, and our total pipeline is at approximately 27 GW. We also continue to execute our capital recycling plans. In June 2026, we closed the sale of 100 MW Tamil Nadu solar asset and received the proceeds.

Speaker #3: We have commissioned over 1 gigawatt to date in the current fiscal, which includes over 600 megawatts in Q1 itself. Our overall committed portfolio now stands at 20.5 gigawatts and includes 1.7 gigawatts of BESS. Our total pipeline is approximately 27 gigawatts.

Sumant Sinha: Our overall committed portfolio now stands at 20.5 GW and includes 1.7 GW of BESS, and our total pipeline is at approximately 27 GW. We also continue to execute our capital recycling plans. In June 2026, we closed the sale of 100 MW Tamil Nadu solar asset and received the proceeds. In August 2026, we also signed definitive documents for the sale of over 1 GW of assets, which is expected to generate $190 million of cash flow to equity on closing. These transactions underline the quality of our asset base and our ability to continuously find buyers and attractive valuations. Additionally, we have 6.5 GW of module and 2.5 GW of cell capacity that is currently operational, and a 4 GW cell facility of TOPCon that is expected to be fully operational by the end of the current fiscal year.

Speaker #3: We also continue to execute our capital recycling plans. In June 2026, we closed the sale of the 100-megawatt Tamil Nadu solar asset and received the proceeds.

Speaker #3: In August 2026, we also signed definitive documents for the sale of over 1 gigawatt of assets, which is expected to generate $190 million of cash flow to equity on closing.

Sumant Sinha: In August 2026, we also signed definitive documents for the sale of over 1 GW of assets, which is expected to generate $190 million of cash flow to equity on closing. These transactions underline the quality of our asset base and our ability to continuously find buyers and attractive valuations. Additionally, we have 6.5 GW of module and 2.5 GW of cell capacity that is currently operational, and a 4 GW cell facility of TOPCon that is expected to be fully operational by the end of the current fiscal year.

Speaker #3: These transactions underlined the quality of our asset base and our ability to continuously find buyers and attractive valuations. Additionally, we have 6.5 gigawatts of module and 2.5 gigawatts of cell capacity that is currently operational, and a 4-gigawatt cell facility of TOPCon that is expected to be fully operational by the end of the current fiscal year.

Speaker #3: We have also filed our Form 20-F for FY26 and published our third integrated report, with the theme "Beyond Boundaries: Decarbonizing Value Chains to Deliver Climate Value at Scale," in line with international reporting standards.

Sumant Sinha: We have also filed our Form 20-F for FY26 and published our third integrated report with the theme Beyond Boundaries, Decarbonizing Value Chains to Deliver Climate Value at Scale in line with international reporting standards. Coming to our financial performance. In this quarter, we have delivered adjusted EBITDA growth of around 12%, with INR 30.4 billion adjusted EBITDA, including INR 5.7 billion contribution from our manufacturing business. Our profit after tax increased by 16% year over year, with INR 6 billion for Q1 of fiscal 2027, along with INR 12.8 billion in CFE. Our DSO continues to reduce as we expand our portfolio and legacy issues continue to get resolved. Subsequent to the end of the quarter, we received INR 57 billion from the Andhra Pradesh DISCOM, taking our DSOs as of July end to 54 days, 17 days lower than the Q1 FY27 DSO number of 71 days.

Speaker #3: Coming to our financial performance, in this quarter we have delivered adjusted EBITDA growth of around 12%, with ₹30.4 billion in adjusted EBITDA, including a ₹5.7 billion contribution from our manufacturing business.

Speaker #3: Our profit after tax increased by 16% year over year, reaching INR 6 billion for Q1 of fiscal 2027, along with INR 12.8 billion in CFE.

Speaker #3: Our DSO continues to reduce as we expand our portfolio and legacy issues continue to get resolved. Subsequent to the end of the quarter, we received ₹57 billion from the Andhra Pradesh DISCOM, taking our DSO as of July end to 54 days, which is 17 days lower than the Q1 FY27 DSO number of 71 days.

Sumant Sinha: Subsequent to the end of the quarter, we received INR 57 billion from the Andhra Pradesh DISCOM, taking our DSOs as of July end to 54 days, 17 days lower than the Q1 FY27 DSO number of 71 days. Let me now hand over to Kailash to take us through the next 7 pages.

Speaker #3: Let me now hand over to Kailash to take us through the next seven pages.

Sumant Sinha: Let me now hand over to Kailash to take us through the next 7 pages.

Speaker #4: Thank you, Sumant. Before turning to our operating performance, I would like to briefly address the take-private transaction announced on August 11, 2026. ReNew entered into a binding transaction agreement with the consortium comprising CPPIB and Sumant Sinha for the proposed take-private of ReNew.

Kailash Vaswani: Thank you, Sumant. Before turning to our operating performance, I would like to briefly address the take-private transaction announced on 11 August 2026. ReNew entered into a binding transaction agreement with the consortium comprising of CPPIB and Sumant Sinha for the proposed take private of ReNew. The proposed acquisition is expected to be effected through a UK scheme of arrangement and will be voted on by the non-consortium shareholders. Non-consortium shareholders may either receive cash of $7.02 per share by transferring their shares to CPPIB Investments or its designated affiliates, or, subject to certain conditions, elect to roll over and remain shareholders.

Speaker #4: The proposed acquisition is expected to be effected through a UK scheme of arrangement and will be voted on by the non-consortium shareholders. Non-consortium shareholders may either receive cash of $7.02 per share by transferring their shares to CPPIB Investments, or its designated affiliates, or, subject to certain conditions, elect to rollover and remain shareholders.

Speaker #4: The special committee, comprising independent directors, having received Rothschild & Co's opinion that the cash offer is fair from a financial point of view to the non-consortium shareholders, considers the cash offer and transaction agreement fair and reasonable, and intends to unanimously recommend that shareholders vote in favor of the scheme.

Kailash Vaswani: The special committee, comprising of independent directors, having received Rothschild & Co's opinion that the cash offer is fair from a financial point of view to the non-consortium shareholders, considers the cash offer and transaction agreement fair and reasonable, and intends to unanimously recommend that shareholders vote in favor of the scheme. Further details on the scheme's timing will follow in due course. Turning back to presentation on slide 13, on the industry backdrop. The electricity demand increase continues to support renewable energy growth. Renewables contributed 86% of overall power capacity addition in Q1 FY27, with 14 gigawatts of renewable energy capacity added. This included 12 gigawatts of solar and 1 gigawatt of wind and hydro each. Coming to the demand side, peak demand has already touched around 271 gigawatts in FY27.

Speaker #4: Further details on the scheme's timing will follow in due course. Turning back to the presentation, on slide 13, regarding the industry backdrop, the increase in electricity demand continues to support renewable energy growth.

Speaker #4: Renewables contributed 86% of overall power capacity addition in Q1 FY27, with 14 gigawatts of renewable energy capacity added. This included 12 gigawatts of solar, and 1 gigawatt each of wind and hydro.

Speaker #4: Coming to the demand side, peak demand has already touched around 271 gigawatts in FY27. Overall, electricity demand in July 2026 was up 11% year-on-year, and was up 9% year-on-year for the April to June period.

Kailash Vaswani: Overall electricity demand in July 2026 was up 11% year-on-year and was up 9% year-on-year for April to June period. Demand is also increasing more in non-solar hours, which supports higher battery installations. Installed renewable energy capacity, including large hydro, stood at 289 gigawatts as of 30 June 2026. This includes 162 gigawatts of solar and 57 gigawatts of wind. We believe this reinforces the continued structural growth of renewable energy in India. Additionally, Q1 also saw strong industrial production growth numbers fueled by higher demand in all sectors of the industry. In fact, the overall index of industrial production grew by about 7.3% in June. Additionally, the rupee appreciated slightly versus the US dollar as the government's foreign currency non-resident scheme, which is the FCNR scheme, produced over $52 billion of fresh inflows.

Speaker #4: Demand has also increased more during non-solar hours, which supports higher battery installations. Installed renewable energy capacity, including large hydro, stood at 289 gigawatts as of June 30, 2026.

Speaker #4: This includes 162 gigawatts of solar and 57 gigawatts of wind. We believe this reinforces the continued structural growth of renewable energy in India. Additionally, Q1 also saw strong industrial production growth numbers, fueled by higher demand in all sectors of the industry. In fact, the overall Index of Industrial Production grew by about 7.3% in June.

Speaker #4: Additionally, the rupee appreciated slightly versus the US dollar, as the government's Foreign Currency Non-Resident scheme, which is the FCNR scheme, produced over $52 billion of fresh inflows.

Speaker #4: Having said all of the above, grid build-out continues to be a drag on the entire industry, with certain projects, including ours—particularly in the state of Rajasthan—having temporary connectivity and facing curtailment challenges.

Kailash Vaswani: Having said all of the above, grid build-out continues to be a drag on the entire industry, with certain projects, including ours, particularly in the state of Rajasthan, having temporary connectivity, facing curtailment challenges. We are hopeful that coupled with build-out of certain lines in Rajasthan, some central government support, these issues will get resolved over the next few months. Turning to business updates on slide 14. On project execution, our delivery remains dearest and on track. We have already delivered over 1 GW of commissioned megawatts during the year and are on track to deliver the projects that are due to be commissioned during the year. For solar, in addition to the megawatts commissioned so far, more than 250 megawatts has been erected and is in final stages of commissioning.

Speaker #4: We are hopeful that, coupled with the build-out of certain lines in Rajasthan and some central government support, these issues will get resolved over the next few months.

Speaker #4: Turning to business updates on slide 14, project execution and our delivery remain the key focus and are on track. We have already delivered over 1 gigawatt of commissioned capacity during the year, and are on track to deliver the projects that are due to be commissioned during the year.

Speaker #4: For solar, in addition to the megawatt commissions so far, more than 250 megawatts have been erected and are in the final stages of commissioning. More than 50% of the modules required for the balance execution in the rest of FY27 are already at site, with the balance secured through in-house production.

Kailash Vaswani: More than 50% of the modules required for the balance execution in rest of FY27 are already at site, with the balance secured through in-house production. Silver pricing exposure is also hedged for fiscal 2027. For BESS, 100% of the pricing is locked in at attractive rates and about 25% has already reached project sites. For wind, 100% of wind turbines required for the year are locked in within budgeted levels. Land is also largely tied up or acquired for the execution requirements of the next 12 months. Turning to updates from our C&I business on slide 15. We are very excited by and continue to expand our C&I footprint across India. Our C&I portfolio currently stands at 2.9 GW, including 2.6 GW of commissioned capacity over five states, and we commissioned 330 megawatts year to date at the C&I segment.

Speaker #4: Silver pricing exposure is also hedged for fiscal 2027. For BEST, 100% of the pricing is locked in at attractive rates, and about 25% has already reached project sites.

Speaker #4: For wind, 100% of the wind turbines required for the year are locked in within budgeted levels. Land is also largely tied up or acquired for the execution requirements of the next 12 months.

Speaker #4: Turning to updates from our CNI business on slide 15, we are very excited by—and continue to expand—our CNI footprint across India. Our CNI portfolio currently stands at 2.9 gigawatts, including 2.6 gigawatts of commissioned capacity over five states.

Kailash Vaswani: Our C&I portfolio currently stands at 2.9 GW, including 2.6 GW of commissioned capacity over five states, and we commissioned 330 megawatts year to date at the C&I segment. We are also well-placed to participate in new business opportunities such as supply to data centers. Our business is concentrated on larger projects, and we have excellent relationship with technology companies and hyperscalers. For example, Amazon, Microsoft, and Google collectively account for around half of the contracted offtake in our C&I business. As you may also recall, a LeapFrog-led consortium has invested $95 million of equity in our C&I business for 11.3% stake.

Speaker #4: And we commissioned 330 megawatts year to date in the CNI segment. We are also well placed to participate in new business opportunities such as supply to data centers. Our business is concentrated on larger projects, and we have excellent relationships with technology companies and hyperscalers.

Kailash Vaswani: We are also well-placed to participate in new business opportunities such as supply to data centers. Our business is concentrated on larger projects, and we have excellent relationship with technology companies and hyperscalers. For example, Amazon, Microsoft, and Google collectively account for around half of the contracted offtake in our C&I business. As you may also recall, a LeapFrog-led consortium has invested $95 million of equity in our C&I business for 11.3% stake. Turning to our manufacturing business on slide 16. In manufacturing, we have one of the highest integrated capacities in India. Our manufacturing business has continued its profitable journey in the current fiscal year as well, with an external order book standing at approximately 1.1 GW. Do note that we sell around 40% to 60% to our IPP business at an arm's length pricing, which doesn't get reflected in our overall financials because we consolidate them.

Speaker #4: For example, Amazon, Microsoft, and Google collectively account for around half of the contracted offtake in our CNI business. As you may also recall, a LeapFrog-led consortium has invested $95 million of equity in our CNI business for an 11.3% stake.

Speaker #4: Turning to our manufacturing business on slide 16. In manufacturing, we have one of the highest integrated capacities in India. Our manufacturing business has continued its profitable journey in the current fiscal year as well, with an external order book standing at approximately 1.1 gigawatts.

Kailash Vaswani: Turning to our manufacturing business on slide 16. In manufacturing, we have one of the highest integrated capacities in India. Our manufacturing business has continued its profitable journey in the current fiscal year as well, with an external order book standing at approximately 1.1 GW. Do note that we sell around 40% to 60% to our IPP business at an arm's length pricing, which doesn't get reflected in our overall financials because we consolidate them.

Speaker #4: Do note that we sell around 40 to 60 percent to our IPP business at arm's length pricing, which doesn't get reflected in our overall financials because we consolidate them.

Speaker #4: In Q1 FY27, revenue from external sales of modules and cells was ₹16.4 billion, and the adjusted EBITDA from external sales was ₹5.7 billion.

Kailash Vaswani: In Q1 FY27, revenue from external sales of modules and cells was INR 16.4 billion, and the adjusted EBITDA from external sales was INR 5.7 billion, with the adjusted EBITDA margin standing at almost 34%. We expect that there may be some normalization in the latter half of the year as additional cell capacity comes online. On the 4 GW TOPCon cell plant, civil and PVC works are in final stages. ATP and clean room work are progressing well. Printing lines are installed, and the first cell is expected to be produced by the end of the current calendar year. We are also progressing well on the ingot wafer plant in the state of Andhra Pradesh that's expected to be commissioned in early calendar 2028. Turning to page 18. Our Q1 results reflect strong operating execution, continued growth in earnings, and disciplined capital allocation.

Speaker #4: With the adjusted EBITDA margin standing at almost 34%, we expect that there may be some normalization in the latter half of the year as additional cell capacity comes online.

Speaker #4: On the 4-gigawatt TOPCon cell plant, civil and PSV works are in the final stages; ATP and clean room work are progressing well, printing lines are installed, and the first cell is expected to be produced by the end of the current calendar year.

Speaker #4: We are also progressing well on the Ingrid wafer plant in the state of Andhra Pradesh, which is expected to be commissioned in early calendar 2028.

Speaker #4: Turning to page 18, our Q1 results reflect strong operating execution, continued growth in earnings, and disciplined capital allocation. As of June 30, 2026, our total portfolio was approximately 20.5 gigawatts, including 1.7 gigawatts of BESS.

Kailash Vaswani: Turning to page 18. Our Q1 results reflect strong operating execution, continued growth in earnings, and disciplined capital allocation. As of 30 June 2026, our total portfolio was approximately 20.5 gigawatts, including 1.7 gigawatts of BESS. Operating capacity stood at 13.5 gigawatts, which is up 26% year-on-year, adjusted for asset sales and 22% on a net basis. This comprises 5.6 gigawatts of wind, 7.8 gigawatts of solar, 99 megawatts of hydro, and 100 megawatts or 250 megawatt hours of BESS.

Kailash Vaswani: As of 30 June 2026, our total portfolio was approximately 20.5 gigawatts, including 1.7 gigawatts of BESS. Operating capacity stood at 13.5 gigawatts, which is up 26% year-on-year, adjusted for asset sales and 22% on a net basis. This comprises 5.6 gigawatts of wind, 7.8 gigawatts of solar, 99 megawatts of hydro, and 100 megawatts or 250 megawatt hours of BESS. We also had 6.9 gigawatts of committed capacity, including 1.1 gigawatts of wind, 4.2 gigawatts of solar and 1.6 gigawatts of BESS. During the trailing 12 months, we have commissioned approximately 2.8 gigawatts, comprising more than 2 gigawatts of solar, 0.6 gigawatts of wind and 25 megawatts of BESS. In FY27 year to date, we have commissioned 1 gigawatt of capacity between wind and solar. On consolidated operating performance, revenue was up 14% year-on-year.

Speaker #4: Operating capacity stood at 13.5 gigawatts, which is up 26% year-on-year, adjusted for asset sales, and 22% on a net basis. This comprises 5.6 gigawatts of wind, 7.8 gigawatts of solar, 99 megawatts of hydro, and 100 megawatts, or 250 megawatt-hours, of BEST.

Speaker #4: We also had 6.9 gigawatts of committed capacity, including 1.1 gigawatts of wind, 4.2 gigawatts of solar, and 1.6 gigawatts of BESS. During the trailing 12 months, we have commissioned approximately 2.8 gigawatts, comprising more than 2 gigawatts of solar, 0.6 gigawatts of wind, and 25 megawatts of BESS.

Kailash Vaswani: We also had 6.9 gigawatts of committed capacity, including 1.1 gigawatts of wind, 4.2 gigawatts of solar and 1.6 gigawatts of BESS. During the trailing 12 months, we have commissioned approximately 2.8 gigawatts, comprising more than 2 gigawatts of solar, 0.6 gigawatts of wind and 25 megawatts of BESS. In FY27 year to date, we have commissioned 1 gigawatt of capacity between wind and solar. On consolidated operating performance, revenue was up 14% year-on-year.

Speaker #4: In FY27 year to date, we have commissioned 1 gigawatt of capacity between wind and solar. On consolidated operating performance, revenue was up 14% year on year, adjusted EBITDA was up 12% year on year, and profit after tax was up 16% year on year.

Kailash Vaswani: Adjusted EBITDA was up 12% year-on-year, and profit after tax was up 16% year-on-year. For Q1 FY27, total income was INR 47.9 billion, our revenue was INR 44.6 billion and EBITDA was INR 30.4 billion, and profit before tax was almost around INR 8.3 billion. Total adjusted income was INR 46 billion, comprising of INR 29 billion from IPP business and INR 16.6 billion from external manufacturing sales. Adjusted EBITDA was INR 30 billion, including INR 24.7 billion from the IPP business and INR 5.7 billion from external manufacturing sales. Adjusted EBITDA margins for the IPP business were 86%, for manufacturing were 34%, and the margin was 66.1% on a consolidated basis. Turning to page 19. We remain disciplined in capital allocation with net debt trailing 12 months adjusted EBITDA for operational projects at 5.7x. The leverage levels for projects operational for more than a year, that is with full year EBITDA contribution, is further lower.

Speaker #4: For Q1 FY27, total income was $47.9 billion, revenue was $44.6 billion, EBITDA was $30.4 billion, and profit before tax was almost around $8.3 billion.

Speaker #4: Total adjusted income was ₹46 billion, comprising ₹29 billion from the IPP business and ₹16.6 billion from external manufacturing sales. Adjusted EBITDA was ₹30 billion, including ₹24.7 billion from the IPP business and ₹5.7 billion from external manufacturing sales.

Speaker #4: Adjusted EBITDA margins for the IPP business were 86%, for manufacturing were 34%, and the margins were 66.1% on a consolidated basis. Turning to page 19, we remain disciplined in capital allocation, with net debt to trailing 12-month adjusted EBITDA for operational projects at 5.7x.

Kailash Vaswani: Turning to page 19. We remain disciplined in capital allocation with net debt trailing 12 months adjusted EBITDA for operational projects at 5.7x. The leverage levels for projects operational for more than a year, that is with full year EBITDA contribution, is further lower. We continue to be committed to reducing our overall leverage, and to this end, we have been executing consistently on capital recycling with a portion of such proceeds expected to reduce our overall leverage.

Speaker #4: The leverage levels for projects operational for more than a year—that is, with full-year EBITDA contribution—are further lower. We continue to be committed to reducing our overall leverage and, to this end, we have been executing consistently on capital recycling, with a portion of such proceeds expected to reduce our overall leverage.

Kailash Vaswani: We continue to be committed to reducing our overall leverage, and to this end, we have been executing consistently on capital recycling with a portion of such proceeds expected to reduce our overall leverage. For example, we recently signed definitive agreements to sell more than 1 gigawatt of capacity, and this is expected to result in $190 million of cash inflows on closing, including some contingent amounts related to change in law proceeds. On working capital, IPP, the days sales outstanding were at 71 days as of 30 June 2026, which was a 3-year improvement year-on-year and a 12-year improvement over 2 years. Further, subsequent to the end of the quarter, as Sumant mentioned earlier, we received INR 5.7 billion from Andhra Pradesh in July 2026. As a result of this, the end of July, the DSO improved to around 54 days.

Speaker #4: For example, we recently signed definitive agreements to sell more than a gigawatt of capacity, and this is expected to result in $190 million of cash inflows on closing, including some contingent amounts related to change-in-law proceeds.

Kailash Vaswani: For example, we recently signed definitive agreements to sell more than 1 gigawatt of capacity, and this is expected to result in $190 million of cash inflows on closing, including some contingent amounts related to change in law proceeds. On working capital, IPP, the days sales outstanding were at 71 days as of 30 June 2026, which was a 3-year improvement year-on-year and a 12-year improvement over 2 years. Further, subsequent to the end of the quarter, as Sumant mentioned earlier, we received INR 5.7 billion from Andhra Pradesh in July 2026. As a result of this, the end of July, the DSO improved to around 54 days.

Speaker #4: On working capital, IPP, the day sales outstanding were at 71 days as of June 30, 2026, which was a three-day improvement year on year and a 12-day improvement over two years.

Speaker #4: Further, subsequent to the end of the quarter, as Sumant mentioned earlier, we received ₹5.7 billion from Andhra Pradesh in July 2026. As a result of this, by the end of July the DSO improved to around 54 days.

Speaker #4: Manufacturing DSO stands at around five days. Our balance sheet remains robust and well supported. Cash and cash equivalents, including bank balances and short-term investments, stood at ₹89 billion as of 30 June 2026.

Kailash Vaswani: Manufacturing DSO stands at around 5 days. Our balance sheet remains robust and well supported. Cash and cash equivalents, including bank balances and investments and short-term investments, stood at INR 89 billion as of 30 June 2026. Gross debt was INR 786 billion, and net debt was around INR 671 billion as of the same date. I will now hand over the call to Vaishali for ESG and sustainability updates.

Speaker #4: Gross debt was 786 billion rupees, and net debt was around 671 billion as of the same date. I will now hand over the call to Vaishali for ESG and sustainability updates.

Speaker #1: Thanks, Kailash. Now, turning to slide 21, as ReNew continues to achieve new milestones in growth and impact, we take immense pride in the fact that sustainability remains at the core of our business and value creation model.

Vaishali Nigam Sinha: Thanks, Kailash. Now turning to slide 21. As ReNew continues to achieve new milestones in growth and impact, we take immense pride in the fact that sustainability remains at the core of our business and value creation model. With this, I am pleased to present to you our third annual integrated report for fiscal year 2025/26, called Beyond Boundaries: Decarbonising Value Chains to Deliver Climate Value at Scale. Reflecting the evolution of our sustainability journey and leadership in the energy transition space, this report expands our focus beyond our operations to the broader value chain. It demonstrates how ReNew is scaling climate value through transparency, accountability, and collective action. Let me begin with some key highlights from our environmental performance.

Speaker #1: With this, I am pleased to present to you our third annual integrated report for fiscal year 2025–26, called Beyond Boundaries: Decarbonization Value Chain to Deliver Climate Value at Scale.

Speaker #1: Reflecting the evolution of our sustainability journey and leadership in the energy transition space, this report expands our focus beyond our operations to the broader value chain. It demonstrates how ReNew is scaling climate value through transparency, accountability, and collective action.

Speaker #1: Let me begin with some key highlights from our environmental performance. We reduced Scope 1 and 2 GHG emissions by 25.6% from a baseline, achieved an 84% renewable electricity mix, and maintained carbon neutrality for Scope 1 and 2 emissions for the sixth consecutive year.

Vaishali Nigam Sinha: We reduced Scope 1 and 2 GHG emissions by 25.6% from a baseline, achieved an 84% renewable electricity mix, and maintained carbon neutrality for Scope 1 and 2 emissions for the sixth consecutive year. We continue to create meaningful value for communities, employees, and our partners. Our socioeconomic programs have positively impacted more than 1.95 million lives so far. Women now represent 18% of our workforce and 15% of STEM roles. We completed ESG risk assessments from 400% of our critical suppliers for the third consecutive year and expanded the scope to include tier 2 suppliers as well. Further strengthening our sustainable supply chain, we achieved 100% local sourcing of steel for wind tower plates. Turning to governance. Our board maintained 55% independent representation. We further strengthened our enterprise risk management framework through an independent assessment and continued embedding accountability by establishing 27 organization-wide and 8 manufacturing-specific ESG targets.

Speaker #1: We continue to create meaningful value for communities, employees, and our partners. Our socioeconomic programs have positively impacted more than 1.95 million lives so far.

Speaker #1: Women now represent 18% of our workforce and 15% of STEM roles. We completed ESG risk assessments from 400 of our critical suppliers for the third consecutive year and expanded the scope to include tier two suppliers as well.

Speaker #1: Further strengthening our sustainable supply chain, we achieved 100% local sourcing of steel for wind tower plates. Turning to governance, our board maintained 55% independent representation.

Vaishali Nigam Sinha: Turning to governance. Our board maintained 55% independent representation. We further strengthened our enterprise risk management framework through an independent assessment and continued embedding accountability by establishing 27 organization-wide and 8 manufacturing-specific ESG targets. Now moving to slide 22. Our third integrated report reflects another year of steady progress with several enhancements that strengthen transparency and align more closely with global standards. We transitioned to a hybrid reporting structure, combining pillars and capitals to deliver a more integrated sustainability narrative aligned with leading global standards.

Speaker #1: We further strengthened our enterprise risk management framework through an independent assessment and continued embedding accountability by establishing 27 organization-wide and 8 manufacturing-specific ESG targets.

Speaker #1: Now, moving to slide 22—our third integrated report reflects another year of steady progress, with several enhancements that strengthen transparency and align more closely with global standards.

Vaishali Nigam Sinha: Now moving to slide 22. Our third integrated report reflects another year of steady progress with several enhancements that strengthen transparency and align more closely with global standards. We transitioned to a hybrid reporting structure, combining pillars and capitals to deliver a more integrated sustainability narrative aligned with leading global standards. We completed a refresh of our double materiality assessment, reprioritizing material topics to reflect evolving stakeholder and business priorities. We published our inaugural ESG data book, creating a consolidated and more transparent view of ESG performance across business units. We expanded our emissions accountability by including downstream Scope 3 emissions, reflecting the growth of our solar module and cell manufacturing operations. Together, these enhancements reflect a commitment to continuous improvement, transparency, and reporting excellence. Now moving to slide 23.

Speaker #1: We transitioned to a hybrid reporting structure, combining pillars and capitals, to deliver a more integrated sustainability narrative aligned with leading global standards. We completed a refresh of our double materiality assessment, reprioritizing material topics to reflect evolving stakeholder and business priorities.

Vaishali Nigam Sinha: We completed a refresh of our double materiality assessment, reprioritizing material topics to reflect evolving stakeholder and business priorities. We published our inaugural ESG data book, creating a consolidated and more transparent view of ESG performance across business units. We expanded our emissions accountability by including downstream Scope 3 emissions, reflecting the growth of our solar module and cell manufacturing operations. Together, these enhancements reflect a commitment to continuous improvement, transparency, and reporting excellence. Now moving to slide 23.

Speaker #1: We published our inaugural ESG data book, creating a consolidated and more transparent view of ESG performance across business units. We expanded our emissions accountability by including downstream Scope 3 emissions, reflecting the growth of our solar module and cell manufacturing operations. Together, these enhancements reflect a commitment to continuous improvement, transparency, and reporting. In 2023, our ESG targets continue to translate ambition into measurable outcomes.

Vaishali Nigam Sinha: Our ESG targets continue to translate ambition into measurable outcomes, keeping us firmly on track towards our 2030 and 2040 commitments. Let me start with environment, where our focus on climate action continues to deliver tangible results. We achieved a 25.6% reduction in Scope 1 and 2 emissions versus fiscal year 2022 baseline, exceeding our target and advancing our SBTi-aligned net zero pathways. We delivered over 617,000 cubic meters of water savings in fiscal year 2025/26, with over 5,000 cubic meters of water saved through robotic cleaning. Our commitment to people and communities remains unwavering as we continue to invest in talent inclusion and sustainable community development. Through Project Surya, which we have talked about earlier, we continue to build green skills with 166 women trained as technicians in Q1 alone and additional cohorts progressing through advanced training programs.

Speaker #1: Keeping us firmly on track towards our 2030 and 2040 commitments. Let me start with environment, where our focus on climate action continues to deliver tangible results.

Speaker #1: We achieved a 25.6% reduction in Scope 1 and 2 emissions versus the fiscal year '22 baseline, exceeding our target and advancing our SBTi-aligned net zero pathways.

Speaker #1: We delivered over 617,000 cubic meters of water savings in fiscal year 2025–26, with over 5,000 cubic meters of water saved through robotic cleaning. Our commitment to people and communities remains unwavering as we continue to invest in talent, inclusion, and sustainable community development.

Speaker #1: Through Project Surya, which we've talked about earlier, we continue to build green skills, with 166 women trained as technicians in Q1 alone, and additional cohorts progressing through advanced training programs.

Vaishali Nigam Sinha: Through Project Surya, which we have talked about earlier, we continue to build green skills with 166 women trained as technicians in Q1 alone and additional cohorts progressing through advanced training programs. Our commitment to excellence continues to be reflected in strong external recognition and performance. We close the year with industry-leading scores across major ESG ratings and indices, including an S&P Global CSA score of 84, a CDP A-list status for climate change and supply engagement, a triple A for MSCI, and a Sustainalytics low risk score, which is a favorable score of 11.6.

Speaker #1: Our commitment to excellence continues to be reflected in strong external recognition and performance. We close the year with industry-leading scores across major ESG ratings and indices, including an S&P Global CSA score of 84, a CDP A-list status for climate change and supply engagement, a AAA for MSCI, and a sustainability low-risk score—which is a favorable score of 11.6.

Vaishali Nigam Sinha: Our commitment to excellence continues to be reflected in strong external recognition and performance. We close the year with industry-leading scores across major ESG ratings and indices, including an S&P Global CSA score of 84, a CDP A-list status for climate change and supply engagement, a triple A for MSCI, and a Sustainalytics low risk score, which is a favorable score of 11.6. While we remain proud of these achievements, we continue to recognize that the journey is important. As we look ahead, we remain focused on building on this momentum, advancing our key commitments, and continuing to embed sustainability as the core of our business. I will now turn it back to Kailash to take us through the guidance.

Speaker #1: While we remain proud of these achievements, we continue to recognize that the journey is important. As we look ahead, we remain focused on building on this momentum, advancing our key commitments, and continuing to embed sustainability as the core of our business.

Vaishali Nigam Sinha: While we remain proud of these achievements, we continue to recognize that the journey is important. As we look ahead, we remain focused on building on this momentum, advancing our key commitments, and continuing to embed sustainability as the core of our business. I will now turn it back to Kailash to take us through the guidance.

Speaker #1: I will now turn it back to Kailash to take us through the guidance.

Speaker #2: Thank you, Vaishali. Turning to guidance on page 24, we reiterate FY27 consolidated adjusted EBITDA guidance of INR 103 to 109 billion. This includes INR 10 to 12 billion for manufacturing and INR 1 to 2 billion from asset sales.

Kailash Vaswani: Thank you, Vaishali. Turning to guidance on page 24. We reiterate FY27 consolidated adjusted EBITDA guidance of INR 103 to 109 billion. This includes INR 10 to 12 billion from manufacturing and INR 1 to 2 billion from asset sales. We continue to expect to construct between 1.6 to 2.4 gigawatt during FY27 and generate cash flow to equity of INR 18 to 22 billion. For our total committed RE portfolio, which has marginally increased in the current quarter, we expect run rate adjusted EBITDA of INR 134 to 140 billion and run rate cash flow to equity of INR 32 to 36 billion, assuming normal weather patterns and excluding contribution from our manufacturing business. For a fully constructed RE portfolio of around 20.5 gigawatt, which includes 1.7 gigawatt of BESS.

Speaker #2: We continue to expect to construct between 1.6 to 2.4 gigawatts during FY27 and generate cash flow to equity of ₹18 to ₹22 billion.

Speaker #2: For our total committed RE portfolio, which has marginally increased in the current quarter, we expect run-rate adjusted EBITDA of ₹134 to ₹140 billion and run-rate cash flow to equity of ₹30 to ₹36 billion.

Speaker #2: Assuming normal weather patterns and excluding contributions from our manufacturing business, for a fully constructed RE portfolio of around 20.5 gigawatts, which includes 1.7 gigawatts of BES.

Speaker #2: Please note that this includes the one gigawatt of assets sold, for which we have signed definitive agreements, but closing has not yet happened. So, once the closing happens, we will adjust these numbers accordingly.

Kailash Vaswani: Please note that this includes the 1 gigawatt of assets sold, which we have signed definitive agreements for, but closing has not yet happened. So once the closing happens, then we will adjust these numbers for that. With that, we will be happy to take any questions.

Speaker #2: With that, we will be happy to take any questions.

Speaker #3: Thank you. If you wish to ask a question, please press star one (*) on your telephone and wait for your name to be announced. If you wish to cancel your request, please press star two (*2).

Operator: Thank you. If you wish to ask a question, please press star 1 on your telephone and wait for your name to be announced. If you wish to cancel your request, please press star 2. If you are on a speakerphone, please pick up the handset to ask a question. Your first question comes from Justin Clare with Roth Capital Partners. Please go ahead.

Speaker #3: If you are on speakerphone, please pick up the handset to ask your question. Your first question comes from Justin Clare with Roth Capital Partners.

Speaker #3: Please go ahead.

Speaker #4: Hi, thanks for your time. I wanted to start out just on the take-private transaction, wondering if you could give us a sense for the expected timeline from here to completion of the take-private, and then just what you see as the key remaining milestones. And if you could share which approvals or conditions might present the most meaningful uncertainty in terms of the timing.

Justin Clare: Hi. Thanks for the time. I wanted to start out just on the take-private transaction. Wondering if you could give us a sense for the expected timeline from here to completion of the take private, and then just what do you see as the key remaining milestones. If you could share which approvals or conditions might present the most meaningful uncertainty in terms of the timing.

Speaker #2: Kailash.

Sumant Sinha: Kailash.

Speaker #3: Thanks, Justin. First question. Yeah, thanks, Justin, for your question. As per the transaction agreement, we would anticipate the scheme becoming effective in Q1 2027.

Sumant Sinha: Thanks, Justin, for your question. Thanks, Justin, for your question. As per the transaction agreement, we would anticipate the scheme becoming effective in Q1 FY27. The scheme document will be published as soon as reasonably practicable after we have completed the SEC review process and within 10 business days following the date on which the court grants the order for convening of the court meeting. Scheme documents are typically published four weeks ahead of the court meeting date. There are some regulatory approvals which will be sought in parallel with the actions above, and that would also take around three to four months to obtain. The long stop date for the transaction is the completion, which is 95 days of the publication of the scheme circular or 31 March 2027.

Kailash Vaswani: Thanks, Justin, for your question. Thanks, Justin, for your question. As per the transaction agreement, we would anticipate the scheme becoming effective in Q1 FY27. The scheme document will be published as soon as reasonably practicable after we have completed the SEC review process and within 10 business days following the date on which the court grants the order for convening of the court meeting. Scheme documents are typically published four weeks ahead of the court meeting date. There are some regulatory approvals which will be sought in parallel with the actions above, and that would also take around three to four months to obtain. The long stop date for the transaction is the completion, which is 95 days of the publication of the scheme circular or 31 March 2027.

Speaker #3: The scheme document will be published as soon as reasonably practicable after we've completed the SEC review process, and within 10 business days following the date on which the court grants the order for convening of the court meeting.

Speaker #3: Scheme documents are typically published four weeks ahead of the court meeting date. There are also some regulatory approvals which will be sought in parallel with the actions above, and those would also take around three to four months to obtain.

Speaker #3: So the long stop date for the transaction is the completion, which is 95 days from the publication of the scheme circular or 31st March 2027.

Speaker #3: We must stress that this is not guidance, as we are not able to give the exact timelines for the regulatory process. But this is broadly the indicative range of what the process from here on is likely to be.

Sumant Sinha: We must stress that this is not a guidance, as we are not able to give the exact timelines for the regulatory, but this is broadly the indicative range of what the process from here on is likely to be.

Kailash Vaswani: We must stress that this is not a guidance, as we are not able to give the exact timelines for the regulatory, but this is broadly the indicative range of what the process from here on is likely to be.

Speaker #4: Got it. Okay, that's helpful. And then maybe just shifting over to the performance in the quarter—the solar PLF in your fiscal Q1 declined, I think, by 220 basis points year over year.

Justin Clare: Got it. Okay. That is helpful. Then maybe just shifting over to the performance in the quarter. The solar PLF in your fiscal Q1 declined, I think it was 220 basis points year over year. Just wondering how much of that decline may have been attributable to just the solar resource during the quarter versus any grid curtailment. If curtailment was a factor, is it an issue that might persist into Q2 or any additional quarters here?

Speaker #4: Just wondering how much of that decline may have been attributable to the solar resource during the quarter versus any grid curtailment. And then if curtailment was a factor, is it an issue that might persist into Q2 or any additional quarters here?

Speaker #5: So, we have just been facing...

Kailash Vaswani: So we have, Justin, been facing curtailment on the solar side. So that has definitely contributed a reasonable amount to the decline in the PLF. This is, again, something that is an impact that we are seeing, but we are also trying to see if through advocacy, we can get compensated for the non-availability of transmission network. So that is something that we will pursue. Then obviously, then weather related, there has been some additional impact also that we saw, given that there were more cloudy days compared to last year, and that also contributed. I would say the split between the two would be maybe half and half, between curtailment and weather patterns.

Speaker #2: Curtailment on the solar side has definitely contributed a reasonable amount to the decline in the PLF. This is, again, something that has had an impact that we are seeing, but we are also trying to see if, through advocacy, we can get compensated for the non-availability of the transmission network.

Speaker #2: So that is something that we will pursue. And then, obviously, on the weather-related front, there has been some additional impact also that we saw, given that there were more cloudy days compared to last year, and that also contributed.

Speaker #2: I would say the split between the two would be maybe half and half—between curtailment and weather patterns.

Speaker #4: Got it. Okay. And then just one more on the guidance here. So, manufacturing contribution was pretty strong in Q1—₹5.65 billion.

Justin Clare: Got it. Okay. Then just one more on the guidance here. So manufacturing contribution was pretty strong in Q1 here, so INR 5.65 billion, compared to the guidance for the full year for manufacturing of INR 10 billion to 12 billion. So it implies a meaningful step down in the contribution and the balance of the year on a quarterly basis. Wondering if that is just conservative or are you anticipating a meaningful step down in the profitability there?

Speaker #4: Compared to the guidance for the full year for manufacturing of $10 to $12 billion, it implies a meaningful step down in the contribution in the balance of the year on a quarterly basis.

Speaker #4: Are you just being conservative, or are you anticipating a meaningful step down in profitability there?

Speaker #2: I mean, we're not expecting a meaningful step down, but margins have been coming down a little bit. And there were extensions also which were granted as far as implementing ALMM on sales was concerned, which happened after the completion of Q1.

Kailash Vaswani: We are not expecting a meaningful step down, but margins have been coming down a little bit. There were extensions also which were granted as far as implementing ALMM on cells was concerned, which happened after the completion of Q1. So there is a little bit of uncertainty in the market at this point in time with respect to margins, and given that there is additional production capacity also which is coming online. As a combination of these factors, we have decided to err on the side of caution and not really change the guidance numbers. Obviously, as we see a stronger performance continuing into next quarter, then we could look to take a relook at the numbers again when we announce our Q2 results. As far as margins are concerned, so last year Q1 was at 40%, this year it is at 34%.

Speaker #2: So, there is a little bit of uncertainty in the market at this point in time with respect to margins, and given that there's additional production capacity also coming online.

Speaker #2: So as a combination of these factors, we've decided to err on the side of caution and not really change the guidance numbers. And obviously, as we see stronger performance continuing into next quarter, then we could look to take a relook at the numbers again when we announce our Q2 results.

Speaker #2: As far as margins are concerned, last year Q1 was at 40%. This year, it's at 34%. So there has been some contraction, which you have already seen playing out in the margins.

Kailash Vaswani: As far as margins are concerned, so last year Q1 was at 40%, this year it is at 34%. So there has been some contraction, which you have seen already in the margins playing out. Then as more supply comes in, that is likely to continue a little bit also. So we will have to see how the trends play out in the backdrop of this ALMM for sales extension till 31 December.

Kailash Vaswani: So there has been some contraction, which you have seen already in the margins playing out. Then as more supply comes in, that is likely to continue a little bit also. So we will have to see how the trends play out in the backdrop of this ALMM for sales extension till 31 December.

Speaker #2: And then, as more supply comes in, that is likely to continue a little bit also. So, we will have to see how the trends play out in the backdrop of this ALMM for sales extension till 31st December.

Speaker #4: Got it. Okay. Thank you very much.

Justin Clare: Got it. Okay. Thank you very much.

Speaker #3: Thank you. Next question comes from Puneet Kulari with HSBC. Please go ahead.

Kailash Vaswani: Thank you.

Operator: The next question comes from Puneet Gulati with HSBC. Please go ahead.

Speaker #5: Yeah. Thank you so much, and congrats on the performance. My first question is on your comment about compensation with respect to curtailment. Is there a scope for confusion over whether you should get compensated or not?

Puneet Gulati: Yeah. Thank you so much, and congrats on performance. My first question is on your comment on compensation with respect to curtailment. Is there a scope for confusion whether you should get compensated or not as opposed to a straightforward must-run versus T&D? If you can clarify a bit here.

Speaker #5: I thought it was a straightforward trust down versus DGNA. If you can clarify a bit here.

Speaker #2: Yeah. I'm happy to.

Kailash Vaswani: Yeah. I am happy to

Sumant Sinha: Sorry, Kailash. You want to take that?

Speaker #3: So sorry, Kailash. Would you like to take that?

Sumant Sinha: Sorry, Kailash. You want to take that?

Speaker #2: You want to go ahead, one.

Kailash Vaswani: No, go ahead, Sumant.

Speaker #3: No, I was only saying, Puneet, that for trust down curtailment, we get compensated, as you know. For any other TGNA curtailment, there is no specific mechanism to get compensated.

Sumant Sinha: No, I was only saying, Puneet, that for must-run curtailment, we get compensated, as you know.

Puneet Gulati: Yeah

Sumant Sinha: T&D curtailment, there is no specific mechanism to get compensated. Having said that, we are having discussions with MOP right now about whether something can be made to work. Those discussions are ongoing, so they haven't come to any form of conclusion right now. One can't say what form, if any, that compensation will take. We're certainly trying because this curtailment is happening through no fault of ours, and that's the point that we've made and acknowledged, and it's acknowledged by the government as well. But we'll have to wait and see where those discussions end up at. I don't think it will be a full compensation.

Speaker #3: Having said that, we are having discussions with MOP right now about whether something can be made to work. Those discussions are ongoing, so they haven't come to any form of conclusion right now.

Speaker #3: So one can't say what form, if any, that compensation will take. We're certainly trying because this curtailment is happening through no fault of ours.

Speaker #3: And that's the point that we made and acknowledged, and it's acknowledged by the government as well. But we'll have to wait and see where those discussions end up.

Speaker #3: I don't think it will be a full.

Speaker #5: But there's no confusion for trust down.

Puneet Gulati: But there's no confusion of the trust down part.

Sumant Sinha: But we can't see how much we can get. No, there is no confusion.

Speaker #3: I'm trying to see how much we can get. No, there is no confusion.

Speaker #5: Yeah, but there's no.

Sumant Sinha: Yeah, but there's no.

Puneet Gulati: Yeah, but there's no.

Speaker #3: The trust-down part is also a much smaller number. It's a much smaller number compared to the TGNA curtailment that is happening.

Sumant Sinha: The trust down part is also a much smaller number. It is a much smaller number compared to the T&D curtailment that is happening.

Speaker #5: Understood. Secondly, what are your thoughts on the best side? How much is installed capacity today? And is there a plan to build something on the merchant side as well?

Puneet Gulati: Understood. Secondly, what are your thoughts on the BESS side? How much is installed capacity today? Is there a plan to build something on the merchant side?

Kailash Vaswani: We have maybe a couple of hundred megawatt hours right now that are commissioned. Building long-term merchant BESS is a little bit difficult because you do not know how things are going to evolve in the market over a 5 to 7 year time period, which is the minimum required to figure out what the returns should be. What we are going to be doing is that in some of the projects that we are doing, to the extent that those projects are getting commissioned, let us say 2 years or 3 years from now, some of those BESS projects we will commission earlier, run them as merchant plants for a shorter period of time. Because we know that in the near term, perhaps in the next 1 to 2 years, there is likely to be a reasonable arbitrage between daytime and evening prices.

Sumant Sinha: We have maybe a couple of hundred megawatt hours right now that are commissioned. Building long-term merchant BESS is a little bit difficult because you do not know how things are going to evolve in the market over a 5 to 7 year time period, which is the minimum required to figure out what the returns should be. What we are going to be doing is that in some of the projects that we are doing, to the extent that those projects are getting commissioned, let us say 2 years or 3 years from now, some of those BESS projects we will commission earlier, run them as merchant plants for a shorter period of time.

Speaker #3: We have maybe a couple of hundred megawatt-hours right now that are commissioned. Building long-term merchant BESS is a little bit difficult because you don't know how things are going to evolve in the market over a five to seven-year time period, which is the minimum required to figure out what the returns should be.

Speaker #3: But what we are going to be doing is that in some of the projects that we are doing, to the extent that those projects are getting commissioned, let's say, two years or three years from now, some of those best projects will commission earlier. We'll run them as merchant plants for a shorter period of time, because we know that in the near term, perhaps in the next one to two years, there is likely to be a reasonable arbitrage between daytime and evening prices.

Sumant Sinha: Because we know that in the near term, perhaps in the next 1 to 2 years, there is likely to be a reasonable arbitrage between daytime and evening prices. We will hope to create that value over a 1-2 year period, then look to drop those BESS projects into existing PPAs that we have. As those get commissioned, then we move these BESS projects into those.

Speaker #3: And so we'll hope to create that value over a one-to-two year period, and then look to drop those best projects into existing PPAs that we have.

Kailash Vaswani: We will hope to create that value over a 1-2 year period, then look to drop those BESS projects into existing PPAs that we have. As those get commissioned, then we move these BESS projects into those.

Speaker #3: As those get commissioned, then we'll move these best projects into those.

Speaker #5: Is there a target for this commissioning for fiscal '27 or '28?

Puneet Gulati: Is there a target for this commissioning for fiscal 2027 or 2028?

Speaker #3: We haven't specified a target. This year, it's looking a little unlikely because, obviously, this year, we haven't—we are not at a point where we've been able to commission anything for this year.

Kailash Vaswani: We haven't specified a target. This year it's looking unlikely because obviously this year we are not at a point where we'll be able to commission anything for this year, but certainly by next year, we are hoping to commission some amount. But once those plans get finalized, we'll let you guys know.

Sumant Sinha: We haven't specified a target. This year it's looking unlikely because obviously this year we are not at a point where we'll be able to commission anything for this year, but certainly by next year, we are hoping to commission some amount. But once those plans get finalized, we'll let you guys know.

Speaker #3: But certainly, by next year, we are hoping to commission some amounts. Once those plans get finalized, we'll let you guys know.

Speaker #5: Understood. That's very helpful. And lastly, if I may, on your recent sale of 1,000-megawatt assets to Purva, can you talk about what sort of EBITDA multiple you managed to get from that?

Puneet Gulati: Understood. That's very helpful. Lastly, if I may, on your recent sale of 1,000 megawatt assets to Purvah, can you talk about what sort of EBITDA multiple you managed to get from that?

Speaker #2: So, Puneet, on that, once the closing happens, we will agree with the buyer on what source of view you would like to jointly make.

Kailash Vaswani: Puneet, on that, once the closing happens, we will agree with the buyer what disclosures we would like to jointly make, and then speak about it. Right now, we're under NDA.

Speaker #2: And then speak about it. Right now, we are under NDA.

Speaker #5: Understood. And understood. And just one more — there was also chatter about you trying to sell the hydro plant. Is that something one should think about as a potential salable asset as well?

Puneet Gulati: Understood. Just one more. There was also a chatter about you trying to sell hydro plant. Is that something one should think about as a potential sellable asset as well?

Speaker #2: So again, as part of our asset recycling, we do evaluate sales of various assets. So it could be part of such discussions that you may have heard about.

Kailash Vaswani: So again, as part of our assets recycling, we do evaluate sales of various assets. It could be part of such discussions that you may have heard about.

Sumant Sinha: So again, as part of our assets recycling, we do evaluate sales of various assets. It could be part of such discussions that you may have heard about.

Speaker #5: Okay, okay. That's all from my side. Thank you so much, and all the best.

Puneet Gulati: Okay. That is all from my side. Thank you so much, and all the best.

Speaker #2: Thank you.

Kailash Vaswani: Thank you.

Sumant Sinha: Thank you.

Speaker #3: Thank you. Once again, if you wish to ask a question, please press star one on your telephone and wait for your name to be announced.

Operator: Thank you. Once again, if you wish to ask a question, please press star one on your telephone and wait for your name to be announced. There are no further questions at this time. That does conclude our conference for today. Thank you for participating, and you may now disconnect.

Speaker #3: There are no further questions at this time. That does conclude our conference for today. Thank you for participating, and you may now disconnect.

Speaker #1: Thank you.

David Brown: Thank you.

Vaishali Nigam Sinha: Thank you.

Kailash Vaswani: Thank you.

Puneet Gulati: Thank you.

Sumant Sinha: Thank you.