KPI Green Energy Ltd — Q4 FY26

KPI Green Energy Ltd Q4 FY2025-26 Earnings Conference Call https://www.youtube.com/watch?v=GCsZ8jvJUMc Published: 1 day ago

0:01 1 second Ladies and gentlemen, kday and welcome to the KPI green energy limited Q4 FI26 earnings conference call hosted by Shared India Securities. 0:11 11 seconds As a reminder, all participant lines will be in the listenon mode and there will be an opportunity for you to ask questions after the presentation 0:18 18 seconds concludes. Should you need assistance during the conference call, please signal an operator by pressing start then zero on your touchstone phone. I 0:27 27 seconds now hand the conference over to Mr. Hush Patel from Share India Securities. Thank you and over to you Hush. 0:34 34 seconds Thank you. Good morning everyone. Uh I I would like to congratulate the management on very good set of numbers 0:41 41 seconds on behalf of Share India Securities. I welcome you all to for Q4 FI26 earnings conference call of KPI green energy. We 0:49 49 seconds are pleased to have with us the management team represented by Mr. Tohil DA the holding director, Dr. Alog Daz 0:56 56 seconds group CEO, Mr. Salim Yahu, chief financial officer of the company. We will have the opening remarks from the management followed by question and 1:04 1 minute, 4 seconds answer session. Thank you and over to you VM. 1:07 1 minute, 7 seconds Okay. Thank you. Thank you. Uh good morning everyone. Myself Vino Jen and investor edition. On behalf of management team, I would like to extend 1:15 1 minute, 15 seconds a very warm welcome to all our industry shareholders and other participants for today's earning call for quarter 4 and 1:22 1 minute, 22 seconds fi 2526 for KPI green energy. Joining us on the call are whole time director, groups, CEO and CFO who have already 1:31 1 minute, 31 seconds been introduced. They will take us through the financial and the operational performance for the past 10 years. Let me tell you that financial 1:38 1 minute, 38 seconds year 2526 has been another strong and excellent year for the company with robust operational and financial performance. As committed during the 1:47 1 minute, 47 seconds year, we reported strong growth on topline AITA and cash profit which will be detailed by our CFO Mr. Salimao 1:55 1 minute, 55 seconds during the year we secured several strategic project wins across solar wind gas emerging segment like floating solar 2:03 2 minutes, 3 seconds and the power tearing license on the CRC while continuing to strengthen our long-term IP portfolio and power 2:10 2 minutes, 10 seconds infrastructure. At KP Green uh we remain committed to building an integrated renewable energy platform with strong 2:17 2 minutes, 17 seconds execution capability, technologyled operation and long-term value creation for all the stakeholders. Now I would like to hand over the call to Mr. 2:25 2 minutes, 25 seconds Salimao for the financial and operational overview. Thank you and over to Mr. Salima. 2:32 2 minutes, 32 seconds Good morning everyone. On behalf of KPI Green Energy Limited, I extend a warm welcome to all our investors, analysts, shareholders and participants joining us 2:41 2 minutes, 41 seconds today for the earning conference call for the quarter and financial year ended March 31st, 2026. I hope all of you have 2:48 2 minutes, 48 seconds had the opportunity to go through our audited financial vis and the investor presentation uploaded on the stock exchange. FY226 has been another 2:56 2 minutes, 56 seconds landmark year for KPI Green Energy Limited. The company has delivered strong growth across all key financial and operational parameters supported by 3:05 3 minutes, 5 seconds continued execution strength, a diversified renewable portfolio, and a clear focus on building long-term sustainable value. Our journey over the 3:13 3 minutes, 13 seconds past 5 years reflect the strength and scalability of our business model. 3:17 3 minutes, 17 seconds During this period, our compounded growth has been remarkable with 92% CAGGR in sales and 104% CAGGR in profit. 3:26 3 minutes, 26 seconds This demonstrates that KPI green is well aligned with India's renewable energy requirement and is consistently creating sustainable value for shareholders. Over 3:35 3 minutes, 35 seconds the last three years, we have built not just projects but strong momentum. Our total assets have grown more than doubled every year rising from 2,436 cr 3:45 3 minutes, 45 seconds in FI24 to 4792 crores in FI25 and further reaching 9,882 cr this year in FI26. 3:54 3 minutes, 54 seconds This growth reflects our discipline investment in renewable assets, land evacuation infrastructure and execution capability. Moving to the financial 4:02 4 minutes, 2 seconds performance for FY26, our total income stood at 2742 crores as compared to 1,755 crores in FY25, registering a 4:10 4 minutes, 10 seconds strong growth of 56% yearonear earning before interest tax and depreciation increased to rups 1,6 crores as compared 4:20 4 minutes, 20 seconds to 581 crores in FY25 reflecting growth of 73%. 4:25 4 minutes, 25 seconds profit after tax at add rupees 509 growth as compared to 325 cr in FYI25 registering growth of 57% yi 4:34 4 minutes, 34 seconds for quarter f4 fi26 total income stood at rupes 810 cr earning before interest tax and depreciation stood at 305 crores 4:43 4 minutes, 43 seconds and VAT stood at 155 cr this reflects strong momentum in the closing quarter of the year and demonstrate our ability to execute at scale while maintaining 4:52 4 minutes, 52 seconds profitability Our balance sheet has also strengthened significantly. Net worth increased to rups 3,273 5:00 5 minutes crores in FI26 from rups 2630 crores in FI25. While as six assets grew to rupes 5,427 5:08 5 minutes, 8 seconds crores reflecting our continued investment in renewable energy asset and future growth cap capacity. Cash flow from operation activities improved to 5:16 5 minutes, 16 seconds rupes 424 crores in FY26 compared to 28 cr in FI25. 5:24 5 minutes, 24 seconds Moving on to operational and uh portfolios. On the operational front, KPIX green continued to scale it 5:31 5 minutes, 31 seconds portfolio across both IPB and CPB segment. As on March 31, 2026, our installed capacity stood at over 1.62 5:39 5 minutes, 39 seconds gawatt with work in progress capacity of over 4.64 64 gawatt. Our installed plus upcoming portfolio has reached 5:47 5 minutes, 47 seconds approximately 6.26 gawatt comprising 2.57 gawatt under IPB segment and 3.69 gawatt under CPV segment. Our expanding 5:57 5 minutes, 57 seconds IP portfolio is expected to generate more than 390 cr units annually strengthening the company's recurring revenue base and improving long-term 6:04 6 minutes, 4 seconds visibility of earnings. With long tenor PPA, strong execution capabilities and integrated project development expertise. We are building a platform 6:12 6 minutes, 12 seconds that combines growth with predictable cash flows. During the year, we secured several important project across solar, 6:19 6 minutes, 19 seconds wind, floating solar, green hydrogen and battery energy storage. This includes 150 megawatt wind project with general 6:27 6 minutes, 27 seconds 445 oblique 890 megawatt standalone best project again 120 megawatt OB 240 megawatt standalone best project. 142 6:36 6 minutes, 36 seconds megawatt floating solar project. 250 megawatt solar project from SGBN 1.13 gawatt solar battery 6:45 6 minutes, 45 seconds balance of plan project from Adani group and 300 megawatt wind project from SGN 6:52 6 minutes, 52 seconds on the financial segment I mean sustainable financial milestone that we have achieved one of the defining milestone for us was the 7:00 7 minutes successful listing of India's first externally credit enhanced green bond this was rupees 670 crores 5-year 7:06 7 minutes, 6 seconds instrument carrying 9.50 coupon rate with quarterly amotization backed by a 65% partial guarantee from guarant which 7:14 7 minutes, 14 seconds is an international uh prof uh international private infrastructure development group. 7:20 7 minutes, 20 seconds The instrument was rated double A plus C by Crystal and Ikra. This innovative structure broadened our investor base among long tenor domestic institutions 7:28 7 minutes, 28 seconds and set a new benchmark for sustainable finance in India. More importantly, it reinforces the market confidence in KPI Green's business model, governance standards and renewable growth platform. 7:40 7 minutes, 40 seconds We are pleased to highlight that KPI green has received both interstate trading license from CC and intrastate 7:46 7 minutes, 46 seconds trading license from GC. This enables us to participate in pan India power market exchange and bilateral contracts thereby 7:54 7 minutes, 54 seconds creating wider market access, better realization opportunities and enhance portfolio flexibility. 8:00 8 minutes Looking ahead, our focus remain on strengthening the IPB portfolio, expanding the CTB businesses and building capabilities in future growth segments such as battery energy storage 8:08 8 minutes, 8 seconds system, green hydrogen, floating solar, offshore wind, pump storage and energy trading. Our strategy is to build an integrated renewable energy platform 8:17 8 minutes, 17 seconds with strong execution capabilities, predictable annuality revenue and long-term value creation for all the stakeholders. 8:24 8 minutes, 24 seconds As in the accelerated renewable energy transition, KPI green is well positioned to contribute meaningfully through scale, execution, innovation and 8:31 8 minutes, 31 seconds discipline financial management. We remain committed to timely execution, strong governance, sustainable growth and consistent value creation for all our stakeholders. 8:41 8 minutes, 41 seconds I thank you for all the support that has been provided by all our stakeholders. 8:45 8 minutes, 45 seconds With this, I would like to thank all our shareholders also, lenders, customers, employees, partners, regulators for their continuous trust and support. I 8:53 8 minutes, 53 seconds now request the moderator to open the floor for questions. 8:58 8 minutes, 58 seconds 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 touchstone 9:06 9 minutes, 6 seconds 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 9:15 9 minutes, 15 seconds question. Ladies and gentlemen, we will wait for a moment while the question queue assembles. 9:30 9 minutes, 30 seconds The first question is from the line of Aditya Panda from Vom. Please go ahead. 9:37 9 minutes, 37 seconds Hi, I'm audible. 9:40 9 minutes, 40 seconds You're you're not sounding that clear, Mr. Pander. Hi. Am I audible now? Yes, please go ahead. 9:48 9 minutes, 48 seconds Yes. Uh congratulations for a great set of numbers. Um my question was uh towards uh one of our subsidiaries 9:56 9 minutes, 56 seconds Sunrop Energy. Uh we are also a stakeholders in that company. Wanted to get some idea on the H2 numbers uh and 10:04 10 minutes, 4 seconds Q4 numbers and also uh what is the status of the DR calling and the eventual listing. 10:14 10 minutes, 14 seconds Thank you uh for the compliment. 10:17 10 minutes, 17 seconds Speaking about Sundrop which is uh you know a subsidiary of KP at present and uh the top line of Sundrop this year was 10:24 10 minutes, 24 seconds 586 crores which was substantial growth with a PAT or with a PB of 130 crores and a PAT of 97 crores. uh with respect 10:34 10 minutes, 34 seconds to the IPO of Sundrop we have now Sundrop has been uh you know we are uh going to do all the battery energy 10:41 10 minutes, 41 seconds storage system that is the best which is an upcoming segment that segment is been uh dedicated to Sundro. So Sundrop will 10:48 10 minutes, 48 seconds be coming up shortly with the with filing of BRSP for the IPO with the object of battery energy storage system along with the battery energy manufacturing also is in line with us. 11:00 11 minutes So shortly you'll see the uh you know interaction in this particular company more and uh growth also is there on the top line you have you have seen this 11:08 11 minutes, 8 seconds year we have grown again substantially next year also we have a uh substantial target of growing this company going forward 11:16 11 minutes, 16 seconds understood uh I think I missed the part where uh I think you didn't mention the uh timeline for listing 11:24 11 minutes, 24 seconds this year this year we as we told know this year this financial year we'll be uh doing the listing and drop. 11:30 11 minutes, 30 seconds Thank you. Sh. Okay. Thank you. Thank you. 11:36 11 minutes, 36 seconds Thank you. The next question is from the line of Shenik Meta from Indo Arts Wealth. Please go ahead. 11:44 11 minutes, 44 seconds Hi. 11:46 11 minutes, 46 seconds Uh my question is about uh overall IP strategy. 11:51 11 minutes, 51 seconds So FI26 you saw revenue growth of almost 56%. and profit growth of 57%. 11:59 11 minutes, 59 seconds DPS has grown only 49%. And the stock has derated. 12:04 12 minutes, 4 seconds Our interest cost is up almost uh 130% to 182 crores against the IP contribution which is only 9%. 12:14 12 minutes, 14 seconds So you have almost 1.6 gawatt of IP energies or FI 27 and 28 12:23 12 minutes, 23 seconds uh that will come up. So what will be the peak interest burden that the P&L will absorb and at what point of time do 12:31 12 minutes, 31 seconds you expect this IP pat to cross the interest plus the depreciation and the dilution lag. So the question is largely 12:39 12 minutes, 39 seconds that when does this transition become EPS accretive rather than EPS dilutive on a per share basis. 12:48 12 minutes, 48 seconds Yeah, thank you uh Sh and uh I think if I summarize your question, you want to understand when is the break even going to happen and when we'll see the 12:56 12 minutes, 56 seconds positive impact on the financial from the IP segment, right? 13:00 13 minutes Yeah. And also the peak interest burden what we'll have yeah see first of all let me just explain you the interest cost why it has 13:09 13 minutes, 9 seconds increased. If you see last year uh last year we had uh you know done an qip because of which you know we have repaid 13:17 13 minutes, 17 seconds some of portion of our long-term loans and short-term loans because of which the interest cost in the last year was seen very less compared to this year. 13:24 13 minutes, 24 seconds This year we have added more capacity we have taken uh we have started 250 megawatt 370 megawatt and then also ka 13:31 13 minutes, 31 seconds 240 megawatt. So IPB is a segment which you know uh we uh it it's a capex burden. So automatically the interest 13:39 13 minutes, 39 seconds cost has increased this year. Now the peak interest cost approximately would be at around 300 odd K. But if you see 13:46 13 minutes, 46 seconds the initial phase when you see the business when it start the IPB segment comes in a phase manner. So if you first 13:53 13 minutes, 53 seconds see that you know out of this one gig out you'll find 250 then three uh another 250 uh coming up over a period 14:01 14 minutes, 1 second of time. So the revenue you know start coming. So FY2728 is where we will see the full year uh 14:08 14 minutes, 8 seconds operation of this IP what we have taken in hand and then you'll see the you know within that stability period will also 14:15 14 minutes, 15 seconds go you'll find that majority of the thing whereas a break even of any IP project would be around 6 to 7 years but 14:22 14 minutes, 22 seconds you'll see a strong uh cash flow coming from FI 2728 in the IP segment. 14:30 14 minutes, 30 seconds Okay. So we can expect that the roe of the company will continue to decline even until FI 28. 14:38 14 minutes, 38 seconds Not I'm telling you we are doing it in a phase wise manner. 14:42 14 minutes, 42 seconds So if you if you have uh the PP that we have signed with the government uh institutions like GUL there we have a 14:49 14 minutes, 49 seconds clause that we can set up the plants in the batches of 25 megawatt 50 megawatt. 14:54 14 minutes, 54 seconds So the revenue also start coming up. So what happens is that you know it also reduces my interest cost. So automatically find that it will not be 15:02 15 minutes, 2 seconds uh that much burden in the uh in the construction phase also because while constructing the other portion of the plant some portion will automatically 15:09 15 minutes, 9 seconds start generating revenue. So though maybe the cood of that will be in the end of se uh 27 but before that you know 15:16 15 minutes, 16 seconds 50 60% of the plant is already started uh generating revenue. So you'll see see a mixed uh you know uh impact on the 15:24 15 minutes, 24 seconds financial you will not see see too much of uh you know impact of interest or you know too much of impact of other cost but at the same time uh there will be 15:32 15 minutes, 32 seconds also revenue which will come up but yes the exact uh you know the the impact will come only in 2728 when the entire 15:39 15 minutes, 39 seconds plant is done and we start seeing the revenue flowing in. 15:43 15 minutes, 43 seconds Yeah and that is probably the reason why the stock has been underperforming. So you know your ROC has been dropping 15:50 15 minutes, 50 seconds almost from 18 19% to around 13 14%. And probably from what you're explaining it may further drop in the next one or two years before it starts to climb up. 16:02 16 minutes, 2 seconds Not one or two years I think you know uh most probably this year we'll have little bit uh you know we will curtail 16:10 16 minutes, 10 seconds the drop this year itself and next year we'll see again our week coming back to the uh earlier levels that is what we are targeting. 16:18 16 minutes, 18 seconds Okay. All right. Thank you. Thank you. 16:24 16 minutes, 24 seconds Thank you. The next question is from the line of Aish Sharma, an individual investor. Please go ahead. 16:32 16 minutes, 32 seconds Yeah. Hi. So my question is uh on the uh this evaporation. So in 24 the 16:40 16 minutes, 40 seconds evaporation was 1.6 6 GAW I mean at Y by 25 it was decreased to approximately 16:47 16 minutes, 47 seconds 3.26 26 which is 100% increase by a Y but this year the uh evacuation has only 16:55 16 minutes, 55 seconds increased to 3.56 which is 10% of the previous year. What is the reason which you are saying that only uh very less 17:03 17 minutes, 3 seconds increase in the YUI evaporation overall? 17:09 17 minutes, 9 seconds Aisha your question we are not able to understand exactly what you are looking at in FY 25 it was you are saying 3.9 gawatt right as for the presentation 17:18 17 minutes, 18 seconds 3.26 yeah FY 25 it was 3.26 26 you can just open the presentation of the last year same quarter 17:27 17 minutes, 27 seconds only talking about right yeahiration and this year it is has increased to 39%. 17:36 17 minutes, 36 seconds Yes. 17:39 17 minutes, 39 seconds Yeah. Yeah. See evacuation there is a process of evacuation uh getting approval or getting the evacuation uh in 17:46 17 minutes, 46 seconds your city. The process is that you have to apply you have to check wherever there is an evacuation and then so we have applied multiple. So maybe you know 17:53 17 minutes, 53 seconds this this year you have not seen too much of evaction but there are multiple evacuation which have been applied and we have applied in different companies 18:01 18 minutes, 1 second also because we have multiple other companies. uh we apply in individual companies uh where we can set up the projects and later on transfer that 18:09 18 minutes, 9 seconds evacuation to KPI. So rest be assured that evacuation is substantial at our end. We have also applied. So you'll find the growth in evacuations and uh 18:17 18 minutes, 17 seconds evacuation is not a bottleneck for our growth. We have already been growing because of these two factors land bank and uh power evacuation and this will be 18:26 18 minutes, 26 seconds the growth runners for our business going forward also. 18:31 18 minutes, 31 seconds Okay. And my next question is on the Bana. So have we started the project there? 18:38 18 minutes, 38 seconds Have we done the voice? Are you your voice is cracking? 18:44 18 minutes, 44 seconds I'm sorry to interrupt Mr. Sharma. Your voice is not audible. Am I audible now? It is sounding muffled to us. 18:53 18 minutes, 53 seconds Hello. Am I It's It's still the same actually. Mr. 19:03 19 minutes, 3 seconds Can you please check the connection of yours and please rejoin the queue? In the meanwhile, we'll take the next question which is from the line of part 19:11 19 minutes, 11 seconds from plus 91 asset management. Please go ahead. 19:15 19 minutes, 15 seconds Hi, thanks for taking my question. Salim sir, congratulations to you and your team for a good set of numbers. Uh so a couple of bookkeeping questions. Um what 19:23 19 minutes, 23 seconds is our current uh CPP order book in terms of rupees cross? 19:28 19 minutes, 28 seconds Yeah, that is the only question. So, current TPP order book if you see we have uh 19:35 19 minutes, 35 seconds approximately 5,000 246 crores of order book on the CPP side. 19:42 19 minutes, 42 seconds Okay, perfect. And secondly, sir, uh we've seen uh substantial increase in inventory about a 4x increase in inventory and 2x increase in inventory days. So, what's the strategy there? 19:54 19 minutes, 54 seconds Uh if you see what is the inventory uh in our balance sheet is approximately 1,000 plus right right 1400 odd crores 20:03 20 minutes, 3 seconds yes 1 1400 odd k if you look at the order book that I told you 5,246 k right right 20:11 20 minutes, 11 seconds hello hello if you see yes sir the inventory that I'm holding is only 40% of uh you know 30 to 40%. So I have 20:20 20 minutes, 20 seconds to keep on uh uh you know building up the inventory so I so I can execute the orders in a timely manner and that's the reason if you see we have stocked 20:28 20 minutes, 28 seconds inventory because we have huge order which has lined up and we have to execute it them in the upcoming quarters 20:35 20 minutes, 35 seconds perfect sir 30 to 40% inventory is a reasonable thing sure sure sir if I may just squeeze in 20:43 20 minutes, 43 seconds one last question and then I will join back in the queue uh if you can give us an update on the Botswana project uh that would be helpful. 20:52 20 minutes, 52 seconds Yeah. So we have already uh set up company in Botswana. So we are also I mean that Botswana company will be a subsidiary of a company which will be in 21:01 21 minutes, 1 second GI city which will be 100% subsidiary of KPI. So we have done all the ground work for setting up the company. All the approvals have been taken place so that 21:09 21 minutes, 9 seconds we can uh infuse funds from you know as per the overseas direct investment qualities of undermark. So all those 21:17 21 minutes, 17 seconds procedure has been done. We have set up a team over there. The team uh we have taken offices over there and we are shortly be signing the PPAs with in 21:25 21 minutes, 25 seconds Busousan or in the neighboring countries so that we can start working on our first commitment of 500 uh megawatt by end of FI by end of December 27. So that is there already in uh process. 21:37 21 minutes, 37 seconds Okay. Thank you sir. I'll join back the queue. 21:41 21 minutes, 41 seconds Thank you. The next question is from the line of Ankit Panda and individual investor. Please go ahead. 21:48 21 minutes, 48 seconds Hi sir, my question is regarding the growth outlook of the company. So like what is the expected growth uh in 21:56 21 minutes, 56 seconds revenue and that you are expecting in percentage this finance year uh an you know our honorable CMD sir Dr. 22:09 22 minutes, 9 seconds Far Patel has on various in various public domain or on the televisions have given uh the commitment that we are you 22:16 22 minutes, 16 seconds know binded to grow at a rate of 40 to 50% year on year. So we will uh we'll try to maintain that growth structure 22:25 22 minutes, 25 seconds and as far as the profitability is concerned we'll try to maintain and the profitability as popularity is very strong and we'll try to maintain that profitability by uh figuring out how the 22:34 22 minutes, 34 seconds mix of IP and the CPP will help us to maintain that profitability. Okay sir, thank you so much. 22:43 22 minutes, 43 seconds Thank you. The next question is from the line of ML Bua from unlistedindia.com. Please go ahead. 22:51 22 minutes, 51 seconds Hi sir. Thank you. Thank you for taking the question. My first question is on I'm sorry to interrupt you Mr. Mitt but we are unable to hear you clearly sir. 23:04 23 minutes, 4 seconds You're able to hear me now? Yes better. Please go ahead. 23:08 23 minutes, 8 seconds Yeah. Uh so the my first question is on grid stabilization charges which have been imposed in many states. So what is the impact on the CPP segment uh for JPI? 23:20 23 minutes, 20 seconds So can you just elaborate your question? 23:22 23 minutes, 22 seconds I mean we are not able to understand what are the charges. 23:24 23 minutes, 24 seconds So uh there are grid stabilization charges which have been imposed in Maharashtra. 23:30 23 minutes, 30 seconds uh we have uh heard from multiple sources that this is the add-on to the bills that everyone is getting in the rooftop solar and in the CTP also. So 23:39 23 minutes, 39 seconds just asking that is does it had any impact on the CPP segment for KPI? 23:45 23 minutes, 45 seconds Uh yeah I'm Dr. Talog speaking uh basically uh grid stabilization charges Maharashtra policy newly introduced and 23:52 23 minutes, 52 seconds uh actually we are not doing any project in Europe particularly we are exploring some new policy declared about uh base 24:01 24 minutes, 1 second base compatible of 50% mandatory for under that policy declared recently so we as a KP 24:08 24 minutes, 8 seconds are evolutating uh the project feasibility in the state of Maharashtra and how that charges and the So because 24:16 24 minutes, 16 seconds when all these things are calculated we will be try to see that what kind of charges they are getting grid stabilization charges we are just 24:24 24 minutes, 24 seconds evaluating how it is impacting to our project facility as in today we are not sure how much it will be impacted for PPP sectors as because in the 24:34 24 minutes, 34 seconds Maharashtra there's a huge captive charges so we are sure it can stabilize somewhere else so we need to see and detail evaluation for that 24:42 24 minutes, 42 seconds true so these charges have not been uh slid in Gujarat and other states. 24:48 24 minutes, 48 seconds No G stabilization charges in Gujarat is not there. We are not finding this thing there in other states also. So this 24:56 24 minutes, 56 seconds policy recently declared probably we have to see that how it is impacting that. 25:00 25 minutes Okay. So my next question is on land bank. So what is the percentage that we own and what is the least what is the percentage of that break up? Yeah, 25:10 25 minutes, 10 seconds approximately 800 to,000 acres is out of 7,210 acre which was shown on the in the 25:16 25 minutes, 16 seconds presentation 800 to,000 acre is something which is owned by us and rest all is 26 to 27 years kind of a lease 25:25 25 minutes, 25 seconds agreement with the farmers or the private parties. 25:29 25 minutes, 29 seconds Okay. Okay. So my next question is like CPP addition we have done around 210 megawatt this year. So if you see even 25:36 25 minutes, 36 seconds last year we did 165 odd megawatt. So how do we plan to scale up this to a very big uh because we have a huge uh uh 25:44 25 minutes, 44 seconds capital work in progress. So what is the addition for this year what we are aiming at? 25:50 25 minutes, 50 seconds So you're talking about the CPP right or yeah CP. So this year I guess we had added 210 megawatt as per your presentation. So how do we scale up such 25:58 25 minutes, 58 seconds a huge order book which is pending actually. So this year what is the target? Yeah. 26:03 26 minutes, 3 seconds See if you see you know in the CPP segment we do billing on milestone basis whereas the addition of the capacity is 26:11 26 minutes, 11 seconds shown in the presentation only when we complete the entire project. 26:15 26 minutes, 15 seconds So there is a so comparing apple to apple will not be right uh thing over here we do the business sometime you 26:23 26 minutes, 23 seconds might see that we might in some quarter we might add up a huge capacity because we have just completed that project which was being carried on for almost a 26:30 26 minutes, 30 seconds year. So there will always be addition gap but uh rest be assured we have strong uh execution capability and a strong order book uh in this particular 26:38 26 minutes, 38 seconds year also. So how much s this year how much we are planning at like to execute uh what is the yearly target that we have from here on 26:46 26 minutes, 46 seconds yearly target as I told in the previous question we are uh you know committing to grow at 40 to 50% year on year so 26:53 26 minutes, 53 seconds this year also see yes yes it will go on the both sides me can we expect 27:02 27 minutes, 2 seconds I commitment on the capacity cannot be given but on the top line or the revenue side we can tell you 40 to 50% Capacity as I told you depends upon the 27:11 27 minutes, 11 seconds completion of the entire project then only we add the capacity. Sure. So my last question is on the IP. 27:16 27 minutes, 16 seconds So the Kaba projects got uh executed I mean it uh got last year I guess in 2025. So uh have we lost on the revenue 27:25 27 minutes, 25 seconds since uh so when from when did we start the billing and how much revenue did we miss actually like on this? 27:33 27 minutes, 33 seconds We have already started the billing. 27:35 27 minutes, 35 seconds Okay. We already started the billing in the Kavada project. The the revenue or the billing got delayed. The plant was ready. Everything was ready. But the uh 27:44 27 minutes, 44 seconds what do we say the GSS the government subsision which was in the scope of the you know GSCL they were not able to complete and that's the reason the you 27:53 27 minutes, 53 seconds know the uh revenue got little bit delayed but with that delay they have already agreed for extending the PPA 28:00 28 minutes terms. So whenever they complete it the PPA uh terms of 25 years they start post that only. 28:06 28 minutes, 6 seconds Okay. So but our return on capital employed gets uh impacted so badly right because of this because of one year postponement. 28:14 28 minutes, 14 seconds Huh? 28:14 28 minutes, 14 seconds See not a one year postponement there is uh you know I think uh six to seven month postponement which has happened but after that also they are agreeing. 28:22 28 minutes, 22 seconds So for example if they have completed a portion of it they are allocating that okay fine out of the 240 if I am uh I have completed if they have completed 28:30 28 minutes, 30 seconds 120 so I can infuse 120 megawatt of power to them and they will pay for that. So in peacemail also they are you know accommodating us. So I think uh and 28:38 28 minutes, 38 seconds also at the end they are increasing the tenure of the PPA. So uh I don't think there is a too much impact uh you know. 28:46 28 minutes, 46 seconds So now the whole project uh the revenue has started. 28:50 28 minutes, 50 seconds Yes almost started some portion of the capacity of GSCL government substation is still pending. So they will complete by I think uh in this quarter in they 28:59 28 minutes, 59 seconds will complete it and post that the entire revenue will start immediate. But at as at we are getting the partial revenue whatever is completed. 29:07 29 minutes, 7 seconds Okay. So thank you so much. Thank you so much for answering all the questions. Thank you. Thanks. 29:13 29 minutes, 13 seconds Thank you. The next question is from the line of CAN from Serene Alpha Analytics. Please go ahead. 29:21 29 minutes, 21 seconds Hello sir I'm audible. 29:23 29 minutes, 23 seconds Yes. Yes you're a yes sir. So my first question is uh on this uh uh increase in the prices of the 29:33 29 minutes, 33 seconds inputs that we procured basically solar molecules steel and copper. So how we are planning to protect our EPC margins because of this input cost pressure. 29:45 29 minutes, 45 seconds When you talk about the input cost, the major input cost are the panels, turbine, right? Which are you know 29:53 29 minutes, 53 seconds almost 60 to 70% of the entire project cost wherever we have uh with material contracts. Okay. So in this input cost 30:01 30 minutes, 1 second we already if you see why we have built up the stock to hedge this pricing also. 30:06 30 minutes, 6 seconds So that is the reason if you see we have given advances to our uh turbine manufacturers, we have given advances to our panel manufacturers. We have taken 30:13 30 minutes, 13 seconds stock on our book so that we can uh you know curtail you can we can safeguard ourselves from the increasing price or 30:21 30 minutes, 21 seconds the input cost and that's the reason we are able to maintain our profitability margin also. 30:28 30 minutes, 28 seconds Okay. And my second question is on this uh promoter pledge. So um could you help us understand that uh what is the road 30:36 30 minutes, 36 seconds map of timeline uh to bring this pledge down? 30:42 30 minutes, 42 seconds We already I mean in the last call also a corner calls we have uh stated that we already have sanction from state bank of India where you know around 50% of the 30:50 30 minutes, 50 seconds promoter shares are pledged. These were long-term I mean long back before IPO these shares were pledged uh to give a collateral security for upcoming 30:59 30 minutes, 59 seconds project. Now SBI has already sanctioned and given us a in the current sanction of 3,000 cr which they have given for 31:05 31 minutes, 5 seconds 250 370 megawatt they have given the uh approval for release of pledge once we complete the cood of this project within 31:12 31 minutes, 12 seconds 3 month after that I think by March 27 the all the pledge will be released by uh the bank 31:20 31 minutes, 20 seconds okay and last my last question is on the uh guidance part about 50 to 60% but uh 31:28 31 minutes, 28 seconds now we are seeing about 40 50% uh could you help us understand why there is a decrease? 31:34 31 minutes, 34 seconds So your voice is cracking I mean can you repeat the question? 31:38 31 minutes, 38 seconds Yes. So I actually uh I was uh um asking that earlier we are speaking about 50 to 60% growth guidance and now we are 31:47 31 minutes, 47 seconds speaking about 40 to 50%. Uh could you help us understand why this decrease there? I don't see any decrease 50 to 60 31:54 31 minutes, 54 seconds is there and 40 to 50. 50 is common in both the place but if you look at all other companies all other companies I don't think any other companies in the 32:02 32 minutes, 2 seconds similar segment or any other segment are showing a yearon-year 40 to 50% growth 32:09 32 minutes, 9 seconds so in in spite of this uh conditions we have shown that growth in spite of the geopolitical conditions in spite of the 32:16 32 minutes, 16 seconds uh you know the the what we say the slowdown in the economy we have been able to grow so I think we should 32:23 32 minutes, 23 seconds appreciate in spite of this we have been able to maintain uh you know and give and fulfill the commitment that which we have given. 32:32 32 minutes, 32 seconds Okay sir. Okay. Thanks and all the best for future. Thank you very much. 32:37 32 minutes, 37 seconds Thank you. The next question is from the line of Pratik Giri from Shublav Research. Please go ahead. 32:44 32 minutes, 44 seconds Hi uh thank you for the opportunity. I hope I'm audible. Uh gentlemen I have a few question. Thank you. I I have few 32:53 32 minutes, 53 seconds questions on uh the broader industry level developments which we have been uh reading and noticing in the last few 33:00 33 minutes months. My first question is on uh so probably government has uh from four 33:06 33 minutes, 6 seconds REAS probably now only SETI is the only uh REIA. 33:12 33 minutes, 12 seconds I wanted to get your opinion uh on how this will shape up the re uh sector 33:19 33 minutes, 19 seconds going forward. Now we saw significant tendering uh you know in 22 23 probably 33:26 33 minutes, 26 seconds 24 also then uh you know there was some slowdown. So how are you looking at this decision taken by uh you know the 33:35 33 minutes, 35 seconds leadership of converting four into one rather converging four into one. 33:42 33 minutes, 42 seconds So this is your first question. Yeah that's the first question. 33:47 33 minutes, 47 seconds Okay so let me answer one by one. uh uh so thing is like this uh you are telling 33:53 33 minutes, 53 seconds a scenario today. So uh today you see that what growth is coming in India 34:01 34 minutes, 1 second today you know there is a uh power demand is about 6 to 7% a year and today 34:08 34 minutes, 8 seconds if you see that uh non-fosil is a penetration idea of government of India they have directed about 500 34:16 34 minutes, 16 seconds gawatt is to be installed and out of 500 gawatt 220 gawatt only for the solar lid 34:23 34 minutes, 23 seconds and total uh that capacity happened about 280 gawatt non-fossil fuel. So now there is a 54% there's a penetrations 34:31 34 minutes, 31 seconds are there as today. So there's a target to complete the 500 megawatt about 45 to 34:39 34 minutes, 39 seconds 50 gawatt per year. Last year if you see that last year solar and wind combination close to 50 gawatt was installed. So now question is to uh 34:48 34 minutes, 48 seconds looking into the peak demand and making the CGR and market growth is about the 34:55 34 minutes, 55 seconds 40 to 50 gawatt per uh year is the value additions. So there are two big things are coming. Seek they are coming with 35:03 35 minutes, 3 seconds the bidding process for the remaining that how to fulfill for that and to support to that bidding whatever the IP 35:12 35 minutes, 12 seconds sectors they are having your uh all sort of you know the resources land and P connectivity. So all the biders are 35:19 35 minutes, 19 seconds quite equipped uh to submit that quotations and etc. And yet each state also they are coming for the bidding process. So obviously that growth 35:28 35 minutes, 28 seconds trajectory remain same and because of the new technology like base compatibility green hydrogen and 35:35 35 minutes, 35 seconds floating solars is also coming some of the state like declared as a new that aration like Orisa they declared as a 35:43 35 minutes, 43 seconds destination. So obviously to uh to go to that milestone 2030 and beyond to that 2030 like green 35:52 35 minutes, 52 seconds hydrogen policy that has been declared the free transmission charges up to 2035. 35:58 35 minutes, 58 seconds So looking into this concept we are pretty confident the market will wide big and all stakeholders are ready to 36:05 36 minutes, 5 seconds fulfill to that the directives given by government of India. Yes. 36:11 36 minutes, 11 seconds Wonderful sir. If you can just uh you know add on to the impact uh of just one area will it lead to uh you know more 36:20 36 minutes, 20 seconds clearer policy structure, more clearer tendering uh process going ahead and clearer connectivity 36:29 36 minutes, 29 seconds uh challenges getting sorted out because of only one rea 36:36 36 minutes, 36 seconds it lead to that or what is your opinion on that sir? You see single has given a clearcut directive for tendering process 36:44 36 minutes, 44 seconds and all that siki is the single point body today. So they have been given clear that that instruction that siki 36:51 36 minutes, 51 seconds would be the single point of people there are multiple. So now last for a minar meeting it has been very clearly told. So that director is very clear to 37:00 37 minutes fulfill that uh that si will be taking the leading role for that. So I think that they are now quite equipped and they were they are making the all sort 37:08 37 minutes, 8 seconds of necessary structure and how to implement to that implementing the agency and personally I was there in the 37:16 37 minutes, 16 seconds meeting. So obviously we are very confident this is the only agency you can take forward. 37:22 37 minutes, 22 seconds Understood. Understood. My second question is on you know the the reports which we keep uh reading about and not 37:30 37 minutes, 30 seconds just news sources even CERC uh writes about it about the curtailment of renewable energy uh you know during the 37:38 37 minutes, 38 seconds peak peak hours uh probably there's a significant number both in solar and wind I know this is you know beyond our 37:46 37 minutes, 46 seconds control because this is probably largely a transmission issue but I just wanted to get your understanding 37:54 37 minutes, 54 seconds you know what is the clarity we are getting from the trans course on you know getting this issue sorted out 38:01 38 minutes, 1 second because if this continues probably edition will also uh get hampered uh in my limited understanding if you can 38:10 38 minutes, 10 seconds throw some light there the transmission issues which we are facing because of cartailment is happening yes over to you 38:17 38 minutes, 17 seconds yeah now you see basically cartailment issues is a much discussed topic today in the centrally So now they are taking 38:24 38 minutes, 24 seconds that how to address that cuddlement and at the same time if that happened how to mitigate to that uh risk of that. So 38:33 38 minutes, 33 seconds this is the discussion topic today. So now they are taking how to create a uh green corridor for the proper power 38:40 38 minutes, 40 seconds irrigation, proper load flow studying so that whatever the power irrigation is coming that can be given and properly 38:48 38 minutes, 48 seconds that utilized by the load desert center to each zone like in DC that the NLDC and other thing. So it is under the 38:56 38 minutes, 56 seconds discussion mostly uh topic is coming toothly predominant state where the cattleman has been found and how to 39:04 39 minutes, 4 seconds address during peak time of generation both uh predominant two sources of the solar and wind. So now it is in the 39:12 39 minutes, 12 seconds discussion how that the PGCL already come with the tendering uh that how to create a early kind of power education 39:19 39 minutes, 19 seconds to address uh to the settlement issues and it is being discussed all the transfer and distribution company not only central CRC all sort of ERC also 39:29 39 minutes, 29 seconds there the participants. So this is the coming time probably some solution will come how fast that uh the project can 39:36 39 minutes, 36 seconds come. Today uh most of the CPU projects they are coming 28 29 2030. So that kind 39:42 39 minutes, 42 seconds of that augmentation of power evocation systems are just way to you know create a all sort of facilities to address 39:50 39 minutes, 50 seconds thatment issue. So that is a dynamic situation. It will be going like that one. 39:58 39 minutes, 58 seconds Understood sir. But as of now there's no uh uh deadline uh for the solutions of all this. These all are under discussion 40:06 40 minutes, 6 seconds and probably we'll certify in coming quarters in coming months. Correct sir? 40:10 40 minutes, 10 seconds Yes that is yes yes that is that is a dynamic situation not is a concrete decision has come from CC level or some of the verdict has come from CSC level 40:18 40 minutes, 18 seconds what kind of process we should follow that. 40:22 40 minutes, 22 seconds Got it. Got it. I have few more questions we'll try to you know get an opportunity again. Thank you. Thank you. 40:31 40 minutes, 31 seconds Thank you. The next question is from the line of Mesh Kumar, an individual investor. Please go ahead. 40:38 40 minutes, 38 seconds Good morning sir and congratulations on a very good set of numbers. Thank you. 40:43 40 minutes, 43 seconds Uh my question is that uh uh what is the port what will be the portfolio addition in the IP segment in the coming first 6 40:53 40 minutes, 53 seconds months of the year and with the increase in the portfolio of IP uh can we expect 40:59 40 minutes, 59 seconds any increase in margins portfolio if you see that you know we 41:06 41 minutes, 6 seconds have already won a couple of tenders out of which you know this 2370 is already uh you know partially energized and remaining is getting 41:15 41 minutes, 15 seconds energized over and above that we have already uh got uh you know financial closure as well as dispersement and working on 150 megawatt wind which is 41:23 41 minutes, 23 seconds again in KPI uh other than that there is an SGVN also which we have yet not signed the PP is expected to come so the 41:31 41 minutes, 31 seconds portfolio is expected to increase and as you know the IP segment you know gives you a very strong AITA it's around 85 to 41:37 41 minutes, 37 seconds 90% of AITA so automatically once the IP portfolio capacity increases in this uh overall uh revenue segment. It will 41:46 41 minutes, 46 seconds improve the profitability as we go forward. 41:50 41 minutes, 50 seconds Uh got it sir. And uh my second question is that with the APC segment also likely to grow will the margins stay there or 41:59 41 minutes, 59 seconds uh will the overall eit margin of the uh entire portfolio is going to rise? 42:05 42 minutes, 5 seconds See as we grow the EPC segment you're right that you know the combination has to be seen that how much EPC segment increases how much IP uh 42:14 42 minutes, 14 seconds segment increases that combination are uh always uh you know we always try to see that you know our margins are 42:21 42 minutes, 21 seconds maintained or they are improved so we'll always keep in mind that you know our IP portfolio increase to an extent where it will not it will improve our margin or 42:30 42 minutes, 30 seconds it will keep the margin stable because the EPC is also growing substantially as you are aware that we have already have 5,000 crores of order book in EPC 42:37 42 minutes, 37 seconds segment also. So the more the EP segment the margin will come little bit uh you know will get a little bit strained. So we are increasing the IP segment also to 42:44 42 minutes, 44 seconds that extent so that we are able to maintain this healthy margin what we are earning right now. 42:50 42 minutes, 50 seconds Okay. So that would be from my thank you all. 42:56 42 minutes, 56 seconds Thank you. The next question is from the line of argony an individual investor. Please go ahead. 43:06 43 minutes, 6 seconds Kali, please go ahead with a question. Your line is unmuted. Hello. Yes, now you are. Please go ahead. 43:13 43 minutes, 13 seconds Yeah. Uh, hi to all the team members and management. First of all, congratulation on a strong and uh very superb numbers. 43:22 43 minutes, 22 seconds Thank you Palin. 43:24 43 minutes, 24 seconds Yeah. My question is regarding cash flow as the company continues scaling rapidly. Okay. How should investors look at operation uh operating cash flows generation and working capital? 43:36 43 minutes, 36 seconds Hey, as we are growing, you know, the working capital requirement is more on the EPC business. So, we have strong EPC business. So, that's why if you see my working capital has also increased 43:44 43 minutes, 44 seconds substantially, which has increased our interest cost also. But at the same time, we are able to maintain healthy cash flow with the increase in the working capital. Our cash flows are not 43:52 43 minutes, 52 seconds strained. So if you see that we have grown almost 100% on the cash flow last year which were around 200 has almost crossed 100% and as we have crossed 400 44:00 44 minutes cr on the cash flow side. So we are very cautious and we uh we see to it that we have a proper mix between the working 44:08 44 minutes, 8 seconds capital that we are utilizing and the uh revenue that we are clocking with with that working capital so that our operating cash flows are always positive 44:16 44 minutes, 16 seconds at the same time we have capex and everything. So we uh keep in mind that our operating cash flows are positive and the kx comes from our long-term 44:24 44 minutes, 24 seconds investments all uh only. So that's why we have been able to give this better numbers or a good numbers and all right understood. Thank you so much for the great clarification. 44:34 44 minutes, 34 seconds Thank you very much. 44:38 44 minutes, 38 seconds Thank you. The next question is from the line of Aish Sharma, individual investor. Please go ahead. 44:50 44 minutes, 50 seconds Mr. Sharma, please go ahead with your question. Your line is unmuted. 44:56 44 minutes, 56 seconds Yeah. So, uh just wanted to know that uh as we previously mentioned that the Oswana project will be uh funed by some 45:05 45 minutes, 5 seconds uh subsidiary instead of subsidiary for API which will be a kind of right. So just wanted to understand that what 45:12 45 minutes, 12 seconds would be the uh equity mix with that just like sun drop energia greater 50% 45:18 45 minutes, 18 seconds holding will be with the CPI and rest of will be you know I suppose privately so 45:25 45 minutes, 25 seconds how that will be uh done just wanted to have a sense on that as I said in my earlier answer also you 45:33 45 minutes, 33 seconds know the Botswana company will be a step down subsidiary of KPI because as per the ODI rules of PABA uh four times of 45:40 45 minutes, 40 seconds the net worth of the parent company can be invested uh into the international or step down subsidiary. So we are 45:47 45 minutes, 47 seconds leveraging on the net worth of KPI also because ultimately it will be a step down subsidiary. So the consolidation will happen at KPI level. So we will uh 45:57 45 minutes, 57 seconds leverage on KPI's strong net worth which is going to go stronger and then start working on that uh equity portion how we'll get in the equity. We have other 46:05 46 minutes, 5 seconds options on like innovate and everything which you might think at that time but at present the first commitment of 500 megawatt we are very comfortable with 46:12 46 minutes, 12 seconds the existing uh net worth of KPI which a portion can be invested for the equity portion. Rest all we [clears throat] 46:20 46 minutes, 20 seconds already have uh you know in principle uh approvals from various international funds for uh investing into Bana for us. 46:32 46 minutes, 32 seconds Thank you. The next question is from the line of part Kotak from plus 91 asset management. Please go ahead. 46:39 46 minutes, 39 seconds Hi, thanks for the followup. Sir, just one clarification on the CPP order book. 46:44 46 minutes, 44 seconds You mentioned it's 5 to 46 crores. Um at the end of the last quarter if I remember correctly in the call we had 46:51 46 minutes, 51 seconds mentioned that we have an order book of about 6,000 crores. 46:55 46 minutes, 55 seconds uh this quarter we have an execution of about 700 plus crores and further addition of about 1 gawatt as I can see 47:03 47 minutes, 3 seconds from the presentation I was under the impression that order book in CPP would be well above 10,000 crores if you can 47:10 47 minutes, 10 seconds just help me understand what what's my in if you see I'll give you an exact uh calculations you know out of the total 47:18 47 minutes, 18 seconds capacity in the order book so out of this 5,426 cr 1,500 is already executed And okay there is another 3,679 which is 47:27 47 minutes, 27 seconds there. I'm only counting about the bigger order book. There are a lot of smaller small orders also. If you see we have added one bigger one like uh we had Aditabella, we had Adani green, we have 47:36 47 minutes, 36 seconds multiple orders in central also. So TTP order book what we are showing is the uh 47:43 47 minutes, 43 seconds total new order book plus whatever is left from the previous order book that was pending till now. Okay. 47:51 47 minutes, 51 seconds We have multiple small orders in standoff which we have not factored in over there. Yes. 47:56 47 minutes, 56 seconds Got it. Got it. So I just want to understand if we are confident see I think in FY27 given the current order book we will do a 40 50% growth. Uh but 48:06 48 minutes, 6 seconds post FY27 especially in 2829 on a higher base do you think we can still continue to grow at 30 40% on the CPP side? 48:15 48 minutes, 15 seconds Yes, because if if you see you know that there is a huge market and as we are seeing that you know the way uh the world is moving toward renewable energy 48:23 48 minutes, 23 seconds we have substantial order books lot of tenders are coming as Dr. Look had also specified on you know we had discussion with the stakeholders government 48:32 48 minutes, 32 seconds stakeholders. So we are we are sure that you know we will be able to contribute uh uh you know 30 to 40 to 50% growth 48:39 48 minutes, 39 seconds year on year with the uh existing order book and with the new order book that we'll be taking over in this year and the next year. Yes. And addition to that 48:48 48 minutes, 48 seconds you know there are so many tenders that happened and by what Sal was telling we have just got started got order from 48:55 48 minutes, 55 seconds Adani and other things similar there are so many IP customer they need some sort of partner for their execution partner 49:04 49 minutes, 4 seconds whereby we are also talking some of the new funnel for such type of activities. 49:08 49 minutes, 8 seconds Obviously there is a profile where we can really stick into that our target and that thing there are more than 20 30 49:15 49 minutes, 15 seconds gawatt projects are to be scheduled to be commissioned for next two years. 49:21 49 minutes, 21 seconds Sure sir. Thanks. Thanks. That's very helpful. 49:28 49 minutes, 28 seconds Thank you. The next question is from the line of Kartik Sharma from Anandraati Institutional Equities. Please go ahead. 49:37 49 minutes, 37 seconds Hi sir, am I audible? Yes, you're audible. 49:43 49 minutes, 43 seconds Hi sir, thank uh for uh taking the question and congratulations on a great set of numbers. Uh I just had one 49:50 49 minutes, 50 seconds question on each of your segment IPB and CVB. So we have a 1.61 approximately WIP in the IPB segment. 49:59 49 minutes, 59 seconds So is there can you give us some COOD's for uh the work in progress? 50:06 50 minutes, 6 seconds See I I'll give you the CODs for the work in progress like 250 megawatt we have uh you know October 26. Another 370 megawatt we have again October uh 26. 50:16 50 minutes, 16 seconds Then new 150 megawatt we have uh uh uh November 27 and the other one other there is there is another 300 megawatt 50:25 50 minutes, 25 seconds SG event which we cannot give the COD because the PPA is yet to be signed. 50:28 50 minutes, 28 seconds Once you sign the PPA you get approximately two uh 24 months 18 to 24 months for signing that. Yeah. 50:36 50 minutes, 36 seconds Got it. Okay sir. Thank you. And on the CPP side uh uh you uh from from the previous participant uh just continuing 50:44 50 minutes, 44 seconds on that can you just uh give us some highlight on as to what realizations do we get on our EPC business 50:52 50 minutes, 52 seconds EPC business if you see my uh you know on EPC business is approximately 16 to 50:59 50 minutes, 59 seconds 18%. Sometime it goes depending upon the kind of a project the project if I there is with material it might have a different margin if it is only balance 51:07 51 minutes, 7 seconds of plant or you know it's only uh EPC business without material then it is a different margin but uh you know combined you can see that you know we on 51:15 51 minutes, 15 seconds the EPC side we get around uh 16 to 18% margin on the IP side we have around 85 odd% margin so combined uh AITA of the company comes at around 33 to 36%. 51:28 51 minutes, 28 seconds Yeah, understood with that I understand that is the margins but I wanted to understand the realizations for example you have given your uh let's say your 51:35 51 minutes, 35 seconds order book is around three uh like you said 52 46 uh cr so how do we convert that into megawatt or gawatt like what 51:43 51 minutes, 43 seconds is the number or conversion ratio that you use if I if I look at this 5 to 46 uh in a 51:51 51 minutes, 51 seconds broad uh broader sense it might go up to 2.7 uh gawatt but there are orders which are you with material with but if I calculate 52:00 52 minutes that the amount of you know each order with the capacity will not tie up because some projects are with material some are without material that's why so 52:07 52 minutes, 7 seconds but 2.7 gawatt is something that you can uh you know round about the size of the orders that we have on the EPC 52:17 52 minutes, 17 seconds okay and this 2.7 is including the module procurement and the turbine procurement that's m 2.7 is the size of the order in 52:25 52 minutes, 25 seconds some orders there might not be module might not be part of it. In some or it might break up that is there a breakup for that how much is with and without? 52:35 52 minutes, 35 seconds No no no we cannot give that make up in the public because it's our business trade you know so everybody will come to know what is our pricing and everything right? 52:43 52 minutes, 43 seconds Understood. Understood sir sir fine. Okay thank you sir. Thank you. 52:48 52 minutes, 48 seconds Thank you. The next question is from the line of Disha from Sapphire Capital. Please go ahead. Hello in audible sir. 52:57 52 minutes, 57 seconds Yes de thank you so much for this opportunity and congratulations for a good set of numbers. Firstly ss segment side I just 53:06 53 minutes, 6 seconds wanted to know what sort of growth do you see in that segment and how what are the eida margins that we see in these projects 53:14 53 minutes, 14 seconds battery storage system uh I'll just give you a brief this is one upcoming uh you know segment the reason is that you know 53:22 53 minutes, 22 seconds majority of the solar solar power has you know there's a issue of you know fd on the renewable energy power and battery will bring that uh fix dispatch 53:31 53 minutes, 31 seconds renewable energy kind of a system which most of the uh you know institutions government institution or the uh discom 53:38 53 minutes, 38 seconds want and margins depend upon different because there at present there are a viability gap funding and everything. So government is supporting this uh battery 53:46 53 minutes, 46 seconds storage system. Uh I think the margin will be something because a lot of project will be on the rental where you have to provide the rental services of setting up the battery system and 53:54 53 minutes, 54 seconds providing the power. So margin will not be as lucrative as an IP or something but it will be at a decent uh range. 54:03 54 minutes, 3 seconds Majority of the you know depends upon the pricing at which you win the tender. 54:07 54 minutes, 7 seconds So exact margin cannot be uh stated but I would request Dr. Alop also to give a little bit on the scenario how the battery energy storage system segment is 54:15 54 minutes, 15 seconds shaping up in coming. You see basically why this battery energy storage system are being uh you know the most of the 54:23 54 minutes, 23 seconds states are considered because of uh you know disciplined in power because mostly the renewable energy today mostly 54:31 54 minutes, 31 seconds dominated by wind and solar. So wind is coming on the day little uh you know not not inconsistent but night time is more 54:40 54 minutes, 40 seconds solar they are coming uh in the daytime and but night there is nothing. So just to maintain a discipline based on the 54:47 54 minutes, 47 seconds demand of the state distribution company. So there is a concept has come storage. Now that storage come to the 54:55 54 minutes, 55 seconds battery energy storage where daytime they can give the surplus power day and night they can store in the battery and 55:02 55 minutes, 2 seconds when the state distribution company required the power so that is to be discharged. So that is the concept that's coming the battery energy 55:10 55 minutes, 10 seconds storage. So if that battery storage is coming just a part of the system then there's a good discipline would be 55:17 55 minutes, 17 seconds coming and that market today is coming enormous there is a I mean all states be 55:24 55 minutes, 24 seconds it Rajasthan Maharasa has declared that the policy Gujarat has declared the policy so that target in gawatt scale so 55:33 55 minutes, 33 seconds if you take the gawatt scale battery so that is what uh the market is coming that what rate manage should discharge 55:42 55 minutes, 42 seconds depend on the demand curve or all the distribution curve when it is uh your to slot time of the day tariff slots uh 55:49 55 minutes, 49 seconds they will define the tariff by which the battery will discharge so it is a very very uh primitive stage very very 55:57 55 minutes, 57 seconds natural stage how the whole the system would be working so so this is what we can get what tariff would be coming but market is because today there is a 56:06 56 minutes, 6 seconds mandatory that base should be a part of the system otherwise is renewable energy cannot be compatible with the grid management system. So that is the 56:14 56 minutes, 14 seconds mandatory requirement for the battery storage. 56:18 56 minutes, 18 seconds Right. Right. So what is the current order book that we have the BS on the on at present on the BSS 56:27 56 minutes, 27 seconds or the battery storage system we have uh two major orders uh you know we have 44 uh five oblique uh 890 56:36 56 minutes, 36 seconds 890 megawattz one which we have won the tender another one is 120 obl 240 megawattz so these two orders we already 56:44 56 minutes, 44 seconds have which are signed I mean the the end uses end customer is GNL So we have got that uh order of book present 56:53 56 minutes, 53 seconds and overall so how do you see the pipeline and what sort of order inflows are we targeting for 27? 57:00 57 minutes Most of the beatings are coming be it from the SIKI and all states they are coming on the bidding process. The 57:07 57 minutes, 7 seconds pipeline as I said it is a pan India basis there are a gigawatt scale bidding is coming and mostly KPI is 57:16 57 minutes, 16 seconds participating most of the bid. So obviously it is because it is a jar coming as a mandatory option. So we are in the pathway uh to participate in the 57:25 57 minutes, 25 seconds beat and most of the battery storage is coming through bead only. Uh so that is what we are planning for that. 57:35 57 minutes, 35 seconds Okay that's it from my side. Thank you so much and all the best. 57:39 57 minutes, 39 seconds Thank you. The next question is from the line of Anil Sarin from K16 advisers. Please go ahead. 57:46 57 minutes, 46 seconds Uh thank you for the opportunity. Just wanted some clarity uh in the recently declared results. Uh one the other 57:53 57 minutes, 53 seconds income has gone up from roughly 20 crores to roughly 45 crores. that second the depreciation has more than doubled. 58:02 58 minutes, 2 seconds Third, the finance charges have more than doubled. So if you can throw light on these three aspects. 58:08 58 minutes, 8 seconds Okay. So if you see the other income has increased substantially on account of interest on uh fix deposit and the amount that we had uh got throughout the 58:17 58 minutes, 17 seconds year because of which the other income has increased substantially. And if you look at the uh depreciation portion we 58:25 58 minutes, 25 seconds have added assets. So if you we add the assets automatically the deprecision portion uh you know increases with the add in the assets. If you see on the 58:33 58 minutes, 33 seconds asset side we have increased substantially uh on the CPI uh asset level also if you see 58:41 58 minutes, 41 seconds last year you know uh the asset side was around 23 as I told in my opening remark also the asset has almost increased to 5,000 plus kind of a thing. uh on the 58:51 58 minutes, 51 seconds finance cost which has increased substantially. If you remember last year we had uh done a QIP we had done uh this 58:58 58 minutes, 58 seconds QIP had raised funds due to which we were net zu at some point of time during that period the interest cost was not available at I mean was not there 59:07 59 minutes, 7 seconds because of which the last interest seems to be lower. This year we have increased on our uh working capital limits also because we have increased on the top 59:15 59 minutes, 15 seconds line and due to which the interest cost has also increased substantially. 59:21 59 minutes, 21 seconds Got it. Uh also one thing one thing that your sorry you were saying something please complete. 59:28 59 minutes, 28 seconds No no no you you can go ahead go. Okay. So uh uh the de the data days have 59:36 59 minutes, 36 seconds sort of gone down but the inventory days have gone up. So if you could throw some light on that 59:43 59 minutes, 43 seconds the inventory days as I told you you know we have a huge order book and for that to you know uh the geopolitical 59:51 59 minutes, 51 seconds conditions we know that the availability of turbine panel will be an issue. We have uh infused funds in uh stocking up 59:58 59 minutes, 58 seconds the inventory but 30 to 40% of the order book that have I at present have inventory which is a decent size. Uh 1:00:05 1 hour, 5 seconds data days we have I mean we have been able to uh you know get at you know what we say the payments on time and everything. So data days if you come 1:00:13 1 hour, 13 seconds prepared with the increase in the top line datas have been at the same level. 1:00:16 1 hour, 16 seconds So that's why at a days level it looks uh a little bit reduced but inventory yes inventory we have added and as I told earlier in my earlier question also 1:00:24 1 hour, 24 seconds to cater to our upcoming orders we have to execute it in a timely manner and to avoid any uh delay on account of 1:00:31 1 hour, 31 seconds geopolitical conditions we asked filing up the inventory and we have added the inventory so that we can execute in a timely manner. 1:00:39 1 hour, 39 seconds Got it. Uh that's that's nice to know also your uh your uh capacity to be 1:00:46 1 hour, 46 seconds delivered. Right now we are on the IP side we are a little shy of a gigawatt some 964 1:00:55 1 hour, 55 seconds or something. Please uh correct me if I'm wrong. Correct. 1:00:58 1 hour, 58 seconds So where where at the halfway mark in the coming in in the current financial year fiscal 27 what would this capacity 1:01:06 1 hour, 1 minute, 6 seconds IP capacity stand at? And once we complete fiscal 27, what would be the capacity at that point in time? 1:01:16 1 hour, 1 minute, 16 seconds 996 which was as on 31st March uh 26. 1:01:20 1 hour, 1 minute, 20 seconds Okay. Today I'm sitting we have already crossed the 1 gawatt mark because as I told in earlier answer also that you know whatever capacity that we are doing 1:01:28 1 hour, 1 minute, 28 seconds on IP we can do it in a phase wise manner. So we have already got the C approvals and everything and we already crossed the 1 GT. So total capacity if I 1:01:37 1 hour, 1 minute, 37 seconds look at you know on a DC level I I I might go above 1 point uh with this and the existing capacity of 1:01:46 1 hour, 1 minute, 46 seconds approximately you know uh 500 plus and 1. So 1.6 or 1.7 gawatt is something 1:01:52 1 hour, 1 minute, 52 seconds that we'll be adding up uh majority of which will be this year partially I think we'll go in case if it is a deal but we are planning to get it in this 1:02:01 1 hour, 2 minutes, 1 second financial year 1.7 gawatt on the IP side. Got it. So correspondingly what I have noticed and you may uh please uh 1:02:10 1 hour, 2 minutes, 10 seconds enlighten me more about it that gradually the IBIDA margin is increasing quarter by quarter. Uh in the fourth 1:02:18 1 hour, 2 minutes, 18 seconds quarter it went up to 36.6 without counting other income. So can one expect that the IIDA margin will go further high as the share of ITP increases? 1:02:30 1 hour, 2 minutes, 30 seconds Yes. And that is what is our game plan also right and increase the ICP portion in the to overall uh mix of IP and CPP 1:02:38 1 hour, 2 minutes, 38 seconds but at the same time you know if if I keep on increasing my top line with CPP also because I have to increase that business also. So we we are sure that 1:02:47 1 hour, 2 minutes, 47 seconds you know our AIDA will grow. I mean if I if I reduce the CP automatically the margins will grow but my top line will continue to some extent but we don't 1:02:55 1 hour, 2 minutes, 55 seconds want that. We want the margins to be as we have done. We need to be maintained. 1:02:59 1 hour, 2 minutes, 59 seconds We don't want it to go down or increase only but at the same time CP business should also increase. 1:03:06 1 hour, 3 minutes, 6 seconds Okay. And now this is more of a broader industry question. See uh the Indian 1:03:13 1 hour, 3 minutes, 13 seconds government has recently got a a scare and a shock from the uh Iran war uh situation. So one would imagine that 1:03:22 1 hour, 3 minutes, 22 seconds there would be better appreciation of renewable energy. 1:03:26 1 hour, 3 minutes, 26 seconds uh do you see any change in the way policy makers are behaving with you in terms of wanting greater renewable 1:03:35 1 hour, 3 minutes, 35 seconds energy and thereby does that translate into better business opportunities for you? Not to mention I mean you you 1:03:43 1 hour, 3 minutes, 43 seconds anyway are growing very very well but uh as a result of the Iran uh US conflict uh any changes in the environment that you are seeing? 1:03:54 1 hour, 3 minutes, 54 seconds Yes. uh sir now this is a complete uh paradigm shifts are happening in India because we are mostly dependent on the 1:04:02 1 hour, 4 minutes, 2 seconds uh fuel import the economy so now there's a clearcut directives from the central government you should use 1:04:10 1 hour, 4 minutes, 10 seconds maximum uh non-fossil fuel based resources which means renewables is coming in the very much limelight so now 1:04:19 1 hour, 4 minutes, 19 seconds this government authorized ginary has been taking a very uh strong step that how to utilize and how to potential 1:04:27 1 hour, 4 minutes, 27 seconds mapping very fast. So that whole demand of uh India which is uh this will be 1:04:34 1 hour, 4 minutes, 34 seconds hitting up to the 300 uh you know megawatt per day something like that u 1:04:40 1 hour, 4 minutes, 40 seconds uh your demand is coming so so so peak demand today is coming about 256 gawatt 1:04:48 1 hour, 4 minutes, 48 seconds and this is expected about uh 300 gawatt to match that demand there's a clearcut directive maximum renewable energy are 1:04:56 1 hour, 4 minutes, 56 seconds to be explored So be it rural or urban or just any kind of that industry it is to be gone through a project by 1:05:05 1 hour, 5 minutes, 5 seconds renewable energy. For example even the steel industries they need in the that hydrogen. 1:05:11 1 hour, 5 minutes, 11 seconds So previous it is the coal based now their clearcut directives it is to be green hydrogen based. So now green hydrogen uh that obligation that is 1:05:21 1 hour, 5 minutes, 21 seconds driven by the policy it is been declared already by 2035 they have given certain relaxation in a transmission charges so 1:05:29 1 hour, 5 minutes, 29 seconds that all all industry for green hydrogen they can go for such type of industry number one. Number two if it is agree so 1:05:38 1 hour, 5 minutes, 38 seconds all kind of agricultures where the maximum diesel etc. Now that government is declaring so you have to go for the solar installation. So that market is 1:05:47 1 hour, 5 minutes, 47 seconds coming more than uh if you ask me that market is more than 1.2 gawatt 1:05:55 1 hour, 5 minutes, 55 seconds 1.2 gawatt market is there shortterm and long-term it should be much more gawatt even for the agricultural. So if it is a 1:06:03 1 hour, 6 minutes, 3 seconds all captive projects all kind of that industrial use it has been given directives at least they should go for 1:06:10 1 hour, 6 minutes, 10 seconds the renewable energy initiative and government is not for there. So what about the renewable purchase obligation they are coming a policy it is to be 1:06:18 1 hour, 6 minutes, 18 seconds mandated now all company they should go for the this is their demand to meet the obligatory by renewable energy only. So 1:06:27 1 hour, 6 minutes, 27 seconds it is to be regulated by the state distribution company and also state regulatory system. So these are the few changes being erupted by the government 1:06:34 1 hour, 6 minutes, 34 seconds of India and state government. So with that hope we are expecting being a KPI it is a good platform for an opportunity to stick a forward. 1:06:44 1 hour, 6 minutes, 44 seconds Great for thank you just one followup one question on that. uh uh in fact I have two I'll just say the first one 1:06:52 1 hour, 6 minutes, 52 seconds first that uh you know the operating cash flow has improved quite well actually it has more than doubled uh 1:07:01 1 hour, 7 minutes, 1 second this year which is uh a positive development uh uh as you go ahead with 1:07:08 1 hour, 7 minutes, 8 seconds greater and greater IP um what will happen to the operating cash flow and the OCF flow through today 1:07:16 1 hour, 7 minutes, 16 seconds roughly whatever I can around 44 45% of the declared IBIDA has 1:07:23 1 hour, 7 minutes, 23 seconds been delivered as cash flow in the hands of the company. Uh so if you can comment on how the cash flow cash flow will 1:07:32 1 hour, 7 minutes, 32 seconds evolve as IP becomes more dominant unless I mean you are saying that CTP also is keeping pace so the balance will 1:07:39 1 hour, 7 minutes, 39 seconds not change but just wanted to know good thing OCF has gone up but uh what is the outlook on OCF? 1:07:46 1 hour, 7 minutes, 46 seconds Yeah. So we have to understand that IP is a segment which gives us a very strong cash flows. Okay. One is because of it strong AITA but at the same time IP does not require any working capital. 1:07:57 1 hour, 7 minutes, 57 seconds So increase in IP will have very you know it can have a positive impact on the cash flows because it adds to the net cash across but doesn't take 1:08:05 1 hour, 8 minutes, 5 seconds anything in the working capital just like CPP it you know it it requires working capital. IP doesn't require working capital. So you can understand if there is a working capital 1:08:14 1 hour, 8 minutes, 14 seconds automatically your uh cash flow from operations gets hit. If there is lot of uh you know working capital which is utilized here it is clearcut that IP 1:08:22 1 hour, 8 minutes, 22 seconds increase will increase the cash flow and will have very uh good positive impact on the overall uh operating cash flow of the company and that was the reason one 1:08:29 1 hour, 8 minutes, 29 seconds of the reason for having this good uh numbers on the cash flow side also. 1:08:36 1 hour, 8 minutes, 36 seconds Okay. Okay. And this uh on the best side B SS best side is the profitability more 1:08:44 1 hour, 8 minutes, 44 seconds or unchanged or lower than your regular business of uh uh IP and uh EPC that you 1:08:52 1 hour, 8 minutes, 52 seconds do see regular IP business has got an AIT of around 85 to 90%. which we why 1:08:59 1 hour, 8 minutes, 59 seconds not see provided I mean if there is a very good best project which has come with a very good uh what is say pricing it can give up to that action but at 1:09:07 1 hour, 9 minutes, 7 seconds present we have not seen any best project which can give up to 85 to 90% of uh AITA margin 1:09:15 1 hour, 9 minutes, 15 seconds okay in fact in this one so you will be having viability gap funding so it seems that the battery prices haven't come 1:09:23 1 hour, 9 minutes, 23 seconds down enough that on its own it becomes a viable project so including the VGF what 1:09:30 1 hour, 9 minutes, 30 seconds uh what margins can one expect in a best project? 1:09:34 1 hour, 9 minutes, 34 seconds Yeah, I told you know the expecting margin because all the tenders have been uh floated at different pricing. VGF is also at different somewhere it is you 1:09:43 1 hour, 9 minutes, 43 seconds know 18 lakh rupees per megawatt or somewhere it is 27 lakh rupees. So different uh you know tenders have been 1:09:50 1 hour, 9 minutes, 50 seconds bit at different prices. So uh you know speaking about the margin yes there there is not a very strong margin but there are margin depending upon the at 1:09:58 1 hour, 9 minutes, 58 seconds what pricing the projects have been taken and how they will get executed because again the battery and technology whether you are using lithium whether you are using sodium so that is also 1:10:06 1 hour, 10 minutes, 6 seconds dependent upon the technology that you might be using and the pricing at which the batteries are taken these are the same 25 years 1:10:15 1 hour, 10 minutes, 15 seconds no batteries have 12 years kind of a Yeah. Yeah. Just hold on. I'm 1:10:25 1 hour, 10 minutes, 25 seconds You see just your question about this battery storage what Salim was telling. 1:10:29 1 hour, 10 minutes, 29 seconds Yes, that is very much correct. Now you see VGF cannot be a long-term solution when that India is driving towards you 1:10:36 1 hour, 10 minutes, 36 seconds know 250 gawatt hour by 2030. So whatever BGA first has been declared later on there should be some facility 1:10:45 1 hour, 10 minutes, 45 seconds management to be created in a house in India and most of the is doing like that way. So when this volume come obviously there should be cost reductions but as on today the scenario what he told Mr. 1:10:56 1 hour, 10 minutes, 56 seconds Salim that is the situation today. 1:10:59 1 hour, 10 minutes, 59 seconds Okay. No thank you. Thank you sir. But this what is the then what would be the IR of a best project because and what is 1:11:07 1 hour, 11 minutes, 7 seconds the IR of an IP project? Your sound is not very clear. 1:11:12 1 hour, 11 minutes, 12 seconds Okay. Uh let me say again the the equity IR of the regular IP projects in the 1:11:19 1 hour, 11 minutes, 19 seconds past you've mentioned I think it is 15 16% or so. uh maybe it is higher I don't know you can please clarify but compared 1:11:28 1 hour, 11 minutes, 28 seconds to that what is the equity IR of a best project I think we are losing your half of the 1:11:35 1 hour, 11 minutes, 35 seconds words we are not able to hear your voice is there any issue at our side or can you hear me better now can you hear 1:11:43 1 hour, 11 minutes, 43 seconds me better now hello yes yes sir is it better now I I'll repeat my question 1:11:50 1 hour, 11 minutes, 50 seconds is it cracking in the middle I mean we are not able to hear the entire sentence. We are able to miss out on some words that 1:11:57 1 hour, 11 minutes, 57 seconds okay give me one last chance otherwise we will uh switch we can go to the next uh speaker. Uh yes we can 1:12:05 1 hour, 12 minutes, 5 seconds Mr. Sarin you are audible sir please go ahead. 1:12:08 1 hour, 12 minutes, 8 seconds I am audible but the question participant who is asking question we are not able to hear that. Uh yeah the participant's name is Mr. 1:12:16 1 hour, 12 minutes, 16 seconds Anil Sarin. Uh in even sir right now he is audible. Uh let him go ahead. Even your even your voice is little. I mean it's cracking. 1:12:27 1 hour, 12 minutes, 27 seconds Oh okay. One last chance and then we can move to the next speaker. If you can uh please give me a chance. Uh this uh still there is a still there's a 1:12:36 1 hour, 12 minutes, 36 seconds problem. I think uh you can communicate to us and we can leave it to you. 1:12:41 1 hour, 12 minutes, 41 seconds Mr. Serin I believe management is unable to hear us. Can you please rejoin the queue or you can communicate management? Yes please. All right. Next speaker. 1:12:49 1 hour, 12 minutes, 49 seconds Yeah. We'll move to the next question which is from the line of Ajurya an individual investor. Please go ahead. 1:12:56 1 hour, 12 minutes, 56 seconds Hi Saling G is my voice audible to you. 1:13:00 1 hour, 13 minutes No I think even we are not a I mean the operator itself is not audible properly. 1:13:04 1 hour, 13 minutes, 4 seconds There is some between the sentences that we let me please check the connection for management. Just give me a moment. 1:13:11 1 hour, 13 minutes, 11 seconds Ladies and gentlemen, please stay connected. 1:13:17 1 hour, 13 minutes, 17 seconds [music] 1:13:23 1 hour, 13 minutes, 23 seconds [music] 1:13:30 1 hour, 13 minutes, 30 seconds [music] 1:13:41 1 hour, 13 minutes, 41 seconds [music] 1:13:47 1 hour, 13 minutes, 47 seconds [music] 1:13:51 1 hour, 13 minutes, 51 seconds Ladies and gentlemen, thank you for patiently holding. 1:13:55 1 hour, 13 minutes, 55 seconds Sir, you may please go ahead. We have the questioner, Mr. Ashish Rauna. Sir, you can go ahead with your question. Sure. Madam, your voice can. 1:14:03 1 hour, 14 minutes, 3 seconds Yes, it is breaking in between. 1:14:07 1 hour, 14 minutes, 7 seconds It is still breaking the operator. I think they are not they in a bad network. I think there's some assistance here. 1:14:15 1 hour, 14 minutes, 15 seconds Mr. Rampurya. Uh sir, are you able to hear me clearly? 1:14:19 1 hour, 14 minutes, 19 seconds I can hear you but I think they cannot hear us. I think the management is still in a bad network. 1:14:25 1 hour, 14 minutes, 25 seconds Um yes, I was just confirming with management. Sir, are you able to hear us? 1:14:32 1 hour, 14 minutes, 32 seconds Ladies and gentlemen, please stay connected. 1:14:42 1 hour, 14 minutes, 42 seconds [music] 1:14:48 1 hour, 14 minutes, 48 seconds [music] 1:14:48 1 hour, 14 minutes, 48 seconds Hello. 1:14:56 1 hour, 14 minutes, 56 seconds [music] 1:15:01 1 hour, 15 minutes, 1 second [music] 1:15:02 1 hour, 15 minutes, 2 seconds Happy 1:15:08 1 hour, 15 minutes, 8 seconds [music] 1:15:22 1 hour, 15 minutes, 22 seconds for [music] me. 1:15:27 1 hour, 15 minutes, 27 seconds Hey [music] Hallelujah. 1:15:37 1 hour, 15 minutes, 37 seconds [music] 1:15:50 1 hour, 15 minutes, 50 seconds [music] 1:15:56 1 hour, 15 minutes, 56 seconds [music] 1:16:04 1 hour, 16 minutes, 4 seconds [music] 1:16:15 1 hour, 16 minutes, 15 seconds [music] 1:16:23 1 hour, 16 minutes, 23 seconds [music] 1:16:31 1 hour, 16 minutes, 31 seconds [music] 1:16:38 1 hour, 16 minutes, 38 seconds [music] 1:16:46 1 hour, 16 minutes, 46 seconds [music] 1:16:55 1 hour, 16 minutes, 55 seconds [music] 1:17:01 1 hour, 17 minutes, 1 second Green. [music] 1:17:09 1 hour, 17 minutes, 9 seconds [music] 1:17:15 1 hour, 17 minutes, 15 seconds Let 1:17:16 1 hour, 17 minutes, 16 seconds [music] 1:17:16 1 hour, 17 minutes, 16 seconds me 1:17:23 1 hour, 17 minutes, 23 seconds [music] 1:17:29 1 hour, 17 minutes, 29 seconds [music] 1:17:35 1 hour, 17 minutes, 35 seconds true. 1:17:38 1 hour, 17 minutes, 38 seconds [music] 1:17:46 1 hour, 17 minutes, 46 seconds [music] 1:17:56 1 hour, 17 minutes, 56 seconds [music] 1:18:01 1 hour, 18 minutes, 1 second [music] 1:18:04 1 hour, 18 minutes, 4 seconds Hey 1:18:06 1 hour, 18 minutes, 6 seconds [music] 1:18:08 1 hour, 18 minutes, 8 seconds feel. 1:18:15 1 hour, 18 minutes, 15 seconds [music] 1:18:16 1 hour, 18 minutes, 16 seconds Ladies and gentlemen, thank you for patiently holding. We have management line reconnected. Over to you, sir. Perfect. Okay. Sal, can you hear me? 1:18:25 1 hour, 18 minutes, 25 seconds Yes. Yes. A hi Salj Ashish here. See Sal and I've been seeing the company for quite some 1:18:32 1 hour, 18 minutes, 32 seconds time. Faruji historically used to talk about 70 80% CAGR till FI30 then it 1:18:39 1 hour, 18 minutes, 39 seconds became 60 70 last two quarters he was speaking 50 60% CAGR now last 3 4 days his interviews now he started talking 40 1:18:47 1 hour, 18 minutes, 47 seconds 50% CG I'm all talking till FI30 is there a structural slowdown that you all are seeing hence this forecast of growth 1:18:56 1 hour, 18 minutes, 56 seconds is reducing uh you can just throw some light on that I think uh CAG are what we have shown 1:19:04 1 hour, 19 minutes, 4 seconds it's around 50 60 or 40 50 we are going at a very strong pace we already said that okay now if you look at you uh if I 1:19:12 1 hour, 19 minutes, 12 seconds ask somebody you tell me companies which are growing at 40 to 50 50 to 60% in the renewable sector there are hardly any 1:19:19 1 hour, 19 minutes, 19 seconds companies which has grown at this rate so we are going at a rate it also depends upon the sector if the sector if you see what growth it was giving 1:19:27 1 hour, 19 minutes, 27 seconds earlier the sector growth has also a little bit uh what we say curtain But at the same time we have not curtailed too much. We have grown at a very good rate. 1:19:36 1 hour, 19 minutes, 36 seconds We are expecting to come at a 40 to 50% rate uh growth rate uh in the upcoming years also. 1:19:44 1 hour, 19 minutes, 44 seconds Got it. So I'm not questioning whether it's slow or I'm just trying to understand if I look at the last two three year journey or even longer 1:19:52 1 hour, 19 minutes, 52 seconds journey. We were speaking of a higher kagger every year and I'm talking of a longer gag. I'm not talking of one year and we are sort of now highlighting a 1:19:59 1 hour, 19 minutes, 59 seconds lower value which is okay because yeah that's what you know at that time if you see the sector was very promising at that time also right now also but 1:20:07 1 hour, 20 minutes, 7 seconds with the geopolitical conditions you know you have seen some kind of a you know uh what we say uh less acceleration 1:20:16 1 hour, 20 minutes, 16 seconds I would say I won't say slow down it's a less acceleration compared to what acceleration was there earlier so we are also in line with that the same acceleration we are growing we are 1:20:25 1 hour, 20 minutes, 25 seconds growing in the same pace It's only that the overall if if you see we might go at more than 60 to 70% also depending upon if the sector gives you that support. So 1:20:33 1 hour, 20 minutes, 33 seconds it has to be also the geopolitical condition to be taken into consideration while we uh look at the sector because when we give at that time when we gave 1:20:41 1 hour, 20 minutes, 41 seconds that CAGR the sector was very promising and very booming. Now the acceleration of to that extent has not been in the sector. That's why if you see we are 1:20:49 1 hour, 20 minutes, 49 seconds also going at the same pace where the sector has uh you know slowed the accelerations but we are again I'm reiterating this to uh for my 1:20:57 1 hour, 20 minutes, 57 seconds shareholders and stakeholders that this is something what we have you know achieved over a period of time and we are maintaining that growth uh strategy 1:21:05 1 hour, 21 minutes, 5 seconds or the growth momentum which we have shown over a period of time. 1:21:09 1 hour, 21 minutes, 9 seconds Fair enough. So currently we are saying 40 to 50% CAGR till FI3. Is that the understanding? Well okay. Uh secondly if I look at it also last two years in the 1:21:18 1 hour, 21 minutes, 18 seconds investor presentation we are seeing we'll go to nearby stage right we have highlight is cracking uh is it audible is it better now hello 1:21:28 1 hour, 21 minutes, 28 seconds can you hear me sal yes yes yes huh so I'm saying we have been talking about nearby states for quite some time 1:21:36 1 hour, 21 minutes, 36 seconds and obviously I think I saw the recent order of Rajasthan but in your investor presentation we highlighting Urisa EP 1:21:43 1 hour, 21 minutes, 43 seconds Telangan other states where are you on that journey Are you not able to hear again? Voice is breaking. Operator 1:21:52 1 hour, 21 minutes, 52 seconds uh sir actually Mr. Rampuri is clearly audible to me. Madam we are not able to hear you. 1:21:58 1 hour, 21 minutes, 58 seconds Neither you also I mean we are having issue. I mean your voice is also breaking. 1:22:04 1 hour, 22 minutes, 4 seconds Okay let me just check just a moment. 1:22:11 1 hour, 22 minutes, 11 seconds [music] 1:22:18 1 hour, 22 minutes, 18 seconds [music] 1:22:23 1 hour, 22 minutes, 23 seconds [music] 1:22:30 1 hour, 22 minutes, 30 seconds [music] 1:22:35 1 hour, 22 minutes, 35 seconds Heat. Heat. 1:22:40 1 hour, 22 minutes, 40 seconds [music] 1:22:47 1 hour, 22 minutes, 47 seconds [music] 1:22:54 1 hour, 22 minutes, 54 seconds [music] 1:23:01 1 hour, 23 minutes, 1 second [music] 1:23:07 1 hour, 23 minutes, 7 seconds [music] 1:23:14 1 hour, 23 minutes, 14 seconds [music] 1:23:24 1 hour, 23 minutes, 24 seconds Heat. Heat. 1:23:26 1 hour, 23 minutes, 26 seconds [music] 1:23:34 1 hour, 23 minutes, 34 seconds [music] 1:23:44 1 hour, 23 minutes, 44 seconds Heat. Heat. [music] 1:23:53 1 hour, 23 minutes, 53 seconds [music] 1:23:57 1 hour, 23 minutes, 57 seconds [music] 1:24:04 1 hour, 24 minutes, 4 seconds [music] 1:24:07 1 hour, 24 minutes, 7 seconds Heat. Heat. 1:24:10 1 hour, 24 minutes, 10 seconds [music] 1:24:17 1 hour, 24 minutes, 17 seconds [music] 1:24:25 1 hour, 24 minutes, 25 seconds [music] 1:24:27 1 hour, 24 minutes, 27 seconds Heat. Heat. 1:24:31 1 hour, 24 minutes, 31 seconds [music] 1:24:37 1 hour, 24 minutes, 37 seconds Heat. Heat. 1:24:39 1 hour, 24 minutes, 39 seconds [music] 1:24:44 1 hour, 24 minutes, 44 seconds [music] 1:24:50 1 hour, 24 minutes, 50 seconds [music] 1:24:56 1 hour, 24 minutes, 56 seconds [music] 1:25:03 1 hour, 25 minutes, 3 seconds [music] 1:25:09 1 hour, 25 minutes, 9 seconds [music] 1:25:18 1 hour, 25 minutes, 18 seconds [music] 1:25:25 1 hour, 25 minutes, 25 seconds [music] 1:25:31 1 hour, 25 minutes, 31 seconds [music] 1:25:38 1 hour, 25 minutes, 38 seconds [music] 1:25:49 1 hour, 25 minutes, 49 seconds be feeling. [music] I can't feel anything. 1:25:58 1 hour, 25 minutes, 58 seconds [music] 1:26:06 1 hour, 26 minutes, 6 seconds [music] 1:26:18 1 hour, 26 minutes, 18 seconds Ladies and gentlemen, thank you for patiently holding. We have management reconnected. Over to you, sir. Okay. Yeah. 1:26:25 1 hour, 26 minutes, 25 seconds Thanks. Can you hear me? 1:26:26 1 hour, 26 minutes, 26 seconds Yes. Yes. And sorry for the technical bit which uh you know you have to wait for that. Okay. 1:26:33 1 hour, 26 minutes, 33 seconds Know it happens all the time. No no no worries. See the nearby states we have been talking it for quite some time right and I think I saw some progress on 1:26:40 1 hour, 26 minutes, 40 seconds the Rajasthan front. What about other states right when do we expect that we'll be able to venture out to those states? You see the thing is like this 1:26:50 1 hour, 26 minutes, 50 seconds uh now today we are venturing into Rajasthan as you said you very correctly we have already entered uh some of the 1:26:58 1 hour, 26 minutes, 58 seconds states like Karnataka we have already taken some of the projects to be some resources we have taken so we'll be 1:27:05 1 hour, 27 minutes, 5 seconds doing some projects there we are also participating in the state of the Odisa uh for their bidding process of floating 1:27:14 1 hour, 27 minutes, 14 seconds solar initiative so these states when they are coming on the bidding process we are in the you know queue to 1:27:22 1 hour, 27 minutes, 22 seconds participate for there. So in a nutshell apart from Gujarat we are there in the Rajasthan, 1:27:29 1 hour, 27 minutes, 29 seconds Odisa and uh Karnataka and we are now planning to enter into the MP also and Maharashtra. 1:27:39 1 hour, 27 minutes, 39 seconds Got it. Tell you Maharashtra was my question right because I think Maharashtra has announced a very strong focus on renewables. We entered or won a project about two years ago but I have 1:27:47 1 hour, 27 minutes, 47 seconds not seen too much traction in Maharashtra. Any reason why Maharashtra was out of focus for us? 1:27:52 1 hour, 27 minutes, 52 seconds You see Maharashtra now very very recent they have declared with the base compatible projects. Now they have 1:27:59 1 hour, 27 minutes, 59 seconds declared more than 100 kilowatt just any project to be based on the base. So now there's a lot of tractions 1:28:07 1 hour, 28 minutes, 7 seconds coming in the Maharashtra particularly u those projects who need the roundthe-clock operation data centers and all. So there are some policy also 1:28:15 1 hour, 28 minutes, 15 seconds declared just in favor of renewable energy. We are getting a lot of traction as present we are in the search of good resources because you know the renewable 1:28:24 1 hour, 28 minutes, 24 seconds energy should come always in the uh grid connectivity and land and etc. KPI is already doing some of the searching for 1:28:31 1 hour, 28 minutes, 31 seconds all sort of resource very advanced stage. You will getting very fast you know hearing from our side about some Maharashtra projects are happening. 1:28:40 1 hour, 28 minutes, 40 seconds Got it. and any color on the uh uh your our order pipeline I mean uh not not I think they puted order pipeline that's 1:28:48 1 hour, 28 minutes, 48 seconds already worn but in terms of bids that we have placed any color on that so on the bid pipeline we have more than 1:28:57 1 hour, 28 minutes, 57 seconds four to five uh I can say uh megawatt bid which we are uh you know trying to participate in 1:29:05 1 hour, 29 minutes, 5 seconds uh you mean 4 to 5 gawatt right gaw overall bid And and what should we expect as in terms of our win ratio for 1:29:13 1 hour, 29 minutes, 13 seconds these four to five based on historical past our win ratio has been at 75% but going forward we'll be very selective 1:29:20 1 hour, 29 minutes, 20 seconds we'll select high margin kind of a tender and we'll try to gain as much as uh you know the faster execution kind of 1:29:28 1 hour, 29 minutes, 28 seconds a tenders so we'll uh focus more on that got it and and Botswana any update uh 1:29:35 1 hour, 29 minutes, 35 seconds have we moved on 500 megawatt have we got that comfort from the I mean I already answered the question that yes we sorry I joined a bit late I I I will 1:29:43 1 hour, 29 minutes, 43 seconds hear back no worries not an issue but yes I mean we have already moved ahead substantially companies are formed they it's a town subsidiary of KPI and very shortly we'll 1:29:52 1 hour, 29 minutes, 52 seconds you'll see the uh EPA getting signed and we'll be starting with our execution got it thank you appreciate it and all the best 1:30:00 1 hour, 30 minutes thank you thank you thank you the next question is from the line of Kumar an individual investor please go ahead 1:30:08 1 hour, 30 minutes, 8 seconds Uh thank you for the follow sir. Uh my question uh is uh with respect to uh the IP um event. 1:30:21 1 hour, 30 minutes, 21 seconds Yeah, please carry on. 1:30:26 1 hour, 30 minutes, 26 seconds Mr. Kumar, please go ahead with a question. We have lost the line for Mr. 1:30:30 1 hour, 30 minutes, 30 seconds Kumar. We'll move to the next question which is from the line of CA from CAN alpha analytics. Please go ahead. 1:30:37 1 hour, 30 minutes, 37 seconds Thank you for the opportunity again sir. 1:30:39 1 hour, 30 minutes, 39 seconds Uh I have a question that uh his best revenue when will this start contributing to our top line by FA 27 or FA 28? 1:30:50 1 hour, 30 minutes, 50 seconds You're talking about the ITV project right? 1:30:54 1 hour, 30 minutes, 54 seconds uh this that's BDS battery energy storage bet I think you know we'll complete it in this financial year most probably and 1:31:00 1 hour, 31 minutes next year uh 2728 you'll find you know the revenue getting dropped into our uh you know top line of drop 1:31:09 1 hour, 31 minutes, 9 seconds by 28 right 27 28 yeah okay sir 1:31:16 1 hour, 31 minutes, 16 seconds thank you ladies and gentlemen that was the last question for today with that I now hand the conference over to management for closing comments. 1:31:25 1 hour, 31 minutes, 25 seconds Yeah, thank you. And uh um now our whole time director Mr. Soil Zabora he will in a brief on the operational part of our business. 1:31:34 1 hour, 31 minutes, 34 seconds Yes. Thank you Mr. J. Uh good afternoon ladies and gentlemen. 1:31:39 1 hour, 31 minutes, 39 seconds I would like to take this opportunity to highlight how we see our growth trajectory in the coming years. We are 1:31:46 1 hour, 31 minutes, 46 seconds now growing at a strong pace of 40 to 50% year on year. Our team is fully equipped and well prepared to support this growth journey. 1:31:57 1 hour, 31 minutes, 57 seconds We are on track to achieve our 10 gigawatt hour target by 2030 and we are confident that we will reach this 1:32:06 1 hour, 32 minutes, 6 seconds milestone ahead of schedule. Our vision extends beyond India. We aim to expand 1:32:13 1 hour, 32 minutes, 13 seconds globally and develop renewable energy projects in international markets leveraging our proven execution 1:32:20 1 hour, 32 minutes, 20 seconds capabilities and industry expertise. At the same time, our strategic focus is to 1:32:26 1 hour, 32 minutes, 26 seconds increase the share of our IPV business which will help us build a stable nut income stream for the next 25 years. 1:32:37 1 hour, 32 minutes, 37 seconds Thank you. Thank you once again for your continued trust and support. We remain committed to creating long-term value for all our stakeholders. Thank you. 1:32:48 1 hour, 32 minutes, 48 seconds Thank you. Uh over to you Mr. Jin. Yeah, thank you. I would at last I would like to convey my uh heartest thank to all 1:32:56 1 hour, 32 minutes, 56 seconds the participants for their active participation. Uh I hope that we have been able to uh reply to all your 1:33:03 1 hour, 33 minutes, 3 seconds queries to your uh fullest uh satisfaction and uh once again uh we look forward to your continued support and confidence in the company and 1:33:12 1 hour, 33 minutes, 12 seconds company's operation. Thank you. Thank you very much. 1:33:17 1 hour, 33 minutes, 17 seconds Thank you on behalf of Share India Securities. That concludes this conference. Thank you for joining us.