Ladies and gentlemen, good day and welcome to NLC India Limited Q3 FY 2026 earnings conference call hosted by ICICI Securities Limited. As a reminder, all participant lines will be in the listen-only mode, and there will be an opportunity for you to ask questions after the presentation concludes. Should you need assistance during this conference call, please signal an operator by pressing star, then 0 on your touch-tone phone. Please note that this conference is being recorded. I now hand the conference over to Mr. Mohit Kumar from ICICI Securities Limited. Thank you, and over to you, sir. Thank you. Good evening. On behalf of ICICI Securities, I welcome you all to the Q3 FY 2026 earnings call of NLC India Limited. Today we have with us from the management, Sri Prasanna Kumar Motupalli, Chairman and Managing Director, Sri Suresh Chandra Suman, Director of Mines, Sri Samir Swarup, Director of Human Resources, Sri M. Venkatachalam, Director of Power, Sri Prasanna Kumar Acharya, Director of Finance and CFO, Sri Rajesh Pratap Singh, Director of Planning and Projects, along with other senior management from the company. We will start the call with brief opening remarks by the management, which will be followed by a Q&A. Over to you, sir. Thank you, Mohit ji. For the introduction, and thanks to ICICI Securities for hosting NLCIL's investor conference call. I also want to extend my gratitude to all the participants and investors for your unwavering support and interest in NLCIL. Today, I'm happy to engage with the NLCIL stakeholders and address any questions you might have regarding our financial results for the quarter ending nine months and ending D ecember 31st, 2025, as well as to provide updates on our capacity addition program. Your involvement and feedback are valuable to us, and I look forward to productive discussion. I am Prasanna Kumar Motupalli, Chairman and Managing Director of NLC India Limited. Joining with me are Sri Suresh Chandra Suman, Director of Mines; Sri Samir Swarup, Director of Human Resources; Sri M. Venkatachalam, Director of Power; Sri Prasanna Kumar Acharya, Director of Finance and CFO; Sri Rajesh Pratap Singh, Director of Planning and Projects, and also with other senior management of the company. Before the interaction, I would like to brief on the highlights and performance of NLCIL. NUPPL's Unit Number two, 660 MW, of 1,980 MW Ghatampur Thermal Power Project has successfully achieved commercial operation declaration (COD) on December 9th, 2025. Talabira Mine achieved highest single-day production of 101,040 tons on December 30th, 2025, and highest single-day coal dispatch of 91,124 tons on December 31st, 2025. Pachwara South Open Cast Mine has commenced mining operations on December 19th, 2025. NLCIL commissioned a 300 MW solar power project at Barsingsar on January 23, 2026. This is the highest capacity single-location solar plant for NLCIL. NLCIL received an LOA from National Capital Region Transport Corporation (NCRTC) for the development of a 110 MW grid-connected solar PV project in the state of Uttar Pradesh under captive mode. We signed a coal mining agreement for the development and operation of the North Dhadu Western Part Coal Mine under MDO mode. We signed its Maiden Green Loan Agreement with the Sumitomo Mitsui Banking Corporation (SMBC) under the ECB framework, amounting to JPY 15.464 billion ($100 million) to fund renewable energy projects through its subsidiary NIRL. NIRL signed a JV agreement with PTC India Limited for the development of 2 GW of green energy capacity, and the formation of a JV company is in progress. NIRL and Odisha Renewable Energy Development Agency (OREDA) signed an MOU to jointly develop solar, hybrid, rooftop, and energy storage projects in the state of Odisha. The Honorable Union Minister of State for Coal and Mines, Government of India, laid the foundation stone for the Neyveli Neer project of capacity of 1,000,000 L/ day. The mining plan and mine closure plan of the North Dhadu Western Part Coal Mine was approved by the Coal Controller Organization (Ministry of Coal). A business transfer agreement was signed between NLCIL and NIRL, which is our wholly owned subsidiary, for the transfer of renewable assets from NLCIL to NIRL, and the asset has been transferred with effect from January 1st, 2026. NIRL has signed a long-term power purchase agreement with SJVN Limited for the development of a 200 MW wind power project. A budget notification under Section 7(1) of the CB Act of 1957 was issued by the Government of India for the Machhakata Revised Coal Mine (Angul, Odisha), which will facilitate land acquisition. An LOA was issued for the establishment of a 4 MW PEM electrolyzer-based green hydrogen plant in Neyveli. DIPAM of the Government of India has accorded approval for the formation of a joint venture between NIRL and MAHAPREIT to collaborate in the field of renewable energy, and the joint venture formation is in progress. NLC India Limited has won a Silver Shield at the ICAI Awards for Excellence in Financial Reporting 2024-2025 at Delhi. NLC India Limited won laurels in the PRSA Awards for the Annual Report for Financial Year 2024-2025. NLCIL won the SKOCH Award for Corporate Excellence in Financial Performance. The cash realization from depositors crossed INR 10,242 crore and declared an interim dividend of 36%, INR 3.60 per share on the paid-up equity share capital for the financial year 2025-2026, the highest since the last five years. The recorded Capex was INR 6,242 crores up to December 2025, exceeding the financial year 2025-2026 annual target by 23%. Under the MOU evaluation by the Department of Public Enterprises, NLCIL received an excellent rating for the financial year 2024-2025. Coming to the key highlights of the standalone physical and financial performance for the nine months ending December 2025, it achieved a coal production of 113,000,000 tons compared to 115,000,000 tons in the corresponding period of the previous year. Total revenue from operations is INR 7,946 crores against INR 7,563 crores in the corresponding period of the previous year, registering a growth of 5%. Profit after tax is INR 1,282 crores against INR 1,244 crores in the corresponding period of the previous year, registering a growth of more than 3%. The total earnings before interest, taxes, depreciation, and amortization (EBITDA) is INR 3,240 crores against INR 3,207 crores in the corresponding period of the previous year, registering a growth of 1%. The net worth as of December 31, 2025 stood at INR 18,535 crores compared to INR 17,010 crores in the corresponding period of the previous year, registering a growth of 9%. The collection efficiency of power debtors till December 31, 2025 stood at 119% against 107% in the previous period. Coming to the key highlights, the group performance and financial performance for the nine months ending December 2025 achieved a gross power generation of 20.54 billion units, including renewable power generation of 1.6 billion units. All-time highest ever nine months ending revenue from operations was INR 12,447 crores against INR 11,447 crores in the previous year, registering a growth of 9%. All-time highest ever nine months ending profit after tax was INR 2,288 crores against INR 2,245 crores in the previous year, registering a growth of 2%. The total earnings before interest, taxes, depreciation, and amortization (EBITDA) is INR 4,899 crores against INR 4,695 crores in the corresponding period of the previous year, registering a growth of more than 4%. The net worth as of December 31st, 2025 stood at INR 20,640 crores compared to INR 18,441 crores in the corresponding period of the previous year, registering a growth of 12%. With this, I thank all the investors and all stakeholders for the outstanding support to the company. Thank you. Sir, should we open the floor for questions now? Yes. 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 their touch-tone telephone. If you wish to remove yourself from the question queue, you may press star and two. Participants are requested to use handset while asking a question. Ladies and gentlemen, we will wait for a moment while the question queue assembles. A reminder to all the participants: if you wish to ask a question, you may press star and 1 now. Our first question comes from the line of Aditya Welekar from Axis Securities. Please go ahead. Yeah, thank you for the opportunity, sir. My question is with respect to our financial performance. So in this quarter, we are seeing that revenue from operations on a consolidated basis is staying almost flat on a year-on-year basis despite our Ghatampur plant, two units getting operational, and the cost of fuel consumed is rising. So what is causing this, if you can shed some light on that? Actually, the overall power situation in the country, because of favorable weather conditions, the power demand is not as comparable to last year. That is the reason why the generation levels from other units are comparatively lesser. That is the reason why the overall generation levels are flat. What about the cost of fuel? I mean, there is an increase in that also? Is there any? We are talking about the consolidated. I think in the last quarter onwards, the two units of Ghatampur are operating. There, the cost of fuel is comparatively higher. So that is the reason why the cost of this thing is higher. Okay. My second question is with respect to the rest of the thermal plants and their probable targets. So for Unit three of Ghatampur, in the previous call, we said that we will be achieving it by January-February 2026. So is it on target, or there is some delay in that? And again, for the rest of the power plants, that is Odisha, PTED, TPS Phase I, and Phase II, and TPS II Second Expansion, and Rajasthan Lignite Thermal, if you can share the latest updates. Okay. In the month of December, we commercialized our Unit Number two. Unit Number one and Unit Number two are operating exceedingly well with good availability and reliability. Unit Number three, all the activities are in fast progress. The steam blowing activities are in progress. So we are hopeful that in the current financial year, we will be able to declare commercial operation of the entire station. All the three units will be under commercial operation in the current financial year. We are trying for that. Coming to Talabira, as you know, the EPC contract was awarded to BHEL. There were some initial issues with the land acquisition. All the issues are sorted out. The land is handed over to BHEL. All the activities are in fast progress in Talabira to achieve our target of adding the first unit in the financial year 2029-2030. Coming to the new Neyveli 2 x 500 MW, already we floated the tender, and that process is on. We are hopeful that we will be able to award the contract in the H1 of the next financial year and take the activities forward. The Rajasthan 3 x 125 MW, the initial due diligence activities are going on. So once that is done, we will go for tendering. Understood. Just one last question on the Pachwara coal block. So now we have started that. So if I recall, this fulfills 50% of our Ghatampur requirement, if that is right. And then how this ramp-up will happen, and how much will be cost-saving if we source coal from this Pachwara coal block, if any color on that? Actually, this Pachwara South coal block will feed the entire coal to Ghatampur. But this financial year, we will be starting the production. Next financial year, we will be able to produce around 1.5-2 million units. So for the balanced quantity, we are having a tie-up for the bridge linkage from the Coal India subsidiaries that coal we are receiving. So in the next financial year, the Talabira production will be 2 million, and the balance, 4 million tons, we will get through bridge linkage. And coming to the reduction in the fuel expenses, there will be certainly some reduction, but exactly we cannot say. I think it will be at the tune of around INR 1. Okay, sir. I'll get back in the queue. Thanks for the response. Thank you. Our next question comes from the line of Palash Jain from ICICI Securities. Please go ahead. Thank you for the opportunity, sir. My first question is on the Pachwara recovery. So what has been the? Palash, sorry to interrupt you. Sorry to interrupt you, Palash. There is a lot of background noise from your end. Sorry. Just a second. Is it clear now? Is it better? Yes, it's better. Please go ahead. Yeah. So thank you for the opportunity. My first question is on the EBITDA recovery. So what has been the recovery on the standalone basis as well as on NTPL and Ghatampur plant? Actually, on standalone basis, compared to the fixed cost under recovery of INR 510 crore in the last financial year, first nine months, this year, it is INR 623 crore. But the main positive point here is that the main problematic unit, that TPS 2 Second Expansion, in which we carried out the major modification. I'm happy to communicate that after carrying out the major modification, the availability of unit is 90%, and even generation is also at the highest level. And it is having the highest generation and availability of all the 250 MW contemporary units in the country. So we are targeting the modification in the second unit also. So once that is done, I think the entire under recovery what we were having earlier, that will not be there in the future. And coming to, you were asking about this NTPL and NUPPL? Gattampur, yeah. In NUPPL, the under recovery is around INR 78 crore. In NTPL, there is no under recovery. It is having availability factor more than 80%. This NUPPL also, that is because of initial teething problems, so the under recovery is there. Otherwise, both the units are very stable and operating exceedingly well. Got it. Got it. Second question is again pertaining to Ghatampur plant. So what has been the cost of power plant, which has been capitalized till date, and what will be the further capitalization? See, we got approval of RCE2, and that is INR 19,000. 21,780. 21,780. Just one minute, please. 21,780. That is INR 21,780 crore. There will be RCE3, I think, but that will be around INR 23,000 crore approximately. Okay. What is the status of tariff petition for Ghatampur plant? For Unit one, we got internal order. Unit two, we are filing the petition with the RCE. Okay. So one last question. What is the timelines for the green energy IPO which has been planned? Okay. So as you know, all the activities for the IPO are in fast progress. Even we got the cabinet approval. Subsequently, whatever exemption was required for the tax, that also we got in record time. We are expecting the IPO in the month of September 26th. So all activities are in fast progress. We are trying to speed up further, but we are expecting it will be in the month of September 26th. Okay, sir. Thank you so much. Thank you. Ladies and gentlemen, if you wish to ask a question, you may press star and 1 at this time. Our next question comes from the line of Rajesh Majumdar from 360 ONE Asset. Please go ahead. Yeah, good evening, sir. So my first question was on the consolidated financials. Are there any one-offs in the revenues or PAT that we should be knowing about in terms of the one-times that are there in this quarter? Actually, around INR 260 crore, we got some favorable CERC order. Those things are the one-offs in the financial statement. That is in the consolidated, nothing in the standalone, right? Standalone, that is only. It is standalone only. Okay, standalone. Okay. And on the tax also, there is some one-off in the consolidated? On the tax rate, is it much less than the stipulated rate? No, no, no. Okay. My second question, sir, is on the under recoveries again. So we have seen the under recovery being very erratic. And now sometimes we see INR 400 crore, this time it's INR 600 crore. And we've been targeting to get the under recoveries to lower than INR 300 crore for the year. So when do we see a kind of stable state scenario in our lignite plants where we see the under recoveries in a kind of more balanced number every quarter instead of being this kind of erratic number which we have seen quarter on quarter? The erratic nature of under-recovery was mainly attributed to the TPS-II Expansion, where we were facing some technical issue. As I already communicated, we did modification in one of the units, and that unit is performing exceedingly well. We are going to do the modification in another unit also, which we are expecting in the H1 of next financial year. Once that is done, I think the under-recovery values will be in sustained manner, and they will not be erratic. Okay. And sir, could you give us the breakup of the coal sourcing for Ghatampur at full capacity? You said approximately 4 million is the bridge linkage. And so what is the total? I understand the total coal requirement for the three units is about 9 million. So does it mean that we'll be sourcing about 5 million from Talabira, or what is it? Because the. Our requirement is around 6 million metric tons. Our Pachwara South coal block is 9 million metric tons. We will be able to fully source the coal from Pachwara once the full production happens in Pachwara. For the next financial year, our Pachwara South coal block is about to start production in the month of March. Next financial year, we will be able to produce around 2 million metric tons. The balanced 4 million metric tons, we will be sourcing through the bridge linkage from Coal India subsidiaries. Okay. What is the standalone and consolidated regulated equity at the end of the quarter? Our regulated equity, the standalone, it is INR 12,464 crore. That is consolidated, you mean? That is consolidated. That is consolidated. Okay. Yeah. And standalone? This NTPL is INR 1,741 crores, and NUPPL INR 3,336 crores. The balance is the other projects. This includes the NUPPL second phase, right? Yes, exactly. Okay. But it would be mostly capitalized this quarter, NUPPL second phase, because it won't be in commercial production in December when you started the plant. It will be included in the regulated equity this quarter, right? Our unit started commercial operation on December 9th. So that is taken into account. Okay. Thank you, sir. Thank you. Thank you. Our next question comes from the line of Arihant from BOB. Please go ahead. Hi, sir. Thanks for taking my question. Sir, I wanted to know when will we receive are we expected to receive environment clearance for Talabira Phase II project, and when will we float the tender for this project, and by when we will be able to award this project? See, the Talabira Phase II, 800 MW, we are expecting the environmental clearance at around the end of H1, next financial year. But before that, we will start the tender activities, and we will float the tender. And we are hopeful that by December, the order will be placed for Phase II of Talabira. Okay, sir. Sir, I wanted to know what was the Talabira e-auction volume this quarter, and what was the realization this quarter from e-auction? The third quarter, the e-auction is around 26 lakh tons, 27 lakh tons. In fact, it is 26.91 lakh tons. And the overall sale rate of e-auction was INR 1,561. And for the nine-month period, the auction is 8,491,000. And the overall sale rate was INR 1,561. Okay, sir. Sir, I wanted to ask about the renewable projects. I wanted to know when will the 600 MW Gujarat solar project get commissioned, and also have we got the land for Assam 1,000 MW solar PV project? This 600 MW, all the activities are in fast progress. We awarded the BOS contract long back and placed an order for the modules also. Most of the modules are received at site. We are hopeful that by the end of the current financial year, we will be able to add 300 MW. Within the next one and a half months, in the next financial year, the balanced 300 MW also will be added. Coming to the land at Assam, all the activities are in fast progress there also. It is in the final stages. Some money we have to requisition for money is raised by them. Once that is done, I think they will hand over the land to us. Okay. Sir, and one last question from my side regarding the 450 MW hybrid project. When are we expected to receive PPA for that project? Actually, the PPA has to be signed by NTPC. I think they are in the progress. They are in the process of signing PPA with the beneficiary. And after that, they will sign with us. Most probably, that will happen in the first quarter of the next financial year. Okay. Thank you, sir. Thank you. Our next question comes from the line of Suyash Bhave from Wealth Guardian. Please go ahead. Thank you for the opportunity. Sir, regarding this new JV that NLC India Renewables is setting up with PTC India for the 2,000 MW project, can you throw some more light on as to how much Capex are we looking to incur there? What kind of assets are we looking to build up, and what would be the respective roles for NIRL and PTC? Actually, we are targeting to add 2 GW with overall CapEx of around INR 10,000 crore. NLC being an expert in the area of renewables, so we are taking a lead role, and they will be our JV partner. Okay, sir. Thank you. Thank you. Our next question comes from the line of Abhisha from Siddhi Technologies. Please go ahead. Yeah. So I have two questions. One is regarding the CapEx. Can you provide the CapEx breakdown? And the second question is regarding the rare earth materials. Since the Union Budget was shaped around rare earth and critical minerals, so what's the status? Have you updated any status regarding the critical minerals that you have partnered with Department of Atomic Energy? The first question is regarding the Capex. CapEx breakdown. Yeah. CapEx, this financial year, up to December, our CapEx figure is INR 6,241 crores. Out of that, NLCIL standalone is INR 2,389 crores. Sorry, INR 3,270 crores. And this Pachwara South coal block is INR 685 crores. NTPL, it is INR 143 crores. And NUPPL Ghatampur, it is INR 1,087 crores. And NIRL, it is INR 1,022 crores. Total is around INR 6,241 crores. And regarding the critical minerals and rarer elements, we are having experience of more than seven decades in open-cast mining. To leverage that experience, since the beginning, we have been trying for critical mineral blocks and participating in all the auctions. And in the last auction, we got two blocks in the state of Chhattisgarh. Okay. So any update regarding what would be the capacity of that block? Actually, it is too preliminary to estimate the capacity of this block. This is the phosphorate and limestone blocks. Both are the adjacent blocks and good blocks with the less stripping ratio. So the geological reserves, they are around 3.39 million tons of phosphorate in one of the blocks, Semariya block, and 14.57 million tons in Raipura phosphorate block. And there are huge reserves of limestone also. In one block, it is 428 million tons, and in the other block, it is 170 million tons. Also, if I'm not wrong, you had a target of 1 million tons to mine for critical minerals by FY 2030. Is it possible that we could achieve that? Even we are targeting, along with the domestic blocks, we are targeting for acquisition of some of the blocks in overseas also. For that, we signed an MOU with IREL. And also, we signed an MOU with KABIL, Khanij Bidesh India Limited. And there also, we are putting all the efforts to acquire some of the ready blocks for production of critical minerals. And also, you asked one more question about the MOU with BARC. We signed an MOU with BARC for establishing one pilot project in the Neyveli for extracting rare earth elements from the fly ash of lignite-based power stations in the Neyveli. So all the activities are in fast progress. The design of the activity is completed. Now, the tenderization and everything will be completed. We are expecting that in the next 9-month period, the pilot plant will be operational, and extraction of rare earth elements will be started. Okay. Okay. Any revenue generations we can expect from the? It's a follow-up question. Thank you for more questions. Yeah. Thank you. Next, we have a follow-up question from Aditya Welekar from Axis Securities. Please go ahead. Yeah. Thanks, Arvind. Sir, just on the RE projects, so we have a target of 8 GW by 2028. So how the projects will be progressing, how much is in pipeline, and are you facing any right-of-way or land acquisition issues there? See, as you rightly said, in 2028, our target is around 8 GW, and by 2030, the target is 10 GW. So we started the year with around 1,400 MW, and already we added 300 MW, and we are going to add another 300 MW. So by the end of the financial year, we will be around a 2 GW company. And to reach the target of 10 GW, we are aggressively adding capacity in different states. We already formed a joint venture with the Rajasthan government for adding 2 GW of renewables. We formed a joint venture with the Assam government for adding 1 GW of renewables. We are forming a JV with MAHAPREIT for adding around 5 GW of renewable capacity. Similarly, we are forming a JV with Odisha also for adding around 2 GW capacity. If you combine all these things, it will be coming much more than the 10 GW. Already, around 3 GW renewable projects, already activities are in fast progress. These projects will be commissioned in the next one and a half to two years. Out of that, the 600 MW in Gujarat, there is an advanced stage. We will be commissioning the entire 600 MW in the quarter one of the next financial year. Our 810 MW project in Pugal, that is also, we are in the final stages of taking the land, and we will take it forward in fast track mode. So there are many projects in pipeline to achieve the target of 8 GW by 2028 and 10 GW by 2030. Yeah. Just a follow-up. So out of the 8 GW, how much is PPA tied up as of now? No. Out of this 8 GW, the 3 GW which I was telling, which are in progress, for that, we formed a JV with Assam. So whatever capacity we will be installing there, that will be taken by the respective state governments. So once we take the land, then after that, the PPA will be signed with them. Okay. Understood, sir. Thanks a lot. Thank you. Our next question comes from the line of Shaunak Godbole from SBI Life Insurance. Please go ahead. Hello, sir. So just I wanted to understand the regulated—I had a question on regulated equity. So when I'm looking at the presentation in nine months for 2026, the regulated equity for the mining segment is INR 3,403 crores. And in 2027, it is showing as INR 4,437 crores. But when I'm looking at the total capital cost of Pachwara, and when I'm trying to add up the regulated equity, it's coming to around INR 4,000-odd crores. So can you just help me to bridge that gap of that INR 400-odd crores? What is the regulated equity to be added from Pachwara? Actually, by the end of 2027, the regulated equity from mines is INR 4,437 crores only. Your question is that when you are adding Pachwara, it is coming around INR 4,000 crores only. But parallelly, our three mining projects are going on. Our North Dhadu, our Machhakata, and Patrapali, all these three mines' activities are going on. So the balance will be. In Talabira also. Ha. In Talabira also, some more activities are there. That's why that is INR 4,437 crore. Okay. The second question is on the thermal side of it. So if you see our thermal regulated equity is around INR 9,061 crore. So in FY 2025, when we are looking at the standalone basis, it was around INR 9,804 crore. And from NTPL, it is INR 1,741 crore. So is the balance from Ghatampur or how is it? Because I suppose the total capital cost of Ghatampur is INR 21,781 crore. When I am extracting the regulated equity and NLC's part of it, it is coming around INR 3,300 crore. So when I'm doubling it, I suppose there is still a gap of around 1,400-odd crore. So just wanted to understand that. Out of these INR 9,000 crore, INR 3,336 crore is related to NUPPL. And INR 1,741 crore is related to NTPL. And in NUPPL also, till now, two units are only added to this one. And once we commission that, the third unit also, we will add to that. Two FGD projects also. Also, two FGD projects are going on in our NTPL as well as our NNTPS. That is also contributing in this equity. Okay. And sir, last question on the financials. In consolidated statements in Q3, in last Q3 FY 2025, there was some INR 1,000 crore of write-up value, and there was some adjustment. So in this quarter, there are no adjustments, right? Or is there any adjustments? There is an adjustment of around INR 260 crore. That is already shown because of the favorable CERC order. It is around INR 260 crore. Against the INR 1,000 crore last year, it is INR 260 crore this year. Okay. Okay. Your capacity addition for the next two years? Just a ballpark number. This year, we will be adding total around 600 MW. In the next financial year, around 1 GW and subsequently 1.5 GW every year. Okay. Thank you. Thank you very much, sir. Thank you. Next, we have a follow-up question from Arihant from BOB. Please go ahead. Yeah. Hi, sir. Sir, just wanted to know regarding Machhakata power plant, whether the feasibility study report for that plant has come out. And second, I wanted to know about the 2,000 MW Rajasthan solar JV project. How much land have we acquired for that project, and when are we expecting commissioning of that project? Okay. Regarding Machhakata thermal power station, the initial pre-feasibility report we received, and we are examining that for setting up of the thermal power station there. Coming to the Rajasthan renewables of 2 GW, we received land for around 600 MW. Raghua? Fatehgarh also? Around 600 MW. Balance is in fast progress. We are taking up with RVUNL. So we are hopeful that in the next quarter, we will be getting the entire land for 2,000 MW. Once we get the land, within one year, we will be able to start the generation from that plant. From the first quarter of FY 2028, the generation should start from this plant? Exactly. Okay. Thank you, sir. Thank you. A reminder to all the participants, if you wish to ask questions, you may press star and one now. Participants, you may press star and one to ask a question. As there are no further questions, I would now like to hand the conference over to management for closing comments. I thank all the participants and investors in today's investor call for giving encouragement to team NLCIL and at the same time, giving valuable suggestions. On behalf of the management, I assure that whatever commitments we have given and the timelines we have given, we will put all efforts to ensure that these commitments are met and increase the return to the investors. Thank you all. Thank you. Thank you. On behalf of NLC India Limited, that concludes this conference. Thank you for joining us, and you may now disconnect your line.