Ladies and gentlemen, good day and welcome to the JSW Energy Q3 FY 2026 Earnings Conference Call hosted by Investec Capital Services. 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, please signal an operator by pressing star and then zero on your touch-tone phone. Please note that this conference is being recorded. I now hand the conference over to Mr. Anuj Upadhyay from Investec Capital Services. Thank you, and over to you, sir. Yeah, good evening, everybody. On behalf of Investec Capital, I welcome you all to the conference call of JSW Energy to discuss the Q3 FY 2026 results. We have with us the leadership team of the company, led by Mr. Sharad Mahendra, the Joint MD and CEO, Mr. Chandrasekaran Prabhakaran, CFO, Mr. Bikash Chowdhury, Head IR and ERM. With this, I would now like to hand over the call to Mr. Sharad, for his opening remark and taking the call forward. Over to you, sir. Thank you, Anuj. Good evening, everyone, and thank you for joining us today for JSW Energy's Quarter Three FY 2026 Earnings Call. Before we begin our discussion on the results, I would like to wish each of you and your family a very happy New Year. I'm also delighted to warmly welcome our CFO, Chandrasekaran Prabhakaran, who joined us at the beginning of January from JSW Steel. Prabhakaran brings with him over 25 years of rich and diverse experience across corporate finance, accounting, and governance gained through senior leadership roles in large listed conglomerates. He has been associated with the JSW Group since November 2014 and was most recently serving as the Deputy Chief Financial Officer at JSW Steel Limited. His appointment also reflects the group's strong emphasis on leadership development and internal succession planning. Prabhakaran will be closely working with me as we continue our journey of strengthening the company and taking it to new heights together. The third quarter of this fiscal year has witnessed a flattish power demand growth, primarily driven by an unusually long and intense monsoon season and cooler temperatures, which reduced the need for cooling and irrigation pump power demand, leading to a muted overall growth. That said, we firmly believe the long-term demand growth strongly remains intact, and the current softness is largely a weather-related phenomenon. Encouragingly, power demand growth in December 2025 was robust at 6.5% year-on-year, driven primarily by strong industrial activity. Even for the first 20 days of January, power demand growth is robust at 6%. For the year-to-date period till December 2025, overall power demand growth stood at a modest 0.5% year-on-year. Another notable trend in the last quarter was the all-time high December peak demand of 241 GW, which also represented the peak power demand for the quarter. To compare, the peak power demand in the corresponding quarter of the previous fiscal year stood at much lower, 224 GW. This underscores the underlying strength of power demand when weather conditions normalize, highlighting the continued structural growth despite near-term volatility. From the power sector perspective, bidding momentum during the year has been mixed, reflecting a clear evolution in the sector priorities. There is a growing recognition of the need for reliable and firm power, with thermal capacity increasingly gaining prominence. On the thermal front, bids from various states aggregated 12.8 GW during the first nine months of the current fiscal, underscoring renewed demand for dependable base load capacity. In contrast, renewable energy bidding activity has moderated, with only 10.4 GW for the first nine months of this fiscal. Further, 7.6 GW of storage bids were observed in the first nine months, compared to 1.6 GW of storage bidding in FY 2025 in the same period. Additionally, for the first nine months of the fiscal, about 10 GW-12 GW of renewable generation (PPA) is estimated to have been signed. Overall, the bidding landscape points to a clear transition from plain vanilla renewable energy towards a more balanced mix of thermal storage and firm power solutions, aligned with the future needs of grid stability and energy security. Despite this broader moderation in bidding activity, our growth pipeline remains firmly intact. We have already logged in about 18.7 GW of incremental capacity in generation and 29.6 GWh in storage, which will take our installed capacity beyond our stated target of 30 GW in generation, while we are confident of achieving our 40 GWh in storage by 2030. During the quarter, the merchant power market remained soft, with day-ahead prices on exchanges declining both sequentially and year-on-year basis. Despite this, our merchant realizations were at 20% premium to the average exchange prices during the quarter. This was possible due to strategic tying up of various back-to-back short-term contracts. Further, it is encouraging to note the improvement in the merchant tariffs by about 30% in the first 21 days of January compared to the average tariffs in the previous quarter. Despite last quarter's subdued merchant market environment, the impact on our business has remained limited. This resilience reflects the proactive de-risking measures we have implemented over time, including prudent portfolio diversification and disciplined contracting strategy. Currently, our open capacity stands at approximately 8%, which will further reduce to around 5% from 1st of April, 2026, following the securing of 400 MW 25-year power purchase agreement for our Utkal plant in Odisha with Karnataka Discoms. Additionally, we have also signed a 115 MW short-term power purchase agreement from our Utkal plant with Assam Discom for two years, which further reduces our exposure towards merchant markets. With this, our total plant capacity, almost more than 95%, will be tied up in the long term. As a result, our portfolio continues to deliver stable and healthy returns, underscoring the strength, resilience, and flexibility of our business model, even in challenging market environments. Now, I would like to share the key highlights of our performance this quarter, during which we have made meaningful progress across several fronts. Our power sales recorded a strong 65% year-on-year growth in quarter three of the current year, increasing from 6.8 billion units last year to 11.1 billion units in the current year in this quarter. For the nine-month period ended FY 2026, net generation grew by 62%, rising from 24.4 billion units to 39.6 billion. Notably, long-term PPAs accounted for 82% of total power sales and registered a 63% year-on-year increase in quarter three, supported by our disciplined and robust portfolio de-risking strategy. From a mode-wise perspective, we witnessed improvement across all sectors. Our solar and wind portfolio net generation rose by 149% year-on-year, led by organic capacity additions and contributions from O2 Power. Thermal generation increased by 55% year-on-year, primarily driven by contributions from KSK and capacity additions at our Utkal plant. Further, hydro generation grew 27% year-on-year versus the national average increase of 13% during the quarter, benefiting from improved hydrology and contribution from our new Kutehr plant in Himachal. I would like to reiterate that our quarterly power sales growth of 65% year-on-year stands out against a broader industry backdrop, which recorded a demand degrowth of 0.1% year-on-year in quarter three. Over the past 12 months, we have added 5.2 GW of capacity, comprising 3.1 GW of renewable and 2.1 GW of thermal, which has been a key driver of our year-on-year EBITDA growth. This expansion includes inorganic capacity additions of 1.5 GW in renewables and 1.8 GW in thermal, further strengthening the scale and resilience of our portfolio. During the quarter, we added 125 MW of new capacity in renewables, including hybrid projects, taking our total installed capacity to 13.3 GW. Our capacity additions represent a significant year-on-year growth of approximately 64%, up from 8.1 GW in the same period last year. Building on this robustness, we have equally deliberated in shaping the quality of our capacity mix. On the capacity front, approximately 3.3 GW, which forms around 25% of our current installed capacity, is secured with high-quality group captive and C&I customers. As we scale beyond 30 GW, this is expected to further increase to approximately 5.7 GW. Importantly, these capacities are contracted at highly remunerative tariffs, with renewable tie-up at a high blended average tariff of over INR 3.65 per unit. Turning to our recent capacity additions, I'm pleased to share that Kutehr plant has now fully stabilized and generated about 130 million units during the quarter. We have also continued to remain at the forefront of innovation. During the quarter, we successfully commissioned India's largest green hydrogen plant at our Vijayanagar location, with a capacity of 3,800 tons of green hydrogen per annum, marking a significant milestone in the group's decarbonization journey. Many of you may have had the opportunity to visit this facility during the green hydrogen plant visit conducted earlier this month and see firsthand the progress we are making in this emerging area. I'm pleased to share that, as a reflection of our strong green focus and long-term commitment to carbon neutrality, our expanding renewable portfolio enabled us to avoid approximately 14 million-15 million tons of CO2 emissions in the first nine months of this fiscal, based on the prevailing Indian grid emission factor. Another important milestone during the quarter was the preferential allotment of equity shares to the promoter group, involving a capital infusion of INR 3,000 crores, comprising INR 500 crores through equity and INR 2,500 crores through warrants, which will convert into equity over the next 18 months or earlier. In addition, consistent with last year, we have also received shareholders' approval for a potential issuance of up to INR 10,000 crores through a qualified institutional placement. On the inorganic growth front, the acquisitions announced in the previous quarter, Tidong Hydro Power and GE Power India's boiler manufacturing division are progressing well. We expect to complete the Tidong Hydro Power transaction before the end of the current month, that is 31st of January. And the GE Power, further, we have also received the NCLT approval for this process is on NCLT approval for our resolution plan submitted by the company for Raigarh Champa Rail Infrastructure, which is the KSK plant rail infrastructure. Further, I'm also happy to share a couple of important strategic developments post the quarter on the thermal front, post Q3. We have placed an order for two ultra-super critical turbine generators of 800 MW each for our Salboni thermal plant in West Bengal with Toshiba JSW. The turbine generator package will be manufactured and delivered in line with the project's construction schedule, enabling timely completion and commissioning of the plant. By sourcing critical equipment through our associate company, we are strengthening supply chain certainty, improving coordination during execution, and mitigating risks arising from industry-wide equipment constraints. This contract represents a strategic step in enhancing supply chain control and ensuring execution certainty for the Salboni project. Further, at Salboni location, I'm pleased to announce the signing of our second 1,600 MW PPA with West Bengal Discom for a second thermal power plant at Salboni, increasing our total capacity at the site to 3,200 MW. This makes Salboni our largest single-location asset. The project benefits from its strategic proximity to Coal Blocks, as well as synergies with the existing 1,600 MW unit under construction, driving significant operational efficiencies. With this, our secured thermal capacity stands at 10.7 GW and total logged-in capacity at 32.1 GW, providing ample visibility to our ambitious 2030 target of 30 GW. Moving on to financial performance, which I'm sure most of you have had an opportunity to look at already, revenue for the third quarter increased by 61% year-on-year to about INR 4,255 crores, in line with the robust growth in capacity and generation. Correspondingly, EBITDA increased by 98% year-on-year to INR 2,202 crores for the quarter. With the continued capitalization of newer assets on the balance sheet, interest and depreciation were higher on a commensurate basis. Depreciation more than doubled, and interest costs jumped by almost 2.6x on a year-on-year basis in quarter three. The company has recognized a deferred tax asset, and therefore, the profit after tax is up by 150% to INR 420 crores in the quarter. More importantly, our cash profits increased by 12% year-on-year to about INR 570 crores during the quarter. On the deferred tax, our JSW Energy Utkal has entered into a 25-year power purchase agreement with Karnataka Discom for supply of 400 MW of power, commencing 1st April 2026. In view of the reasonable certainty of sufficient future taxable profits from this PPA, the company has recognized a deferred tax assessment of INR 557 crores on carried-forward-based business losses and unabsorbed depreciation. Further, on our KSK asset as well, there was a deferred tax recognition of INR 189 crores during this quarter related to carried-forward business losses and unabsorbed depreciation. Further to the above, in alignment with the changes in the labor codes announced recently, we have also provided with a conservative approach. We have provided INR 65 crores in relation to this, which is one-off provision in nature. Turning to leverage, net debt at the end of the quarter is stood at INR 63,771 crores, up from INR 61,960 crores as of 30th September 2025. Excluding capital work in progress, the pro forma leverage ratio stands at approximately 4.9x. The net leverage is expected to come down upon full receipt of the recently completed preferential allotment proceeds. Further, our liquidity remains strong, supported by cash and cash equivalents of over INR 7,100 crores. On the cost of debt, as guided earlier and in line with the recent rate cuts, we continue to see a sustained reduction in the weighted average interest rate. During the quarter, our cost of debt declined by about 11 basis points quarter-on-quarter from 8.79% to 8.68%. We expect this declining interest cost trend to continue as and when our bank loans undergo their interest resets. Cash returns on net worth after adjusting for our investment in JSW Steel shares remain robust at approximately 19%-20%. You may kindly refer to the slide number 14 for this. Finally, on receivables, total receivables at the end of December stood at approximately INR 3,000 crore, translating to debtor days of 73 days, which is a sharp reduction versus the 96 days which we witnessed in the corresponding quarter of last fiscal. The key takeaway is that the robust capacity additions undertaken so far have now begun, translating into higher energy generation as well as cash flows, and we expect this momentum to improve going forward. With this, I conclude my opening remarks, and we can now open the floor for Q&A. Thank you. 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 please use handsets while asking a question. Ladies and gentlemen, we will now wait for a moment while the question queue assembles. Our first question comes from the line of Sumit Kishore from Axis Capital. Please go ahead. Good evening and thanks for the opportunity. My first question is in relation to the Salboni project. Could you outline the PPA details for the first 1,600 MW, as well as the subsequent 1,600 MW PPA that you have entered with West Bengal? What is the likely CapEx phase-out for this mega project, and how are you looking to phase-out commissioning of the units? That's my first question. See, the PPA timelines, first, to me, thank you very much. The PPA timelines which are there is from the date of notice to proceed. I think the date, it's 48 months for the first unit of first phase, and second unit after another 6 months, that is 54 months. So all the planning is within the same timelines. We will definitely be completing the phase I within the PPA timelines which are there. So that we are sure because we have our supply chain in terms of boiler, turbine, and generator, which is a challenge which country is seeing, as I said in my remarks also, that is all under control. So this is what we wanted to show. And also, in terms of the CapEx, we will be announcing, but yes, you can benchmark whatever we have said, and in the domain is that maybe the phase I about INR 16,000 crore of investment for two into 800 MW, which you have announced earlier, so we'll be around that number only. Okay. And what would be the tariff arrangement here? What fixed variable and what are the details? See, there are two first bid. The tariff is in the range of INR 3.65, which we have already announced, and the second INR 4.06. This is the fixed charges only, INR 3.6 for phase I and INR 4.06 for phase II. Fuel is passed through. Fuel is passed through at what fuel rate? Those details we will provide you, but that is as per the guideline which is there, which is 2350 fuel rate. Sumit, this is Vikas here. We will be happy to connect with you on this if you want a detailed. We will give a detailed presentation, and we'll be happy to connect with you. Okay, Vikas. My second question is on you had targeted in the second half of the year to commission about 1.5 GW, if I recollect. And broader question is that given the grid constraint for this financial year, now on an organic basis, how much RE capacity would you be able to close the year by? And for the next financial year, you have a sizable under-construction sort of portfolio. So given grid constraints and other challenges, what is doable in FY 2027 on an organic basis? Also, if you could attach yeah, yeah. Yeah, yeah. Please tell. And just to close this question, if you could also sort of there's a big ramp-up in CapEx that we are expecting to see in the coming financial year. So broadly, on an organic basis, your CapEx this year and the next financial year, how are you thinking about it? Yeah. See, Sumit, one is that as we have said earlier, you rightly said that 1.5 GW of fresh capacity addition during H2 of current fiscal, out of which 125 MW we have commissioned during quarter three. So we are well on track. And in the current quarter, the capacity additions which are going to take place, it's so we will be meeting the guidance what we have given for 1.5 GW in the second half of current fiscal. And for which grid connectivity and land, everything, these projects are at advanced stage. Second, for next year, whatever plans we are having, we'll be definitely giving the numbers later. We are in the process of finalizing our next year plans, but of course, keeping in mind the connectivity availability and land. As I have been saying for quite some time, we are absolutely insulated for next one year to two years from connectivity challenge. Reason is two steps what we took has secured us from this uncertainty which the country is facing. One is that we have majority of our projects coming next two years are STU instead of ISTS interstate. It is interstate, and STU connectivity is available. Second is the O2 acquisition. All capacities which are going to come under that, 100% of the connectivity is available with us for the entire to reach the capacity of 4.7 GW. And beyond that, if we have to do, there is additional capacity connectivity is available beyond 4.7 GW in O2 also. So these are the factors which gives us almost certainty that we will not be facing any challenge on these factors. Regarding CapEx numbers, as and when we finalize our next year plan, which we'll be doing shortly, we'll be definitely making at the right time the announcement. Just to close the loop on you have about the. We lost you. So your audio is not coming through. Sumit, I request you to please repeat it. Even connectivity challenges can get commissioned by, say, FY 2028 end also. See, yes, FY 2027 and FY 2028, more or less, whatever plans we have to reach our 30 GW by 2030, we are on track. And till FY 2028, we have absolute clarity of the connectivity also. Thank you. I'll get back in the queue. We will be commissioning as per the PPAs because majority of our capacity, the PPAs have been signed. So we are on track to complete everything within the PPA timelines. Excellent. I'll get back in the queue. Thank you and wish you all the best. Thank you. Our next question is from the line of Mohit Kumar from ICICI Securities. Please go ahead. Yeah. Good evening and thanks for the opportunity. So first question related to the PPA which you have tied for the Karnataka. I think it's 400 MW. Is 400 MW net capacity the first subsidiary question? And second is, is it possible to share with the fixed tariff of this particular PPA? Okay. See, this 400 MW is the net capacity one. And this is a tariff at INR 5.8 at my plant bus. And the fixed tariff here in this? No, no. This is a fixed tariff of INR 5.8. Of course, scalable, but this INR 5.8 tariff is the year one tariff which we are going to get from Karnataka. Is it scalable or is it a single tariff? It is fixed plus variable, fixed single tariff bidding which is there. For 25 years. Is that right? Yes. Yeah. Understood, sir. My second question is on the Salboni. Of course, you are already given the order for the turbine generator. For the boiler for 3.2 GW, what is the plan? Are you giving it to the GE facility which we acquire, or only sourcing a few components? See, yes, as we have announced earlier, the GE boiler manufacturing plant in Durgapur, which we are in the process of acquiring, and we expect the process to be completed and the plant to be fully with us by June or July of 2026. So we will be making these boilers for our captive requirement in Durgapur only, which has a capacity of almost about 1.5 boilers of 800 MW, 1.5 boiler equivalent material to manufacture. And as and when required, we will increase the capacity also there. So we will be manufacturing our own requirements from Durgapur unit only. Understood. My last question is, what is the progress on conversion of our allocated into allocated into PPA? Of course, we have a good pipeline of PPA, but still some of the allocated on the RE side have been there for quite some time. So what is the kind of conversation happening with the counterparties? Yeah. See, if you see that our total capacity which is there is 12.6 GW of capacity, which is already contracted. Already PPA signed. RE front, I'm talking. Yes, sir. My question was more about the pipeline, a lot of which is lying with us for quite some time. Y eah, that is about, see, there is a total capacity which is there is about 4.5 GW for which there is pendencies, and some we are expecting shortly to get signed, and others we are waiting. But keeping in mind that our contracted capacity and the PPA signed capacity, the gap is such that we are absolutely certain that 30 GW number what we are telling by 2030, that is on track. So Mohit, if I have to add on what Sharad is saying, that we already have with current capacity and with under construction, we are at 27.5 GW. Right? And on pipeline is 4.5 GW, and the details of the pipeline is there. So you know as well as we know when this pipeline will get converted. Right? There are lots of capacity like this which is pending closure. So as and when they close out, we will let you know. And we are more than certain that we'll reach 30 GW by 2030. Yeah. Understood, sir. Thank you and all the best. Thank you. Thank you. Thank you. Our next question is from the line of Rajesh Majumdar from 360 ONE Capital. Please go ahead. Yeah, good evening, sir. So in line with the questioning earlier, I had a question on the overall quantum of bidding while you are saying locked-in contracts is fine. But do you foresee a reduction in the total bidding space, particularly in the renewable space next year in terms of the overall market size, in which case keeping our market share around the same, the level of additions will be limited to about 2.5 GW-3 GW per annum barring the locked-in capacity? Is that a fair assumption? I think yes. See, we have to understand that there are two, three challenges which are being faced. If you see current year, the capacity with Greenfield, as I announced, is extremely low in terms of the bidding which has taken place in the first 9 months. The unsigned PPAs which are there, close to 40 GW of bids wherein the PPA signing is pending. So that is also slowing down the fresh bidding. Second, the uncertainties in terms of the connectivities. Like we are seeing a very good Greenfield capacity addition in the current year in the RE space. But will the same number continue for next two, three years is a challenge because now from FY 2027, we are seeing that the challenge of getting the fresh connectivities will be one of the major bottlenecks which is going to be there. So all these factors put together, we definitely see that there will be a moderation in the bidding which we have been seeing till last fiscal. And this is likely to continue. But even with that, you're saying your assumptions assume around 4 GW additions per annum. So that is achievable. Yeah, yeah, absolutely. As I told you, you see our present operating capacity. We are ending the year. Maybe in the range of whatever I say, 14.5 GW- 15 GW. And then another about 12 GW-13 GW capacity already tied up. And also, just to add, and also there is the Salboni which is 3,200 MW, which is 2030 and 2031. So it will be more towards the end. They will come up, right? So it's not the capacity divided by number of years is what we are trying to say. Yeah. No, I understand that. Yeah. Okay. Thank you. My second question is, sir, on the KSK Mahanadi case, what is the impact of the tariff reduction on the overall EBITDA per annum? And related question is 3Q, we have seen a 30% drop in the standalone revenues. Is that a reflection of that or something else? No, see, one is that reduction in revenue, we have to understand the extreme weather conditions there have been, the reserve shutdowns which have backed down from the states, especially in the northern state of UP, which has resulted in the lower revenue and generations. But we have to understand this is a tied-up capacity. My plant availability is there. So for me, this is not going to have any significant impact on my this thing we will be getting as per the plant availability, my fixed charges. So that is one we are absolutely certain that that is not a challenge. You asked one more question. KSK tariff reduction. The tariff reduction. Tariff reduction. Tariff Tariff reduction. Okay. There will be, of course, going forward in FY 2027, as per the PPA term, there will be a tariff reduction of close to about INR 1.25 from one of the Discoms. So that will definitely have some impact. But operational efficiencies, as I said earlier, during the year, we have been building up a lot of operational efficiencies which have come during the year and have kept on coming. So that will give us annualized benefit next year. To some extent, we will be definitely reducing the impact of this tariff reduction from that side. And also the sale of the reserve shutdowns and other things, backdowns from the plants which we have started. So that we are expecting that the impact on the overall EBITDA will be there something, but it will be minimal. What portion of total capacity is impacted by the tariff reduction out of 1,800 MW? What capacity? 1,000 MW of UP. 1,000 MW. Okay. 1,000 MW, which is with UP, tied up with UP. Right, sir. And my last question is, when do we see the first tranche of capital coming into the company and a kind of and also, do you think that with the promoter stake coming in, there is a chance of credit rating improvement in our debt? Yeah. That's the last question. Thank you. Right. See, the thing is, as I have said, maybe you will see the numbers December closing. We have sufficient cash flow, free cash with us to take care of our going forward the CapEx which is required and the funds which are required. But as I told you, that with the whatever capacity addition plan, once we finalize for next year, capital requirement, we have the enabling approval to go for the fundraise. As and when during the year, if we feel, definitely we will be going. But right now, we are comfortable. And And because we have got the promoter equity infusion part of that already, so which will take us there. And definitely, we expect as a market is definitely expecting that with promoter investing at the current levels, higher than what the current level is, is a positive for us with the market is also seeing and the agencies also. To add on to the rating part, we are one of the best ratings, AA in the sector. But really appreciate your point that we will also take it to the rating agencies and upgrade it for our benefit. Thank you very much for this idea. Thank you, sir. Thank you. Thank you. Our next question is from the line of Apurva Bahadur from IIFL Capital. Please go ahead. Hi. Good evening. Thank you. Sir, I was just curious about the Utkal PPA. You said that it was a single tariff rate. Just wanted to know in case there is a backdown for the plant, how do we get paid? Will the state pay the entire INR 5.8 tariff or? Yeah. See, as I told you, this is the total tariff which is exact tariff is INR 5.78. Out of it, the fixed part is INR 4.04 and INR 1.74 is the variable cost. If the plant availability is there as per the PPA, my fixed cost is assured. Okay. Understood, sir. Sure. Thank you so much. The other thing, sir, on Salboni, the tariff for phase II is the fixed tariff is around what, INR 40 higher than phase I? Yes, yes. In my understanding, typically, if the plant is larger, there could be utilities which are there will be commonality of utilities, and typically, the CapEx per unit per megawatt goes down. What precipitated this rise in tariffs, and was the state okay with it? I mean. Yeah. See, we have to realize see one thing. The first phase of my Salboni project was a year back when the tariff was discovered, the fixed cost. After that, if you see all the bids which have happened, have happened even at a higher price, the state is seeing that what is the total cost, and this is still one of the lowest tariffs. The state is seeing this as for into 800 MW blended. If you see, it becomes a significantly attractive tariff as compared to the almost 12 GW of bidding which has happened during last one year in thermal space. This is one of the most attractive tariffs. So the state is absolutely comfortable, and regulatory approval also is in place. Keeping in mind what has prevailed, we need to know what has happened in other bids in Assam, whether it is Bihar or whether it is MP. You will see the states. So this is a very good tariff which has been discovered. Understood. Sir, I see your presentation. I believe the BESS containerization and cell assembly plant is about to get commissioned. We have certain BESS PPAs as well, which we need to execute. So will we be importing the cells and converting it and containerizing it at our facility for these PPAs? Yes, exactly. Yes, we are doing that only. Yes. Okay. And have we placed the orders for the cells yet? Yes, we have placed for some. And the material will start coming because the trial production plant is stabilized. We have submitted our product for necessary approvals, which we expect by March end or early April, the approvals to be in place. But by the time we will start the production, sometime in February, between February and March. Sir, can you share how much of cell capacity or cell import orders that you placed? Exact number I will get back to you right now. I'll let you know. But yes, we understand, and we have that sensitivity done. I can understand from where this is coming in terms of the prices which we are seeing the northward movement in prices. So we have been aware of this trend, and accordingly, we have taken the necessary steps at the right time. Sir, much appreciated. Thank you so much. Thank you. Thank you. Our next question is from the line of Satyadeep Jain from Ambit Capital. Please go ahead. Hi. Thank you. Just wanted to check on RE contracted capacity PPA. In the PPA specifically, can you give an update on FDRE 4, what is happening there? That battery thing. See, we are waiting for the regulatory approval. We are waiting for the regulatory approval for the FDRE. We have received the letter. We are waiting for regulatory approval. That is the state. There is no further communication to us from Rajasthan on this. There is no communication on cancellation or anything. We have received the Letter or Award. We are waiting for the PPA has been signed. We are waiting for the regulatory approval. That's all. Nothing else. PPA has been signed. That I know. But the SERC approval is still pending, right? Yes, yes, yes, yes. And just wanted to understand on the NEP also, the government has been focusing a lot on distribution side, and though historically, that is one area that you've not focused on. Is there anything? Are you incrementally looking at that at all, or is that a no-go zone for you? There is nothing is no-go for us. We definitely keep looking towards the opportunities as the sector, as the segment is evolving. Now we see a lot of tailwinds in this area also. So we are, in the sense that looking towards the various opportunities, we are estimating. We are also observing what is happening in UP, which has come out with privatization. So we are keeping a track, but definitely, we have to come with a concrete plan. But there is definitely no-go is not the word for us. Just confirming, you have evaluated; you'll take a decision later on, but you have evaluated all these privatization opportunities included. Yeah, we are in the process because there is a sufficient capital allocation strategy also efficiently. So that also is a part which plays that how to prioritize and when to what. Okay. And on the DSM, just wanted to know, given you also have a very wind-heavy portfolio, have you also obviously commented on that proposal for DSM? Just wanted to understand. The government is also talking about DSM being at par with thermal by 2030. What is the implication basis the historical schedule generation you've analyzed on your portfolio from DSM tightening? See, this is an industry-wide issue we have to understand. So as an industry, we are definitely we have taken up, and the losses which are there at the industry level because of this is something the pooling and other various other options which are as an industry we have taken up. And Wind Association is also actively working on these DSM settlement mechanisms. And loss of resistance, it would be that loss of resistance, it would be relaxed is what we feel. And let us wait for some more time on this. But yes, industry has taken this up with the ministry. Okay. Thank you so much. Thank you. Our next question is from the line of Nikhil from UTI Mutual Fund. Please go ahead. Thank you, sir. Just have a couple of questions. So we have seen a lot of renewable generation getting curtailed in the quarter. Wanted to understand how much was the impact of it on our financial? See, the curtailment which is there, we have to understand that again because of the evacuation constraints and especially being witnessed majorly in the state of Rajasthan. So what is happening, there are two types of curtailments. One is against the GNA which is there that I have the grid connectivity, and still the curtailment is there for the grid stability point. I financially am protected because I'm getting the full cost as per the tariff I'm getting that. A part of our small part of the capacity which came up early and the connectivity is maybe a few months ahead, we have got a TGNA which is a temporary connectivity. As and when there is a pressure on the grid, this temporary grid connectivity gets curtailed wherein there is a financial impact. So our portion is significantly small as compared to the large capacity which we operate. So it's negligible right now until now, the impact on us. And the positive which has happened, we have just maybe about a week, 10 days back, the new evacuation connectivity has got started. With this, even the curtailment has significantly reduced, which has benefited us also from the temporary grid connected portfolio. Understood. And sir, any understanding as to why the wind PLFs have been lower? Because industry-wide, they are a bit better than what we have reported at 16%. See, the thing is we have to understand the wind portfolio. If we see asset to asset, our wind PLF in fact has been one of the best and significantly higher than what it was last year. We have to remember that a large portion of my acquired capacity of Mytrah, which is from 850 kW machines to maybe 2 MW-2.3 MW machines. So there the PLFs are low. Those are low PLFs by design, which all was considered at the time of acquisition. The evaluation was done accordingly. So when on a blended basis, you see our PLF on a blended basis may look lower, but on all the fresh capacities which we are commissioning, there the PLFs are in line or slightly better than what is there in the country. Going forward, as and when the new capacities get added with the newer portfolio percentage of wind increasing in the overall, our PLFs will also overall also will improve. Understood. The final question on the thermal bit. I mean, at INR 4, I mean, the returns that will make a very good. So any understanding as to how big can we look at our thermal portfolio, say, 5, 6 years down the line? See, right now, if you see that the thermal portfolio has a time period of maybe 48 to 54, 60 months to complete the project, the greenfield project. So right now, what we are seeing is that four into 800 we have in Salboni, which we are absolutely working on. In addition to that, at KSK, when we acquired, another three into 600 work which is already on is one CapEx because that will be balance of plant was fully ready. Part work of other three units was done. So this will be completing additional capacity of 1.8 GW at KSK will be coming at a much lower specific cost CapEx as compared to a greenfield. And the tariffs, as you rightly said, what are prevailing in the market. So we are right now, next 5 years-6 years, seeing Salboni coming in, KSK addition, and maybe if any other good opportunities there will be open, but it's a time which will take its own time. Okay. We have started CapEx on the additional 1.8 GW at KSK? Yes, we have started for the fourth unit, which was already 30%-40% of the work was complete when we acquired. And also, some of the material which was lying in the port, which we have been able to get after the NCLT order, we have placed the orders, and enabling work has started. And now very soon, the entire work will start, and we expect in about three years' time, we should be in a position to commission this. Commission one unit or the three units? Both units. And then subsequently, every three to six months, there's a balance two units also. Understood. Thank you, sir. Thank you. Ladies and gentlemen, you are requested to please restrict yourselves to two questions only per participant. Our next question comes from the line of Atul Tiwari from JPMorgan. Please go ahead. Yes, sir. Thanks a lot. Sir, my question is on industry. So you mentioned that in the first nine months, we have seen about 12 GW of thermal bids from the state. So do you mind how much more can happen over, say, next one or two years from the state only? Are we looking at a similar number, higher number? And what can be your share potentially for the new thermal capacities? Yeah, this is again a question. See, the Government of India has announced 97 GW of capacity addition, fresh capacity commissioning by 2034, 2032 to 2034 period. So in line with that, whatever the pipeline is and balance, so we see some bids, fresh bids definitely will be coming. Some of the states have already given their indication that they are preparing for the bidding. So we expect maybe giving an exact number will be difficult, but yes, definitely there will be some fresh bids we expect at least for next 1.5 years-2 years in thermal space will be coming. Regarding us, as I told you that we are absolutely full till 2031-2032. But yes, any attractive opportunity with the sufficient timelines and efficient capital allocation, we will be exploring all the possibilities and decide. Because now we are secured from the material supply point of view, supply chain security with the acquisition of GE boiler plant and placing the Toshiba with Toshiba JSW. So we are secured in terms of the supplies of BTG, which has been a big constraint for the industry. So we will be evaluating the opportunities as and when the future bid s come. Yeah, thanks a lot, sir. Then my second question is on consolidated PBT or PAT numbers excluding the deferred tax assets. So obviously, your capacity growth has been quite strong and generation and cash flows are good. But your PBT has been under pressure because of depreciation and interest costs down in second quarter, I believe, and this year it's in loss. So I mean, how do you think about this dynamics as you further ramp up CapEx and capacity over the next one, two years? Asking because it does impact your reported ROEs, post-depreciation, etc. So is that a target in your calculation at all to get the reported ROEs to say 13%, 14%, 15% kind of number, or you are okay to continue at a very suppressed PBT level? Yeah, I'll request Mr. Prabhakaran to just reply to your question. So if you look at it currently, we are kind of adding capacities. Now, initially, what happens is that as you add capacities, initially, I think if you look at the returns, it is kind of at a lower rate. And overall, once the interest and this one starts coming down, that is the time in which basically you'll find the returns at a PBT level. So considering that, initially, since we are in the kind of phase where we are in the execution phase, the next two, three years, we'll have; this quarter specifically will have anyway a lower PLF, right, in terms of CUF, both for wind and solar. So that's a seasonal one. But as and when we kind of stabilize, I think we should kind of even out. To add to what Prabhakaran said, we have about 5.2 GW of capacity, which is wind and hydro, right? So that on third quarter is always muted. So we should actually look at it from on a year basis than just looking at one quarter. Yeah. Okay. Thanks a lot. Thank you. Ladies and gentlemen, we will take that as our last question. I would now like to hand the conference over to the management for closing comments. Over to you, sir. Thank you, everyone. And thanks for being with us today. And again, wish you a very, very happy 2026 and look forward again meeting you all. Thank you very much. Thank you. On behalf of Investec Capital Services, that concludes this conference. Thank you all for joining us. You may now disconnect your lines.