Ladies and gentlemen, good day and welcome to IndiGrid Infrastructure Trust Q4 FY25 earnings conference call hosted by Nuvama Wealth Management. 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 an operator by pressing star then zero on your. Please note that this conference is being recorded. I will hand over the conference to Mr. Vikram Datwani from Nuvama Wealth Management. Thankyou and over to you Sir. Thank you. Good evening, everyone. On behalf of Nuvama Wealth Management, I welcome you all to the fourth quarter FY25 results conference call of IndiGrid Infrastructure Trust. We are joined today by Mr. Harsh Shah, Managing Director, and the rest of the senior management team. I would now like to hand over the call to Mr. Harsh Shah for his opening remarks. Over to you, sir. Hi, good evening, and thank you, everyone, for joining the call today. As we have followed in the past, what we will go through is the flow of the presentation where me and the team will go through the highlights of the quarter, and subsequently, we will get into the question-and-answer session. If we start from slide number three, our vision is to become the most admired deal vehicle in Asia, and we believe that if we are able to focus on business model, focus on value-accretive growth, predictable distribution, and optimal capital structure, we will be able to achieve that. On slide four is just a snapshot of our portfolio as of date. We have approximately $9.6 billion of capital or assets under management across 20 states and two union territories. We own about 87 different distinct revenue-generating elements across transmission lines, substations, and battery storage. Our transmission lines, 52 in number, spread across 9,000 km, circuit kilometers. Our substation assets, 15 in number, size is about 22,550 megawatts capacity. Solar generation, around a gigawatt peak. And our BESS projects, which are many of them under development, is number three projects on about 900 megawatt hours. Going to slide number six is to start with highlights for—sorry, highlights for the quarter. In this quarter, one of the most interesting things that happened is we commissioned our first utility-scale battery energy project. This is named Kilokri BESS. This is India's first regulated utility-scale standalone projects in Delhi, and we commissioned it exactly on time and in an extremely difficult circumstance because we were working in a very, very dense area in Delhi in a very short time period. The IndiGrid teams delivered this project in record time, super quality, and first-time-right approach. This project was supported by VRPL, who was the bidding authority, which is Delhi Discom, and supported by GEAPP, which is Global Energy Alliance for People and Planet, who provided concessional financing for this project. During the quarter, we also successfully commissioned our augmentation projects, PTCL, Column One, Column Two, which are awarded on RTM basis. With these commissioning and commissioning of KDPL, IndiGrid has commissioned six projects under PBCD and RTM so far. There is an important parameter to keep track of because three years ago when we started our first PBCD project, we had communicated that we had sufficient capability to build, and now we are proving that we have consistently delivered projects for the growth, and we have built a sizable pipeline. That takes me to the next point. We won Ratle-Thiru power transmission project through PBCD route in this quarter, which will be evacuating power from Ratle-HEP and Thiru-HEP on route basis. I think both these names came in the news recently owing to the concept that we're seeing in India's renewed focus on building and operationalizing hydropower projects. This project will be constructed over a period of 24 months and will have an annual transmission charge of approximately INR 195 crore post-commissioning. In terms of financial performance, quarter four reported revenue and EBITDA growth of 11.3% and 11.2% year-on-year respectively. While my colleagues will communicate about the difference between reported revenue and operational revenue, the operational revenue has grown by 1.6% and 9.9% year-on-year respectively. The AUM and net debt to AUM at the end of the quarter stood at INR 29,600 crores, the AUM and net debt to AUM at 59.1%, leaving significant headroom for us to grow further and invest in projects. Collections for quarter four 2025 were unprecedented. We had 115% collections for transmission assets and 89% for solar, and that's something which has given boost to our NDCF for the quarter, and therefore you are seeing that quarter four distribution has been up at INR 4.1, which is approximately INR 0.93 higher than the guidance that we provided. The DPU guidance further has been increased to INR 16 a unit from earlier INR 15 a unit, which is almost 6.7% growth over last guidance. In terms of operating performance, our average quarterly transmission availability is 98.4, which is slightly lower, and we will see that the reasons in the operating slides. The solar CUF availability factor is also at 98.2%. On slide number seven, we are just describing the showcase of PDPL event where we had done the inauguration as well as showcasing of the project where many dignitaries participated, our partners participated in, and was hosted by GEAPP, VRPL, and us, where Chairman of CEA Grace took the occasion and spoke highly about the vision of battery energy storage in India. On slide number eight, a very important update about future and management team changes at IndiGrid. As we had communicated earlier, EnerGrid is a strategic initiative for IndiGrid to grow our assets where we are being a minority investor, and with our partners like BII and Northbank, EnerGrid will create new pipelines and new growth assets which will be sold to IndiGrid. Therefore, two of the senior leaders from IndiGrid's side, Satish Talmale, who was COO at IndiGrid, and Navin Sharma, who was CFO of IndiGrid, are taking transitioning newer roles at EnerGrid as CEO and CFO of EnerGrid, and we are very confident that with this enhanced role and leveraging their expertise, they will end up delivering sizable growth for EnerGrid and therefore for IndiGrid. Meghana Pandit has been here for a very long time, is also taking a senior role as Chief Financial Officer. In this large portfolio, she will be looking after the entire finance and compliance function in addition to her current role as CIO. I would like to congratulate Meghana for her leadership and steadfast belief in IndiGrid and its vision. I'm very sure that this, I would say, a reshuffle in the management team has provided further focus in growth areas where we are seeing growth and efficiency for IndiGrid in the coming years. Coming to slide number nine, the industry update, the power demand has consistently grown, and we're seeing an upward movement in this quarter as well. The installed capacity has grown at 475 gigawatts at the end of March 2025, and about 46% shows renewable energy up there. The key development in the TNB space that we are seeing is that almost INR 9 lakh crores of opportunities are getting created in the NEP in the next seven to eight years, and we are very confident that many of these projects would come up due to the demand growth that we are seeing on account of EV adoption, data centers, and sector-wide electrification. We are very sure that many of these pipelines will really materialize over the next decade, and in the reading in the middle of this sizable investment happening in the country, we hope that we'll be able to capitalize a reasonable chunk of that. On slide 10, it's just showcasing the current immediate opportunities and availabilities for pipeline on both transmission and BESS sector, which we are targeting. Coming to slide 11, the quarter four FY25 operating performance, we've seen zero incidents on medical treatment and first aid cases and ATI. The performance has been at 19.4, going to two assets, GPTL and JKPTL, which have failures and disruptions, and we are in the process of restoring that, and in a quarter or so, they'll be back to its original levels. On the solar generation side, we have generated 439.6 million units, which is about 23.8% CUF. The reliability of our lines has been consistent with a drift per line at 0.06 per substation, drift per element at 0.01, and in terms of our availability and plant availability on solar, we are at [guess]. In terms of our quarter four 2025 financial performance, I would like to invite Navin to take through that, please. Thank you, Harsh, and good evening, everyone. We are on slide 12. In Q4 FY25, we recorded revenue and EBITDA of INR 874 crores and INR 729 crores, reflecting 11% YoY growth. The reported revenue and EBITDA consists of INR 76 crores and INR 8 crores respectively, corresponding to construction revenue for 200 construction assets in line with India's 115. Cost of INR 68 crores incurred toward construction of these service transmission assets is disclosed separately in financial results. After adjustments, operational revenue and EBITDA stood at INR 799 crores and INR 721 crores, reflecting 1.6% and 9.9% YoY growth. EBITDA margin for the quarter and full year is in the range of 90%. NDCF for the quarter was INR 434 crores, and the board has approved a distribution of INR 4.1 per unit. This represents a 9.3% increase over the previously carried amount of INR 3.75 per unit, and this represents a 15.5% year-on-year increase in DPU. For quarterly collections, we achieved 115% for the transmission business and 89% for solar. Over the trailing 12 months, collection performance at the entity level remained at 103%, with both business segments showing similar strength. The DSO as of March 31 stood at 38 days for transmission and 48 days for solar. This marks a substantial year-on-year improvement across both segments. Moving to the next slide, number 13, the DPU for the quarter stands at INR 4.1 per unit. This will be distributed as interest, dividend, capital repayment, and other income amounting to INR 2.63, INR 0.14, INR 1.27, and INR 0.06 respectively. With outstanding units totaling 83.45 crore as on record date, the gross distribution to all unit holders comes to INR 342 crore. The record date for the distribution is May 20, and unit holders are expected to receive the distribution by May 27. As of March 31, the NAV per unit was INR 144.11. Following this quarter's distribution, IndiGrid will have distributed INR 101.32 per unit. This totals to INR 6,208 crore. On the right, you can see the year-on-year distribution trend, reflecting stable and scalable growth of 6% over the years. Moving to the next slide, number 14, here we have a waterfall chart detailing the progression from EBITDA to NDCF generation and distribution. At the SPV level, we recorded a consolidated EBITDA of INR 728 crore. After accounting for finance income, working capital changes, CapEx, and taxes at SPV level, the NDCF generation comes to INR 783 crore. After adjusting for trust-level expenses, finance costs, DESRA, working capital changes, taxes, and debt repayment, the NDCF is INR 434 crore. In Q4 FY25, we added INR 92 crore to reserves, bringing the closing reserves to INR 602 crore, which exceeds one quarter's DPU based on current guidance. That's all from my side. I will now hand it over to Meghana to continue with the next slide. Over to you, Meghana. Thanks, thanks, Navin. Hi, good evening, everyone. I'm on slide number 15, which gives a snapshot of the balance sheet of IndiGrid. We continue to remain AAA rated by all the three rating agencies, and we ended the year with an average cost of debt of about 7.67% on a gross borrowing of around INR 19,900 crore. The cash balance recorded on 31st March was about INR 2,595 crore, which includes about INR 340 crore for distribution, about INR 470 crore in DESRA. Almost about INR 1,200 crore of debt, which was raised in March and was utilized for repayment in April, is seen in the cash balance, so that gets adjusted immediately after the year end. The balance continues to be the cash balance, free cash balance on the balance sheet. Almost 90% of the INR 19,900 crore of the gross borrowing is fixed-rate borrowing. The net debt to AUM or leverage ratio for IndiGrid stood at 59.1% and a very robust interest coverage ratio of about 2.01 times. During the quarter, we also tied up with International Finance Corporation for debt funding of the Gujarat Dev Private Limited of almost INR 460 crore. In terms of the gross borrowing split between NCDs and bank loans, it's almost 54% and 46% respectively. On the NCD side, it is a healthy mix of various classes of investors across mutual funds, banks, financial institutions, retail HNI, and on the loan side also, they have been provided by almost all the reputed private and public sector banks. The chart at the bottom talks about our repayment or refinancing schedule. For FY26, around INR 2,570 crore is the refinancing which is coming up, of which partial repayment has already, refinancing has already happened. Almost about INR 978 crore of ECB, as one of the SPVs, will also get refinanced in the next quarter, and the balance is spread across the remaining quarters for this financial year. Over the next few years, you can see that the refinancing schedule is pretty much balanced and talks about 11%-12% of the gross borrowing, not more than that. Moving to the next slide, slide number 16, this talks about the total returns that we have been providing to the investors since the time we got listed in 2017, so that's almost about nine years of time period. The total returns comprise of the distribution, the DPU, plus the price change that has happened. As you can see, we have delivered a total return of about 143%, translating into a CAGR of 12%, and we compare ourselves with Pure Play debt securities, that is the G-Sec bond, 10 and 30 years, and also with Pure Play equity securities in terms of indices. Compared with both Pure Debt and Pure Equity on a risk-adjusted basis, which is depicted by Vita, we can see that IndiGrid has delivered superior returns compared to both the debt as well as the Pure Equity indices. Moving to slide number 17 on the business outlook for FY26, on a portfolio strategy level, I think our focus continues to be on ensuring that stable operations for the existing assets, which will allow us to go for predictable and sustainable distribution, and at the same time, look at value-operated acquisitions with the debt headroom that we already have. The greenfield development that we have undertaken, we are focusing towards execution of the augmentation work that has already been won by the project, plus the new ones that will come out, plus the execution of the battery storage projects in Gujarat and Rajasthan. In addition to that, through EnerGrid, which is the development platform formed, idea is to participate in synergistic greenfield opportunities across power transmission and battery energy projects. The DPU guidance of INR 16 for FY 2026 is something that we continue to focus on and ensure that we deliver it along with disciplined capital deployment. With this, balance sheet strength continues to be another focus area to ensure that interest costs remain optimized, both whether it comes for refinancing or for funding future acquisitions, and ensure that the tenor for these refinancing is as elongated as possible, and at the same time, maintain prudent leverage with adequate headroom to enable organic and inorganic growth. Asset management resilience is another very critical area that we are looking at with the enlarged portfolio that we have to look at sustaining at least the 99.5% availability across the portfolio. In addition to that, while we already have self-reliant O&M capabilities, we are now focusing on implementation of AI-powered image analyzer to ensure how we can further improve on predictive asset maintenance. Improving and further upholding world-class EHS and ESG practices, again, remains a focus area. On the industry stewardship, we have been participating and been leading across various policy advocacy measures on the InvIT side through Bharat InvIT Association, plus in the power sector through various other forums, which continues to remain a focus area. Moving to slide number 18, it talks about our foray and the way we have gone about the DPU accretive acquisitions. Every color that you see on the chart essentially talks about the DPU that we have been increasing on the back of value-accretive acquisitions that we have done. As you can see, the guidance provided for FY 2026 of INR 16 also has a life of minimum five years, which can be maintained without any additional asset acquisitions in case that does not happen. With that, I will just take a pause on the presentation, and we can move to the question-and-answer session. Thank you. Thank you very much. We now begin with the question-and-answer session. Anyone who wishes to ask a question may press star and one on their touch-on telephone. If you wish to remove yourself from the question queue, you may press star and two. Participants are requested to use handsets while asking a question. Ladies and gentlemen, you will wait for a moment while the question queue assembles. Participants, you may press star and one to ask a question. The first question is from the line of Sunil. Individual investor, please go ahead. Hi, good afternoon. First of all, congratulations on another excellent quarter. I've been an investor. Basically, I started by. We are recording your interview, but we are losing your audio. Can you check if you have proper reception at the end? Yeah. Hello. Can you hear me? Yes, better. Okay. Congratulations on another excellent quarter. I started my or in 2018-2019. Nobody wanted it. That is probably the best decision I have made. Even though I probably got better returns in equity, this is the most satisfying risk-adjusted return I have got. Congratulations to your entire team. I do not have a question, but more of a couple of things. You had recently, maybe a year or two ago, a change of compensation, senior management compensation thing. I just wanted to ask, is that compensation entirely in cash, or is there a deferred unit payment so that the management is kind of aware of future performance of the index? The second question is about one of the things that is mentioned in your valuation report on page number 107. I don't know if you can answer it, but I would be happy if you can. It's a note on financial projections on solar assets wherein the revenue section tariff upside. You have given the parent tariff upside. If you can just elaborate on that one, that would be helpful. Sure. Thanks a lot for your research. I think on the first point, a sizable part of our long-term incentives as well as acquisition-linked incentive payments are deferred, and many of us have ended up investing that amount in the unit ownership. I think you might have seen certain disclosures that happened over a period of time around that in terms of unit ownership from most senior team members. We have not implemented the current UBEB framework, which is unit-based incentive framework that is approved by SEBI, because it is a little bit difficult to implement because it is not yet enabling in a way that it is sufficient to implement. However, there is sizable ownership with the senior management team that has taken place over a period of time. In terms of the valuation and tariff upside, I would request that, Navin, if you can just share the perspective of what we are trying to indicate. Yeah. Hi. It is on the valuation report that you've given. It's on the slide. Oh, sorry. Sorry, page number 107. Yeah. There are three. Tariff upside. There are three more specific things in many of the acquisitions that we do have potential for future which is not captured. For example, one of the assets of SolarEdge, there is a GST annuity conversion that will take place based on GST change in law. As and when it comes, that could be an upside. For GGL also, there is similar small upside of about INR 4 because there is an outstanding matter with the regulators over there. In TANGEDCO Assets, there are certain penalties which were levied earlier with respect to PLF before we acquired. If we are winning those matters, there could be an upside on that. There could be some upside on account of CER valuation as and when it gets tradable and sizable in price. It's a variety of factors, right, that may add to the upside on the solution. Thank you very much. Congratulations again on a phenomenal quarter. Thank you very much. Thank you. Thank you. Participants, you may press star and one to ask a question. Next question is from the line of Amit Singhi, Individual Investor. Please go ahead. Hello sir. Congratulations for the fantastic result. Hello? Hello sir? You are hearing me? Yeah, I can hear you. Huh. So I have one question. In case of tariff-based competitive bidding project, is there any provision of escalation or increase of transmission fees in case of extraordinary increase in operating expenses of transmission due to inflation, maybe because of war or extraordinary depreciation of rupee? That is my question. Yes and no. There is changing law clauses which are available in model concession agreement, which are public. You can just download from the website of Ministry of Power, which is reflecting to change in law. Change in law is defined as certain specific language around that. Inflation is not considered change in law. I do not think even dollar change, dollar rupee foreign exchange considered change in law. I think you need to apply to specific items, but it is not that our operating expenses have gone up with change in law. If GST is changed and which impacts materially, it is a change in law. Okay. Thank you. Thank you. Thank you. Next question is from the line of Sahil, Individual Investor. Please go ahead. Hello. Am I audible? Yes, there's not a very sound coming from the line. Can you speak to the handset? Is it better now? Yes, better. Yeah. So my question is about taxes. I was looking through the valuation report, and on page, I think 127, on page 135, it shows tax rates for different SPVs, which is around 15%-20%. When I see your reports, I think you are only paying about 6%-7% taxes. Why is this GEAPP here? I would take that what you are reading is individual SPV tax rate versus comparing at a consolidated level what is the tax that is paid. There could be two different points. I mean, I hope you're talking about the financials, right, or not financials or? Yeah, yeah. Financials, right? Yeah. So average tax rates versus what actually tax gets paid in each SPV is different. I do not think one can reconcile that directly because. Wouldn't that then affect the valuation? Because while doing valuation, the multiplying factor is being decided by the tax rate given on this slide. Okay. So in the valuation report and the actual tax are different because valuation report is prepared based on this asset being owned by anybody else other than IndiGrid also. The method that is used for valuation is called STSF method. In STSF method, what happens is that there is a theoretical tax computation gets prepared based on a particular leverage back. That formula is already provided in the value report. Based on that, if this asset was owned by anybody else also, what should have been the value of this asset? That is how the valuation is computed. Whereas what you really see in the financials is what really is in with financials, and therefore under InvIT the financial structuring is different, and therefore the actual cash flow could be different, right? These two are different things. Okay. So what would be the average tax we end up paying in each SPV? Any estimate? No, I don't think I can give an estimate. In some SPV, it will be zero. In some SPV, it will be 2%. Some will be 15% because every SPV has its own depreciation schedule, carry forward losses. So life of asset is different. It's difficult to give an average, but fundamentally, you can assume if you look at the cash outflow on account of tax over the last five, six, seven year period, it will be in a very small amount, right? In terms of our revenue percentage, if you calculate, it will be single percentage of our revenue or less than that. Yeah, exactly. Yeah. Okay. Thank you. Just to add, Sahil, average rate for Index is appearing in Index Rate Consolidated Exponentials also. What you are saying that we pay marginal tax or let's say minimum tax for Index, that fact is right. As Harsh mentioned, since the enterprise value for each SPV, regardless of their capital structure, was required to be calculated, that's the reason these tax rates are considered in these SPVs. I see. Thank you. Thank you. Next question is from the line of Deeresh Dave from Sanmat Financial. Please go ahead. Hi. Can you hear me? Yeah. Yeah. Congratulations to Harsh and IndiGrid. Sorry, we lost you. Your voice is very feeble. Deeresh, can you speak to the handset, please? Sure. Sure. Yeah. Can you hear me now? Much better. Thank you. Yeah. Yeah. Thanks a lot. Congratulations, Harsh and team IndiGrid, for supporting investors with fabulous distribution. I'm a happy investor. First of all, congratulations. Second point which I had a question is, basically, we are distributing INR 4.10 for current quarter. We have reserve almost equivalent, if I heard the call correctly, in management comment, we said that we have almost one quarter distribution in hand. If I assume, say, approximately INR 4 being as a reserve, then why are we not able to give a guidance of INR 4.10 or something? Aren't we conservative kind of it? Because we are guiding INR 15 distribution with one quarter reserve is already available. Yeah. No, I think to answer your question, simply, we are conservative, right? IndiGrid is conservative management. Yeah. Yeah. No, I know. I understand you. We want to do that. I think. Yeah. It's better to be surprised on the positive side. Yeah. No, but yeah, isn't it too much conservatism? That's what I'd say. No, every person is different in decision. I think our view is that it's a long-term business, and there are upsides, there are downsides, there are things that can go wrong. Therefore, a quarter, quarter and a half of distribution is a sufficient requirement for ensuring that our DPU is not impacted on account of short-term volatility of any kind, right? Be it war, be it COVID, be it capital market freeze, refinancing, variety of risk can pan out, right, in a large portfolio. A quarter and a half of distribution is a very small number in relative scheme of things. I think we do keep that in, if I can say, in the firepower to deal with any volatility that may arise, right? Because obviously, I can't predict what's going to go wrong in the next four, eight, ten quarters, but we can only be prepared. Yeah. Only one part which I wanted to know, we are not aware about any negative, basically, the collection being 110% or kind of it. Is there any kind of one-time element which, and if it is, that's a INR 10, INR 15 which we should kind of this time we have, or probably everything has worked well for us, and that's what we wish that remains in the way. Is there any kind of one-time impact in this distribution? The collection has been very high. There is a one-time impact. I think, see, what's happened is over the last two years, our collection has been very high. We have seen 103% or more than 100% collection in the last two years, right? What that's reflecting is that also. If that is there, Harsh, how it happens? You bill INR 100, you should receive maximum INR 100. How it means if previous year you are collecting or you are getting something in the end of the year, what happens? There is a receivable date, right? Let's say you run the business on a 60-day receivable. If people have more money, they will pay you faster, so your receivable date becomes 40. It's not that you got more than INR 100. You got INR 100, but you can manage also for next quarter. What that results in, and that's one of the parameters, can somebody pay you always more than 100%? No. Next quarter, maybe it will be lesser, right? We need to factor in a little bit up and down because of that. Okay. Okay. I was just trying to understand the idea. That's a 60 days or whatever is the working capital cycle that gets freeze because of incentive. Thanks a lot for answering the question, and wish you all the best. We look forward to great time ahead for all of us. Thank you. Thank you. Next question is from the line of Arun from ABDS Capital. Please go ahead. Hi. Am I audible? Yes, sir. Great. So as I understood, as far as EnerGrid is concerned, it will identify and develop new projects and then sell them to IndiGrid. Is that correct? Yes. Okay. In that case, why do we need to create this as a separate entity when IndiGrid could have done it and is doing it itself? Yeah. That's a good question. I think IndiGrid is an InvIT, and as I just told earlier, Investor, we are relatively conservative. We have a lesser risk appetite in terms of size of projects and amount of money that we can invest in under construction projects, right? One, we have statutory limits of what we can do, which is 10% of our AUM, another 20% of our AUM. Second is that we do not want to take large risk on under construction on the balance sheet of IndiGrid because we are conservative. By doing it in EnerGrid, we are restricting the amount of money that we will invest in under construction projects. EnerGrid can still do large projects because it has suitable investors who are okay to invest in large projects. Therefore, we at IndiGrid will get benefit in the end by buying those large projects when it gets commissioned without taking the risk that it is not suitable to take. Okay. And then all of these projects are supposed to be sold to IndiGrid, or they could be sold to others as well? No. All the projects that EnerGrid is doing is in partnership with IndiGrid, so it will be sold to IndiGrid. Okay. The last question is, how would we, as IndiGrid, make sure that we do not leave too much money for EnerGrid on the table and getting a fair value? I think it's a perpetual discussion, right? I think the point is IndiGrid and EnerGrid are working together to win the project. Therefore, if there is enough amount of healthy tension between both IndiGrid and EnerGrid investors, if IndiGrid tries to buy at too lesser value, overall cost of capital of the bid becomes higher, and we may lose the bid. Vice versa, if EnerGrid investors become too conservative, then also we lose the bid. I think eventually, as a partner, we treat this relationship as a partnership to win the project. The day we win the project, our numbers are already frozen. There is not negotiation on the day of the bid. We already know at what return we are going to buy the project at. Okay. That's a fair point. Congratulations for a fantastic set of quarters. Thank you so much. Thank you. Thank you. Next question is from the line of Harshada from Indra Singh and Sons Limited. Please go ahead. Hello. Am I audible? Yes, ma'am. Hi. Congratulations to the entire team for making the last one another quarter. My question would be that do you accept any equity dilution? If yes, how will you manage to impact on the existing shares? At this point in time, there is nothing on dilution that we are thinking about. I think we are not considering anything at this point in time. If we end up doing it in future, it is largely to do it to ensure that we are either introducing a long-term investor via either a preference or charity route in the business or alternative to the rights issue. If it is with rights issue anyway, the dilution would not impact because all investors will have equal right to participate. As I said, at the moment, no capital raising is in the plan on the equity side, so no dilution is in plan. Okay. Thank you. And congratulations for making this up. Thank you. Thank you. Next question is from the line of Rushal from Pravin Ratilal Share and Stock, please go ahead. Yeah. Am I audible? Yes, sir. Yeah. Congratulations on a great quarter. Just a couple of questions. The first one is, I am sorry, I missed out on the difference between the reported revenue and the operational revenue. If you can just elaborate that. Navin, you want to do that, please? Sure. See, in transmission booth projects, as I said at the end of, so basically, till last quarter, we have been recognizing revenue, transmission revenue. In this quarter, we have been construction of two under construction booth projects. In transmission booth projects, as I said at the end of the construction period, which normally is 35 years, are required to be transferred to CTO. Accordingly, in this case, there is certain accounting requirement under NDS, which suggests to divide the revenue into three streams. Since in this case, assets are required to be constructed for transfer at the end of construction period, during construction phase, whatever under construction revenue is required to be accounted, we have accounted that revenue and associated margins. Accordingly, a revenue of INR 76 crore and margin of INR 1 crore has been accounted. Hence, just to show operational performance, we have removed this revenue and EBITDA and shown adjusted revenue. Largely for your understanding, in the past, we have been delivering 90% EBITDA margin. If we adjust these two line items, our adjusted margin for the quarter and full year is in the high eighties. Okay. Okay. One more question on the debt profile. If I just look at the current debt profile, we have closer to INR 199 billion of debt, and our fixed borrowing is 90%. Just a quarter back, there was this borrowing of INR 193 billion with a fixed borrowing of 75%. I just want to understand, why is there a stark 15% difference in the fixed borrowing? What caused that? Basically, whichever debt comes up for refinancing, either we go with, depending on what are the opportunities available, either we go for a fixed-rate borrowing, whether it is three-year fixed, five-year, seven-year fixed, on NCD or bank borrowings. As and when those opportunities present, we try and optimize A, on the tenor bid, and second, on the interest rate bid. That is why you will see that in terms of the refinancing schedule also given. As and when it comes up for refinancing, we try and see our preference, of course, is to go for fixed-rate borrowing. Of course, there is some bit of part of the debt that we also look at tying up on the floating bid. The difference that you see within the quarters is basically the refinancing which has come up, which we have tied up in fixed-rate borrowing. Okay. Okay. One specific question again on EnerGrid. I'm still not able to understand the rationale because we have created a lot of assets in EnerGrid only. What is the need to actually have a completely different entity? I'm still not able to get that rationale. Yeah. So let me describe that. I think at this point in time, IndiGrid size is INR 29,600 crore. It's about, let's say, INR 30,000 crore of assets under management, right? Under InvIT regulations, we cannot have more than 10% of our assets under management as under construction projects, right? This means that we can do INR 3,000 crore of construction projects, right? Typical project takes around two to three years, which means that if we utilize this INR 3,000 crore, probably every year we'll grow by INR 1,000 crore, which is 2-3% size, right, on a runway base. This is the maximum that we can do within IndiGrid. We believe that it is too less looking at the opportunity that we see. Therefore, if we are able to create a development partnership like we have created for EnerGrid, the limit is much higher. For example, EnerGrid today has committed capital of $300 million, which can be more, which is, give or take, INR 2,500 crore. They can do INR 10,000 crore projects, right? By doing EnerGrid, currently, we have made our ability to do projects almost 3x, right? We're also talking to other investors to expand this $300 million to a higher number. By doing it outside IndiGrid, the limit that under construction projects can face under IndiGrid is removed. Therefore, it allows us to do much larger size of development projects, not just per site, but total projects, which means that IndiGrid has a better growth profile going forward, which we could not have done within IndiGrid. Okay. Just a couple of follow-ups on this. What would be the size of under construction projects currently, and how do you see that number maybe standing in March 2026? One more question on who are the current investors in EnerGrid? In the newer entity, I mean. Who are the investors in newer entity, right? That's the question? Yeah. Yeah. Yeah. To answer your first question, I think we do not have exact projections, but it will be less than 10%, as far as I can tell you, in March 2026. That number will, in March 2026, increase. Probably today, it is low single digit. Maybe it will cross 5%, but it will remain less than 10% in March 2026 from the projects that we have already won. In terms of investors at EnerGrid, there are two investors. One is Norfund, which manages money from government and pension funds of Norway. The other is BII, which is British International Investment, which is basically government of U.K.'s arm to invest in infrastructure assets. These two are the funds which are, I would say, long-term development institutions who are partnering us at EnerGrid. Okay. So just the under construction, maybe in FY 2026, we'll be seeing closer to 6-7%, which will be well below that 10% statutory limit that we need to adhere to. Maybe in March 2027 or 2028, we think that it will be substantially higher. Is that understanding correct? No, I don't think it's correct because it changes, right? The projects which are under construction today will be completed, let's say, in the next financial year. In March 2027, it might come down also, right? You need to really have exact projections of projects in your hand to be able to predict that. It's not that those always only go up. It will come down also. For example, we just commissioned a project in Kilokri BESS, which got commissioned now. It will change, right? It changes the profile based on each project and its timeline. Okay. Okay. I have a couple of more questions. Maybe I'll take it offline with the management. Sure. Thank you. Thank you so much. Once again, congratulations and best wishes. Thank you. Next question is from the line of Mahir Moondra from Nuvama. Please go ahead. Yeah. Hi. Am I audible? Yeah. Yeah. Congratulations on a good set of numbers, first of all. I had a couple of questions. The first is, out of all the projects that we have under development, what would be the overall CapEx spend on all of them if you could quantify that? Second, regarding the capital structure, do we see more debt borrowing that we might have on the books in the future, apart from what we have already had? Yeah. I think to answer your second question, yes, we will see borrowing go up in the future, either by way of acquisition of assets that we'll do or by way of investment in the projects that we are developing right now. That's yes, we will have borrowings. In terms of the exact, I think each press release will have a number, but give or take, we will be around INR 3,000 crore of overall CapEx that are the projects that we have currently run. Okay. Got it. Got it. Thank you. That's it from my side. Thank you. Next question is from the line of Saieswari Vedula from Value Partners Group. Please go ahead. Hi. Thank you for taking my question. Of the under construction asset portfolio, which projects do we expect to commission in FY 2026 and 2027? FY 26 and 27, which is March 2027. Basically, next year, March 26. Basically. I mean, all the projects that we currently own have their SCODs by March to May 2027. I think this would mean, I mean, I'm taking liberty to expand to June 2027. By June 2027, all projects will be commissioned that we currently have. Understood. And INR 3,000 crore CapEx number is for all the six up till 2027? No, the six, yeah, some of them are commissioned already. So we have outstanding three transmission projects, four transmission projects, two BESS. Yeah, six projects. You're right. Yeah. Understood. And for the BESS project, so the battery agreement is done with the battery procurement is already started? Yes. Battery procurement is already done. Okay. Okay. That's it. I'm sorry if I can correct my details. I think it will be more than INR 3,000 crore. The total capex that is being initialized is slightly more than, closer to INR 4,000 crore. Understood. Saieswari, do you have any follow-up question? No, that's it from my side. Thank you. Thank you. Thank you. Next follow-up question is from the line of Sahil, individual investor. Please go ahead. Yeah. I think first of all, I would like to thank management for taking questions from individual investors and answer them patiently. Again, I was looking at the tax of Power Grid Corporation, not the InvIT, the Power Grid Corporation, and they are paying taxes around 20%. I wanted to. The line for the participant dropped. We move on to the next participant. Next follow-up question is from the line of Sunil, individual investor. Please go ahead. Hi. Again, I just wanted to ask the questions about how many and what's the worth of projects that EnerGrid has currently won in the pipeline? The 4,000 crore projects that EnerGrid has won, EnerGrid is investing into those projects. But incrementally, EnerGrid has yet to win any projects on its own at this point in time because we have just signed the agreements last quarter. EnerGrid will go and bid for the new projects from this quarter on. Okay. Thank you very much. That's all from my side. Thank you. Thank you very much. A reminder to all the participants, remember star and one to ask the question. As there are no further questions, I'll now hand the conference over to the management for closing comments. Thank you. I would like to thank all the investors who have joined us today, and thank you for your participation and support to IndiGrid and management team. I would like to congratulate Satish, Navin, and Meghana for long-standing career at IndiGrid and taking over new roles as CEO of EnerGrid, CFO of EnerGrid, and CFO of IndiGrid, respectively. We are confident that with this new focus on each business, we will look forward to a greater future and have greater growth for IndiGrid going forward. Thank you all, and looking forward to connecting with you in the next quarter. Thank you. Thank you very much. On behalf of Nuvama Wealth Management, that concludes this conference. Thank you for joining us, and you may now disconnect your lines. Thank you.