Ladies and gentlemen, good day and welcome to the IndiGrid Infrastructure Trust Q1 FY26 Earnings Conference Call hosted by Avendus Spark. 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 the conference call, please signal an operator by pressing star then zero on your touch tone phone. I now hand the conference over to Bharanidhar Vijayakumar from Avendus Spark. Thank you and over to you, sir. Thank you. Good evening everyone. Welcome you all for the 1QFY26 earnings call of IndiGrid. Representing IndiGrid, we have Mr. Harsh Shah, Managing Director, Ms. Meghana Pandit, Chief Financial Officer, and Mr. Sanil Namboodiripad, Chief Operating Officer. I would hand over the call to Harsh for opening remarks. Thanks and over to you first. Thank you everyone for joining the call for this quarter. I will go through the slides of the presentation to give you an update about the business for this quarter and my colleagues will join for the respective regions and the functions to show up the update and we'll take the question answers in the end. Starting from slide three, our most admired Greenwich and V share based on focus business model, widely operated, growth enabled solution and optimal customer. We go to slide number four. Our AUM has grown this quarter. We are selling as INR 32,400 crores of assets. It spreads across 22 states and duties with 19 distinct revenue-generating elements across mines, substations, solar power plants and battery resource farms. Move to next slide. Just as a quarterly update about the quarter siling effects, this quarter we acquired Genius Ruja Ion Trios Images RSCL, a 300 MW power package, and Copenhagen Transmission Line, benefit a 276 km BOOT IC established for a total enterprise value of approximately INR 28 crores in April. This acquisition was done in quarters of this year and both assets are acquired from Macquarie Group. Both the assets select sizable amount of assets under management as well as EBITDA contribution towards RMDC. The portfolio updates are sponsored. Entity Energrade has won its first batch utility-scale battery energy storage project with a capacity of 187.5 MW inputs, 750 MW. There's a four hour storage. This is one of the first such unique storage with 4 hour battery storage solution. The project was developed by JSW Energy using a TBCB advertiser. IndiGrid plans to acquire this project after it achieves COD in adherence to the regulatory requirement of agreement to promise this. This signifies the intention of Energrade NCDs meaningfully contributes to energy transition journey of the countries and grow the area. On the financial performance, quarter 126 reported flat revenue as we had one off generator related issue on solar thermal assets which is vast and resolved and the asset is generating revenue which led to a temporary dip in the solar segment revenue for this quarter. It was also reflected in the presentation as you go to the next point. In addition to the one off issues on solar which is not as well, there is also a one time investment management fee that is paid on account of the acquisition of the Source 2 assets that has spoken which has resulted into a reported EBITDA decline by about 8%. The IMC contribution to this was approximately 12. However, the majority amount for reducing the EBITDA for the quarter was on account of this AUM and net debt to AUM. At the end of the quarter, we had INR 32,400 crores a year, approximately 51.2% respectively. The correction for FY2026 for the one FY2026 was 93% for transmission and 111% for FOA. One needs to keep in mind quarter-on-quarter movement on this because the quarter one was high for both, and therefore we assume some better showdown in some cases. It's severely captured on the receivable copper, and the provision performance remained that we had recruiting for rupees in IT, which is 6.7% higher than the same period last year, and this is in line with the guidance that we provided. Operational performance of ratio average quarter taxation availability remains at 99.34%, and so that we are at 17.7% largely on account of one-off breakdown. As I mentioned before on the industry update, I would say while the peak demand weakened a little bit higher, the overall consumption story continues to be robust. The overall installed capacity was at 485. These are overta, and in this startup, this is the first time, and I'm sure you've heard from many other calls in use, that India delivered more than 50% of its overall installed capacity in terms of renewable energy source almost five years ahead of schedule, which is when we start to reach 50% by 2030 before clearly outlines that India's renewable energy vision is a reality and it's going to continue to grow. This is something which also augments the growth of our sector, which is in south facing time desk, and we are seeing that MoP infrastructure release outstanding for over INR 9 lakh crores of investment opportunities, letting fall in prices and the same corresponding in transmission in battery storage or 35 GW of battery storage in the industry to support the battery storage rescue. Power has also appealed a VGF scheme for 30 GWh. They feel insured Guru he received INR 3,000 crores of investment that goes into BESS. He's trying to play a meaningful role in all these positions. Go to the next slide, which is slide number eight. Just to give idea of the total size of the overall market, we are seeing almost INR 1 lakh 40,000 crores of bids across constitution and best sector. Significant value of this is also on account of FPPCA almost yielded less than half. In general, there is a significant amount of investment you see in MODRI for per two applicants. Now I would like to introduce our family and Namboodiripad, whom we announced who have joined us in this quarter as Chief Operating Officer, and I would invite Sanil to introduce himself and a warm welcome to Sanil to join IndiGrid. It would be great if Sanil takes you through the portfolio performance for the quarter. Sanil, over t. o you. Then worked with private sectors like Plans rights and later on with NTPC Tripura Power and recently joined that is in the end of May I joined here with. I am on slide number nine now regarding the operational performance of IndiGrid Infrastructure Trust assets HSE update. We had zero incidents, whether it is medical treatment case or first aid case or the lost time incidents. We are committed to zero harm and with respect to the performance like Harsh said we had a slight dip in our performance due to a couple of outages. The power transmission base levels availability based on hospitality revenues was maintenance 0.04. This was mainly due to 34 assets which basically was due to outage of a transformer as well as factors and weather related to the transmission line and affected by the outage of the transformer. We are currently on a project in Rajasthan and also agreement on investment and achieved a 17.7% with regards to reality we had weather related incidents. Sanil, I'm sorry to interrupt but you're sounding little muffled. You could adjusted settings. Please. Yeah, this is okay now I'm moving to another location. yeah. yeah. With respect to reliability, we had trips per line of 0.41 compared to 0.35 last year. This was again due to early onset of monsoon and bad weather related incidents. Substation trips per element is within control. Our assets are better performing as compared to the industry and solar average availability excluding our RSAPL because acquired by the end of June is 94.1%, and the availability impact, like I said earlier, was due to the generator outage event, and this event is primarily recoverable under our insurance coverage. That's all from my side. Over to you Meghana. Thanks, Sanil. Moving on to the highlights on the financial performance for quarter one FY26, I'm on slide number 10. Starting with the reported revenue, which we recorded at 839.8 crore, which is about a 0.6% increase over Q1 of FY25. The EBITDA recorded was about 704 crore, which is almost an overall dip compared to Q1 of last year, largely due to the factors already mentioned on the call. In terms of the generator events at one of the solar plants, the it generated during the quarter was recorded at around INR 286 crores, again around a similar dip compared to the same quarter last year. The DPU for the quarter is at INR 4 per unit, which is about a 6.7% increase over Q1 of FY25, which was at 3.75. This is exactly in line with the guidance of INR 16 for the year that we have mentioned. The right-hand side graph talks about the trend over the last three years for quarter one, both on the revenue and EBITDA front. Coming to the collections and the receivable days, on the transmission asset side, the collections are at about 93% on a year-on-year basis. This is in line with 94% which we recorded last year. Typically, the first quarter of the fiscal sees a dip, and it catches up over the remaining quarters in the year. Receivable days have seen improvement at about 41 days compared to 51 over last year. On the solar side, the collections have been pretty healthy at 111% compared to 104% on Q1. The collection days again were pretty handy at 47 days compared to 45 days in FY25. Moving ahead on the distribution update, as I said, INR 4 is the distribution for Q1 of FY26. It is divided amongst four components: interest of about INR 1.6, dividend of 1.17, capital repayment of about INR 2.14, and other income of about almost 0.1. The outstanding units as on 30th of June are at about 83.45 crore, which translates into the gross distribution of about INR 334 crores, and the record date for the distribution is July 29th, and tentative distribution date will be on or before 4th August 2025. The NAV per unit has seen an improvement between Q1 FY25 from around INR 144 to about INR 148, and with this, the total distributions per unit are at about INR 105, translating into almost INR 6,541 crores since the company got delisted. The graph on the right-hand side talks about the annual distribution trend, and we have been consistently providing a figure of 6% on the distribution per unit. Moving ahead on slide number 12, it talks about the EBITDA to net distributable cash flow waterfall, starting from the EBITDA generated at all the SPVs, which was recorded at INR 722 crores. All crossed and all the other adjustments in terms of finance costs, finance income, the working capital movements, and the CapEx during the quarter translating into the NDCFs at SPV of about 677 crore. Considering the expenses and the interest cost at IndiGrid and all the other adjustments in terms of working capital, tax, et cetera, the net distributable cash flow generated for the quarter at IndiGrid at InvIT level is about INR 286.2 crores. At INR 4, the distribution for the quarter is about INR 333.8 crores, which means that we are dipping into the reserves to the extent of about INR 47.6 crores. With that, the reserve at the end of the quarter is at about INR 550 crores, which translates into more than one and a half quarters of distribution. Moving ahead on slide number 13, this gives us a snapshot of the balance sheet. As always, we continue to retain AAA ratings by all the three rating agencies. Our average cost of debt is about 7.51% as on 30th of June, with almost 84% of borrowings at the fixed rate, and the net debt to AUM recorded was about 61% odd, leaving significant headroom for future acquisitions and growth with a very healthy interest coverage ratio of 1.85. The cash balance recorded at the end of the quarter was about 25.88 billion, of which almost 334 crores is for distribution. Almost about INR 350 crores is tied up in this raft. About INR 700 crores was raised in June and was utilized immediately in the first week of July for refinancing of debt which was coming up. To that extent, that was also recorded in the cash balance. On the gross borrowing side, which stands at about INR 18,200 crores, the broad mix between NCDs and bank loans is about 63% and 37%, and which is fairly diversified across all kinds of lenders from mutual funds, banks, domestic, a bit of ECB, insurance companies, retail having subscribed to the NCD. The graph at the bottom of the chart talks about the refinancing schedule, and as you can see, it is fairly spread over all the years to ensure that we do not cross more than 10% to 12% of gross borrowing committed for refinancing in any particular year. Moving ahead on slide number 14, we talk about the total returns to the investors on a risk-adjusted basis, which is depicted by beta, and that we compare against floor play debt instruments with 10-year basic bond and 30-year basic bond, and also with short play equity indices with NSE 500, NSE Infra, and the others. As you can see, on a risk-adjusted basis, IndiGrid has delivered annualized return of about 12% or a total return of 157% since this time we got listed, with a beta of 0.08. We've been consistently outperforming all these indices on debt and equity on a risk-adjusted basis going forward. In terms of the business outlook over the coming quarters, I think our focus continues to be on growing the portfolio and also maintaining stable operations for predictable distribution on the greenfield projects, which are under consideration, focus on executing these projects on time, and at the same time proactively participating in other financial opportunities through on orbit. Similarly, ensure that we deliver on the guidance of INR 16 for this particular system on the balance sheet strength. Again, we try to optimize the interest costs on the tenor profile for the upcoming acquisitions and also ensure that we continue to maintain sufficient headroom to enable the organic and improve organic growth. I think asset management continues to be a focus area to ensure that on the transmission side, we continue to sustain and provide availability of 99.5% at least, at the same time ensure that the CUS levels on the solar portfolio are also consistent. We have been strengthening self-reliant own capabilities by looking at digital and predictive analytics, for example, was one of the initiatives that we took FY 2026, are trying to implement AI-powered image analyzer to ensure how we are able to strengthen asset monitoring practices and at the same time ensure we uphold world-class HSE and ESG practices. Industry stewardship again remains an area for us to focus on in terms of policy making, on policy shaping across the electricity sector as well as across InvITs and grids going forward, and ensuring that these platforms get established as stable and stable platforms for infrastructure returns. Moving on to slide number 16, this talks about our DPU profile since the time we got listed and how upgrade of acquisitions over every year has enabled us to provide increase in the DPU as well as increase or elongate the longevity of the DPU. The different color bars essentially talks about different acquisitions which we have done over the year and which has allowed us to increase the DPU in line with the guidance provided so far. I will just take a pause and we can start with the Q and A session please. Thank you very much. We will now begin the question and answer session. Anyone who wishes to ask a question will press star and one on the touch-tone telephone. If you wish to remove yourself from the question queue, you may press star and two. Participants are requested to use handsets when asking a question. Ladies and gentlemen, we will wait for a moment while the question queue assembles. We have our first questions from the line of Dheeraj Kripalani from Avendus Spark. Please go ahead. Yeah, hi sir. Thanks for the opportunity. I just have one question. What is the CapEx requirement for the. 1 MW of BESS capacity? Hello r epeat the question. What is the CapEx required for? 1 MW h of battery energy storage systems capacity? There's a safeguard answer to it. I'm sorry. Because you know there is. Every deck project is different when you design it for two hours storage, four hour storage with 66 kV evacuation or 220 kV evacuation, one cycle or two cycle. There are so many variables that it's impossible for me to give you a magic number. Honestly, depending on the location, these costs change. If you are in a colder region it's lesser, in the hotter region it's more. There is no generic number that unfortunately I can share with you. Okay, answer with the next question. Any new assets in the pipeline that the company is looking at? No. I mean we just completed the acquisition of renewable and transmission assets. We are looking at a few more, but definitely when we reach signing stage you will know as we'll announce it when we are actually signing it. Okay. Thankyou. Thank you. Anyone who wishes to ask a question may press star and one on the touchpad. The next question is from the line of Deep Vakil from Bandhan AMC. Please go ahead. Thanks for the opportunity. Congratulations on a steady quarter and a consistent DPU. Are we expecting 4 to 5% growth in DPU on a year-on-year basis, as told in the prior earnings call? I mean, considering without any asset acquisition. No. If you don't acquire assets, how do we grow, right? We will acquire assets or we'll build assets under IndiGrid straight to grow. We already recall you already acquired INR 2,000 crores of assets in this financial year. That's everything. You already won another INR 800 crores asset in another direct. That will come to us. We are seeing a sizable pipeline in the sector and are very comfortable that we will end up acquiring. We don't need to acquire any quarter-on-quarter business, right? We look at the right value which is available and go and acquire the product. We have got now 7 years' track record where every year we have increased degree. I cannot say that we will continue to do that for the next five years, but definitely we are working towards that. I can't guarantee, but our attempt is to ensure that we increase every year. We have been doing that for seven years. Thank you, sir. Only one follow-up on this. I think in the diary call you have mentioned that 15 is attainable without any asset acquisition. Just in case if you were not to acquire, then we definitely acquire. Sorry. Yeah, yeah. You see a chart which is provided in the context for presentation 32. We do not see any. I mean if at all. We don't require anything for next five, six years also. The DPU will continue. Thank you. Thank you, sir. Thank you. Okay, thank you. The next question is from the line of direct runs from Dheeraj Kripalani Avendus Spark. Please go ahead. Yeah, hi sir. Thanks for the follow up. Are you facing any challenges in under construction transmission storage like ROW input or any other thing? See, we are not taking direct exposure to under construction projects right now. Most projects is limited ROW. We don't face that in transmission projects. The ROW is the heart and soul of it. We do face it via Energrade because energy zones, the transmission projects and we only invest one. They do face right of way challenges. The government regulations have moved very much in, I would say, a positive framework because the new regulations can increase the compensation, which ensures that the farmers whom we are going by get fairly, or I would say, sizably compensated to what and that. If at all we are paid more than the threshold return, we just act as a recovery and change in law. There is a sizable amount of comfort that you're developing in right of way. Having said so, it still remains challenging. You still need to fight. Okay, yeah, thank you. Thank you. A reminder to all the participants, you may press star and one to ask a question. The next question is from the line of Arun Kharbanda from ABDS Capital. Please go ahead. Hi. What I wanted to understand was you have a lower revenue because of the two factors, the fees and the solar issue. What is the total value of the two combined which will possibly not be there in next quarter? Yeah, I think the fee is zero impact on both revenue. The impact is on the EBITDA, not on revenue. I think the fee will be in the range of 50 bps of the acquisition value, which is INR 2,100 crores, give or take INR 2,200 crores. So approximately INR 11 to 13 crore including GST, something of that. That's the impact on GST, which is on the fee, which is about INR 12 to 13 crores. Okay. The solar revenue generation, I think if you can add, but my guess is approximately INR 30 crores because of that. Yeah, that's correct. That means INR 30, 31 odd crore resource. Yeah. Broadly the similar kind of amount that you get into from the reserve. About INR 46 crore is what we have dipped into the resource. Correct. Okay, thank you so much. Thank you. The next question is from the line of Hansal from Lalkar Securities. Please go ahead. Yeah. Hi team. Just follow up to the previous question. This loss of EBITDA that has come from the solar asset, obviously we're covered by insurance for the same, right? Yeah. Yes, we are covered by insurance, but we are not accounting as insurance receivables. We lost the claim, and we look forward to receiving. You know it's sizable. It takes time. We don't account for as a receivable, but we work to get it, and we account it on fast basis as an energy receiver. Excellent action. Okay. Congratulations on your first order on another. Thank you. Thank you so much. Thank you. Before we take the next question, a reminder to all the participants that you may press star and one to ask a question. The next question is from the line of Manish Goyal from Thinqwise Wealth Managers LLP. Please go ahead. Thank you so much. I have two questions. One on our ability to acquire more assets like on the basis of the debt equity what we have today and I believe our leverage is 0.61 if I remember and we have INR 22,000 crores of debt. How much more we can acquire assets without diluting equity. We can acquire approximately. If I could theoretically limit approximately INR 6,500 crores of assets to reach to zero period of 70% and not raise equity. However, we think that whenever we come closer to 65% on your mind we feel it's better to raise equity in time instead of really trying a cup to find. To answer question straightforward we still have acquired INR 6,500 crores above and how. Sorry, I mean that and how much we have already acquired in the current financial year. You acquired INR 2,000 crores but the INR 6,500 crores is prospective after INR 2,000 crores. Okay okay. It does not increase INR 2,000 crores acquisition. Okay. The second question on the recently probably reading news, people said government has allowed pension funds in terms of to probably they allowed to invest more in this. How are you seeing any interest from such pension funds or long term funds to invest and participate? I'm not honestly very sure about the recent change, but there is already a lot of participation from pension funds, insurance companies, global sovereign wealth funds in IndiGrid and in other industries. We're confident that there. I'm not sure if there is any recent increase that we have seen of participation, but there is already a lot of participation that's suffering from pension funds. Technically, private pension funds have been buying for the last 34 years once it was approved. They are very, very active. What I read probably earlier, the limit was from 2.5% which has been raised to 5% to invest in. That is why probably. I don't know exact limits that people have reached, but there are limited people who have reached 2.53 to actually cross. The latest question was from the side of the SEBI also to probably have a proper categorization of the ingredients for mutual funds to invest. I think these such initiatives should also help create more. There is already a. There is already a consultation paper. I'm not sure if the timing is finished. SEBI has done a public consultation paper. We industry bodies and I'm sure many of the investors have written to SEBI about it. They will take a measured, considered view as and when you know there is a confusion on that. The consultation paper was out just about a month or max, so you're full of the outcome which will make it clarificate. Sure. One basic question, sorry for asking this, but when we say out as a capital redemption or capital repayment, technically what it implies as unit holder, the face value or maybe the reserves, how does it just account it? Maybe Meghana can help us. My advice is to hire a chartered accountant and ask that question because you know it is complex. Tax looks at it differently. We can guide you in a high level. At the trust level, how does it happen? Because when you pay out trust, you. Trust is a pass through entity. Trust does not have a face value. If the trust has invested INR 100 down as a loan, if it receives INR 100 back, it repays to its unit holders INR 100 because it has raised units and investors in subsidiary as a loan. If it receives INR 100 back, it will give you INR 100 as a capital return. Trust does not have a face value like equity. Trust accounting has no changes whatsoever on account of this. However, the unit holder of the trust, like yourself, would need to deduct the amount that the trust of referral returned from your cost of acquisition. If you bought a unit for INR 100, you adjust it. Largely for tax perspective, there is a lot of clarification issued two years ago by CBDT and that's why I'm referring to a CA because practically trust books do not change because there is a pipeline. I am aware about my end. I was just trying to understand that if during IPO we had raised X amount and if that money was used to lend to the SPV, then SPV is a written agent. I was just trying to understand on the books how would it as a long term shareholder or unit holder, how would change? We lend the money down, the money came back, we give it back to unit holders and categories. What we raised at the time of IPO was also not a face value. INR 100 was just an issue price, it's not a face value. Here is where it differs slightly from equity. Okay. Sorry, I misrealized. What was the issue? Solar thermal power plant, power generation, which probably led to lower revenue. We had a turbine and the turbine shaft was broken and that had to be restored from some special materials coming from Germany. It was a Siemens turbine. That's what took some time. In a solar panel, if a turbine is broken just like a thermal power plant, you get a complete revenue loss and that's okay. Thank you so much. Thanks a lot. Thank you. Thank you. A reminder to all the participants, you may press star and one to ask a question. As there are no further questions from the participants, I now hand the conference over to management for closing comments. We have two more questions. Okay, we can see now. Yeah. The next question is from the line of Deep Vakil from Bandhan AMC. Please go ahead. Thank you for the opportunity again, sir. Only one thing. I think our average cost of debt has reduced to 7.59% from 7.67% in last quarter. I mean are we expecting further reduction in the cost of fund? That depends on how the refinancing takes place. Yes. Broadly, the marginal cost of funding has come down lower than our average cost of funding. We do see as we refinance more projects to acquire more projects, we do see reduction in overall cost of debt. I can't give specific numbers, but we have given a maturity profile. Right. Next 2-3 years, if you see, we have around, give or take, INR 6,000 to 7,000 crores coming for refinances. Considering where the markets are in terms of debt side, if the markets remain there or improve further, we do see at least on INR 67,000 crores of facilities some bit of interest rate gain coming. Timing of it all depends where maybe refinance. Big issue of GM coming in eventually. Okay. This RBI rate cut impact, I mean, has that majorly happened in our book or some part of that is yet to happen? I think we have 63% through NCDs and 37% are through banks. Any sense on that? No. See RBI rate chart. The actual lending markets are not in sync. Right. There is one instrument difference, and difference of loans and bonds are negotiated different terms. Translation typically happens when we actually refinance those facilities. It depends on when we refinance these. Agreements we will have. Because a majority of facilities are fixed, we don't get direct transmission. There are some facilities which are floating very good, but majority of the facilities are fixed. We have transmission coming in a few years. Okay. Thank you, sir. All the best. Thank you. Thank you. The next question is from the line of Sarvesh Gupta from Maximal Capital. Please go ahead. Yeah. Hi. Just a few clarifications. This EBITDA drop of around INR 60 crore, I think INR 30 crore for attributable. to Turbine and INR 10 crore to the investment manager one time. That could be some really good bonus. That is INR 40 crore. We had a INR 50 crore drop. What is the retaining? INR 20 crore. There are different changes from INR 3,000 crore revenue as you would appreciate. There can be even 0.5% change in irradiation, smaller breakdowns. All those factors come into play. Understood. This insurance claim, how much is the claim amount? I could not follow this of a join in l. Has the insurance c ompany rejected our claim and do we intend to follow up or file a case against them or what is the status? No, no, we just filed the claim. Oh, you just filed the claim. I don't think we can disclose that because that's not in the numbers, but it is including query of any law. Okay. One main doubt that I had, I don't have a presentation in front of me, but I saw that we. Have similar. Selection efficiency on the similar receivable days or lower mark, understand what. Was the reason behind that. Sorry I did not understand the question. Year-over-year when I had looked at. The presentation has, I think, lower DSOs but similar collection efficiency, something like that. Okay. I guess the percentages, if you look at even typically in quarter one, it is lower. Even last year, quarter one was 94%, this year it is 93%. Usually there is seasonality in quarter one; it is lower, quarter four is higher. That's the typical trend that you see. Number of days is a balance sheet number. Depending on number of assets that are added, it can go up or down. They are not completely correlated. They are informing different things at different points in time. Your DSO days can be lower and collection percentage can be same because a quarter four number was, collection was very high. On the energy platform. How much have we invested till date and given that this. This is a huge opportunity, and they would be, in my understanding, developing newer assets. How much more are we going to invest and what is the sort of the thought process around it? Because this money would not be giving. Us immediate sort of returns, r ight? Yeah. This is under construction. Is there a thought process at a certain level given that this is under construction? What is the process around that? I think the thought process today is to invest around INR 850 crores. Okay. We would have invested less than INR 100 crores, probably in that range or approximately in that range still. Now, DSO does not yield us immediate revenue, but it gives growth for future years. Right. In three years' time, we balance out that whatever we invest does not impact our current DPU. Right. That's a cost clarity. That's the formula of guidance run that if you are investing, let's say, INR 850 crores, there is a cost of investment of INR 860 crores. Let's say INR 60 crores a year. Even after servicing that, we should be able to comfortably meet our DPU guidance. What company which we run internally, and that also puts a natural cash. I can't tell you exact number. How much can we invest? Because it's a cycle. By the time we invest 50% of INR 850 crores, maybe we acquired other assets. The size has changed. I'm explaining the principle of how much can we invest. As per regulations, we can invest a sizable amount of money in under construction. If it's a cycle, I mean here today committed 8, and other investors are committed similar number. By the time we actually win new projects, old projects get committed. I don't see a reason why we need to significantly increase this unless companies in a far more number of projects we end up. Finally, are we planning to do on fundraising in terms of issuing more units? Because we are heading, like, we already a re at 61% if I'm not wrong. Whatever thoughts around that? I cannot comment on capital. Honestly, as and when we actually decide, we'll come back with the news. Capital raise is a board's decision. It's a very price sensitive decision. As and when it is made anyways, we'll give information to market that the board meeting is meeting for better. Before that, everything is documented. Thank you. Thank you. Congratulations on good performance and all the best. Thank you. Thank you. The next question is from the line of Harshita from Indra Singh & Sons Private Limited. Please go ahead. Hello. I'm I audible? Yes, please go ahead. Yeah. Thank you for giving me an opportunity. Congratulations on your good results. I would like to ask some questions regarding that. Are you standing so for equity valuation for the upcoming financial year? Is there any plan for. I just answered. We cannot comment on further capital raises. It's a board decision. As and when things get decided, there will be sufficient markets provided to shareholders at this point in time. We cannot comment on the subsequent capital. Thank you. Thank you. Thank you. The next question is from the line of Abhishek Jain, an individual investor. Please go ahead. Hi. Thanks management for the wonderful, you know, performance. I'm a very new investor in IndiGrid. First and foremost, why can't we have, you know, Zoom or Google something to have a better experience in terms of B strategy. Good if you can, you know, take that into account. Given that you have like into time here, there has been a very low interest by the investors, I mean in terms of buying the engine. Whatever the reason, I mean despite moving no visa, whether it should be looked at or putting instrument or a debt instrument, how it could be looked at. The second question is this again, you know, we have got low interest rates, so how is good even impact your overall performance down the line? Cool, thanks. Three questions. I'll start from the last one. First, I think I answered earlier. There is a low interest rate environment would help indeed as we go forward. We do think that as we refinance a loan, our marginal cost of debt is cheaper than our current cost of capital. We will have more savings on interest cost, and as per it's an InvIT, we'll pass it to unitholders. That is one clear advantage that I see. Second is we might become more attractive as an investment avenue versus others because we are also offering a healthy yield. Second question on I think why there is less interest? I think it's relative. The way I look at it, there is significant interest or improvement in liquidity, number of investors that have taken place in last ATI since we listed, when we listed till now. There are a lot of regulatory changes that have taken place. Taking entire ATS traffic on may not be appropriate. For example, the single unit trading started just about a couple of years or three years ago. A lot of investors were not able to allow to invest, including pension funds, in a few years ago. Gradually, the regulators have got comfortable and they opened up for other people to invest. I wouldn't say so. Today, again, my numbers may be off. I'll take this example. We have over 30,000 investors. They are investing with NCD. Yes, that number is less in comparison to let's say INR 12,000 crores market. That small number, 40,000 invest, maybe some small cap. That number could have been 1 lakh. Could be. We are not in a competition of how many unitholders participate. I can tell you NAV has remained a stable yield generating and still growing entity. You would want unitholders who are looking at patient capital, predictable DPU and growth. I think moving from 3,000 investors, which I recollect at the time of IPO, to now 40,000 investors is a significant jump and I'm honestly very happy about it. I'm looking at the positive out of it. Yes, it's numbers, INR 4 lakh. Very happy. One needs to keep things in perspective that this is a new investment avenue that was launched in 2017-2018. It was very new at that time to now. Fortunately, I've been associated with IndiGrid for the entire journey. It's been a phenomenal growth that we are seeing of participation of unitholders of various foreign, domestic, retail, pension, insurance, mutuals and all. Honestly, I'm looking at just a glass half full. Yes, it is not full completely, but there's always a business. I'm pretty happy with the way how it's panned out. Your first question, can we do a. Google. On this question itself? Because, correct me if I am wrong, I don't have the liquidity data. I want to invest more, but I am seeing again some, you know, right now the NAV is like INR 150,000 and there is a liquidity of some 40,000 units that takes it across to INR 6,000,000 to INR 7,000,000 per day. I mean, this is kind of, you know, kind of hindering me to invest more given that in my personal capacity also I can invest more than what is the daily traded volume in terms of INR. If you can answer that question, that would really help. I would suggest to check volume for NSE and BSE both. For last one year, our average trading volume is INR 7 to INR 8 crores a day. It's not 40,000. I think you need to do that. Looking at wrong portal, sizable number one. I'm not saying again that INR 7 crores is sufficient. I would love to have INR 70 crores great. It's not 40,000. I think technically a lot of characters, this today's volume, if a lot of it is INR 1,300,000 or INR 130,000. You know, INR 1,300,000 actually today's volume. I think there is huge improvement in volumes over the last five years. We have seen volumes of INR 50 crores to INR 100 crores getting traded in a day if somebody wants to actually buy and sell. Obviously, then the impact on price from then took place. Right. IndiGrid has been a stable asset. We think that most of our investors are long term and therefore have less contrarian views, and that also adds to overall less volumes, right, because you need to have both sides on the table. Right. I would say with INR 7 to 8 crores of volumes on average, we are doing reasonably okay as an index. I think if you want to invest 10x more that you mentioned, you can do extra 40,000. Right? Be able to buy. Like, into your first question, we check, we check the note and we will see what we can do around that. Whether it's Zoom or Google Meet, certainly we can do a video call and make it more engaging. We take that as input. We'll just walk around and see if it is possible. Thank you. Thanks a lot. Thank you. The next question is from the line of Sunil, an individual investor. Please go ahead. Hi, good afternoon. Congratulations on another steady quarter. After looking into some of the. Earlier questions, I now feel like I did the best thing by buying all. All available. Units during 2018-2019 because at that time the liquidity was, I think it was favorable to buyers as pretty much everybody was selling. I thank you God for my senses that time. Having said that, my question is on. Your IndiGrid, like how much. Bids. Can IndiGrid win? At any given point of time, what is the maximum you know of contract that it can take? On today's capital commitment basis, we can do approximately INR 12,000 crores at any one point in time. Oh, wow. Okay. Yeah. My second question is about, given that I think both the gestation period for all your businesses, whether it's solar or transmission or BESS, all have different ones, you obviously haven't taken any greenfield solar, but you do like transmission and BESS, and I believe transmission, could you please just give a rough idea of what is the start to finish for transmission and a start for BESS, because your BESS is much shorter and I think your capital commitment would be. I think to answer your question, yes, battery storage. Battery storage typically comes with 12 to 18 month timeline. Taking this standard and transmission projects comes with around 24 to 30 months under timeline. Okay. Okay. Yeah. That's all for now. Congratulations. Thank you. Thank you. Thank you. As there are no further questions from the participants, I now hand the conference over to management for closing comments. Thank you. Thank you everyone for joining the call today. I think we're doing our best to ensure that we keep the vision of able, predictable return. We do see the outlook for this sector and for this business improving massively because of the amount of investment that's. Happening in the sector. We see a lot of opportunities coming up, plus cost of capital favoring us at this point in time. We see good times ahead for individual unit holders, and I'm hoping for all of your support, continued support for us. Thank you. On behalf of Avendus Spark, that concludes this conference. Thank you for joining us and you may now disconnect your lines. Thanks. Yeah, thank you very much.