Ladies and gentlemen, good evening and welcome to the IndiGrid Q2 FY26 Earnings Conference Call hosted by Spark Institutional Equities Private Limited. As a reminder, all participant lines will be in the listen-only mode, and there will be an opportunity for you to ask questions after the presentation concludes. Should you need assistance during the conference call, please signal an operator by pressing star then zero on your touchstone phone. Please note that this conference is being recorded. I now hand the conference over to Mr. Ketan Jain, from Spark Institutional Equities Private Limited. Thank you, and over to you, sir. Thank you. Thank you, Ketan. Good evening, everyone. On behalf of Spark Institutional Equities Private Limited, I welcome you all to the second quarter FY26 results conference call of IndiGrid Infrastructure Trust. We are joined today by Mr. Harsh Shah, Managing Director; Ms. Meghana Pandit, Chief Financial Officer; and Mr. Sunny Namboodiripad, Chief Operating Officer. I would now like to hand over the call to Mr. Harsh Shah for his opening remarks. Over to you, sir. Thank you. Thank you, Ketan, and thank you, everyone, for joining the Q2 results call today. I will refer to the slides of the presentation that we have uploaded on the exchanges as a matter of reference, and me, Meghana, and Sunny will take you through the quarterly performance and will end the call with a Q&A in this regard. Starting on slide three, I would like to reiterate our vision. Our vision is to become the most admired yield vehicle in Asia. On the back of a focused business model, value creative growth, predictable distribution, and optimal capital structure, we believe we have the ingredients that will take us to the most admired vehicle in Asia. On slide four is just a depiction of our assets and the management as of late. We are present in 20 states and two union territories with 90 different revenue-generating elements with an AUM of about INR 32,500 crore spread across 9,300 circuit kilometers and 25,000 MV of transformation capacity. We also own about 1.5 GW peak of solar generation and [audio distortion]. Our transmission projects, most of them are on a BOOM basis of perpetual contracts, but the residual contract life is approximately 25.7 years, and for solar, the same number is 19.6 years. On slide number five, slides I'll take you through the specific highlights of the quarter. In this quarter, we have signed one agreement, definitive agreements, to acquire a project called NERSS 16 for an EV of about INR 460 crore when the project is commissioned from Techno Electric. We also raised capital of INR 438 crore via preferential allotment and with a healthy mix of institutional as well as non-institutional investors. IndiGrid were also included in this quarter in the FTSE Emerging Markets APAC All-Cap Index and FTSE India All-Cap Index, which I'm sure many of you have seen has boosted the liquidity in the IndiGrid ticker. On our portfolio side, we have secured a second TBCB win with 125 megawatts and 500 megawatt-hour of BESS projects in Uttar Pradesh with the contracting party as MEVN. IndiGrid plans to acquire this project when it achieves COD and acquire from Enagrid. With this win, total battery capacity, as in gigawatt-hour terms, we are at 2.1 GWh between IndiGrid and Enagrid together. On the financial side, Q2 reported a marginal increase of 2.6% on revenue on account of two projects that we acquired last quarter. There is a marginal dip on quarterly EBITDA by 1.1% on a year-on-year basis. It's largely because of the spillover impact of one-time issue in a solar project where the turbine had a breakdown, which is resolved now, and the do-up of tariff order in one of our regulated tariff mechanism projects. None of these—both these issues are adjusted in this quarter, and therefore this is a one-off impact. On AUM net debt basis, we are closing the quarter with an [audio distortion], an AUM of 61.4%, and a post-preferential issue basis, the net debt to EV will be approximately 60%, which will give us a sizable headroom to grow further. On Q2, FY2026, the collection was at 108% for transmission, 89% for solar. Overall, DSO days will remain in very heavy territory. The DPU, we declared a DPU of INR 4 a unit, which is 6.7% higher than the same period last year and in line with the full-year guidance which we provided in quarter one this year. Our weighted average quarterly availability for the quarter is 99.72%, and solar CUF is at 20.9%. We believe that these are clear signs that we will be able to deliver superior total returns, sustainably increase DPU, and maintain stable operations. On the next slide, slide seven, a high-level update on the industry. We saw a peak demand of 229 GW during this quarter. While the peak demand reduced a little bit compared to last year, largely due to prolonged monsoons, we believe that the decadal growth in the power sector has just begun and will continue to see growth in both peak demand and installed capacity in the country, which we feel is going to fuel in our two target segments, which is transmission and renewables, a sizable amount of growth opportunities in the coming years. In Q2, about INR 28,000 crore of new project transmission bids and[audio distortion] concluded on the TBCB mechanism. Look at the next slide. We are looking at the next 12-18 months, another INR 120,000 crore bid in transmission and about INR 15,000 crore bid in battery storage. We're seeing a very healthy pipeline of about INR 135,000 crore in the sector just in transmission and BESS. On slide nine is our operating performance score of the quarter. I will request Sunny, our Chief Operating Officer, to brief you on the same. Thank you, Harsh. Good afternoon, everyone. This is on the slide nine, operational performance. Regarding the HSC updates, we had zero medical treatment cases and one state case and one lost time incident. These are minor incidents. Our performance, the power transmission segment, we had a weighted average of availability of 99.72% based on the revenues. We have solar generation for the quarter was at 533 million units at a 20.9% CUF. The reliability scores, if you look at it, the trips per line was 0.022, which was slightly increased compared with the last years because of various trippings on the lines that happened due to foreign materials and natural calamities. We had extended monsoon and thunder and lightning across the north and northeast India. Substation trips per element is at 0.06, well within control. Regarding the solar availability, the plant availability was at 96.9%. This was due to some temporary availability challenges due to extreme weather conditions, flooding, etc., in Gujarat and Maharashtra, and some of which have been recovered through the insurance coverages. If you look at the availability graphs, we are all in green except for JKPTL, which is having slightly lesser availability as compared with the normative availabilities. This was due to a failure of a transponder, which has already been restored in August. The key indicators, we are at par with the last if you compare quarter on quarter, last year and this year, we are almost similar and not much of any concerns in the key indicators of number of trips per line, training man-hours, lost time incidents, as well as the generation and the CUF. We are maintaining a consistent track record of maintaining superior availability and yield performance. Thank you. Over to you, Meghana. Thanks, Sunny. Good afternoon, everyone. I'm on slide number 10. I will take you through the financial performance for Q2 fiscal year 2025-2026. The reported revenue for this quarter, we ended at INR 826.7 crores, which is a marginal increase of about 2.6% over Q2 of FY25. On the EBITDA front, there is a marginal dip by 1.1%, basically because of two events. One was a spillover effect of the generator issue which we faced in Q1 and which has already been restored. The other one was because of a true-up petition tariff impact in one of our cost-plus or regulated tariff mechanism project, which is featuring. On the NDCF front, the NDCF generated for the quarter is INR 362.9 crores, which is 13.5% higher than Q2 of FY25, which was at INR 319.7 crores. This is on the back of robust collections and the acquisitions also that we did in Q1 of FY26. The DPU for this quarter continues at INR 4, which is a 6.7% increase over 3.75 for Q2 FY25. On the collection and receivable days, pretty robust performance. In the transmission asset, the collections were at around 108% compared to 103% on a year-on-year basis. The DSO days also remained at around 35 days, which is pretty stable and pretty robust. Same on the solar side, the collections were at 89% in Q2 compared to 117% in Q2 last year. Again, on the DSO days, more or less constant at around 51 days compared to 47 in September 2024. Moving on to slide number 11 on the distribution update. As I said [Foreign language] Q2 FY26 continues, the breakup of which is given under the four components: interest, dividend, capital repayment, and other income, interest being the largest part of that. The outstanding units on September were at about 834.5 million, but after the preferential issuance, it has increased slightly. So the gross distribution for the quarter will be about INR 344.2 crore, which is on the expanded capital days. The record date for distribution will be on November 14, 2025, and the tentative distribution date stands somewhere around November 21 or before that. The NAV per unit as of September is at about INR 148.4, which is more or less in line with Q2 of FY25. The annual distribution trend that you see on the right-hand side of the graph continues to show almost a 6% CAGR on the distribution, which we have been maintaining and providing. INR 4 for the quarter continues to be in line with the annual DPU guidance of INR 16 for fiscal year 2025-2026. On slide number 12, the consolidated EBITDA to NDCF waterfall starting from EBITDA at the SPV level. We started at INR 729.8 crore, and all the movements at all the SPVs put together, finance income, working capital movement, CapEx spend, etc., we come to the NDCF at SPV with INR 766.7 crore. With all the expenses at IndiGrid level, trust level, a large part of which is the finance cost, and then the working capital movements and tax, we ended with the NDCF at IndiGrid with INR 362.9 crore. With the distribution for the quarter of INR 344.2, close to about INR 18.7 crore got added to the reserves. We end September quarter with a total reserve balance at INR 573.1 crore. Moving on to slide number 13, talking about the balance sheet position, we continue to remain triply rated by all the three rating agencies, and our weighted average cost of debt stands at an attractive 7.44%. Netted to AUM stands at 61.4%, and with the preferential issuance taken into consideration, it will be at around 60%. Out of the total gross borrowing of INR 21,700 crore, 88% of the borrowings are in fixed-rate nature, thereby insulated from highly volatile movements in interest costs. The interest coverage ratio also remains very healthy at about 1.71 times and a cash balance of almost INR 2,000 crore, which includes the Q2 distribution plus DESRA and other balances. On the borrowing book, almost 71% of the borrowing book is in the form of MCDs, which are subscribed by various kinds of investors from mutual funds, banks, financial institutions, retail insurance companies, etc., and almost 30% of the book is provided by bank loans. The repayment or refinancing schedule that you see at the bottom of the chart provides a well-diversified and termed out borrowing to ensure that we do not bunch up a significant part of the debt in any particular year from a refinancing standpoint. We try and maintain the refinancing profile in a way that not more than 10%-12% of borrowing comes up for refinancing in any particular year. Almost everything for FY2026 has been refinanced, borrowing close to about INR 4 billion, which will come up in the next two quarters. Moving on to slide number 14, we talk about the risk-adjusted total returns to the investors, and as you can see, IndiGrid continues to provide outperformed on an outperformed basis. On an annualized return basis, it's about 13% total return, which is a summation of distribution plus the price change. Absolute term, it's about 174% since the time we got listed. When we compare this with PurePlay Debt Securities, which is the GSEC bond 10-year and 30-year worth, and on the right-hand side, which is PurePlay Equity Indices, you can see that IndiGrid stands out. More importantly, on the beta level, which signifies the risk profile or volatility in the stock, it remains very close to zero at 0.06. IndiGrid has consistently been outperforming on a risk-adjusted basis. Moving on to slide number 15 on the business outlook, I think from a portfolio strategy basis, we continue to focus on ensuring that stable operations are there, which will enable us to provide predictable and sustainable distribution. On the greenfield development, largely on the Enagrid side and the few projects that IndiGrid is also executing, we have complete focus to ensure that we complete all these projects on time. Participating in the future greenfield opportunities on the back of a huge pipeline on transmission and battery energy provides great opportunities and also deliver on the DPU guidance of INR 16 for FY 2026. On the balance sheet side, we continue to maintain our focus on ensuring the interest costs can be optimized as far as possible. More importantly, we try and elongate the tenor profile in terms of the refinancing that we need to do and funding for any future acquisitions and ensure that the leverage remains on a prudent basis by keeping a sufficient headroom for enabling inorganic and organic growth. Asset management, again, continues to be a focus area to ensure we provide at least 99.5% of availability across the operational transmission portfolio and similar CUF levels on the solar portfolio as well. Increasingly, we are focusing on ensuring that self-reliant O&M capabilities get strengthened, whether it is through digital and predictive analytics, both on the transmission side as well as on the solar side, and we are taking help of AI-powered image analytics and other options which are available for the same. Underpinning that continues the world-class EHS and ESG practices, which we continue to focus on and improve. On industry stewardship basis, also, I think we have been participating and we continue to do in terms of shaping policy advocacy and industry dialogues to ensure how we are able to provide a deeper role in the infrastructure sector, both on the electricity side as well as on the in-bid side. I will take a pause here and we can start the question-and-answer session with this. 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 the touchstone 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, we will wait for a moment while the question queue assembles. The first question is from the line of Davesh Chandra, an individual investor. Please go ahead. Good afternoon, Mr. Harsh Shah and the team. Excellent. One more quarter. One time possible in such kind of rainy season. At least we are a good team. We have to maintain everything. I have only one question, Mr. Harsh Shah. Normally, the slide which talks about DPU accurate acquisition, that's a very favorite screen. I request to add that slide in your future presentation which talks about the DPU, different colors for the different areas. That's it. Thank you. Thank you. I think certainly we'll add that. We used to add that in the past. We'll consider them from next quarter, probably this year. Okay. Thank you. Best wishes to the team. Thank you. Thank you. The next question is from the line of Deep from Bandhan AMC. Please go ahead. Good evening all. Am I audible? Yes, please proceed. Yeah. Thank you for the opportunity. Congratulations on a steady quarter with success. It's very special as well. I mean, my first question revolves around, are we planning for some more fundraising near term? Because I think we have INR 1,500 crores of board approval, and out of which we have raised [INR 438 crores of TREF issue]. I mean, any near-term plans and anything that you can throw some light on? Yeah. No, thank you. I think the board has approved INR 1,500 crore. We have made it public. Yes, over a period of total 12 months, we would look to raise INR 1,500 crore. The exact timing and mode of issuances, I think, gets announced closer to the issuance when the decision has been made. Yes, we do plan to raise INR 1,500 crore over the next 12 months. Out of which first cash we have already raised. Okay. Thank you. Second question, I think revolves around the true-up order impact in one of the cost assets, as you mentioned. I mean, if we—it's around revenue reversal of around INR 7 crore plus INR 16 crore, which is INR 23 crore. Can we have some normalized EBITDA impact on this? Because if this event would not have happened and the spillover issue of the transformer failure in Q1 also would not have happened, what would have been the normalized EBITDA? Any sense on that? I don't have that number exactly, but I can tell you that the cost plus true-up INR 23 crore has an impact of last 10 years. Annualized impact probably is INR 1 to 2 crore hardly. It's just that 10-year impact is coming in a quarter, and that's why you see that number a little bit higher. You can probably add back that to come to a regular number. On the rotator failure, I won't have the exact number, but we had about 40 days or 45 days in Q2. The rotator was repaired in mid-July, and therefore about 45 days of revenue for that particular asset. Again, it's a variety of things put together. Any number that I give you will be a guesswork right now. Probably you'll see in the quarter next year, next quarter. Okay. So I mean, I have one more question. I mean, we have seen historically NDCF has always been high in Q2. So I mean, the trend is like that because I think Q1 and Q2 revolves more around monsoon and less collections. So I mean, do we expect that trend to continue? And can you throw some business dynamics here? I mean, is it—I mean, how does this work? I do not see it. There is typically a trend that quarter four is high. Honestly, it is just that the economic activity in quarter four in the country is high. That means there is higher liquidity. Everybody wants to push out CapEx. Probably that is why we see higher collections coming in quarter four. By that virtue, quarter one is lower. By that virtue, Q2 is relatively higher. It is just a little bit cyclical in nature. If you look at the numbers on slide 10, it is marginal movements, right? The movement of 38-41 days and 35 days is not a material movement. It is hardly 10% on a DSO day basis. It is a trend. Other than the economic cycle trend, I do not know why this trend exists, it is just the way it is. Honestly, it is very marginal the way we look at it. It's not something which impacts our business. Sure. I mean, I have a few more questions. Should I join the queue again, or can I ask right now? Go ahead if you're on the line. Yeah. So I think we have a DPU guidance of 16 and 3-5% CAGR over the next few years. I mean, I understand that this stays intact, and the AUM is expected to kind of double in the next five to six years. I just wanted to ask that our AUM is dominated by transmission, 75% transmission, 22% solar, and BESS balance. Does this domination will continue from transmission, and BESS and solar will gain some market share? I mean, just trying to understand where will the major growth come from in the AUM? I'll just correct. BESS for us is part of transmission business because the Ministry of Power also classifies BESS depending on where it is located. If a BESS is located on the transmission system, it is considered as part of transmission. All the projects that we have gone to now are co-located with transmission, so they are part of transmission. We don't have any projects on BESS which are co-located with generation. In that case, it would have qualified as generation. The way we look at it, most of our BESS is transmission. All our BESS is transmission. We are today about 76% to 77% transmission and 24% solar. I think as the portfolio grows, depending on how the opportunities come out in the sector, largely will remain transmission. Now, whether it's 65% or 75%, there is a difference. I don't think at any point in time renewables will grow beyond 30% to 35% of our portfolio. Sure, sir. Actually, the last question is the DPU is primarily dominated by interest to around 75%. Is that expected to continue, or we can see some more capital repayment or dividend kind of structure? If you look at capital structure, we just follow what are the income tax guidelines around that. Difficult to predict in future, but yeah, I can tell you the majority will remain as an interest here. Sure, sir. Thank you. Congratulations on wonderful. Thank you. 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 Shashank Sharma from Ask World Advisors. Please go ahead. Hi, sir. Thank you for the opportunity and congrats on the great quarter. I had a question. Given the current weather conditions and natural calamities that we're seeing, what is the expected impact on the major maintenance charges, specifically on the transmission lines and also on the solar availability? Yeah. I think a very pertinent question. I do feel that there is an impact of climate change on the entire country. We are seeing monsoons extending till October, which we have not seen in the past. There is relatively less impact on NMR on account of this. We have experienced and we have seen the overall generation, not just for us, for the entire country, being down, depending on the states, in the range of 2%-8% in different parts of the country on account of either pollution or floods or extended monsoons and lower irradiation. However, our portfolio being only 25% on the solar, the overall impact has not been that material. If you look at the long-term average, we have seen in the past three, four-year cycle where the generation is down, then it comes back to long-term average, then it's again down. We have seen cycles. We are only hoping that the overall climate change and monsoon variability stabilizes and generation is less impacted in the future. On the transmission side, we are present across 9,000 kilometers. There is always some kind of an event happening somewhere. There is an earthquake, somewhere there is a flood, there is a river change or high wind, etc. We have contractually a few protections. First is revenue is protected by way of force majeure clauses in our contract, and therefore we get paid. Second, we take a sizable amount of insurance. Most of our force majeure conditions, including some breakdowns, are covered under insurance, and we cover quite a bit of CapEx that happens on account of that. None of that is major to the extent that we need to build major maintenance reserve because most of the assets, while they are exposed across the country, the impact is localized. Let's say you have floods, then you have a few towers sitting washed away. It is still not a major maintenance reserve. It is still a relatively small impact. If you factor in after insurance, that impact becomes sizably lower. We expense out. In our P&L over the last five years, those impacts are already factored in. Even after that, our transmission business is higher than 90% EBITDA. Right. Right. Thank you, sir. I had another question. So how many assets are you looking to add currently given the debt to AUM has come down to 60% post-the-PREP issue? I mean, I do not have a number, but we are already signing contracts with Enagrid. Enagrid already is executing two transmission projects and two BESS projects. They are going to acquire those projects over the next two years. That itself is around INR 5,000 crore. Those assets are getting added over the next two years. That is something which is a known pipeline of projects that we have signed and we have seen that grow. Anything other than that on the acquisition side, it depends on when anything gets signed, etc. That is when we can forecast that specific number. Right. Thank you, sir. Thank you for the opportunity. Thank you. Thank you. A reminder to all the participants, you may press star and one to ask a question. Ladies and gentlemen, as there are no further questions, I would now like to hand the conference over to the management for closing comments. Thank you. I'll just conclude the call by thanking all the participants who have asked the questions about our business. I think we are in a sector which is going through an unprecedented transformation in terms of the amount of investment that the sector requires, the amount of regulatory support, technology support that we've seen in the country. We are excited to be in the middle of it. We play in the midstream of energy transition in India on transmission and battery and storage largely. We do see a sizable amount of investments happening in the sector. Even if we capture a very marginal part of the overall investment and small market share, we are confident that we'll be able to grow IndiGrid meaningfully and provide superior risk-adjusted return to our unit holders. Thank you for all your support, and looking forward to connecting with you with the quarter three results soon. Thank you. Thank you. On behalf of IndiGrid, that concludes this conference. Thank you for joining us today, and you may now disconnect your lines. Thank you.