Ladies and gentlemen, good day and welcome to the KPI Green Energy Limited Q1 FY26 earnings conference call. 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 touchtone phone. Please note that this conference is being recorded. I now hand the conference over to Mr. Harsh Patel. Thank you, and over to you, sir. Thank you, and good evening, everyone. I would like to congratulate KPI Green Energy on a very good set of numbers. On behalf of Share India Securities, I will welcome all to Q1 FY26 earnings conference call of KPI Green Energy. We are pleased to have with us the management team represented by Mr. Sohil Dabhoya, Whole Time Director, Dr. Alok Das, Group CEO, and Mr. Salim Yahoo, Chief Financial Officer of the company. We will have the opening remarks from the management, followed by Q&A session. Thank you, and over to you, sir. Yeah. Hello, everyone. Good evening, and welcome all to the KPI Green Energy conference call. Speaking first is Siddharth here, part of the Chairman's office at KP Group. And it's a privilege for me to introduce you to the conference call of a company which is passionately committed to powering India's sustainable future. Today, we stand at the forefront of the very impressive and very fast-growing renewable energy transition industry within India, and we are dedicated to developing clean, innovative power solutions for the Indian landscape. As you would be well aware, and for new investors who are joining in as well, our whole strength lies in harnessing our EPC expertise, both through the in-built expertise we have gained since our incorporation in 2008, as well as leveraging the key strengths of our other sister companies which are part of KP Group. We are not just building power plants. We're building a cleaner tomorrow. We strive to be a trusted partner in India's energy journey, contributing to meaningful and national sustainability goals. As you would be aware, through the various network channels that we are pushing out, we are also progressing very fast on the technology frontier, having state-of-the-art OMS, NOC, and robot facilities that we incorporate in our projects. Now, I would let our CFO, Mr. Salim Yahoo, speak over what the performance has been in the last quarter and what we are aiming for in the future going ahead. Salim, sir, over to you. Thank you, Siddharth. Good afternoon, everyone. I am Salim Yahoo, CFO of KPI Green Energy Limited, and I extend a warm welcome to all investors, analysts, and stakeholders who have joined us today for the quarter one FY26 earnings call of KPI Green Energy Limited. We are pleased to report yet another record-breaking quarter, making our fifth consecutive quarter of highest-ever revenue, driven by strong execution, customer trust, and continued expansion across both our IPP, that is Independent Power Producer, and CPP, that is Captive Power Producer segment. Speaking about the key highlights of this quarter, on the financial side, if I give the synopsis of the financials, total revenues stood at INR 614 crore, a robust growth of 75% over INR 350 crore in quarter one of FY25. EBITDA rose to INR 217 crore, a 64% increase. PBT, or Profit Before Tax, came in at INR 149 crore, up 64% from INR 91 crore last year. Profit after tax grew by 68% to INR 111 crore, compared to INR 66 crore in quarter one of FY25. The basic EPS grew by 44%, reaching INR 5.28 from INR 3.66. We also generated INR 163 crore in cash profit, marking a strong 92% year-on-year growth. Our financial performance reflects disciplined execution, proven capital allocation, and strong annuity income from our growing IPP portfolio. A brief highlight on the strategic projects and the revenue visibility, we currently have three major IPP projects under execution: a 250-MW solar project on the AC side, on the DC, it will be calculated as 350 MW DC; a 370-MW hybrid project on the DC side, it will be 679 MW DC; and a 150-MW standalone wind project. Together, these projects represent a total execution size of INR 5,000 crore. So we are targeting completion of the 250-MW pure solar, 370-MW hybrid project by September 2026 in a phased manner. Importantly, partial commissioning and revenue recognition are expected to begin within the next few quarters, leading to an early monetization and cash flow generation. These are backed by 25 years long-term PPA signed with GUVNL, one of the best pay masters, ensuring a stable annuity income and further enhancing our long-term earning visibility. On the strategic development side, during our quarter, we have undertook several initiatives to enhance our leadership and technological edge in the renewable space. We received LOI, that is a letter of intent from GUVNL for our 150-MW grid-connected wind project, bolstering our hybrid pipeline. We signed three strategic MOUs with Delta Electronics India, focusing on battery energy storage system, green hydrogen, and EV charging infrastructure, advanced solar PV inverters. These alliances combine Delta's global technology with KPI-proven execution to deliver a next-generation clean energy solution in India and globally. The overall snapshot of the company as of June 30th, 2025, on the end of the quarter, stands at installed and upcoming IPP capacity of 1.7 GW, installed and upcoming CPP capacity of 2.3+ GW, a total cumulative portfolio of 4 GW, a land bank of 6,275 acres. Along with that, we have power evacuation capacity of over 3.2 GW. All this in hand exceeds 3 GW, including capacities where LOI is awaited. Presence across 108 project sites in multiple DISCOMs and CTUs. We have a network operations center with IBM Maximo Renewables for real-time monitoring and performance optimization. In conclusion, quarter one of FY26 has laid a strong foundation for an ambitious year ahead. With robust financial strategic alliance, over 3 GW in order, and a growing IPP portfolio of 503+ MW, we remain committed to deliver sustainable value to all our stakeholders. I sincerely thank our investors, partners, employees, board members, and stakeholders for your continued trust and belief in the KPI Green Energy mission. We now open the floor for your questions and answers. Thank you very much. Thank you. We will now begin with the question and answer session. Anyone who wishes to ask a question may press star, then one on their touch-tone phone. If you wish to remove yourself from the question queue, you may press star, then 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. Our first question comes from the line of Manav, an investor. Please go ahead. Hello. Yes, Manav. Yeah. So our execution stays on a good set of numbers. Thank you, Manav. My question is regarding pledged shares. So when we had the December con call, it was mentioned that the loan has already been repaid, and you guys are already in talks with SBI to release the pledge. Is there any update on that? Yes. Manav, we have already sent a request letter to SBI, and SBI has already taken it in. The request is going to go into the board because we are one of the biggest in Surat. If you compare, we are the biggest customer of SBI. So that is already proposed, and SBI has given verbally a green signal for that, only that it has to be approved in the board, and it will take a little time for the procedure to be completed. But nevertheless, we have already given the request, and we have showed our intention to release this pledge from SBI also. Any tentative timeline, sir, if you can tell us? Sir, SBI, see, I cannot control the board meeting of SBI, so I can assure you what we see that by next quarter, I think we will have constructive, at least, approvals and sanctions from SBI. Later on, the pledge and every formality and everything might take time, but we are gung-ho that the SBI board will approve it this time. Understood. Thank you, sir. Yeah. Thank you. Our next question comes from the line of CA Garvit Goyal from Nvest Analytics Advisory LLP. Please go ahead. Hi. I'm audible? Yes, Garvit, you're audible. Good evening, sir, and congrats for decent execution. My question is on the sector level. Do you see any change in the sector which can negatively impact KPI Green, like the current environment we are seeing? There is a change in stance by government on the waiver of ISTS charges, right? So do you see any impact of this on newer order inflows in the industry and thus impacting the KPI Green? And for that matter, any kind of negative stance that the government is taking? Do you see any such changes happening at the industry level which can impact our order inflows in near to medium term? Yeah, Garvit, this is Dr. Alok Das speaking on KPI. Thing is like this. Whatever we are doing, the project today, it is restricted to state bidding only under STU. While going forward, your question about ISTS, that benefit which is sunset has happened month of June. So if you see that policy, it is a trajectory. So if there is a project beyond 2025, so first, it is 100%, then 75%, then a year 50%, that type of trajectory is there. So obviously, if any project is coming through the ISTS, so obviously, there is some delta decrement there. While they are taking into them your tariff quoting in the bidding process. For the KPI is concerned, we are not even today participating in any kind of ISTS project. So we are insulated for that. So this kind of thing is not going to impact any projected order inflows at the internal level, right? Yes, yes, yes. Understood. And secondly, on the guidance part, this quarter was pretty decent despite early monsoons and all. Do you think we will be able to easily outperform the guidance that we have given earlier for this year? So, if you ask today, there is a total gigawatt pending out of government guidance of this 500 GW to 230 GW completed. So balance is 45 GW. And if you see the total bidding process happened, the tender process and all, so it is all happening. So whatever your direction and guidance is coming, but still there's a demand because of now that conventional power plant is being replaced by the non-conventional power plant. So where this type of guidance, even I don't personally feel this would affect the growth of the industry with RE. No, actually, sir, I'm asking from the KPI POV. This year, earlier, we have given the guidance of 60%-70% top-line growth. Yes, Garvit. Yeah, Garvit, I got a point. So Garvit, if you look at this quarter also, we have done 60%-70% of growth on all the parameters, whether it is revenue, whether it's profitability, and everything. So we are pretty much on the line, and we are quite confident that we'll be able to touch the guidance which was given by our Chairman and Managing Director, Dr. Faruk, sir. So we will be able to achieve that, most probably. Got it, sir. Thank you very much. That is from my side. All the best for the future. Thank you. Thank you. Our next question comes from the line of Aman Soni from Nvest Analytics Advisory LLP. Please go ahead. Hello. Am I audible? Yes, Aman, you're audible. My question is already answered. Thank you, Aman. Alright. Thank you. Our next question comes from the line of Deekshant from DB Wealth. Please go ahead. Hi, Management. Firstly, congratulations on good execution in this quarter. Thank you, Deekshant. So firstly, we have seen that the rainy season has been a bit more in the Q2. So what kind of execution are we seeing in Q2? Will the seasonality hit us in Q2 versus Q1 now? See, as per if you see the seasonality in the solar or, as we say, renewable energy, the rainy season, there is less of execution that you happen to see usually all across the sector. But what happens, there is also a component that we can build the supply component during that period and so on. So we are that we will be in line with what we have shown in the past. The quarter two will also be in line with what we have done in the previous year, quarter two. So yes, there might be a slight curtailment because of the rainy season, but we will be able to cover it up going forward. Secondly, thank you for the answer, sir. So secondly, the question is on our PAT margins. As we are now ramping up even our IPP execution, what kind of PAT margins can we expect? See, IPP, if you look at my IPP portfolio, as I go forward, my IPP has an EBITDA of around 85%-90%, upcoming IPP projects which I've already set up now, and the new coming upcoming projects also. So IPP adds to the bottom line. So we expect that as we increase the IPP component in our revenue mix, our PAT margin, we will be able to sustain our PAT margin what we are showing right now. Sir, so question being that right now, let's say we are saying that for the next few years, we expect a 50%-70% growth. I'm assuming, let's say, 60%. So what kind of PAT margins can we see on the 60%-70% growth trajectory? See, even if 60%-70% growth, see, my IPP is what we say is fixed with the PPA rates. My PPA rate won't change, and my IPP provides me strong PAT margins. So accordingly, I don't see too much curtailment into the PAT margin, but it will be in the range of 15%-20%. That is what I see. Today, it is around 16%-17%, 16%-17%. So we will be able to maintain that. Okay. Sir, lastly, as the previous participant also asked this question, but I just want to understand that we have a great sort of execution capability. The upside is looking very strong for us. But what is it the risk that we are seeing internally that can go wrong? Because there is government involved, and there are delays by government. That is normal. So that is uncontrollable for everyone in the industry. But apart from that, what kind of negative risk that we see that cannot be sort of that we may not be seeing right now, but the management is able to see it better? See, in any renewable energy project, the major risk, that is the execution risk, and in the execution risk, the two main components or the hurdles, I would say, are the availability of the land and the evacuation. That is the transmission, and these two things, if you see, at present, I have 3+ GW of evacuation approval with me. I have 6,000+ acres of land bank available with me, so these are the major, so I don't see after that execution capability, we have more than a decade, two decades of experience in execution on the ground level, so if I see the probability of any hurdle getting created is very less, very less. I mean, success rate may be around 95%-96% or above that. I don't see any other factor because even the PPA that we have signed, our 25-year long-term PPA, they have signed. So those are also in the place. So I don't see any, and the counterparty is GUVNL, Gujarat Urja Vikas Nigam, which is a topmost A-rated DISCOM out of all the DISCOMs that are there in the country. So we have taken utmost care that none of the risk factors should have any upper hand compared to the success of this particular project and everything. Other than what you said, the government policies or anything, we don't have any other risk factor that is there. Sir, what about our sister company, KPEL? You're talking about KP Energy, right? Yes. Yeah. So we have a call of KP Energy tomorrow also. You can connect on that on the KPEL. So we'll also explain. There also, it is a very good stellar result that we have given. Okay, sir. Thank you so much, sir. Yeah. Thank you. Ladies and gentlemen, in order to ensure that the management is able to address questions from all the participants in the conference, please limit your questions to two each per participant, and you may rejoin the queue for any follow-up questions. Our next question comes from the line of Ashish Rampuria, an investor. Please go ahead. Thank you. Can you tell me first question? In that ICRA rating report, they mentioned that for one of the IPPs, the project cost has increased by INR 700 crore, if I remember correctly. Any reason for that? See, what happened when we first calculated the project design, when we did the first design, it was a tracker-based design. So at that time, the AC/DC ratio was 1:1 only. Later on, when we saw that the land was getting bifurcated into multiple small pieces, so then we had to go for a fixed design. So for getting the same PLF in the fixed design, we had to increase the AC/DC ratio. So now the AC/DC ratio is 1:4. So because of that, the cost of the project got a little bit higher compared to what it was calculated earlier. So does it mean we also get higher PLF and higher realization, or revenue remains the same? No, no. See, what happens is your revenue also will increase, not to the extent of increase, because what happens when you do a tracker-based, you get a PLF around 23%. And when you do a fixed, you get a PLF around 19%-20%. But the number of panel increases in a fixed base, so automatically. But still, I mean, the fixed base will have a higher revenue compared to tracker-based revenue. Got it. But you see that IRR will get impacted or very minimal impact? IRR will slightly improve. Will improve. Perfect. Then that's good to hear. Second, I think you had mentioned that in the last phone call that hopefully by the end of this quarter or during this quarter, we should hear about large wins that should even take care of the revenue for FY28. Any color on that? Sorry, I didn't get your question properly. In the previous quarter, what was that? So you had mentioned from a pipeline perspective, there are big orders in pipeline that will not only take care of revenue for FY27, but even to a large extent for FY28. So any color on that pipeline? And you said that you should be able to announce that end of first quarter or during second quarter. As far as I told you, orders in hand. I'm talking about the CPP business. IPP, I already spoke that INR 5,000 crore projects are in pipeline, so they are getting executed. On the CPP side, we have approximately 1.8 GW of order book, which is in the pipeline. And not the pipeline, but orders in hand, you can say, that itself is around INR 4,000 crore. So automatically, there will be also 2026, 2027. And as we go forward, there is in the pipeline, this order will keep on adding more and more order to this. Got it. No, but I think you were referring to some particularly large-sized orders that you said I got, I mean, from what you spoke. Is there any progress on that that you referred last time? Last time, I mean, if you see, we have got SJVN order. After that, CIL order was also infused. Now we have got the IPP 150 MW GUVNL order also got added to that. There are some tenders which we have already bid, and we expect them to win, and mostly on the BESS side also, battery energy storage system, which we are expected to get in this quarter. Majority of the tenders will be out. We are expected to because our success ratio is around 80%-90% in case when wherever we have bid. Got it. So my last question, before I join with you, on BESS, if you can give some color because I think that's not a staggered business for us, how are we looking at BESS? Is this the vehicle that the group will use for BESS business going forward? And what. Hello? Sorry, I interrupted. Ashish, can you repeat? Your voice is cutting. If you can step a little back from the mic, it is cutting. Hello? Yeah, yeah, Ashish. No, I was saying for BESS business, if you can give some color, how is the group looking at it? Will KPI Green be the vehicle for BESS business? What is the potential that we see and any targets that we have for BESS going forward? Yes. So BESS, we have targeted our subsidiary Sun D rops Energy Private Limited for setting up the BESS business so that we have a focused approach over there because smaller projects and BESS, we will start with a smaller project. So as per our management thought process, we'll push majority of the BESS business with Sun Drops. And a bigger utility scale project, if it comes, very high, big utility scale with big institutions, then only we'll put that in the KPI. But overall consolidation, it will happen at KPI consolidated. Got it. Thank you. I'll join the queue. Okay. Thank you. Our next question comes from the line of Akhilesh Kumar, an investor. Please go ahead. Hello. I wanted to know about one subsidiary we are planning to list sometime. I wanted to know why we are keeping so many subsidiaries, which again are in the same line of business doing EPC for solar and want to list it separately. Why don't we keep it as it is like we have other subsidiaries as a wholly owned one? Okay. Let me just explain you. If you look at any of the bigger players, whether it is Adani, whether it is Adani Green Energy, or whether it is Mahindra Renewables or Aditya Birla Renewables, these people have separate SPVs, which you can call them as a subsidiary, 100% SPVs. So the reason for that usually is that they have a special separate project, have a separate SPVs or a subsidiary. I n case of KPI, so that's the phenomena of this particular characteristic of this business because capital-intensive business, every banker or lender would like to have a ring-fenced kind of a situation where they can target their own assets or look after their own assets. In case of KPI, we only have the major subsidiary that we have was KPIG Energia and Sun Drops. And now we have added KP Park, where also the plant is at, and Miyani, where we have the connectivity. If you look at the KPI now, it takes into its fold only the utility scale or a bigger size project where we have signed PPAs with GUVNL, or we are doing one big project of CIL and everything. When it comes to zero MW-35 MW, those kind of projects and BESS projects will be taken into Sun Drops. So there is a clear-cut demarcation. And 35 MW and above till 100 MW, we will be putting into KPIG Energia. The reason is that these are different, different customer sets, and accordingly, we have kept it differently. The reason, again, I mean, if you see, Sun Drops has got its marketing team and everything, whereas KPI has its own tender team because there are big projects only come in a tender kind of a form. Similarly, KPIG Energia, there is a separate corporate team which looks after the orders of more than 35 MW up to 100 MW. I mean, today, we have uploaded approximately 96 MW of Aditya Birla Renewables. So there are separate teams, separate execution capabilities that need to be tied up and separate resources also. Like I have 500 MW of evacuation approval at one place. For that, I will require a bigger project. Whereas in a small project, I require 11 kV kind of, which I have 20 MW, 30 MW in that particular substation, I can get it done over there. So that is the reason because of the characteristic of the business, we have kept separately to them. Okay, got it. So what was the subsidiary which we discussed last call that will be planning to list again? That was Sun Drops. That is Sun D rops Energy Private Limited. And hopefully, I mean, we will be listing that. We have already started the process of collecting the documents and everything. We'll be filing the DRHP for that subsidiary. So that is not exactly an SPV for a particular project, but that is kind of a multiple projects inside? It was a 100% subsidiary. Now we did a pre-IPO, small portion. And that's why KPI still is a majority holder or the parent company in that subsidiary also. So we don't follow SPV kind of a structure. In SPV, you can only do one project in that SPV. If you add another lender, it will create a problem. Whereas in subsidiary, you can add two, three, so at least you'll get us some. So creating 100 of SPVs will be a big problem. So that's why because we also do CPP. You need to understand that if I do IPP and CPP together, I get the benefit of taxation. Whatever profit I earn from the CPP, that can be set off against the depreciation that I'm getting on the IPP. So that's the reason I keep subsidiary and not an SPV, small, small SPV. Okay, got it. And on the IPP project, where you said that as per the credit report, INR 700 crore cost escalation, that was on one particular project, or it was on a whole for IPP what we have on hand? No, the project which I told you, 250 MW and 370 MW for that project, the cost escalation. So how much impact it might have on bottom line? It's not an escalation. It's just what we say, it's not a cost escalation. It's a change in the design, and that's why the cost has been as per the design. So it is not what we call it as a cost escalation. That is the price of that design, and this is the price of design. So for example, if I want to say, earlier it was BMW, and now it is Mercedes. So the Mercedes will have a higher cost compared to BMW kind of a thing. So it's a design change, not a cost escalation. Okay, got it. And I want to just thank you for, like I say, your nice presentation. I have been following the group for a long time, for maybe three, four years, and it has always been very elaborate. Just wanted to give one feedback. Can you keep your group-level things in a single slide or separately? Because somewhere we are talking about KPI, we'll be doing this, handling this. Somewhere we are writing KP Group kind of, like I say, hydrogen and all. So it kind of confuses the shareholders. No, it's just what we'll do. Thank you for your appreciation. I take your suggestion. We'll also try to inculcate one slide in all the presentation, which will speak about the group altogether at that point. Yeah, exclusively. Exclusively for separating because when we are talking about hydrogen and green hydrogen ammonia and gas and all those projects, but which is not specific to either KPI or KPE, we can separate it so that we don't get confused with the orders or the targets at all. Thank you. No issues, no issues. We'll keep that in mind. Thank you very much. Thanks for your suggestion. Thank you. Our next question comes from the line of Gaurav Sharma from GS Enterprises. Please go ahead. Hello. Yeah, Gaurav. Hello. Hi. My question is to Mr. Salim, sir, and congratulations on an excellent setup as well. I just want to know the timeline of completion of our 1.2 GW IPP and 1.8 GW CPP. See, September 26 is our timeline that we are targeting. So hopefully, we'll complete that 1.2 GW of DC capacity. That is 250 AC- 370 AC capacity. Okay, thank you. And what was the order book value of the 1.8 GW CPP? Around INR 4,000+ crore. Is that the billed amount or the unbilled amount? No, no. This is the order in hand what we are talking, 1.8 GW. So it is an unbilled order in hand. It is yet to get. Yeah, I got that. Has that come into our sales or is it due? Because we do the billing on the milestone basis, right? It will be billing on the milestone basis. So I mean, you cannot compare the execution capacity vis-à-vis the revenue because every milestone has got a different, for example, there might be a service portion, there might be a supply portion. So it will be difficult to calculate. But overall, 1.8 GW comes up to INR 4,000+ crore of order book altogether. INR 4,000 crore revenue is still to come? Yes, that's what I'm talking about. 1.8 GW, if I execute this entire order book that I have, the total calculates up to INR 4,000+ crore. So it went to INR 4,100 crore, 200 kind of thing. Okay, got it. Got it. Thank you so much. Thank you. Thank you. Our next question comes from the line of Anil Sarin from K16 Advisors. Please go ahead. Hi. Good evening, everyone. I must appreciate the way you people are executing, not just in recent quarter, but over the past many years. At least I've been in the market for around 31 years now. I haven't seen too many other companies that can execute at the level at which the KPI Group is executing. So all credit to management and the promoters. Thank you, sir. Thank you. I just have some suggestions. Your PPT is very informative, and it gives almost all the things that one would need to make up one's mind about the investment prospects. However, if you could add operational data like how many MWs was delivered in the quarter in CPP and also the revenue breakup between CPP and IPP, that would further educate people like myself. Right now, it's not immediately apparent, but you would agree that on a quarterly basis, I mean, these are foundational things that need to be put upfront, and it would really add value to your presentation if you would do that. Yeah. Yeah, I understand. It is not immediately apparent because we give the total revenue. And since the total financials or the P&L or what we say the income statement is uploaded on the BSE and NSE, there we have clearly mentioned what is from the IPP, from the sale of power, from the sale of plant. So it is over there. Nevertheless, we will try to add it over here also so that it gives more clarity to you. Okay? And any other thing that you said was on the capacity that you are seeing, right? So there is one slide which speaks about the capacity of IPP, capacity of CPP also. The only thing you want that how much done for the quarter. It becomes that also, if you see, it is already mentioned on the slide, which is, I think, slide number five in our presentation. If you see that there's a CPP capacity installed in the quarter, if you see it's 0.5 GW, orders in hand is 1.8 GW. So all those data is there. I think, I mean, I understand it is very I mean, for a layman, it becomes a little bit difficult. I take your point. Next time, we'll present it in a way that it's more visible and more upfront rather than into figures and charts only. Yeah? Yeah, yeah. And just one question I had regarding the question asked by the earlier participant and your answer to that regarding the ICRA rating, etc., and the cost escalation. I mean, just by listening to it, I felt that some further elaboration was required. That is, if the cost goes up, the PPA revenue will not go up. So if the cost is going up, then how the IRR will not suffer? I would think that the IRR would come down if the cost goes up and the revenue remains the same. No, no, no, no. I think there was a little bit understanding issue over here. I'm saying the cost goes up accordingly to the revenue because the PLF also goes up. There's a difference between fixed and tilted fixed and tracker-based, what we say the solar panel as a system. So in case of tracker-based, you have a PLF of 23%. And in case of what we say fixed, it is around 19%-20%. Now, what happens in tracker-based, we do 1:1. That is, for 250 MW, I'll put a panel up to 250 MW only. But in case of fixed, because I have to achieve the PLF that was given by the given that I have to achieve, so in that case, I increase the number of panels. So as I increase the number of panels, the cost goes up, but simultaneously, it will have a more PLF compared to what altogether the tracker-based will give you. So here it is 23. If I do 1:4, that is, every one panel will have a 0.4 additional panel. So automatically, number of panels increases, the generation increases, and automatically, the revenue will also to that extent increase. And simultaneously, the IRR will not get impacted too much. Okay. So you mean GUVNL or the entity that is signing the PPA, they are okay with extra output from the? Yes, because we are giving them the PLF, which is we have a what we say PLF range that you have to give PLF. For example, I am signing for a PLF of 20 or so. The contract says that 15%-20% kind of additional I can give. So I am adding that 15%-20%. That allows you to maintain the IRR? Yes, that allows me to maintain the IRR. In the CapEx? Yes, yes. Great. Thank you very much, and wish you all the best. Thank you. Thank you. Our next question comes from the line of Kartik Sharma from Anand Rathi Institutional Equities. Please go ahead. Hi, sir. Congratulations on the great set of numbers. I hope I'm audible. Yeah, Kartik, you're audible. I recently saw the interview also of Mr. Patel on Money 9 earlier this afternoon. I see that the company has an ambitious target of 10 GW of portfolio. Could you help us understand the revenue potential from this, and especially how much of that is expected to come from IPP versus CPP segment once they are fully commissioned? Also, is there an average per MW revenue realization or a benchmark you work with for IPP versus CPP projects? See, at present, if you see, my IPP-CPP revenue mix is around 12%-13% last year it was against IPP, and against which CPP was 86%-87%. Going forward, we have an ambitious target of 10 GW in which we plan to have at least 25% of revenue coming from IPP business and remaining 75% from the CPP business. If I tell you the existing IPP that I have in hand, if I calculate altogether, my average will come around INR 3.5 or INR 6 per unit because I have almost 1,511 MW DC capacity, which is upcoming. So looking forward at 10 GW also, we'd like to maintain that INR 3 per unit kind of average for the revenue. Now, it depends upon the mix of IPP and CPP as we go forward for the 10 GW. So, that will define the revenue. That revenue defines the, what we say, the profitability also depends upon that. That's why we want to increase the IPP because it adds more to the profitability. Understood, sir. Understood. Thank you so much. I just have one more question if I can really quick. While your EBITDA margins improved quarter on quarter, they were yet down year on year. Could you walk us through the key drivers of this volatility and your approach to margin stabilization going forward? This is an important thing we need to understand: the seasonality of the, that is, for the IPP and for the other CPP also. This is seasonality. So what happens when we build on a milestone basis. So when we build the service component, at that time, my margins are a little bit higher. And when I build the supply component or the material component, the margins. So it depends upon the way I do the billing, my margins will keep on rotating in some of the quarters, and at the final, it will be at around PAT margin of 16%-18% kind of a margin. Understood. Understood. Thank you so much, sir. Yeah. Thank you. Next question comes from the line of Hardik Gandhi from HPMG Shares and Securities Private Limited. Please go ahead. Hello, sir. Congratulations on an absolutely good set of numbers. Just two questions from my end. What would be the rate of the new green bonds at which we are issuing? Hardik, today only we have uploaded the rating AA+ from CRISIL, and another rating agency has also given. So you can understand it is the second highest rating after AAA, which is one of the best rating when it comes to. So we have yet not decided on the rate, but we will try to get the lucrative rate from the market because this entire bond is guaranteed by GUVNL, which is a AAA entity when it comes to Indian rating. So most probably, we will try to keep it as lean as possible so that we can get good benefit out of it. Understood. Understood. So any ballpark number like 7.5%- 8%, or is it on a higher side? If you ask any CFO, my ballpark will be 0%. I would like to get it at 0%. But most probably, looking at the current market, somewhere around 80% or something, we would like to close it. Understood. Understood. Sir, and on the BESS front, can you help elaborate what is your strategy going on? You mentioned that you'll be starting with smaller projects, and you have a hit rate of 80%-90% of the upcoming tenders. That is your ideal hit rate in the new tenders. So I just wanted to know what kind of revenue or order book are we expecting just from BESS front, and what will be the timeline, just assuming that if you get one small order versus one state order, like a big order, what would be the timeline to execute, and what would be the margins on that front? For these projects also, timeline would be around two years to kind of one to two years kind of timeline between 18 months-24 months kind of a timeline that will be given by the depending upon different projects. We'll have different timeline. Margins, I mean, BESS is a very, what we say, very evolving kind of a business. And so margin, I mean, we will be tracking the margins very closely, but we will always try to have a healthy margin on this. We will not compromise too much on the margin. But yes, I mean, the business is new, and we want to enter this business. We'll have an adjusting kind of a margin, which will give us a better stability also. But we want to enter this because this is a future because only BESS can give you RTC around the clock and the stability in the power for a green energy power. Yes, sir, so any just like revenue target revenue, how much are we expecting from it, or order book, just the size of tender maybe which we will be targeting? Yeah, I can tell you the tender pipeline that we have already decided to bid for is around INR 3,000 crore-INR 4,000 crore of tenders. Understood. And that will be in which states? Just Gujarat, Maharashtra? No, no, no. We will be in Maharashtra, we'll be in Gujarat, we'll be in Rajasthan, we'll be in different states also for that. And the. Okay. And this is in at least first half of the year? Is that assumed second, sorry, second half of the year? Yeah, mostly because the tenders are expected to be in the second half. Understood. Understood. Yeah. Thank you, sir. All the best. Thank you. Thank you. Our next follow-up question comes from CA Garvit Goyal from Nvest Analytics Advisory LLP. Please go ahead. Hello. I'm audible? Yes, yes, Garvit, you're audible. Hi. Sir, just to follow up on the BESS part only, for this kind of project that you spoke about, 3,000 pipeline for which we will be bidding for, the technology part, will it be in-house technology for KPI Green? As I said in my opening remarks, we already signed an MOU with Delta. So we have collaborated with Delta specifically for this BESS technology. So our association will help us to cater to the latest technology in the BESS from Delta. Understood, and secondly, on your PPT, you mentioned Solar Panel Robot Cleaning. So, is it a product we are able to sell in the open market, and over the years, we will be able to generate a new revenue stream for us? Yeah. At At present, my own requirement I'm trying to fulfill because I have around 5.9 GW of executed plus upcoming projects and everything, so which requires huge. So if you see last previous presentation of quarter four was around 180 MW robots. Now it is 500+ robots we have installed. So we are trying to fulfill our internal requirement. Post that, it's a management call that they will decide whether they want to commercialize this particular product or they want to go into O&M and get the operational maintenance done for others also. Understood. And lastly, on this subsidiary listing, we mentioned about we will be listing it separately. Will the existing investors get the shares of this subsidiary? Because otherwise, it will lead to earnings dilution, right? Okay. As per if you look at, there is no system which I think KPI is the holder of this company. Okay. When it does the listing, it will dilute 25%, and that will be in the open market. So yes, you can apply from the IPO section, and then you can get if you're lucky, you can get the shares directly also from the market. In the IPO, they will be shareholders' quota, right? No. Yeah. See, at present, there is no such scheme from SEBI or something that existing shareholders quota or something, which I have not heard about. I mean, nevertheless, we value our existing shareholders also, but we can't give separately as a carve-out and give out any portion to them. After the dilution of the 20%, will that entity still be consolidated in KPI Green? Will KPI be the majority shareholder even after the dilution? Yes, yes. At any given point of time, we'll see to it that KPI Green holds more than 51% in Sun Drops. Got it. Got it. Okay. That's it from my side, sir. All the best for the future. Thank you. Thank you. Thank you. The next question comes from the line of Ashish Rampuria. An investor, please go ahead. Yeah, Ashish. See, this INR 3,000 crore-INR 4,000 crore that we said, pipeline is for BESS, right? Right. Beyond that, the typical solar and hybrid that we do, what is the pipeline for that? So, as I told you, pipeline for the solar and hybrid might go up to INR 4,000 crore-INR 5,000 crore and over that. What I'm talking is pipeline that where we are tenders, where we are bidding, talks that we are doing for. So, around INR 4,000 crore-INR 5,000 crore, any given point of time, we have INR 4,000 crore-INR 5,000 crore of pipeline where people are discussing. My BD team or tender team is working on it. We are seeing overall between INR 8,000 crore- INR 9,000 crore pipeline we have between BESS and the usual work that we did on solar and wind and hybrid and so on and so forth. Would that be fair statement? Just to clarify. Yeah, just to clarify. Yeah, just to clarify, I'm Dr. Alok. See, basically, this is all the bidding process is happening pan-India basis. And we being a KPI, we are targeted to participate to the bid. And based on the procedure of the bid, we were just targeted for that type of CapEx investment by which we can get the order and everything. So it is not typically pipeline where we confirm it is our order confirmed. So it is a target to participate to the bid and features. No, fair enough, Alok. Yeah, I understood that. Fair enough. I also, I think back to back in the four, five days, we had announced four subsidiaries. I'm forgetting names. The same name and then one, two, three, four. What were those subsidiaries created for? Those are for getting the evacuations in different states. So as we are expanding to different states, we need evacuation in the state. So that's why we have to form separate companies for getting those evacuations. Got it. Okay. And I think we got an evacuation capacity at ISTS level about 600-odd MW. Any progress and color on that? Are we looking at CPP, IPP there, and so on and so forth? On this, whatever we have got about 642 MW plus 100 MW, 642 MW for KPI. And for that, there are various types of discussion is under pipeline. And you will be getting the good response in appropriate time very shortly. Good. Fair enough, and any color that you want to share on the other states and international if there's any progress, meaningful progress? For this other state, there are particularly, you know, in the farm environment, there are three states we have signed our MOU, and there also, we are trying to create a resource like land and power evacuation, and it is under process, and based on this, we should participate in future. It is already there in place also. Got it, and internationally, any update? Internationally, to be verified, it is under stage of discussion. Probably we cannot disclose there now. So we'll be getting the appropriate news while going forward. Got it. Okay. Thank you. Thank you. Our next question comes from the line of Soham from Ariel Investments. Please go ahead. Thank you, sir. I'm audible. Soham, your line is unmuted. Please proceed with your question. Hello. I'm audible. Yes, Soham, you're on. Yes, sir. This 1.2 GW IPP, which is in work in progress, we have shown in our PPT. This will be added by September 2026, right? Yes. Sir, so this 1.2 GW will be added in one go, or we will be having in a phase manner? It will be in a phase-wise manner. So we will be start adding it from this financial year, and we will keep on adding to the next financial year. So by FY26, and what installed capacity will we be having in IPP? We are expecting like. So, all we have in place is around IPP. If you see, 171 plus 240 plus 50, and that is with DC capacity 503 MW. That is existing capacity that we have plus 1.2 GW. So it will be 1.7 GW kind of a capacity that will be. Now, by FY26 end, this year end, what installed capacity will we be having? We will be adding it in phase manner, right? This financial year, it depends upon our execution run rate. Execution run rate can be different at different time depending upon the seasonality also. But at least we plan to have half of this capacity of 1.2 GW to get before this financial. Okay, sir. Understood. And sir, like you said that last year, our IPP share was like 13% of our revenue, and this quarter, it is 10%. So going forward with this 60%-70% top-line growth we are expecting for this year, what will be the IPP share we are expecting? So, we see our target is around 25%. Should be the IPP share. But going forward, I think by end of this year, we might move up to 17%-18% kind of. Okay, sir. And on the unit generation side, sir, last year, Q1, what installed capacity did we had? So last year, if you see, my capacity was around 171 MW. See, if I talk about the running capacity, 171 MW was up and running. The new capacity which I installed during the last quarter was 240 MW and 50 MW. So altogether, 240 MW and 90 MW, just a minute, 240 MW and 92 MW. So these capacity have the capacity of generating unit of INR 65 crore units. But this will come in the upcoming October or post-September because the COD of that particular of the GSS, what we call as grid substation, is going to happen by September. So post that, this will also be updated. This time, what we generated unit of INR 6.9 crore units, they were generated from our existing 171 MW capacity that we have already running. Okay, sir. Understood. So by year end, sir, what units we can expect from the current 500 MW? So you can take out of this INR 65 crore units 50% because six months it will be running. So around INR 35 crore additional units over and above the what 171 MW capacity has given me. Okay, sir. Understood. Thank you. That was helpful. Thank you. Our next question comes from the line of Shubhankar Gupta from Equitree Capital. Please go ahead. Hi, sir. I'm audible. Yes, Shubhankar, you're on. Yeah. So just two questions from my end. So I was actually confused in the PPT. I read that so far we've installed around 1 GW of capacity. So within that, how much of it is getting utilized so far? That is one. And what is the split between CPP and IPP thus far in total aggregate? That is two. Secondly, I want to understand the revenue unit economics. That is revenue per MW in CPP and revenue per MW in IPP. I think what you mentioned earlier was CPP revenue is we complete the whole order book of 1,800 MWs. It is INR 4,000 crore, which would be around INR 2-2.5 crores per MW. Is that correct? And then what do the economics look like? Sorry, I think you have multiple questions. If I go line by line, the first question was about utilized capacity in this particular, right? So as I told you, particularly in this particular quarter, if you see, I have the energized portion which I generated revenue is 171 MW. Total capacity of the IPP I have is around 0.5 GW. That is 504 MW. Yeah. But out of that, 250 MW and 92 MW was something 240 MW and 92 MW was something which was energized in this quarter only. So the revenue will start coming from the third quarter onward. Yeah. What was the second question you said? So just want to understand the revenue economics for both CPP and IPP. So I think one of the four other questions you said that INR 4,000 crore, if we complete the whole CPP, INR 4,000 crore can be collected, which would roughly mean INR 2.2 crore per megawatt. So if that is correct, what is the same split for IPP as well? No, no, no, no. That was the question. No, no. Let me explain. This INR 4,000 crore or 1.8 GW converted into INR 4,000 crore, it includes order with panel and without panel also. In some cases, I have orders. They are only BOP orders, you can say. That is without panel. So I don't think per MW, you can say INR 2.4 crore. It is around INR 3.5 crore-INR 3.25 crore kind of max to max INR 3.75 crore on the solar side. On the wind side, per MW can go up to INR 7 crore- INR 7.5 crore. But some cases, we have got utility scale orders we have got. They are without, for example, Aditya Birla order is without panels or without turbines. So in that case, I'm only doing the BOP portion. So that's why the calculation is not right to get the entire order book divided by the MW. You will not get the exact per MW. Okay. Okay, sir. What would the per MW look like for both CPP and IPP? Is the question still? As I told you, so let's look it out from the solar point of view and from the wind point of view. The solar will be around INR 3.25 crore-INR 3.5 crore, INR 3.6 crore also per megawatt, and the wind will be from INR 7 crore-INR 7.5 crore. Okay. That is for wind and solar. What about IPP? Is there any listing? Exact revenue will be derived per MW? See, naturally, IPP is my own product. So automatically, the margin of the CPP will not be part of that. But what I'm giving you orders for the CPP. So automatically, you can understand the margins that I have. I'll read it. I'll read it. I'll not explain you what margin I'm doing because that is not something which I'll be explaining on this public forum. No, got it, sir. Got it. If you don't mind, I have just one more question, very small one. Yeah. So basically, EBITDA for the whole firm for this quarter, somewhere around 30%-35%, right? 34% to be exact. And then you say that 75%-80% is the EBITDA for the IPP, right? So if I just back calculate, EBITDA for CPP will be somewhere between 30% and 35%. Is that correct? No, no, no. EBITDA would be somewhere around 20% for CPP. See, you need to, you can't look at, you have to look at the weighted average. How much is the contribution of the CPP and how much is the contribution of the IPP? Then only you'll be able to calculate. But more or less, if I want to calculate my EBITDA for IPP would be around 75%-80%, and my EBITDA of CPP is around 20%. So blended EBITDA will be around 30%-32%. Got it, sir. That's helpful. Thank you so much. Yeah. Thank you. Thank you. A reminder to all the participants, please limit yourself to two questions each per participants as there are several other participants waiting for their turn. Our next question comes from the line of Akhilesh Kumar, an investor. Please go ahead. Thank you for giving me again a chance. I wanted to know about the debt level as of this quarter. I can't see anything on our PPT, and with the upcoming INR 700 crore NCD, what will be our debt to equity ratio and whether we will be still maintaining 1.5 as communicated? See, my present debt level in this quarter, if you calculate, it will be 0.5:1. That is, I'm very low leverage, you can say. With the NCD and upcoming project also, we will not cross 2:1. So we are very much in a comfortable position in spite of doing the KPIG and everything. Okay. It will help us if you can put that thing in PPT, the absolute and that ratio as well. Yeah. Naturally, whenever every quarter when we start raising, at that time, the debt equity balance sheet comes out only during half year and full year financials. So at that time, we'll surely put that. But I have given you this quarter also. At present, we are 0.5. Our target is 1:1.5 or 1? 2:2. No, no. Max to max, I said, is not our target. We'll try to keep it below that only. But max to max, we might reach up to 2:1 with the existing tie-ups and the projects that are coming. So with the current. Industry, if you are seeing, industry are at five, six. Big, big players are at six to seven kind of. Yeah. With the big pipeline of projects in hand and upcoming tenders, what we are planning, do you see that to maintain that ratio, we need to raise again further? Actually, see, we have done our projections. And on that basis only, I am telling you. And me being a rating guy, we always keep a track of the debt to equity. I meant to say whether we need to raise further equity as well to maintain that ratio for upcoming. No, at present, I don't think any equity or dilution is required by the promoter to maintain this debt and equity. But at least for next couple of years, I don't think anything is required because our profitability is also strong. So that adds to the network. Okay. So in the near future, when we are seeing that debt, it will be peaking out, like say kind of stabilizing, or every quarter, it will keep going up? No, no, no. See, it depends upon the growth pattern. If we are seeing the growth pattern, we are growing substantially. That's why we are trying to keep it 2:1. But as I told you, the moment, you see, there will be repayment. There will be additional profitability that will be increasing with the growth in the top line and everything. So what we say, the levels will be maintained by us at present, at least for two to three years. After that, surely, I mean, depending upon the business, depending upon the market situations or everything, we'll take a call on that. But we will never let ourselves more leverage because that is a very risky position. Okay. Great. Thank you. Thank you. Our next follow-up question comes from Gaurav Sharma from GS Enterprises. Please go ahead. Hi. Thank you for the opportunity. I want to know the by when can we hello? Yeah, yeah. Go ahead. Yeah. Hi. I want to know what will be the capacity of CPP by March 2026 that we can install? See, as I told you, the CPP capacity as on the order book that I have in hand is 1.8 GW. I might execute, but CPP capacity depends upon milestone basis. So we might book the revenue, but we only book the capacity as completed when we complete the entire project. So it is very difficult to tell you that exactly how much capacity will be there. But yes, I mean, if you see the revenue-wise, I mean, we will do 60%-70% growth in the revenue also. Okay. Thank you. Thank you. Our next question comes from the line of Ajit Seti from Eiko Quantum Solutions. Please go ahead. Yeah. Thanks for the opportunity. So as we have good orders in hand, what kind of revenue that we are targeting for FY27? As we told, whatever we do in FY, last year, we did 1,700. So you can count 60% of growth from there to 2026 and again 60% growth from there to 2027 because we have a huge pipeline also. Similar pipeline margin, 16%-18%, right? Yes. We will try to maintain a slight year-on-year, but we'll try to maintain the pipeline. Okay, sir. Thank you. Thank you. Our next question comes from the line of Samrat Shah, an investor. Please go ahead. Good afternoon, sir. Thank you for the opportunity and congratulations for the wonderful result. My question is regarding the net profit margin. We are maintaining a steady margin of 18%. Now, if you have given the guidance of IPPs are going up from 13% to, say, 17%-18% for this particular financial year and overall target is of 25%. Shouldn't the net profit margin also have an expansion? See, if you see the first quarter margins, because of a lot of service component, the first quarter margins are usually on a higher side. Then second quarter, it a little bit tapers down as I explained in the previous question also. So we will be able to maintain the margin. The more we do the IPP, it will help me to maintain the margin and not grow the margin because accordingly, correspondingly, CPP will grow substantially also at the same time because we are growing 60%-70%. So my CPP has to grow. So to net of that growth of CPP, CPP is earning me around a bit of 20% and IPP is around 75%-80%. So to net of that growth of CPP, I have to increase my IPP also. So IPP, again, I mean, the margins will be maintained. For the maintenance of margin, we are increasing the IPP also simultaneously. Okay. And one follow-up question, sir. I wanted to know what is the current workforce that you are having in KPI Green Energy? How much of it has been increased from previous year? And what is the target workforce that you are because I see here and there that you are hiring a lot of, I mean, the advertising for hiring in KPI. So I wanted to know what is the target for the next financial year as well? See, we are growing, and every growing organization requires new hands and experienced people, professional people. So we are reaching out to the market to hire new and new minds, additional people. So at present, altogether, I think 800 workforce-900 workforce is there. And there are a lot of engineers, chartered accountants. There are stalwarts from the industries. So we are adding this year on year because as we grow, we don't want to get curtailed on our executions or anything because of the shortfall of manpower or anything. So if you see on my slide, around 560 workforce itself is in KPI, sir. Okay, and what is the target, sir, for this financial year? Can you ballpark number if you could give? See, manpower ballpark, you cannot decide. It's about proper utilization of the manpower that is more important. So I mean, I can add more and more people. But finally, I mean, revenue per person is something that we keep on tracking, and that's what. Correct. Fine, sir. Thank you. That's it from my side. All that is for the commentator, sir. Thank you. Thank you. Thank you. Our next question comes from Deekshant B from DB Wealth. Please go ahead. Hi. So you have mentioned that we have evacuation of around 3 GW and around land parcel of around 6,000 acres. Does this include the September guideline that we have given, the orders that we will be executing by September 2026? Is this inclusive of that, or is this over and above that? No, no. This is inclusive of September also. Whatever orders we have, this 3.2 GW includes that 1. whatever we are executing right now. So the evacuation and the land parcel is majorly for the orders that are going to be utilized till September? Yes. But evacuation and land acquisition and the land acquisition is a real-time process. Every day, I mean, there is some other which is added to this, and we keep on adding this. If you see my presentation, there is a track which is shown about the land acquisition over a period of time and also about the evac. So it's a real process. We keep on adding this more and more. Quarter and quarter, year on year, we'll be adding more because we focus on the pipeline that we have, and accordingly, we have to keep our resources ready for those pipeline when it converts into an order. Okay. Got it. So secondly, you have mentioned that for the next two because we will be doing a lot of capital raise from debt and from IPO proceeds. So this is the promoter holding that is now stable. Do you think the stable promoter holding will be for the next two to three years? Yes, yes. It will be around. At present, KPI promoter is holding 48.70% something, and it will be stable for the next couple of years. Okay, so lastly, we don't have a lot of DII holdings in our sort of company. We have good FII holdings. So a suggestion that do you think it would be a good idea for us to do more roadshows to get more interest of DIIs because we are clearly growing and the market is looking at us? Yeah. See, I mean, in the presentation, we have only mentioned majorly the FIIs. There are DII holdings also. But going forward, for example, the INR 700 crore bond which we are raising, it will be majorly focusing the insurance companies and all. So we are focusing on adding more and more DII into this. Nevertheless, I mean, we are happy that somebody like Vanguard, BlackRock, one of the marquee names in the international market who is investing in a company. So that is also a good thing for us. Slowly, slowly, DII will also crop in once we show more and more size-wise. Sure. So that's just a humble suggestion from our side. We'll surely take your suggestion. Yeah. We are trying to get more visibility in the market for DII. Sure. Thank you so much, sir. Congratulations again. Yeah. Thank you. Our next question comes from Suman Kumar, an investor. Please go ahead. Hi, sir. Am I audible to you? Yes, Suman. Hello. Yeah. So this is again about BESS. I have heard of some of the contracts that have gone to the competition on the BOO model, right? So the thing that I want to understand is, like in IPP, wherein we own the asset as compared to CPP, which is basically any PP work that we do for them, right? Similarly, for BESS, when it is coming on BOO, would we have to do the capital investment? So hypothetically, if you are targeting a revenue of around INR 3,000 crore, does it mean that we would be investing this INR 3,000 crore upfront, and then it will be recovered from the? Yeah. So on the BOO, what we look at is the build, operate, and own kind of a model. Okay? Now, in this, it is the battery is a service we provide. Okay? For that, the entire battery system is to be built by us. Now, that's the reason we are coming with an IPO in Sun Drops, and we are raising the equity over there so that we can invest that much funds over there. And naturally, when it build, operate, and own, it will automatically be on your books, and we will be raising in Sun Drops for that particular. At present, Sun Drops doesn't have too much of debt and everything. But as we grow, then if we happen to execute the entire INR 2,000 crore or INR 3,000 crore of orders execution, so mostly, it will be on our books only. Oh, so the company will have to do the capital investment upfront, and then we would be recovering the money over there. Yeah. That's the reason. I mean, the objective of the IPO is also somewhat to that extent only. Okay. Okay. Thank you. That's what it is. Thank you. Thank you. Next question comes from Rishabh Chaudhary, an investor. Please go ahead. Hi. Can you hear me? Yes, yes. Rishabh, yes. My question is more on the industry. If the government has invited the bids again for the tenders that have gone to Gensol, and if KPI is participating in those? See, a few of the tenders the government has already, I mean, which was recently, but it was very low. So we participated, but we didn't go in aggressive with that. So government has already, I mean, NTPC tender which was won by Gensol is already out in the public, and it's already won by, I think, SAEL. So that is open in the market. So everybody knows that. All right. Thank you. Thank you. Our next question comes from Akhilesh Kumar, an investor. Please go ahead. Thank you for, again, giving me time. I wanted to understand more about our evacuation capacity and the transmission lines, like, say, in physical, like, say, I don't have much idea, but there were certain reports in the media where it said that around 25% of projects in Gujarat and other states were stuck because of the evacuation capacity. Sorry, transmission lines delay or other problem. So when we say we have enough evacuation capacity, that means we have already the infrastructure for evacuation in place or those things we are going to plan or do? So the evacuation, when I talk about the evacuation 3.26 GW of evacuation in place, that we have already blocked the substation where we have approval that this particular substation capacity is now allocated to KPI. So that is in that some portion, we have already done our substation, PSS substation. We have drawn the line from there to the GSS government substation also. Okay. So what kind of the, let's say, transmission, the thing, the issues might have come delayed, how it may impact us? Like say, those things have to be done by DISCOMs, right? Sorry. Can you just clarify your question? I have a bit. There has to be expanding of transmission lines and infrastructure. I'm not very technically aware of that, but the report. Okay. Okay. I would call in our CMD, sir. He has just arrived on the call. So he will be the best person because he's master of that evacuation lines and everything. I've been doing it for more than two decades. So Dr. Faruk sir will be. I just gave what is the question. Can you please repeat that question so I can give you some clarity on it? What is the question? I think the question that you are asking, correct me if I'm wrong, that evacuation is an issue at present. The government doesn't have that much capacity or evacuation or the transmission lines are the issues. So, For us, there is not an issue because we have already 3.2 GW evacuation with us. And more in Gujarat, especially the Government of Gujarat, they have already planned for the five years, INR 1 lakh crore investment in the transmission line. All over India also, the government are thinking on this way only, and they are making the very heavy infrastructure for the transmission line. Because transmission line is not the new issue. It is from the beginning. It's like a road. You are manufacturing a car, but your road is not there. Who will be there will be the traffic? So there will be the traffic. But in our case, in your company, you are safe enough. Still, say, two to three years expansion, you have already taken in your CP portfolio. And say, DISCOM or the GETCO. There are two transmission lines. One is GETCO and one is DISCOM. So DISCOM always be there is some small, small issues come and be resolved. And in GETCO, it's a big transmission line. Means there you can get it one year before or say two years before like that. I think in your company, transmission line or the evacuation is not an issue. Okay. Great to hear that. Actually, I was worried because we are growing at a faster pace, but the news says that transmission lines growth is not keeping up the pace with the growth in our renewables. No, no. We have enough pipe line. So we can draw the picture. No problem. Okay. That's it from my side, and nice to see Mr. Patel again coming back to the conference call after first, I think, he was there. I think. No, no. Thank you very much. Actually, I was not aware. Today, I was somewhere else, and I was in some TV interview now. So just I came to know that, and I have joined. Thank you. Do I know your name? Akhilesh Kumar. Where are you from? Akhilesh? I'm in Bangalore. You are in Bangalore. Okay. Very nice. In Bangalore, we have one supplier, Mr. Panel Manufacturer, Manjunatha Emmvee. The oldest panel manufacturer in India is from Bangalore. Okay. And on panels, can you let me know how the prices are for us? Like say, we buy only Indian nets. So how it is trending for us? No, no. We always have panels also. We have had the panels of 1.7 GW already. We have on today's rate. So in the future, if the rate goes up, we don't have a problem. And if there is something from any other side, also we don't have a problem because all Indian manufacturers. Okay. Thank you. Thank you. That's it from my side. Thank you. Thank you. Thank you. Thank you. As there are no further questions from the participants, I now hand the conference over to the management for closing comments. All right. Thanks, everyone. Thanks to all the investors, shareholders, concerned person for joining this call. This was the end to our conference call of KPI quarter 1, FY26. We would be having this call again in the next quarter, and we expect all of you to join back again. Finally, it's a really great appreciation that all of you are so interested, and the questions that we had are really engaging and really dive into the matter that opens up our both operational and executional capabilities. Right on the point, the questions were asked, and it feels like everybody is a part of our company, and you have made us feel so. For the final closing comments, I'll just hand over the call to our Whole Time Director, Sohil Dabhoya, and one final remark from Dr. Faruk Patel, who we have the privilege of joining us for this conference call after a long time. Sohil, it's over to you. Good afternoon, and thank you for your trust and support. It gives us strength and motivation to move forward. At KPI Green Energy, we believe in growing with purpose and building a better future together. Let's continue this journey with the same belief and energy. Thank you once again. Thank you, sir. And just last couple of words from us, sir. Thank you again and again. I'll always appreciate the concern and the guideline given to us by your people, and I always appreciate your concerned things, and I'm looking forward to the next phone call, and I'm giving you the promise that you will be very happy in the next phone call more than this quarter, and that is my promise to you people, and we are doing the work from all management and from all board of directors. I really thank you all of you. Thank you. Thanks. Okay. With that, I think it's over. Thanks, everyone. Thank you. On behalf of KPI Green Energy Limited, that concludes this conference. Thank you for joining us. You may now disconnect your lines.