Ladies and gentlemen, good day and welcome to the KPI Green Energy Limited Q2 FY26 earnings conference call hosted by Shared India Securities. 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 and zero on your touchscreen phone. Please note that this conference is being recorded. I now hand the conference over to Mr. Harsh Patel from Shared India Securities. Thank you, and over to you, sir. Thank you and good afternoon, everyone. I would like to congratulate KPI Green Energy on a very good set of numbers. On behalf of Shared India Securities, I welcome you all on Q2 FY26 earnings conference call of KPI Green Energy. We are pleased to have with us the management team represented by Mr. Sohil Dabhoya, the 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 a question-and-answer session. Thank you, and over to you, Siddharth. Thank you, Harsh. Good afternoon, everyone. This is Siddharth Thakur from the Chairman's Office. A very warm welcome to all of you, and thanks for joining the KPI Green Energy conference call today. It's been a successful quarter for KPI, marked by strong order offtake, MOUs, and continued expansion across new geographies. The company has also made headway into emerging sectors such as data centers, AI, and life sciences while exploring new and innovative financing options to support its growth journey. To elaborate on this more, I'll now hand over the mic to Mr. Salim Yahoo, Chief Financial Officer. Sir, over to you. Thank you, Siddharth. Good afternoon, everyone. I'm Salim Yahoo, Chief Financial Officer of KPI Green Energy, and it is my pleasure to present the financial and operational highlights for the second quarter and the first half of fiscal year 2025-2026. In this quarter, we have once again delivered a remarkable performance, achieving our sixth consecutive quarter of record revenue and profitability. This consistent upward trajectory underscores the robustness of our business model and our focused execution strategy. For quarter two fiscal year 2025-2026, our total revenues stood at INR 641.1 crore, a strong 78% year-on-year growth compared to INR 361.4 crore in quarter two fiscal year 2024-2025. Our earnings before interest, tax, depreciation, and amortization, that is EBITDA, increased by 73%, reaching INR 232.4 crore, and profit before tax rose 63.4% to INR 158 crore. Our profit after tax grew 67% year-on-year to INR 117 crore, reflecting disciplined cost control and operating leverage. For the first half of FY2025-2026, we reported total revenue of INR 1,255.26 crore, a 76.5% growth from the same period last year. EBITDA stood at INR 449.3 crore, up 68%, while PBT and PAT grew by 63.9% and 67.7%, respectively. These results demonstrate our continued ability to scale profitability while maintaining healthy margins. Our strong financial performance has been supported by strategic financing initiatives. During the first half, we successfully issued India's first externally traded enhanced green bond of INR 670 crore, backed by a 65% guarantee by GuarantCo. This is a partial guarantee. Our bonds were rated AA+ CE by ICRA, one of the topmost rating agencies, and these bonds were listed on NSE. This landmark issuance reinforces investor confidence and enhances our capital structure. We also achieved a major milestone with the INR 3,200 crore term loan sanction from State Bank of India Project Finance Unit, supporting the development of our 250 MW solar and 370 MW hybrid project under the long-term GNLPPA. This financing aligns perfectly with our focus on large-scale NUT-backed IPP growth. Operationally, our execution remains on track across all major projects. The 250 MW solar and 370 MW hybrid projects are progressing as per schedule, with part commissioning expected in the coming quarters. Together with the 150 MW wind project, these represent nearly INR 5,500 crore in CapEx, which will post commissioning contribute significantly to our revenue and cash flows in the upcoming financial years. On the CPP side, our order book continues to strengthen with multiple project wins, including 200 MW solar with SJVN, 96 MW BOP for Aditya Birla Renewables, and 100 MW repeat order from Avichal Power. Additionally, our recently obtained Category A power trading license positioned us to capture new opportunities in the open access and energy trading space. From a strategic point, we are expanding into future-ready technologies also. We have signed MOUs with Delta Electronic India for collaboration with battery energy storage system, green hydrogen, and EV charging infrastructure, as well as green ammonia JV with AHES Korea and GH2 Solar India, reinforcing our long-term commitment to sustainability-driven growth. Looking ahead, our focus remains unwavering on executing our pipeline efficiently, maintaining financial discipline, and delivering consistent returns to our stakeholders. With record revenue, robust profitability, and strong financing support, we are well on track to achieve our near-term growth targets and our long-term vision of reaching 10 GWs by 2030. Thank you for your continued trust and confidence in KPI Green Energy Limited. We now open our floor for the questions. 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 touch-tone telephone. If you wish to remove yourself from the question queue, you may press star and two. Participants are requested to use handsets while asking a question. Ladies and gentlemen, we'll wait for a moment while the question queue assembles. The first question is from the line of Rajith Gupta, an individual investor. Please go ahead. Thanks for the opportunity. Hello? Yes, Rajith, you are audible. Yeah, okay. Thank you. Thanks for the opportunity. I have two questions from the management. First is that our EBITDA margin is continuously squeezing despite the IPP portion expansion. Perhaps this is due to higher borrowing. My question is, is it part of the strategy or is the efficiency lapse? The second question. In order to explain. Yeah, the second question pertains to the company's revenue and scale. I'm sure it is expanding, but the shareholders' wealth is not aligning with its growth. It's hiking for sure, but it seems the EPS growth is not aligning with the company's growth due to higher equity dilution or maybe for something else. Can you guide us, put some colors on the future trajectory on the same as well? Thank you. Thank you very much. Rajith, your first question was on the EBITDA squeezing. I seem to don't understand. I mean, EBITDA last year, if you see the half year, that is 39.24, right? It was 37.52. At this time, it is 35.79. There is not too much difference. There might be a slight difference because of the nature of sales booking that happens. Sometimes sales booking happens most on the supply. Sometimes it happens on the service component. Whenever it is a service component, automatically the margin a little bit, you will have a variation of 1% or 2%. If you look at a standalone basis, on a standalone basis, if you look at KPI, last year the EBITDA was around 28.34, right? Half year. This half year, it is around 36.95. There is a substantial increase again in the EBITDA. It has matched up with that. I don't see any squeeze in the EBITDA. For that, second, your part. This is despite the IPP portion. Yeah, yeah. See, IPP portion will further enhance. We have energized 250 MW and 50 MW IPP portion. The revenue of that is yet to come. Once that revenue starts coming in, because we have energized that, it will take time for them. These two quarters, you will see it is a rainy season, and the rainy season got elongated. That is why the power sale also was lower during these two quarters with the existing. The new plant, which are now energized, will take time to start. In the second half of the year, you will see substantial growth in the power sale also, and that will automatically further improve the EBITDA. EBITDA is not squeezing to that extent that we have to be worried about, okay? Okay. Second question. Second question about the market price. You are more focusing on the market price. Why the market price? That is, shareholder's wealth is not increasing, okay? You know, market is concerned about not only. No, no. Sorry. It's not about the market price. It was concerned about the EPS growth. So EPS has improved. I mean, if you see, EPS has improved. It is not that EPS has not improved. If you look at what was there earlier in the previous quarter also, if you see, it was 3.66. This basic EPS was 3.66, which has up to 4.82 in this quarter. Similarly, if you see half year, last half year, 4.84 was the EPS, and this half year, it is 8.49, the basic EPS. So EPS has improved. Whereas the share price is concerned, I mean, again, market dynamics depend on a lot of other dynamics in the international geopolitical conditions, the other factors, regulatory factors, the availability of the material and everything. But you need to understand that we are a developer. We are not a manufacturer of panels or anything. Any other international factors like tariff or anything does not affect us. In fact, if there is a price war because of tariff and everything, we are at a benefit to getting panels and all the material at a lower price. Be assured that because of the market conditions, the prices might be at a stagnant. You look at it at stagnant. Believe me, once the market improves, I mean, the market scenario improves, the results are already giving it a good strength. If you see, the results have always been very good, it will automatically jump up once the market outside condition, geopolitical condition, everything improves, everything will be fine again. Hello? Yeah. Sir, perhaps my second question was not clear enough. My question was not regarding the market price in the share market. My second question pertains to the shareholder's wealth in terms of the EPS that the company is generating. The company is diluting. Sorry? Yeah, go ahead. Go ahead, go ahead. The company is continuously diluting the equity and using borrowed fund also for attaining the growth, as I can understand. I wish to know the future course of action where it sources its funds from because we are already at the limit of 40% of promoter wealth that is already pledged. What shall be the future source of funds? Rajith, Rajith. Rajith, there is one thing you have to understand that one is that we have not diluted any equity in the last one year. After our QIP of INR 1,000 crore, after that, there is no dilution after that done. Okay, promoter is at present 48%, okay? You need to also understand we are into a business where we have capital intensive business, where we have IPP, where we have to set up to get annuity income. The company will grow once it gets annuity income. For annuity income, you have to add CapEx. We are adding more and more CapEx too because that is a 25-year income, annuity income. If you see the returns that you will get in these 25 years, once these loans and everything are gone, will be huge. From that point of view, we cannot stay stagnant. We have to keep on growing. For the growth, we are also doing CPP as well as IPP. We are adding both the sides. As far as what you are saying, the borrowers, today also, my debt equity is still at a very comfortable position compared to any other players in the industry. We are still at very good positions where we are. I mean, we have already told that many times that we will always try to keep it below 2, debt to equity. Borrowed fund will be there, but we will keep a watch, a close watch on it, and we will not let it go too high. Also, we will be for upcoming years, we will see that there will be a different kind of funding, which will not be more of a borrowed fund, different kind of ways, which we will shortly let you know once we start working on that one, okay? Thank you. Thanks for patiently answering my question, sir. Thank you. Thank you, Rajith. Thanks. Thank you. Ladies and gentlemen, to ensure that management is able to address questions from all the participants in the conference, please limit your question to one question per participant. If you have a follow-up question, we request you to rejoin the queue. The next question is from the line of Garvit Goyal from Nvest Analytics Advisors. Please go ahead. Hello. I'm audible? Yes, Garvit, you're audible. Hi, sir. Congrats for a good execution in the quarter. My question is on recent news that is in circulation regarding the government has directed the Renewable Energy Implementation Agencies to close all the legacy bids and cancel the letter of awards for all the renewable energy projects for which the power purchase and power sale agreements are not feasible, and the deadline is November 25. I just want to understand, spend a few minutes on that. What is this all about, and how is it going to change the future of the CapEx happening in the solar industries, and how is it ultimately going to affect the future order inflows to KPI Green for that matter? That's my first question. Yeah. If you see that government has clearly given a notification that they have to close which are not viable. Which are not viable at a very low rate. Nobody participates there. Whatever KPI has participated, it always has got a best rate. If you see, the last one which we closed with government is the GUVNL project, our wind one, we have a rate of INR 3.64. That is one of the best rates in the industry. We have closed that KPI also. We have signed recently, and we have closed that. We were working on the started working on the execution of that project. As far as KPI is concerned, none of our projects are stuck in any of those, what we say, the government notification and everything. Industry concerned, I mean, yes, because these projects were lingering and there was not too much acceptance from the market, from the developers, that's why these projects had to close. I presume that they will come up. I mean, see, the target is there that we have to achieve the 10 GW by our honorable Prime Minister, Sri Narendra Modi. It will come up in a new form. It will come up with a new pricing and everything because those which were floated, which were not viable, so those are going to get scrapped, but the new one will come. I do not think any industry will have any impact because of the target. Whereas the KPI is concerned, KPI is zero impact because we have already closed all our IPP PPAs. Understood, sir. Secondly, on the grid expansion thing, we are seeing CapEx is happening tremendously at a good pace in the solar expansion. Is the grid infrastructure or the transmission infrastructure ready to cater to that kind of solar energy CapEx happening in India? What's your take on that? First, I'll speak about our company, KPI. KPI, as we are seeing in our presentation also, we have evacuation uploads of approximately 3.46 GW in KPI itself, which is far more enough for us to cater for our upcoming projects and everything. Industry is concerned, yes. I mean, government has focused, and government will start enhancing the evacuation infrastructure, and they will because they know that without evacuation structure, the increase in the project or the renewable energy project is not logical. They have started working on it. There are a lot of things. Shortly, you'll see there will be projects on the transmission lines and everything, which will also come. As far as KPI is concerned, I don't think any impact on us because we have enough evacuation to carry on for the upcoming projects. Whereas government will surely add up more and more transmission projects in the upcoming years. That is what we see. Just to add, Salim, onto that, just to add on the Salim point, I want to add it here. I'm Dr. Alok speaking. Basically, whatever your question is very pertinent. Now, all the transmission companies from the central level and state level, they know that Green Corridor is required for the huge transmission because we have got the 500 GW s that has to be evacuated for 2030. For that, there's so many TDCB tenders out for the power transmission, and all the states are working to that. As far as our all projects pertaining to Gujarat, there's a sufficient load flow study and transmission permission, so we are not affected. Thank you. One last. I just requested, Mr. Garrone. Just one last question. The last question is mainly on the pledge side. We have been talking about it since the last two, three quarters. We will be doing our measures to reduce the pledge%. What is the update right now, sir, and why is the delay happening? No, sorry. I'm not getting your question. I mean, there's a lot of disagreement. I mean, you are asking about what price? I'm asking about the pledge%. Promoter pledge%. Okay. Pledge percentage. See, let me update you and all who have this pledge question. Recently, we have got our sanction from SBI. Our pledge was with SBI. We have clearly recommended them. In our current sanction, we have got an approval that by the end of this execution of this project, COD, after that, within six months, that is, we look at around March 2027, the entire pledge will be released by State Bank of India. We have that in writing, in the sanction letter, and we have also factored that. Are we going to publish this written sanction on the exchange? Yes, yes. Once we release, we will also publish. Sanction letter is already, I mean, we cannot because it's a, what we say, confidential document between the bank and them. We cannot publish the sanction letter. As I'm saying, in the public domain, we have that in hand. Got it. Got it. That's it from my side and all the best for the session. Thank you very much. Yeah. Thank you. Thank you. Thank you. Ladies and gentlemen, in order to ensure that management is able to address questions from all the participants in the conference, please limit your question to one question per participant. If you have a follow-up question, we request you to rejoin the queue. The next question is from the line of Shashank Jha, an individual investor. Please go ahead. Yes, hello, sir. Am I audible? Yes, yes, you're audible. Yes, sir. One just request. It's for actually KPGN that, sir, please do a con call. Actually, six months already, I have not received any update on that, sir. Yes, it is actually on 14th of November. Shortly, we will be uploading that also. We will do con call for each and every of our listed comps, okay? Yeah, yeah. Actually, you post result on sixth month, so requested to do a con call. Thank you. One more question, sir. Yes, we will do. Thank you. Thank you for it, sir. And sir, [Foreign language] KPI Green [Foreign language] Second [Foreign language] Sir, [Foreign language] CPP [Foreign language] । KPI [Foreign language] IPP [Foreign language], 1.2 [Foreign language] execution [Foreign language] CPP [Foreign language], SGVN, Aditya Birla, Avichal, and then existing CIL, Mahajan, [Foreign language] orders [Foreign language] strategy [Foreign language] MOUs [Foreign language], Delta Electronics [Foreign language] for battery energy storage, from green hydrogen [Foreign language], EV charging infrastructure [Foreign language] green ammonia। [Foreign language] MOU [Foreign language]? MOU [Foreign language], sir, this is a new sector and segment. MOU [Foreign language], there are various discussions which happen. So, initial stage is the MOU. Once you have a tie-up with them, there is a clear path. Now, both the partners will discuss on how to go about it and forward, and what is the investment that is required, and all the factors will come into picture. As you go forward, you will get it because this is a new segment altogether. It is not a one like solar all, which is already in place. The technology is in place here. It is always the technology is evolving, the pricing is evolving. All these factors have to be taken in consideration, and then step by step, we will move ahead with. [Foreign language] See, we have just installed 1 MW only for the facility. There, green hydrogen, we will be blending with our existing LPG. That prototype we have already installed. We are also starting that in a few days. That is in place. In technology, our testing is ongoing. As well as the other things are concerned. I mean, it will still take a time. I think in a couple of years, it will take slowly, so it will gradually take a shape. [Foreign language], I will go in to queue. [Foreign language] IPP [Foreign language]? Sir, IPP [Foreign language] structure [Foreign language] 1.2 GW [Foreign language] execution [Foreign language] install [Foreign language], then you will see, there will be total, we will have around 2.5 GW of IPP. So, according to that, our IPP revenue, IPP revenue itself will be more than INR 1,000 crore with an EBITDA of INR 90 crore. So, you can understand that the growth that is going coming forward. [Foreign language] Thank you, thank you. All the best. [Foreign language] The next question is from the line of Anil from K16 Advisors. Please go ahead. Good afternoon, gentleman. Congratulations on this financial closure. It's not easy since you don't have an industrial house behind you. To get a public listing of the bonds and to get such a big loan from SBI, I think rich congratulations are due for whatever you have done. Thank you, Anil. My question is that, you know, we are very quick to implement our projects. That is our trademark, that we can do very quickly. But then, if we have to wait for six months for the revenue to come, then what is the purpose of doing it quickly? Like, this, we went from 170 MW to 535 MW only, that is IPP. And yet, we are not seeing the revenue. Why such a big delay, six months delay? So, out of this additional IPP, which we energized, one was 250 MW Khavda project. In Khavda project, we have completed our revenue. But what happened was the evacuation was in the scope of the government. Now, that evacuation GSS, we call it, government substation was not ready, and it is still taking time. As per the PPA, that we have completed ahead. But government has time. Government is taking time in what we say, setting up the evacuation substation. Shortly, they have already, I think, we expect that to cover by fortnight of December itself, the substation. Automatically, the revenue starts. It was not at our end, which was, this was one of a case where government was delayed because of the project. Whereas the 50 MW, we did, we already started getting the revenue. What happens once we effuse the power, after, I think, September, I think, we started effusing the power during September. After that, it takes two months to get the billing revenue into the picture. Because what happens, if I supply it in the month of September, the billing will happen in October or November. After that, the billing, the payment will come. The revenue and everything will take time. Now, I think, in this second half, we will start getting for this 250 also, and for 50 MW additional, which we have added. Whereas the new project that we are doing, 1.2 GW, GUVNL, there, we will be setting up 25 MW, and will start energizing, and will start getting revenue by the time I am starting up another 25, 25, 25 kind of a bunch. There, you will see faster revenue incoming. Great. You already answered the question, which I was going to ask. One last thing, you have mentioned. [Foreign language] No, no, just this, I just want to complete this. You have mentioned Vanguard, Adia, Citadel, BlackRock, et cetera. These are very large global names. But none of them are showing up in Screener. When I see, that means their ownership is less than 1%. Why would such large institutions take less than 1% stake in a company, which is barely $1.2 billion of market cap? Right. Vanguard has got more than 1%, but with different names. Vanguard Investment Fund, Vanguard Fortnightly Fund, Vanguard. Similarly, BlackRock has also, similarly, Abu Dhabi Investment Pension Fund. All have got with different. What happens when if it's calculated at the, you know, screener, it will show you only that they are below one. But if you, because we look at the benfors, so we are aware that they are all together, they are one. They don't put it from one fund, they put from different, different fund. That is what you are not able to see the entire. But they are there in the benfors. Okay. So, but all said, all put together, it is 9% only. So, with so many large institutions, I mean, for them, you know, it could have been much higher. But obviously, I mean, it will happen when it will happen. Yeah, just a minute. If you see on the Screener, also, I just opened the Screener, also, you will find Aspire Imaging Fund, you will find Morgan Stanley. They are showing, they are, you know, more than 1%. Oko World, Kima was there. All these are the government, you know, pension fund global is 1.7% as on September 25. It is also showing there on the Screener. They are there. Whereas Vanguard is not showing, because as I told, there are multiple funds of Vanguard through which they invest. Got it. Thank you very much. [Foreign language] Thank you. The next question is from the line of Sudhir Beda from Beda Family Office. Please go ahead. [Foreign language] there is a common worry in the investors' mind about the overall prospect of renewable energy with respect to, you know, evacuation, grid stability. Government also now, you know, thinking, there are a lot of press releases in last three-four days. The government want to scrap certain projects. There 42 projects are lying without PPA. So, can you, you know, just throw some light on it for the entire sector? What the positions and how we should look forward for the growth of that renewable sector, solar and wind particular? Yeah, yeah. Sudhir, so basically, if you look at our company, our company has got a strong IPP portfolio. And all these PPAs are signed. Some, we are into execution mode. We do not have to worry about this. Once we have 1.5 GW, as I told you, the IPP revenue itself will be more than INR 1,000 crore with a 90% of EBITDA. Our company does not have to worry on the, you know, the canceling PPAs or the news that which are going around. As I told earlier in my question, that these PPAs are which project, which we are not viable. Now, once again, they will come back because the government focus is already there on the net zero and, you know, capacity GW increase to 500 GW. All these factors are already playing in. The only thing is that, you know, the project, which we are at a non-viable, government is canceling. They will come up with a new pricing or, you know, new what you say, strategy for floating out the project. As far as KPI is concerned, we have already, you know, cleared all our projects on the IPP side. And CPP, we do not have to worry because we have already have a. Already side. Yeah, yeah, great. Great. But see, the worry is not on the pricing or returning. They are saying that, you know, too much of solar power is, you know, causing grid instability in this time. That is why they want to curtail. If you can, you know, throw some light on that aspect. yeah. So, as far as our company is concerned, it automatically, we have signed long-term PPAs with the discom. And discom also is GUVNL, which is one of the best discoms in the entire country. So, automatically, we do not have to worry about that because we will generate the power. It is, discom is liable to take that power. So, our revenue will not impact. And that is the best strategy, which Farooq sir has taken. That always go with a bigger discom. Always go with an IPP mix with a CPP. So, we are very much safeguarded with any of these, you know, volatility in the market. But as far as sector itself is concerned, I do not think because there was also worry about too much of panel manufacturing capacity in place and everything. But I do not see that there is a market for everybody at this stage also. And the sector is expected to grow. It is not have any. I do not see any taxability and all. so grid instability and all is not going to cause any problem for solar at least. No, I, I don't think so. Because as I, Farooq, even Alok sir said that. Yeah, I will tell you. I will tell you. Tell him, I will tell you. Thing is, yeah, yeah. Tell him, I will too pitch in here. That the question is grid. There are two questions, if. One is about grid, grid stability. Another, some of the PPA canceled and all. Now, if you see these messages coming pan India basis, there are two kinds of grid available. One is central grid and other is state grid. Now, on the central grid, whatever they are giving the permission. So, there are projects happening in the particular state. And now, company like in the government has come to types of measurement. That whatever your smart grid, that you have to, whatever the generation and drawal of the power from the grid should be, you know, you think for the demand and supply. For that, government has come with the DSM mechanism. That, you know, deviation settlement mechanism. If you are a generator and consumption, then this power grid stability and all. It is come to the central level, engine norms. And that is being followed. Whatever your future project should be coming, that is to be followed. Some of the curtailments are happening in the country, like in Rajasthan and all. But in Gujarat and all, there is curtailment because what Salim was telling. Because in the load flow study and that Gujarat Transmission Company, they are doing very nicely. That all sort of design calculation and all. And there is no such curtailment. At least that whatever project we are doing. Now, that central, whatever the norms, they are coming with the grid stability. Prior to grid synchronization, they are giving that smart grid, all sort of mechanism. That whatever the parameters should be maintained for the load flow. These are the things are coming. In that way, all power company, power transmission company, they are coming on the smart grid application at the beginning of the grid charges. I do not think there is any challenges with future looking to 500 GW for the grid penetration. All the developers are giving instruction right from NLDC or said load discuss center, everybody. Your concern is okay. These is being mitigated a lot. All way that government places are working. Thank you. Very helpful. Sudhir, Siddharth here. I will just like to add one more point regarding your concern for solar. Right? We have a very effective strategy, where we also have expertise in wind and best BESS solutions. We are also in the future, will be exploring channels through trading. Net net, the kind of solutions that we offer are not just solar, but we couple solar with BESS and with wind to provide both RTC and FDRE-based solutions and solutions that will assure that the grid remains stable. We are working with the government on that. We are curating a strategy around that. We are one of the best players that offer all of these multiple strategies. Yeah, yeah. That's very helpful, sir. Thank you. Thank you for the opportunity and all the best. Thank you, Sudhir. Thank you. The next question is from the line of Aditya Pandya from PolyCap Family Office. Please go ahead. [Foreign language] [Foreign language] Yes, sir. Aditya Road. Yes, sir. My question was related to one of the subsidiaries, Sun Drops Energy. So, can you help me with the quarter two number? Quarter two, we have done 125-odd top line with a similar kind of profitability. I mean, we expect that this is both the quarters. I mean, quarter one and quarter two, more of a seasonality. Rainy season, it was at a lower length. With the next half, you will have, you will see substantial growth in the Sun Drops top line in the coming second half. Okay. Any targets of the revenue for that one? We are planning. I mean, we are looking at around 65-70% more than what we have done in the first half. Got it. Got it. That is the main. Sir, I missed the patch numbers. Can you just write in that? Sorry. I missed the patch numbers. The patch number is at a similar range of 16-18% kind of a patch. Okay, okay. Got it. Got it. When are we trying to list this? Sorry, your voice is cracking. This is not able to—it's not clear. Repeating myself, when are we trying to list this company? List this company. Most probably, next financial year we will be planning it with this. Okay. Thank you. That's all from my side. Thank you. Thank you. The next question is from the line of Akhilesh Kumar, an individual investor. Please go ahead. Hello. I want to know about the order and sub-ordering, what we do with our system. Means the KP Green, KP Energy, KP Energy and KPGL. For example, we have GUVNL order of 1.2 GW, which we have subcontracted to KP Energy. I think in earlier calls, it was told that it is something around INR 3,000 crore. Now KP Energy will be paying 2% royalty on this order when it gets converted to revenue, right? KPI Green will be paying 2% royalty again for the same order for the life, when the revenue starts coming. No, no, no, no. See, IPO, see, this is an execution order, right? For KPI, there is no revenue till the business starts. Okay? Now, once we, that EPC order will be given to KP Energy. Only KP Energy will have the revenue. It is not a double booking of the revenue. It is only IPP. It is exclude KP Energy. Once EPC contract gets, okay, once KP Energy executes that order, that INR 3,000 crore or whatever the EPC value is there, 2% royalty is paid from KP Energy. Right? Yes, that is for the order of execution. Correct. I got it. The one order, one royalty has been paid by KP Energy. Now, coming to KPI. Execution of the order. Let me be clear on. For the execution of the order, and what you are talking later on, when the revenue starts generating for that particular plan. It is a nominal. It is what we see that it will, it will clear approximately. If you have 1.2, it will clear INR 1,000 crore of top line. That is the revenue that is generated year on year. That is an annuity income. It will generate. No, I got it. KPI Green will be getting the annuity income for 25 years for the same project. Right? Same order. And 2% royalty will be coming. No, no, no, no. You see, you need to understand. There is one EPC contract, which is given to KP Energy. That EPC contract is of whatever amount, INR 3,000 crore. That is given to KP Energy. KP Energy is executing that. That is its business of executing the order because it is a wind, so hybrid also. It is executing the entire order over there. The panels are purchased directly by KPI. It is not part of the order also. What exactly KPI, KP Energy is getting is at least, you can say, 60% of the total order. That is what KP Energy is going to get. Out of that business, which it is doing, execution, which it is doing, which is usually business of execution, EPC. From that, it is giving the revenue. That revenue, as per the approval and as per the SEBI guidelines, we are giving 2% royalty. Now, after that project is executed, and after that, when that particular plant will start generating revenue, on that revenue, it is the 2%. It is something when which KPI will be paying because that is the revenue of KPI. It is not a, you cannot call it as a duplication because these are two different ways of looking at it. If I am generating a, so for example, till now, KPI has executed 500 MW. Now, 500 MW, whatever revenue comes, it is giving a royalty on that only. No, okay, I got. And how much, IPP, we have 170 and 1.8 GW. How much we have subcontracted to our different group company? Like, most of the right now, right now, as I told you, we have only given the execution. Since it is a hybrid project also. We have given execution portion, that is the BOP and the wind. Because the wind mill and everything, KP Energy expertise is in that. Whereas the panel and everything, we are purchasing directly from. We are not offloading the panel. You can see that we have clearly kept panel out of the scope of KP Energy. Because that is our expertise. KPI, KPI is more into solar. They have expertise. Panel, which is around the major portion of the contract, which is not into there. Okay. And KPGL also, we give out. Right? 30% of the order, which, which, no, no, KP, what KP Energy give to KP Green Engineering for execution. For example, the MMS structure average. Those particular sales are not taken part of the calculation of the revenue for royalty. That is kept aside. Because it is already taken in KP Energy. We are not giving it in KP Green Engineering. Okay, fine. Thanks a lot. Yeah, thank you. Thank you. The next question is from the line of Gaurav Sharma from Anuja Properties. Please go ahead. Hi, congratulations on an excellent set of results. I have a couple of questions for Salim sir. As per last year con call with you sir, in Q2 FY25, 1.1 GW of CPP orders were supposed to be executed by September 26. But out of that, only 224 MW has been executed. Can you please explain the reason for delay? No, no. See, there is not a delay. If you look at CPP execution, we count the MW only when we complete the entire order. Correct. So, there are orders which we have completed 70-80%. But MW has not been counted into. Like, Mahajan, we have executed majority of the order. CIL, we have executed majority of the order. We have executed other majority. Once we complete the COD, then only we add. If you will compare the top line or anything, and you know, we only take once we complete the entire order. That is why you will see that variation in that. Yeah, got it. Got it. Also, one more question. The entire 2.41 GW of order book. Sir, I just request you to rejoin the queue for the follow-up. OK, will do that. Yeah, thank you. थैंक यू। The next question is from the line of Sahil Shah, an individual investor. Please go ahead. Hello, sir. Am I audible? Yes, sir. Highly, you are audible. Yeah, congratulations for outstanding numbers. You guys are doing so good. Thank you. Yeah, my concern is, I have been an investor in KPI since quite long now. Sir, despite strong performance, a solid order book, and an extremely positive commentary from management every time, the stock has severely underperformed lately, which is quite concerning, at least for me. How does management view this disconnect, and what's being done to restore investor confidence? See, one important thing that when we are working, we are focusing on our execution. We are focusing on our financial strength and everything. We are giving 100% or more than 100% in this factor, and it is clearly visible in our results also. Now, coming to the factor that, you know, lot of, lot of other factors, which, you know, drive the market for any segment. For example, we had a geopolitical disturbance in the entire world, and we had issues with respect to China, and the tariff with the U.S., and everything. All these factors had a little bit, if you look at, because we have international investors, they have little bit negative outlook on the country because of all these factors, which were derived most of the tariff and else. Due to that, every stock had taken a hit, you know, including the renewable, because this was specially into the focus. These things, I mean, as I told you, whenever there is a stability, and there is an economic return, and a growth return in the entire world, or in the majority, in the stability, in the political, at that time, you will find companies which have performed well will immediately jump up. We are looking out for that, that once that stability and everything, just like as you heard, a few of the questions, the government is canceling CPPs. We have already, you know, kind of a covered with that. We do not have any issue with that. Since the sentiment, you know, drives the market, it sometimes has that impact. I see that, you know, keep doing the good work, and when the right time comes, automatically, you will be the first to benefit from that. Correct. Thank you very much. That was quite satisfying, and all the best for future. Thank you so much. Thank you, Sahil. Thank you. Thank you. The next question is from the line of Vikas Nayak, an individual investor. Please go ahead. Hi, sir. Am I audible? Yes, Vikas, you are audible. Sir, my question related to the expansion to the other state. I think Dr. Das mentioned that maybe around 2.5 years is a reasonable timeline. I just wanted to understand if any data from a land bank acquisition or so that you can share. Your voice is cracking. Vikas, Vikas, your voice is cracking. Can you just step a little bit away from the phone? Because it's spreading. Sure, sure. Is it better now, sir? Yeah, yeah. Okay, yeah. Okay. So, just asking about the expansion to the other state. Dr. Das mentioned that maybe two and a half years is a reasonable timeline, maybe to look at, maybe starting to get revenue, other than the Mahajan project. So, is there some data that can be shared in terms of maybe land bank acquisition or so that you are looking at, maybe, in the other states or any other data that is relevant to this? Right. See, one of the things that we have already entered, Maharashtra, you are aware, we have taken Mahajan project. That said, we have already entered. We have recently won few of the projects, we are, you know, in Rajasthan also. There also, we will be shortly, you know, starting our work over there. As far as other states are concerned, we are working on, you know, tenders and bids in those states also. Slowly, slowly, we will find that there is, you know, clear indication from the management that we have to spread ourselves, not even, not only in India, in other states, but also internationally. If you can see that today, sir has given an interview, and he was in Zambia. There are lot of interactions, which are happening, you know, internationally also. The PPA or the, what we say, the MOU that we have signed internationally and everything. This gives us a comfort that we are well, you know, staged to go internationally also. As far as states are concerned, we are there in some of the states, and we are increasing in other states also. Okay, understood, sir. Just specifically related. Okay, understood, sir. Just specifically related to the Mahajan project, sir. My understanding is, maybe, some part of this has been maybe a collaboration with, maybe, a competitor like Bundada Engineering also. Is that maybe going to be the norm going ahead? While in Gujarat, maybe, we are 100%, maybe, capable of, maybe, taking care of everything on our own. But in other states, maybe, we have to collaborate. See, what, see, if I see, Bandada is also not in Maharashtra. But, collaboration was done for our EPC business. So, there is some civil work and all the things for that project and everything. We have given them the orders, and he has done in previously also. Bandada was one of our best vendors, you can say. Whereas other states are concerned, we will look into it. See, there is also lot of demography, which has to be taken care of. Because, you know, every state has its own nuisance and its own benefits. When we enter any state, we see that if it is easily doable, we will close it our. If we required some support from the locals, then we tie up with the locals and everything. Most of the time, you know, your civil contractors and some of the RO get solved by the locals only. We have to involve the locals. We will take that step as and when we see that there is a requirement. Okay, understood. Just a couple of points on the ICRA report. Just, I am sorry to interrupt, sir. Just request you to rejoin the queue. Okay, thank you. Thank you. The next question is from the line of Hardik Gandhi from HPMG Shares and Securities. Please go ahead. Hello, sir. Am I audible? Yes, Vijay, you are audible. Yeah, so, congratulations, sir, on a good set of numbers. Just wanted to know your collaboration with Fabtech Technologies. So, recently, we received an order for UAE, right? The whole project is our order, or is it on a sharing basis where the revenue will be shared between you two? Round the clock order. Yeah. He was on the part of the collaboration also. He will give you a better understanding on the Fabtech MOU that you say. Yes. As you are aware, right, especially with the AI boom that's happening out in the West, data centers is one of the largest, and will be going to be one of the largest consumers of electricity. And what we have essentially done is that partner with them to establish a data energy stream, which KP Group will provide to them for their data centers, and also the life sciences segment that they cater to. It's a large order and a large collaboration, which we would be doing both in the Middle East, as well as within the Indian geography, as and when they develop their data centers and other life science projects. Understood. But this project, which we got, is it fully the revenue of roughly INR 1,050 crore? it fully recognized in our book, or is it like a part order, where INR 2 billion is their project, their work, and then INR 8 billion we will recognize in our thing, and the whole 10.5 billion is the 6 billion? The entire order value, which you quote, right, is only the renewable energy segment of it, the project execution. To answer you shortly, it will be 100% recognized in our order book. It's only the renewable project execution that we are talking about, not the data center itself. Understood. Any revenue from data center will be incurred in o ur books? No, no, no. That's like, that's their operation of business. Our operation of business is renewable project execution. What's the timeline for this order? Execution timeline? You, I think you can take a good horizon of two to three years, as they build data centers across Middle East and India. Understood, understood. Yeah, thank you. That's it from my end. All the best. Okay. Thank you. The next question is from the line of Vijay Chauhan from RH PMS. Please go ahead. Yeah, my question is the peak revenue that we can achieve on the current ITP capacities gets energizing couple of years. So, what is the peak revenue? And I heard the margin on this capacity is around 90% EBITDA. But what's the PBT margin? Like, that one can assume to FM model the future cash flows. So, that is my first question. Yes. So, Vijay, the peak revenue as I told you earlier also, that total capacity will be 1.5 GW. After that, the peak revenue we expect that approximately more than INR 1,000 crore, that is after INR 1,200-1,300 crore, kind of a top line only from IPP. We expect, okay? Rightly, yes, the EBITDA will be around 90%, equal to 90% EBITDA. Now, the PBT and the PAT depends upon the mix of CPP also. At present, what we see that, you know, the. I am asking only about the IPP. IPP only PBT margin, like, like, EBITDA is 90. So, can we expect 60% PBT margin on the only on the segment of IPP? Only IPP segment, if you look at it, there is repayment, there is interest cost, and everything that has to be taken into consideration. Approximately the 40%-45% would should be the PBT around that. Okay, that answers my question. My second and last question is on the CPP order book. We have handsomely grown even on the, if you look at the compare to last year. When do we see the numbers for FY 2027 and FY 2028? Because we have a like target of 10 GW. Can we, do you have any number in mind based on your interactions? Like, can we expect it to be 4 GW or maybe 5 GW in FY 2027, FY 2028? Any number in your mind for both IPP and CPP for the order book? Some broad number will also help. I think I can clearly say that by FY 2026, that March 2026, we will be around more than 1 GW on the IPP side, and remaining by September and December 2026, we will be closing. 1.5 GW IPP will be by there by December 2026, you can say. As far as CPP is concerned, as I told earlier also, CPP depends upon the entire execution of the order. By FY 2026, that is, 2026 and 2027 March, you will be seeing the entire CPP order, which we have right now, is getting closed and everything. There will be nothing which is left over. Your, my question is order win side. Yeah, yeah, new order win side only. Like, currently, we have like 2.43, like 2.4 somewhere in CPP side. That will inch to when? Let’s say, we call the order win. How much order win you are looking at IPP and CPP? You are internally targeting maybe 2 GW, 1 GW for next two and three years. That was, you are talking about the booking. You are talking about booking. Yeah, yeah, right? Not that. Yeah, yeah, new. Yeah, yeah, new orders win that you are looking currently. Beyond this, what we have, what we already want in recent times. Yes, yes. If you, if you see, we are already building, and we have a building success rate of 75%. New orders, we are building. We are looking at, you know, our target. In fact, you know, our honorable CMD Sir Farooq Sir has really said that the target looks very small right now. With 10 GW, we have already have 6.6 GW at the group level with us. Automatically, we expect this 10 GW coming. Logically, we will be having a huge order flow in the coming years, which can be, I mean, API itself can be more than and 5-6 GW. It can be. I am depending upon the tenders that we are, that been floated, and which we are expecting. Vijay, just to add to that data point, right? Our internal target for KPI was 1 GW for 2025, we are currently, we are sitting at 6 GW today. By the end of the final, the target, the internal target, it is 10. Right? No, no. Let me complete. The initial target for 2025, that we had taken was 1 GW. 2030 was 10 GW. Against that 1 GW, which we had taken in 2025, today, we stand at a group level portfolio of 6 GW. By this financial year end, I think that would go up easily by one more GW. Our 2030 target, we are well ahead on that. As we are bypass the 2025 target, I am sure we will be bypassing our 2030 target very, very soon. Yeah, yeah, that is very good to hear. Congratulations and good luck for the future. Thank you very much. Thanks. Thank you, sir. Thank you. The next question is from the line of Garvit Goyal from Nvest Analytics Advisors. Please go ahead. Yeah, ma'am. Hi, thanks for the follow-up. Sir, just again on the grid stability part. I just want to understand from Farooq sir, like, how he is anticipating. He mentioned that further orders will be coming in the power transmission, and the execution will happen. The thing is, is there any chance, like, that kind of delay happening at that side, that can further lead to ultimate delay in the renewable CapEx going ahead? I want to understand his take on that current situation and the outlook. Let me just speak about the company first. As I told you, company does not have any impact because of this. We have already tied up, and our evacuation, everything is in hand. Whereas the sector or segment is concerned, I would request Alok sir to little bit throw again light on what we have discussed earlier also on the grid stability and the availability. Alok sir. Yeah, yeah, yeah, again, just there is a sound problem. Can you tell me again the question? Yeah, so, let me want to understand the grid stability and grid availability issue with the sector all together as it. See, grid sector now, today, that whatever the project is coming, all transmission company, they first see that what is the load flow study of the grid. Based on the load flow study of the grid, they give the power evacuation permission. Now, today, scenario has come, there is the hybridization RTC and all. If there is a time gap between the wind, solar, battery storage and all, they want to sync all power output and sync to the power, so that there should be smart grid implementation is happening. Now, all transmission company, be Power Grid company, central level or state, state, you know, transmission unit, they are coming for the load flow study, based on the generation and consumption. They are coming to smart grid applicability with a disciplinary system called DSM arrangement. You have to generate and consume between the 15 minute generation and consumption. You have to sync. That is what it is coming for the power grid discipline. That is is happening today. There should not be any curtailment in future. Got it, sir. Thank you very much, sir. That's it from my side. Thank you. The next question is from the line of Shrawan from Naraksh Private Limited. Please go ahead. Namaskar, sir. Namaskar, sir. Sir, [Foreign language]. [Foreign language], sir? Yes, sir, yes, sir, absolutely. One more question, sir. That sir is a little regarding corporate action, which sir, I mean, we are getting to know something. I mean, I would not want to say everything openly, but sir, in that, sir, it is like the corporate action you are going to bring in the future, maybe in three months or six months, sir, right now, sir, as far as I have come to know, it is a little disappointing, sir. So what I wanted to talk about, sir, with management, I mean, our whole team is there, sir, but we are not able to talk anywhere. I mean, where to ask, like right now directly, maybe speaking openly on the platform may not be right for me, because there is no announcement from your side. But like just a little while ago, Farooq ji just, I mean, spoke in an interview that those things are coming. But, sir, right now there is confusion whether what we are thinking is the same or not. The market will take it positively, but if there are even a few changes in that corporate action, then I swear, sir, as per my understanding today, for the market, it will have a negative impact, sir. See, we have not put any corporate action yet. Yes, yes, yes, until we put it, as you said, do not trust it. If there are rumors, do not trust rumors. When the corporate action comes, then you can ask questions about it. No problem, we are available to you, you can ask anytime. Okay, boss, okay, boss, there is nothing about that. That was just the question in my mind, sir, I was not able to contact anywhere. For this, I was a little worried, sir. Shravan Siddharth here, if you see in our investor presentation, there is a specific email ID for IR for KP Green Engineering. Please send an email there, we will respond within a defined time. Okay, boss, thank you so much, sir. Thank you so much, sir. Anytime, anytime. Okay, okay, okay. Thank you. The next question is from the line of Samar, an individual investor. Please go ahead. Hello, am I audible? Yes, sir. Yes, sir, you are all. Congratulations to the entire team for another stellar performance, especially Farooq sir and Salim sir. About, sir, sir, my question is related to meths and green ammonia that going forward, what are the kind of margins, like IRR, we can expect from this particular sector? [Foreign language] [Foreign language] [Foreign language]? See margin to [Foreign language] see, as I told earlier also [Foreign language], IPP [Foreign language]. 90% ka EBITDA [Foreign language], which is one of the best. You can see CPP [Foreign language] EBITDA 18-20% [Foreign language]. To combine [Foreign language], to 32-33% kind of EBITDA [Foreign language]. To margin, [Foreign language] main IPP [Foreign language], to automatically margin [Foreign language]. But proportionally, [Foreign language] CPP [Foreign language], to margin. To overall value [Foreign language] profit [Foreign language]. But margin [Foreign language] top line [Foreign language], to margin depends on that. But we are in this also, we are able to maintain a margin, very good margin. So, I do not think margin will have an impact. In fact, agar hamara IPP ye sara start ho jayega, to hamari margin far more improve [Foreign language]. We might cross more than 20% on the PAT level also. Correct, sir. But my question was specific to METS and green ammonia related segment ki whether the current margins will be maintained after getting orders in those two segments. In those two segments, we have a separate company for green ammonia and hydrogen. So, those company will be separate. They are not part of the KPI or its subsidiary. T[Foreign language]. That will be a separate. It is at present, is not a listed company. It is a private limited company, where we are going to do those first. Okay, okay, sir. Thank you, all the best, sir. Yeah, thank you, thank you. Thank you. A reminder to all the participants, you may please star and want to ask question. If you have a question, we request you to please join the queue, please. Team, we will be closing this queue for questions. If you have any questions, please join now. And within next 20 seconds, if you want to join. Otherwise, we will only be taking the questions for the people who have joined the queue. Thank you for your understanding. Okay, Muskan, I think we are good to go. We have seven more participants. We will answer these questions, and then you can close, then we will close this con call. Thank you, we can start. Okay, the next question is from the line of Veer Lohda from CFM. Please go ahead. Hi, thanks for the opportunity. Aur so, firstly, congratulations on the good set of numbers in all three companies of KPI. So, I just want to understand the industry level outlook for the solar segment. As of now, like, this, we will be adding around 40-50 GW for solar. So, like, do you see this increasing year on year over the next five years? Because, if it is not adding up, then the market share of without increasing market share very heavily. Then, the CPP orders will be constrained to the current number of orders only. Where do you see the number of additions of the solar power in the next three to five years? First of all, we need to understand, whatever that, we are a player who is capable of being solar as well as wind and hybrid. Okay, we are way more competitive and we are way more ahead of any of the other competitors, you know. From that point of view, and as far as the, as I told earlier, also, the segment, I mean, there is, people think that there is excess capacity on the solar side, manufacturing. But, we are not a manufacturing, we are executor. All, we have sufficient order book for upcoming years, and we are sufficient on the IPP side and the CPP side. As far as we are concerned, we do not think any impact on our, you know, financial strength or our exhibition capabilities or our books will be there. That is clear. As far as segment is concerned, yes, there are some hurdles on the segment. But, I think government is strong enough and, you know, will be taking steps, which will be promoting this. Because, government also has a focus of increasing this particular segment. Okay, like, are you expecting a completion of the 500 GW renewable energy before 2030? Because, otherwise, the solar additions will be only 40-50 GW s every year, which is same to this. I will give the answer. I will give the answer. Basically, there are total 500 GW is there. As on today, what country has completed? You know, 200 and 252, like, all non-fossil fuel out of the solar, they have done 127 and wind about 53 GW. Now, that, you know, rest of the project is under bidding. Those for the Government of India, only project close to 60 GW. Some of the project is just under implementation, about 125 more that GW. Before 2030, 500 GW, Government of, you know, Government of India is pretty much sure that 500 GW will be done. Only the commissioning may get within one or two years. All the process of the bidding process and also be done. Now, this is what now government is only concentrating how to evacuate the power of that 500 GW. That is why concentration is done. Market growth is there. Now, if you see that for last one quarter, you know, solar and wind, there was 25 GW added to the grid of the country. Growth is immense because the 500 GW is to be completed. Today, the solar capacity, production capacity, manufacturing, that capacity is more than 125 GW. To match to the supply chain and all requirement under Make in India, government has stepped all the backward integration and supply chain. We are all confident that target of 500 GW must be done. Okay, okay, that is very helpful. Thank you, sir. Thank you. The next question is from the line of Gaurav Sharma from Anuja Properties. Please go ahead. Hi, thank you for the opportunity. My question is for Salim, sir. Sir, as you mention, there has been no equity dilution in the past one year. Why is there a difference between EPS and PAT growth? Can you explain? EPS depend upon your profitability also, right? The number of shares, which are there, after bonus and everything, they have increased. We had given in the past, we have given bonus and everything. Because of that. But as far as dilution is concerned, if you see promoters, equity promoter, promoter shareholding has never diluted in the past one year. Industry like 48%. Got it. Can you tell me the ROE figure of H2 FY 2026? It's around 24%. Okay, thank you so much. Good luck for the next set of results. Thank you. Thank you. The next question is from the line of Manav Agarwal, an individual investor. Please go ahead. Hello. Yes, ma'am. Yeah, so my question shows on good side of number. I have two quick. Thank you, ma'am. One is on. Is there any update on the pledged shares release, which we discussed on the last con call? My second question will be on, given this is an extended monsoon period this time all over the country. Are we on track to achieve the 70% guidance, which was communicated by Farukh sir? Yes, as far as pledge is concerned. I have already explained in the previous question. I will just reiterate that. In our latest sanction, see our pledge is with State Bank of India for our existing term loan that we have taken. It's a collateral. It's not a pledge against shares or a fund raise against shares. That collateral is also going to get released once we complete this 1.2 GW The funding, which we have given INR 3,200 crore, by September 2026, we will be doing the COD. After that, within six months. By March 2027, SBI will release the pledge for all our shares. That is clear cut terms and condition in our sanction letter from SBI. Pledge, as far as pledge is concerned, shortly, will be by March 2027. All the pledge will be removed from the shareholding, which promoters' pledge are there. As far as monsoon is concerned. Yes, we are already tied up. We have, I mean, in spite of such longer monsoon, we have shown a substantial good result. You can understand that going forward, it will be a, you know, far more better result than what we have done in the first half. Because we have taken, we have held our panels and everything have been, delivery has been taken place. We will be focusing on faster execution, whether it on the CPP side or the IPP side. Yes, we will grow faster. Thank you, sir. Thank you. Thank you. The next question is from the line of Vikas Nayak, an individual investor. Please go ahead. Thank you for the opportunity. Again, just a question on the ICRA report, sir, which came at the end of July. One of the points mentioned was that there is a weak exit clause in the PPA. Just wanted to understand, sir, maybe what made ICRA to maybe have that observation. Why? Because they mention that maybe other party can maybe terminate with six months. Is it different from a regular PPA in this industry? So, you need to understand. In IPP, we have two segments. One is the C&I segment, that is the third party open access, in which we have 170 MW. Okay, and the other is the utility on GUVNL, where we do not have any exit clause. It is a 25-year PPA. Now, the 170 MW, there our PPAs are designed in such a way. Whatever the DISCOM rate is there, I will give 7-8% kind of a discount to the customer on its rate. For example, if rate is INR 8 or something, I will give 7% discount on that. Automatically, INR 0.56 kind of a discount will be there and the remaining. In those PPAs, we are earning at a rate of INR 7.50 per unit. In those PPAs, because there are big customers like UPL, Colortex, Meghmani, Tata Motors, Indian Airforce. We have kept it open for them. But, believe me, we started this particular open access PPA right from 2018 onward or 2016 onward, when we started that. First of all, you know, we had Mafatlal and all the companies as a PPA. Today, also, we have 80% of our PPA that we double A plus clients and they are increasing. For example, we started with one PPA with Colortex. Now, they have three to four PPA and everything. They have extending. In spite of having that exit clause, they have never exited because of any pricing or anything. Because, it is a clear cut that every unit has a different different PPA with us. On the same 170 MW cash flow, you know, we have raised the NCD green bonds. You can understand, even the market players like Aseem Infra, SBI Cap, Jio Credit, who have invested in the green bond. They are also aware that these are some of the long-term kind of effect. Just for the comfort of the corporate, we have kept that clause. But, it is not never exercised by any of the. Yeah, okay, okay, okay. Thanks so much. Thank you. Thank you. The next question is from the line of Garvit Goyal from Envist Analytics Advisors. Please go ahead. My question is already answered. Thank you. Thank you . The next question is from the line of Anil from K16 Advisors. Please go ahead. Yeah, thanks for the opportunity once again. See, when I talk to people outside, I hear precisely this issue that, look, there is an RPT concern. There are three companies and revenue is booked here and there. You know, some of us are aware what the method of operation is within the KP Group. But, for the benefit of everybody, why do not you in your forthcoming presentation? [Foreign language] maybe, you can even upload a fresh presentation saying that, who gives what order to whom? What are the commercials? Because, I suspect that some of the image is getting affected through having multiple companies, all with KP in the beginning of their name. It leads to, you know, some kind of discomfort amongst people, who do not even know the truth. It would be, it would be good if you laid out a schematic in a, in a PPT somewhere that, order comes from here. It is partly given to Bonda, partly given to this much, it is, it is. There is no revenue double counting, it is. Because, this is what I hear, that there is revenue double counting. No, no, no. I just explained on one of the questions about the revenue double counting confusion, which one of the investors had. Let me be clear. One of first is about KP. KP is a brand. KP is a trademark. That is the reason every company had that trademark at the start. Just like you have Adani or you have Reliance. We have a trademark that is a brand, which is known. We are known by KP Group. Secondly, on the execution side, every order, which is given, is at arm's length. There is no, you know, benefit given to any of the company. It is at arm's length. What I would be giving outside, I am giving at the same cost and everything to my group company. They are also executing the same way that they are doing for the other company. I do not think any issue with respect to that. Nevertheless, what you have said, I will surely see to it that next time onward in the full year presentation, everything will clearly mention about. I will put a slide, which will give a little bit more explanation about the related party transaction, which I understand that analysts have a little bit inhibitions with respect to the related party transaction. Your point is taken well. Yeah, no, thank you. I would only urge that, you know, people have all kinds of weird notions. Let us not wait for the end of the year. Yeah, I think the point is being. We will try to put in the third quarter. Third quarter presentation will try to put that. Yeah, sure. Thank you. Okay, thank you. The next question is from the line of Darshan Malani from investor. Please go ahead. Hello. Yeah, Darshan. [Foreign language], sir, [Foreign language] simple question hai. [Foreign language], 2028 [Foreign language] PAT 1,000 crore hoga. To [Foreign language]? [Foreign language] [Foreign language] INR 1,000 crore [Foreign language]? Sir, PAT, PAT, profit after tax, apna KPI ka. Yes, sir. [Foreign language]. To naturally, [Foreign language] IPP [Foreign language], to 1.5 GW [Foreign language] IPP [Foreign language]. [Foreign language] 1,200-1,300 crore kind of top line with an EBITDA of 90%. To [Foreign language], to automatically CPP [Foreign language] [Foreign language] add [Foreign language]. To we are looking forward in a couple of years. FY 2027 March [Foreign language] flat, we are expecting to as per our projection. We might go up to that. Yes, yes, yes, sir. [Foreign language], [Foreign language] profit automatically [Foreign language]. In fact, [Foreign language] [Foreign language]. 1.7, [Foreign language] 2020, [Foreign language] December 2026 [Foreign language] 1.7 GW [Foreign language] IPP [Foreign language]? [Foreign language] 1.5 [Foreign language]? [Foreign language] [Foreign language] [Foreign language] [Foreign language] [Foreign language] [Foreign language] [Foreign language]