Ladies and gentlemen, good day and welcome to the KPI Green Energy Limited Q3 FY 2026 Earnings Conference Call hosted by Share India Securities Limited. As a reminder, all participant lines will be in the listen-only mode, and there will be an opportunity for you to ask questions after the presentation concludes. Should you need assistance during the call, please signal an operator by pressing star then zero on your touch-tone phone. I now hand the conference over to Mr. Harsh Patel from Share India Securities Limited. Thank you, and over to you, sir. Thank you, and good afternoon, everyone. Congratulations on a very good set of numbers. On behalf of Share India Securities, I welcome you all to Q3 FY 2026 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 a question-and-answer session. Thank you, and over to you, Siddharth. Happy Lohri. Hi, good afternoon. Myself, Vinod Jain, I have recently joined as President of Investor Relations. I am almost one-month-old baby. We are here to discuss and present and discuss the quarterly and nine-month performance of KPI Green Energy Limited. So The host has already introduced that we have with us Dr. Alok Das, who is our Group CEO, Mr. Sohil Dabhoya, who is the Whole Time Director, and Mr. Salim Yahoo, who is the Group CFO. So now I hand over to Group CFO to present the quarterly and nine-month performance. Thank you. Thank you. Thank you, Vinod. Good afternoon, everyone. I am Salim Yahoo, Chief Financial Officer of KPI Green Energy Limited. It is my pleasure to present the financial and operational highlights for the third quarter and the nine-month period ended 31 December 2025. Once again, we are proud to share that KPI Green Energy has delivered yet another landmark performance, marking our seventh consecutive quarter of highest-ever revenue and achieving our best-ever results for the nine-month period. This sustained momentum underscores our robust execution capabilities and our ability to scale rapidly across our solar and hybrid portfolio. Starting with our quarterly performance, our total revenue for quarter three FY 2025-2026 stood at INR 676 crore, a strong 45% year-over-year growth. Our EBITDA increased to INR 251 crore, reflecting a powerful 73% growth. Similarly, profit before tax rose to INR 170 crore, marking a 48% increase, while profit after tax stood at INR 126 crore, also growing by 48% compared to the same quarter last year. Speaking about the nine-month figures, for the first nine months of the financial year, our total revenue reached INR 1,931 crore, a 64% increase over the previous year. Just to highlight that the previous year we had done INR 1,700 crore in the entire year, and we have already crossed that mark in the nine months. EBITDA for the period grew INR 701 crore, up 71%, and profit after tax reached INR 354 crore, registering a 60% growth. These results highlight our focus on operational efficiency and disciplined financial management. I would like to highlight a significant milestone regarding our 250-megawatt GUVNL solar project. I'm pleased to share that we have just commissioned 24.2 MW AC, that is 35 MW DC, of this project, and we are ahead of schedule. Importantly, we will be recognizing part commissioning revenues from this project starting next month. Going forward, our focus remains on completing the majority of the project capacity by the end of June. Our order book and strategic pipeline continues to expand and diversify rapidly. During quarter three, we secured 152-MW floating solar EPC contracts from GSECL at Kadana Dam and received a letter of intent from GUVNL for 445-MW, only 890-MW standalone BESS project supported by viability gap funding. Further, we received balance of plant supply and on-site services orders from Adani Green, totaling 334 MW at Chavand. Additionally, we have signed a landmark MOU with the Government of Botswana for a large-scale renewable energy generation and energy storage with a potential capacity of approximately 5 GW. We are progressing rapidly on this opportunity and aim to commission an initial 500-MW project in a couple of years. In conclusion, with record-breaking revenue, strong execution across our GUVNL project, and a clear global expansion strategy, KPI Green Energy is firmly on track to achieve its long-term vision of 10 GW capacity by 2030. We expect this to achieve before our targeted date of 2030. I thank you all for their support, and I thank you for continued trust and support that KPI Green Energy Limited has received. I will be happy now to take the question and answer so we can open the floor for question and answer. Thank you very much. Thank you very much. We will now begin the question and answer session. Anyone who wishes to ask questions may press star and one on their 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 questions. Ladies and gentlemen, we will wait for a moment while the question queue assembles. Also, before we begin, a request to participants to please limit your questions to one per participant. Should you have follow-up questions, we request you to rejoin the queue. The first question is from CA Garvit Goyal from Serene Alpha. Please go ahead. Hello, I'm audible? Yeah, Garvit, you're audible. Good afternoon and congrats for a good set of numbers. Thank you. The first question is regarding the LOI that we performed through the ML for BESS. Can you put some more color on it, like in terms of investment we will be doing here and the kind of IRR we are expecting from this project? And when will this LOI be converted into the confirmed order? That's the first question. So we are talking about the BESS project, right? 445 MW in any order. Yes. So we have received the LOI. We expect this project, we are just finalizing on this, but the IRR we expect around 13-14 is something that we are expecting in this project, depending upon the viability because the battery prices are fluctuating and we expect them to go downward trend. So we expect that we will be able to achieve the 13%-14% IRR, and shortly we'll be doing the financial closures. We have a lot of our existing lenders have shown interest in associating with us for this particular project, BESS project. So we have a very good interest on the market, on the lenders, and we have very good opportunities. We are associating with some of the top brands for executing this project when it comes to the designing and other parts also. You didn't mention the amount of investment are we committing here? Yeah, I told you, so the investment that we are expecting is around, for example, if you look at just a second, this is 445 MW, right? So it will be at around INR 2,000 crore-INR 3,000 crore kind of a total investment that we expect in this particular project along with the renewable power also. Understood. Sir, recently, because of significant jump in the silver prices, and we understand silver is one of the key commodities getting used in the solar panels and cells as well, and silver, which is getting imported from China, because China is having the significant processing capacity thereon, they are putting some restrictions on export of these key components. So in this scenario, how are we looking towards it? Like if the costs get increased because of the shortage of supply or increase in the input, how KPI Green is going to manage its margins, sir? See, there are two aspects to this. One aspect is that the capacity that has been built in-house, domestic manufacturing capacity has also increased substantially. Okay, so the prices have settled down when it comes to the panels. As far as KPI is concerned, KPI is not a manufacturer of a panel. Okay, so you need to understand that whatever contracts we do with GUVNL, the tender has a clause which says that if there is an increase in the prices, it will automatically factor in the increase in the tariff. So we are safeguarded from that. Similarly, when we do on the EPC business, when we sign an EPC contract with private players or anything, there also we have that we block the stock immediately the moment we click the contract or we sign the contract with the sales order. At that time, we also block the material. So we are naturally hedged over there. And as far as the bigger EPC contracts are concerned, automatically there also the price clause is there that in case if there is an increase in the prices of the panel beyond some extent, 5% or something, then it automatically can be passed on to the customer. So we are well, you can say hedged or well safeguarded ourselves in all kinds of business. Those 6,000-year order book that we are currently having, is it correct understanding that for entire order book, we are having the price variation clause inbuilt? Yes, this INR 6,000 crore order book, if it is also where we have the entire plant setup and building, also there are an order of balance of plant. Okay, so wherever we have an order, in the INR 6,000 crore, majority is the utility scale. What we call it utility scale is the CIL, SJVN, all government entities, NTPC. So there we already have a clause in that. So we don't have to worry about it. And as far as private, I told you we have already built up the inventory for the private orders that we. Thank you. A reminder to participants to please limit your questions to one per participant. The next question is from Aman Soni from NVEST Analytics. Please go ahead. Hello. Yeah, Aman. Sir, my question is on the MOU of INR 36,000 crore investment in Botswana. I just wanted to understand who is going to invest such a big amount? Is it the government of Botswana will finance it and KPI Green is for sure leveraged CPP capabilities, or how is it going to work? Also, what is the size of revenue do we anticipate from this particular project over the next 1-2 years, sir? See, we have already disclosed in the public domain that in the next 1-2 years, we are looking at 500 MW capacity out of the 5 GW. The rest will come later on. So for 500 MW capacity, we already have it. It will be around INR 1,500-1,700 kind of a total project cost. For that, equity is already there. A lot of lenders are also keen that they want to join hands with us for setting up this. So initially, we can. After that, we can look at various other options. We can look at in which we can look at different ways or calling in for some investors in our Botswana entity. So that is something that we have to plan after we complete this 500 MW. So initially, we will be setting up 500 MW in the next couple of years. After that, for the next 5 GW. But yes, this entire project will be an IPP project for KPI, and its power will be sold to Botswana and its neighboring countries. So there is no investment from the government, but there will be a lot of support on the signing of PPAs and taking power purchase and using the transmission lines and all that will be supported by the Botswana government. What is the IRR? Do we have to? Actually, see, we are at present building up for this 500 MW. We don't work below 12% IRR when it comes to any project. So we will try to maintain that. But I think the pricing, if you look at the tariff in Botswana, it's higher than what we have in India. So automatically, my IRR will be far more better than what I am earning. Got it. So for the current project, GUVNL project here and getting 13%, so there you are saying it will be better than 13%? Yeah, yeah, it will be higher than it. Okay. Secondly, if I look at your last six months, we have filed a lot of information about many initiatives, be it the MOU with South Korea on green hydrogen and ammonia, or receiving the category one power trading license, or the MOU with the government of Gujarat for establishing the hydrogen and EV fuel stations. So I just want to hear from you the further updates on all of these MOUs because I'm not seeing anything on this part. I understand that things take their own time, but at least you can share the tentative timeline of the active status of these MOUs and when can we expect all of these initiatives to start generating further revenue in a meaningful manner, sir? Yeah, Aman, as you said, these all are, for example, hydrogen. Hydrogen is a new product altogether when it comes to the humanity, it's a new project, new product. So for that, it will take up time for it to materialize and to reach its cycle, life cycle of a product. So automatically, all this has to start with an idea. It has to start with an MOU. So we have started over there. Until unless you start, you will not be able to finish the race. So we are working on that. Actually, I mean, sometimes what happens if you look at the trajectory of solar, when it started, it was very slow and slowly, slowly it started because there has to be a price parity that has to come into the fix. From that point of view, all these MOUs, but as far as the other MOUs are concerned, we are already working on those MOUs. So like the Gujarat MOU and everything. So we are introducing funds. We are setting up plants in Gujarat. So those are part of the MOUs only. The MOUs state that we will be investing so much in Gujarat. So we are already investing in Gujarat more and more. So that MOUs are already in place. But as far as the new projects are concerned or new products are concerned, it will take time and we will, as and when we have major news in that, we'll surely disclose that on the BSE and NSE also for our investors. Thank you. Before we move to the next question, a reminder to participants to please limit your questions to one per participant. For follow-up questions, we request you to rejoin the queue. The next question is from Samrat Shah, who's an individual investor. Please go ahead. Good afternoon, sir. Congratulations for fantastic numbers. My question is for Salim, sir. Actually, it was a part of the question was already asked by the earlier participants. I wanted to just get a broad understanding that during February 2025 on call, there was a question based on IRA, like the tariffs and years due to which the panel sizes fell down, and there was a concern that it would be affecting our margins. So now the reverse has been happening since, say, December end. The panel sizes had caught up, and the earlier participant was raising concern on the silver prices as well. So whether the panel prices go up or down, the margins will remain intact is what I wanted to understand. The other thing is the various products which have come up, like battery energy storage system and green hydrogen and floating solar, you have entered into all these new products. I want to know how will this impact the net profit margins in the coming, say, 2 to 3 years? Will it remain stable at 18%? We have been maintaining 17%-18% till now. See, so I'll just take your second question first. The new product, as I told you, they are at a nascent stage. So it is very, right now it is at a nascent stage, so we will not be able to disclose that what is the margin impact because this project product itself has to reach its life cycle, complete its life cycle. Then only we will be able to explain because the prices will keep on moving, there will be a lot of change and everything. As far as the margin impact on the panel prices, I already explained that. One is IPP, where we do our own plant. So that doesn't have any impact on the margin because it's a capex for me. So that is the funding and CapEx that also, so automatically it will only generate the power, and when they sell the power, the revenue comes. So it is not going to impact. My IPP is not going to impact. CPP, as far as CPP is concerned, I already explained that if it is a private customer, we immediately, the moment we sign the sales order, we confirm the order. At that time, we immediately lock our panels also. And we factor in that our pricings should be such that our profit margins are maintained. As far as the bigger contracts are concerned, like CIL and SJVN, there we already have a clause in the tenders that we said that in case if the price of the panel or the product goes too high beyond a 5% range or something, then they will be relooking at the pricing that has been fixed earlier. Okay, sir. Thank you, sir. I will join back with you. All the comments are coming through, sir. Thank you. Thank you. Thank you. Thank you. The next question is from Parth Kotak from Plus91 Asset Management. Please go ahead. Hi, sir. Sir, just one question on our IPP business. In FY 2025, we ended the year with 503 MW. I'm assuming a large portion of this would be Khavda, right? Because otherwise, this year, the unit generation should be northwards of 80-odd crore units. So please correct if I'm wrong somewhere. So Khavda, we had completed in FY 2025, but the delay in the offtake of the unit was because of the government subsidy not completed. The government has completed the subsidy recently in December. So now in the next quarter, we'll see the revenue from the Khavda because that is one major thing which we'll be seeing movement in our IPP. Interesting, sir. Interesting. So in all probability, we should reach the quarterly run rate of whatever that number is of, say, 20 crore units per quarter from the fourth quarter onwards, if my understanding is correct. See, we will be targeting that only, but usually when the plant is set up, there is a stability period. So there will be a stability period when there's a checking and everything keeps on happening. Hopefully, we'll try to match the quarterly target that which has been given. But in case there will be a short up and down because of the stability. Because the plant is new, it has to stable. After that, a quarter or something, then it will be stable, then it will keep on generating the same revenue for next 25. Super, sir. Super. I think that's all from my end, and I will join back the queue for further questions. Thank you. Next question is from Vasim Ali from Lagrange Point Advisors. Please go ahead. Hello. Yes, good afternoon, everyone. I think, first of all, congratulations for your good set of numbers. So I think one question which you already answered, I think 240 MW, this Khavda project is not yet synchronized. It has to be synchronized in January something or in February something? What do you think? No, I said that the substation, government substation, which has to take the power from us, where we have to input our power, that substation was not ready till December. Now it has ready, and they have charged it also. So now we have started, what do you say, they have started taking the power. So we have started offtaking the power to the government substation. It means in this quarter, quarter four. We expect the revenue in this quarter. Yes, yes. Okay, okay. Second question is, Mr. Salim, you know this is your Sun Drops IPO. When do you expect to bring this IPO? What is your timeline? See, we are expecting in the next financial year, most probably for the first half year of the next financial year, we're expecting to close it. The reason for that, we are expecting big orders in BESS because some of us will be focusing more on battery energy storage system, which is a new product altogether. So once we have that good order also, we will float the IPO as early as possible, most probably in the first half of the next financial year. Okay, okay, okay. Okay, okay, okay. Great. Thank you. Thank you so much for this. Thank you. Thank you. Next question is from Gaurav Sharma from Anujay Properties. Please go ahead. Good afternoon, sir. Congratulations on an excellent set of results. My question is, Salim, sir. I hope you're doing well. My question is regarding the 1 gigawatt IPP commissioning by March 26, as it was discussed in our last phone call. Are we on track to commission that? Yes, Gaurav. Before we start the question and answer, I had given a speech. In that speech, I've already said that out of that 1 GW, we have already charged and we have started sending power for 35 MW altogether. So it will be done in a piecemeal, and we are very much in line to achieve our target over there. Okay, sir. Thank you. I'll join with you for the questions. Sure. Thank you. The next question is from Vikas Nayak, who's an individual investor. Please go ahead. Congratulations on the continued growth, sir. Just a question on the IPP part. As of this quarter, maybe how much IPP megawatt is actually contributing to revenue, and how do you see maybe the year ending and maybe first half of this next year and also the end of next year, how much megawatt might be actually contributing to the revenue? See, in this, if you see the actual megawatt that we have done is around, if you see I'll just say, let's hold on. So my IPP is around 500 MW installed capacity. Out of this capacity, as we discussed a couple of minutes back, that 240 MW was Khavda, which the government subsidy was not energized. That's why you're not able to see the revenue over there. But in coming quarters, we'll see the revenue from that. So you can see that 50% of this was energized in March only, but the revenue started post that. Also, 50 MW hybrid, which we have set up, which is also with GUVNL, that also started generating revenue. We have got revenue in January also, January per month. So we are expecting another 250 will start generating revenue in the last quarter, and after that, we'll continue. If you can say that actual what megawatt has given is around 250 MW, is something that, which has, sorry, 200 MW is something that has given us the revenue in this nine months. Okay, understood. So on the CPP, basically the margin seems a bit higher just for this quarter. If for 9% is the IPP revenue, but the overall comparative margins are around 36%. So the CPP margin seems maybe 30%-31%, but on a regular basis, we have 20 or 22. If this is correct, maybe could you help me understand maybe what has caused this maybe almost 50% jump in the margin? Yeah, let me explain you. See, IPP adds to the bottom line. IPP EBITDA is around 85%-90%. Because I don't have any cost once I set up the plant. Okay? So my EBITDA is around 85%-90%, and the CPP is around 18%-20%. So combined, if you see the cumulative EBITDA, it will come around 30-35 kind of EBITDA. And as we go down with other costs and everything, my PAT is around 18-odd%. The reason for getting very high margin in the CPP also is that we have evacuation, we have land bank. So we charge a premium because we can give plants within the shortest period. All those factors help us charge a premium for that, and we have that long-standing track record of execution. And whatever I do for CPP, I have my IPP plants over there also. The customer is quite comfortable with us that these are not a fly-by-night operator or somebody who's going to close the shop. So as far as the utility scale are concerned, we can understand that. So because we are at a big scale now, we have economies of large scale. So that helps us to reduce the pricing and the margin over there. Thanks so much, sir, for answering the question. Thank you. Thanks. Thank you. The next question is from O.P. Gandhi from Siddhi Technologies. Oh, who is the recorder? कृपया. Okay, that line seems to be on hold. We'll move to the next question. Next question is from Sahil Shah, who's an individual investor. Please go ahead. Hi, sir. Am I audible? Yes, Sahil, you are audible. Hello. Yes, Sahil, you are audible. Excellent set of numbers. Thank you, Sahil. Sir, given current leverage and pledging levels, how does management balance growth, debt reduction, and the shareholder value creation as the share has quite underperformed? See, Sahil, you need to understand the share has not underperformed. It's the external factors that are impacting, and it is not impacting KPI. It It is impacting all over the market because of the uncertainty in the world economy, or you can say the relationship between countries and the uncertainty over there. As far as your concern on the debt equity, if you see my debt equity is 1.95. My total borrowing, which includes my short-term borrowing and long-term borrowing, it is 1.95:1, which is one of the best in the industry for our companies which are into EPC mode. Right? So you might see if you compare it with other big players, there are players with a 6:1 and all. So I am very well placed when it comes to debt equity. As far as the results are concerned, we have been giving good results year-over-year, quarter-over-quarter. There is nothing from the company side. It is only the economic factors, external factors which are impacting, and that is impacting every company, whether it is doing good or bad. There, nobody has a control. Once, what do you say, there is a stability in the international markets, automatically you'll see the prices going up. Correct. Thank you so much. That helps a lot. Thank you and all the best, sir. Thank you. Thank you. Thank you. The next question is from Anil Saran from K16 Advisors. Please go ahead. Yeah, thank you for the opportunity. I have a bunch of questions, but given the paucity of time, I'll just stick to one. There is a lot of orders that we keep hearing about. It would be nice if you told us what was the previous quarter ending order book and only for CPP because IPP is your own. Perhaps, I mean, speaking only for myself, I'm more interested in what you're doing for third parties in terms of order book. What is the new incremental order book, and what is the CPP closing order book? And after you tell me this, if you could also tell me, the scale is increasing quite a bit. If you can talk about your organization building to address this dramatically higher scale of operations, I wonder or I worry that you may not be able to execute. If you could answer these two questions for me, I'd be grateful. See, I'll just touch up this question, and I'll also give to my colleague, our CEO, Dr. Alok Das, before he is pitching. If you look at our presentation also, on the CPP segment, if you see, the order book in the FY 2025 or last quarter of FY 2025, which was at 1.96 on the CPP, that has gone up to 2.57 gigawatts. There is a substantial growth in the order book. As far as the individual breakup is concerned, I'll just let Alok Das take the floor. Yeah, good afternoon. Basically, your question was there, the segment is about IPP and CPP, right? So if you ask questions, if you see that the Q2, the Q2 FY 2026, CPP was 2,426 MW, and Q3, the FY 2026 is 2,572 MW. I'm just segmented only for the CPP. Similarly, just to give a hint about IPP, there was a 1,726, and Q3, it has come 2,171. It is there in the public domain also, we have heard. Also, I would like to throw light on your fear factor of whether we will be able to execute or not. There is one factor which we need to understand that whenever we complete an order, until unless we complete the entire order, for example, if I have 500 MW, until I have completed the entire 500 MW, I might not put it on the board that I have completed 500. Though I might book the revenues because I might have done 200 MW, but the entire order complete is complete, only after that we put. So that there will always be a little bit gap between what is being seen in the presentation because we don't put until unless we complete the entire order. So that's why the growth is there. The revenue is booked. That means there is the progress that is happening, and there are now we are going to big orders. Until you complete the big order, we will not. So suddenly you might see in one quarter, you might see 500-600 megawatts added to it. So we might have completed one order, big order over there. But the revenue for that has come over a period of time in different quarters that we have. Got it. Just one additional one. Now that you will be getting Khavda revenue, which was due to evacuation problem, you were not able to book the revenue. Would the combined or the blended EBITDA margin go up materially from what it was in the third quarter? As you roll forward to the next year, not only the top line will go up, but due to the nature of the mix, the IPP is very high margin. So blended revenue, it would be going up sharply? No, no. The reason is that simultaneously, I'm also increasing my CPP portfolio. So my growth in CPP will automatically net off the profit that is added from the IPP. So automatically, once I increase my CPP, if you see, my top line is growing at a 50%-60% year-on-year. So that growth is coming from the CPP business mostly. And even if we add more and more, it will not have major impact until unless I have something like 1 gigawatt or 2 gigawatt added to the IPP portfolio immediately. Then only it will grow. But at the same time, I mean, you can understand that CPP will not remain constant. It will increase automatically. In value terms, EBITDA will increase, but the margin terms, it will most probably remain in the same ratio. That means EBITDA and top line will grow at a similar ratio or similar percentage in the coming year? Yes, they will remain at the similar percentage. We'll be able to maintain them. In absolute terms, they will increase. No, absolutely. But it won't be that top line moving by X and the bottom line will move X plus something. See, sir, I am saying again that the margin will remain same. For example, if the top line is increasing, it will be on that top line. Your absolute profitability will increase and the margin will remain same. Margin will not increase. That's what I'm saying. Great. Thank you very much. You would not be needing any equity in the coming year? Nothing. At present, we have no ideas on that. Surely, if there is something, we'll disclose that on the BSA. Anil, I also like to clarify on the initial question you had asked, right? When you had mentioned the order book, we had shared the megawatt number, but I believe you won't want the numbers in monetary terms. So with monetary terms, we are comfortably INR 5,500+ crore order book only for EPC as of this quarter. Got it. And the increment has been in rupee terms? Increment for this quarter done by? In the. Sorry, can you repeat the question? The increase during the quarter in the rupee value of order book? Like we are at INR 5,500 now. Previous quarter ending, we were at what rupee value? It was around INR 4,000 crore, and this quarter, we are INR 5,500 crore. So there is also some which is added, which is, and also some which we have completed. So you can say that's the retail type. Oh, wonderful. Wonderful. Such a significant growth. Now, thank you very much. Thank you. Thank you. Next question is from Nupur Gandhi from Siddhi Technologies. Please go ahead. Yeah, hi. I had a question on the Subsidiary Sun Drops. I wanted to know what is the revenue for this quarter and what is the current capacity that we have there? So we have, in this quarter, approximately INR 150-odd crore done in Sun Drops. We expect because, as I told you, there are a lot of orders which billing has to be done, and it will mostly get completed in the last quarter. We expect the last quarter will be a bumper again for Sun Drops. Okay. Any revenue targets for the next year going forward? We have our, I mean, targets we can answer, but as we have told in our various public programs, we expect 50%-60% growth year-on-year. That is the minimum, but we might surpass that in Sun Drops as far as. Okay. The capacity that we have there? See, Sun Drops has, I mean, the capacity you are talking about the IPP? Yeah. See, now when we are entering into BESS, I mean, it will not be right to just smash the capacity because there will be an energy storage system also that we'll be adding to Sun Drops. So renewable energy capacity, and there is also EPC business, DRE EPC, and other projects that we are doing in Sun Drops. So capacity-wise, I mean, if we add, that will be around 400 + 800 MW of BESS and managed energy storage that we'll be adding up in the next. Okay. Thank you, sir. That's all from my side. Thank you. Next question is from CA Garvit Goyal from Serene Alpha. Please go ahead. Hi. Thanks for the follow-up. Just one question on our subsidiaries, IPO only. What is the purpose behind bringing this IPO, and are the existing shareholders going to get the shareholder quota while applying for the IPO? There it is. Sun Drops has a motive of setting up the entire battery energy storage system businesses and also bring smaller projects which are 35 MW and below kind of a project. So the purpose of the object is to enter into battery energy storage system, which is a separate business altogether, and also cater to the MSME or the small clientele which also are into the, which also is very big, what do you say, sector for us. So idea is that as far as the quota and everything is concerned, there is no decision as of now on the quota or anything. But once we declare that the, what is the red herring prospectus, at that time, we will declare on the quotas and everything. No, sir. Actually, the reasons you mentioned, these are not aligning with bringing the IPO. IPO maybe you are bringing just because of raising the funds or something like that. So is that the thought process behind bringing the IPO or what? See, the IPO, as I told you, the IPO is for battery energy storage system. We are setting up a separate vertical for Sun Drops. That is battery energy storage system. And that is a new project altogether or a product altogether. And that requires a lot of funding. So that's why we are diluting ourselves and getting the IPO in Sun Drops so that we can excel ourselves in the battery energy storage system, which is also a requirement of the renewable energy power that is being generated in other companies. Okay. And what will be the holding of KPI Green and that company after the IPO, sir? I can assure that KPI will always be the majority stakeholder. It will have 51% and upwards. Means that numbers will continue to get consolidated in KPI Green, right? Yes, yes, yes. We have that will consolidate in KPI. Understood. Understood. And just regarding the pledge part, although you mentioned last time also, we are seeking to the pledge to be released by March 27. But what is the progress on that side? Like can it not happen like it should be in a phased manner and by 27, it should be like 0% pledge holding? Should not it be like that way? See, the condition of the pledge, as I explained last time also, was that once we complete this 1 GW project, which we have taken funding from SBI. SBI said that once we complete this project, after that, within six months, I'll remove all the pledge. The target is around September or something that we have given to the SBI that I will complete the 1 GW project September 26. And within that, six months or something, we will, by March 27, we'll be able to release that. Now, project, we have already energized 35 MW out of that 250 MW. We have set up, we will be energizing some in February. So pledge cannot happen with, you know, that they will release a couple of shares this month and next month. It's a total procedure. There's a legality which has to be taken into consideration and everything. It is only after completion of every project. After that, they will get the COD, and then they will give us the release of pledge. Understood, sir. In continuation to the earlier participant, when he was trying to understand about the margins profile of IPP business, so you mentioned 80%-85% kind of EBITDA we will be having in the IPP segment. So once that mix is going to be towards the IPP segment, let's say currently we are having 20% from IPP, if that mix is going towards the 30%, fundamentally, the overall EBITDA margin should increase. So why you are saying EBITDA margins will remain the same? That I'm not able to understand. Nayak, Garvit, are you expecting me to not increase the CPP business? If I'm not increasing the CPP business, that's my IPP margin. No, no, no. Actually, in the. That's what I'm saying. Let me complete. Let me complete. First of all, 9% is my IPP revenue as on date. Okay? From the total. Now, to move from 9%-20% also, it will take a lot of time because my CPP is also growing substantially. If I have INR 6,000 crore ordered right now, and if I complete, my CPP will go up to the next year, it might go up to INR 4,000 crore. And for INR 4,000 crore, I need to have that much revenue from IPP. So you need to understand that as I grow, I will also grow my CPP. So that's the reason the margin will remain the same. It will not get diluted. But if I only grow my CPP and not grow IPP, then my margin will go down. So to maintain that. Growing CPP is also like expected to grow at a faster rate only. Yes, yes. Right, right. Understood. I think that's from my side and all the best for the team. Thank you. Thank you. The next question is from Gaurav, who's an individual investor. Please go ahead. Hello, sir. Good afternoon. Congratulations on the Q3 numbers. Am I audible? Yes. Yeah, you're audible. Sir, you have done a comment on Botswana for 5 GW. The whole KPI group has done that. I want to understand what is the percentage of KPI Energy in this 5 GW? How much exactly KPI Energy will hold? See, KPI, you're talking about KPI Green, right? Yeah. Yeah. So KPI Green will be the leader in this particular. There will be a lot of IPP projects which will be set up in Botswana company, which will somehow be consolidated to the KPI Green only. So automatically, and whatever the EPC work and everything will go to, either if it is a wind, it will go to KP Energy, and the infrastructure requirement will go to KP Green Engineering. And that's why we are signed with the group because the entire group is into renewable energy at various verticals. So it will benefit everything. But the entire plant or the IPP plant we'll be setting up will be mostly with the KPI Green, either through subsidiaries, step-down subsidiaries, or directly. Okay. Understood. So can I explain like the IPP segment, everything with KPI Green is on the solar part at least? Yes, yes. So EPC segment will be either through KPI Green Energy when it comes to wind and solar. They will do it. And then the material, as I told you, will come from KP Green Engineering. Understood. Makes sense. And one more thing, our data and inventory rates have increased Q1, Q2, and year-over-year. So are we expecting to settle it down in the upcoming quarters or it will remain the same? See, two things in this. One is that we are growing substantially. Automatically, as I told earlier also, whenever we book an order, we have to lock the inventory. And that's why you can see the inventories have gone up. And as you know, the quarter-end, majority of the billing happens in the December and the March quarter. That's why the data is out. It will cool down as we go forward in the month of April and everything. Again, March will be seeing a little bit hike. And then again, April, May, June, you'll see the cooling down of that data and inventory also. What kind of return on equity? Like on general basis? See, what we have usually been around 20%-24% kind of return on equity that we have been giving. As you know, this quarter we don't spend the balance sheet. So that's why we have not given this quarter figures on the return on equity. But we will be in the range of 20%-24%. Thank you, sir. Thank you so much. Thank you. The next question is from Ritesh Bhagwati from Alpha Plus Capital. Please go ahead. Hi. First of all, thanks for taking my question. I just wanted to understand what sort of CPP and IPP execution we can do on a full-year basis. Sorry, Ritesh. I mean, if you can just a little bit clarify on your question. What kind of CPP and IPP execution we have done in the quarter? No, no. For the full year, what kind of execution can we do for this financial year? Okay. So when it comes to. Like in terms of megawatts or? See, when it comes to the IPP, IPP, as I told you, we are planning to have 1 GW by September 2026. So this year, a portion of that will also be energized by March. On the CPP side, as I told you, it's on the, what do you say, the amount-wise we will be growing. But installation, as we complete the entire project, then only we count it as fully installed. So that's why you will see the revenue coming up in the next quarter and the quarters after there, whatever the audits that we have. But the capacity will slowly, slowly increase as we go forward. Okay. So just back of the envelope calculation. Last year we did roughly around 447 megawatts in CPP. Can we expect roughly around 600-800 megawatts? 600 is what we have already done by Q3. So around 800 is what we can expect by the Q4 end? Yeah, you can expect it more than that also because the last quarter is my bumper quarter. Okay. Okay. Fair enough. That's one thing. Also, I just wanted to understand, from what I understood, correct me if I'm wrong, in regards to the panel costing. For CPP, for our private customers, we block the panel cost as and when we get the orders. And for the bigger orders, we have the cost escalation clause. That basically insulates our panel price rise. Now, what I want to understand is for the IPP contracts, for that order book, how are we taking the costs? See, in IPP also, if you read the PPAs that we have signed with GUVNL and everything, there also the clause is there that if there is any substantial increase in the panel prices before the locking the panel or anything, so automatically the tariff will be revised. So that clause safeguards me when it comes to the IPP. So my IRR doesn't get hit. Okay. But will that lead to some sort of slowdown in terms of execution just in case the price parity doesn't match between both the parties? No, no, no. It won't slow down because the lender is also aware that if the prices go up, lender will increase the cost of the project. And automatically, whatever extra funding is required, they will do the funding. I don't think that impact anywhere the, what do you say, the speed of the project. We have been executing. And you need to understand, panel is the last step in the execution. Before that, there is infrastructure and everything. So panel is just setting up the panel. So that doesn't have too much. It only takes 20%-30% of the entire time. Whereas the infrastructure takes 70%-80% of the time. So it nobody has any impact on my speed. Okay. Fair enough. That's it from my end. Thanks for the opportunity. Yeah. Thanks. Thank you. Next question is from Paras Gulabchand Karania, who's an individual investor. Please go ahead. Hello, sir. Am I audible? Yes, Paras, you're audible. Yeah. Thank you so much for the opportunity. It's my first interaction with you, and it's a privilege. Sir, do we have any plans on acquiring O&M contracts from other IPP producers, wind and solar? Paras, we have, as you are aware, we have in-house robotic cleaning. We have network operation centers, which is one of the USP of our businesses. At present, we have on our hand, whatever our existing projects or our own projects are there, we are focusing on that. As we go forward, surely we have that on our, what do you say, the plan that when we go forward, we'll utilize or we encash this capability or USP that we have. So at that time, we will surely look into taking bigger projects for operation and maintenance. Actually, the question came from the kind of capabilities that you guys have already built in-house. So that was the reason for my question. So currently, how large is your O&M book? Can you publish that from now? And the kind of revenues that we can gain forward? Whatever IPP I am doing or CPP I am doing, that every O&M is done by my in-house O&M companies. Okay. So it's a part of the audit book, is it? Like the initial content that is done. Yes. Like for example, my IPP as on date, which is energized, is around 520 MW. We are expecting to reach 2.17 GW. All those will be O&M with my O&M company. Similarly, CPP is also going to 2.57 GW. That also will be. Whatever energy, whatever capability I have energized, that all are done by my O&M company. Okay. Okay. May I ask one more question? You will have to, sorry, but in the interest of time and others, also if you can just again join by the queue, that will be helpful. Yeah. Okay. We are doing that. Thank you. Thanks so much. Thank you. The next question is from Aniket Panda, who's an individual investor. Please go ahead. Hello. Good afternoon, sir. My question is regarding the year-on-year, the quarter-on-quarter growth was around 45% in fact. But the previous quarter, it was around 60% year-on-year. So are we expecting a slowdown because of the solar glut and all? Or are we on track of achieving 50%-60% growth next year also? If you see the 9-month figures, if you compare, we are at around 60% growth. So we are maintaining that and we'll maintain that. There is no slowdown or anything. We already have an order book in hand and we have very good execution capabilities. We have inventories with us. So I don't think there will be any impact on that. And we will grow at whatever we have committed, around 50%-60% year-on. Okay. And last question, sir. Regarding the government budget, do you have any specific expectation from this budget which will help in increasing the push towards renewable energy? We are, Honorable CMD, Dr. Faruk Patel has already given on various public forums. He has given the expectation that is. Whatever expectations are from our CMD, sir, the same expectation we have. Dr. Alok Das, if you can just highlight those expectations. The thing is like this. Our CMD has suggested the policy is very conducive. The country is moving about 500 GW. But just to motivate the people and all, because most of these distribution companies, they are coming. So our CMD had suggested there's a renewable purchase obligation is a tool. That should be enforced. Rule will be there, but that will be an enforcement mechanism. That should be the one criteria. Again, guidance given by our CMD about a green corridor in terms of the infrastructure development of power evacuation. So lands are there. The power evacuation corridor is established. Obviously, that type of trajectory of 500 GW can be achieved. So these are the two guidelines given by our CMD to consider during this budget. Okay. Thank you, sir. Thank you. Thank you. Thank you. The next question is from Ashish Jindal, who's an individual investor. Please go ahead. Hi. Good afternoon, sir. So many of our competitors are talking about entering into transmission EPC as well. We haven't heard anything from you on this. Can you throw some light on this? Yeah. If we get an opportunity, we will always look at having an inorganic growth also. Organically, we are growing very good, as you are aware, Sir. And we will surely look at it. But at present, I mean, when it comes to the transmission EPC, I mean, for our project, we are doing our own transmission lines and everything. So it is not a new arena for us. We have our sector for us. We have already been into that. It's only that how we get into this particular arena and take outside orders. So we will surely look into that. We have been discussing internally also to expand inorganically also. So we have something on the table. As soon as something becomes constructive, we'll surely disclose that in the public. Additionally, sir, if you can throw some light on our IPP revenue percentage to our total revenue by, let's say, FY 2030? We are planning to have around 25%-30% minimum. That is what we are targeting. But let's see, I mean, how it goes forward because we are by FY 2030, I'm talking about. Okay? Because I will be working on that and that's what I'm saying. But I. Sorry, sorry, please. Yeah. I'm saying we have Botswana, as we are aware that, but simultaneously, we are also increasing on the EPC side. So automatically, there will be an increase in both the sector segments. So we are not only in Botswana. We'll also go to other countries, and we are setting up in other continents or something. So we have these plans about that. But that is what is, what we say, a conservative plan that we have is minimum 25%-30% is that we will try to put in IPP because we know that IPP is something which will give us long-term revenue and gives a very comfort also to the investors and the stakeholders. Okay. Thank you so much. Thank you for answering the question. Thank you. The next question is from Vikas Nayak, who's an individual investor. Please go ahead. Just to quickly regarding the Botswana project, roughly maybe around 2 years, so we have a target of 500 MW. Is maybe after land pulling with Botswana having land, the field land resource considered as maybe one of the factors which we, because compared to maybe say state of Gujarat, where maybe land might be spread across multiple regions, and the country has land in Botswana, is that seen as maybe one of the maybe the triggers to maybe have this shorter implementation time of 2 years for 500 MW when we have finished 500 MW in India, maybe over a course of 5 or 6 years? See, as I told earlier also, we have very good support from the Botswana government. So that is the reason we are entering Botswana. They have promised us to support on the PPA side also, signing with the neighboring countries. They have a very good evacuation infrastructure. And availability is also there. So that's the reason we are going. And we know that these two factors, when the government support is there on the evacuation and the land, setting up our plant will not take too much time. So we are aware that these two things are managed by the government, so it will be done fast. So that's the reason we are given in the short term, we are given. And once we set up the 500 MW, because we'll have to set up our team over there and everything, that takes time. Otherwise, for me, 500 MW one year is also more than enough. If I have a full one year without any season, I'll complete the wind end, complete 500 MW. We have done in the past. Okay. Complete that, Mr. Sir. Thanks so much. All the best for the future. Thank you. Thank you. Next question is from [Abhishek] from [Sunidhi Securities]. Please go ahead. Yeah. So one of my previous participants talked about Sun Drops revenue, and you talked about the guidance also. So I want to add upon that question is that what is the current PAT, and what is the EBITDA margin, and what future PAT can we expect from this Sun Drops IPO? As I told earlier also, Sun Drops, we are focusing on battery energy storage systems, which is a big segment which is developing right now. We are allocating Sun Drops for that particular business along with its existing business of 35 MW and below and our projects for MSME and small enterprises and everything. So and retail business like BREGP and everything. Our vision is that the storage system is expected to grow substantially just because all going forward, all renewable energy projects will have to compulsorily have a battery energy storage system. Because of that, we have a separate entity which will look into this particular segment, which is going to grow big. That's the reason we want to come up with an IPO for that will require funds for setting up the battery storage system. Okay. Okay. Got it. But what is the EBITDA margin can we expect and PAT, anything number you can provide us? See, at present, the EBITDA margin are same in the lines of what KPI is also doing at a consolidated level. It's not totally different. At present, it has the same business. It's only that it has a smaller capacity of IPP, and it also has a CPP. So at present, you will see the margin would be at around a range of on the EBITDA would be combined EBITDA would be around 25%-30% kind of a percent. And then PAT would be around 17%-18% kind of a thing. So that won't be too much difference. But once we get into BESS, there will be a different margin because BESS will also act as an EPC for our service provider for saving the power from other sources also and selling it in the open market also. So all these factors will be taken into consideration. At that time, the margins might fluctuate depending upon the project cost, depending upon the various factors, the demand and supply for the battery energy storage. Next year, what do you expect the total turnover? As we told, in all our companies, we expect 50%-60% minimum growth year-on. This year, what is the turnover expected? Yeah, that's what I'm saying. This year, we expect around what we have done last year, we expect 60% growth on that. Last year, what was the turnover of Sun drop? Turnover was around, just a second, around INR 300. This year, you must be targeting INR 500 crore approx? Yes, yes. Somewhere around 500-600. Okay. Okay. Okay. Thank you. Thank you. Thank you. The next question is from T. Komal from Zuno General Insurance. Please go ahead. Yeah. Hi. My question is on account of debtors. How much is the debtors percentage of currently debtor days as of December? Or if you can share the value. Yeah. As of December, see, as of December, the debtor turnover ratio is around 133 days, which was around 90. As I told you, these are my two bumper quarters, December and March. So during this period, majority of the building happens in the December and the March. So you'll find a spike which will eventually cool down when you go into April, May. Got it. Also, my question is on account of how much is this the company that you have got going with for IPO, how much is its financials composed of the entire nine-month, INR 1,900 crore of revenue? How much that contributes both on revenue, EBITDA, and PAT? Right from approximately, I have done INR 300-odd crore out of INR 1,900 crore. Okay. So INR 1,900, we can see INR 1,700 is coming from KPI and its other subsidiaries, and INR 300 is from Sun Drops. Sun drop. Okay. How much would be EBITDA of the INR 700 crore for sun drop? No, no. INR 300 crore is the top line in nine months. That's what we have calculated. INR 300 crore in Sun Drop. In Sun Drops, right? In Sun Drop, yeah. And EBITDA, as I told you, is around if you look at the combined EBITDA, it would be around 25%-30%, that range. Okay. In Sun Drop. Okay. All right. Any guidance on Sun Drop? How much should be going ahead in terms of? See, EBITDA margin will be maintained. As far as other things are concerned, we will be getting our goal of 50%-60% minimum. Okay. On the top line. We will expect around INR 500-INR 600 total top line with an EBITDA of INR 25-INR 30. All right. Of the entire order book, how much is Sun Drops order book? Can you help me with that number as well? Sun Drops order book would not be, but it would be around INR 400-500-odd crore would be Sun Drops order book because there are retail orders, small, small orders. So that will be a plus. But there's enough for the quarter and upcoming first quarter of the next year. All right. Yeah. Thank you. Thank you. Thank you. The next question is from Sagar from Qubit Capital. Please go ahead. A couple of questions. This is on the IPP side and the recurring revenue that we generate. Can I assume for FY 2027, the number of units would be around, let's say, 100 crore units and INR 300 crore revenue? What is the trajectory for IPP recurring revenue for the next two to three years? See, as I said, once we complete this 1 gigawatt, what we are right now, 250 and 370 on the AC side and DC side, if you add that our 50 also. So automatically, we are expecting the revenue to grow substantially. Exact revenue is something that we count because it's a stability period, as I told earlier. And first year of operation, you will always have fluctuations on the units that are generated, also on the season that you see. So there had been elongated rainfall this year. So all those factors will have, so it cannot change. But yes, we will grow as we go forward, we will grow. And this revenues are for next 25 years. That is because our PPAs are for next 25 years. Okay. So the 1 gigawatt that. Yeah, go ahead. Yeah. So FY 2027, we'll complete the 1 GW, FY 2026, 2027. And the revenue of that 1 GW will start coming from FY 2027, 2028. Okay. So FY 28, what would be the peak revenue once this has materialized and stabilized for IPP? See, we have already in our presentation, we have mentioned that 300 crore kind of a unit generation that we have. There is a slide in our presentation also which clearly says that we expect around 300 crore units, and they are at the rate of INR 3 on average. So you can then figure it out. Thank you. Thank you. The next question is from Paras Gulabchand Karania, who's an individual investor. Please go ahead. Thank you again. So can we expect the first orders from the states of Madhya Pradesh, Odisha, and Andhra Pradesh? We have already started working over there. We need to understand when we take an order. EPC order I can get, I think I know floating solar we have got order, which is I think in the state of Odisha. Oh, that is Solarism, that we're all speaking. Now, because wherever we have signed an MOU like MP or the Odisha, that is the government, they are coming with the floating solar. For example, Odisha, they are coming with the EOI and all. So now it is started moving. Odisha itself, there is a 5 GW potential there. Part of 100 MW grid has been floating. So we are participating there. So something like other states, they are coming with the, like they're following the model what Gujarat is doing. So all the states, now in the Odisha declared recently the renewable energy state by the NRE. So these are the future destinations where the projects are expected in future, particularly solar and floating solar there in Odisha. And MP, there's a hybridization that's coming. KP are doing the resource creation because most of the regulatory framework work under the hybrid projects. Because now the regulatory says, wind cannot solve the power; you give the solution. Solar cannot give the solution. There's time series data generation and consumption, there's a thing. So that is a every status coming for the hybrid projects or round-the-clock operations. So what KP is doing today, we are creating a resource for all states like Rajasthan, MP, and Odisha. So you will get the timely some sort of good news out of that state. Okay. What are the plans for your data center opportunity? And when does your MOU with INOX show some results in the next one year, two years? You see, INOX, that whatever we have done, we have already started our state. We are having their dialogue between the company. So we'll be starting first, probably some smaller capacity in the state of Gujarat. And after that, we will come in the time, we will attempt to dispose that thing. But that discussion is on with INOX, how to joint both the company can do that. Yeah. And the data center opportunity? Because we are doing a massive build-out of data centers in India in the next 5-10 years. So how do you plan to play that opportunity? What is that? Data center. Data center MOU is the same data. Yeah. It is a data center. There is a data center when it is coming to data centers. So we are having the data center needs a round-the-clock operation power. And for that, a particular place like we are now planning some multiple states planning. So that data center needs the gigawatt scale power. And they need all the wind, solar, and storage. So all are under study now. So obviously, storage and the data center will be coming some couple of times and it should be in sync with the various state policies. So we are having them study, particularly Maharashtra, some state in Gujarat, we are under study. Obviously, it is the national state. We'll come back to you on this issue. So by when? So could you expect something concrete on the data center opportunity? This data center will be whatever the data center, whatever the inquiry will come. Generally takes about a 24-month time for the execution. Obviously, from the RFQ level to execution will take it till 2 years' time. Mostly that grid connectivity, which is coming from the central, so that is coming till 2028, 2029. You can see that time, that kind of trajectory where all the data center will work under central grid. Okay. Okay. Thank you so much. I'll get back in touch. Thank you. Thank you. Thank you. The next question is from Aniket Panda, who's an individual investor. Please go ahead. Sir, I just wanted to ask regarding the someone rightly said that we have the signed project with Odisha, Madhya Pradesh, and all. So when are we planning that the bulk orders we can receive at the company level? You see, the thing is like, let's say for Rajasthan, we have already got certain BOS contract under UMRE Renewable from NTPC. We have already got from Rajasthan. So that is under planning stage. And also the same state, we are creating a resource for our small-scale retail customer there in Rajasthan. MP, as I said in the previous call. So that is a resource under creation. So because that is to be done. And Odisha, already they have floated the inquiry and we are participating over there. And sir, the CMD, Faruk Patel said that we are looking for projects like Botswana in South Korea also. So any light when can we expect the agreement or MOU to be signed? See, also I had already said that we will be setting up the entire plant or the infrastructure in Botswana, and we will be dispatching power also to the neighboring countries. When in neighboring countries, South Africa is there, Zambia is there, Ghana is there. So all the neighboring countries will. So we'll have a base or we'll have the infrastructure in Botswana, and we will start selling power to all the neighboring countries also. So that is what is the thought process. Yes, as we go forward, when we increase in scale and if there is a requirement, we might enter South Africa also for setting up the infrastructure. No, no, I meant South Korea. Korea? South Korea is about hydrogen. This is a nation-state. As I told earlier, hydrogen is a new product. In the nation-states, there are a lot of R&D which are going on. We have already set up our own 1-MW hydrogen plant in our plant. We are very confident that we will be speeding up on this segment. You just to top up the salinity, what I'm telling, because Green Hydrogen, as that we have already started our prototype invention for that in our factory, number one. Number two, when it is the Green Hydrogen, there is a directive from the government, 5 million metric tons has been directed, where they need to have a Green Hydrogen means they should provide particular state, land, and PE facilities. We have already taken some of our initiatives for the port development, where it is to be export back to South Korea. These are the planning. We are making all dots separately. We'll be making all dots together. During the course of the time, we'll just let you know what is the trajectory and when we can export for that. Okay. That's answered my question. Just one request. I know KP Green Engineering publishes half-year results. Just one request will be if you can shed some light on when you are planning to migrate it to main board, that will be great. There's a regulation that we have to minimum a couple of years you have to be on the SME, and after that, as soon as we get that passed that regulation, we will surely migrate to the main board. Because we have done for our existing companies, we would also like to migrate to the main board with that. Okay. Okay. You people are doing a great job. Thank you for answering all my questions. Thank you. Thanks. Thank you. The next question is from Paras Gulabchand Karania, who's an individual investor. Please go ahead. So thank you again, sir. So I wanted to ask you, so now till 2030, we are pretty clear that the Government of India will be executing that 500 GW target that they have. But looking beyond that, the delta in increase of capacity will not be what it was in the decade that's going on. So sir, what are your plans? How do you plan to keep growing? Will you cross boundaries? Will you go to the African nations, the Middle East nations? What is your long-term mission for the growth of the company beyond 2030? I'm assuming we keep executing till 2030. So I'm assuming the execution will be perfect. So what beyond 2030? Parash, if you see, our focus as earlier also, and we have increased our focus on IPP. When I say IPP, this is my 25 years annuity income. So automatically, whatever I do or set up, for example, if today I'm setting up 1 gigawatt by next year and then 10 gigawatts, this will keep on increasing. Majority of this portion will increase on the IPP side. So once I set up an IPP, I have revenue for next 25 years. So that is what is going to be constant over there. As far as the other projects are concerned, if you see, we have already diversified into multiple things. We have into hydrogen, which are the new upcoming sector or the segment in the renewable energy, in the green hydrogen, in offshore. So we have planned that as we go forward, if there is a change or a shift in the renewable energy with some newer products, we will always be there. Whether it is an operation maintenance, whether it is offshore, whether it is green hydrogen, whether it is battery energy storage system. So we have been constantly updating ourselves or improving ourselves from what we were last year. And we will surely catch up by 2030. We'll have clear game plan what we will be there after 2030. But to give a comfort, IPP segment will always be there, which will keep on generating revenue for you with an EBITDA of 85-90. Which regions in the world do you see the most opportunity apart from India going forward? Which parts of the globe do you see? Yeah, that's only, you know, we see a lot of opportunity in the African continent. And that's why we are setting up in Botswana because power tariffs are very good over there. And there is availability of what we say the land that is there. Infrastructure also to an extent is there. We can strengthen that infrastructure. So we see that there is a lot of opportunity in these countries. And the best part is that Botswana has the best radiation on the earth. So that is one of the key factors when it comes to solar. So all these factors, whatever we say the tick marks are fulfilled in Botswana. That's why we see that African countries are one which or the continent is one where we see a lot of traction in the upcoming years. Okay. And would you be going through with this through a JV or do you plan to go through with this individually in the future, like when you do more work in Africa? Yeah. So most probably we will plan in such a way that we want the consolidation at a KPI level. Our KPI will get strengthened as we go forward. There might be to an extent there will be a JV, but 51% will be held by either through shutdown subsidiaries or directly by KPI. Okay. So you have concrete plan with regards to all of this? Yes. Yes. Yes. Okay. Thank you so much, sir. Thank you. Thank you. Thank you very much. That was the last question in queue. I would now like to hand the conference over to the management team for closing comments. Thank you. I hope that we have given our answer to the satisfaction of all the investors. Once again, thanks for all your support from the investing community. Thank you. Thank you, bye bye. Thank you very much. On behalf of Share India Securities Limited, that concludes the conference. Thank you for joining us, ladies and gentlemen. You may now disconnect your lines.