Ladies and gentlemen, good day and welcome to the KPI Green Energy Limited Q1 FY 2027 earnings conference call. As a reminder, all participant lines will be in the listen-only mode, and there will be an opportunity for you to ask questions after the presentation concludes. Should you need assistance during the conference call, please signal an operator by pressing star then zero on your touchtone phone. Please note that this conference is being recorded. I now hand the conference over to Mr. Cyril Paul from EY. Thank you, and over to you, sir. Thank you, Everett. Good morning, everyone. On behalf of Ernst & Young, I welcome you to the Q1 FY 2027 earnings conference call of KPI Green Energy Limited. We are pleased to have with us the senior management team from the company, represented by Mr. Sohil Dabhoya, the Whole-Time Director; Dr. Alok Das, Group CEO; Mr. Salim Yahoo, former Chief Financial Officer; and Mr. Vinod Jain, President, Investor Relations. We will have the opening remarks from the management, followed by a question-and-answer session. On that note, let me hand over the call to Mr. Vinod Jain. Over to you, Mr. Jain. Thank you, Cyril. Good morning, everyone. Myself is Vinod Jain, Head of Investor Relations at KPI Green Energy. On behalf of the management team, I would like to extend a very warm welcome to all of our investors, analysts, stakeholders, and other participants for today's Q1 FY 2027 earnings call and for your continued interest and support. The leadership team has already been introduced by Mr. Cyril. I would like to briefly touch upon a few important leadership developments during the quarter. We are delighted to welcome Professor Sunil Maheshwari as Vice-Chairman, and Mr. Rajesh Shrivastava as Whole-time Director. Both leaders have decades of experience across strategy, governance, business transformation, renewable energy, infrastructure, and organizational leadership, further strengthening the depth and capability of our board as we enter the next phase of growth. We are also pleased to welcome Mr. Kapil Kriplani as incoming Group CFO. His extensive experience in finance, capital markets, and strategic growth initiatives will be a valuable addition as we continue to scale the business and strengthen our institutional platform. Please note that the company has published its results and has uploaded the investor presentation yesterday. I trust that all of you have had the opportunity to review them. Before we begin, I would like to remind everyone that certain statements made during this call may be forward-looking in nature. Such forward-looking statements are subject to risk and uncertainties, which may cause actual results to differ from those anticipated. While these statements are based on management's current beliefs and assumptions, investors are cautioned not to place undue reliance on them while making their investment decisions. With that, now I hand over the call to Mr. Salim Yahoo, our CFO, for his brief address followed by the question and answer. Thank you, and over to Mr. Salim Yahoo. Thank you, Vinod. Good morning, everyone, and a warm welcome to all of you who are there on today's call. On behalf of KPI Green Energy Limited, I extend a warm welcome to all our investors, analysts, shareholders, and participants joining us today for the earnings conference call for the quarter ended June 30, 2026. I hope all of you have had the opportunity to go through our unaudited financial results and the investor presentation uploaded on the stock exchange. KPI Green Energy Limited has made a strong start to the financial year FY 2026/2027. The company has continued to deliver healthy growth in revenue and operating profit, backed by consistent execution, a diversified renewable portfolio across IPP and CPP segments, and a clear focus on building long-term sustainable value. Our journey over the past five years reflects the strength and scalability of our business model. During this period, our compounded growth has been remarkable, with a 92% CAGR in revenue and a 104% CAGR in profit. This demonstrates that KPI Green Energy Limited remains well aligned with India's renewable energy requirement and continues to create sustainable value for shareholders. Speaking about the financial performance, for quarter one FY 2027, our total income stood at INR 710 crore as compared to INR 614 crore in quarter one FY 2026, registering growth of 16% YoY. On the similar line, EBITDA increased to INR 262 crore as compared to INR 217 crore in the corresponding quarter, reflecting a growth of 21% year-on-year. Our EBITDA margin has improved to 37% from 35%, reflecting the operating strength of our portfolio. Profit after tax for the quarter stood at INR 95 crore as compared to INR 111 crore in Q1 2026. I would like to take some time and explain this clearly. The year-on-year movement in PAT reflects higher depreciation and finance costs on a rapidly growing asset base. As we commission new IPP capacity, the associated depreciation interests are recognized upfront, while the full revenue and earnings contribution of these assets materialize progressively over the year. Cash profits, which is a better measure of the underlying cash generation of the business, actually grew at 6% year-on-year basis to INR 173 crore as compared to INR 163 crore in quarter one FY 2026. We expect the full earnings contribution of the newly commissioned assets to build through the remainder of FY 2027. It is also worth noting that our quarter one FY 2 027 unit generation under the IPP portfolio has grown nearly 4x year-on-year, and the generation achieved in this single quarter already exceeds 65% of the entire FY 2026 generation. This reflects the scale of our annuity base and the growing recurring revenue engine of the company. Speaking about the operational and portfolio highlights, on the operational front, KPI Green continues to scale its renewable portfolio across IPP and CPP segments. As of June 30, 2026, our portfolio has reached approximately 6.94 GW, up 71% year-on-year from 4.06 GW a year ago. This comprises an installed capacity of 1.87 GW and work-in-progress capacity of 5.07 GW. Of the total, the portfolio of 2.57 GW is under IPP, and 4.37 GW is under the CPP segment. During the year gone by, we commissioned 0.85 GW of capacity while booking a further 2.88 GW of fresh orders, taking overall capacity from 4.06 GW to 6.94 GW in a single year. This reflects both our execution strength and continued strong demand for our double-engine IPP plus CPP business model. Our expanding IPP portfolio is expected to generate more than 390 crore units annually at a full run rate, strengthening the company's recurring revenue base and improving the long-term visibility of earnings. With long tenure, 25 years PPA, strong execution capabilities, and integrated project development expertise, we are building a platform that combines growth with predictable cash flows. We have also continued to strengthen our key execution enablers. Our strategic land bank now stands at 8,657 acres, and our power evacuation capacity has reached 5.10 GW, both of which secure our project pipelines and support faster, lower-risk conversion of orders into operating capacity. During the quarter, we also successfully expanded our geographical footprint into Rajasthan, taking our total number of sites to 133. Speaking about the projects that we won, we continue to make strong progress across our key growth platform. In battery energy storage, our 565 MW / 1,130 MW BESS has been executed, and financial closure is under process. In floating solar, we are actively executing a 142 MW EPC order for Kadana Dam in Gujarat. In our 150 MW wind project in GUVNL, the PPA has been signed and financial closure has been achieved, and the PPA signing of our 300 MW SJVN backed wind project is under process. We have also secured both an interstate trading license from the CERC and an interstate trading license from the GERC. Energy trading is being undertaken on a pilot basis, creating wider market access and better realization opportunities. Speaking about the international expansion, KPI Green is also expanding its international footprint to strengthen its global market presence. In Botswana, we have signed an MOU with the government for 5 GW of renewable energy, with planning for the first 500 MW phase underway. In the UAE, through a global alliance with the Fabtech Group and F Plus Healthcare Technologies, execution is underway for the solar power project integrated with the battery energy storage system awarded to our subsidiary, Sun Drops Energia Limited, to power constrained data and containerized data center facilities. Our balance sheet and financing profile remains robust. We continue to build on the successful listing of India's first externally credit-enhanced green bond, a INR 670 crore five-year instrument carrying 8.50% coupon with quarterly amortization, backed by a 65% partial guarantee from GuarantCo, which is AA+ rated by CRISIL and ICRA. This continues to reinforce the market confidence in KPI Green's business model, governance standard, and renewable growth platform. Looking ahead, our focus remains on strengthening the IPP portfolio, expanding the CPP business, and building capabilities in future growth segments such as battery energy storage system, green hydrogen, floating solar, offshore wind, pump storage, and energy trading. Our strategy is to build an integrated renewable energy platform with strong execution capabilities, predictable annuity revenue, and long-term value creation for all the stakeholders. As India accelerates its renewable energy transition, KPI Green is well positioned to contribute meaningfully through scale, execution, innovation, and disciplined financial management. We remain committed to timely execution, strong governance, sustainable growth, and consistent value creation for all our stakeholders. With this, I would like to thank all our shareholders, lenders, customers, employees, partners, and regulators for their continued trust and support. I now request the moderator to open the floor for a question-and-answer session. 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 touchtone telephone. If you wish to remove yourself from the question queue, you may press star and two. Participants are requested to use handsets while asking a question. Ladies and gentlemen, we will wait for a moment while the question queue assembles. The first question is from the line of Kartik Sharma from Anand Rathi Institutional Equities. Please go ahead. Hello. I hope I'm audible. Yes, Mr. Sharma, you may go ahead with your question. Congratulations on the great start for FY 2027. I have a couple of questions. Given the expansion of our IPP segment, could you give us some color on how you see the debt and cash position evolving going forward? IPP segment at present, you know we are at a very comfortable leverage, as you can say. We are at around 2x, a couple of figures over there. But going forward also, if you see the way we are adding our profitability, the way we have, you know we have already expensed out the debt which was to be taken for our bigger project that is around 250 MW and 370 MW. Going forward, I think the debt and revenue will be in the comfortable position of 3:1 max to max, which will be long-term debt to net worth. Understood, sir. Also, if you could give us some color on how our pipeline is shaping up for FY 2027 and 2028. If you could give us some quarterly, if you could give us some quarterly run rate. See, as I told you, our IPP segment has energized a substantial portion of our existing projects in hand. The CPP also, I have an order book of approximately INR 5,000 + crore. Going forward, there is enough order book in hand for the CPP side. The IPP revenue also, as I told in my initial talk, that the IPP segment from here will show a better, strong upward trajectory. The reason is that all the expenses have been expensed out, and now the revenue has started coming in. Since it was built in a phase-wise manner, the revenue will slowly start getting up, stronger and stronger. Going forward, I think the coming up quarters will have a far more better performance than what we have seen this quarter cross. Understood. This is just about the order book that you just spoke about. Is there with the data centers coming up, are we targeting any, is there any share of data centers in the order book? If you could give us some number. Good morning, Dr. Alok speaking. Basically, data center is the latest and also opportunist horizon that in the RE sectors. Generally, data center needs have a rounding clock operations. Nowadays, every data center needs two things, like the rounding clock operations and all. Yes, as a KPI, we are in touch with some of the data center people and some sort of inquiries going on. I think it is a continuous process. As and when it is to be materialized, we will obviously should be known to all the stakeholders. Understood, understood, sir. I'll join, I have more questions, but I'll join the queue again so that others can also get a chance. Thanks. No issues. Thanks, Kartik. Thank you. The next question is from the line of Parth Kotak from Plus91 Asset Management. Please go ahead. Hi, sir. Thanks for taking my question. Sir, I have a couple of questions. One, on inventory, we saw a large buildup towards the end of the last financial year. If you can update on the inventory position today, and do we expect inventory to come down probably when we announce the next quarter results? Yeah. If you see, the inventory, as on March, you have seen the inventory buildup has been there. It has come down to some extent in this quarter, and we expect it to go down further as we go further. The reason for building the inventory was two, three factors. One was that, you know, since the geopolitical conditions were getting worse, a lot of material we had to pile up because we had, you know, the availability of material. We do not want it to create a delay in our execution capability. So from that point of view, we have added the inventory and stocked up the inventory. But as we go forward, it will slowly come down as we complete our projects and everything. Okay, that is encouraging, sir. The second question is on Botswana. We did mention in the opening remarks that 500 MW is under execution. One, when can we see some revenue contribution from this project, and this will be IPP, right? Yeah, Botswana will be IPP. Botswana project, KPI has a subsidiary in GIFT City now. Under the GIFT City, the Botswana company will be a subsidiary of GIFT City. We have already acquired land over there, 1.5 acres of land has already been, 5 acres of land has already been acquired. 500 acres. 500 acres of land has already been acquired. We are at a very advanced stage of signing the PPAs also. Shortly, I think we will see. By execution point of view, I think this year we will not see any revenue. Upcoming years, we will start seeing revenues in the Botswana project also. That's great, sir. Lastly on Sun Drops, sir, before I jump back in the queue, if you can give me what kind of PAT we have generated in Sun Drops compared to last year, that would be helpful. In Sun Drops this quarter, if I want to say, you know, I have already done INR 154.55 crore with a PAT of INR 26 odd crores. So it has shown a very good profitability of 17%. Since Sun Drops doesn't have any big IPP the way we had in KPI because of which the KPI PAT was a little bit down. Sun Drops has done, it has done an EBITDA of INR 42 crore. So altogether, you can see that Sun Drops cash profit is also INR 30 odd crore. Going forward, Sun Drops has a very good future. We are adding up battery energy storage system over there. We are adding the battery energy manufacturing over there. As you are aware, we are coming with the Sun Drops IPO. So we have a strong order book. Sun Drops, I think this year, only on the IPP and the CPP side, if I look at, we will cross INR 1,500 odd crore of top line in this year in Sun Drops. That's great, sir. That's all from my side. I will jump back in the queue. Thanks. Thank you. Thank you. The next question is from the line of Aman Soni from Seven Alpha Investors Private Limited. Please go ahead. Hello. Am I audible? Yes, Aman, you're audible. Hi, good morning. I have three questions. First is only the growth part. While we have maintained our margins on a broader basis, our execution was very slow as compared to our guidance in this quarter, right? What is the reason for that? Because this time I'm not seeing any early monsoons or anything like that. Can you help us to understand for not showing 40%-50% YoY kind of growth that we have been doing earlier? Secondly, how we should look at the revenue and the margin numbers for full year average 2027. That's my first question. Yeah. Your first question on the, see, I do not think there was, you know, what we say, slowdown in the execution. We have done execution, substantial execution. Now, if you see the growth in the revenue is around 16%-20%, I expect that, you know, we were expecting 20%-30%. But it is also a lot of other factors. You know, we have, you know, utility scale projects where the billing takes sometime time because, you know, there are institutions like Coal India Limited, Adani Group, and we have Aditya Birla Group. Because of it, the billing, this got postponed to the next quarter. Coming forward, if you see that the growth we have committed for, you know, the 30%-40% year-on-year, that is something that which we will be able to maintain. And also on the margin, I have already said that, you know, the margin impact is a temporary impact because of the deposition and interest. As the stabilization period gets over of these plants, the full revenue start coming in. It will jump back to the levels that we had seen in the past. Sorry to again, like when you are saying 30%-40% growth, this is different from what your chairman and Mr. Faruk yesterday mentioned in the YouTube interview. He was speaking about 40%-50% CAGR. Just want to get some clarity on. I understand. See, 40%-50% growth we have said earlier also. But you need to understand there are geopolitical conditions. I am just factoring that and being a little bit conservative. It is not that if we get 50% growth, we will go to 60% also. It is not that we will curtail ourselves. But the way the geopolitical conditions are coming up, you know, a lot of things are, you know, creating as a hurdle for the executions and everything. From that point of view, we are being, I am being a little bit conservative being a finance guy. But if we get an opportunity, if this condition settles down, we will surely jump to what, 50%, 60%, whatever the, you know, the chairman had earlier said. We will come back to that. Can you help us to understand a bit more on, like, what kind of impact are you facing in the terms of the geopolitical situation? Is it in the terms of the geopolitical condition? Yes. See, if you understand, if you understand geopolitical condition, the major impact is from the fuel. Now you understand that, you know, a lot of component goes into a solar plant. You have cables, you have steel, you have, you know, other ROW issues, you have logistics. All these factor have got impacted. If you have seen, majority of the industries have been impacted because of the geopolitical condition. We cannot say that we are very much aware to it. We try to maintain it, though we are not as highly impacted as some who are, you know, directly involved into the fuel, you know. But we have been impacted because the component that we use, you know, majorly steel, MMS structure is a steel, evacuation towers is a steel, then we have cables. These are major components which are impacting. That is the reason we also have impacted to an extent. We have absorbed some portion of that and some portion we have passed on to the customers. That has been a factor for us also. Got it. Got it. You mentioned about the stabilization period. How long we can expect this period to be? Because even if we are going to top line, because of increased interest force and the depreciation, we will not be able to see any benefit in the terms of the bottom line, right, during this period. How long should look like this period going to be there? See, if you look at the lender's point of view, they give a stabilization period of one year. If you see that in spite of stabilization period, in this quarter, we have done 65% of what we have done in the entire last year. This clearly shows that my plants have almost, you know, in the phase of running in a full fledge. I expect that, you know, in upcoming quarters, you will see the full benefit of the plants. Automatically, it will then generate the same revenue, it will generate the same profitability at weeks. How we should look at interest force and depreciation for rest of the year for full year FY 2027? See, the debt has already been taken and the IDC that we call, you know, the interest during construction has been utilized since we have completed the project, a portion of the project. As we go forward, you will have the full interest cost which is coming up for the project. But at the same time, revenue will also get stronger. So it will be able to sustain both the things and then maintain the profit. Okay. Okay. Just last question, if I may. In the interview given by Mr. Faruk yesterday, he mentioned that in this financial year, your focus will be more on the governance side, right? I wanted to understand more on this front because we have continuously highlighted our concerns in the past with respect to high pledge percentage and domestic institutions not being on the cap table. Can you throw some little light on these, like, where these issues stand in your governance framework right now and what else you are looking to cater to? Yesterday, what he mentioned was more on the, what we say, it is not about any issues of governance. It is more about the change in the auditors. We have changed our auditors. We have added people in the board. That is that, you know, for better guidance for, you know, because you know, BDO is in the top five and we have added BDO as our auditor. We have to bring better practices, better, you know, processes. For that purpose, we are, you know, adding experts in the industry and we are getting. That is what he wanted to highlight on the governance point. Got it. Got it. Got it. Thank you very much, sir, for the explanation. Thank you. Ladies and gentlemen, in order to ensure that the management is able to address questions from all participants in the conference, please limit your questions to two per participant. The next question is from the line of Shrenik Mehta from IndoAlps Wealth. Please go ahead. Mr. Mehta, your line has been unmuted. Please go ahead with your question. I just want this whole separation between IPP and CPP. The way we are increasing our weightage on the IPP. Shrenik, your voice is cracking. Can you repeat the question? Yes. Okay. Am I audible now? Yes, yes. Okay. I just wanted to understand going forward, are you thinking about any changes in the proportion between IPP and CPP? The way we have increased our weightage for the IPP, it is definitely straining our balance sheet. We are continuously seeing additional equity being infused. You know, the EPS growth for the first time has come in the negative. The execution of IPP is still a lot in the pipeline. This is very capital intensive and very different from the original model of KPI, which was more of CPP. Looking at the strain that this is building up, are we looking at changing anything in terms of the proportion for the future between the CPP and IPP? See, as we have earlier in our phone calls also said that, you know, we will try to maintain IPP at a level of 20% odd of the total revenue mix. The reason is that this is a long-term revenue and it's a very strong revenue. You can understand IPP gives me an EBITDA of 85%- 90%. It is a sustainable growth for next 25 years. So once I put an IPP, I don't have to worry about, you know, the profitability or the top line and all those things. As far as the IPP concerned, you know, the straining, what I say, you know, still I am at a very good comfortable leverage position. I'm still at below three. I might go up to three because all the loans have already been taken of the upcoming project and we are just executing those projects. Majority of the project, I mean, we have a deadline of September. We'll try to close all the project by September and the revenue of the part portion of those projects have already started coming in. So from that point, I think that, you know, my EPS this quarter was down because of the PAT level because as you see, you know, my EBITDA, my PBT has been very, EBITDA has been very strong as compared to the previous quarter also. So from that point of view, this is a temporary phenomena which will get covered as we stabilize the projects. As I told you know, that this IPP project once it stabilize, they will give me a strong profitability and then EPS will also come back to its original level. Yeah, but we invest in the company to have a growing EPS, not bringing it to the original level. Yeah. Yeah. Shrenik, but you need to understand every project has a life cycle, okay? Whenever any project, for example, any factory if you put it out, it doesn't start with 100% utilization on the day one. It takes over a period of time and that is called is the life cycle of a project. So those project life cycle has its own, you know, phases. So we are going to that phases. But believe me, I mean, it is, if it had been a cash profit less, I can understand. If it had been EBITDA less, I can understand there is a concern. But PAT, it's clearly seen that it's a depreciation with a non-cash item majority. And it's only the interest cost, which will also get paid off as we start. The major portion is that you have to focus on is that the generation has grown substantially. What I did in the full year, 65% of that I have already completed in this first quarter. I have three more quarters with such kind of. You can understand the amount of revenue generation that will happen in the IPP going forward is substantial. You can see EPS will go from the past level to further stronger level as we go forward because of the IPP business. Let me put this slightly differently. I totally understand your point and totally understand your perspective as well. But a typical IPP has a much lower ROE and our ambitions in KPI are much, much higher. In order to invest for the IPP, if we have a ROE of 15%-18%, we cannot have a growth rate of 40%-50% as has been stated by the company. That difference will always be required to be financed by an external source, either through equity or debt. This gap is what probably is a challenge for the company right now. No, no. Shrenik, you are losing out on one factor. You are only, when you invest, you not only look at the returns on equity, but you also look at the appreciation of the shares. If I give you an example, simple example, if you look at ACME. ACME is a pure kind of an, you can say IPP, majority IPP kind of. Look at the P that ACME is getting. Once we go into that stage, automatically your appreciation is also market cap will grow substantially. As you grow market cap substantially, I presume, you know, as an investor, even I would rather look at more on appreciation of the share price rather than the return on equity or the dividend that I am getting. That is the point we are looking at. We are looking at, you know, once we add more and more IPP, we will get a better P from the market and the appreciation of your share will be substantial. That has been the history with the KPI. I mean, when it started, it has already given 100 x returns to the stakeholder. We abide by that. We will give returns and that is why we are focusing more on IPP that we get a better returns and automatically EPS increases and the P of the company also increases, which increases the market cap. Okay. We deeper from those calls. Thank you. Sorry to interrupt, Mr. Mehta. May we request you to turn to the question queue for a follow-up question? Thank you. The next question is from the line of [Sahil Agarwal from AYM Investments]. Please go ahead. Thanks for the opportunity. One thing I wanted to understand that the gross margins for the CPP segment of KP Energy and KPI Green both have fallen substantially. Is this a one-time issue or is this the new normal gross margin that we are going to see in the coming years or coming quarters? See, gross margin, as I told you, one of the factors for the impact on the margin is the geopolitical issues. The cost of later, a lot of balance of plant, logistic, everything has, you know, impacted this. That's the reason it has a little bit, it might have tapered down. What can we expect going forward for the CPP segment only? For the CPP, I mean, it will, I mean, see, if the issues get resolved, I might jump back to my existing, but there is also a lot of other factors. If we have seen, we were expecting that the issue getting resolved six months back only, but it is again and again resurfacing. So that impact, geopolitical confirmation is something which we cannot judge right now because the way it went in the past year. So we are thinking, but as soon as these things improve, we will be able to jump back to our margins. But the impact on margins for KPI Green and the gross is still only 300 basis points. But in KP Energy, it has fallen from EBITDA margins have fallen from 22% to 12%. So how do we investor see to all of this? Because there was no hint from the management that there was a hint that margins may dip a little, but not from 22% to 12%. So that is a major concern. See, if you see, you know, KPI along with its existing business has got IPP support. So there are some costs which is shared with the IPP and because of which the KPI margins, you can say, are a little bit better compared. But EPC business, if you see overall, KP Energy is purely, you can say, on the EPC side, EPC side. So from that point of view, it has a little bit more impact of the geopolitical condition. Because KPI had some, for example, I have a crane which is there in the situation. So I am utilizing the same crane for the EPC business. So automatically the cost gets divided and everything. So it is the economies of scale which also, you know, factor in. But KP Energy itself is an EPC, you know, driven business. So that is why it had a more impact compared to this. You are saying you will be able to get back to 20% in coming quarters, right? Yeah, it depends upon the factors also, you know, geopolitical conditions and everything. But we are keen on getting back to our old limits. What do we, investor, expect in. Sorry to interrupt, Mr. Agarwal. May we request you return to the question queue for a follow-up question? Thank you. Ladies and gentlemen, in order to ensure that the management is able to address questions from all participants in the conference, please limit your questions to two per participant. The next question is from the line of [Kush Shah from Vivok]. Please go ahead. Hi sir, congratulations for the good set of numbers. My question would be related to earlier that you said about the incremental interest and depreciation costs will be coming higher, but the revenue will be set off the interest and depreciation cost. I just want to understand for the bookkeeping that what would be the incremental interest and depreciation for the investment that you have made? See, whatever interest cost, you know, the existing debt what we have taken, now as I told, you know, that my IDC, interest during construction, which is part of the project which is financed by the lender, has got over. Now the entire interest will get booked as an expenses. It doesn't get capitalized. From that point of view, that interest will, but at the same time, revenue has started. So automatically I have revenue to service that interest. Now the revenue goes into phase-wise manner. So it will full-fledged, like for example, 40%, 50% revenue we have booked. This going forward will increase 60%, 70%, 80%, 90%, and once it fully energized or fully stabilized, then we can figure out that, you know, that the revenue has been able to and give us a good profitability also. Okay. But any number that you can give us specific for the FY 2027 or the coming quarter of interest and depreciation? See, everything, see, everything depends upon the generation, right? And you know that solar wind is a seasonal matter. So until unless I see the generation, because next quarter also is a, it's a, what we say, lower compared to other quarters in the renewable energy because it has got rains and everything. So that also is a factor which will. Okay, okay. Got it. Thank you. Thank you. The next question is from the line of Nikhil Kothari from Antara Capital. Please go ahead. Hello. Hello, sir, thank you so much for the opportunity. We are currently having an IPP capacity of 1 GW, right? What is the peak cash flows after interest that we expect? See, I can tell you, my IPP business gives me an EBITDA of 85%-90%. Post- EBITDA, there are not too much of cost. Okay? Okay. [inaudible] It is the depreciation that we rent interest from. Sorry. What is the annual interest cost? Annual interest cost would be at around, I do not know, see, our rate of interest is very limited at 8.5%. If I calculate my 8.5%, it is around INR 450 odd crore should be the total full, my capacity of INR 5,000 odd crore of debt and something coming into picture. Then my annual interest cost for the full year with the entire capacity, like I can say that 2027, 2028 would be at around INR 450 odd crore. Okay. What would the annual peak EBITDA be expecting? Peak EBITDA, you know, on 1 GW, I can expect, you know, 85% - 90% is the EBITDA, you know. So I am expecting, you know, at least my top line from coming from my IPP segment going forward, minimum rates, it will be upwards of INR 1,000 crore. Okay, okay. Do we expect to be at the peak capacity this year itself? I can expect it in the third or the fourth quarter. Second quarter is a little bit because it's rainy and everything. So it will happen. Third or the fourth quarter, we can expect it. Okay, okay. Understood. That's it from my side. Thank you so much. Thank you. Thank you. The next question is from the line of CA Garvit Goyal from Serene Alpha. Please go ahead. Hi. Sir, in addition to the previous participant, I just wanted to understand when can we achieve this INR 1,000 crore mark from IPP segment? That is the full capacity utilization of the IPP segment. Next financial year, I can tell you that you can enjoy and more than INR 1,000 crore. INR 1,000 crore is the very conservative number, I would say. It will be upward of INR 1,000 crore, I'm saying. Okay. Can you also let me know, particularly to IPP segment, what will be the depreciation there? See, depreciation, if I look at, you know, it's around, Companies Act, it would be around 10%-15%. But, you know, as per Income Tax Act, you know, we get 40% depreciation benefit. That's the biggest part, you know, that helps my cash profits. Okay. Can you let me know what is the total investments we have made? Like, I just wanted to understand what will be the absolute depreciation we will be looking at. We are still, we are still, we are still capitalizing the assets and everything. The total investment might go, you know, upwards of INR 5,000 crore-INR 6,000 crore in the asset side as we go forward in 2027 till 2028. But it will go in a phase-wise manner. If even I look at INR 5,000 crore-INR 6,000 crore total investment, and you are speaking about 15% depreciation, right, in the books. It will be in the range of INR 750 crore-INR 900 crore depreciation you will be having each year, right? Where is, like, where is the profit then? Like INR 850 crore EBITDA we will be doing, INR 450 crore will go into the interest side, okay? I said, I said, you know, I said conservative is only for that 1 GW what we are doing. We already have 500 GW which is already done. You are not counting all those things also. Where we have very less depreciation. All together, if you see, the business will be able to generate INR 1,500 crore-INR 1,600+ crore of, you know, your revenue. Minima. That's what I'm saying. Okay. I'm not, I'm not getting, like, how we are going to. Sorry to interrupt, Mr. Goyal. May we request you return to the question queue for a follow-up? Actually, I should get some clarity, you know. I mean, I am asking one question. Yes, yes. Let him, let him, let him complete. Yeah, go ahead. Yeah. I am just trying to understand, like, even if we take INR 1,500 crore, right, peak revenue, 85% you are saying, it will be EBITDA of more than INR 1,200 crore, right? And on that, you are saying INR 450 crore will be your interest cost. And based on, based on the depreciation number, even if I account for INR 700 crore, altogether my expense, like, after EBITDA expense will be INR 1,150 crore. And I am doing the EBITDA of INR 1,200 crore. Then the means to profit from IPP segment is, before tax, is only INR 50 crore. I am just trying to understand that, sir. Good. It is, if you have to see, you know, my IPP is all around INR 1,600 crore, as I told you. It is something that is full scale, full scale when I start. And out of that, 85% -9 0%. So it is INR 1,600 crore into, if I take 90%, is INR 1,500 crore is my what I say as an EBITDA. Out of that, interest cost would be around INR 450 crore. Right? So I still have INR 1,000 odd crore which is left. Okay. Now, depreciation, you know, it is, it would be at around, I think the depreciation is something which is a calculation. It is around 5% because it is 25- year plant. That calculation because plant and machine has got 15%. Here it is 5% because it is a 25 year plant. So that calculation is what something we missed out. Okay, okay. 5% is the EBITDA. Okay. Understood. Understood. Understood. Yep. Thanks, thanks. Thank you. The next question is from the line of Subhash from Value Investments. Please go ahead. Hello, I am audible? Yeah, Subhash. Yeah. I mean, thank you for clearing so many questions. I mean, I have been your investor for so many years and I have always believed in the management delivering whatever they guided in the past. I see that you had guided 16%-18% of PAT margin for FY 2027. I see that in Q1 it is quite low. Do you expect to cover it in at least H2 of the year so that ultimately for FY 2027 you end up at 16%-18% PAT margin? See, quarter three and four is somewhere I am seeing. Because see, quarter two again is a rainy season and it has got, you know, seasonality where the renewable energy. That is why I asked, would you cover in H2, that is Q3 and Q4, right? H2, yeah, H2 we will try. H2 we will be covering a portion of it. But full-fledged, you know, what we say, the benefit of the plants you can see in 2027/ 2028. Okay. So FY 2027 PAT margin will not be close to the guidance of 16%-18%, right? It will be much lesser. I mean, do you want to revise that guidance? Yeah. I think, you know, quarter three and four you will try to, you know, whatever the gap which was created in first and the second quarter, right, get covered up in the, as the plant goes toward the more stabilization period. So it would be, you know, a little bit lesser, I think, compared to what we had shown in the past. But FY 2027/ 2028 when the full plant is stabilized, it will again, we expect it to jump back to the older levels. Understood. That FY 2027 to, sorry, FY 2028 will be great because of the IPP plants in which you have invested right now will be stabilized and their margins will be higher. But for FY 2027, do you want to revise the PAT margin? Like you had said 16%-18% before. What would be. Yeah. I told, I told that that will be a lesser now depending upon the seasonality. If my plant better perform, because it is on the seasonality, but it will be lesser compared to what it was earlier. That is something which I am saying. Right. What is that number? That's what I'm saying. It depends on seasonality. It's upon wind, it's upon the sun, it's upon the rainy seasons, all those factors. Because my IPP segment adds to the bottom line. IPP segment depends upon the generation. The generation, as we see, if the, what we say, the season is in my favor, more on my favor, more winds and everything, because I have got hybrid plant, then the wind is on my side, I can say. Then I can come back to, you know, better or try to match up with what I did last year. Again, I'm telling you, I don't expect it because we have lost this quarter. Upcoming quarter also we will not see them. There are two quarters which we have lost because of which there will be a dip. I cannot judge the dip right now because it is not like, you know, a manufacturing plant where I can put in raw material and that the raw material is totally seasonality. On that basis, it is depending. Okay. My another last question was, I mean, you mentioned that for both KPEL and KPI Green, because of the geopolitical tensions. For KPI Green, you mentioned one of the strongest reasons for the drop in the margins was because of the, you know, realization of depreciation and finance cost in the current quarter. But the revenues will be generated in the future quarters, which will cover up the lost margins right now, right? But in the case of KPEL, the revenue has grown up significantly, but still the margins have come down so badly, I would say. Is it because of the geopolitical tensions alone there in KPEL? Could you specify, like, what are the geopolitical tensions? Like in which sectors you are facing the trouble? Okay. Can I speak now? See, I think we have to see. If you look at the EBITDA of KPI, it has been at the similar level. But only the interest and depreciation cost, which has major impact. As I had told in the earlier question also, the geopolitical condition has impacted, but it has impacted more to KP Energy because of its nature of totally into EPC business. Okay. Here it is, you know, hardly, I think, I don't think even 1% or 2% of the top line will come from the any IPP projects over there. But here it is 17%, 18% coming from the IPP project. And that also, that, you know, the cost get bifurcated into the, what we say, IPP and CPP when it comes to KPI. But in KP Energy, it is totally on the cost. And it's become very difficult. And also, it is more of a wind. The cost over there, the ROW issues over there are far more compared to that in a solar or this plan. Okay. So it's only because of the geopolitical tension. I mean, the other part of my question was the sectors in which you are facing the trouble. Like, because of the geopolitical tensions, yeah, like where are you facing the. We are facing on the cost side. We are not facing on the sales side, right? It is the cost side which we are facing. Sectors, you can say cables, you can say MMS structures, you can say also on the ROW, logistic of those, all those things, cranes, everything, every cost goes up. Even crane we have to hire for year and everything, all the diesel, everything goes up. You need to understand that it is a. Okay. I think that is all. Thank you so much. Thank you. Thank you. The next question is from the line of Sunil Kumar, an individual investor. Please go ahead. Sir, am I audible? Yes, Sunil. Thank you. I think most of the questions have already been answered, but I think I have one basic question. We keep talking about the revenue guidance across KPI, KPGEL, KP Energy, and all of that, right? I think one which got completely off guard in terms of the EBITDA guidance, right? I understand in KPI Green, while the EBITDA was maintained, but the interest cost and depreciation have finally shoot up significantly. I have a couple of questions. One is the interest cost, do we continue to see around INR 250 odd crore for this year and depreciation around INR 200 odd crore for the entire year? Yes, sir. The calculation that we are looking at, interest cost, you know, the loan has been disbursed in a phase-wise manner. The depreciation cost, or sorry, the interest cost will be, you know, in a phase-wise manner. The calculating of that, because it's a phase-wise, you know, every time we take a disbursement, it becomes, you know, that it gets calculated. Then there is portion of IDC which was utilized. Exact calculation of for this particular year, because again, I'm telling you, the stabilization period, it is very difficult to, you know, factor what cost exactly come. Similarly, depreciation also, a portion of the plant, when we capitalize and everything, the depreciation starts into it. It is, you know, we are doing these projects in a phase-wise manner. Once we get a COD, it is called commissioning of the plant, then we put to use, and as per the law, only when we put to use, we can charge the depreciation. As we do in a phase-wise manner, we get the depreciation in a phase-wise manner. Both the factors, you can say, is a real-time basis calculation. Anything to assess at present, because we are still energizing the plant, we are still taking a portion of the disbursement, so it, at this juncture, it is not. But as we told in our earlier question, that the full-fledged in 2028, whatever be the depreciation cost in our previous question, we have also already mentioned that, right? Out of the, because if I look at the bar 2026 borrowing, right, it is about INR 5,200 odd crore, correct? And there could be additional borrowing which could have happened the last three months or so, right? Let's take from a bar standpoint, out of the INR 5,200 odd crore, how much has been amortized out of this INR 5,200 odd crore? If you can just give me as a ballpark number, I'm not looking at the exact figure. If we say INR 1,000 crore has been accounted for and the remaining INR 4,200 crore is what going to get accounted for the rest of the subsequent year for the plan? As you are aware, you know, in the quarter we don't prepare the balance sheet. We prepare the balance sheet in the half-yearly only. So full-fledged amortization is something which, you know, it's a, what we say, internal data which we, I will not be able to tell you. But as I told you, it is going in a phase-wise manner. By the end of this year, you will see the entire plant being energized and stabilization also will happen by the time next year will get. So exact figures of amortization or the depreciation, it will happen in a phase-wise manner. And since the balance sheet happens only in the half-yearly, we'll not be able to disclose this at this moment. No problem. That's fair. So I have one question on KP Energy, if I may. I know there is a consult later tonight, later in the evening at 3:00 P.M., but it is more. I have already answered a couple of questions on the KP Energy also with this, yeah? It would be good if you can just join because others also would like to have a chance for asking questions, right? Sure. I request you to, you know, can join again in the KP Energy consult, okay? The revenue guidance for KPI, we continue to maintain that 50%-60%, what we have said earlier for the FY 2027? That also I answered that, you know, we have, we are keen in increasing that to that level. But the geopolitical conditions, a lot of factors, you know, are which will play as we go forward. But our guidance, as per our CMD sir, is that, you know, we will grow at that level and then we will try to maintain that levels. Okay. Fair enough. Thank you. Thank you. The next question is from the line of Ayush Sharma, an individual investor. Please go ahead. Mr. Sharma, your line has been unmuted. Please go ahead with the question. As there is no response, moving on to the next question. The next question is from the line of Samrat Shah, an individual investor. Please go ahead. Hello. Am I on? Hello? Yes, you're audible. Good morning, sir. Congratulations for a good set of numbers. We have seen a growth in revenue. Most of my questions are answered. Thank you. I just wanted to know that I heard about the interest and depreciation cost. I will directly stick to the PAT numbers. On a conservative basis, if I see a 30% revenue growth, as you guided in this on call, the revenue comes to around INR 3,500 crore. If the net profit margin, if you say that Q2 is also going to be impacted because of the monsoon, and the H2 will have a jump. Can I expect NPM to be at around 15%? The PAT comes to around INR 520 odd crore. Will the PAT number be at least closer to the last year or it will be lesser than last year is what I wanted to know. See, as I told you, going forward, the stabilization of the plant is a major factor which will help there. As far as what we have projected, we are being conservative because of the geopolitical condition, but we are trying to match with whatever the CMD sir had already said in this, the absolute terms, it will surely grow. The PAT will grow compared to the absolute terms. The percentage is something which we will have to figure it out depending upon the various factors like the top line growth and everything. Absolute term, I assure you that we will grow compared to what we have done in the last year. Sir, in this particular on call, if we look at the word geopolitical being used, I think in most of the answers, this particular term has been used. If you compare it with your previous on calls, right from the first ever on call that you have made, I think this is the first time that we are using geopolitical. However, what I feel is it is just the interest and depreciation cost that has impacted the net profit margin. Your OPMs have been maintained. Going forward, will we be expecting geopolitical conditions impacting our company a lot more than it was impacting earlier is my question. See, in the previous, in the previous con call, whenever somebody asked us, it is more on the sales side. On the sales side, it is not affecting me. But on the cost side, it is something because I have EPC businesses. EPC businesses, as I told in my earlier also, and why we said it is because I already bifurcated into KP Energy and KPI Green. I told you that if you look at KPI Green EBITDA, it has also grown as well. So the geopolitical condition is more related to the EPC businesses compared to the IPP business. So IPP business, we have already factored the cost and everything, and the revenue is coming not from exports or anything, but the EPC business is my majority. Around 83% of my total revenue comes from the EPC business. So those business will hit because of the various cost factors, your cable cost, your logistic cost, your MMS structure cost, all these factors will impact the EPC business. That is what we are trying to say. Fine. Sure. Sir, that is it from my end. I would like to wish you all the best since I know that you have given your resignation and moving forward. So it was fantastic talking to you in your all the previous on calls. Thank you very much for the tremendous growth that you have given to the company as well as the shareholders. I have been invested in this company since 2021 of July. So I have seen my investments grow a lot under your leadership as well. So I thank the entire management team of the KP Group and wish you all the best. Samrat, thank you for your kind words. I would like to say that the management is still there. People come and go, but at the same time, it is in very good hand and you will see your investment growing in multiple fold as you go forward again, yeah? I wish you best for that. Thank you. Thank you, sir. Thank you. The next question is from the line of Nishant, an individual investor. Please go ahead. Am I audible? Yes, Nishant, you are good. My question is, despite the company's growth doubling, market cap has fallen by nearly 50%, right? The stock is trading at a fee roughly half the sector. This represents a clear disconnect between business performance and shareholder value. So where does management believe is driving this continued weakness in the share price? What concrete actions have been taken to restore long-standing investor confidence and, more importantly, attract institutional investors? See, management, I mean, share price is not something which is controlled by the management or anything. You need to understand, but management has taken cautious call. Like if you see one of the action is that we have hired now BDO, which is one of the top five as our auditor. This is a positive, very positive action which has been taken to increase the confidence of the stakeholders, of the lenders, and everything. This, I think, will go a long way to increase the, you know, and at the same time, promoter is also increasing the stake. If you see, he has already given for a warrant. He has promoted group company Quyosh, has purchased shares. So promoter has been very positive on the growth of the company and that's why he has increasing, increased his stake. If you look at any other companies, you know, promoter at today, it's almost 51% +. So he has majority stake in this company. So you can be assured that management is taking steps and to increase the trust which is there with the investors. Before I move to the second question, I mean, nothing on attraction to institutional investor, right? Because that has been a concern. Institutional investor are still there. We have, if you see my presentation, we have Vanguard, we have Abu Dhabi Investment Fund, we have ÖKOWORLD, we have, you know, pension fund. So all those institutional investors are still there. Blackstone is also there. So all these are still there in this script. So you don't have to worry about that. It's a temporary phase which sometimes, you know, retail investors are unable to understand. And that's why there are a little bit, you can see a decline of the. On the continuity of the [crosstalk]. [inaudible] Sorry? The cash flow from last quarter. Cash flow from last quarter. If you can see, you know, can add the depreciation on the PAT, I can say my PAT is around INR 94 crore. Plus if I add the depreciation portion which is around INR 45 crore. Approximately you can say I NR 140 crore, INR 150 crore is the cash flow from operation. Okay. Thank you. Yeah, that's it. Thank you. Ladies and gentlemen, due to time constraints, we will take that as the last question for the day. Now I would like to hand over the conference to the management for closing comments. Thank you, everyone. Now I will request Sohil Dabhoya to say some words. Good afternoon, everyone. First of all, I would like to extend my heartfelt thanks to all our investors for joining today's earning call. Your continued trust, confidence, and unwavering support in KPI Green Energy mean a great deal to us. We truly value the faith you have placed in our company and we remain committed to creating long-term value for our all stakeholders. Before we conclude, I would also like to take a moment to express our sincere gratitude to Mr. Salim Yahoo, who has been an integral part of our journey and has made significant contribution to the financial strength and growth of our journey. Salim is stepping away due to personal family commitments. On behalf of the board, the management team, and all our investors, I would like to thank him for his dedication, professionalism, and invaluable service. We wish him and his family the very best for the future. At the same time, it gives me great pleasure to welcome Mr. Kapil Kriplani as our new Chief Financial Officer. Kapil brings with him rich experience and deep financial expertise, and we are confident that he will play a key role in supporting the company's next phase of growth and value creation. Kapil, welcome to the KPI Green family. We look forward to your leadership and contribution. With that, I would now like to invite Mr. Kapil Kriplani to say a few words and address our valued investors. Kapil, over to you. Good afternoon, all. Thank you to the Whole-time Director for kind words. I thank the management for the warm welcome. I also give my best regards to Mr. Salim and hope to transit from him to next level in the future. We hope for the continued growth which we have seen in last four years. I look forward to work with all the stakeholders and create value for all the shareholders. Thank you very much. That's the end of the call. Thank you. Thank you, everyone. Thank you, everyone, for your active participation in the call. Hope we have been able to answer all your queries satisfactorily. For any additional query, you feel free to write to us at our email address given on our website as well as our investor presentation. We look forward to staying in touch with you for any further interaction. Thank you very much. Thank you. On behalf of KPI Green Energy Limited, that concludes this conference. Thank you for joining us and you may now disconnect the lines.