Hi, good evening, everyone. Welcome to Q1 FY 2027 earnings call of Adani Green Energy Limited, hosted by Macquarie. From the management team, we have Mr. Ashish Khanna, the CEO of Adani Green. Mr. Rajat Seksaria, CEO, Battery Storage. Mr. Saurabh Shah, CFO, and Mr. Vijil Jain, Head of Investor Relations. Without any further delay, I will hand over the mic to Mr. Vijil Jain to start the proceedings. Over to you, sir. Hi. Thanks, Vaju. Thank you everyone, for joining in the call. Good day, and warm welcome to the call. I hope you got a chance to go through the earnings material which was uploaded on the website and which was uploaded on the stock exchanges. To explain the flow of the call, we will start with an opening statement from the CEO, Mr. Ashish Khanna, followed by Q&A, and then closing remarks from the CFO, Mr. Saurabh Shah. Without further ado, I will just hand over the call now to Mr. Ashish Khanna for the opening remarks. Over to you, sir. Thank you. Thank you, Vijil. Good afternoon, everyone, and thanks for joining this call. The country reached 283 GW of installed non-fossil capacity, achieving over 50% of India's cumulative capacity ahead of its 2030 target. This demonstrates the strength of the clean energy ecosystem and policy support. India remains firmly on track to achieve 500 GW of non-fossil capacity target by 2030. It is among the fastest growing renewable energy markets globally. At Adani Green Energy, FY 2027 commenced with strong momentum. We surpassed 20 GW milestone, making it India's largest and fastest greenfield renewable capacity addition. This will power over nine million homes and avoid about 37 million tons of CO2 emissions annually. The accelerated capacity growth was enabled through disciplined execution and strength in demand environment. Our focus on technology adoption, digitization, and data analytics for the predictive maintenance has also been a key enabler for a superior operational performance and maximizing asset availability. Adani Green Energy is firmly poised to reliably meet growing clean energy needs while delivering industry-leading operational performance. As renewable energy penetration and power demand continue to rise, energy storage is essential for reliable round-the-clock power and grid stability. With our renewable portfolio and investments in battery as well as pumped hydro storage, we are well-positioned to benefit from key sectoral trends, demand for firm and dispatchable renewable energy, rising AI and data center-led power demand, and integrated RE plus storage solutions to meet peak power demand. Our energy sales rose 30% year-over-year to 13.7 billion units. This was driven by 4.3 GW energy capacity addition at 27% increase and strong operations. We remain on track to add 5 GW of greenfield capacity this year. We commissioned 1.9 GW of BESS capacity at Khavda during the quarter, taking total installed capacity to 3.5 GWh. With this momentum, we are well positioned to achieve our 10+ GWh target this year. We are also on schedule to commission our maiden 500 MW pumped storage project at Chitravathi this financial year. Adani Green Energy continued to deliver robust financial performance in FY 2027 first quarter. The company's revenue from power supply increased from INR 4,280 crore, a 29% increase on year-over-year basis, and EBITDA from power supply surged by an impressive 33% to INR 4,122 crore, thereby achieving 94% EBITDA margin. Our CapEx of INR 8,800 crore during the quarter increased by 41% YoY, highlighting the efficient capital deployment with every passing quarter. Our landmark project at Khavda, the world's largest renewable energy installation, continues to make progress. We have already including group capacities of over 10 GW of solar, wind, and hybrid assets. On a sustainability front, AGEL achieved the highest CRISIL ESG score in the Indian power sector for the fifth consecutive year. As a mark of global recognition, Adani Green recently received Clean Power Generation Award at Reuters Events: Energy Industry Awards 2026, New York. Thank you. We look forward to answering questions. Thank you, sir. We will now start with the Q&A session. I request all the participants to use the raise hand feature at the bottom of their screen to ask any questions. We will wait for a moment, till the question queue assembles. Request all participants to use the raise hand feature to ask any questions. We will take the first question from Nikhil Nigania. Nikhil, please unmute your line. Go ahead. Am I audible? Yeah. Hi. My first question is on curtailment. If you could share more color on how that is panning out and quantify the impact of curtailment in this quarter. Nikhil, thanks for your question. I think it has been in line with our expectations, and we do expect that by the end of this calendar year, especially from Khavda, we would not be having an issue of a curtailment as was the case in initial quarter of the last year. However, in the current scenario, as was the trend in the past, a curtailment has an impact of in the range of 5%-7% on our EBITDA as we speak. Gradually, as and when more transmission lines are going to come up, we do foresee this tendencies of curtailment to weed out. By the end of this calendar year, our expectation is that there should not be any curtailment, at least from Khavda, for all the capacities which we have installed. Got it. Understood. Thanks for that. My second question is, if I look at the list of operational projects, at the end of the presentation, most projects which were classified or at least mentioned as merchant renewable plants, are now being mentioned as C&I renewable plants. wanted to understand the rationale for it. Related to that, today morning, Adani Energy had a call where they mentioned that about 4 GW of generation is contracted by them from Adani Green. If you could shed light on that as well. Yeah, I think it is exactly in line with what Adani Energy said. In order to de-risk ourself and concentrate more on the project execution and operational excellency on a long-term basis, we have contracted on an arm's length basis and with due approval of the board on an arm's length transaction as well as, we have ensured that we have a contracted capacity rather than taking the risk with Adani Energy Solutions Limited. That is what is the capacity which they have shown and is a part of what is also reflected here on the C&I business. Got it. Is it fair to assume that what we were planning as merchant earlier is now effectively being sold as C&I to Adani Energy, to de-risk ourselves on a long-term basis, as you said? Exactly. What we have taken off the risk of merchant capacities and the risk thereof, ups and downs. Considering the recent tariffs which were there on the long-term PPAs, this is the same return profile we have signed off with the Adani Energy. Would this apply to the battery storage plant that we have operationalized as well? All of it is in effect contracted to them? Yes. All that which was supposedly merchant for us, to de-risk it, we have tied up and going to tie up with AESL. The strategy remains same on having a long-term returns and de-risking AGEL from it. Got it. Effectively the 2030 pipeline that we have or the target that we have set for ourselves, whatever was classified as merchant slash C&I would be through AESL and whatever is directly to DISCOM, only that will be sold by Adani Green. Yes. Other than those projects where we are ahead of the time, like we always keep on sharing with you. Around certain projects where the PPA is there and we are ahead of the time and the PPA has not yet commenced, we sell it as a again to the market on our own. That risk remains, which actually is the addition from whatever returns we get from those projects on a long-term basis once the PPA get operationalized. Understood. Any reason why we have made this structure? This is the last question I had to not to sell direct. Why is Adani Green directly not selling to a C&I customer, and why is Adani Energy in the middle? What is the rationale or strategy behind that? I shared with you that, you know, we concentrate more on operational excellence, project execution, deploying the CapEx more efficiently, and then de-risk any vagaries of market on long-term perspective and get our long-term returns as per our expectations with which we are building the project. The ups and downs of the market, we are not taking into consideration, and hence to de-risk ourself from those, we have tied up with Adani Energy. Understood. Very clear. Thank you. Those were my questions. Thanks a lot, Sir. Thank you. We'll take the next question from Apoorva Bahadur. Apoorva, please go ahead with your question. Hi. Thank you. I hope I'm audible. Just double-clicking on this arrangement with Adani Energy. I think currently we have 3.5 GWh of battery deployed. Target is, I believe, around 10 GW h. The capacity is coming in the course of this year. All of that will also be tied up with Adani Energy? Yes. It's all in line with our long-term strategy. Okay. The pump storages as well, I think we have a target of 5 GW by 2030. Within pumped storage, there are certain projects which are already a direct tie-up that we have done. In those cases, there will not be any tie-up which will be going through AESL. In cases where it will be a merchant, we will continue to evaluate and do the contracts as we move forward into PDA in case of pump hydro. Pump hydro anyway, except for the Chitravathi project, is still about two years away. That we will take the call as we move forward. Chitravathi, is it tied up with AESL or does it have a direct contract? Not yet. It is not tied up. It does not have a direct contract right now. We will evaluate it at the near to the stage when it is about to get executed and then take the call. Secondly, for your agreements with AESL on both, say, solar, wind, and the battery capacity, you flagged that the tie-up happened at a price which was approved by the board. I want to understand, is this agreement for long-term, as in 20, 25 years? Is there a clause for price reset during this term of the agreement, or is it fixed for the entire 25 years? In case of batteries, it is for 15 years and fixed for during that period. In case of solar and wind, it is for 25 years and fixed for the price at a rate. There is no change which is expected. Okay. Can you share at what price, per kilowatt hour, say, did you tie it up for solar, wind, and batteries separately? See, as we mentioned, it is at a benchmark which is going on in the market right now. We both are listed entities and there is an arm's length involved, audit committee involved. It is at a benchmark rate. Benchmark for solar and wind, yeah, would be around, say, INR 2.7, INR 3.4, INR 3.5. How much would it be for batteries? Batteries, again, we keep on evaluating the long-term averages that IEX has. Based on that, plus, because see, battery today, there is no such long-term contract also available in the market. As the price stability comes in, there is an overall return profile that we look at and our CapEx to return profile. All those things have been considered while tying up the battery capacity. This return profile would be in line with your hurdle IRR of what, 15%-16%? Is that a fair assumption? Yes. Understood. Thanks a lot. Thank you. Thank you. Just a reminder to the participants, you can use the Raise Hand feature to ask questions, or you can also type in your questions in the Q&A box. Sir, I had one question from my end. On BESS side, just wanted to understand how the EBITDA trajectory was for FY 2027, and what are your overall plans for this segment beyond FY 2027 as well. See, from the BESS perspective, we had given a thumb rule, which is going to apply for the overall EBITDA profile for FY 2027. It's about INR 25 lakhs - INR 30 lakhs per megawatt hour, in that range where the EBITDA would come in based on the capitalization that takes place over the next nine months of the year. The first contract has come in, which is 3.5 GWh, which was fully capitalized by May end. The full benefit of that EBITDA will now come in over the next nine months. Plus, as we capitalize more and more asset. We have given a target of at least 10 GW upwards of cumulative base capacity gigawatt hour of cumulative base capacity. While the overall target till FY 2030, we have come out and said that we would like to do about 50 GW h of batteries till FY 2030, and that's where the ambition is. Just to add, [Abu], to that. Basically, as we move ahead, we will also start reporting base numbers separately, going forward. From that perspective, the contribution will become visible from them. Thank you, sir. We have one question in the Q&A box. What is our run rate EBITDA for the operational portfolio, plus already tied up BESS C&I portfolio? Our current run rate EBITDA for the operational portfolio is about INR 17,000 crores. For the expected FY 2027, it is about INR 21,000 crores. For the already tied up BESS C&I portfolio. The overall number is given here, which includes the BESS. See, BESS for the first year may not be a very large number in that sense. As we move forward, we will be able to give a more sense on two separate EBITDAs. Right now, from a run rate EBITDA perspective, when I say INR 17,000 crores today and INR 21,000 crores by FY 2027 end, is something where it includes the number. Yep. Right. There is a follow-up question on that, sir, regarding the arrangement with AESL. The question is, for how many years have we tied up with Adani Energy? It is for each project on a long-term basis, it's 25 years is what we have tied. Thank you, sir. Reminder to participants, use the Raise Hand feature to ask any questions. We'll take the next question from Shweta Rakeja. Shweta, please go ahead with your question. Hi. Congratulations on hitting the 20 GW milestone. Also, at Cantor, we're looking forward to seeing the separate line item for BESS going forward. I had a quick question on the PPAs. It was mentioned on the slide that 31% of the annual PPA requirement has been covered this quarter. How much of that is seasonal versus structural, and what needs to happen in the balance of the year to ensure full year delivery? See, this is more structural in nature. A lot of these PPAs, from a PPA perspective, the CUF is more important that we are achieving that CUF, and that is better in Q1 and it is as per the plan only. From that perspective, that is 31%, which is achieved today. We generally are about 100% on an every year basis, so that will continue to be there. Our last two, three years average has been about 110%. If I would just like to add, I think quarter, you would have realized that the weather god has been decent, whether it is sun or wind. Hence, we do foresee a decent performance from the weather which is forecasted ahead of us on the overall MUs generation, which is reflected very well in our EBITDA conversion. Right. Just to look at the cadence, if I can ask a follow-up. Can we expect similar cadence as last year, for the rest of the year? Yeah. Of course. Shweta, definitely. Okay. Just one more follow-up on the PPAs, which is something that we get some inbound on is, given that several PPAs only become live when the central grid substation and transmission lines are ready, what is the timeline for the next 14 GW of evacuation capacity additions and what is the risk of holding these assets? Sorry, can you repeat? The voice goes up and down in the process. Okay. I apologize for that. This is just a follow-up on the PPA aspect. I know we're expecting 14 GW of evacuation capacity addition. Just wanted to ask, what is the timeline when we look at the substation and the transmission lines? I hope I was audible this time. Yeah, sure. Thanks, Shweta. I think, we do expect by the end of this year, another 7 GW, which is going to come. That is this calendar year. Another quarter or two, the balances should be there online. Considering our experience of the past from our company standpoint, we are keeping a very close monitoring on this evacuation so that we can reduce in case of any delays. We can reduce our capital cost on this impact because of the delay. In case there is even a possibility of a week or two or a month coming earlier, we are in a position to utilize full capacity on it. We keep a very close watch on it. As well as the current estimates is concerned for the coming up 7 GW, we do expect by end of this calendar year. Great. Thank you. Thank you so much. Thank you. We have a couple of questions from Anuj Upadhyay in the Q&A box. First is it fair to assume there won't be any open capacity for the targeted 50 GW capacity except for infirm power? 50 GW is too far, yes, you are right. As the strategy goes, we are going to de-risk ourselves as we have started now. Secondly, on the PPAs with AESL, is it based on similar terms as with SECI bidding or on take or pay basis? Also, for capacity going ahead that you plan to sign with AESL, what will be the terms? Absolutely. It's on an arm's length basis, following the standard PPA guidelines of SECI. Right. We have next question from Bhavik Shah in the Q&A box. What is the CapEx guidance for FY 2027 and 2028? Also, is the transmission capacity of additional 7 GW coming on stream by September 2026 on track? I think, the second question, Bhavik, we have already addressed with respect to additional capacity of 7 GW. Saurabh, can you come up on FY 2027? From a CapEx perspective, the FY 2027 guidance is about INR 42,000 crore of CapEx to be done for FY 2027 because we are looking at about 5 GW of expansion in RE and 10+ we want to reach as a cumulative capacity in batteries. From that angle, it would be in that range. Thank you. We'll take the next question from Shirom Kapur. Shirom, please go ahead with your question. Hi. Thanks for the opportunity. Just want to clarify one thing, the 5 GW capacity addition target in FY 2027, does that include the 500 MW PSP that is expected to come up? No, Shirom. The BESS capacity and the pump storage capacity is excluded. Got it. Secondly on the realizations that you're getting on the informed power, that's sold on the merchant market. For 1Q, could you share what the average realizations would've been? I think, Shirom, the current is in line with what the merchant power is selling through, including the RECs. It varies, but it is in the range of INR 2.5 per unit. Understood. Thank you, sir. Thank you. We have a couple of questions from Bhagya Biradar. Congratulations on a good set of numbers. First question is 10 GW plus hours of battery. How should we think of phasing over the course of the year? Question two is on economics. How should we think of cycles and unit economics through the course of this year? [inaudible]. Hi, my name is Rajat Seksaria. I look after the Battery Energy Storage System business. I think the phasing question, you need to realize that battery energy projects are relatively new in India, so there is a deep commissioning phase and a stabilization phase. That is why we are not giving specifically quarterly guidance on when they would get commissioned. All I can tell you at this point in time is the projects are at a relatively advanced stage of construction, and we may start commissioning activities very soon. We are not in a position to tell you firm quarter wise guidelines of commissioning. Yes, it will certainly be in the FY that we are committed. We are on track for that and we are trying to see how we can further improve the timelines on that. Yes, we are relatively advanced and on track for that FY 2027 targets. I think the second question you asked is about the unit economics. I think the way to look at it is, fundamentally, the storage project works on an arbitrage model, right? You are able to store power when it is relatively cheaper, as Ashish just mentioned, let's say around INR 2.5. Then you are able to monetize that during evening hours, when the market gives you better prices. I think the way we have gone about it is looked at the trends for last 36 months, 24 months, 12 months, and arrived at those numbers. They tend to be anywhere between INR 4-INR 5 is the arbitrage that you tend to get for these projects, and they are economically viable arbitrages on which we are working. You should typically look at unit prices. Yes, cycle does also come into play, but I think there will be one or two years before we would know whether we are able to do one cycle, more than one cycle, how much more we are able to do, because that's a very dynamic situation of whether we are able to do cycle in the nighttime. Yes, that's something which we are studying, and hopefully we'll have better data by the next call. Thank you, sir. We'll take the next question from Dhruv Mochal. Dhruv, please go ahead with your question. Yes. Thank you so much. Earlier we had a strategy that we will go ahead and commission projects, even though on a merchant basis, so that we can optimize on the transmission cost, so that whenever the opportunity arises, we have that transmission arbitrage also. Like for example, what we did last year and for the last two years. Does that strategy still continue in the new arrangement or your commissioning of some of the projects will now align with what the offtake requirement from, say for example, Adani Energy is? No, I think the strategy remains to optimize all costs and get the maximum profits on it. That's the overall strategy which we have. Coming back to your question in particular. You have to appreciate the fact that our- So- Let me complete it, Dhruv, that our new projects which we are going to do across, we are taking into consideration how the evacuation is mapped, when is it likely to come. That's how our project strategies are as of now. Taking into consideration the PPA requirements, which we have already signed on, and our commitments on delivering the same. Of course, for the transmission part, it is there. You also have to appreciate that in the last one or two years, there has been certain policy interventions or waivers which were going off on the subsidy part, whether it is with respect to the ISTS charges or with respect to ALMM versus ALCM. That has also necessitated certain investment from our side, because then on those projects being commissioned within that timelines, for next 25 years, we have the advantage of those subsidies which were available to us. All this is taken into consideration when we have this annual or five-year plan with us. Yes, what you are saying, those optimization will always remain in mind when we strategize, and it is irrespective of whether it's a PPA or it is AES. The idea is to have a cost optimization, getting the maximum returns on our investment. Got it. No, that's helpful. Sir, second question. At a very macro level, what we're observing is that the rooftop market has picked up quite meaningfully. You are seeing installations of 8 GW last year, and probably this one queue itself is about 4 GW or 3 GW, analyzing about 12 GW oddish. How should we think of this? Is this, to some degree, eating away the market potential from the utility segment? At some point, demand is what it is, and somebody else is taking away that market share, and can have some implications for future PPAs from the industry, I mean from the DISCOMs and others. I'm just trying to visualize how should we think of this. Sorry. I think if you look at India's energy demand, actually the electricity demand, that's been growing. It is in line with our GDP growth. On that growth, on the trajectory and how the renewable energy itself is proving as a very sustainable and a cost-effective electricity source, we don't foresee that distributed generation of a rooftop is going to disrupt the overall market of energy requirement in this country. I think both can sustain its growth in its own selves. We are seeing. You also have this element, while the solar energy has certain role to play during the daytime, you have evening peaks and night and early morning requirements too, which a rooftop at someone house or C&I segment will not able to sustain. In our view, we see it as a very good sign in the way people are embracing clean energy. We don't foresee any major challenge to utility segment, to C&I and those who are primarily bigger consumers of energy per se. Got it. Sir, last question. On the battery point you had mentioned, your team mentioned that the visibility of scheduling at a granular level is not as probably accurate. I'm just trying to understand why does that happen. I thought if you have transmission connectivity, generally these are kind of set equipments. I thought there should be a better visibility versus, say, for example, a typical wind or solar project. It seems a bit different here. I think, Dhruv, you took scheduling to a different understanding. When we were talking about scheduling is that there is a plan on how much gigawatt power is going to be installed in a particular month. The first quarter itself should give the market enough confidence on the capabilities of Adani Green to execute and operationalize project. We have a target of a 10+ GW basis. Let me also add here that at this capacity itself, we are virtually half of the total operational capacity as well as battery storage is concerned in this country. By the end of the year, we are going to be even more than two third of that. When we are speaking of a scheduling point, it was with respect to, yes, Many times, a quarter may not be 10 divided by four. It can be + 500, plus megawatt hour Things like that. That is where the scheduling was being spoken about. Got it. We also have to look how the second cycle plays into consideration after. Got it. Sure, sir. Great. That's helpful. Thank you so much, and all the best. Thanks. Thank you. We'll take the next question from Abhishek Khanna. Abhishek, please go ahead with your question. Hi, sir. Just one question on the industry more broadly, but like you said, we are still in the early phases of battery installations for the country as a whole, and even for Adani, let's say. I think there is a risk of some of these battery fires, unfortunately, like we've seen across the world. I think there was one such incident that happened with one of our competitors also. Thankfully not very severe. Is that a real risk? One second, if that is the case, do we get any warranties or cover from the battery provider or the EPC guy, or is there a third-party insurance for that that is available and we are taking? Rajat.. Abhishek, I think I'm glad you asked this because we have also come across these news reports and videos circulating on various WhatsApp groups. Let me clarify that it may be a competitor, but they are fellow industry players. I think what has been circulating in the video is a bit misleading. What got fire was not the batteries, right? What got fire actually were what is called PCS or inverters. Yeah. There was what is called IGBT failure. While that itself is not a good thing, but that's not very uncommon. It has happened in the past. Batteries per se have not got fired. It's another component which can happen in any other plant. It can happen in solar and other plants. It's not a battery fundamental risk. Yes, you are right. The energy density of LFP is so high that you're packing in a lot of energy in the 20-ft container, so you have to maintain a lot of safety protocols. I can only tell that we have invested in technology and vendors with the highest levels of safety norms, some of them actually comparable with what goes in Europe. We are constantly monitoring both from a data point of view, asset integrity point of view. As in when there is any further action needs to be taken, we'll take. That particular incident, I will categorically clarify, is not a fire in the battery system. It is actually a fire in- PCS a different component. PCS. Yeah. Yeah. Got it. The second part of the question, of course, everyone takes precautions like they would, but is there any insurance that anyone gets or any guarantees or warranties that you do get from the supplier or any insurance service provider out there? Yeah, absolutely. Insurance, like it is covered for any other equipment, it is covered by standard insurance policies including for battery projects. There is a very rigorous process by which the insurance agents evaluate and then they underwrite the insurance policies. All these projects of battery specs, they are designed for specs of our particular location, in terms of temperature, weather, and our type of operations. Then, of course, our OEMs are all reputed Tier 1s, so we are not expecting any issues on that. Got it. No. Of course. Okay. That is helpful to hear. Thanks a lot. That's all. Thank you. We'll take the next question from Nikhil Nigania. Nikhil, please go ahead with your question. Hi. Thanks for taking my question again. Just continuing again on the C&I space, given it's a significant change, A, wanted to clarify, do these contracts have any exit or termination clauses in case AESL is not able to sell that power at the right price? Either party, do they have any termination clauses? If there are, is it very similar to a SECI contract? I told you, Nikhil, these contracts are on the basis of the SECI PPA, the grander PPAs, there is no termination on convenience per se in those contracts. These are contracts which have been signed between parties. I would like to reiterate here that these are primarily signed from AGEL's standpoint to de-risk the ups and downs of the market and get the predictable return for which we have paid our assets. These contracts fully substantiate and honor that strategy. Makes sense. If I may just add one more related question. I think, as you mentioned earlier, AGEL's strategy to early commission these assets to take benefit of ISTS waivers, ALMM waivers, et cetera, was a big advantage we had. That advantage of that INR 0.50 saving in transmission cost, where does that sit now after this? Will it still be with AGEL? Will it be with AESL? I told you, from AGEL's standpoint, we have de-risked any pluses and minus on that part. It is very difficult to predict how these advantages will pan out in future, in the next 25 years. I think that is a risk which AESL has taken. AGEL has been insulated from it. We are, basis the arm's length transaction, are getting the predictable return for which we have built these projects. Perfect. Understood. Just one last question then on the execution side, given that's the entire focus now. Khavda has been excellent for us. It's already up to 10 GW, as has been mentioned. Are there any other similar large sites that we are evaluating, which could come up in the near term? Of course. Nikhil, we are seriously evaluating many large sites and are working on it. Khavda experience has been phenomenally good for us and given us the confidence of executing and operationalizing these large projects. I think this experience has given us immense confidence on even working on those. You are right, we are working very seriously towards other large sites, too, at the places where the radiation levels are as good as possible in this country. Would they be to a comparable scale to Khavda? Anything in that ballpark or? It's difficult to say the scale to which it will be. Yes, it will be very large sites, some which we are evaluating, and as and when it comes into picture, we are bounded as a public company to declare the same, and you will be the first one to know about this. Perfect. Thank you. Those were my questions. Thanks a lot for answering them. Thank you. A reminder to the participants to use the Raise Hand feature to ask any questions, or use the Q&A box directly to type in their question. We'll take a follow-up question from Shirom Kapur. Shirom, please go ahead with your question. Hi. Thanks for the follow-up. Just quickly, a bookkeeping question on BESS. You highlighted that you've added about 1.97 GWh capacity in 1Q. Does that imply that your closing capacity at the end of FY 2026 would be about 1.6 GW, just based on the math? Your previous presentation at the end of 4Q had mentioned it was 1.4. Just want to clarify that. If you had seen, it was installed as well as commissioned executable capacity was mentioned. Installed capacity was 1.6, and this quarter, we have installed about 1.9. The total capacity installed now is at 3.5 GW h. Okay. Got it. Thanks for that. Just secondly on the BESS. Your presentation mentions you have facilities available for 2 GWh under construction BESS projects. 3.5 is already commissioned, 2 GWh facilities available. Balance, 4.5 GW h that you're looking to add. Are there any risks on delays there? In terms of the supply chain, also just want to understand, is the supply chain secured on these BESS projects? Is there any risks to that as well? Thank you. Shirom, I think if you read it well, we are committed to have 10+ GW in this financial year besides what has happened in the past. As we speak, we are committed and we are very clear to achieve this. While the risks are always there, but with our experience of the past, we don't foresee much risk in achieving these capacities in this financial year, for sure. Okay, understood. Just if I can ask one last question on the realization profile. I believe this question was asked earlier, but I may have missed the answer. I just want to understand. The realization of the tie-up with AESL would be in line with the long-term PPAs that we already have tied up. Would that understanding be correct? Absolutely, Shirom. Got it. It is definitely in line with the long-term PPAs which are there. Okay. Understood. Thank you so much. Thank you. We have one question in the Q&A box from Bhavik Shah. What is our CapEx cost of batteries? Similar to what you answered, how many years of warranty or guarantee do they come with? The cost, of course, is a function of so many moving pieces, rupee-dollar exchange rate and other things. At this stage, I think a reasonable good thumb rule would be INR 1.5 crores per megawatt of installed capacity. That's a good number to work with. It may change a bit depending on whether it's a two-hour system or a four-hour system, let's not get into that nuances yet. Right now, I think INR 1.5 crore is something which you can work with. Thank you, sir. Just a final reminder to the participants for any questions. If there are no other questions, I'll hand over the mic to the management for any closing remarks. Thank you everyone for coming on the call. We look forward to continued interest in Adani Green Energy. Thank you, Macquarie, for arranging this, and thank you all, and hoping to see you next quarter. Thank you. Thank you.