Ladies and gentlemen, good day, and welcome to Adani Power Limited Q3 FY2026 Earnings Conference Call, hosted by ICICI Securities Limited. As a reminder, all participant lines will be in the listen-only mode, and there will be an opportunity for you to ask questions after the presentation concludes. Should you need assistance during the conference call, please signal an operator by pressing star then zero on your touchtone phone. I now hand the conference over to Mr. Mohit Kumar from ICICI Securities Limited. Thank you, and over to you, sir. Yeah. Thank you, Rutuja. Good evening. On behalf of ICICI Securities, I would like to welcome you all to Q3 FY26 earnings call of Adani Power Limited. Today, we have with us from the management, Mr. Dilip Jha, CFO, Mr. Nishit Dave, Head, Investor Relations. We'll start with a brief opening remarks, which will be followed by Q&A. Over to you, sir. Hi, thank you, Mohit. Good afternoon. Good afternoon, everyone, and thank you for joining the call. Our CEO, Mr. S.B. Khyalia, could not join us today due to some business exigency, and, we apologize for this. Now, let me take you through our performance for the quarter of FY 2026 and nine months. On operational, operating environment, let me brief you that power demand in quarter three, FY 2026, was weaker than last year. As you know, this year monsoons started early in May and extended up to October. Temperatures were also cooler compared to last year. As a result, all India power demand was marginally lower at about 392 billion units. This was broadly flat versus the same period last year. Higher renewable generation also impacted thermal demand. Together, these factors led to lower margin markets, market price. The average market clearing price in the day-ahead market declined sharply year-on-year. Now, on operational performance, despite this environment, our operations remain resilient due to our fuel logistics cost advantages, long-term tie-ups, and competitive merit order position in most PPAs. Our installed capacity stands at 18.15 GW as of 31st December 2025. This was higher than last year due to acquisition of Vidarbha plant. Power sales in Q3 FY2026 were 23.6 billion units. This was slightly higher than 23.3 billion units, same period last year. This increase came despite a lower plant load factor of 62.6%. PLF declined from 63.9% last year due to weaker demand. Higher operating capacity helped offset lower utilization. For the nine-month period, power sales increased to 71.8 billion units. This was up from 69.5 billion units in nine months last year. The increase was driven by our capacity additions. One important development is that we have made the 600 MW Butibori power plant fully operational now. When we acquired it in July 2025, it had been in a shutdown state for several years. We have tied up its capacity in a 5-year PPA with Maharashtra DISCOM, which is being supplied at full capacity now. On revenue performance, continuing total revenue for quarter three, FY 2026, was INR 12,717 crore. This was slightly lower than INR 13,434 crore in the same period last year. The decline was mainly due to lower power selling rates. Merchant price was significantly lower year-on-year. Import coal prices were also lower, because of which energy charge is lower in some import coal-linked PPAs. However, we have been able to get higher realization due to short-term bilateral tie-up. Other income for quarter three of last year was higher, mainly due to higher late payment surcharge income as compared to quarter three of this year. For the nine-month period, continuing revenue was INR 40,524 crore. This compares with INR 41,951 crore in nine months, 2025. Higher volumes have largely offset the impact of lower rates for nine-month period. Fuel cost for quarter three, FY 2026, was 9.7% lower in quarter three, FY 2026, at INR 6,800 crore as compared to INR 7,500 crore for quarter three of the same last year. This reflects the reduction in import coal prices, I explained to you. Fuel costs were similarly lower by 5.4% between the two corresponding nine-month periods ended December 31. Continuing operating expenses were higher by 14.8% at INR 1,280 crore in quarter three, FY 2026, as compared to INR 1,115 crore in quarter three, FY 2025. And this is largely due to the recently acquired assets being operational for the full period under consideration, overhauling expenses and variable expenses at various plants and higher outlay for CSR expense spend. EBITDA performance. So despite lower revenue, profitability remained strong. Continuing EBITDA for quarter three, FY 2026, was INR 4,636 crore, which was slightly lower than INR 4,786 crore in quarter three, FY 2025. This decline reflects lower realization, however, cost control and operating efficiency helped protect margin. Contribution from newly acquired assets also supported EBITDA. For the nine-month period, continuing EBITDA was INR 15,713 crore. This compares with INR 16,478 crore last year. Lower power sale rate and higher CSR spend were partly offset by scale benefit. On profit before tax and PAT front, continuing profit before tax for quarter three, FY 2026, was INR 2,800 crore. This was higher than INR 2,659 crore in quarter three, FY 2025. The improvement was driven by lower finance cost, which offsets the decline in EBITDA. Profit after tax for quarter three, FY 2026, was INR 2,488 crore. This compares with INR 2,940 crore last year. Last year, PAT in quarter three was higher due to higher one-time prior period income recognized in quarter three, FY 2025, as compared to quarter three, FY 2026. In quarter three, FY 2025, prior period income was slightly higher at INR 1,400 crore, as compared to INR 278 crore for quarter three this year. Similarly, total prior period income for nine months ended December 2025 was INR 1,353 crore, as compared to INR 2,420 crore for the corresponding period of FY 2025. For the nine-month period, PAT was INR 8,700 crore. This compares with INR 10,150 crore in nine months, FY 2025. Now, turning to the balance sheet. We continue to maintain strong liquidity, with timely payments being received from all customers, including Bangladesh. Total debt as of December 31, 2025, was INR 45,331 crore. Net debt stood at INR 38,679 crore. Debt increased from March 2025 level. This was mainly due to bridge financing for capital expenditure. Importantly, leverage remains comfortable. Strong cash generation supports ongoing expansion. Now, let me brief you on PPA portfolio and visibility. A key strength for us remain our contracted revenue profile. During the quarter, we received a letter of award for a 3,200 MW project in Assam. This project will be developed on greenfield basis under the DBFOO model. Fuel linkage will be arranged under SHAKTI policy. With this, half of our upcoming capacity is already tied up under long-term PPA. We have now tied up existing operating capacities under long-term and medium-term PPAs with various state discoms. Out of our present operating fleet of 18.15 GW, we have almost tied up under PPA 90%. This provides strong revenue visibility. It also reduces exposure to short-term market volatility. On capital raising and credit profile, recently, we further strengthened our funding profile. We raised INR 7,500 crore through AA-rated, non-convertible debentures. The issuance was done in 4 tranches. Tenures range from 2-5 years, and coupons rate range from 8% to 8.4%. We have been able to get investment from some of the largest mutual funds and commercial banks, among others. The fund will support capacity expansion and working capital. Our credit rating continue to be AA Stable, even with the new additions of debt. This reflect our strong business and financial positions. Now, on project execution front, let me now update, you know, some of our project executions. We're progressing well on the 23.7 GW thermal expansion program. Mahan Phase is about 80% complete. Raipur Phase Two is around 44% complete. Raigarh Phase Two is close to 38% complete. Construction at Korba Phase Two project has also resumed. These projects are scheduled to be commissioned in phases from FY 2027 onward. Advanced equipment ordering and in-house execution provide us strong competitive advantages. We are looking at ongoing bids of 15 GW to fill up the balance 12 GW capacity. We also expect the other states to come up with their long-term PPA bids for thermal power soon. So let me conclude with our business outlook. We expect the return of strong power demand in the ensuing year as a base effect two years out. We are already witnessing good bilateral PPA demand with high tariff being tied up. However, we are focusing on capacity tie-up under long-term and medium-term contracts to moderate exposure to rate volatility. Our increasing share of contracted capacity provides stability to earnings as well as visibility to revenue and liquidity. Our upcoming capacity additions will drive earnings growth. It is worth repeating here that the new PPAs generate EBITDA from plant availability, while fuel charges are a pass-through. These new PPAs have much better higher capacity charges than our legacy PPAs. This will lead to much better per megawatt EBITDA in the coming years. In conclusion, our balance sheet is strong, liquidity is excellent, and we are well positioned to fund growth. We remain confident in the long-term power demand outlook for India. Thank you for your time. We will now be happy to take your questions. Thank you. 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 their 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 Abhinav Nalode from ICICI Securities. Please go ahead. Yeah. Good evening, sir. Thanks for the opportunity. My first question is, for the Assam and Karnataka PPA. What is the tariff, fixed and variable charge? Also, have we signed any extra 200 MW PPA with Assam? So Assam PPA for 3,200 MW, the energy charges is INR 6.30. Out of that, capacity is INR 4.16. For... You are asking for Raipur? Karnataka. Karnataka? Karnataka PPA, right. Yeah. So this is INR 5.78 per unit for Karnataka. And the fixed component will be? INR 4.05 Okay, understood. My second question is on CapEx. What is the CapEx incurred in nine months FY 2026? We had estimated about INR 130 billion for the whole year. So where are we now? And also, can you give the exact timelines in terms of which quarter we can expect the upcoming three facilities, Mahan, Raipur, and Raigarh, to get commissioned? So, we have spent CapEx in this year as on 31st... Just give me one minute. So on the expansion side, this year, we have, you know, invested the CapEx of near about, we can say, you know, INR 15,000 crore, including advanced payment we have given to our, you know, the BTG supplier. Okay. In terms of timelines, when can we expect the upcoming, I mean, if you can get specific in terms of quarter, in which quarter we can expect? Yeah. So what, you know, so this is as per, you know, the scheduled target. Next year, we are going to add... We have already scheduled for addition of Korba, 660 into 2. This year, next year, we will add. And also, you know, so though this is the scheduled, the Mahan, we are also putting all the best possible efforts also to, you know, so to complete Mahan Phase Two as well. Mahan Phase Two as in next year? Yeah. Yeah, and for the other plants, you can expect commissioning, six months after Mahan, you know, one unit after the other. Understood. By the middle of FY 2029, all these three projects would be completed. All right. So our all projects are going on as per, you know, the scheduled plan. And next year, we will be adding, you know, the Korba. And also, you know, we are putting efforts for Mahan, and then every single projects, you know, so these are as per the scheduled timeline. We were confident that we will be able to complete all the projects as per, you know, pre-scheduled, targeted timeline. I understand. My next question is on if you can give PLF, revenue and EBITDA for Godda Power Plant? Godda Power Plant? Yeah. Just give me one minute.... So the quarter, quarter three revenue is INR 2,210 crore. Continuing EBITDA, INR 1,092 crore. And if you will ask for nine months, right, the revenue is INR 6,700 crore, and continuing EBITDA is INR 3,247 crore. Okay. My last question is, given the Vidarbha and Karnataka get operational, will the dependence on merchant reduce in coming quarters? Yeah. So you might be witnessing, you know, our strategy. So if you see that two years ago, our open capacity, you know, the PPA was 80/20, which got reduced to 84/16. Now this is 90/10. So we are very much mindful about, you know, the merchant tariffs and rates, and what we have, you know, strategized that we are minimizing, you know, so our portfolio to open capacity, and, you know, so resulting into maximizing our... You know, so resulting into ensuring, you know, the assured revenue, EBITDA, irrespective of market volatility. So this is already at 10%, you know, so the open capacity. Thank you, sir. That's helpful. Thank you. Thank you. The next question is from the line of Dhruv Muchhal from HDFC Asset Management. Please go ahead. Yeah, sir. Thank you so much. So just one question, is if you can give the volume, long-term and merchant volumes for the quarter? Yeah. Just give me, you know, give me a moment. So merchant volume for the quarter was 4.3 billion unit. Okay. For nine months, this is 15.65 billion unit. 15.6. Right, sir. For nine months. And. For quarter three, this is INR 4.3 billion. 4.3. That's the only question, sir. Thank you so much and all the best. Thank you. Thank you. Thank you. The next question is from the line of Aniket Mittal from SBI Mutual Fund. Please go ahead. Yes, sir. Thank you. So in your opening remarks, sir, you mentioned about the impact of merchant prices being significantly lower, as well as imported coal price impacting the energy charges. Just to understand, could you quantify both of these on a year-over-year basis? Hello? Sir, are you able to hear us? Hello. Yeah, sorry, we were on mute. Just a second, please. I'm sorry, you know, it was on mute. This is, you know, so I missed that. So merchant realization in terms of tariff, if you see, for this quarter, this is INR 4.37, right? As against that, if you see in the same period, last year, it was INR 4.56. And if you will talk about nine months, this nine months, this year's nine months, INR 5.44, and it was INR 6.16. So I'm repeating it again. For quarter-over-quarter basis, per unit realization, this year for quarter three, INR 4.37. Same period, same quarter last year, it was INR 4.56. For nine months, it is INR 5.44. You know, last year, for nine months, it was INR 66.16. But as I explained to you that we are mindful about this market volatility, and we have. What we have done, we have now around, you know, more than 90% capacity under PPA, and only we have 10%, you know, so in open capacity. And it is our strategy also, over the period of time, we are also trying to, you know, reduce this capacity, you know, so maybe by 3%-4% over the period of time. So over the period of 6-7 years, it is, it will further reduce from 10% to 3%-4%. Understood. On the imported coal price, what's the cost at which you have, you know, bought or incurred at a landed basis this quarter versus the same quarter last year? Yeah. So let me, you know, brief you about the indices. This time, quarter three, the indices, you know. So I'm talking about the HBA Index. It is 104. As against that, the same quarter last year, it was $123. So $123 versus $104, right? And if you talk about on year-on-year basis, this is against $138 to $108. So there is a reduction of near about, you know, the 15, 16 dollars. You know, on per metric ton basis. This resulted into, you know, a little bit con, you know, so in, in, in, you know, so because, you know, so our revenue in some of the plants based on the imported coal. So the imported coal indices will reduce. Our revenue also will reduce. Yeah, I understand that. Just on the earlier question, I missed the PLF number for Godda. If you could let me know for this quarter versus last year, as well as you mentioned this year's revenue EBITDA, could you also let me know the same for the same quarter last year for Godda? Yeah. So the PLF for Jharkhand for Godda this year is, for on quarter basis, this is 68%, and same period last quarter, last year it was fifty, 50%. So it will be quarter three, last year, 50% PLF. This time it is 68% PLF. So there is increase in, you know, the PLF in Godda by 18%. So our, you know, supply of units has also increased. So, you know, so, in comparison to last year, this year the supply has also increased in Jharkhand. Right. And the revenue EBITDA number for last year, same quarter for Godda? Last year, give me some time. I have to check, you know, so this last year number is... I have to check. Just give me one minute. Yeah. So quarter 3, FY 2025, the revenue was INR 2,132 crore, and EBITDA was INR 1,222 crore. And if you ask for nine months, same period, it was INR 6,604 crore, and EBITDA was INR 3,989 crore. Now, if it's on a comparative basis, right? So, right, you know, for nine months, this EBITDA is for this year, INR 3,247 crore, as against, you know, so the nine months last year, INR 3,989 crore. So there is reduction of INR 700 crore. This is due to, you know, the reduction in the indices. So of that, almost, this quarter, the reduction is close to INR 120 crore on a year-over-year basis. And EBITDA. Okay. Okay. In the other part to understand is, you know, there, there are two essentially large PPAs that were in the work for Rajasthan, Uttarakhand, which you were expecting to come. I, I think there's been some sort of, you know, news with respect to the regulator not approving the Rajasthan tender. Just your thoughts on that, and, and going forward, when can we expect, you know, these tenders to? Yeah. Dhruv. Nishit here. So, you know, just to actually clarify about the regulator's view. The regulator felt, based on the submissions given, that the full 3,200 MW PPA may not be required at the same, you know, at all together, which was actually based on the resource adequacy plans that the regulator had seen, which were submitted by the DISCOM. This is based on the proceedings in the regulatory hearings. So the DISCOM has represented that they would like to revisit the assumptions and prove their agency actually sort of support their case, emphasize their case that they require this sort of power requirement, you know, 3,200 MW of PPAs. And the regulator has given them that permission to present their case again. I think that should take place in some time, and we should see the PPA moving ahead after that. And we can. So that was the case of Rajasthan, and so you know because the state DISCOM actually felt that the numbers considered by the CEA were a bit more conservative as compared to what the DISCOM itself saw in terms of the demand for power. In case of Uttarakhand, again the bid documents have been released. I think that it's going to take a little bit longer in case of Uttarakhand, but we should see the PPAs the bids being submitted over the course of the next few months. Okay. Okay. Just, you know, two more questions. One is, I can see that the interest cost, you know, has been declining fairly well. How is the average cost of borrowing now looking for us compared to, let's say, one year back? So if you see, you know, on the long-term rate, this is near about 8.5%, right? So the PFC, the funding for Jharkhand, because Jharkhand is already merged with Adani Power, and now Jharkhand is also being part of Adani's standalone entity. This asset is also rated double A. So the interest cost, as you know, also got reduced significantly. Apart from that, our working capital rate is also near about six, 6.5 to, you know, 6.8%. And the non-fund-based rates are also become very, very competitive. So if you see on an overall basis, you know, there is significant reduction in interest cost in comparison to in the last year. Okay. What would be the weighted average, sir, right now? Weighted average cost will be near 100. It will be less than 9% this year. Okay. And in this, on the merchant portfolio that's remaining, and the remaining, 10% of, let's say, 18.1, which is about 1.8 GW, could you quantify that across plants? Like the merchant 1.8 GW. Yeah, just, just, just give me a moment. So we have, readily available. So if you want to quantify it, for Kawai, we have 50 MW. For our Udupi, we have, you know, near about, you know, the, the, they're very insignificant, 7-10, you know, MW. In Mundra, we have 226 MW. Raigarh, we have near about 100 MW. In Raipur operating plant, this is near about, you know, the 400 MW. In Mahan operating plant, we have near about 600 MW, and some small parts in some of the other plants. So making it total, you know, so it's 10% of overall fleet. Understood. Thanks. Those are my questions. Thank you. Thank you. Thank you. Ladies and gentlemen, in order to ensure that the management is able to address questions from all participants, we request you to please limit your questions to two per participant. If you have a follow-up question, you may rejoin the queue. The next question is from the line of Manish Somaiya from Cantor. Please go ahead. Good afternoon, good evening. By the way, that's not fair that I only get two questions and everybody else gets five, but that's okay. I'm kidding, by the way. But just couple of questions. I guess I'll limit it to two. First is, you know, you talked about renewable capacity scaling, which impacted merchant pricing. So how should we think about that as renewable capacity increases over the next few years? How should we think about the structural impact on thermal dispatch and merchant pricing? Okay. So let me, you know, brief you. We have 18.15 GW of operating capacity, and we have, you know, the plan for capacity expansion of another 23.87, you know, so near about 24 GW, making it total 42 GW over the period of next 6-7 years. So in, in our financial year, 2031, 2032. From our... And being the, you know, the base load power, this is two part tariff. One, fixed capacity charges on the basis of availability of the plant, and then energy charges. Out of operating capacity of 18 GW, you know, so this, this is again, fixed capacity charges and energy charges. Fixed capacity charges, which is available of the plant, where we are ensuring that our plant is available, you know, so near about 90%+. In terms of PLF, it is driven by the market, right? When this depend upon, you know, the demand and supply. If demand is high, then the PLF will be high and subject to the merit order dispatch. So our revenues and EBITDA, when EBITDA is coming out from the, you know, mainly from, from the capacity charges, and basis available to the plant. Now, coming to the addition of the plant, 24 GW, our 100% EBITDA is driven by capacity charges only because fuel charges are 100% pass-through. There will be no impact in terms of whether there's demand or not. If plant is available, we will raise our bill and our EBITDA will be ensured. To sum it up, you know, the answer to your question, operating assets, 18.15, then majority of the EBITDA is driven by capacity. Yes, there is some energy efficiency contributing to the energy charges, but 24 GW, 100% EBITDA is driven by the capacity charges. That is why from our operating assets, we have 90% in the PPA and 10% open. We have, you know, mitigated the market volatility risk. I believe, I think in the pa. Yeah, go ahead. Sorry. No, I was just gonna say that, I think in the... I think in the past you have said that the goal is to get the PPAs even higher, right? So maybe closer to 100%. Obviously, it may not be possible to get to exactly 100%, but close to it. Is that still the plan? Yeah. So you know, you have to see the base load and thermal capacity differently, because this is part of resource adequacy, irrespective of sources of, you know, the power. Now, as you know, every state has to demonstrate that they have proper resource, and to demonstrate proper resource, they are, you know, tying up all these PPAs. Now, this, the base load, which is mainly from the thermal, irrespective of, you know, the sourcing of power, this resource availability is there. And to ensure resource availability, every single state and discom, they are paying, you know, the capacity charges. Now, over and above this resource adequacy capacity charges, if any discom will source from thermal, then the energy charges will be added, you know, the fuel charges. If it is from green, then the green charges will be added. The Resource Adequacy part for base load capacity is constant, irrespective of sourcing of power. That is where the base load is ensuring that our EBITDA is driven by availability of the plant, not on the basis of demand. Yeah, Manish, just to sort of, you know, go back to that original question that you had related to the increasing penetration of renewables. So in the last quarter, and also the year till date, till December, what has actually happened is that because of the extended monsoons, we have seen a good amount of increase in hydropower generation, and the cooler temperatures, et cetera, have also taken the peak off a little bit. So, you know, this is generally the time when thermal power comes in to supply more power, but this is where hydropower, and to some extent, the other sources of renewable power, have also been able to meet the demand. So if you look at the mix overall, the contribution of thermal energy in Q3 FY 2026 fell to 73% from 76%, earlier. For the total renewable energy contribution, which was around 20% earlier, that is, both normal renewables plus large hydro, it has actually increased to around 24%. That is actually a transient sort of a phenomenon. Of course, as renewable energy capacity increases, we'll start to see more and more power being supplied into the grid. When it comes to merchant power, it would still have to contend with the inability to generate power on demand. Again, for hydropower, et cetera, as the hydropower resources have used up, actually, on a seasonal basis, the contribution comes down. We are starting to see that also in terms of the daily merchant price movements on a 15-minute to 15-minute basis, hour-to-hour basis. So over a longer period of time, of course, the edge will come off a little bit, but at the same time, we also believe that peak demand will start to increase as more of household consumption of power increases and as also the industrialization-related drivers come into place. So we expect to see that sort of 388-400 GW peak capacity, peak requirement by fiscal 2032, which would mean that, you know, there'll still be good demand in the merchant market. And for the coming year at least, we are hoping to see better merchant prices as compared to the last year, the current year. Okay. That's helpful. And then just to for my second question, as obviously, we're sort of towards the end of January, maybe if you can just give us a sense for, you know, how some of the operating metrics might be looking like on, you know, O&M availability, PLF. And should we be aware of any exceptional items in this March quarter? Yeah, we hope. You know, it will see the, you know, the demand for December and January. This is already increased on year-on-year basis. It will, and also, this is the demand is higher by 10-12% on month-to-month basis. What we are expecting that in quarter four, the demand will definitely be higher than, you know, the current quarter. And so the O&M availability, 90% is anyway, you know, is there, and we think that PLF will also be, you know, sort of better than quarter three. So as we approach the hotter months, so Manish, typically we see the PLFs going up. In the current year, when it comes to availability, we have carried out regular scheduled maintenance, both annual overhauls and capital overhauls in large number of units. And we expect to catch up with overall. We are actually very much compliant with the normative capacity, with that you provide under PPA. But for the full year, we should be ending with more than 90% overall plant availability anyway. Now that you can say the overhauls have been completed, right? Also, you also have to consider that we actually have acquired some of these plants that have been, not been operated very well, not been maintained very well in the past. We have undertaken lots of, you can say, activities to improve their efficiency and uptime, which should start to show fruits going forward. Okay. Thank you. Thank you so much. Thank you. Thank you. The next question is from the line of Nikhil Abhyankar from UTI Asset Management. Please go ahead. Thank you, sir. Just got a couple of questions. Can you just repeat again the physical progress plant-wise, which you had mentioned in the opening remarks? And also, I think you mentioned that Korba is likely to get commissioned next year. I mean, I believe that there is no PPA for Korba as of now, so what are the plans over there? Sorry, can you repeat the first part of the question again? Can you mention the physical progress plan, plant-wise, which you mentioned in the opening? Yeah, yeah, yeah. Sure. So Mahan, we have actually progressed nearly 80%, Mahan Phase Two. Raipur Phase Two, we are at around 44%, and Raigarh Phase Two, around 38%. So these two plants actually we started just around 1-1.5 years ago. Right. Mahan, we have started a little bit more than 2 years ago. We have actually achieved excellent progress when it comes to execution of these power plants. Korba Phase Two, as you would know, we actually acquired this Phase Two project. Right In a defunct state. And we have now revived the our project. We have received the clearances, et cetera, also necessary for carrying out the activities. And now we have started the work on this. So this project should get commissioned somewhere around the middle, you know, the first unit, somewhere around the middle of next year, and the second unit by the end of next year. And we are looking at various opportunities in the market for bidding for PPA. This would be a plant capacity that would be ready immediately, while states might require power in the, let's say, five-year time horizon. So depending on, depending on the opportunity, we can sell power in the medium-term market. We can also look at supplying power in the merchant market, because actually this plant is located right in the middle of some very large mines. Right. It's got an excellent fuel cost advantage over there. Understood. Sir, broadly, I mean, in terms of the 24 GW of under-construction capacity, can you just break it down as to how much is likely to get commissioned, say, by FY 2028, FY 2030, and beyond? Broadly speaking, next year, around 2.9 GW get commissioned. In fiscal 2028, another 2.4 GW. In fiscal 2029, 2.4 GW. In fiscal 2030, we have 8 GW being commissioned altogether. In fiscal 2031. Okay. We will have, 5.6 GW and then 2.4 GW. Okay. So, the entire capacity, this is how it is actually expected to take place, you know, shape up. And, the plants that we expect to get commissioned in fiscal 2030, we have started work on some of these plants. We'll progress ahead as and when we get the environmental clearances for the rest of the power plants. Everything else that is required for setting up these power plants is already with us. Just a final one, short question. This Uttarakhand PPA that we have signed for, 400 odd MW, I guess. What is the tariff for that? Sorry, Uttarakhand medium-term PPA, you said? Okay, so it's, you know, so its tariff is INR 5.85. Capacity would be around? Yeah, this is 50/50%. 50/50%, it's so 2.9. Yeah. Correct. Perfect. Thank you. Thanks and all the best. Thank you. Thank you. The next question is from the line of Nikhil Nigania from Bernstein. Please go ahead. Hi, thank you for taking my question. My first question is on the Bangladesh power plant, the Godda power plant. I wanted to clarify now that coal exports are allowed from India, are we allowed to use domestic coal for this plant? A, and B, there was some recent press article around the plant. So just wanted to make sure contractually there are no termination clauses that are there in the contract and that we are well protected. So, you know, let me, you know, to apprise you about this plant, which is situated in, you know, the Godda district of Jharkhand, northern Jharkhand, you can say, and dedicatedly supplying power to Bangladesh. You will appreciate that this plant we completed, you know, in, in, in record time, in a scheduled time, and that too under COVID, by connecting three countries: China, Bangladesh, and India. We are supplying around in the 10% of Bangladesh's total effective capacity, you know, the required. And the zone where we are supplying this power, this is, you know, around, around 20%. Also, you will appreciate that we continued our supply when there was a huge turmoil. We are in a very hard time over there, but we never, ever, you know, stop. We continued our supply. The receivables were all-time high, but we continued our supply, right? Now, this is the plan, you know, the dedicated supplying and earning around, you know, so $1 billion for the country. Now, the supply is regular, the payment collection is regular, the relationship is very much, you know, the normal. Even in the difficult time, in August last year also, their controller were engaged with us, our operational team, and then, you know, the power supply was continued. In the extreme difficult time also, we supported, we supplied, you know, on as usual basis. So, you know, so the relationship in terms of the supply, payment, everything, you know, is, is, is continued. It's normal, but we are mindful. We are very much, you know, the mindful about the circumstances and environment over there. And you guys also must be, you know, some. So, there may be, you know, some sort of incident in that country. But we are mindful that the circumstances and environment, and we are keeping watch on it. But our operation, supply, and everything is, you know, continued. And we think that these are very temporary periods, and then these things will be over. Sorry. Okay. Yeah, please. Yeah, and related to this whole use, actually, Nikhil, in August 2024, the Government of India modified its guidelines related to the export of power from India on a cross-border basis, so that is to nearby countries. Right. So what the amended policy says is actually that electricity that is generated from coal-based power plants will be permitted only if this electricity is generated utilizing either imported coal or spot e-auction coal, or coal that is obtained from commercial miners, or if the government allows any specific other use. So this was not permitted earlier. Later on, they have eased this policy now that there is commercially mined coal available in India. And now the Mining Act actually allows bidders to bid for coal mines without specifying any end use, which means that they can sell coal also in the open market. So, previously it was only imported coal, but now domestically sourced coal, as long as not the government-controlled price coal, as you could call it, you know, that is not used, you can actually use domestic. Got it. Appreciate the detailed answer. Very helpful, and very clear. Second question I had was on this pipeline of 15 GW of ongoing thermal tenders. Could you give some more color on that? I think the color on Rajasthan helped. Out of the 15, have any of them progressed to financial bid submission, or are they still in the bid invitation stage only? Yeah, as we understand, Maharashtra financial bidding has been done, but the bidding process, I think it is still to be closed. In other cases, I think we are at the pre-qualification bids or, you can say, discussion on the bidding document stage. Got it. And no other state reconsidering, like Rajasthan, at least that, that's come to your notice? No. None, none at all. In case of Rajasthan, it is primarily sort of, as I said, you know, this is more about how the regulator sees what the CEA has worked out as part of the resource adequacy plan and what the DISCOM itself says about their future requirements. So it is actually only about, you can say, a small difference between the two. The DISCOM has been permitted by the regulator to come and present its case again with all the supporting information. Okay. Those were my questions. Thank you for answering them. Thank you. Thank you. Thank you. The next question is from the line of Ishan Varma from Antique Stock Broking. Please go ahead. Hi, sir. Most of my questions have been answered. Thank you. Thank you. The next question is from the line of Shubham Kapoor from Jefferies. Please go ahead. Hi, sir. Thanks for the opportunity. Just had a bookkeeping question on your open versus PPA tied-up capacity. So obviously, your presentation mentions, and you mentioned on call, it's 90%. So in your presentation, we see that 5.5% is yet to be operationalized. Is that 5.5% a part of that 90? Which means currently 84.5% of the operational capacity it has operational PPAs. Is that understanding correct? So altogether, out of the total 100% capacity that we have, so some of these PPAs are being operationalized as we go along. But on an average basis, you can consider that 90% of the capacity is tied up and ready to supply power under the long-term PPAs. Some of the additional capacity will start over the next few months, and then this could increase to around 93%. Understood. Okay. So that, this 5.5 is not, is part of that maybe some of it is part of that 10%, which is not tied up yet, and eventually will get operationalized. Just double-checking. Correct. Correct. Correct. Got it. Well, and so, so similarly on, that 370 MW PPA that's been tied up, with Uttarakhand, did that, happen, you know, at the beginning of the quarter? Did you get the full impact of that during this quarter, or will... Is this going to be operationalized, you know, after the quarter? Could you give some timeline on that? Just a second. Uttarakhand PPA, you mean? So these PPAs that we are talking about, primarily that are not yet operationalized, they are PPAs that are with our group companies, where we will actually start to see them getting operationalized. The Uttarakhand PPA, we'll start supplying it from next month onwards. Got it. From next month. Okay. And just lastly, on the employee costs this quarter. So, you know, it was about INR 216 crores, but in your notes, you mentioned that INR 56 crores is from increase in provisions regarding new labor codes. Just want to understand whether that, that is a part of this INR 216 crores, and how much of that is a one-time, you know, increase, and how much is it gonna be recurring from that? It's part of the P&L, so it's actually charged to the P&L. And it's actually part of the regular numbers, so we have not set it out as a one-time prior period item. The amount is around INR 56 crore. Got it. So this INR 216 crore, which includes this INR 56 crore, and it will be, it's, it's a recurring item. This is not a one-off expense that we should factor out. No, no, no. No, no, no. So we have not categorized it as a one-time expense when we are talking about continuing revenues and expenses, but otherwise, it, that INR 56 crore charge is a one-time charge. Okay. So excluding that, your, you know, staff costs would be about INR 159-INR 160 crore, which shows a 25% decline year-on-year. So what would... You know, by excluding that amount, what has driven this, you know, decline in employee costs year-on-year? Because 3Q 2025, I see, is about INR 211 crore.... Was any one-off in that as well, or? No, no, there is no one-off over there, but some of the employees have shifted to other parts of the organization, so that actually accounts for this reduction. Okay. So this INR 150 crore-INR 160 crore is what we should take as the base going forward, for subsequent quarters as well, right? See, the organization is also growing, so I can't actually put a number to this aspect, but generally it would be in that ballpark, you can say. Got it. Got it. Understood. Thank you so much, sir. All right. Thank you. Thank you. The next question is from the line of Kalpit Saboo from GYR Capital Advisors. Please go ahead. Okay, thank you. Thank you very much for taking my question. My question is, like, for 3,200 MW Assam greenfield project, what is the estimated CapEx per megawatt, and what will be the equity and debt mix for the expansion you are planning? Yeah. So, we are not, you know, going for any project-wise financial closure. In Adani Power, you know, so if you see our performance from operating assets, the EBITDA, continuing EBITDA is, you know, very good. And its strong FFO on yearly basis from our, you know, the operating assets is also, you know, very good. So near about INR 20,000 crore FFO. And majority of our CapEx, you know, we are funding from our internal accruals, so there is no project-specific funding we are doing. Now, in terms of, you know, the CapEx cost is concerned, this for Assam, it will be near about, you know, INR 10 crore per megawatt basis. Okay. Okay, understood. Sir, regarding what is presented in the results at Godda power plant. It is mentioned that a significant amount from the Bangladesh Board is in the nine months that we have recovered significant amount. So could you please quantify the current outstanding receivable from Bangladesh Board as on thirty-first December? Yeah. So, what I explained to you is that, that the borrowing from Bangladesh is regular, right? And, and even, even, we are getting, you know, so on. So, you know, so, so let us say the Bangladesh supply is regular, billing is regular, payment, you know, so we are getting on regular basis. So if you see on, you know, so the dues are near about equal to, you know, so one month is not due. So there are about two months due is there, you know, so for Bangladesh is concerned. So we are getting payment regularly from Bangladesh. So it's a regular due. Okay, sir. Understood. And sir, another question is, like, regarding the unsecured perpetual securities. A company has paid around INR 3,000 crore in the first nine months, and what is the outstanding balance of the securities, and how are we planning to fully extinguish this? Are we planning to extinguish this by the end of this financial year? Yeah. So we have paid entire amount. So if you'll, you know, so ask what is the outstanding? As of now, there is no outstanding at all. So you can say, you know, the nil. No outstanding. Okay. Okay, understood, sir. Understood. That's all, sir. All other questions were covered up by previous presenter. Thank you. Thank you. Thank you so much. Thank you. Ladies and gentlemen, we would request you to please limit your question to one per participant. The next question is from the line of Sukrit Patel from Eyesight Fintrade Private Limited. Please go ahead. Good evening to the team. I have a power looking question. With power demand remaining strong and thermal generation continuing to play a critical role in grid stability, how is Adani Power thinking about optimizing its operating portfolio between contracted and merchant exposure? In this context, how do you prioritize the sourcing tactics, plant efficiency improvements, and long-term capacity utilization to ensure sustainable returns across different demand and pricing scales? Thank you. Yeah. Thanks, Sukrit. Actually, if you followed the discussion, see, we have 18 GW capacity now. We are adding another 24 GW. Now, for the new capacities that we are setting up, actually, we intend to tie up the entire capacity in long-term PPAs, and the existing capacity also has 90% tie-up in long-term PPAs. So we actually are reducing our merchant exposure going forward. Now, if you look at the overall, the structure of the new PPAs, in this case, now the entire game has become keeping generation capacity available to help integrate more renewable power into the grid and to continue to supply base load power. So the PPAs now will act, or you can say the power plants will now act more as, increasingly as we go along, they will start to act more as, balancing power plants. And therefore, the focus would be on keeping the plant uptime, as high as possible, rather than actually trying to maximize the, PLF out of them. But that said, actually, these power plants that we are setting up are the state-of-the-art in technology, with very good, levels of, thermal efficiency, which means that they utilize lesser amount of coal to generate a unit of power, up to around 5%-10% advantage over the older technology power plants. And they would be able to do it at a lower cost as well, because most of these power plants are located very close to the coal sources. So the loading of logistics cost on the coal price would also be lesser. So to the extent that the cost economics allow in terms of how the overall energy mix works out, actually, they will continue to see a high level of utilization. And as we are using the latest technology, which is also technically, technologically more advanced, we actually also have the ability to control finer aspects of the power plants operations more granularly. We are employing technology to improve the predictability of plant operations and to carry out preventive maintenance, et cetera. So as an organization, we are very much involved and invested in utilizing the latest available technologies to improve power plant efficiency. Thank you. I have just one question for Mr. Jha. Can I ask my question, please? Yeah, please. Very, sure. Thank you. Thank you, thank you. Given the constant volatility in the fuel cost and the constant regulatory compliances, which will also keep on changing from time to time, just want to understand what is your vision on approaching margin visibility and cash flow across the board? Additionally, can you just shed some light on the capital allocation and balance sheet priority as the company balances debt maintaining CapEx and potential growth? Just want to understand your view on this. Thank you. Yeah. So at the end, so as we are briefing that, you know, so our overall CapEx plan over the period of, you know, 6-7 years to add 24 GW is near about, you know, INR 2 trillion. So in, in, in, in dollar term, we can say, you know, that $22 billion. So INR 200,000 crore CapEx program we have in Adani Power, that we are going to incur over the period of 5-6 years. Now, the funding arrangement, majority of the funding arrangement we will do from our internal accruals. So we have, you know, so operating assets of 18.15 GW. From that, on yearly basis, we are, you know, generating an EBIT of, you know, so we are about INR 22,000 crore and FFO INR 20,000 crore. So in the same period of time, so over the period of 5-6 years, we are generating from our operating assets only 1.4 trillion, so INR 140,000 crore. So there is a gap of INR 60,000 crore, and this, this interim gap is, you know, so we are, you know, so, so funding from a mix from the domestic capital market as well as, you know, from a domestic bank. And this recent, you know, the NCD issue of INR 7,500 crore, maybe, you know, one of the examples that the investor confidence and part of our, you know, the planned program to materialize this, this interim gap. Now, if you see this time, presently our operating capacity, 18.15, we are adding, you know, so 24 GW. Our capacity will be 42 GW. On an average basis, our EBIT is INR 22,000 crore, our FFO is INR 20,000 crore. If you see by, you know, the 2031, 2032, where we will, we will add our entire capacity, by that point of time, our EBIT and cash flow, we will have sufficient cash flow. We can pay our entire debt, and even after paying entire debt, we will have significant amount of cash flow in hand. So we are not going for any project-wise funding. We are funding our entire CapEx majority from our internal accrual, and the gap interim, we will be funding from domestic capital market as well as domestic, you know, the banks. So, Sukrit, thank you. I hope that answered, you know, explained the matters to you well, and we would now like to close the call. Sure, sir. In regards, if you have any closing remarks, please go ahead. Yeah. Thank you very much for your kind time and attention. And the Adani Power is, you know, from operating assets. Revenue is visible, liquidity is very clear, and then the growth plan is, you know, sufficiently funded by ensured liquidity from our operating assets. And we are very much confident that in the planned way, we will add our capacity, and also we will move from 18.15 GW capacity to 42 GW capacity, you know, by 2031 and then 2032. And so for return on assets, we you know it will be one of the best in the industry. Thank you. Thank you very much. Thank you. Ladies and gentlemen, on behalf of ICICI Securities Limited, that concludes this conference. Thank you for joining us, and you may now disconnect your lines.