Ladies and gentlemen, good day and welcome to the Adani Power Limited Q1 FY 2027 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 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. Thank you, Leo. Good afternoon. On behalf of ICICI Securities, I would like to welcome you all to the Q1 FY 2027 earnings call of Adani Power Limited. Today, we have with us from the management, Mr. SB Kalia, CEO, Mr. Dilip Jha, CFO, and Mr. Nishit Dave, Head Investor Relations. We'll start with a brief opening remarks, which will be followed by Q&A. Thank you. Over to you, sir. Good afternoon, friends. I want to extend a warm welcome to everyone who has joined us today for our first quarter 2026/2027 earnings call. I appreciate you taking time out of your busy schedule to connect with us. Before we begin, I encourage you to download and review our quarter results and analyst presentation, which are available on the stock exchanges and our website. With me on the call today are our CFO, Mr. Dilip Jha, and our Investor Relations Head, Mr. Nishit Dave. As we begin this new financial year, one thing is increasingly clear. In times of geopolitical uncertainty and extreme weather events, a nation needs abundant, reliable, and domestically available energy. As India's economy continues to advance, the importance of reliable baseload power to the country's growth story has become even more evident. During the quarter, India experienced a hotter than usual summer with sustained heatwaves across most regions. Due to these high temperatures, peak demand shot up to a record high of around 271 GW in May 2026. While overall energy consumption rose by 8.4% year-on-year to 485 billion units for Q1 2027. This has also put to rest concerns over any demand slowdown that has arisen in the previous year. Thermal power was once again the mainstay for fulfilling the nation's electricity needs during this period of surging demand. I'm immensely proud to say that Adani Power stepped up to this challenge. We achieved our highest ever quarterly power generation of 31 billion units and dispatched 28.8 billion units, a growth of 17%, which was a result of improved PLF as well as greater operating capacity. We have once again demonstrated the strength of our efficient cost factory portfolio and operational excellence by reliably supplying power when the country needed it the most. Financially, we have started the year on a strong note, posting our highest ever quarterly performance. Total continuing revenue for the first quarter of 2027 is INR 17,936 crore, which is a growth of 27% over the corresponding quarter of 2026. Continuing EBITDA without prior period items for the quarter is INR 6,983 crore. It is 22% higher year-over-year. The company has reported 47% higher profit after tax year-over-year at INR 4,867 crore for quarter one, 2027, reflecting our operational profitability and excellent management of the capital structure. Beyond our financial and operational milestones, this quarter has been defining for our strategic growth. We are consolidating firmly on the path to expand our portfolio to 45 GW. A major highlight of the recently concluded quarter was the successful acquisition of the stake of Jaiprakash Associates in various power assets under the corporate insolvency resolution process. This strategic move adds 180 MW of power plant to our portfolio alongside a 24% stake in Jaiprakash Power Ventures and an 11.49% stake in Prayagraj Power Generation Company. These acquisitions further expand our reach and operational footprint. Additionally, we secured our revenue visibility further by signing a 25-year power supply agreement with the Maharashtra Discom for supply of 1,600 MW of power on a long-term basis from a 2 x 800 MW ultra-supercritical thermal power plant. We have announced the receipt of letter of award for this PPA earlier in March 2026. Our capacity expansion program is progressing at an excellent pace. We are on track to commission the 1,320 MW Korba Phase Two project this year, while the 1,600 MW Mahan Phase-II project is scheduled for commercial operation in quarter one of next year. Furthermore, execution is advancing rapidly at Raipur Phase-II and Raigarh Phase II, which have achieved over 62% and 54% progress respectively, and we have commenced execution for our 1,600 MW Mirzapur greenfield project in Uttar Pradesh. As you would be aware, we have already entered 24 GW of BTG supply in advance and secured the land required for the expansion program. We have tied up 56% of our upcoming capacity already under long-term PPAs, and we are confident of tying up the balance capacity soon through ongoing and upcoming builds. I am thrilled to say that Adani Power has been ranked as India's most valued energy brand by Brand Finance, with a brand value of $1.8 billion and a AAA rating. This is a testament to the trust our stakeholders place in us. Looking beyond the horizon, we are entering new and exciting territories. As we expand our thermal base, we are also diversifying into international hydropower projects and preparing ourselves for new opportunities in the nuclear power field. We are strongly committed to helping India meet its long-term development goals with the supply of reliable and competitive electricity, and I look forward to interacting with you as we progress on this path. Thank you. I would now like to hand over the call to our CFO, Dilip, to elaborate further on the quarter one results. Thank you, and over to you, Dilip. Thank you, sir, and good afternoon, everyone. I will take you through the financial and operating performance for quarter one FY 2027 and then share a brief update on our balance sheet and liquidity. Let me start with our operational backdrop. As Kalia sir mentioned, quarter one 2027 was characterized by exceptional demand driven by persistent heatwaves. Consequently, power offtake under PPAs improved significantly, while merchant prices also strengthened materially. In this environment, APL achieved a phenomenal operating performance. Our consolidated plant load factor jumped significantly to 78% in quarter one FY 2027 compared to 67% in the corresponding quarter last year. Our consolidated power sales volume were higher by nearly 17%, reaching 29 billion units against 25 billion units in quarter one last year. This strong volume growth was supported by higher operating capacity, robust power demand, and PPA tie-ups for our previously open capacities at Butibori and Tuticorin power plants. Specifically, power sales under PPAs grew by 30% to 25 billion units. Merchant volumes were 4 billion in quarter one as compared to 6 billion in the same quarter last year. Due to this, our tying up capacity in PPAs increased incrementally during this period. Coming to revenues, I am very pleased to say that Adani Power has posted its strongest quarter yet in terms of continuing revenue and continuing EBITDA. Strong generation volumes combined with improved realizations translated into our strongest performance yet. Continuing revenue from operations for quarter one 2027 increased by a robust 28% to INR 17,550 crore. Total continuing revenue, which includes other income, stood at INR 17,936 crore, reflecting a 27% growth year-on-year. Our total reported revenue, including one-time PPA price paid item, reached to INR 19,332 crore, a nearly 33% increase from quarter one last year. Our tariff realization under PPA improved by 8% to INR 5.93 per unit, and merchant and short-term realization improved by 13% to INR 7.04 per unit. Directly benefiting from the stronger demand environment, our PPA realization includes the fixed capacity charges of PPAs that we have signed recently for previously opened capacities that is in Vizag and Tuticorin. During the quarter, we have reported a one-time net recognition of price review revenues of INR 1,386 crore, primarily due to the revision in historic energy charges under certain PPAs. Moving to profitability, during quarter one 2027, we have showcased core profitability strength despite an increase in fuel costs. Fuel costs for the quarter were higher up by 30% at INR 9,513 crore, which is driven by larger dispatch volume and higher imported coal indices. Our continuing EBITDA grew by 22% to INR 6,983 crore. Reported EBITDA surged by 36% to INR 8,369 crore. This improvement was primarily driven by higher volume and an improved PPA contribution. At the bottom line, profit before tax on a continuing basis registered a strong 29% increase to INR 4,914 crore. Reported profit before tax jumped to nearly 50% to INR 6,300 crore. Ultimately, our profit after tax for quarter one FY 2026 rose by a stellar 47% year-on-year to INR 4,867 crore, up from 3,305 crore in quarter one 2026. Let me now touch upon the balance sheet and our financial discipline. Despite our growing capacity, recent acquisitions, and an ongoing capital expenditure program, we have maintained very tight control on our finance costs. We continue to follow a conservative capital management policy. Our strong liquidity and healthy profitability have helped us keep our leverage in check. As of June 13, 2026, our total debt outstanding stood at INR 58,381 crore, and our net debt stood at INR 47,643 crore. Our rapid capacity expansion is largely supported by predominantly self-financed capital expenditure strategy, a strong project execution track record and in-house management capabilities. Together, these factors give us a special cost advantages and ensure that we deliver our capacity additions in a timely and cost-effective manner. To summarize, we delivered our highest ever operating and financial performance on continuing basis this quarter. Capacity utilization remained exceptional with PLF of nearly 78%. We are expanding both organically and through strategic acquisitions. Our balance sheet remains robust and supportive of our 45 GW vision. Thank you for your time and your continued confidence in Adani Power. 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 questions may press star and one on your 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 questions. Ladies and gentlemen, we will wait for a moment while the question queue assembles. The first question is from Abhinav Nalawade from ICICI Securities. Please go ahead. Mr. Abhinav, you may go ahead with the question. Hello. Yeah. Hi. Thanks for the opportunity. My first question is, whether the JP, I mean, the Jaiprakash, will it be consolidated, and that we have some expansion plans at Nigrie and Bina. What will you do with the 11% shareholding at the Prayagraj? Are you asking related to consolidation in the accounts, or you are asking related to- Yeah, with regards to accounting. Yeah, accounting, I think. Yes. Thank you, Abhinav. Let me brief you. For JPVL, in JPVL, we have taken 24% stake, and there we have very good assets over there. For accounting purpose, we are considering their respective percentage. This is an associate for Adani Power. The percentage of profit in JPVL, we are consolidating to that extent in APL profitability. Right. The underlying balance sheet is not getting consolidated. It is only the share of profit is getting consolidated. Got you. The other issue regards to the opportunity of expansion at Bina and Nigrie. There is a good opportunity because at both locations, a lot of land is available. Fortunately, going forward, we will have this as a land bank available where, whether we want to go for expansion of thermal or whether we want to go for nuclear. In case of Bina, we are also exploring the possibility whether we can develop there the nuclear, whether the site is conducive from the point of view of various requirements of nuclear. We have not yet planned anything, but these are the two sites where a good land bank is available, and going forward, these sites will be obviously available for any growth opportunity. Thank you. Understood. Second question is on the nuclear. You've mentioned for the first time that you'll be targeting capacity of about 10 GW by 2035. Just wanted some granular details on it, in terms of is there any technology tie-up, whether the domestic technology available with NPCIL will be used or will it be sourced, I mean, will it be imported? Secondly, on the fuel sourcing as well as when can we see some tangible traction in terms of the first nuclear power plant? Is it contingent on the right final guidelines from the government? If you can give some details, that would be helpful. You have said rightly that it will be dependent on the government guidelines, and government has yet not come out with the rules under the Act. Unless we get the clarity on that aspect, it would be difficult to decide on these things. Nevertheless, we are evaluating both domestic and the outside technologies, and it will all depend on what would be the cost effective in terms of per megawatt cost. At the end of the day, electricity has to be viable for the Indian consumers The type of rates which are affordable to DISCOMs, the project cost has to be in that, let us say, range. We will take all these costs related to technology, whether it will be domestic, whether it would be foreign technology. All these things can be finalized only when the rules are in place. At present, we are waiting for the rules to come. As soon as that happens, we can move fast. We are keeping our sites ready from the point of view of their suitability and various studies are being carried out. That is the status today. Understood. My final question is on the receivables from the Bangladesh PPAs. What will be the number and the corresponding number a year ago? For this quarter ending, the receivables are really in line with as we are also getting payment on regular basis. Last month also we received near about $100 million. On an average monthly basis, we are getting $100 million payment. Specifically for June quarter, our receivable is near about $400 million. We are expecting that every month, on an average, we will also get from BPDB near about $100 million. It will be continued, and it will be slightly higher than our monthly bill. We are expecting that the receivable, the liquidity and realization will also increase over the period of time. Understood. Got it, sir. Thank you very much. Also, if you will compare on quarter-to-quarter basis, so in first quarter, last financial year, the receivable was all-time high. As you know that in June, July last year, we had received a significant amount one time. That had helped us a lot in reducing this receivable of Bangladesh. The receivables have significantly reduced on quarter-to-quarter basis, and we are getting on an average $100 million monthly basis. Thank you, sir. Thank you very much. Thank you. The next question is from Apoorva Bahadur from IIFL Capital. Please go ahead. Hi, sir. Congrats on strong results, and thank you for taking the question. I see in your presentation you have highlighted an incremental capacity plan of another 3 GW. Can you throw some light on this, sir? Where will it be used? Any plans to use it on a captive basis for the group companies, or do we expect more details? How about the equipment ordering for this? 3 GW can be considered from, let us say, two angles. One is we have already got the 24% stake in the Jaiprakash Associates, so that itself is 2,240 MW. Going forward, if let us say, we can get more stake in that, then this itself can be considered as let us say, part of this another 3 GW. Moreover, lot of opportunities are arising because this summer has given a clear indication to the policymakers that a lot of thermal power projects are required, base load is required, and obviously the nuclear will take some time. Even if we get the rules in near future, any nuclear power project is going to take from the stage of planning to, let us say, commissioning seven, eight years. During this period, the thermal would be the only source which will provide the base load power. Obviously, lot of states are contemplating to come out with the bids. If you will see the resource allocation study of various states, every state is having huge deficit and requirement for the next four, five years, six years. We expect that many more bids will come from the DISCOMs. Therefore, we have thought of that probably we will need to add few more capacity because the present 24 GW capacity which we have planned, that capacity is now tied to the specific locations also. If any state will come with a bid which will, let us say, is made specific to that state location, in that case, we have to obviously tie up a new capacity. Keeping that in mind, this additional 3 MW is considered and planned. Thank you. Okay. That's helpful. Sir, also on your nuclear plan, I believe, the target has been increased from 5 GW- 10 GW and the deadline or the target timeline is around 2035. By when do you expect to actually order these plants so that they commission by 2035? As I said earlier, that only when we get the rules under the act from the Government of India. We are keeping us ready. Ordering can happen only when there is a clarity about the rules of the game. No, fair point. I just want to understand, sir, what's your take on what could be a typical execution timeline for a nuclear power plant? As per our standard of execution, it should take around, let us say, maybe that is not yet. We have not experienced this, but it should take at least five years. Five years. That's quite a short timeline against what we are typically conditioned to see anyways. Sir, I think you gave some details on Godda. Would be very helpful if you can provide probably the generation number and also what's the realized tariff for this quarter. Just a moment, please. Sure, sir. In the meantime, if I may ask one more question. Yeah. Please go ahead. No. Generation, in terms of units, this quarter in Godda, the unit we sold, 2.519 billion units as compared to last year, same quarter, 2.362 billion. There is an increase in terms of units we sold to some BPDB during the quarter. In terms of realization, our total revenue for this quarter is INR 2,473 crore as against the same quarter last year, it was INR 2,135 crore. Very helpful, sir. Okay. That's great. Sir, if I may just squeeze in one more question, and this is on the agreement which we have with Adani Energy. Another sister company of yours, Adani Green, has an agreement of sharing some capacity lock-in returns with Adani Energy. Do we have any similar plans and how much of that capacity would be earmarked and what tariff? You are talking about this 2,500 MW PPA? I'm talking about the energy management solution business, which Adani Energy has incubated. I think for supply over there, they are tying up with group companies for capacity. I would not appreciate their question. Are you asking any question related to Adani Power? Neither the Green is with Adani Power nor the AESL is with Adani Power. Right. We don't have any PPAs with them, with Adani Energy? No, we don't have. Okay. Sir, lastly, I think I also see that you have taken an approval for an equity raise. The balance sheet is very robust for us, is there any specific use case you want to deploy this capital for? The board has approved this QIP, we have requested to our shareholder through EGM, this is an enabling provision to be ready for this QIP. As of now, these are the enabling provisions, we have requested to our shareholder. The capacity expansion, the massive, we have already taken the CapEx program of more than INR 2 lakh crore over the period of next year. At the same time, we are generating heavily internal accruals from our operating assets. The interim gap we are meeting through the short-term requirement that we are taking from the market. This QIP is the enabling provision we have requested to our shareholder through EGM. Thank you. Before we take the next question, a request to participants to please limit your questions to two per participant so that the management is able to address questions from all participants in the conference. We move to the next question. The next question is from Dhruv Muchhal from HDFC Asset Management. Please go ahead. Yes, sir. Thank you. Sir, first question is, in the prior year first quarter and current quarter, can you help us, what was your merchant capacity? When I say merchant, it is nothing beyond, say, one-year PPA. What I see is your merchant volumes on an absolute basis have come off, so 4.3 billion versus 5.6 billion in its last year quarter. I believe your merchant capacity has also come off. Right? Is that the right understanding? Yeah. A lot of this merchant capacity is converted to PPAs, if I'm not wrong, in this quarter. Correct. If you can help us with the point of. Your understanding is correct. The merchant capacity has reduced. Specifically, during my speech, I said that for our Butibori plant as well as our Tuticorin plant. Earlier, these plants were in merchant basis. Now, these are under PPA. Specific to the volume, this quarter, the volume is almost 4 billion unit. The same period last year, it was 6 billion unit. There is one-third reduction in terms of the merchant unit. There is capacity reduction in open capacity too. Got it. Butibori is 600 MW, right? Your Tuticorin project is also 600 MW effectively, which was open. 1,200 MW effectively got converted from, which was last year same period merchant, which is now under PPA. Correct. Got it. As well as Butibori is also 600 and it is fully tied up now under the PPA. Some capacity of even Raipur is tied up under the PPA with the Karnataka. A lot of reduction has happened and as we said that going forward, we would like to tie up almost everything through the medium-term or the long-term PPAs to reduce the volatility in the market prices. Thank you. Sure. Sir, second question is, we see Maharashtra has approved a PPA which is to be sold to Adani Electricity Mumbai, it seems you also have a role there. You will be supplying 540 MW thermal. It's partly related to the earlier question. Probably Adani Energy is the intermediary, but you become the supplier of thermal power there. Sir, just wanting to understand, how does this work for you? Because it's an RE RTC contract and you have a thermal plant, now it's probably 540 MW. You will probably have to ramp it down, ramp it up, but does the cost of that not borne by you and it is borne by the intermediary? I'm just trying to understand, because we don't see that kind of ramp up, ramp down in a thermal plant. You get your assured power, I mean, you get your assured fixed charge by running the plant at the minimum technical load or higher than the technical load, and you're not impacted by this arrangement. Presently, as we said that it is already tied up under a medium-term PPA with the Maharashtra MSEDCL. Once we will sign, because this has to be signed between us and the intermediary. Once we will sign the PPA, it would be a PPA based on the capacity charges. It will not be a power supply in terms of unit only, it would be a capacity tied up. It would be a PPA like any other PPA of thermal power project. For making it RTC, it is the, let us say, exposure taken by the PPA seller. For you, the contract structure is exactly similar to like a typical PPA. Correct. What we are generally used to. Correct. The ramp up, ramp down and all those things, you get your technical minimum and all those volatility gets handled by the other party. Correct. Sure. Got it. Great, sir. Thank you so much and all the best. Thank you. Thank you. Next question is from Vivek Ramakrishnan from DSP Mutual Fund. Please go ahead. Sir, good afternoon. Like you rightly said, you have been maintaining excellent financial discipline. Now, in terms of, you have a large expansion plan. Over the next two to three years, how do you expect the net debt to EBITDA move? Especially because you will have also one-off acquisitions and so on, because the opportunities are very good. What can we expect in terms of net debt to EBITDA guidance from the company? As I was explaining that we are running a CapEx program of more than INR 200,000 crore. On an yearly basis, we are generating an FFO of INR 20,000 crore. In the same period, there will be an FFO of more than INR 140,000 crore. There will be an interim requirement of around INR 60,000 crore. That we will take from the market. For net debt to EBITDA is concerned, we are maintaining a very robust capital management program. Also we are ensuring our deployment of single penny in the best possible and effective manner. Net debt to EBITDA as on date, so on June, it is slightly higher than the two. What we are expecting that it will not cross net debt to EBITDA three at any point of time. This net debt to EBITDA between two to three will run over the period of time. Sir, thank you very much. That was my only question and all the best, sir. Thank you. Thank you. The next question is from Girish Achhipalia from Morgan Stanley. Please go ahead. Sir, congrats and thanks for the opportunity. I had a couple of questions on slide 25. We have long-term PPAs that are in the market for 13.2 GW. On the same slide, we have an untied capacity of 11.1 GW. Our historic strike rate has been about two-thirds on the market in the last two years. I wanted to understand which are the likely states which we would probably see the bidding close in, let's say, this fiscal. Will there be more such states come through in the next year? If I assume two-thirds get through, you'll still be landing up with, let's say, four, five GW of untied capacity right now. One question as a follow-up on that MSEDCL contract of 2.5 GW, which is RE-RTC. I'm not sure whether this is captured in the PPA bucket that you have right now, because on the left side where you have the capacity types, there is 10.2 which is tie-up in progress. Would that PPA be counted here and what is the quantum of PPA here? If you can just clarify on that. The numbers you have already stated as regards to this, the numbers stated on the slide is considered. It is already given which bids are already under progress, which is UP is 4,000, Gujarat is 4,000, Uttarakhand is 1,320 and West Bengal is almost 3,800. 13,000 MW of bids are there. Obviously we would be the, let's say, strongest contender for these bids. Apart from this, if you will see the resource adequacy study of various states, many states are having deficit. Bihar is having further deficit. We have heard that recently Andhra Pradesh has also sought the coal linkage for coming out with the bid. There may be many more states, we can't say exactly when they will come out with the bids. Obviously the resource adequacy study gives an indication that many of the states are having a requirement going forward up to 2032, 2033. That gives us a strong signal and confidence that we will get our capacity tied up. As regards to 2,500 MW PPA is concerned, as I stated in the last earning call also, that this is a supply contract. It is nothing to do with my long-term sort of a capacity. That supply contract has the requirement of 51% from the green sources. Therefore, this contract by nature is, let us say, where we can supply some of our small left out capacity of thermal, small left out capacity of green, which includes solar, wind, battery, PSP. This PPA would be obviously run like a trading platform. We will decide going forward which company will, let us say, actually run this PPA. This PPA will need multiple sources of supply from various sources, and it would be pooled at one platform and then will be supplied to the beneficiary. Thank you. Understood. My second question is on capacity expansion timeline. Thanks for the disclosure over there, annually putting out what is expected. In the next two years, in FY 2027 and 2028, you are expecting 1,320 MW and 1,600 MW. Just wanted to understand which quarters and which plants are these likely to be. Are we likely to have them backended or it would be evenly split? FY 2027 this year and FY 2028. Korba, this year, we assume that it will come before, let us say, December-end. That is the broader expectation. As regards to next year, Mahan is concerned, we are expecting first unit in first quarter and obviously then second unit, though it is expected that a unit should have a normally there for six months. If we go by that standard, then obviously, that will come in the third quarter. We are trying to bring that also in the second quarter. Thanks, sir. Last question is on capital expenditure. If you can outline for next two to three years, what will be the annual run rate that you would be incurring? Yeah, just a moment. Yeah. This year we are expecting that our CapEx will be near about INR 23,000 crores. Next year it will be more than INR 30,000 crore, thereafter it will be near about INR 33,000 crore-INR 35,000 crore. Thank you, sir. Thank you. Before we take the next question, a reminder to participants to please limit your questions to two per participant. The next question is from Shweta Rakesh from Cantor Fitzgerald. Please go ahead. Good afternoon, team. Shweta here on the line on behalf of Manish from Cantor. First, congratulations on a great print. I just had a quick question on the funding mix that we spoke about earlier, and this is regarding the QIP. What is the expected execution timeline, and how should we model the resulting per share equity valuation there? Shweta, we could not hear you clearly. Can you sit a bit closer to the phone or pick up the receiver and speak? Yeah, sure. Hi, I hope I'm more audible now. Yeah. I just wanted to ask a question on the funding mix regarding the QIP. What is the expected execution timeline, and how should we model the resulting per share equity valuation? I'm just continuing on the earlier question that was asked here. Yeah. Shweta, as of now, we have requested our shareholders through EGM as an enabling provision. The timeline, we'll communicate as and when it will be finalized. Shweta, to actually explain it a little bit, as and when there is a need for raising funds and the market opportunity also presents itself, we would come out with our plans and announcement at that time. As of now, this is just an enabling provision so that we don't have to go for shareholder approval when we need to raise funds. This is actually a provision that we need to keep on refreshing every year. Right. Also, apologies if I missed this. Regarding the proposed 3 GW additions, and with the potentially 2.4 coming from Jaiprakash, are they currently already under a PPA or is it open right now, this capacity? I think as I have already explained earlier the same question, that 3 GW, what we have already stated is a sort of a planning because a lot of bids are coming from the states. It's not that we have firmed up the CapEx or we have firmed up the ordering, et cetera. It is a plan in which is to meet the future bids which are going to come from the states other than the states where we have already planned our capacity expansion. This is just a sort of a planning to take care of the forthcoming bids. As regards to Jaiprakash Power Ventures is concerned, at present, since we have 24% stake, as and when if we will get any further opportunity of increasing the stake, then we will be in a position to take that forward. Thank you. Right. Just one more follow-up on the nuclear strategy. Do we have a capital allocation plan in place for the next five years? As I explained earlier that for nuclear, we have only stated our intention. Unless the Government of India notifies the rules, we cannot decide exactly in which year, how much we will invest, and when we can commission the projects because we are waiting from last, let us say, six months or so for the rules to come, but the rules have yet not come. As and when the rules will come, then only we will start preparing the exact plans. Thank you. Thank you. The next question is from Shriram Kapoor, from Jefferies. Please go ahead. Hi, sir. Thanks for the opportunity. Just a quick question on your upcoming plant this year in Korba. The PPA for this plant, we have not signed one yet. Just wondering, by December end this year, are we expected to sign a PPA? Once this is operationalized, will it already be supplying under PPA or is this expected to be supplying under the merchant market for some time? Even if we will, let us say, sign PPA during the current year under a long-term, any of the bids. Even in that case also, there would be certainly some period, maybe a year or two, during which we would be supplying power under the merchant from this capacity. Understood, sir. Just follow- up on this, do we have visibility on any PPAs coming up soon? When are you expecting to sign a PPA for this plant? Yeah. Recently we have participated in a bid where the results are yet to out. Obviously, whatever other bids are there, we will participate there also. We are certainly hopeful that we should be in a position to tie up in the current year itself. Let us see. Understood, sir. Just my second question is on your acquisition, the 180 MW plant from Jaiprakash. Is that operational? Would that start contributing to your financials from the second quarter onwards? Is it tied up under any PPA right now? It is not operational. It is something like which we acquired the Butibori, more or less in the same condition. It will take some time, maybe six months or so. We don't foresee much contribution during the current year. We have to revise this, we can certainly expect a good contribution from the next year, and it is not tied under any PPA. Thank you. The next question is from Vishal Periwal, from PL Capital. Please go ahead. Yes, sir. Thanks for the opportunity. One clarification. We have reported continuing EBITDA adjusted for one-off increases almost like 20%-21%. Now if I look at our capacity increases, hardly 4%-5%, and merchant sales, I think probably merchant revenue is largely flattish. Given our PPA tariffs are two-part, what would explain this strong EBITDA increase? I think last year, again, we could have done good PAF. We could have recovered fixed charges. This quarter, we could have done the same thing. Just thought to get a clarification. Yeah. To give you the clarification why this quarter performance is so robust and stronger stable. As you rightly said that our revenue consisting of two parts, in terms of capacity charges and energy charges. Capacity charges, as we are explaining to you that, we have converted some of our open capacity under PPA, either this is in Tuticorin or in Raipur and Vidarbha. There, the capacity charges significantly it's higher. Second, in terms of the energy charges also, if you see some of our plant where the indices, we are using imported coal. When the imported coal indices will be higher, even our contribution will be higher. Accordingly, it will be also higher. The contribution in EBITDA is driven by the volume. There is significant increase in volume. There is increase in capacity charges and also some contribution in energy. Making all together our EBITDA is the robust and higher in comparison to the same quarter last year. Sure, sir. I think this explains. Thank you, sir. Thank you. Thank you. Next question is from Nikhil Nigania from Bernstein. Please go ahead. Thank you. I have two questions. One related to the earlier question on the EBITDA bridge, which has been shared in the presentation. It shows there was a gain of INR 2,200 crore due to change in fuel cost. Wanted to clarify, is it the same part you mentioned earlier that due to indexation of variable tariffs and some PPAs that went up rather than actual fuel costs coming down, why this INR 2,200 crore bump up is there? Or is it something else which is a change in fuel cost of INR 2,200 crore? Yeah. As I explained, you rightly understood. Adding to that, the volume has also increased now. The indices of imported coal. The merchant prices and everything has also increased. Making all together, it is contributing. Makes sense. The second question I had was on the hydro asset that you are building in Bhutan. Possible to share the commercial terms of that PPA of 570 MW and future plans? PPA is yet not finalized. As and when it is finalized, we will certainly share. Got it. At least do we know the regulatory structure? Will it be a sort of a cost-plus structure or fixed tariff, or is that also yet to be finalized? No, that is also to be finalized. It is open. Whatever would be the best opportunity, we will capture that, whether it would be through a bidding process or whether it would be through a cost-plus mechanism. Got it. Thank you so much. Those were my questions. Thank you so much. Thank you. The next question is from Sumit from Sumit Enterprises. Please go ahead. Sir, first of all, very congratulations for stellar numbers. My question is, we have sufficient results available. Can we expect some dividend or bonus? See, what we have explained during the question and answer and otherwise also that we have a huge and large CapEx program for next six, seven years. Rather than distributing, we are reinvesting in the CapEx program. As you may be aware that the return on investment or return on the capital is quite good. We are of the view that we are giving more capital appreciation than the dividend, and therefore we are reinvesting whatever surplus we are generating. Thank you. Okay, got it. Sir the result, have we considered the Bangladesh disputable portion? No, we are not considering whatever is disputed. We are considering as revenue only which is not disputed. Okay, fine. That's it from my side. Thank you. Thank you. Thank you. The next question is from Digant Kumar from Samel. Please go ahead. Digant Kumar, you may go ahead with the question. Oh, thanks a lot. Opportunity, sir. Given the strong given performance and the aggressive expansion plans, what are the major short-term catalyst and risks for the company? Sorry, can you repeat it again? Your voice is breaking. Sir, given the strong given performance, what are the major short-term risks for the shareholders in the next three to six months? Short-term risk. Hello, is that your question? What is the short-term risk? Hello, Digant, can you hear us? I hope you can hear me. Sorry. Yeah. Actually we want you to clarify your question. Are you asking us about short-term risks? Yeah, the short-term catalysts and the risks for the next company, six to 12 months. Catalyst. Short-term catalyst. Okay, primarily, see, Digant, actually, we have a largely contracted business. 95% of the capacity is already tied up in power supply contracts with DISCOMs. Most of which are long-term in nature. Around 5% is open capacity, where we supply power in the short-term market and on the exchanges. Primarily from that perspective, we have a very high degree of stability when it comes to our EBITDA. Although revenue might fluctuate here and there based on the power off-take by DISCOMs, given the specific demand environment. But as we have an availability-based tariff mechanism, two-part tariff mechanism, we have a good stability of EBITDA on a quarter-on-quarter basis. The first quarter in the financial year tends to be a peak quarter because of the high demand of electricity, because of the high temperatures, the beginning of the sowing season, et cetera. Because of that, we generally see higher volumes during the first quarter than during the monsoon months actually, typically because of rains, the power drawdown goes down a little bit. That is the sort of seasonality we generally see in our revenues and to a small extent also in the EBITDA. Now that we largely are supplying power under long-term contracts, we expect to see over the near term and medium term, typically more of stability when it comes to revenues and EBITDA. Noted. Thank you. Thank you. A reminder to participants that you will press star and one to join the question queue. Anyone who wishes to ask questions may press star and one. The next question is from Nithin Prajavthy from Sriyog Management. Please go ahead. Hello. Hello. Yeah, Nithin. In the previous quarter, company guided approximately INR 35,000 crore. Nithin, I'm sorry. Hello, Nithin, I'm sorry, there is background noise from your call. Can you please go to a quieter place and speak without using the speaker phone, please? Okay. Hello. I am audible clear? Yes. In the previous quarter, company guided for approximately INR 25,000 crore for CapEx in FY 2027. Okay? INR 33,000 crore for FY 2028. Company proposed INR 50,000 crore equity raise now. Has anything changed in your CapEx plan for your funding mix? Should we read this as a preparation for expansion beyond the previously announced 23.7 GW program? There is no change in CapEx program. We are very firm and confident that our CapEx program of INR 2 lakh crore, we will be able to achieve in the defined timeline. The CapEx, we are expecting that, as I kind of briefed a while ago, that this year we are expecting that it will be INR 23,000 crore and then maybe some plus. Next year it will be more than INR 30,000 crore and thereafter it will be more than INR 37,000 crore. INR 33,000-INR 35,000 crore. We are very much firm, very much confident that this CapEx program we will be able to achieve. For financing is concerned, as you know, I reiterate again, I used to say that our internal accruals is also significant. The majority of financing and funding, we will be arranging for our internal accruals. Any interim gap, short-term gap, that we will take from the market. We are very much firm, confident that we will be able to achieve our CapEx program. Okay. 23.7 GW is so easily as available as per plan. Sorry? 23.7 GW will activate easily as per company's plan. Is that right? Yeah. Our target is 45 GW by the same time. It is now revised from 42 GW to 45 GW. We are confident that we will be able to achieve it. Okay. Timeline for financial year 2031, sorry, 2031 or beyond? Yeah, same timeline as it was for 42 GW. Okay. Got it. Thank you. Thank you very much. Thank you. Thank you very much. We will take that as the last question. I would now like to hand the conference back to the management team for closing comments. Thank you. Thanks a lot for your time and attention to us, and we are very much confident and hopeful that this engagement will be continued, and we will have continuous support from you all. Thank you. Thanks a lot. Have a great day. Thank you very much. On behalf of ICICI Securities Limited, that concludes the conference. Thank you for joining us, ladies and gentlemen. You may now disconnect your lines.