Ladies and gentlemen, good day, and welcome to the Q1 FY 2027 earnings conference call of Juniper Green Energy 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 touch-tone phone. Please note that this conference is being recorded. I now hand the conference over to Ms. Kareena Jain from Adfactors PR. Thank you, and over to you, Kareena. Yes. Thank you. Good morning, everyone, and thank you for joining us on Juniper Green Energy's earnings conference call for the first quarter ended 30th June 2026. Today we have with us Mr. Ankush Malik, Whole-Time Director and Chief Executive Officer, Mr. Parag Agrawal, Whole-Time Director and Chief Financial Officer, and we have Mr. Bajrang Lal Bhura, General Manager, Investor Relations. We will begin the call with the opening remarks by Mr. Ankush Malik on the business operations, key initiatives, and broad outlook, followed by the discussion on the financial performance by Mr. Parag Agrawal, after which the management will open the forum for the Q&A session. Before we get started, I would like to point out that some statements made on today's call may be forward-looking in nature and must be viewed in conjunction with the risks and the uncertainties that we face. A detailed statement and explanation of these risks is included in the earnings presentation, which has been shared earlier with you all. The company does not undertake to update these forward-looking statements publicly. I would like to invite Mr. Ankush Malik to make his opening remarks. Over to you, sir. Thanks, Kareena. Good morning, everyone, and thank you for joining us for our Q1 FY 2027 earnings call. As you know, this is our first as a listed company. On behalf of the team, I would want to start by thanking our shareholders and new investors for the trust you have placed in us. Our IPO, through which we raised INR 1,800 crore, was a significant milestone, and we are grateful for the confidence that you have shown in our long-term strategy. Before I turn to our company's performance, I will just touch upon the broader sector. Power demand across the sector has remained strong, especially aided by the El Niño effect this year. It has translated into sustained peak demand pressure on the grid, and renewable capacity, particularly firm and dispatchable formats like the one we specialize in, continues to play an increasingly central role in meeting this gap. India's installed renewable power generation capacity now stands at close to 290 GW, reflecting the continued pace of capacity addition across the industry. The broader policy and regulatory environment remains constructive for developers like us. Against that backdrop, we believe Juniper is well-positioned to keep on capturing an outsized share of the demand growth, given the scale and technology mix of our portfolio. Coming to our performance, I would want to highlight that this has been a milestone quarter for us. The first set of results we are presenting to you as a listed company. We have delivered our highest-ever quarterly revenue and EBITDA and the highest-ever renewable capacity that we have commissioned in a single quarter. On the operating side, our fleet-wide CUF for Q1 FY27 came in at 30.2%, up from 28.2% in the same quarter last year. Generation has grown by 72% to 944 million units. Within that, our wind portfolio, with a capacity of 190 MW, delivered a weighted average CUF of 49.9%. Plant availability stood at 98.8% and grid availability at 99.6%. On execution, we commissioned 601 MW peak in the quarter alone, 458 MW peak of solar, and 143 MW of wind, our highest-ever quarterly commissioning. There is an additional 400 MWh of battery that we commissioned. Taking the broader window from April to date, we have now commissioned more than 750 MW of renewable capacity and roughly 400 MWh of BESS across eight sites. I want to specifically mention that during this quarter, we commissioned India's first FDRE project under the SJVN FDRE tender, a genuine first for the country and a proof point for the model we have built our growth around. On the generation side, we are now further targeting another 250 MW-300 MW of capacity this quarter, and overall 2 GW for the full year. We remain firmly on track to deliver against this guidance. Connectivity, land, and financing for this pipeline are largely tied up, and execution is progressing well across sites. We will continue to keep you updated on our progress each quarter as these projects move towards commissioning. On the BESS side, we have commissioned approximately, as we mentioned, 400 MW in this quarter. However, we have placed additional orders for another 4 GWh of capacity and remain on track for our target of approximately 4.5 GWh of installed capacity by June 27 and 10 GWh by March 28. Our BESS assets continue to perform well with a round-trip efficiency of approximately 91% and a state of health of around 99.6%, reflecting the quality BESS operations capability. Since the end of the quarter, we have also added meaningfully to our pipeline. We won two new tenders, the SECI Firm and Dispatch Renewable Energy Round-the-Clock tender for a planned 870 MW and 2,200 MWh of BESS against a 230 MW contracted capacity at a tariff of 5.26. We have already received the LoA for this capacity. The Thermal Mimic construct against which this tender has been designed is actually designed to replicate a thermal plant's round-the-clock output profile through solar, wind, and storage working in tandem at a tariff meaningfully below the thermal par cost. We also won a 50 MW wind project from GUVNL at INR 3.51 per unit. I am also happy to share that we have signed a 50 MW PPA with SJVN under our FDRE portfolio at a tariff of 425. Put together, as on date, our total portfolio now stands at close to 11,200 MW of capacity, plus nearly 9 GWh of BESS, with FDRE and wind solar hybrid projects making up 84% of our portfolio and a blended weighted average tariff of INR 3.7. Out of this portfolio, our operational plus PPA signed capacity stands more than 6.2 GW. On the ground, we continue to build the resource base to execute at scale. We have surplus connectivity of more than 4.5 GW over and above our entire pipeline, and now have further connectivity available for installation of more than 20 GWh of BESS for future bids. Over 14,000 acres of land banked for our under construction and awarded pipeline, and more than 200 identified wind locations for wind turbine installation. Our in-house EPC team is running end-to-end parallel execution across multiple sites and states at both STU and CTU levels, which continues to be one of our core differentiators. Finally, on the portfolio quality, 98% of our contracted capacity is with off-takers rated A and above, and 98% of our portfolio is secured through long-term PPAs, typically running for 25 years. The combination of credit quality and contract tenure is really the foundation on which our numbers sit. Further, I am pleased to report our days receivable outstanding stood at a tight 19 days as on June 30, among the lowest in the sector, a reflection of the strength of our off-takers. With that, let me hand it over to Parag to take you through the financials in detail. Yeah. Thank you, Ankush, and good morning, everyone. As Ankush mentioned, this was a record quarter financially for us. Total income for Q1 FY27 grew to INR 324 crore, which is 79% year-on-year increase from the last year number of INR 181 crore. Our EBITDA also grew 86% year-on-year to INR 294 crore versus INR 159 crore last year. T his takes our EBITDA margin to 91% and improvement of roughly 300 basis points year-on-year. Looking at operating performance specifically, operating income was INR 291 crore, up 81% year-on-year, and operating EBITDA was INR 261 crore, up 89% year-on-year, with the operating EBITDA margin of 90%, which is 400% basis increase year-on-year. Profit after tax came at INR 33 crore, up 54% year-on-year. Cash PAT, which is PAT plus depreciation, was INR 108 crore, up 50% year-on-year. Our days receivable outstanding stood at 19 days as on June 30th, 2026. Our total net debt outstanding as on 30th June is INR 11,217 crore, out of which net debt for the operating projects is INR 7,183 crore. During this period, we have completed the refinancing of more than INR 1,700 crore projects for the three projects at a weighted average interest rate of less than 8%. With that, our now weighted average cost of debt for the operational portfolio is around 8.5%. Our net worth as on 30th June was INR 3,463 crore. With that, our net debt to equity is 3.24x as on 30th June. That, of course, was before the IPO. We have raised INR 1,800 crore primary through the IPO. With that, our now net worth has increased to INR 5,200 crore, which has meaningfully strengthened our balance sheet. To summarize, a record quarter on revenue, EBITDA, and margin, a portfolio that has grown to over 11 GW as on date with 84% of it is in FDRE and hybrid format, a strengthened balance sheet post IPO, and a good off-take loaded profile give a lot of confidence to us. With that, we will now be happy to take your questions. Thank you so much, sir. Ladies and gentlemen, we will now begin with the question- and- answer session. Anyone who wishes to ask a question may press star and one on their touch-tone telephone. If you wish to remove yourself from the question queue, you may press star and two. Participants are requested to use handsets while asking a question. Ladies and gentlemen, we will wait for a moment while the question queue assembles. Our first question comes from the line of Puneet with HSBC Securities. Please go ahead. Yeah. Thank you so much, and congratulations on your first quarter. Indeed a good start. My first question is to speak to your plan for 2,000 MW of capacity addition for FY 2027. First quarter definitely is promising. Do you see any risk on account of delays in transmission coming in, which can hurt your plan for 2,000 MW? Puneet, we have already now commissioned more than 760 MW, right? There is the balance 300 that we are looking at in this quarter that is primarily on STUs, right? Project which are almost completed. There is no grid issue there. The balance 1 GW, again, the capacity that we have taken, the substations are largely there. They are on CTU, but majority of the capacity is on a substation, which is already operational. There is another substation where there is around 300 MW of capacity. That substation is again operational. The overall system, that is under completion, but should get done by December. Mostly we do not see any major risk on this 2 GW because of a slippage on the grid. I think that should not be a major issue. Understood. Secondly, as a strategy, while substation may be ready, the whole grid may not be ready. Would you be open to setting it up under the TGNA route, or would you like to wait for a full GNA? No. Puneet, I think everyone understand how this is working. See, you understand most of our projects are FDRE, right? Now essentially what we are doing is, our evacuations infrastructure from our side is largely built for almost all our projects, which are there. We keep on doing work on ground on the renewable capacity, where we work on the civil, we get the boundary work done, we do the piling. What we leave aside is the structure and the module part, which is a significant cost. Say there is a substation, I think what we are then doing is we will get the batteries in. As we mentioned, we should be at around 4.5 GWh by June. What we can do is, basically, if there is a delay on the transmission system further, the batteries will come in, and they are right now at a sweet spot in terms of the tariffs that are available and the arbitrage that is available. Run it probably for a while on merchant, and then get the renewable capacity in. That is how we are looking at it. In terms of TGNA, what we will do, if we have to commission something on TGNA, it will largely be batteries. Or to a certain extent, there is another strategy which we will look at, where we only commission renewable to the extent that it can be absorbed in the battery. But given the fact that the government has now given a clear letter where they said we can sell it on merchant, I think mostly we will try to follow where we will run the merchant capacity, then as and when the GNA comes in, we will be ready to put up the renewable capacity. But we will get the infrastructure and all the other things ready. It will then largely be just the structure and the module that gets installed. Understood. That is totally clear. Secondly, also, can you define what is the CapEx plan? You might spend more than what is needed for 2,000, if you can quantify that plan. As on 30th June, our total CapEx is around INR 16,000 crore. If we will say by March 2027, this amount will increase to around INR 22,000 crore. Which includes the capacity of around 3,900, which is getting commissioned by March 2027, and CWIP for the capacity, which will be coming in the subsequent quarters. Understood. And lastly, if you can also talk about your experience of any curtailment during the quarter and how much it would have impacted your revenue. Right. T he curtailment is largely restricted to that TGNA capacity. We have a small capacity which is running on TGNA. This is in Bikaner, is a 50 MW merchant plant. I think the benefit, again, what we have been able to do, we had a 100 MWh battery there. We have largely been able to control that. What we are then doing fully to eliminate any of those issues is we are basically now doubling up on that capacity. This 100 MWh will double to 200MWh in a month's time. The batteries are already getting installed, they are at site. Then there won't be any curtailment on this capacity. There is some capacity of the FDRE that is commissioned, which is on TGNA. There again, we already have 400 MWh of battery. There is another further addition that will probably get completed by October. I think what we have tried to do on curtailment, which is largely restricted to this TGNA. Because on the GNA side, there isn't any curtailment. One is to let the things be, but we have been proactive in terms of- and t he benefit we have is because we can put up these batteries for longer term for future. We have proactively then moved faster to get these batteries in. Of course, the other benefit has been that because of how the tariffs have been in the nighttime, we have been then able to benefit out of that as well. That's the combination that we have followed. Understood. Basically the 27.9% PLF that you experienced for 1Q was unimpacted by any curtailment. That's a steady number we should see. Okay. It's around 2%, so 2%-2.5% is the curtailment that is there. That is on this 50 MW capacity that we mentioned, which is in Bikaner. Most of it is flowing, either through the grid directly or getting stored in the merchant battery. I think it will get fully eliminated with the battery that will get installed, the 100 MWh that will get installed in the coming month. Understood. That is helpful. Thank you so much, and all the best. Thank you. Ladies and gentlemen, anyone who wishes to ask a question, press star and one. Our next question comes from the line of Mohit Kumar with ICICI Securities. Please go ahead. Hi. Good afternoon, sir. My first question is it possible for you to help us with the run rate EBITDA for the capacity which got commissioned at the end of March 2026 and at the end of June 2026? That will be helpful, yeah. Yeah. I will get the numbers for the March and June. On the 2,575 MW that is commissioned as on date, our run rate EBITDA is INR 1,620. For the March 2026 capacity, this number was INR 1,050. Understood. My second question is on, of course, the RTC Mimic, which are one. The large untired capacity, I think, is probably similar to the having more than the capacity which have commissioned where. My bad. I'll rephrase. Our total PPA portfolio is roughly 6 GW peak. Our LoA portfolio is roughly around 5 GW peak now. Can you just help us with your expectation of LoA to PPA conversion in the next few months? Right. Mohit, I think what we are seeing is a lot of traction for peak power. A lot of states are struggling. As we mentioned, I think there is as such a major gap in terms of peak power. Then again, with a lot of FDRE projects where the PPAs have happened, not a lot have come up. The fact that a lot of base capacity which was bidded out has also not come up. We're still within finding traction. Also from our procurers where we have commissioned this FDRE. They believe that given that we have delivered, at least that benefit is then with us. In terms of capacity that we are looking at in conversion. I think we signed a 50 MW PPA yesterday with SJVN. This is on the FDRE. Now we have another 550 MW of FDRE capacity, which is remaining. We are in advanced discussions on 350 MW of FDRE capacity for that, w herein the procurers have confirmed that they have a buyer. Of course, we'll confirm as and when it gets signed, and we'll, of course, let the markets know. That is the capacity we are looking at. We are also in discussions for one of the hybrid projects. That is again in very advanced discussion, which is again a 150 MW contracted capacity. 350 MW of contracted plus 150 MW. I think the other thing that is very hopeful in terms of getting done very fast is the Thermal Mimic, right? The Thermal Mimic as I think you would have seen or you would have read statements. We have been informed, I think privately or by SECI, that I think it's a tariff which is pretty attractive, g iven where the thermal tariffs sit at and how this tender actually replicates thermal. We believe that capacity, which is a pretty big capacity of 1 GW peak plus 2.2 GWh, is something that should come in fast. Overall, I think if you combine everything, this will be almost more than 2 GW of peak capacity, plus around 4 GWh of base capacity. That is something that we are looking at doing in the next few months. My next question will be, given the fact that the Government of India has now asked SECI to only conduct the bid post aggregating the demand. Should it lead to a higher conversion from LoA to PPA for the bids which are happening right now? Is that a good understanding? I think, of course, time will tell, but it can work both ways. I think the good part of it is there are no competing entities. I think what has happened in the past is where there are tenders and similar tenders have happened. And different tariffs have been discovered just because how the auction process goes on, right? There are a lot of not fully subscribed tenders. Some will close at 340, someone close at 330. Now, what would happen then is with four entities going to the distribution entity, and let's say one goes in and they find interest, then the other will go in. I think that confusion would definitely move out. We see that benefit coming through from having a single entity. I think especially the conversion from an LoA to a PPA should be more because it will be more focused. I think there will be less shopping from the DISCOMs side. But in terms of the number of tenders that can happen, probably there will be a limitation vis-a-vis what would happen with, say, four guys tendering. But the fact is that if it will lead to a more better LoA to PPA conversion, then it's as such more beneficial for everyone. One clarification. Let's say for this particular bid, which is RTC Mimic. Is it right to think that the SECI has already spoken to a lot of the states and they are in agreement, and that's why the bid was floated and the demand is mostly tied up? Is that right understanding? Or the SECI is doing the bid and then trying to find out the procurer? No. Right. I think, again, this is informal discussions with SECI, whenever I think a lot of guys have gone when the bid was underway. There were tender discussions. I think this is a very unique tender, and SECI had probably discussed with a lot of DISCOMs on what they want. And I think they had tariff expectations as well. And we believe the tariffs that have come out are well within the tariff expectation that were there from these DISCOMs. Again, I think we believe SECI has had discussions. Of course, we cannot confirm because until the PPA happens, we don't have any proof. But we believe that discussion has happened. SECI, of course, knowing what has happened previously, now again wants to be doubly sure. So I think those discussions have happened. I think generally, if you look at how this tender is structured b ecause there have been a lot of changes to make it actually work like a thermal project. Where I think there have been last-minute changes where the CUFs, we were asked to reduce the CUF to less than 60% during the daytime, because that's what thermal guys are also asked to. Now, given that and the tariff that has come in, and the tariff for new thermal tenders, we believe there will be a lot of interest, and that's probably what SECI also believes. Understood, sir. Thank you, and all the best. Thank you. Thank you. Our next question comes from the line of Sourabh Arya with Oaklane Capital. Please go ahead. Yeah. My first question is, can you talk about, let's say, from whom you are buying this BESS? And currently, these are the confirmed place orders and at what prices it's happening? Right. Yeah, Sourabh. In terms of BESS, I think what we have done is slightly different from how right now the industry is working. I think what we've done, we are largely looking at a fully integrated solution, right? If you look at BESS happening in the West or outside India, largely it happens through an integrator where the integrator gets the, and this could be the ultimate OEM as well, who gets the full solution, which is the container, the EMS, and the PCS, fully integrated and provides it as a full solution. Okay. Now, in India, largely what has happened is, the container is coming off separately, PCS is being procured directly by the IPP, and then there is an EMS provider which is doing the integration. What we have done is slightly different. We have gone the other way. We've gone the way how it's happening globally. We will, of course, keep on looking at this solution as well as we grow and gain more confidence in how this thing works. What we have done is, we are getting the PCS, the EMS, and the battery container from a single entity who provides this as a fully integrated single solution. They deliver it to our site. We basically install it under their supervision. They commission it, and then we have an LPSA, which not only covers the warranties, but the O&M for this entire thing for 15 years. Or 15 to 20 years, depending upon the life of the battery. For a 2-cycle battery, we get a 15-year life. For a single-cycle battery, it goes to 20 years. So we have a flexible throughput warranty. Now, what we have done, there are limited players for this kind of a thing in India. There is Envision, they own AESC, which is one of the best cell manufacturers. There is Sungrow, which is again a full-scale integrator, world's largest integrator. There used to be Fluence b ut Fluence has now left the market. We are, of course, talking to CATL and others as well in terms of they can provide a full solution. What we have done is, when we have first contracted our batteries, we came out with a tender. We got these guys in. And in that case, the first guy we worked with was Envision. Now, what we have done is the full 4.5 GWh that we have mentioned, this entire capacity is all the contracts assigned. They are firm contracts. It is fully from Envision. Envision gets the containers. These are AESC cells Envision containers. They get the PCS and they do the integration. The integration happens through another company that they own, which is called Univers. This is again one of the world's largest data analytics company on the renewable side. They do the EMS. This entire 4.5 GWh has come from Envision. In terms of pricing, I think what we were able to do, and that is why we believe relationship is very important here. We closed more than close to 2 GWh- 2.5 GWh or 3 GWh somewhere in January of 2026. That was done at a container price, which was around $59- $60. That price on the containers has gone up over the last four, five months. This number had gone up to $68- $70, primarily because of the lithium carbonate price. The lithium carbonate has cooled down. This number today will be between, I think, $65 to $68. Majority of the batteries, so 2.5 GWh of battery that we secured, the container price is around $58- $60. This is just the container price. The all-in price, which is the BOS plus the tax and duty, comes to around $100. I think there are some batteries that we have closed a couple of months back. Those are at around $68. So the overall pricing goes to around $110. That is the number that we have closed these batteries at. Sure. This is quite helpful. Second is, sir, can you, let's say, little elaborate on within these FDRE tenders, we come across different strategies, high wind, low wind, or maybe all BESS. Right. What are the factors which matter to take this decision? Or it is a company by strategy which is different in taking this decision. If you could elaborate on that, because in our, let's say, presentation also, I see the first set of FDRE shows two hours on the contracted capacity, and then the BESS is two hours. The next one is showing four hours. Right. In future you are building in six hours. Right. I also hear that recent Thermal Mimic requires wind. If you could elaborate on that would be really useful. Right. I think the dependence upon how much wind will come in also has been a combination of what the tenders are, but also on what the cost of batteries have been. I think we've been there on the FDRE right from the start. So end of 2023 when we won our first tender, commissioned the first project. All our FDRE tenders till date before the Thermal Mimic were peak power tenders where we had to provide four hours of peak power, two hours in the evening, two hours in the morning. We could use any combination. So it was not just solar. If we can do solar wind, we can only do solar, we can do no batteries. Any combinations were allowed. These were the initial tenders. Initially when we started off battery prices in 2023, 2024 or 2023 were very high, more than $300. Largely the mechanism that I think everyone then, I can be, I think pretty sure that it's almost everyone, was that they will overbuild wind and solar, and try to provide the peak power through that rather than through any battery. There of course will be uncertainty, there will be penalties, but numbers are still working out. Now, essentially what had happened as we built our first project, the first project that we built, the battery prices went down. The number that we are currently telling is around $100, came down to around $150, $160. When that happened, what we did, we reduced the wind to almost half. We kept solar as it is, and we increased the battery to almost 1.5x of the contracted capacity. The understanding being that we de-risk the model wherein the battery, we got a C by two battery, which gets doubly charged, gets charged from solar during the day, and discharges during the evening two peak hours, and then again charges from wind at night and discharges in the morning peak hours. Now what has happened subsequently is with the battery cost going down further and further, as we mentioned, we closed battery at around $100. The benefit is that the solar plus. When we moved from our first model to the solar plus wind plus battery model, we did not lose a lot in terms of returns because the battery cost had gone down. Subsequently, the play was, as battery costs further went down to $100, just a plain solar plus battery solution, where what we did was say we reduced wind to a very small capacity. We increased solar and we doubled the battery capacity. What we're then looking at is a single charge battery from solar, which is a C by four battery. It will discharge during four hours during the night, also two hours in the evening, two hours in the morning. But the other flexibility that can be there for the buyer is if they even want this four hours during the night or two hours during the night and two hours late night, we can provide that. We have moved across. I think just to tell you, or just to reinforce the fact, w hat happened is a lot of it has to do with the cost of the solution. What is continuously happening is the battery costs have come down. Now at a certain inflection point, the solar plus battery beats wind. Or at least matches the returns from wind. Then what happens is, now wind is of course more difficult to execute, vis-a-vis a solar plus battery solution. Wind again is a little, there are variations in terms of generation profiles. Then what you do is if the returns match or are nearby, then you'll do a solar plus battery solution. But at current pricing from solar plus BESS is preferable or at what price this decision moves? Yes. As I mentioned, w hen we were at $150, which is the first battery that we contracted, or even when it went to around $ 130, $ 140, this question was asked to us and we said we are still going with the solar plus wind plus battery solution. Now the prices have come down, so the pricing is today, the ones that we closed was $ 100. Today, even if we look at the other number, it is at around $ 108. At that number, we believe a solar plus battery solution is as good as a solar plus wind plus battery solution. Now, given the fact that solar plus battery is then easier to execute while not moving out on the returns, it makes common logic. That is the logic. Yes. Can I ask one question more? Yes. That would be, sir, in past, whenever this Thermal Mimic order came, those were not getting signed, right? I do not know whether you also have any of the tender one and that. FDRE had those two, three types and Thermal Mimic, the load following was finding it tough to get executed. One, you can give status on that. Second is what is different this time that exact. Is the load following profiles, what is coming in tenders is now more flexible? That is why, this time Thermal Mimic looks will be signed. Right. See, there were, I think, a couple of tenders which were done by SECI on the load following ones. I think the issue was those load following ones were very specific to a certain state. Did not provide peak power throughout the night. What had happened was when the tariff was discovered and the tariffs were, I believe, in the range of around 550 or that number. There were only these couple of tenders that happened. So there was an issue in terms of the expectation. Now, I think the difference this time is the tender that is there, it is not about one state. It basically tries to match in terms of flexibility as well, everything that, say, a thermal project would provide. So essentially if overall the CUF for this plant throughout the year would be around 75%. It takes away from the transmission charge point as well. If you are building this project, and with the waivers going away. For a distribution company looking at a thermal plant versus a new renewable plant for base load demand, there used to be earlier an issue on the transmission charge that will be there on a solar plant or a renewable plant. Because the CUF will be only 30%. The transmission charge, if there was no waivers, will double. In this case, since the number is 75% and a thermal plant would also be expected to run at 70%-80%. One is that transmission charge waiver issue goes away. Then we are not fighting for months on whether this project will come under a waiver or not under a waiver b ecause the understanding is now very clear from the government. We are now moving to a scenario where there are no subsidies, there is no waivers, and it is a pure play. I think that has changed. But in this tender specifically, there is a lot more flexibility. We have to provide power all through the day. There is a 12-hour peak. I think the other thing that will also happen is when those peak power tenders happened earlier, all those issues around what has happened in this year. For some reason, a lot of buyers, especially DISCOMs, do generally look at what is happening currently to decide on what should we do. I think last year the entire, even if you look at, talk to analysts. The thing was that because of better monsoon, there was not a lot of pressure. Everyone thought that we have actually overbuilt, whether we should buy or not. I think those things are changing with what has happened this year. Fair enough. That's why I think even similar peak power tenders. That is where a lot of traction should also come for this. Do you have any load following which you believe can be signed or not signed? No. Earlier what we had done was we were only participating in these peak power tenders. We have whatever we have won, and I think most of the peak power tenders contracts are signed. There are a couple of tenders, as we mentioned earlier in the call, we are close to signing. This is the first one that we looked at in terms of a Thermal Mimic tender. I think, again, when we are looking at, as we mentioned, the time at which those load following tenders happened, battery prices were probably not in the range that they are today to manage the solution for the entire 24 hours. Today, the battery prices or batteries have become at a certain level where we believe this kind of a profile can be managed pretty well with a solar plus battery kind of solution, adding some wind. I think wind will be added primarily to accentuate returns. That is how the thing is. Perfect. This is pretty helpful. Thank you very much, sir. All the best. Thank you. Anyone who wishes to ask a question may press star and one. Our next question comes from the line of Sudhanshu Bansal with JM Financial. Please go ahead. Congratulations for the good set of numbers. My first question is for this Thermal Mimic order. When is the grid connectivity available to us? Grid connectivity available. Grid connectivity we already have for this tender. At Rajasthan, right? Yeah. Grid connectivity is already available, and this will be in Rajasthan. Okay. There is no constraint from that angle, and when we can expect its COD to happen? Sorry. Yeah. Once the PPA is signed, then accordingly, as per the timelines, we will be commissioning the project. Because as we mentioned, we have around 4,500 MW surplus connectivities are already available. We can plan accordingly as per the PPA requirement. Other thing is any changes you are seeing in the module prices because of these various developments which has happened in last two to three months and of the DCR prices and the non-DCR prices. How much is generally going rate today for these modules? See, we have closed module prices. I think the module pricing has been pretty low, essentially because of two things, b ecause there was a glut in China, and there was a glut in India as well. We have closed our modules at close to around INR 12.1- INR 12.2 per watt peak. These are, of course, non-DCR. Because we, for our current capacity, apart from the Thermal Mimic tender, all our capacity does not require any DCR. DCR, of course, right now is something that we are not buying yet. But on the non-DCR, we have closed at INR 12.1- INR 12.2. In the Thermal Mimic- Per watt peak. Generally, how much we have considered the DCR module prices? At around INR 17. INR 17. Okay, fine. Just one thing is, can you give the EBITDA guidance for FY 2027 or FY 2028? How much do you expect? Right. Sudhanshu, in terms of, I think what we have, guidance is on the run rate EBITDA. FY 2028, we are looking at close to 6 GW capacity being commissioned. The run rate EBITDA for that is close to INR 4,500 crore. And for FY 2027? By FY 2027, again, we will be looking at capacity which will be close to 4 GW. We add 2 GW that we mentioned. The run rate EBITDA for that capacity sits at around INR 2,700 crore. Okay. Just last bookkeeping question about the PAT. There is this change in the depreciation policy and other. What are the one-offs of EBITDA onwards which has impact on PAT? Right. Sudhanshu, as we mentioned that we have completed the refinancing of our three projects. There is around INR 18 crore one-time cost is the refinancing cost, which is coming in the PAT. That has impacted our PAT. If that has not been there, then PAT would have been increased to that amount adjusted for the tax on. The depreciation, why we have changed the policy? What is the basis for that? The depreciation policy has been aligned. We have got this assessment done, and it has been aligned as being the market practice and being followed by others also. We have got that estimate done, and accordingly, our depreciation policy has been aligned. Okay. Thank you so much, sir, and best of luck. Thank you. Thank you. Our next question comes from the line of Manasvini Chatterjee with Oracle Investments. Please go ahead. Hello. Hi, sir. I hope I'm audible. I wanted to ask a few questions. The first one being, following the IPO, does management intend to rationalize or, say, consolidate the current 56 subsidiaries? What is the roadmap for simplifying the corporate structure as more SPVs become operational? Sorry, can you repeat? We did not get the question. Yeah, sure. Now that the IPO is done, does the management by any chance intend to rationalize or, say, consolidate the current 56 subsidiaries? What will be the roadmap to simplify the corporate structure as I'm assuming more SPVs will become operational? Right. If you will see, we have a very simple, straightforward corporate structure where the listed company is a holding company. As you know, it's the nature of our business. Whenever we go for any tender, we have to do these projects in a special SPV. Doing these projects, signing the PPA, and for the financing also, it is ring-fenced to a particular SPV. So that's the requirement of the business. Wherever you go for any new project or the connectivity and the PPA, it is generally done through the separate SPV structure so that you can sign the PPA or you can do the financing in the ring-fence environment. So this is the very typical structure for any infrastructure business. Okay. That makes sense. My next question was that BESS is becoming a much larger part of the portfolio now. So with operational capacity already at about 503 MWh and another 4,000 MWh ordered, could you help us understand the economics of these BESS projects, particularly the expected returns or margins, the revenue model, and whether you see BESS becoming a meaningful contributor to your EBITDA over the next two, three years? Right. Manasvini, I think BESS is very important. As we mentioned, we are looking at getting to 4.5 GWh by June and close to 10 by March 2028. I think essentially we'll not be able to differentiate between what kind of revenue is coming from BESS, because what we are doing on BESS is not standalone batteries. What we are trying to do is include those in our renewable contracts. So all our FDRE contracts or the Thermal Mimic tender has this BESS as an inbuilt, and we get a common tariff. So very difficult to differentiate in terms of what revenue will come from BESS. It is largely a full solution that we are providing. I think in terms of returns, I think whenever we are looking at business projects. Because we were early starters on these FDRE tenders, we had returns which were significantly higher. Even for new tenders, we are looking at higher teams in terms of returns. That is on an overall basis. I think standalone BESS, if you are looking at, we are not doing a lot of standalone BESS because right now the numbers don't make a lot of sense to us. It is working in terms of a transmission element where I think the returns are pretty low. We are not doing standalone. It largely will be BESS as part of our overall power solution. That is how we are looking at it. Okay. And within that, as we mentioned, there will be opportunity for the merchant BESS, which we will be doing. Yeah. Okay, perfect. That makes a lot of sense. Thank you. Thank you. Next question comes from the line of Dhruvin Shah with HDFC Securities. Please go ahead. Yeah. Hi, sir. Just one question regarding the BESS, which is what is the kind of capacity that we expect to operate on a merchant basis for, let's say, FY 2027 and FY 2028? If you could give some guidance on that. Right. So Dhruv, in terms of the 4,500 MW, 4.5 GW that gets installed by June 2027, there is 1.5 GW, which is actually right now not linked to a project that will come up in the next couple of years. It will be for future. That will definitely run as merchant. What will also keep on happening is, so the capacity that are getting done on coming up, so there is close to 700 MWh, which is expected to add on to the 500, which is there right now by December of this year, in stages. That entire 700 MWh would also run on merchant. Some of it will go off into a PPA by June. Overall, what will happen is the 1.5 GW will be running, say, for the next one to two years, fully as merchant. Then of the other capacity, on and off, there will be a combination. So for 9- 12 months, depending upon when the GNA kicks in, will run as merchant. So 1.5 is firm capacity, which will run as merchant. I think there will be further capacities which will come in of the 4.5, and then from 4.5 to 10, which we start putting up in the following year, which will come in as merchant. Understood, sir. Just on the margin side, what kind of margins can we expect from the sale of this power? Okay. The margins this year have been pretty significant. Those margins have been because of two things. One is the daytime tariffs from which these batteries are getting charged. That itself has gone down. When earlier, say, this number would be sitting at, say, last year, this number would be, or any year before that, this number would be sitting at INR 2.5. That number has gone down to INR 1 or INR 1.3. I think in terms of the sale, of course, we have to close this full year. If you look at just 2025 numbers, this average number used to be at around, full year number was around 8. But what we have looked at in this year, this year there has been sale on HP-DAM. The numbers may be higher. We have sold a significant amount of power on the HP-DAM market as well, where the limit is up till INR 20. There has been power sold at those levels as well. Of course, once the full year gets done, because weather also plays a big role. But that number should be significantly higher on the sale part as well. I think in terms of the buying for charging, that number will be around INR 1.5, INR 1-INR 1.5, and the other number will be probably higher than what the earlier numbers were. Understood, sir. That's it from my side. Thank you so much. Thank you. Next question comes from the line of Puneet from HSBC Securities. Please go ahead. Yeah, thanks for the follow-up. My question is on the Thermal Mimic project. How should one think about operational challenges there? Okay. Puneet, I think how we are structuring. Yeah. In terms of operational challenges, we are largely looking at a solar plus battery solution adding wind. Okay. Wind is being added because if you look at the tariffs, t he firmness in which how we have to provide power will come through the solar plus battery capacity. That, we believe, is not something which is very difficult to handle operationally. Understood. That's how we're looking at it. Would there be some surplus power generation which you need to sell to grid or something that you need to buy from the grid? I think there will be. Okay, so in terms of what we're looking at, there will be some surplus during the day. When we structure it could be close to, I think, around 1% or 2% overall. Okay. That will be there, but otherwise, yeah. So how we have structured, we are not taking a call that we'll have to buy power from outside. Because especially during peak hours, we cannot take a call that it has to be renewable power as well. Essentially, we cannot take that call that we will buy something from outside. Okay. There will be surplus production, which up to 2%, which you can sell to the grid, but the rest you should be able to manage on your own. Yeah, but we are not considering anything, that anything will be realized from it. Understood. That is all right. Great. Thank you so much, and all the best. Thank you so much. Ladies and gentlemen, that was the last question for today. I now hand the conference over to the management for the closing remarks. Thank you, and over to you, team. Thank you so much. Thank you so much everyone for coming in, and hope we could answer all your questions. We have already shared our contact details with you guys. If you have any further queries, you can reach out to us. Thank you so much. Thank you. Thank you. Thank you. Ladies and gentlemen. Thank you, sir. Ladies and gentlemen, on behalf of Juniper Green Energy Limited, that concludes today's call. Thank you for joining us and you may now disconnect your lines.