Ladies and gentlemen, good day and welcome to the Juniper Green Energy Limited Q2 FY27 earnings conference call hosted by JM Financial Institutional Securities. 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 this 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 Mr. Sudhanshu Bansal from JM Financial Institutional Securities. Thank you, and over to you, sir. Thank you, Alaric. Hello, everyone. On behalf of JM Financial, I welcome you all to the second quarter FY 2027 earning call of Juniper Green. For today's call, we have with us leadership team of the company led by Mr. Ankush Malik, CEO, Mr. Parag Agrawal, CFO, and Mr. Bajrang, Head of Investor Relations, along with other team members. Now I will hand over the call to Ankush sir for his opening remarks, after which we will open the floor for Q&A session. Thank you so much, sir, for your kind presence and giving us the opportunity to host the call. Over to you, Ankush sir. Thanks, Sudhanshu. Good morning, everyone, and thank you for joining us for Juniper Green Energy's Q2 FY 2027 earnings call. This is our second call as a listed company, and I want to start by thanking our shareholders, lenders, and partners for the continued confidence you have shown in us since our listing in August. Before I turn to our performance, a quick word on the sector. India's installed renewable capacity reached close to 300 GW as of September 30, 2026, with nearly 25 GW added in the first half of FY 2027 alone. Power demand has remained robust, and the policy push towards FDRE, round-the-clock, and storage-backed supply continues to gather pace. That is exactly the segment we have built our portfolio around, and we believe Juniper is well-placed to capture a growing share of it. Power demand across the country has stayed strong this year, with a 10.2% growth for H1, with peak demand continuing to rise and the evening peak hours in particular putting real pressure on the grid. We see battery storage as part of the solution here, helping more daytime solar power into peak hours, and we are well-placed to install close to 4.5 GWh of BESS by June 2027 and 10 GWh by March 2028. Coming to this quarter, Q2 FY 2027 was another record quarter for us. Our total income grew 2.3x year-on-year to INR 372 crore, and EBITDA grew 2.6x to INR 340 crore, our highest ever quarterly total income and EBITDA, at an EBITDA margin of 91%. On the operating side, for the second quarter of FY 2027, generation grew 127% year-on-year to 1,130 million units. Our fleet-wide CUF for Q2 was 27%, compared with 21% in the quarter in FY 2026. For the first FY 2027, generation grew 98% year-on-year to 2,075 million units, and our fleet-wide CUF was 28.5%, compared with 24.1% in H1 FY 2026. The standout for us was wind. Our wind portfolio delivered a weighted average CUF of 50%, up from 41.3% a year ago, especially with our 50 MW Juniper Green Beta project delivering a CUF of 58.3%, and another 70 MW Juniper Green Kite project at the same site delivering close to 58%. Plant availability for the first half stood at 98.7% and grid availability at 99.5%. During this quarter, we also commissioned close to 316 MW peak of renewable capacity and around 100 MWh of BESS, delivering on the 250-300 MW peak guidance we shared on our last call. In the first seven months of FY 2027, we have now commissioned more than 1 GW peak of capacity, with close to 494 MW peak of solar and 542 MW of wind, along with about 500 MWh of BESS across 11 sites in three states. That takes our overall operational capacity as on date to 2.8 GW peak + 600 MWh of BESS. I also want to call out a big technology milestone. We have commissioned now close to 51 units of India's largest wind turbine by rotor diameter, the Envision EN-182. These 5 MW turbines have a rotor diameter of 181 m and at a hub height of 130 m. We remain on track for our full year commissioning guidance of 2 GW peak of generation capacity and 1.7 GWh of BESS. On BESS, our operating assets continue to perform well, with SOH of more than 99% and RTE of close to 90%. As on date, our total portfolio stands at close to 11.2 GW peak + 9 GWh of BESS, of which the operational and PPA-signed capacity is 6.1 GW peak. On the portfolio quality, as mentioned earlier, 86% of our portfolio is contracted with central agencies, which is SJVN, NHPC, NTPC, and SECI, and GUVNL. 98% is with off-takers rated AA- or above, and 98% is secured through long-term PPAs, typically of 25 years. Our days receivable outstanding stood at 25 days for H1 FY 2027, which continues to reflect the strength of our off-takers. We continue to build the resource base to execute at this scale, surplus connectivity of more than 5 GW for future builds, and connectivity of more than 20 GWh of BESS, over 16,000 acres of land for our under-construction, contracted, and awarded projects, and more than 100 identified locations for wind turbine installation. Our in-house EPC team continues to execute end-to-end in parallel across multiple sites and states at both SPV and CTU levels. With that, let me hand it over to Parag Agrawal to take you through the financials in detail. Thank you, Ankush, and good morning, everyone. As Ankush mentioned, Q2 was another record quarter financially. Total income for Q2 FY 2027 came in at INR 372 crore, 2.3x of the INR 160 crore we reported Q2 FY 2026, and up 15% quarter-on-quarter. EBITDA grew 2.6x year-on-year to INR 340 crore from INR 130 crore, and was up 15% sequentially. Our EBITDA margin expanded to 91.4%. Looking at operational performance specifically, operating income was INR 345 crore, up 2.4x year-on-year, and operating EBITDA was INR 313 crore, up 2.7x at a margin of 90.7%. Profit after tax for the quarter was INR 54 crore, adjusted for one-time expense relating to refinancing and the IPO expense, compared with a loss of INR 18 crore in Q2 FY 2026 and INR 53 crore on the same adjusted basis in Q1. Cash PAT, adjusted PAT plus depreciation was INR 153 crore, 3.9x the INR 40 crore in Q2 FY 2026. For the first half of FY 2027, total income was INR 696 crore, up 104% year-on-year, and EBITDA was INR 634 crore, 2.2x H1 FY 2026, at a margin of 91.1%. PAT for H1 was INR 106 crore, adjusted for one-time expenses, and cash PAT on the same basis was INR 280 crore, 2.5x H1 FY 2026. Turning to CapEx and the balance sheet, we incurred CapEx of approximately INR 2,600 crore during the quarter, taking our CapEx for first half to INR 3,800 crore. As on September 30, 2026, our gross block stood at INR 12,250 crore and capital work in progress, including capital advances, at INR 6,600 crore, taking our cumulative CapEx to close to INR 19,000 crore. On debt, total debt outstanding as on September 30 was INR 13,700 crore and net debt of INR 11,600 crore. About 68% of our borrowings are from financial institutions like PFC, IREDA, and IIFCL, which gives us long-term stable cost of funding with low interest rate volatility. We have stayed active on refinancing, refinanced more than INR 2,500 crore across five projects so far in FY 2027 at a weighted average interest rate of below 8% per annum. Our weighted average cost of debt for the operational portfolio has come down to 8.46% per annum. The same was 8.58% last quarter. Our credit profile continues to strengthen. ICRA upgraded our credit rating to AA- (Stable). Other than this, we have also received seven rating upgrades at project level, and now three of our SPVs on itself are AA category. Better ratings should help us keep bringing down our cost of debt as we refinance. On the balance sheet, INR 1,800 crore of primary proceeds from our IPO in August took our net worth to INR 5,200 crore as on September 30, and net debt to net worth improved to 2.22x. To summarize, a second consecutive record quarter on revenue, EBITDA, and margins, commissioning in line with guidance, a portfolio of over 11 GW with 84% in FDRE and hybrid formats, and a materially stronger, better-rated balance sheet. With that, we will now be happy to take your questions. Thank you. 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 comes from the line of Puneet with HSBC Bank. Please go ahead. Yeah, thank you so much and congrats on decent performance. My first question is, do you worry about any projects where there is a risk of transmission delays? As of now, I see only Juniper Green Stellar where transmission is still yet to come. Would you be able to highlight what is the progress there? Right. Puneet, on Juniper Green Stellar, the plant is running on T-GNA. There is only one element left, which is Fatehgarh 3, Bhadla 3, which the scheduled commissioning was, in fact, last year. But we expect that line to be completed in December, so that line is being constructed by Apraava. However, given that all the other elements are done, and the batteries that we have at this project are part of an FDRE project, we today, this is from probably a couple of months back, right? The improvement has been substantial, so we don't face any curtailment today, once we take everything into consideration. Okay. For Beta also, is it likely March 2027, or can it slip over to next year? Okay. So, March 27, in all probability, should be done. But for us, as you said, right? So what we have done is we already have a 1,300 MWh battery there, which is, in fact, a merchant battery that we have put, right? So, close to half of it should be operational by March 27, right? So even if there is a slippage, and if there is any curtailment, we will be able to cover it. So, I'm very, very confident there won't be any curtailment, right? Even if there is a, say, a slippage of a couple of months, right? Understood. You're putting basically renewable generation plants also along with battery. You're not drawing power from the grid for battery. No. Is that any correct? So, what we're doing is two-pronged, right? In case of an FDRE project, the battery is already there, so we're front-ending the battery. It will get charged from the grid and discharge through the grid, till the initial TGNA period. On Bhadla specifically, what we had done was, apart from our FDRE project, this was one battery that we are putting as a merchant, which can then later on, in one of our PPAs which are yet to be signed, can go into a long-term PPA. So right now, it's not assigned to any specific PPA. There, what we'll do is, we'll charge it from the grid, but if there is any requirement, which is So we'll charge it from If there is any curtailment, we'll use that for charging the battery. But mostly, it will come from the grid. Understood. Is there a plan to do a bilateral sort of contract, or will you continue to sell from BESS using merchant? In terms of Okay. See, what happens on a bilateral contract, I think largely DISCOMs, so they do a month or a three month, and now you see tenders for six to nine months coming in, right? Because they are getting a little wary of how the rates are on the exchange. So we continue to participate on these short-term tenders, right? I think given that beyond, say, a couple of years, we have these batteries, whatever batteries we are putting, we have a long-term solution for it, right? Getting them under our long-term FDRE contracts. We are not really worried on doing a, say, a medium-term kind of a PPA, right? So we keep on being active in terms of doing these one month, three month, now more longer-term, say, six month kind of PPAs keep on coming. If their rates are attractive, we intend to get into them. Understood. Just a couple of data questions. What will be your operational net debt? Operational? Operational net debt will be close to INR 9,000 crore. And what would be your CUF for Q2 specifically? Okay. CUF for Q2 was 27%. 27%? Yeah. Understood. H1 was 28.5. Yeah. And also, what is the CapEx plan now for 2027? Any change there? And if you can quantify the absolute number also. Right. As on September 30, as I mentioned, we have done total CapEx of close to INR 19,000 crore. In the balance six months, we are expecting additional INR 5,000 crore CapEx, which will take the total CapEx to INR 24,000 crore at the end of this financial year. Understood. That is very clear. Thank you so much, and all the best. A reminder to all participants, you may press star and one to ask a question. The next question comes from the line of Mohit Kumar with ICICI Securities. Please go ahead. Yes. Good morning, sir. My thanks for the opportunity. My first question is, sir, can you just help us with the current EBITDA run rate of the portfolio? Is it possible to also help with the gross block at the end of Q2 FY 2027? As of now, INR 2,000 crore. Mohit, the EBITDA run rate for the capacity which is commissioned as on date, which is, say, 2.8 GW, the EBITDA run rate is INR 1,900 crore. That number, EBITDA run rate that we expect for the March 2027 capacity, which is close to 3.9 GW peak, is INR 2,750 crore. Okay. Understood. My second question is, of course, your operational projects and your projects with LOA, both almost similar. Can you just help us with the progress in signing of the PPAs? How are the conversations ongoing? When do you expect a large part of the PPA to the LOA to get converted to PPA? Especially on the RTC mimic PPA, I thought that given the fact that SECI has already collected the required for DISCOMs, and after that they floated the bid, there is a delay in converting into PPA. Yeah. Right. Mohit, I think what has happened is of the 4 GW, so leaving aside the thermal mimic one, which is close to another 1 GW peak of capacity, of the 4 GW that was the LOA earlier, we are expecting more than 1 to 1.3 GW peak of capacity with, of course, further batteries to be contracted pretty soon. So, the REAs have received the confirmation from the buying entity. So now there is a process of PSA signing and PPA signing that is expected to be done over the next 1 to 1.5 months. Coming to thermal mimic, I think, so it has taken some time, but I think there is a lot of interest from buyers, right? Especially given the fact that the tariff, given that it ticks all the boxes on what is required, say, for a buyer from a thermal project, and the fact that the tariff is significantly lower, I think what they are right now, what we have been told by SECI is there are a lot of guys who are, a lot of DISCOMs who are interested, and there is something between them which is going on in terms of, I think, which entities they finalize. So, because it is a PPA which is very, very different, in terms of delivery and other things, probably DISCOMs are taking more time to just to understand what they are getting. But I think we are very, very confident that whatever we are giving, right, in terms of delivering capacity on a 15-minute basis is something which is better than anything that is right now available. Mm-hmm. My last question is on the transmission. Of course, you are the ground, you are looking at all the details which are happening. Are you seeing some green shoots? Do you think that most of your projects which are getting commissioned in FY 2028 will not suffer from delays in transmission, and they will come up in time, and we will have an EBITDA run rate of INR 43 billion-INR 44 billion by end of FY 2028? Is that a fair assumption? Yes, Mohit. See, Mohit, I think I will not give you green shoot, but the fact is that if you look at projects which are there for FY 2028 commissioning, right, you will actually see those, the transmission elements, the original date being at least one year earlier, right? The fact is, okay, so there may be a delay, but whatever delay has happened, the transmission system associated with those projects was actually one year earlier, right? So it was December 2026, and some was earlier as well, right? So, I think the point is even if there are delays. Right now, the dates for whatever projects that we have mentioned, right, for FY 2028 is not beyond June 2027, right, as on date, right? So, and this is already six months delayed from what their original period was, right? In some cases, nine months. So, we believe, I think we are pretty confident that the FY 2028 capacity would come online, right? So we have shown that even during the current year. I think what also helps us is STU capacity, right? Because STU capacity doesn't get hampered by this, right? And that is where a lot of growth has come in the current H1, right? And we believe now those elements will come through, and we can keep on expanding capacity at that rate. Understood. Thank you, and all the best. Participants, please press star and one to ask a question. The next question comes from the line of Sudhanshu Bansal with JM Financial Institutional Securities. Please go ahead. Yeah. Hi. Thank you for the opportunity. First, I have two, three questions. One is, how long do you think that arbitrage into the standalone BESS is going to continue? For this year, we have seen such a good number. In FY 2028 also, you see the similar thing happening? Sudhanshu, I think we Okay, so how we take it is we take it step by step, right? I think there is a strong expectation that this arbitrage would continue, because on the other side, right, the BESS which was supposed to come up under the bidding, right, on standalone, that has not come up, right? And we believe it's largely to do with what the tariffs have come around. I think they were ultra-aggressive, done with players who generally did not have a lot of experience in the electricity sector, right? Now, to get that capacity back, right, and with the growth that we are seeing on the power demand, right? As we mentioned, there is more than 10% growth in the first H1, and this is net of, we believe, the generation from rooftop solar, right, which itself has grown. You see the extent of power growth that is there. We believe this arbitrage is there to continue. However, as we mentioned, longer term, we want to secure ourselves. For every battery that we put, there is some, of course, battery which is completely merchant. We will not given which PPA it will be part of, but we will have a long-term solution for that battery. Okay. With respect to the pricing, like for the BESS containers, what you are seeing, the prices have started increasing or still continue to go down? No. Sudhanshu, what we expect is the battery prices may soften now. I think what has happened is lithium carbonate, which had gone up to around 170,000, it was around 60,000-70,000 CNY per ton, it went up to 170,000. Now that number has come down to 100,000. You then basically see a 7%-8% reduction, but there is a China. They have removed that export from January onwards. There won't be any export incentive of 6%. You basically see a we foresee a softening of 2% to around 1%-2% on the battery prices. Somewhere numbers which were around 68, 70 will now probably be at around 66, 67. In that range, 66 to 68, yeah. And sir, this, like, there is a lot of confusion about the prices, the DCR modules also. Are we seeing that around 22, 23 rupees range or any correction to those prices? Okay. Sudhanshu, so see, for DCR modules, our first project will be the thermal mimic, right? We are not right now procuring, but what we understand, right? Non-DCR, of course, is right now available at INR 12 or lower, right? DCR, I think, okay, so we get hints, right? There was a bid, as you may know, where SECI had done for procurement. The number was around INR 18, right? We believe for larger utility projects and whatever private discussions we have had, the expectation is by in a year or so, that number, right, or whatever we have got is INR 18 or below, right? And probably a couple of years down the line for further down, right, in terms of whatever capacity is coming up. So, yeah. I think on the rooftop side, those numbers are higher, but when these bigger contracts and for which the rooftop is, for which DCR is being procured, the numbers are significantly lower, right? One is a public number of where the SECI bid came in and the number was close to INR 18, right? Okay. Lastly, sir, this for the renewable bidding, so far we have seen the bidding is muted with respect to the last two years. So when, like you are getting a signal from MNRE that when this overall utility scale bidding is going to pick up? Okay. I think there are signals and I think that bidding will pick up. I think largely it will be on the concept of FDREs or like we have recently seen that RTC FDRE bid, right? I think largely for, we believe the reason for increase will happen as had it had happened in the case of say in 2022, 2023, right? When prices on the exchange were significantly higher, right? Even during the solar hour. And then close to 50 GW got bidded in 2023 and 2024 and 2025. I think given what is happening right now, in terms of nighttime, right? So not daytime particularly, but nighttime, there will now have to be significant tendering to manage that, right? Given that thermal is still pretty far, right? New thermal that will come in is pretty far. Okay. Thank you, sir. Thank you. A reminder to all participants, you may press star and one to ask a question. The next question comes from the line of Puneet with HSBC Bank. Please go ahead. Yeah, thank you. My question also is on the other income part. How should one think about that? What are the components here? Any one-off included? Other income is primarily the interest on the funds which are available with us. This is the main component. As on September 30, we have the cash balance of INR 2,000 crore. So, it depends on the balance, this will continue to come. But primarily it is the interest on surplus funds. Should one assume that this is what it should remain? Largely you will keep the INR 2,000 crore cash balance? Yes, sir. It will be as we will be doing the more CapEx, we will be continuing to utilize this CapEx. This fund for the CapEx. Other income will be dependent on how much surplus cash we have. But obviously as and when the funds will be deployed, this other income will come down. Okay. Understood. There was no curtailment, I presume, for you in Q2 per se? No. Sir, there was curtailment in Q2, close to around 2.5%. This was largely, as we mentioned, right? On the Stellar project, there were a couple of lines which got constructed and got completed in end of August, early September. From September, October, we are not seeing any curtailment, but for July and August, there was curtailment. There is, but that number now has gone off, right? CTU, we right now don't face any curtailment. There is something, but very well absorbed by battery, right? There is more than enough batteries right now, even now to manage any curtailment. Okay. With battery, no curtailment. In last quarter, what would be the quantum roughly? How much revenue would you have lost on account of curtailment? Okay. It was around 2.5%, right? Yeah, around 2.5% of the overall revenue. Of the revenue. Understood. Great. I think that is all for me, sir. Thank you so much. Participants, please press star and one to ask a question. The next question comes from the line of Mahesh Patil with ICICI Securities. Please go ahead. Yeah, hi, sir. Thanks for the opportunity. My question is on our bidding going forward, right? We have more than 8 GW of capacity already and with PPAs and LOAs. Are we further looking to bid in upcoming bids, and any particular criteria or thresholds that we are looking at from returns perspective? Right. So, Mahesh, in terms of, we have significant capacity. As we mentioned, we foresee the minimum amount of these LOAs converting into PPAs in the near future. We continue to look at bids, right? In terms of selection, I think, see, for us, of course, today the market is that it would have to include batteries, right? But when we look at in terms of which bids we participate and which we don't, I think there, it's largely, given that we have been in the sector for a long time, we get a feel in terms of returns. Returns are important for us. We look at mid to high teens, right? Say, okay, we generally participate in all tenders. We'll know where to not participate, right? Say something like the solar park tender that happened recently, right, which was where very, very aggressive tariffs came in, right, in Rajasthan, right? We knew for a fact that, one, just looking at the tender itself and the number of people who were asking queries in the front, right? Given that everything was secured, right, all land, everything was secured, there were so many players, right, who will, and a lot of foreign utilities, right, will bid very, very low numbers on those, and generally are not active during other bids, right? So there we generally don't participate, but other tenders, and it has to have batteries as a play, we will participate. I think standalone battery, again, we are waiting for the numbers to correct. We believe the correction still hasn't happened to the level where it will become, it is sustainable. But we continue to look at that as well. Okay. Thank you, sir. All the best. Participants, please press star and one to ask a question. The next question comes from the line of Sahil Sheth with Anand Rathi Institutional Equities. Please go ahead. Hello, sir. Thank you for taking my question. I just wanted to know a few details on the recent thermal mimicking tender we won. So if you can just share a few details on what would be the solar or wind capacity split that you have mentioned in your IP? Right. I think I already mentioned that. So we have won a contract capacity of 230, right? We intend to put 560 MW, or sorry, 530 MW of solar with a 1.5 DC, so close to 790 MW of solar DC capacity. Wind capacity of another 75 MW, and batteries of close to 2.2 GW. Okay, sir. And sir, if you can disclose what is the IRR we are looking at from this project? In terms of return? Yes. Okay. So, yeah. So see, we look at, in terms of returns, I think mid to high teens, is the number that we are looking at. So sir, is there any difference between your Wind-Solar Hybrid or FDRE kind of returns versus this thermal mimicking, or would it be in the same range? So, okay, the FDREs, and these were bid in 2023/24, right? As you know, consequently what has happened, right? Batteries have gone. Those numbers would be actually close to 20%, but hybrids will be, I think, high teens, and this number today sits between mid to high teen kind of a number. Okay. And sir, on this, one more thing. Was this one-off tender for price discovery reasons, or do you see such tenders going ahead on a regular basis? No, no, we definitely see this thing to now continue, right? Given the benefits that it has, right? So the tariff that has been discovered is, I think it's giving, as you mentioned, right, it is giving the lowest cost, and it covers all bases, right? So it is giving generation all around. It is dispatchable energy all around. If you look at how the transmission, suppose the waiver of transmission charges going away, right? This is effectively giving a 75%, 70%, 75% to 80% CUF, right? Then, in fact, for the buyer, the transmission charges themselves are again much lower, right? Or comparable to, say, conventional power, right? So we believe significant amount of such kind of tenders should happen, and probably will happen, given the demand again, given the demand that is there also on the other side, right? Okay, got it. That was very helpful. Thank you, sir. Ladies and gentlemen, that was the last question for today. On behalf of JM Financial Institutional Securities, that concludes this conference call. Thank you for joining us, and you may now disconnect your lines.