Ladies and gentlemen, good day and welcome to NHPC Limited. Welcome to FY27 earnings conference call hosted by Elara Securities India Private 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. Do you need assistance during the conference call? Please signal an operator by pressing star then 0 on touchtone phone. Please note that this conference is being recorded. I now hand the conference over to Mr. Rupesh Sankhe from Elara Securities India Private Limited. Thank you, and over to you. Sir. Yeah, good morning everyone. On behalf of Elara Securities, we welcome you all for the Q2 FY27 conference call of NHPC. I take this opportunity to welcome the management management of NHPC represented by Shri Bhupender Gupta, Chairman and Managing Director, Shri Sanjay Kumar Singh, Director Projects, Shri Mahesh Kumar Sharma, Director Finance, Shri Parashar Ranpara, Director Personal. We will begin the call with the brief overview by the management followed by Q&A session. I will now hand over the call to Mr. Bhupender Gupta, sir. For his opening remarks. Over to you, sir. Thank you, thank you, Mr. Bhupesh. Uh, good morning to all. Uh, as you are aware, the NHPC Board has adopted the half-yearly financial results for the period ended 30th of September '26. In its meeting held on 4th of November, and the same has already been communicated to the exchanges. By now, I hope that all of you would have got the chance to go through the quarterly as well as the half-yearly set of numbers. Uh, so first of all, I will just touch upon major highlights, and then detailed analysis of the results shall be discussed by our Director Finance, Shri Mahesh Kumar Sharma. Uh, brief highlights. If you see the consolidated financial results and important updates are as under. During the half year FY27, our power stations have achieved generation of 23,741 million units as against 20,866 million units generated in corresponding period of the previous year, which is higher by 14%. Or 2875 million units. This is mainly due to part commissioning of Subanshri Lower Project, which now stands at 1,250 megawatt commission. And then increase in generation of Parvati 2, Parvati 3, and Karni Sar solar power station. And also the increase is due to resumption of the commercial operation of Teesta 5 power station. Our PAF for half year FY27 stands at 86.67% against the corresponding previous period PAF of 81.10%. Which is about 6% higher. This is mainly due to part commissioning of Subanshri Lower and increase of PAF for Parvati 2 and resumption of the commercial operation of Teesta 5 power station. Uh, during the half year FY27, company has earned revenue from operation, uh, ₹8,291 crore as against ₹6,579 crore in the corresponding previous period, which is about 26% higher. During half year FY27, company has earned PAT of ₹2,645 crore as against ₹2,086 crore. There is an increase of ₹27 Procent. Uh, in respect of our, uh, this Subanshri Lower project, which is 2,000 megawatt, we have already commissioned, uh, units of 250 megawatt. 5 units of 250 megawatts, that is totaling to 1,250 megawatts out of 8 units. And the latest one was successful commissioning of Unit 5. Which we achieved on 23rd of October 2026. Further, we are targeting to commission 2 more units, uh, of this Subanshri during the financial year, and the remaining 1 unit is expected to be commissioned by June '27. Uh, so with this, our— this Subanshri will become the biggest hydro project in India. The anticipated cost of the project is 30,072 crore, and already we have incurred around 26,900 crore till September 26th, which is 90% of anticipated cost. And we don't anticipate any further increase in the cost. Uh, in respect of the Wang multiple project, all major contracts have been already awarded, and we have already shared that we have achieved the crucial Nala diversion, significant stride towards ensuring all-weather road access to project site, and work is going in a full-fledged manner. The estimated cost of this project is ₹31,876 crore, which includes grant of ₹6,716 crore for flood moderation and enabling infra. Out of which we have already spent ₹5,504 crore till September 26th. And as per our schedule, the completion of the project is February 32nd, and we are 100% sure that we will achieve these dates without any fail. Uh, in respect of Teesta 6, uh, 500 megawatt, the work is progressing well. And the only hurdle which we are facing there is the tunnel only, but we are sure that whatever the timeline we have now kept for completion of this project, we will achieve that because 74% progress has already been achieved. Uh, the estimated cost of this project is ₹9,167 crore, and of which— out of which ₹5,650 crore has already been spent till September. That is 62% of the estimated cost. The expected commissioning of the project is September 29th. Uh, in respect of OD1 Stage 2, which is 240 megawatt of HEB, the, the— we started the work at site, uh, this year only. And the civil contract of the project was awarded on March 26th, and the tender for the HM and electromechanical works are in progress. The estimated cost of this project is ₹2,709 crore, out of which we have already incurred expenditure of ₹33 crore till September, and the scheduled completion of the project is November 29th. Uh, in the same line, Dholasti Stage 2, HEP, 260 megawatt. This, this was also awarded on March 26th, and the work is in full swing in here also. And we have spent around ₹122 crore till September. Against the estimated cost of ₹2,994 crore. In this case also, this dual completion of this project is also November 29th, and I am 100% sure that both the projects, this OD2— OD1 Stage 2 and Dholasti Stage 2, will be commissioned within the scheduled time. Uh, Gel Power Corporation Limited, Rangit 4 HEP, 120 megawatt, is also progressing well. Here we have already achieved 98% of the progress and the boxing of all the 3 units have been completed. The estimated cost of this project is ₹2,057 crore, out of which we have already incurred expenditure of ₹1,916 crore till September. Uh, the project is expected to be commissioned by December 26th. As we have initiated the, the job of this reservoir filling, and I'm sure that whatever date we have kept now, we will be able to start the wet commissioning and commission the plant as scheduled. The merger of JPCL with NHPC is in process, and second motion application has already been filed with the Ministry of Corporate Affairs. NHPC, through its subsidiary CBPL, Chenab Valley Power Project Limited, is executing 3 projects in Chenab Basin in UT of J&K. The construction work of Pakal Dul HEP every 1,000 megawatt is progressing well. The daylighting of the HRT of the project was achieved on 10th of June '26, which means that we have all completed the water control system. And overall the progress is 89%. Uh, the 88— this estimated cost of the project is ₹12,728 crore, out of which we have already incurred ₹10,183 crore till September. Uh, the project is expected to be commissioned fully by June '27, though we are targeting the commissioning of 2 units by March '27. And planning to start the reservoir filling in the end of December. Uh, in respect of Kiru HEP, which is 624 megawatts, overall 92% progress has been achieved, and, uh, against the total estimated cost of ₹5,409 crore, we have spent ₹4,105 crore till September '26, which is 76% of the estimated cost. And in this case also, the, the— we will be starting the reservoir filling from this month. Only, and we are targeting the commissioning of all the units by March '27, which means this, this project will be ready for the generation a full generation from the next financial year. Uh, Kavar is another project which is being done by CBPL, 540 megawatt. Here also the work is progressing as per schedule. 42% physical progress has been achieved, and against the total Uh, estimated cost of ₹4,526 crore, we have incurred ₹2,079 crore till September, and project is scheduled to be commissioned by May 28th. So this is also, uh, as, as of the— as of now, this project is also on, uh, on its, uh, scheduled, uh, this path. And I, I am 100% sure, uh, considering the present status and the, the That also we will commission this by the scheduled date, that is May 28th. In respect of Rathale HEP, which is 850 megawatt, it is again in the UT of J&K. The work is progressing well. Overall, 33%, uh, progress has been achieved. And the estimated cost is ₹5,282 crore, and we have spent ₹1,749 crore till September 26th. The major activity of this particular project, which is one of the major activities, which is the dam concreting So I am happy to, happy to inform you that we have started this dam concreting from the 2nd of November this month only, and with this now activity is now in process. We are sure that the, the— we will achieve the targeted completion of this project by November 28th. Another project, this Teesta 5 Power Station, which got damaged due to the October 23 flash flood, which, which was due to the glough in the Teesta Basin. The restoration of this project was completed and, uh, the power station has started the commercial operation again from July 26th. Uh, we have already shared the cabinet committee on, uh, of cabinet committee on economic affairs has approved investment of ₹26,070 crore. for construction of Kamle HEP, which is 1,720 megawatt in Arunachal State, in April 26th. The project is to be implemented through JV between NHPC and Government of Arunachal, and the formation of subsidiary is in process. And further environment and forest clearances are also in process for the project, and we are expecting these clearances this month only, and we are targeting to start the physical work at site during this financial year. Apart from above, the under-construction project NHPC is actively pursuing to start works of, uh, Sawalkot, 1,800 megawatt, for which the PIB has already been completed, and we are expecting the CCA approval very soon. Uh, Subansiri Upper, this is still in nascent stage, it is not in very advanced stage. And Italin, this is in very, very advanced stage. We have got all the clearances, we are already doing the tendering, and hopefully we will get the cabinet approval maybe within 2 months, and then we can start the work for this project also physically at site during this financial year. And this will be the biggest hydro project in India after our Diwang, which is 2882 megawatt, and this is 3097 megawatt. In respect of 1000 megawatt capacity solar power project allotted under CPS scheme, we have already commissioned 300 megawatt megawatt project in Bikaner. Further, 100 megawatt in Andhra Pradesh and 600 megawatt Gujarat are expected to be commissioned by January 27th and March— November 27th respectively. There is some issue of connectivity, that's why these projects are getting delayed. Otherwise we would have completed some of the projects, I think, very early, but connectivity issues are there. which all the solar plates are facing. So this is the reason why these are— the dates are going to November 27th. Uh, our other under-construction solar projects like 40 megawatt solar power project in Ganjam, Odisha, and 150 megawatt floating solar project in Kerala are also expected to be completed by March 27th. Further, 2 projects of 200 megawatt each grid-connected solar photovoltaic power projects which are located in Gujarat State Electricity Corporation Limited Ari Park at Khavda. are expected to be commissioned by December 26th and September 27th respectively. Uh, NHPC is exploring to develop pumped storage projects in the state of Maharashtra, Odisha, MP Gujarat, then Andhra. And currently we have 18 gigawatt PSPs which are in the DPR/PFR stage. Uh, and we are sure that some of the projects for which the DPR is in advanced stage, we are in the talks with the state government for their facilitation as well as for the PPs and all that. And we are hopeful that next year at least 2 of the PSPs, physical work will start at site. I think another, another PSP project which is Indra Sagar and Kharishwar PSP. Indra Sagar and Kharishwar, both reservoir with us, uh, NHPC. In the— we have a JV with the government of MP. So we are planning one PSP of 640 megawatt for which the tendering process has already been initiated, and we are sure that this project will have a physical, physical, this work commencement, uh, during this financial year also. and important updates on the company are as under. During half year FY27, our power stations have achieved generation of 2,374,100,000 units as against 2,086,600,000 units generated in the corresponding period of the previous year, which is higher by, by about 14% or 287,500 MUs. During second quarter FY27, our power stations have achieved generation of 1,395 million units We are hopeful to start during this financial year. So this is all from my side and the brief about our highlights of the company and the jobs which we are doing. And, uh, so I will request my Director of Finance, Mr. Mahesh Kumar Sharma ji, to discuss the financial results in detail with all of you. Thank you so much. Thank you, sir. Good morning to all. Detailed highlights of the consolidated financial results as against 1,187,000 million units generated in the corresponding period of the previous year, which is higher by about 17% or 2,065 million units. Our PAF for half year FY27 stands at 86.67% against the corresponding previous period PAF of 81.10%, which is about 6% higher. Our PAF for second quarter FY27 stands at 92.24% against the corresponding previous period PAF of 78.5%. 8%, which is about 14% higher. For half year FY27, company has earned revenue from operation of ₹829.1 crore as against ₹657.9 crore in the corresponding previous period, which is about 26% higher, or by ₹1,712 crore. The increase in revenue is mainly due to higher generation on account of part commissioning of Subansiri Lower Project, increase in generation of Parthi 2 Power Station, and resumption of commercial operation of Tista 5 Power Station. During Q2 FY27, company has earned revenue from operation of ₹448.2 crore as against ₹336.5 crore in the corresponding previous period, which is about 33% higher or by ₹1,117 crore. The increase in revenue is mainly due to higher generation on account of reasons I have just shared. Other income for half year FY27 is of the order of ₹338 crore in comparison to ₹494 crore during the corresponding previous year, which is about 31% lower. Or by ₹156 crore. This is mainly due to income from insurance claim in the corresponding previous period. Other income for Q2 FY27 is of the order of ₹1 87 crore in comparison to ₹265 crore during the corresponding previous period, which is about 29% lower, or ₹78 crore. This is mainly due to income from insurance claim in the corresponding previous period. During half year FY27, the generation expenses have come down from ₹592 crore to ₹552 crore, means by ₹40 crore, which is due to lower water cess on account of lower generation in the power station situated in UT of J&K, and no water cess is caused in Uttarakhand in view of verdict of Honorable High Court of Uttarakhand in favor of NHPC. During Q2 FY27, The generation expenses have come down from ₹302 crore to ₹277 crore, means by ₹25 crore, which is again due to lower water cess on account of reasons I have just shared. During half year FY27, the employee benefit expenses has gone up from ₹750 crore to ₹793 crore, means by ₹43 crore, which is mainly due to part commissioning of Subansilwar project. As the expenses related to the part commission projects are now being charged to P&L. During Q2 FY27, the employee benefit expenses has gone up from ₹ ₹326 crore to ₹392 crore, means by ₹66 crore, which is mainly due to part commissioning of Subansilwar project by ₹19 crore. And increase on account of promotion, DA, and other factors by ₹47 crore. During half year FY27, there has been increase in the finance cost from ₹539 crore to ₹1,162 crore, means by ₹623 crore, which is mainly due to increase on account of interest on loan related to Subansilwar project charged to P&L. Since its part commissioning. During Q2 FY27, there has been increase in the finance cost from ₹278 crore to ₹556 crore, means by ₹278 crore which is again mainly due to increase on account of interest on loan related to Subansilwar project charged to P&L since its part commissioning. During half year FY27, the depreciation amortization expenses have gone up from ₹877 crore to ₹1,210 crore, means by ₹333 crore, which is mainly due to part commissioning of Subansilwar project. During Q2 FY27, the depreciation amortization expenses have gone up from ₹441 crore to ₹610 crore, means by ₹169 crore. Which is again mainly due to part commissioning of Subansilwar project. During half year FY27, other expenses have gone up from ₹1,409 crore to ₹1,717 crore, means by ₹308 crore. This is mainly due to the increase in expenses related to Subansilwar project by ₹207 crore and provision related to Tista 4 project of ₹231 crore. Which is offset by decrease in insurance premium of other power stations by ₹92 crore. During Q2 FY27, other expenses have gone up from ₹710 crore to ₹938 crore. Means by ₹228 crore. This is mainly due to the increase in expenses related to Subansilwar project by ₹92 crore and provision related to Tista 4 project of ₹231 crore. Which is offset by decrease in insurance premium of other power stations by ₹52 crore. During half year FY27, tax expenses have come down from ₹923 crore to ₹912 crore, which is almost flat. During Q2 FY27, tax expenses have been on the similar line as previous year period, which is ₹536 crore. During half year FY27, we have earned PAT of ₹2,645 crore as against ₹2,086 crore of corresponding previous period. Which is up by ₹559 crore or 27% approx. And the reasons for decrease or increase in the line items we have just discussed. During Q2 FY27, we have earned PAT of ₹1,549 crore as against ₹1,021 crore of corresponding previous period, which is up by ₹528 crore. Or 52% approx. And the reasons for decrease or increase in that line items we have just discussed. During half year FY27, the incentive positions are as under. Secondary energy has decreased by ₹174 crore, that is a decrease of 75%. PA-based incentives have decreased by ₹10 crore, that is a change of 77%. Devision charges have increased by ₹22 crore, that is a change of 105%. So total incentives in the first half year FY27 is ₹103 crore as against in the corresponding previous period ₹265 crore, that is a decrease of ₹162 crore, and in percentage terms it is 47%. During Q2 FY27, the incentives for its position are as under. Secondary energy has decreased by ₹204 crore, that is 89% decrease. PA-based incentives have decreased by ₹10 crore, that is 77% decrease. Devision charges have increased by ₹20 crore, that is 167% increase. So total incentive position as of Q2 FY27 is ₹59 crore as against ₹253 crore in the corresponding previous period. CapEx during H1 FY26 is ₹523 crore as against ₹568 crore in the corresponding period of previous year on consolidated basis. The company has paid final dividend at the rate of 2.10%, that is ₹21 per equity share, for the financial year 25-26 in the month of September 26. Which is in addition to interim dividend at the rate of 14%, that is ₹1.40 per equity share, resulting in total dividend at the rate of ₹16.10 per equity share. That is ₹1.61 per equity share on the face value of paid-up equity share of ₹10 each. Other major highlights of the company are as under. On realization front, NHPC has received ₹512.6 crore from the beneficiaries against sale of energy during half year FY27 as compared to ₹4,764 crore in the corresponding period of previous year. Trade receivables as on 30th September 26 stands at ₹1, ₹4,283 crore as against ₹2,630 crore as on 31st March 26. This includes ₹1,573 crore as unbilled debtors as on 30th September 25 as against ₹1,887 crore as on 31st March 26. The net receivables out of total reported trade receivables as on 30th September 26 are as under. Reported trade receivables ₹4,283 crores less unbilled debtors ₹1,573 crores, billed receivables net— netting after netting off is ₹2,710 crore. Uh, less debtors dues which have been converted to installments as per CRC tariff orders and other orders, ₹817 crores. Net amount due, ₹1,893 crores. And dues more than 45 days, ₹290 crores. This is all from my side. Now the forum is open for Q&A. Thank you. Thank you. Now we're going to question answer session. Anyone who wishes to ask a question may press star and 1 on the touchtone telephone. If you wish to remove yourself from the question queue, you may press star and 2. Participants are requested to use handsets while asking a question. Ladies and gentlemen, we will wait for a moment while the question queue assembles. We have first question from the line of Mohit Kumar from ICICI Securities. Please go ahead. Mr. Mohit Kumar, your line is unmuted. Please respond. As there is no response from Mohit Kumar, we can move to the next question. We have next question from the line of Mr. Ragini Pande from Elara Capital, please go ahead. Yeah, am I audible? Yes, sir, you are. on that? And once the final tariff is approved, uh, what can be the expected revenue, EBITDA, and PAT from this project? Can you take? Yeah, Ragini, good morning. Yeah, so my first question is on Parvati 2. So when is the final tariff order expected? And there was an unrecognized revenue of around— there was an unrecognized income of about ₹400 crore for Parvati 2. Is there any update Basically, regarding Parvati 2, if you look at the, you know, the numbers which you are referring to, the reported number of Parvati so far, we have been recognizing revenue at 80%, right? So the 20% balance revenue which has not been recognized is ₹500 crore, first thing. Okay, so at normal level, uh, since the Parvati 2 800 megawatt is having design energy of 3,125 million units and the tariff would be around ₹8.50, So total AFC, or, you know, the revenue which we, we can say expecting from Parvati 2, is ₹2,400 crore. And since Parvati 2 is having regulated equity of ₹4,000 crore, because the capital cost of the project is ₹13,600 crore, So if you take 30% of the capital cost, ₹4,000 crore approx is the regulated equity, and if you take 17% return on that, then the expected PAT comes around ₹680 crore. But one thing I must add, that this 17% is the core ROE, baseline ROE. On top of it, NHPC has been, you know, gaining this incentives also to the extent of 4 to 5%. So whatever number you want to take as an incentive in a financial model, that is your comfort. But 17% return on regulated equity is giving ₹680 crore kind of Uh, PAT 2. Uh, this Parvati 2. So far EBITDA is concerned, normally our EBITDA is to the extent of 60 to 65%. So if top line is ₹2,400 crore, accordingly the EBITDA can be calculated 60 to 65%. Yeah, the other question you asked, Ragini, was regarding your status of the petition, Parvati 2, na? Yes, yes, that, uh, the final, the hearing, the next hearing of Parvati 2 has been fixed on 11th of November this month only, and we hope that this will be the final hearing. And thereafter order will be reserved, and thereafter we'll be expecting the order very soon, as soon as the CRC issues the order. But this time we are expecting that this will be the final hearing of Parvati 2. Yeah, quite clear, sir. Thank you. A similar question on, uh, Subansiri. So, uh, what is the status of tariff petition? Have we filed a petition for all the 8 units or, uh, The petition will be filed progressively as the remaining units are being— will be commissioned. And, uh, any, uh, under recovery from Subansiri, any unrecognized revenue from this project? Yeah, as far as Subansiri petition is concerned, we have already filed the petition for all the units. Basically, when we file the tariff petition, we take, uh, like, like when we file 2 units were there, so we filed the petition for 2 units, and for the other units we filed on projected basis. Now, as the units are complete— are getting commissioned, we are updating those tariff petitions. One by one. So now we have already updated tariff petitions in respect of 4 units. 5th unit which we have commissioned, tariff petition is being updated in that regard. And as far as hearing of this is concerned The hearing has been over and the order is now reserved for interim tariff. So we are expecting the interim tariff very soon in respect of Subansiri Lower Project. And as already stated, we already stated earlier this thing We are booking revenue at the rate of 18% of the tariff petition which we have filed. As far as the numbers are concerned, in case you want to have more details, we can discuss. Yeah, so regarding Subansiri, if you look at the capital cost of the project, this is ₹30,000 crore, and so far we have commissioned 5 units of Subansiri. So total capitalized cost in our books is around ₹23,000-24,000 crore, right? Now regarding tariff, is also around— a levelized tariff is around ₹8. And on yearly basis, we are expecting AFC of ₹5,500 crore from Subansiri on full commissioning basis. So since last unit of Subansiri is, you know, spilling over in next financial year, So the full impact of Subansiri would be in FY— largely in FY27-28, and then FY28-29 onwards you will be having full top line then, uh, you know, the expected PAT also. Now the regulated equity of Subansiri, considering 30% of the capital cost, it is around ₹9,000 crore. And ₹9,000 crore regulated equity, again, if you consider 17% core ROE and on top of it, some secondary energy and PF incentive to the extent of 4 to 5%, then certainly ₹1,500 crore, ₹1,600 crore kind of PAT we are expecting from Subansiri. Yeah, thank you. Uh, my next question is on Teesta 5. So it has resumed operations in this quarter and there was an under-recovery of around ₹500 crore. So, uh, has that under-recovery reduced now? Yeah, so in Teesta 5, we started, you know, the commercial operation, uh, with effect from July 2026. So in this Q2 Teesta 5 have generated 859 million units, you know, and the top line we have, uh, from Teesta 5 is around ₹150-160 crore. And if you strike off all expenses, then the PBT contributed by Teesta 5 is ₹100 crore, more precisely ₹99 crore. Okay, and last question, uh, can you tell me the adjusted PAT for this quarter? Yeah, so as we have shared in our, you know, talking points that only one provision we have made in this Q2, which is ₹231 crore regarding Teesta 4. So if you add back this ₹231 crore entirely to the reported PAT, you will arrive at, uh, the adjusted PAT. That is the only one adjustment you have to make, uh, in adjusted PAT. And which is around— if you calculate that adjusted PAT, so that will be 90% higher than the corresponding quarter. Against the 65% which we have shared on a standalone basis, I am telling you. Okay, thank you, sir. I'll join back. Thank you. We have next question from the line of Mohit Kumar from ICICI Securities. Please go ahead, sir. Yeah, good morning, sir, and thanks for the opportunity. Uh, can you just please, uh, reiterate that adjusted PAT, is it, uh, is it Is it— do we have to add ₹231 crore to ₹1,549 crore which you reported? That means your adjusted PAT will be closer to around ₹2,700 crore. Is that the right understanding? Absolutely. Understood. Uh, my second question is, can you please help us understanding the profit contribution of Subansiri in H1 and, uh, and Is it producing much more than the design energy which you have envisaged, which is helping us in reporting a better profitability? Yeah, so Mohit, basically if you look at the commissioning of new project, that too when we do unit-wise commissioning of any project the water availability for the fewer units commissioned is basically higher than the normal water availability for those units. Getting my point? So it is not design energy which, which is relevant now. It is basically the potential to generate out of the commissioned units because water availability is higher and our fewer units is able to generate more than the design energy. So that is the reason Subansiri Lower has generated around 300 million units higher than the proportionate design energy of 4 units. That is the reason this 300 million units is adding incremental PAT. So Subansiri has added ₹132 crore kind of profit in Q2. And almost, uh, you know, uh, 140 crore kind of profit in H1. So this is basically higher than the expected normal profit of 4 units. At normalized level when all 8 units of the project, projects would be commissioned. Is that clear? Yes, sir. But what are the profit contributions, 1-3, in Q— in this quarter? PBT level, all contribution by this project power station, we, we are sharing on PBT basis because the tax is paid on corporate level. Understood. Can you just, uh, reach your memory at what percentage of the cost you are booking the revenue for Subansiri and Parvati? Is it 85 or 90%? 80%. Please take 80%. Oh, that's okay. Understood, understood. Uh, my second question is on the, uh, which are the projects you are looking to award in the next 18 months? And have you completed the award for the bank for all the packages? No. Regarding this, actually we have awarded the major contracts. Only small contracts of HM Hydromechanical, because that is— we always award as per the requirement at the site. So some 1 or 2 package of Hydromechanical which is pending to be awarded. That is not a delay. That is as per the requirement side, we'll award. As far as other projects are concerned, we have got the CC approval for Kamla that is in Arunachal, and the bidding process is already on. So we are only, uh, this waiting for the approval of EC and FC, and then also the land acquisition, which is under process. And we are hoping that by the end of this financial year we will have all the clearances with us, and after that we will be in a position to award because we are parallelly running the tendering process to avoid any further delay. Uh, then Saval Court is there. The PIB has already happened and now we are just preparing ourselves for the CC approval. And, uh, if we get the CC approval by December We are not sure yet because that is not in our hand. Ultimately, government has to give the approval. So then, uh, by the end of this financial year, we will be able to award the 2 packages which are the major packages of this Saval Court. So we will be able to award that also. So these are the 2, and then Italian is there. Italian, we have got all the approvals. Uh, the PIB process has already been initiated by Government of India, and there again we are hoping that within next 2 to 3 months we can get the CC approval. If that happens, then again we have already run the tendering process in parallel, so by the end of this March we may be able to award 1 or 2 packages, uh, which are— which always remains in a critical path, should be awarded accordingly. And then we will be able to start the work with Tallinn also, which is 3,097 megawatt hydro project again in Arunachal. So these are the pipeline as of now, and I told in my remarks also that we have certain projects, uh, in PSPs, which are the basically pumped storage projects. There also we have one project which is where we have got all the approvals. And only thing is that we are just waiting for one final nod from the government, and then we will be able to complete the tendering process of these projects in MP, Indrasagar and Karishpur PSP, and that can also be started next year. And, uh, 2 more PSPs are there for which the DPRs are under process, one in Odisha, one is in Maharashtra. So there, that also we are targeting, uh, for award of the packages which are the major packages of civil works. during the next calendar year. And just my last question, sir, on the— given the fact that building so much, so many hydropower plants in the Northeast, uh, the evacuation will be a challenge. So Uh, are we, are we, uh, are we in speaking to the, the stakeholders to ensure that few of the HPDC lines comes on time? Uh, if you, if you see that transmission line is the responsibility of the CTU, that is the, uh, so, uh, for these all the hydro projects which are planned in Arunachal Long back, the entire master plan for the transmission system was finalized, uh, because these power plants are, you know, that pending for so many years. These were with the private, private developers. And, uh, since last 20 years, then it— these were handed over to the CPSUs for fast implementation 2 years back only. So master plan is ready. And, uh, based on our, uh, like timelines of commissioning, like for Diwang, already the power grid— because now these are not, uh, like compulsorily constructed by the power grid. We have a tariff-based competitive bidding in the transmission line which is run by the PFC and REC, and so they always do that processing depending upon the commissioning dates of the respective hydro projects, because otherwise there is a very heavy penalty on the generator if the transmission line comes and generating station doesn't commission in time. So, uh, this all master plan is ready. So there is no problem in evacuation of power plant— sorry, power from these power plants which are planned in the Arunachal. Understood, sir. Thank you and all the best. Thank you. Thank you so much. Thank you. Thank you. Just one question. Most of my questions have been answered, but just one question is on the Italian project. Under the direction of the Power Ministry, the Italian project was transferred from SJVN to NHPC, for which a consideration of around ₹800 crores was to be paid. by NHPC. So has that amount been paid or is it still pending? No, uh, that amount is not paid yet. Uh, it is— will be paid, uh, once this PIB happens for the Italian. So that I told already, that PIB is expected anytime now. Already the process has been initiated by Government of India and Ministry of Power, basically. Uh, so once the PIB— we get the PIB approval then we will be in a position to give the money to SJVN. But principally, it is already decided and it is approved by both the boards of SJVN as well as by the NHPC board. We have next question from the line of Prashant Kshirsagar from Unived Corporate Research Private Limited. Please go ahead. Am I audible? Yes, sir, you're audible. Yeah, uh, good morning, sir, and, uh, It's quite small in comparison to the Yeah, uh, the second question was on the NHPC green energy, the solar projects. Will they be hived off or Uh, what is the strategy for that? Because, uh, the reason for asking is the amount involved in the solar energy, solar projects hydro projects. That's why I was asking this question. No, actually, you know that all the PSUs and, uh, started this RE business because of a reason to diversify, diversify from the one business which is a major business like NTPC thermals, and they diversify into the RE. Similarly for hydro also, because at certain stage there were some issues with the hydro projects, uh, allotment and all that. So everyone diversified, and we are bullish on RE sector also for the future. Uh, we are not going to do anything till commissioning as of now. After commissioning, we will see what to do. But, uh, we will be in fact in discussion with the various states They are interested to have some floating solar or the solar projects, or solar plus BESS in fact, not only the solar as vanilla. So they are in discussion with us. to join hand with them for JV and do the projects in their state. As you know that due to interstate transmission charges, now they are not interested into the Uh, this RE projects in the other states. So they, they are in touch with us, uh, to have a JV and, uh, and construct the solar plant or solar plus BESS or also the wind projects also. in their state. So we are planning to expand, in fact, our RE in the future. And if you see, as of now, that 1,190 megawatt capacity is under construction. And this will be 100% completed next year. As I told, because these— their commissioning has been delayed due to the availability of the connectivity. Otherwise, we would have completed maybe faster. And in, in PM Suryagarh also, we have certain states with us and some central government ministry buildings. So there also the work has picked up now, and there also whatever capacity we have allocated, we will try to complete that also. Within the timeline which we have targeted now. Okay, and so what is the projected plan for the solar energy mega— in terms of megawatts, what is, what is the capacity which you are envisaging? Yeah, megawatt, I will be very candid with you because as you know there is a certain issues with the connectivity, issues with the evacuation, issues with the plain vanilla. Solar, uh, as now the in daytime we have excess power, especially during the summer period. Also in the winter we will see this year what is the position. The problem now we are shortfall in the peaking hours. That is in the evening as well in the morning also. So, uh, now the strategy is being changed by every developer, every state. And because as you know that we are also a renewable energy implementing agency. And we have tendered out, uh, in NHPC around 20,000 megawatts of the bids, and out of that, even 23,120 megawatts we have awarded. 73 projects, and PPA has been signed only for 9,000 megawatts. Uh, so, and also we are expecting that around, uh, 5,000-7,070 megawatts will also be signed. Totaling to around 15,000. So around 5,000 megawatt capacity is there which may not be tied up. So reason is, again I told you, because as per the resource adequacy plan of the various states Uh, so they are, they are slightly like reluctant as of now to commit for 25 years for a particular set of power, uh, because it can be solar, it can be solar. So they are not clear yet. Earlier they were having a very clear-cut adequacy plan, but we have seen in the past 1 year the energy requirement, energy pattern has changed drastically in all the states. Uh, so now we are in, in fact, discussion with many states for a, for a, like, combination of various powers. We are trying to change the configuration of these powers also where we have awarded the projects. Through REA. And so that's why we are also in, like, within company we are discussing that what type of power what type of configuration we should have in the renewable energy which can be sold in the long term. So it's a slightly energy transition period for everyone as of now. So it's under discussion within the company and within— with the other stakeholders, uh, that how we should plan for a long-term sale of the power. We don't want to construct the projects and then we are not having any PPAs. That, that we don't want to do. That will be unnecessarily dent on my finances. Yeah, okay. Thanks a lot, sir. That, uh, that answers my questions. Thanks a lot. Thank you, sir. We have next question from the line of Mr. Avneet Anand from PNB Paribas. Please go ahead. Yeah, just to understand, between last year 2Q and this year, the 3 units that would have added to the profitability Subansari Paribet 2 and Tista Paribet. So, answer, you guys mentioned 132 crore is the PBT for the quarter. Can you just mention the same numbers for Paribati 2 and Tista 5? Ah, sure, Avinash. So, uh, very interestingly, last year Paribati 2 was having a loss of ₹164 crore. And this quarter Parvati has given ₹215 crore PBT. So in a way, Parvati too is the power station of this quarter who has contributed on, uh, YOY basis, uh, 380 crore. Okay, and since Parvati 2 was performing very well, the Parvati 3 has also added 80 crore PBT. So altogether 460 crore incremental PBT is coming from Parvati 2 and Parvati 3 only, you know. So that is very point you have raised for the benefits of the all audience. So, answer, we have already shared 130 crore. 460 crore is coming from Parvati 2 and Parvati 3, and 100 crore we have already shared for Tista 5 as well. So this is how 4 power stations has contributed. Uh, majorly in incremental PBT. And for the full year, Parvati 2, we ended up what, uh, amount? H1, 240, because 23 was the Q1 PBT and 215 is the Q2. या लास्ट ईयर यू आर रेफरिंग तू 149 करोड़। ओके, दैट्स एट पीवीटी लेवल। Thank you. So almost 2— I'm saying, uh, let's assume Parvati 2 for FY26 as a whole. What was the profit or loss that we incurred? We take the next question from the line of Kayur from PNB MetLife. Please go ahead. Mr. K, your line is— yes, yeah, am I audible? Yes, sir, you're audible. Yeah, thank you, thank you for the opportunity. Uh, so I had 2 questions. Uh, firstly, uh, trying to understand on the receivable side, uh, so I understand that versus the FY year-end number, the receivables position has spiked. So, uh, can you help us understand what's driving this? Is it attributable to Subansari and Parbhuti? Some, some color on that. Hello. पार्टिशन प्लीज वेट वी डिसकनेक्ट और रिकनेक्ट द मैनेजमेंट लाइन प्लीज वेट Party, partition, please note measurement line has been reconnected now. Yeah, Avinash. Sir, Mr. Kayur is on— is in— is on the queue right now. Yeah, okay. Uh, such— should I repeat the question? I'm not sure if you were able to hear my question. It was on the receivable side. I'm trying to understand what You may repeat, please. Yeah, so just, uh, wanted to understand from a receivables position perspective, uh, if I look at the year-end number which was closer to ₹2,500 crores, it's come up Uh, ₹4,300 crores, uh, so, uh, what's driving this, uh, and, uh, when do we expect this to normalize? हाँ सॉरी कैन आई कंफर्म यू सेड सर कि आह आई मीन करेंटली इट इज़ 159 करोड़ जो भी है Yeah, so see, this receivable numbers which we have shared with you is basically as of 30th September 2026. And if you look at today's number, I mean yesterday, what receivables we had the total receivable was ₹159 crore only, and more than 45 days it was only ₹6 crore. So it is not that, you know, if you look at one particular number, that is not going to be realized. Since our average debtor turnover days is only 51 crore— 51 days only, so all receivables are coming absolutely in time. And there is no issue from the receivable fronts. 1159 crore is the total receivable as on 3rd October— November, sorry. And out of this 1159, only 6 crore is more than 45 days. Understood, understood sir. This, this is helpful, but this was, this was only attributable to Subansari and Parvati. Parvati 2, see, Parvati 2, we have already received, you know, interim petition. So 75% billing is being done for सुवांशरी लोअर ऑल रेवेन्यू इज़ गोइंग तू अनबिल्डेडर्स ओनली। सो दैट इज़ इंटीरियरी डिफरेंट अकाउंटिंग ट्रीटमेंट फॉर दैट, दैट कम्स एसेट्स अंडर कॉन्ट्रैक्ट Which is not included in this reported receivables, you know, of ₹4,300 crore, which we have shared in our conference call. Let me, let me clarify the position. Basically, earlier dues was a big problem. After this electricity late payment surcharge rules have been introduced in '23, these dues are all very streamlined. So as on date, we have to see that after— out of the billed amount, how much amount is due for more than 45 days. And that too, after 75-day regulation says that— rule says that you have to powerfully regulate it. Beneficiaries cannot approach the exchanges. So many stringent conditions have been put on as per the rules. So as of now, our billed position after billing, the recovery position is very good, no issues. Because most of the dues are cleared within 45 days, and more than 45 days, that too, by 75th day all the dues are cleared. So beyond 75 days, we don't have a single penny pending. So on that account, I can confirm you that just after this LPS rules which government has introduced, this financial discipline has been there in the whole sector. And right, right now we don't face any issue on account of recoverability of dues. Absolutely. Understood, sir. So this is very helpful. Uh, so my second question, uh, was on the, uh, leverage side. Uh, so sir, I understand it is currently looking optically sort of elevated. So if we were to just look at some, uh, high-level numbers, the debt number is closer to ₹59,000 crores. And, uh, if I look at the last 12 months EBITDA, this is closer to ₹7,000 crores. So I understand, uh, this is partly because of the fact that a lot of our, uh, projects are currently under construction. Uh, but sir, how should I think about, uh, operational debt out of this entire ₹59,000 crores? Uh, just trying to look at— yeah. So you have rightly said our group level debt is ₹59,000 crore. That is fine. But if you look at the distribution of this ₹59,000 crore between the operational project and under construction project, right? So in operational project, we have deployed ₹29,000 crore and balance ₹20,000 crore in construction project. In NHPC, if you want to calculate the EBITDA. Currently, you have rightly said that our EBITDA is around ₹6,000 to ₹7,000 crore, but post-commissioning of this Suvarnashree Lower full-year basis, Pakkaldur, etc. our EBITDA is also going to reach at ₹10,000 crore, right? Now The debt servicing— if you are trying to, you know, gauge the debt servicing, then you should not consider the debt deployed in construction project as a debt servicing burden on operational project. Since we are not into project financing, we are entirely into balance sheet financing. So we are servicing the debt component deployed in operational project only from the operating cash we are, you know, churning from the operational project. For construction project, whatever debt is deployed, that is basically getting refinanced if any— because in balance sheet financing, you know that the debt repayment also starts. So that burden is not coming on the operating cash flow of the operating station. That is entirely bifurcated. So you need not to worry about the debt level at console level. Also, if you look at the debt equity or debt EBITDA, it is very much in control. And moreover, the going forward, lot, lot of commissioning is happening. So that is adding to your EBITDA as well, as we have shared that This year we are going to commission, you know, 1,744 megawatts, 500 million— 500 megawatts from Subansiri, then 624 from Kiru, 120 from Rangit. Then next year also Pakkaldul is coming, 250 megawatts. Subansiri is coming, 1,000 megawatts. Pakkaldul is coming, then after that 1,390 megawatts is coming, and then 1,000 megawatts is coming. So next 4 years, lot of capacity addition is happening, you know, and that is leading to your EBITDA, to your top line, to your bottom line, everywhere. So nothing to worry from that perspective. Yeah, so immediately I think like you mentioned, it would be, uh, incremental EBITDA would be driven by Pakkaldul, Kiru, and Rangit, which we are expecting to come online in FY24. FY28, is it? Yes. So the Rangit EBITDA, just including these, uh, the visibility that we have on these, that should be closer to, uh, ₹10,000 crores. Absolutely. Okay, so this is, this is very, uh, helpful. And so last question from my side, uh, again from a CapEx perspective, how should we think about, uh, next, uh, 2-3 years? Perspective. Yeah, so last year, writing the number, our CapEx target was ₹13,000 crore and we had achieved ₹13,700 crore. This year also we have CapEx target of ₹14,300 crore, and till now we have already achieved ₹6,500 crore. So we are very much hopeful that because, you know, the, uh, the— I mean, the CapEx, uh, better CapEx utilization is happening in second half of the financial year. So we are very much hopeful that this level of ₹14,300 crore is achievable during the current financial year also. And next year onwards, on an average, you can consider ₹14,000 to ₹15,000 crore kind of CapEx, you know, on console level. Understood. And so do we require any, uh, fresh equity to fund this CapEx, or would the internal accrual suffice? No. So if you look at, you know, the cash which we are generating from our operation, for example Uh, if I give you example of FY27-28, by FY27-28 we are targeting to generate PAT level of ₹6,000-6,400 crore, right? If you take conservative number of ₹6,000 crore only, we will have depreciation also to the extent of ₹3,000 to ₹3,500 crore. So total cash would be likely to be generated to the extent of ₹10,000 crore, for example. So if you have operating cash of ₹10,000 crore, you have obligation of dividend payment and you have obligation of repayment of debt, right? These 2 obligations you have before deploying anything into CapEx. On an average, we pay 4% of net worth as dividend. So if you, if you consider ₹42,000 crore kind of net worth and going forward if you consider ₹45,000 crore of net worth, the 4% of the same is roughly ₹1,800 crore, right? So ₹1,800 crore is allocation for dividend payment. repayment of debt is also to the extent of ₹2,800 crore to ₹3,000 crore. So meaning thereby the ₹5,000 crore kind of utilization is going to the buckets allocated for dividend and repayment of debt. Still, you, you will have ₹4,000 to ₹4,000 crore approx or higher than that cash available for what you call this CapEx requirement. If you look at the next 10 years of CapEx projection of NHPC, we have ₹1,11,000 crore kind of CapEx for next 10 years wherein the requirement of equity is ₹40,000 crore. So on an average, ₹4,000 crore yearly equity is required from NHPC side, you know. So that is— I mean, our internal resources is sufficiently taking care of any equity requirement from the CapEx perspective. Right, sir. No, this is super helpful, sir. Thanks, thanks for explaining all this in detail. Thank you. Thank you. We have next question from the line of Avinith Anand from PNB Paribas. Please go ahead. Yeah, I think some of the questions got cut because of the line. So I was just, uh, asking Parvati 2 for last year, which is F26, what was the profit we made? And if you can just— on Tista, 5 wasn't operational last year, right? Yes. हाँ सो आई थिंक अवनीत इट वाज़ द कॉल वाज़ कट 149 करोड़ वाज़ द लॉस बाय फ़िसिकल पार्वती टू इन नेक्स्ट ईयर प्रीवियस So this is the 5 was not operational. Yeah, so what, uh, this year, uh, what based on the current day, what could be the profitability numbers for Tista Pipes? For rest of the periods of financial year? Yes. So H2, you are referring to? Yeah, yeah. Basically, you see, typically 70% generation, if you take average of last 5 years, the actual numbers I am sharing with you, 70% generation happens in H1 and 30% in H2, right? In case of, uh, Tista 5 also the kind of 859 million units generation we have shared in Q2, the similar number of generation we are expecting in H2 also, though it is very difficult to assess or, you know, estimate the generation in hydropower projects. But yes, based on the trend, we can share with you that similar kind of generation we can expect in Q3 and Q4 also, and similar kind of profit in H2 also, to the extent of 100 crore, 150 crore odd, uh, you can expect. Because Q1 was, uh, you know, missed in this fiscal, uh, we missed the Q1, uh, from Tista 5 generation. So you have to now 9 months only. And the peak period is only Q2. Q3 and Q4 is the lean period. So that much you can expect. And last one, this PSP that we are doing for NHDC one, right? So I mean, in terms of project cost and tariff and all this will be totally regulated, right? Uh, as of now, yes, it will be regulated because this is a JV with the government of MP. So we are in process of signing the power purchase agreement with the government of MP, which is still under discussion, not finalized. So, but yes, it will be regulated. And any, any color on what could be the project cost and related tariff? 5,300 crore. 5,000— 5,200 crore is the cost. And what tariff this could entail? There will be less than 5. Okay, okay. Thanks, sir. Those are my questions. Thank you. 4.9 exactly, well, as of now, but we have assumed Thank you, ladies and gentlemen. Due to, due to time constraint, that was the last question. I now hand the conference over to Mr. Rupesh Sankhe for closing comments. Over to you, sir. We thank NHPC management for giving us an opportunity to host this call. We also thank all the investors and the analysts for joining this call. Thank you so much. Thank you everyone. Thank you so much. Have a good day. Thank you participants. On behalf of Elara Securities India Private Limited, that concludes this conference. Thank you for joining us, and you may now disconnect lines. Thank you.