Ladies and gentlemen, good day and welcome to NTPC Limited Q4FY25 earnings conference call hosted by Nawama Institutional Equities 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 update 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. Shubdip Mithra. Thank you, and over to you, sir. Thank you. Good evening, friends. On behalf of Nawama Institutional Equities, welcoming you all to the fourth quarter FY2025 results call of NTPC Limited. We have with us today Mr. Jaikumar Srinivasan, Director of Finance, along with the senior management team of NTPC Limited. I would now like to hand over the call to Mr. Srinivasan for his opening comments. Over to you, sir. Thank you, and good evening, everyone. I am Jaikumar Srinivasan, Director of Finance of NTPC and NTPC Green Energy Limited. It's truly a privilege to welcome you all to our Q4 and financial year 2025 earnings conference call. Today, I have with me the management team that has been driving our performance and growth. I have with me my colleague directors on the board, Sri Shivam Srivastava, Director of Fuel, Sri K. Shanmugha Sundaram, Director of Projects NTPC and NGL, Sri Ravindra Kumar, Director of Operations NTPC, Sri Anil Kumar Jagli, Director of Human Resource NTPC, and a few other key members of our senior management team. As you are aware, earlier today, we have released our audited financial results for the quarter and financial year ending March 31, 2025. Operational financial snapshot has already been uploaded under the Investor Update section of our website. I would like to take this opportunity to walk you through our journey this year, a journey marked by new milestones, strategic initiatives, and significant achievements. FY25 has truly been an eventful year for the NTPC group. One of the significant milestones was the successful listing of NTPC Green Energy Limited on November 27, 2024. This milestone positions NGL as a frontrunner in India's renewable energy landscape and underscores NTPC's unwavering commitment to leading the nation's energy transition. We are particularly proud of this achievement as it represents the culmination of our vision to create a sustainable energy future for the country. During FY25, we have made major progress in expanding our renewable energy footprint. By year-end, the NTPC group's commercial capacity has reached an impressive 79,930 megawatts, with NTPC's standalone capacity standing strong at 59,413 megawatts. Of the 3,972 megawatt capacity added in FY25, 3,312 megawatts comes from renewable energy sources, underscoring our commitment to transition and a diversified energy portfolio. Our operational and financial performance reflects our commitment to excellence and sustainable growth. I am delighted to share that our generation performance has been improving. The NTPC group generated 439 billion units in financial year 2025, registering a growth of 4% compared to 422 billion units in FY24. On a standalone basis, NTPC's gross generation increased by 3%, rising from 362 billion units to 373 billion units. Our thermal fleet continues to set industry benchmark in operational efficiency. NTPC's coal plants received a plant load factor of 77.44% during FY25, thus outperforming the rest of India's coal PLF of 67.23%. Seven of our stations feature among the top 15 performers in the All India PLF rankings, a testament to our operational excellence. NTPC's coal station PLF of 77.44% is the highest in the last seven years. NTPC's coal plants recorded their highest-ever single-day output of 1.15 billion units on February 19, 2025. Turning to our fuel management front, we have made remarkable strides in ensuring fuel security. In FY 2025, we procured a total of 253.26 million metric tons of coal, marking a healthy increase of 5% from 241.21 million metric tons in the previous year. Of this, only 2.26 million metric tons was imported coal, which is lower than the 9.57 million metric tons of imported coal procured in the previous fiscal. We have invested INR 12,380 crore in developing our coal mines on a standalone basis, contributing to regulated equity growth and resulting in additional revenue streams for the company. I am further pleased to inform you that our achievement in captive coal production has been steep, with a 29% year-on-year growth from 35.64 million metric tons in financial year 2024 to 45.82 million metric tons in FY 2025. This has ensured long-term fuel security for our operations. Now, I'll share the financial highlights that underpin our healthy growth. On a standalone basis, NTPC recorded a total income of INR 45,813 crore in Q4 FY 2024, representing a 4% increase from INR 44,221 crore in the corresponding quarter last year. I am pleased to report that our profit after tax stood at INR 5,778 crore for Q4 FY 2025, up by 4% from INR 5,556 crore in Q4 FY 2024. For the full fiscal year, our total income grew by 5% to reach INR 1,74,414 crore, compared to INR 1,65,707 crore in FY 2024. For the full year, PAT grew by an impressive 9%, reaching INR 19,649 crore versus INR 18,079 crore in FY 2024. On a consolidated basis, the NTPC group's total income for FY2025 rose by 5%, amounting to INR 1,90,862 crore, compared to INR 1,81,166 crore in FY2024. Our group PAT registered a robust growth of 12% to reach INR 23,953 crore. This growth was significantly bolstered by a 35% raise in the share of joint venture profits, which reached INR 2,214 crore. Additionally, NTPC subsidiaries' profit rose by 6%, reaching INR 4,139 crore. Dividend income also witnessed substantial growth, with INR 2,092 crore accounted for in FY2025 from our subsidiaries and JVs, compared to INR 1,630 crore during FY2024, truly a testament to the value creation across our group entities. For FY2025, the Board of Directors has recommended a final dividend of INR 3.35 per share, subject to approval by the shareholders at the upcoming annual general meeting. As you may be aware, interim dividend totaling to INR 5 per share has already been paid during FY25 in November 2024 and February 2025. Accordingly, the total dividend for FY25 amounts to INR 8.35 per share, representing an increase from INR 7.75 per share in the previous financial year. Standalone regulated equity for the conventional power and mining business as on 31 March 2025 is INR 90,902 crore, which was INR 87,713 crore in the previous year, registering a growth of 4%. On a consolidated basis, regulated equity as on 31 March 2025 is INR 1,08,791 crore, which is 4% over last year's figure of INR 1,04,331 crore. International ventures and new business horizons are expanding NTPC's footprint, creating additional revenue streams. In Sri Lanka, the 50 MW solar project at Sampur has advanced with agreements signed in April 2025, marking a major step in regional renewable energy cooperation. Our consultancy assignments as project management consultant for 6,620 megawatt-hour solar projects under the International Solar Alliance enhances our international presence. As regards power trading, our subsidiary NVVN performance has been quite excellent, achieving 41.45 billion units in power trading, up by 18% year-on-year. NTPC's growth narrative is driven by strategic investment and capacity expansion. During FY 2025, the group CapEx rose to INR 44,636 crore, making a notable increase from INR 35,385 crore in FY 2024. On a standalone basis, CapEx recorded strong growth, reaching INR 22,965 crore from INR 19,444 crore in the previous year. Our average interest rate on borrowing during FY 2025 was 6.61%, slightly lower than 6.67% in FY 2024. NTPC Board has granted investment approval for 8 gigawatts of thermal capacity during FY 2025, with an estimated cumulative cost of INR 1 lakh crore, which will lead to robust capacity expansion in the coming years. Currently, 33.7 gigawatts of capacity is under construction, comprising 16.9 gigawatts of coal, 2.2 gigawatts of hydro, and 14.6 gigawatts of renewable energy projects. Beyond our thermal and renewable projects, we are also taking significant strides in energy storage to support India's grid stability and renewable integration. I am pleased to share that NTPC Group is working on a pipeline of pump storage projects to the tune of 20 gigawatts in NTPC and its hydro subsidiaries. We will see our first 1,000 megawatt PSP commissioned through Terry PSP in FY 2026, with 3-5 gigawatts more by FY 2032. PSP assets offer over 40 years of operational life and attractive regulated return. As critical infrastructure for India's renewable transition, they add long-term stability to our energy portfolio, ensuring sustainable growth while advancing energy security and climate goals. We have completed preliminary feasibility reports for 18 projects, and detailed project reports for four projects are in the advanced stage, thus moving towards increased energy storage solution in our portfolio. In alignment with India's net zero commitment by 2070 and the national target of 100 gigawatt nuclear capacity by 2047, NTPC has set an ambitious goal to develop 30 gigawatts of nuclear power. Our approach is two-pronged. First, through Ashwini, our joint venture with NPCIL. In FY 2024-2025, the Government of India approved Ashwini to build, own, and operate nuclear power plants. We are in the process of executing Mahi Banswara Rajasthan Atomic Power Project, comprising four units of 700 megawatt reactors. Secondly, we have incorporated NTPC Permanu Urja Nigam Limited in January 2025 as a wholly-owned subsidiary to explore advanced nuclear technologies, including pressurized water reactors, small modular reactors, and fast-breeding reactors. We have identified 28 potential sites across states like U.P, M. P, Chhattisgarh, Gujarat, and others, with MOUs already signed with the Madhya Pradesh and Chhattisgarh government. This strategic expansion into nuclear power diversifies our energy portfolio to stable long-term assets that will drive substantial growth for decades to come while supporting India's energy security and climate goals. Sustainability remains at the center of NTPC's growth strategy. Our commitment to reducing environmental impact is evident in our ongoing efforts to install flue gas desulfurization systems across all operational units. By the end of FY2025, we have commissioned 19,730 megawatts of FGD capacity, and work is progressing rapidly for an additional 48,710 megawatts. Additionally, 1,454 megawatts of FGD capacity is currently under award. I am particularly proud of our achievement in biomass co-firing. During FY25, we procured 7 lakh metric tons of biomass, a remarkable four-fold increase from the previous year's 1.7 lakh metric tons. These efforts not only reduce emissions but also create sustainable livelihood opportunities for farmers and help address the critical issues of double burning. Let me now highlight the performance of NTPC Green Energy Limited. During FY25, NGL added 2,977 megawatts of renewable energy capacity, bringing its total commercial capacity to 5,902 as on March 31, 2025, a steep increase of 2,925 megawatts a year earlier. NGL's generation performance has been equally impressive, producing 6,828 million units in FY25, representing a growth of 20% from the 5,712 million units generated in the previous year. Despite some weather-related challenges, NGL's station delivered a commendable capacity utilization factor of 24.07%. The financial metrics are equally robust. NGL's total income for FY2025 surged by 21% to INR 2,466 crore, compared to INR 2,038 crore in the last year. Total EBITDA also rose significantly by 19% in FY2025 to INR 2,172 crore, compared to INR 1,819 crore in the previous financial year. NGL's operating EBITDA margin has improved to 90.04% in Q4 FY2025 as compared to 85.96% in Q4 FY2024, underscoring the robust profitability of our renewable business. Capital investment remains a strategic priority for NGL. During FY2025, we incurred a consolidated CapEx of INR 12,914 crore, substantially higher than the INR 8,996 crore spent in the previous year. NGL's growth-oriented approach has driven a 50% increase in total contracted and awarded capacity, which stands at 17,277 megawatts as at 31st March 2025, compared to 11,577 megawatts as at 31st March 2024. I am pleased to share that NGL has secured several notable wins in the tariff-based competitive bids during FY2025. NTPC Renewable Energy Limited achieved a significant milestone by securing 1,000 megawatts in a solar power auction held by Uttar Pradesh Power Corporation Limited at a competitive tariff of INR 2.56 per kilowatt-hour. Other notable achievements include securing 500 megawatts and 670 megawatts solar capacity in SECI and NHPC auctions, respectively, both featuring integrated energy storage solutions. In total, we have secured 2,570 megawatts of TBCB bids during the financial year. To accelerate our renewable growth trajectory further, NGL has forged several strategic partnerships. NTPC Rajasthan Green Energy Limited has a JV with RVUNL to develop renewable parks and green hydrogen projects with up to 25 gigawatt capacity. AP NGL Harit Amrit Limited, a 50-50 joint venture with New and Renewable Energy Development Corporation of Andhra Pradesh Limited, to develop RE projects up to 25 gigawatt capacity, PSP up to 10 gigawatt capacity, and green hydrogen projects. NTPC UP Green Energy Limited, 51:49 JV with UPRVUNL to establish renewable project in Uttar Pradesh. Mahajanko NTPC Green Energy Private Limited, 50:50 JV with Mahajanko to focus on renewable parks in Maharashtra. ONGC NTPC Green Private Limited, 50:50 JV with ONGC to explore offshore wind and other renewable energy initiatives. It is pertinent to mention here that ONGC NTPC Green Private Limited has completed acquisition of 100% equity stake in Ayana Renewable Power Private Limited on March 27, 2025. Ayana, a leading renewable energy platform, has capacity of 4,112 megawatts, comprising 2,123 megawatts of operational and 1,989 megawatts of under-construction assets. Its portfolio is backed by high-credited off-takers. NTPC Mahapreet Green Energy Limited, a 74:26 joint venture of NGL and Mahatma Phule Renewable Energy and Infrastructure Technology Limited, will be engaged in business of developing, operating, and maintaining renewable energy parks, including UMREPP RE projects comprising of solar, wind, hybrid, with or without storage, up to 10 gigawatt capacity in Maharashtra and any other state in India. JV Agreement with CSPGCL Chhattisgarh, 74:26 partnership for development of renewable energy projects up to 2 gigawatt capacity. Additionally, MOU has been inked with Madhya Pradesh MPPGCL for setting up a project comprising of solar, wind, hybrid, with or without storage, up to 20 gigawatt or more in Madhya Pradesh. All these agreements with the state governments' utilities further strengthen NGL's leadership position in India's clean energy landscape. As regards green hydrogen initiatives, NTPC continues to lead the nation's green hydrogen journey, from launching the Green Hydrogen Mobility Project in Ladakh to inaugurating India's first green hydrogen hub in Andhra Pradesh. Our initiatives are paving the way for a cleaner and greener tomorrow. These projects, complemented by MOUs for hydrogen mobility solutions in Odisha and Gujarat, demonstrate our unwavering focus on innovation and sustainability. The year has delivered prestigious accolades, affirming NTPC's dedication to excellence and global leadership. NTPC earned a place on the Time Best Companies Asia Pacific 2025 list. One of our group companies secured the first prize under Best Industry category in the Fifth National Water Award for Water Conservation. We have received multiple honors for CSR and digital transformation, showcasing our innovative-driven growth. Furthermore, the Forward Faster Sustainable Award 2025 and NETRAS National Intellectual Property Award 2024 inspire us to elevate our research and development and sustainability practice, strengthening our market reputation and investor appeal. As we move forward, we remain committed to our mission of providing reliable, affordable, and sustainable power for India's growth. Our strategic focus on expanding our renewable portfolio, enhancing operational efficiency, and driving technological innovation positions us well to meet the evolving energy needs of our nation. With that, I conclude my opening remarks. My colleagues and I would now be happier to address your questions and hear your perspectives. Thank you for your attention and continued interest in NTPC's journey. Over to Shubhdeep. Thank you. Thank you. Thank you, sir. We will now begin. Yeah. We will now begin and answer session. Anyone who wishes to ask a question may press star and one on the touchstone telephone. If you wish to remove yourself from the question queue, you may press star and two. Participants are requested to be hands-up when asking a question. Ladies and gentlemen, we will wait a moment while the question queue assembles. The first question is from the line of Mohit Kumar from ICICI Securities. Please go ahead. Yeah. Good evening, sir. Thanks for the operational financial presentation which you uploaded. That's very helpful. So my question is, the first question is, you shared a detailed portfolio of RE capacity. We are looking to add around 14 gigawatts on NGL. Is it possible to also share the PPA status for the NGL portfolio? Broad number where the PPA is there and PPA within missing? The PPA? Your details are there uploaded? Yes, sir. Details are on the contracted and LOA. The PPA status is missing. Am I not wrong? One second. What we can do is we can separately give it to you. Understood. My second question is billing. We can. Sure, sure. My second question is on the commissioning targets for FY 2026 and FY 2027, if you can help on the conventional side and on the RE side separately. Yeah. As far as the expected COD is concerned, first of all, let me take financial year 2026. On a standalone thing, we expect a capacity of 2,019 megawatts. This is coming from our Barh One Unit 3, 660 megawatts, and North Karanpura Unit 3, 660 megawatts. In renewables in the first quarter, we are expecting a megawatt addition of 699. In standalone, it would be 2,019. Considering the JVs and subsidiaries, it will be a total of 9,787 megawatts. This would comprise of Bhattacharya Unit 1 and 2, 1,600 megawatts. THDC Khurja Unit 2, 660 megawatts. THDC Hydro Pump Storage Project, 1,000 megawatts. Renewables will be around 6,527 megawatts. All this put together would be 9,787 of JV subsidiary capacity. NTPC group as a whole would tally to 11,806 megawatts. If I may just give the breakup of for this further breakup into thermal, thermal total will be 3,518 megawatts. Hydro total will be 1,000 megawatts. Renewable total would be 7,226 megawatts, chiefly coming from the NGL group, but there will be some capacities from NTPC also and some of the other subsidiaries also. The grand total would be 11,806 for financial year 2026. Coming to FY2027, on a standalone basis, it would be 660 megawatts. This would be coming from TTPS, Talche, 660 megawatts. As far as the JV and subsidiary are concerned, it would be 9,244 megawatts, comprising of Bhattacharya Unit 3, 800 megawatts. THDC Hydro, Vishnugad Pimpal Court will be 444. To add the whole standalone plus JV subsidiary, the tally would be 9,904 megawatts, of which thermal will be 1,460, hydro will be 444, and renewable total would be 8,000. Grand total would be 9,904 megawatts. Understood, sir. My last question is, to what extent the rising JV income during the quarter? The number is slightly on the higher side, INR 630 crore compared to INR 430 crore in the last quarter. In the prior year, it was INR 212 crore. You are talking about the profitability? The joint venture income there, joint venture line income on the consolidated accounts. Are you talking about the full year or Q4? The Q4 is good enough. Q4 number I talked about. Q4 there. Q4. 630 odd crore. Yeah. So INR 633 crore is the share of profit of JV, which will comprise of NTCL will be INR 106 crore. BIFPCL will be INR 155 crore. HURL will be INR 150 crore. APCPL will be INR 107 crore. Meja Urja Nigam Limited INR 140 crore. NSPCL would be INR 58 crore. And there are other miscellaneous. So that total will be INR 633 crore. And this is combined? combined? INR 211 crore. Yes, please. Yes, sir. So what explains the difference between this year and the last year? The up over INR 211 crore to INR 633 crore. Which are the major contributors? I mean, I just told you the breakup of INR 633 crore. Sure, sure. That's good. Do you want to take it offline? I'll take it offline. I'll take it offline. Sir, sir, I'll take it offline. Thank you for all the best. Thank you. Okay. Thank you. Thank you. The next question is from the line of Study from ICICI Prudential. Please go ahead. Yeah. Thank you for the opportunity. My question is mainly related to the slippage in organic capacity in terms of thermal as well as NGL projects. Just wanted to ask, since you mentioned to Mohit's question, that this year we are targeting about 6.5 gigawatts of renewables. How confident are we that last year our organic capacity addition was 800 odd megawatts, and this year we are almost going to 6.5 gigawatts? How confident are we in achieving this target? We are fairly confident. I mean, our assessment is based on what are all the projects under construction, both organic and inorganic. We are pretty sure. Whatever is the slight slip-up in the last year, that would add. If you remember our initial assessment for the last year, last year what we had given as 5 gigawatts for the financial year 2025-2026, but we are now improving it to 6.5. Right. The second question is, what are the main reasons behind the capacity delays? Is it the right of way or transmission evacuation? What are the main reasons for these delays? These are, I mean, ground-level situations. I would pass on this question to the CEO of NGL for a better, yeah. Sir, last year the major slippages were primarily at Khawda and Bhadla. Khawda, we had planned for a capacity of 1,265 megawatts. This got delayed primarily because of the cooling substation getting delayed a little bit, which got commissioned now lately in April. We are going to start building the capacities of Khawda this year. We are planning in the Q1 itself around 600 megawatts. Then progressively, this entire capacity will come as direct of an answer just yet. Another slippage was at Bhadla, 500 megawatts, which was because of the delay in the land transfer by Government of Rajasthan. Now that is also being done, and the work has started here on September 24, and we'll make up for this lost time. Okay. Sure, sir. Thank you. These are my questions. Thank you. Thank you. The next question is from the line of Aniket Mithil from SBI Mutual Fund. Please go ahead. Yes, sir. Thank you for the opportunity. I just wanted to understand on the tendering, sir, on the thermal side. I think Meja is yet to be awarded, and there are lots of Obra and Anpara also getting awarded. Could you talk about that? Are there any delays that you're seeing on the thermal ordering front or awarding front that we had plans to do another 8 gigawatt of awarding? Our Director of Projects will take on this question, Mr. Shanmugha Sundaram. Previous year, we have awarded 8 gigawatts. Coming to this Meja, Meja, we have PPA in place. We have got the environment clearance also. We are trying to work on improving the variable charge of Meja by coal reallocation. Meja is expected to award in the first quarter or it may be by second week of July. Coming to Obra and Anpara, therein the UP government is looking for coal from Northern Coalpit Limited, NCL. Whereas the coal production at NCL is having some restrictions and they cannot go further, they are trying to see what is possible. OBRA and Anpara are getting slightly delayed. Meja will be awarding by the second week of July. Understood, sir. Just on the thermal part, there were articles, media articles also saying that we are looking to increase our thermal capacity, which was supposed to be 20-50 gigawatts under construction to possibly about 30 gigawatts. Are there any, internally, are you thinking on those lines of increasing the thermal targets as well? Last year, we sold 15.2 crore gigawatts. Out of which, already 8 has been done. This year, we are expecting 4. The next financial year, we are expecting 4.8. Then the next financial year, 1.6 gigawatts. This is the planning of NTPC Adjustment Center. Could you just provide details on these capacities, these 4, 4.8, and 1.6? Of course. For this financial year, 4 gigawatts will be from 2.4 from Meja, 1.6 from Lara K3. For next financial year, we proposed 1.6 gigawatts from Bhattacharya to our JV, then 800 megawatts from Jabhwa, 800 megawatts from NSPCL Bidai, and another 800 megawatts from BRBCL Nabinagar 2. Coming to this 2027-2028, Adjustment Center, we have two units lined up. One is Talcher, Stage 3. Another one is Barh, Stage 2. Okay. OBRA and Anpara, I assume now is on hold, at least for now? Adjustment Center, it is on hold due to this coal issue. Of course, even water is also an issue there. Adjustment Center, it is hold. We will see how it moves. Sir. Just one more question, if I can squeeze in. Any updates on Mahi Banswara? I think the initial thought was sometime in 2025, we kickstart construction. How are things progressing over there? Mahi Banswara, in Mahi Banswara, we have got the clearance, spiking clearance from ARB. We have got environment clearance also is obtained. We are now trying to get the excavation clearance, say by July end. Once excavation clearance is there, then we go for award of all the TPC and etc. and all. Right now, the first four contracts are expected to be in the month of October 2026, and the proj ect is expected to come into operation from financial year 2032. Understood. Thank you. I'll join back in the field for the question. Yeah. Thank you. Thank you. The next question is from the line of Sumit Keshore from Axis Capital. Please go ahead. Good evening. Thanks for the opportunity. NTPC is targeting a record capacity addition in FY2026. Of the 7,226 megawatt RE that you are targeting, could you give us a sense of the phase-out of how this capacity would come up in FY2026, roughly between Q1, Q2, Q3, Q4, so that we better appreciate your performance through the year? That's my first question. We are targeting around 7.2 gigawatts as a group in this financial year. In Q1, we are targeting around 1,500 megawatts. Q2 would be around 1,800 megawatts. Q3 would be again 1,700 megawatts, and the balance would be around 2,100 in quarter four. Okay. Thank you so much. The second question is, we really appreciate the number of JVs that you are signing in NGEL. If I add the aspirations across the multiple states with which you have JVs or the PSUs that you have JVs, it becomes even a bigger target, possibly than the 16-gigawatt target that you had originally for 2032 for renewables. Just give us some sense that over the next two to three years, which JVs are likely to see meaningful CapEx on ground for the aspirations that have been outlined. If you could also outline the CapEx or the capital that went into the Ayana acquisition and what sort of valuation metric that transaction was consummated at. See, as far as our capacity addition is concerned, we can give you an overall figure for the year as a whole, which we have been saying that this year it would be 7.2, and next year onwards, it would be on an average 8 gigawatts. A one-on-two capacity of each of these JVs, we are not in a position to give right at this. This depends on how we progress on the land acquisition and power offtake agreement. We will keep you updated on this as we progress on this. At this stage, is my understanding right that bulk of the addition visibility that you have is on the basis of the projects which you have won in NGEL as such, not the JVs? At least for the next two to two and a half years, meaningful addition in these JVs might not happen? Yes. The JV arrangements are all basically something which we can look at as a pipeline of prospective capacity addition. Whatever is the figure which we are giving for capacity addition over this year and the next two years is based on more definitive awards and arrangements we already have in place. Sure. Also on Ayana, if you could mention what the enterprise value of the transaction was and what is the sort of equity capital commitment that NTPC has made in the JV. Enterprise value was INR 19,251 crore. The expected capital expenditure on an attributable basis was INR 3,934 crore. On an enterprise value on an attributable basis, it would be INR 23,185 crore. We have an EBITDA steady state of INR 2,762 crore, and that gives you roughly 8.4x of EBITDA. Acquisition value was INR 3,152 crore for each of the partners, that is NGL and ONGC Green. This is very, very clear. Just my last clarification is that of your total pipeline for renewables, how much is tied up into PPA and how much is awaiting PPA? If you could just break up that number. We will give you a complete list of that as I was mentioned to the earlier separately. Thank you so much and wish you all the very best. Thank you. Thank you. The next question is from the line of Girish Achipalya from Morgan Stanley. Please go ahead. Yes, sir. Thanks for the opportunity. My first question is on CapEx outlook for the standalone, including coal mining, plus the investments that you do in JV, and then the group CapEx, if you can help on that as well. The second question was around the adjusted PAT for quarter four for consolidated standalone. Thanks. First of all, let me take three years at a time. This is current year and next two years. On a standalone basis, we expect capital expenditure of INR 26,000 crore in the current year, INR 29,209 crore during the next year, and INR 32,452 crore in the year next, that is 2027-2028. So the total for the three years would be INR 87,661 crore. That gives you an average of INR 29,223 crore over the next three years. This is for the standalone is concerned. If you look at the group CapEx, this current year, it would be INR 55,920 crore. Next year, it would be INR 97,363 crore. The year next, it will further raise to INR 112,172 crore. That would be a whopping INR 265,455 crore, giving an average of INR 88,485 crore on an average. Hello? Yes, sir. If you can help us with the adjusted PAT and the coal mining targets for next couple of years. Coming to the adjusted PAT, first of all, for the financial year figure, our reported PAT was INR 19,649 crore. Our adjusted PAT would be compared to the adjusted PAT would be INR 18,016 crore, which would be compared to last year. The adjusted PAT of INR 16,405 crore, it would be addition by 10%. That is INR 1,611 crore is the differential, which is a 10% rise above last year as far as the adjusted PAT is concerned. What was your next question about mining? Can you please repeat? Captive coal target for next year and year after? Captive coal targets for the next year is 45 million metric tons, which would further raise to 56 and 60 over the next two years. We have an average of 7% increase year on year. The last question was subsidy profit. If you can help us with the breakup for year-ending FY2025. Thanks. See, our profit of subsidiary is INR 4,139 crore, and the share of profit of the JVs is INR 2,214 crore. But more detailing the subsidiary profits, it would be INR 731 crore from THDC, NTPC Green offering INR 475 crore, NVVN is INR 206 crore, NIPCO is contributing INR 585 crore, RGPPL is INR 1,751 crore, BRBCL is INR 389 crore, and some other small INR 2 crore are there. So total would be INR 4,139 crore. This is INR 242 crore higher than the last year's figure of INR 3,897 crore. Thank you, sir. Wish you all the best. Thank you. The next question is from the line of Puneet Gulathi from HSBC. Please go ahead. Yeah. Thank you so much. Sir, if you can also comment on what is the status of land and transmission connectivity for the projects that you intend to execute over next three years. This is as far as renewable is concerned or in general? Yes. Renewable. Yeah. CUNGL, if you can elaborate on this. Sir, we have tied up almost 6 gigawatts of land bank, and another 8 gigawatts is in the pipeline. Likewise, we have the connectivity also for the entire capacity that we have tied up. The details of it, we shall come. For FY26, it is safe to assume that you have land and connectivity in place for the entire FY26? Yes. FY26, the projects that we are targeting are all having the land as well as the connectivity. FY27, how much would be connected? FY27 also, bulk of it is already contracted and is awarded, and we are also having the connectivity for these projects. Till FY25, FY26, and FY27, we are fairly confident on the connectivity. You said 6 gigawatts for FY26. Is the total land connectivity, right? Which is what your target is for FY26? No, no, sir. What I told is that 6 gigawatts of land and connectivity is already 6 gigawatts of land is already there with us, which we have already contracted. Apart from that, the projects which we have gone through TBCB will feature on this. The projects that are in the pipeline that we are having, for those projects, we have already put in advanced connectivity applications, which have also been granted. If you can also give a little more color on how difficult or easy has the process become now in terms of availability of land and connectivity, some bit of qualitative color would be very helpful. I think, sir, connectivity is definitely going to be a challenge in the near future. The bulk of the connectivities are being discussed with CTU and are going to be then available in 2029-2030, FY2029-2030. As the renewable is growing up, land is also becoming a problem. We are going aggressively with this state as well as with our capacity building on the land. It's the idea of tying up the different states on big capacities precisely because then the state governments are in a better position to arrange for the land. That brings us a lot of advantage in terms of, in all these projects, all these JVs, presently, the land arrangement is in advanced stage. That would give us a lot of comfort for taking up faster execution. Okay. Most of the projects that you will commission will be CTO-based projects, right, for FY 2026 and FY 2027? Yes, most of them. Understood. That's very helpful. Thank you so much. All the best to you. Thank you. The next question is from the line of Arihant from Bouhed India Fund. Please go ahead. Yeah. Hi, sir. Thanks for taking my question. First, I wanted to know what was the under-recovery number for this quarter, and can you also help with the adjusted consolidated PAT for Q4 and for full year? The under-recovery, or in other words, the disincentive would be INR 4.64 billion for the year as a whole. For Q4, it was recovery. It was positive recovery of INR 40 million. What was your next question? Adjusted consolidated PAT. Yeah. You want it for Q4? Just full year adjusted consolidated PAT. Yeah. See, the adjusted profit for Q4 was INR 52.31 billion, which compares to INR 41.08 billion PAT during last year. Okay. So the adjusted consolidated PAT, right, sir? Adjusted PAT, which is a 27% year-on-year growth from INR 41.08 billion to INR 52.31 billion as for the Q4. Consolidated. Yeah. Consolidated. Okay. Sir, and another question was regarding the Chhabra plant, the thermal power plant which we acquired. So just wanted to know the status of that, has the acquisition been completed on that end? We have not acquired the Chhabra. We are in the stage of arriving at a solution for that. There are still some discussions underway as regards the modalities and also the coal arrangements. We will update you at the appropriate time on this. Okay. Sir, and my last question would be if we failed to ready for thermal capacity, how much we are planning to add in Q1, Q2, Q3, especially this year? Mr. Arihant, sorry to interrupt. There is a sub-bunch in the line. Could you repeat your question? Yes. For thermal capacity, how much would be added? Sorry to interrupt again, Mr. Arihant. Your line is not clear. Mr. Arihant, your line is clear. Hello. Ladies and gentlemen, we'll move on to the next question. You can join while the queue, Mr. Arihan. We'll take up the next question. The next question is from the line of Atul Tiwari from J.P. Morgan. Ladies and gentlemen, before we take the next question, we would like to remind that participants are requested to limit your questions to one per participant. Mr. Lathoor, please go ahead. Yeah, sir. Thank you. For Mahi Banswara project, what is the status of TUPA and what will be the approximate CapEx? The estimated cost of this Mahi Banswara would be INR 180 million per megawatt. That would be a total of INR 50,400 crore estimated. Execution time would be six years. The expected tariff is tentatively between INR 7.5-8.5 per kWh. Sir, PPA has been signed this year or will be signed by the time you award it by November? See, PPA has not been signed, but there are some consenting states which have given an in-principal consent. That is Rajasthan, 1,400 MW; Gujarat, 510 MW; Chhattisgarh, 300 MW; and Andhra Pradesh, 560 MW. Okay. Thank you. Thank you. Thank you. Ladies and gentlemen, due to time constraints, that was the last question for our day. I would now like to hand the conference over to the management for closing comments. On behalf of the NTPC management and NGL management, I would like to thank all of you for your active participation and raising your pertinent queries and questions. Thank you so much. Thank you. On behalf of Navarma Institutional Equipment Limited, this is Conference. Thank you for joining us, and we will now disconnect your lines. Some of the points which we mentioned, we can supplement this detail through our investor department. Thank you.