Ladies and gentlemen, good day, and welcome to the NTPC Limited Q3 FY 2026 earnings conference call, hosted by ICICI Securities Limited. As a reminder, all participant lines will be in the listen-only mode, and there will be an opportunity for you to ask questions after the presentation concludes. Should you need assistance during the conference call, please signal an operator by pressing star then zero on your touchtone phone. Please note that this conference is being recorded. I now hand the conference over to Mr. Mohit Kumar from ICICI Securities. Thank you, and over to you, sir. Thank you, Huda. Good evening. On behalf of ICICI Securities, I welcome you all to the Q3 FY 2026 earnings call of NTPC Limited. Today, we have with us Shri Jaikumar Srinivasan, Director of Finance of NTPC, along with other functional directors. We'll start with the brief opening remarks, which will be followed by Q&A. Thank you, and over to you, sir. Thank you, good evening, ladies and gentlemen. I am Jaikumar Srinivasan, Director of Finance of NTPC Limited and NTPC Green Energy Limited. It gives me immense pleasure to welcome you all to our earnings conference call for Q3 and nine months ended 31st December 2025. Joining me today are my colleagues from the board and the senior management, Shri Shivam Srivastava, Director of Fuel, Shri K. Shanmugha Sundaram, Director, Projects, Shri Ravindra Kumar, Director, Operations, and Shri Anil Kumar Jadli, Director, Human Resources, along with other members. I also have with me Mr. Sarit Maheshwari and Mr. Neeraj Sharma, who are the CEO and CFO of NGEL, respectively. We have announced our unaudited financial results for Q3 and nine months FY 2026 of NTPC today, and same thing we did yesterday for NGEL. We have also shared operational financial snapshot with the stock exchange, which are available for investors' reference. I'll take you through the major developments in NTPC, NGEL, as well as the power sector as a whole, followed by operational performance, financial highlights, before we open the floor for questions. I'd like to highlight key developments. NTPC Group added 1,744 MW in Q3 FY 2026, comprising of 800 MW from Patratu Thermal Power Station, 694 MW from renewables, and 250 MW from THDC pumped storage project. Further, during January 2026, 468 MW renewables has been added, taking total capacity addition in FY 2026 to 6,615 MW, the highest achieved in the ten months period. The shareholders agreement for Sinnar Thermal Power Plant was signed on ninth January 2026, following approval of the resolution plan submitted by NTPC and Mahagenco by the National Company Law Tribunal, NCLT. The transfer process is expected to be completed shortly. This would add 1,350 MW of capacity with approximately 1,600 acres of land available for future expansion. Right. With all this, we remain on track to achieve one of the highest annual capacity addition in the current fiscal, supported by strong project pipelines. Power demand recorded an increase of 6.3% in December 2025, and has continued to grow in January 2026 as well, with a growth of 5.89% recorded so far as compared to the previous year. NTPC's group generation grew by 8.82% in December 2025 and by around 4% in January 2026, as compared to the previous year. During nine months FY 2026, NTPC group generation stood at 320 billion units, compared to 327 billion units in nine-month FY 2025. NTPC's standalone generation was 261 billion units, compared to 278 billion units in the corresponding period last year. The PLF of NTPC coal stations during nine-month FY 2026 stood at 70.69%, compared to 60.79% for the rest of India. NTPC commissioned 3 MWh vanadium r edox flow battery pilot project, which is India's first megawatt-hour scale, long-duration energy storage system. We have also commissioned 3.7 MW solar project at Chushul, which is in Ladakh, which is designed for providing 24/7 carbon-free electricity to the Indian Army. Coal stock at NTPC stations stood at 15 million tons, sufficient for about 18 days of generation at 85% PLF. Captive mines recorded dispatch growth of 4.34% year-on-year. Additionally, coal dispatch started from Pakri Barwadih's Northwest Mine. Similarly, mine opening clearance has also been received for Badam Mine, having peak rated capacity of 3 MMTPA. The cumulative capital expenditure in coal mining stood at INR 14,136 crores as on 31st December 2025, providing a long-term, long-term equity deployment under the cost-plus framework and supporting a stable return on equity. Outstanding receivable days improved to 26 days as on 31st December 2025, compared to 34 days as of 31st December 2024. In the first nine months of FY 2026, our station co-fired 9.68 lakh metric tons of biomass, more than double the 4.29 lakh metric tons used in the same period last year, supporting sustainability objectives. MSCI ESG ratings upgraded NTPC to a B rating from CC C, marking a significant improvement in its ESG assessment after nearly ten years due to our sustained initiatives. Some of the sectoral updates, CERC has issued draft regulation allowing the installation of battery energy storage system at thermal generation station. This is a positive development as it enables coal-based plants to remain online and support peak demand by supplying additional power through BESS during peak hours. The framework will help DISCOM in managing peak requirement and provide NTPC with an opportunity to invest in energy storage under a cost-plus tariff. A key positive indicator is that the distribution companies reported an overall profit of over INR 2,700 crore in FY 2025, compared to a loss of INR 25,553 crore in FY 2024, driven by lower AT&C losses and improved payment discipline. This strengthens payment security and for generators and supports sustainable sector growth. The government has recently legislated sustainable harnessing and advancement of nuclear energy for transforming India, SHANTI Act, Nuclear Act, which positions nuclear power as a key pillar of India's long-term baseload energy strategy in support of Viksit Bharat 2047. It addresses the power demand for manufacturing, digital infrastructure, urbanization, and transport, while reducing dependence on imported fossil fuels. The bill supports India's net zero 2070 commitment by enabling scalable, clean baseload capacity and strengthening long-term energy security. For NTPC, the SHANTI Act provides a clear pathway to scale nuclear capacity as part of our diversified generation portfolio. It enables us to leverage our project execution and financial strengths to add new nuclear capacities to our portfolio. The bill also supports NTPC's participation in advanced nuclear technologies, strengthening long-term growth and shareholders value. As highlighted earlier, power demand has begun to show an increasing trend, supported by improving economic indicators, which is reflected in the growth numbers. Peak demand touched 245 GW on 9th January 2026. Non-solar peak demand has also shown an upward trend, reaching 237.4 GW in FY 2026, compared to 234.35 GW in FY 2025 and 218.38 GW in FY 2024. As the country's largest power generator, supported by a strong balance sheet, these developments will enable NTPC to leverage its strength effectively. The evolving landscape presents significant opportunities, and it is well-positioned to capture the next phase of growth in India's power sector by balancing conventional and non-conventional sources to ensure reliability, affordability and sustainability. Coming to the key financial highlights, comparing, I'll give a comparison with the corresponding period. For NTPC, on a standalone basis, total income for Q3 FY 2026 is INR 41,673 crore, as against INR 42,303 crore in Q3 FY 2025. For nine-month FY 2026, the total income is INR 112,569 crore, as compared to INR 128,601 crore in the corresponding previous period. NTPC's profit after tax for Q3 FY 2026 is 4,987 crore, as against 4,711 crore in the corresponding quarters of previous year, registering a growth of 5.85%. Total income of the group for nine months FY 2026 is INR 139,388 crore, as against INR 139,777 crore in the corresponding previous period. Profit after tax of the group for nine-month FY 2026 is 16,931 crore, as against the corresponding previous period PAT of 16,056 crore, registering an increase of 5.45%. During nine-month FY 2026, our subsidiaries earned a profit of INR 2,441 crore, as compared to INR 1,908 crore in the corresponding previous year period of the previous year, registering an increase of 28%. NTPC's share of profit in JV was INR 1,670 crore in nine-month FY 2026, as against INR 1,581 crore in 9 months FY 2025. During nine months FY 2026, we have accounted for dividend income of INR 1,901 crore from our subsidiaries and joint venture companies, as against INR 1,309 crore during nine months FY 2025. Standalone regulated equity as on 31st December 2025 was INR 94,415 crore, while consolidated regulated equity stood at INR 118,970 crore. As regards fund mobilization, NTPC has executed unsecured term loan agreement aggregating to INR 5,000 crore, comprising of INR 3,500 crore with State Bank of India and INR 1,500 crore with Jammu and Kashmir Bank. These loans carry a door-to-door tenure of 15 years, with interest rate linked to the three-month treasury bill rate in the case of SBI and repo rate in case of J&K Bank. The proceeds will be utilized to meet the company's capital expenditure requirements for ongoing and new capacity addition programs, including inorganic growth opportunities, renewable energy initiatives, renovation and modernization works, coal mining operations, refinancing of existing loans, and other related purpose. Further, NTPC organized its 18th lenders meet in December 2025 at New Delhi. The meet provided an overview of the company's operational and financial performance, green initiative, growth, and diversification strategy, future capital expenditure plans and funding requirements. The event witnessed participation from representatives of leading banks, financial institutions, and credit rating agencies from India and overseas. The weighted average interest rate on borrowings during the nine months FY 2026 stood at 6.05%, compared to 6.64% in nine months FY 2025, reflecting the benefits of proactive refinancing and strategic restructuring of the company's loan portfolio. As regards CapEx, in the nine months FY 2026, we have incurred a group CapEx of INR 33,466 crore, as compared to INR 30,779 crore in the corresponding previous period. While on a standalone basis, NTPC has incurred CapEx of INR 19,439 crore in nine months FY 2026, as compared to INR 17,853 crore in the corresponding previous year period. The gross property, plant, and machinery as on December 2025 on a group level has increased by INR 67,000 crore to INR 454,223 crore during last one year, an increase of 17.4%. Coming to NTPC Green Energy Limited, let me now highlight the performance. During FY 2026, NGEL added 2,108 MW of renewable capacity, taking its total commercial capacity to 8,010 MW as on December 2025, up from 5,902 MW as on 31st March, 2025. On a year-on-year basis, commercial capacity increased by 4,535 MW, including 2,624 MW from the acquisition of Ayana Renewable Power Private Limited. Generation during nine months FY 2026 stood at 9,959 million units, a growth of 206% over nine months FY 2025, primarily driven by Ayana acquisition. Despite weather-related challenges, NGEL achieved a healthy capacity utilization factor of 21.8%. Financial performance remains strong. Consolidated revenue from operation increased by 23% to INR 1,946 crore in nine months FY 2026, while operating EBITDA grew by 25% to INR 1,701 crore. EBITDA margin improved to 87%, underscoring the robust profitability of the renewable portfolio. Capital investment continues to be a key focus. Consolidated CapEx during nine months FY 2026 stood at INR 11,653 crore, compared to INR 7,261 crore in the corresponding period last year. Total contracted and awarded capacity increased by 11.54% to 15,527 MW as on 31st December 2025. During the period, NGEL secured its maiden battery energy storage project of 80 MW by 320 MWh in Kerala through NHPC, won a SECI bid for supply of 70,000 MW per annum of green ammonia, and Ayana, Ayana secured a 140 MW round-the-clock renewable projects at a tariff of INR 4.35 per kWh. In the Q3, NGEL successfully issued 1,500 crore of unsecured non-convertible debentures through private placement at a competitive interest rate of 7.01%. The issue was oversubscribed by around 8 x, which shows the investors' confidence and favorable market perception. Some of the other key points on financial results are as under NTPC. Yeah. NTPC has declared a second interim dividend of 2.75 per equity shares for the financial year 2025-2026. We will continue to balance growth along with dividend payouts. Based on the question raised by investor during earlier con calls, I would like to inform that the fixed cost under recovery is till December 2025, is at the level of INR 454 crore, and every effort is being made to reduce these under recoveries by the end of the year. Our operational gains on various accounts for nine months, FY 2026, is INR 832 crore, comprising of scheduled generation incentive, primary frequency response, etc. We are improving our operational and maintenance practices continuously to reduce under recoveries and maximum gains. Some of the other key developments I'd like to share: On the energy storage front, we are focusing on long duration energy storage system in addition to the conventional systems. Following the successful demonstration of a 3 MWh vanadium redox flow battery, we are planning a 100 MWh redox battery system at our Khavda solar project. We are focusing on replicating this technology at other locations as well. In the conventional BESS, we have finalized the contract for development of a 320 MWh BESS in Kerala. In addition, as highlighted in the pre-previous con call, we are in the final stage of evaluation of a tender for 5,000 MWh of BESS capacity at 16 NTPC power stations under Section 62, with commissioning expected within 18 months. The third unit of Tehri Pumped Storage project has been commissioned, and the final unit of 250 MW is scheduled to be commissioned before the end of the current financial year. Work is also in progress on the 160 MWh CO2-based energy storage system at Kudgi. Further preliminary studies are underway for pumped storage project, aggregating to around 13 GW, allocated by state governments, which will be executed through group companies of NTPC. Further work at Tato II Hydroelectric Power Project, 700 MW, has also started, which NHPC is executing. NTPC Vidyut Vyapar Nigam has registered a growth of over 14% in power trading, up from 31.6 billion units to 36.1 billion units during the FY 2026 nine-month period. We have received several recognitions, such as Organization Leading the Net Zero Building Movement in India at the Indian Green Building Council's, IGBC, Green Champions Award, SHRM HR Excellence Award in Public Sector category, and won the NASSCOM- DSCI Award for Best Security Practices in Energy Sector. In addition, the company secured five awards across categories at CIS Digital Transformation Awards. We are pursuing growth through a balanced expansion across conventional and clean energy segments, while maintaining a strong focus on fuel security, on-time execution, and prudent capital allocation. We have over 33 GW of capacity under construction, comprising 16.5 GW of coal-based capacity, about 1.9 GW of hydro, and around 15 GW of renewable energy, and this is providing a solid foundation for near to medium-term growth. To strengthen fuel assurances and value creation, we are also working on coal gasification, which has the potential to operationalize gas assets continuously. On the nuclear front, we are progressing steadily and have made good progress in conducting site studies in several new locations. We are also in the process of tying up with international partners, subject to government approvals, including technology partners, engineering consultant, and EPC vendors. For financial year 2026, we have seen steady execution for NTPC, with progress across capacity addition, fuel security, operational performance, and sustainability. Similarly, as we move into the final quarter of the fiscal year, our focus remains on the timely commissioning of projects under execution, sustaining plant efficiency and availability, and maintaining balance sheet discipline. We intend to leverage the SHANTI Act to accelerate our nuclear capacity roadmap, building on our long-term, clean, and reliable baseload strategy. Parallelly, NTPC is selecting selectively scaling its international presence through structured engagements and project opportunities aligned with the strategic relevance. We will continue to advance renewable and energy storage in a calibrated manner to enhance system flexibility and portfolio balance. Despite relatively subdued power demand in the current year, we remain confident that demand will witness sustained incremental growth in the years ahead. As an integral part of India's development journey today, we are optimistic about our role in powering a developed India as well. We are committed to enhancing shareholders wealth and continue to strive for improving performance in every facet of our business. Thank you for joining us, and now I hand over to Mohit for Q&A. Thank you. Thank you very much. We will now begin the question-and-answer session. Anyone who wishes to ask a question may press star and one on their touch-tone telephone. If you wish to remove yourself from the question queue, you may press star and two. Participants are requested to use handset while asking a question. Ladies and gentlemen, we will wait for a moment while the question queue attends. The first question is on the line of Sumit Kishore from Axis Capital. Please go ahead. Good evening, sir. My first question is, could you speak about your revised targets for capacity addition in NTPC Green at the JV level as well as at the consolidated level, and what has been and why are the challenges seemingly delaying your original plans? Yeah. Mr. Sarit Maheshwari, the CEO of NGEL, will take your questions. See, as far as our capacity addition plans for this year is, was concerned, we had promised that we would be doing around 5,200 MW on a year-on-year basis. That is, this year we had to add 5 GW of power. We are well on track of it. We have already added two thousand odd MW, and in the balance two months, our capacity additions are well on track. We are going to add around 1,000 MW more at Khavda, 200 MW more at Bhadla, and 250 MW at Kalasar. Together, around 300 MW of wind will come from our Gujarat plants, and also around 500 MW-550 MW will be coming from our Ayana portfolio. This would take to another 2,300 MW-2,400 MW of structured capacity addition planned in the next two years. The capacity addition plan is very much on track, and we would be touching our 5 GW target. If the 2,000 MW is done, 2,300 MW-2,400 MW can be done in next two months, that will be 4,400 MW? No. So far, so far we have done. We have already done, as on date, as on the, till the last quarter, around 2,100 MW and around 500 MW by 2,600-odd MW we have already done. So as I told you, the, for the balance one also, around 2,500 MW is, is on target, so that will take us to 5 GW. That is what we have planned. Okay. And for the next financial year, what will NTPC Green target at the, you know, consolidated level? Our plan as of now for FY 2027 is 8 GW, and we have already commenced work on the various plants which are to give the capacities next year. Likewise, for FY 2028 also, we are targeting 8 GW of capacity addition. So for NTPC Green, again, the next question is, what is your solar and wind generation, which has happened in nine months, FY 2026, at the consolidated level and the JV level? And also please share your calculated PLF. My humble request is that the key performance, like for NTPC Green, should be uploaded along with the results, because it is very difficult to interpret performance in the absence of these basic numbers. The key financial numbers, operational and finance numbers of the NGEL has already been uploaded. You may please re-verify, or you can get it- My apologies. - directly from the company also. Okay. It was not in the, it is not on BSE, as of now. Okay. It is in the NGEL website. You can just, Okay, okay. I was checking on BSE. So the last question is: What excludes loss contribution for JVs in NTPC Green in Q3? The work in NGEL, all the NGEL JVs, are still in progress, except for Ayana contribution, which has also been explicitly mentioned there. Okay. So the loss is attributable to Ayana? So, if you see on a quarter-on-quarter basis, definitely there is a dip in the profit from Q2 to Q3, but on a nine-month consolidated basis, you see, you can see that our both PBT has grown by 26% on a consolidated basis, and so is the PAT, which has grown up by 35%. But, if you just tend to analyze Q2 to Q3, there are various reasons because of which the profitability has gone down. That primarily involves some loss of generation at Khavda, wherein we had brought in the largest capacity, and this is the initial stabilization period, because of which the generation is not to the tune of what should have come from there. But that is very normal in any renewable company. And I can tell you that as on date, whatever capacity we have brought it at Khavda, which is around 300 MW, all the capacities are running at full load. So there is absolutely no loss of capacity because of performance, because the stabilization period is now over for the capacities that we added there. Just to explain the stabilization here, the particular thing there is, when the capacity addition happened on an odd date, the benefit of the revenue accrues from the odd date, whereas the depreciation for the capacity cost is booked for the entire quarter, depreciation particularly. So in the next quarter, it gets normalized. That is very clear. Thank you so much. Thank you. The next question is from the line of [Vidisha] from ICICI Securities. Please go ahead. Yes, thank you so much for taking my question. So my first question is that we recently got to know that the 400 MW of the 1 GW bid of UPCCL Jan bid, the PPA has been given out. So what is the status of the remaining 600, as well as there was another bid that NTPC won in March from UPCCL. So again, what is the progress on the PPA for that bid? Yeah. No, we have already 1,400 MW of UPCCL power that we had. Out of that, 1 GW is already PPA tied at the work is going on at Chitrakoot and Lalitpur on that. The balance 400 MW, we do not have the PPA, and we haven't started the work on that as of till now. Okay. Isn't the total 2 GW, 1 GW in January and 1 GW in March? So Chitrakoot and the other one that you mentioned, that is from the first tranche in January. The second one, 1 GW in March, what is the status of that? No, ma'am, as regards NGEL, we have only with UP 1,400 MW. You can get offline to understand this, which capacities you are talking. All right. Lastly, what% of the 23.5 GW that is in our contracted and awarded total is PPA tied, and what% is not PPA tied? I can give you the figures on a year-on-year basis, what is the PPA tied capacities. In FY 2026, the capacities that we are, we will now be adding, will be, is almost 82% PPA tied. FY 2027, it moves to 83%. FY 2028 capacities as on date is 60% tied up. And if you took the subtotal of all three, four on a consolidated basis, we are 74% PPA tied. And I would also like to add here, in which, we have, in this, we have not included, some of the plants where the, PPA dialogue is going up with government, like, 600 MW, or we are in advanced stages of tie-up at Barethi from MP government. So that is, that also we haven't considered. So if we consider that as the PPA, which will definitely happen, this percentage would further go up. Likewise, we have also some comfort letters with our group company, NVVN. That is also because there is no firm PPA over there. We haven't included that. All right. Thank you so much. I'll get back in the queue. Total capacity of around... Okay. Thank you. The next question is from the line of- Over to next. Satyadeep Jain from Ambit Capital. Please go ahead. Hi. Thank you. Just first from NTPC, just wanted to check on the decision to participate in Section 63 tenders. There have been about 11 GW-12 GW of awards. Is this a conscious decision for NTPC not to participate in Section 62? Just trying to understand. Yeah, NTPC has always hitherto maintained a position that it will first of all channelize all its resources and equity as far as the Section 62 is concerned. So we are by a merit order all going through brownfield projects only. And so after exhausting this, the next level of strategy would be thought of, but right at this moment, you are correct that we are restricting ourselves to Section 62 as far as thermal plants are concerned. But that doesn't you know limit us from going in for acquisition of pre-existing assets. As you know, we have recently acquired the Sinnar Thermal Power Plant. So that this would be a case-to-case decision. But definitely at this moment we are not bidding for any greenfield projects which are coming under Section 62. Just wanted to touch on this further. So a lot of these tenders, and maybe you can share about why are we seeing a lot of flurry of tenders to 63, and you have pipeline, we're waiting for more visibility for pipeline beyond 2028, 2039, commissioning some tenders which are still not awarded, which we are waiting in 2027. So why not build this pipeline beyond the brownfield that you already have? Maybe, so till you tender out and look at the remaining capacity that you have, you will not participate in 63 at all. And does it limit your optionality? Because all these states are tendering 63 basis. Would that limit option once you exhaust brownfield? Just trying to understand the thought process of this. No, no, we are not ruling anything out forever, but right at this moment, as I said, that on a merit, purely merit order, we are right now restricting ourselves to Section 62. We'll evaluate the proposition as we go ahead. Okay. And, At the same time, my allocation of resource from the NTPC holding company would be towards all the committed projects, which includes hydro projects of its subsidiaries. We have commitments, increasing commitments toward nuclear. So keeping all this, to balance everything, right now, the strategy is to participate in going for a Section 62. But as we go ahead, we'll evaluate our strategy afresh. And maybe, sir, any thoughts, maybe from your side, why push towards 63 from states? Anything you can add, or maybe if not, I can move to the next question. No, I'm not clear about your question. Why is there a flurry of tenders through 63 and not, why are states not looking at 62? Just trying to understand what is driving this activity on 63 front. I mean, since we are as far as ours, our capacity addition is concerned, under Section 62, we have a sufficient response, and, we have takers, from the state. We have, we have been successfully able to tie up our projects. So beyond this, if, there are certain, considerations, at the state level, individual state level, I won't be able to explain to you. Okay. And so secondly, on NGEL, I just want to understand, so you're looking at 2.5 GW in the next two months and 8 GW just, next year. Just how, are you looking at right-of-way connectivity? So these are... You have a very high, reasonable surety that these plants, have connectivity commissioned, and, and that you will be able to commission 2.5 GW in the next two months. Just the level of confidence you have for these 2.5 GW in the next two months. See, as Mr. Sarit was explaining, the around 20 GW that would, well, that we are targeting over the next three years, the entire PPA, the PPA up to 75% is in place. But on a more immediate basis, the land connectivity is in place. So I think, we are pretty sure that, whatever is in the hand, we will be able to finish it. We are fully geared up for that. No, sir, just specifically the 2.5 GW for the next two months you're talking about. I know land connectivity, everything is secured, but in terms of connectivity, the energizing of the plant and the connectivity being available, are these—this would be contingent on connectivity being there, right? The 2.5 GW. Just trying to understand the level of confidence you have that the connectivity will be ready, and you will be able to energize these assets by the end of March of this year. Yeah, Mr. Sarit, please. See, I'll answer this in two parts. One is the physical progress on the ground to give you some idea how we are going to add 2.5 GW in the coming two months. Our, the capacity in this, around 1,000-odd MW, is coming from Khavda alone. So this Khavda, already 700 MW-800 MW of module capacities have already been erected. So now, when we will be adding the further capacity over there, the all the connectivity-related challenges in terms of transformers and all are all already back charged. So these capacities are going to come in the coming two months, step by step. We are also we have already commissioned at Bhadla, 300 MW, so every system is over there is also charged, and the balance 200 MW we will bring there also. So this gives a very clear 1,200 MW, which is very much ready and can be commissioned within the next 1- 1.5 months only. In addition to that, we have from our Ayana platform also 500 MW-550 MW, which is in advanced stage of commissioning. We also have our wind projects at three locations, which is Wankaner, Jamjodhpur and, and Dwarka. At Wankaner and Jamjodhpur, we will be bringing in another, two hundred odd MW from these two locations, and from Dayapar, we are also targeting around 150 MW. In addition, there is one more plant, as I explained before, also, Kalasar, which is 250 MW. So if you sum up all these, we are on track for the, capacity addition, as we had promised. On the connectivity front, as, as you can say, that our firm capacities currently, are at Khavda region is 865 MW. From February onwards, we will get further connect, further connectivities over there, and the balance, any additional generation from there, as now, is going on T-GNA, it will go on T-GNA from there. Okay. So just a clarification on Ayana, 500 MW. This is the Hindalco RE-RTC that you expect to commission by March 2026, is that right? So that includes a part of that also, but there are other projects also. One is in Rajasthan. We can give you the breakup offline, especially of the 500 MW of Ayana platform also. Thank you, sir. Thank you. Wish you all the best. Thank you. The next question is from the line of Khushwant Pahwa from KPAC. Please go ahead. Hi, am I audible? Yes, sir. Hello, am I audible? Yeah. Thanks, thanks, and congratulations on the good set of numbers. Yeah, please be a bit louder. Am I audible now? Is it better? Is it better? Yeah, could you be a little bit louder, please. Yeah. Just, switch to this. Yeah. Yeah, please continue. Okay. I understood the capacity that will come online on the NG, NGEL group side. Can you please give some color on what capacities will come online on the thermal side? The timelines, basically. This year, remaining three months, and next year, and the year thereafter. Yeah. As far as thermal for the current year is concerned, see, as you know, that we already, in my opening statement, we have said that how much is the actual that has been commissioned till 31st March. 2,780 MW is already commissioned. So I think thermal, we will end up at this thing. No, no further thermal capacity is expected during the current year. But however, the next year, we are expecting, Patratu Unit 2 and 3 to be commissioned in Q1 and Q3, respectively. So that would add, around 1,600 MW, two units of 800 MW. So, I mean, I see the capacity coming online is 16,520 MW. So, do you have any broad timelines for that or difficult at this stage? Very well. Next, over the next three-year period, 6,500 MW would be added, 2,780 MW during the current year. Next year, it is two units of 800 MW, 1,600 MW, and the next year, it would be 2,120 MW. This is coming from TTPS unit, TTPS Stage III, Unit 1, and Talcher, and Lara Unit 1, Stage II, this is 800 MW. So that adds to 2,120 MW. So all this put together, 6.5 GW over the next three years, including the current year. Hello. Thank you so much. Thank you. The next question is from the line of Ketan Jain from Avendus Spark. Please go ahead. Thank you. My question was answered earlier. Thank you. Thank you. The next question is from the line of Mahesh Patil from ICICI Securities. Please go ahead. Yeah, hi, sir. So my first question is, what is the impact of curtailment on our generation? Is it possible to quantify it in any way? You're talking about, rather- Rajasthan. Thermal or on the other side? Yes, sir, renewables for Rajasthan, Gujarat. Hello? On the renewables. Okay. Yeah, we had. You're right, we had significant curtailments. Yes, I can give you the figures. We had a total in this, up to for the nine months that have gone by, we lost around 420 million units on account of curtailment in NGEL alone. Oh, okay. In Ayana also, we had lost around 212 million units of generation. So I think this answers you that curtailment has been a significant issue in the past that we had faced. But, I'm happy to inform you that as regards NGEL, now the curtailment will be zero, because the line through which the curtailment was happening was Narela- Khetri line, that is commissioned, and henceforth, there will be no curtailment loss onto NGEL on account of this. There will be minor curtailment losses in NGEL from Khavda, because our complete GNA is 865, which is going to be firmed up in sequence next year onwards, and by October, we will be having the complete capacities over there also. With respect to NGEL group, the curtailment will not have that kind of an effect that is happening elsewhere in Gujarat and Rajasthan. Yes. Okay, thank you, sir. And so my second question is on the thermal awards that we are looking at for next year, FY 2027. Next year, we are looking at an award of 4 GW. That will be Lara- II, 1,600 MW, Jhabua, BRBCL, Bhilai, 800 MW each. The next financial year, we are planning Korba thermal extension of another 800 MW at this instant. We have various other options also, depending on the conditions of development, we may add further. Okay, sir. Thank you. Thank you. The next question is from the line of Nikhil from Bernstein. Please go ahead. Hi, thank you for taking the question. My first question is on the Green Ammonia project that we won. I mean, outside in, the bids look aggressive. So wanted to check, do they fall within our return thresholds, or are there any plans to reconsider that project? Will you please repeat the question? So the question is on the Green Ammonia project that you won. Can you repeat the question? Hello, can you hear me now? Yeah. Yes. I'm saying the Green Ammonia project that we won, could you please clarify? Outside in, the bids look aggressive to us. Wanted to check, does the project meet our return thresholds of 11%-12% or higher equity IRR, or are there any plans to reconsider that Green Ammonia project? I'll take this query. In fact, if you see the IRR calculations for this, the primary number that has to come is from RE RTC on that. And the RE RTC prices are quite competitive these days, and we would be maintaining the healthy IRR as we do for other projects in this project also. Okay, got it. My second and last question is on the nuclear side. So the future projects planned on nuclear, the technology partnerships you are looking for are abroad, there are no plans to do it on domestic tie-ups? As we know, currently we are working along with NPCIL here in our Mahi Banswara project. That is on predominantly on PWR technology. As far as the balance technologies are concerned, we already come out with an EOI, and we have shortlisted EDF France for India, and as far as Rosatom for this PWR. So with these two, we are planning to have a MOU. Then we will take it forward into working this technology, PWR technology predominantly. So then in the meantime, we have started studies in various states. One of the site in Andhra is in advanced condition. Another one, MP, is in progress. Once you select a site, then we will go and try to award these global tender for this in PWR technology. Got it. Thank you. Those were my questions. Thank you. The next question is from the line of Aniket Mittal from SBI Mutual Fund. Please go ahead. Yes, just a clarification on thermal awarding. When do you expect Meja to get awarded? And it seems you've pushed out Lara also to FY 2027 now. So just to understand, what's leading to these delays in the incremental coal awarding? See, in case of this Meja, basically, it's, that the equity is crossing the threshold limit. Both Government of UT and Government of NTPC have to get the necessary approvals. So the approval only process is pending, otherwise everything is tied up. It's a matter of time. We are expected to finish in this quarter. As regards, Lara. Lara, we are postponing, because the parties which are supposed to go, they are asking for extensions. We are trying to consider them. Though we have put it as a first quarter next financial year, it may be quite possible to have it in this quarter itself. Okay. What about Patratu, sir? When do we expect to award Phase 2 of Patratu? Phase 2 of Patratu, right now, it all depends on the consumption demand. Right now, it is not in the timetable. It may be, it may be after the 4.8 GW, which I was telling earlier, that we are having a lot of options with us. Under those options, Patratu another 40,000 there. Okay. Just one question, on the financials. I think this quarter, when I look at the profitability, there seems to be a very big rise, on a YoY basis on the fertilizer, the JV that we have. Could you quantify that number for this quarter, and then what's driving this increase in profitability over there? Just give me a single moment. See, sales volume growth has been 22%, so that has increased the fixed cost recovery by INR 992 crore. And there is a reduction in gas under recovery by INR 224 crore on account of improved efficiency. This is 5.04 Gcal by MT from 5.207 Gcal. So both this has been a contributing factor. And there is an increase in the trading margin by INR 159 crore. So all these three thing accounts for increase of by around INR 357 crore of profit. Got that. And just lastly, there's obviously been news about, you know, NIIF trying to sell IntelliSmart. What's the way out over there? IntelliSmart. It's still under process, so we will be able to tell you definitively, later on, not at this moment. Okay, thanks. Still under discussion. Sorry. Thank you. Ladies and gentlemen, we will take that as our last question for today. I now hand the conference over to the management for closing comments. Over to you, sir. I thank you, all of you, for your active participation in this earnings call for the Q3 FY 2026, and for your pertinent queries on the operational and financial aspects of NTPC and NGEL, the way ahead. Wherever we could not give you the precise number or can raise a separate query, and we'll be glad to clarify that, and we'll have it provided through our investor relationship. Thanks once again to all of you for your active participation. Thank you so much.