Ladies and gentlemen, good day, and welcome to the NTPC Q4 FY 2026 earnings conference call hosted by JM Financial. 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 and then zero on your touchtone phone. Please note that this conference is being recorded. I now hand the conference over to Mr. Sudhanshu Bansal from JM Financial. Thank you, and over to you, sir. Thank you, [Sava]. Hello, everyone. On behalf of JM Financial, I welcome you all to the Q4 FY 2026 earning call of NTPC. For today's call, we have with us the leadership team of NTPC led by Sri Jaikumar Srinivasan, Director of Finance, along with other functional directors and other team members. Before we proceed, I would like to congratulate Srinivasan, sir, for being conferred with the Dealmaker CFO of the Year award at ET CFO Leadership Summit 2026 on March 6th, recognizing his outstanding contribution to strategic transactions and value creation. Hearty congratulations, sir. I will hand over call to sir for his opening remarks, after which we will open the floor for Q&A session. Thank you so much, sir, for your kind presence and giving us the opportunity to host the call. Over to you, sir. Thank you, Sudhanshu. I think the volume needs to be increased on your side. You are barely audible. Of course, we could understand you, but the volume needs to be increased. Please see that. Thank you and welcome you all. Good evening, ladies and gentlemen. Mr. Bansal, you can confirm my audibility is good? Yes, sir. This is the operator. You are loud and clear, sir. Good evening, ladies and gentlemen. I am Jaikumar Srinivasan, Director of Finance of NTPC Limited and NTPC Green Energy Limited. It gives me pleasure to welcome you all to our earnings conference call for the fourth quarter and the financial year ended March 31st, 2026. Joining me today are my colleagues from the board of NTPC, Sri Shivam Srivastava, Director of Fuel, Sri K. Shanmugha Sundaram, Director of Projects, Sri Ravindra Kumar, Director of Operations, Sri Anil Kumar Jadli, Director of Human Resource, along with other members of our senior leadership team. We have announced our financial results for Q4 FY 2026 and for the financial year ended March 2026, and I've shared the operational and financial snapshot with the stock exchange, which are available for your reference. I'll take you through the key developments covering the macroeconomic environment, developments in the power sector, and NTPC and NGEL's operational and financial performance before opening the floor for questionings. The evolving situation in West Asia has once again highlighted how closely energy markets and geopolitics are linked. The developments reinforce the importance of energy security, diversification of supply chain, and building resilient domestic energy systems. Globally, countries are increasingly viewing electricity infrastructure, domestic fuel availability, and strategic energy assets, not only as economic priorities, but also as a matter of self-reliance and national security. From NTPC's perspective, the current developments are not expected to have any material operational impact. The coal position across all our power stations remain at comfortable levels, sufficient for nearly 18 days, ensuring stable generation and supply reliability. Further, with nearly 18% of our coal requirement being met through captive mines, fuel security for our stations is more assured than ever before. Our limited dependence on gas-based generation also insulates our gas plants operations from volatility in the global gas market. At the same time, the ongoing global uncertainties continue to reinforce the importance of energy security and self-reliance. NTPC's long-term strategy remains aligned towards strengthening India's energy resilience through expansion across coal, renewables, storage, nuclear, and domestic energy value chains, while continuing to provide reliable, affordable, and sustainable power to the country. We have been witnessing a sharp increase in power demand since the last quarter, and the trend has further accelerated during the current quarter. According to estimates by the World Meteorological Organization, the impact of El Niño in India is expected to keep heatwave conditions elevated through the summer and post-monsoon months of 2026. If the phenomena continues further, above normal temperature and stressed monsoon conditions may continue into early 2027 as well, leading to higher electricity demand, particularly due to increased cooling requirements. In addition, the current global situation is expected to accelerate the shift from hydrocarbons towards electricity across sectors such as clean cooking, transportation, and industrial application. This transition is expected to further support long-term growth in electricity demand. Over the last one year, the Indian power sector has undergone several important developments, which are reshaping the long-term outlook of our utilities. One of the most significant trends has been the increase in electricity demand driven by economic growth, rising cooling requirements, urbanization, and increased digital infrastructure. The country has witnessed record peak demand of 271 GW and day generation of 6,268 million units recorded on May 21st, 2026, highlighting the importance of reliable base load generation alongside renewable capacity addition. In this environment, energy security and supply reliability have become central priority for policymakers as well as utilities. At the same time, India has accelerated its clean energy transition through rapid renewable capacity addition, expansion of transmission infrastructure, and strong policy support for storage solutions. Alongside renewables, the government has also renewed focus on thermal capacity additions to maintain grid stability and meet rising demand. As per the latest CEA estimates, the additional coal capacity requirement till 2036 is projected to be 86 GW, of which 68 GW is in pipeline. Out of this, NTPC is currently executing 16.5 GW of capacities and around 4.6 GW is in various stages. Further, policy initiatives aimed at improving domestic coal production and captive mining have strengthened fuel security across the sector. Recent policy changes in nuclear energy and enactment of SHANTI Act have opened new long-term opportunities for integrated power utilities. For NTPC, these developments broadly validate the company's strategy of maintaining a balanced and diversified energy portfolio. While our thermal fleets continue to play a critical role in supporting grid reliability and meeting rising demands, we are simultaneously expanding our presence across diversified portfolios. The company remain well-positioned to benefit from India's long-term power demand, supported by fuel security and robust project pipeline. I come to the key highlights during FY 2026. As on March 31st, 2026, NTPC's group installed capacity stood at 89,108 MW. During the year, we have added 9,618 MW of capacity. NTPC contributed 1,823 MW, and JVs and subsidiaries contributed 7,795 MW, making the highest ever annual capacity addition since inception. This also includes acquisition of the 1,350 MW Sinnar Thermal Power Station in partnership with Mahagenco. As on date, NTPC group has crossed 90 GW mark. During FY 2026, NTPC group added 4,730 MW of RE capacity. Out of this, NGEL added 4,225 MW compared to 2,977 MW added in FY 2025. In addition, 490 MW have been added in FY 2027 till date, taking the total installed renewable energy capacity of NTPC group to 12,068 MW. NTPC group generation stood at 432.2 billion units in FY 2026 as compared to 438.7 billion units in FY 2025. NTPC Coal Station achieved PLF of 72.04% against rest of India average of 63.20%. We have also achieved growth of 13% in power trading through NVVNL. Generation from NGEL stood at 14.6 billion units as compared to 6.8 billion units in FY 2025, registering a growth of 114%. Outstanding receivable days improved to 15 days as on March 31st, 2026, compared to 29 days for the previous year. Coal production from group captive coal mines under commercial operation increased to 47.88 million metric tons, registering a growth of 8.5% vis-à-vis previous year. Coal production started from Pakri Barwadih Northwest Mine in December 2025, and mine was declared commercial operation with effect from April 1st, 2026. With the transfer of Pakri Barwadih coal mines on April 1st, 2026, the transfer of NTPC's mining business to NTPC Mining Limited, a wholly owned subsidiary, has been fully completed under the business transfer agreement. Government of India enhanced investment approval limit for renewable subsidiaries up to INR 20,000 crore, supporting NTPC's target of 60 GW renewable capacity by 2032. Work in respect of 5 GWh BESS capacity at NTPC's existing thermal power stations is being executed under cost-plus mode. CERC has issued regulations for co-located battery energy storage system, which are crucial for renewable integration and peak management. This amendment integrates energy storage system into the mainstream tariff framework. Additionally, 320 MWh BESS is being executed by NGEL and further capacities are also under pipeline. On the nuclear front, AERB has granted excavation consent for Unit- 1 and 2 of Mahi Banswara project. Site selection studies are also underway across multiple states for development of nuclear power projects under NTPC Parmanu Urja Nigam Limited. The last unit of 250 MW of Tehri PSP was declared commercial operation in April 2026. With this, Tehri PSP has become fully operational. NTPC achieved significant improvement in ESG performance during FY 2025-2026, with MSCI ESG rating upgraded from CC C-B B, S&P CSA score improving to 50 MW against global average of 41 MW, and sustained progress across leading global ESG benchmarks. During FY 2026, our group thermal station co-fired 15.19 lakh metric tons of biomass, more than double as compared to 7.03 lakh metric tons used last year. On the fund mobilization front, during Q4 of FY 2026, loan agreement for $150 million JPY denominated was executed with Mizuho Bank, Ltd. The loan carries an interest rate of 0.98% per annum over six months compounded Tokyo overnight average rate, TONA, and has the average maturity of seven years. The door-to-door tenor of the loan is eight years. The weighted average interest rate on borrowings during FY 2026 stood at 5.98%, compared to 6.61% in FY 2025, reflecting the benefits of proactive financing and strategic restructuring of the company's loan portfolio. As regards the capital expenditure, in FY 2026, we have incurred a group CapEx of INR 49,068 crore as compared to INR 44,636 crore in the previous year. On the standalone basis, NTPC has incurred CapEx of INR 28,462 crore in FY 2026 as compared to INR 22,965 crore in the previous year. The gross property plant and machinery as on March 31st, 2026 on group level has increased from INR 404,210 crore- INR 470,618 crore during last one year, an increase of 16%. I will now take you through some of our key financial numbers, giving comparison of the corresponding period. Firstly, NTPC standalone financials. Total income for Q4 FY 2026 is INR 44,030 crore as against INR 45,830 crore in Q4 FY 2025. On annual basis for FY 2026, the total income is INR 169,725 crore as compared to INR 174,414 crore in the previous year, a decline by 2.69% per annum due to the lesser demand experienced during the year. NTPC's profit after tax for Q4 FY 2026 is INR 8,747 crore as against INR 5,778 crore in the corresponding quarter of previous year, registering a growth of 51.4%. NTPC's profit after tax for FY 2026 is INR 23,162 crore as against INR 19,649 crore in the previous year, registering a growth of 18%. Adjusted PAT for FY 2026 is INR 19,530 crore against INR 18,016 crore in the previous year, registering a growth of 8%. During FY 2026, we have accounted for dividend income of INR 2,264 crore from our subsidiaries and joint ventures as against INR 2,092 crore during FY 2025. The standalone regulatory equity for conventional power and mining business as on March 31st, 2026 is INR 94,631 crore, up from INR 90,902 crore as on March 31st, 2025. Coming to the NTPC's consolidated group financials, total income of the group for FY 2026 is INR 189,799 crore as against INR 190,862 crore in FY 2025. Profit after tax of the group for FY 2026 is INR 27,546 crore as against INR 23,953 crore in FY 2025, registering an increase of 15%. During FY 2026, our subsidiaries earned a profit of INR 3,312 crore. NTPC's share of profit in JVs was INR 2,864 crore in FY 2026. Consolidated regulated equity for the group as a whole stood at INR 120,319 crore as on March 31st, 2026 as compared to INR 108,791 crore as on March 31st, 2025. Coming to NTPC Green Energy highlights. Consolidated revenue from operation increased by 29% to INR 2,858 crore in FY 2026, while operating EBITDA grew by 29% to INR 2,475 crore. EBITDA margin remains at 87%. For the Q4 FY 2026, revenue from operation for NGEL group has increased to INR 913 crore from INR 622 crore in Q4 FY 2026, showing an increase by 47%. Operating EBITDA has also increased from INR 560 crore in Q4 FY 2025 to INR 775 crore in Q4 FY 2026, increased by 38%. I am pleased to inform that NTPC Board has recommended a final dividend of FY 2025-2026 of INR 3.50 per share, subject to the approval of shareholders. This is in addition to the interim dividend of INR 5.50 per share already paid during FY 2026. Total dividend for the FY 2026 will be INR 9 per share, in line with the company's commitment to delivering value to its shareholders. We continue to pursue growth through a balanced expansion across conventional and clean energy segments while maintaining focus on fuel security, project execution, and disciplined capital allocation. NTPC Group currently has over 34 GW of capacity under construction, comprising 16.5 GW of coal-based capacity, about 2.6 GW of hydro capacity, and 15 GW of renewable energy capacity, providing a strong foundation for near to medium-term growth. In parallel, we are also focusing on expanding storage capacities through BESS pump storage projects, long-duration energy storage technologies like CO2 battery, and vanadium redox flow batteries to support grid stability and renewable integration. On the thermal side, we have completed the trial operation of Patratu, Stage I, Unit- 2, during Q1 FY 2027 and expect the third unit to be commissioned within the current fiscal year. In the renewable segment, we are planning to add around 8 GW capacity. Alongside capacity addition, work has commenced at Pudimadaka Green Hydrogen Hub for development of green methanol and sustainable aviation fuel, supporting our long-term diversification into emerging energy value chains. We are progressing on coal gasification initiatives, which have the potential to support continuous utilization of gas assets using domestic resources. Over the long term, nuclear energy will remain an important pillar of our growth strategy through projects being developed under ASHVINI, as well as other standalone opportunities. We believe these initiatives, supported by NTPC's diversified portfolio and regulatory business models, will continue to provide stable returns and long-term value creation. We remain committed to enhancing shareholders' value through continuous improvement, prudent growth, and operational excellence. I would like to thank all our investors for their continued trust and support. Thank you all for joining us. We will now be happy to take your questions. I now hand over to JM Financial for coordinating the question and answers. Thank you so much. Thank you very much. We will now begin with the question- and- answer session. Anyone who wishes to ask a question may press star and one on their touchtone phone. If you wish to remove yourself from the question queue, you may press star and two. Participants are requested to use handsets while asking a question. Ladies and gentlemen, we will wait for a moment while the question queue assembles. Your first question comes from the line of Mohit Kumar from ICICI Securities. Please go ahead. Yeah. Good afternoon, and thanks for the opportunity. My question is, how do you think about capacity addition in FY 2027 and FY 2028, given the current pipeline? Can you break that capacity addition between standalone subs and JV, for the conventional and for the green, sir, both? Yeah. As far as FY 2027 is concerned, on a totality basis, we are planning around 9,557 MW of capacity. If I break down into thermal, hydro, and renewable, thermal would constitute 1,070 MW, hydro will be 250 MW, and renewable total would be 8,237 MW. Of this, 176 MW coming from renewables would be on a standalone basis, and 9,381 MW would be coming from the JVs and the subsidiaries. This is as far as FY 2027 is concerned. The year next, FY 2028, the total planned capacity addition is 10,039 MW, comprising of thermal, 1,460 MW, hydro total will be 444 MW, and renewable total will be 8,135 MW. This would broadly come from, 660 MW will come from TTPS Stage III, Unit- 1. We are expecting in Q3. Patratu U nit- 3, quarter three, this will be 800 MW. This will yield us 1,460 MW. Hydro, we are expecting Vishnugad Pipalkoti of the THDC, 444 MW. As far as renewable is concerned, 8,135 MW. Broadly, 8,069 MW would come from JVs and subsidiaries, predominantly the NGELs. 66 MW will come from NTPC itself. This is as far as the financial year 2028 is concerned. In a similar way, for FY 2029, we are planning 11,478 MW total capacity. 8,408 MW would be renewable total. We don't expect any hydro addition during that year. Thermal total will be 3,070 MW. The identified thermal capacity addition is TTPS Stage II, Unit- 2, which will come in the Q1 of the year, 660 MW. Lara Stage II, Unit- 1 and 2 will contribute 2 units of 800 MW, 1,600 MW. We are expecting the Sinnar Thermal Unit- 3, Q2 and Unit- 4 and 5 in the Unit- 3. These are all 270 MW units, 3 units, which we'll be adding in the next fiscal year, 810 MW. That would be the broad breakup for the 11,478 MW. Understood. That's very helpful, sir. My second question, sir, what is the status of the nuclear power projects, and where is Mahi Banswara right now? Do you expect the tender of the equipment and work to start in this fiscal? The related question is, what- Yeah. ...is the kind of nuclear capacity you think you'll be able to commence work in next one to two years? As far as the very first project, Mahi Banswara is concerned, capacity, as you know, is 4 unit of 700 MW, total of 2.8 GW. Broadly, this 2,770 MW of capacity consent has come from the customers from Rajasthan, Gujarat, Chhattisgarh, Andhra Pradesh. The excavation package for this project is already been awarded for Unit- 1 and 2 on September 13th, 2025. Excavation consent by Atomic Energy Regulatory Board, AERB, has been received on March 18th, 2026. Forest clearance amendment accorded on June 20th, 2025. Environmental clearance is in place in the May last year itself. The first pour of concrete is anticipated by August 2027, and first unit synchronization we are planning in November 2032. In this regard, the design consultancy also has been awarded on December 23rd, 2025, and equity infusion of INR 800 crore to ASHVINI has been done by JV partners on January 2026. As far as the mega packages are concerned, nuclear islands mega EPC, NIT, is expected by June 15th, 2026, and it will be followed by TG island EPC, NIT by March 30th, 2027. As you know that, this is by 2032, we are expecting one of this unit and there will be a gap of What would be the staggering gap? Six months. Six months will be the staggering for the remaining units. Understood, sir. Any other project which you think you can take up in the next 24 months? No. As far as anything over and above this is concerned, we are right now in the process of identifying locations. 30 location across India are being explored. We have entered into MoU with MP government, Chhattisgarh government, and a joint working group has been formed. Consent given by government of Andhra Pradesh, studies have been completed. MP, Gujarat, Odisha, UP, Bihar, Maharashtra has given consent for preliminary studies. Water availability has been confirmed in some of the places. We are working on the ground level thing, ensuring availability and the broad feasibility. This is the situation. Right now, we are under execution, we can say, is Mahi Banswara project alone. Understood, sir. Thank you and all the best, sir. Thank you. Thank you. Thank you. The next question comes from the line of Parikshit Kandpal with HDFC Securities. Please go ahead. Yeah, sir. Hello. Am I audible? Hello. Yes, you are audible. Yes, sir. My first question is on NGEL. I want to understand what was the curtailment for NGEL, in terms of units and value for FY 2026 and Q4 FY 2026. As far as curtailment is concerned, NGEL experienced a curtailment of 314 MUs during the year. This is besides the TRAS loss, which we can say is 135 MUs. These are the two things which are due to the grid situation. In terms of impact on EBITDA, sir, if you can quantify this for the year as a whole, in terms of how much you could have lost? Broadly speaking, you can take that as far as I would say that as far as the TRAS is concerned, we are compensated for that, but as regards the grid curtailment where we are experiencing because of the temporary GNA, it would have an impact close to INR 90 crore. INR 20 crore? INR 90 crore. Okay, INR 90 crore. Second question is, we have initially said that 5 GW and 8 GW for 2026, 2027, 2028 on the NGEL installed capacity addition. There has been a shortfall in FY 2027. Just wanted to understand. For 2028, 2029, for the 8 GW, so have we secured the transmission? What is now the availability of transmission in acquisition? If you can also add that beyond this, are you seeing further growth drivers in the pipeline, which is currently in capacity under pipeline 3 GW and 3.4 GW? Do you think that this number can jump substantially over the next couple of years so that this 8.8 GW can actually start growing from these levels? See, first thing is, it was not FY 2027, it was FY 2026 that we were planning around 5 GW and some of the units spilled over to the next year, or we expected to spill over. As far as the current year is concerned, the 8 GW, we continue to hold to that. Right now we are planning on an average of 8 GW per annum. Yes, we would be exploring various other opportunities to top it up, including inorganic acquisitions. Our idea would be to steeply increase it, so that we fulfill our target of 60 GW much ahead of what we are planning by 2022. How much of the transmission network we have secured for these FY 2027 and 2028? What percentage would have been secured for these capacities to come on time? That is my last question. As far as FY 2027 is concerned, we have the firm connectivity of 57% and TGNA of 38%. As far as FY 2028 is concerned, whatever CODs are expected in FY 2028, we have a projected firm connectivity of 88%, and 3% would be coming from the TGNA. Remaining 9% is something which we are yet to tie up. FY 2029, 84% we have firm connection, and remaining 16%, we will have to work on the connectivity. Okay, sure. Thank you, sir. Those are my questions. Thank you. Thank you. The next question comes from the line of Sumit Kishore from Axis Capital. Please go ahead. Good evening, sir. Thanks for the opportunity. Congrats on your highest ever group capacity addition in FY 2026. My first question is for NTPC thermal fleet. Are there core units which are having to face the challenge of hitting the technical minimum of 55% PLF during daytime when solar availability peaks? How is NTPC managing this risk, and what is the strategy for the future? That's my first question. See, as far as this issue of, curtailment would be a wrong word, I would say the backing down of thermal to be subservient to the RE injection is concerned, we have been facing this issue, and we have had taken up this issue at a policy level that the thermal fleets will have to be supported for a technical minimum, because below this it becomes increasingly infeasible. Accordingly, there has been a very favorable pronouncement wherein we have been assured a technical minimum of 55%. If it goes down, we are not obligated to then keep the unit live, and we will be compensated for our availability under fixed charges. Added to this is how are we trying to mitigate this? Well, we have also kind of advocated and got a dispensation of co-locating batteries in some of these thermal power plants, whereby this would mitigate the excess. The backed-down power can be charged during the daytime and discharged during the evening peak for peak load management. 5 GWh of battery work has already started, and CERC has given its tariff framework for supporting this thing. This would be essentially in a cost-plus framework where we are assured of our return on equity as well as our fixed charges. This, added with the technical minimum support, should see us through this problem. Going ahead, based on the experience in this initial set of co-located batteries, we can think in terms of expanding it to other, because at a national level then it becomes a very potent solution for managing the grid. Is the technical minimum support approved by the regulator already, or this is something that you are logging with them? No, no. As far as technical minimum of 55% is concerned, this is already the rule. If a unit goes below technical minimum- I tell you. If I have declared a certain capacity higher than the technical minimum, or let us say 85% or 100%, and the scheduling comes below 55% for some reason and I am not obliged to run this plant, I can take a reserve shutdown. Whatever is the comfortable time required for ramping up it later on, I'll do that. I am not obliged to then supply the power during the evening. This is the protection we have got. In this respect, I would invite the Director of Operation, Mr. Ravindra, to elaborate further on this. When the scheduling giving schedule less than 50%, then we, as per the new regulation, as per the new amendment, that is intermediary solution, we are getting support up to 55% through the SCUC and SCED supports. We are running maximum, we are getting the support. If we are not getting, then we are not obliged to run and we are taking unit under shutdown condition. For that, we are getting paid also. Thank you, sir. My second question and last question is on pump storage projects. What is the total anticipated CapEx for pipeline projects in pump storage, and what is likely to get incurred in the next five years? Which projects are likely to get commissioned first? Thank you. Broadly, NTPC is working on 4,800 MW of PSPs. This is primarily to be executed through JV and subsidiary. THDC and NEEPCO, which are the hydro subsidiaries, are working on 13,210 MW. That puts the NTPC group broad plan at 18,010 MW. Out of the above, COD has been declared in the FY 2026 itself for 750 MW. That is the THDC SPSP. COD declaration of 250 MW has been done in the current financial year, FY 2027 first quarter. That takes it 1,001 GW is already done in this. We have projects with firm allocation by state government. NTPC has 4,800 MW, THDC 6,800 MW, and NEEPCO 1,600 MW. That totals to 13,200 MW. Balance 3,810 MW are under planning in THDC, 3,310 MW and NEEPCO 500 MW. Another 3 GW- 5 GW you can expect to be commercialized by 2032-2033. We have prepared 21 PFR demonstrating that NTPC has the capability to develop PSP and adequate know-how is available. This will have an average completion time of anything six to six and a half, seven years. This is the broad plan which we are working on. You can expect some 3 GW-5 GW completion. We have the target in the next seven years. Thank you so much, sir. Wish you all the best. Thank you. The next question comes from the line of Apoorva Bahadur from IIFL Capital. Please go ahead. Hi, sir. Thank you for the opportunity. Sir, I just wanted to check about this NGEL pipeline. When compared to previous quarter, the full pipeline, I think, has reduced from 32 GW- 30 GW. Can you give some color on this? Why is this reduction, and which projects have been removed? NGEL, you are saying? Yes, sir. The consolidated green business pipeline. Okay. I'll invite Mr. Neeraj Sharma, the CFO of NGEL to elaborate on this. Apoorva, actually, we have, you can say, adjusted or actualized our total pipeline plus contracted awarded capacity that we had earlier shown 32 GW up to Q3 of last year. Now we have seen in which of the JVs or the subsidiaries the progress is being made, and normalize the number. That is why the numbers have come down from 32 GW- 30 GW. There are many other MoUs or activities where we are working upon. We are expecting to increase the pipeline to beyond that in the coming days. Thank you. Understood, sir. I think during the comments, sir also mentioned about the coal gasification plans and targets. Sir, if you can provide some color, which are the specific projects we are working on, what type of capacity and timelines? I will request Director of Fuel, Mr. Shivam Srivastava to give you some details about this. Yes, we have started regarding coal gasification. We have taken up a pilot project at one of our mine, Talaipalli. We are going through EIL, and it has a capacity of 4 lakh tons per annum. This is basically for synthetic natural gas production. Okay. This is a pilot project. It's in the initial stages. We will keep you updating more as we progress with this. Sure. Sure, sir. Sir, also, I think on a previous question, you commented that we have around 57% firm connectivity for FY 2027 renewable capacity addition. Did I hear it right? 57%? Yeah, that's right. Yeah. Should we expect some TGNA curtailments to increase next year and then subsequently normalize? It would taper. The point is that, yes, at this present point of time, it is 57%, but some of the offtake will certainly happen through the TGNA, depending on the circumstances. As the connectivity gets added, the curtailment should taper. Okay. Sir, again, on a previous question about this thermal backing down, while we appreciate the fact that companies are entitled to a 55% technical minimum, can you share with us if there is any incremental cost being incurred for backing down till 55% in terms of higher O&M or lower heat rate, and how are we compensated for that? No. One is the floor percentage that it need not go below 55%, and Mr. Ravindra also explained to you about the SCUC support that is available. Within this range of 100%- 55%, we are compensated for various parameters, degradation in the parameters in terms of heat rate, auxiliary consumptions. These have been taken up with the regulator, and we have got very favorable dispensation over the last two years. Right now, we are being adequately compensated for this. The FY 2026 profit number contains all the compensation benefit as well. Of course- Okay. ...the sales would include all these things. Sure, sir. Sir, if I may squeeze just one last question in. There has been some news items, news reports around a possible listing of THDC, NEEPCO and Hindustan Urvarak & Rasayan Limited. If there are any plans, would you like to share them? There are no definitive plans at this point of time. As a group, we keep exploring all these avenues as a part of our financial strategies and unlocking value. This is one of the options that is available. This is a joint venture, THDC comes under a joint venture with the UP Government. These are matters which has to be dealt at the fairly senior policy level. Once we have a clear mandate on this, we'll share with you. Sure. Thank you so much, sir. I'll get back in the queue. Thank you. Thank you. The next question comes from the line of Aditya Sahu from HDFC Securities. Please go ahead. Hi, sir. Thanks a lot for the opportunity. Just a couple of data points over here. If you could provide the quarterly CUF that we have for solar and wind projects for Q4. Quarterly CUF? Yes, for solar and wind projects for Q4. One second. Just one minute. We have noted down. Can we meanwhile go to the second question? We'll give it to you. Sure, sir. The other one was, say, in the FY 2027 and 2028, what sort of CapEx guidance do we have particularly for NGEL, at consolidated NGEL? CapEx guidance? Yes. You have been specific about NGEL, so let me give you that we have a broad CapEx for the group of INR 0.0622 crore till the financial year 2032, and we have allocated roughly half of that, around INR 300,000 crore for renewable energy. Understood. Which would broadly be done by NGEL. I don't have a year-wise breakup for that, much as I have a year-wise breakup of the entire thing. Yes. For NGEL, for current year, it would be CapEx of INR 35,800. Okay. Next year, it would be INR 56,000. The year next, it would be INR 48,000. Understood, sir. We'll be implementing a debt equity of 80/20, so you can have the debt and equity component. Understood, sir. This on an annual basis, the bifurcation in the other expenses pertaining to how much of that would be the component for power charges for the NGEL consolidated? There's a lack of clarity. Can you be louder and? Sure, sir. Can you hear me now? I didn't get you. Yeah, it is much clearer. Yeah. Sure. This is pertaining to the other expenses, if you could provide the component towards power charges and the O&M that we do at NGEL consolidated for FY 2026. Aditya, we can provide you those data numbers later separately. Sure. Just one last question over here. You had mentioned the transmission tie-up, in terms of the PPA tie-up for the capacities that we plan to commission, what percentage do we have for 2027 and 2028 in terms of the PPA tie-up? Over the next three years, we have broadly an average 72%-75% capacities have been PPAs already in place. For FY 2027, it is 79%. FY 2028, CODs of 8,069 MW, we are already covered with 71% PPA. The year next, around 8,400 MW is 66%. Understood, sir. Last year hired will be. Understood, sir. Just on the CF, sir, I'll wait for that. I'll go back to the line. Break-up of other expense we'll provide to you. We have noted down. We'll fulfill your requirement. Sure, sir. On the CF part also, if that would be possible, that would be helpful for the solar and wind Q4. Sure. Thank you. Thank you, sir. Thank you so much. Thank you. The next question comes from the line of Arihant from Bowhead India Fund. Please go ahead. Hi, sir. Thanks for taking my questions. Sir, I wanted to know, do we have any plans of doing battery storage in existing renewable projects, co-location of battery storage? The second question was regarding the 1.5 GW renewable project that we are planning to do in NTPC Rajasthan Green Energy Limited. What's the update on that, and when can we expect that project to be completed? Yeah. Your first question was on battery. Let me tell you that, yes, we are embarked on battery storage as far as renewable is concerned. Besides, of course, the co-located battery for thermal, which I was mentioning, 5 GWh. We are currently working on 1,320 MW of batteries on the renewable side. On the standalone project of battery, it is 320 MW, which is under execution and confirm off-take arrangement is there. Co-located with solar projects, it would be 1,000 MW, which is under tendering right now. Execution is yet to start, there is a confirmed off-take arrangement. Right now, 1,320 MW we are working on. There are around 4 GW more, which is under planning stage right now, which would be at Kawas, it would be Bikaner, Fatehabad, Sitapur, and one which is Chhattisgarh. All this put together would be close to four gigawatts. In addition, we are also, as you are aware, about the non-solar connectivity. We are, in addition, application for non-solar hour connectivity of 14.5 GW has been applied, and with bases of two to four-hour capacity, which is under initial stages of planning right now. Okay, sir. Regarding the Rajasthan 1.5 GW solar project, which we are doing in Rajasthan JV, what's the update on that? I will request Mr. Sarit Maheshwari, the CEO of NGEL, to give you the exact detail about this. We have already moved ahead quite a bit on the 1.5 GW project. We have the land in possession. We have also entered into the tie-up for the implementation support agreement and other things. We are currently working out the commercial off-take arrangements with Rajasthan, and all the tendering activities, everything has been completed. Once we reach at the commercial settlement of agreements on the off-take front, we will immediately move ahead with that project. Okay. Sir, one more question regarding competitive bidding. Like in FY 2026, the projects won under tariff competitive bidding were low. Just wanted to understand, we were focusing more on execution of current projects. What was the reason for low bidding, and do we expect to get back to 2 GW, 3 GW winning levels through tariff competitive bidding, which we have done earlier in FY 2024- 2025? You've seen the way the biddings have happened in the last year. NGEL always has its threshold levels before, which when we do not find merit in the competitive bid, we stay away. We are always keenly looking at the various opportunities that come by, and we would continue to participate, and we will have the business at our terms. Okay. Sir, one last question. Can you tell out of 8 GW capacity, which we are planning to add in FY 2027 and 2028 in NGEL, how much of that will come through JVs? Any rough idea on that? In FY 2027, out of the 8 GW, around 1.9 GW would come through JVs, primarily through Ayana, and a part of that would come through our JV with IOCL, that is, NGEL. In FY 2028, out of the 8 GW, around 624 MW would come through the JV route. Okay. Thank you so much, sir. Thank you. Thank you. The next question comes from Dishant Jain from Quasar Capital. Please go ahead. Hello, am I audible? Yeah. Yeah. Yes, please. Thanks for the opportunity. Yeah. Thanks for the opportunity. Just check, sir, what was the reasons for other expenses to go up significantly on Y-on-Y and Q-on-Q basis? No, not clear. Please repeat. Sure. Am I audible now, sir? Yeah, you are audible. Yeah. What was the reasons for other expenses to significantly increase on a Y-on-Y and Q-on-Q basis? This is in NGEL or NTPC? NTPC, the consolidated results. Okay, just a second. Sure. If you see the other expense, it has gone up from INR 5,806- INR 6,972. This is on a standalone basis, which is 20% above. If you see, there is a significant exchange rate variation of INR 784 crore. However, what happens is, in the cost plus framework, we are entitled to the corresponding compensation for the ERV. That corresponding regulatory income of INR 780 crore is available on the sales side. We have also provided for some INR 478 crore provisioning. INR 193 pertains to ESL and INR 149 NBPPL and INR 100 crore for [Gari Dam]. These are some one-time provisions which we have made. Okay, sir. Ash transportation expenses. Okay. Please continue. No, yes, sir. Please go ahead. There is a nominal increase in the O&M expenses year-on-year, which we are entitled to, INR 198 crore. All this is contributing to this figure. Okay. Sure, sir. Sir, just a basic question. How do we reconcile the capacity addition growth with respect to the revenue growth? Like for an investor, what factors should we keep in mind to understand the financials? Like the capacity addition has been happening, but if we look at the revenue terms, it has been flat around very low single digit. How should we reconcile those things? The effect is because of some composite factors. Capacity addition happens where your megawatt increases. On the thermal side, if you are aware, that the plant load factor, compared to the past, has been low because of the lower demand during the daytime, during the solar hours because of the RE injection, isn't it? Because of that, although I am compensated for your fixed charges, because of the lower generation, my sales is also down to that extent, and to the extent my fuel cost also goes down, while my bottom line is protected. Basically, the compensation is like the bottom line is getting protected because we get a confirmation from the Government or whatever, right? Even if the demand has been low. When the demand is low, the offtake is low. If the offtake is low, to that extent, I have to back down my generation. Of the backing down of generation, my fuel cost also, I don't fire that much fuel, so my cost also goes down, my revenue also goes down because of the lower offtake. My margins are protected. Once my plants are available, the fixed charges has to be given to me, which includes the element of return on equity. My investment is protected. Okay. Fair enough, sir. Thank you, sir. Separately also, we can later on have a discussion on that. Sure, sir. I'll take this offline. No issues. 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. Thank you so much. On behalf of both NTPC and NGEL, I extend my sincere thanks to the Government of India, especially the Ministry of Power and Ministry of New and Renewable Energy for their continued guidance and support. We place on record our gratitude to our investors and analysts for their continued participation and the trust and confidence reposed in NTPC. I thank all the participants who have joined this call. I would also like to express my sincere thanks to my fellow members on the board for their continued support and guidance. I take this also opportunity to express our appreciation to JM Financial for organizing this earning conference call and facilitating interaction with the investors and analyst community. Any further queries or clarification may kindly be addressed to NTPC's Investor Relation Department, in addition to whatever we have already promised to supplement these things. Thank you so much. Thank you. Ladies and gentlemen, on behalf of JM Financial, that concludes this conference. Thank you everyone for joining us. You may now disconnect your lines.