Ladies and gentlemen, we start on behalf of Power Grid Corporation of India Limited, we welcome you to the Analyst and Institutional Investors Meet, organized to discuss the company's business and outlook post the declaration of the unaudited financial results for the quarter ended 31st December and 9 months ended 31st December. To introduce the dignitaries on the dais, I call upon the Company Secretary, Mr. Satya Prakash Das, to please do the honors. Thank you, Bakulji. Good morning, everyone. I'm pleased to welcome you to Power Grid Corporation of India Limited's Analyst and Institutional Investors Conference. Today, our senior management is here, and they will discuss about our company's business and performance outlook, based on our recently announced financial results. Let me introduce our esteemed senior management team, Dr. R. K. Tyagi, Chairman and Director, Sri G. Ravisankar, Director of Finance and CFO, Dr. Yatindra Dwivedi, Director of Personnel, Sri Naveen Srivastava, Director of Operations, Sri B. Vamsi Rama Mohan, Director Projects. We shall now watch a short corporate video on our Power Grid's performance. Towards the light of progress. Electricity, the heartbeat of our lives. Without it, neither homes glow, nor industries run, nor dreams come true. Behind this light are those who, in every situation and in every season, keep the nation connected with energy. Towering snow-clad mountains, scorching deserts, dense forests, challenges are at every step. Yet, in front of every challenge is an indomitable spirit, the spirit of Power Grid. One nation, one power grid. One nation, one grid, one frequency. By connecting all five regional grids of India, Power Grid has created a remarkable example of technical unity. Today, this national grid is among the largest synchronous grids in the world. From the icy peaks of the Himalayas to the scorching deserts of Thar, Power Grid team reaches where reaching is difficult. In every hour of a crisis, be it storms, earthquakes or floods, our ERS system remains steady to re-energize the nation's pace and power. Power Grid is not only India's identity, but a global one. With presence in more than 25 countries and by establishing cross-border energy cooperation with Nepal, Bhutan, Bangladesh and Myanmar, we are reshaping South Asia's energy map. Today, moving beyond transmission, we are creating new dimensions in telecom, grid automation, smart grids, renewable integration and digital infrastructure. In areas like solar energy, battery energy storage, and green hydrogen, we are laying the foundation of tomorrow's grid for a greener, self-reliant India. Our achievements are our identity. The world's first extra high-voltage digital substation, Bhiwadi. The world's longest multi-terminal HVDC system, Biswanath Chariali-Agra. The country's first voltage source converter-based, 1,765 kilometers long RPT system. Srinagar-Leh transmission system, the world's highest substation, and the world's highest voltage, 1,200 kV line at Bina in Madhya Pradesh. But our strength is not technology alone. In every substation, in every project, Power Grid's women are playing leading roles. This is not just an initiative, but an empowered step towards transformation. Facing every challenge, every right of way issue, every approval, every obstacle, we resolve them with sensitivity and firm determination. We do not only deliver electricity, we spark hope and power progress in people's lives. Our CSR efforts are bringing change to every corner of the country through education, health, livelihood, skill development, and environmental protection. We are empowering society. We are Power Grid, alert, dedicated, and active. Power Grid, towards the light of progress. Transmitting power, transforming lives. Thank you. Now, I would like to invite our Chairman and Managing Director, Dr. R.K. Tyagi, to deliver the opening remark and presentation. Following that, we shall have the Q&A session. Sir, over to you, sir. Good morning, respected investors, my colleagues on the dais, all board members, ladies and gentlemen. Today's investor meet, we will be sharing the achievements of Power Grid, what challenges we were facing last year. With the support of Government of India, with the support of our stakeholders, we have been able to resolve many of the issues, and now our execution of projects, our performance, is improving in all areas, unlike last year, wherein we had a number of challenges in commissioning our projects. So I'll be sharing the details during my presentation. My presentation will cover highlights, project execution, how we are operating our assets, then financials for quarter three and for nine months, what we are doing in other businesses, and what is our business outlook for Power Grid. How Power Grid is playing role in ESG, CSR and different areas, and awards, what we are winning. Key highlights, Power Grid has become INR 3 trillion-plus gross fixed asset company. It is a leading national transmission company, not in the, not in India, but in the world. We are a backbone transmission company for supply of electricity from any corner of the country and to any other part of the country. Then second part is FY 2026 CapEx and capitalization. It is on track. I can assure you that we are poised to exceed our annual guidance, which we have been talking. We have entered in Africa50, with the partnership with the Africa50, in Kenya, particularly. One 400 kV and 220 kV project, we will be starting shortly. Considering energy storage in battery, so we have ventured into first, a battery energy storage project on build, own, operate in Andhra Pradesh. Towards ESG, we have recently commissioned first 400 kV by 220 kV, 315 MVA transformers using synthetic ester oil, which is, vegetable oil. It is easily... It can be easily decomposed, unlike mineral oil, so it is a, a step towards, ESG. Then earlier, we had in 2019, we had commissioned 400 kV reactor also. In between two transformers, one at Aizawl and one at Pusauli, we had retrofilled, ester oil from mineral oil. In renewable, we have our power consumption. We have achieved our, our target of 50%, which we committed in front of you for by 2025, December, we have achieved this target. As you know, that Power Grid is a government of India major shareholding company, 51.34%. Then FII is about 24%, D II is 20%. For 2024, 2025, again, like, all the years, last, so many years, we have been achieving MoU rating of excellent by department, Government of India, Department of Public Enterprise. As I told that gross fixed assets, for the first time, it has crossed INR 300,000 crore. Our credit ratings, as usual, it has, it is very good. Excellent!... These are Power Grid board members, my team, where we have functional directors, independent directors, and government nominee directors, and other lady director also, we have, which was, for some time it was not there, but for last two, three quarters, we have Madam Sajal Jha as independent director. We have one of the largest transmission network in the world by any utility. It is 183,174 circuit kilometer, with 1,566 number of transmission line. Our substations with the last commissioning of Ahmedabad, then Anantapur, it has increased to 288, with the 599,000 MVA capacity. Inter-regional capacity, that means, power flow capacity from one region to another region, it is 101,000 megawatt. Our sub- the transmission system availability is 99.84%. These are the details of various voltage level substations. We have 18 HVDC stations, 70 numbers of 765 kV substations, which is the highest in the world by any utility. 400 kV, 169, and 400 kV and below, 31 numbers. We have for grid stabilization, SVC and STATCOMs. Transformers and reactors, we have fleet of more than 4,000 transformers and reactors. We are the richest company operating 765 kV transmitted network, which is the backbone of India's power sector. In CapEx and capitalization and what elements we have recently commissioned. In nine months, our CapEx has been INR 26,761 crore, as against INR 17,651 crore. We have already crossed target of INR 28,000 crore CapEx, which we committed, which we had target with Government of India. We have already achieved INR 29,200 crore CapEx, and we have a target to exceed INR 32,000 crore CapEx this year by March 2026. In capitalization, we have, in nine months, we capitalized assets worth INR 12,915 crore, as against INR 7,423 crore last year. As on thirty-first January 2026, we have commissioned projects worth INR 18,700 crore, and we have target of achieving more than INR 22,000 crore, as against our target of INR 20,000 crore, which we committed during this year. So we want to surpass that target. The major elements which are likely to be commissioned in balance 2 months will be Bhadla-3, Sikar-2, Fatehgarh-3 to Ramgarh, then Bhiwadi to Padgha, Maheshwaram to Kurnool, and Bhiwadi to Kala Amb. These are the major elements which we will be commissioning. These are the elements which have been commissioned since last quarter, after thirtieth September 2025. Khetri-Narela, which was a very, very critical line for power evacuation, especially green energy from Rajasthan, Ahmedabad-Lakadia and Ahmedabad-Bhiwadi have been commissioned. These two lines also were very critical, very much required for evacuation of power from Khavda area, KPS-1, KPS-2, KPS-3. The Bhadla-2 to Sikar-2, this was also one of the much-awaited transmission line. It has been commissioned. Then Banaskantha to Ahmedabad, Krishanpur to Kishtwar, Kurnool-3 to Anantapur. Anantapur also has been charged now, and once generation comes, then power will start flowing from Anantapur to Kurnool-3, then Kurnool-2, and subsequently to Nellore, Raichur, and other areas. Then 400 kV Maharani Bagh-Narela, that means Rajasthan power being generated in RE area in Rajasthan. Through Sikar-Khetri, it will be coming to Delhi through Narela, then to Maharani Bagh. So this has also been commissioned. Major transformers which have been commissioned, the 1,500 MVA ICT at Kotra, then Khavda-2, 1,500 MVA ICT. Ahmedabad, also we have commissioned one transformer of 1,500 MVA. Then three transformers of 4,500 MVA capacity at Narela substation, 1,500 MVA each capacity, so put together 4,500 MVA. Then Khavda-2, again, one more transformer of 15 MVA, ICT-6. Indore 1,500 MVA, 765 by 400 kV, and two 1,500 MVA ICT at Dausa substations. In 400 kV, at Kurnool 350 MVA, then upgradation at Bhiwadi from 315 to 400, 500 MVA for meeting requirement of Delhi. Then two ICTs at Fatehabad 300, then one at Bhuj, one at Bhachau. And two stations, Narela and Anantapur, have been commissioned since last 30th September. In operations, as usual, we are always excellent. We have been maintaining availability better than, or at least at par with the international best utilities in the world. And our reliability or annual tripping per line is also comparable or better than international best utilities, which is 0.21 trippings per line. For taking care emergencies, disasters, we have mobile substation, similar to transmission line, where we have emergency restoration system. So we have recently procured emergency restoration system for substation also. It is a mobile GIS mounted on the trailer. So wherever there is a failure because of any reason, natural disaster or maybe a normal failure also, and we are not able to restore the normal system, then this mobile GIS substation can be installed in that particular location to restore electricity immediately. So this has been procured, and we are in the process of procuring at 400 kV also, and 132 kV. So far, we have only procured 220 kV, but 132 and 400 kV have been ordered, and they will be also coming very shortly. In financials, our total income for nine months is INR 35,714 crore. EBITDA, INR 29,846 crore. Profit after tax for nine months is INR 11,382 crore. Net worth is INR 98,906 crore. Gross fixed asset, it is INR 3,04,000 crore. Our debt-equity ratio is 59 to 41. If we compare with last year, Q3 to FY 2025 to FY 2026, total income has increased from eleven thousand six hundred and nine to twelve thousand four hundred and thirty-six crores. There is increase of 7%. If we talk of nine months, revenue or income, it, it has increased from thirty-three thousand eight forty-three crores to thirty-five thousand forty-one. On a standalone basis, there is increase of 4%. After considering these expenses, depreciation, and other things, our profit after tax for Q3 has increased from INR 3,894 crore to INR 4,160 crore, which is an increase of 7% in Q3 versus Q3. If we talk of nine months, it has increased from INR 11,017 crore to INR 11,368 crore. There is an increase of 3%. On consolidated basis, income has increased from INR 11,743 crore to INR 12,599 crore. There is an increase of 7%. In nine months also, there is an increase from INR 34,869 crore to INR 35,714 crore. There is an increase of 2%. And profit after tax is an 8% increase, that is INR 3,862 crores. It has become INR 4,185 crore. In nine months, because last year we got some special income, it has, from 11,379, it has increased to 11,382, which is only nominal increase is only there. We will be telling the details why it is almost matching with the last year. There was one-time income last year. In financial performance, our gross fixed assets on a standalone basis has increased from INR 263,000 crore to INR 269,000 crore. On console basis, it has increased from INR 288,000 crore to INR 304,000 crore. Capital work in progress, it has increased from INR 29,000 crore to INR 50,000 crore work in progress. Our debt has increased from INR 1,29,000 crore to INR 1,43,000 crore, because number of projects are going on now. Our net worth, as I told that, it has increased from INR 91,000 crore to INR 98,000 crore. Earnings per share is 12.23, and now it is 12.24. The book value per share is 106.34, as against 98.51 last year. Our debt to equity ratio is 59-41 maintained. Return on net worth. It is 11.51 as against 12.42, because the net worth has increased and profit is almost same. These are some key financial information. The income from previous period, from 63, it has become 509. Interest on differential tariff, INR 95 crore as against INR 102 crore. Interest from subsidiaries and JVs, INR 802 crore as against INR 560 crore. Incentive, INR 239 crore as against INR 150 crore. And dividend from JVs, INR 22 crore. Dividend from subsidiaries, INR 347 crore. Dividend from associates-CSR expenses, INR 130 crore against INR 161 crore. FERV, INR 166 crore as against INR 238 crore. Equity in TBCB, INR 5,543 crore as against INR 4,390 crore. Equity in TBCB under construction, it has increased to INR 4,268 crore. Our short-term loan is INR 5,500 crore. These are the commercial performance, like, as against billing of INR 28,161 crore. Realization is a 103%, which is INR 29,024 crore. Lowest ever trade receivable days has reduced to 24.65 days at the end of Q3, quarter three. In telecom and consultancy, our income has increased from INR 825 crore to INR 879 crore. We have received one order worth INR 206 crore, which is a multilayer... multiyear order. 80 numbers customers have been added. Backbone availability is maintained 100%, like earlier years, and our telecom network is more than 100,000 kilometers. In consultancy, the income has increased from INR 427 crore to INR 1,173 crore. New orders, we have 5 numbers, ongoing 77. International, we have two orders from international as well as ongoing 14 numbers. We have footprints in 25 countries. In business outlook, as you know, that India is going for $10 trillion economy, then it will require rapid industrialization and urbanization. It will require EVs, it will require green hydrogen, it will require data centers. We know that by 2032, 600 GW of non-fossil fuel capacity, power capacity, is going to be added. Then 71 GW will be additional electricity demand only for green hydrogen by 2032. In energy storage, we have 47 GW BESS, that is battery-based energy storage by 2032, and pump hydro, 27 GW. It will be enabler for RE balancing and RTC supply. In global energy integration, our vision of our Honorable Prime Minister for one sun, one world, one grid, it will have a number of cross-border and international interconnections with the SAARC countries, then we will have Middle East, and many more interconnections are likely to be there in future for global energy integration. As on today, we have INR 1,45,513 crore works in hand, apart from INR 50,000 crore projects work in progress. So, we have INR 1,95,000 crore worth projects, which are to be commissioned in next three to four years. Out of which, tariff-based competitive bidding, we have won INR 1,09,000 crore. Then new regulated tariff mechanism, it is INR 23,000 crore. Ongoing RTM projects, INR 9,934 crore. And others, like data center and other pro... Projects, we have INR 2,204 crores. The FY 2026 and capitalization guidance, we commit that there will be increase from INR 28,000-INR 32,000 crores, and capitalization from INR 20,000-INR 22,000 crores. These are the major projects which we have won in financial year 2026. One is transmission system for evacuation of power from pump storage projects in Sonbhadra. It is costing about INR 3,626 crores, with tariff of INR 328 crores. Second project is inter-regional strengthening between SR and ER. It is INR 2,723 crores, with tariff of INR 311 crores. Between NR and WR, Vindhyachal Varanasi, involving a station of Prayagraj, and the cost is INR 2,368 crores, with tariff of INR 323 crores. We have one intrastate transmission project in Maharashtra. For removal of transmission constraint in Pune, it is 765 kV by 400 kV substation in Pune East. The tariff of which, which is about INR 368 crore, so cost will be somewhere about INR 3,500 crore, because NCT, because it is intrastate project, so the cost is likely to be 3,400 three thousand five hundred crore, and because it was not discussed with NCT, so NCT cost is not available in this case. Then, Davangere-Bellary, INR 1,111 crore, with tariff of INR 130 crore. Between Southern region and Western region, which is Parli-Bidar line, INR 1,007 crore, with tariff of INR 104 crore. Then, transmission system in Davangere, at INR 379 crore, with tariff of INR 42 crore. The battery energy storage, which we have won in, on Andhra Pradesh, it is for, 150 megawatt, 350 megawatt hours. It is a, sorry, TPCV project at Kalikiri, Andhra Pradesh. It is, build on operate basis, more with VGF support. Then, it is a large scale and renewable energy integration project. It shall enable on-demand power availability and enhance grid stability and reliability. The estimated cost is about INR 250 crore, and annual tariff is INR 29.52 crore. We are also aggressively participating in this BESS projects, and, there are a number of projects which are, likely to be built out for, battery energy storage, so Power Grid will be aggressively participating in those projects also. In Kenya, as you know that we have recently signed this PPP model project, transmission project, which involve transmission line from Loosuk to Lessos. It is 165 km long line, and LILO of 400 kV Loiyangalani-Suswa at Loosuk. It will have two station, one at Loosuk and second at Lessos. Project two is transmission line from 220 kV Kibos-Kakamega-Musaga line, and LILO of both circuits of 132 kV Lessos to Musaga, at Musaga New. It will have two station, one at Kakamega and one at Musaga, both of 220/132 kV. It is the first independent transmission project in Africa, and risk sharing is with multilateral development partner, which is Africa50. The estimated cost is about $311 million, and we are also working with Africa50 in other countries also for similar projects on IPP model. The challenges in project implementation, securing of land, it is a challenge, but we are getting support from all the states. Right of Way, Government of India has come out with the guidelines in the June 2024, then in March 2025, then again in December 2025. So with this guideline, we expect that ROW issues will be better to be resolved, and results are already seen on the ground, that we are able to commission a number of transmission projects. There are supply chain constraints, especially for transformers and reactors. Government of India is also considering this challenge, and we are talking with IEEMA. We are talking with the Indian manufacturers for augmenting their capacity for manufacturing. And in fact, with the transformer manufacturing facilities of foreign countries, but available in India, they are also likely to be approved by Government of India. So it will also have supply will improve, and this problem will be reduced. Then skilled manpower availability. Again, it is a challenge, where we have already opened four numbers of skill development centers at Malda, Banka, Raigarh, and Bassi, close to Jaipur. And we are developing or we are giving training to unskilled manpower, making them skilled for transmission line works. 50 batch for three months training we are giving. So at 4 locations, 200 trained fitters are getting trained in three months. So 200 into 4, almost 800 fitters are getting training each year. That difficult terrain in Rajasthan, Gujarat, then Leh-Ladakh, that area, it is definitely difficult terrain, challenges are there. Then forest and wildlife clearances, again, it is a pain point for all of us, and we are discussing with Government of India, and Government of India is supporting us in getting forest clearances also. In ESG, CSR and awards. As I told that 50% of total power consumption has been met through renewable in December 2025. It has been achieved by our rooftop solar installations across Power Grid facilities. We have 85 MW solar plant already commissioned at Nagda. Pan-India green energy initiatives reflecting green commitment company's commitment to sustainability is a strength Power Grid ESG roadmap and supports India's clean energy transition. Towards this, we have commissioned Asia's first 315 MVA ICT at Bhiwadi. It was recently commissioned at Bhiwadi. It will improve environmental performance because it is biodegradable, and fire safety will also be taken care. We have already ordered two more transformers and reactors of natural ester oil or synthetic ester oil, so that which will also be coming shortly in the Power Grid network, and they will also be commissioned. Towards reducing ROW, we have recently installed insulated cross arm in monopole, so it will help in reducing ROW from 46 meters to 31 meters. If a lattice tower of 400 kV level, it will have ROW of 46 meters, but in case of monopole with insulated cross arm, it will have 31 meter ROW. So it will reduce almost 35%-40% ROW, and it will optimize the land utilization. It will have lower environmental and social impact. In CSR, we have taken a number of initiatives like Vishram Sadan at Siddharth Nagar, then 50 bedded Vishram Sadan, then 500 solar lights and 500 hand pumps. It was handed over to the Siddharth Nagar administration in the presence of Honorable Member of Parliament, Shri Jagdambika Pal Ji. Then the ITI at Gorakhpur was inaugurated by Honorable Chief Minister of UP, Shri Yogi Adityanath Ji. Then, advanced cancer care at Homi Bhabha Cancer Hospital at New Chandigarh. This also have been handed over to Chandigarh. Then, we have got Outstanding Leadership in Asset Management Award to our Director of Operations by Institution of Engineers (India). And nineteenth Exceed Award for outstanding CSR work in rainwater harvesting and conservation award was received by Power Grid. So thank you very much. Thank you for your patient hearing. Thank you. Thank you for this wonderful presentation, and I take the liberty to say, Chairman, we now start with the next segment, which is Q&A. And I request each one of you to raise your hand, introduce yourself and the house. My team is around to get you the mic. Yes, please. Yeah. Hi, sir. Just want to check, you know, on slide 28, you gave some of those competitive bid projects. Now, when I look at the tariff and the NCT costs, doesn't look as exciting, but I'm guessing there's a lot of savings versus the NCT estimates. Could you give us a ballpark in terms of what is the average cost saving versus what NCT believes the estimates, versus what Power Grid is able to do those projects at? This is on the competitively bid projects. You gave the estimated cost as per NCT. Cost and tariff. That's right. So I just want to get a sense of, compared to that cost, typically, what is Power Grid on average, able to implement these projects at? I mean, it will be project specific, but still on average, if we could give a sense. Before sir starts, can you please introduce? Sorry, Murtuza from Kotak. Now, the whatever this, because this is NCT cost- Yeah. but the cost considered by Power Grid will be different from this cost. That's right. Based on that cost only, we have bid out this project, and we have won, and we will ensure that this project is executed within that limit. So- But typically, compared to their estimates? Sometimes it is within that. Sometimes it exceeds also. Okay. Our cost estimate will be closer to that, but sometimes it is higher than that cost. Sure. Thank you. Yes, please. ... Good afternoon. Hi, this is Shubdeep from Nuvama. Firstly, congratulations on a great set of numbers and execution for third quarter. So as you've already charted out the guidance for CapEx and capitalizations for 2026, for FY 2027 and FY 2028, can you give us your revised numbers for CapEx and capitalization? Last year, in the last meet, we have given INR 28,000 crore for FY 2026. We are increasing it to INR 32,000 crore, as I told. FY 2027, CapEx will be INR 37,000 crore, and FY 2028, it will be INR 45,000 crore. For capitalization? Capitalization, FY 2027, it will be 30,000, and FY 2028 it will be 35,000. Understood. Yes. Sorry, I'll just take in the last one. Also, in terms of the pipeline of TBCB projects that you're seeing in terms of fresh tenders, any ballpark number as to how large that number is on an annual basis? Yeah, there are about projects worth INR 55,000 crore projects are already under bidding. And there are about INR 15,000 crore projects which are approved, but yet to be up for bidding. So it becomes of almost INR 70,000 crore. And we out of INR 6,60,000 crore, the pipeline of projects up to 2032. So we have already considering this, we have the INR 3,00,000 crore projects will be already available for bidding, and balance INR 3,60,000 crore will be available for bidding, which are yet to be approved by NCT and Government of India, and which are likely to be bid out in next four years. So there will be almost, on an average, INR 90,000 crore projects each year will be bid out. So if I hear you correctly, out of INR 660,000 crore till FY 2032, INR 300,000 crore is done, another INR 360,000- Yes. Yes. 230,000 is already under execution or commission. 55,000 up for bidding. They are available for bidding. 15,000 yet to be available for bidding. Balance will be approved and subsequently available for bidding. So those will be 360,000 in 4 years, next 4 years, so that they are completed before 2032. Perfect. Understood, sir. Thank you. Yes, please. Hi, sir. This is Apoorva from IIFL. In your comments, you mentioned about company sort of getting aggressive on the battery storage. There was also a recent CERC draft proposing inclusion of storage in cost plus model. Any thoughts for this, sir, or if you can share some plans? Yeah. There is only draft paper on this, and actually, for grid reliability, now we have almost 50,000 MW RE power in grid, so which is being generated. And because this variability and intermittency of renewable energy, there will be some grid stability storage required also. So we are considering that this is the idea behind grid stability, that as a transmission element, the battery energy storage will also be part of the transmission. And if once this CERC draft document is approved or it is available, then there will be projects for battery energy storage in RTM also. So that is under discussion. Sir, how large could that quantum be? Exactly, I cannot tell, but it will be normally, it will be 10% of the total requirement. Suppose we have 50,000 MW, so normally it is 10%-15% of the total generation capacity. Understood. Sir, another question on the budget yesterday. There was a change in regime for MAT. Does it have any impact on the tax liability or treatment of tax for our SPVs? The TBCB one specifically. Yeah, yeah. Actually, all the TBCBs already are under the new tax regime only, so there is no... Already all the TBCBs are not paying MAT if there is no profit on the income tax rule. And we are following only the old tax regime for Power Grid, because we have 80IA benefits. So we will have to evaluate that, how long it will be beneficial to switch over from old tax regime to new tax regime for Power Grid. Otherwise, all other SPVs are already under the new tax regime only. And for Power Grid, anyhow, whatever you pay the taxes, it is passed through only. sir, lastly, on the CapEx- We'll have to, we'll have to restrict because others also... So maybe two questions, and then we move on. Yes, please. A little representation on the left side. I'll come to you. I'll come to you. Hi, good afternoon, sir. My question is on the supply chain challenges. I think, the government of India- Can you go a little- The Government of India is working on some Chinese relaxation. Can you just help us with the kind of supply chain relaxation you've asked from the government, and we expect? And can you just also highlight those challenges which are happening in component-wise? Sir, can you introduce yourself? I'm Mohit Kumar from ICICI Securities. Yeah. Yeah. Especially, for transformers and reactors, as a component level, as of now, there is no challenge. Only for manufacturing of, and assembly of transformer components like core, winding, bushing, there is this challenge. As per the present capacity of our transformer manufacturers, OEMs like T&R, Hitachi, Toshiba, CG, and other manufacturers, today, we have capacity of 228,000 MVA capacity, and even if we consider their augmentation in next two to three years, the capacity is only three—it will become 398,000. Whereas demand in 2026, 2027 itself, it is 421,000. So unless until the Chinese companies available in India, if relaxation by Government of India is given, then it is going to boost the transmission sector. So it should be a good move for everybody. So, one clarification, are we talking also about import? No, right. Import of transformer, import or import of- Like, already whatever components like copper, then paper, these components will be, or core. These will be coming from outside only. Today also, they are coming from outside, tomorrow also, they are coming, because all the manufacturers, they are importing these components and assembling in India. So they will continue to be imported. Understood. I think we'll have to restrict, please. Yes. Yes, please. Yeah. Hi, sir. Hi, sir. Nikhil from Bernstein. The first question is, Right of Way has been a consistent challenge for us over the last one year or so, and you highlighted it's still being a challenge. But was there a change this quarter and in January, that we could see such big an improvement in capitalization? Like in Q3 and January, yes, there was like when we talk of this change or modification in guideline in March 2025, so these guidelines were issued by Government of India. Then subsequently, they were adopted by Government of Delhi, Government of Haryana, Government of Rajasthan, Government of Gujarat. And that time took almost some state adopted in July, some state adopted in August. And finally, the orders for this MRC rate or land rate were issued by respective district collector or district magistrate in September and October. So after that, only work started happening. So that is why progress now it is increasing. So now in Q3, Q4, progress will be better. Would you say it's not a temporary change we have seen, it's a structural shift we are seeing in ROW getting much better than the last couple of years? Yes, yes. Because earlier days, there was only ROW area was considered 30%, and now it is not only 30% in rural area, in semi-urban, it is 45%, and this urban area, like Delhi or cities, it is 60% of ROW area we have to compensate for land value. And earlier, it was the circle rate to be paid, multiplied by area, now it is market rate. And methodology also has been issued by Government of India, which says that there will be three valuers, one will be by the farmer, one will be by Power Grid, and these two valuers will give the rate, market rate, and average of this will be taken as market rate. If the farmers are not agreeing to this rate, because there can be difference between farmer and Power Grid valuer rate, then there will be third valuer nominated by DM. Then rate of that will be considered for coming out with the market rate. So that procedure has been now streamlined. Perfect. Thank you, sir. Sumit Kishore from Axis Capital. So my first question is, a follow-up on what you explained to Mohit. So the whole transformer in no situation will get imported. There will have to be localization of manufacturing, and then components will get imported. Is that the right understanding? Yeah. So, Government of India is not considering importing transformer as a total item. Very clear. It is only assemblies. The way it is happening now- Happening now. It will continue to be like that. Okay, okay. So my two questions. First one is, you know, when we look at the CEA website data on physical progress of projects, so up to December, when I saw the data for progress on transmission lines for Power Grid, which was 33% of the full year target, and we saw across the categories. Similarly, for substations, it was some 56% of target. So I thought that maybe, you know, the capitalization will also be weak. But how does that work? How do we track that using the physical data on progress on the CEA website? Right. The second question is on HVDC. So we have seen that the number two player now is almost half the works in hand of Power Grid. At least they claim to be INR 750 billion. They've taken two HVDC projects. So what are the next two or three HVDC projects that are going to be awarded in the country? What is their size and timeline, if you can please cover that, and your strategy going forward? Thank you. Okay, the CEA website, yes, there was issues earlier, as I told that by Q2, our the results were not good. In Q3 also, you can see that it was only INR 12,000 crore capitalization. So as of today, we have 3,300 CKM we have already achieved. Our target, annual target is 5,500 CKM, circuit kilometer, out of which we have already achieved 3,300 circuit kilometer. In transformers, our target as given to CEA or Government of India, it is 60,000 MVA capacity. We have already achieved 42,000 MVA, and we are sure that we will be achieving almost 1,500-2,000 circuit kilometer by end of this financial year. So we will be very close to the target, which has been given by CA or government of India. And in, similarly, in transformation also, we will have, almost, 18,000-20,000 MVA capacity will be added in next two months. So we will be very close to 60,000 MVA capacity. In case of HVDC, you told that, yes, the only, there are only three manufacturers. Hitachi... Can you increase the- Hello? Hello. Yes. The Hitachi is there, then GE is there, and Siemens is there. So we have already given a project of this Khavda-Nagpur, and they are also executing this Fatehgarh to Badla project. And then, Khavda to this southern part of Adani, although it is a different TSP, it is again, it is by another GIS, sorry, HVDC supplier. So we have projects like Bikaner, Barmer II to Srikakulam, which will cost almost INR 35,000 crore project, which is already up for bidding, and OBD will be done on April 1, 2026. There are a number of more projects like Bikaner-V to Begunia, which this is also, this should be shortly approved. There is a discussion about 320 kV, 500 MW Paradip to Andaman. This is likely to be commissioned by 2031-2032. Again, it is almost INR 31,000 crore. There are some projects in the Brahmaputra Basin. It is Niglok in Arunachal Pradesh, then Namsai, Roing, Silapathar, Gogamukh, Rowta. So these are some projects which are likely to be in NER. Depending on the hydropower generation in northeastern region, the timeline will vary depending on the progress of hydro project, because hydro project time is almost, say, 8-10 years, and HVDC project is almost 4 years. So depending on the progress, these projects will be available for bidding. There is one more project which is already discussed in the NCT. It is Kurnool to Visakhapatnam. These are few projects which are, Can two LCCs get awarded this year? The two projects that you said first, one and two, can they get awarded this year? They're both LCC, right? Hopefully. Barmer II to Srikakulam, it is sure. And there should be, I think, Bikaner-V to Begunia also, it should be possible to be awarded this financial... next financial year. Next financial year? No, not this, this financial. I mean, FY27. FY 2027. Both will be in FY 27. Yes. Bikaner to Begunia is INR 300 billion or smaller? It is 8,000, 6,000 MW. Almost it will be again, INR 35,000 crore. Thank you so much, sir. Sir. Yeah. Thank you so much. Puneet from HSBC. My first question is with respect to the increase in commodity prices, how is that impacting your projects? Commodity prices means? Yeah, copper prices, aluminum, they've gone up. Is it impacting your cost estimates? Yeah, can you? So there are about the transmission lines and substations. Whatever the transmission contracts, we are awarding on a firm price only. So the metal prices are not going to impact our returns in respect to the transmission line contracts. And for substations, we have a certain PV clause in the contracts, which we are actually considered during our bidding. So I don't think we are going to be impacted much on the commodity prices variation. Understood. Secondly, and do you also see increase in repair and maintenance, contracts on your regulated business increasing in near future, or you think that's still a few years away? No, next 25 years, it's already fixed. It's... They have already given the random charges for the next 5 years. So next revision will be after 2029. So I meant capacity augmentation for your existing RTM projects. Is there a room for those projects to come in at a higher pace? Yeah, that we are already doing. We- The capacity that whatever we are increasing at all, there we are doing an add cap, which is supposed the life is over, that we are putting in the regulatory CS, and we will get the tariff on that. Okay, great. Thank you. Yes. Hi, sir. This is Girish here from Morgan Stanley. Thanks for the detailed presentation. On the construction pipeline that you have right now, I think it's about INR 143,000 crore for transmission. If you can just break up the three-, four-, five-year plan, because you've given capitalization for two years. If you can just help us with, within regulated and for non-regulated, and within non-regulated, HVDC commissioning, like next four, five years, if you can just spell out the numbers. And the second one was the market share question. In nine months, how much bidding has completely happened thus far, and, what's your order market share for this year? Shubham, can you explain? ... Yeah, market share for nine months in bidding and commissioning, capitalization, progression for the backlog right now. And if you can break that up in HVDC, non-HVDC, and regulated. On the HVDC front, as we have one project which is going on, on the TBCB, it will be for the next 3 years, 2-3 years that will be spread across the entire CapEx. And we have one RTM project also under HVDC, which was given to us by the regulator. So that will be taking about another 3 years. So, but reality also is that those are the two projects over there, which will be there in the next 3 years, the HVDC part. And most of the TBCB projects, the general TBCB projects, have a range about 2-3 years of CapEx. So whatever is there under TBCB, as what has been shown on there, that will be spread across 2-3 years. The remaining RTM projects are also on shorter duration. They will also be overlapping in a similar period, about 18-24 months, most of the projects. Any comment on the market share for the new projects won in this fiscal year? Yeah, we are having that, that we have about 50%-60%. It is there. We are getting a lot of intrastate projects also. So but then, if you look into the intrastate projects, we are maintaining our market share. Just one clarification, intrastate would be how big today in either your backlog? Backlog means? Uh, your- Orders in hand. Orders in hand, how much is intrastate right now? Intrastate has a smaller share. Intrastate is just opening, with states like Maharashtra and Karnataka opening up. We, because these intrastate projects, by and large, depends upon the states, how they are keen in trying to move ahead in these projects. So we see that intrastate will be, you know, gaining traction. And since there is significant amount of projects already under the intrastate front, we are also evaluating the risks which are associated with the intrastate projects, on basis that we are going ahead. We have, as already as our chairman has placed it, one of the largest intrastate project in the state of Maharashtra, is what we have recently been successful in it. We are awaiting the result. Like, there was, as per NEP guideline, there was a total, almost three lakh crore projects under intrastate. And, so far, only few projects have been awarded, so balance are yet to be awarded. By state like Rajasthan, we, they are talking about projects worth almost INR 60,000 crore. Similarly, Karnataka also, maybe INR 60,000-INR 70,000 crore. And other, all states, where renewable is more. So there will be number of projects, especially in intrastate. And, depending on the challenge, like, if some project in Karnataka, like in Bangalore, or in Maharashtra, like in Pune or Bombay. So depending on our book position, we will be aggressively or non-aggressively bidding for those projects. Because in being intrastate project and very difficult projects, so we will taking a call depending on the situation. Okay? Yes, please. Yes. So this is Prateek from ICICI Prudential. So, just a couple of questions. So in Q3, we saw a big jump in capitalization. So just a clarification on that. So is this more of a one-off thing in terms of quarterly run rate, or can we expect that in Q4 and going forward in H1 next year? So how do we think about it? Should we look at it on a quarterly basis, this figure will continue, or will it be more of annual completion project? Like, the capitalization depend on the project being commissioned. It depends on the size of that particular project. If it comes in, say, Q4 or Q1 or Q2, so definitely the percentage of that particular quarter will increase. Otherwise, we will be continuously commissioning the projects. I can tell you the projects, like we have Bhadla 3 to Sikar 2, Bhadla 3 to Ramgarh. We have Bhiwadi to Padghe. We have Kurnool 3 to Maheshwaram. We have Anantapur to Kadapa. We have Bhiwadi to Kala Amb, which are likely to be commissioned, completed in Q4. Then, if we talk of Q1, we will have projects like Koppal-Gadag. We will have the Koppal to Raichur. We will have Koppal to Narendra. We will have Bhiwadi-Dausa. These projects will continue, which will be commissioned in a phased manner. Yes. Percentage of each quarter will be very difficult to tell because it depends on size of the projects which will be commissioned in a particular quarter. Right. Sir, second question: so there appears to be some policy hesitation regarding HVDC projects because they are quite costly. So how do we look at this? So will it impact the CapEx guide—can it impact the CapEx guidance, let's say, from FY 2028 to 2030? And can the overall transmission CapEx outlook be impacted because of this? Like I, I told that, we have now 32,000, for FY 2026, about 37,000. We have already committed to Government of India for next, financial year, FY 2027, 37,000. FY 2028, 45,000. So, when I'm talking about 37,000 and 45,000, so definitely our HVDC projects, major expenditure will be during that period. Okay. So once it is commissioned, because this project already it has already completed one year, so the timeline is about four years. So after three years, it will be commissioned. So in after two years, the major expenditure will happen, because all equipments will start coming to India, and they will be supplied. And finally, it will be commissioned after, say, three years from now. Sure. So it will vary depending on the supply and expenditure. Sure. Okay, so thanks. Yes, please. Thank you. Yeah. Good afternoon, Dr. Tyagi, here on the right-hand side. Firstly, since it may be our last opportunity to interact with you in such a forum, many congratulations on a very illustrious career and all the contributions to the nation. So my question, I'm Namit Arora from IndGrowth Capital. So my question was: in the last 3.5-4 years, there may be a lot of initiatives that you would have taken to build on the foundation, which may not have fully borne fruit so far, but will obviously benefit the organization over the next 5-10 years. If you could give us some color on that. Thank you. Sir, indirectly, the world is dying, ki aap last time mil rahe hain. Okay. Thank you. Thank you very much. So, like, Power Grid is a company which was born in 1989, and we have started operations in 1991, 1992. So we have been taking initiatives all these years. So there is no last three years or four years, we have been taking initiatives, and it is keeping on adding value to Power Grid. So similarly, in last three years, or you could talk of any three years, so there have been addition of new initiatives, and which shall help Power Grid in achieving our CapEx and capitalization and growth of Power Grid. Like we had, in FY 2025, 2024, we had this CapEx of about INR 12,500 crore. Last year, we had INR 26,000 crore. This year, we are going to have INR 32,000 crore. Similarly, we will have capitalization also. Like, last year it was not much, but this year it will be INR 22,000 crore. Next year, again, it will increase. So the initiatives which we have taken in recent past is we have made dedicated ROW cell. So the ROW cell it is being handled from corporate office, where it is being monitored on day-to-day basis from corporate office. So, and in each region there will be a ROW cell. So they are discussing ROW issues of each and every tower, each and every transmission line. So the, the... That is helping us in a big way to take care, that management is aware that what is happening in this particular line, and immediately action is taken. Suppose there is a ROW in a particular line, then if it is brought to the knowledge of management, then immediately we discuss with the, say, Chief Secretary of that particular state or Power Secretary of Government of India, so that, so that whatever help is required at ground, immediately that is taken. And we are meeting with the Chief Ministers of various states. The Power Minister is calling or having meetings with all the states. So Government of India is also helping Power Grid in resolving ROW issues. Second is, like, transformers and reactors, we are taking in advance. Like, suppose, I know that so many projects are coming for bidding, and after 2 years or 3 years, so many transformers will be required for commissioning. So I should have those transformers in hand, so there should not be uncertainty. That project is one, but transformer is not there. So we are procuring as a bulk transformer, and each package, we are having 30 transformers, one package we are procuring, which will be requirement for maybe 2, 3 substation requirement will be taking in advance, only in one package. And such package, we are maybe 10-12 packages each year we are coming out with these packages. Then, we also have a land acquisition cell or land acquisition department, which, whenever any project is coming for bidding, so immediately, our land acquisition cell is active, and they are going to ground, and they are talking to various... And for each projects, four options will be there, three to four option, so that in case we win the project, immediately the land should be available. So that initiative is also helping us. Then, one more initiative, I can say that, the mechanization of transmission line tower erection, that now we are talking of cranes, we are talking of central cranes. So it is now reality that cranes are to be used for making transmission line towers or erecting transmission line towers. We have PortaDeck mats that are available, that even in rains or where muddy area is there or even there's mud is there, in that, those condition also we were able to work in rain, rains also. So the PortaDeck mats are being used in last 3-4 years. So then we also started monitoring. We also have the control rooms in each region, that all sites are connected through camera. Earlier, we had for operation, these control centers were used for only for monitoring of operation. Now, but now project monitoring is also being done through control center, installed by camera. We can see, even Chairman can see in his room, that what is happening in this particular project. What What is the progress yesterday? What is the progress today? If any challenges there in this particular project, so the Chairman can call that project manager on the screen, on the camera, and discuss what is happening in this particular project. So I remember only these initiatives. Thank you, thank you very much, sir. And Thank you very much, sir. I'm sorry- All the best to you and the entire team. Thank you. Super performance. Last couple of questions, and then we need to close, so please, yeah. Hi, sir. Thank you. Sharom Kapoor from Jefferies. So I just want to understand the numbers that you shared on the capitalization guidance now and going forward, it has been raised. So could you maybe help us understand what has driven this acceleration in the capitalization, and maybe quantify between RTM and TBCB, what will be the rough split in the capitalization for 2026, 2027, and 2028? And other than that, what has driven the increase in guidance? Is it, you know, are you expecting some projects which will schedule to commission later coming forward, or is it just your overall works in hand has expanded? If you could help with that, sir. Yeah. Like, if you see from the data that it is one lakh forty-five thousand, if we remove two thousand what projects for data center and other areas, it becomes one lakh forty-three thousand. So most of the projects are under TBCB only, and the ongoing RTM is hardly nine thousand, ten thousand crores. And one RTM project, which we are talking, is the Leh Pang, which is yet to be launched, basically. So in next two to three years, we will have mainly TBCB project. So I can say that 80%-90% will be TBCB, 10%-20% will be RTM. Got it, sir. Thank you so much. You are saying, like, what trigger or why, like, suddenly there is an increase in this? Because this RE projects are very critical projects which are commissioned, and we don't want that any power, RE power, green power, which is almost free, given by nature, so it should not be curtailed at any cost. So we want to focus on these projects, so that no power is curtailed in India. Got it, sir. Thank you so much. Sir, the last question, Yeah, we can close? Good. May I now request, one second. Shri Lokesh Kumar Ji, he's the Executive Director, Corporate Planning, and I must congratulate him for the fantastic presentation that his—he and his team, they put together. So nice of you, sir. Please come. Thank you, sir. Good afternoon to all. Respected Chairman and Managing Director of Power Grid, members of the Board of Directors, distinguished investors, and dear friends. On behalf of Power Grid, I express our sincere gratitude to our CMD and the Board for their insights and vision that continues to steer the organization towards sustained growth and excellence. I also extend our thanks to all investors and partners for your presence and valuable participation. Your trust and confidence in Power Grid strengthens our resolve to deliver on our commitments and pursue continued progress in the power sector. My appreciation also goes to the organizing team for their meticulous efforts in ensuring the smooth conduct of this event. Finally, I thank all attendees for your engagement and constructive feedback, which make this interaction meaningful. As Power Grid continues to expand transmission networks, adopt advanced technologies, and pursue sustainable growth, we look forward to your continued support and partnership. Thank you once again for your faith in Power Grid.