Ladies and gentlemen, good day and welcome to the Tata Power Q4 and full year FY 2026 earnings conference call. 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 Dr. Praveer Sinha, CEO and Managing Director of Tata Power for his opening remarks. Thank you, and over to you, sir. Good evening, everyone, and thank you for joining for this call. I have with me my colleagues, Sanjeev Churiwala, the CFO, Jinendra Patil, the Group Financial Controller, Kasturi Soundararajan, Chief – Treasury & Investor Relations, Anshul, and other colleagues from finance and corporate communication. Before I share with you some of the major highlights of the Q4 performance as of the year, let me just quickly share with you our understanding of the power sector in the last few months and as of now. We saw in the last quarter that the increase in demand was very modest of 2%. We are now seeing from April onwards that the demand has gone up by 5%-6%. The peak power also has touched 256 GW. We do expect that in next one to two months, this will cross about 270 GW. This is because of the heat wave that we see across the country, and also because of the prediction that we will have a severe impact because of El Niño. We do expect that the demand will increase both in terms of peaking requirement and energy requirement. We are already seeing in many places Mumbai has crossed 4,600, Delhi is more than 6,500. Also many other places we are finding that the demand is going up. Fortunately, in our country, our power systems are very stable. The increased demand is met mainly by our coal-based plants and hydro plants, and also, renewable solar and wind is supporting them during solar hours and wind hours. We have also seen that, for our imported coal-based plants, there has been no impact per se. There is adequate supply of coal that is coming. There is of course a small increase in the prices of coal and shipping, but those are very, very nominal increases that has been seen, in last tw months. Coming to the financial performance, I think Tata Power has posted a very strong financial and operational performance in FY 2026. This is in spite of the fact that Mundra did not operate for nine months. We have for the first time reported a full year PAT of nearly more than INR 5,000 crores. The EBITDA, which is also gone up by nearly 11% to INR 16,090 crores, because of the strong performance of our existing businesses of generation, transmission, distribution and renewables. During the quarter also, we have seen our EBITDA has jumped by nearly 10% to INR 4,216 crores, compared to INR 3,829 crores last year. PAT has gone up by 8% to INR 1,416 crores compared to INR 1,306 last year in the same quarter. This of course, has been driven by all our businesses. I had been sharing with you that our solar cell and module manufacturing plant is doing exceedingly well. We have stabilized the operations of the plant and the yields are very good. We have seen during the year the plant has delivered a PAT of INR 857 crores, which is more than double of the previous year. Similarly, rooftop solar has done exceedingly well with doubling of the installations. We have also seen not only in the quarter, but through the year, the performance has been exceedingly well with a PAT of nearly INR 500 crores, INR 499 crores. Odisha Discom has done exceedingly well. In the previous year the whole year PAT was just INR 439 crores. This year we have a PAT of INR 809 crores. In our utility scale renewable, we have been able to commission a large number of projects and in-house projects which have been commissioned have started yielding results. We do expect that the nearly 5 GW of projects which are under implementation, and these are all in-house projects, 50% of it will be completed in this financial year and the balance 50% in FY 2028. A very robust pipeline of projects and we are on top of them in terms of implementing and start generating power from all those plants in the coming two years. We did have a challenge of Mundra and because of that, we had issues about the shipping profit also. That is a thing of the past. We have now concluded the SPPA with Mundra, and we are in the process of finalizing it with all the other four states, which we expect in next four to six weeks we will complete. They are in very advanced stage of approval in these governments. We are already operating the plant under Section 11, but with the understanding that the tariff will be as per the SPPA, and that has been accounted for in our quarterly results, and going forward it will be accounted for in our operations. Our distribution business everywhere will continue to grow and we will have large capital expenditure as planned in our large utility scale projects, as also in our hydro projects in Bhutan and the pumped hydro project that we are implementing in Bhivpuri. We have informed you that we are going to start work in our new 10 GW of wafer and inverter plant in two stages. That will cater to our existing operations of cell and module plant, which will require Indian-made wafers from June 1, 2028 onwards. We do feel that all our businesses, which have now stabilized, will give very good performance in the coming quarters. On the balance sheet also, I find that our debt is at INR 56,000 crores. This is in spite of a capital expenditure of nearly INR 13,000 crores in the last financial year. Our leverage ratios are very stable. Our net debt to underlying EBITDA is 3.3, and our net debt to equity is 1.2, which is very competitive for infrastructure and power industry. We do expect that we will maintain similar discipline while going forward with our new investments in the coming years. As we have been sharing with you, we believe in growing, but the growth has to be very calibrated so that the financial discipline and the balance sheet discipline is maintained. We are committed to enhance our generation capacity, as also enhance our transmission, distribution and hydro generation facilities in the country as also in Bhutan. We will continue to perform exceedingly well in the coming quarters. With this, I will conclude my part of sharing my thoughts on the company as also on the power sector. I do look forward to hear from you and take your inputs as also take your questions and respond to them. You can please start asking the questions. 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 then 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 Sumit Kishore from Axis Capital. Please go ahead. Good evening, Dr. Sinha. You mentioned in your opening remarks that the CapEx for the financial year has been INR 130 billion. This is meaningfully below the guidance that you had given to us in November in Odisha, which was INR 250 billion. What really led to that guidance with four months remaining in the fiscal, seeing such a sharp decline? What is your guidance, realistic guidance for FY 2027, and what will it comprise in terms of the end projects? That's my first question. Sumit, I agree that our guidance was, I don't think INR 25,000 crore, but it was, I think about INR 20,000-INR 22,000 crore. We have fallen short because some of the projects that we were planning to execute in the last quarter could not happen. You know, these projects are typically relating to the large utility scale projects, solar projects or wind projects, or are the transmission line projects. Many of the places the right of way got delayed. Many of the places the transmission system was to be done by someone else under the TBCB. We were supposed to use that transmission system for evacuating. That got delayed, and you have seen there have been large number of reports of many TBCB projects, especially ISTS projects getting delayed. We are now in this quarter trying to complete some of the projects, around 600 MW of large utility scale. Similarly, in the pipeline are some of the transmission projects that we are executing as the ROW issues are getting resolved. These will not come. It's just that the phasing has got impacted. Those which we missed out in the last year, we will complete all them, all of them in this financial year. That's why now our target of yearly investment continues to be the same. There may be certain deferment by a quarter or two, but otherwise we are very much on track. Sure. I was referring to the slide in your Bhubaneswar presentation, which shows INR 25,000 crores of CapEx. The second question is on the Delhi distribution business, where, you know, in the last two quarters, there have been regulatory favorable prior period regulatory orders. The quantum was INR 4.6 billion in Q3. It was INR 3.2 billion in Q4 at the EBITDA level. And the profit level, in positive impacts have also been shown. Can you know, can Mr. Sanjeev sort of clarify what is the entire benefit that you have taken because of prior period regulatory orders at EBITDA and profit level in FY 2026 and FY 2025? How much is expected, you know, or, it is very difficult to predict, but what sort of claims do you think are rightfully yours which are yet to materialize? Because these are meaningful deltas in the quarterly results. Let us say for, FY 2027, you know, is there any expectation that we should have or we should budget for a decline in reported numbers for Delhi Distribution? Yeah. I think what you're saying is relevant, but is little context to that. The good part is whenever you see the regulatory upside, those are pertaining to matters in a few years back. You know, either those regulatory approvals were denied or deferred. As a result, you know, we're very happy that many of those past regulatory clearances are now coming in. This is not the first time that we are getting these clearances. This happens every year. In fact, if you look at FY 2025, we had about INR 333 crore of regulatory, you know, approvals coming in. This year, as you rightly picked up, INR 783 crore is reflected. Next year too, we will have something, to quantify at this stage it might be very, very difficult because there are a pipeline of regulatory assets that we're kind of contesting and discussing. You know, as you're aware, it's very difficult to predict an outcome, you know, on a regulatory settlement or regulatory clearances. Yes, we would expect some amount to materialize. Whether that is low or higher sitting today is very difficult, my sense is as and when every quarter passes on, we should be able to give you a better understanding on that. Sure. Just one last bookkeeping question. What is the IPP RE capacity that you expect to add in FY 2027? What will be the phasing of that capacity? Would it be right to expect that for the solar component therein, the module and cell would be supplied from Tata Power's own manufacturing unit? Yes. That's it. The second question is very clear forward. That's the whole purpose why we have put up the cell and module manufacturing. I think that we are kind of quite integrated that we are able to have the entire lineup of cells, modules, locked in for all the pipeline. As you can see, we have about 5 GW of pipeline as we speak, and a lot of things will start materializing this time around from quarter one onward. From a CapEx phasing point of view, I think we'll see in the current year a lot of consistency coming in. Sumit, last year we did a huge amount of third-party projects. Yes. This year we don't have third party. Everything that we will do will be now. The last year we did about 2,500 MW of total project implementation. You can imagine that 2,500 will be virtually internal that we will carry out and maybe little more than that. If you deliver, for instance, 2 GW of solar projects, then the requirement of module cell will be 2 into 1.4, the multiplying factor. About 2.8 out of your capacity will go into, in this example, it will go into your own capacity addition. Is that the right understanding? Absolutely. Then we have rooftop. Whatever we are going to manufacture, we are virtually going to meet our own requirements. Yeah. Sure. The intra-segment elimination should basically reflect that in FY 2027. Yes. Yes. Thank you. Those eliminations are largely around the RPT compliance in terms of the margins, but are very, very consistent, so that should not be posing a problem for you to kind of do your modeling as well. I think you kind of alluded to the 2 GW of commissioning next year, which is kind of a ballpark number that we are also looking at. If everything goes well, maybe it could be slightly higher than that. Everything is not solar. Solar and wind combined. Yeah. Yeah. Solar and wind combined is there. Solar would be about 1.5 to 1.8. It will not be 2.5. Got it. Yeah. Thank you so much, and thanks for the wonderful disclosures. Thank you once again. Thank you. Ladies and gentlemen, in order to ensure that the management is able to address questions from all the participants in the conference, please limit yourselves to two questions each per participant, and you may rejoin the queue for any follow-up questions. Your next question comes from the line of Puneet Gulati from HSBC. Please go ahead. Yeah, thank you so much. You know, congrats on good performance. My first question is on WESCO. You know, you've been giving phenomenal performance, you know, year after year. Do you still see room for more efficiencies or should we sort of pencil in future growth more from regulated equity growth only? You will get to see much better than this in the next financial year. I think next financial year possibly will be the best year for Odisha Discom because many of the initiatives that we had taken in last few years have started showing results. Some of the initiatives were taken last year and the impact of it you will see in this year. I think Odisha performance next year should possibly peak in terms of the type of results you. Okay. That's very interesting. Second is on the hydro side. You started taking, you know, large exposures to hydro now. Is the PPA already in place or would you be looking to sign PPA in some time? It is in advanced stage of approval. As you know that, when the PPA is agreed, it has to go through a regulatory approval process. That process is under final stages. We do expect next few months that approval will come in. Understood. Last, if you can comment on the regulatory asset wind down in Delhi Discom. Supreme Court had indicated an intention to wind this down. Any progress there? Yeah. The Supreme Court and APTEL are monitoring that, and the regulatory commission has promised that this will be amortized over six years up to 2032. We are closely monitoring that. They have already given an affidavit under which they will amortize it, and we expect that it will get implemented as per the affidavit that they have provided. Understood. That's very helpful. Thank you so much and all the best. Thank you. The next question comes from the line of Apoorva Bahadur from IIFL Capital. Please go ahead. Thank you. Thank you for the opportunity, sir. Can you provide some color on the Gujarat SPPA? What is the agreement over there? If you are sharing any profitability on coal, what's the quantum? Gujarat SPPA details we have already shared. Since it is also under discussion with the other four procurers, the more details finally what is agreed, we'll share once everyone signs on the dotted line. Okay, sir. In your disclosure for renewable business, we see that the PLF for solar is lower due to lower resource availability, and also there's a comment on curtailment. Can you quantify the impact of curtailment in FY 2026 and your expectation in FY 2027? The curtailment are happening in few places. That also is not on a continuous basis, so very difficult for us to say that how much of curtailment will happen. Also, some of the lines have been commissioned, so it is not that there is full curtailment. In some cases, at least 60% they have allowed to evacuate. In some places they have allowed 80%. In some places it is a 20%-25%. It's a moving target which is there. We continue to work with the transmission companies and CTU to ensure that the curtailment is reduced and we are able to evacuate all the power. In cases where we have the GNA and curtailment takes place, there of course we are reimbursed, the cost on the supply base. Sir, for next year, the FY 2027, the targets we have for adding solar capacity, do we have, permanent GNA for all those substations or some of it is still on temporary GNA? No. Now we are being extra careful, and that is why, some of our CapEx, which we had planned last year, got deferred because we do not want to set up the plant and be on temporary GNA. We have been very cautious now, and we are only commissioning or completing the project if we have certainty on the transmission line and the permanent [GA] happening. That action has been taken now. Makes sense, sir. Sir, lastly, if you can provide some color on the Indonesian coal prices, especially after the West Asian war. The index is backward-looking. What's your take over there, how the prices should move this year? As well as there was some news flow around potential tax imposition by the Indonesian Government on coal mining. If we can have some view on that as well, it'll be very helpful. One is on the coal prices. There has not been too much of movement, we expect that prices will be within plus minus 5% in that range. We're not expecting too much of deviation. The second is that we are hearing that there will be some more taxes that will be imposed. On export of coal, this has been under discussion for last many months. Let's see what eventually gets decided. We have shared some details on the thermal coal prices, also including Indonesian coal prices in slide 24 of the analyst presentation which is uploaded. You can have a look at that if you want. It's virtually flat for Indonesian coal. Sure, sure. Lastly, I mean, if I may just squeeze in one more. In your cash flow statement, there's an item of movement and balance related to service concession agreement. What is this regarding? Because we see it has been a drag on cash flow for this year. CapEx related to SCA arrangement, TBCB project. CapEx related to TBCB project. It is there in the working limit. It's a drag because the revenues have not been recognized. It is related to CapEx spent on our service concessional arrangement. It's 1x of CapEx only, which is shown in the CapEx in the investor presentation. Okay. Okay. Ideally it should be added to CapEx. Understood. This is a separate topic on that. Apoorva, sir, you have any further questions? No, I am good. Thank you. I'll get back in the queue. Thank you. The next question comes from the line of Ketan Jain from Avendus Spark. Please go ahead. Thank you. Thank you for the opportunity, sir. My first question is on the Mundra plant. Is the entire plant operating under the supplementary PPA terms or is it only the Gujarat part? Is the rest operating under Section 11? The full plant is operating all the five units. The Section 11 is to facilitate the operation of the plant and give time to the procurers to get their necessary approval. The billing that is being done is being done as per the SPPA, as per the overall understanding that has been reached with them as well as with Ministry of Power. Understood. My next question is on the key growth drivers. Which segments do you see to contribute most in the coming next two years for EBITDA growth? Key growth drivers for the For the next two years. Next two years. I have explained to you all these businesses will give good profit and good returns, generation, transmission, distribution, renewable manufacturing, rooftop, utility scale. Each of these businesses are doing very good. We had a drag on Mundra that also is behind us, so you will see excellent performance going forward. Understood. That's it for now. I'll get back to the queue, sir. Thank you. Thank you. Your next question comes from the line of Satyadeep Jain from Ambit Capital. Please go ahead. Hi. Thank you. Thank you. Sir, first question on the supplementary PPA and the coal mines. In the past, I think we were meant to understand that once you sign the supplementary PPA then maybe you look to monetize the coal assets. Is that thought process still intact? Let's say if you sign the supplementary PPAs in the next few months with other states, would you look to start the sale process sometime this year? Just trying to understand where you are on that coal monetization. It also depends on what sort of opportunity is there, what sort of valuation we'll get. If the coal market is good and we get a good valuation, we can always look at that. It's little premature. Let us first sign with everyone and then see how the market is there. At the right time we'll take the decision which is benefiting us. Okay, fair enough. On the sir, just a clarification on the RE captive use of modules and cells that you mentioned. As per the order, any new tender after first September, the developers have to use domestic cell. There is no mandate before that. Given the tariffs that you bid for don't reflect that domestic cell requirement, why would you look to use domestic cell in your FY 2027 commissioning? Given I believe this year you would be commissioning projects that were awarded before September 25. I'm just trying to understand there. Secondly would be solar rooftop. You executed 1.7 GW, which means almost 20% market share. Is that something you are looking at in terms of FY 2027 also? That market share has remained intact despite competition. I'm just trying to understand what is the opportunity you're looking at next year and what's the market share you're targeting? We are definitely looking to enhance our market share, and our target is that in next three years we will do 20%-20%. And having said that, we expect our rooftop business, you have seen, last year it has grown by 100%. And I definitely expect in this year also, it will grow substantially more than what is expected from the market at this time. I do expect that in the FY 2027, the rooftop market, the rooftop business will grow, if not by a 100%, at least by 50%-60%. You will see exceedingly good performance from rooftop business going forward. I also expect that most of our rooftop, and you know that for rooftop, if you have to get the government subsidy, then it has to use Indian-made cell and module. That will be catered from our existing manufacturing plant. Also, in going forward, effective June 1, 2026, you have to use only Indian-made cell. Many of the projects are not grandfathered, so some of the projects which will get implemented in FY 2027 will require Indian-made cells and modules. I think our manufacturing plant is very well positioned to cater to large utility scale as well as to rooftop solar. Okay. Thank you so much. Thank you. Thank you. The next question comes from the line of Atul Tiwari from J.P. Morgan. Please go ahead. Yeah. Sir, I missed the FY CapEx guidance. Can you please repeat it? FY 2027 CapEx. In the same range, it's about INR 25,000 crores. That is what we are expecting. As I mentioned to you, those projects which we missed out last year, we'll ensure that those get completed in this financial year. These are range of projects. These are not just large utility scale, but it is also including the distribution projects and the transmission projects and the hydro projects we are working on. Okay, sir. Thank you. Thank you. The next question comes from the line of Mohit Kumar from ICICI Securities. Please go ahead. Good evening, and thanks for the opportunity. My first question on the note number 5 of the consolidated P&L. There is an amount we mention of INR 250 crore deferred tax asset. Can you clarify whether we need to adjust or increase the taxes by INR 250 crore to arrive at the profit for the quarter? As you're aware, this is a deferred tax non-cash. Basically, given our future profitability projections, I think I have to give you some genesis as to where this is coming from. We had, of course, lot of carry forward losses. Of course, when you look at the standalone books, everything has to be adjusted against the standalone books to fully recognize this. We have better visibility of profits in the subsequent years now, and we feel those some of the carry forward losses can now be utilized within the time frame. As such, from a statutory purposes, we have to recognize the deferred tax in the books, which we have done in quarter four now. This has impacted our consolidated profit also, right? Consolidated profit positively. Yes. Yes, of course. Understood. Of course. My second question is the Tata Projects. It was making losses prior to FY 2024, I guess. 2024 was the first year, I think, where we have started making profit. FY 2026 again, I think they lost. FY 2025, they lost. FY 2026 again, they lost. What is the outlook on the same for as we enter [FY 2027] or FY 2028? Do you think the losses will get restricted now? What has happened in Tata Projects is they had legacy projects such as the Dedicated Freight Corridor project from the refinery project in Barmer and some other projects which are there. Fortunately, all those projects have now been completed, and very little of it is left. And we expect that those legacy projects impact will be very minimal going forward. The subsequent projects that Tata Projects have got have good margins. And I do expect that in FY 2027, it will be in black, and it will start making profit from FY 2027 onwards. One more question, if I can squeeze in. We haven't seen accretion to under development RE portfolio for a long time. How are you thinking about bidding for new assets for renewables, given the, of course, the structural headwinds right now? Do you still want to remain the pause, or do you think we can start adding to the portfolio from FY 2027 onwards? Yeah. As we mentioned to you that many of the places there were two challenges. One was the transmission lines have got delayed, and there's no point in taking a project and not able to implement it because the transmission system or the power evacuation system is not ready. Secondly, we have now come up with unique solutions where we can offer renewable projects along with storage projects, the pumped hydro projects. Going forward, we are looking for that sort of arrangement. These type of arrangements are not only with utilities, but also with large C&I customers, steel companies. We are in discussions with Tata Steel and some of the other large data centers which are coming up. We do expect that going forward, we will not do pure solar or pure wind, but it will be hybrid with storage. Those will be much attractive in terms of the returns compared to the type of projects which have been bid out in last two years. Understood. Thank you. Thank you. The next question comes from the line of Vishal from PL Capital. Please go ahead. Yes, sir. Hi. In terms of commissioning, I think you have mentioned we'll be adding 2.5 GW this year and 2.5 similar number next year. Further like, you know, 1.5 GW-1.7 GW is solar. If I look at the pipeline, then solar number is pretty small, like -600 MW only. Is this I mean, like, are we adding FDRE or complex FDRE? I think, if you can give color or maybe a breakup of 2.5 between these. Those details are there. In which slide it is there? Seven. 77.. 77. In slide 7 we have given the breakup. Those are the type of projects that you would see, which will be a combination of solar and wind. I agree that there are large number of wind projects which are there. For that, we have already tied up all the wind turbines which have to go, and we are going to implement all those wind projects apart from the solar projects. These are all hybrid projects. These are not standalone solar or standalone wind, but these are all part of the hybrid FDRE projects that we are referring to. In case you are only referring to this. Okay. You're looking at pure solar, you have to also look at FDRE and hybrid. They will also have component of solar as well. Okay. Okay. Is it fair to say that a large part of maybe like 1.6, 1.7 GW will be FDRE in this commissioning? This will be a combination of all of this, but larger chunk would be towards hybrid and FDREs. Okay. Okay. Got it. In terms of commissioning, I think last year, for our business we have added 1 odd GW, and now we are seeing like, you know, probably a pickup for us. I mean, is it fair to say probably the issues on transmission and other infra related issues that are kind of behind us and probably things are much better? Not everything is behind us, but yes, some of the areas where it had got delayed, they are now coming up. Those projects are coming up and we should be in a position to match our project implementation with the power evacuation timeline. Okay. Maybe one last thing. Anything that we can share that we are doing at Tata Power for nuclear as such, and anything that you're seeing, any traction that is happening on the ground? That's my last question, sir. On nuclear, we have shared with you that we have working with three state governments. We have identified the land. We have also taken up for water allocation, for which necessary approvals have been given to us and some are in pipeline. We are also carrying out detailed geotechnical studies of each of these. Nuclear plants require different types of geotechnical studies. Those are under progress. We are now doing detailed DPR of projects to be set up, and this will be done in collaboration with NPCIL. These are small modular 2 x 220 MW plants. We do expect that some of them, especially some of the states, we will be able to do a proper DPR in the next six months' time. We are also parallelly working on some of the other aspects which needs to be finalized with the Nuclear Power Corporation. Quite detailed discussions, but it will take some more time for us to finalize the arrangement. Okay. Okay. When you say, I mean, DPR, probably in terms of megawatt and all, it's still not, it's still kind of WIP as of now, that is. I told you 2* 220 MW, 440 MW. Okay, that is Okay. Okay, fine. Yeah, I think, thanks and, for answering all the questions. Thank you. Thank you. The next question comes from the line of Nikhil Nigania from Bernstein. Please go ahead. Hi. Thank you. I have just one question. I know the company has taken a stance to not add any new coal-based generation capacity. Wanted to check if there is any change in that view, given so many states are coming up with coal-fired power plant tenders. We are examining that. If there is a good opportunity and we find that the tariffs is attractive and it's a bankable PPA, we'll definitely look at those. Got it. Understood. If I may ask just one more question. I think in an earlier question on the use of domestic, the cells you are producing, I understand the use for the rooftop solar segment. On the utility scale side, most of your tenders are pre the 2025 days, ideally they should not be needing DCR cells. Anything I'm missing there? Sir, I think some of them do require a domestic, so we are working on that, because they will bid under those conditions that you will be using domestic cell and module. Out of the projects that we have, we find that majority are with domestic cell and module. Okay. Understood. Thank you. Those are my questions. Thank you. Your next question comes from the line of Rajesh Majumdar from 360 ONE Capital. Please go ahead. Yeah. Good evening, sir, and thanks for the opportunity. I had a couple of questions. On your slide 7, the current operational capacity is 16.7 GW, and including pipeline is 26.3, which means an addition of 10 GW. Is this the FY 2030 figure, 26.3, or how should we take this figure? That was the first question. This would be, I would say. Current pipeline which will go ahead. Yeah. This is the current pipeline. This includes the 2,800 MW pumped hydro at Shirawta, where the work will start in this financial year. All the existing, that means the Bhutan Hydro, 600 plus 1,125, where we have already signed the financing arrangement with World Bank. This takes care of all. Some of them will come up in 2031, 2032. That is the 1,125 Bhutan project will come in that year. Some will come in 2030, 2031. Of course, all the solar and wind projects will come by 2030. Your CapEx figure of INR 25,000 crores, if we take an addition of 2 GW per annum, then the CapEx is roughly about, say, on the higher side, maybe INR 12,000-INR 15,000 crores. Does this mean that INR 10,000 crores of regulated CapEx will happen in FY 2027? I think it's not about regulated CapEx, but a combination of all the CapExes that Dr. Sinha spoke about. If that 0.5 GW of pure only solar and wind, that, as you rightly said, that could be INR 15,000. You have CapEx coming up in pump storages, CapEx coming up in pure hydro. Yeah, a combination of all of this. In transmission as well. in transmission as well. I think a combination of all of this, next year is INR 25,000 crore. Our sense is probably going forward also. We'll have a similar kind of capital outlay. For FY 2028 as well, you are saying? Yeah. Okay. My last question is, we have signed the SPPA with Gujarat, of course. Now if by the, there is an export duty or royalty which comes from Indonesia, then how does that work with the SPPA, and how does it impact the negotiations with the other states going forward? Coal cost is a pass-through, whatever is the cost of coal, will be paid for. That's the type of arrangement that we have. Including a major royalty change? When it is a coal cost, FOB cost, it has to be passed through, whatever is included in that. Got it. Thank you. Thank you. The next question comes from the line of Anuj Upadhyay from Investec. Please go ahead. Yeah. Hi, sir. Thanks for the opportunity. Sir, need 1 clarification on how should we read slide 7 and slide 32 together. Because slide 7, where we have highlighted 5 GW of renewable capacity, of which I guess 1 GW is a combination of plain wind and solar capacity, whereas we have 4 GW, a combination of, I guess, 2.5 of FDRE and rest, the hybrid project and the RTC. If I see your FY 2032 slide, where we have highlighted the timeline of the FDRE and hybrid wind getting commissioned, the contracted capacity comes only to the tune of 1,200 MW. Does the [5000 MW] of renewable capacity is the actual installed capacity or the contracted installed capacity? You know, to the prior question, you have mentioned that we'll be adding 2.5 GW each of IPP projects. Is this the contracted 2.5 or the actual capacity? This is the installed capacity. Contracted. Contracted. Contracted for [FDRE and IPP]. Total installed capacity. Installed capacity is given in the slide 32. Installed capacity is there on the third row. Sorry. On slide 32, Anuj, we have given the installed capacity, and the heading gives the contracted capacity. Contracted will be lower than the installed. When we give the guidance, we give it on the installed capacity. Exactly. Anshul, when you know, well, we have mentioned that 4 GW of hybrid and FDRE, does that translate to around 1,200 MW of contracted capacity? Is my understanding correct, or we are, there are few more capacity for which the details are not here because, the PP or the approval are yet to be received? You are right. By and large, the involved, that is what is related. Okay. Okay. My second question belongs to your Odisha project. You know, again, to a prior question you mentioned that next year probably we'll be peaking out in terms of the performance. Apart from northern circle, I believe, you know, other areas still hovers in the range of 18% kind of an AT&C. What kind of loss reduction trajectory we can assume for the other 3 circles? To what level it can go. I mean, like, North Odisha is already at around 10%, whereas others are already at 18%. To what level we can expect the loss to further go down and by what timelines, sir? Well, sir, there is a trajectory that has been agreed with the Odisha regulator. Based on that, we do expect that all of them will come in 12%-13% range in the next four to five years. You can expect that we will reduce about 2% every year. That sort of reduction will be a ballpark number. Okay. You mentioned around four to five years, right, sir? Yeah. Okay. Okay. Thank you, sir. That's it from my end. Thanks for the opportunity. Thank you. The next follow-up question comes from the line of Apoorva Bahadur from IIFL Capital. Please go ahead. Thank you. Sir, I had a bookkeeping question. In your Q4 profitability for IEL, we see an increase of almost INR 63 crores, and then similarly for Mumbai Transmission as well of around INR 50 crores. Given the nature, regulatory nature of these businesses, is it safe to assume that there was a significant asset capitalization or are there any one-offs? This is more the deferred tax part, right? One of the plants got commissioned. Okay. It's an asset which has been added because of that. In IEL? Yeah. In the transmission. Okay. Deferred tax. This increase is recurring for transmission business? No, no. That depends upon the asset capitalization timing and the deferred tax that is created because of that. Yeah, I think it's not a yearly phenomenon, depends upon the asset capitalization and the profitability of that particular plant. Okay. Same thing in IEL as well? IEL. I'm talking about IEL. Okay. Okay. Mumbai Transmission? It's based on CapEx only. Yeah, that is also CapEx. That is based on CapEx, pure CapEx. It is recurring. Okay. Thank you so much. Mumbai Transmission adds every year INR 1,000 crore of CapEx. On a 70-30, you will have a return on equity on 30%. That's what you need to consider, plus certain O&M benefits as well. Very clear, sir. Thank you. 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, everyone. If you have any other questions, please connect with Kasturi and Anshul, and we'll be more than happy to respond to them. If you have any suggestions on improving the quality of presentation or any more details are required, please reach out. We'll try to make it more analyst-friendly in terms of giving you more information and data. Thank you. Thank you to all of you, and take care. Thank you. On behalf of Tata Power, that concludes this conference. Thank you everyone for joining us, and you may now disconnect your line.