Ladies and gentlemen, good day and welcome to the Torrent Power Limited 2QFI26 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 touch-tone phone. Please note that this conference is being recorded. I now hand the conference over to Mr. Saurabh Mashruwala, Executive Director and CFO. Thank you, and over to you, sir. Thank you, sir. Thank you. Good evening to all of you, and thank you for joining Torrent Power's earnings conference Q2 FY 2026. First, I will take you through the performance of the quarter, after which one line will be open for a Q&A session. Next is the performance of the company and PBT as well first, and then we'll take you through the tax expenses separately. Reported PBT for quarter two went INR 979 crore as compared to INR 689 crore in the corresponding quarter of last year, an increase of about INR 290 crore, which is about 42% of reported business. PBT for the current quarter includes non-recurring credit of INR 31 crore on account of receipt of favorable orders in the licensed distribution business, which mainly includes the carrying cost allowances. PBT for the corresponding quarter of last year includes non-recurring credit of about INR 67 crore on account of two factors. First, account of INR 990 million on receipt of favorable orders in the distribution area, which mainly includes the carrying cost allowances partly offset by newer generations of wind power plants on account of forced stoppage of wind turbines due to heavy rains and cyclone witnessed in Gujarat in the quarter, leading to a reduced contribution of INR 320 million. Adjusted for this one-off items, PBT for the quarter two went INR 9.48 billion as compared to INR 6.22 billion in the corresponding quarter of last year, an increase of about INR 3.26 billion, which is about 52%. Business aspects contributing to the performance are as follows. First, contribution from thermal generation business increased by about INR 2.93 billion, mainly on account of better contribution from the sale of merchant power as well as LNG by about INR 3.04 billion. Second, merchant gain was partially offset by the higher O&M expenses as well as non-cash adjustment on account of foreign exchange variation of about INR 11 crore. Second, contribution under the distribution business adjusted for one-off items increased by about INR 11 crore, mainly on account of, first, improvement in cleaning losses at distribution units, partially offset by higher cleaning license distribution area. Second, additionally, contribution for the license distribution business was supported by increase in ROE and ROCE on account of capitalization of assets and higher rate of return on equity as per the new tariff regulations. Third, demand growth in distribution business went in the range of about 4%-5%. The third item is contribution from renewable generation. Adjusted for one-off items reduced by INR 20 crore, mainly on account of lower PLF from the existing wind power plant due to lower wind resources, partially offset by the contribution made by newly commissioned solar capacity of 381 MW. Balance deviation of INR 48 crore is mainly on account of, first, reduction in finance cost on back of repayment made in Q4 of FY 2025, partially offset by increase in depreciation and other maintenance expenses. This completes the explanation of the financial performance for the quarter. Moving on to the project updates. First, during the quarter, in addition to our existing renewable pipeline, subsequently, the company received LOA of 250 MW of FDRE renewable generation from our licensed distribution unit. The company secured a list of awards from NTPC Power Management Company Limited for long-term supply of power for new 1.6 GW coal-based power plant at a tariff of INR 5.83 per kWh. India's largest green hydrogen natural gas blending initiative within the city gas distribution sector was successfully commissioned during the quarter. With progressive commission of 367 MW MSDCL project, aggregate installed generation capacity of the company stood at about close to 5 GWs as of 30th September 2025, comprising of 2.7 GW gas-based capacity, about 1.9 GW renewable capacity, and 360 MW coal-based capacity. Pipeline project has at the end of the quarter included 3.6 GW renewable capacity, 3 GW pump storage capacity, 1.6 GW of coal plant, and two transmission projects at Khavda solar park. Further details of the pipeline project have been summarized in our latest investor presentation available on our website. That's all for the quarter. Now I would request coordinator to open the line for a Q&A session. Please everybody stay safe and healthy. Thank you so much. Handing over to the operators. 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 touch-tone 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. Our first question comes from the line of Mohit Kumar from ICICI Securities. Please go ahead. Hi. Good evening, sir. Thanks for the opportunity. Good evening. Yeah. My first question is, sir, of course, this quarter we have shown a robust performance. Does it, I think a part of it comes from the merchant sales under the short-term purchase estimate, which is signed in the month of March. Are you still selling in the third quarter, some part of it under this agreement, or this agreement is over now? We have supplied majorly to the portion under Q2. That we can say, majorly portion is supplied under the contract under Q2. Understood. So there is hardly anything left for the Q3, right? Maybe some portion, not material, I would say. Understood. Is it possible to provide us the breakup between merchant sales and LNG sales during the quarter? Some broad indicator, indication? LNG sale is not material, I would say. Most of the revenue comes from the contribution coming from the merchant side. Understood, sir. My last question is on this coal-based power plant, which you've run in this quarter. The capital cost seems to be on the higher side. Is it the maximum you think, or do you think you'll be able to do it at a much lower cost, maybe closer to INR 1,100 million-INR 1,200 million per MW hour and INR 1,300 million per MW? Is it a possibility? The related question is, what is the fixed cost, fixed tariff which you have bid for the power plant? Is it possible to give a breakup between the variable and fixed cost quoted in the bid? No. It's kind of a bit going on, in fact. Now, the cost of equipment has gone up, basically. This is what the cost we have budgeted as of now. It will, once we basically, this kind of a cost is going on. In terms of your second question about the variable cost and fixed cost, fixed cost is about INR 4.22 per acre, and variable cost is partial. That is what the configuration of the PPA, I would say, LOA. Understood, sir. Thank you. I'm just flexing. Thank you. Thank you. Our next question comes from the line of Sumit Kishore from Axis Capital. Please go ahead. Thanks for the opportunity. You mentioned that you have taken a 500 MW FDRE project from PPLD. What are the terms of this? How much is solar wind? Are there any other specifications that you can explain to us? It's a combination of solar, wind, and the battery. About solar, we are 50, wind, we are 150 MW, and tariff is about INR 2.87 is the tariff. Okay. Wind is 150. Yeah. Sorry? Wind is 150, you said? Yeah. Yeah. Wind is 150. Solar is about 350 MW. How much battery? Battery would be another 100 MW kind of battery would be there. 100 MW with 4 hours storage, or? It's 450 MW hour. Oh, so 4.5 hours storage. Yeah. So 112 MW of battery. Which is equivalent to 450 MW hours. Okay. Four hours. Okay. Got it. My second question is, your presentation mentions that BTG has been awarded for the coal plant. Who has it been awarded to, and at what project, at what value? We will not be able to share if it is a project with a turbine contract is awarded. Oh, so PG is awarded. Boiler is not yet awarded. No, no. BTG entire thing is awarded. BTG and balance of plant is in the discussion. BTG is awarded. Is it awarded to one of the two domestic players? Yeah. One of the two domestic players, one in the entire. Okay. Okay. The next question is, what is the CapEx in the first half of the fiscal? You had mentioned last time that significant portion of the CapEx that you plan to incur for RE, almost INR 8,000 crore, has been incurred in this year. What is the progress on RE CapEx specifically also? H1 number is license, we have incurred about close to INR 780 crore. Franchise, we are INR 100 crore kind of a thing. Transmission, we have incurred about INR 275 crore. RE, renewable CapEx will be about INR 2,500 crore we have incurred in the H1. 2,500 crore you have incurred in H1, RE? Yes. Yes, RE. What is the overall H1 CapEx that you have incurred? Consolidated level? INR 2,700 crore. 3,700? Sorry. INR 3,700 crore. INR 3,700 crore. Okay. So 3,700 total, 2,500 RE. Okay. Got it. RE. Yes. Exactly. Finally, in your opening remarks, you mentioned this. I'm not sure whether I got the number. The total increase in merchant contribution for thermal was INR 3.24 billion, you said? 300 crore, roughly. 300 crores. Yes. This is the delta on a year-on-year basis? Yes. Yes. Delta on a year-on-year compared to the last quarter? Okay. Okay. Okay. What is the total number of merchant units you sold during the quarter? About 650 MUs. 650 MUs. Okay. Thank you, sir. You may share the list. Thank you. Thank you. Our next question comes from the line of Satyadeep Jain from Ambit Capital. Please go ahead. Hi. Thank you. First question, on the NVVN tender, now that the tender is over, is it possible to share how much volume was lifted under the tender? And whatever was not lifted, do you get the entire fixed cost recovery in 3Q for that, or have you already booked some fixed cost recovery in 2Q? We are stated that we are materially supplied, basically. That is what we stated earlier in the fourth question. Sorry, sir. I didn't get it. Whatever. We have stated in the earlier answer, fourth question, that we are materially supplied under that contract. That I understood. You fulfilled the entire, there was no volume which was assured under the minimum contract and not lifted by the consumer? I thought the actual offtake was lower than the minimum offtake, right? Which is why you have some fixed cost guarantee that you recover in case the customer does not lift the entire volume. Hello? Majority contract is fulfilled. That is what we can say right now. There is no material fixed cost recovery that you anticipate in third quarter from this contract, right? Yes. Secondly, I wanted to check on the PSP project. The CapEx there also seems slightly on the higher side, INR 70 million per MW. When you look at INR 14 billion CapEx and the revenue under the contract at INR 1.68 billion, what kind of IRR would you look at on this kind of project? How can you say that it's a cost? How much megawatts are you considering? That's 2,000 MW, INR 14,000 crore, right? That's about INR 7 crore per MW. 14,000 crore is the total project cost. The capacity we are putting up is a 3 GW capacity. 2,000 MW is a tie-up. PPA we have signed off. The capacity we are putting up is 3 GW. The project cost is INR 14,000 crore. 14,000 is for 3 GWs? Yes. Exactly. Exactly. Okay. Lastly, on the wind and solar PLF, can you—I did not fully understand because everybody, including in Gujarat, we are seeing higher wind PLF this quarter year over year, and then lower solar PLF. What was unusual for you in Gujarat? Just trying to understand, was it something location specific? I think because of the extended monsoon, the PLF is a bit lower, I think, as far as wind is concerned. And solar, because of the new capacity commission, PLF is a bit higher as compared to the quarter of last year. Wind was only monsoon. That impacted maybe certain windmills in Gujarat for you, and solar was just maybe new mills, new plants. Yes. Exactly. Okay. Thank you. We saw the extended monsoon in Gujarat. Last year, we still. Of course, Diwali also, I would say. That is why that has impacted the wind resources, I would say. Okay. Thank you. Thank you. Thank you. Before we take the next question, a reminder to all the participants. You may press star and then one to ask a question. Our next question comes from the line of Atul Tiwari from JP Morgan. Please go ahead. Yes. Just one small question. So now that the NVVN tender is over, fair to assume that in third quarter and at least early part of fourth quarter, there will be no merchant sale? Or you are still selling something in the merchant? It's all dependent on the market situation. If peak demand will be there, definitely there will be a merchant sale. We cannot say right now, but it's all dependent on the market dynamics, I would say. If you can notice that the LNG price is coming down. The peak demand kind of a thing. One of those two will be the peak demand in the next six months, I would say. What is the landed cost of LNG for producing the power for you right now? If you assume that $10 is for an entity of cost, then my variable cost would be about six, variable cost. Okay. So in case merchant prices are more than that, then it makes sense for you. Yeah. Okay. Okay. Thank you. Thank you. Participants, you may press star and then one to ask a question. Our next question comes from the line of Ketan Jain from Avendus Spark. Please go ahead. Thank you. Good evening, sir. My first question is on the MP Park project. What is the expected commissioning date for this thermal plant? The first unit is about 66 months from PPA date. The second unit is 72 months from the PPA date. Okay. So that will be almost six years? Yeah. Six years from. Yeah. PPA is not just time, in fact. PPA is expected to sign in the next two months' time. From there, this timeline will start. Six months. Okay. My second question is on the renewable capacity addition. What are you targeting for second half in SI26 and then in SI27 progressively? What is the renewable capacity addition expected? About the total capacity which we have envisaged with the full year is about 500 MW-600 MW for the current year. Out of this, about 67 MW is already commissioned. That means we expect to commission in the second half. Most of the capacity from the upcoming project, except the newly won project, is going to commission next year. Next year and even next one and a half years, I would say. Okay. So all the balance portfolio capacity to come in 2027 and first half of 2028? Yeah. Yes. Yes. Next two years. One and a half to two years. Next thing now, I would say. Understood. Any target you have for FI27, sir? Really? We will try to expedite the commissioning. The commissioning date, in fact, is given in the presentation also. Understood. Understood. Okay, sir. Thank you. Those are my questions. Thank you. A reminder to all the participants. If you wish to register for a question, please press star and then one. Participants, you may press star and then one to ask a question. As there are no further questions from the participants, I now hand the conference over to Mr. Saurabh Mashruwala for closing comments. Thank you so much for joining Torrent Power's opening call. We wish everybody to stay safe and healthy. Thank you so much. Thank you. On behalf of Torrent Power Limited, that concludes this conference. Thank you for joining us, and you may now disconnect your lines. Thank you.