Good evening, everyone. Thank you all for joining us today, and I am hopeful that I am audible to all of you and very clear. Coming to the results. Quarter 2 FY 2027 was a landmark quarter for Vedanta Power, with the business delivering record quarterly revenue and EBITDA, supported by stronger volumes, improved operating performance, and continued progress across our portfolios. Revenue for the quarter increased 38% year-over-year to INR 2,908 crore, while EBITDA more than doubled to a record INR 421 crore, an increase of 152% in EBITDA year-over-year basis. Profit after tax before exceptional items improved to INR 201 crore. Operationally, we sold 5,593 million units, which was 26% up on year-over-year basis. The improvement was broad-based across our operating portfolio. At Talwandi Sabo, power generation reached 2,945 million units during the quarter. The plant also continued to create value from byproducts, with ash revenue increasing from INR 1.6 crore in Quarter 2 FY 2026 to INR 8.7 crore in Quarter 2 FY 2027. At Jharsuguda, plant availability reached 98%, compared to 48% in the same quarter last year. The plant delivered its highest-ever quarterly EBITDA of INR 478 crore, which included recovery of INR 58 crore of legacy ash disposal cost following a favorable OERC judgment. Meenakshi Energy continued its strong ramp-up. Plant achieved its highest-ever quarterly sales of 1,470 million units, up 112% on year-over-year basis, and delivered EBITDA of INR 101 crore, compared with INR 28 crore in Quarter 2 last year. Importantly, domestic coal constituted 87% of coal consumption during the quarter. The transition towards domestic coal in Meenakshi remained an important lever and helped us save INR 127 crore as compared to imported coal, if you could exclude that. We also achieved an important milestone at Sakti, with Unit 1 now successfully synchronized on grid on 25th of October 2026. This following the completion of the restoration program by teams on ground, which restores a significant operating asset to the portfolio. At Unit 2, overall project progress stood at 70% at the end of Quarter 2, with planned startup of Unit 2 by Quarter 4 FY 2027, the commissioning activities will start. Fuel security remains one of our key priorities. Across Vedanta Power, approximately 85% of coal requirement is secured through long-term linkages, which provides stability to the business outcome. Our focus remains on maximizing linked coal, diversifying domestic sources, and reducing dependence completely on imported coal in this year. On power sales, our portfolio remains predominantly contracted. Approximately 74% of our capacity is tied up through long-term PPA across our portfolio, and our strategic focus is on securing 85%-90% of the capacity on the long term or medium-term PPA, while retaining flexibility to participate in short-term market, which is very favorable looking at the shortage across India. On ESG and community, which remains core to our operations, our specific freshwater consumption stood at 1.64 meter cube per megawatt hour, which is one of the lowest across the industry. Local procurement reached 53%, and local employment stood at 76%. During H1 FY 2027, our CSR program reached to 48,331 beneficiaries across sectors of healthcare, livelihood, education, integrated village development, community infrastructure, and skill development. Looking ahead, our priorities are clear. Stabilize and ramp up Unit 1 at Sakti Thermal Plant. Commission Sakti Unit 2. Strengthen Meenakshi domestic coal security and convert Meenakshi into 100% domestic coal usage. Improve plant availability and maintain discipline around contracting, cost, and capital allocation. At the same time, we continue to evaluate the long-term growth opportunity for Vedanta Power. India's growing electricity requirement and increasing requirement for reliable baseload power provides a strong structural backdrop for efficient thermal generation. Our approach to growth will remain disciplined, linked to secure fuel, long-term off-take, and acceptable returns. With a stronger operating portfolio, improving fuel security, and return of the Sakti back into operation, we believe Vedanta Power is well-positioned to build on the momentum achieved during the quarter and deliver sustainable long-term value for our stakeholders. Thank you. I will now hand over to our CFO, Mr. Pankaj Jha, to take you through the financial performance in greater detail. Thank you, Omkantji, and good evening, everyone. As highlighted by the CEO, Q2 FY 2027 was a strong quarter financially, with improvement across revenue, EBITDA, underlying profitability, and leverage. Let me begin with the income statement. Revenue from operations increased 38% YOY to INR 2,908 crore compared with INR 2,104 crore in quarter two FY 2026. This was supported by a 26% increase in sales volume to 5,593 million units, improvement in NSR to INR 5.2 per kilowatt hour from INR 4.7 in the corresponding quarter last year. EBITDA increased 122% YOY to INR 421 crore, compared with INR 192 crore in Q2 FY 2026, and was also 45% higher sequentially compared with INR 291 crore in Q1. The year-on-year EBITDA improvement was supported by higher volumes, better NSR, improved operating performance across the portfolio. An important contributor was Meenakshi, which generated INR 101 crore of EBITDA during the quarter. The increasing share of domestic coal is an important part of our effort to make this performance structurally more sustainable. Below EBITDA, finance cost was INR 200 crore for the quarter, compared with INR 172 crore in Q2 FY 2026. The increase is due to capitalization at Sakti and Meenakshi. Consequently, PAT before exceptional items improved to INR 101 crore compared with a loss of INR 142 crore in Q2 FY 2026. Exceptional items net of tax were INR 18 crore during the quarter, resulting in reported PAT of INR 83 crore. This translated into our first positive quarterly EPS of INR 0.21 per share. Turning to the balance sheet, our focus on deleveraging and liquidity remains unchanged. Our balance sheet and liquidity remains strong with cash and cash equivalents at INR 1,063 crore and net debt reducing to INR 7,444 crore from INR 7,704 crore a quarter ago. Our net debt to EBITDA ratio improved materially to 4.47 times from 9.82 times a year ago. Our credit profile also remains strong with ICRA and CRISIL rating of AA- with stable outlook. At the half year end, revenue increased 35% YOY to INR 5,515 crore, while EBITDA increased 13% to INR 712 crore. Meenakshi sold 2,820 million units in H1 and delivered stellar half-yearly EBITDA of INR 213 crore. PAT before exceptional items improved to INR 22 crore compared with a loss of INR 54 crore in H1 FY 2026. Our priorities for the second half are straightforward. Convert the operational recovery into sustainable cash earnings, maintain discipline over working capital and manage costs, continue reducing leverage, and ensure that growth capital is deployed against projects with secure off-take and appropriate returns. With the improvement in our operating portfolio, strengthening balance sheet and the return of Sakti Unit 1, we enter the second half of FY 2027 from a stronger position. With that, I am handing over to operators for any questions. Thank you very much. Ladies and gentlemen, we will now begin the question and answer session. Anyone who wishes to ask a question may press star and 1 on the touchtone telephone. If you wish to remove yourself from the question queue, you may press star and 2. Participants are requested to use handles while asking a question. Ladies and gentlemen, we will wait for a moment while the question queue assembles. Participants to ask questions, please press star and 1 now. The first question is from the line of Kirtan Dumba from BU Capital. Please go ahead. Hello. Yes. Good evening. Good evening, sir. Congratulations on the spectacular numbers. I had a couple of questions. First was, for a brownfield expansion, if you get coal linkage from Coal India, what is this cost likely to be for the incremental capacity that we set up in terms of cost per unit on variable cost and total cost basis? Kirtan, basically, this brownfield expansion, we are planning to bring somewhere near the pit head and the incremental cost from the Coal India, because the SHAKTI scheme is there for the IPP units. So we are expecting in the range of INR 0.80 per GCV, which translates to around INR 2 per unit, and the variable cost will be another INR 0.50. So INR 2.5 is the expected COP we can expect from that brownfield expansion company. Okay. What sort of market price would we need to ensure that we make a reasonable return on equity for this expansion? If you see the recent tenders in the market of DBFOO, all are ready at a price of 6 or a bit higher than that. Down the line, 4 years or 5 years, we believe that 6 will be your base average for the pricing. Anything above 6, we will be at a comfortable ROE and a payback of less than 6 years. Okay. Thank you. Second one, sir, what is the status of this expansion, and by when do we expect to get approvals to initiate CapEx? Basically, like we have always said, it is our aspiration to go up to 13 gigawatts. We are still under the discussion and identification of the land. Matter will be discussed in the board and an appropriate announcement will be made in the correct time. Okay. So right now it is discussion under board only. Yes. Okay. My last question was, for the incremental greenfield expansion, what will unit economics be like? What sort of CapEx per megawatt do we expect, and what sort of ROE or payback period do we expect for this expansion? Actually, if you look at our expansion plan, we have always said that our first focus of expansion is on brownfield at our available lands at our existing sites. So once we exhaust that, then only we will think about the greenfield. I think our presentation has very well captured earlier that Sakti is the first priority, which is near to pit head, and then we have land available at Meenakshi, Talwandi Sabo and other locations, and then we will accordingly take up. Okay. In general, sir, are we likely to go in the direction of long-term power purchase agreement or are we choosing to be a merchant power producer? We are definitely participating in all the DBFOO tenders which are up in the market. We are one of the shortlisted contestants in U.P. tender. We are definitely looking DBFOO as one of the pillar of our growth. Second pillar remains merchant power. It will be mix of both. Okay. Thank you. Thank you very much, sir. That's all from me, sir. Thank you. Next question is from the line of Aniket Mittal from SBI Mutual Fund. Please go ahead. Yes. Thank you. Just wanted a clarification. What's the EBITDA for 1H for Meenakshi? For EBITDA? For Meenakshi, what is the overall EBITDA for the first half? For this quarter it is INR 101 crore and INR 112 crore for Q1. If we add up, it is around INR 213 crore for the first half. Okay. I am just trying to understand, what is the reason why the EBITDA for Meenakshi is sort of flattish on a sequential basis? In that context, I just want to understand what is driving the sequential growth in EBITDA. The EBITDA has been growth because of our other units. Our Jharsuguda unit has done the best ever availability of 98%, there we have improved the NSR. Our Talwandi Sabo unit has grown. At Sakti also we have been able to materialize couple of the units. The better pricing in the market is helping me to arrive at that growth. Okay. Because I thought the other units are much more sort of in a steady state regulated, right? I mean, both Talwandi Sabo and Jharsuguda are more a regulated model. So there, I'm assuming the EBITDA should have been much more steady. At Jharsuguda, the EBITDA was steady, but there was a realization of couple of some legacy ash matter of around INR 50, INR 60 crore, which was materialized during the quarter. So that has also added up. Okay. Just on Sakti, how do I look at the overall spreads now? Maybe if you can give some color on realization and with domestic costs also coming in, what's the sort of broad spread in terms of realization variable costs that we're seeing at Meenakshi? So at Meenakshi, my overall realization is around INR 6 for the quarter, and the overall cost is INR 5, because we have migrated from imported to domestic. At an imported coal, at a current level, the cost would have been at INR 7. I think this quarter we have saved around INR 127 crore by not using imported coal for which the plant is designed, and I think team has done wonderful job of shifting to maximizing the Indian coal, which has given a stability in terms of cost benefit. Also now in September, we have fired 95% of Indian coal, and we are very near to reach 100% number now. All right. So roughly we are currently at an 87%, we are making on the dark spread would be about INR 1 per kilowatt hour. That's the thought. Yes. Okay. Just to understand on Sakti, have we started supplying this on a commercial basis? When do we start supplying Sakti commercially into the grid? Just some clarity on that, and how do we look at the ramp-up over there? Aniket, we have started on 25th of September, and ramping up is going on. I am sure there will not be much time needed here in Sakti because DC did already commission kind of stabilize before the incident. So Sakti is now supplying to medium-term tender of Tamil Nadu, and we have a tie-up with Maharashtra and other states at a better improved realization because the market rates are really going up. We have seen there is a huge uptick in the market pricing. So the open quantity of 100 megawatt at Sakti now we will be selling in the open market at a better rate, which is moving around INR 5 to INR 6 and above continuously. Fair. Just to get a clarity, the gross sales that we did in Sakti this quarter, this was based on power that we purchased from the grid, is it? What did we purchase it at? What did we sell it at? Just to understand how much EBITDA did Sakti give this quarter. So during the quarter, Sakti, it was a flattish because the number of units or volume is around 300 million units. It has been purchased at INR 4 and supplied at INR 7. But for the profitable part, there were some other costs, which made it a flat level. Understood. Just given that you already started supplying on Sakti, what is the sort of spreads that we are seeing over there? Is coal availability any problem that you see on ground, and what is the variable cost that you are seeing at Sakti right now? See, at Sakti, my overall COG will be around INR 2.5. INR 2 will be the coal cost, 0.5 will be my non-coal cost. That is what we are looking at Sakti. Okay. Realizations under the Tamil Nadu contract are close to 5, is it? It is five and a half rupee. Fine. Got that. Just one clarification. Unit 2, when do we expect that to start? When will that get completed and start supplying to the grid? Hello. Ladies and gentlemen, to ask a question, please press star and 1. Press star and 1. You can press star six to unmute. Ladies and gentlemen, to ask a question, you may please press star and one now. Participants who wish to ask a question, please press star and one now. Ladies and gentlemen, to ask a question, you may please press star and one now. The next question is from the line of Abhishek Poddar from Citadel Enterprises. Please go ahead. Yeah, thank you for taking my question. Regarding this second unit of Sakti, what timelines are we looking at, and how to think about the power sales for that, any medium-term contract or anything that you can enter? Hello. Hello, am I audible? Abhishek, am I audible? Yeah, now we can hear. Abhishek. Yeah. Okay. No, Abhishek. Just to respond to your point. Sakti Unit 2, we will be starting the commissioning activity for the plant by end of this year. That's a guidance we still hold on to, and we look it very confident that we should be able to do that. Coming to second unit tie up. That will only happen once you synchronize it on the grid, Abhishek. You can't tie up anything on medium term, long term, until and unless the unit is synchronized. For some time, as this year, we will be feeding into the exchange, which is definitely fetching us the better prices, looking at the shortage across the India and the market demand increasing. Then we continue to scout for all the tenders, market tenders, which comes up for long term and medium term. By that time, we want to focus on covering the balance capacity, which is Meenakshi and Athena, which is open capacity in the market. We should be able to tie it up by that time. Understood. Maybe by April this would start getting synchronized. April 27. Yeah. Understood. And sir, regarding this point you made on the UP, you are also shortlisted. Just trying to understand, given our balance sheet, how big budgets can we take now? Also, what is the timeline we are thinking of this? See, basically, if you see our net debt to EBITDA, like you told that balance sheet, it is 4.47. See, we have to understand that the CapEx follows the operation. Last year when my CapEx was there, but plant was not in operation, it was around 10x. Once it is in operational, it has reduced to 4.4x. Once my unit 2 is in operation, this will further improve to around 2. So if I talk around my balance sheet, up to 10 or 12 if I take a leverage, I can put up around 4 units of 800 megawatt. Okay, understood. In the UP tender we have bid for- Okay. 800 MW. Okay. Two units of 800 MW is where we are bidding. Okay. When you expect this to come? Yeah. Understood. Regarding your problem there, understood. This could be at the brownfield expansion at Sakti only that you could look at. Yes, that is the strategically best location available, with the cheapest source of power which you can build there because the coal mining is hardly within the range of 60-70 kilo. Understood. Given the current challenges around the sourcing of BTG equipment, how do we tie up for those, if we get through them? That is something which is a common issue for all the participants in the market. We are also working with the Indian OEMs to supply us and back up for all the tenders which we are participating. We have a commitment from the Indian OEMs also when we are participating back to back. Understood. There are also bids for other states. Are you also looking to bid for those? Yeah. West Bengal is open, we are participating. This is something which we just want to tell you know, we will be looking at all the opportunity for growth since after demerger. That's a single focus which we keep at Vedanta Power. So we want to grow from fifth largest private sector player to third largest within next 5 years. Yeah. Very clear. Just last question, sir. I think your group company, Vedanta Aluminium, they were speaking about the aluminum expansion where they did point to power getting sourced from the group company. So is that a possibility that we could be doing power for them as well? It's definitely a possibility, and when it materializes, we'll definitely come and brief that. But yes, it's a possibility to answer you. Okay. Thank you, sir, and all the best. Thank you. Thank you. Thank you. Next question is from the line of Aniket Mittal from SBI Mutual Fund. Please go ahead. Yes, thank you. Sorry, I think I got cut off over there. One thing I wanted to understand is in terms of both unit one and unit two of Sakti, what is the pending CapEx? Around INR 1,200 crore is the pending CapEx. We will be spending this in H2 and some part by Q1 of next year. Okay. I missed out on the UP front. How large is the overall size over there? You mentioned about two units and the conclusion for the sale. 800 megawatt of two units. Around 1,600 megawatt is what we have bid for. What is the overall tender size? I think it is for 4,000 megawatts. Okay. When do we expect this to conclude? Maybe down the line 2 months, the results should be out. Good. Fair. Those were my questions. Thank you. Thank you. Thank you very much. Ladies and gentlemen, that was the last question for today. Members of management, on behalf of Vedanta Power Limited, that concludes this conference. Thank you for joining us, and you may now disconnect your lines. Thank you.