AESL declared a full-scale utility in Q1FY27 with Energy Solutions EBIT INR590cr.

Can you throw some colour on the Smart Meter business, on the IntelliSmart acquisition in terms of whether a similar return profile as you extended portfolio will be there? And what are the smart meter balance tenders that are left over the next three, four years?

Balanced portfolio is about 10 crores to 11 crores or 100 million to 120 million. The remaining states are Tamil Nadu, Karnataka, Telangana, a part of Andhra, and there are a few states where part quantum is also left out. As far as IntelliSmart is concerned, we have -- we are before the CCI for approval. And once those all approvals are in place, then we will formally take over that entity. And as far as return profile of IntelliSmart is concerned, more or less, it will be on a similar line that we have because what we have done in the last two years that we have also reduced our capex and opex utilizing our scale.

On the Energy Solutions business, longer-term strategy in terms of how much you would want to tie up and have an assured EBITDA per unit, and how much you think you might leave open?

We will -- certainly would have a situation where most of the tied-up capacity on a purchase side has also tied up on our sales side. So we would not want to have that kind of variability on our P&L. To start with, we contracted this capacity and now we hope to tie up the sales side very soon. So once we have done that -- so essentially long run, we would not want to have -- barring a few percentage of capacity that will remain liquid, rest, we will tie up on both sides.

Once we lock in capacity for 20 years, once we lock that in does that become your annuity business for the next 20 years?

Correct. So our objective would be that only. It may not be -- every time you may not have the contract tenure matching to matching 100%. But yes, we will endeavour to do that, then most of the capacity is back to back locked-up and we don't create much of the volatility in our numbers.

There will be no capex which would be incurred by us while generating this annuity type of revenue?

So there may not be any direct capex, but we expect that some capex we might have to incur to enable those transactions. When I say enabling those transactions, means creating those power infra last-mile connectivity for consumer or sometime even for a generator. So it is not capex-based business, but we might incur some capex for enabling those transactions.

Out of the 3,300-odd million units, what would be the share of back-to-back and what is more of open and then you have got a high margin because of the summers?

Yes. Currently, out of the 3,300-odd million units, about 400 or 500 would be on a contract basis, which is with 350 megawatts of C&I customers. But you will see most of the volume getting absorbed in the long-term sale contract very soon. So our focus is to work on that, having done this long-term tie-up for purchase.

My question is on the 13 billion units that we have - the assurance that you have received from C&I data center and utilities, so what portion of this is from data center?

So the data center volume today is very negligible. There is only one contract that we are doing, servicing for about 20, 25 megawatt. But on a sales side, you will see lot of long-term substantial contract coming from those big customers and utilities.

In terms of demand that is coming from data centers, what sort of power mix are they looking for? Especially in context of the catering to their non-solar hours demand?

I think there is a large significant plants which you have seen from the group itself. And then obviously, there is -- from a market perspective also, there is a significant capacity additions, which is expected in the data center space. From the overall demand side, we are looking at a very robust pipeline, where for every gigawatt of IT loads, you are talking about 1.5x of the consumption load. And say, for 1.5 gigawatt of consumption load, we are talking about on -- if we want to supply from renewables, 3.5x to 4x of renewable capacity required apart from significant storage. From the overall demand side, we are looking at a very robust pipeline.

Can you give a brief idea about what kind of business does Energy Solution platform cater to? And can you walk me through how does the revenue -- cash flows from revenue to EBITDA? What are the main expenses?

There are two kinds of businesses. One is a simple services business and a trading business, where to a lot of companies, we provide simple services of managing their power loads and how do we bring in the optimization of their cost as well as whatever green content they may want. That is a business where volumes are very high, but the margins are supposed to be lower, which is what was the initial number of INR0.03. The second business, which is a larger piece here and which is more an EBITDA generator is the supply stack and the consumption stack. So supply stack, as we have mentioned until now that we have close to 5 gigawatt of supplies, which have been secured on take-or-pay basis from the generator. Between the two, because we are able to provide complex solution and manage the overall flow in a sustained and certain manner, we are able to have certain margins there.

This 5 gigawatts of tie-up that you have done for renewable power, how much of that is from your sister company and how much is it from other companies?

So roughly 4,000 is from AVL, rest is from third parties.

Could you please shed some light on how the price discovery is happening for this 4,000 megawatts that has been tied up? Is it a tendering basis? Is it market-linked?

It is essentially a market-linked. So, we evaluate when we buy as to what are the options available with us in terms of quantum and pricing, and we decide based on that.

Why would it be more beneficial for Adani Green to go through Energy Solutions rather than directly tap the customer? Are you also competing with Adani Green to sell to the same data center or customer?

No. So Adani Green don't sell to data center. They create capacity and they tie up on a long-term basis, essentially with the utility SECI or some third-party customer, but they don't provide solutioning part. So -- and we are one of the customer of AGEL. So, they will sell it to DISCOM, they will sell it to me as well. And that is how it works.

My question pertains to the HVDC project pipeline. The two projects - KPS-1 and Bhadla-Fatehpur - what would be the commissioning timelines? And what is the bid pipeline for HVDC?

So, thanks, Aditya. See, this KPS HVDC would be somewhere in FY29, around December '29. And Rajasthan would be at the beginning of '29. And as far as pipeline is concerned, every year, we would have an opportunity of about INR1 lakh crores bidding combining minimum -- that is a minimum combining central as well as various state projects. We expect that a lot of opportunity will now arise from various STU projects. You must have seen Maharashtra is very active now. Rajasthan, UP has started.

What sort of inflows are you expecting? What would you be targeting on an annual basis for STUs and HVDCs?

We have been doing a market share of about 25%. And we will at least continue that part from our side. So roughly about INR20,000 crores, INR25,000 crores of capex addition every year. And as far as HVDC is concerned, there are two projects which are -- in fact, one is under bidding, one will go bidding very shortly. And we expect that HVDC project will keep on continuing because fundamentally, when you have to deal with this kind of renewables and deliver over a longer distance, HVDC is the most appropriate technical solution.

As you have given the EBITDA split for the Energy Solutions platform business, can you also give the revenue breakdown for long term as well as trading?

Energy Solutions revenue split has already been given in Page 12 of the results presentation. The long-term PPA sales, we have clocked the revenue of INR1,838 crores against the sale of 3,325 million units. And in terms of power management services, we have managed 1,603 million units and clocked the revenue of INR16 crores. And C&I merchant and power trading, we clocked the revenue of INR12 crores, and managed about 8,253 million MUs. So, all in all, 13,181 MUs we handled.

In smart metering numbers, there is quarter-on-quarter some decline in operating revenue and EBITDA versus Q4 FY26. Just wanted to understand as the smart meter installation base would have gone up, is there some change in how do we recognize revenue?

Just to clarify, the revenue from already commissioned meter has improved from last quarter INR68 crores to INR161 crores. The reduction is on account of reduced capex because this year, we could install 21 lakh meters. The accounting treatment requires booking the construction or capex as an expense as well as revenue. But if you see the operating revenue, that is still on the higher side compared to the last quarter.

On the Energy Solution trading business - what is the quantum that we are looking at over the next maybe 3, 4 years in terms of gigawatt? Any target that we are looking for?

If you look at our disclosure already in the presentation, we have mentioned that the market opportunity we believe we'll be able to encash is 7.5 gigawatt plus by 2031. And it's a grind which is there. We have a lot of data centers, which are being installed, as you know, within the group itself. Similarly, we also have distribution companies, which are working right now looking for complex solutions to be given on an RTC manner, which is again something which is aligned to the strategy of this energy solution platform. And the C&I space, as we understand from various reports, is a burgeoning space with close to 50 gigawatt plus market by 2030, '31.

Just wanted to get a sense on the right-of-way challenges that were there in the transmission side of things last year. Any sense you can share on where we are on that?

So, Mohit, right-of-way challenge certainly are there on the ground, and it is an industry-specific issue. But as we have been mentioning, we deal with this problem very differently. We make sure that those ROW decisions are taken at a ground level, and we remain practical. So, we don't 100% depend on a state machinery or administration support to clear the ROW. We work in parallel. And therefore, we have been able to show a little better effectiveness as far as managing ROW is concerned.

Incremental STU pipeline on transmission. How would the payment mechanism work there compared to the central?

So, it is identical one. The role that the CTU plays in central project in the payment mechanism, the same role plays is being played by STU. So, they will collect revenue from all the distribution companies. Like in Maharashtra, so there are multiple distribution companies. Those distribution company is being built by STU on a monthly basis, depending on their usage of the transmission network.