FY26 closed 56% YoY (vs 60-70% commit).

Regarding the LOI that we got from GUVNL for BESS. Can you put some more color on it like in terms of investment we will be doing here and the kind of IRR we are expecting from this project? And when will this LOI will be converted into the confirmed order?

So you're talking about the BESS project, right? GUVNL, 445 MW/890 MW. So we have received the LOI and we are just finalizing on this and the IRR will be around 13% to 14% that we are expecting in this project, depending upon the viability because the battery prices are fluctuating and we expect them to go downward trend. So we expect that we will be able to achieve the 13% to 14% IRR. And shortly, we will be doing the financial closures. We have lot of our existing lenders have shown interest in associating with us for this particular project. So we have a very good interest from the market, from the lenders and we have very good opportunities. We are associating with some of the top brains for executing this project when it comes to the designing and other parts of the project. The investment that we are expecting is around, for example, For 445 MW/890 MW it will be at around INR 1,000 crores to INR 1,100 crores kind of a total investment that we expect in this particular project.

Recently, because of a significant jump in the silver prices and we understand silver is one of the key commodity getting used in the solar panels and cells as well and silver paste, which is getting imported from China, because China is having the significant processing capacity on their own, they are putting some restrictions on export of these key components. So in this scenario, how are we looking towards it like if the costs get increased because of the shortage of supply or increase in the imports, how KPI Green is going to manage its margins?

See, there are two aspects to this. One aspect is that the capacity that has been built in-house, the domestic manufacturing capacity has also increased substantially. So the prices have settled down when it comes to the panels. As far as KPI is concerned, KPI is not a manufacturer of a panels. So you need to understand that whatever contracts we do with GUVNL, the tender has a clause where we say that if there is an increase in the prices, it will automatically be factored in as an increase in the tariff. So we are safeguarded from this. Similarly, when we do -- on the EPC business, when we sign an EPC contract with private players or others, there also we have that -- we block the stock immediately at the moment we fix the contract or when we sign the contract with the sales order. At that time, we also block the material. So we are naturally hedged there. And as far as the bigger EPC contracts are concerned, automatically there also the price clause is there that in case if there is an increase in the prices of the panels beyond some extent, say 5% or something, then it automatically can be passed on to the customer. So we are, you can say, hedged or well safeguarded ourselves in all kinds of businesses.

So this INR6,000 crores order book that we are currently having, is it correct understanding that for entire order book, we are having the price variation clause inbuilt?

Yes. This INR6,000 crores order book is also where we have the entire plant set up and building, also there are orders of balance of plants. So wherever we have an order -- in this 6,000 the majority is the utility scale. What we call the utility scale is the CIL, SJV and all government entities, including NTPC. So there, we already have a clause. So we don't have to worry about that. And as far as the private side is concerned, I told you, we have already built up the inventory for the private orders that we get.

My question is on the MOU of INR36,000 crores investment in Botswana. I just wanted to understand who is going to invest such a big amount? Is it the government of Botswana will finance it and KPI Green is supposed to leverage its EPC capabilities? Or how is it going to work? Also, what is the size of revenue do we anticipate from this particular project over the next 1 to 2 years?

See, we have already disclosed in the public domain that in the next 1 to 2 years, we are looking at a 500-megawatt capacity out of the 5 gigawatts, the rest will come later on. So, for the 500-megawatt capacity, we already have plans in place. It would be around INR 1,500 to 1,700 crores kind of a total project cost. For that, equity is already there. A lot of lenders are also keen and want to join hands with us for setting up the business. So, initially, we can proceed. After that, we can look at various other options. We can look at INVIT Structure. We can look at different ways, including calling in some investors in our Botswana entity. So that is something that we have to plan after we complete this 500 megawatts. So initially, we will be setting up 500 megawatts in the next couple of years. After that, for the next 5 gigawatts -- but yes, this entire project will be an IPP project for KPI. And it will -- power will be sold to Botswana and its neighbouring countries. So there is no investment from the government, but there will be a lot of support in signing of PPAs and for taking -- power purchase and using the transmission lines and all, that will be supported by the Botswana government.

What is the IRR do we expect from the Botswana project?

Naturally, you know, see, we are at present building up for this 500 megawatt. We don't work below 12% IRR when it comes to any project. So we will try to maintain that. But I think the pricing -- if you look at the tariff in Botswana, it's higher than what we have in India. So automatically, our IRR will be far better than what we are earning.

During February 2025 con call, there was a question based on IRA, like the tariffs in US due to which the panel sizes fell down, and there was a concern that it would be affecting our margins. So now the reverse has been happening since, say, December end. The panel prices have shot up. Whether the panel prices go up or down, the margins will remain intact is what I wanted to understand. And the other thing is, the various products which have come up like battery energy storage system and green hydrogen and floating solar, you have entered into all these new products. I want to know how will it impact the net profit margins in the coming, say, 2 to 3 years? Will it remain stable at 18%?

So, I'll just take your second question first. The new product, as I told you, they are at a nascent stage. So it is very, you know, right now, it is at a nascent stage. So we'll not be able to disclose what is the margin impact because this product itself has to reach its life cycle -- complete its life cycle. Then only we'll be able to explain because the prices will keep on moving. There will be a lot of change and everything. As far as the margin impact because of the panel prices is concerned, I already explained that. One is IPP, where we do our own plant. So that -- and that doesn't have any impact on the margin because it's a capex for me. So that is the funding and cap ex. So, automatically, it will only generate power. And when sell the power, the revenue comes. So it is not going to impact. My IPP is not going to impact. CPP, as far as CPP is concerned, I already explained that if it is a private customer, we immediately -- the moment we sign the sales order, we confirm the order. At that time, we immediately block our panels also. And we factor that our pricing should be such that our profit margins are maintained. And as far as the bigger contracts are concerned, like CIL and SJVN, there we already have a clause in the tenders which states that in case if the prices of the panel, goes too high, beyond the 5% range or something, then they will be relooking at the pricing that has been fixed earlier.

Sir, just one question on our IPP business. In FY '25, we ended the year with 503 megawatts. I'm assuming a large portion of this would be Khavda, right? Because otherwise, this year, the unit generation should be northwards of 80-odd crores units. So please correct if I'm wrong somewhere.

So, Khavda we had completed in FY '25, but the delay in the offtake of the unit was because of the government substation not completed which was in the scope of GUVNL. The government has completed the substation recently in December. So now in the next quarter, we'll see the revenue from the Khavda because that is one major thing which we'll be seeing movement in our IPP. See, we will be targeting that only. But usually, when the plant is set up, there is a stability period where there's checking, and everything keeps on happening. Hopefully, we'll try to match the quarterly target that has been given. But in case there are short-term up and downs because of the stability, because the plant is new, it has to stabilize. After that, in a quarter or something, then it will be stable, then it will keep on generating the same units for the next 25 years. Also, there is seasonality in generation — in some months we may generate less units and in some months more, but overall, on an annual basis, we are confident of achieving around 20 crore units per quarter in FY27.

The 240 megawatts, this Khavda project is not yet synchronized. It has to be synchronized in Jan something or in Feb something?

No, I said that the government substation, which has to take the power from us where we have to inject our power, that substation was not ready till December. Now it is ready, and they have charged it also. So now we have started, to supply the power. We will received the revenue from this quarter.

And second question is, Mr. Salim, that your Sundrop IPO, when do you expect to bring this IPO? What is your time line?

See, we are expecting it in the next financial year, most probably, the first half of the next financial year, we're expecting to close it. The reason for that is that, we are expecting big orders in BESS because Sundrop will be focusing more on the battery energy storage system, which is a new product altogether. So once we have that good update also, we will float the IPO as early as possible, most probably in the first half of the next financial year.

My question is regarding the 1-gigawatt IPP commissioning by March '26, as it was discussed in our last con call. Are we on track to commission that?

Yes, Gaurav, before we started the question and answer, I had given a speech. In that speech, I have already said that out of that 1 gigawatt, we have already charged and we have started injecting power for around 35 megawatt altogether. So it will be done in a piecemeal and we are very much in line to achieve our target over there.

As of this quarter, maybe how much IPP megawatt is actually contributing to revenue? And how do you see maybe the year ending and maybe first half of this next year and also the end of next year, how much megawatt might be actually contributing to the revenue?

So currently our IPP capacity is around a 500 megawatt. But out of this capacity, as we've discussed a couple of minutes back, the 240 megawatt was Khavda, where the government substation was not energized. That's why you're not able to see the revenue over there. But in the coming quarters, you'll see the revenue from that. So you can see that 50% of this was energized in March only, but the revenue started post that. Also, the 50-megawatt hybrid, which we have set up, which is also with GUVNL, that also started generating revenue. We will got revenue for these plant in Jan, Feb, and March. So we are expecting another 250 megawatt to start generating revenue in the last quarter. And after that, we will continue. So if you can say that actual megawatt that has contributed is around 200 megawatt is something that has given us the revenue in this 9 months.

On the CPP, basically, the margin seems a bit higher just for this quarter, if 9% is the IPP revenue. So -- but the overall consolidated margins are around 36%. So the CPP margin seems maybe 30%, 31%. But on a regular basis, we have 20% or 22%. If this is correct, maybe could you just help me understand maybe what has caused this almost 50% jump in the margin?

Yes. Let me explain you. See, IPP adds to the bottom line. IPP EBITDA is around 85% to 90% because I don't have any cost once I set up the plant. So my EBITDA is around 85% to 90%, whereas CPP is around 18% to 20%. So combined, if you see the cumulative EBITDA will come around 30% to 35% kind of EBITDA. And as we go down with other costs and everything, my PAT is around 18-odd percent. The reason for getting good margin in the CPP also is that we have evacuation and land bank. So we charge a premium because we can give plant within shortest period. All these factors help us to charge a premium for that, and we have that long-standing track record of execution. And whatever I do for CPP, I have my IPP plants over there also. The customer is quite comfortable with us that these are not a fly-by-night operators or somebody who is going to close the shop. So they -- as far as the utility scale is concerned, you can understand that. So because we are at a big scale now, we have economies of scale. So that helps us to reduce the pricing and the profit margin over there.

It would be nice if you told us what was the previous quarter ending order book only for CPP because IPP is your own. What is the new incremental order book? And what is the CPP closing order book? And after you tell me this, if you could also tell me the scale is increasing quite a bit. If you can talk about your organization building to address this dramatically higher scale of operations.

I'll just touch up this question, and I'll also give to my colleague, our CEO, Dr. Alok saab, before he is pitching in. And if you look at our presentation also on the CPP segment, if you see, the order book in the last quarter of FY'25, which was at 1.60 gigawatts on the CPP side, that has gone up to 1.96 gigawatts. So there is a substantial growth in the order book. As far as the individual breakup is concerned, I'll just let Alok sir to throw light on. The total cumulative capacity in Q2 FY'26, CPP was 2,426 megawatt. And Q3 FY '26 is 2,572 megawatt. And also, I would like to throw some light on your fear factor of whether we will be able to execute or not. There is one factor which we need to understand that whenever we complete an order, unless we complete the entire order, for example, if I have 500 megawatts, unless we complete the entire 500 megawatts, I might not put it on the board that I have completed 500. Though I might book the revenues because I might have done 200 megawatts, but the entire order is completed, only after that we put it. So there will always be a little bit gap between what has been seen in the presentation because we don't put it unless we complete the entire order. In monetary terms, we have comfortably INR5,500 plus crores order book only for EPC as of this quarter.

Just one additional one that now that you will be getting Khavda revenue, which was due to evacuation problem, you were not able to book the revenue. Would the combined or the blended EBITDA margin go up materially from what it was in the third quarter?

No. The reason is that simultaneously, I am also increasing my CPP portfolio. So my growth in CPP will automatically offset the profit that is added from the IPP. So automatically, once I increase my CPP, if you see, my top line is growing at around 50% to 60% year-on-year. So that growth is coming from the CPP business mostly. And even if we add more and more, it will not have a major impact until unless I have something like 1 gigawatt or 2 gigawatt added to the IPP portfolio immediately. Then only it will grow. But at the same time, I mean, you can understand that CPP will not remain constant. It will increase automatically. In value terms, EBITDA will increase, but the margin terms it will most probably remain in the same ratio.

So that means EBITDA and top line will grow at a similar ratio or similar percentage in the coming year? And you would not be losing any equity in the coming years?

Yes, they will remain at the similar percentage. We'll be able to maintain them. In absolute terms, they will increase. See I'm saying again that the margin will remain same. So, for example, if the top line is increasing, it will be on that top line. So our absolute profitability will increase and the margins will remain same. So margin % will not substantially increase. That's what I'm trying to say. Nothing at present. We have no ideas on that. We will surely -- if there is something, we'll disclose that on the BSE.

I had a question on the subsidiary, Sun Drop Energy. I wanted to know what was the revenue for this quarter and what is the current capacity that we have there? And any revenue target for next year going forward?

So we have -- in this quarter, we have approximately INR150-odd crores done in Sun Drop. We expect -- because as I told you, there are a lot of orders which billing has to be done and it will mostly get completed in the last quarter. We expect the last quarter will be a bumper again for Sun Drop. But as we have told in our various public forums, we expect 50% to 60% growth year-on-year. See, now when we are entering into BESS, I mean, it will not be right to just match capacity because there will be an energy storage system also that we'll be adding to Sun Drop.

Just one question on our subsidiaries, IPO only. What is the purpose behind bringing this IPO and are the existing shareholders going to get the shareholder quota while applying for the IPO?

This Sun Drop has a motive of setting up the entire battery energy storage system business and also doing smaller projects, which are 35-megawatt and below kind of a project. So the purpose of the entity is to enter into the battery energy storage system, which is a separate business altogether and also cater to the MSME or the small clientele, which also are into the business, which also is very big, what we say sector for us. So that is the idea. And as far as the quota and all the things is concerned, there is no decision as of now on the quota or anything. But once we declare the, what is the, DRHP, at that time, we will declare on the quota limits. As I told you, the IPO is for battery energy storage system. We are setting up a separate vertical for Sun Drop, that is battery energy storage system. And that is a new project altogether or a product altogether. And that requires a lot of funding. So that's why we are diluting our stake and getting the IPO in Sun Drop so that we can scale up in the battery energy storage system, which is also a requirement of the renewable energy power that is being generated in other companies. I can assure you that KPI will always be the majority stakeholder. It will have 51% or above.

Regarding the pledge part, although you mentioned last time also, we are seeking the pledge to be released by March '27. But what is the progress on that side like can it not happen like it should be in a phased manner and by '27, it should be like 0% pledge holding?

See, the condition of the pledge, as I explained last time also, was that once we complete this 1-gigawatt project, which we have taken funding from SBI. SBI said that once you complete this project, after that within 6 months, I'll remove all the pledge. The target is around September 26 that we have given to the SBI that we will complete. And within then, 6 months, we will -- by March '27, we'll be able to release that. Now project, we have already energized 35 megawatt out of that 250 megawatt. We have set up -- we will be energizing some in February. So pledge cannot happen with that they will release a couple of shares this month and next month. It's a total procedure. There's a legality which has to be taken into consideration. So it is only after completion of both the project. and they will get the COD and then they will give us the -- release of the pledge.

In continuation to the earlier participant when he was trying to understand about the margin profile of IPP business. So you mentioned 80% to 85% kind of EBITDA we will be having in the IPP segment. So once that mix is going to be towards the IPP segment, let's say, currently, we are having 20% from IPP. If that mix is going towards the 30%, fundamentally, the overall EBITDA margin should increase. So why you are saying EBITDA margins will remain the same? That I'm not able to understand.

Garvit, are you expecting us to not increase the CPP business? Let me complete. First of all, 9% is my IPP revenue as on date, okay, from the total topline. Now to move from 9% to 20% also, it will take a lot of time because my CPP is also growing substantially. If I have INR6,000 crores order right now and if I complete it, my CPP will go up to -- next year, it might go up to INR4,000 crores. And for INR4,000 crores, I need to have that much revenue from IPP. So you need to understand that as I grow, I will also grow my CPP. So that's the reason the margin will remain same. It will not get diluted. But if I only grow my CPP and not grow IPP, then my margin will go down. So to maintain that...

You have done an MOU with Government of Botswana for 5 gigawatt. The whole KPI Group has done that. I want to understand like what is the percentage of KPI Energy in this 5 gigawatt? Like how much exactly KPI Energy will hold?

So, KPI Green will be the leader in this particular. There will be a lot of IPP project, which will be set up in Botswana company, which will somehow will be consolidated to the KPI Green only. So automatically and whatever the EPC work and everything will go to either -- if it is a wind, it will go to KP Energy and the infrastructure requirement will go to KP Green Engineering. And that's why we have signed with the group because the entire group is into renewable energy at various verticals. So it will benefit everything. But the entire plant or the IPP plant we'll be setting up, this will be mostly with the KPI Green, either through subsidiaries, step-down subsidiaries or direct.

Our debt and inventory days have increased Q-on-Q and year-on-year. So are we expecting like to settle it down in the upcoming quarters?

Two things in this. One is that we are growing substantially. And automatically, as I told earlier also, whenever we book an order, we have to block the inventories. And that's why you can see the inventories have gone up. And as the quarter end, majority of the billing happens in the December and the March quarter, that's why the debtors stay down. It will cool down as we go forward in the month of April. Again, March, we will be seeing a little bit hike. And then again, April, May, June; you'll see the cooling down of that debtors and inventory also. What we have usually been around 20% to 24% kind of return on equity that we are seeing here.

I just wanted to understand like what sort of CPP and IPP execution we can do on a full year basis?

Okay. So when it comes to the megawatts -- see, when it comes to the IPP, IPP as I told you, we have planned to have 1 gigawatt by September '26. So this year, a portion of that will also be energized by March. On the CPP side, as I told you, it's on the -- what you say, amount-wise, we will be growing. But installation, as we complete the entire project, then only we count it as fully installed. So that's why you'll see the revenue coming up in the next quarter and the quarters after there, whatever the orders that we have. But the capacity will slowly, slowly increase as we go forward. Yes, you can expect 800 or more than that also because the last quarter is my bumper quarter.

For the IPP contracts, like for that order book, how are we taking the costs regarding panel pricing?

In IPP also, if you read the PPAs that we have signed with GUVNL and everything, there also the clause is there that if there is a substantial increase in the panel prices before blocking the panel or anything, so automatically, the tariff will be revised. So that clause safeguards me when it comes to the IPP. So my IRR doesn't get hit. No, no, no. It won't slow down because the lender is also aware that if the prices go up, lender will increase the cost of the project. And automatically, they will -- whatever extra funding is required, they will do the funding. So I don't think that impacts anywhere, what we said, the speed of the project we have been executing. And you need to understand, panel is the last step in the execution. Before that, there is infrastructure and everything. So it is just setting up the panel. So that doesn't have too much. It only take 20%, 30% of the entire time, whereas the infrastructure takes 70% to 80% of the time. So it nowhere has any impact on my speed.

Do we have any plans on acquiring O&M contracts from other IPP producers, wind and solar?

Paras, as you are aware, we already have in-house robotic cleaning systems and network operation centers, which is one of key USP's of our business. At present, we are primarily focused on managing and operating our existing and own projects. As we go forward, it is very much part of our plans that we will leverage and monetize this capability or USP that we have. So at that time, we will actively evaluate taking up larger third-party projects for operation and maintenance.

The quarter-on-quarter growth was around 45% in PAT. But the previous quarter, it was around 60%, like, year-on-year. So are we expecting a slowdown because of the solar glut and all? Or are we on track of achieving 50, 60 growth next year also?

If you see the 9-month figures, we are at around 60% growth. So we are maintaining that and we'll maintain that. There is no slowdown or at all. We already have strong order book in hand, and we have very good execution capabilities. We have inventories with us. So I don't think there will be any impact on that, and we will grow at the level we have committed, around 50% to 60% year-on-year.

Regarding the government budget, do you have any specific expectation from this budget, which will help in increasing the push towards renewable energy?

See thing is like this, as our CMD has suggested, the policy is very conducive. Country is moving about 500 gigawatt. But just to motivate the people and all because most of the distribution companies, they are coming. So our CMD has suggested there is a renewable purchase obligation is a tool. That should be enforced. Rule would be there, but that's the enforcement mechanism, that should be the one criteria. Second guidance given by our CMD about a green corridor in terms of the infrastructure development of power evacuation. So lands are there, the power evacuation corridor established. Obviously, that type of trajectory of 500 gigawatt can be achieved. So these are the two guidance given by our CMD to consider during this budget.

Additionally, sir, if you can throw some light on our IPP revenue percentage to total revenue by, let's say, FY'2030?

We are planning to have around 25% to 30% minimum. That is what we are targeting to push in. But let's see, I mean, how it goes forward because we are -- by FY'2030, I'm talking about. I'm saying we have Botswana, as you are aware, but simultaneously, we are also increasing on the IPP side. So automatically, there will be an increase in both the segments. So we are not only in Botswana, we'll also go to other countries, and we are setting up in other continents. So we have huge plans about on the front. But that is what -- what we say, a conservative plan that we have is that a minimum of 25% to 30% will be allocated to IPP because we know that IPP is something which will give us long-term revenue and also provides comfort to the investors and the stakeholders.

Regarding the Botswana project. So roughly maybe around 2 years, we have a target of 500 megawatts. Is maybe a faster land pooling with Botswana having huge land resource considered as maybe one of the factors?

See, as I told earlier also, we have very good support from the Botswana government. So that is the reason we are entering Botswana. They have promised us to support on the PPA side also, signing it with the neighbouring countries. They have a very good evacuation infrastructure and land availability is also there. So that's the reason we are going. And we know that these 2 factors, when the government support is there on the evacuation and the land, setting up a plant will not take too much time. So we are aware that these 2 things are managed by the government, so it will be done fast. So that's the reason we have given a short-term target. And once we set up the 500 megawatt -- because we'll have to set up our team over there and everything that takes time. Otherwise, for me, 500-megawatt, 1 year is also more than enough if I have a full 1 year without rainy season, we can complete 500 megawatts. We have done in the past.

One of my previous participants talked about Sun Drop's revenue and you talked about the guidance also. So I want to add upon that question is that what is the current PAT and what is the EBITDA margin? And what future PAT can we expect from this Sun Drops IPO?

As I told earlier also, Sun Drops, we are focusing on battery energy storage system, which is a big segment which is developing right now. And we are allocating Sun Drops for that particular business, along with its existing business of 35 megawatt and below kind of a project for MSME and small enterprises -- and retail business like DREBP. So our vision is that the battery energy storage system is expected to grow substantially. Just because going forward, all renewable energy projects will have to compulsory have a battery energy storage system and because of that, we have a separate entity, which will look into this particular segment, which is going to grow big. See at present, the EBITDA margins are same in the lines of what KPI is also showing at a consolidated level. It's not -- at present, it has the same business. It's only that it has a smaller capacity of IPP and it also has a CPP. So at present, you will see the margin would be at around range of -- on the EBITDA margin would be -- combined EBITDA would be around 25% to 30-kind-of percent. And then PAT would be around 17% to 18% kind of a thing. So there won't be too much difference. But once we enter into BESS, there will be a different margin because BESS will also act as an EPC or service provider for saving the power from other sources also and selling it in the open market also. So all these factors will be taken into consideration. As we told, in all our companies, we expect 50% to 60% minimum growth year-on-year. Last year it was around INR350 crores. Yes, somewhere around INR500 crores to INR600 crores.

How much is the debtors percentage -- currently debtor days as of December? And how much is the Sun Drop contribution -- both on revenue, EBITDA and PAT?

As of December, the debtor turnover ratio is around 133 days, which was around 90. As I told you, these are my 2 bumper quarters, December and March. So during this period, majority of the billing happens in the December and the March. So you'll find a spike, which will eventually cool down when you go into April, May. Right now, approximately, I have done INR300-odd crores out of INR1,900 crores. You can see INR1,400 crores is coming from KPI and rest is coming from subsidiaries. In Sun Drop, yes. And EBITDA as I told you is around -- if you look at the combined EBITDA, it would be around 25% to 30% in that range. See, EBITDA margin will be maintained. And as far as other things are concerned, we will be hitting our growth of 50% to 60% minimum on the top line. So we expect around INR500 crores to INR600 crores top line with an EBITDA of 25 to 30 %. Sun Drop order book be around INR500 crores because there are retail orders, small orders.

When can we expect the first orders from the states of Madhya Pradesh, Odisha and Andhra Pradesh?

This is Dr. Alok speaking. Now because wherever we have signed an MOU like MP or the Odisha, that is the government, they are coming with a floating solar, for example, Odisha, they are coming with the EOI and all. So now it has started moving. Odisha itself, there's a 5-gigawatt potential there. Part of 100-megawatt bid has been floated. So we are participating there. So something -- like other states, they are coming with -- like that following the model what Gujarat is doing. So all the states now -- the Odisha declared recently the renewable energy state by the MNRE. So these are the future destinations where the projects are expected in the future, particularly solar and floating solar, they are in Odisha. And MP, there's hybridizations are coming. KPI is doing the resource creation because most of the regulatory framework work under the hybrid projects because now the regulator says wind cannot solve the -- give the solution. Solar cannot give the solution. There's time series data generation and consumption, that you think. So that is every state is coming for the hybrid projects around-the-clock operations. So what KPI is doing today, we are creating a resource for all states like Rajasthan, MP and Odisha. So you will get the timely some sort of good news out of that state.

Regarding someone rightly said that we have the signed project with Odisha, Madhya Pradesh and all. So when are we planning that the bulk orders we can receive at the company level? And the CMD, Faruk Patel, said that we are looking for projects like Botswana in South Korea also. So, any like, when can we expect the agreement or MOU to be signed?

For Rajasthan, we have already got certain BOS contracts under -- you might be knowing from NTPC, we have already got from Rajasthan. So that is under planning stage. And also the same state, we are creating a resource for our small-scale retail customer there in Rajasthan. MP, as I said in the previous call. So that resource is under creation because that is to be done. And Odisha, already, they have floated the inquiry and we are participating over there. Korea? South Korea is about hydrogen. So that is in the nascent stage as I told earlier. Hydrogen is a new product. And it is at nascent stage. There are lot of R&D which are going on. And we have already set up our own 1-megawatt hydrogen plant in our plant. So we are very confident that we will be speeding up on this segment also.

Now until 2030, we are pretty clear that the government of India will be executing that 500-gigawatt target that they have. But looking beyond that, the delta in increase of capacity will not be what it was in the decade that's going on. So what are your plans? How do you plan to keep growing? Will you go to the African nations, the Middle East nations? Like what is your long-term vision for the growth of the company beyond 2030?

Paras, if you see, our focus has earlier also, and we have increased our focus on IPP. When I say IPP, this is my 25 years annuity income. So automatically, whatever I do or set up, for example, if today, I'm setting up 1 gigawatt by next year and then after 5 then 10 gigawatts. This will keep on increasing. And majority of this portion will increase on the IPP side. So once I set up an IPP, I have revenue for next 25 years. So that is what is going to be constant over there. And as far as the other projects are concerned, if you see, we have already diversified into multiple things. We have into hydrogen, which are the new upcoming sector or the segment in the renewable energy and green hydrogen, in offshore. So we have planned that as we go forward, if there is a change or a shift in the renewable energy with some newer products, we will always be there, whether it is an operation maintenance, whether it is offshore, whether it is green hydrogen, whether it's battery energy storage system. So we have been constantly updating ourselves or improving ourselves from what we were last year, and we will surely catch up by -- after 2030, we'll have a clear game plan what we will be there after 2030. But to give a comfort, IPP segment will always be there, which will keep on generating revenue for you with an EBITDA of 85% to 90%.

Which regions in the world do you see the most opportunity apart from India going forward? And would you be going through with this through a JV? Or do you plan to go through with this individually in the future?

As I told you, we see a lot of opportunity in the African continent, and that's why we are setting up in Botswana because power tariffs are very good over there. And there is good availability of land. Infrastructure also, to an extent, is there, and we can further strengthen that infrastructure. So we see that there is a lot of opportunity in these countries. And the best part is that Botswana has one of the best solar radiation levels in the world. So that is one of the key factors when it comes to solar. So all these factors, all the key criteria are fulfilled in Botswana. That's why we see that African countries and the African continent overall are areas where we see a lot of traction in the upcoming years. Yes. So most probably, we will plan in such a way that we want the consolidation at the KPI level. Our KPI will get strengthened as we go forward. There might be -- to an extent, there will be a JV, but 51% will be held by either through step-down subsidiaries or directly by KPI.