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

My question was towards what is our subsidiaries Sundrops Energia IPO. We are also a stakeholders in that company. I wanted to get some idea on the H2 numbers and Q4 numbers. And also what is the status of the DRHP filing and when should we see?

Speaking about Sundrops, which is a subsidiary of KPI at present. And the top line of Sundrop this year was INR586 crores, which was a substantial growth with a PBT of INR130 crores and a PAT of INR97 crores. With respect to the IPO of Sundrops, Sundrops has been -- we are going to do all the battery energy storage system that is the BESS, which is an upcoming segment. That segment has been dedicated to Sundrops. So Sundrops will be coming up shortly with filing of DRHP for the IPO with the object of battery energy storage system, along with the battery energy manufacturing also is in line with us. This year, as we told, this financial year, we'll be doing the listing for Sundrops.

My question is about the overall IPP strategy. FY '26, you saw revenue growth of almost 56% and profit growth of 57%, but the EPS has grown only 49% and the stock has derated. Our interest cost is up almost 130% to INR182 crores against the IPP contribution, which is only 9%. So, you have almost 1.6 gigawatt of IPP Energizing over FY '27 and '28 that will come up. What will be the peak interest burden that the P&L will absorb? And at what point of time do you expect this IPP PAT to cross the interest plus the depreciation and the dilution lag?

First of all, let me just explain you the interest cost, why it has increased. If you see last year, we had done a QIP because of which we have repaid some portion of our long-term loans and short-term loans because of which the interest cost in the last year was seen very less compared to this year. This year, we have added more capacity. We have taken -- we have started 250-megawatt, 370 megawatt and then also our 240 megawatts. So IPP is a segment which we -- it's a capex burden. So automatically, the interest cost has increased this year. Now the peak interest cost approximately would be at around INR300-odd crores. FY '27, '28 is where we will see the full year operation of this IPP what we have taken in hand. And then you'll see the breakeven of any IPP project would be around 6 to 7 years. But you'll see a strong cash flow coming from FY '27-28 in the IPP segment. Most probably this year we'll have a little bit -- we will curtail the drop this year itself. And next year, we'll see again ROE coming back to the earlier levels.

My question is on the evacuation. So, in FY '24, the evacuation was 1.6 gigawatt and in FY '25 it was -- it increases to about 3.26 gigawatt which is 100% increase Y-o-Y. This year the evacuation has only increased 3.9 to 10% of the previous year. What is the thing that only very less increase in the Y-o-Y evacuation overall?

See evacuation, there is a process of evacuation getting approval or getting the evacuation in your kitty. The process is that you have to apply, you have to check wherever there is an evacuation and then -- so we have applied multiple. So maybe this year, you have not seen too much of evacuation, but there are multiple evacuation which have been applied. And we have applied in different companies also because we have multiple other companies. We apply in individual companies where we can set up the project and later on transfer that evacuation to KPI. So, rest be assured that evacuation is substantial at our end. We have also applied it. And evacuation is not the bottleneck for our growth. We have already been growing because of these two factors, land bank and power evacuation.

My question is regarding the growth outlook of the company. So, like what is the expected growth in revenue and PAT you are expecting in percentage basis in this financial year?

So, Ankit, our honorable CMD, sir, Dr. Faruk Patel has in various public domain or on the televisions have given the commitment that we are binded to grow at a rate of 40% to 50% year-on-year. So, we will try to maintain that growth structure. And as far as the profitability is concerned, we'll try to maintain the profitability. Our profitability is very strong, and we'll try to maintain that profitability by figuring out how the mix of IPP and the CPP will help us to maintain that profitability.

My first question is on grid stabilization charges, which have been imposed in many states. So, what is the impact on the CPP segment for KPI? There are grid stabilization charges which have been imposed in Maharashtra. We have heard from multiple sources that this is add-on to the bills that everyone is getting the rooftop solar panel and the CPP also. Also on land bank - what is the percentage that we own and what is the lease? Also on CPP addition - this year, I guess, we had added 210 megawatts. So how do we scale up such a huge order book? And on IPP - the Khavda project got executed last year. So have we lost on the revenue?

Alok Das: Basically, grid stabilization charges, Maharashtra policy newly introduced. And actually, we are not doing any project in rooftop particularly. We are exploring some new policy declared about base compatible of 50% mandatory for under that policy. So, we, as a KP are evaluating the project feasibility in the state of Maharashtra. Grid stabilization charges in Gujarat is not there. We are not finding this thing there in the other states also. Salim Yahoo: On land bank - approximately 800 to 1,000 acres is out of 7,210 acres, which was shown in the presentation, 800 to 1,000 acre is something which is owned by us. And rest all is 26 to 27 years kind of a lease agreement with the farmers or the private partners. On CPP addition - in the CPP segment, we do billing on a milestone basis, whereas the addition of the capacity is shown in the presentation only when we complete the entire project. We are committing to grow at 40% to 50% year-on-year. On Khavda - We have already announced the billing. The revenue or the billing got delayed. The plant was ready, everything was ready. But what we say the GSECL, the government substation, which was in the scope of the GSECL, they were not able to complete. With that delay, they have already agreed for extending the PPA terms. There is, I think, 6 to 7-month postponement, which has happened. They are increasing the tenure of the PPA. Some portion of the capacity of GSECL government substation is still pending. They will complete by, I think, in this quarter end. And post that, the entire revenue will start immediate. But we are getting the partial revenue for whatever is completed.

On this increase in the prices of the inputs that we procure, basically solar modules, steel and copper. So how we are planning to protect our EPC margins because of the input cost pressure? Also on this promoter pledge - could you help us understand what is the road map or timeline to bring this pledge down? And on guidance - we were speaking about 50% to 60%, but now we are seeing about 40%, 50%. Could you help us understand why this decrease?

On input costs - when you talk about the input cost, the major input costs are the panels, turbines, which are almost 60% to 70% of the entire project cost, wherever we have with material contracts. So we already -- if you see why we have built up the stock to hedge this pricing also. We have given advances to our turbine manufacturers. We have given advances to our panel manufacturers. We have taken stock on our books so that we can curtail we can safeguard ourselves from the increasing price of the input cost. On pledge - We already have sanction from State Bank of India, where around 50% of the promoter shares are pledged. SBI has already sanctioned and given us -- in the current sanction of INR3,000 crores, which they have given for 250, 370 megawatts, they have given the approval for release of pledge once we complete the COD of this project. Within 3 months after that, I think by March '27, all the pledge will be released by the bank. On guidance - There I don't see any decrease, 50% to 60% is there and 40% to 50%. So, 50% is common in both the players. But if you look at all other companies, all other companies, I don't think any other companies in the similar segment or any other segment are showing a year-on-year 40% to 50% growth. So, in spite of these conditions, we have shown that growth.

I have a few questions on the broader industry level developments. My first question is on -- so probably government has from 4 REIAs probably now only SECI is the only REIA. I wanted to get your opinion on how this will shape up the RE sector going forward. My second question is on the reports which we keep reading about the curtailment of renewable energy during the peak hours.

On SECI - Today, there is a power demand is about 6% to 7% CAGR. And today, if you see that non-fossil fuel is a penetration idea of Government of India, they have directed about 500 gigawatt is to be installed. SECI is the single point body today. So, they have been given clear cut instruction that SECI would be the single point out. Recently, there at multiple. So now last for MNRE meeting, this has been very clearly told. So that direction is very clear to fulfill that, that SECI would be taking the leading role for that. On curtailment - Now you see basically curtailment issues is a much discussed topic today in the centrally. So now they are taking that how to address that curtailment. And at the same time, if the curtailment happened, how to mitigate to that risk of the settlement. They are taking how to create a green corridor for the proper power evacuation, proper load flow study so that whatever the power evacuation is coming, that can be given and properly utilized by the load data center to each zone like in WLDC, the NLDC and other thing. It is under the discussion. The PGCL already come the tendering that how to create an early kind of power execution to address to the curtailment issues. Today, most of the CTU projects, they are coming '28, '29, 2030.

Just one clarification on the CPP order book. You mentioned it's INR5,246 crores. At the end of the last quarter, in the concall, we had mentioned that we have an order book of about INR6,000 crores. This quarter, we have an execution of about INR700-plus crores and further addition of about 1 gigawatt, as I can see from the presentation. I was under the impression that order book in CPP would be well above INR10,000 crores. Also - given the current order book, we will do a 40%, 50% growth in FY '27. But post FY '27, especially in '28, '29 on a higher base, do you think we can still continue to grow at 30%, 40% on the CPP side?

I'll give you an exact calculation out of the total capacity in the order book. So out of INR5,426 crores, INR1,500 crores is already executed. And there's another INR3,679 crores which is there. I'm only counting about the bigger order book. There are a lot of small, small orders also. If you see, we have added one bigger one like we had Aditya Birla, we had Adani Green. We have multiple orders in Sundrop also. CPP order book, what we are showing is the total new order book plus whatever is left from the previous order book that was pending till now. In the small orders, we have multiple small orders in Sundrop, which we have not factored in over there. On growth post FY '27 - Yes, because if you see that there is a huge market. And as we are seeing that the way the world is moving towards renewable energy, we have substantial order book. A lot of tenders are coming. We are sure that we will be able to contribute 40% to 50% growth year-on-year with the existing order book and with the new order book that we'll be taking over in this year and the next year.

I have one question on each of your segments, IPP and CPP. We have 1.61 approximately WIP in the IPP segment. So, is there -- can you give us some CODs for the work in progress? And on the CPP side, can you just give us some highlight on as to what realizations do we get on our EPC business? And like you said order book is around INR5,246 crores. So how do we convert that into megawatt or gigawatt?

I'll give the CODs for the work in progress. Like 250 megawatt we have October '26, another 370 megawatts we have again October '26, then new 150 megawatt, we have November 27. And the other there is another 300-megawatt SJVN, which we cannot give the COD because the PPA is yet to be signed. Once you sign the PPA, you get approximately 24 months, 18 to 24 months for signing that. On EPC margins - EPC business, if you see my EBITDA on EPC business is approximately 16% to 18%, sometimes depending upon the kind of a project. The project, if there is with material, it might have a different margin. If it is only balance of plant or it's only EPC business without material, then it is a different margin. But combined, you can see that on the EPC side, we get around 16% to 18% margin. On the IPP side, we have around 85-odd percent margin. So combined EBITDA of the company comes at around 33% to 36%. On realization - If I look at this INR5,246 crores in a broader sense, it might go up to 2.7 gigawatt. But there are orders which are with material with us. But if I calculate the amount of each order with the capacity will not tie up because some projects are with material, some are without material. 2.7 gigawatt is something that you can round about the size of the orders that we have on the EPC side.

On the BESS segment side, I just wanted to know what sort of growth do you see in that segment? And how -- what are the EBITDA margins that we see in these projects? And what is the current order book that we have for the BESS? Overall, how do you see the pipeline? And what sort of order inflows are we targeting for FY '27?

Salim Yahoo: Battery energy storage system, I'll just give you a brief. This is one upcoming segment. The reason is that majority of the solar power has -- there is an issue of FDRE on the renewable energy power. And battery will bring that big dispatch renewable energy kind of a system, which most of the institutions, government institution or the DISCOM want. And margins depend upon different routes because at present, there is a viability gap funding and everything. So the government is supporting this battery energy storage system. I think the margin will be something because a lot of projects will be on the rental where you have to provide the rental services of setting up the battery system and providing the power. So margin will not be as lucrative as an IPP or something, but it will be at a decent rate. At present on the BESS or the Battery Energy Storage System, we have 2 major orders. We have 440/890 megawatt hours, which we have won the tender. Another one is public120/240-megawatt hours. So, these 2 orders we already have, which are signed. I mean the end user end customer is GUVNL. Alok Das: Most of the biddings are coming from the SECI and all states, they are coming on the bidding process. The pipeline, as I said, it is a pan-India basis. There are -- a gigawatt scale bidding is coming and mostly KPI is participating most of the bid.

Just wanted some clarity in the recently declared results. One, the other income has gone up from roughly INR20 crores to roughly INR45 crores. Why is that? Second, the depreciation has more than doubled? Third, the finance charges have more than doubled? Also, the debtor days have sort of gone down, but the inventory days have gone up. What is your capacity to be delivered on IPP side in the current financial year? And on EBITDA margins increasing? And question on the BESS profitability vs IPP.

Salim Yahoo: If you see the other income has increased substantially on account of interest on fixed deposit and the amount that we had got throughout the year because of which the other income has increased substantially. If you look at the depreciation portion, we have added assets. So if you add the assets automatically, the depreciation portion increases with the add in the assets. Last year, the asset was around 2500 as I told in my opening remarks also asset has almost increased to INR5,000 plus kind of a thing. On the finance cost, which has increased substantially, if you remember last year, we had done a QIP. We had done -- this QIP had raised funds due to which we were negative at some point of time. During that period, the interest cost was not available -- I mean, was not there because of which the last year interest seems to be lower. This year, we have increased on our working capital limits also because we have increased on the top line and due to which the interest cost has also increased substantially. On debtor / inventory days - we have a huge order book. And the geopolitical conditions, we know that the availability of turbine, panels will be an issue. So we have infused funds in stocking up the inventory. But 30% to 40% of the order book that we have at present have inventory. On capacity - 965 which was as on 31st March '26. Today, I'm sitting, we have already crossed the 1-gigawatt mark because as I told in my earlier answer also that whatever capacity that we are doing on IPP, we can do it in a phase-wise manner. So we have already got the CEIG approvals and everything, and we have already crossed the 1 gigawatt. So total capacity, if I look at on a DC level, I might go above one point with this and the existing capacity of approximately 500 plus 1.6 or 1.7 gigawatt is something that we'll be adding up, majority of which will be this year. We are planning to get it in this financial year, 1.7 gigawatt on the IPP side. On EBITDA - that is what is our game plan also increase the IPP portion in the overall mix of IPP and CPP. We are sure that our EBITDA will grow. On BESS profitability - Regular IPP business has got an EBITDA of around 85% to 90%, which we might not seek provided -- I mean, if there is a very good BESS project, which has come with a very good -- what is the pricing, it can give up to that extent. But at present, we have not seen any BESS project, which can give up to 85% to 90% of EBITDA margin.

Salimji, I've been seeing the company for quite some time. Farukji, historically used to talk about 70%, 80% CAGR till FY '30, then it became 60%, 70%. Last 2 quarters, you were speaking 50%, 60% CAGR. Now last 3, 4 days with interviews now, we started talking 40%, 50% CAGR. I'm talking till FY '30. Is there a structural slowdown that you all are seeing; hence, this forecast of growth is reducing? Also on the nearby states - any progress on Odisha, Telangana, Maharashtra? Any color on the order pipeline of bids placed? And Botswana - any update on 500 megawatts?

Salim Yahoo: CAGR, what we have shown it's around 50-60 or 40-60. We are growing at a very strong pace. We already said that. Now if you look at -- if I ask somebody, you tell me companies which are growing at 40% to 50%, 50% to 60% in the renewable sector. There are hardly any company which has grown at this rate. We are expecting to come at a 40% to 50% growth rate in the upcoming years also. With the geopolitical conditions, you have seen some kind of what we say, less acceleration, I would say -- I won't say slowdown. It's a less acceleration compared to what acceleration was there earlier. We are growing in the same pace. Alok Das (on nearby states): Now today, we are entering into Rajasthan, as you said very correctly. We have already entered some of the states like Karnataka, we have already taken some of the projects to be -- some resources we have taken. We are also participating in the state of the Odisha for their bidding process of floating solar initiatives. So, in a nutshell, apart from Gujarat, we are there in Rajasthan, Odisha and Karnataka and we are now planning to enter into the MP also and Maharashtra. Maharashtra now very recent, they have declared with the BESS compatible projects. There are some policy also declared that in favor of renewable energy. Salim Yahoo (on bid pipeline): On the bid pipeline, we have more than 4 to 5 gigawatt bid, which we are trying to participate in. In the past, our win ratio has been at 75%. But going forward, we'll be very selective. We'll select high-margin kind of tenders, and we'll try to gain as much as the faster execution kind of tenders. On Botswana - We have already moved ahead substantially. Companies are formed. It's a subsidiary of KPI. And very shortly, you'll see the PPA getting signed and we'll be starting with our execution.