{"id":182719,"date":"2026-05-12T03:10:30","date_gmt":"2026-05-12T07:10:30","guid":{"rendered":"https:\/\/alphastreet.com\/india\/kpi-green-energy-ltd-kpigreen-q4-2026-earnings-call-transcript\/"},"modified":"2026-05-12T03:15:33","modified_gmt":"2026-05-12T07:15:33","slug":"kpi-green-energy-ltd-kpigreen-q4-2026-earnings-call-transcript","status":"publish","type":"post","link":"https:\/\/alphastreet.com\/india\/kpi-green-energy-ltd-kpigreen-q4-2026-earnings-call-transcript\/","title":{"rendered":"KPI Green Energy Ltd (KPIGREEN) Q4 2026 Earnings Call Transcript"},"content":{"rendered":"

Note:<\/strong> This is a preliminary transcript and may contain inaccuracies. It will be updated with a final, fully-reviewed version soon.<\/em><\/p>\n

KPI Green Energy Ltd (NSE: KPIGREEN) Q4 2026 Earnings Call dated May. 12, 2026<\/span><\/strong><\/p>\n

Corporate Participants:<\/h2>\n

Vinod Jain<\/strong> \u2014 Vice President, Investor Relations<\/em><\/p>\n

Salim Suleman Yahoo<\/strong> \u2014 Chief Financial Officer<\/em><\/p>\n

Alok Das<\/strong> \u2014 Group Chief Executive Officer<\/em><\/p>\n

Analysts:<\/h2>\n

Harsh Patel<\/strong> \u2014 Analyst<\/em><\/p>\n

Aditya Pandya<\/strong> \u2014 Analyst<\/em><\/p>\n

Unidentified Participant<\/strong><\/p>\n

Garvit Goyal<\/strong> \u2014 Analyst<\/em><\/p>\n

Anil Sarin<\/strong> \u2014 Analyst<\/em><\/p>\n

Presentation:<\/h2>\n

Operator<\/strong><\/p>\n

Ladies and gentlemen, Good day and welcome to the KPI Green Energy Limited Q4FY26 earnings conference call hosted by Share India Securities. 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 then zero on your touchstone phone. I now hand the conference over to Mr. Harsh Patel from Share India Securities.<\/p>\n

Thank you. And over to you Harsh.<\/p>\n

Harsh Patel<\/strong> \u2014 Analyst<\/em><\/p>\n

Thank you. Good morning everyone. I would like to congratulate the management on very good chat of numbers. On behalf of Share India Securities I welcome you all to for Q4FY26 earnings conference call of KPI Green Energy. We are pleased to have with us the management team represented by Mr. Sohil Dobaya, the holding director Dr. Alok Das Group CEO Mr. Salim Yahoo, chief Financial Officer of the company. We will have the opening remarks from the management followed by question and answer session.<\/p>\n

Thank you. And over to you Vidam.<\/p>\n

Vinod Jain<\/strong> \u2014 Vice President, Investor Relations<\/em><\/p>\n

Okay, thank you. Thank you. Good morning everyone. Myself Vinod Jain, Head Investor Relations on behalf of management team I would like to extend a very warm welcome to all our investors, shareholder and other participants for today’s earning call for Quarter 4 NFI 2526 for KPI Green Energy. Joining us on the call are full time Director, Groups CEO and CFO who have already been introduced. They will take us through the financial and the operational performance for the quarter and year. Let me tell you that financial year 2526 has been another strong and excellent year for the company with robust operational and financial performance.<\/p>\n

As committed during the year we reported strong growth on top line, EBITDA and cash profit which will be detailed by our CFO Mr. Salim Yao. During the year we secured several strategic project wins across solar wind base, emerging segment like floating solar and the power tearing license from the CRC While continuing to strengthen our long term IBP portfolio and power education infrastructure at KP Green we remain committed to building an integrated renewable energy platform with strong execution capabilities, technology led operation and long term value creation for all the stakeholders.<\/p>\n

Now I would like to hand over the call to Mr. Salim Yao for the financial and operational overview. Thank you. And over to Mr. Salim John.<\/p>\n

Salim Suleman Yahoo<\/strong> \u2014 Chief Financial Officer<\/em><\/p>\n

Good morning everyone. On behalf of KPI Green Energy Ltd. I extend a warm welcome to all our investors, analysts, shareholders and participants joining us today for the earnings conference call for the quarter and financial year ended 3-31-2026. I hope all of you have had the opportunity to go through our audited financial results and the investor presentation uploaded on The Stock Exchange FY25 26 has been another landmark year for KPI Green Energy Limited. The company has delivered strong growth across all key financial and operational parameters supported by continued execution strength, a diversified renewable portfolio and a clear focus on building long term sustainable value.<\/p>\n

Our journey over the past five years reflect the strength and scalability of our business model. During this period are compounded, growth has been remarkable with 92% CAGR in sales and 104% CAGR in profit. This demonstrates that KPI Green is well aligned with India’s renewable energy requirement and is consistently creating sustainable value for shareholders. Over the last three years we have built not just projects but strong momentum. Our total assets have grown more than double every year rising from 2436 crore in FY24 to 4792 crores in FYI25 and further reaching 9882 crore this year in FY26.<\/p>\n

This growth reflects our disciplined investment in renewable assets, land evacuation infrastructure and execution capability. Going to the financial performance for FY26, total income stood at 2742 crores as compared to 1755 crores in FY25 registering a strong growth of 56% year on year. Earning before interest tax and Depreciation increased to Rupees 1006 crores as compared to 581 crores in FY25 reflecting growth of 73%. Profit after tax stood at Rupees 509 crores as compared to 325 crores in FY25 registering growth of 57% YoY for quarter F4 FY26 total income stood at Rupees 810 crore.<\/p>\n

Earning before interest tax and depreciation stood at 305 crores and PAT stood at 155 crore. This reflects strong momentum in the closing quarter of the year and demonstrate our ability to execute at scale while maintaining profitability. Our balance sheet has also shrinked significantly. Net worth increased to rupees 3273 crores in FY26 from rupees 2630 crores in FY25 while as six assets grew to rupees 5427 crores reflecting our continued investment in renewable energy assets and future growth capacity.<\/p>\n

Cash flow from operation activities improved to rupees 424 crores in FY26 compared to 208 crore in FY25. Moving on to operational and portfolios on the operational front, KPI Green continue to scale is enabled portfolio across both IPB and CPP segment as On 3-31-2026 our installed capacity stood at over 1.62 gigawatt with work in progress capacity of over 4.64 gigawatt. Our installed plus upcoming portfolio has reached approximately 6.26 gigawatt comprising 2.57 gigawatt under IPB segment and 3.69 gigawatt under CPP segment.<\/p>\n

Our expanding IPV portfolio is expected to generate more than 390 crore units annually, strengthening the company’s recurring revenue base and improving long term visibility of earnings. With long tenor ppa, strong execution capabilities and integrated project development expertise, we are building a platform that combines growth with predictable cash flows. During the year we secured several important project win across solar, wind, floating solar, green hydrogen and battery energy storage. This includes 150 megawatt wind project with G 445 oblique, 890 megawatt Hertz standalone best project again 120 megawatt oblique, 240 megawatts standalone best project, 142 megawatt floating solar project, 250 megawatt solar project from SGVN, 1.13 gigawatt solar battery balance of plant project from adani Group and 300 megawatt wind project from SGVs.<\/p>\n

On the financial segment I mean sustainable financial milestone that we have achieved. One of the defining milestone for us was the successful listing of India’s first externally credit enhanced green bond. This was Rupees 670 crores 5 year instrument carrying 8.50 coupon rate with quarterly amortization backed by a 65% partial guarantee from Guarantee which is an international private infrastructure development group. The instrument was rated AA CE by Krisil and icra. This innovative structure broadened our investor base among long tenor domestic institutions and set a new benchmark for sustainable finance in India.<\/p>\n

More importantly, it reinforces the market confidence in KPI Green’s business model, governance standards and renewable growth platform. We are pleased to highlight that KPI Green has received both interstate trading license from CERC and Intrastate trading license from gerc. This enables us to participate in Pan India Power market exchange and bilateral contracts thereby creating wider market access, better realization opportunities and enhanced portfolio flexibility. Looking ahead, our focus remains on strengthening the IPP portfolio, expanding the CTB businesses and building capabilities in future growth segments such as battery energy storage system, green hydrogen, floating solar, offshore wind pump storage and energy trading.<\/p>\n

Our strategy is to build an integrated renewable energy platform with strong execution capabilities, predictable annual revenue and long term value creation for all the stakeholders. As India excellent its renewable energy transition, KPI Green is well positioned to contribute meaningfully through scale, execution, innovation and disciplined financial management. We remain committed to timely execution, strong governance, sustainable growth and consistent value creation for all our stakeholders.<\/p>\n

I thank you for all the support that has been provided by all our stakeholders. With this I would like to thank all our shareholders, also lenders, customers, employees, partners, regulators for their continuous trust and support. I now request the moderator to open the floor for question and answers.<\/p>\n

Questions and Answers:<\/h2>\n

Operator<\/strong><\/p>\n

Thank you very much. We will now begin the question and answer session. Anyone who wishes to ask a question may press Star and one on the Touchstone telephone. 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. The first question is from the line of Aditya Pandya from Yom. Please go ahead.<\/p>\n

Aditya Pandya<\/strong><\/p>\n

Hi Dean, I’m audible.<\/p>\n

Operator<\/strong><\/p>\n

You’re not sounding that clear, Mr. Pandya.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

I am audible now.<\/p>\n

Operator<\/strong><\/p>\n

Yes, please go ahead.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Yes. Congratulations for the great set of numbers. My attention was towards one of our subsidiaries, Sundrop Energia. We are also a stakeholder in that company. Wanted to get some idea on the H2 numbers and Q4 numbers and also what is the status of the DRC filing and the eventual listing.<\/p>\n

Salim Suleman Yahoo<\/strong><\/p>\n

Thank you for the compliment. Speaking about Sundrop which is, you know, a subsidiary of KAP as present and the top line of Sundrop this year was 586crores which was a substantial growth with a pat or with a PBT of 130 crores and a PAT of 97 crores. With respect to the IPO of Sundrop we have now Sundrop has been, you know we are going to do all the battery energy storage system that is the best which is an upcoming segment. That segment has been dedicated to Sundrop. So Sundrop will be coming up shortly with the with filing of BRSP for the IPO with the object of battery energy storage system along with the battery energy manufacturing also is in line with us.<\/p>\n

So shortly you’ll see the you know interaction in this particular company more and growth also is there on the top line. If you have CFC in this year we have grown again substantially. Next year also we have a substantial target of growing this company going forward.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Understood. I think I missed the part where I think you didn’t mention the timeline for listing<\/p>\n

Salim Suleman Yahoo<\/strong><\/p>\n

This year. This year we as we told no, this year, this financial year will be doing the listing for Sundrop.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Okay, thank you. Thank you.<\/p>\n

Operator<\/strong><\/p>\n

Thank you. The next question is from the line of Srinic Mehta from Indo Arts Wealth. Please go ahead.<\/p>\n

Aditya Pandya<\/strong><\/p>\n

Hi. My question is about overall IPP strategy. So FY26 you saw revenue growth of almost 56% and profit growth of 57%. The EPS has grown only 49% and the stock has derated. Our interest cost is up almost 130% to 182 crores against the IPP contribution which is only 9%. So you have almost 1.6 gigawatt of IP energies or FY27 and 28 that will come up. So what will be the peak interest burden that the P L will absorb and at what point of time do you expect this IPP back to cross the interest plus the depreciation and the dilution lag?<\/p>\n

So the question is largely that when does this transition become EPS accretive rather than EPS dilutive on a per share basis?<\/p>\n

Salim Suleman Yahoo<\/strong><\/p>\n

Yeah. Thank you. And I think if I summarize your question, you want to understand when is the break even going to happen and when we’ll see the positive impact on the financial from the IPP segment, right?<\/p>\n

Aditya Pandya<\/strong><\/p>\n

Yeah. And also the peak interest burden what we’ll have. Yes,<\/p>\n

Salim Suleman Yahoo<\/strong><\/p>\n

Yeah. See first of all let me just explain you. The interest cost wise has increased. If you see last year, last year we had, you know, done in QIP because of which we have repaid some of portion of our long term loans and short term loans. Because of it, 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 250megawatt, 370megawatt and then also how to 40megawatts. So IPP is a segment which, you know, it’s a capex burden.<\/p>\n

So automatically the interest cost has increased this year. Now the peak interest cost approximately would be at around 300 odd crore. But if you see the initial phase, when you see the business when it starts, the IPV segment comes in a phase wise manner. So if you first see that, you know, out of this one gig out you’ll find 250, then three and another 250 coming up over a period of time. So the revenue will start coming. So FY27 28 is where we will see the full year operation of this ipp what we have taken in hand.<\/p>\n

And then you’ll see, you know, within that stability period will also go. So you’ll find that majority of the things, whereas a break even of any IPP project would be around six to seven years. But you’ll see a strong cash flow coming from FY27 28 in the IPP segment.<\/p>\n

Aditya Pandya<\/strong><\/p>\n

Okay. So we can expect that the ROE of the company will continue to decline even until FY28.<\/p>\n

Salim Suleman Yahoo<\/strong><\/p>\n

I’m<\/p>\n

Garvit Goyal<\/strong><\/p>\n

Telling you,<\/p>\n

Salim Suleman Yahoo<\/strong><\/p>\n

We are doing it in a phase wise manner. So if you, if you have the PPA that we have signed with the government institutions like gunl, there we have a clause that we can set up the plants in the batches of 25 megawatt, 50 megawatt. So the revenue also start coming up. So what happens is that, you know, it also reduces my interest cost. So automatically it’s fine that it will not be that much burden in the, in the construction phase also because while constructing the other portion of the plant, some portion will automatically start generating revenue.<\/p>\n

So though maybe the cod of that will be in the end of 27, but before that, you know, 50, 60% of the plant is already started generating revenue. So you’ll see a mixed, you know, impact on the financial. We will not see too much of, you know, impact of interest or you know, too much of impact of other cost. But at the same time there will be also revenue which will come up. But yes, the exact, you know, the impact will come only in 27:28 when the entire plant is done and we start seeing the revenue flowing in.<\/p>\n

Aditya Pandya<\/strong><\/p>\n

Yeah, and that is probably the reason why the stock has been underperforming. So you know, your ROC has been dropping almost from 18 19% to around 13 14%. And probably from what you’re explaining, it may further drop in the next one or two years before it starts to cling up.<\/p>\n

Salim Suleman Yahoo<\/strong><\/p>\n

Not one or two years. I think, you know, most probably this year we’ll have little bit, you know, we will curtail the drop this year itself and next year we’ll see again our week coming back to the earlier levels. That is what we are targeting.<\/p>\n

Aditya Pandya<\/strong><\/p>\n

Okay. All right, thank you.<\/p>\n

Salim Suleman Yahoo<\/strong><\/p>\n

Thank you.<\/p>\n

Operator<\/strong><\/p>\n

Thank you. The next question is from the line of Ayush Sharma, an individual investor. Please go ahead.<\/p>\n

Aditya Pandya<\/strong><\/p>\n

So my question is on the evacuation. So in FY24 the evacuation was 1.6 gigawatt and in FY25 it was decreased to approximately 3.26 gigawatt, which is 100% increase by wide. But this year the evacuation has only increased to 3.56, which is 10% of the previous year. What is the reason which we are seeing that Only very less increase in the YUI evacuation overall.<\/p>\n

Salim Suleman Yahoo<\/strong><\/p>\n

Your question, we are not able to understand exactly what you are looking at. In FY25 it was. You are seeing 3.9 gigawatt, right? As per the presentation. 3.26.<\/p>\n

Aditya Pandya<\/strong><\/p>\n

Yeah. FY25 it was 3.26. You can just open the presentation of the last year, same quarter you’re talking<\/p>\n

Salim Suleman Yahoo<\/strong><\/p>\n

About, right? Yeah. Evacuation.<\/p>\n

Aditya Pandya<\/strong><\/p>\n

And this year it is has increased to 3.59%.<\/p>\n

Salim Suleman Yahoo<\/strong><\/p>\n

Yes. Yeah. Evacuation. There is a process of evacuation getting approval or getting the evacuation in New York City. 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 you know this this year you have not seen too much of reaction. But there are multiple evacuation which have applied. And we have applied in different companies also. Because we have multiple other companies, we apply it in individual companies where we can set up the project and later on transfer that evacuation to KPI.<\/p>\n

So let’s be assured that evacuation is substantial at our end we have also applied it. So you will find the growth in evacuations and evacuation is not a bottleneck for our growth. We have already been growing because of these two factors. Land bank and power evacuation. And this will be the growth runners for our business going forward also.<\/p>\n

Aditya Pandya<\/strong><\/p>\n

Okay. And my next question is on the project. So have we started the project?<\/p>\n

Operator<\/strong><\/p>\n

I’m sorry to interrupt. Mr. Sharma, your voice is not audible.<\/p>\n

Aditya Pandya<\/strong><\/p>\n

Am I audible now?<\/p>\n

Operator<\/strong><\/p>\n

It is sounding muffled to us. It’s still the same actually. Mr. Ayush, can you please check the connection of yours and please rejoin the queue. In the meanwhile we’ll take the next question which is from the line of path Kotak from Plus 91 Asset Management. Please go ahead.<\/p>\n

Vinod Jain<\/strong><\/p>\n

Hi. Thanks for taking my question. Salim sir, congratulations to you and your team for a good set of numbers. So a couple of keeping questions. What is our current CPP order book in terms of rupees? Crores.<\/p>\n

Salim Suleman Yahoo<\/strong><\/p>\n

Yeah, that is the only question. So current CPP order book. If you see we have approximately 5,246 crores of order book on the CPP side.<\/p>\n

Vinod Jain<\/strong><\/p>\n

Okay, perfect. And secondly sir, we’ve seen substantial increase in inventory. About a 4x increase in inventory and 2x increase in inventory days. So what’s the strategy there?<\/p>\n

Salim Suleman Yahoo<\/strong><\/p>\n

If you see what is the inventory in our balance sheet is approximately 1000 plus. Right?<\/p>\n

Vinod Jain<\/strong><\/p>\n

Right. 1400 odd crores.<\/p>\n

Salim Suleman Yahoo<\/strong><\/p>\n

Yes, 1400 odd. Corrode. If you look at the order book that I told you. 5,246 crore. Right?<\/p>\n

Vinod Jain<\/strong><\/p>\n

Right.<\/p>\n

Salim Suleman Yahoo<\/strong><\/p>\n

Hello. So if you see.<\/p>\n

Vinod Jain<\/strong><\/p>\n

Yes sir,<\/p>\n

Salim Suleman Yahoo<\/strong><\/p>\n

The inventory that I am holding is only 40% of you know, 30 to 40%. So I have to keep on you know building up the inventory so I so I can execute the order so in a timely manner. And that’s the reason if you see we have stocked inventory because we have huge order which has lined up and we have to execute it them in the upcoming quarters.<\/p>\n

Vinod Jain<\/strong><\/p>\n

Perfect sir. And I think that’s<\/p>\n

Salim Suleman Yahoo<\/strong><\/p>\n

30 to 40% inventory is a reasonable way.<\/p>\n

Vinod Jain<\/strong><\/p>\n

Sure, sure, sure. Sir, if I may just squeeze in one last question and then I will join back in the queue. If you can give us an update on the Botswana project that would be.<\/p>\n

Salim Suleman Yahoo<\/strong><\/p>\n

Yeah, so we have already set up company in Botswana. So we are also, I mean that the Botswana company will be a subsidiary of a company which will be in Gibbs City which will be 100 subsidiary of KPI. So we have done all the groundwork for setting up the company. All the approvals have been taken place so that we can infuse funds from you know as per the overseas direct investment policies of under payment. So all those procedure has been done. We have set up a team over there the steam we have taken offices over there and we are shortly be signing the PPAs with in Botswana or in the neighboring countries so that we can start working on our first commitment of 500 megawatt by end of FY by end of December 27th.<\/p>\n

So that is there already in process.<\/p>\n

Vinod Jain<\/strong><\/p>\n

Okay, thank you sir. I’ll join back the queue.<\/p>\n

Operator<\/strong><\/p>\n

Thank you. The next question is from the line of Ankit Panda, an individual investor. Please go ahead.<\/p>\n

Aditya Pandya<\/strong><\/p>\n

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 this financing year?<\/p>\n

Salim Suleman Yahoo<\/strong><\/p>\n

You know our honorable CMD. Sir Dr. Saurav Patel has on various in various public domain or on the televisions have given the commitment that we are you know binded to grow at rate of 40 to 50% year on year. So we will, we’ll try to maintain that growth structure and as far as the profitability is concerned we’ll try to maintain on the profitability as probability is very strong. And we’ll try to maintain that probability by figuring out how the mix of IPP and the CPP will help us to maintain that profitability<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Focus. Thank you so much.<\/p>\n

Operator<\/strong><\/p>\n

Thank you. The next question is from the line of Mittal bua from Understood India.com. Please go ahead.<\/p>\n

Aditya Pandya<\/strong><\/p>\n

My first question is on the grid. I’m sorry to interrupt<\/p>\n

Operator<\/strong><\/p>\n

You Mr. Mittal but we are unable to hear you clearly. Sir,<\/p>\n

Unidentified Participant<\/strong><\/p>\n

You’re able to hear me now?<\/p>\n

Operator<\/strong><\/p>\n

Yes, better. Please go ahead.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Yeah. So 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?<\/p>\n

Salim Suleman Yahoo<\/strong><\/p>\n

So can you just elaborate your question. I mean we are not able to understand what are the charges.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

So there are grid stabilization charges which have been imposed in Maharashtra. We have heard from multiple sources that this is the add on to the build that everyone is getting in the rooftop solar panel in the CPP also. So I just asking that is, does it have any impact on the CPP segment for KPI?<\/p>\n

Alok Das<\/strong><\/p>\n

Yeah, I’m doctor speaking. Basically grid stabilization charges Maharashtra policy newly introduced. And actually we are not doing any project in the Europe top particularly we are exploring some new policy declared about this compatible of 50 mandatory for under that the policy declared recently. So we as a KP are evaluating the project through feasibility in the state of Maharashtra and how that charges. And so when all these things are calculated we will be try to see that what kind of charges they are getting.<\/p>\n

Grid stabilization charges. We are just evaluating how it is impacting to our project feasibility. As in today we are not sure how much it will be impacted for PPP sectors as because in the Maharashtra there’s a huge captive sergeant. So we are sure it can stabilize somewhere else. So we need to see and detail evaluation for that.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

So these charges have not been.<\/p>\n

Alok Das<\/strong><\/p>\n

No grid stabilization charges is not there. We are not finding this thing there in other states also. So this policy recently declared. Probably we have to see that how it is impacting that.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Okay, so my next question is on land bank. So what is the percentage that we own and what is the least. What is the percentage of that breakup?<\/p>\n

Salim Suleman Yahoo<\/strong><\/p>\n

Yeah. Approximately 802,000 acres is out of 7,210 acre which was shown on the in the presentation. 100 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 part.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Okay. Okay. So my next question is like CPP addition. We have done around 210 megawatts this year. So if you see even last year we did 165 odd megawatts. So how do we plan to scale up this to a very big. Because we have a huge capital work in progress. So what is the addition for this year what we are aiming at?<\/p>\n

Salim Suleman Yahoo<\/strong><\/p>\n

You’re talking about the CPP right? Yeah,<\/p>\n

Unidentified Participant<\/strong><\/p>\n

CPP. So this year I guess we had added 210 megawatts as per your presentation. So how do we scale up such a huge order book which it’s pending actually. So this year what is the target?<\/p>\n

Salim Suleman Yahoo<\/strong><\/p>\n

Yeah, if you see, you know in the CPP segment we do billing on milestone basis. Whereas the addition of the capacity is shown in the presentation only when we complete the entire project.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

So<\/p>\n

Salim Suleman Yahoo<\/strong><\/p>\n

There is a. So comparing Apple to Apple it will not be right thing over here we do the business sometimes you might see that we might in some quarter we might add up a huge capacity because we have just completed that project which was being carried on for almost a year. So there will always be addition gap. But rest be assured we have strong exhibition capability and a strong order book in this particular year also.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

So how much for this year? How much we are planning at like to execute what is the yearly target that we have from here on really<\/p>\n

Salim Suleman Yahoo<\/strong><\/p>\n

Target? As I told in the previous question, we are, you know, committing to grow at 40 to 50% year on year. So this year. Yes, yes. It will be on the both sides. See, I commitment on the capacity cannot be given. But on the top line or the revenue side we can tell you 40 to 50 because capacity as I told you depends upon the completion of the entire project. Then only we add the capacity.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Sure. So my last question is on the ipp. So the Kabana project got executed, I mean last year I guess in 2025. So have we lost on the revenue since. So when from when did we start the billing and how much revenue did we miss? Actually like on this<\/p>\n

Salim Suleman Yahoo<\/strong><\/p>\n

We have already started the billing.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Okay. We<\/p>\n

Salim Suleman Yahoo<\/strong><\/p>\n

Already started the building in the Kavada project. The the revenue or the billing got delayed. The plant was ready, everything was ready. But the what we say the gss, the government substation which was in the scope of the, you know, gsecl they were not able to complete. And that’s the reason the, you know, the revenue got little bit delayed. But with that delay they have already agreed for extending the PPA terms. So whenever they completed the ppa terms of 25 years they start post that on<\/p>\n

Unidentified Participant<\/strong><\/p>\n

So but our return on capital employed gets impacted so badly. Right? Because of this, because of one year.<\/p>\n

Salim Suleman Yahoo<\/strong><\/p>\n

See, not a one year postponement. There is, you know, I think six to seven month postponement which has happened. But after that also they are agreeing. So for example, if they have completed a portion of it, they are allocating that. Okay, find out of the 240. If I am, I have completed. If they have completed 120. So I can infuse 120 megawatt of power to them and they will pay for that. So in feesmail also they are you know accommodating us. So I think and also at the end they are increasing the tenure of the ppa.<\/p>\n

So I don’t think there is a too much impact, you know.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

So now the whole project, the revenue has started,<\/p>\n

Salim Suleman Yahoo<\/strong><\/p>\n

It’s almost started. Some portion of the capacity of GSECL government substations is still pending. So they will complete by I think in this quarter inload they will complete it and post that the entire revenue will start immediate. But at present we are getting the partial value of whatever is completed.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Oh so thank you so much. Thank you so much for answering all the questions. Thank you. Thanks.<\/p>\n

Operator<\/strong><\/p>\n

Thank you. The next question is from the line of CA Vansh from Serene Alpha Analytics. Please go ahead.<\/p>\n

Garvit Goyal<\/strong><\/p>\n

Hello sir, I’m audible.<\/p>\n

Salim Suleman Yahoo<\/strong><\/p>\n

Yes, yes, you’re on.<\/p>\n

Garvit Goyal<\/strong><\/p>\n

So my first question is on this increase in the prices of the inputs that we procured. Basically solar molecules, steel and copper. So how we are planning to protect our ECG margins because of this input force pressure.<\/p>\n

Salim Suleman Yahoo<\/strong><\/p>\n

When you talk about the input cost, the major input cost are the panels turbine, right. Which, which are you know almost 60 to 70% of the entire project cost wherever we have with material contracts. Okay. So in this input cost we already, if you see why we have built up the stock to hedge this pricing also. So that is the reason if you see we have given advances to our turbine manufacturers, we have your advances to our panel manufacturers. We have taken stock on our books so that we can you know, curtail you can, we can safeguard ourselves from the increasing price of the input cost.<\/p>\n

And that’s the reason we are able to maintain our profitability margin also.<\/p>\n

Garvit Goyal<\/strong><\/p>\n

Okay, and my second question is on this promoter pledge so could you help us understand that what is the roadmap of timeline to bring this pledge down?<\/p>\n

Aditya Pandya<\/strong><\/p>\n

We already, I mean in the last call also protocol we have<\/p>\n

Salim Suleman Yahoo<\/strong><\/p>\n

Stated that we already have sanction from State bank of India where you know around 50% of the promoter shares are pledged. This were long term, I mean long back before IPO these shares were pledged to give a collateral security for upcoming project. Now SBI has already sanctioned and given us in the current sanction of 3000 crore which they have given for 250370 megawatt. They have given, given the approval for release of pledge once we complete the COD of this project within three month. After that I think by March 27th the all the pledge will be Released by the bank.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Okay<\/p>\n

Garvit Goyal<\/strong><\/p>\n

And last, my last question is on the guidance part 60% but now we are seeing about 40, 50%. Could you help us understand why there’s a decrease?<\/p>\n

Salim Suleman Yahoo<\/strong><\/p>\n

So your voice is cracking. I mean can you repeat the question?<\/p>\n

Garvit Goyal<\/strong><\/p>\n

Yes, so I actually I was asking that earlier we are speaking about 50 to 60 growth guidance. Now we are speaking about 40 to 50. Could you help us understand why this decrease<\/p>\n

Salim Suleman Yahoo<\/strong><\/p>\n

There I don’t see any degrees 50 to 60 is there and 40 to 50 so 50 is a common in both the place but if you look at all other companies, all other companies I don’t think any other companies in the same similar segment or any other segment are showing a year on year 40 to 50% growth. So in spite of this conditions we have shown that growth in spite of the geopolitical conditions, in spite of the you know what we say, the slowdown in the economy we have been able to grow. So I think we should appreciate in spite of this we have been able to maintain and give and fulfill the commitment that which we have given.<\/p>\n

Garvit Goyal<\/strong><\/p>\n

Okay sir. Okay, thanks and all the best for future.<\/p>\n

Salim Suleman Yahoo<\/strong><\/p>\n

Thank you very much.<\/p>\n

Operator<\/strong><\/p>\n

Thank you. The next question is from the line of Pratik Giri from Shublab Research. Please go ahead.<\/p>\n

Aditya Pandya<\/strong><\/p>\n

Hi. Thank you for the opportunity. I hope I’m audible Gentlemen, I have a few questions. Thank you. I have few questions on the broader industry level developments which we have been reading and noticing in the last few months. My first question is on so probably government has from 4 reias. Probably now only SETI is the only reia. I wanted to get your opinion on how this will shape up the RE sector going forward. Now we saw significant tendering in 22, 23, probably 24 also then you know there was some slowdown.<\/p>\n

So how are you looking at this decision taken by you know the leadership of converting four into one rather converging four into one re.<\/p>\n

Alok Das<\/strong><\/p>\n

So this is your first question?<\/p>\n

Aditya Pandya<\/strong><\/p>\n

Yeah, that’s the first question.<\/p>\n

Alok Das<\/strong><\/p>\n

Okay, so let me answer one by one. So thing is like this, you are telling the other scenario today. So today it see that what growth is coming in India today you know there is a power demand is about 6 to 7% CAGR. And today if you see that non fossil fuel is the penetration idea of government of India they have directed about 500 gigawatt is to be installed and out of 500 gigawatt 220 gigawatt only for the solar lead and total that capacity happened about 280 gigawatt non fossil fuel. So now there is a 54% there’s a penetrations are there as in today.<\/p>\n

So there’s a target to complete the 500 megawatt about 45 to 50 gigawatt per year. Last year. If you see that last year solar and wind combination close to 50 gigawatt was installed. So now question is looking into the peak demand and making the CAGR and market growth is about the 40 to 50 gigawatt per year is the value additions. So there are two three things are coming Seki they are coming with the bidding process for the remaining that how to fulfill for that and to support to that building Whatever the IPP sectors they are having your all sort of around the resources land and P connectivity.<\/p>\n

So all the bidders are quite equipped to submit that quotations and etc. And yet each state also they are coming for the bidding process. So obviously that growth trajectory remains same. And because of the new technology like base compatibility green hydrogen and floating solar is also coming. Some of the state like declared as a new that ARI decision like Odisha that declared as ARI destination. So obviously to go to that milestone 2030 and beyond to that 2030 like green hydrogen policy that has been declared that free transmission charges up to 2035.<\/p>\n

So looking into this concept we are pretty confident the market is wide big and all stakeholders are ready to fulfill to that the directives given by government of India. Yes,<\/p>\n

Aditya Pandya<\/strong><\/p>\n

Wonderful. Sir, if you can just you know add on to the impact of just one reia Will it lead to you know more clearer policy structure, more clearer tendering process going ahead and clearer connectivity challenges getting sorted out because of only one reia seti will it lead to that or what is your opinion on that? Sir,<\/p>\n

Alok Das<\/strong><\/p>\n

Single REIA has given a clear cut directive for tendering process and all that for SEIKI is a single point body today. So they have been given clear cut that instruction that SE would be the single point up. Previously there are multiple so now last for MNRE meeting it has been very clearly told so that direct is very clear to fulfill that that SEKI would be taking the leading role for that. So I think that they are now quite equipped and they were they are making the all sort of necessary structure and how we implement to that implementing the agency.<\/p>\n

And personally I was there in the meeting. So obviously we are very confident this is the only agency you can take forward.<\/p>\n

Aditya Pandya<\/strong><\/p>\n

Understood, Understood. My second question is on you know the reports which we keep reading about and not just news sources even CERC writes about it about the curtailment of Renewable energy, you know, during the peak peak hours probably there’s a significant number both in solar and wind. I know this is, you know, beyond our control because this is probably larger largely a transmission issue. But I just wanted to get your understanding, you know, what is the clarity we are getting from the transcos on you know, getting this issue sorted out.<\/p>\n

Because if this continues probably re edition will also get hampered. In my limited understanding. If you can throw some light there, the transmission issues which we are facing because of curtailment is happening. Yes, over to you.<\/p>\n

Alok Das<\/strong><\/p>\n

Yeah, 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 that curtain happened, how to mitigate to that risk of the settlement. So this is the discussion topic today. So now they are taking how to create a green corridor for the proper power irrigation, proper load flow study so that whatever the power irrigation is coming that can be given and properly that utilized by the load desert center to each zone like in wild D.C.<\/p>\n

That that nlbc and other thing. So it is under the discussion mostly topic is coming 2, 3 predominant state where the catalment has been found and how to address during peak time of generation both predominant two sources of the solar and wind. So now it is in the discussion how that the PGC already come to tendering that how to create an early kind of power education to address to the settlement issues. And it is being discussed all the transport and distribution company, not only central cerc, all sort of ERC also there in the participant.<\/p>\n

So this is the coming time probably some solution will come how fast that the project can come. Today most of this CTU projects they are coming 28, 29, 20, 30. So that kind of that augmentation of power education systems are just a way to you know create a all sort of facilities to address that settlement issue. So that is a dynamic situation. It will be going like that one.<\/p>\n

Aditya Pandya<\/strong><\/p>\n

Understood sir. But as of now there’s no deadline for the solutions of all this. These all are under discussion and probably will rectify in coming quarters incoming months. Correct sir?<\/p>\n

Alok Das<\/strong><\/p>\n

Yes, that is. Yes, that is. That is a dynamic situation. Not in the concrete decision has come from CSC level or some of the verdict has come from CSC level. What kind of process we should follow? Yeah,<\/p>\n

Aditya Pandya<\/strong><\/p>\n

Got it. I have few more questions. We’ll try to get an opportunity again. Thank you. Thank you.<\/p>\n

Operator<\/strong><\/p>\n

Thank you. The next question is from the line of Mohnish Kumar, an individual investor. Please go Ahead.<\/p>\n

Aditya Pandya<\/strong><\/p>\n

Good morning sir and congratulations on a very good set of numbers. Thank you. My question is that what is the, what will be the portfolio edition in the IPP segment in the coming first six months of the year? And with the increase in the portfolio of IPP can we expect any increase in margins.<\/p>\n

Salim Suleman Yahoo<\/strong><\/p>\n

Portfolio? If you see that, you know, we have already won a couple of tenders out of which, you know, this 25370 is already, you know, partially energized and remaining is getting energized over and above that we have already got, you know, financial closure as well as disbursement and working on 150 megawatt win which is again in KPI. Other than that there is an SVB and also which we have yet not signed. The PPA is expected to come. So the portfolio is expected to increase. And as you know the IPP segment, you know, gives you a very strong EBITDA.<\/p>\n

It’s around 85 to 90% of EBITDA. So automatically once the IPV portfolio capacity increases in the overall revenue segment, it will improve the profitability as we go forward.<\/p>\n

Aditya Pandya<\/strong><\/p>\n

Got it, sir. And my second question is that the EPC segment also likely to grow. Will the margins stay there or will the overall EBIT margin of the entire portfolio is going to rise?<\/p>\n

Salim Suleman Yahoo<\/strong><\/p>\n

See, as we grow the EPC segment, you’re right that you know, the combination has to be seen that how much EPC segment increases, how much IPP segment increases, that combination are always, you know, we always try to see that in our margins are maintained or they are improved. So we’ll always keep in mind that, you know, our IPP portfolio increased to an extent where it will not it will improve our margin or it will keep the margin stable. Because the EPC is also growing substantially. As you are aware that we have already have 5000 crores of order book in EPC segment also.<\/p>\n

So the more the EP segment the margin will come little bit, you know, will get a little bit strained. So we have are increasing the IPP segment also to that extent so that we are able to maintain this healthy margin what we are earning right now.<\/p>\n

Aditya Pandya<\/strong><\/p>\n

Okay, so that would be from my. Thank you. Thanks a lot.<\/p>\n

Operator<\/strong><\/p>\n

Thank you. The next question is from the line of Falconi and individual investor. Please go ahead. Falconi, please go ahead with a question. Your line is unmuted.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Hello.<\/p>\n

Operator<\/strong><\/p>\n

Yes, now you are. Please go ahead.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Yeah. Hi to all the team members and management. First of all, congratulations on the strong and very superb numbers.<\/p>\n

Salim Suleman Yahoo<\/strong><\/p>\n

Thank you.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Yeah. My question is regarding cash flow as the company continues scaling rapidly. Okay, how should investors look at operation, operating cash flows, generation and working capital?<\/p>\n

Salim Suleman Yahoo<\/strong><\/p>\n

See as we are growing, you know, the working capital requirement is more on the EPC business. So we have strong EPC business. So that’s why if you see my working capital has also increased substantially which has increased our interest cost also. But at the same time we are able to maintain healthy cash flow with the increase in the working capital. Our cash flows are not strained. So if you see that we have grown almost 100% on the cash flow last year which were around 200 has almost crossed 100 and we have crossed 400 crore on the cash flow side.<\/p>\n

So we are very cautious and we see to it that we have a proper mix between the working capital that we are utilizing and the revenue that we are clocking with that working capital. So that our operating cash flows are always positive. At the same time we have capex and everything. So we keep in mind that our operating cash flows are positive and the capex comes from our long term investments only. So that’s why we have been able to give this better numbers or a good number than.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

All right, understood. Thank you so much for the great clarification. Thank you very much.<\/p>\n

Operator<\/strong><\/p>\n

Thank you. The next question is from the line of Ayush Sharma, an individual investor. Please go ahead. Mr. Sharma, please go ahead with your question. Your line is unmuted.<\/p>\n

Aditya Pandya<\/strong><\/p>\n

Yeah, so just wanted to know that as we previously mentioned that the Botswana project will be funded by some subsidiary instead of subsidiary for API which will be a kind of new entity. So just wanted to understand that what would be the equity mix with that? We just like Sundrop in asia, greater than 50 holdings will be with our JPI and restaurant will be, you know, exposed privately. So how that will be done? Just wanted to have a sense on that.<\/p>\n

Salim Suleman Yahoo<\/strong><\/p>\n

As I said in my earlier answer also you know the Botswana company will be a step down subsidiary of KPI because as per the ODI rules of Pepa, four times of the net worth of the parent company can be invested into the international or a step down subsidiary. So we are leveraging on the net worth of KPI also because ultimately it will be a step down subsidy. So the consolidation will happen at KPI level. So we will leverage on KPI’s strong net worth which is going to go stronger than that and then start working on that equity portion.<\/p>\n

How we’ll get in the equity. We have other options on like INVIT and everything which you might think at that time. But at present the first commitment of 500 megawatt. We are very comfortable with the the existing net worth of KPI which a portion can be invested for the equity portion. Rest all. We already have, you know in principle approval from various international funds for investing into Botswana for us.<\/p>\n

Operator<\/strong><\/p>\n

Thank you. The next question is from the line of path Kotak from Plus 91 Asset Management. Please go ahead.<\/p>\n

Vinod Jain<\/strong><\/p>\n

Hi. Thanks for the follow up. So just one clarification on the CPP order book you mentioned. It’s 5 to 4, 6 crores at the end of the last quarter. If I remember correctly in the con call we had mentioned that we have an order book of about 6000 crores. This quarter we have an execution of about 700 plus crores and further addition of about 1 gigawatt. As I can see from the presentation I. I was under the impression that order book in CPP would be well above 10,000 crores. If you can just help me understand what<\/p>\n

Salim Suleman Yahoo<\/strong><\/p>\n

If you see I’ll give you an exact calculations, you know out of the total capacity in the order book. So out of this 5004 to 6 crore 1500 is already executed and there’s another 3679 which is there. I’m only counting about the bigger order book. There are a lot of smaller, smaller 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 syndrome also. So TTB 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.<\/p>\n

Vinod Jain<\/strong><\/p>\n

We<\/p>\n

Salim Suleman Yahoo<\/strong><\/p>\n

Have multiple small orders in turn off which we have not factored in over there. Yes,<\/p>\n

Vinod Jain<\/strong><\/p>\n

Got it. Got. Sir, I just want to understand if you are confident. See I think in FY27 given the current order book we will do a 40, 50 growth. But post FY27, especially in 2829 on a higher base, do you think we can still continue to grow at 30, 40% on the CPP side?<\/p>\n

Salim Suleman Yahoo<\/strong><\/p>\n

Yes. Because if you see, you know that there is a huge market. And as we are seeing that you know the way the world is moving toward renewable energy. We have substantial order books, lot of tenders are coming. As Dr. Alok had also specified on you know we had discussion with stakeholders, government stakeholders. So we are. We are sure that you know we will be able to contribute, you know 30 to 40 to 50 growth year on year with the existing order book and with the new order book that we will be taking over in this year and the next year.<\/p>\n

Alok Das<\/strong><\/p>\n

Yeah. Addition to that, you know there are so many changes that happened and by way to selling was telling. We have. We just got us started, got order from Adani and other things similar. There are so many IPP customer, they need a some sort of partner for their execution partner whereby we are also talking some of the new funnel for such type of activity. So obviously there is a profile where we can really stick into that our target and that thing. There are more than 2030 gigawatt projects are to be scheduled to be commissioned for next two years.<\/p>\n

Vinod Jain<\/strong><\/p>\n

Sure sir. Thanks. Thanks. That’s very important.<\/p>\n

Operator<\/strong><\/p>\n

Thank you. The next question is from the line of Kartik Sharma from Anandrati Institutional Equities. Please go ahead.<\/p>\n

Salim Suleman Yahoo<\/strong><\/p>\n

Hi<\/p>\n

Aditya Pandya<\/strong><\/p>\n

Sir. Am I audible?<\/p>\n

Salim Suleman Yahoo<\/strong><\/p>\n

Yes Karthik, you are audible.<\/p>\n

Aditya Pandya<\/strong><\/p>\n

Hi sir. Thanks for taking the question and congratulations on a great set of numbers. I just had one question on each of your segment. IPP and CBP. So we have a 1.61 approximately WIP in the IPP segment. So is there. Can you give us some CODs for the work in progress?<\/p>\n

Salim Suleman Yahoo<\/strong><\/p>\n

See, I’ll give you the COD for the working progress. Like 250 megawatt we have, you know October 26th, another 370 megawatt we have again October 26th. The new 150 megawatt we have November 27th and the other one other there are. There is another 300 megawatt achievement which we cannot give the COD because the PPA is yet to be signed. Once you sign the PPA you get approximately two 24 months. 18 to 24 months for signing that. Yeah,<\/p>\n

Aditya Pandya<\/strong><\/p>\n

Got it. Okay sir, thank you. And on the CPP side you from the previous participant. Uh, just continuing on that. Can you just give us some highlights on as to what realizations do we get on our EPC business?<\/p>\n

Salim Suleman Yahoo<\/strong><\/p>\n

EPC business. If you see my, you know EBITDA on EPC business is approximately 16 to 18% sometimes depending upon the kind of a project the project. If I there is with material it might have a different margin. If it is only balance of plant or you know, it’s only EPC business without material then it is a different margin. But you know, combined you can see that, you know we are on the EPC side we get around 16 to 18% margin. On the IPP side we have around 85 odd percent margin. The combined EBITDA of the company comes at around on 33 to 36%.<\/p>\n

Aditya Pandya<\/strong><\/p>\n

Yeah, understood that. I understand that is the margin but I wanted to understand the realizations. For example, you have given your let’s say your order book is around three like you said, 5,246 crores. So how do we convert that into megawatt or gigawatt? Like what is the number or conversion rate that you use?<\/p>\n

Salim Suleman Yahoo<\/strong><\/p>\n

If I, if I Look at this 5246 In a broader sense, it might go up to 2.7 gigawatt. But there are orders which are, you know, with material, with that. But if I calculate the amount of, you know, each order with the capacity will not tie up because some projects are with material, some are without material. That’s why. So. But 2.7 gigawatt is something that you can, you know, around about the, the size of the orders that we have on the EPC.<\/p>\n

Aditya Pandya<\/strong><\/p>\n

Okay. And this 2.7 is including the module procurement and the turbine.<\/p>\n

Salim Suleman Yahoo<\/strong><\/p>\n

2.7 is the size of the order. In some orders there might not be model might not be part of of it. In some orders it might. Is there a breakup?<\/p>\n

Aditya Pandya<\/strong><\/p>\n

Is there a breakup for that? How much is written without.<\/p>\n

Salim Suleman Yahoo<\/strong><\/p>\n

No, no, we cannot give that breakup in the public domain because it’s our business trade, you know, so. But otherwise everybody will come to know what is our pricing and everything. Right?<\/p>\n

Aditya Pandya<\/strong><\/p>\n

Understood. Understood, sir. Fair point. Okay. Thank you sir.<\/p>\n

Salim Suleman Yahoo<\/strong><\/p>\n

Thank you.<\/p>\n

Operator<\/strong><\/p>\n

Thank you. The next question is from the line of Disha from Sapphire Capital. Please go ahead.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Hello. Am I audible, sir?<\/p>\n

Aditya Pandya<\/strong><\/p>\n

Yes.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Thank you so much for this opportunity and congratulations for a good set of numbers. Firstly, sir, 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?<\/p>\n

Salim Suleman Yahoo<\/strong><\/p>\n

Battery energy storage system. I’ll just give you a brief. This is one upcoming you know, segment. The reason is that, you know, majority of the solar, solar power has, you know, there is a issue of, you know, FDRE on the renewable energy power and battery will bring that big dispatch renewable energy kind of a system which most of the you know, institutions, government institution or the discom want and margins depend upon different because at present there are viability gap funding and everything.<\/p>\n

The government is supporting this better engine storage system. I think the margin will be something because a lot of project 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 range. Majority of the, you know, depends upon the pricing at which you win the tender. So exact margin cannot be stated. But I would request Dr. Alok also to give a little bit on the scenario how the B storage system segment is shaping up.<\/p>\n

Incoming.<\/p>\n

Alok Das<\/strong><\/p>\n

Basically why this battery energy storage system are being. You know the most of the states are considered because of. You know disciplined in power. Because mostly that renewable energy today mostly dominated by wind and solar. So wind is coming on the day little. You know, not. Not inconsistent. But nighttime is more so solar. They are coming in the daytime and by night there is nothing. So just to maintain a discipline based on the demand of the state distribution company. So there is a concept of come storage.<\/p>\n

Now that storage come to the battery energy storage. Where daytime they can use the surplus power. Day and night they can store in the battery. And when the state distribution company requires the power so that is to be discharge it. So that is the concept of coming the battery energy storage. So if that battery storage is coming just a part of the system. Then there’s a good discipline would be coming at that. Market today is coming enormous. There is a all state be it Rajasthan. Maharashtra has declared that the policy.<\/p>\n

Gujarat has declared the policy. So that target in gigawatt scale. So if you take the gigawatt scale battery. So that is what the market is coming. That what rate money should discharge your depend on the demand curve or all the distribution curve. When it is your toes or time of the day. Tariff slots. They will define the tariff by which the battery will discharge. So it is a very very primitive stage. Very many natural stage how the whole system will be working. So so this is what we can get at what tariff would be coming.<\/p>\n

But market is because today there is a mandatory that base should be a part of the system. The other way renewable energy cannot be a compatible with the grid management system. So that is a mandatory requirement for the battery storage.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Right. So what is the current audit book that we have.<\/p>\n

Salim Suleman Yahoo<\/strong><\/p>\n

On the BSS or the battery energy storage system? We have two major orders. You know, we have four Koti five oblique 890 megawatt hertz. One which we have won the tender. Another one is 122 oblique 240 megawatt hertz. So these two orders we already have which are signed. I mean the the end uses end customer is unl. So we have got that order book present<\/p>\n

Unidentified Participant<\/strong><\/p>\n

And overall. So how do you see the pipeline and what sort of order inflows are we targeting for FY27?<\/p>\n

Alok Das<\/strong><\/p>\n

Most of the buildings are coming be it from the SEKI and all states. They are coming on the bidding process. The pipeline as I said it is a pan India Basis there are in a gigawatt scale bidding is coming and mostly KPI is participating most of the bidding. So obviously it is because it is a jarcash coming as a mandatory option. So we are in the pathway to participate in the bid. And most of the battery storage is coming to bid only. So that is what we are planning for that.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Okay, that’s it from my side. Thank you so much and all the best.<\/p>\n

Anil Sarin<\/strong><\/p>\n

Thank<\/p>\n

Operator<\/strong><\/p>\n

You. The next question is from the line of anil Sarin from K16 Advisors. Please go ahead.<\/p>\n

Anil Sarin<\/strong><\/p>\n

Thank you for the opportunity. Just wanted some clarity in the recently declared results. One, the other income has gone up from roughly 20 crores to roughly 45 crores. Why is that? Second, the depreciation has more than doubled. Third, the finance charges have more than doubled. So if you could throw light on these three aspects.<\/p>\n

Salim Suleman Yahoo<\/strong><\/p>\n

The other income has increased substantially on account of interest on this deposit and the amount that we had got throughout the year because of which the other income has increased substantially. And if you look at the depreciation portion, we have added assets. So if you add the assets automatically the depreciation portion, you know, increases with the add in the assets. If you see on the asset side we have increased substantially on the CPI at the council level. Also if you see last year, you know the asset side was around 2, 3 as I told in my opening remark or send asset has almost increased to 5,000 plus kind of a thing on the finance cost which has increased substantially.<\/p>\n

If you remember last year we had done a qip. We had done this PIP had raised funds due to which we were negative at some point of time during that period the interest cost was not available and I mean was not there because of which the last 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.<\/p>\n

Anil Sarin<\/strong><\/p>\n

Got it. Also one thing, one thing that you’re. Sorry, you were saying something. Please complete.<\/p>\n

Salim Suleman Yahoo<\/strong><\/p>\n

No, no no. You can go ahead.<\/p>\n

Anil Sarin<\/strong><\/p>\n

Okay, so the. The debtor days have sort of gone down, but the inventory days have gone up. So if you could throw some light on that<\/p>\n

Salim Suleman Yahoo<\/strong><\/p>\n

The inventory days as I told you know, we have a huge order book and for that to you know the geopolitical conditions, we know that the availability of turbine panel will be an issue. So we have infused funds in stocking up the inventory. But 30 to 40% of the order book that have. I at present have inventory which is a decent size database. We have. I mean we have been able to, you know, get at you know what we said, payments on time and everything. So data days if you come prepared with the increase in the top nine debtors have been at the same level.<\/p>\n

So that’s why they added days level. It looks reduced. But inventory, yes, inventory we have added and as I told earlier in my earlier question also to cater to our upcoming orders, we have to execute it in a timely manner and to avoid any delay on account of geopolitical conditions, we asked filing up the inventory and we have added the inventory so that we can execute in a timely manner.<\/p>\n

Anil Sarin<\/strong><\/p>\n

Got it. That’s, that’s nice to know. Also your, your capacity to be delivered. Right now we are on the IPP side. We are a little shy of a gigawatt some 9, 964 or something. Please correct me if I’m wrong.<\/p>\n

Aditya Pandya<\/strong><\/p>\n

So we’re<\/p>\n

Anil Sarin<\/strong><\/p>\n

At the halfway mark in the coming in in the current financial year fiscal 27, what would this capacity IPP capacity stand at? And once we complete fiscal 27 what would be the capacity at that point in time?<\/p>\n

Salim Suleman Yahoo<\/strong><\/p>\n

996 which was as on the 31st of March 26th. Okay, today I’m sitting. We have already crossed the 1 gigawatts mark because as I told in my earlier answer also that you know, whatever capacity that we are doing on IPP we can do it in a phase wise manner. So we have already got the CID approvals and everything and we already crossed the 1 gigawatt so total capacity. If I look at, you know, on a DC level I. I might go about one point with this and the existing capacity of Approximately, you know, 500 plus and 1 point.<\/p>\n

So 1.6 or 1.7 gigawatt is something that will be adding up majority of which will be this year partially. I think we’ll go in case if it is a deal. But we are planning to get it in this financial one 1.7 gigawatt on the IPV side.<\/p>\n

Anil Sarin<\/strong><\/p>\n

Got it. So correspondingly what I have noticed, and you may please enlighten me more about it that gradually the EBITDA margin is increasing quarter by quarter. In the fourth quarter it went up to 36.6 without counting other income. So can one expect that the EBITDA margin will go further high as the share of IPP increases?<\/p>\n

Salim Suleman Yahoo<\/strong><\/p>\n

Yes, and that is what is our game plan. Also that an increase IPP portion in the overall mix of IP and cpp. But at the same time, you know, if I keep on increasing my top line with CPP also because I have to increase that business also. So we, we are sure that you know, our EBITDA will grow. I mean if I, if I reduce the CPP automatically the margins will grow, but my top line will curtail to some extent. But we don’t want that. We want the margins to be as we have done. We need to be maintained.<\/p>\n

We don’t want it to go down or increase only. But at the same time CPP business should also increase.<\/p>\n

Anil Sarin<\/strong><\/p>\n

Okay, and now this is more of a broader industry question. See the Indian government has recently got a scare and a shock from the Iran war situation. So one would imagine that there would be better appreciation of renewable energy. Do you see any change in the way policymakers are behaving with you in terms of wanting greater renewable energy and thereby does that translate into better business opportunities for you? Not to mention, I mean you anyway are growing very, very well. But as a result of the Iran US conflict any changes in the environment that you are seeing?<\/p>\n

Alok Das<\/strong><\/p>\n

Yes sir. Now this is a complete paradigm shifts are happening in India because we are mostly dependent on the fuel import, the economy. So now there’s a clear cut directives from the central government. You should use maximum non fossil fuel based resources which means renewables is coming in the very much limelight. So now this government authorized MNRE has been taking a very strong that how to utilize and how to potential mapping very fast. So that whole demand of India which is this will be hitting up to the 300, you know, megawatt per day, something like that.<\/p>\n

Your demand is coming. So, so, so big demand today is coming about 256 gigawatt and this is expected about 300 gigawatt to match that demand. There’s a clear cut direct maximum, maximum renewable energy are to be explored. So be it rural or urban or just any kind of that industry, it is to be gone through a project by renewable energy. For example even the steel industries they need in the hydrogen. So previously it is the coal base. Now they are clear cut directives. It is to be green hydrogen based.<\/p>\n

So now green hydrogen that obligation it is driven by the policy, it is been declared already by 2035. They have given certain relaxation in a transmission charges so that all, all industry for green hydrogen they can go for such type of industry number one. Number two, if it is agrivolt, so all kind of agriculture. So at the maximum diesel, et cetera. Now their government is declaring so you have to go for the solar installation. So that market is coming more than, if you ask me, that market is more than 1.2 gigawatt 1.2 gigawatt market is there short term and long term needs to be much more giga scale even for the agricultural.<\/p>\n

So if it is a all captive projects, all kind of that industrial use it has been given directives at least they should go for the renewable energy initiative and government is not for there. So what about the renewable purchase obligation? They are coming a policy it is to be mandated now all company they should go for the this is their demand to meet it obligatory by the renewable energy only. So it is to be regulated by the state distribution company and also state regulatory system. So these are the few changes being adopted by the government of India and state government.<\/p>\n

So with that hope we are expecting being a KPI it is a good platform for an opportunity opportunity to stick a firewall. Great. Thank you.<\/p>\n

Anil Sarin<\/strong><\/p>\n

Just one follow up one question on that. In fact I have two. I’ll just say with the first one first that you know the operating cash flow has improved quite well. Actually it has more than doubled this year, which is a positive development. As you go ahead with greater and greater ipp, what will happen to the operating cash flow and the OCF flow? Through today, roughly whatever I can see around 44, 45% of the declared EBITDA has been delivered as cash flow in the hands of the company. So if you can comment on how the cash flow will evolve as ITP becomes more dominant.<\/p>\n

Unless I mean you are saying that CPP also is keeping pace so the balance will not change. But just wanted to know good thing OCF has gone up, but what is the outlook on ocf?<\/p>\n

Salim Suleman Yahoo<\/strong><\/p>\n

Yeah, so we have to understand that IPP, the segment which gives us a very strong cash flows, okay, one is because of its strong ebitda. But at the same time, IPB does not require any working capital. So increase in IPV will have very. You know, you can have a positive impact on the cash flows because it adds to the net cash accruals, but doesn’t take anything in the working capital. Just like CPP is, you know, it. It requires working capital. IP doesn’t require working capital. So you can understand if there is a working capital, automatically your cash flow from operations get hit.<\/p>\n

If there is lot of, you know, working capital which is utilized here, it is clear that that IPP increase will increase the cash flow and will have very good positive impact on the overall operating cash flows of the company. And that was the reason, one of the reason for having this good numbers on the cash flow side also.<\/p>\n

Anil Sarin<\/strong><\/p>\n

Okay. Okay, and this on the best side, B E S S best side is the profitability more or unchanged or lower than your regular business of IPP and EPC that you do.<\/p>\n

Salim Suleman Yahoo<\/strong><\/p>\n

Regular IPP business has got an EBIT of around 85 to 90% which we might not see provided. I mean if there is a very good best project which has come with a very good what is the pricing it can give up to that action. But at present we have not seen any best project which can give up to 85 to 90% of EBITDA margin.<\/p>\n

Anil Sarin<\/strong><\/p>\n

Okay. And in fact in this month you will be having viability gap funding. So it seems that the battery prices haven’t come down enough that on its own it becomes a viable project. So including the vgf, what, what margins can one expect in a best project?<\/p>\n

Salim Suleman Yahoo<\/strong><\/p>\n

Yeah, I told you expecting margin because all the tenders have been floated at different pricing. VGF is also at different. Somewhere it is, you know, 18 lakh rupees per megawatt or somewhere it is 27 lakh rupees. So different, you know, tenders have been bid at different prices. So you know, thinking about the margin, yes, there is not a very strong margin, but there are margin depending upon the at what pricing the projects have been taken and how they will get executed. Because again the battery and technology, whether you are using lithium, whether you are using sodium.<\/p>\n

So that is also dependent upon the technology that you might be using and the pricing at which the batteries are taken. These are the same 25<\/p>\n

Anil Sarin<\/strong><\/p>\n

Years.<\/p>\n

Salim Suleman Yahoo<\/strong><\/p>\n

No batteries have 12 years. Kind of a BP. Yeah, just hold on.<\/p>\n

Alok Das<\/strong><\/p>\n

Just your question about this battery storage, what Salim was telling. Yes, that is very much correct. Now you see, DGF cannot be a long term solution when that India is driving towards, you know, 250 gigawatt hour by 2030. So whatever BGF first has been declared later on there should be some facility management to be created in a house in India. And most of the companies doing like that way. So when this volume comes, obviously there should be cost reductions. But as on today, the scenario, what he told Mr.<\/p>\n

Salim, that is the situation today.<\/p>\n

Anil Sarin<\/strong><\/p>\n

Okay, no, thank you. Thank you sir. But this, what is the then what would be the IRR of a best project? Because. And what is the IRR of an IPP project?<\/p>\n

Alok Das<\/strong><\/p>\n

Your sound was not very clear.<\/p>\n

Anil Sarin<\/strong><\/p>\n

Okay, let me say again there the equity IRR of the regular IPP projects in the past you’ve mentioned, I think it is 15, 16% or so, maybe it is higher, I don’t know. You can please clarify. But Compared to that, what is the equity irr of a best project?<\/p>\n

Salim Suleman Yahoo<\/strong><\/p>\n

I think we are losing your half of the words. We are not able to hear. Your voice is taking. Is there any issue on.<\/p>\n

Anil Sarin<\/strong><\/p>\n

Can you. Can you hear me better now? Hello. Yes.<\/p>\n

Operator<\/strong><\/p>\n

Yes, sir.<\/p>\n

Anil Sarin<\/strong><\/p>\n

Is it better now? I will repeat my question.<\/p>\n

Salim Suleman Yahoo<\/strong><\/p>\n

Is it cracking in the middle? I mean we are not able to hear the entire sentence. We are able to miss out on some words.<\/p>\n

Anil Sarin<\/strong><\/p>\n

Okay. Give me one last chance. Otherwise we will switch. We can go to the Next speaker. Yes.<\/p>\n

Salim Suleman Yahoo<\/strong><\/p>\n

Mr.<\/p>\n

Operator<\/strong><\/p>\n

Sarin, you are audible. Sir, please go ahead. Okay,<\/p>\n

Salim Suleman Yahoo<\/strong><\/p>\n

I am audible. But the question participant who is asking questions and we are not able to hear that.<\/p>\n

Operator<\/strong><\/p>\n

Yeah. The Participant’s name is Mr. Anil Sarin in even. Sir, right now he is audible. Let him go ahead.<\/p>\n

Salim Suleman Yahoo<\/strong><\/p>\n

Even your voice is a little bit. I mean it’s cracking.<\/p>\n

Anil Sarin<\/strong><\/p>\n

Oh. Okay. One last chance and then we can move to the next speaker. If you can please give me a chance. This<\/p>\n

Alok Das<\/strong><\/p>\n

Still there’s a problem. I think you can communicate to us and we can leave it to you.<\/p>\n

Operator<\/strong><\/p>\n

Mr. Serena, I believe the management is unable to hear us. Can you please rejoin the queue or you can communicate.<\/p>\n

Alok Das<\/strong><\/p>\n

All right. Next week. Yeah.<\/p>\n

Operator<\/strong><\/p>\n

We’ll move to the next question which is from the line of Ashish Rampuriya, an individual investor. Please go ahead.<\/p>\n

Aditya Pandya<\/strong><\/p>\n

Hi Salim ji. Is my voice audible to you?<\/p>\n

Salim Suleman Yahoo<\/strong><\/p>\n

No, I think even we are not. I mean the operator itself is not audible properly. There is some between the sentences. Let<\/p>\n

Operator<\/strong><\/p>\n

Me please check the connection for management. Just give me a moment. Ladies and gentlemen, please stay connected. Sa. Ladies and gentlemen, thank you for patiently holding. Sir, you may please go ahead. We have the questionnaire. Mr. Ashish sir, you can go ahead with your question.<\/p>\n

Aditya Pandya<\/strong><\/p>\n

Sure. Madam, your voice. It is breaking in between. It is still breaking. Operator, I think they are not. They are in a bad network. I think<\/p>\n

Alok Das<\/strong><\/p>\n

There’s some<\/p>\n

Aditya Pandya<\/strong><\/p>\n

System.<\/p>\n

Operator<\/strong><\/p>\n

Mr. Rampuria sir, are you able to hear me clearly?<\/p>\n

Aditya Pandya<\/strong><\/p>\n

I can hear you but I think they cannot hear us. I think the management still in a bad network.<\/p>\n

Operator<\/strong><\/p>\n

Yes, I was just confirming with management. Sir, are you able to hear us? Ladies and gentlemen, please stay connected. Sam. Ladies and gentlemen, thank you for patiently holding. We have management line reconnected over to you, sir.<\/p>\n

Aditya Pandya<\/strong><\/p>\n

Perfect. Okay. Salimji, can you hear me?<\/p>\n

Salim Suleman Yahoo<\/strong><\/p>\n

Yes. Yes.<\/p>\n

Aditya Pandya<\/strong><\/p>\n

Hi. Ashish here. See. And I’ve been seeing the company for quite some time. Farooji historically used to talk about 70, 80% CAGR till FY30. Then it became 60, 70. Last two quarters he was speaking 50, 60% CAGR. Now last three, four days in the interviews now he started talking 40, 50% CAGR. I’m all talking till FY30. Is there a structural slowdown that you all are seeing? Hence this forecast of growth is reducing. You can just throw some light on that.<\/p>\n

Salim Suleman Yahoo<\/strong><\/p>\n

What we have to wrong, 50, 60 or 40, 50. We are going at a very strong pace. We already said that. Okay. Now if you look at you, 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 stage. So we are going at a very. It also depends upon the sector. If the sector, if you see what growth it was in giving earlier, the sector growth has also a little bit what we say curtain. But at the same time we have not curtailed too much.<\/p>\n

We have grown at a very good rate. We are expecting to come at a 40 to 50% rate, growth rate in the upcoming years also.<\/p>\n

Aditya Pandya<\/strong><\/p>\n

Got it? So fair enough. I’m not questioning whether it’s slow or I’m just trying to understand if I look at the last two, three year journey or even longer journey, we were speaking of a higher CAGR every year. And I’m talking of a longer guy. I’m not talking of one year. And we are sort of now highlighting a lower value, which is okay, because that’s<\/p>\n

Salim Suleman Yahoo<\/strong><\/p>\n

What you know, at that time, if you see the sector was very promising at that time also right now also, but with the geopolitical conditions, you know, you have seen some kind of, you know what we say less acceleration, I would say, I won’t say slow down. It’s a less acceleration compared to what acceleration was there earlier. So we are also in line with the same acceleration. We are growing, we are growing in the same pace. It’s only that does overall, if you see if we might go at more than 60 to 70% also depending upon if the sector gives you that support.<\/p>\n

So it has to be also the political condition to be taken into consideration while we look at the sector. Because when we give, at that time, when we gave that cagr, the sector was very promising and very booming. Now the acceleration of that extent has not been in the sector. That’s why if you see we are also going at the same pace where the sector has, you know, slowed the acceleration. But we are again, I’m reiterating this to for my shareholders and stakeholders that this is something what we have, you know, achieved over a period of time and we are maintaining that growth strategy or the growth momentum which we have shown over a period of time.<\/p>\n

Aditya Pandya<\/strong><\/p>\n

So currently we are saying 40 to 50% CAGR till FY13. Yes. Is that the understanding? Okay. Secondly, if I look at it also last two years in the investor presentation we are seeing we go to nearby states, right? We have highlighted. Is it audible? Is it better now? Hello. Can you hear me, Salimji?<\/p>\n

Vinod Jain<\/strong><\/p>\n

Yes, yes. Yes.<\/p>\n

Aditya Pandya<\/strong><\/p>\n

So I think we have been talking about nearby states for quite some time. And obviously I think I saw the recent order of Rajasthan. But in your investor presentation we are highlighting visa, other states. Where are we on that journey? Are you going<\/p>\n

Salim Suleman Yahoo<\/strong><\/p>\n

Not able to. Again voice is breaking, operator.<\/p>\n

Operator<\/strong><\/p>\n

Sir, actually Mr. Rampuri is clearly audible to me.<\/p>\n

Salim Suleman Yahoo<\/strong><\/p>\n

Madam, we are not able to hear you. Neither you also. I mean we are having issue. I mean your voice is also breaking.<\/p>\n

Operator<\/strong><\/p>\n

Okay, let me just check. Just a moment. Sa. Sa. Sam. Ladies and gentlemen, thank you for patiently holding. We have management reconnected over to you, sir. Okay.<\/p>\n

Aditya Pandya<\/strong><\/p>\n

Yeah, thanks. Can you hear me, Salimji?<\/p>\n

Salim Suleman Yahoo<\/strong><\/p>\n

Yes, yes. And sorry for the technical bit.<\/p>\n

Aditya Pandya<\/strong><\/p>\n

Happens all the time. No, no. See the nearby states, we have been talking it for quite some time, right? And I think I saw some progress on the Rajasthan front. What about other states, right? When do we expect that we will venture out to those states<\/p>\n

Alok Das<\/strong><\/p>\n

Like this? Now today we are venturing into Rajasthan. As you said you very correctly. We have already entered some of the states like Karnataka. We have already taken some of the projects to be summary resources we have taken. So we’ll be doing some projects there. We are also participating in the state of the Odisha for their bidding process of floating solar initiative. So these states when they are coming on the bidding process, we are to participate for there. So in a nutshell, apart from Gujarat, we are there in Rajasthan, Odisha and Karnataka.<\/p>\n

And we are now planning to enter into the MP also<\/p>\n

Aditya Pandya<\/strong><\/p>\n

Got Maharashtra was my question, right? Because I think Maharashtra has announced a very strong focus on renewables. We entered or won a project about two years ago. But I am not seeing too much traction in Maharashtra. Any reason why Maharashtra was not a focus for us?<\/p>\n

Alok Das<\/strong><\/p>\n

You see Maharashtra now very very recent they have declared with the base compatible projects. Now they have declared more than 100 kilowatt. Just any project to be based on the base. So now there’s a lot of tractions coming in the Maharashtra. Particularly those projects who need the round the clock operation data centers and all. So there are some policy also declared just in favor of renewable energy. We are getting a lot of traction at present. We are in the search of good resources. Because you know, the Renewable energy should come always in the grid, connectivity and land and etc.<\/p>\n

KPI is already doing some of the searching for all sort of resources. Very advanced stage. You will getting very fast. You know hearing from our side about some Maharashtra projects are happening.<\/p>\n

Aditya Pandya<\/strong><\/p>\n

Got it. And any color on the. Your order pipeline? I mean not, not I think they put it order pipeline value is. What are the 500s already there? 1. But in terms of bids that we have placed any color on that.<\/p>\n

Salim Suleman Yahoo<\/strong><\/p>\n

So on the bid pipeline we have more than four to five. I can say megawatt bit which we are you know trying to participate in.<\/p>\n

Aditya Pandya<\/strong><\/p>\n

You mean 4 to 5 gigawatts. Right. And what should we expect as in terms of our win ratio for these four to five<\/p>\n

Salim Suleman Yahoo<\/strong><\/p>\n

Based on historical part? Our wind, wind ratio has been at 75%. But going forward we’ll be very selective. We’ll select high margin kind of tender and we’ll try to gain as much as you know, the faster execution kind of attendance. So we’ll focus more on that.<\/p>\n

Aditya Pandya<\/strong><\/p>\n

Got it. And Botswana, any update? Have we moved on the 500 megawatt? Have you got that comfort from the. I mean I already answered the<\/p>\n

Salim Suleman Yahoo<\/strong><\/p>\n

Question that yes, I joined<\/p>\n

Aditya Pandya<\/strong><\/p>\n

A bit late. I. I will hear that. No worries.<\/p>\n

Salim Suleman Yahoo<\/strong><\/p>\n

Not. But yes, I mean we have already moved ahead substantially. Companies are formed there. It’s a step down subsidiary of KPI and very shortly will you see the EPA getting signed and we’ll be starting with our ex.<\/p>\n

Aditya Pandya<\/strong><\/p>\n

Got it. Thank you. Appreciate it and all the best.<\/p>\n

Salim Suleman Yahoo<\/strong><\/p>\n

Thank you.<\/p>\n

Operator<\/strong><\/p>\n

Thank you. The next question is from the line of Mohnish Kumar, an individual investor. Please go ahead.<\/p>\n

Aditya Pandya<\/strong><\/p>\n

Thank you for the following. Sir, my question is with respect to the IPP event.<\/p>\n

Salim Suleman Yahoo<\/strong><\/p>\n

Yeah. Please carry on. Right.<\/p>\n

Operator<\/strong><\/p>\n

Mr. Kumar, please go ahead with a question. We have lost the line for Mr. Kumar. We’ll move to the next question which is from the line of CA1 from C in Alpha Analytics. Please go ahead.<\/p>\n

Garvit Goyal<\/strong><\/p>\n

Thank you for the opportunity again. Sir, I have a question that this best revenue. When will this start contributing to our top line by FY27 or after 28.<\/p>\n

Salim Suleman Yahoo<\/strong><\/p>\n

You’re talking about the IPV project, right?<\/p>\n

Garvit Goyal<\/strong><\/p>\n

This, that’s BS battery energy story.<\/p>\n

Salim Suleman Yahoo<\/strong><\/p>\n

But I think you know we’ll complete it in this financial year more probably. And next year 27, 28. You’ll find the, you know the revenue getting clocked into our, you know top line of syndrome by 28. Right. 27. 28. Yeah. Finish. Okay sir.<\/p>\n

Operator<\/strong><\/p>\n

Thank you. Ladies and gentlemen. That was the last question for today. With that I now hand the conference over to management for closing comments.<\/p>\n

Vinod Jain<\/strong><\/p>\n

Yeah. Thank you. And now our whole time director, Mr. Soil Daboria. He will in a brief on the operational part of our business. Thank<\/p>\n

Aditya Pandya<\/strong><\/p>\n

You, Mr. Jain. Good afternoon, ladies and gentlemen. I would like to take this opportunity to highlight how we see our growth trajectory in the coming years. We are now growing at a strong pace of 40 to 50% year on year. Our team is fully equipped and well prepared to support this growth journey. We are on track to achieve our 10 gigawatt target by 2030 and we are confident that we will reach this milestone ahead of schedule. Our vision extends beyond India. We aim to expand globally and develop renewable energy projects in international markets, leveraging our proven execution capabilities and industry expertise.<\/p>\n

At the same time, our strategic focus is to increase the share of our IPV business which will help us build a stable annuity income stream for the next 25 years. Thank you. Thank you once again for your continued trust and support. We remain committed to creating long term value for all our stakeholders. Thank you. Thank you. Over to you, Mr. Jain.<\/p>\n

Vinod Jain<\/strong><\/p>\n

Yeah. Thank you. I would at last, I would like to convey my artist thanks to all the participants for their active participation. I hope that we have been able to reply to all your queries to your fullest satisfaction. And once again, we look forward to your continued support and confidence in the company and company’s operations. Thank you. Thank you very much.<\/p>\n

Operator<\/strong><\/p>\n

Thank you. On behalf of Shared India securities. That concludes this conference. Thank you for joining us. And you may now disconnect your lines.<\/p>\n","protected":false},"excerpt":{"rendered":"

Note: This is a preliminary transcript and may contain inaccuracies. It will be updated with a final, fully-reviewed version soon. KPI Green Energy Ltd (NSE: KPIGREEN) Q4 2026 Earnings Call dated May. 12, 2026 Corporate Participants: Vinod Jain \u2014 Vice President, Investor Relations Salim Suleman Yahoo \u2014 Chief Financial Officer Alok Das \u2014 Group Chief […]<\/p>\n","protected":false},"author":2377,"featured_media":147581,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"jetpack_post_was_ever_published":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":true,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2}},"categories":[6349],"tags":[10169,9175,9104,9092,14492,10089],"class_list":["post-182719","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-transcripts","tag-earnings","tag-earnings-call","tag-earnings-conference","tag-earnings-transcripts","tag-financial-results","tag-quarterly-earnings"],"jetpack_publicize_connections":[],"jetpack_featured_media_url":"https:\/\/alphastreet.com\/india\/wp-content\/uploads\/2023\/05\/Transcript-thumbnail.jpg","jetpack_likes_enabled":false,"jetpack-related-posts":[{"id":109778,"url":"https:\/\/alphastreet.com\/india\/infosys-limited-infy-q4-2021-earnings-call\/","url_meta":{"origin":182719,"position":0},"title":"Infosys Limited (INFY) Q4 2021 Earnings Call","author":"Sahil Anand","date":"April 21, 2021","format":false,"excerpt":"Infosys Limited (NYSE: INFY) Q4 2021 earnings call dated\u00a0Apr. 14, 2021 Corporate Participants: Sandeep Mahindroo\u00a0\u2014\u00a0Vice President, Financial Controller & Head \u2013 Investor Relations Salil Parekh\u00a0\u2014\u00a0Chief Executive Officer and Managing Director Pravin Rao\u00a0\u2014\u00a0Chief Operating Officer and Whole-time Director Nilanjan Roy\u00a0\u2014\u00a0Chief Financial Officer Analysts: Ankur Rudra\u00a0\u2014\u00a0JPMorgan \u2014 Analyst Diviya Nagarajan\u00a0\u2014\u00a0UBS \u2014 Analyst\u2026","rel":"","context":"In "Earnings"","block_context":{"text":"Earnings","link":"https:\/\/alphastreet.com\/india\/category\/earnings\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2021\/04\/Infosys-Limited-Q4-2021-Earnings-Call.png?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2021\/04\/Infosys-Limited-Q4-2021-Earnings-Call.png?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2021\/04\/Infosys-Limited-Q4-2021-Earnings-Call.png?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2021\/04\/Infosys-Limited-Q4-2021-Earnings-Call.png?resize=700%2C400&ssl=1 2x, https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2021\/04\/Infosys-Limited-Q4-2021-Earnings-Call.png?resize=1050%2C600&ssl=1 3x, https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2021\/04\/Infosys-Limited-Q4-2021-Earnings-Call.png?resize=1400%2C800&ssl=1 4x"},"classes":[]},{"id":179860,"url":"https:\/\/alphastreet.com\/india\/godrej-agrovet-ltd-godrejagro-q3-2026-earnings-call-transcript\/","url_meta":{"origin":182719,"position":1},"title":"GODREJ AGROVET LTD (GODREJAGRO) Q3 2026 Earnings Call Transcript","author":"News desk","date":"February 6, 2026","format":false,"excerpt":"GODREJ AGROVET LTD (NSE: GODREJAGRO) Q3 2026 Earnings Call dated Feb. 04, 2026 Corporate Participants: Nadir Godrej \u2014 Chairman and Non-executive Director Analysts: Shivansh Singh \u2014 Analyst Presentation: operator Ladies and gentlemen, good day and welcome to Godrej Aggravate Limited Q3FY26 earnings conference call hosted by. 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