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Questions and Answers from the Q&A Section

Question 1: "Till the time we get the final resolution from the other procurers, is it fair to assume that you'll be able to run the capacity which you only link to Gujarat in the interim?"

Answer: This is under discussion. We've agreed that Gujarat will finalize the SPPA terms first. Once finalized, we'll seek in-principle approvals from other states to commence operations. We aim to start scheduling power to them in the coming weeks.

Question 2: "Do you think we will still be able to meet that 2-gigawatt target for renewable capacity addition?"

Answer: Our target was 2.6 gigawatts for the year, and we have achieved 1.9 gigawatts so far. We expect to complete another 400 to 500 megawatts this quarter, focusing predominantly on our own projects as prior third-party contracts have concluded.

Question 3: "What is the regulatory adjustment bump that seems to explain much of the EBITDA growth?"

Answer: The increase in EBITDA compared to last year is largely owing to our rooftop and Odisha businesses, offsetting Mundra's negative impact. In Delhi Discom, there was a one-off true-up adjustment contributing an additional Rs. 344 crores for the quarter.

Question 4: "Can you provide more details about the positive elimination in the renewable cluster?"

Answer: Typically, intra-transfer losses are eliminated, resulting in a negative elimination. This quarter, specific project losses were offset, resulting in a Rs. 60 crores positive elimination as some projects performed better despite prior losses.

Question 5: "What sort of package are states facing with huge financial losses?"

Answer: States with significant financial losses may receive long-term loans at zero interest in exchange for adopting PPP frameworks. This will encourage financially struggling states to participate, likely within the next 6-9 months.

Question 6: "Is the rooftop solar business reaching a peak revenue or profitability?"

Answer: This is just the beginning. The opportunity is vast, especially with the government's Surya Ghar program, targeting 1 crore houses. Our current strong growth trajectory suggests plenty of room for expansion in the solar rooftop segment.

Question 7: "What are the regulatory asset changes on the Delhi distribution side?"

Answer: Regulatory assets have increased due to a new true-up order. While overall, the assets have gone down, this new order has added Rs. 400 crores, making it seem higher than the actual trend during the quarter.

Question 8: "Could you provide specifics on renewable project commissioning timelines?"

Answer: Some Tata Steel projects, including a 198 megawatt wind project, will be commissioned soon. For FY'27, we expect to add around 500 megawatts, with 2.5 gigawatts targeted for future projects predominantly focused on our operational capacity.

Question 9: "What's your outlook for Indian rooftop addition in 2027 and 2028?"

Answer: Anticipating a significant increase in rooftop installations due to improved supply chains and government initiatives, I foresee at least a 50-60% increase in capacity compared to last year, with continued growth thereafter.

Question 10: "What challenges are affecting your own capacity execution?"

Answer: Challenges are primarily due to timing and coordination with third-party order executions. Execution is proceeding as planned, and future projects are staged appropriately to align with necessary infrastructure and evacuation timelines.