45 GW raised, strong Q1 masks seasonal headwinds

Delivered ₹4,866.6 Cr (47.2% YoY). Exact match.

28.8 BU dispatched at 17% growth YoY. 78% PLF vs 67% prior year.

Delivered revenue ₹18,901.9 Cr grew 34% YoY, beating stated 27% continuing growth.

Stated for existing portfolio; only 56% of new 24 GW capacity tied. Mixed coverage.

Maintained from prior FY26 guidance; no change.

Raised from prior 42 GW guidance. New 3 GW planned in response to state bids.

Incremental 3 GW planned in response to state resource-adequacy deficits and emerging bid pipeline. Execution not firmed; capex for base 23.7 GW (₹25k–33k Cr) reaffirmed.

180 MW Churk plant + 2,220 MW JPVL stake-in-progress acquired via insolvency. Non-core but adds optionality.

Aspiration raised but no capital committed. Fully dependent on Government of India nuclear rules notification (pending 6+ months).

FY27 ₹25k Cr, FY28 ₹33k Cr, thereafter >₹35k Cr all re-stated from prior call. No capex inflation guidance despite aggressive expansion.

JPVL 24% treated as associate (profit share consolidated, not full P&L). Bina/Nigri have land banks for thermal or nuclear; no plans firmed. Prayagraj stake passive.

Dependent on Government of India rules (awaited 6+ months). Evaluating domestic and imported tech. No cost-plus feasibility or capex plan until rules finalized. 5-year execution assumption.

USD 400M (₹3,300 Cr) at June '26, down significantly QoQ. Receiving USD 100M monthly average. Large payment in June/July prior year. Receivables declining on run-rate.

3 GW at planning stage in response to state bids (UP, Gujarat, Uttarakhand, West Bengal, Bihar, Andhra Pradesh). Includes JPVL 2.2 GW stake. No firm capex or ordering yet.

2.519 BU generated vs 2.362 BU last year. Revenue ₹2,473 Cr vs ₹2,135 Cr (+16% YoY).

Butibori 600 MW + Tuticorin 600 MW (1.2 GW total) converted from merchant to PPAs. Merchant volume fell 4 BU vs 6 BU (33% drop). Strategy: tie up all capacity via PPAs to reduce volatility.

Currently medium-term PPA with MSEDCL. Once intermediary PPA signed, structure is capacity-charge based (like typical PPA), not energy-only. Ramp costs, volatility borne by intermediary.

Annual FFO ₹20k Cr; total FFO ₹1.4L+ Cr over capex cycle. Interim debt need ~₹60k Cr. ND/EBITDA currently ~2.1x; target 2–3x at all times, won't exceed 3x.

13 GW bids in progress (UP 4 GW, Gujarat 4 GW, Uttarakhand 1.32 GW, West Bengal 3.8 GW). At 2/3 strike rate, ~9 GW would be tied; 11.1 GW untied capacity would still need ~2 GW assignment.

Korba Phase-II before Dec 2026. Mahan Phase-II first unit Q1 FY28, second unit Q3 FY28 (attempting Q2).

FY27 ₹25k Cr, FY28 ₹33k Cr, thereafter >₹35k Cr.

Enabling provision only; timing TBD. Will announce when market opportunity and funding need align. Provision refreshed annually.

Recently participated in bid; results awaited. Even if PPA signed this year, some merchant period (1–2 years) expected before full PPA revenue.

Non-operational; will take ~6 months to revive. No meaningful contribution expected FY27. Contribution expected FY28. Not tied in any PPA.

Two-part tariff: capacity charges on new PPAs significantly higher than merchant rates. Energy charges higher on indexed PPAs (fuel cost pass-through). Volume increase +17%. Together: robust EBITDA.

From higher imported coal indices and merchant prices rising, not cost savings. Volumes also higher. Energy charge contribution improved.

PPA not finalized. Regulatory structure open; will pursue best opportunity (bidding or cost-plus, TBD).

Large capex program next 6–7 years; reinvesting surplus. ROI good; capital appreciation better than dividend.

No; only undisputed revenue recognized in results.

95% contracted base provides EBITDA stability. 5% open capacity subject to merchant volatility. Q1 is peak season; Q2–Q3 see seasonality. Long-term contracts de-risk.

Capex plan unchanged (₹2 lakh Cr total, FY27–28 ₹25–33k Cr). Internal accruals cover majority; interim debt gap ~₹60k Cr. 45 GW target (upgraded 42 GW) achievable; QIP enabling provision, not immediate need.

Q1 set record (₹18,902 Cr); Q2–Q3 will see monsoon seasonality. FY27 full-year growth pace slower than Q1 peak.

Current 42% OPM, 25.2% NPM strong. PPA de-risking protects; merchant price volatility on 5% open capacity only risk.

Reaffirmed from prior FY26 calls. ₹2 lakh Cr total program over next few years for 45 GW expansion.

5% open capacity (4 BU) exposed to merchant power prices. Q1 benefited from peak demand; monsoons will reduce volumes and prices.

₹2 lakh Cr capex program over next few years. Supply-chain delays (24 GW BTG ordered in advance), land acquisition, labor constraints could inflate costs or delay commissions.

13 GW in state bids. At historic 2/3 strike rate, ~9 GW tied; 11.1 GW untied capacity remains. Competitive bidding could compress margins.

Godda 2.5 BU PPA (~13% of revenue). Disputed amounts not recognized. BPDB payment history sound but political risk in Bangladesh.

10 GW nuclear target by 2035 contingent on Government of India rules (awaited 6+ months). Tech tie-up, capex, financing all undefined. Distraction from core thermal expansion.