Financial Highlights (H1 FY27)

  • EBITDA: INR1,047 crores, representing 56% YoY growth (vs INR670 crores in H1 FY26)
  • Q2 FY27 EBITDA: INR553 crores (vs INR386 crores in Q2 FY26)
  • Profit After Tax: INR120 crores, a six-fold increase YoY (vs INR19 crores in H1 FY26)
  • Revenue from Operations: 67% YoY growth in H1 FY27

Operational Metrics (as of 30 September 2026)

  • Total Contracted Power Sales: 6.3 gigawatts (GW)
  • Operational Capacity: 3.6 GW
  • Contracted Under Execution: 2.6 GW
  • H1 FY27 Capacity Additions: 600 MW commissioned
  • RE Services Operational Capacity: 830 MW
  • Evacuation Received: 3.2 GW (raw material for future growth)
  • Evacuation Applied For: 2.8 GW
  • Aggregate Portfolio Size: 13.2 GW

Geographic Distribution

  • 80% of H1 capacity additions in four states: Gujarat, Karnataka, Maharashtra, and Tamil Nadu
  • These four states account for approximately two-thirds of total capacity
  • Operations spread across 10 Indian states (7 operational, 3 under execution)

Business Segments Performance (H1 FY27)

  • RE Power Sales Segment:
  • Revenue: Significant growth (roughly doubled YoY)
  • EBITDA: INR986 crores (vs INR620 crores in H1 FY26)
  • RE Services Segment:
  • EBITDA: INR60 crores, representing 20% YoY growth (vs INR52 crores in H1 FY26)

Unit Economics & Tariffs

  • Weighted average tariff for capacity under execution: ~INR4/kWh
  • This represents a premium compared to utility-scale SECI contracts (~INR3.1/kWh)
  • Portfolio consists of 50% solar and 50% wind capacity with minimal storage

Credit & Debt Profile

  • Credit Rating: Upgraded to AA stable by CRISIL (on par with JSW Energy and Adani Green)
  • Weighted Average Cost of Debt: 8.3% (reduced from previous levels)
  • Net Debt: INR13,838 crores as of 30 September 2026
  • Debt Composition:
  • INR6,075 crores against projects operational for more than 1 year
  • INR5,100 crores against under-construction assets/holding company
  • Debt Structure: 53.7% fixed rate, 46.3% floating rate
  • Green Bond: Issued first INR2,500 crores bond with weighted average cost of 8.6% and tenors from 2-10 years

Customer Base & Contract Quality

  • Total Corporate Clients: 600+
  • Repeat Business Share: 85% in H1 FY27 (75% in previous two fiscal years)
  • Client Credit Quality: 83% rated AA/AAA or multinationals; 95% rated A or above
  • Weighted Average PPA Tenure: 23 years
  • Data & AI Segment: Represents 41-42% of overall volume

Operational Excellence

  • Trailing 12-month Capacity Addition: 1,400 MW/year
  • Project Execution: Completed within 95% of budgeted cost in H1 FY27
  • Historical Performance: Projects completed within 95-97% of budget over last three fiscals
  • Grid Uptime: STUs maintain 98.5%-99% uptime
  • Plant Performance: Improved trailing 12-month performance for wind, solar, and hybrid plants

Bikaner Grid Curtailment Update

  • Q1 FY27: 70% curtailment
  • July-August: ~50% curtailment
  • September: 44% curtailment
  • October: 26% curtailment
  • EBITDA Impact: ~5% in H1 FY27 (without curtailment, growth would have been 61% instead of 56%)

Guidance & Outlook

  • FY27 Capacity Addition: Minimum 1,500 MW
  • FY28 EBITDA Guidance: Minimum INR3,000 crores
  • Implied Net Debt (FY28): INR15,000-16,000 crores (at 5x net debt/EBITDA)

Capital Expenditure

  • Annual Capex: >INR10,000 crores
  • Gross Block: INR15,182 crores as of 30 September 2026
  • Capital Work in Progress: INR6,700 crores as of 30 September 2026

Market Commentary

  • Management sees significant growth potential in AI/data center segment
  • India's current 2.3% share of AI data center market expected to rise due to global constraints
  • Hyperscaler demand conversations at record high levels
  • Management believes India will benefit from compute factory migration due to geopolitical issues

Q&A Key Points

  • CTU Connectivity: Kopal grid ready, commissioning expected from December; Bikaner improvements ongoing
  • PLF Reporting: Adjusted for curtailment
  • Data Center Demand: Strong demand from both hyperscalers and colocation providers
  • DCR/ALCM Compliance: Planning 100-150 MW for Q1 CY27, pricing already factored into IRR models
  • Storage Solutions: Exploring BESS integration, currently small scale but growing
  • State Regulations: No significant regulatory risks identified; theoretical maximum retrospective impact estimated at 2% of fleet EBITDA
  • Tax Payments: INR170 crores paid in H1 FY27 due to holding company income and subsidiary structures
  • Interest Rate Sensitivity: 50% fixed rate debt provides cushion against RBI rate hikes