Operational Performance Highlights

  • Record Quarterly Commissioning: Commissioned 601 MWp capacity in Q1 FY27 - 458 MWp solar and 143 MW wind capacity, plus 400 MWh of battery energy storage systems (BESS)
  • CUF Improvement: Fleet-wide Capacity Utilization Factor (CUF) improved to 30.2% from 28.2% YoY
  • Generation Growth: Total generation increased by 72% YoY to 944 million units
  • Wind Portfolio Performance: 190 MW wind portfolio delivered weighted average CUF of 49.9%
  • Availability Metrics: Plant availability at 98.8% and grid availability at 99.6%
  • Commissioning Timeline: From April to date, commissioned over 760 MW renewable capacity and approximately 400 MWh BESS across 8 sites
  • FDRE Project: Commissioned India's first Firm and Dispatchable Renewable Energy (FDRE) project under SJVN tender

Financial Performance (Q1 FY27)

  • Total Income: ₹324 crores, representing 79% YoY growth (from ₹181 crores in Q1 FY26)
  • EBITDA: ₹294 crores, representing 86% YoY growth (from ₹159 crores)
  • EBITDA Margin: 91%, improved by 300 basis points YoY
  • Operating Income: ₹291 crores, up 81% YoY
  • Operating EBITDA: ₹261 crores, up 89% YoY with margin of 90% (400 bps improvement)
  • PAT: ₹33 crores, up 54% YoY
  • Cash PAT (PAT + depreciation): ₹108 crores, up 50% YoY
  • Days Receivable Outstanding: 19 days as of June 30, 2026

Portfolio Status and Development

  • Total Portfolio: 11,200 MW capacity plus nearly 9 GWh of BESS
  • Portfolio Composition: 84% in FDRE and wind-solar hybrid projects
  • Blended Weighted Average Tariff: ₹3.7 per unit
  • Operational + PPA Signed Capacity: Over 6.2 GW
  • Off-taker Quality: 98% of contracted capacity with off-takers rated A and above
  • PPA Tenure: 98% of portfolio secured through 25-year PPAs

Capital Structure and Financing

  • Net Debt Outstanding (June 30, 2026): ₹11,217 crores
  • Operating projects net debt: ₹7,183 crores
  • Refinancing Completed: ₹1,700+ crores across three projects at weighted average interest rate <8%
  • Weighted Average Cost of Debt: ~8.5% for operational portfolio
  • Net Worth (pre-IPO): ₹3,463 crores
  • Net Debt-to-Equity (pre-IPO): 3.24x
  • IPO Proceeds: ₹1,800 crores primary raise
  • Post-IPO Net Worth: ₹5,200 crores

Capex and Future Guidance

  • Current Capex: ~₹16,000 crores as of June 30, 2026
  • Projected Capex: Expected to increase to ~₹22,000 crores by March 2027
  • Capacity Target: 2 GW for full year FY27, with 250-300 MW targeted for current quarter
  • BESS Targets: 4.5 GWh installed capacity by June 2027 and 10 GWh by March 2028
  • Run Rate EBITDA Guidance:
  • FY27: ~₹2,700-2,750 crores for 4 GW capacity
  • FY28: ~₹4,500 crores for 6 GW capacity

New Contract Wins

  • SECI Firm & Dispatch RE RTC Tender: 870 MW + 2,200 MWh BESS for 230 MW contracted capacity at ₹5.26 tariff (LOA received)
  • GUVNL Wind Project: 50 MW at ₹3.51 per unit
  • SJVN FDRE PPA: 50 MW at ₹4.25 tariff (signed)

Infrastructure and Execution Capabilities

  • Surplus Connectivity: >4.5 GW over and above entire pipeline
  • BESS Connectivity: Capacity for >20 GWh for future bids
  • Land Bank: >14,000 acres banked for under-construction and awarded pipeline
  • Wind Locations: >200 identified wind turbine locations
  • In-house EPC: End-to-end parallel execution capability across multiple sites and states

BESS Strategy and Economics

  • BESS Procurement: 4.5 GWh firm contracts signed with Envision (AESC cells)
  • Pricing: Container prices between $58-68, all-in price ~$100-110
  • Performance Metrics: Round-trip efficiency ~91%, state of health ~99.6%
  • Merchant BESS: 1.5 GWh expected to run merchant for 1-2 years
  • Operational Model: Fully integrated solution with 15-20 year LTSA covering warranties and O&M

Regulatory and Market Context

  • Power Demand: Strong sector demand aided by El Niño effect
  • Installed Renewable Capacity: India at ~290 GW
  • Policy Environment: Constructive for renewable developers
  • Transmission Strategy: Utilizing merchant battery operation during TGNA periods before GNA availability

One-time Items Impacting PAT

  • Refinancing Cost: ₹18 crores one-time cost impacting PAT
  • Depreciation Policy: Aligned to market practice following assessment

Corporate Structure

  • SPV Model: 56 subsidiaries maintained as required for project financing and PPA signing
  • Holding Company Structure: Listed entity serves as holding company with ring-fenced project SPVs