Sir, a few questions on the renewable pipeline. So, the MSEDCL project, when should we expect the SCOD?
So, you can do partial billing for the portion of the capacity that you have commissioned?
Questions across 22 calls
Dhruv Muchhal
HDFC AMC
Torrent Power Limited
Aarti Industries Limited
Yes, sir. Thank you so much. Sir, the nitration-related incidents in China probably are linked to some specific product, one key product. But I am just trying to understand, based on some of the commentaries, it seems the read -through is ; I mean, the implication could be for broader nitration - related chemistry, similar nitration -related chemistries. I am just trying to understand how are you reading this development? Also, is our nitration product -related change very different than probably what the Chinese are doing and the implication would be for, the impacted products would be for them?
Sure. Now based on the reading, what I understand probably if you can help me, was that the problem was or the issue was primarily related to the nitration related, whatever they were doing in that particular molecule. So the nitration that we do, is it very different? I am just trying to understand, say, for example, a chemical plant in China is doing nitration on a separate and a different molecule than the insulin -related molecule. Will they also see a tightness or this will not have any implication on them?
Acme Solar Holdings Limited
Yes, sir. Thank you so much. I had a structural question on the curtailment thing. We understand how it happens and all those. So, the point is, assuming that India keeps adding about 25, 30 gigawatt and probably even more annually, and your demand goes by about 12, 15 gigawatt on an incremental basis, there is an excess of solar supply every time. Probably, batteries will address it to some degree, but then there could be timing issues, the cost issues, and multiple issues. So, it seems this curtailment thing, unless I am wrong, this curtailment thing could be a bit structural. So, just wanted to understand, is it fair to assume 5 % or probably 10% impact on revenue because of curtailment for future projects? Or you already build that when you forecast in terms of how your IRRs are going to get built up, or the whole understanding itself is wrong?
Sure. No, sir just extending, sorry to just extend this a bit. I understand the batteries will happen, but the only risk that we see, at least from a few years perspective, is that the bids that we have seen in batteries are probably for the external guy, it seems extremely, some of the players have bid extremely low. And given how the battery prices have changed, some of these bids might not actually convert to physical assets. And that realization will happen over a period of time, and the states will then rebuild and all those things will happen. So, this creates a timing gap, probably, I don't know, 2 years, 3 years, or probably it can be lower. So, during the timing gap, can this be a thing? I understand you are assured because of your payment, and there is a difference between a dispatch and your payment. But if the quantum keeps on increasing, do you have a pushback from the system that this is too much now, we can't handle this? So, just trying to understand how the system works?
Yes, sir. My question was a bit related to the earlier question. So basically we have freezed the battery prices for 3.1 gigawatt now. At least 3.1 gigawatt. The remaining you gradually order over the period of time.
Got it. And so you will be early commissioning these projects and effectively probably selling in the merchant market for some time until probably the PPA comes up. So based on your calculation probably on an hour -wise or minute -wise basis, you see that th is project will give you the early commissioning gives you that benefit. I mean, gives you superior returns. Is that, I mean, that back-end work we have already done and that makes sense. I mean, across seasons, across time portfolio. So, for example, generally what we see is in winter the demand falls and merchant prices fall. So it is adjusting for all those factors.
Waaree Energies Limited
Thank you so much. Congrats on the strong set of numbers. So, first question is on the 5.4 gigawatts cell capacity. Now, there are different ways in which companies are quoting capacity. So, if you can help us at what watt peak levels is this capacity quoted at? And how does this shift to G12? I believe you mentioned about G12. How does this shift to G12 help in ramping up the productivity?
Sorry to interrupt. I think I was trying to understand. Some companies quote capacity, let's say 11 watt peak at a single cell level or some quote at 8 watt peak. So what's our benchmark? And when we say 5.4, what does it indicate? And hence the question. Amit Paithankar No, I understand that. See, I think each cell, now G12R is a bigger cell. So, its watt peak per cell is going to be higher. A smaller cell will have a lower watt peak. So, we can have a separate discussion technically on this. But the important part here to understand is each cell multiplied by the total watt peak per cell multiplied by total number of cells is equal to the production capacity that you have. That's the basic equation. And when we say 5.4 gigawatts, it comes from there.
Clean Science and Technology Limited
Yes. Thank you so much. Sir a bit of confusion in the standalone minus subsidiary that we do. So if I look at the EBITDA standalone console sorry console minus subsidiary – console minus standalone, it was a loss of about 8 million in 1Q. The loss is now 29 million. So on a percentage basis also the EBITDA loss is higher, alt hough volumes have grown. And you mentioned that the material margin has improved to 34, 35. So I'm just trying to understand what am I missing?
So that can only -- so -- okay, so what I'm trying to understand is – yes that is the only bit what I am trying to say is, when you say 31% margin moved to 34% margin, that's on a spot basis. I mean spot base is on an increme ntal basis that your margins are, say for example, you have to buy the raw material today, that is what the co nversion margins that you do. Is that -- is that what you're trying to say?
Power Grid Corporation of India Limited
Yes, sir. Thank you so much. S ir, in the consolidated numbers, the other income for last year was about Rs. 560 crores and this year is about Rs. 190 crores, a sharp drop. So, anything abnormal probably in this quarter or last year quarter?
Yes. So, in the consolidated numbers, the other income last year same quarter was Rs. 560 crores and this year quarter is about Rs. 190 crores. There is a sharp drop here. So, anything abnormal probably in the last year quarter or this quarter?
Coromandel International Limited
Sir, you mentioned the Phos acid expansion, which I believe is about INR 1,100 or 1,000 -odd crore CAPEX. We will have a payback of about two years. So, if I just do a rough math, I get an EBITDA per ton just on the Phos acid plant. I believe that you are mentioning, including sulfuric, is about $250, $300. Sir, is that a sustainable run rate now? Because I think the number historically used to be much lower.
I am just trying to understand if this can sustain. What are the drivers? What's leading to this change versus the historical trend? Is it because the P. rock, you believe rock can remain lower irrespective of the Phos acid prices, can remain lower given the supply dynamics have changed? Is that the key driver?
Adani Energy Solutions Limited
Thank you so much. In the opening comments, you mentioned that the capex for this year will be about INR17,000-INR18,000 crores and revenue run rate of that or EBITDA run rate of that will be about INR 2,800 crores. So, this is the capex number probably that gets capitalized over the next two years and then the EBITDA run rate will be realized. What do you capitalize this year? The EBITDA run rate for that would be how much, sir?
This was excluding. Okay, perfect. Got it. So, the second question was on the capex in the transmission business. So, for the full year, you're expecting about INR10,000 odd crores, INR11,000 odd crores capex. First half you have done about INR3,000. So that's about INR7,000 for the remaining 2H
Sir, continuing the Mohit's question on transmission revenue, despite commissioning, we are not seeing that run rate. So, you mentioned that there is an INR 66 crores drag because of the depreciation adjustment as per the regulatory accounts. So, is that correct, sir?
So broadly INR60 crores or INR70 crores will be the depreciation impact on revenue?
Sir, the first question was on the metering business. So, you have spent about Rs 2,000 crores in the quarter in terms of capex, right, sir? This is for the quarter? No, this is for the year. And sir, if I do this math, so what is the implied installations that should have happened at this capex run rate, that implies about Rs 6,000 per meter is the capex cost. So is this in line with what you were expecting? Or is there some error in how I'm doing the math?
Sir, how do you account for this Rs 900 of subsidy that we get from the government? Or is that not part of the estimates as of now?
Sumitomo Chemical India Limited
Sir, a question in some sense on the growth outlook for the domestic market for FY ’26, because I was a bit surprised by the negative pricing drag even in 4Q. You mentioned the domestic market grew by about 14%-15% in volumes, but there was probably some pricing drag. So, I thought the pricing drag is largely behind given the base is also weak. So, just some comments there and some guidance on the outlook for FY ‘26 for the domestic market.
Yes, outlook for FY '26.
Gujarat Fluorochemicals Limited
Sir, on the R -22 price trend, so prices are positive, but any implication from the quota cut volumes or it's more than offset by the pricing benefit?
And sir, on R-32, the time line remains by end of FY '26, is it?
Sir, in the presentation, you say that we are going ahead with the expansion of the salt production capacity. So if you can please help us what is the quantum that you're trying -- that you're planning to put, say, in the next 2, 3 years and the visibility probably that you have in from your customers?
Got it. So if I understand it right, in the EV ecosystem, the first set of growth will probably come from the salt followed by probably the LFPs. And then as the domestic market ramps up the electrolyte solution also. Is that a fair under standing? And because if you're going ahead with the salt plant, is that you're seeing a larger visibility from your U.S. customers?
Premier Energies Limited
Yes. Thank you so much, sir. So just some you know understanding on your capex number, INR12,500 crores. So if I use some industry benchmarks on capex and your ongoing and future expansion plans for cell and module, is it right to understand almost 50% of your total capex plan is X of cells and modules? I mean probably it is going into wafers and wafer, ingot and the batteries and others.
This is helpful. And the second question was on the wafer expansion that we are, the 2 gigawatt wafer expansion that's progressing. Some understanding on the status of land. I'm not sure if this requires an EC, so EC approval, equipment ordering, and some other, the other status please.
JSW Energy Limited
Yes, thank you so much. Is it possible to share the run rate EBITDA for the renewable capacities as of March end for the renewable, I mean, ex hydro and also if possible the gross block that you invested. Run rate EBITDA or run rate revenue is also fine; however, what is comfortable?
So one more popular demand probably is the run rate EBITDA because that's a very good metric or revenue, is a good metric for us to monitor because individual projects, we have many hybrid projects too. So monitoring or gauging it from individual projects becomes extremely difficult. So run rate EBITDA probably is an industry standard. If as a suggestion, if you can please adopt it also. Great, thank you so much for your time.
SRF Limited
Sir, just on this US-China tariff issue, are you seeing any change in customer engagements for this reason?
No, I am wondering are customers also thinking similarly and thinking of supply chain changes in favor of India and you also, but as of now nothing changes?
So probably a bit early, but for us, the US ref gas market, the 2024 cuts are coming I think. So how do you see the market for us , positive or negative in terms of volumes and probably pricing? And also related to this , I think there was some capacity which had come up in Middle East, big capacity, but was probably not playing as per the rules. So any development in terms of events there, if you can share?
The capacity in Middle East probably not playing as per the rules, and there could be some implications in that capacity. So any development such as...
Chambal Fertilizers & Chemicals Limited
Just on Prashant's earlier question, so the P hos acid you mentioned is for global supply or we can think of this as downstream for the NPKs that we may put in or just from largely global suppliers?
Sorry for my lack of background on this, so whatever IMACID expands or sells, the marketing right for that is with Chambal or the responsibility is with Chambal, is it?
SJVN Limited
Yes, sir. Thank you so much. So, with the VR model, you have concluded 1500 megawatt already, right, sir? Yes. One tender is done. So you have received interest from DISCOMS for the whole capacity or you are in works to complete the process?
So the DISCOMS are ready to sign. We have the DISCOMS who will sign the PPA.