Questions across 3 calls

Shirom Kapur

Jefferies India

Torrent Power Limited

Torrent Power Limited CC-May26.pdf · 2026-05-13

Just had a question on your merchant LNG gain. So, you said, of course, 4Q was not material, but for the full-year, could you maybe quantify how much was the overall gain during the year and how many merchant units were sold?

Got it, sir. And just to understand on your Nabha Power acquisition. So could you -- this is INR6,900 crores acquisition. How much would be the debt component and equity component? Would you have a sense of a rough split? And secondly, how much of this could -- a second question on Nabha would be how much of this would add to your fixed asset base going ahead? And thirdly, what are the tariffs you're looking at in Nabha Power on that plant?

Hitachi Energy India Limited

Hitachi Energy India Limited CC-Nov25.pdf · 2025-11-07

Hi, sir. Thank you for the opportunity. I just wanted to ask you about your gross margins. So, we have seen significant expansion in 1H(first half), almost over 550 basis points. So, I was just wondering what has driven this gross margin expansion? You have been clear on overall EBITDA, but specifically on gross margin, what has driven this expansion? And, are the current levels of 40% plus gross margin sustainable going forward?

Noted, sir. And thank you, that's very helpful. So, just to summarize, these are part of a long-term strategy and can be sustainable going forward if the strategy continues to be executed. So, noted, sir. Thank you. Secondly, of course, post your QIP, you have a large cash balance and you have earned about INR 120 crores of interest income in the first half of the year. But as you deploy your CAPEX, how should we look at this over the next couple of quarters and FY '27? Can this level of interest income sustain, or do you expect it to come down as it's just a one-off in the first couple of quarters this year? 17/27

Hitachi Energy India Limited CC-Jun25.pdf · 2025-07-30

Thanks for the opportunity. Just I had a question, you classify your business into your five business units, transformers, high-voltage products, grid integration, grid automation and now services as a new business unit. Would you be able to give us some color individually within these units, if it's possible, on how the outlook is? And maybe a rough sort of share in business of each of these units?

Okay. Understood. Thanks. That's very helpful. Second question is on your capacity expansion over the next four to five years, where you are incurring about Rs. 2,000 crores CAPEX, could you maybe quantify how much your capacity is going to expand by, specifically within transformers as well as the other business segments where you are expanding capacity? And how that could scale up your revenue potential? And if you could give a sense on what the current capacity utilization is which is warranting this major CAPEX expansion?