My first question is in relation to the Q1 P&L. The Q1 interest cost seems to be up quarter-on- quarter, even though the company is net cash. Is there any specific reason? And also if you could comment on the tax rate. We've started with about 29% tax rate in Q1. What is the sustainable tax r ate we should be working with going forward on an annual basis?
Okay. And so what was the one-off impact in interest for the quarter?
So my questions are on your thoughts around order inflows, del iveries and contribution margin for FY26?
Sure. Could you speak about the progress of the land development mode as a strategy to secure contracts in FY '26 in EPC mode? How much can we expect? Why ar e this route and what progress has happened so far? And any groundwork leading into export opportunities for WTG over the next 12 to 18 months?
Could you give us a sense of what is the total sale of merchant units in Q1? And what was your merchant contribution from gas -based power plants in the first quarter of the year? Our sense last year was that in Q1 last year, you had realized almost INR6 billion of merchant gains.
Got it. This is very clear. The second question is, I think you mentioned to a previous participant that Q1 capex was INR3.5 billion only. I thought that you are...
So the first question is a follow up on what Mohit asked. So there is a CAPEX for renewables, which is almost Rs. 206 billion as the expected project cost. Is this the residual amount remaining? Or what is the CWIP, which is already there for renewables? So what is the balance CAPEX remaining for these projects? And in terms of a rough phase out over FY'25, '26, '27, is it going to be more FY' 26 heavy given the timelines of commissioning are more 2026, 2027 calendar year?
And so if you could help us with the CWIP number for renewables specifically, it will just help us to better understand what you have done so far?
Just one question, of your total contracted capacity of 2,149 MW, is it correct that PPAs have been signed for the entire capacity except the REMCL 100 MW?
Yes, we contracted 2,149 MW excluding, I think REMCL, it seems that PPAs are signed across the board, right?
Good evening. Sir, very strong performance in the renewables cluster. The question is, in your press release it is specified that the company sold 107 megawatt of module and 54 megawatt of cells to third party in Q1 FY'26. This appears to be a small proportion of the 949 megawatt of solar module and 904 megawatt of solar cells in Q1 FY'26 that you manufactured. Yet the EBITDA elimination is a much smaller number as a proportion to the renewables manufacturing EBITDA for Tata Power Solar. Am I reading this right or what is the clarification on the elimination?
Okay. So, I think there is a mention in your press release BSE filing which says 107 megawatt of module and 54 megawatt of cell was sold to third party. So, what does that mean?
Good evening, sir. My first question is in relation to CAPEX. On the 3rd Quarter call you had expressed confidence that the Company would be able to achieve its target of Rs. 210 billion of CAPEX that you had set for yourselves , and which would have implied nearly Rs. 9,000 crores to Rs. 10,000 crores of CAPEX in Q4. So, what led to the shortfall on CAPEX? And even in the December Analysts Meet we spoke about 588 megawatts of renewable capacity addition in Q4 against which 166 megawatts have got added. So what are the challenges here which delayed your CAPEX and your capacity addition targets given that they were just three months out? That's the first question.
Sure. So the transmission evacuation issues are largely sorted to commission 2.5 gigawatts plus of renewable in FY '26 like you targeted?
Sir, the first one is on the renewables cluster result. The elimination within renewables for revenue at about INR1,806 crores appears to be higher than solar or the TP Solar revenue for the quarter. Even in EBITDA, the elimination number is higher than the entire EBITDA contribution of TP solar. How should we read these elimination numbers? And what was the third-party sale that you did in TP Solar during the quarter? So if you could sort of explain the breakup of this elimination and how should we read it?
Okay. So just a follow-up on this. Still the ALMM-2 is implemented by June 2026. Is there an opportunity to make higher profit by selling your backward integrated modules, which have sales made in-house to third-party customers rather than using them in-house?
My first question is, what would be the phase out of the RE capacity addition for under construction projects on your books in FY25 and FY26?
So you had mentioned 2 gigawatt to be commissioned in FY25 on the prev ious call. Is that on flag?
Thanks for the opportunity. My first question is related to your core business margin guidance. Is there a slight change from the 8.5% guidance that you had given for FY26 , an increase of 20 basis points to 8.3% to 8.5% or there is no change?
Got it. Sir, can you segregate the impact of the competitively priced jobs in Hydrocarbon on margin for the segment along with the stage of execution of jobs which was attributed as one of the reasons where you had not crossed margin recognition threshold in large jobs as the reason why Hydrocarbon margins had declined in FY25? Also, with your comment that your Q1 margin for Hydrocarbons was on expected lines and is baked into margin guidance for FY26 , so i s that something we should be extrapolating as Q1 margin for Hydrocarbons being the new normal for the fiscal or this is likely to evolve through the fiscal?
So in case of Hydrocarbons, the stage of execution of p rojects has been the culprit in terms of margin dip for the 9 -month period. So when can we expect the stage of execution given the execution itself is growing at a very swift pace? When does that cross the margin recognition thresholds? And the second part of this question is on the Infra side where you could give us some qualitative color on how the margin improvements that we have seen in the 9 -month period. How is it sort of driven by domestic/overseas because higher overseas in the mix might be depressing your headline margin? And how is domestic behaving in that margin mix?
Sure. And once the Hydrocarbon projects cross the margin recognition threshold, next year will itself become favourable for Hydrocarbons. Is that the right understanding?
Good evening. Thanks for the opportunity. NTPC is targeting a record capacity addition in FY26. Of the 7,226 MW RE that you are targeting, could you give us a sense of the phaseout of how this capacity would come up in FY26 roughly between Q1, Q2, Q3, Q4? So that we better appreciate your performance through the year. That's my first question.
Okay. The second question is, we really appreciate the number of JVs that you are signing in NGEL. And if I add the aspirations across the multiple states in which you have JVs or the PSUs that you have JVs, it becomes even a bigger target possibly than the 60 GW target that you had originally for 2032 for renewables. So just give us some sense that over the next 2 to 3 years which JVs are likely to see meaningful capex on ground for the aspirations that have been outlined? And if you could also outline the capex or the capital that went into the Ayana acquisition and what sort of valuation metrics that transaction was consummated at?
What kind of investments or capacity additions are envisaged in these JVs of NGEL?
Okay, just to understand this, the 3 gigawatt, 5 gigawatt, 8 gigawatt guidance for NGEL is at a consolidated level, including all JVs and potential inorganic growth that you might do will also go towards meeting this target?
Good evening. I have a couple of questions. The first one is if you could give us a sense of what was the total CAPEX in the previous financial? What is that you expect to spend over FY'26 and FY'27 separately if possible, in case just FY'26 would also be fine? That's my first question.
In continuation when you mentioned that the net debt to pro forma is 5x, so in terms of your comment regarding the pacing of growth in all circumstances, you would keep below the 5.5x net debt to pro forma EBITDA is the understanding we have.
My first question is of the 7.8 GW over and above the 10 GW target for FY '25 that you have PPAs for? How are you placed in terms of the transmission evacuation and land for these projects?
So, most of these projects will not require CTU?
My compliments on a strong overall execution performance in the quarter and strong inflow performance as well. My first question is on the water segment. Of the INR100 billion order backlog, how much is under the Jal Jeevan Mission? How much is under other irrigation or other water segments? You've mentioned some improvement in the directional velocity on collections. But how should we be looking at this segment for Q4 and the next financial year in terms of execution and you also made comments on the JJM allocations in the budget for FY '26, so how soon is the improvement going to be visible? That's my first question.
Okay. The second question is when we evaluated your Q3 result, we possibly were -- saw a higher net interest cost during the quarter than what we expected. The other income was down sharply quarter -on-quarter at the consol level while the interest cost was up 9% quarter -on- quarter. The QIP happened around 18th Jan -- 18th December, so the benefit might have been for a few days. But shouldn't the net interest cost now improve, so your net debt is also down about INR10 billion quarter-on-quarter? Was there any one-off in interest?
Congratulations on a very good set of numbers. In addit ion -- in continuation of the last question, could you also spell out the ballpark range of size for the 2 large orders that you expect next fiscal QRSAM and the MRSAM that you mentioned, given that NGC is almost INR 140 billion, INR 150 billion will you giv e us a better sense?
And MRSAM?
Good Afternoon Sir . My first question is, you've had very strong volume growth on the collectives - Day Ahead Market, and RTM. Has that been accompanied with an overall increase in market share also as of 9 month FY '25? If you could give us the data.
Okay. And what would be your market share in the REC segment?
In your opening remarks, you mentioned that EXIM volume growth of 3.5% was pretty much in line with India's international trade growth, export growth of 1%, import growth of 6%. So, for the second half, when we are expecting a strong double-digit growth, what sort of macro export- import growth numbers you are thinking about for the country to grow at, which if they don't materialize, your guidance would be at risk?
So, I think the objective was to basically check if all India export-import growth were in a similar range, your growth drivers won't get impacted as much, you would still manage your double- digit growth because of Varnama and other initiatives that you have outlined.
My first question is that if I look at the domestic port EBITDA per ton versus international port EBITDA per ton , domestic port EBITDA per ton is significantly higher. So, could you just explain what the dynamics are here? I understand it is not like all right, but given the EBITDA margins for even Tanzania included now have not materially changed the profile, what are your thoughts going forward? Would this be the new normal?
So, could you give us a metric on ROCE if you compare international?