K.P. Energy Limited (KPEL) Q4 2026 Earnings Call Transcript

Ladies and gentlemen, good day and welcome to the KP Energy Ltd.

Q4FY26 earnings conference call hosted by Share India Securities. As a reminder, all participant lines will be in the listen-only mode and there will be an opportunity for you to ask questions after the presentation concludes. Should you need assistance during this conference call, please signal an operator by pressing start and then zero on your touchtone phone. Please note that this conference is being recorded. I now hand the conference over to Mr. Harsh Patil from Share India Securities. Thank you, and over to you, sir.

Thank you and good afternoon, everyone. I would like to congratulate the management on very good set of numbers. On behalf of Sierra India Securities, I welcome you all for Q4 FY26 earnings conference call of KPI Energy. We are pleased to have with us the management team represented by Mr. Afan Farooq Patel, the Coldtime Director, Ms. Sabana Bajari, Chief Financial Officer, Mr. Dr. Alok Das, Group CEO, Mr. Saleem Yahoo, Group CFO. We will have the opening remarks from the management followed by the question and answer session. Thank you and over to you, Vinod.

Thank you, Harsh. Good afternoon, everyone. Myself, Vinod, Head Investor Relations. On behalf of management, I would like to extend a very warm welcome to all the investors, shareholders, and other participants for today's earning call for quarter 4 and FY2526. Along with me on the call are our whole-time director, group CEO, group CFO, and CFO. They will take us through the operational and financial performance of the company, followed by the Q&A sessions. Financial Year 2526 has been another landmark year for the company, marked by healthy financial performance, strong project executions, and strategic business expansion. During the year, the company has achieved significant growth on all the firms, including revenue, EBITDA, PED. Overview for the same will be given by CFO. During the year, company also achieved key strategic milestones, including securing ISDS-connected projects, expanding hybrid capabilities, receiving inter-state electricity trading license from CRC. Recently, we have become first in India to install 4.2 MW make-in-India windmill in South Gujarat. With this, now I would like to hand over the call to our full-time director, Mr. Afan Patel, for detailed business review. Thank you once again for joining us today. Over to Afan Paisar.

Thank you, sir. Good afternoon, everyone, and thank you for joining us today. I have found Farukh Patel, whole-time director of KP Energy. The next decade of renewable energy will not be led by companies that only generate power, but by the companies that can integrate generation, transmission, storage, and execution into one scalable ecosystem. And this is exactly the strategy KP Energy has been consistently building towards. Over the years, we have focused on creating an integrated renewable energy platform with capabilities spanning energy modeling, land aggregation, wind resource assessment, evacuation infrastructure, EHV connectivity, project execution, and long-term O&M service. This integrated approach has not only strengthened our execution capability. But also positioned KP Energy to participate more meaningfully across the evolving renewable energy value chain. Financial year 26 has been an important year for KP Energy, both in terms of financial performance and strategic progress. During the year, we crossed 1,500 crores in revenue, with EBITDA exceeding 328 crores and PET reaching 181 crores. These numbers reflect the strength of the execution, platform, and operational foundation the company has consistently built over the years. One of the key strategic developments during the year was receiving the CERC Interstate Electricity Trading License, enabling KT Energy to participate more actively in India's evolving power market and growing green energy demand. At the same time, we continue preparing for the next scale of growth. Today, KT Energy has a renewable portfolio exceeding 3.7 GW, project in hand exceeding 2.1 GW, and a long-term vision of crossing 10 GW by 2030. To support this journey, We continue strengthening both forward and backward integration through strategic ISTS and STU activity acquisition, while also evaluating future focus opportunity, including offshore wind and PSP solution to support grid stability and round-the-clock renewable energy requirement. We also take pride in being the first company in India to install the Make in India 4.2MW 160 wind turbine in South Gujarat, reflecting our continued focus on advanced technology adoption and execution excellence. As we continue building scale, we remain equally committed to creating impact beyond business through healthcare, education, skill development, and community welfare initiative undertaken by KP Human Development Foundation. Going forward, Our focus remained on disciplined capital allocation, technology-led project execution, digital transformation across operations, strategic infrastructure expansion, and building a future-ready renewable energy ecosystem with long-term stakeholder value creation at its course. Thank you for your continued trust and support. Thank you again.

Yes, I will request to Sabana to please give the financial overview.

Thank you, Venerji. Thank you, Afansar. Good afternoon, ladies and gentlemen. On behalf of the Board of Directors and the entire KP family, I extend a very warm welcome to our Q4 and FY2526 earnings conference call. I'm Shabana Velim, CFO at KP Energy Ltd., and we are grateful for your continued trust and the time you have taken to be with us today. With that, let me take you through what has been a truly landmark year for KP&S. I will cover our Q4 and full year results, the broader industry backdrop, and our priorities going forward. FY2526 has been a watershed year for KP Energy, and I'm delighted to share that we have delivered record numbers across every meaningful financial matrix. Our consolidated total revenue for full year came in at rupees 1505.54 crore compared to rupees 958.45 crore in FY25, a growth of 57% year-on-year. The revenue from operations grew at 59% to rupees 1497.09 crore. For the first time in our company's history, we have crossed the Rs. 1500 crore revenue mark, a milestone that speaks to the scale, momentum, and execution capabilities of our organization. Our profitability, that is the EBITDA, grew an impressive 68% to Rs. 328.44 crores, reflecting strong operating leverage as our revenues scaled. Our PAC for the full year came in at Rs. 181.4 crores, up to 57%, from Rs. 115.33 crores last year. Both all-time highs for the company. To put this in a perspective, we were a 73 crore revenue company in FY21. We are now a 1506 crore revenue business in FY26.

That is a six-year CAGR

of approximately 83%, and it reflects explosive potential of India's renewable sector and our unique positioning within it. The fourth quarter was equally exceptional, and in many ways, it was the strongest quarter in a company's history. The consolidated total revenue for Q4-25-26 stood at Rs. 633.93 crores, up 55% year-on-year from Rs. 408.65 crores in Q4-525. The net sales hit an all-time quarterly high at Rs. 631.81 crore, registering a remarkable 83% sequential growth from Q3F26, 344.96 crore. That sequential acceleration is a particularly strong signal of execution velocity that we built specifically through the second half of the year. The EBITDA for the quarter was Rs.133 crore, up 71% year-on-year, and our EBITDA margin expanded by 194 basis points to 21% compared to 19% in Q4 FY25, demonstrating that our growth is coming with improved efficiency and not just scale. The pack for Q4 came in at 78.69 crore, 72% jump from 45.79 crore in the same quarter last year. This is the highest ever quarterly pack in KP Energy's history, and we are proud of every member of the team who made it possible. The EPC and infrastructure development segment is the engine of our business, and it is delivered superbly in FY26. The revenue from this segment came in at 1,451.69 crore, up 59% year-on-year, accounting for the vast majority of our total revenues. Our O&M business, while smaller in absolute scale, is a high-quality annual retail revenue stream that we are building. In Q4-26, our O&M quarterly revenues surged 350% year-on-year to Rs. 5.13 crore. We currently manage over 646 megawatts under our O&M portfolio, supported by a 24x7 network operation center running IBM Maximo-based AI alerts and SCADA dashboards. As our installed base grows, this segment will contribute increasingly to the quality and predictability of our earnings. On the IPP side, KP Energy has an operational portfolio of 48.5 MW as of year-end, and we are progressing steadily towards enhancement of the same with a new pipeline of 200 MW of additional IPP capacity currently under development. This pipeline, once fully operational, will transform our recurring revenue base and significantly enhance the quality and predictability of our long-term earnings. One of the most compelling aspects of our investment case is the strength and the quality of our order pipeline. Our current order book stands at nearly 2 gigawatts across multi-year projects with a total value of approximately 3,000 crores, providing strong revenue visibility in the coming year. During the revenue, we added much-awaited new orders to our book for about 230 megawatts as a testament to our reputation for quality execution. We have also received a CERC, Central Electricity Regulatory Commission, interstate electricity trading license, which enables us to participate in power markets across the country on a family-based basis. This is a strategically important capability that meaningfully broadens our addressable market. into the national renewable energy transactions. During the year FY26, CARE Ratings had upgraded KP Energy's credit rating by two full notches, from BBB with a negative outlook to A- with a stable outlook. This is also a meaningful recognition of our strengthened balance sheet and robust execution track report. To give a sense of how far we have come, our revenues have grown from approximately Rs.442 crores in FY23 to 486 crores in FY24 and to 958 crores in FY25 and now at 1,506 crores in FY26. During the year, the company has paid interim dividend of 0.65 per share of face value of Rs. 5, and the board has further recommended a final dividend of Rs. 0.25 per equity share subject to shareholders' approval at the AGM. It is a reflection of financial strength we have built and our commitment to sharing the fruits of our performance with our shareholders. Before I turn to the strategic outlook, I would quickly like to specify the performance within the broader industry landscape, because understanding the macro backdrop is important to see the runway ahead for KP Energy. India's wind energy sector had a breakout in FY26, and KP Energy was clearly at the center of it. The MNRE mentions that India installed 6.05 gigawatts of new wind capacity during the financial year 25-26 alone, the highest annual edition in the country's history. With this edition, India's cumulative installed wind capacity has now crossed 56 gigawatts, cementing our country's position as the fourth largest wind energy market in the world. Wind energy today accounts for approximately 9% of the total installed power capacity, and a share that will grow in the years ahead. Zooming out, India has achieved a total non-fossil fuel capacity addition of 55.3 GW in FY26, the highest in any single year in India's history. Non-fossil fuel sources now represent over 50% of India's total installed power capacity, a milestone that was achieved five years ahead of the 2030 target. Wind is not a peripheral part of the story.

It is the central to it.

The scale of India's ambition and therefore our opportunity is staggering when you look at the targets ahead. The government of India has set a target of 140 gigawatts of cumulative wind capacity by 2030 as against the 56 gigawatts at which we stand. This means 84 gigawatts of new additions need to happen in roughly four years. Even on a more conservative estimate, the India win report of 2025. It specifies that this capacity could be doubled from the current levels to 107 by 2030. On the offshore side, India plans to deploy 30 gigawatt of offshore wind by 2030, with initial beds of 4 gigawatt being developed on the off-coast of Gujarat and Tamil Nadu. This is a segment where we are actively studying and positioning ourselves to enter. To give you a sense of trajectory, India approximately added 1.5 gigawatt of wind annually in FY20, and today we have a record addition of 6.05 in FY26. The curve is bending sharply upward, and we expect the trend to continue. As a leading end-to-end balance of plant and EPC solution provider for wind and hybrid renewable energy, with deep roots in Gujarat, and a nearly 2 gigawatt of order book in France, and growing wind and IPT capability, KP Energy is arguably one of the most direct beneficiaries of India's wind energy boom. Every gigawatt of new wind installation in India requires BOP and EPC services, which eventually leads to an addressable market for our services from India's incremental wind capacity. We are not just riding the wave, we are helping to build infrastructure that creates it. As we step into FY2627, our priorities are defined and our conviction in the sector has never been stronger than before. India's renewable energy transition is unfolding at an unprecedented pace, and the government's target for 500 gigawatt of non-fossil fuel by 2030 creates a multi-year structural demand tailwind for companies like us. Our priorities for FY27 are clear. We will scale ETC execution to convert our near 2 gigawatt order book into revenues with an uncompromising focus on timely project completion and quality delivery. We will accelerate our TPUI portfolio growth aiming towards consistent annuity income for coming 25 years.

We are also actively scouting opportunities in other states of India.

And underpinning all this, this is KP Group's ambitious goal of reaching 10 gigawatt total by 2030. On behalf of the entire leadership team, I thank you sincerely for your continued trust, your engagement, and your support in KP Energy's journey. We are proud of what we have built, and we are even more excited about what lies ahead. We will now open the floor for questions. Thank you.

Thank you very much.

We will now begin with the question and answer session.

Anyone who wishes to ask a question may press star and then 1 on their touchstone phone. If you wish to remove yourselves from the question queue, you may press star and 2. Participants are requested to use handsets while asking a question. Ladies and gentlemen, we will wait for a moment while the question queue assembles. Your first question comes from the line of Mansi Marjee and Sethi from Sethi Capital. Please go ahead. Okay. I'm an audible? Yes, sir.

Yes, Mansi Marjee, you are. Okay. Shabana Ji, first of all, congratulations for a wonderful result. As I can see that year-on-year growth is 57% in revenues. I had one query when I was going through the PPPT. The cash flow from operations is very much slow vis-a-vis the previous year. Can you tell me the reason for that?

Yes, so thank you for your question. As you can already see it in the result, that the inventory has increased, considering the upcoming projects that we already have on hand. We already need to stock a lot of inventory, and the geopolitical situation has made it a bit difficult for us, so we just don't want to lapse behind, and we want to be secure in terms of inventory with us.

Okay.

So, yeah, compared to what you have seen in the last year, if you see, we still are cash operating positive in terms of the operational activity and with an increased inventory.

Okay. So, this only change in the inventory? Is it due to the debtors also?

Uh, debtors, no, there are not many, uh, debtors. If you see the size, I guess last year we were at 958 crores and this year we are at 1506 crores. So compared to them, the debtor share is pretty much, uh, same. What, uh, changed the whole, uh, trajectory in term of the operating cash flow was only the inventory count.

Okay. And what is the cash conversion cycle, please?

Could you repeat your question? Cash what? I could not get you.

Cash conversion days cycle.

So, it depends upon the customer. We have different set of customers with us, and it ranges from about, let's say, 100 to 150, depending upon the customer, 100 to 150 days.

Okay. Thank you.

Thank you. Thank you. The next question comes from the line of Ashish Khurana from ANK Capital. Please go ahead.

Thank you. Compliments from my side as well for great results in Q4 and F526. Really pleasing to see this execution. So my first set of questions are probably for Shabana, ma'am. So ma'am, apart from inventories, other liabilities have also spiked. Is it some customer advances or like some unrecognized revenue? So could you throw some light on that?

So, as we already specified, that we wanted to secure our, what do you call, the supply chain, and that is the reason why we have made advances to the customers as well, and we have received advances from the customer as well. So, you see, the entire geopolitical situation right now is in such a position that in case we miss out on certain situations, we will not be able to deliver it faster.

Okay, so, broadly, we assume that if and when the situation settles, our working capital cycle would, you know, settle down to the, not exactly the previous level.

Yeah, you see, there are two factors which are affecting it. As I said, there is, of course, a growth in terms of revenue. If you're comparing it with a revenue which has grown by 55%, then that has to have a working capital also in hand. Plus, we have the upcoming orders also for which we need to keep the site implementation ready. So, we need to have certain investments in terms of working capital cycle as well. So, yes, with the growth, definitely the working capital cycle would be a bit higher, but then that is a part of the normal operating business.

Yeah, so that is what I was asking. So if and when the situation in terms of this geopolitics kind of subsides, so the working update would be higher, but it would be proportionally higher, right?

Yes, and also that the inventory, the higher inventory that you see right now will eventually get converted into debtors and then eventually be materialized in terms of going forward.

Got it. And secondly, ma'am, so usually in our fourth quarter, the gross margin shrinks. I think part of it could be the lower PLFs in our IPB projects. Is there any other costs that go up when we, like, execute heavily, especially in the last quarter?

So, I don't see any specific rise in terms of the cost. If you see, the costs more or less are the same in terms of what we have seen before. If you compare it with the financial year last year, 25, the EBITDA stood at 20.46%, and when you see its current, it is 21.82%. So, on the contrary, in terms of percentages, we have already improved on the EBITDA margin. So, I actually do not see any concern on that side.

No, I was just clarifying. So gross margins, because I think our power production probably because of lower PLFs is lower. So that part of revenue probably being lower and being high margin. So it falling probably contributes to lower gross margins. That is from the understanding, right? In quarter four, I'm talking about.

Only quarter four you're talking about. So, in quarter four, if you see, no, there's a very nominal change in terms of the power sales from 6.1 into 5.62. So, well, it is not that much to consider, but I guess, no, that's not the scenario. I did not understand your question because the overall gross margins are still higher.

Okay, ma'am, I can, I think, take that up separately. Another one was that, so in our projects that, you know, we ourselves procure turbine versus ones where we don't. So how do the margins compare? Because when we procure, we probably would have some markups related to procurement, logistics and all. So what kind of a delta is there?

So, in terms of turbine, you need to first understand that we already pre-book and reserve the turbines in advance, and that is where we get the leverage in terms of margins coming up with the other customers. So, yes, of course, the margins will definitely not be similar in terms of what we are expecting in an EPC contract, but we still have a fair share of margin when we pre-book it and ensure that the deliveries are made within the timeline.

So, EPC contact with and without turbine would have slight delta between the margins, right? Yes. Got it, man. Last two questions from my side. So, in our IPV portfolio, so we have, earlier I think we have this target of 100 megawatts, and now I think we are targeting 250. So, how far can it go, and what would be the plans to fund it, especially for CAPEX this year?

So, there are 200 megawatt orders that we have bagged, and both of them, for one, we already have entered into a power purchase agreement. The other is still pending, and both of them have a timeline of 24 months from the date of PPA. So, while the first one, which is currently the PPA is being signed, has a timeline from 15th of April, 2026 to about 15th of April, 2028. So we have a target of 24 months by the time we deliver, and we will definitely try to do it better. Coming to an estimated project cost, roughly we can say that about 1,700 plus crores of total, both the projects put together will be the project cost, of which about 450 plus crores would be through equity and balance would be through debt.

Got it. And then one last broader question for everyone. So in view of the current energy disruptions, For the wind sector, particularly, I think the government has these targets by 2030 and maybe some RPOs as well. But do we see or do we, you know, anticipate any stronger flagship policy pushes from the government for wind sector adoption, maybe on subsidy side or incentive side? Like, I mean, we have quite a few for solar, but do we see anything changing significantly for the wind sectors, given these disruptions from a government policy side?

I would request our group CEO, Dr. Das, to please take this question.

Yeah, your question is very legitimate and the concern area. But today, you know, what happened, the government has taken the step for that. Because nowadays, the demand curve has come, the reliable power in terms of wind, solar, both together, toward the round-the-clock operation. So when it is coming to round-the-clock operations, so you need solar and wind both together. They should complement each other. And that is why the growth trajectory is coming like that way. Suppose today if you need round-the-clock operations or farm and dispatchable power, the reliable power, then this PLF factor goes up to more than 70-80%. So, there wind must be a predominant factor because solar has got a limitation of land load factor, wind has got an enhanced power load factor. So, if you reach to that kind of target market, which is demand curve today, so you have to have the wind demand today. And that is why wind is predominantly much more requirement when you're going to the RTC and FDRE power around the clock.

Okay, so you mean with more solar projects coming in, they would probably have an additional element and probably be more on the hybrid side. Is my understanding correct?

No, there are, what I mean, both the things are coming up. Let's say, like that today, there is a demand of 140 gigawatts as 700 told. And there is about, you know, demand of 84 gigawatts still there, 2030. Up to that demand curve with that 500 gigawatts with an RTC power, there is a demand curve that is already placed. Now, how a company will make their own trajectory to fulfill that project, we have to have planned based on the resource planning and all. That is the target.

Thank you. The line for the current participant has dropped from the queue.

We'll move on to our next question.

Our next question comes from the line of Honeycake Panda, an individual investor. Please go ahead.

Hello, sir. Good afternoon. My question is regarding, like, what is, like, the wind power, all the projects will be coming, will it be executed by the KPI energy, which, you know, KPI green will be winning, whether it is onshore and offshore, and what is the status of, like, are we expected to receive any projects for offshore, like, what's the government plan and how much KPI can capture the KPI energy, We can get a percentage of that, you know, contract. And what is the... Revenue and profit expectation if we can have some KP energy for this finance area.

I understand there are three sets of questions within one question. One, you were speaking about whether the wind projects of KPI will be executed by KPI Energy. I will take that question. About your second question on the offshore projects, I would leave that question to Dr. Das. And the profitability question, also, I will take it up. So, the first and the third question, I will address. Coming to the wind power project execution, so I would like to specify here that while KP Energy is standing at a very unique position in terms of its capacity to execute the renewable energy projects from the wind power perspective. So, as I have mentioned earlier also in my transcripts before, that there are not many, many competitors in terms of wind segment, and KP Energy has its own expertise of about 1.5 plus decades in execution of wind power. So, while KPI Green has its own IPP project, where it is a KPEX for KPI, in such a situation, instead of KPI looking for an outsider to deliver a win project to them, It has always been a win-win situation for both the entities where the project is being executed with good expertise by KPEnergy itself. And in such a scenario, yes, the ITP segments of KPI for wind segment will be executed by KPEnergy on arm-length basis. I understand I have answered your question. Over to Dr. Das on the offshore question.

Yeah, regarding the offshore initiatives, there are fundamentally government of India has identified two states predominantly. One is Gujarat, another is for Tamil Nadu. So they planned for one gigawatt first phase, that projection by which they had called for a stakeholder consultation. How that project can be started in India? Because most of the technology available today is not available in India. Mostly it is Chinese or some of the European countries. And product capacity today, most commercial viable capacity is about 12 to 16 megawatt single turbine, which is onshore. There is, you know, 5 megawatt turbines available. So, our ministry was taking a stakeholder consultation about what kind of, you know, benefit they can give, what kind of tariff they can decide for a commercial scale so that project can be viable, and what could be VGF can be given. So, I think MNRE is taking that part as a consultancy, part from their own consultant, as well as the wind data validation from NIWE, National Institute of Wind Energy Assessment. So, these are the bodies. So, this is very nascent stage. Obviously, they will frame out the tariff, and they will ask that what kind of VGP they can declare. Based on that, they will declare a policy-related matter. As far as the KP is concerned, we are already geared up to have some sort of discussion with various customers, various consortium, partners and all. So once that policy is very clear from central government, MNRE, we will be in a better position to the equip ourselves to offer the projects in India.

And regarding the FY27 expectation?

So, as our honorable CMD, sir, has been telling about 40% to 60% growth is what we are expecting in the coming year, and we already have sufficient orders in hand for the same.

Like, can you give them the amount, what is the outstanding order book?

As I said, it's about 3000 plus crores.

Okay. Okay. Thank you so much. People are doing a great job. Thank you. Thank you so much. Thank you.

Thank you. The next question comes from the line of Parth Kota from Plus 9-1 Asset Management. Please go ahead.

Hi, Shavana. Congratulations to you and your team for delivering a good set of numbers. Most of my questions have been answered, ma'am. Just some color on why the unit generation on a quarter-on-quarter basis is declining for our IPP portfolio. Even IPP revenue on a YOY basis for Q4 has declined. So maybe some color on that would be helpful.

Yes. So, while Q4 of FY25 and Q4 of FY26, there is a marginal decrease in terms of the wind performance, and that is the reason why there is a small decrease. However, we understand that this is only season approach, and it will be taking its own course during the upcoming season as well. Nothing else. Nothing to worry on in terms of the execution or the operating assets of the company.

Okay. Thank you, ma'am.

My pleasure.

Thank you. The next question comes from the line of Darshil Pandya from Pinterest Capital. Please go ahead.

Hello, I am Adubhul.

Yes, Darshil, you are Adubhul. Thank you so much.

Good evening. My first question is, what is the order pipeline that we see today?

3,000 plus crores, 2 plus gigawatt, almost 2 gigawatt and 3,000 crores.

Okay, understood. And this current 2 gigawatt order book that we have, as far as I remember, this was supposed to be completed by around September, October last year. So have we added some in the existing order book also? And if not, what is the expected timeline for this order book to be completed?

So, we have added three more orders from the last quarter, which is about 230-plus megawatts. And as I said before, yes, we did have the timelines up to September, but then there are more additions to it. About 700-plus crores, 730-plus crores of orders have been added, excluding GSM value, during the last quarter. And there is where you can see that there are movements in terms of the current order book as well. And while majority of our projects will get completed by FY27, we look furthermore additions to the order book in the coming months.

So, in fact, when you can, we are expecting this order book to be on the table.

Well, yes, we always plan a bit higher.

Correct. Understood. And one more question is with regards to... We are not generating enough cash, free cash flows from our KT Energy company. What are the steps are we taking to, you know, to generate cash and, you know, which will help us eventually to, you know, take low debt as events what we have seen today.

I would probably like to draw your attention to a couple of facts. As I mentioned earlier, that this time we are carrying an inventory for the WTG, the wind turbine, and that is the reason why you would find that some of our cash is invested in the inventory. Also, going forward, like, we have bagged the 230-plus megawatt of the orders in the last quarter, and the mobilization, initial mobilization, does require some working capital investment. And as you already know, that we have the upcoming projects of 100 megawatt each, two projects of 100 megawatt each in the IPP segment. So there is an initial investment in terms of, you know, startup being taken for these projects. So, yes, the cash is definitely generated, and it is invested in the respective required activities.

Understood. No, that's it. I understood that. What will be the interest cost expected for this year? Are we planning to take a few more debt on this?

So, with the upcoming IPP project, definitely we will have to plan the debt structure, the project funding for that particular debt, and we expect it to range between 7.5% to 8.5%.

Okay, understood.

Depending upon our cycle, yeah.

Okay, I'll fall back in with you. Thank you so much.

Thank you.

Thank you. The next question comes from the line of Fart Gala, an individual investor. Please go ahead.

So, congratulations to the entire KT team for delivering such exceptional results. My question was on the CERC power trading license. So what are our broad plans with that license and how are we going to generate revenue and by when with that?

Thank you, Karth. Before I go into the numbers that we are expecting, I would like to throw a bit of light on the current industry numbers. So, India roughly generated about 1,830 billion units of electricity in FY25, of which about 230 billion units were traded through short-term markets. Now, this shows that the reliance in terms of trading is much higher. It's more than about 13% in terms of the total electricity generation. If I draw your insight to the Indian energy exchange numbers, the total electricity volume which was traded in FY26 was $141 billion. If you compare it with a year-on-year growth, it is about 17%. So going forward, while electricity generation can be in a particular state, considering the ease of doing business, But the trading will permit the utilization of energy Pan-India. And that is where we stand to benefit out of it, whereby whatever energy we generate or even whatever we outrightly buy from a particular seller, we can trade Pan-India and be a part of this extremely strong induction.

Okay, understood. And, like, what, if we start this, then what impact would there be on the working capital cycles or on other financials, maybe?

So, because it is predominantly a trading activity and power is a segment where the payments are to be made in advance, I do not see any stretch in terms of working capital in this particular segment.

Okay, okay. Thank you, ma'am. Thank you so much.

Thank you. A reminder to everyone, if you wish to register for a question, please press star and one. Our next question comes from the line of Manohar Singh, Mahida, an individual investor. Please go ahead.

Hi, ma'am. My question is, the number is good, and all things are good. My question is, is promoter willing to buy the share as this price? Any planning for that?

So, Manohan Singh ji, thank you for a very candid question from your side. Of course, the promoter will definitely be more than eager to invest into his own equity. And if you recall, in the last financial year, we have already issued share warrants and the promoter has bought the share warrants for a value of approximately 28 crores. So, going forward also, he will look into the same.

Okay, okay. Thank you, ma'am.

Thank you.

Thank you. Yes, there are no further questions? Yes, sir.

Okay. Thank you. Thank you, everyone, for your active participation in the call. And we hope that we have been able to answer all your queries to your fullest satisfaction. And we look forward to your continued support, your cooperation in the company. Thanks once again.

Thank you. On behalf of sharing… Yes, ma'am.

I understand we have one more person in the queue.

Yes. We have a last-minute Rajesh Rishi coming from the line of Mesh Shikha Mehta from Time and Tide Advisors. Please go ahead.

Hello. Hi. Hi, Shikha.

Hi.

Nice to speak to you again. I just wanted to understand a few things. One, which is, you know, you spoke about our 3,000 crore order book and our 3,000 crore pipeline. So, on the order book, how much is, you know, group entity orders and how much is non-group orders?

On the 3,000-clure order book, approximately 50% is from the group entity, and the balance 50% is outside. Got it. And on the pipe test? So, pipeline is all outside the group. We do not include any group entity in terms of the pipeline. As in, when the order from the group entity comes, it is included in the order book. It is not included in the pipeline.

Understood. Understood. No, that makes a lot of sense. Other than that, all my questions have been answered. Thanks so much for taking my last minute. Thank you, Chinda. Thank you. Thank you.

Thank you.

As there are no further questions from the participants, management, do you have any further closing remarks?

So, thank you. Thank you all the shareholders and investors for your active participation in this call. And we hope that all the questions have been answered to your fullest satisfaction, and we look forward to your support and cooperation going forward also. Thank you.

Thank you. On behalf of Share India Securities, that concludes this conference. Thank you, everyone, for joining us and you may now disconnect your line.