Hi. Good afternoon, everyone. Welcome to Q1 FY 2026 earnings call of Adani Green Energy Limited hosted by Macquarie. Without any further delay, I will hand over the mic to Mr. Viral Raval, Head of Investor Relations, to start the proceedings. Viral, over to you.
Thank you, Baiju. Very good afternoon to everyone. Thank you for joining us for the earnings call of Q1 FY 2026 today. We have with us Mr. Ashish Khanna. He's the CEO. We have Mr. Saurabh Shah, CFO. We also have Mr. Raj Kumar Jain, Head of Business Development. I will now hand over to Mr. Ashish Khanna for a brief opening remark, which will be followed by Q&A. Thank you.
Thanks, Viral. Good afternoon, everyone. I'm excited to share the outstanding operational and financial performance of Adani Green Energy for the first quarter of fiscal year 2026. India has achieved 50% installed non-fossil fuel energy capacity in its power mix, five years ahead of FY 2030 target. This highlights India's effective climate action, strong policy momentum, and robust private sector execution. Surpassing a historic milestone of 15 GW operational renewable energy capacity, Adani Green Energy is proud to have helped in accelerating the transition to clean energy. In Q1 FY 2026, we added 1.6 GW of greenfield renewable capacity, totaling 4.9 GW in the past year. A record achievement for India's renewable energy sector. With this 45% year-on-year increase, our operational capacity now stands at 15.8 GW.
This not only demonstrates our best-in-class project execution capabilities, but also reaffirms our position as India's largest renewable energy company. A major highlight has been our continued progress in developing world's largest renewable energy plant of 30 GW at Khavda, Gujarat. As of June 2025, our operational capacity at Khavda stands at 5.6 GW of solar, wind, and hybrid energy portfolios. Backed by robust capacity addition, Adani Green Energy achieved a record growth of 42% in its energy sales on year-on-year basis, reaching 10.5 billion units in the quarter. Coming to the financial performance. Our revenue from power supply increased by 31% year-on-year to INR 3,312 crore, and EBITDA rose by 31% to INR 3,108 crore, delivering industry best EBITDA margin of 92.8%.
Cash profit surged by 25% to INR 1,744 crores. These exceptional results are a testament of our robust business model, exemplary project execution capabilities, consistent operational excellence with the deployment of advanced renewable energy technologies and digital solutions across our portfolio. Our operational excellence was recently recognized with the CII Performance Excellence Award 2025 for some of our plants. Our strategic selection of resource-rich states like Khavda in Gujarat and other sites in Rajasthan have also helped in delivering strong operational performance. At Adani Green Energy, we are committed to environmental and social causes while upholding the highest governance standards. The company has earned the top spot in FTSE Russell's ESG scores in the global alternative electricity subsector, as well as earned recognition from Reuters Global Energy Transition Awards 2025 held in New York.
The company is also ranked first in Indian power sector by NSE Sustainability Ratings and CRISIL ESG Ratings in the latest ESG assessments. With a comprehensive capital management framework, we ensure that our growth is fully funded for our 50 GW target by 2030, while upholding strict credit discipline. In conclusion, Adani Green Energy remains steadfast in its commitment towards accelerating India's clean energy transition by consistently delivering affordable clean energy with all its focus on execution at unprecedented scale and speed, operational excellence and best-in-class governance. Thank you.
Thank you, sir. We will now start with the Q&A session. Participants, please use the raise hand feature to ask any questions. We will just wait for a moment for the question queue to assemble.
We'll take the first question from Mohit Kumar. Mohit, please go ahead with your question.
Hey, am I audible? Hi.
Yes, please go ahead.
Yeah, hi. Good afternoon, sir, and congratulations on a very good quarter. My first question is on the gross block. Is it possible to share the gross block and run rate EBITDA of the 15.8 GW capacity?
The current gross block of the company is INR 89,000 crores approximately. The run rate EBITDA for the Q1, it is about INR 13,600 crores and on a year-over-year basis, it will be about INR 17,000 crores.
INR 17,000 crore for 15.8 GW capacity. Am I right?
Yes.
Yes.
Understood, sir. My second question, sir, is it possible to share the capacity commission in value term in Q1 FY 2026? If I remember the number correctly, I think we've installed 1.6 gigawatt, correct?
1.6 GW.
Yes. For the current quarter, yes, we did 1.6 gigawatt.
Is it possible to share the capacity commission in terms of value INR crore?
Are you meaning revenue or you mean something else?
No, no. In terms of
CapEx
what are the CapEx?
The CapEx, see, generally our CapEx is in the range of, for the solar, it is always INR 4.5 crores, for wind it is INR 6.5 crores. The current CapEx for the current year booking was about INR 6,500 odd crores.
Okay.
For the current quarter.
Understood. My one clarification on the accounting side. The associate income, I think you book, we booked in this quarter of INR 111 crore.
Yes.
Is it primarily due to Mundra Solar Energy Limited, that solar manufacturing?
It's Mundra Solar Energy Limited where we have 25% stake within that company. Whatever that profits they generate, we get a 25% share of the same.
That's the only thing which is driving the associate income, right?
this is the
It's only the-
... 2 GW manufacturing capacity which was set up under the PLI.
Mm-hmm
which was basically linked to manufacturing.
Mm-hmm. That's the only thing, right? There's nothing else. Correct.
Yes. Only thing. Yeah.
My last question, sir, I think we have given the target of 5 GW in this fiscal. I think if I'm not wrong, I think next year we are also expecting 5 GW, right? Given the fact that most of the capacity are coming in Khavda, do you see any transmission challenges which are coming up, which are causing some challenges in commissioning these capacities?
You know, it's a valid point, Mohit. I think it is very difficult to tie both the things, your capacities with the transmission capacities. There will be always some lag of weeks or months in that process. Having said that, in the current context, yes, there is a little bit of a challenge coming from Khavda evacuation. However, having said that, it's hardly less than 5% of our EBITDA margins as we speak. We are very closely monitoring and supporting to a large extent how these evacuation from Khavda is coming out. We do believe that this fiscal year and much before that, there will be enough evacuation for us to evacuate everything. We don't foresee a big challenge in the coming quarters.
Yes, few weeks here and there can always be an overlap in this process. Good part is that, if you look at in the Q2, most of what is going to be evacuated will be wind more than the solar and, hence that daytime challenge is also mitigated from that standpoint.
Understood, sir. Thank you and all the best. Thank you.
Thank you.
Thank you.
Thank you. We will take the next question from Siddhartha Khemka. Siddhartha, please go ahead.
Am I audible?
Yes, please.
Good morning, sir. My first question is regarding the solar CUF, Capacity Utilization Factor. In this quarter, we were close to 28%, but in the earlier presentations, we had mentioned that it was 32% at the Khavda region. The lower CUF this quarter is due to the early monsoon?
I think, you see, Khavda has the distinction of one of the best radiations possible. Our CUF there is always higher. As and when the proportion of Khavda in the overall portfolio is going to increase, you will appreciate more and more CUF coming on the higher side in our overall portfolio. Currently, since it's only one third of it, you will find that it is much lower than the Khavda ones.
Okay. Sir, for the full-year projection, what should be the solar's CUF be like? What will be the range?
I think it will more or less stay with a few percentile points above it because our Khavda, you know, more and more capacities are going to come out there. We will have on the increasing side.
On a conservative basis, it's fair to assume 28%, like, overall?
Of course. Of course.
Of course. My second question is regarding the merchant price. Like, what is the average merchant price that we sold for the quarter?
On the solar side, our average is 2.2, but the wind has been nominally well.
5.7, sir.
5.7 on the wind.
5.7 on that, 2.2 on the solar. How is this trajectory going forward? Because the merchant price has come down a lot for the solar side. What is the trend that we are seeing for the upcoming quarters?
Test alert. This is a test to see.
Sorry, there is some question coming up. Sorry. Can you repeat your question, sir?
Yeah. Like, the trend for the solar merchant prices have gone down sharply. Going forward, like, what are we projecting or how is the trend moving forward for the next two, three quarters? Will it stay around INR 2 crore, INR 2.5 crore, or are we seeing any uptick?
You know, the merchant prices are always very volatile. We are not in the market of predicting the prices which comes across. Having said that, our strategy is very clear. Almost all our capacities majority are on the PPA front. The other advantage which we have is that if we have some merchant capacity which are primarily coming because we are ahead of our PPAs, and we are selling that capacity as a merchant, that becomes a add-on to our overall financial model. That's an advantage to us. To be frank to you, to predict how the prices will pan out in future, it remains volatile. We do expect last year it has improved in the later part of the day.
There have been pre-monsoon this time, which has impacted certain solar prices. Because of Operation Sindoor, there has been certain curtailment which we have experienced. Like I said, this is too small a window to then predict how the year will pan out on this. We remain steadfast in our strategy towards investing more on or building more on the PPA part. When our capacities come early, sell them on the merchant because that becomes an add-on.
Right. Going forward, sir, we have 3.5 GW of approximate target for this year. When can we expect, what, in Q2 or, and Q3?
We are on track. If you see on a 5 GW one, we have already done around one-third, which is expected from the next three quarters. If you ask me, we are very well on track for this particular capacities. You will be there with us after three months, and we will share with you what we have added in the next Q2.
Sure, sir. Just a clarity on the ISTS waiver part, sir. How exactly does this affect us being a renewable generator and, like, will we increase the tariff prices because of this?
Difficult to say. You know, we are not in the market of forecasting tariffs per se. All of us were aware of the fact that this particular ISTS is going on, is going to be off from the first quarter. I think we all have built our strategies based on that particular part. ISTS has not gone off full. It still remains, 75% remains. Only 25% has gone off on this. We don't foresee a major change in the market pricing in near future. Let's see how it pans out in the longer term. Raj, you want to add something?
Yeah, sure. I think, what's important is, we have built certain capacities, which was part of our merchant portfolio, until June. Obviously, there is a higher advantages of those capacities. We could secure that for our portfolio. As Ashish mentioned, the taper down is on, in a time-bound manner of three years, where today the taper down is by 25%. There would be some more merchant capacities we are adding now. These are valued in the market better than the capacities which will come later. We have that advantage. That advantage is realized when we do contracts with the parties, because ultimately they are supposed to pay the cost. You will see some of these capacities getting advantage in the market.
Right, sir. Just the line item on the sales of equipment. What exactly are we selling in this?
See, for the sale of equipments that we do, it is mainly from a standalone perspective, it is a sale to the various subsidiaries that are there. On a conso basis, it is more to do with certain group companies where we are doing certain projects for them. On that behalf, there are certain kinds of sales that happens to them.
Okay. Thank you, sir.
That is not having any major margin or any impact on the P&L as such. Yeah.
All right, sir. Thank you so much, and all the best.
Thanks, Siddhartha.
Thank you. We'll take the next question from Sabri Hazarika. Sir, please go ahead with your question.
Good afternoon, and congratulations on a good set of numbers. I have two questions. Firstly, this merchant and infirm, that is mostly wind only, right? I mean, the sale of power of, say, around 2,000 million units. That is mostly wind or, what would be the segregation like?
No, it's a mix of solar and wind both. It is also pre-COD power for some of our PPAs. What we do is, obviously, there are transmission connectivity deadlines. We commission the projects much ahead of that and see that our returns in those particular projects are enhanced because of this early commissioning of projects, which are not necessarily baked in when we do the bidding. We are adding that much value. There is revenue coming from those projects. Plus we have pure play merchant projects where we have multiple optionalities for future. There is revenue to that. It's predominantly solar, if you ask me, because the ratio of projects which has a COD later is they are significantly baked into this number.
On an overall merchant strategy, yes, you are right, that it is tilting towards more wind projects actually taking the shape of merchant revenue, in proportions more.
Okay. Regarding your wind, I think the CUF is also, like, probably one of the best. How are you seeing the wind cycle currently around Khavda? Do you think that we would be at a higher level compared to what it has been for the past one year, one and a half years?
Sabari, it is very difficult to predict wind. Like, this time we have seen, if you look at it from India standpoint, we have witnessed that the wind at Rajasthan was at a lower level than the wind at Khavda now. Since we have the better machines and 5.2 MW capacities, which are the largest in the country, of course our CUF has been the best one can imagine on this. We do foresee, and we do expect that the forthcoming winds is going to help us. If you are asking us to predict the wind, then it is difficult for us. Yes, when the wind will come, our CUF will remain the best as they have been showcased in the last quarter.
Right. Second question is on your other expenditure. There has been some restate, reclassification. I think the foreign exchange part, I think you've clubbed it in one of the expense heads. This INR 300 crore is basically what could be the adjustments? Is it foreign exchange or something else is also there?
No, where are you seeing that adjustment? Sabari, if you can just guide me, I'll be able to then answer you.
I think, I mean, you have that foreign exchange gain and loss, I think, which is part of finance cost, right?
Yeah. See, there are two parts to it.
Yeah.
There is a foreign exchange gain loss, which is either shown in the part of other income, which is there as a gain in this quarter, very small number. In case of the finance cost, that foreign exchange is basically the hedging cost that we pay, plus whatever the ERD that we have to value the loans which are there as ECBs. In terms of those valuation, fair valuation that we do at the end of the quarter, whatever the unrealized gain loss that occurs is also part of the finance cost in that case.
The presentation basically has changed to make it very clear, whatever is attributable to finance cost is now part of the finance cost only.
Right. Got it. This increase in other expenditure is basically because of increase in capacity.
Yeah, yeah. That's proportionately based on the O&M expense that goes up because of the capacity increase and various other expenses which are part of the capacities rising due to that.
Right. Secondly, we have this, we are amidst this high monsoon season, but have we seen any kind of similar experience what we faced last year, or we are, like, much better off this time?
I don't know what you mean by much better or similar experience. Yes, we have seen monsoon in the past. Monsoon is again here today. It have its own, I would say, impact, especially on Khavda. May not be to the same extent at our Rajasthan sites. We are well prepared, much better prepared this time, from the monsoon, for the monsoon. Yes, it is still going on. I would like to be there in the next call for you to actually share with you how better we were placed this time. It also depends on the fury of the monsoon, its impact on it. Still early days.
Yes, to reassure you, we were and we are much better placed this time from the lessons which we have of the last time, especially in Khavda. Just to add, last time, if you remember, across India, the monsoon had extended by about a month or so. This time, we'll have to see what happens. I mean, normally these occurrences don't happen, but let's see what happens.
Yeah.
From our side, we are better prepared. Let me reassure you on that part.
Right. Thank you so much for the detailed explanation, and all the best.
Thank you, Sabari.
Thank you. We'll take the next question from Mahesh Patil. Sir, please go ahead with your question.
Hello, am I audible?
Yes, please go ahead.
Yeah. Sir, my first question is on the growth of energy sales. If we see that is around 42% in this quarter YoY. However, the revenue growth is around 30%. Just wanted to understand, and since we have sold, I think more than 40% in merchant market. Is this because, solely because of that, the lower merchant prices?
Yes. Predominantly you can attribute it to it.
As we earlier said, merchant prices are fairly volatile. It is basically part of the business case when you talk about the pure play merchant. We have two parts, 50% of it basically the pure play merchant and 50% is infirm revenue. The infirm revenue where we have sold on merchant markets, it is basically the pre-COD revenue or before commercial operation date. That entire revenue is incremental to whatever basically we were going to earn under a PPA of 25 years. It is basically an incremental to the return that we were going to make on a PPA otherwise. Second part, the merchant revenues, as I said, it is volatile. Q1, it has been less because of this, the monsoon arriving early, and possibly the things could change in the later quarters.
It is always volatile, so you can't really attribute something. The second part also, the PPAs, the new PPAs that we are implementing. Gradually over the many years the tariffs have gone down, and that is because of the technology evolution and CapEx going down. The return expectations on the PPAs remain the same, but the tariff trajectory is down and the CapEx is also down. These are the combination of reasons because of which it appears so. From a return expectation standpoint, we're not really compromising anywhere.
If I can add on, Viral. You know, since the merchant rates for the wind are much better and, this is a time for a better winds in India. We do expect that in this particular quarter with more and more wind going into the merchant, with a higher rate, the proportion would be much better.
Just to again quote, merchant, wind side, the tariff is almost INR 5.7 crores, which is a good tariff I would say.
Sorry, just add more and especially with our CUF, things will be much better.
Got it. Thank you. My second question is on the because of this early monsoon onset and since there was this solar overcapacity. Was there any backdown due to the grid during particularly during the peak solar hours that we have faced in this quarter?
We did mention earlier, too, there have been certain backdowns with respect to grid evacuation especially, some reason, but at the current level it is less than the 5% of our EBITDA margins as such. I think we had a detailed discussion, I can say, or explanation on how the evacuation capacities are going to come and how we are mapping them and monitoring them so closely in that particular manner. Like I said, since in this particular quarter the solar would be relatively less and the wind would be high, we do believe because of the timings of the wind, which are generally more in the evening hours and in the morning hours, we don't expect that much impact on the wind part of it.
Solar in any case would be lesser than the last year.
I'll just add one more thing, Mahesh, in this, is you know the way transmission works in India, when a capacity is given transmission connectivity, it is given with five, six elements. Suppose in Khavda we are asking for connectivity, it will be given us, given to us for, say, 1,500 MW, 2,000 MW or 3,000 MW with certain elements. We are supposed to build the capacity of that much capacity by that date. One fine day everything is available. Prior to that, some lesser amount of evacuation is available. That's the nature of transmission. That would obviously mean that I will set up the capacities prior to that period or in a gradual pace, and I may see certain kind of lesser capacity available in the system than what would be required for the overall number.
That is the reason you see this, ± 2 to 3 months happening and some kind of curtailment or grid limitation coming in. That's the nature of the way industry works, especially for people who want to finish things prior to their dates. That's how it may happen. Sometimes we are lucky, and the systems has some redundant capacities which allows us to push an entire thing even though the full transmission has not come in. These are the things which we plan much ahead, and we know what's happening, what's happening on each element, and what kind of evacuation we will see. We know it, what is happening, and we try to see that our capacities are aligned in a manner where we do not see big risk in this.
Just to clarify, this is primarily, basically, pertaining to merchant and infirm, not with respect to your regular PPAs.
Oh, yes. Again, let me reassure you that the way we are monitoring it is not a matter of years or things like that. The capacities are coming and we are closely monitoring to it. It's a matter of weeks or months, nothing more than that.
Okay, sir. Got it. Sir, one more question on the bidding strategy and the pipeline. Do you see any major tenders like the 5 GW from Maharashtra last year? Anything in the pipeline, and what would be our bidding strategy going forward? Since we already have, I think, close to 33 GW of, you know, locked- in capacity.
Yeah. Obviously we look at, continuously look at what are the evolving opportunities in the market. The Maharashtra one was a great tender for us to win and we could get that as part of our PPA pipeline or under construction projects. It adds significant value to what we have in our portfolio. We would continue to look at opportunities where we can get that additional delta or alpha for our stakeholders. That has remained our strategy. If you see all the projects which we have won in the last few months or quarters are actually significantly value accretive in terms of what tariffs which we have got and the and the way we are planning to them to execute.
We continue to look at that and we are there in market for certain projects where we make this additional delta.
If I can add, on this, on this what Raj is saying. You see, if you look at our overall target of 50 GW, if we, if we map our current portfolio, we don't need to be very hungry and go, you know, very aggressive on the tenders. We choose the tenders which gives us the predictable and better returns. On a overall scheme of things, we are currently as you know, is 15.8 gigs on our operations. We have more or less 16 gigs on under execution right now. The recent tenders which we have won is another 5 GW out there. If you look at it with our overall portfolio and our target of 50 GW, we have to be selective where we get the decent returns as per our benchmarks.
More importantly is then execute in a manner which gives us the return which are required for it. It's not only just winning, it is also the matter that you win, then you execute, and then you get the returns, and that's our overall strategy for it. That's why we are not desperate. We pick where we feel is the best place for us.
Got it, sir. Sir, one last question. Out of this around 33 GW of, you know, logged in capacity that we have, what is the capacity that is tied up under PPA, if you have that number?
Yeah. No, I talked about 36.5 In total.
Thirty-six
Which is coming across.
Yeah.
More than that, 31.5 is what is currently with the PPA. If you total what I have told you, it will total to around 36.5. Like I said, 31.5 of it is under PPA.
Remaining is for, merchant purpose, right?
Remaining is for the merchant purpose.
C&I.
Which can go under a PPAs with the C&I segment too.
Okay. Okay. Sir, this Adani TotalEnergies JV, how much capacity is operational and how much is in pipeline right now?
Total 4.5 GW PPA we have.
Okay.
Out of that, roughly 4 GW is operational right now in the JV.
Okay. Okay, sir. Thank you. Thank you, sir. Thank you so much. That's it from me.
Thanks, Mahesh.
Thank you. We'll take the next question from Puneet Gulati. Puneet, please go ahead with your question.
Yeah, thank you so much. My first question is, you know, we are not seeing you in the FDRE market. You're there in wind-solar hybrid. Is there anything we should read into that?
No, I think we just said that we are very selective in what we do, and we want to see tenders where we know that the tariffs would happen and we would make returns better than what market is making. All of those are the considerations where we choose what we want, where we want to be. We are in some FDRE tenders where the storage is there. It depends on the tender data. Yes, we have our own strategy about participating and winning some tenders.
Also any thoughts about adding battery to your currently merchant capacity?
Oh, yes. Puneet, we are evaluating all options right now. We have a strategy in place. You will hear from us about it. I don't think so this is a platform for us to declare our overall strategy. Yes, we are very seriously looking towards it. We have plans towards it. At a very appropriate time, you will also hear in overall context of it. Please be reassured on that part. We are Adanis, we do things at a scale and at a level and at a time which is most appropriate for us from the return standpoint.
Understood. Lastly, you talked about, you know, revenue from early commissioning of projects. Our understanding was that thing was now done away. You can't early commission. Is there some projects for which there have been some exemptions?
It really depends on the PPAs and when are we actually commissioning and what are the conditions of such commissioning when we are commissioning them. I think that's what I was alluding to you earlier, is that if my transmission elements are still not there and I'm commissioning capacities, then there are certain cases where I am able to do this pre-COD power. Obviously it is dependent on the buying party, how they look at it, what kind of conditions they want to put up for that purchase. It depends on PPA to PPA.
What we are telling you is that we have significant capacities where we have been able to achieve this and where we are supplying that power on a pre-COD basis, including in some cases to the PPA counterparty also. In both the cases, obviously it adds revenue to the already bid out number or bid out returns which we had. It is an additional earning which we are able to do.
Puneet, there is no debar on this, if I can add on it. PPA has certain stipulations.
Okay
... under which you can sell, but you're right, it is not by default that you can sell it on merchant. You have to take certain approvals by both the parties, but it's a part of the agreement, and you follow those procedures, take the requisite approvals, and then one can, not only us, but anyone can sell that.
This is only where your transmission is not up.
Predominantly, yes.
Yes.
If you can explain me the mechanics here, how does that work? If transmission is not up, how are you able to sell on the ISTS merchant?
I think, Puneet, we can take this up separately.
Sure, sure.
how the regulations and rules are and how the PPA construct is separately. Probably not apt for this particular call.
No, sure.
We can take this up separately. Yeah.
Okay, that's fine. Great.
Thank you.
Thank you so much. Yeah.
Thank you. We'll take the next question from Siddharth K. Siddharth, please go ahead with your question.
Sir, can you tell us what is the gross debt levels for the quarter, and what was the borrowing cost?
The gross debt as on 30th June is INR 78,000 crores. The borrowing cost is generally currently the range is 9.1%-9.2% for us.
For the full-year, are we expecting it to come down?
No, gross debt will not come down for sure.
how the interest
because of the capacity additions that. The borrowing cost, yes, we are looking to refinance certain portion of our assets. From that aspect, we will keep on looking at it from that perspective. See, as such, because we keep on adding new construction also, it will not be coming down very drastically. Yes, there we keep on evaluating and looking at how refinancing takes place and thereby reduce the cost to whatever extent we can from the existing operating projects.
Okay. It, it was 9.1%, right, for the quarter?
Yeah.
Sir, regarding the merchant price, you mentioned it was INR 2.2 crores for solar and INR 5.7 crores for the wind. What was the prices last quarter?
This was the last quarter. The actual realization-
For Q1. He's asking about Q4.
Q4.
Q4.
Q4.
Yeah.
See, what happens is that the wind merchant prices generally for Q3 and Q4 are generally a bit lower. It was in the range of about INR 4.7 crore or something in wind. For solar it was near to INR 3 per watt. Yeah.
It was about INR 3 crores in the Q4 of last year. That's where I think it's more seasonal.
Okay.
You need to see full-year trends before making a view around how the prices would be. Obviously, we continuously monitor what are the demand and supply sources for the power, as well as how the weather patterns are emerging. At the same time, it is something which is volatile and that's part of the business strategy when we say that we want to do certain capacity on the merchant side.
Let me add on this, Siddharth, for you. I think we should not be looking at these prices on a quarterly basis, because there is a strategic intent for the whole year. You will definitely realize that India's requirement of power, renewable power, it has its own cycles of pluses and minuses on it. Why the solar was a bit higher in the last quarter and why it is coming, it is pretty obvious that you have more solar which will be generated in this particular quarter, which will not be the case in the future quarters, too. While your question is valid, but you will appreciate that one look at it as a merchant with respect to solar and wind, one have to look at it for the whole year on an average rather than on a very specific period of time.
Right, sir. Thank you so much.
Thank you. We'll take the next question from Anuj Upadhyay. Anuj, please go ahead with your question.
Anuj, we cannot hear you. If you are
Anuj, we're not able to hear you.
Anuj, please go ahead with your question. Your line has been unmuted.
Am I audible now?
Yes, yes, you're audible now.
Yes.
Yes, go ahead.
Okay. Sorry. Thanks for the opportunity. Sir, could you just elaborate on the two PSP projects in the Andhra Pradesh which has been canceled, that Kurukutti and the Karrivalasa PSP project. Would this cancellation have any kind of an impact on our targeted five gigawatt of PSP addition by FY 2031?
That does not, to be very clear, that does not impact our 5 GW of PSP additions. We have significantly more pipelines in terms of the opportunities for which we look at execution even beyond FY 2030, as well as upsides to our current plan of 5 GW. We evaluate multiple capacities and that's how something will come in and something will go out based on various scenarios.
Just to add, from our side, we have only declared 1,250 MW of PSP, which is for UPPCL, which is what we have won. We have also announced 500 MW where we began construction in Andhra Pradesh. There are multiple evaluations which keep on happening. I think you have to take it into consideration only when we announce it and when we have reached a particular stage on that.
Okay. Fine. Only thing is, see, this 5 GW or the other potentials definitely is on card, but it's only the timeline which I'm worried about.
I think, Anuj, let me be very clear. The 5 GW which we have announced, we made it very clear last time also, that when we announce the capacity, those are de-risked from all these considerations. Okay. Those projects which we have announced are completely identified. They have made their own progress, whether it is in terms of approvals, land rights, et cetera, et cetera. Nothing of that is impacted.
Fair point, sir. Those 5 GW will come by 2031 kind of a time.
Yes. There is no change in any of that. Yeah.
Great. Great, sir.
Thank you.
Thank you, sir. Second is, are we facing any kind of labor issues in terms of execution? We have been hearing across other players as well, where labor availability is a concern, whether it's on the EPC front for the IPP level or then evacuation on the transmission side. Are we facing similar kind of an issue at Khavda as well? If it's yes, what measures are we taking to address it?
Thanks, Anuj. I think you have to appreciate the fact that when someone has an aspiration to grow at this level and build a project like Khavda, the good part is that for us and as well as for the laborers, you have next five-year horizon available with them. Important factor, if you look at it, is this transition from one project to the other. It's not that the labor is not available in this country. If... Like, what we have done is that we have created infrastructure for them. Our labor colony is the best equipped. We have created infrastructure, we are giving them the facilities, and they don't have to move on from X to Y.
Typically, in a solar plant, if you look at, the challenge is that you build that solar plant in nine months time, and then again they have to move from X to Y area. The best part about a place like Khavda is that we are there for next five years for 30 GW. Having created that infrastructure, having giving them the facilities, I would really request and suggest, please come to Khavda and look at the way we are supporting and facilitating this labor to stay, to play, having the best food for them and all the other infrastructure which we have created for them. I think having a run rate. We don't even call our contractors.
Taking care of the partners who are then taking care of the labor, and we are ensuring that their medical facilities, what they are eating, where they are working, all of that will be really above par from any other competitor or what you see in a solar segment in this country. That's why I think we have been able to achieve what others take a year to build, to do it in a quarter. I think the contribution goes primarily to the people who are working there, our team, our partners, and predominantly the labor. The way we are taking care of the tools and technology for them, which makes their life much better when they are utilizing those automated tools while they are working out there.
There is a lot which we are doing at the current intent, and I think there is a lot more which we intend to do as we grow further at that particular area. That's one of the reason of what we have been able to achieve so far, is because of taking care of our labor with the intent and the context like I shared with you.
Thank you for this, sir. If the last one, just want to check on how the DCR cell efficiencies are working on. You know, we are also hearing from many other IPPs or developers that the DCR cells are not up to the mark in terms of the efficiency, which is we see across the imported cells. Would higher implementation of DCRs going ahead would have any kind of an impact on the targeted efficiency or the generation which we have set aside for our projects?
It's a question. You know, currently we don't have those in our portfolio what we are generating right now, especially in Khavda and whatever we are executing, so it's a hypothetical question for us. Believe me, from a group where we are, the focus which is given on quality, I personally will not subscribe to this fact that the DCR products will be anywhere lower in their performance than anyone else. We may say that our cost of DCR may be on the higher side. For me to comment that the performance will be on the lower side, I will not personally subscribe to it with my past experience. Having said that, in the current context, we don't have that experience, so not right on my part to comment on it.
Fair point, sir. That's helpful and thanks.
Thank you, Anuj.
Thank you. Just a reminder to participants to use the Raise Hand feature to ask any questions. We'll take the next question from Siddharth K. Siddharth, please go ahead with your question.
Hi. Hi, sir. Thank you. Thanks for the opportunity. First of all, congratulations on great set of numbers. While going through the earnings presentation, where I saw the wind CUF, which was at 42.3%, which is a very strong number. Was it because of the early on-onset of monsoon? Because in monsoon we usually see, you know, higher CUF. Also the plant availability factor was at 95.5%. This CUF of 42.3%, was it factoring the plant availability factor or it's the total number like the total CUF?
I think it is, first of all, I would not say that CUF that Khavda has been only because of the early statement of monsoon. I think like we have been saying, and I also made it clear at our opening statement that these sites were chosen and we are very happy for what we have chosen to be, where we are building, what we are building. What is coming out is the predictable model, which is now coming as a reality. As well as your firm question about availability to the CUF is concerned, yes, CUF do take into consideration the availability factor in place and that's where we are.
You also have to appreciate the fact that in Q1 the availability also goes low because you have a six months maintenance schedule for many of our turbines. You know, these are the new turbines, and you have those predictable schedule too as well as preventive maintenance is concerned, which also impact the overall availability in that particular quarter. We have to be ready for the high wind seasons per se.
Okay. This CUF adjusted for the availability factor.
Mm-hmm
... then the overall like, net CUF would be much higher than this.
Yes, it is adjusted for the availability factor.
Mm-hmm
... what Ashish was telling is ahead of the monsoon season.
Mm-hmm
all wind turbines in the country has a practice of being overhauled so that they work.
Okay
... on a much better basis in the real wind season, which comes in the monsoons. That's where you will see that availability in this period is slightly lower.
Got it. Got it.
... a monsoon thing. Second, even the best benchmarks in case of wind, because it is a moving equipment. Turbines have an availability factor of 96 to 96% odd or 96 .5 or odd percent for the full-year because these are moving things and needs more maintenance than a solar plant where availability can be as good as what you see in our thing, which is around 100%. That's what the thing is. Yes, mathematically, if you had not taken any maintenance or upkeep kind of shutdown, yes, the number would have been higher.
Great. Great. Thank you, sir. Yeah.
Uh-
That's it from my side. Yeah.
Right. Thank you, Siddharth. Just to answer, I'll have a couple of questions from my end. First is on BESS, and I know you talked about it, but I just wanted to understand how you are thinking about this from a five-year perspective, especially when there are other players who are quite aggressive on that front.
As we told you, we have a strategy in place, and like I said, it's not a 50 m run that we are making it across. For us, renewable is a long-term perspective. We have looked into the technologies. We are much better placed than most of the competitors if you see across, with our capacities across India, with the way our plants are performing. I'm only saying hold on yourself. There is a strategy in place. There is a plan in place. Like I told you, at Adani we do it at a speed and a scale which is unprecedented. We should be in a position to share with you in some time of it.
Understood, sir. Thank you. Secondly, I wanted to know your thoughts on renewable energy demand from data centers and just wanted to understand how discussions are going on with these players, especially MNCs, and what kind of contracts you are getting into and what kind of growth runway you see in that area.
Yeah, sure. That's a pretty interesting market and with the way data is being now hosted in India.
For India's consumption, as well as the new AI demand, as well as the focus of some of these data centers to actually have green power. It's a significant opportunity for us, and that's where you see in our overall mix for FY 2030, we have said that 25% of our capacities will be seeing some of these kind of markets. It's pretty much part of our focus area as a potential source of offtake. There is a keen interest from some of these data centers.
Right, sir. The contract should be long-term or do they prefer to procure on spot basis?
It depends on the buyer and the seller. A lot of these guys want to do a 10-year contract or a 15-year contract because that's kind of a visibility they see in their own industry. Obviously, the risk-adjusted value which comes to both the sides needs to reflect that, and that's what happens in some of these contracts. Spot market is obviously then there's nothing as a contract. They will secure some short supplies. We are there in that market as well. The pricing reflects the tenure in that case. All of that is something which is a trade of a B2B market.
I think, as a company, we are ready to take that exposure, and that's where we are saying that 25% of the capacity will be available in the merchant exposure, C&I, CFDs or, mixed hybrid contracts.
Sure, sir. Understood. Very helpful. Last question from, we have it in the chat box. Says, can you please comment on the quarterly swings in the NCI line? How much of the NCI capacity is yet to be commissioned, and any timelines for the same?
See, out of 4,500 capacity with Total in as a joint venture, about 4,000 of capacity has already been commissioned, and another 500 is in pipeline to be commissioned by next six months to one year. After that swing from that perspective should be minimal except for the distributions and the other things that.
Just to make it clear, see, the way a renewable profile works is that your profits will keep on increasing as you go towards end of the project life because your interest cost initially is higher and it keeps on reducing. That trend will be followed. Other than that, the 4.5 GW portfolio that we have under the JV, that will have a basically a stable kind of.
Stable kind, yeah.
EBITDA at least I will say. PAT will keep on changing.
Thank you, sir. That would be it. Over to you for any closing remarks.
No, I think it's. Thank you, everyone. Really appreciate your interest in our organization and the support which you have been providing to us. I think we're very happy what we have achieved in the Q1, and I think the team is committed to take it further on our overall target, which we have shared with you, about five gigawatt. We are on track of it with the predictable returns from our side. Thank you so much for joining us.
Thank you very much. Feel free to touch base with us for any further questions. Thank you, Baiju and Macquarie team for organizing this call. Thank you.