Analysts/Institutional Investor Meet/Con. Call Updates

AI summary - H1 FY27 energy sales up 32% y-y to 25.7 billion units; revenue 8,299 Cr +36% y-y; EBITDA 7,957 Cr +41% y-y with 93% margin - Q2 FY27 revenue 4,019 Cr +45% y-y; EBITDA 3,835 Cr +51% y-y; EBITDA margin 92% - Battery storage capacity at 6.6 GWh, >50% of India's operational BESS; target to exceed 10 GWh in FY27 - Capex program INR 2.4 lakh Cr through FY30; focus on disciplined execution and 13-14% ROA with AA+ counterparties - Transmission delays at Khavda mitigated by accelerated BESS deployment; curtailment impact reduced - Merchant power prices improved; solar merchant rates rose from INR 2.1 to 2.4; long-term PPAs fixed at INR 2.7 (solar) and INR 3.93 (wind) - Interest cost stable at ~8.9%; 72% loans fixed rate medium-term; rating upgrades reduce cost - Leverage expected to peak till FY28 at ~5.6x, tapering to below 4x post FY30 with asset amortization - Multiple analyst queries on transmission, battery tie-ups, curtailment, and interest rates addressed with management reaffirming targets and strategy