Thank you for standing by, and welcome to the ReNew Power Private Limited Q4 and FY '25 Earnings Call. [Operator Instructions] I would now like to hand the conference over to Anunay, Head of Investor Relations. Please go ahead.

Thank you. Good morning, everyone, and thank you for joining us. We put out a press release announcing our results for fiscal 2025 fourth quarter ending March 31, 2025, today, as well as for the year ending March 31, 2025, and a copy of the press release and the earnings presentation are available in the Investor Relations section on our website at www.renew.com. With me today are Sumant Sinha, Founder, Chairman and CEO of ReNew; Kailash Vaswani, CFO; and Vaishali Nigam Sinha, Co- Founder ReNew and Chairperson Sustainability. After the prepared remarks, which we expect will take about half hour, we will open the call for questions. Please note that our safe harbor statements are contained within our press release, presentation materials and materials available on our website. These statements are important and integral to all our remarks. There are risks and uncertainties that could cause our results to differ materially from those expressed or implied by such forward-looking statements. So we encourage you to review the press release we furnished in our Form 6-K and the presentation on our website for a more complete description. Also contained in our press release, presentation materials and annual report are certain non-IFRS measures that we reconciled to the most comparable IFRS measures, and these reconciliations are also available on our website in the press release, presentation materials and on the annual report. It is now my pleasure to hand it over to Sumant. Sumant, please take it away.

Yes. Thank you, Anunay. Good morning, good afternoon and good evening, everyone. I'm glad to have all of you on our earnings call for the fourth quarter of fiscal 2025. We have concluded fiscal year 2025 with significant achievements and the outlook for the renewable energy sector in India looks extremely promising. In our 15th year, we constructed more megawatts than we have done in the past, taking our total operating megawatts to 11.2 gigawatts, which is a new high for us. This is 17% higher than at the same time last year and 21% if we compare on the like-for-likes after excluding asset sales. Since April 2024, we have constructed over 2 gigawatts of RE assets, of which 1.95 gigawatts have already received COD approvals and another 250 megawatts should receive them shortly. Not only this, we also continue to extend our contracted portfolio by adding new bids and signing new PPAs. Our contracted portfolio now stands at 18.5 gigawatts along with 1.1 gigawatts hours BESS, which is additional to the 18.5. This 18% higher than at the same time last year. We have added 1.3 gigawatts of PPAs since Q3 fiscal 2025 and have signed PPAs for a healthy 5.3 gigawatts since April 2024, i.e., in the last 12 months of the financial year. In addition, once we include other projects where we have won and not yet signed PPAs, we have a pipeline of over 25 gigawatts of renewable energy and an additional about 3 gigawatts hours of batteries. The macro environment in India remains robust, and with the supply of auctions continuing to be more than 50 gigawatts plus a year, the IRRs remain quite attractive. In fiscal year 2025, we won 4.8 gigawatts plus 800-megawatt hours of BESS, giving us a 14% market share in…

Thanks, Sumant. Now let me turn to the highlights for the quarter on Page 18. During the fourth quarter, we delivered INR 22.1 billion of adjusted EBITDA, which is 32% higher than last year, driven primarily by cost optimization initiatives, gain on sale of assets as well as contribution from third-party sales from our manufacturing business. EBITDA margins for our IPP business improved by more than 250 basis points driven by tighter cost control. We also continue to deliver profitable growth with our profit before tax for Q4 FY '25 at INR 3 billion, up from INR 2.1 billion in the same quarter last year. We also delivered INR 3.1 billion of Q4 profit after tax and INR 4.6 billion profit after tax for the full year FY '25. We continue to grow our business responsibly and by living within our means by managing growth with internal accruals and asset recycling. We have signed agreements of over USD 260 million during the past 6 months by raising equity through capital recycling at returns higher than our base case. We are focused on tapping only the cheapest sources of capital, not only for equity, but also debt where we have raised around USD 2 billion debt financing this year from a variety of debt providers. With respect to the nonbinding offer received from the consortium comprising of CPP investments, Masdar, ADIA and Sumant Sinha, active discussions between the special committee comprising of ReNew's independent directors and the consortium are ongoing and we will provide an update on the outcome as soon as possibly reasonably practical. While we understand that our stakeholders are eager to know what's going on. However, you will appreciate that currently we cannot comment further on the timing or the status of the process. Turning to Page 19.…

Cofounder of ReNew & Chairperson of Sustainability: Hello. This is Vaishali Sinha. Thanks, Kailash. Turning to Slide 25, to review the advancement in our ESG initiatives and targets. As fiscal year '25 concludes, Global ESG landscape is marked by new regulations, a sharper focus on climate and social issues and an evolving investment landscape. ReNew has not only navigated this complexity but excelled. We achieved our target and generated top ESG ratings, cementing our global leadership. In quarter 4 fiscal -- in quarter 4 of fiscal year '25 ReNew make significant strides. On our ESG ratings front, we achieved a score of A, a grade of A in the LSEG ESG rating, which is the Erstwhile Refinitiv scoring 84.35, leading the electric utilities and IPP sector. Morningstar Sustainability also recognized us in their 2025 top rated ESG companies list with a low-risk score of 13.1%. On the green certification front, our commitment to green products continue. We completed our first life cycle assessment, the LCA for our Jaipur Plant solar modules and will be publishing an environmental product declaration, the EDP through the international EDP system. Our Dholera manufacturing plant achieved the certification, which reflects our deep commitment to environmentally conscious and sustainable solar manufacturing. As far as leadership awards are concerned, ReNew received the CII Climate Action Program, which is CAP 2.0 award in the highest category, resilient within the energy, mining and heavy manufacturing sector, recognizing our futuristic climate strategy. We also became the first company to be included in the very prestigious S&P Global Sustainability Yearbook from the electric utility sector in India. If we could now move to Slide 26. We will review the progress made across our ESG targets. ReNew remains committed to achieving its SBTi validated zero target. We have completed the development of a manufacturing decarbonization road map and initiated annual assurance calculations and disclosures to accurately monitor, report and reduce our emissions. Social responsibility is core to our mission. We've already impacted 1.7 million lives, aiming 2.5 million by 2030. In quarter 4, we have partnered with IIT Dhanbad to upskill coal mine workers in green technologies. Candidates -- multiple candidates are being trained under this program. We are on track to meet our company-wide sustainability rating target a testament to our first integrated report. We look forward to building on this momentum and sharing further progress in our second integrated report in 2025. Thank you. And now I'll pass it back to you, Kailash.

Thank you, Vaishali. Turning to Page 28 for our guidance. we expect between INR 87 billion to INR 93 billion of adjusted EBITDA in fiscal year 2026, assuming weather patterns are similar to previous fiscal year. This includes INR 1 billion to INR 2 billion from asset sales as well as INR 5 billion to INR 7 billion from our manufacturing operations. Do note that the contribution from manufacturing only includes external sales and we'll update during the year, if there's any change in the ratio of internal versus external sales from our manufacturing business. We expect to construct around 1.6 to 2.4 gigawatt of projects in this fiscal year '26. These projects exclude the projects we already included in 11.2 gigawatt of commissioned capacity. We have given a slightly wider range to account for any potential delays in build-out of the grid network connecting some of these projects. In addition, we expect to deliver cash flow to equity holders of INR 14 billion to INR 17 billion in next fiscal year. With that, we'll be happy to take questions now.

[Operator Instructions] Your first question comes from Justin Clare with ROTH Capital Partners.

I wanted to start off first with the fiscal '26 guidance. And so in fiscal '25, the PLF for your wind and solar assets had both declined a bit year-over-year. So just wondering what you're assuming for your PLF as we head into fiscal '26, if you could talk about the trend that you're expecting? And if you could share what the PLFs are that you're assuming for solar and for wind?

Sure, Justin. So Justin, basically -- yes. Justin mainly what we have assumed for fiscal year '26 is that the PLF levels will be similar to what we saw in fiscal year 2025 at the lower end of the guidance range to the extent it's better, then obviously, we would end up higher in the range as we have laid out currently.

Okay. Got it. And then just wondering for the module sales here, could you talk about your expectation in fiscal '26 in terms of the megawatts of cell and modules you're expecting to sell externally? And then I believe you have a 1.4-gigawatt order book. Just wondering what the timing is in terms of the expected completion. Is that all in this year? Or does the order book potentially extend further out?

Yes. So I think in terms of timing, we can circle back to you because this will happen through the course of the entire fiscal year, and we've also started already supplying some portion to third party. In terms of mix between -- of the 1.4 gigawatts, it's largely going to be DCR-based, which will also include in [ our cells ] as part of that. So that's going to be 1.1 gigawatt and non-DCR where we would largely be doing mostly a tolling arrangement or something along those lines, which is going to be the non-DCR segment. That's going to be somewhere in the range of around 300 megawatts or so.

Okay. Got it. And then just 1 more. The CapEx, 330 million to 350 million that's expected for the TOPCon facility that you're building. Wondering if you could just speak more about how you plan to finance that facility. So you raised $100 million selling a 10% equity stake. Wondering if you are anticipating additional capital recycling beyond what you've already announced in order to fund the facility, or if you're expecting to use any debt financing in the -- financing it.

That's correct, Justin. We will be using debt financing similar to what we used, which is 70-30. 70% would be financed with debt and 30% would be equity. That's the ratio that we had followed for the Phase 1 of the module and cell plant also. So for the expansion, we will continue to maintain that. And we are already in discussions on that financing with a few lenders. So all capital that would raise from capital recycling or during the course of year would be used to grow our IPP business portfolio.

[Operator Instructions] Your next question comes from Maheep Mandloi from Mizuho.

Just following up on that. If you could just talk about the module sales. It looks like most of us in India, but just wanted to confirm that if you have any plans to -- in the guidance to sell outside of Indian markets over here? And separately, on the module sales margin, how should we think about that in FY '26, somewhat in line with the 30% you saw this quarter or going back to those mid-teens level you saw historically?

Yes, sure. I can answer that, Maheep. Basically, as far as the order book to outside India is concerned, so obviously, we're in the process of building that. What we have contracted currently is largely for supplies within the Indian market. And that's why I said, largely, the component is DC ourselves where there is a requirement to use domestic content, including cells and modules. As far as margins are concerned, again, we are cautiously optimistic that they will remain at the same range during the course of the year, but we'll have to see how the entire supply situation sort of develops. We believe that given that we are operating our cell plant at sort of industry-leading efficiency levels. We have a head start in terms of having that additional output and stabilized operations. So we expect the margins to continue through FY '26 at least and as long as beyond that or something that we would hope for.

Got it. And how many of the module sales have been locked in for the year or is in the guidance, all be in your bookings? Or do you expect more book and bill during the year for FY '26?

I would say that largely, we are contracted for the full year. To the extent we get any opportunities, we can always change our mix in terms of internal and external sales.

And then just last one for me on financing, kind of talked about declining interest rates in India. And we'll see what happen in the U.S., also but at least in India, we're seeing some of these rate cuts over here. Could you just talk about like how could you take advantage of that with either the new debt or refinancing the existing debt?

Yes. So obviously, on an opportunistic basis, we will relook at our entire debt portfolio and wherever we can refinance and get the benefit of the lower interest rates. We will obviously explore that. And on new debt in any case, we'll also get the benefit of all this. So all the debt that we take for expansion of our cell facility or whatever we need to take to construct this additional capacity between 1.6 to 2.4 gigawatt. So some of that, we will see the benefit of that. And on -- as I said, on refinancing, opportunistically, we'll look at doing that. So idea would be that because most -- I mean, almost 30%, 40% of our debt is floating rate. So there, we will see the benefit of rate transmission happen in any case in the near-term. And beyond that, if you want to further get the rates lower given that government has started even the ratio on the CRR, we will try to optimize that for sure.

We have a couple of questions through the web link. The first question is from Lav Sharma, JPMorgan, which is, could you share the plans for refinancing the bonds due in July 2026. Kailash, could you take that?

Yes, sure. Lav, basically, as far as the refinancing plans are concerned, so we are monitoring the market continuously. And whenever we think that the U.S. dollar bond markets are attractive, there's some of the holdco portion of that debt, which is June 2026 is something that we will refinance in that window? Some of the operating company debt, which is there that we will be opportunistic in case we get lower rate in India than we may move some of that debt into India and see on a weighted average basis, whether it's accretive to do that or we continue to maintain the same structure. So again, that's something that we will decide as we go forward.

The next question is from McCallie Smith. Sumant, if you don't mind taking this. The question is, are you seeing rare earth supply disruptions impacting ReNew or any of our peers?

So far, it's not really surfaced as an issue. And yes, and that's the short answer.

Kelly, if there are no other questions on the phone line, maybe we can close.

Perfect. Thank you. That does conclude our conference for today. Thank you for participating. You may now disconnect.

Thank you all.

Thank you.