FY27 Capacity Addition Target: 3 GW
Already achieved 36% of annual target (1.1 GW since April) and surpassed 87% of total FY26 additions. July YTD additions of 225 MW reinforce H1 momentum.
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FY27 Capex Target: ₹20,000 Crore
Substantial liquidity cushion of ₹12,880 crore in cash balances comfortably funds equity portion of FY27 capex and 2030 growth plans.
Mahanadi Unit 4 (600 MW) Commissioning: FY28
Fourth unit of Mahanadi on track for FY28 commissioning. 30-40% work already complete at acquisition. Equipment orders placed with Chinese suppliers. Material under dispatch.
BESS Business EBITDA Run-rate: ₹150 Crore
External order of ₹440 crore received. Margin per kWh of storage capacity in range of $2.75-3.00, translating to ~$15 million annual EBITDA (~₹150 crore) at full capacity utilization.
Hydro Plants Expected to Catch Up Full-Year Design Energy
With monsoon onset, water flows normalized. Kachham, Baspa, and Khar plants operating at >100% PLF in July. Design energy achievement expected for full year despite Q1 shortfall.
Capacity target: 15+ GW by FY26 end
Company is well-positioned to achieve generation capacity target in excess of 15 GW by end of fiscal year, driven by 2.3 GW already added in H1 and accelerated execution pace expected in H2.
Utkal 400 MW LOA conversion expected
LOA of 400 MW for 700 MW plant expected to convert to PPA, which will reduce merchant exposure from current 8% to 5% and enhance cash flow predictability.
Vijagar 3,800 MWh BESS commissioning imminent
Commissioning of the 3,800 MWh battery energy storage project at Vijagar expected very soon in Q3 FY26.
Battery assembly plant operational Q3 FY26
5 GWh/year battery assembly plant in Pune dedicated to BESS expected to be operational in Q3 FY26, serving captive needs and potentially external demand.
H2 FY26 Capacity Addition Target of 1.5 GW On Track
125 MW commissioned in Q3; remaining capacity additions in Q4 are at advanced stage with grid connectivity and land secured for all projects.
Utkal 400 MW PPA Commencing April 2026
25-year PPA with Karnataka discom at ₹5.78/kWh (fixed) will reduce merchant exposure from 8% to ~5% from April 1, 2026.
Saloni Phase 1 (1.6 GW) Commissioning Within PPA Timelines
48 months from notice to proceed for first unit, 54 months for second unit; BTG orders placed with Toshiba GSW; total project investment ~₹16,000 crore.
KSK Additional 1.8 GW Commissioning in ~3 Years
Fourth unit (30-40% complete at acquisition) to commission first, followed by remaining two units at 3-6 month intervals; lower specific capex vs greenfield.
FY27 capacity addition of ~3 GW
Management expects to commission approximately 3 GW of renewable capacity in FY27, split roughly 35-40% wind and rest solar, with half in H1.
FY27 capex of ~₹20,000 crore
Capital expenditure for FY27 is guided at around ₹20,000 crore, funded through internal cash flows and existing debt headroom.
KSK Mahanadi first 600 MW unit commissioning by Q3 FY27
The first 600 MW unit of the remaining KSK Mahanadi capacity is expected to be commissioned by Q3 of next fiscal.
2030 net debt to EBITDA target of ~5-5.5x
Management reiterated a net debt to EBITDA target of approximately 5 to 5.5 times by 2030, with deleveraging expected as cash flows improve.