Thank you for standing by and welcome to Renew's 2Q FY27 earnings report. All participants are in a listen only mode. There will be a presentation followed by a question and answer session. If you wish to ask a question, you will need to press the star key followed by the number one on your telephone keypad. I would now like to hand the conference over to Anunay Shahi. Please go ahead.

Thank you. Good morning everyone and thank you for joining us. We have put out a press release announcing results for the second quarter of fiscal 2027 for the period ended September 30th, 2026. A copy of the press release and the earnings presentation are available in the investor relations section of Renew's website at www.renew.com. With me today are Sumant Sinha, our founder, chairman and CEO, Kailash Vaswani, CFO and Vaishali Nigam Sinha, Co-founder and Chairperson, Sustainability. After the prepared remarks, we will open the call up 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 and the presentation on our website for a more complete description. Also contained in our press release, presentation materials and our annual report are certain non-IFRS measures that we reconcile to the most comparable IFRS measures and these reconciliations are also available on our website in the press release, presentation materials and our annual report. With that, it's now my pleasure to hand it over to our Founder Chairman and CEO, Sumant Sinha. Sumant, over to you.

Yeah, thank you, Anunay. Good morning, good afternoon, and good evening, everybody. I'm glad to have you all on our earnings call for the second quarter and the first half of fiscal year 2027. The first half of this fiscal has been one of the strongest in our history. We have continued to deliver on our promise of profitable growth with strong growth in EBITDA and profit after tax, our lowest ever receivable days, continued success in project execution and an improving leverage profile. As we had expected at the start of the year, power demand has also come back strongly and this continues to support the long-term growth of renewable energy in India. Turning to the highlights for the quarter on page six, our operating portfolio now stands at 13.8 gigawatts which is a 23% increase year-on-year after adjusting for the 400 MW of assets that we sold during the last 12 months. We have commissioned over 1.3 GW so far in fiscal 2027 including 628 MW in the second quarter and about 2.7 GW over the trailing 12 months. We have consistently delivered on our project execution over the past few years and expect the momentum to continue. Our committed portfolio is currently 20.5 GW including 1.7 GW of BES and our total pipeline is approximately 27 GW including LOAs which have not yet been converted into PPAs. This is 2.7 times the size of our portfolio at the time of listing about 5 years ago. Coming to our financial performance, we continue to deliver profitable growth consistently on a year-on-year basis In Q2 of fiscal 2027, we delivered adjusted EBITDA of INR 33.6 billion, including INR 4.1 billion from third party sales from our manufacturing business. This is up 28% year on year. Our profit after tax was INR 6.4 billion, up 37.3% year on year. For the first half of fiscal 2027 adjusted EBITDA was approximately INR 64 billion up almost 20% year-on-year and profit after taxes INR 12.4 billion up 26.2%. We also generated approximately INR 10.2 billion of cash flow to equity in the second quarter and more than INR 23 billion in the first half of fiscal 2027. We have also benefited from stronger wind PLS in Q2 of fiscal 2027 compared to last year. However, on the solar side, we have continued to see some impact of grid-related curtailment. Our IPP DSO is now at 63 days, our lowest ever, despite the seasonality we usually see in this high wind quarter. Our credit and leverage profile also continues to improve. Moody's has revised our outlook to BA.2 with a positive outlook from BA.2 with a negative outlook and CARE has similarly revised our rating outlook from A to A positive. Our manufacturing business continues to be profitable and our 4 gigawatt cell expansion is now in advanced stages with commercial operations expected to begin in the fourth quarter of this fiscal year. Work is also underway on our 6.5 gigawatt ingot wafer facility which we announced following the introduction of ELEM-M3 for wafers and which we will fund through a mix of internal accruals and an external fundraise. Capital recycling also continues its momentum. In June, we closed the sale of a 100 megawatt solar asset in Tamil Nadu. In August, we signed definitive documents for the sale of over 1 gigawatt of assets which is expected to generate around US$190 million of cash flow. And in October of this year, we signed definitive documents for the sale of our controlling shareholding in 3E, a European renewable energy asset performance management and analytics platform, which is expected to generate another US$84 million. Together, these transactions are expected to bring in approximately US$300 million and once again demonstrates the quality of our assets and our ability to find buyers at attractive valuations. On the back of this strong performance, particularly from our manufacturing business, we are raising the lower end of our fiscal 2027 adjusted EBITDA guidance from INR 103 billion to INR 105 billion. The updated guidance is now INR 105 to 109 billion. Let me now hand over to Kailash to take us through the next few pages. Kailash, over to you.

Thank you, Sumant.

Turning to page 7, an update on the take private process. As you will recall, on August 11, 2026, the new signed a transaction agreement with the consortium comprising of CPP investments and Sumant. The acquisition will be effected through a UK scheme of arrangement, which is subject to a vote by the non-consortium shareholders. The special committee comprising of independent directors received Rothschild's opinion that the cash offer is fair from a financial point of view to the holders of cash-out shares. The committee considers the cash offer and the transaction agreement fair and reasonable and intends to unanimously recommend the shareholder vote in favor of the scheme. Jera and Platinum Cactus A, 2019 Trust, an affiliate of Adia, who approximately holds 51.1% of the voting power of the shares subject to the scheme have is evocably undertaken to vote in favor of it. Under the scheme, non-consortium shareholders may receive US dollars 7.02 per share in cash. Alternatively, subject to certain conditions as will be laid out in the scheme document, they may elect to keep their shares and remain shareholders to a rollover arrangement. On October 28, 2026, the New Energy Consortium signed a side letter. It amends the lever provisions for certain replacement awards under the new incentive plan. Otherwise, the transaction agreement is unchanged. We continue to work towards the required regulatory approvals. The Schedule 13E3 transaction statement including the preliminary scheme document has been filed with the SEC and it was amended on October 28, 2026. Subject to all conditions being satisfied, including regulatory approvals, we expect the scheme to become effective in the first quarter of calendar year 2027. Turning to industry backdrop, slide 13. Renewables continues to lead capacity addition in India. They made up for more than 85% of all power capacity added in the first half of fiscal in line with recent trends. About 25 gigawatt of renewable energy capacity was added in the first half, including 21 gigawatt of solar, 3 gigawatt of wind, and 0.7 gigawatt of hydro. As of September 30, 2026, installed renewable energy capacity, including large hydro, stood at 299 gigawatt. That includes 171 gigawatt of solar and 59 gigawatt of wind capacity. On the demand side, as we have said at the start of the year, we expect power demand to rise in fiscal 2027, held by El Nino and a favorable base year. Demand has been higher than last year and every month so far. Demand for the first half of fiscal 2027 was up almost 10% year on year. Demand in October 2026 compared to October 2025 was up by 21%. Peak demand has already reached around 271 gigawatts in fiscal 2027. which is a new high. Supply is struggling to keep up, especially outside solar hours. On September 9, 2026, the peak demand deficit reached around 8 gigawatts and the evening deficit averaged 2.5 gigawatts during September. Again, in October, peak demand is up 24% year-on-year. All of this has also been reflected in rising exchange prices. This shows how important round-the-clock and storage-backed renewable energy capacity has become. We believe our growing BESS and RTC FDRE projects puts us in a strong position to meet this need. Turning to project execution on slide 14, our delivery remains de-risked and on track for our annual guidance. Our operating portfolio stands at 13.8 gigawatt, including 100 megawatt or 250 megawatt hour of BESS, up 19% year-on-year net of the 400 megawatt sold, and up 23% adjusting for asset sales. In fiscal 2027 to date, we have commissioned 1.3 GW comprising of 1.2 GW of solar and 132 MW of wind capacity. Looking ahead for solar, around 200 MW has been erected and is in advanced stages of commissioning. The majority of modules for the rest of fiscal 2027 execution are already at site and the balance is secured to in-house production. For breath, 100% of pricing is locked in at attractive rates and we are on track for this year's execution. For wind, around 300 megawatt has been erected and is in advanced stages of commissioning and 100% of the wind turbines for the year are locked in within budgeted levels. Land is largely tied up or acquired for the next 12 months. Importantly, more than 75% of our 24.5 GW committed capacity is with customers rated A-plus or above. And this will continue to become higher with incremental growth largely coming from central or high-quality CNI off-takers. Turning to our CNI business on slide 15, we continue to have one of the largest CNI portfolios in India at 2.9 GW across five states, of which 2.6 GW is commissioned, including 330 MW that we commissioned so far this year. Our share of big tech and hyperscaler customers keeps increasing with Amazon, Microsoft and Google collectively accounting for about half of our contracted off-stake in our CNI business. With around 10.7 gigawatt of data center capacity expected in India by 502031, representing a 20 billion market opportunity and 75 terawatt hour of power demand, we believe we are well-placed to participate in supplying energy to data centers. Turning to our manufacturing, Business on slide 16. Our manufacturing business continued its profitable run in this quarter as well. In Q2 of fiscal 27, revenue from external sales of modules and cells was around 12 billion rupees and adjusted EBITDA from external sales was 4.1 billion rupees compared to 3.3 billion in Q2 of fiscal 26 at a margin of about 33%. For the first half, adjusted EBITDA from external sales was 9.7 billion rupees compared to 8.6 billion rupees in Q2 fiscal 26. We produced 528 megawatt of cells and 890 megawatt of modules during the quarter with best-in-class cell efficiency of around 23.5% and industry-leading utilization rates. Our external order book stands at approximately 3.3 gigawatt. As a result of our continuous strong performance, We've updated the annual EBITDA guidance from our manufacturing business to rupees 12 to 14 billion from INR 10 to 12 billion rupees previously. Please note that we expect around 40 to 60% of production to be used captively by our IPP business at arm's length pricing, which does not get reflected in the consolidated financials. We also continue to expect some moderation of margins in the second half of the year. On our Topcom expansion of 4 gigawatt cell plant, civil works and PEB works are completed. The ATP and clean room are almost complete. All tools are on the site, printing lines are installed, and we expect to produce the first cells by Jan 27. On the ingot wafer plant, land and major approvals are in place, civil work has started, and basic engineering is almost done. We expect commercial operations in the first half of calendar year 28, funded through internal accruals and an external fundraise. Turning to page 18, our Q2 results reflect strong operating execution, continued growth in earnings, and disciplined capital allocation. As of September 30, 2026, our total portfolio was approximately 20.5 gigawatts, including 1.7 gigawatts of beds, operating capacity stored at 13.8 gigawatts, comprising 5.7 gigawatts of wind, 7.9 gigawatt of solar, 99 megawatt of hydro and 100 megawatt or 250 megawatt hour of base. We also had 6.6 gigawatt of committed capacity including 1 gigawatt of wind, 4 gigawatt of solar and 1.6 gigawatt of base. Since April 25, we have commissioned about 2.7 gigawatt comprising mainly of around 2.2 gigawatt of solar, 439 megawatt of wind and 25 megawatt of base. On consolidated performance for Q2 of fiscal 27, revenue was up 28% on the year, adjusted EBITDA was up 28% and PAT was up 37%. For Q2 fiscal 27, income was 49.6 billion rupees, revenue was 46.5 billion, adjusted EBITDA was 33.6 billion or 350 million dollars and PAT was 9.9 billion compared to 5.6 billion of PAT in the same quarter last year. For the first half, revenue was up 21%, adjusted EBITDA was up 20%, and PAC was up 26%. Adjusted EBITDA margins for Q2 of fiscal year 27 were 82.9% for IPP, excluding 3E, 33.3% of manufacturing, and 69.0% on a consolidated basis. We remain disciplined in capital allocation, and our net debt to trailing 12 months of adjusted EBITDA for operating projects has come down from to almost 5.3x from 5.7 at the end of last quarter. Of our net debt of 711.3 billion, 26.7 billion rupees represents contributions from our JV partners and approximately 104.7 billion rupees relates to under construction projects with debt partially drawn down for about 1.5 gigawatt of renewable energy including BES. Excluding these projects which don't contribute to EBITDA, Net debt for operational projects stands at 579.9 billion. We remain committed to reducing our overall leverage and a part of our capital recycling proceeds will be used towards this. The 1 gigawatt of assets locked in under definitive agreements are expected to result in 190 million dollars of cash flow on closing and we expect another 84 million dollars from the sale of our controlling shareholding in 3E. The improvement in our credit profile is also being recognized externally with positive output revisions from movies and care. On working capital, as shown on slide 27, our IPP DSO was 63 days as of September 2026, an improvement of 21 days year on year and 31 days over two years. And our lowest ever, helped by the 5.7 billion we received from Andhra Pradesh in July 2026. Manufacturing DSO was 9 days. As central government counterparties became a larger part of our portfolio, more than 75% of our 20-year portfolio will be with high-quality off-takers that pay within 30 days. Our balance sheet remains robust. Cash and cash equivalents, bank balances and investments, including short and long-term investments, stood at Rs. 95.1 billion as of September 30, 2016. I will now hand over the call to Vaishali for ESG and sustainability updates.

Moving to slide 21, as global sustainability transitions from qualitative goals to rigorous operational execution, value chain reporting has become a baseline expectation for transparency and accountability. Driven by these evolving expectations, we continue to strengthen our ESG approach through enhanced nature-based disclosures and deeper supply chain engagement. On Nature, Rintu joined the Task Force on Nature-Related Financial Disclosures, TNFT Adopter Community, as the second India-based electric utility to do so. We completed ESG assessments for 100% of our critical suppliers for the third consecutive year with zero suppliers classified as high risk. We also extended our engagement to Tier 2 suppliers through a pilot covering 15 value chain partners, further embedding ESG practices across our broader supply chain. Renew further strengthened its global sustainability credentials by being named among time's most sustainable companies in 2026, the only India-based utility company to receive this recognition. Turning to slide 22, we continue to make steady progress against our ESG targets. Starting with our environment commitments, we remain focused on advancing our net zero agenda. Renewable energy now accounts for nearly 36% of our manufacturing businesses' electricity consumption. We have also published a transition plan aligned with Renew's SBTI-validated Net Zero 2040 ambition. A just and inclusive energy transition must create opportunities not only for the planet, but also for the people and communities at its heart. Our community initiatives have now positively impacted More than 2 million lives. Under Project Surya, 532 women have been trained as solar technicians with 115 successfully placed. Women currently represent 18.07% of our workforce while board diversity stands at 22%. Our ESG performance also continues to be reflected in strong external ratings. We are currently awaiting results from ESG ratings for 2026 and will disclose progress across all ratings in our upcoming meetings. I will now turn it over to Kailash to take us through some guidance.

Thank you Vaishali. Turning to guidance on page 24, backed by the strong performance in the first half including from our manufacturing businesses, we are raising the lower end of our fiscal 2017 consolidated adjusted EBITDA guidance from ₹103 billion to ₹105 billion, taking the range to ₹105 to ₹109 billion. This now includes ₹12 billion to ₹14 billion from manufacturing, up from ₹10 to ₹12 billion earlier, and ₹1 billion to ₹2 billion from asset sales gains. We continue to expect to construct between 1.6 to 2.4 gigawatts during fiscal year 27 and to generate cash flow to equity of ₹18 to ₹22 billion. For the total committed RE portfolio of 20.5 GW including 1.7 of BES, we continue to expect run rate adjusted EBITDA of ₹134 to ₹140 billion and cash flow to equity of ₹32 to ₹36 billion assuming normal weather patterns and excluding contribution from our manufacturing business. Please note that this includes the 1 GW of projects for which we have signed definite agreements to sell. With that, we will be happy to take questions.

Thank you. If you wish to ask a question, please press star 1 on your telephone and wait for your name to be announced. If you wish to cancel your request, please press star 2. If you are on a speakerphone, please pick up your handset to ask a question.

Once again if you wish to ask a question please press star 1 on your telephone and wait for your name to be announced.

Operator, I think if we don't have any questions on the phone, we have one question through the webcast link.

Certainly, sorry.

Should I go ahead?

Yes, you can go ahead.

Yeah, so the question is, and I'll read it out, is can you quantify what the impact of curtailment has been this year? And can you also comment on how the monsoon has been this year and How do you see this impacting the company and if you could expand on how you plan to fund the upcoming debt maturities? Maybe I can take the first part of the question and Kailash will handle the rest. So on curtailment, so there has been some impact of curtailment on our solar projects. So this quarter the impact was close to around 9 to 10 million dollars on account of TGMA. for some of our recently commissioned solar projects and for the full half year, it is around 18 to 19 million dollars. Having said that, it is moving over the course of the year and as some of you may have read, there are also few things under discussion with the government of India if they can provide some relief for it. But that's the quantum of impact this year. With respect to monsoon, while the monsoon has been weaker, Having said that, our wind PLFs this year have been significantly better than what they were last year.

Yeah, and of the maturities which are coming up of almost around, including some other debt which is not in the form of bonds, the total maturities are almost $1.7 billion. Of that, currently, we have a full line of sight of on 1.25 billion dollars so that we've already got commitments in place and the balance is something which is due in the middle of next year which we will refinance closer to the date.

I think there's one more question from Maheep Manlohi of Mizuho. The question is how do you think about India manufacturing next year? I guess the reference is to how the manufacturing sector as a whole is doing. So Mahip, as we have also highlighted in our presentation, we currently have operating module and cell capacity. So while the margins on the module side of things have reduced significantly, but we are seeing reasonable margins and strong margins on the cell business. This year as well, at least so far, while we do expect some moderation going forward as more cell capacity comes online. But so far at least we are seeing strong margins and that's what's been reflected in our manufacturing results as well which is where the EBITDA has grown compared to last year.

If there are no further questions operator, we can close the call.

Certainly, we do not have any questions on the audio bridge at this time. That does conclude our conference for today. Thank you all for participating. You may now disconnect.