Thank you for standing by and welcome to the Renew Power Renews 1QF527 audience 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 1 on your telephone keypad. I would now like to hand the conference over to Anunay Shahi. Thank you and over to you.

Thank you. Good morning everyone and thank you for joining us today. We have put out a press release announcing our results for the first quarter of fiscal year 2027. A copy of the press release and the earnings presentation are available in the IR section of Renew's website at www.renew.com. With me today are Sumant Sinha, our founder, chairman, and CEO, Kailash Vaswani, our CFO, and Vaishali Nigam Sinha, co-founder and chairperson, sustainability. After the prepared remarks, which we expect will take 20 to 25 minutes, 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. Therefore, 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 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 is now my pleasure to hand it over to our founder, chairman and CEO, Sumant. Over to you, Sumant.

Yes, thank you, Anunay. Good morning, good afternoon and good evening, everybody. and I'm glad to have you all on our earnings call for the first quarter of fiscal year ended March 2027. After a terrific fiscal 2026 where we reported our highest ever EBITDA and PAT, we continue to deliver on our promise of profitable growth in spite of the uncertain global macroeconomic situation and grid related challenges in India. We also continue to be disciplined in our approach towards judicious use of capital and allocating capital only towards the highest return opportunities. Turning to highlights for this quarter. Our focus towards executing at scale continues as we delivered a 26% growth in our operating portfolio year over year. We have commissioned over 1 gigawatt to date in the current fiscal which includes over 600 megawatts in Q1 itself. Our overall committed portfolio now stands at 20.5 gigawatts and includes 1.7 gigawatts of BES and our total pipeline is at approximately 27 gigawatts. We also continue to execute our capital recycling plans. In June 2026 We closed the sale of a 100 MW Tamil Nadu solar asset and received the proceeds. In August 2026, we also signed definitive documents for the sale of about 1 GW of assets, which is expected to generate $190 million of cash flow to equity on closing. These transactions underlined the quality of our asset base and our ability to continuously find buyers and attractive valuations. Additionally, we have 6.5 gigawatts of module and 2.5 gigawatt of cell capacity that is currently operational and a 4 gigawatt cell facility of TOPCOM that is expected to be fully operational by the end of the current fiscal year. We have also filed our form 20F for FI26 and published our third integrated report with the theme, Beyond Boundaries, Decarbonizing Value Chains to Deliver Climate Value at Scale, in line with international reporting standards. Coming to our financial performance, in this quarter, we have delivered adjusted EBITDA growth of around 12% with INR 30.4 billion adjusted EBITDA including INR 5.7 billion contribution from our manufacturing business. Our profit after tax increased by 16% year over year with INR 6 billion for Q1 of fiscal 2027 along with INR 12.8 billion in CFE. Our DSO continues to reduce as we expand our portfolio and legacy issues continue to get resolved. Subsequent to the end of the quarter, we received INR 57 billion from the Andhra Pradesh Discount, taking our DSOs as of July end to 54 days, 17 days lower than the Q1-FI27 DSO number of 71 days. Let me now hand over to Kailash to take us through the next 7 pages.

Thank you Sumant. Before turning to our operating performance, I would like to briefly address the take private transaction announced on August 11, 2026. Renew entered into a binding transaction agreement with the consortium comprising of CPPIB and Sumant Sinha for the proposed take private of Renew. The proposed acquisition is expected to be effected through a UK scheme of arrangement and will be voted on by the non-consortium shareholders. Non-consortium shareholders may either receive cash of $7.02 per share by transferring their shares to CPPIB investments or its designated affiliates or subject to certain conditions elect to roll over and remain shareholders. The special committee comprising of independent directors having received Rothschild & Co's opinion that the cash offer is fair from a financial point of view to the non-consortium shareholders considers the cash offer and transaction agreements fair and reasonable and intends to unanimously recommend that shareholders vote in favor of the scheme. Further details on the scheme's timing will follow in due course. Turning back to presentation on slide 13 on the industry backdrop. The electricity demand in Greece continues to support renewable energy growth. Renewables contributed 86% of overall power capacity addition in Q1 FY27 with 14 gigawatt of renewable energy capacity added. This included 12 gigawatt of solar and 1 gigawatt of wind and hydro each. Coming to the demand side, peak demand has already touched around 271 gigawatt in FY27. Overall electricity demand in July 2026 was up 11% year-on-year and was up 9% year-on-year for April to June period. Demand is also increasing more in non-solar hours which supports higher battery installations. Installed renewable energy capacity including large hydro stood at 289 gigawatt as of June 30, 26. This includes 162 gigawatt of solar and 57 gigawatt of wind. We believe this reinforces the continued structural growth of renewable energy in India. Additionally, Q1 also saw strong industrial production growth numbers fueled by higher demand in all sectors of the industry. In fact, the overall index of industrial production grew by about 7.3% in June. Additionally, The rupee appreciated slightly versus the US dollar as the government's foreign currency non-resident scheme, which is the FCNR scheme, produced over $52 billion of fresh inflows. Having said all of the above, grid build-out continues to be a drag on the entire industry, with certain projects, including ours, particularly in the state of Rajasthan, having temporary connectivity-facing curtailment challenges. We are hopeful that coupled with build-out of certain lines in Rajasthan, some central government support, these issues will get resolved over the next few months. Turning to business updates on slide 14. On project execution and our delivery remains serious and on track. We have already delivered over 1 gigawatt of commissioned megawatts during the year and are on track to deliver the projects that are due to be commissioned during the year. For solar, in addition to the megawatt commission so far, more than 250 megawatt has been erected and is in final stages of commissioning. More than 50% of the modules required for the balance execution in rest of FY27 are already at site, with the balance secured through in-house production. Silver pricing exposure is also hedged for fiscal 27. For best, 100% of the pricing is locked in at attractive rates, and about 25% has already reached project sites. For wind, 100% of the wind turbines required for the year are locked in within budgeted levels. Land is also largely tied up or acquired for the execution requirements of the next 12 months. Turning to updates from our CNI business on slide 15. We are very excited by and continue to expand our CNI footprint across India. Our CNI portfolio currently stands at 2.9 gigawatt, including 2.6 gigawatt of commission capacity over five states. And we commissioned 330 megawatt year to date in the CNI segment. We are also well-placed to participate in new business opportunities such as supply to data centers. Our business is concentrated on larger projects and we have excellent relationship with technology companies and hyperscalers. For example, Amazon, Microsoft, and Google collectively account for around half of the contracted offtake in our CNI business. As you may also recall, a leaf frog-led consortium has invested $95 million of equity in our CNI business for 11.3% stake. Turning to our manufacturing business on slide 16. In manufacturing, we have one of the highest integrated capacities in India. Our manufacturing business has continued its profitable journey in the current fiscal year as well, with an external order book standing at approximately 1.1 gigawatt. Do note that we sell around 40-60% to our IPP business at an arm's length pricing, which doesn't get reflected in our overall financials because we consolidate them. In Q1 FY27, revenue from external sales of modules and cells was Rs. 16.4 billion and the adjusted EBITDA from external sales was Rs. 5.7 billion, with the adjusted EBITDA margin standing at almost 34%. We expect that there may be some normalization in the latter half of the year as additional cell capacity comes online. On the 4 gigawatt Topcon cell plant, civil and PSV works are in final stages. ATP and clean room work are progressing well. Printing lines are installed and the first cell is expected to be produced by the end of the current calendar year. We are also progressing well on the Indian wafer plant in the state of Andhra Pradesh that's expected to be commissioned in early calendar 28. Turning to page 18, our Q1 results reflect strong operating execution, continued growth in earnings, and disciplined capital allocation. As of June 30, 26, our total portfolio was approximately 20.5 gigawatt, including 1.7 gigawatt of BES. Operating capacity stood at 13.5 gigawatt, which is up 26% year-on-year adjusted for asset sales, and 22% on a net basis. This comprises 5.6 gigawatt of wind, 7.8 gigawatt of solar, 99 megawatt of hydro and 100 megawatt or 250 megawatt hour of PES. We also had 6.9 gigawatt of committed capacity including 1.1 gigawatt of wind, 4.2 gigawatt of solar and 1.6 gigawatt of PES. During the trading 12 months, we have commissioned approximately 2.8 gigawatt comprising more than 2 gigawatt of solar, Sivaprasad Manikkapurath, Balram Mehta, Sumant Sinha, Nikunj Kathuria, Anunay Shahi and EBITDA was 30.4 billion and profit before tax was almost around 8.3 billion. Totally adjusted income was rupees 46 billion comprising of 29 billion from IPC business and 16.6 billion from external manufacturing sales. Adjusted EBITDA was rupees 30 billion including 24.7 from the IPC business and 5.7 billion from external manufacturing sales. Adjusted EBITDA margins for the IPP business were 86%, for manufacturing were 34%, and the margins were 66.1% on a consolidated basis. Turning to page 19, we remain disciplined in capital allocation with net debt trailing 12 months adjusted EBITDA for operational projects at 5.7x. The leverage levels for projects operational for more than a year that's with full year EBITDA contribution is further lower. We continue to be committed to reducing our overall leverage and to this end we have been executing consistently on capital recycling with a portion of such proceeds expected to reduce our overall leverage. For example, we recently signed definitive agreements to sell more than a gigawatt of capacity and this is expected to result in 190 million dollars of cash inflows on closing including some contingent amounts related to change in log proceeds. On working capital, IPP, the day sales outstanding were at 71 days as of June 30, 26, which was a three-year improvement year-on-year and a 12-year improvement over two years. Further, subsequent to the end of the quarter, as Sumant mentioned earlier, we received 5.7 billion rupees from Andhra Pradesh in July 20, 26. As a result of this, the end of July, the DSO improved to around 54 days. Manufacturing DSO stands at around five days. Our balance sheet remains robust and well supported. Cash and cash equivalents including bank balances and investments and short-term investments stood at 89 billion rupees as of 30 June 2026. Gross debt was 786 billion rupees and net debt was around 671 billion as of the same date. I will now hand over the call to Vaishali for ESG and sustainability updates.

Thanks Kailash. Now turning to slide 21. As Renew continues to achieve new milestones in growth and impact, we take immense pride in the fact that sustainability remains at the core of our business and value creation model. With this, I am pleased to present to you our third annual integrated report for fiscal year 2025-26 called Beyond Boundaries Decarbonization Value Change to Deliver Climate Value at Scale. Reflecting the evolution of our sustainability journey and leadership in the energy transition space, this report expands our focus beyond our operations to the broader value chain. It demonstrates how Renew is scaling climate value through transparency, accountability, and collective action. Let me begin with some key highlights from our environmental performance. We reduced scope 1 and 2 GHG emissions by 25.6%, from our baseline achieved an 84% renewable electricity mix and maintained carbon neutrality for Scope 1 and 2 emissions for the sixth consecutive year. We continue to create meaningful value for communities, employees and our partners. Our socio-economic programs have positively impacted more than 1.95 million lives so far. Women now represent 18% of our workforce and 15% of STEM roles. We completed ESG risk assessments for 100% of our critical suppliers for the third consecutive year and expanded the scope to include tier 2 suppliers as well. Further strengthening our sustainable supply chain, we achieved 100% local sourcing of steel for wind tower plates. Turning to governance, our board maintained 55% independent representation. We further strengthened our enterprise risk management framework through an independent assessment and continued embedding accountability by establishing 27 organization-wide and eight manufacturing-specific ESG targets. Now moving to slide 22, our third integrated report reflects another year of steady progress with several enhancements that strengthen transparency and align more closely with global standards. We transitioned to a hybrid reporting structure, combining pillars and capitals to deliver a more integrated sustainability narrative aligned with leading global standards. We completed a refresh of our double materiality assessment, reprioritizing material topics to reflect evolving stakeholder and business priorities. We published our inaugural ESG data book, creating a consolidated and more transparent view of ESG performance across business units. We expanded our emissions accountability by including downstream Scope 3 emissions, reflecting the growth of our solar module and cell manufacturing operations. Together, these enhancements reflect a commitment to continuous improvement, transparency, and reporting excellence. Now moving to slide 23, our ESG targets continue to translate ambition into measurable outcomes. keeping us firmly on track towards our 2030 and 2040 commitments. Let me start with environment where our focus on climate action continues to deliver tangible results. We achieved a 25.6 reduction in scope one and two emissions versus fiscal year 22 baseline exceeding our target and advancing our SPTI aligned net zero pathways. We delivered over 617,000 Sivaprasad Manikkapurath, Balram Mehta, Sumant Sinha, Nikunj Kathuria, Anunay Shahi as technicians in Q1 alone and additional cohorts progressing through advanced training programs. Our commitment to excellence continues to be reflected in strong external recognition and performance. We closed the year with industry-leading scores across major ESG ratings and indices, including an S&P Global CSA score of 84, a CDP A-list status for climate change and supply engagement, A triple A for MSCI and a sustainability low risk score, which is a favorable score of 11.6. While we remain proud of these achievements, we continue to recognize that the journey is important. As we look ahead, we remain focused on building on this momentum, advancing our key commitments, and continuing to embed sustainability as the core of our business. I will now turn it back to Kailash to take us through the guidance.

Thank you Vaishali. Turning to guidance on page 24. We reiterate FY27 consolidated adjusted EBITDA guidance of INR 103 to 109 billion. This includes rupees 10 to 12 billion from manufacturing and 1 to 2 billion rupees from asset sales. We continue to expect to construct between 1.6 to 2.4 gigawatt during FY27 and generate cash flow to equity of rupees 18 to 22 billion. For our total committed RE portfolio, which has marginally increased in the current quarter, we expect run rate adjusted EBITDA of Rs. 134 to 140 billion and run rate cash flow to equity of Rs. 32 to 36 billion, assuming normal weather patterns and excluding contribution from our manufacturing business. For a fully constructed RE portfolio of around 20.5 GW, which includes 1.7 GW of BEST. Please note that this includes the one gigawatt of assets sold, which we have signed definitive agreements for, but closing has not yet happened. So once the closing happens, then we will adjust these numbers for that. With that, we will be happy to take any 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 the handset to ask a question. Your first question comes from Justin Clare with Roth Capital Partners. Please go ahead.

Hi, thanks for the time. I wanted to start out just on the Take Private transaction. Wondering if you could give us a sense for the expected timeline from here to completion of the Take Private. and then just what do you see as the key remaining milestones and if you could share which approvals or conditions might present the most meaningful uncertainty in terms of the timing.

Kailash.

Thanks, Justin, for your question. Yeah. Thanks, Justin, for your question. As for the transaction agreement, we would anticipate the scheme becoming effective in Q1 2027. The scheme document will be published as soon as reasonably practicable after we've completed the SEC review process and within 10 business days following the date on which the court grants the order for convening of the court meeting. Scheme documents are typically published four weeks ahead of the court meeting date. And then there are some regulatory approvals which will be sought in parallel with the actions above and that would also take around three to four months. to obtain. So the long-stop date of the transaction is the completion which is 95 days of the publication of the scheme circular or 31st March 2027. We must stress that this is not a guidance as we are not able to give the exact timelines for the regulatory but this is probably the indicative range of what the process from here on is likely to be.

got it okay that's that's helpful um and then maybe just shifting over to the performance in the quarter the solar pplf in uh your fiscal q1 declined i think it was 220 basis points year over year just wondering how much of that decline may have been attributable to just the solar resource uh during the quarter versus any grid curtailment and then if So curtailment was a factor. Is it an issue that might persist into Q2 or any additional quarters here?

So we have just been facing curtailment on the solar side. So that has definitely contributed a reasonable amount to the decline in the PLF. and this is again something that you know the impact that we are seeing but we are also trying to see you know if to advocacy we can get compensated for the you know non-availability of transmission network so that is something that we will pursue and then obviously then weather related there's been some additional impact also that we saw given that you know there were more cloudy These compared to last year and that also contributed. I would say the split between the two would be maybe half and half between containment and weather patterns.

Got it. Okay. And then just one more on the guidance here. So manufacturing contribution was pretty strong in Q1 here. So 5.65 billion INR. compared to the guidance for the full year for manufacturing of 10 to 12 billion. So it implies a meaningful step down in the contribution and the balance of the year on a quarterly basis. Wondering if that's just conservative or are you anticipating, you know, a meaningful step down in the profitability there?

I mean we're not expecting a meaningful step down but margins have been coming down a little bit and you know there were you know extensions also which were granted as far as implementing ALMM on sales was concerned which happened after the completion of quarter one so there is a little bit of uncertainty in the market at this point in time with respect to margins and given that there's additional production capacity also which is coming online so as a combination of these factors we've decided to run the side of caution and not really change the guidance numbers and obviously as we see a stronger performance continuing into next quarter, then we could look to take a re-look at the numbers again when we announce our Q2 results. As far as margins are concerned, so last year Q1 was at 40%, this year it's at 34%, so there has been some contraction which you have seen already in the margins playing out. and then as more supply comes in, that is likely to continue a little bit also. So we will have to see how the trends play out in the backdrop of this ALMM for sales extension till 31st December.

Got it, okay, thank you very much. Thank you.

The next question comes from Puneet Gulati with HSBC, please go ahead.

Thank you so much and congrats on performance. My first question is on your comment on compensation with respect to curtailment. Is there a scope for confusion whether you should get compensated or not? I thought it was a straightforward touchdown versus PG&A, if you can clarify a bit here.

Yeah, I'm happy to say that. Sorry, Kailash, you want to take that? I was only saying Puneet that for trash down curtailment we get compensated as you know for any other TAG&A curtailment there is no specific mechanism to get compensated having said that we are having discussions with MOP right now about whether something can be made to work Those discussions are ongoing, so they haven't come to any form of conclusion right now. So one can't say what form, if any, that compensation will take. We're certainly trying because this attainment is happening to no fault of ours, and that's the point that we've made and it's acknowledged by the government as well. But we'll have to wait and see where those discussions end up at. I don't think there will be a full compensation, but we're trying to see how much we can get. No, there is no confusion. The charge down part is also a much smaller number. It's a much smaller number compared to the TG&A curtailment that is happening.

Secondly, what are your thoughts on the best side? How much is installed capacity today? And is there a plan to build something on the merchant side?

We have maybe a couple of hundred megawatt hours right now that are commissioned. you know building long-term merchant best is a little bit difficult because you don't know how things are going to evolve in the market over a five to seven year time period which is the minimum required to figure out what the return should be but what we are going to be doing is that in some of the projects that we are doing to the extent that we require you know those projects are getting commissioned let's say two years or three years from now some of those best projects will commission earlier Run them as merchant plans for a shorter period of time because we know that in the near term, perhaps in the next one to two years, there is likely to be a reasonable arbitrage between daytime and evening prices. And so we'll hope to trade that value over a one to two year period and then look to drop those best projects into existing PPAs that we have. As those get commissioned, then we move these best projects into those.

Is there a target for this commissioning for fiscal 27 or 28?

We haven't specified a target. This year it's little looking unlikely because obviously this year you know we haven't we are not at a point where we'd be able to commission anything for this year but certainly for by next year we are hoping to commission some amount but you know once those plans get finalized we'll let you guys know.

Lastly, if I may, on your recent sale of 1000M assets to Purva, can you talk about what sort of EBITDA multiple you managed to get from that?

So, Puneet, on that, once the closing happens, we will agree with the buyer what we would like to jointly make and then speak about it. right now we are under NDA understood and just one more there was also a chatter about you trying to sell hydro plant is that something one should think about as a potential saleable asset as well so again as part of our asset recycling you know we do evaluate sales of you know various assets so you know it could be part of you know such discussions that you may have heard about earlier

Okay, that's all from my side. Thank you so much and all the best.

Thank you.

Thank you. Once again, if you wish to ask a question, please press star 1 on your telephone and wait for your name to be announced. there are no further questions at this time that does conclude our conference for today thank you for participating and you may now disconnect