Torrent Power Ltd

The transcript in the provided pages does not mention any current or planned fundraising through debt or equity by Torrent Power Limited. Specifically: - There is no discussion or announcement related to new debt or equity fundraising during the Q1 FY '26 earnings call. - The management addresses capex plans and project developments but does not mention raising capital through debt or equity. - References to financial performance and capital expenditure focus on internal resources, QIP proceeds (mentioned only in passing for past context), and operational cash flows. - No plans for new fundraising initiatives are disclosed in the Q&A or management commentary. Hence, based on the transcript provided, there is no indication of current or upcoming fundraising via debt or equity.

- Q1 FY26 renewable capex stood at INR 350 crores; overall company capex in Q1 was INR 850 crores. - Renewable capex expected to ramp up significantly in H2 FY26 compared to H1. - Plans to commission 500 to 700 MW renewable capacity progressively during the remaining year. - Pipeline includes 3.1 GW of renewable projects and 3 GW of pumped storage projects under development. - Total pumped storage plant (PSP) capacity under development is 3 GW, with 2 GW tied-up under MSEDCL and 1 GW planned on a merchant basis at the same location. - Continuous strategic interest in thermal coal assets through development or acquisition, including participation in IBC (Insolvency and Bankruptcy Code) process. - Actively working on transmission projects at Khavda and Solapur. - Interested in participating in UP DISCOM privatization once government finalizes RFP.

- FY '26 revenue expected around INR 7,000 to 8,000 crores, slightly higher in FY '27 (Page 4). - Renewable capacity pipeline includes 3.1 GW renewable projects and 3 GW pumped storage, indicating growth in green energy segment (Page 3). - Capex in renewables planned to ramp up in H2 FY '26 after INR 350 crores spent in Q1; expected addition of 500 to 700 MW capacity progressively (Page 6). - Continuous acquisition strategy in thermal and renewable assets to support growth (Page 7). - Merchant market sales volumes are volatile, no precise volume guidance given; LNG and merchant sales impact revenue unpredictably (Page 7). - Interest in participating in new privatization tenders (e.g., UP DISCOM) anticipated to open new revenue streams (Page 7).

- Torrent Power’s reported PBT for Q1 FY'26 was INR 985 crores, down 25% YoY, primarily due to lower merchant gains. - Adjusted PBT declined by 14% to INR 1,044 crores compared to last year. - The company expects improvement in Q2 and Q3, driven by full utilization of the NVVN tender minimum guaranteed offtake (2.3 billion units). - Renewable energy capacity is set to grow; capex in Q1 was INR 350 crores for renewables, with planned ramp-up in H2 FY'26 to add 500-700 MW. - Pipeline includes 3.1 GW renewable projects and 3 GW pumped storage projects supporting future growth. - The company continues acquisitions in both renewable and coal-based thermal assets. - Distribution business shows improvement in operational parameters aiding stable earnings. - Merchant market earnings are unpredictable due to volatile LNG prices and demand. - Overall, growth in earnings and profits is expected from expanded renewable capacity and improved contract utilization.

- Torrent Power has a robust pipeline of projects as of Q1 FY '26. - Secured contract under SECI-XVIII tender for 300 MW merchant capacity at INR 3.97/unit. - Aggregate installed generation capacity is 4.9 GW (2.7 GW gas, 1.8 GW renewable, 362 MW coal). - Pipeline projects include: - 3.1 GW renewable projects - 3 GW pumped storage projects (PSP) - 2 transmission projects at Khavda and Solapur - PSP capacity under development totals 3 GW (2 GW tied up with MSEDCL, 1 GW planned on merchant basis). - Interested in potential DISCOM privatization in Uttar Pradesh; government finalizing RFP. - Actively participating in acquisitions in renewables and thermal coal assets. This represents Torrent Power's current and expected orderbook/pipeline.