‘Our equity returns have improved due to lower module costs’

On the higher band, the valuation is about ₹12,800 crore. How do you defend that quantity in a cooling market?

If you happen to step again and have a look at our journey, we have raised roughly ₹4,000 crore of cumulative equity over 15 years, together with pre-IPO rounds. At ₹12,800 crore post-money, that represents about thrice worth creation. That is long-term compounding, not a short-cycle build-up. We consider the valuation displays our 6-GW platform, long-duration contracted property and bettering undertaking returns.

You’re promoting shares price about ₹382 crore. Is that partial monetisation?

No. I had taken a private mortgage earlier to purchase again shares. The proceeds from this sale will go in the direction of repaying that mortgage. It’s balance-sheet housekeeping, not cashing out.

How insulated is your enterprise mannequin from sector volatility?

We function solely within the industrial and industrial renewable phase. Our weighted common PPA tenure is about 23 years. The vast majority of corporates favor long-term contracts as a result of renewable technology is capital-intensive and non-core for them. That offers us sturdy income visibility and predictable money flows.

What does your present working platform seem like and the way have the financials developed?

We’re a 6-GW platform. Of this, about 2.8 GW was operational as of September-end, and three.2 GW is contracted and beneath execution over the following 24 months. We reported ₹1,000 crore in EBITDA final fiscal and ₹635 crore within the first half of the present fiscal. Over the previous three years, our EBITDA CAGR has been about 58 per cent.

With tariffs on a downward pattern, do you see returns compressing?

Traditionally, our weighted common dispatch tariff was round ₹4.3 per unit. For tasks beneath building, it’s about ₹3.61 per unit. Whereas buyer tariffs have come down, our equity returns have improved due to lower module prices, higher wind turbine efficiencies and improved capital structuring. Equity payback for tasks commissioned prior to now three years is round 2.5 years, in contrast with a historic common of three.4 years.

The place do you see progress coming from?

Corporates account for almost half of India’s electrical energy consumption, however solely about 7 per cent of that demand is at the moment met by bilateral renewable preparations. That leaves a really massive headroom. Information centres and AI-driven infrastructure are additionally rising as sturdy demand drivers. We consider the structural alternative stays intact regardless of near-term valuation resets.