1. Purvah Green Power 3.2 GW renewable build-out - Phase 1 targets 3,200 MW by FY29, with 300 MW already operational, 2,400 MW under implementation, and 2,000 MW of PPAs signed across SECI, Railways, NPCL, and CESC Kolkata. At an estimated pipeline capex of \~₹16,500 Cr generating \~₹2,300 Cr in annualised revenue, this build-out adds a third leg to earnings at a scale comparable to the existing thermal and distribution businesses.
2. Chandigarh distribution turnaround - Acquired effective February 2025, CPDL has already swung to a PAT of ₹25 Cr in FY26, with T&D loss cut to 8.3% from 9.8% and revenue crossing ₹1,000 Cr. A planned ₹1,000 Cr capex over five years on a regulated-return base with assured post-tax equity returns creates a visible, low-risk earnings stream from a 2.4-lakh-customer franchise.
3. Rajasthan distribution franchisee margin expansion - Consolidated T&D loss across Kota, Bharatpur, and Bikaner fell to 11.4% in FY26 from 12.9%, lifting EBITDA to ₹118 Cr. Every percentage point of loss reduction on a sales base of \~2,400 MU directly drops to the bottom line, and the trajectory from 12.9% toward single digits is still underway.
4. NPCL demand growth and regulatory tailwind - NPCL delivered 8% volume growth and 32% PAT growth in FY26, with T&D loss improving to 6.9%. New market-aligned MYT Regulations, 2025 notified by UPERC are expected to be favourable, enabling further capex to capture strong load growth in Greater Noida.
5. Kolkata distribution FPPAS recovery - An 8.2% fuel and power purchase adjustment surcharge hike took effect in FY26, reducing annual under-recoveries in the core licensed area. With T&D loss already at an all-time low of 6.11%, the improved cost pass-through directly strengthens cash flow from the 11,990 MU franchise.
6. 3 GW solar cell and module manufacturing - A Letter of Comfort from the UP Government has been secured for 100 acres in Greater Noida to set up a TOPCon+ cell and module plant, with commissioning targeted for 2027. Captive offtake from Purvah’s own 3.2 GW renewable pipeline provides a built-in demand base, reducing market risk on the manufacturing investment.
7. Thermal medium-term PPAs at higher utilisation - DIL signed three medium-term PPAs aggregating 225 MW with Adani Electricity Mumbai, Tata Power Mumbai, and NPCL post-FY25 close. These contracts, combined with Haldia’s 94.9% PLF in FY26, lock in higher offtake and revenue for the 2,140 MW thermal fleet beyond the captive Kolkata load.
8. Malegaon distribution loss reduction - T&D loss fell to 36.3% in FY26 from 39.7% in FY25 on sales of 922 MU. The starting base of near-40% losses means even modest further improvement releases significant units for billing, with a clear line of sight to the sub-12% levels already achieved in the Rajasthan franchises.