• EBITDA growth drivers: Recent growth has been driven by the KSK Mahanadi acquisition and new renewable capacity, while future growth will be supported by the Utkal plant securing PPAs for 400 MW with Karnataka and 115 MW with Assam.
• EBITDA margin sustainability: Management expects to maintain EBITDA margins around the current 50% level, aided by higher plant load factors at Utkal and expanded renewable capacity with lower operating and maintenance costs.
• Battery storage ramp-up: The newly commissioned 5 GWh battery assembly facility is gradually ramping up to fulfill captive needs and external orders, with financial metrics and margin visibility expected in about a quarter.
• Green hydrogen operations: The green hydrogen plant is operating continuously at 100% capacity, providing a commercial live feed directly to JSW Steel for steelmaking operations.