• Capacity addition target: The company is on track to meet its 3 GW capacity addition guidance for the current fiscal, having already commissioned approximately 1.1 GW following a 225 MW addition in July. Management expects to surpass the previous full year's inorganic addition of 1.3 GW within the first half alone.
• Capex and deleveraging: Current-year Capex is guided at ₹20,000 crore, funded via strong internal cash generation without immediate need for external equity fundraising. Net debt has decreased to slightly above ₹61,000 crore, maintaining a net debt-to-EBITDA ratio of 4.95x with a long-term target of 2.5x or below by FY30.
• Merchant capacity exposure: Total merchant capacity exposure has declined to under 4% following long-term and medium-term power purchase agreements for the Utkal plant with Karnataka and Assam.
• Mahanadi and wind: Annual EBITDA at the acquired Mahanadi plant is projected to reach approximately ₹3,000 crore due to fuel optimization and operating efficiencies. In the wind business, the Halol blade manufacturing plant has commenced operations, with a larger facility in Chitradurga scheduled for commissioning in Q3.