• Power demand outlook: Full-year power demand is projected to grow between 6% and 7%, supported by peak requirements of 260 to 270 GW after demand surged 11% in May and 9.8% in June.
• Mundra SPPA progress: Supplemental power purchase agreements with the remaining four states are expected to conclude by September, enabling a cost pass-through structure that will allow the Mundra plant to operate at break-even.
• Solar manufacturing strategy: The company expects to sustain 25% margins in solar and will add a 10 GW wafer and ingot facility in two stages by January 2028, while keeping cell and module capacity unchanged at 4.3 GW due to domestic overcapacity.
• Capital expenditure targets: After a record first-quarter spend of ₹5,300 crore, full-year capex remains on track to hit ₹25,000 crore, fitting into a broader ₹1 lakh crore five-year investment plan.
• Nuclear power plans: Early-stage discussions are underway with NPCIL and the Department of Atomic Energy to evaluate 220 MW and 700 MW units, with land acquisition started across three sites and any nuclear capex planned over and above the ₹1 lakh crore target.