ReNew Energy Global (RNW) 20 Nov 242025 Q2 Earnings call transcript

Thank you for standing by, and welcome to the ReNew Q2 2025 earnings report. [Operator Instructions] I would now like to hand the conference over to Nathan Judge. Please go ahead.

Thank you. Good morning, everyone, and thank you for joining us. release a ended announcing night, Investor September copy the out XXXX for and Relations send presentation of quarter earnings website second XX, press section did on press in at results release fiscal a are ReNew's We available the www.renew.com. the and XXXX, last

our today Sinha, Co-Founder Vaishali are Founder, With and Sinha, me Chairman and Chairperson, Sustainability. CFO; our Sumant CEO; Kailash Vaswani, and

materially the which remarks, contained hour, we expect for about our take available note, website. an implied by open those forward-looking our release, and integral are expressed within presentation are statements. important and prepared such will we materials risks half safe will and to differ all the call uncertainties press that on statements our from Please statements questions. remarks. cause materials After harbor There our These or our could are to results

the Form complete our we you So release furnished press encourage description. for our in website to we on presentation a review X-K, more

contained most press report, measures our to website available the are our reconcile materials materials that presentation and we our certain the and annual on press annual Also IFRS reconciliations are report. non-IFRS measures, in these also release, and release, comparable presentation in

you, to to It's Sumant. XXX in TIME's most Sumant, now list my hand Over who pleasure of climate business influential to over recently action. featured leaders while

glad to of you, morning, or all Good afternoon. everyone. have Nathan. Thank I'm on evening Yes. call. our Good you earnings good

for we soaring more or is of floods to let in see climate India, in sources in clean underlining fires weather that indicate we to changes our sustainable globally, see From events the Before extreme forest U.S., experiencing, currently we need Northern we Europe, urgent change [indiscernible] get me that the take energy. real. business, are levels of that note flash into the to which continue deliver

most of the to the the populous energy by and ReNew, sources fight gap. to this challenge a supply enormous growing mix of course, energy fill planet, is with demand doing India, changing demand country alternative its bid no on

that, inform and said expanding we current our updates to growth turn to megawatts along fiscal the for our glad that to am year, are the our contracted Having now business. on deliver let accretive I track me investors from pipeline. with

continue towards our efficiency costs strive We to reducing and in building operations.

all energy megawatts India in our the of renewable first fiscal Among the X we have peers, year. most commissioned this months in

been profitability business have and at no this affected While factors in Indian to has as macro that or fiscal actually is, linked more than or by factors, to our of or little growth our all share economy, own the grow year. fact, our expected on price these are business movement U.S. X% bearing operations

Turning the quarter. to highlights for

on guidance We year, are have to fiscal track megawatts of and this in to megawatts. XXX meet our installed date commissioned

In the are which XXX XXX to megawatts commissioned XXX in quarter. that installed, third commissioned to addition the another currently be largely megawatts so should far, are there

last approximately year operating we net total of in that Our fiscal assets grew sold by XX%. the capacity

XX% complex of about September have approximately of That gigawatts. current and have the signed for capacity megawatts energy the higher are that XXX in after last for extending portfolio XX% would October adjusting sold current absolute year, 'XX X.X XX.X by the to megawatts battery able part Including of does fiscal in an total we grew this hours in capacity that our of our gigawatts portfolio year. from storage renewable in been we to capacity Our include XXX-megawatt not XX.X projects. PPAs save terms year, even gigawatts thereby XXX been

is XX.X our to of that, that. storage including another XXX capacity, current again, gigawatts which to just battery of megawatts addition capacity, So portfolio say is contracted to in

We a performance. quarter, financial our our driven optimization. growth Turning EBITDA XX% in by to adjusted cost this reported

lower and costs, XX% of addition, on primarily a this account after we increase finance had finance in profit and lower in in Kailash section. detail tax, G&A the In will cover

module am solar cell now delighted as are facilities that manufacturing trial recently, of our operational. announce I fully to started production well. X.X-gigawatt facility Our cells has

it year and take our the the expected will full will rest for cell we operating and be While module expect stabilized entire is next stabilize year. of to fiscal operations, fully facilities sell fiscal the to that be

megawatts, order market. book In the that addition, sold have now capacity secured we XXX surplus our ensuring of external in an over is

able Additionally, we been quality are Tier that to listed also as we the a X have underlining create. supplier, Bloomberg

Turning X. Page to

to of committed shareholder are We course. value, creating

competitive we years, by fastest the cheapest growing raising Over capital the of the advantage have through globally sustainable one built source. in a markets

have We and of returns above discipline up are cost where capital taking projects the responsibly, grown significantly demonstrating capital.

we created own manufacturing, our and with and this, only have Not platform digitization with also analytics. in-house bundled a O&M EPC data

IPPs to energy have renewable year. of We solutions a X very over the are in of the assets leaders commissioned Indian and complex single few gigawatts one in

Turning to X. Page

We continue this X.X we terms our commissioned 'XX, gigawatts portfolio of the period of last in the to leaders have megawatts of about since or commissioned one FY as in QX XX be of months. of XX%

in have last operating megawatts XX% Our asset for after sales around XX by that did adjusted the increased we months.

on commissioning, the track target megawatts have done that of hit year. we for around to our megawatt we year-to-date, are Fiscal ensuring XXX

to solar we are also addition, that of process connected about getting installed the XXX in have megawatts currently the projects are grid. of and In

quarter. and projects should RTC quarter Phase getting the be that start also peak this the expect We X later fully also will commissioned win so will power commissioned this

is supply have faced that approvals for peers have but interconnection strategy ensured secured That our only bid chain our wins, our just the issues, current also beyond for bid While not that. market connectivity contracted not we our has capacity. and wins, the in for

ensured shortage sites. and Our out, wind materials no are is supply that bottlenecks chain for teams or in-house have EPC there of sorted solar

a at pace. continue continue evolve Additionally, as the we to rapid to capital discipline demonstrate markets auction

this our targeting met levered but capital, stated year, on returns so don't returns As we market above to where XX% of won the around fiscal of have of additional target And returns we our expected have far share, earlier, delivering thresholds. XX%. cost gigawatts capacity are X.X focused

there note our bid beyond until over letters while X won't into still that wins Do be with gigawatts included current award PPA is our of that the are portfolio of portfolio, signed.

are pacing infrastructure We our principally around availability. interconnection construction

Turning XX. to Page

imports or manufacturing our own solar chain commissioning to XX turn our manufacturing modules able meant barrier to we using me to Let modules. solar build the was own move India. This to updates of moving as that facilities. we to from facilities. do so into Getting secure have our our a results was that been the restrict into supply strategic visible last months in needed are The India in

happy to that While are also the in our started ramped up, fully module Gujarat plant X production. trial announce has I'm cell plants

as Our supplier PVEL XXXX. plants in are as top X Tier now performer list well featured a module the Bloomberg

stands now over book and is order EBITDA. likely contribute external and Our at megawatts to grow consolidated XXX to

provide We the will with year. be along results, more to numbers, 'XX our next 'XX granularity projected on FY FY able

by In securing manufacturing addition to to partners also capital looking business. supply, derisk finding we the for are our

hand to to you. the to now over updates. it Kailash about me talk Kailash, more Let over financial

Thanks, Sumant.

to turning Now Slide XX.

have over last adjusting year. I'm for megawatt capacity sold to but in profit in and we a deliver profitability. XX% XXX only during of projects, year, increase also in XX% gigawatt after Since the megawatts time X.X after tax continue Not to consistent nearly We constructed the increase this, last happy same growth operating year-on-year. have

possible our operations. been focus has and This building through a cost on control continued efficiency in

And the increase contracted to expand gigawatts. with our also have in contracted our stands we that sales XX% the now pipeline We year. at portfolio, during a portfolio for asset continue adjusted XX.X made

higher has deliver that over There's have XX-day outstanding, which been and the sales QX to able sequential but revenue earned QX be seasonality, due during to primarily largely reduction There debtor been the reflects past year-on-year X QX. an the been earned a uptick, follows trend the that we in in years. to

We in following expect quarters. lower DSOs the X

our in generating cash forced X, are also on Slide On profitability, to projects. addition from we

Cash It's billion INR to X.X a increasing on our XX% XX.X cash in basis, quarter. XX.X profit, activities been for INR billion quarter. X.X measure non-GAAP -- operating almost Our a this the a to XX% showcase by has increase from almost to increased to year-on-year. billion cash billion P&L

manufacturing XX. at Xx, that Turning a and from continues our trailing basis, XX-month asset was to JV threshold businesses. form instruments be excluding have contribution under-construction operating debt-to-EBITDA Slide a and below level the leverage ourselves. X.Xx, the partners On transmission of to around convertible our Net for leverage we combustion that in portfolio, set

to down grow to our the should projects our proportion continue ratios to addition our come approach and be will we towards portfolio, construction disciplined in of deployment. under in As improve efforts capital the

XX. Page to Turning

are we XX-XX X.Xx a growth project to [indiscernible] to The And project. derive had us ratio are have interest project from slide we in depreciation remain typically, tax by equity. questions And build We shield on assets ends up this the around which debt of given is debt the hence, to initial levels X providing discussion the shows cost other at the What expected we've years up returns financials, X.Xx projects funded EBITDA to how that. our that and our with the businesses, about EBITDA. done. and

creating EV the no assume to demonstrated additional to and value several we the of Xx for assets we've cost been raising us recycling, cheapest in equity equity projects, value the for while we transactions, whereas or generally buildup our which Xx asset growth, for book, sell While remains to currently pipeline. the X.Xx creation grow bidding have low-cost able source and between

to over it hand for ESG. now me comments on Let Vaishali

Thank you, Kailash.

XX. Page to Turning

quarter our performance the of to updates achieving significant the our the targets, report, first year present pleased we're towards and strong in annual the of successful making strides quarter integrated second With fiscal sustainability for the release 'XX. inaugural

the the year like showcasing and ReNew the net-zero a carbon achieved X. focused is enhancing in reduction Scopes consecutive Renew X way to its XX% I'd ESG targets. meet is few. ratings. neutrality highlight to fourth and for on leading committed We've to and

As policies, Board part all of which engagement of this and website. strengthened available effort, privacy stakeholder key data developed including the our policies, and on are diversely, we've

business. been integral Social responsibility has to our

XXXX. journey have CSR million lives India, since And in XXX-plus XX then, states. X.X the villages in across impacted spanning we of over people began Our over

climate to over for resilience Turning fiscal focused climate. on year QX some efforts farmers. like to program of I empowerment [indiscernible] building XX. socioeconomic have Women 'XX. to This XXX a where is our trained now women we Page switch for would

programs. Employee-driven

growth. led our sustainable, equitable We have programs ensuring and employees, by responsible

which hunger-free over pocket Our a advanced has volunteering campings been for sustained is of rice. cover needy ReNew recognized and its contributing to distributed donating challenge, sustainability. towards India, we've kilos where rice rice efforts on XXX,XXX

fiscal Energy's flagship Renewable recognitions and ReNew of as Turning Switching year Page its New 'XX. At to some categories. a event, XX. across to position marquee for scale market the leader RE-INVEST, different Ministry QX solidified

the by safety. world We in list. XXth hydropower earned the was award the position [indiscernible] changed Fortune's news plant innovators Water on prestigious the The energy were in placed for renowned

Turning phase which valuations, leadership this in progress capacity on so Advancing ESG 'XX. set FY brand. building to the securing recognition QX AA-rating this a our to we efforts, sustainable supplier our targets sector. supply and We Page of on XX, with MSCI, update to begin chain for maintained second position assessment the focused initiatives showcasing critical quarter, are our in

We have responses submission CDP MSCI quarter. our the with for to also submitted for planned and and XXXX next Refinitiv CSA,

are and on we our So on journey sustainability track.

HSBC. for electrification across identified in Maharashtra Rajasthan collaboration also have with XX schools and We

Additionally, Ultra program. XX entrepreneurs the X in Accelerator digital Green received Tech labs support and through were established

guidance. Let over for now Sumant it me Thank you. hand back to

our to our Yes. adjusted in some we win of Thank spite execution Coming and guidance. Vaishali. and are EBITDA you, guidance, challenges megawatts reaffirming

numbers We Do are weather updated numbers lower patterns. to QX contracted due seasonally, our than normally portfolio that note XX.X gigawatts. have our updated guidance QX also for the of

will to that, to With [indiscernible], we be questions. any over take happy you.

[Operator Justin ROTH first question Clare Your from comes Capital Partners. with Instructions]

first, to the wanted So RTC about I project. ask

half still second So it looks 'XXXX But XXXX. fiscal it -- of for the readiness. like it's it's completion transmission like looks planned to in subject the

if So ready there's you the for or in you bit potential be think just if provide on detail I time delay? was could will more a whether transmission wondering a little

case a market merchant you the RTC is might the selling you And in project, with also this end PPA? up wondering up selling this think where if you under end before

X take should Yes, that? I

Yes, go on, please go ahead.

Okay. Yes, Justin.

be don't no, is ready we there's half to will expect So year. account this the interconnect. I of have that part as project RTC on transmission far of as transmission the second of And the think any concerned, the in delay yes, the

track, on see much pretty is that of all think don't I that matters. I so delaying

to it's the market customers. the extent part that that first we the to than higher meant the PPA deliver in ahead market. when the end some to And have was certain merchant that of to megawatts parts sell into can have And able able are XXX the the that capacity take final megawatts the we the sell extent, captured, capacities we commissioning, the But project -- commission way market. to merchant XXX to only are of we part that the would on capacity of we of it

be to where far. to will some merchant by what peak is the the in we amounts, are sell into which on way, dissimilar being the but there commissioned is, market, whatever So project small the fact, able market, sales is, merchant so in happening

different So capacity. just for outcomes drop commission had it differently and party therefore

Okay.

just manufacturing new cell Or for plan, capacity do manufacturing makes gigawatts of on X.X That imports, you wondering at if you could here? wondering sufficient? your the that And your sense. And your then proposed intention the does affect restriction think comment could your Okay. thinking to then also be that? cell just will capacity expanding on you cell with

Yes.

of starting for is government an quite the So April actively in imposing XXXX. thinking AMM sales,

So months XX still to there's left about happen. that for

near So government is this that advanced a in to the is future. the giving is something notice that likely come significant

that. time gives meets our to on the response a point fact, in response a us would at least for most that us sensible -- it where so the be, for expand least to And And to plan capacity very internal requirements. at cell to

for But at consider the we would, us actively So haven't that final thing doing. are that's fact, that on decision to point, something but be a we taken that sensible in considering this yet. yes,

Your comes Maheep next with question Mandloi Mizuho. from

you if impressive can as maybe about think EBITDA tag to I cost And think maybe how touch and if cost like that just more what job you an Could increase on upon optimization. than the that I optimizations? megawatts medium-term that, that the the the CFE XXX is increase drove higher build-outs, to have the I ratio. but only or on look of guidance, at much I think

like looks as you term cuts So or well. medium it expect in the cost optimizations more

So are that? could you touch those? What upon for just drivers the

to want you do Kailash, take Yes, that?

Sumant. sure, Yes,

lot being concerned. Mani, basically been and have that been underperformance So doing program within given we of on company have been a far the been a wind what of the seeing running that there that is lot discretionary optimization are costs, canceled, we is we've as has as spend

earlier some contract with O&M Also, our managed OEMs, renegotiate some win to lot projects. have we of the a on of or our

of existing helped So we and projects back us also the had kept also going-forward reduce cost to on a enabled basis on that's the results. write form us that some equalization provisions in

these that we some continue will into So expect of benefits the future.

And is get and without all here costs we significant leverage on from get. additional as the and can obviously idea manpower now the whatever far as any to operating portfolio grow benefits concerned, the is of incurring

do Or find to that think megawatt, you And and recent you. clarify line the PPA medium-term adding Because maybe got trying that, which that just is you, find PPA how price? with was win online. or details Got I PPAs? your in to couldn't any the less then also XXX on more is about

Yes.

won So X.X X, these projects within all have the years. been last

thresholds So been the we've as returns are our within discussing.

separately, then and just And it. looking projects. the hybrid at Got FDR

I think on over in the had wind some you solar the those changes and wins possible mix there.

-- and talked Or think which any you what's that we IRRs clarify solar, I know increate but just Just when how more for could other on know about IRRs? that? should And driving should the you of would think you how that? like decent, was transmission example, doing impact kind about we here? the driving So about that? reason

Yes.

If can. you I take me to want that,

obviously and have on. also sharply prices happening and mean a some time some won that wind than so have batteries is of know, that variability what's costs equipment likely the of is as is we which bids, quite and you therefore, that And do reconfigure speeds paleo a and our plants. In variability more is of these down have wind, so to from something will to the allowing cost more less batteries. is that, on these solar in come Maheep, us So solar of moved the them be because, that basically, way had what we've have lot there to less and

with quite net happy associated of them. relative wind And with of in and amount amount all of So some projects. -- to decrease are the minds IRRs result less of these we doing improving therefore the our in the of the that this reconfiguration hopefully, are actually is this variability by

a the for our of done years. have we what projects in we recently of RTC that's couple that won and have lot last So FDR

side? be flexibility point, level And more it. still so XX%, on PPA that. to little more XX% Got But the than a your that there's in you

More that. on

these XX costs the of last And think XX -- in bids all are over months. them the last time -- down this have X come equipment And I as in period have to time won been all lot have the that of coming back. a said, I in period. frankly, we months months

these the won even IRRs to So already doing IRRs we're at increase were more. they when able bids, by we attractive actually configuration,

I at the So they're end higher of levels. all our think threshold

trade of you Got quarter that shows, is module and you just I international? much some to guys it. that last in international? one you just me, know cell XXX X I'll And for have have over then just Or do that all but order, from is maybe it I How international others. modules. last and On seen curious, think XXX-megawatt like conferences, India? hand

is Maneep, point, this this India. all At

from comes next Your Nikhil question Bernstein. Nigania with

is PPAs. question first the My regarding

activity we early in saw signing the see given wanted fiscal slowdown wins as quantum good ReNew saw India year seeing last are tariffs that and this but or the well? happened to big tendering I'm understand, happening, to PPAs, in by So slowdown and I in the a we

on there seen slowdown we haven't So government sort within of more a bidding process. yet the have Nikhil, corridors. that been discussions although rate

and in so continues a that the signed have happened. this all that that, is at of guess we the auctions point, happening. to everybody been And that know, something amount And is gigawatts that PPAs as gap, bid future. there's conversion may off see key of happening is there But you the is not have PPA I issue capacities. is what XX all the that out about

XX I example, right And we of Got option for are tariffs man. cars legacy any we have, we where seeing legacy the also PPAs point are related was exit say which wind, built? now. Is there see it, to that some quite below contracts those for have not some

Yes.

getting So lot have of lot in the a with actually, of not is a -- PPA have X that our contention complexity fair process contracts time. a in bills after a them. finally might cases, these of has it's a got to happened are or signed years the for us of prior And long number the that signed. accountable to very because PPAs associated when year hold

the -- penalty bidding under have. amount the whether, of you And and that leviable. be lot have, a BG ways, all agencies we with do say, that, those that a right or be bidding there But authority a discussion a our PP So amount see of the downside of agencies course, should there the then, at is be some bounds is in that in would that would it no, is no, with course, to not. and those don't are case now in that proceeded should fact, we regulatory downside

So where are. that's we really

totally time signed have of our by things course, of the projects able were changed. got -- some be is demonstrate first But were these that to attempt they to

Understood.

plant question regarding have last timely the cell very commissioning and questions set plant. module and business. Again, of of now third the the I is modem The the

give compare will to manufacturing in-house for benefit indicated without, of it our where be place Given to internally used you sense where understand, if -- plant it? to I renew most CapEx megawatt do us solar a the per from gets wanted so it is of what had which with versus would things you

gigawatt X.X a this it's -- assume module top entire we not cell X.X-gigawatt on. Moloacan And Camacari

-- me try Topco. are converted were questions The but so the happened. module them. initially up Yes. to to many Mono-PERC so The already of there, set as let unpack lines Most entirely being -- conversion are has

X [indiscernible] X got already -- have X of takes lines those from for It lines line, or The is relatively of altogether, think We from conversion straightforward. module a weeks. I converted. couple

happening. all is that So

at that The operate those mono-per on clients, lines are to and they We them requirement consider top, may are to mono-per. and the depending the But point, so this and continue will converting cell cost way. on.

that that it some you margin which sales? making what The are look getting. in guess the flip -- the to a The that what ways, are cell is we're is, that manufacturing is the is I advantage prices, that estimate getting. side or question or the giving is to that at an asked, us in we the business for third-party point what benefit we

And that to how margins in it's but know high. But now business all actually course, sizable a honest today, right we are matter. with be different and are -- quite long because they you is they of high solar stay, reasonably manufacturing the

pay buying And been least there I market, own we have you that capacity, that to to so say our would pay. $X.XXX to allows the at to us had $X.XX manufacturing extra But differential have not would a cost. had having therefore, be would from

benefit manufacturing. is the we're that that think having I So getting in-house from

X internally, sales. of course, between for have course, it consolidated we businesses. the internal arms pricing of But all gets out Now length

Just add go not all to that to going also solanifacting in-house. our is of

of in-house, XX% be balance XX% to sold expect externally. the modules We to will the about and get delivered

sales. that the we to extent third-party that solar extent, on business so in manufacturing will to our benefit high, get And prices stay

us. was, ways, Now the start-up year this giving on some guidance we're that, not because a year in for

guidance sense for on year. a get our guidance once closer we'll business better levels, and pricing so of as manufacturing point, and point any at we separately. year, that book the And get likely give we for for -- then to this next order solar give didn't will and we that So we

Funds. with question Mutual SBI next Aniket comes Your from Mittal

questions. few A

PLF to quarter down PNS. are just points the to the wind clarity XX.X%. average Again, basis about get XXX the some Firstly, for on

elaborate could you levels? from If just away PXX for be this how would that? reasons And the to far

Yes.

assuming Aniket, of So forecasting wind is PXX, what make. and right, is that assessment an course, the we therefore,

somebody assessment higher be be depending on doing could go they else's it. lower And about how could or

been relatively tending to conservative on these are X, forecasts We years us obviously, last kind X not now. the to over because be has wind

So it's something that make impacted on shaped in has, or ways, to [indiscernible] assumptions for going some what view this forward. our

But you to just give to answer an question. that

points us Specifically, below PXX XXX at X, have away [indiscernible] X what would points from the was level, be is below get this and percentage year the that PXX. Last we assumed the PXX basis just just between probably PXX And PXX. we XX.X% would was year, assumed. have that the to would points many at the to

So far. likely year's that so this be been from would the performance

course, of be and we Now that have as left, And another still X, what is well. happens. there to changes months see X there could in

Got That's helpful. really Okay. that.

got close large think in gigawatt C&I specifically the was I fairly a question you've portfolio, other to on construction. The

on granularity bit the And a If execution time that currently any C&I are challenges you me front? could facing give just are here? more over there the on lines

that in business are get So There no that number, year, are again, would likely and done I'm next of the C&I get half the balance giving probably X.X ballpark facing you and this to per a se. commissioned is we challenges year.

is think going business. in very that I everything smoothly

a level. have in typically above are back at megawatts -- or are perhaps projects type small we And are states and XXX are us. where focusing their actually on the larger really capacity. a development coming actually We're lot there's people demand too that our lot of side, We we because of to may turning in the from people not offtakers, market.

is should XX% coming segments from total every sense market. And to our segment. the those And looking a to we are capacity large think at interest are seems year the all able of easily from U.S. companies, that the appetite up right tech of in of these now. there areas of be be we And get that the I lot C&I our to and

but Lastly, CWIP. some finance would quarter. I basis, sheet stable. the on But If just of costs balance this at fairly interest a almost costs look the been up for we on the within good debt control I cost. still, be understand have our the is XX%, on gross finance still put a Y-o-Y

just could you that highlight If is why happening?

Yes.

what's movements that impact. had open rate. since as mark-to-market cost firm then concerned, is dollar we hedges finance because exchange no those where on So done the we And happening is rupee there what we earlier were far mark-to-market as have of all we've hit that by into exposure put is

So far as cost our concerned. that lot contributing is a is stabilization as finance

on made concerned, of some as also Secondly, XXX matured refinancing had done that as basis. was [indiscernible]. numbers an we bonds that announcements also had we've had finance reported refinanced basis sailing cost We some when all we that as we far which reflected the and point is being now in

Okay.

Okay.

expenses? may highlighted that sitting expenses squeeze What's you quantify with there's write-back earlier on that's Could I the provisions. it. Just done you've other on the write-back question, you one part, questions if In some other that number? last certain in

to of we managed earlier, O&M because were to cost, was our because we So O&M certain that had a able we at reduce built cost, reverse level which O&M equalization reserve provision.

range around INR was of in that So XX somewhere crores. the

with next Your from HSBC. question comes Puneet Gulati

of is more question PLF first rate given the poor few on Or My normalized of still it your EBITDA with presentation variability in back, is in basis? respect quarters factors reevaluating the And a Does in EBITDA your about wind. a now guidance gigawatt run you [indiscernible]? you've XX.X line talked XX.X that gigawatt. to numbers for

for performance by parent factored the in. being Yes, adjustment in because have, been the year's we seeing doesn't longer sure. we has been taken some trends, has performance, which affected we reverse have relate example, yes, So But there initial to Spanish, likely normalization are are already but from term. some estimates, our that still near-term

. Understood

more but room in there -- for adjustment So could this some as well? be

So thing be we we performance, some could normalized that is be because when again, variation. planning, will And actual the wind. do of there there our assume that

earlier our which we to to adjustment again, more track estimates, I years' But still few a be there that you is the confirm some record. normalized variability, So still basis have year-on-year, estimate there. can to assumed some last assume may

your the what out consumed the to sold, as you as see on there U.S. a And market Interesting. the have plan thought said modules, is sales? half Is well? for

I to to we the India? the the how market we sales, question. pricing depends like total there is can do on into versus on the is, Puneet, really market, no tap what mean, get would all that. that of -- in it the we extent course, open what But can can get There's that is pricing So we

now in us market is margins. it's very Right the India, and attractive, very also DCI good giving

we are whatever we so are into well. right be -- U.S. quite keeping and -- into eyes happy ears Maheep the have selling market having But that, sell for we to open as our now. surplus said whatever market with that And said, little as

of a in that participating are there. We conversations the going are lot on

So looking we and yes, margins, us think into that. I we it can that will definitely, the sell be extent better doing to that at market gives

pricing market the What is of what the for and currently? the the pricing? the is DC assessment side So sales

is wafer the it's See, a function cost. of what

I is you getting terms margin in tend so for that. what we internally, it like just want disclosed something is conversion. the of that to And not that that give to more think And we've far. least at we're number So of just a don't

to companies then are the some that say in are now, reflected, segment only will sort of our peer quite our sort for margins the exactly attractive. think getting, is that fact, look come of work back. the -- of it. is, we'll in group at we and we of how modules it and And themselves what right would thing I as or can being disclose right now. out, we'll in I want you both see that The actually profitability

of in some business. So we're that benefit that, seeing also our solar

Okay. And has the sold gigawatts been produced, already after that far? how X.X you've outside so much

exact give would can't number, and [indiscernible] know? Kailash, you guys Puneet. I you an

there's now, XXX Right megawatts.

Smith from next McCallie [Operator question Instructions] XX. with Your comes

the just wondered of you CapEx You've guidance answered most could of my questions. on the for any remainder if I year? give

Kailash?

Yes.

a $XXX few going solar some I be the range maybe the the would million. of projects somewhere that CapEx to of most around was which So That been in say would $XXX CapEx remainder already has have incurred. of year million on. we in for over

expectations for end year, of the at what just And are commissioned total commissioning your Okay. the the on capacity capacity?

gigawatts. given So X.X doing of X.X to between we have guidance

I X.X tracking within think to we range, X.X. still that are

will somewhere to XX.X in ballpark. that that take around So gigawatt us

questions There are conclude further no Thank That at does this time. for you conference participating. for our today.

now disconnect. You may