Analysts/Institutional Investor Meet/Con. Call Updates

GUJARAT INDUSTRIES POWER COMPANY LTD. Regd. Office: P.O. Ranoli - 391 350, Dist. Vadodara, Gujarat - INDIA CIN: L99999GJ1985PLC007868 Ref.:2026/SE/Letter/Analyst Meet Date: 15th July, 2026 The General Manager The General Manager Corporate Relations Department Listing Department BSE Ltd. National Stock Exchange of India Ltd. ist Floor, New Trading Ring "Exchange Plaza", C-1, Block 'G', Sir Phiroze Jeejeebhoy Towers, Dalal Street, Bandra-Kurla Complex, Bandra (East) Mumbai: 400 001. Mumbai: 400 051. Scrip Code: 517300 Scrip Symbol: GIPCL Ref.: Our letters dated 06th July, 2026. Sub.: Transcript of Conference Call held on 10th July, 2026. Dear Sir/ Madam, With reference to our letter dated 06th July, 2026, regarding Conference Call held on 10th July, 2026, post declaration of Audited Financial Results of the Company for the Fourth Quarter (Q4) and F.Y. 2025-26 ended on 31st March, 2026, we are enclosing herewith a copy of the transcript of said Conference Call. The aforesaid information is also disclosed on the website of the Company at: https://www.gipcl.com/analyst.aspx Kindly take the above on your records and acknowledge the receipt. Thanking you, Yours faithfully, For Gujarat lndustri any Limited o11111'ZSP'-cn r-5, .. .. CS Shalin Patel Company Secretary ;x,.c;>~:--.:.11,,,,J. Officer Encl.: as above Regd. Office & Vadodara Plant: NI Surat Lignite Power Plant: P. o. Ranoli -391350, Dist. Vadodara, Gujarat - INDIA IIO I001, 14001 Village: Nani Naroli, Tai. Mangrol, Dist: Surat 394110 Gujarat, INDIA 11001,10001 Phone: EPABX (0265) 2232768 Fax: 2230029 COMPANY Phone: EPABX (02629) 261063 to 261072 Fax: 261080 Email: cs@gipcl.com Email: genslpp@gipcl.com Website: www.gipcl.com ,. .... \, _) GUJARAT INDUSTRIES POWER COMPANY LTD GIPCL-SLPP for ISO 900·1, 14001, 45001 & 50001 "Gujarat Industries Power Company Limited Q4 & FY26 Earnings Conference Call" July 10, 2026 ,,-. \ i ) --·-- GUJARAT INDUSTRIES POWER COMPANY LTD ANURAG SERVICES LLP GlP-:l•S'J)PfortS09001. 14001.~:n & 50001 MANAGEMENT: MR. K. K. BHATT-EXECUTIVE DIRECTOR (FINANCE) AND CHIEF FINANCIAL OFFICER - GUJARAT INDUSTRIES POWER COMPANY LIMITED MR. SHALIN PATEL-COMPANY SECRETARY AND COMPLIANCE OFFICER-GUJARAT INDUSTRIES POWER COMPANY LIMITED Page 1 of30 Gujarat Industries Power Company Limited GUJARAT INDUSTRIES POWER COMPANY LTD July l 0, 2026 GiPCL-SlP? fO! 13091-,"01. 1+)01. 4E-0016 5COOJ Moderator: Ladies and gentlemen, good day and welcome to the Gujarat Industries Power Company Limited Q4 and FY2025-26 Earnings Conference Call. This call is being hosted by Anurag Services LLP on behalf of GIPCL. From the management, we have Mr. K.K. Bhatt, Executive Director -Finance and Chief Financial Officer; Mr. Shalin Patel, Company Secretary and Compliance Officer; and other senior members from the management. As a reminder, all participant lines will be in the listen-only mode and there will be an opportunity for you to ask questions Should you need assistance during the conference call, please signal an operator by pressing star then zero on your touchtone phone. Please note this conference is being recorded. I now hand the conference over to Mr. K.K. Bhatt, Executive Director - Finance and Chief Financial Officer, GIPCL. Thank you and over to you, sir. K.K. Bhatt: Thank you. Good afternoon everyone. Good afternoon .. Yes, proceed. Yes, proceed with. Anurag, we can if possible, we can go directly to question and answer. Moderator: Yes, sir. Thank you. We will now begin the question and answer session. The first question comes from the line of Prit Nagersheth with Wealth Finvisor. Please go ahead. Prit Nagersheth: Yes, hi. Good afternoon and thank you for taking this question. So, the thing I wanted to understand first is that if you can help us, what is the PLF for the months of April, May and June for solar one, the 600-megawatt solar project as well as the lignite plant, if you can give us a sense of that? K.K. Bhatt: Basically, this conference call is for the results for the financial year '25-'26. But however, the PLF you are asking for the thermal stations, there is a very good PLF. In case of thermal stations, that is SLPP 1 and SLPP 2, both have crossed the threshold limit of 75% SLPP 1 and of 80% SLPP 2. So, there is no issue of running the stations at good plant load factor. And regarding the solar, tell me ... Prit Nagersheth: No, no. I was saying then sir, regarding the solar one, 600 megawatt at Khavda, what is the update on that in terms of PLF? Just a minute. Khavda, CUF we are getting is 33 .24%. Page 2 of30 Gujarat industries Power Company Limited GUJARAT INDUSTRIES POWER COMPANY LTD July 10, 2026 Gl~CL-5lPPforlS09C-01.1-'001,45001 ~50C,Ot Prit Nagersheth: Okay, sir. And sir, if you can please help me, guide me, what is the conversion of this PLF to revenue, ifwe can understand? So how do I size this up that the 600 megawatt at 33 odd percentage, how much revenue should we expect out of that? K.K. Bhatt: See, basically revenue is 2. 73 per unit. This basically you have to calculate separately, that is CUF multiplied by 24 hours multiplied by 12 months by capacity, you will get the million units and then you have to multiply by the revenue, you will get the revenue. Prit Nagersheth: Okay, sir. So sir, at least at a rough sense, could you give us a sense of how much this will be for the full financial year? What should we expect for the FY26-'27, just based on your rough sense? K.K. Bhatt: CUF you are telling? Prit Nagersheth: No, I'm saying the revenue, sir, for the 600-megawatt plant. K.K. Bhatt: It would be around Rs. 420 crores - for 600 MW Khavda only Prit Nagersheth: Yes, I'm talking ofKhavda only. K.K. Bhatt: Yes, yes. Prit Nagersheth: Sure. Thank you, sir. Moderator: Thank you. The next question comes from the line of Saket Kapoor with Kapoor & Company. Please go ahead. K.K. Bhatt: Yes, around INR420 crores revenue would be roughly generated from 600 MW Khavda. Saket Kapoor: Hello? K.K. Bhatt: Yes, Saket ji. Saket Kapoor: Yes, namaskar sir and thank you firstly for this opportunity. Sir, if you could just outline to us or give us some more understanding of currently how our assets are sweating in terms of the entire portfolio and what are we eyeing in terms for the ensuing year? And also, sir, what we have been reading about is a lot of grid congestion and issue with the evacuation of especially the solar assets have been read about. Page 3 of30 Gujarat Industries Power Company Limited GUJARAT INDUSTRIES POWER COMPANY LTD July 10, 2026 GIFCl·!::l.P?f0115091:01. 14-001.4EOOI l,,5C<)OI So how is the company preparing itself for the same? So just if you could just give set a background to us of how are we going to sweat these solar assets in particular and also in terms of the thermal where we have also announced I think so some new capacity addition. So some bit of thought process and some more color on the same. K.K. Bhatt: Thank you, Mr. Saket. Basically, our all the stations are doing very well because we are top in the merit order, so generation-wise and power evacuation-wise, off-take there is no issue. And as such, the power evacuation problem may be faced at some locations, but especially thermal we are not facing any issue as of now and we will not face also because there is no evacuation issue in the region and there is a heavy demand of the power in the South Gujarat. Secondly, regarding the RE -- solar, our all stations' power evacuation is at full capacity. There is no backing down. However, you may be referring about the Khavda region. There is power evacuation issue since the entire KPS 2 is still yet not ready. So there is a capacity addition which has taken place, but evacuation line is not fully operational. So that issue is there and it is being allowed on pro-rata basis by CTUIL. But as such, we don't have any issue with 600 MW Khavda. We have been given the full allocation in November 2025 and we are evacuating the full load from the 600 MW Khavda. Th [Showing first 8,000 characters — download PDF for full document]