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Waaree Renewable Seeks Approval to Increase Investment & Loan Limit to โน2,000 Crore
Waaree Renewable Technologies Limited (WAAREERTL) has initiated a postal ballot to seek shareholder approval for a significant increase in its financial limits. The company proposes a new threshold of โน2,000 crore for providing loans, guarantees, and making investments under Section 186 of the Companies Act, 2013. This proposed limit is substantially higher than the standard statutory limits based on paid-up capital and free reserves. The e-voting process will conclude on April 14, 2026, providing the board with expanded financial flexibility for future growth or subsidiary support.
Key Highlights
Proposed increase in the limit for loans, guarantees, and investments to โน2,000 crore.
The resolution is sought under Section 186 of the Companies Act, 2013, to exceed standard statutory thresholds.
Remote e-voting period is scheduled from March 16, 2026, to April 14, 2026.
The cut-off date for determining shareholder eligibility to vote is March 06, 2026.
Approval will allow the board to acquire securities or provide financial support to other bodies corporate at its discretion.
๐ผ Action for Investors
Investors should monitor for future announcements regarding specific projects or acquisitions that may utilize this โน2,000 crore limit. While it signals aggressive growth intent, it also increases the company's exposure to inter-corporate financial risks.
Waaree Renewable Approves 66,809 ESOPs and Seeks Higher Investment Limits
Waaree Renewable Technologies Limited held a board meeting on March 13, 2026, resulting in three key decisions. The board approved the grant of 66,809 stock options to eligible employees under the 2022 ESOP plan. Significantly, the company is seeking shareholder approval via postal ballot to increase the threshold for loans, guarantees, and investments under Section 186 of the Companies Act. Additionally, the company updated its internal Code of Fair Disclosure to align with the latest SEBI Insider Trading regulations.
Key Highlights
Approved the grant of 66,809 stock options under the Waaree RTL ESOP 2022 plan.
Initiated a postal ballot to increase limits for loans, guarantees, and securities under Section 186.
Revised the Code of Practices and Procedures for Fair Disclosure of UPSI to meet SEBI requirements.
The board meeting was conducted efficiently within a 30-minute window on March 13, 2026.
๐ผ Action for Investors
Investors should monitor the upcoming postal ballot notice to see the specific revised limits for Section 186, as this indicates the company's future capacity for capital deployment or inter-corporate loans.
Waaree Renewable Bags Major 300 MWac/420 MWp Solar EPC Order
Waaree Renewable Technologies Limited (WAAREERTL) has signed a contract for the Engineering, Procurement, and Construction (EPC) of a 300 MWac / 420 MWp Ground Mount Solar PV Plant. The order was awarded by a domestic renewable energy power generation company and is scheduled for completion in FY 2027-28. This significant win bolsters the company's project pipeline and ensures medium-term revenue visibility. The contract is a commercial order with no promoter interest or related party involvement.
Key Highlights
Signed EPC contract for a 300 MWac (420 MWp) Ground Mount Solar PV Plant
Project execution is scheduled for completion during the financial year 2027-28
Awarded by a domestic entity specializing in renewable energy power generation
The contract is a commercial order and is not a related party transaction
๐ผ Action for Investors
Investors should view this as a positive development for the order book, providing revenue visibility through FY28. Monitor the company's execution efficiency and margin management as it scales its project portfolio.
Airtel and Google Partner for AI-Powered RCS Spam Protection to Reduce Financial Fraud
Bharti Airtel has partnered with Google to integrate AI-powered spam protection into RCS messaging, aiming to curb digital fraud in India. The company reported that its existing anti-spam initiatives have already blocked 71 billion spam calls and 2.9 billion SMSes. These efforts have resulted in a significant 68.7% reduction in the value of financial losses for customers on its network. This collaboration extends telecom-grade security to modern messaging, potentially increasing customer trust and enterprise adoption of Airtel's communication services.
Key Highlights
Partnership with Google to deploy AI-powered spam filtering for RCS messaging across India
Airtel's existing initiatives have blocked 71 billion spam calls and 2.9 billion spam SMSes to date
Anti-spam measures have led to a 68.7% decrease in the value of financial losses on the network
The solution includes real-time sender validation and filtering of malicious domains to protect users
๐ผ Action for Investors
This move strengthens Airtel's competitive position in the enterprise messaging market and enhances brand loyalty through superior security. Investors should monitor how this impacts enterprise segment revenue and customer retention rates.
Airtel to Invest โน20,000 Cr in NBFC Platform; Receives RBI License
Bharti Airtel is significantly expanding its financial services footprint by injecting โน20,000 crore into its subsidiary, Airtel Money Limited, which recently secured an RBI NBFC license. The investment will be shared between Airtel (70%) and the promoter group (30%) to scale digital lending over the next few years. This move leverages Airtel's existing Lending Service Provider (LSP) model, which has already disbursed over โน9,000 crore with strong performance metrics. The initiative aims to capitalize on India's low credit-to-GDP ratio of 53% by utilizing Airtel's massive 600 million global customer base and advanced data analytics.
Key Highlights
โน20,000 crore capital injection planned for Airtel Money Limited over the next few years.
Airtel to contribute 70% of the capital, with 30% coming from the promoter group, Bharti Enterprises.
Airtel Money Limited received its formal NBFC license from the RBI on February 13, 2026.
Existing digital lending platform has already achieved โน9,000 crore in disbursements with robust delinquency outcomes.
Strategy leverages a team of 500+ data scientists and a global customer base of over 600 million.
๐ผ Action for Investors
Investors should view this as a major strategic diversification that could significantly enhance long-term margins by cross-selling financial products to a captive telecom user base. Monitor the pace of capital deployment and the impact of this high-growth segment on the company's overall valuation multiples.
Airtel and Zscaler Launch AI & Cyber Threat Research Center to Bolster India's Digital Security
Bharti Airtel has partnered with cloud security leader Zscaler to launch the AI & Cyber Threat Research Center in India. This initiative aims to protect critical sectors like banking and energy against evolving AI-driven cyber threats, with Zscaler reporting 1.2 million intrusion attempts targeting 58 Indian entities recently. The center will leverage Zscaler's global platform, which processes 500 billion daily transactions, combined with Airtel's extensive IoT and mobile network visibility. This strategic move enhances Airtel's enterprise service portfolio and positions it as a leader in national digital resilience.
Key Highlights
Launch of a dedicated AI & Cyber Threat Research Center in India to protect critical national infrastructure.
Zscaler's ThreatLabz identified 1.2 million intrusion attempts from 20,000 sources targeting 58 Indian digital entities.
The center will utilize intelligence from Zscaler's 500 billion daily transactions and Airtel's deep IoT/mobile traffic visibility.
Strategic focus on four pillars: Protect, Remediate, Facilitate (Zero Trust adoption), and Build (talent pipeline).
Partnership aims to transition India from legacy security models to modern, AI-driven Zero Trust architectures.
๐ผ Action for Investors
Investors should view this as a positive development for Airtel's enterprise (B2B) segment, enhancing its competitive edge in cybersecurity. Monitor for future revenue growth in Airtel's digital and enterprise solutions as these security services are integrated into their offerings.
Airtel Money Subsidiary Receives RBI License for Type II NBFC Operations
Bharti Airtel's subsidiary, Airtel Money Limited, has successfully obtained a Certificate of Registration from the Reserve Bank of India to operate as a Type II Non-Deposit accepting NBFC. The license, dated February 13, 2026 (Registration No. N-14.03676), permits the entity to engage in non-banking financial activities without accepting public deposits. This strategic move allows Bharti Airtel to deepen its presence in the financial services sector, potentially offering credit and other financial products to its massive telecom user base. The registration is subject to standard RBI regulatory conditions and oversight.
Key Highlights
Subsidiary Airtel Money Limited received RBI Certificate of Registration No. N-14.03676 on Feb 13, 2026
Authorized to operate as a Type II Non-Deposit accepting Non-Banking Financial Company (NBFC-ND-ICC)
License granted under section 45-IA of the Reserve Bank of India Act, 1934
Enables expansion into financial services and credit products without public deposit liabilities
๐ผ Action for Investors
Investors should monitor how Bharti Airtel leverages this license to monetize its customer base through lending or fintech services. This diversification could provide a high-margin revenue stream alongside its core telecom business.
Bharti Airtel Q3 FY26: Revenue Hits โน54,000 Cr, ARPU Rises to โน259 with Strong 5G Momentum
Bharti Airtel reported a robust Q3 FY26 with consolidated revenue growing 3.5% QoQ to โน54,000 crores and EBITDAaL margins improving to 51.3%. The India mobile business saw ARPU climb to โน259, driven by premiumization and 5G adoption, which now counts 181 million customers. Broadband performance was a standout with record net additions of 1.2 million, while the balance sheet strengthened with a net debt-to-EBITDAaL ratio of 1.02. The company continues to focus on operational efficiencies and digital portfolio growth to drive profitability.
Key Highlights
Consolidated revenue grew 3.5% QoQ to โน54,000 crores with EBITDAaL margins expanding by 30 bps to 51.3%.
Mobile ARPU reached โน259, supported by 181 million 5G customers and 5.2 million new smartphone data users.
Broadband segment achieved its highest-ever quarterly net adds of 1.2 million, with FWA base crossing 3 million.
Financial health improved significantly with consolidated net debt to EBITDAaL ratio dropping to 1.02.
Airtel Payments Bank showed strong momentum with an annualized revenue run rate crossing โน3,250 crores.
๐ผ Action for Investors
Investors should take confidence in the steady ARPU growth and record broadband additions which signal strong execution even without immediate tariff hikes. The significant deleveraging and 5G penetration reinforce Airtel's position as a premium play in the Indian telecom sector.
Bharti Airtel Announces Final Call of โน401.25 per Partly Paid-up Share
Bharti Airtel has issued a notice for the first and final call of โน401.25 per share for its outstanding partly paid-up equity shares issued in 2021. Shareholders holding these shares as of the record date, February 6, 2026, are required to make the payment between March 2 and March 16, 2026. Failure to pay will result in a 10% annual interest penalty or potential forfeiture of the shares and previously paid amounts. Upon successful payment, these shares will be converted into fully paid-up equity shares and resume trading under the main ISIN.
Key Highlights
Final call amount of โน401.25 per share, comprising โน3.75 face value and โน397.50 premium
Payment window is open for 15 days from March 02, 2026, to March 16, 2026
Record date for determining eligible shareholders was February 06, 2026
Non-payment attracts a 10% per annum interest penalty or forfeiture of the shares
Conversion to fully paid-up shares (ISIN: INE397D01024) expected within two weeks of the payment deadline
๐ผ Action for Investors
Holders of Bharti Airtel partly paid-up shares must ensure payment of โน401.25 per share by March 16, 2026, via ASBA or 3-in-1 accounts to avoid forfeiture. Investors should monitor their registered emails for the formal notice and payment instructions.
Airtel Launches AI-Powered Fraud Protection for OTPs; 100% Rollout in 2 Weeks
Bharti Airtel has introduced a first-of-its-kind AI-powered solution to prevent bank frauds caused by OTP leakages during calls. The system operates at the network level to detect bank OTPs during suspicious calls and warns the customer in real-time. Currently live in Haryana, the company plans to roll out this feature to 100% of its customer base within the next two weeks. This initiative is part of Airtel's broader strategy to position itself as a 'safe network' for its 600 million global customers.
Key Highlights
AI-powered autonomous solution detects and intervenes against fraudulent OTP sharing in real-time.
Full rollout to 100% of Airtel's customer base scheduled within the next 14 days.
The solution is already operational in Haryana following successful extensive trials.
Airtel serves over 600 million customers across 15 countries, ranking among the top three mobile operators globally.
The feature builds on existing safeguards like spam-call warnings and malicious link-blocking.
๐ผ Action for Investors
Investors should recognize this as a strategic move to enhance brand trust and customer retention in a competitive market. While not a direct revenue driver, it strengthens Airtel's premium positioning and technological leadership.
India Ratings Places Waaree Renewable's INR 258M Bank Facilities on Rating Watch
India Ratings and Research (Ind-Ra) has placed Waaree Renewable Technologies Limited's bank loan facilities worth INR 258 million on 'Rating Watch with Developing Implications'. The facilities, primarily involving the Indian Renewable Energy Development Agency Limited (IREDA), currently hold an 'IND A' rating. This 'Watch' status indicates that the rating could change based on upcoming developments or further information. Investors should note that while the current rating is investment grade, the developing implications suggest a period of uncertainty regarding the credit profile.
Key Highlights
Bank loan facilities totaling INR 258.00 million placed on Rating Watch with Developing Implications.
The current credit rating assigned by India Ratings is 'IND A'.
The primary lender for the rated facilities is the Indian Renewable Energy Development Agency Limited (IREDA).
The rating action was officially communicated to the company on February 05, 2026.
The 'Developing Implications' status suggests potential for rating movement based on future events or data.
๐ผ Action for Investors
Investors should monitor the upcoming detailed credit rating rationale to understand the specific factors causing the 'Developing Implications' status. Maintain a neutral stance until the rating agency provides a final outlook or rating resolution.
Smartlink Holdings Q3 Consolidated PBT Jumps 53% YoY to โน2.78 Cr; 9M PAT Rises 127%
Smartlink Holdings reported a 16.6% YoY growth in consolidated total income to โน6,578.68 Lakhs for Q3 FY26. While Profit Before Tax (PBT) grew significantly by 53.5% to โน278.46 Lakhs, Profit After Tax (PAT) declined by 12% to โน223.92 Lakhs due to the absence of tax credits seen in the previous year. For the nine-month period, the company showed strong performance with PAT surging 126.7% to โน627.76 Lakhs. However, the standalone business remains under pressure, reporting a loss of โน81.81 Lakhs for the quarter.
Key Highlights
Consolidated Total Income for Q3 FY26 rose 16.6% YoY to โน6,578.68 Lakhs.
Profit Before Tax (PBT) for the quarter increased by 53.5% YoY to โน278.46 Lakhs.
Nine-month (9M) Consolidated PAT saw a massive jump of 126.7% reaching โน627.76 Lakhs compared to โน276.95 Lakhs YoY.
Standalone operations reported a net loss of โน81.81 Lakhs compared to a profit of โน150.24 Lakhs in the same quarter last year.
Company recognized a one-time provision of โน31.54 Lakhs towards past service costs due to new Labour Code notifications.
๐ผ Action for Investors
Investors should monitor the performance of the subsidiary, Digisol Systems, which is the primary driver of consolidated growth, as the standalone entity is currently loss-making. While the 9M growth is impressive, the Q3 PAT decline due to tax normalization suggests the need for a cautious outlook on bottom-line consistency.
Bharti Airtel Q3 FY26: Revenue Rises 3.5% QoQ to โน53,982 Cr; Net Debt Reduced Significantly
Bharti Airtel delivered a robust performance for Q3 FY26, with consolidated revenue growing 3.5% QoQ to Rs 539,816 million. EBITDA margins remained strong, with EBITDA rising 4.1% QoQ to Rs 311,436 million. The company saw a significant expansion in its total customer base, reaching 645.3 million users across 17 countries. Most notably, net debt excluding lease obligations was reduced by over Rs 141,600 million during the quarter, reflecting strong cash flow generation.
Key Highlights
Consolidated Revenue for Q3 FY26 reached Rs 539,816 million, up from Rs 521,454 million in Q2.
EBITDA grew 4.1% QoQ to Rs 311,436 million, with an Operating Free Cash Flow of Rs 193,567 million.
Total customer base expanded to 645.3 million, a net addition of approximately 21.7 million users QoQ.
Net Debt (excluding lease obligations) decreased significantly to Rs 1,124,912 million from Rs 1,266,513 million in the previous quarter.
Net Income before exceptional items stood at Rs 69,199 million, maintaining a steady growth trajectory.
๐ผ Action for Investors
Investors should take confidence in the company's ability to grow its subscriber base while simultaneously reducing debt. The stock remains a core portfolio holding for exposure to the Indian and African telecom growth stories.
Bharti Airtel Q3 FY26 Net Profit Rises 25.5% YoY to โน6,920 Cr; ARPU Hits โน259
Bharti Airtel delivered a robust performance in Q3 FY26, with consolidated revenue growing 19.6% YoY to โน53,982 crore. The growth was underpinned by a 13.2% YoY increase in India revenues and strong momentum in the Africa segment. Key operational metrics improved significantly, with India Mobile ARPU reaching โน259 and the Homes business reporting record customer additions of 1.16 million. The company also demonstrated strong financial discipline, with the Net Debt to EBITDAaL ratio improving to 1.02 times.
Key Highlights
Consolidated Net Income (before exceptional items) grew 25.5% YoY to โน6,920 crore.
India Mobile ARPU increased to โน259 from โน245 in Q3 FY25, driven by customer premiumization.
Homes business revenue surged 32.6% YoY with record quarterly net customer additions of 1.16 million.
Consolidated EBITDA margin expanded to 57.7%, with India business margins reaching 60.4%.
Net Debt to EBITDAaL ratio (annualized) improved to 1.02x, reflecting sustained deleveraging.
๐ผ Action for Investors
Investors should maintain a positive outlook as Airtel continues to lead in ARPU growth and high-value customer acquisition. The explosive growth in the Homes segment and consistent deleveraging provide a strong foundation for long-term value creation.
Bharti Airtel Q3 FY26 Revenue Grows 3.5% QoQ to โน53,982 Cr; Net Profit at โน8,503 Cr
Bharti Airtel reported a steady performance for Q3 FY26 with consolidated revenue reaching โน53,982 crore, a 3.5% sequential growth. Consolidated EBITDA stood at โน31,485 crore, maintaining strong margins despite an exceptional charge of โน257 crore related to the new Labour Codes provision. The India Mobile Services segment continued its growth trajectory, contributing โน28,652 crore to the top line. Additionally, the company has called for the final payment of โน401.25 per share on its outstanding partly paid-up equity shares.
Key Highlights
Consolidated Revenue from operations rose 19.6% YoY to โน539,816 million
EBITDA for the quarter stood at โน314,851 million compared to โน302,891 million in the previous quarter
Mobile Services India revenue grew to โน286,516 million, up from โน281,167 million in Q2 FY26
Exceptional item of โน2,568 million recognized as a provision for gratuity under New Labour Codes
Final call of โน401.25 per share approved for 39.23 crore partly paid-up equity shares
๐ผ Action for Investors
Investors should view the steady revenue growth and EBITDA margin expansion as positive indicators of operational health. The final call on rights shares will lead to a cleaner capital structure and provide additional capital for growth.
Bharti Airtel Shareholders Approve Shashwat Sharma as MD & CEO and Gopal Vittal as Vice Chairman
Bharti Airtel shareholders have officially approved the leadership transition, with Shashwat Sharma appointed as MD & CEO (Airtel India) and Gopal Vittal moving to the role of Executive Vice Chairman. Both appointments are for a five-year term effective from January 1, 2026, through December 31, 2030. Additionally, the appointment of former SBI Chairman Dinesh Kumar Khara as an Independent Director was approved. All resolutions passed with overwhelming majorities, typically exceeding 99% of the votes cast, ensuring a smooth transition in the company's top leadership.
Key Highlights
Shashwat Sharma appointed as MD & CEO (Airtel India) for 5 years with 99.69% votes in favor
Gopal Vittal transitions to Executive Vice Chairman for a 5-year term with 99.31% shareholder approval
Former SBI Chairman Dinesh Kumar Khara's appointment as Independent Director ratified for a 5-year term
Amendments to the Memorandum and Articles of Association approved via special resolutions
Total votes polled for major resolutions exceeded 5.34 billion shares, reflecting high institutional participation
๐ผ Action for Investors
The successful ratification of the leadership transition provides clarity on the company's future management and ensures continuity of strategy. Investors should view this stability as a positive sign for the company's long-term execution capabilities.
Airtel Partners with Adobe to Give 360 Million Users Free Adobe Express Premium Worth โน4,000
Bharti Airtel has announced a first-of-its-kind global partnership with Adobe to provide its 360 million customers with free access to Adobe Express Premium for one year. The subscription, valued at approximately โน4,000, will be available to mobile, Wi-Fi, and DTH customers through the Airtel Thanks App. This strategic move is designed to enhance customer loyalty and drive digital engagement by offering high-value AI-powered creative tools. By targeting the creator economy and small businesses, Airtel aims to increase ecosystem stickiness and reduce churn.
Key Highlights
Free 1-year Adobe Express Premium subscription for 360 million Airtel customers.
The benefit is valued at approximately โน4,000 per user, accessible via the Airtel Thanks App.
Subscription includes AI features, 100GB cloud storage, and over 30,000 professional fonts.
Available to all segments including Mobile, Wi-Fi, and DTH without credit card requirements.
Supports local languages including Hindi, Tamil, and Bengali to drive mass adoption.
๐ผ Action for Investors
This partnership strengthens Airtel's value proposition and loyalty program, which could lead to improved customer retention and higher engagement. Investors should view this as a positive step in building a digital ecosystem that differentiates Airtel from competitors.
Waaree Renewable Credit Rating Upgraded to CARE A+; Bank Facilities Enhanced to โน2,227 Crore
CARE Ratings has upgraded the credit ratings for Waaree Renewable Technologies Limited across its bank facilities. The long-term rating has been raised to 'CARE A+; Stable' from 'CARE A; Stable', while the short-term rating moved to 'CARE A1+' from 'CARE A1'. Furthermore, the company's total rated bank facilities have been significantly enhanced to โน2,227.37 crore from approximately โน1,423 crore, reflecting improved financial performance and higher credit requirements for project execution.
Key Highlights
Long-term bank facility rating upgraded to CARE A+ (Stable) from CARE A (Stable)
Short-term bank facility rating upgraded to CARE A1+ from CARE A1
Total bank facility limits enhanced to โน2,227.37 crore, including a โน2,200 crore LT/ST limit
Upgrade is based on strong operational and financial performance for FY25 and 9MFY26
Major credit limits assigned to ICICI Bank (โน400 cr), IDFC First (โน300 cr), and Yes Bank (โน300 cr)
๐ผ Action for Investors
The rating upgrade and limit enhancement indicate a strengthening balance sheet and improved ability to secure funding for large-scale solar projects. Investors should view this as a positive indicator of reduced credit risk and potential for lower borrowing costs in the future.
Waaree Renewable to Acquire 55% Stake in Associated Power Structures for INR 1,225 Crores
Waaree Renewable Technologies Limited (WRTL) has signed a binding term sheet to acquire a 55% majority stake in Associated Power Structures Limited (ASPL) for approximately INR 1,225 crores. ASPL is a power transmission and distribution infrastructure company that has shown explosive growth, with its turnover nearly doubling from INR 619.76 crore in FY24 to INR 1,216.91 crore in FY25. This strategic move allows WRTL to vertically integrate its renewable energy offerings with power distribution capabilities. The acquisition is a cash deal expected to be completed by April 30, 2026.
Key Highlights
Acquisition of ~55% stake in ASPL for a total consideration of INR ~1,225 crores via primary and secondary routes.
ASPL turnover grew significantly from INR 416.80 crore in FY23 to INR 1,216.91 crore in FY25.
Target company ASPL reported a net worth of INR 339.53 crore and total assets of INR 834.15 crore as of March 31, 2025.
The deal expands WRTL's presence into the Power Transmission and Distribution (T&D) infrastructure sector.
The acquisition is expected to be finalized by April 30, 2026, making ASPL a subsidiary of WRTL.
๐ผ Action for Investors
Investors should view this as a significant expansion move that diversifies Waaree's portfolio into the critical T&D segment. Monitor the company's funding plan for the INR 1,225 crore cash consideration and the subsequent margin profile post-integration.
Waaree Renewable to Acquire 55% Stake in Associated Power Structures for INR 1,225 Crores
Waaree Renewable Technologies Limited has entered into a binding term sheet to acquire a 55% majority stake in Associated Power Structures Limited (ASPL) for approximately INR 1,225 crores. ASPL is a specialist in power transmission and distribution, showing explosive growth with its turnover rising from INR 416.80 crores in FY23 to INR 1,216.91 crores in FY25. This acquisition is a strategic move to integrate power infrastructure capabilities with Waaree's existing renewable energy business. The deal is expected to be completed by April 30, 2026, through a cash consideration involving both primary and secondary transactions.
Key Highlights
Acquisition of ~55% stake in ASPL for a total consideration of approximately INR 1,225 crores.
ASPL reported a turnover of INR 1,216.91 crores for FY25, nearly tripling its FY23 revenue of INR 416.80 crores.
Target company ASPL has a net worth of INR 339.53 crores and total assets of INR 834.15 crores as of March 31, 2025.
The acquisition is expected to be finalized by April 30, 2026, making ASPL a subsidiary of the company.
Strategic expansion into the power transmission and distribution sector to provide integrated clean energy solutions.
๐ผ Action for Investors
Investors should look favorably on this acquisition as it adds a high-growth vertical that complements the core renewable business. Monitor the funding mix for the INR 1,225 crore payout and the subsequent integration of ASPL's margins into Waaree's consolidated books.