Quarterly numbers showed consolidated net profit at ₹2,953 crore, down 11% year-on-year, while top-line improved marginally on stable demand. Management cited input-cost normalization and mix effects across plants as factors behind moderated margins versus a strong base. Generation volumes and realizations remained steady, aided by contracted capacities and PPAs. Debt metrics were manageable and capex discipline continued. Broker commentary emphasized near-term sensitivity to coal benchmarks, merchant rates, and monsoon-season demand recovery. Shares were range-bound as investors weighed earnings quality against improving cash-flow visibility.