Operator

Thank you for standing by, and welcome to the Regis Resources quarterly briefing. [Operator Instructions] I would now like to hand the conference over to Mr. Jim Beyer, Managing Director and Chief Executive Officer. Please go ahead.

Jim Beyer
CEO, MD & Director

Thanks, Darcy. Good morning, everyone, and thanks for joining us for the Regis Resources March FY ’26 quarter results. Joining me on the call today is our CFO, Anthony Rechichi; our COO, Michael Holmes; and our Head of Investor Relations, Matt Collings.

At times, we’ll refer to figures and tables in both the quarterly report, which came out this morning, and also the resource and reserves report, which was released yesterday morning. So you may find it useful to have those documents at hand.

Okay. I’ll start with safety. During the December quarter, our operations continued to perform strongly from a safety perspective. The 12-month moving average lost time injury frequency rate finished the quarter a little bit further down at 0.32, which continues to be well below the Western Australian gold industry average. Our objectives remain unchanged to provide a workplace free from serious injury. We continue to focus on leadership, discipline and continuous improvement to support safe and reliable operations across our business.

Turning now to our enviable production performance. The team has consistently delivered to plan during FY ’26 and the March quarter was no exception. Operationally, the group

ET Intelligence Group: Trent’s revenue growth in the March quarter at 19.2% was better than the 15-16% growth in the previous two quarters, driven by relatively stable consumer sentiment. However, the company’s expansion into Tier-II and Tier-III cities has been putting pressure on its largest business segment, fashion portfolio, which contributes four rupees to every five rupees of revenue. The segment’s like-for-like sales growth reduced for the quarter and for the full fiscal year as well. Though Trent believes underlying demand and market opportunities to be strong, its strategy to win market share through rapid scaling up may restrict the growth momentum in the short term. In addition, the conflict in West Asia may push up input costs though Trent is mitigating the risk through largely India-focused sourcing.

For the fashion portfolio, the same-store-sales-growth (SSSG), which consists of stores operational for over 18 months, slipped to low single digits in the March 2026 quarter and in FY26 from mid-single digit growth in the March 2025 quarter and a double-digit increase in FY25. This could be attributed to most of the stores being opened in Tier II and III cities. It further plans to raise ₹2,500 crore through a rights issue to fund the expansion strategy. It means the growth trend is likely to persist in the medium term as the company has indicated that it takes two-to-three years for newer markets to become more relevant.

Apart from the physical channels, Trent’s online channels – Westside.com and Tata Neu – also showed moderation in sales growth. After rising to 56% in the September 2025 quarter from 35% in the June 2025 quarter, it gradually reduced to 25% in the March 2026 quarter. The share of online channels to Westside revenues remained stable at 6% year-on-year.

On the positive side, Trent’s operating margin (EBIT margin) has gradually increased to 11.5% in the March 2026 quarter from 2.9% in the March 2023 quarter, aided by disciplined pricing, better inventory control, and the benefits of scale in sourcing and supply chain operations.

Trent’s stock has gained nearly 25% since April 06 when it issued an encouraging business update for the March quarter, implying a sustained top line growth. This has taken its one-month gain to 32%, also buoyed by an anticipation of a bonus issue of shares. While the announcement of the bonus issue will support the stock in the near term, its performance over the medium term will depend upon how effectively the company executes its expansion strategy.

SAN ANTONIO — Victor Wembanyama’s frightening face-first fall in the second quarter of Game 2 has left the San Antonio Spurs without their franchise cornerstone and raised serious questions about how a concussion will impact the towering 7-foot-4 phenom’s play if and when he returns in the 2026 NBA playoffs.

Wembanyama suffered a diagnosed concussion after tumbling hard to the court following contact with Portland Trail Blazers guard Jrue Holiday during a drive to the basket Tuesday night. He exited with just 12 minutes played, recording five points, four rebounds, one block and one assist, and did not return as the Blazers stole a 106-103 road victory to knot the Western Conference first-round series at 1-1.

The injury occurred at the 8:57 mark of the second quarter when Wembanyama spun around Holiday, lost his balance and slammed face-first onto the hardwood. He remained down for several seconds, appeared dazed while struggling to stand and jogged directly to the locker room after a timeout. Spurs coach Mitch Johnson confirmed postgame that Wembanyama had a concussion and was placed in the NBA’s concussion protocol.

Under league guidelines, Wembanyama cannot engage in full participation for at least 48 hours from the time of injury and must remain symptom-free while progressing through a stepwise return-to-play process. He can begin gradual activity after 24 hours if symptoms do not worsen, followed by monitored exertion levels, non-contact drills and eventual clearance from both the team physician and the NBA’s concussion protocol director. Further testing was scheduled for Wednesday.

The timeline puts Game 3 on Friday in Portland in serious doubt. Many observers, including ESPN’s Stephen A. Smith, believe a return for Game 3 is highly unlikely. A more realistic target appears to be Game 4 on Sunday or, more conservatively, Game 5 next Tuesday back in San Antonio. Average NBA concussion recovery spans about seven to 10 days, though individual cases vary based on symptom severity.

For a player of Wembanyama’s unique physical profile, even a mild concussion carries amplified risks. The 22-year-old’s extraordinary height means any fall generates significant force upon impact, potentially affecting balance, coordination and spatial awareness — all critical to his game. Concussions commonly cause headaches, dizziness, sensitivity to light or noise, slowed reaction times, impaired concentration and reduced cognitive processing, symptoms that could blunt Wembanyama’s elite shot-blocking, perimeter defense and stretch-big scoring.

In the regular season, Wembanyama anchored the Spurs’ defense while emerging as a versatile offensive threat capable of scoring inside, draining threes and facilitating. His playoff debut in Game 1 was electric: a franchise-record 35 points on 13-for-21 shooting, including five threes, plus five rebounds and two blocks in a 111-98 victory. Without him in the second half of Game 2, San Antonio’s interior defense softened, allowing Portland to exploit mismatches and mount a late rally.

Veteran Luke Kornet stepped in at center and delivered a solid 10 points and nine rebounds in 28 minutes, but the drop-off from Wembanyama’s rim protection and switchability was evident. The Spurs’ young supporting cast, including rising talents like Stephon Castle, showed flashes but lacked the gravitational pull Wembanyama provides.

Medical experts note that returning too soon from a concussion can prolong recovery or lead to second-impact syndrome, a rare but dangerous condition. The NBA’s protocol emphasizes caution, particularly in the heightened intensity of playoffs where physicality and fatigue rise. Wembanyama’s history includes a recent rib contusion late in the regular season, though that injury was unrelated.

Spurs leadership has stressed patience. “We’ll take the proper and appropriate steps,” Johnson said. “It’s tough, but health comes first.” Team officials have not ruled out Wembanyama traveling with the squad to Portland, but his on-court status remains fluid pending daily evaluations.

The absence reshapes the series dynamics. Portland, seeded seventh, seized momentum by capitalizing on San Antonio’s diminished frontcourt. Blazers players and coaches expressed concern for Wembanyama’s health while acknowledging the opportunity. If Wembanyama misses multiple games, Portland’s path to an upset brightens considerably, forcing the Spurs to rely more heavily on perimeter scoring and collective defense.

Historically, NBA teams missing star players to concussion in the postseason have mixed results. Some recover quickly and return stronger; others experience lingering effects that subtly erode performance — missed rotations on defense, delayed help-side help, or hesitation on drives. For Wembanyama, whose game relies on length, anticipation and fluid movement, any residual dizziness or neck stiffness could limit his trademark chase-down blocks or step-back threes.

Broader concussion awareness in the NBA has improved, with stricter protocols implemented over the years following high-profile cases. Players like former stars who dealt with repeated head trauma have spoken publicly about long-term cognitive concerns, though Wembanyama’s situation appears isolated to this single incident.

Fan reaction on social media and in San Antonio has been one of worry mixed with optimism for a swift recovery. The Frost Bank Center crowd Tuesday night fell silent during the sequence, a stark contrast to the electric atmosphere of Game 1 when Wembanyama’s playoff arrival felt like a coronation.

If cleared, Wembanyama’s return could swing momentum back to the Spurs, who finished the regular season with the Western Conference’s second-best record behind their superstar. His presence transforms San Antonio from a promising young team into a legitimate contender capable of making noise beyond the first round.

Yet the injury underscores the fragility of even the most physically gifted athletes in a grueling playoff grind. The series now shifts to Portland’s Moda Center, where the Blazers will look to build on their Game 2 resilience. San Antonio must find answers without its defensive anchor, testing the depth and composure of a roster still gaining postseason experience.

Medical updates will dominate the narrative over the next 48 hours. Should symptoms resolve quickly, Wembanyama could rejoin the lineup feeling fresh after enforced rest. More persistent effects might sideline him longer, forcing the Spurs into survival mode.

Wembanyama himself has projected confidence and maturity throughout his young career. In interviews before the series, he spoke of embracing the playoff stage and learning from every moment. How he navigates this health challenge will add another layer to his rapid ascent from French prospect to NBA superstar.

For now, the Spurs face an immediate test of resilience. Portland smells blood in the water after even the series, while San Antonio must adapt without its most irreplaceable piece. The coming days will reveal not only Wembanyama’s recovery timeline but also the depth of a franchise built around his extraordinary potential.

As the Western Conference playoffs intensify, one thing remains clear: the Spurs’ championship aspirations hinge heavily on their towering French star staying healthy and performing at the level that has already rewritten expectations in San Antonio. A prolonged absence could turn a promising postseason into an early exit, while a timely return might ignite a deeper run.

The basketball world watches closely, hoping for a full recovery that allows Wembanyama to showcase his generational talent on the biggest stage without compromise.

Asia is rewriting the rules of the global energy system. The region’s record-breaking expansion of solar power has now pushed clean electricity generation past its own demand growth, triggering what analysts describe as the sharpest annual decline in fossil-fuel electricity production this century. 

Key takeaways

• Asia’s record solar expansion has driven the biggest annual fall in fossil-fuel electricity generation this century, with China and India both recording declines in fossil power for the first time.
• Asia’s green technology and sustainability market is on track to more than double from $6.4 billion in 2024 to nearly $15 billion by 2032, growing at 11.3% annually.
• IoT and green buildings are leading the technology shift, backed by sweeping government policies like China’s 14th Five-Year Plan and India’s rapid build-out of renewable energy capacity.

Simultaneously, the continent is becoming the epicentre of a fast-growing green technology market projected to nearly double in value by 2032.

Together, the two trends are pointing toward a structural, not merely cyclical, shift in how the world’s most populous region powers its economies.

A Historic Turn in the Power Sector

According to reporting by Nikkei Asia, Asia’s record increase in solar power generation last year helped clean power surpass the region’s electricity demand growth, resulting in the largest annual decline in fossil-fuel generation this century.

The scale of that achievement is difficult to overstate. Asia accounts for the bulk of the world’s coal consumption and, until recently, remained the principal driver of rising global emissions. That the region is now leading the retreat from fossil fuels, outpacing Europe and North America, marks a dramatic reversal.

The shift is being driven by a handful of large economies acting in concert. China and India, historically the largest contributors to the global rise in fossil power, both recorded a fall in fossil generation in 2025. In both countries, record clean power additions outpaced demand growth. This brought net growth in global fossil generation to a halt, a milestone that appeared distant only a few years ago.

Solar power has been the decisive technology. Solar power cemented its role as the dominant driver of change in the global power sector, with its record growth meeting three-quarters of the net rise in electricity demand in 2025.

The momentum extends well beyond China and India. Asia started its electricity transition later than other regions, but is catching up fast. The share of solar and wind energy in Asia is now almost equal to the world average, and the share of renewables in Asia’s electricity mix reached 29% in 2024.

A Green Tech Market Racing to Keep Pace

The power sector transition is not happening in isolation. It is being accompanied by a broader surge in demand for green technology and sustainability solutions across industry, urban infrastructure, and agriculture.

According to market research firm P&S Intelligence, the Asian green technology and sustainability market was $6,415.9 million in 2024 and will reach $14,944.7 million by 2032, growing at 11.3% during 2025 to 2032. That trajectory would see the market more than double in under a decade.

The forces driving this expansion are partly environmental, partly economic, and partly regulatory. Asia’s position as a major carbon emitter has intensified the demand for green technology solutions. Over the past few years, Asia, particularly China, has emitted carbon at an alarming rate, driven by rapid economic growth and energy consumption. Among all the sources, coal accounted for approximately 15.4 billion metric tonnes of emissions in 2023. That environmental pressure has catalysed consumer demand for eco-friendly products and given decisive impetus to companies offering green solutions across the region.

Government policy is adding structural momentum. China’s 14th Five-Year Plan (2021 to 2025) aims to reduce emission intensity by 18% and sets a reduction target of 13.5% for energy intensity over a period of five years. Similar initiatives across Asia are demonstrating strong governmental commitment to sustainability.

India, meanwhile, is building out its renewable infrastructure at a striking pace. India’s installed renewable energy capacity reached 201.45 GW in October 2024, making up 46.3% of the country’s total installed power generation capacity.

Technology Is at the Core

The green technology market is not simply about solar panels and wind turbines. Increasingly, it encompasses a sophisticated ecosystem of digital tools, including IoT sensors, artificial intelligence, cloud computing platforms, and carbon monitoring software, that together are enabling industries to reduce their environmental footprints in real time.

IoT technology accounted for the largest revenue share in 2023, at 42.6%, and is anticipated to continue leading the market. Cloud infrastructure is also gaining ground rapidly, with adoption rising due to its ability to optimise energy resources and integrate seamlessly with IoT devices across geographies.

The green buildings category held the largest market share in 2024, due to the rising commercialisation and industrialisation in Asia, which has increased building construction to meet business and residential needs. Green buildings, which use recyclable materials and energy-efficient systems, including solar panels, have become the primary application segment for these technologies.

The Road Ahead

The convergence of record-breaking clean power generation and a rapidly expanding green technology market suggests Asia’s energy transition has moved beyond the demonstration phase into one of industrial-scale deployment.

The future of the global power system is being shaped in Asia, with China and India at the heart of the energy transition.

Yet the region’s scale means that challenges remain formidable. Electricity demand across Asia is rising sharply, driven by data centres, electric vehicles, and the electrification of heating and industry. Sustaining a clean-power surplus above that demand growth will require continued investment and continued political will.

For now, the data tells a story that would have seemed improbable at the start of this decade: Asia, long regarded as the world’s most stubborn fossil-fuel dependency, is leading the planet’s most consequential energy transition.

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Private banks are set to generate bad loans at a significantly faster clip than their public sector peers in FY27, according to rating agency ICRA. Fresh NPA generation at private banks is estimated to rise to 2.0% in FY27 from 1.8% in FY26— against 1.2% for public sector banks, up from 0.9% in FY26.

The divergence reflects private banks’ higher exposure to unsecured retail and MSME advances, which have been the primary source of stress across the sector. ICRA flags that the stress is increasingly concentrated in the MSME and retail segments, with the rural economy seen as bearing the brunt. The ongoing West Asia conflict adds a further layer of uncertainty, with potential job losses — particularly in the IT sector — flagged as a watch item for personal loan performance.