Thank you. Good evening, everyone.

On behalf of Nuvama Institutional Equities, I welcome you all to the Q1 FY27 results conference call of INOX Wind Limited and INOX Green Energy Services Limited. We are joined today by Mr.

Devansh Jain, Executive Director, INOX GFL Group; Mr. Akhil Jindal, Group CFO, INOX GFL Group; Mr.

Sanjeev Agarwal, CEO, INOX Wind; Mr. S.

K. Mathusudhana, CEO, INOX Green; and other senior members of the management.

I would now like to hand over the call to Mr. Sanjeev Agarwal for his opening remarks.

Thank you, and over to you, sir. Hey,

thanks, Vikram. Good evening, everyone.

I will first brief you on the financial and operational achievements of INOX Wind for the quarter under review, as well as other key developments and future roadmap before handing it over to Madhu for his briefing on the development at INOX Green. I'm pleased to inform in quarter one FY27, on our consol basis, INOX Wind has reported a revenue of ₹872 crores, adjusted EBITDA of ₹237 crores, PBT of ₹95 crores, PAT of ₹64 crores, and cash profit of ₹153 crores.

As per our strategic initiative undertaken in the previous quarters, where we have pivoted towards increasing the share of equipment supply in our order mix, we are pleased to inform you that we are making steady progress towards this. Our operations are showing resilience post this pivot.

This initiative would help achieve a healthy balance sheet as well as our financial robustness. The strategy is expected to yield long-term benefits and reflect meaningfully in the financials Q3 onwards.

As of July 2026, the share of equipment supply in our order book stood at approximately 59%, with the balance 40% being turnkey. This excludes order received from INOX GFL Group entities and is only for orders received from the third-party entities.

The virtuous cycle of interplay with INOX GFL Group entities is playing out well. The growth at our group company, INOX Clean, will lead to a larger orders for INOX Wind, INOX Green, as well as INOX Renewable Solutions.

INOX Clean has plans to set up 3 GW plus capacity of IPP portfolio every year. We are pleased to inform you that INOX Wind has signed an MoU for 1.5 GW—I repeat again, 1.5 GW—with INOX Clean Energy in June, out of which firm orders have been signed for 500 MW so far.

Firm orders for the balance 1 GW would be signed in due course of time. In another positive development in the first quarter, we've received an LOA for 200 MW from NLC India.

This is an repeat order from NLC in the month of July through a extensive tendering process. With this, our order book stands at approximately 4.4 GW—just to repeat again, an order backlog of 4.4 GW as on July 2026.

This provides us a clear execution visibility for more than 24 to 36 months. We are strongly placed with all our customers, including C&I, PSU, IPP cap- IPP, captive, that is GFL, and retail.

Many more tenders as well as negotiations are underway, and we are confident of securing more orders this year. Further, we have a visibility of receiving large recurring orders from INOX Clean Energy over the next few years—few years, as I mentioned before.

With respect to our 4X wind turbine model, execution is progressing well. The foundation work has been completed.

The tower and other main components are ready. We are on track to install the first prototype in the month of August, with commercial launch expected by end of FY26.

Our expansion plan, and I would like everyone to hear this with the open eyes and ears, our expansion plans in INOX Renewable Solution Limited are also progressing well. Our operational Jaipur transformer factory is gearing up to manufacture our big- our next bigger capacity, which is 4.9 MVA transformers for our 4X series.

We also plan to further increase our trafo manufacturing capacity and, [coughing], including a medium-size trafos between 8 to 20 MVA, as well as large transformers, which is 100 MVA plus. We also own our own fleet of cranes.

Presently, we have four of them in in operations, and more to come in within this financial year. Beside transformers, we plan to manufacture high value-added and high-margin power electronic systems, such as inverters, unit substations, and energy capacitor systems, which which is used in our wind turbines.

Our USS is expected to be commercially launched in FY27. All these investments have relatively- relative short payback periods and will lead to revenue and margin expansions in IRSL.

Further, the demerger of the power evacuation infrastructure from INOX Green into INOX Renewable Solution has been completed as on August 0- August 1, 2026 being the record date. IRSL would now be automatically listed on the stock exchange post receipt of regulatory approvals.

Coming to INOX Green, we have received the approval from Honorable NCLT, Ahmedabad, for the acquisition of Wind World India Limited. The acquisition formalities are expected to be completed in quarter two FY27.

This is a milestone transaction in the renewable space, one where we expect to realize significant business synergies as we integrate the acquired business post completion of the acquisition process. We shall provide further updates on this in our next analyst call.

As on June 2026, our O&M portfolio stands at 13.3 GW, including investment made. The wind industry continues to show excellent transactions—traction, sorry—driven by macrotailwinds, with 1.4 GW wind capacity commissioned in India in quarter one FY27.

The total installed wind capacity stood at 57.4 GW as on June 2026. We expect to see strong annual wind capacity additions ranging between 10 to- 8 to 10 GW over the next few years, driven by RTC, FDRI, and hybrid capacity additions.

In fact, out of the total renewable capacity of 9.3 34 GW awarded through tenders in quarter one, 2.35 GW, that is 25%, comprised of standalone wind tenders alone. The installed wind capacity in India is expected to be 7x the current capacity in the next two decades.

Power demand continue to remain strong, and it is worth noting that power demand in the first 4 months of FY27 so far has been the highest by far in the last 4 years. INOX Wind is well placed to benefit from the continued macro push towards renewable, as well as for the interplay of group company synergies.

I would like now to hand it over to Madhu for his remarks on INOX Green. Madhu, over to you.

Thanks, Sanjeev. Good evening, everyone.

Hope I am audible. Hi,

go ahead, Madhu. Please go ahead.

Yeah. I will firstly brief you on the financial achievements of INOX Green during the quarter before moving to other aspects.

During Q1 FY27, INOX Green reported total income of ₹101 crores, up by 17% year-on-year; EBITDA of ₹57 crores, up by 19% year-on-year; profit before tax of ₹54 crores, up by 74% year-on-year; profit after tax of ₹41 crores, up by 86% year-on-year; cash PAT of ₹55 crores, up by 25% year-on-year. Machine availability for the entire portfolio averaged approximately 96.3%.

The operations continue to do well and have shown continuous improvements, driven by large investments and expenditures incurred in the previous year to improve the entire infrastructure. A significant portion of operating revenues are being generated through value-added services, such as turbine overhauls, life extension activities, etc.

However, as per the accounting norms, they are clubbed as other income, while they are operating in nature. INOX Green's portfolio stood at approximately 13.3 GW peak as on June 2026, comprising of approximately 10.5 GW of wind operating assets and the balance being solar assets.

This also includes the investments made to acquire approximately 6.5 GW of operational wind O&M assets, including Wind World India and one other company. As mentioned by Sanjeev earlier, we are pleased to inform you that we have received the approval from Honorable NCLT, Ahmedabad, for the acquisition of Wind World India Limited.

The acquisition formalities are expected to be completed in Q2 FY27, post which the financial consolidation will take place. This is a huge milestone in the journey of INOX Green and a value accretive transaction for all shareholders.

We believe there is a significant scope to bring in operational efficiencies in the acquired portfolio through enhanced service offerings, price, and cost optimizations. Wind World India's O&M portfolio stands at nearly 4.5 GW, servicing a marquee client base that includes Tata, ReNew, Greenko Group, Apraava, Hindustan Zinc, among others.

The assets are spread across key wind-rich states, including Karnataka, Maharashtra, Tamil Nadu, Rajasthan, Gujarat, MP, and Andhra Pradesh. The portfolio generated revenue of approximately ₹580 crores in FY26 and benefits from contracted annual price escalations of approximately 5%.

The integration efforts are underway. We shall provide further updates on this in our next earnings call.

We expect our other investments to be also completed in FY27 and to be consolidated in our financials. Besides our inorganic efforts, we believe INOX Green will be one of the biggest beneficiaries of the growth coming from the annual capacity additions of approximately 3 GW plus at our group company, INOX Clean, and external projects executed by INOX Wind.

This is expected to establish INOX Green into one of the largest renewable O&M companies globally. We continue to see success in offering WTG, or that is wind turbine overhaul, and life extension packages to customers, which aids in increasing the life of the turbines and enhancing output.

Globally, the life extension of wind turbine has been taken up to 35 years. Typically, every turbine runs at 25 years as a normal standard, but we are intending to increase the life up to 35 years.

This business stream has substantial potential for growth ahead. We expect to offer this service to much of the existing fleet of Wind World India's O&M business as well.

Further, as mentioned earlier by Sanjeev, we are pleased to inform you that the demerger of the power evacuation infrastructure from INOX Green into INOX Renewable Solutions has been completed as on August 1st, 2026. As a result of this demerger, INOX Green is now an asset-light O&M player with significant improvement in ROE and ROCE metrics.

We will now open the floor for Q&A. Thank you very much.

Hi. Am I audible?

Congratulations, team, for a great results. I'll just punch up whatever I want to ask so that it can be done fast.

I just want to ask, what is the reason for the fundraise at the present acquisitions that we have? We understood that those acquisitions were funded by the previous preferential issues that we had made.

Also, I would like to know management view. I think INOX Green is a healthy, cash-generating entity.

Wouldn't it better if we raise debt in that and cleared the same from the assured cash flow rather than equity dilution? Also, if we can have a management comment on benefits from the new ALMM rule that could be seen, and wind versus solar plus battery.

Also, competitors are introducing 5 MW product, and we are going [crosstalk] with the 4X.

I think let's limit to a couple of questions because we'll miss whatever questions you're asking. On your first question is on INOX Green, I guess.

These are enabling resolutions we have done. Beyond that, we cannot comment right now as we are in the silent period.

Sir. Thank you.

One,

let me also come in. There was a question about introduction of higher models of wind.

Gentlemen, I said in our statement that 4X, our 4X model of wind turbine, the new one, would be up in operation in August, with a commercial activity starting a month later. As we see this progressing well, we are also contemplating looking at higher models if the demand be there in the market.

We believe our 4X model would outclass the wind turbines in this category. Thank you.

Okay. Sir, could you just comment on the benefit of ALMM that is going to be introduced, and when could we see the impact of the same,

and [crosstalk]? I'll talk about the wind.

As we speak to you, almost 80% to 90% of the components that goes in wind turbine for us are all indigenized. Yeah.

The ALMM will bring the story for people who do not do this in India. For us, this was an advantage to start with, and it will remain.

The balance 10% is low lying. We are already active into the job of converting that into Indian make.

Before end of the calendar year, we hope that we are almost 100% on wind turbines. I'm talking not only for our 3X models, but even for the 4X model.

Thank you.

No, sir, I'm just asking that this will benefit us, right? When can we see the impact of the benefits from the same, as in we know that we are getting indigenized and we were well prepared for it in advance?

When can we see the impact? Also, if you could comment a little bit on wind versus solar plus battery, and how is the outlook, and what does the management feel about it, given the present market scenario?

Let's restrict it to the wind story for a moment. I don't want to talk about what would other do, but we think this would give us a span of at least 3 years, where this indigenization story, the initiative, there were a lot of talk, a lot of investors who said earlier, why are you putting so much of our money, so much of our capex in making everything in India?

Probably we thought this is very, very strategic initiative to be relying on our own capability. The saw shops have been expended.

The vendors who support us, we have helped them give a bit of a technology to make this make in India. We believe next 3 years, this would be something for people who have already taken a decision before.

Thank you.

Sir, the interest cost that we are seeing right now in INOX Wind, as we focus more on deliveries rather than turnkey, should we see the interest cost coming down?

You can come back in the queue. Let others come in.

There is long queue there. Thank you so much.

Hi. Thanks for the opportunity.

My question is simple. What was the execution in terms of megawatt in Q1?

What is the approximate number we are looking at for FY27?

Thank you so much. We changed the track two quarters before, we do not announce anything on megawatt now.

It is the number of machines that we [crosstalk] Previously we had made an announcement that we'll move from the machine volumes to the revenue numbers, and that's what been guiding, the revenue targets and the margins there, and we'll restrict ourselves to that.

Okay. Revenue margin, revenue guidance and margins would be welcome.

We remain committed. We mentioned that in the last quarter.

We remain committed on our yearly revenue and margins.

We maintain that revenue guidance of 75% growth over the previous year, and our EBITDA margin of 20% to 22% on a consol basis is what we maintain our guidance for the full year basis. Also, you would appreciate that this is a H2-heavy business.

Normally, typically, what we do is 70% to 75% of the business is captured in H2, and we maintain that.

Okay. That was from my side.

Thanks.

Yes, hi. My first question is regarding the blended per-megawatt revenue that we would have generated for the 10.5 GW portfolio.

Could you please share what that number was?

I think

[crosstalk] Madhu, you want to answer?

Yeah. What we've already guided for in the past on INOX Green, the turbines that we have been doing, the blended per megawatt is ₹9 to ₹10 lakhs.

The other two investments that we have would be substantially higher from this number, but once that gets consol, we'll give you those numbers too. They'll be substantially higher from these numbers.

No,

I understand that, as you mentioned in your prior calls. For the purpose of mathematics, for this 10.5 that you've done, should I assume, 9 and 10 is a very large range.

Is there a number that you have?

If you'd see, 10 gigas that you're talking about, they're still not being consolidated.

Right. The numbers,

the revenue numbers in Q1 that you're seeing is not for the consolidated operations. It's only for INOX Green turbines that we were traditionally doing.

The other two investments are still classified as investments, and they will get consolidated once the approvals are in place. Beyond that, I think we will not be able to comment as we are under the silent period there.

No, understood. That's roughly about 4 GW, right?

Because out of 10 and 1/2, you have 6 and 1/2 as investments. So 4 is your, 4 is the number on which the revenue has been reported.

Is my understanding correct?

Yes, that's correct.

On that 4, what number should we pencil in for the per-megawatt realization?

That's exactly what Devansh has just mentioned. For our portfolio of approximately 4 GW of wind, the per-megawatt revenue is about ₹9 to ₹10 lakhs per megawatt, excluding GST.

For the two acquired portfolios, which are currently investments and accounted for as under AS 109, we will be able to do line-by-line consolidation of those two acquired portfolios once we acquire the shares. Right now, these are investments, we haven't acquired the shares.

Got you. Thank you, Shweta.

The second question I had was regarding the overall wind portfolio. What you're mentioning are only these two elements, which is the organic part as well as the acquisitions.

Now, INOX Clean has also been adding capacity, say, the Vena acquisition or the other acquisitions that they've made. When will those capacities get reflected in your portfolio?

Is there a timeline to it? Could you shed some light on that?

If you're talking about Green, it will be over course of time. We have just acquired all these portfolios.

You are right, and that's what we've been saying, the group synergies out of INOX Clean, the biggest beneficiaries would be Wind, Green, and Resco. Because what INOX Clean does, and INOX Clean we have stated publicly, that's almost 3 GW plus kind of portfolio annually.

All this, if it was 3 GW, see,

roughly 25%, 30% is wind, so that gets to Wind. The entire portfolio for O&M comes to Green.

The entire EPC that were to be done would come to Resco. You would see all the synergies of what INOX Clean is a very strategic initiative and a big, big value creator for the entire group.

Wonderful. Yes, great.

Thank you.

Thank you.

Hello, everyone. Am I audible?

Hello, everyone. Basically, I'm an individual retail investor.

I just have two basic questions. My first question is, the stock has fallen from almost more than 60% from the all-time high, right?

Do you have any plans to increase promoter shareholding?

No plans as of now, but we'll keep evaluating over a period of time. There's no firm plans as of now.

Okay.

My second question is, basically, from the past few quarters, I have been observing that you have been delivering excellent performance. The only concern is, it feels like you are overpromising and underdelivering.

I would say maybe next quarter, can you confirm that at least a 30% increase in revenue and maybe EBITDA margins of 20%, is it achievable at least 30% minimum? Can you confirm that?

This is an annualized business, on a quarterly basis it would be pretty tough for us to say. As I have guided earlier as well on the call, we are mindful of what you've said.

There have been challenges, and we maintain that, right? Last year, because we were doing a lot of it on turnkey and strategically pivoted towards the equipment supply.

When you move and when you take a large strategic shifts, there's some disruptions. You would see the operations have shown enough resilience to at least post flattish Y-o-Y results as well.

Despite that, what we believe that we'll be able to achieve a 75% growth over the previous year. Yes, this is H2-heavy business, and the numbers will start reflecting in H2.

You'll see significant improvement in Q2 as well, but I will not be able to comment on the numbers of 30% growth. Quarterly basis, we cannot quantify that.

Yes, on an annualized basis, that is the number we're sticking with.

We remain on our guidance that we gave a quarter before for the full year.

The reason I said 30% because so basically, I have observed that in the past few years, I agree that definitely H2 is greater than H1. As you said, H2 would account for more than almost 50% to 70%.

That is the reason I'm just saying at least 30% is achievable in Q2. Because

we [crosstalk] No, thank you so much. We are not guiding in terms of percentage.

Let me reiterate. We remain firm that we would achieve the numbers that we just mentioned for the full year.

All right.

That's it from my end.

Thank you.

Hello, everyone. Good evening.

I largely have questions from two fronts. Basically, I just started covering this company last quarter, and there are just two fronts where I'm unsure where I could get some clarity from you people.

Is our trade receivable, they are significantly higher than our peers. Also, I understand that this is a result from our legacy EPC business also.

What I am trying to understand is EPC, which is done through our subsidiary company, these trade receivable numbers are there in consolidated level as well as in our standalone balance sheet. I was trying to understand what's the method here to secure an EPC order and then executing it on both standalone level and consolidated level?

Going ahead, I understand we are trying to gradually move our order book from EPC heavy to equipment heavy, which will eventually make things better at least for trade receivable front. I was trying to understand how these two are placed on both consolidated level and standalone level.

This is the first point where I would like some clarity.

In terms of the receivable as a numbers, this is a quarterly numbers, the receivable numbers are not disclosed as not required by that Ind AS and the LODR requirement. As we have guided, we are sticking to our working capital guidance, which we have provided on the annualized basis, and we are keep improving in terms of the last quarter.

Our working capital cycle has been improved. In terms of the receivable numbers per se, our receivable is accounted as per the Ind AS 115, which is on the risk transfer basis.

Some part of the receivable got stuck in receivable till it is got commissioned. Till it has got commissioned, the receivable got to start reflecting that receivable will show in a higher number.

As we are moving towards the equipment supply, as you rightly said, this receivable numbers will start dropping significantly, and you will see a lot of improvement in quarter two and quarter three onwards. I will just add here.

Even the receivable days in this quarter, while they are not being published, it would have shown a downward trajectory. That is exactly one of the reasons we have pivoted towards equipment supply.

We were mindful of this, the working capital issues, and to improve on our working capital issues, we have pivoted towards equipment supply. Over the course of next three, four quarters, you will see all these numbers falling off drastically and the balance sheet improving big time.

Okay. Fair enough.

On second front, I wanted to ask about our I know that you mentioned that the 4X model is expected to launch by August right now. Is that the understanding, right, this year, this month, August is going to be the launch for 4X models?

Commercially, it'll take a month more. Yes, in terms of installation and operation, it'll happen in a month.

Okay. I just wanted to ask, I also just looked into our peers, their product offering has, I don't know what quantum of their product offering is coming from higher models, say, 5X models and 6X models.

I was trying to understand the dynamics, the requirement, and the demand-wise and how [crosstalk]

Sorry to break you here. I would suggest, first of all, thank you to be our investor.

I would suggest that you take up separately with our relationship team. They would be able to help you understand better, not in this forum, please.

All right. Thank you so much.

Have a wonderful evening.

Thank you.

Hi. Am I audible?

Thank you for the opportunity. Sir, I am a shareholder of your company since FY23 when the company first inflected.

You've done all great work, which is why the market also rewarded the company. I just want to understand, what are the disruptions exactly that you are facing when you are changing the model from turnkey to equipment supply?

Now the guidance which you have for the full year, the ask rate is almost ₹6,500 crores of revenue in the next three quarters. There's almost a 100% growth rate for those three quarters.

Does this look achievable? The reason I'm asking you this is the market will reward certainty and consistency, you know that well, and I just want your perspective.

Thank you. Let me answer the second point first you raised.

Look, there is a great difference between when you do an EPC versus when you do an equipment supply. It brings on an equipment supply, we just have to bring a customer who has placed an order on us.

He does the inspection, the material moves out. We make multiple turbines in a month, and we look forward for our customers to have an inspection and take the turbines.

This means a faster changeover and achievement of a better results both in terms of revenue as well as cash. Yeah.

You said what are the disruptions. Look, the disruptions on the EPC still remain the same.

They have been there for years: the ROWs, bringing the equipments, sometimes the customers are not ready. The weather also plays spoilsport.

All these issues, something manmade, something beyond your control, this will continue. That is where we made that call couple of months back, which we say as a Vision 2.0, yeah, where INOX Wind will pivot towards equipment supply alone.

I mentioned in my speech that 60% of order book today stands on equipment supply. This would mean that starting quarter three, probably end of quarter two, INOX Wind would see a significant change in terms of financials, both the bottom line and the cash reserves.

Thank you so much.

Sir, just one more question. Since INOX Clean is going to be an increasingly big part of our order book, just want to confirm whether the terms at which we do business with the group entity are same or similar to the terms we are doing with other entities.

A

great question. Great.

Let me reconfirm this. We do the business in a most ethical and legal binding way.

All our contracts between entities are at arm's length. The terms of payments, the inspections, the way we work, it's INOX Clean for INOX Wind is a customer.

They are treated as a customer. They behave as a customer.

They do all our inspections. Please, rest assured.

Clean remains a customer to INOX Wind.

As much as INOX Wind is dependent on INOX Clean, INOX Clean is as much dependent on INOX Wind as well. It is not that INOX Wind is the only beneficiary.

INOX Clean, the supplies, it gets a secured supplies from INOX Wind as well. There's no preferential pricing for any customer, be it INOX Clean or anyone or a third party.

Okay. Thank you, and I hope this year is again an inflection year for the company.

Thanks.

Thank you so much.

Hi. Am I audible?

This INOX Green, the other income of ₹57.9 crore, can you break it up between how much is the income from assets that are being acquired versus the value-added services and versus the treasury income in that?

As far as the other income is concerned, majority of that income around ₹57-odd crore, ₹50, or ₹50 crore plus is related to the operational income, which includes the asset which we have acquired, as well as the value-addition services. The balance is towards the treasury income.

Can you break ₹50 crore into

that? That would be tough for us to break that down right now.

We can get on a separate call. Just to reiterate on that 50, this does not reflect the entire earnings of that company.

As per the accounting policies, only a portion of it is what we can consol, and that's what we are consolidating.

Got it. The second question I had was, if we exclude the income from assets being acquired, then the legacy assets' EBITDA level seems to be earning much lower.

Is there a reason, either accounting or otherwise, which is causing this? As you basically meet your guidance and go towards this maybe early next year, what kind of profitability do legacy assets you think will earn?

Madhu, you want to take that?

Yeah. Rahul, see, generally, our guidance on the O&M business of wind portfolio stands at 50% EBITDA margin.

That has been guidance, and this is coming from a regular O&M contracts as well as value-added services, which are part and parcel of the same package, okay? This is not including any treasury income or something.

This is 50% on the INOX portfolio right, which is currently which is taken as 4 GW. Similar to the portfolio which is under acquisitions, since there are a higher age limits, their revenue is much higher and the EBITDA margin is also higher.

Since several quarters, we always maintain that our EBITDA margin is close to 50%.

But [crosstalk] Madhu, I think he was trying to figure out why we are saying 50%, why it is not reflected in the numbers

of the previous year.

Yeah.

I'm coming to that, Vibhu. In some quarters, some of one-time expenditures, some infrastructure enhancement, some life extension activity, and the cost involved will be slightly varying.

That is what generally it happens. That's what we mentioned in the opening remarks also.

Rest assured, it is 50% as the guidance we always maintain.

Great. Thank you.

Also,

if I could just add. As Madhu has mentioned in his opening comments as well, there were a lot of expenses that we incurred, which is reflected in the plant load availability as well for us.

We've been doing a lot of expenses through the previous years. Also, some of the expenses that we incurred for value-added services, which were not being billed, but were being expended by us, going forward, there will be separate billing for all these value-added services like life extensions for all these services or major overhaul of turbine end of 10 years, 8 years, or 15 years.

All those, while they were being expended, they were not being billed separately, which is the right way to do it, and you will see it getting reflected from this year onwards.

Thank you for the opportunity. Just a quick question regarding INOX Wind.

Since the financial consolidation of INOX Wind World acquisition now expected post Q2 FY27, would it be updates about our earlier EBITDA guidance of ₹600 crore, considering Q1 EBITDA of ₹67 crore?

I think beyond whatever is there in the public domain or what we have guided for 600, we are sticking to that. We are in the silent period, and owing to that, we cannot comment further on any of the guidances, future guidances.

We maintain guidance what is there in the public domain, what we have guided for in the previous quarters. We are sticking to that.

That was also to do with the post-consolidation numbers, which is there's always subject to a couple of quarters delays in terms of consolidating into the parent.

Which means, if I understand you correctly, the consolidated numbers could reflect that's Q3 onwards, right? Q3 and Q4.

For that two quarters, we can expect ₹600 crore. Is that right understanding?

Yes. Annualized basis, you can see that, yeah.

Okay. First is that so for next year, if you see FY28, roughly you can expect around that ₹600 crore with EBITDA, or it will be even more?

As I said, I will not be able to make any forward guidances beyond what is already in the public domain.

Okay. I'm not trying to understand about FY28 exactly, but I'm just trying to understand, this ₹600 crore EBITDA for FY27, is it belongs to two quarters, that is Q3, Q4, or it is starting from Q1 itself?

No, it's on the annualized basis. 600 is the annualized basis from Q3, Q4 onwards is what you can expect.

Yes, there is an annual escalation as well, which is a natural business. That is where I will leave it right now.

Then

it will be proportionately And that was an annual guidance, not the quarterly guidance. I cannot achieve 600 in a quarter.

Understood. That's fairly understood.

So ₹600 crore, proportionately for FY27, right?

I have mentioned that ample number of times.

Sir. Thank you so much for that, sir.

Hi, good evening, INOX Wind team. My first question is, when we can expect the listing of Resco, and can you give me some idea about the reported EBITDA of Resco in financial '26 and any forward-looking guidance for coming 1 or 2 years?

The record date is already over. Now this is the procedural aspects which we cannot comment on.

We expect to happen it sooner. 2 months, 3 months, 1 month, we are at the best we can just judge about it.

So 2 months, 3 months is what it should take, not beyond that. We will elaborate on all the plans of Resco closer to the listing, and we'll give out a presentation to all the investors.

At this moment, we'll not be able to guide on the numbers or projections for Resco.

It's a regulatory process. There's nothing that we can do.

Thank you.

Okay. Secondly, if the company's INOX Wind is shrinking the EPC business, EPC is a big part of Resco, then I think the Resco future revenue visibility may take a hit.

Great question. Thank you so much.

That's the reason I said, please hear me out loudly. I said Resco will continue doing EPC irrespective of whether it is being done for INOX Clean or some very strategic customer that we will choose depending on the market condition.

To compensate that, I mentioned about a couple of things. We are looking at enhancing our manufacturing capabilities under IRSL.

One being transformers, which is not limited to our captive requirement of only solar and wind, but also moving up the value chain to 100 MVA and beyond. I talked about our own crane business, which has been giving us good returns.

Couple of cranes are already with us and a couple of them will join in. I also mentioned about technological value-added and high-margin power electronics products like inverters, like the unit substations, and the capacitor systems.

This has been planned in the year, and we believe these expansion plans for IRSL will outsmart any lesser volumes that anyone would expect because of shrinking of EPC business. Thank you.

I'll just add to what Sanjeev said. We have given in our presentation that our order book about 40% of third-party orders are turnkey.

That's a very large component anyway, plus 1.5 GW of the MoU which we signed with INOX Clean, as well as the 200 MW LOA which we have from NLC India. These are all turnkey.

IRSL continues to have a very robust pipeline of EPC projects.

Thank you.

Yeah. Sir, am I audible?

Yeah. I think I need to understand, what is the reason why there is no year-on-year growth in revenue for INOX Wind?

Is it because INOX Wind have completely stopped doing EPC business? Hello?

Management line? Hi.

If I heard it correct, you're talking about no growth in INOX Wind on a year-on-year basis. Is that correct?

Yes.

Yeah. We have elaborated and enumerated earlier in the call as well.

This is on account of the change in strategy where we have pivoted to equipment supply, and that leads to certain disruptions. The operations have shown enough resilience to at least be at par with the Q1 of the previous year.

Having said that, we are maintaining our guidance, and we are hopeful and we are confident of achieving. While we have not lost anything in our math, if at all you have lost anything, we'll hopeful of covering that in the next few quarters.

We've said H1 is almost 25% of the annual operations. If you were to do that math, we are almost on track, barring 5%, 10%.

Also full-year basis, if you see FY26, revenues were up about 23% compared to the previous year. I think quarterly, we may not look at it for every quarter, but on an annual basis, we showed healthy growth in revenue.

FY26 over FY25.

Okay. I have one more question.

Last quarter earnings call, you mentioned there was about ₹400 crore of revenue which were deferred in Q4, and we are expecting to recognize it during Q1 and Q2. Is there any update on that?

Hello?

Hi. We have partly recognized that, but as I said, as we're pivoting towards the equipment supplies, this will get covered in the next few quarters.

This will be entirely covered in this financial year itself. If not in Q1, Q2, over the entire financial year '27, this will be covered.

Okay. We can assume this quarter, there was no contribution from EPC business.

It is completely equipment supply.

I think you're getting confused. We are not talking about EPC.

Let me come in. What we said is, your question was, what did we do for the last quarter, the revenue which was coming in.

Partially, it has been recognized in the present quarter, and the balance would be in the full year. Our incremental revenue or margins on equipment supply would start flowing to us either in quarter two end or definitely in quarter three.

Okay. That's it from my side.

Thank you.

Hey, guys. Am I audible?

I do recognize that the business is 30/70 split. You guys have guided 75% increase, and in the first quarter, there is no incremental revenue.

Then in the next three quarters, we need 100% increase to match the guidance. What is going to significantly change in Q3, Q4, which gives you insight in terms of 100% improvement in the revenue?

Is there any key initiatives that you are targeting apart from EPC mix? Because EPC mix, obviously, this quarter has also improved from last year, but I could not see any increment.

Obviously, you have highlighted that ₹600 crore of miss in last year has also been recognized in this quarter somewhat, then probably we have degrown. Thanks.

Gentlemen, I think we said that typically in EPC business is loaded mostly in H2. Our equipment pivot that we did, yeah, that will start showing results in quarter two end and predominantly H2.

We remain confident that this strategy will work. It has started showing its results, but predominantly on the numbers, it would be seen better in Q3 for sure.

Why we are confident of achieving these numbers, there are two reasons for it. Why did we move from turnkey to equipment supply?

Equipment supply, I am not restricted to a certain client. There's a site ready, I can supply my equipment.

In the turnkey project, I am restricted to that client where I'm working on that site. If the site is not ready, I will not be able to recognize the revenues.

In this case, there's enough leeway, there's a lot of flexibility with me to shuffle between the clients. If my turbine is ready, if X site is not ready, I can always sell it to the Y site.

That is why we are confident. Yes, I can't just switch from in a quarter from one strategy to another strategy, it takes time.

On a yearly basis, my infra is ready, the clients are ready, there is enough, and as we mentioned, the biggest driver being INOX Clean as well, and there is a host of other clients that we have, and these are all marquee names that we have just enumerated, and we're getting repeat orders from a lot of customers as well. We are confident of achieving the numbers that we've said.

Yes, there will be disruptions when you move from one strategy to the other.

Got it. One another small query.

I've been in all the concalls for last three quarters, and every concall, we have missed the guidance by some margin. Every concall, we have been 100% confident that we will be achieving the guidance.

What is going wrong there?

Gentlemen, there is nothing wrong. I think this pivot strategy to move to equipment has been mentioned several times.

The biggest player today is INOX Clean for us. The orders is already there.

I mentioned about 1.5 GW of orders coming from Clean. The balance customers, 2/3 of them 2/3 of the balance stuff comes from our IPPs and C&I customers.

We have 4.4 GW of orders in backlog to be executed. 70% of that comes from equipment supply.

We are pretty confident that on a month-by-month, on a quarter-by-quarter, we would deliver better than expectations. Then

we've been mindful of whatever we see. You've rightly said, yes, there have been certain misses.

There's been never a word of appreciation when we have beaten all the EBITDA guidances in the past. When we started a year back, we were 15%, 18% EBITDA margin, we're upwards of 22%, we're 24%, 27% this quarter.

Right, there's not been a single word of appreciation on maintaining or improving on the EBITDA margins. We don't work for the investors, honestly speaking.

It is for the sake of the business, what is good for the business. You have to be mindful that while we're coming out of the lull period, we thought there is a lot of way we could make, but we realized during the course of work that there is certain challenges, ongoing challenge.

What did we do? We went, changed the strategy.

We were very swift and nimble to change the strategy to equipment supply. What is it that we have today?

We have a host of customers. So 4 and 1/2 GW, even if you take 1.5 GW annual, right, I'm covered for the next 3 years.

These are large equipment supplies. This is large in-house or group company orders.

These are orders from most marquee names. We just announced NLC order.

These are all repeat customers as well coming back to us. Yes, there were certain slippages, but at the same time, we have tried to cover that through improved EBITDA margins, improved business performances, or what value-added services can you bring on the table.

That's what we've been working for the business, and we are here for the long run. We are not on the quarterly basis.

There could always be slippages in the quarterly basis, but in the long run, we have done everything that we could do to improve the business performance and maintain a healthy financial position.

Enhance the share value.

Obviously, that's why

we are [crosstalk]

in the company. We appreciate, and obviously, in the next quarter, if you are meeting the guidance, I would definitely congratulate you.

Thanks a lot.

Hello? Yeah.

Thank you so much for taking my question. A lot of my questions have been answered.

Just one question from my end, sir, that what are the risks that you see that in case that we cannot meet the 75% guidance? I know we are very sure, but a lot of factors will not be in our hands that you see on a daily basis.

Someone who's not in the business, could you just elaborate some kind of risks that can happen in our business, sir, that we'll not meet the guidances?

Thank you so much, and I would say only force majeure. Things which are beyond our control.

No one had an inkling about this Middle East crisis. Something like that, otherwise, this pivot to move to equipment supply, honestly, we don't see a risk of not meeting our deliverables.

Thank you.

Okay. That's really great, sir.

That's it from my side. Just one more question.

In the PPT, I don't know if we could find how much product and how much EPC business have we done. If I think going forward, you could mention that, that would be helpful, sir.

I think we've not announced that, but we hear you. Probably going forward, we will start see if we could provide those data as well.

That's really helpful.

Thank you so much.

All the best. We'll see.

Thank you so much.

Thank you so much for attending it, and we'll see you next time. Thank you so much.