Thank you, Pari. Good evening, everybody.

On behalf of JM Financial, I welcome you all to the third 3Q FY26 earning call of INOX Wind and INOX Green Energy Services. For today's call, we have with us the leadership team of both the companies led by Mr.

Kailash Tarachandani, Group CEO, Renewable Business; Mr. Akhil Jindal, Group CFO, INOX GFL Group; and Mr.

S. K.

Mathusudhana, CEO, INOX Green, along with the senior management team. I would now hand over the call to the management for their initial remarks, after which we will open the floor for the Q&A session.

Thank you so much, sir, for your kind presence and giving us the opportunity to host the call. With this, I would like to hand over to Anshuman for taking it call forward.

Over to you, Anshuman. Thank you.

Thanks, Sudhanshu. We'll start with the brief presentation from Mr.

Kailash Tarachandani, who's the Group CEO of the Renewables Business under the INOX GFL Group, and then move to the briefing on INOX Green by Mr. S.

K. Mathusudhana, and then we'll open the floor for the Q&A.

Sir, Kailash sir, we'll start with your briefing.

Thanks, Sudhanshu. Thanks, Anshuman.

Good evening, everyone, and thank you for joining the quarter three FY26 earnings conference call of INOX Wind Limited and INOX Green Energy Service Limited. I will first brief you on the financial and operational achievement of INOX Wind for the quarter under review, as well as other key developments and future road map before handing over to Mathu for his briefing on the development of INOX Green.

We are pleased to inform you that we have been able to deliver yet another quarter of growth in quarter three, despite substantial on-ground challenges, in particular from some of the customer where there are delays in site readiness, impacting wind turbine off-take. I'll briefly take you through some of the key details of INOX Wind financial performance for quarter three FY26.

On consolidated basis, INOX Wind has reported revenue of ₹1,238 crores, an increase of 24% YoY; EBITDA of ₹313 crore, an increase of 39% YoY, excluding one-time gain in quarter three FY25; profit before tax of ₹209 crore, an increase of 62% YoY, excluding one-time gain in quarter three FY25; profit after tax of ₹127 crore, an increase of 14% YoY; cash profit of ₹262 crore, an increase of 38% YoY, excluding one-time gains in quarter three FY25. We continue to deliver strong margins supported by the various initiative which we have been undertaking in the past quarters, including our successful backward integration into cranes and transformer manufacturing.

Coming to the order book, we continue to have a large and very well-diversified order book of 3.2 GW, having added almost 600 MW in this financial year, including orders from marquee customers like Aditya Birla, AMP Energy, Jackson, and First Energy. We expect to further add to this order book given that multiple customer negotiation are nearing closure.

We are confident of closing FY26 with a strong net order book, which will provide execution visibility for the subsequent 18 to 24 months. We are progressing well on the launch of our new 4X 4.45 MW turbine and expect to receive all approvals and subsequently commercial launch the product within this calendar year.

Our O&M subsidiary, INOX Green, continues its strong growth trajectory reaching 13.3 GW-hour of wind and solar portfolio diversified across India. With its strong growth prospects, INOX Green is on course to becomes India's largest renewable O&M company.

Further, the scheme of demerger of INOX Green's substation business and its merger into INOX Renewable Solutions is in the final stages of hearing at Hon'ble NCLT Ahmedabad. Post receipt of approval from NCLT and the merger of the asset, IRSL, which is INOX Renewable Solutions, will be automatically listed on the stock exchanges.

Additionally, I believe both INOX Wind and INOX Green will be the beneficiaries of the rapid growth across IPP and solar manufacturing businesses under INOX Clean Energy, our group company which has large-scale expansion plan across India and has recently announced its joint venture foray in Africa as well. INOX Clean has ambitious plan to set up 3 GW of hybrid renewable IPP projects annually, which provides large recurring annual order visibility for IWL, INOX Wind Limited, and strong portfolio addition for INOX Green.

As we near the close of financial year '26, we are recalibrating our guidance for both financial year '26 and financial year '27. Going ahead, we'll be providing revenue and EBITDA margin figures and growth thereof, resulting in more certainty for investors and analysts on the annual numbers instead of the megawatt numbers.

For FY26, we expect to achieve a consolidated revenue of over ₹5,000 crore, translating to over 35% YoY growth. Further, we are substantially upgrading our full year FY26 EBITDA margin guidance to 20% to 22% 22% 22% versus 18% to 19% earlier.

For FY27, we expect our consolidated revenue to grow by around 75% over FY26, with EBITDA margin of 20% to 22%. The shift in our guidance from megawattage to financial number is on account of the complexities of the nature of the business that we are in today.

Today, we are working across more than 25 sites with over 15 customers, all of whom have different scopes in the contract. This may include plain equipment supply with no EPC; equipment supply with limited scope; EPC, which may include foundation, erection, with cranes, without cranes, apart from end-to-end turnkey.

In the recent quarters, we have witnessed delay at the customer site resulting in postponement of off-take of wind turbines, which is beyond our control. This is something which most of the industry participants are facing currently.

Our order book has changed substantially over the past year from being largely turnkey to 50-50 turnkey and equipment supply currently. Consequently, delays at the customer end on equipment supply projects are tough to make up with increase in turnkey execution during the year, as turnkey involves a lot of advance planning.

However, we have been able to make up for the lower off-take by undertaking certain other activities, thereby ensuring that we deliver on our annual business plan. Wind continues to be integral to India's renewable growth story.

With India's power sector poised to deliver its best-ever annual capacity addition figure in financial year '26 and moving towards 10 GW annual capacity addition in the coming years, INOX Wind is well placed to deliver tailor-made wind solution for the ever-evolving customer requirements. I would now hand over to Mr.

S. K.

Mathusudhana, CEO of INOX Green, for his remarks, after which we will open the floor for Q&A. Thanks.

Thanks, KT. Good evening, everyone.

I will first brief you on the financial achievements of INOX Green during the quarter before moving to other aspects. During Q3 FY26, INOX Green reported total income of ₹112 crores, up by 51% year-on-year; EBITDA of ₹53 crores, up by 80% year-on-year; profit before tax of ₹40 crores, up by 261 percentage year-on-year; profit after tax of ₹25 crores, up by 375% year-on-year; cash PAT of ₹51 crores, up by 116 percentage year-on-year.

Machine availability for entire portfolio averaged around 96.5 percentage. As we have maintained, a significant part of our profitability is currently being reported as other income as per the accounting norms.

However, these are operating in nature. INOX Green's portfolio stands at 13.3 GW, comprising of around 10 GW of wind assets and 3.3 GW peak of solar assets.

This also includes the investments which we have made to acquire 6.5 GW of operational wind O&M assets of two major companies. We expect to complete the acquisition process soon, consequent to which the consolidation of financials into INOX Green will result in a multifold increase in consolidated EBITDA and PAT for FY27 over FY26.

INOX Green has witnessed strong portfolio growth adding solar projects from KEC International and group company INOX Clean. We continue to work on unlocking further synergies amongst our existing and recently taken over assets to improve the performance and margins from the assets.

With all our investments formally folding into INOX Green's balance sheet along with organic growth, we expect the EBITDA for FY27 to be upwards of ₹600 crores. We have recently seen success in offering WTG overhauling packages to customers, which will aid in increasing the life of the turbines and enhancing output.

This business stream has substantial potential for growth going ahead. At INOX Green, as part of our digital initiatives, we are also exploring the development and deployment of specific agent AIs across low-value add job profiles to enhance the speed of execution and increasing margins and reducing the manual dependencies.

Finally, I would like to inform our investors that the scheme of demerger of substation business from INOX Green and its subsequent merger into INOX Renewable Solutions is in the final stages of hearing at Hon'ble NCLT Ahmedabad. Once this scheme receives the final approval from the NCLT, gross block of around 1,000 crores will be eliminated from INOX Green's balance sheet, and subsequently, the annual depreciation of around 50 to 55 crores will be eliminated, thereby increasing the profitability.

It will also lead to significant improvement in the ROE and ROCE of INOX Green. We will now open the floor for the Q&A.

Thank you.

Yes, thank you so much for taking my question. While you have withdrawn the guidance in megawatt terms, how are we looking at Q4?

Are we seeing any recovery in terms of the fact that, as you mentioned, there were delays? Are the issues in these projects getting sorted out?

What do we think that Q4 installation could look like?

Hi, thanks for the question. Obviously, we've given a revenue guidance this time for FY26 and FY27 as well, FY27 being 75% growth over FY26.

Given that nine months have passed, you can make out on broadly what the revenues will be for Q4. You can in fact infer on the megawattage side as well.

We've been consistently giving the per-megawatt revenue figures over the last quarters, there can be inference. Now, on the issues, so as you are well aware, it is not a company-specific issue, it's there across the industry.

What we've been seeing is that a lot of customers that we have, especially on the equipment supply side, with the contracts which we've taken over the last one, 1.5 years, many of the sites are not ready to the extent that it was planned. Some of the customers may have taken, let's say, some components, not all components, which is why there is a lot of variabilities.

In terms of megawattage number, giving you a particular megawattage may not give you the right picture.

Also, it is much easier for us to give you a guidance on the revenue, which is in our control, than the megawattage, and hence the shift.

Right. Thank you.

My next question is on working capital. How many days of working capital are we currently?

What are some of the things that we are doing to reduce this further?

Yeah. By this financial year end, we are targeting 200 days of working capital days.

I think in the earlier call, I think you had mentioned 120 days. Why the shift?

Broadly, in the longer run, we are looking for a working capital cycle of 120 to 150 days. By this year end, it would be 200, and by FY27, hopefully, it will be somewhere in the range of 150-odd days.

All right. What is it at the end of Q3, the working capital days?

Broadly in the range of 200 to 210 days.

All right. Lastly-- See,

as you can appreciate, there is a lot of execution happening, we are ramping up, revenues are increasing significantly over the last few years. It's a lot of challenges on the ground, customers as well.

That is why on the working capital side, as we had earlier maintained 120, we will be achieving that over the next--

This is just a reflection of the ramp-up that we are seeing today, but this will get normalized as we move ahead.

All right. Lastly, could you just give me the revenue, EBITDA, and PAT for INOX Clean Energy for this quarter?

INOX Green?

INOX Clean.

That's a private company.

INOX Clean has nothing to do with this. INOX Clean is completely at the promoter level and has nothing to do with this.

It is a strategic asset for us which provides a huge revenue visibility for both Wind and Green, but beyond that, it has nothing to do with this.

All right, got it.

We can discuss separately if you want.

Yes, thank you so much.

Am I audible, sir?

Yes, you are.

Okay. Thank you very much for this opportunity, sir.

Just I wanted to touch upon your debt levels, debt part. What's your current gross debt level as of 3Q, and how do we see the debt level in next one to two years?

No, at the end of H1, we were net cash, and we still continue to be a net cash company.

Right. Do we have that figure separately, the gross debt and the cash level?

In fact, we'll keep it for the next quarter. We'll give you the net cash figure in the financial year.

Okay. Okay.

Okay. That should be it from my side.

Thank you.

Thanks for the opportunity. I have a couple of questions.

The ₹600 crore EBITDA guidance that you have given for FY27, will be on the entire portfolio of 13.3 GW?

Yes, this is what would be on the entire portfolio that we have given. Just to clarify for the larger audience, he is referring to for INOX Green EBITDA guidance, and this is on the entire portfolio of 13 GW.

Sir,

I just needed some help with the math. We have assumed a ₹10 crore revenue per gigawatt for wind and--

₹10 lakh per megawatt. It's ₹10 lakh per megawatt.

Revenue is around ₹100-odd crores per gigawatt, not ₹10

crores. Yeah.

Sorry, ₹10 crore EBITDA, right?

No, no, no. It's a 50%, actually, let me come in.

Out of 13.3 GW, 10 GW belongs to wind O&M services and 3.3 belongs to solar. Roughly we give a ballpark figure of 50% EBITDA margin for the wind business and solar is around 15% to 20% margin, okay?

That's

what we have given. Even in the wind also, there are different classification, substations and wind turbine, there are several breakers which I am not explaining right now.

Out of which, after the integration of merger of three companies, yes, the EBITDA will be around ₹600 crores and there will be more synergies we are looking into it. Like merging 84 substations across India, it will be a huge exercise and that will unlock a synergy value which we will reveal in the future.

Okay. Right now if we assume a ₹100 crore revenue per gigawatt on a 10 GW wind portfolio, we can assume a ₹1,000 crore revenue and a ₹500 crore EBITDA.

We have 3.3 GW of solar, ₹20 crore per gigawatt gives us ₹66 crores of revenue and 20%, around ₹13 crore EBITDA. Out of the 600, is my understanding of this ₹513 crore correct?

The balance may come from synergies, is that a fair understanding?

Yes, and there is a possibility to get north of 600.

Yes. Since we will have zero depreciation post-demerger, and your finance cost is virtually nil, your PBT should be equal to your EBITDA, give or take?

Our PBT would be equivalent to EBITDA. Further, as we have mentioned in the earlier call as well, there is a tax shield, there would be no tax outflow in the upcoming years as well.

Though there would be a deferred tax liability, but there will be no tax outgo. In terms of the cash profit, my EBITDA would be equivalent to my cash profit as well.

This deferred tax, can you help me understand how do I calculate it on the ₹600 crore of PBT? How much deferred tax will we have on our P&L?

Normal income tax rate. We are following 25% corporate tax rate, you can calculate 25%.

It would be, as I clarify, it is an accounting entry, nothing to relate with the cash outflow as such.

Accounting PAT would be ₹450 crores, understood. That's about it.

Thank you so much and best of luck.

Yes, hi. I want to understand, again, on INOX Green, post the demerger, how much revenue will come off?

Post the demerger, as we have clarified on the multiple calls, there would be a very limited amount of revenue in the range of ₹10-odd crore will be get out of the balance sheet, and around ₹50-odd crore rupees of depreciation will be go out from the balance sheet.

What you're saying is that there will not be any material impact, and the mathematics that the previous person asked, that is excluding or assuming the demerger is done?

As Mr. Mathu has clarified in his opening remarks, that this ₹50 crore of depreciation will go away, and accordingly, our profitability will get increased up to that extent.

Adding to the previous question and your question, see, we will be commissioning new turbines in this current year also. Those profitability also will be added.

That gives the solidity of ₹600 crores.

When you say you have a 10 GW wind portfolio, that is included till the quarter three of execution,

is that an understanding correct?

Yes. Yeah.

Right. Whatever gets executed in quarter four gets added to that mix, and then subsequently from quarter one, two, and three for next year?

That's absolute right.

Great. All right, great.

Thank you.

Hi, sir. Sir, my question is pertaining to the guidance.

I don't find any logic changing the guidance from megawatt to kind of revenue numbers instead of clearly saying that we are lowering our execution guidance. You've kind of changed the methodology of giving the guidance.

If I look at your numbers what you're quoting right now, it roughly points out that probably next year what you were guiding at 2 GW in FY27, would end up doing somewhere around 1.3 to 1.4 GW. Can you highlight what has changed in the last two, three months that now we are kind of lowering this execution guidance which we gave three months back?

We definitely see a lot of logic in moving to this because, as we've explained earlier in our comments too, we have a much greater control on the numbers, the financial numbers and the profitability, and whatever we are governed by is the profitability. As Mr.

Tarachandani had mentioned in his opening comments, there are a lot of on-ground challenges at times which is beyond our control, largely on the equipment supply projects where the infra is not in our control and has to be provided for by the buyers. Hence, there is certain delays, mismatches.

What I do in that time is if I'm not able to deliver the equipments, I can do some other projects, some other activities, setting up towers, setting up infra, which can compensate for the loss of the supply through this additional activities and hence meet my revenue guidance, which I have a greater control on. That is the logic of giving you these numbers.

Just to add on that, actually, if you see, we have now almost reached 50-50 kind of thing between turnkey and equipment supply. Earlier it was very easy to give on megawatt basis because largely it was done turnkey and it was more or less same pricing for all of them.

Today, when we are dealing with so many customers and equipment supply, every customer has a different kind of scope. It's not making sense that in some places we are giving only turbine, some places we are giving foundation, some places we are giving combination of that.

It's making more sense that in terms of holistically, we give our guidance based on revenues. Got your point on this thing, what you're trying to say, but effectively, there has been delays.

That's okay for this quarter and all. Do you foresee this delays continuing till FY27 and hence even the execution in FY27 what we were guiding three months back is also almost kind of 30% lower looking at your numbers for FY27?

If you look at it, we clearly said we're recalibrating it. Then while you're stuck on these broader numbers of the execution megawattages, but if you look at any of the estimates that anyone carries on the profitability, we are in fact beating those numbers through these guidances as well.

Whatever I believe the financial market is governed by the profitability numbers, and so is the company. Execution is just one of the parameters for internal evaluation.

I think, as I would reiterate, that profitability numbers, revenue numbers is where I have a lot of control, where I can manage, and that's why we're moving to this guidance.

Overall,

in the last nine months, sorry. If you see even in the last nine months, we have meeting while there could be certain slippages in the execution, my profitability numbers that I have guided for, I'm meeting those numbers.

Understand.

Overall, on the second part to your question on the FY27, we see that very positive. In the sense with many of these are new customers, marquee customers, we are getting better and better in terms of understanding there because these are new states also in Tamil Nadu, etc.

As you see that, even in the wind sector, till last year only, Gujarat, Maharashtra, Karnataka, and possibly was doing. Today, lot more states are firing.

Next year again I see Rajasthan opening up big way, Andhra Pradesh opening big way, a lot of MP is a lot of projects coming up. Many of this PGCI kind of grid connectivities are getting ready.

What it means that lot more customers, lot more equipment supply, you'll be able to play much more between what you do in terms of megawatt. In general, instead of explaining this, it makes sense that we continue to do it on revenue basis.

We have so many legs to play between in terms of scope, in terms of customer, in terms of site, in terms of states.

Got your point. Essentially, the execution what you were quoting three months back is going to be lower.

That's my point, and you confirm that, right?

It doesn't matter actually, as long as we achieve the goal from that perspective, it doesn't matter because ultimately that's what we should look forward to.

Thank you. Got your point.

Thank you. Thank you for the opportunity.

Yes, sir, I just have a follow-up on the previous participant's question. I just want to understand from a strategic point of view, what are the challenges which made us revise the guidance, what are the exact challenges on the ground, external challenges which is not in our control, which made us change our outlook from previous quarter to this quarter?

This question is just to understand what are the challenges you are facing exactly.

I think these are very routine. Actually, I won't say challenges.

It's part and parcel of doing infrastructure development in this country. There are always issues can keep up at the ground level in terms of land, in terms of connectivity or substation getting ready or getting 220 kV land.

These are usual things. If you ask me very frankly, my all turnkey projects are going more or less on time.

We are executing quite well. Since the structure has changed, 50-50, 50% I'm dependent and I have hold, my on EPC project, 50% I'm dependent on my customers.

In terms of as they keep catching up some of these IPPs and all that, we continue to do that. Going forward, we're anyway planning that so that at the same time we have a judicial control over our working capital and inventory also.

Instead of looking at megawatt, we just focus on revenue side.

Also just to add, if you see, while it is not that I am not delivering on these 800, I would do it. The nature of the business is such that you cannot hold on the quarterly basis.

It's very tough for me to estimate on a quarterly basis. There would always be a slippage here and there by a quarter or two.

To remove those vagaries, I am coming to this revenue guidance where I can always guide you better.

Understood, sir. Point taken.

It's a very fair point. I just want to understand one thing what has changed our outlook in three months, that's it.

What is happening on the sector which made us change our outlook in three months, nothing else. What you're saying is fair enough on the guidance.

That's the only logical thing to do it. If you ask me from sector point of view, it's very, very positive.

As I said that, it's only increasing. It's only that from my point of view, we were too much turnkey based.

In fact, it is better today. We are 50-50 between turnkey and equipment.

Turnkey brings lot more risk at my side, in terms of land, in terms of substation, in terms of 220. We have fairly managed and balanced between both the things.

That's why I said it's better for wind sector also, and it's better for us, because there are so many hands now involved. We're talking in this country now 5 GW, 6 GW plus kind of thing, which country had never delivered before.

Obviously, it makes sense that lot more people are developing together. In terms of understanding and just making sure that we can do it quarter-to-quarter is becoming difficult, and that's why I said we just go on the revenue.

Understood. I just wanted to understand if there is anything negative on the sector.

No, not at all, absolutely. It's very, very positive and--

Just following up on that, I'm sure everyone is aware that we've done 4.5 GW of installations, wind installations in the first nine months, and we are on course to do 6 GW, as we've been guiding all across. This is set to grow only with more and more projects coming in, we are getting a lot of orders from the C&I sector as well.

As you can see, we've grown a lot over the last three, four years. In 2022, we were installing only a gigawatt, now we are at six.

The sector evolves, the customers evolve, and we've also evolved.

Also we are on track to achieve 10 GW that we have been guiding you for. The sector is pretty robust and the demand is pretty robust there too.

It's only about shifting one quarter here and there, that's how it is always.

Understood. Understood, sir.

Just one more question I have. I understand C&I is increasingly becoming a very good segment in the sector.

Do you have any numbers, can you give me a flavor on what's the C&I order inflow like or the target market like annually?

I think if you see largely even today, all the customers I have apart from one or two PSU customers, I think all of them are C&I business only. As I see that even in the sector today, lots of SECI's bidder, a lot of those things have come up, but still there could be some challenges of PPA and all that.

Mostly what projects are being executed today on the ground, many of them, almost more than 50% will be of C&I only. That's how we are also there.

Understood. Out of four, around to 1.5 to 2 will be C&I.

Is that a right number to assume, sir?

Yes, yes. It will be more than that actually.

Achha. Okay.

Thank you, sir. That's all.

Hi. Just on INOX Renewable Solutions, do we have any specific timeline in terms of the demerger, when are we expecting the same, any update on that?

I know you've mentioned that it's in the final stages and all, but any particular timeline you're looking at internally?

Pradyumna, it is very difficult to comment on the particular timelines, but as we have explained that it is in the final stages. NCLT approval should come in a month or so.

We cannot comment on the specific timelines. Post receiving of the NCLT approval, it is a one, 1.5-month process for the listing of the company.

In all likelihood, if everything goes well, within three-odd months, two to three months, it should get on the bourses.

Don't take it as a commitment from our end because things are not there in our country. NCLT process, but we are expecting the order to come soon.

Understood. Thank you.

Hello, sir. My first question is, as given that India targets 122 GW of installed wind capacity by FY32 versus currently it has been 55 GW of installed capacity, there is a long growth runway in this sector, and your execution guidance for FY28 is 2,000 MW.

Now considering land acquisition issues, power demand slowdown, and competitive landscape, especially Chinese players, I wanted to know your view on the run rate regarding 2,000 MW execution. As you have mentioned it earlier that you have changed the parameters of recognizing it into revenue terms, but I just wanted you to shed light that will that be maintained or sustainable for the next four to five years after FY28?

Two

parts to this because, as I see, that, still country's looking for almost 100 to reach 100 GW by 2030, or you said whatever, the 2030, and we are at 55 GW. Obviously, it almost involved 8 to 10 GW.

I'll not comment because the execution is a challenge and it is there for all the player as such. Still if you see the way we are growing from 2, 3 MW to now fourth fourth four, and this year almost reaching six, I see the story remains very, very positive.

As I said earlier in my discussion, not in fact all states customers are working. In all states, I see that, lot of visibility in terms of wind turbines and projects are coming up, which was not the case just a year or two years back because not all states were working and there were some policy issues here and there.

Number two, if you see that PGCI started building up lots of infrastructure and connectivity only after 2021 when the regime changed, the it came to auction-based and all that. A lot of CTU connectivities are getting commissioned between different states from '26 to '30.

To cut it short, I say, the challenges are there and it will remain in this country from execution point on the ground, but it is still not very negative. It is still very positive.

From our side, it's just, as I said, different scope and different, our whole approach is now to go more on revenue focus instead of going on megawatt. At the same time, nowhere I'm saying in future from that point of view, it will mean that lowering the execution.

We'll continue to see that what best we can do in terms of execution to achieve our goals.

Sir. Got it.

My second question is on the basis of guidance. Could you please share your capex guidance for FY27 and FY28?

Also, how much capex has been incurred in nine months FY26, and what is the full year FY26 capex target? Additionally, what EBITDA margin guidance are you giving for FY27 and FY28?

Sorry to stretch it out, but also respectively what kind of realizations per megawatt for FY27 and FY28 on a blended basis considering 4 MW turbines has been launched and is operational?

Hi. In terms of the EBITDA guidance for FY26 and FY27, we have upgraded our guidance to 20% to 22% as against the figure of 18% to 19%, which has been emphasized by the Mr.

Tarachandani in the opening remarks as well. In terms of the per-megawatt realization, as we have explained various multiple times on this call, it is very hard to give because keeping in view the different scope, different component supply, and so on and so forth.

There will be no specific per-megawatt realization we are giving. In terms of, yeah.

Yeah. Just to the earlier comment, what we've actually made your life easier by giving you a revenue guidance instead of giving you and breaking it up into megawattage and revenue per megawatt, which you used to calculate the revenue itself.

We are making lives easier for everyone out there. On the capex guidance side, it will be around ₹200-odd crores for FY27.

At this point of time, we are refraining from giving FY28 guidances.

Okay. How much capex has been incurred in nine months FY26, and what will be the full year target?

This year's target is also around ₹200-odd crores.

Okay. Is there any accountability for nine months FY26?

Around ₹150-odd crores has been expended.

Okay. Got it.

That's it from my side. Thank you.

Thank you for the opportunity. I understand the discussion on the call that you have changed from gigawatt to revenue, and that is well understood.

Means earlier in the slides, we had guidance of 2 GW from '28 onwards, which kind of giving us the kind of sustainability of our business and the kind of maximum capacity which we can reach earlier. Now you have said that 75% growth in '27.

Post that, what will be our outlook? How shall we look at revenue growth post-FY27?

Can we assume that our 2 GW capacity to execute will be intact or there is some challenges and we can expect that revenue growth will taper down post-FY27? How should we look at?

See, as we have recently communicated and over the call for several times we have stated that why we are moving from megawattages to revenue, it's not because of the challenges. We don't see any challenge whatsoever.

2 GW, we will definitely reach there. It is only to move away from the volatilities on a quarterly basis and to have a firm guidance for you, and that is how we work.

Internally, we work on the revenue. The numbers for the business plan is always built on the numbers.

If you look at whatever numbers that we shared with you guys and the entire community for this year and next year, and the revenue numbers that were built on it or the profitability numbers that were built on it, we are beating all those numbers. Yes, there are certain challenges in terms of the equipment supply orders, their on-ground challenges, which shifts on a quarterly basis.

It's not that I will not achieve 2 GW, I will definitely achieve 2 GW and I will surpass that. When we said we are at 6 GW and we are going to 10 GW, yes, I will do more than 2 GW.

Would it be FY27, would it be FY28, it's tough for me to give you exact timelines. Yes, I can give you a firm view on the revenue and the profitability.

Yes, to answer, we are definitely on track to achieve more than 2 GW annually, but I will shy away from giving you the exact timeline for that.

If I can add a few points on that just to give more confidence on the growth. We always maintain a large pipeline, and also we have a group company called INOX Clean which is also adding more pipelines for the group.

The substations are getting merged, three major companies are getting merged in INOX Green, which we own substations across India, which unlocks lot of connectivity and future capacity, which no competitor have currently in India. Right now customers may be struggling that side, but INOX will not struggle anything in that area, which gives a additional competitive advantage, which will help us to see that 2 GW is not a challenge.

Not only from INOX Green point of view, but also from INOX Green point of view where we are continuously developing our own pipelines, there'll be a lot of opportunities within the group also to keep executing. Not only external, PSU market, a lot of bids are coming up, we are participating actively everywhere.

All in all, I think wind is here absolutely positive both from a sector point of view. Don't see any issue or challenge whatever number we are talking about.

As I said, let's maintain going forward on the revenue basis.

Fair enough, sir. That's it from my side.

No, sir, my questions are answered.

Hello. Hi, good evening, sir.

Thank you for taking my questions. Just wanted to understand that the realizations have dropped both QoQ and YoY, can you please explain why this has happened?

Could you come again, please?

Yeah. Hello, sir.

Is it better now?

Please.

Yeah. Sir, I was asking that the realizations have gone down both QoQ and YoY.

Can you please tell us what has happened, why the realizations have fallen by 10-odd percent? See, so

as we've been saying throughout the call, there were certain issues on the customer side, certain delay of sites and all, due to which some of the component supplies got disrupted.

Also see, sorry to interrupt, but this is the exact nature why we are moving to revenue guidance, because of the complexities. There are different businesses, there are different deliveries that we do on a quarterly basis.

Per megawattage number is something that differs on every contract that we execute. There is no comparison between each quarter.

That is the reason we moved to this revenue guidance and the margin guidance.

Both, because turnkey to equipment supply will always be lesser, and also as execution is improving and we are executing more and more, project revenues will always be on the lower side. That's the reason why you will see realization per megawatt quarter-to-quarter.

Instead it's better to look holistically at the annual basis.

Okay. Thank you, sir.

That is it. Thank you.

Thanks a lot.

Thanks. Sir, just a couple of questions.

One is that since you mentioned that for the sake of ease of investors, we are moving from megawattage to revenue, would that again be H2 heavy or would the run rate be similar across the four quarters? How should we look at it?

It will be always a little H2 heavy. H1 is many times leaner because of monsoon, to be honest.

That remains the fact. While quarter one will be again very good, but quarter two will definitely diminish the overall H1.

Understood. Sir, secondly, that number you mentioned, the 4.5 GW in FY26, what will be our market share in terms of commissioning in FY26 till now?

4.5 megawatt? No.

Please

clarify your question again, please.

Yeah. I am just asking, what is INOX Wind commissioning number, at an all-India level in nine months we did 4.5 GW, what is our share in that 4.5 GW?

Over the past quarters, a lot of our projects are at various stages of commissioning. Some of the projects, in fact, are ready, erected, but we've yet to receive the commissioning or the customer is yet to receive the commissioning approval.

Broadly, on the supplies that we've done, a significant percentage of it is nearing the commissioning.

We are not looking at all these percentage, market shares, and all that stuff. We are driven by profitability only.

We don't look at the market share. Yes, we have given what we have executed.

Understood. Sir, finally, how do we stand on the receivables front in terms of let's say number of days of receivables that is currently there?

Obviously, if you see our performance over the past few years, the receivable days are continuously improving. What we've guided, 200-odd days of networking capital days by this financial year end, you see the receivables days improving substantially over FY25 as well.

That will continue over FY27 also, because the target is to be somewhere at around 120-odd days of overall networking capital.

Wonderful. Thank you.

Thank you so much.

Hi, sir. Good evening.

What is the current visibility on additional order inflows for INOX Wind Limited, and can you provide any guidance on the expected order pipeline over the next six to nine months, 12 months?

Now, overall, as on date, we still have around 3.2 GW, which gives a certainty of next 1.5 to 2 years, if you ask from that point of view. At the same time, lots of orders are in advanced stage, and very soon, we should be announcing, I think, before end of this closures.

A lot of tenders have come, a lot of internal discussions are going on. I have internal pipeline, many of those things I have not added on that.

We have, if you go quarter-wise, quarter-wise, we will always be, ahead of what we say in terms of execution and what we get in terms of order booking. We are like today, actually, order booking is not a problem.

It's about how we deliver and how we continue to execute.

Got your point. Thank you so much.

Thank you. Thank you to all the investors, and I assume that you should appreciate the renewable behemoth that we have created at INOX GFL Group.

Today, we are the largest integrated energy transition company. We have taken all steps to ensure that INOX Wind stands tall and have ensured massive growth and profitability for the company.

We are now massively ramping up INOX Green to become one of the largest O&M companies, growing manyfold over the next two years. Also, the latest venture, INOX Clean, what we believe will be one of the largest companies from the stable, and is very strategic to the entire group, providing a minimum 500 500 MW orders for INOX Wind, and also large portfolio addition for INOX Green.

With that, I would like to thank all the investors. Thank you.