Thank you, Rutuja. Hello everybody.

On behalf of JM Financial, I welcome you all to the Q4 FY26 earning call of Inox Wind and Inox Green Energy Services. For today's call, we have with us leadership team of Inox led by Shri Devansh Jain sir, Executive Director Inox GFL Group, and along with the senior management.

Thank you so much, sir, for giving us the opportunity for hosting the call. Now, I will hand over to Ms.

Sweta Sultania for taking this call forward. Over to you, Sweta.

Thank you.

Thanks, Sudhanshu. Good evening everyone and welcome to the quarter four FY26 earnings call of Inox Wind and Inox Green Energy.

As many of you may know already, I have recently joined Inox Wind as Head Investor Relations. Let me introduce the management team on the call with us.

We have Mr. Devansh Jain, Executive Director, Inox GFL Group; Mr.

Kailash Tarachandani, Group CEO, Renewables Business, Inox GFL Group; Mr. Sanjeev Agarwal, who is the CEO, Inox Wind; Mr.

S K Mathusudhana, Inox Green; and Mr. Akhil Jindal, Group CFO, Inox GFL Group; and we have other senior members of the management along with us.

I would now like to hand over to Kailash for his opening remarks. Thank you.

Thanks, Sweta. Good evening everyone and thank you for joining the quarter four FY26 earning conference call of Inox Wind Limited and Inox Green Energy Services Limited.

As you are aware, FY26 saw the highest-ever wind power generation capacity addition of 6 GW. Going forward, we expect to see strong annual wind capacity addition of 8 to 10 GW over the next few years, driven by RTC, FDRE, and hybrid capacity additions.

As we see, renewable power generation moves structurally from being a source of infirm power to firm power. The ongoing geopolitical tensions have provided further tailwinds to the entire ecosystems of the renewable energy sector, right from equipment manufacturing to renewable power generation capacity.

As you are aware, there is a strong push from the government to increase domestic manufacturing and reduce import dependencies. Inox GFL is extremely well-placed to benefit from and contribute towards achieving these goals.

We are one of the most integrated players in energy transition in the country today, given our strong presence in the entire value chain right from manufacturing of wind turbines, solar cells, and modules and transformers, EPC including development of evacuation infrastructure, RE IPP, and renewable energy O&M. We are also further backward integrating into power electronics in a big way.

Inox GFL Renewable adopts one integrated strategy where virtuous cycles of interplay within group entities will add execution and revenues and the group synergies and business would help secure large growth and insulate from market cycles. We are pivoting Inox Wind to a new avatar that would address the challenges as well as put us on a path for a major transformation where two-thirds of the annual execution for the next four to five years will be from Inox Clean and CESC and the remaining one-third from other marquee customers.

This would address the twin challenges of working capital cycle and revenue certainty. Our group company, Inox Clean Energy, has large capacity addition plan with a targeted capacity addition of 14 GW by FY29.

It plans to add almost 3 GW plus capacity annually over the next few years. Out of this, about 20 to 30% is expected to be wind.

This is expected to provide a virtuous cycle of continuous order inflows to the entire value chain of Inox Wind, IRSL, and Inox Green over the next few years, in addition to order flows in the regular course of business. We believe Inox GFL Group's renewable business is on the cusp of multi-year, multifold growth with the benefit of group synergies and businesses that secure large growth and insulate from market cycles.

I would like to take a pause here and hand over to Sanjeev to take you through the updates of Inox Wind Limited.

Thanks, Kailash. 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 over to my colleague Madhu for his briefing on the development at Inox Green. We are pleased to inform you that we have been able to deliver a strong quarter despite the prevailing geopolitical tensions.

This has also led us to take certain strategic decisions to address these challenges, and we have now pivoted the companies on a much stronger footing. I will briefly take you through some of the key details of Inox Wind financial performance for the quarter in FY26.

On a consolidated basis, Inox Wind has reported a revenue of ₹1,306 crores, flat YoY; EBITDA of ₹333 crores; PBT of ₹216 crores; PAT of ₹106 crores; cash profit of ₹268 crores. The ongoing geopolitical issues have led to certain on-ground challenges and logistics issues in project execution.

However, we continue to deliver strong margins supported by various initiatives which we have been undertaking in the past quarters, including our successful backward integrations into cranes and transformer manufacturing. As Kailash mentioned earlier, we are further backward integrating by foraying into power electronics in a big way.

Coming to the order book, we continue to have a large and very well-diversified order book of 3.1 GW, I repeat again, 3.1 GW, having added almost 600 MW in this financial year, including orders from customers like Aditya Birla, Gentari, AmpIn, Jackson Green, First Synergy, and Leap Green. These are few of them from a large order book.

We expect to further add to this order book given that multiple customer negotiations are nearing closure. This provides us execution visibility of more than 24 months.

Further, as mentioned earlier on this call, we expect to receive large, recurring orders inflows from our group company, Inox Clean Energies, over the next few years. Our group company, Inox Clean Energy, plans to add 3 GW plus capacity annually over the next few years.

Out of this, about 20 to 30% is expected to be wind. This would translate into almost one-third of our annual execution targets, also helping to improve the working capital cycle.

As our base order book has large visibility, we are very selective in taking new external orders. The pivot towards taking orders from marquee customers and the increased share of equipment supply in the overall order mix would help to significantly improve the working capital cycles.

Inox Wind is well-placed to be benefit from the continued macro push through towards renewables as well as from the interplay of group company synergies. The launch of our new 4.4 MW turbine is on track and we expect to receive all approvals and subsequently commercial launching the product within this calendar year.

This is expected to help us penetrate deeper as well as lead to margin improvements. On the receivable fronts, there have been some challenges, especially in our PSU contracts where we have seen payment delays.

However, we expect the receivables cycles to see significant improvement going forward, given our strategic pivot towards equipment supply orders going forward, as well as from an increase in the proportion of orders from group companies in the overall order book. Our order book has changed substantially over the past few years from being largely turnkey to now 50-50 turnkey and equipment supply currently, which we plan to further increase to 75% going forward.

On Inox Green, our O&M subsidiary continues its strong growth trajectory, reaching more than 13 GW plus peak of wind and solar portfolio pan-India. With this strong growth prospects, Inox Green will be the largest renewable O&M company in India in the near future and is well-placed to become one of the largest globally by 2030.

Further, the scheme of demerger of Inox Green evacuation infrastructure business and its merger into Inox Renewable Solutions has been approved by the honorable NCLT, Ahmedabad. IRSL will be automatically listed on the stock exchange post receipts of all the approvals.

Additionally, as discussed earlier in the call, we expect Inox Green to be huge beneficiary from the rapid growth across the RE IPP and solar manufacturing under Inox Clean Energy, our group company, which has a large-scale expansion plans. In terms of the guidance for FY20- 27, we expect our consolidated revenue to grow by around 75% over FY26, with EBITDA margin to 20 to 22%.

I would now hand it over to Mathusudhana, CEO of Inox Green for his remarks.

Thank you, Sanjeev. Good evening everyone.

I will firstly brief you on the financial achievements of Inox Green during the quarter before moving to other aspects. During Q4 FY26, Inox Green reported total income of ₹120 crores, up by 40% YoY; EBITDA of ₹57 crores, up by 93% year-on-year; profit before tax of ₹46 crores, up by 244 percentage year-on-year; profit after tax of ₹28 crores, up by 340 percentage year-on-year; cash PAT of ₹46 crores, up by 327 percentage year-on-year.

Machine availability for the entire portfolio averaged approximately 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, please note that these are operating in nature. Inox Green's portfolio stands at 13 plus GW peak, comprising of approximately 10.5 GW of wind assets and the balance being solar assets.

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

We believe Inox Green will be one of the biggest beneficiaries of the multi-dimensional growth coming from the annual capacity addition of 3 GW plus at our group company, Inox Clean, external projects executed by Inox Wind, along with inorganic growth. This is expected to establish Inox Green into one of the largest renewable O&M companies globally.

With all our investments formally folding into Inox Green's balance sheet along with organic growth, we maintain our FY27 EBITDA guidance to be upwards of ₹600 crores. We have recently seen success in offering WTG, means wind turbine, overhauls slash we are offering life extension 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. Our reliability center has been extensively diligent in the process.

At Inox Green, as part of our digital initiatives, we are also exploring the deployment of agent AIs across low-value added job profiles to enhance speed of execution and increase the margins and reduce manual dependencies. As part of the people strategy, our Vayu Veer Program at Inox Learning Academy, currently we are generating almost high-skilled team of professionals of 600 annually to fuel our growth.

We are also actively recruiting to hire Agniveers who are highly talented with strong passion to contribute this. Finally, I am pleased to inform our investors that the scheme of demerger of the evacuation infrastructure business from Inox Green and its subsequent merger into Inox Renewable Solutions has been approved by honorable NCLT, Ahmedabad.

With this, gross block of approximately 1,000 crores has been eliminated from Inox Green's balance sheet, and subsequently the annual depreciation of rupees approximately 50 to 55 crores has been eliminated, thereby increasing the profitability. It has also led to significant improvement in ROE and ROCE of Inox Green.

I would now like to hand over to Mr. Devansh Jain, Executive Director, Inox GFL Group for his closing remarks, after which we will open the floor for Q&A.

Thank you. Right.

Hi, good evening everybody. Thanks, Madhu.

I thank all our shareholders for their continued and unwavering support to all of our group companies. While Kailash, Sanjeev, and Madhu have taken you through the brief industry overview, financial, and operational performance of our companies, let me briefly touch upon some of the strategic initiatives that we've undertaken across the renewables vertical of the Inox GFL Group.

At the outset, I am pleased with what we have been able to achieve so far, building one of the most integrated groups in the energy transition space. With a strong focus on execution of all our growth plans, I feel very confident that we're now on the cusp of a massive transformation.

The interplay of group synergies would be our next engine of growth. The group's strategic foray into renewable IPP power generation and solar cell and module manufacturing under Inox Clean with a three-continent play is a big game-changer and expected to create huge value across the group with our 10 x 3 GW portfolio, basically 10 GW of IPP, 10 GW of solar cell, and 10 GW of solar module over the next 15 months.

Our latest venture, Inox Clean, which houses both our solar manufacturing renewable IPP businesses, is shaping up well and is the fastest in India to achieve about 2 GW of installed capacity and also the fastest to reach 6 GW of solar module along with 3 GW of cell manufacturing capacity. This, I believe, is the most strategic fit in the group as it enhances the value of all our existing businesses.

While Inox Wind stands to gain through recurring orders over the next several years, Inox Green also gains through the constant addition of capacities to its O&M portfolio. At Inox Wind, all our strategic decisions related to backward and forward integration and the new avatar to reflect a higher mix of equipment supply has started to yield results.

Further, Inox Green will be the largest O&M company in India over the course of this year and is well-placed to become one of the largest globally by 2030. Thank you, and we will now open the floor to Q&A.

Hi team. Congratulations for very good results.

I just liked a few pointers from the management. Hello, am I audible?

Yeah. The assets which have been taken over by Inox Green as an investment, can the management guide on the EBITDA profile or the margin profile on the same?

Secondly, one of our peers in the wind segment, they are diverting from equipment to more of a turnkey. I would like to ask from management what is the view of the management in shifting their view from majorly to equipment supply?

As in we understand that our management had a view and they had a large land bank and which can be translated as a moat for the EPC business, I guess. Any guidance for the Inox Green for FY27?

Also, if the management would highlight, as in the wind segment strength against solar plus BESS in view of the battery prices, and now that the FDRE projects are more focused on getting battery online. Thank you.

Vikas, this is Madhu. Let me answer for Inox Green first.

Your questions on the two acquisitions, which will roughly contribute a 50% EBITDA margin, because both are all the previous OEMs with the substations and all those evacuation systems. This gives a similar EBITDA margin, which is roughly 50%.

Second, for the projection of FY27, we have already guided. It will be north of 600 crores.

Let me hand over to Mr. Sanjeev for the question related to Inox Wind.

Thank you so much. Probably Kailash can compliment me.

You ask this question to say why are we moving. Let me put it right.

We are not moving out. One-third of our capacity is now being filled up by our own group company, Inox Clean.

I mentioned that 3 plus GW is coming from our own Inox Clean. Anyway, we will continue to do EPC for them.

With that large capacity being filled from Clean and some select few customers that we will decide, we will make a decision of EPC, but predominantly, the strategy going forward would be to do an equipment supply with majority of our capacity being reserved or available for either the jobs which are under execution or to Inox Clean, which gives us almost one-third of the capacity.

Just to add to Sanjeev, I think we still believe that we are still quite capable and can do lot of EPC projects, but it is just as a part of strategy. What we see lots of IPPs are doing and it's part of risk mitigation.

We focus more on selected EPC project and lot of customers are there who are doing their own IPPs, their own project, and we continue to limit our scope to equipment supply.

I just wanted to add, look, I think what is very important, we've been in wind now for literally 18 years, and historically it was imperative to do turnkey EPC. Over the past several years, we've realized the biggest pain point or the biggest working capital blockage happens by doing EPC and turnkey.

From our perspective, given the scale, size, and might of the entire energy transition play at the group, we wanted to eliminate the area which caused maximum pain, and to that extent, we have now pivoted towards almost 75 to 80% of our order book now being equipment supply. It sounds easier than the actual effort which was put on the ground over the past 24 months.

24 months ago, 100% of our order book was turnkey, and over the past 24 months, we've completely turned this to now 80 75, 80% being equipment supply. Mind you, these are very, very capable, strong parties.

We also recognize that some of them may face challenges at some sites where we will come in and support them. In case of delays in sites, we already have such a large portfolio that we have the ability to interplay within those customers.

The fact of the matter remains that for us now, we basically wanted to ensure that we focus on large free cash flows just like Inox Green, rather than spend too much time and effort of the entire management team on implementing 100, 200 turbines where people delay payments and so on and so forth. Also, what we're doing is, from the perspective of Inox Renewable Solutions, the larger EPC arm where we have multi-gigawatts of project infrastructure and capabilities, we are moving into high value-added services and high-value margin products.

For example, cranes have moved in-house. Half of them are in-house, and another couple of cranes will come in over the course of this year where all crane businesses will be literally in-house.

Second, we started with our power transformers. Last year, we have ramped that up to a certain capacity.

Over the course of this year, we will elucidate further plans because we're looking at expanding into power electronics in a major way, given the massive requirement of transformers, large transformers, small transformers, solar transformers, inverters, power electronics, ECS systems across the entire ecosystem. Of course, we will share more details on that in the months to come, but that's how.

We're focusing on higher margin and assets which can generate far more liquidity with no blockage of working capital.

Yes, hi. This question is for Inox Green.

You mentioned 600 crores of EBITDA for FY27. Now, if I do the maths, I am basically getting say the closing capacity for FY26 say somewhere around 3.5 GW.

For FY27, you'll be executing the full 75% additional capacity, but for the full year, maybe one can look at say getting a part of that into the calculation. The acquisition of 4.5 GW is still on waiting for NCLT clearances, right, if I'm not wrong?

The additional 2 GW of acquisition is also waiting for more clearances. How are you getting to the 600 crore hundred?

Is that based on the quarter four number for FY27, or are you expecting this to start coming from quarter one itself?

First and foremost with respect to Inox Wind's own capacity, Madhu will take you through, I'll probably just step in on the acquisitions. As you may be aware, we control the COC across the companies, and investments into them are majorly owned by us.

Having said that, with respect to Entity 1, the order is reserved. In the next couple of weeks, once that order is out, all the accruals of that company from the date of taking over that asset belong to us.

Whether it gets reflected in Q1 or Q2, all the revenues, all the profitability of that company will accrue over the course of the full financial year. Second, with respect to the second entity which we control, which we acquired, it's in the final phases of EOIs and submissions, I would expect over the next 60 to 90 days that would also see light of day.

While it's very difficult to give you a specific timeline whether it's going to be June or May or July or August when it'll get merged into our entity, but effectively over FY27, both these entities will be part of Inox Green, and the revenues and the profitability of these entities from 1st April 2026 will be reflected in the consolidated results of Inox Green.

Perfect. Thank you, Devansh.

That was very useful. If someone can give me the sense how much to consider for the wind side?

Actually

from currently The question was, I think, whether it's three and a half, how do they reconcile it? What capacity are they setting up?

I think it's about 5 GW what we've taken over the course of the full

for Inox for the year Inox Wind. Right now, currently Inox Wind has approximately 3.5 GW and 4.5 from one of the company and two from another company, and organically we are adding a GW and half, so that puts more than 11 GW and this makes EBITDA more than 600, along with two three GW of solar and a few acquisitions also in the place.

Other than that, it is not only per megawatt thing, which I already explained the last time also, we have value-added services which gives lot of extra EBITDA margins, so that will make us to the north of 600 comfortably.

Got you. My second question was regarding could you get a sense of the top line and the EBITDA profile for the Inox renewable business given that the demerger dates will be announced pretty soon?

We won't share that at this point in time. I think once that's demerged, we will elucidate more plans.

At this point in time, it's part and parcel of Inox Wind. Once it's demerged, we will elucidate our plans on that.

Am I audible?

Thanks for taking my question. Just had a couple of questions.

First is on the working capital days, in the last concall after Q3 results, we were quite confident of achieving net working capital days of about 200 crore 200 days. Just wanted to check where do we stand on that as of Q4 end?

Second is regarding our execution. I know that last quarter, we have moved away from basically megawatt guidance to revenue guidance, but we started initially with 1,200-odd megawatts for the entire year of FY26.

Just wanted to get a sense of how much were we able to execute either in megawatt terms or in INR terms broadly? Thanks.

Hi. As we have communicated on the last call, we are not giving any megawatt specific guidances.

We are driven by the revenue keeping in view the contractual contracts which we are entering into, different kinds of contracts we are entering into. We have achieved 4,500 crore rupees of top line and, as far as guidance is concerned, we have given 75% of the guidance for the next year across all parameters, revenue, EBITDA, as well as PAT numbers.

In terms of the working capital cycle, there are various macro-level issues which has been happened, including our supply chain disruption which has been happened due to that ECS, which is one of the major components, needs to come, which has been got stuck, the supplies has been delayed. Though we have covered up to a certain extent in quarter one, and in overall scheme of things, as against the guidelines of 5,000 crore rupees which we have given in the last call, we have achieved 4,600 crore rupees, and this 400 crore rupees of makeover will happen in quarter one, quarter two types.

See,

this was due to the external factors not on our end. Whatever steps we have taken to improve that and we have elucidated in our presentation as well the strategy going forward.

Everything that we are doing is to improve the working capital cycle and you would see it would reflect in the next numbers that we publish that these numbers fall off sharply from here on.

Let me come in. I mentioned in my speech that the geopolitical issues created a bit of a setback for us in the quarter.

The main component which has to come from outside of India, ECS, that got delayed. It has to come through a ship.

Then we have issues on commodity going up, those things impacted our overall revenue, but these are things of the past. We expect that the guidance given now on a 70 to 75% increase from the year just completed is under control and we should be able to meet that.

It has been very marginal in the sense that we have achieved quite a bit almost more than 90% of it in spite of so many challenges in the world. Overall, I think as we speak in quarter one, most of these issues are solved and we are going full speed in execution.

We also mentioned about a PSU contract which created bit of a issue in terms of a revenue, so that is also over now. Full steam ahead now on that project as well.

Thank you.

Sure. Thank you so much.

Hi, greetings. I hope I'm audible.

Sanjeev, my first question is regarding the execution of order book. For the past two, three quarters, we have been listening about challenges like right-of-way, grid connectivity, etc., for execution, rather the erection of the turbines.

I just wanted to get your sense on how are things looking now. Is it addressed to an extent, or are we still facing those challenges?

Thank you so much. Just to give you a sense, let me reiterate, I said in my speech that we are pivoting towards equipment supply.

More and more the backlog today, I would say 50-50%, 50% is a backlog today with equipment supply, and this would go going forward maybe going up to even more than 75%. Coming to the jobs in execution, we hope with the present execution strategy that we have, by H1, majority of our EPC project would be over, other than one leading job in execution.

Majority of our EPCs would be closed, completed, waiting for statutory compliances to get into a commissioning mode.

I get that. I get that.

Just one follow-up on this. Probably we have reported 3.1 GW of order book in the investor presentation.

How much of that order book is from the group company Inox Clean, Sanjeev?

Presently zero.

From the Inox Clean Limited, it is around 500 MW, which is unexecuted. You can consider broadly 16-odd percent from the Inox Clean.

I'm sorry. I thought you're talking about looking forward, because I said in the statement for the year which is in execution now, we expect one-third of our capacity to be filled up by Inox Clean.

For the present 3.1, it has close to 500 MW of execution still from Inox Clean.

Got it. Got it.

My last question is to Devansh. Devansh, I'm sure you have looked at the company's state affairs for the past many years, and I'm sure the kind of value disruption that has happened in last one year is concernable.

I am sure, Devansh, the strategy which you are alluding now and your team which is alluding now, I think would certainly work in the favor of minority shareholders.

I'm happy to hear your comments, but I hope you do recognize that over the past four years, we've got a virtually zero value company to massive value. We've spun off Inox Green, which has created tremendous value.

We're on the verge of demerging Inox Renewable Solutions, which we hope will create tremendous value. I am not too bothered about short-term aberrations in stock markets.

We are here to create long-term value. We're here to create long-term businesses.

Market cap going up, down is not something which bothers me, worries me as long as we're doing our best. I think the value creation we are doing at Inox Clean, where we've raised close to $750 million at a couple of billion dollars of valuation, plus the might of Inox Clean, both on the IPP side and the solar side and GFL EV in the BESS side, I think the play that we now have in which Inox Wind and Inox Green are part of the Inox GFL Renewable 1 strategy, I think we're probably on track to be amongst the top three energy transition conglomerates in the country.

That value, my friend, would be in billions. Short-term value is not something which I'm worried about.

No, certainly, Devansh. There are arguments on both sides.

I don't want to sound argumentative, but I hope what you are saying will come out true. This billions of dollars we have seen in last two years probably has not materialized for shareholders, but I get your point.

Thank you. Good luck.

I beg to disagree. I think our entire renewable arm today is valued north of $10 billion.

I'm not sure what you're talking about, but like I said, I am not bothered about short-term aberrations in terms of market cap. Again, shareholders across Inox Wind Energy Limited have been rewarded tremendously.

That was something which, as promoters, we would have avoided because we had better control and more control on Inox Wind, but it was our commitment to take care of minority shareholders that we went ahead with the merger of IWEL into IWL. Across investors that I meet, people have tremendously gained across our group.

Having said that, I reiterate, short-term aberrations or short-term challenges do not deter us from achieving the larger ambition and vision of the group.

Hello. Am I audible, sir?

Okay. Sir, just wanted to check this FY26, what was our execution in terms of megawatt?

Hi. As we have given multiple times that we are not driven by the megawatt execution, megawatt supply.

It is all about the revenue numbers. Being different kind of contracts we are entering into, it doesn't make too much of a sense to tell specific megawattages.

Hence, the revenue guidance which we have given, we are driven by revenue, and broadly where we are in terms

Yeah. I was not asking for the forward-looking.

That you mentioned that you're not giving in terms of megawatt. I was asking actual execution in FY26.

That is a number that we've refrained from giving

and

that was a stated policy last time, probably we'll refrain it again. It's the revenue that we've been giving out both for historical as well as forward.

Fair point. In terms of equipment supply, we have been transitioning from turnkey to equipment supply, right, that you have been mentioning.

What does that mean for margins? Now 70%, 80% of your order book is in equipment supply.

Your margin will have a upward kicker because of that? How should one look at margins because of this?

We have said that. We have already given the guidance in presentation also that we are looking to go only north of around 20% or higher, not below that.

It's not actually impacting so much on the margin for as we move on the equipment supply.

It's similar, right? I've seen that guidance.

It's more or less similar or higher only, not going lower.

When it balances out because of that.

As O&M increases, O&M is 50% margin business for us. To that extent, there'll be a bias for a higher margin.

Correct,

correct. Ideally, I would have thought transitioning from turnkey to equipment supply would help your margins, right?

It's because ideally your equipment supply would have better margins as compared to the entire turnkey.

There are pros and cons when you do turnkey EPC. Yes, sometimes you get better price, but at the same time risk, slowly some of those margins get eroded when your land cost goes up or 220, ROW cost goes up.

Equipment supply is a very firm kind of those things. You have today a lot of control with the steel prices being passed on many of those things.

At the same time, these are very simple on LC terms mostly so that you get the cash flow upfront. That way, margin doesn't get eroded with the delay in payments or with the different kind of cost or risk which is coming up during the execution of EPC.

Understood. Understood.

What's your O&M revenue mix and this year order inflow target? Those were my last two questions.

What is that?

O&M

revenue mix. Come again, please.

O&M revenue mix right now and FY27 order inflow target.

I think the revenue mix right now broadly is about 10% was O&M, 90% was Inox Wind. I think going forward, as the entire consolidated might of the two acquisitions comes through, I think O&M will possibly be moving towards about 20%, 18% to 20%.

I don't think we have order inflow targets. Like I said and like Sanjeev said, we're already sitting on a 3.1 GW platform.

There's a very large visibility from Inox Clean. Frankly speaking, if our revenue guidance is 75% growth on 4,500, which takes you to about 7,500 crores, I think we're sold out for the next 2.5 years in terms of what our overall ambitions are.

Understood. Understood.

Okay. That's very clear.

That's it from my side. Wish you all the best.

Thank you.

Hi. Am I audible?

Yes.

Can you explain this other income in the Green of 50.8 crore? How much of that is, let's say, related to the assets you're going to acquire?

How much of income is there from treasury because you have a lot of cash and equivalent also on your balance sheet? How much of it is from these value-added services which you consider as a part of core income?

Hi. Majority of the other income which you are seeing in our P&L statement that related to the debt which we have acquired for our two strategic acquisitions.

There are certain value addition services as well, which we needs to classify as other income under the Ind AS. The treasury income is a small component.

If in our quarterly basis, I'll give you a broad breakup of 61. It is around 40 crore which is coming from the two strategic acquisitions which we are going to do, broadly 10 crore rupees from the value addition services, and 10 crore is broadly towards the treasury income which we have earned.

So 40, 10, 10, that makes it 60 crore.

For the quarter four.

For quarter four, other income is only 50.8 crore.

I am talking about the consolidated numbers which you see if it is 61-odd crore rupees.

Got it. Second question I have is that your revenue from operation, Green, came down from 82 crore to 69 crore.

What was the reason for that quarter-over-quarter?

Sorry, come again.

If you look at your Green revenue, they have come down from 82 crore in Q3 to around 69 crore in Q3.

Actually

other income.

In terms of the Inox Green, it has, quarter-on-quarter, plus/minuses can happen a little bit of the amount. If you see the quarter three numbers is around 78 crore vis-a-vis the 69 crore rupees in the current quarter.

Broadly, 8-9 crore rupees due to the some value addition services can happen on quarter-on-quarter basis, but we need to see the annualized number, which is in line with our expectation and as per the guidance which we have given.

Okay. Just give me one more.

This 40 crore acquisition-related income, if we exclude that, our EBITDA would be much lower. Is there any cost associated with this 40 crore acquisition-related income which you are incurring today?

To be very frank, no, as such. 40 crore rupees is a pure income net of the deferred tax.

In a PAT statement, it is coming somewhere around 25-26 odd crore rupees. Then

why our core profitability is so low? If I exclude the acquisition-related income and profits, then our core margin looks lower.

Why is that?

Basically, it is not low. As far as the EBITDA margin is concerned, we are always 50-odd percent, which we have guided.

It is about quarter-on-quarter. You are comparing quarter-on-quarter basis.

At quarter-on-quarter basis, it can be looked low, a little bit high, but on a annualized basis, if you see out of 420 crore rupees of 426 crore rupees of turnover which we have achieved, we have achieved a 210 crore rupees of EBITDA margin, which is around 50-odd

percent. Annualized basis, we have to exclude

Business should be seen on a annualized basis rather than on a quarter-on-quarter basis. Yes,

for annual basis, if you were to exclude the acquisition-related income and profits, then your margins would be still lower, right?

It would be at about 45%. You broadly be look at 50%.

Otherwise, the treasury income, the capital lying in the company, would have been earning interest as well, which would be part of other income or would have been deployed in other measures to increase profitability. You can't include 600 crores of investments made to buy companies and say, let's exclude 40 crores of earnings on that 600 crores of investment.

Hello, am I audible?

I just had a very straightforward question. Actually, I've been following the company for quite a while, and my main concern was that we have constantly been overcommitting and underdelivering whenever it has come to a lot of the metrics, first we guided on megawatts, then we changed the entire metric and said that we'll be guiding on revenue terms.

Then even that we have not been able to achieve that and fall short. If we look at the quarter four performance, there has been decline YoY, and when I look at our peers, they are doing upwards of 40% growth.

I just want to understand what is the reason for this?

Look, I think first and foremost, what we need to look at, what has the company achieved over the past four years? I beg to disagree completely on the fact that we have failed miserably in achieving targets which we've been giving quarter-on-quarter.

I think for three to four straight years, we've achieved every single target. Our EBITDA targets every quarter have been beaten.

Our revenue guidances have been upgraded consistently over the past couple of years. Yes, over the course of this year, we faced certain challenges.

Even when we shifted over to a revenue guidance and guided for 5,000 crores in the last quarter, it was subject to force majeure. I don't think you or I would have known there would be a world war kind of a situation where ships don't come in, where ports don't clear materials, where customers hold back payments.

I think what is important is how strong the company is, what pivot we've created, what strategy we're implementing. I think to that extent, if you look at the three verticals on which Inox Wind is built, I think they have a very strong, diversified external order book.

We now have Inox Clean, which is a multibillion-dollar play where we've raised capital at billions of dollars. We're the fastest IPP in the country, the fastest growing solar player globally.

That adds a lot to Inox Wind and Inox Renewables incrementally going forward. Inox Green itself has acquired two of the top five erstwhile wind players, two of whom also went bankrupt.

Frankly, we're the only player in India who survived without a single rupee of haircut. The only other competitor you talk about survived with $3 billion of haircut.

I think there are multiple successes. There have been some failures.

We acknowledge and accept that. I think to that extent, the strategy which Kailash, Sanjeev, and Madhu have laid out is something which we think is in the best interest of the company.

We've also completely turned around the company by moving from 100% turnkey now to 25% turnkey within a period of two years. It sounds easier.

This is where you're competing with everybody because turnkey you can have all in-house, but we think this is the right strategy for the company because that ensures longevity of the business, ensures significant free cash flow, and it ensures no working capital blockage, as we see in our solar business and as we see with various other solar manufacturers. Yes, what also has to be seen is one or two quarters does not derive what we've achieved successfully over the past four years.

Got it. Ultimately, my intention is the same that I also want the company to succeed because I also am an investor for a long time.

I just had one last question. How optimistic is our guidance for FY27 when we are looking at 75% growth that we are saying right now?

Is it on a very optimistic side that we're targeting it, or we are saying this on a conservative basis given the fact of few of the quarters that we have not done well? Which side are we on when we are guiding 75% growth?

I think we've erred on the side of conservatism while doing this. Having said that, if there's a world war or if there's a COVID lockdown, then don't hold us responsible for it.

Good evening, sirji. Congratulate for results achhe hai aapki company ke.

Mujhe janna tha ki bhai Inox Green Energy ka am I audible? Aap mujhe sun sakte hain?

Yes, please. Haan, boliye please boliye.

Haan,

Sanjeev mujhe janna tha ki Inox Green ka jo demerger hone wala hai to lagbhag time kitna lagega? Last quarter me bhi aapne kaha tha lagbhag teen char mahine me approval aa jayega.

This will create unlocking value for shareholders, minor shareholders.

Demerger has already been approved by the NCLT. Now the kind of administrative process is going forward.

Demerger approve ho gaya hai. Abhi NCLT administrative process hai that is going on.

Broadly in next one or two months it will get completed. Should get completed depending upon the administrative approvals if any if really required.

Sir. Thank you very much aapne respond karne ke liye dhanyawad.

Aur all the best for future. We are long-term investor for company.

Thank you very much.

Yes, I had one question regarding the dividend policy or anything like that sort for Inox Green, given that it's now started generating significant cash Sorry,

could you speak louder?

Am I audible?

Yes, you are.

Okay. My question is regarding dividend for Inox Green, given that the full-year cash PAT was 158 crore and we're expecting 600 crores of EBITDA or cash PAT for next year.

Are we looking at some kind of policy to be put in place? Two companies,

let the consolidation of the two companies happen. Once that happens, I'm sure the board in all its wisdom, will put in place a dividend policy.

Thank you.

Thank you for the opportunity. From the 600 crore EBITDA that you expect to generate, how much of that will convert into operating cash flow?

Out of 600 crore rupees, broadly everything will be converted into the operating cash flow as such there is no depreciation, no finance cost, and we have a tax shield up to 700 crore rupees of losses. In next financial year, this is all cash flows which will be generated for Inox Green shareholders.

You mean operating cash flow, right? Not cash profit.

The two are different.

Operating cash profit.

What are you going to do with the 600 crore of cash next year? How are you going to deploy it?

Let's look at that coming in first, and then we look at further acquisition opportunities. I'm sure you're aware Inox Clean has had almost nine or 10 acquisitions in the past couple of months.

Even in Inox Green, we went on to acquire two of the top four erstwhile OEMs which went bankrupt in India. I think let's get to that scale and then we'll see how to deploy that capital.

Is it fair to assume that most of it will be used for acquisitions? Because 600 crore

I don't think there are so many acquisition opportunities honestly in India. We've really consolidated the sector.

Out of five players, two are alive, three are bankrupt. Out of the three which went bankrupt, two we've acquired.

There's only one odd left who doesn't control common infra in himself. Frankly speaking, there are limited acquisition opportunities now.

I know Madhu and the team have a couple of gigawatts lined up, which I don't think should cost us more than 10%, 20% of the free cash flow that we have. We need to see what we'll do with that cash flow.

First let's get both these two companies integrated into Inox Green.

What are the conversations going on with the board?

Is it buyback We won't be able to share that at this point in time. Not at this point.

Not at this point, but let us all assure to everyone that this will be done in the interest of shareholders. Thank you.

Thank you.

Hello sir, am I audible? Hello?

Yes, you are.

Yeah. Sir, my question is on Inox Wind.

When I look into the expenses side, the EPC and operation and maintenance expenses have seen a significant increase year-on-year, while the cost of materials consumed have seen a decline. Can you give more color on it?

You are not audible. Could you repeat your question a bit slow, please?

Yeah. Sir, my question is on Inox Wind.

When I look into the expenses part, the EPC and operation and maintenance expenses have seen a significant increase year-on-year, while the cost of materials consumed have seen a decline year-on-year. Can you give more info on it?

It is not the different components needs to be seen differently. It is a kind of a consolidated numbers, because there is certain change in inventory, there is in EPC cost, purchase of stock materials.

It is a combination of that. COGS are calculated accordingly.

Don't go by line by line. It need to be seen in totality, and we are in line with our margins and numbers which we have guided for.

This is totally linked with the change in sales mix also. Earlier sales was component were different, now the sales is different, so that's why we cannot match it one on one.

Okay.

Thank you very much for your time for the call today. Wish you a good evening and have a good weekend.

Thank you.

Thank you, Shweta. Thank

you, Sudhanshu. Bye.