Ladies and gentlemen, good day, and welcome to Inox Wind and Inox Green Q3 FY 2026 earnings conference call, hosted by JM Financial Institutional Securities Limited. This conference call may contain forward-looking statements about the company, which are based on beliefs, opinions, and expectations of the company as on date of this call. These statements are not guaranteed for future performance and involves risk and uncertainties that are difficult to predict. As a reminder, all participants' lines will be in listen-only mode, and there will be an opportunity for you to ask questions after the presentation concludes. Should you need assistance during this conference call, please signal an operator by pressing star then zero on your touchtone phone. Please note that this conference is being recorded. I now hand over the conference to Mr. Sudhanshu Bansal from JM Financial. Thank you, and over to you, sir.
Yeah. Thank you, Pari. Good evening, everybody. On behalf of JM Financial, I welcome you all to the Q3 of FY 2026 earnings 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, INOXGFL Group; and Mr. S.K. Mathusudhana, CEO, Inox Green, along with the senior management team. I will 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 the call forward. Over to you, Anshuman. Thank you.
Thanks, Sudhanshu. So we'll start with the brief presentation from Mr. Kailash Tarachandani, who's the Group CEO of the renewables business and under INOXGFL 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. So, Kailash, we'll start with your briefing.
Thanks, Sudhanshu. Thanks, Anshuman. Good evening, everyone, and thank you for joining the Quarter Three FY 2026 earnings conference call of Inox Wind Limited and Inox Green Energy Services 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 roadmap 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 customers, where there are delays in site readiness impacting wind turbine offtake. I'll briefly take you through some of the key details of Inox Wind financial performance for Quarter Three, FY 2026.
On consolidated basis, Inox Wind has reported revenue of INR 1,238 crore, an increase of 24% YoY. EBITDA of INR 313 crore, an increase of 39% YoY, excluding one-time gain in Quarter Three, FY 2025. Profit before tax of INR 209 crore, an increase of 62% YoY, excluding one-time gain in Quarter Three, FY 2025. Profit after tax of INR 127 crore, an increase of 14% YoY. Cash profit of INR 262 crore, an increase of 38% YoY, excluding one-time gains in Quarter Three, FY 2025. We continue to deliver strong margins, supported by the various initiatives which we have been undertaking in the past quarter, 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, Amplus, Jakson, and First Energy. We expect to further add to this order book, given that multiple customer negotiations are nearing closure. We are confident of closing FY 2026 with a strong net order book, which will provide execution visibility for the subsequent 18-24 months. We are progressing well on the launch of our new 4.X, 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 portfolio of wind and solar power diversified across India.
With its strong growth prospects, Inox Green is on course to become India's largest renewable O&M company. Further, the scheme of demerger of Inox Green substation business and its merger into Inox Renewable Solutions is in the final stages of hearing at the honorable 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 Green 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 a strong portfolio addition for Inox Green. As we near the close of financial year 2026, we are recalibrating our guidance for both financial year 2026 and financial year 2027. 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 MW numbers. For FY 2026, we expect to achieve a consolidated revenue of over INR 5,000 crore, translating to over 35% YoY, YoY growth. Further, we are substantially upgrading our full year FY 2026 EBITDA margin guidance to 20%-22%, versus 18%-19% earlier.
For FY 2027, we expect our consolidated revenue to grow by around 75% over FY 2026, with EBITDA margin of 20%-22%. The shift in our guidance from MW to financial numbers is on account of the complexities of the nature af 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 quarter, we have witnessed delay at the customer site, resulting in postponement of offtake 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 advanced planning. However, we have been able to make up for the lower offtake 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 2026, 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 FY 2026, Inox Green reported total income of INR 112 crores, up by 51% year-on-year. EBITDA of INR 53 crores, up by 80% year-on-year. Profit before tax of INR 40 crores, up by 261% year-on-year. Profit after tax of INR 25 crores, up by 375% year-on-year. Cash PAT of INR 51 crores, up by 116% year-on-year. Machine availability for entire portfolio averaged around 96.5%. 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 GWp 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 FY 2027 over FY 2026. 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 among 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 FY 2027 to be upwards of INR 600 crore. 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 INR 1,000 crore will be eliminated from Inox Green's balance sheet, and subsequently, the annual depreciation of around INR 50 crore-INR 55 crore 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.
Thank you very much, sir. We will now begin the question and answer session. Anyone who wishes to ask a question may press star and one on their touchtone telephone. If you wish to remove yourself from the question queue, you may press star and two. Participants are requested to use handsets while asking a question. Ladies and gentlemen, we will wait for a moment while the question queue assembles. The first question is from the line of Nidhi Shah from ICICI Securities. Please proceed.
Yes, thank you so much for taking my question. While you have withdrawn the guidance in MW 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 the projects getting sorted out? What do we think that Q4 installation could look like?
Hi, thanks for the question. So obviously, we've given a revenue guidance this time for FY 2026 and FY 2027 as well. FY 2027 being 75% growth over FY 2026. So, given that nine months have passed, you can make out, broadly what the revenues will be for Q4. And, you can in fact infer on the MWage side as well. We've been consistently giving the per MW revenue figures over the last quarters, so they can be inferred. 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, there are a lot of customers that we have, especially on the equipment supply side, and with the contracts which we've taken over the last one and a half years. Many of the sites are not ready to the extent that it was planned. So the offtake, so some of the customers may have taken, let's say, some components, not all components, which is why there is a lot of variabilities. So in terms of MWage number, giving you a particular MWage 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 MWage and hence the shift.
Right. Thank you. So my next question is on working capital. At how many days of working capital are we currently, and what are the things that we're 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, so why, why the shift?
Broadly, we are in longer run, we are looking for a working capital cycle of 120-150 days. By this year end, it will be 200, and by FY 2027, hopefully it will be some in the range of 150 odd days.
All right. And what is it at the end of Q3, the working capital days?
Broadly in the range of 200-210 days.
All right.
See, uh-
And lastly?
As you can appreciate, there is a lot of execution happening. We are ramping up, revenues are increasing significantly over the last few years. So, and a lot of challenges on the ground, customers as well. So, 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 have seen today, but this will get normalized as we move ahead.
Okay. Lastly, could you just give me the revenue, EBITDA and PAT for Inox Clean Energy for this quarter?
Inox Green?
Inox, Inox Clean.
That's a private company.
Inox Clean has nothing to do with this. Inox Clean is completely at the promoter level, 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 do, we can discuss separately if you want.
Yes. Thank you so much.
Thank you. The next question is from the line of Deepak Poddar from Sapphire Capital. Please proceed.
Am I audible now?
... Yes, you are.
Yeah, okay. Thank you very much for this opportunity, sir. So just I wanted to touch upon your debt levels, debt part. I mean, so what's the, your current gross debt level as on 3Q, and how do we see the debt level in next, 1-2 years?
No, so at the end of H1, we were net cash, and we still continue to be a net cash company.
Okay. Well, I mean, do we have that figure separately, with the gross debt and the cash level?
We'll, in fact, we'll keep it for the next quarter. We'll give you the net cash figure at the end of in the financial year.
Okay, yeah. That would be it from my side. Thank you.
Thank you. The next question is from the line of Utkarsh Somaiya from Eiko Quantum Solutions Private Limited. Please proceed.
Thank you for the opportunity. I have a couple of questions. The INR 600 crore EBITDA guidance that you have given for FY 2027 will be on the entire portfolio of 13.3 GW?
Yes, this is what would be on the entire portfolio that we are doing. It's for Inox, just to clarify for the larger audience, this he's referring to for Inox Green EBITDA guidance, and this is on the entire portfolio of 13 GW.
I just needed some help with the math. We have assumed INR 10 crore revenue per GW for wind and,
10 lakh. INR 10 lakh per MW.
Yeah, yeah, so INR 10 crore-
It's INR 10.10 lakh per MW.
Yes, INR 100 crore.
Yes.
Not INR 10 crore.
Yeah, its revenue is around INR 100 odd crores.
Yeah.
Yeah. No, per GW, not 10.
Yeah, yeah. Yeah, sorry, INR 10 crore EBITDA, right?
No, no, no, no. Actually, let me come in. So out of 13.3 GW, 10 GW belongs to wind O&M services, and 3.3 belongs to solar. And roughly, we give a ballpark figure of 50% EBITDA margin for the wind business. And solar is around 15%-20% margin. Okay?
Okay. Okay.
So what we have given. Even in the wind also, there are different classifications, substations and interwind. There are several breakouts, which I, which I'm not explaining right now. And out of which, after the integration of merger of three companies, yes, so the EBITDA will be around INR 600 crores, and there will be more synergies we are looking into it. And 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. So right now, if we assume INR 100 crore revenue per GW on a 10 GW wind portfolio, we can assume INR 1,000 crore revenue and INR 500 crore EBITDA.
Right.
And on our-
Right.
We have 3.3 GW of solar, so INR 20 crore per GW gives us INR 66 crores of revenue and 20%, so around INR 13 crore EBITDA. So out of the INR 600, is my understanding of this INR 513 crore correct? And the balance may come from synergies. Is that a fair understanding?
Yes, and there is a possibility to get north of 600.
Yes, and 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.
So our PBT would be equivalent to EBITDA. Further, as we have mentioned in the earlier call as well, there is a tax shield, so 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. So in terms of the cash profit, my EBITDA would be equivalent to my cash profit as well.
So, this deferred tax, how do I kind of? Can you help me understand how do I calculate it on the INR 600 crore of PBT? How much and deferred tax will we have on our PNL?
Normal income tax rate. You know, we are following 25% corporate tax rate, so you can calculate 25%. But it would be, as I clarified, it is an accounting entry, nothing to relate with the cash outflow as such.
Yeah, so accounting part will be INR 450 crores. Understood. And, okay, that's about it. Thank you so much, and best of luck.
Thank you. The next question is from the line of Preet Nagersheth from WealthFin FinServ. Please proceed.
Yes, hi. So 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 INR 10-odd crore that will be get out of the balance sheet, and around INR 50-odd crore of depreciation will be go out from the balance sheet.
So what you're saying is that there will not be any material impact on the mathematics that the previous question, previous person asked, that is excluding or assuming the-
As Mr. Mathur has clarified in their opening remarks, that, you know, the INR 50 crore depreciation will go away, and accordingly, our profitability will get increased to that extent.
Reported bit.
Reported back.
Adding to the previous question and your question, see, we will be commissioning new prototype turbines in this current year also. So those profitability also will be added.
Okay.
That gives the solidity of INR 600 crore.
So when you say you have a 10 GW wind portfolio, that is included till quarter three of execution?
... Is that an understanding, correct?
Yes. Yeah.
Right. So whatever gets executed in quarter four gets added to that mix, and then subsequently from quarter one, two, and three for next year.
Yes, absolutely right.
Okay, great. All right, great. Thank you.
Thank you. The next question is from the line of Darshit Shah from Nirvana. Please proceed.
Hi, sir. So, I mean, my question is related to the guidance, so I mean, I don't find any logic in giving the guidance from MW to kind of three numbers. You know, instead of saying that we are lowering our execution guidance, you have kind of changed the methodology of giving the guidance. And if I look at your numbers, what you are quoting right now, so it roughly points out that probably, you know, next year what you are guiding at 2 GW in FY 2027, we end up doing somewhere around 1.3-1.4 GW. So can you highlight what has changed in the last 2-3 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 have 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 my control and has to be provided for by the buyers.
Hence, there is certain delays, mismatches, but what I do in that time is, if I'm not able to deliver the equipment, 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 these additional activities, and hence meet my revenue guidance, which I have a greater control on. So that is the logic of giving you these numbers.
Just to add on that, actually, you know, if you see, we have now mostly 50/50 kind of thing between turnkey and equipment supply. And earlier it was very easy to give on MW basis, because largely it was done turnkey, and it was the same, 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 a scope. So you know, 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, you know, combination of that. So it's making more sense that in terms of holistically, we give our guidance based on revenues.
So got your point on this thing, what you're trying to say, but effectively, you know, there has been delays, that's okay for this quarter and all. But do you foresee these delays continuing till FY 2027, and hence, even the execution in FY 2027, what we were guiding three months back, is also almost kind of 30% lower, looking at your numbers for FY 2027?
So if you look at it,
Do you foresee that?
We clearly said we are recalibrating it, and then when you look at while you are 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. So 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 our internal evaluation. But 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 are moving to this guidance.
And overall-
If you see even the last nine months, sorry, if you see even the last 9 months, we are 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, you know, second part to your question on the FY 2027, we see that very positive. In the sense that, you know, 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. But as you see, that, you know, even in the wind sector, till last year, only, you know, Gujarat, Maharashtra, Karnataka, and possibly was doing. But today lot more states are firing, and next year again, I see Rajasthan opening a big way, Maharashtra, Andhra Pradesh opening big way. You know, a lot of MPs, a lot of projects coming up. So, and many of these PGCIL kind of grid connectivities are getting ready.
What it means, that lot more customers, lot more equipment supply, so you'll be able to, you know, play much more between what you do in terms of MW. But in general, instead of explaining this, it makes sense that we continue to do it on revenue basis, and 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, but essentially the execution, what you are quoting three months back, is going to be lower. That's my point. And you confirm that, right?
It doesn't matter actually, you know, as long as we achieve the goal from that perspective, it doesn't matter, because ultimately, that's what we should look forward to.
Okay, thank you. Got your point.
Thank you. Ladies and gentlemen, in order to ensure that management is able to address questions from the participants in this conference, please restrict your question to two per participant. Should you have a follow-up question, please rejoin the queue. The next question is from the line of Ketan Jain from Avendus Sp ark. Please proceed.
... Thank you. Thank you for your study. Yes, 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? Like, 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? So this question is just to understand what are the challenges you're facing exactly.
I think, I mean, these are very routine. Actually, I won't say challenges, it's part and parcel of doing infrastructure development in this country. You know, 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 line. I mean, 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. But since the business has moved from the structure has changed, 50/50, 50% I'm dependent, and I have all my on EPC projects, 50% I am dependent on my customers. So in terms of as they keep catching up some of these IPPs and all that, we continue to do that.
Going forward, we are anyway planning that, so that, you know, at the same time, we have a judicious control over our working capital and inventory also. So instead of looking at MW, we just focus on revenue side.
And also just to add a quick while it is not that I'm not delivering on these 800, I would do it. It, 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 will always be a slippage here and there by a quarter or two, and to remove those regularities, I am coming to this revenue guidance, where I can always guide you better.
Understood, sir. Point taken. Like, it's a very fair point. I just want to understand one thing, like, how, what has changed our outlook in three months? That's it. I mean, what is happening on the sector, which made us change our outlook in three months? There's nothing else. What you're saying is fair enough on the guidance.
It's the only logical thing to do it. If you ask me from sector point of view, it's very, very positive, and as I said that, it's only increasing.
Increasing, yes.
It's only that, you know, 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 a lot more risk at my side, you know, in terms of land, in terms of substation, in terms of 220. We have fairly managed and balanced between both the things, and that's why, you know, I say it's better for wind sector also, and it's better for us, because there are so many hands involved. And we're talking in this country, you know, 5 GW, 6 GW plus kind of thing, which country had never delivered before. So obviously, it makes sense that, you know, a lot more people are developing together.
But 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, you know, we just go on the revenue.
I understand. I just wanted to understand if there is anything negative on the sector and-
No, not at all. Absolutely. It's very, very positive and-
Yeah. Understood. That's, that's...
Just following up on that. So, 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. And this is set to grow only with more and more projects coming in, C&I sector, so we are getting a lot of orders from the C&I sector as well. So, as you can see, we've grown a lot over the last three, four years. In 2022, we were delivering only 1 GW. We were installing only 1 GW. Now we are at six. So the sector evolves, customers evolve, and we also evolve.
Also, we are on track to achieve 10 GW that we have been guiding for. So the sector, 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. But just one more question I have. I understand the C&I is increasingly becoming a very good segment in the sector. Do you have any numbers on, like, 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, you know, in the sector today, almost, well, lots of, you know, SECI has bid, a lot of those things have come up, but still there could be some challenges of PP and all. 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 two, 1.5-2 will be C&I. Is that a right number to assume, sir?
Yes, yes, it will be more than that, actually.
Got you. Okay. Okay. Thank you, sir.
Thank you. The next question is from the line of Pradyumna Choudhary from JM Financial Group Investments. Please proceed.
Yeah, hi. Just on Inox Renewable Solutions, do you have any specific timeline in terms of the demerger? When are we expecting the same? Any update on that? Like, I know you've mentioned that it's in the final stages and all, but any particular timeline you're looking at internally?
So Pradyumna, it is very difficult to comment on the particular timelines, but as we have explained that, you know, it is in the final stages, NCLT approval should come, you know, in a month or so. But, you know, we cannot comment on the specific timelines. Post receiving of the NCLT approval, it is a 1, 1.5 month process for the listing of the company. So yeah, in all likelihood, if you know, if, if everything goes well, within 3-odd months, 2-3 months, it should get on the buses.
... Don't take it as a commitment from our end, because things are not there in our country.
Of course, yeah, yeah.
NCLT, which is that we are expecting the order to come from.
Understood. Thank you.
Thank you. The next question is from the line of Kewal Barot from Axis Securities. Please proceed.
Yeah. Hello, sir. So my first question is, as given that, India targets 122 GW of installed wind capacity by FY 2022, versus currently it has been 55 GW of installed capacity. So there is a long growth runway in the sector, and your execution guidance for FY 2028 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, you know, revenue terms. But I just wanted you to shed light that will that be maintained or sustainable for the next four-five years after FY 2028?
We're too fast to this, because as I see that, you know, still countries looking for almost 100 GW to reach 100 GW by 2030, or you said whatever, you know, so 2030, and we are at 55 GW. Obviously, you know, it almost involve 8-10 GW. I'll not comment because the execution is a challenge, and it is there for all the player as such. But still, if you see the way we are growing from 2-3 GW to now 4.4 GW, and this year almost reaching six. So I see the story remains very, very positive. And as I said earlier in my discussion, now, in fact, all states customers are working and, you know, in all states, I see that, you know, a 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. And number two, if you see that PGCIL started building up lots of infrastructure and connectivity only after 2021, when the regime changed, you know, it came to auction-based and all that. So a lot of CT connectivities are getting commissioned between different states from 2026-2030. So to cut it short, I say, you know, 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's still very positive. And from our side, it's just as I said, different scope and different, you know. So our whole approach is now to go more on revenue focus instead of going on MW.
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.
Okay, sir. Got it. My second question is on the basis of guidance. So could you please share your CapEx guidance for FY 2027 and FY 2028? Also, how much CapEx has been incurred in nine-month FY 2026, and what is the full year FY 2026 CapEx target? And additionally, what EBITDA margin guidance are you giving for FY 2027 and FY 2028? And sorry to stretch it out, but also respectively, what kind of realization per MW for FY 2027 and FY 2028 on a blended basis, considering 4 MW turbines has been launched and is operational?
Yeah, hi. So in terms of the EBITDA guidance for FY 2026 and FY 2027, we have upgraded our guidance to 20%-22%, as against the earlier of 18%-19%, which has been emphasized by the Mr. Tarachandani in the opening remarks as well. In terms of the per MW realization, it is, you know, as we, as we have explained various, multiple times on this call, it is very hard to give because keeping view the different scope, different, you know, components, supply and so on and so forth. So there's been no guidance, which, no specific per MW realization we are giving. In terms of... Yeah.
Yeah, so 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 MWage and revenue per MW, which-
Yeah.
You use to calculate the revenue itself. So we are making life easier for everyone down there. And on the CapEx guidance side, so it will be around 200-odd crores for FY 2027. At this point of time, we are refraining from giving FY 2028 guidances.
Okay. And, how much CapEx has been incurred in nine-month FY 2026, and what will be the full year target for the CapEx?
This year's target is also around INR 200-odd crore.
Okay, okay. Is there any accountability for 9-month FY 2026?
Around INR 150 odd crore have been expended.
Okay, okay. Got it. That's it from my side. Thank you.
Thank you. The next question is from the line of Aditya Welekar from Axis Securities. Please proceed.
Yeah, thank you for the opportunity. So I understand the discussion on the call that you have changed from GW to revenue, and that, that is well understood. But, means earlier in the slides, we had guidance of 2 GW from 2028 onwards, which kind of giving us the kind of-
... sustain, sustainability of our business and the kind of maximum capacity which we can reach earlier. But now you have said that 75% growth in 27. So post that, what will be our outlook? How should we look at revenue growth post FY 2027? 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 FY 2027? How should we look at?
Steve, as we have recently communicated, and over the call, over several times, we have stated that why we are moving from MW to revenue. It's not because of the challenges. We don't see any challenge whatsoever. 2 GW, we'll 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've shared with you guys and the entire community for this year, next year, and the revenue numbers that we have built on it, or the profitability numbers that we've built on it, we are beating all those numbers. There are certain... Yes, there are certain challenges in terms of the equipment supply orders.
They are on-ground challenges, which shifts on a quarterly basis. It's not that I will not achieve 2 GWs. I will definitely achieve 2 GWs, and I will surpass that. When we said we are at 6 GW and we are moving to 10 GWs, yes, I will do more than 2 GWs. Would it be FY 2027? Would it be FY 2028? It's tough for me to give you exact timelines, but yes, I can give you a firm view on the revenue and the profitability. So yes, to answer, we are definitely on track to achieve more than 2 GWs annually, but I will shy away from giving you the exact timeline for that.
If I, 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 Green, which is also adding more pipelines for the group, and 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 competitors have currently in India. Right now, customers may be struggling that side, but Inox will not struggle anything in that area, which gives an 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. So there will be a lot of opportunities within the group also to keep executing. So, you know, not only external PSU market, a lot of bids are coming up. We are participating actively everywhere. So, all in all, I think, wind is there, absolutely positive, both, you know, from a sector point of view. So don't see any issue or challenge, whatever number we are talking about. But as I said, let's maintain going forward on the revenue basis.
Okay, fair enough, sir. That's it from my side.
Thank you. The next question is from the line of Vikas Agrawal, an individual investor. Please proceed.
No, sir, my question is done.
Thank you. The next question is from the line of Harsh Matika from SKP Securities. Please proceed.
Hello. Hi, good evening, sir. Thank you for taking my question. Just wanted to understand that the realizations have dropped both QoQ and YoY. So can you please explain why this is happening?
Could you come again, please?
Yeah. Hello, sir. Is it better now?
Yeah, yeah, yeah. Yeah, please.
Yeah. Sir, I was asking that the realizations have gone down both QoQ and YoY. So can you please tell us what is happening, why the realizations have fallen by 10 odd %?
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.
And also, see, sorry to interrupt, but, this is the exact nature why we are moving to revenue guidance, because of the complexities. They are different businesses, they are different deliveries that we do on a quarterly basis. So per megawattage number is something that differs on every contract that we execute. So it is. There's no comparison between each quarter. And that is the reason we moved to this revenue guidance and the margin guidance.
So both, because turnkey to, equipment supply will always be lesser, and also since as execution is improving and we are executing more and more projects, project revenues will always be on the lower side. So that's the reason why you will see realization per MW, quarter-to-quarter. So instead, better to look at the whole holistically at the annual basis.
Okay. Thank you, sir. That is it. Thank you. Thanks a lot.
Thank you. The next question is from the line of Pratik Jain from ICICI Prudential. Please proceed.
Yeah, thanks. So, sir, just a couple of questions. So one is that, since you mentioned that, for the sake of ease of investors, we are moving from MW to revenue. So, 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 little H2 heavy . H1 is many times leaner because of monsoon, to be honest. So, you know, that remains the fact. So that, I mean, while quarter one will be again very good, but, you know, quarter two will definitely diminish the overall H1.
Understood. And sir, secondly, the number you mentioned, the 4.5 GW in FY 2026. So what will be our market share in terms of commissioning in FY 2026 till now?
4.5 MW? No.
No.
Just, clarify your question again, please.
Yeah. So I am just asking, what is Inox Wind commissioning number, so at an all-India level in nine months, we did 4.5 GW. So what is our share in that 4.5 GW?
Yeah. So, over the past quarters, we have erected-- So a lot of our projects are at various stages of commissioning. So, some of the projects, in fact, are already erected, but we've yet to receive the commissioning or the, or the customer is yet to receive the commissioning approval. But, 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. So we don't look at, the market share. But yes, we have given what we have executed.
Understood. Sir, finally, how are we looking at, I mean, how do we stand on the receivables trends in terms of, let's say, number of days of receivables that is currently there?
No. So, obviously, if you see our performance over the past few years, the receivable days are continuously improving. And what we've guided, so 200-odd days of net working capital days, by this financial year end. You will see the receivables days improving substantially over FY 2025 as well. And that will continue over FY 2027 also, because our target is to be somewhere at around 120-odd days of overall working capital, net working capital.
Wonderful. Thank you. Thank you so much.
Thank you. The next question is from the line of Deepak Motwani from Marquee Investment Managers. Please proceed.
Hi, sir, good evening. So what is the current visibility on additional order inflows for Inox Wind, and can you provide any guidance on the expected order pipeline over the next 6-9 months, 12 months?
No, overall, as on date, we still have around 3.2 GW, which gives a certainty of next 1.5-2 years, if you ask from that point of view. But at the same time, lots of orders are in advanced stage, and very soon we should be announcing, I think, before the end of this closure. A lot of tenders have come, a lot of internal discussions are going on, our internal pipeline, many of those things are not added on that. So we have, you know, if you go quarter-wise, quarter-wise, we will always be, you know, ahead of what we say in terms of execution and what we get in terms of order booking. So we are live. Today, actually, order booking is not a problem. It's about how we deliver and how we continue to execute.
Okay, got your point. Thank you so much.
Thank you. Ladies and gentlemen, that was the last question for today. I now hand over the conference to the management for closing comments. Over to you, sir.
Thank you. Thank you to all the investors, and I assume that you should appreciate the renewable behemoth that we have created at INOXGFL 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 manifold over the next two years. Also, the latest venture, Inox Clean, that we believe will be one of the largest companies from the stable. And it's very strategic to the entire group, providing a minimum 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.
Thank you. On behalf of JM Financial Institutional Securities Limited, that concludes this conference. Thank you for joining us, and you may now disconnect your lines. Thank you.