Inox Green Energy Services Limited (INOXGREEN) Q3 2026 Earnings Call Transcript

Ladies and gentlemen, good day and welcome to INOX VENT and INOX Green Q3 F526 Earnings Conference Call hosted by GM Financial Institution 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 authorities 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 and zero on your touchtone phone. Please note that this conference is being recorded. I now hand over the conference to Mr. Sildanshu Bansal from JM Financial. Thank you, and over to you, sir.

Thank you, Pari. Good morning, everybody. On behalf of JM Financial, I welcome you all to the three QF526 calls 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. Kalash Tick, Tara Chandani, Group CEO, Renewable Business. Mr. Akhil Jindal, Group CFO INOX GFL Group, and Mr. SK Mathu Sudhana, 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, Sudanshu. So we'll start with the brief presentation from Mr. Kailash Tarachandani, who's the Group CEO of the Renewables Business and the INOX GFL Group, and then move to the briefing on INOX Green by Mr. S.K. Mathur Sudhana, and then we'll open the floor for the Q&A. Sir, Kailash, sir, we'll start with your briefing.

Thanks, Sudanshu. Thanks, Sudanshu. Thanks, Sudanshu. Good evening. Everyone, and thank you for joining the Quarter 3 FY26 Earnings Conference Call of Ainox Wind Ltd. and Ainox Green Energy Service Ltd. I will first brief you on the financial and operational achievement of Ainox 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 Ainox Green. We are pleased to inform you that we have been able to deliver yet another quarter of growth in quarter 3, despite substantial on-ground challenges, in particular from some of the customers, where there are delays in site readiness impacting wind turbine offtake. I will briefly take you through some of the key details of Anox Wind's financial performance for quarter 3 FY26. On a consolidated basis, ANOX Wind has reported, Revenue of Rs. 1238 crores, an increase of 24% YOY. EBITDA of Rs. 313 crores, an increase of 39% YOY, excluding one-time gain in Q3 FY25. Profit before tax of Rs. 209 crores, an increase of 62% YOY, excluding one-time gain in Q3 FY25. Profit after tax of Rs.127 crore, an increase of 14% YOY. Cash profit of Rs.262 crore, an increase of 38% YOY, excluding one-time gains in quarter 3 FY25. 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 Builder, Mplus, Jackson, 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 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, Ainox Green, continues its strong growth trajectory, reaching 13.3 GWh of wind and solar portfolio diversified across India. With its strong growth prospects, Ainox Green is on course to become India's largest renewable O&M company. Further, the scheme of de-merger of Inox Green Substation Business and its merger into Inox Renewable Solutions is in the final stages of hearing at Unable 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 a large-scale expansion plan across India and has recently announced its joint venture foray in Africa as well. Ionox Green has an ambitious plan to set up 3 GW of Hybrid Renewable IPP projects annually, which provides large recurring annual order visibility for IWL, Ionox Green Ltd., and a strong portfolio addition for Ionox Green. As we near the close of FY26, we are recalibrating our guidance for both FY26 and FY27. Going ahead, we will 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 Rs. 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% versus 18% to 19% earlier. For FY27, we expect our consolidated revenue to grow by around 75% over FY26 with EBITDA margin of 22-22%. The shift in our guidance from megawattage to financial numbers 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 tunkey. 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 tunkey to 50-50 tunkey and equipment supply currently. Consequently, delays at the customer end on equipment supply projects are tough to make up with increase in tunkey execution during the year, as tunkey involves a lot of advanced 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, when continues to be integral to India's renewable growth story. With India's power sector coils to deliver its best-ever annual capacity addition figure in financial year 26 and moving towards 10-Gigawatt annual capacity addition in the coming years, Anox 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. Madhusudana, CEO of Anox 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 Rs. 112 crores up by 51% year-on-year, EBITDA of Rs. 53 crores up by 80% year-on-year, Profit before tax of Rs. 40 crores up by 261% year-on-year. Profit after tax of Rs. 25 crores up by 375% year-on-year. Cash back of Rs. 51 crores up by 116% year-on-year. Machine availability for an 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 GW peak of solar assets. This also includes the investments which we have made to acquire 6.5 gigawatt of operational wind-windum assets of two major companies. We expect to complete the acquisition process soon, consequent to which the consolidation of financials into Ionoft Green will result in a multifold increase in consolidated EBITDA and PACT 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 Einoff Green's balance sheet, Along with organic growth, we expect the EBITDA for FY27 to be upwards of Rs. 600 crores. We have recently seen success in offering WTG overalling packages to customers, which will aid in increasing the life of the turbines and enhancing output. This business team has substantial potential for growth going ahead. At Inox Green, as part of our digital initiative, we are also exploring the development and deployment of specific agent AIs across low-value ad job profiles to enhance the speed of executions and increasing margins and reducing the manual dependencies. Finally, I would like to inform our investors that the scheme of de-merger of substation business from INOX Green and its subsequent merger into INOX Renewable Solutions is in the final stages of hearing at Hornibar NCLT, Ahmedabad. Once this scheme receives the final approval from the NCLT, gross block of around 1000 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.

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 1 on their touchstone telephone. If you wish to remove yourself from the question queue, you may press star and 2. 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 ICSA Securities. Please proceed.

Yes, thank you so much for taking my question. Thanks for having 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 the project setting 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 FY26 and FY27 as well, FY27 being 75% growth over FY26. So, given that nine months have passed, you can make out on broadly what the revenues will be for Q4. And you can, in fact, infer on the megawatt side as well. We've been consistently giving the per megawatt revenue figures over the last quarters. So they can be inferenced. 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, 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 some components, not all components, which is why there is a lot of variabilities. So, 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.

Thank you. So, my next question is on working capital. At how many days of working capital are we currently, and what are some of the things that we are doing to reduce this further?

So, 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 the shift?

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

Alright. And what is it at the end of Q3, the working capital days?

So, broadly, in the range of 200 to 210 days.

Alright.

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. 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 year.

And this is just a reflection of the ramp-up that we have seen today, but this will get normalized as we move ahead.

Last week, could you just give me the revenue of Zidda and Saad for Inos Green Energy for this quarter?

Inos Green?

Inos Clean.

That's a private company. Inos Clean has nothing to do with this. Inos Clean has 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.

We can discuss separately if you want.

Yes, thank you so much.

Thank you. The next question is from the line of Deepak Podhar from Sapphire Capital. Please proceed. I am audible.

Yes, you are. 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 your current gross debt level as a 3Q and how do we see the debt level in next one to two years?

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

What is your, I mean, do we have that figure separately, the gross rate and the cash level?

In fact, we'll keep it for the next quarter. We'll give you the net cash figure at the end of the financial year. Okay, okay.

Okay, okay, yeah, that would be it for my friend. Thank you.

Thank you. The next question is from the line-up Utkash Sommeya from IKIKO Quantum Solutions, Private Limited. Please proceed.

Thank you for the opportunity. I have a couple of questions. The 600 crore EBITDA guidance that you have given for FI27 will be on the entire portfolio of 13.3 gigawatts?

Yes, this is what would be on the entire portfolio that we're doing. Just to clarify for the larger audience, this he's referring to for INOS green EBITDA guidance, and this is on the entire portfolio of 13 gigawatts.

So I just needed some help with the math. We have assumed the 10. Yeah, that's 10 crore revenue per gigawatt for wind and... 10 lakh per megawatt. Yeah. So, 10 crore per gigawatt.

It's 10 lakh per megawatt.

100 crores. Not 10 crore.

Yeah, its revenue is around 100 odd crores.

Per gigawatt.

Yeah, yeah.

Yeah, sorry, 10 crore EBITDA.

Right? No, no, no, no. It's a 50. Actually, let me come in. So, out of 13.3 gigawatt, 10 gigawatt belongs to wind wind term 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 to 20% margin. Okay? So that's what we have given. And even in the wind also, there are different classification substations and wind turbine. There are several breakups, which I am not explaining right now. And out of which, after the integration of merger of three companies, yes, so the EBITDA will be around 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 a 100 crore revenue per gigawatt on a 10 gigawatt wind portfolio, we can assume a 1,000 crore revenue on a 500 crore revenue. All right. And we have 3.3 gigawatt of solar. So 20 crore per gigawatt gives us 66 crores of revenue and 20%. So around 13 crore EBITDA. So out of the 600, is my understanding of this 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?

Over 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 would 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 600 crore of PBT? How much deferred tax will we have in our P&L?

Well, income tax rate, you know, we are following 25% corporate tax rate, so you can calculate 25%. But it would be, as I clarify, it is an accounting entry, nothing to relate with the cash outflow and such.

Yeah, so accounting pattern will be 450 peros. 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 Nagarset from Wealth P. Hinser. Please proceed.

Yes, hi. So, I want to understand, again, on Inox Green, post-Biddy merger, how much revenue will come off?

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

So, what you're saying is that there will not be any material in fact and the mathematics that the previous question, previous person asked, that is excluding or assuming the new material.

And as Mr. Mathu has clarified in their opening remarks, that, you know, the 50 crore of your deprecation will go away and accordingly, our profitability will get increased up to that extent.

And adding to the previous question and your question, see, we will be commissioning new turbines in this current year also. So, those profitability also will be added. So, that gives the solidity of 600 crores.

So, when you say you have a 10 giga wind portfolio, that is included in the quarter 3 of execution. Is that an understanding, correct?

Yes.

Right, so whatever gets executed in Cotter 4 gets added to that mix and then subsequently from Cotter 1, 2 and 3 for the Xtl.

Yes, absolutely, right.

OK, great. Alright, great.

Thank you.

Thank you. The next question is from the line of Dasheeth Shah from Nirvana. Please proceed.

Hi, sir. So, I mean, my question is what is the guidance? So, I mean, I don't find any logic in getting the guidance from Megawatt 2 kind of. The numbers, you know, in spite of saying that we are growing our execution guidance, you have kind of changed the methodology of giving the guidance. And look at your numbers, what you are coding right now. So it roughly points out that probably, you know, next year we are guiding it 2 gigawatts in a federal media. Pretend that doing somewhere around 1.3 to 1.4 gigawatts. So can you highlight what has changed in the last 2-3 months that, you know, we are kind of... What is this execution guidance that 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. Tachandali 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 am 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 almost 50-50 kind of thing between Tanki and equipment supply. And earlier, it was very easy to give on megawatt basis because largely it was done Tanki, 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 scope. So, you know, it's not making sense that in some places we are giving only turbines, some places we are giving foundations, some places we are giving, you know, a combination of that. So, it's making more sense that in terms of holistically, we give our guidance based on revenues.

So, Gaur, 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 to FI27, and hence, even the execution of FI27, what we were guiding three months back, is also almost kind of 30% lower, looking at your numbers for FI27.

If you look at it, 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 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're moving to this guidance. If you see even the last nine months, we have meeting while there could be sudden slippages in the execution, my profitability numbers that I've guided for, I'm meeting those numbers.

And overall, on the, you know, second part to your question on the FY27, we see that very positive. In the sense that, you know, many of these are new customers, Markov 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, a lot more states are firing. And next year, again, I see Rastan opening a big way, Maharashtra, Andhra Pradesh opening a big way. You know, a lot of MPs, a lot of projects coming up. And many of these PGCL great connectivities are getting ready. What it means that a lot more customers, a lot more equipment supply. So you'll be able to, you know, play much more between what you do in terms of megawatt. 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 were quoting three months back is going to be lower, that's my point, and you confirmed 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 point of question, please rejoin the queue. The next question is from the line of Ketan Jain from Evendus Park. Please proceed.

Thank you. Thank you for your study. Yes, I just have a... Follow up on the previous 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 is 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 land. I mean, these are usual things. If you ask me, very frankly, my all-time 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 percent I am dependent and I have hold my EPC project, 50 percent 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. So going forward, we are anyway planning that so that, you know, at the same time we have a judicial control over our working capital and inventory also. So instead of looking at megawatt, we just focus on revenue side.

And 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 me on a 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 vagalities, I am coming to this revenue guidance where I can always guide you better.

I just want to understand one thing. What has changed our outlook in three months? That's it. I mean, what is happening on the sector, which may have changed our outlook in three months? That'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 a sector point of view. It's very, very positive. And as I said that, it's only increasing. It's only that, you know, from my point of view, we were too much tanki based. In fact, it is better today. We are 50-50 between tanki and equipment. Tanki 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's so many hands involved, and we're talking in this country, you know, five gigawatts, six gigawatts 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 under the window.

I just wanted to understand if there is anything negative on the sector. No, not at all. Absolutely. It's very, very positive. Hmm.

Just following up on that, so I'm sure everyone is aware that we've done four and a half gigawatt of installations, wind installations in the first nine months, and we are on course to do six gigawatts as we've been guiding all across. And this is set to grow only with more and more projects coming in, CNI sector is, so we are getting a lot of orders from the CNI sector as well. So, and as you can see, we've grown a lot over the last three, four years. In 2022, we were delivering only a gigawatt, we were installing only a gigawatt, now we are at six. So, the sector evolves, customers evolve, and we've also evolved.

And also, we are on track to achieve 10 gigas that we have been guiding before. So 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. Just one more question I have. I understand the CNI 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 the CNI 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. And as I see that even, you know, in the sector today, almost, well, lots of, you know, a lot of those things have come up, but still there could be some challenges of PPA and all, but mostly what projects are being executed today on the ground, many of them, almost more than 50% will be of C&I only. So that's how we are also there.

Out of 4, around 1.502 will be CMI. Is that a right number to assume, sir? Yes, yes, it will be more than that, actually.

Okay, thank you, sir.

Thank you. The next question is from the line of Radiumina Chaudhary from GM Financial Group Investments. Please proceed.

Yeah, hi. Just on INOX, renewable solutions, do we have any specific timeline in terms of the re-merger? 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, Pradhaman, 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 one and a half month process. For the listing of the company. So, yeah, in all likelihood, if everything goes well, within three-odd months, two to three months, it should get on the buses.

But don't take it as a commitment from Arun, because things are not there in our country. Of course.

Yeah, yeah.

If we are expecting the order to come.

Ambition. Thank you.

Thank you. The next question is from the line of Kevil Baroth from Axel Securities. Please proceed.

Yeah. Hello, sir. So, 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. So, there is a long-growth runway in the sector. And your execution guidance for FY28 is 2000MW. 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 2000MW execution. As we 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 4 to 5 years after APP.28.

Too fast to this because as I see that you know still countries looking for almost 100 to reach 100 gigawatt by 2030 or use at whatever you know so 2030 and we are at 55 gigawatt. Obviously, you know, it almost involved 8 to 10 gigawatts. I will not comment because the execution is a challenge and it is there for all the player assets. But still, if you see the way we are growing from 2, 3 megawatts to now 4 and this year almost reaching 6. So I see the story remains very, very positive. And as I said earlier in my discussion, in fact, all states' customers are working, and in all states, I see that 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 PGCL started building up lots of infrastructure and connectivity, only after 2021, when the regime changed, you know, it came to auction base and all that. So a lot of C2 connectivities are getting commissioned between different states from 26 to 30. 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 megawatt. But at the same time, nowhere I am saying in future from that point of view it will mean that lowering the execution. We will 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 KPEX guidance for FY27 and FY28? Also, how much KPEX has been incurred in nine-month FY26? And what is the full-year FY26 KPEX target? And additionally, what EBITDA margin guidance are you giving for FY27 and FY28? And sorry to stretch it out, but also respectively, what kind of realization per megawatt for FY27 and FY28 on a blended basis considering 4 megawatt turbines has been launched and is operational.

Yeah, hi. So in terms of the EBITDA guidance for FY26 and FY27, we have upgraded our guidance to 20 to 22% as against the rear of 18 to 19% which has been emphasized by Mr. Tara Chandrani in the opening remarks as well. In terms of the per megawatt realization, it is, you know, as we have explained various multiple times on this call, it is very hard to give because keeping in view the different scope, different, you know, components, supply, and so on and so forth. So we are, so there will be no guidance, no specific per megawatt realization we are giving. In terms of, yeah.

Yeah, so just... To the earlier comment, so 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 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 FY27. At this point of time, we are refraining from giving FY28 guidances.

Okay, and how much KPEX has been incurred in nine months FY26, and what will be the full year target for the KPEX?

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

Okay, okay, and is there any accountability for nine months FY26?

Around 150 odd crores has 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 Velikar from Access Securities. Please proceed.

Yeah, thank you for the opportunity. So, I understand the discussion on the call that you have changed from gigabat to revenue, and that is well understood. But, it means earlier in the slides, we had... Cadence of 2GB 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. 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 FQI 27? Can we assume that our 2GB 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 it?

As we have recently communicated and over the call, over 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. Two gigawatts 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 we have built on it or the profitability numbers that we have built on it, we are beating all those numbers. There are certain, yes, there are certain challenges in terms of the equipment supply order, there are on-ground challenges, which shifts on a quarterly basis. It's not that I will not achieve 2 gigawatts, I will definitely achieve 2 gigawatts, and I will surpass that. When we said we are at 6 gigawatts and we are moving to 10 gigawatts, yes, I will do more than 2 gigawatts. Would it be FI 27? Would it be FI 28? 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 two gigawatts 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 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 lots of connectivity and future capacity, which no competitors have currently in India. Right now, customers may be struggling that size, but INOC will not struggle anything in that area, which gives an additional competitive advantage, which will help us to see that 2GW is not a challenge.

Not only from Ionok's green point of view, but also from Ionok's green point of view, where we are continuously developing our own pipeline. 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 here, 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. Let's check from my seat.

Thank you. The next question is from the line of Vikas Agrawal, an individual investor. Please proceed.

No, sir, my question is answered.

Thank you. The next question is from the line of Harsh Murtika 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 Q1Q and YOY. So, can you please explain why this has happened?

Could you come again, please?

Yeah. Hello, sir. Is it better now?

Yeah, yeah, yeah. Please.

Yeah, sir, I was asking that the realizations have gone down both QOQ and YOY. So, can you please tell me what is, tell us what has happened, why the realizations have fallen by 10%?

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. There are different businesses. There 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 there is no comparison between each quarter. And that is the reason we have moved to this revenue guidance and the marginalization.

So both, because tanky 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 minute, quarter to quarter. So instead, it's 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 ICICP Redemption. Please proceed.

Yeah, thanks. So, sir, just a couple of questions. So, one is that since you mentioned that for the takeoff fees of investors, you are moving from megawatts to revenue. So, would that again be H2 heavy or would the run rate be similar across the fourth quarter? 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. So, you know, that remains a fact. So, that, I mean, while quarter 1 will be again very good, but, you know, quarter 2 will definitely diminish the overall H1. Understood.

And so, secondly, that number you mentioned, the current arm league about in FY26. So, what will be your market share in terms of commissioning in FY26 till now?

Four and a half megawatt.

No. Just clarify your question again, please. Yeah, so I am just asking what is INOC's wind commissioning number? So at an All India level in nine months, we did four and a half gigawatt. So what is our share in that four and a half gigawatt?

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 have yet to receive the commission, or the customer has 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. And so, finally, how are we looking at, I mean, how do we stand on the receivables in terms of, let's say, number of days of receivables that is currently there?

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 networking capital days by this financial year end, you see the receivable days improving substantially over FY25 as well. And that will continue over FI 27 also, because our target is to be somewhere at around 120 odd days of overall working capital, net working capital.

Understood. Thank you. Thank you so much.

Thank you. The next question is from the line of Deepak Motwani from RQ Investment Managers. Please proceed.

Hi, sir. Good evening. What is the current visibility on additional order inflows for Inopsun Limited, and can you provide any guidance on the expected order pipeline over the next 6 to 9 months, 12 months?

Now, overall, as on date, we still have around 3.2 gigahertz, which gives a certainty of next one and a half to two years, if you ask from that point of view. But at the same time, lots of orders are in advance 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, I have internal pipeline, many of those things I have 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 IONOVS GFL Group. Today, we are the largest integrated energy transition company. We have taken all steps to ensure that IONOVS twin stands tall and have ensured massive growth and profitability for the company. We are now massively ramping up IONOVS green to become one of the largest O&M companies, growing manifold over the next two years. Also, the latest venture, Ionox 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 megawatts orders for Ionox Clean, and also large portfolio addition for Ionox Clean. With that, I would like to thank all the investors. Thank you.

Thank you. On behalf of GM Financial Institutional Securities Limited, that concludes this conference. Thank you for joining us, and you may now disconnect your lines. Thank you.