Q1 2027 Inox Green Energy Services Ltd Earnings Call

August 7, 2026

Speaker #1: Ladies and gentlemen, good day and welcome to the INOX Green Limited and INOX Green Energy Services Limited Q1 FY27 earnings conference call. As a reminder, all participant lines will be in listen-only mode, and there will be an opportunity for you to ask questions after the presentation concludes.

Operator: Ladies and gentlemen, good day and welcome to the Inox Wind Limited and Inox Green Energy Services Limited Q1 FY 2027 Earnings Conference Call. As a reminder, all participant lines will be in the 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 touch-tone phone. Please note that this conference is being recorded. I now hand the conference over to Vikram Datwani from Nuvama Institutional Equities. Thank you and over to you, sir.

Speaker #1: Should you need assistance during this conference call, please signal an operator by pressing star, then zero on your touch-tone phone. Please note that this conference is being recorded.

Speaker #1: I now hand the conference over to Mr. Vikram Rattwani from Novama Institutional Equities. Thank you, and over to you, sir.

Speaker #4: Thank you. Good evening, everyone. On behalf of Novama Institutional Equities, I welcome you all to the Q1 FY27 results conference call of INOX Wind Limited and INOX Green Energy Services Limited.

Vikram Datwani: Thank you. Good evening, everyone. On behalf of Nuvama Institutional Equities, I welcome you all to the Q1 FY27 results conference call of Inox Wind Limited and Inox Green Energy Services Limited. We are joined today by Mr. Devansh Jain, Executive Director, Inox Wind Group, Mr. Akhil Jindal, Group CFO, Inox Wind Group, Mr. Sanjeev Agarwal, CEO, Inox Wind, Mr. S. K. Mathusudhana, CEO, Inox Green, and other senior members of the management. I would now like to hand over the call to Mr. Sanjeev Agarwal for his opening remarks. Thank you, and over to you, sir.

Vikram Datwani: Thank you. Good evening, everyone. On behalf of Nuvama Institutional Equities, I welcome you all to the Q1 FY 2027 results conference call of Inox Wind Limited and Inox Green Energy Services Limited. We are joined today by Mr. Devansh Jain, Executive Director, Inox Wind Group, Mr. Akhil Jindal, Group CFO, Inox Wind Group, Mr. Sanjeev Agarwal, CEO, Inox Wind, Mr. S. K. Mathusudhana, CEO, Inox Green, and other senior members of the management. I would now like to hand over the call to Mr. Sanjeev Agarwal for his opening remarks. Thank you, and over to you, sir.

Speaker #4: We are joined today by Mr. Devansh Ren, Executive Director, INOX VFL Group; Mr. Achil Zindal, Group CFO, INOX VFL Group; Mr. Sanjeev Agarwal, CEO, INOX Wind; and Mr. S.

Speaker #4: K. Muthusudhana, CEO, INOX Green; and other senior members of the management. I would now like to hand over the call to Mr. Sanjeev Agarwal for his opening remarks.

Speaker #4: Thank you, and over to you, sir.

Speaker #5: Hey, thanks, Vikram. Good evening, everyone. I will first brief you on the financial and operational achievements of INOX Wind for the quarter under review.

Sanjeev Agarwal: Thanks, Vikram. Good evening, everyone. I will first brief you on the financial and operational achievements of Inox Wind for the quarter under review, as well as other key developments and future roadmap before handing it over to Madhu for his briefing on the development at Inox Green. I am pleased to inform in Q1 FY27, on a consolidated basis, Inox Wind has reported a revenue of INR 872 crores, adjusted EBITDA of INR 237 crores, PBT of INR 95 crores, PAT of INR 64 crores, and cash profit of INR 153 crores. As per our strategic initiative undertaken in the previous quarters, where we have pivoted towards increasing the share of equipment supply in our order mix, we are pleased to inform you that we are making steady progress towards this. Our operations are showing resilience post this pivot.

Speaker #5: As well as other key developments and the future roadmap, before handing it over to Madhu for his briefing on the developments at INOX Green, I'm pleased to inform you that, in Q1 FY27, on our consolidated basis, INOX Wind has reported a revenue of ₹872 crores, adjusted EBITDA of ₹237 crores, EBITDA of ₹95 crores, PAT of ₹64 crores, and cash profit of ₹153 crores.

Speaker #5: As per our strategic initiative undertaken in the previous quarters, where we have pivoted towards increasing the share of equipment supply in our order mix, we are pleased to inform you that we are making steady progress toward this.

Speaker #5: Our operations are showing resilience post this pivot. This initiative will help achieve a healthy balance sheet as well as financial robustness. The strategy is expected to yield long-term benefits and reflect meaningfully in the financials Q3 onwards.

Sanjeev Agarwal: This initiative would help achieve a healthy balance sheet as well as a financial robustness. The strategy is expected to yield long-term benefits and reflect meaningfully in the financials Q3 onwards. As of 26 July, the share of equipment supply in our order books stood at approximately 59%, with the balance 40% being turnkey. This excludes order received from INOXGFL group entities and is only for orders received from the third-party entities. The virtuous cycle of interplay with INOXGFL group entities is playing out well. The growth at our group company, Inox Clean, will lead to a larger order for Inox Wind, Inox Green, as well as Inox Renewable Solutions. Inox Clean has plans to set up 3 GW plus capacity of IPP portfolio every year.

Speaker #5: As of July 26, the share of equipment supply in our order books stood at approximately 59%, with the balance 40% being turnkey. This excludes orders received from INOX GFL Group entities and is only for orders received from third-party entities.

Speaker #5: The year-cycle of interplay with INOX GFL Group entities is playing out well. The growth at our group company, INOX Clean, will lead to larger orders for INOX Wind, INOX Green, as well as INOX Renewable Solutions.

Speaker #5: INOX Clean has plans to set up a 3-gigawatt-plus capacity IPP portfolio every year. We are pleased to inform you that INOX Wind has signed an MOU for 1.5 gigawatts—I'll repeat, 1.5 gigawatts—with INOX Clean Energy in June, out of which firm orders have been signed for 500 megawatts so far.

Sanjeev Agarwal: We are pleased to inform you that Inox Wind has signed an MoU for 1.5 GW, I repeat again, 1.5 GW with Inox Clean Energy in June, out of which firm orders have been signed for 500 MW so far. Firm orders for the balance 1 GW would be signed in due course of time. In another positive development in Q1, we have received an LOA for 200 MW from NLC India. This is a repeat order from NLC in the month of July through an extensive tendering process. With this, our order book stands at approximately 4.4 GW. Just to repeat again, an order backlog of 4.4 GW as on July 2026. This provides us a clear execution visibility for more than 24 to 36 months. We are strongly placed with all our customers, including C&I, PSU, IPP, Captive, that is GFL and retail.

Speaker #5: Firm orders for the balance 1 gigawatt would be signed in due course of time. In another positive development in the first quarter, we have received an LOA for 200 megawatts from NLC India. This is a repeat order from NLC, in the month of July, through an extensive tendering process.

Speaker #5: With these, our order book stands at approximately 4.4 gigawatts. Just to repeat again, an order backlog of 4.4 gigawatts as on July 2026. This provides us with a clear execution visibility for more than 24 to 36 months.

Speaker #5: We are strongly pleased with all our customers, including CNI, PSU, IPP captive—that is, GFL—and retail. Many more tenders, as well as negotiations, are underway, and we are confident of securing more orders this year.

Sanjeev Agarwal: Many more tenders as well as negotiations are underway. We are confident of securing more orders this year. Further, we have a visibility of receiving large recurring orders from Inox Clean Energy over the next few years, as I mentioned before. With respect to our 4X wind turbine model, execution is progressing well. The foundation work has been completed. The tower and other main components are ready. We are on track to install the first prototype in the month of August, with commercial launch expected by end of FY 2026. Our expansion plan, I would like everyone to hear this with open eyes and ears, our expansion plans in Inox Renewable Solutions Limited are also progressing well. Our operational Jaipur transformer factory is gearing up to manufacture our next bigger capacity, which is 4.9 MVA transformers for our 4X series.

Speaker #5: Further, we have visibility of receiving large recurring orders from INOX Clean Energy over the next few years, as I mentioned before.

Speaker #5: With respect to our 4x wind turbine model, execution is progressing well. The foundation work has been completed, the tower and other main components are ready, and we are on track to install the first prototype in August, with commercial launch expected by the end of FY26.

Speaker #5: Our expansion plan—and I would like everyone to hear this with open eyes and ears—our expansion plans in INOX Renewable Solutions Limited are also progressing well. Our operational Jaipur transformer factory is gearing up to manufacture our next bigger capacity, which is 4.9 MVA transformers, for our 4X series.

Speaker #5: We also plan to further increase our trafo manufacturing capacity, including medium-sized trafos between 8 and 20 MVA, as well as large transformers which are 100 MVA plus.

Sanjeev Agarwal: We also plan to further increase our manufacturing capacity, including a medium size transformers between 8 to 20 MVA, as well as large transformers, which is 100 MVA+. We also own our own fleet of cranes. Presently, we have four of them in operations and more to come in within this financial year. Besides transformers, we plan to manufacture a high value-added and high margin power electronic systems such as inverters, unit substations, and energy capacitor systems, which is used in our wind turbines. Our USS is expected to be commercially launched in FY 2027. All these investments have relative short payback periods and will lead to revenue and margin expansions in IRSL. Further, the de-merger of the power evacuation infrastructure from Inox Green into Inox Renewable Solutions has been completed as on 1 August 2026, being the record date.

Speaker #5: We also own our own fleet of cranes. Presently, we have four of them in operation, and more are to come in within this financial year.

Speaker #5: Besides transformers, we plan to manufacture high-value-added and high-margin power electronic systems, such as inverters, unit substations, and energy capacitor systems, which are used in our wind turbines.

Speaker #5: Our USS is expected to be commercially launched in FY27. All these investments have relatively short payback periods and will lead to revenue and margin expansions in IRSA.

Speaker #5: Further, the demerger of the power evacuation infrastructure from INOX Green into INOX Renewable Solutions has been completed as of August 1, 2026, being the record date.

Speaker #5: IRSL would now be automatically listed on the stock exchange post receipt of regulatory approvals. Coming to INOX Green, we have received the approval from Hon'ble NCLT Ahmedabad for the acquisition of Windward India Limited.

Sanjeev Agarwal: IRSL would now be automatically listed on the stock exchange post receipt of regulatory approvals. Coming to Inox Green, we have received the approval from honorable NCLT, Ahmedabad for the acquisition of Wind World (India) Limited. The acquisition formalities are expected to be completed in Q2 FY 2027. This is a milestone transaction in the renewable space, one where we expect to realize significant business synergies as we integrate the acquired business post-completion of the acquisition process. We shall provide further updates on this in our next analyst call. As on June 2026, our O&M portfolio stands at 13.3 GW, including investment made. The wind industry continues to show excellent traction, driven by macro tailwinds. With 1.4 GW wind capacity commission in India in Q1, FY 2027. The total installed wind capacity stood at 57.4 GW as on June 2026.

Speaker #5: The acquisition formalities are expected to be completed in Q2 FY27. This is a milestone transaction in the renewable space, one where we expect to realize significant business synergies as we integrate the acquired business post completion of the acquisition process.

Speaker #5: We shall provide further updates on this in our next analyst call. As of June 2026, our O&M portfolio stands at 13.3 gigawatts, including investments made.

Speaker #5: The wind industry continues to show excellent traction—driven by macro tailwinds—with 1.4 gigawatts of wind capacity commissioned in India in Q1 FY27.

Speaker #5: The total installed wind capacity stood at 57.4 gigawatts as of June 2026. We expect to see strong annual wind capacity additions, ranging between 8 to 10 gigawatts over the next few years, driven by RTC, FDRI, and hybrid capacity additions.

Sanjeev Agarwal: We expect to see strong annual wind capacity additions ranging between 8 to 10GW over the next few years, driven by RTC, FDRE, and hybrid capacity additions. In fact, out of the total renewable capacity of 9.34 GW awarded through tenders in Q1, 2.35 GW, that is 25%, comprise of standalone wind tenders alone. The installed wind capacity in India is expected to be 7x the current capacity in the next two decades. Power demands continue to remain strong, and it is worth noting that power demand in the first four months of FY2027 so far has been the highest by far in the last four years. Inox Wind is well-placed to benefit from the continued macro push towards renewable, as well as for the interplay of group company synergies. I would like now to hand it over to Madhu for his remarks on Inox Green.

Speaker #5: In fact, out of the total renewable capacity of 9.34 gigawatts awarded through tenders in Q1, 2.35 gigawatts—that is, 25%—comprised standalone wind tenders alone. The installed wind capacity in India is expected to be 7x the current capacity in the next two decades.

Speaker #5: Power demand continues to remain strong, and it is worth noting that power demand in the first four months of FY27 so far has been the highest by far in the last four years.

Speaker #5: INOX Wind is well placed to benefit from the continued macro push towards renewables, as well as from the interplay of group company synergies. I would now like to hand it over to Madhu for his remarks on INOX Green.

Speaker #5: Madhu, over to you.

Sanjeev Agarwal: Madhu, over to you.

Speaker #1: Thanks, Sanjit. Good evening, everyone. Hope I am audible.

S. K. Mathusudhana: Thanks, Sanjeev. Good evening, everyone. Hope I'm audible.

Speaker #2: I as well.

Sanjeev Agarwal: Go ahead. Please go ahead.

Speaker #1: Please go ahead. I will first brief you on the financial achievements of INOX Green during the quarter, before moving to other aspects. During Q1 FY27, INOX Green reported total income of ₹101 crore, up by 17% year-on-year.

S. K. Mathusudhana: I will firstly brief you on the financial achievements of Inox Green during the quarter before moving to other aspects. During Q1 FY27, Inox Green reported total income of INR 101 crore, up by 17% year on year. EBITDA of INR 57 crore, up by 19% year on year. Profit before tax of INR 54 crore, up by 74% year on year. Profit after tax of INR 41 crore, up by 86% year on year. Cash PAT of INR 55 crore, up by 25% year on year. Mission availability for the entire portfolio averaged approximately 96.3%. The operations continue to do well and have shown continuous improvements driven by large investments and expenditures incurred in the previous year to improve the entire infrastructure. A significant portion of operating revenues are being generated through value-added services such as turbine overhauls, life extension activities, et cetera.

Speaker #1: EBITDA of ₹57 crores, up by 19% year on year. Profit before tax of ₹54 crores, up by 74% year on year. Profit after tax of ₹41 crores, up by 86% year on year.

Speaker #1: Cash back of ₹55 crore, up by 25% year on year. Mission availability for the entire portfolio averaged approximately 96.3%. The operations continued to do well and have shown continuous improvements, driven by large investments and expenditures incurred in the previous year to improve the entire infrastructure.

Speaker #1: A significant portion of operating revenues are being generated through value-added services, such as turbine overhauls, life extension activities, etc. However, as per the accounting norms, they are clubbed as 'other income.'

S. K. Mathusudhana: However, as per the accounting norms, they are clubbed as other income while they are operating in nature. Inox Green's portfolio stood at approximately 13.3 GW peak as on June 2026, comprising of approximately 10.5 GW of wind operating assets and the balance being solar assets. This also includes the investments made to acquire approximately 6.5 GW of operational wind O&M assets, including Wind World India and one other company. As mentioned by Sanjeev earlier, we are pleased to inform you that we have received the approval from Honorable NCLT Ahmedabad for the acquisition of Wind World India Limited. The acquisition's formalities are expected to be completed in Q2 FY27, post which the financial consolidation will take place. This is a huge milestone in the journey of Inox Green and a value accretive transaction for all shareholders.

Speaker #1: While they are operating in nature, INOX Green's portfolio stood at approximately 13.3 gigawatt peak as of June 2026, comprising approximately 10.5 gigawatts of wind operating assets, with the balance being solar assets.

Speaker #1: This also includes the investments made to acquire approximately 6.5 gigawatts of operational wind O&M assets, including Windward India and one other company. As mentioned by Sanjeev earlier, we are pleased to inform you that we have received approval from the Honorable NCLT Ahmedabad for the acquisition of Windward India Limited.

Speaker #1: The acquisition's formalities are expected to be completed in Q2 FY27, after which the financial consolidation will take place. This is a huge milestone in the journey of INOX Green.

Speaker #1: And the value-accretive transaction for all shareholders. We believe there is significant scope to bring in operational efficiencies in the acquired portfolio through enhanced service offerings, price, and cost optimizations.

S. K. Mathusudhana: We believe there is a significant scope to bring in operational efficiencies in the acquired portfolio through enhanced service offerings, price, and cost optimizations. Wind World India's O&M portfolio stands at nearly 4.5 GW, servicing a marquee client base that includes Tata, ReNew, Greenko Group, Apraava, Hindustan Zinc, among others. The assets are spread across key wind-rich states including Karnataka, Maharashtra, Tamil Nadu, Rajasthan, Gujarat, MP, and Andhra Pradesh. The portfolio generated revenue of approximately INR 580 crore in FY26, and the benefits from contracted annual price escalations of approximately 5%. The integration efforts are underway. We shall provide further updates on this in our next earnings call. We expect our other investments to be also completed in FY27 and to be consolidated in our financials.

Speaker #1: Windward India's O&M portfolio stands at nearly 4.5 gigawatts, servicing a marquee client base that includes Tata Renew, GreenCo Group, Apraava, Hindustan Zinc, among others.

Speaker #1: The assets are spread across key wind-rich states, including Karnataka, Maharashtra, Tamil Nadu, Rajasthan, Gujarat, Madhya Pradesh, and Andhra Pradesh. The portfolio generated revenue of approximately ₹580 crore in FY26, and benefits from contracted annual price escalations of approximately 5%.

Speaker #1: The integration efforts are underway. We shall provide further updates on this in our next earnings call. We expect our other investments to also be completed in FY27.

Speaker #1: And to be consolidated in our financials. Besides our inorganic efforts, we believe INOX Green will be one of the biggest beneficiaries of the growth coming from the annual capacity additions of approximately 3 gigawatts plus at our group company, INOX Clean.

S. K. Mathusudhana: Besides our inorganic efforts, we believe Inox Green will be one of the biggest beneficiaries of the growth coming from the annual capacity additions of approximately 3 GW plus at our group company, Inox Clean, and external projects executed by Inox Wind. This is expected to establish Inox Green into one of the largest renewable O&M companies globally. We continue to see success in offering WTG, that is wind turbine overhaul, and life extension packages to customers, which aids in increasing the life of the turbines and enhancing output. Globally, the life extension of wind turbine has been taken up to 35 years. Typically, every turbine runs at 25 years as a normal standard, but we are intending to increase the life up to 35 years. This business stream has substantial potential for growth ahead.

Speaker #1: And external projects executed by INOX Wind. So, this is expected to establish INOX Green as one of the largest renewable O&M companies globally. We continue to see success in offering WTG—that is, wind turbine—overhaul and life extension packages to customers, which aids in increasing the life of the turbines and enhancing output.

Speaker #1: Globally, the life extension of wind turbines has been increased up to 35 years. So typically, every turbine runs for 25 years as a normal standard.

Speaker #1: But we are intending to increase the life up to 35 years. So, this business team has substantial potential for growth ahead. We expect to offer this service to much of the existing fleet of Windward India O&M business as well.

S. K. Mathusudhana: We expect to offer this service to much of the existing fleet of Wind World India O&M business as well. As mentioned earlier by Sanjeev, we are pleased to inform you that the demerger of the power evacuation infrastructure from Inox Green into Inox Renewable Solutions has been completed as on 1 August 2026. As a result of this demerger, Inox Green is now an asset-light O&M player with significant improvement in ROE and ROCE metrics.

Speaker #1: Further, as mentioned earlier by Sanjeev, we are pleased to inform you that the demerger of the power evacuation infrastructure from INOX Green into INOX Renewable Solutions has been completed as of August 1, 2026.

Speaker #1: As a result of this demerger, INOX Green is now an asset-light O&M player with significant improvement in ROE and ROCE metrics. We will now open the floor for Q&A.

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

Speaker #1: Thank you very much.

Speaker #3: Thank you very much. We will now begin the question and answer session. Anyone who wishes to ask a question may press star and one on the touch-tone telephone.

Operator: Thank you very much. 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 Vikash Agarwal, an individual investor. Please go ahead.

Speaker #3: 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.

Speaker #3: Ladies and gentlemen, we will wait for a moment while a question queue assembles. The first question is from the line of Vikas Agarwal, an individual investor.

Speaker #3: Please go ahead.

Speaker #2: Yeah. I am audible.

Vikash Agarwal: Yeah. I'm audible?

Speaker #3: Yes, sir, you're audible. Please go ahead.

Operator: Yes, sir. You are audible. Please go ahead.

Speaker #2: Thank you. Yeah. I'll congratulate the team for a great result. I'll just bunch up whatever I want to ask so that it can be done quickly.

Vikash Agarwal: Yeah. Congratulations, team, for a great result. I'll just bunch up whatever I want to ask so that it can be done fast. I just want to ask, what is the reason for the fund raise at the present acquisitions that we have? We understood that those acquisitions were funded by the previous preferential issues that we had made. Also, I would like to know management view. Again, Inox Green is a healthy, cash-generating entity. Wouldn't it be better if we raised debt in that and cleared the sale from the short cash flow rather than equity dilution? Also, if we can have a management comment on benefits from the new ALMM rules that could be seen and wind versus solar plus battery. Also, competitors are introducing 5 MW products, and we are in.

Speaker #2: I just want to ask, what is the reason for the fundraise at the present acquisition that we have? We understood that those acquisitions were funded by the previous preferential issues that we had made.

Speaker #2: And also, I would like to know management's view, as INOX Green is a healthy cash-generating entity. Wouldn't it be better if we raise debt and cleared the sale from the short cash flow rather than opt for equity dilution?

Speaker #2: Also, if we can have a management comment on benefits from the new ALMM rule that could be seen, and wind versus solar plus battery. And also, competitors are introducing 5-megawatt products, and we are in… going.

Speaker #1: I think let me do a couple of cautions, because we’ll miss whatever cautions you’re asking. On your first caution, it is on INOX Green, I guess.

Sanjeev Agarwal: I think let's limit to a couple of questions because we'll miss whatever questions you're asking. On your first question is on Inox Green, I guess. These are enabling resolutions we have done. Beyond that, we cannot comment right now as we're in the silent period.

Speaker #1: These are enabling resolutions we have done. Beyond that, we cannot comment right now as we are in the silent period.

Speaker #2: Okay, sir. Thank you.

Vikash Agarwal: Okay, sir. Thank you.

Speaker #1: Let me also come in. There was a question about the introduction of higher models of wind. Gentlemen, I said in our statement that the 4X model of wind turbine, the new one, would be up in operation in August, with commercial activity starting a month later.

Sanjeev Agarwal: Let me also comment. There was a question about introduction of higher models of wind. Gentlemen, I said in our statement that our 4X model of wind turbine, the new one, will be up in operation in August, with the commercial activity starting a month later. As we see this progressing well, we are also contemplating looking at higher models, if the demand be there in the market. We believe our 4X model would outclass the wind turbines in this category. Thank you.

Speaker #1: As we see this progressing well, we're also contemplating looking at higher models if the demand is there in the market. We believe our 4X model would outclass the wind turbines in this category.

Speaker #1: Thank you.

Speaker #2: Okay. First, could you comment on the benefit of ALM that is going to be introduced, and when could we see the impact of this sale?

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

Speaker #1: Okay, I'll talk about the wind. As we speak to you, almost 80 to 90 percent of the components that go in wind turbines for us are all indigenized.

Sanjeev Agarwal: Can I talk about the wind? As we speak to you, almost 80% to 90% of the components that go in wind turbine for us are all indigenized. Yeah? The ALMM will bring the story for people who do not do this in India. For us, this was an advantage to start with, and it will remain. The balance 10% is low-lying. We are already active into the job of converting that into Indian-made. Before end of the calendar year, we hope that we are almost 100% on wind turbines. I'm talking not only for our 3X model, but even for the 4X model. Thank you.

Speaker #1: Yeah. The ALM will bring the story for people who do not do this in India. But for us, this is an advantage to start with, and it will remain.

Speaker #1: The balanced 10 percent is low-lying. We are already active in the job of converting that into Indian make. Before the end of the calendar year, we hope that we are almost 100 percent on wind turbines, and I'm talking not only for our 3X model but even for the 4X model.

Speaker #1: Thank you.

Speaker #2: No, sir, I'm just asking—this will benefit us, right? So, when can we see the impact of the benefits from the same? I think we know that we are getting indigenized and we were well prepared for it in advance.

Vikash Agarwal: No, sir. I'm just asking that this will benefit us, right? When can we see the impact of the benefit from the same? Again, we know that we are getting indigenized, and we were well prepared for it in advance. When can we see the impact? Also, if you could comment a little bit on wind versus solar plus battery, and how is it, the outlook, and what does the management feel about it given the current market scenario?

Speaker #2: So, when can we see the impact? And also, if you could comment a little bit on wind versus solar plus battery, and how is the outlook? What does the management feel about it, given the present market condition?

Sanjeev Agarwal: Let's restrict it to the wind story for a moment. I don't want to talk about what would others do. We think this would give us a span of at least three years where this indigenization story that we've initiated. There were a lot of talk, a lot of investors who said earlier, why are you putting so much of our money, so much of our CapEx in making everything in India? Probably, we thought this is very strategic initiative to be relying on our own capability. The shop that we've expanded, the vendors who support us, we have helped them, give a bit of a technology to make this Make in India. We believe next three years, this would be something for people who have already taken a decision before. Thank you.

Speaker #1: Let's restrict it to the wind story for a moment. You know, I don't want to talk about what would other do, but we think this would give us a span of at least three years where this indigenization story that we've the initiative you know, there were a lot of talk a lot of investor who said earlier, why are you putting so much of a money, so much of a capex in making everything in India?

Speaker #1: But probably we thought this could be a very, very strategic initiative to be relying on our own capability. It's a shop that's been expanded.

Speaker #1: The vendors who support us, we have helped them give a bit of technology to make this 'Make in India.' We believe in the next three years, this would be something for people who have already taken a decision before.

Speaker #1: Thank you.

Speaker #2: And sir, are there any interest costs for that case being seen right now in INOX Wind? As we focus more on deliveries rather than turnkey, should we see the interest cost coming down?

Vikash Agarwal: Sir, the interest cost that we are seeing right now in Inox Wind, as we focus more on delivery rather than turnkey, should we see the interest cost coming down?

Speaker #1: Gentlemen, you can come back in the queue. Let others come in. There is a long queue there. Thank you so much.

Sanjeev Agarwal: You can come back in the queue. Let others come in. There is long queue there.

Vikash Agarwal: Okay, thank you.

Sanjeev Agarwal: Thank you so much.

Speaker #3: Thank you. The next question is from the line of Shubham Borade from ICICI Securities. Please go ahead.

Operator: Thank you. The next question is in the line of Shubham Borade from ICICI Securities. Please go ahead.

Speaker #4: Hi, thanks for the opportunity. My question is simple: What was the installation in terms of megawatts in Q1, and what is the approximate number we are looking at for FY27?

Shubham Borade: Hi. Thanks for the opportunity. My question is simple. What about the execution in terms of megawatt in Q1, and what is the approximate number we are looking at for FY2027?

Speaker #1: Thank you so much. I mean, this was we changed the track two quarters before. So we do not announce anything on megawatt now. It is the number of machines that we that we so we last year 50 we had made an announcement that we'll move from the machine volumes to the revenue numbers.

Sanjeev Agarwal: Thank you so much. We changed the track two quarters before, so we do not announce anything on megawatt now. It is the number of machines that we.

Devansh Jain: Last Q3, we had made an announcement that we'll move from the machine volumes to the revenue numbers, therefore we've been guiding the revenue targets and the margins there, we'll restrict ourselves to that.

Speaker #1: And that's what we've been guiding—the revenue targets and the margins there. And we'll restrict ourselves to that.

Speaker #4: Okay. Revenue, revenue guidance, and margins will be welcome. You can.

Shubham Borade: Okay. Revenue guidance and margins will be welcome.

Speaker #1: Yeah, so we remain committed. We mentioned that in the last quarter. We remain committed to our yearly revenue and margins, and we maintain that revenue guidance of 75% growth over the previous year.

Devansh Jain: We remain committed. We mentioned that in the last quarter, we remain committed on our yearly revenue and margins. We maintain that revenue guidance of 75% growth over the previous year and EBITDA margin of 20% to 22% on a consolidated basis is what we maintain our guidance for the full year basis. Also you would appreciate that this is a H2-heavy business. Normally, typically what we do is 70% to 75% of the business is captured in H2, we maintain that.

Speaker #1: An EBITDA margin of 20 to 22 percent on a consolidated basis is what we maintain as our guidance for the full year. Also, we would appreciate noting that this is a second-half heavy business.

Speaker #1: So, normally, what we do is 70 to 75 percent of the business is captured in H2, and we maintain that.

Shubham Borade: Okay. That was from my side. Thanks.

Speaker #4: Okay, that was from my side. Thanks.

Speaker #3: Thank you. Ladies and gentlemen, in order to ensure that the management is able to address questions from all participants in the conference, please limit your questions to two per participant.

Operator: Thank you. Ladies and gentlemen, in order to ensure that the management is able to address questions from all participants in the conference, please limit your questions to two per participant. Should you have a follow-up question, we would request you to rejoin the queue. The next question is in the line of Preet from Welton Wise. Please go ahead.

Speaker #3: Should you have a follow-up question, we will request you to rejoin the queue. The next question is from Preet at Wealth Advisor.

Speaker #3: Please go ahead.

Speaker #4: It's fine. My question is, my first question is regarding the blended per megawatt revenue that we would have generated for the 10.5 gigawatt portfolio.

[Analyst] (Welton Wise): Yes. Hi. My first question is regarding the blended per MW revenue that you would have generated for the 10.5 GW portfolio. Could you please share what that number was?

Speaker #4: Could you please share what that number was?

Devansh Jain: Shibu, you want to answer?

Speaker #1: I think you want to answer?

Speaker #4: Yeah.

[Analyst] (Welton Wise): Yeah.

S. K. Mathusudhana: Yeah.

Speaker #1: So what we have already guided for in the past on INOX Green, the turbines that we have been doing, the blended per megawatt is ₹9 to ₹10 lakhs.

Devansh Jain: What we have already guided for in the past on Inox Green, the turbines that we have been doing, the blended per MW is INR 9 to 10 lakhs. The other two investments that we have would be substantially higher from this number, but once that gets consolidated, we'll give you those numbers too. They will be substantially higher from these numbers.

S. K. Mathusudhana: What we have already guided for in the past on Inox Green, the turbines that we have been doing, the blended per MW is INR 9 to 10 lakhs. The other two investments that we have would be substantially higher from this number, but once that gets consolidated, we'll give you those numbers too. They will be substantially higher from these numbers.

Speaker #1: The other two investments that we have would be substantially higher than this number. But once that gets consolidated, we'll give you those numbers too.

Speaker #1: But they will be substantially higher than these numbers.

Speaker #2: So, no, I understand that, as you mentioned in your prior calls. So, for this sort of purpose of mathematics—for this 10.5 that you've done—should I assume... I mean, 9 and 10 is a very large range.

[Analyst] (Welton Wise): I understand that, as you mentioned in the prior calls. For this sort of purpose of mathematics, for this 10.5 that you've done, should I assume, I mean, 9 and 10 is a very large range. Is there a number that you have?

Speaker #2: Is there, like, a number that you have? Like, is there?

Speaker #1: So if you see 10 gigas that you're talking about, they're still not being consolidated. The revenue numbers in Q1 that you are seeing are not for the consolidated operations.

Devansh Jain: If you see 10 GW that you're talking about, they're still not being consolidated.

S. K. Mathusudhana: If you see 10 GW that you're talking about, they're still not being consolidated.

[Analyst] (Welton Wise): Right. Okay.

Devansh Jain: The revenue numbers in Q1 that you are seeing is not for the consolidated operations. It's only for Inox Green turbines that we were traditionally doing. The other two investments are still classified as investments, and they will get consolidated once the approvals are in place. Beyond that, I think we will not be able to comment as we are under the silent period there.

S. K. Mathusudhana: The revenue numbers in Q1 that you are seeing is not for the consolidated operations. It's only for Inox Green turbines that we were traditionally doing. The other two investments are still classified as investments, and they will get consolidated once the approvals are in place. Beyond that, I think we will not be able to comment as we are under the silent period there.

Speaker #1: It's only for INOX Green turbines that we were traditionally doing. The other two investments are still classified as investments, and they will get consolidated once the approvals are in place.

Speaker #1: Beyond that, I think we will not be able to comment, as we are under the silent period there.

Speaker #2: No. Understood. So that's roughly, what, 4 gigawatts, right? Because out of 10 and a half, you have 6 and a half as investments. So 4 is your—4 is the number on which the revenue has been reported.

[Analyst] (Welton Wise): No, understood. That's roughly what, 4 GW, right? Because out of N and a half, we have 6.5 as investments. 4 is the number on which the revenue has been reported. Is my understanding correct?

Speaker #2: Is my understanding correct? So, on that four, what number should we pencil in for the per-megawatt realization?

Devansh Jain: Yes, that's correct.

S. K. Mathusudhana: Yes, that's correct.

[Analyst] (Welton Wise): On that 4, what number should we pencil in for the per megawatt realization?

Speaker #5: So that's exactly what Remo has just mentioned. For our portfolio of approximately 4 gigawatts of wind, the per-megawatt revenue is about ₹9 to ₹10 lakhs per megawatt, excluding GST.

Akhil Jindal: That's exactly what Shibu has just mentioned. For our portfolio of approximately 4 GW of wind, the per megawatt revenue is about 9 to 10 lakhs per megawatt, excluding GST, for the 2 acquired portfolios, which are currently investments and accounted for under Ind AS 109. We will be able to do line-by-line consolidation of those 2 acquired portfolios once we acquire the shares. Right now, these are investments. We haven't acquired the shares.

Speaker #5: For the two acquired portfolios, which are currently investments and accounted for as under AS 109, so we will be able to do line by line consolidation of those two acquired portfolios once the once we acquire the shares right now, it's an investment.

Speaker #5: We haven't acquired the shares.

Speaker #2: Okay, got you. Thank you, Shetha. The second question I had was regarding the overall wind portfolio. So, what you're mentioning are only these two elements, which are the organic part as well as the acquisitions.

[Analyst] (Welton Wise): Okay, got it. Thank you, Shatak. The second question I had was regarding the overall wind portfolio. What you are mentioning are only these two elements, which is the organic part as well as the acquisitions. Now, Inox Clean has also been adding capacity through the Vena acquisition or the other acquisitions that they have made. When will those capacities get reflected in your portfolio? Is there a timeline to it? Could you shed some light on that?

Speaker #2: Now, INOX Clean has also been adding capacity, say, the Weena acquisition or the other acquisitions that they've made. When will those capacities get reflected in your portfolio?

Speaker #2: Is there a timeline for it? Could you shed some light on that?

Speaker #1: It will be over the, if you're talking about green, it will be over a course of time. So, we have just acquired all these portfolios, but you are right.

Devansh Jain: If we're talking about Green, it will be over the course of time. We have just acquired all these portfolios. You are right. That's what we've been saying, the group synergies out of Inox Clean, the biggest beneficiaries would be Wind, Green, and Resco. What Inox Clean does, and Inox Clean we have stated publicly, that's almost 3 GW plus kind of portfolio annually. If it was 3 GW, roughly 20% to 30% is Wind, so that gets to Wind. The entire portfolio for O&M comes to Green and the entire EPC that were to be done would come to Resco. You would see all the synergies of what kind of Clean is a very strategic initiative and a big, big value creator for the entire group.

Speaker #1: The group, and that's what we've been saying—the group synergies out of INOX Clean, the biggest beneficiaries would be wind, green, and Resco. Because what INOX Clean does, and we have stated publicly, is that it's almost a 3-gigawatt-plus kind of portfolio annually.

Speaker #1: And all this, so if it was 3 gigawatts, say roughly 25–30% is wind. So that gets to wind. The entire portfolio for OMM comes to green.

Speaker #1: And the entire EPC that were to be done would come to RESCO. So, you would see all the synergies, or what INOX Clean is—a very strategic initiative.

Speaker #1: And a big, big value creator for the entire group.

Speaker #2: Wonderful. Yes. Great. Thank you.

[Analyst] (Welton Wise): Wonderful. Yes. Great. Thank you.

Speaker #1: Thank you.

Devansh Jain: Thank you.

Speaker #3: Thank you. The next question is from Bahu Balli of Kattapa Investments. Please go ahead.

Operator: Thank you. The next question is from the line of Bahubali from Kattappa Investments. Please go ahead.

Speaker #6: Hello everyone. Am I audible?

[Company Representative] (Kattappa Investments): Hello, everyone. Am I audible?

[Analyst] (Kattappa Investments): Hello, everyone. Am I audible?

Speaker #3: Yes, sir. You're audible.

Operator: Yes, sir. You are audible.

Speaker #1: Yes.

Speaker #6: Yeah, so hello everyone. Basically, I'm an individual retail investor, so I just have two basic questions. My first question is, I mean, the stock has fallen by more than 65 percent from the all-time high, right?

[Company Representative] (Kattappa Investments): Hello, everyone. Basically, I'm an individual retail investor. I just have two basic questions. My first question is, the stock has fallen from almost more than 60% from the all-time high, right? Do you have any plans to increase promoter shareholding?

[Analyst] (Kattappa Investments): Hello, everyone. Basically, I'm an individual retail investor. I just have two basic questions. My first question is, the stock has fallen from almost more than 60% from the all-time high, right? Do you have any plans to increase promoter shareholding?

Speaker #6: So, do you have any plans to increase promoter shareholding?

Speaker #1: No plans as of now, but we'll keep evaluating over a period of time. So, there's no firm plans as of now.

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

Speaker #6: Okay, so my second question is: basically, over the past few quarters, I have been observing that you have been delivering excellent performance.

[Company Representative] (Kattappa Investments): Okay. My second question is, basically from the past few quarters, I have been observing that you have been delivering excellent performance. The only concern is, it feels like you are over-promising and under-delivering. I would say maybe next quarter, can you confirm that at least a 30% increase in revenue and maybe EBITDA margins of 20%, if it's achievable, at least 30% minimum. Can you confirm that?

[Analyst] (Kattappa Investments): Okay. My second question is, basically from the past few quarters, I have been observing that you have been delivering excellent performance. The only concern is, it feels like you are over-promising and under-delivering. I would say maybe next quarter, can you confirm that at least a 30% increase in revenue and maybe EBITDA margins of 20%, if it's achievable, at least 30% minimum. Can you confirm that?

Speaker #6: The only concern is, I mean, it feels like you are overpromising and under-delivering. So I would say maybe next quarter, so can you confirm that at least 30 percent increase in revenue and like maybe a bit of margins of 20 percent is it achievable at least 30 percent minimum?

Speaker #6: So can you confirm that?

Speaker #1: This is an analyzed business. So, on a quarterly basis, we've built up for us to say, as I've guided earlier as well on the call, we are maintaining and we are mindful of what you've said.

Devansh Jain: This is an analyzed business, on a quarterly basis, it'd be pretty tough for us to say. As I've guided earlier as well on the call, we are mindful of what you've said. There have been challenges, and we maintain that. Last year, because we were doing a lot of it on turnkey and strategically pivoted towards the equipment supply. When you take large strategic shifts, there's some disruptions, but you would see the operations have shown enough resilience to at least post flattish YOY results as well. Despite that, what we believe that we'll be able to achieve a 35% growth over the previous year. Yes, this is H2-heavy business, and the numbers will start reflecting in H2. We'll see significant improvements in Q2 as well, but I will not be able to comment on the numbers of 30% growth over the previous year.

Speaker #1: There have been challenges, and we maintained that, right? Last year, because you were doing a lot of it on turnkey, and strategically pivoted towards the equipment supply.

Speaker #1: And when you move, when you take a large strategic shift, there are some disruptions. But you would see that the operations have shown enough resilience to at least post flattish year-over-year results as well.

Speaker #1: Despite that, we believe that we'll be able to achieve a 35% growth over the previous year. But yes, this is an H2-heavy business and the numbers will start reflecting in H2.

Speaker #1: You'll see significant improvement in Q2 as well, but I will not be able to comment on the numbers or 30 percent growth on a quarterly basis.

Devansh Jain: Quarterly basis, we cannot quantify that. Yes, on an analyzed basis, that is the number we're sticking with.

Speaker #1: We cannot quantify that. But yes, on an analyzed basis, that is the number we're sticking with.

Speaker #4: Yeah, quarter before for the full year.

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

Speaker #6: So, I mean, the reason I said 30 percent is because, basically, I have observed that in the past years – I mean, I agree that definitely H2 is greater than H1.

[Company Representative] (Kattappa Investments): The reason I said 30% because, basically, I have observed that in the past years, I agree that definitely H2 is greater than H1. But as you said, H2 would account for more than almost 60% to 70%. That is the reason I am just saying at least 30% is achievable in Q2.

[Analyst] (Kattappa Investments): The reason I said 30% because, basically, I have observed that in the past years, I agree that definitely H2 is greater than H1. But as you said, H2 would account for more than almost 60% to 70%. That is the reason I am just saying at least 30% is achievable in Q2.

Speaker #6: But as you said, H2 would account for almost 60 to 70 percent. That is the reason I'm just saying at least 30 percent is achievable in Q2.

Speaker #6: So

Devansh Jain: Again, thank you so much. We are not guiding in terms of percentage. Let me reiterate, we remain firm that we would achieve the numbers that we just mentioned for the full year.

Speaker #1: We are not guessing.

Speaker #4: No, thank you so much. We are not guiding in terms of percent. Let me reiterate, we remain firm that we will achieve the numbers that we just mentioned for the full year.

Speaker #6: All right. That's it from my end.

[Company Representative] (Kattappa Investments): Got it. That is it from my end.

[Analyst] (Kattappa Investments): Got it. That is it from my end.

Speaker #4: Thank you.

Devansh Jain: Thank you.

Speaker #3: Thank you. The next question is from the line of Shubham Shukla from Voyager Capital. Please go ahead.

Operator: Thank you. The next question is on the line of Shubham Shukla from Voyager Capital. Please go ahead.

Speaker #2: Hello, everyone. Good evening. I largely have questions from two friends. Basically, I just started covering this company last quarter, and there are just two areas where I'm unsure and would like to get some clarity from you people.

Shubham Shukla: Hello, everyone. Good evening. I largely have questions from two fronts. Basically, I just started covering this company last quarter. There are just two fronts where I'm unsure, where I could get some clarity from you people. Our trade receivables, they are significantly higher than our peers. Also, I understand that this is a result from our legacy EPC business also. What I am trying to understand is EPC, which is done through our subsidiary company. These trade receivable numbers are there in consolidated level as well as in our standalone balance sheet. I was trying to understand what's the methodology to secure an EPC order and then executing it on both standalone level and consolidated level.

Speaker #2: Is our trade receivable? They are significantly higher than our peers. And also, I understand that this is a result of our legacy EPC business as well.

Speaker #2: But what I am trying to understand is, EPC, which is done through our subsidiary company. These trade receivable numbers are there in the consolidated level as well as in our standalone balance sheet.

Speaker #2: I was trying to understand how these two are—like, what's the method here to secure an EPC order, and then executing it on both a standalone level and a consolidated level.

Speaker #2: And going ahead, how can we of course, I know I understand we are trying to gradually move our order book from EPC heavy to equipment heavy, which will eventually make things better like at least for trade receivable front.

Shubham Shukla: Going ahead, of course, I understand we are trying to gradually move our order book from EPC-heavy to equipment-heavy, which will eventually make things better, at least for trade receivable front. I was trying to understand how these two are placed on both consolidated level and standalone level. This is the first point where I would like some clarity.

Speaker #2: I was trying to understand how these two are placed on both a consolidated level and standalone level. This is the first point where I would like some clarity.

Speaker #1: In terms of the receivables as numbers, these are the quarterly numbers. Receivable numbers are not disclosed, as they are not required by the NDAs and the LODR requirement.

Akhil Jindal: In terms of the receivable as numbers, this is the quarterly numbers. The receivable numbers are not disclosed as not required by the Ind AS and the LODR requirements. As we have guided, we are sticking to our working capital guidance, which we have provided on an annualized basis, and we keep improving in terms of the last quarter. Our working capital cycle has been improved. In terms of the receivable numbers per se, our receivable is accounted as per the Ind AS 115, which is on the risk transfer basis, and some part of the receivable got stuck in receivable till the work it is commissioned. Till it is commissioned, the receivable got to start reflecting, that receivable will show in a higher number.

Speaker #1: But as we have guided, we have incorporated it into our working capital guidance, which we have provided on an analyzed basis. And we are continuing to improve compared to the last quarter.

Speaker #1: Our working capital cycle has improved. In terms of the receivable numbers, per se, our receivable is accounted for as per the NDA at 115, which is on a risk transfer basis.

Speaker #1: And some part of the some part of the receivable got stuck in receivable till they got it is got commissioned. So till it has got commissioned, the receivable got to start reflecting that receivable will show on a higher number.

Speaker #1: But as we are moving towards the equipment supply, as you rightly said, these receivable numbers will start dropping to 20. And you will see a lot of improvement in Q2 and Q3 onwards.

Akhil Jindal: As we are moving towards the equipment supply, as you rightly said, these receivable numbers will start dropping till 20, and you will see a lot of improvement in Q2 and Q3 onwards.

Speaker #1: So I will just add here: even the receivable days in this quarter, while they are not being published, would have shown a downward trajectory.

Devansh Jain: I will just add here. Even the receivables there in this quarter, while they are not being published, it would have shown a downward trajectory, and that is exactly one of the reasons we have pivoted towards equipment supply. We are mindful of this, the working capital issues. To improve on our working capital issues, we have pivoted towards equipment supply. Over the course of the next three, four quarters, you will see all these numbers falling out drastically and the balance sheet improving big time.

Speaker #1: And that is exactly one of the reasons we have pivoted towards equipment supply. We are mindful of the working capital issues, and to improve on our working capital issues, we have pivoted towards equipment supply.

Speaker #1: So, over the course of the next three to four quarters, you will see all these numbers falling off drastically, and the balance sheet improving significantly.

Speaker #2: Okay. Okay. Fair enough. One second, friend. I wanted to ask about our—I know that you mentioned that our forex model is expected to launch by August of this year. Like, currently, right now—

Shubham Shukla: Okay. Fair enough. On second front, I know that you mentioned that our 4X model is expected to launch by August of this year, currently right now. Is that the understanding? This month, August, is going to be the launch of the 4X models?

Speaker #2: Like, is that the understanding, right? This year, this month, August is going to be the launch for forex models?

Speaker #1: Yeah, so commercially, it will take a month more. But yes, in terms of operation, it will happen in a month.

Devansh Jain: Yeah. Commercially, it will take a month more. Yes, in terms of its operation, it will happen in the month.

Speaker #2: Okay. So I just wanted to ask, I also just looked into our peers. Their product offering has I don't know what quantum of their product offering is coming from higher models, say five X models and six X models.

Shubham Shukla: Okay. I just wanted to ask, I also just looked into our peers, their product offering as I don't know what quantum of their product offering is coming from higher models, say 5X models and 6X models. I was trying to understand the dynamics, the requirement, and the demand wise and how-

Speaker #2: I was trying to understand the dynamics, the requirements, and the demand-wise aspects, and how.

Speaker #1: Sorry to interrupt you here. First of all, thank you to VR Investor. I would suggest that you take this up separately with our relationship team.

Devansh Jain: Sorry to break you here. First of all, thank you to be our investor. I would suggest that you take up separately with our

Sanjeev Agarwal: relationship team, they would be able to help you understand better. Not in this forum, please.

Speaker #1: They would be able to help you understand better. Not in this forum, please.

Speaker #2: All right. All right. Thank you so much. Thank you so much. Have a wonderful evening.

Shubham Shukla: All right. Thank you so much. Have a wonderful evening.

Speaker #1: Thank you.

Sanjeev Agarwal: Thank you.

Speaker #3: Thank you. The next question is from Akhilesh P from North Staff. Please go ahead.

Operator: Thank you. The next question is in the line of Akhilesh B from Northstop. Please go ahead.

Speaker #6: Yeah. Hi. Am I audible?

Akhilesh B: Yeah. Hi, am I audible?

Speaker #3: Yes, sir. You're audible. Please go ahead.

Operator: Yes, sir, you're audible. Please go ahead.

Speaker #6: Yeah. Thank you for the opportunity. Sir, I have been a shareholder of your company since FY23, when the company first inflected, and you've done great work, which is why the market has also rewarded the company.

Akhilesh B: Yeah. Thank you for the opportunity. Sir, I am a shareholder of your company since FY23, when the company first inflected, you've done all great work, which is why the market also rewarded the company. I just want to understand what are the disruptions exactly that you are facing when you are changing the model from turnkey to equipment supply. Now the guidance which you have for the full year, the ask rate is almost INR 6,500 crores of revenue in the next three quarters. There's almost 100% growth rate for those three quarters. Does this look achievable? The reason I'm asking you this is, the market will reward certainty and consistency, you know that well, I just want your perspective.

Speaker #6: I just want to understand, what exactly are the disruptions that you are facing when you are changing the model from turnkey to equipment supply?

Speaker #6: And now the guidance which you have for the full year, the ask rate is almost 6,500 crores of revenue in the next three quarters.

Speaker #6: There's almost a 100% growth rate for those three quarters. So, does this look achievable? The reason I'm asking you this is that the market will reward certainty and consistency.

Speaker #6: You know that well. And I just want your perspective.

Speaker #1: Thank you. Thank you. Let me let me answer the second point first you raised. Look, there is a great difference between when you do an EPC versus when you do an equipment supply.

Sanjeev Agarwal: Thank you. Look, let me answer the second point first you raised. There is a great difference between when you do an EPC versus when you do an equipment supply. Equipment supply, we just have to bring a customer who has placed an order on us. He does the inspection, the material moves out. We make multiple turbines in a month, we look forward for our customers to have an inspection and take the turbines. This means a faster changeover, achievement of better results, both in terms of revenue as well as cash. You said, what are the disruptions? Look, the disruptions on the EPC still remain the same. They have been there for years. The ROWs, bringing the equipment, sometimes the customer not ready. The weather also plays spoilsport. All these issues, something man-made, something beyond your control, this will continue.

Speaker #1: It brings an equipment supply, we just have to bring a customer who has who has placed an order on us. He does the inspection, the metal moves out.

Speaker #1: We make multiple turbines in a month, and we look forward to our customers coming for inspection and taking the turbines. This means a faster changeover.

Speaker #1: And achievement of a of a of a better results, both in terms of revenue as well as cash. Yeah. You said what are the disruptions.

Speaker #1: Look, the disruptions on the EPC still remain the same. They have been there for years. The ROW is bringing the equipment. Sometimes the customer is not ready.

Speaker #1: The weather also plays a role, spoiling sport. All these issues—some man-made, some beyond your control—will continue. And that is where we made that call a couple of months back, which we refer to as Vision 2.0.

Sanjeev Agarwal: That is where we made that call a couple of months back, which we say as a vision 2.0, where Inox Wind will pivot towards equipment supply alone. I mentioned in my speech that 60% of order book today stands on equipment supply. This would mean that starting Q3, probably end of Q2, Inox Wind would see a significant change, in terms of financials, both the bottom line and the cash flows. Thank you so much.

Speaker #1: Yeah. Where INOX wind will pivot towards equipment supply alone. I mentioned in my speech that 60% of order booked today stands on equipment supply.

Speaker #1: This would mean that starting quarter three, probably end of quarter two, INOX would see a significant change in terms of financials—both the bottom line and the cash reverse.

Speaker #1: Thank you so much.

Speaker #2: And sir, just one more question. Since INOX Clean is going to be an increasingly big part of our order book, just want to confirm whether the terms at which we do business with the group entity are same or similar to the terms we are doing with other entities.

Akhilesh B: Sir, just one more question. Since Inox Clean is going to be an increasingly big part of our order book, just want to confirm.

Sanjeev Agarwal: Yeah

Akhilesh B: whether the terms at which we do business with the group entity are same or similar to the terms we are doing with other entities.

Speaker #1: Oh, great question. Great. Great. So let me reconfirm this. Let me confirm reconfirm. We do the business in a most ethical and legal binding way.

Sanjeev Agarwal: Great question. Great. Let me reconfirm this. We do the business in a most ethical and legal binding way. All our contracts between entities are at arm's length. The terms of payments, the inspections, the way we work, Inox Clean for Inox Wind is a customer. They are treated as a customer, they behave as a customer. They do all our inspections. Please rest assured, Clean remains a customer to Inox Wind. As much as Inox Wind is dependent on Inox Clean, Inox Clean is as much dependent on Inox Wind as well. It is not that Inox Wind is the only beneficiary. Inox Clean, it gets a secure supply from Inox Wind as well. There's no preferential pricing for any customer, be it Inox Clean or a third party.

Speaker #1: So all our contracts, all our contracts between entities entities are all or are arm slings. The terms of payments inspections, the way we work, it's INOX Clean for INOX wind is a customer.

Speaker #1: Yeah. They are treated as a customer. Their behavior as a customer. They do all our inspections. So please rest assured, Clean remains a customer to INOX wind.

Speaker #4: As much as INOX Wind is dependent on INOX Green, INOX Green is just as dependent on INOX Wind as well. So it is not that INOX Wind is the only beneficiary.

Speaker #4: So INOX Clean, this supplies—it gets its secured supplies from INOX Wind as well. So there's no preferential pricing for any customer, be it INOX Clean or any third party.

Speaker #2: Okay, thank you. And I hope this year is, again, an inflection year for the company. Thanks.

Akhilesh B: Okay. Thank you. I hope this year is again an inflection year for the company. Thanks.

Speaker #1: Thank you so much.

Sanjeev Agarwal: Thank you so much.

Speaker #3: Thank you, ladies and gentlemen. I request you to limit your questions to two per participant. The next question is from Rahul Kumar from Vaikarya.

Operator: Thank you, ladies and gentlemen. I request you to limit your questions to two per participant. The next question is in the line of Rahul Kumar from Vaikarya. Please go ahead.

Speaker #3: Please go ahead.

Speaker #5: Hi. Am I audible?

Rahul Kumar: Hi, am I audible?

Speaker #3: Yes, sir. You're audible. Please go ahead.

Operator: Yes, sir, you're audible. Please go ahead.

Speaker #5: Is INOX Green's other income ₹57.9 crore? Can you break it up between how much is the income from assets that are being acquired versus the value-added services and versus the treasury income you get?

Rahul Kumar: Is Inox Green the other income of INR 57.9 crore? Can you break it up between how much is the income from assets that have been acquired versus the value-added services and versus the treasury income you get?

Speaker #4: So as far as the other income is concerned, majority of the other income around around 57 odd crore 50 or 50 crore rupees plus is related to the operational income, which includes the assets which we have acquired as well as the value addition services, the treasury the balance balances towards the treasury income.

Sanjeev Agarwal: As far as the other income is concerned, majority of the other income, around INR 57 crore, or INR 50 crore plus is related to the operational income, which includes the assets which we have acquired as well as the value-addition services, the balances towards the treasury income.

Speaker #5: Can you break 50 crore into the assets acquired?

Rahul Kumar: Can you break INR 50 crore into the assets acquired-

Sanjeev Agarwal: This is difficult for us to break that down right now. We can get on a separate call. Just to reiterate on the INR 50 crore, this does not reflect the entire earnings of that company. As per the accounting policies, only a portion of it is what we can consolidate, that's what we are consolidating.

Speaker #4: There's a bit tough for us to break that down right now. We can get on a separate call. But just to reiterate on that 50, this does not reflect the entire earnings of that company.

Speaker #4: As per the accounting policies, only a portion of it is what we can consolidate. That's what we are consolidating.

Speaker #5: Got it. The second question I had was: if we exclude the income from assets being acquired, then the legacy assets' EBITDA level seems to be much lower.

Rahul Kumar: Got it. The second question I had was, if we exclude the income from assets being acquired, then the legacy assets, EBITDA level seems to be earning much lower. Is there a reason as accounting or otherwise which is causing this? As you basically meet your guidance and go towards this maybe early next year, what kind of profitability these legacy assets you think will earn?

Speaker #5: Is there a reason as an accounting or otherwise which is the causing this as you basically meet your guidance and go towards this maybe early next year?

Speaker #5: What kind of profitability is legacy assets you think will earn?

Speaker #4: What do you want to take that?

Sanjeev Agarwal: Mukul, you want to take that?

Speaker #2: Yeah, so Rahul, generally our guidance on the wind and the business of the wind portfolio stands at a 50% EBITDA margin, and that has been our guidance.

S. K. Mathusudhana: Yeah. Rahul, see, generally, our guidance on the OEM business of Green Portfolio stands at 50% EBITDA margin, and that has been guidance. This is coming from regular OEM contracts as well as value-added services, which are part and parcel of the same package. Okay? This is not including any treasury income or something. This is 50% on the Inox portfolio, which is currently taken as 4 GW. Similar to the portfolio which is under acquisitions, since there are higher age limits, the revenue is much higher, and the EBITDA margin is also higher. Always, the guidance since several quarters, we always maintain that our EBITDA margin is close to 50%.

Speaker #2: And this is coming from a regular wind and contracts as well as value-added services, which are part and parcel of the same package. Okay.

Speaker #2: And this is not including any treasury income or something. This is 50% on the INOX portfolio, right, which is currently which is taken as four gigawatt.

Speaker #2: And similar to the portfolio which is under acquisitions, since there are higher age limits, the revenue is much higher and the EBITDA margin is also higher.

Speaker #2: So our guidance has always been, since several quarters, that our EBITDA margin is close to 50%. And, but...

Devansh Jain: Yes, Matthew, I think you were trying to figure out why we are saying 50%, why it is not reflected in the numbers.

Rahul Kumar: Yes, Matthew, I think you were trying to figure out why we are saying 50%, why it is not reflected in the numbers.

Speaker #1: I think he was trying to figure out why we are saying 50%. Why is it not reflected in the numbers?

S. K. Mathusudhana: Exactly.

Speaker #2: Exactly. I'm coming to that. I'm coming to that with you. So, in some quarters, some of it is one-time expenditures, some infrastructure enhancement, some life extension activity, and the costs involved will be slightly varying.

Devansh Jain: Yes.

Devansh Jain: I am coming to that, Vidhu. In some quarters, some of one-time expenditure, some infrastructure enhancement, some life extension activity, and the cost involved will be slightly varying. That is what generally happens. That is what we mentioned in the opening remarks also.

Speaker #2: That is what generally happens. So that's what we mentioned in the opening remarks also. But rest assured, it is 50% of the guidance we always maintain.

S. K. Mathusudhana: Okay, great.

S. K. Mathusudhana: Rest assured, it is 50% of the guidance we always maintain.

Speaker #5: Okay. Thank you.

Devansh Jain: Okay, thank you. Also, if I could just add. As Matthew has mentioned in his opening comments as well, there were a lot of expenses that we incurred, which are reflected in the plant load availability as well for us. We've been doing a lot of expenses through the P&L. Also, some of the expenses that we incur for value-added services, which were not being billed but were being expended by us. Going forward, there will be separate billing for all these value-added services like life extensions for all these services or major overhaul of turbines end of 10 years or eight years or 15 years. All those, while they were being expended, they were not being billed separately, which is the right way to do it, and you will see it getting reflected from this year onwards.

Speaker #4: Also, just if I could just add, sir, as Mathew has mentioned in his opening comments as well, there were a lot of expenses that we incurred, which is which is reflected in the plant load availability as well for us.

Speaker #4: So, we have been doing a lot of expenses through the PVSAs. Also, some of the expenses that we incurred for value-added services, which were not being billed but were being expended by us—going forward, there will be separate billing for all these value-added services, like light life extensions for all these services, or major overhaul of turbines after 10 years, or 8 years, or 15 years.

Speaker #4: All those, while they were being expended, were not being billed separately, which is the right way to do it. And you will see it getting reflected from this year onwards.

Speaker #3: Thank you. The next question is in the line of Bhagwat from Prosperity Wealth Management Private Limited. Please go ahead.

Operator: Thank you. The next question is on the line of Bhagwat from Prosperity Wealth Management Private Limited. Please go ahead.

Speaker #2: Thank you for the opportunity. Just a quick question regarding INOX Wind. With the financial consolidation of the INOX Wind World acquisition now expected post Q2 FY27, could you please update us about our earlier EBITDA guidance of 602, considering the Q1 EBITDA of ₹57 crore?

[Company Representative] (Prosperity Wealth Management): Thank you for the opportunity. Just a quick question regarding Inox Wind. With the financial consolidation of finance wind farm acquisition now expected for Q2 FY27, could you please update us about our earlier EBITDA guidance of INR 602, considering Q1 EBITDA of INR 67.2?

Bhagwat Nayak: Thank you for the opportunity. Just a quick question regarding Inox Wind. With the financial consolidation of finance wind farm acquisition now expected for Q2 FY27, could you please update us about our earlier EBITDA guidance of INR 602, considering Q1 EBITDA of INR 67.2?

Speaker #4: I think, beyond whatever is in the public domain of what we have guided for, 600, we are staying—we are sticking to that. During this time, we have been in the silent period, and owing to that, we cannot comment further on any of these guidances or future guidances.

Devansh Jain: I think beyond whatever is in the public domain, as we have guided for INR 600, we are sticking to that. We are in the silent period, owing to that, we cannot comment further on any of the future guidances.

[Company Representative] (Prosperity Wealth Management): So-

Bhagwat Nayak: So-

Speaker #4: We are maintaining guidance that is in the public domain and what we have guided from the previous quarters. We are sticking to that, and that also has to do with the post-consolidation numbers, which are always subject to a couple of quarters’ delays in terms of consolidating into the current.

Devansh Jain: We are maintaining guidance, whatever is there in the public domain, what we have guided for in the previous quarters, we are sticking to that. That was also to do with the post-consolidation numbers, which is always subject to a couple of quarters delays in terms of consolidating into the parent.

[Company Representative] (Prosperity Wealth Management): Is my understanding correct? The consolidated numbers could reflect from the Q3 onwards, right? Q3 and Q4. For the two quarters, we can expect INR 604. Is that the right understanding?

Bhagwat Nayak: Is my understanding correct? The consolidated numbers could reflect from the Q3 onwards, right? Q3 and Q4. For the two quarters, we can expect INR 604. Is that the right understanding?

Speaker #2: Mathew, can you connect to the consolidated numbers? Could we take from Q3 onwards, right? Q3 and Q4. So, for the two quarters, we can expect 602.

Speaker #2: Is that right understanding?

Speaker #4: Yes. Analyze basis. Yeah.

Devansh Jain: Yes. Annualized basis.

[Company Representative] (Prosperity Wealth Management): Okay.

Bhagwat Nayak: Okay.

Devansh Jain: You see that. Yeah.

Speaker #2: Okay. And so considering that, so for next year, if you see FY28, so roughly you can expect around that 602 EBITDA or it will be even more?

[Company Representative] (Prosperity Wealth Management): Okay. Considering that, for next year, which is FY28, roughly we can expect around that INR 604 EBITDA, or it will be even more?

Bhagwat Nayak: Okay. Considering that, for next year, which is FY28, roughly we can expect around that INR 604 EBITDA, or it will be even more?

Speaker #1: As I said, I will not be able to guide. I will not be able to make any forward guidances beyond what is there already in the public domain.

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

Speaker #2: Okay. I'm not trying to understand about FY28 exactly, but I'm just trying to understand this 602 EBITDA for FY27, is it belongs to two quarters, that is Q3, Q4, or it is starting from Q1 itself?

[Company Representative] (Prosperity Wealth Management): Okay. I'm not trying to understand about FY28 exactly, but I'm just trying to understand this 604 EBITDA for FY27, is it belongs to two quarters, that is Q3, Q4, or it is starting from Q1 itself?

Bhagwat Nayak: Okay. I'm not trying to understand about FY28 exactly, but I'm just trying to understand this 604 EBITDA for FY27, is it belongs to two quarters, that is Q3, Q4, or it is starting from Q1 itself?

Speaker #1: No, it's on the analyzed basis. 600 is the analyzed basis from Q3, Q4 onwards. You can expect, yes, there is an escalation as well, which is natural in business.

Devansh Jain: No, it's on the annualized basis. 600 is the annualized basis from Q3, Q4 onwards is what you can expect. Yes, there is an escalation as well, which is a natural business. That is where I will leave it right now.

Speaker #1: So, that is where I will leave it for now.

Speaker #2: Okay, so then it will be proportionate.

[Company Representative] (Prosperity Wealth Management): Okay, there will be.

Bhagwat Nayak: Okay, there will be.

Speaker #1: And it was an annual annual guidance, not the quarterly guidance. I cannot see 600 in a quarter.

Devansh Jain: That is annual guidance, not the quarterly guidance. I cannot give 600 in a quarter.

Speaker #2: Understood. That's fairly unfair. So 602 is a proportionality for FY27, right?

[Company Representative] (Prosperity Wealth Management): Understood. That's fairly okay. 604 is for approximately FY2027, right?

Bhagwat Nayak: Understood. That's fairly okay. 604 is for approximately FY2027, right?

Speaker #1: I have mentioned that ample number of times.

Devansh Jain: I have mentioned that n number of times.

Speaker #2: Okay, okay. Thank you so much for that.

[Company Representative] (Prosperity Wealth Management): Okay. Thank you so much for that, sir.

Bhagwat Nayak: Okay. Thank you so much for that, sir.

Speaker #3: Thank you, ladies and gentlemen. I request you to limit your questions to two per participant. The next question is on the line of Deepak Sharma, an individual investor.

Operator: Thank you, ladies and gentlemen. I request you to limit your questions to two per participant. The next question is on the line of Deepak Sharma, an individual investor. Please go ahead.

Speaker #3: Please go ahead.

Speaker #2: Hi. Good evening. INOX and team. My first question is, when we can expect the listing of BEPSCO and can you give me some idea about the reported EBITDA of BEPSCO in financial 26 and any forward-looking guidance for coming one or two years?

Deepak Sharma: Hi, good evening, Inox and team. My first question is when we can expect the listing of IRSL. Can you give me some idea about the reported EBITDA of IRSL in financial 2026 and any forward-looking guidance for coming one or two years?

S. K. Mathusudhana: The record date is already over. This is the procedural aspects which we cannot comment on. We expect it to happen sooner. Two months, three months, one month, we can just judge about it. Two months, three months is what it should take, not beyond that. We will elaborate on all the plans of IRSL closer to the listing. We'll give out a presentation to all the investors. At this moment, we will not be able to guide on the numbers or projections for IRSL.

Speaker #1: The recording is already over. Now, these are the procedural aspects, which we can comment on. We expect it to happen sooner: two months, three months, one month—we are the best.

Speaker #1: We can just judge about it. So, two months, three months is what it should take, not beyond that. We will elaborate on all the plans of FRESCO closer to the listing, and we'll give out a presentation to all the investors.

Speaker #1: At this moment, we will not be able to guide on the numbers of projections for FRESCO.

Speaker #4: It's a regulatory process. It's a regulatory process. There's nothing that we can do. Thank you.

Devansh Jain: It's a regulatory process. There's nothing that we can do. Thank you.

Speaker #2: Okay. Secondly, if the company's INOX Wind is shrinking its EPC business—and EPC is a big part of FRESCO—can I think that FRESCO's future revenue visibility may take a hit?

Deepak Sharma: Okay. Secondly, if the company's Inox Green is shrinking the EPC business. EPC is a big part of ResCo. I think the ResCo future revenue visibility may take a hit.

Speaker #4: Great question. Thank you so much. And that's the reason I said, please hear me out clearly. I said FRESCO will continue doing EPC, irrespective of whether it is being done for INOX Clean or some very strategic customer.

Sanjeev Agarwal: Great question. Thank you so much. That's the reason I said, please hear me out loudly. I said ResCo will continue doing EPC, irrespective of whether it is being done for Inox Green or some very strategic customer that we will choose depending on the market condition. To compensate that, I mentioned about a couple of things. We are looking at enhancing our manufacturing capabilities under IRSL. One being transformer, which is not limited, sorry, to our captive requirement of only solar and wind, but also moving up the value chain to 100 MVA and beyond. I talked about our own crane business, which has been giving us good returns. A couple of cranes are already with us. Couple of them will join in. I also mentioned about high technological value added and high margin power electronics products, like inverters, like unit substations and the capacitor systems.

Speaker #4: That we will choose, depending on the market conditions. But to compensate for that, I mentioned a couple of things. You know, we are looking at enhancing our manufacturing capabilities under IRSL.

Speaker #4: One being transformers, which is not limited only to our solar, and which is not limited—sorry—to our capital requirement of only solar and wind, but also moving up the value chain to 100 MVA and beyond.

Speaker #4: I talked about our own crane business, which has been giving us good returns. A couple of cranes are already with us and a couple of them will join in.

Speaker #4: I also mentioned about high-value, high technological value-added, and high-margin power electronics products, like inverters, like the unit substations, and the capacitor systems.

Speaker #4: This has been planned. This has been planned in the year, and we believe these expansion plans for IRSL will outsmart any lesser volumes that anyone would expect because of the shrinking of EPC business.

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

Speaker #4: Thank you.

Speaker #5: I'll just add to what Sandeep said. So, as we have given in our presentation, in our order book, about 40% of third-party orders are turnkey.

Akhil Jindal: I'll just add to what Sandip said. We have given in our presentation that in our order book, about 40% of third-party orders are turnkey. That's a very large component anyway. Plus 1.5 GW of the MOU, which we signed with Inox Clean, as well as the 200 MW MOA, which we have from NLC India. These are all turnkey. IRSL continues to have a very robust pipeline of EPC projects.

Speaker #5: So, you know, that's a very large component anyway. Plus, 1.5 gigawatts of the MOU, which we signed with INOX Clean, as well as the 200 megawatt LOA, which we have from MLC India.

Speaker #5: These are all turnkey, so IRSL continues to have a very robust pipeline of EPC projects.

Speaker #2: Okay. Okay. Thank you.

Deepak Sharma: Okay. Thank you.

Speaker #3: Thank you. The next question is from Atul Jobi from Prosperity Wealth. Please go ahead.

Operator: Thank you. The next question is in the line of Atul Joby from Prosperity Wealth. Please go ahead.

Speaker #2: Yes. Sir, am I audible?

Atul Joby: Yeah. Sir, am I audible?

Speaker #3: Yes, sir. You're audible. Please go ahead.

Operator: Yes, sir, you're audible.

Atul Joby: Hello.

Operator: Please go ahead.

Atul Joby: Yeah. I think I need to understand what is the reason why there is no year-on-year growth in revenue for Inox Wind. Is it because Inox Wind has completely stopped doing EPC business? Hello.

Speaker #2: Yes. So I think I need to understand what is the reason why there is no year-on-year growth in revenue for INOX Wind? Is it because INOX Wind has completely stopped doing EPC business?

Speaker #2: Hello?

Speaker #1: Yeah. Hi. So, if I heard correctly, you were talking about no growth in INOX Wind on a year-on-year basis. Is that correct?

Sanjeev Agarwal: Yeah. Hi. If I heard it correct, you are talking about no growth in Inox Wind on a year-on-year basis. Is that correct?

Speaker #2: Yes. Yes.

Atul Joby: Yes.

Speaker #1: Yeah. So we have elaborated, enumerated earlier in the call as well. This is on account of the change in strategy where we pivoted to equipment supply and that leads to certain disruptions but the operations have shown enough resilience to at least be at par with the with the Q1 of the previous year.

Sanjeev Agarwal: We have elaborated and narrated earlier in the call as well. This is on account of the change in strategy, where we pivoted to equipment supply, and that leads to certain disruptions. The operations have shown enough resilience to at least be at par with the Q1 of the previous year. Having said that, we are maintaining our guidance, and we are hopeful, and we are confident of achieving. If at all, why we have not lost anything in our math. If at all we have lost anything, we are hopeful of covering that in the next few quarters. We have said H1 is almost 25% of the end on operations. If you were to do that math, we are almost on track barring 15%.

Speaker #1: Having said that, we are maintaining our guidance, and we are hopeful and confident of achieving it. If at all we have—while we have not lost anything in our maps—if at all we have lost anything, we are hopeful of covering that in the next few quarters.

Speaker #1: We have said H1 is almost 45% of the annual operations. So if you if you if you were to do that math, we are almost on track barring 5, 10 percent.

Speaker #5: So also for year basis, if you see FY26 revenues were up about 23% compared to the previous year. So I think quarterly, you know, we may not look at it for every quarter.

Akhil Jindal: Also full year basis, if you see FY 2026 revenues were up about 23% compared to the previous year. I think quarterly, we may not look at it for every quarter, but on an annual basis, we've shown healthy growth in revenue at 2026 over FY 2025.

Speaker #5: But on an annual basis, we showed healthy growth in revenue — about 26% over FY25.

Speaker #2: Okay, so I have one more question. Last quarter, I think you mentioned there was about ₹400 crore of revenue which was deferred in Q4.

Atul Joby: Okay. I have one more question. Last quarter earnings call, you mentioned there was about INR 400 crore of revenue which were deferred in Q4, and you are expecting to recognize it during Q1 and Q2. Is there any update on that? Hello.

Speaker #2: And we are expecting to recognize it during Q1 and Q2. So, is there any update on that? Hello?

Speaker #3: Management line?

Operator: Management line.

Speaker #1: Yeah, hi. So, we have partly recognized that, but as I said, as we are pivoting towards the equipment supplies, this will get covered in the next few quarters.

Sanjeev Agarwal: Yeah. Hi. We've partly recognized that. As I said, as we are pivoting towards the equipment supplies, this will get covered in the next few quarters. This will be entirely covered in this financial year itself. If not in Q1, Q2, over the entire financial year 2027, this will be covered.

Speaker #1: So this will be entirely covered in this financial year itself. So if not in Q1 or Q2, then over the entire financial year '27, this will be covered.

Speaker #2: Okay, so we can assume that this quarter there was no contribution from the EPC business—it is completely equipment supplies.

Atul Joby: Okay. We can assume this quarter there was no contribution from EPC business. It is completely equipment supply.

Speaker #1: I think you're getting confused. When you're talking about EPC, let me come in. So what we said is your question was what did we do for the last quarter?

Sanjeev Agarwal: I think you're getting confused. We're not talking about EPC. Let me come in. What we said is, your question was, what did we do for the last quarter? The revenue which was coming in. Partially, it has been recognized in the present quarter, and the balance would be in the full year.

Speaker #1: The revenue which was coming in has been partially recognized in the present quarter, and the balance will be recognized over the full year.

Speaker #2: Okay.

Atul Joby: Okay.

Speaker #1: Our incremental revenue or margins on equipment supply would start flowing to us either at the end of Q2 or definitely in Q3.

Sanjeev Agarwal: Our incremental revenue or margins on equipment supply would start flowing to us either in Q2 end or definitely in Q3.

Speaker #2: Okay. Yeah. That is from my side.

Atul Joby: Okay. Yeah, that's it from my side.

Speaker #1: Thank you.

Sanjeev Agarwal: Thank you.

Speaker #3: Thank you. The next question is from the line of Rishabh Gupta, an individual investor. Please go ahead.

Operator: Thank you. The next question is in the line of Rishabh Gupta, an individual investor. Please go ahead.

Speaker #2: Hey guys. Am I audible?

Rishabh Gupta: Hey, guys. Am I audible?

Speaker #3: Yes, sir. You're audible. Please go ahead.

Operator: Yes, sir, you're audible. Please go ahead.

Speaker #2: Yeah. So I do recognize that the business is a 30-70 split. But you guys have guided for a 75% increase, and in the first quarter, there is no incremental revenue.

Rishabh Gupta: Yeah. As you recognize that the business is 30/70 split. You guys have guided 75% increase, and in Q1, there is no incremental revenue. In the next quarter, we need 100% increase to match the guidance. What is going to significantly change in Q3, Q4, which gives you insight in terms of 100% improvement in the revenue? Is there any key initiative that you are targeting apart from EPC mix? Because EPC mix, obviously, this quarter has also improved from last year, but I could not see any increment. Obviously, you have highlighted that INR 600 crore of mix in last year has also been recognized in this quarter somewhat, then probably we have degrowth. Thanks.

Speaker #2: Then in the next three quarter, we need 100% increase to match the guidance. What is going to significantly change in Q3, Q4, which gives you insight in terms of 100% improvement in the revenue?

Speaker #2: Is there any key initiative that you are targeting apart from the EPC mix? Because the EPC mix, obviously, this quarter has also improved from last year.

Speaker #2: But I could not see any increment. And obviously you highlighted that 600 crore of mix in last year. That's also been recognized in this quarter somewhat.

Speaker #2: Then, probably, we have degrowth. Right?

Speaker #1: Andrew, I think we we we said that typically in EPC business is loaded mostly in H2. Our equipment pivot that we did, yeah, that will start showing results in quarter two end.

Sanjeev Agarwal: Gentlemen, I think we said that typically an EPC business is loaded mostly in H2. Our equipment pivot that we did, that will start showing results in Q2 end and predominantly H2. We remain confident that this strategy will work. It has started showing its results, but predominantly on the numbers, it would be seen better in Q3 for sure.

Speaker #1: And predominantly H2. So we we remain confident that this strategy will work. It has started showing its results. But predominantly on the numbers, it would be it would be seen better in Q3 for sure.

Speaker #1: And why are we confident of achieving these numbers? There are two reasons for it. Why did we move from turnkey to equipment supply? With equipment supply, I am not restricted to a certain client.

Devansh Jain: Why we are confident of achieving these numbers, there are two reasons for it. Why did we move from turnkey to equipment supply? Equipment supply, I am not restricted to a certain client, there is a site ready, I can supply my equipment. In the turnkey project, I am restricted to that client we are working on that site. If the site is not ready, I will not be able to recognize the revenues. In this case, there is enough leeway, there is a lot of flexibility with me to shuffle between the clients. If my turbine is ready, if X site is not ready, I can always send it to the Y site. That is why we are confident. Yes, I can't just switch in a quarter from one strategy to the other strategy. It takes time.

Speaker #1: So there is a site ready. I can supply my equipment. But in the in the turnkey projects, I am restricted to that client where I'm working on that site.

Speaker #1: So, if the site is not ready, I will not be able to recognize the revenues. In this case, there is enough leeway; there is a lot of flexibility with me to shuffle between the clients.

Speaker #1: So if my turbine is ready, if X site is not ready, I can always sell it to the Y site. So that is why we are confident.

Speaker #1: And yes, I can't just switch in a quarter from one strategy to the other strategy. It takes time. But on a yearly basis, my intro is ready.

Devansh Jain: On a yearly basis, my infra is ready, the clients are ready. As you mentioned, the biggest driver being Inox Clean as well, and there's a host of other clients that are here, and these are all marquee names that we have just enumerated, and we're getting repeat orders from a lot of customers as well. We are confident of achieving the numbers that we have said. Yes, there will be disruptions when you move from one strategy to the other.

Speaker #1: My my the clients are ready. There is enough. And as you mentioned, the biggest driver being INOX clean as well. And there is a host of other clients that these are all marquee names that we have just enumerated and we're getting repeat orders from a lot of customers as well.

Speaker #1: So, we are confident of achieving the numbers that we have stated. Yes, there will be disruptions when you move from one strategy to another.

Speaker #2: Got it. One another small query. I've been in all the concourse for the last three quarters. And every concourse we have missed the guidance by some margin.

Rishabh Gupta: Got it. One another small query. I've been in all the con calls for the last three quarters, every con call you have missed the guidance by some margin, every con call you have been 100% confident that we will be achieving the guidance. What is going wrong there?

Speaker #2: And every concourse, we have been 100% confident that we will be achieving the guidance. So what is going wrong there?

Speaker #1: Andrew, there is nothing wrong. I think this pivot strategy to move to equipment has been mentioned several times. The the biggest the biggest player today is INOX clean for us.

Sanjeev Agarwal: Gentlemen, there is nothing wrong. I think this pivot strategy to move to equipment has been mentioned several times. The biggest player today is Inox Clean for us. The orders is already there. I mentioned about 1.5 GW of orders coming in from Clean. The balanced customers, two-third of the balanced stuff comes from our IPPs and C&I customers. We have 4.4 GW of orders in backlogs to be executed. 70% of that comes from equipment supply. We are pretty confident that on a month-by-month, on a quarter-by-quarter, we would deliver better than expectations.

Speaker #1: The orders are the orders is already there. We I mentioned about 1.5 gigawatt of orders coming in from clean. The balance customers two third of them two third of the balance stuff comes from our IPPs.

Speaker #1: And CNI customers. We have 4.4 gigawatt of orders in backlog to be executed. 70% of that comes from equipment supply. We are pretty confident that on a on a month by month, on a quarter by quarter, we would deliver better than expectations.

Speaker #1: And then we have been mindful of whatever you may see. You have rightly said, yes, there have been certain investors. But there has been never a word of appreciation when we have beaten all the EBITDA guidances in the past.

Devansh Jain: You'll be mindful of whatever you rightly said. Yes, there have been certain instances, but there's been never a word of appreciation when we have beaten all the EBITDA guidances in the past. When we started a year back, we had 18% EBITDA margin, we are upwards of 22%. We are 27% this quarter. There's not been a single word of appreciation on maintaining or improving on the EBITDA margins. We do not for investors, honestly speaking, it is for the sake of the business, what is good for the business. We realized that there is ongoing-- You have to be mindful of that. While we are coming out of the lull period, we thought there is a lot of way we could make. We realized during the course of work that there is certain challenges, ongoing challenges. What would we do?

Speaker #1: So, when we started a year back, you had been at 18% EBITDA margin. We are upwards of 22%. We are at 24–27% this quarter. There has not been a single word of appreciation on maintaining or improving the EBITDA margins.

Speaker #1: And the reason why the investors and we don't offer the investors honestly speaking. It is for the sake of the business. What is good for the business, we realized.

Speaker #1: That delays on so you have to be mindful of that. While we we are coming out of the lull period, we thought there is a lot of way we could make.

Speaker #1: But we realized during the course of work that there are certain ongoing challenges. So what did we do? We changed the strategy.

Devansh Jain: We went, changed the strategy. We are very swift and nimble to change the strategy to equipment supply. What is it that we have today? We have a host of customers. 4.5 GW, even if you have to take 1.5 GW annual. Covered for next three years. These are large equipment supplies. This is large in-house or a group company orders. These are orders from most marquee names. We just announced NLC order. These are all repeat customers as well coming back to us. Yes, there were certain slippages. At the same time, we have tried to cover that to improve EBITDA margins, improve business performances, or what value services can we bring on the table. That's what we've been working for the business, and we are for the long run. We are not on the quarterly basis.

Speaker #1: We are very strict and nimble to change the strategy to equipment supply. What is it that we have today? We have a host of customers.

Speaker #1: So four and a half gigawatts. If you even if you have to take 1.5 gigawatts annual, right? I'm towards the next three years. And these are large equipment supplies.

Speaker #1: These are large in-house or group company orders. These are orders from most marquee names. We just announced the NLC order. So these are all repeat customers who are coming back to us.

Speaker #1: Yes, they were sudden slippages. But at the same time, we have tried to cover that through improved EBITDA margins, improved business performances, or by considering what value-added services we can bring to the table.

Speaker #1: So that's what we've been working for the business. And we have for the long run. We are not on the quarterly basis. They could always be slippages in the quarterly basis.

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

Speaker #1: But in the long run, we have done everything that we could do to improve the business performance and maintain a healthy financial position.

Speaker #3: Andrew, now I'm going to share value.

Sanjeev Agarwal: Enhance the share value.

Speaker #2: Yeah, obviously, that's why we are in the company. But we track it, and obviously in the next quarter, if we are meeting the guidance, I would definitely congratulate you.

Rishabh Gupta: Yeah, obviously, that's why we are.

Sanjeev Agarwal: Share value.

Rishabh Gupta: -in the company, but we track it, and obviously in the next quarter, if we are meeting the guidance, I would definitely congratulate you. Good. Thanks a lot.

Speaker #2: Thanks a lot.

Speaker #4: Thank you. The next question is in the line of Dashiell Jhaveri from Crown Capital. Please go ahead.

Operator: Thank you. The next question is in the line of Dashil Zaveri from Centrum Capital. Please go ahead.

Dashil Zaveri: Hello. Thank you so much for taking my question. A lot of my questions have been answered. Just one question from my end, sir. What are the risks that you see that in case that we cannot meet the 75% guidance? I know we are very sure, but a lot of factors will not be in our hands that you see on a daily basis. Someone who's not in the business, could you just elaborate some kind of risks that can happen in our business or that we'll not meet the guidance?

Darshil Zaveri: Hello. Thank you so much for taking my question. A lot of my questions have been answered. Just one question from my end, sir. What are the risks that you see that in case that we cannot meet the 75% guidance? I know we are very sure, but a lot of factors will not be in our hands that you see on a daily basis. Someone who's not in the business, could you just elaborate some kind of risks that can happen in our business or that we'll not meet the guidance?

Speaker #5: Hello. Yeah, thank you so much for taking my question. A lot of my questions have been answered, so just one question from my end, sir.

Speaker #5: What are the risks that you see, you know, in case we cannot meet the 75% guidance? I know we are very sure, but a lot of factors will not be in our hands, as you see on a daily basis.

Speaker #5: So someone who's not in the business, could you just elaborate some kind of risks that, you know, that can happen in our business? Sir, that we'll not meet the guidance.

Speaker #1: Thank you so much. And I would say only in case of force majeure—things which are beyond our control. I mean, no one, no one, no one had an inkling about this Middle East crisis.

Sanjeev Agarwal: Thank you so much. I would say only force majeure. Things which are beyond our control. No one had an inkling about this Middle East crisis. Something like that, otherwise, this pivot to move to equipment supply, honestly, we don't see a risk of not meeting our deliverables. Thank you.

Speaker #1: Yeah, so something like that. Otherwise, this pivot to move to equipment supply—honestly, we don't see a risk of not meeting our deliverables. Thank you.

Speaker #5: Oh, okay. Okay, that’s really great. So that's it from my side. And just one more question—in the PPT, I don't know if we could find how much product and how much EPC business we've done?

Dashil Zaveri: Okay. That's really great. That's it from my side. Just one more question. In the PPT, I don't know if we could find how much product and how much EPC business have we done for it. I think if going forward, we could mention that would be helpful, sir.

Darshil Zaveri: Okay. That's really great. That's it from my side. Just one more question. In the PPT, I don't know if we could find how much product and how much EPC business have we done for it. I think if going forward, we could mention that would be helpful, sir.

Speaker #5: So I think, going forward, we could mention that. That would be helpful, sir.

Speaker #1: I think we we're not allowed there. But we hear you. Probably going forward, we will start see if we could provide those data as well.

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

Speaker #5: Yes, yeah, that's really helpful. Thank you so much. All the best.

Dashil Zaveri: Yeah, that will be helpful. Thank you so much.

Darshil Zaveri: Yeah, that will be helpful. Thank you so much.

Devansh Jain: We'll see.

Dashil Zaveri: All the best.

Darshil Zaveri: All the best.

Speaker #4: Thank you. Due to time constraints, we will take that as the last question. I now hand the conference over to management for closing comments.

Operator: Thank you. Due to time constraints, we take that as the last question. I now hand the conference over to management for closing comments.

Speaker #1: Thank you so much. Thank you so much for attending it, and we'll see you next time. Thank you so much.

Devansh Jain: Thank you so much. Thank you so much for attending it. We'll see you next time. Thank you so much.

Operator: On behalf of Nuvama Institutional Equities, that concludes this conference. Thank you for joining us. You may now disconnect your lines.

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