INOXWIND — earnings call

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Prepared remarks

INOXGFL GROUP · MR. AKHIL JINDAL – GROUP CFO, INOXGFL GROUP

MR. AKHIL JINDAL – GROUP CFO, INOXGFL GROUP MR. SANJEEV AGARWAL – CEO, INOX WIND MR. S.

MATHU SUDHANA - CEO, INOX GREEN

Moderator · Conference Operator

MR. MOHIT KUMAR - ICICI SECURITIES Inox Wind Limited and Inox Green Energy Services Limited November 14, 2025

Ladies and gentlemen, good day and welcome to Inox Wind Limited and Inox Green Energy

Thank you very much.

We will now begin the question and answer session.

The first question is from the line of Akhilesh Rawat from Ridhanta Vision Private Limited.

Please go ahead.

Akhilesh Rawat

First of all, I want to congratulate management on good sets of numbers.

So, I have two questions.

So, my first question is, like you have raised Financial ‘26 EBITDA your margin guidance to 18%-19%.

Could you break down how much uplift comes from backward operations like nacelles, transformers and cranes and how much comes from royalty position on the 3 megawatt platform?

Moderator · Conference Operator

Thank you.

The next question is from the line of Mahesh Patil from ICICI Securities.

Please go ahead.

Mahesh Patil

Hi, sir.

Congrats on a very good set of results.

Sir, a couple of questions.

One on the execution.

So, we have achieved around 348 megawatt in H1, which is close to 29% of our full year target of 1.2 billion.

So, and you have still maintained 1200 megawatt target.

So, just wanted to understand from how do you see execution in H2?

I mean, since we have achieved only 29% and H2 target is very steep.

Devansh Jain

No, I think you've publicly guided multiple times that H1 and H2 will broadly be 30%-35%.

And yes, we've achieved about 30% in H1.

As Sanjeev mentioned, obviously, this is the most effective quarter in terms of monsoons.

And I think you're broadly very well on track to achieve that.

He's also mentioned, our new nacelle manufacturing facility in Kalyanghar has gone live, cranes are deployed across sites, transformer manufacturing has been ramped up.

We're extremely confident of achieving that.

Having said that, I think they're very well on track, even with respect to the financial numbers we've guided for.

If you look at the financial numbers over H1, I think they're extremely, I mean, frankly, we're ahead of track of what we've guided.

So, we're confident of achieving the overall target for the financial year.

Mahesh Patil

Okay.

And sir, speaking of financials, I think we have guided for 18%-19% margins, but in H1, we are a bit more than 22%.

So, we're likely to achieve that.

Devansh Jain

We updated our margins last quarter to 18%-19% and we stick to it.

We're not thinking guidance is any at this point in time.

Over the past, I would say, six quarters we've upgraded guidance is almost four times.

I don't think it's right to keep coming back to us and asking us for margin upgrade every quarter.

I think we're doing better than what we've guided and I hope shareholders are happy with that.

Mahesh Patil

Okay.

And sir, what about the pipeline?

We have 380 megat of orders in H1.

So, if you can guide us in terms of inquiry pipeline and what we can expect in H2?

Sanjeev Agarwal

Okay.

So, look, we have said in our guidance that we are working on multiple projects.

We've also worked on a strategy where there are tenders which is EPC, there are tenders which are semi turnkey and there are tenders which we are doing different supplier.

I would say at this point in time, we have an excess of 3 gigawatts of tender pipeline among multiple sectors which I just explained.

And we are extremely confident that we would achieve our guidance.

Probably next quarter when we meet, we will talk more about, even some time, even possibility of overachieving it.

Mahesh Patil

Sir, I'm asking about the order inflow, sir.

How do you see the pipeline?

Inox Wind Limited and Inox Green Energy Services Limited November 14, 2025

Sanjeev Agarwal

Yes.

I'm only talking about order inflow, that we have an excess of 3 gigawatt of tenders that we are working on today.

This is a mix of complete EPC, semi turnkey and equipment.

Moderator · Conference Operator

Thank you.

The next question is from the line of Ketan Jain from Avendus Spark.

Please go ahead.

Ketan Jain

Congratulations, sir.

My question is just a follow up to the question with the previous participant.

I just wanted to understand recently, I read a media article saying that almost 40 gigawatt of projects without PPAs are expected to cancel and go for rebidding.

How do you expect this to impact the sector?

Do you expect what's your outlook on the ordering activity in wind, especially when in seven months the ordering activity has been down?

Do you expect this to impact the sector in the near term?

Devansh Jain

A couple of things.

First and foremost, with respect to Inox wind, we don't have any orders in our system which are impacted by these so-called potential PPA cancellations.

Second, with respect to, there's been a lot of murmur talk about this for the past 15 months.

And many of these tenders are standalone tenders of wind, solar, and what's happening, the name of the game has now changed to FDRE RTC hybrid.

From a grid stability perspective, from more absorption of power in the grid, also batteries become very competitive.

So people want to add FDRE with more wind.

Honestly, this entire cancellation drive increases the opportunity for the wind sector, because you're going to see more and more hybrid RTC FDRE tenders which will lead to more wind component bids as we move forward.

I think the other way to look at it is, I mean, we're really moving to a scenario where rather than just taking out tenders and then keeping PPA spending forever, which really leads to no execution, because without PPA signing, no FC happens, financial closure, and nobody places orders and moves forward.

We're now moving to a regime where the government is saying, look, let's actually add the power which the grid needs, which is from hybrid RTC FDRE as I mentioned.

So I think it's a bold move, it's a proactive move, and I think putting aside the so-called optical negative input, I think it's a very positive move for the sector.

To move towards actual, genuine bids, which will keep coming up as we move forward.

The other thing to look at it is, if you look at the past seven months of data, what the wind sectors added in the past seven months in India is close to about 3,700 megawatts of Inox Wind Limited and Inox Green Energy Services Limited November 14, 2025 commissioning.

So if you just extrapolate that to 12 months, and mind you, Q2 is always a monsoon quarter, we're broadly looking at a scenario where north of 6 gigawatts of this financial year.

And across key industry players, we've guided for this year, being 5 to 6 gigawatts, next year being 7 to 8 gigawatts.

I think the industry is going to surpass this as we move forward.

Sanjeev Agarwal

I can just add, just to tell you that in Inox, we have an extreme robust risk management process.

Any tenders that come to us, all these nitty-gritties are waiting before we decide to make a bid.

So as Devansh said, we have no job in execution, no project in execution, which may impact because of this news which is floating around.

Neither we have tended today, the 3 megawatt excess of 3 gigawatts that we're tendering will fall into this category.

So thanks to this risk management process internally in the organization, which has always helped us to be one step ahead of what others do work or to take care of the market needs.

Thank you.

Ketan Jain

Understood.

Thank you for that reassuring.

Thank you and all the best.

Moderator · Conference Operator

Thank you.

The next question is from the line of Madhu Dasari from MD Advisors.

Please go ahead.

Madhu Dasari

So hi, Devansh, sir.

My questions were already answered in previous questions.

So I just wanted to wish everyone all the best for the coming quarters and take care of your health, sir.

Thank you so much, sir.

Moderator · Conference Operator

Thank you so much.

The next question is from the line of Ketan Gandhi from Gandhi Securities.

Please go ahead.

Ketan Gandhi

Hi, sir.

Is it possible for you to quantify the number of equipment supply and EPC for the balance in execution in the H2?

Devansh Jain

No, Ketan bhai, we will not quantify because we've got different orders at some point in time.

Some of the equipment supply sites are ready.

Sometimes they're not ready.

So it's not possible to quantify, but broadly, I would say for the course of this financial year, we should be somewhere between 50-50 to 60-40 in terms of equipment supply.

Ketan Gandhi

All right.

Thank you so much.

Moderator · Conference Operator

Thank you.

The next question is from the line of Nitin Kaushik from Afin Capital Private Limited.

Please go ahead.

Nitin Kaushik

Good evening, sir.

Thank you for the opportunity.

Sir, my first question was regarding Inox Green.

So about the O&M portfolio growth are you accepting in FY26?

Moderator · Conference Operator

Thank you.

The next question is from the line of Prit Nagersheth from Wealth Finvisor.

Please go ahead.

Prit Nagersheth

Yes, hi.

So I just wanted to first of all congratulate everybody here.

Especially on Inox Green side to achieve a 12.5 gigawatt portfolio.

That's just amazing.

My question is that given that the assets that could have been acquired have been acquired.

And I remember in the last call being said that there is also a chance to add more assets via taking over the O&M portfolios of existing players.

So is that a strategy that we still are on?

If you could shed some light on that, that would help us understanding the road ahead from here especially on the wind asset side?

Devansh Jain

Look, so when we set out at Inox Green, if you recall the overall ambition was to eventually make it a 10 gigawatt company over the next 2-3 years ahead of where we are today, frankly speaking, we've already become 12.5 gigawatt.

We've acquired two large assets directly, indirectly, whichever way you want to put it.

There are limited opportunities now, but there are a lot of opportunities coming in from some of the aggregators who now think there is no value creation for them being standalone.

There are certain IPPs who are considering declassifying these O&M assets and outsourcing it to large players like us.

And I think that could lead to large numbers being added as we move forward.

Moreover, besides Inox Wind's own organic group, we also have Inox Solar on the group which would add to further capacity.

And Inox Clean, the group IPP company which is adding capacity.

So I think it's hard to give out numbers, but all I can say is I think they are very near a point where we would, over the next few months, be India's largest renewable O&M services company, which would continue to grow at a very, very healthy pace.

Prit Nagersheth

Wonderful, Devansh.

Just amazing, and thank you for that answer.

Devansh Jain

Thank you.

Inox Wind Limited and Inox Green Energy Services Limited November 14, 2025

Moderator · Conference Operator

Thank you.

Next question is on the line of Prateek Giri from Subh Labh Research.

Please go ahead.

Prateek Giri

Thank you for the opportunity.

Yes, greetings to everyone.

Sanjeev, my first question, so I have two questions and I'm sure you're not going to like both the questions.

If I look at our execution, execution number for the past four quarters, it is certainly growing, but if I look at the industry's installation which India is currently achieving, it is definitely not in line with what installation we are seeing in the country.

I am sure, there are answers like 35-65 or 30-70.

But if you look at from this perspective, the industry's installation perspective, Sanjeev, what's your opinion on the execution number which we have been delivering for the past 3-4 quarters continuously.

I have a second question.

We'll come back on that after the answer.

Sanjeev Agarwal

Prateek, we said this before and again let me repeat it for all who are listening to us.

We are confident to achieve our numbers of 1.2 gigawatt for the full year.

There is a plan.

The plan is in motion.

It has worked.

The 30% we just mentioned was our plan in the H1.

70% is the balance to be done with our new factories fully operational and a mix of turnkey, EPC and equipment supply, we are absolutely confident to beat this number of 1.2 gigawatt, Prateek.

Prateek Giri

Certainly, I am also very hopeful that it will happen because last two years we have seen some shortfall in our guidance, but I am certainly very hopeful.

My second question is on order inflow.

Moderator · Conference Operator

Thank you.

The next question is on the line of Raheel Thakker from Anthem Infotech Private Limited.

Please go ahead.

Raheel Thakker

I just had one question with the management of Inox Green.

So in the past you have guided that per megawatt realization is somewhere in the ballpark of 8 lakhs to 10 lakhs.

And with a 5% increment per year in a contract.

So are there any changes in that or are we still on those numbers?

Moderator · Conference Operator

Thank you.

The next follow-up question is on the line of Nitin Kaushik from Afin Capital Private Limited.

Please go ahead.

Inox Wind Limited and Inox Green Energy Services Limited November 14, 2025

Nitin Kaushik

Hello sir, my question was regarding the drivers of realization.

What drives the realization in wind and turbine segment?

Moderator · Conference Operator

Thank you.

The next question is on the line of Madhu Dasari from MD Advisors.

Please go ahead.

Madhur Dasari

Just a generic question.

So, is there a chance of Inox Wind entering into battery energy storage system in future?

I mean, nowadays everyone is talking about the BESS, right?

So, I just wanted to ask regarding this.

Akhil Jindal

Let me answer this.

I think on the battery side, our group companies are already doing a lot of work on the battery side.

They are pioneers in this business.

And to that extent, I don't think we have any intention of getting into the battery or battery manufacturing.

But here there is a subset of our business.

Wherever there is a battery as an added storage plan, then definitely we are looking at those opportunities to bid.

In fact, another group company, Inox Clean, as you know, which is an IPP business, is actively using the hybrid and the storage model to bid for the project.

But per se, Inox Wind getting into battery will never be the case.

Thank you.

Madhur Dasari

Thank you.

That is it from my end.

Moderator · Conference Operator

Thank you.

The next question is from the line of Ashish Soni from Family Office.

Please go ahead.

Ashish Soni

In the framework agreement you spoke on the initial remarks.

So, will it revise the guidance upwards from FY'26 onwards?

Moderator · Conference Operator

Thank you.

That was the last question for today's conference.

I would now like to hand the conference over to management for closing comments.

Over to you, sir.

Thank you.

On behalf of ICICI Securities, that concludes this conference.

Thank you for joining us and you may now disconnect your lines.

Questions and answers

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