Inox Wind Limited (INOXWIND) Q3 FY2026 Earnings Call Transcript & Summary

Ladies and gentlemen, good day, and welcome to Inox Wind and Inox Green Q3 FY '26 Earnings Conference Call hosted by JM Financial Institutional Securities Limited. This conference call may contain forward-looking statements about the company, which are based on beliefs, opinions and expectations of the company as on date of this call. These statements are not guarantee for future performance and involves risks and uncertainties that are difficult to predict. [Operator Instructions] Please note that this conference is being recorded. I now hand over the conference to Mr. Sudhanshu Bansal from JM Financial. Thank you, and over to you, sir.

Yes. Thank you, Pari. Good evening, everybody. On behalf of JM Financial, I welcome you all to the third -- 3Q FY '26 earning call of Inox Wind and Inox Green Energy Services. For today's call, we have with us the leadership team of both the companies, led by Mr. Kailash Tarachandani, Group CEO, Renewal Business; Mr. Akhil Jindal, Group CFO, INOXGFL Group, and Mr. S.K. Mathusudhana, CEO, Inox Green, along with the senior management team. I will now hand over the call to the management for their initial remarks, after which we will open the floor for the Q&A session. Thank you so much, sir, for your kind presence and giving us the opportunity to host the call. With this, I would like to hand over to Anshuman, for taking this call forward. Over to you, Anshuman. Thank you.

Thank you, Sudhanshu. So we'll start with the brief presentation from Mr. Kailash Tarachandani, who is the Group CEO of the Renewables Business and INOXGFL Group, and then move to the briefing on Inox Green by Mr. S.K. Mathusudhana and then we'll open the floor for the Q&A. Kailash, sir, we'll start with your briefing first.

Thanks, Sudhanshu. Thanks, Anshuman. Good evening, everyone, and thank you for joining the Quarter 3 FY '26 Earnings Conference Call of Inox Wind Limited and Inox Green Energy Services Limited. I will first brief you on the financial and operational achievement of Inox Wind for the quarter under review as well as other key developments and future road map before handing over to Mathu for his briefing on the development of Inox Green. We are pleased to inform you that we have been able to deliver yet another quarter of growth in quarter 3 despite substantial on-ground challenges, in particular, from some of the customers where there are delays in site readiness impacting wind turbine offtake. I'll briefly take you through some of the key details of Inox Wind's financial performance for quarter 3 FY '26. On a consolidated basis, Inox Wind has reported revenue of INR 1,238 crores, an increase of 24% Y-o-Y. EBITDA of INR 313 crores, an increase of 39% Y-o-Y excluding onetime gain in quarter 3 FY '25. Profit before tax of INR 209 crores, an increase of 62% Y-o-Y excluding onetime gain in quarter 3 FY '25. Profit after tax of INR 127 crores, an increase of 14% Y-o-Y. Cash profit of INR 262 crores, an increase of 38% Y-o-Y excluding onetime gains in quarter 3 FY '25. We continue to deliver strong margins, supported by the various initiatives, which we have been undertaking in the past quarter, including our successful backward integration into cranes and transformer manufacturing. Coming to the order book. We continue to have a large and very well-diversified order book of 3.2 gigawatts, having added almost 600 megawatts in this financial year, including orders from marquee customers like Aditya Birla, Amplus, Jakson and First Energy. We expect to further add to this order book, given that multiple customer negotiations are nearing closure. We are confident of closing FY '26 with a strong net order book, which will provide execution visibility for the subsequent 18 to 24 months. We are progressing well on the launch of our new 4.X 4.45-megawatt turbine and expect to receive all approvals and subsequently commercial launch the product within this calendar year. Our O&M subsidiary, Inox Green continues its strong growth trajectory, reaching 13.3 gigawatt-hour of wind and solar portfolio diversified across India. With its strong growth prospects, Inox Green is on course to become India's largest renewable O&M company. Further, the scheme of demerger of Inox Green substation business and its merger into Inox Renewable Solutions is in the final stages of hearing at honorable NCLT, Ahmedabad. Post receipt of approval from NCLT and the merger of the asset, IRSL, which is Inox Renewable Solutions, we will be automatically listed on the stock exchanges. Additionally, I believe both Inox Wind and Inox Green will be the beneficiaries of the rapid growth across IPP and solar manufacturing businesses under Inox Clean Energy, our group company, which has a large-scale expansion plan across India and has recently announced its joint venture foray in Africa as well. Inox Clean has ambitious plans to set up 3-gigawatts of hybrid renewable IPP projects annually, which provides large recurring annual order visibility for IWL, Inox Wind Limited, and a strong portfolio addition for Inox Green. As we near the close of financial year '26, we are recalibrating our guidance for both financial year '26 and financial year '27. Going ahead, we'll be providing revenue and EBITDA margin figures and growth thereof, resulting in more certainty for investors and analysts on the annual number instead of the megawatt numbers. For FY '26, we expect to achieve a consolidated revenue of over INR 5,000 crores, translating to over 35% Y-o-Y growth. Further, we are substantially upgrading our full year FY '26 EBITDA margin guidance to 20% to 22% versus 18% to 19% earlier. For FY '27, we expect our consolidated revenue to grow by around 75% over FY '26 with EBITDA margin of 20% to 22%. The shift in our guidance from megawattage to financial numbers is on account of the complexities of the nature of the business that we are in today. Today, we are working across more than 25 sites with over 15 customers, all of whom have different scopes in the contract. This may include plain equipment supplies with no EPC, equipment supply with limited scope, EPC which may include foundation, erection, with cranes, without cranes, apart from end-to-end turnkey. In the recent quarter, we have witnessed delays at the customer site, resulting in postponement of offtake of wind turbines, which is beyond our control. This is something which most of the industry participants are facing currently. Our order book has changed substantially over the past year from being largely turnkey to 50-50 turnkey and equipment supply currently. Consequently, delays at the customer end on equipment supply projects are tough to make up with increase in turnkey execution during the year, as turnkey involves a lot of advanced planning. However, we have been able to make up for the lower offtake by undertaking certain other activities, thereby ensuring that we deliver on our annual business plan. Wind continues to be integral to India's renewable growth story. With India's power sector poised to deliver its best ever annual capacity addition figures in financial year '26 and moving towards 10-gigawatt annual capacity addition in the coming years, Inox Wind is well placed to deliver tailor-made wind solution for the ever-evolving customer requirements. I would now hand over to Mr. S.K. Mathusudhana, CEO of Inox Green, for his remarks, after which we will open the floor for Q&A. Thanks.

Thanks, KT. Good evening, everyone. I will first brief you on the financial achievements of Inox Green during the quarter before moving to other aspects. During Q3 FY '26, Inox Green reported total income of INR 112 crores, up by 51% year-on-year. EBITDA of INR 53 crores, up by 80% year-on-year. Profit before tax of INR 40 crores, up by 261 percentage year-on-year. Profit after tax of INR 25 crores, up by 375% year-on-year. Cash PAT of INR 51 crores, up by 116 percentage year-on-year. Machine availability for entire portfolio averaged around 96.5 percentage. As we have maintained, a significant part of our profitability is currently being reported as other income as per the accounting norms. However, these are operating in nature. Inox Green's portfolio stands at 13.3 gigawatts, comprising of around 10-gigawatts of wind assets and 3.3-gigawatt peak of solar assets. This also includes the investments which we have made to acquire 6.5 gigawatts of operational wind O&M assets of 2 major companies. We expect to complete the acquisition process soon, consequent to which the consolidation of financials into Inox Green will result in a multifold increase in consolidated EBITDA and PAT for FY '27 over FY '26. Inox Green has witnessed strong portfolio growth, adding solar projects from KEC International and group company, Inox Clean. We continue to work on unlocking further synergies amongst our existing and recently taken over assets to improve the performance and margins from the assets. With all our investments formally folding into Inox Green's balance sheet, along with organic growth, we expect the EBITDA for FY '27 to be upwards of INR 600 crores. We have recently seen success in offering WTG overhauling packages to customers, which will aid in increasing the life of the turbines and enhancing output. This business stream has substantial potential for growth going ahead. At Inox Green, as part of our digital initiatives, we are also exploring the development and deployment of specific agent AIs across low value-add job profiles to enhance the speed of execution and increasing margins and reducing the manual dependencies. Finally, I would like to inform our investors that the scheme of demerger of substation business from Inox Green and its subsequent merger into Inox Renewable Solutions is in the final stages of hearing at honorable NCLT, Ahmedabad. Once the scheme receives the final approval from the NCLT, gross block of around INR 1,000 crores will be eliminated from Inox Green's balance sheet and subsequently, the annual depreciation of around INR 50 crores to INR 55 crores will be eliminated, thereby increasing the profitability. It will also lead to significant improvement in the ROE and ROCE of Inox Green. We will now open the floor for the Q&A.

[Operator Instructions] The first question is from the line of Nidhi Shah from ICICI Securities.

While you have withdrawn the guidance in megawatt terms, how are we looking at Q4? Are we seeing any recovery in terms of the fact that, as you mentioned, there were delays? Are these -- are the issues in the projects getting sorted out? What do we think that Q4 installation costs look like?

Thanks for the question. So obviously, we've given our revenue guidance this time for FY '26 and FY '27 as well. FY '27 being 75% growth over FY '26. So given that 9 months have passed, you can make out broadly what the revenues will be for Q4. And you can, in fact, infer on the megawattage side as well. We've been consistently giving the per megawatt revenue figures over the last quarters, so they can be inferenced. Now on the issues, so as you are well aware, it is not a company-specific issue. It's there across the industry. What we've been seeing is that a lot of customers that we have, especially on the equipment supply side with the contracts which we've taken over the last 1, 1.5 years, many of the sites are not ready to the extent that it was planned. So the offtakes for some of the customers may have taken, let's say, some components, not all components, which is why there is a lot of variabilities. So in terms of megawattage number, giving you a particular -- megawattage may not give you the right picture.

Also, it is much easier for us to give you a guidance on the revenue, which is in our control than the megawattage and hence, the shift.

My next question is on working capital. What -- at how many days of working capital are we currently? And what are some of the things that we are doing to reduce this further?

Yes. So by this financial year end, we are targeting 200 days of working capital days.

I think in the earlier call, I think you had mentioned 120 days, so why the shift?

So broadly, we are -- in longer run we are looking for the working capital cycle of 120 to 150 days, but this year-end, it will be 200 and by FY '27, hopefully, it will be something in the range of 150-odd days.

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

So broadly in the range of 200 to 210 days.

And lastly...

As you can appreciate, there is a lot of execution happening. We are ramping up. Revenues are increasing significantly over the last few years. So -- and a lot of challenges on the ground, customers as well. So that is why on the working capital side, as we had earlier maintained 120, we will be achieving that over the next...

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

Lastly, could you give me the revenue, EBITDA and PAT for Inox Clean Energy for this quarter?

Inox Green?

Inox Steel.

That's a private company.

Inox Clean has nothing to do with this. Inox Clean is completely at the promoter level, it has nothing to do with this. It is a strategic asset for us, which provides a huge revenue visibility for both Wind and Green, but beyond that it has nothing to do with this. We can give separately if you want.

The next question is from the line of Deepak Poddar from Sapphire Capital.

Am I audible?

Yes, you are.

Sir, just I wanted to touch upon your debt levels, debt part. I mean so what's your current gross debt level as of 3Q? And how do we see the debt level in the next 1 to 2 years?

So at the end of H1, we were net cash and we still continue to be a net cash company.

Okay. What is the -- I mean do we have the figure separately, the gross debt and the cash?

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

The next question is from the line of Utkarsh Somaiya from to Eiko Quantum Solutions Private Limited.

I have a couple of questions. The INR 600 crore EBITDA guidance that you have given for FY '27 will be on the entire portfolio of 13.3 gigawatt?

Yes. This is what would be on the entire portfolio that we have given. Just to clarify for the larger audience, this is referring to Inox Green EBITDA guidance, and this is on the entire portfolio of 13 gigawatts.

I just needed some help with the math. We have assumed the INR 10 crore revenue per gigawatt for wind and that's...

It's INR 10 lakh per megawatt. Yes, revenue is around INR 100-odd crores, yes, per gigawatt, not INR 10 crores.

Yes, sorry, INR 10 crore EBITDA, right?

No, no, no, no. Actually, let me come in. So out of 13.3 gigawatts, 10 gigawatts belong to Wind O&M services and 3.3 gigawatts belongs to Solar. And roughly, we gave a ballpark figure of 50% EBITDA margin for the Wind business and Solar, it's around 15% to 20% margin, okay, we have given. And even in the Wind also, there are different classifications, substations and wind turbines, there are several breakups, which I'm not explaining right now. And out of which, after the integration of merger of 3 companies, yes, so the EBITDA will be around INR 600 crores, and there will be more synergies. We are looking into it. And like merging 84 substations across India, it will be a huge exercise, and that will unlock synergy value, which we will reveal in the future.

Okay. So right now, if you assume INR 100 crore revenue per gigawatt on a 10-gigawatt Wind portfolio, we can assume INR 1,000 crore revenue and INR 500 crore EBITDA and we have 3.3 gigawatts of Solar, so INR 20 crores per gigawatt gives us INR 66 crore of revenue and 20% so around INR 13 crore EBITDA. So out of the INR 600 crores, is my understanding of this INR 513 crores, correct, and the balance may come from synergies? Is that a fair understanding?

Yes. And there is a possibility to get north of INR 600 crores.

Yes. And one -- and since we will have zero depreciation post demerger and your finance cost is virtually nil, your PBT should be equal to your EBITDA, give or take?

So over PBT would be equal to EBITDA. Further, as we have mentioned in the earlier call as well, there is a tax shield, so there would be no tax outflow in the upcoming years as well, though there would be a deferred tax liability, but then we have no tax outgo. So in terms of the profit, my EBITDA would be equivalent to my cash profit as well.

So this deferred tax, how do I kind of -- can you help me understand how do I calculate it on the INR 600 crore of PBT? How much deferred tax will we have in our P&L?

Normal income tax rate. We are following 25% corporate tax rate, so you can calculate 25%. But it would be, as I clarified, it is an accounting entry, nothing to relate with that cash outflow as such.

So accounting PAT will be INR 450 crores. Understood.

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

So I want to understand, again, on Inox Green, post the demerger, how much revenue will come off?

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

So what you're saying is that there will not be any material impact and the mathematics at the previous question previous person asked, that is excluding or assumed more than that?

As Mr. Mathu has clarified in their opening remarks, that the INR 50 crore depreciation will go away and accordingly, our profitability will get increased to that extent.

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

So when you say you have a 10-gigawatt wind portfolio, that doesn't -- that is included in the quarter 3 of execution. Is that an understanding correct?

Yes.

Right. So whatever gets executed in quarter 4 gets added to that mix and then subsequently from quarter 1, 2 and 3 for next year?

Yes, absolutely, right.

The next question is from the line of Darshit Shah from Nirvana.

Sir, I mean my question is pertaining to the guidance. So I don't find any logic in moving the guidance from megawatts to kind of number [Technical Difficulty] we are lowering our execution in guidance, you kind of changed the methodology of giving the guidance. And if I look at your numbers, what you're quoting right now, so it's roughly point outs that probably next year, what you're guiding at 2 gigawatts in FY '27 will end up doing somewhere around 1.3 to 1.4 gigawatts. So can you highlight what has changed in the last 2, 3 months that we are kind of lowering this execution guidance which we gave 3 months back?

We definitely see a lot of logic in moving to this because as we have explained earlier in our comments, too, we have a much greater control on the numbers, the financial numbers and the profitability. And whatever we are governed by is the profitability. As Mr. Tarachandani had mentioned in his opening comments, there are a lot of on-ground challenges at times, which is beyond our control, largely on the turnkey -- largely on the equipment supply projects where the infra is not in my control and has to be provided for by the buyers. Hence, there is certain delays, mismatches. But what I do in that time is if I'm not able to deliver the equipments, I can do some other projects, some other activities, setting up towers, setting up infra, which can compensate for the loss of the supply through these additional activities and hence, meet my revenue guidance, which I have a greater control on. So that is the logic of giving you these numbers.

Just to add on that, actually, if you see we have now almost reached 50-50 kind of thing between turnkey and equipment supply. And earlier, it was very easy to give on megawatt basis because largely it was done turnkey, and it was the same -- more or less same pricing for all of them. Today when we are dealing with so many customers and equipment supply, every customer has a different kind of a scope. It's not making sense that in some places, we are giving only turbine. In some places, we are giving foundations. In some places, we are giving a combination of that. So it's making more sense that in terms of holistically, we give our guidance based on revenues.

Got your point on this thing what you're trying to say, but effectively, there has been delays that's okay for this quarter and all, but do you foresee these delays continuing until FY '27 and hence, even the execution in FY '27, what we were guiding 3 months back is also almost kind of 30% lower looking at your numbers for FY '27?

So if you look at it, we clearly said we are recalibrating it. And then when you look at -- while you're stuck on these broader numbers of the execution megawattages, but if you look at any of the estimates that anyone carries on the profitability. We are, in fact, beating those numbers through these guidances as well. So whatever I believe the financial market is governed by the profitability numbers, and so is the company. Execution is just one of the parameters for internal evaluation. But I think as I would reiterate that profitability numbers, revenue numbers is where I have a lot of control where I can manage. And that's why we are moving to this guidance. And overall, even last 9 months, sorry, if you see in the last 9 months, we have meeting -- while there could be certain slippages in the execution, my profitability numbers that I've guided for, I'm meeting those numbers.

Understand...

Overall on the second part to your question on the FY '27, we see that very positive in the sense that many of these are new customers, our core customers, we are getting better and better in terms of understanding there because these are new states also in Tamil Nadu, et cetera. But as you see that even in the wind sector, till last year, only Gujarat, Maharashtra, Karnataka possibly was doing. But today, a lot more states are firing. And next year, again, I see Rajasthan opening a big way, Andhra Pradesh opening big way. A lot of [ MPEs ], lot of projects coming up. So -- and many of the PGCIL grid connectivities are getting ready. What it means that a lot more customers, a lot more equipment supply. So you'll be able to play much more between what you do in terms of megawatt. But in general, instead of explaining this, it makes sense that we continue to do it on a revenue basis. And we have so many legs to play between in terms of the scope, in terms of customer, in terms of site, in terms of states.

Got your point, but essentially, the execution what you were quoting 3 months back is going to be lower. That's my point. And could you confirm that, right?

It doesn't matter actually. As long as we achieve the goal from that perspective, it doesn't matter because ultimately, that's what we should look forward to.

[Operator Instructions] The next question is from the line of Ketan Jain from Avendus Spark.

I just have follow-up on the previous participant's question. I just want to understand from a strategic point of view, what are the challenges which made us revise the guidance? Like what are the exact challenges on the ground, external challenges, which is not in our control, which made us change our outlook from previous quarter to this quarter? So this question is just to understand what are the challenges you are facing exactly.

I think -- I mean these are very routine. Actually, I won't say challenges, it is part and parcel of doing infrastructure development in this country. There are always issues can keep up at the ground level in terms of land, in terms of connectivity or substation getting ready or getting to 220 kV line. I mean these are the usual things. If you ask me very frankly, my all turnkey projects are going more or less on time, we are executing quite well. But since the business has moved from the structure achieved 50%, 50%, 50% I'm dependent, and I have all my on EPC project, 50% I'm dependent on my customers. So in terms of as they keep catching up some of these IPPs and all that, we continue to do that. So going forward, we are anyway planning that -- so that at the same time, we have a judicial control over our working capital and inventory also. So instead of looking at megawatt, we just focus on the revenue side.

And also just to add, if you see, while it is not that I'm not delivering on these 800, I would do it. If the nature of the business is such that you cannot hold it on a quarterly basis. It's very tough for me to estimate on a quarterly basis. There will always be a slippage here and there by quarter 2 and to remove those vagarities I'm coming to this revenue guidance where I can always guide you better.

Understood. Point taken. It's a very fair point. I just want to understand one thing like how -- what has changed our outlook in 3 months? That's it. I mean what is happening on the sector which made us change our outlook in 3 months. Nothing else. What you're saying is fair enough on the guidance.

It's the only logical thing to do it. If you're asking from a sector point of view, it's very, very positive. And as I said, that's only increasing. It's only that from my point of view, we were too much turnkey based. In fact, it is better today. We are 50-50 between turnkey and equipment. Turnkey brings a lot more risk at my side in terms of land, in terms of substation, in terms of 220 kV. We have fairly managed and balanced between both the things. And that's why I say it's better for wind sector also and it's better for us because there are so many hands now involved. And we're talking in this country now 5 gigawatts, 6 gigawatts plus kind of thing, which a country had never delivered before. So obviously, it makes sense that a lot more people are developing together. But in terms of understanding and just making sure that we can do it quarter-to-quarter is becoming difficult, and that's why I said we just go under review.

I just wanted to understand if there is any negative on the sector.

No, not at all, absolutely. It's very, very positive.

Just following up on that. So I'm sure everyone is aware that we've done 4.5 gigawatt of installations, wind installations in the first 9 months and we are on course to do 6 gigawatts as we've been guiding all across. And this is set to grow only with more and more projects coming in C&I sector is. So we are getting a lot of orders from the C&I sector as well. So -- and as you can see, we've grown a lot over the last 3, 4 years. In 2022, we were delivering only 1-gigawatt, we were installing 1-gigawatt. Now we are at 6 gigawatts. So the sector evolves, customers evolve and we've also evolved.

And also, we are on track to achieve 10 gigawatts that we have been guiding for. So the sector is pretty robust and the demand is pretty robust there too.

It's only about shifting 1 quarter here and there. That's how it is always.

Understood. Just 1 more question I have. I understand C&I is increasingly becoming a very good segment in the sector. Do you have any numbers on -- like can you give me a flavor on what is the C&I order inflow like or the target market like annually?

I think if you see largely even today, all the customers I have apart from 1 or 2 PSU customers, I think all of them are C&I business only. And as I see that even in the sector today, almost -- well, lots of -- SECI has bidder. Lot of those things have come up, but still there could be some challenges PP and all. But mostly, what projects are being executed today on the ground, many of them, almost more than 50% will be of C&I only. So that's how we are also there.

Understood. Out of 4, around 1.5 to 2 will be C&I. Is that the right number to assume, sir?

Yes, yes, it will be more than that.

The next question is from the line of Pradyumna Choudhary from JM Financial Group Investments.

Just on Inox Renewable Solutions, do you have any specific time line in terms of the demerger? When are we expecting the same? Any update on that? I know you mentioned that it's in the final stages and all, but any particular timeline you're looking at internally?

So Pradyumna, it is very difficult to comment on the particular timelines, but as we have explained, that is in the final stages, NCLT approval should come in a month or so, but we cannot comment on the specific timelines. Post receiving of the NCLT approval it is a 1, 1.5-month process for the listing of the company. So yes, in all likelihood, if everything goes well, within 3-odd months, 2 to 3 months, it should get on the bourses.

But don't take it as a commitment from our end because things are not there in our control. NCLT which we are expecting the order to come through.

The next question is from the line of Keval Barot from Axis Securities.

Yes. So my first question is, as given that India targets 122-gigawatts of installed wind capacity by FY '32 versus currently, it has been 55-gigawatts of installed capacity. So there is a long growth runway in the sector and your execution guidance for FY '28 is 2,000 megawatts. Now considering land acquisition issues, power demand slowdown and competitive landscape, especially Chinese players, I wanted to know your view on the run rate regarding 2,000-megawatt execution? As you have mentioned it earlier that you have changed the parameters of recognizing it into revenue terms, but I just wanted you to shed light that will that be maintained or sustainable for the next 4 to 5 years after FY '28?

Two parts to this because as I see that still country is looking for almost 100 gig -- to reach 100 gigawatts by 2030 or whatever 2030 and we are at 55 gigawatts. Obviously, almost 8 to 10-gigawatt. I'll not comment because the execution is a challenge, and it is there for all the player assets. But still if you see the way we are going from 2, 3 megawatts to now 4 megawatts, and this year, almost touching 6 megawatts. So I see the story remains very, very positive. And as I said earlier in my discussion, in fact, all the state customers are looking. And in all states, I see that a lot of visibility in terms of wind turbines and projects are coming up because not that that's a year or 2 years back because not all the states are working, and there are some policy issues here and there. And number two, if you see that PGCIL has started building up lots of infrastructure and connectivity only after 2021 when the design changed, it came to auction-based and all this. So a lot of C2 connectivities are getting commissioned between different states from '26 to '30. To cut it short, I say the challenges are there, and it will remain in this country from execution point on the ground, but it is still not very negative. It's still very positive. From our side, it's just, as I said, different scope and different. So our whole approach is now to go more on revenue focus instead of going on megawatt. But at the same time, nowhere I'm saying in the future from that point of view, it will mean that lowering the execution. We'll continue to see that what best we can do in terms of execution to achieve our goals.

Okay, sir. Got it. My second question is on the basis of guidance. So could you please share your CapEx guidance for FY '27 and FY '28? Also, how much CapEx has been incurred in 9 months FY '26 and what is the full year FY '26 CapEx target? And additionally, what EBITDA margin guidance are you giving for FY '27 and FY '28? And sorry to stretch it out, but also respectively, what kind of realization per megawatt for FY '27 and FY '28, on a blended basis, considering 4-megawatt turbine has been launched and is operational?

So in terms of the EBITDA guidance for FY '26 and FY '27, we have upgraded our guidance to 20% to 22% as against the earlier of 18% to 19%, which has been emphasized by Mr. Tarachandani in the opening remarks as well. In terms of the per megawatt realization, it is as we have explained various -- multiple times on this call, it is very hard to give because keeping you the different scope, different component supply and so on and so forth. So we are -- so there's been no guidance which -- no specific per megawatt realization we are giving. In terms of yes...

Yes. So just adding to the earlier comment. What we've actually made your light life easier by giving you a revenue guidance instead of giving you -- and breaking it up in 2 megawattage and revenue per megawatt, which you used to calculate the revenue itself. So we are making life easier for everyone out there. And on the CapEx guidance side, so it will be around INR 200-odd crores for FY '27. At this point of time, we are refraining from giving FY '28 guidances.

Okay. And how much CapEx has been incurred in 9 months FY '26? And what will be the full year target?

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

Okay. Okay. And is there any accountability for 9 months FY '26?

Around INR 150-odd crores have been expended.

The next question is from the line of Aditya Welekar from Axis Securities.

So I understand the discussion on the call that you have changed from gigawatt to revenue, and that is well understood. But it means earlier in the slides, we had guidance of 2 gigawatts from '28 onwards, which kind of giving us the kind of sustainability of our business and the kind of maximum capacity, which we can reach earlier. But now you have said that 75% growth in '27. So post that, what will be our outlook? How should we look at revenue growth post FY '27? Can we assume that our 2-gigawatt capacity to execute, will be intact? Or there is some challenges, and we can expect that revenue growth will taper down post-FY '27? How should we look at?

See, as we have recently communicated and over the call for several times, we've stated that why we are moving from megawattage to revenue. It's not because of the challenges. We don't see any challenge whatsoever. 2 gigawatts we'll definitely reach there. It is only to move away from the volatilities on a quarterly basis and to have a firm guidance for you, and that is how we work. Internally, we work on the revenue. The numbers for -- the business plan is always built on the numbers. If you look at whatever numbers that we've shared with you guys and the entire community for this year and next year, and the revenue numbers that we have built on it or the profitability numbers that we'll build on it, we are beating all those numbers. They are certain -- yes, there are certain challenges in terms of the equipment supply orders, they are on-ground challenges, which shifts on a quarterly basis. It's not that I will not achieve 2 gigawatts. I will definitely achieve 2 gigawatts, and I will surpass that. When we said we are at 6 gigawatts and we are moving to 10 gigawatts. Yes, I will do more than 2 gigawatts. Would it be FY 27? Would it be FY '28? It's tough for me to give you exact timelines. But yes, I can give you a firm view on the revenue and the profitability. So yes, to answer, we are definitely on track to achieve more than 2 gigawatts annually, but I will shy away from giving you the exact timeline for that.

If I can add a few points on that, just to give more confidence on the growth. We always maintain a large pipeline. And also, we have a group company called Inox Clean, which is also adding more pipeline for the group. And the substations are getting merged. Several -- 3 major companies are getting merged with Inox Green, which has -- which we won substations across India, which unlocks a lot of connectivity and future capacity, which no competitors have currently in India. Right now, customers may be struggling that side, but Inox will not surge anything in that area, which gives the additional competitive advantage, which will help us to see that 2 gigawatts is not a challenge.

Not only from Inox Green point of view, but also from Inox Clean point of view where we are continuously developing our own pipeline. So there will be a lot of opportunities within the group also to keep executing. So not only external PSU market, a lot of bids are coming up. We are participating actively everywhere. So all in all, I think wind is there absolutely positive both from a sector point of view. So I don't see any issue or challenge with what number we are talking about. But as I said, let's maintain going forward on the revenue basis.

The next question is from the line of Vikas Agarwal, an individual investor.

No, sir, my questions are answered.

The next question is from the line of Harsh Motika from SKP Securities.

Just wanted to understand that the realizations have dropped both Q-on-Q and Y-o-Y. So can you please explain why this has happened?

Could you come again, please?

Yes. Is it better now?

Yes, yes. Yes, please.

Yes. Sir, I was asking that the realizations have gone down both Q-o-Q and Y-o-Y. So can please tell me what -- tell us what has happened, why the realizations have fallen by 10-odd percent?

See, so as we've been saying to all the calls, there were certain issues on the customer side, certain delay of sites and all, due to which some of the component supplies got disrupted.

And also -- sorry to interrupt, but this is the exact nature of why we are moving to revenue guidance because of the complexities. They are different businesses. They are different deliveries that we do on a quarterly basis. So per megawattage number is something that differs on every contract that we execute. So it is -- there is no comparison between each quarter. And that is the reason we moved to this revenue guidance and the margin guidance.

Both because turnkey equipment supply will always be lesser. And also since as execution is improving, and we are executing more and more projects. Project revenues will always be on the lower side. So that's the reason why you will see realization per megawatt quarter-to-quarter. So is it's better to look at the whole holistically at the annual basis.

The next question is from the line of Prateek Jain from ICICI Prudential.

So just a couple of questions. So one is that since you mentioned that for the sake of ease of investors, we are moving from megawattage to revenue. So would that again be H2 heavy or would the run rate be similar across the 4 quarters? How should we look at it?

It will always be a little H2 too heavy. H1 is many times leaner because of monsoon, to be honest. So that remains the fact. So that -- I mean while quarter 1 will be again very good, but quarter 2 will definitely diminish the overall H1.

Understood. And sir, secondly, that number you mentioned, the 4.5 gigawatts in FY '26. So what will be your market share in terms of commissioning in FY '26 till now?

Just clarify your question again, please?

Yes. So I'm just asking what is Inox Wind's commissioning number? At an all-India level in 9 months, we did 4.5 gigawatts. So what is our share in that 4.5 gigawatts?

Yes. So over the past quarters, we have erected -- so a lot of our projects are at various stages of commissioning. So some of the projects, in fact, are ready erected, but we have yet to receive the commissioning or the customer is yet to receive the commissioning approval. But broadly, on the supplies that we've done, a significant percentage of it is nearing the commissioning.

We are not looking at all these percentage market shares and all that stuff, we are driven by profitability only. So we don't look at the market share. But yes, we have given what we have executed.

Understood. And sir, finally, how are we looking -- I mean, how do we stand on the receivable front in terms of, let's say, number of days of receivables that is currently there?

So obviously, if you see our performance over the past few years, the receivable days are continuously improving and what we guided. So 200-odd days of net working capital days by this financial year-end. You will see the receivables days improving substantially over FY '25 as well. And that will continue over FY '27 also because our target is to be somewhere at around 120-odd days of overall working capital, net working capital.

The next question is from the line of Deepak Motwani from Marquee Investment Managers.

What is the current visibility on additional order inflow for Inox Wind Limited? And can you provide any guidance on the expected order pipeline over the next 6 to 9 months, 12 months?

No. Overall, as on date, we still have around 3.2 gigawatts, which gives a certainty of next 1.5 to 2 years, if you ask from that point of view. But at the same time, lots of orders are in advanced stage. And very soon, we should be announcing, I think, before end of this closure. A lot of tenders have come, a lot of internal discussions are going on, have internal pipeline. Many of those things, I have not added on that. So we have -- if you go quarter-wise, quarter-wise, we will always be ahead of what we say in terms of execution and what we get in terms of order booking. So we are like, today actually, order booking is not a problem. It's about how we deliver and how we continue to execute.

Ladies and gentlemen, that was the last question for today. I now hand over the conference to the management for closing comments. Over to you, sir.

Thank you. Thank you to all the investors, and I assume that you should appreciate the renewable business that we have created at INOXGFL Group. Today, we are the largest integrated energy transition company. We have taken all steps to ensure that Inox Wind stands tall and have ensured massive growth and profitability for the company. We are now massively ramping up Inox Green to become one of the largest O&M companies, growing manyfold over the next 2 years. Also the greatest venture Inox Clean that we believe -- what we believe will be one of the largest companies from this stable and it's very strategic to the entire group, providing a minimum 500-megawatt orders for Inox Wind and also large portfolio addition for Inox Green. With that, I would like to thank all the investors.

Thank you.

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