Inox Green Energy Services Ltd

- As of Q3 FY '26, Inox Wind and Inox Green Energy Services Limited remains a net cash company, indicating no immediate reliance on debt. - Specific figures for gross debt and cash levels are to be disclosed in the next quarter. - There is no explicit mention of upcoming debt or equity fundraising plans in the provided transcript. - Management focuses on revenue guidance and profitability rather than raising new funds. - CAPEX guidance for FY '27 is around INR 200 crores, with INR 150 crores already expended in 9 months of FY '26, suggesting internal funding of capital expenditure without external fundraising. - No clear indication of future fundraising through debt or equity was communicated in the call.

- CAPEX guidance for FY '27 is around INR 200 crores. - CAPEX incurred in 9 months of FY '26 is around INR 150 crores, with the full year target also around INR 200 crores. - Management refrains from giving CAPEX guidance for FY '28 at this time. - Strategic ramp-up of Inox Green (O&M services) is planned to grow manifold over the next 2 years. - Inox Clean Energy is a strategic new venture expected to provide a minimum 500 MW orders for Inox Wind and add to Inox Green’s portfolio. - Continued focus on balancing turnkey and equipment supply projects to manage working capital and execution risks effectively.

- Inox Wind currently has around 3.2 GW of confirmed orders, providing visibility for the next 1.5 to 2 years. - A large pipeline of orders is in advanced stages, with new tenders and internal discussions ongoing. - Management expects continuous order inflows and execution to remain ahead of booking on a quarterly basis. - FY '27 revenue is expected to grow by approximately 75%, moving from megawatt-based guidance to revenue-based guidance for better clarity. - The company aims to achieve and surpass a 2 GW annual execution run rate post-FY '27, though exact timelines are uncertain. - Long-term sector outlook remains very positive with India targeting 122 GW installed wind capacity by FY '32, up from 55 GW currently. - Working capital days are expected to normalize from around 200-210 days end-FY '26 to about 120-150 days by FY '27, supporting growth. - New ventures like Inox Green (O&M services) and Inox Clean will add to growth and revenue visibility.

- Inox Wind expects consolidated revenue to grow around 75% in FY '27 over FY '26, with EBITDA margins improving to 20%-22% from the earlier 18%-19%. - The company is confident of achieving and surpassing a 2 gigawatt annual execution capacity, although exact timelines are not specified. - Profitability and revenue guidance have been prioritized over megawatt-based growth due to business complexities and customer-side execution delays. - Inox Green's EBITDA is projected around INR 600 crores for FY '27 on a 13.3 gigawatt portfolio, with further synergies expected post-merger of three companies. - Profit before tax (PBT) is expected to align closely with EBITDA due to negligible finance costs and zero depreciation post-demerger. - The company maintains a positive sector outlook with increasing capacity addition targets through 2030, supporting sustained growth in earnings and profitability.

- Current orderbook for Inox Wind Limited stands at approximately 3.2 gigawatts, providing visibility and certainty for the next 1.5 to 2 years. - Many additional orders are in advanced stages, with multiple tenders under internal discussion. - The company expects to announce new orders before the end of the current quarter. - Order booking is not a problem; the focus is on successful execution and delivery. - The internal pipeline, including orders added by group company Inox Green, supports continued growth. - The company prefers guidance on revenue rather than megawatt-based figures due to project complexities. - Overall, Inox Wind aims to sustain execution and order inflows, with confidence in a strong order pipeline for the foreseeable future.