Inox Wind Ltd

- Operationalized new 1200 MW nacelle and hub manufacturing unit near Ahmedabad, Gujarat. - Deployed first set of cranes at project sites. - Commenced transformer manufacturing facility under Inox Renewable Solutions. - Expanding blade manufacturing capacity with a new facility being set up in southern India (Karnataka, Tamil Nadu, Andhra Pradesh). - Raised INR 175 crores at Inox Renewable Solutions at a valuation of approx. INR 7,400 crores. - Filed scheme for demerger of substation business from Inox Green and its merger into Inox Renewable Solutions; approval expected in 2-3 quarters, which will remove ~INR 1,000 crore gross block from balance sheet and reduce depreciation by INR 50-55 crores annually. - Rapidly expanding solar and wind O&M portfolio organically and inorganically; made investments in an entity owning ~2 GW of O&M assets. - Planning new factory setup in south India to improve execution capacity and market reach.

- FY '26 execution guidance of 1,200 MW, confident of achieving this target. - Expecting a ramp-up in execution from Q3 onwards, with H1 typically 30-35% of annual execution. - Order book stands at 3.1-3.2 GW, covering about two years of orders; capacity to execute at 2.5 GW currently. - Plans to expand manufacturing capacity, including a new blade plant in South India and nacelles factory in Ahmedabad fully operational. - Anticipate overall wind capacity additions of 5-6 GW in the financial year, growing to 7-8 GW and potentially up to 10 GW in the near future. - INOX Wind expects to scale execution to about 2 GW in the next year. - Focus on profitability over mere volumes; profitability has outperformed guidance historically. - Multi-gigawatt MoUs and LoIs in pipeline expected to convert to firm orders soon.

- INOX Wind targets execution of 1,200 MW in FY '26, indicating strong volume growth. - Management emphasizes profitability over volume, targeting 18%-19% EBITDA margins for consolidated wind business. - Q1 FY '26 PAT grew 134% YoY; cash PAT up 168% YoY, showing significant profitability improvement. - Execution focused on complete sets and working capital efficiency, enhancing margins. - Expansion in O&M portfolio to 5.1 GW signals recurring revenue growth with higher margins. - Strategic inorganic growth through acquisitions (e.g., 2 GW O&M assets) expected to boost profits. - Demerger of substation business from Inox Green to improve RoE/ROCE by eliminating depreciation (~INR50-55 crores annually). - Management confident of meeting or exceeding guidance, with profitability growth outpacing revenue growth. Overall, INOX Wind foresees robust earnings and operating profits growth driven by volume scale-up, margin improvement, operational efficiency, and strategic expansions.

- Current order book stands at approximately 3.1 to 3.2 gigawatts, covering roughly two years of orders. - The company maintains a healthy and well-diversified order book with marquee clients and a mix of turnkey and equipment supply contracts. - Management expects a strong upcoming bid pipeline, with 12 to 15 gigawatts of PPAs signed between April and July 2025, and 25 to 30 gigawatts of pending PPAs awaiting financial closure. - Around 10 gigawatts of hybrid, wind, and solar projects are expected to proceed to contract award over the next quarter. - The company anticipates converting a substantial portion of their multi-gigawatt order pipeline into firm orders in the coming months. - Inox Wind expects order inflows strong enough to maintain a minimum base order book of 3 gigawatts for future years.

- No specific details on any new fundraising through debt or equity were mentioned in the excerpts. - The company recently completed a successful rights issue that was oversubscribed 2.13 times. - Promoters fully subscribed their entitlement of around INR 560 crores, indicating strong promoter confidence. - Post-merger of IWEL and IWL, the entire NCRPS on the balance sheet has been eliminated. - Management did not provide guidance or mention any plans for additional fundraising either through debt or equity during the call. - Focus appears to be on executing existing orders and expanding operations organically and inorganically, rather than raising new capital at this time.