Inox Wind Ltd

- As of Q3 FY '26, Inox Wind and Inox Green Energy Services Limited are a net cash company, indicating no immediate reliance on additional debt. - Management has not disclosed specific plans for new debt or equity fundraising in the near term. - The company is focused on maintaining low finance costs and expects PBT to be equivalent to EBITDA. - CAPEX guidance for FY '27 is around INR 200 crores, similar to FY '26 levels, indicating controlled capital expenditure without mention of fresh fund raises. - There is no explicit mention of equity fundraising or new debt instruments in the conference. - Overall, current financials and guidance suggest no immediate need for external fundraising, relying on internal cash flows and existing resources.

- CAPEX guidance for FY '27 is around INR 200 crore. - CAPEX incurred in 9 months of FY '26 is around INR 150 crore; full-year FY '26 target is also around INR 200 crore. - Management is refraining from providing CAPEX guidance for FY '28 at this point. - The company is ramping up Inox Green Energy Services to become one of the largest O&M companies over the next 2 years. - Inox Clean is the latest venture, considered a strategic asset providing minimum 500 MW orders for Inox Wind and portfolio addition for Inox Green. - Post-demerger, a limited revenue of around INR 10 crore and depreciation of INR 50 crore will be impacted. - Management is focusing on revenue guidance rather than megawatt execution due to varying project scopes and supply challenges, maintaining growth and profitability targets.

- Inox Wind has a strong order book of around 3.2 GW, ensuring visibility for the next 1.5 to 2 years. - Multiple new orders are in advanced stages and expected to be announced by end of the current quarter. - The company shifted guidance from megawatt-based to revenue-based for better predictability and control. - Targeted revenue growth includes a 75% increase in FY '27. - Inox Wind aims to achieve and surpass an execution capacity of 2 GW annually post FY '27, though exact timing may vary. - The company is confident of sustained growth supported by expanding pipelines, including group company Inox Green. - Challenges like land acquisition and connectivity exist but are viewed as routine; sector outlook remains positive. - Working capital days expected to improve from ~200 days at FY end to ~120-150 days by FY '27, supporting healthy operations.

- FY '27 consolidated revenue expected to grow by ~75% over FY '26. - EBITDA margin guidance for FY '26 and FY '27 is upgraded to 20%-22% (previously 18%-19%). - Profit before tax and profit after tax for Inox Green grew significantly in Q3 FY '26 (PBT up 261% YoY, PAT up 375% YoY). - Consolidation of acquisitions (6.5 GW wind O&M assets) will lead to multi-fold increase in EBITDA and PAT in FY '27 compared to FY '26. - Company confident of achieving and surpassing 2 GW annual execution capacity eventually, though exact timeline uncertain. - Shift from megawatt-based guidance to revenue guidance provides better control and predictability over profits. - Positive outlook on wind sector growth, supported by government capacity addition targets and expanding state-level projects. - Synergies from merging substations and assets expected to unlock more profitability upside.

- As of February 13, 2026, Inox Wind Limited has an order book of around 3.2 gigawatts, providing visibility and certainty for the next 1.5 to 2 years. - Numerous orders are in advanced stages, with several tenders received and internal discussions ongoing. - The company expects to announce additional orders before the end of the current quarter. - The internal pipeline includes many opportunities not yet added to the order book. - Management emphasizes that order booking is not a problem; the focus is on execution and timely delivery. - The group, including Inox Green, maintains a large pipeline with operational advantages due to merged substations and extensive infrastructure. - The company is bullish about growth, expecting to meet or exceed targets quarter-wise, highlighting steady order inflows.