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1 INOX WIND LIMITED Q1 FY26 RESULTS PRESENTATION AUGUST 2025
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2 SAFE HARBOUR This presentation and the accompanying slides (the “Presentation”), which have been prepared by Inox Wind Limited (the “Company”), have been prepared solely for information purposes and do not constitute any offer, recommendation or invitation to purchase or subscribe for any securities, and shall not form the basis or be relied on in connection with any contract or binding commitment whatsoever. No offering of securities of the Company will be made except by means of a statutory offering document containing detailed information about the Company and in compliance with applicable SEBI Regulations. This Presentation has been prepared by the Company based on information and data which the Company considers reliable, but the Company makes no representation or warranty, express or implied, whatsoever, and no reliance shall be placed on, the truth, accuracy, completeness, fairness and reasonableness of the contents of this Presentation. This Presentation may not be all inclusive and may not contain all of the information that you may consider material. Any liability in respect of the contents of, or any omission from, this Presentation is expressly excluded. Certain matters discussed in this Presentation may contain statements regarding the Company’s market opportunity and business prospects that are individually and collectively forward-looking statements. Such forward-looking statements are not guarantees of future performance and are subject to known and unknown risks, uncertainties and assumptions that are difficult to predict. These risks and uncertainties include the effect of economic and political conditions in India, volatility in interest rates, new regulations and Government policies that may impact the Company’s business as well as its ability to implement the strategy, the Company’s future levels of growth and expansion, technological implementation, changes and advancements, changes in revenue, income or cash flows, the Company’s market preferences and its exposure to market risks, as well as other risks. The Company’s actual results, levels of activity, performance or achievements could differ materially and adversely from results expressed in or implied by this Presentation. The Company assumes no obligation to update any forward-looking information contained in this Presentation. Any forward-looking statements and projections made by third parties included in this Presentation are not adopted by the Company and the Company is not responsible for such third-party statements and projections.
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3 CONTENTS 1. KEY HIGHLIGHTS FOR THE QUARTER 2. GROUP OVERVIEW 3. WIND SECTOR IN INDIA – A MULTI-DECADAL GROWTH STORY BOOSTED BY DOMESTIC CONTENT REQUIREMENT 4. INOX WIND – LEADING INDIAN OEM PROVIDING END-TO-END WIND SOLUTIONS 5. INOX RENEWABLE SOLUTIONS – A FULL SERVICES RENEWABLE EPC PLAYER 6. INOX GREEN – RENEWABLE O&M BUSINESS – STABILITY WITH GROWTH 7. FINANCIALS & SHAREHOLDING
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4 ✓IWL posts its highest ever Q1 PAT and Cash PAT ✓Q1 FY26: Revenue up 32% YoY; EBITDA up 39% YoY; Robust margin trajectory continues ✓PBT up 167% YoY to Rs 138 cr; PAT up 134% YoY to Rs 97 cr; Cash PAT surges 168% YoY to Rs 186 crores ✓During the quarter, IWL has taken a deferred tax charge of Rs 40 cr, which is a non-cash accounting adjustment. This is a reversal of the deferred tax assets recognized in the previous years. ✓146 MW execution in Q1 FY26 with a well-diversified order book of ~ 3.1 GW providing strong visibility for the next two years ✓New nacelle plant, transformer manufacturing unit and crane services operationalized ✓Merger of Inox Wind Energy Limited into IWL completed ✓Scheme of demerger of substation business from Inox Green and subsequent merger into Inox Renewable Solutions received ‘no objection’ from the stock exchanges ✓Inox Green signed agreement for comprehensive O&M of 182 MW of wind projects of one of India’s largest conglomerates ✓MNRE notifies ALMM for wind and wind turbine components; a large boost for domestic manufacturers KEY ACHIEVEMENTS – Q1 FY26 Particulars (Rs cr) Q1 FY26 Q1 FY25^ YoY % Consolidated Revenue 863 655 32% Consolidated EBITDA 220 158 39% Profit before tax 138 52 167% Profit after tax 97 42 134% Cash PAT* 186 69 168% Execution (MW) 146 140 4% Order book (MW) 3,108 2,917 7% * Cash PAT = PAT + Depreciation + Deferred Taxes + MAT credit entitlement ^ Figures for Q1 FY25 have been restated following the completion of merger of IWEL into IWL
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5 KEY HIGHLIGHTS – Q1 FY26 – STRONG PERFORMANCE CONTINUES Inox Wind continues to deliver strong operational & financial performance 655 863 Q1 FY25 Q1 FY26 Total Income (Rs cr) 32% 158 220 Q1 FY25 Q1 FY26 EBITDA (Rs cr) 39% 69 186 Q1 FY25 Q1 FY26 Cash PAT* (Rs cr) 168% 42 97 Q1 FY25 Q1 FY26 PAT (Rs cr) 134% 2917 3108 Q1 FY25 Q1 FY26 Orderbook (MW) 7% 140 146 Q1 FY25 Q1 FY26 Execution (MW) 4% * Cash PAT = PAT + Depreciation + Deferred Taxes + MAT credit entitlement Figures for Q1 FY25 have been restated following the completion of merger of IWEL into IWL
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6 INOX OWNED CRANES DEPLOYED AT SITE; MANUFACTURING EXPANDED 750 Ton crawler cranes deployed at site New Nacelle and Hub facility operationalized at Bavla, Ahmedabad
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7 GROUP OVERVIEW
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8 INOXGFL Group, with a legacy of over nine decades, is a multi-billion dollar Indian conglomerate with three listed entities. Being one of the leaders in energy transition, the Group is a forerunner in diversified business segments spanning fluoropolymers, fluorochemicals, battery chemicals, wind turbines, solar modules and renewable power generation. Chemicals Gujarat Fluorochemicals Ltd. is a leading Indian Chemicals Company supplying fluoropolymers and fluorochemicals to the global market. It is one of the largest PTFE / fluoropolymer manufacturers globally. The company is developing products / grades across segments catering to new age businesses, including EVs, BESS & green hydrogen Inox Wind is one of the leading fully integrated player in the wind energy market in India providing end-to-end turnkey solutions to customers. Its current offerings include manufacturing and supplies of 2MW & 3MW class WTGs, EPC & infrastructure development (through subsidiary IRSL) and O&M (through subsidiary IGESL) Renewables INOXGFL GROUP – A MULTI-BILLION DOLLAR INDIAN CONGLOMERATE • Battery materials company, a subsidiary of GFL • Catering to the EV/ESS ecosystem through Battery Salts, Additives, Electrolytes, CAM & Cathode Binders Subsidiary of GFL providing fluoropolymer solutions for the entire solar and green hydrogen value chain, including proton exchange membranes for electrolyzers and fuel cells Subsidiary of IWL; India's leading renewable O&M services player with ~ 5.1 GW of assets under management. Inox Green is India’s only listed pure-play renewable O&M service company. 8 Subsidiary of IWL (formerly Resco Global) offering a host of EPC services – resource assessment, site acquisition, project & evacuation infra development, erection and commissioning of WTGs and modules, cranes and transformer manufacturing Inox Neo is a RE power generation platform targeting >3 GW of hybrid RE capacity – wind + solar + BESS – within the next 2 years Inox Solar aims to be a fully integrated solar energy player offering end-to-end turnkey solutions from manufacturing of solar cells & modules to EPC & O&M # # # # Company listed on the Indian stock exchanges Inox Clean is the holding company of Inox Neo Energies, the RE IPP, and Inox Solar, the solar cell & module manufacturing entity
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9 INOXGFL GROUP – LEADERS IN ENERGY TRANSITION Manufacturing Services RE Independent Power Producer RE power purchase INOXGFL Group has one of the most integrated presence across the Energy Transition Value Chain
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10 WIND SECTOR IN INDIA – A MULTI-DECADAL GROWTH STORY BOOSTED BY DOMESTIC CONTENT REQUIREMENT
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11 INDIA WIND – A MULTI-DECADAL GROWTH STORY ~ 80 GW of wind capacity to be added in the next 7-8 years as per the National Electricity Plan – provides visibility of > Rs 6 trn for wind OEMs and a large multi-year opportunity for O&M service providers; 250 GW of RE projects to be awarded over FY24-28 India conducted bids for ~ 40 GW of AC capacity in FY25 – a mix of solar, wind, and hybrid. This included ~ 18.6 GW solar, ~ 0.6 GW wind, and ~ 21 GW hybrid. 4 GW renewables capacity were awarded through tenders in Apr-Jul’26, of which, ~1.2 GW comprised of wind / FDRE Wind continues to be one of the cheapest sources of power, much lower than APPC; Onshore wind potential ranges from 695 GW at 120m hub height to 1,164 GW at 150m height as per the recent studies Tariffs in recent auctions ranged at Rs 3.6-4/unit for plain wind, Rs 3.1-3.3/unit for Solar + ESS, and Rs ~ 5-5.1/unit for FDRE; Hybrid / RTC / FDRE projects are the way forward due to: 1. Higher project PLFs, 2. Increased grid utilization & stability, 3. Round-the-clock generation potentially replacing conventional sources for base power supply, 4. Lower LCoE and better IRRs for project developers Demand from commercial & industrial (C&I) players for renewable power continues to be strong due to its green credentials and price arbitrage w.r.t. grid based / merchant power. MNRE notifies ALMM (Wind) and ALMM (Wind Turbine Components) mandating domestic sourcing of ~75-80% of WTG components including blades, towers, gearbox, generators and special bearings, as well as locating R&D, data centers & servers within India India’s Green Hydrogen targets of 5 mmtpa may result in incremental ~ 125 GW of RE capacity addition (solar + wind) Sources: CEA, SECI, MNRE, NIWE, NITI Aayog, PIB, National Green Hydrogen Mission , JMK Research, ICICI Securities research report
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12 INDIA WIND – ALMM FOR WIND BOOSTS DOMESTIC MANUFACTURING Sources: MNRE, PIB MNRE’S ALMM FOR WIND – A SIGNIFICANT BOOST FOR DOMESTIC WIND MANUFACTURERS India’s Ministry of New & Renewable Energy (MNRE) has renamed the ‘Revised List of Models and Manufacturers of Wind Turbines’ (RLMM) to ‘Approved List of Models and Manufacturers (Wind)’, i.e., ALMM (Wind) Further, the MNRE has notified ALMM (Wind Turbine Components), mandating the sourcing of major wind turbine components such as Blade, Tower, Gearbox, Generator and Special Bearings (Main, Pitch and Yaw Bearing) domestically The amendment also includes mandatorily locating wind turbine R&D center, data center and/or servers within India to strengthen the cybersecurity ecosystem This amendment will not be applicable on the already bided wind projects and projects to be commissioned within 18 months from date of issuance of the amendment (31st July, 2025) Additionally, to promote new technologies, new wind turbine manufacturer and / or new wind turbine models will be exempted from mandatory use of components listed in ALMM (Wind Turbine Components) for a total capacity of 800 MW for two years The policy is another positive step towards ‘Aatmanirbhar Bharat’ and will provide a strong fillip to the ‘Make in India’ initiative, broadening growth across the wind sector value chain Implementation of the policy will substantially reduce the pricing differential between domestic manufacturers and certain MNC manufacturers who were importing low-cost components, further enhancing the attractiveness of domestic wind OEMs and service providers amongst developers
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13 INDIA WIND SECTOR – FAVORABLE MACRO ENVIRONMENT ~4 GW RE capacity Awarded in 4MFY26 800 MWWind 1,637 MW wind capacity was added in Q1 FY26; All-India RE capacity (including large hydro of 49GW) reached ~ 234 GW by Jun’25 12.3 GW RE capacity was added in Q1 FY26 Cumulative RE capacity (ex-large hydro) reached ~ 184 GW in Jun’25 Out of ~ 4 GW renewables capacity awarded through tenders in Apr-Jul’26, ~ 1.2 GW comprised of wind / FDRE projects India targets to reach 596 GW of RE capacity by 2032 Sources: CEA, SECI, PIB, JMK Research Wind Power, 1,637 MW Solar Power, 10,601 MW Small Hydro Power, 2 MW Others, 13 MW Wind Power, 51,675 MW Solar Power, 1,16,248 MW Small Hydro Power, 5,102 … Others, 11,596 MW 420 MWFDRE 357 MWSolar 2,400 MW Solar + ESS
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14 INOX WIND – LEADING INDIAN OEM PROVIDING END-TO-END WIND SOLUTIONS
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15 IWL – WELL POSITIONED TO CAPITALIZE ON THE BURGEONING WIND SECTOR Fully integrated wind energy player providing end-to-end solutions – from conception to manufacturing to execution to commissioning to O&M Strong operational track record of > 13 years and manufacturing capacity of > 2.5GW across 4 facilities Amongst the select few wind OEMs in India offering plug & play turnkey solutions and post commissioning O&M services; Product portfolio includes 2MW & 3MW WTGs (under production) & 4MW (license secured) Subsidiary Inox Green is one of India's leading renewable O&M services player, with a portfolio of ~ 5.1 GW Robust and well diversified order book of ~ 3.1 GW Group’s foray into solar manufacturing to complement IWL enabling in providing comprehensive renewable solutions to tap large hybrid opportunities Well positioned to capture a large market share in one of the fastest growing sector in India; India’s Wind sector is set to add ~ 80GW of capacity in the next 7-8 years over ~ 52 GW of current wind capacity* Creating and enhancing value across companies within the Renewables vertical of the INOXGFL Group Healthy Balance sheet Technologically equipped Large Revenue visibility / Order book High Value Project Development Pipeline Operations ramped up Sizeable holding by a strong promoter group and good mix of marquee global and domestic investors Inox Wind ✓ Amongst the leading wind OEMs in India ✓ Clear focus in profitability Inox Green ✓ Subsidiary of Inox Wind ✓ Amongst the only listed pureplay renewable O&M companies in India ✓ O&M portfolio > 5 GW Inox Renewable Solutions ✓ Subsidiary of Inox Wind ✓ Amongst the leading wind EPC companies in India ✓ Expanding beyond wind EPC and power evacuation to offering solar & hybrid RE EPC as well as crane services amongst others Inox Neo Energies ✓ Subsidiary of Inox Clean Energy ✓ Renewables IPP business being set up to leverage the strong synergies across Group companies. Inox Solar ✓ Subsidiary of Inox Clean Energy ✓ Fully integrated solar energy player offering end-to-end turnkey solar solutions * Source: National Electricity Plan for Generation
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16 IWL – JOURNEY TOWARDS 2 GW ANNUAL EXECUTION AND BEYOND FY23 • Commencement of turnaround journey • Capital infusion by promoter family • IPO of Inox Green Energy Services Ltd. • 3 MW WTG prototype installed FY24 • Raised equity capital from marquee investors • Completed transition to 3 MW WTG production • Ramped up 3MW WTG supply chain • Divested non-core asset • Order intake of > 2 GW Execution: 104 MW Execution: 376 MW FY25 • Delivered strong operational and financial performance • Raised equity capital across companies from marquee investors • Achieved net cash status • Entered into Solar O&M business through IGESL • Order intake of ~ 1.5 GW Execution: 705 MW FY25 Execution target: > 1,200 MW FY26 • Current orderbook stands at ~ 3.1 GW • Execution target backed by large existing orderbook and strong pipeline of orders • O&M portfolio growth through organic and inorganic means To targeting > 2 GW of annual execution in FY27 as India moves towards 10GW of annual wind addition From averaging ~ 100 MW of annual execution
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17 IWL – WHAT SETS US APART – 5 PILLARS OF STRENGTH • Strong backing of the multi-billion dollar INOXGFL Group • Sizeable promoter holding • Synergies among Group companies resulting in additional opportunities • Unparalleled management team expertise • Net cash balance sheet • Strong relationships with all banks • Highest ratings for short term banking facilities by CARE & Acuite Ratings • One of India’s largest wind turnkey solutions provider, with high value project development pipeline • Plug & play common infrastructure is a strong moat for IWL • Smartly building common infrastructure at additional sites across the country • Robust orderbook of ~ 3.1 GW • Executing the single largest wind project order of 1.5 GW – mix of turnkey and equipment supply • Orderbook is diversified across all customer segments – PSUs, IPPs, C&I and retail • Healthy mix of turnkey and equipment supplies • Manufacturing Capacity of > 2.5 GW • Manufacturing & operating 2 MW & 3 MW WTG platforms with multiple variants • Secured 4.X MW WTG license • New nacelle & hub manufacturing capacity operationalized • Backward integration through in-house cranes and transformer manufacturing Strong Group Pedigree Robust Creditworthiness Exceptional Turnkey Capabilities Diversified Orderbook Manufacturing & Technological Prowess
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18 IWL – ROBUST AND WELL-DIVERSIFIED ORDER BOOK OF ~ 3.1 GW Order book currently stands at ~ 3.1 GW providing a large revenue visibility in the next 2-3 years IWL has added First Energy to its well-diversified orderbook; other customers being NTPC, CESC, NLC India, Hero Future Energies, Inox Clean Energy, Continuum, Integrum and Amplus amongst others. ORDER BOOK MOVEMENT (MW) ORDER BOOK BREAK UP* * Equipment supply includes orders with limited scope EPC End-to-end Turnkey, 1,699 MW, 55% Equipment supply*, 1,406 MW, 45% 3,203 51 (146) 3,108 FY26 opening Net additions Supplies Current
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19 INOX WIND – KEY RENEWABLES CUSTOMERS / ASSOCIATIONS
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20 INOX RENEWABLE SOLUTIONS – A FULL SERVICE RENEWABLE EPC PLAYER
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21 IRSL – A FULL SERVICE RENEWABLE EPC PLAYER Inox Renewable Solutions Limited (formerly Resco Global) is a leading renewable EPC service provider with a pan-India presence and a very strong presence in Western India Strong operational track record of >14 years across major states; Offers end-to-end services – from project conceptualization stage up to project commissioning Expanding offerings beyond wind EPC and power evacuation to solar EPC, transformer manufacturing and hybrid RE solutions, amongst others Backed by a strong promoter group with synergies across sister companies Robust order book of ~ 3.1 GW of Inox Wind (end-to-end EPC / limited scope EPC) supported by its large order pipeline provides a strong revenue growth visibility Well positioned to capture a large market share in one of the fastest growing sectors in India; India’s renewable sector is set to add ~350 GW of capacity over the next 8 years from current ~ 172 GW Offers EPC services across all 8 windy states Executed > 3 GW of projects across India Customers include most of the large PSUs, IPPs and C&I developers in the Renewables sector
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22 IGESL – RENEWABLE O&M BUSINESS – STABILITY WITH GROWTH
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23 IGESL – A COMPELLING GROWTH STORY ✓ Provides comprehensive O&M Solutions for WTGs, solar and common infrastructure through long-term contracts of 5-20 years ✓ Entering into solar and hybrid project O&M ✓ Presence across India with an established track record of > 10 years and portfolio of ~5.1 GW of renewable O&M assets ✓ Robust relationships with renewable asset owners – customers across PSUs, IPPs and private investors ✓ Reliable & stable cash flows through long-term O&M services for renewable projects as well as value added services ✓ Natural beneficiary of the WTG business of parent Inox Wind, hybrid project development by Inox Clean Energy’s IPP arm and solar project development by Inox Solar ✓ Strong technological capabilities with 24x7 centralized monitoring of assets and focus on preventive rather than reactive maintenance ✓ Value-added services is a strong revenue growth area ✓ ESG compliant; independently assured by EY; participated in S&P’s CSA 2024 State Wind (MW) Solar (MWp) Rajasthan 572 816.6 Gujarat 1551 203.9 Maharashtra 216 - Karnataka 120 234 Kerala 16 - Tamil Nadu 284 33.2 Andhra Pradesh 84 - Telangana - 172.8 Madhya Pradesh 634 23 Uttar Pradesh - 105 Uttarakhand - 22.5 Haryana - 2.4 Total 3.5 GW 1.6 GW IGESL’s O&M portfolio is spread across 12 key renewable states of India
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24 # Source: Industry Report. Inactive players include turbines supplied by players which do not offer equipment or services as of fiscal 2021 Organic growth opportunities Inorganic growth opportunities Portfolio acquisitions: O&M business of inactive/stressed players maintaining ~10 GW of capacity provides a significant opportunity for IGESL’s inorganic growth. Majority of this fleet is across retail customers. # Customer acquisitions: Customers across the board are looking for a switchover to a strong, credible, renowned and Indian O&M service provider. At IGESL, we are well placed to capture this opportunity going forward. Growing the portfolio through new long-term O&M contracts with customers purchasing IWL’s WTGs – IWL’s order book of ~ 3.1 GW provides a very strong visibility. Group’s foray into solar to add large scale solar project O&M to IGESL’s portfolio. O&M contracts from group IPP platform, which targets > 3 GW of installed capacity, to add to the growing portfolio. Revision/Reset of shared services / comprehensive O&M contracts. Value added services to contribute meaningfully to the topline. IGESL – GROWTH STRATEGY IGESL targets a portfolio of 10 GW in the next 2 years through a mix of organic and inorganic growth
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25 IWL – FINANCIALS & SHAREHOLDING
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26 IWL – KEY FINANCIALS – CONSOLIDATED INCOME STATEMENT Particulars (Rs cr) Q1 FY26 Q4 FY25 Q1 FY25^ a) Revenue from operation (net of taxes) 826 1,275 640 b) Other Income 36 36 15 Total Income from operations (net) 863 1,311 655 Expenses a) Cost of materials consumed 397 755 344 b) Changes in inventories of finished goods, 38 (43) 55 c) Erection, Procurement & Commissioning Cost 56 61 33 d) Employee benefits expense 44 51 31 e) Finance costs 34 35 56 f) Depreciation and amortization expense 49 48 42 g) Other expenses 70 197 41 Total Expenses (a to g) 725 1,103 603 Profit/(Loss) before & tax 138 208 52 Exceptional items - - - Profit from ordinary activities before tax (3-4) 138 208 52 a) Current Tax 0 1 28 b) MAT Credit Entitlement - - (15) c) Deferred Tax * 40 16 1 Total Provision for Taxation 40 17 13 Profit/(Loss) after tax from continuing operations 97 190 38 Profit/(loss) after tax for the period 97 190 42 EBITDA including discontinued operations 220 290 158 Cash PAT 186 254 69 * Cash PAT = PAT + Depreciation + Deferred Taxes + MAT credit entitlement ^ Figures for Q1 FY25 have been restated following the completion of merger of IWEL into IWL
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27 IWL – SHAREHOLDING PATTERN Name Capital Research Global Investors Motilal Oswal AMC ICICI Prudential Mutual Fund Nippon Life India Mutual Fund Vanguard Matthews Blackrock Bandhan Mutual Fund Kuwait Investment Authority Fund Invesco ITI Mutual Fund HDFC Mutual Fund List of top Institutional Shareholders Sizeable holding of a strong promoter group and good mix of marquee global and domestic investors As of 8th August, 2025 Promoters, 44% Foreign Investors, 14% Domestic Institutional Investors, 19% Retail Investors, 20% Others, 2%
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28 THANK YOU Investor Relations Contact No: +91 120 614 9600 Email : Investors.iwl@inoxwind.com This presentation and the related discussions may contain “forward looking statements” by Inox Wind Limited (“IWL” or “the Company”) that are not historical in nature. These forward-looking statements, which may include statements relating to future state of affairs, results of operations, financial condition, business prospects, plans and objectives, are based on the current beliefs, assumptions, expectations, estimates, and projections of the management of IWL about the business, industry and markets in which IWL operates. These statements are not guarantees of future performance, and are subject to known and unknown risks, uncertainties, and other factors, some of which are beyond IWL’s control and difficult to predict, that could cause actual results, performance or achievements to differ materially from those in the forward looking statements. Such statements are not, and should not be construed, as a representation as to future performance or achievements of IWL. In particular, such statements should not be regarded as a projection of future performance of IWL. It should be noted that the actual performance or achievements of IWL may vary significantly from such statements. Accordingly, this presentation is subject to disclaimer and qualified in its entirety, by assumptions and qualifications and therefore, the readers and participants are cautioned not to place undue reliance on forward looking statements as a number of factors could cause assumptions, actual future results and events can differ materially from those expressed in the forward looking statements. Follow us on Social Media: Download Twitter's new X logo here! | Disobey