Please note that this conference is being recorded. I now hand the conference over to Mr. Anuj Upadhyay from Investec Capital Services. Thank you, and over to you, sir. Thanks, Shiv. Good evening, everyone, and welcome to the Q3 FY25 earnings call of Inox Wind Limited. For today's call, we have with us Mr. Devansh Jain, Executive Director of Inox GFL Group, Mr. Kailash Tarachandani, Group CEO, Inox Wind Limited, Mr. Akhil Jindal, Group CFO, Inox GFL Group, and other senior members of the management. I would 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, and over to you, Anshuman. Thanks, Anuj. Good evening, everyone, and thank you for joining today's conference call. I will take you through some of the key details of our financial performance for Q3. Inox Wind announced its Q3 FY25 results at its board meeting held today, Friday, 31st January 2025. The results, along with the earnings presentation and the press release, are available on the stock exchanges as well as on our website. On a consolidated basis, Inox Wind has reported a revenue of INR 994 crores for Q3 FY25 versus INR 507 crores in Q3 FY24, which is an increase of 96% year-over-year. EBITDA for the quarter was INR 280 crores versus INR 99 crores in Q3 FY24, which is an increase of 192% year-over-year. This is the highest-ever Q3 EBITDA in Inox Wind's history. Profit after tax came at INR 112 crores in Q3 FY25, which is also the highest-ever profit for Q3 in the company's history versus INR 2 crores in Q3 FY24. Cash profit for the quarter came at INR 239 crores versus INR 33 crores in Q3 FY24. Hello, sir. I'm sorry to interrupt. Can you please come closer to my hands? Yes, please. Yeah. Just continuing. For Q3 FY25, the normalized EBITDA, excluding excess provisions and liabilities returned back, was INR 220 crores. Next, interest expense for the quarter, including LCBG expenses, stood at INR 24 crores, excluding one-time charges and treasury income. I'm also pleased to inform you that Inox Wind's credit ratings for our short-term bank facilities have been upgraded by two rating agencies to their highest ratings possible. Additionally, our long-term ratings have also been upgraded to A+ with a stable outlook. I would now like to hand over the floor to our CEO, Mr. Kailash Tarachandani, for his remarks. Thank you, and over to you, sir. Thanks, Anshuman. We are pleased to inform you that we have been able to deliver yet another quarter of strong results. In Q3, all parameters, be it operational or financial, have witnessed substantial improvement. We are confident that with our efforts, we will deliver significantly higher performance going ahead, starting from Q4 25. In Q3, we have been able to improve our execution to 189 MW despite the on-ground project execution-related challenges. On the back of our strong performance in the first nine months of FY25, I believe we are on course to achieve our target for the full financial year. We continue to take rapid strides in the wind sector as India beholds enormous opportunities and continues to push towards its early targets. As we have highlighted earlier, after working on the four pillars: operations, balance sheet, technology, and supply chain, we had clearly put our focus on improving our margins. We have now already addressed a few of the initiatives which we have undertaken to improve the margins. I'm happy to announce that we will commission our metal manufacturing unit, operationalize our initial few cranes, and commence our transformer manufacturing lines, all within Q4 FY25. We continue to aggressively build project infrastructure to support our ambitious execution plans, which we in this house will take a seat from FY26 onwards. As we are currently working on multiple turnkey projects across locations, our EPC execution is continuously improving despite, as usual, on-ground challenges. We have grown our revenues and expect to further accelerate going forward from Q4 onwards, where our EPC revenues should also start reflecting. Given our large and well-diversified order book of 3.3 GW and the multiple negotiations and bids for new orders, we are very confident of achieving our FY26 guidance, which should be reflected in our Q4 FY25 performance. Our group's latest venture into solar manufacturing through Inox Solar will create substantial synergistic benefits for Inox Wind. Along with Inox Solar, Inox Wind will also now bid for comprehensive hybrid contracts and become a unique player in India to offer a solution to customers. This will also open up additional revenues for our EPC arm, Inox Renewable Solutions, and our O&M arm, Inox Green. Finally, a brief overview on the macro outlook. In the current financial year, around 15.5 gigawatts of wind-related tenders have been awarded, including 13.6 GW of hybrid RTC FDRE and 1.8 GW of plain vanilla wind. Tariff continues to be competitive in the range of INR 3.2-INR 3.3 per unit for wind-solar hybrid, around INR 3.6 per unit for plain vanilla wind, and INR 4.25-INR 4.56 per unit for FDRE projects in the recent auctions. Demand from the C&I segment, which is over and above those figures, continues to gain pace. We expect the pace of awarding to continue and PPA for the awarded projects to be expedited, resulting in incremental orders for players like us. I will now hand over to Mr. Devansh Jain for his remarks before opening the floor for Q&A. Thanks, Katie. Good afternoon, everybody. As promoters, we are very confident of our wind business growing exponentially, given the opportunities that the sector beholds, as well as the solid current positioning we've created for ourselves. The growth fundamentals of India's renewable sector are strong, and the country continues to take rapid strides towards its targets. With the unparalleled opportunities, we have gone ahead and established ourselves across the entire value chain of renewables, be it manufacturing for both solar and wind, project development and execution, O&M, as well as power generation now. We believe all these businesses are aligned and provide large synergistic benefits for Inox Wind. With the country going largely the hybrid way, the Inox GFL's renewable arm, and particularly Inox Wind, is very strongly positioned to capture the mega opportunities ahead of us, and we hope to continue to create enormous value for all our stakeholders. Thank you, and we'll open the floor up to Q&A for the team. Thank you very much. We will now begin the question and answer session. Anyone who wishes to ask a question may press star and one on their touch-tone telephone. If you wish to remove yourself from the question queue, you may press star and two. Participants are requested to use handsets while asking a question. Ladies and gentlemen, we will wait for a moment while the question queue assembles. The first question is from the line of Vishal Singh from Investec. Please go ahead. Thanks for the opportunity, sir, and congratulations for the blockbuster result. My first question would be, we are done with 469 MW, and another 331 MW is left. Are you still guiding us for 800 MW for this fiscal year, sir? Yes, we are still guiding for that further 330 MW. We are on track for it. You're garbled, sir. Please can you repeat that, sir? Yeah. So So we continue to maintain our guidance for FY25 of 800 MW, and we believe that we are on track to achieve that. Thank you. Thank you, sir. And what I can see is that in Q3, we have maintained a 29% of EBITDA margin, and what I can see is blended margin for the three quarters for this fiscal year is 26.5% across. So you had earlier guided us for a 17% margin for this fiscal year. Are we still on the same margin, or are you guiding for something more? You can directly guide us for the Q. FY24 is concerned, excluding the one-time income of INR 70 crore, so the margins are somewhere around 22%, and the consolidated margin for nine months is somewhere around 23%, excluding the other income of INR 70 crore. We are maintaining our guidance of 17% on a yearly basis, and we believe we do not give any guidance based upon the quarterly basis. No, for the full fiscal year, are we on the 17%? For the full fiscal year, we maintain our guidance of 17% for the full fiscal year. We maintain our guidance at 17%. With the caveat that there could be upgrades going further, but we maintain our guidance at 17% for the full financial year. We do not give out quarterly upgrade guidances any further. No, I understand that, sir. Thank you for that. And last time, we had talked about the demerger of the EPC subsidiary. So when that is going to happen, sir? The board approval for demerger of the substation business from Inox Green has already been taken in the last board meeting. The scheme has been filed with NSE and BSE, and we are waiting for their approval. Post the NSE and BSE approval, we will file the scheme in NCLT and will take it forward. That is on track. Okay. Thank you very much, sir, and good luck for the future. Thank you, sir. Thank you. Thank you. The next question is from the line of Aniket Nikam from ABN Capital. Please go ahead. Thanks for the opportunity, and thanks for the... And congratulations on a great set of numbers, sir. My first question was maybe just picking up from the previous participant. In this quarter and in the nine months, we've delivered a sort of low 20s type margin already. So just wanted to check if some of our initiatives that we have talked about in terms of cranes and other sort of insourcing has started to be implemented, and it is in the numbers already, or is that going to happen a little bit later? Thanks for the question. So, as we have mentioned in our initial remarks, the first set of cranes will be operationalized within this quarter itself and will be reflected from Q4 onwards. And as well as your question and the earlier question, so see, our margins, so what we have guided, we maintain that it's 17% plus. What we've achieved, we hope to maintain our guidance basically at 17% plus. And we'll come back to you. We'll come back to you if there is any further guidance. We'll upgrade our guidance at this point, right? Because we've already done one upgrade in the previous quarter. We'll come back to that. We'll go for 17% for the full financial year, and we maintain that guidance for the full financial year with the caveat that there could be upgrades going further. But we do not want to upgrade guidances or re-look at guidances every quarter, number one. And number two, with respect to some of the other initiatives, as Anshuman mentioned, some of them are going to kick in over the course of this quarter, so they are not factored in yet into our margins. That's something which will kick in further from Q4 onwards. Got it, sir. Very clear. My second question was maybe if you can comment a little bit on how are you thinking about your order book and participating in various tenders and so on, because obviously you are already sort of "sold out" for the next two years. So how do customers view that, and how does that dynamic work if you can give some qualitative comments on that will be helpful? No, as you would have seen, we have long-term relationships with many of our customers, and this gets redone with the repeated orders. As of today, we have 3.3 GW in order books, which mostly covers roughly 50 for the next two years or so. That doesn't mean that we are also participating in many of the bids. We have bid for the government tenders. We are discussing with C&I customers, some of which are in very, very advanced stage, and as the time comes, we'll keep announcing. So we expect to continue order inflows from across customers because the demand is very high across C&I customers, including PHA. We're hoping to get a number in between, but yes, we have to close bidding orders during this quarter and next quarter as well. Perfect, sir. Thanks again, and all the best to you. Thank you. The next question is from the line of Raaj from Arjav Partners. Please go ahead. Sir, I have two questions. One is, other than Suzlon, who are the international competitors we have in our business? That is one. Second is, U.S. going out of Paris Accord, will it have any impact on the solar buildup and the capacities in India in terms of the pricing or demand? So of course, you took one name in terms of competition where we are working in the Indian sector, but you do have some Chinese players, and as well as you have some multinationals. But as I see, coming back to your second question as well, immediately don't see any impact. And overall, as I see, some of these multinationals who are sort of producing in India, but they're mainly using for their own export orientation, they are nowhere possibly. They are not very competitive also from a cost perspective, won't be able to come to some of the Indian players. And there are different, I would say, pros and cons with respect to Chinese. For example, MNCs and Chinese, they don't offer turnkey. Well, we offer turnkeys as well, where almost 50% market is still 40%-50% market is still turnkey. So from that point of view, immediately don't see any impact from other players. I think we continue to maintain our position, our relationship across our customers, and don't see any issues from the order inflows point of view. So the second question was, we have spoken in the presentation, we have given a very aggressive buildup on the solar side. How is it going that because the tenders are coming in the form of hybrid tenders, are we building that for keeping that in mind, or there is some other aggression on the solar side? Yes, sir. There is definitely a synergy out there, and as Devansh also said that we see different synergies, and in fact, there are quite a few hybrid tenders coming up, and we will use definitely our solar might to participate in solar and wind bid both as such. So there is an increasing trend, even in my talk, I said that increasing trend for hybrid and MGI, and we will definitely take that advantage. Did you use something saying here? Again, the solar business is in the private domain. It's got nothing to do with Inox Wind. What we've done, though, is that there are a lot of synergistic benefits for Inox Wind in EPC, in hybridization, in operations and maintenance, as well as participating in many tenders, which earlier we were not because we were not tied up with some random company for solar. Right. I think this is very good clarification. Thanks a lot. Thank you. Thank you. The next question is from the line of Pradyumna Choudhary from JM Financial. Please go ahead. Hi. Congratulations on a brilliant set of numbers. My first question is regarding the FY26, are we still maintaining that 1,200 MW guidance, or are we expecting something above, something lesser? If you can just help with that. No, we are maintaining still the guidance of 1200 plus, that kind of thing. With the order book we have and the kind of planning we have, including on the ground, and especially on our development, etc., we are very confident to deliver that. All right. All right. And second, on the timeline for the demerger, last call, you've spoken about approximately one year. So we are still expecting to be around those timelines only, or has there been any change? As we have told in the last call, also, we have filed the scheme with the BSE and NSE. The approval will come in a couple of weeks. We are expecting the approvals in a couple of weeks, and we still expect that we will get the demerger happen within the next six-to-nine months' time. Look, again, just to clarify, we are doing what we can as a company, but there are certain processes at NCLT and NSE, BSE, which are not in our control. So the best that we can do is broadly guide what is happening or what has been happening in the past. And to that extent, as Manish added, we broadly would think this should happen in the next six-to-nine months. But for example, in certain courts nowadays, NCLTs are not sitting or they're not closing or passing orders for months altogether. Now, that's something which, as a company, we cannot control. No, well understood. Well understood. Thank you. Those were all my questions. Thank you. The next question is from the line of Ketan Jain from Avendus Spark. Please go ahead. Good afternoon, sir. Sir, as you mentioned in your opening remarks that there was around 15 gigawatts of wind capacity awarded this year, and you said that C&I is above this. If you could help me quantify this number in gigawatts, how big is the market size in India annually? In terms of project awarding, so the trajectory, to be clear, what the government has already announced is a 50 GW awarding trajectory every year from FY24 to 28. Out of this 50 GW, 30 GW is plain vanilla solar, 10 GW is hybrid, RTC and FDRE, and balance 10 GW is wind. Now, what we are expecting is that a lot of plain vanilla solar and plain vanilla wind will now shift to hybrid, and that hybrid capacity awarding of 10 GW will increase significantly, as we've been continuously seeing in the last financial year as well as in this financial year. So I think the trajectory is pretty clear on that front. No, sir. What about the C&I capacity, which is over and above this? Over and above that. How big is that market? The expectation is that C&I should be anywhere between three to five gigawatts, three to four gigawatts every year going ahead because we see a very strong demand from many of our customers who are C&I players because a lot of them who export to the market, such as Europe and all, have to have all of their supply chain green, so they need their power also to be green. They can't take grid-based power because we don't know the color of that, so because of that, even if you look at the various companies and their own renewable plans, you'll get an idea of where the trajectory is, so what we expect is three to four gigawatts, basically, at this juncture, the C&I demand being parallel. Understood. And And just a last follow-up on this, our market share even in C&I would be around 20%-25%? See, again, so in the previous call also. I mean, just to be Anshuman, let me take that. You know, 2025, I mean, again, I think frankly speaking, we're not really looking at what our market share is in PSU, what our market share is in C&I, what our market share is in retail. It does not matter. What we are concerned is how large is the Indian market and how much of it are we taking. I may take 100% PSU in a year and not do any PSU the next year. So it really doesn't matter. As you can see, we have a very large diversified order book across PSUs, across corporates, across C&I, and I think that's what's relevant. We do not want to break it up into different segments and then give targets within those different segments. That's not how we work. Yeah. Sure, sure. Got it. Got it. Thank you. Thank you so much. Thank you. The next question is from the line of Shweta Dikshit from Systematix. Please go ahead. Hi. Excuse me. A couple of questions from my side. The first one being, could you explain what composes the other income this quarter for both Inox Green as well? I mean, even if we remove Inox Green of INR 12 crores, that still brings our other income to INR 70 crores this quarter. So first of all, a breakup of that. Another thing on the margin side, we are maintaining 18% for next year. Third question would be on the realization side that we are still lagging in terms of realization this quarter. On a consol, we are below INR 5 crores per megawatt. So how do we see this moving forward for the next two years when our execution guidance remains intact? Yeah. Thanks, Shweta. So as far as your first question is concerned about the other income, we have created a lot of provision during the last three, four years in terms of the ECL based upon our conservative ECL policy. And based upon the improvement in the business, there are certain ECL reversal which has come into this quarter, amounting to near about INR 70 crore, which has been recognized under the head of other income. As far as the EBITDA margin for the next financial year are concerned, as we have already clarified that we are guiding for 17% plus EBITDA margins with the caveat to further upgrade. As and when it will happen, we are not giving any quarterly guidelines about the EBITDA. Just adding to it, so the initiatives which we have taken, so that will add 100 to 200 basis points in the next financial year in FY26. And another clarification is that the 17% guidance which we have given is on the basis of full execution, basically. So we generally don't give the quarterly guidance. So next quarter, we won't be giving any specific number. But for FY26, we can see an improvement of over and above our guidance, which we've given 100 to 200 basis points given all the actions which we are taking. In terms of your last question, which is execution per megawatt, which is coming somewhere around INR 4.5-INR 4.6 crore per megawatt, you see the EPC execution is continuously improving, and we are currently executing EPC for multiple projects, right? As we book revenue on a major milestone basis, post monsoon, there are major milestones which have been happened and which are in the progress. We expect to substantial EPC revenue booking will be done in a quarter four. And in a quarter four, your per megawatt, quarter four onwards, and your per megawatt realization and the revenue will start reflecting from quarter four onwards on a normalized basis. Just for my clarity, if I look at the exceptional items also this quarter, so there are certain losses related to ECL that we already accounted for in the exceptional item that is below EBITDA. I mean, on an accounting. It is not for the ECL. That is something related to some kind of charges which have been charged by the NCLT, past charges which have been charged by the NCLT. So it has nothing to relate with the ECL. So as I clarified that, the ECL provisions, whichever we need to provide, we have provided in the past years. Now, since the improvement in the business and improvement in the overall scenario, we are taking the reversal of the ECL provisions and which has been happened in this quarter. Okay. Understood. On a follow-up on the realization side, so when we are taking into account the EPC that is yet to kick off and that is expected to flow in fourth quarter onward, so that is something that kind of brings down or normalizes your EBITDA margin. So since this will also happen gradually, so at least for the first few quarters, we're likely to see higher EBITDA margins and then maybe taper down to 17%-18%. Shweta, absolutely right. As Anshuman has told that the EBITDA guidance of 17%-18%, which we have given on the full execution basis. So in one particular quarter, there might be some incremental supply of the nacelle, some blade in tower, and suddenly another EPC. So that quarter on quarter, the EBITDA margins can differ up. But as we have answered multiple times, we are maintaining our guidance on the EBITDA margins with the caveat of the further business improvement. All right. One last question, just a small. Can you please come back in the question queue for further questions? Okay. Thank you. Thank you. The next question is from the line of Akash Mehta from Canara HSBC Life. Please go ahead. Hi. So just one question on with the decline in battery prices that we have seen, now more solar plus battery is also, I mean, coming up. So how do you see, I mean, will there be any impact in terms of incremental demand for wind, or I mean, you believe that wind, solar, and battery, all three will kind of continue to grow? So, yeah. So let me take that. First and foremost, battery cost. Yeah. I think even with the storage, solar and wind will continue. Let's not forget battery is one way to save that energy storage. But at the same time, generation is between solar and wind. And solar has its own uniqueness, advantage of the day. Well, wind is more in the evening and in the night sometimes, or during the certain time. Storage is a crucial role to play. And as the storage is coming more and more cheaper, the power will be getting more and more from that point of view. But overall, just to answer your thing, because we believe that all three combination, as it is going on right now, more and more FDRE bids are coming, it will continue to ramp up in those directions. Katie, just to add, while battery costs have declined, the arbitrage is still hugely significant. So you're doing wind, you're doing hybrid, you're doing solar, FDRE, battery, all of this is being done for absorption of renewable energy on a massive scale. We're not talking of two, three, four, five gigawatts. If you're going to have 40 to 50 gigawatts of renewable energy pumped into the grid, you've got to stabilize. And if you have, say, 30 to 40 gigawatts of solar and, say, 10 to 15 gigawatts of wind, which is the government target, we may realistically do maybe 30 gigawatts solar and 8 to 10 gigawatts wind, you have to take care of the timings when this is not available. And wind cannot go to the extent of 30 GW in India, at least. It's not visible at this point in time. So battery is a good alternative to that. However, the cost of battery itself is still obnoxiously expensive compared to the arbitrage between wind and solar. Yes, it's come down drastically, but it continues to be hugely expensive. Going forward, it will continue to come down, and that will enable more and more absorption of renewables, which will further replace thermal and coal-based power in the years to come. Okay. Thanks a lot. That's it from my side. The next question is from the line of Nikhil Abhyankar from UTI Mutual Fund. Please go ahead. Yeah. So I just have a single question regarding your execution. The number which you have mentioned for nine months for 70 megawatts must be the supply of turbines. So if I have to understand, what is the exact commissioning on ground for the turbines that you have supplied? If you can provide that number. As of today, we have approximately ready on ground and awaiting approval for commissioning. We continue to execute as we speak during this quarter three and quarter four. And I think possibly as we go along, the execution numbers are improving. Okay. So out of 470 MW, 200 MW has been. Probably ready for commissioning as well. Okay, and so. Just to add, there's going to be a lag of a quarter or two in terms of whatever you build. Whatever you supply and build is not going to be something that you're going to be ready for commissioning. So I think on ground is good. And I think from a Q4 perspective, and as we move forward, on ground execution is only improving. A lot of the on ground challenges are going. Some of the new laws in the country with respect to connectivity, grid evacuation approvals are all smoothening. So I think we're going to see more and more commissioning going forward. Okay. And just to follow up on that, I mean, are you seeing some stress? I mean, since you are supplying and if the turbines are not getting commissioned, there will definitely come a time when the customer might ask you to slow down the supply. So are we facing that kind of a situation anywhere? No, not at all. I think as Devansh explained very clearly, there's always a closer to quarter gap in terms of supply and execution. The execution will go continuously hand in hand. And as I see that, roughly the number I supply and the number I'm executing every month is very, very similar. And I'm trying to be a time to catch up in spite of the hurdles on ground or getting the connectivity issues with the CTO and all getting cleared from that point of view. So don't see those kind of situations immediately coming up. And as you possibly also know, one of the motors of our development from that point of view. So we continue to build up more development, more connectivity, more connections so that this kind of situation possibly should not come at all. Sure. So just the last question on the split of the order book. How much is EPC and how much is pure supply? Pure equipment supply is roughly around a gigawatt and balance is EPC. One gigawatt is pure supply? Yes. 25%-30%. Sure. Thank you and all the very best. Thanks. All good. The next question is from the line of Anshul Thakkar from Lalkar Securities Private Limited. Please go ahead. Hi gentlemen. Congratulations on yet another stellar quarter. Just a very quick question. Just trying to understand the applicability of the deferred tax this year. As I understand, we have carryforward losses still available. So is this deferred tax applicable to the other income, which is not available for set-off? Yeah. Hi Anshul. As far as deferred tax is concerned, the company has adopted for the new tax regime under this quarter and filed the income tax returns and everything accordingly. And the impact on the deferred tax is due to the adoption of new under the new tax regime. So whatever the deferred tax we have recognized till last year based upon the old tax regime of 33% has now been standardized based upon the new tax regime tax rate. It's just a one-time charge. It's just a one-time known cash charge. Okay. Lovely, lovely. That's great. Congratulations again, sir, and all the best. Thank you, Anshulbhai. The next question is from the line of Preet Nagarseth from Wealth Finvisor. Please go ahead. Yeah. Good evening, everyone. So really, really happy to see this kind of execution and kudos to the team. I think the real question I wanted to ask is to Devansh. And Devansh, the question is that this year, this financial year, I think there's a 1,300-odd plus kind of megawatt to win on the order book, if I'm correct. And about 700-odd is coming from the group company. So just outside the group company, the company has won around close to 600 MW, while a lot of bidding has happened, a lot of winning has happened. So can you shed some light as to why that order win rate is a little bit lower and what should we be looking at going ahead in terms of where this order book can be? You know, I'll try and answer that, and then Kailash will chip in. First and foremost, I think over the past six years, we've had zero supplies to group companies, and I think it's very important to note that Inox Wind's entire order book over the past five to six years during the bad period, as well as now over the past 18 months since we've rebuilt the entire business, is built on very strong third parties such as NTPC, CESC, Continuum, Hero, Serentica, and XYZ companies. Having said that, if the group has a large captive plan going forward, it's just obvious and natural that we would supply to ourselves at market rates. So effectively, today we have a 3.3 GW order book after executing almost 500 MW over the course of this year. We've added not just group orders, we've added a lot of external orders. And from our perspective, there's no way we can create an order book which is longer than two years. Unlike some of our competitors, we have no. Hello? Hello? Hello? Hello? Commissioning and mix up very well between where we have a limited equipment supply and where we take these chunky projects either with PSUs and some of the very, very key strategic customers. So obviously, we have a pipeline ready for some of the next financial year or year after, and we take advantage of that in terms of giving a sort of a quick pipeline, a quick commissioning to some of our investors. Excellent. Thanks. So the next question was, while we maintain our guidance of 17% EBITDA margin, so then the back-of-the-envelope calculation suggests that because we'll be executing or completing more EPC in the fourth quarter, our margins will be in mid- to low-single-digit. Would that be right, given that we are booking more revenue for the completion part of the project? Would that be the right way to look at it? Okay. Look, let me take this question. I've been hearing multiple people asking about our margins. So first and foremost, I just want to reiterate that margins for the full year will be much better than what is already in the public domain. I think we've given enough hints by saying that we've upgraded margins to 17%, and we maintain them at this point in time with the caveat that we can further upgrade it. As many of you would know, over the past couple of quarters, we've repeatedly upgraded EBITDA margins. We've gone from 14-odd% now to 17%. Having said that, I think for Q4, we would have. I don't think it's going to be remotely close to single digits. It's going to be much better. It's going to be very well. But at this juncture, we don't want to get into a point where we're saying, "Look, our Q4 margin will be X, overall will be Z, Y." We're saying for the full year, we're 17% plus. And we keep the caveat that we have the right to further upgrade this. We have not said that we have the right to further downgrade this. But let's leave it at that. Let's not get into too many debates and discussions. What is it? How is it? I'm reiterating that for the full year, we will be better than 17% that we've guided. That's all. And I don't think we want to take more questions on this. Sure. Sure. Got it. Thank you. And the last question was just broadly seeing on the industry point of view, we see that there are some challenges on the land acquisition and the evacuation part. So do we feel that that would impact our ability to do 800 MW this year or 1.2 GW next year? And how does one look at it? Yeah. Thank you. Look, again, let's be very clear. We've guided for 800 this year broadly, and we've guided for 1,200 next year broadly and say two gigawatts thereafter. I mean, this is keeping in mind the on-ground realities. Now, sometimes different people ask us, "Did you do 15 MW extra commissioning? Did you do 10 towers more? Did you do 10 locations less?" It doesn't matter. You need to look at the larger picture. Whether one quarter here, one quarter there, 15 MW here, 50 MW there, it doesn't matter. I mean, if we've guided for 17% EBITDA margins, for example, for the full year, we're at 22% currently, excluding the one-off items. So what should we do? If we are doing in certain areas, we may be 10% better. In certain areas, we may be 2%-3% lower. It doesn't matter. Having said that, I think we are very confident of next year's numbers. Even for this year, we are broadly on track with what we've said. And honestly, if you look at the EBITDA for the full year and whatever we've guided, I think we're on course to beat that guidance, frankly speaking. Sure. Got it. Thank you. Just one quick question was, under other businesses that we are developing, the cranes, etc., so what will be the CapEx outlay that one could factor in for FY26? So broadly, the CapEx guidance which is given for FY26 and FY27 is between INR 50-INR 75 crores. Okay. Okay. Got it. I'll get back in. The next question is from the line of Nikhil from Kizuna Wealth. Please go ahead. Yeah. Hi. Thank you for giving me the opportunity and congratulations on a great set of numbers. Most of my questions have been answered, so my last, just the question is, you were talking about the on-ground challenges. Are those related to more of a land evacuation or something else with the commissioning? Can you just elaborate more on that? I think, as I said, it is as usual. It is not that they have come now. When you do these are infrastructure projects, and you are doing rural part of this country. So issues keep coming, whether it is land or whether it is connectivity, whether building up lines. But these are regular. They are not very abnormal. And we have been executing. We have executed almost 3.5 GW, and we continue to build up that. So nothing specific I'll highlight that which has increased or something. These are usual challenges, and we are able to manage more of them. Okay. So great to hear that. Thank you, that's it from my side. The next question is from the line of Kapil Manodra, an individual investor. Please go ahead. Yes, sir. Excellent set of numbers. Most of the questions have been answered. Just want to know the status of the merger between Inox Wind and Inox Wind Energy. The Inox Wind and Inox Wind Energy Limited merger are in the final stages. The next date of hearing in early February. We are expected to get it completed in this hearing. Yeah. Just to add, Manish, I mean, honestly, I think we've done everything as a company. I said that even for the demerger of the common infrastructure assets from green. With respect to IWEL, IWEL, honestly, just like many of you, we've been waiting for the past couple of weeks or maybe two or three months when honestly it should have been done. But unfortunately, the way sometimes the courts in India function, they just put it off, they just delay it. So effectively, we are just waiting for that. Other than that, we've got all the NCLT, SEBI, BSE approvals. We've got all the banking approvals, all the shareholder approvals, all the creditor approvals. So frankly speaking, there's nothing left for us to do. It was a commitment to our minority shareholders that we will consummate this, and we remain committed to it, and we've done whatever we could do as a management. I'm hopeful that in the next hearing, this should get consummated. Otherwise, if it's tariff, pay tariff, then we'll probably have to wait for one or two tariffs. Yeah. So definitely understand there are some procedural delays there at NCLT. So the next hearing is in February beginning, and probably somewhere by March or April, it should be done. Yeah. Honestly, if they hear and I mean, they've heard it multiple times, they wrap it up. If they just sit and organize the court the way they should be running the court, then it should be done on the next hearing. Now, if they get up or they don't hear or they don't attend, then you'll go for another date. Frankly speaking, there's nothing left to be done. Fair enough. I got that. Thank you so much. Yeah. Thank you. The next question is from the line of Himanshu Shah from Goel Rathi Fintech Private Limited. Please go ahead. Thank you for the opportunity. Most of the questions are already answered. So just one thing I would like to know is the company that's funding into the crane services and the transformer manufacturer, right? So what are the areas and how much revenue that these new businesses will add in? Any guidelines? One quick question. You're not audible. Not clear. Hello? Can you hear me? Please repeat your question. You're not clear. Yeah. Okay. So the company is expanding into the crane services and the transformer manufacturing, right? So what is the expected impact on revenue from this? Mr. Himoks, can you please use your handset and speak? Hello? Is it better now? Yeah. Yeah. Now it's better. Please go ahead. So I'm assuming the company is expanding into the crane services and transformer manufacturing, right? So what is the expected impact on the revenue from these businesses? So again, I think that whole integration which you are doing, it will be utilized sector-wide. And some of the part only will be utilized outside. So though the revenue will remain the same, which we have guided for on a per-megawatt basis, there will be an improvement in the EBITDA margins which we have already guided on various other questions. Also on crane, it will be a deferred payment. It will also help us on cash flows. Yes. Okay. Okay. And another thing is the single largest order of 50 MW, right? So can you say we are not able to hear you? Can we please join? We're not able to hear you clearly. Hello? Can we move to another question? Because we can't hear him. He has to probably rejoin because he's absolutely garbled. Yes, sir. We'll move on to the next question. It's from the line of Prateek Giri from Subh Labh Research. Please go ahead. Hi. Am I audible? Yes, you are. Please go ahead. Thank you. Congratulations on a good set of numbers. Kudos to the entire team. Most of my questions are answered. I have a few questions left. On the 4 MW turbine, the higher-grade turbine, is there any update for us? And in terms of profitability, should we expect better profits on a per-megawatt basis for the higher-grade turbine? And in terms of execution also, is it going to create any challenge because of, I mean, I'm assuming, because of higher, lengthier wind blades which are there in a 4 MW turbine? So basically, as I see that we are on track and working on 4 MW, and what we see possibly, the commercial production will start more in the second half of or possibly go towards more quarter four, 2026. And in terms of execution time, see, there are pros and cons. Obviously, the blade is bigger. But if you focus larger sites, especially Rajasthan, Gujarat, there are many of those sites. Obviously, you like to buy less number of lands. So it really depends from state to state, project to project. There will be good projects where it will be 4 MW will be ideal. And there could be very complex sites where possibly our 3 MW will continue. So it will, as I see, going forward in the next two to three years, it will be finally a combination of both products going along. Yes. As we are moving to better products and again, as we are moving to better products, it obviously leads to better profitability, further increase in profitability for us, as well as better returns for our customers, assuming we share the benefits between us and the customers. Certainly, it will lead to better profitability, I mean, which we've not guided for, which we've not spoken of at this point in time. But I think with a lot of the initiatives which we are taking, which are backward integration into cranes, our transformer manufacturing, more hybridization, the solar plate, I think we would be looking at much higher profitability per megawatt as we move forward. Understood, Devansh. Very helpful. Devansh, I just wanted some qualitative colors on the order pipeline. I would like to take the previous participants' questions further, where the order inflow this year has largely been dominated by the group companies. So just wanted to have some sense on the order pipeline for, say, I know FY26 we are booked, so FY27, 28, and so on and so forth. How does that look? I don't know you quantify the number, but if you can help us understand in terms of the worth of the pipeline. Just put the perspective correct. It's not as if the 1.5 GW broadly order inflow which has happened has come from group companies. That's been about 5,600 MW over the next two years, and as I mentioned, over the past six years, broadly, there has been zero supplies to any of these entities. They did not exist, so effectively, if there is a large group plan, certainly we will supply to ourselves. Why not? I mean, we have the best turbines in the market. We would not go and buy any other Chinese product or for that matter, any other companies which come and go. We've probably been the strongest survivors with zero head card in the industry, so we have full faith in our product, and it's just natural that we will do that, number one. Number two, we've gone and diversified our order book. Last year, we had questions that were only with NTPC, only NTPC, only NTPC. Then we went to Continuum. We went to CESC. We went to Hero. We recently got Serentica. We have various other things in pipeline. But effectively, if I'm sold out for the next two years, what do I do? I'm not going to go and build a three, four, five-year order book, which are MOUs and paper agreements, unlike other competitors. That is not what we believe in, and that is not something which we will encourage and go after. As Kailash also mentioned, there are multiple tenders in which we've participated. Some of them have been delayed, obviously, with the government push now. A lot of those are going through. There are various other ITP agreements which are being discussed, which are large transactions. We've also had, don't forget, our 3.3 product. Complete scale-up happened over the past two or three quarters. A lot of our certification requirements have been fulfilled recently. So effectively, what more are we going to go and do? So I think that's a wrong statement or a wrong way to look at it. I think we've created a very, very robust order book, a very healthy order book. And I think we are very strongly positioned. I mean, as I've said multiple times in the past, taking orders has been the least of our worries over the past 18 months. Understood, Devansh. On your point. Just to add, we have a very good mix of what we can call group order, which actually takes care of the risk from the external world. Also, very good combination of PSU and separate supply. So we continue to maintain and do too much bank direction. That balances our order intake for three or five years. Sorry to interrupt, Devansh. We have a sizable tender we had already won, as well as a lot of repeat orders being discussed with very different customers. So we have a huge order pipeline from that perspective. We should have very good push with the two orders we have already taken with us at this moment. Understood. Kailash, your voice was muffled, but I get your point. Just one follow-up on this. With this kind of order book at this point of time, does it make us a little picky and choosy with the tenders which are remunerative enough for us to participate? Because for us, profits are the first. Certainly. I mean, it's just natural that we are being selective. Otherwise, we would have been taking a lot of NTPCs back in the day. I mean, we had to diversify. We realized that it could not have been only one, but it was important to stabilize the business 18 months ago when the sector was coming back. So yes, we are picky and choosy. I think we want to work with people who are financially strong and have the ability to pay. There are multiple people out there, but there's no point working with people who can't execute on the ground, who will continuously keep facing challenges. If you also notice, what we've done is that we are increasingly moving to more and more equipment because our broader guidance, at least internally, has been to be 50% turnkey and equipment. Frankly, if we just keep turnkey, we'll probably see 10 more names in our order book. But we don't want to do that. Our 3.3 had to fully stabilize. We had to finish all our certifications. It takes time, and that's also a moat in the wind business. It's not something which you do, and in one year, you are plug and play, and you are ready in terms of a new turbine platform. So you've seen two new orders recently which have been equipment supply. We are working on multiple other equipment supply negotiations. And we are being very, I mean, we've strategically looked at certain PSU bids in which we want to participate and win. So I think we have a very strong strategy in place with respect to how we want to grow and build this order book and who we want to work with. Understood. Is it fair to assume, Devansh, that PSU, C&I, and ITP, all these tenders come at different margin levels? Broadly, I mean, plus minus 2% here and there, yes. But PSUs generally give you a slightly higher margin. But now it depends. Is it equipment supply? Is it a turnkey order? How I would answer that is basically turnkey always gives you a higher margin with equipment supply. I mean, absolute profitability. Because in turnkey, let's say it's INR 8 crores a megawatt or INR 6 crores a megawatt or INR 7 crores a megawatt, whatever it is, your absolute profitability is more. But in equipment supply, your absolute profitability is lesser. Your margins may seem slightly higher. For us, it's actually absolute profitability which matters. And I think what's also important is we can't do everything turnkey. Because turnkey is where you've got all the headache of land evacuation. While we are very strong at it, and we've got a large pipeline. But. Hello? Operator, probably we need your intervention here. I am unable to hear Devansh. Yes, the line for Devansh Jain has been disconnected. I hope your question. Yes, Anshuman. Yes, Anshuman. Further follow-up or anything else that you want to know, you can. Yeah, we can continue. Okay. Thank you. Ladies and gentlemen, due to time constraint, this was the last question for today's conference call. I now hand the conference over to the management for their closing comments. Thank you for joining today's call. I hope you have a very good evening and a very great weekend ahead. Thank you again. On behalf of Investec Capital Services, that concludes this conference. Thank you for joining us. Everyone, disconnect your lines.