Inox Green Energy Services Ltd (NSE: INOXGREEN) Q3 2026 Earnings Call dated Feb. 13, 2026
Corporate Participants:
Kailash Tarachandani — Group Chief Executive Officer
S K Mathusudhana — Chief Executive Officer
Anshuman Ashit — Head of Investor Relations
Analysts:
Sudanshu Bansal — Analyst
Nidhi Shah — Analyst
Deepak Poddar — Analyst
Utkarsh Somaiya — Analyst
Preet Nagarsheth — Analyst
Dashit Shah — Analyst
Ketan Jain — Analyst
Radhyumina Chaudhary — Analyst
Kaivalya Barot — Analyst
Aditya Velankar — Analyst
Vikas Agrawal — Analyst
Harsh Motilal — Analyst
Prateek Jain — Analyst
Deepak Motwani — Analyst
Presentation:
operator
Ladies and gentlemen, good day and welcome to Inox Wind and Inox Green Q3FY26 earnings conference call hosted by GM Financial Institutions securities Limited. This conference call may contain forward looking statements about the company which are based on beliefs, opinions and expectations of the company as on date of this call. These statements are not guarantee for future performance and involve risks and uncertainties that are difficult to predict. As a reminder, all participants line will be in listen only mode and there will be an opportunity for you to ask questions after the presentation concludes. Should you need assistance during this conference call, please signal an operator by pressing Star then zero on your touchstone phone.
Please note that this conference is being recorded. I now hand over the conference to Mr. Sudanshu Bansal from JM Financial. Thank you. And over to you sir.
Sudanshu Bansal — Analyst
Yeah. Thank you Pari. Good evening everybody. On behalf of JM Financial, I welcome you all to the third three QFY26 gardening call of INOX Wind and Inox Green Energy Services. For today’s call we have with us the leadership team of both the Companies led by Mr. Kailash Tara Chandani Group CEO Renewable Business, Mr. Akhil Jindal Group CFO Inox GFL Group and Mr. SK Matu Sudhana CEO Inox Green. Along with the senior management team. I will now hand over the call to the management for their initial remarks. After which we will open the floor for the Q and A session.
Thank you so much sir for your kind presents and giving us the opportunity to host the call. With this I would like to hand over to Anshuman for taking it forward. Over to you Anshuman. Thank you.
Anshuman Ashit — Head of Investor Relations
Thanks Sudanshu. So we’ll start with the brief presentation from Mr. Kailash Tara Chandani who’s the Group CEO of the Renewables business and INOX GFL Group. And then move to the briefing on inox green by Mr. S.K. matus Sudana. And then we’ll open the floor for. The Q and A. Sir. Kailasha, we’ll start with your briefing.
Kailash Tarachandani — Group Chief Executive Officer
Thanks Sudanshu. Thanks Anshuman. Good evening everyone and thank you for joining the quarter three FY26 earnings conference call of Inox Vet Limited and Anox Green Energy Service Limited. I will first brief you on the financial and operational achievement of Inox wind for the quarter under review as well as other key developments and future roadmap before handing over to Matu for his briefing on the development of Inox Green. We are pleased to inform you that we have been able to deliver yet another quarter of growth in quarter three despite substantial on ground challenges in particular from some of the customer where there are delays in site readiness impacting wind turbine offtake.
I’ll briefly take you through through some of the key details of Inox Wind financial performance for quarter three FY26 on consolidated basis Inox Wind has reported revenue of rupees 1238 crores an increase of 24% yoy EBITDA of rupees 313 crore an increase of 39% yoy excluding one time gain in Q3FY25 profit before tax of rupees 209 crore an increase of 62% yoy excluding one time gain in quarter three FY25 profit after tax of rupees 127 crore an increase of 14% yoy cash profit of rupees 262 crore an increase of 38% excluding one time gains in quarter three FY25.
We continue to deliver strong margins supported by the various initiatives which we have been undertaking in the past quarters including our successful backward integration into cranes and transformer manufacturing. Coming to the Order Book we continue to have a large and very well diversified order book of 3.2 gigawatt having added almost 600 megawatt in this financial year including orders from marquee customers like Aditya Birda, mplus, Jackson and FirstEnergy. We expect to further add to this order book. Given that multiple customer negotiations are nearing closure, we are confident of closing FY26 with a strong net order book which will provide execution visibility for the subsequent 18 to 24 months.
We are progressing well on the launch of our new Forex 4.45 megawatt turbine and expect to receive all approvals and subsequently commercial launch the product within this calendar year. Our O and M subsidiary Inox Green continues its strong growth trajectory reaching 13.3 gigawatt hour of wind and solar portfolio diversified across India. With its strong growth prospects, INOC Green is on course to become India’s largest renewable O&M company. Further, the scheme of demurture of INOC’s green substation business and its merger into INOC’s renewable solution is in the final stages of hearing at honorable NCLT Ahmedabad post Receipt of approval from NCLT and the merger of the asset IRSL which is Inox Renewable Solutions with will be automatically listed on the stock exchanges.
Additionally, I believe both Inox Wind and Inox Green will be the beneficiaries of the rapid growth across IPP and solar manufacturing businesses under Inox Clean Energy, our group company which has large scale expansion plan across India and has recently announced its joint venture foray in Africa as well, Inox Clean has ambitious plan to set up 3 gigawatt of hybrid renewable IPP projects annually which provides large recurring annual order visibility for IWL, Inox Wind Ltd. And strong portfolio addition for Inox Green. As we near the close of financial year 26, we are recalibrating our guidance for both financial year 26 and financial year 27.
Going ahead, we’ll be providing revenue and EBITDA margin figures and growth thereof resulting in more certainty for investors and analysts on the annual numbers instead of the megawatt numbers. For FY26 we expect to achieve a consolidated revenue of over Rs.5,000 crore translating to over 35% YoY growth. Further, we are substantially upgrading our full year FY26 EBITDA margin guidance to 20 to 20 22% versus 18 to 19% earlier. For FY27 we expect our consolidated revenue to grow by around 75% over FY26 with EBITDA margin of 22. 22%. The shift in our guidance from megawattage to financial number is on account of the complexities of the nature of the business that we are in today.
Today we are working across more than 25 sites with over 15 customers all of whom have different scopes in the contract. This may include plane equipment supply with no EPC equipment supply with limited scope EPC which may include foundation erection with cranes without cranes apart from N2N turnkey. In the recent quarters we have witnessed delay at the customer site resulting in postponement of offtake of wind turbines which is beyond our control. This is something which most of the industry participants are facing currently. Our order book has changed substantially over the past year from being largely turnkey to 5050 turnkey and equipment supply currently.
Consequently, delays at the customer end on equipment supply projects are tough to make up with increase in turnkey execution during the year. As turnkey involves a lot of advanced planning, however, we have been able to make up for the lower offtake by undertaking certain other activities thereby ensuring that we deliver on our annual business plan. Wind continues to be integral to India’s renewable growth story. With India’s power sector poised to deliver its best ever annual capacity addition figure in financial year 26 and moving towards 10 gigawatt annual capacity addition in the coming years. Inox Wind is well placed to deliver tailor made wind solution for the ever evolving customer requirements.
I would now hand over to Mr. S.K. madhusudana, CEO of Inox Green for his remarks after which we will open the floor for Q and A. Thanks.
S K Mathusudhana — Chief Executive Officer
Thanks Katie. Good evening everyone. I will first brief you on the financial achievements of Inox Green during the quarter before moving to other aspects during Q3. FY26 Inox Green reported total income of Rs. 112 crores up by 51% year on year EBITDA of Rs. 53 crores up by 80% year on year Profit before tax of Rs. 40 crores up by 261% year on year Profit after tax of Rs. 25 crores up by 375% year on year Cash PAT of Rupees 51 crores up by 116 percentage year on year Machine availability for entire portfolio averaged around 96.5%.
As we have maintained, a significant part of our profitability is currently being reported as other income as per the accounting norms, however these are operating in nature. Inox Green’s portfolio stands at 13.3 gigawatt comprising of around 10 gigawatt of wind assets and 3.3 gigawatt peak of solar assets. This also includes the investments which we have made to acquire 6.5 gigawatt of operational wind o windm assets of two major companies. We expect to complete the acquisition process soon, consequent to which the consolidation of financials into Inox Green will result in a multifold increase in consolidated EBITDA and PAT for FY27 over FY26.
Inox Green has witnessed strong portfolio growth adding solar projects from KET International and Group company Inox Clean. We continue to work on unlocking further synergies amongst our existing and recently taken over assets to improve the performance and margins from the assets. With all our investments formally folding into Inox Greens balance sheet along with organic growth, we expect the EBITDA for FY27 to be upwards of Rs. 600 crores. We have recently seen success in offering WTG overhauling packages to customers which will aid in increasing the life of the turbines and enhancing output. This business stream has substantial potential for growth going ahead at Inox Green.
As part of our digital initiatives, we are also exploring the development and deployment of specific agent AIs across low value Add job profiles to enhance the speed of executions and increasing margins and reducing the manual dependencies. Finally, I would like to inform our investors that the scheme of demerger of substation business from Inox Green and its subsequent merger into Inox Renewable Solutions is in the final stages of hearing at Hornable NCLT Ahmedabad. Once this scheme receives the final approval from the NCLT gross block of around 1000 crores will be eliminated from Inox Greens balance sheet and subsequently the annual depreciation of around 50 to 55 crores will be eliminated thereby increasing the profitability.
It will also lead to significant improvement in the roe and ROCE of of Inox Greet. We will now open the floor for the Q and A. Thank you.
Questions and Answers:
operator
Thank you very much sir. We will now begin the question and answer session. Anyone who wishes to ask a question may press Star and one on their touchstone 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 Nidhi Shah from ICIC Securities. Please proceed.
Nidhi Shah
Yes, thank you so much for taking my question. While you have withdrawn the guidance in megawatt terms, how are we looking at Q4? Are we seeing any recovery in terms of the fact that as you mentioned there were delays? Are the issues in these projects getting sorted up? What do we think that Q4 installation could look like?
S K Mathusudhana
Hi, thanks for the question. So obviously we’ve given a revenue guidance this time for FY26 and FY27 as well. FY27 being 75% growth over FY26. So given that nine months have passed, you can make out broadly what the revenues will be for Q4 and you can in fact infer on the megawatted side as well. We’ve been consistently giving the per megawatt revenue figures over the last quarters so they can be inferenced now on the issues. So as you are well aware, it is not a company specific issue. It’s there across the industry. What we’ve been seeing is that a lot of customers that we have, especially on the equipment supply side with the contracts which we’ve taken over the last one one and a half years, many of the sites are not ready to the extent that it was planned.
So the offtake, so some of the customers may have taken, let’s say some components, not all components, which is why there is a lot of variabilities. So in terms of megawattish number. Giving you a particular megawattage may not give you the right picture. Also it is much easier for us to give you a guidance on the revenue which is in our control than the mega wattage and hence the shift.
Nidhi Shah
Thank you. So my next question is on working capital. At how many days of working capital are we currently and what are some of the things that we’re doing to reduce this further?
S K Mathusudhana
Yeah, so by this financial year end we are targeting 200 days of working capital days.
Nidhi Shah
I think in the earlier call I think you might mention 120 days. So why this shift?
Kailash Tarachandani
Broadly we are in longer and we are looking for a working capital cycle of 120 to 150 days by birth. This year end it will be 200 and by FY27, hopefully it would be some in the range of 150 odd days.
Nidhi Shah
All right, and what is it at the end of Q3, the working capital day.
Kailash Tarachandani
So broadly in the range of. 200 to 210 days.
S K Mathusudhana
As you can appreciate the there is a lot of execution happening. We are ramping up. Revenues are increasing significantly over the last few years. So and a lot of challenges on the ground customers as well. So that is why on the working capital side, as we had earlier maintained 120, we will be achieving that over the next.
Kailash Tarachandani
This is just a reflection of the ramp up that we are seeing today, but this will get normalized as we move ahead.
Nidhi Shah
Lastly, could you just give me the revenue EBITDA and SAD for INOX Clean energy for this quarter.
S K Mathusudhana
I know it’s green.
Nidhi Shah
I know steel
S K Mathusudhana
that’s a private company.
Kailash Tarachandani
Has nothing to do with this. I know clean is completely at the promoter level, has nothing to do with this. It is a strategic asset for us which provides a huge revenue visibility for both wind and green. But beyond that it has nothing to do with this. We can discuss separately if you want.
Nidhi Shah
Yes, thank you so much.
operator
Thank you. The next question is from the line of Deepak Podar from Sapphire Capital. Please proceed.
Deepak Poddar
I’m audible.
S K Mathusudhana
Yes, you are.
Deepak Poddar
Yeah. Okay. Thank you very much for the opportunity, sir. So just I wanted to touch upon your debt levels. Debt part, I mean, so what’s the your current gross debt level as a 3Q and how do we see the Debt level in next one to two years?
S K Mathusudhana
So at the end of H1 we were net cash and we still continue to be a net cash company.
Deepak Poddar
What is your. I mean do we have that figure. Separately, the gross debt and the cash level?
S K Mathusudhana
In fact, we will keep it for the next quarter give you the net cash figure at the end of the financial year.
Deepak Poddar
Okay. Okay. Okay. Okay. Yeah, that would it for my. Thank you.
operator
Thank you. The next question is from the line of Utkarsh Somaya from Ekico Quantum Solutions Private Limited. Please proceed.
Utkarsh Somaiya
Thank you for the opportunity. I have a couple of questions. The 600 crore EBITDA guidance that you have given for FY27 will be on the entire portfolio of 13.3 gigawatt.
Kailash Tarachandani
Yes. This is what would be on the entire portfolio that we’re given. Just to clarify for the larger audience, this he’s referring to for Ionos Green EBITDA guidance. And this is on the entire portfolio of 13 gigawatts.
Utkarsh Somaiya
So I just needed some help with the math. We have assumed a 10 crore revenue per gigawatt for wind. And.
S K Mathusudhana
It’s 10 lakh per megawatt. Yes. Revenue is around 100 odd crores. Not per gigawatt, not 10.
Utkarsh Somaiya
Yeah, we are sorry. 10 crore EBITDA, right?
Kailash Tarachandani
No, no, no, no. It’s a 50 actually. Let me come in. So out of 13.3 gigawatt 10 gigawatt belongs to wind O&M services and 3.3 belongs to solar. And roughly we give a ballpark figure of 50% EBITDA margin for the wind business. And solar is around 15 to 20% margin. Okay.
Utkarsh Somaiya
Okay.
Kailash Tarachandani
So what we have given and even in the wind also there are different classifications, substations and wind turbine. There are several breakups which I am not explaining right now. And out of which after the integration of merger of three companies. Yes. So the EBITDA will be around 600 crores and there will be more synergies. We are looking into it and like merging 84 substations across India, it will be a huge exercise and that will unlock a synergy value which we will. Reveal in the future.
Utkarsh Somaiya
Okay. So right now if we assume 100 crore revenue per gigawatt on a 10 gigawatt wind portfolio we can assume a thousand crore revenue on a 500 crore EBITDA. And we have 3.3 gigawatt of solar. So 20 crore per gigawatt gives us 66 crores of revenue and 20 so around 13 crore EBITDA. So out of the 600 is my understanding of this 500 and 13 crore. Correct. And the balance may come from synergies. Is that a fair understanding?
Kailash Tarachandani
Yes. And there is a possibility to get north of 600.
Utkarsh Somaiya
Yes. And one. And since we will have zero depreciation post demerger and your Finance cost is virtually nil. Your PBT should be equal to your EBITDA give or take over.
S K Mathusudhana
PBT would be equivalent to ebitda. Further as we have mentioned in the earlier call as well there is a tax shield. So there would be no tax outflow in the upcoming years as well though there would be a might, there would be a deferred tax liability but there will be a no tax outgo. So in terms of the cash profit my EBITDA would be equivalent to my cash profit as well.
Utkarsh Somaiya
So this deferred tax, how do I kind of. Can you help me understand how do I calculate it on the 600 crore of PBT how much deferred tax will be having a PNL income tax rate?
S K Mathusudhana
You know we are following 25% corporate tax rate. So you can calculate 25%. But it would be as I clarified it is an accounting entry, nothing to relate with the cash outflow as such there.
Utkarsh Somaiya
So accounting pattern before 50 crores and understood. And okay. That’s about it. Thank you so much and best of luck.
operator
Thank you. The next question is from the line of PR Nagar said from Wealth Finger. Please proceed.
Preet Nagarsheth
Yes. Hi. So I want to understand again on Inox Green post the demerger how much revenue will come off.
S K Mathusudhana
So post the demerger. As we have clarified on the multiple course there would be a very limited amount of revenue in the range of 10 odd crore rupees will be get out of the balance sheet and around 50 odd crore rupees of depreciation will be go out from the balance sheet.
Preet Nagarsheth
So what you’re saying is that there will not be any material impact and the mathematics that the previous question, previous person asked that is excluding or assuming.
Kailash Tarachandani
The whole and as Mr. Matur has clarified in their opening remarks that you know the 50 crore depreciation will go away and accordingly over profitability will get increased to that extent reported and adding.
S K Mathusudhana
To the previous question and your question. See we will be commissioning new new turbines in this current year also. So those profitability also will be added. So that gives the solidity of 6 crores.
Preet Nagarsheth
So when you say you have a 10 gigawatt wind portfolio that doesn’t ex. That is included till the quarter three of execution. Is that an understanding Correct?
S K Mathusudhana
Yes.
Kailash Tarachandani
Yeah.
Preet Nagarsheth
Right. So whatever gets executed in quarter four gets added to that mix and then subsequently from quarter one, two and three for the exterior.
S K Mathusudhana
Yes, absolutely right.
Preet Nagarsheth
Okay. Great. All right. Great. Thank you.
operator
Thank you. The next question is from the line of Dashit Shah from Nirvana. Please proceed.
Dashit Shah
Hi sir. So I mean my question is pertain to the guidance. So I mean I don’t find any logic in the guidance from megawatt to kind of the number is no. In spite of that we are lowering our execution guidance. You kind of change the methodology of giving the guidance and look at your numbers, what you are quoting right now. So it roughly points out that probably, you know, next year what you are guiding at 2 gigawatt will end up doing somewhere around 1.3 to 1.4 gigawatt. So can you highlight what has changed in last two, three months that now we are kind of this execution guidance which we gave three months back.
S K Mathusudhana
We definitely see a lot of logic in moving to this because as we have explained earlier in our comments too we have a much greater control on the numbers, the financial numbers and the profitability. And whatever we are governed by is the profitability. As Mr. Kachandari had mentioned in his opening comments, there are a lot of on ground challenges at times which is beyond our control. Largely on the equipment supply projects where the infra is not in my control and has to be provided for by the buyers. Hence there is certain delays, mismatches. But what I do in that time is if I’m not able to deliver the equipment I can do some other projects, some other activities, setting up towers, setting up infra which can compensate for the loss of the supply through these additional activities and hence meet my revenue guidance which I have a greater control on.
So that is the logic of giving you these numbers.
Kailash Tarachandani
Just to add on that, actually, you know, if you see we have now almost reached 50, 50 kind of thing between turnkey and equipment supply and earlier it was very easy to give on megawatt basis because largely it was done turnkey and it was the same more or less same pricing for all of them. Today when we are dealing with so many customers and equipment supply, every customer has a different kind of scope. So you know, it’s not making sense that in some places we are giving only turbine, some places we are giving foundation, some places we are giving you know, combination of that.
So it’s making more sense that in terms of holistically we give our guidance based on revenues.
Dashit Shah
So got your point on this thing, what you’re trying to say. But effectively there has been delays, that’s okay for this quarter and all, but do you foresee these delays continuing till FY27 and hence even the execution FY27, what we were guiding three months back is also almost kind of 30% lower. Looking at your numbers for FY27.
S K Mathusudhana
So do we need to look at it? We clearly said we are recalibrating it. And then when you look at, while you’re stuck on these broader numbers of the execution megawattages. But if you look at any of the estimates that anyone carries on the profitability, we are in fact beating those numbers through these guidances as well. So whatever. I believe the financial market is governed by the profitability numbers and so is the company. Execution is just one of the parameters for our internal evaluation. But I think I would reiterate that profitability numbers, revenue numbers is where I have a lot of control, where I can manage.
And that’s why we are moving to this guidance. And if you see in last nine months, sorry, if you see even the last nine months we have meeting, while there could be certain slippages in the execution, my profitability numbers that I have guided for I’m meeting those numbers.
Kailash Tarachandani
And overall on the, you know, second part to your question on the FY27, we see that very positive in the sense with, you know, many of these are new customers customers, we are getting better and better in terms of understanding there because these are new states also in Tamil Nadu, etc. But as you see that, you know, even in the wind sector till last year only, you know, Gujarat, Maharashtra, Karnataka and possibly was doing. But today lot more states are firing and next year again I see Rajdhan opening a big wave, Maharaj Andhra Pradesh open opening big way.
You know, lot of MPs, lot of projects coming up and many of these PGCL grid connectivities are getting ready. What it means that lot more customers, lot more equipment supply. So you’ll be able to play much more between what you do in terms of megawatt. But in general, instead of explaining this, it makes sense that we continue to do it on revenue basis. And we have so many legs to play between in terms of scope, in terms of customer, in terms of size, in terms of states.
Dashit Shah
Got your point. But essentially the execution, what you are quoting three months back, is going to be lower. That’s my point. And you confirmed that, right?
Kailash Tarachandani
It doesn’t matter actually, you know, as long as we achieve the goal from that perspective, it doesn’t matter because ultimately that’s what we should look forward to.
Dashit Shah
Okay, thank you. Got your point.
operator
Thank you. Ladies and gentlemen, in order to ensure that management is able to address question from the participants in this conference, please restrict your question to two per participant. Should you have a follow up question, please rejoin the queue. The Next question is from the line of Ketan Jain from Evan Dispark. Please proceed.
Ketan Jain
Thank you. Thank you for the opportunity. Yes, I just have follow up on the previous participants question. I just want to understand from a strategic point of view what are the challenges which made us revise the guidance. Like what are the exactly exact challenges on the ground external challenges which is not in our control which made us change our outlook from previous quarter to this quarter. So this question is just to understand what are the challenges you’re facing Exactly.
Kailash Tarachandani
I think, I mean these are very routine actually I won’t say challenges is part and parcel of doing infrastructure development in this country. You know there are always issues can keep up at the ground level in terms of land, in terms of connectivity or substation getting Ready or getting 220kV land. I mean these are usual things if you ask me. Very frankly my all turnkey projects are going more or less on time. We are executing quite well. But since the the business has moved from the structure has changed 50, 50, 50% I’m dependent and I have hold my EPC project 50% I am dependent on my customers and in terms of as they keep catching up some of these IPPs and all that we continue to do that.
So going forward we are anyway planning that so that you know, at the same time we have a judicial control over our working capital and inventory also. So instead of looking at megawatt we just focus on revenue.
S K Mathusudhana
And also just to add if you see while it is not that I am not delivering on these 800 I would do it. The nature of the business is such that you cannot hold me on the quarterly basis. It is very tough for me to estimate on a quarterly basis. There will always be a slippage here and there by quarter two. And to remove those vagarities I am coming to this revenue guidance where I can always guide you better.
Ketan Jain
Understood sir. Point taken. Like it’s a very fair point. I just want to understand one thing like how what. What has changed our outlook in three months. That’s it. I mean what is happening on the sector which made us change our outlook in three months. That’s nothing else. What you’re saying is fair enough on the guidance.
Kailash Tarachandani
It’s the only logical thing to do it. If you ask me from sector point of view it’s very, very positive. And as I said that it’s only increasing. It’s only that, you know, from my point of view we were too much turnkey based. In fact it is better Today we are 5050 between turnkey and equipment turnkey brings a lot more risk at my side, you know, in terms of land, in terms of substation, in terms of 220. We have fairly managed and balanced between both the things. And that’s why, you know, I say it’s better for wind sector also and it’s better for us because there are so many hands involved and we’re talking in this country now, 5 gigawatt, 6 gigawatt plus kind of thing which country had never delivered before.
So. So obviously it makes sense that, you know, a lot more people are developing together. But in terms of understanding and just making sure that we can do it, quarter to quarter is becoming difficult. And that’s why I said, you know, we just go under.
Ketan Jain
I just wanted to understand if there is any negative on the sector and.
Kailash Tarachandani
No, not at all. Absolutely. It’s very, very positive.
Kailash Tarachandani
Just following up on that. So I’m sure everyone is aware that we’ve done four and a half gigawatt of installations, wind installations in the first nine months and we are on course to do six erot as we’ve been guiding all across. And this is set to grow only with more and more projects coming in. CNI sector is. So we are getting a lot of orders from the CNI sector as well. So. And as you can see, we’ve grown a lot over the last three, four years. In 2022, we were delivering only a gigawatt, we were installing only a gigawatt.
Now we are at six. So the sector evolves, customers evolve and.
S K Mathusudhana
We’Ve also evolved and also we are on track to achieve 10 GHz that we have been guiding for. So the sector, the sector is pretty robust and the demand is pretty robust there too.
Kailash Tarachandani
It’s only about shifting 1/4 here and there.
Ketan Jain
That’s how it is always understood. Just one more question I have. I understand CNI is increasingly becoming a, a very good segment in the sector. Do you have any numbers on, like, can you give me a flavor on what’s the CNI order inflow like or the target market like annually?
Kailash Tarachandani
I think if you see largely even today, all the customers I have, apart from one or two PSU customers, I think all of them are C and I business only. And as I see that even you know, in the sector today, today almost, well, lots of, you know, SEKI has bidder, a lot of those things have come up. But still there could be some challenges of PP and all. But mostly what projects are being executed today on the ground, many of them almost more than 50% will be of C and I only. So that’s how we are also there.
Ketan Jain
Out of four around to 1.5 to 2 will be CNI. Is that a right number to assume, sir?
Kailash Tarachandani
Yes, yes, it will be more than that actually.
Ketan Jain
Okay. Okay, thank you.
operator
Thank you. The next question is from the line of Radhyumina Chaudhary from GM Financial Group Investments. Please proceed.
Radhyumina Chaudhary
Yeah, hi, just on Inox Renewable Solutions. Do we have any specific timeline in terms of the demerger? When are we expecting the same? Any update on that? Like I know you’ve mentioned that in the final stages and all but any particular timeline you’re looking at internally.
S K Mathusudhana
So it is very difficult to comment on the particular timelines. But as we have explained that you know it is in the final stages. NCLT approval should come, you know, in a month or so. But you know, we cannot comment on the specific timelines post receiving of the NCLT approval. It is a one, one and a half month process for the listing of the company. So yeah, in all likelihood if you know, if, if everything goes well within three odd months, two to three months, it should get on the bosses.
Kailash Tarachandani
But don’t take it as a commitment from hand because things are not there in our country.
S K Mathusudhana
Yeah, yeah. Nclt, which is which we are expecting the order to come.
Radhyumina Chaudhary
So I’m the. Thank you.
operator
Thank you. The next question is from the line of Cable Barut from Axo Securities. Please proceed.
Kaivalya Barot
Yeah, hello sir. So my first question is as given that India targets 122 gigawatt of installed wind capacity by FY32 versus currently it has been 55 gigawatt of installed capacity. So there is a long growth Runway in the sector and, and your execution guidance for FY28 is 2000 megawatt. Now considering land acquisition issues, power demand slowdown and competitive landscape, especially Chinese players, I wanted to know your view on the run rate regarding 2000 megawatt execution. As you have mentioned it earlier that you have changed parameters of, of recognizing it into, you know, revenue terms. But I, I just wanted you to shed light that will that be maintained or sustainable for the next four to five years after FY28 two parts to.
Kailash Tarachandani
This because as I see that you know still countries looking for almost 100 to reach 100 gigawatt by 2030 or you said whatever, you know the 2030 and we are at 55 gigawatt. Obviously you know, it almost involved 8 to 10 gigawatt. I will not comment because the execution is a challenge and it is There for all the player assets. But still if you see the way we are growing from two three megawatt to now four and this year almost reaching six. So I see the story remains very, very positive. And as I said earlier in my discussion, in fact all states customers are working.
And in all states I see that a lot of visibility in terms of wind turbines and projects are coming up, which was not the case just a year or two years back because not all states were working and there were some policy issues here and there. And number two, if you see that PGCL started building up lots of infrastructure and connectivity only after 2021 when the regime changed it came to auction based and all that. So a lot of CTU connectivity are getting commissioned between different states from 26 to 30. So to cut it short, I say, you know, the challenges are there and it will remain in this country from execution point on the ground.
But it is still not very negative. It’s still very positive. And from our side it’s just as I said, different scope and different, you know, so our whole approach is now to go more on revenue focus instead of going on megawatt. But at the same time, nowhere, I’m saying in future from that point of view it will mean that lowering the execution, we’ll continue to see that what best we can do in terms of execution to achieve our goals.
Kaivalya Barot
Okay sir, got it. My second question is on the basis of guidance. So could you please share your capex guidance for FY27 and FY28? Also how much capex has been incurred in 9 month FY26 and what is the full year FY26 capex target and additionally what EBITDA margin guidance are you giving for FY27 and FY28 and sorry to stretch it out but also respectively what kind of realization per megawatt for FY27 and FY28 on a blended basis considering 4 megawatt turbines has been launched and is operational?
S K Mathusudhana
Yeah. Hi. So in terms of the ebitda guidance for FY26 and FY27, we have upgraded our guidance to 20 to 22% as against the earlier of 18 to 19% which has been emphasized by the Mr. Tara Chandnani in the opening remarks as well in terms of the per megawatt realization it is, you know, as we have explained various multiple times on this call, it is very hard to give because keeping you the different scope, different you know, components supply and so on and so forth. So we are. So there’s been no guidance which no specific per megawatt realization we are giving in terms of.
Kailash Tarachandani
Yeah, yeah. So just to the earlier comment, so what we’ve actually made your life easier by giving you a revenue guidance instead of giving you and breaking it up into megawattage and revenue per megawatt which you use to calculate the revenue itself. So we are making lives easier for everyone down there. And on the capex guidance side, so it will be around 200 odd crores for FY27. At this point of time we are refraining from giving FY28 guidances.
Kaivalya Barot
Okay. And how much capex has been incurred in 9 month FY26 and what will be the full year target?
S K Mathusudhana
So this year’s target is also around 200 odd crores.
Kaivalya Barot
Okay. Okay. And is there any accountability for nine. Months FY26 around 150 odd crores have been expended. Okay. Okay. Got it. That’s it. From my side. Thank you.
operator
Thank you. The next question is from the line of Aditya Velikar from Access Securities. Please proceed.
Aditya Velankar
Yeah. Thank you for the opportunity. So I understand the discussion on the call that you have changed from gigabyte to revenue and that that is well understood. But means earlier in the slide. So we had guidance of 2 gigabyte from 28 onwards which kind of giving us the kind of sustainability of our business and the kind of maximum capacity which we can reach earlier. But now you have said that 75% growth in 27. So post that what will be our outlook? How should we look at revenue growth post FY27? Can we assume that our 2 gigabyte capacity to execute will be intact or there is some challenges and we can expect that revenue growth will taper down post FY27.
How should we look at Steve, as.
S K Mathusudhana
We have recently communicated and over the call over several times you have stated that why we are moving from megawattages to revenue. It’s not because of the challenges. We don’t see any challenge whatsoever. Two gigawatts will definitely reach there. It is only to move away from the volatilities on a quarterly basis and to have a firm guidance for you. And that is how we work internally. We work on the revenue. The numbers for the business plan is always built on the numbers. If you look at whatever numbers that we shared with you guys and the entire community for this year, next year and the revenue numbers that we had built on it or the profitability numbers that we build on it, we are beating all those numbers.
There are certain. Yes There are certain challenges in terms of the equipment supply orders, their on ground challenges which shifts on a quarterly basis. It’s not that I will not achieve 2 gigawatts. I will definitely achieve 2 gigawatts and I will surpass that. When we said we are at 6 gigawatt and we are moving to 10 gigawatts. Yes, I will do more than 2 gigahertz. Would it be FY27? Would it be FY28? It’s tough for me to give you exact timelines but yes, I can give you a firm view on the revenue and the profitability.
So yes to answer. We are definitely on track to achieve more than 2 gigahertz annually. But I will shy away from giving you the exact timeline for that if I can add a few points on that just to give more confidence on the growth. We always maintain a large pipeline and also we have a group company called Inox Clean which is also adding more pipelines for the group. And the substations are getting merged. Several three major companies are getting merged in Inoff Green which has which we own substations across India which unlocks lot of connectivity and future capacity which no competitor have currently in India right now.
Customers may be struggling that side but Inoff will not survive anything in that area which gives the additional competitive advantage which will help us to see that 2 gigawatt is not a challenge not.
Kailash Tarachandani
Only from Iono’s green point of view but also from an OPS green point of view where we are continuously developing our own pipeline. So there will be lot of opportunities within the group also to keep executing. So you know, not only external PSU market, lot of bids are coming up. We are of part participating actively everywhere. So all in all I think wind is here, absolutely positive. Both you know, from a sector point of view. So don’t see any issue or challenge whatever number we are talking about. But as I said, let’s maintain going forward on the revenue basis.
Aditya Velankar
Okay, fair enough sir. That’s it from my side.
operator
Thank you. The next question is from the line of Vikas Agrawal, an individual investor. Please proceed.
Vikas Agrawal
No sir, my questions are answered.
operator
Thank you. The next question is from the line of Harsh Motica from SKP Securities. Please proceed.
Harsh Motilal
Hello. Hi, good evening sir. Thank you for taking my question. Just wanted to understand that the realizations have dropped both Q1Q and YOY. So can you please explain why this has happened.
S K Mathusudhana
Could you come again please?
Harsh Motilal
Yeah, hello sir. Is it better?
S K Mathusudhana
Yeah, yeah, yeah, please, yeah.
Harsh Motilal
Sir, I was asking that the Realizations have gone down both QQ and yoy. So can you please tell me what is, tell us what is happening. Why the relationships have fallen by 10 odd percentage.
Kailash Tarachandani
See so as we’ve been saying throughout the call, so there were certain issues on the customer side, certain delay of sites and all due to it, some of the component supplies got disrupted.
S K Mathusudhana
And also see, sorry to interrupt but this is the exact nature why we are moving to revenue guidance. Because of the complexities. They are different businesses, they are different deliveries that we do on a quarterly basis. So per megawattage number is something that differs on every contract that we execute. So it is. There is no comparison between each quarter. And that is the reason we have moved to this revenue guidance and the margin guidance.
Kailash Tarachandani
Both because turnkey to equipment supply will always be lesser. And also since as execution is improving and we are executing more and more project, project revenues will always be on the lower side. So that’s the reason why you will see realization per method quarter to quarter. So instead it’s better to look at the holistically at the annual basis.
Harsh Motilal
Okay, thank you sir. That is it. Thank you. Thanks a lot.
operator
Thank you. The next question is from the line of Pratik Jain from ICIC Prudential. Please proceed.
Prateek Jain
Yeah, thanks. So sir, just a couple of questions. So one is that since you mentioned that for the, for the sake of ease of investors you’re moving from megawatt is to revenue. So would that again be H2 heavy or would the run rate be similar across the four quarters? How should we look at.
Kailash Tarachandani
Will be always little H2 heavy. H1 is many times leaner because of monsoon to be honest. So you know, that remains the fact. So that I mean while quarter win will be again very good. But you know quarter two will definitely diminish the overall H.
Prateek Jain
Understood. And secondly that number you mentioned, the four and a half gigawatts in FY26. So what will be a market share in terms of commissioning in FY26 till now?
Kailash Tarachandani
Four and a half megawatt. No, no, just clarify your question again please.
Prateek Jain
Yeah, so I am just asking what is Inox wind commissioning number? So at an all India level in nine months we did four and a half gigawatts. So what is our share in that four and a half gigawatt.
Kailash Tarachandani
So over the past quarters we’ve have erected. So a lot of our projects are at various stages of commissioning. So some of the projects in fact are ready erected but we’ve yet to receive the commissioning or the customer is yet to receive the commissioning approval. But broadly on, on the supplies that we’ve done, a significant percentage of it is nearing the commissioning.
S K Mathusudhana
We are not looking at all these percentage market shares and all that stuff. We are driven by profitability only, so we don’t look at the market share. But yes, we have given what we have executed.
Prateek Jain
Understood. And so finally, how are we looking, I mean, how do we stand on the receivable fund in terms of, let’s say, number of days of receivables that that is currently there.
S K Mathusudhana
So obviously, if you see our performance over the past few years, the receivable days are continuously improving and what we’ve guided. So 200 odd days of networking capital days. By this financial year end, you will see the receivables days improving substantially over FY25 as well. And that will continue over FY27 also because our target is to be somewhere at around 120 odd days of overall working capital. Net working capital.
Prateek Jain
Wonderful. Thank you. Thank you so much.
operator
Thank you. The next question is from the line of Deepak Motwani from Marq Investment Managers. Please proceed.
Deepak Motwani
Hi sir, good evening. What is the current visibility on additional. Order inflows for Inox Unlimited? And can you provide any guidance on. The expected order pipeline over the next six to nine months? 12 months?
Kailash Tarachandani
No. Overall as on date, we still have around 3.2 gigawatt, which gives a certainty of next one and a half to two years if you ask from that point of view. But at the same time, lots of orders are in advanced stage and very soon we should be announcing, I think before end of this closure. A lot of tenders have come, a lot of internal discussions are going on. I have internal pipeline, many of those things. I have not added on that. So we have, you know, if you go quarter wise, quarter wise, we will always be, you know, ahead of what we say in terms of execution and what we get in terms of order booking.
S K Mathusudhana
So we are live today.
Kailash Tarachandani
Actually, order booking is not a problem, it’s about how we deliver and how we continue to execute.
Deepak Motwani
Okay, got your point. Thank you so much.
operator
Thank you, ladies and gentlemen. That was the last question for today. I now hand over the conference to the management for closing comments. Over to you, sir.
S K Mathusudhana
Thank you. Thank you to all the investors. And I assume that you should appreciate the renewable bemud that we have created at Inox GF Group Today. We are the largest integrated energy transition company. We have taken all steps to ensure that Inox Twin stands tall and have ensured massive growth and profitability for the company. We are now massively ramping up Inox Green to become one of the largest O and M companies growing manifold over the next two years. Also the latest venture, Inox Clean, that we believe what we believe will be one of the largest companies from the stable and it’s very strategic to the entire group providing a minimum 500 megawatt orders for Inox Wind and also large portfolio addition for Inox Green.
With that, I would like to thank all the investors. Thank you.
operator
Thank you. On behalf of GM Financial Institutional securities limited that concludes this conference. Thank you for joining us. And you may now disconnect your lines. Thank you.