Inox Wind Limited (NSE: INOXWIND) Q1 2026 Earnings Call dated Sep. 01, 2025
Corporate Participants:
Unidentified Speaker
Anshuman Ashit — Head of Investor Relations
Kailash Tarachandani — Group Chief Executive Officer, Renewables Business
Sanjeev Agarwal — Chief Executive Officer
S. K. Mathu Sudhana — Chief Executive Officer of Inox Green
Devansh Jain — Whole-time Director
Analysts:
Unidentified Participant
Sudhanshu Bansal — Analyst
Hansal Thacker — Analyst
Nidhi Shah — Analyst
Vikas Agarwal — Analyst
Bhavik Shah — Analyst
Kapil Malhotra — Analyst
Ketan Panchal — Analyst
Bhavik Bhavsar — Analyst
Shweta Dikshit — Analyst
Ketan Gandhi — Analyst
Prateek Giri — Analyst
Presentation:
operator
Ladies and gentlemen, good day and welcome to the Inox Wind and Inox Green Q1FY26 earnings conference call hosted by GM Financial. As a reminder, all participant lines will be in the listen only mode and there will be an opportunity for you to ask questions after the presentation concludes. Should you need assistance during the conference call, please signal an operator by pressing the star key followed by zero. Please note this conference is being recorded.
I now hand the conference over to Mr. Sudanshu Bansal from JM Financial. Thank you. And over to you sir.
Sudhanshu Bansal — Analyst
Thank you Steve. Good afternoon everybody. On behalf of JM Financial, I welcome you all to the Q1FY26 earnings call of Inox Trend and Inox Green Energy Services. For today’s call we have with us the leadership team of both the Companies led by Mr. Devash Chain Executive Director, Inox GFL Group Mr. Kailash Tarak Chintani Group CEO Inox GFL Renewables Business Mr. Akhil Jindal Group CFO Inox GFL Group Mr. Sanjeev Agrawal CEO Inox Wint Mr. SK Matu Sudhana CEO Inox Green and other senior management of the both companies. I would now hand over the call to the management for their initial remarks after which we will open the floor for Q and A session. Thank you so much sir for your kind presence and giving us the opportunity to host the call
with this I would like to hand over the call to Anshuman for taking the call forward. Over to you Anshuman. Thank you.
Anshuman Ashit — Head of Investor Relations
Thanksu. We’ll first have the briefing from Mr. Kailash Sarachandan, the CEO of Renewables Business and then we’ll move on to a briefing from Mr. Sanjeev Aghawal on Inox Win. Then followed by Inox Wind. We’ll have a short brief on the developments in inox screen by Mr. S.K. matusudhana and finally to give you an overview on what we’ve been doing across the group.
We have Mr. Devanshen to brief you all about it after which we’ll open the floor for the question and answer session. Sir, we’ll take him with your briefings.
Kailash Tarachandani — Group Chief Executive Officer, Renewables Business
Thanks Anshuma. Thanks Sudanshu. Good evening everyone and thank you for joining today’s conference call. As you will appreciate, the company was under publicity restriction owing to the write issue at the time of Q4FY25 and Q1FY26 result announcement the Right Issue has been a phenomenal success with one of the highest over subscription in recent times at 2.13 times. We sincerely thanks all our shareholders for reposing their faith and confidence in the company and its growth prospects. The Company’s balance sheet and net cash position has been further fortified with the fundraise. Also the promoters having fully subscribed their entitlement of around rupees 560 crores showcases their commitment and confidence in the company.
The entire NCRPF on the balance sheet balance sheet now stands eliminated post the merger of IWEL and IWL and the promoter’s participation in the Right issue. We have kept a single investor call for both Inox Wind and Inox Green this time around and will begin with a brief from both the CEOs and our executive Director followed by Q and A. As you all are aware we are hosting this call after a period of six months and during this time we have witnessed multiple development in the company and the industry be it delivering one of the strongest operational and financial performance in our history in FY25 best ever pack delivered in quarter four, operationalization of our new natural plant and transformer manufacturing unit, deployment of our own cranes Inoff Green moving into Solar O and M, completion of the merger and write issues amongst others.
On the macro front, the recently notified ALM for wind as well as wind component is a huge positive for domestic players like us. Further, just yesterday the CERC notified the amendment to its connectivity and GNA regulation for interstate transmission system allowing hybridization of existing solar and wind transmission project having capacity upwards of 50 megawatts.
To brief you on the development in Inox Drin and the industry, I would now like to hand over the floor to Mr. Sanjeev Agarwal, CEO of the Company for his remarks. Thank you.
Sanjeev Agarwal — Chief Executive Officer
Thanks Kailash. It’s a pleasure to interact with our esteemed investors and analysts through this call. I’m delighted to be leading Inox Wind, the wind manufacturing arm of Inox GFL Group. I’ll first brief you on our financial achievements during the quarter before informing you about our other key developments and future roadmap. We are pleased to inform you that we have been able to deliver yet another quarter of Strong results in Quarter 1 FY26 despite Q1 being seasonally a weak quarter for wind industry. Typically for the wind industry including our own company, H1 is 30 to 35% of our annual execution having commenced.
FY26 on a strong note, we are very confident of achieving our execution guidance for FY26 of 1.2 gigawatt which is 1,200. I will briefly take you through some of the key details of our financial performance for quarter one FY26 on consolidated basis, Inox Wind has reported a revenue of 863 crore which is an increase of 32% YoY basis EBITDA of 220 crores, an increase of 39% on Y to Y YoY basis PAT of 97 crore again an increase of 134% basis cash profit of 186 crores again an increase of 168%. We executed 146 megawatt during this quarter.
We have very well diversified order book of 3.1 GW comprising of MICQ clients across the spectrum and a healthy mix of turnkey and equipment supply contracts. Our endeavor over the past year has been to build on our existing relationship to get more repeated orders and in case of new customers to get our. First orders, however small or large it may be. As it is important to breakthrough to build a long term relationship and ensure repeat orders in the future we expect to gain a fair share out of the opportunities coming in from our existing and potential customers, most of whom have been very ambitious have a very ambitious renewable additional plans.
Currently we have a multi gigawatt order pipeline and expect to convert a substantial portion into firm orders over the coming months. To achieve our target both in terms of execution and margins, we are continuously ramping up in the critical areas. We have recently operationalized our new 1200 megawatt capacity nasal and hub manufacturing unit near Ahmedabad, Gujarat.
We’ve also deployed the first few set of cranes at our project sites and have commenced our transformer manufacturing facility as well as all under Inox Renewable Solutions. We are confident that these initiatives will aid faster execution and deliver higher than industry average margins. With that we are raising our margin guidance to 18 to 19% for the full year FY26 from 17 to 18% earlier. Further, we are strategically expanding our blade manufacturing capacity and are in process of setting up another facility in south part of India. This will improve our access to the sites in the southern states of Karnataka, Tamil Nadu and Andhra Pradesh.
We have recently raised 175 crores at INOX Renewable Solution at a valuation of approximately 7,400 crores. Further, the scheme of demergers of substation business from Inox Green and subsequent margin into Inox Renewable Solutions has received no objections from the stock exchanges and we have filed the scheme in NCLT as well. We expect the approval to happen within next two to three quarters. On the macro side, the outlook remains strong. I believe the government continues to stand firmly behind the wind industry. This is not just desirable but a necessity given the thrust to replace conventional fossil fuel based power with renewable sources.
While solar will continue to lead this space, wind will continue to play a significant role in giving its complementary to solar and generation during non solar hours and wind role in grid balancing and making efficient usage of the transmission network. There is also some sort of a myth that Solar plus BSS will completely replace the conventional power without much roll of wind. However, this is not right understanding as this is not a this is not a correct understanding as BSS is only a storage resource and not a generating resource. 16 hours of BSS is still not financially viable which is why wind role in RTC set up is critical and will remain critical.
The recently notified DCR for wind through ALMM is a very strong boost for local manufacturing as bringing in a level playing field between the domestic manufacturers and certain Chinese players who are importing components today. This is very positive move at the right time and we believe that India supply chain is self sufficient to cater to the incremental demand coming due to this policy. Inox Wind having a largely domestic supply chain expects to be a substantial beneficiary of this policy. Finally, just yesterday the CRC notified the amendment to the connectivity and the GNA regulations for the Interstate Transmission system allowing hybridization of existing solar and wind transmission projects with capacity upward of 50 megawatt. This opens up a very large opportunity for IRSL as our project site infrastructure post hybridization with solar now increases multiple times.
I would like to hand it over to SK Madhu Sudhana, CEO of Inos Green for his remarks. Madhu, over to you.
S. K. Mathu Sudhana — Chief Executive Officer of Inox Green
Thanks Sanjay and Kailash. Good evening everyone. I am pleased to inform you that Inox Green has been able to deliver a very strong Q1. I will firstly brief you on our financial achievements during the quarter before moving to other aspects. During Q1 FY26 Consol Inox Green reported total income of rupees 98 crores up by 79% year on year basis EBITDA of rupees 48 crores up by 61% year on year basis Profit before tax of rupees 33 crores 17.5x times year on year basis Profit after tax of rupees 22 crores up by 4.4 times year on year basis Cash PAT of rupees 44 crores up by 140% year on year basis.
Our EBITDA margins came at around 49% for the quarter. As we have always maintained, our other income mainly comprises of value added services which we provide to our customers which are beyond the scope of the services we provide under the contracts. During the quarter the mission availability for entire portfolio averaged around 95.6. Inox Green added approximately 1.6 gigawatt peak of solar O and M contract to its portfolio in the month of April to May 2025. Our move into Solar OANDM has been strategic given that one of our group companies has recently commenced solar module manufacturing and the imminent large scale opportunities for hybrid RTC FDRE projects.
Our total renewable O and M portfolio stands at approximately 5.1 gigawatt. Additionally, we signed an agreement for the comprehensive O and M of 182megawatt of wind projects of one of India’s largest diversified conglomerates. As well, Inox Green is rapidly expanding its portfolio through both organic and inorganic means. On acquisition, we are continuously working with multiple parties on large scale opportunities. We have made investments in an entity around 2 gigawatt of O& M assets and shall keep on looking for such opportunities to expand our portfolio inorganically as well. Further, we are participating in multi gigawatt scale wind and solar momentum tenders of ipps as many of the large companies have now changed their strategies and are now moving out of capite momentum to outsourcing model where we believe Inox Green has an edge given its strong credentials.
Finally, with a scheme of demerger of substation business from Inox Green, its subsequent merger into Inox Renewable Solutions, receiving no objection from the stock exchanges, we have now filed a scheme in NCLT Ahmedabad. Once this scheme is approved by the nclt, the gross block of around Rupees thousand crores will be off our balance sheet and subsequently the depreciation of approximately rupees 50 to 55 crores annually will be eliminated thereby increasing the PBT by that amount. It will also lead to significant improvement in the ROE and ROCE of Inox Green. We expect the approval in the next two to three quarters.
I will now hand over to our executive director Mr. Devansh Jain for his remarks after which we will open the floor for the Q and A. Thank you.
Devansh Jain — Whole-time Director
Thanks Mathu. At the outset I would like to thank all our investors for reposing their faith in Inox Wind time and again. Your support drives our vision to make Inox Wind even stronger in all aspects. While Kailash, Sanjeev and Mathu have already briefed you all on the recent developments and the outlook for our respective companies, I would like to reiterate that all our past initiatives as well as all our future actions are taken with just one goal.
It should be beneficial and value accretive for the company in the long run. Our wind business is stronger than ever today and is ramping up very fast while we continue to deliver on quarterly basis. Our targets and guidance for all our businesses are on an annual basis and we are staying firm on our execution guidance while increasing our margin guidance as we have consistently delivered superior margins and are confident of achieving 18 to 19% EBITDA margins for the consolidated wind business. While wind manufacturing is on a very solid growth platform built over the years, Inox Green is where I’m extremely bullish on in terms of exponential growth which would start kicking in from this financial year as we ramp up our portfolio multiple times from 5 gigawatts currently to about 17 gigawatts over the next two years.
While 17 gigawatts will have a mix of both solar and wind assets, wind will form the majority of the pie. As promoters, our motivation is to create and enhance value across our group companies and and always be mindful of all our minority shareholders. Case in point being the merger of IWEL with iwl, our IPP arm and the solar manufacturing business under Inox Gleam are also shaping up very well and the synergies between Inox Clean’s businesses with Inox Wind, Inox Green and Inox Renewable Solutions are quite unique and beneficial for all. Backed by the large capacity targets of Inox Clean, we expect further orders for Inox Wind, EPC opportunities for Inox Renewable Solutions and long term O and M service opportunities for Inox Green both across wind and solar.
Today I can proudly say Inox GFL Group is one of the deepest and most integrated energy transition groups in the country with a presence across wind, solar, EVs, energy storage and a large IPP play. Now our renewable arm is extremely solid, capitalizing on opportunities and capable to withstand any challenges, regulatory or macro if they were to come. I believe our group’s renewable arm and particularly Inox Wind continues to be strongly positioned to capture the mega opportunities which lie ahead of us and will continue to create enormous value for all our stakeholders. Given that the industry is moving towards round the clock re projects at Inox GFL Group we have strongly positioned ourselves to be a one stop shop for all our customers offering solutions right from plain vanilla to the most complex projects across Wind, solar, wind, best infrastructure development and O and M services.
We can now open the floor for Q and A.
Questions and Answers:
operator
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 touchstone telephone. If you wish to withdraw yourself from the question queue you may press Star and two participants are requested to use hands head while asking a question. Ladies and gentlemen, we will wait for a moment while the question queue assembles.
The first question comes from the line of Ansel Thakkar from Lalkar Securities. Please go ahead.
Hansal Thacker
Good evening gentlemen. First of all, congratulations on the successful completion of the merger of IWEL into IWL and very successful rights issue. It is also very encouraging to note that the recent demerger of the evacuation business from IG Resl into IRSL has seen no objections. And given that our company has experienced so many corporate actions I have a specific query regarding our subsidiaries which are Inox Green Energy Services and Inox Renewable Solutions formerly Resco. Sir, As I recall Mr. Jindal had mentioned in the past that the management will demerge these two subsidiaries albeit those proposals were at a nascent stage.
So my question is on a longer term strategic view, what is the management stance on the possibility of rationalizing these subsidiaries via demergers into the hands of the IWL shareholders? So Inox Wind Limited shareholders will likely get IG RESL and IRSL by demerger. I wanted to know the management’s view on this and what would ideally under what circumstances would this step be considered?
Kailash Tarachandani
Yeah, thank you for firstly recognizing and. Understanding the. The achievements of the company so far. As I mentioned to you last time, the attempt was to demerge the substation business and the connectivity and common infrastructure from Inox Green into Inox Resco as we call it now. Inox Green Energy Solution Ltd. Under that there would have been an automatic, automatic listing of Resco and to that extent the shareholders of Inox Green would be getting the shares of Inox Resco also.
So when we mentioned about the demerger of the businesses it was the merger of the of the infrastructure assets and getting into that Inox Resco and the Resco in turn will get listed let’s say attempt and which is what now we have got all the necessary approvals. The NCLT process has started and we hope that within two to three quarters this all will be achieved and the share could be issued for nfresco Also.
Hansal Thacker
I recognize that that is what has been achieved. But more as a strategic question, I want to know, would the management ever consider demerging Resco and Inox Green Energy Services to the shareholders of IWL at the future date?
Devansh Jain
No, I don’t think we can answer that question at this point in time. But clearly both of them are integral parts of Inox Wind and for valid reasons, I see no reason why we would be demerging them out of Inox Wind. They both will constitute an integral part and will continue to be owned and has Inox Wind.
Kailash Tarachandani
And I think from a shareholder’s perspective, you know, a shareholder have got now a choice to hold any part of the business. He can hold the O and M business, he can hold the infrastructure business, he can hold the entire value chain together, you know, under Inox Wind. So that way, I guess, you know, there’s no need for any other further corporate action. You know, as management, we have provided enough a window for a shareholder to be present where he wants to be. And I think that was the intention of separating these businesses.
Hansal Thacker
Noted, sir. Thank you so much and all the best.
operator
The next question comes from the line of Nidhisha from ICICI securities. Please go ahead.
Nidhi Shah
Yes, thank you so much for taking my question. So my first question is on the execution for Q1FY26. We see that the execution is up on the fourth trend. Was there any reason why there is this low level of execution? And given that the first quarter has been slightly weak, what do we expect for FY26? Are we still keen on our previous guidance?
Devansh Jain
I’m not sure where you got the 4% number from.
Nidhi Shah
In megawatt terms. 4%.
Devansh Jain
This quarter on quarter.
Sanjeev Agarwal
On year.
Devansh Jain
Yeah, but effectively I think how we would look at it is we would always look at it year on year and I think if you look at it on a year on year basis.
Nidhi Shah
So this year Q1 it was 146 megawatt. Last year Q1 it was 140 megawatts.
Devansh Jain
Yeah. Hi. So can you reiterate your question? I’m sorry, we’re a little confused.
Nidhi Shah
So this quarter in Q1, FY26 megawatts executed will 146 in Q1 FY25 execution was 140 megawatts, which is roughly a 4% increase in the megawatt execution of WTG. So I just wanted to know why this execution is slightly lower.
Devansh Jain
So again, I think if you broadly understand, we value for H1 being about 35%, H2 being about 65% and I think we’ve clarified on record, we’re well on track for full year guidance. Why numbers seem a little lower, as you would see is because effectively what we focused on is more execution on the ground completing complete sets. Because last quarter, if you had noticed Q4 of the previous financial year, we had a mismatch in terms of blades and towers. And we’ve tried to correct all of that over this quarter. Rather than just supplying turbines for the sake of announcing megawattage, what we’re increasingly focusing on is complete sets, more execution on the ground and working capital efficiency.
And that is what is driving the numbers which you talk about to be only 4% even though EBITDA scaled up much higher. And that numbers are much higher.
Nidhi Shah
So my understanding from what you said is broadly that when you, when you record these deep megawatt execution, that is only when the turbine leaves the factory and then the, the entire procedure would actually be installing the turbine as well. Is, is that, is my understanding correct that
Devansh Jain
that’s right. But in certain contracts, for example, but in certain contracts, for example, we get paid in parts by way of where we can just dispatch nacelles, we can dispatch towers, where we can dispatch bleeds. And in effect we announced it last year as well, where we had certain amount of incomplete sets. What we’ve tried to do over this quarter is completely clear up that backlog. And while you speak of a 4% growth in execution, if you would look at our cash pack that’s going 168%. If you look at our pack that’s grown 134%. So I would urge you to look at the financial numbers then just pair metrics of megawatts.
Sanjeev Agarwal
So I said my statement that we are well poised to achieve our 1.2 gigawatt of planned execution in this year. The strategy was as what Devansh just said, strategy for the quarter one was to complete the incomplete set which has gone in quarter four, the execution at this point in time. Why we say that H1 is lower than H2 is typically we take care of the monsoons. If you see where we are working, these are the state of Gujarat. Typically the biggest states that we are working majority in time is Gujarat. When we go in quarter 2, quarter 3, we will move to south part of India.
So these climatic conditions also needs to be taken care of and you decide your execution. So once again reiterating that we are well poised for 1.2 gigawatt of our planned execution. The strategically quarter one was H1 is always weak and H2 you will see Our rampass.
Nidhi Shah
To that effect. You mentioned that some of some sets were incomplete in Q4 that were provided that have then been, you know, completed in Q1. So when is it reflected in the, in the execution? At what stage do we then include it? Because from what you’re saying, it seems like it was already the cycles accounted for in Q4, but it was completed in Q1.
Sanjeev Agarwal
So Nidhi, as for the accounting, you know, we. We account for nasal, blade and tower separately. So once we supply the nasal part, we recognize over revenue for Natal. So what Sanjeev and Mr. Dimash is saying is that whenever we sell supply the components, we recognize our revenue. So in quarter 4, we have supplied larger WT, larger nasal and hub as compared to blade and tower. In this quarter we have completed these sets. Hence our revenue recognition has been done accordingly.
Devansh Jain
And I think just to if your question will be more in terms of execution. So we’ve got a mix of Nidhi, we’ve got a mix of turnkey and equipment supply. So with respect to equipment supply contracts, once we’ve supplied, it’s a function of those guys executing all on the ground. And when it comes down to turnkey, you typically have a two to three quarter lag from supply to commissioning these assets.
Nidhi Shah
Secondly, the margin this quarter is significantly higher from what we’ve seen over the last four quarters. Is there something that you would like to call out specifically this quarter and what kind of margins can we expect for the rest of the year?
Devansh Jain
I think we’ve clearly guided. Sanjeev has reiterated that, Kailash has reiterated that. And I did reiterate it as well. Well, that we are upping guidances for this financial year to 18 to 19%. If we do better, it’s good, but we are not. I mean, we’ve already upgraded guidances, if you may recall, even in the last six quarters, we had upgraded guidances almost three to four times. And after two quarters, we further upgraded guidance at this time and we’re sticking to 18 to 19%. If we do better, good for everybody. If we achieve the numbers we set out to achieve. I mean, you know, I think everyone should be happy with that.
Nidhi Shah
All right, my absolute last question would be in Q1, they think that the difference between the consolidated and the standalone revenues is about 100 crores, which is, which is a lot higher than what we have seen, you know, for the last three or four quarters of this. I understand the 50% comes from INOX Green. And so where is the other 50% coming from? What is it specifically this quarter in the revenues that we’re seeing.
Sanjeev Agarwal
So that is coming from iOS Green as well as Resco. So you know as, as you. The Inos Mid Limited has two subsidiaries, Resco and Inoff Green. So numbers are flowing from the Green as well as the Resco side.
Nidhi Shah
So only for FY25. Right. When we do the same calculation then we’re getting sort of negative numbers. Obviously I’m assuming there is some inter segmental revenues, intercompany revenues that are negated there but this time it higher revenues.
Sanjeev Agarwal
You know, customer to customers, PSU customers, you know give all the contract to Iron of Wind which in turn you know, supplied by the Resco and Ionos Green. Whereas the private customer give the three different contracts. So it says, you know, if, if. You require further details we are happy to connect you separately but the differential part is coming from the Resco and as well as Green.
Devansh Jain
If I may just advise for everybody on the call given that these results were announced more than two and a half weeks ago for any specific micro queries it will be better if you’ll get on calls with our investor relations team because they’ll be better prepared. I thought this was more a call where we were giving more qualitative inputs into the future of the sector, the future of the company rather than getting into Microsoft answers. Because these numbers are out there for the past three weeks. It’s not been announced today. Morning.
operator
Thank you. Ladies and gentlemen. In order to ensure that the management is able to answer questions from all participants please limit your questions to two purposes. The next question is from the line of Vikas Agarwal, an individual investor. Please go ahead.
Vikas Agarwal
Hello. Am I audible?
Devansh Jain
Yes you are.
Vikas Agarwal
Yeah. I just want to ask, given the industry segment, I just want to ask what is the growth trajectory going two to three years onwards into wind and what could be the factor drawing near deriving the demand as if is it possible there is a driver beyond the India 500 gigawatt mission and can we put a figure to it and how would it shape up and what is the present challenges we would see and how are they shaping up as in. I hope I’m able to get the message through.
Kailash Tarachandani
Thanks Akash. I think right now it’s a very gumbo about the industry and all we can see that is going in full speed. What we see there should be if I see only wind 5 to 6 gigawatt we see within this year going up towards 7 to 8 gigawatt and eventually possibly 8 to 9 or may touch 10 gigawatt also there’s a clear vision till 2030 what country needs to achieve and we may, you know, Obviously target is 90, 200 gigawatt by 2030. So it could be 70, could be 80. But we are looking finally at the rate of 8 to 9 gigawatt.
If I have to say, you know, from a broader perspective, from that point, from Inox Wind point of view, we have clearly said we are executing 1.2 gigawatt this year and possibly taking it to 2 gigawatt next year. And we’ll continue to see that we are, you know, again, as I said, market share, we have said earlier, market share is not the primary concern for us but overall we would like to remain as a major player and keep those kind of target in place for us here.
Vikas Agarwal
No, I just want to ask as in everyone is saying 500 gigawatt theme and everyone is looking at it. I mean, is there something beyond that? I think does it end at the 500 gigawatt target that YFi.
Sanjeev Agarwal
Is total? Yeah, if you see from when it is 90 to 100 gigawatt.
Vikas Agarwal
Yeah.
S. K. Mathu Sudhana
India is not stopping at 2030. Obviously there will be growth beyond 2030 as well in 20 terms of GDP, in terms of power demand, there may be some new sectors also which may scale up. It’s a green hydrogen and all.
Devansh Jain
So.
S. K. Mathu Sudhana
But that is some time away. Let’s wait for the targets which we have right now to be achieved and then we’ll probably have more clarity going ahead.
Vikas Agarwal
Just one more thing, like regarding Ionos Green, like for Ionos green we maintain that the per megawatt rely range only 8,8 lakhs per megawatt. There is a margin, we maintain that 45%. The solar is a relatively new segment and I think in the previous call we discussed it but it was said that whenever we launch it we discussed. So can you just. Are we now in a position to discuss what could be the realization per megawatt in solar and what could be the margin that we are looking at in the solar segment? In a solar O and M segment.
Sanjeev Agarwal
I think, I think we have addressed the same question last time as well. So basically solar project is depends on the scale of the project. If it is a 10 megawatt, if. It is 100 megawatt, if it is. A 500 megawatt single location per megawatt prices changes. So it ultimately depends to the margin. So somewhere between the industry is varying between 15 plus minus percentage of the revenue of the solar megawatt peak. So we are, we actually since we have lot of synergies within the group. So we will do much better than that. That is, that is on the solar.
Kailash Tarachandani
So just to give you some clarity on what we achieve in terms of revenues per megawatt, so broadly for wind it varies from 8 lakh to 10 lakh rupees per megawatt in terms of revenues and the margins are 45 to 50% for us. And for the solar part, broadly, 2 lakh rupees per megawatt is the revenue which we have across all the 1.6 gigawatt of portfolio with us. And broadly the margins are at around 20% for this portfolio.
Vikas Agarwal
Okay, and can I just put in one more question if I may?
Kailash Tarachandani
Yes please.
Vikas Agarwal
Yeah. Regarding the wind sector, what is the present challenges as in whatever reports we read and whatever articles we see, I mean they are very negative about the sector. And why is it so? Because we don’t see anything negative about it. Even we understand the simple logic that Bess is not financial economically possible and we see wind as a part of the total pie. So why is the whole thing isn’t anything that any particular development that is pushing back the sector or they’re putting a negative stance on a sector?
Devansh Jain
Just answer this very quickly. I’m not sure where you are reading negative report, but fundamentally I think wind is booming. The government is pushing wind more and more. I think the targets are too be north of 15 gigawatts a year. We’re probably guiding for 5 to 6 this year moving up to 7 to. 8 and then 10. Last year we did about 4 and a half gigawatt which is about 140% growth compared to the previous year. 4.5 to 6 should be another 40% growth. So I think fundamentally I’m not sure where you’re reading negative articles. I think on the contrary, it’s only positive articles. Second, if you’re talking about vest, the entire market is now moving towards RTC projects where you have wind, solar hybrid battery has become competitive but from a grid stability perspective from larger power being fed into the system during non solar hours. Renewables wind is the cheapest source of power.
And to that extent you’ll increasingly see more and more wind going into the grid as battery also kicks into the system which is becoming increasingly more competitive. So that’s what the reality is.
Vikas Agarwal
Thank you, sir. As a one more thing, in Iono screen, as in whenever the inoff wind executes a particular project, it gets added to the inos green. So when does the revenue started flow starts to flow in iron of green. In regarding to that pullback asset for.
Sanjeev Agarwal
Solar, are you asking about.
Vikas Agarwal
No for the wind wind part. If you can answer for both.
Sanjeev Agarwal
Recognize the revenue right away as per the accounting policies, cash flow starts from after the warranty period elapses which is two years.
Vikas Agarwal
Payment is made by inoff unit as in is including the cost of the turbine and in past on some separately.
Kailash Tarachandani
I think this is a question which you’ve addressed multiple times. We can have a separate discussion.
Vikas Agarwal
Okay, thank you.
Kailash Tarachandani
Hi, can we have just two questions because I think the question queue is pretty long so we can have two questions per participant please.
operator
Okay, sure. Sir, the next question comes from the line of prananjay Maheshwari from SSL. Please go ahead. Mr. Maheshwari, your line has been unmuted. Please go ahead with your question as there is no response. We’ll move on to the next question. It’s from the line of Bhavik Shah from Invexa Capital. Please go ahead.
Bhavik Shah
Yeah. Hello sir. So my question is receivables and inventory days are still quite high. So what is the guidance for say FY26 at what levels are we comfortable with?
Sanjeev Agarwal
So in terms of the revenue and in terms of the guidance which we have already provided earlier the working capital net working capital days would be somewhere around 120 odd days which we which we continue to maintain over debtors and as an inventory as we have retreated will be declined as we are do more and more execution as our payment terms I like are is like this that you know some payment are received on the on the commissioning of the wtgs. So we are maintaining our guidance of working networking capital days of 120 days.
Bhavik Shah
Okay. And sir, in in green when we say we are going to scale it from 5 to 17 can you share the mix of say solar and wind and also what portion will be in from inorganic? Do we have any guidance there?
Devansh Jain
No Bhavik, we don’t give specific guidances and as we said wind would be a majority part of that equation. But we will not be giving spreading that out in more details.
Bhavik Shah
And the last question on order inflows in Inox wind, what kind of order inflows are we looking in FY26.
Kailash Tarachandani
As. Today we have 3.1 to 3.2 gigawatt which covers broadly our two years order. We are continuously engaging our customers. Most of our private customers are repeat customers from that point of view. We have also bidded large I would say PSU 10 range. Some of them are expected over next one to two quarter maximum. So in coming time you will see quite a few announcements as we close the final contracts and get the advances also. Then only we announce this. So let’s wait for some time.
Bhavik Shah
So what is the quantum of the project?
operator
I’m sorry to interrupt. Please come back in the queue for further question. Yeah.
Sanjeev Agarwal
So let me, let me complete that statement. This is Sanjeev. So you said where are we expanding? I would say we are expanding both horizontally and vertically. And when I say horizontally, I said in my statement we want to retain our existing customers. Whoever has been who has been our customer keeps on coming back to us based on how we perform for them. So our strategy remains that the existing customers should always be there whenever they plan. We discuss much in advance. And vertical is to bring in more and more customers. You must have seen our first quarter announcement.
We brought First Energy, the Sumax group in our fold. So endeavor remain with existing commerce and keep on expanding our portfolio bringing new customers. Thank you, Bhavi.
operator
Thank you. Next question comes from the line of Kapil Malhotra from an individual investor. Please go ahead.
Kapil Malhotra
Thank you so much. I just wanted some more clarification on the execution guidelines for the year though, you know, some light has already already been put on it. So we did 146 megawatt. The overall target is the guidance is 1200 and typically last two years. What I have seen from the reports is it’s a 40, 60 kind of a split and not kind of 3565. But even if we assume 35, 65, which means roughly 275 megawatt to be executed in Q2, I just wanted some kind of, some kind of a guidance that more or less things would be in the similar lines.
Devansh Jain
33% is on it. We need about 250. But broadly it’s about 3365.
Anshuman Ashit
Yeah, see we are on track for what we stated in our initial remarks as well. So 35% is broadly the first of execution guidance out of the 1200 megawatt which we guided for the full year. And we feel we are on track for it.
Sanjeev Agarwal
And just to add up that that is not 35 is a 680 number that is ranging from 30 to 35%. So you know, plus minus 2, 3%. Can come on a quarter here and there. So as Mr. Sanjeev has retreated again and again that we are in line with 100 megawatt of aggregation and you will see, you know, ramp up in quarter three, quarter three onwards.
Devansh Jain
Look I think we’ve clarified it a number of times. I think over the past two years we’ve gone from 100 megawatts to about 750 megawatts. And I think, you know, we are not fixated about plus, minus 50 megawatts. So let’s not hold that. You know, to the caller. I think Sanjeev and Kailash Books have been very, very clear. We are well on track for about 1200 megawatts. Whether we did 400 or we did 380 or whether we did 430, it really doesn’t matter. I think we have the supply chain. We have the orders, we have the execution going on on the ground.
So I think we are very confident as a company to achieve 1200 megawatts over the course of this financial year.
Kapil Malhotra
Right, thank you so much. My second question is I think we’ve got an overall capacity of 2.5 gigawatts now. Best case scenario, in case we get more orders in the coming year and the growth is there, assuming the same capacity, I’m sure the capacity itself would be, would get added on. Assuming the same capacity of 2.5 gigawatts. What is the best utilization numbers. Utilization percentage numbers that one can expect from the same capacity.
Sanjeev Agarwal
So Kapil, this is Sanjeev. I would not put a percentage there but I would like to say to all our investors, you know, we have, we have a 3.1 gigawatt of order backlogs to be executed at this point in time. Capacity to execute on our shop flows stands at 2.5. I also said in the statement that our new nasal plant in Ahmedabad has been commissioned. Now we have a trafo factory in Jaipur, again commissioned. We are now planning to open up a new factory in south part of India. I think all these combined capacities would be operational.
I mean are operating at 100% capacity utilization. And we are looking at more and more avenues to, to produce and to satisfy our customers. In terms of faster execution, I think the goal has been set to beat the industry in terms of how can we move faster and execute it better so that we are being looked at some type of a market leader on the execution.
Kapil Malhotra
Okay, thank you.
operator
The next question comes from the line of Ketan Panchal, an individual investor. Please go ahead.
Ketan Panchal
[Foreign Speech]
Sanjeev Agarwal
[Foreign Speech]
Ketan Panchal
[Foreign Speech]
Sanjeev Agarwal
Okay, firstly on your question on the previous year achievement. So let’s just now not be fixated on the megawattage. In terms of the EBITDA and the PAT achievements, it was much higher than what we had guided. In fact, in terms of EBITDA margins also what we had started with was around 50% then gradually moved on to 16 17% for the full year of FY25 and we achieved much higher than that for the full year basis. So as we’ve been stating it’s not we just fixated on the megawattage numbers. The that can change. In fact if you look at our execution on a year on year basis, last year was 376 FY24 FY25 it was almost double and our FY26 targets almost 66% higher.
Then again 66% higher guidance for FY27 as well. So we are moving at a very rapid pace. A quarter here and there, 5,000 megawatts here and there can happen and that’s just part and parcel of what we do in our business.
Ketan Panchal
And what about Order Book Group? Sir,
Kailash Tarachandani
I think we already replied on that we already have 3.1 3.2 gigawatt this all marco clients believe in building. Up our relationship such a way and. As Sanji replied also these customers keep. Giving, you know, repeat business. We are also growing vertically in terms. Of finding is not about arrogance but. We’Re finding the right customer who are fully financially capable. You know they can execute many times the perception of wind is difficult to execute. Why it happens because a lot of these new ipps are not able to execute this project. We believe in taking the right partner right selection and as I said we have also bidded quite a few psu. So I don’t see you know order booking is anywhere any kind of problem right now. We expect lot of orders to be announced over next few months. As such
Ketan Panchal
can you guide us that the order book will stay at minimum 3 level as a base
Sanjeev Agarwal
your voice is not audible. A lot of disturbance. Can we move to the next?
operator
Yes sir, the next question comes from the line of Pavik Bhavsar with Investec. Please go ahead.
Bhavik Bhavsar
Hi sir. So can you talk about the upcoming beta pipeline in megawatts and are there are they secchi or state bids? See.
S. K. Mathu Sudhana
So if you see between April and July around 12 to 15 gigawatt of PPAs were signed. So at April we had around 40 gigawatt of pending PPAs projects which were already awarded but PPAs not signed and that number declined between 25 to 30 odd years. So what we feel is that this 10 gigawatt which spans hybrid, some plain vanilla, wind and solar as well will come into the fold over the next quarter or so because it takes generally three months for all these developers from the PBA to get the financial closure done and then they award the contracts to the likes of us.
So that is what we believe the pipeline will be. And as we stated, 5 to 6 gigawatt is what we expect the overall capacity addition to be in terms of wind in this financial year.
Kailash Tarachandani
And just to add for our customers client, I think there’s a fair balance between PSU C and I market as well as you know some of the clients who are doing for Safi project as such. So we don’t depend only on Seiki. There’s a few already a huge, you know, 10 gigawatt plus kind of pipeline. C and I market is hot, you know in terms of still a lot of our clients which are doing cni. So we don’t see that as becoming anywhere any sort of bottleneck.
Bhavik Bhavsar
Okay. Okay, thank you. And just one more question. So is there any target O and M company that we are looking to acquire?
S. K. Mathu Sudhana
Obviously we cannot state that.
Bhavik Bhavsar
Okay. Okay. Thank you.
operator
The next question comes from the line of Krish with mlp. Please go ahead.
Unidentified Participant
Hi sir. Thank you for the opportunity. Sir, one quick question. Sir. Our full year guidance for this year. Is around 1200 megawatt. And you know we have, we have been seeing 3565 first half, second half which implies around 420 megawatt for the first half and we have done around 146. So are we on track to do. The 275 or how should we think about it considering the heavy monsoon.
S. K. Mathu Sudhana
Just two questions back. We addressed this. Don’t be fixated. 35, 35% is what we said but it’s not exact. It ranges from 30 to 35. Okay. And that is generally what the industry also if you see across the industry that’s the number which is there. So and broadcast broadly you will have to look at the annual guidance which we give and that will majorly start reflecting from Q3 onwards.
Unidentified Participant
Okay. Okay. Because the ask rate for the next 3/4, even if 2Q does not turn out to be as strong as expected then the ask rate for the last quarter becomes very high.
Devansh Jain
Yeah, I don’t understand this question. I’m hearing probably for the fourth time. I mean we typically do 33%, 66%, 35, 65, 30, 70. I don’t know what the love is about 1, 2. Frankly speaking we went from executing 90 megawatts a quarter to doing over 250 megawatts a quarter. So frankly speaking here we’re already on a 150 broad run rate at this point in time, which is in the leanest quarter of the year, we already have manufacturing capacity which is in excess of 400 megawatts. We are building more blade capacity in south of India. We’ve set up a new nacelle plant which is announced in our quarterly results.
So frankly I’m unable to understand what is the love with 50 megawatts more or 50 megawatts less when we are guiding for 1200 megahertz, we are guiding for 1200 megawatts. Last year we guided for 15%, upgraded it to 16, upgraded it to 17. We ended the year with 21%. Our profitability numbers last year were 25% ahead of what we guided in the market. So I mean, let me be very clear. At Inox we are driven by profitability. We are not driven by just mere numbers with no profitability. Our order books are firm agreements with contracts in place and advances in place.
I mean, if you want to talk about Mous and Lois, we have multi gigawatt Mous and Lois sitting in I ecosystem across some of the largest players in India which we’ve not announced and spoken of because that is meaningless and unlike some other players in the market, we don’t want to do that.
operator
Thank you. The next question comes from the line of Shweta Dixit with systematic group. Please go ahead.
Shweta Dikshit
Hi, good evening. Thank you for the opportunity. My one question is on the line of green, could you just highlight what has led to the increase in other income that is almost 10 times on a Y and Y basis? What is contributing to this? How do we build this going forward? How do we expect this to change going forward?
Sanjeev Agarwal
And has been given in their opening remarks that you know, other income is part, integral part of the INOS green revenue and this comes through the value addition services which we provide to our customers. Furthermore, we have invested in some of the special situation funds which in turn control 2 gigawatt of OM assets through which the income has been recognized here. So you know, as Mr. Matthew has said in their opening statement, currently we control 2 gigawatt of the O and M assets over and above the 1 of the portfolio which we have shown this other income part will continue to be there and on quarter on quarter basis and it will remain and will increase on quarter on quarter basis going forward.
If you have anything specific questions in. Terms of the breakup and in terms of the details you can touch in.
Shweta Dikshit
With, I think that is why I probably missed the point. Apologies for that. Next, the second question,
Devansh Jain
if you need. Any specific numbers and how this works. I mean, get on a call with investor relations team and I think they’ll take you through how to do the modeling for that.
Sanjeev Agarwal
Yeah.
Shweta Dikshit
Okay, thank you. Next question is basically an industry view. When we look at the overall wind capacity addition, we are looking at a decline of 13% on a Q on Q on a Y and Y basis industry level, that is 1.6 gigawatt of wind capacity that got added. However, other major players in the segment are recording growth of 60% while we are at 4% y and y growth. In terms of installations, are we still, I mean, is there any potential market share loss that we’re looking at or everything is stable?
Devansh Jain
Just to reiterate, I think we only, you know, at times I think we need to move beyond megawattage. Yeah, I think we need to focus a little bit on the profitability numbers as well. Our cash PAT is up 168%. Our PAT is up 135%. Our PBT is up 167%. I mean 6 megawatts. If we made this 180 megawatts, which is maybe above, you know, the 16 point you talk about in the industry. I mean 30 megawatts or 40 megawatts will not make us sexy. I think what makes us sexy is our overall profitability. Us beating guidances for the full year, quarter on quarter, I think that is important.
I think we did that last year. Yes, we probably missed it by 50, 70 megawatt. But in terms of profitability we were way higher than what we had guided both EBITDA and pat. This is not a question of losing market share, frankly. We’re sitting on a 3.2 gigawatt form order book with advances paid, signed agreements, we sold out for the next two years. How much more? I mean the longest lead time you get between kind of explained multiple times in the past as well. You can’t have a three or four year order book. It’s humbug.
It’s utter rubbish. We don’t want to talk about Lois and Mous over here. I just said that on my previous question. We have multi gigawatt Lois and Mou sitting in the ecosystem across some of India’s largest corporates. That’s of no meaning to us because unless it becomes a firm binding agreement with advances in place, there’s no point adding it today. No one’s going to pay me advances for a project which will come up three or four years from today. And if someone in the industry is being paid that, then it’s utter Crap. From our perspective, we had to.
Two years ago we had taken a lot of PSU orders. We had to move away from PSUs and diversify. We today have at least 12 large IPPs in the ecosystem. We had to move away from turnkey to equipment supply. Today we are sitting on virtually, broadly 50% equipment supply, 50% turnkey. As Kailash mentioned in his remarks, we have currently bid out for multiple PSU projects after a long time. That’s because we are diversifying our portfolio back again to more PSUs as a lot of our PSU orders are being commissioned and getting consummated in terms of supplies.
So I think frankly speaking, taking in orders is the reserve issues, executing, doing 50 megawatt finance. Frankly, I don’t think we should be bothered about that. I think what we should focus on is the larger objective. We’re talking of 700 going to 1200. We’re talking of 1200 going to 2 gigawatt. We’ve just operationalized a new nacelle plant. Why are we operationalizing that if we don’t need capacity? We’re building a new blade plant in South India because we need a lot of supplies in South India and we don’t have blades in South India. Logistically, moving it from the north is not just time consuming, it also costs more money.
So I think, you know, we need to go beyond just a plain Excel sheet and looking at 4%, 3%, 8% and if you’re so fixated to that, then focus on the 140% growth and 170% growth in actual profitability as well. And I’m saying that this has been three weeks since our numbers came out. It’s not that we’ve declared our numbers today morning and you are asking us these questions.
Shweta Dikshit
Okay, understood. Thank you.
operator
Thank you. The next question comes from the line of Ketan Gandhi with Gandhi Securities. Please go ahead.
Ketan Gandhi
Hi sir. Sir, in opening remark you said about there is some notification from CERC for. Can you throw some light on that amendment with respect to the industry? How it would be, how it would be helpful to the industry and our company. Thank you.
Anshuman Ashit
So it just came out yesterday in which they allowed the hybridization of the existing transmission infra beyond 50 megawatt at a particular location. How it helps us as a company is that across all Inox Wind Green, Inox Renewable Solutions as well as one of our companies under Inox Clean, which is Inox Solar. Everyone benefits due to this because a large part of the project infrastructure which we built is currently evacuating Only wind power. Now we can hybridize it and this gives us multiple times evacuation ready plug and play infra to set up the upcoming projects into that.
So the execution then expedites because we don’t have to build new infra. Our infra is already there, it’s now hybridized so it’s very good. I would say it has been coming. Some of the states had already declared it the likes of Gujarat and Rajasthan but now that it has come on a pan India basis it helps us expedite the project execution much faster.
Devansh Jain
I think also just to add, I think it gives us access to to almost 10 gigawatts of plug and play infrastructure across wind and solar which is huge. I don’t think anybody in India Barring maybe one or two massive PSUs and a large Indian conglomerate have access to this kind of plug and play common infrastructure. So it should be game changing for us. Kailash
Kailash Tarachandani
just wanted to add on what Anshuman said that this is other way. Also that there are a lot of. Solar alone project and people will look for wind along with that. So that is another boost for AMOCs banks.
Ketan Gandhi
I think it will be fantastic for us and the whole industry. Thank you and all the best Devansh.
Devansh Jain
Thank you. I mean certainly for us given our common infrastructure, the industry, those who control infrastructure will certainly benefit out of it.
Ketan Gandhi
Thank you sir.
operator
The next question comes from Preet Nagarsek with Velpsenvisa. Please go ahead.
Unidentified Participant
Two questions. One is with the money that gets raised via the rice will this result in paring down whatever remainder of debt there is? I know the net cash, we still have some debt so do we plan to use it for that purpose or what would be the purpose of the money?
Anshuman Ashit
So in terms of the proceeds from. The right issue, you know as mentioned in the document as well the five 60 crore rupees paired on the NCP and the balance amount will be which. Which is fully invested by the promoters upfront. Furthermore the balance amount is is used for the pairing of the debt. Obviously that will increase our net cash balance as we from the last multiple quarters we are in net cash position which will strengthen our net cash position by you know five by adding this money obviously we will look out as the other opportunities might be, you know expanding our businesses in in terms of backward integration or in terms of the future acquisitions as well.
Unidentified Participant
Got it. Okay. Regarding Inox Green the question I had is that there’s a mention of a 2 gigawatt capacity being added but when is this something that we can see it consolidated into the company itself. Is that some kind of timeline here?
Anshuman Ashit
So we have not that we have. Added 2 gigawatt capacity. We invested in a special situation fund which controls 2 gigawatt of the capacity that in terms of the reflecting the same in our P and L that depending on the judiciary procedure which we believe it will take around another six to nine months.
Unidentified Participant
Okay, so is it safe to.
Anshuman Ashit
But the benefit of the theme will. Start reflecting in our P and L statement from this quarter. So irrespective of the fact that whether it will become or not that will start reflecting our P and L statement.
Unidentified Participant
It’S safe to say that the. I remember Devansh a couple of years back had said that Inox Green will be a 6 gigawatt company wind specifically I’m ignoring the solar piece right now towards the end of FY26. So with this 2 gigawatt another unit being executed organically, we should easily surpass that number by the end of FY26. Is that safe?
Devansh Jain
We’ve already exceeded that currently as we sit we currently have about 6 gigawatt of wind including the 2 gigawatt and we potentially and we have probably about 1.7 gigawatts of solar. So we’ve probably already crossed that.
Unidentified Participant
That’s amazing. Coming so ahead of guidance, you also briefly mentioned a scale up further scale up on this and there could be some multi gigawatt other bidding around it. Could you share any color on this? Any more detail?
Devansh Jain
Look, we’ve said, you know, we, I mean Matthew mentioned that in his opening remarks and I think we reiterated that in my comments where we’re seeing we’re taking 5 gigawatts to 70 over the next two years. When we had IPO’d, our vision ambition was to be a 10 gigawatt company eventually. Happy to say it’s been what, two to three years. By end of this year and in broadly four and a half years we would be roughly 17 gigawatt company. So that’s literally 75% higher than whatever vision we had set out to achieve. As you know, we already have about 4.5.4 gigawatts in our control.
2 gigawatts is indirectly controlled by us through the Special Situations Fund. So it’s almost 7 and a half gigawatt currently plus this year’s wind execution and next year’s wind execution plus solar execution plus strategic acquisitions if you’re looking at. So I think, yeah, as I said, I think we’re extremely bullish on inorgan And I believe that’s going to be a massive, massive annuity cash flow business for Iron Oxford and obviously for all the green shareholders.
Kailash Tarachandani
So I’d like to add four points in this. I mentioned in my opening comments that some of the large conglomerates who are having multi gigawatts portfolio have strategically changed their position from doing their self o to outsourcing model.
So wherein we are actually in discussion and in the bid phase with those large companies. So sooner we will get some of the chunk which will add our growth much beyond than that much faster.
Unidentified Participant
Thank you. Amazing. That’s truly amazing. Given that both FY26 and FY28 guidelines of say close to 10 GHz wind capacity could come much earlier. Wonderful. Thank you and all the best.
Devansh Jain
Thank you.
operator
The next question comes from the line of Pratik Giri with Shublal Research. Please go ahead.
Prateek Giri
Hello. Am I audible?
Anshuman Ashit
Yes, you are.
Prateek Giri
Greetings everyone. Thank you for the opportunity. Devansh, my first question is regarding your guidance to reduce the mix of Ketu equipment supply from you know, the current 6535 to roughly around 50 50. I want to get your perspective on will it not lead to entry of newer EPC players in the sector leading to increased competition because eventually they would want to backward integrate into turbine manufacturing which will increase the competitive intensity. If you can throw some light on this Devansh.
Kailash Tarachandani
No, just to first add on that and if Devan something else can further add on that. I think as we continue to ramp up say from 7,800megawatt to 1.2 gigawatt to 2 gigawatt now I think somewhere we have to take the advantage because there’s so many ipps coming and they are also developing. So this is a huge opportunity in terms of equipment supply and that’s how this ratio is changing. To say that I’m reducing our pipeline or reducing our turnkey it is not. We are continuously moving on that positive direction. We continue to get more and more plug and play getting ready.
It is only in order to take the advantage of further growth in the sector as we go today. Also you know we have huge pipelines in turnkey and we will continue to do whether it is, you know, for our esteemed customer or new customer and we do a lot of handholding with lot of new customers also which are coming in this sector who possibly doesn’t know, you know, in terms of doing the completely tanky as such. So it’s a mix of that adding on that that but you know we are not reducing turnkey. We are not.
It doesn’t mean that we are losing anywhere into the competition. What you said, just said that Tanki will continue to do what we are doing today at the rate of whatever, 500, 600, 700, mega, whatever is the right opportunity. But beyond that, since the equipment supply opportunities are coming in a large way, we continue to capture more and more market share from that.
Sanjeev Agarwal
Let me add also here, Pratik, this is Sanjeev. So I think we are the, we are probably the only one left in India who has the specialization to do the complete turnkey epc. From getting the land, to commission it and then handing it over the units back to the customer. We do not want to leave that space. This has been built over a period of time with expertise, with in house expertise. So we will continue, we will continue to offer these turnkey solutions to all our customers. And when I said we retain our customer is exactly because they love us.
They love to see a single company who can take all their pains and only generate finally the power. So this will remain as it is. It just that you know, when you grow you need to segregate, you need to expand. And once one of our expansion plan is to also look at standalone supply orders. And when I say standalone supply it is just not equipment supply. We remain with the customer in terms of offering them an expert advice on how to build the plant, how to commission the plant and how to operate the plant. So this percentage would vary depending upon the year, depending upon, you know, the order values and the percentage margin that we get.
But let me make it very clear, we are extremely proud to be in this position as probably the Indian only EPC supplier in the wind industry.
Prateek Giri
I get that Sanjeev. Actually I’ll just tell you where I am coming from because there’s one recent entry into the EPC space. Wind EPC space by one of the renowned players from the crane segment. So from there I was drawing this conclusion by it. But I totally get your point. Just one follow up on this.
Devansh Jain
I was hearing your question, you know, investing in wind turbines or getting that supply chain ready and the working capital cost thousands of crores. Putting up a nacelle plant may cost 100, 200 crores which is a piece of cake. It’s like modules in Solar. You have 100 players put up 100 gigawatt but that’s the least of issues. So setting up on a cell plant and saying I’ll make wind turbines, blah blah. The journey to have a solid technology backed turbine is minimum four years and then you need to keep upgrading as we keep taking out better products and the entire supply chain and the working capital is a couple of thousand crores.
So some guy with 100, 200, 300 crores just making announcements and talking for the sake of talking is not what will hold true. So let’s not get excited about bullshit statements out there.
Prateek Giri
I totally get that, Devans. Actually, you know, I’m sure in these times you would also agree that capital ultimately is a commodity, but I totally get your point on the technical aspects of it. Just one follow up on this, Sanjeev, if we can, if this mix is going to change, should we also change the realization for megawatt mathematics which we have been building or doing it so far? 6 crore per megawatt
Devansh Jain
number. We’ve given you a blended number. So I think that more or less covers everything.
Prateek Giri
Understood. My last point, Devansh, I wanted to put this to you and please allow me to say this, that you know, we have noticed that shareholder returns become very uncertain when there’s a significant equity dilution which fortunately, unfortunately has happened in Inox wins case. So I would sincerely request you to remind to your team that minority shareholders are not left high and dry in spite of all good things happening in the sector and in the company they want. Just a point I wanted to put.
Devansh Jain
Since you specifically mentioned that to me. I think we’ve been amongst the best performing stocks in India over the past five years. We have done everything in the long term interest of the the company and we will continue to do whatever we think is right in the long term interest of this company, whether it was merging iwl. As promoters, we did not want that to happen. As in Oxman, we would not want that to happen. So as a group we’ve always focused on minority. I am not going to be driven or colored by short term market apparitions and I am not driven by the fact someone entered at a higher price.
Someone entered at a lower price in. If you look at our CAGR returns over the past five years, we’ve probably been in the top 10 or 15 stocks in this country. So frankly speaking is management. I think our team is doing whatever it takes to deliver numbers, profitability, execution on the ground. And as promoters, entrepreneurs, we are backing them and doing everything which is in the long term interest of this company. So frankly speaking, I would not hear anything about us not being able to protect minority investor returns.
Prateek Giri
No, I get that Devansh. That was not the point. It was just that the equity Dilution that has happened. The profits generated which I am very hopeful and I’m very sure which will happen in the future are pratik.
Devansh Jain
We will continue to do that. And again as I said, what is more important for us is the long term growth of this company.
Prateek Giri
Certainly, certainly. Thanks a lot for the opportunity. Devans, good luck to the team.
Devansh Jain
Thank you. Thank you.
operator
The next question comes from the line of Nandan, an individual investor. Please go ahead.
Sanjeev Agarwal
Before Nandan begins, we’ll take this as the last question. Please. Go ahead.
operator
Nandan, your line has been unmuted. Please go ahead with your question.
Unidentified Participant
Hello.
operator
Please go ahead.
Unidentified Participant
Yeah, yeah, hi. Congratulations on a great set of number numbers. Just two questions from my end. Number one, I understand that we’re sold out for the next two years and which is a great thing but is there some sort of opportunity loss in terms of loss of customers to a competitor? Second question is in the lines of gst. So there’s a lot of news going around about the GST rates in the renewable sector being cut from 12% to 5%. I understand the meeting is going to happen sometime this week. So do we see any sort of tailwinds due to the rate cuts? GST rate cuts?
Devansh Jain
Look, with respect to your first question with respect to our orders, I think Sanjeev reiterated it multiple times. Kailash reiterated it. I think we are growing it both horizontally and vertically where we are building on our existing relationships and we are diversifying to newer customers. And that’s true across ntpc, cesc, Amplus, Multiple orders, First Energy, Hero, Continuum, nlc. So that will continue to be the strategy. Some orders, I mean we cannot be the sole supplier to any one customer. So some orders we take, some competitors take in certain new accounts, customers, existing suppliers lose and re enter.
And I think that’s how it is. As I mentioned, we have a very diversified book today of 1012 large customers whom we are supplying to team continues to work on newer names. So I think we are very, very solid on that. With respect to the GST Rich Wing cut. Yes, of course it’s a tailwind because your capital costs will go down as a result, investment costs will go down. So returns could go higher or the cost of energy could go lower. Whichever way it is, it benefits the nation.
Unidentified Participant
Just one follow up question on the GST aspect. Will it have any impact from a customer point of view in terms of order inflows or is it sort of neutral from that point of view?
Devansh Jain
I mean it will benefit the sector, right? So obviously it will potentially lead to more investments in the sector.
Unidentified Participant
Understood. Thank you. All the best for the next quarter.
operator
Thank you. Ladies and gentlemen. This was the last question for today’s conference call. I now hand the conference over to the management for their closing comments.
Devansh Jain
So I just wanted to end this call by think two things I’ve been hearing, I mean, since our numbers came out about three weeks ago, barring the fact that there may be some micro questions which obviously most people can get on calls with our teams and get those answers, there were two specific areas which I wanted to just assert and focus on. There were questions around execution and order book and in execution, as we have stated earlier as well. Firstly, we are firm on our annual guidance of 1200 for this year and 2000 for next year.
Our profitability numbers have consistently been ahead of what we’ve guided over the past six quarters. We had upgraded our guidances three to four times and we have after two quarters upgraded our guidances further in this quarter. I think what is important for us is profitability and we are always driven by profitability rather than someone talking about 2, 3, 4% here and there in. Terms of. Megawattage on a quarterly basis, annual numbers are what are relevant.
Secondly, with respect to the order book, for us, what was most important was to get into the most leading power producers, which was strategic. And we have achieved that by having initial orders from leading power producers, both PSU and private, whether it was NTPC and then we got two or three orders from ntpc. In fact, I remember concerns earlier that you’re only focused on PSUs two years ago. So then we refocused and spread ourselves across some of the largest ipps, be it cesc, be it Continuum, be it hero, be it Amplus, be it Gentari, Inox, Clean Oyster, nlc.
And I think what we’re doing at this point in time is both horizontal and vertical growth where we are not just building on the existing relationships, but we continue to enter newer names. So First Energy was one. Over the course of the next couple of months we’ll probably hear a couple of newer names which our team has been working on and is in final stages of closing out with those guys. Important is to get into one new customer and once you get in, you keep expanding with those guys. So I think just to sum it up, we are very clear on our execution numbers and I think we are very, very solid in terms of the current order book and in terms of the visibility of building on this.
Plus the fact that we’ve participated in multiple PSU tenders after a point in time to get back more volume in the PSU market. Thank you and look, look forward to connecting with you all in the next quarter.
Sanjeev Agarwal
Thank you so much.
Kailash Tarachandani
Thank you.
operator
Thank you. On behalf of GM Financial. That concludes this conference. Thank you for joining us. And you may now disconnect your lines. Thank you.