Questions across 9 calls

Prit Nagersheth

Wealth Finvisor

Inox Wind Limited

Inox Wind Limited CC-Jun26.pdf · 2026-05-29

Yes, hi. This question is for Inox Green. So you mentioned INR600 crores of EBITDA for the following -- for FY27. Now if I do the math, so I'm basically getting, say, the closing capacity for FY26, somewhere around 3.5 gigawatts. For FY27, you'll be executing the f ull 75% additional capacity. But for the full year, maybe one can look at, say, getting a part of that into the calculation. The acquisition of 4.5 gigawatt is still on waiting for NCLT clearances, right, if I'm not wrong. And the additional 2 gigawatt of acquisition is also waiting for more clearances. So how are you getting to the INR600 crores run rate? Is that based on the quarter 4 number for FY27? Or are you expecting this to start coming from quarter 1 itself?

Okay, got it. Thank you, Devansh. Thank you was very useful. And if -- sorry, if someone can give me the sense how much to consider for the Wind side?

Inox Wind Limited CC-Nov25.pdf · 2025-11-14

Yes, hi. So I just wanted to first of all congratulate everybody here. Especially on Inox Green side to achieve a 12.5 gigawatt portfolio. That's just amazing. My question is that given that the assets that could have been acquired have been acquired. And I remember in the last call being said that there is also a chance to add more assets via taking over the O&M portfolios of existing players. So is that a strategy that we still are on? If you could shed some light on that, that would help us understanding the road ahead from here especially on the wind asset side?

Wonderful, Devansh. Just amazing, and thank you for that answer.

Inox Wind Limited CC-Jun25.pdf · 2025-09-01

Two questions. One is with the money that gets raised via rights, will this result in paring down whatever remainder of net debt there is? We are net cash, but we still have some debt. So do we plan to use it for that purpose or what will be the purpose of the money raised?

Got it. Good to know. Regarding INOX Green, the question I had is that, there is a mention of a 2 gigawatt capacity being added. By when is this something that we can see consolidated into the company itself? Is there some kind of timeline here?

Inox Wind Limited CC-Sep25.pdf · 2025-09-01

Two questions. One is with the money that gets raised via rights, will this result in paring down whatever remainder of net debt there is? We are net cash, but we still have some debt. So do we plan to use it for that purpose or what will be the purpose of the money raised?

Got it. Good to know. Regarding INOX Green, the question I had is that, there is a mention of a 2 gigawatt capacity being added. By when is this something that we can see consolidated into the company itself? Is there some kind of timeline here?

Inox Wind Limited CC-Dec24.pdf · 2025-01-31

So really, really happy to see this kind of execution and kudos to the team. I think the real question I wanted to ask is to Devansh. Devansh, the question is that this year, this financial year, I think there's a 1,300 -odd plus kind of megawatts win on th e order book, if I'm correct. And about 700-odd is coming from the group company. So just outside the group company, the company has won around close to 600 megawatts, while a lot of bidding has happened, a lot of winning has happened. So can you shed some light as to why that order win rate is a little bit lower? And what should we be looking at going ahead in terms of where this order book can be?

Inox Wind Limited CC-Jun24.pdf · 2024-08-09

Congratulation on a good set of numbers. So the question I have is regarding the impact of commodity prices. So what we are seeing is that a lot of steel and other commodity prices are coming down. So I wanted to understand if there is a pass through system that you had, or would you gain because of the price is coming down?

Right. The other thing Devansh that I would love to know is that one of the large MNCs is out on the block. Are we looking to participate in that acquiring the business on that MNC?

Inox Wind Limited CC-Mar24.pdf · 2024-05-03

Yes, sir. So I want to understand we setup for the 3 -megawatt execution. The question -- by asking this what I'm trying to understand this our level of readiness, the molds that need to be in place. Does it mean that from Q1 onwards, we should be able to have a more execution than what we've executed in Q4? Could someone shed some light on this.

Okay. This question here was that being net debt free by the first half. But if I look at the kind of EBITDA and the kind of margins and the cash flow that could potentially come from next year, at the end of the first half, how are you planning to see INR600 crores plus money being generated, including say depreciation that you could utilize to pay off the debt? Or is there some plan?

Inox Wind Limited CC-Dec23.pdf ·

So, just to get this right, so equipment supplier, the timing for recognizing the revenue is when the equipment is supplied, and the delivery is completed. Is that what you just meant?

Okay. And in terms of EPC, it is on commissioning. So, could it be that, say, if the evacuation takes time or if there are challenges in commissioning, the revenue recognition will get backhanded? Contract to contract. For example, in a limited scope, EPC, if o ur scope of work doesn't include commissioning. So , we recognize the revenue when the EPC work got completed. Only wherein the commissioning is in our scope, we recognize the revenue based on commissioning of the WTGs. INOX Wind Limited - 10 - 09.02.2024

Capri Global Capital Limited

Capri Global Capital Limited CC-Feb26.pdf · 2026-02-02

Sir, my question is that given that the borrowings announced in the budget is going to be more and this will increase the -- this will result in higher yields for government finances. Do you see an increase on cost of funds for the company because of that for FY '27?

So what happens in the case where banks who are competing with gold loans in companies like Capri Global, for them, their cost of funds do not increase as much as they will be for an NBFC, so because of heightened competition, could this result in the yields on gold loans coming down?