Transcript of Conference Call held on 07th August, 2026

IGESL: NOI: 2026 12th August, 2026 The Secretary The Secretary BSE Limited National Stock Exchange of India Limited Phiroze Jeejeebhoy Towers Exchange Plaza, Bandra Kurla Complex Dalal Street Bandra (E) Mumbai 400 001 Mumbai 400 051 Scrip code: 543667 NSE Symbol: INOXGREEN Sub: Transcript of Conference Call held with Investors /Analysts on 07th August, 2026 Dear Sir/ Madam, Pursuant to Regulations 30 and 46(2)(oa) of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, please find enclosed herewith the transcript of the conference call held with the Investors/ Analysts on 07th August, 2026, on the Un-audited Financial Results of the Company for the quarter ended 30th June, 2026. The transcript has been uploaded on the Company's website: https://www.inoxgreen.com You are requested to take the above on record. Thanking You Yours faithfully, For Inox Green Energy Services Limited Anup Kumar Jain Company Secretary Encl: as above “Inox Wind Limited & Inox Green Energy Services Limited Q1 FY27 Earnings Conference Call” August 07, 2026 MANAGEMENT: MR. DEVANSH JAIN – EXECUTIVE DIRECTOR – INOX GFL GROUP MR. AKHIL JINDAL – GROUP CHIEF FINANCIAL OFFICER – INOX GFL GROUP MR. SANJEEV AGARWAL – CHIEF EXECUTIVE OFFICER – INOX WIND MR. S.K. MATHUSUDHANA – CHIEF EXECUTIVE OFFICER – INOX GREEN ENERGY SERVICES LIMITED And other senior members of the management team MODERATOR: MR. VIKRAM DATWANI – NUVAMA INSTITUTIONAL EQUITIES Moderator: Ladies and gentlemen, good day, and welcome to the INOX Wind Limited and INOX Green Energy Services Limited Q1 FY27 Earnings Conference Call. 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 this conference call, please signal an operator by pressing star, then zero on your touch-tone phone. Please note that this conference is being recorded. Page 1 of 17 Inox Wind Limited & Inox Green Energy Services Limited August 07, 202 6 I now hand the conference over to Mr. Vikram Datwani from Nuvama Institutional Equities. Thank you, and over to you, sir. Vikram Datwani: Thank you. Good evening, everyone. On behalf of Nuvama Institutional Equities, I welcome you all to the Q1 FY27 results conference call of INOX Wind Limited and INOX Green Energy Services Limited. We are joined today by Mr. Devansh Jain, Executive Director, INOX GFL Group; Mr. Akhil Jindal, Group CFO, INOX GFL Group; Mr. Sanjeev Agarwal, CEO, INOX Wind; Mr. S.K. Mathusudhana, CEO, INOX Green; and other senior members of the management. I would now like to hand over the call to Mr. Sanjeev Agarwal for his opening remarks. Thank you, and over to you, sir. Sanjeev Agarwal: Thanks, Vikram. Good evening, everyone. I will first brief you on the financial and operational achievements of INOX Wind for the quarter under review as well as other key developments and future roadmap before handing it over to Mathu for his briefing on the development at INOX Green. I'm pleased to inform in quarter 1 FY27 on a consol basis, INOX Wind has reported a revenue of INR872 crores, adjusted EBITDA of INR237 crores, PBT of INR95 crores, PAT of INR64 crores and cash profit of INR153 crores. As per our strategic initiative undertaken in the previous quarters where we have pivoted towards increasing the share of equipment supply in our order mix, we are pleased to inform you that we are making steady progress towards this. Our operations are showing resilience post this pivot. This initiative would help achieve a healthy balance sheet as well as financial robustness. The strategy is expected to yield long-term benefits and reflect meaningfully in the financials Q3 onwards. As of July '26, the share of equipment supply in our order book stood at approximately 59% with the balance 41% being turnkey. This excludes orders received from INOX GFL Group entities and is only for orders received from the third-party entities. The virtuous cycle of interplay with INOX GFL Group entities is playing out well. The growth at our group company, INOX Clean, will lead to larger orders for INOX Wind, INOX Green as well as INOX Renewable Solutions. INOX Clean has plans to set up 3 gigawatt plus capacity of IPP portfolio every year. We are pleased to inform you that INOX Wind has signed an MOU for 1.5 gigawatt. I'll repeat again, 1.5 gigawatt with INOX Clean Energy in June, out of which firm orders have been signed for 500 megawatts so far. Firm orders for the balance 1 gigawatt would be signed in due course of time. In another positive development in the first quarter, we have received an LOA for 200 megawatt from NLC India. This is a repeat order from NLC in the month of July through an extensive tendering process. With this, our order book stands at approximately 4.4 gigawatt. Just to repeat Page 2 of 17 Inox Wind Limited & Inox Green Energy Services Limited August 07, 202 6 again, an order backlog of 4.4 gigawatt as on July 2026. This provides us a clear execution visibility for more than 24 to 36 months. We are strongly placed with all our customers, including C&I, PSU, IPP, captive, that is GFL and retail. Many more tenders as well as negotiations are underway, and we are confident of securing more orders this year. Further, we have a visibility of receiving large recurring orders from INOX Clean Energy over the next few years, as I mentioned before. With respect to our 4X Wind Turbine model, execution is progressing well. The foundation work has been completed. The tower and other main components are ready. We are on track to install the first prototype in the month of August with commercial launch expected by end of FY26. Our expansion plan, and I would like everyone to hear this with open eyes and ears, our expansion plans in INOX Renewable Solutions Limited are also progressing well. Our operational Jaipur transformer factory is gearing up to manufacture our next bigger capacity, which is 4.9 MVA transformers for our 4X series. We also plan to further increase our trafo manufacturing capacity, including medium-sized trafos between 8 to 20 MVA as well as large transformers, which is 100 MVA plus. We also own our own fleet of cranes. Presently, we have 4 of them in operations and more to come in within this financial year. Besides transformers, we plan to manufacture high value-added and high-margin power electronic systems such as inverters, unit substations and energy capacitor systems, which is used in our wind turbines. Our USS is expected to be commercially launched in FY27. All these investments have relatively relative short payback periods and will lead to revenue and margin expansion in IRSL. Further, the demerger of the power evacuation infrastructure business from INOX Green into INOX Renewable Solution has been completed as on August 1, 2026, being the record date. IRSL would now be automatically listed on the stock exchange post receipt of regulatory approvals. Coming to INOX Green, we have received the approval from Hon'ble NCLT Ahmedabad for the acquisition of Wind World India Limited. The acquisition formalities are expected to be completed in quarter 2 FY27. This is a milestone transaction in the renewable space, one where we expect to realize significant business synergies as we integrate the acquired business post completion of the acquisition process. We shall provide further updates on this in our next analyst call. As on June 2026, our O&M portfolio stands at 13.3 gigawatts, including investment made. The Wind industry continues to show excellent transactions -- traction, sorry, driven by macro tailwinds with 1.4 gigawatt wind capacity commissioned in India in quarter 1 FY27. The total installed wind capacity stood at 57.4 gigawatt as on June 2026. We expect to see strong annual wind capacity additions ranging between 8 to 10 gigawatt over the next few years, driven by RTC, FDRE and hybrid capacity additions. In fact, out of t [Showing first 8,000 characters — download PDF for full document]