FY25 execution guidance of 800 MW
Management confirmed 800 MW execution target for FY25 is on track, with upside bias but no revision for FY25.
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FY26 execution guidance of 1,200 MW with upside
Management guided for 1,200 MW in FY26, with potential upside due to strong order inflows and pipeline.
EBITDA margin guidance of 16-17% for FY25
Full-year EBITDA margin expected at 16-17%, with quarterly fluctuations; Q1 margins were higher due to mix.
Negligible net interest cost from Q2 FY25 onwards
Post net cash position, interest costs will be negligible, with full-year net finance cost guided at INR 60-75 crore.
FY25 EBITDA margin guidance upgraded to 17%
Management upgraded full-year EBITDA margin guidance from 15% to 17%, citing royalty cessation, backward integration, and scale benefits.
FY25 execution guidance maintained at 800 MW with upside
Execution guidance remains at 800 MW for FY25, but management indicated potential upside due to strong order book and pipeline.
FY26 execution target of 1,200 MW with upside risk
Management guided for ~1,200 MW execution in FY26, with upside risk, backed by existing order book and pipeline.
Capex of INR 50-75 crore annually for molds and maintenance
Annual capex of INR 50-75 crore for larger blade molds and maintenance capex of ~INR 10 crore.
FY26 execution target of 1.2 GW maintained
Management reaffirms full-year execution of 1.2 GW, with H2 expected to contribute ~70%.
EBITDA margin guidance of 18-19% maintained
Despite H1 margins exceeding 22%, management sticks to 18-19% guidance for FY26.
Framework agreements for 1 GW annual recurring orders
Management is negotiating framework agreements with multiple IPPs to secure over 1 GW of annual orders.
CapEx guidance of INR 200 crore for FY26
Capital expenditure for FY26 is guided at INR 200 crore.
FY25 execution target of 800 MW maintained
Management reiterated the 800 MW execution guidance for FY25, with 469 MW completed in 9M and the balance expected in Q4.
FY26 execution target of 1,200 MW+ maintained
Management confirmed the 1,200 MW+ execution guidance for FY26, citing strong order book and project readiness.
FY25 EBITDA margin guidance of 17%+ maintained with potential upgrade
Management maintained 17%+ EBITDA margin guidance for FY25, noting that actual margins are trending higher and could be upgraded.
FY26 EBITDA margin improvement of 100-200 bps from backward integration
Backward integration initiatives (cranes, transformer manufacturing) are expected to add 100-200 bps to EBITDA margins in FY26.
FY26 revenue guidance of over ₹5,000 crore
Consolidated revenue expected to exceed ₹5,000 crore, implying >35% YoY growth.
FY26 EBITDA margin upgraded to 20-22%
EBITDA margin guidance raised from 18-19% to 20-22% for FY26.
FY27 revenue growth of ~75% over FY26
Consolidated revenue expected to grow by approximately 75% in FY27.
FY27 EBITDA margin of 22%
EBITDA margin expected to be around 22% for FY27.