FY26 Overall Growth: 60% YoY
Management reiterated guidance of 60% year-on-year growth across all key performance parameters for FY26, encompassing revenue, EBITDA, and volume metrics.
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Contribution Margin: 23% Annual
Contribution margin expected to normalize at 23% for FY26; Q1's 26% was an outlier driven by high-ASP orders and lower EPC activity.
Industry Wind Installations: 6 GW
Industry expected to commission approximately 6 GW of wind capacity in FY26, up from 4 GW in FY25, signaling execution pace improvement.
Net Interest Cost: ~₹200 Cr/Year
Directional guidance of approximately ₹200 crore annual net interest cost, with Q1's ₹70 crore including ₹14 crore one-time processing fees.
EBITDA Margin Target: 17-18% (plus/minus 1-2%)
Management expects to maintain FY26 margin levels with H2 improvement as operating leverage plays out and one-time investments pan out over the year. Full-year trajectory depends on volume ramp-up in H2.
Capex Guidance: Rs 700 crore (+/- Rs 100 crore)
Investments to support growth and capacity expansion including AI-enabled blade factories for 5 MW series and new product introductions. Separate from Devco land bank investments.
Devco Investment Cap: Rs 500 crore
Financial guardrail set for Devco land bank development. Currently invested at Rs 200-300 crore range. Investments are revolving in nature with stage-gated approach (25% to 50% of project cost).
FY31 Target: 10 GW annual sales (75% wind, 25% solar+best)
Medium-term ambition outlined at investor day two months prior. Capacity transition from current 4.5 GW to 7.5 GW equivalent as manufacturing migrates to higher MW turbines. Growth strategy supported by domestic repowering, international expansion, and storage partnerships.
FY26 Growth Target: 60% across key parameters
Management reiterated guidance of 60% network growth across all key performance parameters for FY26, including revenue, EBITDA, and PAT, driven by execution acceleration in H2.
Market Share Target: 25% for FY26
Targeting 25% market share based on projected 6 GW total wind installations in FY26, up from approximately 20% share historically, with visibility improving as H2 execution ramps up.
EPC Mix Target: 50% by FY28
Strategic target to increase EPC share from current 20% to 50% by FY28, enabling execution control, faster deployment, and improved manufacturing utilization through integrated land-plus-turbine model.
Net Finance Cost: ~₹250 crore for FY26
Guidance of approximately ₹250 crore net finance cost for FY26 (around ₹70 crore per quarter), slightly higher due to SGB bonds issuance and increased working capital from higher execution velocity.
FY26 60% YoY Growth Across Key KPIs
Management reiterated full-year guidance of 60% growth in revenue, EBITDA, and PAT despite Q3 delivery pressures. Confident of meeting targets with Q4 execution expected to see significant jump.
2.5 GW Full-Year Delivery Target
With 1,625 MW already delivered in 9 months, management targets approximately 875 MW in Q4 to meet annual guidance. Execution ramp-up expected in final quarter.
25% Market Share Target by FY26 Year-End
Currently at 10% market share with 6 GW addressable market assumption. Management working to increase share through EPC-led growth and development company pipeline.
3-4 GW Order Pipeline in Discussions
Non-bidding route discussions of 3-4 GW ongoing with CNI segment driving demand. Management expects order book to continue growing each quarter with closing book larger than opening.
FY27 Industry Installations: 8-9 GW
Management projects industry installations to reach 8-9 GW in FY27 based on strong PSU/CNI pipeline and NTPC's shift toward EPC contracts with 2,750 MW in EP pipeline.
Medium-term Target: 15 GW by FY31
Industry expected to reach 15 GW installations by FY31, with 56 GW already installed and 100 GW target by 2030.
DevCo Pipeline: 20-22 GW Identified Sites
Development pipeline of 20-22 GW identified sites with 8-10 GW at advanced stages; EPC conversions expected from June 2026 onward over next 6 months.
Capex Run Rate: ₹600±50 crore
Forward-looking capex guidance of ₹600 crore plus/minus ₹50 crore annually to support capacity expansion and demand growth.