1. IRSL - expanding beyond wind EPC to solar EPC and hybrid RE Delivered - At the Q4 FY25 PPT, IRSL was expanding offerings beyond wind EPC and power evacuation to solar EPC and hybrid RE solutions. By the Q1 FY27 PPT, IRSL had executed \~3.3 GW of projects across India with \~25 ongoing projects, and was entering the BESS EPC segment per the Q4 FY26 PPT.
2. 1,500 MW CESC order execution On track - At the Q4 FY25 PPT, IWL was executing the single largest wind project order of 1,500 MW, a mix of turnkey and equipment supply. The order was bagged from CESC in February 2024 per the Q4 FY24 PPT, and execution of the 1.5 GW order was still ongoing per the Q1 FY27 PPT.
3. 4.X MW WTG license secured Delivered - At the Q4 FY25 PPT, IWL had secured the 4.X MW WTG license, adding it to a portfolio of 2MW and 3MW WTGs under production. A landmark technology agreement for 4.X MW turbines was signed per the Q4 FY24 PPT, and by Q1 FY27 the 4X turbine foundation work was completed with the first prototype on track for installation in August.
4. Inox Green - solar and hybrid O&M entry Delivered - At the Q4 FY25 PPT, IGESL was entering into solar and hybrid project O&M. In April-May 2025, Inox Green added approximately 1.6 GW peak of solar O&M contracts, taking the total renewable O&M portfolio to \~5.1 GW, and added solar projects from KEC International and Inox Clean by Q3 FY26.
5. IGREL - 1.5 GW installed RE capacity in 4-5 years Delivered - At the Q4 FY24 PPT, IGREL, the promoter-level C&I platform, targeted 1.5 GW of installed RE capacity in the next 4-5 years. The target was later raised to 14 GW by FY29, and by Q1 FY27 Inox Clean stood at \~3.2 GW operational within 16 months, on track for 6 GW by FY27.
6. 3.3 MW WTG - first turbine operational in wind season Q1 FY22 Partial - At the Q1 FY22 PPT, management stated the 3.3 MW turbine launch was on track for the ongoing wind season, with the first turbine operational and commercial production commencing immediately thereafter. The first 3.3 MW WTG was produced and dispatched in Q4 FY22, but the Type Certificate from TUV SUD came only in Q1 FY24 and the transition to 3 MW production completed by Q4 FY24.
7. Finance costs - sub Rs 45 cr run rate in Q1 FY24 Delivered - At the Q4 FY23 PPT, management guided finance costs to a run rate of sub Rs 45 cr in Q1 FY24, reducing subsequently from Q4 FY23's Rs 69 cr. The Q4 FY24 exit run rate was \~Rs 35 cr, Q3 FY25 net interest expense including LCBG expenses was Rs 24 cr, and FY25 finance costs were Rs 169 cr.
8. Inox Solar - first 1.2 GW module unit operational by March 2025 Partial - At the announcement dated 11th December 2024, Inox Solar's first solar module manufacturing unit with initial capacity of 1.2 GW in Gujarat (TopCon modules) was expected to be operational by March 2025. No specific disclosure confirms that unit was operational by March 2025, though by Q4 FY26 Inox Clean had reached 6 GW of solar module capacity along with 3 GW of cell manufacturing capacity, indicating the facility came online late.
9. Inox Solar - 5 GW modules and 2.5 GW cells by 2026 Delivered - At the announcement dated 11th December 2024, Inox Solar targeted initial manufacturing capacities of 5 GW of solar modules and 2.5 GW of solar cells by 2026, at an outlined capex of Rs 1,500 crores. By Q4 FY26, Inox Clean had reached 6 GW of solar module and 3 GW of cell manufacturing capacity, with the target since raised to 11 GW.
10. Inox Wind - no battery/BESS manufacturing Delivered - At the Q2 FY26 call, management said Inox Wind has no intention of entering battery/BESS manufacturing, bidding only where battery storage is a subset of projects. No battery/BESS manufacturing entry appears in our record through Q1 FY27; IRSL is entering the BESS EPC segment instead.
11. Inox Clean - 3 GW+ annual IPP capacity addition, 14 GW by FY29 On track - At the Q4 FY26 call, Inox Clean Energy targeted capacity addition of 14 GW by FY29, planning to add almost 3 GW+ annually, of which about 20% to 30% was expected to be wind. By Q1 FY27, Inox Clean had reached \~3.2 GW operational within 16 months, on track for 6 GW by FY27, with 25-30% of annual additions going to wind.
12. Inox Green O&M EBITDA margin - \~50% on wind portfolio Delivered - At the Q1 FY27 call, management maintained the Inox Green O&M EBITDA margin guidance of \~50% on the wind O&M business, excluding treasury income. Q4 FY26 annualized EBITDA of Rs 210 cr on turnover of Rs 426 cr was a \~50% margin, and Q1 FY27 EBITDA of Rs 57 cr on total income of Rs 101 cr was \~56%.
13. USS (unit substation) - commercial launch in FY27 On track - At the Q1 FY27 call, management said the USS (unit substation) was expected to be commercially launched in FY27, alongside transformer capacity expansion for 8-20 MVA medium and 100 MVA+ large transformers. The Jaipur transformer facility was operational, manufacturing up to 3.5 MVA at present and gearing up for 4.9 MVA transformers for the 4X series.
14. 100% indigenization of wind turbine components - before end of calendar year On track - At the Q1 FY27 call, management committed to \~100% indigenization of wind turbine components for both 3X and 4X models "before end of the calendar year". At that point, almost 80% to 90% of components were indigenized, with the balance 10% being converted to Indian make.
15. IRSL (RESCO) listing - within 2-3 months post record date On track - At the Q1 FY27 call, management expected the IRSL (RESCO) listing within "2 months, 3 months" post record date, subject to regulatory approvals. The demerger was completed as on August 1, 2026 (record date), with IRSL to be automatically listed post regulatory approvals; listing was not yet completed as of the Q1 FY27 call.
16. Equipment supply share - increase to 75% going forward On track - At the Q4 FY26 call, management planned to increase the equipment-supply share of the order mix from the current 50:50 "to 75% going forward", noting the order book had pivoted to "almost 75% to 80%" equipment supply. As of July 2026, equipment supply was \~59% of the third-party order book (41% turnkey), with management reporting steady progress on this pivot.
17. Inox Clean - minimum 500 MW orders for Inox Wind Delivered - At the Q3 FY26 call, management said in closing remarks that Inox Clean will provide a minimum 500 megawatt of orders for Inox Wind and large portfolio addition for Inox Green. An MOU for 1.5 GW was signed with Inox Clean Energy in June, with a firm agreement for the first tranche of 500 MW for an amount of upto Rs 3,500 cr.
18. 6.5 GW wind O&M asset acquisition - completion soon On track - At the Q3 FY26 call, Inox Green management expected completion of the 6.5 GW wind O&M asset acquisition soon, after which consolidation would result in a multi-fold increase in consolidated EBITDA and PAT for FY27 over FY26. NCLT Ahmedabad approval for the \~4.5 GW Wind World India portfolio was received in Q1 FY27, with formalities expected to complete in Q2 FY27; the second acquired entity was still pending.
19. Inox Green FY27 EBITDA - upwards of Rs 600 cr On track - At the Q3 FY26 call, Inox Green management guided FY27 EBITDA upwards of INR 600 crores on the entire 13.3 GW portfolio, maintained through Q4 FY26 and reiterated at Q1 FY27. Q1 FY27 EBITDA was Rs 57 cr and Q4 FY26 annualized EBITDA was Rs 210 cr, with management saying the INR 600 cr is achievable on an annualized basis from Q3, Q4 onwards post Wind World consolidation.
20. Working capital - 200 days by FY26 end, \~150 days by FY27 On track - At the Q3 FY26 call, management targeted 200 days of working capital by FY26 end, with a long-run target of 120-150 days and \~150 odd days by FY27. Q3 FY26 working capital days were broadly 200-210 days, the cycle was brought down by \~15 days in Q4 FY26, and improvement continued into Q1 FY27.
21. FY27 revenue growth - \~75% over FY26, EBITDA margin 20-22% On track - At the Q3 FY26 call, management guided FY27 consolidated revenue growth of around 75% over FY26 with EBITDA margin of 20-22%, reiterated at the 13th February 2026 announcement and maintained through Q1 FY27. Q1 FY27 revenue was Rs 814 cr, flat YoY, with EBITDA margin of 18.73% per reported financials, and management said H1 math is "almost on track barring 5%, 10%".
22. FY26 EBITDA margin - 20-22% Delivered - At the Q3 FY26 call, management substantially upgraded full-year FY26 EBITDA margin guidance to 20-22% versus 18-19% earlier, also announced on 13th February 2026. FY26 EBITDA margin was 20.27% per reported financials on an OPM basis, and the Q4 FY26 PPT showed FY26 EBITDA of Rs 1,232 cr on total income of Rs 4,569 cr, about 27%.
23. FY26 revenue - over Rs 5,000 cr, >35% YoY growth Missed - At the Q3 FY26 call, management guided FY26 consolidated revenue of over INR 5,000 crore, translating to over 35% Y-o-Y growth, also announced on 13th February 2026. FY26 revenue was Rs 4,397 cr per reported financials with growth of 23.61%, and management acknowledged an INR 400 cr shortfall versus the INR 5,000 cr guideline, stating it achieved INR 4,600 cr.
24. Inox Green O&M benefit from 2 GW special situation fund - P&L from Q1 FY26 Partial - At the Q1 FY26 call, management said the benefit of the \~2 GW of O&M assets controlled via a special situation fund investment would start reflecting in Inox Green's P&L from that quarter, with the judicial procedure expected to take around another six to nine months. Q1 FY26 total income was Rs 98 cr (+79% YoY), but through Q1 FY27 the 2 acquired portfolios remained accounted for under Ind AS 109 as investments, with only \~4 GW consolidated.
25. Inox Green portfolio - 17 GW within two years from Q1 FY26 On track - At the Q1 FY26 call, management guided Inox Green portfolio scale-up from \~5 GW currently to about 17 GW over the next two years, with wind forming the majority, reiterated at Q2 FY26. The portfolio stood at \~5.1 GW in Q1 FY26, 12.5 GW by Q2 FY26 including investments to acquire 6.5 GW, and \~13.3 GWp by Q1 FY27.
26. Net working capital days - \~120 days for FY26 Missed - At the Q1 FY26 call, management guided net working capital days of \~120 days for FY26, maintained from earlier guidance. The target was revised mid-year to 200 days by FY26 end, and actual working capital days were broadly 200-210 in Q3 FY26, with the cycle brought down by \~15 days in Q4 FY26.
27. FY27 execution - 2 GW Pending - At the Q1 FY26 call, management guided FY27 execution of 2 GW (2,000 MW), reaffirmed by Devansh Jain as "firm on our annual guidance of 1,200 for this year and 2,000 for next year", with PPTs targeting >2 GW of annual execution in FY27. By Q4 FY26 management declined to give megawatt-specific guidance, and in Q1 FY27 the \~4.4 GW order book provided execution visibility for more than 24 to 36 months with no MW outcome disclosed.
28. 4 MW turbine commercial production - H2 FY26 or Q4 FY26 On track - At the Q3 FY25 call, management expected commercial production of the 4 MW turbine to start "more in the second half of, or possibly go towards more quarter 4 '26". The launch was subsequently guided to within CY26, and in Q1 FY27 the 4X turbine foundation work was completed with the first prototype on track for installation in August and commercial launch expected about a month later.
29. FY26-FY27 capex - Rs 50-75 cr per year Missed - At the Q3 FY25 call, management guided capex for FY26 and FY27 "between INR50 crores to INR75 crores". The plan was revised upward to around INR 200 crores for each of FY26 and FY27, with around INR 150 odd crores expended in 9M FY26.
30. Nacelle unit, cranes, transformer lines - operational in Q4 FY25 Delivered - At the Q3 FY25 call, management committed to commission the nacelle manufacturing unit, operationalize the initial few cranes and commence transformer manufacturing lines, all within Q4 FY25. By Q1 FY26, the new 1,200 MW capacity nacelle and hub manufacturing unit near Ahmedabad was operationalized, the Trafo factory in Jaipur commenced, and the first few sets of cranes were deployed at project sites.
31. Inox Green substation demerger - guided 6-9 months from Q3 FY25, completed \~20 months later Partial - At the Q3 FY25 call, management expected the demerger of the evacuation infrastructure business to happen "within the next 6 to 9 months' time". NCLT Ahmedabad subsequently approved the scheme, eliminating a gross block of \~INR 1,000 cr from Inox Green's balance sheet, and the demerger was completed as on August 1, 2026 (record date) - well beyond the guided window.
32. FY25 EBITDA margin - 17% Delivered - At the Q3 FY25 call, management maintained FY25 EBITDA margin guidance of 17% for the full fiscal year, with Devansh Jain adding the caveat "there could be upgrades going further". FY25 EBITDA margin was 21.29% per reported financials on an OPM basis, and the Q4 FY25 PPT showed FY25 consolidated EBITDA of Rs 918 cr on total income of Rs 3,702 cr, about 24.8%.
33. FY25 execution - 800 MW Missed - At the Q3 FY25 call, management reiterated FY25 execution guidance of 800 MW: "we're still guiding for that 800 megawatts. We are on track for it". FY25 execution was 705 MW, later scorekept by management at \~750 MW, missing guidance by 50-70 MW.
34. 3.3 MW turbine supplies - commencement in Q3 FY24 Delivered - At the Q2 FY24 call, management stated the 3.3 MW turbine supplies commencement was expected within the current quarter (Q3 FY24), with the plan "on schedule". The Type Certificate from TUV SUD was received in Q1 FY24, the transition to 3 MW WTG production was completed by Q4 FY24, and the platform's complete scale-up and certification requirements were fulfilled by Q3 FY25.
35. Inox Green O&M portfolio - doubling to 6 GW within 3 years Delivered - At the Q2 FY24 call, management stated Inox Green is "well on its way to nearly doubling its wind turbine generator O&M portfolio to 6 gigawatts within the next 3 years". The portfolio stood at approximately 5.1 GW in Q1 FY26, 12.5 GW by Q2 FY26 including investments to acquire 6.5 GW, and \~13.3 GWp by Q1 FY27.
36. Nani Virani SPV sale - \~Rs 300 cr in 3-4 months Delivered - At the Q2 FY24 call, management expected the Nani Virani SPV sale transaction (\~Rs. 300 crores) to be culminated in the next 3-4 months, i.e., by March end, with proceeds used for reducing debt. IGESL divested 100% of the 50 MW Nani Virani SPV for \~Rs 290 crores, with the Q4 FY24 PPT confirming completion of the divestment for \~Rs 300 cr.
37. FY24 revenue mix - 66:33 turnkey vs equipment; FY25 50:50 Delivered - At the Q2 FY24 call, management guided FY24 revenue mix as \~66:33 turnkey vs equipment supply, and FY25 as half equipment and half turnkey, with all FY25 sales being 3 MW turbines. By Q1 FY26, the mix was broadly 50% equipment supply and 50% turnkey, and by Q4 FY26 the order book had pivoted to 75-80% equipment supply.
38. Receivables normalization - by FY24 end, completely by Q1 FY25 Missed - At the Q2 FY24 call, management expected receivables to normalize significantly by FY24 end and be "completely normalized" by Q1 FY25. Working capital days were still broadly 200-210 in Q3 FY26, the cycle was brought down by \~15 days in Q4 FY26, and management committed in Q1 FY27 to receivables "starting to drop significantly" from Q2 and Q3 onwards.
39. Post-merger ROCE/ROE - 20%+ after full-fledged FY24 Missed - At the Q2 FY24 call, management guided post-merger ROCE/ROE at "somewhere around 20% plus levels" after a full-fledged FY24. FY25 ROCE was 11.04% and ROE 8.89%, and FY26 ROCE was 10.83% and ROE 7.04%, with no disclosure of 20%+ levels in our record.
40. Profitability - Q3/Q4 FY24 profitable, FY25 "very-very profitable" Delivered - At the Q2 FY24 call, management expected Q3 and Q4 FY24 to be profitable at the company level ("we should be a profitable company within this financial year") and FY25 to be "a very-very profitable year". Q3 FY24 PAT was Rs 1.81 cr and Q4 FY24 PAT was Rs 38 cr, and FY25 PAT was Rs 438 cr, which management later scorekept as 25% ahead of guidance.
41. Net debt free - within 12-15 months from Q1 FY24 Delivered - At the Q2 FY24 call, management reiterated the net debt free target: "in the next 12 to 15 months, our aim is to make it a net debt free entity", hoping to achieve it "way before that target". IWL achieved net cash status with net cash of Rs 170 cr as on March 2025, remained net cash through Q3 FY26, and ended FY26 with net cash of Rs 21 cr.
42. IWEL-IWL merger - completion within FY24 Missed - At the Q2 FY24 call, management guided the IWEL-IWL merger to be completed within FY24, with Devansh Jain saying NCLT takes 4-5 months and "we hope we can get this done within March". The deadline was missed: NCLT Chandigarh Bench approved the scheme during FY25, reducing IWL's balance-sheet liabilities by \~Rs 2,050 cr, and by Q1 FY26 the entire NCRPS stood eliminated post the merger.
43. FY24 execution - 500 MW Missed - At the Q2 FY24 call, management reiterated FY24 execution guidance of 500 MW; Devansh Jain said "we have guided for 500 and God willing, we should be on track for that". FY24 execution was 376 MW, as later scorekept by management, a 25% shortfall against the target.