Press Release January 12, 2026 FLURRY WIND ENERGY PRIVATE LIMITED Rating Assigned

Product	Quantum (Rs. Cr)	Long Term Rating	Short Term Rating
Bank Loan Ratings	855.00	ACUITE A | Stable | Assigned	-
Total Outstanding	855.00	-	-
Total Withdrawn	0.00	-	-

Rating Rationale

­Acuite has assigned its long-term rating of 'ACUITE A' (read as ACUITE A) on the Rs.855.00 Cr. of bank loan facilities Flurry Wind Energy Private Limited (FWEPL). The Outlook is 'Stable'. Rationale for Rating The rating assigned derives benefit for FWEPL from being part of INOXGFL group given its high significance to the future growth plans of the group in renewable energy space. The rating also factors the healthy financial flexibility of the promoter group entities to lend need-based support to the company and its future projects. This is based on the healthy market value of investments made by flagship entities of the group. The INOXGFL group includes two flagship business entities including Gujarat Fluorochemicals Limited (GFL) and Inox Wind Limited (IWL) having combined market capitalization Rs. 58,697 Cr. as on 8th January 2025. INOX Clean Energy Limited (ICEL) is the group's third major vertical engaged in the business of manufacturing solar cells & modules and developing Independent Power Producer (IPP).  FWEPL is currently setting up a 349.9 MW hybrid (solar & wind) power plant in six different locations in the state of Gujarat. The rating draws additional comfort with low offtake risk, as long term (25 years) Power Purchase Agreement (PPA) has been tied up for minimum 60% capacity at a fixed tariff rate with Fluorochemicals Limited. Although, GFL can procure incremental power up to 10% (above the minimum offtake of 60%) in case tariff at the merchant exchange tariff is below the fixed tariff. The total cost of the project is Rs. 2,228.08 cr., which has been partly being funded from Term Loan and promoter (INOX Neo Energies Limited) / sponsor (INOX Clean Energy Limited) / off-taker (GFL) in a contribution of 4:1 ratio. The project term loan has fully been sanctioned from National Bank for Financing Infrastructure & Development (NABFID). The Scheduled Commercial Operations Date (SCOD) is 1st April 2026. The liquidity profile of the company is adequate as expected average DSCR from FY 27 to FY 36 is 1.28 times.  However, rating is constrained due to project execution risk as the project is currently under construction. Furthermore, their exists vulnerability of cash flows to weather conditions in renewable energy.

About the Company

­Gujarat based, Flurry Wind Energy Private Limited is incorporated in 2018. It is engaged in setting up of hybrid (solar & wind) power plant of 349.9 MW in multiple locations in state of Gujarat and project is currently under implementation phase. Currently, the company is managed by Mr. Mukesh Manglik and Mr. Manoj Dixit as directors.

Unsupported Rating

Not Applicable.

Analytical Approach

­Acuite has considered the standalone approach for business & financial risk profile of Flurry Wind Energy Private Limited (FWEPL). Further, Acuite has factored strong operational and financial benefits derived from being part of INOXGFL group.

Key Rating Drivers

Strengths

­Strong group benefits by virtue of being a part of INOXGFL group The Group has an established presence in the wind segment and speciality chemicals through its flagship companies Inox Wind Limited (Acuite AA- | Stable | A1+) and Gujarat Fluorochemicals Limited (GFL), respectively. The group is promoted by Jain family who holds a significant stake in the group companies, either directly or through its investment holding company Inox Leasing and Finance Limited (ILFL). Acuite believes that the vast experience of the promoters will ensures the timely completion of the project as per the stipulated timeline.  Low offtake Risk with Strong Counterparty The company benefits from a long-term (25-year) Power Purchase Agreement (PPA) signed on December 26, 2024, with Gujarat Fluorochemicals Limited (GFL) at the prescribed tariff. GFL, the listed flagship of the INOXGFL Group engaged in the specialty chemicals segment, holds a 26% stake in the company, qualifying it as a captive model under the Electricity Rules 2005. Additionally, GFL can procure up to 10% incremental power (above the minimum 60% offtake) if merchant exchange market tariffs fall below the fixed PPA tariff. The company plans to sell the balance power through market exchanges. Acuité believes this long-term PPA mitigates offtake risk to some extent, ensuring steady cash inflows. Low Funding Risk The project term loan has been fully sanctioned by the National Bank for Financing Infrastructure and Development (NABFID), reducing the funding risk associated with the project. The loan has an 18-year tenure with 64 structured quarterly instalments commencing 9 months from the Scheduled Commercial Operation Date (SCOD). Acuité believes the company will meet its debt obligations on time through its cash flows.

Weaknesses

Project Execution Risk As per the CA-certified document, the company has incurred Rs. 679 cr. till December 5, 2025. Acuité believes that any delay in commissioning the project as per SCOD will impact the cash flows of the company.  Cash flows vulnerable to variation in weather conditions The project's cash flow is highly vulnerable to unfavourable weather conditions. Since tariffs are fixed, the company could see reduced revenue if power generation drops due to weather or equipment issues, negatively impacting its cash flow and ability to service debt. This generation risk is amplified by the geographical concentration of assets.

Rating Sensitivities

Timely completion of the project as per stipulated timelines.

Liquidity Position

Adequate

The company's liquidity profile is adequate given that the project is currently under construction. The expected average DSCR from FY27 to FY36 is 1.28 times. An escrow account is in place to route all cash inflows, with the company required to maintain a DSRA within 6 months of SCOD covering up to 2 quarters of interest obligations; this will increase to 2 quarters of interest and principal obligations from June 30, 2027. Acuité believes the company will meet its debt obligations on time through expected cash flows, supported by the tied-up long-term PPA.

Outlook - Stable

­

Other Factors affecting Rating

­None.

Key Financials

Particulars	Unit	FY 25 (Actual)	FY 24 (Actual)
Operating Income	Rs. Cr.	0.00	0.00
PAT	Rs. Cr.	0.51	(0.13)
PAT Margin	(%)	0.00	0.00
Total Debt/Tangible Net Worth	Times	(711.48)	(1.44)
PBDIT/Interest	Times	5.01	(0.05)

Status of non-cooperation with previous CRA (if applicable)

­None.

Any other information

­None

Applicable Criteria

• Default Recognition :- https://www.acuite.in/view-rating-criteria-52.htm • Infrastructure Sector: https://www.acuite.in/view-rating-criteria-51.htm • Application Of Financial Ratios And Adjustments: https://www.acuite.in/view-rating-criteria-53.htm

Note on complexity levels of the rated instrument

­In order to inform the investors about complexity of instruments, Acuité has categorized such instruments in three levels: Simple, Complex and Highly Complex. Acuite’s categorisation of the instruments across the three categories is based on factors like variability of the returns to the investors, uncertainty in cash flow patterns, number of counterparties and general understanding of the instrument by the market. It has to be understood that complexity is different from credit risk and even an instrument categorized as 'Simple' can carry high levels of risk. For more details, please refer Rating Criteria “Complexity Level Of Financial Instruments” on www.acuite.in.

Rating History :

­Not Applicable

Annexure - Details of instruments rated

Lender’s Name ISIN Facilities Date Of Issuance Coupon Rate Maturity Date Quantum (Rs. Cr.) Complexity Level Rating National Bank for Financing Infrastructure and Development Not avl. / Not appl. Term Loan 13 Jan 2025 Not avl. / Not appl. 31 Dec 2042 855.00 Simple ACUITE A | Stable | Assigned

Contacts

Mohit Jain Chief Analytical Officer - Rating Operations Kartik Arora Senior Analyst - Rating Operations	Contact details exclusively for investors and lenders Mob: +91 8591310146 Email ID: analyticalsupport@acuite.in

About Acuité Ratings & Research

Acuité is a full-service Credit Rating Agency registered with the Securities & Exchange Board of India (SEBI). The company received RBI Accreditation as an External Credit Assessment Institution (ECAI) for Bank Loan Ratings under BASEL-II norms in the year 2012. Acuité has assigned ratings to various securities, debt instruments and bank facilities of entities spread across the country and across a wide cross section of industries. It has its Registered and Head Office in Kanjurmarg, Mumbai. Disclaimer: An Acuité rating does not constitute an audit of the rated entity and should not be treated as a recommendation or opinion that is intended to substitute for a financial adviser's or investor's independent assessment of whether to buy, sell or hold any security. Ratings assigned by Acuité are based on the data and information provided by the issuer and obtained from other reliable sources. Although reasonable care has been taken to ensure that the data and information is true, Acuité, in particular, makes no representation or warranty, expressed or implied with respect to the adequacy, accuracy or completeness of the information relied upon. Acuité is not responsible for any errors or omissions and especially states that it has no financial liability whatsoever for any direct, indirect or consequential loss of any kind, arising from the use of its ratings. Ratings assigned by Acuité are subject to a process of surveillance which may lead to a revision in ratings as and when the circumstances so warrant. Please visit our website (www.acuite.in) for the latest information on any instrument rated by Acuité. Please visit https://www.acuite.in/faqs.htm to refer FAQs on Credit Rating. Note: None of the Directors on the Board of Acuité Ratings & Research Limited are members of any rating committee and therefore do not participate in discussions regarding the rating of any entity.