Press Release August 12, 2026 FLUTTER WIND ENERGY PRIVATE LIMITED Rating Assigned

Product	Quantum (Rs. Cr) (SEBI)	Quantum (Rs. Cr) (Other FSR)	Long Term Rating	Short Term Rating	Regulated By
Bank Loan Ratings	0.00	106.00	ACUITE A | Stable | Assigned	-	RBI
Total Outstanding	0.00	106.00	-	-	-
Total Withdrawn	0.00	0.00	-	-	-

Note:- For activities or ratings of instruments falling under the purview of Financial Sector Regulators other than SEBI, the grievance / dispute redressal mechanisms and investor protection mechanisms provided by SEBI shall not be available.

Rating Rationale

­Acuite has assigned its long-term rating of 'ACUITE A' (read as ACUITE A) on the Rs.106.00 Cr. of bank loan facilities Flutter Wind Energy Private Limited (FWEPL). The Outlook is 'Stable'. Rationale for Rating The rating assigned to FWEPL derives strength from its association with the INOXGFL group, given the company’s strategic importance in advancing the group’s renewable energy growth plans. The rating also factors in the strong financial flexibility of the promoter group, which is expected to provide need-based support for the company and its ongoing and future projects. The INOXGFL group comprises two flagship listed entities namely Gujarat Fluorochemicals Limited (GFL) and Inox Wind Limited (IWL) rated Acuite AA-/A1+/Stable with a combined market capitalisation exceeding Rs. 61,000 crore as on August 10, 2026. Additionally, INOX Clean Energy Limited (ICEL) represents the group’s third major vertical, engaged in solar cel and module manufacturing, as well as the development and acquisition of Independent Power Producer (IPP) assets. FWEPL is currently developing a 201.30 MW utility-scale wind power project at Jasdan in the Rajkot district of Gujarat. The rating derives additional comfort from the low offtake risk, as the company has entered into a long-term Power Purchase Agreement (PPA) with Gujarat Urja Vikas Nigam Limited (GUVNL) in November 2025 for a period of 25 years, covering the entire capacity at a fixed tariff. The total project cost is estimated at Rs. 1,554.28 crore. Acuite notes that the project is presently at a nascent stage, with minimal expenditure of Rs. 20.96 lakh incurred to date towards preliminary expenses. The project is proposed to be funded in a debt-to-equity ratio of 80:20, and the Scheduled Commercial Operations Date (SCOD) is November 2027. However, the rating is constrained by project execution risk, given the early stage of implementation, as wel as funding risk, since financial closure for the project is yet to be achieved. Furthermore, their exists vulnerability of cash flows to weather conditions in renewable energy. Acuite notes that the rating pertains to bank guarantees aggregating Rs. 106 crore, comprising a Rs. 65 crore bank guarantee issued in favour of Gujarat Urja Vikas Nigam Limited (GUVNL) towards ensuring timely completion of the project and a Rs. 41 crore bank guarantee issued in favour of Gujarat Energy Transmission Corporation Limited (GETCO) for securing grid connectivity. Although these bank guarantees have been issued for a long-term tenure, they are expected to be released upon successful commissioning of the wind power project.

About the Company

­Gujarat based, Flutter Wind Energy Private Limited is incorporated in 2018, engaged in setting up of 201.3 MW of wind power plant in Rajkot District of Gujarat and project is currently under implementation phase. Currently, the company is managed by Mr. Venkatesh Sonti and Mr. Bhupesh Kumar Juneja are the directors.

Unsupported Rating

Not Applicable

Analytical Approach

­Acuite has considered the standalone approach for business & financial risk profile of Flutter 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 off-take Risk with Strong Counterparty The company has entered into a long-term Power Purchase Agreement (PPA) with Gujarat Urja Vikas Nigam Limited (GUVNL) on November 7, 2025, for a tenure of 25 years, covering the entire offtake capacity at a fixed tariff. Acuité believes this long-term PPA mitigates offtake risk to some extent, ensuring steady cash inflows.

Weaknesses

­Project Execution Risk The project is currently at a nascent stage, with only Rs. 20.96 lakh incurred to date, primarily towards preliminary expenses. Acuite notes that any delay in achieving commissioning as per the Scheduled Commercial Operations Date (SCOD) may adversely impact the company’s cash flow profile. Accordingly, timely execution and completion of the project remain key rating sensitivities. Funding Risk The project is exposed to moderate funding risk, as financial closure is yet to be achieved. However, the risk is partly mitigated by the presence of financially strong promoters and the demonstrated track record of extending support in the form of corporate guarantees and shortfall undertakings across other renewable SPVs within the INOXGFL Group. The group association is expected to aid in timely tie-up of the required funding. Nevertheless, timely financial closure will be critical to ensure adherence to the SCOD. 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

Potential triggers (individual or collective) for an upward rating action:

­Successfully Completion of the project within scheduled timeline

Potential triggers (individual or collective) for a downward rating action:

Any unforeseen halt or delay in project completion timelines. Delay in tying up the required funding. Deterioration in the credit profile of the promoters/sponsors.

Liquidity Position

Adequate

The company’s liquidity profile is adequate, supported by the low offtake risk emanating from the execution of a long-term Power Purchase Agreement (PPA) at a fixed tariff, which is expected to provide revenue visibility and support cash flow generation over the long term. The project is currently at a nascent stage, with only less than 1% of the total estimated project cost of over Rs. 1,500 crores incurred thus far. The debt funding for the project is yet to be tied up, and the balance funding requirement is expected to be supported by the INOXGFL Group.   Liquidity is further supported by the strong financial flexibility and demonstrated support from the INOXGFL Group, which is expected to provide timely financial assistance in case of any cost overruns or funding requirements during the implementation phase. The company had cash and bank balances of Rs. 1.12 crore as on March 31, 2025. Further, bank guarantees aggregating to Rs. 106 crores, comprising Rs. 65 crores issued in favour of Gujarat Urja Vikas Nigam Limited (GUVNL) and Rs. 41 crores issued in favour of Gujarat Energy Transmission Corporation Limited (GETCO), have been furnished towards project-related obligations.   Acuite believes that the company will continue to benefit from the financial strength of and support from the INOXGFL Group, enabling it to mobilise the requisite funding for timely project completion. The long-term PPA provides additional comfort with respect to future cash flow visibility and overall financial risk profile.

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.	0.73	(0.13)
PAT Margin	(%)	0.00	0.00
Total Debt/Tangible Net Worth	Times	(18.17)	(1.37)
PBDIT/Interest	Times	5.88	(0.04)

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 • Group And Parent Support: https://www.acuite.in/view-rating-criteria-47.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

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

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