Press Release

Press Release

August 27, 2026

INOX RENEWABLE SOLUTIONS 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	410.00	ACUITE AA- \| Stable \| Assigned	-	RBI
Bank Loan Ratings	0.00	490.00	-	ACUITE A1+ \| Assigned	RBI
Total Outstanding	0.00	900.00	-	-	-
Total Withdrawn	0.00	0.00	-	-	-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 to 'ACUITE AA-' (read as ACUITE double A minus) and its short-term rating of 'ACUITE A1+' (read as ACUITE A one plus) on the bank loan facilities of Rs. 900 Cr. of INOX Renewable Solutions Limited (IRSL). The outlook is 'Stable'.

Rationale for Rating
The assignment of the rating continues to factor in the IWL Group's established track record in the wind energy sector and strong revenue visibility supported by a healthy unexecuted order book of over Rs. 25,000 crore as on June 30, 2026. The order book comprises contracts for the supply of more than 4.2 GW of Wind Turbine Generators (WTGs), EPC activities, including erection & commissioning and O&M portfolio under turnkey projects.

The rating further derives strength from the group's improving scale of operations, with operating income increasing to Rs. 4,397.12 crore in FY2026 from Rs. 3,557.19 crore in FY2025. The financial risk profile remains strong, supported by a healthy net worth base and comfortable gearing levels. The group's liquidity profile also remains strong, aided by the infusion of Rs. 1,250 crore through a rights issue in August 2025, the proceeds of which were utilized, in part, towards the redemption of Rs. 560 crore of Non-Convertible, Non-Cumulative, Participating Redeemable Preference Shares (NCPRPS) and balance towards working capital management.

The ratings continue to factor in the strong group linkages by virtue of IRSL being a part of the INOXGFL group. INOXGFL group has an established presence in the speciality chemicals through its flagship company, Gujarat Fluorochemicals Limited (GFL) and its presence in the renewable energy segment INOX Clean Energy Limited (ICEL).

The above strengths, however, are partly offset by the group's working capital-intensive operations, characterized by a stretched receivables cycle, which remains a key rating sensitivity. Working capital intensity increased during FY 26, with debtor days rising to 353 days from 276 days in FY 25. The elongation in the receivables cycle is primarily attributable to delays in project commissioning, as collections are linked to the achievement of specified project milestones. Further, the group's profitability remains susceptible, albeit to a limited extent, to fluctuations in the prices of key raw materials. The rating is also constrained by the regulatory and policy-related risks inherent in the renewable energy sector.

About the Company

Gujarat based, INOX Renewable Solutions Limited (IRSL) is engaged in providing end-to-end wind energy solutions across the wind power value chain. The company was originally incorporated on January 21, 2020, as Resco Global Wind Services Private Limited. Subsequently, it was converted into a public limited company on October 23, 2024, and renamed INOX Renewable Solutions Limited with effect from December 4, 2024. The company offers a comprehensive suite of services, including engineering, procurement and commissioning (EPC) of wind turbine generators (WTGs), wind resource assessment, site acquisition, infrastructure development, and erection and commissioning services for wind power projects. Through its integrated service offerings, IRSL supports the development and execution of wind energy projects from concept to commissioning, catering to the growing renewable energy sector in India. The company is currently unlisted. The company is managed by Mr. Mukesh Manglik, Mr. Nitesh Kumar, Mr. Sanjeev Jain, Ms. Bindu Saxena and Mr. Venkatesh Sonti as directors.

About the Group

The group is an integrated renewable energy platform with a presence across the wind energy value chain in India. The group operates through IWL and its subsidiaries, Inox Green Energy Services Limited (IGESL) and Inox Renewable Solutions Limited (IRSL). Collectively, the group offers end-to-end solutions encompassing the manufacturing of Wind Turbine Generators (WTGs), engineering, procurement and construction (EPC) services, operations and maintenance (O&M) services, and renewable energy asset development. IWL is engaged in the design, manufacturing, supply, and turnkey execution of wind power projects. IGESL provides long-term O&M services for wind energy assets, while IRSL undertakes the erection and commissioning of the renewable power project. Supported by its integrated business model, established execution capabilities, and operational synergies across group entities, the group has built a significant presence in India's renewable energy sector.

Unsupported Rating

Not Applicable

Analytical Approach

Extent of Consolidation

•Full Consolidation

Rationale for Consolidation or Parent / Group / Govt. Support

Acuite has consolidated the business & financial risk profile of Inox Wind Limited (Holding company) along with 2 subsidiaries i.e. INOX Green Energy Services Limited (IGESL) & INOX Renewable Solutions Limited (IRSL) and 34 step-down subsidiaries to derive at the rating. The detailed list as attached in annexure 2.

Key Rating Drivers

Strengths

Strong Group Linkages being part of INOXGFL group
IRSL group benefits from strong group linkages arising from being a part of the INOXGFL Group, which has an established presence in the speciality chemicals segment through its another flagship company, Gujarat Fluorochemicals Limited (GFL), and a diversified presence in the renewable energy segment through INOX Clean Energy Limited, and multiple step subsidiaries across the chain. The group is promoted by the Jain family, which holds a significant stake in IWL and other group entities, either directly or through its investment holding company, Inox Leasing and Finance Limited (ILFL). Acuité notes that the INOXGFL Group has historically demonstrated a strong commitment towards supporting its group companies, including IWL, which has been instrumental in the company’s revival. The group has infused over Rs. 2,000 crore in the past three financial years, providing strong comfort from a credit perspective regarding the group’s stated support posture towards its diversified business interests.

Improving Scale of Operations & Profitability
The group reported significant improvement in the scale of operations which stood at Rs. 4,397.12 Cr. in FY 26 against Rs. 3,557.19 Cr. in FY 25. The increase in the topline is on an account of additional order book bagged and timely execution of same has been done which resulted into ~23% of growth in FY 26 as compared to FY 25. The EBITDA improved from Rs. 761.36 Cr. in FY 25 to Rs. 891.4 Cr. in FY 26. The operating margin slightly moderated from 21.40% in FY 25 to 20.27% in FY 26. The decline in EBITDA margin at the consolidated level during FY26 was primarily attributable to a change in the revenue mix. The profitability of the EPC and O&M segments moderated during the year, reducing their contribution to overall margins. Consequently, despite healthy growth in revenues and absolute EBITDA, the increased share of relatively lower-margin segment in the revenue mix exerted pressure on the overall margin, resulting in a decline in consolidated EBITDA margin during FY26. Simultaneously, the PAT margin declined from 12.23% in FY 25 to 10.21% in FY 26. Further, the group reported Rs. 814.1 crore of net revenue with EBITDA of Rs. 152.49 crore and PAT of Rs. 64.09 crore as on 30^th June 2026. Acuite believes that the scale of operations will improve in near to medium term on the account of strong unexecuted order book.

Strong Financial Risk Profile
The financial risk profile of the group is strong marked by high net worth, low gearing and comfortable debt protection metrices. The tangible net worth improved from Rs. 5,361.85 Cr. in FY 25 to Rs. 7,422.57 Cr. in FY 26. The improvement in net worth is mainly due accretion of profits into reserves and infusion of funds through right issue for Rs. 1,250 Cr. in August 2025. The infusion of funds was partially utilized towards the repayment of Non-Convertible, Non Cumulative, Participating Redeemable Preference Shares (NCPRPS) of Rs. 560 Cr. and balance towards working capital & ongoing capital expenditure. The gearing ratio of the group improved & stood at 0.21 times in FY 26 against 0.28 times in FY 25. The TOL/TNW slightly moderated at 0.54 times in FY 26 against 0.53 times in FY 25. The debt coverage indicators marked by ISCR & DSCR stood at 5.32 & 2.55 times in FY 26 respectively. The debt/EBITDA stood comfortable at 1.49 times in FY 26 against 1.69 times in FY 25. Acuite believes that the financial risk profile is expected to further improve over the near to medium term, supported by improved profitability and the absence of any major debt-funded capital expenditure plans in the near term.

Robust Order Book Position
As on June 30, 2026, the IWL group had a healthy unexecuted order book of over Rs. 25,000 crore, comprising wind turbine generator (WTG) supply orders aggregating 4.2 GW, EPC orders of more than Rs. 7,000 crore and healthy O&M portfolio of 13+ GW under full turnkey projects. The order book remains well diversified across a broad customer base, including central public sector undertakings (PSUs) as well as established private sector entities in the Commercial & Industrial (C&I) segment. Acuite believes that the sizeable and diversified order book provides strong revenue visibility over the medium term and is expected to support sustained growth in the group's scale of operations.

Weaknesses

Working capital-intensive operations marked by stretched receivables profile
The group's working capital profile remains a key rating sensitivity, as reflected in the significantly elongated Gross Current Asset (GCA) cycle of 592 days in FY2026. The elevated working capital intensity is primarily driven by substantially high receivable levels, with debtor days increasing to 353 days in FY2026. While collections are linked to the achievement of project milestones, including supply, erection, commissioning and grid connectivity, the persistently stretched receivables indicate sizeable execution-linked collection delays and constrain the group's liquidity position. The high dependency on timely realization of milestone based payments exposes the group to counterparty and project execution risks. Sustained improvement in receivables management and moderation in the working capital cycle will remain key monitorable from a credit perspective over the near to medium term.

Susceptibility of profitability to input price volatility and regulatory risks
The profitability remains exposed to volatility in the prices of key input materials as well as regulatory and policy-related risks inherent in the wind energy sector. The company manufactures critical WTG components such as nacelles, hubs, and rotor blades, and any sharp increase in the prices of key raw materials, including steel, aluminium, and fibre composites, could adversely impact operating margins, especially in the absence of adequate price-pass-through mechanisms. Further, the company’s business prospects are sensitive to the regulatory environment governing the renewable energy sector, and any adverse policy developments or delays in implementation could impede the recovery momentum in the wind segment, thereby affecting IWL’s order inflows and overall operating performance as a wind OEM.

ESG Factors Relevant for Rating

The group demonstrates a strong alignment with ESG principles through its core business of manufacturing wind turbine generators and providing renewable energy solutions that support India's clean energy transition. On the environmental front, the company contributes to reducing carbon emissions through the deployment of wind energy projects and continues to strengthen sustainability disclosures through its Business Responsibility and Sustainability Reporting (BRSR). From a social perspective, the company focuses on employee welfare, workplace safety, and skil development while creating employment opportunities across its manufacturing and project execution activities. Governance practices are supported by established board oversight, regulatory compliance, transparency, and stakeholder engagement, underpinning responsible and sustainable business growth

Rating Sensitivities

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

Improvement in the scale of operations by 25% along with sustained profitability margins at current levels.
Improvement in working capital cycle

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

Deterioration in the financial risk profile or weakening of liquidity position which could adversely impact debt coverage indicators.
Further stretches in debtor profile leading to further elongation of working capital cycle.
Decline in operating margin below 17%.

Liquidity Position

Strong

The group's liquidity profile remains strong, supported by healthy net cash accruals of Rs. 653.54 crore in FY 26, which comfortably covered its debt obligations of Rs. 134.77 crore during the same period. Further, the group had cash and bank balances of Rs. 130.81 crores as on March 31, 2026, providing additional liquidity support. The current ratio stood comfortable at 1.89 times in FY 26, reflecting adequate short-term liquidity. The average fund based & non-fund-based utilization for last five months ended June 2026 is 84.10%. Acuite believes that the liquidity profile is likely to remain strong over the medium term, driven by steady cash accruals and the absence of any major debt-funded capital expenditure plans

Outlook: Stable

Other Factors affecting Rating

None

Key Financials

Particulars	Unit	FY 26 (Actual)	FY 25 (Actual)
Operating Income	Rs. Cr.	4397.12	3557.19
PAT	Rs. Cr.	449.09	435.06
PAT Margin	(%)	10.21	12.23
Total Debt/Tangible Net Worth	Times	0.21	0.28
PBDIT/Interest	Times	5.32	5.26

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

None

Any Other Information

None

Applicable Criteria

• Application Of Financial Ratios And Adjustments: https://www.acuite.in/view-rating-criteria-53.htm
• Consolidation Of Companies: https://www.acuite.in/view-rating-criteria-60.htm
• Default Recognition: https://www.acuite.in/view-rating-criteria-52.htm
• Infrastructure Sector: https://www.acuite.in/view-rating-criteria-51.htm
• Manufacturing Entities: https://www.acuite.in/view-rating-criteria-59.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	Listing Status	Regulated By	Date Of Issuance	Coupon Rate	Maturity Date	Quantum (Rs. Cr.)	Complexity Level	Rating
ICICI BANK LIMITED	Not avl. / Not appl.	Letter of Credit	Unlisted	RBI	Not avl. / Not appl.	Not avl. / Not appl.	Not avl. / Not appl.	300.00	Simple	ACUITE A1+ \| Assigned
ICICI BANK LIMITED	Not avl. / Not appl.	Letter of Credit	Unlisted	RBI	Not avl. / Not appl.	Not avl. / Not appl.	Not avl. / Not appl.	190.00	Simple	ACUITE A1+ \| Assigned
Not Applicable	Not avl. / Not appl.	Proposed Long Term Bank Facility	Unlisted	RBI	Not avl. / Not appl.	Not avl. / Not appl.	Not avl. / Not appl.	25.00	Simple	ACUITE AA- \| Stable \| Assigned
ICICI BANK LIMITED	Not avl. / Not appl.	Secured Overdraft	Unlisted	RBI	Not avl. / Not appl.	Not avl. / Not appl.	Not avl. / Not appl.	10.00	Simple	ACUITE AA- \| Stable \| Assigned
Piramal Finance Limited	Not avl. / Not appl.	Term Loan	Unlisted	RBI	28 Mar 2026	Not avl. / Not appl.	27 Sep 2027	100.00	Simple	ACUITE AA- \| Stable \| Assigned
Axis Finance Limited	Not avl. / Not appl.	Term Loan	Unlisted	RBI	30 Mar 2026	Not avl. / Not appl.	30 Mar 2029	125.00	Simple	ACUITE AA- \| Stable \| Assigned
Jio Credit Limited	Not avl. / Not appl.	Term Loan	Unlisted	RBI	30 Mar 2026	Not avl. / Not appl.	05 Mar 2029	100.00	Simple	ACUITE AA- \| Stable \| Assigned
Axis Finance Limited	Not avl. / Not appl.	Term Loan	Unlisted	RBI	30 Apr 2026	Not avl. / Not appl.	30 Apr 2029	50.00	Simple	ACUITE AA- \| Stable \| Assigned

*Annexure 2 - List of Entities (applicable for Consolidation or Parent / Group / Govt. Support)

Sr. No.	Name of the entity
	Inox Wind Limited
1	Inox Green Energy Services Limited
2	Inox Renewable Solutions Limited
	Subsidiaries of Inox Green Energy Services Limited
1	Haroda Wind Energy Private Limited
2	Suswind Power Private Limited
3	Tempest Wind Energy Private Limited
4	Vasuprada Renewables Private Limited
5	Vibhav Energy Private Limited
6	Vigodi Wind Energy Private Limited
7	Vuelta Wind Energy Private Limited
8	Khatiyu Wind Energy Private Limited
9	Ravapur Wind Energy Private Limited
10	IGESL Solar O&M Services Private Limited
11	Wind Four Renergy Private Limited
12	I-Fox Windtechnik India Private Limited
13	Resowi Energy Private Limited
	Subsidiaries of Inox Renewable Solutions Limited
14	Marut-Shakti India Limited
15	RBRK Investments Limited
16	Sarayu Wind Power (Tallimadugula) Private Limited
17	Satviki Energy Private Limited
18	Sarayu Wind Power (Kondapuram) Private Limited
19	Vinirrmaa Energy Generation Private Limited
20	Dangri Wind Energy Private Limited
21	Dharvi Kalan Wind Energy Private Limited
22	Junachay Wind Energy Private Limited
23	Kadoliya Wind Energy Private Limited
24	Lakhapar Wind Energy Private Limited
25	Ghanikhedi Wind Energy Private Limited
26	Amiya Wind Energy Private Limited
27	Laxmansar Wind Energy Private Limited
28	Pokharan Wind Energy Private Limited
29	Waft Energy Private Limited
30	Ramsar Wind Energy Private Limited
31	Fatehgarh Wind Energy Private Limited
32	Giral Bess Private Limited
33	Sadla Windone Private Limited
34	Sadla Windtwo Private Limited

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

List of instruments and names of regulators of the instruments

As required by SEBI Circular (SEBI/HO/DDHS/DDHS-PoD-2/I/4685/2026) dated February 10, 2026, a list of activities or instruments falling under the purview of various Financial Sector Regulators (FSRs), along with the names of respective FSRs, is being disclosed below:
A. Rating Activity:

Sr. No.	Instrument / activity Name	Regulator of the instrument
1	Listed/Proposed to be listed Bonds/Debentures/Preference Shares (all securities)	SEBI
2	Unlisted/Proposed to be unlisted Bonds/Debentures/ Preference share (all securities)	MCA
3	Listed PTCs / Securitisation Notes (originated by entities regulated by RBI)¹ ⁶	RBI
4	Listed PTCs / Securitisation Notes (originated by entities not regulated by RBI)¹	SEBI
5	Unlisted PTCs / Securitisation Notes (originated by entities regulated by RBI)¹	RBI
6	Listed Commercial Paper and NCDs with original maturity less than 1 year	RBI
7	Unlisted Commercial Paper and NCDs with original maturity less than 1 year	RBI
8	Loan Facilities (Fund/Non-Fund Based) from Bank / NBFCs/ NHB/ FIs ²	RBI
9	External Commercial Borrowings and other similar borrowings	RBI
10	Certificates of Deposit	RBI
11 a	Fixed Deposits raised by NBFCs, HFCs, FIs	RBI
11 b	Fixed Deposits raised by Banks ⁷	+
12	Fixed Deposits raised by corporates other than NBFCs, Banks, HFCs, FIs	MCA
13	Inter Corporate Deposits/Loans extended by Corporates	MCA
14	Borrowing programme ³	-
15	Issuer Ratings ⁴	-
16	Credit Ratings for Capital Protection Oriented Schemes (by Mutal Funds and AIFs)	SEBI
17	Credit quality ratings (CQRs) for Mutual Fund Schemes and Schemes of AIFs	SEBI
18	Listed Security Receipts ⁶	RBI
19	Unlisted Security Receipts	RBI
20	Independent Credit Evaluation (ICE)	RBI
21	Expected Loss Ratings (For Loan Facilities [Fund/Non-Fund based] from Banks/NBFCs/NHB/FIs) ⁷	+
22	Expected Loss Ratings (Listed / Proposed to be listed Bonds / Debentures / Preference Shares (all securities))	SEBI
23	Expected Loss Ratings (Unlisted / Proposed to be unlisted Bonds/ Debentures / Preference Shares (all securities))	MCA
24	Unlisted PTCs / Securitisation Notes (originated by entities not regulated by RBI) ¹	Investor-side Regulator such as IRDAI, PFRDA ⁵

¹Includes securitisation transactions involving assignee payout, acquirer's payout.

² Includes bank facilities such as liquidity facility, second loss facility that are part of securitisation transactions.
³The rated instrument may involve issuance of different instruments such as debt securities (listed or otherwise), bank loans, commercial paper (listed or otherwise), etc. The regulator of the instrument may accordingly be SEBI, RBI or MCA and can only be determined upon issuance. In Press Release(s) subsequent to issuance(s), Acuite shall separately capture the rated quantum details along with names of respective regulators.
⁴ There is no instrument being rated and hence, Regulator of the Instrument is not applicable. The rating scale and definitions are being followed as stipulated in SEBI Master Circular for CRAs.
⁵ These ratings were assigned during regulatory regime prior to the introduction of SEBI CRA Circular dated Feb 10, 2026 and accordingly, investor side regulators have been included.
⁶ By virtue of the instrument being listed, SEBI acts as the regulator for listing and related issues.
⁷ To be finalized following a discussion with the regulatory authorities.

B. Other activities:

Sr. No.	Activity Name	Regulator of the activity
1	Monitoring Agency	SEBI
2	Research activities, incidental to rating, such as research for Economy, Industries and Companies ⁸	Not applicable

⁸ permitted by SEBI vide SEBI Master Circular for CRAs.

Disclosure on instruments / activities and names of regulators:

A list of products/activities or ratings of instruments falling under the purview of various financial sector regulators (FSRs) along with the names of respective FSRs has also been duly disclosed by Acuite on its website. A link to the same has been provided below for ready reference:

https://acuite.in/Activities-and-Regulators.html

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.

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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.