Press Release August 27, 2026 VEH JAYIN RENEWABLES 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	1487.60	ACUITE A+ | Stable | Assigned	-	RBI
Total Outstanding	0.00	1487.60	-	-	-
Total Withdrawn	0.00	0.00	-	-	-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 plus) on the Rs.1487.6 Cr. of bank loan facilities Veh Jayin Renewables Private Limited (VJRPL). The Outlook is 'Stable'. Rationale for Rating The assigned rating factors in VJRPL's strong linkages with the INOXGFL Group, considering the company's strategic significance in supporting the group's renewable energy expansion plans. The rating also derives comfort from the strong financial flexibility of the promoter group and its demonstrated ability and willingness to extend need-based support towards the company and its ongoing project implementation. The INOXGFL Group comprises two flagship listed entities, Gujarat Fluorochemicals Limited (GFL) and Inox Wind Limited (rated Acuité AA-/A1+/Stable), with a combined market capitalisation of over Rs. 64,000 crore as on August 27, 2026. Further, INOX Clean Energy Limited (ICEL) represents the group's third key business vertical with interests in solar cell and module manufacturing, along with the development and acquisition of Independent Power Producer (IPP) assets.   VJRPL is developing a 215.1 MW hybrid power project comprising 66.6 MW of solar capacity and 148.5 MW of wind capacity. The project has achieved approximately 80% physical progress as on date. Acuite notes that the project has experienced a delay of around six months vis-à-vis the original scheduled DCCO and is now expected to be commissioned by December 2026. The cost overrun arose from the project delay will be fully funded by the promoters thereby mitigating the impact on the project's debt metrics. The rating further derives comfort from the low funding risk, as the entire debt requirement has already been tied up. The project is also exposed to low off take risk, supported by the execution of a long-term Power Purchase Agreement (PPA) with a strong and reputed Commercial & Industrial (C&I) consumer for a tenure of 20 years, covering the entire project capacity at a fixed tariff. The arrangement is backed by adequate credit support from the buyer, thereby strengthening the credit quality of the off taker. Additionally, the presence of debt protection mechanisms, including the maintenance of a DSRA equivalent to two quarters of debt servicing obligations within 12 months from DCCO and a mandatory cash sweep mechanism, provides additional comfort with respect to timely debt servicing. The rating strengths are, however, constrained by the inherent project execution risk associated with the under-construction nature of the project. Further, the project's cash flow generation remains exposed to operational performance and variability in weather conditions, which may impact renewable energy generation levels.

About the Company

Incorporated in 2021 and based in Madhya Pradesh, Veh Jayin Renewables Private Limited (VJRPL) is engaged in the generation, accumulation, distribution and supply of renewable power, comprising solar and wind energy, for captive consumption as well as sale to industrial consumers. The company is currently developing a hybrid renewable energy project and forms part of the INOXGFL Group's renewable energy portfolio. The company's Board of Directors comprises Mr. Vinay Kumar Pabba, Mr. Bhanu Prakash Chamakuri and Mr. Anand Sanjeev Kumar Thota.

Unsupported Rating

Not Applicable

Analytical Approach

­Acuite has considered standalone business & financial risk profile of Veh Jayin Renewables Private Limited (VJRPL) to derive at the rating. Acuite has factored strong operational and financial benefits derived from being part of INOXGFL group.

Key Rating Drivers

Strengths

Experienced promoter group and demonstrated financial support The company benefits from being a part of the diversified INOXGFL Group, which has an established presence across the renewable energy and specialty chemicals segments. The group is promoted by the Jain family, which holds significant ownership across the group entities, either directly or through its investment holding company, Inox Leasing and Finance Limited (ILFL). In line with the physical progress of the project, the promoters have infused around 80% of their total committed contribution, including support towards cost overruns, through a mix of equity share capital, Optionally Convertible Debentures (OCDs) and Compulsorily Convertible Debentures (CCDs). The balance promoter contribution is expected to be infused in the near term. Acuite derives comfort from the demonstrated financial commitment of the promoters towards the project and the group's strong financial flexibility. Further, the promoters possess extensive experience in developing and operating renewable energy projects through various group entities. The group's established execution track record in the renewable energy sector is expected to support the timely completion and stabilisation of the project in line with the revised DCCO, thereby mitigating execution-related risks to an extent. Low off take Risk The company has entered into a long-term Power Purchase Agreement (PPA) with a strong and reputed Commercial & Industrial (C&I) consumer for a tenure of 20 years, covering the entire project capacity at a fixed tariff. The arrangement provides strong revenue visibility over the long term and significantly mitigates the project's off take risk. Further, the PPA is backed by credit enhancement support in the form of a guarantee from the buyer's ultimate parent, thereby strengthening the credit profile of the off taker and reducing counterparty credit risk.

Weaknesses

Project Execution Risk The project continues to be exposed to execution risk as it remains under the construction phase, with approximately 80% of the physical progress achieved as on date. While the project has witnessed a delay from its original implementation schedule, the execution has reached an advanced stage and remains on track to achieve its revised DCCO of December 2026. The balance project cost is proposed to be funded through the remaining debt drawdowns and promoter contribution in line with the approved financing plan. Acuite believes that the timely completion and commissioning of the project remain critical from a credit perspective, given that the project has not yet commenced operations and is yet to establish a track record of generation and cash flow adequacy. Nevertheless, the advanced stage of construction, demonstrated promoter support through timely equity infusion, and the availability of tied-up debt provide adequate comfort towards successful completion of the project within the revised timelines. However, any further delays in project execution, cost overruns beyond the envisaged levels, or delays in receipt of the balance funding could have an adverse impact on the project's credit profile. 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.

ESG Factors Relevant for Rating

­The company 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 skill 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:

Timely completion of the project within next 4 months

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

­Any unforeseen halt or delay in project completion timelines. Deterioration in debt coverage metrics, with the average DSCR declining below the covenant threshold of 1.15 times. Deterioration in the credit profile of the promoters/sponsors.

Liquidity Position

Adequate

­The company’s liquidity position is expected to remain adequate, supported by the tie-up of external debt and timely promoter equity infusion towards project completion. Liquidity is further strengthened by low offtake risk, with the entire capacity backed by a long-term PPA at a fixed tariff, ensuring revenue visibility. The company also benefits from the financial flexibility and demonstrated support of the INOXGFL Group, which is expected to provide timely financial assistance, if required, during the implementation and operational phases. The company is expected to generate net cash accruals of Rs. 25-30 crore during FY2027-FY2028, adequate to meet scheduled principal repayments of Rs. 18-19 crore. Since there is a one-year moratorium post project completion, repayments are expected to commence from FY28 onwards, considering that the project is expected to achieve DCCO in December 2026. Further, the average projected DSCR of 1.28 times during FY2027-FY2036 remains above the covenant threshold of 1.15 times. Liquidity is additionally supported by debt protection mechanisms, including a DSRA and a mandatory cash sweep mechanism. Given the expected cash flow generation from the project and the demonstrated financial strength and support of the promoter group, Acuite believes that the company will be able to meet its debt obligations in a timely manner over the tenure of the debt.

Outlook: Stable

­

Other Factors affecting Rating

­None

Key Financials

Particulars	Unit	FY 26 (Provisional)	FY 25 (Actual)
Operating Income	Rs. Cr.	0.00	0.00
PAT	Rs. Cr.	(30.30)	(18.23)
PAT Margin	(%)	0.00	0.00
Total Debt/Tangible Net Worth	Times	26.57	8.60
PBDIT/Interest	Times	(0.08)	(46.21)

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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