Inox Wind Ltd

Inox Wind Limited: Trading Window closed from 1 October 2026 until 48 hours after the declaration of unaudited financial results for the quarter and half-year ended 30 September 2026

agm details

• Date/time/mode: 25 September 2026, 3:00 PM IST, via VC/OAVM.
• Shareholders on record date: 549,951; attendance: 84 via VC/OAVM; no physical attendance.

key resolutions and results

• Resolution 1: Adoption of standalone and consolidated financial statements; ordinary; passed.
• Resolution 2: Re-appointment of Mukesh Manglik as Director by rotation; ordinary; passed.
• Resolution 3: Re-appointment of Madhurima Sayan Das as Independent Director; special; passed.
• Resolution 4: Increase borrowing limits under Section 180(1)(c); special; passed.
• Resolution 5: Creation of mortgage/charges on assets; special; passed.
• Resolution 6: Ratification of remuneration for Cost Auditors for FY ending 31 Mar 2027; ordinary; passed.
• Resolution 7: Approval of Material Related Party Transactions; ordinary; passed.

dividend

• Dividend not proposed or declared at this AGM.

directors and auditors

• Re-appointment of Mukesh Manglik as Director by rotation.
• Re-appointment of Madhurima Sayan Das as Independent Director.
• Cost Auditor remuneration ratified for FY ending 31 March 2027.

material related party transactions

• Approval of material related party transactions; details not disclosed; passed.

AGM Details

• AGM held 25 Sep 2026 via VC/OAVM from 3:00 PM to 3:56 PM; remote e-voting 22-24 Sep.

Ordinary Business

• Adopt standalone and consolidated financial statements for FY 2025-26.
• Re-appoint Mukesh Manglik as Director retiring by rotation.
• Ratify cost auditors' remuneration for FY ending 31 March 2027.
• Approval of material related party transactions.

Special Business

• Re-appoint Madhurima Sayan Das as Independent Director.
• Increase borrowing limits under Section 180(1)(c).
• Create mortgage, charge, hypothecation on assets under Section 180(1)(a).

Voting Status

• Voting results to be declared within 2 working days after AGM.
• E-voting remains open 15 minutes post-AGM.

Meeting Details

• 21 September 2026, Mumbai; Anand Rathi Summit 2026 – Group/One-on-One
• 28 September 2026, digital/virtual platform; Bharat Connect Conference – Group/One-on-One

Purpose

• Investor presentation for quarter ended 30 June 2026 will be shared at the conferences

Participants

• Company representatives (management) to attend the investor conferences

Organisers

• Conferences organized by Anand Rathi Institutional Equities and Arihant Capital Markets Ltd

Clarification on order source

• 100 MW turnkey order came from Terra Clean Limited, IOCL subsidiary, not IOCL directly.

Overview

• Standalone BRSR for FY2025-26; wind turbine generators manufacturing 95% turnover, services 5%.
• Reporting boundary: standalone entity; domestic focus with four plants and ten offices.
• Assurance: reasonable assurance on BRSR Core by M/s Jaimin & Associates.
• Domestic market focus; no exports; primary operations in India.

Key ESG Risks & Opportunities

• Inventory piling risk from delays; mitigated by enhanced inventory management and halted early supplier payments.
• Market consolidation risk; mitigated by 4MW turbine launch FY26 and Gujarat capacity expansion.
• Contract attrition risk; mitigated by stronger customer relations and termination clauses.
• Customer dissatisfaction risk; mitigated by improved turbine availability and IPP model.
• Supply chain disruptions risk; mitigated by substituting resin for Balsa Wood where feasible.
• Technological risk; mitigated by 4MW license, new Gujarat facility, and stronger supplier ties.
• Renewable energy adoption opportunity; pursue R&D to improve turbine efficiency.
• Expansion into emerging markets opportunity; supported by market research and partnerships.
• Cost escalation risk; mitigated by pricing clauses and fixed pricing on key components.
• Hazardous waste disposal costs; higher compliance costs.

Governance & Policy Highlights

• BRSC established; chaired by Whole-time Directors Devansh Jain and Manoj Dixit, with CFO.
• ISO 45001/14001/9001 and Anti-Corruption/ABMS policies; HR and Equal Opportunity policies.
• Board-approved policies; accessible via corporate governance web link.
• Penalties: NSE and BSE fines for board composition and independent director appointment.
• Independent assurance: Jaimin & Associates engaged for BRSR Core.
• Grievance mechanism in place; dedicated client grievance cell.

Social Responsibility & Workforce

• Total workforce: 462 employees; 334 permanent, 128 non-permanent; 1,673 workers.
• Board gender: 1 female among six directors; KMP female none.
• 100% health and accident insurance; ESIC coverage for workers where applicable.
• Wages: female gross wages 2.39% of total wages.
• Sourcing: 1.35% inputs from MSMEs; 99.41% from within district/neighboring districts.
• 133 employee trainings; 156 worker trainings; health and safety topics covered.

Environmental Performance

• Certifications: ISO 45001, ISO 14001, ISO 9001 certified.
• Non-renewable energy use: electricity 13,490; fuel 2,884; total 16,374; intensity 3.72.
• Water: withdrawal 19,596 kl; groundwater 15,786; surface 3,810; consumption 34,777.2; intensity 4.46.
• GHG emissions: Scope 1 203.43 tCO2e; Scope 2 2,683 tCO2e; total 2,886.86; intensity 0.656.
• Waste: total 3,737.33 MT; recycled 2,397.62 MT; disposed 1,256.76 MT; plastics 82.95 MT; hazardous waste 1,256.76 MT.
• Water discharge: 15,181.2 kl treated before surface water discharge; on-site treatment and reuse for irrigation.

Stakeholder Engagement & Complaints

• Stakeholders identified: investors, employees, suppliers/partners, customers/dealers, community, government/regulators.
• Engagement: meetings, emails, surveys; investors annually; others periodically.
• Grievance mechanism: dedicated client grievance cell and formal process.
• No significant unresolved complaints reported during FY25-26.
• Data privacy: no material data breaches reported.
• POSH training and awareness; no POSH complaints filed during FY25-26.

Other Notable Metrics

• Related party transactions: purchases 5.69%; sales 12.88%; loans 64.74%; investments 0%.
• Accounts payable days: 77.
• CWIP/capex additions: 56.92 crore in environment/social technology investments.
• Female wages share: 2.39% of total wages.
• Input sourcing: MSME inputs 1.35%; local district sourcing 99.41%.
• Cybersecurity: IT policy with training; external assurance of sustainability data by Jaimin & Associates.

Highlights

• Consolidated revenue Rs 4,569 crore; up 23% YoY.
• Consolidated EBITDA Rs 1,232 crore; up 25% YoY.
• PAT (consolidated) Rs 449 crore.
• Rights issue proceeds Rs 1,249.33 crore.
• Order book ~4.4 GW as of July 2026 with 24–36 months visibility.
• Manufacturing capacity 2,500 MW annually across 5 facilities.
• IWEL merger reduced liabilities by about Rs 2,050 crore.
• Rights issue completed; balance sheet net cash-positive posture.
• Board of 6 directors: 2 executives, 4 non-executives, including 1 woman.
• Dividend for FY2025-26 not declared.

AGM Details

• AGM on 25 Sep 2026 at 3:00 PM IST, held via VC/OAVM.
• Cut-off date for e-Voting: 18 Sep 2026.
• Remote e-Voting window: 22 Sep 2026, 9:00 AM to 24 Sep 2026, 5:00 PM IST.

Key Resolutions

• Ordinary: Adoption of Audited Standalone and Consolidated Financial Statements for FY 2025-26.
• Ordinary: Re-appointment of Shri Mukesh Manglik as Director liable to retire by rotation.
• Special: Re-appoint Ms. Madhurima Sayan Das as Independent Director for a second 1-year term from 5 Sep 2026.
• Special: Increase borrowing limit under Section 180(1)(c) to ₹8,000 crore.
• Special: Create mortgage/charge on assets under Section 180(1)(a).
• Ordinary: Ratification of Cost Auditors' remuneration for FY ending 31 Mar 2027: ₹2,10,000.
• Ordinary: Approval of material related party transactions with IGESL, IRSL, ICEL and Shri Devansh Jain within limits.

Voting Results

• Voting results not provided in this filing.

Auditor Appointments

• Cost Auditors remuneration ratified for FY ending 31 Mar 2027: ₹2,10,000 plus taxes.

Director Changes

• Mukesh Manglik re-appointed as Director liable to retire by rotation.
• Ms. Madhurima Sayan Das re-appointed as Independent Director for second term from 5 Sep 2026.

Material Related Party Transactions

• MRPT with IGESL and subsidiaries; enabling limit ₹1,750 crore.
• MRPT with IRSL and subsidiaries; enabling limit ₹4,400 crore.
• MRPT with ICEL and subsidiaries; enabling limit ₹500 crore.
• MRPT with Shri Devansh Jain; loan up to ₹600 crore.

Other Material Approvals

• MRPT framework reviewed by Audit Committee and Board; arm's length and ordinary course.

Order win

• 100 MW turnkey order from Indian Oil Corporation Limited, contract value approx ₹755 crore.
• Includes EPC, turbine supply, and post-commissioning O&M for 10 years.