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INOXGREEN - Inox Green

📊 NSE: INOXGREEN 🏢 Miscellaneous 📅 Last Updated: 12/14/2025 8:07

📢 Recent Corporate Announcements

Inox Green Q3 PAT Surges 375% YoY; FY27 EBITDA Guidance Set at ₹600 Cr+

🟢 POSITIVE ⭐ 8/10

EARNINGS 📅 19 Feb 2026, 07:21 PM

Inox Green reported a robust Q3 FY26 with PAT growing 375% YoY to ₹25 crores and revenue increasing 51% to ₹112 crores. The company has expanded its portfolio to 13.3 GW and is nearing the completion of a 6.5 GW O&M asset acquisition which will drive future growth. Management has provided a strong outlook for FY27, targeting an EBITDA of over ₹600 crores following the consolidation of new assets and the demerger of its substation business. The group is shifting its guidance metric from capacity (MW) to financial performance to better reflect business complexity.

Q3 FY26 PAT rose 375% YoY to ₹25 crores, while EBITDA grew 80% to ₹53 crores.
Portfolio reached 13.3 GW, including 3.3 GWp of solar assets and 10 GW of wind assets.
FY27 EBITDA guidance set at ₹600+ crores, driven by the acquisition of 6.5 GW of O&M assets.
Substation business demerger is in final NCLT stages, expected to save ₹50-55 crores in annual depreciation.
Inox Wind (parent) upgraded FY26 EBITDA margin guidance to 20-22% from 18-19%.

💡 Investors should focus on the massive jump in FY27 EBITDA guidance and the upcoming demerger as significant value-unlocking catalysts. Monitor the timely completion of the 6.5 GW O&M acquisition and NCLT approvals for the substation business spin-off.

Inox Green to Acquire 4.5 GW Wind O&M Business of Wind World India

🟢 POSITIVE ⭐ 9/10

M&A 📅 19 Feb 2026, 08:50 AM

Inox Green Energy Services Limited (IGESL) has emerged as the successful bidder to acquire the 4.5 GW wind Operations & Maintenance (O&M) business of Wind World India via an NCLT-approved process. Additionally, group company Inox Clean will acquire Wind World's 600 MW operational IPP portfolio across seven states. This acquisition significantly scales IGESL's existing ~13.3 GWp portfolio and adds a marquee client base including Tata Group and ReNew. The move is expected to strengthen the company's annuity-driven revenue profile and long-term profitability.

Inox Green to acquire 4.5 GW of wind O&M assets, significantly expanding its current ~13.3 GWp AUM
Inox Clean (group company) to acquire a 600 MW operational IPP portfolio across 7 wind-rich states
Acquisition includes a marquee client base: Tata Group, ReNew, Greenko, Apraava Energy, and Hindustan Zinc
Strategic move to achieve Inox Clean's medium-term target of 10 GW installed IPP capacity by FY28
Transaction expected to boost recurring, annuity-style revenues and enhance overall cash flow generation

💡 This is a significant inorganic growth move that cements Inox Green's position as a leading O&M player. Investors should view this positively due to the addition of high-quality, revenue-generating assets and should monitor the impact on EBITDA margins post-integration.

Inox Green Consortium Wins Wind World (India) Bid; IGESL to Acquire 4.5 GW O&M Portfolio

🟢 POSITIVE ⭐ 9/10

M&A 📅 19 Feb 2026, 08:46 AM

A consortium led by Inox Neo Energies and Authum Investment has been declared the Successful Resolution Applicant for Wind World (India) Limited (WWIL). Under the approved plan, Inox Green Energy Services Limited (IGESL) will acquire WWIL's massive Operations and Maintenance (O&M) business, which includes a 4.5 GW portfolio. This portfolio services marquee clients such as Tata Group, ReNew, and Greenko. The acquisition is currently pending final approval from the NCLT Ahmedabad Bench.

Consortium declared Successful Resolution Applicant for Wind World (India) Limited under IBC process.
IGESL to acquire and implement the O&M business of WWIL, adding a 4.5 GW portfolio.
WWIL's O&M clients include major players like Tata Group, ReNew, Greenko, and Hindustan Zinc.
Inox Neo Energies (INEL) will separately acquire WWIL's 600 MW operational IPP portfolio.
The resolution plan has been approved by the Committee of Creditors and is awaiting NCLT approval.

💡 Investors should view this as a major growth catalyst that significantly expands IGESL's O&M footprint. Monitor the NCLT approval timeline and the subsequent impact on the company's recurring revenue streams.

Inox Green Energy Releases Q3 FY2026 Investor Conference Call Recording

🟡 NEUTRAL ⭐ 3/10

ROUTINE 📅 13 Feb 2026, 08:50 PM

Inox Green Energy Services Limited has released the audio recording of its investor conference call held on February 13, 2026. The call followed the announcement of the company's standalone and consolidated financial results for the quarter and nine months ended December 31, 2025. This disclosure is a standard regulatory requirement under SEBI Listing Obligations and Disclosure Requirements. Investors can access the recording to understand management's detailed commentary on the company's financial performance and future outlook.

Audio recording of the conference call held on February 13, 2026, is now publicly available.
The call discussed financial results for the quarter and nine months ended December 31, 2025.
Disclosure made in compliance with Regulation 30 and 46(2)(oa) of SEBI LODR Regulations.

💡 Investors should listen to the recording to gain insights into the company's operational performance and management's guidance for the upcoming quarters.

Inox Green Energy Reports Nil Deviation in Utilization of Rs 1,050 Cr Preferential Issue Proceeds

🟢 POSITIVE ⭐ 6/10

REGULATORY 📅 13 Feb 2026, 07:21 PM

Inox Green Energy Services Limited has confirmed zero deviation in the utilization of funds raised via its Rs 1,050 crore preferential issue for the quarter ended December 2025. As of the reporting date, the company has raised Rs 675 crores and successfully deployed Rs 612.11 crores towards its stated objectives. Key allocations include Rs 109.64 crores for debt repayment and Rs 445.83 crores for subsidiary investments. This regulatory filing, reviewed by the Audit Committee and CARE Ratings, ensures transparency in capital management and adherence to the company's stated growth strategy.

Total preferential issue size of Rs 1,050 crores with Rs 675 crores raised as of December 31, 2025.
Cumulative utilization stands at Rs 612.11 crores with zero deviation from original objects.
Debt repayment objective is nearly complete with Rs 109.64 crores utilized against a Rs 110 crore target.
Rs 445.83 crores deployed to subsidiaries for existing and new project development out of a Rs 690 crore allocation.
The statement has been duly reviewed by the Audit Committee and verified by monitoring agency CARE Ratings Limited.

💡 Investors should view this as a sign of disciplined management and adherence to the company's deleveraging and expansion goals. Continue to monitor the execution of projects within the subsidiaries where the majority of remaining funds are earmarked.

Inox Green Q3 FY26 PAT Surges 375% YoY to ₹25 Cr; Portfolio Reaches 13.3 GWp

🟢 POSITIVE ⭐ 8/10

EARNINGS 📅 13 Feb 2026, 04:25 PM

Inox Green Energy Services reported a robust Q3 FY26 with Profit After Tax (PAT) surging 375% YoY to ₹25 crore and EBITDA growing 80% YoY to ₹53 crore. Total income for the quarter rose 51% YoY to ₹112 crore, supported by a significantly expanded renewable O&M portfolio which now stands at 13.3 GWp. The company has successfully integrated 6.5 GW of acquired wind O&M assets and is in the final stages of demerging its substation business to achieve an asset-light balance sheet. Operational efficiency remained high with machine availability at 96.5% for the quarter.

Total income increased 51% YoY to ₹112 crore in Q3 FY26 from ₹74 crore in Q3 FY25.
EBITDA grew 80% YoY to ₹53 crore, while Profit Before Tax (PBT) saw a massive 261% jump to ₹40 crore.
Renewable O&M portfolio reached ~13.3 GWp, including ~10 GW of wind and ~3.3 GWp of solar assets.
Cash PAT for the quarter stood at ₹51 crore, representing a 116% growth over the previous year.
The demerger of the substation business into Inox Renewable Solutions is in final NCLT hearing stages to optimize the balance sheet.

💡 Investors should view the strong earnings growth and portfolio expansion as a sign of successful execution of the company's inorganic growth strategy. The upcoming demerger of the substation business is a key catalyst that could further improve PAT margins by reducing depreciation costs.

Inox Green Q3 FY26 Results & Re-appointment of Mukesh Manglik as WTD for 2 Years

🔵 WATCH ⭐ 7/10

EARNINGS 📅 13 Feb 2026, 03:57 PM

Inox Green Energy Services Limited (IGESL) announced its Q3 FY26 financial results and the re-appointment of Mukesh Manglik as Whole-time Director for a two-year term starting May 19, 2026. The company is actively pursuing the demerger of its Power Evacuation business into Inox Renewable Solutions Limited, which has already received approval from shareholders and creditors. Regarding legal challenges, the company is preparing an appeal to APTEL following a rejected prayer to reserve 300 MW connectivity at Bhuj-II. Management reiterated that Inox Wind Limited will bear costs if funds invested in 6 SPVs remain unrecoverable.

Re-appointment of Mukesh Manglik as Whole-time Director for a 2-year term effective May 19, 2026.
Approval of Unaudited Standalone and Consolidated Financial Results for the quarter and nine months ended December 31, 2025.
Demerger of Power Evacuation business into Inox Renewable Solutions Limited is currently pending NCLT approval.
Legal appeal planned for APTEL regarding the 300 MW connectivity issue at Bhuj-II after a CERC rejection.
Confirmation that Inox Wind Limited will indemnify the company for potential losses related to Inter-Corporate deposits in 6 SPVs.

💡 Investors should monitor the NCLT approval process for the Power Evacuation business demerger and the outcome of the APTEL appeal regarding project connectivity. While management continuity is a positive, the recovery of funds from SPVs remains a key financial variable to track.

Inox Green Energy Q3 FY26: Board Re-appoints WTD and Provides Update on Power Evacuation Demerger

🔵 WATCH ⭐ 7/10

EARNINGS 📅 13 Feb 2026, 03:53 PM

Inox Green Energy Services Limited (IGESL) reported its Q3 FY26 results, highlighting the re-appointment of Mukesh Manglik as Whole-time Director for a two-year term. The company is progressing with the demerger of its Power Evacuation business into Inox Renewable Solutions Limited, which has now been filed with the NCLT. Financial notes reveal a contingent risk regarding ₹5,578 Lakh in invoked bank guarantees related to SPVs, though parent company Inox Wind Limited has agreed to bear these costs if unrecovered. Additionally, the company has recognized ₹12,750 Lakh in unbilled O&M revenue based on contractual negotiations.

Re-appointment of Shri Mukesh Manglik as Whole-time Director for a 2-year term starting May 19, 2026.
Power Evacuation business demerger scheme filed with NCLT following shareholder and creditor approval on November 1, 2025.
₹5,578 Lakh in bank guarantees invoked for 6 SPVs; company is filing an appeal in APTEL to recover funds.
Unbilled revenue of ₹12,750 Lakh for O&M services rendered is under negotiation/litigation but expected to be recovered.
Related party purchases of stock-in-trade amounted to ₹253 Lakh for the quarter ended December 31, 2025.

💡 Investors should closely monitor the NCLT's timeline for the Power Evacuation business demerger as it is a significant structural change. Furthermore, the successful realization of ₹12,750 Lakh in unbilled revenue and the outcome of the APTEL appeal regarding SPV guarantees are key triggers for the stock.

Inox Green Energy Schedules Q3 FY26 Earnings Call for February 13, 2026

🟡 NEUTRAL ⭐ 3/10

ROUTINE 📅 06 Feb 2026, 07:57 PM

Inox Green Energy Services Limited has scheduled a conference call for analysts and investors on February 13, 2026, at 5:00 PM IST. The call is intended to discuss the company's un-audited financial results for the third quarter and nine months ended December 31, 2025. The session will be a joint briefing with Inox Wind Ltd., featuring Executive Director Devansh Jain and other senior management members. This meeting provides a platform for stakeholders to gain insights into the company's operational performance and future outlook.

Conference call scheduled for February 13, 2026, at 5:00 PM IST following Q3 FY26 results.
Joint earnings call involving both Inox Green Energy Services Ltd. and Inox Wind Ltd.
Management representation includes Mr. Devansh Jain, Executive Director of INOXGFL Group.
Call hosted by JM Financial Institutional Securities with universal dial-in numbers provided: +91-22-6280 1366.

💡 Investors should mark the date to review the Q3 financial performance and listen to the management commentary regarding the O&M service pipeline. Pay close attention to any updates on the synergy between Inox Green and Inox Wind during the joint call.

Inox Green Allots 1.98 Crore Equity Shares; Forfeits 76.96 Lakh Warrants

🟡 NEUTRAL ⭐ 7/10

FUNDRAISE 📅 28 Jan 2026, 05:44 PM

Inox Green Energy Services has allotted 1,98,90,000 equity shares following the conversion of warrants at an issue price of Rs. 145 per share. The company received the balance 75% payment for these shares, while 76,96,206 warrants were cancelled due to non-exercise of conversion rights. Consequently, the 25% upfront payment previously received for the cancelled warrants has been forfeited by the company. The total paid-up share capital has increased to Rs. 401.49 crore, and no convertible warrants remain outstanding.

Allotment of 1,98,90,000 equity shares at a conversion price of Rs. 145 per share
Forfeiture of 25% upfront payment on 76,96,206 warrants that were not converted
Paid-up share capital increased from Rs. 381.60 crore to Rs. 401.49 crore
Zero outstanding convertible warrants remaining in the company post-allotment
The issue price of Rs. 145 includes a premium of Rs. 135 per equity share

💡 Investors should monitor the impact of equity dilution on earnings per share. The forfeiture of nearly 77 lakh warrants suggests some investors found the conversion unattractive at the Rs. 145 price point relative to current market conditions.

Inox Green Allots 68.96 Lakh Equity Shares via Warrant Conversion at Rs 145/Share

🟢 POSITIVE ⭐ 7/10

FUNDRAISE 📅 23 Jan 2026, 06:20 PM

Inox Green Energy Services Limited has allotted 68,96,550 equity shares to non-promoter warrant holders following the conversion of warrants issued on a preferential basis. The shares were issued at a price of Rs. 145 per share, which includes a premium of Rs. 135, after the company received the balance 75% of the issue price. This allotment is part of a larger issuance of 4.48 crore warrants approved in 2024. As a result, the company's paid-up equity share capital has increased to approximately Rs. 381.60 crore.

Allotment of 68,96,550 equity shares of face value Rs. 10 each to non-promoters
Issue price of Rs. 145 per share, including a premium of Rs. 135
Receipt of balance 75% payment from warrant holders triggered the conversion
Total paid-up equity capital increased to Rs. 381,60,20,450 post-allotment
Part of a 4,48,27,582 warrant preferential issue approved in July 2024

💡 Investors should monitor the impact of equity dilution on earnings per share, though the capital infusion strengthens the company's liquidity position for growth.

Inox Green Energy Submits SEBI Regulation 74(5) Compliance Certificate for Q3 FY26

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 20 Jan 2026, 10:33 PM

Inox Green Energy Services Limited has filed its quarterly compliance certificate under Regulation 74(5) of the SEBI (Depositories and Participants) Regulations, 2018. The certificate, issued by registrar MUFG Intime India Private Limited, covers the quarter ended December 31, 2025. The registrar confirmed that no dematerialization requests were received or processed during this period. This filing is a standard administrative requirement for listed companies in India to confirm the status of share conversions.

Compliance certificate submitted for the quarter ended December 31, 2025.
Registrar MUFG Intime India confirmed zero demat requests were received during the quarter.
The company maintains a 100% dematerialized share structure with no physical shares outstanding.
Official filing dated January 20, 2026, following the registrar's confirmation on January 7, 2026.

💡 No action is required as this is a routine regulatory filing. Investors should continue to monitor the company's operational performance and upcoming quarterly financial results.

Inox Green Bags 625 MWp Solar O&M Contract from KEC; Total Portfolio Crosses 13 GW

🟢 POSITIVE ⭐ 7/10

EXPANSION 📅 20 Jan 2026, 07:28 AM

Inox Green Energy Services Limited has secured a Letter of Award (LoA) from KEC International for a 625 MWp solar project in Bhadla, Rajasthan. This contract marks a significant milestone as the company's solar O&M portfolio now exceeds 3 GW, while its total renewable portfolio has surpassed 13 GW. The deal reinforces Inox Green's position as a leading pure-play renewable O&M provider with long-term revenue visibility. This expansion aligns with the company's strategy to grow both organically and inorganically across the solar and wind segments.

Awarded LoA from KEC International for O&M services of a 625 MWp solar project in Rajasthan
Company's solar O&M portfolio has officially crossed the 3 GW milestone
Total renewable energy O&M portfolio now exceeds 13 GW across 12 Indian states
Strengthens long-term cash flow visibility through stable, long-term service contracts
Leverages synergies with parent company Inox Wind and group company Inox Clean for future scaling

💡 Investors should look favorably on this growth in the high-margin O&M segment, which provides stable recurring revenue. Monitor the company's ability to maintain service margins as the total portfolio scales beyond 13 GW.

Inox Green Energy Closes Trading Window from Jan 1, 2026 for Q3 Results

🟡 NEUTRAL ⭐ 3/10

ROUTINE 📅 31 Dec 2025, 09:00 PM

Inox Green Energy Services Limited has announced the closure of its trading window for all designated persons and their relatives starting January 1, 2026. This closure is in compliance with SEBI Insider Trading regulations ahead of the declaration of the company's unaudited financial results for the quarter and nine months ending December 31, 2025. The trading restriction will remain in effect until 48 hours after the financial results are submitted to the stock exchanges. As per SEBI guidelines, the restriction will be enforced by depositories through PAN-level freezing of the concerned individuals.

Trading window closure commences on January 1, 2026.
Restriction pertains to the financial results for the quarter and nine months ending December 31, 2025.
Window to reopen 48 hours after the official declaration of results to BSE and NSE.
Implementation includes PAN-level freezing for designated persons by depositories.
Compliance follows Clause 4 of Schedule B of SEBI (Prohibition of Insider Trading) Regulations, 2015.

💡 This is a standard regulatory procedure ahead of earnings and has no direct impact on retail shareholders. Investors should await the announcement of the specific date for the Q3 FY2026 earnings release to assess the company's performance.

Inox Green Clarifies No Involvement in Macquarie's Vibrant Acquisition

🟡 NEUTRAL ⭐ 6/10

REGULATORY 📅 23 Dec 2025, 11:34 AM

Inox Green Energy Services Limited has officially clarified to the exchanges that media reports regarding its acquisition of Macquarie's renewable platform, Vibrant, are factually incorrect. The company stated that the transaction actually involves Inox Clean Energy Limited, a separate entity within the INOXGFL Group. There are no cross-holdings or economic interests between Inox Green and Inox Clean Energy Limited. As a result, this specific acquisition news has no material impact on Inox Green's financial or operational status.

Clarified that the news item regarding the acquisition of Macquarie's Vibrant platform is factually incorrect for Inox Green.
Identified Inox Clean Energy Limited as the actual group company involved in the transaction.
Confirmed zero cross-holdings or economic interests between Inox Green and the acquiring entity.
Stated the news has no correlation or material impact on Inox Green Energy Services Limited.

💡 Investors should disregard speculative news linking Inox Green to the Vibrant acquisition as it pertains to a different group entity. Focus should remain on the company's core service-oriented business model rather than this specific inorganic growth rumor.

View All INOXGREEN Announcements on Live Market Tracking →

💰 Financial Performance

Revenue Growth by Segment

Total income for Q2 FY26 reached INR 129.5 Cr, representing a 101% YoY growth from INR 64.4 Cr. For H1 FY26, total income was INR 227.3 Cr, up 91% YoY from INR 119.1 Cr. The single business segment of O&M services for WTGs and common infrastructure facilities contributes 100% of revenue.

Geographic Revenue Split

The company operates exclusively in India, which is considered a single geographical segment contributing 100% of the revenue.

Profitability Margins

Operating Profit Margin improved significantly to 35.10% in FY25 from 20.11% in FY24. Net Profit Margin rose to 18.81% in FY25 from 5.69% in FY24. For Q2 FY26, Profit After Tax (PAT) was INR 28.1 Cr, a 363% YoY increase from INR 6.1 Cr.

EBITDA Margin

EBITDA for Q2 FY26 was INR 52.2 Cr, up 52% YoY from INR 34.4 Cr. H1 FY26 EBITDA stood at INR 99.9 Cr, a 56% YoY increase. The EBITDA margin for H1 FY26 is approximately 43.9%, reflecting high core profitability from annuity-based O&M contracts.

Capital Expenditure

The company is transitioning to an asset-light model through the demerger of its substation business, which will eliminate a gross block of approximately INR 1,000 Cr from the balance sheet. Future growth is focused on inorganic acquisitions funded by a recent INR 1,050 Cr fundraise.

Credit Rating & Borrowing

CRISIL has assigned a 'Positive' outlook. The company has significantly deleveraged, with a Debt-Equity ratio of 0.06x in FY25 compared to 0.09x in FY24. Interest coverage ratio improved to 3.94x from 0.40x due to debt repayment and higher profitability.

⚙️ Operational Drivers

Raw Materials

As a service-oriented O&M provider, primary costs involve spare parts for Wind Turbine Generators (WTGs) and consumables. Specific percentage of total cost for each is not disclosed.

Key Suppliers

The company primarily services Wind Turbine Generators manufactured and supplied by its parent company, Inox Wind Limited (IWL).

Capacity Expansion

Current O&M portfolio stands at 12.5 GW, which includes the recent acquisition of 6.5 GW of operational wind assets. The company aims to capture a share of the 10 GW market of inactive or stressed O&M players.

Raw Material Costs

Inventory turnover decreased to 1.08x in FY25 from 2.14x in FY24 due to an increase in inventories, which correspondingly reduced the cost of consumption.

Manufacturing Efficiency

Maintained a high mission availability of 96.3% across the entire portfolio during Q2 FY26, ensuring stable revenue generation from O&M contracts.

📈 Strategic Growth

Expected Growth Rate

23.10%

Growth Strategy

Growth will be achieved through a mix of organic expansion (benefiting from Inox Wind's rapid execution) and inorganic acquisitions (targeting 10 GW of stressed O&M portfolios). The demerger of the substation business will eliminate INR 50-55 Cr in annual depreciation, directly boosting PAT and improving ROE/ROCE.

Products & Services

Long-term Operation and Maintenance (O&M) services for wind farm projects, including Wind Turbine Generators (WTGs) and common infrastructure facilities.

Brand Portfolio

Inox Green, Inox Wind, INOXGFL Group.

New Products/Services

Expansion into large-scale solar project O&M and O&M contracts for the group's IPP platform (Inox Clean Energy), which targets >3 GW of installed capacity.

Market Expansion

Targeting the takeover of O&M portfolios from large IPPs and developers who currently manage portfolios captively, as well as entering contracts where existing O&M agreements have expired.

Market Share & Ranking

Aims to become India's largest renewable O&M company in the near future, leveraging its current 12.5 GW portfolio.

Strategic Alliances

Strong operational and financial linkages with Inox Wind Limited (IWL) and the broader INOX-GFL Group, including common treasury and financial support.

🌍 External Factors

Industry Trends

The wind energy industry is evolving toward organized, large-scale O&M providers. IGESL is positioning itself to capture the 10 GW market currently held by inactive or stressed players.

Competitive Landscape

Exposed to intense competition from both domestic and foreign O&M service providers in a challenging business environment.

Competitive Moat

Durable advantages include an annuity-based revenue model with 30%+ margins, high machine availability (96%+), and strong parentage from the INOX-GFL group which provides financial and operational support.

Macro Economic Sensitivity

The company is a beneficiary of the multi-decadal growth story in the Indian wind sector, supported by domestic content requirements and energy transition goals.

Consumer Behavior

Customers are increasingly switching to strong, credible, and renowned Indian O&M service providers like Inox Green.

Geopolitical Risks

Beneficiary of domestic content requirements in the wind sector which protects local players from certain international competition.

⚖️ Regulatory & Governance

Industry Regulations

The company is undergoing a scheme of demerger for its substation business through the NCLT to create a cleaner, asset-light balance sheet.

Environmental Compliance

As a renewable energy services provider, the company is inherently aligned with ESG goals, though specific compliance costs are not disclosed.

Taxation Policy Impact

The company reported a PAT of INR 28.1 Cr against a PBT of INR 40.9 Cr for Q2 FY26, implying an effective tax rate. Cash PAT includes adjustments for deferred taxes.

Legal Contingencies

The scheme of demerger is currently pending final approval from the NCLT after receiving approvals from shareholders and creditors.

⚠️ Risk Analysis

Key Uncertainties

Working capital management is a key risk, with working capital days increasing to 1,454 days. Exposure to intense competition in the wind sector could impact margin sustainability.