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    Inox Wind

    INOXWIND
    Capital Goods·13 Feb 2026
    Management Summary

    Inox Wind delivered a strong Q3 FY26 with robust revenue and EBITDA growth, driven by a healthy order book and improved margins. The company recalibrated its guidance from megawattage to revenue-based, targeting over ₹5,000 crores for FY26 and 75% growth in FY27, with EBITDA margins of 20-22%. Execution faced challenges due to customer site readiness, but the O&M subsidiary, Inox Green, also showed significant growth and is progressing with strategic acquisitions and demerger plans.

    Highlights

    5

    • Consolidated Revenue grew 24% YoY to ₹1,238 crores in Q3 FY26.

    • Consolidated EBITDA increased 39% YoY to ₹313 crores (excluding one-time gain).

    • Inox Green reported 51% YoY growth in total income to ₹112 crores and 80% YoY EBITDA growth to ₹53 crores.

    • Order book stands at 3.2 GW, with 600 MW added in FY26, ensuring 18-24 months of execution visibility.

    • Upgraded FY26 consolidated revenue guidance to over ₹5,000 crores (35%+ YoY growth) and EBITDA margin to 20-22% (from 18-19%).

    Concerns

    3

    • Delays in site readiness and postponement of wind turbine off-take from some customers impacted execution.

    • Working capital days are currently in the 200-210 range, higher than the earlier target of 120 days, though management aims for 150 days by FY27.

    • Realizations per megawatt dropped Q-o-Q and Y-o-Y due to shifts in contract scope and execution challenges.

    Key financials

    Single quarter

    05 metrics
    1. 01Consolidated Revenue₹1,238 Cr+24%YoY
    2. 02Consolidated EBITDA₹313 Cr+39%YoY
    3. 03Consolidated PBT₹209 Cr+62%YoY
    4. 04Consolidated PAT₹127 Cr+14.0%YoY
    5. 05Consolidated Cash Profit₹262 Cr+38%YoY

    Segment breakdown

    Inox Green Energy Services Limited
    ₹112 Cr Total Income₹53 Cr EBITDA₹40 Cr PBT₹25 Cr PAT₹51 Cr Cash-back
    List

    Order Book

    high confidence

    Total Value

    ₹ 3.2 GW

    as of 2025-12-31

    quantified

    Execution

    execution visibility for the subsequent 18-24 months

    Composition

    Mix2 contract types
    • Turnkey50.0%
    • Equipment Supply50.0%

    Share of order book by contract type

    Pipeline

    deal pipeline tcv

    multiple customer negotiations nearing closure

    Cancellations / Deferrals

    • deferred:Delays in site readiness impacting wind turbine off-take from some customers.
    • other:Delays at customer sites resulting in postponement of off-take of wind turbines.

    "Management is confident in closing FY26 with a strong net order book, providing 18-24 months of execution visibility, despite some customer-side delays."

    Source:
    Prepared remarks

    Capital allocation

    4
    CategoryHeadline
    Capex

    ₹200 crores

    Debt

    Debt disclosed

    M&A

    6.5 GW operational wind O&M assets

    acquisition · pending regulatory

    M&A

    Inox Green substation business

    Other · pending regulatory

    Guidance & targets

    11
    CategoryTargetPriority
    Revenue
    Consolidated Revenue
    over ₹5,000 crores
    		High
    Revenue
    Consolidated Revenue Growth
    around 75%
    		High
    Profitability
    Consolidated EBITDA Margin
    20-22%
    		High
    Profitability
    Consolidated EBITDA Margin
    20-22%
    		High
    Working Capital
    Working Capital Days
    200 days
    		High
    Working Capital
    Working Capital Days
    150 odd days
    		Medium
    Capacity
    Annual Capacity Addition (India)
    10 gigawatt
    		Medium
    Profitability (Inox Green)
    EBITDA
    upwards of INR 600 crores
    		High
    Capex
    Capex
    around INR 200 crores
    		High
    Capex
    Capex
    around INR 200 odd crores
    		High
    Execution
    Annual GW Execution
    more than 2 gigawatts
    		High

    Inox Green O&M acquisition completion

    Soon
    CurrentPending regulatory approval
    TargetCompleted acquisition of 6.5 GW O&M assets

    Why it matters

    This acquisition is expected to multi-fold increase Inox Green's EBITDA and PAT for FY27, making it India's largest renewable O&M company.

    We expect to complete the acquisition process soon, consequent to which the consolidation of financials into Inox Green will result in a multi-fold increase in consolidated EBITDA and PAT for FY '27 over FY '26.

    How to verify

    capital_allocation.m_and_a[target='6.5 GW operational wind O&M assets'].status

    Risks & concerns

    3
    RiskSeverity

    Delays in site readiness and off-take of wind turbines

    Customer-side delays in site readiness and postponement of off-take impacting wind turbine execution, though the company aims to compensate through other activities. — Management acknowledged

    medium

    Working capital intensity

    Working capital days are currently 200-210, higher than the earlier target of 120 days, due to ramp-up and on-ground challenges, but management aims to reduce it to 150 days by FY27. — Management acknowledged

    medium

    Quarterly volatility in megawatt execution and realizations

    The nature of the business with varied contract scopes (turnkey vs. equipment supply) and on-ground challenges makes quarterly megawattage and per-megawatt realization volatile, leading to a shift to revenue-based guidance. — Management acknowledged

    low

    Q&A highlights

    7

    “So by this financial year end, we are targeting 200 days of working capital. But this year end, it will be 200 and by FY '27, hopefully, it will be in the range of 150 odd days.”

    Clarifies the current working capital position (200-210 days) and sets a revised target for improvement by FY27, indicating ongoing efforts to manage cash flow.

    asked by Nidhi Shah

    2 min read6 chapters

    Detailed Narrative

    01

    Q3 FY26 Consolidated Performance and Growth Drivers

    Inox Wind reported a strong Q3 FY26 with consolidated revenue of ₹1,238 crores, marking a 24% year-on-year increase. EBITDA grew by 39% year-on-year to ₹313 crores (excluding one-time📎 gains), reflecting improved margins. Profit after tax also saw a 14% year-on-year increase to ₹127 crores, supported by various initiatives including backward integration into cranes and transformer manufacturing.

    02

    Order Book and Execution Dynamics

    The company maintains a robust and diversified order book of 3.2 GW, with approximately 600 MW added in the current financial year. This order book provides execution visibility for the next 18-24 months. However, execution faced challenges due to customer-side delays in site readiness and postponement of off-take, which is a common industry issue. The order book composition is now roughly 50-50 between turnkey and equipment supply, with over 50% of projects being C&I driven.

    03

    Recalibrated Guidance and Future Outlook

    Inox Wind has recalibrated its guidance from megawattage to revenue and EBITDA margins to provide more certainty. For FY26, the company expects consolidated revenue to exceed ₹5,000 crores, representing over 35% year-on-year growth. The EBITDA margin guidance for FY26 has been upgraded to 20-22% from the earlier 18-19%. For FY27, consolidated revenue is projected to grow by around 75% over FY26, maintaining an EBITDA margin of 20-22%.

    04

    Inox Green Energy Services: Growth and Strategic Initiatives

    Inox Green, the O&M subsidiary, continued its strong growth trajectory, with total income reaching ₹112 crores in Q3 FY26, a 51% year-on-year increase. EBITDA surged by 80% year-on-year to ₹53 crores. The company's portfolio stands at 13.3 GW (10 GW wind, 3.3 GW solar) and is in the process of acquiring 6.5 GW of operational O&M assets. The demerger of Inox Green's substation business and its merger into Inox Renewable Solutions is in its final stages, expected to eliminate ₹1,000 crores of gross block and ₹50-55 crores of annual depreciation, significantly improving ROE and ROCE.

    05

    Capital Expenditure and Working Capital Management

    The planned capital expenditure for FY26 is around ₹200 crores, with approximately ₹150 crores already expended in the first nine months. The FY27 capex is also projected to be around ₹200 crores. Working capital days are currently in the 200-210 range, higher than the previous target of 120 days. Management aims to reduce this to 200 days by FY26 end and further to 150 days by FY27, indicating a focus on improving cash conversion.

    06

    Product Development and Innovation

    Inox Wind is advancing with the launch of its new 4X, 4.45 MW turbine. The company expects to receive all necessary approvals and commercially launch this product within the current calendar year. This new turbine is anticipated to strengthen Inox Wind's product portfolio and cater to evolving customer requirements in the growing Indian renewable energy sector.

    This is an AI-generated summary of a publicly available earnings call transcript. It is for informational purposes only and does not constitute investment advice, a recommendation, or an endorsement. inve.money is not a SEBI-registered investment advisor. Please consult a qualified financial advisor before making any investment decisions.