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    Inox Wind

    INOXWIND
    Capital Goods·29 May 2026
    Management Summary

    Inox Wind and Inox Green Energy Services Limited reported a mixed Q4 FY26, with Inox Wind's consolidated revenue flat YoY at INR1,306 crores, while Inox Green showed strong growth in income and profitability. The group's strategic shift towards equipment supply and significant acquisitions for Inox Green are expected to drive substantial growth and margin improvement in FY27, with consolidated revenue projected to grow 75% to INR7,500 crores. However, geopolitical issues and working capital challenges impacted execution in the past quarter.

    Highlights

    5

    • Inox Wind achieved strong margins in Q4 FY26 with EBITDA of INR333 crores and PAT of INR106 crores, despite geopolitical challenges.

    • Inox Green demonstrated robust growth with Q4 FY26 total income up 40% YoY to INR120 crores and PAT up 340% YoY to INR28 crores.

    • The order book of 3.1 GW provides significant execution visibility for Inox Wind, with a strategic pivot towards 75% equipment supply to improve working capital.

    • Inox Green is set to become one of the largest renewable O&M companies, with 6.5 GW of acquired assets expected to boost FY27 EBITDA to over INR600 crores.

    • The launch of the new 4.4-MW turbine is on track for commercial launch within the calendar year, expected to deepen market penetration and improve margins.

    Concerns

    3

    • Inox Wind's consolidated revenue for Q4 FY26 was flat Y-o-Y at INR1,306 crores.

    • Geopolitical tensions, supply chain disruptions (specifically ECS components from outside India), and logistics issues created on-ground challenges and impacted project execution.

    • Payment delays were observed in PSU contracts, affecting the receivables cycle, though management expects improvement with the shift to equipment supply.

    Key financials

    Single quarter

    05 metrics
    1. 01Consolidated Revenue₹1,306 Cr0%YoY
    2. 02Consolidated EBITDA₹333 Cr
    3. 03Consolidated PBT₹216 Cr
    4. 04Consolidated PAT₹106 Cr
    5. 05Consolidated Cash Profit₹268 Cr

    Segment breakdown

    Inox Green Energy Services Limited
    ₹120 Cr Total Income₹57 Cr EBITDA₹46 Cr PBT₹28 Cr PAT₹46 Cr Cash PAT
    List

    Order Book

    high confidence

    Total Value

    ₹ 3.1 GW

    as of 2026-03-31

    quantified

    Execution

    execution visibility of more than 24 months

    Composition

    Turnkey and Equipment Supply(contract type)
    50.0%
    Inox Clean(client type)
    ₹ 500 MW

    "The order book is large and well-diversified, with a strategic pivot towards equipment supply to improve working capital cycle and revenue certainty."

    Source:
    Prepared remarks

    Capital allocation

    2
    high confidence
    CategoryHeadline
    M&A

    6.5 GW operational wind O&M assets from 2 companies

    acquisition · pending regulatory

    M&A

    Inox Green's evacuation infrastructure business

    Other · pending regulatory

    Guidance & targets

    9
    CategoryTargetPriority
    Capacity
    Annual Wind Capacity Addition (Industry)
    8 to 10 GW
    		High
    Capacity
    Inox Clean Energy Total Capacity Addition
    14 GW
    		High
    Capacity
    Inox Clean Energy Annual Capacity Addition
    3 GW plus
    		High
    Revenue
    Consolidated Revenue Growth
    75%
    		High
    Revenue
    Consolidated Revenue
    INR7,500 crores
    		High
    Profitability
    Consolidated EBITDA Margin
    20% to 20%
    		High
    Profitability
    Inox Green EBITDA
    upwards of INR600 crores
    		High
    Other
    Inox Wind Equipment Supply Mix
    75%
    		High
    Other
    O&M Revenue Mix
    18% to 20%
    		Medium

    Inox Green Acquisitions Completion

    soon
    CurrentPending regulatory approval
    TargetAcquisition of 6.5 GW O&M assets completed

    Why it matters

    Completion of these acquisitions is crucial for Inox Green's projected FY27 EBITDA growth and market positioning.

    We expect to complete the acquisition soon, consequent to which the consolidation of financials into Inox Green will result in a multifold increase in consol EBITDA and PAT for FY27 over FY26.

    How to verify

    capital_allocation.m_and_a[target='6.5 GW operational wind O&M assets from 2 companies'].status

    Risks & concerns

    3
    RiskSeverity

    Geopolitical tensions and supply chain disruptions

    Geopolitical issues led to on-ground challenges, logistics issues, and delays in supply chain for critical components like ECS, impacting project execution and revenue. — Management acknowledged

    medium

    Payment delays from PSU contracts

    Receivables cycle affected by payment delays, particularly from PSU contracts, though improvement is expected with strategic shift. — Management acknowledged

    medium

    Working capital blockage in EPC/turnkey projects

    Historically, turnkey EPC projects caused significant working capital blockage, which the company is addressing by pivoting to equipment supply. — Management acknowledged

    high

    Q&A highlights

    7

    “So your questions on the two acquisitions, which will roughly contribute a 50% EBITDA margin, because both are all the previous OEMs with the substations and all those evacuation systems. So this gives a similar EBITDA margin, which is roughly 50%. Second, for the projection of FY27, we have already guided it will be north of INR600 crores.”

    Clarifies the margin contribution from Inox Green's acquired assets and reiterates FY27 EBITDA guidance.

    asked by Vikas Agarwal

    2 min read5 chapters

    Detailed Narrative

    01

    Strategic Pivot to Equipment Supply and Group Synergies

    Inox Wind is strategically shifting its order book composition from largely turnkey projects to a higher mix of equipment supply. Currently, the order book is 50:50 turnkey and equipment supply, with a target to increase equipment supply to 75% going forward⏳. This pivot aims to address working capital blockages and execution risks associated with turnkey EPC projects. The INOXGFL Group is adopting a 'ONE INTEGRATED' strategy, leveraging synergies across its entities like Inox Clean Energy, which plans to add 14 GW capacity by FY29, with 20-30% expected from wind, providing continuous order inflows to Inox Wind and Inox Green.

    02

    Inox Wind Q4 FY26 Performance and FY27 Outlook

    Inox Wind reported a consolidated revenue of INR1,306 crores for Q4 FY26, which was flat year-on-year. Despite this, the company maintained strong margins, achieving an EBITDA of INR333 crores and a PAT of INR106 crores. For the full FY26, the company achieved a top line of INR4,500 crores. Management has guided for a consolidated revenue growth of approximately 75% for FY27 over FY26, projecting revenues of about INR7,500 crores, with an EBITDA margin targeted at 20-20%.

    03

    Inox Green Energy Services Q4 FY26 Performance and Growth Drivers

    Inox Green demonstrated robust financial performance in Q4 FY26, with total income growing 40% YoY to INR120 crores. EBITDA surged 93% YoY to INR57 crores, and PAT increased 340% YoY to INR28 crores. The company is poised for significant growth in FY27, with an EBITDA guidance of upwards of INR600 crores. This growth is primarily driven by the recent acquisition of 6.5 GW of operational wind O&M assets from two companies, which is expected to be completed soon and will substantially increase its portfolio.

    04

    Product Development and Innovation

    Inox Wind is on track to launch its new 4.4-MW turbine within the current calendar year, pending final approvals. This new product is expected to enable deeper market penetration and lead to margin improvements. The company is also backward integrating into power electronics, recognizing the massive requirement for transformers, inverters, and other components across the renewable energy ecosystem, which is anticipated to be a significant growth area.

    05

    Working Capital and Execution Challenges

    The company faced challenges in Q4 FY26 due to geopolitical tensions, supply chain disruptions (particularly for ECS components from outside India), and logistics issues, which impacted project execution. Additionally, payment delays from PSU contracts affected the receivables cycle. However, management expects significant improvement in working capital going forward⏳, driven by the strategic shift towards equipment supply and an increased proportion of orders from group companies.

    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.