Inox Wind and Inox Green reported strong Q3 FY’26 results, driven by growth in both revenue and EBITDA margins. Following this performance, the management announced a strategic shift in guidance, moving from megawatt projections to revenue and EBITDA margin figures for FY’26 and FY’27 to provide greater certainty. Inox Green confirmed its portfolio reached 13.3 GWp, with expected EBITDA exceeding INR 600 crores in FY’27 post-merger consolidation.
Q3 FY’26 Performance Overview
The joint conference call for Inox Wind Limited (IWL) and Inox Green Energy Services Limited (IGESL) detailed robust performance for the quarter ended December 31, 2025. Management noted that operational achievements, particularly in Q3, were delivered despite on-ground challenges related to site readiness and customer-side delays impacting turbine offtake.
Inox Wind Financial Highlights (Consolidated)
For Q3 FY’26, Inox Wind reported significant year-over-year growth:
- Revenue: INR 1,238 crores, an increase of 24% Y-o-Y.
- EBITDA: INR 313 crores (excluding a one-time gain in Q3 FY’25), marking a 39% Y-o-Y increase.
- Profit After Tax (PAT): INR 127 crores, up 14% Y-o-Y.
- Order Book: The consolidated order book stands at 3.2 GW, with nearly 600 MW added during the financial year.
Inox Green Performance and Strategic Moves
Inox Green demonstrated accelerating growth:
- Total Income (Q3 FY’26): INR 112 crores, up 51% Y-o-Y.
- EBITDA: INR 53 crores, up 80% Y-o-Y.
- Portfolio Size: The portfolio reached 13.3 GWp (10 GW wind O&M and 3.3 GWp solar O&M), bolstered by investments to acquire 6.5 GW operational wind O&M assets.
- Future Profitability: Management expects consolidated EBITDA to exceed INR 600 crores in FY’27 following the full consolidation of the acquired assets and merger activity.
Furthermore, the scheme for the demerger of the substation business into Inox Renewable Solutions is in the final stages, expected to eliminate about INR 50–INR 55 crores in annual depreciation for IGESL.
Shift in Financial Guidance Strategy
Management emphasized a deliberate shift from guiding execution volume (megawatts) to financial outcomes (revenue and margin) due to the increasing complexity in contract scopes (equipment supply vs. turnkey projects) and ground execution variability.
New Financial Outlook:
- FY ’26 Guidance (IWL & IGESL Consolidated): Revenue expected to exceed INR 5,000 crore (over 35% Y-o-Y growth).
- FY ’26 EBITDA Margin Guidance: Upgraded to 20%-22% (from 18%-19% previously).
- FY ’27 Guidance: Revenue expected to grow approximately 75% over FY ’26, with an EBITDA margin of 20%-22%.
Working Capital and Execution Update
Management stated the target is to reduce the working capital cycle to 200 days by the end of the current financial year, improving substantially from the 200-210 days reported at the end of Q3.
On execution for IWL, the company is on track to complete 6 GW installations for FY’26, having installed 4.5 GW in the first nine months. The current order book visibility stands at 3.2 GW, providing certainty for the next 1.5 to 2 years.
Inox Clean Energy and Sector Outlook
Kailash Tarachandani noted the strategic importance of group company Inox Clean Energy, which has an ambitious plan to set up 3 GW of Hybrid Renewable IPP projects annually, providing significant recurring order visibility for IWL and portfolio addition for IGESL.
The management remains absolutely positive regarding the sector’s growth, citing increased state activity and policy alignment, which indicates robust, long-term demand exceeding the 100 GW target by 2030.
Source: BSE
