INOX Wind Limited announced robust financial results for Q3 FY26, marking one of the strongest quarters in its operational history. Consolidated Total Income grew by 24% YoY to Rs 1,238 crore, while EBITDA saw an impressive 39% YoY increase to Rs 313 crore. The company maintains a healthy order book of ~3.2 GW, providing strong revenue visibility for the next 18-24 months, supported by aggressive growth guidance for FY26 and FY27.
Q3 FY26 Highlights: Strongest Quarterly Performance
INOX Wind Limited reported exceptional financial and operational performance for the quarter ending December 31, 2025 (Q3 FY26). The company achieved one of its strongest ever quarterly results, driven by aggressive execution and expanding order intake.
Key consolidated financial metrics for Q3 FY26 compared to Q3 FY25 (restated figures):
- Consolidated Total Income: Rs 1,238 crore (+24% YoY)
- Consolidated EBITDA: Rs 313 crore (+39% YoY)
- EBITDA Margin: Approximately 25.2%
- Profit Before Tax (PBT): Rs 209 crore (+62% YoY)
- Cash PAT: Rs 262 crore (+38% YoY)
Operational & Order Book Momentum
Operationally, the company executed 252 MW in Q3 FY26, marking a 33% YoY growth in execution volume for the quarter. The total order book remains robust at ~3.2 GW as of the reporting date. Furthermore, the company secured cumulative orders of approximately ~600 MW in FY26 from diverse customers, including Aditya Birla and Jakson.
The nature of the order book has evolved significantly. Moving from a 100% turnkey structure in Q1 FY24, the book is now an almost 50-50 mix of turnkey (1.6 GW) and equipment supply (1.6 GW) in Q3 FY26.
Growth Trajectory and Guidance
INOX Wind has set strong growth expectations for the coming fiscal years:
- FY26 Guidance: Revenue expected to be > Rs 5,000 crore (representing >35% growth YoY) with an EBITDA margin targeted at 20-22%.
- FY27 Guidance: Revenue targeted for +75% growth YoY, maintaining an EBITDA margin of 20-22%.
Key Strategic Drivers and Strengths
The company’s positioning is based on five pillars of strength, leveraging its integrated capabilities and strong ecosystem:
Operational & Technological Prowess
- Maintaining a manufacturing capacity of > 2.5 GW across four facilities.
- Operating 2 MW and 3 MW WTG platforms, with 4.X MW WTGs expected to launch soon.
- Backward integration is strong, including in-house manufacturing of cranes and transformers.
- Strategies include ramping up new nacelle/hub plants and establishing a new blade/tower unit in Karnataka.
Diversification and Group Synergy
The company benefits from a diversified order book across PSUs, IPPs, C&I, and retail customers. Strategic integration within the INOXGFL Group enhances its offering:
- Inox Green (O&M): Manages a portfolio of ~13.3 GWp, providing stable, recurring cash flows.
- Inox Renewable Solutions (EPC): Leverages a track record of executing > 3 GW of projects and expanding beyond wind EPC to solar and hybrid RE solutions.
Shareholding Structure
The shareholding pattern as of February 6, 2026, shows a strong commitment from stakeholders:
- Promoters: 44%
- Retail & others: 21%
- Domestic Institutional Investors: 19%
- Foreign Investors: 16%
This structure is supported by a sizeable holding from the promoter group alongside a healthy mix of marquee global and domestic institutional investors.
Source: BSE
