Inox Wind reported a strong Q2 FY26, with revenue up 56% YoY. EBITDA increased by 48% YoY, and PBT soared by 93% YoY to Rs 169 crore. The company executed 202 MW in Q2 FY26. The current order book exceeds 3.2 GW, providing revenue visibility. Inox Green completed investments to acquire 6.5 GW of wind O&M assets.
Financial Highlights for Q2 FY26
Inox Wind demonstrated robust financial performance in Q2 FY26:
- Revenue increased by 56% year-over-year (YoY).
- EBITDA grew by 48% YoY.
- Profit Before Tax (PBT) rose by 93% YoY, reaching Rs 169 crore.
- Profit After Tax (PAT) increased by 43% YoY.
- Cash PAT grew by 66% YoY to Rs 220 crores. Note that PAT includes a deferred tax charge of Rs 43 crore, classified as a non-cash accounting adjustment.
Operational Performance
Key operational achievements include:
- Execution of 202 MW in Q2 FY26.
- An order book exceeding 3.2 GW, providing visibility for the next 18-24 months.
- Secured multiple orders totaling approximately 400 MW from both existing and new customers.
Strategic Developments
Recent strategic initiatives include:
- Strategic move to secure long-term recurring orders through partnerships/framework agreements leading to > 1 GW of recurring orders annually.
- The group’s IPP, with ambitious annual hybrid renewable capacity installation target of > 3 GW, provides strong visibility for 500-700 MW annual orders over the next several years.
- Scheme of demerger of substation business from Inox Green and subsequent merger into Inox Renewable Solutions.
- Inox Green completed investments to acquire 6.5 GW of wind O&M assets, increasing its O&M portfolio to ~12.5 GW.
Key Performance Indicators
- Total Income: Rs 1162 cr in Q2 FY26 (56% increase)
- EBITDA: Rs 271 cr in Q2 FY26 (48% increase)
- Cash PAT: Rs 220 cr in Q2 FY26 (66% increase)
- PAT: Rs 121 cr in Q2 FY26 (43% increase)
Balance Sheet & Future Outlook
- Balance sheet is net cash positive, with Rs 222 cr as of September 2025.
- Aiming for > 2 GW of annual execution in FY27.
Source: BSE