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Inox Wind Q3 FY26: Revenue Up 24%, Upgrades FY26 EBITDA Margin Guidance to 20-22%
Inox Wind reported a 24% YoY revenue growth to INR 1,238 crores and a 39% rise in EBITDA to INR 313 crores for Q3 FY26. The company upgraded its full-year FY26 EBITDA margin guidance to 20-22% and expects FY27 revenue to grow by 75% over FY26. Its O&M arm, Inox Green, reported a 375% jump in PAT and is targeting an EBITDA of over INR 600 crores in FY27 following major asset acquisitions. The management is shifting guidance from Megawatts to financial metrics to better reflect diverse contract structures and site readiness challenges.
Key Highlights
Consolidated Q3 revenue rose 24% YoY to INR 1,238 crores with PAT increasing 14% to INR 127 crores
Upgraded FY26 EBITDA margin guidance to 20-22% from the previous 18-19% range
Projecting 75% revenue growth in FY27 over FY26 supported by a robust 3.2 GW order book
Inox Green's portfolio reached 13.3 GW, with FY27 EBITDA expected to exceed INR 600 crores post-acquisitions
Working capital cycle currently at 200-210 days, with a target to reduce to 150 days by FY27
💼 Action for Investors
Investors should focus on the margin expansion and the aggressive 75% growth target for FY27, while monitoring the successful reduction of working capital days. The shift to financial-based guidance suggests a more mature approach to managing diverse revenue streams across turnkey and equipment-only contracts.
INOXGFL Group Acquires Wind World India's 600 MW IPP and 4.5 GW O&M Business
INOXGFL Group has emerged as the successful bidder for Wind World India’s assets through an NCLT-approved resolution process. Inox Clean Energy will acquire a 600 MW operational wind IPP portfolio spread across seven states, while Inox Green Energy Services (a subsidiary of Inox Wind) will acquire the 4.5 GW wind O&M business. This acquisition significantly scales up Inox Green's existing 13.3 GWp portfolio and adds marquee clients such as Tata Group and ReNew. The move is expected to boost recurring annuity-driven revenues and supports the group's target of 10 GW IPP capacity by FY28.
Key Highlights
Acquisition of 600 MW operational wind IPP capacity across 7 wind-rich Indian states
Inox Green Energy Services to add 4.5 GW to its O&M portfolio, strengthening its market leadership
Acquisition includes a marquee client base featuring Tata Group, ReNew, Greenko, and Apraava Energy
Supports the Group's medium-term target of 10 GW installed IPP capacity by FY28
Transaction executed through an NCLT-approved resolution process for Wind World India
💼 Action for Investors
Investors should look favorably on this acquisition as it provides immediate scale and high-margin annuity income to the group's O&M arm. Monitor the integration of these assets and the subsequent impact on consolidated EBITDA margins.
Inox Wind Q3 FY26 Standalone PAT Jumps 115% YoY to ₹126.3 Cr; 1.83 Lakh ESOPs Granted
Inox Wind Limited reported a strong financial performance for the quarter ended December 31, 2025, with standalone revenue from operations rising 16.5% YoY to ₹1,081.92 crore. Net profit for the quarter surged to ₹126.33 crore, a significant jump from ₹58.58 crore in the corresponding quarter of the previous year. The company also announced the grant of 1,83,000 stock options to eligible employees under its 2024 ESOP scheme. While the results show robust growth, auditors highlighted ongoing legal matters and the recoverability of funds from certain SPVs as points of emphasis.
Key Highlights
Standalone Revenue from operations grew to ₹1,08,192 Lakh in Q3 FY26 from ₹92,828 Lakh in Q3 FY25.
Net Profit (PAT) for the quarter increased by 115% YoY to ₹12,633 Lakh.
EBITDA for the quarter stood at ₹25,081 Lakh compared to ₹19,108 Lakh in the previous year's quarter.
Nine-month (9M FY26) profit reached ₹45,989 Lakh, more than doubling from ₹19,439 Lakh in 9M FY25.
Board approved the grant of 1,83,000 stock options convertible into equity shares to eligible employees.
💼 Action for Investors
Investors should view the strong profit growth and revenue expansion as a positive sign of operational turnaround. However, monitor the resolution of the SPV-related legal matters and bank guarantee issues mentioned in the auditor's emphasis of matter.
Inox Wind Q3 FY26: EBITDA Up 39% to ₹313 Cr; Upgrades FY26 Margin Guidance to 20-22%
Inox Wind reported a strong Q3 FY26 with consolidated revenue growing 24% YoY to ₹1,238 crore and EBITDA rising 39% to ₹313 crore. Despite a non-cash deferred tax charge impacting net profit, Cash PAT grew significantly by 38% to ₹262 crore. The company has upgraded its FY26 EBITDA margin guidance to 20-22% and maintains a robust order book of 3.2 GW, providing 18-24 months of revenue visibility. Furthermore, management expects a massive 75% revenue growth in FY27, supported by a strong execution pipeline and sector tailwinds.
Key Highlights
Q3 FY26 Revenue increased 24% YoY to ₹1,238 crore with a strong EBITDA margin of 25.2%.
Cash PAT rose 38% YoY to ₹262 crore, while PBT saw a substantial 62% growth to ₹209 crore.
Order book remains robust at ~3.2 GW with 252 MW executed during the quarter.
FY26 EBITDA margin guidance upgraded to 20-22% from 18-19% previously.
FY27 revenue is projected to grow by ~75% over FY26, indicating significant scale-up expectations.
💼 Action for Investors
Investors should take note of the upgraded margin guidance and the aggressive FY27 growth targets as indicators of strong operational momentum. The upcoming NCLT-led listing of the substation business (IRSL) remains a key value-unlocking event to watch.
Inox Wind Q3 FY26: Revenue Up 24% to Rs 1,238 Cr; EBITDA Surges 39% with 3.2 GW Order Book
Inox Wind Limited reported a robust performance for Q3 FY26, with consolidated total income rising 24% YoY to Rs 1,238 crore and EBITDA growing 39% to Rs 313 crore. The company achieved its strongest-ever quarterly execution of 252 MW, maintaining a healthy order book of 3,185 MW. Management has issued aggressive guidance, targeting over Rs 5,000 crore in revenue for FY26 and a further 75% growth in FY27. Strategic developments include a 2.5 GW partnership with KP Energy and the final stages of a business demerger to streamline operations.
Key Highlights
Consolidated EBITDA increased 39% YoY to Rs 313 crore with margins reaching 25.2%
Order book remains strong at 3,185 MW with 252 MW executed in Q3 FY26 alone
Profit Before Tax (PBT) surged 62% YoY to Rs 209 crore, reflecting improved operational efficiency
Management guidance projects FY26 revenue >Rs 5,000 crore and FY27 revenue growth of 75%
New order wins of ~600 MW in FY26 from marquee clients like Aditya Birla and Jakson
💼 Action for Investors
Investors should focus on the company's ability to meet its aggressive FY27 growth targets and the successful commercial launch of the 4X MW turbine series. The strong order visibility and improving debt profile make it a key player to watch in the Indian renewable energy transition.
Inox Wind Q3 FY26 PAT Jumps 115% YoY to ₹126.33 Cr; Revenue Up 16.5%
Inox Wind Limited reported a robust performance for the quarter ended December 31, 2025, with Net Profit surging 115% YoY to ₹126.33 crore. Revenue from operations grew by 16.5% YoY to ₹1,081.92 crore, driven by steady execution in the wind turbine and EPC segments. EBITDA for the quarter stood at ₹250.81 crore, a 31% increase compared to the same period last year. The company also announced the grant of 1.83 lakh stock options to employees, signaling confidence in long-term growth.
Key Highlights
Net Profit for Q3 FY26 rose to ₹126.33 crore from ₹58.58 crore in Q3 FY25, a 115% increase.
Revenue from operations increased to ₹1,081.92 crore compared to ₹928.28 crore in the previous year's corresponding quarter.
EBITDA grew 31% YoY to ₹250.81 crore, reflecting improved operational margins.
For the nine months ended Dec 2025, PAT reached ₹459.89 crore, more than doubling from ₹194.39 crore in 9M FY25.
The Board approved the grant of 1,83,000 stock options under the Employee Stock Option Scheme 2024.
💼 Action for Investors
The company demonstrates strong earnings momentum and a successful operational turnaround post-merger. Investors should maintain a positive outlook while monitoring the resolution of pending litigation and SPV fund recoveries mentioned in the audit notes.
Inox Wind Shareholders Approve Re-appointment of Manoj Dixit as Whole-Time Director
Inox Wind Limited has announced the successful passage of a postal ballot resolution for the re-appointment of Shri Manoj Dixit as a Whole-Time Director. The resolution received a total of 103.66 crore votes in favor, representing 94.03% of the total votes polled. While the promoter group and retail investors showed strong support, a notable 19.94% of institutional public votes were cast against the re-appointment. This approval ensures leadership continuity for the wind energy solutions provider.
Key Highlights
Resolution for re-appointment of Manoj Dixit passed with a 94.03% majority of total votes polled.
A total of 110.24 crore valid votes were cast, with 103.66 crore in favor and 6.58 crore against.
Institutional public shareholders showed significant dissent, with 19.94% (6.58 crore votes) opposing the resolution.
Promoter and Promoter Group, holding 76.35 crore shares, voted 100% in favor of the appointment.
The resolution is deemed passed as of December 27, 2025, the final date of the e-voting period.
💼 Action for Investors
Investors should view this as a routine governance update ensuring management stability, though the nearly 20% institutional dissent warrants monitoring of future governance disclosures.
Inox Wind and Inox Solar Inaugurate 1.2GW Wind and 3GW Solar Facilities in Gujarat
Inox Wind and Inox Solar have inaugurated new state-of-the-art manufacturing facilities near Ahmedabad, Gujarat. Inox Solar has commissioned the first phase of its 3GW solar module plant, while Inox Wind launched a 1.2GW nacelle and hub facility for its 3MW and upcoming 4X MW turbines. The INOXGFL Group has set an ambitious target of 11GW solar module capacity by FY27, aiming for solar-specific revenues exceeding Rs 20,000 crore. These expansions are expected to create over 2,000 jobs and significantly boost the group's integrated renewable energy capabilities.
Key Highlights
Inaugurated 1.2GW nacelle and hub manufacturing facility for 3MW and 4X MW wind turbines
Commissioned first phase of a 3GW solar module plant using advanced N-type TOPCon technology
Group targets 11GW solar module and 8GW solar cell capacity by FY27 with Rs 20,000 Cr revenue potential
Consolidated Inox Clean revenues projected to reach approximately Rs 30,000 crore by FY28
New facilities expected to generate over 2,000 direct and indirect employment opportunities
💼 Action for Investors
Investors should monitor the ramp-up of the new 4X MW turbine production and the execution of the ambitious FY27 solar capacity targets. The integrated approach across wind and solar manufacturing positions the company well for India's 500GW renewable energy goal.
Inox Wind Bags Repeat 100 MW Order from Jakson Green; FY26 Inflow Reaches 600 MW
Inox Wind Limited (IWL) has secured a repeat 100 MW order from Jakson Green for its 3.3 MW turbines in Gujarat, bringing the total order from this client to 200 MW. This latest win pushes IWL's total order inflow for FY26 to approximately 600 MW. The contract encompasses turbine supply, limited EPC services, and multi-year operations and maintenance (O&M) support. With a 2.5 GW framework agreement already in place for the next three years, the company demonstrates strong revenue visibility and market positioning.
Key Highlights
Secured 100 MW repeat order from Jakson Green, taking total client intake to 200 MW
Total FY26 order inflow now stands at ~600 MW with an additional 2.5 GW framework agreement
Order includes supply of 3.3 MW turbines, limited EPC, and multi-year O&M services
Company maintains a manufacturing capacity of ~2.5 GW per annum across five plants
💼 Action for Investors
Investors should take note of the increasing order book and repeat business as signs of strong execution capability. Monitor the conversion of the 2.5 GW framework agreement into firm orders for sustained long-term revenue growth.
Inox Wind Secures 102.3 MW Order from Aditya Birla Renewables
Inox Wind Limited has bagged a significant 102.3 MW order from ABREL EPC Ltd., a subsidiary of Aditya Birla Renewables. This marks the first order from the Aditya Birla Group, involving the supply of Inox Wind's advanced 3.3 MW turbines for projects in Karnataka. The company will provide end-to-end solutions, leveraging its 2.5 GW annual manufacturing capacity. This partnership with a marquee developer enhances Inox Wind's order book and reinforces its position in India's energy transition market.
Key Highlights
Secured a 102.3 MW wind energy order from Aditya Birla Renewables (ABReL)
First-ever order from the Aditya Birla Group, expanding the marquee client portfolio
Order involves the supply of advanced 3.3 MW wind turbine generators (WTGs)
Project to be executed in Karnataka, contributing to the company's regional footprint
Inox Wind maintains a total manufacturing capacity of approximately 2.5 GW per annum
💼 Action for Investors
Investors should view this as a positive development that strengthens the order book and validates the company's 3.3 MW turbine technology. Monitor the execution pace and potential for follow-on orders from this new high-profile client.