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INOXWIND - Inox Wind

📊 NSE: INOXWIND 🏢 Electric Equipment 📅 Last Updated: 12/14/2025 8:07

📢 Recent Corporate Announcements

Inox Wind to Participate in Kotak Chasing Growth 2026 Investor Conference on February 24

🟡 NEUTRAL ⭐ 3/10

ROUTINE 📅 19 Feb 2026, 07:21 PM

Inox Wind Limited has announced its participation in the 'Chasing Growth 2026' conference organized by Kotak Institutional Equities. The event is scheduled for February 24, 2026, in Mumbai, where company representatives will engage with institutional investors and analysts. The discussions will center around the previously disclosed Q3 FY26 results presentation. The company has explicitly stated that no unpublished price sensitive information (UPSI) will be shared during this meet.

Participation in Kotak Institutional Equities – Chasing Growth 2026 conference
Event date set for February 24, 2026, in Mumbai
Discussion to focus on the Q3 FY26 results presentation
Compliance disclosure under Regulation 30 of SEBI (LODR) Regulations, 2015

💡 Investors should monitor for any analyst reports or feedback following the conference for insights into the company's growth outlook, though no new material data is expected.

Inox Wind Q3 FY26: Revenue Up 24%, Upgrades FY26 EBITDA Margin Guidance to 20-22%

🟢 POSITIVE ⭐ 8/10

EARNINGS 📅 19 Feb 2026, 07:16 PM

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.

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

💡 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

🟢 POSITIVE ⭐ 9/10

M&A 📅 19 Feb 2026, 09:01 AM

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.

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

💡 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 Reports Transmission of 1.27 Lakh Shares Within Promoter Group

🟡 NEUTRAL ⭐ 3/10

ROUTINE 📅 18 Feb 2026, 06:53 PM

Inox Wind Limited has announced the transmission of 1,27,032 equity shares, representing 0.01% of the company's paid-up capital, within its promoter group. These shares were transferred from the late Shri Devendra Kumar Jain to Shri Vivek Kumar Jain on February 16, 2026. Consequently, Shri Vivek Kumar Jain's total shareholding has increased to 3,20,09,472 shares, or 1.85% of the company. This is a routine administrative update following the demise of a promoter member and does not change the aggregate promoter group holding.

Transmission of 1,27,032 equity shares (0.01% stake) to Shri Vivek Kumar Jain.
Shri Vivek Kumar Jain's total holding increased to 3,20,09,472 shares (1.85%).
Late Shri Devendra Kumar Jain removed from the Promoter and Promoter Group list.
The transaction was completed on February 16, 2026, as an inter-se transmission.

💡 This is a routine regulatory filing with no impact on the company's fundamentals or overall promoter control. No action is required from investors.

Inox Wind Shares Audio Recording of Q3 FY26 Investor Conference Call

🟡 NEUTRAL ⭐ 3/10

EARNINGS 📅 13 Feb 2026, 08:43 PM

Inox Wind Limited has released the audio recording of its conference call held on February 13, 2026, with investors and analysts. The call centered on the company's un-audited financial performance for the quarter and nine-month period ending December 31, 2025. This disclosure provides transparency, allowing stakeholders to hear management's detailed commentary on the results. The recording is accessible via the company's official website for public review.

Audio recording of the investor call held on February 13, 2026, is now available.
The call discussed financial results for Q3 and the nine months ended December 31, 2025.
Link to the recording is provided on the official Inox Wind website under investor relations.
The filing is a routine regulatory compliance step following the earnings announcement.

💡 Investors should listen to the recording to understand management's guidance on the order book and execution capabilities. No immediate trading action is required based on this procedural update.

Inox Wind Q3 FY26 Standalone PAT Jumps 115% YoY to ₹126.3 Cr; 1.83 Lakh ESOPs Granted

🟢 POSITIVE ⭐ 8/10

EARNINGS 📅 13 Feb 2026, 04:43 PM

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.

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.

💡 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%

🟢 POSITIVE ⭐ 8/10

EARNINGS 📅 13 Feb 2026, 04:35 PM

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.

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.

💡 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

🟢 POSITIVE ⭐ 8/10

EARNINGS 📅 13 Feb 2026, 04:29 PM

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.

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

💡 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%

🟢 POSITIVE ⭐ 8/10

EARNINGS 📅 13 Feb 2026, 04:15 PM

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.

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.

💡 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 to Host Q3FY26 Earnings Conference Call on February 13, 2026

🟡 NEUTRAL ⭐ 3/10

ROUTINE 📅 06 Feb 2026, 07:12 PM

Inox Wind Limited has scheduled a conference call for analysts and investors on Friday, February 13, 2026, at 5:00 PM IST. The meeting is intended to discuss the company's un-audited financial results for the third quarter and nine months ended December 31, 2025. Senior management, including Mr. Devansh Jain, Executive Director of INOXGFL Group, will be present to interact with participants. This is a standard post-earnings engagement to provide clarity on operational performance and future guidance.

Earnings conference call scheduled for February 13, 2026, at 05:00 PM IST.
Focus on un-audited financial results for Q3 and 9M ended December 31, 2025.
Management representation includes Mr. Devansh Jain and other senior executives.
Call hosted by JM Financial Institutional Securities Limited with international dial-in options.
Diamond Pass registration link provided for seamless access to the call.

💡 Investors should track the Q3 results announcement scheduled for the same day and join the call to understand management's perspective on order execution and debt reduction progress.

Inox Wind Submits SEBI Regulation 74(5) Compliance Certificate for Q3 FY2026

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 16 Jan 2026, 07:43 PM

Inox Wind Limited has filed its quarterly compliance certificate under Regulation 74(5) of the SEBI (Depositories and Participants) Regulations, 2018. The certificate, issued by the Registrar and Share Transfer Agent, MUFG Intime India Private Limited, pertains to the quarter ended December 31, 2025. The filing confirms that no securities were received from depository participants for dematerialization during this period. This is a standard administrative disclosure required for all listed entities in India.

Compliance certificate submitted for the quarter ended December 31, 2025.
Registrar MUFG Intime India Private Limited confirmed zero securities were received for dematerialization.
The filing is in accordance with Regulation 74(5) of SEBI (Depositories and Participants) Regulations, 2018.
The document was officially signed and submitted to BSE and NSE on January 16, 2026.

💡 No action is required as this is a routine regulatory filing. Investors should continue to monitor the company's upcoming quarterly financial results for material performance updates.

Inox Wind Announces Trading Window Closure from Jan 1, 2026 for Q3 FY26 Results

🟡 NEUTRAL ⭐ 3/10

ROUTINE 📅 31 Dec 2025, 07:29 PM

Inox Wind Limited has announced the closure of its trading window for all designated persons starting January 1, 2026. This action is in compliance with SEBI (Prohibition of Insider Trading) Regulations, 2015, ahead of the company's financial results for the quarter and nine months ending December 31, 2025. The window will remain closed until 48 hours after the unaudited financial results are declared and submitted to the stock exchanges. This is a standard regulatory procedure to prevent insider trading during the sensitive period of financial finalization.

Trading window closure effective from January 1, 2026.
Closure is related to the Unaudited Financial Results for the quarter and nine months ending December 31, 2025.
Restriction applies to all directors, officers, and designated employees of Inox Wind Limited.
Trading window will reopen 48 hours after the official declaration of financial results.
Implementation includes freezing of PAN at the security level by Depositories for designated persons.

💡 This is a routine regulatory announcement and does not impact the company's fundamentals. Investors should monitor the upcoming Q3 FY26 results for actual performance metrics.

Inox Wind Shareholders Approve Re-appointment of Manoj Dixit as Whole-Time Director

🟡 NEUTRAL ⭐ 6/10

MANAGEMENT 📅 30 Dec 2025, 05:24 PM

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.

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.

💡 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

🟢 POSITIVE ⭐ 8/10

EXPANSION 📅 18 Dec 2025, 10:32 PM

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.

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

💡 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

🟢 POSITIVE ⭐ 7/10

EXPANSION 📅 16 Dec 2025, 07:36 AM

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.

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

💡 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.

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💰 Financial Performance

Revenue Growth by Segment

Consolidated revenue grew 105% YoY in FY25 to INR 3,701.55 Cr. In Q2 FY26, consolidated revenue reached INR 1,162 Cr, a 56% YoY increase. The O&M segment (Inox Green) saw a 101% YoY revenue increase to INR 129.5 Cr in Q2 FY26, driven by portfolio expansion to 12.5 GW.

Geographic Revenue Split

Primarily India-based operations. Global wind installations reached 117 GW in 2024, with China dominating at 68%. IWL is positioning to capture growth in the Indian market which is benefiting from favorable policies like ALMM and ISTS connectivity amendments.

Profitability Margins

Net Profit Margin improved significantly to 11.00% in FY25 from -15.00% in FY24 due to operational efficiencies. Q2 FY26 Profit After Tax (PAT) was INR 121 Cr, up 43% YoY, while Profit Before Tax (PBT) rose 93% YoY to INR 169 Cr.

EBITDA Margin

Operating Profit Margin stood at 17.34% in FY25, a 110.69% improvement YoY. Q2 FY26 EBITDA was INR 271 Cr (approx. 23.3% margin), up 48% YoY, reflecting better absorption of fixed costs through higher execution volumes.

Capital Expenditure

The company raised INR 1,250 Cr through a rights issue and INR 900 Cr via NCRPS to strengthen the balance sheet. Subsidiary IGESL raised INR 1,050 Cr for O&M acquisitions, including a 6.5 GW wind asset portfolio.

Credit Rating & Borrowing

The company maintains a focus on debt reduction, evidenced by a 46.57% decrease in the Debt-Equity ratio to 0.24x in FY25 following a merger that reduced liabilities by INR 2,050 Cr. Interest coverage ratio improved 414% to 0.62x.

⚙️ Operational Drivers

Raw Materials

Key raw materials include steel, aluminum, and fiber composites used in the manufacturing of nacelles, hubs, rotor blades, and towers.

Import Sources

Not explicitly disclosed, though the company monitors global supply chain disruptions and trade barriers affecting project economics.

Capacity Expansion

FY25 execution increased 88% to 705 MW. H1 FY26 execution reached 350 MW (202 MW in Q2), with management targeting H2 to represent 70% of annual execution. The O&M portfolio expanded to 12.5 GW.

Raw Material Costs

Input price volatility in steel and aluminum is noted as a risk that can impact profitability margins. Procurement strategies include tracking regulatory changes and maintaining a comprehensive risk mitigation framework.

Manufacturing Efficiency

Inventory turnover ratio improved 83% to 2.43x in FY25, indicating faster movement of turbine components and commissioning schedules.

📈 Strategic Growth

Expected Growth Rate

65-70%

Growth Strategy

Growth will be driven by the execution of a 3.2 GW order book (valued at INR 22,433.84 Cr), the launch of technologically advanced 4.X MW WTGs, and the expansion of the O&M portfolio to 12.5 GW. The company is also pivoting toward long-term framework agreements with IPPs for recurring order visibility.

Products & Services

Wind Turbine Generators (WTGs), Erection, Procurement & Commissioning (EPC) services, Operations & Maintenance (O&M) services, and common infrastructure facility services.

Brand Portfolio

Inox Wind, Inox Green Energy Services (IGESL), Inox Renewable Solutions (IRSL).

New Products/Services

Secured license for 4.X MW WTGs to enhance competitiveness. Expanded EPC scope to include solar, hybrid RE EPC, and crane services.

Market Expansion

Strategic entry into solar and hybrid project management through Inox Green and Inox Renewable Solutions to provide an integrated renewable energy platform.

Market Share & Ranking

Identified as the second largest wind OEM in India with one of the largest promoter holdings in the listed wind space.

Strategic Alliances

Finalizing multiple framework agreements with major IPPs and utilities. Current marquee clients include NTPC, CESC, NLC India, and Hero Future Energies.

🌍 External Factors

Industry Trends

The Indian wind sector is in a multi-decadal growth phase boosted by a favorable regulatory environment, including ALMM for wind and GST reduction on components from 12% to 5%.

Competitive Landscape

Competes with other wind OEMs; maintains edge through end-to-end solutions (manufacturing to O&M) and a large, diversified order book.

Competitive Moat

Sustainable advantages include a massive 12.5 GW O&M portfolio providing recurring high-margin revenue, deep integration within the INOXGFL Group, and a 90-year group legacy.