Inox Wind (INOXWIND) Q1 24/25 earnings summary

Executive summary

• Q1 FY26 delivered record profitability with consolidated revenue up 32% YoY to INR 863 crores and PAT up 134% YoY to INR 97 crores, supported by strong execution, a 2.13x oversubscribed rights issue, and full promoter participation.

• Achieved highest ever Q1 PAT and Cash PAT, with Cash PAT up 168% YoY to INR 186 crores; PBT rose 167% YoY to INR 138 crores.

• Executed 146 MW in Q1 FY26; order book stands at 3.1 GW, providing strong revenue visibility for the next two years.

• Completed merger of Inox Wind Energy Limited into IWL, operationalized new nacelle and transformer plants, and expanded into solar O&M.

• Industry tailwinds include ALMM and DCR for wind, CERC's hybridization amendment, and favorable government policies supporting domestic manufacturers.

Financial highlights

• Q1 FY26 consolidated revenue: INR 863 crores (up 32% YoY); EBITDA: INR 220 crores (up 39% YoY); PAT: INR 97 crores (up 134% YoY); Cash PAT: INR 186 crores (up 168% YoY); order book: 3,108 MW.

• Inox Green Q1 FY26 standalone income: INR 98 crores (up 79% YoY); EBITDA: INR 48 crores (up 61% YoY); PAT: INR 22 crores (up 4.4x YoY); EBITDA margin at 49%.

• Machine availability for Inox Green averaged 95.6%; O&M portfolio expanded to 5.1 GW, including 1.6 GW solar O&M.

• Basic and diluted EPS for Q1 FY26 was ₹1.17, compared to ₹0.60 in Q1 FY25.

• Exceptional item of ₹1,346 lakh recognized as provision for doubtful inter-corporate deposit in a subsidiary.

Outlook and guidance

• Execution guidance for FY26 reaffirmed at 1.2 GW, with H1 typically accounting for 30%-35% of annual execution and H2 for 65%-70%.

• Margin guidance for FY26 raised to 18%-19% EBITDA for the wind business.

• Inox Green targets to ramp up O&M portfolio from 5 GW to 17 GW over the next two years, with wind as the majority.

• Aims to exceed 2 GW annual execution in FY27 as India moves toward 10 GW annual wind additions.

• Management expects to recover funds invested in 6 SPVs, pending regulatory and operational improvements.