Inox Wind (INOXWIND) Q2 25/26 earnings summary

Executive summary

• Achieved best-ever Q2 performance with revenue up 56% YoY, EBITDA up 48% YoY, and PAT up 43% YoY; cash PAT rose 66% YoY to Rs 220 crore, despite a deferred tax charge impacting PAT.

• Over 200 MW executed in Q2 and 350 MW in H1, on track for full-year guidance of 1.2 GW, with H2 typically accounting for 70% of annual execution.

• Strategic focus on long-term framework agreements and recurring annual orders, with a diversified order book exceeding 3.2 GW and 18-24 months of revenue visibility.

• Inox Green's O&M portfolio reached 12.5 GW, targeting 17 GW within two years, positioning to become India's largest renewable O&M company.

• Major merger and rights issue completed, strengthening the capital structure and resulting in a net cash balance sheet of Rs 222 crore as of September 2025.

Financial highlights

• Q2 FY26 consolidated revenue: Rs 1,162 crore (up 56% YoY); EBITDA: Rs 271 crore (up 48% YoY); PAT: Rs 121 crore (up 43% YoY); cash PAT: Rs 220 crore (up 66% YoY).

• Inox Green Q2 FY26 total income: INR 129.5 crore, up 101% YoY; EBITDA: INR 52.2 crore, up 52% YoY; PBT: INR 40.9 crore, up 323% YoY; PAT: INR 28.1 crore, up 363% YoY.

• Standalone revenue from operations for Q2 FY26 was ₹94,742 lakh, up from ₹67,777 lakh in Q2 FY25; consolidated revenue was ₹1,11,918 lakh, up from ₹73,301 lakh year-over-year.

• Standalone net profit for Q2 FY26 was ₹24,688 lakh, up from ₹6,417 lakh in Q2 FY25; consolidated net profit was ₹12,062 lakh, up from ₹8,447 lakh year-over-year.

• Machine availability for Inox Green averaged 96.3% during the quarter.

Outlook and guidance

• Full-year execution target of 1.2 GW reaffirmed, with H2 expected to deliver 70% of annual execution.

• Targeting >1,200 MW execution in FY26 and >2 GW annual execution in FY27, supported by a strong pipeline and recurring orders.

• EBITDA margin guidance maintained at 18%-19% for FY2026, despite H1 margins exceeding 22%.

• Order inflow pipeline exceeds 3 GW, with annual recurring order visibility of at least 1 GW through framework agreements.

• Inox Green expects profitability to grow significantly in FY2027 as new acquisitions consolidate.