Inox Wind (INOXWIND) Q3 24/25 earnings summary

Executive summary

• Q3 FY25 revenue reached ₹994 crore, up 96% year-over-year, with EBITDA at ₹290 crore, a 192% increase, marking the highest-ever Q3 EBITDA and profit in company history.

• Profit after tax for Q3 FY25 was ₹112 crore, and cash profit stood at ₹239 crore, both record highs.

• Execution for Q3 FY25 was 189 MW, up 82% YoY, with 9M FY25 execution at 469 MW, up 90% YoY.

• Robust order book of ~3.3 GW, with FY25 order inflows at ~1.4 GW and a strong pipeline.

• Credit ratings for short-term bank facilities were upgraded to the highest possible, and long-term ratings improved to A+ with a stable outlook.

Financial highlights

• Q3 FY25 revenue: ₹994 crore (up 96% YoY, up 34% QoQ); EBITDA: ₹290 crore (up 192% YoY, up 54% QoQ); normalized EBITDA excluding one-offs: ₹220 crore.

• Q3 FY25 profit after tax: ₹112 crore (vs ₹2 crore in Q3 FY24); cash profit: ₹239 crore (up 613% YoY).

• Net interest expense for the quarter: ₹24 crore, excluding one-time charges and treasury income.

• Total income for 9M FY25: ₹2,28,233 lakh, up from ₹1,21,551 lakh in the same period last year.

• EBITDA for 9M FY25: ₹63,589 lakh, up from ₹20,408 lakh in the prior year period.

Outlook and guidance

• FY25 execution guidance maintained at 800 MW, with 469 MW completed and 331 MW remaining; FY26 execution guidance reaffirmed at >1,200 MW.

• Targeting >2 GW of annual execution by FY27, supported by a robust order book and planning.

• EBITDA margin guidance for FY25 remains at 17% for the full year, with potential for upgrades; FY26 margin expected to improve by 100-200 basis points.

• CapEx guidance for FY26 and FY27 is ₹50-75 crore.

• New nacelle plant and solar manufacturing initiatives to commence in Q4 FY25.