Inox Wind (INOXWIND) Q3 25/26 earnings summary

Executive summary

• Q3 FY26 delivered one of the strongest financial and operational performances, with consolidated revenue up 24% YoY to INR 1,238 crore and EBITDA up 39% YoY, supported by 252 MW executed and a diversified order book of ~3.2 GW.

• Inox Green reported Q3 FY26 income of INR 112 crore (+51% YoY), EBITDA of INR 53 crore (+80% YoY), and PAT of INR 25 crore (+375% YoY).

• Merger of Inox Wind Energy Limited into the company completed, with financials restated; rights issue raised ₹1,249.33 crores with no deviation in use of proceeds.

• Order book stands at 3.2 GW, with 600 MW added in FY26 and a partnership to develop 2.5 GW of wind projects.

• O&M portfolio reached 13.3 GW, including recent acquisitions and organic growth.

Financial highlights

• Q3 FY26 consolidated revenue: INR 1,238 crore (+24% YoY); EBITDA: INR 313 crore (+39% YoY); PBT: INR 209 crore (+62% YoY); Cash PAT: INR 262 crore (+38% YoY).

• Inox Green's Q3 FY26 EBITDA margin was strong, with machine availability at 96.5%.

• Standalone Q3 FY26 revenue: ₹1,08,192 lakh; consolidated Q3 FY26 net profit: ₹12,665 lakh; consolidated EBITDA: ₹31,259 lakh.

• Execution in Q3 FY26 was 252 MW, up 33% YoY.

• Exceptional item: ₹1,346 lakh provision for doubtful inter-corporate deposit in subsidiary.

Outlook and guidance

• FY26 consolidated revenue expected to exceed INR 5,000 crore (+35% YoY), with EBITDA margin guidance raised to 20%-22%.

• FY27 revenue projected to grow ~75% over FY26, maintaining 20%-22% EBITDA margin.

• Inox Green FY27 EBITDA expected to surpass INR 600 crore, driven by portfolio consolidation and synergies.

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

• Deferred tax assets recognized on unabsorbed depreciation and business losses, with reasonable certainty of future taxable income.