Inox Wind (INOXWIND) Q4 24/25 earnings summary

Executive summary

• Achieved highest ever quarterly profit in Q4 FY25, with PAT up 391% YoY to Rs 190 cr and revenue up 130% YoY; FY25 revenue rose 105% YoY to Rs 3,702 cr, EBITDA up 167% YoY to Rs 918 cr, and PAT at Rs 438 cr.

• Cash PAT for FY25 surged 800% YoY to Rs 734 cr; execution for the year reached 705 MW, up 88% YoY.

• Consolidated revenue from operations for FY25 was ₹355,715 lakh, up from ₹174,630 lakh in FY24, reflecting strong growth year-over-year.

• Net profit after tax for FY25 stood at ₹43,762 lakh, a significant turnaround from a net loss of ₹4,816 lakh in FY24.

• NCLT approved merger with Inox Wind Energy Ltd., reducing liabilities by ~Rs 2,050 cr and streamlining the corporate structure.

Financial highlights

• Q4 FY25: Revenue Rs 1,311 cr (+130% YoY), EBITDA Rs 290 cr (+103% YoY), PAT Rs 190 cr (+391% YoY).

• FY25: Revenue Rs 3,702 cr (+105% YoY), EBITDA Rs 918 cr (+167% YoY), PAT Rs 438 cr (vs. loss of Rs 48 cr in FY24).

• Total income for FY25 was ₹370,155 lakh, compared to ₹180,802 lakh in FY24.

• Profit before tax for FY25 was ₹53,681 lakh, versus a loss of ₹4,271 lakh in FY24.

• Basic and diluted EPS for FY25 was ₹2.75, compared to a loss per share of ₹0.28 in FY24.

Outlook and guidance

• Targeting >1,200 MW execution in FY26, backed by strong orderbook and pipeline.

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

• IGESL targets 10 GW O&M portfolio in 2 years through organic and inorganic growth.

• Management expects to realize inventory as state wind farm policies are now announced, supporting future project execution.

• Deferred tax assets recognized based on reasonable certainty of future taxable income.