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Latest filing: 2026-08-12 18:33
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Note: These are AI-generated, educational summaries of public NSE
filings — grounded in each document, but not investment advice and possibly incomplete.
Verify against the original filing and consult a SEBI-registered adviser before acting.
25 announcements match the current filters (relevance ≥ 5).
4.4 GW Order Book and 1.5 GW MOU Highlight Inox Wind's Q1 FY27 Strategic Pivot
Inox Wind reported Q1 FY27 revenue of ₹872 cr and a PAT of ₹64 cr, with EBITDA margins expanding to 27%. The order book has surged to 4.4 GW as of July 2026, providing 24-36 months of execution visibility. A key strategic shift is underway, with equipment supply now making up 59% of the order mix to improve balance sheet health. Additionally, the company signed a 1.5 GW MOU with group entity Inox Clean Energy and completed the demerger of its power evacuation business as of August 1, 2026.
Confidence: HIGH
What changedThe order book increased from 3.2 GW to 4.4 GW, and the company successfully reached the record date for the demerger of its power evacuation business.
Why it mattersThe pivot to equipment supply (59% of mix) reduces execution risk and capital intensity, while the massive order book (approx. 7.5x TTM revenue in value terms) secures long-term growth.
Order Book: 4.4 GWQ1 FY27 Revenue: ₹872 crEBITDA Margin: 27%MOU with Inox Clean: 1.5 GWO&M Portfolio: 13.3 GWOrder Book vs TTM Revenue: >750%
📅 Short termPositive sentiment is expected due to the robust order inflow and margin expansion, though the stock may react to the management's admission of past guidance misses.
📈 Long termThe structural shift toward a 12.5 GW+ O&M portfolio and the launch of 4.X MW turbines positions the company to capture a significant share of the projected 8-10 GW annual wind capacity additions in India.
⚠ Risk flags
🔬 Flagged for deeper Multibagger analysis — view briefs →
- Historical inconsistency in meeting execution guidance
- Dependence on group company (Inox Clean) for large-scale orders
- Execution risks associated with the new 4.X MW turbine prototype
Key Highlights
Order backlog reached 4.4 GW as of July 2026, offering visibility for the next 2-3 years.
Signed a 1.5 GW MOU with Inox Clean Energy, with 500 MW already converted to firm orders.
EBITDA margins improved to 27% in Q1 FY27, up from 18% a year ago.
Equipment supply now constitutes 59% of the third-party order book, pivoting away from high-intensity turnkey projects.
O&M portfolio expanded to 13.3 GW, including the pending acquisition of Wind World India Limited.
👀 What to Watch
Monitor the commercial launch of the 4.X MW turbine prototype by the end of FY26 and the listing timeline for the demerged Inox Renewable Solutions. Investors should also track if the shift to equipment supply successfully reduces working capital requirements in H2 FY27.
Inox Wind Q1 FY27: Revenue at ₹872 Cr; Order Book Expands to 4.4 GW
Inox Wind reported a flat YoY revenue of ₹872 Cr for Q1 FY27, while PAT declined 34% to ₹64 Cr compared to the previous year. Despite the soft quarterly results, the company's order book has surged to approximately 4.4 GW as of July 2026, providing high revenue visibility. Management has issued aggressive guidance for FY27, targeting 75% revenue growth over FY26, supported by a heavy execution pipeline in the second half of the year. Additionally, the demerger of the power evacuation business was completed on August 1, 2026, to unlock value through a separate listing.
Confidence: HIGH
What changedThe company has transitioned from a recovery phase to a massive order-backlog phase (4.4 GW) and completed the structural demerger of its power evacuation business.
Why it mattersThe massive order book (over 5x TTM revenue) and the pivot toward high-margin O&M services through Inox Green are intended to stabilize cash flows and improve the balance sheet long-term.
Q1 FY27 Revenue: ₹872 CrOrder Book: 4.4 GWOrder Book Value vs TTM Revenue: 562%FY27 Revenue Growth Guidance: 75%Q1 FY27 PAT: ₹64 Cr
📅 Short termThe stock may face pressure due to the 34% YoY decline in PAT, but the strong order book and growth guidance may provide support during dips.
📈 Long termThe structural shift toward a 14 GW O&M target by FY29 and the execution of the 4.4 GW order book could significantly re-rate the company if execution timelines are met.
⚠ Risk flags
🔬 Flagged for deeper Multibagger analysis — view briefs →
- High trade receivables of ₹4,250 Cr relative to revenue
- Execution risk for the 75% growth target which is back-ended in H2
- Dependence on group company (Inox Clean) for a large portion of the order book
Key Highlights
Order book reached a record ~4.4 GW as of July 2026, including a 1.5 GW MOU with group entity Inox Clean.
Signed a firm agreement for a 500 MW tranche of the Inox Clean MOU valued at up to ₹3,500 Cr.
Management targets 75% revenue growth for FY27 over FY26, implying a target of ~₹7,000 Cr.
Consolidated EBITDA margin remained strong at 27.2% for Q1 FY27, including other income.
Demerger of the power evacuation business into IRSL completed with a record date of August 1, 2026.
👀 What to Watch
Investors should monitor the execution ramp-up in H2 FY27 to verify if the company can achieve its 75% revenue growth guidance. Key upcoming triggers include the listing of the demerged IRSL entity and the financial consolidation of the 4.5 GW Wind World India O&M portfolio in Q2 FY27.
Inox Wind Q1 Standalone PAT at ₹71.5 Cr; Revenue Grows 3% YoY to ₹743 Cr
Inox Wind Limited reported standalone revenue of ₹743.47 Cr for Q1 FY27, a modest 2.9% increase from ₹722.43 Cr in Q1 FY26. Standalone Profit After Tax (PAT) declined to ₹71.51 Cr from ₹86.71 Cr in the same period last year, primarily due to higher material costs. The company highlighted a contingent liability of ₹43.06 Cr related to expired EPCG licenses and is currently appealing a regulatory rejection regarding 300 MW wind farm connectivity. Additionally, the board approved the re-appointment of Ms. Madhurima Sayan Das as an Independent Director for a one-year term.
Confidence: HIGH
What changedThe company reported its Q1 FY27 standalone financial performance and extended the tenure of an independent director.
Why it mattersThe results indicate a slight YoY dip in standalone profitability despite stable revenue; the resolution of expired EPCG licenses and SPV connectivity issues are key for clearing regulatory overhangs.
Standalone Revenue (Q1 FY27): ₹743.47 CrStandalone PAT (Q1 FY27): ₹71.51 CrEPCG License Liability: ₹43.06 CrRevenue vs TTM Revenue: 18.6%Related Party Sales (Q1): ₹5.39 Cr
📅 Short termThe stock may see neutral to slightly cautious sentiment due to the YoY decline in standalone PAT and ongoing regulatory disputes.
📈 Long termLong-term performance depends on the execution of the 3.2 GW order book and the successful integration of the expanded O&M portfolio.
⚠ Risk flags
- Expired EPCG licenses (₹43.06 Cr liability)
- Ongoing litigation regarding 300 MW connectivity at Bhuj-II
- Related-party transactions
Key Highlights
Standalone Revenue from operations stood at ₹743.47 Cr for the quarter ended June 30, 2026.
Standalone Profit After Tax (PAT) reached ₹71.51 Cr, a decrease from ₹86.71 Cr in the year-ago quarter.
Expired EPCG licenses involve a potential statutory liability of ₹43.06 Cr including interest.
Related party high seas sales amounted to ₹5.39 Cr during the quarter.
Re-appointment of Independent Director Ms. Madhurima Sayan Das for a second term of 1 year effective September 5, 2026.
👀 What to Watch
Investors should monitor the consolidated results for a complete view of the O&M and EPC segments, and track the legal outcome of the 300 MW connectivity appeal in APTEL.
Rs 743 Cr Q1 Revenue: Inox Wind Reports 3% YoY Growth; Re-appoints Independent Director
Inox Wind Limited reported standalone revenue of Rs 743.47 Cr for Q1 FY27, representing a modest 2.9% increase over the Rs 722.43 Cr reported in Q1 FY26. Standalone net profit for the quarter was Rs 71.51 Cr, a decline of 17.5% from Rs 86.71 Cr in the same period last year. The company also announced the re-appointment of Ms. Madhurima Sayan Das as an Independent Director for a one-year term. Auditors highlighted ongoing legal challenges regarding 300 MW connectivity for 6 SPVs and expired EPCG licenses with potential liabilities of Rs 43.06 Cr.
Confidence: HIGH
What changedInox Wind released its standalone financial results for the first quarter of FY27 and extended the tenure of an Independent Director.
Why it mattersThe results show a significant sequential decline in revenue (down 36.6% from Q4 FY26), highlighting potential seasonality or execution delays in the wind turbine segment.
Q1 FY27 Standalone Revenue: Rs 743.47 CrQ1 FY27 Standalone PAT: Rs 71.51 CrQ1 Revenue vs TTM Revenue: ~18.6%EPCG License Liability: Rs 43.06 CrYoY Revenue Growth: 2.9%
📅 Short termThe stock may face pressure due to the sequential drop in revenue and profit compared to the March 2026 quarter, alongside the highlighted legal and regulatory uncertainties.
📈 Long termLong-term value depends on the successful execution of the massive 3.2 GW order book and the scaling of the O&M portfolio to the targeted 12.5 GW.
⚠ Risk flags
- Ongoing litigation regarding 300 MW connectivity rejection
- Expired EPCG licenses with Rs 43.06 Cr potential liability
- Significant sequential revenue volatility
Key Highlights
Standalone Revenue for Q1 FY27 stood at Rs 743.47 Cr, up 2.9% from Rs 722.43 Cr in Q1 FY26.
Standalone Net Profit for the quarter reached Rs 71.51 Cr, down from Rs 86.71 Cr in the year-ago quarter.
Total standalone expenses for the quarter were Rs 709.57 Cr, with material costs at Rs 445.45 Cr.
The company is pursuing an appeal in APTEL regarding the rejection of 300 MW connectivity at Bhuj-II for its SPVs.
Potential statutory liability of Rs 43.06 Cr identified for expired EPCG licenses where extension applications are pending.
👀 What to Watch
Investors should monitor the consolidated financial results to assess the execution pace of the 3.2 GW order book and track the outcome of the legal appeal regarding the 300 MW connectivity dispute.
₹1,600 Cr Order Win: Inox Wind Secures 200 MW Turnkey Project from NLC India
Inox Wind Limited has secured a significant 200 MW turnkey order from NLC India Limited, a prominent PSU. The contract is valued at approximately ₹1,600 crore, which represents roughly 40.1% of the company's TTM revenue of ₹3,989 crore. The project involves end-to-end execution including turbine supply, EPC, and post-commissioning O&M services, with a 24-month completion timeline. This win boosts the company's total order book to 4.7 GW, providing strong revenue visibility for the next two fiscal years.
Confidence: HIGH
What changedInox Wind has added a major ₹1,600 crore PSU contract to its portfolio, significantly increasing its order book to 4.7 GW.
Why it mattersThis order provides substantial revenue visibility and validates Inox Wind's capability to handle large-scale turnkey projects for major public sector enterprises, potentially leading to improved credit profile and market share.
Order Value: ₹1,600 croreOrder vs TTM Revenue: ~40.1%Capacity: 200 MWExecution Timeline: 24 monthsTotal Order Book: 4.7 GW
📅 Short termThe announcement is likely to be viewed positively by the market as it demonstrates strong order inflow momentum and PSU client trust.
📈 Long termThe 4.7 GW order book provides a structural growth foundation for the next 2-3 years, supporting the company's target of high execution growth and margin expansion through O&M services.
⚠ Risk flags
🔬 Flagged for deeper Multibagger analysis — view briefs →
- Execution delays within the 24-month project window
- Volatility in steel and raw material prices impacting manufacturing costs
- Working capital requirements for large-scale turnkey EPC projects
Key Highlights
Secured a 200 MW turnkey order from PSU major NLC India Limited
Approximate contract value of ₹1,600 crore, equivalent to ~40% of TTM revenue
Project execution timeline of 24 months from the date of Letter of Award
Total order book expanded to 4.7 GW, up from the previously reported 3.2 GW
Scope includes supply of WTGs, EPC services, and long-term O&M support
👀 What to Watch
Investors should monitor the quarterly execution ramp-up and the impact of this high-value turnkey project on operating margins. Key milestones to watch include the commencement of turbine deliveries and any updates on the 4.X MW turbine rollout.
₹3,500 Cr Supply Approval and ₹500 Cr Guarantee Proposed for Aug 13 EGM
Inox Wind has scheduled an Extraordinary General Meeting (EGM) for August 13, 2026, to seek shareholder approval for two major related party transactions. The first is a ₹3,500 Crore contract to supply approximately 500 MW of Wind Turbine Generators (WTGs) to Inox Clean Energy Limited through March 2029. The second is an omnibus approval to provide up to ₹500 Crore in credit enhancement or guarantees for its subsidiary, Inox Green Energy Services. These transactions are part of a larger 1,500 MW framework agreement aimed at driving the company's 3.2 GW order book execution.
Confidence: HIGH
What changedThe company is formalizing shareholder approval for large-scale internal group transactions that underpin its revenue pipeline and financial support for subsidiaries.
Why it mattersThe ₹3,500 Cr supply contract represents approximately 88% of the company's TTM revenue, providing significant long-term revenue visibility and supporting its 65-70% growth target.
WTG Supply Value: ₹3,500 CroreSupply Value vs TTM Revenue: 87.7%Credit Support Limit: ₹500 CroreFramework Agreement: 1,500 MWEGM Date: August 13, 2026
📅 Short termThe announcement provides clarity on the order pipeline, which may support investor sentiment leading up to the EGM.
📈 Long termSecuring these approvals is critical for executing the 3.2 GW order book and scaling the O&M business through Inox Green.
⚠ Risk flags
🔬 Flagged for deeper Multibagger analysis — view briefs →
- High related-party transaction concentration
- Contingent liability risk from the ₹500 Cr guarantee
Key Highlights
₹3,500 Crore maximum consideration for WTG supply to Inox Clean Energy Limited
500 MW of WTG supply contemplated under this specific related party approval
1,500 MW total framework agreement signed on June 16, 2026, for future supply
₹500 Crore limit for providing guarantees or credit support to Inox Green Energy Services
August 6, 2026, established as the cut-off date for shareholder e-voting eligibility
👀 What to Watch
Monitor the EGM voting results on August 13 and track the quarterly execution progress of the 1,500 MW framework agreement to ensure revenue targets are met.
Rs 50 Cr partial divestment of 0.86% stake in subsidiary Inox Renewable Solutions
Inox Wind Limited (IWL) has executed agreements to sell a 0.86% stake in its material subsidiary, Inox Renewable Solutions Limited (IRSL), for approximately Rs 50 Crore. This transaction reduces IWL's shareholding in IRSL from 88.84% to 87.98%. IRSL is a significant component of the group, contributing 12.83% (Rs 564.05 Cr) to consolidated revenue and 14.07% (Rs 897.77 Cr) to consolidated net worth in FY26. The sale is to third-party buyers and is expected to be completed within 10 days.
Confidence: HIGH
What changedInox Wind has reduced its ownership in its material subsidiary IRSL by 0.86% through a sale to third-party investors.
Why it mattersThe transaction provides a valuation benchmark for IRSL and provides a small liquidity infusion to the parent company, though the stake sold is minor relative to the total market cap.
Transaction Value: Rs 50 CroreStake Sold: 0.86%IRSL FY26 Revenue: Rs 564.05 CroreTransaction vs Market Cap: ~0.23%IRSL Net Worth: Rs 897.77 Crore
📅 Short termThe impact is likely to be minimal in the short term given the small size of the divestment (0.23% of market cap).
📈 Long termThe move reflects minor portfolio rebalancing; the company remains focused on its 3.2 GW order book and expansion into solar/hybrid projects.
⚠ Risk flags
- Related party transaction (though stated at arm's length)
- Minor dilution of interest in a key revenue-generating subsidiary
Key Highlights
Divestment of 0.86% equity stake in material subsidiary IRSL for Rs 50 Crore
IRSL contributed 12.83% to consolidated revenue (Rs 564.05 Cr) in FY26
IRSL contributed 14.07% to consolidated net worth (Rs 897.77 Cr) in FY26
Post-transaction, Inox Wind retains a controlling 87.98% stake in IRSL
Transaction expected to be completed within 10 days from June 29, 2026
👀 What to Watch
Investors should monitor the utilization of the Rs 50 Cr proceeds and the progress of the ongoing demerger of the substation business, which aims to further unlock value.
Inox Wind Shareholders Approve Inox Green Divestment and Remuneration Revisions at EGM
Inox Wind Limited held an Extraordinary General Meeting on June 22, 2026, where shareholders approved three key special resolutions. The most significant was the approval for the divestment of equity shares in its material subsidiary, Inox Green Energy Services Limited, which passed with 80.85% favor despite 63.55% of public institutional votes being cast against it. Additionally, shareholders approved the revision of remuneration for Whole-Time Director Devansh Jain (96.15% favor) and the continuation of Mukesh Manglik as a director beyond age 75 (85.67% favor). Total voting participation represented 70.18% of the company's share capital.
Key Highlights
Shareholders approved the divestment of equity shares in Inox Green Energy Services Limited with 80.85% total favor.
Public institutional investors showed significant resistance to the divestment, with 63.55% of their votes cast against the resolution.
Revision of fixed remuneration for Whole-Time Director Devansh Jain was passed with a strong 96.15% majority.
Continuation of Mukesh Manglik as Non-Executive Director beyond age 75 was approved with 85.67% support.
A total of 1,212,945,925 votes were polled, accounting for 70.18% of the total outstanding shares.
👀 What to Watch
Investors should monitor the specific terms and valuation of the Inox Green Energy divestment, given the high level of institutional dissent. It is also important to track if the revised executive remuneration is commensurate with future earnings growth.
Inox Wind EGM: Shareholders Vote on Inox Green Energy Divestment and Director Remuneration
Inox Wind Limited held its 13th Extraordinary General Meeting (EGM) on June 22, 2026, to seek shareholder approval for three significant items. The most critical proposal involves the divestment of equity shares in Inox Green Energy Services Limited, a material subsidiary of the company. Additionally, the meeting addressed a revision in the fixed remuneration for Whole-time Director Devansh Jain and the continuation of Mukesh Manglik's directorship beyond the age of 75. Final voting results are expected to be released within two working days.
Key Highlights
Proposed divestment of equity shares in Inox Green Energy Services Limited, a material subsidiary of Inox Wind.
Approval sought for the revision of fixed remuneration for Shri Devansh Jain, Whole-time Director, for his remaining tenure.
Proposal for the continuation of Shri Mukesh Manglik as a Non-Executive Director after reaching the age of 75.
The EGM was conducted via Video Conferencing on June 22, 2026, following a remote e-voting period from June 18 to June 21.
👀 What to Watch
Investors should monitor the final voting results and subsequent disclosures regarding the valuation and scale of the Inox Green Energy divestment to understand its impact on the company's consolidated financials.
Inox Wind Withdraws CRISIL Ratings; Maintains Strong AA- Long-term and A1+ Short-term Ratings
Inox Wind Limited has voluntarily withdrawn its credit ratings assigned by CRISIL for its banking facilities after obtaining the necessary consent from its lenders. The company continues to maintain credit ratings from multiple other agencies to ensure debt transparency. Currently, the company's long-term banking facilities are rated 'AA-', while its short-term facilities hold the 'A1+' rating, which is the highest possible grade for short-term bank facilities. This move appears to be a consolidation of rating agencies rather than a change in creditworthiness.
Key Highlights
Voluntary withdrawal of CRISIL credit ratings for banking facilities following lender consent.
Maintains a strong 'AA-' rating for long-term banking facilities from other agencies.
Short-term banking facilities continue to hold the highest possible rating of 'A1+'.
The company continues to be monitored by multiple other credit rating agencies for its borrowing facilities.
The withdrawal follows compliance with Regulation 30 of SEBI (LODR) Regulations, 2015.
👀 What to Watch
Investors should treat this as a routine administrative consolidation of rating agencies; the maintenance of 'AA-' and 'A1+' ratings suggests the company's credit profile remains stable.
Inox Wind Signs MoU with Inox Clean for 1,500 MW Wind Turbine Supply
Inox Wind Limited (IWL) has signed a Memorandum of Understanding (MoU) with Inox Clean Energy to supply 1,500 MW of advanced 3.3 MW and 4X MW wind turbines. This agreement significantly bolsters IWL's order book, increasing it from 3.1 GW to over 4.5 GW, which provides revenue visibility for the next several years. The deal is part of the INOXGFL Group's 'One Integrated' strategy, leveraging group synergies to ensure steady order inflows. Inox Clean targets a 14 GW renewable portfolio by FY29, suggesting a sustained pipeline for Inox Wind's manufacturing and O&M services.
Key Highlights
Signed MoU for the supply of 1,500 MW of advanced wind turbines to Inox Clean Energy.
Total order book increased from 3.1 GW to over 4.5 GW following this agreement.
Inox Clean Energy targets an operational renewable portfolio of 14 GW by FY29.
The deal includes supply of advanced 3.3 MW and 4X MW wind turbine platforms.
Reinforces the INOXGFL Group's 'One Integrated' strategy for multi-year recurring revenue visibility.
👀 What to Watch
Investors should view this as a significant boost to long-term growth prospects and order book health. Monitor the transition of this MoU into firm execution contracts and the group's progress toward the FY29 capacity targets.
Inox Wind Q4 FY26: PAT at ₹106 Cr; 3.1 GW Order Book & 75% Revenue Growth Guidance for FY27
Inox Wind reported a stable Q4 FY26 with revenue of ₹1,306 crore and a PAT of ₹106 crore, supported by a robust 3.1 GW order book. The company is pivoting towards an equipment-supply model, targeting a 75% share to optimize working capital, and is integrating backward into power electronics. Subsidiary Inox Green's portfolio reached 13+ GWp, with a demerger of its infrastructure business expected to boost profitability by eliminating ₹50-55 crore in annual depreciation. Management has provided aggressive FY27 guidance, projecting 75% revenue growth for Inox Wind and ₹600 crore+ EBITDA for Inox Green.
Key Highlights
Inox Wind reported Q4 FY26 revenue of ₹1,306 crore and EBITDA of ₹333 crore with a 3.1 GW order book.
Management guided for 75% revenue growth in FY27 with EBITDA margins between 20% to 22%.
Inox Green's O&M portfolio expanded to 13+ GWp, with FY27 EBITDA guidance set at ₹600 crore+.
NCLT approved the demerger of Inox Green’s evacuation infrastructure, expected to save ₹50-55 crore in annual depreciation.
Strategic shift to increase equipment supply orders to 75% of the mix to improve the receivable cycle.
👀 What to Watch
Investors should monitor the execution of the 3.1 GW order book and the successful integration of the 6.5 GW O&M acquisition. The structural demerger and pivot to equipment supply are positive indicators for improved long-term cash flows and margins.
Inox Wind Proposes IGESL Divestment and 139% Pay Hike for Director Devansh Jain
Inox Wind Limited has scheduled an Extraordinary General Meeting (EGM) on June 22, 2026, to seek shareholder approval for several strategic moves. The most significant proposal is the divestment of equity in its material subsidiary, Inox Green Energy Services Limited (IGESL), which may reduce Inox Wind's stake to 50% or less. Additionally, the company is proposing a substantial increase in the monthly basic pay for Whole-Time Director Devansh Jain from ₹12,00,000 to ₹28,70,000. Shareholders will also vote on the continuation of Mukesh Manglik as a Non-Executive Director beyond the age of 75.
Key Highlights
Proposed divestment of Inox Green Energy Services Limited (IGESL) to reduce shareholding to 50% or less.
Revision of Shri Devansh Jain's monthly basic pay from ₹12,00,000 to ₹28,70,000 effective April 1, 2026.
Extraordinary General Meeting (EGM) scheduled for June 22, 2026, via video conferencing.
Cut-off date for e-voting eligibility is June 15, 2026, with the voting period ending June 21, 2026.
Special resolution sought for continuation of Mukesh Manglik as Non-Executive Director upon reaching 75 years.
👀 What to Watch
Investors should closely monitor the valuation and utilization of proceeds from the IGESL stake sale, as well as the impact of increased management remuneration on the company's profitability.
Inox Wind FY26 Revenue Rises 23% to Rs 4,569 Cr; Order Book Reaches 3.1 GW
Inox Wind reported a strong FY26 with total income growing 23% YoY to Rs 4,569 crore and EBITDA increasing 25% to Rs 1,232 crore. While Q4 FY26 saw a slight dip in profitability due to logistical challenges and macro factors, the company maintains a robust order book of approximately 3.1 GW and a pipeline exceeding 2 GW. Management has provided optimistic guidance for FY27, targeting revenue growth of over 35% and EBITDA margins of 20-22%. The company is strategically pivoting its business model to increase the share of equipment supply in its order mix to 75%.
Key Highlights
FY26 Consolidated Total Income grew 23% YoY to Rs 4,569 crore, while EBITDA rose 25% to Rs 1,232 crore.
Order book stands at a healthy ~3.1 GW with an additional active pipeline of over 2 GW.
Management guidance for FY27 projects revenue growth of >35% and EBITDA margins between 20-22%.
Working capital cycle was reduced by 15 days in Q4 FY26, with expectations for further substantial improvement.
Strategic shift initiated to increase equipment supply share from less than 20% to approximately 75% of the order mix.
👀 What to Watch
Investors should monitor the execution of the 3.1 GW order book and the company's ability to meet its FY27 growth guidance. The transition to a higher-margin equipment supply model and group synergies with Inox Green and Inox Clean are key long-term value drivers.
Inox Wind Approves FY26 Audited Financial Results; Auditor Issues Unmodified Opinion
Inox Wind Limited has approved its audited standalone and consolidated financial results for the quarter and financial year ended March 31, 2026. The statutory auditors, M/s. Dewan P N Chopra & Co., issued an unmodified opinion, confirming that the financial statements provide a true and fair view of the company's performance. The report specifically noted that no material adjustments were required for delays in WTG supply or O&M services. The board meeting was conducted on May 29, 2026, concluding within 25 minutes.
Key Highlights
Board approved audited standalone and consolidated financial results for the year ended March 31, 2026.
Statutory auditors issued a clean, unmodified opinion on the financial integrity of the reports.
Management confirmed no material impact on statements due to delays in WTG commissioning or O&M services.
Audit included a review of invested funds across 6 Special Purpose Vehicles (SPVs).
The company maintained full compliance with Regulation 33 of SEBI Listing Obligations.
👀 What to Watch
Investors should examine the detailed profit and loss tables to assess year-on-year growth and debt reduction, as the auditor's clean opinion confirms the reliability of the reported figures.
Inox Wind Q3 FY26: Revenue Up 24%, Upgrades FY26 EBITDA Margin Guidance to 20-22%
Inox Wind reported a 24% YoY revenue growth to INR 1,238 crores and a 39% rise in EBITDA to INR 313 crores for Q3 FY26. The company upgraded its full-year FY26 EBITDA margin guidance to 20-22% and expects FY27 revenue to grow by 75% over FY26. Its O&M arm, Inox Green, reported a 375% jump in PAT and is targeting an EBITDA of over INR 600 crores in FY27 following major asset acquisitions. The management is shifting guidance from Megawatts to financial metrics to better reflect diverse contract structures and site readiness challenges.
Key Highlights
Consolidated Q3 revenue rose 24% YoY to INR 1,238 crores with PAT increasing 14% to INR 127 crores
Upgraded FY26 EBITDA margin guidance to 20-22% from the previous 18-19% range
Projecting 75% revenue growth in FY27 over FY26 supported by a robust 3.2 GW order book
Inox Green's portfolio reached 13.3 GW, with FY27 EBITDA expected to exceed INR 600 crores post-acquisitions
Working capital cycle currently at 200-210 days, with a target to reduce to 150 days by FY27
👀 What to Watch
Investors should focus on the margin expansion and the aggressive 75% growth target for FY27, while monitoring the successful reduction of working capital days. The shift to financial-based guidance suggests a more mature approach to managing diverse revenue streams across turnkey and equipment-only contracts.
INOXGFL Group Acquires Wind World India's 600 MW IPP and 4.5 GW O&M Business
INOXGFL Group has emerged as the successful bidder for Wind World India’s assets through an NCLT-approved resolution process. Inox Clean Energy will acquire a 600 MW operational wind IPP portfolio spread across seven states, while Inox Green Energy Services (a subsidiary of Inox Wind) will acquire the 4.5 GW wind O&M business. This acquisition significantly scales up Inox Green's existing 13.3 GWp portfolio and adds marquee clients such as Tata Group and ReNew. The move is expected to boost recurring annuity-driven revenues and supports the group's target of 10 GW IPP capacity by FY28.
Key Highlights
Acquisition of 600 MW operational wind IPP capacity across 7 wind-rich Indian states
Inox Green Energy Services to add 4.5 GW to its O&M portfolio, strengthening its market leadership
Acquisition includes a marquee client base featuring Tata Group, ReNew, Greenko, and Apraava Energy
Supports the Group's medium-term target of 10 GW installed IPP capacity by FY28
Transaction executed through an NCLT-approved resolution process for Wind World India
👀 What to Watch
Investors should look favorably on this acquisition as it provides immediate scale and high-margin annuity income to the group's O&M arm. Monitor the integration of these assets and the subsequent impact on consolidated EBITDA margins.
Inox Wind Q3 FY26 Standalone PAT Jumps 115% YoY to ₹126.3 Cr; 1.83 Lakh ESOPs Granted
Inox Wind Limited reported a strong financial performance for the quarter ended December 31, 2025, with standalone revenue from operations rising 16.5% YoY to ₹1,081.92 crore. Net profit for the quarter surged to ₹126.33 crore, a significant jump from ₹58.58 crore in the corresponding quarter of the previous year. The company also announced the grant of 1,83,000 stock options to eligible employees under its 2024 ESOP scheme. While the results show robust growth, auditors highlighted ongoing legal matters and the recoverability of funds from certain SPVs as points of emphasis.
Key Highlights
Standalone Revenue from operations grew to ₹1,08,192 Lakh in Q3 FY26 from ₹92,828 Lakh in Q3 FY25.
Net Profit (PAT) for the quarter increased by 115% YoY to ₹12,633 Lakh.
EBITDA for the quarter stood at ₹25,081 Lakh compared to ₹19,108 Lakh in the previous year's quarter.
Nine-month (9M FY26) profit reached ₹45,989 Lakh, more than doubling from ₹19,439 Lakh in 9M FY25.
Board approved the grant of 1,83,000 stock options convertible into equity shares to eligible employees.
👀 What to Watch
Investors should view the strong profit growth and revenue expansion as a positive sign of operational turnaround. However, monitor the resolution of the SPV-related legal matters and bank guarantee issues mentioned in the auditor's emphasis of matter.
Inox Wind Q3 FY26: EBITDA Up 39% to ₹313 Cr; Upgrades FY26 Margin Guidance to 20-22%
Inox Wind reported a strong Q3 FY26 with consolidated revenue growing 24% YoY to ₹1,238 crore and EBITDA rising 39% to ₹313 crore. Despite a non-cash deferred tax charge impacting net profit, Cash PAT grew significantly by 38% to ₹262 crore. The company has upgraded its FY26 EBITDA margin guidance to 20-22% and maintains a robust order book of 3.2 GW, providing 18-24 months of revenue visibility. Furthermore, management expects a massive 75% revenue growth in FY27, supported by a strong execution pipeline and sector tailwinds.
Key Highlights
Q3 FY26 Revenue increased 24% YoY to ₹1,238 crore with a strong EBITDA margin of 25.2%.
Cash PAT rose 38% YoY to ₹262 crore, while PBT saw a substantial 62% growth to ₹209 crore.
Order book remains robust at ~3.2 GW with 252 MW executed during the quarter.
FY26 EBITDA margin guidance upgraded to 20-22% from 18-19% previously.
FY27 revenue is projected to grow by ~75% over FY26, indicating significant scale-up expectations.
👀 What to Watch
Investors should take note of the upgraded margin guidance and the aggressive FY27 growth targets as indicators of strong operational momentum. The upcoming NCLT-led listing of the substation business (IRSL) remains a key value-unlocking event to watch.
Inox Wind Q3 FY26: Revenue Up 24% to Rs 1,238 Cr; EBITDA Surges 39% with 3.2 GW Order Book
Inox Wind Limited reported a robust performance for Q3 FY26, with consolidated total income rising 24% YoY to Rs 1,238 crore and EBITDA growing 39% to Rs 313 crore. The company achieved its strongest-ever quarterly execution of 252 MW, maintaining a healthy order book of 3,185 MW. Management has issued aggressive guidance, targeting over Rs 5,000 crore in revenue for FY26 and a further 75% growth in FY27. Strategic developments include a 2.5 GW partnership with KP Energy and the final stages of a business demerger to streamline operations.
Key Highlights
Consolidated EBITDA increased 39% YoY to Rs 313 crore with margins reaching 25.2%
Order book remains strong at 3,185 MW with 252 MW executed in Q3 FY26 alone
Profit Before Tax (PBT) surged 62% YoY to Rs 209 crore, reflecting improved operational efficiency
Management guidance projects FY26 revenue >Rs 5,000 crore and FY27 revenue growth of 75%
New order wins of ~600 MW in FY26 from marquee clients like Aditya Birla and Jakson
👀 What to Watch
Investors should focus on the company's ability to meet its aggressive FY27 growth targets and the successful commercial launch of the 4X MW turbine series. The strong order visibility and improving debt profile make it a key player to watch in the Indian renewable energy transition.
