Inox Wind (INOXWIND) Q1 25/26 earnings summary

Executive summary

• Achieved record Q1 FY26 profitability, with consolidated revenue of ₹127,482 lakh (up 32% YoY), PAT of ₹19,034 lakh (up 134% YoY), and Cash PAT of ₹186 crore (up 168% YoY), driven by strong execution and major corporate actions including a highly oversubscribed rights issue and the merger of IWEL and IWL.

• Expanded manufacturing with new nacelle and transformer plants, operationalized crane services, and completed strategic mergers and demergers.

• O&M portfolio scaled to 5.1 GW, with entry into solar O&M and a major 182 MW contract; plans to reach 10-17 GW in two years.

• Industry tailwinds include favorable government policies, ALMM and DCR notifications, and CERC amendments enabling hybridization of wind and solar projects.

• Completed divestment of Inox Clean Energy Limited and received regulatory approvals for business restructuring.

Financial highlights

• Q1 FY26 consolidated revenue: ₹127,482 lakh (Rs 863 crore), up 32% YoY; EBITDA: ₹29,012 lakh (Rs 220 crore), up 39% YoY; PAT: ₹19,034 lakh (Rs 97 crore), up 134% YoY; Cash PAT: Rs 186 crore, up 168% YoY.

• Executed 146 MW in Q1 FY26; order book at 3,108 MW, providing strong revenue visibility.

• Inox Green Q1 FY26 standalone income: INR 98 crore, up 79% YoY; EBITDA: INR 48 crore, up 61% YoY; PAT: INR 22 crore, up 4.4x YoY; EBITDA margin at 49%.

• Basic and diluted EPS for Q1 FY26 was ₹1.17, compared to ₹0.60 in Q1 FY25.

• Exceptional item of ₹1,346 lakh recognized as provision for doubtful inter-corporate deposit in a subsidiary.

Outlook and guidance

• Execution guidance reaffirmed at 1.2 GW for FY26, with H1 typically accounting for 30%-35% of annual execution and H2 for 65%-70%.

• EBITDA margin guidance raised to 18%-19% for FY26, reflecting improved operational efficiency and higher-margin projects.

• O&M portfolio targeted to grow from 5 GW to 10-17 GW over two years, with wind as the majority.

• Management expects to recover funds invested in 6 SPVs, pending regulatory and operational improvements.

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