Inox Wind (INOXWIND) Q3 24/25 earnings summary

Executive summary

• Q3 FY25 revenue reached INR 994 crores (₹91,127 lakh), up 96% year-over-year, with EBITDA at INR 290 crores (₹29,019 lakh), a 192% increase, marking the highest-ever Q3 EBITDA and profit in company history.

• Profit after tax was INR 112 crores (₹11,164 lakh), and cash profit stood at INR 239 crores for the quarter.

• Execution of 189 MW in Q3 FY25, up 82% YoY; 469 MW executed in 9M FY25, up 90% YoY.

• Order book stands at ~3.3 GW, with FY25 order inflows of ~1.4 GW and a robust pipeline.

• New nacelle plant, expansion into solar and hybrid projects, and major group amalgamation to drive future growth.

Financial highlights

• Q3 FY25 revenue: INR 994 crores (₹91,127 lakh) vs INR 507 crores in Q3 FY24 (96% YoY growth).

• Q3 FY25 EBITDA: INR 290 crores (₹29,019 lakh) vs INR 99 crores in Q3 FY24 (192% YoY growth).

• Q3 FY25 profit after tax: INR 112 crores (₹11,164 lakh) vs INR 2 crores in Q3 FY24.

• Cash profit for Q3 FY25: INR 239 crores vs INR 33 crores in Q3 FY24.

• Interest expense for the quarter: INR 24 crores (₹3,655 lakh), excluding one-time charges and treasury income.

Outlook and guidance

• FY25 execution guidance maintained at 800 MW, with 469 MW completed and 331 MW remaining; FY26 guidance reaffirmed at 1,200+ MW, targeting >2 GW annual execution by FY27.

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

• CapEx guidance for FY26 and FY27 is INR 50-75 crores.

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

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