Inox Wind (INOXWIND) Q3 25/26 earnings summary

Executive summary

• Consolidated revenue grew 24% YoY to INR 1,238 crore for Q3 FY26, with EBITDA up 39% YoY (excluding one-time gains), and PAT up 14% YoY.

• Achieved one of the strongest quarterly performances, executing 252 MW in Q3 FY26 and maintaining a diversified order book of ~3.2 GW.

• Inox Green reported total income of INR 112 crore, up 51% YoY, and EBITDA of INR 53 crore, up 80% YoY, with PAT up 375% YoY.

• Board approved unaudited standalone and consolidated financial results for Q3 and 9M FY26; merger of Inox Wind Energy Limited completed.

• Rights issue of equity shares completed, raising ₹1,249.33 crores, with no deviation in use of proceeds.

Financial highlights

• Q3 FY26 consolidated total income rose 24% YoY to Rs 1,238 cr; EBITDA increased 39% YoY to Rs 313 cr; PBT up 62% YoY to Rs 209 cr; Cash PAT up 38% YoY to Rs 262 cr.

• Standalone Q3 FY26 revenue: ₹1,08,192 lakh; consolidated Q3 FY26 revenue: ₹1,20,745 lakh.

• Inox Green: EBITDA margin at 47%, machine availability at 96.5%.

• Working capital cycle at 200-210 days at Q3 end, targeted to reduce to 150 days by FY 2027.

• Net cash position maintained as of H1 FY26.

Outlook and guidance

• FY26 consolidated revenue expected to exceed INR 5,000 crore (+35% YoY), with EBITDA margin upgraded 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 growth and synergies.

• CapEx guidance of INR 200 crore for FY26 and FY27.

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