Inox Wind (INOXWIND) Q2 25/26 earnings summary

Executive summary

• Achieved best-ever Q2 performance with consolidated revenue up 56% YoY, EBITDA up 48% YoY, and PAT up 43% YoY; executed over 200 MW in Q2 and 350 MW in H1 FY2026, with a robust order book exceeding 3.2 GW and strong recurring order visibility.

• Inox Green reported record financials, expanding its O&M portfolio to 12.5 GW, including recent acquisitions, and is targeting 17 GW within two years.

• Strategic initiatives included backward and forward integration, expansion of manufacturing, merger completions, rights issue, equity raise, and elimination of NCRPS, resulting in a net cash balance sheet of Rs 222 crore as of September 2025.

• Board approved unaudited standalone and consolidated financial results for Q2 and H1 FY26, with strong year-over-year growth in revenue and profitability.

• Re-appointment of Whole-time Director and grant of 336,500 stock options to eligible employees at a 50% discount to market price.

Financial highlights

• Q2 FY26 consolidated revenue: INR 1,162 crore (up 56% YoY); H1 FY26 revenue: INR 2,025 crore (up 45% YoY); Q2 FY26 EBITDA: INR 271 crore (up 48% YoY); PAT: INR 121 crore (up 43% YoY); cash PAT: INR 220 crore (up 66% YoY).

• Inox Green Q2 FY26 total income: INR 129.5 crore (up 101% YoY), EBITDA: INR 52.2 crore (up 52% YoY), PAT: INR 28.1 crore (up 363% YoY), Cash PAT: INR 50.9 crore (up 121% YoY).

• Standalone revenue from operations for Q2 FY26 was ₹94,742 lakh, up from ₹67,777 lakh in Q2 FY25; consolidated revenue was ₹1,11,918 lakh, up from ₹73,301 lakh YoY.

• Standalone net profit for Q2 FY26 was ₹24,688 lakh, up from ₹6,417 lakh in Q2 FY25; consolidated net profit was ₹12,062 lakh, up from ₹8,447 lakh YoY.

• Machine availability for Inox Green averaged 96.3% during the quarter.

Outlook and guidance

• Full-year execution target of 1.2 GW reaffirmed, with H2 expected to deliver 70% of annual execution; targeting >2 GW annual execution in FY27.

• EBITDA margin guidance maintained at 18%-19% for FY2026, despite H1 margins exceeding 22%.

• Order book visibility secured for 18-24 months, with over 3.2 GW in the order book and annual recurring order visibility of at least 1 GW through framework agreements.

• Inox Green targets 17 GW O&M portfolio within two years, with confidence in overachieving this.

• Management expects to recover funds invested in SPVs once regulatory and operational issues are resolved, with no material impact anticipated from ongoing litigations.