Inox Wind (INOXWIND) Q4 25/26 earnings summary

Executive summary

• Achieved strong Q4 FY26 results amid macro and geopolitical challenges, with strategic pivots to equipment supply and group synergies driving resilience and growth prospects.

• FY26 consolidated total income grew 23% YoY to Rs 4,569 crore, with EBITDA up 25% YoY to Rs 1,232 crore and a margin of 25.5%.

• Audited standalone and consolidated financial results for FY26 were approved with unmodified audit opinions from statutory auditors.

• The group operates primarily in wind turbine manufacturing, EPC, O&M, and related infrastructure, with all activities considered a single segment.

• Well-diversified order book of 3.1 GW, with major new orders and a robust pipeline exceeding 2 GW.

Financial highlights

• Q4 FY26 revenue: Rs 1,306 crore (flat YoY), EBITDA: Rs 333 crore (25.5% margin), PAT: Rs 106 crore; FY26 revenue: Rs 4,569 crore (up 23% YoY), EBITDA: Rs 1,232 crore (up 25% YoY), PAT: Rs 449 crore (up 3% YoY), Cash PAT: Rs 1,032 crore (up 28% YoY).

• Inox Green reported Q4 FY26 income of INR 120 crore (up 40% YoY), EBITDA of INR 57 crore (up 93% YoY), PBT of INR 46 crore (up 244% YoY), and PAT of INR 28 crore (up 340% YoY).

• O&M business maintains EBITDA margins around 50%.

• Net worth increased to Rs 7,692 crore in FY26 from Rs 5,606 crore in FY25; net cash of Rs 75 crore at FY26 end.

• Standalone and consolidated equity and assets increased significantly year-over-year.

Outlook and guidance

• FY27 consolidated revenue expected to grow by 75% over FY26, with EBITDA margin guidance of 20-22%.

• Inox Green targets EBITDA upwards of INR 600 crore for FY27, driven by acquisitions and organic growth.

• Commercial launch of new 4.X MW turbine platform and ramp-up of manufacturing capacities planned.

• Long-term recurring order visibility through group partnerships and third-party customers.

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