Inox Green Energy Services Ltd — Q4 FY26 earnings call
Summary generated by AI from the official transcript Inox Green Energy Services Ltd filed with BSE on 02 Jun 2026. Every statement cites a verbatim quote from that document — open any citation to read it. This is a record of what management said, not a recommendation. How we check these summaries
The short read
Inox Wind reported consolidated FY26 revenue of Rs 1,306 crores, roughly flat year-on-year, with EBITDA of Rs 333 crores, PBT of Rs 216 crores and PAT of Rs 106 crores, while management said execution was affected by geopolitical tensions and supply-chain delays. Inox Green reported Q4 FY26 total income of Rs 120 crores, up 40% year-on-year, with EBITDA of Rs 57 crores, up 93% year-on-year. Management discussed a strategic shift from turnkey EPC toward equipment supply, ongoing acquisitions of wind O&M portfolios, and the NCLT-approved demerger of the evacuation infrastructure business into Inox Renewable Solutions.
Numbers mentioned
Revenue: INR1,306 crores (FY26)
p. 4
“On a consolidated basis, Inox Wind has reported a revenue of INR1,306 crores, flat Y-o-Y.”
Sanjeev Agarwal, page 4 of the filed PDF · View the filing
EBITDA: INR333 crores (FY26)
p. 4
“EBITDA of INR333 crores, PBT of INR216 crores, PAT of INR106 crores, cash profit of INR268 crores.”
Sanjeev Agarwal, page 4 of the filed PDF · View the filing
Order book: 3.1 GW
p. 5
“Coming to the order book, we continue to have a large and very well-diversified order book of 3.1 GW, I repeat again, 3.1 GW, having added almost 600 MW in this financial year, including orders from customers like Aditya Birla, Gentari / Amplus, Jakson Green, First Energy and Leap Green.”
Sanjeev Agarwal, page 5 of the filed PDF · View the filing
Total income: INR120 crores (Q4 FY26)
p. 6
“During Q4 FY26, Inox Green reported total income of INR120 crores, up by 40% Y-o-Y; EBITDA of INR57 crores, up by 93% year-on-year; profit before tax of INR46 crores, up by 244 percentage year-on-year; profit after tax of INR28 crores, up by 340 percentage year-on-year; cash PAT of INR46 crores, up by 327 percentage year-on-year.”
S. K. Mathusudhana, page 6 of the filed PDF · View the filing
Machine availability: approximately 96.5% (FY26)
p. 6
“Machine availability for the entire portfolio averaged approximately 96.5%.”
S. K. Mathusudhana, page 6 of the filed PDF · View the filing
Inox Green portfolio: 13+ GWp
p. 6
“Inox Green portfolio stands at 13+ GWp comprising of approximately 10.5 GW of wind assets and the balance being solar assets.”
S. K. Mathusudhana, page 6 of the filed PDF · View the filing
What management said it would do
A record of statements made on the call, in the words management used. Parakho does not forecast, endorse or assess them, and their presence here is not a view on whether they will happen.
Consolidated revenue growth — around 75% over FY26 · FY27
stated firmly by Sanjeev Agarwal
p. 6
“In terms of the guidance for FY26-27, we expect our consolidated revenue to grow by around 75% over FY26 with EBITDA margin to be 20% to 20%.”
Sanjeev Agarwal, page 6 of the filed PDF · View the filing
Inox Green EBITDA — upwards of INR600 crores · FY27
stated firmly by S. K. Mathusudhana
p. 6
“we maintain our FY27 EBITDA guidance to be upwards of INR600 crores.”
S. K. Mathusudhana, page 6 of the filed PDF · View the filing
New 4.4-MW turbine launch — commercial launch · within this calendar year
stated firmly by Sanjeev Agarwal
p. 5
“The launch of our new 4.4-MW turbine is on-track, and we expect to receive all approvals and subsequently commercial launch -- launching the product within this calendar year.”
Sanjeev Agarwal, page 5 of the filed PDF · View the filing
Equipment supply share of order book — 75%
stated as an aspiration by Sanjeev Agarwal
p. 5
“Our order book has changed substantially over the past few years from being largely turnkey to now 50:50 turnkey and equipment supply currently, which we plan to further increase to 75% going forward.”
Sanjeev Agarwal, page 5 of the filed PDF · View the filing
Inox Clean Energy capacity addition — 14 GW by FY29 · FY29
stated firmly by Kailash Tarachandani
p. 4
“Our Group Company, Inox Clean Energy, has large capacity addition plan with a targeted capacity addition of 14 GW by FY'29.”
Kailash Tarachandani, page 4 of the filed PDF · View the filing
Second entity acquisition completion — next 60 to 90 days
stated conditionally by Devansh Jain
p. 10
“So I would expect over the next 60 to 90 days, that would also see light of day.”
Devansh Jain, page 10 of the filed PDF · View the filing
NCLT demerger completion — next 1-2 months
stated conditionally by Devansh Jain
p. 18
“So broadly in the next 1-2 months, it will get completed.”
Devansh Jain, page 18 of the filed PDF · View the filing
Q&A highlights
Management's answers to analyst questions, in Parakho's words rather than a transcript. Each row names who answered and carries the verbatim quote it was drawn from.
Management said the two acquisitions carry roughly 50% EBITDA margin similar to existing operations.
Answered by S. K. Mathusudhana
Asked by Vikas Agarwal: What EBITDA margin profile applies to the assets acquired by Inox Green?
p. 8
“So your questions on the two acquisitions, which will roughly contribute a 50% EBITDA margin, because both are all the previous OEMs with the substations and all those evacuation systems.”
S. K. Mathusudhana, page 8 of the filed PDF · View the filing
Management explained that once the acquisition order is issued, all accruals from the date of taking over the asset belong to Inox Green regardless of when the merger is formally completed.
Answered by Devansh Jain
Asked by Prit Nagersheth: How is the Rs 600 crore FY27 EBITDA guidance for Inox Green derived given pending NCLT clearances?
p. 10
“Once that order is out, all the accruals of that company from the date of taking over that asset belong to us.”
Devansh Jain, page 10 of the filed PDF · View the filing
Management attributed shortfalls to supply chain disruption in ECS components and said the company achieved Rs 4,600 crore against a Rs 5,000 crore guideline, with the shortfall to be made up in Q1-Q2.
Answered by Management
Asked by Prateek Jain: What is the status of the net working capital days target and FY26 execution versus guidance?
p. 11
“in the overall scheme of things as against the guideline of INR5,000 crores, which we have given in the last call, we have achieved INR4,600 crores and this INR400 crores of makeover will happen in the quarter 1, quarter 2 time scale.”
Management, page 11 of the filed PDF · View the filing
Management said margins would stay similar or slightly higher, not sharply improve, since equipment supply avoids cost erosion from land or right-of-way costs but doesn't necessarily command higher pricing than turnkey.
Answered by Management
Asked by Deepak Poddar: Does the shift from turnkey to equipment supply improve margins?
p. 14
“No, there are pros and cons. When you do turnkey, EPC, yes, sometimes you get better price. But at the same time, risk slowly, some of those margins get eroded when your land cost goes up or ROW cost goes up.”
Management, page 14 of the filed PDF · View the filing
Management broke down the Rs 61 crore other income figure into roughly Rs 40 crore from acquisitions, Rs 10 crore from value-added services and Rs 10 crore from treasury income.
Answered by Management
Asked by Rahul Kumar: What portion of Inox Green's other income relates to the strategic acquisitions versus treasury income?
p. 15
“So in a quarterly basis, I give you a broad breakup of 61, it is around INR40 crores, which is coming from the two strategic acquisitions which we are going to do broadly INR10 crores from the value addition services and INR10 crores is broadly towards the treasury income which we have earned.”
Management, page 15 of the filed PDF · View the filing
Management attributed shortfalls to force majeure conditions and said the FY27 guidance was set conservatively.
Answered by Devansh Jain
Asked by Ujjwal: Why has the company missed prior megawatt and revenue targets, and how conservative is the FY27 guidance?
p. 17
“I think we were on the side of conservatism while doing this. Having said that, if there's a world war or if there's a COVID lockdown, then don't hold us responsible for it.”
Devansh Jain, page 17 of the filed PDF · View the filing
Management said nearly all of it would convert to operating cash flow due to no depreciation, no finance cost and a tax shield, and that deployment decisions, including possible acquisitions, would be made once the acquisitions are integrated.
Answered by Devansh Jain
Asked by Utkarsh Somaiya: How will the expected Rs 600 crore EBITDA convert into cash flow and be deployed?
p. 18
“Out of INR600 crore fees, broadly everything will be converted into the operating cash flow. As such, there will be no depreciation, no finance cost, and we have a tax shield up to INR700 crore of losses.”
Devansh Jain, page 18 of the filed PDF · View the filing
Risks flagged
Geopolitical tensions causing on-ground and logistics challenges in project execution
p. 4
“The ongoing geopolitical issues have led to certain on-ground challenges and logistics issues in project execution.”
Sanjeev Agarwal, page 4 of the filed PDF · View the filing
Payment delays in PSU contracts affecting receivables
p. 5
“On the receivable front, there has been some challenges, especially in our PSU contracts, where we have seen payment delays.”
Sanjeev Agarwal, page 5 of the filed PDF · View the filing
Working capital blockage historically associated with turnkey EPC execution
p. 8
“Over the past several years, we've realized the biggest pain point or the biggest working capital blockage happens by doing EPC and turnkey.”
Sanjeev Agarwal, page 8 of the filed PDF · View the filing
Generated by claude-sonnet-5. Source: the transcript as filed with BSE. We link to the exchange's copy; we do not host transcripts. Parakho is a data and screening tool, not an investment adviser — nothing here is a recommendation to buy, sell or hold.