Inox Wind Ltd — Q4 FY26 earnings call
Summary generated by AI from the official transcript Inox Wind 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 Q4 FY26 revenue of Rs 1,306 crore, roughly flat year-on-year, with EBITDA of Rs 333 crore and PAT of Rs 106 crore, while management cited geopolitical tensions and logistics issues that delayed some project execution. Inox Green reported total income of Rs 120 crore, up 40% year-on-year, with EBITDA of Rs 57 crore, up 93%, and management said the company is acquiring two wind O&M portfolios that will be consolidated into FY27 results. Management guided for consolidated revenue growth of around 75% for FY27 and reiterated an Inox Green EBITDA guidance of upwards of Rs 600 crore, while also discussing a pivot of Inox Wind's order book from turnkey to equipment supply and the NCLT-approved demerger of Inox Green's evacuation infrastructure business into Inox Renewable Solutions.
Numbers mentioned
Revenue: INR1,306 crores (FY26 Q4)
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 Q4)
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
Inox Green 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”
S. K. Mathusudhana, page 6 of the filed PDF · View the filing
Inox Green EBITDA: INR57 crores (Q4 FY26)
p. 6
“EBITDA of INR57 crores, up by 93% year-on-year”
S. K. Mathusudhana, page 6 of the filed PDF · View the filing
Inox Green PAT: INR28 crores (Q4 FY26)
p. 6
“profit after tax of INR28 crores, up by 340 percentage year-on-year”
S. K. Mathusudhana, page 6 of the filed PDF · View the filing
Machine availability: approximately 96.5%
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% growth 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 · 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
O&M revenue mix — about 18% to 20%
stated as an aspiration by Devansh Jain
p. 14
“I think going forward, as the entire consolidated might of the 2 acquisitions comes through, I think O&M will possibly be moving towards about 20%, 18% to 20%.”
Devansh Jain, page 14 of the filed PDF · View the filing
Demerger completion timeline — next 1-2 months
stated conditionally by Devansh Jain
p. 18
“So broadly in the next 1-2 months, it will get completed. It should get completed depending upon the administrative approvals if required.”
Devansh Jain, page 18 of the filed PDF · View the filing
Inox Clean IPP and manufacturing capacity — 10 GW of IPP, 10 GW of solar cell and 10 GW of solar module · next 15 months
stated as an aspiration by Devansh Jain
p. 7
“The group's strategic foray into renewable IPP power generation and solar cell and module manufacturing under Inox Clean with a three-continent play is a big game changer and expected to create huge value across the group with our 10^3 GW portfolio: basically 10 GW of IPP, 10 GW of solar cell and 10 GW of solar module over the next 15 months.”
Devansh Jain, page 7 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 accruals from the acquired entities will belong to Inox Green from the date of taking over the asset, regardless of when the formal order is issued, and that both entities' revenue and profitability from 1st April '26 will be reflected in FY27 consolidated results.
Answered by Devansh Jain
Asked by Prit Nagersheth: How is Inox Green reaching the INR600 crore EBITDA guidance given the acquisitions are still awaiting NCLT clearances?
p. 10
“But effectively over FY27, both these entities will be part of Inox Green and the revenues and the profitability of these entities from 1st April '26 will be reflected in the consolidated results of Inox Green.”
Devansh Jain, page 10 of the filed PDF · View the filing
Management attributed the working capital shortfall to supply chain disruption in ECS components and said the shortfall would be made up in Q1-Q2.
Answered by Management
Asked by Prateek Jain: What is the status of the working capital days target discussed after Q3?
p. 11
“In terms of the working capital cycle, there are various macro level issues which have happened, including our supply chain disruption, which has happened due to the ECS, which is one of the major components needs to come from -- needs to come, which has been got stuck, which has been -- the supplies has been delayed.”
Management, page 11 of the filed PDF · View the filing
Management declined to give megawatt figures, reiterating that guidance is given only in revenue terms.
Answered by Management
Asked by Deepak Poddar: What was actual megawatt execution in FY26?
p. 13
“That is the number that we have refrained from giving. That was stated policy last time. So probably we refrain it again. It's a revenue that we have been giving up both for historical as well forward.”
Management, page 13 of the filed PDF · View the filing
Management broke down the quarterly other income as roughly INR40 crore from the two strategic acquisitions, INR10 crore from value-added services, and INR10 crore from treasury income.
Answered by Management
Asked by Rahul Kumar: What portion of Inox Green's other income of INR60.8 crores relates to acquisitions versus treasury income versus value-added services?
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
Devansh Jain disputed the characterization of repeated underdelivery, attributed the shortfall to force majeure-like disruptions, and pointed to the pivot toward equipment supply and diversified order book as strategic responses.
Answered by Devansh Jain
Asked by Ujjwal: Why has the company repeatedly changed its guidance metrics and fallen short of targets, including a Q4 year-on-year decline versus peers growing 40%?
p. 17
“Even when we shifted over to a revenue guidance and guided for INR5,000 crores in the last quarter, it was subject to force majeure.”
Devansh Jain, page 17 of the filed PDF · View the filing
Devansh Jain said the guidance was set conservatively, subject to no extraordinary disruptions.
Answered by Devansh Jain
Asked by Ujjwal: Is the 75% growth guidance for FY27 conservative or optimistic?
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
Devansh Jain said the company would first let the cash come in and consolidate the acquisitions before deciding on deployment, noting limited further acquisition opportunities in India.
Answered by Devansh Jain
Asked by Utkarsh Somaiya: How will the expected INR600 crore Inox Green EBITDA be deployed?
p. 19
“So, let's look at that coming in first, and then we look at further acquisition opportunities.”
Devansh Jain, page 19 of the filed PDF · View the filing
Risks flagged
Geopolitical tensions causing logistics and supply chain disruption
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 on PSU contracts
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 from 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.