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A source-linked quarter view: reported numbers, management language, guidance, and the risks that should carry forward.
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Revenue
₹78 Cr
verified against source
Revenue YoY
51%
reported change
EBITDA
₹53 Cr
latest reported figure
Source
screener in
record provenance
Actual signal trajectory
Where this quarter sits.
Quarter read
What the record says.
Inox Green delivered a strong Q3 FY26 with total income of ₹112 crore (+51% YoY), EBITDA of ₹53 crore (+80% YoY), and PAT of ₹25 crore (+375% YoY), driven by portfolio growth to 13.3 GW and operational efficiencies. Management guided FY27 EBITDA to exceed ₹600 crore, supported by the impending merger of substation assets (eliminating ~₹50 crore depreciation) and synergies from acquired wind O&M portfolios. The demerger of the substation business into Inox Renewable Solutions is in final NCLT stages, expected to close in 2-3 months. Key risk: customer site readiness delays could continue to impact equipment supply offtake, though management believes revenue guidance is more controllable than megawatt targets.
Colored figures show movement against the previous available record.
Guidance to track
- Inox Green expects FY27 EBITDA to exceed ₹600 crore, driven by full portfolio consolidation and synergies.
- Consolidated revenue over ₹5,000 crore with >35% YoY growth; EBITDA margin upgraded to 20-22%.
- Revenue expected to grow ~75% over FY26 with EBITDA margin of 22%.
- Capital expenditure for Inox Wind guided at around ₹200 crore for FY27.
Risks flagged
- Delays in site readiness by customers, especially for equipment supply contracts, are impacting turbine offtake and may persist.
- Analysts questioned the logic of withdrawing megawatt guidance; management acknowledged execution challenges but deflected on exact megawatt targets.
- Working capital days remain elevated at 200-210, above the earlier target of 120 days, due to rapid scaling.
- A significant portion of future order visibility relies on Inox Clean's IPP pipeline, which is a separate entity.
Key quotes
- We are recalibrating our guidance for both financial year 26 and financial year 27. Going ahead, we'll be providing revenue and EBITDA margin figures and growth thereof, resulting in more certainty for investors and analysts on the annual numbers instead of the megawatt numbers.
- Inox Green's portfolio stands at 13.3 GW comprising of around 10 GW of wind assets and 3.3 GW peak of solar assets. This also includes the investments which we have made to acquire 6.5 GW of operational wind O&M assets of two major companies.
- It is very tough for me to estimate on a quarterly basis. There will always be a slippage here and there by quarter two and to remove those vagaries, I am coming to this revenue guidance where I can always guide you better.
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