Read the quarter in context.
A source-linked quarter view: reported numbers, management language, guidance, and the risks that should carry forward.
ConCallIQ research layer
Signal, with the source still visible.
Use the controls below to narrow the view, then follow the evidence into the next layer of context.
Revenue
₹640 Cr
verified against source
Revenue YoY
85%
reported change
EBITDA
₹157 Cr
latest reported figure
Source
screener in
record provenance
Actual signal trajectory
Where this quarter sits.
Quarter read
What the record says.
Inox Wind delivered a stellar Q1 FY25 with revenue of INR 651 crore (+85% YoY) and EBITDA of INR 157 crore (+349% YoY), marking the highest quarterly performance in company history. PAT turned positive at INR 50 crore versus a loss of INR 65 crore last year. The strong results were driven by execution ramp-up, cost optimization, and a record order book of 2.9 GW. Management guided for 800 MW execution in FY25 and 1,200 MW in FY26, with an upside bias. EBITDA margin guidance remains at 16-17% for the full year, though Q1 margins were higher due to mix. The company is now net cash positive after a INR 900 crore infusion, with negligible interest costs going forward. A new nacelle facility near Ahmedabad will be operational by CY2024 on a lease model with minimal CapEx. Risks include potential execution delays from grid connectivity issues and competitive pressure from Chinese OEMs, though the latter faces regulatory hurdles.
Colored figures show movement against the previous available record.
Guidance to track
- Management confirmed 800 MW execution target for FY25 is on track, with upside bias but no revision for FY25.
- Management guided for 1,200 MW in FY26, with potential upside due to strong order inflows and pipeline.
- Full-year EBITDA margin expected at 16-17%, with quarterly fluctuations; Q1 margins were higher due to mix.
- Post net cash position, interest costs will be negligible, with full-year net finance cost guided at INR 60-75 crore.
Risks flagged
- 110 MW of capacity is awaiting grid approval, delaying commissioning and revenue recognition. This could recur if grid infrastructure lags.
- Analysts raised concerns about acquiring Siemens Gamesa's India business. Management stated they will be prudent but any large acquisition could strain balance sheet.
- Steel and other commodity prices could impact margins. Management hedges quarterly but anti-dumping duties and ramp-up leverage may not fully offset price swings.
- Scaling from 800 MW to 1,200 MW+ could strain manufacturing and supply chain. Management expressed confidence but acknowledged small execution challenges.
Key quotes
- The Q1 results are a testimony of the hard work of the last several years. We are now on the runway, ready for a massive take-off for the massive growth journey ahead.
- For us, credibility, reputation, and financial management is absolutely topmost priority.
- We are not upping our guidance at this point in time.
Research modules