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Revenue
₹733 Cr
verified against source
Revenue YoY
93%
reported change
EBITDA
₹189 Cr
latest reported figure
Source
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record provenance
Actual signal trajectory
Where this quarter sits.
Quarter read
What the record says.
Inox Wind delivered a stellar Q2 FY25 with revenue of INR 742 crore (+93% YoY) and EBITDA of INR 189 crore (+171% YoY), driven by strong execution of 140 MW despite monsoon headwinds. PAT turned positive at INR 90 crore versus a loss last year. The company turned net cash and achieved positive operational cash flow in H1. Management upgraded FY25 EBITDA margin guidance from 15% to 17%, citing royalty cessation, backward integration, and scale benefits. Execution guidance of 800 MW for FY25 is maintained with upside bias, while the order book stands at a record 3.3 GW. Risks include potential margin compression from higher EPC mix in H2 and competitive intensity from new entrants.
Colored figures show movement against the previous available record.
Guidance to track
- Management upgraded full-year EBITDA margin guidance from 15% to 17%, citing royalty cessation, backward integration, and scale benefits.
- Execution guidance remains at 800 MW for FY25, but management indicated potential upside due to strong order book and pipeline.
- Management guided for ~1,200 MW execution in FY26, with upside risk, backed by existing order book and pipeline.
- Annual capex of INR 50-75 crore for larger blade molds and maintenance capex of ~INR 10 crore.
Risks flagged
- EBITDA margins may moderate in H2 as EPC revenue (lower margin) increases relative to turbine supply, though full-year guidance is upgraded.
- Analyst raised concern about Chinese players and new domestic entrants; management downplayed but acknowledged potential pricing pressure in equipment supply segment.
- Ramping from 140 MW quarterly run-rate to 1,200 MW annual requires significant operational scaling; management expressed confidence but risks remain.
Key quotes
- We have been able to maintain our execution at 140 megawatts during this period, despite the typical seasonal monsoon challenges faced during the quarter.
- Our royalty payment for our 3 MW wind turbine will stop after FY 2025, resulting in immediate addition to our bottom line.
- We are not really looking at competing for C-grade quality orders or C-grade customers, and to that extent, certain players are more than welcome to pick those orders up.
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