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Revenue
₹1,119 Cr
verified against source
Revenue YoY
56%
reported change
EBITDA
₹271 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 its best-ever Q2 with revenue of INR 1,162 crore (+56% YoY) and EBITDA of INR 271 crore (+48% YoY), driven by strong execution of 202 MW despite monsoon headwinds. The order book stands at 3.2 GW, and management is confident of achieving the full-year execution target of 1.2 GW (H2 typically 70% of annual). Strategic framework agreements with multiple IPPs are expected to secure over 1 GW of recurring annual orders. Key risks include potential PPA cancellations in the sector, though management asserts no direct impact on Inox Wind's orders. The company maintains its 18-19% EBITDA margin guidance despite inflationary pressures on metals, citing pass-through clauses.
Colored figures show movement against the previous available record.
Guidance to track
- Management reaffirms full-year execution of 1.2 GW, with H2 expected to contribute ~70%.
- Despite H1 margins exceeding 22%, management sticks to 18-19% guidance for FY26.
- Management is negotiating framework agreements with multiple IPPs to secure over 1 GW of annual orders.
- Capital expenditure for FY26 is guided at INR 200 crore.
Risks flagged
- Media reports suggest ~40 GW of projects without PPAs may be cancelled, but management claims no direct impact on Inox Wind's orders.
- H1 execution of 350 MW is only 29% of the 1.2 GW target, raising concerns about H2 ramp-up.
- Rising aluminum and copper prices could impact margins, though management cites pass-through clauses.
Key quotes
- We are pleased to inform you that we have been able to deliver the best-ever Q2 in Inox Wind history, despite the quarters being substantially impacted due to monsoons.
- I think it's a bold move. It's a proactive move. I think putting aside the so-called optical negative input, I think it's a very positive move for the sector to move towards actual genuine bids.
- I think we are very near a point where we would, over the next few months, be India's largest renewable O&M services company, which would continue to grow at a very, very healthy pace.
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