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Revenue
₹911 Cr
verified against source
Revenue YoY
96%
reported change
EBITDA
₹280 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 Q3 FY25 with revenue of INR 994 crore (+96% YoY) and EBITDA of INR 280 crore (+192% YoY), the highest-ever Q3 EBITDA. PAT came in at INR 112 crore, also a Q3 record. The strong performance was driven by improved execution (189 MW in Q3) and operational efficiencies. Management maintained FY25 guidance of 800 MW execution and 17%+ EBITDA margin, with potential upgrades. For FY26, they reiterated 1,200 MW+ execution and guided for 100-200 bps margin improvement from backward integration initiatives (cranes, transformer manufacturing). The order book stands at 3.3 GW, providing strong visibility. Key risk: on-ground project execution challenges (land, evacuation) could delay commissioning timelines.
Colored figures show movement against the previous available record.
Guidance to track
- Management reiterated the 800 MW execution guidance for FY25, with 469 MW completed in 9M and the balance expected in Q4.
- Management confirmed the 1,200 MW+ execution guidance for FY26, citing strong order book and project readiness.
- Management maintained 17%+ EBITDA margin guidance for FY25, noting that actual margins are trending higher and could be upgraded.
- Backward integration initiatives (cranes, transformer manufacturing) are expected to add 100-200 bps to EBITDA margins in FY26.
Risks flagged
- Land acquisition and grid evacuation issues continue to pose challenges, potentially delaying commissioning timelines.
- Analyst raised concern that a significant portion of recent order inflows came from group companies; management defended diversification but acknowledged group orders are natural.
- As EPC revenue ramps up in Q4, per-MW realizations and margins may fluctuate, though management expects full-year margins to exceed guidance.
- The merger with Inox Wind Energy and demerger of substation business are pending NCLT approvals, with uncertain timelines.
Key quotes
- We are maintaining our guidance of 17% on a yearly basis, and we believe we do not give any guidance based upon the quarterly basis.
- The initiatives which we have taken will add 100 to 200 basis points in the next financial year in FY26.
- We are very confident of achieving our FY26 guidance, which should be reflected in our Q4 FY25 performance.
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