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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
₹1,207 Cr
verified against source
Revenue YoY
24%
reported change
EBITDA
₹313 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 solid Q3 FY26 with revenue of ₹1,238 crore (+24% YoY) and EBITDA of ₹313 crore (+39% YoY), driven by strong margins from backward integration and cost initiatives. PAT grew 14% to ₹127 crore. The company upgraded its FY26 EBITDA margin guidance to 20-22% (from 18-19%) and guided for FY27 revenue growth of ~75% over FY26. However, management shifted from megawatt-based to revenue guidance due to customer site delays and a 50/50 mix of turnkey and equipment supply contracts. The order book stands at 3.2 GW, with 600 MW added in FY26. Key risk: persistent customer-side delays could continue to impact quarterly execution visibility.
Colored figures show movement against the previous available record.
Guidance to track
- Consolidated revenue expected to exceed ₹5,000 crore, implying >35% YoY growth.
- EBITDA margin guidance raised from 18-19% to 20-22% for FY26.
- Consolidated revenue expected to grow by approximately 75% in FY27.
- EBITDA margin expected to be around 22% for FY27.
Risks flagged
- Delays in site readiness by customers have led to postponement of wind turbine uptake, affecting quarterly execution.
- Working capital days at 200-210, above the earlier target of 120 days, due to ramp-up and customer delays.
- Analysts questioned the change in guidance methodology, implying potential opacity in execution metrics.
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 analyst on the annual numbers instead of the megawatt numbers.
- It's only about shifting one quarter here and there. That's how it is always.
- We are definitely on track to achieve more than 2 GW annually, but I will shy away from giving you the exact timeline for that.
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