Portfolio under O&M
13.3 GW
+6.5 GW YoY
Includes 10 GW wind and 3.3 GW solar; 6.5 GW acquired from two major companies.
INOXGREENENERGY
Energy
10 Feb 2026
Inox Green Energy Services Ltd — Q3 FY26
Inox Green delivered a strong Q3 FY26 with total income of ₹112 crore (+51% YoY), EBITDA of ₹53 crore (+80% YoY), and PAT of ₹25 crore (+375% YoY), driven by portfolio growth to 13.3 GW and operational efficiencies.
✓ Verified against BSE filing
2-Min Summary
✦ AI-Generated from Full Transcript
Inox Green delivered a strong Q3 FY26 with total income of ₹112 crore (+51% YoY), EBITDA of ₹53 crore (+80% YoY), and PAT of ₹25 crore (+375% YoY), driven by portfolio growth to 13.3 GW and operational efficiencies. Management guided FY27 EBITDA to exceed ₹600 crore, supported by the impending merger of substation assets (eliminating ~₹50 crore depreciation) and synergies from acquired wind O&M portfolios. The demerger of the substation business into Inox Renewable Solutions is in final NCLT stages, expected to close in 2-3 months. Key risk: customer site readiness delays could continue to impact equipment supply offtake, though management believes revenue guidance is more controllable than megawatt targets.
Key Numbers
Machine availability
96.5%
flat YoY
Consistently high availability across the entire portfolio.
Order book (Inox Wind)
3.2 GW
+600 MW YTD
Diversified order book with marquee customers; provides 18-24 months visibility.
Working capital days
200-210 days
-10 days QoQ
Targeting 200 days by FY26 end and 150 days by FY27.
Management Guidance
FY27 EBITDA guidance of ₹600 crore+
Inox Green expects FY27 EBITDA to exceed ₹600 crore, driven by full portfolio consolidation and synergies.
Management guidance growthFY26 revenue guidance of ₹5,000 crore+ for Inox Wind
Consolidated revenue over ₹5,000 crore with >35% YoY growth; EBITDA margin upgraded to 20-22%.
Management guidance revenueFY27 revenue growth of ~75% for Inox Wind
Revenue expected to grow ~75% over FY26 with EBITDA margin of 22%.
Management guidance revenueCapex of ~₹200 crore for FY27
Capital expenditure for Inox Wind guided at around ₹200 crore for FY27.
Management guidance capexKey Risks
Customer site readiness delays
Delays in site readiness by customers, especially for equipment supply contracts, are impacting turbine offtake and may persist.
high · management_commentaryShift from megawatt to revenue guidance raises transparency concerns
Analysts questioned the logic of withdrawing megawatt guidance; management acknowledged execution challenges but deflected on exact megawatt targets.
medium · analyst_questionWorking capital pressure from ramp-up
Working capital days remain elevated at 200-210, above the earlier target of 120 days, due to rapid scaling.
medium · data_observationDependence on group company Inox Clean for orders
A significant portion of future order visibility relies on Inox Clean's IPP pipeline, which is a separate entity.
low · management_commentaryNotable 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 analysts on the annual numbers instead of the megawatt numbers.
Inox Green's portfolio stands at 13.3 GW comprising of around 10 GW of wind assets and 3.3 GW peak of solar assets. This also includes the investments which we have made to acquire 6.5 GW of operational wind O&M assets of two major companies.
It is very tough for me to estimate on a quarterly basis. There will always be a slippage here and there by quarter two and to remove those vagaries, I am coming to this revenue guidance where I can always guide you better.
Frequently Asked Questions
What was Inox Green Energy's revenue in Q3 FY26?
Inox Green Energy reported revenue of ₹82 Cr in Q3 FY26, representing a +51% change compared to the same quarter last year.
What guidance did Inox Green Energy management give for FY27?
FY27 EBITDA guidance of ₹600 crore+: Inox Green expects FY27 EBITDA to exceed ₹600 crore, driven by full portfolio consolidation and synergies. FY26 revenue guidance of ₹5,000 crore+ for Inox Wind: Consolidated revenue over ₹5,000 crore with >35% YoY growth; EBITDA margin upgraded to 20-22%. FY27 revenue growth of ~75% for Inox Wind: Revenue expected to grow ~75% over FY26 with EBITDA margin of 22%. Capex of ~₹200 crore for FY27: Capital expenditure for Inox Wind guided at around ₹200 crore for FY27.
What are the key risks for Inox Green Energy in FY27?
Key risks include Customer site readiness delays — Delays in site readiness by customers, especially for equipment supply contracts, are impacting turbine offtake and may persist.; Shift from megawatt to revenue guidance raises transparency concerns — Analysts questioned the logic of withdrawing megawatt guidance; management acknowledged execution challenges but deflected on exact megawatt targets.; Working capital pressure from ramp-up — Working capital days remain elevated at 200-210, above the earlier target of 120 days, due to rapid scaling.; Dependence on group company Inox Clean for orders — A significant portion of future order visibility relies on Inox Clean's IPP pipeline, which is a separate entity..
Did Inox Green Energy meet its previous quarter's guidance?
Scorecard data is being built as historical quarters are processed.
Where can I read the full Inox Green Energy Q3 FY26 concall transcript?
The full earnings conference call transcript or source release is available on the linked source material. This page provides an AI-generated summary verified against official BSE/NSE filings.