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Customer site delays impacting offtake
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Inox Wind Limited — Q3 FY26
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.
bullish
high
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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.
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Order Book
3.2 GW
+600 MW YTD
Order book includes marquee customers; provides 18-24 months visibility.
Working Capital Days
200-210 days
Target 200 days by FY26 end
Management targets 150 days by FY27; improvement expected as ramp-up normalizes.
Inox Green Portfolio
13.3 GW
+6.5 GW from acquisitions
Includes 10 GW wind and 3.3 GW solar; FY27 EBITDA guidance of ₹600 crore+.
Capex Guidance FY27
₹200 crore
Similar to FY26
Capex of ~₹150 crore incurred in 9M FY26; full year target ~₹200 crore.
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Guidance and risk preview
Consolidated revenue expected to exceed ₹5,000 crore, implying >35% YoY growth.
Delays in site readiness by customers have led to postponement of wind turbine uptake, affecting quarterly execution.
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