Order Book
3.2 GW
+600 MW YTD
Order book includes marquee customers; provides 18-24 months visibility.
INOXWIND
Other
10 Feb 2026
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.
✓ Verified against BSE filing
2-Min Summary
✦ AI-Generated from Full Transcript
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.
Key Numbers
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.
Management Guidance
FY26 revenue guidance of over ₹5,000 crore
Consolidated revenue expected to exceed ₹5,000 crore, implying >35% YoY growth.
Management guidance revenueFY26 EBITDA margin upgraded to 20-22%
EBITDA margin guidance raised from 18-19% to 20-22% for FY26.
Management guidance marginsFY27 revenue growth of ~75% over FY26
Consolidated revenue expected to grow by approximately 75% in FY27.
Management guidance growthFY27 EBITDA margin of 22%
EBITDA margin expected to be around 22% for FY27.
Management guidance marginsKey Risks
Customer site delays impacting offtake
Delays in site readiness by customers have led to postponement of wind turbine uptake, affecting quarterly execution.
high · management_commentaryWorking capital days higher than earlier target
Working capital days at 200-210, above the earlier target of 120 days, due to ramp-up and customer delays.
medium · analyst_questionShift from megawatt to revenue guidance may reduce transparency
Analysts questioned the change in guidance methodology, implying potential opacity in execution metrics.
low · analyst_questionNotable 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.
Frequently Asked Questions
What was Inox Wind's revenue in Q3 FY26?
Inox Wind reported revenue of ₹1,207 Cr in Q3 FY26, representing a +24% change compared to the same quarter last year.
What guidance did Inox Wind management give for FY27?
FY26 revenue guidance of over ₹5,000 crore: Consolidated revenue expected to exceed ₹5,000 crore, implying >35% YoY growth. FY26 EBITDA margin upgraded to 20-22%: EBITDA margin guidance raised from 18-19% to 20-22% for FY26. FY27 revenue growth of ~75% over FY26: Consolidated revenue expected to grow by approximately 75% in FY27. FY27 EBITDA margin of 22%: EBITDA margin expected to be around 22% for FY27.
What are the key risks for Inox Wind in FY27?
Key risks include Customer site delays impacting offtake — Delays in site readiness by customers have led to postponement of wind turbine uptake, affecting quarterly execution.; Working capital days higher than earlier target — Working capital days at 200-210, above the earlier target of 120 days, due to ramp-up and customer delays.; Shift from megawatt to revenue guidance may reduce transparency — Analysts questioned the change in guidance methodology, implying potential opacity in execution metrics..
Did Inox Wind meet its previous quarter's guidance?
Scorecard data is being built as historical quarters are processed.
Where can I read the full Inox Wind 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.