Inox Green Energy Services Ltd Q4 FY26 Results & Concall Highlights: Revenue, Margins & Order Book
Published 12 Jun 2026 | Commercial Services & Supplies | Market Cap: ₹7.5K Cr
FY27 revenue guidance targets a 75% growth over FY26, aiming for approx. FY27 revenue guidance targets a 75% growth over FY26, aiming for around INR7,500 crores.
From Inox Green Energy Services Ltd's Q4 FY26 earnings-call transcript · updated 23 Aug 2026.
Price
₹178
Market Cap
₹7.5K Cr
P/E Ratio
61.3
How does Inox Green Energy Services Ltd rank in Commercial Services & Supplies?
Compare Inox Green Energy Services Ltd against every Commercial Services & Supplies company this quarter on revenue, margins and earnings-call signals.
Inox Green Energy Services Ltd — Quarterly revenue & net profit
Reported quarterly figures (₹ Cr). Latest: revenue ₹82 Cr, net profit ₹25 Cr.
Full financials →📊 Revenue & Sales Performance
- →FY27 revenue guidance targets a 75% growth over FY26, aiming for approx. INR7,500 crores (up from INR4,500 crores in FY26).
- →The company is "sold out" for the next 2.5 years with a 3.1 GW order book backed by strong visibility from Inox Green.
- →Inox Green expects consolidated EBITDA north of INR600 crores in FY27, driven by organic growth and acquisitions.
- →Shift in business model: pivot from 100% turnkey EPC projects to 75%-80% equipment supply to improve cash flow and reduce working capital blockage.
- →Inox Green poised for rapid growth benefiting from over 3 GW annual capacity additions by group company Inox Clean.
- →Expected multifold increase in consolidated EBITDA and PAT in FY27 due to acquisition of 6.5 GW operational wind assets.
- →Focus on expanding high-margin, value-added services (e.g., cranes, transformers, power electronics) to support revenue growth.
📈 Profitability & Margins
- →FY27 revenue guidance targets a 75% growth over FY26, aiming for around INR7,500 crores.
- →FY27 EBITDA guidance is set to be upwards of INR600 crores.
- →EBITDA margin expected to be around 20% or higher.
- →PAT projections align with strong growth, with Inox Green showing a 244% increase in PBT and 340% increase in PAT YoY in FY26 Q4.
- →Inox Green’s consolidation of acquisitions expected to significantly boost FY27 EBITDA and PAT.
- →Transition toward equipment supply (75%-80% of order book) is aimed at improving free cash flow and reducing working capital blockage, supporting profitability.
- →Enhanced focus on high-margin value-added services (e.g., O&M, power transformers, digital initiatives) to improve margins further.
- →45%-50% EBITDA margins expected consistently excluding acquisition income.
- →Company maintains a conservative stance on guidance despite macro uncertainties.
🏗️ Capital Expenditure Plans
- →Inox Green has made nearly 9-10 acquisitions in recent months, including two of the top four bankrupt wind OEMs in India.
- →The company aims to integrate these acquisitions fully before deploying further capital.
- →While there are limited acquisition opportunities in India's wind sector due to consolidation, a couple of gigawatt (GW) projects are lined up, expected to use only 10-20% of free cash flow.
- →Management is considering how to best utilize free cash flow after integration.
- →The company is pivoting from turnkey EPC projects to equipment supply (now 75-80% of order book), focusing on higher-margin, capital-light businesses to generate strong free cash flows without working capital blockage.
- →Expansion into power electronics (transformers, inverters, ECS systems) is planned to enhance value-added services.
- →No specific buyback plans at present, but capital deployment will be in shareholders' best interest.
💰 Fundraising & Capital Structure
- →Inox Green has raised close to $750 million at a valuation of a couple of billion dollars, indicating significant past equity fundraising.
- →No explicit mention of planned new fundraising through debt or equity in the current or near future was made in the available discussion.
- →The focus appears to be on executing existing projects, consolidations, and generating strong operating cash flows (e.g., expected INR600 crores EBITDA for FY27 converting largely into operating cash flow).
- →Board will consider dividend policy post consolidation, suggesting no imminent equity dilution.
- →The company seems to be leveraging internal cash flow and strategic acquisitions rather than announcing fresh fundraising plans at this stage.
📋 Order Book & Pipeline
- →Current order book stands at approximately 3.1 GW, with about 500 MW from group company Inox Clean Energy unexecuted, representing around 16% of the total.
- →Over the past year, 600 MW of new orders were added from marquee customers like Aditya Birla, Gentari / Amplus, Jakson Green, First Energy, and Leap Green.
- →The order mix has shifted from 100% turnkey 24 months ago to currently about 50:50 turnkey and equipment supply, with plans to increase equipment supply to 75-80%.
- →Strong execution visibility for more than 24 months.
- →The company expects large recurring order inflows from Inox Clean Energy, which plans to add over 3 GW capacity annually, with 20-30% wind, serving as about one-third of annual execution targets.
- →Pending acquisitions of wind assets (~4.5 GW and 2 GW) are awaiting NCLT clearances but expected to be integrated into Inox Green over FY27.
- →Overall, the company states it is effectively “sold out” for the next 2.5 years based on its current platform and order book.
Key Metrics
Frequently Asked Questions
What were Inox Green Energy Services Ltd Q4 FY26 results?
FY27 revenue guidance targets a 75% growth over FY26, aiming for approx. FY27 revenue guidance targets a 75% growth over FY26, aiming for around INR7,500 crores.
What is Inox Green Energy Services Ltd share price analysis?
Inox Green Energy Services Ltd currently shows a neutral. The stock trades at a P/E of 61.3 with a market cap of ₹7,511 Cr. Investors should review the full earnings analysis for detailed insights.
Is Inox Green Energy Services Ltd planning capital expenditure?
Inox Green has made nearly 9-10 acquisitions in recent months, including two of the top four bankrupt wind OEMs in India.
Keep Inox Green Energy Services Ltd on your radar — track it to get its next earnings analysis in your feed.
This analysis is AI-generated based on publicly available earnings data and concall transcripts. This is not investment advice. Please consult a SEBI-registered advisor before making investment decisions.