Inox Wind Ltd Q3 FY25 Results & Concall Highlights: Revenue, Margins & Order Book
Published 26 Aug 2026 | Electrical Equipment | Market Cap: ₹12.7K Cr
The company is confident of achieving its FY '26 guidance of 1,200 megawatts and expects to maintain strong execution momentum beyond that, targeting around 2 gigawatts thereafter (Page 16, 17). The company maintains FY '26 guidance of 1,200+ MW execution with confidence in meeting or exceeding it.
From Inox Wind Ltd's Q3 FY25 earnings-call transcript · updated 26 Aug 2026.
Price
₹73.7
Market Cap
₹12.7K Cr
P/E Ratio
36.9
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Compare Inox Wind Ltd against every Electrical Equipment company this quarter on revenue, margins and earnings-call signals.
Inox Wind Ltd — Quarterly revenue & net profit
Reported quarterly figures (₹ Cr). Latest: revenue ₹1.2K Cr, net profit ₹127 Cr.
Full financials →📊 Revenue & Sales Performance
- →The company is confident of achieving its FY '26 guidance of 1,200 megawatts and expects to maintain strong execution momentum beyond that, targeting around 2 gigawatts thereafter (Page 16, 17).
- →The order book is well diversified and currently covers more than two years (3.3 gigawatts), with ongoing bids and discussions indicating steady order inflow in coming years (Page 17, 6).
- →Revenue growth is expected from increased EPC execution, especially from Quarter 4 FY '25 onwards, as milestone completions accelerate (Page 9, 16).
- →Expansion into related businesses like crane services and transformer manufacturing is expected to improve margins and cash flow, with some revenue utilized internally (Page 16).
- →Market demand in India remains strong with annual awarding trajectories of around 50 gigawatts (including 10 GW for wind/hybrid), alongside 3-5 GW per annum from C&I segments, supporting long-term volume growth (Page 8).
- →Profitability per megawatt is expected to improve due to product upgrades, backward integration, and hybrid solar-wind projects (Page 16, 17).
📈 Profitability & Margins
- →The company maintains FY '26 guidance of 1,200+ MW execution with confidence in meeting or exceeding it.
- →EBITDA margin guidance stands at 17% for FY '26, with potential for further upgrades (100-200 bps improvement expected).
- →EPC execution and revenues are expected to accelerate from Q4 FY '25 onward, leading to better profitability per MW.
- →Backward integration initiatives (crane services, transformer manufacturing) will improve EBITDA margins and cash flows without increasing revenue significantly.
- →Sold-out order book of 3.3 GW supports steady revenue and earnings visibility over the next two years, reducing volatility.
- →Synergies from the group’s new solar manufacturing arm (Inox Solar) and hybrid contract bidding will open additional revenue streams and strengthen growth prospects.
- →Company expects gradual margin improvement due to business efficiencies and favorable execution to drive operating earnings growth.
🏗️ Capital Expenditure Plans
- →Capex guidance for FY '26 and FY '27 is between INR 50 crores to INR 75 crores.
- →The company is expanding into crane services and transformer manufacturing as part of backward integration.
- →These backward integration initiatives are expected to improve EBITDA margins and help cash flows through deferred payments.
- →The first set of cranes will be operationalized within Q4 FY '25 and reflected in margins from Q4 onwards.
- →Some initiatives related to insourcing and backward integration are yet to kick in fully and will contribute to margin improvement in subsequent quarters.
- →No large multi-year order book capex is planned since the company believes in booking 2-year order books only, avoiding MOUs or paper agreements for 3-5 years.
💰 Fundraising & Capital Structure
- →There is no specific mention of any current or future fundraising through debt or equity in the provided pages.
- →The company discusses order pipeline, execution, margins, mergers, and new business initiatives but does not detail plans for raising capital via debt or equity.
- →Financial management comments focus on maintaining EBITDA margin guidance and executing large order books rather than fundraising.
- →The merger between Inox Wind and Inox Wind Energy is in final stages but unrelated to fresh capital raise.
- →Capex guidance for FY '26 and FY '27 is INR 50-75 crores, with no mention of external funding sources.
📋 Order Book & Pipeline
- →Inox Wind Limited currently has a strong and well-diversified order book of approximately 3.3 gigawatts, which broadly covers the next 2 years.
- →The company has already executed around 500 megawatts over the past year.
- →Order inflows over the last 2 years include about 500-600 megawatts from group companies, with the rest being external orders from strong third-party clients such as NTPC, CESC, Continuum, Hero, and Serentica.
- →The company is selective and focused on orders that offer good profitability and work with financially strong, reliable customers.
- →Multiple ongoing negotiations and tenders are in progress, including equipment supply and turnkey projects, with a sizable and healthy order pipeline.
- →The company does not pursue long-term MOUs; only firm orders of credible financial strength.
- →Continuous execution is happening, with a healthy mix of about 50% turnkey and 50% equipment supply expected going forward.
Key Metrics
Frequently Asked Questions
What were Inox Wind Ltd Q3 FY25 results?
The company is confident of achieving its FY '26 guidance of 1,200 megawatts and expects to maintain strong execution momentum beyond that, targeting around 2 gigawatts thereafter (Page 16, 17). The company maintains FY '26 guidance of 1,200+ MW execution with confidence in meeting or exceeding it.
What is Inox Wind Ltd share price analysis?
Inox Wind Ltd currently shows a neutral. The stock trades at a P/E of 36.9 with a market cap of ₹12,720 Cr. Investors should review the full earnings analysis for detailed insights.
Is Inox Wind Ltd planning capital expenditure?
Capex guidance for FY '26 and FY '27 is between INR 50 crores to INR 75 crores.
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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.