Inox Wind Ltd Q3 FY26 Earnings Analysis

Published 15 Aug 2026 | Electrical Equipment | Market Cap: ₹13.6K Cr

Price

₹73.7

Market Cap

₹13.6K Cr

P/E Ratio

33.6

Earnings Summary

Inox Wind has a strong order book of around 3.2 GW, ensuring visibility for the next 1.5 to 2 years. FY '27 consolidated revenue expected to grow by ~75% over FY '26.

📊 Revenue & Sales Performance

→Inox Wind has a strong order book of around 3.2 GW, ensuring visibility for the next 1.5 to 2 years.
→Multiple new orders are in advanced stages and expected to be announced by end of the current quarter.
→The company shifted guidance from megawatt-based to revenue-based for better predictability and control.
→Targeted revenue growth includes a 75% increase in FY '27.
→Inox Wind aims to achieve and surpass an execution capacity of 2 GW annually post FY '27, though exact timing may vary.
→The company is confident of sustained growth supported by expanding pipelines, including group company Inox Green.
→Challenges like land acquisition and connectivity exist but are viewed as routine; sector outlook remains positive.
→Working capital days expected to improve from ~200 days at FY end to ~120-150 days by FY '27, supporting healthy operations.

📈 Profitability & Margins

→FY '27 consolidated revenue expected to grow by ~75% over FY '26.
→EBITDA margin guidance for FY '26 and FY '27 is upgraded to 20%-22% (previously 18%-19%).
→Profit before tax and profit after tax for Inox Green grew significantly in Q3 FY '26 (PBT up 261% YoY, PAT up 375% YoY).
→Consolidation of acquisitions (6.5 GW wind O&M assets) will lead to multi-fold increase in EBITDA and PAT in FY '27 compared to FY '26.
→Company confident of achieving and surpassing 2 GW annual execution capacity eventually, though exact timeline uncertain.
→Shift from megawatt-based guidance to revenue guidance provides better control and predictability over profits.
→Positive outlook on wind sector growth, supported by government capacity addition targets and expanding state-level projects.
→Synergies from merging substations and assets expected to unlock more profitability upside.

🏗️ Capital Expenditure Plans

→CAPEX guidance for FY '27 is around INR 200 crore.
→CAPEX incurred in 9 months of FY '26 is around INR 150 crore; full-year FY '26 target is also around INR 200 crore.
→Management is refraining from providing CAPEX guidance for FY '28 at this point.
→The company is ramping up Inox Green Energy Services to become one of the largest O&M companies over the next 2 years.
→Inox Clean is the latest venture, considered a strategic asset providing minimum 500 MW orders for Inox Wind and portfolio addition for Inox Green.
→Post-demerger, a limited revenue of around INR 10 crore and depreciation of INR 50 crore will be impacted.
→Management is focusing on revenue guidance rather than megawatt execution due to varying project scopes and supply challenges, maintaining growth and profitability targets.

💰 Fundraising & Capital Structure

→As of Q3 FY '26, Inox Wind and Inox Green Energy Services Limited are a net cash company, indicating no immediate reliance on additional debt.
→Management has not disclosed specific plans for new debt or equity fundraising in the near term.
→The company is focused on maintaining low finance costs and expects PBT to be equivalent to EBITDA.
→CAPEX guidance for FY '27 is around INR 200 crores, similar to FY '26 levels, indicating controlled capital expenditure without mention of fresh fund raises.
→There is no explicit mention of equity fundraising or new debt instruments in the conference.
→Overall, current financials and guidance suggest no immediate need for external fundraising, relying on internal cash flows and existing resources.

📋 Order Book & Pipeline

→As of February 13, 2026, Inox Wind Limited has an order book of around 3.2 gigawatts, providing visibility and certainty for the next 1.5 to 2 years.
→Numerous orders are in advanced stages, with several tenders received and internal discussions ongoing.
→The company expects to announce additional orders before the end of the current quarter.
→The internal pipeline includes many opportunities not yet added to the order book.
→Management emphasizes that order booking is not a problem; the focus is on execution and timely delivery.
→The group, including Inox Green, maintains a large pipeline with operational advantages due to merged substations and extensive infrastructure.
→The company is bullish about growth, expecting to meet or exceed targets quarter-wise, highlighting steady order inflows.

Key Metrics

Frequently Asked Questions

What were Inox Wind Ltd Q3 FY26 results?

Inox Wind has a strong order book of around 3.2 GW, ensuring visibility for the next 1.5 to 2 years. FY '27 consolidated revenue expected to grow by ~75% over FY '26.

What is Inox Wind Ltd share price analysis?

Inox Wind Ltd currently shows a neutral. The stock trades at a P/E of 33.6 with a market cap of ₹13,629 Cr. Investors should review the full earnings analysis for detailed insights.

Is Inox Wind Ltd planning capital expenditure?

CAPEX guidance for FY '27 is around INR 200 crore.

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.