Any current/future new fundraising through debt or equity?

As of Q3 FY '26, Inox Wind and Inox Green Energy Services Limited remains a net cash company, indicating no immediate reliance on debt. Specific figures for gross debt and cash levels are to be disclosed in the next quarter. There is no explicit mention of upcoming debt or equity fundraising plans in the provided transcript. Management focuses on revenue guidance and profitability rather than raising new funds. CAPEX guidance for FY '27 is around INR 200 crores, with INR 150 crores already expended in 9 months of FY '26, suggesting internal funding of capital expenditure without external fundr

Any current/future capex/capital investment/strategic investment?

CAPEX guidance for FY '27 is around INR 200 crores. CAPEX incurred in 9 months of FY '26 is around INR 150 crores, with the full year target also around INR 200 crores. Management refrains from giving CAPEX guidance for FY '28 at this time. Strategic ramp-up of Inox Green (O&M services) is planned to grow manifold over the next 2 years. Inox Clean Energy is a strategic new venture expected to provide a minimum 500 MW orders for Inox Wind and add to Inox Green’s portfolio. Continued focus on balancing turnkey and equipment supply projects to manage working capital and execution risks effectivel

Future growth expectations in sales/revenue/volumes?

Inox Wind currently has around 3.2 GW of confirmed orders, providing visibility for the next 1.5 to 2 years. A large pipeline of orders is in advanced stages, with new tenders and internal discussions ongoing. Management expects continuous order inflows and execution to remain ahead of booking on a quarterly basis. FY '27 revenue is expected to grow by approximately 75%, moving from megawatt-based guidance to revenue-based guidance for better clarity. The company aims to achieve and surpass a 2 GW annual execution run rate post-FY '27, though exact timelines are uncertain. Long-term sector out

Future growth expectations in earnings/operating earnings/profits/EPS?

Inox Wind expects consolidated revenue to grow around 75% in FY '27 over FY '26, with EBITDA margins improving to 20%-22% from the earlier 18%-19%. The company is confident of achieving and surpassing a 2 gigawatt annual execution capacity, although exact timelines are not specified. Profitability and revenue guidance have been prioritized over megawatt-based growth due to business complexities and customer-side execution delays. Inox Green's EBITDA is projected around INR 600 crores for FY '27 on a 13.3 gigawatt portfolio, with further synergies expected post-merger of three companies. Profit

Current/ Expected Orderbook/ Pending Orders?

Current orderbook for Inox Wind Limited stands at approximately 3.2 gigawatts, providing visibility and certainty for the next 1.5 to 2 years. Many additional orders are in advanced stages, with multiple tenders under internal discussion. The company expects to announce new orders before the end of the current quarter. Order booking is not a problem; the focus is on successful execution and delivery. The internal pipeline, including orders added by group company Inox Green, supports continued growth. The company prefers guidance on revenue rather than megawatt-based figures due to project comp

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Inox Green Energy Services LtdQ4 FY27Commercial Services & Supplies

Inox Green Energy Services Ltd Q4 FY27 Earnings Call Analysis

Revenue, margin, capex, fundraise and order book outlook from management commentary.

Price: ₹198P/E: 89.0Market Cap: ₹7.1K CrSector: Commercial Services & Supplies

Management growth scorecard

Revenue

Category 1

Margin

Category 1

Fundraise

N/A

Order

Yes

Capex

Yes

4 of 4 growth signals are positive — a strong management growth story.

Full analysis

Revenue guidance

Category 1

→Inox Wind currently has around 3.2 GW of confirmed orders, providing visibility for the next 1.5 to 2 years.
→A large pipeline of orders is in advanced stages, with new tenders and internal discussions ongoing.
→Management expects continuous order inflows and execution to remain ahead of booking on a quarterly basis.
→FY '27 revenue is expected to grow by approximately 75%, moving from megawatt-based guidance to revenue-based guidance for better clarity.
→The company aims to achieve and surpass a 2 GW annual execution run rate post-FY '27, though exact timelines are uncertain.
→Long-term sector outlook remains very positive with India targeting 122 GW installed wind capacity by FY '32, up from 55 GW currently.
→Working capital days are expected to normalize from around 200-210 days end-FY '26 to about 120-150 days by FY '27, supporting growth.
→New ventures like Inox Green (O&M services) and Inox Clean will add to growth and revenue visibility.

Margin guidance

Category 1

→Inox Wind expects consolidated revenue to grow around 75% in FY '27 over FY '26, with EBITDA margins improving to 20%-22% from the earlier 18%-19%.
→The company is confident of achieving and surpassing a 2 gigawatt annual execution capacity, although exact timelines are not specified.
→Profitability and revenue guidance have been prioritized over megawatt-based growth due to business complexities and customer-side execution delays.
→Inox Green's EBITDA is projected around INR 600 crores for FY '27 on a 13.3 gigawatt portfolio, with further synergies expected post-merger of three companies.
→Profit before tax (PBT) is expected to align closely with EBITDA due to negligible finance costs and zero depreciation post-demerger.
→The company maintains a positive sector outlook with increasing capacity addition targets through 2030, supporting sustained growth in earnings and profitability.

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Fundraise plans

→As of Q3 FY '26, Inox Wind and Inox Green Energy Services Limited remains a net cash company, indicating no immediate reliance on debt.
→Specific figures for gross debt and cash levels are to be disclosed in the next quarter.
→There is no explicit mention of upcoming debt or equity fundraising plans in the provided transcript.
→Management focuses on revenue guidance and profitability rather than raising new funds.
→CAPEX guidance for FY '27 is around INR 200 crores, with INR 150 crores already expended in 9 months of FY '26, suggesting internal funding of capital expenditure without external fundraising.
→No clear indication of future fundraising through debt or equity was communicated in the call.

Order book

Yes

→Current orderbook for Inox Wind Limited stands at approximately 3.2 gigawatts, providing visibility and certainty for the next 1.5 to 2 years.
→Many additional orders are in advanced stages, with multiple tenders under internal discussion.
→The company expects to announce new orders before the end of the current quarter.
→Order booking is not a problem; the focus is on successful execution and delivery.
→The internal pipeline, including orders added by group company Inox Green, supports continued growth.
→The company prefers guidance on revenue rather than megawatt-based figures due to project complexities.
→Overall, Inox Wind aims to sustain execution and order inflows, with confidence in a strong order pipeline for the foreseeable future.

Capex plans

Yes

→CAPEX guidance for FY '27 is around INR 200 crores.
→CAPEX incurred in 9 months of FY '26 is around INR 150 crores, with the full year target also around INR 200 crores.
→Management refrains from giving CAPEX guidance for FY '28 at this time.
→Strategic ramp-up of Inox Green (O&M services) is planned to grow manifold over the next 2 years.
→Inox Clean Energy is a strategic new venture expected to provide a minimum 500 MW orders for Inox Wind and add to Inox Green’s portfolio.
→Continued focus on balancing turnkey and equipment supply projects to manage working capital and execution risks effectively.

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