Inox Wind LtdQ2 FY25Electrical Equipment

Inox Wind Ltd

Q2 FY25 Earnings Call Analysis

Management growth scorecard

Revenue

Category 1

Margin

Category 2

Fundraise

Yes

Order

Yes

Capex

Yes

4 of 5 growth signals are positive — a strong management growth story.

Full analysis

Revenue guidance

Category 1

→FY '26 execution guidance of 1,200 MW, confident of achieving this target.
→Expecting a ramp-up in execution from Q3 onwards, with H1 typically 30-35% of annual execution.
→Order book stands at 3.1-3.2 GW, covering about two years of orders; capacity to execute at 2.5 GW currently.
→Plans to expand manufacturing capacity, including a new blade plant in South India and nacelles factory in Ahmedabad fully operational.
→Anticipate overall wind capacity additions of 5-6 GW in the financial year, growing to 7-8 GW and potentially up to 10 GW in the near future.
→INOX Wind expects to scale execution to about 2 GW in the next year.
→Focus on profitability over mere volumes; profitability has outperformed guidance historically.
→Multi-gigawatt MoUs and LoIs in pipeline expected to convert to firm orders soon.

Margin guidance

Category 2

- INOX Wind targets execution of 1,200 MW in FY '26, indicating strong volume growth. - Management emphasizes profitability over volume, targeting 18%-19% EBITDA margins for consolidated wind business. - Q1 FY '26 PAT grew 134% YoY; cash PAT up 168% YoY, showing significant profitability improvement. - Execution focused on complete sets and working capital efficiency, enhancing margins. - Expansion in O&M portfolio to 5.1 GW signals recurring revenue growth with higher margins. - Strategic inorganic growth through acquisitions (e.g., 2 GW O&M assets) expected to boost profits. - Demerger of substation business from Inox Green to improve RoE/ROCE by eliminating depreciation (~INR50-55 crores annually). - Management confident of meeting or exceeding guidance, with profitability growth outpacing revenue growth. Overall, INOX Wind foresees robust earnings and operating profits growth driven by volume scale-up, margin improvement, operational efficiency, and strategic expansions.

Get access to all 5 sections — revenue, margin, fundraise, orderbook, and capex — for Inox Wind Ltd and 1,400+ other companies.

Fundraise plans

Yes

→No specific details on any new fundraising through debt or equity were mentioned in the excerpts.
→The company recently completed a successful rights issue that was oversubscribed 2.13 times.
→Promoters fully subscribed their entitlement of around INR 560 crores, indicating strong promoter confidence.
→Post-merger of IWEL and IWL, the entire NCRPS on the balance sheet has been eliminated.
→Management did not provide guidance or mention any plans for additional fundraising either through debt or equity during the call.
→Focus appears to be on executing existing orders and expanding operations organically and inorganically, rather than raising new capital at this time.

Order book

Yes

→Current order book stands at approximately 3.1 to 3.2 gigawatts, covering roughly two years of orders.
→The company maintains a healthy and well-diversified order book with marquee clients and a mix of turnkey and equipment supply contracts.
→Management expects a strong upcoming bid pipeline, with 12 to 15 gigawatts of PPAs signed between April and July 2025, and 25 to 30 gigawatts of pending PPAs awaiting financial closure.
→Around 10 gigawatts of hybrid, wind, and solar projects are expected to proceed to contract award over the next quarter.
→The company anticipates converting a substantial portion of their multi-gigawatt order pipeline into firm orders in the coming months.
→Inox Wind expects order inflows strong enough to maintain a minimum base order book of 3 gigawatts for future years.

Capex plans

Yes

→Operationalized new 1200 MW nacelle and hub manufacturing unit near Ahmedabad, Gujarat.
→Deployed first set of cranes at project sites.
→Commenced transformer manufacturing facility under Inox Renewable Solutions.
→Expanding blade manufacturing capacity with a new facility being set up in southern India (Karnataka, Tamil Nadu, Andhra Pradesh).
→Raised INR 175 crores at Inox Renewable Solutions at a valuation of approx. INR 7,400 crores.
→Filed scheme for demerger of substation business from Inox Green and its merger into Inox Renewable Solutions; approval expected in 2-3 quarters, which will remove ~INR 1,000 crore gross block from balance sheet and reduce depreciation by INR 50-55 crores annually.
→Rapidly expanding solar and wind O&M portfolio organically and inorganically; made investments in an entity owning ~2 GW of O&M assets.
→Planning new factory setup in south India to improve execution capacity and market reach.

How does Inox Wind Ltd rank vs peers in Electrical Equipment?

Pro feature

1Inox Wind Ltd

Rev 1Mar 2

See full Electrical Equipment sector rankings

Unlock with Pro

Want more stocks like Inox Wind Ltd?

Build an AI portfolio filtered by sector, market cap, and growth rank. Takes 2 minutes.

Build my portfolio