Any current/future new fundraising through debt or equity?

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,

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

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 cr

Future growth expectations in sales/revenue/volumes?

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 Gree

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

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

Current/ Expected Orderbook/ Pending Orders?

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 ope

IN US

Sale is live|00:00:00left today

Inox Wind LtdQ4 FY27Electrical Equipment

Inox Wind Ltd Q4 FY27 Earnings Call Analysis

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

Price: ₹90.3P/E: 32.9Market Cap: ₹16.5K CrSector: Electrical Equipment

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 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.

Margin guidance

Category 1

→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.

3 more insights locked — sign up free to unlock

Fundraise plans

→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

Yes

→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.

Capex plans

Yes

→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.

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

Pro feature

1Inox Wind Ltd

Rev 1Mar 1

See full Electrical Equipment sector rankings

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