Mumbai, Feb 16: Inox Wind Limited (IWL), one of India’s leading wind energy solutions providers, announced its financial results for the quarter ended December 31, 2025, delivering its strongest-ever third-quarter performance.
Strong Financial Momentum in Q3 FY26
Continuing its robust growth trajectory, IWL reported:
- Revenue: Rs 1,238 crores (↑24% YoY)
- EBITDA: Rs 313 crores (↑39% YoY)
- EBITDA Margin: 25.2%
- Profit Before Tax: Rs 209 crores (↑62% YoY)
- Profit After Tax (PAT): Rs 127 crores (↑14% YoY), despite a deferred tax charge of Rs 83 crores (non-cash adjustment)
- Cash PAT: Rs 262 crores (↑38% YoY)
For the nine months ended December 31, 2025 (9M FY26):
- Total Income: Rs 3,263 crores (↑36% YoY)
- EBITDA: Rs 804 crores (↑42% YoY)
- Profit Before Tax: Rs 516 crores (↑84% YoY)
- PAT: Rs 345 crores (↑39% YoY)
- Cash PAT: Rs 668 crores (↑66% YoY)
(^ Q3 FY25 & 9M FY25 figures exclude one-time ECL write-back of Rs 62.37 crores.)
Strong Order Book & Execution Visibility
- Execution in Q3 FY26: 252 MW (↑33% YoY)
- 9M FY26 Execution: 600 MW (↑28% YoY)
- Net Order Book: ~3.2 GW
- FY26 Orders Won (till date): ~600 MW
The company’s robust order book provides revenue visibility of 18–24 months, supported by diversified demand across PSU, IPP, and C&I segments, as well as strong traction from group company Inox Clean.
O&M Business Expansion
IWL’s O&M subsidiary, Inox Green Energy Services, now manages an O&M portfolio of approximately 13.3 GWp, including ~10 GW of wind and ~3.3 GWp of solar assets. With continued expansion, Inox Green is on course to become India’s largest renewable O&M company.
The proposed demerger of Inox Green’s substation business and its merger into Inox Renewable Solutions is in the final hearing stages at the Hon’ble NCLT Ahmedabad. Post approval, IRSL will be automatically listed on stock exchanges following the merger.
Upgraded Growth Guidance for FY26 & FY27
Backed by a diversified order book and expanding manufacturing footprint, IWL has recalibrated its financial guidance:
FY26 Guidance
- Consolidated Revenue: > Rs 5,000 crores (>35% YoY growth)
- EBITDA Margin: 20–22% (upgraded from 18–19%)
FY27 Outlook
- Revenue Growth: ~75% over FY26
- EBITDA Margin: 20–22%
Management Commentary
Mr. Devansh Jain, Executive Director, INOXGFL Group, said:
“At INOXGFL Group, all our renewable companies are primed for massive growth in the years ahead. Inox Wind will continue to deliver strong performance and execution, while the large-scale O&M portfolio expansion of Inox Green further adds to consolidated profitability. With wind remaining integral to India’s renewable journey, both companies are well placed to capture large-scale opportunities.”
Mr. Kailash Tarachandani, Group CEO, Renewables Business, INOXGFL Group, added:
“Another strong quarterly performance has positioned Inox Wind to deliver its best-ever annual financial results in FY26. Our upgraded guidance reflects confidence in our large and diversified order book, strong intake pipeline, and expanding manufacturing capabilities. As India moves towards 10 GW annual wind capacity additions, Inox Wind is well placed to deliver customized solutions.”
Mr. Sanjeev Agarwal, CEO, Inox Wind, said:
“We delivered robust growth in Q3 FY26 despite certain on-ground offtake challenges. Strong margins were supported by strategic initiatives, including backward integration into crane and transformer manufacturing. Ongoing discussions with multiple customers provide confidence in further strengthening our order book and delivering on guidance.”
Inox Wind continues to serve leading renewable developers including Aditya Birla, CESC, NTPC, Hero Future Energies, Amplus/Gentari, Continuum, and Inox Clean, reinforcing its position as a partner of choice in India’s renewable energy ecosystem.