Inox Wind Q4 FY26 Results: Revenue Declines 1% to ₹1,306 Cr, PAT Down 45%
Inox Wind's Q4 FY26 consolidated total income was ₹1,306 crore, down 1% YoY. PAT fell 45% to ₹106 crore. For FY26, total income rose 23% to ₹4,569 crore and PAT grew 3% to ₹449 crore. The company expects 75% revenue growth in FY27 and EBITDA margins of 20-22%. A strategic pivot aims to increase equipment supply to 75% of the order mix.
The mixed quarterly results, despite positive future outlook and strategic shifts, suggest a moderate impact. The decline in PAT and persistent working capital issues are concerns, but the guided growth and strategic pivot towards higher-margin equipment sales offer potential upside.
While the company provided positive growth guidance for FY27 and reported a significant increase in full-year revenue and EBITDA, the sharp decline in Q4 PAT and ongoing working capital challenges temper the overall sentiment.
Inox Wind Limited announced its financial results for the fourth quarter and full financial year ended March 31, 2026. For the fourth quarter, the company reported a consolidated total income of ₹1,306 crore, a marginal decrease of 1% compared to ₹1,316 crore in the same period last year. Consolidated EBITDA stood at ₹333 crore, down 6% from ₹356 crore year-on-year. Profit before tax (PBT) declined by 22% to ₹216 crore, and profit after tax (PAT) saw a significant drop of 45% to ₹106 crore from ₹192 crore in Q4 FY25. Cash PAT also decreased by 17% to ₹268 crore.
For the full financial year FY26, Inox Wind reported a consolidated total income of ₹4,569 crore, a substantial increase of 23% from ₹3,702 crore in FY25. Consolidated EBITDA grew by 25% to ₹1,232 crore. PBT increased by 34% to ₹828 crore, and PAT rose by 3% to ₹449 crore. Cash PAT saw a significant jump of 28% to ₹1,032 crore.
The company highlighted challenges in the working capital cycle due to geopolitical tensions affecting component supplies and logistical support, as well as some customers delaying payments. However, they managed to reduce the working capital cycle by approximately 15 days in the current quarter, with expectations of further improvement. Inox Wind is strategically pivoting to increase the share of equipment supply in its order mix from less than 20% to around 75%. The company also mentioned strong growth guidance for FY27, with revenue expected to grow by 75% over FY26 (>35% YoY growth) and EBITDA margins projected at 20-22%. This growth is anticipated to be driven by the ramp-up of new manufacturing facilities, the commercial launch of 4X MW WTGs within CY26, and increased contribution from its subsidiary Inox Green.
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Inox Wind Limited filed this with the NSE as a statutory disclosure, categorised under quarterly results. It is a primary document, not a recommendation, and the desk marks it medium impact: worth reading, rarely worth acting on by itself.
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See the model portfoliosA plain-language summary of a public exchange filing by Inox Wind Limited. Read the original for the full detail.