← Throughline · holding view Deep analysis ↗ Q3 FY26
INOXWIND Inox Wind Ltd · Other Q3 FY26 · concall
Pattern: q4 mw installation

FY26 missed at INR4,500cr (vs INR5,000cr guide) due to ECS disruption.

3 weak · 2 clean — pushback across 3 of 5 Q&A turns

Focused evidence 3 of 5

Nidhi Shah · ICICI Securitiesweak

Q4 megawatt installation visibility now that MW guidance is withdrawn?

we have given revenue guidance this time for FY '26 and FY '27 as well, FY '27 being 75% growth over FY '26. Given that 9 months h ave passed, you can make out broadly what the revenues will be for Q4. You can in fact infer on the megawattage side as well. Now, on the issues, as you are well aware, it is not a company-specific issue. It is there across the industry.

Nidhi Shah · ICICI Securitiesweak

Working capital — previously guided 120 days?

Broadly, in a longer run, we are looking for a working capital cycle of 120 -150 days. But this year end, it will be 200 and by FY '27, hopefully, it will be in the range of 150 odd days.

Deepak Poddar · Sapphire Capitalweak

Gross debt + cash level Q3?

At the end of H1, we were net cash and we still continue to be a net cash company.

▸ Other Q&A (2)
Nidhi Shah · ICICI Securities

Working capital cycle current + target?

by this financial year end, we are targeting 200 days of working capital.

Nidhi Shah · ICICI Securities

Inox Clean Energy financials disclosure?

Inox Clean has nothing to do with this. Inox Clean is completely at the promoter level and has nothing to do with this. It is a strategic asset for us which provides a huge revenue visibility for both wind and green.

▸ Prepared remarks (3 blocks)
On consolidated basis, Inox Wind has reported revenue of INR <strong>1,238 crore</strong>s, an increase of 24% Y-o-Y. EBITDA of INR 313 crores, an increase of 39% Y-o-Y excluding one -time gain in quarter 3 FY '25. Profit before tax of INR 209 crores, an increase of 62% Y-o-Y excluding one-time gain in quarter 3 FY '25. Profit after tax of INR 127 crores, an increase of 14% Y-o-Y. we continue to have a large and very well diversified order book of 3.2 GW having added almost 600 MW in this financial year including orders from marqu ee customers like Aditya Birla, Amplus, Jackson and FirstEnergy. We are progressing well on the launch of our new 4X, 4.45 MW turbine and expect to receive all approvals and subsequently commercial ly launch the product within this calendar year. As we near the close of FY '26, we are recalibrating our guidance for both FY '26 and FY '27.
Going ahead, we will be providing revenue and EBITDA margin figures and growth thereof, resulting in more certainty for investors and analysts on the annual numbers instead of the megawatt numbers. For FY '26, we expect to achieve a consolidated revenue of over INR <strong>5,000 crore</strong>, translating to over 35% Y-o-Y growth. Further, we are substantially upgrading our full year FY '26 EBITDA margin guidance to 20-22% versus 18%-19% earlier. For FY '27, we expect our consolidated revenue to grow by around 75% over FY '26 with EBITDA margin of 20 %-22%. In the recent quarters, we have witnessed delays at the customer sites resulting in postponement of off-take of wind turbines, which is beyond our control.
During Q3 FY '26, Inox Green reported total income of INR <strong>112 crore</strong>s, up by 51% year -on-year, EBITDA of INR 53 crores, up by 80% year-on-year, profit before tax of INR 40 crores, up by 261% year-on-year, profit after tax of INR 25 crores, up by 375% year-on-year Inox Green's portfolio stands at 13.3 gigawatt, comprising of around 10 gigawatt of wind assets and 3.3 gigawatt peak of solar assets. with all our in vestments formally folding into Inox Green's balance sheet, along with organic growth, we expect the EBITDA for FY '27 to be upwards of INR 600 crores.
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