Guidance ledger · Q4 FY26

Inox Wind Ltd INOXWIND

6 revisions on record · 3 lowered · 1 raised — the strikethrough is what management used to say

gives specific guidance · shifted across quarters

Holding view → · latest concall · The pulse

↓ lowered FY26 Revenue Actual vs Q3FY26 Guide Q3 FY26 → Q4 FY26

~~INR5,000 crores+ (Q3FY26 guide)~~ → INR4,500-4,600 crores actual (INR400cr makeover slips into Q1-Q2 FY27)

“we have achieved INR4,600 crores and this INR400 crores of makeover will happen in the quarter 1, quarter 2 time scale.”

↓ lowered Order Book Q3 FY26 → Q4 FY26

~~3.2 GW (Q3FY26)~~ → 3.1 GW (Q4FY26, +600 MW FY26 wins)

“3.1 GW, I repeat again, 3.1 GW, having added almost 600 MW in this financial year”

→ narrowed FY26 EBITDA Margin Q3 FY26 → Q4 FY26

~~20-22% (Q3FY26 upgrade)~~ → 20% (Q4FY26 narrowed to floor)

“we are looking to go only North of around 20% or higher, not below that.”

↓ lowered FY27 Revenue Growth Q3 FY26 → Q4 FY26

~~+75% over FY26 (~INR8,750cr on INR5,000cr base)~~ → +75% over FY26 (~INR7,500cr on INR4,500cr base)

“if our revenue guidance is 75% growth on 4,500, which takes you to about INR7,500 crores”

↑ raised Equipment Supply Mix Target Q3 FY26 → Q4 FY26

~~50:50 turnkey/equipment (Q3FY26 implied)~~ → 50:50 today -> 75-80% equipment supply target

“Our order book has changed substantially over the past few years from being largely turnkey to now 50:50 turnkey and equipment supply currently, which we plan to further increase to 75% going forward.”

↔ widened MW-Based Guidance (Backward + Forward) Q3 FY26 → Q4 FY26

~~Recalibrated forward-only (Q3FY26)~~ → Refused historical + forward (Q4FY26)

“we are not giving any megawatt -specific guidances. We are driven by the revenue”

Method. Revisions come from management's own stated numbers, compared quarter over quarter across the covered concalls; each carries the verbatim quote. “No revisions” can also mean guidance too vague to pin down — see the posture chip above. Not investment advice.