Key Financial Figures - Inox Green Energy Q4 FY26

Financial Performance:

  • Total Income: ₹120 crores (up 40% YoY)
  • EBITDA: ₹57 crores (up 93% YoY)
  • Profit Before Tax (PBT): ₹46 crores (up 244% YoY)
  • Profit After Tax (PAT): ₹28 crores (up 340% YoY)
  • Cash PAT: ₹46 crores (up 327% YoY)
  • Machine Availability: Averaged approximately 96.5% for the entire portfolio

Operational Highlights - Inox Green

Portfolio Status:

  • Total O&M portfolio stands at 13+ GWp
  • Comprises approximately 10.5 GW of wind assets with balance being solar assets
  • Includes investment to acquire 6.5 GW of operational wind O&M assets from 2 companies
  • Acquisition expected to be completed soon, leading to multifold increase in consolidated EBITDA and PAT for FY27

Strategic Initiatives:

  • Offering wind turbine life extension packages to enhance turbine life and output
  • Exploring deployment of Agent AI across low value-added job profiles to enhance execution speed and margins
  • Vayuveer program at Inox Learning Academy generating 600 highly skilled professionals annually
  • Actively looking to hire Agniveer personnel

Corporate Actions

Demerger Approval:

  • Scheme of demerger of evacuation infrastructure business from Inox Green and subsequent merger into Inox Renewable Solutions approved by Honorable NCLT Ahmedabad
  • Gross block of approximately ₹1,000 crores eliminated from Inox Green's balance sheet
  • Annual depreciation of approximately ₹50-55 crores eliminated, improving profitability
  • Significant improvement in ROE and ROCE of Inox Green
  • IRSL will be automatically listed on stock exchange post receipt of all approvals

Guidance and Outlook

FY27 Guidance:

  • EBITDA guidance maintained at upwards of ₹600 crores
  • Expected to be one of the largest renewable O&M companies in India in near future
  • Well positioned to become one of the largest globally by 2030

Acquisition Details:

  • Two acquisitions expected to contribute ~50% EBITDA margin
  • Both involve previous OEMs with substations and evacuation systems
  • First entity order expected in next couple of weeks
  • Second entity in final phases of EOIs and submissions, expected in 60-90 days
  • Both entities expected to be part of Inox Green in FY27 with revenues and profitability from April 1, 2026

Inox Wind Performance and Strategy

Q4 FY26 Financials (Consolidated):

  • Revenue: ₹1,306 crores (flat YoY)
  • EBITDA: ₹333 crores
  • PBT: ₹216 crores
  • PAT: ₹106 crores
  • Cash Profit: ₹268 crores

Order Book:

  • Large and well-diversified order book of 3.1 GW
  • Added almost 600 MW in FY26
  • Customers include Aditya Birla, Gentari/Amplus, Jakson Green, First Energy, Leap Green
  • Execution visibility of more than 24 months
  • Order book mix changed from 100% turnkey to 50:50 turnkey and equipment supply
  • Plan to increase equipment supply to 75% going forward

Strategic Pivot:

  • Moving towards higher mix of equipment supply orders to improve working capital cycle
  • Focusing on selected EPC projects and limiting scope to equipment supply for many customers
  • Backward integration into cranes (half in-house, more coming this year) and power transformers
  • Expanding into power electronics including inverters, ECS systems
  • New 4.4-MW turbine launch on-track, expected commercial launch within CY2026

Challenges Addressed:

  • Geopolitical issues caused supply chain disruptions, particularly ECS components from outside India
  • PSU contract payment delays affecting receivables cycle
  • Working capital cycle expected to improve with strategic pivot towards equipment supply

Group Synergies and Growth Strategy

INOXGFL Integrated Strategy:

  • One of the most integrated players in energy transition in India
  • Presence across entire value chain: manufacturing (wind turbines, solar cells/modules, transformers), EPC, RE IPP, renewable O&M
  • Further backward integrating into power electronics

Inox Clean Energy Expansion:

  • Targeted capacity addition of 14 GW by FY29
  • Plans to add almost 3+ GW capacity annually
  • About 20-30% expected to be wind capacity
  • Provides virtuous cycle of continuous order inflows to Inox Wind, IRSL and Inox Green
  • Fastest in India to achieve ~2 GW installed capacity and 6 GW solar module with 3 GW cell manufacturing

10^3 GW Portfolio Target:

  • 10 GW of IPP
  • 10 GW of solar cell
  • 10 GW of solar module
  • Target to achieve over next 15 months

Market Context

Industry Outlook:

  • FY26 saw highest ever wind power generation capacity addition of 6 GW
  • Expected strong annual wind capacity addition of 8-10 GW over next few years
  • Driven by RTC, FDRE and hybrid capacity additions
  • Renewable power generation moving from infirm power to firm power
  • Geopolitical tensions providing tailwinds to renewable energy ecosystem
  • Strong government push to increase domestic manufacturing and reduce import dependencies

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