Financial Results Approval

The Board approved the unaudited standalone and consolidated financial results for the quarter and half year ended September 30, 2026, along with limited review reports issued by M/s. Dewan P N Chopra & Co., Chartered Accountants, the company's statutory auditors.

Standalone Financial Performance (Quarter Ended September 30, 2026)

  • Revenue from operations: ₹1,18,985 lakh (Net of reversal & taxes)
  • Other Income: ₹3,572 lakh
  • Total Income: ₹1,22,557 lakh
  • Profit Before Tax: ₹8,310 lakh
  • Tax Expense: ₹2,159 lakh (Current Tax: ₹202 lakh, Deferred Tax: ₹1,957 lakh)
  • Net Profit: ₹6,151 lakh
  • EBITDA without exceptional items: ₹15,280 lakh
  • Basic & Diluted EPS: ₹0.36 (not annualized)
  • Paid-up Equity Share Capital: ₹1,72,824 lakh (Face value ₹10 each)

Standalone Financial Performance (Half Year Ended September 30, 2026)

  • Revenue from operations: ₹1,93,332 lakh
  • Other Income: ₹9,675 lakh
  • Total Income: ₹2,03,007 lakh
  • Profit Before Tax: ₹17,803 lakh
  • Tax Expense: ₹4,501 lakh
  • Net Profit: ₹13,302 lakh
  • EBITDA without exceptional items: ₹31,150 lakh

Comparative Performance

Quarterly performance declined compared to Q2 FY26:

  • Revenue decreased from ₹94,742 lakh to ₹1,18,985 lakh
  • Net Profit decreased significantly from ₹24,688 lakh to ₹6,151 lakh (75% decline)
  • EPS decreased from ₹1.43 to ₹0.36

Consolidated Financial Performance (Quarter Ended September 30, 2026)

  • Revenue from operations: ₹1,35,430 lakh
  • Other Income: ₹2,345 lakh
  • Total Income: ₹1,37,775 lakh
  • Profit Before Tax: ₹10,267 lakh
  • Tax Expense: ₹3,412 lakh
  • Net Profit: ₹6,855 lakh
  • EBITDA without exceptional items: ₹22,859 lakh
  • Basic & Diluted EPS: ₹0.34 (not annualized)

Consolidated Financial Performance (Half Year Ended September 30, 2026)

  • Revenue from operations: ₹2,16,839 lakh
  • Other Income: ₹8,105 lakh
  • Total Income: ₹2,24,944 lakh
  • Profit Before Tax: ₹20,608 lakh
  • Tax Expense: ₹6,473 lakh
  • Net Profit: ₹14,135 lakh
  • EBITDA without exceptional items: ₹44,737 lakh

Management Changes

1. Appointment: Shri Saibaba Vutukuri appointed as Managing Director (Wind Business) of INOXGFL Group effective November 14, 2026. He has over 35 years of professional experience, including 23 years in renewable energy sector, and previously worked with Inox Wind Limited during 2016-19.

2. Resignation: Shri Sanjeev Agarwal resigned as Chief Executive Officer due to personal reasons effective close of business hours on November 13, 2026. He will continue to provide advisory services as Advisor until December 31, 2026.

Employee Stock Option Grant

The Nomination & Remuneration Committee granted 1,45,096 stock options (convertible into equal number of equity shares) under the 'Inox Wind - Employee Stock Option Scheme 2024' to eligible employees.

  • Grant price: ₹51.69 per option (21.11% discount to closing market price of ₹65.52 on NSE on November 12, 2026)
  • Options vest after minimum 1 year and maximum 4 years from grant date
  • Exercise period: 4 years from vesting date

Auditor's Emphasis Matters

1. SPV Investments: The company invested funds in 6 SPVs through Inter-Corporate deposits and provided bank guarantees of ₹5,578 lakh. Project completion dates had expired, applications for extensions were rejected on September 2, 2024, and bank guarantees were invoked. The company is filing an appeal with APTEL with condonation of delay.

2. Revenue Recognition: For certain contracts, supply/commissioning of WTGs/operation and maintenance services does not require material adjustment for delays/machine availability.

3. EPCG Licenses: During previous year, the company wrote back statutory liabilities of customs duties saved on import against expired EPCG licenses (including interest) amounting to ₹4,376 lakh based on extension considerations. Management believes no significant impact on financial statements.

Subsidiary Updates

1. Scheme of Arrangement: The scheme between Inox Green Energy Services Limited (Demerged Company) and Inox Renewable Solutions Limited (Resulting Company) was sanctioned by NCLT on March 13, 2026, and became effective on May 4, 2026.

2. Shareholding Dilution: Company's shareholding in IRSL diluted from 87.99% to 79.23% but retains control.

3. Fundraising: Inox Green Energy Services Limited raised ₹30,000 lakh through QIP issuance of 1,81,10,473 equity shares, kept in escrow as of September 30, 2026.

4. Business Acquisition: Vibhav Energy Private Limited (step-down subsidiary) entered Business Transfer Agreement with Wind World (India) Limited on September 12, 2026, for transfer of O&M business for consideration of ₹55,000 lakh. Paid ₹30,000 lakh as of September 30, 2026.

Cash Flow Highlights (Standalone Half Year Ended September 30, 2026)

  • Net cash used in operating activities: ₹(37,543) lakh
  • Net cash from investing activities: ₹26,129 lakh
  • Net cash from financing activities: ₹24,551 lakh
  • Net increase in cash: ₹13,137 lakh
  • Cash and cash equivalents at end: ₹16,219 lakh

Balance Sheet Position (Standalone as at September 30, 2026)

  • Total Assets: ₹9,17,496 lakh
  • Total Equity: ₹6,47,169 lakh
  • Non-current liabilities: ₹18,368 lakh
  • Current liabilities: ₹2,51,959 lakh
  • Inventories: ₹1,69,345 lakh
  • Trade receivables: ₹3,58,755 lakh

Meeting Details

The Board meeting commenced at 03:35 PM and concluded at 04:15 PM on November 13, 2026.