Financial Performance - Inox Wind (Consolidated Q4 FY26)

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

Operational Highlights - Inox Wind

  • Order book: 3.1 GW (added 600 MW in FY26)
  • Order book diversification: Customers include Aditya Birla, Gentari/Amplus, Jakson Green, First Energy, Leap Green
  • Execution visibility: More than 24 months
  • Order mix transition: From 100% turnkey to current 50:50 turnkey and equipment supply, targeting 75% equipment supply going forward
  • New product: 4.4-MW turbine launch on track, expected commercial launch within calendar year 2026

Strategic Initiatives

  • Pivot towards equipment supply orders to address working capital challenges
  • Expected recurring order inflows from group company Inox Clean Energy (targeting 3+ GW annual capacity addition)
  • 20-30% of Inox Clean's capacity expected to be wind, representing ~1/3 of Inox Wind's annual execution
  • Backward integration initiatives: Cranes (half in-house), transformers, power electronics expansion
  • Receivables challenges in PSU contracts with payment delays

Inox Green Energy Services Performance (Q4 FY26)

  • Total Income: ₹120 crores (up 40% YoY)
  • EBITDA: ₹57 crores (up 93% YoY)
  • PBT: ₹46 crores (up 244% YoY)
  • PAT: ₹28 crores (up 340% YoY)
  • Cash PAT: ₹46 crores (up 327% YoY)
  • Machine availability: 96.5% average
  • Portfolio: 13+ GWp (10.5 GW wind assets, balance solar)

Inox Green Strategic Developments

  • Acquisition of 6.5 GW operational wind O&M assets from 2 companies (expected completion soon)
  • Demerger of evacuation infrastructure business approved by NCLT Ahmedabad
  • Gross block elimination: ₹1,000 crores
  • Annual depreciation elimination: ₹50-55 crores
  • ROE and ROCE improvement expected
  • Digital initiatives: Exploring Agent AI deployment for low value-added jobs
  • Vayuveer program: Generating 600 highly skilled professionals annually

Guidance

  • Inox Wind FY27: 75% revenue growth over FY26 with EBITDA margin of 20%
  • Inox Green FY27: EBITDA guidance upwards of ₹600 crores

Group Strategy - INOXGFL Renewable

  • 'ONE INTEGRATED' strategy across value chain: manufacturing, EPC, RE IPP, O&M
  • Inox Clean Energy target: 14 GW capacity by FY29
  • 10^3 GW portfolio target: 10 GW IPP, 10 GW solar cell, 10 GW solar module over next 15 months
  • Current status: Fastest in India to achieve 2 GW installed capacity, 6 GW solar module with 3 GW cell manufacturing

Challenges Acknowledged

  • Geopolitical tensions causing supply chain disruptions and logistics issues
  • ECS component delays affecting execution
  • Commodity price increases impacting costs
  • PSU contract payment delays affecting receivables