Comprehensive Summary

Financial Performance Highlights

Consolidated Financials (FY25-26 vs FY24-25):

  • Revenue from operations: ₹4,397.12 crore (₹3,557.15 crore) - 23.6% increase
  • Total revenue income: ₹4,568.96 crore (₹3,701.55 crore) - 23.4% increase
  • Profit before tax: ₹659.11 crore (₹536.81 crore) - 22.8% increase
  • Profit after tax: ₹449.09 crore (₹437.62 crore) - 2.6% increase
  • EBITDA: ₹1,063.24 crore (₹917.80 crore) - 15.8% increase
  • Cash PAT: ₹1,032 crore (28% YoY increase)

Standalone Financials (FY25-26 vs FY24-25):

  • Revenue from operations: ₹3,896.40 crore (₹3,498.74 crore) - 11.4% increase
  • Total revenue income: ₹4,124.84 crore (₹3,563.18 crore) - 15.8% increase
  • Profit before tax: ₹735.79 crore (₹470.38 crore) - 56.4% increase
  • Profit after tax: ₹547.46 crore (₹384.06 crore) - 42.5% increase
  • Basic and diluted EPS: ₹3.23 per share

Major Corporate Actions

Merger Completion:

  • Merger of Inox Wind Energy Limited with Inox Wind Limited effective June 13, 2025 (Appointed Date: July 1, 2023)
  • Allotment of 76,14,06,614 equity shares to eligible shareholders
  • Elimination of holding company structure and reduction of liabilities by approximately ₹2,050 crore

Rights Issue:

  • Successful completion of ₹1,249 crore rights issue in August 2025
  • Issued 10,41,10,712 equity shares at ₹120 per share (including premium of ₹110)
  • Oversubscribed 2.13 times
  • Funds utilized for redemption of 56,00,00,000 preference shares at par (₹560 crore)

Operational Highlights

  • Order Book: Robust order book of ~4.4 GW as of July 2026, providing execution visibility for 24-36 months
  • Manufacturing Capacity: Annual manufacturing capacity of 2,500 MW across 5 facilities
  • O&M Portfolio: Expanded to over 13 GWp including solar O&M services
  • New Product Development: 4.X MW turbine platform development progressed with commercial launch expected in CY2026
  • Manufacturing Expansion: New nacelle and hub manufacturing facility at Kalyangadh, Ahmedabad commissioned; transformer manufacturing unit in Jaipur operationalized

Risk Management and Financial Position

Foreign Currency Risk:

  • Significant exposure to USD and EURO with 10% INR movement impacting profit by ₹1.34 crore (USD) and ₹1.17 crore (EURO)
  • CNY exposure showing ₹1.84 crore impact for 10% movement

Interest Rate Risk:

  • 50 basis points change impacts profit by ₹6.54 crore
  • Floating rate liabilities: ₹702.96 crore; Fixed rate liabilities: ₹848.51 crore

Balance Sheet Position:

  • Total Assets: ₹12,067.77 crore
  • Trade receivables: ₹4,249.84 crore
  • Inventories: ₹1,790.28 crore
  • Cash and cash equivalents: ₹130.81 crore
  • Debt-equity ratio: 0.16
  • Current ratio: 2.28

Regulatory Compliance Issues

SEBI Penalties:

  • BSE and NSE imposed penalties of ₹5,60,500 each for non-compliance with board composition requirements (failure to appoint woman independent director)
  • Additional penalties of ₹1,27,440 each for appointment of independent director above 75 years without shareholder approval

Secretarial Audit Observations:

  • Vacancy in woman independent director position from October 21, 2024 to April 5, 2025
  • Appointment of independent director above 75 years without prior shareholder approval

Contingent Liabilities and Employee Benefits

Contingent Liabilities: ₹471.85 crore including:

  • Claims against company: ₹134.55 crore
  • Tax matters: ₹119.67 crore (Income tax, GST, Service tax)
  • Corporate guarantees: ₹209.66 crore

Employee Benefits:

  • Gratuity obligation: ₹15.06 crore
  • ESOP grants: 16,69,500 options under 'Inox Wind - Employee Stock Option Scheme 2024'
  • Employee strength: 462 employees and 1,673 workers

AGM and Governance

17th Annual General Meeting: September 25, 2026

Key Resolutions:

  • Adoption of audited financial statements
  • Re-appointment of directors
  • Increase in borrowing limits to ₹8,000 crore
  • Approval of material related party transactions up to ₹6,750 crore

Board Composition: 6 Directors (2 Executive, 1 Non-Executive Non-Independent, 3 Independent)

Related Party Transactions

Significant transactions with:

  • Inox Green Energy Services Limited and subsidiaries (up to ₹1,750 crore)
  • Inox Renewable Solutions Limited and subsidiaries (up to ₹4,400 crore)
  • Inox Clean Energy Limited and subsidiaries (up to ₹500 crore)
  • Devansh Jain, Whole-time Director (up to ₹600 crore)

All transactions conducted at arm's length basis in ordinary course of business.

Forward-looking Statements

Document contains forward-looking statements regarding expected financial position, business plans, and prospects. Company cautions that actual results could differ materially from forward-looking statements due to various risk factors including regulatory changes, market conditions, and operational challenges.