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Inox Wind Results: Latest Quarterly Results & Analysis

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Inox Wind Ltd. 14 Aug 2025 17:35 PM
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Q1FY26 Quarterly Result Announced for Inox Wind Ltd.

Heavy Electrical Equipment company Inox Wind announced Q1FY26 results

  • Revenue: Rs 863 crore compared to Rs 655 crore during Q1FY25, change 32%.
  • EBITDA: Rs 220 crore compared to Rs 158 crore during Q1FY25, change 39%.
  • PAT: Rs 97 crore compared to Rs 42 crore during Q1FY25, change 134%.
  • Order book: Rs 3.108 crore as on June 30 2025.

Devansh Jain, Executive Director, INOXGFL Group, said: “I am pleased to announce that Inox Wind has delivered yet another solid quarterly performance. I believe that with the strategic actions almost behind us and backed by the solid foundation which Inox Wind has built over the last few years, the company is on a robust journey to deliver strong growth ahead. On the back of healthy domestic demand, and boosted by policies including ALMM for wind and our domestic supply chain in place, the Indian renewable energy sector is on a decadal growth journey, unaffected by the global noise. At INOXGFL, we are one of the deepest and most integrated Groups in the energy transition space with our wide presence across wind, solar, EVs, BESS and renewable power generation. With the strong synergies between our Group companies, I believe we are well positioned to capitalise on the massive impending opportunities across sectors.”

Kailash Tarachandani, Group CEO, Renewable Business, INOXGFL Group, said: “Inox Wind continues to be the flagbearer of our renewables business vertical’s growth, delivering yet another stellar quarter. At Inox Wind, backed by our strong customer relationships, technologically advanced products & services, buoyed by favourable policies for domestic manufacturers, we continue to capitalise on the massive opportunities in the Indian Wind sector, and are additionally building on the synergies across our Group companies in the renewable project development and services space.”

Sanjeev Agarwal, CEO, Inox Wind, said: “We have commenced FY26 on a strong note and are well on our way to achieve our targets. We are continuously adding new customers to our well-diversified order book. I believe that with the robust outlook for the wind industry in India, supported by ALMM for wind components, domestic wind OEMs and service providers will continue to witness strong demand growth going ahead.”

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Heavy Electrical Equipment company Inox Wind announced Q4FY25 & FY25 results

Q4FY25 Financial Highlights:

  • Revenue rose by 130%, from Rs 569 crore to Rs 1,311 crore.
  • EBITDA increased by 103%, from Rs 143 crore to Rs 290 crore.
  • Profit After Tax surged by 391%, from Rs 39 crore to Rs 190 crore.
  • Cash PAT jumped by 208%, from Rs 83 crore to Rs 254 crore.
  • Execution improved by 83%, from 129 MW to 236 MW.
  • Order Book expanded by 21%, from 2,656 MW to 3,203 MW.

FY25 Financial Highlights:

  • FY25 revenue up 105% YoY; EBITDA up 167% YoY; PAT soars to Rs 438 crore from a loss of Rs 48 crore in FY24
  • Cash PAT for FY25 surges 800% YoY to Rs 734 crore
  • FY25 order inflows stand at ~ 1.5 GW

Commenting on the results, Devansh Jain, Executive Director, INOXGFL Group, said, “Inox Wind continues to deliver strong results reporting its highest ever quarterly profit, a testament of the efforts of the company over the past quarters. I am also delighted to announce that the Hon’ble NCLT has approved the scheme of arrangement between Inox Wind Energy and Inox Wind, which further fortifies Inox Wind’s balance sheet. With the strong and favourable macroeconomic environment for the Indian renewable energy sector, our Group is well positioned to capitalise on the opportunities as one of the leaders in energy transition with our presence across wind, solar, EVs, BESS and renewable power generation.”

Kailash Tarachandani, Group CEO, Renewable Business, INOXGFL Group, said, “I am delighted to announce that through our focussed and committed approach, Inox Wind has been able to deliver another quarter of strong financial growth, concluding FY25 on a strong note. Our well diversified order book stands at a healthy 3.2 GW comprising of marquee customers including NTPC, CESC, NLC India, Continuum, Amplus, Hero Future Energies, amongst others. Our efforts to improve our operational efficiencies and execution continues, which is reflected in the strong margins reported. We believe that with the robust outlook for the wind industry in India, demand for wind OEMs and service providers will continue to be strong going ahead.”

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Electric Utilities company Inox Wind announced Q3FY25 results

  • Consolidated Revenue: Rs 994 crore compared to Rs 507 crore during Q3FY24, change 96%.
  • Consolidated EBITDA: Rs 290 crore compared to Rs 99 crore during Q3FY24, change 192%.
  • PAT: Rs 112 crore compared to Rs 2 crore during Q3FY24.

Devansh Jain, Executive Director, INOXGFL Group, said: “Inox Wind's impressive Q3 results firmly establishes the enormous growth trajectory which the company is on. We continue to capitalise on the large growth opportunities in the Indian market, and supplemented by our new ventures, our offerings now encompass the entire Renewables ecosystem, opening up additional areas of businesses for Inox Wind and its subsidiaries. Given the massive growth journey of the company over the next few years on the back of the mega opportunities in the Indian market, I am confident that Inox Wind will continue to create enormous value for all stakeholders.”

Kailash Tarachandani, CEO of Inox Wind, said: “We have been able to deliver another quarter of strong results in Q3 and are confident of delivering significantly higher execution from Q4FY25 onwards. India continues to award large renewable capacities particularly in the hybrid / RTC / FDRE space, which bodes well for the demand for the wind sector. We continue to be fully geared up to take advantage of this massive impending opportunity in the Indian renewable space over the next decade.”

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Electric Utilities company Inox Wind announced Q2FY25 results

  • Strongest Q2 financial performance in 8 years.
  • Revenue up 93% YoY; EBITDA up 171% YoY; highest quarterly PAT at Rs 90 crore since Q3FY17.
  • 140 MW execution in Q2 FY25, up 82% YoY; 280 MW execution in H1FY25, up 96% YoY.
  • Largest ever orderbook at ~ 3.3 GW; FY25 order inflows stand at ~1.2 GW with a strong order pipeline.
  • Inox Wind’s balance sheet has achieved net cash status.
  • H1FY25 operational cash flow turns positive.
  • Net interest expense stood at Rs 28 crore excluding one time charges of ~ Rs 6 crore (consortium formation charges etc.) and interest income; expect significant reduction in interest expense from Q3FY25 onwards.
  • Subsidiary Resco Global raised Rs 350 crore equity capital from marquee investors for a single digit dilution; Resco is expanding beyond EPC and purchasing cranes for captive requirements as well as to be rented out to third parties.
  • Inox Wind signed a consortium agreement with banks for ~ Rs 2,200 crore, largely non-fund based (BGs & LCs). These limits have been sanctioned on the financial strength of IWL’s balance sheet and without the requirement of any corporate guarantees or any other support from Gujarat Fluorochemicals Ltd.

Result PDF

Electric Utilities company Inox Wind announced Q1FY25 results:

  • Revenue up 85%; EBITDA up 349%; PAT rises to Rs 50 crore
  • Best Q1 financial performance in the history of Inox Wind
  • Largest ever order book of > 2.9 GW (up 254% YoY); provides huge revenue growth visibility
  • Promoters (IWEL) infused ~ Rs 900 crore (net of taxes and fees) in Jul’24 resulting in IWL becoming a net cash company
  • New manufacturing set up to be operational within CY24; leasing model minimizing capex
  • Value unlocking through EPC arm and value enhancement through hybridization of existing common infrastructure

Devansh Jain, Executive Director, INOXGFL Group, said on the occasion, “The hard work of last several years has started to yield results and we are now on the runway ready for take-off on the massive growth journey ahead, buoyed by the strong macro tailwinds. Also, IWL’s parent, IWEL has infused Rs 900 crore recently, making the company net cash positive and strengthening the balance sheet to capitalize on the multi-decadal opportunity in the Indian wind sector. We have always been bullish on the wind sector in India albeit the hiccups that we faced in the interim. I am thankful to all our stakeholders for their support thus far and am confident of significant value creation for all going ahead.”

Commenting on the results, Kailash Tarachandani, CEO of Inox Wind, said, “We have commenced FY25 on a very strong note. With our manufacturing capacities and supply chain already in place, and backed by our large diversified order book of > 2.9 GW, we are looking at a massive scale up in operations. We are receiving a very strong response from customers for our products. We have already won 611 MW of orders in FY25, including repeat orders from marquee customers. Active discussions across multiple IPPs, PSUs, and C&I customers provides us a large order inflow visibility. Infusion of Rs 900 crores by IWEL, the parent of IWL, has resulted in the company becoming net cash positive, which will reduce our interest payments substantially and shall provide further boost to our profitability. With strong sectoral tailwinds and our current positioning, we are very confident of capitalizing on the massive opportunity that the wind sector in India beholds.”

Result PDF

Electric Utilities company Inox Wind announced Q4FY24 results:

Financial Highlights:

  • Revenue jumps over 190% YoY to Rs 563 crore in Q4 FY24
  • EBITDA at Rs 140 crore, a massive jump over EBITDA loss of Rs 25 crore in Q4FY23
  • PAT at Rs 38 crore, a quantum jump sequentially as well as on YoY basis
  • Robust orderbook at ~ 2.7 GW provides large future revenue growth visibility
  • Healthy balance sheet strengthened by substantial reduction in net debt

Commenting on the results, Kailash Tarachandani, CEO of Inox Wind, said, “Q4 has been a milestone quarter for the company as we successfully transitioned to 3 MW WTG supplies from 2 MW WTGs. Our EBITDA run rate in Q4 places us on a strong footing for FY25. Our debt levels have also come down drastically and we expect to be net debt free within H1 FY25. The macro tailwinds are reflected in the strong orderbook which stands at ~ 2.7 GW today. Our other initiatives including ramping up operations, strengthening our balance sheet, coupled with our large order book, will translate into higher order execution from FY25 onwards, resulting in strong growth in profitability.”

Result PDF

Electric Utilities company Inox Wind announced Q3FY24 results:

Financial Performance Summary:

  • Profit After Tax (PAT): Inox Wind reported a Profit After Tax (PAT) of Rs 1.8 crore in Q3FY24, compared to a loss after tax of Rs 287.9 crore in Q3FY23.
  • Revenue: The consolidated revenue for Q3FY24 was Rs 506.9 crore, marking a 113% year-on-year increase from Rs 237.7 crore in Q3FY23.
  • EBITDA: EBITDA for Q3FY24 stood at Rs 99.5 crore, in contrast with an EBITDA loss of Rs 172.5 crore in the same quarter of the previous year.

Operational Highlights:

  • Order Book: After securing the single largest wind project order of 1,500 MW, the company's order book now stands at approximately 2.6 GW.
  • Product Portfolio: IWL has listed its 3 MW turbine in the RLMM (Revised List of Models and Manufacturers) by the Ministry of New and Renewable Energy (MNRE) and has also secured the launch of 4.X MW wind turbines in India.
  • Financial Strengthening: The company raised Rs 800 crores from global institutional investors to significantly strengthen its balance sheet.
  • Project Inventory: Inox Wind has a sizable inventory of project sites, paving the way for high-value project site development.

Devansh Jain, Executive Director, INOXGFL Group: "This is a momentous achievement for Inox Wind. The efforts which we have put over the last few quarters have yielded a remarkable turnaround for Inox Wind in Q3, which is reflected in the current order book and the reported numbers. I firmly believe that we have just embarked on a massive growth journey. With all the levers aligned, which includes the strong promoter backing of the company, a robust balance sheet, large and continuously increasing orderbook, ramped up operations, a high value project development pipeline, along with being technologically ready for the next decade, I believe Inox Wind is fully geared up to capture the large opportunities that the sector beholds.

Kailash Tarachandani, CEO of Inox Wind: "I am delighted to announce that our efforts over the past year has delivered a profitable quarter, a massive turnaround after the painful transition in the industry. Q3FY24 is the stepping stone for us. We have ensured that all the building blocks are in place for us to deliver gigawatt-plus scale annual execution and create value for all our stakeholders.”

Result PDF

Electric Utilities company Inox Wind announced Q4FY23 & FY23 results:

  • Q4FY23:
    • Total revenue of Rs 197 crore in Q4FY23 against revenue of Rs 184 crore in Q4FY22
    • EBITDA loss of Rs (25) crore in Q4FY23 against EBITDA loss of Rs (238) crore in Q4FY22
  • FY23:
    • Total revenue of Rs 751 crore in FY23 against revenue of Rs 655 crore in FY22
    • EBITDA loss of Rs (242) crore in FY23 against EBITDA loss of Rs (282) crore in FY22
    • Operations in full swing and significant ramp-up in execution from the forthcoming quarter, which will get reflected in financial numbers going forward.
    • Large order book with execution picking pace provides strong revenue visibility
    • There is a significant decline in Finance Costs by Rs 25 crore for the quarter (Q4FY23 Rs 69 crore as compared to Q3FY23 Rs 94 crore). Going forward we expect a run rate of sub Rs 45 crore in Q1FY24 which will keep reducing in subsequent quarters.

 

 

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Inox Wind announced Q4FY22 results:

  • Revenue and EBITDA compared to preceding quarter:
    • Total revenue of Rs 184 crore in Q4FY22 against revenue of Rs 186 crore in Q3FY22
    • EBITDA loss of Rs (27) crore in Q4FY22 against EBITDA of Rs 39 crore in Q3FY22.
  • Revenue and EBITDA compared to corresponding financial year:
    • Total revenue of Rs 708 crore in FY22 against revenue of Rs 783 crore in FY21
    • EBITDA of Rs 27 crore in FY22 against EBITDA loss of Rs (21) crore in FY21
  • Putting in place conservative policy of Expected Credit Loss, we have already made adequate provisions for receivables pertaining to FIT regime.

 

 

Result PDF

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