Inox Wind Ltd reported weaker financial performance in the fourth quarter of FY26, with net profit and operating earnings declining due to supply chain disruptions caused by geopolitical tensions and delays in customer payments.
The wind energy solutions provider reported a consolidated net profit of ₹91.3 crore for the quarter ended March 2026, a decline of 51.1 percent compared with ₹186.8 crore in the corresponding quarter last year.
Revenue from operations slipped 2.4 percent year-on-year to ₹1,244.2 crore. EBITDA declined 21.5 percent to ₹200 crore from ₹254 crore in Q4 FY25, while operating margins narrowed to 16 percent from 20 percent a year earlier.
The company reported adjusted EBITDA of ₹333 crore and profit before tax of ₹216 crore during the quarter.
According to the company, geopolitical tensions disrupted ECS supplies and logistics operations, while a challenging macroeconomic environment led some customers to defer payments, impacting the overall financial performance.
Strategic Shift Towards Equipment Supply
Inox Wind is undertaking a significant change in its business model by increasing the share of equipment supply within its order mix.
Historically, equipment supply contributed less than 20 percent of the company’s business. Management now aims to increase that share to nearly 75 percent over time, reducing dependence on EPC-led execution.
The company believes the transition will improve cash generation, lower working capital requirements and create a more scalable operating structure while supporting margin expansion over the long term.
Inox Group Expands Renewable Platform
A key development during the year was the expansion of the group’s renewable energy ecosystem through the acquisition of Wind World India’s businesses.
In February 2026, Inox Clean emerged as the successful bidder for Wind World India’s Independent Power Producer (IPP) and Operations & Maintenance (O&M) businesses through an NCLT-approved resolution process.
As part of the transaction, Inox Neo will acquire Wind World India’s operational renewable energy portfolio of around 600 MW. Separately, Inox Green will take over Wind World India’s wind O&M business, adding nearly 4.5 GW of assets under management to its portfolio.
FY27 Guidance Signals Aggressive Expansion
For FY27, Inox Wind has projected revenue growth of nearly 75 percent while aiming to sustain EBITDA margins of 20–22 percent. The company expects growth to be driven by expanded manufacturing capacity, the rollout of its new 4X MW turbine platform, stronger contributions from group entities, and increasing demand for wind, hybrid, and renewable energy projects across India.
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