Inox Wind Limited (IWL), India’s leading wind energy solutions provider, announced its financial results for the quarter ended December 31, 2025. Continuing on its strong growth journey, IWL delivered its best-ever third-quarter performance, posting revenues of Rs 1,238 crores, up 24% YoY, and EBITDA of Rs 313 crores, up 39% YoY.
IWL continues to deliver strong EBITDA margins in Q3 FY26 at 25.2%. Profit before tax for the quarter was up 62% YoY to Rs 209 cr, while PAT was up 14% YoY at Rs 127 cr, despite a deferred tax charge of Rs 83 cr during the quarter (a non-cash accounting adjustment). Cash PAT increased by 38% YoY to Rs 262 crores.
Order execution during the quarter increased to 252 MW. The net order book stands at ~3.2 GW, providing revenue visibility of 18–24 months. The company has strong order intake visibility from multiple new and existing customers across PSU, IPP & C&I segments, as well as from group company Inox Clean, supported by its large-scale growth plans. IWL has won ~600 MW of orders in FY26 till date.
IWL’s O&M subsidiary, Inox Green’s O&M portfolio, stands at ~13.3 GWp, comprising ~10 GW of wind and ~3.3 GWp of solar assets. With its strong growth prospects, Inox Green is on course to become India’s largest renewable O&M company. Further, the scheme of demerger of Inox Green’s substation business and its merger into Inox Renewable Solutions (IRSL) is in the final stages of hearing at Hon’ble NCLT Ahmedabad; post receipt of approval from NCLT and merger of the assets, IRSL will be automatically listed on the stock exchanges.
IWL’s strong growth guidance for FY26 & FY27 is backed by its large and well-diversified order book. For FY26, consolidated revenue guidance of > Rs 5,000 crores translates to >35% YoY growth, while EBITDA margin guidance has been substantially upgraded to 20–22% vs 18–19% earlier. For FY27, the company expects consolidated revenue to grow by ~75% over FY26, with an EBITDA margin of 20–22%.
Mr. Devansh Jain, Executive Director, INOXGFL Group, said, “At INOXGFL Group, all our renewable companies are primed for massive growth in the years ahead. I believe Inox Wind will continue to deliver strong performance and execution, while the large-scale O&M portfolio expansion of Inox Green further adds to consolidated profitability. Further, rapid growth across the RE power generation and solar manufacturing businesses under Inox Clean is expected to bring in more opportunities for Inox Wind and Inox Green. Buoyed by the fact that wind continues to be an integral part of India’s renewable journey over the next decade, both Inox Wind and Inox Green are well placed to capture large-scale opportunities going ahead.”
Mr. Kailash Tarachandani, Group CEO, Renewables Business, INOXGFL Group, added, “Another set of strong quarterly results in Q3 FY26 has set Inox Wind on course to deliver its best-ever annual financial performance in FY26. We have recalibrated our guidance for both FY26 and FY27 and are confident of delivering the same, backed by our large and well-diversified order book, strong order intake pipeline, and expanding manufacturing footprint. With India’s wind sector poised to deliver its best-ever capacity addition figures and moving towards 10 GW annual capacity addition in the coming years, Inox Wind is strongly placed to deliver tailor-made solutions addressing ever-evolving customer requirements.”
Mr. Sanjeev Agarwal, CEO, Inox Wind, said, “We have been able to deliver robust growth in Q3 FY26 despite on-ground challenges impacting offtake from some of our customers. Our margins continue to be strong, supported by the various initiatives which we have been undertaking in the past quarters, including our successful backward integration into cranes and transformer manufacturing. We are in discussion with multiple customers, both existing and new, to further fortify our order book, which gives us confidence to deliver on our guidance going ahead. We continue to be the partner of choice for most large renewable developers, including the likes of Aditya Birla, CESC, NTPC, Hero Future Energies, Amplus/Gentari, Continuum, and Inox Clean, amongst many others.”
