Inox Wind

Listed Wind — per-stock model.

As of 19 Oct 2026

Wind—

CMP ₹65NSE: INOXWIND

Latest concall

Q4 FY26

Q4 revenue flat ~₹1,306cr; PAT ₹106cr, net profit ₹91cr down 51% YoY.
Order book ~3.1 GW; ~600 MW fresh FY26 wins (Aditya Birla, Gentari, Jakson).
Geopolitical disruption hit ECS supply/logistics; some customers deferred payments.
Strategic pivot to equipment supply and O&M; robust pipeline exceeding 2 GW.

Order-book execution

3.1 GW book executable over ~2 years; FY27 positioned as the sharp ramp-up year.

Management guidance

FY27 revenue growth guided ~75% on 3.1 GW book and group synergies.
FY27 EBITDA margin targeted 20%+; ~₹5,000cr revenue implied.
4.X MW turbine platform ramp to drive execution and share gains.

Inox Wind Q4 FY26 concall, ~May 2026; Quartr, Yahoo, SaurEnergy, Power Peak Digest, TradeBrains

Revenue FY26E

4,397₹ cr

EBITDA margin

20%

P/E

32.7×

Financials

Annual · ₹ crore · E = estimate.

Annual financials

₹ crore · FY25 → FY28E

Period	Revenue	EBITDA	EBITDA %	PAT	Gross %	ROE %	ROCE %	Capex	Net debt	EPS ₹	WC days
FY15	2,709	425	16.0%	296	—	—	—	—	—	3.1	—
FY16	4,445	734	17.0%	461	—	—	—	—	—	4.9	—
FY17	3,405	542	16.0%	303	—	—	—	—	—	3.2	—
FY18	465	-83	-18.0%	-188	—	—	—	—	—	-2.0	—
FY19	1,436	149	10.0%	-40	—	—	—	—	—	-0.4	—
FY20	760	-116	-15.0%	-279	—	—	—	—	—	-3.0	—
FY21	711	-191	-27.0%	-307	—	—	—	—	—	-3.2	—
FY22	625	-300	-48.0%	-483	—	—	—	—	—	-5.1	—
FY23	737	-261	-35.0%	-671	—	—	—	—	—	-4.8	—
FY24	1,746	262	15.0%	-48	—	—	—	—	—	-0.3	—
FY25	3,557	757	21.0%	438	—	—	—	—	—	3.2	—
FY26	4,397	891	20.0%	449	—	—	—	—	—	2.3	—

Source Market data (mid-2026) + company filings· As of 19 Oct 2026

Revenue, EBITDA & margin

Bars ₹cr (left) · margin % (right)

Source Market data (mid-2026) + company filings· As of 19 Oct 2026

Quarterly

₹ crore · recent quarters.

Quarterly financials

₹ crore

Quarter	Revenue	EBITDA	EBITDA %	PAT	PAT %
Q1FY24	349	31	9.0%	-65	-18.6%
Q2FY24	371	48	13.0%	-27	-7.3%
Q3FY24	503	93	18.0%	2	0.4%
Q4FY24	528	99	19.0%	33	6.3%
Q1FY25	640	135	21.0%	42	6.6%
Q2FY25	733	166	23.0%	84	11.5%
Q3FY25	911	204	22.0%	110	12.1%
Q4FY25	1,275	254	20.0%	190	14.9%
Q1FY26	826	184	22.0%	97	11.7%
Q2FY26	1,119	228	20.0%	121	10.8%
Q3FY26	1,207	282	23.0%	127	10.5%
Q4FY26	1,244	200	16.0%	106	8.5%
Q1FY27	814	152	19.0%	64	7.9%

Source Market data (mid-2026) + company filings· As of 19 Oct 2026

Revenue & margin trend

Bars ₹cr (left) · margin % (right)

Source Market data (mid-2026) + company filings· As of 19 Oct 2026

Valuation

As of 19 Oct 2026

P/E

32.7×

EV / EBITDA

14.9×

P/B

1.8×

Operating metrics

What the rest of the dashboard tracks for Inox Wind — capacity, auctions, offtake, manufacturing and returns.

Policy exposure

Schemes whose impact note names this company

Policy

RLMM to ALMM (Wind) AmendmentManufacturingActive
Favours domestic turbine makers with local supply chains — Suzlon, Inox Wind; pressures import-reliant players to localise their components.
Offshore Wind VGF SchemeDemandActive
Opens a new market for wind developers and turbine makers — Suzlon, Inox Wind, NTPC — plus port and EPC contractors.
National Wind Repowering & Life Extension Policy 2023DemandActive
Refresh demand for turbine makers — Suzlon, Inox Wind; benefits legacy wind operators (Orient Green, Inox Green's O&M base) upgrading ageing fleets.

Operating & order mix

Unit economics and the order book.

Shareholding

% · as of 30 Jun 2026

Shareholding pattern

Source Market data (mid-2026) + company filings· As of 19 Oct 2026