Remember when renewable energy updates were just a dull policy note and not a full-blown chest-thumping match? Well, Inox Wind just dropped a quarterly performance that could double as a green-energy blockbuster. Revenue up 32% YoY, EBITDA up 39%, PAT up 134%—all while absorbing a ₹40 cr deferred tax hit like it’s just another gust of wind. And yes, they’re claiming their “highest ever” Q1 PAT because modesty is apparently on sabbatical (Q1 FY26 earnings presentation).
Why it matters? Because MNRE’s new ALMM rules are basically a ‘Make in India’ VIP pass for domestic wind OEMs—and IWL’s already standing at the velvet rope.
Stick around—things get spicier two scrolls down.
AT A GLANCE
• Revenue up 32% – and they swear it wasn’t turbine-powered Excel magic• EBITDA up 39% – margins puffing their chest out again• PAT up 134% – even the taxman couldn’t slow them down• Cash PAT ₹186 cr – up 168% YoY; turbines spinning, cash registers ringing• Order book ~3.1 GW – enough to keep them busy for the next 2 years
MANAGEMENT’S KEY COMMENTARY
• “Highest ever Q1 PAT” – Translation: We’re framing this for the boardroom wall.• “Robust margin trajectory continues” – Translation: Please ignore Q4’s cost spikes.• “146 MW execution” – Translation: Slightly better than last year, but hey, bigger numbers coming.• “Order book of 3.1 GW” – Translation: We’ll dine out on this stat until FY27.• “ALMM notification a big boost” – Translation: Imported
rivals, meet your customs paperwork.• “O&M agreement for 182 MW” – Translation: Locking in service cashflows while turbines age gracefully.• “Merger of Inox Wind Energy complete” – Translation: Corporate family drama season finale.
NUMBERS DECODED
| Revenue – The Hero | EBITDA – The Sidekick | Margins – The Drama Queen |
|---|---|---|
| ₹863 cr, +32% YoY | ₹220 cr, +39% YoY | 25.5%, up from 24.1% YoY |
Hero earns applause with double-digit growth, sidekick flexes efficiency, and Drama Queen actually stays in a good mood.
ANALYST QUESTIONS
Q:What’s the execution target?A:“>1,200 MW this year, 2 GW by FY27.” Translation: We’re on a wind sprint.
Q:ALMM impact?A:“Huge advantage for domestic OEMs.” Translation: Policy finally playing home team.
Q:O&M growth plans?A:“Targeting 10 GW in 2 years.” Translation: Maintenance money is the new gold rush.
GUIDANCE & OUTLOOK
Management’s tone suggests FY26 will be a year of capacity flexing and market share
