1. Opening Hook
While half the renewable sector is still arguing about PPAs, rebidding risks, and why projects don’t move, Inox Wind casually dropped its best-ever Q2 performance—in a monsoon quarter. Yes, the season when turbines usually nap.
Execution surged. Margins held firm. Order book swelled past 3.2 GW. And management? Slightly irritated—but confidently so—about analysts asking for yet another margin upgrade.
Add Inox Green flexing a 12.5 GW O&M portfolio, a demerger that deletes ₹50+ crore of depreciation, and framework agreements promising 1 GW of annual recurring orders, and suddenly this call felt less like a quarterly update and more like a sector power play.
But execution targets are steep, optimism is high, and H2 is doing a lot of heavy lifting.
Read on. This concall had numbers, attitude, and ambition—sometimes all at once.
2. At a Glance
- Revenue ₹1,162 cr (+56% YoY) – Monsoon couldn’t slow this turbine.
- EBITDA ₹271 cr (+48%) – Cost control spinning smoothly.
- PAT ₹121 cr (+43%) – Profits climbed, no tailwinds blamed.
- Execution 202 MW (Q2), 350 MW (H1) – 30% done, 70% staring at H2.
- Order book 3.2 GW – Two years of visibility locked in.
- EBITDA margin guidance 18–19% – Management: “We’re sticking to it.”
3. Management’s Key Commentary
“This is the best ever Q2 in Inox Wind’s history.”
(Translation: Yes, even with monsoons. Deal with it.) 😏
“H2 generally contributes 70% of annual execution.”
(Translation: Please don’t panic looking at H1 numbers.)
“We expect 1 GW of annual recurring orders through framework agreements.”
(Translation: EPC annuity model loading.)
“Manufacturing facilities are operating at high utilization.”
(Translation: No capacity excuses allowed.)
“We have upgraded margin guidance four times already.”
(Translation: Stop asking for more upgrades.) 😌
“PPA rebidding noise is actually positive for wind.”
(Translation: Hybrid RTC projects = more turbines.)
“We have zero exposure to risky cancelled PPAs.”
(Translation:
