Whalesbook
Achanak results itne mast kaise?
Dekho, Inox Wind aur Inox Green Energy Services Limited ne 31 December 2025 tak ke Q3 FY26 quarter mein sach mein zabardast numbers pesh kiye hain.
Inox Wind ki baat karein toh, unka consolidated revenue saal-dar-saal 24% badh kar ₹1,238 Crore ho gaya. Earnings Before Interest, Taxes, Depreciation, and Amortization (EBITDA) toh aur bhi tez bhaga, 39% badh kar ₹313 Crore tak pahunch gaya. Profit Before Tax (PBT) 62% badh kar ₹209 Crore aur Profit After Tax (PAT) 14% badh kar ₹127 Crore raha. Cash profit bhi 38% upar gaya.
Inox Green Energy Services Limited bhi peeche nahi rahi. Unka total income 51% jump kar ₹112 Crore ho gaya. EBITDA toh do guna se bhi zyada badh kar 80% upar ₹53 Crore pahunch gaya. Sabse mazedaar baat yeh hai ki PAT mein 375% ka zabardast surge dekha gaya, jo ₹25 Crore raha! Cash-back figures bhi 116% badhe. Company ki machine availability 96.5% rahi jo ki bahut acchi baat hai.
Guidance mein naya twist!
Ab ek mast update yeh hai ki Inox Wind ne future ke liye guidance dene ka tarika badal diya hai. Pehle woh megawatt (MW) mein guidance dete the, par ab woh consolidated revenue aur EBITDA margin percentage mein baat karenge FY26 aur FY27 ke liye. Iska reason unhone business complexity aur customer site readiness issues ko bataya hai, taaki investors ko zyada clear picture mile.
FY26 ke liye, Inox Wind ka revenue ₹5,000 Crore se zyada hone ka target hai, jo 35% se zyada growth hai. Aur sabse badhiya, unhone EBITDA margin guidance ko 18-19% se badha kar ab 20-22% kar diya hai! FY27 mein revenue 75% growth kar sakta hai, aur EBITDA margins 20-22% ke aas paas rehne ki ummeed hai.
Inox Green ka target hai FY27 tak EBITDA ₹600 Crore se upar le jaane ka. Woh apna O&M portfolio 13.3 GWp tak badha rahe hain aur 6.5 GW ke operational wind O&M assets acquire karne wale hain. Unka substation business bhi alag hone wala hai.
Aur haan, Inox group mein synergy pe bhi kaam chal raha hai, jahan Inox Clean Energy saal mein 3 GW ke Hybrid Renewable IPP projects set up karegi, jisse Inox Wind ko orders aur Inox Green ko portfolio additions milenge.
Thoda aur detail aur risks?
Inox Wind ke paas 3.2 GW ka order book hai, aur is saal 600 MW ke naye orders bhi aaye hain. Bas ek chiz pe kaam chal raha hai, woh hai working capital days, jo abhi 200-210 hain, par FY27 tak ise 150 tak laane ka target hai. Company ne bataya ki woh FY26 ke pehle half mein net cash positive the. Capex ke liye ₹200 Crore har saal FY26 aur FY27 mein budget kiye gaye hain.
Risks mein yeh hai ki customer site ready hone mein late ho sakta hai, jisse turbine offtake pe asar padta hai. Yeh industry ka common issue hai. Aur high working capital days bhi ek point hai jise monitor karna hoga.
Previous history mein, November 2025 mein Inox Wind ko SEBI se ek warning mili thi, kyuki unhone ek corporate announcement ke baad trading window band nahi ki thi. Company ne kaha tha ki koi financial impact nahi hua tha, par yeh governance ke liye ek reminder tha.
Market ka scene aur comparison
Indian wind energy sector ab wapas track pe aa raha hai, government policies aur corporate demand ke karan. Indian government ka target hai FY32 tak 122 GW wind capacity install karne ka.
Competitors jaise Suzlon Energy bhi accha kar rahe hain. Suzlon ka revenue 42% badha aur unka order book bhi record bana Q3 FY26 mein. Isse pata chalta hai ki competition kaafi hai aur execution bahut important hai.
Inox Wind ka backward integration pe focus aur unki nayi 4.45 MW turbine, saath mein Inox Green ka O&M expansion, unko sector ki growth ka fayda uthane mein madad karega. Guidance dene ka naya tarika transparency badhane mein helpful hoga.