Inox Wind Q4 profit falls amid margin pressure; guides for strong FY27 growth

Inox Wind reported a weaker set of fourth-quarter earnings, with profit and operating margin declining year-on-year despite stable execution during the quarter.

Net profit for Q4FY26 fell 51.1% to ₹91.3 crore from ₹186.8 crore a year earlier. Revenue declined 2.4% year-on-year to ₹1,244.2 crore, while EBITDA dropped 21.5% to ₹200 crore from ₹254 crore in the corresponding quarter last year.

Operating margin contracted to 16% from 20% a year ago.

Despite the softer quarterly performance, the company reiterated a strong growth outlook for FY27, guiding for 75% revenue growth over FY26 and EBITDA margins in the range of 20-22%.

Inox Wind said it maintained stable operational performance during the quarter despite ongoing macroeconomic challenges. The company currently has a diversified order book of around 3.1 GW and said it secured multiple orders aggregating nearly 600 MW during FY26 from customers including Aditya Birla, Amplus/Gentari, Jakson, First Energy and Leap Green.

The company also highlighted an order pipeline of over 2 GW, along with recurring annual order visibility from group company Inox Clean.

Management flagged execution challenges during the quarter, including geopolitical tensions that delayed ECS supplies and logistical support, along with some customers deferring payments amid the broader macro environment. However, the company said its working capital cycle improved by around 15 days during the quarter and is expected to improve further going ahead.

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Inox Wind also said it is strategically increasing the share of equipment supply in its order mix from less than 20% currently to nearly 75%.

Ahead of the earnings announcement, shares of Inox Wind closed 2.79% lower at ₹93.14 on the NSE.