Synopsis: Inox Wind Ltd shares fell up to 8% after Q4 results, as revenue declined 2.4% YoY to ₹1,244 crore and net profit dropped 44.2% YoY to ₹106 crore. The earnings per share (EPS) for the quarterly period stood at ₹0.53.
The shares of a Small-Cap company specialising in end-to-end wind energy solutions, as a fully integrated player in the renewable energy market, are in focus in today’s trade as they have crashed 8 percent following its Q4 results.
With a market capitalization of Rs. 14,957.90 crores in the day’s trade, the shares of Inox Wind Ltd declined by 7.8 percent, reaching a low of Rs. 85.65 per share compared to its previous closing price of Rs. 92.95 per share.
What Happened
Inox Wind Ltd, engaged in end-to-end wind energy solutions as a fully integrated player in the renewable energy market, is in the spotlight following its Q4 results as follows:
Its revenue from operations decreased by 2.4 percent YoY, from Rs. 1,275 Crores in Q4FY25 to Rs. 1,244 Crores in Q4FY26. However, it increased by 3.1 percent QoQ, rising from Rs. 1,207 Crores in Q3FY26 to Rs. 1,244 Crores in Q4FY26.
Its net profit decreased by 44.2 percent YoY, from Rs. 190 Crores in Q4FY25 to Rs. 106 Crores in Q4FY26, and it also declined by 16.5 percent QoQ, from Rs. 127 Crores in Q3FY26 to Rs. 106 Crores in Q4FY26. The earnings per share (EPS) for the quarterly period stood at Rs. 0.53 compared to Rs. 1.35 in the previous year’s quarter.
Key Achievements & Highlights – Q4 FY26
The company delivered stable performance during the quarter despite ongoing macroeconomic challenges. It maintained a well-diversified order book of approximately 3.1 GW and secured new orders worth ~600 MW in FY26. The current order pipeline remains strong at over 2 GW, supported by additional recurring annual visibility from group company Inox Clean.
Execution on the ground faced challenges due to geopolitical tensions, delays in ECS supplies, logistical constraints, and temporary payment delays from certain customers amid a tough macro environment. This resulted in a high working capital cycle; however, it has already improved by ~15 days during the quarter and is expected to strengthen further going ahead.
The company is undergoing a strategic transition, shifting Inox Wind’s focus toward increasing the share of equipment supply in the order mix from under 20% to around 75%. Additionally, strong growth prospects from Inox Green and IRSL are expected to further complement and accelerate overall business performance in the coming years.
Strong Growth Guidance for FY27
The company has provided robust growth guidance for FY27, targeting a 75% increase in revenue over FY26. along with EBITDA margins in the range of 20–22%. These figures include other income and reflect strong confidence in scaling operations and improving profitability.
Company Overview & others
Inox Wind Ltd is a leading renewable energy solutions provider in India, primarily engaged in manufacturing wind turbine generators (WTGs) and offering end-to-end wind energy services. The company operates across the wind energy value chain, including equipment supply, EPC (engineering, procurement, and construction), and operations & maintenance support through its ecosystem of group companies. It plays a key role in enabling large-scale wind power deployment for utility and commercial customers.
Inox Wind Ltd demonstrates a balanced financial profile with moderate profitability and improving efficiency metrics. The company reports a Return on Capital Employed (ROCE) of 10.5% and Return on Equity (ROE) of 7.09%, indicating a gradual improvement in capital utilisation and shareholder returns. Its Debt-to-Equity ratio of 0.25 reflects a relatively conservative leverage position, supporting financial stability and capacity for future expansion.
From a valuation and growth perspective, the company has a PEG ratio of 0.98, suggesting that its current valuation is broadly aligned with its expected earnings growth. Over the last five years, Inox Wind has delivered a strong profit CAGR of 26.8%, highlighting consistent earnings momentum driven by execution recovery and expanding demand in the wind energy sector.
Inox Wind Ltd maintains a well-diversified order book of approximately 3.1 GW as of March FY26, providing strong revenue visibility for over 24 months. The order mix is largely driven by auctions, which account for 58%, followed by the C&I (Commercial & Industrial) segment at 36%, and PSU orders contributing 6%, reflecting a balanced exposure across customer categories.
During FY26, the company has strengthened its order inflow with new wins from customers such as Aditya Birla, First Energy, Amplus/Gentari, and Jakson, among others. The overall order book remains broad-based, including key clients like Inox Clean, NTPC, CESC, NLC India, Hero Future Energies, and Continuum, ensuring stable execution visibility and diversified demand support going forward.
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