/** blogpostTitle: Inox Wind FY26: A pivot to equipment supply and group-led growth blogpostSlug: inox-wind-fy26 blogpostCoverImageUrl: null blogpostCoverImageDescription: Ultra-realistic corporate financial cover image showing a clean desk with a laptop displaying a professional dashboard: a line chart rising from FY23 to FY26 for total income, a bar chart for EBITDA margin moving from negative to mid-20s, and a small gauge for order book at 3.1 GW. In the background through a glass window, a distant wind farm is visible at sunset. No logos or text labels. blogpostShortTitle: Inox Wind FY26 pivot and guidance */

Inox Wind FY26: A pivot to equipment supply and group-led growth

Inox Wind Limited closed FY26 with consolidated total income of INR 4,569 crore, up 23% year on year, and consolidated EBITDA of INR 1,232 crore, up 25% year on year. In Q4 FY26, the company reported consolidated total income of INR 1,306 crore, EBITDA of INR 333 crore, and profit before tax of INR 216 crore. While quarterly profit after tax was lower year on year, management focused on the durability of operating margins and the size of the order pipeline.

The bigger message, across both the investor presentation and the earnings call, was strategic rather than purely financial. Inox Wind is repositioning itself away from being predominantly a turnkey wind EPC player and towards a higher share of equipment supply. Management linked this to one issue that has historically distorted reported performance for wind OEMs in India: working capital strain from EPC execution risks and delayed customer payments.

FY26 performance: steady margins, but execution frictions

Q4 FY26 was described as stable despite macro challenges. Management cited on-ground execution challenges, logistical constraints and delays in ECS supplies linked to geopolitical tensions. The company also noted that some customers held back on payments due to the macro environment, keeping the working capital cycle high. Even so, management said working capital days improved by around 15 days in the quarter and should improve further as the order mix changes.

At a full-year level, the company presented a strong multi-year trajectory, with FY26 being the highest revenue year in the series shown. The presentation also highlighted a near net-cash position at the end of FY26, with net debt (cash) shown at about INR -21 crore.

Financial summary (Consolidated)

Notes: Figures are as presented in the company materials. Management indicated that Q4 and full-year figures exclude ECL provisions and other one-time charges for certain metrics.

Order book and the shift in business mix

Inox Wind ended March 2026 with an order book of about 3.1 GW. The company described this as providing more than 24 months of revenue visibility. The order book was presented as diversified across auctions, C&I and PSU customers, and management said FY26 order wins totaled around 600 MW from multiple customers.

However, the more important point was how Inox Wind intends to execute this backlog. Management described a structural pivot toward equipment supply, with a stated target to move the order mix toward around 75% equipment supply going forward. Historically, the business was more turnkey-heavy. On the call, management argued that turnkey EPC can appear attractive in pricing but can lose economic value when land costs rise, right-of-way issues delay schedules, and receivables collections stretch.

Equipment supply, by contrast, was positioned as more predictable, often supported by LC-based terms and lower execution risk. Management also stated the company will remain capable of executing EPC, but will be selective with external EPC scope while reserving meaningful capacity for group-linked demand.

FY27 guidance: aggressive growth, margins guided at 20 to 22%

For FY27, management guided for consolidated revenue growth of 75% over FY26 and an EBITDA margin of 20% to 22%. The presentation clarified that this guidance includes other income.

The company attributed the growth outlook to several factors:

First, continued ramp-up of manufacturing and services, including the new nacelle and hub plant, transformer manufacturing, cranes and power electronics. Second, the expected commercial launch of a 4.4 MW wind turbine platform within CY26, which management said should support deeper market penetration and margin improvement. Third, the contribution of Inox Green to consolidated profitability, especially as acquired O&M portfolios get consolidated.

The group angle: Inox Clean as a multi-year demand anchor

A repeated theme was the One Integrated strategy across the INOXGFL group’s renewable vertical. Management highlighted Inox Clean Energy’s expansion plan, targeting 14 GW operational capacity by FY29 and annual capacity additions of 3 GW plus. The company expects 20% to 30% of these annual additions to be wind, which management described as translating into multi-year recurring order visibility for Inox Wind.

On the call, management went further and indicated that a significant share of annual execution over the next four to five years could be anchored by orders from Inox Clean and CESC, with the remaining share coming from other customers. The stated rationale is to improve revenue certainty and reduce working capital stress.

Inox Green: scaling O&M and improving profitability profile

Inox Green, the listed renewable O&M subsidiary, was positioned as a key driver of consolidated margin quality because O&M carries higher margins and more recurring cash flows.

In the investor presentation, Inox Green reported FY26 revenue of INR 426 crore and EBITDA of INR 210 crore. It also highlighted a 13 GW plus O&M portfolio and average machine availability of around 96.5% in FY26. On the call, management reiterated an FY27 EBITDA guidance of upwards of INR 600 crore, citing consolidation of acquired O&M portfolios along with organic growth.

Management also discussed the demerger of evacuation infrastructure from Inox Green and its merger into Inox Renewable Solutions. The call stated the scheme has been approved by NCLT Ahmedabad and would reduce depreciation at Inox Green by about INR 50 to 55 crore annually, improving profitability and return ratios.

What to track next

The FY27 guidance sets a high bar. Whether Inox Wind meets it will likely depend on three execution variables that management itself flagged: supply chain stability for key components, receivables collection improvement as the mix shifts, and the pace at which group-linked demand converts into actual dispatch and revenue.

The strategy is clear: reduce EPC-linked working capital volatility, increase equipment supply share, and use group synergies to smooth demand cycles. If these elements play out as described, FY27 could mark a further step in Inox Wind’s transition from an execution-heavy wind EPC model to a more cash-efficient equipment and services-led model.