Inox Wind Limited revenue rises 21% as profit falls 43%

Inox Wind Limited reported consolidated revenue from operations of Rs 1,354.30 crore for the quarter ended 30 September 2026, 21% higher year on year, but profit after tax fell 43% to Rs 68.55 crore as total expenses rose 28% and EBITDA declined 16%.

What were Inox Wind’s September-quarter results?

Inox Wind recorded revenue from operations of Rs 1,354.30 crore in the quarter ended 30 September 2026, against Rs 1,119.18 crore a year earlier. Total income, including other income, increased to Rs 1,377.75 crore from Rs 1,162.47 crore, while profit before tax declined to Rs 102.67 crore from Rs 169.40 crore.

Profit after tax was Rs 68.55 crore, compared with Rs 120.62 crore in the quarter ended 30 September 2025. Earnings before interest, tax, depreciation and amortisation, or EBITDA, fell to Rs 228.59 crore from Rs 271.01 crore, while basic and diluted earnings per share declined to Rs 0.34 from Rs 0.70. The unaudited consolidated results were approved by the board on 13 November 2026.

Why did Inox Wind’s profit fall despite revenue growth?

Inox Wind’s total expenses increased to Rs 1,275.08 crore in the September 2026 quarter from Rs 993.07 crore a year earlier, an increase of 28% that outpaced revenue growth. Material costs rose to Rs 956.27 crore from Rs 659.01 crore, while engineering, procurement and commissioning, operations and maintenance, and common infrastructure expenses rose to Rs 112.81 crore from Rs 86.42 crore.

Finance costs increased to Rs 63.29 crore from Rs 50.81 crore, and depreciation and amortisation increased to Rs 62.63 crore from Rs 50.80 crore. Other expenses rose to Rs 141.78 crore from Rs 125.47 crore, while employee-benefit expense increased to Rs 58.34 crore from Rs 56.02 crore. These cost movements reduced EBITDA by Rs 42.42 crore before the effect of finance costs, depreciation and tax.

The tax provision decreased to Rs 34.12 crore from Rs 48.78 crore, including deferred tax of Rs 33.58 crore against Rs 48.68 crore a year earlier. The lower tax charge partly offset the decline in profit before tax, but profit after tax still fell by Rs 52.07 crore. No exceptional items were reported in either September quarter.

How did Inox Wind perform in the first half?

Inox Wind generated revenue from operations of Rs 2,168.39 crore for the half year ended 30 September 2026, compared with Rs 1,945.43 crore in the corresponding 2025 period. Half-year EBITDA decreased to Rs 447.37 crore from Rs 491.02 crore, and profit after tax declined to Rs 141.35 crore from Rs 217.97 crore.

Net cash used in operating activities widened to Rs 462.29 crore for the six months ended 30 September 2026 from Rs 420.46 crore in the year-earlier period. Inventory increased by Rs 327.64 crore and other liabilities decreased by Rs 419.58 crore, while trade receivables decreased by Rs 102.21 crore after increasing by Rs 648.62 crore in the prior-year half.

What changed in Inox Wind’s assets, borrowings and funding?

Inox Wind’s total assets rose to Rs 12,976.36 crore at 30 September 2026 from Rs 12,067.76 crore at 31 March 2026. Current assets increased to Rs 8,637.14 crore from Rs 7,612.15 crore, including inventories of Rs 2,118.33 crore, trade receivables of Rs 4,225.35 crore and cash and cash equivalents of Rs 185.43 crore.

Total equity increased to Rs 8,146.74 crore from Rs 7,692.05 crore over the same period. Non-current borrowings rose to Rs 444.33 crore from Rs 275.07 crore, and current borrowings increased to Rs 2,029.32 crore from Rs 1,276.40 crore. Financing activities generated Rs 1,087.02 crore in the six-month period, compared with Rs 707.94 crore a year earlier.

Inox Green Energy Services Limited, a subsidiary, raised Rs 300 crore through a qualified institutions placement of 1,81,10,473 equity shares during the period. The proceeds remained in an escrow account at 30 September 2026, and the disclosed uses include investment in Vibhav Energy Private Limited, repayment or prepayment of certain borrowings, and general corporate purposes.

What transactions and accounting matters should readers monitor?

Vibhav Energy Private Limited entered into a business transfer agreement with Wind World (India) Limited on 12 September 2026 to acquire its operations and maintenance business for Rs 550 crore. Vibhav had paid Rs 300 crore by 30 September 2026, though execution of the agreement remained in process. A Rs 100 crore inter-corporate deposit from Authum Investment and Infrastructure Limited was converted into Vibhav equity shares.

The group stated that operations and maintenance services worth Rs 118.57 crore had been rendered but had not yet been billed at 30 September 2026. It recognises operations and maintenance revenue on a straight-line basis over the contract period, and management expects no material adjustment based on contractual tenability and ongoing negotiations, discussions, arbitration or litigation. The auditor highlighted the matter without modifying its review conclusion.

A separate auditor emphasis concerns six special-purpose vehicles formed for wind-farm projects, for which bank guarantees of Rs 55.78 crore were provided. The appellate authority rejected the request to retain or reserve 300 megawatts of Bhuj-II connectivity in its 17 November 2025 order, and the group said it was in the process of filing an appeal before the Appellate Tribunal for Electricity with a delay-condonation request.

Conclusion

Inox Wind increased September-quarter revenue by Rs 235.12 crore year on year, but a Rs 282.01 crore increase in total expenses led to lower EBITDA, profit before tax and profit after tax. The first-half comparison showed the same pattern: revenue rose by Rs 222.96 crore, while profit after tax declined by Rs 76.62 crore and operating cash outflow increased by Rs 41.83 crore.

The next disclosed milestones are the completion of the Rs 550 crore Wind World operations and maintenance transaction and deployment of the Rs 300 crore qualified institutions placement proceeds. Readers can also watch the planned appeal concerning 300 megawatts of Bhuj-II connectivity and management’s assessment of the Rs 118.57 crore of unbilled operations and maintenance services.