INOX Green Energy Services Ltd (BOM:543667) Q3 2026 Earnings Call Highlights: Record Growth and …

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Wed, February 18, 2026 at 10:04 AM GMT+9 4 min read

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**Inox Wind Revenue:** INR 1,238 crores, an increase of 24% Y-o-Y.

**Inox Wind EBITDA:** INR 313 crores, an increase of 39% Y-o-Y excluding one-time gain in Q3 FY25.

**Inox Wind Profit Before Tax:** INR 209 crores, an increase of 62% Y-o-Y excluding one-time gain in Q3 FY25.

**Inox Wind Profit After Tax:** INR 127 crores, an increase of 14% Y-o-Y.

**Inox Wind Cash Profit:** INR 262 crores, an increase of 38% Y-o-Y excluding one-time gains in Q3 FY25.

**Order Book:** 3.2 gigawatts, with 600 megawatts added in FY26.

**Inox Green Total Income:** INR 112 crores, up by 51% Y-o-Y.

**Inox Green EBITDA:** INR 53 crores, up by 80% Y-o-Y.

**Inox Green Profit Before Tax:** INR 40 crores, up by 261% Y-o-Y.

**Inox Green Profit After Tax:** INR 25 crores, up by 375% Y-o-Y.

**Inox Green Cash PAT:** INR 51 crores, up by 116% Y-o-Y.

**Machine Availability:** Averaged around 96.5% for the entire portfolio.

**Inox Green Portfolio:** 13.3 gigawatts, including 10 gigawatts of wind assets and 3.3 gigawatt peak of solar assets.

**FY26 Revenue Guidance:** Over INR 5,000 crores, translating to over 35% Y-o-Y growth.

**FY26 EBITDA Margin Guidance:** Upgraded to 20% to 22% from 18% to 19%.

**FY27 Revenue Growth Expectation:** Around 75% over FY26 with EBITDA margin of 20% to 22%.

**Inox Green FY27 EBITDA Expectation:** Upwards of INR 600 crores.

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Release Date: February 13, 2026

For the complete transcript of the earnings call, please refer to the full earnings call transcript.

Positive Points

INOX Green Energy Services Ltd (BOM:543667) reported a significant increase in total income, up by 51% year-on-year for Q3 FY26.

The company achieved an EBITDA of INR53 crores, marking an 80% increase year-on-year.

Profit before tax surged by 261% year-on-year, while profit after tax increased by 375% year-on-year.

INOX Green's portfolio reached 13.3 gigawatts, with a diversified mix of wind and solar assets across India.

The company is on track to become India's largest renewable O&M company, with strong growth prospects and strategic acquisitions.

Negative Points

There were delays in site readiness from some customers, impacting wind turbine offtake and causing execution challenges.

The company has shifted its guidance from megawattage to financial numbers due to complexities and variability in project execution.

Working capital days are currently high, around 200 to 210 days, with a target to reduce to 120-150 days by FY27.

Realizations have dropped both quarter-on-quarter and year-on-year, attributed to disruptions in component supplies and project execution challenges.

The demerger of the substation business is still pending final approval from NCLT, causing uncertainty in financial adjustments.

 






Story Continues  

Q & A Highlights

Q: How is Inox Green addressing the delays in project execution and what is the outlook for Q4? A: Kailash Tarachandani, Group CEO, explained that the delays are industry-wide and not specific to the company. The company has shifted to providing revenue guidance instead of megawatt figures to better manage expectations. The revenue for FY26 is expected to be over INR5,000 crores, with a 35% Y-o-Y growth, and FY27 is projected to grow by 75% over FY26.

Q: What is the current status of working capital days, and what are the future targets? A: Seethappa Mathusudhana, CEO of Inox Green, stated that the current working capital days are around 200 to 210. The target is to reduce this to 150 days by FY27, with a long-term goal of 120 to 150 days.

Q: Can you provide details on the debt levels and future expectations? A: Kailash Tarachandani mentioned that the company is currently net cash positive and will provide detailed figures at the end of the financial year.

Q: What is the EBITDA guidance for Inox Green for FY27, and how is it calculated? A: Seethappa Mathusudhana stated that the EBITDA guidance for FY27 is INR600 crores, based on a portfolio of 13.3 gigawatts. The Wind O&M services have a 50% EBITDA margin, while Solar has 15% to 20%.

Q: How will the demerger of Inox Green’s substation business affect the financials? A: Seethappa Mathusudhana explained that post-demerger, around INR50 crores of annual depreciation will be eliminated, improving profitability and ROE/ROCE. The demerger is in the final stages of approval.

For the complete transcript of the earnings call, please refer to the full earnings call transcript.

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