Wind energy solutions provider Inox Wind (IWL) posted revenue of ₹12.44 billion (~$130.5 million) in the fourth quarter (Q4) of the financial year (FY) 2026, a 2.4% year-over-year (YoY) decline from ₹12.75 billion (~$134 million).

Earnings before interest, taxes, depreciation, and amortization (EBITDA) stood at ₹2.61 billion (~$27.35 million), decreasing 10.1% YoY from ₹2.9 billion (~$30.42 million).

Profit after tax (PAT) for the quarter was ₹1.07 billion (~$11.17 million), a 44.5% decrease from ₹1.9 billion (~$20 million) in the same quarter last year.

Earnings per share (EPS) came in at ₹0.61 (~$0.0064), compared to ₹1.17 (~$0.012) in Q4 FY 2025.

The company said its Q4 FY 2026 performance was impacted by geopolitical issues that caused on-the-ground and supply-chain challenges, as well as higher expenses. It also faced payment delays in public sector undertaking contracts, affecting its receivables cycle.

IWL reported revenue of ₹12.07 billion (~$133.13 million) in Q3 FY 2026, a 32.5% YoY increase from ₹9.11 billion (~$100.47 million).

Financial Year 2026

IWL reported revenue of ₹43.97 billion (~$461.12 million), a 23.6% YoY increase from ₹35.57 billion (~$373.03 million).

EBITDA stood at ₹10.63 billion (~$111.5 million), a growth of 15.8% YoY from ₹9.18 billion (~$96.25 million).

PAT was ₹4.5 billion (~$47.1 million), up 2.6% from ₹4.38 billion (~$46 million)  the previous year.

EPS came in at ₹2.65 (~$0.028), compared to ₹2.77 (~$0.029) in FY 2025.

Business Updates

The company’s revenue from operations included high-seas sales of ₹365.7 million (~$3.83 million) in Q4 FY 2026 and ₹1.64 billion (~$17.2 million) in FY 2026 to a related party.

IWL approved a rights issue of up to ₹12.5 billion (~$131.1 million) in FY 2026. It issued 104.1 million equity shares at ₹120 (~$1.26)/share, including a ₹110 (~$1.15)/share premium.

The company said certain operations and maintenance services worth ₹1.15 billion (~$12.04 million) had been rendered in FY 2026 but had not been billed.

IWL had invested in six special-purpose vehicles for the Solar Energy Corporation of India’s wind projects.

The projects missed completion deadlines, extension requests were rejected, and the Central Electricity Regulatory Commission declined Inox Green Energy Services’ plea to retain 300 MW connectivity at Bhuj-II, Gujarat. The company is now preparing to appeal before the Appellate Tribunal for Electricity.

During the year, Inox Wind transferred its ₹99 million (~$1.04 million) investment in Inox Renewable Services to other entities of the Inox GFL Group for ₹1.73 billion (~$18.2 million). Inox Wind’s holdings in Inox Renewable reduced from 91.9% to 88.84%, without loss of control.

Following ESOP allotment and warrant conversions in Inox Green Energy Services (IGESL), Inox Wind’s stake in IGESL fell from 55.93% to 54.78%. The company said it retained control of the subsidiary after the dilution.

IWL’s current wind turbine generator order book stands at 3.1 GW, including 600 MW of newly added capacity.

The company said it is shifting its focus towards wind turbine equipment supply to improve working capital cycles and reduce risks associated with turnkey projects. The supply business comprises 50% of the company’s backlog. IWL aims to complete most of its engineering, procurement, and construction projects by the first half of FY 2027.

This shift in focus is expected to maintain or slightly improve EBITDA margins, with the metric projected to remain at or above 20%.

IWL said the launch of its 4.4 MW wind turbine is on track and is expected to help expand its market reach and improve margins.

Last December, IWL received orders worth 202.3 MW for its 3.3 MW wind turbines from Jakson Green and ABREL EPC, a subsidiary of Aditya Birla Renewables.