Inox Green missed its ₹5,000 cr revenue target. Now it's hiding MW numbers.
Management blamed supply-chain disruptions for a ₹400 cr FY26 miss. It then refused to disclose the operational metrics used to track the business.
— 1 earlier story on Inox Green Energy Services Ltd. →What's new
- Inox Green missed its ₹5,000 cr FY26 revenue guidance by ₹400 cr, blaming external supply-chain issues.
- Management refused to provide historical megawatt execution figures during the call, shifting focus to revenue.
- FY27 guidance: Inox Wind revenue to grow 75% to ₹8,000 cr; Inox Green EBITDA target above ₹600 cr.
Why this matters
The refusal to disclose megawatt figures is a telling move. It forces the market to evaluate Inox Green purely on financials, not operational metrics, at a time when it has missed its own revenue target. The new EBITDA guidance is aggressive, but it follows a guidance miss.
What we're watching
- Whether the ₹600 cr+ EBITDA guidance holds after the ₹400 cr revenue miss.
- Progress on completing the demerger of the evacuation business into Inox Renewable Solutions within two months.
- How the consolidation of 6.5 GW in strategic acquisitions impacts margins and execution.
The full read
Inox Green Energy Services missed its own FY26 revenue target by ₹400 crore. The company had guided for ₹5,000 crore in revenue but blamed supply-chain disruptions for the shortfall. On the call, management then refused to disclose the megawatt execution numbers the market has traditionally used to gauge the business. Why? The filing gives no reason. Instead, it offered fresh FY27 guidance: Inox Wind revenue to jump 75% to ₹8,000 crore, and Inox Green EBITDA to top ₹600 crore. The company is also absorbing 6.5 GW from two strategic acquisitions. Separately, the demerger of its evacuation business into Inox Renewable Solutions has NCLT approval and is expected to close within two months. The new EBITDA target is bold. But it arrives on the heels of a missed revenue target and a retreat from operational transparency.
Questions answered
- How much did Inox Green miss its revenue guidance by?
- The company reported a revenue shortfall of ₹400 crore against its earlier guidance of ₹5,000 crore for FY26. Management attributed the miss to external supply-chain disruptions.
- Why did management stop sharing megawatt execution data?
- During the call, management refused to provide historical megawatt execution figures and shifted its focus entirely to reporting revenue. The filing gives no reason for the change in reporting.
- What is the FY27 guidance for the Inox group companies?
- Inox Wind is guiding for revenue of ₹8,000 crore, a 75% increase, with EBITDA margins of 20-22%. Inox Green is targeting EBITDA above ₹600 crore.
- What is the status of the planned demerger?
- The demerger of the evacuation infrastructure business into a new entity, Inox Renewable Solutions, has received NCLT approval. Management expects it to be completed within two months.
Story so far
All notes on INOXGREEN →- 29 May 2026 · 7:50 PM IST Inox Green missed its ₹5,000 cr revenue target. Now it's hiding MW numbers.
- 1d ago Inox Green targets ₹600 cr EBITDA in FY27; transcript adds nothing