Inox Green misses ₹400 cr on FY26 guidance, blames supply chain
Management won't give megawatt execution data anymore. It guided for ₹600 cr EBITDA in FY27 on the back of two big acquisitions.
— 1 earlier story on Inox Green Energy Services Ltd. →What's new
- Inox Green missed its ₹5,000 cr FY26 revenue target by ₹400 cr, citing supply chain disruptions.
- Management refused to share historical megawatt execution figures, pivoting to revenue-only reporting.
- NCLT cleared the demerger of the evacuation business into Inox Renewable Solutions; completion expected in two months.
Why this matters
Dropping megawatt metrics while missing a guidance target is a classic accountability pivot. The company is asking investors to focus on future EBITDA, not the past execution that drove the miss. The ₹600 cr EBITDA guide for FY27 hinges on integrating 6.5 GW of acquisitions, an untested bet.
What we're watching
- Integration of the two 6.5 GW acquisitions driving the ₹600 cr EBITDA target.
- Completion of the Inox Renewable Solutions demerger post-NCLT approval.
- Inox Wind's execution on its own ₹8,000 cr, 75% growth revenue guide for FY27.
The full read
Inox Green missed its own ₹5,000 crore FY26 revenue target by ₹400 crore. Management blamed supply chain disruptions. During the call, the company also dropped a key disclosure: it will no longer provide megawatt execution data, focusing investors on revenue and EBITDA instead. For FY27, Inox Green is guiding for EBITDA north of ₹600 crore. This target is built on consolidating two strategic acquisitions totaling 6.5 GW. The parent equipment arm, Inox Wind, guided for ₹8,000 crore in revenue, implying 75% growth, with margins of 20-22%. Separately, NCLT cleared the demerger of the evacuation business into Inox Renewable Solutions, a process expected to wrap in two months. The guidance reset and disclosure shift together signal a company asking the market to judge it on future deals, not past installs.
Questions answered
- Why did Inox Green miss its FY26 revenue guidance?
- The company fell ₹400 crore short of its ₹5,000 crore target. Management attributed the gap entirely to external supply chain disruptions, not internal execution.
- What changed about the company's disclosure approach?
- Management explicitly refused to provide historical megawatt execution figures during the call. The company is shifting its reporting focus solely to revenue metrics.
- What is the status of the demerger into Inox Renewable Solutions?
- The National Company Law Tribunal (NCLT) has approved the demerger of the evacuation infrastructure business. Management expects the process to complete within two months.
- What are the key financial targets for FY27?
- Inox Green guided for EBITDA above ₹600 crore. This is tied to the consolidation of two strategic acquisitions totaling 6.5 GW of capacity. Inox Wind, the parent equipment business, guided for ₹8,000 crore in revenue.
Story so far
All notes on INOXGREEN →- 29 May 2026 · 7:50 PM IST Inox Green misses ₹400 cr on FY26 guidance, blames supply chain
- 1d ago Inox Green's profit surges to ₹103 cr after demerger cleans up the books