Inox Wind missed its own FY26 target. Now it's guiding for 75% growth.
FY26 revenue fell ₹400 cr short of guidance. The company is pivoting its model and betting big on FY27, with a 6.5 GW acquisition in the works.
— 1 earlier story on Inox Wind Ltd. →What's new
- Inox Wind posted FY26 revenue of ₹4,600 cr, missing its own guidance by ₹400 cr.
- The company is shifting from turnkey EPC to an equipment-supply model, now 75-80% of the order book.
- Guides for 75% revenue growth in FY27 with stable 20-25% EBITDA margins.
Why this matters
The ₹400 cr miss on a ₹5,000 cr target is a credibility hit that the aggressive FY27 guidance must now answer. The strategic pivot to equipment supply is a direct response to the working-capital drag that contributed to the FY26 shortfall. The Inox Green acquisition and demerger are the levers for the new growth target.
What we're watching
- Whether the equipment-led model actually improves cash conversion in the coming quarters.
- Execution on the 6.5 GW Inox Green asset acquisition.
- The next set of order-book disclosures to validate the model shift.
The full read
Inox Wind's FY26 numbers are a disappointment. Revenue of ₹4,600 cr missed the company's own ₹5,000 cr target by ₹400 cr, with supply chain disruptions and component delays cited as the cause. The response is a strategic overhaul: the company is abandoning the turnkey EPC model that dragged working capital and pivoting to equipment supply, which now commands 75-80% of the order book. Against that backdrop, the FY27 guidance of 75% revenue growth with 20-25% EBITDA margins is ambitious. The credibility of that target now hinges on two things: whether the equipment model delivers the promised stability, and how quickly the 6.5 GW asset acquisition through Inox Green closes. The demerger of the evacuation business is another moving part, all aimed at restructuring the balance sheet for the new growth phase.
Questions answered
- How far did Inox Wind miss its FY26 revenue guidance?
- It reported ₹4,600 cr in revenue against a management guidance of ₹5,000 cr, a shortfall of ₹400 cr attributed to supply chain and component delays.
- What is the new strategic model the company is adopting?
- Inox Wind is pivoting from a turnkey EPC model to an equipment-led supply model. This new model now makes up 75-80% of the company's order book.
- What is the substance behind the 75% FY27 growth target?
- The growth target is underpinned by the equipment-supply pivot, a pending 6.5 GW acquisition by subsidiary Inox Green, and the demerger of its evacuation infrastructure business.
- What is the status of the Inox Green asset acquisition?
- The subsidiary is in advanced stages of acquiring a 6.5 GW wind asset portfolio. The NCLT has also approved the demerger of Inox Wind's evacuation infrastructure business.
Story so far
All notes on INOXWIND →- 29 May 2026 · 7:44 PM IST Inox Wind missed its own FY26 target. Now it's guiding for 75% growth.
- 1d ago Inox Wind's FY26 profit holds at ₹449 cr as revenue climbs 23.6%