Inox Wind missed its own guidance. Now it's betting big on a new playbook.
FY26 revenue fell short by ₹400 cr. Management is now pivoting to an equipment-led model and guiding for 75% growth next year.
— 1 earlier story on Inox Wind Ltd. →What's new
- Inox Wind missed its FY26 revenue guidance by ₹400 cr, citing supply chain and component delays.
- The company is shifting its core model from turnkey EPC to equipment supply, now 75-80% of its order book.
- It is guiding for 75% revenue growth in FY27 and has a subsidiary nearing the acquisition of a 6.5 GW wind portfolio.
Why this matters
The strategic pivot is a direct response to a year of missed targets and poor working capital. By selling equipment instead of building entire projects, Inox Wind is trying to lock in revenue more quickly and reduce execution risk. The aggressive FY27 target of 75% growth hinges entirely on this new model and the large O&M acquisition working as planned.
What we're watching
- Whether the new equipment-led model actually improves cash conversion and execution reliability.
- The final terms and integration of the 6.5 GW wind asset acquisition by Inox Green.
- Progress on the NCLT-approved demerger of the evacuation infrastructure business.
The full read
Inox Wind closed FY26 with ₹4,600 cr in revenue, missing its own ₹5,000 cr guidance by ₹400 cr. The miss, blamed on supply chain snags, has forced a strategic reset. The company is now pivoting hard from turnkey project execution to equipment supply, a model that now represents 75-80% of its order book. The goal is simpler revenue recognition and tighter working capital. To back this up, management is guiding for 75% revenue growth in FY27 alongside steady 20-25% EBITDA margins. Parallel moves are in play: its subsidiary Inox Green is nearing the purchase of a 6.5 GW wind asset portfolio, and the NCLT has cleared the demerger of its evacuation infrastructure unit. The new equipment-led model is the story. Whether it delivers the execution stability and cash flow the old one didn't is the open question for FY27.
Questions answered
- Why did Inox Wind miss its FY26 revenue target?
- The company fell short of its ₹5,000 cr guidance, delivering ₹4,600 cr. Management blamed supply chain disruptions and component delivery delays for the ₹400 cr miss.
- What is the big strategic shift Inox Wind is making?
- It is moving away from a turnkey EPC model to focus on equipment supply. This equipment-led model now makes up 75-80% of its order book, a move aimed at improving working capital.
- How ambitious is the FY27 guidance?
- The company is targeting 75% revenue growth for FY27, which would imply revenue of around ₹8,050 cr. It also plans to maintain EBITDA margins in the 20-25% band.
- What is the significance of the Inox Green acquisition?
- Its subsidiary, Inox Green, is in advanced stages of buying a 6.5 GW wind asset portfolio. This would significantly expand its operations and maintenance business, which is central to the future revenue growth plan.
Story so far
All notes on INOXWIND →- 29 May 2026 · 7:44 PM IST Inox Wind missed its own guidance. Now it's betting big on a new playbook.
- 1d ago Inox Wind missed its own guidance. The transcript just confirms it.