INOXGFL group firms report strong Q3 FY26 growth
Author: PPD Team Date: February 16, 2026
Inox Wind Limited (IWL) and Inox Green Energy Services Limited (Inox Green), part of the INOXGFL Group, reported higher revenue and profit for the quarter ended December 31, 2025. IWL posted its strongest quarterly performance to date, while Inox Green recorded a 51% increase in revenue, supported by the expansion of its operations and maintenance portfolio.
IWL reported consolidated revenue of Rs 1,238 crore in Q3 FY26, up 24% year-over-year. Earnings before interest, tax, depreciation and amortisation (EBITDA) rose 39% to Rs 313 crore, with a margin of 25.2%. Profit before tax increased 62% to Rs 209 crore, and profit after tax rose 14% to Rs 127 crore. Cash profit after tax stood at Rs 262 crore, up 38%.
For the nine-month period ended December 31, 2025, consolidated total income reached Rs 3,263 crore, compared to Rs 2,391 crore in the corresponding period last year, reflecting 36% growth. EBITDA for 9M FY26 stood at Rs 804 crore, up 42%.
During the quarter, IWL executed 252 MW of wind power projects, a 33% increase from Q3 FY25. Nine-month execution reached 600 MW, up 28% year-over-year. The company reported an order book of about 3.2 GW, providing visibility for 18–24 months. In the current fiscal year through December, IWL secured around 600 MW of orders from Aditya Birla, Amplus/Gentari, Jakson, and First Energy.
The company revised its FY26 guidance, projecting consolidated revenue of about Rs 5,000 crore, implying roughly 35% year-over-year growth. EBITDA margin guidance was raised to 20–22% from the earlier 18–19% range. For FY27, IWL expects consolidated revenue growth of about 75% over FY26.
Inox Green reported consolidated total income of Rs 112 crore in Q3 FY26, up from Rs 74 crore in the corresponding quarter last year, reflecting 51% growth. EBITDA increased 80% year-over-year to Rs 53 crore. Profit before tax rose 261% to Rs 40 crore, while profit after tax increased 375% to Rs 25 crore. Cash profit after tax stood at Rs 51 crore, up 116%.
For the nine months ended December 31, 2025, Inox Green reported total income of Rs 339 crore, up 76% year-over-year. EBITDA stood at Rs 153 crore, reflecting 64% growth.
Inox Green’s renewable operations and maintenance (O&M) portfolio stands at 13.3 GWp, comprising about 10 GW of wind assets and 3.3 GWp of solar assets across 17 states. This includes the acquisition of 6.5 GW of operational wind O&M portfolios from two companies. Machine availability averaged 96.5% in the December quarter and 96.2% for the nine-month period. The company provides long-term O&M services under contracts ranging from 5 to 20 years.
The scheme to demerge Inox Green’s common infrastructure business and merge it into Inox Renewable Solutions Limited (formerly Resco Global) is at the final stage of hearing before the Hon’ble National Company Law Tribunal (NCLT), Ahmedabad. The scheme has received no-objection from stock exchanges and approvals from shareholders and creditors. Following NCLT approval, Inox Renewable Solutions will be automatically listed on stock exchanges. The demerger is expected to result in an asset-light balance sheet for Inox Green and remove associated depreciation expenses.
Devansh Jain, Executive Director of INOXGFL Group, stated that all renewable companies within the group are positioned for significant growth. “I believe Inox Wind will continue to deliver strong performance and execution, while the large-scale O&M portfolio expansion of Inox Green further adds to consolidated profitability,” he said.
Kailash Tarachandani, Group CEO of Renewables Business at INOXGFL Group, noted: “Another set of strong quarterly results in Q3 FY26 has set Inox Wind on course to deliver its best-ever annual financial performance in FY26.”
Sanjeev Agarwal, CEO of Inox Wind, attributed the margin performance to operational initiatives including backward integration into cranes and transformer manufacturing, adding that the company continues to be “the partner of choice for most large renewable developers.”
IWL operates five manufacturing facilities in Gujarat, Madhya Pradesh, and Himachal Pradesh, with capacity of about 2.5 GW per annum. The company manufactures blades, tubular towers, hubs, and nacelles, and offers 2 MW and 3 MW wind turbine generators, with a 4 MW model licensed for future production. Inox Green is a subsidiary of IWL and part of the INOXGFL Group, which operates across chemicals and renewables.
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