Power Sector News Roundup for February 16, 2026

INOXGFL group firms report strong Q3 FY26 growth

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 recorded consolidated revenue of Rs 1,238 crore in Q3 FY26, up 24% year-over-year, with EBITDA of Rs 313 crore and a margin of 25.2%. Profit before tax rose 62% to Rs 209 crore, while profit after tax increased 14% to Rs 127 crore. Inox Green posted consolidated total income of Rs 112 crore, up 51%, with profit after tax rising 375% to Rs 25 crore. IWL revised its FY26 revenue guidance to about Rs 5,000 crore and raised EBITDA margin guidance to 20–22%.

PFC, MECON sign MoU for green energy collaboration

Power Finance Corporation Limited (PFC) signed a Memorandum of Understanding (MoU) with MECON Limited to enhance cooperation across infrastructure and energy projects. The agreement focuses on green hydrogen, energy storage, and renewable energy integration. The MoU was formalised in the presence of senior officials, including Smt. Parminder Chopra, CMD of PFC, and Shri Sanjay Kumar Verma, CMD and Director (Projects) – Additional Charge, MECON. The collaboration covers technical and financial cooperation, policy advocacy, consultancy services, and development of bankable projects aligned with clean energy transition goals.

Ceigall India forms SPV for 220 MW Morena solar project

Ceigall India Limited incorporated a wholly owned subsidiary, Ceigall Morena Solar BESS Park Limited, on February 13, 2026, as a Special Purpose Vehicle (SPV) for a 220 MW solar project in Madhya Pradesh. The project was awarded by Rewa Ultra Mega Solar Ltd under a Letter of Award dated February 9, 2026, for Unit 1 at the Morena Solar Park. Separately, the company incorporated Ceigall EPC Global Contracting Limited Liability Company (LLC) in Dubai on February 12, 2026, with a capital of AED 300,000. The investment is routed through Ceigall Global Pte. Ltd., which holds 100% shareholding in the Dubai-based entity.

APTEL disposes IEX plea on CERC market coupling directions

The Appellate Tribunal for Electricity (APTEL) disposed of an appeal filed by Indian Energy Exchange Limited (IEX) against the Central Electricity Regulatory Commission’s (CERC) July 23, 2025 directions on market coupling in the Day-Ahead Market (DAM). The Tribunal held that although the proceedings qualify as an order under Section 111(1) of the Electricity Act, 2003, the appeal was premature as no separate regulations have been notified. It ruled that IEX has not suffered civil consequences since implementation depends on future regulations. APTEL clarified that IEX may challenge any future regulations framed by CERC and disposed of all connected applications while declining relief at this stage.

NLCIL, NALCO sign MoU for 1200 MW thermal and renewable projects

NLC India Limited (NLCIL) signed a Memorandum of Understanding (MoU) with National Aluminium Company Limited (NALCO) on February 14, 2026, in Mahabalipuram. The agreement covers a proposed 1200 MW thermal captive power project and related renewable initiatives to meet NALCO’s long-term power needs. The framework includes examination of captive and group captive structures and proposed coal supply agreements for fuel security. The arrangement allows for joint project development, including the potential formation of a joint venture company.

Patel Engineering reports Q3 FY26 revenue of Rs 1,239 Cr

Patel Engineering Limited (PEL) reported consolidated revenue from operations of Rs 1,239 Cr in Q3 FY26, up 2.81% year-over-year. Consolidated net profit for the quarter stood at Rs 71 Cr, with EBITDA of Rs 145 Cr and a margin of 11.68%. As of December 31, 2025, the order book was Rs 15,123 Cr. During the quarter, PEL signed a Memorandum of Agreement with the Government of Arunachal Pradesh for the 144 MW Gongri Hydropower project, valued at approximately Rs 1,700 Crores, to be executed on a BOOT basis with a 40-year lease period. The company also completed a rights issue, raising approximately Rs 400 Cr.