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Inox Wind Limited (IWL), one of India’s leading wind energy solutions providers, reported its highest-ever first-quarter profit after tax (PAT) and cash PAT for the period ended June 30, 2025, underscoring continued momentum in the country’s wind energy sector.
The company posted consolidated revenues of ₹863 crore, up 32% year-on-year, while EBITDA rose 39% to ₹220 crore. Profit before tax surged 167% YoY to ₹138 crore, resulting in a 134% rise in PAT to ₹97 crore, despite a deferred tax charge of ₹40 crore. Cash PAT increased 168% YoY to ₹186 crore.
Operational Growth and Order Book Expansion
Order execution during the quarter rose to 146 MW, compared to 140 MW in the same period last year, with IWL’s total order book reaching 3.1 GW. The company added an equipment supply order from First Energy, strengthening its diversified portfolio of public sector, independent power producers (IPPs), and commercial & industrial customers.
IWL also commissioned its new nacelle plant near Ahmedabad, Gujarat, a transformer manufacturing facility in Rajasthan, and deployed its own cranes across multiple sites.
Its operations and maintenance (O&M) subsidiary, Inox Green, signed an agreement for comprehensive O&M services for 182 MW of wind projects belonging to one of India’s largest conglomerates. In parallel, the scheme of demerger of Inox Green’s substation business, followed by its merger with Inox Renewable Solutions, received approval from stock exchanges. The merger of Inox Wind Energy Ltd. into IWL further strengthened the company’s balance sheet, reducing liabilities by approximately ₹2,050 crore.
Quarterly Highlights (Q1 FY26 vs Q1 FY25)
Consolidated revenue: ₹863 cr vs ₹655 cr (+32%)
Consolidated EBITDA: ₹220 cr vs ₹158 cr (+39%)
PAT: ₹97 cr vs ₹42 cr (+134%)
Cash PAT: ₹186 cr vs ₹69 cr (+168%)
Execution: 146 MW vs 140 MW (+4%)
Order book: 3,108 MW vs 2,917 MW (+7%)
Management Commentary
Devansh Jain, Executive Director, INOXGFL Group, said the results reflected the company’s strong foundation:
“Inox Wind has delivered yet another solid performance. With strategic actions largely behind us and strong synergies across our Group, we are well positioned to capitalize on India’s decadal renewable energy growth story.”
Kailash Tarachandani, Group CEO, Renewable Business, INOXGFL Group, added:
“Backed by advanced products, strong customer relationships, and supportive domestic manufacturing policies, Inox Wind continues to lead growth in the Indian wind sector.”
Sanjeev Agarwal, CEO of Inox Wind, highlighted the robust industry outlook:
“We have commenced FY26 on a strong note with a diversified order book and new customer additions. With the ALMM policy supporting domestic OEMs, demand growth for wind equipment and services will remain strong.”
