Mumbai, June 1: Inox Wind’s shares fell by nearly 10% on Monday after the company reported disappointing results for the fourth quarter of the fiscal year 2026. The wind energy solutions provider posted a consolidated profit of ₹105.68 crore for the January-March quarter, a significant drop of approximately 45% compared to ₹190.34 crore during the same period last year.
This decline in profit was attributed to a sharp increase in operational expenses during the quarter. The company’s total income from operations stood at ₹1,305.50 crore, slightly lower than ₹1,310.65 crore recorded in the previous year.
Total expenses rose to ₹1,161.59 crore from ₹1,103.01 crore in the same quarter last year, negatively impacting the income. Despite the weak quarterly performance, Inox Wind reported a robust order book of 3.1 gigawatts as of March 31, 2026, ensuring revenue visibility for over two years.
The company cited several factors contributing to the pressure on its financial performance, including implementation challenges, geopolitical disruptions affecting the supply of equipment and components, logistical hurdles, and delays in customer payments due to a challenging macroeconomic environment.
As a result of these issues, the need for working capital remained high during the quarter. Commenting on the results, Nuvama Institutional Equities noted that Inox Wind’s performance in Q4 of FY 2026 fell significantly short of expectations. The brokerage reported that revenue was ₹1,240 crore, compared to an estimate of ₹2,150 crore.
The operational profit margin decreased to 16% from 19.9% a year earlier, primarily due to a 95% year-on-year increase in engineering, procurement, and construction (EPC) costs, leading to EBITDA falling nearly 45% below estimates.
Considering the ongoing implementation challenges, Nuvama revised its implementation forecasts for FY 2027 and FY 2028 down to 1.4 gigawatts and 1.75 gigawatts, respectively, from previous estimates of 1.6 gigawatts and 2 gigawatts.
As of the time of writing, Inox Wind’s shares were down 10.04%, trading at ₹83.61.
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