Green Energy Stock Crashes 8% Despite Reporting Strong Order Book and 20–22% Margin Guidance

Synopsis: Shares of one of the leading green energy companies fell 8% despite Q3 revenue of Rs. 1,207 crore, 32% YoY sales growth, a 3.2 GW order book, and 20–22% EBITDA margin guidance, indicating near-term market pressure.

The shares of this company are engaged in the business of manufacturing Wind Turbine Generators (WTGs) and are a wind energy solutions provider servicing IPPs, Utilities, PSUs, Corporates etc are in focus after it fell by 8 percent in today’s session despite strong Q3 results with 32 percent in net profit growth, and the order book stands at 3.2GW. 

With a market capitalisation of Rs. 16,910 cr, the shares of Inox Wind Ltd were trading at Rs. 97.85 per share, declining 8% in today’s market session, making a low of Rs. 97.50, down from its previous close of Rs. 106.40 per share. The stock has declined 42% over the past year, is down 20% year-to-date, has fallen 30% in the last six months, and is 14% lower over the past month.

Q3 Results  

On a quarter-on-quarter basis, revenue increased from Rs. 1,119 crore to Rs. 1,207 crore, reflecting a 8% growth. EBITDA rose sharply from Rs. 228 crore to Rs. 282 crore, registering a strong 24% increase, indicating margin expansion. Net profit improved from Rs. 121 crore to Rs. 127 crore, up 5%, while EPS rose from Rs. 0.53 to Rs. 0.68, marking a robust 28% growth.

On a year-on-year basis, sales grew from Rs. 911 crore to Rs. 1,207 crore, delivering a healthy 32% growth. EBITDA increased from Rs. 204 crore to Rs. 282 crore, up 38%, highlighting strong operating leverage. Net profit rose from Rs. 110 crore to Rs. 127 crore, a 15% increase. EPS declined from Rs. 0.84 to Rs. 0.68, translating into a 19% decline. 

Order Book 

During the current quarter, the company has seen an increase in order execution to 252 MW. Its current net order book is approximately 3.2 GW, which gives 18-24 months of revenue visibility. There is substantial visibility on order intake due to the strong growth plans of Inox Clean and the new orders received from both existing customers and new customers across PSU, IPP, and C&I segments. In FY26 till date has won approximately 600 MW worth of orders.

Guidance 

Inox Wind Limited has issued strong growth guidance for FY26 and FY27, supported by a large and well-diversified order book. For FY26, the company has guided for consolidated revenue of over Rs. 5,000 crore, implying more than 35% YoY growth, while EBITDA margin guidance has been upgraded to 20–22% from the earlier 18–19% range. Looking ahead to FY27, consolidated revenue is expected to grow by around 75% over FY26, with EBITDA margins maintained at 20–22%, reflecting confidence in execution and profitability.

Growth of the Wind Sector 

The company highlights a favourable macro environment for India’s wind and renewable energy sector. More than 13 GW of renewable capacity was awarded through tenders up to Apr–Feb FY26, comprising ~6.6 GW of wind and FDRE projects (Wind: 2.25 GW, FDRE: 4.37 GW), alongside solar and solar+BESS projects. In 9MFY26, 34.7 GW of renewable capacity was added, including 4.47 GW of wind, taking India’s total RE capacity (including large hydro) to ~258 GW by Dec’25.

India has set ambitious non-fossil fuel capacity targets of 500 GW by 2030 and 1,800 GW by 2047, with wind capacity expected to scale from 55 GW currently to 110 GW by 2030 and 400 GW by 2047. As of Dec’25 (excluding large hydro), India’s RE capacity stood at ~207 GW, dominated by solar (~136 GW), followed by wind (~54.5 GW), underscoring strong long-term growth visibility for the wind sector.

Inox Wind Limited is one of the leading integrated wind energy solutions providers in India, serving IPPs, utilities, PSUs, and corporate investors, and is part of the multi-billion-dollar INOXGFL Group with over nine decades of legacy. 

The company operates five advanced manufacturing plants across Gujarat, Madhya Pradesh, and Himachal Pradesh, producing blades, towers, hubs, and nacelles, with a ~2.5 GW annual manufacturing capacity backed by its 3 MW WTG platform.

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