Inox Wind Q4 Result Review: Inline; Strong Order Book To Keep Growth Intact, Says Systematix Maintaining 'Buy'

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Systematix Report

Inox Wind Ltd.’s Q4 FY25 revenue of Rs 12.75 billion (+142% YoY, +40% QoQ) was in line with our estimate. Ebitda (exclusive other income) at Rs 2,543 million grew by 158%/25% YoY/QoQ, also falling in line with our estimate. The Ebitda margin for the quarter came in at 19.9%, a 125bps YoY increase, but fell 241bps QoQ. Inox Wind’s interest costs fell by 7%/6% YoY/QoQ to Rs 295 million in 4 QFY25. Inox Wind executed 236MW orders in Q4 FY25 vs 189MW/129MW in Q3 FY25/Q4 FY24.

Standalone revenue and Ebitda were reported at Rs 12.86 billion (+173%/+39% YoY/QoQ) and Rs 2,339 million (+295%/+33% YoY/QoQ), respectively. On a consolidated basis, realisations averaged Rs 5.4cr/MW during the quarter (+32%/+12% YoY/QoQ), reflecting a likely pick up in EPC activity.

The company’s Operations and Maintenance subsidiary Inox Green Energy Services Ltd. reported Q4 FY25 revenue and Ebitda (incl. other income) of Rs 684 million (+30%/+12% YoY/QoQ) and Rs 295 million (-32%/+4% YoY/QoQ), respectively.

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