Inox Wind Q4 Results Preview— Strong Quarter Ahead; Capacity Additions Pick Up At India Level, Says Systematix

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Systematix Report

We estimate Inox Wind Ltd.’s Q4 FY25 consolidated revenue of Rs 12.9 billion (+144% YoY, +41% QoQ), driven by improving deliveries of 3MW WTG sets. We estimate Q4 FY25 execution of 251MW, projecting a growth of 94%/33% YoY/QoQ.

Consolidated Ebitda (excluding other income) is expected to reach Rs 2.57 billion during the quarter, up 152% YoY and 24% QoQ. With our Q4 estimates, we expect FY25 annual execution to reach 720 MW (+91% YoY) compared to management’s guidance of 800MW.

Improved execution and commissioning in Q4 FY25 is expected to be driven by a pickup in EPC and continued ramp-up of manufacturing operations.

We estimate interest costs to drop by 50% YoY and 21% sequentially this quarter, resulting in a net profit after tax (before minority interest) of Rs 1,887 million (+68% QoQ).

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