Inox Wind Limited has submitted to the Exchange, the financial results for the period ended December 31, 2025.
INOXWIND · price
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On the reaction day the stock moved 5.0 pts less than Nifty Smallcap 250 and 6.3 pts less than its Heavy Electrical Equipment peers, over the same two closes: a difference in percentage points, not a measure of what the filing did.
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Inox Wind reported strong Q3 FY26 standalone results: revenue from operations rose to ₹1,08,192 lakh vs ₹92,828 lakh in Q3 FY25 (~17% YoY growth), while profit after tax jumped to ₹12,633 lakh vs ₹5,858 lakh (more than doubled). For 9M FY26, standalone revenue grew ~24% to ₹2,74,493 lakh and PAT surged ~137% to ₹45,989 lakh. Consolidated 9M FY26 revenue rose ~38% to ₹3,15,288 lakh with PAT up ~39% to ₹34,464 lakh. The board also approved grant of 1,83,000 stock options under the ESOP 2024 scheme. Auditor Dewan P.N. Chopra & Co. issued an unmodified limited review report with emphasis-of-matter notes on ₹5,578 lakh of funds stuck in 6 SPVs, pending court/appellate litigation, and the new Labour Codes effective November 2025. Prior period figures have been restated to reflect the merger of Inox Wind Energy Ltd into Inox Wind (NCLT order May 23, 2025) and the ₹1,249 crore rights issue completed in August 2025 at ₹120 per share.
Sharp year-on-year earnings growth and a healthy topline trend are positive for shareholders, though the stock has been diluted by the recent rights issue and ESOP grants. Investors should keep an eye on the unresolved SPV investments (where CERC appeal was rejected and a further appeal to APTEL is being filed) and ongoing litigation, as these carry contingent risk despite management's view of no material impact.