Inox Green Energy Q4 FY26 Results: Net Profit Jumps 340% YoY to ₹28.4 Crore — Full Financial Breakdown

By Kaushik Brahmakshatriya

Published On 01 June 2026.

Inox Green Energy Q4 FY26 Results

India’s leading listed wind power Operation & Maintenance (O&M) services company, Inox Green Energy Services Ltd, delivered a standout set of numbers for the quarter ended March 31, 2026. The company reported a massive 340% year-on-year surge in consolidated net profit, confirming that its business model is rapidly gaining operational leverage. Here is a detailed analysis of Inox Green Energy’s Q4 FY26 results, full-year FY26 performance, and what lies ahead.

Company Overview

Inox Green Energy Services Ltd is India’s only listed pure-play renewable energy O&M service provider. It operates as a subsidiary of Inox Wind Ltd, which is part of the USD 12 billion INOXGFL Group. The company specializes in long-term wind power operations and maintenance contracts, helping wind farm owners maximize energy generation and turbine uptime across the country.

Q4 FY26 Financial Highlights

The January–March 2026 quarter was a significant turning point for Inox Green, with profitability growing at an accelerated pace even as revenue saw steady gains.

Inox Green Energy Q4 FY26 vs Q4 FY25 — Key Metrics (Consolidated)

Financial Metric	Q4 FY26	Q4 FY25	YoY Change
Revenue from Operations	₹68.7 Crore	₹64.5 Crore	+6.4%
Total Income	₹119.5 Crore	₹85.3 Crore	+40.0%
EBITDA	₹57.2 Crore	₹29.6 Crore	+93.2%
Net Profit (PAT)	₹28.4 Crore	₹6.4 Crore	+340%
Total Expenses	₹73.71 Crore	₹72.01 Crore	+2.4%

The numbers tell a compelling story. While revenue from operations rose by a modest 6.4% year-on-year to ₹68.7 crore, the total income jumped sharply by 40% to ₹119.5 crore, reflecting a significant contribution from other income during the quarter.

Expenses remained nearly flat at ₹73.71 crore versus ₹72.01 crore in the year-ago period, which directly powered the explosive growth in EBITDA (up 93.2%) and net profit (up 340%).

Q4 FY26 vs Q3 FY26 — Sequential Comparison

On a quarter-on-quarter basis, Q4 showed a nuanced picture. Revenue from operations dipped 11.9% from ₹78.0 crore in Q3 FY26. However, profitability metrics improved meaningfully — PAT grew 15% from ₹24.7 crore in Q3, and EBITDA expanded by 8.6% from ₹52.7 crore in Q3.

Inox Green Energy Q4 FY26 vs Q3 FY26 — Sequential Performance

Metric	Q4 FY26	Q3 FY26	QoQ Change
Revenue from Operations	₹68.7 Crore	₹78.0 Crore	-11.9%
EBITDA	₹57.2 Crore	₹52.7 Crore	+8.6%
Net Profit (PAT)	₹28.4 Crore	₹24.7 Crore	+15.0%

This divergence between declining revenue and rising profitability sequentially reflects stronger cost control and higher-margin income streams during the March quarter.

Full Year FY26 Performance — A Transformational Year

Beyond the quarterly numbers, FY26 as a whole marked a dramatic financial turnaround for Inox Green Energy. The company nearly quadrupled its net profit on an annual basis, demonstrating the scalability of its asset-light O&M business model.

Inox Green Energy Full Year FY26 vs FY25 — Annual Comparison

Financial Metric	FY26 (Full Year)	FY25 (Full Year)	YoY Growth
Revenue from Operations	₹281.0 Crore	₹220.2 Crore	+28%
EBITDA	₹209.7 Crore	₹122.8 Crore	+70.8%
Net Profit (PAT)	₹103.5 Crore	₹21.9 Crore	+372%

Annual revenue crossed ₹281 crore — a 28% jump over FY25 — while EBITDA nearly doubled to ₹209.7 crore. The full-year net profit of ₹103.5 crore compared against a mere ₹21.9 crore in FY25 underscores the enormous operating leverage embedded in Inox Green’s long-term service contracts.

Key Business Developments in FY26

1.Demerger of Power Evacuation Business

One of the most significant corporate events during FY26 was the demerger of Inox Green’s Power Evacuation Business into a newly formed entity called Inox Renewable Solutions Limited. The National Company Law Tribunal (NCLT), Ahmedabad Bench, approved the scheme in March 2026, and it became effective on May 4, 2026. This strategic restructuring will allow Inox Green to sharpen its focus exclusively on O&M services, while the power evacuation vertical operates as a standalone entity.

2. Growing O&M Portfolio Scale

Inox Green continues to benefit from Inox Wind’s expanding project pipeline. The parent company — Inox Wind — carried an order book of over 3.1 GW as of Q4 FY26, and every new wind project commissioned adds to Inox Green’s long-term O&M contracts. This creates a compounding revenue growth flywheel for the O&M business.

3. Higher Other Income Boosts Profitability

The jump in total income to ₹119.5 crore (vs revenue from operations of ₹68.7 crore) highlights that other income — including income from the demerger process and treasury operations — played a meaningful role in driving quarterly profitability. Investors should track the sustainability of this other income in coming quarters.

Outlook for FY27

Inox Green enters FY27 with a structurally stronger balance sheet post-demerger and an expanding O&M contract base. As India’s wind energy capacity continues to scale rapidly — with national targets demanding significant renewable additions — the demand for professional O&M services is expected to rise in tandem.

The company’s asset-light model means revenue additions from new wind projects flow directly into EBITDA margins over time. With Inox Wind guiding for approximately 75% revenue growth in FY27 and new turbine platform launches planned, Inox Green’s service order book should expand correspondingly.

Frequently Asked Questions (FAQ)

Q1. What was Inox Green Energy’s net profit in Q4 FY26?

Inox Green Energy Services reported a consolidated net profit of ₹28.4 crore in Q4 FY26, compared to ₹6.4 crore in Q4 FY25 — a year-on-year increase of approximately 340%.

Q2. How much did Inox Green Energy’s revenue grow in Q4 FY26?

Revenue from operations grew 6.4% year-on-year to ₹68.7 crore in Q4 FY26 from ₹64.5 crore in Q4 FY25. However, total income including other income grew 40% to ₹119.5 crore.

Q3. What was Inox Green Energy’s full-year FY26 net profit?

For the full financial year FY26, Inox Green reported a consolidated net profit of ₹103.5 crore, up sharply from ₹21.9 crore in FY25 — a growth of over 370%.

Q4. What is the demerger update for Inox Green Energy?

Inox Green’s Power Evacuation Business was demerged into Inox Renewable Solutions Limited. The NCLT Ahmedabad Bench approved the scheme in March 2026, and the demerger became legally effective on May 4, 2026.

Q5. What business does Inox Green Energy Services operate?

Inox Green Energy Services is India’s only listed pure-play wind power Operations & Maintenance (O&M) service provider. It manages long-term O&M contracts for wind energy projects, primarily for assets commissioned by its parent company Inox Wind Ltd.

Q6. Is Inox Green Energy a good stock to watch after Q4 FY26 results?

The Q4 FY26 results demonstrate strong and accelerating profitability growth. However, investors should closely monitor revenue sustainability, the impact of the demerger on future income, and the growth of the O&M contract book. This is not investment advice — please consult a SEBI-registered financial advisor before making any investment decisions.

Disclaimer: This blog post is for informational and educational purposes only. The financial data is sourced from company exchange filings and published reports. This does not constitute investment advice. Please consult a qualified financial advisor before investing.we are not responsible for any loss