Below is a structured extraction and summary of the relevant and actionable financial information from the Inox Wind Limited results filing dated 14th August 2025:

1. Auditor’s Note

• Type: Limited Review Report by Dewan P.N. Chopra & Co., Chartered Accountants.
• Conclusion:
  • No qualifications or adverse remarks.
  • Emphasis of Matter includes:
    • Investments in 6 SPVs with regulatory and operational uncertainties (Note 2).
    • Pending litigation matters with courts/appellate authorities (Note 3).
    • Supply/commissioning of WTGs and O&M services do not require material adjustments for delays or machine availability (Note 7).
    • Party balances (trade receivables/payables) subject to confirmation/reconciliation but not expected to have material impact.
    • Previous year write-back of customs duty liabilities related to EPCG licenses with uncertain outcomes but no expected material impact.
• Overall: Standard limited review with no modifications to the conclusion.

2. Financial Performance

Key Financial Figures (₹ in Lakhs)

3. Detailed Notes / Management Commentary

• SPVs Investment & Regulatory Issues:
  • The company invested in 6 SPVs via its subsidiary IGESL for wind farm projects under SECI.
  • Project completion dates expired as of June 30, 2024; extension applications rejected on 2 Sept 2024.
  • Bank guarantees of Rs. 5,578 Lakhs invoked; IGESL has filed appeals pending with CERC.
  • If IGESL cannot recover funds, Inox Wind Limited will bear the costs.
  • Investment in 3 SPVs sold during the previous year.
• Litigation:
  • Pending litigation with courts/appellate authorities exists; management expects favorable outcomes with no material impact beyond existing provisions.
• Merger:
  • Merger of Inox Wind Energy Limited into Inox Wind Limited effective May 23, 2025, accounted as common control transaction.
  • Previous year figures restated accordingly.
• Revenue Recognition:
  • O&M revenue recognized on a straight-line basis over contract period.
  • Rs. 11,878 Lakhs of O&M services rendered but yet to be billed; management expects no material adjustments.
• Inventory:
  • Work-in-progress inventory of Rs. 20,822 Lakhs as of June 30, 2025 (Rs. 21,275 Lakhs as of March 31, 2025) related to project development and infrastructure.
  • Majority of state governments have announced wind farm policies, enabling project execution and inventory realization.
• Exceptional Item:
  • Provision of Rs. 1,346 Lakhs for doubtful inter-corporate deposits in subsidiary due to losses in subsidiary.
• Discontinued Operations:
  • Sale of subsidiary Inox Clean Energy Limited completed on 29 Nov 2024 for Rs. 29,000 Lakhs.
  • Discontinued operations profit/loss for previous periods disclosed.
• Tax:
  • Deferred tax assets recognized on unabsorbed depreciation and business losses with reasonable certainty of future taxable income.
• Related Party Transactions:
  • Material related party transactions in stock-in-trade during Q1 FY26 (Rs. 3,934 Lakhs), Q4 FY25 (Rs. 8,000 Lakhs), Q1 FY25 (Rs. 1,523 Lakhs), and FY25 (Rs. 19,405 Lakhs).
• Stock Options:
  • 11,50,000 stock options granted to eligible employees on 14 Aug 2025 at Rs. 137.96 per share (closing price on NSE on 13 Aug 2025).
  • Vesting period minimum 1 year, maximum 4 years; exercise period up to 4 years post vesting.
  • No options exercised or lapsed yet.

4. Segment Information

• The Group operates in a single business segment comprising:
  • Manufacturing of Wind Turbine Generators (WTG)
  • EPC (Erection, Procurement & Commissioning) services
  • Operations & Maintenance (O&M) services
  • Common infrastructure facility services for WTGs
• Power generation segment exists but is below threshold for separate segment reporting as per Ind AS 108.
• No geographic segment breakdown provided.

5. Capex, Projects, and Corporate Activity

• Capital Expenditure:
  • No explicit capex figures disclosed in this filing.
• Projects:
  • 6 SPVs for wind farm projects under SECI; projects delayed with regulatory hurdles.
  • Inventory related to ongoing project development and infrastructure at Rs. 20,822 Lakhs.
• Impairments/Provisions:
  • Rs. 1,346 Lakhs provision for doubtful inter-corporate deposits in subsidiary recognized as exceptional item.
• Acquisitions/Disposals:
  • Sale of 3 SPVs during previous year.
  • Divestment of subsidiary Inox Clean Energy Limited completed in Nov 2024 for Rs. 29,000 Lakhs.
• Restructuring:
  • Merger of Inox Wind Energy Limited into Inox Wind Limited effective May 2025 to simplify group structure and improve synergies.
  • Proposed demerger of Power Evacuation business under scheme of arrangement approved by Board in Nov 2024; draft scheme filed with stock exchanges and pending NCLT approval.

6. Standalone vs Consolidated

Summary for Investment Analysis Team

• Financials:
  • Q1 FY26 shows a decline in revenue and profit compared to Q4 FY25 but improvement over Q1 FY25.
  • Consolidated revenue for Q1 FY26 at ₹82,625 Lakhs, net profit ₹9,734 Lakhs; standalone net profit ₹8,671 Lakhs.
  • EBITDA margins improved compared to Q1 FY25 but lower than Q4 FY25.
  • EPS for Q1 FY26 consolidated at ₹0.60, standalone ₹0.53.
• Operational Highlights:
  • Ongoing regulatory and operational challenges with SPVs and wind farm projects; management confident of recovery and no material impact expected beyond provisions.
  • Merger completed to simplify structure; demerger of Power Evacuation business planned.
  • Sale of subsidiary completed, improving liquidity and focus.
• Risks:
  • Pending litigation and regulatory appeals related to SPVs and bank guarantees.
  • Significant related party transactions in stock-in-trade require monitoring.
• Corporate Actions:
  • Grant of 11.5 lakh stock options to employees at Rs. 137.96/share, indicating focus on employee retention/incentives.
• No auditor qualifications or adverse remarks.

This structured summary should assist the investment analysis team in understanding the company’s current financial position, operational challenges, and corporate developments as of Q1 FY26.