New Delhi, June 4 -- Inox Wind's March-quarter (Q4FY26) earnings disappointed, with both revenue and Ebitda falling short of estimates. Revenue declined 2% year-on-year to Rs.1,244 crore, while Ebitda margin contracted sharply to 16% from 20% in Q4FY25 and 23% in Q3FY26.

Further, FY26 revenue grew 24% to nearly Rs.4,400 crore, missing the company's own FY26 revenue guidance of Rs.5,000 crore. Investors reacted by sending the stock down more than 10% in the three trading sessions following the results.

The management attributed the execution shortfall to supply-chain disruptions involving imported components amid the West Asia war. But this explains only part of the problem.

The bigger surprise was on order inflows. Inox secured only 60...