WIND

Inox Wind Q1 FY 2027 Revenue Slips 1.5% to ₹8.14 Billion; Order Book Hits Record 4.4 GW

August 19, 2026 By Gaurav Nathani 5 min read
0:00 / 05:53

Inox Wind Limited (IWL) reported revenue from operations of ₹8.14 billion for the first quarter of fiscal year 2027, representing a 1.5% year-over-year (YoY) decline. Despite the marginal decrease in top-line performance during a seasonally quiet period, the company’s total order book reached a record 4.4 GW as of July 2026, driven by robust third-party demand and a strategic pivot toward an asset-light business model.

Q1 FY 2027 Financial Performance Summary

The financial results for the quarter ended June 30, 2026, reflect a transition period as the company shifts its operational focus. From a sector perspective, Q1 is seasonally quiet for wind energy execution; management notes that 70-75% of annual revenue is typically back-ended to the second half of the fiscal year (H2). The near-term revenue disruption is also attributed to a strategic pivot toward an equipment-supply model, which aims to reduce working capital intensity.

  • Consolidated Revenue: ₹8.14 billion (compared to ₹8.26 billion in Q1 FY26).
  • EBITDA: ₹1.525 billion (compared to ₹1.84 billion in Q1 FY26).
  • EBITDA Margin: 19% (compared to 22% in Q1 FY26).
  • Consolidated Net Profit (PAT): ₹440 million (₹44 crore).
  • Cash Profit: ₹1.53 billion.
  • Standalone Net Profit: ₹715.1 million (₹71.51 crore).

Order Book Composition and Operational Analysis

The record 4.4 GW order book provides high execution visibility for the next 24 to 36 months. Critically, this backlog and the following composition percentages exclude orders from InoxGFL Group entities, representing pure third-party customer demand.

Scope Mix (Third-Party)Customer Mix
Equipment Supply: 59%Auction-based: 53%
End-to-End Turnkey Projects: 41%Commercial & Industrial (C&I): 38%
Public Sector Undertakings (PSU): 9%

Recent Contract Wins and Agreements

Inox Wind continues to secure high-value contracts that strengthen its mid-term pipeline:

  • NLC India Contract: A 200 MW turnkey order valued at approximately ₹16 billion (₹1,600 crore).
  • Continuum Green Energy Order: A repeat order for 87 MW for the company’s 3 MW Wind Turbine Generators (WTGs).
  • Inox Clean Energy MoU: A Framework Agreement for 1,500 MW, including an initial firm order of 500 MW valued at up to ₹35 billion.

Subsidiary Performance: Inox Green Energy Services (IGESL)

The operations and maintenance (O&M) arm, Inox Green Energy Services, demonstrated strong fundamental momentum as it transitions into an annuity-heavy utility services play.

  • Profitability: Consolidated net profit reached ₹407 million (₹40.7 crore) in Q1 FY27, an 85% YoY increase.
  • Income Quality: While IGESL reported ₹579 million in “Other Income,” over ₹500 million of this is operational in nature, derived from high-margin value-added services such as turbine overhauls and life-extension activities.
  • O&M Portfolio: The total portfolio stands at 13.3 GW, including 10.5 GW of operating wind assets.
  • Strategic Demerger: The demerger of the Power Evacuation business into Inox Renewable Solutions (IRSL) was completed on August 1, 2026. IRSL is expected to be listed on the stock exchanges within the next 1-3 months, serving as a significant catalyst for the group.

Inorganic Growth: Wind World India Acquisition

The acquisition of the Wind World India (WWI) portfolio remains a primary driver for Inox Green’s scaling efforts. The NCLT Ahmedabad bench has approved the acquisition of the ~4.5 GW O&M portfolio for up to ₹5.5 billion (₹550 crore). The integration of these assets, which bring established recurring revenues from marquee clients like Tata Power and Greenko, is expected to be finalized in Q2 FY27. Financial consolidation is projected to commence in Q3-Q4 FY27.

Management Guidance and Technical Outlook

Management remains committed to its growth trajectory, citing structural advantages within the Indian wind market:

  • FY27 Guidance: IWL reiterated its target of 75% YoY revenue growth and 20-22% EBITDA margins, supported by the H2-heavy execution cycle.
  • Competitive Advantage: The company’s target of ~100% component indigenization by the end of calendar year 2026 provides a projected three-year competitive advantage under the ALMM (Approved List of Models and Manufacturers) regime.
  • Execution Strategy: The continued shift toward an equipment-supply model is intended to address elevated trade receivables and reduce working capital intensity.
  • Technological Pipeline: The 4X MW turbine platform remains on track, with the first prototype installation scheduled for August 2026 and a commercial launch expected by September 2026.

Corporate Governance: Related Party Transactions

Inox Wind has convened an Extra-Ordinary General Meeting (EGM) for August 13, 2026, to seek shareholder approval for material related party transactions totaling ₹40 billion (₹4,000 crore). These resolutions include the supply of WTGs to Inox Clean Energy valued at up to ₹35 billion and providing credit enhancement support for Inox Green Energy Services amounting to ₹5 billion. Management asserts these transactions are conducted on an arm’s length basis to support the group’s integrated renewable strategy.

To provide citations for the official sources used to document Inox Wind and Inox Green’s performance update, you can use the following list. These references are drawn from the primary financial research reports, earnings call summaries, and regulatory insight documents within the sources.

Official Source Citations

Discussion (0)

Leave a Comment

CAPTCHA