| Q1 Revenue | ₹872 Cr1% YoY Growth |
|---|---|
| Order Book | 4.4 GWTotal backlog |
| Market Cap | ₹13,593 CrMid-cap |
| EBITDA Margin | 27.2%Q1 performance |
Key highlights
- Order book reached approximately 4.4 GW as of July 2026, providing revenue visibility for more than 24 months
- Management maintains FY27 revenue growth guidance of 75% over FY26 with EBITDA margins of 20-22%
- The company is strategically pivoting to an equipment supply model, targeting a 75% share in the overall project mix
- Acquisition of a ~4.5 GW wind O&M portfolio from Wind World India received NCLT approval, with consolidation expected in Q2 FY27
- A firm agreement was signed for a 500 MW wind turbine supply tranche with Inox Clean valued at approximately ₹3,500 crore
Financial Performance and Strategic Pivot
Inox Wind recorded a consolidated total income of ₹872 crore for Q1 FY27, showing a slight year-on-year increase from ₹863 crore. EBITDA for the quarter stood at ₹237 crore, yielding a margin of 27.2%. Profitability metrics saw a temporary contraction, with profit before tax declining 31% to ₹95 crore and profit after tax falling 34% to ₹64 crore compared to the previous year.
The management noted that these results reflect a strategic pivot toward equipment supply, a move intended to strengthen the balance sheet and enhance financial robustness. This transition is expected to yield meaningful financial benefits starting from the third quarter of FY27.
Management Guidance and Growth Strategy
The company’s growth guidance for FY27 remains unchanged, with a target of 75% revenue growth over FY26. Central to this growth is the 'One Integrated' strategy within the INOXGFL Group, which facilitates recurring orders and operational synergies. Inox Wind has secured marquee orders from customers like NTPC, CESC, and NLC India, and is currently executing a 1.5 GW MOU with group company Inox Clean.
Additionally, the planned commercial launch of the 4X MW class wind turbine generators within calendar year 2026 is expected to further enhance the company's competitive positioning in the high-capacity segment.
Business Overview and Sector Dynamics
As a leading integrated wind energy player, Inox Wind operates across manufacturing, EPC services, and O&M through its various subsidiaries. The Indian renewable sector provides a strong tailwind, with a national target of 500 GW non-fossil fuel capacity by 2030. Recent bidding trends indicate that pure wind bids have hit multi-quarter highs, with wind projects making up nearly half of the renewable capacity awarded in Q1 FY27.
Inox Wind is positioned to capture this demand through its five manufacturing facilities and its expanding O&M portfolio, which is on track to become one of the largest globally by 2030.
Operational Milestones
- Demerger of the power evacuation business from Inox Green into IRSL completed as of August 1, 2026
- Wind World India O&M business reported FY26 revenue of ₹580 crore, providing a high-margin revenue stream post-consolidation
- Achieved a pan-India average machine availability of 96.3% during the first quarter
- Expansion of transformer manufacturing capacity in Jaipur to support 3.5 MVA and future 4.9 MVA requirements
- Development of multi-GW plug-and-play evacuation infrastructure across key states including Gujarat and Rajasthan
Strategic Management Commentary
The pivot is part of a larger strategy to achieve a healthy balance sheet as well as financial robustness and it is expected to yield long term benefits and reflect meaningfully in the financials from Q3 onwards.
“IWL has signed an MOU for 1.5 GW with Inox Clean for supply of wind turbines, out of which a firm agreement has been signed for the first tranche of 500 MW for an amount of upto Rs. 3,500 crs.”
| Share price | ₹78.65 |
|---|---|
| Market capitalisation | ₹13,592.59 Cr |
| Revenue (annual) | ₹4,397.12 Cr |
| Net profit (annual) | ₹405.03 Cr |
| Revenue (latest quarter) | ₹1,244.24 Cr+3.05% vs previous quarter |
| Net profit (latest quarter) | ₹91.26 Cr-22.26% vs previous quarter |
| P/E (TTM) | 33.46×Sector 58.23× |
| Promoter holding | 44.18%0.00% QoQ |
| FII holding | 14.53%Current quarter |
Reference market data from a third-party provider, as of the story. Not a valuation or a recommendation.
Investor presentation by Inox Wind Limited for the first quarter of fiscal year 2027. Market figures from a third-party data provider.
