Detailed Narrative
Strong Q1 FY27 Performance for Inox Green
Inox Green Energy Services Limited reported a robust Q1 FY27, with total income reaching INR101 crores, marking a 17% year-on-year increase. EBITDA for the quarter stood at INR57 crores, up 19% YoY, while Profit Before Tax (PBT) surged by 74% to INR54 crores. The company's Profit After Tax (PAT) saw an impressive 86% growth, reaching INR41 crores, and Cash PAT increased by 25% to INR55 crores. Machine availability across its portfolio averaged approximately 96.3%, indicating efficient operations.
Strategic Pivot to Equipment Supply Driving Inox Wind's Order Book
Inox Wind Limited reported a Q1 FY27 consolidated revenue of INR872 crores and an adjusted EBITDA of INR237 crores. The company's strategic pivot towards increasing the share of equipment supply in its order mix is progressing well, with approximately 59% of the order book as of July 2026 being equipment supply. The total order book stands at approximately 4.4 gigawatts, providing a clear execution visibility for over 24 to 36 months. Recent wins include an MOU for 1.5 gigawatts with INOX Clean Energy (500 MW firm orders signed) and a 200 MW LOA from NLC India.
Expansion and Demerger of INOX Renewable Solutions Limited (IRSL)
INOX Renewable Solutions Limited (IRSL) is advancing its expansion plans, including gearing up its Jaipur transformer factory to manufacture 4.9 MVA transformers for the 4X series and planning to increase overall trafo manufacturing capacity. The company also intends to manufacture high value-added power electronic systems like inverters and unit substations, with USS expected to launch commercially in FY27. The demerger of the power evacuation infrastructure business from INOX Green to IRSL was completed on August 1, 2026, positioning INOX Green as an asset-light O&M player and IRSL for an independent listing post-regulatory approvals, expected in 2-3 months.
Wind World India Acquisition and O&M Portfolio Growth
Inox Green has received NCLT Ahmedabad's approval for the acquisition of Wind World India Limited, with formalities anticipated to conclude in Q2 FY27. This acquisition will add approximately 4.5 gigawatts to Inox Green's O&M portfolio, which generated INR580 crores in revenue in FY26 with 5% annual price escalations. As of June 2026, Inox Green's total O&M portfolio stands at 13.3 gigawatts, including 10.5 gigawatts of wind operating assets and 6.5 gigawatts from recent acquisitions, reinforcing its position as a leading renewable O&M provider.
Guidance Reiteration and H2-Heavy Business Outlook
Management reiterated its full-year guidance for Inox Wind, targeting 75% revenue growth over the previous year and a consolidated EBITDA margin of 20-22%. For Inox Green's O&M business, a 50% EBITDA margin is maintained, with an annualized EBITDA of INR600 crores expected from Q3/Q4 onwards post-acquisition consolidation. The business is characterized as H2-heavy, with 70-75% of the business typically captured in the second half of the fiscal year, and significant improvements in financials are anticipated from Q2 end or Q3 onwards due to the strategic pivot.
ALMM Preparedness and Component Indigenization
Inox Wind is well-prepared for the ALMM (Approved List of Models and Manufacturers) rule, with 80-90% of its wind turbine components already indigenized. The company aims to achieve nearly 100% indigenization for both its 3X and 4X models by the end of the calendar year. Management believes this proactive approach provides a strategic advantage and expects to benefit from this indigenization for at least the next three years, enhancing self-reliance and reducing reliance on imports.