Inox Wind Q1 FY27 earnings call

In Q1 FY27, Inox Wind reported a consolidated revenue of INR872 crores, with an adjusted EBITDA of INR237 crores, translating to a 27% EBITDA margin. The company also achieved a PBT of INR95 crores, PAT of INR64 crores, and cash profit of INR153 crores. This performance reflects the resilience of operations post the strategic pivot towards increasing the share of equipment supply in the order mix. Management expects this initiative to yield long-term benefits and reflect meaningfully in financials from Q3 onwards.

As of July 2026, Inox Wind's order book stands at approximately 4.4 gigawatts, providing clear execution visibility for 24 to 36 months. The share of equipment supply in the third-party order book is approximately 60%, with the remaining 40% being turnkey. New orders include an MOU for 1.5 gigawatts with INOX Clean Energy (500 MW firm orders signed) and a 200 MW LOA from NLC India, both of which are turnkey projects. The company anticipates securing more orders this year, particularly from INOX Clean Energy.

INOX Green Energy Services Limited reported a total income of INR101 crores in Q1 FY27, marking a 17% year-on-year increase. EBITDA grew by 19% year-on-year to INR57 crores, with PAT increasing by 86% year-on-year to INR41 crores. The O&M portfolio stands at 13.3 gigawatts as of June 2026. The acquisition of Wind World India Limited, with its 4.5 gigawatt O&M portfolio and FY26 revenue of INR580 crores, received NCLT approval and is expected to close in Q2 FY27, promising significant business synergies.

The demerger of the power evacuation infrastructure business from INOX Green into INOX Renewable Solutions Limited (IRSL) was completed on August 1, 2026, with IRSL expected to be listed post regulatory approvals. This move aims to make INOX Green an asset-light O&M player. IRSL is also progressing with expansion plans, including gearing up its Jaipur transformer factory for 4.9 MVA transformers and increasing manufacturing capacity for medium-sized and large transformers (up to 100 MVA+). Additionally, IRSL plans to manufacture high-value power electronic systems like inverters and unit substations, with USS expected to launch commercially in FY27.

Inox Wind maintains its full-year guidance of 75% revenue growth over the previous year and a consolidated EBITDA margin of 20-22%. For INOX Green, the O&M business targets a 50% EBITDA margin, with an annualized EBITDA of INR600 crores expected from Q3/Q4 FY27 onwards. Management emphasized that 70-75% of the business is typically realized in H2. The pivot to equipment supply is expected to significantly improve working capital and receivables from Q2/Q3 onwards, enhancing financial robustness.