INOXWIND

Inox Wind share price & financials

Price
₹90.72
Market cap
₹12.8k Cr
Sector
Capital Goods
Calls analysed
6
Latest concall · Q1 FY27 · call held 07 Aug 2026

Inox Wind Q1 FY27

Revenue ₹872 cr Adjusted EBITDA ₹237 cr EBITDA Margin 27% PAT ₹64 cr

What went well

  • Strong Q1 FY27 financial performance for Inox Wind with revenue of INR872 crores and adjusted EBITDA of INR237 crores, reflecting a 27% margin.
  • Significant order backlog of 4.4 GW as of July 2026, ensuring execution visibility for 24-36 months.
  • Strategic pivot towards equipment supply is progressing well, with 59% of third-party order book now equipment supply, expected to improve working capital.

What to watch

  • Management acknowledged past misses on guidance but expressed confidence in current strategy and future delivery.
  • Analyst concern regarding high trade receivables, though management expects improvement with the pivot to equipment supply.
Read the full call →

What Inox Wind does

Inox Wind Limited designs, manufactures and supplies wind turbine generators (WTGs) and provides end-to-end turnkey solutions spanning project conception, manufacturing, erection, commissioning and long-term operations & maintenance (O&M). It earns revenue both from turnkey EPC contracts and standalone equipment-supply orders to PSUs, IPPs, C&I customers and retail developers. Its subsidiary Inox Renewable Solutions Limited (IRSL, formerly Resco Global) provides EPC services for wind and solar projects and power evacuation infrastructure, while subsidiary Inox Green Energy Services (IGESL) offers long-term renewable O&M services. The company is part of the multi-billion-dollar INOXGFL Group, a diversified conglomerate spanning fluoropolymers, battery chemicals, wind turbines, EPC and renewable O&M.

Segments

  • Wind turbine (WTG) manufacturing & equipment supply
  • EPC / turnkey project execution
  • Operations & Maintenance (O&M)
Installed WTG manufacturing capacity
>2.5 GW annually
Manufacturing facilities
4-5 facilities across Gujarat, Himachal Pradesh and Madhya Pradesh (plants at Una, Himachal Pradesh and Rohika, Ahmedabad, Gujarat)
WTG platforms offered
2 MW and 3 MW class, with a 4.X MW platform in development
Operational track record
>13 years
IRSL (EPC subsidiary) cumulative project execution
>3 GW of projects executed across India
Inox Green O&M portfolio under management
>13 GWp+ of renewable assets (~10.5 GW wind, balance solar)
Headquarters Noida, Uttar Pradesh Company website

Guidance record · Q1 FY27

what the last two calls moved 15 tracked 1 delivered 6 missed 8 open
  • FY25 Wind Power Execution missed said Q3 FY25 Promised: 800 MW Q1 FY27: Promise relates to a past financial year. No new information provided.
  • FY27 Wind Power Execution diluted said Q3 FY25 Promised: 2,000 MW Q1 FY27: Management explicitly stated they will no longer report on MW execution: 'we do not announce anything on megawatt now'. This shifts the goalposts away from the original verifiable metric.
  • Inox Green O&M Portfolio Size on track said Q1 FY26 Promised: 17 GW within 2 years Q1 FY27: Portfolio at 13.3 GW. The acquisition of Wind World India (4.5 GW portfolio) is approved and expected to close in Q2 FY27. This would bring the total portfolio to 17.8 GW, meeting the target.

All 15 tracked — every revision, and every one management stopped mentioning.

Open the guidance ledger

Quarterly results

Q1 FY27: revenue up 3.8%, net profit down 17.2% against the same quarter last year.

₹ Cr · quarterly
Line itemQ2 FY25Q3 FY25Q4 FY25Q1 FY26Q2 FY26Q3 FY26Q4 FY26Q1 FY27
Revenue678 928 1,286 716 947 +40%1,082 +17%1,151 −10%743 +4%
EBITDA93 174 234 149 181 +95%229 +32%169 −28%98 −34%
Net profit64 59 190 87 247 +286%126 +114%88 −54%72 −17%
How to read this

₹ crore, as filed. The percentage beside a figure is the change against the same quarter a year earlier — never the quarter before, which would make every seasonal business look like it collapses and booms each year.

Performance −48.7% 1Y

₹80₹100₹120₹140₹160Sept 25Oct 25Dec 25Jan 26Mar 26Apr 26Jun 26Jul 26Sept 26Q2 FY26 — 14 Nov 2025Q3 FY26 — 13 Feb 2026Q4 FY26 — 29 May 2026Q1 FY27 — 7 Aug 2026

1Y: ₹149.22 on 10 Sept 2025 → ₹76.5. High ₹157.25 (3 Nov 2025), low ₹69.5 (1 Sept 2026).

How the price took the results

close before → close after

Q1 FY27
−0.3%
7 Aug
Q4 FY26
−2.9%
29 May
Q3 FY26
−2.7%
13 Feb
Q2 FY26
+0.1%
14 Nov

The move from the last close before each results date to the first close after it — the market's first read on the quarter, not the quarter itself.

Financials, as filed

Revenue grew 77.5% a year over 3 years, FY23 to FY26. Operating margin widened to 18.7%.

Year endingFY23FY24FY25FY26
Revenue₹697 Cr₹1.6k Cr₹3.5k Cr₹3.9k Cr
Operating profit₹-268 Cr₹116 Cr₹599 Cr₹728 Cr
Operating margin-38.5%7.3%17.1%18.7%
Interest₹309 Cr₹148 Cr₹126 Cr₹159 Cr
Depreciation₹88 Cr₹43 Cr₹53 Cr₹60 Cr
Net profit₹-640 Cr₹-228 Cr₹383 Cr₹548 Cr
Net margin-91.8%-14.4%10.9%14.1%
Cash from operations₹-700 Cr₹-514 Cr₹-8 Cr₹-697 Cr
Free cash flow₹-778 Cr₹-575 Cr₹-132 Cr₹-790 Cr
ROCE-3.0%3.0%12.0%14.0%
How to read this

From the company's own filings. Margins are computed from the filed sums; a year with an incomplete quarter is left blank rather than estimated.

Balance sheet

Year endingFY21FY22FY23FY24FY25FY26
Equity capital₹222 Cr₹222 Cr₹326 Cr₹391 Cr₹1.7k Cr₹1.7k Cr
Reserves₹1.4k Cr₹1.1k Cr₹2.0k Cr₹2.8k Cr₹4.9k Cr₹4.6k Cr
Borrowings₹835 Cr₹1.7k Cr₹1.5k Cr₹1.4k Cr₹1.1k Cr₹993 Cr
Other liabilities₹1.8k Cr₹1.5k Cr₹933 Cr₹655 Cr₹2.2k Cr₹2.0k Cr
Total liabilities₹4.2k Cr₹4.5k Cr₹4.7k Cr₹5.3k Cr₹10.0k Cr₹9.4k Cr
Fixed assets₹427 Cr₹390 Cr₹415 Cr₹471 Cr₹2.4k Cr₹619 Cr
Capital work in progress₹3 Cr₹10 Cr₹7 Cr₹45 Cr₹402 Cr₹44 Cr
Investments₹498 Cr₹1.3k Cr₹1.5k Cr₹1.5k Cr₹489 Cr₹1.8k Cr
Other assets₹3.3k Cr₹2.8k Cr₹2.8k Cr₹3.3k Cr₹6.7k Cr₹6.9k Cr
Total assets₹4.2k Cr₹4.5k Cr₹4.7k Cr₹5.3k Cr₹10.0k Cr₹9.4k Cr
How to read this

As filed each year. A line the company does not report — deposits for a non-lender, for instance — is left out rather than shown as a row of dashes.

Who owns it

As disclosed at Jun 2026

Since Jun 2025, the public trimmed −1.65 pp while DIIs added +0.90 pp. The shareholder count grew 22% to 5,15,129.

Promoters
44.2%
FIIs
14.5%
DIIs
10.0%
Public
31.3%

Since Jun 2025

  • Public −1.65 pp
  • DIIs +0.90 pp
  • FIIs +0.75 pp

How it drifted, 12 quarters

Over this window promoters fell from 64.6% to 44.2% — −20.5 pp.

Sep '23Dec '24Jun '26

Ownership split by quarter, oldest first. Sep '23: Promoters 64.6%, FIIs 3.5%, DIIs 6.5%, Public 25.3%.Dec '23: Promoters 52.9%, FIIs 9.5%, DIIs 9.9%, Public 27.8%.Mar '24: Promoters 52.9%, FIIs 9.5%, DIIs 10.2%, Public 27.5%.Jun '24: Promoters 48.3%, FIIs 13.4%, DIIs 9.8%, Public 28.6%.Sep '24: Promoters 48.3%, FIIs 15.8%, DIIs 9.1%, Public 26.8%.Dec '24: Promoters 48.3%, FIIs 15.3%, DIIs 9.8%, Public 26.7%.Mar '25: Promoters 48.3%, FIIs 15.7%, DIIs 9.4%, Public 26.6%.Jun '25: Promoters 44.2%, FIIs 13.8%, DIIs 9.1%, Public 32.9%.Sep '25: Promoters 44.2%, FIIs 13.4%, DIIs 9.9%, Public 32.6%.Dec '25: Promoters 44.2%, FIIs 14.2%, DIIs 10.4%, Public 31.3%.Mar '26: Promoters 44.2%, FIIs 14.6%, DIIs 11.0%, Public 30.3%.Jun '26: Promoters 44.2%, FIIs 14.5%, DIIs 10.0%, Public 31.3%.

Who was buying across the market this quarter →

Who bought this quarter

since Mar 2026

Disclosed holders that added to a position or appeared on the register for the first time, biggest addition first.

The same filing shows 3 holders trimming and 0 off the list — both are in the register beside this.

Who is on the register

Named in the Jun 2026 filing

Every holder of Inox Wind above SEBI's 1% disclosure line, and what changed since Mar 2026.

HolderStakeChange
Inox Leasing and Finance Limited 27.71%unchanged
Devansh Trademart LLP 8.62%unchanged
Aryavardhan Trading LLP 5.99%unchanged
Smallcap World Fund, Inc Global fund house3.98%−0.43 pp
ICICI Prudential Equity & Debt Fund Mutual fund3.57%−0.74 pp
Vivek Kumar Jain 1.85%unchanged
Akash Bhanshali 1.75%unchanged
Ishares Ii Public Limited Company - Ishares Global Clean Energy Transition Ucits ETF Global fund house1.54%newly disclosed
Lend Lease Company (India) Ltd. 1.29%−0.15 pp
Bandhan Small Cap Fund Mutual fund1.19%+0.19 pp
Nippon Life India Trustee Ltd-A/C Nippon India Small Cap Fund Mutual fund1.14%newly disclosed
Ishares Global Clean Energy ETF Global fund house1.06%newly disclosed

A holder disappearing from this list has fallen below the 1% line — it is not necessarily a sale. Percentages are of total shares, as disclosed in the company's own filing. Who was buying across the market this quarter.

Mutual funds in INOXWIND

Filings to Aug 2026

0 new, 5 added, 3 trimmed, 1 sold out — net −1.22 L shares (−0.4%).

Held by funds
₹210 Cr
9 schemes
Biggest holder
Nippon India Small Cap Fund
₹90 Cr · 0.1% of that fund
SchemeHoldingLast month
Nippon India Small Cap Fund Nippon India Mutual Fund₹90 Crheld
SBI Arbitrage Fund SBI Mutual Fund₹51 Cr−3.90 L
HDFC Arbitrage Fund HDFC Mutual Fund₹43 Cr+31.17 L
Nippon India Nifty Smallcap 250 Index Fund Nippon India Mutual Fund₹11 Cr+0.19 L
Nippon India Arbitrage Fund Nippon India Mutual Fund₹9 Cr−5.76 L
SBI Nifty Smallcap 250 Index Fund SBI Mutual Fund₹5 Cr+0.09 L
Nippon India Nifty 500 Equal Weight Index Fund Nippon India Mutual Fund₹1 Cr+0.00 L
SBI Nifty 500 Index Fund SBI Mutual Fund₹0 Cr−0.00 L

HDFC, Nippon India and SBI schemes, from their monthly disclosures. Changes are counted in shares, so a price move never looks like buying or selling.

Mutual funds Aug 2026

5 added, 3 trimmed — net −1.22 L shares (−0.4%)

Funds are sitting on
+8%
vs est. average cost
Held by funds
₹210 Cr
9 schemes · ≈ 2.1% of the company
Biggest holder
Nippon India Small Cap Fund
₹90 Cr · 0.1% of that fund

Shares held by these funds −15%

Aug '23 3.25 cr shares Jul '26

All earnings calls (6)

Read the Q1 FY27 call →

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