Q1 FY27 Consolidated Results: Revenue of ₹872 crores, Adjusted EBITDA of ₹237 crores, PBT of ₹95 crores, PAT of ₹64 crores, Cash Profit of ₹153 crores
Strategic Pivot: Company has shifted focus towards increasing equipment supply share in order mix, currently at 59% of order book (excluding INOX GFL Group entities)
Order Book: Stands at approximately 4.4 GW as of July 2026, providing execution visibility for 24-36 months
Customer Base: Includes C&I, PSU, IPP, captive (GFL) and retail segments
INOX WIND - Business Developments
MOU with INOX Clean: Signed 1.5 GW MOU in June 2026, with firm orders for 500 MW already executed. Balance 1 GW to be signed in due course
New Orders: Received LOA for 200 MW from NLC India in July 2026 (repeat order)
Product Development: 4X Wind Turbine model prototype installation scheduled for August 2026 with commercial launch by end-FY26
Manufacturing Expansion: Jaipur transformer factory preparing for 4.9 MVA transformers for 4X series. Plans to expand capacity for 8-20 MVA and 100+ MVA transformers
Crane Fleet: Currently 4 cranes operational, with more planned within FY27
New Products: Planning manufacturing of inverters, unit substations, and energy capacitor systems for wind turbines
INOX GREEN ENERGY SERVICES LIMITED - Financial Performance
Q1 FY27 Results: Total income of ₹101 crores (up 17% YoY), EBITDA of ₹57 crores (up 19% YoY), PBT of ₹54 crores (up 74% YoY), PAT of ₹41 crores (up 86% YoY), Cash PAT of ₹55 crores (up 25% YoY)
Operational Metrics: Machine availability averaged 96.3% for the portfolio
INOX GREEN - Business Developments
O&M Portfolio: 13.3 GW as of June 2026 (10.5 GW wind assets, balance solar assets)
Acquisition Update: Received NCLT Ahmedabad approval for Wind World India Limited acquisition. Formalities expected to complete in Q2 FY27
Wind World India Portfolio: 4.5 GW O&M portfolio serving clients including Tata, ReNew, Greenko Group, Apraava, Hindustan Zinc. Assets spread across Karnataka, Maharashtra, Tamil Nadu, Rajasthan, Gujarat, MP and Andhra Pradesh
Financials of Acquisition: Generated revenue of approximately ₹580 crores in FY26 with contracted annual price escalations of ~5%
Demerger Completed: Power evacuation infrastructure business demerged from INOX Green into INOX Renewable Solutions Limited effective August 1, 2026 (record date)
Industry Overview & Guidance
Wind Industry: 1.4 GW capacity commissioned in India in Q1 FY27. Total installed wind capacity at 57.4 GW as of June 2026
Capacity Additions: Expected 8-10 GW annual wind capacity additions driven by RTC, FDRE and hybrid capacity
Tender Awards: Of 9.34 GW renewable capacity awarded through tenders in Q1, 2.35 GW (25%) comprised standalone wind tenders
Power Demand: Highest in first 4 months of FY27 compared to last 4 years
INOX Green Guidance: Maintains ₹600 crores EBITDA guidance on annualized basis from consolidation of acquisitions
ALMM and Indigenization
Current Status: 80-90% of wind turbine components already indigenized
Target: Aiming for 100% indigenization by end of calendar year 2026 for both 3X and 4X models
Competitive Advantage: Expected to benefit from ALMM rules over next 3 years
Working Capital and Strategy
Receivables Management: Working capital showing improvement quarter-on-quarter. Pivot to equipment supply expected to significantly reduce receivable days from Q2/Q3 onwards
Strategic Rationale: Equipment supply provides flexibility to shuffle between clients and recognize revenue faster compared to turnkey projects
