INOX Wind Limited Q1 FY27 Financial Performance

  • Reported consolidated revenue of INR872 crores for Q1 FY27
  • Achieved adjusted EBITDA of INR237 crores
  • Reported Profit Before Tax (PBT) of INR95 crores
  • Reported Profit After Tax (PAT) of INR64 crores
  • Generated cash profit of INR153 crores

Strategic Business Update

  • Company has pivoted towards increasing share of equipment supply in order mix
  • As of July 2026, equipment supply constitutes 59% of order book, with 41% being turnkey projects (excluding orders from INOX GFL Group entities)
  • This strategic shift expected to yield long-term benefits and reflect meaningfully in financials from Q3 FY27 onwards

Order Book and Contracts

  • Current order backlog stands at approximately 4.4 GW as of July 2026
  • Provides execution visibility for more than 24 to 36 months
  • Signed MOU for 1.5 GW with INOX Clean Energy in June 2026
  • Firm orders signed for 500 MW so far, balance 1 GW to be signed in due course
  • Received LOA for 200 MW from NLC India in July 2026 (repeat order)
  • Customer base includes C&I, PSU, IPP, captive (GFL) and retail segments

Product Development

  • 4X Wind Turbine model execution progressing well
  • Foundation work completed, tower and main components ready
  • First prototype installation expected in August 2026
  • Commercial launch expected by end of FY26
  • Contemplating higher models if market demand exists

Manufacturing Expansion

  • Jaipur transformer factory gearing up to manufacture 4.9 MVA transformers for 4X series
  • Plans to increase transformer manufacturing capacity including medium-sized (8-20 MVA) and large transformers (100 MVA plus)
  • Currently operating 4 cranes with more to be added within FY27
  • Plans to manufacture power electronic systems: inverters, unit substations, and energy capacitor systems
  • Unit substations expected to be commercially launched in FY27
  • All investments have relatively short payback periods

Corporate Restructuring

  • Demerger of power evacuation infrastructure business from INOX Green into INOX Renewable Solutions completed on 1st August, 2026 (record date)
  • IRSL to be automatically listed on stock exchange post regulatory approvals

INOX Green Energy Services Performance

  • Reported total income of INR101 crores in Q1 FY27, up 17% YoY
  • EBITDA of INR57 crores, up 19% YoY
  • Profit Before Tax of INR54 crores, up 74% YoY
  • Profit After Tax of INR41 crores, up 86% YoY
  • Cash PAT of INR55 crores, up 25% YoY
  • Machine availability averaged approximately 96.3%

INOX Green Business Update

  • O&M portfolio stands at 13.3 GW as of June 2026
  • Comprises approximately 10.5 GW of Wind operating assets and balance solar assets
  • Includes investments to acquire approximately 6.5 GW of operational Wind O&M assets
  • Received NCLT Ahmedabad approval for acquisition of Wind World India Limited
  • Acquisition formalities expected to be completed in Q2 FY27
  • Wind World India's O&M portfolio: nearly 4.5 GW servicing clients including Tata, ReNew, Greenko Group, Apraava, Hindustan Zinc
  • Assets spread across Karnataka, Maharashtra, Tamil Nadu, Rajasthan, Gujarat, MP and Andhra Pradesh
  • Portfolio generated revenue of approximately INR580 crores in FY26 with contracted annual price escalations of approximately 5%

Industry Overview

  • 1.4 GW wind capacity commissioned in India in Q1 FY27
  • Total installed wind capacity stood at 57.4 GW as of June 2026
  • Expected strong annual wind capacity additions of 8-10 GW over next few years
  • Driven by RTC, FDRE and hybrid capacity additions
  • Out of total renewable capacity of 9.34 GW awarded through tenders in Q1, 2.35 GW (25%) comprised standalone wind tenders
  • Installed wind capacity in India expected to be 7x current capacity in next 2 decades
  • Power demand in first 4 months of FY27 highest in last 4 years

Management Guidance

  • Maintains revenue guidance of 75% growth over previous year
  • Maintains EBITDA margin guidance of 20-22% on consolidated basis
  • Business remains H2 heavy with 70-75% of business typically captured in H2
  • INOX Green maintains EBITDA margin guidance of 50% for O&M business
  • INOX Green guided for INR600 crores EBITDA on annualized basis post consolidation

ALMM and Indigenization

  • 80-90% of wind turbine components already indigenized
  • Expect to achieve almost 100% indigenization before end of calendar year 2026
  • ALMM expected to provide competitive advantage for next 3 years

Working Capital and Receivables

  • Working capital cycle has improved in recent quarters
  • Receivable days showing downward trajectory
  • Expect significant improvement in working capital in Q2 and Q3 onwards due to pivot to equipment supply

Related Party Transactions

  • All contracts with group entities conducted at arm's length terms
  • INOX Clean treated as customer with same terms as third parties
  • No preferential pricing for any customer

Q&A Highlights

  • Management addressed concerns about quarterly performance vs annual guidance
  • Explained that strategic pivot to equipment supply caused temporary disruptions but provides long-term benefits
  • Emphasized confidence in achieving full-year guidance due to strong order book and group synergies
  • Discussed plans for RESCO listing expected in 2-3 months
  • Clarified that value-added services in INOX Green are operational in nature but classified as other income per accounting norms