Key Financial Results - Q1 FY27 (Consolidated)
Total Income: Rs 872 crore (Q1 FY26: Rs 863 crore, +1% YoY)
Revenue from Operations: Rs 814 crore (Q1 FY26: Rs 826 crore, -1% YoY)
Other Income: Rs 58 crore (Q1 FY26: Rs 36 crore, +61% YoY)
EBITDA^: Rs 237 crore (Q1 FY26: Rs 245 crore, -3% YoY)
EBITDA Margin^: 27.2% (Q1 FY26: 28.4%)
Profit Before Tax: Rs 95 crore (Q1 FY26: Rs 138 crore, -31% YoY)
Profit After Tax: Rs 64 crore (Q1 FY26: Rs 97 crore, -34% YoY)
*Cash PAT:** Rs 153 crore (Q1 FY26: Rs 186 crore, -18% YoY)
^ Figures include other income and exclude ECL provisions and other one-time charges
- Cash PAT = PAT + Depreciation + Deferred Taxes + MAT credit entitlement
Operational Highlights
Order Book: ~4.4 GW as of July 2026, well-diversified across IPP, PSU, C&I and retail customers including NTPC, CESC, NLC India, Aditya Birla, Amplus/Gentari, Hero Future Energies, and Inox Clean.
Major Contract Wins:
- Signed MOU with Inox Clean for 1.5 GW wind turbine supply
- Firm agreement signed for first tranche of 500 MW for up to Rs 3,500 crore
- Received Letter of Award from NLC India Ltd for 200 MW turnkey order with O&M in July 2026 (repeat client)
Strategic Pivot: Company is strategically pivoting towards equipment supply to achieve healthy balance sheet and financial robustness, expected to yield benefits from Q3 FY27 onwards.
Inox Green Developments
Portfolio Size: ~13.3 GWp renewable O&M portfolio as of June 2026
Acquisition: Received NCLT Ahmedabad approval for acquisition of ~4.5 GW wind O&M portfolio from Wind World India (erstwhile Enercon India)
Transaction Timeline: Expected to be completed in Q2 FY27, after which financial consolidation will occur
Financials of Acquisition: Wind World India FY26 O&M revenue stood at Rs 580 crore
Operational Performance: Achieved pan-India average machine availability of 96.3% in Q1 FY27
Corporate Restructuring
Demerger Completed: Power evacuation business demerger from Inox Green into Inox Renewable Solutions Limited (IRSL) completed on August 1, 2026 (record date)
Listing: IRSL would automatically get listed on stock exchanges post receipt of all statutory approvals
Manufacturing and Operational Updates
Capacity Expansion: Enhancing blade manufacturing capacity to cater to 4X MW WTGs
New Product Launch: Commercial launch of 4X MW WTGs planned within CY2026
Vertical Integration: Ramping up transformer manufacturing facility; manufacturing power electronics including inverters, energy capacitor systems (ECS), USS (unit sub-stations) and addition of more cranes
Financial Guidance
FY27 Revenue Growth: 75% growth over FY26 maintained
FY27 EBITDA Margin Guidance: 20-22% maintained
Growth Drivers: Expected massive jump in Inox Green's EBITDA post consolidation of acquired O&M portfolios, higher contribution from Inox Green which has higher margins, and securing long-term recurring orders through partnerships with Group company and third-party customers
Balance Sheet Highlights (as of FY26)
Total Assets: Rs 12,068 crore (FY25: Rs 8,606 crore)
Property, Plant and Equipment: Rs 2,490 crore (FY25: Rs 1,980 crore)
Investments: Rs 550 crore (FY25: Rs 265 crore)
Inventories: Rs 1,790 crore (FY25: Rs 1,212 crore)
Trade Receivables: Rs 4,250 crore (FY25: Rs 2,549 crore)
Cash and Cash Equivalents: Rs 131 crore (FY25: Rs 21 crore)
Total Equity: Rs 7,692 crore (FY25: Rs 5,416 crore)
Shareholding Pattern
Sizeable promoter group holding with investors including marquee FIIs and mutual fund/insurance investors such as Capital Research, Blackrock, ICICI Pru AMC, Bandan MF, Nippon Life India MF, Bajaj Life Insurance, PNB Metlife, Matthews, HDFC MF, and Motilal Oswal MF.