Revenue from operations: Rs 1,354 crore in Q2 FY27 (up from Rs 814 crore in Q1 FY27 and Rs 1,119 crore in Q2 FY26)
Other Income: Rs 23 crore in Q2 FY27 (down from Rs 58 crore in Q1 FY27)
Total Income: Rs 1,378 crore in Q2 FY27, representing 58% quarter-on-quarter growth
EBITDA (including other income and excluding ECL provisions/one-time charges): Rs 238 crore in Q2 FY27 (flat compared to Rs 237 crore in Q1 FY27)
EBITDA Margin: Approximately 17% for Q2 FY27
Profit Before Tax: Rs 103 crore in Q2 FY27 (up 8% from Rs 95 crore in Q1 FY27)
Cash PAT (PAT + Depreciation + Deferred Taxes + MAT credit entitlement): Rs 165 crore in Q2 FY27 (up 8% from Rs 153 crore in Q1 FY27)
Half Year FY27 Performance: Total income of Rs 2,250 crore with cash PAT of Rs 327 crore
Balance Sheet Position (Consolidated as of 30 September 2026)
Total Assets: Rs 12,976 crore (increased from Rs 12,068 crore as of 31 March 2026)
Property, Plant and Equipment: Rs 2,753 crore
Capital work-in-progress: Rs 285 crore
Inventories: Rs 2,118 crore
Trade receivables: Rs 4,225 crore
Cash and cash equivalents: Rs 186 crore
Bank balances (other than cash): Rs 747 crore
Total Equity: Rs 8,147 crore
Net Debt (Term loan minus free cash): Rs 423 crore as of September 2026
Net Debt: Equity Ratio: 0.03x as of FY26
Operational and Strategic Highlights
Order Book: Robust and well-diversified order book of approximately 3.8 GW as of October 2026, providing revenue visibility of more than 24 months
Customer Diversity: Includes orders from IPPs, PSUs, C&I and retail customers including NTPC, CESC, NLC India, Aditya Birla, Amplus/Gentari, Hero Future Energies, and Inox Clean
Q2 Order Wins: Secured orders aggregating to 350 MW from PSUs and IPPs in Q2 FY27
Margin Pressure: Impact on margins due to commodity and raw material price inflation resulting from the West Asia war, creating temporary cost headwinds
Pricing Strategy: Incremental contracts and fresh bids being priced dynamically to reflect current commodity and cost environment
Group Synergies and Developments
INOXGFL Group Strategy: Adoption of 'ONE INTEGRATED' strategy across energy transition value chain
Inox Green QIP: Successful completion of Qualified Institutional Placement raising Rs. 300 crores during the quarter
Wind World India Acquisition: Completed payment for transfer of Wind World India's 4.5 GW Wind O&M business through NCLT process
Payment made through subsidiary Vibhav Energy Private Limited pursuant to Business Transfer Agreement
Financial consolidation of WWIL O&M portfolio into Inox Green will begin from Q3 FY27
WWIL FY26 O&M revenue: Rs. 580 crores
Value accretive with significant scope for operational efficiencies and cost optimization
INOX Renewable Services Limited: Automatic listing on stock exchanges expected post receipt of all statutory approvals; Information Memorandum filed with exchanges
Market Context and Guidance
Sector Outlook: India expected to add 7.5-8 GW wind capacity in FY27 per MNRE September 2026 report
Power Demand: 13% increase in H1 YoY, with 15% increase in Q2 YoY
Growth Guidance for FY28:
Commercial sales of 4X MW turbines
Ramp up of transformer manufacturing facility
Expansion into power electronics manufacturing (inverters, ECS, unit sub-stations)
Expected significant jump in Inox Green's EBITDA post consolidation of acquired O&M portfolios
Securing long-term recurring orders through framework agreement with Group IPP company
Shareholding Pattern
Sizeable holding of promoter group
Investors include marquee FIIs and mutual fund/insurance investors such as Blackrock, ICICI Pru AMC, Capital Research, Bandhan MF, Nippon MF, ADIA, HDFC MF
