Inox Wind LimitedQ1 FY27 Results & Financial Update
Inox Wind Limited: Q1 FY27 consolidated results and company financials – revenue ₹814.10 Cr, PAT ₹64.09 Cr. Explore reported YoY/QoQ movements, margins, business drivers and management commentary. This page does not provide a rating, target price or investment recommendation.
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Quarterly Results AnalysisExplore Inox Wind Q1 FY27 quarterly results and earnings: revenue, profit (PAT), EBITDA, margins, YoY and QoQ growth, order book or business updates where reported, financial performance and management commentary. Reported figures and Nivata calculations are shown separately; no buy, sell or hold recommendation is provided.
Quarter overview
Quarterly earnings analysis
Basic and diluted earnings per share (EPS) for the quarter were reported at Rs 0.37.
Operations during the quarter demonstrated continued resilience as the company executes its strategic pivot towards equipment supply, which is designed to enhance balance sheet health and deliver long-term benefits.
The company's order book stood at approximately 4.4 GW as of July 2026, providing multi-year revenue visibility across various customer categories including PSUs, IPPs, C&I, and retail clients.
Profit after tax was ₹64.09 Cr for the reported quarter. EPS was ₹0.37 for the reported quarter.
01 · Business model
What does Inox Wind do?
Inox Wind Limited is a leading fully integrated wind energy solutions provider in India, offering end-to-end turnkey solutions from conception and manufacturing to execution, commissioning, and operations & maintenance (O&M).
The company manufactures wind turbine generators (WTGs) across 2 MW and 3 MW platforms with multiple variants and is progressing towards launching 4X MW class WTGs, supported by multiple manufacturing facilities across India.
Operating as part of the USD 16 billion INOXGFL Group, Inox Wind benefits from extensive group synergies, including EPC capabilities through subsidiary Inox Renewable Solutions Limited (IRSL) and O&M services through Inox Green Energy Services Limited.
02 · Historical context
What shaped the business before this quarter
The company has transitioned from near 100% turnkey execution in earlier periods towards an increased share of equipment supply, targeting roughly 75% equipment supply going forward.
Subsidiary Inox Green Energy Services Limited completed the demerger of its power evacuation business into Inox Renewable Solutions Limited (IRSL) with an effective record date of August 1, 2026.
03 · Financial snapshot
Current-quarter financial snapshot
| Metric | Q1 FY27 |
|---|---|
| Revenue from operations | ₹814.10 Cr |
| Total income | ₹871.70 Cr |
| Profit before tax | ₹94.70 Cr |
| Profit after tax | ₹64.09 Cr |
| EPS | ₹0.37 |
04 · Why it moved
Why the quarter looked the way it did
What drove revenue
Revenue is generated through a blend of wind turbine generator manufacturing, equipment supply, and turnkey engineering, procurement, and construction (EPC) solutions.
Revenue from operations for the quarter included high seas sales amounting to Rs 15.39 crore made to a related party, with corresponding purchases of stock-in-trade accounted against these transactions.
What drove margins
Total consolidated expenses for Q1 FY27 included material consumption of Rs 446.24 crore, employee benefit expenses of Rs 50.28 crore, and finance costs of Rs 56.78 crore.
Depreciation and amortization expenses were reported at Rs 58.61 crore, while total tax expenses stood at Rs 30.61 crore for the quarter.
05 · Demand, customers & order book
Where demand is coming from
Inox Wind held a well-diversified order book of approximately 4.4 GW as of July 2026, spanning IPPs, PSUs, C&I, and retail customers such as NTPC, CESC, NLC India, Aditya Birla, Amplus/Gentari, and Hero Future Energies.
IWL signed an MOU with Group company Inox Clean for 1.5 GW of wind turbine supplies, including a firm agreement for the first tranche of 500 MW valued at up to Rs 3,500 crore.
06 · Segments, products & geography
Which parts of the business are doing the work
Segments and products
The group operates primarily in the manufacturing of wind turbine generators, EPC services, O&M services, and common infrastructure facility services, which are considered as a single operating segment under Ind AS 108.
Geography and market mix
The company maintains wind energy installations, manufacturing facilities, and project sites across major wind-rich states in India including Gujarat, Rajasthan, Madhya Pradesh, Maharashtra, Karnataka, and Tamil Nadu.
07 · Capacity, projects & execution
What is being built, commissioned or delivered
Capacity, production and utilisation
The company operates over 2.5 GW of manufacturing capacity across multiple facilities, producing 2 MW and 3 MW WTG platforms and ramping up new nacelle, hub, and transformer manufacturing units.
Projects, capex and execution
Capital expenditure efforts support backward integration into transformer manufacturing, in-house cranes, and power electronics such as inverters, energy capacitor systems (ECS), and unit sub-stations (USS).
08 · Strategy & new businesses
How the company is trying to change its growth mix
Subsidiary Inox Green received NCLT approval to acquire the ~4.5 GW wind O&M portfolio of Wind World India, expanding its total O&M asset base to approximately 13.3 GWp.
During the period, the company transferred investments in Inox Renewable Services Limited aggregating Rs 48.20 crore, diluting its subsidiary holding from 88.84% to 87.98% without losing control.
09 · Reported developments
What changed operationally
The company received a Letter of Award from repeat client NLC India Ltd for a 200 MW turnkey order including O&M in July 2026.
10 · Pressure points & risks
What is not going smoothly
Certain SPV project completion dates expired and related bank guarantees were invoked, with ongoing appeals before appellate authorities regarding grid connectivity and project extensions.
11 · Items worth noticing
The line items that can distort a quick read
Certain EPCG licenses with custom duty savings liabilities amounting to Rs 43.06 lakh have expired with extension applications pending before authorities.
12 · Management guidance & targets
What management is targeting from here
Management guidance for FY27 remains unchanged, targeting 75% revenue growth over FY26 and an EBITDA margin of 20% to 22%.
13 · Beyond the numbers
What changed beyond the numbers
Reported update
Board Re-appointment
The Board of Directors approved the re-appointment of Ms. Madhurima Sayan Das as an Independent Director for a second term of one year effective September 5, 2026.
14 · Key Q&A
The quarter, answered directly
What does Inox Wind do?
Inox Wind Limited is a leading fully integrated wind energy solutions provider in India, offering end-to-end turnkey solutions from conception and manufacturing to execution, commissioning, and operations & maintenance (O&M).
What is the clearest takeaway from Q1 FY27?
Basic and diluted earnings per share (EPS) for the quarter were reported at Rs 0.37.
What drove revenue or demand?
Revenue is generated through a blend of wind turbine generator manufacturing, equipment supply, and turnkey engineering, procurement, and construction (EPC) solutions.
What mattered most for margins or profitability?
Total consolidated expenses for Q1 FY27 included material consumption of Rs 446.24 crore, employee benefit expenses of Rs 50.28 crore, and finance costs of Rs 56.78 crore.
What changed operationally beyond the headline numbers?
The company operates over 2.5 GW of manufacturing capacity across multiple facilities, producing 2 MW and 3 MW WTG platforms and ramping up new nacelle, hub, and transformer manufacturing units.
What is management guiding or targeting from here?
Management guidance for FY27 remains unchanged, targeting 75% revenue growth over FY26 and an EBITDA margin of 20% to 22%.
15 · Scenario calculator
Earnings sensitivity: what if growth and margins change?
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16 · Next filing checkpoints
What the next disclosure can confirm or change
- 01
4X MW WTG Launch: Commercial launch of 4X MW class wind turbine generators scheduled within CY26.
- 02
Wind World Acquisition Integration: Completion of transaction formalities and financial consolidation of the Wind World India O&M portfolio expected in Q2 FY27.
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