Inox Green Energy Services Ltd — Q1 FY27 earnings call
Summary generated by AI from the official transcript Inox Green Energy Services Ltd filed with BSE on 12 Aug 2026. Every statement cites a verbatim quote from that document — open any citation to read it. This is a record of what management said, not a recommendation. How we check these summaries
The short read
Inox Wind reported Q1 FY27 consolidated revenue of Rs 872 crore, adjusted EBITDA of Rs 237 crore and PAT of Rs 64 crore, while management said the shift toward equipment supply from turnkey orders would reflect meaningfully in financials from Q3 onward. Inox Green reported total income of Rs 101 crore, up 17% year-on-year, and EBITDA of Rs 57 crore, up 19% year-on-year, and confirmed NCLT Ahmedabad approval for the Wind World India acquisition with completion expected in Q2 FY27. Management reiterated full-year guidance of 75% revenue growth and an EBITDA margin of 20% to 22% on a consolidated basis for Inox Wind, and an annualized EBITDA guidance of Rs 600 crore for Inox Green from Q3 onward.
Numbers mentioned
Revenue: INR872 crores (Q1 FY27)
p. 3
“INOX Wind has reported a revenue of INR872 crores, adjusted EBITDA of INR237 crores, PBT of INR95 crores, PAT of INR64 crores and cash profit of INR153 crores”
Sanjeev Agarwal, page 3 of the filed PDF · View the filing
Adjusted EBITDA: INR237 crores (Q1 FY27)
p. 3
“INOX Wind has reported a revenue of INR872 crores, adjusted EBITDA of INR237 crores, PBT of INR95 crores, PAT of INR64 crores and cash profit of INR153 crores”
Sanjeev Agarwal, page 3 of the filed PDF · View the filing
Order book share of equipment supply: approximately 59% (as of July 2026)
p. 3
“As of July '26, the share of equipment supply in our order book stood at approximately 59% with the balance 41% being turnkey.”
Sanjeev Agarwal, page 3 of the filed PDF · View the filing
Order book: approximately 4.4 gigawatt (as on July 2026)
p. 3
“With this, our order book stands at approximately 4.4 gigawatt.”
Sanjeev Agarwal, page 3 of the filed PDF · View the filing
O&M portfolio: 13.3 gigawatts (as on June 2026)
p. 4
“As on June 2026, our O&M portfolio stands at 13.3 gigawatts, including investment made.”
Sanjeev Agarwal, page 4 of the filed PDF · View the filing
INOX Green total income: INR101 crores (Q1 FY27)
p. 5
“During Q1 FY27, INOX Green reported total income of INR101 crores, up by 17% year-on-year.”
S.K. Mathusudhana, page 5 of the filed PDF · View the filing
INOX Green EBITDA: INR57 crores (Q1 FY27)
p. 5
“EBITDA of INR57 crores, up by 19% year-on-year.”
S.K. Mathusudhana, page 5 of the filed PDF · View the filing
INOX Green PAT: INR41 crores (Q1 FY27)
p. 5
“Profit after tax of INR41 crores, up by 86% year-on-year.”
S.K. Mathusudhana, page 5 of the filed PDF · View the filing
Machine availability: approximately 96.3% (Q1 FY27)
p. 5
“Machine availability for the entire portfolio averaged approximately 96.3%.”
S.K. Mathusudhana, page 5 of the filed PDF · View the filing
Wind World India O&M portfolio: nearly 4.5 gigawatts
p. 5
“Wind World India's O&M portfolio stands at nearly 4.5 gigawatts, servicing a marquee client base that includes Tata, ReNew, Greenko Group, Apraava, Hindustan Zinc, among others.”
S.K. Mathusudhana, page 5 of the filed PDF · View the filing
Wind World India FY26 revenue: approximately INR580 crores (FY26)
p. 5
“The portfolio generated revenue of approximately INR580 crores in FY26 and the benefits from contracted annual price escalations of approximately 5%.”
S.K. Mathusudhana, page 5 of the filed PDF · View the filing
Total installed wind capacity in India: 57.4 gigawatt (as on June 2026)
p. 4
“The total installed wind capacity stood at 57.4 gigawatt as on June 2026.”
Sanjeev Agarwal, page 4 of the filed PDF · View the filing
What management said it would do
A record of statements made on the call, in the words management used. Parakho does not forecast, endorse or assess them, and their presence here is not a view on whether they will happen.
Revenue growth (Inox Wind consolidated) — 75% growth over previous year · FY27
stated firmly by Management
p. 8
“we maintain that revenue guidance of 75% growth over the previous year and an EBITDA margin of 20% to 22% on a consol basis is what we maintain our guidance for the full year basis.”
Management, page 8 of the filed PDF · View the filing
EBITDA margin (Inox Wind consolidated) — 20% to 22% · FY27
stated firmly by Management
p. 8
“we maintain that revenue guidance of 75% growth over the previous year and an EBITDA margin of 20% to 22% on a consol basis is what we maintain our guidance for the full year basis.”
Management, page 8 of the filed PDF · View the filing
H2 revenue share — 70% to 75% of annual business · FY27
stated firmly by Management
p. 8
“normally, typically, what we do is 70% to 75% of the business is captured in H2, and we maintain that.”
Management, page 8 of the filed PDF · View the filing
O&M EBITDA margin (Inox Green wind portfolio) — 50%
stated firmly by S.K. Mathusudhana
p. 12
“generally, our guidance on the O&M business of Wind portfolio stands at 50% EBITDA margin.”
S.K. Mathusudhana, page 12 of the filed PDF · View the filing
Indigenization of wind turbine components — almost 100% on wind turbines · before end of the calendar year
stated conditionally by Sanjeev Agarwal
p. 7
“Before end of the calendar year, we would be -- we hope that we are almost 100% on wind turbines.”
Sanjeev Agarwal, page 7 of the filed PDF · View the filing
4X Wind Turbine commercial launch — commercial launch · by end of FY26
stated firmly by Sanjeev Agarwal
p. 4
“We are on track to install the first prototype in the month of August with commercial launch expected by end of FY26.”
Sanjeev Agarwal, page 4 of the filed PDF · View the filing
USS (unit substation) commercial launch — commercial launch · FY27
stated firmly by Sanjeev Agarwal
p. 4
“Our USS is expected to be commercially launched in FY27.”
Sanjeev Agarwal, page 4 of the filed PDF · View the filing
Annual wind capacity additions in India — 8 to 10 gigawatt · next few years
stated as an aspiration by Sanjeev Agarwal
p. 4
“We expect to see strong annual wind capacity additions ranging between 8 to 10 gigawatt over the next few years, driven by RTC, FDRE and hybrid capacity additions.”
Sanjeev Agarwal, page 4 of the filed PDF · View the filing
Deferred revenue recognition — entirely covered within the financial year · FY27
stated firmly by Management
p. 15
“So this will be entirely covered in this financial year itself. So if not in Q1, Q2, over the entire financial year '27, this will be covered.”
Management, page 15 of the filed PDF · View the filing
Q&A highlights
Management's answers to analyst questions, in Parakho's words rather than a transcript. Each row names who answered and carries the verbatim quote it was drawn from.
Management said these are enabling resolutions and it cannot comment further due to the silent period.
Answered by Management
Asked by Vikash Agarwal: What is the reason for the fund raise given previous acquisitions were funded by preferential issue, and could debt be a better option than equity dilution?
p. 6
“These are enabling resolutions we have done. Beyond that, we cannot comment right now as we are in the silent period.”
Management, page 6 of the filed PDF · View the filing
Management said most components are already indigenized and by end of the calendar year they expect to be almost fully indigenized on wind turbines.
Answered by Sanjeev Agarwal
Asked by Vikash Agarwal: What benefit will ALMM rules bring and when will the impact be seen?
p. 7
“almost 80% to 90% of the components that goes in wind turbine for us are all indigenized”
Sanjeev Agarwal, page 7 of the filed PDF · View the filing
Management said they no longer disclose megawatt figures and instead guide on revenue and margin targets.
Answered by Sanjeev Agarwal
Asked by Shubham Burari: What was Q1 execution in megawatt terms and the expected number for FY27?
p. 7
“we changed the track two quarters before. So we do not announce anything on megawatt now.”
Sanjeev Agarwal, page 7 of the filed PDF · View the filing
Management clarified the reported revenue relates only to approximately 4 gigawatts of organic wind assets, with the acquired investments not yet consolidated.
Answered by Management
Asked by Prit: What is the blended per megawatt revenue for the 10.5 gigawatt Inox Green portfolio?
p. 8
“the per megawatt revenue is about INR9 lakh to INR10 lakh per megawatt, excluding GST”
Management, page 8 of the filed PDF · View the filing
Management said there are no firm plans currently but will keep evaluating.
Answered by Management
Asked by Baahubali: Does management have plans to increase promoter shareholding given the stock decline?
p. 9
“No plans as of now, but we'll keep evaluating over a period of time. So there's no firm plans as of now.”
Management, page 9 of the filed PDF · View the filing
Management said it cannot comment on quarterly numbers but reiterated the full-year 75% growth guidance.
Answered by Management
Asked by Baahubali: Can management confirm at least 30% revenue growth and 20% EBITDA margin next quarter?
p. 9
“I will not be able to comment on the numbers of 30% growth over the previous -- quarterly basis, we cannot quantify that. But yes, on an annualized basis, that is the number we're sticking with.”
Management, page 9 of the filed PDF · View the filing
Management explained receivables reflect EPC risk-transfer accounting and said the pivot to equipment supply would reduce receivables going forward.
Answered by Sanjeev Agarwal
Asked by Shubham Shukla: Why are trade receivables significantly higher than peers, both standalone and consolidated?
p. 10
“as we are moving towards the equipment supply, as you rightly said, the receivable numbers will start dropping significantly, and you will see a lot of improvement in quarter 2 and quarter 3 onwards.”
Sanjeev Agarwal, page 10 of the filed PDF · View the filing
Management said EPC-related disruptions like ROW and weather issues persist but the pivot to equipment supply would improve financials from Q3.
Answered by Sanjeev Agarwal
Asked by Akhilesh B.: What disruptions arise from the turnkey to equipment supply model shift, and is the 100% growth ask rate for the remaining quarters achievable?
p. 11
“The ROWs bringing the equipment, sometimes the customer is not ready. The weather also plays spoil sport.”
Sanjeev Agarwal, page 11 of the filed PDF · View the filing
Management said most of it relates to operational income including acquired assets and value-added services, with the balance from treasury, but declined to break it down further on the call.
Answered by Management
Asked by Rahul Kumar: Can the other income of Rs 57.9 crore at Inox Green be broken down between acquired assets, value-added services and treasury income?
p. 12
“majority of the other income, around INR57-odd crores INR50 crores plus is related to the operational income, which includes the assets which we have acquired as well as the value-addition services, the treasury -- the balance is towards the treasury income.”
Management, page 12 of the filed PDF · View the filing
Management confirmed it is maintaining the Rs 600 crore guidance on an annualized basis expected from Q3 and Q4 onward.
Answered by Management
Asked by Bhagwat: Does the Rs 600 crore EBITDA guidance for Inox Green still hold given Q1 EBITDA was only Rs 57 crore?
p. 14
“No, it's on the annualized basis. INR600 crores is the annualized basis from Q3, Q4 onwards is what you can expect.”
Management, page 14 of the filed PDF · View the filing
Management attributed the flat revenue to disruptions from the strategic pivot to equipment supply, noting operations were at least at par with the prior year.
Answered by Management
Asked by Athul Joby: Why is there no year-on-year revenue growth for Inox Wind, and is it because EPC business has stopped?
p. 15
“the operations have shown enough resilience to at least be at par with the Q1 of the previous year.”
Management, page 15 of the filed PDF · View the filing
Management said equipment supply offers flexibility to switch between clients and expects results to show predominantly in H2, especially Q3.
Answered by Sanjeev Agarwal
Asked by Rishabh Gupta: Given no incremental revenue in Q1, what will drive the 100% increase needed in the remaining quarters to meet the 75% guidance?
p. 16
“Our equipment pivot that we did, that will start showing results in quarter 2 end and predominantly H2.”
Sanjeev Agarwal, page 16 of the filed PDF · View the filing
Management said the pivot to equipment supply was a deliberate strategic shift and pointed to improved EBITDA margins as evidence of progress, while acknowledging some slippages.
Answered by Management
Asked by Rishabh Gupta: Given repeated guidance misses over the last three quarters, what has been going wrong?
p. 17
“When we started a year back, we were at 18% EBITDA margin. We are upwards of 22%. We are 27% this quarter, right?”
Management, page 17 of the filed PDF · View the filing
Management said only force majeure events beyond their control would pose a risk to meeting guidance.
Answered by Sanjeev Agarwal
Asked by Darshil Jhaveri: What risks could prevent the company from meeting its 75% revenue guidance?
p. 17
“only force majeure, things which are beyond our control. I mean no one had an inkling about this Middle East crisis.”
Sanjeev Agarwal, page 17 of the filed PDF · View the filing
Risks flagged
Force majeure events beyond the company's control could affect guidance achievement
p. 17
“only force majeure, things which are beyond our control. I mean no one had an inkling about this Middle East crisis.”
Sanjeev Agarwal, page 17 of the filed PDF · View the filing
Right-of-way delays affecting equipment delivery in EPC business
p. 11
“The ROWs bringing the equipment, sometimes the customer is not ready. The weather also plays spoil sport.”
Sanjeev Agarwal, page 11 of the filed PDF · View the filing
Delays and challenges encountered while pivoting from turnkey to equipment supply strategy
p. 17
“we realized during the course of work that delays selling challenges, ongoing challenges.”
Management, page 17 of the filed PDF · View the filing
RESCO listing timeline dependent on regulatory approvals outside company control
p. 14
“It's a regulatory process. It's a regulatory process. There's nothing that we can do.”
Sanjeev Agarwal, page 14 of the filed PDF · View the filing
Generated by claude-sonnet-5. Source: the transcript as filed with BSE. We link to the exchange's copy; we do not host transcripts. Parakho is a data and screening tool, not an investment adviser — nothing here is a recommendation to buy, sell or hold.