Inox Wind Ltd — Q1 FY27 earnings call
Summary generated by AI from the official transcript Inox Wind 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 Inox Green reported total income of Rs 101 crore with EBITDA of Rs 57 crore. Management said the shift in order mix towards equipment supply, now about 59% of the third-party order book, caused near-term revenue disruption but maintained its full-year guidance of 75% revenue growth and 20-22% EBITDA margin. The company also detailed an order backlog of 4.4 gigawatt, an MOU with Inox Clean for 1.5 gigawatt, an LOA from NLC India for 200 megawatt, and progress on the Wind World India acquisition and the RESCO demerger.
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 (equipment supply share): 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 backlog: approximately 4.4 gigawatt (as of 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
Inox Green total income: INR101 crores, up by 17% year-on-year (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, up by 19% year-on-year (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, up by 86% year-on-year (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
Inox Green O&M portfolio: 13.3 gigawatts (as of 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
Total installed wind capacity in India: 57.4 gigawatt (as of 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
Wind capacity commissioned in India: 1.4 gigawatt (Q1 FY27)
p. 4
“The Wind industry continues to show excellent transactions -- traction, sorry, driven by macro tailwinds with 1.4 gigawatt wind capacity commissioned in India in quarter 1 FY27.”
Sanjeev Agarwal, page 4 of the filed PDF · View the filing
Wind World India portfolio 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
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 — 75% growth over the 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 — 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
4X Wind Turbine commercial launch — 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 systems) 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
Wind turbine component indigenization — 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
Wind World India acquisition completion — Q2 FY27
stated firmly by Sanjeev Agarwal
p. 4
“The acquisition formalities are expected to be completed in quarter 2 FY27.”
Sanjeev Agarwal, page 4 of the filed PDF · View the filing
Deferred revenue recognition — INR400 crores · FY27
stated firmly by Management
p. 15
“So this will be entirely covered in this financial year itself.”
Management, page 15 of the filed PDF · View the filing
Wind capacity additions in India — 8 to 10 gigawatt annually · 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
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 most components are already indigenized so ALMM mainly benefits competitors, and full indigenization is expected before year-end.
Answered by Sanjeev Agarwal
Asked by Vikash Agarwal: What benefit will ALMM bring and when will its impact be seen?
p. 7
“As we speak to you, almost 80% to 90% of the components that goes in wind turbine for us are all indigenized, yes.”
Sanjeev Agarwal, page 7 of the filed PDF · View the filing
Management said they no longer disclose megawatt figures, guiding instead on revenue and margin.
Answered by Management
Asked by Shubham Burari: What was Q1 execution in megawatts and the FY27 target?
p. 7
“So last year, if you see, we had made an announcement that we'll move from the machine volumes to the revenue numbers, and that's what we've been guiding the revenue targets and the margins there.”
Management, page 7 of the filed PDF · View the filing
Management clarified the per-megawatt revenue applies only to the roughly 4 GW of traditional turbines, not the newly acquired investments.
Answered by Management
Asked by Prit: What is the blended per-megawatt O&M revenue for the 10.5 GW 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 declined to give a quarterly number, reiterating the annual guidance instead.
Answered by Management
Asked by Baahubali: Can management confirm at least 30% revenue growth and 20% EBITDA margin next quarter?
p. 9
“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 said receivables are recognized on a risk-transfer basis and will fall as equipment supply share increases.
Answered by Sanjeev Agarwal
Asked by Shubham Shukla: Why are trade receivables higher than peers and how will this change with the shift to equipment supply?
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 all group transactions are arm's length with no preferential pricing.
Answered by Management
Asked by Akhilesh B.: Are Inox Clean transactions done at arm's length compared to other customers?
p. 12
“So there's no preferential pricing for any customer, be it INOX Clean or any third party.”
Management, page 12 of the filed PDF · View the filing
Management confirmed it is an annual figure expected mainly from Q3 and Q4 after consolidation.
Answered by Management
Asked by Bhagwat: Does the Rs 600 crore EBITDA guidance for Inox Green apply annually or to specific quarters?
p. 14
“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 performance to disruption from the shift to equipment supply, while noting full-year FY26 revenue grew.
Answered by Management
Asked by Athul Joby: Why has Inox Wind shown no year-on-year revenue growth this quarter?
p. 15
“So full year basis, if you see FY26 revenues were up about 23% compared to the previous year.”
Management, page 15 of the filed PDF · View the filing
Management explained equipment supply gives flexibility to shift output between clients, unlike turnkey projects tied to specific sites.
Answered by Management
Asked by Rishabh Gupta: What will change in Q3/Q4 to deliver the required growth given a soft Q1?
p. 16
“So if my turbine is ready, if site is not ready, I can only sell it to the Y site.”
Management, page 16 of the filed PDF · View the filing
Management said only unforeseeable force majeure events would prevent meeting the target.
Answered by Sanjeev Agarwal
Asked by Darshil Jhaveri: What risks could prevent the company from meeting its 75% growth guidance?
p. 17
“only force majeure, things which are beyond our control.”
Sanjeev Agarwal, page 17 of the filed PDF · View the filing
Risks flagged
Delays and disruptions from shifting strategy from turnkey EPC to equipment supply
p. 9
“When you move -- when you take a large strategic shift, there are some disruptions.”
Management, page 9 of the filed PDF · View the filing
EPC execution risks including right-of-way issues, customer readiness, and weather
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
Force majeure events such as geopolitical crises
p. 17
“I mean no one had an inkling about this Middle East crisis.”
Sanjeev Agarwal, page 17 of the filed PDF · View the filing
Regulatory and procedural delays affecting RESCO listing timeline
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.