Inox Wind (INOXWIND) Q1 26/27 earnings summary

Executive summary

• Consolidated Q1 FY27 revenue was INR 872 crores (Rs 872 cr), with Adjusted EBITDA at INR 237 crores and EBITDA margin of 27.2%, PBT at INR 95 crores, PAT at INR 64 crores, and cash profit at INR 153 crores.

• Strategic pivot to equipment supply is progressing, now comprising up to 75% of the order book as of July 2026, with meaningful financial impact expected from Q3 FY27.

• Order backlog stands at 4.4 GW, providing execution visibility for 24-36 months and featuring marquee customers and recurring turnkey orders.

• Acquisition of ~4.5 GW wind O&M portfolio from Wind World India approved, with consolidation expected in Q2 FY27.

• Demerger of power evacuation infrastructure from Inox Green to Inox Renewable Solutions completed as of August 1, 2026.

Financial highlights

• Q1 FY27 consolidated total income: Rs 872 cr (up 1% YoY); EBITDA: Rs 237 cr (down 3% YoY); EBITDA margin: 27.2%; PBT: Rs 95 cr; PAT: Rs 64 cr; Cash PAT: Rs 153 cr.

• Inox Green reported Q1 FY27 income of INR 101 crores (+17% YoY), EBITDA of INR 57 crores (+19% YoY), PBT of INR 54 crores (+74% YoY), and PAT of INR 41 crores (+86% YoY).

• Inox Green's Q1 FY27 EBITDA margin was approximately 56%.

• Net worth as of Q1 FY27: Rs 7,773 cr.

Outlook and guidance

• FY27 revenue guidance maintained at 75% growth over previous year, with consolidated EBITDA margin guidance of 20%-22%.

• Business is H2-heavy, with 70%-75% of annual revenue expected in the second half.

• Commercial launch of 4X MW wind turbines within CY26 and ramp-up of manufacturing capacities planned.

• Wind industry in India expected to add 8-10 GW annually over the next few years.