Inox GreenQ1 FY27
Inox Green Q1 FY27 Earnings Call Analysis
Revenue, margin, capex, fundraise and order book outlook from management commentary.
Price: ₹174P/E: 58.4Market Cap: ₹7.2K CrSector: Commercial Services & Supplies
Management growth scorecard
Revenue
Category 2
Margin
Category 3
Fundraise
N/A
Order
Yes
Capex
Yes
2 of 4 growth signals are positive.
Full analysisRevenue guidance
Category 2- →The company expects a 75% growth in revenue for the full year, maintaining this guidance firmly.
- →The business is H2-heavy, with 70-75% of revenue typically realized in the second half of the year.
- →Equipment supply pivot will start showing significant revenue and margin contributions from Q3 onwards.
- →Equipment supply offers flexibility to sell turbines to multiple clients, reducing dependency on site readiness, supporting revenue growth.
- →The backlog includes 4.5 GW of orders, covering about 3 years of equipment supply, including repeat orders from marquee clients like INOX Clean and NLC India.
- →Full recovery of deferred revenue (INR 400-600 crores) expected over the current financial year, supporting revenue recognition.
- →Manufacturing expansion (transformers, cranes, power electronics) planned to outpace any slowdown in EPC business volumes.
Margin guidance
Category 3- →Company targets 75% revenue growth over the previous year, with a 20-22% EBITDA margin on a consolidated basis for the full year.
- →Growth is expected to be H2-heavy, with 70-75% of business captured in the second half of the year.
- →Pivot from turnkey EPC projects to equipment supply is expected to improve revenue recognition, margins, and cash flow, particularly starting Q3 FY27.
- →Equipment supply order backlog (~70% of 4.4 GW backlog) and marquee repeat customers (including INOX Clean) provide visibility and support confidence in meeting guidance.
- →EBITDA guidance of INR 600 crores for FY27, partially from consolidation of Wind World acquisition starting Q3.
- →Incremental revenue and margins from equipment supply expected mainly from Q2 end and Q3 onwards.
- →Risks to growth are mainly force majeure/uncontrollable events; management expresses strong confidence in meeting guidance.
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Fundraise plans
- →There is no explicit mention of any current or future fundraising through debt or equity in the provided pages of the transcript.
- →Management discussed maintaining EBITDA and revenue guidance but did not mention plans for raising funds.
- →Discussions around improving working capital and shifting business strategy towards equipment supply focus on operational improvement rather than fundraising.
- →On promoter shareholding, it was stated there are no plans currently to increase promoter shareholding, indicating no immediate equity infusion from promoters.
- →On the RESCO listing, management mentioned ongoing regulatory procedures but did not disclose any fundraising specifics.
- →Overall, no direct details or announcements about new debt or equity fundraising were provided in the transcript excerpts.
Order book
Yes- →As of July 2026, INOX Wind's order book stands at approximately 4.4 gigawatts.
- →Share of equipment supply in the order book is around 59%, with turnkey orders making up the remaining 41% (excluding orders from INOX GFL Group entities).
- →INOX Wind has signed an MOU for 1.5 gigawatts with INOX Clean Energy (June 2026), with firm orders for 500 MW already signed; the remaining 1 GW is expected to be signed soon.
- →Received a Letter of Award (LOA) for 200 MW from NLC India in July 2026 (a repeat order).
- →The backlog includes marquee customers and repeat orders, signaling confidence in delivery and future business.
- →The company has shifted focus towards equipment supply to improve execution flexibility and financial robustness.
Capex plans
Yes- →INOX Wind is enhancing manufacturing capabilities under IRSL, including transformers up to 100 MVA and beyond, serving both captive and external demand.
- →Expansion plans include growing their crane business with addition of new cranes.
- →Plans to develop high-value, technology-driven, and high-margin power electronic products such as inverters, unit substations, and capacitor systems.
- →Emphasis on indigenization: aiming for almost 100% indigenization of wind turbine components by end of the calendar year, aligning with ALMM benefits.
- →These strategic investments aim to offset any volume reductions due to shrinking EPC business and pivot towards equipment supply.
- →Capex to support these expansions is implied but specific figures and timelines are not disclosed.
- →Listing of RESCO is underway with further plans to be announced post-listing.
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