Arthneeti

Inox Wind Q1 FY27 Share Price & Earnings Call Analysis

₹59.18+0.31% today
Market cap
₹10,232 Cr
P/E
29.70
ROE
7.50%
PEG
0.78
Price to sales
2.34
Debt to equity
0.25
52W high / low
₹157 / ₹58.4
Sales growth (5Y)
43.98%
EBITDA margin
19.64%
Net profit margin
10.21%
Promoter holding
44.18%
Sales (last year)
₹4,385 Cr

Inox Wind Limited is a part of the Inox Group. The company is engaged in the business of manufacturing Wind Turbine Generators (WTGs) and is a wind energy solutions provider servicing IPPs, Utilities, PSUs, Corporates and Retail Investors. [1] Inox Wind Ltd is a fully integrated player in the wind energy market and provides end-to-end turnkey solutions.

Guidance scorecard · Q1 FY27 call

What Inox Wind Ltd's management guided
and where it ranks in Electrical Equipment

#25of 58 in
Electrical Equipment
Revenue20–40%MarginsFlatCapexPlannedFundraisingWhat management saidOrder bookRising

RevenueQ1 FY27 call

20–40%
  • INOX Wind expects a 75% annual growth in revenue compared to the previous year, primarily driven by a strategic pivot from turnkey EPC projects to equipment supply business.
  • The growth is expected to be H2-heavy, with 70-75% of business captured in the second half of the fiscal year.
  • Equipment supply orders, including about 1.5 GW from INOX Clean and 4.4 GW backlog mainly from equipment supply, support this confidence.
  • Incremental revenues and margins from equipment supply are expected to start reflecting toward the end of Q2 and predominantly in Q3 and Q4.
  • The shift to equipment supply allows more flexibility in client targeting and faster revenue recognition, mitigating EPC-related delays.

2 more points from Inox Wind Ltd's call on revenue

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Full Q1 FY27 analysis

MarginsQ1 FY27 call

Flat

See what Inox Wind Ltd said on margins — free account, 30 seconds.

Full Q1 FY27 analysis

CapexQ1 FY27 call

Planned
  • Expansion of manufacturing capabilities under IRSL, including transformers up to 100 MVA and beyond, serving both captive solar/wind needs and broader markets.
  • Growing crane business with current and upcoming new cranes delivering good returns.
  • Development of high-value, technology-driven, high-margin power electronic products such as inverters, unit substations, and capacitor systems planned within the year.

2 more points from Inox Wind Ltd's call on capex

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Full Q1 FY27 analysis

FundraisingQ1 FY27 call

See what Inox Wind Ltd said on fundraising — free account, 30 seconds.

Full Q1 FY27 analysis

Order bookQ1 FY27 call

Rising
  • As of July 2026, INOX Wind's total order book stands at approximately 4.4 gigawatts.
  • The order book comprises about 59% equipment supply and 41% turnkey orders (excluding group entity orders).
  • INOX Wind signed an MOU with INOX Clean Energy for 1.5 gigawatts in June 2026; firm orders for 500 MW received so far, with the remaining 1 GW to be finalized in due course.
  • Received a 200 MW LOA from NLC India in July 2026 (repeat order via tender).
  • The company has a robust pipeline with marquee repeat customers and expects equipment supply orders to grow, covering the next 3 years.

2 more points from Inox Wind Ltd's call on the order book

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Full Q1 FY27 analysis
Full Electrical Equipment ranking

Ranges are what management guided for revenue growth and margins on the latest earnings call. Not investment advice, and not a forecast of returns.

Potential multibaggers · Q2 FY27

Potential multibaggers in Electrical Equipment
on management's own guidance

  1. Strong growth
    2
  2. Strong growth
    1
  3. Strong growth
    3
See all potential multibaggersWhere does Inox Wind Ltd rank?

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Ranks describe management commentary on revenue and margin from the latest earnings call. Not investment advice.

Peers

Electrical Equipment companies ranked on guidance

#CompanyRevenue guidedMargin guidedMarket capP/E
140%+Up 2%+₹72,673 Cr18.1
240%+Up 2%+₹21,700 Cr158.1
340%+Up 2%+₹491 Cr12.2
440%+Up 0–2%₹12,434 Cr48.4
540%+Up 0–2%₹2,042 Cr35.4
640%+Up 0–2%₹529 Cr7.0

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Financials of Inox Wind Ltd

Quarterly Results, Profit & Loss, Balance Sheet, Cash Flows, and Ratios are shown below as separate sections.

Financials of Inox Wind Ltd

Quarterly Results

Quarter-by-quarter operating performance

Dec 2022Mar 2023Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025
Sales +2261913493715035286407339111,2758261,1191,207
Expenses +4022183173224114295055677071,021643891926
Operating Profit-175-2731489399135166204254184228282
OPM %-78%-14%9%13%18%19%21%23%22%20%22%20%23%
Other Income +3-041612118116836364331
Interest94657064635756443435345150
Depreciation26262926283042454748495153
Profit before tax-293-119-63-263315588190208138169209
Tax %-2%0%2%4%45%-4%24%4%42%8%29%29%40%
Net Profit +-288-119-65-27233428411019097121127
EPS in Rs-2.43-0.85-0.46-0.170.010.340.070.190.841.350.610.530.68

Financials of Inox Wind Ltd

Profit & Loss

Annual income statement trend

Mar 2014Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025TTM
Sales +1,5672,7094,4453,4054651,4367607116257331,7463,5574,428
Expenses +1,3912,2843,7112,8635481,2878779029259261,4842,8003,480
Operating Profit176425734542-83149-116-191-300-193262757947
OPM %11%16%17%16%-18%10%-15%-27%-48%-26%15%21%21%
Other Income +94748842623117619-6546134146
Interest466298155171169244255283327240169170
Depreciation12203544526680888998113182200
Profit before tax128389649427-280-62-430-459-653-684-45539724
Tax %-4%24%29%29%-33%-36%-35%-33%-26%4%7%19%
Net Profit +132296461303-188-40-279-307-483-712-48438535
EPS in Rs1.553.144.883.21-1.99-0.42-2.96-3.24-5.08-5.11-0.263.233.17
Dividend Payout %0%0%0%0%0%0%0%0%0%0%0%0%

Financials of Inox Wind Ltd

Balance Sheet

Capital structure and asset base

Mar 2014Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Sep 2025
Equity Capital2002222222222222222222222223263911,6241,728
Reserves2281,1701,6651,9681,7821,7431,4641,0946881,3872,4173,4234,945
Borrowings +5578741,4571,6741,0621,3051,1211,5662,6372,4162,0781,5001,140
Other Liabilities +4959301,4341,2911,0321,4712,4852,5822,4171,9121,8672,2462,192
Total Liabilities1,4803,1964,7785,1554,0984,7415,2925,4645,9656,0416,7548,79210,005
Fixed Assets +1742035277659859731,2281,1911,3431,6191,8432,2912,388
CWIP254943112206633230148123304296402
Investments4506325309194333310446489
Other Assets +1,2352,9444,1464,0243,0943,6113,9364,0104,4404,2984,6075,7606,726
Total Assets1,4803,1964,7785,1554,0984,7415,2925,4645,9656,0416,7548,79210,005

Financials of Inox Wind Ltd

Cash Flows

Operating, investing and financing cash movement

Mar 2014Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025
Cash from Operating Activity +-76-106-163114269147733-112-475-1,100-366138
Cash from Investing Activity +-44-148-968-5332-264-346-49-74231487-406
Cash from Financing Activity +12095850119-76076-385282486824-130277
Net Cash Flow0704-630128-159-402122-62-45-99
Free Cash Flow-120-210-567-1768410462-231-654-1,488-881-483
CFO/OP-24%-6%-4%44%-373%101%-650%68%155%572%-117%19%

Financials of Inox Wind Ltd

Ratios

Working capital efficiency and return ratios

Mar 2014Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025
Debtor Days1651931982551,051414635538627412238276
Inventory Days10593741332,8654111,363733940843441238
Days Payable1641551581871,6533871,446829663460214188
Cash Conversion Cycle1071301152022,263438552442905795464326
Working Capital Days35544868614138-217-430-259-1275161
ROCE %21%28%26%16%-3%3%-6%-8%-11%-7%4%12%

Guidance history

How Inox Wind Ltd's guidance has moved, call by call

CallRevenueMarginsCapexFundraisingOrder book
Q1 FY27 call →20–40%FlatPlanned—Rising
Q4 FY26 call →40%+FlatPlannedPlanned—
Q3 FY26 call →40%+Up 2%+Planned—Rising
Q2 FY26 call →20–40%FlatPlanned—Rising

What management guided on each call, newest first. Not investment advice, and not a forecast of returns.

2out of 100

Momentum score · price trend

2 out of 100 — Cooling

Over the past year its share price has done worse than most of the stocks we track.

PeriodShare price changeBetter than … of 1,910 stocks
Last 12 months−61.5%1%
Last 6 months−42.3%1%
Last 3 months−23.0%13%

The price is 76.5% below its all-time high of ₹250.72 (20 Sept 2024). Stocks more than 20% below their peak have their score halved, so 3 became 2.

How we calculate it

“Better than 30%” means that over that period the share price did better than 30 out of every 100 stocks we track (1,910 Indian companies worth ₹500 Cr or more, with at least a year of prices).

The score weighs the longer periods more: 40% × 12-month + 40% × 6-month + 20% × 3-month. For Inox Wind Ltd: 0.4 × 1 + 0.4 × 1 + 0.2 × 13 = 3, halved to 2 because the price is more than 20% below its all-time high.

Strengthening is 70 and above, Steady 40 to 70, Cooling below 40. Scores are recalculated every night after the market closes.

Full methodology →

This describes only how the share price has moved up to 28 Oct 2026, compared with other stocks. It says nothing about the business, and it is not a prediction, a price target or a recommendation to buy or sell.

Continue your research

What Inox Wind Ltd's management said in earlier quarters

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