Inox Wind LtdQ1 FY27
Inox Wind Ltd Q1 FY27 Earnings Call Analysis
Revenue, margin, capex, fundraise and order book outlook from management commentary.
Price: ₹73.3P/E: 36.9Market Cap: ₹12.7K CrSector: Electrical Equipment
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- →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.
- →Despite quarterly slippages, management remains confident of meeting full-year revenue guidance owing to marquee customers and repeat orders.
- →Annual revenue growth was about 23% from FY25 to FY26, showing healthy momentum.
Margin guidance
Category 3- →The company maintains a strong guidance with a targeted 75% growth in revenue over the previous year.
- →EBITDA margin guidance is maintained at 20% to 22% on a consolidated basis for the full year.
- →Growth is expected to be H2 heavy, with 70% to 75% of business activity and financial performance occurring in the second half of the fiscal year.
- →Pivot from EPC (turnkey) to equipment supply model is expected to drive faster revenue recognition, improved margins, and better cash flows from Q2 end and predominantly in Q3 and Q4.
- →Incremental revenues and margins from equipment supply, especially due to large orders from marquee clients like INOX Clean, are expected to significantly enhance profitability.
- →EBITDA from INOX Green Energy Services, including post-Wind World acquisition consolidation, is expected to contribute materially starting Q3 FY27.
- →Management is confident in meeting full-year guidance, barring unforeseen force majeure events.
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Fundraise plans
- →There is no explicit mention of any current or future fundraising through debt or equity in the provided transcript.
- →Management did not discuss any plans for raising funds via equity or debt during the Q&A or closing remarks.
- →A participant asked about the interest cost outlook, but the response did not indicate any new debt plans.
- →The company mentioned being mindful of working capital and improving operations but did not signal the need for fresh fundraising.
- →No confirmation of promoter shareholding increase or share dilution plans was given; management stated "No plans as of now" for increasing promoter shareholding.
- →Any financial changes or fundraising related to acquisitions (e.g., Wind World) would be reflected post Q2 FY27 but no financing methods were disclosed.
Order book
Yes- →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.
- →IRSL order book includes about 40% third-party turnkey orders.
- →Overall, the healthy backlog supports confident revenue and margin growth, especially from H2 FY27 onwards.
Capex plans
Yes- →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.
- →Strategic pivot from EPC to equipment supply to improve financial performance and working capital.
- →Indigenization drive aiming to achieve almost 100% local content in wind turbines (3X and 4X models) by end of calendar year, leveraging the Advantage Local Manufacturing and Make in India (ALMM) policies.
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