Inox Wind Ltd (INOXWIND) Q1 FY27 Earnings Call: Guides 75% Revenue Growth, 4X Turbine Commercial by September

Inox Wind Ltd held its Q1 FY27 earnings call on August 07, 2026. Here's a quick read of what management said — performance, strategy, and the outlook ahead.

Mixed Start to FY27 as Equipment Supply Pivot Gains Traction

• Rs.872 Cr consolidated revenue — Inox Wind Q1 FY 2026-2027 revenue flat YoY, reflecting the strategic pivot from turnkey EPC to equipment supply; management stated operations were "at par" with Q1 FY 2025-2026.
• 27% EBITDA margin — Q1 FY 2026-2027 margin expanded from 18% in FY 2025-2026, with consolidated EBITDA of Rs.237 Cr, driven by a higher-mix of equipment supply contracts.
• Rs.64 Cr PAT and Rs.153 Cr cash profit — Q1 FY 2026-2027 profit after tax of Rs.64 Cr and cash profit of Rs.153 Cr underscore improved earnings quality despite the revenue transition.
• Inox Green: Rs.101 Cr total income — Inox Green reported Q1 FY 2026-2027 income of Rs.101 Cr (+17% YoY), EBITDA of Rs.57 Cr (+19% YoY), PAT of Rs.41 Cr (+86% YoY), and machine availability of 96.3%.

4.4 GW Backlog Anchors 75% Revenue Growth Target for FY27

• 4.4 GW order book — As of July 2026, backlog stands at 4.4 GW (59% equipment supply, 40% turnkey), providing 24–36 months of execution visibility; later cited as 4.5 GW with 70% equipment supply mix.
• 75% YoY revenue growth guidance for FY 2026-2027 — Management reiterated confidence despite flattish Q1, noting H1 typically accounts for ~25% of annual operations and the company is within 5–10% of its plan.
• Rs.400 Cr deferred revenue recognition — Revenue deferred from Q4 FY 2025-2026 was partially recognized in Q1 FY 2026-2027, with the balance to be fully recognized within FY 2026-2027.
• MOU with Inox Green for 1.5 GW — Firm orders of 500 MW signed, with the remaining 1 GW to follow; Inox Clean (group entity) contributed 1.5 GW to the order book.
• Repeat order from NLC India — 200 MW LOA received in July 2026, reinforcing a strong repeat-customer base.
• H2-heavy revenue profile — 70–75% of full-year FY 2026-2027 revenue expected in the second half, consistent with historical seasonality.

4X Turbine and Indigenization Drive Competitive Edge

• 4X turbine commercial by September 2026 — Prototype installation on track for August 2026; commercial activity to begin approximately one month later (Q2 FY 2026-2027), with higher-rated models under evaluation.
• 80–90% indigenization achieved — Management targeting 100% domestic content by end-2026 for both 3X and new 4X models, already ahead of regulatory requirements.
• ALMM advantage for at least 3 years — Management cited the ALMM rule as providing a competitive moat from Q1 FY 2026-2027, given Inox Wind's early lead in domestic manufacturing.
• India wind capacity outlook of 8-10 GW annually — Management expects "strong annual wind capacity additions in India of 8-10 GW over the next few years" as a long-term demand driver.
• Life extension services up to 35 years globally — Inox Green intends to offer turbine life extension and overall services globally, including to the Wind World India fleet.

Margin Expansion Underway as Working Capital Improves

• 27% Q1 FY27 EBITDA margin — Improved from 18% in FY 2025-2026, benefiting from the shift to equipment supply; full-year FY 2026-2027 EBITDA margin target maintained at 20–22%.
• Working capital cycle improved — Management reiterated its working capital guidance for FY 2026-2027, with trade receivables expected to improve significantly from Q2 FY 2026-2027 onwards as the pivot to equipment supply accelerates cash conversion.
• 60% of order book on equipment-supply contracts — Under "Vision 2.0", these contracts bypass EPC-related delays (ROW, weather, customer readiness) and accelerate revenue and cash conversion; management expects a "significant change" in bottom-line and cash reserves from late Q2 FY 2026-2027 onward.
• Inox Green O&M EBITDA margin guidance of 50% — Reaffirmed by management; past misses attributed to one-time expenses, infrastructure upgrades, and prior unbundling of value-added services, now separately billed from FY 2026-2027.

O&M Platform Scales with Wind World Acquisition

• Rs.600 Cr EBITDA guidance for FY27 — Inox Green's annualized EBITDA target for FY 2026-2027; Q1 FY27 EBITDA stood at Rs.67 Cr, with management expecting the run-rate to reflect from Q3 and Q4 FY27 post-consolidation.
• Wind World India acquisition approved — NCLT Ahmedabad approved the acquisition; completion expected in Q2 FY 2026-2027. Wind World India adds ~4.5 GW of O&M portfolio with ~Rs.580 Cr revenue in FY 2025-2026 and annual price escalations of ~5%.
• Inox Green portfolio reaches ~13.3 GWp — As of June 2026, comprising ~10.5 GW wind operating assets and balance solar, including ~6.5 GW of operational wind O&M assets acquired (including Wind World India).
• Machine availability at 96.3% — Q1 FY 2026-2027 operational metric underscores strong service delivery.
• Demerger of power evacuation infrastructure completed — Effective August 1, 2026, into Inox Renewable Solutions, making Inox Green an asset-light O&M player with improved ROE/ROCE.
• Other O&M acquisitions expected in FY 2026-2027 — Management guided that additional acquisitions will be completed and consolidated during the fiscal year.

Execution of Equipment Supply Pivot Is Key to FY27 Targets

• 75% revenue growth guidance maintained for FY 2026-2027 — Management expressed confidence despite past guidance misses, with better performance expected from Q2 FY27 end and H2 FY27 being the strongest half.
• Only force majeure cited as risk — When asked about risks to the 75% guidance, management cited only force majeure events (e.g., Middle East crisis) as potential factors beyond its control.
• Resco listing expected within 2–3 months — IRSL listing anticipated by Q3 FY 2026-2027; Resco expanding into transformers (up to 100 MVA and beyond), cranes, and power electronics to compensate for lower EPC volumes at Inox Wind.
• Consolidation of Inox Wind expected post Q2 FY27 — The EBITDA run-rate for Inox Green is tied to the post-consolidation entity.
• Historical guidance misses acknowledged — Management noted on-ground challenges during the transition but expects quarterly performance to improve from Q2 FY27 end, with client site readiness and equipment supply execution remaining critical.
• Management to consider separate product/EPC disclosure — An analyst's request for separate breakdowns in future presentations will be evaluated.