Inox Wind Limited (INOXWIND) Q2 Results FY27 Preview: Date, Time, Expectations & Key Things To Watch
Inox Wind is an INOXGFL Group integrated wind energy player spanning turbine manufacturing, EPC execution and O&M through Inox Green, operating against an Indian wind sector adding 8-10 GW annually. This quarter's print will speak to whether the pivot to ~75% equipment supply starts converting into revenue by end of Q2, and whether margins hold above the 20-22% FY27 guided band amid record copper prices.
Read the full Q2 FY27 results analysis →
| Results date | November 13, 2026 |
|---|---|
| Quarter | Q2 FY 2026-2027 |
| Previous quarter revenue | Rs. 872 Cr (Total Income, Q1 FY27) |
| Previous quarter PAT | Rs. 64 Cr (Q1 FY27) |
| Previous quarter EBITDA margin | ~27.2% (Q1 FY27) |
| Market cap | Rs. 11,323.41 Cr |
| CMP | Rs. 65.52 |
Inox Wind Limited Q2 Results Date and Time
The board meets on 13 Nov 2026 to approve the un-audited standalone and consolidated results for Q2 and H1 of the period ended 30 September 2026, under Regulation 29(1) of SEBI LODR. The trading window has been closed since 1 October 2026.
The Q2 FY27 earnings call is scheduled for 13 November 2026 at 5:00 PM IST, organized by Motilal Oswal. Kailash Tarachandani, Group CEO – Renewables at InoxGFL, will represent the company.
What to expect from Inox Wind Limited's Q2 FY27 results
The checkpoint for this quarter is whether Inox Wind's pivot to equipment supply starts converting into revenue by the end of Q2 FY27, as management framed the inflection as 'end of Q2 or predominantly in Q3', against a full-year guide of +75% revenue growth over FY26 with 70-75% of the business weighted to H2.
The order book has expanded 41.94% from ~3.1 GW in March 2026 to ~4.4 GW as of July 2026, further lifted to 4.7 GW by a Rs. 1,600 cr repeat 200 MW turnkey order from NLC India in July and a Rs. 755 cr 100 MW order from IOC in September, giving 24-36 months of execution visibility.
Q1 FY27 EBITDA margin ran at ~27.2%, well above the 20-22% FY27 guided band, but copper rose over 10% across the quarter to record September levels near $14,858.50/t against only partial pass-through clauses, and aluminium remains ~45% higher YoY. The Rs. 400 cr deferred revenue shortfall from FY26 is guided to be recognized 'primarily in Q2 and Q3' FY27, with a portion already booked in Q1.
Wind World India's 4.5 GW O&M acquisition completed payment on 7 October 2026, about a week after the quarter-end, so consolidation is expected to begin in Q3 rather than Q2 as originally guided. The upcoming call is also likely to cover working-capital progress toward the ~150-day FY27 target against a Rs. 4,249.84 cr receivables base as of 31 March 2026, and first commercial orders for the 4X MW platform, which must clear the ALMM(Wind) enlistment requirement per the 14 July 2026 clarification.
Key Things To Watch
FY27 +75% revenue growth and equipment-supply inflection: Q1 FY27 Total Income was up only 1% YoY, making Q2 the checkpoint for the H2 ramp.
- Equipment-supply revenue guided to inflect 'end of Q2 or predominantly in Q3' FY27 — watch whether it shows up by quarter-end
- Rs. 400 cr deferred revenue recovery — a portion recognized in Q1, remainder expected primarily in Q2 and Q3 FY27
- 70-75% of FY27 business is H2-weighted; watch for any slippage in the H2 ramp against the +75% revenue guide
EBITDA margin bridge vs the 20-22% guided band: Q1 FY27 ran at ~27.2% margin, above the guided band.
- Watch whether the mix shift to ~Rs. 6-6.5 cr/MW equipment supply (vs ~Rs. 8 cr/MW turnkey) and copper/aluminium inflation pull margins toward the 20-22% band or whether management re-bases
- Management's Q4 FY26 phrasing: 'only North of around 20% or higher, not below that'
Inox Green: Wind World consolidation and Rs. 600 cr EBITDA path: Wind World India (~4.5 GW O&M portfolio, ~Rs. 580 cr FY26 revenue) is the gating item.
- Payment for the 4.5 GW O&M transfer completed 7 October 2026 — about a week after the 30 September quarter-end, so consolidation shifts to Q3 FY27 vs the 'Q2 FY27' completion guided at Q1
- Inox Green FY27 EBITDA guided upwards of Rs. 600 cr; management expects a 'multifold increase in consol EBITDA and PAT for FY27 over FY26' and declined quarterly phasing
Working capital and receivables trajectory: The receivables-heavy legacy EPC profile is the key balance-sheet item.
- Working capital path: 200 days at FY26-end, ~150 days targeted by FY27, 120-150 long-run
- Receivable days guided to show 'a downward trajectory' with drastic improvement over the next 3-4 quarters as equipment supply scales; trade receivables stood at Rs. 4,249.84 cr as of 31 March 2026
4X MW platform launch and order book momentum: New product and order-flow updates anchor the growth narrative.
- 4X MW commercial launch within CY26 with prototype installed in August; commercial installation requires ALMM(Wind) enlistment per the 14 July 2026 clarification — confirm first commercial orders and sales from FY27
- Order book at ~4.4 GW (July 2026), 41.94% above March 2026; management flagged 'many more tenders as well as negotiations… underway' with a >2 GW pipeline and a >1 GW/year framework-order commitment
- USS commercialization expected in FY27 and FY27 capex guided at ~Rs. 200 cr; IRSL listing progress post the 1 August 2026 demerger
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Frequently Asked Questions
Why did Inox Wind miss its FY26 revenue target of over Rs. 5,000 crore?
FY26 Total Income came in at Rs. 4,569 cr, up 23% YoY but short of the >Rs. 5,000 cr guidance by about Rs. 400 cr. Management attributed the shortfall to supply chain disruptions, specifically delays in ECS components, and geopolitical issues affecting shipping and commodity costs, and guided recovery in Q1 and Q2 of FY27.
Is Inox Wind on track with its FY27 revenue growth guidance?
Management has reaffirmed FY27 guidance of +75% revenue growth over FY26 and a 20-22% EBITDA margin, characterizing the 75% target as 'conservative, barring extreme external shocks'. Q1 FY27 revenue was up only 1% YoY, but the business is 70-75% H2-weighted and equipment-supply revenue is expected to inflect by end of Q2 or predominantly in Q3.
When will Inox Wind complete the Wind World India acquisition?
Inox Green announced completion of payment for the 4.5 GW O&M transfer on 7 October 2026, after NCLT Ahmedabad approved the resolution plan in July 2026. Completion landed about a week after the 30 September quarter-end, so consolidation is expected to begin in Q3 FY27 rather than Q2 as originally guided.
How large is Inox Wind's order book and what is the equipment-supply mix?
The order book stood at ~4.4 GW as of July 2026, a 41.94% increase from ~3.1 GW in March 2026, with 24-36 months of execution visibility. Excluding group entities, the mix is ~59% equipment supply and 41% turnkey, with a target end-state of ~75% equipment supply.
What is Inox Wind's working capital reduction target?
Management guided to 200 working-capital days by FY26 year-end and ~150 days by FY27, with a long-run target of 120-150 days. The working capital cycle was brought down ~15 days in Q4 FY26, and management said receivable days would show a downward trajectory over the next 3-4 quarters as the equipment-supply pivot scales.
Related
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