Inox Wind Q1 FY27 profit falls 34%; order book expands to 4.4 GW
Inox Wind Limited (IWL) reported lower revenue and profit for the quarter ended June 30, 2026, as it shifted its business mix towards equipment supply. Despite the weaker quarterly performance, the company maintained its FY27 growth guidance and expanded its order book to 4.4 GW, supported by fresh order wins across utility and commercial segments.
Revenue from operations declined 1.44% year-on-year to Rs 814.1 crore from Rs 826 crore. On a sequential basis, revenue fell 34.57% from Rs 1,244.24 crore reported in the March 2026 quarter.
Profit after tax (PAT) decreased 34.02% year-on-year to Rs 64 crore from Rs 97 crore. Compared with the previous quarter, PAT declined 39.05% from Rs 105 crore.
Order pipeline
The company’s order book stood at 4.4 GW as of July 2026, covering independent power producers (IPPs), public sector undertakings (PSUs), commercial and industrial (C&I) customers, and the retail segment.
During Q1 FY27, 9.34 GW of renewable energy capacity was awarded through competitive bidding, of which 4.55 GW, or 49%, comprised wind, hybrid and Firm and Dispatchable Renewable Energy (FDRE) projects. The awarded capacity included 2.35 GW of wind projects, 1.20 GW of FDRE, 1 GW of hybrid projects, 1.34 GW of solar and 3.45 GW of solar-plus-storage projects.
The company reiterated its FY27 guidance of around 75% revenue growth over FY26 and an EBITDA margin of 20-22%.
Business developments
Inox Wind said it has strategically shifted its focus towards equipment supply during Q1 FY27 and expects the benefits of this transition to become visible from the third quarter onwards.
The company secured orders from customers including NTPC, CESC, NLC India, Aditya Birla, Amplus/Gentari, Hero Future Energies and Inox Clean.
During the quarter, IWL signed an MoU with Inox Clean for the supply of 1.5 GW of wind turbines. The first tranche of 500 MW has already been converted into a firm order valued at up to Rs 3,500 crore.
In July 2026, the company also received a Letter of Award from NLC India Limited for a 200 MW turnkey wind project, including operations and maintenance (O&M).
Expansion
The National Company Law Tribunal (NCLT), Ahmedabad, has approved IWL’s acquisition of the approximately 4.5 GW wind O&M portfolio of Wind World India (formerly Enercon India). The company expects to complete the transaction during Q2 FY27, after which the business will be consolidated into its financial statements.
The acquired O&M business generated revenue of Rs 580 crore in FY26. According to the company, the acquisition is expected to improve operational efficiencies through enhanced service offerings, pricing and cost optimisation.
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