Q1 2027 Inox Wind Limited Earnings Call Transcript
Key Points
- Inox Wind Ltd (BOM:539083) reported a strong Q1 FY27 with revenue of Rs 872 crores, adjusted EBITDA of Rs 237 crores, and PAT of Rs 64 crores, showing operational resilience post strategic pivot.
- The company's order book stands at approximately 4.4 GW as of July 2026, providing clear execution visibility for 24-36 months, with a significant 59% share from equipment supply orders.
- Inox Wind Ltd (BOM:539083) signed an MOU for 1.5 GW with Inox Clean Energy, with firm orders for 500 MW already signed, ensuring a steady pipeline of recurring orders.
- The 4X wind turbine model is on track for installation in August 2026, with commercial launch expected by end of FY26, positioning the company competitively in the market.
- Inox Green, a subsidiary, received NCLT approval for the acquisition of Windward India Limited, expected to significantly enhance O&M portfolio to 13.3 GW and drive value-accretive growth.
- Inox Wind Ltd (BOM:539083) experienced flat year-on-year revenue in Q1 FY27 due to disruptions from the strategic shift from turnkey to equipment supply, with no incremental growth in the quarter.
- The company's guidance of 75% revenue growth for FY27 requires a significant acceleration in H2, with an implied ~100% growth in the next three quarters, which may be challenging to achieve.
- Trade receivables remain significantly higher than peers, partly due to legacy EPC business, though management expects improvement as equipment supply mix increases.
- The company has a history of missing guidance in recent quarters, raising concerns about execution and the ability to meet future targets.
- Management declined to provide specific quarterly revenue or margin guidance, citing the H2-heavy nature of the business, which may create uncertainty for investors.
Ladies and gentlemen, good day and welcome to the Inox Wind Limited and Inox Green Energy Services Limited Q1 FY27 Earnings Conference Call.
(Operator Instructions)
I now hand the conference over to Mr. Vikram Tatwani from Nuvama Institutional Equities.
Thank you and over to you sir.
Thank you.
Good evening everyone. On behalf of Novama Institutional Equities. I welcome you all to the Q1 FY27 results conference call of INOX Wind Limited and INOX Green Energy Services Limited.
We are joined today by Mr. Devansh Jain, Executive Director, INOX GFL Group Mr. Athil Jindal, Group CFO, INOX GFL Group Mr. Sanjeev Agarwal, CEO, INOX Wind Mr. S.K. Mathusudana, CEO, INOX Green. And other senior members of the management.
I would now like to hand over the call to Mr. Sanjeev Agarwal for his opening remarks.
Thank you and over to you sir.
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