Inox Wind Limited (INOXWIND)
₹67.63 -1.39% last close, 16 Oct
Latest quarterly results (Q1 FY27)
In its latest reported quarter, Q1 FY27, Inox Wind's revenue was ₹639 Cr (-22.7% year on year, -48.7% on the previous quarter), and net profit ₹64.1 Cr (-33.9% year on year); the operating margin was 17.2%.
| Q1 FY27 (₹ Cr) | Value | YoY vs Q1 FY26 | QoQ |
|---|---|---|---|
| Revenue | ₹639 | -22.7% | -48.7% |
| Operating profit | ₹110 | -40.2% | -45.0% |
| Net profit | ₹64.1 | -33.9% | -39.5% |
| EPS (₹) | 0.37 | -39.3% | -30.2% |
| Operating margin | 17.2% | — | — |
INOXWIND delivery percentage and open interest
NSE end-of-day data for
On Fri, 16 Oct 2026, 68.33% of the INOXWIND shares traded on NSE were taken to delivery, against the stock's own 20-session average of 36.89%. The price fell 1.39% on that unusually high delivery, the pattern the delivery dashboard labels distribution. In INOXWIND futures, open interest fell 0.20% while the futures price fell 0.82%: long unwinding (longs closing out).
Delivery in the last 5 sessions: 19.9% · 30.6% · 23.9% · 30.3% · 68.3%
A description of what the exchange published, not a recommendation. Names such as "accumulation" or "long buildup" label a pattern in the numbers. How delivery is analysed
📢 Recent Corporate Announcements
Inox Wind Limited submitted its quarterly compliance certificate under Regulation 74(5) of the SEBI (Depositories and Participants) Regulations, 2018 for the quarter ended September 30, 2026. The certificate was issued by the Registrar and Share Transfer Agent, MUFG Intime India Private Limited. The RTA confirmed that no securities were received from depository participants for dematerialization during the quarter. This filing represents a standard procedural compliance requirement.
- Compliance certificate submitted under Regulation 74(5) for the quarter ended September 30, 2026
- Certificate issued by Registrar and Share Transfer Agent, MUFG Intime India Private Limited
- RTA confirmed no securities were received for dematerialization during the period ended September 30, 2026
Inox Wind Limited has announced its participation in two investor conferences scheduled for September 2026. The company will attend the Anand Rathi G-200 Summit in Mumbai on September 21, 2026, and the digital Bharat Connect Conference organized by Arihant Capital Markets on September 28, 2026. Both events will feature group or one-on-one meetings. The company confirmed that only previously disclosed Q1 FY27 (quarter ended June 30, 2026) financial results will be presented, with no unpublished price sensitive information shared.
- Participation in Anand Rathi G-200 Summit in Mumbai on September 21, 2026
- Participation in virtual Bharat Connect Conference on September 28, 2026
- Meeting formats include group and one-on-one interactions
- Presentations will focus on financial results for the quarter ended June 30, 2026
Inox Wind Limited issued a clarification regarding its earlier press release dated September 3, 2026, concerning a 100 MW turnkey wind order. The company clarified that the order was awarded by Terra Clean Limited, a wholly-owned subsidiary of Indian Oil Corporation Limited (IOCL), rather than directly by IOCL itself. The physical scope and size of the 100 MW order remain unchanged. This administrative correction does not alter the underlying commercial terms of the project.
- Clarification issued for the 100 MW turnkey order announced on September 3, 2026
- Order awarded by Terra Clean Limited, a wholly-owned subsidiary of IOCL, not IOCL directly
- Company expressed regret for the inadvertent communication error
Inox Wind has scheduled its 17th Annual General Meeting (AGM) for September 25, 2026, via video conferencing. Key special resolutions include raising the company's borrowing limit under Section 180(1)(c) to Rs 8,000 crore (compared to existing debt of Rs 993 crore) and creating corresponding security charges on assets. Additionally, shareholder approval is sought for an enabling related-party loan facility of up to Rs 600 crore from Whole-time Director Devansh Jain, alongside the re-appointment of Independent Director Madhurima Sayan Das.
- 17th AGM scheduled for September 25, 2026, with cut-off date for e-voting fixed on September 18, 2026.
- Proposes enabling borrowing limits up to Rs 8,000 crore under Section 180(1)(c) of the Companies Act.
- Seeks approval for related-party borrowings of up to Rs 600 crore from promoter/director Devansh Jain.
- Re-appointment of Ms. Madhurima Sayan Das as Independent Director for a 1-year term starting September 5, 2026.
Inox Wind Limited reported a SEBI PIT Form C disclosure regarding an inter-se transfer of 30,00,000 equity shares between promoter entities. Promoter entity Inox Leasing and Finance Limited sold 30,00,000 shares to Devansh Trademart LLP, an entity forming part of the promoter group. The transaction represents an internal realignment within the promoter group and does not change the total aggregate promoter shareholding (44.18%).
- Inter-se transfer of 30,00,000 equity shares between promoter group entities
- Seller: Inox Leasing and Finance Limited (Promoter)
- Acquirer: Devansh Trademart LLP (Promoter Group)
- Disclosures were received by the company on 27th August, 2026
Promoter entity Devansh Trademart LLP has acquired 30,00,000 equity shares of Inox Wind Limited from Inox Leasing and Finance Limited. Both entities belong to the company's Promoter and Promoter Group. The transaction was executed as an internal restructuring under the exemption provided in Regulation 10(1)(a)(ii) of SEBI Takeover Regulations. Consequently, the aggregate shareholding of the promoter group remains unchanged.
- Inter-se transfer of 30,00,000 equity shares between promoter group entities
- Shares acquired by Devansh Trademart LLP from Inox Leasing and Finance Limited
- Aggregate shareholding of Promoter and Promoter Group remains unchanged
- Follows prior intimation filed under Regulation 10(5) on 18th August, 2026
Promoter group entity Devansh Trademart LLP has submitted a pre-transaction disclosure to acquire 30,00,000 equity shares (0.17% of share capital) of Inox Wind Limited. The acquisition will take place via an inter-se transfer from another promoter group entity, Inox Leasing and Finance Limited. The transaction is scheduled on or after August 24, 2026, at the prevailing market price. Prior to this transfer, Devansh Trademart LLP holds 14,90,18,522 equity shares in the company.
- Devansh Trademart LLP to acquire 30,00,000 equity shares (0.17% stake)
- Shares being acquired from promoter group entity Inox Leasing and Finance Limited
- Acquisition scheduled to execute on or after August 24, 2026
- Devansh Trademart LLP currently holds 14,90,18,522 equity shares in Inox Wind Limited
Inox Wind Limited (IWL) has successfully passed a resolution for the approval of material related party transactions during its 14th Extra-Ordinary General Meeting (EGM) held on August 13, 2026. The resolution was passed with the requisite majority, receiving 2,54,77,146 votes in favor. Notably, there was significant minority opposition with 1,62,44,121 votes cast against the resolution (approximately 38.9% of votes polled). As the promoters were interested parties, the voting primarily reflects the sentiment of public and institutional shareholders regarding the company's inter-group dealings.
- 14th Extra-Ordinary General Meeting held on August 13, 2026, via Video Conferencing.
- Total of 5,42,739 shareholders were on record as of the meeting date.
- Resolution for material related party transactions passed with 2,54,77,146 votes in favor.
- Significant dissent recorded with 1,62,44,121 votes cast against the resolution.
- Only 95 shareholders attended the meeting through VC, including 11 from the Promoter group.
Inox Wind Limited held its 14th Extraordinary General Meeting (EGM) on August 13, 2026, to seek shareholder approval for material related party transactions. The meeting was conducted via video conferencing and concluded in 46 minutes. Remote e-voting was available from August 10 to August 12, 2026, and results are expected within two working days. While specific transaction values were not disclosed in this summary, the approval is a regulatory requirement for intra-group dealings.
- 14th Extraordinary General Meeting held on August 13, 2026, via Video Conferencing.
- Remote e-voting period conducted between August 10, 2026 (9:00 AM) and August 12, 2026 (5:00 PM).
- Single agenda item: Approval of material related party transactions.
- Voting results to be declared and posted on the company website within 2 working days.
- Meeting duration was approximately 46 minutes, concluding at 12:46 PM.
Inox Wind reported Q1 FY27 revenue of ₹872 cr and a PAT of ₹64 cr, with EBITDA margins expanding to 27%. The order book has surged to 4.4 GW as of July 2026, providing 24-36 months of execution visibility. A key strategic shift is underway, with equipment supply now making up 59% of the order mix to improve balance sheet health. Additionally, the company signed a 1.5 GW MOU with group entity Inox Clean Energy and completed the demerger of its power evacuation business as of August 1, 2026.
- Order backlog reached 4.4 GW as of July 2026, offering visibility for the next 2-3 years.
- Signed a 1.5 GW MOU with Inox Clean Energy, with 500 MW already converted to firm orders.
- EBITDA margins improved to 27% in Q1 FY27, up from 18% a year ago.
- Equipment supply now constitutes 59% of the third-party order book, pivoting away from high-intensity turnkey projects.
- O&M portfolio expanded to 13.3 GW, including the pending acquisition of Wind World India Limited.
Inox Wind Limited has submitted its quarterly statement confirming zero deviation in the utilization of ₹1,249.33 crore raised through its Rights Issue in August 2025. For the quarter ended June 30, 2026, the company confirmed that all funds were deployed according to the objects specified in the Letter of Offer. These objects primarily included the repayment of promoter preference shares and the prepayment of existing borrowings. The Audit Committee and CARE Ratings Limited (the monitoring agency) have reviewed and noted this compliance.
- Total funds raised through the Rights Issue amounted to ₹1,249.33 Crore
- Reported zero (Nil) deviation or variation in fund utilization for the quarter ended June 30, 2026
- Funds were raised on August 21, 2025, for debt repayment and promoter share redemption
- The statement was reviewed and approved by the Audit Committee on August 7, 2026
Inox Wind has published the audio recording of its analyst conference call held on August 7, 2026, following the release of its Q1 FY27 financial results. The call likely addressed the execution roadmap for the company's substantial 3.2 GW order book, which is valued at Rs 22,433.84 Cr. With TTM revenue at Rs 3,989 Cr, the order book represents approximately 5.6x annual revenue, highlighting a significant growth pipeline. Management has previously indicated that H2 execution typically accounts for 70% of annual volumes, making the upcoming quarters critical for meeting FY27 targets.
- Audio recording released for the investor conference call held on August 7, 2026, at 17:00 IST
- Filing follows the submission of standalone and consolidated financial results for the quarter ended June 30, 2026
- Company is currently executing a 3.2 GW order book valued at Rs 22,433.84 Cr
- TTM operating profit margin stands at 24.2% with a net profit of Rs 566 Cr
- Promoter holding remains stable at 44.18% as of March 2026
Inox Wind reported a flat YoY revenue of ₹872 Cr for Q1 FY27, while PAT declined 34% to ₹64 Cr compared to the previous year. Despite the soft quarterly results, the company's order book has surged to approximately 4.4 GW as of July 2026, providing high revenue visibility. Management has issued aggressive guidance for FY27, targeting 75% revenue growth over FY26, supported by a heavy execution pipeline in the second half of the year. Additionally, the demerger of the power evacuation business was completed on August 1, 2026, to unlock value through a separate listing.
- Order book reached a record ~4.4 GW as of July 2026, including a 1.5 GW MOU with group entity Inox Clean.
- Signed a firm agreement for a 500 MW tranche of the Inox Clean MOU valued at up to ₹3,500 Cr.
- Management targets 75% revenue growth for FY27 over FY26, implying a target of ~₹7,000 Cr.
- Consolidated EBITDA margin remained strong at 27.2% for Q1 FY27, including other income.
- Demerger of the power evacuation business into IRSL completed with a record date of August 1, 2026.
Inox Wind Limited reported standalone revenue of ₹743.47 Cr for Q1 FY27, a modest 2.9% increase from ₹722.43 Cr in Q1 FY26. Standalone Profit After Tax (PAT) declined to ₹71.51 Cr from ₹86.71 Cr in the same period last year, primarily due to higher material costs. The company highlighted a contingent liability of ₹43.06 Cr related to expired EPCG licenses and is currently appealing a regulatory rejection regarding 300 MW wind farm connectivity. Additionally, the board approved the re-appointment of Ms. Madhurima Sayan Das as an Independent Director for a one-year term.
- Standalone Revenue from operations stood at ₹743.47 Cr for the quarter ended June 30, 2026.
- Standalone Profit After Tax (PAT) reached ₹71.51 Cr, a decrease from ₹86.71 Cr in the year-ago quarter.
- Expired EPCG licenses involve a potential statutory liability of ₹43.06 Cr including interest.
- Related party high seas sales amounted to ₹5.39 Cr during the quarter.
- Re-appointment of Independent Director Ms. Madhurima Sayan Das for a second term of 1 year effective September 5, 2026.
Inox Wind Limited reported standalone revenue of Rs 743.47 Cr for Q1 FY27, representing a modest 2.9% increase over the Rs 722.43 Cr reported in Q1 FY26. Standalone net profit for the quarter was Rs 71.51 Cr, a decline of 17.5% from Rs 86.71 Cr in the same period last year. The company also announced the re-appointment of Ms. Madhurima Sayan Das as an Independent Director for a one-year term. Auditors highlighted ongoing legal challenges regarding 300 MW connectivity for 6 SPVs and expired EPCG licenses with potential liabilities of Rs 43.06 Cr.
- Standalone Revenue for Q1 FY27 stood at Rs 743.47 Cr, up 2.9% from Rs 722.43 Cr in Q1 FY26.
- Standalone Net Profit for the quarter reached Rs 71.51 Cr, down from Rs 86.71 Cr in the year-ago quarter.
- Total standalone expenses for the quarter were Rs 709.57 Cr, with material costs at Rs 445.45 Cr.
- The company is pursuing an appeal in APTEL regarding the rejection of 300 MW connectivity at Bhuj-II for its SPVs.
- Potential statutory liability of Rs 43.06 Cr identified for expired EPCG licenses where extension applications are pending.
Financial Performance
Revenue Growth by Segment
Consolidated revenue grew 105% YoY in FY25 to INR 3,701.55 Cr. In Q2 FY26, consolidated revenue reached INR 1,162 Cr, a 56% YoY increase. The O&M segment (Inox Green) saw a 101% YoY revenue increase to INR 129.5 Cr in Q2 FY26, driven by portfolio expansion to 12.5 GW.
Geographic Revenue Split
Primarily India-based operations. Global wind installations reached 117 GW in 2024, with China dominating at 68%. IWL is positioning to capture growth in the Indian market which is benefiting from favorable policies like ALMM and ISTS connectivity amendments.
Profitability Margins
Net Profit Margin improved significantly to 11.00% in FY25 from -15.00% in FY24 due to operational efficiencies. Q2 FY26 Profit After Tax (PAT) was INR 121 Cr, up 43% YoY, while Profit Before Tax (PBT) rose 93% YoY to INR 169 Cr.
EBITDA Margin
Operating Profit Margin stood at 17.34% in FY25, a 110.69% improvement YoY. Q2 FY26 EBITDA was INR 271 Cr (approx. 23.3% margin), up 48% YoY, reflecting better absorption of fixed costs through higher execution volumes.
Capital Expenditure
The company raised INR 1,250 Cr through a rights issue and INR 900 Cr via NCRPS to strengthen the balance sheet. Subsidiary IGESL raised INR 1,050 Cr for O&M acquisitions, including a 6.5 GW wind asset portfolio.
Credit Rating & Borrowing
The company maintains a focus on debt reduction, evidenced by a 46.57% decrease in the Debt-Equity ratio to 0.24x in FY25 following a merger that reduced liabilities by INR 2,050 Cr. Interest coverage ratio improved 414% to 0.62x.
Operational Drivers
Raw Materials
Key raw materials include steel, aluminum, and fiber composites used in the manufacturing of nacelles, hubs, rotor blades, and towers.
Import Sources
Not explicitly disclosed, though the company monitors global supply chain disruptions and trade barriers affecting project economics.
Capacity Expansion
FY25 execution increased 88% to 705 MW. H1 FY26 execution reached 350 MW (202 MW in Q2), with management targeting H2 to represent 70% of annual execution. The O&M portfolio expanded to 12.5 GW.
Raw Material Costs
Input price volatility in steel and aluminum is noted as a risk that can impact profitability margins. Procurement strategies include tracking regulatory changes and maintaining a comprehensive risk mitigation framework.
Manufacturing Efficiency
Inventory turnover ratio improved 83% to 2.43x in FY25, indicating faster movement of turbine components and commissioning schedules.
Strategic Growth
Expected Growth Rate
65-70%
Growth Strategy
Growth will be driven by the execution of a 3.2 GW order book (valued at INR 22,433.84 Cr), the launch of technologically advanced 4.X MW WTGs, and the expansion of the O&M portfolio to 12.5 GW. The company is also pivoting toward long-term framework agreements with IPPs for recurring order visibility.
Products & Services
Wind Turbine Generators (WTGs), Erection, Procurement & Commissioning (EPC) services, Operations & Maintenance (O&M) services, and common infrastructure facility services.
Brand Portfolio
Inox Wind, Inox Green Energy Services (IGESL), Inox Renewable Solutions (IRSL).
New Products/Services
Secured license for 4.X MW WTGs to enhance competitiveness. Expanded EPC scope to include solar, hybrid RE EPC, and crane services.
Market Expansion
Strategic entry into solar and hybrid project management through Inox Green and Inox Renewable Solutions to provide an integrated renewable energy platform.
Market Share & Ranking
Identified as the second largest wind OEM in India with one of the largest promoter holdings in the listed wind space.
Strategic Alliances
Finalizing multiple framework agreements with major IPPs and utilities. Current marquee clients include NTPC, CESC, NLC India, and Hero Future Energies.
External Factors
Industry Trends
The Indian wind sector is in a multi-decadal growth phase boosted by a favorable regulatory environment, including ALMM for wind and GST reduction on components from 12% to 5%.
Competitive Landscape
Competes with other wind OEMs; maintains edge through end-to-end solutions (manufacturing to O&M) and a large, diversified order book.
Competitive Moat
Sustainable advantages include a massive 12.5 GW O&M portfolio providing recurring high-margin revenue, deep integration within the INOXGFL Group, and a 90-year group legacy.
Macro Economic Sensitivity
Sensitive to interest rate changes and inflation which impact project IRR for customers and borrowing costs for the company.
Consumer Behavior
Shift toward hybrid (wind-solar) projects and round-the-clock (RTC) renewable energy requirements from utilities and IPPs.
Geopolitical Risks
Trade barriers and protectionist policies are identified as threats to the global wind sector expansion.
Regulatory & Governance
Industry Regulations
Compliance with ALMM (Approved List of Models and Manufacturers) for wind and CERC connectivity/GNA regulations for ISTS.
Environmental Compliance
ESG practices independently assured by EY; participated in S&P’s CSA 2024.
Taxation Policy Impact
Benefiting from the reduction of GST on wind components from 12% to 5%, which improves project economics for clients.
Legal Contingencies
The scheme of demerger for the substation business has received shareholder and creditor approval and is awaiting final statutory approvals.
Risk Analysis
Key Uncertainties
Execution delays due to monsoon or land/transmission issues could impact annual guidance, as H2 is expected to carry 70% of the workload.
Geographic Concentration Risk
Concentrated in the Indian market, specifically in wind-resource-rich states for project execution.
Third Party Dependencies
Dependence on external suppliers for specialized components like fiber composites and steel.
Technology Obsolescence Risk
Mitigated by the transition to higher capacity 4.X MW turbine platforms.
Credit & Counterparty Risk
Elongated receivable cycles and high working capital intensity (80%+ utilization) pose liquidity risks if payments from customers are delayed.
