Weak quarter — PAT fell 34% YoY to ₹64 Cr despite flat revenue; near-term earnings are being hit by the strategic pivot to equipment supply. quarter Investor Presentation One-Pager? Jun 2026

Revenue

₹872 Cr

Total income +1% YoY; operating revenue was ₹814 Cr, -1% YoY

EBITDA Margin

27.2%

EBITDA ₹237 Cr (-3% YoY); margin down ~120 bps YoY from ~28.4%

PAT

₹64 Cr

Reported PAT -34% YoY; Cash PAT ₹153 Cr, -18% YoY

Key Metric

~4.4 GW

Order book as of Jul-26 incl. Inox Clean MOU; 500 MW firm tranche worth up to ₹3,500 Cr

What Went Right

Total income grew 1% YoY to ₹872 Cr with EBITDA of ₹237 Cr and 27.2% margin.
Order book remains robust at ~4.4 GW as of Jul-26, including 200 MW NLC India LOA in Jul-26 and 500 MW firm Inox Clean order worth up to ₹3,500 Cr.
Inox Green scaled O&M portfolio to ~13.3 GWp; NCLT approved ~4.5 GW Wind World India O&M acquisition, whose FY26 O&M revenue was ₹580 Cr, expected to consolidate in Q2 FY27.
Net worth improved to ₹7,773 Cr at Q1 FY27 vs ₹5,709 Cr at Q1 FY26.
Group IPP target of 6 GW operational by FY27 and 14 GW by FY29 supports multi-year recurring turbine order visibility.

What to Watch

PAT fell 34% YoY to ₹64 Cr and Cash PAT fell 18% to ₹153 Cr; EBITDA declined 3% YoY despite flat total income.
Operating revenue fell 1% YoY to ₹814 Cr; the only growth came from a 61% jump in other income to ₹58 Cr.
Costs rose sharply: material consumed +12% YoY, EPC/commissioning costs +113%, other expenses +54%, and finance costs +68%.
Management itself says benefits from the equipment-supply pivot will 'reflect meaningfully' only from Q3 FY27, leaving Q2 FY27 exposed to weak reported earnings.
Working capital remained stretched at FY26: trade receivables rose 67% YoY to ₹4,250 Cr and inventories rose 48% YoY to ₹1,790 Cr.

Management Guidance

FY27 revenue guidance: 75% growth over FY26 — unchanged.
FY27 EBITDA margin guidance: 20-22% including other income — unchanged.

Investor Lens

The long-term thesis remains intact, but near-term momentum has clearly weakened: Q1 FY27 PAT fell 34% YoY to ₹64 Cr and Cash PAT fell 18% to ₹153 Cr on flat revenue. The ~4.4 GW order book, including the 1.5 GW Inox Clean MOU and ₹3,500 Cr 500 MW firm tranche, provides >24-month visibility, but transition costs are still suppressing reported profitability. Inox Green's ~4.5 GW Wind World O&M consolidation expected in Q2 FY27 is the next major catalyst, adding a ₹580 Cr revenue base with higher-margin recurring O&M cash flows. Watch next quarter for equipment-supply revenue mix, margin progress toward the 20-22% FY27 EBITDA guidance, Inox Green consolidation timing, and 4X MW WTG commercial launch within CY26. Until Q3 evidence arrives, the +75% FY27 revenue growth guidance should be treated as ambitious and highly dependent on Inox Clean order flow.

From investor presentation · AI-generated analysis · Not investment advice

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📉 WEAK Revenue flat, PAT down 34% YoY; margins compressed in weak quarter

Revenue

Revenue came in at ₹814 Cr, down 1.5% YoY and sharply down 34.6% sequentially from ₹1,245 Cr in Mar 2026. The YoY decline indicates weak demand, while the steep QoQ drop points to order execution slowdown.

Profitability

Net profit fell 34% YoY to ₹64 Cr, with EPS at ₹0.25 versus ₹0.61 a year ago. Sequentially, PAT declined 39.6%, reflecting lower revenue and elevated operating costs.

Margins

Operating profit margin stood at 19%, down from 22% in Jun 2025 but above 16% in the preceding quarter. Operating profit was ₹152 Cr, down 17.4% YoY, indicating cost pressure despite sequential margin recovery.

Balance Sheet

Debt-to-equity is low at 0.25, indicating manageable leverage. Return on capital employed is 10.5% and return on equity is 7.09%, reflecting moderate capital efficiency relative to the high PE of 29.43.

Key Risks

Sequential revenue decline of over 34% suggests execution volatility or order timing issues. Margin compression and a 34% YoY PAT drop highlight earnings fragility. The stock trades at a PE of ~29.4, which may not be supported by current growth.

Outlook

Near-term momentum looks weak due to the sharp QoQ decline, though the order pipeline for wind energy could support recovery. Timely execution and margin stabilisation will be key to reversing the earnings downtrend.

Generated by AI · Jun 2026 results · Not investment advice

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