Synopsis:
Inox Wind’s Q1FY26: revenue up 29% YoY to Rs. 826 crore, down 35% QoQ; net profit up 131% YoY to Rs. 97 crore, down 49% QoQ; order book ~3.1GW.
A leading wind energy solutions provider known for manufacturing wind turbine generators and turnkey EPC-O&M services, this company just posted quarterly metrics. Profit surged 131% YoY with a 3.1 GW order book, and shares rose on profit growth.
Inox Wind Limited’s stock, with a market capitalisation of Rs 23,979 crores, rose to Rs. 144, hitting a high of 5 percent from its previous closing price of Rs 137.03. However, the stock over the past year has given a negative return of 35 percent.
Overview of Order Book
IWL’s current order book is about 3.1 GW, giving strong revenue visibility for the next 2–3 years. From an FY26 opening of 3,203 MW, there were 51 MW of net additions and 146 MW of supplies delivered, leading to a current 3,108 MW order book.
The mix is well diversified: 55% (1,699 MW) are end-to-end turnkey projects and 45% (1,406 MW) are equipment-supply orders, including some with limited-scope EPC. New customer First Energy has been added alongside NTPC, CESC, NLC India, Hero Future Energies, Inox Clean Energy, Continuum, Integrum, and Amplus.
Also Read: Infra stock jumps 5% after receiving ₹1,402 Cr orders for power transmission & other projects
Target by Nuvama
Nuvama Institutional Equities has maintained a ‘Buy’ rating on Inox Wind Ltd. but reduced its target price from Rs. 236 to Rs. 190, suggesting a potential upside of 40% from the current price. This adjustment follows Inox Wind’s Q1 FY26 results, which showed a 32% year-on-year revenue increase and a 134% surge in net profit, despite a Rs. 40 crore non-cash deferred tax charge.
The company executed 146 MW, below the expected 180 MW, but achieved a strong 22.2% EBITDA margin due to a product-heavy mix. Nuvama lowered its FY26E/27E execution forecasts to 1.1 GW/1.8 GW from 1.2 GW/2 GW.
Q1 Financial Update
In Q1FY26, the company reported revenue of Rs. 826 crore, up 29% YoY from Rs. 640 crore in Q1FY25 but down 35% QoQ against Rs. 1,275 crore in Q4FY25. Profit for the quarter stood at Rs. 97 crore, reflecting a strong 131% YoY growth from Rs. 42 crore but a 49% decline QoQ versus Rs. 190 crore in the previous quarter.
Over the last three years, the company has delivered a robust profit CAGR of 43% and a sales CAGR of 79%, highlighting consistent growth. However, the ROE CAGR over three years is -4%, suggesting declining capital efficiency despite strong earnings momentum.
Written By Fazal Ul Vahab C H
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