INOX Wind's Profitability Craters in a Challenging First Quarter
INOX Wind's Q1 FY27 saw a sharp sequential and yearly drop in profit, with margins falling to a multi-quarter low.
INOX Wind reported a tough Q1 FY27, with revenue and profit falling both year-on-year and quarter-on-quarter. The company's net profit margin contracted significantly, highlighting pressure on profitability.
INOX Wind's first-quarter results for FY27 reflect a period of significant pressure, with both revenue and profit declining sharply from the previous quarter and the same period last year. The wind energy solutions provider saw its net profit margin contract to a multi-quarter low, indicating a squeeze on profitability.
The company's revenue for Q1 FY27 stood at ₹814.1 crore, a 1.5% dip from Q1 FY26 and a steep 34.6% fall from the preceding quarter. Profit after tax fell even more sharply, dropping 34.2% year-on-year and 39.4% sequentially to ₹64.09 crore. This steeper decline in profit compared to revenue pushed the net profit margin down to 7.9%, a 390 basis point contraction from the 11.8% margin reported a year ago.
The recent trajectory shows a clear cooling trend from the highs of the last fiscal year. The table below illustrates the decline over the last five quarters, with the latest period marking the lowest revenue and profit figures.
Revenue (₹ Cr)
Profit (₹ Cr)
Net Profit Margin (%)
| Metric | CurrentQ1 FY27 | PreviousQ4 FY26 | Same quarter LYQ1 FY26 |
|---|---|---|---|
| Period | Quarter ended June 2026 | Quarter ended March 2026 | Quarter ended June 2025 |
| Revenue (₹ Cr) | 814.1YoY -1.5% | 1244.24 | 826.25 |
| Profit (₹ Cr) | 64.09YoY -34% | 105.68 | 97.34 |
| Net Profit Margin (%) | 7.9YoY -33% | 8.5 | 11.8 |
On an annual basis, the trailing twelve-month (TTM) figures provide some context, with a net profit margin of 9.5% on TTM revenue of ₹4,384.97 crore. This suggests the latest quarter's margin is notably below the recent average.
Key Points
- The company maintains a conservative balance sheet with a low debt-to-equity ratio of 0.3.
- Return on equity (ROE) for the latest period stands at 13.2%.
- The stock trades at a significant premium, with a P/E of 58.2 against an industry average of 46.5.
The challenge for INOX Wind will be to reverse the recent downtrend in both top-line execution and bottom-line conversion as it moves through FY27.
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· INOXWIND
(BSE)
ISIN: INE066P01011
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