Inox Wind Q1 FY27: Seasonal Miss, 4.4 GW Book, 51%

Inox Wind Limited reported Q1 FY27 results for the June 2026 quarter on 7 August. Q1 FY27 numbers (consolidated): Revenue: Rs 814 crore, down 1.5% YoY, down 34.6% QoQ on seasonality Reported EBITDA Rs 152.5 crore, margin 18.7% vs 22.2%; adjusted EBITDA Rs 237 crore PAT: Rs 64 crore, down 34% YoY from Rs 97 crore; cash profit Rs 153 crore, up 17% Order book 4.4 GW as of July 2026; 59% equipment supply, 41% turnkey Q1 is structurally the weakest wind quarter; the order mix shift toward equipment supply defers revenue recognition but improves working capital. FY26 total income was Rs 4,569 crore versus Rs 1,799 crore in FY24. In July a 200 MW repeat order from NLC India. ICICI Prudential added 4.48 crore shares in August, a fresh entry. INOXWIND is on the F&O ban list since early September. Inox Wind [][***** shares trade at Rs 72.36 (17 Sep 2026, 12:52 PM IST), down 51 percent in a year, 7 percent above the 52-week low of Rs 66.56. P/E 36.4; P/B 1.98; sector P/E 49. My view: the Q1 miss is seasonality and mix, not deterioration. Revenue fell 1.5 percent on the sector's weakest quarter while the company shifts to equipment supply; cash profit was up 17 percent, the signal to weight. The 4.4 GW book at FY26 execution rates is about three years of revenue. The market has done the rest: minus 51 percent, P/B 1.98, near the 52-week low. The F&O ban limits position building. Watch, not act, until the ban lifts and Q2 data confirms H2 execution. Levels: Rs 66.56 the 52-week low; Rs 70 the recent support; Rs 90 to 95 the first reclaim; Rs 156.50 the year-ago high. Disclosure: Vijay Kumar Gupta, SEBI Registered Research Analyst, INH000020226, Vijay Gupta Advisory. SEBI registration and NISM certification do not guarantee performance or assure returns. Securities markets are subject to market risks. No holdings in the subject company.