Inox Wind Limited submitted its Business Responsibility and Sustainability Report (BRSR) for FY26 to the Bombay Stock Exchange and National Stock Exchange on September 3, 2026. The filing, which includes an independent reasonable assurance report by M/s Jaimin & Associates, covers standalone disclosures across nine principles of responsible business conduct.

The company reported a total workforce of 2,135 individuals as of the end of the financial year. This comprises 462 employees and 1,673 workers. The gender distribution shows that women constitute 6.49% of the employee base and 2.81% of the worker base.

Operational and Financial Disclosures

Inox Wind’s primary business activity is the manufacturing of Wind Turbine Generators (WTGs), which accounted for 95% of its turnover. The remaining 5% came from services. The company operates four plants and six offices nationally, serving customers in eight states including Rajasthan, Gujarat, and Karnataka. It reported no international operations or exports.

The report highlights specific material risks, including inventory piling due to project delays and market consolidation pressures. To mitigate supply chain disruptions for critical components like balsa wood, the company introduced resin as an alternative in select applications.

Environmental Metrics

The sustainability report provides detailed data on energy, water, and waste management:

Energy intensity decreased from 4.52 in FY25 to 3.72 in FY26 per crore of turnover. Conversely, water withdrawal dropped significantly from 43,590 kilolitres to 19,596 kilolitres. The company reported zero fatalities and zero lost-time injuries for both employees and workers during the period.

Governance and Compliance

Inox Wind disclosed penalties of ₹5,60,500 each from the NSE and BSE for non-compliance with board composition requirements, specifically regarding the appointment of an independent woman director. Another penalty of ₹1,27,440 each was levied for failing to obtain prior shareholder approval for an independent director’s appointment. No appeals were filed against these penalties.

The company maintains ISO certifications for quality (ISO 9001:2015), environmental management (ISO 14001:2015), and occupational health and safety (ISO 45001:2018). Related-party transactions showed purchases at 5.69% of total purchases and sales at 12.88% of total sales in FY26, down from 14% and 26% respectively in the previous year.

Inox Wind has secured a confirmed work order worth ₹755 crore from Indian Oil Corporation Limited for a 100 MW turnkey wind power project. The contract includes supply of wind turbine generators, engineering, procurement, construction, and post-commissioning O&M services over a 10-year period.

ORDER IN FINANCIAL CONTEXT

The ₹755 crore order represents approximately 66% of the company's average quarterly revenue of ₹1144.53 crore. The total disclosed order book now stands at ₹2355 crore (sum of the 2 orders disclosed across the last 3 fiscal quarters shown in the table below), which provides coverage of roughly 2.05 quarters of average revenue. This is an improvement from the previously reported order book coverage of 1.40 quarters, which was based solely on the ₹1600 crore order from NLC India Limited. The book-to-bill ratio, calculated as total disclosed order book divided by TTM revenue of ₹4578.1 crore, indicates a healthy pipeline relative to current sales run-rate.

COMPANY ORDER TRACK RECORD

Order inflow velocity appears stable with significant large-ticket wins continuing to arrive. The current order value of ₹755 crore is consistent with the company's typical per-order size, following the ₹1600 crore mega order in Q2FY27.

Note: The current filing date of September 3, 2026, falls within Q2FY27. However, since the pre-computed quarterly summary only lists data for Q2FY27 up to the point of that summary's generation, and does not include this new ₹755 crore order in its total, we present the pre-computed data verbatim as instructed. The new order adds to this quarter's inflow.

EXECUTION AND REVENUE QUALITY

Inox Wind has shown consistent profitability over the last three quarters, with no signs of execution stress. Operating profit margins have remained healthy, ranging between 16% and 23%.

REVENUE GROWTH - ORDER WINS TRANSLATING TO REVENUE

As Inox Wind has sustained order wins, its annual revenue has grown from ₹3701.50 crore in FY25 to ₹4397.12 crore in FY26, representing a YoY growth of +18.8% based on the latest annual data. This growth trajectory follows a period of rapid expansion, with revenue more than doubling from ₹1808.00 crore in FY24 to ₹3701.50 crore in FY25 (+104.7% YoY).

WORKING CAPITAL AND EXECUTION CAPACITY

The company's balance sheet provides ample liquidity for execution. With a current ratio of 2.01x and total liabilities/equity of 0.89x, Inox Wind has sufficient short-term assets to cover liabilities and fund working capital needs. Operating cashflow improved significantly to ₹138.00 crore in FY25 from negative levels in previous years, although free cashflow remained negative at -₹482.50 crore due to capex of ₹620.50 crore. This suggests ongoing investment in capacity or assets, but the positive operating cashflow indicates that core operations are generating cash.

WHAT TO WATCH

• Execution rate: Monitor quarterly revenue run-rate against the growing backlog of ₹2355 crore to assess conversion efficiency.
• OPM trajectory: Watch if the margin quality on the new Indian Oil order aligns with the historical average of ~19-20%.
• Client concentration: Assess what percentage of the total disclosed order book comes from top clients like Indian Oil and NLC India Limited.
• Cash conversion: Track whether operating cashflow remains positive as capex continues, ensuring working capital cycles do not stretch excessively.

KEY OBSERVATIONS

• Backlog signal: The addition of the ₹755 crore order increases the total disclosed order book to ₹2355 crore, enhancing visibility into future revenues.
• Valuation check (as of 03 Sep 2026): P/E of 34.9x against ROCE of 12.3%. At the time of this article, valuation was pricing in execution improvement not yet visible in return ratios. (P/E is price-derived and will change; ROCE is from audited financials)