Inox Wind has secured a confirmed work order worth ₹755 crore from Indian Oil Corporation Limited subsidiary Terra Clean 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)

Inox Wind Limited has scheduled its 17th Annual General Meeting (AGM) for Friday, September 25, 2026. The event will take place at 3:00 pm through Video Conferencing or Other Audio-Visual Means (OAVM), in compliance with Ministry of Corporate Affairs and SEBI circulars.

The company published newspaper advertisements regarding the AGM on September 2, 2026, in Financial Express and Himachal Dastak. This disclosure was made pursuant to Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

Meeting Details

Shareholders holding shares as on the record date will be eligible to vote. The company is providing remote e-voting facilities through NSDL. Members can participate in the meeting and cast their votes electronically without physical presence at a common venue.

Key Dates and Logistics

The notice of the AGM and the Annual Report for the financial year 2025-26 are available on the company’s website and stock exchange portals. Shareholders who have not registered their email addresses with the company or depositories are requested to do so to receive electronic communications and login details for e-voting.

Agenda Items

The AGM will transact both ordinary and special business. Key resolutions include:

• Adoption of Audited Standalone and Consolidated Financial Statements for FY26.
• Re-appointment of Shri Mukesh Manglik as a Director liable to retire by rotation.
• Re-appointment of Ms. Madhurima Sayan Das as an Independent Director for a second term of one year.
• Ratification of remuneration payable to Cost Auditors M/s. Jain Sharma and Associates for FY27.

Special Resolutions: Borrowing and Security

Shareholders will be asked to approve an increase in the borrowing limits under Section 180(1)(c) of the Companies Act, 2013. The limit is proposed to be raised from ₹5,000 crore to ₹8,000 crore to support projected business growth, working capital requirements, and expansion plans.

Additionally, approval is sought under Section 180(1)(a) for the creation of mortgage, charge, hypothecation, and other security interests on company assets to secure these borrowings.

Related Party Transactions

The company seeks approval for material related party transactions with subsidiaries Inox Green Energy Services Limited (IGESL) and Inox Renewable Solutions Limited (IRSL), group company Inox Clean Energy Limited (ICEL), and Whole-time Director Shri Devansh Jain.

These transactions include purchase/sale of goods, inter-corporate deposits, and guarantees. The limits are enabling in nature and intended to provide operational flexibility.