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Informist, Friday, Aug. 7, 2026

 

By Somen Bose

 

MUMBAI – Wind energy solutions provider Inox Wind Ltd. is expected to report a fall in its June quarter net profit due to a weak season and near-term execution constraints, according to brokerages tracking the company. The company's revenue is, however, expected to rise on sustained demand and favourable policy environment, such as the cut in the goods and services tax on wind components to 5% from 12%. 

 

The company's consolidated net profit for the June quarter is expected at INR 802 million, down 24% on year and 15% sequentially, according to the average of estimates from four brokerages. The highest estimate for the company's June quarter net profit is INR 944 million from Nuvama Wealth Management Ltd. and the lowest is INR 615 million from JM Financial Institutional Securities Pvt. Ltd. The company had reported a net profit of INR 1.06 billion in the year-ago quarter.

 

The wind energy solutions provider is expected to report consolidated net sales of INR 9.5 billion for the June quarter, up 15% on year but down 24% sequentially, according to the average of estimates. The highest estimate for the company's June quarter top line is INR 10.3 billion from Nuvama and the lowest is INR 9 billion from Systematix Shares and Stocks (India) Ltd. The company had reported a net sales of INR 8.26 billion in the year-ago quarter.

 

Inox Wind is likely to report a modest June quarter as execution is likely to decline to 120 megawatts from 146 MW in the year-ago quarter, brokerages said. Historically, the first and second quarter of the financial year are relatively weaker for the wind energy companies, with companies typically executing only 30-35% of their full year capacity during the first half of the year.

 

The execution-related challenges called out in the March quarter are expected to persist in the June quarter, Nuvama said. In the March quarter analyst presentation, the company had highlighted on ground execution challenges, war in West Asia leading to delay in electrical control systems supplies and logistical support challenges. The company also said some customers holding back on payments due to the macro environment resulted in the working capital cycle remaining high.

 

India's power consumption grew 9% on year driven by a hotter-than expected summer due to heatwaves and the delayed onset of the monsoon, brokerages said. Peak power demand reached a record high of 271 GW in May 2026. On the supply side, India added 9.6 GW of generation capacity during Apr–May 2026, led by 7.5 GW of renewable energy capacity, comprising 6.8 GW of solar but only 0.7 GW of wind energy. This underscores the continued acceleration in renewable energy deployment to meet rising electricity demand but also that wind energy lags sharply behind solar electricity generation.

 

Inox Wind is expected to report earnings before interest, tax, depreciation, and amortisation of INR 1.93 billion for the June quarter, down over 12% on year and down 42% sequentially, according to the average of estimates. The highest EBITDA estimate is INR 2.14 billion from Nuvama and the lowest is INR 1.84 billion from JM Financial. The company is likely to report an EBITDA margin of between 19% and 21% in the quarter, driven by higher product supply mix.

 

Inox Wind is a subsidiary of INOX Gujarat Fluorochemicals Ltd. The company manufactures key components of wind turbine generators and offer end-to-end services for wind power projects. The company will detail its June quarter earnings Friday. Investors will closely watch the management commentary on project execution, commissioning momentum, new order flows, and availability of critical electrical control systems.

 

All six research reports on the company available with Informist have a "buy" recommendation on the stock with an average target price of INR 120 per share. This is 53% higher than the current market price.

 

At 1121 IST, shares of the company traded at INR 77.90 apiece on the National Stock Exchange, marginally down. The share price is down 7% since the company announced its March quarter earnings on May 29.

 

Following are the Apr-Jun earnings estimates for Inox Wind from four brokerages, in descending order of the estimates of net profit, in INR million:

 

Brokerages	Net Sales	Net Profit	EBITDA
Nuvama Wealth Management Ltd.	10,319	944	2,136
Motilal Oswal Financial Services Ltd.	9,560	850	1,850
Systematix Shares and Stocks (India) Ltd.	9,000	800	1,900
JM Financial Institutional Securities Pvt Ltd.	9,170	615	1,835
Average	9,512	802	1,930

 

End

 

Edited by Pankaj Aher

 

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