The interaction of two pure helical (circularly polarized) velocity waves according to the incompressible Navier–Stokes equation produces modulation products of mixed helicity. In general, the interaction of waves of opposite helicity is stronger than that of waves with the same helicity. The inference is that strong net helicity depresses overall turbulent energy transfer. The conservation laws strongly inhibit energy transfer from higher to lower wavenumbers, when the helicity is large. The absolute equilibrium spectra of velocity and helicity for an inviscid flow system truncated at an upper wavenumber k2 are \[ U(k) = 2\alpha/(\alpha^2-\beta^2k^2),\quad Q(k) = 2\beta k^2/(\alpha^2-\beta^2k^2), \] where the velocity variance and helicity/unit volume are ∫U(k)d3k and ∫Q(k)d3k, respectively. The temperature parameters α and β are constrained by α > 0 and |βk2| < α. There are no analogues of the negative-temperature equilibrium states known for two-dimensional inviscid flow. It is argued that the inertial-range energy cascade in isotropic turbulence driven by helical input should not differ asymptotically from that of non-helical turbulence. The absolute equilibrium distributions suggest that, in contrast to the analogous two-dimensional situation, statistically steady helical input at middle wavenumbers should not produce a significant downward cascade of energy to lower wavenumbers.