Inox Wind Ltd
Inox Wind Ltd
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BetaAI-extracted from concalls & annual reports · figures as reported, with sources
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53 extracted metrics + investor summaries across FY14–FY26.
Tapetide Score
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Technical Indicators
Key Insights
Strengths
1- Company has delivered good profit growth of 26.8% CAGR over last 5 years
Weaknesses
5- Though the company is reporting repeated profits, it is not paying out dividend
- Company has a low return on equity of 7.03% over last 3 years.
- Company has high debtors of 353 days.
- Promoter holding has decreased over last 3 years: -27.8%
- Working capital days have increased from 168 days to 267 days
Growth Rate
AI Analysis — Bull vs Bear
anthropic claude-opus-4.6 5d agoInox Wind Ltd has a market cap of ₹12,751 Cr trading at a P/E of 30.7x with strong top-line momentum (3-year sales CAGR of 81%) but faces deteriorating working capital efficiency (debtors at 353 days) and a significant 27.8% decline in promoter holding over three years. The stock has corrected 46% over the past year despite the company's operational scale-up in the wind energy capital goods space.
- Exceptional revenue growth with 3-year compounded sales CAGR of 81%, indicating strong order execution and sectoral tailwinds in wind energy
- 5-year compounded profit growth of 27% demonstrates the company's turnaround from loss-making years to sustained profitability
- TTM sales growth of 17% shows continued top-line momentum even on a higher base after rapid expansion
- 5-year stock CAGR of 19% reflects long-term value creation despite recent correction, with 3-year CAGR at 14%
- Company has delivered 26.8% CAGR profit growth over last 5 years, showing consistent earnings improvement from a period of losses
- P/B ratio of 2x is relatively moderate for a capital goods company in a high-growth renewable energy segment
- ROE has improved to 7% in the last year compared to negative 2% over the 5-year average, indicating improving capital efficiency
- Debtors at 353 days represent severe collection inefficiency, tying up substantial capital and increasing credit risk exposure
- Promoter holding has decreased by 27.8% over the last 3 years, signaling potential dilution or reduced promoter confidence
- Working capital days have surged from 168 days to 267 days, a 59% deterioration that pressures cash flows and increases borrowing needs
- TTM profit growth has turned negative at -22%, suggesting margin compression or cost escalation despite continued revenue growth
- Zero dividend yield despite reporting repeated profits indicates the company is not returning cash to shareholders
- 3-year ROE of only 7.03% is low for a company trading at 30.7x earnings, raising questions about capital allocation efficiency
- 10-year compounded sales growth of 0% and profit growth of -1% show that long-term track record remains poor despite recent turnaround
- Stock has declined 46% over the past 1 year, reflecting significant market skepticism about near-term earnings trajectory
This is AI-generated analysis, not financial advice. Do your own due diligence.
AI News Digest
anthropic claude-opus-4.6 2d ago- Q1FY27 PAT drops 34% YoY Aug 7
Consolidated net profit fell 34% YoY to ₹64 crore in Q1FY27, despite total income rising marginally by 1% to ₹872 crore. Profit compression despite flat revenue signals margin pressure.
- ₹1600 Cr order from NLC India Jul 29
Inox Wind secured a confirmed ₹1600 crore turnkey order from NLC India for a 200 MW wind project, representing 1.4x average quarterly revenue. Signals strong order book momentum in renewables.
- FY27 revenue growth guidance at 75% Aug 7
Despite weak Q1FY27 results, management maintained its full-year FY27 revenue growth guidance of 75%, implying significant back-ended execution ramp-up.
- RPT approval secured at EGM Aug 14
Shareholders approved ₹4,000 crore worth of related-party transactions with Inox Clean Energy and Inox Green Energy at the Aug 13 EGM, with 94.01% affirmative votes from public shareholders.
- Q1FY27 earnings call hosted Aug 4
Inox Wind hosted its Q1FY27 earnings call on August 7, 2026, via Nuvama Wealth Management to discuss unaudited results for the quarter ended June 30, 2026.
- Rights issue of ₹1,249 Cr completed Aug 7
The company noted completion of its ₹1,249.33 crore rights issue during Q1FY26 results disclosure, strengthening the balance sheet for future execution.
TL;DR: Inox Wind is building a strong order pipeline, highlighted by the ₹1600 crore NLC India win, and maintains aggressive 75% revenue growth guidance for FY27. However, Q1FY27 showed profit compression with PAT down 34% YoY on nearly flat revenue, raising near-term margin concerns. The ₹4,000 crore RPT approvals with group entities warrant governance monitoring. The trend is positive on order inflows but execution and profitability need to catch up in coming quarters to validate the growth narrative.
Quarterly Results
| Jun 2023 | Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales | 349 | 371 | 503 | 528 | 640 | 733 | 911 | 1,275 | 826 | 1,119 | 1,207 | 1,244 | 814 |
| Expenses | 317 | 322 | 411 | 429 | 505 | 567 | 707 | 1,021 | 643 | 891 | 926 | 1,045 | 662 |
| Operating Profit | 31 | 48 | 93 | 99 | 135 | 166 | 204 | 254 | 184 | 228 | 282 | 200 | 152 |
| OPM % | 9% | 13% | 18% | 19% | 21% | 23% | 22% | 20% | 22% | 20% | 23% | 16% | 19% |
| Other Income | 4 | 16 | 1 | 21 | 18 | 11 | 68 | 36 | 36 | 43 | 31 | 61 | 58 |
| Interest | 70 | 64 | 63 | 57 | 56 | 44 | 34 | 35 | 34 | 51 | 50 | 65 | 57 |
| Depreciation | 29 | 26 | 28 | 30 | 42 | 45 | 47 | 48 | 49 | 51 | 53 | 52 | 59 |
| PBT | -63 | -26 | 3 | 31 | 55 | 88 | 190 | 208 | 138 | 169 | 209 | 144 | 95 |
| Tax % | 2% | 4% | 45% | -4% | 24% | 4% | 42% | 8% | 29% | 29% | 40% | 27% | 32% |
| Net Profit | -65 | -27 | 2 | 33 | 42 | 84 | 110 | 190 | 97 | 121 | 127 | 106 | 64 |
| EPS in Rs | -0.46 | -0.17 | 0.01 | 0.34 | 0.07 | 0.19 | 0.84 | 1.35 | 0.61 | 0.53 | 0.68 | 0.53 | 0.25 |
Profit & Loss
| Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales | 2,709 | 4,445 | 3,405 | 465 | 1,436 | 760 | 711 | 625 | 737 | 1,746 | 3,557 | 4,397 | 4,385 |
| Expenses | 2,284 | 3,711 | 2,863 | 548 | 1,287 | 877 | 902 | 925 | 998 | 1,484 | 2,800 | 3,506 | 3,524 |
| Operating Profit | 425 | 734 | 542 | -83 | 149 | -116 | -191 | -300 | -261 | 262 | 757 | 891 | 861 |
| OPM % | 16% | 17% | 16% | -18% | 10% | -15% | -27% | -48% | -35% | 15% | 21% | 20% | 20% |
| Other Income | 47 | 48 | 84 | 26 | 23 | 11 | 76 | 19 | 19 | 46 | 134 | 172 | 193 |
| Interest | 62 | 98 | 155 | 171 | 169 | 244 | 255 | 283 | 341 | 240 | 169 | 200 | 223 |
| Depreciation | 20 | 35 | 44 | 52 | 66 | 80 | 88 | 89 | 106 | 113 | 182 | 204 | 214 |
| PBT | 389 | 649 | 427 | -280 | -62 | -430 | -459 | -653 | -689 | -45 | 539 | 659 | 617 |
| Tax % | 24% | 29% | 29% | -33% | -36% | -35% | -33% | -26% | -3% | 7% | 19% | 32% | — |
| Net Profit | 296 | 461 | 303 | -188 | -40 | -279 | -307 | -483 | -671 | -48 | 438 | 449 | 417 |
| EPS in Rs | 3.14 | 4.88 | 3.21 | -1.99 | -0.42 | -2.96 | -3.24 | -5.08 | -4.81 | -0.26 | 3.23 | 2.34 | 1.99 |
| Div. Payout % | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | — |
Balance Sheet
| Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Equity Capital | 222 | 222 | 222 | 222 | 222 | 222 | 222 | 222 | 326 | 391 | 1,624 | 1,728 |
| Reserves | 1,170 | 1,665 | 1,968 | 1,782 | 1,743 | 1,464 | 1,094 | 688 | 1,410 | 2,417 | 3,423 | 4,654 |
| Borrowings | 874 | 1,457 | 1,674 | 1,062 | 1,305 | 1,121 | 1,566 | 2,637 | 2,416 | 2,078 | 1,500 | 1,587 |
| Other Liabilities | 930 | 1,434 | 1,291 | 1,032 | 1,471 | 2,485 | 2,582 | 2,417 | 1,930 | 1,867 | 2,246 | 4,099 |
| Total Liabilities | 3,196 | 4,778 | 5,155 | 4,098 | 4,741 | 5,292 | 5,464 | 5,965 | 6,082 | 6,754 | 8,792 | 12,068 |
| Fixed Assets | 203 | 527 | 765 | 985 | 973 | 1,228 | 1,191 | 1,343 | 1,619 | 1,843 | 2,291 | 2,825 |
| CWIP | 49 | 43 | 112 | 20 | 66 | 33 | 230 | 148 | 123 | 304 | 296 | 247 |
| Investments | 0 | 63 | 253 | 0 | 91 | 94 | 33 | 33 | 1 | 0 | 446 | 550 |
| Other Assets | 2,944 | 4,146 | 4,024 | 3,094 | 3,611 | 3,936 | 4,010 | 4,440 | 4,340 | 4,607 | 5,760 | 8,445 |
| Total Assets | 3,196 | 4,778 | 5,155 | 4,098 | 4,741 | 5,292 | 5,464 | 5,965 | 6,082 | 6,754 | 8,792 | 12,068 |
Cash Flow
| Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating | -106 | -163 | 114 | 269 | 147 | 733 | -112 | -475 | -1,100 | -366 | 138 | -598 |
| Investing | -148 | -968 | -5 | 332 | -264 | -346 | -49 | -74 | 231 | 487 | -406 | -850 |
| Financing | 958 | 501 | 19 | -760 | 76 | -385 | 282 | 486 | 824 | -130 | 277 | 1,558 |
| Net Cash Flow | 704 | -630 | 128 | -159 | -40 | 2 | 122 | -62 | -45 | -9 | 9 | 110 |
| Free Cash Flow | -210 | -567 | -176 | 84 | 10 | 462 | -231 | -654 | -1,488 | -881 | -483 | -1,246 |
| CFO/OP | -6 | -4 | 44 | -373 | 101 | -650 | 68 | 155 | 424 | -117 | 19 | -64 |
Ratios
| Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Debtor Days | 193 | 198 | 255 | 1,051 | 414 | 635 | 538 | 627 | 410 | 238 | 276 | 353 |
| Inventory Days | 93 | 74 | 133 | 2,865 | 411 | 1,363 | 733 | 940 | 843 | 441 | 238 | 268 |
| Days Payable | 155 | 158 | 187 | 1,653 | 387 | 1,446 | 829 | 663 | 460 | 214 | 188 | 178 |
| Cash Conversion Cycle | 130 | 115 | 202 | 2,263 | 438 | 552 | 442 | 905 | 792 | 464 | 326 | 443 |
| Working Capital Days | 54 | 48 | 68 | 614 | 138 | -217 | -430 | -259 | -11 | 75 | 161 | 267 |
| ROCE % | 28% | 26% | 16% | -3% | 3% | -6% | -8% | -11% | -8% | 4% | 12% | 10% |
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Company Information
Inox Wind Limited is a part of the Inox Group. The company is engaged in the business of manufacturing Wind Turbine Generators (WTGs) and is a wind energy solutions provider servicing IPPs, Utilities, PSUs, Corporates and Retail Investors. [1] Inox Wind Ltd is a fully integrated player in the wind energy market and provides end-to-end turnkey solutions.