Inox Wind Ltd
Inox Wind Ltd
Industrials F&OInox 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.
Inox Wind has strong revenue momentum with 82% 3-year sales CAGR and unanimous analyst buy ratings, but severe working capital stress (267 days), high debtor days (353), declining promoter holding (-27.8%), and a 46% stock correction in the last year warrant caution. At a PE of 34.4x with only 7% ROE, the risk-reward is not compelling enough for fresh entry.
Key Fundamentals
SmallcapElectrical EquipmentCapital GoodsTechnical 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 7.04% 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 3d agoInox Wind has strong revenue momentum with 82% 3-year sales CAGR and unanimous analyst buy ratings, but severe working capital stress (267 days), high debtor days (353), declining promoter holding (-27.8%), and a 46% stock correction in the last year warrant caution. At a PE of 34.4x with only 7% ROE, the risk-reward is not compelling enough for fresh entry.
- Compounded sales growth of 82% CAGR over 3 years signals strong order book execution and sectoral tailwinds in wind energy
- All 6 out of 6 analysts rate the stock a Buy (100% buy consensus), indicating institutional conviction in the business turnaround
- Profit growth of 26.8% CAGR over last 5 years demonstrates sustained earnings recovery from prior losses
- TTM revenue growth of 24% shows continued topline momentum even on a higher base
- Market cap of Rs 15,355 Cr provides adequate liquidity and mid-cap institutional participation
- 3-year stock CAGR of 34% reflects long-term wealth creation despite recent correction
- ROE has improved to 7% last year from negative territory (-2% over 5 years, -3% over 10 years), indicating a structural turnaround in profitability
- Debtor days at 353 days is extremely high, indicating severe collection risk and potential bad debt exposure typical of wind EPC companies
- Promoter holding has declined by 27.8% over 3 years, signaling potential dilution or lack of promoter confidence
- Working capital days have surged from 168 to 267 days, tying up significant capital and pressuring free cash flows
- Stock has corrected 46% in the last 1 year, reflecting market skepticism about near-term earnings sustainability
- PE of 34.4x is expensive relative to ROE of just 7%, implying poor return on capital for the valuation premium paid
- Zero dividend yield despite reporting profits suggests cash is being consumed by working capital rather than available for distribution
- TTM profit growth has turned negative at -12%, indicating earnings deceleration even as revenue grows 24% — margin compression is evident
- 10-year compounded profit growth of -1% and sales growth of 0% highlight that long-term value creation has been negligible
This is AI-generated analysis, not financial advice. Do your own due diligence.
AI News Digest
anthropic claude-opus-4.6 14h ago- Q4 profit crashes 45% YoY Jun 01
Consolidated net profit fell 45% YoY to ₹105.68 crore in Q4 FY26; EBITDA margin contracted to 16% from 20% YoY, with interest costs nearly doubling to ₹64.87 crore. Shares crashed 8-10% on the results.
- Stock down 45% in one year Jun 16
Inox Wind has declined 45.43% over the past year and 25.5% YTD, significantly underperforming NIFTY (-3.7%) and Nifty Energy (-10.87%), with the stock correcting 53.76% from its 52-week high of ₹201.
- Weak order inflows in FY26 Jun 02
Company secured only 600 MW of fresh orders in FY26, and failed to meet FY26 revenue guidance. Trade receivables ballooned 67% from ₹2,549 crore to ₹4,250 crore, reflecting customer payment delays.
- Brokerages slash target prices May 30
Motilal Oswal cut target to ₹110 from ₹121 while reducing FY27/FY28 EBITDA estimates by 7%/6%; JM Financial cut target to ₹101 from ₹120, calling Q4 an 'all-round miss'.
- RoE lags peers significantly Jun 02
Inox Wind's 7% return on equity pales against Suzlon's nearly 30% RoE, highlighting weaker capital efficiency despite similar market positioning.
- Supply chain and execution risks May 30
Geopolitical tensions delayed ECS supplies, on-ground execution challenges persisted, and fixed-price contracts with limited cost pass-through expose margins during the 6-8 month manufacturing cycle.
- 1,500 MW MoU boosts order book Jun 16
Inox Wind signed MoU with group company Inox Clean Energy to supply 1,500 MW of 3.3 MW and 4X MW wind turbines, pushing order book from 3.1 GW to over 4.5 GW with multi-year visibility.
- Aggressive FY27 growth guidance Jun 02
Management guided for 75% revenue growth in FY27 with 20-22% EBITDA margins, targeting >2 GW execution capacity versus ~1,200 MW in FY26.
- Strategic pivot to equipment supply May 30
Company is shifting order mix from 27% equipment supply to 75% over time, which reduces execution risk, improves working capital, and supports higher risk-adjusted margins.
- Strong order book provides visibility Jun 01
Order book of 3.1 GW as of March 31, 2026 provides 24+ months revenue visibility, with an additional 2 GW pipeline and recurring annual inflows expected from Inox Clean Energy.
- Group integrated renewable strategy Jun 16
INOXGFL's 'One Integrated' strategy targets 14 GW renewable portfolio by FY29 via Inox Clean, with 20-30% annual additions as wind projects creating recurring demand for Inox Wind.
- Working capital improving May 30
Working capital cycle reduced by ~15 days in Q4 FY26, with targets of ~150 days by FY27 and 120-150 days long-term, down from 200-210 days in Q3 FY26.
- EGM approves director remuneration Jun 22
Shareholders approved continuation of director tenure, revised remuneration, and sanctioned divestment of shares in material subsidiary Inox Green Energy Services.
- No new promoter share pledge Jun 10
Promoters declared no fresh encumbrance on shares for FY26; Devansh Trademart LLP reported 4.58% of equity capital remains pledged.
- EGM scheduled for Jun 22 May 30
Inox Wind scheduled EGM on June 22, 2026 to approve WTD remuneration revision and potential divestment of Inox Green Energy Services shares.
TL;DR: Inox Wind is navigating a difficult transition period — Q4 FY26 results badly missed expectations with profit down 45% and margins compressing, sending shares down ~10%. However, the 1,500 MW MoU with Inox Clean pushes the order book past 4.5 GW and the strategic pivot to equipment supply should reduce execution risk over time. The stock trades at depressed levels (down 45% in a year) with ambitious FY27 guidance of 75% revenue growth, but execution credibility needs rebuilding after missing FY26 targets. Near-term recovery hinges on ECS supply normalization by Q2 FY27 and whether management can deliver on its margin and growth promises.
Quarterly Results
| Mar 2023 | Jun 2023 | Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales | 191 | 349 | 371 | 503 | 528 | 640 | 733 | 911 | 1,275 | 826 | 1,119 | 1,207 | 1,244 |
| Expenses | 218 | 317 | 322 | 411 | 429 | 505 | 567 | 707 | 1,021 | 643 | 891 | 926 | 1,045 |
| Operating Profit | -27 | 31 | 48 | 93 | 99 | 135 | 166 | 204 | 254 | 184 | 228 | 282 | 200 |
| OPM % | -14% | 9% | 13% | 18% | 19% | 21% | 23% | 22% | 20% | 22% | 20% | 23% | 16% |
| Other Income | 0 | 4 | 16 | 1 | 21 | 18 | 11 | 68 | 36 | 36 | 43 | 31 | 61 |
| Interest | 65 | 70 | 64 | 63 | 57 | 56 | 44 | 34 | 35 | 34 | 51 | 50 | 65 |
| Depreciation | 26 | 29 | 26 | 28 | 30 | 42 | 45 | 47 | 48 | 49 | 51 | 53 | 52 |
| PBT | -119 | -63 | -26 | 3 | 31 | 55 | 88 | 190 | 208 | 138 | 169 | 209 | 144 |
| Tax % | 0% | 2% | 4% | 45% | -4% | 24% | 4% | 42% | 8% | 29% | 29% | 40% | 27% |
| Net Profit | -119 | -65 | -27 | 2 | 33 | 42 | 84 | 110 | 190 | 97 | 121 | 127 | 106 |
| EPS in Rs | -0.85 | -0.46 | -0.17 | 0.01 | 0.34 | 0.07 | 0.19 | 0.84 | 1.35 | 0.61 | 0.53 | 0.68 | 0.53 |
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 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales | 2,709 | 4,445 | 3,405 | 465 | 1,436 | 760 | 711 | 625 | 733 | 1,746 | 3,557 | 4,397 |
| Expenses | 2,284 | 3,711 | 2,863 | 548 | 1,287 | 877 | 902 | 925 | 926 | 1,484 | 2,800 | 3,506 |
| Operating Profit | 425 | 734 | 542 | -83 | 149 | -116 | -191 | -300 | -193 | 262 | 757 | 891 |
| OPM % | 16% | 17% | 16% | -18% | 10% | -15% | -27% | -48% | -26% | 15% | 21% | 20% |
| Other Income | 47 | 48 | 84 | 26 | 23 | 11 | 76 | 72 | -65 | 46 | 134 | 172 |
| Interest | 62 | 98 | 155 | 171 | 169 | 244 | 255 | 283 | 327 | 240 | 169 | 200 |
| Depreciation | 20 | 35 | 44 | 52 | 66 | 80 | 88 | 89 | 98 | 113 | 182 | 204 |
| PBT | 389 | 649 | 427 | -280 | -62 | -430 | -459 | -600 | -684 | -45 | 539 | 659 |
| Tax % | 24% | 29% | 29% | -33% | -36% | -35% | -33% | -28% | 4% | 7% | 19% | 32% |
| Net Profit | 296 | 461 | 303 | -188 | -40 | -279 | -307 | -430 | -712 | -48 | 438 | 449 |
| EPS in Rs | 3.14 | 4.88 | 3.21 | -1.99 | -0.42 | -2.96 | -3.24 | -4.53 | -5.11 | -0.26 | 3.23 | 2.34 |
| 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 | 1,387 | 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 | 1,912 | 1,867 | 2,246 | 4,099 |
| Total Liabilities | 3,196 | 4,778 | 5,155 | 4,098 | 4,741 | 5,292 | 5,464 | 5,965 | 6,041 | 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 | 4,298 | 4,607 | 5,760 | 8,445 |
| Total Assets | 3,196 | 4,778 | 5,155 | 4,098 | 4,741 | 5,292 | 5,464 | 5,965 | 6,041 | 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 | -422 | -1,100 | -366 | 138 | -598 |
| Investing | -148 | -968 | -5 | 332 | -264 | -346 | -49 | -126 | 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 | -601 | -1,488 | -881 | -483 | -1,246 |
| CFO/OP | -6 | -4 | 44 | -373 | 101 | -650 | 68 | 137 | 572 | -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 | 412 | 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 | 795 | 464 | 326 | 443 |
| Working Capital Days | 54 | 48 | 68 | 614 | 138 | -217 | -430 | -259 | -12 | 75 | 161 | 267 |
| ROCE % | 28% | 26% | 16% | -3% | 3% | -6% | -8% | -11% | -7% | 4% | 12% | 10% |
Documents
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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.