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Inox Wind Ltd
NSE: INOXWIND BSE: 539083 INE066P01011 Industrials Electrical Equipment 🔎 Screen
NIFTY 500 Smallcap 50 Smallcap 100 Smallcap 250 Energy
₹10,915 Cr
Market Cap
39.7
P/E
1.04
PEG
10.5%
ROCE
7.1%
ROE
0.25
D/E
20.3%
OPM
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📈 Price History
Ratio Health
Excellent
Good
Average
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By Category
Shareholding
About

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. Inox Wind Ltd is a fully integrated player in the wind energy market and provides end-to-end turnkey solutions.

✓ Strengths 1
  • Company has delivered good profit growth of 26.8% CAGR over last 5 years
! Concerns 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
Key Ratios Snapshot
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📈 Growth Pattern
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3-Statement Financial Model
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Mixed quarter – revenue flat YoY, PAT down sharply, but full-year growth solid and order book provides strong forward visibility quarter Investor Presentation One-Pager? Mar 2026
Revenue
₹1,306 Cr
-1% YoY
EBITDA Margin
25.5%
EBITDA ₹333 Cr, margin down ~60bps YoY
PAT
₹106 Cr
-45% YoY, impacted by lower other income and higher tax
Order Book
~3.1 GW
Well-diversified across PSUs, IPPs, C&I; equipment supply share rising to ~75%
What Went Right
  • Full-year FY26 total income grew 23% YoY to ₹4,569 Cr, EBITDA up 25% to ₹1,232 Cr, cash PAT up 28% to ₹1,032 Cr
  • Order book remains robust at ~3.1 GW, with new orders from Aditya Birla, Amplus/Gentari, Jakson, First Energy, Leap Green (~600 MW in FY26)
  • Working capital cycle improved by ~15 days in Q4, with further improvement expected
  • Strategic pivot to equipment supply (target ~75% of order mix) from <20% earlier, backed by new nacelle & hub plant, transformer facility, and power electronics entry
  • Group synergies with Inox Clean (IPP targeting 14 GW by FY29) and Inox Green (13 GW+ O&M portfolio) provide recurring order visibility
What to Watch
  • Q4 revenue flat at ₹1,306 Cr (-1% YoY) and PAT collapsed 45% to ₹106 Cr, largely due to lower other income and higher deferred tax charge
  • Macro challenges including geopolitical tensions caused delays in ECS supplies and logistical support, hampering execution
  • Some customers held back payments due to the macro environment, keeping working capital elevated despite the sequential improvement
  • EBITDA margin slipped marginally to ~25.5% from ~27% in Q4 FY25, partly due to cost pressures and a less profitable revenue mix
Management Guidance
  • Management targets FY27 revenue growth of 75% over FY26 (implying ~₹8,000 Cr)
  • EBITDA margin guided at 20-22% for FY27, reflecting higher contribution from lower-margin equipment sales and Inox Green consolidation
  • Commercial launch of 4.X MW turbines within CY26 to deepen market penetration and boost margins
Investor Lens
Thesis remains intact but near-term execution is proving bumpy. The massive order book of 3.1 GW and the strategic pivot to equipment supply from turnkey should structurally improve revenue visibility and scalability, but the Q4 PAT drop and persistent working capital issues (₹4,250 Cr trade receivables vs ₹1,276 Cr borrowings) warrant caution. The FY27 revenue guidance of 75% growth is aggressive and depends on timely supply chain resolution and customer payments. Investors should watch how quickly the working capital cycle normalizes and whether EBITDA margins can hold within the 20-22% band despite a shift to lower-margin equipment sales. The group's virtuous cycle across Inox Clean IPP and Inox Green O&M provides a unique moat but adds complexity. Next quarter's key monitorables: order conversion rate, days sales outstanding, and progress on the 1.5 GW marquee project.
From investor presentation · AI-generated analysis · Not investment advice
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📉 WEAK Revenue flat but profits plunge 44% YoY; margins shrink.
Revenue
Revenue for Mar 2026 quarter at ₹1,244 Cr, down 2.4% YoY but up 3.1% QoQ. Shows slight sequential recovery but still below last year's level.
Profitability
Net profit fell 44.2% YoY to ₹106 Cr and 16.5% sequentially. EPS dropped to ₹0.53 from ₹1.35 a year ago. Tax rate at 27%.
Margins
Operating profit margin (OPM) at 16%, sharply down from 20% a year ago and 23% last quarter. Indicates cost pressures or pricing issues.
Cash Flow
No cash flow data provided in the release. Cannot assess CFO quality relative to net profit.
Balance Sheet
Borrowings at ₹1,587 Cr with reserves of ₹4,654 Cr and total assets of ₹12,068 Cr. Debt-to-equity ratio low at 0.25.
Key Risks
Sharp margin compression and falling profits despite stable revenue. High PE of 39.7 suggests expensive valuation relative to weak earnings. ROE at only 7.09% indicates low return on equity.
Outlook
Sequential revenue improvement offers some hope, but YoY declines in profits and margins need reversal. Sustained operational efficiency and order execution will be key to recovery.
Generated by AI · Mar 2026 results · Not investment advice
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