Inox Wind Ltd. (INOXWIND) AI Stock Analysis

• Market Cap: ₹187.15B
• Dividend Yield: N/A
• Average Volume (3M): 368.51K
• Price to Earnings (P/E): 45.5
• Beta (1Y): 2.38
• Revenue Growth: 71.99%
• EPS Growth: 119.37%
• Country: IN
• Employees: 998
• Sector: Industrials
• Sector Strength: 72
• Industry: Renewable Utilities
• EPS (TTM): 0.80
• Shares Outstanding: 2,169,311,300
• 10 Day Avg. Volume: 427,804
• 30 Day Avg. Volume: 368,512
• PEG Ratio: -0.05
• Price to Book (P/B): 4.07
• Price to Sales (P/S): 5.77
• P/FCF Ratio: -27.52
• Enterprise Value/Market Cap: N/A
• Enterprise Value/Revenue: N/A
• Enterprise Value/Gross Profit: N/A
• Enterprise Value/Ebitda: N/A
• 1Y Price Target: ₹130.00
• Price Target Upside: 3.34% Upside
• Rating Consensus: Moderate Buy
• Number of Analyst Covering: 1
• EPS Forecast (FY): 4.38
• Revenue Forecast (FY): ₹52.83B

• Rating: 57 Neutral
• Price Target: ₹98.00 ▼(-22.10% Downside)
• Action: Reiterated Date: 02/25/26
• Date: Action: Reiterated 02/25/26

The score is anchored by improving fundamentals (revenue recovery and better profitability) but is held back by weak cash generation and leverage risk. Technicals are a major drag due to a clear downtrend across moving averages and negative MACD, while valuation is only moderate given the P/E and no dividend yield.

Positive Factors

Revenue recovery and margin improvement

Inox Wind has shown a marked revenue rebound and better gross and net margins, driven by higher WTG deliveries and project execution. This improves long‑term earnings capacity and supports reinvestment in product and service offerings, strengthening durable profitability.

Diversified business model with recurring revenue

The company’s integrated model—manufacturing WTGs, providing EPC services, and offering multi‑year O&M—creates multiple revenue streams and recurring service income. That mix raises customer stickiness and smooths cashflows across project cycles, improving structural resilience.

Strengthened equity base provides resilience

An improved equity position increases financial flexibility to fund growth and absorb project execution hiccups without immediate reliance on costly external capital. This bolsters balance sheet durability and capacity to pursue larger or longer‑duration projects.

Negative Factors

High leverage

Elevated debt relative to equity raises interest cost sensitivity and reduces financial flexibility during capex or execution cycles. In a capital‑intensive wind business, higher leverage increases refinancing and covenant risks and can constrain growth if cashflows underperform.

Negative free cash flow and high capex

Persistently negative free cash flow driven by sustained capex means the business must rely on external financing for expansion and working capital. Over months, this pressures liquidity, raises funding costs, and limits the ability to self‑fund opportunistic investments or cushion project delays.

Earnings volatility

Past swings in EBIT and net income point to execution and demand variability in projects and margins. Such volatility reduces predictability of returns, complicates planning for multi‑year contracts, and makes sustaining consistent profitability and cash conversion more challenging.

Inox Wind Ltd. Business Overview & Revenue Model

Company Description

Inox Wind Limited manufactures and distributes wind turbine generators and components for independent power producers, utilities, public sector undertakings, businesses, and private investors in India. The company provides wind turbine generator components, including nacelles, hubs, rotor blade sets, and tubular towers. It offers a range of services, such as wind resource assessment, site acquisition, infrastructure development, erection, procurement and commissioning, and long-term operations and maintenance services for wind power projects. Inox Wind Limited was incorporated in 2009 and is headquartered in Noida, India. The company is a subsidiary of Inox Wind Energy Limited.

How the Company Makes Money

Inox Wind generates revenue through several key streams. Primarily, the company earns money by manufacturing and selling wind turbine generators, which are crucial for harnessing wind energy. Additionally, Inox Wind is involved in the development of wind power projects, where it invests in and builds wind farms, allowing it to generate and sell electricity. The company also provides operation and maintenance services for its wind projects, creating a steady income from ongoing contracts. Partnerships with various stakeholders in the energy sector, including government initiatives promoting renewable energy, further bolster its revenue. The company's ability to secure long-term power purchase agreements (PPAs) with utilities and corporate buyers also plays a significant role in ensuring predictable cash flows and revenue stability.

Inox Wind Ltd. Financial Statement Overview

Summary

Income statement momentum is positive with strong revenue recovery and improved margins, but overall quality is tempered by high leverage (elevated debt-to-equity) and ongoing cash flow pressure from consistently negative free cash flow and high capex.

Income Statement

Inox Wind Ltd. has shown a strong recovery in its revenue with a significant growth rate from the previous year. Gross profit and net profit margins have improved, indicating enhanced profitability. However, historical volatility in EBIT and net income suggests potential risks in operational efficiency.

Balance Sheet

The company has strengthened its equity base, resulting in a favorable equity ratio. Despite this, a relatively high debt-to-equity ratio indicates a leveraged position, which could pose risks if not managed carefully. Improved stockholders' equity suggests resilience and capacity for future growth.

Cash Flow

While the free cash flow remains negative, the company has shown improvement in operating cash flow relative to net income. Capital expenditures have been consistently high, impacting free cash flow, but financing activities have supported liquidity needs.

Breakdown	TTM	Mar 2025	Mar 2024	Mar 2023	Mar 2022	Mar 2021
Income Statement
Total Revenue	37.45B	35.57B	17.43B	7.33B	6.25B	7.11B
Gross Profit	12.19B	9.60B	2.86B	-793.72M	1.47B	1.21B
EBITDA	9.69B	8.88B	3.10B	-3.07B	-2.85B	-915.42M
Net Income	5.04B	4.48B	-404.21M	-6.67B	-4.80B	-3.06B
Balance Sheet
Total Assets	0.00	87.95B	67.95B	60.83B	59.65B	54.64B
Cash, Cash Equivalents and Short-Term Investments	3.94B	3.94B	2.81B	2.71B	588.10M	2.42B
Total Debt	0.00	15.00B	32.48B	24.16B	17.54B	16.00B
Total Liabilities	-56.06B	31.89B	46.03B	38.22B	40.95B	41.48B
Stockholders Equity	56.06B	50.47B	16.97B	17.13B	18.28B	13.16B
Cash Flow
Free Cash Flow	0.00	-7.47B	-8.98B	-14.87B	-6.01B	-2.32B
Operating Cash Flow	0.00	-1.26B	-3.60B	-10.99B	-4.22B	-1.12B
Investing Cash Flow	0.00	-4.06B	-5.28B	2.31B	-1.27B	-485.92M
Financing Cash Flow	0.00	5.41B	8.78B	8.24B	4.86B	2.82B

Inox Wind Ltd. Technical Analysis

• Technical Analysis Sentiment: Negative
• Last Price: 125.80
• 50DMA: Negative
• 100DMA: Negative
• 200DMA: Negative
• MACD: Positive
• RSI: Positive
• STOCH: Positive

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For IN:INOXWIND, the sentiment is Negative. The current price of 125.8 is above the 20-day moving average (MA) of 100.67, above the 50-day MA of 110.03, and below the 200-day MA of 142.98, indicating a bearish trend. The MACD of -5.96 indicates Positive momentum. The RSI at 19.34 is Positive, neither overbought nor oversold. The STOCH value of 16.80 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for IN:INOXWIND.

Inox Wind Ltd. Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
PARAS	68 Neutral	₹57.79B	75.72	―	0.07%	24.92%	50.07%
Sector *	63 Neutral	$10.79B	15.43	7.44%	2.01%	2.89%	-14.66%
JTEKTINDIA	61 Neutral	₹36.61B	48.24	―	0.49%	4.44%	-25.67%
ISGEC	58 Neutral	₹64.90B	24.01	―	0.59%	-4.14%	-35.66%
LLOYDSENGG	58 Neutral	₹66.63B	33.83	―	0.43%	40.02%	26.77%
THERMAX	58 Neutral	₹365.88B	41.70	―	0.48%	3.37%	-19.95%
INOXWIND	57 Neutral	₹187.15B	45.47	―	―	71.99%	119.37%

Inox Wind Ltd. Corporate Events

INOXGFL Group Unveils Major Solar and Wind Manufacturing Hubs Near Ahmedabad

Inox Wind Limited announced that the Deputy Chief Minister of Gujarat, Harsh Sanghavi, has inaugurated two major INOXGFL Group renewable manufacturing facilities near Ahmedabad: Inox Solar’s first phase of a 3GW advanced solar module plant at Bavla and Inox Wind’s 1.2GW nacelle and hub manufacturing plant at Kalyangarh. The new solar facility will produce fully automated, next-generation N-type TOPCon bi-facial modules using M10R and G12R cells to deliver higher efficiency, lower degradation, and improved energy output, while the wind facility, approved by the National Institute of Wind Energy, will support production of Inox Wind’s 3MW class and upcoming 4X MW class turbines. Strategically located to serve project sites across western and southern India, these plants are expected to improve logistics, cut execution timelines, and reinforce the INOXGFL Group’s role in advancing India’s push toward 500 GW of non-fossil fuel capacity by 2030 and greater self-reliance in clean energy.

Inox Wind Secures 100 MW Order from Jakson Green

Inox Wind Limited announced securing a repeat order from Jakson Green Ltd. for 100 MW, which includes the supply of 3.3 MW turbines for projects in Gujarat, limited scope EPC, and multi-year O&M services. This order increases Inox Wind’s total order inflow for FY26 to approximately 600 MW, with a framework agreement of an additional 2.5 GW over the next three years, enhancing the company’s revenue visibility and strengthening its position in the renewable energy sector.

Inox Wind Initiates Postal Ballot for Director Re-appointment

Inox Wind Limited has announced a postal ballot to seek shareholder approval for the re-appointment of Shri Manoj Dixit as a Whole-Time Director. The company is utilizing electronic voting to facilitate this process, reflecting a commitment to efficient and modern governance practices. This move underscores Inox Wind’s focus on maintaining strong leadership to drive its strategic goals in the renewable energy sector.