Inox Wind
INOXWIND · NSE · Mid Cap
Inox Wind
Wind OEM with growing hybrid renewable orderbook.
Scoring breakdown
SageOne-style fundamental · TQ-100 technical · solar overlays
52-week position
Real snapshot from Screener
Investment thesis
One-liner · bull · bear · monitorables
One-liner. Inox Wind: capacity compounding meets falling tariffs — capital recycling and offtaker mix decide equity IRR.
Bull case for Inox Wind: continued capacity ramp at attractive unit economics, supportive policy (PLI / ALMM / RPO / open access), benign module + commodity cycle, healthy receivable conversion, and re-rating from current valuation as execution beats consensus.
Bear case for Inox Wind: module/tariff price crash, working-capital blowout from DISCOM receivables, leverage spiking past 4x net-debt/EBITDA, ALMM/PLI delays, Chinese dumping, and de-rating to historical median multiples on growth disappointment.
- 01Quarterly capacity commissioned vs guidance
- 02Receivable days from DISCOMs and large customers
- 03Net debt / EBITDA trajectory
- 04Order book to revenue cover
- 05Average realized tariff and merchant exposure
- 06Capital recycling via InvIT / asset sales
- 07Equity IRR vs cost of equity
Solar exposure
Directness · policy linkage · BOM
Valuation snapshot
Multiple methods · solar-specific multiples
| Method | Value | Hist %ile |
|---|---|---|
| P/E (TTM) | 34.6x | — |
| Forward P/E | — | — |
| EV/EBITDA | 24.9x | — |
| EV/Sales | 5.3x | — |
| P/B | 2.6x | — |
| FCF Yield | -1.5% | — |
Project pipeline
1 tracked project
Financials
Source: Screener.in (consolidated) · ticker INOXWIND · last updated 2026-05-11
Ratio analysis (derived from statements)
Growth · profitability · returns · leverage · cash flow · valuation
Annual P&L · 5 years
₹ Crore. Source: Screener.in consolidated.
| Metric | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 |
|---|---|---|---|---|---|
| Sales | 711 | 625 | 733 | 1,746 | 3,557 |
| Operating Profit | -191 | -300 | -193 | 262 | 757 |
| OPM % | -27% | -48% | -26% | 15% | 21% |
| Net Profit | -307 | -483 | -712 | -48 | 438 |
| EPS (₹) | -3.24 | -5.08 | -5.11 | -0.26 | 3.23 |
Quarterly results · last 4 quarters
₹ Crore.
| Metric | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 |
|---|---|---|---|---|
| Sales | 1,275 | 826 | 1,119 | 1,207 |
| OPM % | 20% | 22% | 20% | 23% |
| Net Profit | 190 | 97 | 121 | 127 |
Balance sheet · 4 years
₹ Crore.
| Item | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 |
|---|---|---|---|---|
| Equity Capital | 222 | 326 | 391 | 1,624 |
| Reserves | 688 | 1,387 | 2,417 | 3,423 |
| Borrowings | 2,637 | 2,416 | 2,078 | 1,500 |
| Fixed Assets | 1,343 | 1,619 | 1,843 | 2,291 |
| Total Assets | 5,965 | 6,041 | 6,754 | 8,792 |
Cash flow · 5 years
₹ Crore.
| Activity | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 |
|---|---|---|---|---|---|
| Operating | -112 | -475 | -1,100 | -366 | 138 |
| Investing | -49 | -74 | 231 | 487 | -406 |
| Financing | 282 | 486 | 824 | -130 | 277 |
| Net Cash Flow | 121 | -63 | -45 | -9 | 9 |
Shareholding pattern
Latest disclosed
Policy linkages
Schemes where this company is a confirmed or likely beneficiary