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Inox Wind

INOXWIND NSE
₹63.50 +4.08 (+6.87%)
P/E
31.91
View as Markdown
MCP
Close 4 Nov 2026 ₹63.50 −86.56 −57.7% 1Y
Start ₹150.06

Key Fundamentals

MicrocapElectrical EquipmentCapital Goods

Price-based figures as of · EPS basis: Consolidated · TTM

ROCE
10.60%
Debt to Equity
0.25
EPS (TTM)
₹1.99
Book Value
₹36.93
Market Cap
—
P/E (TTM)
31.91
P/B
1.72
ROE
7.50%
Dividend Yield
0.00%
EBITDA
₹1,063 Cr
52W High
₹155.73
52W Low
₹55.10
Day Range
₹58.67 – ₹63.50
Volume
1,59,62,219

Peer Comparison

Industrials › Capital Goods › Electrical Equipment › Heavy Electrical Equipment

Inox Wind peer comparison
Bharat Heavy Electricals
₹423.8551.25₹1,46,351 Cr5.520.35%6.23%9.14%₹37,782 Cr₹2,878 Cr
ABB
₹6,750.0047.87₹1,40,908 Cr15.321.36%22.40%29.90%₹13,477 Cr₹2,988 Cr
CG Power & Industrial Solutions
₹841.4596.28₹1,27,312 Cr15.170.16%20.50%26.70%₹13,699 Cr₹1,364 Cr
Hitachi Energy
₹29,100.00112.75₹1,24,045 Cr25.060.03%21.90%29.40%₹9,162 Cr₹1,149 Cr
Siemens
₹3,509.00—₹1,22,035 Cr9.030.53%19.20%21.40%₹18,062 Cr₹3,276 Cr
GE Vernova T&D
₹4,265.0083.66₹1,04,523 Cr33.150.25%57.40%77.40%₹6,712 Cr₹1,305 Cr
Siemens Energy
₹2,963.0070.90₹1,01,562 Cr21.930.14%50.50%67.80%₹9,436 Cr₹1,489 Cr
Inox Wind (this company)
₹63.5031.91₹10,694 Cr1.720.00%7.50%10.60%₹4,385 Cr₹418 Cr
Median 8 companies₹3,236.0070.90₹1,23,040 Cr15.250.21%21.20%28.05%₹11,457 Cr₹1,427 Cr

Comparable companies in the same industry. Market cap, P/E and P/B use the latest price; other metrics are as reported in filings. A dash means the figure is not published for that company.

Tapetide Score

Data-driven rating, 0–100, as of . How it works →

Overall score

32 Poor

Data confidence 100/100

Category scores

Quality
16
Poor
Returns, margins, earnings quality 22% weight
Valuation
46
Average
Cheap vs sector & own history 24% weight
Growth
50
Average
Sales & profit trajectory 9% weight
Financial Health
32
Poor
Solvency, leverage, coverage 9% weight
Momentum
12
Poor
Trend strength, vol-adjusted 12% weight
Ownership
29
Poor
FII/DII/promoter flows 24% weight

The Tapetide Score is data analysis, not investment advice. Tapetide is not a SEBI-registered research analyst or investment adviser.

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 7.43% over last 3 years.
  • Company has high debtors of 353 days.
  • Promoter holding has decreased over last 3 years: -20.5%
  • Working capital days have increased from 158 days to 267 days

Technical Indicators

Technical signals: verdict and indicator counts
GroupSignalBearishNeutralBullish
OverallBearish856
OscillatorsNeutral252
Moving AveragesStrong Bearish604

Key readings

RSI (14)
48.16
Neutral
MACD (12,26,9)
−3.06
Bullish
SMA (50)
69.24
Bearish
SMA (200)
85.19
Bearish

As of

Analyst Rating

Based on 6 analysts
BUY100%

6 of 6 analysts rate Buy, 0 Hold, 0 Sell.

As of

BUY
6
100%
HOLD
0
0%
SELL
0
0%

Growth Rate

From the financial statements below. 10Y, 5Y, 3Y: compound annual growth to Mar 2026; 1Y: fiscal year to Mar 2026 against Mar 2025; TTM: four quarters to Jun 2026 against Jun 2025.

Revenue

Revenue growth by window
10Y−0.11%
5Y+43.97%
3Y+81.37%
1Y+23.62%
TTM+17.06%

Net profit

Net profit growth by window
10Y−0.26%
5YTurned to profit
3YTurned to profit
1Y+2.51%
TTM−13.10%

Operating cash flow

Operating cash flow growth by window
10YOutflow widened by ₹435 Cr
5YOutflow widened by ₹486 Cr
3YOutflow narrowed by ₹502 Cr
1YTurned negative
TTM—

TTM: Reported once a year, so there is no trailing-twelve-month figure.

Operating margin· change in pp

Operating margin growth by window
10Y+3.75 pp
5Y+47.12 pp
3Y+55.67 pp
1Y−1.02 pp
TTM−1.92 pp

Revenue by year

Revenue by year, ₹ crore
Mar 2017₹3,405 Cr
Mar 2018₹465 Cr
Mar 2019₹1,436 Cr
Mar 2020₹760 Cr
Mar 2021₹711 Cr
Mar 2022₹625 Cr
Mar 2023₹737 Cr
Mar 2024₹1,746 Cr
Mar 2025₹3,557 Cr
Mar 2026₹4,397 Cr

Net profit by year

Net profit by year, ₹ crore
Mar 2017₹303 Cr
Mar 2018−₹188 Cr
Mar 2019−₹40.00 Cr
Mar 2020−₹279 Cr
Mar 2021−₹307 Cr
Mar 2022−₹483 Cr
Mar 2023−₹671 Cr
Mar 2024−₹48.00 Cr
Mar 2025₹438 Cr
Mar 2026₹449 Cr

Analyst Forecasts

Forecast For
Sep 26 consensus · EBITDA
₹214 Cr +1.7% vs Jun 26
Reported High Mean Low

AI Analysis — Bull vs Bear

Generated 13 Aug 2026
AI opinion · based on fundamentals
Risk high

Inox 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.

Bull Case 7
  • 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
Bear Case 8
  • 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

80d ago

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.

Headwinds 1
  • 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.

Positives 2
  • ₹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.

Neutral 3
  • 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.

Quarterly Results

₹ Cr
INOXWIND quarterly results, ₹ crore
Particulars Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
Sales
349
371
503
528
640
732
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
9.5
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
44.35
47
48
49
51
53
52
59
PBT
−63
−26
3
31
55
88
193
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
112
190
97
121
127
106
64
EPS (₹)
−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

₹ Cr
INOXWIND profit and loss, annual, ₹ crore
Particulars Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026TTM
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 (₹)
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

₹ Cr
INOXWIND balance sheet, annual, ₹ crore
Particulars Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 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
2,788
4,654
Borrowings
874
1,457
1,674
1,062
1,305
1,121
1,566
2,637
2,416
2,078
1,474
1,587
Other Liabilities
930
1,434
1,291
1,032
1,471
2,485
2,582
2,417
1,930
1,867
2,717
3,994
Total Liabilities
3,196
4,778
5,155
4,098
4,741
5,292
5,464
5,965
6,082
6,754
8,603
11,963
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
5,571
8,341
Total Assets
3,196
4,778
5,155
4,098
4,741
5,292
5,464
5,965
6,082
6,754
8,603
11,963

Cash Flow

₹ Cr
INOXWIND cash flow, annual, ₹ crore
Particulars Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 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/EBITDA
−6
−4
44
−373
101
−650
68
155
424
−117
19
−64

Ratios

INOXWIND financial ratios, annual
Particulars Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Debtor Days
193
198
255
1,051
414
635
538
627
410
238
262
353
Inventory Days
93
74
133
2,865
411
1,363
733
940
843
441
213
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
287
443
Working Capital Days
54
48
68
614
138
−217
−430
−259
−11
75
133
267
ROCE %
28%
26%
16%
−3%
3%
−6%
−8%
−11%
−8%
4%
12%
11%

Insights

Beta

AI-extracted from concalls & annual reports · figures as reported, with sources

Log in to view Inox Wind insights

67 extracted metrics across FY11–FY27.

Shareholding Pattern

As of Sep 2026

  • Promoters 44.18%
  • Public 24.01%
  • FIIs 12.17%
  • Others 9.83%
  • DIIs 9.80%

9.39% of promoter holding pledged as of Sep 2026

Change vs previous quarter

Not shown for some quarters: Others. Not available separately for this quarter: the shareholding filing gives Public and Others as one figure, shown under Public, so Others is left blank rather than estimated.

Documents

Frequently Asked Questions about Inox Wind

What does Inox Wind Ltd do?
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.
Where is Inox Wind Ltd (INOXWIND) listed?
Inox Wind Ltd trades as INOXWIND on the NSE and under code 539083 on the BSE.
Which sector does Inox Wind Ltd belong to?
Inox Wind Ltd is classified under the Capital Goods sector, in the Electrical Equipment industry.
What is the PE ratio of Inox Wind Ltd?
Inox Wind Ltd trades at a PE ratio of 31.91 as of 4 Nov 2026, on earnings per share of ₹1.99, against a book value of ₹36.93 per share.
What is the 52-week high and low of Inox Wind Ltd?
Over the last 52 weeks Inox Wind Ltd has traded between ₹55.1 and ₹155.73 as of 4 Nov 2026.
What is the Return on Equity (ROE) of Inox Wind Ltd?
Inox Wind Ltd reported a return on equity of 7.50%. Its debt-to-equity ratio is 0.25.

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

Website inoxwind.com
CEO Mr. Kailash Lal Tarachandani
Employees 1,235
Listed 9 Apr 2015
Face Value ₹10

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