---
title: "Inox Wind Energy Ltd(Merged) (IWEL) — Share Price, Financials & Analysis"
symbol: "IWEL"
company: "Inox Wind Energy Ltd(Merged)"
canonical: "https://tapetide.com/stocks/IWEL"
isin: "INE0FLR01028"
nse_symbol: "IWEL"
bse_code: "543297"
sector: "Industrials"
industry: "Electrical Equipment"
generated_at: "2026-09-13T18:36:57.134Z"
---

# Inox Wind Energy Ltd(Merged) (IWEL)

Canonical page: https://tapetide.com/stocks/IWEL

## Company

- **NSE Symbol:** IWEL
- **BSE Code:** 543297
- **ISIN:** INE0FLR01028
- **Sector:** Industrials
- **Industry:** Electrical Equipment
- **Macro Sector:** Industrials
- **Stock Type:** DELISTED
- **Listed Since:** 2021-06-11
- **Face Value:** ₹10
- **F&O Eligible:** No
- **Website:** iwel.co.in

## About

Inox Wind Energy Ltd is engaged in generation and sale of wind energy, provide services for Erection, procurement and commissioning (EPC) of wind farms and holding strategic business interest in renewables.[1]

## Latest Price

- **Price:** ₹10293
- **Change:** 0 (0%)
- **Open:** ₹10537
- **Day High:** ₹10599
- **Day Low:** ₹10210
- **Previous Close:** ₹10293
- **Volume:** 0
- **As Of:** 2025-06-19T10:24:41+00:00

## Key Insights

### Strengths

- Company has reduced debt.
- Company is expected to give good quarter

### Weaknesses

- Stock is trading at 4.06 times its book value
- Company has a low return on equity of -6.03% over last 3 years.
- Company has high debtors of 276 days.
- Working capital days have increased from 57.2 days to 180 days

## Growth Rates

| Metric | 1Y | 3Y |
| --- | --- | --- |
| net income growth | 311% | 40% |
| revenue growth | 104% | 81% |

## Financial Statements

### Quarterly Results

All figures in ₹ crore unless the row name says otherwise.

| Item | Jun 2022 | Sep 2022 | Dec 2022 | Mar 2023 | Jun 2023 | Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Sales | 211 | 108 | 227 | 186 | 350 | 371 | 504 | 528 | 640 | 733 | 912 | 1275 |
| Expenses | 256 | 131 | 412 | 218 | 321 | 344 | 391 | 429 | 505 | 567 | 707 | 1021 |
| Operating Profit | -45 | -23 | -185 | -32 | 29 | 27 | 113 | 99 | 135 | 166 | 205 | 254 |
| OPM % | -21 | -22 | -81 | -17 | 8 | 7 | 22 | 19 | 21 | 23 | 22 | 20 |
| Other Income | 20 | 1 | 8 | -1 | 5 | 17 | 3 | 23 | 18 | 11 | 82 | 36 |
| Interest | 83 | 91 | 92 | 63 | 69 | 62 | 60 | 55 | 56 | 44 | 35 | 35 |
| Depreciation | 26 | 25 | 26 | 23 | 29 | 27 | 29 | 30 | 42 | 45 | 47 | 48 |
| Profit before tax | -134 | -138 | -294 | -118 | -65 | -46 | 27 | 37 | 55 | 88 | 205 | 208 |
| Tax % | -3 | -3 | -2 | -4 | 2 | 25 | 124 | -2 | 24 | 4 | 39 | 8 |
| Net Profit | -130 | -134 | -288 | -113 | -66 | -57 | -7 | 38 | 42 | 84 | 124 | 190 |
| EPS in Rs | -61.64 | -64.35 | -136.03 | -65.7 | -32.86 | -34.96 | -6.55 | 15.89 | 8.58 | 21.38 | 32.33 | 55.88 |

### Profit & Loss

All figures in ₹ crore unless the row name says otherwise.

| Item | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 |
| --- | --- | --- | --- | --- | --- |
| Sales | 716 | 598 | 730 | 1746 | 3557 |
| Expenses | 954 | 966 | 1029 | 1484 | 2800 |
| Operating Profit | -237 | -368 | -299 | 262 | 757 |
| OPM % | -33 | -62 | -41 | 15 | 21 |
| Other Income | 99 | 225 | 37 | 46 | 131 |
| Interest | 240 | 272 | 327 | 240 | 169 |
| Depreciation | 93 | 92 | 97 | 113 | 182 |
| Profit before tax | -472 | -507 | -687 | -45 | 537 |
| Tax % | -30 | -34 | 3 | 104 | 21 |
| Net Profit | -331 | -332 | -706 | -91 | 425 |
| EPS in Rs | -156.58 | -108.51 | -331.05 | -56.26 | 116.3 |
| Dividend Payout % | 0 | 0 | 0 | 0 | 0 |

### Balance Sheet

All figures in ₹ crore unless the row name says otherwise.

| Item | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 |
| --- | --- | --- | --- | --- | --- |
| Equity Capital | 11 | 11 | 11 | 12 | 12 |
| Reserves | 1529 | 1468 | 1045 | 1840 | 3032 |
| Borrowings | 1306 | 1758 | 2329 | 2078 | 1500 |
| Other Liabilities | 2782 | 2921 | 2752 | 2956 | 4251 |
| Total Liabilities | 5628 | 6158 | 6137 | 6886 | 8795 |
| Fixed Assets | 1262 | 1397 | 1651 | 1843 | 2291 |
| CWIP | 309 | 188 | 163 | 304 | 296 |
| Investments | 33 | 33 | 1 | 0 | 446 |
| Other Assets | 4024 | 4541 | 4322 | 4739 | 5763 |
| Total Assets | 5628 | 6158 | 6137 | 6886 | 8795 |

### Cash Flow

All figures in ₹ crore unless the row name says otherwise.

| Item | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 |
| --- | --- | --- | --- | --- | --- |
| Cash from Operating Activity | -96 | -385 | -1103 | -367 | 138 |
| Cash from Investing Activity | 3 | -11 | 258 | 486 | -406 |
| Cash from Financing Activity | 217 | 334 | 800 | -129 | 277 |
| Net Cash Flow | 123 | -63 | -45 | -10 | 9 |
| Free Cash Flow | -208 | -563 | -1481 | -882 | -483 |
| CFO/OP | 48 | 101 | 371 | -134 | 19 |

### Ratios

| Item | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 |
| --- | --- | --- | --- | --- | --- |
| Debtor Days | 534 | 656 | 414 | 238 | 276 |
| Inventory Days | 1589 | — | — | — | 238 |
| Days Payable | 1558 | — | — | — | 188 |
| Cash Conversion Cycle | 565 | 656 | 414 | 238 | 326 |
| Working Capital Days | -68 | -247 | 22 | -30 | 180 |
| ROCE % | — | -12 | -9 | 4 | 11 |

## Shareholding Pattern

### annual

| Category | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 |
| --- | --- | --- | --- | --- |
| Promoters | 68.72% | 67.28% | 69.5% | 69.5% |
| FIIs | 5.78% | 5.27% | 2.64% | 3.7% |
| DIIs | 3.12% | 2.3% | 0.81% | 2.52% |
| Public | 22.37% | 25.15% | 27.03% | 24.28% |
| No. of Shareholders | 11474 | 10590 | 16279 | 17393 |

### Quarterly

| Category | Jun 2022 | Sep 2022 | Dec 2022 | Mar 2023 | Jun 2023 | Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Promoters | 68.72% | 68.73% | 68.73% | 67.28% | 67.26% | 69.5% | 69.5% | 69.5% | 69.5% | 69.5% | 69.5% | 69.5% |
| FIIs | 5.77% | 5.37% | 5.37% | 5.27% | 5.22% | 4.87% | 3.75% | 2.64% | 3.13% | 3.53% | 3.89% | 3.7% |
| DIIs | 3.12% | 3.12% | 2.36% | 2.3% | 2.2% | 2% | 1.55% | 0.81% | 0.7% | 0.95% | 1.87% | 2.52% |
| Public | 22.39% | 22.79% | 23.53% | 25.15% | 25.32% | 23.63% | 25.2% | 27.03% | 26.66% | 26.02% | 24.74% | 24.28% |
| No. of Shareholders | 11332 | 11301 | 11219 | 10590 | 11301 | 11805 | 13589 | 16279 | 16787 | 18101 | 17954 | 17393 |

## Technical Indicators

Derived from daily closing prices and recomputed each trading session; values move with the market.

- **Overall Signal:** Strong Sell
- **Buy / Neutral / Sell:** 0 / 7 / 12

### Moving Averages — summary: **Strong Sell**

| Indicator | Value | Signal |
| --- | --- | --- |
| SMA (10) | 15.66 | Sell |
| EMA (10) | 15.6 | Sell |
| SMA (20) | 15.91 | Sell |
| EMA (20) | 15.75 | Sell |
| SMA (50) | 15.99 | Sell |
| EMA (50) | 26.28 | Sell |
| SMA (100) | 16.66 | Sell |
| EMA (100) | 334.94 | Sell |
| SMA (200) | 1490.35 | Sell |
| EMA (200) | 1864.03 | Sell |

### Oscillators — summary: **Sell**

| Indicator | Value | Signal |
| --- | --- | --- |
| RSI (14) | 43.07 | Neutral |
| MACD (12,26,9) | -0.17 | Sell |
| Stochastic (14,3,3) | 43.81 | Neutral |
| ADX (14) | 13.74 | Neutral |
| Williams %R (14) | -61.67 | Neutral |
| ATR (14) | 0.87 | High Volatility |
| ROC (12) | -6.48 | Sell |
| Stoch RSI (14) | 21.55 | Neutral |
| UO (7,14,28) | 58.69 | Neutral |

## Filings & Documents

### Other Documents

| Date | Document |
| --- | --- |
| 17 Jun 2025 - Confirmed share swap ratio: 632 IWL shares per 10 IWEL shares post bonus adjustment. | [Confirmation On Entitlement Of Shares Pursuant To The Scheme Of Arrangement Between Inox Wind Energy Limited And Inox Wind Limited And Their Respective Shareholders 17 Jun 2025 - Confirmed share swap ratio: 632 IWL shares per 10 IWEL shares post bonus adjustment.](https://www.bseindia.com/xml-data/corpfiling/AttachHis/71462de9-9d13-4da8-9e05-16717fc4d842.pdf) |
| 13 Jun 2025 - Scheme of Arrangement between Inox Wind Energy and Inox Wind effective from 13 June 2025. | [Announcement under Regulation 30 (LODR)-Scheme of Arrangement 13 Jun 2025 - Scheme of Arrangement between Inox Wind Energy and Inox Wind effective from 13 June 2025.](https://www.bseindia.com/xml-data/corpfiling/AttachHis/7a31e1f8-0676-4d00-a633-052f2c90e6b7.pdf) |
| 11 Jun 2025 - Record date fixed for share exchange: 632 IWIL shares per 10 IWEL shares under Scheme. | [Fixation Of Record Date Pursuant To The Scheme Of Arrangement 11 Jun 2025 - Record date fixed for share exchange: 632 IWIL shares per 10 IWEL shares under Scheme.](https://www.bseindia.com/xml-data/corpfiling/AttachHis/7cf5213f-776c-48e7-9121-c4529d1344fe.pdf) |
| 11 Jun 2025 - NCLT approves merger of IWEL into IWL, reducing liabilities by Rs 2,050 cr and streamlining operations. | [Announcement under Regulation 30 (LODR)-Press Release / Media Release 11 Jun 2025 - NCLT approves merger of IWEL into IWL, reducing liabilities by Rs 2,050 cr and streamlining operations.](https://www.bseindia.com/xml-data/corpfiling/AttachHis/8edf88b4-b481-4ad5-b6a0-ffaa8a4b54df.pdf) |
| 11 Jun 2025 - NCLT approves amalgamation of Inox Wind Energy into Inox Wind Limited with share exchange ratio 15:10. | [Announcement under Regulation 30 (LODR)-Scheme of Arrangement 11 Jun 2025 - NCLT approves amalgamation of Inox Wind Energy into Inox Wind Limited with share exchange ratio 15:10.](https://www.bseindia.com/xml-data/corpfiling/AttachHis/e3ba75ec-f308-44f1-9d61-7003e2f22114.pdf) |

### Annual Reports

| Date | Document |
| --- | --- |
| from bse | [Annual Report 2024 from bse](https://www.bseindia.com/xml-data/corpfiling/AttachHis/bf8f6993-4c09-4cb0-b636-c3181c9a669f.pdf) |
| from bse | [Annual Report 2023 from bse](https://www.bseindia.com/xml-data/corpfiling/AttachHis/d9b7efe4-84e3-44fa-bdfd-0353639e706f.pdf) |
| from bse | [Annual Report 2022 from bse](https://www.bseindia.com/bseplus/AnnualReport/543297/76440543297.pdf) |
| from bse | [Annual Report 2021 from bse](https://www.bseindia.com/bseplus/AnnualReport/543297/71801543297.pdf) |

---

Provenance differs by section. Financial statements, shareholding and filings are as reported in company disclosures to NSE/BSE/SEBI. Price, volume and 52-week levels are exchange market data. Technical indicators are computed by Tapetide from daily closing prices. The Tapetide Score is Tapetide's own analysis. Analyst ratings are third-party estimates, not company statements. All figures are for research and information only and are not investment advice. Generated 2026-09-13T18:36:57.134Z.