NSE: INOXWIND · BSE: 539083 · ISIN INE066P01011
Inox Wind Limited stock analysis
Inox Wind Limited ranks #3008 in the TickerSutra evidence-ranked universe with a score of 43/100 and 95% data confidence. The latest captured fundamentals show ROCE of 10.6%, quarterly sales growth of -1.5% and quarterly profit growth of -58.4%.Avoid / exit review
INVESTMENT EVIDENCE
What supports—and challenges—the thesis
Evidence in favour
- Low debt/equity of 0.25×
- 81.4% three-year sales CAGR
- Institutional ownership is rising
- CWIP indicates an active capacity pipeline
Risks and constraints
- CFO/EBITDA is below 0.6×
- Promoter pledge is 8.1% of promoter holding
Still unresolved: Related-party exposure · Broad media sentiment
FINANCIAL TRAJECTORY
Recent operating history
| Period | Revenue | Operating profit | Net profit | Operating margin |
|---|---|---|---|---|
| 2022 | ₹625cr | ₹-300cr | ₹-483cr | -48.0% |
| 2023 | ₹737cr | ₹-261cr | ₹-671cr | -35.0% |
| 2024 | ₹1,746cr | ₹262cr | ₹-48cr | 15.0% |
| 2025 | ₹3,557cr | ₹757cr | ₹438cr | 21.0% |
| 2026 | ₹4,397cr | ₹891cr | ₹449cr | 20.0% |
| TTM | ₹4,385cr | ₹861cr | ₹417cr | 20.0% |
EXCHANGE EVENT TRIGGERS
Latest corporate disclosures
Inox Wind Limited has submitted the Exchange a copy Srutinizers report of undefined held on September 25, 2026. Further, the company has informed the Exchange regarding voting results.
RoutineShareholder Meeting / Postal Ballot-Scrutinizer''s ReportBSE · 28 Sept 2026Voting Results and Combined Scrutinizer''s Report of the 17th AGM of the Company held on September 25, 2026
RoutineShareholders meetingNSE · 26 Sept 2026Inox Wind Limited has informed the Exchange regarding Proceedings of Annual General Meeting held on September 25, 2026
RoutineInox Wind Ltd - 539083 - Shareholder Meeting / Postal Ballot-Outcome of AGMBSE · 26 Sept 2026Proceeding of the 17th Annual General Meeting of the Company held on 25th September, 2026
MANAGEMENT COMMENTARY
Signals from filed documents
Further, the scheme of de - merger of Inox Green substation business and its merger into Inox Renewable Solutions is in the final stages of hearing at Hon'ble NCLT Ahmedabad post receipt of approval from NCLT and the merger of the asset IRSL which is Inox Renewable Solutions will be automatically listed on the stock exchanges. Additionally, I believe both Inox Wind and Inox Green will be the beneficiaries of the rapi
On a consolidated basis, total income increased by 23% year on year to H4,569 crore. EBITDA grew by 25% to H1,232 crore, driven by sustained margin expansion and the benefits of our backward integration strategy. Cash PAT rose by 28% to H1,032 crore, while PAT stood at H449 crore.
For example, fabric prices for blades are fixed, epoxy prices are locked in for three years, and most other turbine components, except cables, are also secured under fixed pricing agreements. Negative: Higher input costs, reduced operating margins, increased project costs, and pressure on profitability. 10 Chemicals used as raw materials and the process waste of composites in blades are hazardous in nature.
This approach will enable the company to retain and expand its market share despite increased competition. Negative: Loss of market share, pricing pressure, reduced revenues, and lower profit margins. 180 Annual Report 2025-26 Inox Wind Limited An INOXGFL Group Company S.
Delays in evacuation infrastructure development and regulatory approvals remain key risks for timely project execution across the sector. Policy and Regulatory Implementation Risks Although the overall policy environment remains supportive, implementation at the state level can vary, leading to approval delays, land access, RoW issues and connectivity. Variability in regulatory execution may impact project schedules
Cash profit of INR 262 crores, an increase of 38% Y-o-Y excluding one-time gain in quarter 3 FY '25. We continue to deliver strong margins supported by the various initiatives which we have been undertaking in the past quarters including our successful backward integration into cranes and transformer manufacturing. Coming to the order book, we continue to have a large and very well diversified order book of 3.2 GW ha
GUPTA & ASSOCIATES (Company Secretaries) FCS Jitesh Gupta (Partner) FCS No.: 3978 CP No.: 2448 Place: Noida PR No.: 6747/2025 Date: 22.07.2026 UDIN: F003978H000907166 151 Statutory Reports Financial StatementsCorporate Overview (A) Conservation of Energy (i) Steps taken or impact on conservation of energy As a leading manufacturer of Wind Turbine Generators (WTGs) and a fully integrated player in the renewable energy
We expect to further add to this order book given that multiple customer negotiations are nearing closure. We are confident of closing FY ' 26 with a strong net order book which will provide execution visibility fo r the subsequent 18-24 months. We are progressing well on the launch of our new 4X, 4.45 MW turbine and expect to receive all approvals and subsequently commercial ly launch the product within this calenda
Each stage of the value chain optimises operational synergies and project delivery and support enduring and sustainable value for our customers through a seamless and scalable business ecosystem. Accomplish market leadership in the wind turbine Original Equipment Manufacturer (OEM) arena through technical expertise and operational excellence. Establish ourselves as the leading provider of integrated wind energy solut
Barwani Madhya Pradesh Bhuj Una Gujarat Himachal Pradesh 1 2 5 Rohika Gujarat 3 Kalyangadh Gujarat 4 5 1 2 4 3 Map not to scale, for representation purposes only. Our Vision Our Mission Inox Wind Limited aims to strengthen its position as a leading provider of integrated wind energy solutions in India while expanding its presence in international markets. The Company's growth strategy is guided by its commitment to c
With its strong growth prospects, Inox Green is on course to become India's largest renewable O&M company. Further, the scheme of de - merger of Inox Green substation business and its merger into Inox Renewable Solutions is in the final stages of hearing at Hon'ble NCLT Ahmedabad post receipt of approval from NCLT and the merger of the asset IRSL which is Inox Renewable Solutions will be automatically listed on the s
For FY '26, we expect to achieve a consolidated revenue of over INR 5,000 crore, translating to over 35% Y-o-Y growth. Further, we are substantially upgrading our full year FY '26 EBITDA Inox Wind and Inox Green Energy Services Limited February 13, 2026 Page 4 of 17 margin guidance to 20-22% versus 18%-19% earlier. For FY '27, we expect our consolidated revenue to grow by around 75% over FY '26 with EBITDA margin of
MANAGEMENT PROMISE LEDGER
Quantified statements on the clock
“For FY '26, we expect to achieve a consolidated revenue of over INR 5,000 crore, translating to over 35% Y-o-Y growth. Further, we are substantially upgrading our full year FY '26 EBITDA Inox Wind and Inox Green Energy Services Limited February 13, 2026 Page 4 of 17 margin guidance to 20-22% versus 18%-19% earlier. For FY '27, we expect our consolidated revenue to grow by around 75% over FY '26 with EBITDA margin of”
HOW TO READ THIS PAGE
Evidence, freshness and limitations
What does the TickerSutra score mean?
The score ranks captured evidence across financial quality, growth, moat and margins, regulatory catalysts, governance, institutional trend and valuation comfort. It is a research-prioritization tool—not a buy recommendation or price target.
Which sources support this page?
Financial history, ownership and pledge data, NSE and BSE filings, annual reports and available earnings-call transcripts are combined here. Use the source trail and original exchange document before relying on a decision-critical fact.
Why can an item be unresolved?
Unresolved means the current captured source window did not provide enough evidence for that check. It does not establish that a risk or relationship is absent.
Maintained by TickerSutra Research · Snapshot updated 29 Sept 2026 · Read the methodology · Read the disclaimer
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