NSE: INOXWIND · BSE: 539083
INOX WIND LIMITED
Manufactures wind turbine generators and delivers end-to-end wind power solutions, covering equipment supply, EPC (turnkey project execution), and operations & maintenance services. The equipment portfolio includes 3.3 MW and 4X MW turbine models, sold to C&I customers, public sector undertakings (PSUs), independent power producers (IPPs), and group companies such as Inox Clean Energy. Recent business includes a 200 MW turnkey order from NLC India valued at about Rs 1,600 crore and a 1,500 MW supply MoU with Inox Clean Energy. The combined order book stood at 4.7 GW after the NLC order, providing multi-year revenue visibility across C&I, PSU, and IPP clients. Management is shifting the revenue mix away from turnkey EPC toward equipment supply, which currently accounts for around a quarter of sales with a target of roughly three-quarters. FY26 total income was Rs 4,569 crore with an EBITDA margin of around 25%. Materials are the single largest cost at 50.7% of revenue, with capex at 14.8% reflecting the capital intensity of turbine manufacturing and project execution. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Wind turbine generator (equipment) supply, EPC / turnkey project execution, Operations & maintenance services, Subsidiary Inox Renewable Solutions Limited (IRSL) (13%). Capital-intensive, project-cyclical wind energy equipment manufacturer with EPC and O&M services
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 625 | 737 | 1,743 | 3,557 | 4,397 |
| EBITDA (ex other income) | (312) | (257) | 255 | 744 | 891 |
| margin % | (50.0) | (34.8) | 14.6 | 20.9 | 20.3 |
| Owners' profit | (427) | (667) | (40) | 448 | 405 |
| EPS, as reported (₹) | (19.37) | (20.58) | (1.63) | 2.77 | 2.65 |
| ROE % · ROCE % | (23.0) · (12.3) | (29.7) · (10.7) | (2.4) · 7.4 | 7.8 · 12.3 | 5.8 · 10.4 |
| Debt / equity (x) | 0.92 | 1.05 | 1.48 | 0.26 | 0.20 |
| Cash from operations | (422) | (1,099) | (147) | 138 | (598) |
| Capex | (179) | (388) | (751) | (620) | (649) |
Exhibit 2: Quarterly performance, last 8 quarters
| ₹ crore | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 732 | 911 | 1,275 | 826 | 1,119 | 1,207 | 1,244 | 814 |
| Profit before tax | 94 | 193 | 208 | 138 | 169 | 209 | 144 | 95 |
| Net profit | 90 | 112 | 190 | 97 | 121 | 127 | 106 | 64 |
| EPS (₹) | 0.71 | 0.89 | 1.15 | 0.60 | 0.70 | 0.73 | 0.61 | 0.37 |
Exhibit 3: Peers — basic industry group, by market cap
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| BHEL | 1,41,563 | 58.2 | 5.41 | 47.1 | 6.1 | 4.7 | 14.3 | 9.3 |
| ABB INDIA LIMITED | 1,37,523 | 46.0 | 14.72 | — | 23.0 | 10.2 | — | 15.2 |
| CG POWER AND IND SOL LTD | 1,31,087 | 85.8 | 15.99 | 71.3 | 14.6 | 19.2 | 33.2 | 14.7 |
| HITACHI ENERGY INDIA LTD | 1,26,820 | 110.2 | 24.50 | — | 19.1 | 24.7 | — | 16.9 |
| SIEMENS LTD | 1,20,079 | 36.7 | 8.67 | 33.8 | 19.9 | 20.6 | 31.1 | 11.6 |
| GE VERNOVA T&D INDIA LTD | 1,04,269 | 79.9 | 38.76 | — | 45.8 | 57.9 | — | 27.4 |
| SIEMENS ENERGY INDIA LTD | 1,01,282 | 68.1 | 21.05 | — | 14.3 | 15.8 | — | 25.9 |
| SUZLON ENERGY LIMITED | 51,299 | 16.4 | 5.42 | 15.9 | 33.4 | 22.7 | 38.0 | 16.4 |
Exhibit 4: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 24.5 | 36.5 | 10 of 34 | 73% |
| P/B | 1.3 | 5.4 | 2 of 33 | 97% |
| ROCE | 8.0 | 16.6 | 29 of 36 | 20% |
| ROE | 5.8 | 14.7 | 32 of 34 | 6% |
| Debt / Equity | 0.2 | 0.1 | 20 of 34 | 42% |
| EBITDA margin | 25.8 | 16.4 | 8 of 35 | 79% |
| Revenue growth | (1.5) | 17.7 | 28 of 33 | 16% |
| Profit growth | (34.2) | 6.7 | 24 of 32 | 26% |
| Market cap | 10197 | 6267 | 15 of 35 | 59% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 16 Oct 2026 · Routine filing: Depository certificate for Q2 FY27 under SEBI Reg 74(5) | compliance | minimal | — | — |
| 30 Sept 2026 · Trading window closed from Oct 1 for Q2 FY26 results | compliance | minimal | — | — |
| 28 Sept 2026 · Inox Wind AGM: 7 resolutions passed, institutional dissent on 2 items | board shareholder meetings | medium | — | — |
| 25 Sept 2026 · 17th AGM concluded on 25 Sept 2026; 7 resolutions proposed via e-voting | board shareholder meetings | low | — | — |
| 16 Sept 2026 · Investor meetings scheduled on Sept 21 and Sept 28, 2026 | board shareholder meetings | low | — | — |
| 7 Sept 2026 · Clarification on 100 MW order: from Terra Clean, not IOCL directly | business updates | high | — | — |
| 4 Sept 2026 · Newspaper ads confirming 17th AGM notice dispatch published | compliance | minimal | — | — |
| 3 Sept 2026 · Inox Wind files BRSR for FY26 with assurance report | compliance | low | — | — |
| 3 Sept 2026 · Inox Wind files FY26 Annual Report; AGM on Sep 25, 2026 | board shareholder meetings | medium | — | — |
| 3 Sept 2026 · Inox Wind 17th AGM on 25 Sept; borrowing cap raised to Rs 8000 Cr | board shareholder meetings | low | — | — |
How to read this document
| Where a broker report shows | This document shows | Why |
|---|---|---|
| A rating (BUY / ADD / REDUCE / SELL) | A state: the latest filed quarter and the measured reactions | an event is a fact; a rating is an opinion that requires SEBI RA registration |
| A target price and upside | The current price and the multiples against the group | a target is a forecast; a multiple is a measurement |
| Estimate years marked E | More audited years; no estimates | MarketPing publishes no forecasts — your own model lives on the Models page |
Sources, method and disclosures
This document is a statistical summary of publicly filed information and market data, prepared by software from primary sources: SEBI results XBRL filed with BSE and NSE, LODR disclosures, shareholding patterns, exchange price data. It contains no research recommendation, no price target and no opinion on the merits of any security, and is not a research report within the meaning of the SEBI (Research Analysts) Regulations, 2014, Regulation 2(1)(w)(vii). Financial statements are as filed (consolidated where the company files consolidated results). Ratios are computed over filed lines. Where a figure is unavailable the table shows a dash rather than an estimate. The business brief is written by MarketPing's reader from the annual report and checked against it; no figure in a table was generated by a model. Nothing here constitutes investment advice, an offer or a solicitation; readers should consult a SEBI-registered adviser before acting. MarketPing is not a SEBI-registered intermediary.