Inox Wind Share Price: Shares of Inox Wind Ltd., one of India’s top wind turbine manufacturers, fell by about 6% today (Monday). This decline was seen after the company’s March quarter (Q4) results were released. However, the company has shown strong financial performance, and expert analysts are still positive about it. Most have given it a ‘Buy’ rating and are predicting an upside of 18%.
Strong Q4 Performance in Line with Expectations
The company’s revenue grew 142% year-on-year (YoY) to ₹1,275 crore, which is very close to market expectations. Quarter-on-quarter (QoQ) growth was also recorded at 40%. EBITDA (excluding other income) also jumped tremendously, growing 158% YoY and 25% QoQ to ₹254 crore, matching analyst estimates.
EBITDA margin stood at 19.95%, which is 125 bps better than last year, although it has declined by 241 bps compared to the previous quarter.
Inox Wind almost doubled its execution to 0.7 GW in FY25, due to which annual revenue has doubled and EBITDA has tripled. Additionally, the company has a strong order book of 3.2 GW, which is expected to be completed in the next 24 months. This not only ensures future revenues but also shows the company’s strong position in India’s renewable energy sector.
Overall, Inox Wind has shown a solid performance, and there are signs of growth in the future as well.
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Analyst Sentiment Remains Bullish
Seven out of eight analysts have a ‘buy’ rating on the stock while one has a ‘hold’ rating. The average target price of analysts implies a potential upside of 18% from the current price of ₹188.69 (closed 3.24% lower on Monday).
Nuvama Institutional Equities has maintained its ‘Buy’ rating and raised the target price to ₹236 (from ₹223). They say that there are only two wind EPC (engineering, procurement, construction) suppliers in India, and Inox Wind is one of them. The company can benefit from the growing demand in the RTC (round-the-clock), FDRE (firm and dispatchable renewable energy) and C&I (commercial & industrial) segments.
ICICI Securities also reiterated its ‘Buy’ rating and raised its target price marginally to ₹230 (from ₹228 earlier). They expect the company’s valuation to be 30x by FY27. They expect the company’s execution to remain strong—projecting 1.2 GW in FY26 (70% YoY growth) and 1.7 GW in FY27 (45% growth), driven by the company’s large order book, which is 4.5 times FY25 execution.
Systematix also maintained its ‘Buy’ rating and target at ₹231. They noted that Inox Wind executed 705 MW in FY25, as against a target of 800 MW. Management has targeted 1,200 MW for FY26 and 2,000 MW for FY27, but Systematix estimates a little more conservative—1,150 MW in FY26 and 1,728 MW in FY27. They also point to a pick-up in EPC activity as a major growth driver.
Merger Approval Boosts Financial Health
Inox Wind recently received approval from NCLT to merge Inox Wind Energy Ltd. with Inox Wind Ltd. This strategic move will increase the share count by 25%, which will slightly dilute the EPS (Earnings Per Share) but at the same time reduce the company’s liabilities significantly. It will also eliminate the burden of non-convertible redeemable preference shares (NCRPS) worth ₹2,000 crore.
Analysts are considering this a positive move, as NCRPS was earlier considered a major drag on the company’s valuation. Now this merger will strengthen the company’s financial health.
Inox Wind’s Strong Order Book and Industry Support
Inox Wind’s order book of 3.2 GW and new orders of 1.5 GW secured in FY25 (which is double its execution volume) place the company in a strong position for sustained growth. The company is taking advantage of the duopoly (dominance of two players) in the wind EPC and turbine generation market, giving it a competitive edge. With a strong bidding pipeline for FY26 and positive industry trends, Inox Wind is targeting 2 GW execution by FY27, which will further strengthen its leadership in the renewable energy sector.
Stock Performance and Future Outlook
Despite strong fundamentals, Inox Wind share price is trading flat on a YTD basis, trading at ₹188.69 as of 2 June 2025. The 6% drop on Monday was due to Q4 results and sequential decline in EBITDA margin, but the company’s strong order book, improved financial health after the merger, and analysts’ confidence point to a positive outlook for the future.
Why is Inox Wind still a Top Pick?
Inox Wind’s leadership in India’s wind energy sector, strong execution track record, and favorable industry trends make it an attractive investment opportunity. The company’s ability to secure large orders and scale up EPC activities positions it to benefit from India’s increasing focus on renewable energy.
For investors, the consensus of analysts is clear as the growth story of Inox Wind is not over yet. With an upside potential of 18% and a strong foundation for future growth, this stock has become a top pick in the renewable energy sector.
Disclaimer: The information provided in this article is for informational purposes only and should not be considered financial advice. Investors are advised to conduct their own research or consult with a financial advisor before making investment decisions.
