Larsen & Toubro Ltd.
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Industrials · Engineering & Construction
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Research updated
Inox Wind Ltd.
NSE: INOXWINDIndustrialsSpecialty Industrial Machinery
- Last close
- ₹58.93
- Day change
- −₹3.18 (−5.12%)vs
- Market cap
- ₹11,688 crIndian rupees
- Research updated
- 1 report
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About Inox Wind
Inox Wind Ltd. is a prominent name in the renewable energy sector, specializing in the manufacturing and sales of wind turbine generators. The company's primary purpose is to harness wind energy efficiently and contribute to sustainable power generation solutions. Inox Wind operates across multiple facets of the wind energy industry, including the design and fabrication of windmill components, optimization of wind farm sites, and offering complete project execution services from conceptualization to commissioning. Its manufacturing facilities are strategically located in India, enabling them to cater to both domestic and international markets. Inox Wind plays a crucial role in the growing shift towards green energy solutions and supports the global endeavor to reduce carbon footprints. The company's comprehensive approach to wind energy helps in bolstering the renewable energy infrastructure, thus solidifying its importance and influence in the financial markets around the globe.
- Sector
- Industrials
- Industry
- Specialty Industrial Machinery
- Listing
- NSE: INOXWIND
- Employees
- 1,309
- Headquarters
- Noida, India
- ISIN
- INE066P01011
- Website
- inoxwind.com
Public research · Report of
Business model & financial foundation
Inox Wind (NSE: INOXWIND), Wind turbine manufacturing and renewable project services: revenue of ₹4,397 crore in FY26 (+23.6% on FY25), an EBITDA margin of 20.3%, net profit of ₹405.0 crore and net debt of ₹939.0 crore.
- Revenue, FY26 (₹ crore)
- 4,397
- consolidated
- Revenue growth, FY26
- +23.6%
- on FY25
- EBITDA margin, FY26
- 20.3%
- EBITDA (Operating EBITDA excluding other income) / revenue
- Net profit, FY26 (₹ crore)
- 405.0
- to owners
- Return on equity, FY26
- 7.5%
- on average equity
- Net debt, FY26 (₹ crore)
- 939.0
- Borrowings less specified cash pool
- Market capitalisation (₹ crore)
- 12,875
- at the close of 17 Oct 2026
Company profile
Inox Wind sells wind turbine generators and supplies turnkey development, erection and commissioning services in India. Controlled subsidiaries provide O&M and common evacuation infrastructure. Equipment supply is recognised on supply while project completion, grid readiness and customer payments drive the cash cycle. A shift toward group customers creates order visibility but raises collection and related-party concentration risk.
| Item | Value |
|---|---|
| Legal name | Inox Wind Limited |
| Exchange and ticker | NSE: INOXWIND; BSE: 539083 |
| ISIN | INE066P01011 |
| Sector | Industrials |
| Industry | Wind turbine manufacturing and renewable project services |
| Headquarters | Noida, India |
| Fiscal year end | March |
| Reporting basis and unit | consolidated, in ₹ crore |
| Auditor | Dewan P N Chopra & Co. (since 2023 second term) |
| Market capitalisation | ₹12,875 crore (17 Oct 2026) |
| Shares outstanding | 172.82 crore shares (FY26) |
| Price | ₹67.63 (close, 17 Oct 2026) |
| 52-week range | ₹62.43 - ₹159.3 (to 17 Oct 2026) |
| Website | https://inoxwind.com |
Corporate structure and shareholding
Parent: INOXGFL promoter group.
| Entity | Holding | Business |
|---|---|---|
| Inox Green Energy Services | 51.13% | Wind and solar O&M, acquisition investments |
| Inox Renewable Solutions | n.d. | EPC and evacuation infrastructure; narrative 87.73% conflicts with Annexure 88.84% |
| Waft Energy | 100% | Held by IRSL; project entity |
Common-control IWEL merger restates history; Inox Clean is outside consolidated group and a related customer. Complete FY26 subsidiary list remains a retrieval gap.
| Shareholding (% of shares) | Q2FY26 | Q3FY26 | Q4FY26 | Q1FY27 |
|---|---|---|---|---|
| Promoter | 44.18% | 44.18% | 44.18% | 44.18% |
| Promoter holding pledged | 0.00% | 3.19% | 10.37% | 8.08% |
| Foreign institutions | 13.37% | 14.16% | 14.60% | 14.53% |
| Domestic institutions | 9.87% | 10.37% | 10.96% | 10.02% |
| of which mutual funds | 7.93% | 9.64% | 10.21% | 9.08% |
| Other | 32.58% | 31.29% | 30.26% | 31.28% |
The promoter holding pledged is a share of the promoter's own holding.
Business model
Inox Wind supplies WTGs and turnkey development/EPC; controlled Inox Green and IRSL provide O&M and evacuation services. Inox Clean is outside the consolidated group, not an internally eliminated customer. Supply recognition and project surveys drive revenue, but grid/site readiness and payment approvals control cash. Supplier funding, preference capital and group guarantees enabled restart. IWEL common-control merger restates earlier years.
| Peer | Why the dossier compares them |
|---|---|
| Suzlon Energy (SUZLON) | Closest listed Indian WTG manufacturer and O&M competitor |
| Inox Green Energy Services (INOXGREEN) | Controlled listed O&M subsidiary; not independent WTG comp |
| KP Energy (KPEL) | Wind EPC execution and cash-cycle comparator |
| Waaree Energies (WAAREEENER) | Adjacent domestic renewable equipment maker; solar not wind |
| Premier Energies (PREMIERENE) | Adjacent renewable equipment growth and returns comparator |
| GE Vernova T&D India (GVT&D) | Grid equipment execution and working-capital comparator |
Financial databook
| Profit and loss (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue from operations | 624.6 | 733.0 | 1,746 | 3,557 | 4,397 |
| Cost of revenue (vendor classification) * | 464.6 | 618.8 | 1,231 | 2,273 | 2,849 |
| Other operating costs (vendor classification) * | 425.5 | 185.8 | 131.3 | 346.6 | 404.4 |
| EBITDA vendor classification reference only * | -281.7 | -209.1 | 263.6 | 807.6 | 880.2 |
| EBIT vendor classification reference only * | -370.3 | -413.4 | 145.2 | 632.6 | 775.7 |
| Finance costs | 282.7 | 255.1 | 239.9 | 169.0 | 199.8 |
| Continuing profit before tax after exceptional | -653.0 | -668.5 | -42.7 | 536.8 | 659.1 |
| Total tax continuing operations incl MAT | -170.4 | 28.3 | 3.32 | 101.8 | 210.0 |
| Total profit incl discontinued and NCI | -482.6 | -712.4 | -48.1 | 437.6 | 449.1 |
| Diluted EPS as reported INR | -5.44 | -5.11 | -0.28 | 2.77 | 2.65 |
| Other income | 61.7 | 144.4 | 171.8 | ||
| Employee benefits expense | 109.4 | 169.8 | 209.1 | ||
| Other expenses | 164.1 | 384.8 | 525.2 | ||
| Depreciation and amortisation | 112.7 | 182.3 | 204.3 | ||
| Exceptional signed profit effect | -13.7 | -13.5 | 0.00 | ||
| Discontinued operations PAT signed | -2.13 | 2.57 | 0.00 | ||
| Profit attributable to NCI signed | -12.5 | -9.48 | 44.1 | ||
| Profit attributable to owners | -35.7 | 447.1 | 405.0 | ||
| Materials purchases inventory change and EPC costs | 1,211 | 2,245 | 2,771 | ||
| Operating EBITDA excluding other income | 261.9 | 757.2 | 891.4 |
| Balance sheet (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Equity attributable to owners | 1,869 | 2,220 | 2,809 | 4,412 | 6,382 |
| Current plus noncurrent borrowings excluding leases | 1,754 | 2,416 | 2,067 | 1,440 | 1,551 |
| Cash other banks and current investments | 66.8 | 21.4 | 54.0 | 394.0 | 612.0 |
| Trade receivables | 1,073 | 827.1 | 1,137 | 2,549 | 4,250 |
| Inventories | 1,004 | 1,130 | 1,245 | 1,212 | 1,790 |
| Trade payables plus separately disclosed TReDS | 707.7 | 616.8 | 605.0 | 1,091 | 1,600 |
| Net PPE plus intangible assets excluding ROU goodwill | 1,328 | 48.8 | 1,787 | 2,214 | 2,749 |
| Capital work in progress | 209.0 | 186.1 | 304.0 | 296.0 | 247.0 |
| Total assets | 5,965 | 6,041 | 6,757 | 8,606 | 12,068 |
| Non-controlling equity | 494.0 | 1,004 | 1,310 | ||
| Contract assets or unbilled revenue | n.d. | n.d. | n.d. | ||
| Borrowings less specified cash pool | 2,013 | 1,046 | 939.0 |
| Cash flow (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Net cash from operating activities after tax | 59.8 | -1,238 | -366.4 | 138.0 | -598.1 |
| Free cash flow (vendor definition) * | -654.2 | -1,488 | -897.9 | -482.5 | -1,247 |
| Cash capex outflow negative | -179.5 | -387.7 | -539.0 | -620.5 | -649.3 |
| Cash dividends paid outflow negative | n.r. | 0.00 | n.r. | ||
| Cash common equity raised including premium | n.r. | n.r. | n.r. |
| Other reported lines (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Actual equity shares issued at year end | 88.31 | 130.38 | 32.59 | 130.38 | 172.82 |
| Cost of materials consumed | 1,038 | 2,054 | 2,228 | ||
| Purchases of stock-in-trade | n.d. | 0.00 | 168.3 | ||
| Changes in finished goods WIP and stock-in-trade | -6.72 | 19.6 | 38.4 | ||
| EPC O&M and common infrastructure facility expenses | 179.7 | 171.7 | 336.4 | ||
| Company adjusted EBITDA incl other income | 344.0 | 985.0 | 1,232 | ||
| Total equity including NCI input | 3,303 | 5,416 | 7,692 | ||
| Current borrowings input | 1,840 | 1,438 | 1,276 | ||
| Noncurrent borrowings input | 227.0 | 2.00 | 275.0 | ||
| Cash and cash equivalents input | 12.0 | 21.0 | 131.0 | ||
| Other bank balances input | 42.0 | 192.0 | 481.0 | ||
| Current investments input | 0.00 | 181.0 | 0.00 | ||
| Trade payables input | 605.0 | 1,065 | 1,190 | ||
| Separate payable to TReDS input | n.d. | 26.0 | 410.0 | ||
| Net PPE input | 1,525 | 1,980 | 2,490 | ||
| Net intangible assets input | 262.0 | 234.0 | 259.0 | ||
| Company own net debt negative for cash | -170.0 | -21.0 | |||
| Annual ECL provision expense net | n.r. | n.r. | n.r. |
| Quarterly profit and loss (₹ crore) | Q2FY25 | Q3FY25 | Q4FY25 | Q1FY26 | Q2FY26 | Q3FY26 | Q4FY26 | Q1FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue from operations | 733.0 | 911.0 | 1,275 | 826.3 | 1,119 | 1,207 | 1,244 | 814.1 |
| Cost of revenue (vendor classification) * | 710.0 | 745.9 | 787.1 | 503.5 | ||||
| Other operating costs (vendor classification) * | 125.5 | 128.6 | 200.3 | 107.9 | ||||
| EBITDA vendor classification reference only * | 271.0 | 312.6 | 260.8 | 210.1 | ||||
| EBIT vendor classification reference only * | 220.2 | 259.8 | 208.8 | 151.5 | ||||
| Finance costs | 44.0 | 34.0 | 34.8 | 33.8 | 50.8 | 50.3 | 64.9 | 56.8 |
| Continuing profit before tax after exceptional | 88.0 | 192.0 | 207.6 | 137.6 | 169.4 | 209.4 | 143.9 | 94.7 |
| Total tax continuing operations incl MAT | 3.00 | 80.0 | 17.3 | 40.2 | 48.8 | 82.8 | 38.2 | 30.6 |
| Total profit for period incl discontinued and NCI | 84.0 | 111.0 | 190.3 | 97.3 | 120.6 | 126.7 | 105.7 | 64.1 |
| Diluted EPS as reported INR | 0.70 | 0.88 | 1.17 | 0.60 | 0.70 | 0.73 | 0.61 | 0.37 |
| Other income | 11.0 | 83.0 | 35.8 | 36.3 | 43.3 | 31.0 | 61.3 | 57.6 |
| Employee benefits expense | 41.0 | 46.0 | 51.4 | 44.4 | 56.0 | 51.3 | 57.3 | 50.3 |
| Other expenses | 77.0 | 69.0 | 196.8 | 69.7 | 125.5 | 128.6 | 200.3 | 107.9 |
| Depreciation and amortisation | 45.0 | 47.0 | 47.7 | 48.7 | 50.8 | 52.8 | 52.1 | 58.6 |
| Exceptional signed profit effect | 0.00 | -13.0 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Discontinued operations PAT signed | n.r. | n.r. | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Profit attributable to NCI signed | 58.8 | n.r. | -1.35 | -8.53 | 28.9 | 7.82 | 14.4 | 20.1 |
| Profit attributable to owners | 25.7 | n.r. | 186.8 | 105.9 | 91.8 | 118.9 | 91.3 | 44.0 |
| Materials purchases inventory change and EPC costs | 448.8 | 591.0 | 772.3 | 528.5 | 710.0 | 745.9 | 787.1 | 503.5 |
| Operating EBITDA excluding other income | 166.2 | 205.0 | 254.3 | 183.7 | 227.7 | 281.6 | 199.6 | 152.5 |
Consolidated, restated. Lines marked * are the market-data provider's figures; the rest are extracted from the company's filings or derived from them. n.d. not disclosed, n.r. not retrieved, n.a. not applicable.
Metrics dashboard
| Metric | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue growth | -12.1% | 17.4% | 138.2% | 103.7% | 23.6% |
| EBITDA margin | 15.0% | 21.3% | 20.3% | ||
| Net margin | -2.0% | 12.6% | 9.2% | ||
| Return on equity | -1.4% | 12.4% | 7.5% | ||
| Return on capital employed | -11.3% | -10.0% | 3.1% | 11.8% | 11.3% |
| Return on assets | -0.6% | 5.8% | 3.9% | ||
| Net debt (₹ crore) | 2,013 | 1,046 | 939.0 | ||
| Net debt / EBITDA | 7.69x | 1.38x | 1.05x | ||
| Interest cover | -1.31x | -1.62x | 0.61x | 3.74x | 3.88x |
| Asset turnover | 0.11x | 0.12x | 0.27x | 0.46x | 0.43x |
| Receivable days | 627 | 412 | 238 | 262 | 353 |
| Inventory days (on revenue) | 587 | 563 | 260 | 124 | 149 |
| Payable days (on revenue) | 414 | 307 | 126 | 112 | 133 |
| Cash conversion | 10.3x | 0.31x | -1.48x | ||
| Capex intensity | 28.7% | 52.9% | 30.9% | 17.4% | 14.8% |
| Free cash flow (₹ crore) | -119.7 | -1,625 | -905.4 | -482.5 | -1,247 |
| Dividend payout | 0.0% | ||||
| EPS, diluted (₹) | -5.44 | -5.11 | -0.28 | 2.77 | 2.65 |
| Book value per share (₹) | 21.17 | 17.02 | 86.18 | 33.84 | 36.93 |
Computed from the statements above:
- Revenue growth: revenue over the previous year's, less one.
- EBITDA margin: EBITDA (Operating EBITDA excluding other income) / revenue.
- Net margin: net profit to owners / revenue.
- Return on equity: net profit to owners / average equity.
- Return on capital employed: EBIT / average equity plus borrowings.
- Return on assets: net profit to owners / average total assets.
- Net debt (₹ crore): Borrowings less specified cash pool; negative is net cash.
- Net debt / EBITDA: net debt / EBITDA (Operating EBITDA excluding other income).
- Interest cover: EBIT / finance cost.
- Asset turnover: revenue / average total assets.
- Receivable days: receivables / revenue x 365.
- Inventory days (on revenue): inventory / revenue x 365.
- Payable days (on revenue): payables / revenue x 365.
- Cash conversion: cash from operations / net profit to owners.
- Capex intensity: capital expenditure / revenue.
- Free cash flow (₹ crore): cash from operations less capital expenditure.
- Dividend payout: dividends paid / net profit to owners.
- EPS, diluted (₹): as reported (Diluted EPS as reported INR).
- Book value per share (₹): equity / shares outstanding.
Source: the company's filings and disclosures as extracted into Mool's company dossier (version 1, information to 17 Oct 2026); market data at the close of 17 Oct 2026. Every figure is read from the dossier's files or computed from them; the account of the business model is the analyst's, from the dossier's workings.
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What the full research on Inox Wind includes
Every piece of Mool’s research is built the same way: a researched evidence base, analyses that build on each other, a research model and a report with the call. This page shows the first analysis.
The report and Mool’s call
- The 12-month rating and target
- The 3-month view
- Mool's estimates beside the street's
- The claims the view rests on, and what would change it
The analyses, among them
- Business model & financial foundationOn this pageWhat the company does and how it makes money, its structure, five years of financials and the metrics that matter for it.
- Future earnings & financial modelForecasts built from the drivers that move the business, by scenario, beside the street's.
- Fundamental valuation & 12-month thesisWhat the business is worth on several methods, what the market already prices in and the 12-month thesis that follows.
The research model
The model behind the report: the company’s history, the drivers that move it, its forecasts by scenario and the valuation the 12-month target comes from.
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Report history
Reports on Inox Wind
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Prices are the last close on the NSE, 23 Oct 2026. Research from Mool’s report of 17 Oct 2026; page updated 26 Oct 2026.
Mool’s research is written by AI agents and published by Mool Capital Private Limited, a SEBI-registered Research Analyst, registration INH000012449, which is responsible for it. This page shows factual company information and an excerpt of that research; it carries no rating and is not investment advice for any individual. Investment in securities market are subject to market risks. Read all the related documents carefully before investing. Registration granted by SEBI and certification from NISM in no way guarantee performance of the intermediary or provide any assurance of returns to investors. Read the disclosures.