INOXWIND
Small CapInox Wind Limited
Power
Inox Wind Limited is a fully integrated wind energy solutions provider in India, offering end-to-end services from manufacturing 2MW & 3MW WTGs to EPC and O&M through its subsidiaries. It is part of the INOXGFL Group, leveraging group synergies for growth.
One read, four checks
75+ is strong, 60-74 is usable, 45-59 is mixed, and below 45 needs caution. These are research lenses, not buy/sell instructions.
Weak fundamentals, management trust is acceptable, price trend argues for patience, and recent execution is mixed.
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
low confidence · 0/0 claims checked
Timing lens: price trend and sector relative strength.
Rolling lens: recent quarterly delivery, not the latest single-result score.
Quarter ended 31 Mar 2026
Bad · 0/100Rev -2% YoY · PAT -44% YoY · margin compression
| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹1,244 Cr | -2.4% | +3.1% |
| EBITDA | ₹200 Cr | -21.3% | -29.1% |
| Operating margin | 16.0% | -400 bps | -700 bps |
| PAT | ₹106 Cr | -44.2% | -16.5% |
| PAT margin | 8.5% | -638 bps | -200 bps |
NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.
Where growth can come from, and what can break the case
Q4 FY26 consolidated total income stable YoY at Rs 1,306 cr, but PAT declined 44% to Rs 106 cr. FY26 saw strong growth: total income up 23% to Rs 4,569 cr, EBITDA up 25% to Rs 1,232 cr, and Cash PAT up 28% to Rs 1,032 cr.
Despite a Q4 FY26 PAT decline, the company delivered strong FY26 growth in income, EBITDA, and Cash PAT. The strategic pivot to 75% equipment supply, a 3.1 GW order book, and group synergies position it for continued growth, targeting 75% revenue growth in FY27.
Order Book by Customer Segment (Mar-26)
Latest issuer-disclosed distribution across 3 reported categories.
Strategic Pivot to Equipment Sales
Transitioning Inox Wind to increase equipment supply share in order mix from <20% to ~75%.
Group Synergies with Inox Clean
Inox Clean's planned annual capacity addition of 3 GW+ (20-30% wind) translates into multi-year recurring order visibility for Inox Wind.
New WTG Platform Launch
Commercial launch of 4X MW WTG within CY26 to help deepen penetration and boost margins.
Expansion of EPC & O&M Services
Inox Renewable Solutions expanding into solar, hybrid, BESS EPC. Inox Green targeting to be among largest O&M globally by 2030.
Nacelle & Hub Plant
New nacelle & hub manufacturing unit operating in full swing.
Transformer Manufacturing Facility
Backward integration with operational facility in Jaipur, Rajasthan, manufacturing upto 3.5 MVA.
Blade Manufacturing Capacity
Enhancing blade manufacturing capacity for 4X WTGs.
Crane Services
Own and operate 4 cranes, with plans to deploy more in FY27.
Favorable Government Policy
India's 2032 target to more than double installed wind capacity (from 56 GW currently) provides ~Rs 5 trn opportunity for OEMs.
Reduced GST on Wind Components
GST on wind components reduced from 12% to 5%.
Domestic Sourcing Mandate (ALMM)
MNRE notified ALMM (Wind) mandating domestic sourcing of ~75-80% of WTG components.
Wind-Solar Complementarity
Wind's complementarity to solar in Indian conditions makes it key for grid stabilization and higher grid utilization.
Execution Challenges
On ground execution challenges, geopolitical tensions leading to delay in ECS supplies and logistical support challenges.
Customer Payment Delays
Some customers holding back on payments due to the macro environment, resulting in high working capital cycle.
Working Capital Management
Working capital cycle remained high due to execution challenges and customer payment delays, though brought down by ~15 days in Q4 FY26.
Geopolitical Tensions
Geopolitical tensions leading to delay in ECS supplies and logistical support challenges.
What management said, and what results must prove
Issuer guidance and extracted claims are tracked against later reported outcomes. Treat these as management statements, not IndiaPulse forecasts.
The document provides both Q4 and full-year results. Q4 shows recent performance and challenges, while full-year figures reflect the overall operational and financial trajectory, which is crucial for a project-based business.
Order Book
Well-diversified order book of ~ 3.1 GW as of Mar-26, providing revenue visibility for more than 24 months.
FY26 Wind Capacity Addition (India)
6.05 GW wind capacity was added in FY26 – highest ever for India.
O&M Assets Under Management (Inox Green)
Portfolio of more than ~13 GWp+ of renewable O&M assets, including ~10.5 GW wind.
EBITDA Margin (Consolidated)
FY26 EBITDA margin ~26% (excluding ECL provisions and one-time charges).
FY27 Revenue Growth Guidance
75% growth over FY26 (>35% growth YoY) for FY27 revenue.
FY27 EBITDA Margin Guidance
20-22% EBITDA margin for FY27, reflecting higher contribution from Inox Green.
Long-term Order Security
Securing long-term recurring orders through partnerships/framework agreements with Group company and third-party customers.
Deepening Penetration with New Products
Commercial launch of 4X MW WTG within CY26 to help deepen penetration and boost margins.
Numbers and claims to verify in the next filings
| Checkpoint | Current evidence | What to verify next |
|---|---|---|
| Working Capital Cycle | Brought down by ~15 days in Q4 FY26, but remains high. | Substantial improvement in working capital cycle going forward, as expected by management. |
| 4X MW WTG Launch | On track for commercial launch within CY26. | Successful commercial launch and market acceptance of the 4X MW WTG platform. |
| Equipment Supply Share | Strategic pivot to increase share from <20% to ~75%. | Evidence of increasing share of equipment supply in the order mix and its impact on margins. |
| Inox Clean Order Visibility | Expected multi-year recurring order visibility from Inox Clean's 3 GW+ annual capacity addition. | Actual order placements from Inox Clean and their contribution to Inox Wind's order book. |
Verification checkpoints are IndiaPulse research interpretation, not investment advice.
Trend score and candlestick chart
41NeutralSMA20 -14.3% / mo · near 52W low
Technical chart
INOXWINDdaily · 3Y-43.2%Technical trend read
Mixed signalsSignals are conflicting — long-term trend unclear. RSI 39. Wait for confirmation.
- SMA20 falling (~10.0% over last month) — short-term momentum negative.
- RSI(14) at 39 — rising, no extreme reading.
- MACD below signal but histogram contracting — bearish momentum easing.
- 44% off 52W high · 15% above 52W low.
Mechanical read from the price + indicator series above. Not a recommendation — technical setups can reverse without warning, especially around earnings and macro events.
Valuation, score drivers, trust methodology, financials, and peers
Use these sections after reviewing the decision summary, latest result, thesis, management accountability, and technical timing above.
Fundamental score breakdown
WATCHLISTWhy this score?
Top U-Score contributors and drags from the latest stored fundamentals.
Positive drivers
- Growth contributes 20/25 to the score.
- Balance sheet contributes 8/15 to the score.
- Cash flow contributes 3/10 to the score.
Main drags
- Fair-value margin of safety is negative at -11.4%.
- Quality is weaker at 0/20; verify the latest quarterly trend.
- Valuation is weaker at 2/30; verify the latest quarterly trend.
Execution business valuation: EV/EBITDA plus order and working-capital risk
Capital-intensive execution stories need cash-flow and balance-sheet checks alongside valuation.
Stored run vs live recompute
This shows the stored score trend when snapshots exist, and also compares the latest stored nightly score with a live recompute from current fundamentals and price.
Score history
12 stored score snapshots. Latest stored move: +0 points.
Factor attribution
Trust asks: does management behaviour match later outcomes? Higher is better, but confidence and evidence depth matter as much as the number.
Mixed Trust: Claim history is still being built. It ranks around the 49th percentile of the scored universe and 46th percentile within Power. Main check: cash conversion is weak at 52/100.
Healthy Trust Lite: Promoter pledge is zero. Key concern: Operating cash flow is negative at ₹-598 Cr.
Usable, but needs evidence. Treat guidance with a margin of safety.
overall median 67 · Power: 46th pctile, median 67 · Small: 54th pctile, median 65
146 documents indexed, but claim history is not strong enough yet.
0 claims extracted · No contradicted claim yet
How to read this Trust Score
Mixed Trust · low confidenceRead Trust alongside U-Score, result consistency, and technical trend. A cheap stock with weak Trust needs a larger margin of safety; a high Trust score does not make an expensive stock attractive by itself.
Forensic breakdown
Read low sub-scores as due-diligence warnings, not automatic sell signals.
Trust positives
- ▸Promoter pledge is zero.
- ▸4 years of positive FCF.
- ▸3/4 latest quarters had positive YoY revenue growth.
- ▸3/4 latest quarters had positive YoY PAT growth.
Trust risks
- ▸Operating cash flow is negative at ₹-598 Cr.
- ▸ROE is low at 7.1%.
- ▸1 of the latest 4 quarters had PAT decline worse than 25% YoY.
Trust Lite uses financial behaviour only. Prefer claim-tested Trust when enough concall claims have later outcomes.
Intrinsic value
Fundamentals
Valuation
- P/E
- 36.80
- P/B
- 2.33
- EV/EBITDA
- 15.04
- Market Cap
- 14885.00Cr
Profitability
- ROE
- 7.09%
- ROCE
- 10.50%
- ROA
- 3.72%
- Dividend Y
- —
Growth (CAGR)
- Revenue 5Y
- 44.00%
- EPS 5Y
- 27.00%
- Revenue 3Y
- 82.00%
- EPS 3Y
- 38.00%
Balance Sheet
- Debt/Equity
- 0.25
- Interest Coverage
- 4.46×
- Altman Z
- 2.91
- Book Value
- 36.90
Cash Flow
- FCF Yield
- —
- FCF Positive Y
- 4/5
- OCF
- -598.00 Cr
- EPS TTM
- 2.34
Shareholding
- Promoter Hold
- 44.18%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 10%
Financial History
Updated 9/6/2026
Revenue
₹ CrNet Profit
₹ CrReturn on Equity
%Peers
Business-comparable peers in Power — ranked by industry, sub-sector, theme-tag overlap, market cap, and U-Score similarity. Green cells mark the best available peer metric in this table.