Inox Wind Ltd.
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ABOUT
KEY POINTS
Revenue Breakup Mar 2018 • Operations & Maintenance Services: 33.8% • Erection, Procurement & Commissioning Services: 32.4% • Sale of Booster Packages: 16.9%
AI Sector View
AI GENERATEDCapital Goods
Capital goods is supported by strong public capex and still-expansionary industrial activity. Capital expenditure rose 66% YoY (2026-06), GST collections grew 8% YoY (2026-07), and the core industries Overall Index increased 5.4% YoY (2026-07). E-way bills slowed to 6% YoY (2026-07) and sector FPI flows show INR -9697 crore net outflow over 3 months to 2026-08-31, but the investment cycle and fiscal impulse remain favorable.
PROS
- Operating margins have improved to 20.3% from -33.2%
- Company has delivered good sales growth of 44.0% CAGR over last 5 years
- Company maintains a comfortable, low leverage position
CONS
- Operating cash flow has been negative in recent years
- Receivables are growing faster than sales - a possible quality concern
- Recent results are weak - TTM profit is down 27.5% versus prior year
- Company has a low return on equity of 6.7% over last 3 years
- Company has a low return on capital employed of 9.9%
- Promoter holding has decreased over last 2 years: -4.1pp
* The pros and cons are machine generated based on quantitative rules.
Peer comparison
| Name | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| ABB | 7269.10 | 51.56 | 154038.32 | 0.54 | 3623.00 | 930.02 | 35588.70 | 1110.31 | 30.18 | 12.56 |
| CGPOWER | 910.00 | 114.69 | 143365.96 | 0.14 | 308.28 | 15.52 | 3280.81 | 13.99 | 27.94 | 12.11 |
| SIEMENS | 3960.90 | 43.07 | 141055.77 | 0.45 | 214.31 | -49.38 | 4713.70 | 8.44 | 21.42 | 9.14 |
| POWERINDIA | 31415.40 | 121.72 | 140025.86 | 0.03 | 2941.50 | 2135.18 | 24936.90 | 1586.18 | 28.73 | 14.58 |
| GVT&D | 4545.00 | 623.18 | 116373.15 | 0.22 | 362.99 | 24.65 | 1836.14 | 38.04 | 75.51 | 25.10 |
| ENRIN | 3178.75 | 76.08 | 113201.81 | 0.13 | 440.90 | 67.83 | 2485.60 | 39.28 | 40.19 | 23.56 |
| WAAREEENER | 2627.50 | 19.80 | 75580.39 | 0.15 | 891.87 | 15.39 | 7931.79 | 79.22 | 37.92 | 18.15 |
| APARINDS | 17496.15 | 62.01 | 73260.47 | 0.34 | 4674.50 | 1677.98 | 65910.60 | 1191.31 | 31.84 | 11.50 |
| HAVELLS | 1114.80 | 42.84 | 69960.57 | 0.90 | 289.71 | -16.64 | 6518.19 | 19.48 | 25.74 | 7.15 |
| SUZLON | 44.16 | 19.31 | 60700.73 | 0.00 | 305.22 | -5.89 | 3829.09 | 22.83 | 35.79 | 15.55 |
| SCHNEIDER | 1227.70 | 159.75 | 29354.80 | 0.00 | 12.44 | -69.84 | 651.36 | 4.78 | 31.01 | 5.23 |
| INOXWIND | 76.46 | 38.37 | 13214.11 | 0.00 | 64.09 | -34.16 | 814.10 | -1.47 | 12.08 | 18.73 |
Quarterly Results
Consolidated Figures in Rs. Crores / View Standalone
| Jun 2023 | Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 349 | 371 | 503 | 528 | 640 | 733 | 911 | 1,275 | 826 | 1,119 | 1,207 | 1,244 | 814 | |
| 317 | 322 | 411 | 429 | 505 | 567 | 708 | 1,021 | 643 | 891 | 926 | 1,045 | 777 | |
| Operating Profit | 31 | 48 | 93 | 99 | 135 | 166 | 204 | 254 | 184 | 228 | 282 | 200 | 37 |
| OPM % | 8.98% | 13.04% | 18.43% | 18.69% | 21.04% | 22.66% | 22.36% | 19.95% | 22.23% | 20.35% | 23.32% | 16.04% | 4.56% |
| 4 | 14 | 3 | 28 | 15 | 11 | 70 | 36 | 36 | 43 | 31 | 61 | 58 | |
| Interest | 70 | 64 | 63 | 57 | 56 | 44 | 34 | 35 | 34 | 51 | 50 | 65 | 57 |
| Depreciation | 29 | 26 | 28 | 30 | 42 | 45 | 47 | 48 | 49 | 51 | 53 | 52 | 59 |
| Profit before Tax | -63 | -28 | 5 | 38 | 52 | 88 | 192 | 208 | 138 | 169 | 209 | 144 | 95 |
| Tax % | -2.19% | -3.87% | 27.81% | -3.58% | 25.56% | 3.86% | 41.87% | 8.33% | 29.23% | 28.80% | 39.53% | 26.57% | 32.32% |
| Net Profit | 0 | 0 | 0 | 0 | 50 | 90 | 112 | 190 | 97 | 121 | 127 | 106 | 64 |
| -1.99 | -0.22 | 0.03 | 0.24 | 0.24 | 0.05 | 0.69 | 1.17 | 0.60 | 0.70 | 0.73 | 0.61 | 0.37 |
Profit & Loss
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| 3,415 | 480 | 1,437 | 760 | 711 | 625 | 733 | 1,743 | 3,557 | 4,398 | 4,385 | |
| 2,873 | 563 | 1,288 | 890 | 876 | 937 | 998 | 1,728 | 2,800 | 3,506 | 3,639 | |
| Operating Profit | 542 | -83 | 149 | -130 | -165 | -312 | -264 | 16 | 757 | 891 | 746 |
| OPM % | 15.86% | -17.24% | 10.39% | -17.12% | -23.27% | -50.01% | -36.08% | 0.89% | 21.29% | 20.27% | 17.01% |
| 84 | 26 | 23 | 24 | 76 | 31 | 21 | 295 | 131 | 172 | 193 | |
| Interest | 155 | 171 | 169 | 244 | 255 | 283 | 327 | 248 | 169 | 200 | 223 |
| Depreciation | 44 | 52 | 66 | 80 | 88 | 89 | 98 | 110 | 182 | 204 | 214 |
| Profit before Tax | 427 | -280 | -62 | -430 | -459 | -653 | -669 | -47 | 537 | 659 | 617 |
| Tax % | 28.94% | 33.11% | 35.63% | 34.99% | 33.10% | 26.10% | -4.23% | -7.64% | 18.95% | 31.86% | 32.46% |
| Net Profit | 303 | -188 | -40 | -279 | -307 | -483 | -697 | -51 | 435 | 449 | 417 |
| EPS | 0.00 | -8.45 | -1.80 | -12.59 | -13.84 | -21.75 | -21.38 | -1.24 | 2.76 | 2.34 | — |
| Dividend Payout % | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | — |
COMPOUNDED SALES GROWTH
- 10 Years:
- 0%
- 5 Years:
- 44%
- 3 Years:
- 82%
COMPOUNDED PROFIT GROWTH
- 10 Years:
- -1%
- 5 Years:
- —
- 3 Years:
- —
STOCK PRICE CAGR
- 10 Years:
- 6%
- 5 Years:
- 25%
- 3 Years:
- 17%
- 1 Year:
- -48%
RETURN ON EQUITY
- 10 Years:
- -11%
- 5 Years:
- -15%
- 3 Years:
- 7%
- Last Year:
- 9%
Balance Sheet
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|
| 222 | 222 | 222 | 222 | 222 | 222 | 326 | 326 | 1,624 | 1,728 | |
| Minority Interest | 0 | 0 | -0 | -0 | 0 | 41 | 507 | 494 | 1,004 | 1,310 |
| 1,968 | 1,782 | 1,743 | 1,464 | 1,094 | 688 | 1,387 | 1,371 | 2,611 | 4,598 | |
| 1,765 | 1,104 | 1,379 | 1,149 | 1,608 | 1,978 | 2,488 | 2,773 | 1,449 | 2,092 | |
| Trade Payables | 969 | 536 | 889 | 1,055 | 1,038 | 708 | 617 | 605 | 1,065 | 1,189 |
| 231 | 367 | 400 | 1,142 | 1,094 | 1,744 | 156 | 673 | 412 | 790 | |
| Total Liabilities | 5,155 | 4,012 | 4,632 | 5,031 | 5,056 | 5,381 | 5,480 | 6,242 | 8,166 | 11,708 |
| 765 | 985 | 973 | 1,228 | 1,191 | 1,343 | 1,619 | 1,813 | 2,291 | 2,825 | |
| Capital Work in Progress | 112 | 20 | 66 | 33 | 230 | 148 | 123 | 266 | 296 | 247 |
| 253 | 0 | 91 | 94 | 33 | 33 | 1 | 0 | 446 | 550 | |
| 690 | 929 | 944 | 994 | 917 | 1,004 | 1,130 | 1,245 | 1,212 | 1,790 | |
| 0 | 0 | 0 | 0 | 0 | 0 | 0 | 1,137 | 2,549 | 4,250 | |
| Cash & Bank | 437 | 127 | 135 | 161 | 242 | 223 | 270 | 54 | 213 | 612 |
| 2,896 | 1,951 | 2,424 | 2,521 | 2,442 | 2,630 | 2,337 | 1,727 | 1,160 | 1,434 | |
| Total Assets | 5,155 | 4,012 | 4,632 | 5,031 | 5,056 | 5,381 | 5,480 | 6,242 | 8,166 | 11,708 |
Cash Flows
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|
| 237 | 309 | 151 | 757 | -131 | -464 | -1,106 | -360 | 138 | -598 | |
| Cash from Investing | -5 | 332 | -264 | -346 | -49 | -74 | 231 | -528 | -406 | -850 |
| Cash from Financing | 19 | -760 | 76 | -385 | 282 | 486 | 824 | 878 | 277 | 1,558 |
| 128 | -159 | -40 | 2 | 122 | -63 | -45 | -9 | 9 | 110 |
Ratios
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|
Documents
Corporate disclosures, annual reports, credit ratings, and concall transcripts
2026-09-07 - Clarification on Press Release dated 3rd September, 2026 regarding 100 MW Order
2026-09-04 - Inox Wind Limited has informed the Exchange about Copy of Newspaper Publication
2026-09-03 - Inox Wind Limited has informed the Exchange regarding Notice of Annual General Meeting to be held on September 25, 2026
2026-09-03 - Inox Wind Limited has informed the Exchange regarding a press release dated September 03, 2026, titled "Press Release- Inox Wind secures repeat turnkey order from Indian Oil Corporation Limited."".
2026-09-02 - Newspaper Advertisement regarding 17th Annual General Meeting of the Company - Published prior to the dispatch of the Annual Report.
2026-08-31 - Disclosure under Regulation 7(2)(b) of the SEBI (Prohibition of Insider Trading) Regulations, 2015
2026-08-27 - Devansh Trademart LLP has submitted to the Exchange a copy of Disclosures under Regulation 10(6)-Report to stock Exchange in respect of any acquisition made in reliance upon exemption provided for in regulation 10 of SEBI (SAST) Regulations, 2011.
2026-08-18 - Devansh Trademart LLP has Submitted to the Exchange a copy of Disclosure under Regulation 10 (5) of the Securities and Exchange Board of India (Substantial Acquisition of Shares and Takeovers) Regulations, 2011.
2026-08-14 - Inox Wind Limited has submitted the Exchange a copy Srutinizers report of Extraordinary General Meeting held on August 13, 2026. Further, the company has informed the Exchange regarding voting results.
News
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