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
- Company has delivered good sales growth of 50.5% CAGR over last 5 years
- Operating margins have improved to 18.7% from -10.5%
- Company generates healthy free cash flow
- 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
- A large part of profit comes from other income (31.0% of PBT)
- Company has a low return on equity of 4.0% over last 3 years
- Company has a low return on capital employed of 7.7%
- Poor cash conversion - profits are not backed by operating cash flow (CFO/PAT -1.69x)
* The pros and cons are machine generated based on quantitative rules.
Peer comparison
| Name | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| ABB | 7330.00 | 51.99 | 155328.84 | 0.54 | 3623.00 | 930.02 | 35588.70 | 1110.31 | 30.18 | 12.56 |
| CGPOWER | 908.00 | 114.44 | 143050.87 | 0.14 | 308.28 | 15.52 | 3280.81 | 13.99 | 27.94 | 12.11 |
| SIEMENS | 3972.00 | 43.19 | 141451.06 | 0.45 | 214.31 | -49.38 | 4713.70 | 8.44 | 21.42 | 9.14 |
| POWERINDIA | 31065.00 | 120.36 | 138464.05 | 0.03 | 2941.50 | 2135.18 | 24936.90 | 1586.18 | 28.73 | 14.58 |
| GVT&D | 4500.00 | 617.01 | 115220.94 | 0.22 | 362.99 | 24.65 | 1836.14 | 38.04 | 75.51 | 25.10 |
| ENRIN | 3180.50 | 76.12 | 113264.13 | 0.13 | 440.90 | 67.83 | 2485.60 | 39.28 | 40.19 | 23.56 |
| WAAREEENER | 2545.00 | 19.18 | 73207.26 | 0.16 | 891.87 | 15.39 | 7931.79 | 79.22 | 37.92 | 18.15 |
| APARINDS | 17293.00 | 61.29 | 72409.83 | 0.35 | 4674.50 | 1677.98 | 65910.60 | 1191.31 | 31.84 | 11.50 |
| HAVELLS | 1116.00 | 42.88 | 70035.88 | 0.90 | 289.71 | -16.64 | 6518.19 | 19.48 | 25.74 | 7.15 |
| SUZLON | 44.44 | 19.43 | 61085.61 | 0.00 | 305.22 | -5.89 | 3829.09 | 22.83 | 35.79 | 15.55 |
| SCHNEIDER | 1195.30 | 155.53 | 28580.11 | 0.00 | 12.44 | -69.84 | 651.36 | 4.78 | 31.01 | 5.23 |
| INOXWIND | 76.25 | 38.27 | 13177.81 | 0.00 | 64.09 | -34.16 | 814.10 | -1.47 | 12.08 | 18.73 |
Quarterly Results
Standalone Figures in Rs. Crores / View Consolidated
| 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 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 289 | 330 | 495 | 471 | 607 | 678 | 928 | 1,286 | 716 | 947 | 1,082 | 1,151 | 743 | |
| 290 | 319 | 445 | 415 | 511 | 585 | 754 | 1,052 | 567 | 767 | 853 | 983 | 710 | |
| Operating Profit | -1 | 11 | 50 | 56 | 96 | 93 | 174 | 234 | 149 | 181 | 229 | 169 | 34 |
| OPM % | -0.45% | 3.48% | 10.14% | 11.97% | 15.83% | 13.69% | 18.73% | 18.19% | 20.77% | 19.09% | 21.14% | 14.64% | 4.56% |
| -15 | -14 | -11 | -115 | 26 | 12 | 4 | 11 | 7 | 178 | 22 | 21 | 61 | |
| Interest | 41 | 41 | 36 | 30 | 36 | 28 | 30 | 30 | 25 | 38 | 42 | 54 | 45 |
| Depreciation | 10 | 11 | 10 | 12 | 12 | 13 | 14 | 14 | 14 | 15 | 15 | 16 | 19 |
| Profit before Tax | -67 | -54 | -7 | -101 | 74 | 64 | 134 | 201 | 116 | 306 | 194 | 119 | 95 |
| Tax % | -0.00% | -0.00% | -0.00% | 0.58% | -0.23% | -0.31% | 56.21% | 5.72% | 25.45% | 19.38% | 34.86% | 26.61% | 24.67% |
| Net Profit | -67 | -54 | -7 | -100 | 74 | 64 | 59 | 190 | 87 | 247 | 126 | 88 | 72 |
| -2.07 | -0.41 | -0.05 | -0.62 | 0.46 | 0.39 | 0.35 | 1.16 | 0.53 | 1.44 | 0.73 | 0.51 | 0.41 |
Profit & Loss
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| 2,863 | 212 | 1,345 | 528 | 504 | 518 | 583 | 1,587 | 3,499 | 3,896 | 3,924 | |
| 2,451 | 312 | 1,239 | 760 | 717 | 810 | 910 | 1,474 | 2,903 | 3,170 | 3,312 | |
| Operating Profit | 412 | -99 | 107 | -233 | -213 | -292 | -327 | 113 | 596 | 727 | 612 |
| OPM % | 14.38% | -46.83% | 7.94% | -44.07% | -42.16% | -56.32% | -56.03% | 7.11% | 17.04% | 18.65% | 15.60% |
| 120 | 34 | 46 | 77 | 116 | 90 | 266 | -152 | 51 | 228 | 283 | |
| Interest | 150 | 139 | 112 | 152 | 172 | 183 | 213 | 141 | 123 | 159 | 179 |
| Depreciation | 34 | 36 | 38 | 41 | 39 | 38 | 40 | 46 | 54 | 60 | 65 |
| Profit before Tax | 348 | -240 | 2 | -349 | -307 | -423 | -315 | -226 | 470 | 736 | 714 |
| Tax % | 26.33% | 34.41% | 35.05% | 34.90% | 36.16% | 35.32% | -0.00% | 0.13% | 18.35% | 25.60% | 25.50% |
| Net Profit | 256 | -157 | 1 | -227 | -196 | -274 | -315 | -226 | 384 | 547 | 532 |
| EPS | 0.00 | 0.00 | 0.00 | 0.00 | -8.82 | -12.33 | -9.67 | -5.77 | 2.36 | 3.17 | — |
| 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:
- 51%
- 3 Years:
- 88%
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:
- -4%
- 5 Years:
- -5%
- 3 Years:
- 4%
- Last Year:
- 10%
Balance Sheet
Standalone Figures in Rs. Crores / View Consolidated
| 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 | 391 | 1,624 | 1,728 | |
| 1,943 | 1,788 | 1,789 | 1,562 | 1,367 | 1,094 | 1,996 | 2,820 | 2,879 | 4,567 | |
| 1,486 | 738 | 762 | 615 | 852 | 772 | 1,466 | 1,315 | 1,131 | 1,424 | |
| Trade Payables | 632 | 282 | 640 | 652 | 580 | 357 | 378 | 316 | 788 | 909 |
| 126 | 265 | 276 | 878 | 879 | 1,562 | 94 | 132 | 109 | 625 | |
| Total Liabilities | 4,409 | 3,295 | 3,689 | 3,930 | 3,900 | 4,007 | 4,260 | 4,974 | 6,532 | 9,254 |
| 494 | 485 | 466 | 456 | 427 | 390 | 415 | 471 | 532 | 619 | |
| Capital Work in Progress | 19 | 9 | 7 | 7 | 3 | 10 | 7 | 45 | 58 | 44 |
| 762 | 486 | 492 | 505 | 498 | 1,287 | 1,458 | 1,490 | 1,846 | 1,836 | |
| 339 | 649 | 528 | 635 | 562 | 571 | 694 | 829 | 886 | 1,471 | |
| 0 | 0 | 0 | 0 | 0 | 0 | 0 | 1,047 | 2,525 | 3,879 | |
| Cash & Bank | 375 | 82 | 125 | 143 | 113 | 95 | 145 | 39 | 144 | 94 |
| 2,420 | 1,584 | 2,070 | 2,184 | 2,298 | 1,653 | 1,541 | 1,053 | 541 | 1,310 | |
| Total Assets | 4,409 | 3,295 | 3,689 | 3,930 | 3,900 | 4,007 | 4,260 | 4,974 | 6,532 | 9,254 |
Cash Flows
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|
| 283 | 230 | 194 | 338 | -108 | -536 | -702 | -514 | 18 | -697 | |
| Cash from Investing | 131 | 538 | -129 | -82 | -33 | -67 | -240 | 599 | 780 | -300 |
| Cash from Financing | -114 | -880 | -80 | -244 | 142 | 604 | 953 | -102 | -786 | 1,015 |
| 98 | -137 | -24 | -1 | 5 | -4 | 13 | -17 | 12 | 18 |
Ratios
Standalone Figures in Rs. Crores / View Consolidated
| 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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