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Swing Capital

Inox Wind Ltd

NSE: INOXWIND BSE: 539083Energy

Inox Wind Limited is a part of the Inox Group. The company is engaged in the business of manufacturing Wind Turbine Generators (WTGs) and is a wind energy solutions provider servicing IPPs, Utilities, PSUs, Corporates and Retail Investors. [1] Inox Wind Ltd is a fully integrated player in the wind energy market and provides end-to-end turnkey solutions.

₹94.6
52W: ₹74.9 — ₹198
PE 25.2 · Book ₹35.3 · +168% vs book
Market Cap₹16,349 Cr
Stock P/E25.2Price to Earnings
ROCE11.8%Return on Capital
ROE10.2%Return on Equity
Div. Yield0%Face Value ₹10

Strengths

  • +Company has reduced debt.
  • +Company is expected to give good quarter
  • +Company has delivered good profit growth of 30.1% CAGR over last 5 years

Weaknesses

  • −Stock is trading at 2.63 times its book value
  • −Company has a low return on equity of 0.86% over last 3 years.
  • −Company has high debtors of 263 days.
  • −Promoter holding has decreased over last 3 years: -27.8%
  • −Working capital days have increased from 74.2 days to 170 days

Shareholding Pattern

Promoters44.18%
FIIs14.6%
DIIs10.96%
Public30.25%
CategoryJun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026
Promoters48.27%48.27%48.27%48.27%44.18%▼4.144.18%44.18%44.18%
FIIs13.37%15.82%▲2.515.26%▼0.615.68%▲0.413.78%▼1.913.37%▼0.414.16%▲0.814.6%▲0.4
DIIs9.75%9.09%▼0.79.8%▲0.79.44%▼0.49.12%▼0.39.87%▲0.810.37%▲0.510.96%▲0.6
Public28.62%26.83%▼1.826.68%▼0.126.61%▼0.132.93%▲6.332.59%▼0.331.3%▼1.330.25%▼1.1

Financial Statements

MetricSep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025
Sales3304954716076789281,2867169471,082
Expenses3194454155095857541,052567767853
Operating Profit1150569893174234149181229
OPM %3%10%12%16%14%19%18%21%19%21%
Net Profit-54-7-10070645919087247126
EPS ₹-0.39-0.05-0.720.510.460.421.370.51.430.73

AI Insights

Revenue Trend

TTM revenue at ₹4,031Cr, up 15.2% YoY. OPM at 20%.

Debt Position

Borrowings at ₹707Cr. Debt-to-equity ratio: 0.16x. Healthy balance sheet.

Capex Cycle

CWIP at ₹58Cr (11% of fixed assets). Moderate ongoing capital expenditure.

Institutional Flow

DIIs: 10.96% (+10.87pp change). FIIs: 14.6% (+12.03pp change). Promoters hold 44.18%.

Margin & Efficiency

ROCE declining from 23% (Mar 2014) to 12% (Mar 2025). Working capital days: 170.

Valuation

PE 25.2x with 11.8% ROCE. Price is 168% above book value of ₹35.3. Dividend yield: 0%.

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