Inox Wind Ltd. share price target

We maintain our BUY recommendation on the stock.

Inox Wind saw muted installation of wind turbines in 9M (0.6GW) against guidance of 1.2GW in FY26E. It noted the delays in its existing orders due to right of way and evacuation issues.

Inox Wind (IWL) reported a quarterly consolidated revenue of INR12.1b (+33% YoY, +8% QoQ), which missed our estimates by 34%, largely on account of weakerthan-expected execution of 252MW vs. our estimate of 300MW.

INOX Wind’s (IWL) 2QFY26 deliveries at 202MW were in line with our estimate, whereas revenue came in below our estimate by 8% at INR11.2b (+53% YoY, +35% QoQ).

Inox Wind (Inox) reported a good first half (H1FY26) with revenue growth of 42% YoY and EBITDA margins of ~22% (+40bps YoY; higher than its guided level of 18% for FY26).

We maintain our BUY recommendation on the stock.

We reiterate our BUY recommendation on the stock with a TP of Rs 190/share, offering a 28% upside from the CMP.

We maintain our BUY recommendation on the stock

We maintain our BUY recommendation on the stock.

Inox Wind reported revenue growth of 30% YoY in Q1FY26 – execution grew 4% YoY and realisations grew 24% YoY. Thus, EBITDA margins came in at 23.5% (+220bps YoY).

We initiate coverage on INOX Wind Limited (IWL) with a BUY rating and a TP of INR210/share, implying 21% upside. IWL is a leading vertically integrated player in India’s wind energy sector, delivering end-to-end solutions from conception and commissioning to O&M of wind power projects.

We recommend a BUY rating on the stock with a target price of Rs 187/share, implying an upside of 10% from the CMP.

We maintain our BUY recommendation on the stock.

We maintain our BUY recommendation on the stock.

We attended the INOXGFL Group Vision Day held on 2 Dec’24; takeaways being the INOXGFL group’s foray into renewable power generation for the commercial and industrial (C&I) sector with an envisaged capacity of 3GW by FY27/FY28.

We maintain our BUY recommendation on the stock.

Inox Wind (INOX) has reduced its external debt to zero with fresh infusion from promoters in Q1FY25. Thus, its concerns on debt are now a thing of the past.

We maintain our BUY recommendation on the stock.

Inox Wind with a BUY recommendation and a target price of Rs 185/share, representing a substantial upside potential of 33% from the CMP.

utlook and Valuation: Considering the changing dynamics of renewable energy consumption and governments thrust to auction 10 GW wind capacity every year by 2028, we are bullish on sector and hence have a positive outlook on IWL. At the CMP of INR 90, stock is available at PE multiple of 5.8x its FY2020E EPS of INR 16. We recommend a BUY ..