Inox Wind Ltd. share price target

Inox Wind (IWL) missed our revenue est. by 15% at INR8.1b. EBITDA of INR1.5b came in 18% below our est., with an EBITDA margin of 19% (vs. 22%/16% in 1QFY26/4QFY26)- in line with our estimate.

Inox Wind (INOX) reported a muted FY26 result due to delays caused by on-ground execution challenges. As a result, revenue came in at INR 44bn, (+24% YoY) vs. a guidance of INR 50bn.

Weak 4Q: Inox Wind (IWL) missed our revenue est. by 34% at INR12.4b in 4QFY26. EBITDA stood at INR2b as EBITDA margin fell to 16% (vs. 23%/20% in 3QFY26/4QFY25).

We are terminating research coverage of Inox Wind Limited, effective 27th May 2026.

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.

We maintain our BUY recommendation on the stock.

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).

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).

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.