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Inox Wind Overview

Inox Wind Ltd is an integrated wind power solutions provider. The Company is engaged in the manufacture of Wind Turbine Generators (WTGs). The Company offers Engineering, Procurement and Commissioning (EPC); Operations and Maintenance (O and M), and Common Infrastructure Facilities offerings for WTGs. The Company offers diverse merchandise, which include Inox DF 93.3, Inox DF 100 and Inox DF 113. The Company provides numerous offerings, which include infrastructure support and skills, operations and protection, and customer relationship managem...Read More

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Inox Wind Key Financials

Market Cap ₹13755 Cr.

Stock P/E 31.6

P/B 2.1

Current Price ₹79.6

Book Value ₹ 38.5

Face Value 10

52W High ₹198.1

Dividend Yield 0%

52W Low ₹ 79.2

Inox Wind Share Price

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Volume
Price

Inox Wind Quarterly Price

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Inox Wind Peer Comparison

Inox Wind Quarterly Results

#(Fig in Cr.) Sep 2023 Dec 2023 Mar 2024 Jun 2024 Sep 2024 Dec 2024 Mar 2025 Jun 2025 Sep 2025 Dec 2025
Net Sales 371 503 528 640 733 911 1275 826 1119 1207
Other Income 14 3 41 15 11 83 36 36 43 31
Total Income 384 507 569 655 744 995 1311 863 1162 1238
Total Expenditure 322 411 429 505 567 708 1021 643 891 926
Operating Profit 62 96 140 150 177 287 290 220 271 313
Interest 64 63 57 56 44 34 35 34 51 50
Depreciation 26 28 30 42 45 47 48 49 51 53
Exceptional Income / Expenses 0 0 -14 0 0 -13 0 0 0 0
Profit Before Tax -28 5 38 52 88 192 208 138 169 209
Provision for Tax 1 2 -1 13 3 80 17 40 49 83
Profit After Tax -29 4 40 38 84 112 190 97 121 127
Adjustments 5 -3 9 -28 -59 4 1 9 -29 -9
Profit After Adjustments -24 1 49 10 26 116 192 106 92 117
Adjusted Earnings Per Share -0.2 0 0.4 0.1 0.2 0.7 1.2 0.6 0.5 0.7

Inox Wind Profit & Loss

#(Fig in Cr.) Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025 TTM
Net Sales 2709 4451 3415 480 1437 760 711 625 733 1743 3557 4427
Other Income 47 73 84 26 23 24 76 31 21 309 144 146
Total Income 2756 4523 3499 506 1461 784 787 655 754 2052 3702 4574
Total Expenditure 2284 3741 2873 563 1288 890 876 937 998 1728 2800 3481
Operating Profit 472 782 626 -57 173 -106 -89 -282 -243 325 902 1094
Interest 62 98 155 171 169 244 255 283 327 248 169 170
Depreciation 20 35 44 52 66 80 88 89 98 110 182 201
Exceptional Income / Expenses 0 0 0 0 0 0 0 0 0 -14 -13 0
Profit Before Tax 389 649 427 -280 -62 -430 -459 -653 -669 -47 537 724
Provision for Tax 93 188 124 -93 -22 -150 -152 -170 28 4 102 189
Profit After Tax 296 461 303 -188 -40 -279 -307 -483 -697 -51 435 535
Adjustments 0 0 0 0 0 -0 2 2 -12 10 13 -28
Profit After Adjustments 296 461 303 -188 -40 -280 -306 -480 -709 -40 448 507
Adjusted Earnings Per Share 3.3 5.1 3.4 -2.1 -0.4 -3.1 -3.4 -5.3 -5.4 -0.3 2.7 3

Growth Rates

# 1 Year 3 Year 5 Year 10 Year
Sales CAGR 104% 79% 36% 3%
Operating Profit CAGR 178% 0% 0% 7%
PAT CAGR 0% 0% 0% 4%
# 1 Year 3 Year 5 Year 10 Year
Share Price CAGR -50% 44% 36% 3%
ROE Average 13% -14% -21% -5%
ROCE Average 12% 3% -2% 5%

Inox Wind Balance Sheet

#(Fig in Cr.) Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025
Shareholder's Funds 1392 1887 2190 2004 1965 1686 1316 1828 1713 1697 5047
Minority's Interest 0 0 0 0 -0 -0 0 41 507 494 559
Borrowings 79 56 186 348 332 119 448 438 888 183 2
Other Non-Current Liabilities 3 41 113 -53 -40 -232 -352 -312 -467 -469 -218
Total Current Liabilities 1721 2786 2666 1713 2376 3459 3644 3385 2840 4166 3055
Total Liabilities 3195 4770 5155 4012 4632 5031 5056 5381 5480 6242 8445
Fixed Assets 203 527 765 985 973 1228 1191 1343 1619 1813 2291
Other Non-Current Assets 162 314 452 405 584 610 815 873 774 1090 1134
Total Current Assets 2830 3929 3938 2622 3075 3193 3050 3164 3087 3059 5020
Total Assets 3195 4770 5155 4012 4632 5031 5056 5381 5480 6242 8445

Inox Wind Cash Flow

#(Fig in Cr.) Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025
Opening Cash & Cash Equivalents 2 706 76 204 46 5 7 129 67 21 12
Cash Flow from Operating Activities -106 -163 114 269 147 733 -112 -475 -1100 -360 138
Cash Flow from Investing Activities -148 -969 -5 332 -264 -346 -49 -74 231 -528 -406
Cash Flow from Financing Activities 958 501 19 -760 76 -385 282 486 824 878 277
Net Cash Inflow / Outflow 704 -631 128 -159 -40 2 122 -63 -45 -9 9
Closing Cash & Cash Equivalent 706 76 204 46 5 7 129 67 21 12 21

Inox Wind Ratios

# Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025
Earnings Per Share (Rs) 3.29 5.12 3.37 -2.08 -0.44 -3.11 -3.39 -5.33 -5.36 -0.31 2.72
CEPS(Rs) 3.52 5.51 3.85 -1.5 0.29 -2.21 -2.43 -4.37 -4.52 0.45 3.75
DPS(Rs) 0 0 0 0 0 0 0 0 0 0 0
Book NAV/Share(Rs) 15.46 20.95 24.32 22.26 21.82 18.72 14.61 10.11 12.95 12.83 29.71
Core EBITDA Margin(%) 15.69 15.94 15.86 -17.24 10.39 -17.12 -23.27 -50.01 -36.08 0.89 21.29
EBIT Margin(%) 16.66 16.79 17.04 -22.77 7.41 -24.47 -28.65 -59.29 -46.6 11.54 19.84
Pre Tax Margin(%) 14.36 14.59 12.5 -58.45 -4.32 -56.54 -64.59 -104.55 -91.2 -2.71 15.09
PAT Margin (%) 10.94 10.36 8.88 -39.1 -2.78 -36.75 -43.21 -77.26 -95.06 -2.91 12.23
Cash Profit Margin (%) 11.69 11.15 10.16 -28.21 1.81 -26.19 -30.83 -63.07 -81.64 3.39 17.36
ROA(%) 12.68 11.58 6.11 -4.09 -0.93 -5.78 -6.09 -9.25 -12.83 -0.87 5.92
ROE(%) 32.58 28.13 14.88 -8.95 -2.01 -15.31 -20.46 -43.36 -53.13 -2.98 13.2
ROCE(%) 27.77 26.64 16.16 -3.16 3.36 -6.12 -7.16 -11.53 -8.91 4.44 12.33
Receivable days 144.29 157.51 256.06 1415.28 376.89 708.74 608.77 619.88 473.08 205.65 196.25
Inventory Days 46.79 40.33 66.8 616.05 237.81 465.23 490.69 561.15 531.24 248.63 133.22
Payable days 123.72 126.13 208.02 2320.04 310.43 1332.6 836.12 817.58 493.85 216.23 147
PER(x) 0 12.53 12.44 0 0 0 0 0 0 0 58.99
Price/Book(x) 0 3.06 1.72 1.2 0.76 0.24 1.18 2.7 1.78 10.01 5.4
Dividend Yield(%) 0 0 0 0 0 0 0 0 0 0 0
EV/Net Sales(x) 0.14 1.51 1.47 6.96 1.85 1.8 4.05 7.79 7.07 11.58 7.79
EV/Core EBITDA(x) 0.82 8.62 8 -58.65 15.36 -12.94 -32.25 -17.29 -21.3 62.14 30.72
Net Sales Growth(%) 72.9 64.29 -23.27 -85.95 199.57 -47.12 -6.51 -12.11 17.36 137.81 104.05
EBIT Growth(%) 159.72 65.53 -22.12 -118.77 197.48 -274.68 -9.45 -81.88 7.77 158.87 250.99
PAT Growth(%) 124.1 55.58 -34.23 -161.86 78.69 -598.87 -9.92 -57.14 -44.39 92.71 956.68
EPS Growth(%) 101.96 55.58 -34.23 -161.86 78.92 -607.31 -9.24 -57.15 -0.47 94.3 990.16
Debt/Equity(x) 0.63 0.77 0.76 0.53 0.66 0.66 1.19 0.94 1.4 1.91 0.3
Current Ratio(x) 1.64 1.41 1.48 1.53 1.29 0.92 0.84 0.93 1.09 0.73 1.64
Quick Ratio(x) 1.4 1.21 1.22 0.99 0.9 0.64 0.59 0.64 0.69 0.44 1.2
Interest Cover(x) 7.25 7.64 3.75 -0.64 0.63 -0.76 -0.8 -1.31 -1.04 0.81 4.18
Total Debt/Mcap(x) 0 0.25 0.44 0.44 0.88 2.72 1.01 0.7 0.79 0.19 0.07

Inox Wind Shareholding Pattern

# Sep 2023 Dec 2023 Mar 2024 Jun 2024 Sep 2024 Dec 2024 Mar 2025 Jun 2025 Sep 2025 Dec 2025
Promoter 64.64 52.87 52.87 48.27 48.27 48.27 48.27 44.18 44.18 44.18
FII 3.48 9.49 9.46 13.37 15.82 15.26 15.67 13.77 13.37 14.16
DII 6.54 9.88 10.16 9.74 9.08 9.65 9.29 8.99 9.74 10.25
Public 25.33 27.76 27.5 28.61 26.83 26.82 26.76 33.06 32.71 31.41
Others 0 0 0 0 0 0 0 0 0 0
Total 100 100 100 100 100 100 100 100 100 100

Inox Wind News

Inox Wind Pros & Cons

Pros

  • Debtor days have improved from 216.23 to 147days.
  • Company has reduced debt.
  • Company is almost debt free.

Cons

  • Promoter holding is low: 44.18%.
  • Company has a low return on equity of -14% over the last 3 years.
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