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10 Yrs X-Ray 
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Analyst Note 
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About
Inox Wind Ltd (INOXWIND)
Share Analysis – Quality, Valuation Zone, Price Trend & DeciZen Rating BSE: 539083 NSE: INOXWIND Electric Equipment | Small Cap | Inox Wind Share Price
₹73.60 -0.30 (-0.41%)
As on 21-Aug'26 16:59
Inox Wind Ltd (INOXWIND)
Share Analysis – Quality, Valuation Zone, Price Trend & DeciZen Rating BSE: 539083 NSE: INOXWIND Electric Equipment | Small Cap | Inox Wind Share Price
₹73.60 -0.30 (-0.41%)
As on 21-Aug'26 16:59
Key Metrics
Valuation Multiples
Market Cap
₹12,772 Cr.
Current Price
₹73.6
52-Week Low / High
₹73 / 159
TTM EPS
₹2
TTM Sales
₹4,385 Cr.
Book Value per Share
₹37.3
P/E Ratio
37.09
In line with its 3-year historical median
Industry PE
55
Price to Book (P/B)
1.98
Lower than its 5-year historical median
Price to Sales (P/S)
2.91
Lower than its 5-year historical median
EV/EBITDA
13.00
Lower than its 5-year historical median
Dividend Yield
0%
Profitability Efficiency
Return on Equity (ROE)
13.20%
Outperforms industry median
Return on Capital Employed (ROCE)
12.33%
Underperforms industry median
Return on Assets (ROA)
5.92%
Operating Profit Margin
21.3%
Net Profit Margin
12.23%
Gross Profit Margin
20.6%
Growth Momentum
1-yr vs 3-yr growth
1-yr vs 3-yr growth
Sales Growth (1 Year)
Improving versus 3-year growth rate
104.06%
Operating Profit Growth (1 Year)
-
4759.88%
Net Profit Growth (1 Year)
-
-
Asset Quality
Promoter Holding
44.18%
Pledged shares (%) of Promoter's holding (%)
8.08%
Reserves
₹4,718 Cr.
Equity
₹1,728.2 Cr.
Face Value
₹10
All Time Low / High
₹3.94 / 258.38
Check Before You Invest
Quality
Not GoodValuation
FairCheck Valuation charts
Price Trend
Weak
Is Inox Wind Ltd a good quality company?
Inox Wind Ltd is a weak quality company, based on a inconsistent multi-year financial track record.
This assessment is based on company’s performance on Revenue growth, ROCE, Equity and Assets, key margin ratios, cash conversion cycle, and debt to cash flow from operations and how it compares with its long term averages.
We have analysed the performance of the company on the following:
-
How has it performed on generating Profits?
By checking its Revenue growth, Gross, Operating and Net Margins compared to its last 5-year median.
-
How efficiently has it utilized Capital?
By checking its ROCE, ROA, ROE and its Cash Conversion Cycle.
-
How is it managing its Debt?
By checking its Debt to Equity and Cash Flow from Operations.
How does Inox Wind Ltd performance compare with that of its Peers?
Revenue growth of Inox Wind Ltd vs industry peers?
Inox Wind Ltd revenue CAGR is 36.16%, compared to the industry median CAGR of 13.01%, indicating faster growth and gaining its market share.
Promoter shareholding and pledge status of Inox Wind Ltd?
Promoters hold 44.18% of the Inox Wind Ltd, with 8.08% of their stake pledged, indicating low pledge risk.
Stock return of Inox Wind Ltd over the last decade?
Over the last 9 year(s), the stock has delivered a CAGR of 4.5% based on the current price.
10 Year X-Ray :
Analysis of Financial Track Record (Data adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year end)
Data adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year endData adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year end.
What is a Financial Track Record? How to read this chart in order to understand the data present here?
Financial track record gives insight into the company's performance on key parameters over the past ten years. MoneyWorks4me’s proprietary colour codes make it easy for retail investors to gauge the company’s past performance.
Inox Wind Ltd has not performed well majority of the past ten years indicating its past ten year financial track record is not good
Value Creation ⓘ
| Mar'16 | Mar'17 | Mar'18 | Mar'19 | Mar'20 | Mar'21 | Mar'22 | Mar'23 | Mar'24 | Mar'25 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROCE % ⓘ | 26.6% | 16.2% | -3.2% | 3.4% | -6.1% | -7.2% | -11.5% | -8.9% | 4.4% | 12.3% | - |
| Value Creation Index ⓘ | 1.0 | 0.2 | -1.2 | -0.8 | -1.4 | -1.5 | -1.8 | -1.6 | -0.7 | -0.1 | - |
Growth Parameters ⓘ |
|||||||||||
| Sales ⓘ | 4,451 | 3,415 | 480 | 1,437 | 760 | 711 | 625 | 733 | 1,743 | 3,557 | 4,385 |
| Sales YoY Gr. | - | -23.3% | -86% | 199.6% | -47.1% | -6.5% | -12.1% | 17.4% | 137.8% | 104.1% | - |
| Adj EPS ⓘ | 5.2 | 3.1 | -2.1 | -0.5 | -3 | -3.6 | -5.2 | -5.3 | -0.3 | 2.7 | 2 |
| YoY Gr. | - | -39.5% | -168.6% | NA | NA | NA | NA | NA | NA | NA | - |
| BVPS (₹) ⓘ | 21 | 24.3 | 22.3 | 21.8 | 18.7 | 14.6 | 10.1 | 13 | 12.8 | 29.7 | 37.3 |
| Adj Net Profit ⓘ | 465 | 281 | -193 | -45.2 | -274 | -320 | -471 | -698 | -34.6 | 447 | 344 |
| Cash Flow from Ops. ⓘ | -163 | 114 | 269 | 147 | 733 | -112 | -475 | -1,100 | -360 | 138 | - |
| Debt/CF from Ops. ⓘ | -8.9 | 14.7 | 3.9 | 8.9 | 1.5 | -14 | -3.6 | -2.2 | -9 | 10.6 | - |
CAGR ⓘ
| 9 Years | 5 Years | 3 Years | 1 Years | |||||
|---|---|---|---|---|---|---|---|---|
| Sales ⓘ | -2.5% | 36.2% | 78.6% | 104.1% | ||||
| Adj EPS ⓘ | -6.9% | NA | NA | NA | ||||
| BVPSⓘ | 4% | 9.7% | 43.2% | 131.6% | ||||
| Share Price | 4.4% | 20.3% | 15.3% | -48.5% | ||||
Key Financial Parameters ⓘ
| Mar'16 | Mar'17 | Mar'18 | Mar'19 | Mar'20 | Mar'21 | Mar'22 | Mar'23 | Mar'24 | Mar'25 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Return on Equity % ⓘ | 28.4 | 13.8 | -9.2 | -2.3 | -15 | -21.3 | -30 | -39.4 | -2 | 13.3 | 5.9 |
| Op. Profit Mgn % ⓘ | 16.5 | 15.9 | -17.2 | 10.4 | -15.3 | -23.2 | -47.8 | -35.7 | 0.9 | 21.3 | 19.6 |
| Net Profit Mgn % ⓘ | 10.5 | 8.2 | -40.2 | -3.2 | -36 | -45.2 | -75.8 | -95.8 | -2.7 | 12.3 | 7.8 |
| Debt to Equity ⓘ | 0.8 | 0.8 | 0.5 | 0.7 | 0.7 | 1.2 | 0.9 | 1.4 | 1.9 | 0.3 | - |
| Working Cap Days ⓘ | 241 | 386 | 2,460 | 793 | 1,652 | 1,765 | 2,043 | 1,768 | 764 | 463 | 260 |
| Cash Conv. Cycle ⓘ | 103 | 183 | 1,453 | 414 | 669 | 599 | 741 | 707 | 307 | 213 | 139 |
Valuation of Inox Wind - Consolidated
Analyst's Notes
No data found!
Management X-Ray
Shareholding Pattern
Promoter's Holding & Share Pledging
| Pledged * | 1.80 | 1.23 | 1.13 | 1.73 | 1.91 | 0.82 | 0.00 | 3.19 | 10.37 | 8.08 |
* Pledged shares as % of Promoter's holding (%)
Financials
| PARTICULARS | Mar'16 | Mar'17 | Mar'18 | Mar'19 | Mar'20 | Mar'21 | Mar'22 | Mar'23 | Mar'24 | Mar'25 |
|---|---|---|---|---|---|---|---|---|---|---|
| Sales | 4,451 | 3,415 | 480 | 1,437 | 760 | 711 | 625 | 733 | 1,743 | 3,557 |
| Operating Expenses ⓘ + | 3,741 | 2,873 | 563 | 1,288 | 890 | 876 | 937 | 998 | 1,728 | 2,800 |
| Operating Profit ⓘ | 710 | 542 | -83 | 149 | -130 | -165 | -312 | -264 | 16 | 757 |
| Operating Profit Margin (%) | 15.9% | 15.9% | -17.2% | 10.4% | -17.1% | -23.3% | -50.0% | -36.1% | 0.9% | 21.3% |
| Other Income ⓘ + | 73 | 84 | 26 | 23 | 24 | 76 | 31 | 21 | 309 | 144 |
| Interest ⓘ | 98 | 155 | 171 | 169 | 244 | 255 | 283 | 327 | 248 | 169 |
| Depreciation ⓘ | 35 | 44 | 52 | 66 | 80 | 88 | 89 | 98 | 110 | 182 |
| Profit Before Tax ⓘ | 649 | 427 | -280 | -62 | -430 | -459 | -653 | -669 | -47 | 537 |
| Tax ⓘ | 188 | 124 | -93 | -22 | -150 | -152 | -170 | 28 | 4 | 102 |
| Profit After Tax | 461 | 303 | -188 | -40 | -279 | -307 | -483 | -697 | -51 | 435 |
| PAT Margin (%) | 10.4% | 8.9% | -39.1% | -2.8% | -36.8% | -43.2% | -77.3% | -95.1% | -2.9% | 12.2% |
| Adjusted EPS (₹) | 5.1 | 3.4 | -2.1 | -0.4 | -3.1 | -3.4 | -5.3 | -5.4 | -0.3 | 2.7 |
| Dividend Payout Ratio (%) | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% |
| PARTICULARS | Mar'16 | Mar'17 | Mar'18 | Mar'19 | Mar'20 | Mar'21 | Mar'22 | Mar'23 | Mar'24 | Mar'25 | |
|---|---|---|---|---|---|---|---|---|---|---|---|
Equity and Liabilities | |||||||||||
| Shareholders Fund + | 1,887 | 2,190 | 2,004 | 1,965 | 1,686 | 1,316 | 1,828 | 1,713 | 1,697 | 4,894 | |
| Debt + | 1,438 | 1,528 | 831 | 1,092 | 846 | 1,438 | 1,408 | 2,016 | 2,700 | 1,336 | |
| Minority Interest | 0 | 0 | 0 | -0 | -0 | 0 | 41 | 507 | 494 | 559 | |
| Trade Payables | 1,185 | 969 | 536 | 889 | 1,055 | 1,038 | 708 | 617 | 605 | 1,065 | |
| Others Liabilities ⓘ | 259 | 468 | 641 | 687 | 1,445 | 1,264 | 1,396 | 628 | 745 | 590 | |
| Total Liabilities ⓘ | 4,770 | 5,155 | 4,012 | 4,632 | 5,031 | 5,056 | 5,381 | 5,480 | 6,242 | 8,445 | |
Fixed Assets | |||||||||||
| Net Fixed Assets ⓘ + | 527 | 765 | 985 | 973 | 1,228 | 1,191 | 1,343 | 1,619 | 1,813 | 2,291 | |
| CWIP ⓘ | 43 | 112 | 20 | 66 | 33 | 230 | 148 | 123 | 266 | 296 | |
| Investments ⓘ | 63 | 253 | 0 | 91 | 94 | 33 | 33 | 1 | 0 | 446 | |
| Inventories | 560 | 690 | 929 | 944 | 994 | 917 | 1,004 | 1,130 | 1,245 | 1,352 | |
| Trade Receivables | 2,409 | 2,382 | 1,339 | 1,630 | 1,322 | 1,048 | 1,073 | 827 | 1,137 | 2,688 | |
| Cash Equivalents | 494 | 437 | 127 | 135 | 161 | 242 | 223 | 270 | 54 | 213 | |
| Others Assets ⓘ | 675 | 514 | 612 | 794 | 1,198 | 1,394 | 1,557 | 1,510 | 1,727 | 1,160 | |
| Total Assets ⓘ | 4,770 | 5,155 | 4,012 | 4,632 | 5,031 | 5,056 | 5,381 | 5,480 | 6,242 | 8,445 | |
| PARTICULARS | Mar'16 | Mar'17 | Mar'18 | Mar'19 | Mar'20 | Mar'21 | Mar'22 | Mar'23 | Mar'24 | Mar'25 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash Flow From Operating Activity ⓘ + | -163 | 114 | 269 | 147 | 733 | -112 | -475 | -1,100 | -360 | 138 |
| Cash Flow From Investing Activity ⓘ + | -969 | -5 | 332 | -264 | -346 | -49 | -74 | 231 | -528 | -406 |
| Cash Flow From Financing Activity ⓘ + | 501 | 19 | -760 | 76 | -385 | 282 | 486 | 824 | 878 | 277 |
| Net Cash Flow ⓘ | -631 | 128 | -159 | -40 | 2 | 122 | -63 | -45 | -9 | 9 |
| PARTICULARS | Mar'16 | Mar'17 | Mar'18 | Mar'19 | Mar'20 | Mar'21 | Mar'22 | Mar'23 | Mar'24 | Mar'25 |
|---|---|---|---|---|---|---|---|---|---|---|
| Ratios | ||||||||||
| ROE (%) | 28.13 | 14.88 | -8.95 | -2.01 | -15.31 | -20.46 | -43.36 | -53.13 | -2.98 | 13.2 |
| ROCE (%) | 26.64 | 16.16 | -3.16 | 3.36 | -6.12 | -7.16 | -11.53 | -8.91 | 4.44 | 12.33 |
| Asset Turnover Ratio | 1.12 | 0.69 | 0.1 | 0.33 | 0.16 | 0.14 | 0.12 | 0.14 | 0.3 | 0.48 |
| PAT to CFO Conversion(x) | -0.35 | 0.38 | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 0.32 |
| Working Capital Days | ||||||||||
| Receivable Days | 157.50 | 256.10 | 1,415.30 | 376.90 | 708.70 | 608.80 | 619.90 | 473.10 | 205.70 | 196.30 |
| Inventory Days | 40.30 | 66.80 | 616.10 | 237.80 | 465.20 | 490.70 | 561.20 | 531.20 | 248.60 | 133.20 |
| Payable Days | 126.10 | 208 | 2,320 | 310.40 | 1,332.60 | 836.10 | 817.60 | 493.90 | 216.20 | 147 |
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Inox Wind Ltd FAQs
The current trading price of Inox Wind on 21-Aug-2026 16:59 is ₹73.60.
Market capitalization or market cap is determined by multiplying the current market price of a company's shares with the total number of shares outstanding. As of 20-Aug-2026 the market cap of Inox Wind stood at ₹12,771.7 Cr
The latest P/E ratio of Inox Wind as of 20-Aug-2026 is 23.99.
The latest P/B ratio of Inox Wind as of 20-Aug-2026 is 1.99.
The 52-week high of Inox Wind is ₹159.2 and the 52-week low is ₹72.73.
The TTM revenue is Trailing Twelve Months sales. The TTM revenue/sales of Inox Wind is ₹3,924 ( Cr.) .
Past 10 year’s financial track record analysis by Moneyworks4me indicates that Inox Wind Ltd is a below average quality company.
The key valuation ratios of Inox Wind Ltd's currently when compared to its past seem to suggest it is in the Fair zone.
The Price Trend analysis by MoneyWorks4Me indicates it is Weak which suggest that the price of Inox Wind Ltd is likely to Fall in the short term. However, please check the rating on Quality and Valuation before investing.
About Inox Wind Ltd
Inox Wind (IWL), part of the INOXGFL Group, is one of India’s leading providers of wind energy solutions. The company caters to a wide spectrum of clients, including Independent Power Producers (IPPs), utilities, Public Sector Undertakings (PSUs), corporates and retail investors. With several state-of-the-art manufacturing facilities located across Gujarat, Himachal Pradesh and Madhya Pradesh, the company ensures complete in-house production of key turbine components, backed by advanced technology and rigorous quality standards.
The company’s wind turbines are specifically designed to perform efficiently in the low wind speed conditions prevalent in India, delivering reliable, cost-effective and high-performance solutions. Being one of the leading fully integrated players in the wind energy market in India, the company provides end-to-end turnkey solutions to customers.
The company’s offerings include manufacturing and supplies of 2MW & 3MW class WTGs (Wind Turbine Generators), EPC (Engineering, Procurement, and Construction) & infrastructure development (through subsidiary Inox Renewable Solutions or IRSL) and Operations and Maintenance (O&M) (through subsidiary Inox Green Energy Services or IGES). As a fully integrated player, the company plays a vital role in accelerating India's renewable energy transition.
The company has ISO 9001:2008, ISO 14001:2004, OHSAS 18001 and ISO 3834 certifications for its management systems pertaining to the manufacturing, installation, commissioning and O&M of wind turbines.
Business area of the company
The company is a leading, fully integrated wind energy solutions provider with a strong pan-India presence. Supported by robust manufacturing facilities, advanced O&M capabilities and a record-high order book, the company is well-positioned to support the expansion of wind energy in India.
Services
- Infrastructure: Its Infrastructure services encompass the whole lifecycle of wind farm projects, from site identification and resource assessment to land acquisition and project commissioning. The company leverages advanced technology and expert insights for optimal turbine placement and integration with power systems, prioritizing safety, efficiency, and sustainability for both setup and long-term performance.
- Operations & Maintenance: Its Operations and Maintenance (O&M) services ensure optimal performance of wind farms through proactive maintenance, advanced technology, and strategic partnerships. The company provides 24/7 on-site support, predictive maintenance, and real-time monitoring, focusing on maximizing energy output and minimizing downtime. Its approach emphasizes environmental responsibility and operational excellence.
Major Events
- 2009: The company entered into technology and license agreements for wind turbine generators with AMSC and rotor blade sets with WINDnovation.
- 2010: The company’s WTG plant commenced commercial operations and its first WTG was erected and commissioned in Tamil Nadu.
- 2010: The company’s rotor blade plant commenced commercial operations.
- 2011: The company’s tubular steel tower plant commenced commercial production.
- 2011: The company’s WT2000DF model received C-WET type certification.
- 2011: The company was included in the Revised List of Models & Manufacturers of Wind Turbines issued by C-WET.
- 2011: The company’s first 50MW wind power project at Gujarat, got commissioned.
- 2012: The company’s subsidiary, IWISL was incorporated.
- 2013: The company entered into a license agreement with WINDnovation for the new WB488-2.0-3 rotor blades.
- 2013: The company has commenced work on wind farms of more than 400 MW in the states of Gujarat, Rajasthan and Maharashtra.
- 2013: The company becomes the 4th largest WTG company in India in terms of WTGs installed in a year as per the WISE Report.
- 2013: IWISL, The company’s wholly owned subsidiary, had acquired 100% shareholding in MSEIL a company located in Madhya Pradesh, whereby MSEIL became a wholly owned subsidiary of IWISL.
- 2014: The company has been issued ratings of A/stable for long term bank loan and A1 for Commercial papers and letter of credit by CRISIL.
- 2014: The company has entered into licensing agreement with WINDnovation for manufacturing rotor blade sets with 113 meters diameter.
- 2014: The company has commenced production of nacelles, hubs and towers suitable for 100 meters rotor diameter blades.
- 2014: The company successfully implemented LVRT (Low Voltage Ride Through) system in its turbines.
- 2015: The company’s has commenced production of 100 mts rotor diameter blades at its Rohika Unit.
- 2016 - Inox Wind Commissions Common Power Evacuation Infrastructure in Madhya Pradesh.
- Inox Wind Infrastructure Services Ltd., a Wholly Owned Subsidiary of Company has acquired Sarayu Wind Power (Kondapuram) Private Ltd.
- NTPC Limited Partners Inox Wind to foray into Wind Energy.' - 2019: The company received a LoI from Adani Green Energy to supply, erect and commission 501.6 MW of wind power projects, across projects won under SECI auctions.
- 2019: The company commissioned the common power evacuation facilities at Dayapar site in District Bhuj in the State of Gujarat.
- 2019: The company signed deal for sale of 50 MW wind power project in Gujarat.
- 2019: The company bagged an order for a 38 MW wind power project to be developed at Anjar in the State of Gujarat from ReNew Power under the SECI - 2 regime.
- 2019: The company signed a Term Sheet with Continuum Power Trading (TN), part of Continuum Wind Energy group, to supply, erect and commission 250 MW of wind power comprising of a mix of 2 MW and 3 MW turbines.
- 2020: The company bagged new orders for the supply and installation of wind turbine generators of 40 MW from retail customers spread across various industries.
- 2021: The company bagged new orders for the supply and installation of wind turbine generators of 62 MW from IPPs and retail customers spread across various industries for third party sales and captive consumption.
- 2021: The company signed a binding agreement with Integrum Energy Infrastructure to supply, erect and commission 92 MW of wind power projects comprising of 2 MW turbines with a combination of total turnkey and limited scope supply.
- 2021: The company bagged an order for a 150 MW wind power project from NTPC Renewable Energy, a wholly owned subsidiary of NTPC, to be commissioned in the state of Gujarat.
- 2022: The company bagged an order for a 200 MW wind power project from NTPC Renewable Energy, a wholly owned subsidiary of NTPC, to be commissioned in the state of Gujarat.
- 2022: The company commissioned India’s first 3.3 MW wind turbine in Rajkot in the state of Gujarat.
- 2023: The company bagged an order for a 150MW wind power project from NTPC Renewable Energy, a wholly subsidiary of NTPC Green Energy, which is the RE business vertical of NTPC.
- 2024: The company received a Letter of Intent (LoI) for executing a 50 MW ISTS connected wind power project on a turnkey basis from NLC India.
- 2024: The company bagged an order for the supply of 210 MW of Wind Turbine Generators (WTGs) from Hero Future Energies (HFE).
- 2024: The company incorporated four wholly owned subsidiaries in the name of Junachay Wind Energy, Dharvi Kalan Wind Energy, Dangri Wind Energy and Kadodiya Wind Energy.
- 2024: The company incorporated wholly-owned subsidiary (WOS), namely, Pokhran Wind Energy, on June 25, 2024, as a special purpose vehicle (SPV) to develop wind farms in India.
- 2024: Inox Wind’s promoter -- Inox Wind Energy (IWEL) infused Rs 900 crore into the company, following which the wind energy solutions provider will become a net debt-free company.
- 2025: The company bagged a 153 MW order from a leading renewable energy developer, which is a member of a large global clean energy company.
- 2025: The company bagged a 51 MW order from First Energy (FEPL), a Thermax Group company and a leading renewable energy solutions provider in the commercial & industrial space in India.
- 2025: The company secured a 102.3 MW order from Aditya Birla Renewables’ subsidiary -- ABREL EPC. This is the first order secured by the company from Aditya Birla Renewables.
- 2026: The company signed an MoU with Inox Clean Energy (Inox Clean), India’s fastest-growing independent power producer (IPP) and solar cell & module manufacturing platform, to supply 1,500 MW of wind turbines.
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