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Inox Wind shares rise 4%; Motilal Oswal initiates coverage with 'Buy'
At 10:54 AM, Inox Wind share price was trading 1.82 per cent higher at ₹176.1 per share on the BSE. In comparison, the BSE Sensex was trading down 0.16 per cent at 83,563.27. The company's market capitalisation stood at ₹22,946.77 crore. Its 52-week high was at ₹262.1 per share and 52-week low was at ₹130.2 per share.
Domestic brokerage Motilal Oswal has initiated coverage on Inox Wind shares with a 'Buy' rating. The brokerage gave a target of ₹210 per share.
Here are a few reasons why Motilal is upbeat on Inox Wind
Valuations cheaper compared to peer
Motilal Oswal believes that INox Wind valuation is reasonable as compared to its competitor Suzlon Energy.
Inox Wind is currently trading at FY27 P/E of 20.5x, which is at a 28 per cent discount to its direct competitor, Suzlon Energy.
Rising order book and O&M synergies
Inox Wind, according to Motilal Oswal is well-positioned to capitalise on India's target of expanding its installed wind capacity from 50GW at the end of FY25 to 100GW by 2030, supported by the projected increase in annual installations.
With its order book of 3.2GW as of FY25-end (58 per cent turnkey) rapidly growing, the earnings growth outlook remains promising.
Inox Wind is also benefiting from its integrated operations and synergies (O&M) across the group, such as IGESL's 5.1GW O&M portfolio (including both solar and wind) and IRSL's proven 3GW+ EPC track record, which helps with faster execution, cost savings, and improved profitability.
Healthy earnings outlook
Motilal Oswal expects Inox Wind to deliver a strong consolidated Earnings before interest, tax, depreciation and amortisation (Ebitda) compound annual growth rate (CAGR) of 38 per cent over FY25-28, supported by a ramp-up in wind turbine generator (WTG) execution.
The company's WTG execution is expected to grow from 705MW in FY25 to 1.1/1.6/1.8GW in FY26/27/28 and sustained healthy Ebitda margins of 17 per cent.
Further, O&M's contracted capacity (Wind + Solar) is poised to nearly triple from 3.5GW in FY25 to 9.6GW by FY28. The brokerage estimates a CAGR of 27 per cent/54 per cent/65 per cent in O&M revenue/Ebitda/adjusted PAT over FY25-28.
Rising demand for wind energy in India
India's increasing reliance on wind energy is crucial for achieving its renewable energy mix target by 2030, with wind energy expected to contribute around 20 per cent of the total. Inox Wind stands to benefit significantly from this growth, especially with Suzlon Energy Limited (SUEL) projecting annual installations of 6GW in FY26, increasing to 9GW by FY28.
RLMM benefits
A key development in the wind energy sector is the Revised List of Models and Manufacturers (RLMM) by the Ministry of New and Renewable Energy (MNRE), which mandates local sourcing of key components. This move is expected to benefit Indian OEMs like Inox Wind and Suzlon, diminishing the competitive edge of Chinese players and reducing pressure on margins.
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