Nuvama Institutional Equities Retains ‘Buy’ Rating on Inox Wind
Nuvama Institutional Equities has retained its ‘Buy’ rating on Inox Wind. Inox Wind is a wind energy solutions provider and is a peer of Suzlon Energy. However, the brokerage has lowered its target price to Rs 190 per share from Rs 236 earlier. Despite this revision, the stock still has a potential upside of 38.68% from its current price of Rs 137.
Key Highlights:
- Q1 FY26 Execution: Inox Wind posted modest execution of 146 MW, slightly lower than the consensus estimate of 180 MW.
- Revenue and Margins: Revenue stood at Rs 830 crore, with a higher operating margin of 22.2% driven by a product-heavy mix.
- Order Book: The company’s order book stands at 3.1 GW for execution over the next 24 months, with a recent order inflow of 51 MW.
- Growth Outlook: Inox Wind is well-positioned to sustain its market share. The company has a strong growth outlook. This is supported by industry tailwinds and a technological edge.
Nuvama’s Observations:
- Inox Wind is one of only two wind-EPC suppliers in India. It benefits from strong demand in RTC, FDRE, and C&I segments.
- The brokerage has revised its FY26 and FY27 execution forecasts to 1.1 GW and 1.8 GW, respectively, from 1.2 GW and 2 GW earlier
