Inox Wind - Fueling Success Through 3 MW Transition, Strong Execution: Systematix

Systematix Research Report

We hosted Inox Wind Ltd.’s management to better understand the key developments in India’s wind energy sector and to gain deeper insights into the company’s growth trajectory, long term outlook, and guidance.

The key takeaways were:

1. Execution is expected to be in the ~800 mega watt/1,200 MW range for FY25/FY26;

2. Inox Wind is positioned to deliver strong free cash flows;

3. Continued deleveraging efforts would render the company cash positive within a few months;

4. Inox Wind has completely transitioned to 3 MW platform and ceased production of 2 MW wind turbine generators which would enable it to deliver on targeted execution as well as be a key profitability driver;

5. The wind energy space in India is expected to become a 5 GW-8 GW market in FY25/FY26;

6. Reverse auction re-introduction is a no event and does not impact Inox Wind in any way;

7. Inox Green Energy services Ltd. aims to become a 10 GW platform in the medium term.

We have a Buy rating on Inox Wind with a target price of Rs 724/share, implying an upside of 34% from current market price.

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