Inox Wind Gets 'Buy' From Systematix Ahead Of Q3 Results; Here's Why

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Systematix Research Report

We estimate Inox Wind Ltd.’s Q3 FY25 consolidated revenue of Rs 9.5 billion (+89% YoY, +30% QoQ), driven by improving deliveries of 3MW wind turbine generator sets. We estimate Q3 FY25 execution of 185 MW, projecting a growth of 78%/32% YoY/QoQ. Consolidated Ebitda (excluding other income) is expected to reach Rs 1.75 billion during the quarter, up 89% YoY and 2% QoQ. With our Q3 estimates, we expect FY25 annual execution to reach 734 MW (+95% YoY) compared to management’s guidance of 800MW.

We anticipate better execution and commissioning in Q4 FY25 with an anticipated pick up in EPC and continued ramp-up of manufacturing operations.

We estimate interest costs to drop by 53% YoY and 33% QoQ this quarter, resulting in a net profit after tax (before minority interest) of Rs 1,047 million (+16% QoQ).

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