Inox Wind Gets 'Buy' Rating As Motilal Oswal Initiates Coverage

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Motilal Oswal Report

We initiate coverage on Inox Wind Ltd. with a Buy rating and a target price of Rs 210/share, implying 21% upside. Inox Wind is a leading vertically integrated player in India’s wind energy sector, delivering end-to-end solutions from conception and commissioning to O&M of wind power projects.

With a manufacturing capacity of 2.5GW annually across four facilities, Inox Wind produces 2MW and 3MW Wind Turbine Generators. As of FY25-end, Inox Wind holds a robust order book of ~3.2GW, offering strong revenue visibility for at least two years.

Its listed subsidiary, Inox Green Energy Services Ltd. (55.93% stake), manages a significant 5.1GW O&M portfolio. Meanwhile, its other subsidiary, Inox Renewable Solutions Ltd. (93% stake), is diversifying beyond wind EPC into solar, hybrid EPC, and specialized services such as crane operations—broadening Inox Wind’s market reach and service offering.

Key risks:

1. Rising competition from Chinese and European players as wind installations pick up;

2. Potential pressure on realizations/margins for WTGs;

3. Dependency on ISTS waiver for project economics;

4. Technological changes leading to product obsolescence;

5. Delays in project execution leading to slower-than-expected execution of the order book; and

6. Volatility in raw material prices, operational expenses, and overhead costs.

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