Inox Wind shares at Rs 190! Nuvama sees 31% potential upside; here's why
Nuvama retains a 'BUY' rating for Inox Wind, setting a target price of Rs 190 following a strategic restructuring within the Inox Group. The restructuring includes merging IWEL into IWL-WTG and a rights issue for balance sheet deleveraging. Inox Wind's stock saw a high of Rs 180 today, closing at Rs 175.
- Sep 5, 2025,
- Updated Sep 5, 2025 8:57 AM IST
Nuvama on Friday retained its 'Buy' recommendation on Inox Wind with a target price of Rs 190, reflecting confidence in the group's strategic direction. The target price is based on 30 times FY27E WTG earnings per share, alongside discounted cash flow analysis of Inox Green Energy Services, part of the Inox Group.
Nuvama highlighted the significant restructuring undertaken by the Inox Group, which includes the merger of IWEL into IWL-WTG. This move, along with a rights issue aimed at balance sheet deleveraging, is expected to streamline operations and enhance capacity in the wind sector.
The restructuring efforts have positioned the Inox Group as a leaner and more integrated renewable energy platform. Inox Green (O&M) has expanded into solar operations, while IRSL has bolstered its manufacturing and EPC capabilities. This diversification aims to solidify the group's market position.
Inox Wind is set to benefit from the Ministry of New and Renewable Energy's Approved List of Models and Manufacturers notification, effective from July 2025, Nuvama said. This policy is anticipated to boost orders for domestic wind turbine generator suppliers, thereby reducing import reliance, it added.
Nuvama finds Inox Wind's execution guidance remains robust at 1.2GW for FY26 and 2GW for FY27, with a significant portion expected in the first half of FY26. Margins are also projected to improve, with guidance raised from 17-18 per cent to 18-19 per cent, it said.
Inox Green Energy Services has expanded its portfolio to 5.3GW across wind and solar, with a target of reaching 17GW by FY27. This expansion includes a 2GW special-situation asset, with net margins accruing as other income, pending NCLT approval.
IRSL, part of the Inox Group, has commenced transformer manufacturing for captive use and launched crane services at project sites. The company recently raised Rs 175 crore and plans for a public listing within two to three quarters, aiming to enhance its manufacturing and service capabilities.
Overall, the restructuring and strategic efforts of the Inox Group reflect a commitment to long-term growth and sustainability in the renewable energy sector, with Nuvama's guidance indicating strong revenue visibility through FY27.
Nuvama on Friday retained its 'Buy' recommendation on Inox Wind with a target price of Rs 190, reflecting confidence in the group's strategic direction. The target price is based on 30 times FY27E WTG earnings per share, alongside discounted cash flow analysis of Inox Green Energy Services, part of the Inox Group.
Nuvama highlighted the significant restructuring undertaken by the Inox Group, which includes the merger of IWEL into IWL-WTG. This move, along with a rights issue aimed at balance sheet deleveraging, is expected to streamline operations and enhance capacity in the wind sector.
The restructuring efforts have positioned the Inox Group as a leaner and more integrated renewable energy platform. Inox Green (O&M) has expanded into solar operations, while IRSL has bolstered its manufacturing and EPC capabilities. This diversification aims to solidify the group's market position.
Inox Wind is set to benefit from the Ministry of New and Renewable Energy's Approved List of Models and Manufacturers notification, effective from July 2025, Nuvama said. This policy is anticipated to boost orders for domestic wind turbine generator suppliers, thereby reducing import reliance, it added.
Nuvama finds Inox Wind's execution guidance remains robust at 1.2GW for FY26 and 2GW for FY27, with a significant portion expected in the first half of FY26. Margins are also projected to improve, with guidance raised from 17-18 per cent to 18-19 per cent, it said.
Inox Green Energy Services has expanded its portfolio to 5.3GW across wind and solar, with a target of reaching 17GW by FY27. This expansion includes a 2GW special-situation asset, with net margins accruing as other income, pending NCLT approval.
IRSL, part of the Inox Group, has commenced transformer manufacturing for captive use and launched crane services at project sites. The company recently raised Rs 175 crore and plans for a public listing within two to three quarters, aiming to enhance its manufacturing and service capabilities.
Overall, the restructuring and strategic efforts of the Inox Group reflect a commitment to long-term growth and sustainability in the renewable energy sector, with Nuvama's guidance indicating strong revenue visibility through FY27.