Suzlon's peer stock tanks 6% as Q1 net profit drops 34%; target prices
On Monday, Inox Wind shares fell 5.6 per cent to hit a low of Rs 73.57 apiece. The stock traded at 30.94 times its trailing 12-month earnings per share (EPS) against Suzlon's 20.73 times trading EPS.
- Aug 10, 2026,
- Updated Aug 10, 2026 1:09 PM IST
Inox Wind Ltd, a Suzlon Energy peer, saw its shares tumbling 6 per cent in Monday's trade, tracking an all-around miss in the June quarter. Anlaysts said Inox Wind's ability to meet FY27 revenue growth guidance of 75 per cent YoY, given Q1 delivered only 8 per cent of the full-year target, will be keenly tracked. Trajectory of new order inflows, particularly third-party orders, and execution ramp-up, will also be followed keenly, they said.
On Monday, Inox Wind shares fell 5.6 per cent to hit a low of Rs 73.57 apiece. The stock traded at 30.94 times its trailing 12-month earnings per share (EPS) against Suzlon's 20.73 times trading EPS.
Inox Wind clocked a 34.2 per cent year-on-year (YoY) degrowth in net profit at Rs 64.10 crore for the June quarter compared with Rs 97.3 crore in the corresponding quarter last year. Sales for the quarter degrew 1.5 per cent to Rs 814.10 crore from Rs 826.30 crore YoY.
MOFSL said Inox Wind missed its revenue estimate by 15 per cent, its Ebitda came in 18 per cent below estimate, while Ebitda margin of 19 per cent came in in line with estimate. Adjusted PAT in fact was 48 per cent below MOFSL's forecast.
The domestic brokerage said the group's renewable arm, INOX Clean Energy, is expected to add 3GW of renewable capacity annually, with wind accounting for 25-30 per cent of this mix – a potential 0.75–0.9GW annual execution opportunity for INOX Wind and subsidiaries.
Besides, it said out of the 9.3GW of renewable capacity awarded in India through tenders in 1QFY27, standalone wind projects accounted for 2.35GW (25 per cent), reflecting healthy demand for wind capacity. NCLT approval for the acquisition of Wind World India (4.5GW) is expected to unlock meaningful synergies, with integration expected to complete by Q2FY27, it said while suggesting a target of Rs 92 on the stock.
The company management has characterised moderation in performance as momentary due to the transition from EPC to equipment supply, and emphasised recovery from H2FY27. They maintained guidance for revenue growth at 70–75 per cent YoY, and Ebitda margin at 20–22 per cent.
"We sense that the group is executing a corporate restructuring to transition into a vertically integrated RE ecosystem, optimising individual businesses while capturing group synergies. It has decoupled its value chain by launching the IPP platform (INO Neo) for generation, while separating power evacuation from services to grow EPC vertical (INOX Renewable Solutions)," JM Financial said.
Simultaneously, it noted that Inox Wind executed multiple acquisitions to develop O&M, while systematically de-risking its supply chain through the in-house manufacturing of solar (INOX Solar) and wind (INOX Wind) equipment.
JM Financial suggested 'Add' and a target of Rs 88 on the stock.
Inox Wind Ltd, a Suzlon Energy peer, saw its shares tumbling 6 per cent in Monday's trade, tracking an all-around miss in the June quarter. Anlaysts said Inox Wind's ability to meet FY27 revenue growth guidance of 75 per cent YoY, given Q1 delivered only 8 per cent of the full-year target, will be keenly tracked. Trajectory of new order inflows, particularly third-party orders, and execution ramp-up, will also be followed keenly, they said.
On Monday, Inox Wind shares fell 5.6 per cent to hit a low of Rs 73.57 apiece. The stock traded at 30.94 times its trailing 12-month earnings per share (EPS) against Suzlon's 20.73 times trading EPS.
Inox Wind clocked a 34.2 per cent year-on-year (YoY) degrowth in net profit at Rs 64.10 crore for the June quarter compared with Rs 97.3 crore in the corresponding quarter last year. Sales for the quarter degrew 1.5 per cent to Rs 814.10 crore from Rs 826.30 crore YoY.
MOFSL said Inox Wind missed its revenue estimate by 15 per cent, its Ebitda came in 18 per cent below estimate, while Ebitda margin of 19 per cent came in in line with estimate. Adjusted PAT in fact was 48 per cent below MOFSL's forecast.
The domestic brokerage said the group's renewable arm, INOX Clean Energy, is expected to add 3GW of renewable capacity annually, with wind accounting for 25-30 per cent of this mix – a potential 0.75–0.9GW annual execution opportunity for INOX Wind and subsidiaries.
Besides, it said out of the 9.3GW of renewable capacity awarded in India through tenders in 1QFY27, standalone wind projects accounted for 2.35GW (25 per cent), reflecting healthy demand for wind capacity. NCLT approval for the acquisition of Wind World India (4.5GW) is expected to unlock meaningful synergies, with integration expected to complete by Q2FY27, it said while suggesting a target of Rs 92 on the stock.
The company management has characterised moderation in performance as momentary due to the transition from EPC to equipment supply, and emphasised recovery from H2FY27. They maintained guidance for revenue growth at 70–75 per cent YoY, and Ebitda margin at 20–22 per cent.
"We sense that the group is executing a corporate restructuring to transition into a vertically integrated RE ecosystem, optimising individual businesses while capturing group synergies. It has decoupled its value chain by launching the IPP platform (INO Neo) for generation, while separating power evacuation from services to grow EPC vertical (INOX Renewable Solutions)," JM Financial said.
Simultaneously, it noted that Inox Wind executed multiple acquisitions to develop O&M, while systematically de-risking its supply chain through the in-house manufacturing of solar (INOX Solar) and wind (INOX Wind) equipment.
JM Financial suggested 'Add' and a target of Rs 88 on the stock.