Suzlon peer attractively valued: MOSL assigns buy call amid weak order inflows

Shares of Inox Wind, peer of multibagger Suzlon Energy, are set for a 18% upside despite weak order inflows, believes Motilal Oswal. The company logged relatively weak order inflows, with only 600MW of new orders secured during FY26 and missed its FY26 revenue guidance by 9%. Inox Wind shares ended 2.91% lower at Rs 93.02 on Friday. Market cap of Inox Wind stood at Rs 16,076 crore. Total 1.6 crore shares of the firm changed hands amounting to a turnover of Rs 151.76 crore. 

Inox Wind stock is trading lower than the 5 day, 10 day, 20 day, 30 day, 50 day, 100 day, 150 day and 200 day moving averages.

The stock has fallen 52% in a year. The RSI of the stock stands at 42.8, signalling the stock is trading neither in the oversold nor in the overbought zone. 

The stock has fallen 53% from its 52-week high of Rs 198.19 reached on June 2, 2025. 

Brokerage Motilal Oswal cut FY27/FY28 EBITDA estimates by 7%/6%. "We lower our FY27/FY28 EBITDA estimates by 7%/6% as we estimate deliveries to be lower at 1.2GW/1.4GW in FY27/28. We maintain our BUY rating, given attractive valuations, with a revised target price of Rs 110 per share (based on 20x FY28E EPS)," said Motilal Oswal. 

Inox Wind reported its Q4 results on May 29, 2026. Consolidated net profit fell 45% to Rs 106 crore  compared to Rs 190 crore in Q4 FY25. Profits took a hit due to geopolitical disruptions and increased interest burdens.

EBITDA came at Rs 200 crore, falling 21% from Rs 254 crore YoY. EBITDA Margin stood at 16.04%, narrowing from roughly 20% in the same quarter of the the previous year.

While assigning a buy call, the brokerage liked key things about the result: 1) The visibility of recurring captive order inflows from Inox Clean, which plans to add 3GW of renewable capacity annually with 20-30% expected to be wind-based (1/3rd of IWL’s annual execution target); 2) Management’s strategy to gradually increase pure equipment supply contracts’ share in the order book from 27% currently to 75% over time, which should improve working capital efficiency and margins; and 3) Management’s FY27 revenue growth guidance of 75% YoY with EBITDA margins of 20-22%.

Inox Wind Limited (IWL) is India’s leading wind energy solutions provider servicing IPPs, Utilities, PSUs & Corporate investors. IWL is a part of the US$ 12 BN INOXGFL Group which has a legacy of over nine decades and is primarily focused on two business verticals - chemicals and renewable energy.