Inox Wind Energy Ltd (IWEL) has officially merged into Inox Wind Ltd (IWL), creating a stronger, leaner, and more execution-focused renewable energy player. With a robust 3.1 GW order book, improved margins, and a cleaned-up balance sheet post-merger, Inox Wind is well-positioned to capitalize on India’s 140 GW wind power target by 2030. But how does the company stack up in terms of growth, debt, market potential, and valuation? Let’s break it down for investors.
📊 Company Growth & Financials
✅ FY25 vs FY24 (YoY Growth)
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Revenue: ₹3,702 Cr (↑ 105%)
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EBITDA: ₹918 Cr (↑ 167%)
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PAT: ₹438 Cr (vs loss last year)
✅ Q1 FY26 (YoY)
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Revenue: ₹863 Cr (↑ 32%)
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EBITDA: ₹220 Cr (↑ 39%)
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PAT: ₹97 Cr (↑ 134%)
🔍 3–5 Year View: After years of losses, the company turned the corner in FY25, proving its turnaround strategy works.
👉 Key Takeaway: Profitability is back and scaling up – revenue, EBITDA, and PAT all show strong momentum.
📦 Order Book & Business Expansion
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Order Book: ~3.1 GW (highest ever)
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Execution Pace: 146 MW delivered in Q1 FY26
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Target: 1.2 GW execution in FY26, ~2 GW in FY27
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Capacity Boost: New nacelle & transformer plants, in-house crane services, sub-station business realignment
👉 Key Takeaway: Deep order book + execution capability = strong multi-year visibility.
🔮 Future Projections & Pipeline
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EBITDA Margin Guidance: 18–19%
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Rights Issue: ₹1,249 Cr in Aug 2025 to fund growth
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Pipeline: Largest 1,500 MW program + multi-site projects under execution
👉 Key Takeaway: Growth is funded, scalable, and supported by policy tailwinds in renewables.
💰 Debt & Financial Health
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Liabilities Cut: ~₹2,050 Cr wiped out via merger
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Debt-to-Equity: ~0.30, trending down
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Cash Flow: Positive trajectory with rising collections
👉 Key Takeaway: Balance sheet cleaned up; debt no longer a major overhang.
🌍 Market Size & Opportunities
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India TAM: MNRE targets ~140 GW wind by 2030 (vs ~46 GW installed mid-2025)
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IWL View: ~80 GW additions possible in next 8 years
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Global Context: 2024 was the best-ever year for global wind installations
👉 Key Takeaway: Enormous runway ahead – policy + auctions guarantee demand visibility.
⚖️ Regulatory & Market Influences
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IWEL Status: Trading suspended June 20, 2025 (merged into IWL)
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FII Holdings: Down from 15.68% to 13.78% in Jun’25
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Promoter Holding: ~44.18% with very low pledge (~0.82%)
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Market Sentiment: Stock underperformed YTD due to selloff pressure
👉 Key Takeaway: No regulatory issues, promoter pledge reducing, but FIIs trimmed exposure recently.
📈 Technical Analysis (IWL Monthly Charts)
💡 52-Week Range: ₹130 – ₹262
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Supports: ₹140–145 (pivot), ₹132 (52W low), ₹125 (deeper support)
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Resistances: ₹160 (breakout level), ₹175–180, ₹200, ₹228–230, ₹258–262 (52W high)
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Trend:
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Short-term (2–6 weeks): Range ₹140–160
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Medium-term (3–6 months): Break above ₹160 → ₹175–200
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Long-term (12–24 months): If 2 GW execution + 19% margins deliver → potential ₹230–260 retest
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👉 Key Takeaway: Base building near ₹140; breakout above ₹160 could turn charts bullish again.
📊 Valuation & Investment Outlook
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P/E (TTM): ~45
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Book Value Multiple: ~4x
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Street Targets: ₹180–210 near-term
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Narrative: Valuation is not cheap, but execution + margin visibility + balance sheet strength = strong re-rating potential.
👉 Key Takeaway: Fairly valued short-term; upside possible if execution sticks to 1.2–2 GW run-rate.
👨💼 Expert Quotes
💬 Kailash Tarachandani, CEO, Inox Wind Ltd:
“The merger of IWEL into IWL has strengthened our balance sheet by reducing liabilities of over ₹2,000 crore. With the largest-ever 1,500 MW program under execution, we are confident of sustaining growth and delivering superior shareholder value.”
💬 Industry Analyst (Renewables Focus):
“Inox Wind is emerging as a re-rated play in India’s renewable sector. With order book visibility, margin expansion, and a strong rights issue backing growth, the company is positioned as one of the leading beneficiaries of India’s wind power push.”
❓ FAQs
1. Is Inox Wind Energy still listed?
No. It merged into Inox Wind Ltd; IWEL trading suspended June 2025.
2. What is the IWEL to IWL swap ratio?
IWEL shareholders get 632 IWL shares for every 10 IWEL shares.
3. How big is the current order book?
~3.1 GW with 2 years of execution visibility.
4. Is debt still an issue?
No. Liabilities reduced by ~₹2,050 Cr; debt-to-equity comfortable at ~0.30.
5. What’s the sector outlook?
Bright – India targets 140 GW wind by 2030; 2024 was record year globally.
6. Where is the stock headed technically?
Range ₹140–160 near-term; breakout could open up ₹175–200 and beyond.
🎯 Conclusion
Inox Wind Energy’s merger into Inox Wind marks a turning point—not just in structure, but in strength. The company now carries:
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A cleaner balance sheet 🏦
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A 3.1 GW executable order book 📦
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Clear margin expansion to 18–19% 📈
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Rights issue funding for scaling 🔋
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Exposure to one of India’s fastest-growing renewable markets 🌍
📌 Investor Outlook: While valuations aren’t cheap, the combination of growth, debt-reduction, and strong execution visibility offers re-rating potential in the medium to long term. For investors bullish on renewable energy, Inox Wind represents both a structural turnaround and a policy-driven growth story worth watching closely.
⚠️ Disclaimer: This is an educational analysis, not investment advice. Please consult a registered financial advisor before making any investment decisions.
