Synopsis: Inox Wind, down ~63% from its all-time high of ₹258.20, holds a 3.2 GW order book and reported Q3FY26 revenue of ₹1,207 cr, indicating potential to recover toward previous highs.
Over the past years, Inox Wind has witnessed significant volatility in its share price, reflecting a mix of market sentiment, sector trends, and company-specific developments. Once seen as a high-growth renewable energy stock, it has struggled to maintain momentum, leading to a prolonged period of underperformance compared to its historical highs. Investors and market watchers are now closely observing whether the stock can regain its footing amid evolving market conditions, policy support for renewable energy, and broader sectoral shifts.
Inox Wind Limited, with a market capitalization of Rs. 15,536.86 crore, closed at Rs. 89.19 per equity share, down by 3.19 percent from its previous day’s close price of Rs. 92.13 per equity share.
Inox Wind Limited has delivered returns across multiple timeframes, with a 1-month return of -16.80 percent, a 3-month return of -32.40 percent, and a 6-month return of -36.47 percent The stock has delivered a -39.87 percent return in the past 1 year and in the longer frame of 5 years it has delivered a return of 280.11 percent. From the all time high of Rs. 258.20 as on 23, September 2024, the stock has fallen by 65.46 percent.
Inox Wind Limited, based in Noida and incorporated in 2009, manufactures and sells wind turbine generators and components in India. It provides nacelles, hubs, rotor blades, and towers, along with services like wind resource assessment, site development, installation, and long-term operations and maintenance for wind power projects.
Why did the Stock Fall?
Inox Wind shares have seen a sharp decline, trading below Rs. 100 and down 66 percent from their all-time highs. Several factors contributed to this slump. Execution challenges have been a major drag, with industry-wide delays in site readiness and infrastructure affecting delivery timelines.
In Q3 FY26, the company delivered 252 MW, which, although higher year-on-year, is insufficient to meet the full-year target of over 1,200 MW. Profit booking by investors further pressured the stock, leading to its substantial correction.
Revenue misses also weighed on sentiment; after hitting a high of Rs. 1,275 crore in March 2025, subsequent quarterly revenues slowed to Rs. 826 crore in June, Rs. 1,119 crore in September, and Rs. 1,207 crore in December 2025.
Current Developments
Despite recent setbacks, Inox Wind is taking significant steps to strengthen operations. The company now boasts a robust and well-diversified order book of approximately 3.2 GW, providing clear revenue visibility for the next 18–24 months. Key orders include projects from Aditya Birla, First Energy, Amplus/Gentari, Jakson, NTPC, CESC, NLC India, Hero Future Energies, and Inox Clean Energy.
Additionally, a major positive catalyst was the company becoming India’s first cryogenic equipment manufacturer to receive the prestigious IATF 16949 certification for its Kalol facility in Gujarat, validating high-quality manufacturing standards. Following this certification, shares of Inox India rose sharply by around 13 percent, reflecting renewed investor confidence.
Financial Highlights
Revenue for Q3FY26 stood at Rs. 1,207 crore, up 32.5 percent YoY from Rs. 911 crore in Q3FY25. On a sequential basis, revenue increased by 7.9 percent QoQ from Rs. 1,119 crore in Q2FY26, reflecting steady growth both year-on-year and quarter-on-quarter.
EBITDA for Q3FY26 came in at Rs. 282 crore, compared to Rs. 204 crore in Q3FY25, marking a 38.2 percent YoY growth. Sequentially, EBITDA rose by 23.7 percent QoQ from Rs. 228 crore in Q2FY26, indicating improved operating performance during the quarter.
Profit after tax stood at Rs. 127 crore in Q3FY26 versus Rs. 110 crore in Q3FY25, reflecting a 15.5 percent YoY growth. Compared to Rs. 121 crore in Q2FY26, profit declined slightly by 5.0 percent QoQ, showing stable earnings despite marginal sequential pressure.
A return on equity (ROE) of about 11.7 percent and a return on capital employed (ROCE) of about 11.5 percent, and debt to equity ratio at 0.17 demonstrate the company’s financial position. The stock is currently trading at a P/E of 30.8x lower as compared to industry P/E of 34.9x.
Future Outlook
Looking ahead, Inox Wind is well-positioned to benefit from India’s favorable renewable energy environment. Out of over 13 GW of renewables capacity awarded in Apr–Feb FY26, 2.25 GW comprised wind projects, underscoring strong sector demand. India targets 500 GW of non-fossil fuel capacity by 2030 and 1,800 GW by 2047, providing long-term growth visibility. The company aims to ramp up execution, with a target of 1,200+ MW for the full year, and expects an 18–20 percent revenue growth in Q4 FY25, potentially increasing by Rs. 400 crore.
Margins have also improved, rising from 20 percent in March 2025 (Q4 FY25) to 23 percent in December 2025 (Q3 FY26). With a growing order book, international exposure, and supportive industrial growth, Inox Wind has the potential to reverse losses and steadily move towards reclaiming its all-time high.
Inox Wind has faced a sharp correction due to execution delays, revenue misses, and profit booking, yet a robust 3.2 GW order book, improving margins, and favorable renewable energy demand provide strong growth visibility. With steady execution, the stock has the potential to recover and move toward its all-time highs.
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