Inox Wind is a leading vertically-integrated player in India’s wind energy sector. It delivers end-to-end solutions, from conception, commissioning to operating and maintenance (O&M) of wind power projects. The company produces 2 mega watt (MW) and 3 MW wind turbine generators.
As of the end of the financial year 2025, Inox Wind holds a robust order book of 3.2 giga watt (GW), the brokerage said. The company’s subsidiary Inox Green Energy managed a significant 5.1 GW O&M portfolio, it added.Motilal Oswal expects Inox Wind’s Earnings Before Interest, Tax, Depreciation and Amortisation (EBITDA) to grow at Compounded Annual Growth Rate (CAGR) of 38% over financial year 2025-2028. It sees a ramp up in WTG execution from 705 mega watt (MW) in the last financial year to 1.1 GW this year, 1.6 GW next year and 1.8 GW in financial year 2028.
It has targeted the company’s price-to-earnings ratio at 25x to its FY27 earnings-per-share estimates.Motilal Oswal had initiated coverage on peer stock Suzlon Energy Ltd. in March, calling it a “bellwether” play on India’s wind energy potential. The initiation came with a “buy” recommendation and a price target of ₹70 per share.
Motilal Oswal believes that wind energy is likely to account for nearly 20% of India’s renewable energy mix, compared to 39% in the US and Germany, 33% in China and 42% in the UK, highlighting the need for more focus on wind energy development.
A total of nine analysts have coverage on the stock, with eight “buy” ratings and one “hold” rating.
Shares of Inox Wind were up nearly 3% at ₹177.9 apiece minutes after market open on Wednesday, July 2. The stock has declined nearly 4% in the past month.
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First Published: Jul 2, 2025 9:30 AM IS
