Inox Wind Limited (INOXWIND)

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Inox Wind Limited (INOXWIND) · mywealthgrid

About

Inox Wind Limited manufactures Heavy Electrical Equipment in India's Industrials sector with ₹12,731.65 Cr market cap, operating at 20.27% OPM and holding a conservative balance sheet (D/E 0.24), though recent quarters show pronounced margin volatility.

Founded: 2009
Face value: ₹10

Market cap

₹11,881 Cr

P/E

34.5×

P/B

1.9×

Dividend yield

ROE

7.1%

ROCE

12.3%

Debt / equity

0.24

OPM

20.3%

EPS (TTM)

₹2.0

Book value

₹36.9

52-week high

—

52-week low

Key insights

Company research notes and source-linked reviews

Key risks

Valuation risk: PE of 36.97 is stretched; verify whether margin compression and 1y return of –49.42% reflect temporary cycle or permanent impairment
Margin volatility: OPM ranges 13–23% in recent quarters versus 20.27% stated, indicating execution risk or demand/pricing pressure
Capital inefficiency: ROE of 7.09% is weak; verify whether tied to cyclical trough or structural capital-deployment issues
Market rout: Stock down 49.42% YoY near 52-week low (₹73.67); verify underlying cause before assuming bounce-back is assured

Generated analysis · source review pending

Growth drivers

Margin normalization: Recent quarters show 13–23% OPM range; if execution stabilizes at stated 20.27% or above, earnings expand
Financial flexibility: D/E of 0.24 is conservative and enables capex investments; verify planned investments and their growth impact
Revenue stabilization: Quarterly revenues range ₹743–₹1,244 Cr with corresponding margin volatility; verify whether recent lows represent cyclical trough and timing of recovery

Generated analysis · source review pending

2,528 historical price candles were omitted because the exchange source has not been verified.

₹68.8-3.8%1Y

Quick read

rule-based

Pros

+Healthy operating margin of 20.3%
+Revenue CAGR of 44% over the last 5 years

Cons

−Low return on equity of 6% (3-yr avg)

Research score

Structured signal from quality, growth, valuation and momentum.

44/100

Business quality: 39
Growth: 37
Valuation: 57

Revenue & net profit

₹ crore, by fiscal year

RevenuePAT

Margins

% of revenue, by fiscal year

OPMPAT margin

Peers

Comparable companies from the narrowest available industry classification.

Part ofNIFTY SMALLCAP 50 NIFTY SMALLCAP 100 NIFTY SMALLCAP 250 NIFTY MIDSMALLCAP 400 NIFTY 500

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Financials

Reported profit and loss, balance sheet, cash flow and growth history.

Annual Quarterly

Consolidated Standalone

Consolidated figures · ₹ crore

₹ Cr	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	4,451	3,415	480	1,437	760	711	625	737	1,743	3,557	4,397
COGS	2,744	1,890	118	838	266	457	390	489	1,031	2,074	2,435
Gross profit	1,706	1,525	361	600	494	254	235	248	712	1,483	1,962
	986	984	443	444	624	442	547	504	443	726	1,071
	720	542	-81	156	-130	-188	-312	-257	269	757	891
OPM %	16.2%	15.9%	-17%	10.9%	-17.1%	-26.5%	-50%	-34.8%	15.4%	21.3%	20.3%
Depreciation	35	44	52	66	80	88	89	106	110	182	204
Interest	98	155	171	169	244	255	283	341	248	169	200
	48	84	24	17	24	73	84	14	40	134	172
Profit before tax	649	427	-280	-62	-430	-459	-600	-689	-49	539	659
Tax	188	123	-93	-22	-150	-152	-170	-19	4	102	210
Tax %	29%	28.9%	-33.1%	-35.6%	-35%	-33.1%	-28.4%	-2.7%	7.3%	18.9%	31.9%
	461	303	-188	-40	-279	-307	-430	-671	-53	438	449
PAT margin %	10.4%	8.9%	-39.1%	-2.8%	-36.8%	-43.2%	-68.8%	-91%	-3%	12.3%	10.2%
EPS (₹)	—	—	-8.5	-1.8	-12.6	-13.8	-19.4	-20.6	-1.6	2.8	2.7
EPS adjusted (₹)	5.2	3.4	-2.1	-0.5	-3.2	-3.4	-0.9	-5.1	-0.3	5.2	2.3
Annual report	Annual report for Mar 2016	Annual report for Mar 2017	Annual report for Mar 2018	Annual report for Mar 2019	Annual report for Mar 2020	Annual report for Mar 2021	Annual report for Mar 2022	Annual report for Mar 2023	Annual report for Mar 2024	Annual report for Mar 2025	—

₹ Cr	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Equity capital	222	222	222	222	222	222	1,140	326	326	863	1,728
Reserves	1,204	1,968	1,782	1,743	1,464	—	688	1,410	1,371	4,184	4,654
Minority interest	—	—	—	—	—	—	41	525	494	559	1,310
	840	1,528	831	1,092	846	—	1,718	2,382	3,248	1,466	1,551
	978	1,437	1,263	1,684	2,760	—	2,378	1,440	1,355	1,723	2,824
Total equity & liabilities	3,244	5,155	4,098	4,741	5,292	—	5,965	6,083	6,795	8,795	12,068
	211	765	985	973	1,228	1,191	1,343	1,619	1,813	2,291	2,760
CWIP	49	112	20	66	—	—	148	123	266	296	247
Investments	63	200	0	91	94	—	33	1	0	446	550
	2,921	4,077	3,094	3,611	3,970	—	4,440	4,341	4,716	5,763	8,510
Total assets	3,244	5,155	4,098	4,741	5,292	—	5,965	6,083	6,795	8,795	12,068

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Ratios

Annual operating, return, leverage and working-capital ratios.

Consolidated Standalone

Consolidated figures

Ratio	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Margins
Gross margin %	41.7%	65%	35.7%	37.6%	33.6%	40.8%	41.7%	44.6%
EBITDA margin %	10.9%	-17.1%	-22.8%	-50%	-34.8%	15.4%	21.3%	20.3%
EBIT margin %	6.3%	-27.7%	-35.2%	-64.2%	-49.2%	9.1%	16.2%	15.6%
PAT margin %	-2.8%	-36.8%	-43.2%	-68.8%	-91%	-3%	12.3%	10.2%
Working capital
Receivable days	414	635	—	627	410	238	276	353
Inventory days	411	1,363	—	940	843	441	238	268
Payable days	1	1,446	—	663	452	214	188	178
NWC days	824	552	—	905	801	465	326	443
Leverage
Current ratio	1.29	0.92	—	0.93	1.09	0.75	1.64	2.01
Debt to EBITDA	6.99	—	—	—	—	12.09	1.94	1.74
Debt to equity	0.56	0.5	—	0.94	1.37	1.91	0.29	0.24
Interest coverage	0.6	-0.8	-0.7	-1.1	-1	0.9	4.3	4.3
Asset turnover	0.3	0.14	—	0.1	0.12	0.26	0.4	0.36
Return ratios
Return on assets %	-0.8%	-5.3%	—	-7.2%	-11%	-0.8%	5%	3.7%
Return on capital employed %	4.5%	-8.9%	—	-12.3%	-12%	7.2%	17%	12.3%
Return on equity %	-2%	-16.6%	—	-23.5%	-38.6%	-3.1%	8.7%	7%

Derived from reported annual statements. ROCE uses EBIT over capital employed (total assets less current liabilities). Day counts average the opening and closing balance; receivables turn on revenue, inventory and payables on cost of goods sold.

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Shareholding

Quarterly ownership, named holders, insider transactions and disclosed deals.

Quarterly Annual

Every quarter filed · % of equity

Holder (%)	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
	64.64%	52.87%	52.87%	48.27%	48.27%	48.27%	48.27%	44.18%	44.18%	44.18%	44.18%	44.18%
	3.48%	9.49%	9.46%	13.37%	15.82%	15.26%	15.67%	13.77%	13.37%	14.16%	14.61%	14.53%
	6.56%	9.97%	10.27%	9.87%	9.25%	9.81%	9.44%	9.12%	9.86%	10.37%	10.97%	10.03%
Government	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%
	25.32%	27.67%	27.4%	28.49%	26.66%	26.66%	26.62%	32.93%	32.59%	31.29%	30.24%	31.26%
No. of shareholders	—	—	—	—	—	—	—	—	4,52,273	4,56,823	4,73,186	5,15,129

Promoter holding down 20.46 percentage points since Sep 2023.

109 deals · 15 Sept 2021 – 7 Mar 2025

Date	Client	Type	Venue	Side	Quantity	Price	Value
7 Mar 2025	GRAVITON RESEARCH CAPITAL LLP	Bulk	NSE	Sell	78,09,989	₹168.88	₹131.90 Cr
7 Mar 2025	GRAVITON RESEARCH CAPITAL LLP	Bulk	NSE	Buy	78,09,989	₹168.80	₹131.83 Cr
1 Feb 2025	GRAVITON RESEARCH CAPITAL LLP	Bulk	NSE	Sell	69,76,565	₹176.77	₹123.32 Cr
1 Feb 2025	GRAVITON RESEARCH CAPITAL LLP	Bulk	NSE	Buy	69,76,565	₹176.72	₹123.29 Cr
13 Nov 2024	SHASHVAT SOMANY	Block	BSE	Buy	10,50,000	₹190.00	₹19.95 Cr
13 Nov 2024	SOMANY IMPRESA LIMITED	Block	BSE	Sell	10,50,000	₹190.00	₹19.95 Cr
13 Nov 2024	EBRO TRADING PRIVATE LIMITED	Block	BSE	Buy	5,50,000	₹190.00	₹10.45 Cr
13 Nov 2024	SOMANY IMPRESA LIMITED	Block	BSE	Sell	5,50,000	₹190.00	₹10.45 Cr
18 Oct 2024	ISHARES GLOBAL CLEAN ENERGY UCITS ETF	Bulk	NSE	Buy	68,25,287	₹222.30	₹151.73 Cr
13 Aug 2024	GRAVITON RESEARCH CAPITAL LLP	Bulk	NSE	Sell	73,39,530	₹225.76	₹165.70 Cr

1–10 of 109

1 / 11

Mr. Manoj DixitExecutive Director-Chairperson
Mr. Devansh JainExecutive Director
Mr. Mukesh ManglikNon-Executive - Non Independent Director
Mr. Sanjeev JainNon-Executive - Independent Director
Mr. Brij Mohan BansalNon-Executive - Independent Director
Ms. Madhurima Sayan DasNon-Executive - Independent Director
Mr. Sanjeev AgarwalChief Executive Officer
Mr. Shivam TandonChief Financial Officer
Deepak BangaCompany Secretary & Compliance Officer

Current officeholders as filed with BSE. A person holding two offices is listed once per office.

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F&O

Current futures and options contracts with compact option-chain pages.

End of day 30 Sept 2026 · underlying ₹69.5 · volume and open interest in contracts

3

Expiry	Close	Chg	% Chg	Settlement	Open interest	Change in OI	Volume	Lot size
27 Oct 2026	₹70.1	-2.8	-3.8%	₹70.1	17,527	+55	1,077	6400
23 Nov 2026	₹70.3	-2.7	-3.7%	₹70.3	521	+49	91	6400
29 Dec 2026	₹71.0	-1.5	-2.1%	₹71.0	5	+5	5	6400

Open the chart icon on a row for that contract's close over 103 stored sessions, with open interest as bars beneath it.

31

27 Oct 2026 23 Nov 2026 29 Dec 2026

Calls				Strike	Puts
OI	Chg OI	Volume	LTP	—	LTP	Volume	Chg OI	OI
0	0	0	₹0.0	55

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Fund holders

Mutual-fund schemes that disclosed a holding in the company.

Portfolio month

Schemes holding

across 14 fund houses

Held by these funds

3.76%

of the company's equity

All mutual funds

9.08%

shareholding pattern, Jun 2026

Portfolios as of

August 2026

compared with July 2026

43 schemes · 14 fund houses

		Shares
ELSS – Tax Saver Fund	ICICI Prudential Mutual Fund	1.7 Cr	119.33	0.84%	0.981%	-0
SMALL CAP FUND	Nippon India Mutual Fund	1.27 Cr	89.51	0.11%	0.736%	-0
Energy Opportunities Fund	ICICI Prudential Mutual Fund	87.63 L	61.66	0.75%	0.507%	-0
Arbitrage FundNEW	SBI Mutual Fund	72.38 L	50.94	0.11%	0.419%	—
(Investment Manager for Motilal Oswal Mutual Fund)	Motilal Oswal Mutual Fund	45.06 L	31.71	0.91%	0.261%	-0
ESG Exclusionary Strategy Fund	ICICI Prudential Mutual Fund	40.38 L	28.42	2.1%	0.234%	-0
Arbitrage Fund	Baroda BNP Paribas Mutual Fund	16.83 L	11.84	1.12%	0.097%	-12,800
Arbitrage Fund	Axis Mutual Fund	15.87 L	11.17	0.11%	0.092%	-12,800

1–8 of 43

1 / 6

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Documents

Annual reports, exchange filings, offer documents, ratings and earnings-call material.

Announcements

Loading documents…

Events

Upcoming dates and the company’s corporate-action history.

1

Board meeting to consider results7 Aug 2026

1

Bonus 3:124 May 2024 · ex-date

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Announcements

Latest exchange announcements, filings and downloadable documents.

1 month 3 months 6 months 1 year All

127 announcementsExport CSV

3 Sept 2026, 7:41 amCompany Update

Announcement under Regulation 30 (LODR)-Press Release / Media Release

Press Release / Media Release

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Ratio	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Margins
Gross margin %	41.7%	65%	35.7%	37.6%	33.6%	40.8%	41.7%	44.6%
EBITDA margin %	10.9%	-17.1%	-22.8%	-50%	-34.8%	15.4%	21.3%	20.3%
EBIT margin %	6.3%	-27.7%	-35.2%	-64.2%	-49.2%	9.1%	16.2%	15.6%
PAT margin %	-2.8%	-36.8%	-43.2%	-68.8%	-91%	-3%	12.3%	10.2%
Working capital
Receivable days	414	635	—	627	410	238	276	353
Inventory days	411	1,363	—	940	843	441	238	268
Payable days	1	1,446	—	663	452	214	188	178
NWC days	824	552	—	905	801	465	326	443
Leverage
Current ratio	1.29	0.92	—	0.93	1.09	0.75	1.64	2.01
Debt to EBITDA	6.99	—	—	—	—	12.09	1.94	1.74
Debt to equity	0.56	0.5	—	0.94	1.37	1.91	0.29	0.24
Interest coverage	0.6	-0.8	-0.7	-1.1	-1	0.9	4.3	4.3
Asset turnover	0.3	0.14	—	0.1	0.12	0.26	0.4	0.36
Return ratios
Return on assets %	-0.8%	-5.3%	—	-7.2%	-11%	-0.8%	5%	3.7%
Return on capital employed %	4.5%	-8.9%	—	-12.3%	-12%	7.2%	17%	12.3%
Return on equity %	-2%	-16.6%	—	-23.5%	-38.6%	-3.1%	8.7%	7%

Calls	Strike	Puts
0	0	0	₹0.0	55

Company	Mkt Cap	EV	Revenue	EBITDA	OPM	PAT	NPM	ROCE	ROE	WC Days
Bharat Heavy Electricals LimitedBHELBHEL	₹1,46,596 Cr	₹1,54,783 Cr	₹35,993 Cr	₹3,383 Cr	6.9%	₹2,432 Cr	4.7%	6.8%	6.3%	119
Hitachi Energy India LimitedPOWERINDIAPOWERINDIA	₹1,39,553 Cr	₹1,39,553 Cr	₹9,163 Cr	₹1,424 Cr	15.4%	₹1,150 Cr	12.1%	28.8%	21%	-42
Cg Power And Industrial Solutions LimitedCGPOWERCGPOWER	₹1,38,443 Cr	₹1,38,443 Cr	₹12,821 Cr	₹1,638 Cr	13.1%	₹973 Cr	9.7%	26.2%	20.4%	48
Siemens Energy India LimitedENRINENRIN	₹1,18,724 Cr	₹1,18,724 Cr	₹9,436 Cr	₹2,024 Cr	19.3%	₹1,488 Cr	14.1%	33.8%	29%	-175
Ge Vernova T&D India LimitedGVT&DGVT&D	₹1,08,882 Cr	₹1,08,882 Cr	₹6,712 Cr	₹1,757 Cr	27.1%	₹1,305 Cr	19.9%	73.2%	55.3%	90
Suzlon Energy LimitedSUZLONSUZLON	₹53,473 Cr	₹53,737 Cr	₹17,429 Cr	₹3,019 Cr	18.1%	₹3,144 Cr	18.9%	31.7%	40.6%	117
Thermax LimitedTHERMAXTHERMAX	₹40,058 Cr	₹42,346 Cr	₹10,839 Cr	₹870 Cr	9.6%	₹593 Cr	6.7%	15.7%	13.7%	-0
Schneider Electric Infrastructure LimitedSCHNEIDERSCHNEIDER	₹30,495 Cr	₹30,939 Cr	₹2,920 Cr	₹336 Cr	12.8%	₹184 Cr	7.4%	28.5%	31.8%	61
Azad Engineering LimitedAZADAZAD	₹18,481 Cr	₹18,938 Cr	₹638 Cr	₹240 Cr	37.4%	₹139 Cr	22.2%	12.4%	9.1%	1,720
Triveni Turbine LimitedTRITURBINETRITURBINE	₹16,849 Cr	₹16,849 Cr	₹2,253 Cr	₹428 Cr	20.7%	₹336 Cr	16%	35.7%	26.3%	8
Karamtara Engineering LimitedKARAMTARAKARAMTARA	₹13,225 Cr	₹14,255 Cr	₹4,312 Cr	₹498 Cr	11.6%	₹229 Cr	5.3%	27.2%	20.8%	—
Atlanta Electricals LimitedATLANTAELEATLANTAELE	₹13,200 Cr	₹13,247 Cr	₹2,001 Cr	₹367 Cr	18.6%	₹224 Cr	10.9%	34.8%	21.7%	74

Date	Category	Subject	Filing
3 Sept 2026, 7:41 am	Company Update Press Release / Media Release	Announcement under Regulation 30 (LODR)-Press Release / Media Release	PDF
2 Sept 2026, 7:43 pm	Company Update Newspaper Publication	Announcement under Regulation 30 (LODR)-Newspaper Publication	PDF
31 Aug 2026, 7:26 pm	Company Update General	Disclosure Under Regulation 7(2)(B) Of The SEBI (Prohibition Of Insider Trading) Regulations, 2015	PDF
27 Aug 2026, 1:08 pm	Insider Trading / SAST Disclosures under Reg. 10(6) of SEBI (SAST) Regulations, 2011	Disclosures under Reg. 10(6) of SEBI (SAST) Regulations, 2011	PDF
26 Aug 2026, 5:36 pm	Insider Trading / SAST Disclosures under Reg. 29(2) of SEBI (SAST) Regulations, 2011	Disclosures under Reg. 29(2) of SEBI (SAST) Regulations, 2011	PDF
26 Aug 2026, 5:34 pm	Insider Trading / SAST Disclosures under Reg. 29(2) of SEBI (SAST) Regulations, 2011	Disclosures under Reg. 29(2) of SEBI (SAST) Regulations, 2011	PDF
19 Aug 2026, 10:54 am	Insider Trading / SAST Disclosures under Reg. 10(5) in respect of acquisition under Reg. 10(1)(a) of SEBI (SAST) Reg. 2011	Disclosures under Reg. 10(5) in respect of acquisition under Reg. 10(1)(a) of SEBI (SAST) Regulations, 2011	PDF
14 Aug 2026, 1:46 pm	AGM/EGM EGM	Shareholder Meeting / Postal Ballot-Scrutinizer"s Report	PDF

₹ Cr	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	-126	114	269	147	326	-112	-422	-1,099	-147	138	-598
	-1,015	-5	332	-264	-82	-49	-127	231	-740	-406	-850
	503	19	-760	76	-244	282	486	824	878	277	1,558
Net cash flow	-638	128	-159	-40	-1	122	-63	-45	-9	9	110
Free cash flow	—	114	—	147	326	-232	-601	-1,487	-898	-483	-1,247
CFO / Operating profit %	-17.5%	21%	—	94.1%	—	—	—	—	-54.8%	18.2%	-67.1%

Inox Wind Limited

About

Key insights

Key risks

Growth drivers

Quick read

Pros

Cons

Research score

Revenue & net profit

Margins

Peers

Financials

Ratios

Shareholding

F&O

3

31

Fund holders

Documents

Announcements

Events

1

1

Announcements

1

1

3

31

Announcements

Annual reports

Credit ratings

Investor Presentation and earnings call

Compounded sales growth

Compounded profit growth

Return on equity

Inox Wind Limited

About

Key insights

Key risks

Growth drivers

Quick read

Pros

Cons

Research score

Revenue & net profit

Margins

Peers

Financials

Profit & loss

Balance sheet

Ratios

Ratio timeline

Shareholding

Quarterly record

Bulk & block deals

Board and management

F&O

Futures3

Option chain31

Fund holders

Documents

Announcements

Events

Board meetings1

Bonus issues1

Announcements

Ratio timeline

Board meetings1

Bonus issues1

Quarterly record

Bulk & block deals

Board and management

Futures3

Option chain31

Announcements

Annual reports

Credit ratings

Investor Presentation and earnings call

Profit & loss

Balance sheet

Cash flow

Compounded returns

Compounded sales growth

Compounded profit growth

Return on equity

3

31

1

1

1

1

3

31