💨 At a Glance
Inox Wind just pulled off a ₹38.4 Cr profit in FY25 — flipping the script from last year’s ₹22.5 Cr loss. Revenue more than doubled to ₹349 Cr. EBITDA exploded to ₹66 Cr. Basically, the wind is finally blowing in the right direction.
🏢 About the Company
Inox Wind Ltd is one of India’s major wind energy solution providers, offering end-to-end services — from turbine manufacturing to turnkey installation. Think of them as the IKEA of wind turbines, minus the Allen key trauma.
- Operates 3 manufacturing plants across Himachal, Gujarat, and Madhya Pradesh.
- Flagship products: 2 MW and 3 MW Wind Turbine Generators (WTGs).
- Serves both captive and IPP (Independent Power Producer) clients.
- Parent company: Inox Green Energy, another listed renewable energy play.
👨💼 Key Managerial Personnel
| Name | Role |
|---|---|
| Kailash Tarachand Chokhani | Chairman |
| Devansh Jain | Executive Director |
| Chinmoy Patnaik | Chief Financial Officer |
| Gunjan Jain | Whole-time Director |
📊 FY25 Financials Breakdown (₹ in Crores)
| Metric | FY25 | FY24 | % YoY Change |
|---|---|---|---|
| Revenue from Operations | ₹349 | ₹159 | 🔼 120% |
| Total Income | ₹356.3 | ₹165.1 | 🔼 116% |
| Total Expenses | ₹508.0 | ₹307.9 | 🔼 65% |
| EBITDA | ₹66.06 | ₹17.6 | 🔼 275% |
| Profit Before Tax (PBT) | ₹47.03 | ₹(22.5) | ✅ Turnaround |
| Net Profit / Loss (PAT) | ₹38.4 | ₹(22.5) | ✅ Turnaround |
| Earnings Per Share (EPS) | ₹2.36 | ₹(1.39) | ✅ Reversed |
🛠️ What Worked in FY25?
- Orders Delivered: After multiple years of delay and sluggish execution, Inox seems to be finally fulfilling orders on time.
- EBITDA Margin Surge: From single digits to nearly 20% margins.
- No Major One-Offs: Exceptional items dropped from ₹21.5 Cr last year to just ₹1.3 Cr in FY25.
- Deferred Tax Boost: ₹8.63 Cr deferred tax gain added to bottom line.
- Project Execution Scaling: Cost of materials and employee expenses indicate the company’s turbines are back in active deployment.
💰 Balance Sheet Health (Quick Notes)
- Paid-up equity capital is massive post bonus issue: ₹1,624 Cr (Face value ₹10).
- High fixed costs still persist (depreciation ₹13.1 Cr), but volume ramp-up is absorbing them.
- No major red flags in financing costs — down YoY from ₹14.1 Cr to ₹12.7 Cr.
📈 Forward-Looking Fair Value (EduInvesting Estimate)
Based on:
- ₹38.4 Cr FY25 PAT
- Assuming modest 15x PE (for mid-sized renewable energy stocks)
- Shares outstanding: 162.4 Cr
➡️ Forward Value = ₹3550 Cr market cap → ₹21.86/share FV
With CMP at ₹195, the market has clearly priced in a major growth story already. A re-rating beyond ₹22/share FV implies either upcoming mega orders or irrational exuberance.
📦 Orders, Pipeline & Green Push
- India’s renewable target is 500 GW by 2030. Wind energy gets a fresh push under SECI and PLI schemes.
- If Inox can ramp up execution efficiency and stabilize EBITDA margins, future years could look really breezy.
- Watch for upcoming SECI auction wins and new states entering wind procurement (especially in South India and Gujarat).
🔍 EduInvesting Take
“From an FY25 financial corpse to a green phoenix — Inox Wind has come alive again. But the real test? Sustained wind, not just a gust.”
The stock’s up nearly 3.7x from its 52-week low, so if you’re entering now, you’re not early… you’re hopeful. That said, this turnaround is legit.
⚠️ Risks & Red Flags
- High Fixed Costs: Still a problem in low-order quarters.
- Delays in Wind Policy Execution: State & center-level red tape can cause havoc.
- Dependence on SECI: Overexposure to govt tenders = volatile receivables.
- Execution Uncertainty: One missed quarter and margins collapse.
🏁 Final Verdict
Inox Wind just delivered the kind of results that give smallcaps a second life. But in renewable energy, momentum is everything — the question is:
Can this gust turn into a storm?
Author: Prashant Marathe
Date: May 30, 2025
Tags: Inox Wind FY25 results, Renewable energy stocks India, Green energy multibagger, Inox Wind profit turnaround, SECI wind orders
