1. At a Glance – Wind is Blowing… Finally?
Inox Wind Ltd is currently priced at ₹99.5, with a market cap of ₹17,203 crore, trading at a P/E of 34.3 and 2.55x book value.
Three-month return? -27.7%.
One-year return? -38.2%.
So the stock is behaving like a wind turbine in low-speed wind — spinning, but not generating excitement.
But wait.
Q3 FY26 Revenue: ₹1,238 crore (+24% YoY)
EBITDA: ₹313 crore (+39% YoY)
PAT: ₹127 crore (+14% YoY)
Order Book: ~3.2 GW
After years of balance sheet drama, negative ROEs, and debt-fueled stress, Inox Wind is suddenly reporting one of its strongest operational performances ever.
Debt is down to ₹1,140 crore.
ROE is back to 11.7%.
ROCE is 11.5%.
Net margin last year: 12.6%.
The question is simple:
Is this a structural turnaround backed by India’s renewable boom?
Or are we looking at a well-timed policy wind gust?
Let’s unpack this turbine carefully.
2. Introduction – The Company That Survived the Storm
Inox Wind has had more drama than a daily soap.
Between FY18 to FY23, the company went from solid profitability to deep losses, bloated receivables, rising debt, and operational slowdown. ROE was negative for multiple years. Cash flows were messy. Working capital ballooned.
Then suddenly… FY25.
Sales jumped to ₹3,557 crore.
PAT turned positive at ₹438 crore.
TTM PAT now stands at ₹535 crore.
Sales TTM: ₹4,428 crore.
What changed?
Execution.
The company executed 252 MW in Q3 FY26 alone, and 600 MW in 9M FY26. The order book sits at ~3.2 GW, diversified across PSUs, IPPs, C&I clients and group companies.
The balance sheet was cleaned through a ₹1,249.33 crore rights issue (Aug 2025). Preference shares worth ₹560 crore were redeemed. Credit ratings were upgraded to AA-.
In simple terms:
They raised money. Paid debt. Started executing. Improved margins.
But here’s the fun part.
The wind industry in India is cyclical, policy-driven, and brutally competitive. One strong year doesn’t erase five weak ones.
So is this a genuine structural recovery?
Or just good tailwind from government policy?
Keep reading.
3. Business Model – WTF Do They Even Do?
Let’s simplify this for the lazy but intelligent investor.
Inox Wind
