Inox Wind

** Shares of India's Inox Wind INWN.NS fall 3.59% to 75.20 rupees, on track for fourth session of losses

** Co's first quarter profit after tax fell 34.1% Y/Y; total income from operations rose 1.05%

** Motilal Oswal ("Buy", TP:92 rupees) says Q1 revenue and EBITDA missed estimates by 15% and 18%, respectively

** Brokerage cuts FY27/FY28 revenue estimates by 8%/10%, citing lower expected wind turbine deliveries

** INWN rated "strong buy" on average by 6 analysts, median PT at 115 rupees --LSEG compiled data

** YTD stock down 39.11%

($1 = 95.2250 Indian rupees)

(Reporting by Surbhi Misra in Bengaluru)

(([email protected] | X: https://twitter.com/SurbhiMisra_ |;))

Aug 7 (Reuters) - Inox Wind Limited INWN.NS:

• JUNE-QUARTER CONSOL PAT 640.9 MILLION RUPEES

• JUNE-QUARTER CONSOL REVENUE FROM OPERATIONS 8.14 BILLION RUPEES

Further company coverage: INWN.NS

(([email protected];))

Inox Wind secured a 200 MW turnkey order from NLC India Limited valued at approximately ₹1,600 crore, with commissioning scheduled within 24 months. The contract covers supply of wind turbine generators, EPC, and post-commissioning O&M services, and lifts Inox Wind's order book to 4.7 GW. The order book now spans commercial and industrial customers, PSUs, and independent power producers. The order is a turnkey project, a format Inox Wind has increasingly moved away from as it pivoted to asset-light equipment supply contracts to reduce working capital. Inox Wind had guided for 75% revenue growth in FY27 and reported consolidated revenue of ₹4,569 crore in FY26.

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Inox Wind has signed a non-binding memorandum of understanding with Inox Clean Energy to supply 1,500 megawatts of wind turbines for renewable projects across India. The turbines will be from Inox Wind's 3.3 MW and 4X MW platforms. The MoU follows the INOXGFL Group's recently launched 'One Integrated' renewable strategy, which aims to create a fully integrated clean energy ecosystem spanning manufacturing, EPC, IPP and O&M services. Inox Clean is targeting an operational renewable portfolio of 14 GW by FY29, with approximately 20-30% of annual additions expected to be wind. Inox Wind's current firm order book stood at 3.1 GW. Including this MoU, the potential order book crosses 4.5 GW, providing multi-year visibility. The partners expect faster project execution and supply chain certainty through intra-group collaboration.

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June 16 (Reuters) - Inox Wind Ltd INWN.NS:

• SIGNS MOU WITH INOX CLEAN FOR SUPPLY OF 1,500 MW OF WIND TURBINES

Source text: ID:nNSE68YbXn

Further company coverage: INWN.NS

(([email protected];;))

Feb 13 (Reuters) - Inox Wind Ltd INWN.NS:

• INOX WIND LTD DEC-QUARTER CONSOL NET PROFIT 1.17 BILLION RUPEES

• INOX WIND LTD DEC-QUARTER CONSOL REVENUE FROM OPERATIONS 12.07 BILLION RUPEES

Source text: ID:nBSE2Gwtfb

Further company coverage: INWN.NS

(([email protected];))

The views expressed here are those of the author, the founder and CEO of Emmer Capital Partners Ltd

By Manishi Raychaudhuri

HONG KONG, Dec 23 (Reuters) - India's flagship equity indices, Sensex .BSESN and Nifty 50 .NSEI, are near all-time highs, despite underperforming many Asian peers. Yet this exuberance hides another reality: many stocks are trading near their 52-week lows. These beaten-down names may offer investors some attractive year-end bargains.

While Indian equities are up some 9.5% for the year as a whole, this rally is concentrated in a relatively small group of firms.

When looking at the shares of 828 Indian companies with more than $500 million in market value, stocks of 109 were within 5% of their 52‑week lows and another 139 were only slightly above this level, as of December 5. In combination, these two categories of flagging stocks are roughly double the number of large Indian stocks trading close to 52‑week highs.

It's easy to assume these stocks are cheap for a reason, but, in many cases, their fundamentals tell a different story. For many of these laggards, earnings growth forecasts are robust, their balance sheets are healthy, and their valuations remain reasonable.

In fact, 14 of the 109 beaten‑down stocks clear a high bar, with expected earnings per share growth of more than 10% through 2027, low net debt, and price‑to‑earnings ratios at or below their forecast growth, according to the FactSet consensus.

Many are well‑known, liquid stocks, including four companies worth over $1 billion: Inox Wind INWN.NS, the telecommunications firm HFCL HFCL.NS, Tata Chemicals TTCH.NS, and logistics heavyweight Blue Dart BLDT.NS. All have strong projected earnings growth, with Blue Dart's forecast coming in the lowest at a still strong 28%.

WHAT SANK THEM?

Their declines are not driven by any sector-specific issue, so why have they lagged?

Mostly because of idiosyncratic factors and investors' narrow focus on the artificial intelligence theme.

Inox Wind started the year looking expensive with a PE ratio of 29.6, and its July share issuance, priced below the market, raised concerns about dilution for minority shareholders.

Valuation was also a concern for Blue Dart at the beginning of 2025, as it was trading at a lofty 41 times earnings. Sentiment then worsened sharply after the government issued a demand for additional taxes on one of its subsidiaries in September.

Meanwhile, Tata Chemicals suffered due to a drop in the price of soda ash - its key product - and a production outage at its plant in the U.S.

Finally, HFCL has disappointed investors, as it started out the year with a high P/E ratio of 36.4 only to see revenue fall 24% in the first nine months. On top of this, its owners borrowed money using more than half of their shares as security, raising concerns that lenders might sell those shares if the price fell further.

None of these issues are insurmountable, but in a year when India fell out of favour with many foreign investors, even small concerns had a disproportionately large impact on stock prices.

YEAR-END BARGAIN-HUNTING

Another key issue weighing on many Indian equities this year has been the omnipresence of the artificial intelligence theme, which has dominated investor attention to the detriment of other themes and stocks. Markets often misprice stocks during these dramatic single‑theme phases, enabling “weaker” shares to eventually outperform, if the underlying fundamentals are strong.

This recently occurred in India as many solid companies that were heavily sold off in 2024 came to be stellar performers in 2025.

At the end of 2024, 98 stocks were trading at or near their 52‑week lows. Of these, 18 were "quality" companies, with strong earnings growth forecasts, solid balance sheets and reasonable growth‑adjusted valuations. Fifteen – nine of which had market capitalisations above $5 billion – have gone on to beat the Indian market’s 9.5% return this year through December 22.

Again, these companies had strong earnings forecasts, and their P/E ratios, with the exception of Reliance Industries’ RELI.NS, were at or below their expected growth rates. In hindsight, therefore, their impressive performance in 2025 was unsurprising.

Of course, this pattern may not play out again this year, especially given India’s still-elevated trade tensions with the U.S. Moreover, good investment options do become harder to come by in markets that have rallied sharply.

But, in reality, even in a strong market, one can often identify high‑quality stocks whose prices have been left behind. It’s just a matter of searching hard, and in the right places.

(The views expressed here are those of Manishi Raychaudhuri, the founder and CEO of Emmer Capital Partners Ltd and the former head of Asia-Pacific Equity Research at BNP Paribas Securities.)

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​

(Writing by Manishi Raychaudhuri
Editing by Marguerita Choy)

(([email protected]))

** Shares of KP Energy KPEN.NS rise 3.9% to 408.95 rupees, set to snap four session losing streak

** KPEN, which provides turnkey solutions for wind farm projects, entered into memorandum of understanding with Inox Wind INWN.NS

** Agreement to jointly develop 2.5 GW of wind projects

across multiple states in India

** KPEN to undertake project development activities and Inox Wind will supply wind turbine generators and associated equipment

** Trading vols at 1.3 mln shares so far, 4x the 30-day average

** KPEN down ~24% YTD

(Reporting by Vijay Malkar)

(([email protected];))

** Shares of Inox Wind INWN.NS settle 1.5% higher at 142.88 rupees, after rising as much as 3.2%

** Wind energy solutions provider raises its earnings before interest, taxes, depreciation, and amortization margin guidance to 18-19% from 17-18% for FY26 aided by pick up in project execution from third-quarter onwards

** Co reiterated its execution guidance of 1,200MW

for FY26 and 2,000MW for FY27

** Analysts at JM Financial say co's revenue is expected to grow at a CAGR of 32% during FY25-FY28, while its profit is expected to rise 36%

** JM Financial maintains "buy", raises PT to 158 rupees from 154 rupees earlier

** Avg rating of 7 analysts covering the stock is "strong buy", their median PT is 192 rupees - data compiled by LSEG

** Stock is down 21% so far in 2025

(Reporting by Nishit Navin in Bengaluru)

(([email protected]))

** Shares of Inox Wind INWN.NS rise 3.5% to 144.84 rupees

** Wind energy solutions provider sells stake worth 1.75 bln rupees ($20.1 mln) in subsidiary Inox Renewable Solutions at a valuation of 74 bln rupees

** Shareholding in Inox Renewable Solutions reduces to

88.84% from 91.90%

** Trading vols at 21.2 mln shares so far, over 3X the 30-day average

** INWN down ~19% YTD

($1 = 87.2663 Indian rupees)

(Reporting by Vijay Malkar)

(([email protected];))

Aug 1 (Reuters) - India has introduced stringent norms for wind turbine equipment makers, requiring them to source key components domestically and comply with strict data localisation rules.

Manufacturers must now buy components like blades, towers, generators, gearboxes, and special bearings from vendors approved under a new government list, the Ministry of New and Renewable Energy (MNRE) said in a notification late on Thursday.

A technical team constituted by MNRE will carry out inspections, and a separate standard operating procedure will be issued.

The approved list of models and manufacturers will be issued by the ministry separately, the notification said.

The directive also mandates that all wind turbine data be stored within India, prohibits real-time operational data transfers abroad, and requires operational control and research and development centres to be located in India within one year.

The move aims at promoting domestic wind turbine manufacturing industry in the country, which is now at 20 GW in annual manufacturing capacity, as per government data.

India aims for 500 GW of non-fossil fuel capacity - including hydro and nuclear - by 2030, nearly double the current 235.6 GW.

Exemptions apply to certain bid-out and near-term projects, while new models under exemption are capped at 800 MW over two years and must submit quarterly progress reports, the notification said.

The move is likely to benefit domestic wind equipment makers like Suzlon Energy SUZL.NS, Inox Wind INWN.NS and Adani Wind, and will likely be a setback for China's Envision Group, which has gained a stronghold in the Indian market.

(Reporting by Sethuraman NR; Editing by Harikrishnan Nair)

(([email protected]; (+91 9945291420); Reuters Messaging: [email protected]))

July 23 (Reuters) - Inox Wind Ltd INWN.NS:

• INOX WIND LTD - RIGHTS ISSUE PRICE SET AT 120 RUPEES PER SHARE

• INOX WIND LTD - ENTITLEMENT RATIO IS 5 SHARES FOR EVERY 78 SHARES HELD

Source text: ID:nBSEc33XWN

Further company coverage: INWN.NS

(([email protected];;))

** India's Inox Wind INWN.NS rises 3.5% to 179 rupees

** Motilal Oswal Financial Services initiates coverage with "buy" rating at a PT of 210 rupees

** Says co well-positioned to capitalize on India’s ambitious target of expanding installed wind capacity from 50GW at the end of FY2025 to 100GW by 2030

** Brokerage says its PT implies 25x FY2027 earnings forecast, which is at a 29% discount to target multiple of peer Suzlon Energy SUZL.NS

** Analysts on average recommend "strong buy" on INWN, median PT 231 rupees, as per LSEG data

** YTD, INWN down ~1%

(Reporting by Vivek Kumar M)

(([email protected];))

April 21 (Reuters) - Inox Wind Ltd INWN.NS:

• INOX WIND LTD - 990 MW TURNKEY PROJECT COMMISSIONING EXPECTED FROM FY26

Source text: ID:nBSE1Q45wG

Further company coverage: INWN.NS

(([email protected];))

** Shares of wind energy company Inox Wind INWN.NS rise 8.3% to 165 rupees

** Co wins a 153 megawatt (MW) order to supply 3 MW class turbines for a Tamil Nadu-based project

** Co did not disclose who the order is from or the financial details

** Stock marks busiest day in over three weeks, with more than 13.2 mln shares traded

** With session's gains, stock trims YTD loss to 8%

(Reporting by Aleef Jahan in Bengaluru)

(([email protected]))

March 4 (Reuters) - Marsons Ltd MARS.BO:

• RECEIVES ORDER WORTH ABOUT 94.9 MILLION RUPEES FROM INOX WIND

Source text: ID:nBSE8X5rkK

Further company coverage: MARS.BO

(([email protected];;))

The author is a Reuters Breakingviews columnist. The opinions expressed are her own.

By Shritama Bose

MUMBAI, Dec 24 (Reuters Breakingviews) - Dealmaking is coming for India’s renewable energy industry in 2025. More than a dozen generators of wind and solar power are looking for new owners as private equity-style firms like Brookfield Asset Management, as well as industry players like Siemens and Enel, look for an exit. Despite New Delhi’s target of renewables providing half the country’s electricity by 2030, success isn’t assured.

Hitting that goal will require around $200 billion of investment, analysts at Nomura reckon. But companies are getting finicky about deploying capital in a market where tariffs for solar power – the single largest subcategory – have moved in a narrow range since 2019.

Sellers may be overly optimistic on valuations, too. Investment fund owners like Brookfield, GIC and Macquarie spent much of 2024 scouting for and haggling with prospective buyers. India’s Inox Wind hinted on an earnings call in October that the Siemens Gamesa wind assets it took a look at were overpriced.

Some deals are set for completion after months of wrangling. A unit of Malaysia’s Petronas has agreed to buy part of Brookfield’s portfolio for $900 million, the Economic Times reported in November. Other potential buyers include JSW Energy’s JSWE.NS renewables unit and Singapore’s Sembcorp. Perhaps the biggest test will be what happens to GIC’s 50% stake in Greenko, which has 7.5 gigawatts of net installed capacity; Bloomberg reported in October that the Singapore sovereign wealth fund was considering selling part or all of its holdings.

Those who cannot secure an industry sale do have another option: an initial public offering. Public markets in India are now seen as mature enough to buy into companies in emerging sectors with earnings some way off. That’s a far cry from 2021 when ReNew Energy RNW.O, the country’s second-largest green power producer by capacity, went public on Nasdaq by merging with a blank-cheque company.

State-owned NTPC Green Energy’s NTPG.NS strong public market debut in late 2024 will buoy sentiment. A listing may work best for companies that have scaled up to a couple of gigawatts, such as Brookfield-backed CleanMax, and Hero Future Energies, whose sponsors include KKR KKR.N. It could be harder for firms with smaller amounts of installed capacity and less or no cash flow.

The coming shakeout in Indian renewables will reveal whose capital New Delhi might be able to rely on as its 2030 goal looms.

Follow @ShritamaBose on X

This is a Reuters Breakingviews prediction for 2025. To read more of our predictions, click here.

(Editing by Antony Currie and Oliver Taslic)

((For previous columns by the author, Reuters customers can click on BOSE/
[email protected]))

Dec 18 (Reuters) - Inox Wind Ltd INWN.NS:

• BAGS 60 MW ORDER FROM SERENTICA RENEWABLES

• ORDER FOR SUPPLY OF 3 MW CLASS TURBINES BY H1 CY25

Source text: ID:nNSE4R2fCj

Further company coverage: INWN.NS

(([email protected];))

Dec 11 (Reuters) - Inox Wind Ltd INWN.NS:

• INOX WIND LTD - INOXGFL GROUP ANNOUNCES MEGA FORAY INTO SOLAR

• INOX WIND LTD - TARGETING 5 GW SOLAR MODULES, 2.5 GW SOLAR CELLS BY 2026

• INOX WIND LTD - FIRST SOLAR MODULE UNIT IN GUJARAT OPERATIONAL BY MARCH 2025

• INOX WIND - TARGET 5 GW SOLAR MODULES, 2.5 GW SOLAR CELLS WITH OUTLINED CAPEX OF 15 BILLION RUPEES

Source text: ID:nBSE3Rjh3T

Further company coverage: INWN.NS

(([email protected];;))

** Suzlon Energy SUZL.NS rises as much as 4.7% to 68.45 rupees

** Wind energy equipment maker wins 302.4 MW wind power project from JSP Green Wind 1, a subsidiary of Jindal Renewables, to supply 96 wind turbine generators of 3.15 MW each

** Stock rated "buy" on avg; median PT is 80 rupees - LSEG

** Peers Inox Wind INWN.NS and JSW Energy JSWE.NS also rated "buy"

** SUZL up ~78% YTD vs INWN's 63.5% rise and JSWE's 58% gain

(Reporting by Ashish Chandra in Bengaluru)

(([email protected] (+91 7982114624))

Oct 25 (Reuters) - Inox Wind Ltd INWN.NS:

• SEPT-QUARTER CONSOL NET PROFIT 928.9 MILLION RUPEES

• SEPT-QUARTER CONSOL REVENUE FROM OPERATIONS 7.32 BILLION RUPEES

Source text for Eikon: ID:nBSE2Cy493

Further company coverage: INWN.NS

(([email protected];))

Sept 23 (Reuters) - Inox Wind Ltd INWN.NS:

• INOX WIND LTD - SIGNS CONSORTIUM AGREEMENT WITH BANKS FOR 22 BILLION RUPEES FACILITIES

• INOX WIND - CONSORTIUM OF 10 BANKS LED BY ICICI BANK, WITH HOST OF MARQUEE PVT, FOREIGN BANKS

• INOX WIND - CONSORTIUM AGREEMENT LIMIT LIKELY TO BE ENHANCED FURTHER TO 24 BILLION RUPEES

Source text for Eikon: ID:nBSE8057zV

Further company coverage: INWN.NS

(([email protected];))

Sept 18 (Reuters) - Inox Wind Ltd INWN.NS:

• INOX WIND - IGREL RENEWABLES ENTERS INTO LOI WITH INOX WIND

• INOX WIND - LOI FOR EXECUTION OF 550 MW OF WIND CAPACITY ON TURNKEY BASIS

• INOX WIND LTD - INOX WIND'S ORDERBOOK NOW OVER 3.5 GW

Source text for Eikon: ID:nBSE3r96mr

Further company coverage: INWN.NS

(([email protected];))

** Shares of CESC CESC.NS rise 5.2% to 198.4 rupees

** Investec lists the power utilities company among its top picks in the sector, citing healthy power generation, comfortable valuations and strong earnings growth prospects

** Investec says India's power demand will grow at a CAGR of 6.2% from fiscal year 2024 to 2032

** Addition of further capacity to cater to rising power demand to open opportunities in transmission, helping the likes of NTPC, CESC, Inox Wind INWN.NS and Kalpaturu KAPT.NS

** INWN and KAPT stock up 0.9% and 0.1%, respectively, NTPC stock down 0.5%, on the day - exchange data

** Investec's target price of 230 rupees is the second highest of the 10 analysts tracking the stock, whose mean rating is equivalent to "buy"

** Median target price is 205 rupees, almost similar to current levels - LSEG data

** CESC up 51% in 2024 so far, outperforming the 27.2% rise in small-cap index .NIFSMCP100 - exchange data

(Reporting by Bharath Rajeswaran in Bengaluru)

(([email protected]; +91 9769003463;))

Aug 13 (Reuters) - Inox Wind Ltd INWN.NS:

• BAGS 51 MW ORDER FROM EVERRENEW

Source text for Eikon: ID:nBSEbQ4L3T

Further company coverage: INWN.NS

(([email protected];;))

** Shares of Inox Wind INWN.NS rise as much as 9% to 189.95 rupees

** INWN on Friday reported a first-quarter consolidated net profit of 518.2 million rupees compared to a loss of 639.2 million rupees a yr ago

** The wind energy solutions provider said its total income from operations nearly doubled to 6.51 billion rupees

** Stock last up 5.1%, taking YTD gains to 46.7%

(Reporting by Anisha Ajith in Bengaluru)

(([email protected]))

Aug 9 (Reuters) - Inox Wind Ltd INWN.NS:

• INOX WIND JUNE-QUARTER CONSOL NET PROFIT 518.2 MILLION RUPEES

• INOX WIND JUNE-QUARTER CONSOL TOTAL INCOME FROM OPERATIONS 6.51 BILLION RUPEES

Source text for Eikon: [ID:]

Further company coverage: INWN.NS

(([email protected];))

Aug 6 (Reuters) - Inox Wind Ltd INWN.NS:

• INOX WIND LTD - BAGS 201 MW ORDER FROM INTEGRUM ENERGY

Further company coverage: INWN.NS

(([email protected];))

** Shares of Inox Wind INWN.NS rise as much as 6.8%

** Co gets order for 200 MW for its 3 MW wind turbine generators

** Stock last up 3.3%, taking YTD gains to ~30%

** It had jumped over fourfold in 2023 for best yearly gains since listing in 2015

(Reporting by Dimpal Gulwani in Bengaluru)

(([email protected]))

** Shares of Inox Wind INWN.NS rise as much as 15.1% to 164 rupees, highest since May 27

** Co said on Thursday its promoter Inox Wind Energy INOX.NS completed the infusion of 90 bln rupees ($1.1 bln) in co to pare down external term debt to achieve net debt free status

** More than 65 mln shares change hands, 6.4x its 30-day avg

** Stock up 28% so far this year vs a 20% and 46% rise, respectively, in shares of rival CESC CESC.NS and Suzlon Energy SUZL.NS

($1 = 83.4890 Indian rupees)

(Reporting by Ashna Teresa Britto in Bengaluru)

(([email protected] ; ( +91 8078332441))