INOXWIND
Inox Wind Limited
Wind turbines and integrated wind-energy solutions provider
Industrials›Capital Goods›Electrical Equipment›Heavy Electrical Equipment
inoxwind.com(opens the company website in a new tab)Key metrics
Price as of 2026-10-16
Stock price
₹67.63
Market cap
11,688 Cr
Stock P/E
33.9
P/B
1.83
ROE (FY26)
5.3%
ROCE (FY26)
9.3%
Operating margin (FY26)
15.6%
Debt / equity (FY26)
0.24
OCF / EBITDA (FY26)
-67.1%
OCF / EBITDA (3Y)
-31.7%
Full years shown; sign in free for the trailing twelve months. Learn about these metrics →
Price & valuation
Share price and valuation multiples (P/E, P/B and more) over time.
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Compare with peers
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What you need to know
Inox Wind (part of the INOXGFL group) makes wind turbine generators in India and sells them to public-sector, independent power producer, industrial, captive and retail customers, either as equipment alone or as turnkey wind projects with erection and commissioning.
Company snapshot
16thBy market cap
Ranked among 38 companies in Heavy Electrical Equipment.
What we see
Positives
- ✓Debt-to-equity of 0.24x — the company is largely funded by its own money, not borrowed funds.
Concerns
- ✗Over the last three years operations used more cash than they brought in, despite an operating profit — the business is not yet turning its profit into cash.
Statement tables · Consolidated
Switches quarterly, P&L, balance sheet, and cash flow. Key metrics and ratios stay on consolidated when available.
Amounts in ₹ Cr · tap + to expand rows
Quarterly results
Quarterly · ₹ Cr · tap + rows to expand
| Metric | Sept 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sept 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sept 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales | 371 Cr | 503 Cr | 528 Cr | 639 Cr | 732 Cr | 911 Cr | 1,275 Cr | 826 Cr | 1,119 Cr | 1,207 Cr | 1,244 Cr | 814 Cr |
| Operating expenses (approx.) | 322 Cr | 411 Cr | 426 Cr | 503 Cr | 559 Cr | 704 Cr | 1,021 Cr | 643 Cr | 891 Cr | 926 Cr | 1,045 Cr | 662 Cr |
| EBITDA | 48 Cr | 93 Cr | 102 Cr | 136 Cr | 173 Cr | 207 Cr | 254 Cr | 184 Cr | 228 Cr | 282 Cr | 200 Cr | 152 Cr |
| OPM % | 13.0% | 18.4% | 19.4% | 21.3% | 23.6% | 22.7% | 19.9% | 22.2% | 20.3% | 23.3% | 16.0% | 18.7% |
| Other income | 14 Cr | 3 Cr | 35 Cr | 12 Cr | 10 Cr | 82 Cr | 36 Cr | 36 Cr | 43 Cr | 31 Cr | 61 Cr | 58 Cr |
| Interest | 64 Cr | 63 Cr | 57 Cr | 58 Cr | 44 Cr | 37 Cr | 35 Cr | 34 Cr | 51 Cr | 50 Cr | 65 Cr | 57 Cr |
| Depreciation | 26 Cr | 28 Cr | 30 Cr | 42 Cr | 44 Cr | 47 Cr | 48 Cr | 49 Cr | 51 Cr | 53 Cr | 52 Cr | 59 Cr |
| Profit before tax | -26 Cr | 3 Cr | 34 Cr | 50 Cr | 93 Cr | 191 Cr | 208 Cr | 138 Cr | 169 Cr | 209 Cr | 144 Cr | 95 Cr |
| Tax % | -3.5% | 35.8% | -9.2% | -0.2% | 3.1% | 41.6% | 8.3% | 29.2% | 28.8% | 39.5% | 26.6% | 32.3% |
| Net profit | -27 Cr | 2 Cr | 37 Cr | 50 Cr | 90 Cr | 112 Cr | 190 Cr | 97 Cr | 121 Cr | 127 Cr | 106 Cr | 64 Cr |
| EPS (₹) | ₹-0.83 | ₹0.06 | ₹1.13 | ₹1.63 | ₹0.71 | ₹0.89 | ₹1.15 | ₹0.60 | ₹0.70 | ₹0.73 | ₹0.61 | ₹0.37 |
Profit & loss (annual)
Annual · last column is TTM · ₹ Cr · tap + to expand
| Metric | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales | 3,415 Cr | 480 Cr | 1,437 Cr | 760 Cr | 711 Cr | 625 Cr | 737 Cr | 1,743 Cr | 3,557 Cr | 4,397 Cr | Sign in free for the trailing twelve months |
| Operating expenses (approx.) | 2,873 Cr | 561 Cr | 1,281 Cr | 890 Cr | 873 Cr | 937 Cr | 994 Cr | 1,475 Cr | 2,800 Cr | 3,506 Cr | Sign in free for the trailing twelve months |
| EBITDA | 542 Cr | -81 Cr | 156 Cr | -130 Cr | -162 Cr | -312 Cr | -257 Cr | 269 Cr | 757 Cr | 891 Cr | Sign in free for the trailing twelve months |
| OPM % | 15.9% | -17.0% | 10.9% | -17.1% | -22.8% | -50.0% | -34.8% | 15.4% | 21.3% | 20.3% | Sign in free for the trailing twelve months |
| Other income | 84 Cr | 24 Cr | 17 Cr | 24 Cr | 73 Cr | 84 Cr | 14 Cr | 56 Cr | 144 Cr | 172 Cr | Sign in free for the trailing twelve months |
| Interest | 155 Cr | 171 Cr | 169 Cr | 244 Cr | 255 Cr | 283 Cr | 341 Cr | 248 Cr | 169 Cr | 200 Cr | Sign in free for the trailing twelve months |
| Depreciation | 44 Cr | 52 Cr | 66 Cr | 80 Cr | 88 Cr | 89 Cr | 106 Cr | 110 Cr | 182 Cr | 204 Cr | Sign in free for the trailing twelve months |
| Profit before tax | 427 Cr | -280 Cr | -62 Cr | -430 Cr | -459 Cr | -600 Cr | -689 Cr | -53 Cr | 537 Cr | 659 Cr | Sign in free for the trailing twelve months |
| Tax % | 28.9% | 33.1% | 35.6% | 35.0% | 33.1% | 28.4% | 2.7% | 0.1% | 18.5% | 31.9% | Sign in free for the trailing twelve months |
| Net profit | 303 Cr | -188 Cr | -40 Cr | -279 Cr | -307 Cr | -430 Cr | -671 Cr | -53 Cr | 438 Cr | 449 Cr | Sign in free for the trailing twelve months |
| EPS (₹) | ₹13.67 | ₹-8.45 | ₹-1.80 | ₹-12.59 | ₹-13.84 | ₹-19.37 | ₹-20.58 | ₹-1.63 | ₹2.77 | ₹2.65 | Sign in free for the trailing twelve months |
| Dividend payout % | — | — | — | — | — | — | — | — | 0.0% | 0.0% | Sign in free for the trailing twelve months |
Sign in free for the trailing twelve months
The latest four quarters added up, next to each full year
Balance sheet
Annual · ₹ Cr · tap + rows to expand
| Metric | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Equity capital | 222 Cr | 222 Cr | 222 Cr | 222 Cr | 222 Cr | 222 Cr | 326 Cr | 326 Cr | 863 Cr | 1,728 Cr |
| Reserves | 1,968 Cr | 1,782 Cr | 1,743 Cr | 1,464 Cr | 1,094 Cr | 1,607 Cr | 1,410 Cr | 1,371 Cr | 4,184 Cr | 4,654 Cr |
| Borrowings | 1,528 Cr | 831 Cr | 1,092 Cr | 846 Cr | 1,438 Cr | 1,718 Cr | 2,382 Cr | 3,248 Cr | 1,466 Cr | 1,551 Cr |
| Other liabilities | 1,437 Cr | 1,263 Cr | 1,685 Cr | 2,760 Cr | 2,710 Cr | 2,378 Cr | 1,440 Cr | 1,355 Cr | 1,723 Cr | 2,824 Cr |
| Total liabilities | 5,155 Cr | 4,098 Cr | 4,741 Cr | 5,292 Cr | 5,464 Cr | 5,965 Cr | 6,083 Cr | 6,795 Cr | 8,795 Cr | 12,068 Cr |
| Fixed assets (net) | 735 Cr | 955 Cr | 943 Cr | 1,200 Cr | 1,172 Cr | 1,328 Cr | 1,569 Cr | 1,494 Cr | 1,980 Cr | 2,490 Cr |
| CWIP | 112 Cr | 20 Cr | 66 Cr | 33 Cr | 230 Cr | 148 Cr | 123 Cr | 266 Cr | 296 Cr | 247 Cr |
| Investments | 253 Cr | 0.07 Cr | 91 Cr | 94 Cr | 33 Cr | 33 Cr | 0.80 Cr | 0 Cr | 446 Cr | 550 Cr |
| Loans & advances | — | — | 0.52 Cr | 81 Cr | 9 Cr | 9 Cr | 29 Cr | 4 Cr | 42 Cr | 42 Cr |
| Inventories | 690 Cr | 929 Cr | 944 Cr | 994 Cr | 917 Cr | 1,004 Cr | 1,130 Cr | 1,245 Cr | 1,352 Cr | 1,790 Cr |
| Trade receivables | 2,382 Cr | 1,339 Cr | 1,630 Cr | 1,322 Cr | 1,048 Cr | 1,073 Cr | 827 Cr | 1,137 Cr | 2,688 Cr | 4,250 Cr |
| Cash & bank | 204 Cr | 46 Cr | 5 Cr | 7 Cr | 129 Cr | 67 Cr | 22 Cr | 12 Cr | 21 Cr | 131 Cr |
| Other assets | 777 Cr | 810 Cr | 1,062 Cr | 1,560 Cr | 1,926 Cr | 2,303 Cr | 2,381 Cr | 2,636 Cr | 1,971 Cr | 2,567 Cr |
| Total assets | 5,155 Cr | 4,098 Cr | 4,741 Cr | 5,292 Cr | 5,464 Cr | 5,965 Cr | 6,083 Cr | 6,795 Cr | 8,795 Cr | 12,068 Cr |
Cash flows
Annual · ₹ Cr · tap + rows to expand · last column includes FCF
| Metric | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash from operating activity | 114 Cr | 269 Cr | 147 Cr | 733 Cr | -112 Cr | -422 Cr | -1,099 Cr | -147 Cr | 138 Cr | -598 Cr |
| Cash from investing | -5 Cr | 332 Cr | -264 Cr | -346 Cr | -49 Cr | -127 Cr | 231 Cr | -740 Cr | -406 Cr | -850 Cr |
| Cash from financing | 19 Cr | -760 Cr | 76 Cr | -385 Cr | 282 Cr | 486 Cr | 824 Cr | 878 Cr | 277 Cr | 1,558 Cr |
| Net cash flow | 128 Cr | -159 Cr | -40 Cr | 2 Cr | 122 Cr | -62 Cr | -45 Cr | -9 Cr | 9 Cr | 110 Cr |
| Free cash flow (OCF − Capex) | -176 Cr | 84 Cr | 10 Cr | 437 Cr | -232 Cr | -601 Cr | -1,487 Cr | -898 Cr | -483 Cr | -1,247 Cr |
Ratios
| Metric | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| ROCE % | 15.7% | -3.9% | 3.5% | -7.3% | -7.4% | -8.9% | -7.5% | 3.6% | 10.0% | 9.3% |
| ROE % | 13.9% | -9.4% | -2.0% | -16.6% | -23.2% | -22.9% | -29.5% | -1.8% | 8.0% | 5.3% |
| Debtor days | 254 | 1016 | 413 | 635 | 537 | 625 | 409 | 238 | 275 | 352 |
| Inventory days | 131 | 7191 | 389 | 2012 | 1184 | 934 | 804 | 438 | 240 | 292 |
| Days payable | 184 | 4149 | 366 | 2134 | 1340 | 659 | 431 | 213 | 189 | 194 |
| Cash conversion cycle | 201 | 4057 | 435 | 512 | 381 | 901 | 782 | 463 | 326 | 450 |
| OCF / EBITDA % | 21.0% | — | 94.1% | — | — | — | — | -54.8% | 18.2% | -67.1% |
| OCF / EBITDA % (3 years) | — | — | 86.0% | — | — | — | — | — | -144.1% | -31.7% |
| Debt / equity | 0.70 | 0.41 | 0.56 | 0.50 | 1.09 | 0.94 | 1.37 | 1.91 | 0.29 | 0.24 |
| Current ratio | 1.48 | 1.53 | 1.30 | 0.93 | 0.84 | 0.93 | 1.09 | 0.75 | 1.64 | 2.01 |
| Net debt / EBITDA | 2.44 | — | 6.96 | — | — | — | — | 12.05 | 1.91 | 1.59 |