ICICI Securities's research report on Inox Wind
Inox Wind (Inox) reported a good first half (H1FY26) with revenue growth of 42% YoY and EBITDA margins of ~22% (+40bps YoY; higher than its guided level of 18% for FY26). Its execution grew 24% YoY to 348MW in H1; note that the company has guided for 1,200MW execution in FY26. Its order book (OB) remains healthy at 3.2GW. Its order inflow (OI) was subdued at 380MW in H1; however, we expect order pipeline to remain healthy given industry tailwinds and focus on FDRE/hybrid capacity addition. Inox is ramping up its recently commissioned nacelle plant near Ahmedabad and is also setting up a blade and tower manufacturing unit in Karnataka (its first in south India). The company is also undergoing restructuring of its various businesses to streamline the balance sheet (discussed below).
Outlook
Given the industry tailwinds and healthy OB, we retain a BUY, with a revised TP of INR 180 (INR 170 earlier).
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