Buy Inox Wind; target of Rs 245: ICICI Securities

ICICI Securities's research report on Inox Wind

We attended the INOXGFL Group Vision Day held on 2 Dec’24; takeaways being the INOXGFL group’s foray into: 1) renewable power generation for the commercial and industrial (C&I) sector with an envisaged capacity of 3GW by FY27/FY28; 2) production of solar cells and modules as well as EPC and O&M services; and 3) systematically targeting third party C&I players looking for hybrid RE solutions through these new ventures. The group is spreading its wings beyond WTG (and related services) to become a forward-integrated comprehensive renewables player. The vision of the group is to be present across the value chain in India’s pursuit for energy transition.

Outlook

The group aims to leverage the solid foundation of Inox Wind to piece together the rest of the puzzle. Maintain BUY at a TP of INR 245.