KRChoksey's report on Inox Wind"Inox Wind Limited, is amongst India’s largest Wind Turbine Generator manufacturer providing turnkey solutions for building wind farm projects across India that includes - wind resource assessment, site acquisition, infrastructure development, erection & commissioning and long term O&M of wind power projects. It is a new entrant in renewable sector which has reached the market share of 12% in FY15. Inox has sourced technology from AMSC, Austria (100% subsidiary of US-based American Superconductor Corporation) under a perpetual license for manufacturing and selling 2MW WTGs in India. Globally, more than 9,300 WTGs and ~15GW of aggregate WTG production capacity are based on AMSC’s technology. IW has a largest order book in the sector at this point in time. The order inflow depends on the policies given by the government in the sector."Valuation: "We believe stock is currently trading at very attractive levels. We are expecting revenue to grow from INR 27099 mn to 63459 mn and PAT to grow from INR 2964 mn to INR 7129 mn between FY15-FY17 respectively. The government has been supporting wind energy sector with added incentives like accelerated depreciation, preferential rates for the sector, green corridor, proposed RGO and bank loans up to INR 150 mn as priority sector lending etc are likely to support earnings for the company. We are valuing stock 17x its FY17e EPS of INR 32.1 and arrived at a price target of INR 545 which gives an upside of 51.5% from current levels. Buy the stock", says KRChoksey research report.For all recommendations, click here Disclaimer: The views and investment tips expressed by investment experts/broking houses/rating agencies on moneycontrol.com are their own, and not that of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.
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