KR Choksey's report on Inox winds
Incorporated in 2009, Inox winds ltd is one of India’s leading wind power solution providers in India. It manufactures wind turbine generators (WTGs) and provides turnkey solutions by supplying WTGs. INWL manufactures most of the key components of WTGs, like nacelles, hubs, rotor blade sets and towers, in-house.
Outlook
The stock has been historically trading in the P/E band of around 7-10x on 2yr fwd basis against industry average of 12-13x. Assigning a multiple of 10x on FY19 EPS of Rs. 24.6, we have arrived a target price of Rs. 246, an upside potential of 45%. We recommend a BUY rating on the stock.
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