Hold Inox Wind; target of Rs 171: KR Choksey

KR Choksey's research report on Inox Wind

Inox winds ltd is one of India’s leading wind power solution providers. It manufactures wind turbine generators (WTGs) and provides turnkey solutions by supplying WTGs. IWL manufactures most of the key components of WTGs, like nacelles, hubs, rotor blade sets and towers, in-house. However, it sources gearboxes, electric control systems (ECS) and generators from some of the globally established players.

Outlook

In terms of valuation, we have valued the company on FY19 basis by providing P/E multiple of 10x, we have arrived a target price of INR 171, an upside potential of 3%. We recommend ‘HOLD’ rating on the stock.