Overview

• Motilal Oswal initiated coverage on Inox Wind with a Buy rating and a Rs 210 per share price target, implying around 21% upside.
• The shares trade at a projected FY27 price-to-earnings ratio of 20.5x, representing a 28% discount to Suzlon Energy’s valuation.
• Inox Wind’s vertical integration spans 2.5 GW of annual manufacturing capacity and a 3.2 GW order book that provides revenue visibility for at least two years.
• Inox Green Energy Services manages a 5.1 GW operations and maintenance portfolio and Inox Renewable Solutions is diversifying into solar, hybrid EPC and specialist services.
• The Ministry of New & Renewable Energy’s draft Revised List of Models and Manufacturers rules would mandate local sourcing of key turbine components, improving margins for domestic OEMs.