Inox Wind share price declined more than 8% on Monday, 1 June, after the company reported a sharp fall in earnings for the March quarter of FY26.
The wind energy solutions provider posted a consolidated net profit of ₹105.68 crore in the fourth quarter, down nearly 45% from ₹190.34 crore reported in the corresponding period last year. The decline in profitability came amid higher operating expenses during the quarter.
The company’s total income from operations slipped marginally to ₹1,305.50 crore in the January-March period from ₹1,310.65 crore a year ago. Meanwhile, total expenses increased to ₹1,161.59 crore, compared with ₹1,103.01 crore in the year-ago quarter.
noted that, despite a lacklustre quarterly performance, its order backlog reached 3.1 GW as of 31 March 2026, providing revenue predictability for over 2 years.
The firm stated that challenges related to on-site execution, geopolitical issues impacting the supply of equipment and components, logistical delays, and postponed customer payments in a tough macroeconomic climate have kept working capital needs high throughout the quarter.
Part of the INOXGFL Group, Inox Wind ranks among India’s top wind energy solution providers.
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Nuvama Institutional Equities said that Inox Wind reported weak Q4FY26 numbers, with revenue at ₹1,240 crore, significantly below its estimate of ₹2,150 crore. The brokerage noted that operating profit margin (OPM) stood at 16%, compared to 19.9% in the year-ago period, as EPC-related costs surged 95% year-on-year, leading to an miss of nearly 45% versus consensus expectations.
In light of execution challenges on the ground, Nuvama has lowered its execution estimates for FY27 and FY28 to 1.4 GW and 1.75 GW, respectively, from 1.6 GW and 2 GW earlier. The brokerage also cut its FY27 and FY28 earnings estimates by 33% and 34%, respectively.
Consequently, Nuvama has revised its target price on the stock to ₹123 from ₹155 earlier, based on 20x FY28 estimated earnings per share, along with a discounted cash flow valuation for the operations and maintenance business. Despite the downgrade in estimates, the brokerage has retained its ‘Buy’ rating, citing potential value creation from upcoming corporate actions and new growth opportunities.
ICICI Securities said that Inox Wind’s FY26 performance was impacted by execution delays and on-ground challenges, resulting in a weaker-than-expected outcome for the year.
The brokerage noted that FY26 revenue stood at ₹4,400 crore, up 24% year-on-year, but below the company’s guidance of ₹5,000 crore. EBITDA margin contracted by 90 basis points to 20.4%, translating into an EBITDA of approximately ₹900 crore. ICICI Securities estimates the company executed around 830–850 MW during the year.
The brokerage highlighted that Inox Wind’s order book stood at 3.1 GW, with 27% comprising equipment supply orders, providing healthy revenue visibility. It also pointed to the strong operations and maintenance (O&M) portfolio of 13.3 GW under Inox Green, which is expected to generate around ₹600 crore in EBITDA by FY27.
ICICI Securities noted that the stock is trading at an attractive valuation of around 15 times FY28 estimated core earnings. The brokerage has maintained its ‘Buy’ rating on the stock while revising its target price to ₹120 from ₹130 earlier. It also highlighted that working capital days improved by 15 days to 195 days, while cautioning that further delays in order execution remain a key risk.
Inox Wind share price today
Inox Wind share price today opened at ₹89.69 per share on the BSE, touched an intraday high of ₹91.10 per share, and an intraday low of ₹85.14 per share.
Rajesh Bhosale, Equity Technical and Derivative Analyst at , said the stock opened sharply down, followed by sustained selling pressure, with the share price falling more than 8% on strong volumes.
According to Bhosale, the price action indicates a weakening technical structure, and the stock could drift towards its recent swing low near ₹75. On the upside, the bearish gap around ₹90 is expected to act as an immediate resistance zone, making any near-term recovery attempts challenging.
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