Shares of Inox Wind Ltd touched their upper circuit level of Rs 161.85 on Wednesday. The stock eventually settled 19.79 per cent higher at Rs 161.60. At this price, it has slipped 13.77 per cent in 2025 so far.
A market expert from SMIFS didn't expect a 'slowdown' in the company operations due to US President Donald Trump coming in as its businesses are mostly domestic and not much international. "Inox Wind looks like an excellent bet in the renewable energy space and can go up to Rs 200-250 levels over the next 18-24 months. The company's order book is largely India-specific and I don't see any kind of slowdown because of Trump coming in," Sharad Avasthi, Head of Research (PCG) at SMIFS," told Business Today.
To recall, the entire renewable energy pack was corrected recently after the new US administration halted the Inflation Reduction Act (IRA) disbursements and other green infrastructure funding initiatives.
The company is scheduled to declare its third quarter (Q3 FY25) results on January 31 (Friday). Systematix Institutional Equities said, "We estimate Inox Wind's Q3 FY25 consolidated revenue of Rs 950 crore (+89 per cent YoY, +30 per cent QoQ), driven by improving deliveries of 3MW WTG sets. We estimate Q3 FY25 execution of 185MW, projecting a growth of 78 per cent/32 per cent YoY/QoQ. Consolidated EBITDA (excluding other income) is expected to reach Rs 175 crore during the quarter, up 89 per cent YoY and 2 per cent QoQ." The brokerage has assigned a 'Buy' call on the stock with a target price of Rs 275.
Technically, support for Inox Wind's counter could be seen in the Rs 145-130 zone. Resistance may be found above in the Rs 165-180 range.
"The has seen a steep correction of almost 50 per cent from its peak of Rs 262. However, the recent price surge of 20 per cent, coinciding with the previous consolidation phase of around Rs 130-odd zone has showcased a positive crossover in the oversold terrain, signalling an initial sign of a countertrend. The next potential resistance can be seen around Rs 180 sub-zone and a decisive breakthrough could trigger fresh traction in the counter. On the lower end, Rs 145-130 might cushion any shortcomings in the near period," said Osho Krishan, Senior Research Analyst - Technical & Derivatives at Angel One.
"Inox Wind stock price is bullish on daily charts with strong support at Rs 137.65. A daily close above the resistance of Rs 165 could lead to an upside target of Rs 191 in the near term," said Sebi-registered research analyst AR Ramachandran.
The stock traded higher than the 5-day and 10-day simple moving averages (SMAs) but lower than the 20-day, 30-, 50-, 100-, 150-day and 200-day SMAs. Its 14-day relative strength index (RSI) came at 23.9. A level below 30 is defined as oversold while a value above 70 is considered overbought.
The counter has a price-to-equity (P/E) ratio of 565.72 against a price-to-book (P/B) value of 7.88. Earnings per share (EPS) stood at 0.24 with a return on equity (RoE) of 1.39. Promoters held a 48.27 per cent stake in Inox Wind during the December 2024 quarter.
As of December 2024, promoters held a 48.27 per cent stake in the company, which offers end-to-end wind power solutions.