Inox Wind shares fall 28% from record high, can the multibagger stock recover in 2025?

Shares of Inox Wind Ltd (IWL) have lost steam in the last three months. The multibagger green energy stock, which rose 573% and 496% in two and three years, respectively is down nearly 24% in three months. The short-term correction in the Inox Wind stock can be attributed to profit-booking from record high reached in September this year.

Inox Wind shares hit a record high of Rs 262.10 on September 23, 2024. Since then, the stock has corrected 28% till date.

The multibagger stock closed 1.45% lower to Rs 189.90 on Wednesday against the previous close of Rs 192.60 on BSE. Market cap of Inox Wind slipped to Rs 24,746 crore on BSE.

Total 3.25 lakh shares of the firm changed hands amounting to a turnover of Rs 6.22 crore on BSE.

On the hand, the stock has gained 32.55% in six months and risen 45.08% in 2024.

ICICI Securities has a buy call on Inox Wind with a target price of Rs 245.

"The INOXGFL group is spreading its wings beyond WTG (and related services) to become a forward-integrated comprehensive renewables player. The vision of the group is to be present across the value chain in India's pursuit for energy transition. The group aims to leverage the solid foundation of Inox Wind to piece together the rest of the puzzle," said the brokerage.

Kushal Gandhi, Technical Analyst, StoxBox advises investors to stay away from this counter. "Share price of Inox Wind is currently undergoing profit booking after a remarkable surge of over 1050% from its lows in March 2023, reaching record highs of 261. The price structure now displays a lower high pattern, suggesting a bearish sentiment. The levels of 50 and 100 DMA are acting as overhead resistance. Additionally, the RSI across daily and higher timeframes is trending downward with a negative slope, indicating diminishing momentum. Given that key moving averages are expected to serve as immediate obstacles that limit upward movement, we recommend refraining from purchasing shares of Inox Wind at this time," said Gandhi.

A R Ramachandran, SEBI registered Independent analyst says, "Inox Wind stock price is bearish on the Daily charts with strong resistance at Rs 199. A Daily close below support of Rs 183 could lead to a target of Rs165 in the near term."

Vinod Jhaveri, Independent Analyst, Pure Technicals said, "Inox Wind's current order book Is robust with them winning good projects and they have been sold out for the next 2 years. Technically, the stock price have been consolidating for the last few weeks. For good up move, it needs to cross & sustain above the 50 DEMA at Rs 204. It would reward the patient investors going ahead as the company has the capacity to execute the projects on time."

Inox Wind shares have a beta of 1.4, indicating high volatility in a year. The multibagger green energy stock is trading lower than the 5 day, 10 day, 20 day, 30 day , 50 day, 100 day, 150 day and higher than the 200 day moving averages.

Inox Wind is an India-based integrated wind energy solutions provider. The company is engaged in the business of manufacture and sale of wind turbine generators (WTGs). It also provides erection, procurement and commissioning (EPC), operations and maintenance (O&M) and common infrastructure facilities services for WTGs and wind farm development services.