Multibagger green energy stock hits record high on Q1 earnings, check details

Shares of Inox Wind hit a record high on Monday after the firm turned profitable in the June 2024 quarter on a year-on year-basis. Inox Wind reported a profit of Rs 47 crore in Q1 against a loss of Rs 65 crore in the corresponding quarter of the previous fiscal. Axis Securities said strong earnings with EBITDA and PAT exceeded its consensus estimates.

The multibagger stock gained 17% to a record high of Rs 204.50 against the previous close of Rs 174.20 on BSE. Market cap of Inox Wind rose to Rs 26,310 crore on BSE. The stock has gained 291% in one year and risen 56.24% since the beginning of this year.

 The stock has risen 291% in a year and gained 630% in two years. The stock also delivered 1551% returns in five years.

Total 16.61 lakh shares of the firm changed hands amounting to a turnover of Rs 31.54 crore on BSE.

Inox Wind shares have a beta of 1.4, indicating very high volatility in a year. In terms of technicals, the relative strength index (RSI) of the stock stands at 58.2, signaling it's trading neither in the overbought nor in the oversold zone. The stock is trading higher than the 5 day, 10 day, 20 day, 30 day , 50 day, 100 day , 150 day and 200 day moving averages.

Axis Securities has maintained its buy call and assigned a price target of Rs 205 for the Inox Wind stock.

"The company expects higher order execution from FY25 onwards, with a guidance of 800 MW and 1,200 MW for FY25 and FY26E, respectively, and a target of 2GW of annual execution in the medium term. It has the capability and supply chain readiness to execute higher MWs. The annual capex guidance for FY25/26 remains unchanged at Rs 50- Rs 75 crore and the full-year working capital is at 90 days. Current Valuation is at 30 times FY26 EPS adjusted for promoter’s fund infusion and minority interest, "said the brokerage.

The brokerage raised its price target to Rs 205 per share against the earlier price target of Rs 185 per share. 

Nuvama has a price target of Rs 201 and a buy call on the stock.

"Inox Wind remains a key player in the commercial and industrial (C&I) segment (85% of OB) and benefits from a duopolistic market in wind EPC. We remain positive on the sector and tweak FY25–27E; inching up margins and accounting for lower realisation/MW, yielding a price target of Rs 201 at 30x FY27E WTG plus discounted cash flow of O&M," sadi Nuvama.

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.