Inox Wind Ltd

Price story Before the numbers, the tape. A stock price moves through four repeating seasons: a flat base (stage 1), an advance (2), a top (3), a decline (4). Where the price sits in that cycle frames everything below.

Inox Wind Ltd trades at ₹76.5, in a downtrend and 58 weeks into that stage. That is −21.1% against its own 200-day average. It sits at 6% of a 52-week range of ₹72 to ₹155. On relative strength it is currently behind the NIFTY 500 on a trailing-13-week view (14 weeks and counting).

Today the stock is in a downtrend — week 58 of stage 4, confirmed. At ₹76.5 it trades −21.1% versus its 200-day average and sits at 6% of its 52-week range (₹72–₹155).

Against the market, two honest reads. Cumulative: over the last 10.4 years the stock moved +16% while the NIFTY 500 moved +259% — behind the index over the full window. Recent form: on a trailing-13-week view the stock is currently behind (14 weeks and counting; last ahead the week of 2026-06-19) — the ribbon below is that same metric, week by week.

What would end the trend, mechanically: two Friday closes in a row below the 200-day line. That is the exit rule — no debates.

Valuation P/E is the price of ₹1 of annual profit: how many rupees the market pays for each rupee the company earns in a year.

Inox Wind Ltd trades at 38.4× P/E, at the pricey end of its own range (70th percentile). Its long-run median P/E is 25.1×, measured across 10.6 years of weekly readings. This places the multiple against the stock’s own record, and says nothing about what the business is worth.

Today's P/E of 38.4× is at the pricey end of its own range (70th percentile), against a long-run median of 25.1× measured over 10.6 years of weekly readings. This is a comparison against the stock's own history — not a claim about what it is worth.

Why the multiple sits where it does: over the past year annual EPS moved −27.6% against a −48.6% price move — earnings outran the price, pushing the multiple DOWN its own range.

The price move, decomposed: over 10y, of the +5.7%/yr price move, ~−7.6%/yr came from earnings growth and ~+13.3 pp from the multiple (expanding). The split is the honest approximate (price return minus earnings growth); it makes the rally itself visible instead of hiding it behind the percentile.

Put together: the multiple is full against its own past, so the story rests on the earnings line underneath it, not the multiple.

What the price assumes This reading works the multiple backwards. It asks one question: what yearly rate of profit growth is a buyer at the market price already paying for? The number is the growth rate that makes eleven years of profit — six years growing, then five fading — add up to that day's market price, once each year is discounted at 11% a year.

Solved at its 13 June 2026 price, Inox Wind Ltd was paying for profit growth of about 20.2% a year. Profit itself has compounded −0.3% a year over the past 10 years. Today the market pays 38.4× P/E, the 70th percentile of its own 11-year range.

What the two numbers say together. The multiple is full against its own past, and the growth the price is paying for is above what this company has actually delivered.

How to hold this number: it is a reading of one day's price, taken on 13 June 2026, not a running figure — every other number on this page, the multiple included, is read off the live quote as of 11 September 2026. A higher price is paying for more growth and a lower price for less, so it moves whenever the price does, and this page does not restate it between measurements.

Stage: No read Every business sits somewhere on a fundamental arc, and this page names the spot before anything else. The last twelve quarters of revenue, profit and EPS growth — plus the return the business earns on its capital — are read as curves: Deteriorating (the curves are falling), Turning around (a trough has just formed and the last few quarters lift off it), Improving (the climb off the trough is sustained), Consistent (steadily positive with healthy returns), Topping out (still high but decelerating from the peak). When the curves genuinely disagree the read is Mixed; too little history is No read. CAGR (compound annual growth rate) is the smooth yearly pace that turns the starting value into the latest one — the fairest way to compare growth across different time spans. Read the columns together: if the 1-year number towers over the 10-year, recent growth is running hotter than the long-run trend. A dash means that window is not held, or the base year was a loss (where a growth rate is not meaningful).

Inox Wind Ltd reads as no read on its fundamental arc. Under eight usable quarters on the growth trio — not enough history for an honest trajectory read. The read is built from 12 quarters across 2 curves, on partial evidence.

Why it matters: with too little history, an honest page says so instead of guessing a trajectory.

One or more growth curves carry a base-effect spike — a large year-on-year move off a near-zero or loss-making comparable quarter. Those spikes are capped before the classifier reads the trajectory, and shown pinned on the chart, so a single distorted quarter does not drive the stage call.

Fewer than eight usable quarters on the growth curves — this page will not guess a trajectory from a stub of history.

4-Factor Sector Score

40.9/100 — rank 10 of 16 in Capital Goods - Engineering Heavy · 93% evidence confidence

Inox Wind Ltd scores 40.9 out of 100 against the 16 companies it is compared with in Capital Goods - Engineering Heavy, ranking 10. Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.

The four contributions add to the total exactly: 13.3 + 9.6 + 12.6 + 5.4 = 40.9. This is the SAME number shown on the sector comparison — it is computed once, for the whole peer set, and read here.

What would change it: The read weakens if profit growth turns negative or margin improvement reverses while sector-relative strength deteriorates.

Revenue Revenue is the top line: everything the company billed its customers in the period.

Inox Wind Ltd reported ₹814 Cr of revenue in the Jun 26 quarter, −1.5% year on year. Over 10 years it has compounded at −0.1% a year. The last full year, FY26, came in at ₹4,397 Cr. The last four reported quarters add to ₹4,384 Cr.

FY26 revenue came in at ₹4,397 Cr (+23.6% on the year), capping 10 years at −0.1% compound. The latest quarter (Jun 26) printed ₹814 Cr, −1.5% year on year.

Pace check: the last four quarters averaged +20.3% growth against the decade's −0.1% — the current year is running faster than its own long-run rate.

Acceleration check: trailing-twelve-month revenue grew +17.1% over the last 4 quarters against +46.5%/yr over the last 8 — rolling over; TTM profit −13.1% vs +189.1%/yr — rolling over.

Operating margin Operating margin is what is left of every ₹100 of sales after running the business, before interest and tax. It is the cleanest read on pricing power and cost control.

Inox Wind Ltd's operating margin is 19.0% in the Jun 26 quarter, −3.0 percentage points against the same quarter a year ago. Across 13 fiscal years the operating margin has ranged −48.0% to 21.0%. The current quarter sits inside that band.

The latest quarter's operating margin is 19.0%, −3.0 pp against the same quarter a year ago. Across 13 fiscal years the operating margin has ranged −48.0%–21.0%.

🚨 Why the margin moved: operating margin went −3.5 pp year on year while gross margin went +9.9 pp — the loss came mostly from the gross line: input costs and pricing.

Net profit Net profit is what survives every cost, interest and tax — the number EPS, dividends and book value all grow from.

Inox Wind Ltd earned ₹64.0 Cr of net profit in the Jun 26 quarter, −34.0% year on year. Full-year FY26 profit was ₹449 Cr. The 10-year compound rate is −0.3%. That is 7.9% of the quarter's revenue. The same quarter a year earlier earned ₹97.0 Cr. 1 of the last 12 reported quarters were loss-making.

Jun 26 profit was ₹64.0 Cr, −34.0% year on year. On the full year, FY26 printed ₹449 Cr (+2.5%), and the 10-year compound rate is −0.3%.

🚨 Why profit moved: revenue contributed −1.5% and the margin −3.0 pp — the quarter was revenue-led despite a thinner margin.

Pace comparison, last four quarters: profit −4.7% vs revenue +20.3%. Profit is growing slower than sales — costs are eating the growth before it reaches the bottom line.

Cash flow — the router The P&L says what was earned; the cash-flow statement says what actually arrived. Operating cash flow (CFO) against profit is the cleanest lie detector in the accounts.

Over the last 3 fiscal years −29% of Inox Wind Ltd's reported profit arrived as operating cash — a gap worth watching. In FY26 that was ₹−598 Cr of operating cash against ₹449 Cr of profit. After ₹689 Cr of capital spending, ₹−1,287 Cr was left as free cash.

FY26: operating cash of ₹−598 Cr against reported profit of ₹449 Cr, leaving free cash of ₹−1,287 Cr after ₹689 Cr of capital spending. Across the last 3 fiscal years the conversion rate is −29% of profit.

Cash-flow readings here are annual — that is the resolution our series carries, so this section moves once a year.

🚨 Why conversion sits at −29%: the cash cycle held roughly steady between FY21 and FY26 — so conversion tracks profitability rather than the cycle. Less than 70% of profit arriving as cash is the thing to watch on this page.

Router verdict: the bigger cash user is investment — capital spending ran 3.7× depreciation over three years, so the next section's job is to check what that build-out is buying.

Where the cash goes Working capital is the cash tied up between paying suppliers and getting paid: debtor days (customers owe), inventory days (stock waits), and the cash conversion cycle (the whole loop, in days of sales).

Inox Wind Ltd's cash conversion cycle runs 443 days in FY26, up from 442 days in FY21. Capital spending ran ₹1,829 Cr over the last 3 years. At FY26 sales of ₹4,397 Cr each day of that cycle holds about ₹12.0 Cr, so roughly ₹5,337 Cr sits inside the business at any moment.

FY26: debtors at 353 days, inventory at 268 days — roughly 8.8 months of stock waiting to sell; that is where the cash sits while it waits — for a full cycle of 443 days, looser than FY21's 442.

The full loop: cash goes out to suppliers and production on day 0; stock waits 268 days to sell; customers pay about 353 days after that; and suppliers themselves are paid at 178 days — netting out to the 443-day cycle.

In money terms: at FY26 sales of ₹4,397 Cr, each day of the cycle holds about ₹12.0 Cr — so the 443-day loop keeps roughly ₹5,337 Cr sitting inside the business at any moment.

On the investment side: capital spending of ₹1,829 Cr over the last 3 fiscal years against ₹499 Cr of depreciation — the company is building well ahead of wear-and-tear. Capital work-in-progress stands at ₹247 Cr (FY26) — capacity paid for but not yet earning.

The synthesis: the cash is going into capacity, not disappearing into the cycle — the question becomes whether the new capacity earns.

Return on capital Return on capital employed (ROCE) is the profit the whole business earns on all the money in it — equity and debt together. It is the single best test of whether growth creates value or just size.

Inox Wind Ltd earns a ROCE of 11% in FY26. That is up from a trough of −11% in FY22. Return on invested capital clears the cost of that capital by −7.0 percentage points, so growth here is not yet paying for the capital it uses. The wiring behind it is 10.2% net margin on 0.37× asset turns.

FY26 ROCE is 11%, recovered from a FY22 trough of −11% — the full ladder below shows the fall and the climb, undoctored.

🚨 Why the return is what it is — the wiring (FY26): 10.2% net margin × 0.37× asset turns × 1.87× balance-sheet leverage ≈ 7.1% on equity. Margin does its share; leverage is a meaningful part of the equation.

The capstone test — ROIC − WACC: 5.0% − 12.0% = a −7.0 pp spread. The 12.0% is a standing assumption for the cost of capital in India, not a per-stock estimate — read the sign and the size of the spread, not the decimals. Negative — growth at these returns destroys value until the returns recover.

Debt Debt-to-equity says how much of the business is funded by borrowings. Low is the safe corner; the trend matters as much as the level.

Inox Wind Ltd carries total debt of ₹1,587 Cr against shareholder equity of ₹7,692 Cr as of Mar 26, a debt-to-equity of 0.21 — effectively unlevered. On the annual view that ratio went from 0.92 in FY22 to 0.21 in FY26. The returns elsewhere on this page are therefore earned rather than borrowed.

Mar 26: total debt of ₹1,587 Cr against shareholder equity of ₹7,692 Cr — a debt-to-equity of 0.21. On the annual view, debt-to-equity went from 0.92 (FY22) to 0.21 (FY26). The returns on this page are earned, not borrowed.

Ownership Who owns the stock, quarter by quarter: promoters (the controlling owners), foreign and domestic institutions, and the public. Steady accumulation by people close to the numbers is a signal; a quiet register is also an answer.

Promoters cut 4.1 points of Inox Wind Ltd over 8 quarters, the biggest move on the register. That takes promoters to 44.2% of the company. Foreign institutions moved +1.2 points over the same window, to 14.5%. The register is read on the four disclosed classes only; nothing is inferred between filings.

The register over the last two years — Promoters: −4.1 points over 8 quarters to 44.2%; Foreign institutions: +1.2 points over 8 quarters to 14.5%; Domestic institutions: +0.3 points over 8 quarters to 10.0%.

🚨 Why the register moved: promoters drove it (−4.1 points), absorbed on the other side by foreign institutions (+1.2 points) — distribution into the market’s bid.

Safety line The Z-score estimates how far a company sits from balance-sheet distress — above roughly 3 is safe, below roughly 1.8 is the danger zone. It was built for manufacturers, so it is not applied to banks and lenders.

Inox Wind Ltd: the Z-score is not available for this stock, so we say so rather than invent one. It is a distance-to-distress estimate from the balance sheet, not a forecast of failure. The debt, cash-flow and return sections above carry the balance-sheet evidence this page does hold, and each of them states its own reporting date.

The safety line in one sentence: the Z-score is not available for this stock, so we say so rather than invent one.

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