Motilal Oswal has initiated coverage on INOX Wind (IWL) with a Buy call and a price target of Rs 210, implying about 21% upside from current levels. The brokerage in its report noted that IWL is one of the few home‑grown wind energy OEMs that handles “end‑to‑end solutions from conception and commissioning to O&M”. Its four factories can turn out 2 GW and 3 GW wind‑turbine generators (WTGs) annually, giving it scale to meet rising demand.
Why wind still matters in India’s renewable mix
The brokerage firm in its report noted that wind power as a critical piece of India’s 2030 green energy roadmap. Wind currently makes up a modest share of domestic renewables compared with the 30-40% levels seen in the US, China, and parts of Europe.
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As per the brokerage report, hybrid and firm dispatchable renewable (FDRE) tenders where a certain share of wind is mandatory are likely to accelerate installations, even if solar‑plus‑storage gains traction.
Motilal Oswal on INOX Wind: Order book momentum and group synergies
IWL finished FY25 with an order book of roughly 3.2 GW which is enough to keep factories busy for at least two years, according to the report. Its listed subsidiary Inox Green Energy Services (IGESL) handles an O&M portfolio of 5.1 GW, while Inox Renewable Solutions (IRSL) has delivered 3+ GW of EPC work across wind, solar, and hybrid projects. The brokerage highlighted that this integrated structure supports faster execution and cost savings.
Motilal Oswal on INOX Wind: The RLMM draft
The Ministry of New & Renewable Energy has floated draft changes to the Revised List of Models and Manufacturers (RLMM) that would require local sourcing of key turbine components. As per the brokerage report this rule “can be a game‑changer for Indian OEMs; SUEL and IWL key beneficiaries,” as it could narrow the pricing edge of Chinese rivals and ease margin pressure on domestic players.
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“We arrive at a target price of Rs 210 by applying a target P/E of 25x to FY27E EPS, which is at a 29% discount to our target multiple for SUEL. IWL is currently trading at FY27 P/E of 20.5x,
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