Motilal Oswal Sees Upside in Inox Wind, Targets Rs 110

Inox Wind Misses Revenue Estimates, Maintains BUY Rating

Inox Wind (IWL) has reported a revenue of INR12.4 billion for the fourth quarter of fiscal year 2026 (4QFY26), falling short of Motilal Oswal's estimated revenue by 34%. The company's earnings before interest, taxes, depreciation, and amortization (EBITDA) stood at INR2 billion, with an EBITDA margin of 16%. This represents a decline from the 23% and 20% margins reported in the third quarter of fiscal year 2026 (3QFY26) and fourth quarter of fiscal year 2025 (4QFY25), respectively.

In terms of profitability, Inox Wind's adjusted profit after tax (PAT) came in at INR0.9 billion, which is 58% below the estimated PAT. The company also missed its fiscal year 2026 (FY26) revenue guidance of INR50 billion, including other income, by 9%. The FY26 revenue, EBITDA, and adjusted PAT stood at INR43.9 billion, INR8.9 billion, and INR4.0 billion, respectively, representing a year-over-year (YoY) growth of 24%, 18%, and a decline of 11%.

Despite the disappointing quarterly performance, Motilal Oswal maintains its BUY rating on Inox Wind, citing attractive valuations. The research firm has revised its target price (TP) to INR110 per share, based on 20 times the estimated earnings per share (EPS) for fiscal year 2028 (FY28E).

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