Key Events This Week
23 Feb: New 52-week low (Rs.95.2)
24 Feb: Further 52-week low (Rs.94.15) and sharp open interest surge
27 Feb: Week closes at 52-week low Rs.92.15 (-4.66% weekly)
23 February 2026: Stock Hits 52-Week Low Amid Market Headwinds
Inox Wind Ltd’s share price declined to Rs.95.2 on 23 February 2026, marking a fresh 52-week low and a 0.41% drop from the previous close. This decline occurred despite the Sensex gaining 0.39% to close at 36,817.86, highlighting company-specific challenges. The stock underperformed the broader heavy electrical equipment sector, which was experiencing positive momentum. Technical indicators showed the stock trading below all key moving averages, signalling sustained downward pressure.
Financially, the company’s high Debt to EBITDA ratio of 3.12 times and modest Return on Equity (ROE) of 2.29% have weighed on investor sentiment. Despite a Price to Book Value ratio of 2.6 suggesting a relatively expensive valuation, the stock’s fundamentals have not inspired confidence, reflected in a 45.83% decline over the past year compared to the Sensex’s 10.48% gain.
Operationally, Inox Wind has demonstrated strong growth with net sales increasing at an annualised rate of 46.29% and operating profit rising 33.21%. The company reported 12 consecutive quarters of positive earnings, with a six-month Profit After Tax (PAT) of Rs.209.14 crores, up 38.95%. However, these positives have yet to translate into share price recovery.
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24 February 2026: Further Decline and Surge in Derivatives Open Interest
The downward trend continued on 24 February 2026, with Inox Wind’s stock closing at Rs.95.05, down 1.25% on the day and hitting a new 52-week low of Rs.94.15 intraday. This extended a two-day losing streak with a cumulative decline of 2.43%. The Sensex fell 0.78% to 36,530.09, indicating broader market weakness but still outperforming the stock’s sharper fall.
Notably, the derivatives market showed a 14.7% surge in open interest, rising from 47,530 to 54,518 contracts. This increase suggests fresh bearish positioning as traders established new short positions amid falling prices. The futures value stood at approximately ₹60,329.6 lakhs, while the options market value was significantly larger at ₹3,596.4 crores, reflecting extensive hedging and speculative activity.
Price action was weak, with the weighted average traded price near the day’s low, signalling selling pressure. The stock remained below all key moving averages, reinforcing the bearish technical outlook. Delivery volumes surged by 111.26% compared to the five-day average, indicating increased investor participation, likely from sellers or short sellers adding to positions.
Despite these pressures, Inox Wind’s fundamentals showed robust profit growth of 128.5% year-on-year and consistent operational improvements. Institutional holdings rose by 1.29% to 24.53%, suggesting some confidence among informed investors despite the stock’s weakness.
26 February 2026: Continued Downtrend Amid Market Stability
On 26 February 2026, Inox Wind’s stock price declined further to Rs.94.40, down 0.79% on the day, while the Sensex gained 0.19% to close at 36,748.49. The stock’s underperformance persisted despite a broadly stable market, reflecting ongoing company-specific concerns. Trading volumes moderated to 301,677 shares, and the stock remained below all major moving averages.
The company’s financial metrics continued to weigh on sentiment, with a Debt to EBITDA ratio of 3.12 times and a modest ROE of 2.29%. However, operational data remained positive, with net sales and operating profit growing at annualised rates of 46.29% and 33.21% respectively. The six-month PAT of Rs.209.14 crores and ROCE of 11.18% underscore the company’s improving profitability and capital efficiency.
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27 February 2026: Week Closes at Fresh 52-Week Low
Inox Wind Ltd’s stock closed the week at Rs.92.15 on 27 February 2026, marking a 2.38% decline on the day and a fresh 52-week low. This represented a 4.66% loss for the week, significantly underperforming the Sensex’s 0.96% decline. The broader market opened relatively flat but fell sharply by 1.16% by close, with the stock underperforming its sector by 0.56%.
The stock’s technical position remained weak, trading below all key moving averages and continuing a two-day losing streak with a cumulative 2.31% loss. Over the past year, the stock has declined by 40.98%, contrasting with the Sensex’s 9.66% gain and the BSE500’s 14.26% rise.
Financially, the company’s leverage remains elevated with a Debt to EBITDA ratio of 3.12 times, while profitability metrics such as ROE at 2.29% and Price to Book Value at 2.5 continue to raise valuation concerns. Despite this, the company’s profit growth of 128.5% year-on-year and consistent operational improvements provide a counterpoint to the share price weakness.
Weekly Price Performance Comparison
| Date | Stock Price | Day Change | Sensex | Day Change |
|---|---|---|---|---|
| 2026-02-23 | Rs.96.25 | -0.41% | 36,817.86 | +0.39% |
| 2026-02-24 | Rs.95.05 | -1.25% | 36,530.09 | -0.78% |
| 2026-02-25 | Rs.95.15 | +0.11% | 36,679.75 | +0.41% |
| 2026-02-26 | Rs.94.40 | -0.79% | 36,748.49 | +0.19% |
| 2026-02-27 | Rs.92.15 | -2.38% | 36,322.56 | -1.16% |
Key Takeaways
Negative Signals: The stock’s consistent decline to multiple 52-week lows amid a broader market that was relatively stable or positive early in the week highlights company-specific challenges. Elevated leverage with a Debt to EBITDA ratio of 3.12 times and modest profitability metrics such as a 2.29% ROE continue to weigh on investor confidence. The sharp increase in derivatives open interest amid falling prices signals growing bearish sentiment and fresh short positions.
Positive Indicators: Despite the share price weakness, Inox Wind has demonstrated robust operational growth with net sales and operating profit expanding at annualised rates of 46.29% and 33.21% respectively. Profit after tax rose by 38.95% in the latest six months, and the company has reported positive earnings for 12 consecutive quarters. Institutional investors increased their holdings by 1.29% to 24.53%, indicating some confidence in the company’s fundamentals.
Valuation Context: The stock’s Price to Book Value ratio remains elevated at around 2.5 to 2.6, which appears expensive given the modest returns on equity. However, the Price/Earnings to Growth (PEG) ratio of 0.5 suggests the stock is trading at a discount relative to its earnings growth, a disconnect that has yet to be resolved in the market price.
Conclusion
Inox Wind Ltd’s share price performance during the week ending 27 February 2026 reflects a complex interplay of financial leverage concerns, valuation challenges, and bearish market sentiment despite strong operational and profit growth. The stock’s decline of 4.66% significantly outpaced the Sensex’s 0.96% fall, underscoring company-specific pressures. The surge in derivatives open interest and sustained trading below key moving averages reinforce a cautious technical outlook. While institutional investors maintain a meaningful stake and the company’s fundamentals show improvement, the market has yet to reward these positives with price appreciation. Investors and traders should remain attentive to upcoming developments and broader sector trends as the stock navigates this challenging environment.
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