Stock Performance and Market Context
On 3 December 2025, Inox Wind's shares touched an intraday low of Rs.129.05, representing a 3.3% decline during the trading session. This drop contributed to an overall day change of -2.59%, underperforming its sector by approximately 1.2%. The stock is currently trading below all key moving averages, including the 5-day, 20-day, 50-day, 100-day, and 200-day averages, signalling sustained downward momentum.
In contrast, the Sensex opened flat with a minor gain of 12.37 points but later declined by 222.79 points, closing at 84,927.85, down 0.25%. Despite this, the Sensex remains near its 52-week high of 86,159.02, trading just 1.45% below that peak. The index continues to trade above its 50-day moving average, which itself is positioned above the 200-day moving average, indicating a generally bullish trend for the broader market.
Comparative Yearly Performance
Over the past year, Inox Wind's stock has recorded a negative return of 37.12%, a stark contrast to the Sensex's positive return of 5.03% and the BSE500's 2.55% gain. This divergence highlights the stock's relative weakness within the market and its sector. The 52-week high for Inox Wind was Rs.213.80, underscoring the extent of the decline to the current low.
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Financial Metrics and Valuation
Inox Wind's financial indicators reveal several factors contributing to its current market position. The company’s Debt to EBITDA ratio stands at 3.12 times, indicating a relatively high level of debt compared to earnings before interest, taxes, depreciation, and amortisation. This ratio suggests a constrained capacity to service debt obligations efficiently.
The average Return on Equity (ROE) is reported at 2.29%, reflecting modest profitability relative to shareholders’ funds. Additionally, the company’s Price to Book Value ratio is 3.5, which is considered high, especially when juxtaposed with a ROE of 7.8%. This combination points to a valuation that may be perceived as expensive relative to the returns generated on equity.
Despite these valuation concerns, the stock is trading at a discount compared to the average historical valuations of its peers within the heavy electrical equipment sector.
Operational and Profitability Trends
Inox Wind has demonstrated notable growth in key operational metrics over the past year. Net sales have expanded at an annual rate of 45.68%, while operating profit has grown at 32.48%. The company reported a 53.26% increase in operating profit in its September 2025 quarter, marking a continuation of positive quarterly results for the eleventh consecutive period.
Operating cash flow for the year reached a peak of Rs.137.96 crores, and the profit after tax (PAT) for the quarter stood at Rs.91.75 crores, reflecting a growth rate of 257.0%. The return on capital employed (ROCE) for the half-year period was recorded at 11.18%, the highest in recent times, indicating improved efficiency in capital utilisation.
Shareholding and Market Position
Institutional investors hold a significant stake in Inox Wind, accounting for 23.24% of the shareholding. This level of institutional participation suggests a degree of confidence in the company’s fundamentals from investors with substantial analytical resources.
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Summary of Current Position
Inox Wind’s stock has experienced a significant decline over the past year, culminating in a fresh 52-week low of Rs.129.05. The stock’s performance contrasts with the broader market’s relative strength and the Sensex’s proximity to its own 52-week high. Key financial indicators such as the elevated Debt to EBITDA ratio and modest ROE highlight areas of concern regarding profitability and debt servicing capacity.
Nevertheless, the company’s consistent growth in net sales, operating profit, and cash flow, alongside positive quarterly results, reflect underlying operational progress. The presence of substantial institutional holdings further underscores a level of confidence in the company’s fundamentals despite recent price weakness.
Investors and market participants will continue to monitor Inox Wind’s financial metrics and market movements as the stock navigates this period of valuation adjustment and sector dynamics.
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