Inox Wind’s shares experienced a robust opening on July 9, 2024, surging by 4.32 percent following the announcement of a significant new order. The renewable energy solutions provider revealed that it had secured a 200 MW order from a leading renewable Commercial and Industrial (C&I) power producer.
This new order, as detailed in an exchange filing, features Inox Wind’s latest 3 MW Wind Turbine Generators (WTGs) and includes comprehensive turnkey execution along with multi-year operations and maintenance (O&M) services post-commissioning.
By 11:15 AM, Inox Wind’s stock was trading at ₹116.95 on the BSE, marking a rise of ₹2.80 or 1.77%. This positive movement brought the company’s market capitalization to an impressive ₹21,310.51 crore.
The project will be carried out across the states of Gujarat and Rajasthan, significantly boosting Inox Wind’s order book. CEO Kailash Tarachandani expressed enthusiasm about the large turnkey order, emphasizing Inox Wind’s ongoing role as a preferred partner for renewable project developers.
He highlighted the company’s capabilities and credentials in delivering large-scale wind projects, noting that this new order, along with their existing order book and strong pipeline, underscores their commitment to achieving substantial growth in FY25 and beyond.
The reaction in the stock market reflects investor confidence in Inox Wind’s ability to capitalize on this new opportunity. The company’s shares saw a noticeable uplift, aligning with the optimism expressed by the company’s leadership.
The recent positive developments for Inox Wind have also been supported by domestic brokerage firm Axis Securities, which initiated coverage on the company on July 1. Axis Securities provided a ‘buy’ recommendation, setting a target price of ₹185 per share, indicating a potential upside of 31% from the stock’s recent closing price of ₹141. According to the brokerage, Inox Wind is strategically well-positioned to benefit from the expanding Indian wind sector.
The company’s strengths, including a fortified balance sheet and a robust order book totaling 2.7 GW across diverse customer segments, are key factors in this optimistic outlook. Additionally, its operations and maintenance arm, Inox Green Energy Services Ltd., boasts strong margins exceeding 45%, further bolstering the company’s financial health.
This 200 MW order not only enhances Inox Wind’s portfolio but also demonstrates its capability to execute large-scale renewable energy projects. The strategic move aligns with India’s growing emphasis on renewable energy and positions Inox Wind to take advantage of the sector’s expansion. The company’s commitment to quality and comprehensive service offerings continues to solidify its reputation as a trusted name in the renewable energy industry.
Investors and market analysts are keenly watching how Inox Wind will leverage this new order to drive future growth. The company’s focus on delivering high-quality wind projects and maintaining strong operational standards is expected to play a crucial role in its growth trajectory. The upcoming months will be critical as Inox Wind works to execute this project and integrate it into its broader portfolio of renewable energy solutions.
