AI-generated · cited to primary sources · not investment advice
Inox Wind (539083) Sep 2025 Filing Analysis
Does management do what it says?
The demerger process is in its final stages of hearing at the NCLT Ahmedabad, indicating progress toward the 2-3 quarter timeline set in September 2025. (1 in progress, 1 exceeded, 1 revised across 3 tracked commitments)
“IGESL targets a portfolio of 10 GW in the next 2 years through a mix of organic and inorganic growth”
The O&M portfolio has already reached 12.5 GW, showing rapid progress toward the 17 GW target. (2 in progress across 2 tracked commitments)
“Inox Green is where I am extremely bullish on in terms of exponential growth which should start kicking in from this financial year as we ramp up our portfolio multiple times from 5 gigawatt currently to about 17 gigawatts over the next two years.”
Management confirms they are on track to achieve the 120-day net working capital cycle over the course of the financial year. (1 in progress across 1 tracked commitment)
“So, in terms of the revenue and in terms of the guidance which we have already provided earlier, our net working capital days would be somewhere around 120 odd days, which we continue to maintain.”
Expanding service offerings to include solar EPC, transformer manufacturing, and hybrid RE solutions.
“Expanding offerings beyond wind EPC and power evacuation to solar EPC, transformer manufacturing and hybrid RE solutions, amongst others”
See the full cited Management analysis of Inox Wind
What could break the thesis?
Restructuring is progressing smoothly with the merger of Inox Wind Energy Limited (IWEL) into IWL now completed and 'no objection' received for the substation business demerger. (2 easing)
“Merger of Inox Wind Energy Limited into IWL completed; Scheme of demerger of substation business from Inox Green... received ‘no objection’ from the stock exchanges”
See the full cited Risk analysis of Inox Wind
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