Inox Wind financials and balance sheet

NSE: INOXWINDBSE: 539083Electrical EquipmentSmall Cap

₹58.93₹3.18 (5.12%)BSE ₹58.90

Share price at the NSE close on 23 Oct 2026. Previous close ₹62.11.

52-week range of traded prices to 23 Oct 2026

₹57.90Low, 23 Oct 2026₹159.30High, 29 Oct 2025

Market cap: ₹10,185 Cr393rd largest listed
P/E: 29.6
P/B: 1.6
Dividend yield: Nonein the last 12 months
ROE: 6.0%
ROCE: 7.0%
Debt to equity: 0.20
Volume, NSE: 1,45,20,19634.9% delivered

10 years at a glance

Consolidated: the company and its subsidiaries together. ₹ crore, years to March.Inox Wind annual reports

Revenue, net profit and borrowings, ₹ crore

Revenue
Net profit
Borrowings
Loss

Peak revenue ₹4,397 Cr, year to Mar 2026A loss in 7 of the 10 years shown

Operating and net margin, per cent

Operating margin
Net margin

Results for the year to Mar 2026

Consolidated: the company and its subsidiaries together. ₹ crore.

From revenue to net profit

Revenue4,397
Materials and goods−2,435
Employee costs−209
Other expenses−862
Operating profit891
Depreciation−204
Other income+172
One-off items0.0
Finance costs−200
Profit before tax659
Tax−210
Net profit449

What the company owns

Plant, investments and other assets₹5,416 Cr
Receivables₹4,250 Cr
Inventory₹1,790 Cr
Cash and bank₹612 Cr

What pays for it: net worth and liabilities

Net worth₹7,692 Cr
Other liabilities₹1,634 Cr
Borrowings₹1,551 Cr
Owed to suppliers₹1,190 Cr

Profit and loss

Consolidated, ₹ crore, years to March.Inox Wind quarterly results

₹ crore	Mar 2017	Mar 2018	Mar 2019Filed 19 May	Mar 2020Filed 29 Jun	Mar 2021Filed 26 Jun	Mar 2022Filed 8 Jun	Mar 2023Filed 27 May	Mar 2024Filed 4 May	Mar 2025Filed 13 Jun	Mar 2026Filed 29 May
Revenue from operations	3,415	480	1,437	760	711	625	737	1,743	3,557	4,397
	2,855	561	1,281	890	873	937	994	1,475	2,800	3,506
Materials and goods bought	1,890	118	838	266	457	390	489	1,031	2,074	2,435
Employee costs	–	–	94	90	93	85	89	109	170	209
Other expenses	–	–	350	534	323	462	415	334	556	862
Operating profit before depreciation	560	−81	156	−130	−162	−312	−257	269	757	891
Operating margin	16.4%	−16.9%	10.9%	−17.1%	−22.8%	−50.0%	−34.8%	15.4%	21.3%	20.3%
Materials, % of revenue	–	–	58.3%	35.0%	64.3%	62.4%	66.4%	59.2%	58.3%	55.4%
Employee costs, % of revenue	–	–	6.5%	11.9%	13.0%	13.7%	12.1%	6.3%	4.8%	4.8%
Other expenses, % of revenue	–	–	24.3%	70.2%	45.5%	74.0%	56.3%	19.2%	15.6%	19.6%
Depreciation and amortisation	44	52	66	80	88	89	106	110	182	204
Operating profit after depreciation	517	−134	90	−210	−250	−401	−363	159	575	687
Other income	65	24	17	24	73	84	14	56	144	172
Finance costs	155	171	169	244	255	283	341	248	169	200
Profit before one-off items and tax	427	−280	−62	−430	−433	−600	−689	−34	550	659
One-off items	0	0	0	0	0	0	0	−14	−13	0
Profit before tax	427	−280	−62	−430	−433	−600	−689	−47	537	659
	124	−93	−22	−150	−152	−170	−19	4	102	210
Current tax	–	–	0	0	0	0	0	−1	1	1
Deferred tax	–	–	−22	−150	−152	−170	−19	4	100	209
Share of profit of joint ventures and associates	–	–	0	0	−26	–	–	–	–	–
Profit from discontinued businesses	–	–	–	–	–	–	–	−2	3	–
	303	−188	−40	−279	−307	−430	−671	−53	438	449
Belonging to the company's shareholders	303	−188	−40	−280	−306	−427	−667	−40	427	405
Belonging to outside owners of subsidiaries	–	–	0	0	−2	−2	−4	−12	11	44
Other comprehensive income	–	–	1	1	0	1	2	0	−1	0
Total comprehensive income	–	–	−39	−278	−307	−429	−669	−53	437	449
Net margin	8.9%	−39.1%	−2.8%	−36.8%	−43.2%	−68.8%	−91.0%	−3.0%	12.3%	10.2%
Net margin without joint ventures and associates	–	–	−2.8%	−36.8%	−39.5%	–	–	–	–	–

Materials, employee costs and other expenses are shown for the years they add up to operating expenses; for the years to Mar 2017 and Mar 2018 they do not, so they are left blank.

Balance sheet

Consolidated, ₹ crore, at 31 March.

₹ crore	Mar 2019Filed 19 May	Mar 2020Filed 29 Jun	Mar 2021Filed 26 Jun	Mar 2022Filed 8 Jun	Mar 2023Filed 27 May	Mar 2024Filed 4 May	Mar 2025Filed 13 Jun	Mar 2026Filed 29 May
	1,964	1,686	1,316	1,869	2,261	2,192	5,606	7,692
	1,965	1,686	1,316	1,828	1,736	1,697	5,047	6,382
Share capital	222	222	222	222	326	326	863	1,728
Reserves	1,743	1,464	1,094	1,607	1,410	1,371	4,184	4,654
Belonging to outside owners of subsidiaries	0	0	0	41	525	494	559	1,310
	1,092	846	1,438	1,718	2,382	3,248	1,466	1,551
Repayable after a year	332	119	448	438	897	268	2	275
Repayable within a year	760	727	990	1,279	1,485	2,980	1,464	1,276
	2,376	3,459	3,644	3,385	2,840	4,092	3,055	3,790
Trade payables	889	1,055	1,038	708	606	605	1,065	1,190
Other financial liabilities	320	413	346	284	336	205	126	95
Other liabilities	404	1,261	1,268	1,113	413	300	396	1,227
Provisions	3	3	2	1	1	2	2	2
Tax owed	0	0	0	–	–	–	1	0
	400	148	505	710	981	342	134	586
Other financial liabilities	2	2	2	3	2	2	2	88
Other liabilities	59	19	43	258	71	60	111	96
Provisions	8	8	11	11	11	12	17	22
Deferred tax	0	0	0	0	–	–	3	105
Liabilities going with businesses held for sale	–	–	–	–	–	170	–	–
	4,741	5,292	5,464	5,965	6,083	6,795	8,795	12,068
Held for sale or for a demerger	–	–	–	–	–	280	–	–
	1,650	2,071	2,401	2,800	2,995	3,456	3,775	4,456
Plant in use, after depreciation	943	1,200	1,172	1,328	1,569	1,494	1,980	2,490
Plant being built	66	33	230	148	123	266	296	247
Intangible assets	30	28	20	16	39	308	300	259
Goodwill	0	0	0	0	10	10	10	10
Investments	0	70	33	0	0	0	265	550
Stakes in joint ventures and associates	69	0	0	33	–	–	–	–
Loans given	13	13	14	0	0	0	0	0
Other financial assets	310	395	458	526	507	687	430	426
Deferred tax	109	260	408	584	602	553	350	360
Other assets	110	71	66	167	144	137	143	112
	3,091	3,221	3,063	3,164	3,088	3,059	5,020	7,612
Inventories	944	994	917	1,004	1,130	1,245	1,352	1,790
Trade receivables	1,630	1,322	1,048	1,073	827	1,137	2,688	4,250
Cash and cash equivalents	5	7	129	67	22	12	21	131
Other bank balances	130	154	113	156	249	42	192	481
Current investments	22	24	0	0	1	0	181	0
Loans given	1	81	9	9	29	4	42	42
Other financial assets	71	46	44	24	74	100	128	142
Tax paid in advance	19	37	21	11	5	8	–	5
Other assets	270	555	782	821	751	510	417	772
Net debt	935	660	1,196	1,495	2,110	3,195	1,073	940

Borrowings are counted again inside the liabilities due within a year and after a year. No balance sheet is on record for the years to Mar 2017 and Mar 2018, so its lines and the ratios worked from it are blank there.

Cash flow

Consolidated, ₹ crore, years to March.

₹ crore	Mar 2021Filed 26 Jun	Mar 2022Filed 8 Jun	Mar 2023Filed 27 May	Mar 2024Filed 4 May	Mar 2025Filed 13 Jun	Mar 2026Filed 29 May
	−112	−422	−1,099	−147	138	−598
	−131	−590	−1,105	−132	144	−581
	−58	−374	−883	−616	−823	−1,714
Receivables	175	162	98	−479	−1,646	−1,795
Inventories	79	298	−129	−103	−119	−579
Payables	36	−642	−30	−125	458	278
Other working capital	−348	−193	−822	91	484	383
Tax paid	19	−10	6	−15	−6	−25
Capital spending	120	179	388	751	620	649
Free cash flow	−232	−601	−1,487	−898	−483	−1,247
	−49	−127	231	−740	−406	−850
Plant and property sold	1	0	0	24	0	1
Companies bought	−7	88	0	−110	−1,531	0
Interest received	12	2	14	49	0	−16
	282	486	824	878	277	1,558
Borrowings raised	782	814	232	515	0	700
Borrowings repaid	−338	−135	−167	−328	−403	0
Interest paid	−162	−192	−279	−319	−264	−166
Dividends paid	0	0	0	0	0	0
Shares bought back	0	0	0	0	0	0
Shares issued	0	0	1,039	0	943	1,619
Net change in cash	122	−63	−45	−9	9	110

Capital spending is part of cash from investing, and dividends paid, shares bought back and shares issued are part of cash from financing. Each is shown as an amount on a line of its own, and the section's other items are in its total only. No cash flow statement is on record for the years to Mar 2017, Mar 2018, Mar 2019 and Mar 2020.

Consolidated, ₹ per share, years to March.

₹ per share	Mar 2017	Mar 2018	Mar 2019Filed 19 May	Mar 2020Filed 29 Jun	Mar 2021Filed 26 Jun	Mar 2022Filed 8 Jun	Mar 2023Filed 27 May	Mar 2024Filed 4 May	Mar 2025Filed 13 Jun	Mar 2026Filed 29 May
	₹3.42	−₹2.11	−₹0.45	−₹3.15	−₹3.46	−₹4.84	−₹5.15	−₹0.41	₹2.77	₹2.65
As stated that year	₹13.67	−₹8.45	−₹1.80	−₹12.59	−₹13.84	−₹19.37	−₹20.58	−₹1.63	₹2.77	₹2.65
	₹3.42	−₹2.11	−₹0.45	−₹3.15	−₹3.46	−₹4.84	−₹5.15	−₹0.41	₹2.77	₹2.65
As stated that year	₹13.67	−₹8.45	−₹1.80	−₹12.59	−₹13.84	−₹19.37	−₹20.58	−₹1.63	₹2.77	₹2.65
	–	–	₹22.13	₹18.99	₹14.82	₹20.60	₹13.32	₹13.02	₹31.07	₹36.93
On that year's share count	–	–	₹88.54	₹75.96	₹59.30	₹82.40	₹53.27	₹52.07	₹31.07	₹36.93
Shareholder yield	–	–	–	–	0.0%	0.0%	−34.1%	0.0%	−4.4%	−12.4%
Market cap at the year end (₹ crore)	3,783	2,408	1,479	408	1,549	2,459	3,043	17,001	21,257	13,046

Every year is restated for later splits and bonuses, so they do not break the line. The figure the company stated that year is under each line it differs from.

Ratios

Consolidated, years to March.Inox Wind PE ratio and valuation

Ratio	Mar 2017	Mar 2018	Mar 2019Filed 19 May	Mar 2020Filed 29 Jun	Mar 2021Filed 26 Jun	Mar 2022Filed 8 Jun	Mar 2023Filed 27 May	Mar 2024Filed 4 May	Mar 2025Filed 13 Jun	Mar 2026Filed 29 May
Revenue growth	−22.6%	−85.9%	199.6%	−47.1%	−6.5%	−12.1%	18.0%	136.5%	104.1%	23.6%
Operating profit growth	−18.8%	–	–	–	–	–	–	–	181.9%	17.7%
Net profit growth	−32.9%	–	–	–	–	–	–	–	–	2.6%
Earnings per share growth	–	–	–	–	–	–	–	–	–	−4.3%
	–	–	−2.0%	−15.3%	−20.4%	−27.2%	−37.4%	−2.4%	12.7%	7.1%
	–	–	–	−13.3 pts	−5.0 pts	−6.8 pts	−10.2 pts	35.1 pts	15.0 pts	−5.6 pts
From the net margin	–	–	–	−24.9 pts	−2.6 pts	−12.0 pts	−8.8 pts	36.5 pts	14.5 pts	−2.9 pts
From asset turnover	–	–	–	13.5 pts	2.3 pts	5.6 pts	−4.3 pts	−1.2 pts	8.4 pts	−0.7 pts
From borrowing	–	–	–	−1.9 pts	−4.7 pts	−0.4 pts	2.8 pts	−0.2 pts	−7.9 pts	−1.9 pts
Return on capital employed	–	–	3.0%	−8.3%	−9.1%	−11.2%	−7.8%	2.9%	8.1%	7.4%
Cash conversion	–	–	–	–	–	–	–	–	31.5%	−133.2%
Interest cover	3.3	–	0.5	–	–	–	–	0.6	3.4	3.4
Debt to equity	–	–	0.56	0.50	1.09	0.92	1.05	1.48	0.26	0.20
Receivable days	–	–	414	635	538	627	410	238	276	353
Inventory days	–	–	411	1,363	733	940	843	441	238	268
Payable days	–	–	387	1,446	829	663	452	214	188	178
Cash conversion cycle, days	–	–	438	552	442	905	801	465	326	443
Working capital days	–	–	335	146	86	488	724	397	311	372
Asset turnover	–	–	0.30	0.15	0.13	0.11	0.12	0.27	0.46	0.42
Assets per rupee of net worth	–	–	2.41	2.75	3.58	3.63	3.38	3.75	2.31	1.83
Sales per rupee of plant	–	–	1.52	0.63	0.61	0.47	0.47	1.17	1.80	1.77
Capital spending to depreciation	–	–	–	–	1.37	2.02	3.65	6.83	3.40	3.18
Plant being built, % of plant in use	–	–	7.0%	2.8%	19.7%	11.2%	7.9%	17.8%	15.0%	9.9%

Interest cover is left blank for the years to Mar 2018, Mar 2020, Mar 2021, Mar 2022 and Mar 2023: operating profit after depreciation is a loss, and a loss covers no interest bill. No balance sheet is on record for the years to Mar 2017 and Mar 2018, so its lines and the ratios worked from it are blank there.

Growth and returns over 3, 5 and 10 years

Consolidated: the company and its subsidiaries together. Each window ends with the year to Mar 2026.

Return on assets, latest year: 3.9%
Cash from operations against operating profit: −67.1%

Measure	10 years	5 years	3 years
Revenue growth, yearly rate	0.0%	44.0%	81.4%
Profit growth, yearly rate	−1.1%	–	–
Return on equity, average	–	−9.4%	5.8%
Return on capital employed, average	–	−0.1%	6.2%
Operating margin, average	−5.7%	−5.6%	19.0%
Net margin, average	−25.3%	−28.1%	6.5%
Asset turnover, average	–	0.28	0.38
Cash conversion cycle, days, average	–	588	411
Interest cover, average	–	–	2.5
Debt to equity, average	–	0.78	0.65

Where the cash came from and went

Consolidated: the company and its subsidiaries together. ₹ crore, added up over each window, which ends with the year to Mar 2026.

₹ crore	5 years	3 years	Latest year
Cash from operations	−2,129	−607	−598
Cash from investing	−1,892	−1,996	−850
Cash from financing	4,023	2,713	1,558
Capital spending	2,588	2,020	649
Dividends paid	0	0	0
Shares bought back	0	0	0
Shares issued for cash	3,601	2,562	1,619
Borrowings raised	2,260	1,215	700
Borrowings repaid	1,033	730	0

Accounting checks

Consolidated, years to March. Published tests of whether reported profit is backed by cash and the balance sheet.

Check	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Piotroski score, out of 9Published threshold 3 points out of 9	–	–	–	–	2	5	2	5	7	3
Altman Z-scorePublished threshold 1.81	–	–	1.39	0.43	0.40	0.62	0.78	2.67	6.59	3.31
Beneish M-scorePublished threshold −1.78	–	–	–	–	−2.22	−2.46	−2.23	−1.50	−1.27	−1.75
Profit not backed by cash, % of assetsPublished threshold 10 per cent of average total assets	–	–	–	–	−2.73	2.08	3.29	12.96	9.05	18.19
Cash from operations to profit, 3 yearsPublished threshold 0.7 times	–	–	–	–	–	–	–	–	–	−0.73
Receivables growth less revenue growthOur threshold 0 percentage points	–	–	–	28.25	−14.21	14.47	−40.91	−99.04	32.29	34.50
Inventory growth less cost-of-goods growthOur threshold 0 percentage points	–	–	–	73.56	−79.35	24.17	−13.06	−100.54	−92.50	15.02
Other current assets growth less revenue growthOur threshold 5 per cent of revenue	–	–	–	36.57	29.32	1.39	−3.44	−12.12	−2.07	8.50
Assets under construction, years of additionsOur threshold 2 years of additions	–	–	–	0.10	3.85	0.61	0.35	7.67	0.44	0.35
Effective tax ratePublished threshold 17.16 per cent	28.94	–	–	–	–	–	–	–	18.96	31.86
Tax charged less tax paid, % of profitOur threshold 10 percentage points	–	–	–	–	–	–	–	–	17.76	28.07

A threshold marked as ours has no published figure; it is the line we read the check against.

Credit ratings

An agency's view of the chance the company repays a borrowing on time, from AAA, the highest, down to D, in default.

Date	Agency	Borrowing rated	Rating	Outlook	Amount, ₹ Cr
20 Aug 2026	Acuite Ratings & Research Limited (opens in a new tab)	Bank Loan Ratings	ACUITE A1+Review, Re-affirm		2,316.25
20 Aug 2026	Acuite Ratings & Research Limited (opens in a new tab)	Bank Loan Ratings	ACUITE AA-Review, Re-affirm	Stable	285.25
16 Jun 2026	CRISIL Ratings Limited (opens in a new tab)	Bank Facilities	WithdrawnReview, Other		48.50
16 Mar 2026	CARE Ratings Limited (opens in a new tab)	Fund-based - LT/ ST-Working Capital Limits	CARE A+ / CARE A1+Review, Re-affirm	Positive	50
16 Mar 2026	CARE Ratings Limited (opens in a new tab)	Non-fund-based - LT/ ST-BG/LC	CARE A+ / CARE A1+Review, Re-affirm	Positive	550
16 Mar 2026	CARE Ratings Limited (opens in a new tab)	Fund-based/Non-fund-based-LT/ST	CARE A+ / CARE A1+Review, Re-affirm	Positive	850

The latest rating on each borrowing. The agency's name opens its reasoning for the rating.