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Inox Wind
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Inox Wind Share price and Fundamental Analysis
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Company History
Inox Wind Limited (IWL), part of the INOX Group, is an integrated wind energy solutions provider and a pure-play renewable energy company with worth USD 3 billion as on 31 March 2019. It is amongst the fastest growing and one of the leading wind power solution providers in India. The Company was incorporated in the year April 09, 2009. The company is engaged in the business of manufacture and sale of Wind Turbine Generators (WTGs) and also provides Erection, Procurement & Commissioning (EPC), Operations & Maintenance (O&M), wind farm development and Common Infrastructure Facilities services for WTGs. The company manufactures key components of Wind Turbine Generators (WTGs) in-house, which ensures cost competitiveness, cost-effective logistics and attractive margins.
The company has three state-of-the-art manufacturing plants at Rohika in Gujarat, Una in Himachal Pradesh and Barwani in Madhya Pradesh. The total manufacturing capacity is 1,600 MW of wind turbines spread across these three plants. The plants in Gujarat and Madhya Pradesh manufacture Blades & Tubular Towers, while Hubs & Nacelles are manufactured at the company's facility at Himachal Pradesh. The facility at Rohika currently has the capacity to manufacture 400 rotor blade sets and 150 towers per annum. The Barwani facility at Madhya Pradesh has the capacity to manufacture 400 rotor blade sets and 150 towers per annum. The Una facility can manufacture 550 Nacelles and Hubs.
Inox Wind has an installed base of 2.4 GW in India, with multi-year O&M agreements. On an aggregate basis, the company has ~7% of market share of the cumulative wind energy installed in India on March 31, 2018. The company has obtained ISO 9001:2008, ISO 14001:2004, OHSAS 18001 and ISO 3834 certification for management systems, pertaining to manufacturing, installation, the commissioning and O&M of wind turbines.
The company's capability to provide turnkey solutions to its customers makes it a preferred partner to wind farm developers and IPPs. The company has a state-of-the- art technology licensed from AMSC, a leading wind energy technology company, for exclusive manufacturing of 2 MW WTGs in India. The company also has a non-exclusive license to manufacture 2 MW WTGs worldwide, based on AMSC's proprietary technology. In addition to this, the company has a non-exclusive license from WIND novation Engineering Solutions GmbH, Germany to manufacture rotor blade sets in variant of 93.3, 100 and 113-meter rotor diameter.
The company offers turnkey wind power solutions to its clients, which provides it with a competitive edge in the marketplace and is a key to its wind value chain. The company has one of the largest order books in India's wind power industry.
Inox Wind owns a 100% subsidiary, Inox Wind Infrastructure Services, which does the project development in respect of wind power projects, including wind studies, energy assessments, land acquisition, site infrastructure development, power evacuation, statutory approvals, erection and commissioning and long term operation and maintenance of the wind farms.
Inox Wind's Initial Public Offer (IPO) opened for subscription on 18 March 2015 and closed on 20 March, 2015, for the total size of 3,19,18,226 Equity Shares of face value of Rs 10 each, comprising of a fresh issue to the public of 2,19,18,226 Equity Shares and an Offer for Sale of 1,00,00,000 Equity Shares by Gujarat Fluorochemicals Limited, the Promoter Company. The shares were issued at a premium of Rs 315 per share. The IPO was oversubscribed by 18.57 times. The company's shares were listed on the bourses on 9 April 2015.
During the financial year ended 31 March 2015, Inox Wind received multiple orders from prestigious names such as Tata Power, Continuum Wind and Green Infra. The company received repeat orders from almost all customers
During the financial year ended 31 March 2016, Inox Wind maintained momentum in the tender market, with orders bagged from IOCL, PTC India and GIPCL. During the year under review, the company signed an agreement with its technology partner AMSC to collaborate on development of 3 MW turbine in India. Simultaneously, Inox Wind signed another contract which secures it perpetual and exclusive rights from AMSC to manufacture 2 MW Electronic Control Systems in India. During the year under review, the company successfully launched high performance WTGs with 113 metre rotor diameter. During the year under review, the company commissioned a new manufacturing facility in Madhya Pradesh.
During the financial year ended 31 March 2017, Inox Wind expanded its presence in Andhra Pradesh, Karnataka and Kerala. Solar Energy Corporation of India (SECI) concluded the first auction of 1,050 MW in February 2017, in which Inox Wind won 300 MW (29% market share).
During the financial year ended 31 March 2018, Gujarat Fluorochemicals Limited, the Promoter of the Company and other Promoter Group entities, made an Offer for Sale ('OFS') through stock exchange mechanism and disinvested 2,35,61,331 equity shares of the company representing 10.62% of the total paid up equity share capital of the company. Accordingly, post OFS, the Promoter and Promoter Group's Shareholding in the Company reduced from 85.62% to 75% of the total equity share capital of the Company with effect from 22 March 2018.
During the year, the company bagged orders from all the central wind power auctions conducted by the Solar Energy Corporation of India (SECI) during under the auction regime. The company also bagged 50 MW in the Maharashtra State auction, which has enhanced its auction-based order book to a sector-leading 950 MW in the Indian wind power industry.
The launch of the 120-meter tower has put the company amongst the select few manufacturers with the capability to produce such tall hub heights. The 113-meter rotor dia WTG significantly increases annual energy production and is especially suited for low wind segments in India. During the year under review, the company launched and implemented the power booster technology for its clients, which leads to 6-8% improvement in energy output.
During the year under review, the company took steps to improve balance sheet metrics, including reducing receivables, working capital and debt levels. The year started with net receivables of Rs 2,366 crore. Adding FY 2018 sales of Rs 480 crore and a closing balance of Rs 1,060 crore in Net Receivables, the total collection stood at Rs 1,786 crore for the year. Net Working Capital, which stood at Rs 1,804 crore at the start of FY 2018, reduced by Rs 565 crore, translating into a Net Working Capital of Rs 1,239 crore by the year-end.
During the year 2019, the Company incorporated a wholly- owned subsidiary namely Waft Energy Private Limited.
Inox Wind Share Price
Inox Wind share price reflects investor sentiment toward the company and is impacted by various factors such as financial performance, market trends, and economic conditions. Share price is an indicator which shows the current value of the company's shares at which buyers or sellers can transact.
Inox Wind Market Cap
Market capitalization of Inox Wind indicates the total value of its outstanding shares. Marketcap is calculated by multiplying share price and outstanding shares of the company. It is a helpful metric for assessing the company's size and market Valuation. It also helps investors understand how Inox Wind is valued compared to its competitors.
Inox Wind PE Ratio
Inox Wind PE ratio helps investors understand what is the market value of each stock compared to Inox Wind 's earnings. A PE ratio higher than the average industry PE could indicate an overvaluation of the stock, whereas a lower PE compared to the average industry PE could indicate an undervaluation.
Inox Wind PEG Ratio
The PEG ratio of Inox Wind evaluates its PE ratio in relation to its growth rate. A PEG ratio of 1 indicates a fair value, a PEG ratio of less than 1 indicates undervaluation, and a PEG ratio of more than 1 indicates overvaluation.
Inox Wind ROE (Return on Equity)
Return on Equity (ROE) measures how effectively Inox Wind generates profit from shareholders' equity. A higher ROE of more than 20% indicates better financial performance in terms of profitability.
Inox Wind ROCE (Return on Capital Employed)
Return on Capital Employed (ROCE) evaluates the profitability of Inox Wind in relation to its capital employed. In simple terms, ROCE provides insight to investors as to how well the company is utilizing the capital deployed. A high ROCE of more than 20% shows that the business is making profitable use of its capital.
Inox Wind Total Debt
Total debt of Inox Wind shows how much the company owes to either banks or individual creditors. In simple terms, this is the amount the company has to repay. Total debt can be a very useful metric to show the financial health of the company. Total debt more than equity is considered to be a bad sign.
Inox Wind Debt to Equity Ratio
The Debt-to-Equity (DE) ratio of Inox Wind compares its total debt to shareholders' equity. A higher Debt to Equity ratio could indicate higher financial risk, while a lower ratio suggests that the company is managing its debt efficiently.
Inox Wind CAGR (Compound Annual Growth Rate)
CAGR shows the consistent growth rate of Inox Wind over a specific period, whether it is over a month, a year, or 10 years. It is a key metric to evaluate the company’s long-term growth potential. Main metrics for which CAGR is calculated are net sales, net profit, operating profit, and stock returns.
Inox Wind Technical Analysis
Technical analysis of Inox Wind helps investors get an insight into when they can enter or exit the stock. Key components of Inox Wind Technical Analysis include:
Support Levels (S1, S2, S3)
There are usually multiple support levels, but the main support levels for a stock are S1, S2, S3. Support levels indicate price points where stock might get support from buyers, helping the stock stop falling and rise.
Resistance Levels (R1, R2, R3)
There are usually multiple resistance levels, but the main resistance levels for a stock are R1, R2, R3. Resistance levels represent price points where Inox Wind shares often struggle to rise above due to selling pressure.
Inox Wind Dividends
Dividends refer to the portion of the company’s profits distributed to its shareholders. Dividends are typically paid out in cash and reflect Inox Wind ’s financial health and profitability.
Inox Wind Bonus Shares
Bonus shares are usually given by companies to make the stock more affordable, increase liquidity, boost investor confidence, and more.
Inox Wind Stock Split
Stock split increases the number of its outstanding shares by dividing each existing share into multiple shares. When the company offers a stock split, the face value of the stock reduces in the same proportion as the split ratio.
Inox Wind Financials
The financials of Inox Wind provide a complete view to investors about its net sales, net profit, operating profits, expenses, and overall financial health. Investors can analyze financial data to assess the company’s stability and also understand how the company has been growing financially.
Inox Wind Profit and Loss Statements
The profit and loss statement of Inox Wind highlights its net sales, net profit, total expenditure, and operating profits in the current financial year. This Profit and Loss statement is crucial for evaluating the profitability and financial stability of Inox Wind .
Inox Wind Balance Sheet
The balance sheet presents a snapshot of Inox Wind ’s assets, liabilities, and equity of shareholders, providing insights into the financials of the company.
Inox Wind Cashflow Statements
Cashflow statements track the company's cash inflows and outflows over a period. It is an essential tool for understanding how well the company manages its liquidity and finances.
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