According to reports from Business Standard, analysts at JM Financial have maintained a constructive view on wind energy solutions provider Inox Wind and reaffirmed their 'Add' rating following a meeting with the company's management. The brokerage highlighted that Inox Clean currently operates 3.5 GW of renewable energy assets and is targeting 14 GW of installed capacity by FY29E. The company's order backlog has increased to 4.6 GW, aided by orders worth 2.25 GW from group companies. As per JM Financial, Inox Neo, the renewable energy generation platform under Inox Clean, currently has an operational portfolio of 3.5 GW, including 1.1 GW of recently acquired assets from Vena Energy.
As reported by Business Standard, Inox Solar, a subsidiary of Inox Clean, currently operates 6 GW of module manufacturing capacity, comprising 3 GW each in India and the US. The company plans to add another 4.8 GW of module manufacturing capacity and 2.4 GW of cell manufacturing capacity over the next two years. This expansion is part of the company's target of building 11 GW of integrated manufacturing capacity across India and the US. The company is also expanding into solar manufacturing through subsidiary Inox Solar, with the target of building 11 GW of integrated manufacturing capacity across India and the US.
According to JM Financial, Inox Wind's order book stood at 3.1 GW at the end of March 2026, including 1.5 GW from CESC and 750 MW from group companies. A memorandum of understanding (MoU) with Inox Clean for an additional 1.5 GW of wind turbines increased the total order book to 4.6 GW. Orders from group companies now account for 2.25 GW of the total backlog.
As reported by Business Standard, CRISIL Ratings withdrew Inox Wind's long-term and short-term ratings at the company's request after placing them on 'Rating Watch with Developing Implications' following recent acquisitions. The rating watch was triggered by Inox Clean's acquisition of about 6 GW of renewable energy assets from Vena Energy India. The transaction follows a series of acquisitions undertaken by Inox Clean, including Vibrant Energy, SunSource Energy, SkyPower and Boviet Solar's manufacturing assets. The brokerage noted that Inox Wind maintains a healthy business risk profile backed by strong order execution over the past two fiscal years, despite the rating watch being triggered by the acquisition activities. Shares of Inox Wind rose 4.38 per cent to ₹94.7 in intraday trade on Monday, with the stock trading at ₹93.42, up 2.98 per cent from its previous close.
According to Business Standard, at the current market price, JM Financial sees a 7 per cent upside and has set a target price of ₹101 per share, while retaining its SOTP-based valuation framework. The brokerage noted that Inox Wind maintains a healthy business risk profile backed by strong order execution over the past two fiscal years, despite the rating watch being triggered by the acquisition activities.
