External broker reports(aggregated public sources), Axis Direct

Axis Direct

External broker reports(aggregated public sources)

Axis Direct is the flagship brand under Axis Securities Limited, a subsidiary of Axis Bank in India. 

Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

Equity Bottom-Up

<ul><li>FY25 was a turnaround year for Inox Wind Ltd. (IWL) with revenues more than doubling YoY and PAT standing at Rs 438 Cr (vs. a loss in FY24), while the balance sheet transitioned to a net cash position post the merger with Inox Wind Energy Ltd.</li><li>The company’s order book is now at a record high of ~3.1 GW, which provides good revenue visibility.</li><li>The commissioning of a nacelle and hub facility, backward integration into cranes and transformers, and progress on the 4.X MW platform enhance the company’s execution capability and margins. </li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

FY25 was a turnaround year for Inox Wind Ltd. (IWL) with revenues more than doubling YoY and PAT standing at Rs 438 Cr (vs. a loss in FY24), while the balance sheet transitioned to a net cash position post the merger with Inox Wind Energy Ltd.The company’s order book is now at a record high of ~3.1 GW, which provides good revenue visibility.The commissioning of a nacelle and hub facility, backward integration into cranes and transformers, and progress on the 4.X MW platform enhance the company’s execution capability and margins. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Axis Annual Analysis: Inox Wind - Deleveraged, Diversified, and Ready to Deliver!

<ul><li>Strong Execution, Growth, and Revenue Visibility: The company’s execution in Q4FY25 stood at 236 MW, up 83%/25% YoY/QoQ, while FY25 execution was at 705 MW (up 88% YoY).</li><li>It has maintained its 1,200 MW/2GW execution guidance for FY26/FY27, respectively. As of Mar’25, Inox Wind’s orderbook stood at 3,203 MW.</li><li>It received order inflows of 1.5 GW in FY25. The orderbook provides revenue visibility for 2-3 years.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Strong Execution, Growth, and Revenue Visibility: The company’s execution in Q4FY25 stood at 236 MW, up 83%/25% YoY/QoQ, while FY25 execution was at 705 MW (up 88% YoY).It has maintained its 1,200 MW/2GW execution guidance for FY26/FY27, respectively. As of Mar’25, Inox Wind’s orderbook stood at 3,203 MW.It received order inflows of 1.5 GW in FY25. The orderbook provides revenue visibility for 2-3 years.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Pick of the Week: Inox Wind Ltd - 21st June, 2025

External broker reports(aggregated public sources), ICICI Securities Ltd

ICICI Securities Limited

ICICI Securities Ltd

ICICI Securities Limited provides investment services. The Company provides corporate and investment banking, securities, wealth management, retail brokerage, initial public offerings, and advisory services. 

Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

<ul><li>We attended the INOXGFL Group Vision Day held on 2 Dec’24; takeaways being the INOXGFL group’s foray into: 1) renewable power generation for the commercial and industrial (C&amp;I) sector with an envisaged capacity of 3GW by FY27/FY28; 2) production of solar cells and modules as well as EPC and O&amp;M services; and 3) systematically targeting third party C&amp;I players looking for hybrid RE solutions through these new ventures.</li><li>The group is spreading its wings beyond WTG (and related services) to become a forward-integrated comprehensive renewables player.</li><li>The vision of the group is to be present across the value chain in India’s pursuit for energy transition.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

We attended the INOXGFL Group Vision Day held on 2 Dec’24; takeaways being the INOXGFL group’s foray into: 1) renewable power generation for the commercial and industrial (C&amp;I) sector with an envisaged capacity of 3GW by FY27/FY28; 2) production of solar cells and modules as well as EPC and O&amp;M services; and 3) systematically targeting third party C&amp;I players looking for hybrid RE solutions through these new ventures.The group is spreading its wings beyond WTG (and related services) to become a forward-integrated comprehensive renewables player.The vision of the group is to be present across the value chain in India’s pursuit for energy transition.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Inox Wind - Supercharging an RE Branded House

Thematic (Sector/Industry)

<ul><li>Strong 1500+ points Rally in Nifty 50 since Oct’25: After seeing some pullback in Jul/Aug’25, a broad-based recovery was seen since Oct’25.</li><li>Nifty 50 saw a comeback with a 1500+ points rally. This was led by 1) Better-than-expected earnings performance for the first half, 2) Optimism building for 15% tariffs for India, 3) Early signs of consumption pickup, 4) Stable currency, 5) Relative attractiveness in valuations vs other emerging markets, and 6) Positive sentiments.</li><li>Based on the above developments and after almost 14 months of underperformance, Nifty touched the all-time high level of 26,203 on 28th Nov’25 (similar levels were earlier seen in Sep’24). </li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Strong 1500+ points Rally in Nifty 50 since Oct’25: After seeing some pullback in Jul/Aug’25, a broad-based recovery was seen since Oct’25.Nifty 50 saw a comeback with a 1500+ points rally. This was led by 1) Better-than-expected earnings performance for the first half, 2) Optimism building for 15% tariffs for India, 3) Early signs of consumption pickup, 4) Stable currency, 5) Relative attractiveness in valuations vs other emerging markets, and 6) Positive sentiments.Based on the above developments and after almost 14 months of underperformance, Nifty touched the all-time high level of 26,203 on 28th Nov’25 (similar levels were earlier seen in Sep’24). Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Axis Top Picks for the month of December 2025

<ul><li>Cumulative all-India electricity demand over Apr’25-Jun'25 stood at 446 BU as compared to 452 BU for the same period last year.</li><li>The peak demand was 243 GW for Q1FY26 in Jun’25 (vs. 250 GW during Q1FY25 in May’24), a 3% YoY decline.</li><li>The weakness in electricity demand is led by the early onset of monsoon and less intense summer. y companies under our coverage, led by lower power generation and slower execution.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Cumulative all-India electricity demand over Apr’25-Jun'25 stood at 446 BU as compared to 452 BU for the same period last year.The peak demand was 243 GW for Q1FY26 in Jun’25 (vs. 250 GW during Q1FY25 in May’24), a 3% YoY decline.The weakness in electricity demand is led by the early onset of monsoon and less intense summer. y companies under our coverage, led by lower power generation and slower execution.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Q1FY26 Earnings Preview - Power & Ancillaries

India

Inox Wind Ltd. provides wind power solutions. The Company manufactures and distributes wind turbine generator components such as nacelles, hubs, rotor blade sets, and tubular towers, as well as offers wind resource assessment, site acquisition, infrastructure development, and operations and maintenance of wind power projects. Inox Wind serves customers in India.

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Inox Wind Ltd (INXW IN)

Axis Annual Analysis: Inox Wind - Deleveraged, Diversified, and Ready to Deliver!

FY25 was a turnaround year for Inox Wind Ltd. (IWL) with revenues more than doubling YoY and PAT standing at Rs 438 Cr (vs. a loss in FY24)

Axis Direct

Pick of the Week: Inox Wind Ltd - 21st June, 2025

Strong Execution, Growth, and Revenue Visibility: The company’s execution in Q4FY25 stood at 236 MW, up 83%/25% YoY/QoQ, while FY25 execution was...

Axis Direct

Inox Wind - Supercharging an RE Branded House

The group is spreading its wings beyond WTG (and related services) to become a forward-integrated comprehensive renewables player.

ICICI Securities Limited

Axis Top Picks for the month of December 2025

Strong 1500+ points Rally in Nifty 50 since Oct’25: After seeing some pullback in Jul/Aug’25, a broad-based recovery was seen since Oct’25.

Axis Direct

Q1FY26 Earnings Preview - Power & Ancillaries

Cumulative all-India electricity demand over Apr’25-Jun'25 stood at 446 BU as compared to 452 BU for the same period last year. The peak demand was...

Axis Direct

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