{"id":7895,"date":"2015-07-22T16:35:57","date_gmt":"2015-07-22T11:05:57","guid":{"rendered":"https:\/\/blog.fundsindia.com\/blog\/?p=7895"},"modified":"2015-07-22T16:43:32","modified_gmt":"2015-07-22T11:13:32","slug":"inox-wind-ltd","status":"publish","type":"post","link":"https:\/\/www.fundsindia.com\/blog\/equities\/inox-wind-ltd\/7895","title":{"rendered":"Inox Wind Ltd."},"content":{"rendered":"<p style=\"text-align: justify;\">Incorporated in 2009, Inox Wind Ltd (IWL). is India\u2019s fourth largest wind power\u00a0solution provider. The company is primarily engaged in the manufacturing of\u00a0wind turbine generators (WTGs). It has facilities dedicated to manufacturing\u00a0nacelles, hubs, rotor blade sets and towers at Una Unit (Himachal Pradesh and\u00a0Rohika Unit, located in the Ahmedabad district of Gujarat. IWL has a technical\u00a0collaboration with AMSC Austria GmbH to manufacture 2 MW WTGs in India.<\/p>\n<p style=\"text-align: justify;\"><strong>Valuation and view<\/strong><\/p>\n<p style=\"text-align: justify;\">We forecast IWL\u2019s top-line to grow at a CAGR of 40% during\u00a0FY15-17E, on the back of aggressive capacity expansion,\u00a0strong order book and large project sites. Also, EBITDA\u00a0margin is expected to improve to 19.7% by FY17E on the basis\u00a0of higher realizations. Moreover, it stands to be a key\u00a0beneficiary of government\u2019s thrust on improving the stature\u00a0of renewable energy in India with a big market share and\u00a0access to sophisticated technologies.<\/p>\n<div class=\"blog-highlight\" style=\"clear: both; background: #2baae2; border: none; width: 60%; text-align: center; box-shadow: 0 5px 5px rgba(0, 0, 0, 0.5);\"><a style=\"text-decoration: none;\" href=\"http:\/\/www.fundsindia.com\/content\/jsp\/registration\/login.jsp?ref=blog-button\" target=\"_blank\"> <span style=\"color: #fff; font-weight: bold;\">Open<\/span> <span style=\"color: #fff; font-weight: bold; text-decoration: none;\"> a FREE Account Now! <\/span><\/a><\/div>\n<p style=\"text-align: justify;\">We expect IWL\u2019s net profit to grow at a CAGR of ~57% during\u00a0FY15-FY17E and the RoE and RoCE to improve to 32.0% and\u00a035.0% respectively. At the current market price (CMP) of Rs.\u00a0449, the stock trades at a P\/E multiple of 18.9x FY16E and\u00a013.6x FY17E. We recommend \u2018BUY\u2019 with a target price of Rs.\u00a0544 assigning a forward P\/E multiple of 16.5x, which implies a\u00a0potential upside of ~21% to the CMP from 12-18 months\u00a0perspective.<\/p>\n<p style=\"text-align: justify;\"><a href=\"https:\/\/www.fundsindia.com\/blog\/wp-content\/uploads\/2015\/07\/Research-Report-INOX-Wind-Ltd.pdf\">Research Report INOX Wind Ltd<\/a><\/p>\n<p style=\"text-align: justify;\"><i>Investments in equity shares, debentures, etc., are not obligations of, or guaranteed by Wealth India Financial Services Pvt. Ltd., and are subject to investment risks.\u00a0<a href=\"http:\/\/pages.fundsindia.com\/pages\/disclaimer-equities\/\">Click here<\/a>\u00a0to read our full disclaimer.<\/i><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Incorporated in 2009, Inox Wind Ltd (IWL). is India\u2019s fourth largest wind power\u00a0solution provider. The company is primarily engaged in the manufacturing of\u00a0wind turbine generators (WTGs). It has facilities dedicated to manufacturing\u00a0nacelles, hubs, rotor blade sets and towers at Una Unit (Himachal Pradesh and\u00a0Rohika Unit, located in the Ahmedabad district of Gujarat. IWL has a [&hellip;]<\/p>\n","protected":false},"author":14,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[59],"tags":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v17.3 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Inox Wind Ltd.<\/title>\n<meta name=\"description\" content=\"Find the latest research report on Inox Wind Ltd. On FundsIndia MarketPlace.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/fundsindia.com\/blog\/equities\/inox-wind-ltd\/7895\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Inox Wind Ltd.\" \/>\n<meta property=\"og:description\" content=\"Find the latest research report on Inox Wind Ltd. 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