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Inox Wind Ltd: 1 director
A director at Inox Wind Ltd sold 60,000,000 shares at 150.745INR and the significance rating of the trade was 70/100. Is that information sufficient for you to make an investment decision? This report gives details of those trades and adds context and analysis to them such that you can judge whether these trading decisions are ones worth following. Included in the report is a detailed share price chart which plots discretionary trades by all the company's directors over the last two years clea...
An unfavourable environment weighs on INOX WIND, which sees a downgrad...
The independent financial analyst theScreener just requalified the general evaluation of INOX WIND (IN), active in the Renewable Energy Equipment industry. As regards its fundamental valuation, the title still shows 1 out of 4 stars and its market behaviour is seen as moderately risky. theScreener believes that the unfavourable environment weighs on the sector and penalises the company, which sees a downgrade to its general evaluation to Slightly Negative. As of the analysis date March 10, 2020,...
- Shirish Rane
Inox Wind's Q3FY20 results (Underperformer) - Execution continues to b...
Q3FY20 result highlights Indian wind industry installation continues to face headwinds. Delay of grid infrastructure and land policy in Gujarat has impacted execution under various orders awarded by SECI, resulting in disappointment in revenues for the wind OEM’s. Though the grid infrastructure and land issues are being resolved, the execution is yet to pick up. We expect volumes for FY20E and FY21E are likely to be below expectation (2-3GW). The transition from feed in tariff has adversely...
- Shirish Rane
Inox Wind's Q2FY20 results (Underperformer) - Industry continues to be...
Q2FY20 result highlights Delay of grid infrastructure and land policy in Gujarat has continued to impact execution under SECI 1 and SECI 2 orders, resulting in disappointment in revenues for the wind OEM’s. However, we believe the grid infrastructure is ready and should result in improved execution over the next 2 quarters, but the volumes for FY20 are likely to be below expectation (2-3GW). The transition from feed in tariff has adversely impacted FY18, FY19 and continues to adversely impa...
- Shirish Rane
Inox Wind's Q1FY20 results (Downgrade to Underperformer) - Another mis...
Q1FY20 result highlights Delay of grid infrastructure and land policy in Gujarat had continued to impact execution under SECI 1 and SECI 2 orders, resulting in disappointment in revenues for the wind OEM’s. However, we understand that grid infrastructure is ready and should result in improved execution but the volumes for FY20 are likely to be below expectation (4-5GW). The expected recovery in the industry at the beginning of the year has not materialised. Note that the transition from fee...
- Shirish Rane
Inox Wind's Q4FY19 results (Outperformer) - Execution disappoints
Q4FY19 result highlights Delay of grid infrastructure and land policy in Gujarat has led to disappointment in work for the auctions under SECI 1 and SECI 2, thus affecting the revenues for the wind OEMs The improvement envisaged in execution in FY19 at the beginning of the year has not materialised. Note that the transition from feed in tariff has adversely impacted FY18 and continued to impact adversely in FY19 As a result, INOX reported sale of Rs1.8bn in Q4FY19, decline of 12% yoy and s...
- Shirish Rane
Inox Wind's Q3FY19 results (Outperformer) - Pick up in execution delay...
Q3FY19 result highlights Despite a healthy order book of on the back of auction of 11 GW in last 18 month, order execution is marred by evacuation challenges and land allotment issues, which have led to a delay in SECI I and II order execution. As a result, INOX order execution was sluggish at 74MW in Q3FY19 and 244MW in 9mFY19. INOX has started execution of SECI 1 and 2 orders from Q1FY19. SECI 1 – 300MW order is likely to be executed by Q4FY19 while SECI 2 and part of SECI 3 orders are l...
- Shirish Rane
Inox Wind's Q1FY19 results (Outperformer) - Start of execution; Turnin...
Q1FY19 result highlights INOX executed 80MW of order in Q1FY19. Note that the order book at end of FY17 had been cancelled owing to on going transition from Feed in Tariff (FiT) to auction regime. As a result, INOX witnessed execution of mere 8MW in entire FY18.. INOX has started execution in SECI 1 and 2 order book from this quarter. SECI 1 – 300MW order is likely to be executed by Q3FY19 while SECI 2- 300MW is likely to be executed by Q4FY19. As a result, INOX sales was Rs4 bn(+306% yoy)...
- Shirish Rane
Company update: Inox Wind (Outperformer) - Winds of change
INOX Wind (INOX) is set for a turnaround after a disappointing FY18 (wind power installations fell 40% yoy to 1.8GW). We believe the transition from Feed in Tariff (FiT) to auction regime will help turn the tide in the wind power industry in FY19E. The transition, which led to cancellations in existing order books of OEMs, caused earnings to disappoint in FY18. INOX too saw an 86% decline in FY18 revenues. However, we believe FY19E will be promising for INOX, boosted by the company’s order book ...
- Shirish Rane
Inox Wind's Q4FY18 results (Upgrade to Outperformer) - Strong order bo...
Q4FY18 result highlights INOX reported strong order inflow of 950MW under the auction regime in FY18. During the quarter, it won 350MW of order- 200MW in SECI Round 3, 100MW under SECI Round 4 and 50MW under Maharashtra state auction. As a result, Order book has improved to 950MW. Till date, its market share under the auction regime is healthy at 12.5% (950MW out of 7500MW). Note that all orders under the auction are yet to be awarded. Operating metrics and financial metrics for INOX suffer...
- Shirish Rane
Inox Wind's Q3FY18 results (Underperformer) - Another disappointing qu...
Q3FY18 result highlights INOX wind executed 10MW of orders in Q3 FY18 (vs 266MW in Q3FY17) while it commissioned 4MW in Q3FY18 (vs 40MW in Q3FY17). During 9mFY18, it executed 10MW of orders (vs 428MW in 9mFY17) and commissioned 90MW (vs234MW in 9mFY17) Consequently, INOX sales declined to Rs909m in Q3FY18, a decline of 92% yoy. As a result, EBITDA came in at a loss of Rs180m in Q3FY18 and INOX reported third consecutive quarterly loss of Rs461m (est of loss of Rs26 9m). Order book has imp...
Inox Wind Ltd (INOXWIND) - Power - Deals and Alliances Profile
Summary Inox Wind Ltd (IWL), a subsidiary of Gujarat Fluorochemicals Limited, is a provider of wind energy solutions to independent power producers (IPPs), PSUs, utilities, corporates and retail investors. The company manufactures and markets wind turbine generators; and offers turnkey solutions such as wind resource assessment, site acquisition, project development, power evacuation, statutory approvals, erection and commissioning, and long-term operations and maintenance of wind power project...
MOSL: INOX WIND (Under Review)-Results below estimates due to regulato...
​INOX WIND: Results below estimates due to regulatory headwinds(INXW IN, Mkt Cap USD0.6b, CMP INR201, Under Review)4QFY17 meaningfully below estimates: 4QFY17 sales fell 45% YoY to INR10.2b, much below our estimate of INR20b. Supplies were curtailed at 94MW (-71% YoY) as states stopped signing PPAs post end-Feb. Gross margin expanded 10.5% YoY to 36%, which, in turn, led to EBITDA margin of 21.5% (+530bp YoY; est. of 17%). PAT of INR1.2b (-37% YoY) came in lower than our estimate of INR2.5b. F...
Ford Equity International Rating and Forecast Report
Ford Equity International Research Reports cover 60 countries with over 30,000 stocks traded on international exchanges. A proprietary quantitative system compares each company to its peers on proven measures of business value, growth characteristics, and investor behavior. Ford's three recommendation ratings buy, hold and sell, represent each stock’s return potential relative to its own country market.. The rating reports which are generated each week, include the fundamental details behind...
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