You’ve probably seen the red on the screen. It’s hard to miss. As of mid-January 2026, the Inox Wind Ltd share price is hovering around ₹113 to ₹114. If you bought in during the euphoric peaks of 2024 or early 2025, that hurts. This stock was the "multibagger" darling of the renewable energy world, and now it feels like a falling knife. But honestly, if you look past the daily tickers, there is a weird, almost confusing disconnect between how the stock is behaving and what the company is actually doing on the ground.
The market cap has slid below ₹20,000 crore. Just a year ago, investors were talking about it hitting the moon. Now, the 52-week high of ₹198 feels like a distant memory. So, what happened? Why is a company that just reported its "strongest-ever" Q2 results getting punished by the bourses?
The Great Disconnect: Performance vs. Price
It is kinda wild when you think about it. Inox Wind’s revenue for Q2 FY26 jumped by 56% compared to the previous year, hitting ₹1,162 crore. Profits are up. Execution is up. They even managed to install 202 MW of wind capacity in a single quarter despite a brutal monsoon season that usually shuts down everything.
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Yet, the Inox Wind Ltd share price has lost about 30% of its value over the last twelve months.
Markets are forward-looking, but sometimes they’re just moody. A lot of this sell-off is basically profit booking from the massive 600% run-up it had in the previous two years. Investors got tired of waiting for the "next big leg up" and decided to cash out. Plus, there’s the whole "valuation" argument. Even at ₹113, the Price-to-Earnings (P/E) ratio is sitting around 34 to 38. That isn’t exactly "cheap" in a high-interest-rate environment, even if the growth is there.
The 3.2 GW Elephant in the Room
If you want to understand where the Inox Wind Ltd share price might go, you have to talk about the order book. Right now, it’s sitting at over 3.2 Gigawatts (GW). For context, that is enough work to keep their factories humming for the next 18 to 24 months.
They aren't just small orders, either.
- Aditya Birla Renewables recently handed them a 102.3 MW order—their first-ever from that group.
- Jakson Green came back for a repeat 100 MW order in December 2025.
- They’ve got a massive 2.5 GW framework agreement they’re chipping away at over the next three years.
The management, led by CEO Sanjeev Agarwal and Executive Director Devansh Jain, has been pretty vocal about hitting a 1.2 GW execution target for the full year. But here’s the catch: they only hit about 350 MW in the first half of the year. That means H2 (the second half) has to be absolutely massive. The market is skeptical. It’s a "show me the money" situation. If they miss that 1.2 GW target, expect the Inox Wind Ltd share price to feel even more gravity.
Technicals: Are We at the Bottom?
Technical analysts are starting to see some "bottoming out" signals around the ₹110–₹120 range. The stock hit a 52-week low of ₹110.19 recently, and it seems to be fighting to stay above that. If it breaks below ₹110, things could get ugly.
However, guys like Riyank Arora from Mehta Equities have pointed out that the Relative Strength Index (RSI) is starting to crawl out of "oversold" territory. Basically, the sellers might be exhausted. When everyone who wanted to sell has already sold, the only direction left is up—or at least sideways for a while.
What the Big Houses are Saying
Despite the price drop, the analysts are surprisingly bullish. It’s almost unanimous.
- Axis Securities has a target price of ₹190.
- ICICI Securities is looking at ₹180.
- Anand Rathi is even more aggressive with a ₹199 target.
The consensus seems to be that the fair value is somewhere around ₹185 to ₹200. If you compare that to the current price of ₹113, you’re looking at a potential upside of 60% or more. But—and this is a big but—that depends on them hitting their execution numbers. In the wind business, things go wrong. Land acquisition gets stuck. Transmission lines don't get built. Crane rentals spike in cost.
The Inox Green Factor
You can't talk about the parent company without mentioning Inox Green Energy Services. This is the O&M (Operations and Maintenance) arm. It’s the "steady" part of the business. While building turbines is a lumpy, high-stress game, maintaining them is a subscription model.
Inox Green’s portfolio is now around 12.5 GW. They are on a mission to become the biggest renewable O&M player in India. For an investor, this provides a cushion. Even if new orders slow down, the recurring revenue from the thousands of turbines already in the ground keeps the lights on. They’ve also been doing some corporate restructuring, demerging the substation business, which should theoretically make the balance sheet "leaner."
Real Talk: The Risks Nobody Likes to Mention
Let’s be real for a second. Investing in the Inox Wind Ltd share price isn't for the faint of heart. The stock has a Beta of 2. That means if the Nifty moves 1%, this thing moves 2%. It’s a rollercoaster.
The promoter holding has also decreased over the last few years, which always makes retail investors a bit nervous. And then there’s the "debtor days" issue. In the past, Inox Wind struggled to get paid on time by some of its customers. While they are targeting a 120-day working capital cycle now, it’s a metric you absolutely have to watch. If the money gets stuck in the pipeline, the share price will follow it down.
Actionable Insights for the Road Ahead
If you are looking at the Inox Wind Ltd share price today, don't just stare at the flickering red numbers. Here is how to actually play this:
- Watch the H2 Execution: If the company reports anything close to 800 MW of execution in the next two quarters, the stock will likely re-rate very fast.
- The ₹110 Support Level: This is the line in the sand. If it holds, it’s a base. If it breaks, wait for the dust to settle.
- Sector Tailwinds: The Indian government is pushing for 500 GW of non-fossil fuel capacity by 2030. The wind sector has to grow. Inox is one of the only three major players left standing after the industry consolidation of the last decade.
- Earnings Dates: Keep an eye on the Q3 FY26 results. The trading window closed on January 1, 2026, and the board meeting should be coming up soon. That will be the make-or-break moment for the short term.
Basically, the company is doing better than its stock price suggests, but the market is demanding proof that they can handle the massive scale they've promised. It's a classic "execution vs. expectation" battle.
To get a better sense of the valuation, you should compare their current Enterprise Value to their EBITDA (EV/EBITDA). Currently, it's trading at a significant discount to its historical highs, which suggests that if the earnings keep growing as projected, the "value" is definitely there for the long haul.
Next Steps:
Check the official NSE or BSE filings for the date of the upcoming Q3 earnings call. Pay close attention to the "cash conversion" commentary—if they are turning orders into actual cash in the bank, the downward trend in the share price is likely to reverse.