It’s not every day a company announces a 391% rise in quarterly profit. But that’s exactly what Inox Wind did in its Q4FY25 earnings. The company reported a record ₹190.34 crore in consolidated profit, up from ₹38.74 crore in the same quarter last year.
And yet, Inox Wind’s share price dropped by over 3% on the same day.
If the numbers are this good, what explains the market’s reaction? Let’s break it down!
What Inox Wind does
Inox Wind is one of India’s biggest wind energy companies. It’s part of the INOXGFL Group and plays a key role in India’s clean energy ambitions. It does everything from making wind turbine parts to installing and maintaining wind farms. Its subsidiary, Inox Green, also manages operations and maintenance for 5.1 GW of capacity.
Inox Wind has been scaling up in wind and even entering the solar O&M space. In short, they’re going all in on renewable energy, and with India’s push toward green power, this puts them in a strong long-term spot.
Inox Wind Q4FY25 financial performance
Here’s how the company performed in the March 2025 quarter:
| Metric | Q4FY25 | Q4FY24 | Growth (YoY) |
| Revenue from Operations | ₹1,311 crore | ₹569 crore | +130% |
| EBITDA | ₹290 crore | ₹143 crore | +103% |
| Net Profit (PAT) | ₹190.34 crore | ₹38.74 crore | +391% |
| Order Book | ₹3,203 crore | ₹2,656 crore | +21% |
Not only did profits hit an all-time high, but the company also ended the quarter with a strong order book of 3.2 GW, ensuring revenue visibility for the next two years. The merger between Inox Wind Energy and Inox Wind was also approved, reducing liabilities by ₹2,050 crore, a big clean-up of the balance sheet.
So then, what caused the dip?
Why Inox Wind’s share price fell despite strong results
It comes down to profit booking and market expectations.
- The stock had already run up in anticipation of strong results. So once the numbers were out, many investors used the opportunity to book profits.
- Sequential margins dipped slightly. Even though EBITDA rose, the EBITDA margin declined QoQ by ~241 bps, which some traders saw as a near-term negative.
- Dilution impact from the merger. The merger increased the share count by 25%, which could impact earnings per share in the short run.
So while the numbers were solid, the market took a cautious approach, leading to a dip in the Inox Wind share price.
You may also read: Suzlon Energy’s market cap crosses ₹1 lakh crore after Q4
What brokerages are saying
Even with the short-term pullback, most analysts remain bullish.
| Brokerage | Rating | Target Price | Key Takeaways |
| Nuvama Institutional | Buy | ₹236 | Strong balance sheet after merger, robust pipeline in wind & solar O&M |
| ICICI Securities | Buy | ₹230 | FY27 execution expected to rise to 1.7 GW; strong long-term earnings visibility |
| Systematix | Buy | ₹231 | Confident in FY26/FY27 targets of 1.2 GW & 2.0 GW execution |
Overall, 7 out of 8 analysts have a Buy rating on Inox Wind. The average target price implies an upside of 18–21% from current levels.
Also read: Nykaa Q4FY25 result analysis
What makes Inox Wind a long-term contender?
- Energy transition is real. India is pushing hard toward renewables, wind, solar, EVs, and Inox is well-positioned across all.
- Duopoly advantage. Inox Wind is one of only two major wind EPC (Engineering, Procurement, Construction) players in India.
- Execution visibility. With a 3.2 GW order book and a target to hit 2 GW execution in FY27, revenue stability looks strong.
- Cleaner balance sheet. The merger helped reduce ₹2,000+ crore in liabilities, which is a big win for long-term investors.
What should retail investors do?
If you’re holding Inox Wind or thinking about it, here’s the bottom line:
- The dip in Inox Wind’s share price is mostly due to profit booking.
- The fundamentals are still strong, record profit, better order inflows, and cleaner books.
- If you’re long-term focused, this dip might even be an entry point. Analysts believe the stock has 18–21% upside from here.
Conclusion
Markets don’t always move in sync with numbers, and Inox Wind share price is a classic example of that. Despite delivering its best-ever quarterly profit and improving its financial structure through a successful merger, the stock faced selling pressure due to short-term factors like profit booking and a slight margin dip.
With strong tailwinds from India’s renewable energy push, a healthy 3.2 GW order book, expanding O&M services, and growing investor interest, Inox Wind is positioned as a serious player in the country’s energy transition story. Most brokerages remain confident in their future, forecasting healthy execution growth over FY26 and FY27.
For retail investors, this dip might not be a red flag, it could be an opportunity. Just remember: stay updated on project execution, margin performance, and how quickly the company delivers on its guidance. If those boxes are checked, Inox Wind might continue to blow in the right direction.
