Inox Wind, a prominent player in India's wind energy sector, has seen its shares plummet to a fresh 52-week low of Rs 72.73, marking the second consecutive session of hitting new lows. This downturn is part of a broader trend, with the green energy stock experiencing a significant drop of 57% over the past two years and 48% in the last year alone.
The company's stock is currently trading below all key moving averages, including the 5-day, 10-day, 20-day, 30-day, 50-day, 100-day, 150-day, and 200-day averages, signaling a strong bearish sentiment. Adding to investor concerns, Inox Wind exhibits high volatility with a beta of 1.76 over the last year. On the technical charts, the stock's Relative Strength Index (RSI) stands at 32.6, pushing it near the oversold zone.
Despite the recent lows, the stock did show a slight reversal in the current session, climbing 1.07% to Rs 74.29 in late morning deals after initially hitting its 52-week low. The company's market capitalization stands at Rs 12,858 crore, with 8.66 lakh shares changing hands, amounting to a turnover of Rs 6.39 crore.
Analyst Outlook and Price Targets
Brokerage firm MOFSL has maintained a 'BUY' rating on Inox Wind, setting a one-year price target of Rs 92. However, MOFSL has revised its revenue estimates downwards for FY27 and FY28 by 8% and 10% respectively, projecting lower deliveries of 1.1GW and 1.3GW for those periods. The brokerage's positive outlook is primarily driven by what it perceives as attractive valuations and a historically stronger second half of the fiscal year.
Conversely, technical analysis suggests a more cautious approach. Virat Jagad, a Senior Technical Research Analyst, highlighted that the stock remains in a clear downtrend, trading below all major Exponential Moving Averages (EMAs) and hovering near a crucial support level of Rs 73-75. Jagad advises against initiating fresh buying at current levels and recommends that existing positions maintain a stop-loss below this support. A sustained move above Rs 81, he noted, could potentially trigger an upside towards the Rs 90-95 range.
About Inox Wind Limited
Inox Wind Limited (IWL) is a leading provider of wind energy solutions in India, catering to Independent Power Producers (IPPs), utilities, Public Sector Undertakings (PSUs), and corporate investors. IWL is an integral part of the US$12 billion INOXGFL Group, which boasts a legacy of over nine decades and operates primarily in two key business verticals: chemicals and renewable energy.