Inox Green Energy, Inox Wind shares soar on revised outlook; check key details

“We wish to inform you that CRISIL Ratings Limited (“CRISIL”) has revised its outlook on the company’s long-term bank facilities from “Stable” to “Positive” while reaffirming the existing rating of “CRISIL A”. Further, CRISIL has reaffirmed its “CRISIL A1” rating on the company’s short-term bank facilities; both firms informed the stock exchanges on March 3.

Crisil, in its report, said that the revision in outlook reflects the improvement in the business risk profile of Inox Winds (IWL), driven by its better operating performance in fiscal 2025. “The outlook revision also reflects the company’s deleveraging efforts by raising equity of ~₹1,800 crore so far in fiscal 2025, resulting in significant improvement in its financial risk profile. The improvement in the operating performance and the deleveraging efforts by the management should result in better debt protection metrics,” the ratings agency said in its report.

During the intraday trade, shares of Inox Green Energy were trading at ₹123.20 per share, soaring 6.61% on NSE. While Inox Wind shares advanced 2.71% to ₹147.83 apiece in the morning trade.

At close, Inox Wind settled at ₹144.56 apiece, rising 0.44% while Inox Green Energy closed 2.28% higher at ₹118.20 on the 50-share index.

Crisil further said that IWL’s business risk profile will continue to benefit from its healthy order book and growing O&M portfolio. The financial risk profile will be supported by healthy cash accrual.

“Inox Green Energy Services Limited (IGESL) has a healthy portfolio of ~3.3 GW, along with machine availability of ~96% for the nine months through December 2024. Revenue visibility is supported by the healthy order book of IWL and inorganic acquisitions in the O&M space,” the ratings said for Inox Green.

For the October-December period, Inox Wind reported a rise in consolidated profit after tax (PAT) to ₹239 crore, backed by higher revenues on January 31. It had posted a ₹33 crore PAT in the year-ago quarter, the company said in a statement.

The company's consolidated revenues rose 96% to ₹994 crore from ₹507 crore in the October-December period of 2023-24. IWL's order book stood at 3,286 MW at the end of the third quarter of the ongoing fiscal year, 28% higher than 2,575 MW in the year-ago period.