Inox Wind Ltd, share price is in focus on Monday after the company made a big acquisition update during the weekend. Inox Wind witnessed a volatile trend. The stock is ranging from Rs 150-155 in the latest trading session so far. There is a buy-on-dips opportunity in Inox Wind for a target price of Rs 193 apiece which is set by Nuvama.
Inox Wind Share Price:
At the time of writing, Inox Wind's share price inched up to Rs 150.50 apiece on BSE with a market cap of Rs 19,622.10 crore. In the early trade, the stock gained nearly 3% to hit an intraday high of Rs 154.35 apiece.
The stock's 52-week high and low is at Rs 177 apiece and Rs 34.40 apiece respectively. YTD, the stock is up over 15% on BSE. In a year, Inox Wind shares zoomed by nearly 314%.
Inox Wind Big Acquisition Update:
In its regulatory filing on June 8, Inox Wind said that they have incorporated 4 (four) wholly-owned subsidiaries. These are Junachay Wind Energy; Dharvi Kalan Wind Energy; Dangri Wind Energy; and . Kadodiya Wind Energy.
The authorized capital of these subsidiaries is Rs 1 lakh, while paid-up capital is also Rs 1 lakh. The companies belong to the wind power industry.
The subsidiaries are established as special purpose vehicle (SPV) companies to develop wind farms in various parts of India. They are incorporated in India and registered with the Registrar of Companies, Gujarat at Ahmedabad on 3rd June 2024 (sr.nos.1 to 3) and 5th June 2024 (sr.no.4) and are yet to commence their business operations.
BUY Inox Wind:
In its latest research report, Nuvama said, "With strong industry tailwinds in place, a deleveraged balance sheet and a robust order book, we anticipate a strong pickup in INXW's performance, going forward."
Nuvama added, "We are initiating coverage on INXW at 'BUY' with a TP of INR193/share (based on 30x FY27E WTG EPS of INR7.2) adjusting for promoter infusion of INR20.3bn, while we arrive at a DCF-based value of INR14/share for the O&M business."
According to Nuvama, INXW defended a ~15% market share in a down-cycle. Reviving macros in a duopolistic wind EPC market shall enable it to achieve OB/revenue CAGR of 44%/73% (FY24-27E) led by: i) D/E reduction to 0.6x (1.9x in FY24); ii) 2.5GW WTG/1.3GW EPC capacity; and iii) 30%-plus O&M services' EBITDA margin.
INOX Wind Bonus Issue:
Inox Wind allotted a 3:1 bonus issue, meaning 3 (Three) new fully paid-up bonus equity shares of Rs. 10/- each for every 1 (One) fully paid-up existing equity share of Rs. 10/- each held.
The record date for the bonus issue of 3:1 was May 25, and the ex-bonus date was on May 24.
Bonus shares are one of the many corporate actions that listed companies announce on several occasions. Bonus shares are like incentives which are free of cost given to investors. Under this corporate action, new shares are issued at the existing Face Value of equity shares of the company. Hence, the face value remains the same post-bonus issue.
Inox Wind Limited (IWL) is India's leading wind energy solutions provider servicing IPPs, Utilities, PSUs & Corporate investors. IWL is a part of the US$ ~ 8 BN INOXGFL Group which has a legacy of over nine decades and is primarily focused on two business verticals - chemicals and renewable energy.
IWL is a fully integrated player in the wind energy market with four state-of-the-art manufacturing Plants in Gujarat, Himachal Pradesh and Madhya Pradesh, where Blades, Tubular Towers, as well as Hubs & Nacelles are manufactured. With its state-of-the-art 3 MW series WTG offering, IWL's manufacturing capacity stands at ~ 2.5 GW per annum.
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