INOXWIND IN EQUITY
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| CUSTOMER | BASIS | EST ₹CR | RANGE | % REV | BUCKET | PERIOD | METHOD | CONF |
|---|---|---|---|---|---|---|---|---|
| Business | REV SHARE | 3,957 | 3,957–3,957 | 90.0% | CAPEX | FY26 | DISC | 90% |
| “Details of business activities (accounting for 90% of the turnover): S. No. Description of Main Activity Description of Business Activity % of Turnover of the …” AR p.140 · 31-MAR-26 DOC | ||||||||
| HINDZINCHindustan Zinc Ltd. | UNSTATED | 3,957 | 3,957–3,957 | 90.0% | — | 2026-08 | EST | 60% |
| “Wind World India's O&M portfolio stands at nearly 4.5 gigawatts, servicing a marquee client base that includes Tata, ReNew, Greenko Group, Apraava, Hindustan Z…” CONCALL p.5 · 31-AUG-26 DOC | ||||||||
| NTPCNTPC Ltd. | UNSTATED | 779 | 779–779 | 17.7% | — | FY25 | EST | 70% |
| “We have a well- diversified orderbook with customers including NTPC, CESC, NLC India, Hero Future Energies, Inox Clean Energy, Continuum, Integrum & Gentari, a…” AR DOC | ||||||||
| ITCITC Ltd. | CONTRACT | 436 | 48–436 | 9.9% | — | FY26 | EST | 65% |
| “The Group has received demand orders for the period from April 2023 to March 2024, in respect of GST, levying demand of H 6.33 lakh on account of excess ITC cl…” AR p.330 · 31-MAR-26 · +1 DOC | ||||||||
| NLCINDIANLC India Ltd. | CONTRACT | — | — | — | CAPEX | 2026-08 | EST | 80% |
| “we have received an LOA for 200 megawatt from NLC India. This is a repeat order from NLC in the month of July through an extensive tendering process” CONCALL p.3 · 31-AUG-26 DOC | ||||||||
| Renewable Energy | UNSTATED | — | — | — | — | FY25 | EST | 75% |
| “Notably, wind, hybrid and FDRE (Firm and Dispatchable Renewable Energy) projects accounted for over half of the awarded capacity.” AR · +1 DOC | ||||||||
| UCOBANKUCO Bank | UNSTATED | — | — | — | — | FY26 | EST | 75% |
| “He has served on the Boards of UCO Bank and Bank of Maharashtra, contributing to governance, financial oversight, and strategic decision-making.” AR p.21 · 31-MAR-26 · +1 DOC | ||||||||
| MAHABANKBank of Maharashtra | UNSTATED | — | — | — | — | FY26 | EST | 75% |
| “He has served on the Boards of UCO Bank and Bank of Maharashtra, contributing to governance, financial oversight, and strategic decision-making.” AR p.21 · 31-MAR-26 · +1 DOC | ||||||||
| PETRONETPetronet LNG Ltd. | UNSTATED | — | — | — | — | FY26 | EST | 75% |
| “He has served on the Boards of Engineers India Limited (EIL), Petronet LNG Limited, and Bongaigaon Refinery & Petrochemicals Limited, and has played a signific…” AR p.21 · 31-MAR-26 · +1 DOC | ||||||||
| Parties | UNSTATED | — | — | — | — | FY25 | EST | 75% |
| “CONTRACTS AND ARRANGEMENTS WITH RELATED PARTIES The Company has in place a Policy on materiality of Related Party Transactions and dealing with Related Party T…” AR · +1 DOC | ||||||||
| Commissioning | UNSTATED | — | — | — | CAPEX | FY26 | EST | 75% |
| “Noida Corporate Office – Marketing, Supply Management, Planning, Quality, Installation, Commissioning, and Operation & Maintenance of Wind Turbines.” AR p.19 · 31-MAR-26 · +1 DOC | ||||||||
| SECI Limited | CONTRACT | CT 1,157 | — | — | — | FY26 | EST | 75% |
| “The subsidiary Company (IGESL) incorporated “Wind Four Renergy Private Limited” (WFRPL) (“the Company”) for setting up wind farm projects as awarded by Solar E…” AR p.360 · 31-MAR-26 · +2 DOC | ||||||||
| Solar Energy Corporation of India Limited | UNSTATED | — | — | — | — | FY26 | EST | 75% |
| “The subsidiary Company (IGESL) incorporated “Wind Four Renergy Private Limited” (WFRPL) (“the Company”) for setting up wind farm projects as awarded by Solar E…” AR p.360 · 31-MAR-26 · +1 DOC | ||||||||
| ENGINERSINEngineers India Ltd. | UNSTATED | — | — | — | — | FY26 | EST | 75% |
| “He has served on the Boards of Engineers India Limited (EIL), Petronet LNG Limited, and Bongaigaon Refinery & Petrochemicals Limited, and has played a signific…” AR p.21 · 31-MAR-26 DOC | ||||||||
| Directors | UNSTATED | — | — | — | — | FY26 | EST | 75% |
| “Not considered in consolidation Names of associates or joint ventures which are yet to commence operations: Nil Names of associates or joint ventures which hav…” AR p.107 · 31-MAR-26 DOC | ||||||||
| PSUs | UNSTATED | — | — | — | — | FY26 | EST | 75% |
| “Its operations include the supply of WTGs to independent power producers, public sector undertakings (PSUs), and a diverse portfolio of commercial and industri…” AR p.141 · 31-MAR-26 DOC | ||||||||
| Private Limited Company | UNSTATED | — | — | — | — | FY26 | EST | 75% |
| “The subsidiary Company (IGESL) incorporated “Wind Four Renergy Private Limited” (WFRPL) (“the Company”) for setting up wind farm projects as awarded by Solar E…” AR p.360 · 31-MAR-26 DOC | ||||||||
| CESCCESC Ltd. | UNSTATED | — | — | — | — | FY25 | EST | 70% |
| “We have a well- diversified orderbook with customers including NTPC, CESC, NLC India, Hero Future Energies, Inox Clean Energy, Continuum, Integrum & Gentari, a…” AR · +1 DOC | ||||||||
| NLCINDIANLC India Ltd. | UNSTATED | — | — | — | — | FY25 | EST | 70% |
| “We have a well- diversified orderbook with customers including NTPC, CESC, NLC India, Hero Future Energies, Inox Clean Energy, Continuum, Integrum & Gentari, a…” AR · +1 DOC | ||||||||
| Appointed Date | UNSTATED | — | — | — | — | FY26 | EST | 70% |
| “The certified copy of the order was filed by both the companies on 13th June, 2025 with the Registrar of Companies and accordingly, the Scheme became effective…” AR p.93 · 31-MAR-26 · +1 DOC | ||||||||
| Securities and Exchange Board of India | UNSTATED | — | — | — | — | FY26 | EST | 70% |
| “The Company has also received confirmation that she is not debarred from holding the office of Director by virtue of any order of the Securities and Exchange B…” AR p.67 · 31-MAR-26 · +1 DOC | ||||||||
| Business | UNSTATED | — | — | — | — | FY26 | EST | 70% |
| “Employee Health and Safety: Ensuring the health, safety, and well-being of employees Customer satisfaction Data Privacy and Security 1st 3rd 2nd 4th Corporate …” AR p.20 · 31-MAR-26 · +1 DOC | ||||||||
| Financial Year | UNSTATED | — | — | — | — | FY26 | EST | 70% |
| “During the Financial Year under review, the Scheme of Arrangement which provided for merger of Inox Wind Energy Limited (“Transferor Company”) with Inox Wind L…” AR p.109 · 31-MAR-26 · +2 DOC | ||||||||
| Others | CONTRACT | CT 1 | — | — | CAPEX | FY26 | EST | 70% |
| “Since the Group has only one reportable business segment, no reconciliation of the disaggregated revenue is required: Reportable segment/Manufacture of Wind Tu…” AR p.331 · 31-MAR-26 · +2 DOC | ||||||||
| Appellate Authority | CONTRACT | CT 13 | — | — | — | FY26 | EST | 70% |
| “The Company has filled further appeal with Appellate Authority This Includes Demand order received by the company on 20th Dec 2024 of H 1,271.18 Lakhs on accou…” AR p.247 · 31-MAR-26 · +1 DOC | ||||||||
| Gujarat | UNSTATED | — | — | — | CAPEX | FY26 | EST | 70% |
| “Blades and Towers 1 Bhuj Gujarat Strategically located to support Western India’s renewable energy corridor and key customer markets.” AR p.11 · 31-MAR-26 DOC | ||||||||
| Himachal Pradesh | UNSTATED | — | — | — | — | FY25 | EST | 70% |
| “State-wise Permanent Employees/ Workers Count Contract Labour Parental Leave Himachal Pradesh 2024-25 2024-25 Karnataka 2025-26 2025-26 Madhya Pradesh Maharash…” AR p.31 · 31-MAR-26 DOC | ||||||||
| Karnataka | UNSTATED | — | — | — | — | FY25 | EST | 70% |
| “State-wise Permanent Employees/ Workers Count Contract Labour Parental Leave Himachal Pradesh 2024-25 2024-25 Karnataka 2025-26 2025-26 Madhya Pradesh Maharash…” AR p.31 · 31-MAR-26 DOC | ||||||||
| Maharashtra | UNSTATED | — | — | — | — | FY25 | EST | 70% |
| “State-wise Permanent Employees/ Workers Count Contract Labour Parental Leave Himachal Pradesh 2024-25 2024-25 Karnataka 2025-26 2025-26 Madhya Pradesh Maharash…” AR p.31 · 31-MAR-26 DOC | ||||||||
| Rajasthan | UNSTATED | — | — | — | — | FY25 | EST | 70% |
| “State-wise Permanent Employees/ Workers Count Contract Labour Parental Leave Himachal Pradesh 2024-25 2024-25 Karnataka 2025-26 2025-26 Madhya Pradesh Maharash…” AR p.31 · 31-MAR-26 DOC | ||||||||
| FY27 | UNSTATED | — | — | — | — | FY26 | EST | 70% |
| “Secured cumulative order wins of approximately 650 MWin FY26 and 1.5 GW in FY27 YTD from major customers such as Inox Clean, Aditya Birla, Gentari, First Energ…” AR p.52 · 31-MAR-26 DOC | ||||||||
| GENERAL | UNSTATED | — | — | — | — | FY26 | EST | 70% |
| “Listing Regulations, within the limits and on the terms and conditions set out in the explanatory statement, during the period commencing from the conclusion o…” AR p.57 · 31-MAR-26 DOC | ||||||||
| Shri | UNSTATED | — | — | — | — | FY26 | EST | 70% |
| “Shri Devansh Jain, Whole-time Director of the Company” “RESOLVED FURTHER THAT the Board of Directors of the Company (including any Committee thereof) be author…” AR p.57 · 31-MAR-26 DOC | ||||||||
| PSUs | UNSTATED | — | — | — | CAPEX | FY26 | EST | 70% |
| “For PSUs and key C&I clients, it continues offering turnkey solutions, backed by strong service quality and relationship-based negotiations to minimize financi…” AR p.145 · 31-MAR-26 DOC | ||||||||
| Commissioner | CONTRACT | CT 0 | — | — | R&D | FY26 | EST | 70% |
| “The Company has received order for the period April to March 2017, in respect of Service Tax, levying demand of H 11.19 lakhs on account of disallowance of exe…” AR p.246 · 31-MAR-26 DOC | ||||||||
| Assessing Officer | CONTRACT | CT 4 | — | — | — | FY26 | EST | 70% |
| “This includes demand for assessment year 2013-14 of H 373.09 lakhs received in the current year by the Company, mainly on account of less deduction on payment …” AR p.246 · 31-MAR-26 DOC | ||||||||
| Commissioner | CONTRACT | CT 0 | — | — | — | FY26 | EST | 70% |
| “The Company has filled further appeal with Commissioner GST in Vijayapura This Includes Demand order received by the company pertaining to A.Y. 2019-20 of H 38…” AR p.247 · 31-MAR-26 · +1 DOC | ||||||||
| Additional Commissioner | UNSTATED | — | — | — | — | FY26 | EST | 70% |
| “Appeal Filed and Resultantly, the appeal is rejected and the impugned order dated 25.04.2024 is to be upheld by Additional Commissioner Appeals, Bhopal Shri G.…” AR p.247 · 31-MAR-26 DOC | ||||||||
| CDSLCentral Depository Services (India) Ltd. | UNSTATED | — | — | — | — | FY26 | EST | 60% |
| “The password to open the .pdf file is your 8 digit client ID for NSDL account, last 8 digits of client ID for CDSL account or folio number for shares held in p…” AR p.63 · 31-MAR-26 · +1 DOC | ||||||||
| ITCITC Ltd. | CONTRACT | CT 1 | — | — | COGS | FY26 | EST | 60% |
| “Notes to the Standalone Financial Statements for the year ended 31 March 2026The Company had received orders for the financial years ended 31 March 2017 , in r…” AR p.246 · 31-MAR-26 · +1 DOC | ||||||||
| SUPPLIER | BASIS | EST ₹CR | RANGE | % COST | BUCKET | PERIOD | METHOD | CONF |
|---|---|---|---|---|---|---|---|---|
| Financial Year | UNSTATED | — | — | — | COGS | FY25 | EST | 75% |
| “Percentage of input material (inputs to total inputs by value) sourced from suppliers: FY 25-26 Current Financial Year FY 24-25 Previous Financial Year Directl…” AR p.171 · 31-MAR-26 · +1 DOC | ||||||||
| Appellate Authority | UNSTATED | — | — | — | — | FY26 | EST | 75% |
| “The Company has filled further appeal with Commissioner GST in Vijayapura This Includes Demand order received by the company pertaining to A.Y. 2019-20 of H 38…” AR p.329 · 31-MAR-26 · +1 DOC | ||||||||
| FLUOROCHEMGujarat Fluorochemicals Ltd. | UNSTATED | — | — | — | CAPEX | FY25 | EST | 70% |
| “Ltd. (‘GFCL EV Singapore’) GFCL EV Singapore, a Wholly Owned Subsidiary of GFCL EV Products Renewable Energy Business Inox Wind Limited (‘Inox Wind’) – (‘Liste…” AR DOC | ||||||||
| SECI Limited | UNSTATED | — | — | — | — | FY26 | EST | 70% |
| “(c) Claims made by vendors in National Company Law Tribunal (NCLT) for H 278.00 lakhs plus interest thereon if any (as at 31 March 2025 : H 460.50 lakhs) (d) I…” AR p.245 · 31-MAR-26 DOC | ||||||||
| Business | UNSTATED | — | — | — | CAPEX | FY26 | EST | 70% |
| “5.41 6.34 Travelling and conveyance 2,104.98 1,667.27 Legal and professional fees and expenses 4,938.89 5,169.68 Allowance for expected credit loss/others* 13,…” AR p.317 · 31-MAR-26 DOC | ||||||||
| SOURCE | READ | % | LAST READ |
|---|---|---|---|
| ANNUAL | 2/2 | 100% | 10-NOV-26 |
| CONCALL | 4/4 | 100% | 15-OCT-26 |
| RATINGS | 0/1 | 0% | — |
| SCREENER | 1/1 | 100% | 10-NOV-26 |
| SIGNAL | VALUE | AS OF | INPUTS |
|---|---|---|---|
| CUSTOMER HHI | 0.725 | 14-NOV-26 | NTPC Ltd. share 16% · Hindustan Zinc Ltd. share 84% |
| CUST MOM 1M | +4.5% | 14-NOV-26 | from 15-OCT-26 · CESC Ltd. -5.4% w 0 · UCO Bank +5.4% w 0 · Bank of Maharashtra +14.4% w 0 · Central Depository Services (India) Ltd. +11.9% w 0 · ITC Ltd. +8.0% w 0 · Hindustan Zinc Ltd. +4.5% w 1 |
| DISTRESS SCORE | 0.357 | 12-OCT-26 | roe 0.07 · operatingMargin 0.2 · debtToEquity 0.25 · interestCoverage 4.29 · assetTurnover 0.37 · leverage 1.87 |
| SUPP MOM 1M | +4.4% | 14-NOV-26 | from 15-OCT-26 · Gujarat Fluorochemicals Ltd. +4.4% |