Target Price : ₹245
CMP : ₹207.65
We attended the Inox Group’s Vision Day held on 2 Dec’24. Our takeaways included the group’s foray into renewable power generation for the commercial and industrial (C&I) sector, with an envisaged capacity of 3GW by FY27/FY28; production of solar cells and modules as well as EPC and O&M services; and systematically targeting third-party C&I players looking for hybrid RE solutions through these new ventures.
The group is expanding beyond WTG (and related services) to become a forward-integrated comprehensive renewables player. Its vision is to be present across the value chain in India’s pursuit of energy transition.
At the promotor level, the group is setting up a C&I renewable power generation company – ‘IGREL Renewables. The group aims to build a hybrid portfolio of 3GW in the next 2–3 years. The group is also venturing into producing solar cells and modules along with end-to-end EPC and O&M solutions through ‘Inox Solar’. IGREL to benefit from Inox Wind (WTG), Inox Resco (Wind EPC) and Inox Green (O&M) through backward integration and GFL as initial off-taker. Similarly, Inox Solar will benefit from these companies via forward integration.
We believe the synergies from the new businesses are to benefit Inox Wind as well.
