With a 39% upside potential, Nuvama maintains its “Buy” recommendation on this Suzlon Energy peer stock.

In addition to reducing the target price from Rs 236 to Rs 190 per share, Nuvama Institutional Equities has reaffirmed its “Buy” recommendation on Inox Wind, a rival of Suzlon Energy. The updated 12-month target still suggests a possible 38.68% increase from Thursday’s closing price of Rs 137 for Inox Wind.

In contrast to the average forecast of approximately 180 MW, Inox Wind reported a small Q1 FY26 execution of 146 MW, according to the domestic brokerage. Despite the reduced revenue of Rs 830 crore, a product-heavy mix and a higher operating margin of 22.2% resulted in a 7% beat over the consensus EBITDA. Despite the company recording a non-cash deferred tax charge of Rs 40 crore, adjusted PAT (profit after tax) was Rs 110 crore, 11% more than projected.

51 MW of orders were received, increasing the order book to 3.1 GW for execution over the following 24 months.

According to the brokerage, Inox Wind, one of just two wind-EPC suppliers in India, is profiting from robust demand in the commercial and industrial (C&I), firm and dispatchable renewable energy (FDRE), and round-the-clock (RTC) categories. Nuvama has updated its FY26 and FY27 execution projections from 1.2 GW and 2 GW to 1.1 GW and 1.8 GW, respectively.

Inox Wind and Suzlon Energy are the only wind EPC and wind turbine generator (WTG) suppliers in the nation, with a 20% market share. High-margin (35%) O&M services, a strengthened finance sheet, a technological advantage with 3 MW+ turbines and over 4.5 GW nacelle capacity, and industry tailwinds of 12 GW annual total addressable market (TAM) all support its growth prospects.

“Inox Wind is well placed to sustain its position in WTG and turnkey EPC execution, with the capability to capture demand from repowering opportunities and C&I projects, over and above the 7–8 GW of upcoming auctions,” Nuvama stated.

In the meantime, due to Independence Day, Indian equity benchmarks were closed on Friday.