5 January 2016
Update | Sector: Capital Goods
BSE SENSEX
25,580
S&P CNX
7,785
Inox Wind
CMP: INR360
TP: INR530 (+47%)
Buy
It’s not all ‘Sunny’
Bloomberg
Equity Shares (m)
M.Cap. (INR b) / (USD b)
52-Week Range (INR)
1, 6, 12 Rel. Per (%)
Avg Val (INR m)
Free float (%)
INXW IN
221.9
72.2/1.1
495 / 325
0/-13 /-
389
14.4
Government focus on the wind sector remains intact
Wind capacity additions to remain strong on the back of continued government
focus—target of 60GW by FY22 stays
Analysis of Wind turbine generator (WTG) features across key players reveals
marginal difference in product features; decisive factors are technology, cost per
unit and historical performance
Agreement with AMSC provides comfort on sourcing of Electronic Control
Systems (ECS); margin accretion of ~1.5% likely post 50% indigenization
Maintain Buy and target price of INR530 (15x FY18E EPS)
Financials and valuations
Y/E March 2016E 2017E 2018E
Net Sales
43.0 57.3
61.2
EBITDA
7.1 10.8
11.7
Adj PAT
4.7
7.4
7.8
EPS (INR)
21.3 33.2
35.0
EPS Gr. (%)
78.7 55.6
5.4
BV/Sh. (INR) 79.1 104.5 131.3
RoE (%)
30.1 36.2
29.7
RoCE (%)
21.5 25.8
23.1
Payout (%)
0.0
0.0
0.0
Valuations
P/E (x)
16.9 10.8
10.3
P/BV (x)
4.6
3.4
2.7
EV/EBITDA (x) 11.8
7.8
6.9
Div Yield (%)
1.2
1.8
1.9
Shareholding Pattern (%)
As on
Promoter
DII
FII
Others
Sep-15
85.6
4.8
3.4
6.2
Jun-15
85.6
4.7
3.9
5.8
Wind capacity additions to remain strong; government focus intact
Our recent discussions with various industry players, Ministry of New and
renewable Energy (MNRE) and Wind IPPs reveal that wind capacity additions
would remain strong, with FY16 likely at ~2.5-2.8GW. The government aims
to augment the wind sector capacity (60GW by FY22, which implies ~5-
6GW/annum); to achieve the same, the incentives (generation-based
incentives, accelerated depreciation) provided to the industry are likely to
continue over the next few years. Evacuation infrastructure, RPO compliance
by SEBs and land acquisition are the key challenges.
Analysis of WTGs across key players reveals marginal differences in product
features; technology, cost per unit and historical performance the key
A comparative analysis of features offered by the three biggest players in the
industry highlights marginal differences in the WTG—Gamesa’s 2MW G97
WTG offers the best power curves and, in turn, the lowest cost per unit. We
find a marginal difference in the power curves between Suzlon and Inox wind
(INXW). IPPs look at power curves and historical performance of a WTG prior
to placing the order; technology is the other key decisive factor.
Agreement with AMSC provides comfort on sourcing of ECS
INXW has renewed its long-term supply agreement with AMSC for ECS. This
also includes a one-time payment of USD12m for technology transfer, which
will enable INXW to manufacture ~45-50% of the ECS in India. The
agreement alleviates investor concerns on sourcing of the ECS and could lead
to savings of ~1.5% on margins. Development of the 3MW WTG platform is
also part of the agreement.
Expect 38% earnings CAGR over FY15-18E
We expect INXW to report 31% revenue CAGR over FY15-18E, largely
supported by 22% volume growth, realization improvement of 6% and a
jump in commissioning revenues (INR8.9b, 3.4x of FY15). Our target price of
INR530 (15x FY18E EPS of INR35) implies a 47% upside.
Notes:
FII incl. depository receipts
Stock Performance (1-year)
Ankur Sharma
(Ankur.vsharma@MotilalOswal.com); +91 22 3982 5410
Amit Shah
(Amit.Shah@MotilalOswal.com); +91 22 3029 5126
Investors are advised to refer through important disclosures made at the last page of the Research Report.
Motilal Oswal research is available on
www.motilaloswal.com/Institutional-Equities,
Bloomberg, Thomson Reuters, Factset and S&P Capital.

Inox Wind
Wind capacity additions to remain strong; government focus intact
Our recent discussions with various WTG equipment manufacturers, MNRE and
wind IPPs reveal that wind capacity additions would remain strong, with FY16 likely
at 2.5-2.8GW. Though the government aims to aggressively augment the wind
sector capacity (60GW by FY22, 5-6GW per annum over the next six years) in India,
its focus toward solar remains unchanged.
To boost the wind sector, the government has offered incentives to the sector in the
form of generation-based incentives (INR0.5/unit of generation—primarily for wind
IPPs, which cannot avail accelerated depreciation benefits). Though the incentives
are valid till FY17, we expect them to be extended. Our discussion with various
stakeholders (equipment suppliers, wind IPPs and MNRE) indicates that the
government is cognizant of the fact that GBIs have accelerated capacity additions
and continuance of the said incentives is necessary to achieve its targets by FY22.
FY16 capacity additions in the wind sector are being led by Andhra Pradesh and
Madhya Pradesh (~1-1.5GW likely to be added in these two states in FY16), driven
by IPP demand. We expect Gujarat and Tamil Nadu to see a pickup in demand in
FY17, primarily from the captive market; Maharashtra and Madhya Pradesh are
likely to see a revival in orders post their respective wind tariff policies for FY17 are
firmed up by the state regulator.
Exhibit 1: Wind energy installation to gather pace
Source: Company, MOSL
Evacuation infrastructure, land acquisition for wind sites and getting SEBs to meet
their renewable purchase obligation are the key challenges.
While RPO targets range between 3% and 10% across states, few are meeting the
targets—compliance with targets is worse in the case of non-solar RPO (primarily
wind) targets. We estimate that complete compliance with RPO targets itself would
need
7GW
of additional renewable capacity (largely wind) in the wind-rich states
mentioned in Exhibit 2.
5 January 2016
2

Inox Wind
Exhibit 2: RPO targets across key wind-rich states and targets met, along with renewable capacity needed to meet the targets
State
Maharashtra
Madhya Pradesh
T Nadu
Rajasthan
Gujarat
Karnataka
Andhra Pradesh
Total
Non Solar RPO
8.50%
4.70%
9%
8.20%
6%
10%
4.80%
Solar RPO
0.5%
0.8%
0.1%
1.0%
1.0%
0.3%
0.3%
Total
9.0%
5.5%
9.1%
9.2%
7.0%
10.3%
5.1%
RPO targets
Met (%)
80.4
6.3
130.0
86.6
87.4
104.0
67.1
Peak
To meet
demand(MW)
RPO's
19,276
1,700
9,716
2,504
13,522
-
10,047
619
12,201
538
9,940
-
14,072
1,181
88,774
6,542
Source: CEA, MOSL **Assumed a PLF of 20%
Assuming peak demand in the above-mentioned seven states grows 8% each year,
incremental demand would grow 7GW annually; assuming RPOs at 10% across
states, additional renewable power needed annually would be ~700MW and
translates into renewable capacity of ~3.6GW each year (20% PLF). Assuming 60-
70% of the demand is met from wind, we estimate the market at 2.5GW each year
and another 700-800MW could come from captive market (driven by accelerated
depreciation benefits)—leading to a total market size of ~3.3GW. This, in turn,
would grow at 8% annually— which equates to the growth of peak demand across
states. To put it in perspective, the overall wind capacity addition in FY15 were at
2.4GW. Therefore, strict compliance with RPO norms could boost the wind energy
sector and ensure the government meets its FY22 target of 60GW.
Exhibit 3: Wind market size assuming full RPO compliance by the seven wind-rich states
Description
Total Peak demand
Additional demand each year (assuming peak demand grows at 8% annually)
Met through renewables (10% RPO met by states)
Renewable capacity needed @20% PLF
Yearly wind capacity needed (70% of total)
Captive demand
Total Wind capacity addition
MW
88,774
7,102
710
3,551
2,486
800
3,286
Source: MOSL
Analysis of WTGs across key players reveals a few differences in product
features; technology, cost per unit and historical performance the key
To understand INXW’s competitive positioning, we compare the 2MW WTGs (which
is being offered by INXW) versus peers. The current industry standard is the 2MW
WTG, and this drove our decision to use this specification.
5 January 2016
3

Inox Wind
Exhibit 4: Comparative analysis across WTG manufacturers
Description
Size of WTG
Size of Rotor blade(diameter m)
Sweep Area (sq metre)
Cut in Speed(m/sec)
Rated wind speed(m/sec)
Cut Out speed(m/sec)
Tower Height
Rated Speed(rpm)
Generator
Gearbox
Gearbox ratio
Wind Class
Installed Capacity(GW) in India
Inox - DF100
2MW
100
7,857
3
11
20
92
15.7
Double Fed Induction
generator(DFIG)
Variable
1:115
IIIB
2
Suzlon - S97
2.1MW
97
7,386
3.5
11
20
90
15.5
Double Fed Induction
generator(DFIG)
Variable
1:99
IIB/IIIA
9
Gamesa- G97
2MW
97
7,390
3
11
25
90/100
17.8
Double Fed Induction
generator(DFIG)
Variable
1:107
IIA/IIIA
2
Source: Company, MOSL
We highlight below some of our key observations:
Size of rotor blades:
Size of the rotor blades is largely similar across the three
key manufacturers. Inox’ DF100 has a slightly larger blade—100m v/s 97m for
Suzlon’s S97 and Gamesa’s G97.
Sweep Area:
The rotor sweep area is higher in the case of INXW (7857 sq m)
versus its peers Suzlon (7386 sq m) and Gamesa (7390sq m); this is due to bigger
rotor blades than that of peers in the 2/2.1MW WTG.
Cut in speed:
Cut in speed (speed at which the blades start generating power) is
similar (3-3.5m/sec) for all the three major players. This becomes very important
especially in case of low-wind sites, where a higher cut in speed would lead to
lower PLFs. As the industry moves toward lower wind sites, the cut in speed of
the WTG also needs to come down.
Rated wind speed:
Rated wind speed (optimal speed for the WTG operation) is
same for the three WTGs at 11m/sec; any increase beyond this level would not
result in any further increase in generation.
Generator:
All the three WTG manufacturers use a Double Feed Induction
Generator, which enables variable speeds to accommodate fluctuating demands
through optimal reactive power to feed the necessary consumption patterns.
Wind class:
We highlight that most of the wind sites in India are Class IIA
(8.5m/sec) and IIIA/IIIB (7.5m/sec). Most of the good wind sites (speeds of 8.5-
10m/sec) have already been used. All the three WTGs can be used in Class III
sites, where the speeds are low; this highlights the importance of power
curves—as even at lower wind speeds, the WTG should be able to generate the
units as promised to the customer. We also note that as a higher proportion of
the WTGs is installed in low-wind sites, the platform has to move to a higher size
(2.5/3MW) along with an increase in the height of the machine—wind speeds
increase with height and a bigger platform would give a similar generation even
with lower wind speeds.
5 January 2016
4

Inox Wind
Exhibit 5: Wind site classification by wind speed (m/sec)
Wind Class/Turbulence
Ia - High wind - Higher Turbulence 18%
Ib - High wind - Lower Turbulence 16%
IIa - Medium wind - Higher Turbulence 18%
IIb - Medium wind - Lower Turbulence 16%
IIIa - Low wind - Higher Turbulence 18%
IIIb - Low wind - Lower Turbulence 16%
IV
Annual average wind speed at
hub-height(m/s)
10
10
8.5
8.5
7.5
7.5
6
Extreme 50-year gust
in meters/second
(miles/hour)
70
70
59.5
59.5
52.5
52.5
42
Source: Industry, MOSL
Power curves:
Power curve is one of the key factors for the performance of WTG—it
gives the output of turbine at various wind speeds. We have mapped the power
curves being offered for the 2/2.1MW platforms for the WTGs under comparison.
We note that Gamesa’s G97 appears to have a higher generation at low wind speeds
all the way till it reaches the rated/optimal wind speed of 11m/sec, where the
generation flattens out at 2MW. We find a marginal difference between the power
curves for Inox and Suzlon Energy (please see the chart below).
Exhibit 6: Power curves across WTG manufacturers
Power generated (kw) - Inox
Power generated (kw) - Gamesa
2,400
1,800
1,200
600
0
1
2
3
4
5
6
7
8
9 10 11 12 13 14 15 16 17 18 19 20 21
Source: Company, MOSL, Taken 2MW WTG for INXW and Gamesa and the 2.1MW for Suzlon
Power generated (kw) - Suzlon
Cost per unit, Technology and historical performance drive customer
decision
Our interaction with some of the key WTG manufacturers suggests that while
price is a factor in purchase decisions, technology, brand and historical
performance also play an equally critical role. We discuss each in detail below.
Per-unit generation cost is determined by power curves offered by a WTG and
in turn the resultant PLF for the machine. Our analysis of the WTGs being
offered by the three companies shows that Gamesa’ G97 is marginally ahead of
INXW and Suzlon despite having a higher per-unit capex—this is because of its
higher power curve, which drives its PLF higher.
5 January 2016
5

Inox Wind
Exhibit 7: Cost of generation across competitors
Description
PLF(%) - Average across wind sites
INR mn/MW(
Units generated (mn)
Per unit cost (Rs/unit)
Difference versus Inox
Inox - DF100
Suzlon S97
Gamesa- G97
24%
25%
26%
55
60
60
2.1
2.2
2.3
26.7
27.4
26.3
NA
3%
-1%
Source: Industry, MOSL **PLF’s are also dependent on the wind site
Technology:
Technology plays a key role in influencing customer decision as a
WTG’s performance would be largely dependent on the same. Gamesa and
Suzlon have developed their WTG platforms in-house, Inox is sourcing it from
AMSC and Regen Powertech sources from Vensys. While it is difficult to take a
call on whose technology is superior, the historical performance of machine is
generally a good way to assess the superiority of technology.
Brand name and track record of installations: Supplier’s brand name and
historical installations of the machine also play a significant role in a customer’s
decision-making process. We note that a player like Gamesa has a small edge
here since it is able to first install its WTG in Europe and thereafter introduces it
into India—this gives it a higher installed base than competitors.
O&M offering: Typically, a WTG supplier would offer a free O&M for two years
and thereafter the O&M charges are in the range of INR0.8-1m/MW. Since the
WTG has to be run and maintained for the next 20 years while ensuring that it
has a problem free operation, the O&M capability of the equipment supplier
becomes extremely important.
Exhibit 8: INXW v/s Suzlon—comparison on sourcing and financial parameters
Description
Technology
Electronic Control System
Gearbox
Generator/Inverter
Tower
Rotor Blade set
Capacity(MW)
Land bank(MW)
Order book(MW)
Gross Margins (%),FY15
Operating Margin (%)
INXW
Licensed from AMSC
AMSC Austria/ 2MW to be localized
DHHI/Chinese
ABB/Emerson
Own
Own
1,200
4,400
1,200
25%
15%
Suzlon
Own
Own
Hansen
Own
Own
Own
3,700
3,800
1,092
37%
NA
Source: Company, MOSL
Agreement with AMSC provides comfort on sourcing of ECS; significant cost
savings to accrue
INXW recently entered into a strategic agreement with AMSC Inc. Key points of
the agreement are given below:
AMSC to provide INXW with the technology to produce ECS and help develop
the supply chain for the components that go into manufacturing of ECS; this
would enable INXW to set up a manufacturing facility in India for these
components. INXW would be paying a royalty of USD12m—USD6m as upfront
5 January 2016
6

Inox Wind
fee and the remaining USD6m over the next one year; this would be capitalized
on to the balance sheet.
Collaboration on the development of 3MW wind turbine design. Inox intends to
deploy the 3MW turbine over the next 18-24 months to enhance efficiency and
reduce generation cost.
Long-term sourcing of the ECS from AMSC for the next 5-7 years.
The primary objective was to ensure security of the ECS’ supply, independent of
AMSC, which is being done by setting up the manufacturing facility; the other
benefit would be
a reduction in the manufacturing cost of a turbine because
indigenization will lead to lower production cost of ECS.
Exhibit 9: ECS is ~10-11% of selling price of the WTG for INXW
ECS as % of sales
12%
11%
9%
FY13
FT14
FY15
Source: Company, MOSL
As per the management, production facility of the Electronic Control System should
be operational over the next 12-15 months and would result in ~ 45-50% of the ECS
being locally sourced and assembled by INXW. The ECS is ~10-11% of the price of the
WTG and was being completely imported from AMSC.
We note that AMSC makes ~30% gross margins on these products and this can be a
direct saving for INXW once it is able to start local sourcing. We estimate that once
~50% of the ECS starts getting manufacture locally, there could be incremental
margins of ~1.5%—which could come to the company from this initiative.
So what is an Electronic Control System in a wind turbine generator?
ECS is an integrated, high-performance suite of power electronics systems that
includes the wind turbine power converter cabinet, internal power supply and
various controls. Together, these systems serve as the "brains" of the wind turbine
and enable reliable, high-performance operation by controlling power flows,
regulating voltage, monitoring system performance, controlling the pitch of wind
turbine blades and the yaw of the turbines to maximize efficiency.
Expect 38% earnings CAGR over FY15-18E; driven by strong volume growth
and margin expansion
We believe INXW is well positioned to benefit from the WTG demand arising from
the government’s ambitious target to install 60GW wind energy capacity by 2022
and due to fiscal and regulatory incentives provided by central and state
governments.
5 January 2016
7

Inox Wind
We expect INXW to report 31% revenue CAGR over FY15-18E, largely supported by
strong volume growth of 22% and realization improvement of 6%. Operating profit
is likely to witness 41% CAGR over FY15-18, led by margin expansion of 360bp
during the period. Driven by strong earnings growth and debt repayment, we expect
RoE to improve to 30% in FY18. Our target price of INR530 (15x FY18E EPS of INR35)
implies 47% upside.
Revenue to register 31% CAGR over FY15-18E, led by volume as well as realization
improvement
We expect revenue to grow at a CAGR of 31% over FY15-18E, led by volume CAGR of
22%, 6% increase in realization and a surge in commissioning revenues (INR8.9b,
4.3x of FY15). Growth in realization would be driven by increase in sales of the new
Rotor 100 product, which provides 15% higher energy efficiency with 5% increase in
cost, and by reduction of discounts.
Exhibit 10: Revenue growth led by improvement in industry demand and strong execution
from INXW
Revenue (INR M)
74
59
48
33
27,027
FY15
42,964
57,284
FY16E
FY17E
7
FY18E
Source: MOSL, Company
61,184
Growth-YoY %
15,490
FY14
Operating profit to post 41% CAGR over FY15-18, led by margin expansion
We expect operating profit to witness 41% CAGR over FY15-18E, led by 360bp
margin expansion during the period—to 19.1% in FY18.
Management expects margin expansion to be supported by factors like (i) increase
in sales of Rotor 100 (150bp), (ii) improved supply chain/logistics, better cost
absorption, etc. (130bp), (iii) improved market perception, leading to lower
discounts on pricing (100bp), (iv) gains from lower special additional duty (100bp),
and (v) lower royalty expense (50bp). Inox has to pay fixed royalty per WTG for the
first 450 WTGs with rotor diameters of 93.3 meters and 100 meters and the first 245
WTGs with rotor diameters of 113 meters that it produces. Lower Royalty payment
is primarily on account of extinction of royalty payment on the 93.3 meter product.
We conservatively model margin to increase from 15.5% in FY15 to 19.1% in FY18
(360bp expansion) to factor in i) increase in competitive intensity with Suzlon
getting aggressive post financial restructuring ii) the fact INXW does not make
warranty provision as against 3% provision by SUEL.
5 January 2016
8

Inox Wind
Exhibit 11: Operating profit to improve, led by operating
leverage and margin expansion
Operating Profit
138.3
70.0
52.2
10,832
4,187
FY2015
7,116
7.8
9.7
11,680
FY2017E
FY2018E
FY2014
FY2015
FY2016E
FY2017E
FY2018E
11.3
9.8
11.0
12.9
12.7
Growth YoY %
Exhibit 12: Operating margins to improve on the back of
initiatives taken by the company
Operating Profit Margin
16.6
Net Profit Margin
18.9
19.1
15.5
-6.7
1,757
FY2014
FY2016E
Source: MOSL, Company
Source: MOSL, Company
Working capital cycle to improve with stabilization in execution
Historically, INXW has witnessed elongated working capital cycle as net working
capital (NWC) for the industry has deteriorated meaningfully since FY13. Collapse of
the accelerated depreciation (AD) market increased the bargaining power of IPPs.
Management has guided that NWC, which peaked at 175 days in 2QFY16, will
normalize at 150 days in FY16.
Deterioration in the working capital cycle was led by strong pick-up in execution
over the years, which has led to higher proportion of money being blocked in
retention money by clients, with execution now getting stabilized; NWC is expected
to normalize at around 150 days by FY16. We believe that normalization of working
capital would be led by pick-up of AD market, willingness of banks to fund RE
projects and also increased bargaining power of equipment manufacturers with the
restoration of key sector benefits. NWC normalization would drive meaningful
improvement in cash flows from operations.
Exhibit 13: NWC to improve with improved industry
dynamics and stabilized execution
NWC (days)
172
157
(1)
(1)
150
(4)
FY2015
FY2016E
151
151
0.8
(5)
FY2017E
FY2018E
FY2014
0.5
(1.0) (2.1)
FY2015
1.4
(0.6)
FY2016E
FY2017E
FY2018E
2.9
2.4
7.7
7.2
Net cash (INR b)
Exhibit 14: Cash flow to improve and turn positive from
FY17, led by improvement in NWC
Cash flow from operation (INR b)
Free cash flow (INR b)
(4)
FY2014
Source: MOSL, Company
Source: MOSL, Company
Management guidance on key financial parameters
Management has guided for a ~50% YoY revenue growth in FY16 and 40% YoY
growth in FY17.
Management has guided for EBIDTA margin of 20% over the next 1-2 years
Management has guided for improvement in working capital cycle from 211
days in 2QFY16 to 120 days by FY17-end
5 January 2016
9

Inox Wind
Exhibit 15: Gamesa G97 2MW WTG
Exhibit 16: Suzlon S97 2.1MW WTG
Source: MOSL, Company
Source: MOSL, Company
Exhibit 17: Inox Wind 2MW DF 100 WTG
Source: MOSL, Company
5 January 2016
10

Inox Wind
Exhibit 18: Operating Matrix
INR M
Order Book (MW)
Order Inflow (MW)
Execution (MW)
Realizations (INR M/MW)
WTG
OMS
Cumulative Installed (MW)
Sales bifurcation (%)
- Equipment Supplies
- Trunkey
Revenues
WTG Equipment
Turnkey Services
O&M
Revenues, % YoY
WTG Equipment
Turnkey Services
O&M
Gross Margin %
EBIDTA
EBIDTA %
Net Debt (INR M)
NWC (Days)
26.3%
1,884
17.9%
3,352
170
21.7%
1,757
11.6%
4,764
157
0%
100%
10,495
9,485
1,010
0
13%
87%
15,206
13,734
1,429
43
44.9%
44.8%
41.5%
39%
61%
26,874
24,772
2,055
47
76.7%
80.4%
43.8%
9.3%
24.7%
4,187
15.6%
1,354
172
35%
65%
42,964
39,560
3,150
254
59.9%
59.7%
53.3%
442.4%
24.6%
7,116
16.6%
4,305
30%
70%
57,284
48,000
8,910
374
33.3%
21.3%
182.9%
47.2%
27.1%
10,832
18.9%
4,795
29%
71%
61,184
53,550
7,040
594
6.8%
11.6%
-21.0%
58.5%
27.8%
11,680
19.1%
522
48
10
318
42
12
468
43
8
742
46
8
1,192
48
11
2,002
51
12
2,642
FY13
198
198
FY14
300
630
330
FY15
1,178
1,162
578
FY16E
1,318
1,000
860
FY17E
1,418
1,100
1,000
FY18E
1,578
1,210
1,050
150
151
151
Source: MOSL, Company
5 January 2016
11

Inox Wind
Financials and valuations
Income Statement
Y/E March
Total Revenues
Change (%)
Raw Materials
Staff Cost
Other Expenses
EBITDA
% of Total Revenues
Other Income
Depreciation
Interest
Exceptional Items
PBT
Tax
Rate (%)
Adjusted PAT
Extra-ordinary Income (net)
Reported PAT
Change (%)
Balance Sheet
Y/E March
Share Capital
Reserves
Net Worth
Minority Interest
Loans
Deferred Tax Liability
Capital Employed
Gross Fixed Assets
Less: Depreciation
Net Fixed Assets
Capital WIP
Investments
Goodwill
Curr. Assets
Inventory
Debtors
Cash & Bank Balance
Loans & Advances
Other Current Assets
Current Liab. & Prov.
Creditors
Other Liabilities
Net Current Assets
Application of Funds
2013
10,495
6,789
250
1,572
1,884
18.0
142
89
387
1,550
33
2.1
1,518
-14
1,504
2014
15,490
47.6
9,397
384
3,952
1,757
11.3
273
116
460
1,454
-44
-3.0
1,499
-184
1,315
(12.6)
2014
2,000
2,198
4,198
0
4,804
151
9,153
2,041
319
1,722
255
451
16
12,284
2,707
7,100
40
2,028
410
5,575
4,228
1,346
6,710
9,154
2015
27,027
74.5
16,711
549
5,580
4,187
15.5
215
204
623
3,575
927
25.9
2,648
316
2,964
125.4
2015
2,219
11,700
13,919
0
8,450
-15
22,354
2,534
522
2,011
491
0
16
29,429
4,238
14,322
7,096
3,436
337
9,594
7,208
2,386
19,836
22,355
2016E
42,964
59.0
28,791
754
6,303
7,116
16.6
710
315
1,196
6,315
1,581
25.0
4,734
0
4,734
59.7
2016E
2,219
15,327
17,546
0
12,550
-15
30,081
4,534
837
3,697
491
0
16
40,804
6,737
21,590
8,245
3,697
535
14,928
11,458
3,470
25,877
30,081
2017E
57,284
33.3
34,454
1,328
10,671
10,832
18.9
1,033
426
1,200
10,238
2,870
28.0
7,368
0
7,368
55.6
2017E
2,219
20,971
23,190
0
10,550
-15
33,725
5,034
1,262
3,771
491
0
16
49,167
8,983
28,786
5,755
4,929
714
19,721
15,277
4,444
29,447
33,725
(INR Million)
2018E
61,184
6.8
38,437
1,282
9,785
11,680
19.1
735
470
1,148
0
10,796
3,026
28.0
7,770
7,770
5.4
(INR Million)
2018E
2,219
26,923
29,142
0
11,550
-15
40,677
5,534
1,733
3,801
491
0
16
57,394
9,594
30,745
11,027
5,265
762
21,026
16,317
4,709
36,369
40,677
2013
400
2,556
2,956
0
3,367
195
6,518
1,796
230
1,566
41
1
0
7,895
795
5,002
15
1,964
119
2,983
2,278
705
4,912
6,519
5 January 2016
12

Inox Wind
Financials and valuations
Ratios
Y/E March
Basic (INR)
Adj EPS
Cash EPS
Book Value
Valuation (x)
P/E
EV/EBITDA
EV/Sales
Price/Book Value
Profitability Ratios (%)
RoE
RoCE
Turnover Ratios
Debtors (Days)
Inventory (Days)
Creditors. (Days)
Asset Turnover (x)
Leverage Ratio
Debt/Equity (x)
2013
37.9
40.2
73.9
2014
7.5
8.1
21.0
2015
11.9
12.9
62.7
2016E
21.3
22.8
79.1
2017E
33.2
35.1
104.5
2018E
35.0
37.1
131.3
48.0
43.7
5.0
17.2
30.2
19.4
3.0
5.7
16.9
11.8
2.0
4.6
10.8
7.8
1.5
3.4
10.3
6.9
1.3
2.7
101.8
59.6
36.8
23.3
32.7
21.8
30.1
21.5
36.2
25.8
29.7
23.1
174
28
79
1.6
167
64
98
1.7
193
57
76
1.2
183
57
80
1.4
183
57
85
1.7
183
57
85
1.5
1.1
1.1
0.6
0.7
0.5
0.4
Cash Flow Statement
Y/E March
PBT before EO Items
Depreciation
Interest
Direct Taxes Paid
(Inc)/Dec in WC
CF from Operations
Others
CF from Oper. Incl. EO Items
(Inc)/Dec in FA
Free Cash Flow
Investment and Others
CF from Investments
Change in Networth
(Inc)/Dec in Debt
Interest Paid
Dividend Paid & Others
CF from Fin. Activity
Inc/Dec of Cash
Add: Beginning Balance
Closing Balance
2013
1,550
89
387
-269
-3,357
-1,600
692
-908
-286
-1,194
-1,371
-1,657
0
2,562
-375
3
2,191
-375
390
15
2014
1,454
116
463
-305
-2,016
-288
1,111
823
-347
476
-1,784
-2,130
0
1,789
-457
0
1,332
25
15
40
2015
3,891
204
623
-927
-4,445
-655
-370
-1,025
-1,039
-2,064
-444
-1,483
6,923
3,255
-593
0
9,585
7,077
19
7,096
2016E
6,315
315
1,196
-1,581
-4,893
1,353
0
1,353
-2,000
-647
0
-2,000
0
4,100
-1,196
-1,108
1,796
1,148
7,096
8,245
2017E
10,238
426
1,200
-2,870
-6,059
2,935
0
2,935
-500
2,435
0
-500
0
-2,000
-1,200
-1,724
-4,925
-2,489
8,245
5,755
(INR Million)
2018E
10,796
470
1,148
-3,026
-1,650
7,739
0
7,739
-500
7,239
0
-500
0
1,000
-1,148
-1,818
-1,967
5,272
5,755
11,028
5 January 2016
13

Inox Wind
NOTES
5 January 2016
14

REPORT GALLERY
INOX WIND
OTHER COMPANIES
SECTOR UPDATES

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