Shares of Inox Wind Ltd witnessed sharp selling pressure in Monday's early trade, falling 8.71 per cent to hit a low of Rs 84.85 after the company reported subdued fourth-quarter (Q4 FY26) earnings. Following the results, select brokerages lowered their target prices on the stock, though retained their positive recommendations.

Motilal Oswal Financial Services Ltd (MOFSL) said Inox Wind's Q4 performance fell short of expectations, with revenue missing its estimate by 34 per cent.

"EBITDA stood at Rs 200 crore as EBITDA margin fell to 16 per cent (vs. 23 per cent/20 per cent in Q3 FY26/Q4 FY25). Adjusted PAT came in at Rs 90 crore, 58 per cent below estimates. Inox Wind missed its FY26 revenue guidance (incl. other income) of Rs 5,000 crore by 9 per cent. FY26 revenue/EBITDA/APAT stood at Rs 4,390 crore/Rs 890 crore/Rs 400 crore (+24 per cent/+18 per cent/-11 per cent YoY)," the brokerage stated.

Despite the earnings miss, MOFSL retained its 'Buy' rating while reducing its 12-month target price.

"We maintain our BUY rating, given attractive valuations, with a revised TP of Rs 110 per share (based on 20x FY28E EPS)," it further said.

Nuvama Institutional Equities also lowered its target price, noting that adjusted consolidated profit was affected by geopolitical issues that delayed key ECS supplies and customer payments, adding pressure on working capital.

"We trim FY27E/28E execution to 1.4GW/1.75GW (from 1.6GW/2GW) amid on-ground challenges. Despite EPS cut of 33 per cent/34 per cent in FY27E/28E, our revised assumptions imply a TP of Rs 123 (Rs 155 earlier) on 20x FY28E EPS plus DCF for O&M, as impending corporate actions could unlock new growth levers. Stock trades at 16x FY28E EPS. Retain 'BUY'," it said.

JM Financial described the March quarter performance as an "all-round miss" and also reduced its target price on the stock. However, it highlighted the expansion of Inox Green's operations and maintenance (O&M) business as a positive factor for future earnings.

"Inox Green has expanded the O&M portfolio to 13GW from 5GW in Mar'25, driven by acquisitions, leading us to revise our FY27 and beyond earnings' estimates upwards. We maintain ADD with a revised SOTP-based TP of Rs 101 (earlier Rs 120), based on 20x P/E (earlier 25x) for the equipment business," JM Financial said.