The National Company Law Tribunal (Chandigarh Bench) has granted final approval for the merger of Inox Wind Energy Ltd (IWEL) into its parent, Inox Wind Ltd (IWL), marking the official legal completion of the deal.

This merger facilitates a substantial balance-sheet cleanup — IWL has reduced liabilities by around ₹2,050 crore, enhancing leverage and boosting financial flexibility entering FY 2026.

• The merger unifies wind energy generation (IWEL) with manufacturing and EPC operations (IWL), creating a streamlined corporate structure under one listed entity.
• Expected benefits include cost savings in admin, compliance, and enhanced operational efficiency.

• Under the swap ratio, IWEL shareholders are issued 158 IWL equity shares for every 10 IWEL shares, plus a matching warrant swap.
• The enlarged share base means ~25% increase in total shares, causing dilution in EPS.

Broader sentiment is positive: five of eight analysts rate IWL a “Buy”, with a consensus 12‑month target of ₹220, Nuvama Institutional, factoring merger effects and improved balance sheet, raised its price target and reiterated a Buy rating, calling this a strong structural move.

This is a transformative move for Inox Wind: consolidation is expected to yield better capital allocation, stronger cash flow, and improved competitiveness in the renewables sector.

sources