Inox Wind Ltd.

“Inox Wind is a structurally weak, capital-intensive cyclical business riding India's genuine wind energy upcycle but incapable of converting it into durable shareholder value. Twelve years of negative free cash flow, 8x share dilution over the last cycle, ROCE barely above cost of capital at cyclical peak, no proprietary technology, and permanent scale disadvantage to Suzlon make this a poor long-term holding. At 31x trailing earnings the stock still prices in flawless execution while offering no cushion for the inevitable cyclical downturn. Capital is better deployed elsewhere.”