Inox Wind Limited is engaged in the business of manufacturing Wind Turbine Generators (WTGs) and is a wind energy solutions provider servicing IPPs, Utilities, PSUs, Corporates, and Retail Investors. Inox Wind Ltd is a fully integrated player in the wind energy market and provides end-to-end turnkey solutions. The company is a wind energy solutions provider in India, catering to IPPs, utilities, PSUs, and corporate investors. It is part of the INOXGFL Group, with a focus on chemicals and renewable energy.
The company operates through a comprehensive business model that encompasses multiple aspects of wind energy solutions. Inox Wind operates on a business model that encompasses manufacturing of WTGs, providing end-to-end project management services, and offering operations and maintenance services for installed units. The firm works on two business models: Turnkey Solution and Equipment Supply Model.
IWL is fully integrated in the wind energy market, with four manufacturing plants and a capacity of over 2 GW per annum. The company operates manufacturing plants in Gujarat, Himachal Pradesh, and Madhya Pradesh. The company manufactures and distributes wind turbine generator components such as nacelles, hubs, rotor blade sets, and tubular towers, as well as offers wind resource assessment, site acquisition, infrastructure development, and operations and maintenance (O&M) of wind power projects.
Some of its products include Inox DF 93, Inox DF 100 & Inox DF 113. It is amongst the few wind OEMs in India offering plug & play turnkey solutions and post-commissioning O&M services; Product portfolio includes 2MW & 3MW WTGs (under production) & 4MW (license secured).
The company produces key components of WTGs, including nacelles, hubs, blades, and towers, and offers comprehensive solutions from concept to operations and maintenance. The company's products, such as the INOX DF 2000 and DF 3000/3300 models, are designed for low wind speed sites, typical of Indian locations.
Inox Wind's 3 MW Wind Turbine Generator (WTG), with a booster capacity of up to 3.3 MW, has been included in the Revised List of Models and Manufacturers (RLMM) by the Ministry of New and Renewable Energy (MNRE), Government of India. Developed with AMSC as the technology partner, Inox Wind's 3 MW WTG with booster capacity up to 3.3 MW has a proven track record globally, with over a decade of operational experience and a rotor diameter of 145 meters, making it one of the largest in its category.
The company has also secured licensing agreements for advanced technology platforms. Together, they are launching the 4.X MW wind turbine generator (WTG), specifically designed for low wind regimes in India. Inox Wind has a consistent commitment to reducing the cost of wind energy for its clients, and the introduction of the 4.X MW turbine is another step in this direction.
With a market cap of ₹19,745 Crore as of April 11, 2025, Inox Wind has demonstrated strong financial performance in recent quarters. For the full year, net profit reported to ₹448.22 Crore in the year ended March 2025, as against net loss of ₹35.65 Crore during the previous year ended March 2024. Sales rose 103.70% to ₹3,557.15 Crore in the year ended March 2025, as against ₹1,746.30 Crore during the previous year ended March 2024.
The company's quarterly performance has been particularly impressive. Net profit of Inox Wind rose 301.53% to ₹186.87 Crore in the quarter ended March 2025, as against ₹46.54 Crore during the previous quarter ended March 2024. Sales rose 141.57% to ₹1,274.82 Crore in the quarter ended March 2025, as against ₹527.73 Crore during the previous quarter ended March 2024.
Inox Wind Ltd's net profit jumped 10801.87% since last year same period to ₹116.65 Crore in Q3 FY2024-2025. Revenue from operations surged 81% to ₹911.27 Crore in the quarter ended December 31, 2024.
Key financial metrics as of December 2024 (Q3 FY25):
- Revenue: ₹911.27 Crore
- Net Profit: ₹116.65 Crore
- Year-over-year revenue growth: 81%
- Year-over-year profit growth: 10,801.87%
Inox Wind's order book increased by 28% YoY to 3,286 MW. Revenue surged 93% YoY to ₹2,386 Crore, with net profit reaching ₹252 Crore. The company is executing a 990 MW turnkey order out of the 1,500 MW framework agreement signed across multiple locations in the states of Gujarat, Rajasthan, and Madhya Pradesh. IWL has received all the advances related to these projects and commissioning is expected in phases from FY26 onwards.
This order from Purvah Green, a subsidiary of CESC, is the single largest wind order awarded by an IPP in India to any wind OEM. The company continues to secure new orders across diverse customer segments, including recent contracts for 200 MW from renewable commercial and industrial power producers and 210 MW from Hero Future Energies.
Inox Wind's plans for the next decade are aligned with India's Aatmanirbhar vision, as the country steams ahead with a target to reach ~ 140 GW of wind capacity by 2030. Being amongst the very few end-to-end wind solutions providers in the country and with comprehensive products and services offerings, Inox Wind stands at a unique position to capitalize on the huge opportunity ahead and embark on a massive growth journey.
Inox Wind's parent company, Inox Wind Energy (IWEL), infused ₹9 billion (~$107 million) into the company in July 2024. This investment has made Inox Wind a net cash-positive company, significantly strengthening its balance sheet and reducing interest expenses.
The company's manufacturing capabilities continue to expand, with an annual manufacturing capacity of approximately 2.5 GW with its advanced 3 MW series WTGs. It provides comprehensive wind energy solutions, covering everything from concept and commissioning to O&M.
Inox Leasing acquired 36.75 Crore shares, raising stake to 26.66% post-amalgamation on June 24, 2025. Inox Leasing and Finance acquired 52.92 Crore shares, raising holding to 44.18% post-amalgamation on June 24, 2025. Promoter holding in Inox Wind Ltd has gone up to 48.27% as of March 2025.
The company has also received favorable credit ratings, with CARE Ratings upgrading its short-term banking facilities to the highest rating of 'CARE A1+', reflecting the company's strong financial position.
With analyst target prices ranging around ₹228 and strong fundamentals supporting long-term growth in India's renewable energy sector, Inox Wind is well-positioned to capitalize on the country's ambitious wind energy targets while delivering value to its diverse stakeholder base.
