India’s energy sector is undergoing a major transformation as the country moves away from its dependence on coal and it is currently adopting sustainable development and recognizing the urgent need for eco-friendly energy solutions. It is one of the key components of the country’s effort to lower its carbon footprint and capture a large market share in one of the fastest-growing sectors in India.
Among the leading players in this field is Inox Wind, a company that consistently contributes to India’s green energy goals. In this article, we will explore Inox Wind Limited’s order book, financial health, and future plans, highlighting its key role in sustainable energy development.
Company Overview
Inox Wind is a fully integrated wind energy company providing end-to-end solutions, from conception and execution to commissioning and operation & maintenance (O&M). With over 13 years of operational experience, the company has a manufacturing capacity of over 2.5GW across four facilities. It is one of the few wind OEMs in India offering plug-and-play turnkey solutions along with post-commissioning O&M services.
Its product portfolio includes 2MW and 3MW WTGs (under production) and 4MW (license secured). As India’s wind sector aims to add ~80GW of capacity over the next 8 years, Inox Wind is well-positioned to capture a significant market share in this rapidly growing sector.
Industry Outlook
- They have plans of adding ~ 80 GW of wind capacity in the next 8 years as per the National Electricity Plan.
- It provides visibility of > Rs 6 trn for wind OEMs and a large multi-year opportunity for O&M service providers.
- The company has 250 GW of RE projects to be awarded over FY24-28.
Future Plans Of Inox Wind
- Amongst the top wind OEMs in India, they are targeting 2 GW of annual execution by FY27 and aim to create significant value for all stakeholders.
- Order book currently stands at ~ 3.3 GW providing a large revenue visibility in the next 2-3 years.
Orderbook Breakup
The company’s order book consists of 2,088 MW for end-to-end turnkey projects and 1,202 MW for equipment supply, totaling 3.3 GW, with the latter having a limited scope in the Engineering, Procurement, and Construction (EPC) phase.
Key Financial and Ratios
Inox Wind’s revenue rose by 96 percent from Rs. 506.88 crore to Rs. 993.6 crore in Q3FY24-25. Meanwhile, Net profit rose by 10,801 percent from Rs. 1.07 crore to Rs. 116.65 crore during the same period.
It has a Return on Equity (ROE) of 7.21 percent and a Return on Capital Employed (ROCE) of 6.48 percent and the company has a Price-to-Earnings (PE) ratio of 65.54, suggesting growth expectations from the market. Additionally, with a low debt-to-equity ratio of 1.33.
Written by Sridhar J
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