Synopsis:
When it comes to generating power through wind energy, Inox Wind is at the forefront of receiving market share benefits as India moves towards achieving 100 GW of installed wind capacity from 50 GW.
About the company
Inox Wind Ltd is in the business of manufacturing wind turbines, towers, and blades at its facilities located in Gujarat, Himachal Pradesh, and Madhya Pradesh. They provide comprehensive wind energy solutions, covering everything from site selection to connecting to the grid, and they also offer operations and maintenance services. The company generates revenue through the sale of turbines, project execution, maintenance, and power generation via Power Purchase Agreements (PPAs).
Inox Wind is part of the $12 billion INOXGFL Group, which operates across renewable energy and advanced materials. The group includes a battery materials arm serving the EV and ESS ecosystem, and a GFL subsidiary offering fluoropolymer solutions for solar and green hydrogen, including proton exchange membranes.
It also owns Inox Green, India’s only listed pure-play renewable O&M provider with ~5.1 GW under management, and an EPC subsidiary (formerly Resco Global) handling project development and commissioning for wind and solar.
Financial and Operational Highlights
Inox Wind’s revenue for Q1 FY26 came in at Rs 826.25 crore, registering a 29 percent growth from Rs 639.57 crore in the same quarter last year. However, on a sequential basis, revenue declined by 35 percent from Rs 1,274.82 crore in Q4 FY25.
Coming to its profitability, the company reported a net profit surge of 134 percent to Rs 97.34 crore in Q1 FY26 as compared to Rs 41.59 crore in Q1 FY25. However, on a QoQ basis, it declined by 49 percent from Rs 190.34 crore.
It has an annual manufacturing capacity of 2.5 GW across four facilities. Inox Wind produces 2 MW and 3 MW Wind Turbine Generators (WTGs). The company is at the forefront of capturing a large market share in one of the fastest-growing sectors in India; India’s Wind sector is set to add ~ 80GW of capacity in the next 8 years, over ~ 50 GW of current wind capacity.
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Order Book Highlights
As of August 2025, Inox Wind has a robust order book of 3.1 GW, providing a large revenue visibility over the next 2-3 years. This order book is split into two components, where 1,699 MW (55%) of the order book is sourced from End-to-End Turnkey and the remaining 1,406 MW (45%) is sourced from Equipment Supply.
Additional Highlights
The company is a vertically integrated player, meaning it not only manufactures wind turbines but also handles project execution and operations and maintenance (O&M) services.
Also, Inox Wind is expanding beyond just wind energy. They’re diving into solar, hybrid energy projects, and even specialized services like crane operations and transformer manufacturing, broadening their market presence and service offerings.
On top of that, Inox Wind is undergoing restructuring, including a merger with Inox Wind Energy (IWEL) and the demerger of certain divisions, which has reduced debt by about Rs 2,000 crore.
With India targeting 100 GW of wind capacity by 2030 and annual installations growing, the company is well-positioned to capitalise on this opportunity. Plus, government initiatives like the draft RLMM policy, which requires local sourcing of essential wind turbine components, are set to give domestic players like Inox Wind a significant edge by leveling the playing field against Chinese competitors.
In short, Inox Wind is emerging as a major player in India’s rapidly growing wind energy sector. With a solid order book, integrated operations, and the backing of favorable government policies, the company is in a great position.
They’ve been reducing debt, expanding into solar and hybrid projects, and with the country’s ambitious goal of reaching 100 GW by 2030, Inox Wind is set to maintain strong performance in the years ahead.
Written by Satyajeet Mukherjee
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