Synopsis: Inox Wind Limited has signed a 1,500 MW wind turbine supply MoU with group entity Inox Clean Energy, taking its disclosed order book from 3.1 GW to over 4.5 GW; while the agreement aligns with the INOXGFL Group’s integrated renewable strategy and extends revenue visibility across the medium term, the intra-group structure of the deal and FY26’s worsening working capital metrics debtor days at 353 days and negative operating cash flow of Rs. 598 crore despite a Rs. 891 crore operating profit are risk factors investors will need to weigh alongside the headline pipeline numbers.
A leading wind turbine manufacturer expanded its order book past 4.5 GW on Monday after signing a 1,500 MW supply agreement with a fellow group entity, pushing its pipeline well ahead of what current annual execution capacity can absorb in a single year. Inox Wind Limited disclosed that it has entered into a memorandum of understanding with Inox Clean Energy the INOXGFL Group’s renewable independent power producer and solar manufacturing platform to supply 1,500 MW of advanced wind turbines for projects being developed by Inox Clean across India. The existing order book of 3.1 GW now stands at over 4.5 GW, providing multi-year billing cover at the company’s current delivery pace.
With a market capitalization of Rs. 15,690.67 crore, the shares of Inox Wind Limited were trading at Rs. 90.79 per share, up 1.03 percent from its previous closing price of Rs. 89.86 apiece. The stock trades at a P/E of 34.85.
The 1,500 MW supply mandate will draw on two turbine platforms: Inox Wind’s 3.3 MW series and the 4X MW platform, which the company has been preparing for commercial-scale deployment. Both sit at the higher end of India’s domestic utility wind turbine market, where the industrywide shift has been toward larger rotors and taller hub heights to extract greater generation output from the same site footprint.
Inox Clean’s project targets are substantial. The company reached approximately 3.5 GW of operational renewable capacity within its first two years of operations and is now aiming for 14 GW of installed portfolio by FY29, implying more than 3 GW of capacity additions per year. Between 20 and 30 percent of those additions are expected to be wind, translating to roughly 600 to 900 MW annually. At that rate, the 1,500 MW MoU represents between one and a half to two and a half years of dedicated wind supply. Over the full trajectory to 14 GW, the addressable pipeline from Inox Clean alone runs considerably beyond this initial tranche.
In the order book, Inox Wind’s CEO noted that the addition takes the total pipeline from 3.1 GW to over 4.5 GW. That increment covers approximately two to three years of delivery at the company’s current execution run rate, assuming other external orders continue to flow. Manufacturing capacity stands at approximately 2.5 GW per annum, so the 4.5 GW order book broadly translates to nearly two years of full-plant utilisation.
Revenue Visibility and Execution Risk
MoUs are non-binding and conversion into firm purchase orders will depend on Inox Clean’s ability to progress individual project configurations through land acquisition, grid connectivity clearances, and long-term off-take arrangements. The pace at which 1,500 MW gets contracted formally will track Inox Clean’s own project development calendar rather than any supply schedule embedded in the MoU.
There is also a concentration dimension worth noting. This intra-group deal adds to what appears to be a growing dependence of Inox Wind’s order pipeline on INOXGFL Group entities. While the arrangement benefits from aligned project objectives and coordinated supply chain decisions, it places a meaningful share of Inox Wind’s revenue visibility into a single related-party counterpart. Any deceleration in Inox Clean’s capacity addition programme whether from permitting delays or funding conditions would transmit directly into Inox Wind’s order intake and delivery schedule.
The receivables position warrants scrutiny independent of the new deal. Debtor days in FY26 expanded to 353 from 276 in FY25 and the cash conversion cycle widened to 443 days. FY26 delivered operating profit of Rs. 891 crore on revenues of Rs. 4,397 crore, yet cash from operations turned negative at Rs. 598 crore a reversal from positive Rs. 138 crore in FY25. Working capital days increased from 161 to 267 over the same period. The company scaled revenues by approximately 24 percent year-on-year, but collections did not keep pace with billings. Whether a higher proportion of intra-group business in the order mix tightens or further stretches the collections cycle will be a material balance sheet variable to track.
Business Overview
Inox Wind Limited manufactures wind turbine generators from five plants across Gujarat, Madhya Pradesh, and Himachal Pradesh, with production capacity of approximately 2.5 GW annually. EPC services are provided through subsidiary Inox Renewable Solutions, while O&M operations run through separately listed Inox Green Energy Services, which manages approximately 12.5 GW of assets.
For FY26, the company reported consolidated revenues of Rs. 4,397 crore and a net profit of Rs. 449 crore, compared to Rs. 3,557 crore in revenue and Rs. 438 crore in net profit for FY25. Promoter holding stood at 44.18 percent as of March 2026, down from approximately 72 percent in mid-2023, reflecting multiple rounds of equity dilution over the period.
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