Synopsis:
A leading renewable energy player with strong manufacturing capacity and a 3.2 GW order book, offering turnkey, EPC, and O&M solutions. Backed by diversified clients and expansion into solar, it ensures steady growth, financial stability, and long-term industry leadership.
India’s Heavy Electrical Equipment sector is robust: in FY 2022‑23, market size reached ₹2,51,310 cr, production was ₹2,44,300 cr, exports ₹94,170 cr, and imports ₹1,01,180 cr. The domestic electrical equipment market is projected to grow from US$52.98 bn in 2022 to US$125 bn by 2027 (CAGR ~11.7 %).
With a market capitalization of Rs 26,079.11 crore, the shares of Inox Wind Ltd were trading at Rs 150.90 per share, decreasing around 1.53 percent as compared to the previous closing price of Rs 153.25 apiece.
Inox Wind Ltd announced a ₹1,249.33 crore Rights Issue, offering 10.41 crore shares at ₹120 each, including a ₹110 premium. Eligible investors, holding 78 shares as of July 29, 2025, can apply for 5 more. Priced 20% below today’s market value, the issue offers a discounted entry while helping the company raise capital for growth.
Additionally, the Rights Issue opens from August 6 to August 20, 2025, providing investors the chance to enhance their holdings at a discounted price. Further, the company plans to use proceeds from the Rights Issue for multiple objectives, including repayment of preference shares issued to the promoter, reducing existing borrowings, and investing in Inox Renewable Solutions for debt repayment. Additionally, funds will support general corporate purposes, strengthening financial stability and enabling long-term growth while reducing debt obligations.
Recently, Inox Wind has secured a 51 MW order from First Energy Private Limited, a Thermax Group company, marking its first-ever deal with them. The project, located in Tamil Nadu, includes limited-scope EPC services and a multi-year post-commissioning operations and maintenance (O&M) contract, strengthening Inox Wind’s project portfolio.
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Inox Wind will supply 3 MW wind turbines with a 140-meter hub height for a Tamil Nadu project. The contract includes limited-scope EPC services, supervision, and multi-year O&M services, to be executed via Inox Wind subsidiaries.
Inox Wind Ltd (IWL) is a fully integrated wind energy player with 2.5 GW manufacturing capacity. It boasts a robust 3.2 GW order book and is among the few OEMs offering turnkey and O&M solutions. With solar diversification, strong promoter backing, and a 5.1 GW O&M portfolio, it’s positioned for strong growth.
Inox Wind boasts a solid order book, ensuring strong revenue visibility for the next 2–3 years. With 1,848 MW in turnkey projects and 1,355 MW in equipment supply, it demonstrates robust execution capacity. Its diverse client base, including NTPC, CESC, NLC India, and Hero Future Energies, highlights industry confidence and promising growth prospects.
Inox Wind Limited is engaged in the business of manufacturing and sale of wind turbine generators (WTGs). It also provides erection, procurement, and commissioning (EPC), operations and maintenance (O&M), and common infrastructure facilities services for WTGS and wind farm development services.
Inox Wind’s Rights Issue presents a strategic opportunity to enter at a 20% discount, enhancing portfolio value. With funds earmarked for debt reduction and business expansion, the move signals improved financial health and future scalability. Investors confident in the renewable sector’s growth may view this as a timely chance to deepen exposure in a promising green energy player.
Written by Abhishek Singh
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