India’s wind energy sector stands at a crucial juncture, with the country targeting 107 GW of wind capacity by 2030, more than doubling from the current 51 GW. This massive expansion creates unprecedented opportunities for wind energy companies. Among the key players, Suzlon Energy emerges as the clear frontrunner to lead India’s wind energy future, while Orient Green Power and Inox Wind face distinct challenges and opportunities.
Revenue and Net Profit Comparison of Indian Wind Energy Companies (FY25)
1. Suzlon Energy: The Undisputed Market Leader
Suzlon Energy has demonstrated a remarkable financial turnaround, posting its best performance in a decade. In FY25, the company achieved:
- Revenue of Rs. 10,890 crore, representing a 67% year-over-year growth
- Net profit of Rs. 2,072 crore, a massive 214% increase from the previous year
- Record order book of 5.7 GW, the highest in company history
- Strong cash position with cash reserves of Rs. 3,374 crore
The company’s contribution margin expanded to 23% in its Wind Turbine Generator business, backed by its robust 4.5 GW manufacturing capacity. This represents a significant improvement from the debt-ridden days of 2019, positioning Suzlon as a financially stable market leader.
Market Position and Scale
Suzlon commands an impressive 29% market share in India’s wind energy sector, making it the largest domestic manufacturer. The company has delivered 1,550 MW of wind capacity in FY25, representing a 118% increase from the previous year. With over 15.2 GW of installed capacity, Suzlon maintains the largest operational footprint among domestic players.
2. Inox Wind: Strong Second Position with Growth Potential
Inox Wind has shown impressive financial recovery, reporting FY25:
- Revenue of Rs. 3,557 crore (103% YoY growth)
- Net profit of Rs. 438 crore (Loss to profit)
- Order book of 3.1 GW, providing visibility for the coming years
The company executed 146 MW of projects in Q1 FY26 and maintains a diversified order book with 55% turnkey projects and 45% equipment supply.
Manufacturing Capabilities
Inox Wind operates with a manufacturing capacity exceeding 4.5 GW across six facilities, producing both 2 MW and 3 MW wind turbine generators. The company has commissioned new manufacturing facilities, including a nacelle plant and transformer unit, while completing the merger of Inox Wind Energy Limited to strengthen its balance sheet.
3. Orient Green Power: The Struggling Independent Power Producer
Orient Green Power operates a fundamentally different business model as an independent power producer rather than a manufacturer. With 402.3 MW of installed wind capacity across Tamil Nadu, Andhra Pradesh, Gujarat, Karnataka, and Europe, the company is significantly smaller in scale.
Financial Challenges
Despite recent financial improvements, Orient Green Power’s financial metrics reveal underlying challenges:
- Revenue of Rs. 263 crore in FY25, dramatically lower than competitors
- Net profit of Rs. 42 crore, minimal compared to its peers
- Debt burden of Rs. 552 crore despite recent reduction efforts
Limited Growth Prospects
The company’s expansion target of 1 GW capacity through solar diversification appears modest compared to the manufacturing scale of competitors. Without manufacturing capabilities, Orient Green Power lacks the scalability needed to lead India’s wind energy future.
Industry Dynamics and Government Support
Policy Tailwinds: The Approved List of Models and Manufacturers (ALMM) for wind energy strongly favours domestic manufacturers like Suzlon and Inox Wind. The policy mandates that wind turbine manufacturers source key components, including blades, towers, gearboxes, generators, and bearings, exclusively from approved domestic suppliers. This creates significant competitive advantages for established domestic players.
Market Growth Projections: India’s wind energy market is projected to grow at a CAGR of 11.26% through 2030, reaching 89.49 GW by FY 2030. This massive growth provides ample opportunities for market leaders to expand their dominance.
Future Leadership Assessment: Suzlon Energy: The Clear Winner
Suzlon’s combination of financial strength, market dominance, manufacturing scale, and strategic positioning makes it the undisputed future leader. Key advantages include:
- Largest order book (5.7 GW) providing multi-year revenue visibility
- Dominant market share (31%) with established customer relationships
- Strong financial position with cash reserves and improving margins
- Comprehensive manufacturing ecosystem with 4.5 GW capacity
- Extensive service network ensuring recurring revenues
Suzlon Energy is positioned to lead India’s wind energy future, leveraging its dominant market position, financial recovery, and manufacturing scale. The company’s comprehensive ecosystem from manufacturing to operations and maintenance creates sustainable competitive advantages in a rapidly growing market.
Inox Wind will likely emerge as the primary challenger, benefiting from domestic manufacturing policies and improving financial performance, though at a smaller scale than Suzlon.
Orient Green Power, while a legitimate player in power generation, lacks the manufacturing capabilities necessary to lead India’s wind energy transformation and will remain a niche operator in the broader ecosystem.
The wind energy sector’s growth trajectory, supported by government policies and environmental imperatives, creates a favourable environment for domestic manufacturers. Suzlon’s strategic positioning, combined with its proven execution capabilities and financial strength, makes it the most likely candidate to capture the largest share of India’s journey toward 107 GW of wind capacity by 2030.
Written By Fazal Ul Vahab C H
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