Inox Wind Ltd
NSE:INOXWIND
Inox Wind Ltd
Inox Wind Ltd., an integral part of the Inox Group, emerged on the scene as a formidable player in the renewable energy sector, specifically focusing on harnessing the power of wind. Founded with a vision to contribute to the global shift towards sustainable energy, the company has rooted itself firmly in the manufacturing, installation, and servicing of wind turbine generators. Inox Wind crafts these sophisticated machines at its state-of-the-art facilities strategically located across India, where it meticulously assembles, tests, and dispatches them to wind farms spread over various terrains. The company’s operational model hinges on providing end-to-end wind energy solutions, which include wind resource assessment, site acquisition, infrastructure development, installation, commissioning, as well as long-term operation and maintenance services.
Financially, Inox Wind makes its mark by capitalizing on several key avenues within the renewable sector. It earns revenue primarily by selling wind turbine generators, but it also secures steady cash flows through the operation and maintenance contracts it holds with its clients. This recurring service component of its business ensures long-term relationships and a stable revenue stream. Additionally, the company collaborates with both private and governmental entities in India, increasingly tapping into the rising demand for clean energy solutions in the country. By focusing on innovation and efficiency, Inox Wind plays a critical role not just in its own growth trajectory but also in supporting India’s ambitious renewable energy targets. Through this multi-pronged business approach, Inox Wind weaves itself into the fabric of modern energy transformation, while simultaneously striving for profitability and sustained growth.
Inox Wind Ltd., an integral part of the Inox Group, emerged on the scene as a formidable player in the renewable energy sector, specifically focusing on harnessing the power of wind. Founded with a vision to contribute to the global shift towards sustainable energy, the company has rooted itself firmly in the manufacturing, installation, and servicing of wind turbine generators. Inox Wind crafts these sophisticated machines at its state-of-the-art facilities strategically located across India, where it meticulously assembles, tests, and dispatches them to wind farms spread over various terrains. The company’s operational model hinges on providing end-to-end wind energy solutions, which include wind resource assessment, site acquisition, infrastructure development, installation, commissioning, as well as long-term operation and maintenance services.
Financially, Inox Wind makes its mark by capitalizing on several key avenues within the renewable sector. It earns revenue primarily by selling wind turbine generators, but it also secures steady cash flows through the operation and maintenance contracts it holds with its clients. This recurring service component of its business ensures long-term relationships and a stable revenue stream. Additionally, the company collaborates with both private and governmental entities in India, increasingly tapping into the rising demand for clean energy solutions in the country. By focusing on innovation and efficiency, Inox Wind plays a critical role not just in its own growth trajectory but also in supporting India’s ambitious renewable energy targets. Through this multi-pronged business approach, Inox Wind weaves itself into the fabric of modern energy transformation, while simultaneously striving for profitability and sustained growth.
Strong Growth: Inox Wind reported consolidated Q3 revenue of INR 1,238 crores (up 24% YoY) and EBITDA of INR 313 crores (up 39% YoY, excluding one-offs).
Margin Upgrade: Full-year FY '26 EBITDA margin guidance was raised to 20–22% from previous 18–19%, with similar margins expected for FY '27.
Revenue Guidance: FY '26 revenue is now expected to exceed INR 5,000 crores (35%+ YoY growth), with FY '27 revenue expected to grow around 75% over FY '26.
Order Book: Large and diversified order book of 3.2 GW, with nearly 600 MW added this year and strong pipeline visibility.
Execution Challenges: Management cited industry-wide delays at customer sites, leading to a shift from megawatt to revenue-based guidance for more reliability.
Inox Green Performance: Inox Green posted Q3 income of INR 112 crores (up 51% YoY), EBITDA of INR 53 crores (up 80% YoY), and PAT of INR 25 crores (up 375% YoY).
O&M Portfolio: Inox Green's O&M portfolio reached 13.3 GW, and expects post-acquisition EBITDA to exceed INR 600 crores in FY '27.
Demerger Update: The demerger of Inox Green’s substation business is in final NCLT stages; expected to enhance profitability and capital efficiency.
