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Once a struggling wind turbine maker buried under debt and delays, Inox Wind has staged one of the most dramatic comebacks in India’s renewable energy space. The stock is up more than 2600% over the past five years and this time, the rally is backed by numbers, not just narratives.
With a market cap of ₹18,448 crore as of April 2025, Inox Wind is no longer a turnaround penny stock. It’s now a fully integrated clean energy player manufacturing turbines, executing projects, and maintaining them over time.
What’s changed is clear: a cleaner balance sheet, smarter execution, and India’s accelerating shift toward hybrid energy where wind and solar combine to deliver consistent, round-the-clock power.
By the numbers:
- Market capitalisation: ₹18,448.68 crore on April 7, 2025
- Total revenues (9M FY25): ₹2,386 crore
- Net profit (9M FY25): ₹252 crore
- Order book (as of Q3 FY25): 3.3 GW
But this isn’t just about the numbers it’s about positioning.
Traditional wind and solar projects face an inherent challenge: they don’t generate power when the grid needs it most. That’s where hybrid and RTC (round-the-clock) energy projects come in, combining solar, wind, and storage to provide uninterrupted power at more competitive tariffs.
Inox is preparing for this shift by entering solar EPC and panel manufacturing, while also scaling up to larger wind turbines of up to 4.1 MW. That gives it a meaningful seat at the table in India’s next clean energy phase.
And unlike many players in the space, Inox isn’t just assembling pieces, it’s making them. From cranes and transformers to nacelles, the company is manufacturing key components in-house. That helps protect margins, reduce dependency, and speed up execution, especially critical when land and grid delays are frequent bottlenecks.
Execution is where the story will be tested.
The company plans to execute 800 MW worth of projects in FY25, up from 376 MW last year. But it still needs to deliver 330 MW in one quarter to meet guidance. That’s aggressive.
Over ₹500 MW of orders are from group companies, which boosts visibility but could limit margin upside. And while profitability is improving, valuations have surged ahead of fundamentals, raising the bar for continued delivery.
Bottom line: India is moving beyond standalone wind or solar toward smarter, hybrid energy. Inox Wind is positioning itself to lead that shift with deeper integration, stronger execution, and larger turbines. The turnaround is real. But now it needs to prove it’s built to last.
