Inox Wind Limited (IWL) is a prominent, fully integrated player within the Indian wind energy sector, operating under the umbrella of the INOXGFL Group, a multi-billion-dollar conglomerate with a legacy spanning over nine decades. The group is deeply invested in the energy transition, with diversified interests in both chemicals and renewables. IWL specializes in providing end-to-end turnkey solutions for wind energy projects, managing the entire lifecycle from initial conception and resource assessment to manufacturing, execution, commissioning, and long-term operations and maintenance (O&M).

The company's integrated business model is a core strength, executed through its specialized subsidiaries. Inox Renewable Solutions Limited (IRSL) handles the Engineering, Procurement, and Construction (EPC) services, including site acquisition, infrastructure development, and the erection of wind turbine generators (WTGs). Post-commissioning, Inox Green Energy Services Limited (IGESL), a listed entity and one of India's leading renewable O&M service providers, takes over the long-term asset management. This structure provides clients with a seamless, "plug and play" experience.

Strategically, IWL is positioned to leverage significant synergies within the broader INOXGFL Group. The group's other ventures, such as Inox Clean Energy, which is developing a renewable Independent Power Producer (IPP) platform (Inox Neo Energies) and a solar cell and module manufacturing entity (Inox Solar), create a captive ecosystem. This integration allows IWL to offer comprehensive hybrid renewable solutions (wind, solar, and battery storage) and ensures a recurring pipeline of business, solidifying its position as a key contributor to India's energy transition goals.

Official Website: http://www.inoxwind.com/

• Q3 FY26 Performance: The company reported one of its strongest quarterly performances.

• Total Income: Reached Rs 1,238 crore, a significant 24% year-over-year (YoY) increase from Rs 995 crore in Q3 FY25.

• EBITDA: Grew by 39% YoY to Rs 313 crore, up from Rs 226 crore in the previous year.

• Profit Before Tax (PBT): Increased by 62% YoY to Rs 209 crore.

• Profit After Tax (PAT): Stood at Rs 127 crore, a 14% YoY improvement.

• Cash PAT: A key indicator of cash flow, grew 38% YoY to Rs 262 crore.

• Nine-Month (9M) FY26 Performance: The growth trend continued for the nine months ending December 31, 2025.

• Total Income: Rose by 36% YoY to Rs 3,263 crore.

• EBITDA: Increased by 42% YoY to Rs 804 crore.

• Profit Before Tax (PBT): Showed robust growth of 84% YoY, reaching Rs 516 crore.

• Cash PAT: Grew by 66% YoY to Rs 668 crore.

• Balance Sheet Strength: The company has demonstrated a significant financial turnaround over the past few years.

• Net Worth: Has consistently grown from Rs 2,261 crore in FY23 to Rs 7,254 crore in H1 FY26.

• Net Debt: The company has successfully transitioned from a net debt position of Rs 1,337 crore in FY23 to a net cash position of Rs 222 crore as of H1 FY26, indicating a deleveraged and healthy balance sheet.

The company has demonstrated strong top-line and bottom-line growth, backed by a significant improvement in its balance sheet from a net debt to a net cash position.

• Fully Integrated Model: IWL is one of the few OEMs in India offering complete end-to-end solutions. This includes manufacturing its own 2MW and 3MW class WTGs, providing full-scope EPC services through its subsidiary Inox Renewable Solutions, and offering long-term O&M through its listed subsidiary Inox Green. This "plug and play" model is a strong competitive advantage.

• Strong Group Pedigree: The backing of the multi-billion dollar INOXGFL Group provides significant financial strength, management expertise, and strategic synergies. This relationship facilitates access to capital and creates opportunities for collaboration with other group companies in the renewable space, such as Inox Neo (IPP) and Inox Solar.

• Exceptional Turnkey Capabilities: The company has a proven track record of developing high-value wind project sites with common infrastructure. This ability to offer ready-to-use sites significantly de-risks projects for clients and creates a strong moat for the business.

• Manufacturing and Technological Prowess: IWL maintains a manufacturing capacity of over 2.5 GW across four facilities. The company is actively upgrading its technology, with plans to launch a 4.X MW WTG platform, and has achieved backward integration through in-house manufacturing of cranes and transformers, which enhances control over project timelines and costs.

• Robust Creditworthiness: The company has successfully deleveraged its balance sheet to a net cash position and holds the highest ratings for its short-term banking facilities from CARE & Acuite Ratings, demonstrating strong financial discipline and credibility.

IWL's primary uniqueness stems from its fully integrated business model and strong promoter backing, which allows it to offer comprehensive, de-risked solutions to a diverse client base.

• Multi-Decadal Growth Story: The Indian wind sector is poised for sustained growth, driven by ambitious government targets and fundamental demand. India aims to more than double its installed wind capacity from 54 GW, creating a ~Rs 5 trillion opportunity for wind OEMs and a large, multi-year pipeline for O&M providers.

• Favorable Policy Environment: The government is actively supporting the sector. Key policies include the mandate for domestic sourcing of WTG components under the ALMM scheme, a reduction in GST on wind components from 12% to 5%, and amendments to transmission regulations that allow for the hybridization of existing projects.

• Strong Demand Drivers:

• Government Targets: India targets 500 GW of non-fossil fuel capacity by 2030 and 1,800 GW by 2047, with wind playing a critical role. In the first 11 months of FY26, over 13 GW of RE capacity was awarded, with ~6.6 GW comprising wind or hybrid projects.

• C&I Demand: The Commercial and Industrial (C&I) segment remains a strong source of demand for renewable power.

• Green Hydrogen Mission: India's target of 5 million metric tonnes per annum of green hydrogen could drive an incremental ~125 GW of RE capacity addition.

• Favorable Economics: Wind remains one of the cheapest sources of power and is highly complementary to solar, making it essential for grid stability and enabling Round-The-Clock (RTC) power supply. This synergy drives demand for hybrid projects, which offer higher project PLFs and better returns for developers.

The Indian wind energy sector is supported by a favorable macro environment, with strong government targets, supportive policies, and compelling project economics ensuring robust demand for the foreseeable future.

• Robust and Diversified Order Book: The company has a strong revenue visibility with a well-diversified order book of approximately 3.2 GW. This order book is expected to be executed over the next 18-24 months.

• The customer base is spread across Public Sector Undertakings (PSUs) like NTPC and NLC India, major IPPs like Hero Future Energies and Continuum, and C&I clients such as Aditya Birla Group.

• The order book mix has evolved to a balanced 51% in end-to-end turnkey projects and 49% in equipment supply, providing operational flexibility.

• Strong Execution Momentum: IWL is demonstrating a solid ability to convert its order book into revenue.

• The company executed 252 MW in Q3 FY26, a 33% YoY increase.

• For the nine months of FY26, execution stood at 600 MW, up 28% YoY.

• Healthy Order Intake: The company continues to win new business, having secured multiple orders cumulating to approximately 600 MW in FY26 from customers including Aditya Birla, Amplus/Gentari, and Jakson. Additionally, a partnership with KP Energy to develop 2.5 GW of wind projects provides further long-term visibility.

The company's growth is underpinned by a large and diversified order book of ~3.2 GW, consistent execution, and a healthy pipeline of new orders from various customer segments.

• Hybrid Projects: Wind's natural complementarity with solar makes hybrid projects a significant opportunity. With the INOXGFL Group's entry into solar module manufacturing, IWL is well-positioned to offer comprehensive renewable solutions to capture the growing demand for RTC and Firm and Dispatchable Renewable Energy (FDRE) projects.

• Technological Upgradation: The planned commercial launch of the 4.X MW WTG within calendar year 2026 presents an opportunity to improve energy generation efficiency and lower the Levelized Cost of Energy (LCoE). This will enhance the company's competitiveness and appeal to project developers.

• O&M Services Expansion: The subsidiary, Inox Green, is on a path to become India's largest renewable O&M company with a current portfolio of ~13.3 GWp. This provides a stable, long-term, and high-margin revenue stream that is naturally fed by IWL's WTG sales and can be expanded through third-party acquisitions.

• Group Synergies and Captive Demand: The establishment of Inox Neo Energies, the group's renewable IPP arm, creates a significant opportunity. Inox Neo's plan to build a 10 GW portfolio will provide a large, recurring, and captive customer for IWL's turbines, IRSL's EPC services, and IGESL's O&M services.

Future growth is expected to be driven by diversification into hybrid projects, technological advancements with new turbines, and leveraging powerful synergies within the parent group's ecosystem.

• Financial Guidance: The company has provided clear and strong guidance for the upcoming financial years.

• FY26 Guidance: Revenue is projected to exceed Rs 5,000 crore, representing over 35% YoY growth, with an EBITDA margin target of 20-22%.

• FY27 Guidance: Revenue growth is guided to be over 75% YoY, while maintaining the EBITDA margin target of 20-22%.

• Operational and Strategic Initiatives: These financial targets are supported by specific plans.

• Capacity Expansion: Ramping up the new nacelle & hub plant and transformer manufacturing facility. A new blade and tower manufacturing unit is also being established in Karnataka to cater to demand.

• New Product Launch: The commercial launch of the 4.X MW turbine is on track for calendar year 2026.

• Securing Recurring Orders: Focusing on securing long-term, recurring orders through framework agreements with both group companies and third-party customers.

The company has laid out a clear roadmap for substantial revenue growth and stable margins, supported by concrete plans for capacity expansion and new product introductions.

• Current Margin Performance: In Q3 FY26, the company achieved a consolidated EBITDA margin of approximately 25.2% (calculated as Rs 313 cr EBITDA on Rs 1,238 cr Total Income). This demonstrates strong profitability in the current operational environment.

• Future Margin Guidance: The company has provided firm guidance to maintain healthy profitability levels.

• FY26 & FY27 Target: The EBITDA margin is projected to be in the range of 20-22% for both fiscal years.

• Margin Improvement Strategies: The company plans to sustain these margins through several key initiatives:

• Operational efficiencies from the ramp-up of new manufacturing facilities.

• Backward integration into crane services and transformer manufacturing.

• Securing long-term recurring orders, which provide better cost and revenue predictability.

The company is currently operating at strong profitability levels and has provided clear guidance to maintain healthy EBITDA margins of 20-22% through strategic operational efficiencies.

• Shareholding Structure: As of February 6, 2026, the company has a well-diversified shareholding pattern with strong institutional participation.

• Promoters: 44%

• Foreign Investors: 16%

• Domestic Institutional Investors: 19%

• Retail & Others: 21%

• Marquee institutional investors include Capital Research, ICICI Prudential AMC, Nippon Life India, Blackrock, and the Kuwait Investment Authority Fund.

• Corporate Restructuring: A scheme for the demerger of the substation business from Inox Green and its subsequent merger into Inox Renewable Solutions is in the final stages of hearing at the National Company Law Tribunal (NCLT). This move is likely aimed at consolidating EPC-related services under one entity for better operational synergy.

The company benefits from a strong and stable promoter holding complemented by a high-quality institutional investor base, while actively undertaking corporate restructuring to streamline its operations.