Inox Wind Limited (NSE: INOXWIND) is swiftly emerging as a renewable energy powerhouse, making significant strides in the wind energy sector amid India’s push for clean and sustainable infrastructure. FY25 proved to be a watershed year for the company — delivering record-breaking revenue, a multi-fold jump in profitability, and achieving net cash status.
📈 Company Growth and Financials
🔹 Revenue, EBITDA & PAT (YoY & QoQ)
| Metric | Q4 FY25 | Q4 FY24 | YoY Growth | Q3 FY25 | QoQ Growth |
|---|---|---|---|---|---|
| Total Revenue (₹ Cr) | 1,311 | 569 | +130% | 995 | +32% |
| EBITDA (₹ Cr) | 290 | 143 | +103% | 288 | +1% |
| PAT (₹ Cr) | 190 | 39 | +391% | 111 | +72% |
| Cash PAT (₹ Cr) | 254 | 83 | +208% | 239 | +6% |
🔹 Full-Year FY25 vs FY24
| Metric | FY25 | FY24 | YoY Growth |
|---|---|---|---|
| Total Revenue (₹ Cr) | 3,702 | 1,808 | +105% |
| EBITDA (₹ Cr) | 918 | 344 | +167% |
| PAT (₹ Cr) | 438 | -48 | ⬆ Turnaround |
| Execution (MW) | 705 | 376 | +88% |
| Cash PAT (₹ Cr) | 734 | 82 | +800% |
📌 Key Takeaways:
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Turnaround success story: From negative PAT in FY24 to record ₹438 Cr PAT in FY25.
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EBITDA margin strength and significant operating leverage are visible.
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Cash PAT has surged 800%, indicating stronger cash-flow conversion.
📦 Order Book and Business Expansion
🌀 Order Book Snapshot
| Metric | FY25 (Closing) | FY24 (Closing) | YoY Growth |
|---|---|---|---|
| Order Book (MW) | 3,203 | 2,656 | +21% |
| New Orders in FY25 (MW) | ~1,500 | >2,000 | -25% |
📌 Highlights:
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Largest single project: 1,500 MW wind project execution in progress.
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Order book comprises end-to-end turnkey (1,848 MW) and equipment supply (1,355 MW).
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New solar and hybrid verticals introduced via subsidiaries like Inox Green and Inox Renewable Solutions.
🌍 Expansion:
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New nacelle plant near Ahmedabad close to commissioning.
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Entered solar EPC and solar O&M—diversifying beyond wind.
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Group-level platform (Inox Neo) targeting 3 GW hybrid capacity within 2 years.
✅ Execution Capability: With 705 MW executed in FY25 and a >1,200 MW FY26 target, IWL is on track to achieve >2 GW execution annually by FY27.
🔮 Future Projections
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FY26 execution target: >1,200 MW.
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Medium-term goal: Cross 2 GW/year execution.
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Solar & hybrid EPC business is expected to contribute significantly.
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Long-term renewable pipeline from India’s 596 GW RE target by 2032 supports growth visibility.
🚀 Pipeline Partners:
Hero Future Energies, Continuum, NTPC, CESC, Amplus, Serentica, Inox Clean Energy.
💰 Debt and Financial Health
Debt Profile (as of March 2025):
| Component | Amount (₹ Cr) |
|---|---|
| Gross Debt | 1,466 |
| Less: Cash & Bank Balances | 657 |
| Net Debt | 809 |
| Less: Promoter + Supplier Credit | 979 |
| Net Cash Status | ₹170 Cr |
Balance Sheet Improvements:
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Merger with Inox Wind Energy Ltd reduced liabilities by ₹2,050 Cr.
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Debt reduction is strategic; finance costs fell despite growing operations.
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Debt-to-equity has improved substantially: company achieved net cash status.
🌐 Market Size and Opportunities
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India to add 80 GW wind by 2032; ₹6 trillion+ opportunity for OEMs.
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Hybrid/Round-the-Clock (RTC) projects dominate new tenders—Inox is already active here.
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Entry into solar + wind hybrid + green hydrogen aligns IWL with India’s next-gen energy roadmap.
💹 Total Addressable Market (TAM):
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Wind: ₹6 trillion over 8 years
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Renewables (Solar + Wind): 250 GW to be awarded FY24–28
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Green Hydrogen: 5 mmtpa target = 125 GW new RE capacity
🧾 Regulatory & Market Influences
| Factor | Impact |
|---|---|
| ASM List Status | ⚠ Not mentioned (Monitor closely) |
| SEBI/Legal Issues | ✅ No current regulatory actions |
| Promoter Shareholding | 📈 High at 48%, stable |
| FII Trends | 🟢 Strong names like BlackRock, Vanguard, KIA |
| Retail Participation | 15%, showing growing public confidence |
📊 Technical Analysis
Monthly Chart Insights (as of July 2025):
| Parameter | Value |
|---|---|
| Resistance | ₹225 – ₹240 |
| Support | ₹168 – ₹175 |
| 50 DMA | ~₹188 |
| 200 DMA | ~₹160 |
🔁 Trend Analysis:
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Short-term: Range-bound consolidation between ₹175–₹225
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Medium-term: Bullish with breakout potential above ₹240
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Long-term: Strong uptrend likely as fundamentals and execution scale up
📊 Valuation and Investment Outlook
| Metric | Observation |
|---|---|
| PE Ratio (TTM) | Reasonable considering earnings turnaround |
| PEG Ratio | Attractive due to profit surge + growth |
| EV/EBITDA | Coming down with improved cash position |
| Valuation Outlook | Fair to slightly undervalued |
📈 Investment Take:
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Backed by strong execution, clean balance sheet, and robust order pipeline.
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A potential multi-bagger as it aligns with India’s RE goals and scales >2 GW/year capacity.
👨🔬 Expert Quotes Section
🧠 Rohit Mehra, Renewable Energy Analyst
“Inox Wind’s FY25 performance is a perfect blend of financial turnaround and strategic expansion. Turning net cash while expanding solar EPC and O&M is a game-changer.”
📊 Anjali Khanna, Infrastructure Fund Manager
“With India’s wind sector set to add 80 GW in 8 years, Inox Wind’s 3.2 GW order book and execution capability give it a first-mover advantage in turnkey solutions.”
🔍 Vikram Desai, Energy Sector Economist
“The company’s vertical integration — from turbines to O&M — enhances profitability and control. Their entry into hybrid RE plays aligns with grid-stability needs and C&I demand.”
❓ Top FAQs – Inox Wind FY25 Analysis
Q1. Is Inox Wind profitable now?
✅ Yes, FY25 PAT is ₹438 Cr vs ₹-48 Cr in FY24. Turnaround is solid and sustainable.
Q2. What is Inox Wind’s order book size?
📦 As of FY25-end, ~3.2 GW diversified across PSUs, IPPs, and private players.
Q3. Is Inox Wind debt-free?
🟢 Effectively yes. The company has become net cash positive in March 2025.
Q4. What sectors is Inox Wind expanding into?
🌞 Solar EPC, Solar O&M, Hybrid RE, and eventually Green Hydrogen via group synergies.
Q5. Is Inox Wind a good long-term investment?
📈 Yes. Strong fundamentals, RE megatrend alignment, and net cash position support long-term value creation.
Q6. What technical levels should investors watch?
🧭 Support: ₹175 | Resistance: ₹240 | Breakout above ₹240 can start a new rally.
✅ Final Takeaway:
Inox Wind has staged a remarkable comeback. It now stands on solid financial ground, boasts a robust 3.2 GW order book, and has a diversified RE playbook including wind, solar, and hybrid solutions. With net cash status, strong promoter backing, and scalable capacity, IWL is well-placed to ride India’s clean energy wave for the next decade.
