Inox Wind shares spike 12.5% on securing 153 MW renewable energy order

Shares of Inox Wind, a fully integrated wind energy solutions provider, surged 11% in today’s intraday trade on March 7, reaching ₹172.27 per share, following a significant renewable energy order.

The company informed investors through an exchange filing today, that it had secured a 153 MW order from a leading renewable energy developer, which is part of a large global clean energy company. The order includes the supply of IWL’s 3 MW class turbines for a project being developed in Tamil Nadu.

Additionally, the company stated that it will also provide limited scope EPC services for the project, along with multi-year operations & maintenance (O&M) services post-commissioning of the turbines.

Commenting on the order win, Mr. Kailash Tarachandani, Group CEO of Inox Wind Ltd., said, “We are delighted to announce a large 153 MW order from one of India’s leading renewable energy players, adding another strong customer to our well-diversified and large order book. As India’s burgeoning commercial & industrial (C&I) market continues to grow at a rapid pace, Inox Wind’s expertise in wind project execution, backed by a robust product portfolio and servicing excellence, continues to position it as a partner of choice for large renewable project developers.”

Order Pipeline of 3.3 GW

Inox Wind is a fully integrated player in the wind energy market, operating four state-of-the-art manufacturing plants in Gujarat, Himachal Pradesh, and Madhya Pradesh, where blades, tubular towers, hubs, and nacelles are manufactured. With its 3 MW series WTG offering, the company’s manufacturing capacity stands at 2.5 GW per annum.

It is strategically positioned to capitalize on India’s expanding wind sector, which is expected to grow to 75 GW by FY32, up from the current 46 GW. The company’s technological advancements, including its transition from 2 MW to 3–3.3 MW turbines and progress in developing the 4.X MW WTG platform, strategically place it for future growth, according to analysts.

The company’s strengths include a strengthened balance sheet and a robust 3.3 GW order book at the end of the December quarter, which is diversified across all customer segments—PSUs, IPPs, C&I, and retail. It also maintains a healthy mix of turnkey projects and equipment supplies, with multiple orders expected across PSUs, IPPs, and C&I.

During the December-ending quarter, the company secured orders from Hero Future Energies, Inox Neo Energies, Integrum Energy, Everrenew, Continuum, and Serentica Renewable. The company is targeting over 2 GW of annual execution in FY27, as India moves toward 10 GW of annual wind capacity additions.

Meanwhile, India added approximately 24.5 GW of solar capacity and 3.4 GW of wind capacity in 2024, according to JMK Research, reflecting a two-fold increase in solar installations and a 21% rise in wind installations compared to 2023.

These additions have brought India’s total installed renewable energy (RE) capacity to 209.44 GW as of December 2024, contributing nearly 45% to the total power capacity of 462 GW, according to the Ministry of Power.

Disclaimer: The views and recommendations given in this article are those of individual analysts. These do not represent the views of Mint. We advise investors to check with certified experts before taking any investment decisions.