Shares of Inox Wind have remained under pressure in recent months, correcting nearly 50% on a year-on-year basis despite delivering one of the strongest growth phases in the Indian renewable energy sector. Recently, Axis Securities reportedly withdrew its coverage on the stock for internal reasons, while maintaining that there was no change in its fundamental view on the company. The development has drawn investor attention because Inox Wind had earlier emerged as one of the market’s favourite renewable energy turnaround stories.
Inox Wind is one of India’s leading wind energy solutions providers and operates across the entire wind power value chain. The company manufactures Wind Turbine Generators (WTGs) and also provides EPC (Engineering, Procurement & Construction), operations & maintenance, and common infrastructure services. It caters to independent power producers, utilities, PSUs and corporate clients. The company has manufacturing facilities across Gujarat, Himachal Pradesh and Madhya Pradesh, with integrated capabilities in blades, towers, hubs and nacelles.
The company currently has a market capitalisation of around ₹16,500 crore. Veteran investor Akash Bhanshali holds approximately 1.75% stake in the company, which has further strengthened investor interest in the stock.
What makes Inox Wind interesting is the scale of its financial turnaround over the last three years. The company’s revenue has grown at an impressive CAGR of nearly 79% between FY22 and FY25, driven by strong order inflows, rising execution and improving industry demand for renewable energy solutions. Consolidated revenue surged from around ₹625 crore in FY22 to more than ₹3,550 crore in FY25.
FY25 turned out to be a landmark year for the company. Inox Wind reported consolidated revenue of approximately ₹3,700 crore, up more than 100% year-on-year. More importantly, the company posted a sharp turnaround in profitability, reporting a net profit of around ₹438 crore compared to a loss in FY24. EBITDA also jumped significantly due to better execution, operating leverage and margin expansion.
Execution momentum has also improved sharply. The company executed nearly 705 MW during FY25, compared to 376 MW in FY24, reflecting strong demand visibility in the wind energy segment. The order pipeline continues to remain healthy as India accelerates renewable energy capacity additions.
Another positive factor is the improvement in balance sheet strength. Finance costs have declined while operating profitability has improved substantially. The company has also been restructuring and simplifying its corporate structure, which investors believe could improve efficiency over the long term.
However, risks still remain. Wind energy execution is project-driven and delays can affect quarterly performance. Some analysts have also pointed out that execution shortfalls versus guidance and working capital intensity remain areas to monitor closely. The stock has already delivered extraordinary returns of nearly 432% over the last five years, and therefore volatility can remain high.
Despite the recent correction, Inox Wind continues to be viewed as a key player in India’s renewable energy ecosystem. If execution momentum sustains and industry demand remains strong, the company could continue benefiting from the long-term transition toward clean energy. The recent sharp correction may have reduced near-term market euphoria, but the company’s financial trajectory and business momentum still remain significantly stronger than they were a few years ago.