Inox Wind, a prominent player in the wind energy sector, experienced a significant boost in its stock price, surging by 11% after the company announced a new equipment supply order. The order, placed by Everrenew, is for 51 MW of Inox Wind’s state-of-the-art 3 MW class Wind Turbine Generators (WTGs). This project is set to be executed in Tamil Nadu, further solidifying Inox Wind’s presence in the renewable energy landscape of India.
Expanding Order Book with Recent Wins
The recent order from Everrenew is just one of several that Inox Wind has secured in recent weeks. Last week, the company announced another substantial order for 201 MW from Integrum Energy. This order also involves the supply of 3 MW WTGs and will be implemented across four states: Madhya Pradesh, Rajasthan, Karnataka, and Maharashtra.
Both orders include not just the supply of equipment but also multi-year operations and maintenance services post-commissioning, highlighting Inox Wind’s commitment to long-term partnerships and sustained operational excellence.
Strong Performance and Growth Trajectory
Inox Wind’s recent successes are backed by an impressive financial performance. In the April-June 2024 quarter (Q1FY25), the company reported a remarkable 83% year-on-year increase in revenue, reaching ₹638 crore. The company’s profit after tax also saw substantial growth, coming in at ₹48 crore for the quarter. Margins for the quarter stood at a robust 21%, reflecting the company’s efficient operations and strong market positioning.
Record Order Book and Execution Plans
The company’s current order book has reached an all-time high of 2.9 GW, the largest in its history. These orders are expected to be executed over the next 12 to 24 months, depending on whether they are from private sector companies or public sector undertakings (PSUs). This extensive order book not only provides visibility into future revenues but also underscores the growing demand for renewable energy solutions in India.
Inox Wind’s leadership is optimistic about the future. Devansh Jain, Executive Director of the INOXGFL Group, recently stated that the company sees significant potential for exceeding its 2025-26 guidance, driven by the robust order book and swift execution capabilities.
Strategic Expansion and Future Readiness
To support its ambitious growth plans, Inox Wind is investing in expanding its infrastructure. The company is setting up a larger nacelle manufacturing facility in Ahmedabad, Gujarat, which will enhance its production capacity beyond the current 1.5 GW. This expansion positions Inox Wind to meet the increasing demand for wind energy solutions both in India and potentially in international markets.
Stock Market Response
The stock market has responded positively to Inox Wind’s recent announcements and strong performance. As of 9:40 AM, the company’s shares were trading at ₹226.57, up 8.64%.
Inox Wind’s market capitalization now stands at ₹23,794.24 crore, with the stock having gained approximately 262% over the past year. The company’s shares have seen an impressive 85% rise within the year, underlining its robust market position and growth potential.
