India’s wind energy story so far has been one of ambition outpacing execution.
The narrative always went this way – the government sets bold targets and shows that wind has enormous potential.
But the supply chain and infrastructure holding it all together were fragmented, opaque, and mostly undocumented.
That changed in a big way earlier this month on 15 June 2026.
At the Global Wind Day Conference in Goa, Union Minister Pralhad Joshi launched WT-MARUT (short for Wind Turbine Materials and Resources Utility Tracker) – India’s first dedicated Wind Turbine Supply Chain Management Portal.
This portal is designed to provide visibility into component sourcing, facilitate compliance with domestic sourcing requirements under the ALMM framework, enable supplier discovery and qualification, and enhance export readiness.
Think of it as the digital backbone India’s wind sector never had. The timing for it isn’t coincidental. India has added a record 6.1 GW of new wind capacity in FY26 – the highest annual installation ever, growing 46% over the previous year.
This took the country’s total installed wind capacity past 56 GW. And yet, less than 5% of India’s estimated wind energy potential of 1,164 GW has been harnessed so far. This shows why the gap between what exists and what’s possible is staggering.
On top of this, India’s export story is just as compelling. Wind turbine and component exports crossed Rs 12,000 crore in FY26, which is nearly 50% higher than the previous year.
India could account for 10% of global wind turbine exports by 2030, rising to 20% by 2040.
For investors, the confluence of record installations, policy infrastructure, and export momentum points to one thing: the wind power supply chain is finally becoming investable at scale.
Keeping that in mind, here are five stocks that deserve a close look.
#1 Suzlon Energy
First on the list is Suzlon.
Suzlon Energy is focused mainly on wind power solutions. It designs, manufactures, installs, and services wind turbines, making it a key beneficiary of India’s clean energy push.
Over the past three decades, Suzlon has played a key role in shaping India’s renewable energy landscape through its wind energy solutions.
Since 1995, Suzlon has played a key role in establishing India as the third-largest producer of wind energy globally. From deploying its first wind turbine to becoming a cornerstone of a multi-billion-dollar industry, Suzlon has been central to India’s wind energy journey.
Today, the company powers one in every three wind turbines installed in India. It has also built a strong international presence across 17 countries on six continents, positioning Indian wind technology as competitive even in mature global markets.
Coming to its financials, its sales have grown at a compounded annual growth rate (CAGR) of 30% over the past 5 years, while its net profit has shot up from Rs 1 billion (bn) to Rs 20.7 bn during the same period.
Its return ratios look commendable too, with return on equity (ROE) and return on capital (ROCE) averaging 63% and 52% during the same period.
Suzlon Financial Factsheet
| Particulars (Rs m) | FY21 | FY22 | FY23 | FY24 | FY25 |
| Revenue | 33,457 | 65,818 | 59,705 | 65,291 | 1,08,897 |
| Growth | 12.5 | 96.7 | -9.3 | 9.4 | 66.8 |
| Operating Profit | 5,542 | 9,116 | 8,516 | 10,673 | 19,606 |
| Margin | 16.6 | 13.9 | 14.3 | 16.3 | 18 |
| Net Profit | 1,003 | -1,662 | 28,873 | 6,604 | 20,716 |
| Net Margin | 3 | -2.5 | 48.4 | 10.1 | 19 |
| ROE | -2.8 | 4.4 | 262.7 | 17 | 34.6 |
| ROCE | 45.1 | 40.1 | 126.6 | 20.9 | 27.8 |
At present, the company has an order book exceeding 6.4 GW. This stands higher than the order book it had in the past, and Suzlon has delivered the highest-ever deliveries in FY26 in the past 30 years.
This reflects the demand for its solutions and the effectiveness of its execution.
Looking ahead, Suzlon will leverage a balanced EPC strategy – targeting around 50% share of the EPC business by 2028.
The project development pipeline of 25+ GW is also complementing this strategy to augur growth. The success of this shift is expected to enhance revenue visibility, improve project control, and continue to be a growth driver for the group.
The company has initiated Suzlon 2.0, a comprehensive business transformation strategy aimed at becoming a full-stack clean energy solutions conglomerate.
Key growth priorities under Suzlon 2.0 include launching DevCo as a standalone FDRE project development vertical, transforming OMS into a digital-first platform, setting up smart manufacturing facilities, and capitalising on global opportunities.
Also, India’s wind sector, after years of policy pauses and execution bottlenecks, is reviving. Installations have picked up, and the pipeline driven by commercial and industrial demand and renewable targets looks stronger than it has in a while.
Suzlon’s integrated model is an advantage here. Its O&M portfolio of over 15.5 GW provides steady cash flows, acting as a cushion when execution cycles turn uneven.
#2 Inox Wind
Second on the list is Inox Wind.
The company manufactures key components of Wind Turbine Generators (WTGs) in-house, ensuring high quality, advanced technology, reliability, and cost competitiveness.
It’s a premier wind energy solutions provider and a fully integrated player in the wind energy space.
Inox Wind has four state-of-the-art manufacturing plants strategically located in Gujarat and Madhya Pradesh. It has a cumulative manufacturing capacity of 1.5 GW.
Over the years, the company has delivered strong margins supported by the various initiatives which have been undertaken in the past quarters, including its successful backward integration into cranes and transformer manufacturing.
Coming to its financials, the company’s sales have grown at a CAGR of 36% in the past 5 years.
It has also turned from a loss-making entity to a profitable one during this period.
Inox Wind Financial Snapshot
| Particulars (Rs m) | FY21 | FY22 | FY23 | FY24 | FY25 |
| Revenue | 7,107 | 6,246 | 7,330 | 17,432 | 35,571 |
| Growth | -6.5 | -12.1 | 17.4 | 137.8 | 104.1 |
| Operating Profit | -892 | -2,817 | -2,432 | 3,247 | 9,016 |
| Margin | -12.5 | -45.1 | -33.2 | 18.6 | 25.3 |
| Net Profit | -3,071 | -4,826 | -6,968 | -508 | 4,351 |
| Net Margin | -43.2 | -77.3 | -95.1 | -2.9 | 12.2 |
| ROE | -23.3 | -26.4 | -40.7 | -3 | 8.9 |
| ROCE | -11.5 | -16.3 | -13.1 | 10.7 | 14.4 |
Going forward, the company’s management recently stated that Inox Wind is progressing well on the launch of its new 4 MW and 4.45 MW turbines and expects to receive all approvals and subsequently launch the product this year.
Coming to the order book, Inox Wind has a large and well-diversified order book of 3.2 GW, having added almost 600 MW in FY26, including orders from marquee customers like Aditya Birla, Amplus, Jackson, and FirstEnergy.
The company expects to add to this order book given that multiple customer negotiations are nearing closure.
#3 Orient Green Power
Third on the list is Orient Green Power.
Orient Green is one of India’s leading independent renewable power producers. The company generates and sells power from renewable energy sources, primarily wind and solar.
As of FY26, the company boasts an aggregate operating capacity of approximately 399 megawatts (MW) in India. This comprises 392 MW of wind power and 7 MW of solar power.
Additionally, it has an international presence with a 10.5 MW wind power plant located in Croatia.
The company operates wind farms across several Indian states, including Tamil Nadu, Andhra Pradesh, Gujarat, and Karnataka.
It sells electricity to Industrial and Commercial (C&I) clients and to state-owned distribution companies, and through the Energy Exchange. The power is primarily sold at fixed rates under long-term Power Purchase Agreements (PPAs) or supplied directly to C&I clients.
Traditionally a wind energy player, Orient Green is diversifying its portfolio. The company has set an ambitious target to scale its operations to 1,000 MW.
Coming to its financials, the company’s sales have remained stagnant over the years, while its net profit has grown at a CAGR of 12% in the past 5 years.
Its ROE and ROCE have averaged 5% and 8% during the same time.
Orient Power Financial Snapshot
| Particulars (Rs m) | FY21 | FY22 | FY23 | FY24 | FY25 |
| Revenue | 2,548 | 3,106 | 2,583 | 2,595 | 2,635 |
| Growth | -22.1 | 21.9 | -16.9 | 0.5 | 1.5 |
| Operating Profit | 1,700 | 2,285 | 2,030 | 1,848 | 1,890 |
| Margin | 66.7 | 73.5 | 78.6 | 71.2 | 71.7 |
| Net Profit | -507 | 466 | 351 | 384 | 350 |
| Net Margin | -19.9 | 15 | 13.6 | 14.8 | 13.3 |
| ROE | -11.1 | 9.5 | 6.7 | 4.9 | 3.3 |
| ROCE | 5.4 | 10.6 | 9.7 | 8.4 | 7.2 |
To achieve its ambitious plans, the company is executing several key strategies. It commissioned its first 7 MW solar power plant in December 2025.
It’s also developing additional solar capacity, including an upcoming 17.6 MW project. Management expects the project to enter full production during Q2FY27.
Further, to improve generation efficiency and replace ageing equipment, the company is repowering its older wind turbines with higher-capacity models.
The company has already initiated the repowering of 7.8 MW under Tamil Nadu’s new policy and is exploring wind-solar hybrid projects to better utilise existing sites and grid infrastructure.
#4 Indowind Energy
Fourth on the list is Indowind Energy.
Incorporated in 1995, Indowind Energy is in the business of generating and distributing power through windmills.
It’s an IPP in the renewable energy field and develops wind farms, manages wind assets, and generates green power for sale to utilities and corporates.
The company has expertise in building Wind Power Projects, Wind Asset Management Solution for installed assets, including operations, billing, collection of revenue from project customers, Supply of Green Power to customers, Carbon Credit Sales and Trading.
It operates mainly in the states of Tamil Nadu and Karnataka.
Coming to its financials, Indowind’s sales and net profit have grown at a CAGR of 10% and 87%, respectively, over the past 5 years.
Its ROE and ROCE have averaged 1% and 2% during the same period.
Indowind Energy Financial Snapshot
| Particulars (Rs m) | FY21 | FY22 | FY23 | FY24 | FY25 |
| Revenue | 186 | 246 | 340 | 388 | 335 |
| Growth | -9.9 | 32 | 38.3 | 14.3 | -13.7 |
| Operating Profit | 116 | 90 | 149 | 180 | 128 |
| Margin | 62.5 | 36.5 | 43.8 | 46.3 | 38.3 |
| Net Profit | 2 | 1 | -193 | 73 | 13 |
| Net Margin | 1.2 | 0.5 | -56.7 | 18.7 | 3 |
| ROE | 0.1 | 0.1 | -8.4 | 3.1 | 0.5 |
| ROCE | 0.8 | 0.8 | 0.4 | 4 | 1.9 |
Going forward, the company is setting up a 4 MW solar project in Karnataka. The management stated that this step is positioned toward reducing wind seasonality and stabilising quarterly earnings.
The company also recently completed a rights issue, raising Rs 50 crores and strengthening liquidity and financial flexibility.
The management also indicated that they could be in a position soon to declare a dividend.
#5 Karma Energy
Last on the list is Karma Energy.
Karma Energy, incorporated as Karma Wind Power, is a part of the Weizmann group to which it was amalgamated in the year 2010.
The company is engaged in the business of power generation through renewable energy.
It has an interest in wind power, hydropower, and solar power. The generated energy is transmitted via government-owned grids and/or state utilities.
Karma energy also generates revenue by selling wind power directly to state governments and by selling renewable energy certificates.
The company has developed and is currently operating 38MW of wind power projects in the states of Maharashtra, Tamil Nadu, and Andhra Pradesh.
Coming to its financials, the company has a weak track record when it comes to revenue growth.
However, it has grown its profit at a compounded annual rate of 58% over the past 5 years.
Its return ratios have averaged 4% (ROE) and 2% (ROCE) during the same period.
Karma Energy Financial Snapshot
| Particulars (Rs m) | FY21 | FY22 | FY23 | FY24 | FY25 |
| Revenue | 253 | 317 | 128 | 124 | 87 |
| Growth | -39.6 | 25.2 | -59.6 | -3.6 | -29.6 |
| Operating Profit | -8 | 92 | 85 | 30 | 34 |
| Margin | -3.1 | 29.1 | 66 | 24.5 | 38.5 |
| Net Profit | -133 | -16 | 59 | 1 | 16 |
| Net Margin | -52.5 | -5.1 | 46 | 1 | 17.9 |
| ROE | -134.2 | -5.4 | 15.3 | 0.3 | 3.9 |
| ROCE | -26.1 | 7.4 | 21.7 | 0.2 | 4.2 |
After a period of reporting a slew of losses for several years, the company has finally turned around and has been posting profits for the past 4 years.
This trend is expected to continue as long as execution remains on track and the government supports the overall wind power sector.
Conclusion
India’s wind energy ambitions have always been large on paper. What’s changed now is the infrastructure.
WT-MARUT isn’t just a government portal. It’s a signal that the wind sector is maturing: from ad-hoc project-by-project execution to a coordinated, traceable, export-ready supply chain.
When the government starts building digital plumbing for an industry, it usually means the volumes ahead are too large to manage any other way.
The companies we discussed above are supplying blades, towers, gearboxes, and grid infrastructure, building the backbone of India’s next energy decade.
That doesn’t mean every wind power stock is a buy. Execution risk is real, order cycles are lumpy, and not every company on this list will benefit equally from the supply chain push.
Investors should evaluate the company’s fundamentals, corporate governance, and valuations of the stock as key factors when conducting due diligence before making investment decisions.
Happy investing.
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