India’s wind energy sector is entering a new phase of expansion after becoming the world’s fourth-largest wind power market.
India’s installed wind energy capacity has increased 2.7-fold from 21 gigawatts (GW) in FY14 to 56 GW in March 2026. In fact, the country added a record 6 GW of wind capacity in FY26, up from 4.2 GW installed last year. Now, the government has set an ambitious target to raise it to 100 GW by 2030 and 155 GW by 2035.
Achieving this will need nearly 94 GW of capacity additions over the next nine years, almost tripling the country’s existing wind fleet. In line with this goal, the industry expects to add 8-10 GW of capacity over the next few years. The push comes as India seeks to meet its target of 500 GW of non-fossil fuel capacity by 2030.
With an installed capacity of 250.5 GW by December 2025 and 283.5 GW by March 2026, India is already the third-largest renewable energy market. To further strengthen the supply chain ecosystem, the Ministry of New and Renewable Energy launched the ‘Wind Turbine Materials and Resources Utilization’ portal on 15 June 2026.
This is a digital supply-chain platform that will bolster India’s domestic wind manufacturing ecosystem. This aims to strengthen the domestic manufacturing ecosystem, as the government wants most components to be produced domestically. That said, increasing capacity creates a multi-year opportunity for wind energy companies.
This article looks at India’s two largest wind energy players.
Here is a quick snapshot of their positioning.
| Metric | Inox Wind | Suzlon Energy |
| Business Model | Integrated Wind Solutions | Wind-first renewable energy company |
| Capacity | 2.5+ GW | 4.5+ GW |
| Order Book | ~3.1 GW | ~5.9 GW |
| Key Growth Driver | Higher equipment sales, recurring group orders | RE DevCo, EPC expansion, export platform |
| High-Margin Business | O&M and asset management | O&M and repowering services |
| Guidance | 75% revenue growth in FY27 | 25%+ revenue CAGR through FY31 |
| Key Monitor | Equipment mix, margins, integration of acquired O&M assets | EPC execution, export ramp-up, market share |
| Source: Management Commentary and Q4FY26 Investor Presentation | ||
Now, let’s dig deeper.
#1 Inox Wind: FY27 Revenue Target Eyed at 75% Growth
Inox Wind (IWL) and its subsidiaries operate as a fully integrated renewable energy solutions provider in India, primarily focusing on the wind energy sector. The company covers the entire value chain of renewable energy, from equipment manufacturing and project execution to long-term asset management.
Scaling Capacity to Drive Higher Margins
IWL is the core equipment manufacturer and turnkey solutions provider. The company boasts a manufacturing capacity of 2.5+ GW across four facilities. IWL manufactures 2-megawatt (MW) and 3-MW-class Wind Turbine Generators. It is currently on track to commercially launch a 4X MW turbine platform to deepen market penetration and boost margins.
IWL has a well-diversified order book of approximately 3.1 GW, providing more than 24 months of execution visibility. In FY26 alone, it added 0.6 GW in orders from marquee customers such as Aditya Birla, Amplus/Gentari, Jakson Green, and First Energy.
Strategic Group Synergies Secure Multi-Year Order Pipeline
Furthermore, IWL benefits from a “One Integrated” strategy with its group company, Inox Clean (a renewable independent power producer). Inox Clean aims to add 3 GW of renewable capacity annually, with wind energy accounting for 20% to 30% of this total.
This synergy is expected to provide Inox Wind with recurring orders, effectively securing about one-third of its annual execution targets over the next 4-5 years. IWL is also pivoting its business model from end-to-end Engineering, Procurement, and Construction (EPC) turnkey projects.
Transitioning the Execution Model Away From Turnkey Volatility
Just 24 months ago, turnkey projects accounted for 100% of IWL’s order book. Now, equipment supply makes up approximately 50% of the backlog. The company aims to increase its equipment supply share to 75-80% of its order mix going forward.
This move aims to improve cash flow and eliminate risks associated with working capital, cost overruns, and land acquisition delays in turnkey projects.
In contrast, equipment supply contracts are more robust. They feature favorable letter-of-credit terms, allow the pass-through of raw material price fluctuations to the customer, and generate substantial free cash flow without eroding margins.
Inox Green Leverages Automation and Inorganic Scale
Moreover, IWL’s O&M subsidiary, Inox Green, is a dedicated renewable asset manager handling a power portfolio of over 13 GW, of which 10.5 GW comprises wind assets. It is also aggressively pursuing high-margin, value-added services.
This includes wind turbine overhaul and life-extension packages designed to enhance the lifespan and output of older turbines. Additionally, the company is using Artificial Intelligence to accelerate work and reduce reliance on human intervention. Inox Green aims to generate an EBITDA of ₹600 crore in FY27, up from ₹210 crore in FY26.
Inox Green achieved this operating profitability on a turnover of ₹426 crore, giving it a margin of 49.3%. This scale-up would be driven partially by inorganic growth. Inox Green acquired 6.5 GW of operational wind O&M assets from 2 bankrupt firms. Their financials will be consolidated from Q1FY27.
This is expected to significantly increase both consolidated EBITDA and net profit. However, post-consolidation integration costs for the newly acquired assets remain a key watch item in FY27. Management states that almost all of this ₹600 crore EBITDA is expected to convert into operating cash flow.
Operational Cash Gains Offset Tax-Driven Net Profit Compression
From a financial standpoint, Inox Wind consolidated total income grew by 23% year-on-year to ₹4,569 crore. EBITDA grew by 25% to ₹1,232 crore with margins at 26.9%. However, due to a significant increase in the deferred tax provision, net profit rose by only 3% to ₹449 crore. Thus, management emphasised looking at cash net profit, which increased by 28% to ₹1,032 crore.
Looking forward to FY27, management has provided strong guidance. It anticipates 75% growth in consolidated revenue with an EBITDA margin in the 20-22% range.
#2 Suzlon Energy: Targeting a Market Share of 40%+ in India’s Wind Energy Sector
Suzlon Energy’s core growth engine is its wind energy business. It currently has an operational manufacturing capacity of 4.5 GW. Suzlon is currently shifting from a wind turbine manufacturer into a wind-first, full-stack renewable energy company. It is called Suzlon 2.0. It aims to capture a 40%+ market share in the Indian wind sector.
Decoupling Supply Chains via Localization
India’s Approved List of Models and Manufacturers framework for wind turbines mandates that critical components (blades, towers, gearboxes) be sourced from approved domestic vendors. Here, Suzlon sources over 80% of its materials from domestic Tier-1 suppliers.
This makes it largely insulated from global supply chain shocks, giving it a competitive advantage over foreign players. Suzlon designs turbines specifically to maximize power generation in low-wind regions of India.
To achieve this, the company leverages its international R&D centers in Germany, Denmark, and the Netherlands, while handling engineering and manufacturing within India. Its wind turbine portfolio includes an established turbine operating at a 120-meter hub height.
Suzlon’s existing models for low-wind sites have already secured orders totaling approximately 9 GW. A key feature of these models is that they are equipped with lattice towers reaching up to 160 meters, the tallest in the industry.
These turbines offer easier logistics and India’s lowest carbon footprint. It has also launched a ‘high-temperature (up to 52°C) variant’ for the S144.
Solving the Industry Execution Bottleneck
One of the biggest bottlenecks in the Indian wind sector is execution delays. Wind projects are routinely delayed by 6-12 months due to complex land acquisition, right-of-way issues, and grid connectivity constraints. To solve this, Suzlon’s “RE DevCo” acts as an in-house developer.
The company completes the early groundwork, such as acquiring suitable land and arranging grid connectivity, before customers begin construction. This reduces the completion time for wind projects to 15-18 months, down from the usual 2-3 years.
To this end, Suzlon currently holds an identified development pipeline of 22-23 GW, with around 8 GW under development. A major recent win is in Andhra Pradesh, where the government extended Suzlon’s Project Implementation Agreement by 2 years, granting it development rights for a 2.1 GW pipeline.
Global Expansion and Next-Gen Export Platforms
Historically, wind projects in India relied on “split contracts,” in which turbine supply and plant construction were handled separately. Customers found this cumbersome and risky. To remove the bottleneck, Suzlon is shifting to full-stack EPC delivery to build the entire project.
Through this, Suzlon is scaling its operations faster and winning larger orders from Public Sector Undertakings and Commercial & Industrial clients. The results of this shift are already becoming visible. Recently, the EPC segment’s share of the order book has risen from 20% to 28%. The company aims to increase this share to 50% by FY28.
Further, Suzlon also provides O&M services, which offer a recurring revenue stream and high margins. It manages over 15.7 GW of capacity, making it India’s largest wind asset management company. Now, Suzlon is extending its maintenance services to cover Solar and BESS assets. This aligns with its ultimate long-term goal of managing at least 70 GW of assets.
Additionally, Suzlon provides assessment and repowering solutions for the fleet of older, lower-capacity wind turbines in India. Also, while Suzlon 1.0 became highly concentrated on the Indian market, Suzlon 2.0 is also diversifying globally.
The company is expanding beyond India into Europe, South America, Australia, and the Middle East and North Africa region. To serve the export market, it has launched the next-generation Blue Sky Platform. It features high-capacity turbines specifically to compete in global wind and repowering markets. Suzlon also reported a strong financial performance in FY26.
Financial Review: FY26 Profitability and Long-Term CAGR Guidance
Consolidated revenue grew by 54% year-on-year to ₹16,679 crore. EBITDA grew 63% to ₹3,022 crore with margins at 18.1%. As a result, net profit rose by 53% to ₹3,163 crore. Management has provided strong structural guidance.
It anticipates achieving a 25%+ revenue growth CAGR through FY31. Suzlon closed FY26 with an active order book of 5.9 GW. As part of its 5-year ambitions, the company is targeting a 2.7x expansion of its renewable energy order book to 15 GW by FY31.
Peer Comparison: Return Profiles Underpinning Sector Trading Multiples
Suzlon’s Return on Capital Employed (ROCE) and Return on Equity (ROE) are higher than Inox Wind’s, indicating superior capital and operational efficiency. For valuation purposes, we have used market cap-to-sales, as relevant data were not available.
Accordingly, Suzlon’s stock trades above the industry median and on par with its own five-year historical multiple. In contrast, Inox Wind is trading at a discount to both its historical median and the industry median.
| Peer Comparison (X) | ||||
Company | Market Cap-to-Sales Multiple | Return Ratios | ||
| Company | 5Y Median | ROCE (%) | ROE (%) | |
| Inox Wind | 3.6 | 6.4 | 10.5 | 7.1 |
| Suzlon Energy | 4.8 | 4.8 | 35.1 | 40.6 |
| Industry | 4.3 | – | 23.6 | 18.6 |
| Source: Screener.in (Data as of 19 June 2026) | ||||
India plans to nearly triple its installed wind capacity by 2035, creating a long-term opportunity across the domestic wind value chain. While Inox Wind focuses on improving cash flows and execution quality, Suzlon is building an integrated renewable energy platform.
Ultimately, sustained execution, not ambitious targets, will determine which company captures greater market share. Challenges such as delays in project completion, excess capacity, delays in land-related activities, and regulatory changes can act as headwinds.
This makes it crucial to track execution, order inflows, and margins. Nonetheless, these names could be kept in your watchlist to track their execution.
Disclaimer:
Note: Throughout this article, we have relied on data from http://www.Screener.in and the company’s investor presentation. Only in cases where the data were not available have we used an alternative, widely used, and accepted source of information.
The purpose of this article is only to share interesting charts, data points, and thought-provoking opinions. It is NOT a recommendation. If you wish to consider an investment, you are strongly advised to consult your advisor. This article is strictly for educational purposes only.
Madhvendra has over seven years of experience in the equity markets, combining his expertise in financial writing with a deep interest in investing. With a knack for simplifying complex concepts, he enjoys sharing his honest perspectives on startups, listed Indian companies, and macroeconomic trends.
A dedicated reader and storyteller, Madhvendra thrives on uncovering insights that inspire his audience to deepen their understanding of the financial world.
Disclosure: The writer and his dependents do not hold the stocks discussed in this article.
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