Inox Wind Ltd Management Discussions

Economic Overview Global economy

Economies and businesses across the globe had to navigate significant upheavals in CY 2024. Across the globe economy showed a steady growth rate of 3.3% in CY 2024, demonstrating resilience amid geopolitical tensions, evolving trade relationships and shifts in monetary policy. The US economy remained strong during the year with high employment rate and corporate earnings. Governments around the world focused on implementing policy reforms that encouraged innovation, strengthened supply chains and supported economic diversification for long-term growth.

Inflation declined from annual average of 6.6% in CY 2023 to 5.7% in CY 2024 according to the latest estimates of International Monetary Fund (IMF). This decrease was driven by the tight monetary policies and an increase in the energy supply which contributed to the price stability and sustained economic momentum. The growth rate of advanced economies was 1.8%, whereas emerging markets showcased a growth rate of 4.3%, despite navigating a challenging economic environment.

Outlook

Global economic growth is expected to remain moderate with the projections 2.8% in CY 2025 and 3.0% in CY 2026. This outlook is shaped by the gradual decline in inflation and the continued efforts by central banks to maintain economic stability, through supportive monetary measures. Emerging markets are likely to sustain growth with estimates pointing towards a 3.7% expansion in CY 2025. On the other hand, advanced economies are projected to recover slowly, with a growth rate of around 1.4% in the same year.

Inflation is expected to continue its downward trajectory, from 4.3% in CY 2025 to 3.6% in CY 2026, boosting consumer spending. Although the recent US tariff measures have dampened global trade activity to some extent, the interconnected global economy remains intact. Governments and companies are actively enhancing supply chains and embracing technological innovation, improved workforce productivity and infrastructure upgrades in response to shifting market conditions. These developments are expected to showcase sustainable growth and a favourable longterm economic outlook.

Indian economy2

Indias economy expanded at a rate of 6.5% in FY 2025 and retained its position as the fastest growing major economies in the world. This momentum was driven by the manufacturing and services sectors which attracted investments. The governments focus on structural reforms, business-friendly policies and investments in the infrastructure sector enhanced the investment climate, laying a solid foundation for long-term growth.

Inflationary pressures gradually eased during the year under review, with retail inflation falling to 4.7% in FY 2025, the lowest since 2018-19, while the Year-on-Year (YoY) rate for March 2025 dipped to 3.34%.3 This moderation in prices was achieved through a combination of proactive monetary policies by the Reserve Bank of India (RBI) and targeted government interventions to stabilise food and energy prices. The resulting macroeconomic stability boosted consumer sentiment and healthy demand across industries, reinforcing the positive growth environment.

Indias renewable energy sector reached a significant milestone, with the countrys total installed capacity reaching 220.10 GW, due to an annual addition of 29.52 GW. Solar energy was one of the main renewable sources of energy responsible for this expansion, adding 23.83 GW and thus increasing the total capacity to 105.65 GW. Wind energy surpassed the 50 GW mark during the year under review. Bioenergy and hydro power also grew significantly, reflecting Indias commitment to achieving 500 GW of non-fossil fuel-based capacity by 2030.4

Outlook

Indias economic outlook remains positive with robust public capital investments, rising industrial output and the continued expansion of both digital and physical infrastructure. The recent 25-basis point reduction in the repo rate by the RBI is anticipated to improve liquidity and stimulate credit growth, thereby supporting overall economic momentum. The revision in income tax slabs will boost the disposable income of salaried individuals, encouraging discretionary spending.

With stabilising supply chains and easing cost pressures, sectors linked to essential services and consumer demand are set to benefit from increased consumption and enhanced operational efficiencies. This will strengthen Indias position as one of the worlds fastest-growing major economies. India is well-placed to maintain its growth trajectory, backed by strong foreign exchange reserves, healthy consumption patterns and active monitoring of the global tariff policies.

Industry Overview Global energy sector5

The global energy demand increased by 2.2% in CY 2024, surpassing the decade-long average. It also highlights a diversified expansion across all major fuels and technologies. Most of this growth stemmed from the power sector, where electricity consumption escalated sharply by 4.3%, driven by electrification trends, record temperatures and digital transformation. Renewables contributed to the supply-side increase by 38%, followed by natural gas and coal. The sharp rise in solar PV or solar photovoltaic and wind output, particularly in regions like the European Union (EU), U.S. and China, reinforces the growing competitiveness of green energy sources in meeting demand.

Developing economies contributed to over 80% of global energy demand. India and China remained key drivers, with Indias growth outpacing advanced economies. Advanced economies resumed their energy demand, led by the United States and EU. Rising electricity use rose due to increased cooling needs, a booming data centre sector and accelerated adoption of Electric Vehicles (EV).

Renewable Energy Demand trends in the USA, China and India6

United States of America (US/ USA)

The US is witnessing a robust growth in renewable energy demand, driven by federal policies like the Inflation Reduction Act and state-level clean energy mandates. Solar PV and wind energy dominate the new capacity additions, with distributed solar energy (residential and commercial) gaining significant traction due to falling costs and incentives. Corporate purchase agreements are also fuelling demand, as major companies commit to decarbonising their operations.

Despite a strong pipeline, challenges in grid integration including delays and supply chain constraints, particularly for wind projects remain. The overall trend is positive, with annual renewable energy capacity additions estimated to double between 2024 and 2030 compared to the previous decade. Electrification of transport is also expected to boost the demand for electricity, further fuelling the growth of renewables.

Outlook

The outlook for US is optimistic, with renewables comprising of an increasing share on the total energy demand. To maintain this momentum, USA should focus on modernising grid infrastructure, streamline permitting and expand workforce training for this sector.

China

China is leading the global renewable energy demand, accounting for 60% of the new capacity additions by 2030. Solar PV and wind power capacity have continued to grow significantly even after the end of feed-in tariffs, with solar PV quadrupling and wind capacity doubling by 2030. This growth was fuelled by cost competitiveness and strong policy support.

Industrial demand, urbanisation and electrification of transport and industry are major drivers. Chinas domestic manufacturing capabilities for solar panels and wind turbines further reinforce its leadership, making renewables increasingly affordable and accessible.

Outlook

China is set to surpass its own targets. The main challenge is managing grid integration and ensuring stable supply as renewables share grows. Investments in grid flexibility, storage and market reforms will be critical.

India

India is one of the fastest-growing renewable market, with government auctions, rooftop PV incentives and improved utility finances driving demand. Solar PV leads new installations but wind and hydropower are also expanding. Urbanisation and industrialisation are increasing overall electricity demand, with renewable energy seen as the most viable way to meet this sustainably.

Despite rapid progress, India faces challenges in land acquisition, grid connectivity and financing for large-scale projects. However, policy reforms and international investment are helping to address these barriers.

Outlook

Indias outlook is highly positive, with the country on track to meet its 2030 targets. To accelerate growth, India should focus on grid upgrades, streamlined project approvals and innovative financing mechanisms to attract more private investment.

The Indian renewable energy landscape is rapidly expanding, with a significant focus on wind and hydro power alongside steady growth in solar energy. As of March 2025, Indias renewable energy capacity, including large hydro biomass and waste-to-energy, totals 220.09 GW. Wind energy plays a vital role, with India ranked fourth globally in installed wind power capacity, currently standing at over 50 GW. The country also has a strong domestic manufacturing capacity for wind turbines exceeding 18 GW annually. The government aims to double annual wind power additions to 7.1 GW over the next two years, up from 4.15 GW in FY25, driven by policy support and increasing investments.

Hydro energy has also seen robust growth, making India the fifth-largest country in hydropower production worldwide with an installed capacity of about 46.72 GW of large hydro projects and 5.10 GW of small hydro projects by 2025. The total hydropower potential is estimated at 145 GW, with over 50 GW currently utilized. Hydropower projects totalling 15 GW are under construction, expected to increase capacity to 67 GW by 203132. This expansion is supported by government policies and increased private sector participation aiming to harness Indias abundant water resources efficiently.

Solar energy, while growing rapidly, contributed 23.83 GW of new capacity in FY25, bringing the total to around 125 GW. Although solar remains a key component of Indias renewable mix, wind and hydro maintain a more significant share in capacity and expected growth emphasis. India plans to reach a total non-fossil-based electricity generation target of 500 GW by 2030, with comprehensive strategies supporting wind and hydro development as foundational pillars for sustainable energy. This diversified renewable energy approach strengthens Indias energy security, reduces carbon emissions and supports its commitments to achieve net-zero by 2070.

The governments enhanced budget allocations and policies play a vital role in sustaining this growth. Initiatives like dedicated wind- solar hybrid projects, new hydropower policies and increased funding for renewable infrastructure underpin the sectors progress. With hydropower and wind energy offering stable, large-scale generation capacity, they are central to Indias longterm renewable energy roadmap, complementing the growth in solar and newer technologies like green hydrogen.

The global wind energy sector experienced significant growth in CY 2024, demonstrating resilience even amidst challenging economic conditions. This growth was driven by factors like policy support and advancements in technology. The industry achieved a new record with 117 GW of wind power installed worldwide, bringing the total cumulative capacity to 1,136 GW. China continued to dominate, accounting for 68% of new installations, while the Asia-Pacific region further led the global expansion. Other regions, including Africa and the Middle East, also experienced growth, doubling their onshore wind additions in 2024. Emerging markets such as Uzbekistan, Egypt and Saudi Arabia are now poised to become the next wave of wind energy growth, counterbalancing lower numbers in more established markets like Brazil and the US.

Despite these successes, the sector faces persistent challenges. Macroeconomic headwinds such as rising interest rates, inflation and supply chain disruptions have impacted project economics and investor confidence. Trade barriers and protectionist policies threaten the efficiency of global supply chains, while outdated market designs and negative electricity prices risk undermining investments in new projects. The sectors continued expansion depends on regulatory reform, open trade, robust supply chains and effective communication for its long-term benefits.

The global onshore wind energy market is experiencing robust growth, driven by the demand for sustainable power generation, declining costs of wind technology and favourable government policies supporting renewable energy adoption. Europe remains as a dominant player in this market, supported by strong regulatory framework and decarbonisation goals. Emerging economies in the Asia-Pacific are also rapidly catching up with their ambitious renewable targets. Despite challenges such as land acquisition and environmental concerns, the market remains optimistic, fuelled by innovations and global climate commitments.

Outlook

The wind energy sector is highly promising. Global Wind Energy Council (GWEC) Market Intelligence forecasts that new installations will reach 139 GW in CY 2025, with around 981 GW of additional capacity by CY 2030 under current policies. This translates to an average of 164 GW of new installations annually and a projected Compound Annual Growth Rate (CAGR) of 8.8% for CY 2025 to CY 2030. Growth is expected in emerging markets across Southeast Asia, Central Asia region. However, to achieve the COP28 goal of tripling renewable energy capacity by CY 2030, annual installations must rise to 320 GW. Achieving this will require overcoming regulatory, financial and supply chain barriers through enhanced international collaboration, streamlined permitting and supportive policy frameworks.

Indias wind energy sector13

Indias wind energy sector is one of the largest and dynamic industry in the world, ranking fourth globally in terms of installed wind power capacity. In 2025, India reached a significant milestone of 50 GW of installed wind capacity, primarily concentrated in states like Tamil Nadu, Gujarat, Maharashtra, Karnataka and Rajasthan. The sector has been propelled by favourable government policies, renewable energy targets and an emphasis on sustainable development in the recent years. Wind energy plays a crucial role in Indias strategy to achieve its target of 500 GW of non-fossil fuel capacity by 2030.

The Indian wind sector faces several challenges, including land acquisition issues, grid integration constraints and fluctuating policy support. However, ongoing technological advancements, such as larger turbines, improved forecasting techniques and large scale development of plug and play renewable energy parks are helping to address these barriers. This industry is also witnessing increased private investment and international collaboration, further strengthening its foundation for long-term growth.

Outlook

With continued policy support, technological innovation and push towards decarbonisation, India is well-positioned to expand its wind power capacity significantly over the next decade. The integration of wind energy with other renewables, such as solar energy along with storage is expected to enhance grid stability and optimise resource utilisation through round the clock solutions. Indias wind sector is poised to play a pivotal role in meeting the countrys renewable energy targets and supporting its transition to a low-carbon economy.

Government Initiatives

Government Commitments and Budget Allocation

India has allocated approximately RS. 26,549 crores for renewable energy development in the 2025-26 Union Budget, marking a 53% increase from the previous year. This significant boost reflects the governments strong dedication to accelerating the countrys transition to clean energy and meeting ambitious renewable capacity targets.

Wind Capacity Targets

The National Electricity Plan targets adding 400 GW of wind power capacity by 2047, creating long-term opportunities for equipment manufacturers and maintenance services. Governments 2032 target is to reach 140 GW of installed wind capacity.

Renewable Energy Parks and Infrastructure Development

Fifty-three solar parks with a total sanctioned capacity of 39,323 MW are being developed across 13 states. As of August 2025, 26 parks have started operations with 13,896 MW capacity, while Ultra Mega Renewable Energy Parks aim to develop 40 GW capacity by FY26, providing land and transmission support for large-scale projects.

Foreign Direct Investment (FDI) Policy

India allows 100% FDI in renewable energy via automatic routes to facilitate greenfield and brownfield investments, encouraging global investors and companies to participate in the countrys energy transition.

Solar Energy Support and International Alliances

India leads the International Solar Alliance (ISA), promoting cooperation with over 120 countries and strengthening solar project investments. Additionally, bilateral partnerships with countries including Denmark and Germany focus on offshore wind energy development and clean energy collaborations.

Transmission and Market Mechanisms

Inter-State Transmission System (ISTS) charges for solar and wind projects commissioned before June 30, 2025, have been waived to reduce project costs, with gradual phase-out planned by 2028. Similar waivers apply for green hydrogen and offshore wind projects until 2030 and 2032, respectively. The Renewable Purchase Obligation (RPO) mandates gradually increased renewable energy procurement, with wind energy targets rising from 1.45% in 2026 to 3.48% by 2030. The Green Term Ahead Market (GTAM) enables renewable power trading on exchanges, promoting market efficiency.

Ease of Doing Business Measures

The government has standardized bidding guidelines for solar and wind projects to encourage private investment and ensure timely payments through mechanisms such as Letters of Credit (LC).

International alliances

Indias leadership in the International Solar Alliance focuses on attracting investments and technological support to strengthen domestic solar projects. India renewed its Memorandum of Understanding (MoU) with Denmark for a further five years and entered into an agreement with Germany to advance offshore wind development. In addition, the India — EU Clean Energy Partnership agreed on a 2025-28 work plan to expand cooperation in offshore wind.

Research & Development and Offshore Wind Growth

The National Institute of Wind Energy (NIWE) in Chennai supports wind industry advancements by running over 900 windmonitoring stations nationwide. To catalyse offshore wind energy, the government approved a Viability Gap Funding (VGF) scheme with a budget of RS. 7,453 crores, supporting 1 GW of offshore wind farms off the coasts of Gujarat and Tamil Nadu, along with port development for offshore logistics. The program aims to enable future offshore wind capacity of 37 GW, expected to generate 3.72 billion units annually and significantly reduce carbon emissions.

Wind Repowering and Life Extension Policy

To enhance wind power efficiency, the National Repowering & Life Extension Policy 2023 encourages upgrading older turbines under 2 MW to newer, more efficient models. This policy aims to maximize energy output per project area and modernize onshore wind assets using advanced technology.

National Green Hydrogen Mission (NGHM)

The NGHM was launched by the Government of India in January 2023. It was aimed to position the country as a global hub for the production, utilisation and export of green hydrogen. With a total outlay of RS. 19,744 crores (approximately $2.3 billion), the mission sets a target of producing at least 5 million metric tonnes (MMT) of green hydrogen annually with an associated renewable energy capacity addition of about 125 GW14 by 2030, with the potential to reach 10 MMT as export markets grow. This initiative is expected to attract investments worth over RS. 8 lakh crores (around $88 billion) and create over 6,00,000 jobs.15

This scheme primarily focuses on developing green hydrogen hubs, promoting domestic manufacturing of electrolysers and implementing pilot projects in sectors like steel, mobility and shipping These efforts are complemented by state-level policies offering financial support mechanisms, including capital subsidies and power tariff rebates.

Key Growth Drivers Supportive Government Policies

The government has built a favourable environment for renewable energy growth by offering subsidies, tax benefits and improved grid connectivity. Initiatives like Make in India DCR through ALMM Wind and Production-Linked Incentive (PLI) schemes encourage domestic manufacturing and help reduce dependence on imports.

Declining Costs and Increased Efficiency

Wind energy costs have dropped significantly, from over 55 cents per kWh in 1980 to below 3 cents per kWh today, thanks to technological improvements. Modern wind turbines in India are designed to perform efficiently even at low-wind sites which is a common condition in the country by using larger rotors and higher towers. On the solar side, declining prices of solar PV panels, driven by better manufacturing and economies of scale, have helped make solar installations more affordable for homes, businesses and industries.

Technological Advancements

Wind power has benefited from advances like longer blades, taller towers and techniques such as wake steering, raising efficiency by 1-2% annually. The sector also uses smart solutions, such as bifacial panels, energy storage, artificial intelligence (AI) and IoT-based grid management, to boost output and lower costs. Innovative projects, like floating solar plants and wind- solar hybrids, are further diversifying applications and helping save resources.

Focus on Climate and Sustainability Goals

India is committed to achieving 500 GW of non-fossil fuel energy capacity by 2030, aligning with global climate agreements and aiming to cut carbon emissions. The nations plan includes adding 50 GW of renewable energy annually over the next five years. Specifically, the wind sector targets 140 GW by 2030, with the National Institute of Wind Energy (NIWE) estimating the countrys wind potential at around 1163 GW for taller towers. Offshore wind also holds promise, with 71 GW of potential already identified, including large projects off the coasts of Gujarat and Tamil Nadu.

Opportunities and Challenges

Opportunities

Battery Energy Storage Systems (BESS)

Battery and pump storage solutions can store excess energy from renewables for use when generation drops, improving grid stability and allowing for effective peak shifting. This technology helps reduce the variability seen in renewable energy sources.

Rising Energy Demand Headroom

As the worlds third-largest energy consumer, India still has plenty of room for growth in energy demand, making it an attractive location for renewable energy investments.

Agricultural Demand Flexibility

Agriculture in India creates natural variations in grid load due to fluctuating irrigation needs. With suitable policy support, this ‘flexible grid load can be leveraged to help balance energy supply and demand.

Favourable Weather

Indias abundant sunlight, wind and water resources make it an ideal country for renewable energy projects, providing a natural advantage for sector growth.

Challenges

Macroeconomic Challenges

Factors like inflation, interest rate swings, political uncertainty, supply chain disruptions and regulatory delays can discourage investment and slow down renewable project timeliness.

Overreliance on OEMs

The operation and maintenance (O&M) of many wind and solar plants depend heavily on their original equipment manufacturers. This reliance can delay access to spare parts, operational data and effective maintenance, especially if OEMs go bankrupt or withhold support, leading to increased downtime and lower generation.

Land Acquisition and Transmission Connectivity Challenges

Securing large, contiguous tracts of land particularly in case of solar projects is often difficult due to overlapping government departments and the need for private landowners cooperation. Delays arise from complicated stake-holdings and approvals required for land and substation connections. While some schemes and initiatives have streamlined processes, ongoing delays remain a significant issue.

Offshore Wind Limitations

Unlike the steady progress in onshore wind, offshore wind development has been sluggish, partly due to weather-related maintenance challenges and higher costs compared to onshore farms. Difficult access to offshore turbines also makes routine upkeep more complex and expensive.

Company Overview

Inox Wind Limited (IWL) is a leading, fully integrated wind energy solutions provider in India. As part of the INOXGFL Group, IWL offers turnkey wind power solutions that span from project development, manufacturing and execution to long-term operations and maintenance. With over 13 years of industry experience and manufacturing capabilities exceeding 2.5 GW across four facilities, the Company is among the select few OEMs in India delivering plug-and-play solutions, offering wind turbine generators (WTGs) of 2 MW and 3 MW capacities and has secured a license for 4 MW WTGs, with commercial launch targeted by FY26-end.

The company benefits from a strong promoter backing as part of the diversified INOXGFL Group and has a robust and diversified order book of approximately 3.2 GW as of FY25-end, along with a substantial order pipeline that ensures significant revenue visibility. Its subsidiary, Inox Green Energy Services Limited, is a major player in renewable O&M services with a portfolio of over 5.1 GW, encompassing both wind and solar assets under management along with common infrastructure O&M. Its other subsidiary, Inox Renewable Solutions Limited (formerly Resco Global Wind Services Limited) offers a host of EPC services for renewable projects - resource assessment, site acquisition, project & evacuation infra development, erection and commissioning of WTGs and modules, cranes and transformer manufacturing. IWL & its subsidiaries also collaborates with and sells its products and services to other Group entities including the subsidiaries of Inox Clean Energy - Inox Neo Energies (IPP platform) and Inox Solar (solar module manufacturer) - to offer comprehensive renewable energy solutions, including in the hybrid and solar power domains.

IWL manufactures hubs and nacelles at Una (HP), Bhuj (Gujarat) and its recently operational facility near Ahmedabad (Gujarat). Blades and Tubular Towers are manufactured at facilities near Ahmedabad (Gujarat) and Barwani (Madhya Pradesh). Together, this encompasses the entire WTG ensuring in-house production of all critical turbine components with high-quality standards and state-of-the-art technology. Notably, Inox Wind WTGs are specifically designed for low wind speed regions like India, delivering reliable efficient and cost-effective products to meet the countrys wind energy needs.

Key Differentiating Factors Manufacturing excellence

The Company boasts a robust, fully integrated manufacturing infrastructure with a capacity exceeding 2.5 GW across five state-of-the-art facilities in India, including blade & tubular tower production in Rohika (Gujarat) and Barwani (Madhya Pradesh), hub and nacelle manufacturing in Bhuj (Gujarat), Ahmedabad (Gujarat) and Una (Himachal Pradesh). The company has widened its service offerings backward integrating into transformer manufacturing and offering its own cranes, thereby strengthening its supply chain, ensuring superior quality control and timely execution, leading to better margins. As one of the few OEMs in India offering plug-and-play turnkey solutions, Inox Wind has further enhanced its capabilities with a new nacelle and hub plant near Ahmedabad, Gujarat, which has been set up with minimal additional capital expenditure. Most of these facilities are strategically located near to the windy regions of the country, aiding in minimizing logistics costs and associated risks, and effectively meeting the rising demand in Indias growing renewable energy sector.

Geographical presence at key locations

The Companys manufacturing facilities are situated near windintensive regions such as Gujarat, Himachal Pradesh and Madhya Pradesh. The Company has installed WTGs across all eight major windy states of India and owns, develops and operates land and infrastructure and multiple sites across the country for setting up future turnkey capacities for customers.

Furthermore, its O&M subsidiary, Inox Green Energy Services, manages a renewable asset portfolio of approximately 5.1 GW, spread across 12 renewable energy-rich states like Rajasthan, Gujarat, Karnataka, Tamil Nadu and Madhya Pradesh. This widespread presence enables IWL to execute large-scale projects efficiently and ensures proximity to key renewable corridors, enhancing operational agility and service responsiveness.

Cost competitiveness

IWL manufactures state-of-the-art, high-quality Wind Turbine Generators (WTG) and delivers integrated services at competitive prices. It offers WTGs across the 2 MW & 3 MW classes, and is gearing up to commercialize its 4 MW class WTG as well, offering multiple options to customers and covering all onshore wind sites in India. The company offers cost competitive turnkey solutions to customers on the back of its substantially lower fixed expenses compared to peers, technological partnerships, efficient manufacturing, supply chain control and vendor management, plug-and-play infrastructure offerings, as well as optimised integration of manufacturing and services through selective backward and forward integration. The company has recently moved into crane services through acquisition of in-house cranes as well as transformer manufacturing, allowing the company to reduce its dependency on external vendors, thereby controlling costs and enhancing project execution speed. These facilities, along with standardized plug-and-play infrastructure and a robust project pipeline, position the company to deliver value-driven, scalable wind energy solutions at competitive prices across India.

Large and diversified order book

The Company has a large and well-diversified order book of approximately 3.2 GW as of FY25-end, offering strong revenue visibility. During FY25, the companys order inflow stood at ~ 1.5 GW, while the execution was 705 MW. This robust inflow included a healthy mix of turnkey and equipment supply contracts, ensuring balanced project execution with limited risks. IWLs order book is strategically spread across various customer segments such as public sector units (PSUs), independent power producers (IPPs), commercial and industrial clients (C&I) and retail customers mitigating concentration risks and enhancing business resilience. This wide customer base and strong project inflows reflect its competitive position and operational strength in Indias rapidly growing renewable energy sector. Further, its robust, multigigawatt current order pipeline provides a strong growth outlook for the coming years.

Technological prowess

The Company provides end-to-end solutions to its clients, encompassing all the stages from project inception to commissioning. The commercialised 3MW WTGs, which can be expanded up to 3.3 MW using boosters, has been designed in collaboration with the globally acclaimed technology partner AMSC, which has been the companys technology partner since inception starting with our 2 MW class WTGs. The 3 MW WTGs have also been certified by TUV SUD and is the cornerstone of the Companys offerings for the foreseeable future. Further, the Company has entered into an exclusive license agreement with Wind to Energy (W2E), a German technology provider, to introduce 4 MW class WTGs, a more efficient turbine designed specifically for Indias low wind regimes. This new turbine is part of the Companys ongoing effort to lower wind energy costs for clients. The 4.X MW model strengthens IWLs market position and technological leadership for the next decade.

Quality control

IWL upholds the highest quality standards across all its operations, earning the ISO 9001:2015 accreditation. The Company has also earned certifications such as ISO 9001:2008, ISO 14001:2004, OHSAS 18001 and ISO 3834, validating its management systems in manufacturing, installation, commissioning and the O&M of wind turbines.

Project site infrastructure - a critical moat

The Company possesses one of the most extensive renewable project site inventories across Gujarat, Rajasthan, Madhya Pradesh, and other regions, cumulating to a potential capacity of > 5,000 MW for renewable project installations. This is further supported by well-developed infrastructure, including power evacuation systems (substations and transmission lines), allowing the Company to swiftly set up and commission WTG capacities for its customers on a plug-and-play basis. IWL is smartly building large-scale common infrastructure at additional sites across the country.

Turnkey solutions

IWL serves a diverse clientele, including Independent Power Producers (IPPs), utilities, Public Sector Undertakings (PSUs), enterprises and private investors. Its services cover energy assessment, power collection, wind speed and pattern research, regulatory licensing, land acquisition, power plant maintenance, wind turbine manufacturing & supply, site infrastructure development, including evacuation infrastructure, WTG erection and commissioning, as well as long-term operations and maintenance of projects.

One of the strongest balance sheets among wind OEMs

Inox Wind Limited has a robust, net-cash balance sheet, making it one of the strongest among wind OEMs. The Company maintains substantial working capital limits through its established and lasting relationships with all major banks. IWL has one of the strongest credit ratings across wind OEMs. It has the highest ratings for short term banking facilities by CARE & Acuite Ratings, covering IWLs non-fund-based limits which primarily include letter of credits (LC) and bank guarantees (BG). Ratings for its long term facilities are as below:

Strong annuity-based model for the O&M business

Inox Green Energy Services Limited (IGESL), a subsidiary of IWL, is one of the leading full- O&M service providers for renewable projects and associated common infrastructure, ensuring longterm, stable and predictable revenue streams. The company secures comprehensive operations and maintenance contracts ranging from 5 to 20 years for wind turbine generators (WTGs), solar assets and common infrastructure. This model is supported by strong relationships with PSU, IPP and private clients across India and benefits from the parent companys continuous project development. With a rapidly growing O&M portfolio of which currently stands at ~ 5.1 GW and expansion into solar and hybrid assets, IGESLs business model ensures reliable cash flows through 24x7 remote monitoring, preventive maintenance and value-added services contributing to sustained revenue growth.

Diverse and committed workforce with an experienced management team

The Company vies its employee base as a core strength and fosters a work environment that enables them to contribute to the Companys goals. The Companys management team has unparalleled expertise and experience in delivering large scale wind projects.

Robust Promoter backing and Group support

With over 90 years of history, the INOXGFL Group is one of Indias most distinguished corporate conglomerates. The Group leads the market in various sectors, including specialty chemicals, fluoropolymers, wind turbines, solar modules and renewable energy. INOXGFL Group is one of the deepest integrated Groups in energy transition, offering a host of products and services across almost the entire green value chain. Inox Winds promoter holding is amongst the largest in the listed wind OEM space.

Strong investor backing

Inox Winds investor base comprises of some of the strongest institutional investors, HNIs and family offices, supported by a large retail investor base. At FY25-end, foreign institutional investors (FIIs) held around 17% in the company, while domestic institutional investors (DIIs) held around 18% in the company. The company has seen participation from some of the largest domestic and global investors in all the equity raises which either the company or its subsidiaries have done over the past few years.

Operational highlights

The Company delivered its strongest operational performance to date, with a record execution of 705 MW an 88% increase over the previous year. The company closed the year with a robust and diversified order book of approximately 3.2 GW, having added marquee clients like NTPC, CESC, NLC India, Hero Future Energies, Gentari, Inox Clean Energy and Continuum, amongst others.

Operational efficiency extended beyond wind turbine execution. Inox Winds subsidiary, Inox Green Energy Services Ltd., expanded its operations and maintenance (O&M) portfolio to approximately 5.1 GW, marking a strategic entry into solar and hybrid project management. Its EPC arm, Inox Renewable Solutions, enhanced its service scope from wind EPC to include solar, hybrid RE EPC and crane services. These efforts collectively reflect the companys shift toward a more integrated renewable energy platform, positioning it for sustained growth in Indias rapidly expanding clean energy sector.

Key recent achievements of the Company

Particulars	Details
Merger completed	Reverse merger of Inox Wind Energy Ltd. with Inox Wind Limited is now complete, resulting in RS. 2,050 crores reduction in liabilities, strengthening balance sheet further.
Equity capital raises	IWL raised Rs 900 crores through NCRPS from IWEL (now eliminated), which had raised the said capital through a block deal with investors. IWL also recently raised Rs 1,250 crores through a rights issue. Subsidiary IGESL raised Rs 1,050 crores through preferential equity and warrants Subsidiary IRSL cumulatively raised Rs 525 crores
Higher execution	FY25 order execution increased 88% to 705 MW
Robust order inflows and orderbook	Orderbook at 3.2 GW; FY25 order inflows at 1.5 GW
Strong financial performance	Revenue increased 105% YoY; EBITDA up 167% YoY; PAT at Rs 438 crores from loss after tax of Rs 48 crores in FY24. IWL posted its highest ever quarterly profit in Q4 FY25.
Net Cash Position	Revenue increased 105% YoY; EBITDA up 167% YoY; PAT at Rs 438 crores from loss after tax of Rs 48 crores in FY24. IWL posted its highest ever quarterly profit in Q4 FY25.
O&M portfolio expands	Inox Green Energy Services Ltd. expanded its O&M portfolio to 5.1 GW, diversified into solar and hybrid asset management in addition to wind and common infrastructure.
Technological Advancement	Secured license for 4.X MW wind turbine generators (WTGs), enhancing competitiveness and product offerings.
Expansion in EPC Services	Inox Renewable Solutions broadened service offerings to include captive crane services, transformer manufacturing, solar EPC, hybrid RE EPC and hybridisation of power infrastructure.
Investor Confidence	Attracted equity capital from top global and domestic institutional investors, boosting market confidence.
Sustainable Growth	ESG practices independently assured by EY, participated in S&Ps CSA 2024, highlighting sustainability commitment.

Financial performance

The Company is engaged in below mentioned business activities, which is considered as a single business segment:

a. Manufacturing of Wind Turbine Generators (WTG);

b. Erection, procurement & commissioning services (EPC);

c. Operations & Maintenance services (O&M); and

d. Common infrastructure facility services for WTGs

S.NO		Consolidated		Standalone
		2024-25	2023-24	2024-25	2023-24
1	Total Revenue Income	3,70,155	1,80,802	3,56,318	1,65,009
2	Profit/ (Loss) before tax	53,681	(4,269)	47,038	(22,582)
3	Total tax expense	10,176	332	8,632	(28)
4	Profit/(Loss) for the Period Continued Operation	43,505	(4,602)	38,406	(22,554)
5	Profit from discontinued operations	1	(579)	-	-
6	Tax expense of discontinued operations	(256)	(366)	-	-
7	Profit/(Loss) for the Period	43,762	(4,815)	38,406	(22,554)

Key ratios

The table below summarises key financial ratios that have changed by 25% or more compared to the previous financial year.

S.NO	Ratios	% / Times	2024-25	2023-24	% change	Reason for variance
1	Inventory Turnover	Times	2.43	1.33	83.00%	due to fluctuation in commissioning schedule date
2	Current Ratio	Times	1.81	1.32	36.55%	0.01% Nonconvertible, non-cumulative, participating, redeemable preference shares of Rs. 10/- each Rs. 1,05,000.00lakhs
3	Debt Equity Ratio	Times	0.24	0.45	(46.57)%	due to the effect of merger and bonus share
4	Debtors Turnover	Times	1.96	1.78	10.16%	Due to decrease in Trade Receivables
5	Operating Profit Margin (%)	%	17.34	8.23	110.69%	Due to increase in operating profit
6	Net Profit Margin (%)	%	11.00	(15.00)	174.83%	Due to operational efficiency
7	Interest Coverage Ratio	Times	0.62	0.12	414.47%	Due to operational efficiency

Material development in human resource/ industrial relations

Material development in human resources at Inox Wind Limited has been instrumental in equipping employees with the skills needed to support the companys dynamic growth. The establishment of new facilities and entry into specialized services have opened up diverse career pathways, prompting ongoing training and the adoption of cutting-edge technologies.

The companys group structure encourages seamless collaboration and open communication among its subsidiaries, strengthening industrial relations. This approach ensures that employees are well-informed and engaged, which is vital for maintaining productivity and resolving workplace challenges efficiently.

Inox Winds foray into solar manufacturing and hybrid renewable projects not only broadens its market presence but also promotes cross-functional learning. By showing a culture that values innovation and professional development, the company enhances both organizational performance and employee well-being in the evolving renewable energy landscape.

As of March 31, 2025, Inox Wind Limited employed 1235 permanent staff, comprising its entire workforce.

Risk management

IWL has established a comprehensive risk mitigation framework that monitors internal and external threats while taking proactive measures to address them.

Risk Category	Definition	Mitigation Strategy
Technology risk	Technology risk refers to potential challenges from failures or obsolescence in turbine technology, digital system. It can impact performance, project timelines and efficiency. Staying aligned with evolving renewable energy tech is essential for competitiveness.	The Company collaborates with leading global firms such as AMSC for 2 MW and 3.3 MW turbines and holds licenses from WINDnovation and W2E to introduce advanced rotor blades and 4.X MW WTGs in India.
Project execution risk	Delays in securing permits, adverse weather, limited land, grid constraints or subcontractor issues may impact timely delivery of a project.	The Company closely monitors project timelines and performs thorough site feasibility studies, ensuring smooth execution and mitigate potential disruptions.
& Competition risk	The wind energy sector is highly competitive, requiring constant innovation and cost-efficient technology development to maintain market position.	The Company conducts ongoing market research, maintains in-house manufacturing for critical components and invests in research and development (R&D) for next-generation wind turbine designs.
Regulatory risk	Regulatory shifts, including those affecting imports, wind policies, or power evacuation infrastructure, can impact operations and profitability.	The Company actively tracks regulatory changes and has obtained all required permits for manufacturing and project execution, enabling it to respond swiftly to policy changes.
Financial risk	Exposure to currency volatility, interest rate changes, credit market conditions and liquidity challenges may affect financial performance.	The Company uses hedging instruments to manage financial risks and evaluates compliance with financial regulations and internal exposure limits.

Internal control system and their adequacy

The Company has established strong and enhanced internal control systems and processes. These improved controls ensure compliance with all relevant laws and regulations and optimise resource utilisation. A thorough internal audit system is in place, with independent Chartered Accountants appointed to conduct the audits. The Audit Committee oversees and reviews the internal audit process and evaluates the findings and recommendations of the auditors. Additionally, the Company has developed robust financial and management reporting systems and continually refines these systems and processes.

Disclaimer

Statements in the MD&A section about future prospects may involve forward-looking elements that carry various identified or unidentified risks and uncertainties, potentially causing actual results to differ significantly. Besides changes in the macroenvironment, an unforeseen global event like COVID-19 may introduce unprecedented and evolving risks to both the Company and its operating environment. The assumptions used, based on available internal and external data, guide the specific information in the report. Since these assumptions may evolve, estimates are subject to change. Forward-looking statements reflect the Companys current intentions, beliefs, or expectations and are valid only as of their date. The Company does not commit to updating or revising these statements based on new information or future events.