### **Overview** Inox Wind Limited (IWL), part of the multi-billion-dollar **INOXGFL Group**, is one of India’s leading **fully integrated wind energy solutions providers**. The company offers **end-to-end services** spanning wind turbine generator (WTG) manufacturing, turnkey engineering, procurement, and construction (EPC), and long-term operations & maintenance (O&M). With over **13 years of operational experience**, IWL serves a diverse client base including **Public Sector Undertakings (PSUs), Independent Power Producers (IPPs), Commercial & Industrial (C&I) customers, and retail investors**, positioning it at the forefront of India’s renewable energy transition. --- ### **Integrated Business Model** Inox Wind operates under a **vertically integrated and diversified business model**, covering the entire wind energy value chain: - **Manufacturing** - **Turnkey EPC Execution** - **O&M & Common Infrastructure Services** - **Hybrid and Renewable Power Solutions** This integrated approach enables **higher control over quality, cost, and project timelines**, offering clients **plug-and-play project delivery** that reduces execution risk and enhances reliability. --- ### **Manufacturing & Technology Portfolio** Inox Wind operates **five world-class manufacturing facilities** across Gujarat, Himachal Pradesh, and Madhya Pradesh, with a total annual **installed manufacturing capacity of over 2.5 GW**. | Component | Manufacturing Locations | |--------|----------------------------| | **Nacelles & Hubs** | Una (HP), Bhuj, Ahmedabad (Gujarat) | | **Rotor Blades** | Rohika (Gujarat), Barwani (MP) | | **Tubular Towers** | Rohika (Gujarat), Barwani (MP) | #### **Current & Upcoming WTG Platforms** - **2 MW Class (DF 2000 series):** Rotor diameters 93m–113m, hub heights 92–120m. - **3 MW / 3.3 MW Class (DF 3000/3300):** - 145m rotor diameter (one of the largest in class), hub heights up to **140m**. - **Co-developed with AMSC (USA)** using DFIG technology. - Certified by **TÜV SÜD and listed in MNRE’s RLMM**. - Designed for India’s **low-wind-speed conditions**, optimizing energy output and lowering LCoE. - **4.X MW Class:** - **Exclusive license from W2E (Germany)**. - Expected commercial launch by **FY25–26 (Q4 2025)**. - Designed for complex sites and large-scale hybrid projects; aims to strengthen IWL’s **technological leadership** for the next decade. The company maintains **cost competitiveness** through: - **Low fixed cost structure** - **In-house manufacturing and backward integration** - **Technological partnerships (AMSC, W2E)** - **Efficient supply chain and lean operations** --- ### **Strategic Backward Integration** Inox Wind has advanced **backward integration** to strengthen project margins and execution control: - **In-house transformer manufacturing** – reduces dependency on external vendors. - **Owned and operated cranes** – used in EPC projects, with plans to expand the fleet and offer rentals for ancillary revenue. - **Plug-and-play infrastructure development** – owns land and power evacuation systems with **over 5,000 MW of pre-identified project sites**, particularly in Gujarat and Rajasthan. - **Hybridization of transmission infrastructure** – enables sharing of evacuation systems for **wind + solar** projects, offering **round-the-clock renewable power solutions**. --- ### **Subsidiaries & Ecosystem Synergies** The INOXGFL Group leverages cross-subsidiary synergies to deliver **fully integrated clean energy solutions**. | Subsidiary | Role & Capabilities | |-----------|----------------------| | **Inox Renewable Solutions Ltd. (IRSL)** *(formerly Resco Global)* | Leading **pan-India EPC provider** with experience in wind and solar. Executes **3.0+ GW of projects**, provides **crane services**, **transformer manufacturing**, and **shared infrastructure** for power evacuation. | | **Inox Green Energy Services Ltd. (IGESL)** | India’s **only listed pure-play renewable O&M company**, managing **~5.1 GW of assets** (as of FY25), including **3.5 GW wind and 1.6 GW solar**. Offers **5–20 year contracts** with **remote monitoring, preventive maintenance, and value-added services**. A key source of **stable, long-term annuity revenue**. | | **Inox Solar Limited** | Fully integrated **solar manufacturing and EPC platform**, targeting **5 GW module** and **2.5 GW cell capacity** by 2026. Enables IWL to bid for **hybrid wind-solar storage tenders**. | | **Inox Neo Energies** | **IPP platform** targeting **3 GW of hybrid renewable capacity** (wind + solar + BESS) within 2 years. Creates pipeline for IWL’s own WTG, EPC, and O&M services. | These synergies allow IWL to act as a **one-stop integrated energy transition partner**, offering **end-to-end hybrid and green hydrogen-ready solutions**. --- ### **Market Position & Growth Strategy** - **Largest single wind order in India** – **1,500 MW** from CESC. - **Strong demand drivers:** - Government’s **~100 GW wind capacity addition target** by 2035. - **Domestic Content Requirement (DCR)** policies favoring Indian OEMs. - Growth in **PSU, IPP, and C&I segments**, driven by ESG and cost-saving motives. - **Turnkey projects now represent ~65% of order mix**, while **equipment-only contracts make up ~35%**, reducing execution risk. #### **Future Execution Roadmap** - **FY25–26:** Target to execute **>1,200 MW**, supported by a 3.2 GW order book. - **FY26–27:** Scale execution to **2 GW annually**. - **FY27 onwards:** Maintain **2+ GW annual delivery capacity**. --- ### **Financials & Order Book (FY25 Update)** | Metric | Value (as of Q4 FY25) | |------------------|-------------------------| | **Total Order Book** | **~3.2 GW** (~28% YoY growth) | | **New Orders in FY25** | ~1.5 GW | | **Execution in FY25** | **705 MW** (+88% YoY, up from 376 MW in FY24) | | **Projected FY26 Execution** | >1,200 MW | | **Consolidated Revenue (FY25)** | **~2x growth YoY** | | **Cash Profit Growth (FY25)** | **~8x growth YoY** | | **Net Profit (FY25)** | **₹438 crores** (first profit in years) | | **Balance Sheet** | **Net cash position**, after liability reduction of **₹2,050 crores** via merger with Inox Wind Energy Ltd. | | **Credit Ratings** | **'A/Stable' (CRISIL), 'A' (CARE), 'A1' (short-term)** from CARE and Acuite | The merger of **Inox Wind Energy Ltd. into IWL** has significantly **simplified corporate structure** and **strengthened the balance sheet**. --- ### **Leadership & Governance** - **Devansh Jain** – Whole-time Director, visionary behind IWL’s renewables push, instrumental in listings of IWL and IGESL. Driving initiatives like **Inox Solar** and **Inox Neo Energies**. - **Vineet Valentine Davis** – Whole-time Director, ex-Vestas, Alstom; brings **29+ years of global project execution and engineering expertise**. - Strong promoter holding with **support from domestic and global institutional investors**. --- ### **O&M – Annuity Growth Engine** - IGESL, the group’s O&M arm, manages **~5.1 GW portfolio** across **12 Indian states**, with **machine availability averaging >96%**. - **Growth targets:** - **6 GW by FY26** - **10 GW by FY28** - Growth leveraged via: - **Organic:** O&M tie-ups with IWL customers. - **Inorganic:** Acquiring O&M contracts from **stressed or inactive players managing ~10 GW**, especially retail portfolios. - **Revenue stability**: Long-term, fixed-escalation contracts; EBITDA margins **40–50%**.