- Inox Wind is a fully integrated wind-energy company that takes a wind farm from a patch of land to a working power plant and then stays to run it for decades - it makes the turbines, builds the project, and provides the long-term maintenance. It was founded in 2009 to carry the INOXGFL Group into renewables and listed in 2015, later spinning out its maintenance arm as India’s only listed pure-play renewable O&M service company. The recurring approach is a “One Integrated” strategy that ties together manufacturing, construction, and lifetime servicing so the group captures value at every stage, with each piece feeding the next. # Business segments Three engines that form a single integrated chain - manufacturing the turbines, building the wind farms, and then servicing them for their entire operating life - each one creating demand for the others. ## 1. Wind turbine manufacturing: the equipment that anchors everything **The company designs and builds turbines specifically for India’s low-wind conditions, with a new 4.X MW model arriving in 2026 to secure the next decade of orders.** - **Made for Indian wind** - the turbines use Double Fed Induction Generator (DFIG) technology and are type-certified for the low wind speeds prevalent across the country, with the 3 MW class (extendable to 3.3 MW, 145-metre rotor) now the workhorse of both the order book and new installations. - **Five factories, most components in-house** - nacelles, hubs, blades, and towers are produced across plants in Gujarat, Himachal Pradesh, and Madhya Pradesh, with a total capacity of roughly 2.5 GW per year; a new nacelle-and-hub facility at Kalyangarh (1.2 GW) was commissioned in late 2025 and will serve both current 3 MW and upcoming 4.X MW turbines. - **A deliberate shift to equipment-only sales** - the order book, standing at roughly 3.1 GW as of March 2026, is moving from mostly turnkey projects toward a 50:50 split with pure equipment supply, with a plan to take equipment supply to about 75% of the mix because it ties up less working capital. - **A captive customer inside the group** - Inox Clean and CESC together are expected to provide roughly two-thirds of IWL’s annual execution for the next four to five years, giving the manufacturing business a multi-year base load of orders. ## 2. Turnkey EPC: building the wind farm from scratch **The company finds the land, puts up the turbines, and builds the substations and power lines - a plug-and-play service that hands the customer a working power plant.** - **A site bank as a competitive moat** - IWL has assembled access to over 5,000 MW of potential wind-farm sites with common infrastructure and power-evacuation facilities already developed, so customers can plug in their projects without starting from zero. - **Executed through a dedicated subsidiary** - Inox Renewable Solutions Limited (IRSL), a top-two wind EPC provider in India with over 14 years of track record and more than 3 GW executed, handles resource assessment, land acquisition, road and substation construction, and turbine erection. - **Owns the evacuation infrastructure** - IRSL controls multiple substations with multi-GW capacity, and the evacuation-infrastructure business was recently demerged from Inox Green and merged into IRSL, giving the EPC arm direct control over the grid-connection assets that make a wind farm viable. - **Cranes and transformers brought in-house** - IRSL now owns and operates its own cranes (four deployed, more planned) and has started manufacturing transformers up to 3.5 MVA at a facility in Jaipur, reducing reliance on outside contractors and capturing more of the project margin. ## 3. Operations and maintenance: the lifetime annuity **Inox Green signs 5-to-20-year service contracts on almost every turbine IWL sells, creating a recurring revenue stream that grows with every new installation.** - **India’s only listed pure-play wind O&M company** - listed in 2022, Inox Green manages a portfolio of over 13 GWp of assets (roughly 10.5 GW wind, the rest solar) across nine states, and is expected to become the largest renewable O&M company in India in the near term. - **Long-term contracts with built-in escalations** - the business model rests on multi-year service agreements that include fixed annual price increases, producing steady, non-cyclical cash flows with high margins. - **24/7 monitoring and predictive maintenance** - control-monitoring centres track turbines in real time, using machine learning to spot problems before they cause downtime; the fleet achieved a pan-India average machine availability of roughly 96.5% in FY26. - **Growth from new turbines and distressed competitors** - organic growth comes from O&M contracts attached to every new IWL turbine and from the group IPP’s expansion, while inorganic opportunities exist in roughly 10 GW of capacity currently serviced by stressed OEMs or unorganized players. # Group structure and partners **The INOXGFL Group surrounds IWL with a captive IPP customer, a solar manufacturing sibling, and a chemicals legacy - while the wind business itself has been simplified into a single listed entity with two listed subsidiaries.** - **Simplified into one listed wind entity** - Inox Wind Energy Limited (IWEL), the former holding company, was amalgamated into IWL in June 2025, consolidating the wind business under a single listed stock and reducing IWL’s liabilities by approximately Rs 2,050 crores. - **Two key subsidiaries** - Inox Green Energy Services (IGESL), listed and roughly 61% owned by IWL, handles all O&M; Inox Renewable Solutions (IRSL), 87.98% owned, handles all EPC and is set for automatic listing once regulatory approvals for the evacuation-infrastructure merger are complete. - **A group IPP that guarantees orders** - Inox Clean Energy, the group’s renewable power producer, targets 14 GW of hybrid capacity by FY29 and plans to add over 3 GW annually, with 20-30% of that being wind - creating multi-year recurring demand for IWL’s turbines and EPC services. - **Global technology partners lock in the product roadmap** - exclusive licenses from AMSC (2 MW and 3 MW) and W2E (4.X MW), plus a non-exclusive blade-design license from WINDnovation of Germany, give IWL access to proven international turbine technology without bearing the full R&D cost.