After six tough years, Inox Wind has finally turned a profit in the April-June period, marking its first profitable quarter since late 2018. Devansh Jain, the executive director of InoxGFL Group, believes the company is on the brink of a major breakthrough. Inox Wind, which operates in the wind energy sector, now has a record-breaking order book of 2.9 gigawatts (GW). Its stock has surged from a low of ₹19 in December 2018 to ₹212 by August 2024, reflecting the market’s confidence in the company’s turnaround.
Inox Wind, part of the $9 billion InoxGFL Group, was hit hard by a 2017 regulatory change that slowed down the wind energy industry. This led to a significant increase in debt, but the company survived thanks to substantial financial support from its promoters. Now, Inox Wind has reduced its debt and is back on track, with plans to expand further.
The company has also secured a license for a new 4 megawatt wind turbine and is preparing to launch it by the fiscal year 2026. Inox Wind is undergoing some corporate changes, including merging its parent company and planning to spin off its engineering arm into a separate listed entity, which could unlock more value for shareholders.
With strong government support for renewable energy, Inox Wind is aiming to become a 2 GW company soon, which would significantly boost its revenue. Jain, inspired by business leaders like Gautam Adani, is focusing on strategy and innovation to keep Inox Wind on its growth path.
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