Noida: Inox Wind Limited (IWL), one of India’s leading wind energy solutions providers, has reported its strongest-ever financial performance in FY25, marking a dramatic turnaround from the previous year. The company posted a consolidated net profit of Rs 438 crore for the full year, a sharp reversal from a loss of Rs 48 crore in FY24. This surge in profitability was driven by a 105 percent jump in consolidated revenue, which rose from Rs 1,808 crore in FY24 to Rs 3,702 crore in FY25. On a standalone basis, the company’s profit stood at Rs 420 crore, also a reversal from a net loss of Rs 52 crore in the previous year, while standalone revenue rose 114 percent to Rs 3,635 crore from Rs 1,698 crore.
The stock market responded positively to the results. Inox Wind shares opened at Rs 193.80 on Friday and closed slightly higher at Rs 195, reflecting investor confidence in the company’s improved fundamentals and forward outlook.
Inox Wind derives revenue from four verticals: manufacturing of Wind Turbine Generators (WTGs), Engineering, Procurement and Construction (EPC), Operations and Maintenance (O&M), and common infrastructure services. In FY25, EPC and common infrastructure services led revenue growth, driven by a sharp uptick in project execution. The company executed 705 MW during the year, up 88 percent from 376 MW in FY24. The fourth quarter alone saw execution volumes rise to 236 MW, marking an 83 percent increase over Q4 FY24.
Revenue from the manufacturing segment also rose significantly, buoyed by higher turbine volumes and improved realisations. The O&M business, led by subsidiary Inox Green Energy Services Limited, remained a steady contributor, with a portfolio of 5.1 GW under maintenance. The company also entered the solar O&M space during the year, further diversifying its recurring revenue streams.
In Q4 FY25, consolidated revenue stood at Rs 1,311 crore, up 130 percent year-on-year from Rs 569 crore in Q4 FY24 and up 44 percent from Rs 911 crore in Q3 FY25. Consolidated EBITDA for the quarter was Rs 290 crore, compared to Rs 143 crore in the same quarter last year, reflecting a 103 percent jump. Profit after tax rose to Rs 190 crore from Rs 39 crore in Q4 FY24, an increase of 391 percent.
Standalone financials followed a similar trajectory. Standalone revenue for Q4 FY25 came in at Rs 1,274 crore, a 150 percent increase over Rs 510 crore in Q4 FY24, and up from Rs 910 crore in Q3 FY25. Standalone EBITDA grew to Rs 281 crore from Rs 141 crore in the year-ago quarter. Standalone PAT jumped to Rs 175 crore from Rs 21 crore in Q4 FY24 and Rs 103 crore in Q3.
For the full year FY25, consolidated EBITDA rose to Rs 918 crore from Rs 344 crore in FY24, a growth of 167 percent. EBITDA margins improved significantly to approximately 24.8 percent from 19 percent. Profit after tax on a consolidated basis stood at Rs 438 crore compared to a loss of Rs 48 crore in FY24. Cash PAT jumped 800 percent to Rs 734 crore from Rs 82 crore.
Standalone EBITDA for FY25 was Rs 886 crore, up from Rs 342 crore in the previous year. Standalone EBITDA margins rose to 24.4 percent from 20.1 percent. Profit after tax swung to Rs 420 crore from a loss of Rs 52 crore in FY24, while cash PAT increased to Rs 719 crore from Rs 80 crore.
A major milestone in FY25 was the merger of Inox Wind Energy Limited with Inox Wind Limited. The merger was approved by the National Company Law Tribunal (NCLT), Chandigarh bench, and has led to a reduction of liabilities on IWL’s balance sheet by approximately Rs 2,050 crore.
Commenting on the results, Devansh Jain, Executive Director, INOXGFL Group, said, “Inox Wind continues to deliver strong results reporting its highest ever quarterly profit, a testament of the efforts of the company over the past quarters. I am also delighted to announce that the Hon’ble NCLT has approved the scheme of arrangement between Inox Wind Energy and Inox Wind, which further fortifies Inox Wind’s balance sheet. With the strong and favourable macroeconomic environment for the Indian renewable energy sector, our Group is well positioned to capitalise on the opportunities as one of the leaders in energy transition with our presence across wind, solar, EVs, BESS and renewable power generation.”
The company’s order book at the end of FY25 stood at approximately 3.2 GW, up 21 percent from 2.7 GW in FY24. Order inflows during the year were around 1.5 GW and included marquee clients such as NTPC, CESC, NLC India, Amplus, Continuum, and Hero Future Energies. In addition, the company is in the advanced stages of commissioning a new nacelle plant near Ahmedabad, Gujarat, which is expected to enhance manufacturing capacity and reduce delivery timelines.
Kailash Tarachandani, Group CEO, Renewable Business, INOXGFL Group, said, “I am delighted to announce that through our focussed and committed approach, Inox Wind has been able to deliver another quarter of strong financial growth, concluding FY25 on a strong note. Our well diversified order book stands at a healthy 3.2 GW comprising of marquee customers including NTPC, CESC, NLC India, Continuum, Amplus, Hero Future Energies, amongst others. Our efforts to improve our operational efficiencies and execution continues, which is reflected in the strong margins reported. We believe that with the robust outlook for the wind industry in India, demand for wind OEMs and service providers will continue to be strong going ahead.”
