New Delhi: Inox Wind expects the potential cancellation of renewable projects without signed Power Purchase Agreements (PPAs) to strengthen the outlook for wind equipment suppliers. Speaking during an investors' call, Executive Director Devansh Jain said the development could sharply increase the flow of tenders that integrate wind into hybrid and round-the-clock (RTC) solutions.
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“Honestly, this entire cancellation drive increases the opportunity for the wind sector, because you're going to see more and more hybrid RTC FDRE tenders which will lead to more wind component bids as we move forward,” Jain said. He added that the shift towards firm, dispatchable renewable energy is aligned with grid requirements and reinforces the economic case for higher wind penetration.
Jain also noted that removing legacy tenders without signed PPAs would improve the health of the tender ecosystem by ensuring execution-ready bids. “We’re now moving to a regime where the government is saying, look, let’s actually add the power which the grid needs,” he said, referring to RTC and hybrid procurements.
The company’s subsidiary, Inox Green Energy Services, said it is on track to lead the country’s renewable operations and maintenance market. “I believe Inox Green is well on track to become India’s largest renewable O&M company in the very near future,” CEO SK Mathu Sudhana said, noting the recent expansion of its portfolio to 12.5 GW across wind and solar assets.
The O&M business includes about 6.5 GW of assets acquired through recently completed portfolio transactions, which are expected to consolidate into the company’s financials in FY27 following statutory approvals.
Inox Wind said it is in discussions with several customers, including its group independent power producer (IPP), to establish long-term framework agreements that would generate predictable annual volumes. According to Jain, “Cumulatively, these arrangements… will secure upward of 1 gigawatt of annual recurring orders for Inox Wind going ahead.”
The company also reiterated that its order book remains diversified and healthy, with more than 3.2 GW of unexecuted orders.
CEO Sanjeev Agarwal said the company is actively pursuing new opportunities across EPC, semi-turnkey and equipment-only formats. “We have in excess of 3 gigawatts of tender pipeline… and we are extremely confident that we would achieve our guidance,” he said. Management added that the framework agreements under negotiation would further enhance order visibility over the medium term.
Jain said the broader sector is moving faster than expected, noting that the country had already installed about 3.7 GW in the first seven months of the year. “We’re broadly looking at a scenario where north of 6 gigawatts [of wind] this financial year,” he said, despite Q2 being a monsoon-affected quarter.
Inox Green confirmed that shareholder and creditor approvals have been secured for the demerger of its substation business, which will be merged into Inox Renewable Solutions. Sudhana said this will remove a “gross block of around Rs 1,000 crores” from Inox Green’s balance sheet and “eliminate… annual depreciation of Rs 50 crores to Rs 55 crores, thereby increasing the profitability.”
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The future listing of Inox Renewable Solutions, the EPC arm, is expected to unlock value for both Inox Wind and Inox Green.
The company said its recently commissioned nacelle and hub unit at Kalyangarh, Gujarat is running at high utilisation. Agarwal added that transformer manufacturing has been ramped up and cranes have been deployed across project sites.
