INOXGFL Positions for Multi-Year Renewable Growth as Inox Clean Targets 14 GW Capacity by FY29

INOXGFL Positions for Multi-Year Renewable Growth as Inox Clean Targets 14 GW Capacity by FY29

- INOXGFL Eyes 75% Revenue Growth in FY27 Amid Renewable Energy Boom
- INOXGFL Sees Strong Renewable Demand as India Targets 8–10 GW Annual Wind Additions

The Electrical Post

India's renewable energy sector is entering a new phase of expansion, supported by rising wind installations, increasing domestic manufacturing and a stronger focus on energy security. Against this backdrop, the INOXGFL Group is positioning itself for a multi-year growth cycle through an integrated renewable energy strategy spanning manufacturing, project execution, operations and maintenance, and power generation.

Speaking during the Q4 FY26 earnings interaction, Mr. Devansh Jain, Executive Director, INOXGFL Group, highlighted that FY26 witnessed the highest-ever annual wind capacity addition of 6 GW in India. The company expects annual wind installations to rise further to 8–10 GW over the coming years, supported by RTC, FDRE and hybrid projects, as renewable energy transitions from intermittent generation to firm power supply.

He noted that geopolitical developments and the government's emphasis on increasing domestic manufacturing while reducing import dependence are creating favourable conditions for the renewable ecosystem.

INOXGFL currently operates across the renewable value chain, including wind turbines, solar cells and modules, transformers, EPC services, evacuation infrastructure, renewable IPP projects and O&M services. The group is also strengthening backward integration through investments in power electronics.

The company has adopted a "ONE INTEGRATED" strategy aimed at leveraging synergies among group businesses to enhance execution capabilities, create revenue opportunities and mitigate market cyclicality. Under this strategy, Inox Wind is undergoing a transformation wherein nearly two-thirds of annual execution over the next four to five years is expected to come from Inox Clean and CESC, with the remaining share contributed by external marquee customers. The move is intended to improve revenue certainty and working capital management.

Inox Clean Energy has outlined a capacity addition target of 14 GW by FY29 and plans to add more than 3 GW annually over the next few years. Approximately 20–30% of this capacity is expected to be wind, creating a recurring order pipeline for Inox Wind, IRSL and Inox Green.

Mr. Jain stated that the renewable businesses within the INOXGFL Group are approaching a phase of multi-year, multi-fold growth, supported by group synergies and an expanding market opportunity.

For Q4 FY26, Inox Wind reported consolidated revenue of Rs. 1,306 crores, while EBITDA stood at Rs. 333 crores. Profit before tax was Rs. 216 crores, profit after tax was Rs. 106 crores and cash profit reached Rs. 268 crores. Despite geopolitical uncertainties and logistics-related challenges impacting project execution, the company maintained healthy margins, aided by backward integration initiatives in crane and transformer manufacturing.

The company continues to maintain a diversified order book of 3.1 GW and secured nearly 600 MW of new orders during FY26 from customers including Aditya Birla, Gentari/Amplus, Jakson Green, First Energy and Leap Green. Management indicated that discussions with several customers are nearing completion and additional orders are expected in the near term. The existing order book provides visibility for more than 24 months of execution.

The company expects significant order inflows from Inox Clean Energy over the coming years, while simultaneously becoming more selective in securing external projects. Management believes the increasing proportion of equipment supply contracts and orders from group companies will help improve the working capital cycle.

Inox Wind's new 4.4 MW turbine remains on schedule for approvals and commercial launch within the current calendar year, which is expected to enhance market penetration and support margin expansion.

The company also highlighted a strategic shift in its order mix. While the business was predominantly turnkey in nature a few years ago, the current mix stands at approximately 50:50 between turnkey projects and equipment supply. Management aims to increase the equipment supply component to 75% going forward.

Inox Green, the group's renewable operations and maintenance subsidiary, continues to expand rapidly and currently manages a renewable portfolio exceeding 13 GWp across India. The company aims to become India's largest renewable O&M company in the near future and one of the largest globally by 2030.

During Q4 FY26, Inox Green reported total income of Rs. 120 crores, representing a 40% year-on-year increase. EBITDA rose 93% to Rs. 57 crores, while profit before tax increased 244% to Rs. 46 crores. Profit after tax grew 340% to Rs. 28 crores and cash PAT climbed 327% to Rs. 46 crores. Average machine availability across its portfolio remained at approximately 96.5%.

The company's managed portfolio consists of about 10.5 GW of wind assets and the balance in solar assets. This includes investments to acquire 6.5 GW of operational wind O&M assets from two companies, with completion expected shortly. The consolidation of these assets is anticipated to significantly enhance EBITDA and profitability in FY27.
Inox Green has maintained FY27 EBITDA guidance of more than Rs. 600 crores and sees substantial opportunities through life extension packages for wind turbines, digital initiatives and the deployment of Agent AI to improve execution efficiency, increase margins and reduce manual dependencies.

Meanwhile, the demerger of Inox Green's evacuation infrastructure business and its merger into Inox Renewable Solutions has received approval from the NCLT, Ahmedabad. IRSL is expected to be listed automatically following completion of the remaining approvals.

The group is also accelerating investments under Inox Clean, which houses renewable IPP projects and solar manufacturing operations. The business aims to establish a portfolio comprising 10 GW of IPP capacity, 10 GW of solar cell capacity and 10 GW of solar module capacity over the next 15 months. According to management, Inox Clean has emerged as one of the fastest companies in India to achieve around 2 GW of installed renewable capacity and is rapidly progressing toward 6 GW of solar module capacity along with 3 GW of solar cell manufacturing capability, reinforcing its strategic role within the broader INOXGFL ecosystem.
 

Published at : Sep 21, 2026 12:23 PM (IST)

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