Inox Wind, a provider of wind energy solutions, has reported revenue of ₹6.51 billion (~$77.5 million) in the first quarter (Q1) of the financial year (FY) 2025, an 84.9% year-over-year (YoY)surge from ₹3.52 billion (~$41.9 million).

The revenue increased by 16% from ₹5.63 billion (~$67 million) in Q4 FY24.

The company’s EBITDA saw a rise of 349%, reaching ₹1.57 billion (~$18.6 million), up from ₹350 million (~$4.1 million) in the same quarter last year. This represents a 12% increase from ₹1.4 billion (~$16.6 million) in the previous quarter.

Inox Wind reported a profit of ₹500 million (~$5.9 million), a turnaround from a loss of ₹650 million (~$7.7 million) in Q1 FY24.

Operational Developments

Inox Wind’s order book reached its highest level ever, exceeding 2.9 GW, a 254% increase YoY.

The company secured 611 MW of new orders in FY25, underscoring strong demand from a diverse customer base, including public sector undertakings, independent power producers, commercial and industrial clients, and retail customers.

The company executed 140 MW in Q1 FY25, marking a 112% YoY increase from 66 MW in Q1 FY24 and a 9% rise from 129 MW in Q4 FY24.

Inox Wind’s parent company, Inox Wind Energy (IWEL), infused ₹9 billion (~$107 million) into the company in July 2024. This investment has made Inox Wind a net cash-positive company, significantly strengthening its balance sheet and reducing interest expenses.

The financial stability is expected to help the company capitalize on the growing opportunities in the Indian wind energy sector.

The company is also expanding its manufacturing capabilities, with a new setup expected to be operational this year. This expansion and a leasing model to minimize capital expenditure are expected to support further growth.

Devansh Jain, Executive Director of INOXGFL Group, expressed optimism about the company’s growth trajectory, highlighting the benefits of macroeconomic conditions and strategic investments.

Last November, Inox Wind raised around ₹8 billion (~$96.93 million) by selling its equity shares, advancing toward a debt-free status. These funds were to settle IWEL’s external debt under INOXGFL Group’s strategy to reduce Inox Wind’s debt and fortify the company’s financial position. This transaction was executed via block deals on the stock exchanges and witnessed participation by several marquee domestic and foreign institutional investors.

Inox Wind raised ₹5 billion (~$60 million) in August 2023 through an equity share sale from its main promoter and affiliated group entities, using the funds to settle advances from Gujarat Fluorochemicals and boost wind power capacity.

Inox Energy has announced its plans to divest its entire stake in the 50 MW Nani Virani Wind Energy project in Gujarat for ₹3 billion (~$36 million), aligning with its goal to reduce debt, strengthen Inox Wind’s operations and maintenance (O&M) capabilities, and achieve a 6 GW wind turbine generator O&M portfolio by 2025-26.