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Electric Equipment


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Market Cap3,456 CrEPS-14.1High127
Stock P/E0.0Net Profit Margin-124.8Low121
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Open Price121Volume407
Prev. Close127.2


Market Cap3,456 CrROE-38.6%
P/E Ratio(TTM)0.0EPS(TTM)-18.2
P/B Ratio1.5Dividend Yield0.0%
Industry P/E63.8Book Value82.7
Face Value10.0

About the Company

Inox Wind was incorporated in April 2009, commenced operations in March 2010. It manufactures the key components of WTGs in-house with a view to ensuring high quality, advanced technology and reliability and maintaining cost competitiveness. It has facilities dedicated to manufacturing nacelles, hubs, rotor blade sets and towers. The company manufactures nacelles and hubs at its Una Unit, located in the Una district of Himachal Pradesh. The company’s rotor blade manufacturing facility and its tower manufacturing facility are housed in its Rohika Unit, located in the Ahmedabad district of Gujarat. The company has also commenced construction of a new integrated manufacturing facility at Barwani, Madhya Pradesh to produce nacelles and hubs, rotor blade sets and towers. It has established relationships with leading suppliers for raw materials, such as steel and epoxy, and those components that the company does not manufacture in-house, such as gearboxes, electric control systems (ECS) and generators.

The company’s 2 MW WTGs have been designed and developed after due assessment of wind site qualities and conditions across low wind resource locations such as those in India. It has a perpetual license from AMSC Austria GmbH (formerly Windtec GmbH), or AMSC, a leading wind energy technology company based in Austria, to manufacture 2 MW WTGs in India based on AMSC’s proprietary technology. The company’s license in India is exclusive, subject to three existing licenses that AMSC had previously granted for the production and sale of 2 MW WTGs worldwide, including in India. In addition to its license in India, the company also has a non-exclusive license to manufacture 2 MW WTGs outside India based on AMSC’s proprietary technology. It also has non-exclusive licenses from WINDnovation Engineering Solutions GmbH (based in Germany), or WINDnovation, for custom-made rotor blade sets.

Through its wholly owned subsidiaries, Inox Wind Infrastructure Services (IWISL) and Marut-Shakti India (MSEIL) the company provides turnkey solutions for wind farm projects. These services include wind resource assessment, site acquisition, project development, erection and commissioning, and also long term operations and maintenance of wind power projects. The company has acquired or expects to acquire access to certain Project Sites in Rajasthan, Gujarat, Andhra Pradesh and Madhya Pradesh and it expects to have access to Wind Sites Under Acquisition in Rajasthan, Gujarat, Andhra Pradesh, and Madhya Pradesh, which it estimate are suitable for the installation of an aggregate of 4,052 MW of capacity. The company intends to develop these Project Sites and Wind Sites Under Acquisition for customers as part of its turnkey model for wind farm development.

Business area of the company

The company is one of India’s leading wind power solutions providers. It manufactures wind turbine generators, or WTGs, and provides turnkey solutions by supplying WTGs and offering services including wind resource assessment, site acquisition, infrastructure development, erection and commissioning, and also long term operations and maintenance of wind power projects.

Major Events

  • 2009: The company entered into technology and license agreements for wind turbine generators with AMSC and rotor blade sets with WINDnovation.
  • 2010: The company’s WTG plant commenced commercial operations and its first WTG was erected and commissioned in Tamil Nadu.
  • 2010: The company’s rotor blade plant commenced commercial operations.
  • 2011: The company’s tubular steel tower plant commenced commercial production.
  • 2011: The company’s WT2000DF model received C-WET type certification.
  • 2011: The company was included in the Revised List of Models & Manufacturers of Wind Turbines issued by C-WET.
  • 2011: The company’s first 50MW wind power project at Gujarat, got commissioned.
  • 2012: The company’s subsidiary, IWISL was incorporated.
  • 2013: The company entered into a license agreement with WINDnovation for the new WB488-2.0-3 rotor blades.
  • 2013: The company has commenced work on wind farms of more than 400 MW in the states of Gujarat, Rajasthan and Maharashtra.
  • 2013: The company becomes the 4th largest WTG company in India in terms of WTGs installed in a year as per the WISE Report.
  • 2013: IWISL, The company’s wholly owned subsidiary, had acquired 100% shareholding in MSEIL a company located in Madhya Pradesh, whereby MSEIL became a wholly owned subsidiary of IWISL.
  • 2014: The company has been issued ratings of A/stable for long term bank loan and A1 for Commercial papers and letter of credit by CRISIL.
  • 2014: The company has entered into licensing agreement with WINDnovation for manufacturing rotor blade sets with 113 meters diameter.
  • 2014: The company has commenced production of nacelles, hubs and towers suitable for 100 meters rotor diameter blades.
  • 2014: The company successfully implemented LVRT (Low Voltage Ride Through) system in its turbines.
  • 2015: The company’s has commenced production of 100 mts rotor diameter blades at its Rohika Unit.
  • 2016  - Inox Wind Commissions Common Power Evacuation Infrastructure in Madhya Pradesh.
    - Inox Wind Infrastructure Services Ltd., a Wholly Owned Subsidiary of Company has acquired Sarayu Wind Power (Kondapuram) Private Ltd.
    - NTPC Limited Partners Inox Wind to foray into Wind Energy.'


  • 2012: The company was issued ISO 9001:2008 certificate by Certification Body of TUV SUD Asia Pacific TUV SUD Group.
  • 2013: The company was issued ISO 14001:2004 certificate by the Certification Body of TUV SUD Asia Pacific TUV SUD Group.
  • 2014: The company was issued OHSAS 18001 certificate by the Certification Body of TUV SUD Asia Pacific TUV SUD Group
  • 2014: The company was issued EN ISO 3834-2 certificate by the Certification Body of TUV SUD Asia Pacific TUV SUD Group.


Parent OrganisationInox Wind Ltd.Managing Director
Founded2009NSE SymbolINOXWIND


All values are in Rs Cr


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