JM Financial bullish on Inox Wind after management outlines 14 GW renewable energy roadmap

JM Financial has reiterated its bullish stance on Inox Wind after meeting the company’s management, saying the wind turbine maker remains well placed to benefit from a strong execution pipeline, a rapidly expanding order book and the INOXGFL Group’s aggressive renewable energy expansion plans.

“We met with Inox Wind management,” the brokerage said, adding that key discussions centred around Inox Clean’s renewable energy ambitions, the company’s growing order backlog, expansion in solar manufacturing, and recent developments around its credit ratings.

Inox Clean targets 14 GW renewable capacity

JM Financial said Inox Clean currently operates 3.5 GW of renewable energy assets through its subsidiary Inox Neo, including 1.1 GW of operational assets acquired from Vena Energy.

“Inox Clean operates 3.5 GW of RE assets, and is targeting 14 GW of capacity by FY29E,” the brokerage said, highlighting the group’s long-term renewable energy expansion strategy.

Order book rises to 4.6 GW

The brokerage said Inox Wind’s order book has increased to 4.6 GW from 3.1 GW at the end of March after the company signed a memorandum of understanding (MoU) with Inox Clean for an additional 1.5 GW of wind turbine orders.

“Inox Wind’s order backlog surged to 4.6 GW driven by orders totalling 2.25 GW from group companies,” JM Financial said.

Solar manufacturing expansion underway

The brokerage also highlighted the group’s growing presence in solar manufacturing through Inox Solar.

According to JM Financial, the company currently operates 6 GW of solar module manufacturing capacity, with 3 GW each in India and the US. It plans to add another 4.8 GW of module capacity and 2.4 GW of solar cell capacity over the next two years, taking its integrated manufacturing capacity to 11 GW.

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