India’s Wind Energy Giants Face Off: Suzlon Energy vs Inox Wind — Who’s the Better Bet for Long-Term Investors?
With India’s 500 GW renewable energy ambition by 2030, investors weigh profitability, order books, and delivery capacity of these two green energy leaders
As India accelerates its transition to clean energy, wind energy players like Suzlon Energy and Inox Wind have become the focal point of attention for equity investors. Both companies have shown impressive performance in FY2025, fueled by robust policy support, increased capacity execution, and a surge in clean energy demand. Yet, for investors looking to place a bet, the choice between Suzlon and Inox Wind may not be as obvious.
Suzlon: A Wind Power Veteran With Strong Profitability and a Deep Order Book
Fourfold jump in profit, ₹2,072 crore net earnings in FY25; 5.6 GW order book and clean balance sheet position it well
Suzlon Energy, headquartered in Pune, has installed over 21 GW of wind energy capacity across 17 countries. In FY2025, the company posted a 67% increase in consolidated revenue, reaching ₹10,851 crore. EBITDA surged 81% to ₹1,857 crore, while profit before tax rose 103% to ₹1,447 crore.
The biggest surprise was a nearly 4x jump in net profit to ₹2,072 crore — up from ₹600 crore a year earlier — largely driven by a deferred tax asset gain of ₹638 crore. As of year-end, Suzlon had a net cash position of ₹1,943 crore and a robust order book of 5.6 GW, reflecting future earnings visibility.
Inox Wind’s Turnaround Story: From Losses to ₹438 Crore Profit in FY25
105% rise in revenue, significant drop in debt post-merger; executing orders from NTPC and Hero Future Energies
Inox Wind, a part of the INOXGFL Group, has transformed from a loss-making unit to a fast-growing clean energy contender. In FY25, the company executed 705 MW of wind projects — an 88% year-on-year jump — and delivered ₹3,702 crore in consolidated revenue, up 105%. Its EBITDA jumped 167% to ₹918 crore, and it turned around a ₹48 crore loss into a ₹438 crore profit.
With a 3.2 GW order book, including fresh orders of 1.5 GW from clients like NTPC, CESC, and Hero Future Energies, and a recent NCLT-approved merger that reduced liabilities by ₹2,050 crore, Inox Wind now boasts a leaner balance sheet and greater execution potential.
Brokerage Verdict: Buy Calls on Both, With Target Prices of ₹81 for Suzlon and ₹216 for Inox Wind
JM Financial expects up to 60% delivery growth in Suzlon and 55% PAT CAGR in Inox between FY25-FY28
According to JM Financial, Suzlon’s manufacturing capacity of 4.5 GW and a strong order pipeline will help it achieve 2500 MW and 3100 MW of delivery in FY26 and FY27, respectively. The brokerage sees a 60% delivery growth potential and has set a target price of ₹81, based on a 35x P/E on FY27 EPS.
Inox Wind, on the other hand, is projected to deliver 1150 MW in FY26 and 1750 MW in FY27, with expected CAGR growth of 45% in revenue, 46% in EBITDA, and 55% in PAT between FY25 and FY28. Its target price is ₹216, with strong Buy ratings maintained.
Investor Dilemma: Profitability vs Scale, Flexibility vs Growth Runway
Both companies are well-positioned in India’s renewable energy roadmap, but execution and policy support will be key
While Suzlon’s profitability and cash reserves make it a safer pick, Inox Wind’s improving fundamentals and aggressive execution promise high returns. As India eyes 500 GW of renewable capacity by 2030, wind energy will play a central role — and these two giants are likely to lead the charge.
