Inox Wind Ltd Q2 FY25: From Dust Storms to Windstorms — ₹1,119 Cr Revenue, 257% Profit Surge & 4MW Tech Dreams Take Flight

1. At a Glance

Hold your turbines, folks — Inox Wind Limited (NSE: INOXWIND) is blowing harder than ever. This ₹23,812 crore market-cap wind energy powerhouse just delivered awhirlwindQ2 FY25, clocking ₹1,119 crore in revenue and a profit of ₹91.8 crore — up a ridiculous257% YoY. If that doesn’t make your renewable heart flutter, maybe the 52.7% revenue jump will.

At ₹138 per share, the stock may seem calm, but beneath that lies a storm of engineering, equity drama, and Inox family cross-holdings. The company’s book value stands at ₹38.6, giving it aprice-to-book of 3.57x— or as analysts would say, “a bit breezy.” The P/E sits at46.7x, while return ratios have finally turned green —ROE at 11.7% and ROCE at 11.5%.

Debt? Trimmed to ₹1,140 crore, down sharply after multiple deleveraging moves. The OPM (Operating Profit Margin) now blows a steady21%, thanks to efficient EPC execution and a growing O&M base of 10 GW.

The cherry on the turbine? The company just merged with its parent Inox Wind Energy Ltd, redeemed ₹560 crore preference shares, raised ₹1,250 crore via rights issue, and is gearing up tocommercially launch its 4.X MW wind turbine platform.

Welcome to the Inox Energy Cinematic Universe — where every quarter ends with a dramatic plot twist.

2. Introduction

Few companies have reinvented themselves as aggressively asInox Wind Ltd. Once the poster child of delayed projects and stretched receivables, the firm has now become India’s most action-packed turnaround story — complete with mergers, rights issues, rating upgrades, and a bonus issue that felt like a confetti cannon at a renewable energy wedding.

After years of getting battered by low tariffs and bad debtors, Inox Wind finally found its rhythm again. The September 2025 quarter wasn’t just about numbers — it was a statement. ₹1,119 crore in quarterly revenue (up 53% YoY), ₹92 crore PAT, and a roaring order book of2,656 MW.

If that wasn’t enough, the company also secured India’slargest-ever wind order— a1,500 MW contract from CESC. Add to that repeat orders from Hero Future Energies and a ₹175 crore disinvestment in Inox Renewable Solutions, and suddenly this isn’t your 2019 Inox Wind anymore.

From -₹712 crore loss in FY23 to ₹518 crore profit in FY25 — that’s not a financial turnaround, that’s a Bollywood redemption arc.

3. Business Model – WTF Do They Even Do?

At its core,Inox Windbuildswind turbine generators (WTGs)and providesend-to-end renewable energy solutions— fromsite acquisition to blade rotation.

Think of it like this: Tata Power or Adani wants a wind farm. Inox comes in like a wedding planner for windmills — scouting land, erecting towers, wiring up blades, plugging in the power, and then babysitting the turbines for 20 years throughoperations and maintenance (O&M).

The business has three main pillars:

1. Manufacturing (WTG & Components)– Inox builds nacelles, hubs, blades, and towers at its plants in Gujarat, Himachal Pradesh, and Madhya Pradesh. Current capacity: 1,900 MW nacelles, 1,600 MW blades, 600 MW towers. The company’s 3.3 MW turbine is in rollout phase, and 4.X MW model is under pre-launch.
2. EPC Services (Engineering, Procurement, Construction)– This is where Inox earns fat margins by delivering turnkey wind projects.
3. O&M (via subsidiary Inox Green)– Inox Green manages 3.2 GW of assets and is expanding by 1 GW per year. Think of it as the AMC subscription after selling the main product.

So basically, they sell the fan, install the fan, and then charge you monthly to keep it spinning. Genius, right?

4. Financials Overview

Annualized EPS = ₹0.53 × 4 = ₹2.12P/E = ₹138 / ₹2.12 ≈65x(so clearly the market expects this wind