Suzlon Energy vs Inox Wind: Which Is the Better Wind Energy Manufacturer?

Synopsis: Suzlon Energy vs Inox Wind Limited: A comparison of India’s wind turbine makers as Suzlon holds a 6.4 GW order book, while Inox maintains a ~3.2 GW pipeline amid sector growth.

This article compares Suzlon Energy and Inox Wind Limited based on their order books, financial performance, execution scale, and growth outlook. It highlights Suzlon’s 6.4 GW order pipeline and record deliveries, while examining Inox Wind’s 3.2 GW order book, margin expansion strategy, and future capacity growth plans.

Industry overview: India’s wind energy sector is entering a strong growth phase, supported by rising power demand and policy support. The country has already installed around 54 GW of wind capacity, with annual installations expected to surpass 10 GW within the next two years, keeping the sector on track to reach 100 GW by 2030.

Demand is being driven by urbanisation, data centres, EV adoption, and green hydrogen, while the government aims to reach 160 GW of wind capacity by 2035. India is also emerging as a global manufacturing hub, with domestic capacity expected to supply nearly 10 percent of global wind demand.

About the Company 

Suzlon Energy Ltd

Suzlon is one of the leading global renewable energy solutions providers. It is a vertically integrated WTG manufacturer. It also undertakes installation and O&M of all WTG sales. Operations include design development and manufacturing of all major components, including rotor blades, tubular towers, generators, control equipment, gears and nacelles.

With the market capitalization of Rs 57,670 crore, the shares of this company closed at Rs 42.05  per share, up by 2.04 percent  from its previous day’s close. The company’s shares are trading at an undervalued valued P/E of 17.9x compared to the industry average, and its stock gave a negative return of 23.48 percent over the year and 757 percent over the last five years.

Inox Wind Ltd

Inox Wind Limited is a part of the Inox Group. The company is engaged in the business of manufacturing Wind Turbine Generators (WTGs) and is a wind energy solutions provider servicing IPPs, Utilities, PSUs, Corporates and Retail Investors. Inox Wind Ltd is a fully integrated player in the wind energy market and provides end-to-end turnkey solutions.

With the market capitalization of Rs 14,171 crore, the shares of this company closed at Rs 82  per share, up by 4.87 percent from its previous day’s close. The company’s shares are trading at an undervalued P/E of 27.5x compared to the industry average, and its stock gave a negative return of 50 percent over the year and 349 percent over the last five years.

Order book comparison

Suzlon

Suzlon Energy’s wind turbine order book stood at 6,409 MW as of January 2026, reflecting strong demand and improving revenue visibility. The portfolio is dominated by the S144 turbine platform (89 percent), while the S120 model contributes 11 percent, indicating the company’s increasing focus on higher-capacity and more efficient turbine technology.

The order mix is led by captive, C&I and retail projects (51 percent), followed by central and state auctions (36 percent) and PSU projects (13 percent). The company has also increased its EPC offering to 27 percent of the order book, strengthening execution capabilities and enhancing its competitive positioning across key states like Karnataka and Gujarat.

Inox Wind

Inox Wind Limited reported an order book of 3,185 MW in Q3 FY26, broadly stable from the opening balance of 3,203 MW. During FY26, the company added 582 MW of new orders while executing 600 MW of supplies, maintaining a healthy pipeline that provides revenue visibility for the next 18–24 months.

The company’s business model has evolved from 100 percent turnkey projects in Q1 FY24 (825 MW) to a balanced mix by Q3 FY26, with end-to-end turnkey projects contributing about 1.6 GW (51 percent) and equipment supply orders accounting for around 1.6 GW (49 percent), reflecting a strategic shift toward a more flexible execution model.

Q3 performance and key business highlights

Suzlon Energy reported strong financial growth in Q3 FY26, with revenue rising 42 percent YoY to Rs. 4,228 crore. EBITDA increased 48 percent to Rs739 crore, while profit before tax (PBT) grew 45 percent to Rs. 567 crore, reflecting improved execution, higher turbine deliveries, and stronger demand across India’s wind energy market.

Operationally, the company delivered 617 MW during the quarter, marking its highest-ever quarterly deliveries. The order book remained robust at 6.4 GW, while 2.4 GW of projects are currently under execution, strengthening revenue visibility and indicating continued momentum in project commissioning.

Suzlon also maintained a net cash position of Rs. 1,556 crore as of December 31, 2025, supporting expansion and execution capabilities. Long-term demand remains strong, with India’s power demand expected to reach 4,490 TWh by 2047, while wind energy capacity could grow significantly to around 400 GW.

Inox Wind Limited reported strong financial performance in Q3 FY26, with revenue rising 24 percent YoY to Rs. 1,238 crore. EBITDA increased 39 percent to Rs. 313 crore, with margins at around 25.2 percent, while profit before tax grew 62 percent to Rs209 crore. Cash PAT also improved 38 percent YoY to Rs262 crore.

Operationally, the company executed 252 MW during the quarter while maintaining a diversified order book of around 3.2 GW, providing strong revenue visibility. During FY26, Inox Wind secured around 600 MW of new orders from clients, including Aditya Birla Group, Amplus/Gentari, Jakson, First Energy, and Leap Green.

Looking ahead, the company expects strong order inflow from PSUs, IPPs, and C&I customers. Growth plans under Inox Clean Energy are likely to create recurring order visibility, while the substation business restructuring involving Inox Green Energy Services and Inox Renewable Solutions is nearing final approval at the **National Company Law Tribunal, Ahmedabad.

Growth outlook and guidance

Suzlon Energy announced strong progress in its transformation strategy “Suzlon 2.0,” aimed at becoming a full-stack clean energy solutions provider across wind, solar, storage, and emerging technologies. The strategy includes launching a dedicated DevCo project development vertical, expanding digital OMS services, and building smart manufacturing capabilities.

Management highlighted strong execution momentum with a 6.4 GW order book, even after record deliveries of 617 MW in Q3 FY26. The company also increased its EPC share from 20 percent to 27 percent, targeting around 50 percent EPC contribution by 2028, while maintaining confidence in achieving 60 percent YoY growth guidance for FY26.

Inox Wind Limited has shifted its guidance framework from MW-based execution targets to a revenue-led growth strategy, reflecting changes in project complexity and execution timelines. The company expects FY26 revenue to exceed Rs5,000 crore (~35 percent YoY growth), with FY27 revenue projected to grow about 75 percent over FY26.

Management has also upgraded EBITDA margin guidance to 20–22 percent for FY26 and FY27, while targeting working capital reduction to around 200 days by FY26 and 120 to150 days by FY27. Growth will be supported by the commercial launch of a 4.45 MW turbine in 2026 and a Rs400 crore manufacturing facility in Karnataka to strengthen supply capabilities.

The company expects further momentum from its operations and maintenance arm, Inox Green Energy Services, which targets Rs. 600+ crore EBITDA by FY27 from its 13.3 GW portfolio. Meanwhile, the restructuring involving Inox Renewable Solutions is nearing completion, which is expected to lead to a separate stock exchange listing.

Verdict:  Overall, Suzlon Energy currently appears better positioned due to its larger order book, stronger execution scale, and established market leadership in India’s wind sector. However, Inox Wind Limited is emerging as a fast-growing challenger, with improving margins, new turbine launches, and expanding manufacturing capacity supporting its growth trajectory.

What investors should watch: Investors should track order book growth, execution ramp-up, margin sustainability, and new turbine adoption. Monitoring policy support, wind installations, and project pipeline conversion will be crucial in assessing the long-term growth potential of both companies.

Disclaimer: The views and investment tips expressed by investment experts/broking houses/rating agencies on tradebrains.in are their own, and not that of the website or its management. Investing in equities poses a risk of financial losses. Investors must therefore exercise due caution while investing or trading in stocks. Trade Brains Technologies Private Limited or the author are not liable for any losses caused as a result of the decision based on this article. Please consult your investment advisor before investing.

The post Suzlon Energy vs Inox Wind: Which Is the Better Wind Energy Manufacturer? appeared first on Trade Brains.