Suzlon Energy and Inox Wind, leading players in wind energy solutions, have garnered significant interest from Dalal Street investors in recent years, amid India’s strong push to expand renewable energy capacity by the end of this decade.
Both companies are engaged in the manufacturing of Wind Turbine Generators (WTGs) and providing comprehensive wind energy services.
Following their March quarter results, these companies have once again caught investor attention in recent sessions.
Analysts have largely retained their optimistic outlook on both companies and have raised target prices after the Q4 results met expectations. They believe the two players are in a strong position amid the growth potential of India’s wind energy market, which is expected to rise to 100 GW by 2030 from the current 50 GW.
Although Inox Wind shares reacted negatively in today’s session to the March quarter numbers, analysts have retained their positive outlook on the stock, citing strong execution of wind projects in FY26 and FY27, which they believe could result in a significant jump in revenue and net profit.
Domestic brokerage firm Nuvama Institutional Equities reiterated its ‘Buy’ call and raised the price target to ₹236 from ₹223, citing Inox Wind’s strong position as one of only two wind EPC suppliers in India, benefiting from demand in RTC, FDRE, and C&I segments.
ICICI Securities also reiterated its ‘Buy’ rating and slightly raised its price target to ₹230 from ₹228, valuing the company at 30x FY27 estimated earnings. Systematix Institutional Equities maintained a ‘Buy’ rating on Inox Wind stock, with a price target of ₹231.
For Suzlon Energy stock, Morgan Stanley maintained its ‘Overweight’ rating with a target price of ₹77 apiece, while Motilal Oswal has also retained its ‘Buy’ rating, with a ₹83 apiece target price.
Suzlon Energy: Delivers all-round beat in Q4
For the quarter ended March, Suzlon Energy reported a net profit of ₹1,181 crore, compared to ₹254 crore in the same period last fiscal year, marking a 365% year-on-year growth. Revenue from operations rose 73% YoY to ₹3,774 crore during the quarter.
For FY25, net profit jumped to ₹2,072 crore from ₹660 crore in FY24, driven by a significant rise in revenue to ₹10,851 crore. In comparison, the company had reported revenue of ₹6,497 crore in FY24.
Suzlon’s order book reached a record high of 5.6 GW by the end of FY25, with its S144 platform alone surpassing 5 GW—cementing its position as the dominant product in the Indian wind energy market.
For the first time in its history, the company’s management has issued guidance, projecting 60% growth across all key parameters in FY26. This forward-looking statement has been well received by the Street, reflecting the company’s confidence and preparedness for future growth.
Inox Wind: Net profit jumps over fivefold to ₹190 crore
Inox Wind posted a consolidated net profit of ₹190.34 crore in the March quarter, a more than fivefold increase from ₹38.74 crore in Q4 FY24, driven by a strong surge in revenues.
The company’s revenue from operations more than doubled to ₹1,310.65 crore in Q4 FY25, up from ₹569 crore in the same quarter last year. It reported an order book of 3.2 GW as of March 2025, up from 2.6 GW in March 2024.
In Q4 FY25, execution stood at 236 MW, compared to 129 MW in Q4 FY24 and 140 MW in Q3 FY25. For FY25, the management had guided for 800 MW in annual execution, and the company achieved 705 MW. Looking ahead, management has guided for 1,200 MW and 2,000 MW execution in FY26 and FY27, respectively. JM Financial expects execution to accelerate to 1,150 MW in FY26 and 1,750 MW in FY27.
Disclaimer: The views and recommendations given in this article are those of individual analysts. These do not represent the views of Mint. We advise investors to check with certified experts before taking any investment decisions.
