Key Metrics of Inox Wind
About Inox Wind
Sectors
Company details
- Website
- inoxwind.com
- Founded
- 2009
- Registered office
- Plot No. 1, Khasra Nos. 264 To 267 Industrial Area, Una, Village Basal, Himachal Pradesh, India,, Una, In-hp, 174303
- Listed
- NSE: INOXWIND · ₹59.00
Operational Areas of Inox Wind
Company summary
Entity details
Compliance
Industry classification
Financials, ratios and risk analysis
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Vendor checks & payment capacity
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Credit ratings
Rating history
Rating actions
| Date | Agency | Action | Long term | Short term | Outlook | Rated amount | Rationale |
|---|---|---|---|---|---|---|---|
| 16 Mar 2026 | CARE | Reaffirmed | A+ | A1+ | Positive | ₹1,450 Cr | View |
| 08 Aug 2025 | CARE | Reaffirmed | A+ | — | Positive | ₹1,250 Cr | View |
| 17 Jan 2025 | CARE | Upgraded (from A) | A+ | — | Stable | ₹800 Cr | View |
| 26 Sep 2024 | CARE | Reaffirmed | A | A1 | Stable | ₹800 Cr | View |
| 24 May 2024 | CARE | Assigned | A | A1 | Stable | ₹600 Cr | View |
| 02 Nov 2018 | CARE | Other | — | — | — | — | View |
| 29 May 2018 | CARE | Revised (from A-) | A- | — | Negative | ₹447 Cr | View |
| 03 Jan 2018 | CARE | Other | — | — | — | — | View |
| 18 Aug 2017 | CARE | Revised (from AA-) | A- | — | Negative | ₹260 Cr | View |
| 21 Jul 2017 | CARE | Other | — | — | — | — | View |
| 23 May 2017 | CARE | Assigned | AA- | — | Stable | ₹519 Cr | View |
Credit strengths (CARE, Mar 2026)
+ Strong group linkages by virtue of IWL being a part of INOXGFL group
IWL is a part of the INOXGFL group. The group has an established presence in speciality chemicals through its flagship company, GFL, and its presence in the renewable energy segment through IWL, Inox Green Energy Services Limited (IGESL), Inox Renewable Solutions Limited (IRSL ), Inox Clean Energy Limited (ICEL, rated ‘CARE A -; Stable’), Inox Neo Energies Private Limited (INEPL, rated ‘CARE A -; Stable’), and Inox Solar Limited (ISL , rated ‘CARE A-; Stable’).
+ Sustained operational and financial performance
The company’s operational and financial performance remained satisfactory in FY25 and 9MFY26, supported by healthy execution of WTG orders. The company executed 705 MW of WTGs in FY25 compared to 376 MW in FY24, resulting in a TOI of ₹3,557 crore in FY25 against ₹1,743 crore in FY24. The execution momentum continued in 9MFY26 with the company executing 600 MW of WTGs compared to 469 MW in 9MFY25, translating into a TOI of ₹3,153 crore in 9MFY26 against ₹2,282 crore in the
+ Established track record with long-term technology sharing agreements with AMSC Windtec
IWL is one of the leading wind turbine manufacturers in the country with an operational track of over 15 years. As on December 31, 2025, the company has an annual manufacturing capacity of ~2.5 GW of WTGs. Furthermore, IWL has long-term technology sharing agreements with AMSC Windtec for manufacturing 3.3 MW WTGs. Healthy order book providing revenue visibility for near-to-medium term The company has a healthy order book position as reflected by order book of ~3. 2 GW as of December 2025 end. Th
+ Healthy order book providing revenue visibility for near-to-medium term
The company has a healthy order book position as reflected by order book of ~3. 2 GW as of December 2025 end. The order book is well diversified across central PSUs and commercial and industrial (C&I) customers having marquee names mitigating order concentration risk to a large extent. Previously turnkey contracts constituted majority order book, whereas the group is now increasing the proportion of equipment supply orders with limited scope EPC contracts, which is expected to reduce execution -
+ O&M contracts for ~13.3 GW of wind and solar assets provides stable revenue visibility
IWL provides O&M solutions through its majority -owned subsidiary Inox Green Energy Services Limited ( IGSEL). The company has expanded its managed O&M portfolio from ~5 GW as on March 31, 2025 to ~13.3 GW as of December 31, 2025, comprising ~10.0 GW of wind and 3.3 GW of solar O&M contracts. The 13.3 GW portfolio includes investment already made by IGESL to 2 CARE Ratings Ltd. Press Release acquire 6.5 GW of wind O&M assets. The O&M portfolio under IGSEL, is spread across different IPPs with re
Credit challenges
− Elongated receivable cycle
The company’s receivable cycle stood at ~281 days as on December 31, 2025, compared to ~276 days as on March 31, 2025. The elongation is primarily attributable to receivables arising from fresh sales in 9MFY26 and pending dues from a PSU customer, where payments have been delayed due to deferment in project commissioning. Per the management, the outstanding amount from the said customer is expected to be realised over next few months, following which the receivable cycle is likely to moderate
− Susceptibility of profitability to volatility in prices of key inputs and regulatory risks
IWL is primarily engaged in manufacturing different components of WTGs, including nacelles, hubs, rotor blades, and towers. CareEdge Ratings notes that challenges with respect to increase in the prices of inputs, including aluminium, fibre composite, steel, among others, may impact the TOI and the profitability of the company . While the overall wind segment is in the turnaround phase, any adverse regulatory news may hinder the revival of wind segment and impact wind original equipment manufactu
− Dependence on working capital limits to sustain business operations
Given the nature of business operations, the company requires working capital limits to provide LCs/BGs to its suppliers and customers. As on December 31, 2025, of the total sanctioned limits, working capital utilisation stood at over 80%. Moreover, the elongated receivable cycle restricts the company’s ability to realise timely payments from customers, further straining its w orking capital requirements. T he company’s working capital cycle is inversely related to the pace of order execution, a
Could lead to an upgrade
• Improvement in scale of operations, sustained profitability margins at current levels, and moderation in working capital intensity, supported by a reduction in the debtor position.
Could lead to a downgrade
• Deterioration in the financial risk profile as reflected by the operating income remaining significantly lower than expectations, operating margins remaining lower than 12% on a sustained basis, and/or weakening of
Agency-reported financials (CARE, 16 Mar 2026)
| Metric | March 31, 2024 | March 31, 2025 |
|---|---|---|
| Total operating income | ₹3,557 Cr | ₹3,153 Cr |
| PBILDT* | ₹757 Cr | ₹693 Cr |
| Profit after tax (PAT) | ₹435 Cr | ₹345 Cr |
| Overall gearing (x) 0.4 0.2 NM | 0.40× | 0.20× |
| Interest coverage (x) | 4.50× | 5.10× |
| Revenue growth (YoY) | — | −11.4% |
| PAT margin | 12.2% | 10.9% |
Borrowings & rated debt
Rated limits over time
Facility mix
Rated facilities
| Facility | Type | Previous | Current | Change | Rating | Action | Agency |
|---|---|---|---|---|---|---|---|
| Long-term Short-term bank facilities | Working capital & bank lines | — | ₹1,450 Cr | — | A+ / A1+ (Positive) | Reaffirmed | CARE |
CARE ratings on record (checked 26 Oct 2026)
| Instrument | Amount | Rating |
|---|---|---|
| BG/LC | ₹550 Cr | CARE A+; Positive / CARE A1+ |
| LT/ST | ₹850 Cr | CARE A+; Positive / CARE A1+ |
| Term Loan | — | Withdrawn |
| Working Capital Limits | ₹50.0 Cr | CARE A+; Positive / CARE A1+ |
Lenders
| Fund-based - LT/ ST | Working Capital Limits | ICICI Bank Ltd. |
| Fund-based/Non-fund-based | LT/ST | First Abu Dhabi Bank PJSC |
| Fund-based/Non-fund-based | LT/ST | IDFC First Bank Ltd. |
| Fund-based/Non-fund-based | LT/ST | Proposed |
| Fund-based/Non-fund-based | LT/ST | Qatar National Bank Ltd. |
| Fund-based/Non-fund-based | LT/ST | Sumitomo Mitsui Banking Corporation |
| Non-fund-based - LT/ ST | BG/LC | ICICI Bank Ltd. |
Credit assessment · Manufacturing
Rating Methodology – Manufacturing Companies (Mar 2025) · Standalone accounts · FY 2025-26
Ratios, pillar scores and the indicative rating are part of Premium.
Rating status
| Default | No default on record |
| Issuer cooperation | Cooperating |
| Credit enhancement | None – standalone rating |
| Information on file | 56% · missing: Capex / investment plans, Lender details, Auditor details, Recent rating review (last 15 months) |
Indicative assessment from public data using the published methodology factors; not a credit rating.
Borrowing & funding lifecycle
- Credit outlook model: 82% chance the next rating action is stable or better
- Current rating A+ (investment grade)
- Interest coverage 5.1×
What happened, step by step
- Sep 2024 — Debt free repayment of debt free
- Aug 2025 — ₹1,250 cr raised through preference shares
“Additionally, expectations of moderation in the debtor position further support the positive outlook.Moreover, CARE Ratings Limited (CareEdge Ratings) positively factors in the proposed Rights Issue of raising upto ₹1,250 crore, which is expected to be utilised for repaying promoter’s debt which was infused in the form...”
- Sep 2024 — Debt free repayment of debt free
- Aug 2025 — ₹2,000 cr raised through equity
“INOXGFL group has infused over ₹2,000 crore in IWL over the last two-three years apart from raising funds through an IPO of IGESL.”
- Sep 2024 — Debt free repayment of debt free
- Jan 2025 — ₹1,050 cr raised
“This apart, the company has successfully raised Rs. 1050 crore and Rs. 350 crore under its O&M arm i.e.”
- May 2024 — ₹1,300 cr raised through equity from promoters
- Sep 2024 — Debt free repayment of debt free
“INOXGFL group has infused ~Rs. 1300 crore in FY24 by way of equity dilution by the promoters apart from raising funds of ~Rs. 740 crore in FY23 through an IPO of Inox Green Energy Services (IGSEL, the O&M subsidiary of IWL).”
Rated limits by facility
Timeline
From the report
Moreover, CARE Ratings Limited (CareEdge Ratings) positively factors in successful completion of the rights issue of IWL, where the company has raised ₹1,250 crore in August 2025.
From the report
INOXGFL group has infused over ₹2,000 crore in IWL over the last two-three years apart from raising funds through an initial public offer (IPO) of IGESL.
From the report
As on December 31, 2025, of the total sanctioned limits, working capital utilisation stood at over 80%.
From the report
Liquidity: Adequate The liquidity position of the company is adequate as the company has cash and bank balance of aggregating to ~₹213 crore on consolidated basis as on March 31, 2025.
From the report
Additionally, expectations of moderation in the debtor position further support the positive outlook.Moreover, CARE Ratings Limited (CareEdge Ratings) positively factors in the proposed Rights Issue of raising upto ₹1,250 crore, which is expected to be utilised for repaying promoter’s debt which was infused in the form of non-convertible non-redeemable preference shares (NCNRPS) into IWL, repayment/prepayment of external debtof IWL and its subsidiary and for general corporate purposes.The successful completion of this rights issue is expected to further improve the liquidity position of the co
From the report
INOXGFL group has infused over ₹2,000 crore in IWL over the last two-three years apart from raising funds through an IPO of IGESL.
From the report
As on June 30, 2025, of the total sanctioned limits, working capital utilisation stood at over 80%.
From the report
Liquidity: Adequate The liquidity position of the company is adequate as the company has cash and bank balance of aggregating to ~₹213 crore on consolidated basis as on March 31, 2025.
From the report
The promoter group has raised Rs. 900 crore at IWL level by diluting ~4.6% stake and re-invested the amount raised from such dilution into the company in the form of quasi equity instruments.
From the report
This apart, the company has successfully raised Rs. 1050 crore and Rs. 350 crore under its O&M arm i.e.
From the report
INOXGFL group has infused more than Rs. 2,000 crore over the last two years apart from raising funds through an IPO of IGSEL.
From the report
As on December 2024 end, out of the total sanctioned limits, working capital utilisation stood at more than 80%.
From the report
Liquidity: Adequate The liquidity position of the company is adequate as the company has cash and bank balance of aggregating to ~Rs. 568 crore on consolidated basis as on September 2024 end.
From the report
Further, during Q1-FY25, the promoter group has raised Rs. 900 crore by diluting ~4.6% stake and re-invested the amount raised from such dilution in the form of quasi equity instruments of the company.
From the report
This apart, the group has successfully raised Rs. 1050 crore through issue of preferential shares under its O&M arm, i.e.
From the report
INOXGFL group has infused more than Rs. 2000 crore over the last two years apart from raising funds through an IPO of IGSEL.
From the report
Going forward, the company is targeting to become net debt free in near future.
From the report
As on March 2024 end, out of the total sanctioned limits, working capital utilisation stood at more than 60%.
From the report
Liquidity: Adequate The liquidity position of the company is adequate as the company has cash and bank balance of aggregating to ~Rs. 840 crore on consolidated basis.
From the report
INOXGFL group has infused ~Rs. 1300 crore in FY24 by way of equity dilution by the promoters apart from raising funds of ~Rs. 740 crore in FY23 through an IPO of Inox Green Energy Services (IGSEL, the O&M subsidiary of IWL).
From the report
INOXGFL group has infused more than Rs. 2000 crore over the last two years apart from raising funds through an IPO of IGSEL.
From the report
Going forward, the company is targeting to become net debt free in near future.
From the report
As on March 2024 end, out of the total sanctioned limits, working capital utilisation stood at more than 60%.
From the report
Liquidity: Adequate The liquidity position of the company is adequate as the company has cash and bank balance of aggregating to ~Rs. 280 crore.
From the report
The company had 2 CARE Ratings Limited Press Release cash & bank balance of Rs.126.68 crore on a consolidated level as on March 31, 2018, as against Rs.419.50 crore as on March 31, 2017.
From the report
The company had cash & bank balance of Rs.214.11 crore on a consolidated level as on September 30, 2017.
From the report
The company had cash & bank balance of Rs.437.43 crore on a consolidated level as on March 31, 2017; however, part of it has been utilized subsequently.
From the report
In May 2017, Jeena & Company, one of the creditors’ of IWL, filed a petition with National Company Law Tribunal (NCLT) against IWL on account of non-repayment of Rs.0.57 crore of outstanding amount against invoices raised in March 2017.
From the report
As on March 31, 2017, the company had cash & bank balance of Rs.437.43 crore on a consolidated level.
From the report
In May 2017, Jeena & Company, one of the creditors’ of IWL, filed a petition with National Company Law Tribunal (NCLT) against IWL on account of non-repayment of Rs.0.57 crore of outstanding amount against invoices raised in March 2017.
Lender names, bank charges and audited borrowings are part of Premium.
Built from MCA charges, ICRA/CARE rating reports and audited accounts. The borrowing view is an estimate, not a lender's credit decision.
Registered office and contact
Directors and key people
Directors are read from the MGT-7 annual return and AOC-4 signatories.
Competitors of Inox Wind
Top competitors by location
| Company | Description | Domain | Founded | Location |
|---|---|---|---|---|
 NTPC Limited |
Power Generation & Utilities · Oil, Gas & Energy | ntpc.co.in | 1975 | New Delhi, India |
 ADANI GREEN ENERGY LIMITED |
Renewable Power · Electricity, Gas and Water companies | adanigreenenergy.com | 2015 | Ahmedabad, Gujarat, India |
 JSW Energy |
Renewable Power · Oil, Gas & Energy | jsw.in/energy | — | Mumbai, India |
| Renewable Power · Oil, Gas & Energy | seci.co.in | — | India | |
 Suzlon Energy |
Part of Suzlon Group. | suzlon.com | 1995 | Ahmedabad, India |
| Renewable Power · Oil, Gas & Energy | tatapowerrenewables.com | — | India | |
| STERLING AND WILSON RENEWABLE ENERGY LIMITED | Renewable Power · Oil, Gas & Energy | — | — | Mumbai, Maharashtra, India |
| SAATVIK GREEN ENERGY LIMITED | · Electricity, Gas and Water companies | — | — | Haryana, India |
 SJVN |
Renewable Power · Oil, Gas & Energy | sjvn.nic.in | — | Shimla, India |
| Renewable Power · Electricity, Gas and Water companies | ngel.in | — | New Delhi, Delhi, India |
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Charges (secured borrowings)
0 registered charges. Lenders, amounts and dates are part of the premium plan.
Statutory auditors
Auditors are read from the AOC-4 auditor's report section.
Business activities and related parties
wind power
Filings
No filings on record yet.