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Inox Wind Limited (IWL), a wind energy solutions provider, has sold a stake worth ₹175 crore in its EPC subsidiary, Inox Renewable Solutions Ltd. (formerly Resco Global Wind Services Pvt. Ltd.), to investors at a valuation of ₹7,400 crore.
The latest announcement comes shortly after the National Company Law Tribunal (Chandigarh bench) approved the merger of Inox Wind Energy Ltd. (IWEL) into IWL on June 10, 2025, strengthening the company’s balance sheet by reducing liabilities by about ₹2,050 crore.
Building on Healthy Financial Results
The group’s corporate actions build on IWL’s strong financial results for the quarter ended June 30, 2025. The company posted revenues of ₹863 crore, up 32% year-on-year, while EBITDA rose 39% to ₹220 crore. Profit before tax surged 167% to ₹138 crore, resulting in a 134% jump in profit after tax to ₹97 crore, despite a ₹40 crore deferred tax charge. Cash PAT grew 168% year-on-year to ₹186 crore, marking the company’s highest-ever first-quarter performance.
The stake sale while helping discovering a price for the subsidiary, also marks out plans for a possible future listing separately, or even fund raising by the parent, which has moved to occupy more spaces in the renewable energy space. Inox has already announced and started EPC services in the solar space, becoming one of the few firms to be heading outside wind energy.
The wind energy market in India has been consolidating as key foreign players move out, due to cost pressures as well as challenges in their home markets. Indian players like Inox and Suzlon have grabbed the opportunity to take on O&M services for their own, and other brands as well. The dawn of higher hybrid share of projects has also been a plus for wind energy firms,
The only challenge remains the issue of costs, which continue to put pressure on bottomline growth, even as profits have finally become possible. Expansion of margins significantly seems very tough, considering the high resistance to price increases by developers, and their end customers, discoms.