Inox Wind shares in news as firm bags repeat order from large C&I player

Shares of Inox Wind Ltd, a wind energy solutions provider, will be in focus on Tuesday morning after the company informed stock exchanges that it has bagged an order for 279 MW from a large C&I player. The order is for Inox Wind's latest 3 MW Wind Turbine Generators (WTGs), and the scope comprises of a mix of equipment supply with limited scope EPC for 180 MW and end-to-end turnkey execution for 99 MW.

"Additionally, Inox Wind will also provide post commissioning multi-year operations & maintenance (O&M) services. The project will be executed by June 2025, with the WTGs being installed across Rajasthan and Gujarat, Inox Wind said in a BSE filing.

The repeat order is from a large C&I customer for which Inox Wind has already executed 325 MW of orders till date, the company said without naming the client's name.

Inox Wind shares are up 316.01 per cent year-to-date. In the last one month, the multibagger stock has gained 60.17 per cent.

CEO Kailash Tarachandani said: "We are excited to announce a large order from a customer with whom we enjoy a longstanding relationship. This order highlights Inox Wind’s strong capabilities in end-to-end turnkey wind projects as well as pure-play equipment supplies, as we move towards having an equal proportion of both in our consolidated order book going ahead. This repeat order is a testimony of our capabilities and credentials as a strong partner."

Tarachandani said the order as and the company's order inflow pipeline reinforces its commitment towards achieving substantial growth in execution and profitability in FY25 and beyond.

Earlier this month, Inox Wind announced the completion of infusion of Rs 800 crore into the company by its promoter Inox Wind Energy Ltd. On October 31, the promoter group completed the successful fund raise of Rs 800 crore through an equity share sale of Inox Wind on the stock exchanges, facilitated via block deals. The share sale witnessed participation of several marquee long-only foreign and domestic investors. The funds received will be utilised to repay Inox Wind's existing debt, the company told stock exchanges earlier this month.