Inox Wind wins repeat Rs 755 crore turnkey order from Indian Oil

Inox Wind Limited has secured a repeat 100 MW turnkey wind-energy order from Indian Oil Corporation Limited, with the contract valued at approximately Rs 755 crore.

The order covers the supply of wind turbine generators, engineering, procurement and Construction, project execution, and post-commissioning operations and maintenance services for 10 years. The company announced the contract in Noida on September 3, 2026, but did not disclose the project location, execution timeline or expected commissioning date.

Indian Oil, a Maharatna public sector undertaking and India’s largest oil marketing company, is returning to Inox Wind for the project. Repeat orders are particularly relevant in the wind sector, where execution depends not only on turbine supply but also on land readiness, grid connectivity, infrastructure development, statutory approvals and long-term machine performance.

At about Rs 755 crore, the contract is equivalent to roughly 17 per cent of Inox Wind’s FY26 net sales of Rs 4,397.12 crore. While the order value cannot be treated as immediate revenue because execution schedules have not been disclosed, it adds meaningful visibility to the company’s turbine supply, EPC and service pipeline.

The 10-year O&M component also broadens the order beyond an equipment transaction. Inox Wind’s operating model includes remote monitoring, preventive maintenance, site-level support and turbine-performance management after commissioning. Long-duration service contracts can provide a recurring revenue stream, although the timing of billing and recognition remains dependent on contract terms and project completion.

The Indian Oil order comes after Inox Wind had indicated in its July 2026 investor communication that its Order Book stood at around 4.4 GW, offering more than 24 months of revenue visibility. The company had said that equipment supply accounted for about 59 per cent of the third-party order book, while turnkey projects made up the remaining 41 per cent.

Management has been shifting the order mix towards equipment supply, arguing that this model offers greater flexibility in allocating turbines to customer sites that are ready for installation. Turnkey orders, however, remain strategically important because they allow the company to participate across the project lifecycle, including EPC and O&M services. The Indian Oil order fits this integrated model and adds a public-sector customer to its portfolio of independent power producers, commercial and industrial customers, and PSUs.

Kailash Tarachandani, Group CEO of the renewables business at INOXGFL Group, said the repeat order reflected institutional customers’ confidence in the company’s execution capabilities. He added that public-sector organisations and large enterprises are increasingly seeking partners capable of handling wind projects from turbine supply through long-term operations support.

The contract follows another PSU-linked order announcement in July, when Inox Wind disclosed a repeat 200 MW turnkey letter of award from NLC India. Together, the orders indicate that the company continues to retain a presence in turnkey execution even as it seeks to increase the proportion of equipment-led contracts.

Inox Wind’s recent financial performance provides a mixed near-term backdrop. For the latest reported quarter, net sales were Rs 814.1 crore, down 34.57 per cent sequentially and marginally lower year-on-year. Profit after Tax stood at Rs 64.09 crore, compared with Rs 105.68 crore in the preceding quarter. Management has attributed part of the near-term volatility to the transition in order mix and has maintained its FY27 revenue-growth guidance of about 75 per cent, with consolidated EBITDA margin guidance of 20 to 22 per cent.

Execution will remain the key variable for the Indian Oil order, particularly given the undisclosed project schedule and the broader dependency of wind projects on site development, approvals and grid evacuation. Inox Wind’s share price closed at Rs 70.42 on September 2, before the announcement, and was down 51.11 per cent over the preceding year, trading close to its 52-week low of Rs 69.43.

Disclaimer: The article is for informational purposes only and not investment advice.