Suzlon Energy Vs Inox Wind: Which Renewable Stock To Bet After Record FY25 Performance?

Last Updated:June 02, 2025, 11:50 IST

Suzlon Vs Inox Wind: Suzlon Energy and Inox Wind are key players in renewable energy. Both reported strong FY25 results, raising investor interest. Which stock to pick?

Suzlon Energy Vs Inox Wind: Which stock to pick?

Suzlon Energy Vs Inox Wind: Suzlon Energy and Inox Wind are both staunch competitors in the renewable power generation field. Both companies have delivered strong quarterly and yearly results for the quarter and year ended March 31, 2025, raising the interest among investors’ confidence in the growing domain.

With a target of 500 GW power generation from renewable energy by 2030, the Indian government is giving full support and ease of policies to let private players utilize the opportunity in the field.

When both companies are doing well, it leads a confusion among investors – Should I pick Suzlon Energy or Inox Wind?

When it comes to picking a stock between two, the rationale says to break down on several factors – financials, fundamentals, share price history, management’s vision to the name a few.

Suzlon Energy is one of India’s leading renewable energy solutions providers, primarily focused on wind power. Headquartered in Pune, the company has over 21 GW of wind energy installations across 17 countries. On the other hand, Inox Wind is a part of the INOXGFL Group and is a major player in India’s wind energy sector. It offers integrated wind solutions—from manufacturing key components like turbines and towers to project execution and O&M services.

Suzlon Energy Vs Inox Wind Share Price Movement

Suzlon Energy’s shares climbed 12 per cent in the past five sessions post, with sharp gain post the Q4 FY25 results. Meanwhile, Inox Wind’s shares are down half a percent in the past five sessions. But the one month return is positive at 15 per cent gain.

Suzlon Energy Vs Inox Wind: Financials – Revenue, PAT, EBITDA, Margin

Suzlon Energy’s consolidated revenue rose 67% year-on-year to Rs 10,851 crore in FY25, compared to Rs 6,497 crore in FY24. The company’s EBITDA grew 81% to Rs 1,857 crore, while Profit Before Tax (PBT) more than doubled, jumping 103% to Rs 1,447 crore. This reflects strong execution, cost discipline, and a favourable market environment for renewables.

A standout highlight was Suzlon’s Profit After Tax (PAT), which came in at Rs 2,072 crore, significantly higher than Rs 660 crore in the previous year, aided by a deferred tax asset (DTA) recognition of Rs 638 crore. Backed by strong operations and cash flow generation, the company ended the year with a firm order book of 5.6 GW and a solid net cash position of Rs 1,943 crore, positioning itself strongly for India’s push towards 100 GW wind capacity by 2030.

Inox Wind Limited (IWL) delivered a record-breaking performance in FY25, with consolidated revenue jumping 105% YoY to Rs 3,702 crore, while EBITDA surged 167% to Rs 918 crore. The company posted a Profit After Tax of Rs 438 crore, a remarkable turnaround from a loss of Rs 48 crore in FY24. Cash PAT rose eightfold to Rs 734 crore. The company executed 705 MW of wind projects during the year (up 88% YoY), including 236 MW in Q4 alone, reflecting strong momentum in project deliveries.

The order book stood at a robust 3.2 GW at the end of FY25, with 1.5 GW of fresh order inflows during the year, supported by marquee clients like NTPC, CESC, and Hero Future Energies. The merger between Inox Wind Energy and IWL has been approved by the NCLT, leading to a balance sheet boost with liability reduction of ~Rs 2,050 crore.

Suzlon Energy Vs Inox Wind: Management Outlook

Suzlon Energy is looking to achieve net-zero Scope 1 & 2 emission before 2035. Himanshu Mody (CFO): “One of our best years with growth across key metrics. Strong cash flows and disciplined capital management will support future expansion.”

Kailash Tarachandani, Group CEO, Renewable Business, INOXGFL Group said We believe that with the robust outlook for the wind industry in India, demand for wind OEMs and service providers will continue to be strong going ahead.”

Suzlon Energy Vs Inox Wind: Fundamentals

Suzlon Energy trades at a P/E of 47.2 and a P/B of 24.81, indicating a higher valuation compared to Inox Wind, which has a P/E of 55.9 and a P/B of 11.38. Suzlon Energy exhibits stronger profitability metrics with an ROE of 41.3% and ROCE of 32.4%, surpassing Inox Wind’s ROE of 13.2% and ROCE of 11.5%.

Suzlon Energy Vs Inox Wind: Share Price Target 2025

JM Financial has maintained BUY rating for Suzlon Energy, with a revised target price of Rs 81 per share based on a 35xFY2Y27 EPS. “With the manufacturing capacity of 4.5 GW and order book of 5.5 GW, company is confident of 60% growth in key performance parameters like deliveries. India’s wind energy momentum, which was once perceived as constrained, is now on an accelerated path driven by the demand for hybrid renewable projects, ensuing control on imports from China, and improved visibility on execution. Considering deliveries of 2500 MW/3100 MW in FY26/FY27.”

For Inox Wind, JM Financial has maintained BUY rating with the target price of Rs 216 on FY27E. “We expect execution of wind projects by IWL to accelerate from 705MW in FY25 to 1,150MW/ 1,750MW in FY26/FY27, which will result in Revenue/ EBITDA/ Adj. PAT CAGR of 45%/ 46%/ 55% during FY25-28.”

Disclaimer: The views and investment tips by experts in this News18.com report are their own and not those of the website or its management. Users are advised to check with certified experts before taking any investment decisions.

Varun Yadav

Varun Yadav is a Sub Editor at News18 Business Digital. He writes articles on markets, personal finance, technology, and more. He completed his post-graduation diploma in English Journalism from the Indian Inst…Read More

Varun Yadav is a Sub Editor at News18 Business Digital. He writes articles on markets, personal finance, technology, and more. He completed his post-graduation diploma in English Journalism from the Indian Inst… Read More

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