Inox Wind Secures 51 MW Tamil Nadu Order from First Energy — What It Means for the Stock and Renewable Sector
In a significant boost to India’s renewable energy sector, Inox Wind has bagged a major order from First Energy, a Thermax Group company. The order, totaling 51 MW, marks the first collaboration between the two companies and reinforces Inox Wind’s stronghold in the wind energy domain. This move is expected to influence the Inox Wind share price and spark new investor interest amid recent volatility in the stock.
Here’s a full breakdown of the deal, its implications for Inox Wind’s business and stock performance, and why investors are watching closely.
About the Order: A Strategic Win for Inox Wind
Inox Wind Limited (IWL) will supply its state-of-the-art 3 MW wind turbines for the project, featuring a hub height of 140 meters and a rotor diameter of 145 meters. These wind turbines will be installed at a site in Tamil Nadu, developed by First Energy’s special purpose vehicle (SPV) named First Energy 10 Private Limited.
The order also includes a limited-scope EPC (Engineering, Procurement and Construction) service package, covering site supervision during the project and a multi-year operations and maintenance (O&M) contract post-commissioning. All EPC and O&M services will be executed by IWL’s subsidiaries.
Who Is First Energy?
First Energy Private Limited (FEPL), a part of the Thermax Group, is a key player in India’s commercial and industrial (C&I) renewable energy segment. As demand for clean energy rises across commercial and industrial sectors, partnerships like these enable FEPL to scale its offerings and deploy solutions faster.
Commenting on the development, Sanjeev Agarwal, CEO of Inox Wind, stated, “This order reaffirms our commitment to delivering end-to-end renewable solutions. We are proud to be First Energy’s chosen partner for this vital project that contributes directly to India’s energy transition goals.”
Inox Wind Share Price Movement: Volatility Meets Opportunity
Following the announcement, Inox Wind shares opened higher on the BSE on July 23, quoting at ₹166.80, up ₹1.30 or 0.79%. However, the stock has been showing mixed performance lately. On the previous trading day, the stock closed at ₹165.50, down 0.81% or ₹1.35.
Looking at its historical range, the Inox Wind share price has a 52-week high of ₹262.10 (on September 23, 2024) and a low of ₹130.20 (on January 28, 2025). The stock currently trades nearly 36% below its peak and 28% above its low, indicating it may be in a consolidation or accumulation phase.
With a market capitalization of ₹27,090.44 crore, Inox Wind remains a key player in India’s renewable energy infrastructure space.
Rights Issue for Fundraising: ₹1,250 Crore Plan
In a parallel development, the Inox Wind board, at its meeting on July 17, approved a rights issue worth up to ₹1,250 crore. This is expected to strengthen the company's balance sheet and fund future growth, including manufacturing, project execution, and service infrastructure.
The issue involves the sale of equity shares of ₹10 each to eligible shareholders as on the record date. Investors see this as a bullish move, aligning with Inox Wind’s increasing project pipeline and demand for renewable energy solutions.
Why This Order Matters: Strategic and Financial Implications
- This is the first collaboration between First Energy and Inox Wind, opening the door for future projects.
- It showcases the company’s engineering capability with 3 MW turbine class technology, suited for large-scale commercial applications.
- Inox Wind gets long-term O&M revenue visibility from multi-year service agreements.
- The EPC component provides additional margin accretion and project control.
Stock Outlook: Can Inox Wind Regain Momentum?
Despite being a long-term favorite among renewable energy investors, Inox Wind stock has underperformed in 2025, with a YTD decline of 12%. The recent 51 MW order and fundraising approval could act as near-term catalysts for a re-rating.
According to analysts, sustained order inflows and execution progress will be key to a recovery. Investors should watch for updates on the Tamil Nadu project and subscription details of the rights issue.
Technical Perspective
The stock seems to be forming a support zone near ₹160–₹165. A breakout above ₹175 could pave the way toward ₹200 in the short to medium term. However, resistance around ₹190–₹200 may act as a barrier unless backed by volume and fresh order wins.
Conclusion: Is Inox Wind a Long-Term Buy?
With India aiming for 500 GW of non-fossil fuel capacity by 2030, companies like Inox Wind are poised for growth. The partnership with First Energy and the planned ₹1,250 crore capital raise make a compelling case for long-term investment.
However, investors must consider short-term volatility and the impact of macroeconomic factors before committing. For those interested in India’s clean energy future, Inox Wind remains a promising player to watch.
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Note: Share prices and performance data are as of July 23, 2025. Please check live data before making investment decisions.
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