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Unlisted shares are illiquid and carry higher risk than listed securities. Prices are indicative, not live. Read the risk disclosure.
Credit Rating (CRISIL)
CARE A
Rates the company's debt-servicing ability — not the quality or value of its shares.
Rated: 27 Mar 2026
View Full ReportValuation
Financials (FY2024)
Source: CRISILInvestment Thesis
INOX Renewable Solutions Limited is a strategically positioned wind energy EPC company backed by the credible INOX Group. Incorporated in 2020 to capture the renewable energy EPC opportunity, it benefits from the group's turbine manufacturing capabilities, strong project execution experience, and Gujarat's favorable wind energy ecosystem. While still building its standalone track record, the structural tailwinds of India's 500 GW RE target by 2030 make this an interesting long-term play in the unlisted space.
Pros
Cons
Business Segments
Wind Energy EPC Services
End-to-end engineering, procurement, and construction services for wind energy projects including site assessment, civil works, turbine installation, grid connectivity, and commissioning.
Operations & Maintenance (O&M) Support
Post-commissioning operations and maintenance services for wind farms, ensuring optimal plant performance and availability.
Project Advisory & Development Services
Advisory and development consulting services for renewable energy project developers, including feasibility studies and regulatory clearances.
Revenue Model
Revenue is primarily contract-based, earned through EPC contracts for wind energy project development. Contracts may be fixed-price or cost-plus, with revenue recognized on a percentage-of-completion basis. Recurring O&M contracts provide a steady annuity-like income stream post-project commissioning.
Detailed Analysis
Growth Plans
India's target of 140 GW wind capacity by 2030 requires large-scale EPC execution, creating substantial opportunity
INOX Wind's growing order book generating downstream EPC demand
Offshore wind policy development opening a new frontier for EPC players
Hybrid (wind + solar) project tenders increasing EPC contract values
Recent Developments
India accelerated wind energy project awards in 2024 with SECI and state discoms tendering large-scale wind projects. INOX Renewable Solutions, backed by the INOX Group supply chain, is positioned to capture EPC orders in this environment.
2024INOX Wind Limited (listed group entity) reported a robust order book exceeding 3 GW in FY2024, signaling strong downstream demand for EPC services that benefit INOX Renewable Solutions.
2024Gujarat state government announced enhanced incentives for wind energy projects, directly benefiting EPC developers operating in the state.
2023Comparable Companies
INOXWIND · ~INR 10,000 Cr
SUZLON · ~INR 55,000 Cr
Frequently Asked Questions
About INOX Renewable Solutions
INOX Renewable Solutions Limited is a subsidiary of INOX Wind Limited (NSE: IWEL) and a part of the INOXGFL Group. Formerly named Resco Global Wind Services Limited, the company was renamed to INOX Renewable Solutions Limited on 4 December 2024. Incorporated under CIN U40106GJ2020PLC112187, the company specialises in Erection, Procurement, and Commissioning (EPC) services for wind turbine generators across India. The company provides comprehensive end-to-end wind project execution services including wind resource assessment, site acquisition support, civil and electrical infrastructure development, erection of wind turbine generators, and post-commissioning operations. Revenue reached Rs.216 crore for FY2024, reflecting growing wind energy project execution in India where the government has set ambitious targets for wind capacity addition. Key directors include Venkatesh Sonti (Director) — a mechanical engineering graduate with 41 years of power industry experience including 20+ years in wind power — and Bindu Saxena (Independent Director). The INOX Group's wind energy ecosystem includes INOX Wind (turbine manufacturing), INOX Wind Energy (holding company listed on NSE), and INOX Green Energy Services (wind O&M, listed on NSE: INOXGREEN), creating a fully integrated wind energy supply chain from manufacturing to project execution to operations. India's wind energy sector is experiencing strong growth — the government targets 140 GW of wind capacity by 2030 (from ~45 GW today), requiring significant acceleration in annual wind capacity additions. INOX Renewable Solutions is positioned to benefit from this policy-driven demand with its established EPC capabilities and INOX Group's wind turbine supply chain.
Key Milestones
2020: INOX Renewable Solutions Limited incorporated in Gujarat as part of the INOX Group's strategic expansion into renewable energy EPC services
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Unlisted shares are illiquid and carry higher risk. Pricing is indicative, not live, and these are private off-market transactions with no exchange settlement guarantee. Read the full risk disclosure.
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Government push for domestic manufacturing under the Production Linked Incentive scheme supporting the broader INOX ecosystem
Industry Tailwinds
India's target of 140 GW wind capacity by 2030 requires large-scale EPC execution, creating substantial opportunity
INOX Wind's growing order book generating downstream EPC demand
Offshore wind policy development opening a new frontier for EPC players
Hybrid (wind + solar) project tenders increasing EPC contract values
Government push for domestic manufacturing under the Production Linked Incentive scheme supporting the broader INOX ecosystem
Industry Headwinds
Intensifying competition from large EPC players like Torrent, Adani, and L&T in renewable space
Interest rate environment and project financing conditions affecting developer investment decisions
Grid integration challenges limiting wind capacity deployment in certain states
Potential delays in ISTS waiver policy continuation affecting project economics
Key Strengths
Strong group linkages by virtue of ISL being part of the INOXGFL group
Healthy orderbook position providing revenue visibility over the near term
Strong financial position characterised by unleveraged capital structure
Key Weaknesses
Susceptibility of profitability to volatility in key input prices
High level of competitive intensity in the renewable energy EPC segment
Dependence on working capital limits to sustain business operations
Downward Factors
Deterioration in financial risk profile as reflected by lower-than-expected profitability margins and increase in operating cycle
Decline in total outside liabilities to tangible net worth (TOL/TNW) beyond 3.0x on a sustained basis
Weakening of the credit profile of the parent, IWL, or change in linkages/support philosophy between the parent and IRSL
Debt-to-equity ratio of 5.10x (FY2024) indicates elevated leverage — increases financial risk in downturns
Source: Financial data
Interest coverage ratio of 0.70x (FY2024) — EBIT does not fully cover interest expenses; risk of debt default
Source: Financial data
Wind EPC projects are complex and prone to delays due to land acquisition challenges, grid infrastructure unavailability, and weather-related construction disruptions.
Source: Media Reports / Public Records
Steel, copper, and other materials used in wind project construction are subject to global price volatility, which can compress EPC margins if contracts are fixed-price.
Source: Company Financial Filings
Wind energy project economics depend on government feed-in tariffs, renewable purchase obligations, and power purchase agreement terms. Policy changes can delay or cancel projects.
Source: AlphaHub Research
Heavy reliance on a few large clients and the INOX Wind turbine supply chain creates concentration risk. Diversification of the customer and supplier base is important for long-term resilience.
Source: Regulatory Filings
As an unlisted company, shares have very limited secondary market liquidity. Investors may face difficulty exiting their positions.
Source: Media Reports / Public Records
Susceptibility of profitability to volatility in key input prices
Source: AlphaHub Research
High level of competitive intensity in the renewable energy EPC segment
Source: AlphaHub Research
Dependence on working capital limits to sustain business operations
Source: AlphaHub Research
Wind EPC projects are complex and prone to delays due to land acquisition challenges, grid infrastructure unavailability, and weather-related construction disruptions.
Steel, copper, and other materials used in wind project construction are subject to global price volatility, which can compress EPC margins if contracts are fixed-price.
Wind energy project economics depend on government feed-in tariffs, renewable purchase obligations, and power purchase agreement terms. Policy changes can delay or cancel projects.
Heavy reliance on a few large clients and the INOX Wind turbine supply chain creates concentration risk. Diversification of the customer and supplier base is important for long-term resilience.
As an unlisted company, shares have very limited secondary market liquidity. Investors may face difficulty exiting their positions.
2020–2022: Company established internal EPC capabilities leveraging INOX Wind's turbine supply chain and group execution expertise
2022–2024: Commenced executing wind energy EPC contracts across key wind states including Gujarat, Rajasthan, and Tamil Nadu
2024–2025: Positioned as a growing EPC player in line with India's accelerated wind capacity addition targets under the National RE Mission
INOX Group (Devansh Jain / Pavan Kumar Jain family)
