If someone has been following the Indian stock market in the last couple of months, they would have realized that wind energy has regained its lost glory. After solar energy hogged the limelight for quite some time, there is an increase in the chatter around wind energy. The discourse on companies such as Suzlon share price and Inox Wind has gained significantly and so have their share prices.
But what could be the drivers for such a huge increase in the demand for these stocks?
Well, it is their supportive policy regime, increase in order book, and transformation that make these companies more attractive to investors. Let us try and understand these factors better.
Policy Tailwind
One of the major reasons behind the revival of interest in wind energy is the government’s target for achieving 100 GW of installed wind capacity by 2030 and 156 GW by 2036. This is a huge jump from the current 56 GW of installed capacity.
Another positive development is the government’s initiative to set up a supply chain coordination portal called WT-MARUT. It should help ease the coordination between various stakeholders which in turn will reduce complexities for turbine manufacturers.
Order Book Growth
Apart from a supportive policy regime, the healthy growth in the order books of these two companies has increased the investor confidence. Suzlon’s order book for FY26 is at around 5.7 GW as of March 2026. This translates into a view of revenue for over 2 years with their FY26 deliveries at 2.2 GW.
Inox Wind has also seen an increase in its order book. It has bagged a ₹755 crore deal for a turnkey project from Indian Oil Corporation and a ₹1,600 crore repeat order from NLC India. The order book for the FY26 is at 4.7 GW.
The Transformation
There is also a significant change in the business structure of the two companies. Suzlon is witnessing a turnaround as it is moving away from being just a turbine manufacturer to a renewable energy company. Suzlon’s management believes that its “Suzlon 2.0” will create sustainable value for its shareholders.
The business consists of project development, EPC and operation and management of renewable energy projects. Brokerage firms such as UBS and ICICI Securities are estimating Suzlon’s revenue to grow 25% CAGR till FY31. Its renewable order book is expected to rise from 5.5 GW at the end of FY26 to 15 GW by FY31.
On the other hand, Inox Wind share price is focusing on its core competency of being an integrated manufacturer and making wind turbines. It makes critical components like hubs, nacelles, blades, and tubular towers. It offers a competitive advantage over its peer companies, having delivered and managed turnkey EPC solutions for the next 10 years. The company’s products and services are in demand among the government bodies and commercial clients.
| Driver | Suzlon | Inox Wind |
|---|---|---|
| Order Book | ~5.7 GW (Mar 2026) | 4.7 GW |
| Key Strategy | Suzlon 2.0: Full-stack RE platform | Integrated manufacturing + turnkey EPC |
| Recent Wins | Strong institutional pipeline | ₹755 cr (Indian Oil), ₹1,600 cr (NLC) |
| Valuation View | Bullish (Target ₹65-₹72) | Add/Buy (Target ₹130) |
What Investors Should Watch Out For
India’s renewable energy demand is growing at a rapid pace and it is no longer confined to solar energy. The renewable energy sector is witnessing a transition from solar to hybrid, and wind is witnessing consistent growth. The discussion around wind energy and hybrid projects will continue to dominate the conversation around the renewable energy sector for months to come.
But the bigger question is, what could drive the demand for these stocks further? The two prime movers for the entire sector, namely Suzlon and Inox Wind, have a huge headwind in terms of project execution, and land acquisition. But the market believes that they will overcome these challenges which make them an attractive buy for the investor.
