India’s renewable energy dream is gaining strong momentum. With the government aiming to generate 500 GW of power from clean sources, private players in the wind energy sector are stepping up. Two big names, Suzlon Energy and Inox Wind, have delivered strong results in FY25, grabbing the attention of investors.
But when both stocks look promising, the question arises – which stock should you consider for investment in FY25? Let’s compare their performance, future outlook, and stock targets to help you decide.
Government Push and Sector Opportunity: Wind Energy to Power India’s Future
The Indian government is heavily backing clean energy. As part of its climate targets, the push towards wind and solar energy is stronger than ever. This creates huge business potential for companies like Suzlon and Inox Wind. Not just in manufacturing, but in offering complete wind energy solutions – from turbines to operations and maintenance – these companies stand to gain in the coming years.
The demand for hybrid energy models (solar + wind) and the slowdown in equipment imports from China also give local players more space to grow.
Suzlon Energy: Strong Revenue Growth and Record Profit in FY25
Suzlon Energy, headquartered in Pune, has installed over 21 GW of wind energy projects in 17 countries. In FY25, the company delivered excellent financial results.
Key Highlights of Suzlon’s FY25 Performance:
- Revenue: Rs. 10,851 crore – up 67% from Rs. 6,497 crore in FY24
- EBITDA: Rs. 1,857 crore – up 81%
- PBT (Profit Before Tax): Rs. 1,447 crore – up 103%
- Net Profit (PAT): Rs. 2,072 crore – more than 3x increase from Rs. 600 crore in FY24
- Order Book: 5.6 GW
- Net Cash Position: Rs. 1,943 crore
A big part of this jump in profit came from a Deferred Tax Asset (DTA) of Rs. 638 crore.
The company’s management looks confident. Suzlon aims to achieve net-zero emissions (Scope 1 & 2) by 2035. Their CFO, Himanshu Modi, said that the company will focus on strong cash flow and disciplined capital management to support future growth.
Inox Wind: Massive Turnaround with Profit and Order Wins
Inox Wind, part of the InoxGFL Group, also delivered a major performance jump in FY25. From being a loss-making company in FY24, it turned into profit and scaled up operations.
Key Highlights of Inox Wind’s FY25 Performance:
- Revenue: Rs. 3,702 crore – up 105%
- EBITDA: Rs. 918 crore – up 167%
- Net Profit: Rs. 438 crore – turnaround from Rs. 48 crore loss in FY24
- Order Book: 3.2 GW (includes 1.5 GW of fresh orders in FY25)
- Project Execution: 705 MW – up 88% YoY
Inox Wind also got approval for the merger with Inox Wind Energy, which led to a major improvement in its balance sheet. The company’s debt reduced by Rs. 2,050 crore after this move.
Big clients like NTPC, Hero Future Energies, and CESC have awarded new projects, which add more strength to its pipeline.
According to the group’s CEO of Renewable Business, Kailash Tarachandani, the company expects high growth in wind energy demand in the coming years and plans to meet the rising needs of the sector.
Share Price Performance: Which Stock Moved Faster?
Suzlon Energy:
- Stock rose 12% in the last five trading sessions post FY25 results
- Delivered consistent returns over the last few quarters
Inox Wind:
- Stock fell 0.5% in the last 5 sessions
- Delivered nearly 15% return in the last month
While Suzlon has been a steady performer in the market recently, Inox Wind shows signs of sharp growth after its turnaround.
Brokerage Ratings and Target Prices for FY25–FY27
Both stocks have attracted positive outlooks from brokerage firms.
Suzlon Energy:
- Target Price: Rs. 81 per share
- Broker: JM Financial
- Basis: FY27 EPS at 35x P/E multiple
- Delivery Growth Expectation: 2,500 MW in FY26 and 3,100 MW in FY27
- Factors like hybrid demand and Make-in-India support may help Suzlon grow faster.
Inox Wind:
- Target Price: Rs. 216 per share
- Broker: JM Financial
- Delivery Expectation:
- FY25: 705 MW (already done)
- FY26: 1,150 MW
- FY27: 1,750 MW
- Estimated CAGR (FY25 to FY28): 45% to 55%
Even though Suzlon has a bigger order book and wider reach, Inox Wind’s recent momentum and debt reduction make it an exciting stock to watch.
Key Differences Between Suzlon and Inox Wind for Investors
| Parameter | Suzlon Energy | Inox Wind |
| FY25 Revenue | Rs. 10,851 crore | Rs. 3,702 crore |
| Net Profit FY25 | Rs. 2,072 crore | Rs. 438 crore |
| Order Book | 5.6 GW | 3.2 GW |
| Net Cash / Debt Position | Rs. 1,943 crore net cash | Reduced debt by Rs. 2,050 crore |
| Project Execution FY25 | Not specified | 705 MW |
| FY27 Target Price (Broker) | Rs. 81 | Rs. 216 |
| Future Guidance | Focus on net-zero, capacity growth | Growth in demand, large orders |
Investment View: Suzlon for Stability, Inox for Momentum
If you’re a long-term investor looking for steady performance, Suzlon might be the safer pick with its strong cash flow and big order book.
If you prefer momentum and believe in turnaround stories, then Inox Wind looks attractive with its improving balance sheet and fresh orders from large clients.
Disclaimer: Investment in stocks is subject to market risks. Please consult your financial advisor before investing. The above analysis is based on publicly available financial reports and broker estimates.
Sources: Moneycontrol, JM Financial
