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The Ministry of New and Renewable Energy's (MNRE) draft notification mandating domestic sourcing is expected to significantly reduce the competitiveness of Chinese manufacturers in the Indian wind energy market, said Devansh Jain, Executive Director of INOXGFL Group. “With respect to ongoing bids, or bids which will come in as we move forward, it is going to be increasingly difficult for some of our Chinese colleagues to take in orders, given the fact that you had a lot of C-grade component dumping happening in India. Now, with this notification and law going into force, that entire cost, so called cost arbitrage is completely gone,” Jain added.
In a significant policy move aimed at strengthening India's renewable energy manufacturing base, the Ministry of New and Renewable Energy has released a draft notification mandating the domestic sourcing of critical wind turbine components — blades, towers, gearboxes, and generators. Once finalised, the policy will require all wind turbine manufacturers to procure these key elements locally. Jain highlighted that INOX Wind is already compliant with most of the upcoming regulations, with 70–75% of its turbines currently being domestically manufactured.
Despite some imported components in its current mix, Jain clarified that cost implications will be insignificant. “We have a large enough local ecosystem to shift our remaining sourcing, and the phased timeline gives us adequate room,” he said. Over the past two years, the government has made strong progress in addressing many operational challenges in the wind energy sector.
Jain said the new rule is a major step toward strengthening India’s local supply chain and ensuring long-term stability in the industry. Inox Wind has also made significant headway on its 1,500 MW framework agreement with CESC subsidiary, Purvah Green. Of this capacity, 990 MW of turnkey projects are currently under execution across three states.
The commissioning of these projects is expected to begin in FY26. The remaining 500 MW is also expected to move into execution soon. While the company did not comment on specific - earnings before interest, taxes, depreciation, and amortisation (EBITDA) contributions from the deal, it has raised its EBITDA guidance multiple times over the last few quarters.
It is currently targeting margins of around 18%, with historical performance suggesting it has typically done even better. Inox Wind's current market capitalisation is ₹22,034 crore. The stock was trading at ₹169.
07 as of 12:50 pm on the NSE. It has gained 14% over the last year. Watch accompanying video for more Also Read | Suzlon Energy, Inox Wind shares rise up to 5% on this notification on wind turbine models.
