Wind Power in India: Policy Push Strong, Investor Patience Needed

India’s clean energy ambitions hinge on scaling wind power, with targets of 100 GW by 2030 and 400 GW by 2047. Yet, execution challenges have weighed on investor sentiment, with

and correcting sharply in 2025. While order-books are robust and government support remains strong, profitability has been volatile due to land, grid, and storage constraints. The sector’s long-term potential is intact, but near-term returns depend on resolving bottlenecks and sustaining margins. India aims for net zero by 2070, with renewables forming 500 GW of 777 GW total capacity by 2030. Wind’s share is set to rise from <11% today to 100 GW by 2030. Incentives include accelerated depreciation, duty exemptions, waived transmission charges, and renewable purchase obligations (RPOs). - Suzlon Energy: Order-book surged eight-fold to 6,222 MW (Sep 2025) from 788 MW in 2022. - Inox Wind: Tripled order-book to 3,235 MW over the same period. Government push has clearly translated into pipeline growth, though execution lags persist. Suzlon reduced debt from ₹13,000 crore (FY20) to ₹500 crore (FY25), turning net-worth positive after a decade. Inox Wind bulked up via merger with Inox Green, reducing leverage. Both have reported margin stability in H1FY26, though intermittent losses remain a risk. Around 10 GW of projects worth ₹6,000 crore remain stalled due to land approvals, wildlife protection, and grid gaps. MNRE is working on easing approvals, improving transmission, and integrating wind into round-the-clock green power strategies with storage. Offshore wind and local manufacturing are also on the agenda. Valuations have corrected: Suzlon trades at 23x TTM PE, Inox at 43x. Broker targets suggest 40%+ upside (Suzlon ₹75, Inox ₹185). Sustained profitability at Suzlon and stronger order wins at Inox could trigger earnings upgrades. For investors, wind energy remains a long-term theme requiring patience amid near-term volatility.