Inox Wind has all building blocks in place: Devansh Jain, Executive director, InoxGFL Group
Inox Wind reported a profit in the April-June period, the first quarter it has done so since the three months to December 2018. «We are just at the cusp of a massive breakout,» Devansh Jain, executive director, InoxGFL Group, said in an interview.
The company, a fully integrated wind energy player, has a record 2.9GW order book. The stock market has lapped up the turnaround story. The Noida-based company has seen its stock surge over 11 times from the low of ₹19 in December 2018 to ₹212 on August 16, 2024.
In the past year, it has jumped 331% while the Sensex is up 22%, lifting its market capitalisation to nearly ₹28,000 crore.
The company has achieved net debt zero status following fresh equity infusion from promoters and has an A/Stable rating from Crisil for its long-term bank facility.
«Going onwards, the numbers we want to achieve will be a multiplier of these numbers,» Jain, 37, said in an interview. A double major in economics and business administration from Carnegie Mellon University, Pittsburgh, Jain was one of the winners of ET's 40 under Forty awards in 2016 for overseeing the Inox group's foray into the renewable energy business. That business is soaring, taking wing from India's drive to set up 500GW of renewable energy capacity by 2030.
Inox Wind is part of the $9 billion InoxGFL Group, a century-old company set up by Siddhomal Jain in the 1920s as a paper and newsprint trading business.
Later, his son Devendra Kumar Jain, Devansh Jain's grandfather, set up Industrial Oxygen (Inox) Co, to
