Shares of Suzlon Energy rose as much as 6.6%, while those of Inox Wind gained as much as 3.8% during the session. Both stocks are off their respective session’s high.
The gains came after Joshi said India recorded its highest-ever annual wind capacity addition of more than 6 GW in FY26.
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The minister said India is targeting 100 GW of installed wind energy capacity by 2030 and 156 GW by 2036, with wind power expected to be a key component of the country’s clean energy transition.
Joshi also highlighted the opportunity for repowering older wind assets, noting that India has a large fleet of ageing wind turbines that can be replaced with modern, higher-capacity machines.
The comments come a day after Suzlon Energy unveiled its new S175-5 MW wind turbine in Karnataka. The company said the turbine is designed to deliver higher energy generation and improve project economics through larger rotor diameter and increased efficiency.
Separately, Inox Wind announced on Tuesday that it has signed a memorandum of understanding (MoU) with group company Inox Clean Energy for the supply of 1,500 MW of wind turbines.
Under the agreement, Inox Wind will supply its 3.3 MW and 4X MW wind turbines for renewable energy projects being developed by Inox Clean across India.
The companies said the arrangement is part of the INOXGFL Group’s recently launched “One Integrated” renewable strategy, which aims to create an integrated ecosystem spanning manufacturing, EPC, independent power production and operations & maintenance services.
Inox Wind said the MoU would take its order book to more than 4.5 GW from the current 3.1 GW, providing multi-year revenue visibility.
Inox Clean, which currently operates a renewable energy portfolio of around 3.5 GW, is targeting an operational portfolio of 14 GW by FY29, with 20%-30% of annual capacity additions expected to come from wind projects.
Shares of Suzlon Energy are trading 4.1% higher on Tuesday at ₹57.87, while those of Inox Wind are trading with gains of only 1.1% at ₹90.82. Both stocks are significantly off their respective 52-week high levels of ₹68.3 and ₹178.43.
