Whalesbook
India has set a long-term goal of 155 GW in wind energy capacity by 2035, supported by the new WT-MARUT portal to boost domestic manufacturing. This push aims to strengthen the local supply chain and increase exports. Investors may watch how this initiative impacts domestic turbine manufacturers and component makers as the government prioritizes local sourcing over imports.
What Happened
India has officially set an ambitious roadmap for its wind energy sector, with plans to reach 100 GW of installed capacity by 2030 and scale this further to 155 GW by 2035. To support this growth, the government has launched the WT-MARUT portal, a digital platform dedicated to managing the wind turbine supply chain. The portal is designed to provide greater visibility into component sourcing, help manufacturers meet the requirements of the Approved List of Models and Manufacturers (ALMM), and streamline the discovery of local suppliers. This initiative follows a strong year for the industry, where India added 6.1 GW of new wind capacity in the 2025-26 fiscal year, bringing the total installed base to over 56.1 GW.
The Supply Chain Angle
The launch of the WT-MARUT portal is a strategic move to move away from heavy dependence on imported components. India currently has a domestic manufacturing capacity of approximately 24 GW annually for wind turbines and key parts like blades, towers, gearboxes, and nacelles. By formalizing the supply chain and making it easier for domestic manufacturers to prove they meet quality and safety standards, the government aims to position India as a global manufacturing hub. The recent growth in exports, which reached over Rs 12,000 crore in the last fiscal year, suggests that Indian companies are already finding success in international markets. This portal is intended to make it easier for these firms to scale up and compete globally.
Why This Matters For Manufacturers
For investors, the most critical aspect of this news is the focus on domestic manufacturing. Government policies like the ALMM are designed to act as a barrier to entry for foreign players who do not manufacture locally, essentially protecting the market share of domestic firms. When the government restricts the use of imported wind turbines or components in public projects, it directly benefits companies that produce these goods within India. If the WT-MARUT portal successfully streamlines the process for local manufacturers to register and list their products, it could accelerate the project pipeline and lead to better capacity utilization for turbine makers and component suppliers. This, in turn, can help these companies improve their profit margins by spreading fixed costs over a higher volume of sales.
The Bigger Business Context
While the target of 155 GW is significant, the path to reaching it involves several moving parts. The wind energy sector has historically faced challenges related to project execution. Getting a wind farm from the planning stage to operational status requires solving complex issues, including land acquisition, grid connectivity, and transmission infrastructure. Even if turbine manufacturers have full order books, projects can be delayed if the necessary transmission lines are not ready to carry the power to the grid. Investors often track the 'order book' of these companies as a sign of future revenue, but actual revenue recognition depends on the timely commissioning of these projects.
What Could Go Wrong
Several risks remain for companies in this space. First, raw material costs—such as the price of steel, copper, and rare earth magnets—can significantly impact the profitability of turbine manufacturers. If these costs rise sharply and companies are unable to pass them on to customers due to fixed-price contracts, profit margins may come under pressure. Second, competition is not limited to local players; global companies are also constantly looking for ways to capture share in the Indian market. Additionally, if the grid infrastructure does not expand as quickly as the wind capacity, project developers may face delays, which would indirectly hurt turbine manufacturers by slowing down their order intake.
What Investors Should Track
Investors may keep an eye on how effectively the WT-MARUT portal reduces the time it takes for manufacturers to get approvals and participate in tenders. Another key monitorable is the trend in order book size for major listed Indian wind turbine manufacturers and component suppliers. Monitoring the progress of transmission infrastructure projects, as reported by the Central Electricity Authority (CEA), will also provide a hint about whether the 155 GW target is being supported by the necessary grid readiness. Finally, tracking management commentary on export growth and their ability to manage raw material price fluctuations will be important for assessing the long-term sustainability of their margins.