LM Wind Power

Sector: Renewable Energy (Wind Turbine Component Plant)  |  HQ: India  |  Founded: Not separately disclosed  |  Employees: Not separately disclosed

Listed as: Privately held  | 

Company overview

LM Wind Power operates in the renewable energy segment of the Indian market, with a presence noted in the wind turbine component plant category. The company is among the recognised participants in this segment alongside other Indian and multinational players. Operations follow the standard Companies Act 2013 disclosure framework where LM Wind Power is incorporated as a private or public limited company under Indian law, with statutory audit, GST registration under the CGST Act 2017, and applicable sectoral compliance under FSSAI, BIS, MoEF, or sectoral regulators as relevant to the activity. The competitive set in wind turbine component plant includes pan-India brands, regional players, and multinational subsidiaries operating in India through wholly-owned or joint-venture structures.

Recent developments

March 2025

LM Wind Power, operating under GE Vernova following the 2024 business separation, has pursued new commercial frameworks in early 2025. The blades unit secured a deal to supply blades to a rival OEM under a new framework agreement, while also extending its existing partnership with Enercon [6,8]. The company maintains industry recognition, ranked among the top wind power companies globally [1].

Operational milestones underscore the company's manufacturing scale in India, where it produced its 50,000th wind turbine blade in early 2023 [3]. The India facility has also demonstrated leadership progress, with women taking key management roles at the giant turbine blade factory [4]. However, workforce concerns have emerged, with approximately 1,000 jobs cut across LM Wind Power operations in 2024, potentially affecting Indian employees [9,10].

Sources (7)

1. Top 10: Wind Power Companies - Energy Digital · Energy Digital · Wed, 09 Jul 2025
2. LM Wind Power produces 50,000th wind turbine blade in India - T&D India · T&D India · Fri, 06 Jan 2023
3. Winds of Change: Women Are Now Calling the Shots at This Giant Turbine Blade Factory in India | GE News - General Electric · General Electric · Thu, 20 Oct 2022
4. GE Vernova's blades unit to supply rival OEM under new framework deal - Recharge News · Recharge News · Wed, 12 Mar 2025
5. LM Wind Power extends Enercon deal - reNews · reNews · Wed, 12 Mar 2025
6. GE Layoffs: LM Wind Power to Cut 1,000 Jobs, Indian Employees May Be Affected - Republic World · Republic World · Fri, 29 Mar 2024
7. GE layoffs: 1,000 jobs to be cut in LM Wind Power, Indians may be hit as well | Business News - Hindustan Times · Hindustan Times · Fri, 29 Mar 2024

Financial performance and recent trajectory

Disclosed revenue (FY25): Not separately disclosed in segment-wise FY 2024-25 reporting.

Competitive position

LM Wind Power occupies a position in the wind turbine component plant category alongside other listed and unlisted Indian players. Competitive intensity in the segment is shaped by raw material cost cycles, distribution depth, branded versus unbranded share, and the regulatory framework governing manufacturing, FSSAI labelling (for food), BIS standards (for engineering goods), or sectoral norms. The principal competitive moats in this category are typically scale, distribution reach, brand trust, and integrated procurement. KAMRIT's project report on wind turbine component plant benchmarks new entrant economics against the listed peer cost structure including capex per tonne (or per unit of output), working capital intensity, gross margin band, and the EBITDA delta between organised and unorganised participants.

Key risks

Input cost volatility in the wind turbine component plant value chain Competitive intensity from larger Indian groups and multinational subsidiaries Regulatory tightening under FSSAI, BIS, environmental norms, or labour codes

Outlook

LM Wind Power is a participant in the Indian wind turbine component plant category, which forms part of the broader Renewable Energy space. The Indian wind turbine component plant market continues to evolve with rising organised share, premiumisation, distribution expansion, and a regulatory architecture covering the Companies Act 2013, the Income Tax Act 1961, the CGST Act 2017, the Legal Metrology Act 2009, and sectoral statutes including the Food Safety and Standards Act 2006 (for food and beverage subsegments), the Drugs and Cosmetics Act 1940 (for pharmaceutical or healthcare adjacencies), the Environment Protection Act 1986 (for emissions and effluents), and labour codes consolidated under the four 2020 labour codes. In KAMRIT's project report framework for this category, the competitive set typically includes pan-India branded leaders, multinational subsidiaries, mid-sized regional players, and a long tail of MSME participants. The structural attractiveness of the category for new entrants is a function of (a) market growth rate, (b) the share that remains with unorganised or fragmented operators, (c) the cost of regulatory compliance, and (d) the capex intensity of plant and machinery. The KAMRIT bankable DPR for this category structures a new entrant's economics against this competitive landscape. For LM Wind Power specifically, public-domain disclosures provide a baseline view of operations, but segment-wise revenue, EBITDA, capacity utilisation, and forward capex plans are not separately broken out in many cases. Where the company is part of a listed group, the SEBI LODR and the Companies Act 2013 governance framework apply, with statutory audit conducted under SA 700 and CARO 2020 reporting. Where the company is unlisted, the Companies Act 2013 framework continues to govern with reduced public disclosure. The risk and opportunity outlook for LM Wind Power mirrors the broader wind turbine component plant category dynamics. Demand-side drivers include rising household consumption, urbanisation, organised retail expansion, and policy support including PLI schemes (where applicable to the segment). Supply-side risks include input cost volatility, regulatory tightening, environmental compliance escalation, and competitive intensity from larger groups or imports. Management quality, balance sheet strength, distribution depth, and the capex execution track record are the differentiators within the peer set. KAMRIT's research desk maintains a baseline reference for LM Wind Power as a peer benchmark within the wind turbine component plant category. For investors, lenders, or new entrant promoters seeking a fuller assessment of LM Wind Power, KAMRIT's deep-dive company profile engagement covers financial trajectory, capacity and capex, distribution and customer concentration, regulatory exposure, and the competitive position with named peers.

KAMRIT point of view

Building or competing with LM?

KAMRIT advises promoters, family offices, and global enterprises evaluating greenfield entry into the renewable energy (wind turbine component plant) sector. Our Bankable DPR with Cost Model and ROI benchmarks your project economics against the listed-company cost structure of LM and peers. The Execution Partnership tier covers everything from incorporation through commissioning. A 20-minute scoping call with our partners is free.

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Related KAMRIT project reports

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Disclaimer: This profile is compiled by KAMRIT Financial Services LLP for educational and benchmarking purposes only. It is not investment advice, a recommendation to buy or sell securities, or a solicitation. Stock data is provided by Yahoo Finance and may be delayed by up to 20 minutes. Company financial commentary draws on publicly available filings, exchange disclosures, and KAMRIT industry research. Readers should consult a SEBI-registered investment adviser before making investment decisions. KAMRIT is a financial services and compliance firm, not a SEBI-registered investment adviser.