Direct-drive wind turbines ring their generators with hundreds of kilograms of NdFeB magnets per megawatt. India's listed turbine makers use geared designs that need far less.
India's largest wind-turbine maker; its S144 platform uses a doubly-fed induction generator (DFIG)
Note: FY23 profit includes a one-off gain on debt restructuring and FY25 a deferred-tax credit, not run-rate; Geared DFIG turbines - low rare-earth magnet content
Market cap, ratios, CAGR and revenue: company table snapshot as of 30 Oct 2026 (the same figures on every page). Price: snapshot as of 30 Oct 2026. Not investment advice.
Generator makers fit permanent magnets around the rotor of direct-drive or medium-speed turbines. Geared turbines with doubly-fed induction generators (DFIG) use electromagnets instead and need little rare-earth magnet.
Globally, wind is one of the biggest magnet users after EVs. In India the exposure is lower than it looks: Suzlon's S144 uses a DFIG generator, so the scheme matters to Indian wind mainly through components like pitch and yaw motors and any future shift to bigger direct-drive machines.
Turbine makers earn on the turbine order, not the magnet. A domestic magnet source would matter most if India moves to larger (5 MW+, offshore) turbines, which are almost always permanent-magnet machines.