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Inox Green Energy Services Limited (INOXGREEN)

₹118.69 -4.15% last close, 16 Oct

📊 NSE: INOXGREEN 🏢 Diversified Commercial Services 📢 Latest filing: 09 Oct 2026 📝 Analysis written: 14 Dec 2025

Latest quarterly results (Q1 FY27)

In its latest reported quarter, Q1 FY27, Inox Green's revenue was ₹43.3 Cr (-22.7% year on year, -37.3% on the previous quarter), and net profit ₹40.8 Cr (+85.4% year on year); the operating margin was -2.2%.

Q1 FY27 (₹ Cr)	Value	YoY vs Q1 FY26	QoQ
Revenue	₹43.3	-22.7%	-37.3%
Operating profit	₹-0.9	to loss	loss narrowed
Net profit	₹40.8	+85.4%	+45.7%
EPS (₹)	1.01	+68.3%	+46.4%
Operating margin	-2.2%	—	—

Full quarterly financials → Results calendar →

INOXGREEN delivery percentage and bulk deals

NSE end-of-day data for Fri, 16 Oct 2026

On Fri, 16 Oct 2026, 36.24% of the INOXGREEN shares traded on NSE were taken to delivery, against the stock's own 20-session average of 43.62%. That is close to its usual level. Volume was 0.3 times its average, well below normal. It closed at a price band (circuit) on 1 session in about the last 20. 12 bulk or block deals were reported in INOXGREEN in the last 60 days: ₹192 Cr bought and ₹227 Cr sold.

36.24%Delivery, 16 Oct

43.62%Own 20-session average

0.3×Volume vs its average

₹118.69NSE close · -4.15%

Delivery in the last 5 sessions: 26.6% · 21.4% · 27.8% · 22.9% · 36.2%

Date	Side	Counterparty	Value	Price	Quantity	Type
9 Oct	Sell	Alphagrep Securities Private Limited	₹49.37 Cr	₹127.59	3,869,451	Bulk
9 Oct	Buy	Alphagrep Securities Private Limited	₹49.35 Cr	₹127.53	3,869,451	Bulk
9 Oct	Buy	Junomoneta Finsol Private Limited	₹41.51 Cr	₹128.08	3,240,654	Bulk
9 Oct	Sell	Junomoneta Finsol Private Limited	₹41.04 Cr	₹128.16	3,202,239	Bulk
9 Oct	Sell	Microcurves Trading Private Limited	₹33.85 Cr	₹129.33	2,617,247	Bulk

Delivery across the market →Circuit stocks →All bulk and block deals →

A description of what the exchange published, not a recommendation. Names such as "accumulation" or "long buildup" label a pattern in the numbers. How delivery is analysed

📢 Recent Corporate Announcements

Inox Green Dilutes Vibhav Energy Stake to 75% Post ₹150 Cr ICD Conversion

🟡 NEUTRAL ⭐ 5/10

OTHER 📅 09 Oct 2026, 11:43 PM

Inox Green Energy Services Limited announced that its subsidiary, Vibhav Energy Private Limited, converted Inter-Corporate Deposits (ICDs) worth ₹150 Crore into equity shares. Inox Green converted ₹50 Crore of ICDs for 5 Crore equity shares, while Authum Investment & Infrastructure converted ₹100 Crore for 10 Crore equity shares. Following this allotment, Vibhav ceases to be a wholly-owned subsidiary, with Inox Green's stake standing at 75% and Authum holding 25%. Vibhav, which reported nil turnover in each of the last three fiscal years, has an expanded paid-up equity share capital of ₹400.01 Crore.

₹150 Crore total ICDs converted into equity shares by subsidiary Vibhav Energy
Inox Green converted ₹50 Crore of ICDs into 5 Crore equity shares of face value ₹10 each
Authum Investment converted ₹100 Crore of ICDs into 10 Crore equity shares
Inox Green's holding in Vibhav drops from 100% to 75%, ending its wholly-owned subsidiary status
Vibhav Energy turnover was Nil for FY 2025-26 and prior two fiscal years

💡 Track whether Vibhav Energy initiates active O&M operations to generate revenue and monitor the nature of Authum's future strategic involvement in the subsidiary.

Inox Green Pays ₹550 Cr to Acquire Wind World India's 4.5 GW O&M Business

🟢 POSITIVE ⭐ 10/10

M&A 📅 07 Oct 2026, 07:52 AM

Inox Green Energy Services has completed the ₹550 crore payment for the transfer of Wind World India Limited's (WWIL) 4.5 GW wind O&M business. The deal was executed via subsidiary Vibhav Energy Private Limited (VEPL), in which Inox Green will hold a 75% stake, enabling line-by-line financial consolidation. The acquired business generated ~₹580 crore in revenue during FY26, more than double Inox Green's TTM revenue of ₹276 crore. This acquisition expands Inox Green's managed portfolio to approximately 13.3 GWp.

Completed payment of ₹550 crore (inclusive of taxes) for the 4.5 GW O&M portfolio of Wind World India
Acquired business delivered ~₹580 crore revenue in FY26 with ~5% annual contracted price escalation
Inox Green to hold a 75% stake in subsidiary VEPL to consolidate financials line-by-line
Overall O&M portfolio expands to ~13.3 GWp, with an eye toward surpassing 20 GW+

💡 Monitor upcoming quarterly filings for the completion of legal transfer processes and the timing of VEPL's financial consolidation.

Pays Rs 550 Cr to Acquire Wind World's O&M Business via Unit Vibhav Energy

🟢 POSITIVE ⭐ 9/10

M&A 📅 07 Oct 2026, 07:23 AM

Inox Green Energy Services Limited announced that its wholly-owned subsidiary, Vibhav Energy, executed a Business Transfer Agreement (BTA) to acquire the O&M business of Wind World (India) Limited (WWIL) under an NCLT-approved resolution plan. The full purchase consideration of Rs 550 crore was paid on October 6, 2026. The acquisition is funded through an equity infusion of Rs 250 crore and an unsecured ICD of Rs 200 crore from Inox Green, alongside Rs 100 crore in ICD from partner Authum Investment & Infrastructure. Transfer of the business will complete upon fulfillment of customary conditions precedent.

Subsidiary Vibhav Energy executed BTA and fully paid Rs 550 crore lump sum consideration on October 6, 2026
Inox Green funded Rs 450 crore comprising Rs 250 crore equity subscription and Rs 200 crore inter-corporate deposit (ICD)
Partner Authum Investment & Infrastructure infused the remaining Rs 100 crore via an ICD convertible into equity
Company ICD carries a 12% per annum fixed interest rate, with up to Rs 50 crore convertible into equity/securities
Acquisition completion deadline was extended by the Implementation and Monitoring Committee to October 8, 2026

💡 Track the satisfaction of conditions precedent to achieve closing, followed by disclosures on the operational MW capacity added and revenue contribution to consolidated earnings.

Inox Green Raises ₹300 Cr via QIP Allotment at ₹165.65 Per Share

🟢 POSITIVE ⭐ 8/10

FUNDRAISE 📅 30 Sep 2026, 12:56 AM

Inox Green Energy Services Limited approved the allotment of 1,81,10,473 equity shares to 20 Qualified Institutional Buyers, raising approximately ₹300 crore. The issue was priced at ₹165.65 per share (including a premium of ₹155.65), representing a 5% discount to the floor price of ₹174.36 per share. The fundraise dilutes existing equity by roughly 4.5% and constitutes about 4.7% of the company's current ₹6,400 crore market capitalization. Prominent institutional allottees include Bandhan Small Cap Fund (24.85% of issue) and Leading Light Fund (16.67% of issue).

Allotted 1,81,10,473 equity shares raising ₹299,99,99,852.45 (~₹300 crore)
Issue price set at ₹165.65 per share (face value ₹10 + premium ₹155.65)
Issue price reflects a 5% discount (₹8.71 per share) to the floor price of ₹174.36
Paid-up equity share capital increases from ₹401.49 crore to ₹419.60 crore
Key allottees include Bandhan Small Cap Fund (24.85%) and Leading Light Fund VCC-The Vintage (16.67%)

💡 Track the deployment of the ₹300 crore proceeds toward inorganic acquisitions and operational wind asset portfolio expansion, along with updated shareholding pattern disclosures upon listing.

Inox Green Raises ~₹300 Cr via QIP of 1.81 Cr Shares at ₹165.65/Share

🟢 POSITIVE ⭐ 7/10

FUNDRAISE 📅 30 Sep 2026, 12:05 AM

Inox Green Energy Services Limited has approved the closure of its Qualified Institutions Placement (QIP) on September 29, 2026. The company allocated 1,81,10,473 equity shares at an issue price of ₹165.65 per share (face value ₹10 plus premium of ₹155.65). This represents an issue size of approximately ₹300 crore, priced at a 5% discount (₹8.71 per share) to the floor price of ₹174.36. The fundraise corresponds to roughly 4.7% of the company's current market capitalization of ₹6,400 crore.

Approved issue closure and allocation of 1,81,10,473 equity shares
Issue price determined at ₹165.65 per share (including ₹155.65 premium)
Applied a 5% discount (₹8.71/share) to the floor price of ₹174.36 per share
Total capital raised stands at approximately ₹300 crore

💡 Track the upcoming shareholding pattern filing to observe the institutional buyers and watch for disclosures on capital deployment toward inorganic O&M asset acquisitions.

Inox Green Shareholders Approve All 7 AGM Resolutions Including Material RPTs

🟡 NEUTRAL ⭐ 3/10

ROUTINE 📅 28 Sep 2026, 08:01 PM

Inox Green Energy Services Limited announced that all 7 resolutions tabled at its 14th Annual General Meeting held on September 25, 2026, were passed with requisite majority. The approved agendas include the adoption of FY26 financial statements, re-appointment of whole-time director Manoj Dixit, and re-appointment of independent director Bindu Saxena. Additionally, key resolutions approving material related-party transactions for both the company and its subsidiaries secured shareholder approval, with 95.10% and 99.99% votes in favour, respectively.

All 7 resolutions passed with requisite majority during the 14th AGM held on September 25, 2026
Material related-party transactions (RPTs) of the company approved with 95.1034% votes in favour
Material related-party transactions of subsidiaries approved with 99.9992% votes in favour
Total of 29.56 crore votes polled out of 40.15 crore total shares, representing a 73.62% voter turnout
Ms. Bindu Saxena re-appointed as Independent Director with 96.3036% assent

💡 Track the upcoming quarterly financial results and watch for disclosures on specific related-party transaction values and their impact on operating margins.

Inox Green Launches QIP With Floor Price of Rs 174.36 Per Share

🟢 POSITIVE ⭐ 7/10

FUNDRAISE 📅 24 Sep 2026, 05:45 PM

Inox Green Energy Services Limited has authorized the opening of its Qualified Institutions Placement (QIP) on September 24, 2026. The Operations Committee fixed the floor price at Rs 174.36 per equity share, which is marginally above its current market price of Rs 172.30. The company may at its discretion offer a discount of up to 5% on the floor price. The total issue size and number of shares to be issued were not disclosed in the launch document.

QIP opened on September 24, 2026, following shareholder approval dated August 13, 2026
Floor price fixed at Rs 174.36 per equity share based on SEBI ICDR regulations
Discretionary discount of not more than 5% permissible on the floor price
Trading window closed from September 24, 2026, until 48 hours post issue price determination

💡 Track subsequent filings for the final issue price, total capital raised, and equity dilution details once the placement closes.

Inox Green Voluntarily Withdraws CRISIL Credit Ratings; Maintains Acuite AA- Rating

🟡 NEUTRAL ⭐ 3/10

ROUTINE 📅 23 Sep 2026, 08:19 PM

Inox Green Energy Services Limited announced that it has voluntarily withdrawn its credit ratings assigned by CRISIL for its banking facilities following consent from its lenders. The company continues to maintain credit ratings from Acuite Ratings & Research Limited. Under Acuite, its long-term banking facilities are rated 'ACUITE AA-| Stable', and short-term facilities are rated 'ACUITE A1+'. Given total debt is modest at ₹32 Cr relative to net worth of ₹1,731 Cr, this administrative change has negligible operational impact.

Voluntary withdrawal of CRISIL credit ratings for banking facilities after obtaining requisite lender consent
Continues to hold 'ACUITE AA-| Stable' rating for long-term banking facilities
Continues to hold 'ACUITE A1+' rating for short-term banking facilities
Company carries total debt of ₹32 Cr against net worth of ₹1,731 Cr (D/E of 0.02)

💡 Track future quarterly debt levels and borrowing costs to ensure credit withdrawal does not affect existing banking terms or access to debt for inorganic asset acquisitions.

Inox Green Energy Convenes 14th AGM on Sept 25, 2026; Proposes Key Board Re-appointments

🟡 NEUTRAL ⭐ 3/10

ROUTINE 📅 03 Sep 2026, 09:08 PM

Inox Green Energy Services Limited has issued the notice for its 14th Annual General Meeting (AGM) scheduled for September 25, 2026, via video conferencing. Key agenda items include adopting the FY26 financial statements, re-appointing Whole-time Director Shri Manoj Dixit for a 2-year tenure with annual remuneration up to ₹85,00,000, and re-appointing Independent Director Ms. Bindu Saxena for a second 5-year term. Shareholders will also vote on material related-party transactions with group entity Inox Clean Energy Limited (ICEL) and its subsidiaries.

14th AGM scheduled for September 25, 2026, at 12:00 Noon IST via VC/OAVM.
Cut-off date for e-voting eligibility set as September 18, 2026, with remote e-voting open from September 22 to September 24, 2026.
Proposed re-appointment of Shri Manoj Dixit as Whole-time Director for 2 years from October 8, 2026, with remuneration up to ₹85,00,000 per annum.
Ratification of cost auditor remuneration of ₹1,60,000 for FY27 and approval of enabling related-party transactions with ICEL.

💡 Eligible shareholders holding shares on September 18, 2026, can cast e-votes between September 22 and September 24, 2026, and track AGM voting results post-meeting.

Inox Green Assigned 'ACUITE AA-/Stable' & 'ACUITE A1+' Ratings for Banking Facilities

🟢 POSITIVE ⭐ 7/10

OTHER 📅 27 Aug 2026, 07:05 PM

Inox Green Energy Services Limited informed exchanges that Acuite Ratings & Research Limited has assigned credit ratings to its banking facilities. Acuite assigned 'ACUITE AA-| Stable' for long-term bank facilities and 'ACUITE A1+' for short-term facilities. The company operates with low leverage, reporting total debt of Rs 32 Cr against a net worth of Rs 1,731 Cr (D/E ratio of 0.02) and TTM revenue of Rs 276 Cr. These high-grade ratings confirm strong creditworthiness and provide competitive financial flexibility for its working capital and business expansion.

Acuite assigned 'ACUITE AA-| Stable' rating to long-term bank facilities
Acuite assigned 'ACUITE A1+' rating to short-term bank facilities
Filing executed on August 27, 2026, pursuant to SEBI LODR Regulation 30

💡 Track whether the high-grade ratings translate into reduced borrowing costs and monitor execution as the company consolidates its 12.5 GW O&M portfolio.

Inox Renewable Solutions Allots 4.90 Cr Equity Shares to INOXGREEN Shareholders

🟡 NEUTRAL ⭐ 5/10

M&A 📅 24 Aug 2026, 08:23 PM

Pursuant to the NCLT-sanctioned Scheme of Arrangement, Inox Renewable Solutions Limited (IRSL) has allotted 4,89,82,030 fully paid-up equity shares of face value Rs 10 each to eligible shareholders of Inox Green Energy Services Limited. The allotment was executed for shareholders holding shares as on the record date of August 1, 2026. IRSL is now initiating steps to credit the shares to respective demat accounts and seek listing and trading approvals from stock exchanges.

4,89,82,030 fully paid-up equity shares of Rs 10 each allotted by IRSL to eligible IGESL shareholders
Scheme sanctioned by NCLT Ahmedabad Bench vide order dated March 13, 2026
Allotment follows the record date of August 1, 2026
IRSL is proceeding with demat credits and seeking listing and trading approvals from BSE and NSE

💡 Track the crediting of IRSL shares to demat accounts and the forthcoming circulars regarding the formal listing and trading date on the exchanges.

Inox Green Shareholders Approve Fundraise and Material Related Party Transactions

🟢 POSITIVE ⭐ 7/10

FUNDRAISE 📅 14 Aug 2026, 01:43 PM

Shareholders of Inox Green Energy Services Limited (IGESL) have approved a special resolution to raise funds through the issuance of equity shares or other eligible securities. The resolution passed with an overwhelming 99.9992% majority, involving 28.27 crore votes in favor. Additionally, an ordinary resolution for material related party transactions was approved with 99.9962% support. These approvals provide the company with the necessary mandate to execute its growth strategy, which includes targeting 10 GW of stressed O&M portfolios.

Special resolution for fundraise passed with 99.9992% of the 28,27,67,578 valid votes polled
Ordinary resolution for material related party transactions approved with 99.9962% favor
Total of 1,15,251 shareholders were on record for the EGM held on August 13, 2026
Only 2,269 votes were cast against the fundraise proposal across all shareholder categories
Public institutional participation in the fundraise vote stood at 1,79,20,739 votes, all in favor

💡 Investors should monitor upcoming board meetings for specific details on the fundraise quantum, pricing, and the intended use of proceeds, particularly regarding the acquisition of stressed O&M assets.

Inox Green Energy Concludes EGM for Fundraise and Related Party Transaction Approvals

🔵 WATCH ⭐ 7/10

FUNDRAISE 📅 13 Aug 2026, 06:14 PM

Inox Green Energy Services Limited (IGESL) held an Extraordinary General Meeting (EGM) on August 13, 2026, to seek shareholder approval for two key items: a fundraise via equity or other securities and the approval of material related party transactions. While the specific fundraise amount was not disclosed in the proceedings, the company currently has a market cap of ₹7,107 Cr and a net worth of ₹1,731 Cr. The approval of related party transactions is significant given the company's operational dependency on its parent, Inox Wind Limited. Voting results are expected to be released within two working days.

EGM held on August 13, 2026, to approve raising funds in one or more tranches via equity or eligible securities.
Shareholder approval sought for material related party transactions, critical for a company with significant group-level dependencies.
Remote e-voting was conducted between August 10, 2026 (9:00 AM) and August 12, 2026 (5:00 PM).
The company aims to leverage its current 12.5 GW portfolio and target 10 GW of stressed O&M portfolios.
Final voting results to be declared and posted on the company website within 2 working days.

💡 Investors should monitor the upcoming disclosure of voting results and subsequent board filings to identify the specific quantum of the fundraise and the terms of the related party transactions. The scale of the fundraise relative to the ₹7,107 Cr market cap will determine the extent of potential equity dilution.

86% PAT Growth in Q1 FY27; O&M Portfolio Reaches 13.3 GW

🟢 POSITIVE ⭐ 7/10

EARNINGS 📅 12 Aug 2026, 06:21 PM

Inox Green Energy Services (IGESL) reported a strong Q1 FY27 with PAT rising 86% YoY to 41 cr on a total income of 101 cr. The O&M portfolio has expanded to 13.3 GW, including 10.5 GW operational and 2.8 GW under execution. A major milestone was achieved with NCLT approval for the acquisition of Wind World India Limited, expected to close in Q2 FY27. Additionally, the demerger of the power evacuation infrastructure business into INOX Renewable Solutions was completed with a record date of August 1, 2026.

Q1 FY27 Profit After Tax (PAT) grew 86% YoY to 41 cr.
Total O&M portfolio reached 13.3 GW as of June 2026, up from previous periods.
Average machine availability for the entire portfolio maintained at 96.3%.
NCLT Ahmedabad approved the acquisition of Wind World India Limited, targeting completion in Q2 FY27.
Demerger of power evacuation business into IRSL completed effective August 1, 2026.

💡 Investors should monitor the integration of the Wind World India portfolio in Q2 FY27 and the subsequent listing of the demerged entity, INOX Renewable Solutions.

Inox Green Reports Nil Deviation in Utilization of Preferential Issue Proceeds for Q1 FY27

🟡 NEUTRAL ⭐ 3/10

ROUTINE 📅 07 Aug 2026, 09:16 PM

Inox Green Energy Services Limited has filed a statement of nil deviation regarding the utilization of proceeds from its Preferential Issue for the quarter ended June 30, 2026. The company confirmed that 100% of the funds raised have been utilized in accordance with the objects stated in the offer document. This statement was reviewed and approved by the Audit Committee on August 7, 2026. Such filings are standard regulatory requirements to ensure transparency in capital deployment.

Reported 0% deviation or variation in the utilization of funds from the Preferential Issue
Statement covers the specific quarter ended June 30, 2026
Audit Committee reviewed and noted the utilization report on August 7, 2026
Proceeds confirmed to be used exactly as per the 'Objects of the Issue' in the offer document

💡 No action is required as this is a routine regulatory filing; investors should continue to monitor the company's quarterly financial results for operational performance.

View All INOXGREEN Announcements on Live Market Tracking →

💰 Financial Performance

Revenue Growth by Segment

Total income for Q2 FY26 reached INR 129.5 Cr, representing a 101% YoY growth from INR 64.4 Cr. For H1 FY26, total income was INR 227.3 Cr, up 91% YoY from INR 119.1 Cr. The single business segment of O&M services for WTGs and common infrastructure facilities contributes 100% of revenue.

Geographic Revenue Split

The company operates exclusively in India, which is considered a single geographical segment contributing 100% of the revenue.

Profitability Margins

Operating Profit Margin improved significantly to 35.10% in FY25 from 20.11% in FY24. Net Profit Margin rose to 18.81% in FY25 from 5.69% in FY24. For Q2 FY26, Profit After Tax (PAT) was INR 28.1 Cr, a 363% YoY increase from INR 6.1 Cr.

EBITDA Margin

EBITDA for Q2 FY26 was INR 52.2 Cr, up 52% YoY from INR 34.4 Cr. H1 FY26 EBITDA stood at INR 99.9 Cr, a 56% YoY increase. The EBITDA margin for H1 FY26 is approximately 43.9%, reflecting high core profitability from annuity-based O&M contracts.

Capital Expenditure

The company is transitioning to an asset-light model through the demerger of its substation business, which will eliminate a gross block of approximately INR 1,000 Cr from the balance sheet. Future growth is focused on inorganic acquisitions funded by a recent INR 1,050 Cr fundraise.

Credit Rating & Borrowing

CRISIL has assigned a 'Positive' outlook. The company has significantly deleveraged, with a Debt-Equity ratio of 0.06x in FY25 compared to 0.09x in FY24. Interest coverage ratio improved to 3.94x from 0.40x due to debt repayment and higher profitability.

⚙️ Operational Drivers

Raw Materials

As a service-oriented O&M provider, primary costs involve spare parts for Wind Turbine Generators (WTGs) and consumables. Specific percentage of total cost for each is not disclosed.

Key Suppliers

The company primarily services Wind Turbine Generators manufactured and supplied by its parent company, Inox Wind Limited (IWL).

Capacity Expansion

Current O&M portfolio stands at 12.5 GW, which includes the recent acquisition of 6.5 GW of operational wind assets. The company aims to capture a share of the 10 GW market of inactive or stressed O&M players.

Raw Material Costs

Inventory turnover decreased to 1.08x in FY25 from 2.14x in FY24 due to an increase in inventories, which correspondingly reduced the cost of consumption.

Manufacturing Efficiency

Maintained a high mission availability of 96.3% across the entire portfolio during Q2 FY26, ensuring stable revenue generation from O&M contracts.

📈 Strategic Growth

Expected Growth Rate

23.10%

Growth Strategy

Growth will be achieved through a mix of organic expansion (benefiting from Inox Wind's rapid execution) and inorganic acquisitions (targeting 10 GW of stressed O&M portfolios). The demerger of the substation business will eliminate INR 50-55 Cr in annual depreciation, directly boosting PAT and improving ROE/ROCE.

Products & Services

Long-term Operation and Maintenance (O&M) services for wind farm projects, including Wind Turbine Generators (WTGs) and common infrastructure facilities.

Brand Portfolio

Inox Green, Inox Wind, INOXGFL Group.

New Products/Services

Expansion into large-scale solar project O&M and O&M contracts for the group's IPP platform (Inox Clean Energy), which targets >3 GW of installed capacity.

Market Expansion

Targeting the takeover of O&M portfolios from large IPPs and developers who currently manage portfolios captively, as well as entering contracts where existing O&M agreements have expired.

Market Share & Ranking

Aims to become India's largest renewable O&M company in the near future, leveraging its current 12.5 GW portfolio.

Strategic Alliances

Strong operational and financial linkages with Inox Wind Limited (IWL) and the broader INOX-GFL Group, including common treasury and financial support.

🌍 External Factors

Industry Trends

The wind energy industry is evolving toward organized, large-scale O&M providers. IGESL is positioning itself to capture the 10 GW market currently held by inactive or stressed players.

Competitive Landscape

Exposed to intense competition from both domestic and foreign O&M service providers in a challenging business environment.

Competitive Moat

Durable advantages include an annuity-based revenue model with 30%+ margins, high machine availability (96%+), and strong parentage from the INOX-GFL group which provides financial and operational support.

Macro Economic Sensitivity

The company is a beneficiary of the multi-decadal growth story in the Indian wind sector, supported by domestic content requirements and energy transition goals.

Consumer Behavior

Customers are increasingly switching to strong, credible, and renowned Indian O&M service providers like Inox Green.

Geopolitical Risks

Beneficiary of domestic content requirements in the wind sector which protects local players from certain international competition.

⚖️ Regulatory & Governance

Industry Regulations

The company is undergoing a scheme of demerger for its substation business through the NCLT to create a cleaner, asset-light balance sheet.

Environmental Compliance

As a renewable energy services provider, the company is inherently aligned with ESG goals, though specific compliance costs are not disclosed.

Taxation Policy Impact

The company reported a PAT of INR 28.1 Cr against a PBT of INR 40.9 Cr for Q2 FY26, implying an effective tax rate. Cash PAT includes adjustments for deferred taxes.

Legal Contingencies

The scheme of demerger is currently pending final approval from the NCLT after receiving approvals from shareholders and creditors.

⚠️ Risk Analysis

Key Uncertainties

Working capital management is a key risk, with working capital days increasing to 1,454 days. Exposure to intense competition in the wind sector could impact margin sustainability.