Inox Green Energy Services Ltd(INOXGREEN)

NSE: INOXGREENBSE: 543667

₹ 111.65-3.67%refreshed 23 Oct, 03:30 pm ISTMarket cap: ₹ 4,685 crWebsite: www.inoxgreen.comUpdated: 24 Oct 2026

About

Inox Green Energy Services Limited is India's only listed pure-play renewable Operations and Maintenance (O&M) company, providing wind and solar asset management services under long-term contracts. It is a subsidiary of Inox Wind Limited and holds an exclusivity agreement to provide O&M services for all WTGs sold by its parent. FY26 consolidated turnover was ₹281 crore.^[1][2][3]

Business segments

Operation and Maintenance contributed Rs 243.37 cr, or 82.3% of segment revenue in FY26, covering wind and solar asset management under long-term contracts.^[4]
Consultancy Income contributed Rs 37.64 cr, or 12.7% of segment revenue in FY26, with 100% EBIT margin.^[4]
Power Evacuation contributed Rs 14.56 cr, or 4.9% of segment revenue in FY26; this business was demerged into INOX Renewable Solutions Ltd (IRSL) effective August 1, 2026.^[4]

Services and contract types

The company provides O&M services for wind turbine generators and other renewable energy assets, including solar and wind farms (FY26).^[2]
O&M contracts range from Annual Maintenance Contract (AMC), Annual O&M Contract, Semi-Comprehensive, to Comprehensive O&M Contract, with tenors up to 25 years.^[1]
Value-added services include carbon credit trading, booster sales, refurbishment of old or damaged turbines, and WTG overhaul packages that extend turbine life from a standard 25 years to 35 years.^[1]
The company operates 24x7 centralised monitoring of wind and solar assets using SCADA-based real-time diagnostics and is upgrading enterprise systems to SAP HANA.^[1]

O&M portfolio and capacity

Total O&M portfolio stood at ~13.3 GWp as of Q1 FY27, comprising ~10.5 GW wind and the balance solar assets.^[5]
Wind O&M portfolio grew 185% from 2,750 MW in 2022 to 5,076 MW in FY25, before acquisitions brought wind to ~10.5 GW by Q1 FY27.^[1]
The FY25 wind portfolio was spread across 8 states: Gujarat 1,551 MW, Madhya Pradesh 634 MW, Rajasthan 572 MW, Tamil Nadu 284 MW, Maharashtra 216 MW, Karnataka 120 MW, Andhra Pradesh 84 MW, and Kerala 16 MW.^[1]
Solar O&M contracts as of FY25 spanned Rajasthan 816.6 MWp, Karnataka 234 MWp, Gujarat 203.9 MWp, Telangana 172.8 MWp, Uttar Pradesh 105 MWp, and Tamil Nadu 33.2 MWp among other states.^[1]
Subsidiary I-FOX Windtechnik services 16 types of WTG models across 9 OEM makes and was acquired at approximately 4x EV/EBITDA; it won two PSU O&M tenders from NLC India totalling 54 MW.^[1]

Key operating metrics

Pan-India average machine availability was 96.3% in Q1 FY27, 96.5% for full-year FY26, and 96.2% for 9M FY26.^[5]
Wind O&M realisation for the legacy ~4 GW portfolio is Rs 9 - 10 lakh per MW per year as of Q1 FY27; solar O&M realisation is approximately Rs 2 lakh per MW per year as of Q2 FY26.^[5]
Wind O&M EBITDA margin is approximately 50%; solar O&M EBITDA margin is approximately 20%, as of Q2 FY26.^[6]

Customers and distribution

The company serves public sector undertakings, independent power producers, commercial and industrial customers, and private investors across 12 states in India as of FY25.^[1]
Inox Green holds an exclusivity agreement with parent Inox Wind Limited to provide O&M for all WTGs sold by IWL; IWL's order book stood at 3.2 GW as of FY25 and ~3.1 GW as of Q4 FY26.^[1]
Inox Green has an exclusive arrangement with Inox Solar to provide O&M services for all projects where Inox Solar supplies modules.^[6]
Wind World India's 4.5 GW portfolio serves clients including Tata, ReNew, Greenko Group, Apraava, and Hindustan Zinc.^[5]

Acquisitions and expansion

Inox Green paid Rs 550 cr (Rs 450 cr equity/ICD by Inox Green, Rs 100 cr by Authum) via Vibhav Energy Private Limited to acquire Wind World India Limited's 4.5 GW wind O&M business, completed October 2026.^[7]
Wind World India (erstwhile Enercon India) generated revenue of Rs 580 cr in FY26 with contracted annual price escalations of approximately 5%.^[5]
A second O&M acquisition of approximately 2 GW is pending consolidation into the P&L in FY27 post statutory process.^[5]
Group company Inox Clean targets adding 3 GW+ of renewable capacity annually (20 - 30% expected to be wind), with O&M mandates expected to flow to Inox Green; Inox Wind's 4.4 GW order book provides additional O&M visibility.^[5]
FY27 EBITDA is guided at upwards of Rs 600 cr post full consolidation of the 6.5 GW acquisitions, with an annualised run-rate expected from Q3/Q4 FY27.^[5]

Related-party dealings

FY26 AGM sought related-party limits of ₹1,500 crore each with IWL and IRSL, ₹230 crore with I-Fox, ₹350 crore with INEL, ₹300 crore guarantees from ILFL, ₹200.25 crore with GFL and ₹50 crore with ICEL.^[2]
Subsidiaries sought approval for ₹550 crore of purchases from IWL; in Q1 FY27 they had already given IWL ₹205.60 crore in advances for goods.^[2]
In Q1 FY27 the company gave IWL a further ₹84.73 crore of inter-corporate deposits.^[2]

Recent developments

NCLT Ahmedabad approved the acquisition of Wind World India Limited in Q1 FY27; acquisition formalities and payment of Rs 550 cr were completed by October 7, 2026.^[5]
Power evacuation infrastructure business was demerged into INOX Renewable Solutions Ltd (IRSL) with August 1, 2026 as the record date, making Inox Green an asset-light O&M company.^[5]
IRSL is expected to be automatically listed within 2 - 3 months of the August 1, 2026 record date, pending regulatory approvals.^[5]
From FY27, value-added services such as turbine life extension packages and major overhauls are billed separately; other income rose to Rs 57.9 cr in Q1 FY27 vs Rs 33.1 cr in Q1 FY26.^[5]

Market Cap

₹4,685 Cr

High / Low

₹279 / 108

Stock P/E

35.7

Price / Book

2.6

Book Value

₹46

EPS

₹2.5

No. of Shares

37.47 Cr

ROCE

8.4%

ROE

5.6%

OPM

39.1%

Debt / Equity

0.05

Sales

₹281 Cr

Net Profit

₹103 Cr

Promoter holding

53.7%

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