Inox Green Energy Services Limited (IGESL) is a key entity within the INOXGFL Group, a multi-billion-dollar Indian conglomerate with a legacy of over nine decades and deep interests across the chemicals and renewables sectors. Positioned as India’s only listed pure-play renewable Operations & Maintenance (O&M) services company, IGESL specializes in providing long-term, comprehensive O&M solutions for wind and solar power projects. The company's business model is built on securing long-duration annuity contracts, typically ranging from 5 to 20 years, ensuring stable and reliable cash flows. It operates with a significant pan-India footprint, managing a large portfolio of approximately 13.3 GWp, which includes around 10 GW of wind assets and 3.3 GWp of solar assets, spread across 17 states.

IGESL enjoys significant synergistic benefits from its position within the INOXGFL ecosystem. As a subsidiary of Inox Wind Limited (IWL), a leading turnkey wind energy solutions provider, IGESL has a natural, built-in pipeline for organic growth. It also collaborates closely with other group entities, such as Inox Clean Energy, which is developing a large independent power producer (IPP) platform, and Inox Solar, a solar manufacturing player. This integrated structure provides IGESL with a captive and expanding customer base. The company leverages technology, including 24x7 centralized asset monitoring and a focus on predictive maintenance, to deliver high operational efficiency, as evidenced by its strong machine availability metrics.

Official Website: http://www.inoxgreen.com/

• Total Income: The company reported a total income of Rs 112 crores for Q3 FY26, a substantial 51% year-over-year (YoY) increase from Rs 74 crores in Q3 FY25. For the nine-month period (9M FY26), total income grew by 76% to Rs 339 crores from Rs 193 crores in 9M FY25.

• EBITDA: Earnings Before Interest, Taxes, Depreciation, and Amortization (EBITDA) stood at Rs 53 crores in Q3 FY26, marking an 80% YoY growth from Rs 29 crores. The 9M FY26 EBITDA was Rs 153 crores, up 64% from Rs 93 crores in the previous year.

• Profit Before Tax (PBT): PBT saw exceptional growth, rising 261% YoY to Rs 40 crores in Q3 FY26 from Rs 11 crores in Q3 FY25. The nine-month PBT surged by 406% to Rs 114 crores.

• Profit After Tax (PAT): Net profit grew 375% YoY to Rs 25 crores in Q3 FY26 compared to Rs 5 crores in the same quarter last year. For the nine-month period, PAT increased by 552% to Rs 75 crores.

• Cash PAT: Cash PAT, a measure of cash profitability (PAT + Depreciation + Deferred Taxes), increased by 116% YoY to Rs 51 crores in Q3 FY26. For 9M FY26, Cash PAT grew by 194% to Rs 145 crores.

The company demonstrated robust financial performance with significant YoY growth across all key metrics, highlighting strong operational leverage and profitability expansion.

• Annuity-Based Revenue Model: The core business is built on long-term O&M contracts with tenors of up to 25 years. This structure provides highly visible, stable, and recurring cash flows, insulating the company from the cyclicality of project development.

• Synergistic Group Ecosystem: As a subsidiary of Inox Wind, IGESL is the natural beneficiary of its parent company's wind turbine generator (WTG) sales, creating a captive pipeline for organic growth. Further synergies exist with the group's IPP arm (Inox Neo) and solar manufacturing unit (Inox Solar), ensuring a steady flow of future O&M contracts.

• Asset-Light Strategy: The company is in the final stages of demerging its common infrastructure and substation business into a separate entity. This strategic move will create a leaner, asset-light balance sheet for IGESL, reduce depreciation charges, and enhance its return profile.

• Comprehensive Service Provider: IGESL offers a full suite of O&M solutions not just for WTGs but also for solar projects and the common infrastructure facilities that support power evacuation, making it a one-stop-shop for renewable asset owners.

• Technology-Driven Operations: The company emphasizes a predictive maintenance approach over a reactive one, utilizing 24x7 centralized monitoring and SCADA analysis to maximize asset performance and availability.

IGESL's unique positioning combines a stable, long-term annuity business model with powerful group synergies and a strategic focus on an asset-light structure.

• Strong Government Push: The Indian government has set aggressive renewable energy targets, aiming for 500 GW of non-fossil fuel capacity by 2030 and 1,800 GW by 2047. This provides a multi-decade visibility for capacity additions, creating a massive addressable market for O&M services.

• Favorable Policy Environment: The sector is supported by favorable policies, including a reduction in GST on wind components from 12% to 5% and the implementation of the Approved List of Models and Manufacturers (ALMM) for wind, which mandates 75-80% domestic sourcing and promotes local manufacturing.

• Economic Competitiveness of Wind: Wind energy remains one of the cheapest sources of power. Its complementarity with solar makes it critical for developing hybrid, Round-The-Clock (RTC), and Firm and Dispatchable Renewable Energy (FDRE) projects, which enhance grid stability and offer better returns for developers.

• Immense Growth Potential: India possesses vast untapped potential, with an estimated 695 GW of onshore wind potential at a 120m hub height and a repowering potential of approximately 25 GW for older turbines. The government is also promoting offshore wind through a Viability Gap Funding (VGF) scheme.

• Robust Market Activity: In the first nine months of FY26, India added 34.7 GW of new renewable energy capacity, including 4,473 MW of wind power. Tenders for over 13 GW of RE capacity have been awarded, with wind and FDRE projects constituting about half of this capacity.

The Indian renewable energy sector is experiencing a period of sustained, policy-driven growth, creating powerful tailwinds and a long-term opportunity for O&M service providers.

• Rapid Portfolio Expansion: The company's managed portfolio has grown exponentially, from just 0.09 GW in 2013 to approximately 13.3 GW in 2026. This demonstrates a strong track record of scaling its operations.

• Organic Growth Pipeline: A significant portion of future growth is secured through its parent, Inox Wind, which has a net order book of approximately 3.2 GW. IGESL will provide O&M services for these upcoming projects. Additional organic growth will come from the group's IPP and solar manufacturing ventures.

• Aggressive Inorganic Growth: IGESL has made strategic investments to acquire a 6.5 GW operational wind O&M portfolio from two other companies. This move is expected to increase its consolidated EBITDA and PAT multifold once the financials are consolidated.

• Expansion into Value-Added Services: The company is focused on growing its high-margin, value-added services vertical, which includes offerings like WTG refurbishment to extend asset life, booster sales to enhance output, and carbon credit trading.

Growth is being driven by a clear dual-pronged strategy of securing a captive organic pipeline through group synergies while aggressively pursuing large-scale inorganic acquisitions.

• Market Consolidation: A significant opportunity exists to take over the O&M portfolios of large IPPs and developers who currently manage their assets in-house. As portfolios scale, many may look to outsource to specialized, credible players like IGESL to improve efficiency.

• Capturing Expiring Contracts: The company can target customers whose existing O&M contracts with other service providers are expiring. Its reputation and scale position it well to win these contracts.

• Flight to Quality: Many customers are actively seeking to switch to more reliable, well-regarded, and financially strong Indian O&M service providers, creating an opportunity for IGESL to gain market share.

• Hybrid Project O&M: The increasing trend of hybrid projects (wind, solar, and battery storage) presents a new opportunity. These complex projects require sophisticated O&M capabilities, which IGESL is well-equipped to provide.

The market presents substantial opportunities for a large, credible player like IGESL to consolidate O&M services from captive operators and smaller competitors.

• Demerger of Infrastructure Business: The company's board has approved a scheme to demerge its common infrastructure (substation) business and merge it into Inox Renewable Solutions Ltd (IRSL). The scheme is in the final stages of hearing at the National Company Law Tribunal (NCLT).

• Strategic Impact of Demerger: Upon NCLT approval, this demerger will make IGESL an asset-light O&M services pure-play. It will remove associated depreciation from its income statement, leading to higher reported Profit After Tax (PAT), and will result in the automatic listing of IRSL.

• Major Acquisitions: The company has already made the necessary investments to acquire a 6.5 GW wind O&M portfolio. This inorganic expansion is a key catalyst that is expected to significantly boost consolidated earnings once completed.

• Operational Excellence: The company maintained a high machine availability of 96.5% for its portfolio in Q3 FY26, underscoring its strong operational capabilities and focus on maximizing asset performance for its clients.

The company is undergoing a strategic transformation through a major demerger and large-scale acquisitions, which will fundamentally enhance its financial structure and profitability.