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    Inox Green

    INOXGREEN
    Power·29 May 2026
    Management Summary

    Inox Green delivered robust Q4 FY26 results with significant year-on-year growth in income and profitability. The company is poised for multi-fold growth in FY27, driven by the imminent consolidation of 6.5 GW of acquired O&M assets and strong organic expansion. While Q-o-Q revenue saw a slight dip, management remains confident in achieving its FY27 EBITDA target of over INR 600 crores and becoming a leading global O&M player.

    Highlights

    5

    • Inox Green reported strong Q4 FY26 financials with Total Income of INR 120 crores (up 40% YoY), EBITDA of INR 57 crores (up 93% YoY), and PAT of INR 28 crores (up 340% YoY).

    • The company maintains its FY27 EBITDA guidance to be upwards of INR 600 crores, driven by organic growth and the consolidation of acquired assets.

    • Inox Green is in the process of acquiring 6.5 GW of operational wind O&M assets, which is expected to significantly boost its portfolio and financial performance in FY27.

    • The scheme of demerger of evacuation infrastructure business from Inox Green and its merger into Inox Renewable Solutions has been approved by NCLT, which will improve profitability by eliminating INR 50-55 crores in annual depreciation.

    • The company's O&M portfolio has reached 13+ GWp, comprising 10.5 GW of wind and balance solar assets, with machine availability averaging 96.5%.

    Concerns

    3

    • Inox Green's revenue from operations saw a quarter-on-quarter decline from INR 82 crores in Q3 to INR 69 crores in Q4 FY26, which management attributed to normal fluctuations in value-added services.

    • The completion of the 6.5 GW O&M asset acquisitions is still pending NCLT and other clearances, with full financial consolidation expected in FY27.

    • The company has not yet established a formal dividend policy, despite expecting significant operating cash flow (INR 600 crores) in FY27.

    Key financials

    Single quarter

    06 metrics
    1. 01Total Income₹120 Cr+40%YoY
    2. 02EBITDA₹57 Cr+93%YoY
    3. 03PBT₹46 Cr+2.4%YoY
    4. 04PAT₹28 Cr+3.4%YoY
    5. 05Cash PAT₹46 Cr+3.3%YoY

    Order Book

    high confidence

    Total Value

    13 GWp

    as of 2026-03-31

    quantified

    Composition

    Wind Assets(product)
    10.5 GW
    Solar Assets(product)

    Pipeline

    other

    Acquisition of 6.5 GW of operational wind O&M assets pending clearances

    "Inox Green's O&M portfolio continues strong growth, reaching over 13 GWp, with significant additions expected from pending acquisitions."

    Source:
    Prepared remarks

    Capital allocation

    3
    high confidence
    CategoryHeadline
    Debt

    Debt disclosed

    M&A

    Two companies with operational wind O&M assets

    acquisition · pending regulatory

    Liquidity

    Liquidity disclosed

    Expected operating cash flow of INR 600 crores for FY27, which management plans to deploy for further acquisition opportunities.

    Guidance & targets

    6
    CategoryTargetPriority
    Profitability
    Inox Green EBITDA
    upwards of INR 600 crores
    		High
    Profitability
    Consolidated EBITDA Margin
    20% to 20%
    		High
    Profitability
    Acquired Assets EBITDA Margin
    roughly 50%
    		High
    Revenue
    Consolidated Revenue Growth
    around 75%
    		High
    Operating Cash Flow
    Inox Green Operating Cash Flow
    INR 600 crores
    		High
    Revenue Mix
    O&M Revenue Share
    18% to 20%
    		Medium

    Completion of 6.5 GW O&M asset acquisitions

    next 60-90 days (for second entity), FY27 (for full consolidation)
    CurrentPending NCLT and other clearances
    TargetAcquisitions closed and consolidated

    Why it matters

    Crucial for achieving FY27 EBITDA guidance and expanding Inox Green's O&M portfolio significantly.

    The acquisition of 4.5 gigawatt is still on waiting for NCLT clearances, right, if I'm not wrong. And the additional 2 gigawatt of acquisition is also waiting for more clearances. So how are you getting to the INR600 crores run rate? Is that based on the quarter 4 number for FY27? Or are you expecting this to start coming from quarter 1 itself? ... But effectively over FY27, both these entities will be part of Inox Green and the revenues and the profitability of these entities from 1st April '26 will be reflected in the consolidated results of Inox Green.

    How to verify

    capital_allocation.m_and_a[target='Two companies with operational wind O&M assets'].status

    Risks & concerns

    4
    RiskSeverity

    Geopolitical issues and logistics challenges impacting project execution

    Ongoing geopolitical issues have caused on-ground challenges and logistics issues, particularly affecting supply chain for components like ECS. — Management acknowledged

    medium

    Payment delays from PSU contracts and receivable challenges

    Challenges in receivables, especially from PSU contracts, have been observed, though improvement is expected with a strategic pivot towards equipment supply and group company orders. — Management acknowledged

    medium

    Delays in NCLT and other clearances for O&M asset acquisitions

    The acquisition of 6.5 GW of O&M assets is pending NCLT and other regulatory clearances, which could delay the full financial consolidation into Inox Green. — Analyst acknowledged

    medium

    Working capital cycle challenges due to external factors

    Macro-level issues, including supply chain disruptions and delays in component deliveries (e.g., ECS from outside India), have impacted the working capital cycle. — Management acknowledged

    medium

    Q&A highlights

    8

    “So your questions on the two acquisitions, which will roughly contribute a 50% EBITDA margin, because both are all the previous OEMs with the substations and all those evacuation systems. So this gives a similar EBITDA margin, which is roughly 50%.”

    Clarifies the profitability contribution of the significant O&M asset acquisitions to Inox Green's future performance.

    asked by Vikas Agarwal

    2 min read5 chapters

    Detailed Narrative

    01

    Strong Q4 FY26 Performance for Inox Green

    Inox Green Energy Services Limited reported a robust Q4 FY26, with Total Income reaching INR 120 crores, marking a 40% year-on-year increase. EBITDA surged by 93% to INR 57 crores, and Profit After Tax (PAT) saw an impressive 340% jump to INR 28 crores. Cash PAT also grew significantly by 327% to INR 46 crores, reflecting strong operational efficiency and profitability.

    02

    Strategic Acquisitions Driving Future Growth

    The company is actively pursuing the acquisition of 6.5 GW of operational wind O&M assets from two companies. While these acquisitions are awaiting NCLT and other regulatory clearances, management expects their financial consolidation to occur in FY27, contributing roughly a 50% EBITDA margin. This strategic move is anticipated to result in a multifold increase in Inox Green's consolidated EBITDA and PAT for FY27 over FY26, significantly expanding its O&M portfolio which currently stands at 13+ GWp.

    03

    Positive Outlook and FY27 Guidance

    Inox Green maintains its FY27 EBITDA guidance to be upwards of INR 600 crores, supported by both organic growth and the integration of acquired assets. The company also projects its O&M revenue share to increase from the current 10% to between 18% and 20% going forward⏳. Furthermore, the demerger of the evacuation infrastructure business, approved by NCLT, is expected to eliminate INR 50-55 crores in annual depreciation, thereby enhancing profitability.

    04

    Focus on Operational Excellence and Digital Initiatives

    Operational efficiency remains a key focus, with machine availability averaging 96.5% across the portfolio. Inox Green is exploring the deployment of Agent AI and other digital initiatives to enhance execution speed, improve margins, and reduce manual dependencies. The company is also investing in talent development through its 'Vayuveer' program, aiming to train 600 skilled professionals annually to support its growth.

    05

    Capital Allocation and Shareholder Returns

    For FY27, Inox Green anticipates generating INR 600 crores in operating cash flow, which management intends to deploy towards further acquisition opportunities. While no formal dividend policy has been established yet, management indicated that the Board would consider one once the consolidation of the acquired companies is complete. The company's strategy emphasizes creating long-term value and insulating itself from market cycles through integrated operations and group synergies.

    This is an AI-generated summary of a publicly available earnings call transcript. It is for informational purposes only and does not constitute investment advice, a recommendation, or an endorsement. inve.money is not a SEBI-registered investment advisor. Please consult a qualified financial advisor before making any investment decisions.