Inox Green Energy Services is the operations and maintenance arm of the INOXGFL group, earning recurring fees for running wind and solar plants across India. Its O&M portfolio stood at 13.3 GW peak as of June 2026, split about 10.5 GW of wind and the balance solar, with an additional 6.5 GW of operational wind O&M assets acquired but not yet consolidated. The business became asset-light on August 1 2026 after the demerger of its evacuation infrastructure, eliminating a gross block of roughly INR1,000 crores and annual depreciation of INR50-55 crores. In FY26 the company reported turnover of INR426 crores and EBITDA of INR210 crores, an EBITDA margin near 50%, and in Q1 FY27 it earned INR57 crores of EBITDA on INR101 crores of total income, with cash PAT of INR55 crores. Wind O&M margins are guided at approximately 50%, while solar O&M margins are 15-20%, and management expects to become India's largest renewable O&M company.
The persistence of these margins rests on switching costs and mission-critical uptime. Machine availability averaged 96.3% in Q1 FY27, and O&M contracts include contracted annual price escalations of about 5% on the Wind World India portfolio. Customers including Tata, ReNew, Greenko, Apraava and Hindustan Zinc are unlikely to rotate service providers frequently because outages directly reduce generation revenue. The company has also moved beyond basic maintenance into turbine overhaul and life-extension packages, extending asset life from 25 years to 35 years, which strengthens customer stickiness and adds a separately billed revenue stream. The acquisition of Wind World India, a bankrupt wind OEM's O&M book, was approved by NCLT and is being completed without haircut, while the group company Inox Clean plans 3+ GW of new capacity annually, with 20-30% in wind, creating recurring O&M additions. This combination of contractual escalation, high uptime, and group pipeline is why the business is not a commodity scale player.
The inflection point is the consolidation of the 6.5 GW acquired O&M book, beginning with Wind World India's 4.5 GW portfolio, which generated about INR580 crores of revenue in FY26 and is expected to complete in Q2 FY27. The second acquisition is due to complete later in FY27, with financial consolidation reflecting from Q3 FY27 onwards. On that basis, management has guided FY27 EBITDA to upwards of INR600 crores, a near tripling from FY26's INR210 crores. Looking 18-24 months out, the consolidated business should be managing roughly 20 GW of wind and solar assets, with the asset-light structure, no depreciation on the demerged evacuation infrastructure, and a tax shield of up to INR700 crores of accumulated losses. Per-MW revenue on the core 4 GW portfolio is already INR9-10 lakh excluding GST, and the acquired portfolios carry higher per-MW revenue and 5% annual escalations. By FY28-29, organic additions from Inox Clean's annual build-out and life-extension services should push EBITDA beyond the guided FY27 level, with cash profit close to EBITDA.
Management's track record is mixed, and the latest evidence matters more. Earlier calls promised 10 GW of O&M portfolio in three to four years and 6 GW within two years; by the February 2026 call the company reported 13.3 GW, beating the scale target. But financial consolidation lagged: the 6.5 GW acquisition was originally expected to close around FY26, slipped through the first half of 2026, and only now has a firm Q2 FY27 completion date for Wind World India. The demerger was repeatedly delayed but was completed on August 1 2026. Guidance for FY27 EBITDA of INR600+ crores has been maintained across the June and August 2026 calls. The Q1 FY27 results support the margin narrative: EBITDA margin of 56% and cash PAT up 25% year on year. The risk is not demand or margin, but execution timing; the company has consistently over-delivered on portfolio size and under-delivered on closure dates.
The quantified earnings path is clear: FY27 consolidated EBITDA of INR600+ crores, with the acquired Wind World India portfolio alone contributing roughly INR580 crores of revenue at a comparable O&M margin structure. The central assumption is that both acquisitions complete and consolidate on schedule, which would make Q3 and Q4 FY27 the first reported periods to reflect the step change. Beyond that, the 50% EBITDA margin and cash conversion should hold because there is no depreciation or finance cost on the old evacuation assets and tax payments are shielded by accumulated losses. The most important watchpoint is the completion and integration of the acquired portfolios, particularly Wind World India, and the related-party dependence on Inox Clean for future additions. If either acquisition slips beyond the current quarter, the guided INR600 crores would be pushed into FY28. The tension between portfolio scale and reported financials is therefore timing-related, not structural; the underlying recurring revenue and margin have already been demonstrated in the standalone Q1 FY27 numbers.
companyname: Inox Green Energy Services Limited ticker: INOXGREEN sector: Renewable Energy Operations & Maintenance (O&M) Services Inox Green Energy Services Limited (IGESL) is India's only listed pure-play renewable energy operations and maintenance (O&M) company. It is a subsidiary of Inox Wind Limited (IWL) and part of the INOXGFL Group, which spans chemicals, wind turbine manufacturing, solar manufacturing, EPC services, and renewable power generation. The company provides long-term O&M ser...
Read the full report →margin expansion, regulatory approval, new product segment, acquisition inorganic
FY27 EBITDA guided at INR600+ crores driven by order inflows and acquisitions
Guidance maintainedmixed
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