Company Overview
Inox Green Energy Services Limited (IGESL) is a leading pure-play renewable energy Operations and Maintenance (O&M) services company, managing wind, solar, and hybrid renewable energy projects across India. The company completed a significant corporate restructuring during FY26, demerging its power evacuation business into Inox Renewable Solutions Limited to transform into a focused asset-light renewable O&M platform.
Financial Performance FY2025-26
IGESL reported strong financial results for the year ended March 31, 2026. Consolidated revenue stood at ₹2,810 crore (FY25: ₹2,202 crore), with profit after tax reaching ₹1,034 crore (FY25: ₹218 crore) - a substantial improvement from prior year performance. Standalone revenue was ₹238.48 crore with PAT of ₹53.37 crore from continuing operations. The company achieved EBIT of ₹87 crore (36.48% margin) and maintained a healthy current ratio of 5.38 with debt-equity ratio of 0.02.
Strategic Demerger and Restructuring
The company successfully completed the demerger of its evacuation infrastructure business into Inox Renewable Solutions Limited, effective August 1, 2026, with appointed date of October 1, 2024. The NCLT-approved scheme involved transfer of net assets worth ₹7,445 crore, including property, plant and equipment of ₹6,520 crore. This strategic move positions IGESL as a focused asset-light renewable O&M platform with enhanced operational efficiency.
Business Operations and Portfolio Growth
IGESL expanded its renewable O&M portfolio to over 13 GWp (10.3 GW wind, balance solar) with 96.5% machine availability. The portfolio spans 16 states in India, generating ₹426 crore revenue and ₹103 crore PAT in FY26. The company significantly expanded its solar O&M portfolio from negligible base to approximately 3 GWp, including projects at Bhadla Solar Park. Operational performance remained strong with long-term O&M contracts providing recurring revenue visibility.
Capital Structure and Fundraising
The company increased its issued equity share capital to ₹401.49 crore through preferential issue of shares and ESOP allotments. A ₹1,050 crore preferential issue was partially completed with ₹966.30 crore received, utilized primarily for debt repayment (₹110 crore), investments in subsidiaries (₹429 crore), and general corporate purposes. The ESOP scheme granted 4,00,000 options with 24,67,620 options outstanding at year-end.
AGM and Corporate Governance
The 14th Annual General Meeting is scheduled for September 25, 2026 via video conference. Key agenda items include adoption of financial statements, re-appointment of directors (Manoj Dixit as Whole-time Director and Bindu Saxena as Independent Director), ratification of cost auditor remuneration, and approval of material related party transactions with group entities totaling ₹1,200 crore. The board comprises 6 directors with 3 independent directors and maintains strong governance practices.
Growth Strategy and Outlook
IGESL targets expanding its renewable energy O&M portfolio to approximately 20 GW over the next two years through organic and inorganic opportunities. Organic growth will come from Inox Wind's order book of ~4.4 GW and Inox Clean Energy's target of 10 GW installed capacity by FY28. Inorganic growth targets ~10 GW opportunity from assets owned by inactive or distressed operators. The company is also expanding value-added services including WTG overhaul packages, life-extension solutions, and carbon credit-related services.
Related Party Transactions and Subsidiaries
The company seeks shareholder approval for material related party transactions with group entities including Inox Wind Limited (₹1,500 crore), Inox Renewable Solutions (₹1,500 crore), Gujarat Fluorochemicals (₹200 crore), and others. IGESL has 13 subsidiary companies, with I-Fox Windtechnik India as material subsidiary. Significant inter-corporate deposit activity occurred during the year, with ₹7,346 crore given and ₹325 crore received.
Regulatory Compliance and Accounting
The company adopted new Ind AS standards effective April 2025 covering foreign exchange, liability classification, and supplier finance disclosures. CRISIL reaffirmed credit ratings at 'CRISIL A/Positive' for long-term and 'CRISIL A1' for short-term. Pending litigation claims total ₹405 crore, primarily customer claims and tax matters.
ESG Performance and Workforce
The company maintains ISO 14001:2015 (Environmental Management) and ISO 45001:2018 (Occupational Health and Safety) certifications. Emissions include Scope 1: 1,009 tonnes CO2e, Scope 2: 93 tonnes CO2e, and Scope 3: 456 tonnes CO2e. Workforce comprises 367 permanent employees and 203 contract laborers as of March 31, 2026.