Inox Green Energy Services Limited – Investor Presentation Summary

Key Operational Highlights

  • Machine availability for the portfolio stood at 96.2% in Q2 FY27
  • Portfolio stood at ~12.5 GWp as of September 2026 (~10.4 GW of wind assets, ~2.1 GWp of solar assets)
  • Reduction in AUM due to non-renewal of certain solar O&M contracts that did not meet margin criteria
  • Portfolio includes Wind World India Ltd's O&M portfolio and an investment to acquire another ~2 GW of wind O&M assets

Key drivers of operational performance:

  • Focus on predictive maintenance over reactive maintenance
  • 24x7 centralized monitoring of assets
  • Value-added services including refurbishment, booster sales, carbon credit trading

Segment-wise Performance

Not Specified

Financial Highlights

Revenue from operations: Rs. 88.8 crores (Q2 FY27)

Other Income: Rs. 24.2 crores (Q2 FY27)

Total income: Rs. 113 crores (Q2 FY27), up 12% QoQ

EBITDA: Rs. 62.5 crores (Q2 FY27), up 10% QoQ

Profit before tax: Rs. 58 crores (Q2 FY27), up 7% QoQ

Profit after tax: Rs. 44 crores (Q2 FY27), up 7% QoQ

Cash PAT: Rs. 58 crores (Q2 FY27), up 6% QoQ

YoY/QoQ comparison:

Q2 FY27 vs Q2 FY26: Total income (13%), EBITDA +20%, PAT +57%, Cash PAT +14%

H1 FY27 vs H1 FY26: Total income (6%), EBITDA +20%, PAT +68%, Cash PAT +19%

Drivers of financial performance:

  • Growth in O&M business
  • Operational efficiencies
  • EBITDA does not reflect income from two O&M investments not recognized in P&L for this quarter

Key Risks:

  • Effect of economic and political conditions in India
  • Volatility in interest rates
  • New regulations and Government policies
  • Market preferences and exposure to market risks

Geographical Revenue Split

Not Specified

Balance Sheet Snapshot

As of September 30, 2026:

Total Assets: Rs. 2,649 crores

Non-current assets: Rs. 833 crores

Current assets: Rs. 1,816 crores

Property, Plant and Equipment: Rs. 5 crores

Investments: Rs. 333 crores

Trade receivables: Rs. 222 crores

Cash and cash equivalents: Rs. 22 crores

Bank balances: Rs. 710 crores

Total Equity: Rs. 2,094 crores

Equity Share capital: Rs. 420 crores

Other Equity: Rs. 1,666 crores

Financial Health Insights:

  • Asset-light balance sheet post demerger
  • Focus on long-term contracts with steady cashflows

Capex & Cash Flow Health

Capital Expenditure: Not Specified

Free Cash Flow: Not Specified

Operating Cash Flow: Not Specified

Investment Rationale:

  • Focus on capacity expansion through organic and inorganic growth
  • Technology upgrades for predictive maintenance

Strategic & R&D Initiatives

  • Comprehensive O&M Solutions Provider for WTGs, solar and common infrastructure
  • Technology driven company with focus on predictive maintenance
  • Value-added services vertical is a high growth area
  • Launch of 4X MW WTGs to help deepen market penetration

Expected impact on growth:

  • Post completion of acquired businesses, consolidated EBITDA and PAT expected to increase multifold
  • Wind World India acquisition offers significant scope for operational efficiencies through enhanced service offerings

Strategic Rationale:

  • Expanding into high-growth renewable O&M markets
  • Reducing operational costs through synergies
  • Becoming one of the largest renewable O&M companies globally

Industry Trends & Business Environment

  • India's per capita electricity consumption expected to triple
  • Power demand increased 15% in Q2 YoY and 13% in H1 YoY
  • Renewables form 53% of total installed capacity in India
  • India targets 500 GW/1,800 GW of non-fossil fuel capacity by 2030/2047
  • 3.2 GW wind capacity installed in H1 FY27 (6 GW installed in FY26)
  • 5.8 GW renewables capacity awarded through tenders in Q2 FY27

Impact on Company:

  • Strong demand outlook for wind due to complementary generation profile to Solar
  • Larger share of FDRE/RTC in upcoming tenders benefiting wind segment
  • Multi-decadal growth story in renewable sector

Management Commentary & Growth Outlook

  • On track to become one of the largest renewable O&M companies globally
  • Big beneficiary of inter-play of Group synergies going forward
  • Long term recurring portfolio growth visibility from Inox Wind and Inox Clean
  • Significant organic and inorganic growth opportunities across wind, solar and hybrid projects
  • Financial consolidation of Wind World India acquisition expected from Q3 FY27

FY Guidance:

Not Specified

Market Share Targets:

Not Specified

Risks and Opportunities:

  • Opportunities to enter into contracts with customers where existing contracts may have expired
  • Multiple opportunities to takeover O&M portfolios of large IPPs/developers managing portfolio captively
  • Growing portfolio through new long-term O&M contracts with customers purchasing IWL's WTGs

ESG Updates

  • Environment & Energy as part of IMS
  • ISO 14001:2015 Environment Management System certification
  • Scope 1 emissions: 1009 tons CO2 equivalent (diesel use)
  • Scope 2 emissions: 93 tons CO2 equivalent (purchased electricity)
  • Scope 3 emissions: 456 tons CO2 equivalent (purchased goods and services)
  • Reduction measures: Replacing diesel with greener fuels, using green energy, purchasing goods with least carbon footprint