1. At a Glance
If there was ever a renewable energy version of a “nepo baby,” it’s Inox Green Energy Services Ltd (IGESL) — born in 2012, pampered by parent Inox Wind Ltd, and now strutting on Dalal Street with a ₹8,549 crore market cap. The stock, currently chilling around ₹229, has skyrocketed ~54% in just 3 months, leaving even seasoned bulls winded. With a P/E ratio of 142x, this stock clearly believes in the power of “renewable optimism.”
In Q2FY26, IGESL reported sales of ₹85.9 crore and a PAT of ₹27.9 crore, up a jaw-dropping 335% YoY. It’s almost as if someone installed a turbocharger on their profit engine. ROE at 1.02% and ROCE at 2.6%, however, suggest that the party’s still at the planning stage — the champagne’s on ice, but not yet popped. The company remains debt-light (₹95 crore) and pledge-free, which in corporate India is as rare as an electric bus that actually runs on time.
But here’s the headline act: Inox Green is morphing from a wind O&M specialist into a solar-hybrid juggernaut, signing MoUs worth 5 GW in partnership with InoxGFL Group and KP Group (Nov 2025). Yes, this green child of the Inox clan is growing up — and fast.
2. Introduction – From Windmills to Wallet Mills
In a market where every company wants to “go green,” Inox Green actually does it for a living. Think of them as the mechanics who keep your wind turbines spinning — the pit crew of India’s renewable race. Except, instead of oil changes and tire swaps, they do predictive maintenance for giant wind turbines across eight wind-rich Indian states.
Their track record? Over 10 years and an O&M portfolio exceeding 3.5 GW, spread across 1,396 WTGs (wind turbine generators). Their teams monitor, maintain, and babysit these turbines so they keep generating megawatts and, more importantly, invoices.
Still, the real transformation began when they decided to diversify beyond wind. Because let’s face it — in 2025, sticking to just wind is like running Netflix without Wi-Fi. The new plan? Go hybrid — wind plus solar O&M. Add a little sunshine to the spinning blades, and voila: a business model that’s as diversified as an Indian thali.
In Q2FY26, Inox Green turned up the wattage — revenue up 55.6% YoY, profits quadrupled, and the demerger of its substation business filed with NCLT to “enhance profitability.” Translation: they’re removing the fat so the core business can sprint like Usain Bolt with a solar panel strapped to his back.
3. Business Model – WTF Do They Even Do?
Let’s simplify it. If Inox Wind Ltd builds the turbines, Inox Green keeps them alive.
Their business model revolves around O&M contracts spanning 5–20 years, ensuring steady cash flows — the renewable version of a Netflix subscription, but without the “Are you still watching?” prompt. They offer:
- Operation Services: A 24/7 on-ground team that monitors every turbine like your Indian mom tracks your “last seen” on WhatsApp.
- Maintenance Services: Two flavors — reactive
- (fix after failure) and predictive (fix before failure). Guess which one customers prefer?
- Value-Added Services: Performance optimization, hybrid O&M, and now even solar plant upkeep.
Their clients include marquee names like Gujarat Fluorochemicals, Torrent Power, Shree Cement, and several state utilities, which means even if one client sneezes, the others keep the windmills spinning.
And here’s the kicker — for every 1 GW of O&M, Inox Green earns around ₹80 crore in topline and ₹40 crore in EBITDA. That’s a 50% EBITDA margin wind farm-style subscription. Imagine Netflix running those margins — Reed Hastings would’ve retired to Mars.
So when they say they plan to hit 10 GW in 3–4 years, do the math. That’s a potential ₹800 crore revenue run-rate, with profits that might finally make the 142x P/E look a tad less insane.
4. Financials Overview
| Metric | Latest Qtr (Sep’25) | YoY Qtr (Sep’24) | Prev Qtr (Jun’25) | YoY % | QoQ % |
|---|---|---|---|---|---|
| Revenue | ₹85.9 Cr | ₹55.3 Cr | ₹56.0 Cr | +55.6% | +53.2% |
| EBITDA | ₹9 Cr | ₹19 Cr | ₹6 Cr | -52.6% | +50.0% |
| PAT | ₹27.9 Cr | ₹6.4 Cr | ₹22.3 Cr | +335% | +25.1% |
| EPS (₹) | 0.76 | 0.18 | 0.60 | +322% | +26.6% |
Witty Commentary:
Revenue is up, profits are flying, and EPS is finally positive enough to make shareholders smile again. But with a P/E of 142, the market clearly expects Elon Musk-level innovation from a company that oils turbines. Still, credit where due — the windmill whisperers are finally turning breezes into balance sheets.
5. Valuation Discussion – Fair Value Range Only
Let’s crunch the educational numbers:
a) P/E Method:
EPS (TTM) = ₹1.62
Industry P/E = ~27x
→ Fair Value Range = ₹44 – ₹65
b) EV/EBITDA Method:
EV = ₹8,581 Cr
EBITDA (TTM) = ₹158 Cr
EV/EBITDA = 54x (current)
Industry avg = 15–25x
→ Fair Value Range (by normalisation) = ₹2,500 Cr – ₹4,000 Cr EV → ₹65–₹105/share
c) DCF Approximation (Educational Only):
Assuming 20% CAGR revenue growth over 4 years, moderate margins expansion, and negligible debt, fair range = ₹90 – ₹130/share.
🧾 Disclaimer: This fair value range is for educational purposes only. Not investment advice. Wind speed may vary.
6. What’s Cooking – News, Triggers, Drama
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