Inox Green Energy Services Ltd Q2FY26 – Wind Gets a Solar Sibling as Profits Go Green and Margins Go Meme-Worthy

1. At a Glance

If there was ever a renewable energy version of a “nepo baby,” it’sInox Green Energy Services Ltd (IGESL)— born in 2012, pampered by parentInox 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 aP/E ratio of 142x, this stock clearly believes in the power of “renewable optimism.”

In Q2FY26, IGESL reportedsales of ₹85.9 croreand aPAT of ₹27.9 crore, up a jaw-dropping335% YoY. It’s almost as if someone installed a turbocharger on their profit engine. ROE at1.02%and ROCE at2.6%, however, suggest that the party’s still at the planning stage — the champagne’s on ice, but not yet popped. The company remainsdebt-light (₹95 crore)andpledge-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 asolar-hybrid juggernaut, signing MoUs worth5 GWin partnership withInoxGFL 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 dopredictive maintenancefor giant wind turbines acrosseight wind-rich Indian states.

Theirtrack record?Over10 yearsand an O&M portfolio exceeding3.5 GW, spread across1,396 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? Gohybrid— 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 up55.6% YoY, profitsquadrupled, 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. IfInox Wind Ltdbuilds the turbines,Inox Greenkeeps them alive.

Their business model revolves aroundO&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) andpredictive(fix before failure). Guess which one customers prefer?
• Value-Added Services:Performance optimization, hybrid O&M, and now even solar plant upkeep.

Theirclientsinclude marquee names likeGujarat Fluorochemicals,Torrent Power,Shree Cement, and severalstate utilities, which means even if one client sneezes, the others keep the windmills spinning.

And here’s the kicker — for every1 GW of O&M, Inox Green earns around₹80 crore in toplineand₹40 crore in EBITDA. That’s a50% EBITDA marginwind farm-style subscription. Imagine Netflix running those margins — Reed Hastings would’ve retired to Mars.

So when they say they plan to hit10 GW in 3–4 years, do the math. That’s apotential ₹800 crore revenue run-rate, with profits that might finally make the 142x P/E look a tad less insane.

4. Financials Overview

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