01 — At a Glance
The Wind Turbine Mechanic Trading at 76x Earnings
- 52-Week High / Low₹279 / ₹95.6
- Q3 FY26 Revenue₹82 Cr
- Q3 FY26 PAT₹25 Cr
- TTM EPS₹2.17
- O&M Portfolio (Total)~13 GW
- Book Value₹53.9
- Price to Book2.82x
- Dividend Yield0.00%
- Debt / Equity0.05x
- 3-Month Return-28.7%
Detective’s Opening Clue: Inox Green reported Q3 FY26 PAT of ₹25 Cr — up 375% YoY from a measly ₹5 Cr. Revenue hit ₹82 Cr (+34% YoY). The company now manages ~13 GW of O&M assets (wind + solar), just acquired 4.5 GW from Wind World’s bankruptcy resolution, is demerging its substation business to get leaner, and management is promising ₹600 Cr+ EBITDA in FY27. At ₹152/share, the stock is down 28% in 3 months. The case is interesting. The suspect is compelling. The P/E of 76x is the unsolved mystery.
02 — Introduction
India’s Only Listed Wind Mechanic Is Having A Moment
Picture this: You manufacture wind turbines (that’s Inox Wind, the parent). Then, once those turbines are installed in some gusty corner of Rajasthan or Gujarat, someone has to make sure they keep spinning. That someone is Inox Green Energy Services — India’s only listed pure-play renewable O&M company. No turbine manufacturing. No EPC drama. Just maintenance contracts, long-term agreements of 5–20 years, and a team of 393 engineers spread across 8 states making sure wind farms don’t become expensive metal sculptures.
The business model is deceptively boring — which is, paradoxically, what makes it worth studying. In a sector where everyone is chasing GW announcements and project pipeline press releases, Inox Green quietly does the unglamorous work of keeping existing wind assets operational. And it gets paid an annuity for doing so. At ~96% machine availability across its fleet, they’re very good at the job.
Q3 FY26 (October–December 2025) was their strongest quarter in years. Revenue ₹82 Cr, EBITDA ₹23 Cr (OPM 28%), PAT ₹25 Cr (+375% YoY). Then management dropped two more grenades on the Feb 2026 concall: the portfolio is actually ~13.3 GW now (not 3.5 GW that most screens show), and they expect FY27 EBITDA of “upwards of ₹600 crores” once acquisitions consolidate. That’s roughly a 12x EBITDA jump from FY26’s run rate. Either this is the most exciting O&M story in Indian renewables, or the most optimistic earnings call since the dawn of PowerPoint. Let’s find out.
Concall Note (Feb 2026): “My EBITDA would be equivalent to my cash profit as well.” — Inox Green Management, describing post-demerger financial structure. Translation: zero interest cost, zero tax outflow on cash basis, depreciation gone. If true, the FY27 P&L is going to look spectacular. If true.
03 — Business Model: WTF Do They Even Do?
They Fix Wind Turbines. For 20 Years. On Contract.
The elevator pitch is three lines: Wind turbines break. Inox Green fixes them. Under contracts lasting 5 to 20 years. That’s it. That’s the whole business. No product launches, no seasonal inventory, no advertising budget. Just O&M contracts with a diversified customer base of independent power producers (72%), PSUs (14%), and corporates (14%) — customers who signed multi-year agreements and can’t easily swap service providers without significant operational disruption.
Inox Green operates 24/7, has dedicated onsite teams, runs predictive maintenance programmes (so turbines don’t suddenly stop in the middle of peak wind season and send everyone into crisis mode), and tracks machine availability religiously. Their current fleet availability of ~96% is the KPI equivalent of a high batting average — it directly translates to client retention and contract renewals.
The expansion thesis is simple: more GW under management = more annuity revenue = more EBITDA. They are pursuing this both organically (Inox Wind’s project completions automatically flow into the O&M portfolio) and inorganically (buying struggling O&M businesses from distressed players at NCLT). The Wind World acquisition of ~4.5 GW O&M capacity is the most dramatic example of the latter — acquiring from bankruptcy, India-style.
Wind O&M~10 GWAs per concall
Solar O&M~3.3 GWGrowing fast
Total Portfolio~13.3 GWFeb 2026
Availability~96.5%9M FY26
Revenue Model Explained: Management stated the company makes ~₹80 Cr revenue and ~₹40 Cr EBITDA for every 1 GW of O&M commissioning. If the ~13 GW fully consolidates at this rate, the math points to ₹1,040 Cr revenue and ₹520 Cr EBITDA at scale. Management’s FY27 guidance of ₹600 Cr EBITDA requires either better margins or faster consolidation. Both are possible. Neither is guaranteed.
💬 Drop a comment: Does India even have enough wind mechanics to service 13 GW of turbines? Or is this the sector’s hidden hiring crisis?
04 — Financials Overview
Q3 FY26: The Numbers That Actually Moved
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