Remember when O&M (operations and maintenance) was the boring, back-office cousin of renewable energy? Well, Inox Green just turned it into the showstopper. Revenue shot up 79% YoY, EBITDA 61%, and PAT 440%—numbers so loud they almost drown out the whirring turbines. Even after a ₹2.9 cr deferred tax hit, they’re smiling like they just signed a lifetime AMC with the grid itself (Q1 FY26 earnings presentation).
Why it matters? Because ALMM and the hybrid RE boom are creating a perfect storm for companies that keep the blades spinning—and IGESL’s now servicing 5.1 GW worth of them.
Stick around—things get spicier two scrolls down.
AT A GLANCE
• Total income up 79% – no, not a typo• EBITDA ₹48 cr – up 61% YoY, margins still solid• PAT ₹22 cr – up 440%, yes, four-hundred-forty• Cash PAT ₹44 cr – 140% YoY jump; annuity model flex• O&M portfolio ~5.1 GW – now with solar muscle added
MANAGEMENT’S KEY COMMENTARY
• “Portfolio machine availability 95.6%” – Translation: We fix before you break.• “Added ~1.6 GWp solar O&M” – Translation: Sunshine now pays us too.• “O&M for 182 MW of a top conglomerate” – Translation: Big client brag incoming.• “No objection for substation demerger” – Translation: Bureaucracy didn’t rain on this parade.• “Value-added services a growth area” – Translation: Maintenance has merch now.• “ESG compliant” – Translation: Even our wrenches are sustainable.• “Targeting >10 GW portfolio” –
Translation: Everyone’s turbines, please send us your service logs.
NUMBERS DECODED
| Revenue – The Hero | EBITDA – The Sidekick | Margins – The Drama Queen |
|---|---|---|
| ₹98 cr, +79% YoY | ₹48 cr, +61% YoY | 48.9%, down slightly but still premium |
Hero storms the stage, sidekick keeps pace, Drama Queen stays mostly composed.
ANALYST QUESTIONS
Q:How fast can you grow the O&M book?A:“>10 GW in 2 years.” Translation: Bring us your tired, your broken, your out-of-warranty turbines.
Q:Why solar O&M now?A:“Massive potential via group synergies.” Translation: Same wrenches, more panels.
Q:What’s the impact of the demerger?A:“Cleaner balance sheet.” Translation: Less depreciation dragging down PAT.
GUIDANCE & OUTLOOK
Management’s mood is sunny with a mild policy tailwind. The plan is to deepen group synergies—grabbing work from Inox Wind’s 3.1 GW order book, Inox Neo’s IPP ambitions, and Inox Solar’s module pipeline. Solar O&M could quickly
