1. At a Glance – The Wind Is Blowing… But Is It Too Expensive?
Inox Green Energy Services Ltd is trading at ₹175, with a market cap of ₹7,030 crore, and a spicy P/E of 87.7. In the last 3 months, the stock corrected –25.8%, but zoom out one year and it’s still up 41.7%. So yes, it has already made some people very happy.
Now let’s talk numbers that matter.
In Q3 FY26, revenue jumped 51% YoY to ₹112 crore (total income), EBITDA surged 80% YoY to ₹53 crore, and PAT exploded 375% YoY to ₹25 crore. Cash PAT came in at ₹51 crore. That’s not growth. That’s a protein shake.
Debt? Just ₹95 crore.
Debt-to-equity? 0.05.
Current ratio? 4.77.
Interest coverage? 12.2x.
But here’s the twist.
ROE is just 1.02%.
ROCE is 2.60%.
And earnings include ₹144 crore of other income in TTM.
So the question is simple:
Is this India’s cleanest renewable O&M annuity story… or just an accounting breeze pushing the turbines?
Let’s open the nacelle and inspect the gearbox.
2. Introduction – India’s Only Listed Pure-Play Renewable O&M Player
Inox Green Energy Services Limited (IGESL) was incorporated in 2012 and is a subsidiary of Inox Wind Limited, part of the larger Inox GFL Group.
Unlike wind turbine manufacturers who sell hardware, Inox Green does something more boring… and potentially more stable.
It operates and maintains wind farms and renewable assets.
This is not glamorous EPC revenue.
This is annuity-style O&M revenue.
Long-term contracts of 5–20 years.
Portfolio of 13.3 GWp (including ~10 GW wind and ~3.3 GWp solar).
Presence across multiple states.
Machine availability? 96.2% for 9M FY26.
And here’s the real kicker:
They make around ₹80 crore revenue and ₹40 crore EBITDA per 1 GW of commissioning.
Management’s ambition?
Expand to 6 GW by FY26 and 10 GW in next 3–4 years.
So technically, this is not a “project risk” company.
It’s a maintenance annuity machine.
But the market is valuing it like it already owns the wind.
Is that justified?
3. Business Model – WTF Do They Even Do?
Let’s simplify this.
Wind farms have turbines.
Turbines break.
Gearboxes fail.
Blades crack.
Weather misbehaves.
Somebody has to maintain them 24×7.
That’s Inox Green.
They Offer:
1. Operation Services
