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1. At a Glance
For the quarter ended June 2026, Inox Green Energy Services reported revenue from operations of ₹43.3 crore, against ₹56.2 crore a year earlier. Operating profit was negative ₹0.94 crore. Net profit was ₹40.7 crore, against ₹22.0 crore in the June 2025 quarter. EPS came in at ₹1.01 versus ₹0.60.
Sitting between those two facts is Other Income of ₹57.9 crore — a line item that, this quarter, out-earned the entire business it is meant to be a footnote to. Management’s own explanation for part of this appears in Section 4; the arithmetic on the page is simply that ₹57.9 crore is bigger than ₹43.3 crore, and by a margin that would make most footnotes request a promotion.
The quarter also carried actual corporate events, which is not always guaranteed at a company this size. The demerger of the power evacuation business became effective, with a record date of 1 August 2026. NCLT Ahmedabad approved the acquisition of Wind World India’s roughly 4.5 GW wind O&M portfolio. Machine availability across the fleet stood at 96.3%. And the company’s stated O&M portfolio reached ~13.3 GWp as of June 2026, up from ~3.2 GW as on March 2024 — a number that has spent two years growing faster than most people’s ability to keep track of it.
Depreciation for the quarter was ₹0.42 crore. On a balance sheet that carried ₹704 crore of net block a year before the demerger, that is a remarkably light bill.
2. Introduction
Inox Green was incorporated in 2012 as a wholly owned subsidiary of Inox Wind Ltd, built to do the unglamorous half of the wind business: keeping other people’s turbines spinning after somebody else has taken the ribbon-cutting photographs. Fourteen years later it describes itself as India’s only listed pure-play renewable O&M service provider — a category so specific that being the only listed member of it is both a genuine distinction and a slightly lonely way to spend a Tuesday.
The parent sits inside the INOXGFL group, described in the company’s own presentation as a USD 16 billion conglomerate with a legacy of over nine decades, spanning fluoropolymers, fluorochemicals, battery chemicals, wind turbines, EPC, renewable O&M, solar cells and modules, and renewable power generation. That is not a business description so much as an inventory. Inox Green’s slot in it is narrow and clear: Inox Wind builds and sells the turbines, Inox Renewable Solutions does the EPC and evacuation infrastructure, Inox Clean Energy owns and operates renewable assets, and Inox Green maintains what the others put in the ground.
Recent history has been mostly structural rather than operational. In November 2024 the board approved the demerger of the power evacuation business into Inox Renewable Solutions. NCLT Ahmedabad sanctioned the scheme on 13 March 2026; it became effective on 4 May 2026; shareholders received 122 IRSL shares for every 1,000 Inox Green shares held on the 1 August 2026 record date. In February 2026, an INOXGFL consortium was declared successful resolution applicant for Wind World (India) Ltd, with Inox Green taking the roughly 4.5 GW O&M portfolio. In July 2026 the board approved a fund raise of up to ₹600 crore, and the 26th EGM on 13 August 2026 passed fund-raising and related-party transaction resolutions.
Somewhere in the middle of all this rearranging, turbines continued to turn, which is the actual job.
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3. Business Model: WTF Do They Even Do?
Inox Green signs long-term contracts — 5 to 20 years, with tenors stated up to 25 years — to operate and maintain wind turbine generators, solar plants, and the common infrastructure that connects them to the grid. The revenue arrives as an annuity: a per-megawatt fee, escalating, for as long as the machine exists and someone wants it to keep working.
The company splits maintenance into two philosophies. Reactive maintenance means a component fails and then somebody fixes it, which produces long downtime and, one imagines, difficult phone calls. Predictive maintenance means detecting the failure before it happens. Inox Green describes itself as focused on the second, with 24×7 centralised monitoring, SCADA analysis, an SAP HANA upgrade in progress and a mobile-based O&M management tool under development — the wind industry’s version of getting a notification that your turbine is feeling unwell.
On top of the base contracts sit value-added services: refurbishment, booster sales, overhauls, life extension and carbon credit trading. Management’s life-extension pitch is to push turbine life from around 25 years toward 35 — a business built on the premise that the thing you already sold someone can be sold to them again, slowly, for a decade.
Geographically, the disclosed portfolio spreads across Andhra Pradesh, Gujarat, Karnataka, Madhya Pradesh, Maharashtra, Rajasthan, Tamil Nadu, Uttar Pradesh, Uttarakhand, Haryana and Kerala — with Kerala at 16 MW of wind, which is roughly the corporate equivalent of a keychain from a holiday. Customers are independent power producers, PSUs and corporates, named in the company’s disclosures as including Gujarat Fluorochemicals, Torrent Power, Shree Cement and Gujarat Industries Power.
The stated portfolio of ~13.3 GWp as of June 2026 includes ~10.5 GW of wind and the balance solar, and — this qualifier does a great deal of work — includes investments made to acquire ~6.5 GW of operational wind O&M portfolio of two companies, approximately 4.5 GW of which is still in the process of being consolidated. The portfolio is therefore partly a
