Inox Green Energy Services Limited was originally incorporated as Inox Wind Infrastructure Services Limited in May 2012 at Vadodara, Gujarat, and commenced operations in June 2012. The company name was changed to Inox Green Energy Services Limited in October 2021. The company is one of the major wind power operation and maintenance (O&M) service providers within India and is a subsidiary of Inox Wind Limited, part of the Inox GFL group of companies.
Inox Green is India's only listed pure-play renewable O&M service provider with comprehensive O&M solutions for wind turbine generators and common infrastructure facilities through long-term contracts of 5-20 years. The company has a presence across India with an established track record of over 10 years and manages a portfolio of more than 3.2 GW of O&M assets plus additional value-added services contracts.
Inox Green Energy Services is engaged in the business of providing long-term O&M services for wind farm projects, specifically the provision of O&M services for wind turbine generators and the common infrastructure facilities on wind farms which support the evacuation of power from such generators. The company provides Operations and Maintenance services of wind turbine generators and Common Infrastructure Facilities.
The company provides exclusive O&M services for all wind turbine generators sold by Inox Wind Limited through long-term contracts for terms that typically range between 5 to 20 years. Inox Green Energy has a presence in Gujarat, Rajasthan, Maharashtra, Madhya Pradesh, Karnataka, Andhra Pradesh, Kerala, and Tamil Nadu.
The company operates through Operation & Maintenance; Erection, Procurement & Commissioning; Power Generation; and Trading Income segments. It also offers erection, procurement, and commissioning services, as well as develops wind farms. The company's operational services include remote monitoring and control through supervisory control and data acquisition, and coordination with distribution companies covering timely reading of energy meters, provision of daily generation reports to customers, and implementation of quality, safety and environment management systems.
In April 2025, Inox Green entered into an agreement to provide operations and maintenance services for 675 MWp of solar projects of one of India's leading renewable energy companies. This agreement marks the company's entry into solar O&M, a sector which is poised to increase multi-fold over the next decade, providing immense growth opportunities. Subsequently, the company signed agreements to provide O&M services for solar projects totaling 639 MWp. With these agreements, Inox Green's solar O&M portfolio has expanded to 1.6 GW, and its overall renewable energy O&M portfolio now exceeds 5 GW.
With this agreement, Inox Green marks its entry into solar O&M, in a sector which is poised to increase multi-fold over the next decade, providing immense growth opportunities for the company. Although solar margins are lower, the company plans to use shared resources and hybrid models to preserve its 50% EBITDA guidance. Revenue contribution from solar will likely begin in FY26, with wind continuing to dominate for now.
As of recent data, Inox Green Energy Services has a market capitalization of ₹5,608 Crore, with revenue of ₹236 Crore and profit of ₹21.9 Crore. The company's market capitalization is ₹6,683 Crore as of May 2025. In Q3 FY25, the company demonstrated robust financial health with a revenue increase to ₹74 Crore, driven by operational efficiencies and strategic growth initiatives.
On a consolidated basis, Inox Green Energy Services reported a profit of ₹5.19 Crore on a total income of ₹73.98 Crore for the quarter ended 2024. Net profit rose 10.75% to ₹6.39 Crore while net sales rose 16.44% to ₹55.18 Crore in Q2 September 2024 over Q2 September 2023.
- Revenue: ₹236 Crore
- Profit: ₹21.9 Crore
- The company has delivered good profit growth of 18.3% CAGR over the last 5 years.
- Stock P/E: 324
- Book Value: ₹53.6
- ROE: 1.06%
- ROCE: 2.90%
Promoter holding in Inox Green Energy Services has decreased to 55.93% as of March 2025 from 56.35% as of August 2024. The company is a subsidiary of Inox Wind Limited which is a subsidiary of Inox Wind Energy Limited, and its ultimate holding company is Inox Leasing and Finance Limited. There is no promoter pledging in Inox Green Energy Services.
The company's 52-week high share price is ₹224.65 and 52-week low share price is ₹95.65. The stock has moved up by 27.58% in the last 1 month, 40.42% in the last 3 months, and 36.89% in the last 12 months on BSE. As per Value Research classification, it is a Small Cap company.
Despite challenges in solar project integration and revenue discrepancies from varying contract types, the company remains optimistic about expanding its capacity to 10 gigawatts within the next few years. The implementation of advanced technologies and disciplined financial management further supports its commitment to maintaining strong EBITDA margins and enhancing shareholder value.
The Resco demerger, expected to conclude within 2025, will result in an asset-light model for Inox Green. Depreciation will fall off its books, which will translate to a stronger profit after tax profile, supported by steady EBITDA. Shareholders will also receive a stake in the spun-off substation business, Inox Renewable Solutions.
The management's focus on inorganic growth through acquisitions, particularly of distressed assets, positions the company favorably in a competitive landscape, while the ongoing demerger is expected to enhance profitability by streamlining operations.
The company is almost debt-free and has a strong balance sheet, enabling it to report stable earnings growth across business cycles. As part of the INOXGFL Group and a subsidiary of Inox Wind, with whom it enjoys a synergistic relationship, Inox Green is India's only listed pure-play renewable O&M services company. Its customers include some of the largest Independent Power Producers (IPPs), Public Sector Undertakings (PSUs) along with various retail customers.
The company stands to benefit from India's renewable energy growth trajectory, with its established presence in wind energy O&M services and strategic entry into the rapidly expanding solar energy sector positioning it well for future growth opportunities.
