INOX GREEN ENERGY SERVICES LIMITED reported exceptional results for Q3 FY26, with total income surging 51% YoY to Rs 112 crores. Profit After Tax (PAT) saw a remarkable jump of 375% YoY, reaching Rs 25 crores. The company’s O&M portfolio stands at 13.3 GWp, underpinned by high machine availability of 96.5% for the quarter. Furthermore, the crucial demerger of the substation business is in the final stages of regulatory approval.
Q3 FY26 Financial Highlights
INOX GREEN ENERGY SERVICES LIMITED announced robust performance metrics for the quarter ending December 31, 2025 (Q3 FY26). The company achieved a Total Income of Rs 112 crores, marking a substantial 51% Year-over-Year (YoY) increase from Rs 74 crores in Q3 FY25. EBITDA also saw strong momentum, growing 80% YoY to Rs 53 crores.
Profitability metrics demonstrated exponential growth:
- Profit Before Tax (PBT) increased by 261% YoY to Rs 40 crores.
- Profit After Tax (PAT) surged by an exceptional 375% YoY, settling at Rs 25 crores (up from Rs 5 crores in Q3 FY25).
- Cash PAT* grew by 116% YoY to Rs 51 crores.
The company noted that for the 9 months ending FY26 (9M FY26), Total Income reached Rs 339 crores (up 76% YoY), and PAT stood at Rs 75 crores (up 552% YoY).
Operational Stability and Portfolio Growth
Operational efficiency remained high, with Machine Availability for the portfolio standing at 96.5% in Q3 FY26, averaging 96.2% across 9M FY26. The combined portfolio size currently stands at 13.3 GWp, comprising approximately 10 GW of wind assets and 3.3 GWp of solar assets. This figure includes the recent investments made to acquire 6.5 GW of operational wind O&M portfolio from two entities.
Management anticipates that consolidated EBITDA and PAT will increase multifold following the completion of these acquisitions and financial consolidation.
Strategic Corporate Development
A key strategic update involves the Scheme of Demerger of the substation business from Inox Green, slated for a subsequent merger into Inox Renewable Solutions. This scheme is currently in the final stages of hearing at the Hon’ble NCLT Ahmedabad. The resulting structure is designed to create a cleaner, more asset-light balance sheet for Inox Green, while the demerger is expected to eliminate associated depreciation, leading to higher reported PAT.
INOXGFL Group Ecosystem Overview
INOXGFL Group is highlighted as a multi-billion-dollar Indian conglomerate focused on energy transition. Inox Green (IGESL) functions as India’s leading pure-play renewable O&M service company, servicing assets managed by its parent, Inox Wind (IWL), and the renewable IPP platform, Inox Neo Energies (Inox Clean Energy).
Growth Strategy Focus Areas
The company’s growth strategy is built on two pillars:
- Inorganic Opportunities: Targeting switchovers from captive managers and taking over O&M portfolios from large IPPs/developers, alongside capitalizing on expiring contracts.
- Organic Opportunities: Growing the portfolio via long-term contracts associated with IWL’s order book of approximately 3.1 GW, securing O&M contracts from the group’s IPP platform (targeting > 3 GW annual addition), and offering value-added services like WTG overhaul packages.
Wind Sector Tailwinds
The Indian wind sector is poised for multi-decadal growth, strongly backed by government targets. The sector benefits from being one of the cheapest power sources and its complementarity to solar, which supports grid stabilization. Favorable policies include the mandate for domestic sourcing of 75-80% of WTG components.
Key Portfolio Metrics
As of the reporting date, the current O&M portfolio is approximately ~13.3 GWp, with key metrics including:
- Residual duration of O&M contracts: Multi-year.
- Tenor of O&M contracts: Up to 25 years.
- Net Order Book of IWL: ~3.2 GW.
Business Model and Digital Transformation
Inox Green operates an asset-light, annuity-based model focused on long-term contracts. The service scope covers Annual Maintenance Contracts up to Comprehensive Operations & Maintenance Contracts.
Digital initiatives are actively underway, including 24×7 centralized monitoring, SCADA analysis, and the ongoing upgrade to SAP HANA, all aimed at driving performance improvement through predictive maintenance.
Source: BSE
