Inox Green, Inox Wind exceed guidance, eye major expansion

Inox Green Energy Services Limited (Inox Green) reported a strong Q1 FY '26, with total income of INR98 crores, a 79% year-on-year increase. EBITDA rose 61% to INR48 crores, and PAT increased by 4.4 times to INR22 crores. The company’s EBITDA margin stood at approximately 49% for the quarter. Inox Green strategically added approximately 1.6 gigawatt peak of solar O&M contracts to its portfolio in April-May 2025, bringing its total renewable O&M portfolio to approximately 5.1 gigawatts. The company aims to expand its portfolio to about 17 gigawatts over the next two years, with wind assets forming the majority.

Inox Wind Limited, the wind manufacturing arm of INOXGFL Group, delivered 146 megawatts during Q1 FY '26, contributing to a diversified order book of 3.1 gigawatts. The company is confident of achieving its execution guidance of 1.2 gigawatts for FY '26, while raising its margin guidance to 18%-19%. Strategic initiatives include operationalizing a new 1200 megawatt nacelle and hub manufacturing unit and deploying cranes, expected to aid faster execution and deliver higher-than-industry-average margins.

The demerger of the substation business from Inox Green and its merger into Inox Renewable Solutions received no objections from stock exchanges and is now in the NCLT process, expected to conclude within two to three quarters. This will remove approximately INR1,000 crores gross block from Inox Green’s balance sheet, eliminating INR50-INR55 crores in annual depreciation and significantly improving ROE and ROCE.