The renewable operations and maintenance company Inox Green Energy Services Limited has taken a major step to widen its footprint in India's wind sector. The company has finalised the payment for a sizable maintenance business that serves some of the country's best-known power producers and industrial buyers. The move comes as the company works to expand its managed portfolio and strengthen its earnings base. Here's how the deal is structured, what it could mean for earnings, and what to watch.
Shares of INOX Green Energy Services Ltd are trading at Rs. 137.23, down 6.24 percent on Wednesday. The stock touched the intraday high of Rs. 147.66 after opening at Rs. 146.59 before slipping to a low of Rs. 134.13. The company commands a market capitalization of Rs. 5,766.18 crore.
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Inox Green Pays Up for Wind World India's Maintenance Business
Inox Green Energy Services Limited has paid for the wind operations and maintenance business of Wind World India Limited, the company said on October 7, 2026. The payment was made on October 6 through its subsidiary Vibhav Energy Private Limited under a Business Transfer Agreement. The deal is worth Rs. 550 crore including taxes, and the business moves over as a going concern under the Resolution Plan approved by the National Company Law Tribunal. Once the transfer and the plan are fully implemented, Inox Green will hold 75 percent of Vibhav Energy. The acquired portfolio covers about 4.5 GW of wind assets and brought in roughly Rs. 580 crore of revenue in FY26.
What the Deal Means for Inox Green's Numbers
The size of the acquired business stands out against Inox Green's current books. The company reported consolidated revenue from operations of Rs. 43.29 crore in Q1 FY27, while the Wind World India portfolio earned about Rs. 580 crore in FY26 alone. Because Inox Green will own 75 percent of Vibhav Energy, it can consolidate the business line by line. That should change the reported financials sharply, and management has already said consolidated EBITDA and profit are expected to rise multifold. The portfolio also serves customers such as the Tata Group, ReNew, Greenko, Apraava Energy and Hindustan Zinc, and its contracts carry an annual price escalation of about 5 percent.
The benefit will not arrive on its own, though. The group's CFO says the price works out to roughly 2x EBITDA, but that figure rests on expected earnings after synergies are fully realised over the next year, not on reported profit. Integrating a large fleet across several states will take careful execution. Investors will also want to see how quickly the savings on costs and pricing show up in margins once the numbers are consolidated.
Financial Performance
Looking at the quarterly results of Inox Green Energy Services Limited, the company's consolidated revenue from operations decreased by 17.3 percent YoY, from Rs. 52.36 crore in Q1 FY26 to Rs. 43.29 crore in Q1 FY27, and declined by 37.0 percent QoQ from Rs. 68.67 crore in Q4 FY26.
Inox Green Energy Services Limited generated 100 percent of its segment revenue from operations and maintenance services in Q1 FY27. The power evacuation and consultancy segments reported no revenue in the quarter.
In Q1 FY27, Inox Green Energy Services Limited's consolidated net profit increased by 82.3 percent YOY, reaching Rs. 40.79 crore compared to Rs. 22.37 crore during the same period last year. As compared to Q4 FY26, the net profit has increased by 43.9 percent, from Rs. 28.35 crore.
The basic earnings per share increased by 74.1 percent and stood at Rs. 1.01 as against Rs. 0.58 recorded in the same quarter in the previous year, FY2026.
India's Rising Power Demand Supports Wind Maintenance Business
India's demand for electricity is expected to continue to increase. According to the company's presentation, per capita consumption will rise from 1,460 units in fiscal year 25 to 2,000 by 2030 and to 4,000 by 2047, and power demand has already achieved multi-year highs in the first part of FY27. The amount of renewable capacity, excluding large hydro, was about 237 GW in June 2026, wind making up roughly 57 GW thereof.
FY26 witnessed record wind installations amounting to about 6 GW, and wind capacity is expected to reach around 100 GW by 2030. Since the installed base is larger and older, more maintenance is required, leading to increased demand for companies that manage and keep wind and solar assets under long-term contracts. The government's target of 500 GW of non-fossil capacity by 2030 also contributes to this level of certainty.
Company Overview
Inox Green Energy Services Limited is India's only listed pure-play renewable operations and maintenance provider, managing about 13.3 GWp of wind and solar assets as of June 2026. A subsidiary of Inox Wind and part of the INOXGFL Group, it earns cash flows from long-term contracts, serves power producers and public sector units, and has operated for over 14 years.
