Inox Green Energy Services LimitedQ1 FY27 Results & Financial Update
Inox Green Energy Services Limited: Q1 FY27 consolidated results and company financials – revenue ₹43.29 Cr, PAT ₹40.79 Cr. Explore reported YoY/QoQ movements, margins, business drivers and management commentary. This page does not provide a rating, target price or investment recommendation.
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Quarterly Results AnalysisExplore Inox Green Energy Services Q1 FY27 quarterly results and earnings: revenue, profit (PAT), EBITDA, margins, YoY and QoQ growth, order book or business updates where reported, financial performance and management commentary. Reported figures and Nivata calculations are shown separately; no buy, sell or hold recommendation is provided.
Quarter overview
Quarterly earnings analysis
Inox Green Energy Services Limited delivered a resilient financial and operational performance for the quarter ended June 30, 2026 (Q1 FY27), backed by steady execution across its expanding pan-India O&M portfolio.
Total income for the quarter stood at INR 101.18 crore, supported by operating revenue of INR 43.29 crore and robust other income of INR 57.89 crore.
Profitability expanded significantly during the period, with profit before tax (PBT) reaching INR 54.48 crore and profit after tax (PAT) registering INR 40.79 crore, translating to basic and diluted earnings per share (EPS) of INR 1.01.
Operational efficiency remained strong, highlighted by a pan-India average machine availability of 96.3% achieved across the managed portfolio during Q1 FY27.
The total O&M asset portfolio reached approximately 13.3 GWp as of June 30, 2026, comprising roughly 10.5 GW of wind assets and the balance in solar assets, which includes investments made to acquire approximately 6.5 GW of operational wind O&M portfolios.
Strategic portfolio milestones during and subsequent to the quarter included advancing integration initiatives for the acquisition of Wind World India's ~4.5 GW wind O&M portfolio following NCLT approval, and completing the demerger of the power evacuation business with a record date of August 1, 2026.
During the quarter, the company recorded consolidated revenue from operations of INR 43.29 crore, while total income reached INR 101.18 crore, bolstered by substantial other income.
01 · Business model
What does Inox Green Energy Services do?
Inox Green Energy Services Limited is India's only listed pure-play renewable operation and maintenance (O&M) service provider, with a track record spanning over 14 years.
The company offers comprehensive O&M solutions, asset monitoring, and common infrastructure management for wind farm projects, wind turbine generators (WTGs), solar plants, and renewable energy assets.
Operating as a key subsidiary of Inox Wind Limited within the diversified INR 131,856 crore (USD 16 billion) INOXGFL Group, Inox Green benefits from organic pipeline additions from group manufacturing and independent power producer (IPP) arms.
Its revenue model is centered on long-term, multi-year annuity-style contracts ranging from 5 to 20 years, supplemented by high-growth value-added services such as turbine refurbishment, booster sales, and carbon credit trading.
02 · Historical context
What shaped the business before this quarter
Established over 14 years ago, Inox Green has transitioned from a wind-focused service provider into a pan-India O&M specialist covering wind, solar, and hybrid infrastructure assets.
Previously approved by the board on November 13, 2024, the scheme of arrangement for the demerger of the power evacuation business into Inox Renewable Solutions Limited received NCLT sanction on March 13, 2026, and became effective on May 4, 2026.
03 · Financial snapshot
Current-quarter financial snapshot
| Metric | Q1 FY27 |
|---|---|
| Revenue from operations | ₹43.29 Cr |
| Total income | ₹101.18 Cr |
| Profit before tax | ₹54.48 Cr |
| Profit after tax | ₹40.79 Cr |
| EPS | ₹1.01 |
04 · Why it moved
Why the quarter looked the way it did
What drove revenue
Core revenue is driven by long-term, multi-year O&M contracts spanning 5 to 20 years, providing steady recurring cash flows across wind and solar installations.
Topline performance is further augmented by high-margin value-added service offerings including WTG overhaul packages, booster sales, turbine performance enhancements, and carbon credit trading.
Revenue from operations of INR 43.29 crore was primarily driven by wind farm O&M service contracts and associated technical support activities.
Total income was significantly enhanced by other income of INR 57.89 crore, bringing total consolidated income to INR 101.18 crore for the quarter.
What drove margins
Total expenses for Q1 FY27 were well contained, with employee benefits expense at INR 13.91 crore and finance costs reduced to INR 2.06 crore.
The company's asset-light business model and centralized 24x7 monitoring framework allow it to scale O&M operations efficiently while maintaining healthy operating margins.
The company incurred finance costs of INR 2.06 crore during the quarter, impacting overall profitability prior to tax deductions.
Depreciation charges were maintained at a modest level of INR 0.42 crore for the quarter ended 30 June 2026.
Tax provisioning for the quarter stood at INR 13.68 crore, representing the statutory obligation against pre-tax profits of INR 54.48 crore.
05 · Demand, customers & order book
Where demand is coming from
Inox Green maintains long-standing relationships with prominent renewable asset owners across India, including public sector undertakings (PSUs), independent power producers (IPPs), and private institutional investors.
Long-term contract visibility is bolstered by parent company Inox Wind's robust turbine order book of ~4.4 GW and Group IPP platform Inox Clean Energy's targeted annual capacity additions.
06 · Segments, products & geography
Which parts of the business are doing the work
Segments and products
In accordance with Ind AS 108, the company operates in a single reportable primary business segment: providing operations and maintenance (O&M) services for WTGs and common infrastructure facilities.
Geography and market mix
The company's ~13.3 GWp O&M portfolio is distributed across major renewable-rich states in India including Gujarat, Rajasthan, Madhya Pradesh, Maharashtra, Karnataka, Andhra Pradesh, Tamil Nadu, Uttar Pradesh, Uttarakhand, Haryana, and Kerala.
07 · Capacity, projects & execution
What is being built, commissioned or delivered
Capacity, production and utilisation
Total O&M portfolio under management stood at over 13.3 GWp as of June 30, 2026, achieving a high pan-India average machine availability of 96.3% in Q1 FY27.
Projects, capex and execution
The company is actively advancing its digital capabilities through ongoing SAP HANA system upgrades, the deployment of mobile-based O&M management tools, and enhanced SCADA analytics.
08 · Strategy & new businesses
How the company is trying to change its growth mix
Inox Green received NCLT approval in Ahmedabad for the acquisition of Wind World India's ~4.5 GW wind O&M portfolio, with transaction formalities and financial consolidation expected to conclude in Q2 FY27.
The demerger of the power evacuation business was successfully finalized with an effective record date of August 1, 2026, leaving Inox Green with a streamlined, asset-light balance sheet focused purely on O&M annuity services.
09 · Reported developments
What changed operationally
Q1 FY27 PBT reached INR 54.48 crore and PAT touched INR 40.79 crore, demonstrating robust operational profitability.
NCLT approval secured for the ~4.5 GW Wind World India O&M portfolio acquisition, adding marquee clients such as the Tata Group, ReNew, Greenko, Apraava Energy, and Hindustan Zinc.
The company sustained a healthy net profit of INR 40.79 crore for Q1 FY27, backed by strong other income and controlled operational outlays.
10 · Pressure points & risks
What is not going smoothly
Auditor emphasis of matter notes ongoing regulatory and appellate matters regarding certain SPV investments and bank guarantees totaling INR 5,578 lakh, for which Inox Wind Limited has agreed to bear costs if recovery is unsuccessful.
11 · Items worth noticing
The line items that can distort a quick read
Other income for Q1 FY27 stood at INR 57.89 crore, contributing significantly to total income alongside operating revenue of INR 43.29 crore.
12 · Cash flow & balance sheet
Profit is one thing. Cash and funding tell another part of the story.
The company maintains disciplined working capital management across its long-term service contracts, supporting stable cash generation.
Capital allocation & funding
Finance costs for Q1 FY27 stood at INR 2.06 crore, reflecting prudent capital management and lower debt servicing obligations.
13 · Management guidance & targets
What management is targeting from here
Management expects consolidated EBITDA and PAT to increase multifold upon the completion of ongoing acquisitions and full financial consolidation of acquired O&M portfolios.
14 · Beyond the numbers
What changed beyond the numbers
Reported update
Board Appointments
The board approved the re-appointment of Shri Manoj Dixit as Whole-time Director for a further two-year term starting October 8, 2026, and Ms. Bindu Saxena as Independent Director for a second five-year term starting December 14, 2026.
Reported update
ESG Framework
Inox Green adheres to Global Reporting Initiative (GRI) and Business Responsibility & Sustainability Reporting (BRSR) standards, maintaining ISO 14001:2015 certification for its Environment Management System.
Reported update
Consolidated Financial Disclosure
The company filed its unaudited consolidated financial results for Q1 FY27 in compliance with regulatory standards through official exchange channels.
15 · Previous-quarter changes
What changed since the previous quarter
The total O&M portfolio expanded to over 13.3 GWp, incorporating approximately 6.5 GW of acquired wind O&M assets in various stages of consolidation.
16 · Key Q&A
The quarter, answered directly
What does Inox Green Energy Services do?
Inox Green Energy Services Limited is India's only listed pure-play renewable operation and maintenance (O&M) service provider, with a track record spanning over 14 years.
What is the clearest takeaway from Q1 FY27?
Inox Green Energy Services Limited delivered a resilient financial and operational performance for the quarter ended June 30, 2026 (Q1 FY27), backed by steady execution across its expanding pan-India O&M portfolio.
What drove revenue or demand?
Core revenue is driven by long-term, multi-year O&M contracts spanning 5 to 20 years, providing steady recurring cash flows across wind and solar installations.
What mattered most for margins or profitability?
Total expenses for Q1 FY27 were well contained, with employee benefits expense at INR 13.91 crore and finance costs reduced to INR 2.06 crore.
What changed operationally beyond the headline numbers?
Total O&M portfolio under management stood at over 13.3 GWp as of June 30, 2026, achieving a high pan-India average machine availability of 96.3% in Q1 FY27.
What is management guiding or targeting from here?
Management expects consolidated EBITDA and PAT to increase multifold upon the completion of ongoing acquisitions and full financial consolidation of acquired O&M portfolios.
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18 · Next filing checkpoints
What the next disclosure can confirm or change
- 01
Portfolio Availability and Scale: Track ongoing machine availability metrics and the integration of new O&M contracts from group manufacturing and IPP pipelines.
- 02
O&M Contract Renewals: Monitor future disclosures for updates on wind energy O&M contract renewals and portfolio expansion milestones.
- 03
Financial Trajectory: Track subsequent quarterly filings to observe revenue growth trends relative to operating and other income components.
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