Aamara Capital21 Oct 2026 · For internal use only

Inox Green Energy Services Ltd

NSE: INOXGREEN · BSE: 543667 · ISIN INE510W01014 · Wind and solar O&M · Parent: Inox Wind Ltd
CMP (NSE close)Rs 114.82
Mkt CapRs 4,818 cr
FY26 core op. margin8.2%
52W H/L (intraday)Rs 279 / 108.7

Snapshot

Data as of 21 Oct 2026. Price is the NSE close (full bhavcopy of 21 Oct 2026; unadjusted series; 20 Oct was an exchange holiday). Latest reported period: Q1 FY27 (quarter ended 30 Jun 2026; results 7 Aug 2026). Q2 FY27 results are not out; the trading window has been closed since 1 Oct 2026. Where the first six research files conflict with the primary-document gap-fill (FY26 annual report, Placement Document, NCLT order, five concall transcripts, NSE archives, CRISIL, NSE bhavcopy), this report uses the primary documents. Inox Wind (parent) numbers are never attributed to Inox Green; aggregator pages that mix the two are flagged in Tabs 2 and 11.

Earnings quality: what the filings show (disclosed facts; no intent is characterised)

FY26 consolidated other income was Rs 145.20 cr, of which Rs 121.43 cr (83.6%) is a fair-value gain on unquoted units of three RKG funds (FVTPL, Level 2, NAV supplied by the fund manager; cost about Rs 430 cr, carrying value Rs 550.35 cr; funded through ICDs to wholly-owned subsidiary Tempest Wind Energy). That gain equals 77% of continuing PBT of Rs 157.80 cr and the audit report carries no key audit matter on it. Core operating profit was Rs 23 cr (8.2% margin, against 17% in FY25 and 33% in FY24). In Q1 FY27 operating profit was about -Rs 1 cr on operating revenue of Rs 43 cr (-17% or -23% year on year depending on the comparative base) against other income of Rs 58 cr. The O&M segment lost Rs 16.25 cr; the only profitable segment is Rs 37.64 cr of consultancy income from one unnamed customer. Receivables plus unbilled revenue less allowance are Rs 634 cr, about 824 days of revenue. Management's statement that about Rs 10 cr a quarter of value-added services sits in other income does not match the other-income note. [Fact] (FY26 annual report Notes 7a, 26, 46, 55, 58B; Q1 FY27 results)
Market dataValue
CMP (NSE close, 21 Oct 2026)Rs 114.82 [Fact] (prev close Rs 118.01, day change -2.7% [Est.])
Day range / average priceOpen Rs 118.01, high Rs 118.60, low Rs 112.77, average Rs 114.88
Volume and delivery12,90,463 shares, turnover Rs 14.83 cr, 12,809 trades, delivery 3,70,545 shares = 28.71%
Screener snapshot (3:16 pm)Rs 115 (-2.5%), market cap Rs 4,823 cr, P/E 39.3x, P/B 2.66x
Shares outstanding41,96,02,518 (post-QIP); Rs 4,818 cr at Rs 114.82 [Est.]
52-week highRs 279.0 intraday; Rs 272.20 close high on 3 Nov 2025 (Screener: Rs 272)
52-week lowRs 108.70 intraday on 8 Oct 2026 (Screener: Rs 109)
vs QIP price Rs 165.65-30.7% [Est.] (114.82 / 165.65 - 1); the gap is real, not a demerger price adjustment
vs 52-week close high-57.8% [Est.]
vs IPO price Rs 65 (Nov 2022)+76.6% [Est.]; listing price Rs 60.50 on 23 Nov 2022
Market-cap trailRs 3,931 cr (about May 2024, Rs 134); Rs 5,627 cr (14 Nov 2024, Rs 152); Rs 7,353 cr (28 Jul 2026, about Rs 182.75); Rs 4,818 cr today
Listed23 Nov 2022, NSE and BSE
Index membershipNot Available: not found in any of the seven research files (Screener, Trendlyne, Tickertape and exchange pages searched)
Dividend / buybackNone ever; payout 0% in every year; buyback not at this point (management, 29 May 2026)
Shareholders1,10,457 (Sep 2026) vs peak 1,54,405 (Dec 2024)
Company overviewDetail
Legal nameInox Green Energy Services Ltd (IGESL)
Incorporated11 May 2012 (Vadodara) as Inox Wind Infrastructure Services Ltd; renamed 27 Oct 2021
CIN / registered addressNot Available: not stated in any of the seven files
BusinessWind and solar operations and maintenance (O&M); India's only listed pure-play renewable O&M company (company claim); asset-light since the 4 May 2026 demerger of the power-evacuation business
Control chainINOXGFL Group (Vivek Jain family) > Inox Leasing & Finance Ltd (ultimate holding) > Inox Wind Ltd (parent, 48.92%); Inox Leasing & Finance Ltd holds 4.74% directly
Promoter holding53.70% (Sep 2026; 56.12% in Jun 2026, fall is QIP dilution)
Employees367 permanent (31 Mar 2026; 430 FY25, 319 FY24); the website's "2,000+" includes contract labour
CEO / CFOS.K. Mathusudhana (CEO); Govind Prakash Rathor (CFO)
Statutory auditorDewan P N Chopra & Co (FRN 000472N), second five-year term to the 16th AGM (2028)
FootprintAbout 13.3 GWp managed portfolio in 12 states (about 10.5 GW wind, balance solar); only about 4 GW of wind is consolidated today (management)
Credit ratingsCRISIL A/Watch Developing and A1 withdrawn at company request on 22 Sep 2026; Acuite AA-/Stable and A1+ (27 Aug 2026) on group figures
IPONov 2022, Rs 740 cr (Rs 370 cr fresh + Rs 370 cr offer for sale by Inox Wind), price Rs 65
Inox Green sells uptime on wind and solar plants: a fixed per-MW annual fee with an availability guarantee, 5 to 20 year contracts (the Q1 FY27 deck says up to 25 years) and annual escalators. It began as the captive O&M and power-evacuation arm of Inox Wind. From FY24 it widened into multi-brand wind O&M through the I-Fox and Resowi acquisitions, entered solar O&M in April 2025, held about 6.5 GW of acquired wind O&M through investments in two companies (RKG special-situation funds, classified as investments under Ind AS 109, not consolidated), and on 6 Oct 2026 paid Rs 550 cr through its 75%-owned subsidiary Vibhav Energy for the 4.5 GW O&M business of insolvent Wind World (India) Ltd. Reported profit is dominated by other income, not by O&M operations. The power-evacuation business moved to Inox Renewable Solutions Ltd (IRSL) on 4 May 2026. The company raised Rs 300 cr in a QIP at Rs 165.65 on 29 Sep 2026; the stock closed at Rs 114.82 on 21 Oct.

Quick Verdict Scorecard

BusinessMediumOEM-origin know-how, group pipeline; margin unproven
ManagementWeakguidance drift, related-party disclosure gaps
FinancialWeakcore margin 8.2%; net cash Rs 505 cr
ValuationExpensiveon reported or core numbers; 7.3x only on guidance
OverallNegativecurrent evidence; action TRACK, see Tab 13

Headline KPIs (FY26, consolidated)

Revenue from operations FY26Rs 281.0 cr+27.6% YoY (281.01 / 220.19); Q1 FY27 -17% to -23%
PAT FY26Rs 103.4 crincludes Rs 121.4 cr unrealised fair-value gain (pre-tax)
Core operating margin FY268.2%Rs 23 cr; 17% FY25; 33% FY24; Q1 FY27 about -2%
RoE / RoCE (Screener)5.1% / 8.1%3-year average RoE 2.9%
Valuation snapshot at Rs 114.82ValueBasis
Market capRs 4,818 cr41,96,02,518 shares [Est.]
P/E39.3x / 36.8xScreener (market cap / TTM profit) / TTM EPS Rs 3.12 [Est.]; EPS is inflated by other income
P/B2.66x / 2.7xScreener / BV Rs 42.5 at close [Est.]
EV (stale Mar-26 balance sheet)Rs 4,401 cr4,818 + 88 debt - 505 cash [Est.]; ignores QIP cash, Rs 550 cr outflow and 25% minority
EV / FY26 core operating profit (Rs 23 cr)about 191x[Est.]
EV / FY26 reported-basis EBITDA (Rs 167 cr)about 26xcore + other income [Est.]
EV / management run-rate Rs 600 crabout 7.3xguidance, not delivered [Est.]
FCF yield (FY26 FCF Rs 65 cr)1.3%[Est.]
Dividend yield0.0%no dividend ever
Core operating profit (black) vs other income (gold), Rs cr per quarter9121942442350581916-36919-3-1Q2 FY25Q3 FY25Q4 FY25Q1 FY26Q2 FY26Q3 FY26Q4 FY26Q1 FY27Screener consolidated basis. Q4 FY26 other income: Screener 50, filed continuing 50.81, management on the call 60.8.

Latest developments (dated)

DateEventSource basis
4 May 2026Power-evacuation demerger to IRSL effective (appointed date 1 Oct 2024); 1 Aug 2026 was the record date only[Fact] NSE intimation
7 Aug 2026Q1 FY27 results and call: operating revenue Rs 43.29 cr, other income Rs 57.89 cr, PAT Rs 40.8 cr[Fact]
13 Aug 2026EGM: omnibus approval to avail Inox Wind guarantees or comfort up to Rs 500 cr for 12 months; fundraising enabling resolutions[Fact] EGM notice
27 Aug 2026Acuite AA-/Stable and A1+ on Rs 150 cr (group-consolidated basis)[Fact]
11 and 22 Sep 2026CRISIL withdraws Rs 57 cr YES Bank facilities, then the full A/Watch Developing and A1 rating, at company request with lender NOCs; no reason stated by either party[Fact]
24 to 29 Sep 2026QIP: 1,81,10,473 shares at Rs 165.65 (Rs 299.99 cr) to 20 QIBs; Placement Document dated 29 Sep[Fact]
6 Oct 2026Rs 550 cr paid for Wind World O&M business (BTA dated 12 Sep 2026); Reg 30 filing and press release 7 Oct morning[Fact]
8 Oct 2026Stock -15.3% to Rs 115.08 on 4.36 cr shares (about 22x normal); cause not established; the Implementation Date declared by the plan's committee per Authum[Fact] price and volume; cause [Analyst View] unknown
9 Oct 2026Vibhav converts Rs 150 cr of ICDs to equity: IGESL 75%, Authum 25%[Fact]
13 Oct 2026Authum files that the plan's committee declared 8 Oct 2026 the Implementation Date; IGESL had filed nothing on completion of the O&M transfer through 13 Oct[Fact]
Open status itemsStatus
Q2 FY27 resultsNot out; results date Not Available (searched: NSE announcements and board-meeting records); SEBI deadline 14 Nov 2026 [Est.]
Completion of the Wind World transferConditions precedent and one condition subsequent under the BTA; CCI status and customer novations unknown
Cause of the 8 Oct fallNot established; named bulk sellers: Abhishek Khaitan 35.85 lakh shares, Sapphire Intrex 25.80 lakh shares
Pledge of 49,00,000 Inox Wind-held sharesLender, date and purpose undisclosed
RKG fundsManager, owners, holdings and valuation report undisclosed; whether they hold creditor claims on Wind World is undisclosed

Data freshness: price and volume 21 Oct 2026 (NSE bhavcopy); financials to Q1 FY27 (30 Jun 2026) and the FY26 annual report; shareholding for the quarter ended 30 Sep 2026; ratings to 22 Sep 2026; filings to 16 Oct 2026.

Analyst Notes

[Analyst View] Aamara Capital, 21 Oct 2026. Facts below are labelled as filed; interpretation is labelled as such. No intent is attributed to any party.

What happened. Inox Green is two stories in one price. The first is an O&M roll-up: 13.3 GWp of managed capacity, a Rs 550 cr payment on 6 Oct 2026 for the 4.5 GW O&M business of insolvent Wind World (India) Ltd (WWIL), and management guidance of "upwards of Rs 600 crores" of EBITDA. The second is the reported P&L: Rs 23 cr of core operating profit in FY26, about -Rs 1 cr in Q1 FY27, and profit that comes from other income. The stock listed at Rs 60.50 in Nov 2022, closed at a high of Rs 272.20 on 3 Nov 2025, was placed with 20 QIBs at Rs 165.65 on 29 Sep 2026 and closed at Rs 114.82 on 21 Oct. That is 30.7% below the QIP price and 57.8% below the high. Most of the fall came in two sessions: 7 Oct (-7.3% to Rs 135.87 on the day the Rs 550 cr payment was filed) and 8 Oct (-15.3% to Rs 115.08 on 4.36 cr shares, about 22 times the 20-day average, with 36.95% delivery, i.e. real position transfer of roughly 3.8% of the equity). No IGESL filing, rating action or news item on 8 Oct explains it, and I will not guess. Q2 FY27 results are not out.

The earnings-quality finding comes first.

Earnings quality: what the filings show (disclosed facts; no intent is characterised)

FY26 consolidated other income was Rs 145.20 cr, of which Rs 121.43 cr (83.6%) is a fair-value gain on unquoted units of three RKG funds (FVTPL, Level 2, NAV supplied by the fund manager; cost about Rs 430 cr, carrying value Rs 550.35 cr; funded through ICDs to wholly-owned subsidiary Tempest Wind Energy). That gain equals 77% of continuing PBT of Rs 157.80 cr and the audit report carries no key audit matter on it. Core operating profit was Rs 23 cr (8.2% margin, against 17% in FY25 and 33% in FY24). In Q1 FY27 operating profit was about -Rs 1 cr on operating revenue of Rs 43 cr (-17% or -23% year on year depending on the comparative base) against other income of Rs 58 cr. The O&M segment lost Rs 16.25 cr; the only profitable segment is Rs 37.64 cr of consultancy income from one unnamed customer. Receivables plus unbilled revenue less allowance are Rs 634 cr, about 824 days of revenue. Management's statement that about Rs 10 cr a quarter of value-added services sits in other income does not match the other-income note. [Fact] (FY26 annual report Notes 7a, 26, 46, 55, 58B; Q1 FY27 results)

The company's headline "EBITDA" of Rs 57 cr for Q1 FY27 is operating profit of about -Rs 1 cr plus other income of Rs 58 cr. The Placement Document's own reconciliation shows an EBITDA margin of 60.91% for FY26 and 131.66% for Q1 FY27 (EBITDA Rs 56.99 cr on revenue Rs 43.29 cr). FY26 cash PAT of Rs 158 cr is PAT plus depreciation plus deferred tax, so it includes the non-cash gain. The cash-flow statement strips it out ("Fair value measurement on Mutual Fund (12,143.46) lakh"): operating cash flow was Rs 66.87 cr against PAT of Rs 103.4 cr, and that OCF itself includes +Rs 94.5 cr from an increase in other liabilities. [Fact] for the figures; the reading that core cash generation is small is [Analyst View].

FY26 consolidated other income, Rs 145.20 cr (annual report Note 26)Fair value gain, RKG unitsInterest (ICD part 6.16)Gain on sale of MF unitsInsurance claimsLiability written back121.43 (83.6%)11.636.115.680.35

What the other income is. Four of the first six research files read it as interest on group ICDs or treasury income. The FY26 annual report says otherwise. Note 26 shows fair-value gain on mutual-fund units Rs 121.43 cr, interest Rs 11.63 cr (of which interest on ICDs in consolidated is only Rs 6.16 cr), gain on sale of MF units Rs 6.11 cr, insurance claims Rs 5.68 cr and liability written back Rs 0.35 cr. Note 7a lists the units: RKG Special Situations 37,00,920.67 units (Rs 491.52 cr), RKG Fund-I 35,500 units (Rs 3.66 cr) and RKG Fund-II 5,34,500 units (Rs 55.16 cr). The whole Rs 121.43 cr gain sits in RKG Special Situations: Rs 206.93 cr (Mar-25) plus Rs 163.16 cr paid in FY26 plus the gain equals Rs 491.52 cr, a mark-up of about 33% on roughly Rs 370 cr of cost [Est.]. The FY25 and FY26 tranches were issued at exactly Rs 1,000 a unit and the Mar-26 NAV is about Rs 1,328 a unit [Est.]. The annual report does not disclose the funds' portfolio, manager, ownership or any valuation report, and RKG is not listed as a related party in Note 38. On the 1 Sep 2025 call management said the company had "invested in some of the special situation funds which in turn control 2 gigawatts of the O&M assets". On 29 May 2026 it said about Rs 40 cr of a Rs 61 cr quarter came "from the two strategic acquisitions" and was "pure income net of the deferred tax". On 7 Aug 2026 it said the two investments "are still classified as investments" under Ind AS 109 and "we haven't acquired the shares". Whether a NAV mark-up can reverse, and what happens to it when the Wind World plan is implemented, is not disclosed.

What Rs 550 cr buys. The Group CFO called the Wind World price "approximately 2x EBITDA based on expected earnings after the full realisation of synergies over the next year" (7 Oct press release). That is a forward claim. The audited special-purpose carve-out in the Placement Document (RDV & Associates, 12 Sep 2026) shows FY26 revenue of Rs 582.59 cr and EBITDA of about Rs 75.7 cr, a 13% margin. Rs 550 cr is therefore about 7.3x trailing EBITDA [Est.], not 2x. Getting to 2x needs roughly Rs 275 cr of EBITDA, +Rs 200 cr on FY26, a margin of about 47% on Rs 583 cr when employee cost alone is 39% of revenue. The "50% EBITDA margin on acquired books" claim (29 May call) is not visible in the audited carve-out. Separately, the Rs 600 cr guidance is IGESL's own (first on 13 Feb 2026, repeated 29 May); its wording moved from "FY27 upwards of Rs 600 crores" with results "from 1st April '26" (29 May) to "annualized basis from Q3, Q4 onwards" with consolidation "subject to a couple of quarters delay" (7 Aug). Reported FY27 EBITDA will most likely land well below Rs 600 cr [Analyst View].

Wind World and Authum, as filed. The winning bidder was a consortium of Inox Neo Energies (a subsidiary of Inox Clean Energy) and Authum Investment & Infrastructure. Authum took 90% of the security receipts (Rs 1,102.5 cr) of the Omkara PS 05/2025-26 Trust, which bought Wind World's Rs 3,763 cr of debt for Rs 1,225 cr. The claim moved to India SME Asset Reconstruction Co (ISARC), which held 86.73% of the creditor vote and is 88.37% owned by Authum. Authum is also co-bidder, buyer of identified assets for Rs 350 cr, the 25% shareholder of Vibhav (it took 10 cr shares at par for Rs 100 cr) and a 1.43% IGESL shareholder, while IGESL's filings call it "unrelated" and answer "No" on related party. Authum's own filing calls ISARC "a related party of the Company". Devansh Jain said on 29 May 2026: "we control the COC across the companies, and investments into them are majorly owned by us". Whether IGESL's RKG funds hold any Wind World creditor claims is undisclosed. I draw no conclusion about intent; Tab 7 lays out each linkage with its source.

Other disclosed items that matter. Inox Wind has pledged 49,00,000 IGESL shares (1.22% of pre-QIP capital per the Placement Document; 1.17% of post-QIP capital); lender, date and purpose are not disclosed. CRISIL withdrew its A/Watch Developing rating on 22 Sep 2026 at the company's request with lender NOCs, within a month of Acuite assigning AA-/Stable on 27 Aug; neither party states a reason, and the Acuite rating is built on Inox Wind group figures. The auditor's emphasis of matter covers the demerger, six SECI wind SPVs (capital commitment Rs 1,156.98 cr; bank guarantees of Rs 55.78 cr invoked) and straight-line revenue with Rs 114.82 cr of services still to be billed. Related-party sales were Rs 54.77 cr (19.5% of revenue). One unnamed customer is 13.4% of consolidated revenue; top-10 customers were 57.08% of standalone FY26 revenue and 68.80% in Q1 FY27.

What the market is pricing. At 39.3x Screener P/E (36.8x on TTM EPS of Rs 3.12) the stock is priced on earnings that are mostly a fair-value gain; on FY26 core operating profit the EV is about 191x. On management's Rs 600 cr run-rate the EV is about 7.3x, so the market is pricing a large discount to guidance rather than the guidance itself. There is no human sell-side coverage; the six TipRanks "Hold" entries (targets Rs 115 to 124) are AI-model outputs, not analysts. Institutions hold about 10% (FPI 8.17%, MF 1.69%); the shareholder count has fallen 28% since Dec 2024; the QIP went to 20 QIBs with the top six taking about 79.6%; there is no named long-only buyer in the bulk-deal data for 2025-26.

What would change the view. Dated items: (1) Q2 FY27 results (deadline 14 Nov 2026 [Est.]), which show whether Vibhav is consolidated and what the O&M margin is; (2) any IGESL filing on completion of the Wind World transfer, CCI status and customer novations; (3) the Q3 FY27 print against the annualised Rs 600 cr claim. Open-ended items: the RKG funds' holdings and related-party status, the Enercon technology dispute (SLP 18147 of 2019, pending), the pledge lender and the cause of the 8 Oct sell-off. The view and action are in Tab 13.

What the primary documents corrected in the earlier research files

Earlier claimWhat the primary document says
Other income Rs 144 cr is "likely interest on group ICDs / treasury" (first-pass files on financials, governance, narrative and street sentiment)FY26 other income Rs 145.20 cr = Rs 121.43 cr fair-value gain on unquoted units of three RKG funds (83.6%) + interest Rs 11.63 cr + MF sale gain Rs 6.11 cr + insurance Rs 5.68 cr + write-back Rs 0.35 cr. ICD interest in consolidated is only Rs 6.16 cr
Rs 600 cr EBITDA, 20-22% margin and +75% growth "appear to be Inox Wind figures" (business file) or "group guidance" (governance file)Rs 600 cr is IGESL-specific (CEO, 13 Feb and 29 May 2026); the 75% growth and 20-22% margin are Inox Wind's
Vibhav's 25% holder unknown or "may be a group entity"Authum Investment & Infrastructure Ltd: 10 cr shares for the Rs 100 cr ICD (agreement 28 Sep 2026), allotted 9 Oct 2026; IGESL 75%; paid-up Rs 400.01 cr
Demerger effective date unresolved (4 May vs 1 Aug)Effective 4 May 2026 (certified NCLT order filed with RoC; appointed date 1 Oct 2024); 1 Aug 2026 was the record date only
FY25 and Q1 FY26 "restated" without detailFY25 P&L comparative is re-presented with power evacuation as discontinued (Note 33B: FY25 revenue Rs 15.36 cr moved out; continuing FY25 revenue Rs 220.19 cr, depreciation Rs 0.94 cr). The 31 Mar 2025 balance sheet is not restated. Placement Document FY25 revenue Rs 235.55 cr = 220.19 + 15.36 (pre-demerger basis). Q1 FY26 restated to Rs 52.36 cr (Screener Rs 56 cr), which reconciles -17.3% vs -23%
"2,000+ employees"367 permanent workforce at 31 Mar 2026 (430 FY25, 319 FY24); the rest is contract labour
Rs 115 vs Rs 165.65 may reflect a demerger price adjustmentNo. The NSE series is continuous and unadjusted (170.00 on 28 Sep, 163.96 on 29 Sep, 115.08 on 8 Oct). The Rs 174.36 floor was computed on 24 Sep from actual post-demerger prices. The fall is real: -30.7%
Wind World Rs 550 cr is "about 2x EBITDA" or "0.95x sales, cheap"Rs 550 cr is the lump-sum slump-sale price paid 6 Oct 2026. Audited carve-out FY26 EBITDA is about Rs 75.7 cr (13%), so about 7.3x trailing EBITDA. The 2x is the Group CFO's post-synergy forward claim. Transfer completes on satisfaction of BTA conditions; IGESL filed nothing on completion through 13 Oct; Authum says the Implementation Date was 8 Oct
O&M is a "single line" after the demergerFY26 annual report Note 46 still reports four segments; O&M segment result was a loss of Rs 16.25 cr; Rs 37.64 cr consultancy income (100% margin) is the only profitable segment. The MD&A says "one segment"
Debtor days of 216 describe the receivable stretchUnderstated: unbilled revenue is another Rs 467.99 cr; receivables plus unbilled less ECL are Rs 634.18 cr = 2.26x FY26 revenue, about 824 days
Investments of Rs 446 cr (FY25) and Rs 550 cr (FY26) are advances for the acquired portfoliosThe Rs 550 cr (FY26) is non-current investment in mutual-fund units (RKG funds) at fair value through P&L, funded by ICDs to Tempest Wind Energy. For Mar-25 the annual report (Note 7a) shows the RKG units at Rs 264.75 cr, so about Rs 181 cr of Screener's Rs 446 cr FY25 investments line is not explained by the RKG units in the files read [Est.]
Cash PAT, EBITDA headline of "Rs 210 cr, about 50% margin" for FY26Reconciles to continuing EBITDA Rs 168.3 cr plus the discontinued unit's total income Rs 41.42 cr = Rs 209.7 cr; it contains Rs 121.4 cr unrealised fair-value gain, about Rs 26.9 cr interest from IRSL on a group ICD, and about Rs 23 cr of core EBITDA
Wind World CoC approved at 96.47% on 19 Feb 202619 Feb 2026 vote was 87.56%; after the Enercon-driven addendum the plan was re-approved on 30 May 2026 at 96.47% (ISARC 86.73%)
Wind World O&M revenue FY26 Rs 579.77 crProvisional figure in the NCLT filing; the audited carve-out shows Rs 582.59 cr
Sahi: Wind World deal "Rs 350 cr"Rs 350 cr is Authum's separate payment for identified assets (NCLT order para 15(j)); the O&M price is Rs 550 cr
Pledge of 4.9 m shares is a new post-QIP eventPlacement Document (29 Sep 2026) already disclosed it at 31 Aug 2026 (1.22% of pre-QIP capital); not in the Jun-26 pattern; created between 1 Apr and 30 Sep 2026

Reconciliation ledger: values that differ across sources

ItemVersions foundUsed in this report
CMP 21 Oct 2026Rs 114.82 NSE close; Rs 115 Screener (intraday); Rs 114.74 Arihant snapshot; Rs 118 (Arthneeti, 16 Oct)Rs 114.82
Market capRs 4,818 cr (41.96 cr sh x 114.82); Rs 4,823 cr ScreenerRs 4,818 cr; Screener noted once
52-week rangeRs 279.0 / 108.70 intraday; Rs 272.20 close high; Screener 272 / 109; Rs 272.2 on 3 Nov 2025Intraday and close high both shown
Fall from all-time high57.8% below the Rs 272.20 close high and 58.8% below the Rs 279.0 intraday high [Est.]; one aggregator reports "down more than 65%"Computed figures
FY25 revenueRs 220.19 cr continuing; Rs 235.55 cr pre-demerger (Placement Document); Rs 236 cr (CRISIL Jan-26); Screener 220Rs 220.19 cr
Q1 FY27 revenue growth-17.3% (Rs 43.29 cr vs restated Rs 52.36 cr); -23% (Rs 43 cr vs unrestated Rs 56 cr)Both shown
FY26 other incomeRs 145.20 cr (annual report); Rs 144 cr (Screener); Rs 175 cr TTM; Rs 426 cr total incomeRs 145.20 cr
Q4 FY26 other incomeRs 50 cr Screener; Rs 50.81 cr filed (continuing); Rs 60.8 cr management on the callAll three shown
Q4 FY26 EBITDARs 57 cr company headline; Rs 47 cr on Screener basis (-3 + 50)Both labelled
FY26 EBITDARs 23 cr core (CRISIL, Screener); Rs 168.3 cr continuing; Rs 209.7 cr including discontinued; Rs 164 cr (Zerodha); Rs 167 cr (core + Screener other income)Core Rs 23 cr is the headline
Wind World FY26 O&M revenueRs 579.77 cr provisional; Rs 582.59 cr audited carve-out; about Rs 580 cr pressRs 582.59 cr audited
Wind World priceRs 550 cr incl. taxes (final); Rs 350 cr (Sahi, error)Rs 550 cr
Pledge percentage1.22% of pre-QIP capital (Placement Document, 31 Aug); 1.17% of post-QIP capital; 2.17% of promoter holding; 2.39% of Inox Wind's own holdingEach with its base
Fleet13.3 GWp (Jun-26); "about 13 GW post-integration"; about 17.8 GW if Wind World is additive13.3 GWp; additivity unreconciled
Total assets / net worth (31 Mar 2026)Annual report Rs 2,112.86 cr / equity Rs 1,716.00 cr incl. NCI Rs 8.00 cr; Screener Rs 2,082 cr / Rs 1,708 crAnnual report; Screener shown in 5-year table
Auditor "to be billed" amountRs 127.5 cr (Dec 2025 standalone limited review); Rs 114.82 cr (FY26 consolidated; FY25 Rs 124.12 cr)Each labelled
9 Oct 2026 intraday highRs 131.80 (Mint, during session); Rs 135.00 (NSE series)Rs 135.00; close Rs 128.92
Inox Wind Q1 FY27 revenueRs 814 cr (Acuite); Rs 872 cr (Q1 call per investor math)Parent context only, both attributed
Wind additions Q1 FY271.4 GW (Inox call); 1.3 GW (Suzlon deck / MNRE)Both shown
Revenue per MW (file 5)One muddled sentence ("about Rs 2.2 lakh... see note")Treated as unverified and omitted

Open questions

QuestionWhy it mattersWhere searched
Who manages and owns the RKG funds; what do they hold; is a valuation report available?Rs 550.35 cr of assets and 77% of continuing PBT rest on their NAVAnnual report, Placement Document, esi.in directory (SEBI registration not verified), NSE filings
Do the RKG funds hold Wind World creditor claims or the second target's debt?Determines overlap between IGESL's exposure and the consortium's claim poolNCLT order, Authum filings, annual report: not disclosed
Who is the Rs 37.64 cr "consultancy" customer?13.4% of revenue and the only profitable segmentAnnual report, Placement Document: unnamed
Lender, date and purpose of the 49,00,000-share pledgeInox Wind pledge of an IGESL stakePlacement Document, shareholding pattern, SAST 31(4), NSE pledge API (empty)
Has the Wind World transfer completed; have Tata, ReNew, Greenko, Apraava, Hindustan Zinc novated; is a CCI filing needed?Revenue and margin base of the dealNSE announcement list to 13 Oct; Placement Document; NCLT order
Status of Enercon SLP 18147 of 2019Undertaking not to use the disputed technology until the Supreme Court ordersNCLT order: pending; no 2026 hearing or interim order found
Why did the stock fall 15.3% on 8 Oct on 4.36 cr shares?QIP allottees (18.1 m shares) may sell on exchange despite the lock-inNSE announcements, bhavcopy, bulk deals: cause not established
Why did the company withdraw CRISIL after the Acuite assignment?Rating visibilityCRISIL rationale and 23 Sep company letter: no reason stated
True post-synergy EBITDA of the Wind World book and the share of recoveries IGESL receivesTests the 2x claim and the Rs 600 cr run-rateNot disclosed
Identity of the second ~2 GW targetWhere the earlier tranche (Rs 207 cr, pre-Omkara) sitsCalls: "entity two... final phases of EOIs"; unnamed

Business Deep-Dive

Inox Green is a services company: no manufacturing plant, no raw-material processing and no unit capacity, so IATF, ISO 13485 and AS9100 are not relevant. Sources: FY26 annual report, Placement Document (29 Sep 2026), five concall transcripts, company website, CRISIL and Acuite rationales, press releases and Screener. Where the first-pass business file and the gap-fill conflict, the gap-fill is used.

History and structure

ItemDetail
Incorporation and name11 May 2012, Vadodara, as Inox Wind Infrastructure Services Ltd; renamed Inox Green Energy Services Ltd on 27 Oct 2021
Role until FY23Captive O&M plus "common infrastructure facility" (power-evacuation substations and lines) arm of Inox Wind for turbines Inox Wind sold
2021-22 reorganisationIGESL bought group SPVs from Resco Global Wind Services (share purchase agreements Oct 2021) and acquired the EPC business by slump sale (31 Dec 2021; valuation by Sparsh Singla & Associates)
IPONov 2022, Rs 740 cr (Rs 370 cr fresh + Rs 370 cr offer for sale by Inox Wind), price Rs 65, listed 23 Nov 2022 at Rs 60.50 (closed Rs 59.10 on day 1)
From FY24Acquisitions turned it into a multi-brand wind and solar O&M platform: I-Fox Windtechnik (first deal, announced 26 Dec 2022), Resowi Energy (agreed 22 Sep 2023, effective 7 Feb 2024), solar O&M from Apr 2025, investments for about 6.5 GW of acquired wind O&M, Wind World 4.5 GW (Oct 2026)
Strategy label"ONE INTEGRATED" group story: Inox Clean Energy (developer) + Inox Wind (OEM) + IRSL (EPC, evacuation) + Inox Green (O&M): OEM, EPC, generation, O&M
4 May 2026Power-evacuation business moved to IRSL; IGESL described as "asset-light" O&M; fixed assets fell from Rs 704 cr (Mar-25) to Rs 15 cr (Mar-26)
Ambition20+ GW portfolio; "among the largest renewable O&M companies globally by 2030" (management ambition, not supported by retrieved data; see Tab 9)

Services, one by one

ServiceWhat it isStatus and economics
Comprehensive wind O&MFull-scope scheduled and breakdown maintenance on a fixed per-MW annual fee with an availability guarantee; liquidated damages for shortfallCore. Fleet availability about 97% (FY24), above 96% (FY25), about 96.5% (FY26), 96.5% (Q3 FY26), 96.3% (Q1 FY27). A one-time liquidated-damages charge on a project hit FY25 margin (CRISIL Jan-26)
Limited-scope O&M and conversion or renewalAug 2025: 182 MW of operating wind in Western India (82 MW moved from limited to comprehensive scope; 100 MW early renewal; tenure equal to remaining project life) for an unnamed large Indian conglomerate's renewable arm; CEO: fleet "back in our fold"Customer not identified in the release
Multi-brand wind O&M via subsidiariesI-Fox Windtechnik India (51%, more than 230 MW, mainly South India, corrective maintenance, contracts up to 5 years); Resowi Energy (51%); Wind Four Renergy and other consolidated SPVs; Vibhav Energy (Wind World 4.5 GW)Prices of I-Fox and Resowi not disclosed. Goodwill Rs 10.14 cr (from I-Fox and Resowi), unchanged FY25 to FY26
Restoration and refurbishmentI-Fox letter of award from NLC India (19 Mar 2024) to restore 33 WTGs; NLC O&M order about Rs 40 cr (21 Aug 2023)Repeat PSU customer
Solar O&M (from Apr 2025)675 MWp (30 Apr 2025, entry), 285 MWp (19 May 2025), 639 MWp (22 May 2025; unnamed multinational-backed renewable company), 625 MWp for KEC International at Bhadla, Rajasthan (20 Jan 2026; tenor and value undisclosed)Solar about 1.6 GW and total above 5 GW in mid-2025; about 2.5 GW by Sep 2025; 3.3 GWp by Dec 2025. Management margin view for solar: 15% to 20%
Group O&M agreementsO&M for 5 GW of renewable projects of INOXGFL and KP Groups (press release 19 Nov 2025); 1.5 GW MoU with Inox Clean Energy (500 MW firm, Aug 2026)The INOXGFL part is a related-party contract; size and terms not retrieved. Management: Inox Clean is "treated as a customer", "no preferential pricing"
Consultancy incomeRs 37.64 cr in FY26 (FY25 Rs 41.04 cr), 100% segment margin, from one unnamed customerSee Tab 4
Value-added services (VAS)Life-extension, infrastructure and other services; management says VAS is "clubbed as other income, while they are operating in nature" and will be billed separately "from this year"The annual report shows other operating revenue of Rs 11.74 cr; the other-income note shows no VAS line (Tab 5)
DigitalGroup platform iKraft DGR (linked from website); drone, AI and SCADA vendor specificsNot Available (searched: website, annual report summaries)
Power evacuation (historical)HV substations and lines for Inox-Wind-supplied farms; 84 substationsDemerged into IRSL (4 May 2026); turnover Rs 14.93 cr, 6.19% of turnover per press

Fleet history and composition

DatePortfolioWindSolarNote
Mar 20243.2 GW3.2 GW-Pre-acquisition
Mar 2025about 5.1 GW--Before solar entry
mid-2025above 5 GW-about 1.6 GWAfter April-May 2025 solar wins
Sep 202512.5 GWabout 10 GW2.5 GWQ2 FY26: "best-ever" quarter
Dec 202513.3 GWpabout 10 GW3.3 GWpQ3 FY26 call
Mar 202613+ GWpabout 10.5 GWbalanceCRISIL
Jun 202613.3 GWp10.5 to 11 GWbalanceIncludes about 6.5 GW of wind O&M held as investments
6 Oct 2026+4.5 GW Wind World4.5 GW-Whether the 13.3 GWp already includes it is unreconciled; additive total about 17.8 GW
Managed O&M portfolio (GW, management figures)3.25.112.513.313.3+4.5Mar-24Mar-25Sep-25Dec-25Jun-26WWILOnly about 4 GW of wind is consolidated today (management); about 6.5 GW is held through investments; Wind World transfer completion unconfirmed.

GW is not consolidated revenue-earning MW

The website says the portfolio "includes subsidiaries, strategic M&A investments, and partnerships". CRISIL refers to "6.5 GW of operational wind O&M from two companies" expected to conclude in FY27. The annual report adds "approx 600 MW of wind O&M the Company also controls". Management said on 7 Aug 2026 that the legacy book of about 4 GW wind realises Rs 9 to 10 lakh per MW per year ex-GST. About 4 GW at that rate implies Rs 360 to 400 cr (3.5 GW implies Rs 315 to 350 cr) against FY26 O&M services revenue of Rs 231.62 cr; the reasons (warranty-period fleet, VAS billed through other lines) are unverified [Est.]. A first-pass sentence in the narrative file on revenue per MW ("about Rs 2.2 lakh... see note") is muddled and is treated as unverified and not used.

How the service is delivered

Process. Site technician teams run preventive cycles, corrective repairs and major component swaps (gearbox, blade, generator) using cranes, remote SCADA monitoring and DISCOM scheduling and forecasting coordination. Management says it trains about 600 technicians a year (training academy). Contracts are annuity-style: 5 to 20 years (the Q1 FY27 deck says up to 25 years) with 4 to 5% annual escalators; IGESL sells uptime (a per-MW fee), not MWh.

Cost inputs. Technician payroll; spares and consumables (oil, bearings, brakes, blade-repair materials, converters and electronics); crane hire and logistics; insurance; subcontract. For Inox-OEM turbines, parts flow from Inox Wind (Una, Rohika, Barwani and Bhuj plants; AMSC Windtech licensed control systems). For other OEMs, spares come from the OEM or aftermarket; named suppliers are not disclosed. Cranes and transformers at IRSL and Inox Wind reduce external crane hire (CRISIL). FY26 operating margin fell to 8.2% on "upfront scheduled maintenance expenses on a few projects" (CRISIL); management attributes the low reported margin to unbilled VAS costs and one-time infrastructure and life-extension spend.

People

HeadcountFY24FY25FY26Note
Permanent workforce (annual report)31943036731 March
Website claim--2,000+Includes contract labour; first-pass file used this figure

Facilities and footprint

ItemFinding
Manufacturing plantsNone. Regional O&M hubs, stores and site offices across 12 states; area in sq ft and capacity Not Available (searched: annual report, Placement Document, website)
Fleet map (annual report p.17 / Q1 FY27 deck)About 13.3 GWp in 12 states. Largest wind figures on the map: 2,786, 1,855, 1,341, 1,161, 1,078 and 1,052 MW (state mapping not verified); largest solar 1,109 MWp (Rajasthan)
Wind World fleet statesKarnataka, Maharashtra, Tamil Nadu, Rajasthan, Gujarat, Madhya Pradesh, Andhra Pradesh
Divested owned assetsNani Virani Wind Energy (50 MW; sale Rs 290 cr agreed Oct 2023, completed Nov 2024); two wholly-owned SPVs to Aliento Wind Energy (6 Dec 2024); Wind One, Three and Five to Adani Green (2022); Wind Two to Torrent Power
SECI wind SPVs (six)Funds invested in six SPVs whose SECI commissioning date lapsed; extension rejected 2 Sep 2024; bank guarantees of Rs 55.78 cr invoked; CERC appeal pending; capital commitment Rs 1,156.98 cr unchanged; AGM-approved comfort that Inox Wind will bear any unrecovered amount (annual report Note 49, auditor emphasis of matter)
Gujarat grid accessNov 2025 press (HT, Business Line, ET EnergyWorld): grid connectivity for a 300 MW Gujarat wind project lost after a missed deadline; CERC backed revocation. Whether this is one of the six SECI SPVs is not stated
Group manufacturing context (Inox Wind)Una (HP) nacelles and hubs; Rohika (Gujarat) blades and towers; Barwani (MP) nacelles, hubs, blades, towers; Bhuj (Gujarat) tied-up nacelle unit; capacities not given
Statutory duesPlacement Document discloses delays in EPF payments (2024 to 2026) and no unpaid dues

Certifications, IP, exports

ItemFinding
CertificationsAnnual report names ISO 14001:2015 and ISO 45001:2018 only; no ISO 9001 listed; the Q1 FY27 deck cites "Environment & Energy as part of IMS" and ISO 14001
Patents and IPNone identified; IP is operating know-how and iKraft. Group trademark and copyright licence (2 Feb 2022). Control-system licence via AMSC Windtech sits with Inox Wind
Enercon technologyThe Wind World carve-out involves Enercon-design turbines; the resolution applicant undertook (21 Jun 2026) not to use the technology in dispute until the Supreme Court orders (Tab 10)
ExportsNone; India only
Brand / group licence arrangementsTerms Not Available (searched: annual report related-party notes, IPO documents list)

The business being bought: Wind World (India) O&M undertaking

ItemDetail
Scope4.5 GW of O&M across seven states; clients named include Tata Group, ReNew, Greenko, Apraava Energy and Hindustan Zinc; contracted escalator about 5% a year; Wind World had been in CIRP since 20 Feb 2018
Acquirer vehicleVibhav Energy Pvt Ltd (IGESL 75%, Authum 25%); BTA executed 12 Sep 2026; Rs 550 cr paid 6 Oct 2026 (lump sum, inclusive of taxes); BTA transfers "business liabilities, assigned contracts, employees"
FinancialsAudited FY26 carve-out revenue Rs 582.59 cr and EBITDA about Rs 75.7 cr (Tab 4)
LabourWind World India Employees Union (Daman) filed against the plan (IA 833/2026, disposed 17 Jun 2026); employee claims Rs 72 cr; the Tribunal noted the plan is silent on current employees; plan pays workmen and employees Rs 25 cr
Not disclosedCustomer consents to novation, CCI status, warranty and legacy liabilities, integration cost

Segment Analysis

Four segments in the notes, "one segment" in the commentary

The FY26 annual report (Note 46) still reports four segments: O&M, power evacuation (discontinued), power generation (discontinued, nil in FY26) and consultancy. The MD&A describes the business as "one segment". The first-pass business file called O&M a "single line" and said segment data could not be retrieved; the annual report supersedes that. [Fact]

Segment note (consolidated, Rs cr)

Rs crFY26FY25
O&M revenue243.37179.15
Power evacuation revenue (discontinued)14.5615.36
Power generation revenue (discontinued)019.37
Consultancy income37.6441.04
Segment result: O&M-16.25-5.39
Segment result: power evacuation-23.97-36.91
Segment result: consultancy+37.64+41.04
Total segment result-2.58-1.26
Segment assets: O&M / unallocable733.9 / 1,378.9-

Unallocable assets of Rs 1,378.9 cr are the RKG units, cash and deferred tax. O&M segment revenue of Rs 243.37 cr reconciles to O&M services Rs 231.62 cr plus other operating revenue Rs 11.74 cr [Est.]. Continuing revenue from operations is Rs 281.01 cr: O&M services Rs 231.62 cr (82.4%), consultancy Rs 37.64 cr (13.4%), other operating revenue Rs 11.74 cr (4.2%). Q3 FY26 consolidated disclosure showed the O&M segment at a loss of Rs 4.47 cr on revenue of Rs 81.79 cr. FY26 operating EBITDA of Rs 23 cr (CRISIL) equals the O&M segment loss plus consultancy plus depreciation add-back [Fact]. O&M segment revenue grew 35.9% (243.37 / 179.15) while its loss widened from Rs 5.39 cr to Rs 16.25 cr [Est.].

FY26 segment result, Rs cr (Note 46)-16.25-23.97+37.64-2.58O&MPower evacuationConsultancyTotal

The one customer and the related parties

ItemFY26Note
Customer above 10% of revenueRs 37.64 cr (13.4%)Same figure as consultancy income; customer unnamed in the annual report and Placement Document
Inox Wind Ltd salesRs 33.68 cr (12.0%)FY25 Rs 43.58 cr; so the 10% customer is not Inox Wind on the face of Note 38 [Est.]
All related-party salesRs 54.77 cr (19.5%)FY25 Rs 55.70 cr. IWL 33.68; IGREL Mahidad 11.53; Inox Clean Energy 7.02; Inox Neo 2.53; IRSL 0.22; GFL nil (FY25 4.92)
BRSR (standalone) RPT sales / purchases25.09% / 16.15%FY25 sales 28.98%; loans and advances and investments in related parties 100%
Top-10 customers (standalone)57.08% (Rs 136.10 cr of Rs 238.48 cr)Q1 FY27 68.80%; FY25 61.76%; FY24 44.77%; customers unnamed; list varies by year
Three customers above 5% of receivablesRs 37.38 crFY25 Rs 55.55 cr
Related parties in unbilled revenueRs 57.45 cr of Rs 467.99 cr (12%)IWL 45.92; Inox Clean 9.49; ILFL 2.04; the rest is third party

Management margin statements against the filed numbers

Statement (who, when)Filed or reported figure
"EBITDA margin came at around 49% for the quarter... our other income mainly comprises of value-added services" (CEO, 1 Sep 2025, Q1 FY26)Q1 FY26 core operating profit Rs 6 cr on revenue Rs 56 cr (Screener); other income Rs 42 cr
Both acquired books "each ~50% EBITDA margin because both are previous OEMs with the substations" (29 May 2026)Audited Wind World carve-out FY26 EBITDA margin 13.0% (Rs 75.65 cr on Rs 582.59 cr)
"About 45% excluding acquisition income" for FY26 (Devansh Jain)FY26 core operating margin 8.2% (Rs 23 cr on Rs 281 cr)
Wind about 50% margin on about Rs 100 cr revenue per GW x 10 GW = about Rs 500 cr; solar 3.3 GW at 15% to 20% = about Rs 13 cr; EBITDA "around INR 600 crores... a possibility to get north of INR 600 crores" (Group CEO renewables, 13 Feb 2026)FY26 O&M segment result -Rs 16.25 cr; O&M services revenue Rs 231.62 cr
About Rs 10 cr a quarter of value-added services in other income (management answer, 29 May 2026)Other-income items that are neither fair value nor interest total Rs 12.1 cr for the whole year; VAS revenue appears in other operating revenue (Rs 11.74 cr)
About Rs 40 cr a quarter "from the two strategic acquisitions"FY26 fair-value gain Rs 121.43 cr for the full year (4 x Rs 40 cr = Rs 160 cr is higher, so not every quarter carried that level [Est.])
"Out of INR600 crore... broadly everything will be converted into the operating cash flow" (Devansh Jain)FY26 OCF Rs 66.87 cr, including +Rs 94.5 cr from an increase in other liabilities
Legacy 4 GW wind realises Rs 9 to 10 lakh per MW (7 Aug 2026)Implies Rs 360 to 400 cr; FY26 O&M services revenue Rs 231.62 cr

Revenue per MW

OperatorRs lakh per MW per yearBasis
Suzlon AMSabout 13.2Rs 2,073 cr / 15,700 MW [Est.]
Wind World O&Mabout 12.9Audited FY26 Rs 582.59 cr / 4,500 MW [Est.] (provisional Rs 579.77 cr gives 12.9 as well)
Inox Green legacy fleet9 to 10 ex-GSTManagement; acquired books said to realise "substantially higher"

Wind World O&M carve-out (audited special-purpose, RDV & Associates, 12 Sep 2026)

FY ended 31 Mar 2026, Rs crAmountNote
Revenue from operations582.59O&M income 580.08 less discount/RAG claims 0.31; scrap 2.82
Other income3.89
Cost of materials consumed (spares)99.70plus change in inventories 0.93
Employee benefits228.0439.1% of revenue [Est.]
Other expenses182.16Travel 42.55, security 28.88, rates and taxes 24.30, O&M and infrastructure charges 24.00, freight 14.30 and others
Depreciation / finance cost1.67 / 0.09
Profit for the year73.89Divisional
EBITDA (profit + depreciation + finance cost)75.6513.0% of revenue [Est.]; ex other income Rs 71.76 cr (12.3%) [Est.]
Total assets567.11Trade receivables 308.84 (unsecured, no ECL; 194 days of revenue [Est.]), inventories about 150.00, other financial assets 72.14 (other receivables 71.23, loans to related parties 0.91), other current assets 22.49, PPE 7.34, CWIP 6.29, cash about Rs 0.06 cr
Liabilities-Provisions (gratuity, leave) 42.47 non-current, trade payables 24.70, provisions 4.06; no borrowings
Divisional equity495.89Price Rs 550 cr is about 1.1x book [Est.]

Wind World O&M turnover history (Rs cr)

MeasureFY23FY24FY25FY26
Wind World total turnover (Authum filing)529.28583.20665.95-
O&M turnover, provisional (NCLT filing)-499.59597.09579.77 (-2.9% YoY [Est.])
O&M revenue, audited carve-out---582.59

Demerged power-evacuation segment (to IRSL)

ItemDetail
EconomicsFY26 segment result -Rs 23.97 cr (FY25 -Rs 36.91 cr); revenue Rs 14.56 cr (press: turnover Rs 14.93 cr, 6.19% of turnover); discontinued-operations loss Rs 0.91 cr; discontinued unit's total income Rs 41.42 cr, mostly ICD interest from IRSL (about Rs 26.9 cr), with expenses entirely depreciation of Rs 38.52 cr
Balance sheet effectAbout Rs 1,000 cr gross block and Rs 50 to 55 cr annual depreciation removed (management); net assets of Rs 744.49 cr debited to reserves; derecognised prospectively in FY26 with no restatement of 31 Mar 2025 balance sheet
Consideration to shareholders122 IRSL shares per 1,000 IGESL shares; 4,89,82,030 IRSL shares allotted 24 Aug 2026; IRSL not yet listed, so the IGESL price is not stripped of the IRSL stub (value unknown)
Post-demerger revenue lost"Very limited... INR10 odd crore" (Q3 FY26 call)

Growth, pressure, focus

QuestionAnswer
Fastest growerInorganic multi-brand O&M and solar by capacity (3.2 GW to 13.3 GWp); by reported revenue, O&M segment +35.9% in FY26. Management expects the O&M share of group activity to move from about 10% (against 90% Inox Wind) to 18 to 20%
Under pressureCore O&M margin (segment loss Rs 16.25 cr); consultancy income fell from Rs 41.04 cr to Rs 37.64 cr; the demerged evacuation line lost Rs 23.97 cr
Management's stated focusConsolidate acquired books (WWIL, the second ~2 GW target), separate billing of VAS, group-captive additions (Inox Clean 3 GW+ a year of additions, 20% to 30% wind), solar O&M, buy-and-integrate "a couple of GWs lined up", dividend only after consolidation

Financials: P&L

Consolidated, Rs cr, FY = April to March. Multi-year series are Screener aggregates on a post-demerger basis; FY26 line items are from the audited annual report. Gross profit is not disclosed (service company, no COGS line) and is shown as n/a. Q2 FY27 is not out.

Earnings quality: what the filings show (disclosed facts; no intent is characterised)

FY26 consolidated other income was Rs 145.20 cr, of which Rs 121.43 cr (83.6%) is a fair-value gain on unquoted units of three RKG funds (FVTPL, Level 2, NAV supplied by the fund manager; cost about Rs 430 cr, carrying value Rs 550.35 cr; funded through ICDs to wholly-owned subsidiary Tempest Wind Energy). That gain equals 77% of continuing PBT of Rs 157.80 cr and the audit report carries no key audit matter on it. Core operating profit was Rs 23 cr (8.2% margin, against 17% in FY25 and 33% in FY24). In Q1 FY27 operating profit was about -Rs 1 cr on operating revenue of Rs 43 cr (-17% or -23% year on year depending on the comparative base) against other income of Rs 58 cr. The O&M segment lost Rs 16.25 cr; the only profitable segment is Rs 37.64 cr of consultancy income from one unnamed customer. Receivables plus unbilled revenue less allowance are Rs 634 cr, about 824 days of revenue. Management's statement that about Rs 10 cr a quarter of value-added services sits in other income does not match the other-income note. [Fact] (FY26 annual report Notes 7a, 26, 46, 55, 58B; Q1 FY27 results)

Five-year annual P&L (Screener, restated basis)

MetricFY22FY23FY24FY25FY26TTM Jun-26
Revenue (sales)172254224220281276
YoY growth-+48%-12%-2%+28%-
Gross profitn/an/an/an/an/an/a
Core operating profit (EBITDA ex other income)825775372324
Core operating margin48%23%33%17%8%9%
Other income (net)-70*403518144175
Reported-basis EBITDA (core + other income) [Est.]129711055167199
Reported-basis margin [Est.]7%38%49%25%59%72%
Depreciation5065531211
Core EBIT (core EBITDA - depreciation)32-822362113
Interest5571251997
PBT-93-393135157180
PBT margin-54%-15%14%16%56%65%
Tax rate0%-48%12%37%34%-
PAT-93-202822103122
PAT margin-54%-8%12.5%10%37%44%
EPS (Rs)-3.97-0.660.950.542.553.12
Dividend payout0%0%0%0%0%-

*FY22 "other income" of -70 is Screener's netting of exceptional items; treat with caution. Older years: FY18 PAT -57, FY19 -53, FY20 -52, FY21 -154 (borrowings Rs 1,400 cr in FY21). Screener: 5-year sales CAGR 10.3%, 5-year profit CAGR 20.9%, 3-year average RoE 2.90%. FY26 revenue +27.6% (281.01/220.19; +28% on Screener's rounded figures); FY25 -1.8%; FY24 -11.8%; FY26 core operating profit -38%; PAT +373% (103.45 vs 21.85). Zerodha's "EBITDA Rs 164 cr" for FY26 is core Rs 23 cr plus treasury items. Sahi quotes FY26 total income of Rs 426 cr as +69% from Rs 252 cr in FY23 (a three-year base, unverified); against FY25 total income of about Rs 238 cr (220 + 18 [Est.]) the rise is about 79%.

Annual core operating profit (black) vs other income (gold), Rs cr4035181441755775372324FY23FY24FY25FY26TTM Jun-26Screener consolidated. Other income overtook core operating profit in FY25 and is 6.3x core operating profit in FY26. Core operating margin (%): operating profit / revenue, Screener48%23%33%17%8%9%FY22FY23FY24FY25FY26TTM Jun-26Q4 FY26 -4% and Q1 FY27 about -2% on Screener quarterly data.

FY26 consolidated statement (audited annual report, Rs cr)

LineFY26Note
Revenue from operations281.01O&M services 231.62; consultancy 37.64; other operating revenue 11.74
Other income145.20Fair-value gain on MF units 121.43; interest 11.63; MF sale gain 6.11; insurance 5.68; written back 0.35
Total income426.21Company's "Rs 426 cr turnover"
O&M / common infrastructure expenses152.60
Stock-in-trade10.24
Employee benefits57.22
Finance cost8.78
Depreciation1.71
Other expenses37.85
Total expenses268.41
PBT (continuing)157.80Fair-value gain = 77% of this [Est.]
Tax53.45Deferred 52.72; effective rate 33.9% [Est.]
PAT (continuing)104.35
Discontinued operations loss0.91
PAT103.44Owners 102.38; NCI 1.06

Which EBITDA? Four numbers for the same year

DefinitionFY26 Rs crMarginWhat is in it
Core operating profit (CRISIL, Screener)238.2% of Rs 281 crRevenue less operating costs; equals O&M segment loss + consultancy + depreciation add-back
Reported-basis (core + Screener other income)16759%Includes Rs 121.4 cr unrealised fair-value gain
Continuing EBITDA (Placement Document, 16,829 lakh)168.360.91% as stated in the Placement Document (denominator not reconciled here)426.21 - 152.60 - 10.24 - 57.22 - 37.85 [Est.] (reconciles exactly)
EBITDA including discontinuing operations (company results line, 20,971 lakh)209.7about 50% of Rs 426 crAdds the discontinued unit's total income Rs 41.42 cr (about Rs 26.9 cr interest from IRSL on a group ICD; expenses are depreciation Rs 38.52 cr)
Q1 FY27 company EBITDA56.99131.66% of Rs 43.29 cr revenue (Placement Document)Operating profit about -Rs 1 cr + other income Rs 57.89 cr
FY26 cash PAT158-PAT + depreciation + deferred tax; includes the non-cash gain

Last eight quarters (Screener consolidated, Rs cr)

QuarterRevenueCore OPOther inc.Reported-basis EBITDAPBTPATRev YoYRev QoQPAT YoYPAT QoQ
Q2 FY25 (Sep-24)5519928106+17%+8%~0%+50%
Q3 FY25 (Dec-24)61161228105+2%+11%n.m.-17%
Q4 FY25 (Mar-25)65-31916116+25%+7%-71%+20%
Q1 FY26 (Jun-25)56642483322+10%-14%+450%+267%
Q2 FY26 (Sep-25)86944534128+56%+54%+367%+27%
Q3 FY26 (Dec-25)781923423925+28%-9%+400%-11%
Q4 FY26 (Mar-26)69-350474528+6%-12%+367%+12%
Q1 FY27 (Jun-26)43-158575441-23%-38%+86%+46%

Prior-year base quarters (revenue / core OP / PAT): Q1 FY24 57/23/3; Q2 FY24 47/13/6; Q3 FY24 60/20/-1; Q4 FY24 52/12/21; Q1 FY25 51/17/4. Interest cost has collapsed (Rs 1 to 2 cr a quarter), depreciation is about nil and the effective tax rate was 25% to 38% (Q1 FY27 25%), so PBT tracks other income closely. Screener's quarterly OPM: Mar-25 -4.6%, Jun-25 11%, Sep-25 10%, Dec-25 24%, Mar-26 -4.1%, Jun-26 -2.2%. Core operating profit was zero or negative in Q4 FY25, Q4 FY26 and Q1 FY27.

Company-reported headlines against the Screener core line

QuarterCompany total incomeCompany EBITDAPBTPATCash PATScreener core OP
Q2 FY26 (14 Nov 2025 call)129.5 (+101%)52.2 (+52%)-28.1 (+363%)50.9 (+121%)9
Q3 FY26 (13 Feb 2026)112 (+51%)53 (+80%)-25 (+375%)-19
Q4 FY26 (29 May 2026)120 (+40%)57 (+93%)46 (+244%)28 (+340%)46-3
Q1 FY27 (7 Aug 2026)101 (+17% vs 86)57 (+19% vs 48)54 (+74% vs 31)40.8 (+86% vs 22)55 (+25% vs 44)-1

Company headlines use a total-income basis that includes other income (Q1 FY27 total income Rs 101 cr = operating revenue Rs 43.29 cr + other income Rs 57.89 cr). Growth rates are arithmetically consistent with the company's own bases. Q4 FY26 does not reconcile exactly: Screener other income Rs 50 cr gives total income about Rs 119 cr but EBITDA Rs 47 cr; management's Rs 60.8 cr gives EBITDA Rs 57 cr but total income Rs 130 cr against the reported Rs 120 cr; the filed continuing figure is Rs 50.81 cr.

Q1 FY27 in detail

Rs crQ1 FY27Q1 FY26Change
Operating revenue (company / Sahi basis, restated comparative)43.2952.36-17.3%
Operating revenue (Screener, unrestated comparative)4356-23%
Other income (continuing)57.8942 (Screener, unrestated; the company's Q1 FY26 total income of Rs 86 cr implies a lower restated figure)n.m.
Core operating profitabout -16n.m.
Total income10186+17%
PBT5431+74%
PAT40.822+86%
Cash PAT5544+25%
Operating revenue QoQ vs Q4 FY26 (Rs 69 cr)43--38%

Management on 7 Aug 2026: "majority of the other income, around INR57-odd crores, INR50 crores plus is related to the operational income, which includes the assets which we have acquired as well as the value-addition services, the treasury"; "as per the accounting policies, only a portion of it is what we can consolidate." The Q1 FY27 monitoring-agency report shows Tempest paid Rs 2.14 cr "management fee to RKG Solution Fund".

Standalone view and the subsidiary layer

Standalone (Screener)FY24FY25FY26TTM
Sales202189238228
Operating profit80341920
PAT12385259
Other income--64 (consolidated 144)-

Revenue growth, margins, one-time items

TopicFinding
Organic vs inorganicNot Available: revenue is not split between organic and acquired in any file read. FY26 O&M segment revenue +35.9%; FY26 consolidated +27.6%. Consolidation of Wind World, if effected, would roughly triple the revenue base (Rs 582.59 cr carve-out vs Rs 281 cr)
Volume vs priceNot disclosed; fixed per-MW fees with 4 to 5% escalators; availability 96.3% to 96.5%
Margin trendCore margin 48%, 23%, 33%, 17%, 8% (FY22 to FY26); CRISIL: "upfront scheduled maintenance expenses at some projects"; Jan-26 note adds a "one-time liquidated damages charge". Management: unbilled VAS costs, one-time infrastructure and life-extension spend
One-time or non-cash itemsFair-value gain Rs 121.43 cr; insurance claims Rs 5.68 cr; MF sale gain Rs 6.11 cr; liability written back Rs 0.35 cr; IRSL ICD interest Rs 26.9 cr in discontinued ops; demerger net assets Rs 744.49 cr debited to reserves (not through P&L)
RestatementFY25 comparative re-presented with power evacuation as discontinued (continuing FY25 revenue Rs 220.19 cr, depreciation Rs 0.94 cr). Quarterly series are not perfectly additive: FY25 quarters sum to sales Rs 232 cr vs annual Rs 220 cr; FY26 quarters sum to Rs 289 cr vs Rs 281 cr (PAT matches at Rs 103 cr). Screener shows Rs 13 cr depreciation in each of Jun/Sep/Dec 2024 quarters but Rs 1 cr for FY25
TaxFY26 tax Rs 53.45 cr of which deferred Rs 52.72 cr; deferred tax asset Rs 125.61 cr net (DTL Rs 30.56 cr); management cites a tax shield on "up to INR700 crore of losses" [Fact] (mgmt claim)

Earnings-quality check: are profits backed by cash?

Rs crFY22FY23FY24FY25FY26
PAT-93-202822103
Cash from operations141-26-86067
OCF / PATn.m.n.m.-0.3x2.7x0.65x

Financials: Balance Sheet, Cash Flow & Ratios

Consolidated, Rs cr, 31 March, unless stated. Multi-year series are Screener; the FY26 balance sheet detail is from the audited annual report. The Mar-26 balance sheet predates the Rs 289.72 cr net QIP proceeds, the Rs 550 cr Wind World payment and the 25% Vibhav minority, so all ratios are stale for valuation.

Five-year balance sheet (Screener)

ItemFY22FY23FY24FY25FY26
Equity capital235292294367401
Reserves5728351,0511,6001,307
Net worth (equity + reserves)8071,1271,3451,9671,708
Total borrowings90459517418188
Other liabilities410433564339286
Total liabilities = total assets2,1212,1552,0832,4872,082
Fixed assets (net block)9531,09575570415
CWIP1337776
Investments3300446550
Other assets1,0021,0521,3201,3301,511
Receivables (debtor days x sales / 365) [Est.]~68~93~131~180~166
Cash and equivalentsn/an/an/an/a505 (CRISIL; annual report Rs 504.6 cr)
Goodwilln/an/an/an/a10.14 (annual report; unchanged vs FY25)
InventoryNot material / not shown

Net worth fell Rs 259 cr in FY26 despite Rs 103 cr of profit and about Rs 34 cr of equity issuance: the demerger debited net assets of Rs 744.49 cr to reserves (common-control business combination under Appendix C of Ind AS 103, a figure that the first-pass files could only infer). Fixed assets fell from Rs 704 cr to Rs 15 cr and depreciation to about nil for the same reason. Asset turns of about 0.1x reflect a balance sheet dominated by investments, unbilled revenue, cash and advances.

FY26 balance sheet (audited annual report, 31 Mar 2026)

ItemRs crNote
Total assets2,112.86Screener Rs 2,082 cr
Total equity1,716.00NCI Rs 8.00 cr; owners Rs 1,708 cr (matches Screener net worth)
Non-current investments (all RKG fund units)550.35FVTPL, unquoted, Level 2 (NAV from fund manager)
Unbilled revenue467.99Non-current 347.4 plus current about 121; "for passage of time"
Trade receivables (net of allowance)166.18Gross 182.26 less loss allowance 16.09
Cash and bank balances504.6Cash 86.89 plus bank deposits 417.69 (matches CRISIL Rs 505 cr)
Borrowings88.28Plus TReDS 14.18
Goodwill10.14I-Fox and Resowi
Deferred tax asset (net)125.61DTL Rs 30.56 cr
Payable pursuant to Scheme of Arrangement110.32Owed to IRSL (other payable Rs 110.36 cr in Note 38)
Standalone Mar-26-Net worth Rs 1,733 cr (401 + 1,331); borrowings Rs 32 cr; investments Rs 17 cr; fixed assets Rs 2 cr; other assets Rs 1,989 cr (cash and loans/advances to subsidiaries). The Rs 550 cr of units sit in subsidiaries (Tempest and others)

RKG fund units (Note 7a and Note 55)

FundUnits (Mar-26)Carrying value Rs cr (Mar-26)Mar-25 Rs crFY26 funds given Rs cr
RKG Special Situations37,00,920.67491.52206.93 (20,69,282.10 units)163.16 (16,31,638.57 units at Rs 1,000)
RKG Fund-I35,5003.663.600.06
RKG Fund-II5,34,50055.1654.220.95
Total-550.35264.75164.17

Receivables and contract assets (Note 58B)

Rs cr31 Mar 202631 Mar 2025
Trade receivables (gross)182.26-
Unbilled revenue ("for passage of time")467.99-
Less loss allowance-16.09-
Net contract receivables634.18693.39
Ageing of billed receivables: under 6 months103.35
6 months to 1 year31.88
1 to 2 years29.31
2 to 3 years9.68
Over 3 years4.56
Disputed3.48
Customers above 5% of receivables (three)37.3855.55
Contract receivable days [Est.]824 (634.18 / 281.01 x 365)-
Net trade receivables days (Screener "debtor days")216299
Unbilled days [Est.]about 608-
FY26 contract receivables against revenue, Rs crRevenue from operationsTrade receivables (gross)Unbilled revenueNet contract receivables281.01182.26467.99634.18 (2.26x revenue)

Five-year cash flow (Screener)

Rs crFY22FY23FY24FY25FY26
Cash from operations (OCF)141-26-86067
Capex [Est.] (OCF - FCF)14971042
Free cash flow-8-97-85665
Cash from investing-153-5-63-637-293
Cash from financing-63-1079572307
Net cash flow-76-428-581
PAT-93-202822103
OCF / PATn.m.n.m.-0.3x2.7x0.65x
FCF yield on current market cap [Est.]---1.2%1.3%

Capex is negligible (asset-light). Post-March items outside the table: QIP net proceeds Rs 289.72 cr (Sep 2026); Wind World Rs 550 cr paid via Vibhav (IGESL Rs 450 cr: Rs 250 cr equity plus Rs 200 cr ICD at 12%, of which Rs 50 cr is convertible; Authum Rs 100 cr ICD). Funding and conversion mechanics are in Tab 7.

Working capital and ratios

DaysFY22FY23FY24FY25FY26
Debtor days (Screener)144133213299216
Cash conversion cycle (Screener)-1,344-409213299216
Working-capital days (Screener)-1,105-217392793226
Standalone debtor days---326230
Contract receivable days incl. unbilled [Est.]----824

Inventory days (Screener shows 1,891 / 540 / 215) and payable days (2,200 / 2,029 / 758) arrived without year labels and are not mapped. For FY24 to FY26 the cycle equals debtor days, with no meaningful inventory or payables offset; the very negative FY22-FY23 values come from large payables when the company carried the substation EPC and asset book.

RatioFY22FY23FY24FY25FY26
RoE (PAT / average net worth) [Est.]n.m.n.m.2.3%1.3%5.6% (Screener 5.13%)
RoCE (Screener, current)----8.11%
Debt / net worth1.120.530.130.090.05
Interest cover, reported basis (PBT + interest) / interestneg.0.5x2.3x2.8x18.4x
Interest cover, core (core EBIT / interest)0.6xneg.0.9x1.9x2.3x
Asset turnover0.07x0.12x0.11x0.10x0.12x
Current ratioNot Available (the Screener summary does not expose current assets and liabilities; CRISIL calls liquidity "adequate")

Debt, lenders and credit rating

ItemFinding
DebtConsolidated borrowings Rs 88 cr (standalone Rs 32 cr) plus TReDS Rs 14.18 cr; CRISIL: "negligible term debt obligations"; unutilised fund-based working-capital limit only Rs 5.84 cr
Facilities rated 16 Jun 2026 (CRISIL, Rs 191.5 cr)Cash credit Rs 35 cr (ICICI Bank 25, YES Bank 10); LC interchangeable with BG Rs 100 cr (YES Bank 40, ICICI Bank 60); proposed LC/BG Rs 49.5 cr; term loan Rs 7 cr (YES Bank, dated 31 Jan 2026)
After 11 Sep 2026YES Bank lines (CC 10, LC 40, TL 7 = Rs 57 cr) withdrawn at company request; remaining Rs 134.5 cr = ICICI CC 25 + ICICI LC 60 + proposed 49.5
Acuite facilities (27 Aug 2026)Long term Rs 65 cr (BG 40, CC 10, proposed 15) AA-/Stable; short term Rs 85 cr (ICICI LC 25 + 60) A1+; total Rs 150 cr
Maturity profile / covenantsNot Available: no maturity schedule in accessible documents (term debt negligible)
Scheme-meeting creditors (Aug 2025)2 secured creditors with Rs 24.7 cr; 874 unsecured creditors with Rs 83.3 cr (FilingReader)
Group supportCRISIL: INOXGFL has historically provided NCDs, term debt, working-capital support, capital advances and ICDs to group entities; Inox Wind supported IGESL via ICDs and OCDs; the entities share a common treasury
GuaranteesInox Wind guaranteed Rs 9.16 cr of group borrowings (FY25: 0.97 + 20.0); IGESL's own Rs 100 cr corporate guarantee and Rs 36.7 cr FD security for IRSL fell to nil at 31 Mar 2026; guarantee charges Rs 0.22 cr paid to GFL; 13 Aug 2026 EGM approved availing Inox Wind guarantees or comfort up to Rs 500 cr for 12 months (threshold Rs 28.10 cr)
DebenturesMarket-linked debenture ISIN INE510W08035 issued earlier; CRISIL withdrew a Rs 75 cr PPMLD rating in Feb 2025 after full redemption; debenture trustee Catalyst Trusteeship
DateAgencyRatingDetail
14 Jun 2024CRISILA/Stable
28 Feb 2025CRISILA/Positive
28 Jan 2026CRISILA/A1, PositiveThe Sep-26 document says Positive as of 28 Jan 2026 while the Jun-26 history table says Watch Developing: CRISIL's own inconsistency, unresolved
16 Jun 2026CRISILA/Watch Developing; A1 reaffirmed (Rs 191.5 cr)Triggered by the watch on Inox Wind because Inox Clean Energy is acquiring about 6 GW (Vena Energy India)
27 Aug 2026AcuiteAA-/Stable; A1+ (Rs 150 cr)Analysis consolidates Inox Wind + IGESL + IRSL + 34 step-down subsidiaries; every financial quoted (revenue Rs 4,397 cr, EBITDA Rs 891 cr, PAT Rs 449 cr, TD/TNW 0.21x, PBDIT/interest 5.32x, debtor days 353, order book) is Inox Wind group; silent on IGESL other income, RKG units, Wind World. Downgrade triggers per Acuite: operating margin below 17%, further receivables stretch
11 Sep 2026CRISILA/Watch Developing, A1Rs 57 cr YES Bank facilities withdrawn at company request
22 Sep 2026CRISILRating withdrawn (A/Watch Developing and A1 on Rs 134.5 cr)"At the company's request and on receipt of no-objection certificate from the lenders"; company letter of 23 Sep says "voluntarily withdrawn... after obtaining the requisite consent from the concerned lenders"; no reason stated by either party. Inox Wind's own CRISIL ratings were likewise placed on watch and withdrawn (17 Jun)

Equity dilution and share-count history

Date / eventDetailShares / capital
Mar 2022Equity capital Rs 235 crabout 23.5 cr
Nov 2022 IPOFresh issue about Rs 370 cr at Rs 65Mar-23 Rs 292 cr (about 29.2 cr)
FY24Small additionsRs 294 cr (about 29.4 cr)
18 Jul 2024 / 2 Aug 2024Shareholders approve up to 44,827,582 convertible warrants at Rs 145 (premium Rs 135); committee final allotment 2 Aug 2024; Jun-24 programme up to about Rs 1,050 cr, about Rs 590 cr received by Dec 2024; equity allotments also 2 Aug and 5 Oct 2024; warrants at Rs 120 and Rs 145 per scheme filingCapital Rs 294 cr to Rs 367 cr (+7.3 cr shares, +25%); about 36.7 cr
23 Jan 20266,896,550 warrants converted to non-promoter holders-
28 Jan 202619,890,000 warrants converted by Inox Leasing & Finance at Rs 145 (SAST/Reg 29 filing 29 Jan); all locked in. Of 27,586,206 warrants in the filing, 7,696,206 were cancelled and the 25% upfront forfeited; revised proceeds Rs 966.30 cr (shortfall Rs 83.70 cr)374,705,495 to 401,492,045 (Rs 401.49 cr)
Aug 20255 warrant holders outstanding at scheme meeting (meeting of warrant holders 1 Nov 2025)-
13 Aug 2026EGM approves fundraising (QIP or preferential); Board 22 Jul: up to Rs 600 cr (base Rs 400 cr + greenshoe Rs 200 cr)-
24 to 29 Sep 2026QIP: 1,81,10,473 shares at Rs 165.65 to 20 QIBs, Rs 299.99 cr41,96,02,518 shares (+4.51%); capital Rs 419.60 cr
Outstanding overhangESOPs 24,67,620 options (weighted average exercise Rs 94.73); third grant 10 Oct 2025 of 4,00,000 options at Rs 114.04; enabling resolutions for a further raise; the Vibhav 25% minority is a subsidiary-level dilutionESOP overhang about 0.6% [Est.]

Implied market-cap check: 41.96 cr shares x Rs 114.82 = Rs 4,818 cr. The 4,89,82,030 shares issued on 24 Aug 2026 were IRSL shares to IGESL holders, not new IGESL capital (Tickertape mixes this up). Preferential-issue use of proceeds at 30 Jun 2026 (monitoring agency CARE Ratings): debt repayment Rs 109.64 cr (fully used); investment in subsidiaries Rs 621 cr revised, Rs 611.49 cr used; general corporate purposes Rs 235.66 cr, Rs 110.48 cr used; unutilised Rs 134.69 cr in ICICI Bank term deposits; no deviation (also nil in Feb and Aug 2026 reports).

QIP detail (NSE filings 24, 29, 30 Sep 2026; Placement Document 29 Sep)

ItemDetail
Price and sizeRs 165.65 (premium Rs 155.65; 5% discount Rs 8.71 to the Rs 174.36 floor, relevant date 24 Sep); 1,81,10,473 shares; Rs 299,99,99,852.45; net proceeds Rs 289.72 cr
Use of net proceedsRs 243 cr to Vibhav for the Wind World payment; Rs 31.41 cr debt repayment; Rs 15.31 cr general corporate purposes
Lock-inOne year, except sale on exchange
Allottee: Bandhan Small Cap Fund45,00,000 shares (24.85%)
Allottee: Leading Light Fund VCC - The Vintage Fund30,18,412 (16.67%)
Allottee: India Opportunities Growth Fund Ltd - Pinewood Strategy21,14,631 (11.68%)
Allottee: Elm Park Fund Ltd18,11,047 (10.00%)
Allottee: ITI Mutual Fund schemes (combined)18,11,047 (10.00%): Small Cap 9,23,634; Value 1,75,069; Balanced Advantage 60,368; Divinity Equity Long Short 1,20,736; Business Cycle 60,368; Flexi Cap (split partly garbled in the filing)
Allottee: Societe Generale ODI11,55,822 (6.38%)
ConcentrationTop six about 79.6% [Est.]; the other 14 QIBs each below 5%
AdvisersKhaitan & Co, Dentons Link Legal, Hogan Lovells Cadwalader (Bar & Bench, 13 Oct 2026)
Net-cash tensionMar-26 cash Rs 504.6 cr and borrowings Rs 88 cr; management also floated a possible buyback (29 May: "not at this point") before the raise. A shareholder asked on 7 Aug why equity rather than debt; management declined (silent period)

Contingent liabilities and commitments (consolidated)

Rs crFY26FY25Note
Claims not acknowledged as debt40.5445.59Customer claims 36.00; VAT/GST 4.54 (show-cause notices GST Vadodara, Jaipur x2, Tamil Nadu, Bengaluru; AP VAT 1.85)
Capital commitment, SECI wind farm SPVs1,156.981,156.98SPVs failed (commissioning lapsed; guarantees of Rs 55.78 cr invoked)
Bank guarantees issued27.29-
Tax demand on demerged entity IRSL (AY 2023-24)96.81-Rs 96,80,78,940 appears against IRSL; being challenged; whether it passes to IGESL under the scheme is not verified

Key balance-sheet risks

Management, Promoters & Governance

Sources: FY26 annual report (Notes 38, 46, 49, 55, 58B; auditor's report; Board's report), Placement Document, NSE filings, NCLT order, company website pages (board, KMP, committees, shareholding), CRISIL and Acuite rationales, Screener, Trendlyne, Tickertape, Wikipedia (Inox Group). Statements are as filed; no intent is attributed to any party.

Control structure and promoters

Promoter entityShares% (Sep 2026)Note
Inox Wind Ltd (IWL)20,52,74,79148.92Listed parent; 49,00,000 shares pledged (below)
Inox Leasing & Finance Ltd (ILFL)1,98,90,0004.74Got shares by converting warrants on 28 Jan 2026 at Rs 145; all locked in (8.83% of promoter holding)
Devansh Trademart LLP1,52,0000.04
Devansh Jain3000.00Nominee of Inox Wind
Mukesh Patni1000.00Nominee of Inox Wind
Vivek Kumar Jain1000.00Nominee of Inox Wind
Promoter group total22,53,17,29153.70Unchanged in share count between Jun and Sep 2026

Key management

NameRoleBackground
S.K. (Seethappa) MathusudhanaCEO (since Dec 2022 per aggregator data; third-party only)MBA IIM Lucknow, BE Mechanical (Anna University); 19+ years in M&A, P&L, O&M, government relations; previously BluPine Energy, SB Energy, Ostro Energy, Adani Power, NTPC. ESOP cost Rs 1.18 cr in FY26
Govind Prakash RathorCFOFCA; 27+ years in financial planning, MIS, strategy, tax, consolidation; previously Punj Lloyd, Caparo Engineering India, Vacmet India
Anup Kumar JainCompany Secretary and Compliance OfficerICSI associate, commerce graduate; 20+ years, previously Polyplex Corporation
Group voices on callsAkhil Jindal (Group CFO), Kailash Tarachandani (Group CEO, renewables), Devansh Jain; IR heads Sweta Sultania (Q4 FY26 call; IR head appointed May 2026) and Anshuman Ashit (Q3 FY26 call)Group, not IGESL, executives
KMP holding1,02,500 shares (0.03%, Jun 2026)Control is exercised through Inox Wind, the group treasury and the two group whole-time directors; there is no promoter-family member on the board

Board and committees

NameRoleExec / IndependentTenure and background
Manoj Dixit (DIN 06709232)Whole-time DirectorExecutiveTerm ended 7 Oct 2026; Board (7 Aug 2026) re-appointed him for 2 years from 8 Oct 2026, subject to shareholder approval at the 14th AGM (25 Sep 2026; result not read). Master's in Mechanical Engineering (IIMRT Ahmedabad per company page); 27 to 28 years in power management, project development, scheduling, land, regulatory; with INOXGFL since 2008; earlier Perfect Refractories and GFL. Remuneration Rs 0.68 cr (FY26)
Mukesh Manglik (DIN 07001509)Whole-time DirectorExecutiveRe-appointed for 2 years from 19 May 2026 (postal ballot; results 13 Apr 2026); age 74; BE Electrical (VJTI Mumbai); 40+ years in power electronics, 23 in wind; with INOXGFL since 2008; heads Engineering and Product Development
Shailendra TandonNon-executive, non-independentNon-executiveB.Com, PGDM; 24+ years in HR; tenure not stated
Brij Mohan BansalIndependent DirectorIndependentFormer Chairman, Indian Oil Corporation; B.Tech Chemical Engineering IIT Delhi; appointed around Oct 2024 per a "change of independent directors" filing of 19 Oct 2024 (which director is not verified)
Bindu Saxena (DIN 00167802)Independent DirectorIndependentAdvocate, partner at Swarup & Company; 30+ years in corporate law; first term ends Dec 2026; Board (7 Aug 2026) re-appointed her for a second 5-year term from 14 Dec 2026, subject to approval
Sanjeev JainIndependent DirectorIndependentFCA, law graduate, SRCC; senior partner at Shanti Prashad & Co; former part-time non-official director at UCO Bank and Bank of Maharashtra; Audit Committee chair since Apr 2024
CommitteeMembers
AuditSanjeev Jain (chair), Brij Mohan Bansal, Bindu Saxena, Mukesh Manglik (an executive WTD sits on it)
Nomination & RemunerationBansal (chair), Sanjeev Jain, Tandon
Stakeholders RelationshipBansal (chair), Dixit, Tandon
Risk ManagementDixit (chair; an executive), Tandon, Bansal
BRSRDixit (chair), Manglik, Tandon, CFO Rathor
CSRManglik (chair), Tandon, Bansal
Committee of the Board for OperationsManglik, Dixit, Tandon

Shareholding trend

QuarterPromoter %FII %DII %Public %Shareholders
Dec 202355.729.202.8432.2493,830
Mar 202455.728.331.7534.211,07,498
Jun 202455.729.161.7233.401,21,044
Sep 202456.359.123.7030.841,43,748
Dec 202455.938.793.7131.561,54,405
Mar 202555.938.933.7231.421,53,492
Jun 202555.977.191.3335.501,47,635
Sep 202555.977.881.0835.071,30,308
Dec 202554.827.571.4136.211,15,739
Mar 202656.128.741.5033.651,17,889
Jun 202656.127.861.8734.171,14,521
Sep 202653.708.171.9336.181,10,457
Number of shareholders (thousands): down 28% since Dec 2024154.4153.5147.6130.3115.7117.9114.5110.5Dec-24Mar-25Jun-25Sep-25Dec-25Mar-26Jun-26Sep-26Source: Screener. Promoter share count was unchanged between Jun and Sep 2026.

Promoter pledge

ItemFinding
Placement Document (29 Sep 2026, risk factor 42)"As at August 31, 2026, our Promoter and members of our Promoter Group held 56.12%... Inox Wind Limited, our Promoter, has pledged Equity Shares aggregating to 1.22% of such paid-up Equity Share capital" (about 49 lakh of the 40.15 cr pre-QIP shares). Disclosed to QIP investors with no lender, date or purpose
Sep-26 shareholding pattern49,00,000 shares pledged, all by Inox Wind: 2.39% of IWL's 20,52,74,791 shares; 2.17% of promoter holding; 1.17% of post-QIP total capital; cover-sheet question 7 "pledged? Yes"
Jun-26 patternNo pledge, NDU or other encumbrance
8 Apr 2026 SAST Reg 31(4) declarations (IWL, Devansh Trademart LLP, ILFL)No encumbrance created in FY26 "other than those already disclosed... through system-driven disclosures"
Timing [Est.]Created between 1 Jul and 31 Aug 2026 (absent at 30 Jun, present at 31 Aug); it is not a post-QIP event
Reg 31(1) filing, lender, purposeNot Available: IWL's NSE announcement list (Jan to Oct 2026) has no pledge announcement; the NSE pledge-data API returned empty. Trendlyne shows 49 lakh shares as a new pledge this quarter
Value at stake [Est.]About Rs 56 cr at Rs 114.82 to Rs 81 cr at Rs 165.65
Context [Fact]CRISIL: the group has helped Inox Wind raise bank funds by "pledging their own funds". IGESL's 13 Aug 2026 EGM sought approval to avail Inox Wind credit support of up to Rs 500 cr; no link to the pledge is established. Tickertape calls promoter pledging "low and insignificant"

Warrants, SAST and insider trail

Subsidiaries and group structure

EntityStatus and purpose
26 subsidiaries with accounts on the company siteCRISIL: 13 operating subsidiaries fully consolidated (Jun 2026 rationale), 17 entities (Sep 2026)
FY26 statements on siteWind Four Renergy, Suswind Power, Vasuprada Renewables, Vibhav Energy, Haroda Wind Energy, Khatiyu Wind Energy, Vigodi Wind Energy, Ravapar Wind Energy, Vuelta Wind Energy, Tempest Wind Energy; I-Fox Windtechnik India Pvt Ltd (acquisition date not separately verified); IGESL Solar O&M Service Pvt Ltd (formerly Ripudaman Urja); Resowi Energy Pvt Ltd
Statements only to FY24Nani Virani Wind Energy, Flurry Wind Energy, Aliento Wind Energy, Flutter Wind Energy (disposed or not updated)
Statements only to FY22 (legacy)Marut-Shakti Energy India, Satviki Energy, Sarayu Wind Power (Tallimadugula), Vinirrmaa Energy Generation, Sarayu Wind Power (Kondapuram), RBRK Investments, Wind One/Two/Three/Five Renergy, Resco Global Wind Services
Tempest Wind EnergyWholly-owned; channel for ICDs into the RKG funds; profit Rs 49.15 cr (47.5% of group PAT) on net assets Rs 29.04 cr; paid Rs 2.14 cr management fee to "RKG Solution Fund" (Q1 FY27 monitoring report)
Six SECI wind SPVsFunds invested; commissioning lapsed; guarantees of Rs 55.78 cr invoked; CERC appeal pending; capital commitment Rs 1,156.98 cr; Inox Wind comfort approved at AGM (auditor emphasis of matter)
I-Fox Windtechnik / Resowi51% each (I-Fox announced 26 Dec 2022; Resowi effective 7 Feb 2024); prices Not Available; NLC award for 33 WTGs to I-Fox (19 Mar 2024). Same auditor audits I-Fox (first five-year term from 28 Sep 2023)
DisposalsNov to Dec 2024: Nani Virani Wind Energy (50 MW; Rs 290 cr, agreed Oct 2023), Aliento Wind Energy and another subsidiary (Reg 30 filings 29 to 30 Nov and 6 Dec 2024; buyers and prices not retrieved). Inox Neo Energies, Inox Clean Energy, Flutter and Flurry were consolidated only until late 2024 (CRISIL). A Sep 2024 filing title: "IGREL Renewables raises Rs 300 crore equity from investors" (not verified beyond title)
Associates and cross-holdingsNone identified. IGESL shareholders now also hold IRSL shares
Subsidiary profit contributionOnly Tempest disclosed (above); others Not Available. O&M segment loss Rs 16.25 cr in FY26 (Tab 4)
AcquisitionWhenPriceOutcome so far
I-Fox Windtechnik2023Not AvailableMore than 230 MW, South India; NLC restoration award
Resowi Energy2024Not AvailableConsolidated; goodwill Rs 10.14 cr with I-Fox
RKG fund units for ~6.5 GW of acquired wind O&MFY25 to FY26Cost about Rs 430 crCarried at Rs 550.35 cr; not consolidated
Wind World O&M business6 Oct 2026Rs 550 crToo early; core operating margin fell to 8.2% in FY26 from 17% as maintenance was front-loaded
Second target (~2 GW, unnamed)"final phases of EOIs" (29 May)Not disclosedStill an investment

Demerger of power evacuation to IRSL

ItemDetail
DatesBoard approval 13 Nov 2024; appointed date 1 Oct 2024; NCLT Ahmedabad sanction 13 Mar 2026 (certified order 28 Apr 2026); effective 4 May 2026; record date 1 Aug 2026; IRSL shares allotted 24 Aug 2026
Terms122 IRSL shares per 1,000 IGESL shares; 4,89,82,030 shares; valuation by Finvox Analytics (13 Nov 2024); fairness opinion by Marwadi Chandarana; secured creditors approved 100% (IGESL) and 75.451% (IRSL)
AccountingCommon-control business combination (Appendix C, Ind AS 103); net assets of Rs 744.49 cr debited to reserves; auditor key audit matter on it
CounterpartyIRSL (ex-Resco Global Wind Services; inc. 21 Jan 2020) is an Inox Wind subsidiary: H1 FY26 revenue Rs 232 cr, EBITDA Rs 71 cr, CRISIL A/Positive, NCDs AA+(CE) guaranteed by GFL; Inox Wind reportedly sold a stake worth Rs 175 cr in IRSL (headline). IRSL was previously an ICD borrower from IGESL (Rs 301.29 cr at Mar-25)
Not verifiedMinority-shareholder vote outcome; IRSL listing date (pending approvals)

Wind World: Authum linkages, exactly as filed

ItemAs filedSource
Omkara Trust receiptsAuthum took 90% of the security receipts of "Omkara PS 05/2025-26 Trust": Rs 1,102.5 cr, 1,10,25,000 SRs, on 1 Oct 2025. The Trust (Omkara ARC, Areion group) bought Wind World's Rs 3,763 cr of debt from NARCL for Rs 1,225 cr (Sep to Oct 2025). The other 10% (Rs 122.5 cr) is unnamedAuthum Reg 30, 1 Oct 2025; insolvencytracker 13 Sep 2025
Move to ISARCOmkara's claim moved to India SME Asset Reconstruction Co (ISARC) by SR transfer agreement dated 15 May 2026, five days before the resolution applicant's addendum; ISARC then held 86.73% of the creditor voteNCLT order para 14.34
ISARC ownershipAuthum acquired a majority from 17 Jun 2025 and holds 88.37% (20,32,50,000 shares); ISARC net worth Rs 353.29 cr at Mar-26; further Rs 406.5 cr via a 2-for-1 rights issue (Rs 101.6 cr paid 18 Aug 2026). Authum's filing calls ISARC "a related party of the Company"Authum Reg 30, 18 Aug 2026
Bid and voteWinning applicant: consortium of Inox Neo Energies (subsidiary of Inox Clean Energy) and Authum; rival bidder EIE Renewables. CoC vote 19 Feb 2026: 87.56%; re-approved 30 May 2026 at 96.47% (ISARC 86.73%, IDBI 0.50, Sipla Wind Energy 4.54, Mahidad Wind Energy 3.99, Jogihali Wind Energy 0.71, IREDA 3.06, Tata Capital 0.33, KfW IPEX 0.11 as read from the OCR; Rabobank 3.06 dissent, abstained 0.47; table partly garbled in OCR: the first five named creditors sum to exactly 96.47%, so IREDA, Tata Capital and KfW IPEX are probably among the 3.53% that did not assent; not verified). NCLT approved 27 Jul 2026, written order received 3 AugNCLT order; IGESL Reg 30
How IGESL describes Authum19 Feb 2026 filing: "Unrelated Member". 3 Aug 2026 Annexure A and the 7 Oct and 9 Oct filings: answers "No" on related party; "promoter/promoter group have no interest"; "arm's length"IGESL Reg 30 letters
Authum's other rolesBuys "certain identified assets" for Rs 350 cr (remitted, per its 10 Oct filing); 25% shareholder of Vibhav; 1.43% IGESL shareholder (Sep 2026); sold 15 lakh IGESL shares at Rs 63.60 in a bulk deal on 25 Jul 2023Authum filings; Trendlyne
Vibhav equity (9 Oct 2026)10 cr shares (Rs 100 cr ICD, agreement dated 28 Sep 2026) to Authum; 5 cr shares (Rs 50 cr ICD) to IGESL; post-allotment IGESL 30 cr shares (75%), Authum 10 cr (25%); paid-up Rs 400.01 cr; both at par Rs 10. IGESL's other Rs 150 cr (Rs 200 cr ICD less Rs 50 cr converted) is 12% subordinated debt [Est.]; Vibhav turnover nil in each of the last 3 yearsIGESL Reg 30, 9 Oct 2026
Plan fundingTotal outlay Rs 2,775 cr: Rs 1,875 cr upfront (Inox entity Rs 1,525 cr by equity, preference or debt, plus Authum Rs 350 cr) + Rs 900 cr restructured secured debt paid by Wind World within 3 months of implementation. Financial creditors: admitted claims Rs 4,316.5 cr, payment Rs 2,749 cr (63.7%); first-charge holders admitted Rs 3,821.3 cr, payment Rs 2,742 cr (71.8%). Workmen and employees get Rs 25 cr (claims Rs 72 cr); other operational creditors get Rs 1 cr (claims Rs 379 cr); cash balances (not less than Rs 500 cr per the resolution applicant's estimate) go to the financial creditorsNCLT order
Arithmetic [Est.]If the Trust's recovery is pro rata to admitted claims it receives about 3,763 / 3,821 x Rs 2,742 cr = about Rs 2,700 cr against Rs 1,225 cr cost (2.2x); Authum's 90% share about Rs 2,430 cr against Rs 1,102.5 cr paid. The plan's payment waterfall for the Trust was not read; no party has stated these figuresAamara arithmetic
ImplementationAuthum's 13 Oct 2026 filing: the Implementation and Monitoring Committee recorded that the consortium "successfully discharged its obligations" and declared 8 Oct 2026 the Implementation Date. IGESL's 7 Oct letter says the transfer completes on satisfaction of the BTA's conditions precedent; IGESL has filed nothing on completion through 13 OctAuthum Reg 30, 13 Oct 2026
Statement by promoter-sideDevansh Jain, 29 May 2026: "we control the COC across the companies, and investments into them are majorly owned by us" and "all the accruals of that company from the date of taking over that asset belong to us"Q4 FY26 transcript
IGESL's RKG unitsWhether they hold any part of the Omkara Trust receipts or other Wind World claims: undisclosed. IGESL's RKG cost base (about Rs 430 cr) exceeds the unnamed 10% (Rs 122.5 cr), so the funds must hold other exposure as well, for example the second target [Est.]Annual report; NCLT order
Name similarity onlySipla Wind, Mahidad Wind and Jogihali Wind hold about 9.2% of the creditor vote; Note 38 shows a group party "IGREL Mahidad Limited" (customer, Rs 11.53 cr of sales). No link is verifiedNCLT order; Note 38

No conclusion is drawn about intent. What is disclosed: the controlling creditor vote sat with a subsidiary of one of the two bidders; the other bidder is an Inox Clean Energy subsidiary; IGESL's own filings describe Authum as unrelated. Enercon GmbH's admitted claim of EUR 19,025,296 (+ interest, Rs 236.93 cr) was directed by the NCLT (11 May 2026) not to be valued at Re 1; the royalty claim of EUR 55.2 mn remains contingent at Re 1; the plan confers no IP rights beyond what the law gives, subject to SLP (Civil) No. 18147 of 2019 in the Supreme Court. The plan demerges the roughly 600 MW IPP undertaking into Alvora Energy Pvt Ltd; existing equity is extinguished and Inox Neo becomes sole shareholder.

Related-party transactions (consolidated Note 38, Rs cr)

ItemFY26FY25Counterparties
Sales of services to related parties54.7755.70IWL 33.68 (FY25 43.58); IGREL Mahidad 11.53; Inox Clean Energy 7.02; Inox Neo 2.53; GFL 0 (FY25 4.92); IRSL 0.22
As % of consolidated revenue19.5% [Est.]-BRSR standalone: RPT sales 25.09% (FY25 28.98%); purchases 16.15%; loans and advances 100%; investments 100%
Purchases from related parties7.6617.04IWL 7.52; IRSL 0.14
ICDs given by IGESL190.86308.16IWL 160.51; IRSL 30.35
ICDs received back210.6693.95IRSL 124.72; IWL 85.93
ICDs taken by IGESL3.25209.61Flutter, Neo, Flurry (Rs 1.1 cr each); IWL nil (IWL ICD payable of Rs 149.63 cr was repaid)
Interest income on ICDs (incl. discontinued)30.8523.53IRSL 26.87 (discontinued ops up to demerger); Inox Clean Energy 1.70; IWL 2.20
Guarantee charges paid to GFL0.22-
KMP--Manoj Dixit remuneration 0.68; ESOP cost CEO Mathusudhana 1.18; sitting fees 0.08
Balances at 31 Mar 2026, Rs crAmountNote
ICD receivable from Inox Wind74.57IGESL is the lender; nil at 31 Mar 2025; interest accrued 1.98; unsecured, repayable on demand, 9% to 12% p.a. (a figure sometimes quoted as an "ICD from Inox Wind" is this receivable, not a borrowing)
ICD receivable from Inox Clean Energy14.13Interest accrued 4.63
ICD receivable from I-Fox Renewables & Infra4.16Tiny legacy ICDs also
Trade receivables from related parties16.13Inox Clean Energy 13.03; IGREL Mahidad 7.55 (as printed); ILFL 2.65; IWL 0.44
Unbilled revenue from related parties57.45IWL 45.92; Inox Clean 9.49; ILFL 2.04; IGREL Mahidad 0.005
PayablesGFL 15.11 trade + 0.15; IRSL 110.36IRSL amount is the demerger payable; IWL ICD payable and Rs 53.1 cr accrued interest (FY25) cleared
GuaranteesNil from IGESL for IRSLOwn Rs 100 cr guarantee and Rs 36.7 cr FD security lapsed; IWL guaranteed Rs 9.16 cr of group borrowings

Auditor

ItemFinding
AuditorDewan P N Chopra & Co (FRN 000472N), partner Sandeep Dahiya; FY26 report dated 29 May 2026; unmodified opinion
TenureRe-appointed at the 11th AGM (29 Sep 2023) for a second five-year term to the conclusion of the 16th AGM (2028); first term therefore about 2018 to 2023 and ten years by 2028 [Est.]. No auditor change in the announcement list
FeesNetwork fees consolidated Rs 27.15 lakh
Key audit matters (FY26)(a) litigation and uncertain tax positions; (b) accounting for the demerger of the power-evacuation business (common-control combination; derecognised prospectively in FY26, no restatement of FY25 balance sheet); (c) revenue recognition (straight-line over the contract). No KAM on the fair value of the Rs 550.35 cr RKG units although the gain is 77% of PBT
Emphasis of matter (consolidated, FY26)The demerger (Note 33); funds invested in six SPVs (Note 49: commissioning lapsed, extension rejected 2 Sep 2024, guarantees of Rs 55.78 cr invoked, CERC appeal pending, Inox Wind comfort); straight-line revenue with Rs 114.82 cr (FY25 Rs 124.12 cr) of services rendered but to be billed; no adjustment for machine availability on certain contracts
Dec 2025 limited review (standalone)Emphasis on six SPVs, pending litigation, straight-line revenue (Rs 127.5 cr to be billed) and the new Labour Codes (effective 21 Nov 2025); one subsidiary's unaudited results "not material"
OtherCould not comment on database-level audit trail (third-party accounting software); one small subsidiary audited by another firm; secretarial compliance reports filed FY23 to FY26 (contents not read); secretarial auditor not retrieved; CARO remarks not extracted

Litigation, regulatory and other flags

ItemFinding
IPO complaints (2022)18 complaints to SEBI after the DRHP, including Hero Wind Energy Pvt Ltd (multiple), LNJ Power Ventures (multiple), Delhivery Ltd, Sanghvi Movers Ltd, Jin Lee for Hyundai Forging Co. and Korea Trade Insurance Corporation, Archeus Law for Shanxi Tianbao Group Co. Ltd, Virender Jindal, Sahil Chopra, Surabhi Aggarwal for Prashant Kumar and one anonymous complainant; mostly disputes with Inox Wind as turbine and O&M supplier; SEBI observation letter 13 Sep 2022, listing approval 1 Aug 2022; individual outcomes not verified
APTEL order 12 Jan 2022Listed in announcements; relates to other entities
TaxRs 96.8 cr AY 2023-24 demand against IRSL (under challenge); GST/VAT show-cause notices in contingent liabilities; no IGESL-specific income-tax demand found
Not found (not verified as absent)SEBI enforcement or show-cause orders against IGESL, IWL, GFL or directors; MCA/ROC actions; exchange fines (Reg 17, Reg 19); insider-trading cases; promoter disputes; customs notices; searched via announcement titles only
Rapid group deal flow in 2026Demerger to an Inox Wind subsidiary; Rs 550 cr Wind World purchase alongside Inox Neo's IPP acquisition; ICD-to-equity conversion leaving IGESL at 75% of Vibhav; rating-agency change; pledge by the parent

Supply Chain

Inox Green is a service company, so "upstream" means the labour, spares, cranes and technology it depends on, and "downstream" means the asset owners who pay it. Supplier and customer concentration figures are standalone Placement Document data unless stated. Inox Wind (parent) numbers appear only in the table labelled as parent context.

Value chain: raw input to end userRaw inputssteel, fibre, copperelectronics, oilComponent makersgearbox, generatorconverter, AMSC licenceInox Wind (OEM)nacelle, hub, bladetower plantsIRSLEPC, cranestransformers, substationsAsset ownersInox Clean, IPPsPSUs, C&I, WWIL clientsIGESL O&M5 to 20 yr annuityfee per MW, uptimeParallel: acquired legacy fleets (Wind World, I-Fox, Resowi) where the OEM or aftermarket supplies spares. Output: DISCOMs, SECI and C&I off-takers.Pricing power sits first with OEMs and component makers (spares, technology), then with large fleet owners (renewal, re-tender).

↑ Upstream: what Inox Green depends on

InputDetail
Labour367 permanent employees plus contract technicians; about 600 technicians trained a year (management); Wind World's legacy workforce (employee cost Rs 228.04 cr in FY26) comes with the transfer; union filing against the plan disposed 17 Jun 2026
Spares and consumablesOil, bearings, brakes, blade-repair materials, converters and electronics. For Inox-OEM turbines parts flow from Inox Wind (Una, Rohika, Barwani, Bhuj plants; AMSC Windtech licensed control systems). For other OEMs, from the OEM or aftermarket. Named suppliers: Not Available (searched: annual report, Placement Document, calls)
Cranes and logisticsCrane hire and logistics; in-group cranes and transformers at IRSL and Inox Wind reduce external hire (CRISIL)
Technology and IPOEM-proprietary software, drawings and parts per brand. Wind World's fleet involves Enercon-design technology in dispute: a 2016 arbitral award held it belongs to Enercon GmbH; SLP (Civil) 18147 of 2019 is pending in the Supreme Court; the resolution applicant undertook on 21 Jun 2026 not to use the technology in dispute until the Supreme Court orders. That Wind World's fleet is largely Enercon-design is inferred (the first-pass business file marked it as general knowledge) [Est.]
Software and digitalThird-party accounting software (auditor could not comment on database-level audit trail); iKraft DGR platform at group level
Insurance and subcontractNot quantified
Supplier / cost metricQ1 FY27FY26FY25Note
Top-10 suppliers, % of purchases (standalone)86.89%41.32%72.76%Placement Document risk factor
Purchases from related parties (consolidated)-Rs 7.66 crRs 17.04 crIWL 7.52 (FY26); IRSL 0.14; RPT purchases 16.15% of standalone purchases (BRSR)
Payable to GFL-Rs 15.11 cr trade + 0.15-Guarantee charges paid to GFL Rs 0.22 cr

What a Wind World rupee of revenue costs (audited FY26 carve-out)

Cost lineRs cr% of revenue Rs 582.59 cr
Spares (materials consumed)99.7017.1%
Employee benefits228.0439.1%
Other expenses (travel 42.55, security 28.88, rates and taxes 24.30, O&M and infrastructure charges 24.00, freight 14.30, other)182.1631.3%
EBITDA (incl. other income Rs 3.89 cr)75.6513.0%

↓ Downstream: who depends on Inox Green

Customer groupNames and scaleNote
Inox Wind turbine buyersIPPs, PSUs such as NTPC REL and NLC India, C&I owners of Inox-Wind-supplied turbinesCRISIL (Feb 2025) named no third-party customers and said the "main linkage is IWL"
Group generationInox Clean Energy (acquiring Vibrant Energy, SunSource India, SkyPower, Vena India about 6 GW, Boviet assets; 14 GW target by FY29; Feb 2026 press release cites 10 GW IPP and 11 GW solar manufacturing by FY28); O&M for 5 GW of INOXGFL and KP Groups projects (19 Nov 2025); 1.5 GW MoU, 500 MW firm (Aug 2026)Management: Clean is "treated as a customer", "no preferential pricing"; unlisted and unexamined; its funding (about USD 750 mn raised, Rs 3,100 cr of commitments cited in the NCLT filing) is unverified
Wind World clientsTata Group, ReNew, Greenko, Apraava Energy, Hindustan ZincNovation consents not disclosed
Other namedNLC India (repeat PSU), KEC International (625 MWp solar), an unnamed multinational-backed solar company (639 MWp), an unnamed conglomerate's renewable arm (182 MW)Tenors and values mostly undisclosed
Related parties in FY26 salesIWL Rs 33.68 cr; IGREL Mahidad Rs 11.53 cr; Inox Clean Rs 7.02 cr; Inox Neo Rs 2.53 cr; IRSL Rs 0.22 crTotal Rs 54.77 cr = 19.5% of revenue
Concentration metricValueBasis
Top-10 customers, % of revenue57.08% FY26 (Rs 136.10 cr of Rs 238.48 cr); 68.80% Q1 FY27Standalone; FY25 61.76%, FY24 44.77%; list varies by year; customers unnamed
One customer above 10% of group revenue13.4% (Rs 37.64 cr)Unnamed; equals consultancy income
Inox Wind share of revenue12.0% (Rs 33.68 cr)FY25 Rs 43.58 cr
Top-5 customer shareNot AvailableNot disclosed in the annual report or Placement Document
Three customers above 5% of receivablesRs 37.38 crFY25 Rs 55.55 cr
Management view of O&M mixAbout 10% O&M, 90% Inox Wind at group level, moving to 18% to 20%29 May 2026 call

Parent context (Inox Wind Ltd): NOT Inox Green figures

Inox Wind itemFigure (source)
FY26 revenue / operating margin / PATRs 4,397 cr / 20.3% (EBITDA Rs 891 cr) / Rs 449 cr (Screener, Acuite, CRISIL)
Order book3.11 GW at 31 Mar 2026; about 4.2 to 4.4 GW Jun to Jul 2026; 59% equipment supply in the third-party book; IGESL itself discloses no order book (its visibility proxy is the contracted fleet)
Q1 FY27Revenue Rs 814 cr, EBITDA Rs 152 cr, PAT Rs 64 cr (Acuite); another source: revenue Rs 872 cr, flat YoY; PAT down 34% (6_heard)
ReceivablesRs 4,249 cr, 353 days (up from 280); inventory 186 days (CRISIL, Acuite)
GuidanceRevenue +75%, EBITDA margin 20% to 22%, 70% to 75% of the year in H2 (7 Aug 2026); FY26 target of Rs 5,000 cr missed (Screener FY26 revenue Rs 4,397 cr above; a secondary summary said about Rs 4,500 to 4,600 cr, not reconciled); wind execution 1,200 MW FY26 and 2,000 MW FY27 (Aug 2025) then replaced by revenue guidance (Feb 2026); investors on the call said guidance had been missed "in every call for the last 3 quarters"
FundingRs 1,250 cr rights issue (Aug 2025) that funded redemption of Rs 560 cr of preference shares; group support above Rs 2,000 cr (Acuite)
Recent ordersAditya Birla 102.3 MW (15 Dec 2025), Jakson Green 100 MW repeat (16 Dec 2025), 100 MW (Nov 2025), KP Energy 2.5 GW partnership (Nov 2025), NLC 200 MW repeat LoA (Jul 2026), ICEL 1.5 GW MoU (500 MW firm)
Market / brokerageMarket cap Rs 10,827 cr, P/E 31.4x; Systematix Buy, target Rs 109 (Jul 2026); Suzlon target Rs 71. These relate to the parent only
RelevanceThe parent is simultaneously OEM-supplier, customer (12.0% of IGESL revenue), ICD counterparty in both directions (ICD receivable from IWL Rs 74.57 cr) and guarantee provider, pledgor of IGESL shares and the collection counterparty. Aggregators that mix the two companies (Arthneeti Q3 and Q4 FY26, Business Standard note, Acuite) attribute Rs 7,500 cr FY27 revenue, a 3.1 GW order book, 20% to 22% margin, 75% growth, 200 to 210 working-capital days and the Acuite AA- to Inox Green; these are Inox Wind numbers

Competitive Position

Sources: Suzlon Q1 FY27 investor presentation (28 Jul 2026), Screener (21 Oct 2026), company calls, NCLT order, Wikipedia (Wind power in India, Senvion, Suzlon). Peers that could not be sourced are marked Not Available; no numbers are given from memory. (derived) means Aamara arithmetic. Inox Green is shown on core operating profit; management's "EBITDA" adds other income.

Position in one paragraph

Inox Green is a consolidator of orphaned wind O&M books rather than a plain organic O&M company. It buys the service books of insolvent or distressed OEMs (Wind World 4.5 GW; a second ~2 GW target) and holds about 6.5 GW through investments. Management quotes 13.3 GWp of O&M, of which only about 4 GW of wind is consolidated today. Suzlon's service arm covers about 16.1 GW (about 28% of India's wind base, derived) at 40% to 43% segment EBITDA margins; Inox Green's reported margins do not yet show the 50% it claims. [Analyst View]

Industry structure and promoter claim

Peer comparison (consolidated, Rs cr)

MetricInox GreenSuzlon (group)Suzlon RE AMS (India O&M)Renom (Suzlon multi-brand)Inox Wind (parent)Envision / SGRE India / Senvion-Alfanar / independents
FY26 revenue281 (TTM 276)16,7322,073Not Available4,397Not Available
FY26 growth (derived)+27.7%+53.6% (16,732 / 10,890)+7.5% (2,073 / 1,928); FY25 +7.2%Not Available+23.6% (4,397 / 3,557)Not Available
FY26 EBITDA / margin (derived)Core op. profit 23 = 8.2% (FY25 16.8%, FY24 33.5%)3,025 = 18.1%839 = 40.5% (Q1 FY27 43.3%)Not Available891 = 20.3%Not Available
FY26 PAT / margin (derived)103 = 36.7% (other income 145.20)3,163 = 18.9% (includes Rs 742 cr deferred-tax credit; PBT 2,422 = 14.5%)Not AvailableNot Available449 = 10.2%Not Available
ROE5.1% (3-yr 2.9%)39.7%Not AvailableNot Available7.5%Not Available
P/E39.3x (Screener) / 36.8x17.1xNot Availableunlisted31.4xNot Available
EV/EBITDA (derived)Not meaningful: above 100x on core op. profit (191x at the close)about 17x: (53,671 - 2,322 net cash) / 3,019Not AvailableNot Availableabout 14x gross: (10,827 + 1,587) / 861, before cash (the source shows 861 here and 891 in the margin row; the multiple is about 14x either way)Not Available
Market capRs 4,818 cr (Rs 114.82)Rs 53,671 cr (CMP 39.4)n/an/aRs 10,827 crNot Available
O&M fleet13.3 GWp including investments; about 4 GW wind consolidated16.1 GW India base; 22+ GW global16.1 GW (FY24 14.7, FY25 15.1, FY26 15.7)3,585 MW: 2,319 wind, 147 solar, 1,119 BoP; 15 OEM makes, 37 modelsO&M via Inox GreenNot Available
Operating factsAvailability 96.3% (Q1 FY27)Q1 FY27: 506 MW delivered, order book 6.1+ GW, net cash Rs 2,322 cr1,900+ customers, 10,000+ turbines, 3,600+ staff, 4% to 5% annual escalation900+ staff, 200+ customersOrder book about 4.4 GW (Jul 2026), 59% equipment supplyNot Available
MoatParent-supplied captive fleet, group pipeline (Inox Clean), OEM-origin know-how on acquired books; margin unprovenNo. 1 OEM (28% cumulative India share per Suzlon), integrated technology and manufacturingOEM-locked fleet, scale, 40%+ marginMulti-OEM capability, small scaleManufacturing plus group-captive demandNot Available

Market position and share (derived, against 57.4 GW installed)

OperatorWind GWShareBasis
Suzlon RE AMS16.128.0%Suzlon deck
Renom (wind)2.34.0%Suzlon deck
Inox Green including investments10.518.3%Management; includes about 6.5 GW not consolidated
Inox Green consolidated todayabout 4about 7.0%Management
Inox Green after Wind World closes (second book pending)about 8.5about 14.8%4 + 4.5
Others (Envision, SGRE, Senvion, Adani, Vestas, ReGen, IPP captive)remainderNot AvailableResidual only
Share of India's 57.4 GW wind base serviced (derived, %)Suzlon RE AMS (16.1 GW)Inox Green incl. investments (10.5 GW)Inox Green after Wind World (about 8.5 GW)Inox Green consolidated today (about 4 GW)Renom (2.3 GW)28.0%18.3%14.8%7.0%4.0%

Industry size, growth, trends

ItemValueSource
Installed wind base57.4 GW (Jun 2026); 56.0 GW at 31 Mar 2026Inox call; Wikipedia
Annual additionsFY24 3.3 GW, FY25 4.2 GW, FY26 6.1 GW (record); Q1 FY27 1.3 GW (Inox said 1.4 GW)Suzlon deck (MNRE)
Forward additions8 to 10 GW a year (RTC, FDRE, hybrid); management viewInox calls
2030 / 2035 / 2047100 / 160 / 400 GW (Suzlon industry slide); scenarios 100 to 164 GW by 2030Suzlon deck
Q1 FY27 tenders9.34 GW renewables; 2.35 GW (25%) standalone windInox call
Repowering potentialAbout 25.4 GW (NIWE)Suzlon deck
Offshore VGFRs 7,500 cr for 1 GWSuzlon deck
O&M market size (derived)57,400 MW x Rs 10 to 13 lakh per MW = about Rs 5,700 to 7,500 cr a year; no published estimate retrieved. Base grew about 12% in FY26 (6.1 GW on about 50 GW); at 8 to 10 GW a year the fleet reaches about 100 GW around FY30-31, a volume CAGR near 10% plus 4% to 5% escalation, i.e. low-to-mid-teens value growthAamara extrapolation of management additions [Est.]
  1. OEM insolvency clean-up: Wind World's plan totals Rs 2,775 cr against admitted claims of Rs 6,141 cr (NCLT, 27 Jul 2026); financial creditors were admitted at Rs 4,316.5 cr and paid Rs 2,749 cr (63.7%) [Fact].
  2. Inox Wind moved from 100% turnkey two years ago to 59% equipment supply in the third-party book (Jul 2026); Suzlon raised its EPC share from 22% to 32%.
  3. Larger turbines (Suzlon S144 3.15 to 3.3 MW; S175 5.x MW first installed May 2026; Inox 4X launch pending) create mixed-technology fleets that favour multi-brand capability.
  4. Life extension (25 to 35 years), year 8/10/15 overhauls and solar O&M as add-ons. Inox Green's solar O&M exceeds 3 GW after the KEC 625 MWp Bhadla award (20 Jan 2026).
  5. Group-captive pipeline: Inox Clean plans about 3 GW+ a year of additions (20% to 30% wind) and 14 GW by FY29; a separate Feb 2026 release cites 10 GW IPP and 11 GW solar manufacturing by FY28.

Policy and regulation

AreaPosition
PLIDoes not apply to wind O&M (renewable PLI covers solar PV modules and cells); no direct incentive for O&M found
ALMM/RLMM for windManagement says 80% to 90% of Inox Wind content is indigenised, near 100% by end-CY2026; benefit accrues to the OEM and indirectly to the pipeline; Suzlon reports above 80%; order text not retrieved
RepoweringAbout 25.4 GW potential; turbines of at least 3 MW and hub height above 120 m; can retire old fleets that Inox Green services as well as create new ones
IBCGrowth depends on resolution outcomes; transfer subject to approval of the IMC and any other government or regulatory authority (3 Aug 2026 filing); the NCLT order requires CCI approval where a combination is involved (para 94); no IGESL CCI filing found; the NCLT noted Section 32A protection is "subject to fulfilment of conditions" and did not independently adjudicate any criminal or penal liability
DemergerPower evacuation moved to IRSL (record date 1 Aug 2026), removing about Rs 1,000 cr gross block and Rs 50 to 55 cr annual depreciation (management); IRSL listing awaits approvals
Macro driversRPO/RGO, ISTS waiver, transmission rules: not examined

Barriers, Porter, moat

ForceLevelReasoning
RivalryModerate, risingSuzlon 28%; fragmented below; consolidation window closing
Buyer powerHighTata, ReNew, Greenko, Apraava, Hindustan Zinc can re-tender or insource at novation or expiry
Supplier powerModerateOEM-controlled spares and technology; the Enercon dispute shows licensor dependence
New entryLow-moderateIn-house IPP O&M is the real entrant
SubstitutesLow-moderateRemote monitoring and AI may cut labour per MW

Barriers: OEM-specific software, spares and drawings; cranes and trained technicians (about 600 trained a year); 5 to 20 year contracts with 4% to 5% escalators. They fall once the OEM disappears, which is Inox Green's thesis, and that also lets a rival do the same. Pricing power: fixed escalators give predictability, not leverage; the Wind World realisation (Rs 12.9 lakh per MW) against Rs 9 to 10 lakh on the legacy fleet suggests re-pricing could go either way. Moat durability: Medium. Real where the firm holds the OEM's installed base; thinner on acquired books (technology may belong to a third party) and unproven in margins; group captivity is the most durable element but is a related-party dependence. [Analyst View]

Strengths and weaknesses against each peer

VersusInox Green strongerInox Green weaker
Suzlon / Suzlon AMS / RenomAsset-light after demerger; borrowings Rs 88 cr (Mar 2026) from Rs 904 cr (Mar 2022); potential cheap fleet additions; group-captive pipeline; more wind MW than Renom (about 8.5 vs 2.3 GW after Wind World)About a quarter of Suzlon's fleet on a consolidated basis (4 vs 16.1 GW); no demonstrated 40%+ margin; no third-party scale (Suzlon 1,900+ customers); legacy realisation about 25% to 30% below Suzlon's; Renom's multi-brand capability (15 makes, 37 models) is proven while Inox Green must integrate Enercon-design turbines under IP constraints
Inox Wind (parent)No EPC capex or working-capital drag at Inox GreenGrowth tied to Inox Wind and Inox Clean volumes; the parent's PSU receivable delays, ECS component delays and guidance misses are read-through risks
Envision, SGRE India, Senvion/Alfanar, independentsNot AvailableNot Available: no claims made

Market-position narrative: Suzlon is first with 16.1 GW and 1,900+ customers; Inox Green ranks second only if the investment-held 6.5 GW is counted. After Wind World the consolidated figure would be about 8.5 GW if the transfer completes and customers novate. The lead competitor's reference margin (40% to 43%) is what management is implicitly targeting, but the audited Wind World carve-out shows 13%.

Risks & Red Flags

Earnings quality: what the filings show (disclosed facts; no intent is characterised)

FY26 consolidated other income was Rs 145.20 cr, of which Rs 121.43 cr (83.6%) is a fair-value gain on unquoted units of three RKG funds (FVTPL, Level 2, NAV supplied by the fund manager; cost about Rs 430 cr, carrying value Rs 550.35 cr; funded through ICDs to wholly-owned subsidiary Tempest Wind Energy). That gain equals 77% of continuing PBT of Rs 157.80 cr and the audit report carries no key audit matter on it. Core operating profit was Rs 23 cr (8.2% margin, against 17% in FY25 and 33% in FY24). In Q1 FY27 operating profit was about -Rs 1 cr on operating revenue of Rs 43 cr (-17% or -23% year on year depending on the comparative base) against other income of Rs 58 cr. The O&M segment lost Rs 16.25 cr; the only profitable segment is Rs 37.64 cr of consultancy income from one unnamed customer. Receivables plus unbilled revenue less allowance are Rs 634 cr, about 824 days of revenue. Management's statement that about Rs 10 cr a quarter of value-added services sits in other income does not match the other-income note. [Fact] (FY26 annual report Notes 7a, 26, 46, 55, 58B; Q1 FY27 results)

The register below rebuilds the market file's 23-row register against the primary documents: risk 9 (Vibhav's 25% holder) is resolved to Authum, and rows are added for the RKG Level-2 NAV with no key audit matter, the Rs 468 cr unbilled book, the SECI SPVs, the unnamed consultancy customer and the pledge. Wording on group linkages is restated as filed facts.

#RiskCategorySeverityExplanationMitigant
1Earnings quality: core operating profit near zero; headline "EBITDA" mostly other income (Rs 58 cr in Q1 FY27)FinancialHighCore Rs 23 cr (8.2%) in FY26, about -Rs 1 cr in Q1 FY27; other income 6.3x core profit; Placement Document shows 131.66% EBITDA margin for Q1 FY27Consolidation of acquired books; separate VAS billing; Suzlon AMS shows 40%+ margins exist in the industry
2RKG fund units: Rs 550.35 cr at Level 2 NAV; Rs 121.43 cr gain = 77% of PBT; no key audit matterFinancial / GovernanceHighManager, owners, holdings and valuation report undisclosed; NAV supplied by the fund manager; a mark-up can be written down; RKG not listed as a related party; roughly 33% mark-up in the year [Est.]Unmodified audit opinion; cash-flow statement strips the non-cash gain
3Contract receivables Rs 634 cr (824 days); unbilled revenue Rs 468 crFinancialHighAuditor emphasis: Rs 114.82 cr of services rendered but to be billed; no adjustment for machine availability on certain contracts; loss allowance only Rs 16.09 cr; OCF Rs 66.87 cr includes +Rs 94.5 cr from other liabilitiesRelated parties are 12% of unbilled; ageing: Rs 103 cr of billed receivables under 6 months
4One unnamed customer = Rs 37.64 cr (13.4% of revenue) and the only profitable segmentBusiness / GovernanceHighSegment result +37.64 on revenue 37.64 (100% margin, no cost); payer not identified; revenue fell from Rs 41.04 crNone disclosed
5Wind World creditor-vote linkages: the controlling vote (ISARC 86.73%) sat with a subsidiary of Authum, co-bidder, 25% Vibhav holder and 1.43% IGESL shareholder; IGESL filings call Authum "unrelated" and answer "No" on related partyGovernanceHighFacts as filed in Tab 7; whether IGESL's RKG funds hold creditor claims is undisclosed; Devansh Jain: "we control the COC across the companies"; no conclusion about intent is drawnDisclosure of fund holdings and definitive agreements would resolve it
6Enercon IP dispute (SLP 18147 of 2019 pending)RegulatoryHighUndertaking not to use the disputed technology until the Supreme Court orders; may constrain servicing Enercon-design turbines [Est.]; Enercon admitted claim EUR 19.0 mn plus interest (Rs 236.93 cr)O&M carve-out; plan confers no IP rights beyond the law; outcome unknown
7Contract novation and re-tender on the Wind World slump saleBusinessHighTata, ReNew, Greenko, Apraava, Hindustan Zinc and others must accept the transfer; they could re-tender or reprice; Wind World O&M turnover FY26 -2.9% on the provisional numbersMarquee customers on long contracts; BTA transfers "assigned contracts"
8Integration and execution (4.5 GW plus a second book)ExecutionHighBTA conditions precedent and a condition subsequent; IMC approvals; CCI status unknown; union and employee issues (employee claims Rs 72 cr; plan silent on current employees); second book unnamed9 to 10 prior acquisitions (management); trained technician pipeline
9Deal economics: Rs 550 cr is about 7.3x trailing EBITDA of Rs 75.65 cr (13%); the "2x" is a post-synergy forward claim needing about 47% marginFinancialHighEmployee cost 39% of revenue; receivables Rs 308.84 cr (194 days, no allowance); book value possibly closer to Rs 425 cr; all-in cost, integration cost and IGESL's share of creditor recoveries undisclosedPrice about 1.1x book; Q2/Q3 FY27 results
10Guidance drift on Rs 600 crGovernanceMed-High"Upwards of Rs 600 crores" for FY27 with results from 1 April (29 May) became "annualised basis from Q3, Q4 onwards" (7 Aug); reported FY27 EBITDA likely well below Rs 600 crQ2 and Q3 FY27 results test it
11Related-party dependence (Inox Wind and Inox Clean as parent, customer, ICD counterparty and pipeline)GovernanceMedRPT sales 19.5% of revenue; ICD receivable from IWL Rs 74.57 cr; growth tied to unlisted Inox Clean; arm's-length statement unverifiedIndependent directors (not tested); Note 38 disclosure
12Vibhav minority: Authum holds 25%; IGESL consolidates 100% but is entitled to 75% of profitsGovernanceMedBoth took equity at par; IGESL's other Rs 150 cr is 12% subordinated debt behind Rs 900 cr of restructured debt; a first-pass file called this holder unknownFiling of 9 Oct 2026 identifies the holder
13Pledge of 49,00,000 IGESL shares by Inox Wind (1.22% of pre-QIP capital; 1.17% of post-QIP)GovernanceMedLender, date and purpose undisclosed; created between 1 Jul and 31 Aug 2026 [Est.]; possible enforcement would add supply2.17% of promoter holding; no other pledge
14Rating change: CRISIL A/Watch Developing withdrawn 22 Sep 2026; Acuite AA-/Stable built on Inox Wind group figuresFinancial / GovernanceMedNo reason stated by either party; Acuite analyses IWL + IGESL + IRSL + 34 step-downs; CRISIL's open point was group capital allocation to Inox Clean (Vena 6 GW, Boviet)Company says lender NOCs obtained; Acuite downgrade triggers (margin below 17%, receivables) are group level
15SECI wind SPVs: capital commitment Rs 1,156.98 cr; guarantees Rs 55.78 cr invoked; CERC appeal pendingFinancialMed-HighAuditor emphasis of matter; investment recoverability; Inox Wind comfort approved at AGM; a 300 MW Gujarat project lost grid access (Nov 2025)Inox Wind to bear unrecovered amount (shareholder-approved)
16Equity dilutionFinancialMedQIP +4.51%; up to Rs 600 cr enabling resolutions (Rs 300 cr raised); 24,67,620 ESOP options; warrants; promoter 53.70%Proceeds went to the Wind World payment; no promoter selling
17Stock 30.7% below QIP price; 8 Oct sell-off on 4.36 cr sharesMarketMedQIP allottees (18.1 m shares) may sell on exchange despite the lock-in; named sellers Abhishek Khaitan and Sapphire Intrex; no named long-only buyer in bulk data; cause not establishedQ2 FY27 consolidation is the catalyst
18Buyer power and IPP insourcingBusinessMedConcentrated buyers; legacy realisation Rs 9 to 10 lakh/MW vs Suzlon Rs 13.2 lakhLong contracts, escalators, life extension
19Competition from Suzlon / Renom and other OEM armsBusinessMed28% share, 40%+ margins; they can bid at re-tenderLower price point; group-captive fleet
20Availability guarantees and wind resourceBusinessMed96.3% today; liquidated damages (a one-time LD hit FY25); lumpy major maintenanceReliability centre, digital tools
21Parent execution and working capital (Inox Wind)BusinessMedReceivables 353 days; flat Q1 revenue; guidance misses; Acuite group triggersShift to equipment supply
22Group guarantee relianceFinancialMedEGM approval to avail Inox Wind guarantees or comfort up to Rs 500 cr; YES Bank lines withdrawn; unutilised fund-based limit Rs 5.84 crCash Rs 504.6 cr at Mar-26
23Auditor and disclosureGovernanceMedThree emphasis paragraphs; no KAM on the RKG gain; could not comment on database audit trail; ten years of tenure by 2028 [Est.]Unmodified opinion; KAMs on demerger, litigation, revenue
24Disclosure gapsGovernanceMedTop-5 customers, consultancy payer, RKG holdings, pledge lender, Wind World completion, certifications beyond ISO 14001/45001, named suppliersQ2 FY27 filings
25Thin sponsorship and liquidityMarketMedNo human sell-side coverage; institutions about 10%; shareholder count -28% since Dec 2024QIP brought 20 QIBs
26Regulatory: IBC conditions, CCI, ALMMRegulatoryMedTransfer subject to IMC and regulators; CCI approval needed where a combination is involved; no filing seenPlan held unconditional by NCLT
27Tax: IRSL demand Rs 96.8 cr; GST/VAT notices; deferred tax asset Rs 125.61 crRegulatoryLow-MedPasses to IGESL under the scheme? not verified; DTA needs future taxable profit; management cites a Rs 700 cr loss shieldChallenged by IRSL
28Contingent liabilities Rs 40.54 crFinancialLowCustomer claims Rs 36.00 cr; indirect tax Rs 4.54 crSmall versus net worth
29Repowering and technology obsolescenceBusinessLow25.4 GW repowering potential can end old contractsRepowering adds fleets; life extension
30Key-person dependenceGovernanceLowStrategy centred on Devansh Jain and group leadership; CEO tenure from Dec 2022; WTD aged 74Deep group bench
31Governance structureGovernanceLow-MedExecutive WTD on Audit Committee; executive chairs Risk Committee; board chair not stated on the siteHalf the board independent
32Macro: shipping, imports, ratesMacroLowInox Wind cited Middle East shipping delays; IGESL import share undisclosed80% to 90% indigenised (parent)
33ESG: labour, safety, EPF delays, union disputeESGLowEPF payment delays 2024 to 2026 disclosed (no unpaid dues); Employees Union filed against the plan; BRSR not read in fullTraining academy
34IRSL listing and stub valueMarketLowIRSL shares (122 per 1,000) unlisted, so the IGESL price carries an unknown stubListing pending approvals

Red-flag checklist

CheckFinding
Rising debtNo: Rs 904 cr (Mar-22) to Rs 88 cr (Mar-26); watch acquisition funding and ICD to Vibhav (Rs 200 cr, Rs 150 cr after conversion)
Margin deteriorationYes: core margin 33.5% (FY24), 16.8% (FY25), 8.2% (FY26), about -2% (Q1 FY27, derived)
Auditor concernsPresent: three emphasis paragraphs, KAMs on demerger, litigation and revenue; no KAM on the RKG gain; unmodified opinion
Related-party mattersMaterial RPTs disclosed (19.5% of sales; ICDs; guarantees). Linkages around Authum and Wind World are listed as filed; the file-4 label "possible circularity" is an open question in that file and is not adopted or rejected here
Promoter sellingNo: 53.70% is QIP dilution; ILFL converted warrants; one pledge by the parent
DilutionYes: QIP Rs 300 cr, warrants, up to Rs 600 cr enabling, ESOPs
Customer lossPossible: Wind World turnover -2.9% (provisional), novation risk; consultancy income -8.3%
Litigation / taxYes: Enercon SLP (pending), IRSL tax demand, GST/VAT notices
Commodity / currency / ratesLow direct exposure
Technology obsolescenceLow (repowering)
Key personLow-Med
Guidance walkYes: timing of Rs 600 cr moved (29 May to 7 Aug); 17 GW target met by acquisition, not organic growth
Rating changeCRISIL withdrawn after Acuite assignment; reason unstated

Concall Highlights & Guidance

Five joint Inox Wind and Inox Green calls were read in full from NSE and company-hosted transcripts: Q1 FY26 (1 Sep 2025), Q2 FY26 (14 Nov 2025), Q3 FY26 (13 Feb 2026), Q4 FY26 (29 May 2026) and Q1 FY27 (7 Aug 2026). The first-pass narrative file used secondary summaries (Arthneeti, InvestyWise, Sahi) that mix Inox Wind figures into Inox Green pages; those are corrected here. Verbatim quotes are from the transcripts. Q4 FY25 had a presentation only. Convention: figures that management gave for Inox Wind (parent) on these joint calls are tagged "Inox Wind" where they appear and are never Inox Green figures; the parent figures are tabulated in Tab 8. The Rs 600 cr EBITDA guidance is Inox Green's own (first given 13 Feb 2026).

CallResultsManagement statementsTone
Q1 FY26 (1 Sep 2025; transcript uploaded 8 Sep)Revenue Rs 56 cr (restated Rs 52.36 cr), PAT Rs 22 cr; other income Rs 42 crCEO: "EBITDA margin came at around 49% for the quarter... our other income mainly comprises of value-added services"; "We have made investments in an entity around 2 gigawatts of O&M assets"; on the questioner's "other income almost 10x": "we have invested in some of the special situation funds which in turn control 2 gigawatts of the O&M assets through which the income has been recognized here"; "its not that we have added 2 gigawatt capacity... depending upon the judiciary procedure which we believe will take around another six to nine months. But the benefit of the same will start reflecting in our P&L statement from this quarter." Fleet to grow from 5 GW to 17 GW. Wind execution (Inox Wind) 1,200 MW FY26 and 2,000 MW FY27; Inox Wind order book 3.1 to 3.2 GW. A summary's "rights issue about Rs 560 cr" matches Inox Wind's Rs 1,250 cr Aug 2025 rights issue, which funded Rs 560 cr of preference-share redemption (Acuite); not an IGESL eventConfident, expansionary
Q2 FY26 (14 Nov 2025)Total income Rs 129.5 cr (+101%); EBITDA Rs 52.2 cr (+52%); PAT Rs 28.1 cr (+363%); cash PAT Rs 50.9 cr (+121%); "best-ever". Screener core OP only Rs 9 cr (10%) with other income about Rs 44 crO&M portfolio 12.5 GW (about 10 GW wind, 2.5 GW solar); target 17 GW within two years, "confident of exceeding"; ambition "India's largest renewable O&M player"; group IPPs to add 500 to 700 MW of O&M a year and third parties about 500 MW; substation demerger to improve ROE/ROCE; FY26 EBITDA margin guidance 18% to 19% (Inox Wind parent, not Inox Green); "cautious about further margin upgrades"Confident
Q3 FY26 (13 Feb 2026; transcript 19 Feb)Total income Rs 112 cr (+51%); EBITDA Rs 53 cr (+80%); PAT Rs 25 cr (+375%); availability 96.5%Portfolio 13.3 GWp (10 GW wind + 3.3 GWp solar); investments to acquire 6.5 GW of operational wind O&M. Inox Wind guidance moved from MW to revenue and EBITDA margin (more complex scopes, equipment vs turnkey; "not an execution problem"). Inox Wind FY26 revenue above Rs 5,000 cr, margin raised to 20% to 22%, FY27 growth about 75%. CEO: "With all our investments formally folding into Inox Green's balance sheet, along with organic growth, we expect the EBITDA for FY '27 to be upwards of INR 600 crores" and "multi-fold increase in consolidated EBITDA and PAT for FY '27 over FY '26"; PBT to track EBITDA (negligible finance cost, zero depreciation post-demerger). Net cash; capex about Rs 200 cr (unattributed, likely Inox Wind). Demerger removes about Rs 1,000 cr gross block and Rs 50 to 55 cr depreciation. Same day (19 Feb) the group was declared successful bidder for Wind WorldConfident, more promotional
Q4 FY26 (29 May 2026; transcript released 2 Jun)Total income Rs 120 cr (+40%); EBITDA Rs 57 cr (+93%); PBT Rs 46 cr (+244%); PAT Rs 28 cr (+340%); cash PAT Rs 46 cr"We maintain our FY27 EBITDA guidance to be upwards of INR600 crores"; Devansh Jain: both acquired entities' results "from 1st April '26 will be reflected in the consolidated results of Inox Green" and "Out of INR600 crore... broadly everything will be converted into the operating cash flow". Other income Rs 61 cr: "around INR40 crores... from the two strategic acquisitions... broadly INR10 crores from the value addition services and INR10 crores... treasury income"; "INR40 crores is pure income net of the deferred tax... INR25 crores, INR26-odd crores". Devansh Jain: "INR600 crores of investments made to buy a company and say, let's exclude INR40 crores of earnings on that INR600 crores of investment"; "we control the COC across the companies, and investments into them are majorly owned by us". Both acquisitions about 50% margin "because both are previous OEMs with the substations"; entity one NCLT order reserved, entity two "final phases of EOIs... 60 to 90 days"; "Out of 5 players, 2 are allied, 3 are bankrupt. Out of the 3... 2 we've acquired"; buyback "not at this point"; dividend only after consolidation; tax shield up to Rs 700 cr of losses; O&M about 10% of group mix moving to 18% to 20%; a couple of GWs lined up; demerger completion expected in 1 to 2 monthsConfident, acquisition-heavy
Q1 FY27 (7 Aug 2026; transcript on NSE 12 Aug)Total income Rs 101 cr (+17%); EBITDA Rs 57 cr (+19%); PBT Rs 54 cr (+74%); PAT Rs 40.8 cr (+85% to +86%); cash PAT Rs 55 cr (+25%); availability 96.3%; operating revenue Rs 43.3 cr (-17.3%)"INR600 crores is the annualized basis from Q3, Q4 onwards is what you can expect"; "an annual guidance, not the quarterly guidance"; consolidation "subject to a couple of quarters delays". Other income "around INR57-odd crores, INR50 crores plus is related to the operational income, which includes the assets which we have acquired as well as the value-addition services, the treasury... As per the accounting policies, only a portion of it is what we can consolidate"; "The other 2 investments are still classified as investments... under Ind AS 109. We haven't acquired the shares." VAS "clubbed as other income, while they are operating in nature". Legacy 4 GW realises Rs 9 to 10 lakh per MW ex-GST. Clean Energy "treated as a customer", "no preferential pricing". Equity raise: "enabling resolutions... silent period". Promoter stake: "No plans as of now". Wind World close targeted in Q2 FY27; Inox Wind expects 70% to 75% of its revenue in H2. Third-party call summaries quoting FY27 "revenue +75%, 20% to 22% margin" blend Inox Wind (group) numbers; Screener's own tag for IGESL is revenue growth 20% to 40%, margin flat; one secondary summary quotes about 35% revenue growthConfident but H2-loaded and defensive on the equity raise

Who asked (names and firms)

CallModeratorParticipants
Q1 FY26Sudhanshu Bansal (JM Financial)Hansal Thakkar (Lalkar Securities), Nidhi Shah (ICICI Securities), Vikas Agarwal, Bhavik Shah (Invexa Capital), Kapil Malhotra, Ketan Panchal, Bhavik Bhavsar (Investec), Krish (MLP), Shweta Dikshit (Systematix), Ketan Gandhi
Q2 FY26Mohit Kumar (ICICI Securities)Akhilesh Rawat (Ridhanta Vision), Mahesh Patil (ICICI Securities), Ketan Jain (Avendus Spark), Madhu Dasari (MD Advisors), Ketan Gandhi (Gandhi Securities), Nitin Kaushik (Afin Capital), Prit Nagersheth, Prateek Giri, Raheel Thakker (Anthem Infotech), Ashish Soni (Family Office)
Q3 FY26Sudhanshu Bansal; IR head Anshuman AshitNidhi Shah (ICICI Securities), Deepak Poddar, Utkarsh Somaiya (Eiko Quantum), Prit Nagersheth, Darshit Shah (Nirvana), Ketan Jain (Avendus Spark), Pradyumna Choudhary (JM Financial Group Investments), Keval Barot (Axis Securities), Aditya Welekar
Q4 FY26Sudhanshu Bansal (JM Financial); IR head Sweta SultaniaVikas Agarwal, Prit Nagersheth (Wealth Finvisor), Prateek Jain (ICICI Prudential AMC), Prateek Giri (Subh Labh Research), Deepak Poddar (Sapphire Capital), Rahul Kumar (Vaikarya Fund), Ujjwal (ANR Capital), Pradeep Motwani, Utkarsh Somaiya (Eiko Quantum), Atul Jobi (Prosperity Wealth)
Q1 FY27Vikram Datwani (Nuvama)Vikash Agarwal (individual), Shubham Burari (ICICI Securities), Prit (Wealth Finvisor), "Baahubali" (Kattappa Investments), Shubham Shukla (Voyager Capital), Akhilesh B. (North Star), Rahul Kumar (Vaikarya), Bhagwat and Athul Joby (Prosperity Wealth), Deepak Sharma, Rishabh Gupta, Darshil Jhaveri (Crown Capital)

Sell-side presence on calls: ICICI Securities, JM Financial (host), Axis Securities, Investec, Systematix, Avendus Spark, Nuvama (host in Aug). Published notes on IGESL still do not exist (Tab 12).

Questions that reveal risk

Call and questionerQuestionWhat the answer revealed
1 Sep 2025, unnamedOther income "almost 10x"Income recognised through investments in special-situation funds that control about 2 GW of O&M assets; benefit "from this quarter" with a judicial timeline of 6 to 9 months
13 Feb 2026, Utkarsh Somaiya (Eiko Quantum)Is the Rs 600 cr EBITDA on the entire 13.3 GW portfolio?"Yes, this is what will be on the entire portfolio that we have given." Kailash Tarachandani: wind about 50% margin on about Rs 100 cr revenue per GW x 10 GW = about Rs 500 cr; solar 3.3 GW at 15% to 20% = about Rs 13 cr; "after the integration of merger of 3 companies... around INR 600 crores... a possibility to get north of INR 600 crores"; "PBT would be equivalent to EBITDA"; deferred tax about 25%
29 May 2026, Rahul Kumar (Vaikarya Fund)Composition of other incomeAbout Rs 40 cr of Rs 61 cr from the two acquisitions, about Rs 10 cr VAS, about Rs 10 cr treasury; "pure income net of the deferred tax". The Rs 61 cr compares with Rs 50.81 cr continuing other income in the filed Q4 results (gap possibly discontinued operations; not verified)
7 Aug 2026, Rahul KumarWhat is the Rs 57 cr of other income?Rs 50 cr+ from operating income including acquired assets, VAS and treasury; only a portion can be consolidated; investments classified under Ind AS 109
7 Aug 2026, Bhagwat (Prosperity Wealth)Timing of Rs 600 cr"Annualized basis from Q3, Q4 onwards"; "annual guidance, not the quarterly guidance"; couple of quarters' delay
7 Aug 2026, a shareholderWhy equity rather than debt for a cash-generating company?Management declined to answer (silent period); promoter stake raise "No plans as of now"

Rs 600 cr guidance: how the wording moved

DateStatementBasis implied
13 Feb 2026FY27 EBITDA "upwards of INR 600 crores" on the entire 13.3 GW portfolio, with investments "formally folding" into the balance sheetFull-year FY27
29 May 2026"We maintain our FY27 EBITDA guidance to be upwards of INR600 crores"; both entities' results "from 1st April '26"Full-year FY27, consolidated from 1 April
7 Aug 2026"Annualized basis from Q3, Q4 onwards"; consolidation "subject to a couple of quarters delays"Run-rate, not FY27 reported
ReportedQ1 FY27 company EBITDA Rs 57 cr (core about -Rs 1 cr)Needs about Rs 540 cr over Q2 to Q4 FY27 for the original reading [Est.]

Guidance versus outcome (credibility ledger)

ItemGuidedOutcome / statusVerdict
O&M fleet17 GW within two years (Q1/Q2 FY26)12.5 GW (Sep 25), 13.3 GWp (Dec 25 and Jun 26); with Wind World 4.5 GW about 17.8 GW if additive; one source says "about 13 GW post-integration"Tracking through M&A, not organic; consolidation basis unreconciled
FY26 EBITDA marginInox Wind (parent) guidance: 18% to 19% raised to 20% to 22%IGESL core operating margin 8.2% (Rs 23 cr on Rs 281 cr) vs 17% FY25 and 33.5% FY24Group figure not comparable; IGESL's own margin fell
FY27 IGESL EBITDAAbove Rs 600 crQ1 FY27 Rs 57 cr (mostly other income); audited Wind World FY26 EBITDA Rs 75.65 crVery stretched; timing already moved
Wind World closeQ2 FY27Rs 550 cr paid 6 Oct 2026 (Q3 FY27: Q2 ended 30 Sep); BTA conditions precedent pending; no completion filing through 13 OctQuarter target missed on timing; 6 Oct is 64 days after the 3 Aug filing and 71 days after the 27 Jul order, and the certified-order date is not disclosed, so compliance with the 60-day text is not established [Est.]; completion unconfirmed
Substation demerger1 to 2 months from 29 MayEffective 4 May; record date 1 Aug; shares allotted 24 AugDelivered; IRSL listing pending
Net cash / balance sheetNet cashMar-26 cash Rs 504.6 cr and borrowings Rs 88 cr, yet a Rs 300 cr QIP in Sep 2026Buyback talk (May) sits awkwardly with the raise
Wind execution guidance (Inox Wind parent, not Inox Green)1,200 MW FY26Replaced by revenue guidance in Feb 2026Metric re-basing
DividendAfter consolidationNone everOpen

Tone over time, recurring themes, contradictions

Growth, Outlook & Valuation

No order book is disclosed

IGESL is an annuity O&M business and discloses no order book in rupees and no book-to-bill. The visibility proxy is the contracted fleet (about 13.3 GWp, of which about 4 GW of wind is consolidated) plus the 4.5 GW Wind World book once the transfer completes. Contract tenor is 5 to 20 years (deck: up to 25), renewal rates and contracted revenue by client are Not Available (searched: annual report, Placement Document, five transcripts). The 3.11 GW and about 4.4 GW "order books" quoted on aggregator pages are Inox Wind's (Tab 8). Q2 FY27 results are not out.

Wind World timeline and status

DateStepStatus
20 Feb 2018Wind World (India) enters CIRP[Fact]
Sep to Oct 2025Omkara PS 05/2025-26 Trust buys Rs 3,763 cr of debt from NARCL for Rs 1,225 cr; Authum takes 90% of the receipts on 1 Oct 2025[Fact]
19 Feb 2026Inox Neo Energies + Authum named successful applicant (CoC vote 87.56%); IGESL Reg 30 calls Authum "Unrelated Member"[Fact]
15 May 2026Omkara's claim moves to India SME Asset Reconstruction Co (ISARC) by security-receipt transfer, five days before the addendum; ISARC (88.37% owned by Authum per Authum's 18 Aug 2026 filing) then holds 86.73% of the CoC vote[Fact] (NCLT order para 14.34; Authum filing)
11 May and 30 May 2026NCLT directions on Enercon claim; plan re-approved at 96.47% after the addendum[Fact]
22 Jul 2026IGESL Board approves a raise up to Rs 600 cr[Fact]
27 Jul 2026 (received 3 Aug)NCLT approves the plan; completion within 60 days of the certified order, subject to IMC and regulators[Fact]
31 Aug and 12 Sep 2026IMC in-principle approval; BTA between Vibhav and Wind World[Fact] (Placement Document)
6 Oct 2026Rs 550 cr paid; Reg 30 letter 07:23 and press release 07:52 on 7 Oct ("will own 75%")[Fact]
8 Oct 2026IMC declares the Implementation Date (Authum, filed 13 Oct)[Fact] per Authum
9 Oct 2026Vibhav allots shares against Rs 150 cr of ICDs: IGESL 75%, Authum 25%[Fact]
PendingCompletion of transfer on satisfaction of BTA conditions precedent (and one condition subsequent); customer novations (Tata, ReNew, Greenko, Apraava, Hindustan Zinc); CCI status; Enercon SLP 18147 of 2019Not disclosed as of 21 Oct 2026
Rs 550 cr price against Wind World EBITDA, and the EBITDA the "2x" claim needs (Rs cr)Price paid (6 Oct 2026)FY26 audited carve-out EBITDAEBITDA needed for "2x"IGESL FY27 guidance (annualised)55075.65 (13.0%)about 275 (47% margin)600+ (company-wide, not Wind World only)Rs 550 / 75.65 = 7.3x trailing EBITDA [Est.]. The "2x" is the Group CFO's post-synergy forward claim of 7 Oct 2026.

Bridge from reported numbers to the Rs 600 cr claim (arithmetic only, not a forecast)

ComponentRs crBasis
FY26 core operating profit (consolidated)23CRISIL, annual report
Wind World FY26 audited EBITDA (100%)75.65Placement Document carve-out; includes other income Rs 3.89 cr [Est.]
Simple sum (if consolidated for a full year)about 99Aamara arithmetic [Est.]; IGESL economic share of the Wind World part is 75% (about Rs 57 cr)
Gap to Rs 600 crabout 501[Est.]
Management build (13 Feb 2026)about 513Wind 10 GW x Rs 100 cr revenue per GW x 50% = Rs 500 cr + solar about Rs 13 cr; compare audited Wind World margin 13% and FY26 O&M segment loss Rs 16.25 cr
Q1 FY27 company "EBITDA"56.99Operating profit about -Rs 1 cr + other income Rs 57.89 cr
Pro forma revenue baseabout 864281 + 583 [Est.]; the first-pass market file cited about Rs 850 cr

Catalysts, drivers, plans

ItemDetail
Management targets17 GW within two years (Q2 FY26: "confident of exceeding"); 20+ GW; "among the largest renewable O&M companies globally by 2030"; 18% to 20% O&M share of group mix; dividend policy only after consolidation; buyback "not at this point"
Expansion routeAcquire distressed OEM service books (Wind World; a second ~2 GW target still an investment, "entity two... final phases of EOIs"); solar O&M wins (3.3 GWp); group-captive additions (Inox Clean 3 GW+ a year, 14 GW by FY29); third parties about 500 MW a year; "a couple of GWs lined up"; management says acquisition opportunities are now "limited"
CapexNegligible (asset-light); the group plan "capex about Rs 200 cr" in the Q3 call is unattributed and likely Inox Wind's
12-month catalystsQ2 FY27 results (deadline 14 Nov 2026 [Est.]); filing on completion of the Wind World transfer; first line-by-line consolidation of Vibhav (25% minority); Q3 FY27 print against the annualised Rs 600 cr; novation news; CCI; IRSL listing; Enercon SLP; first sell-side initiation; pledge clarification; use-of-proceeds disclosure; QIP lock-in
Long-term driversWind fleet growth to 100 GW by about FY30-31 (volume CAGR near 10% plus 4% to 5% escalators); life extension (25 to 35 years) and year 8/10/15 overhauls; repowering 25.4 GW; solar O&M; separate VAS billing
Tailwinds / headwindsNo PLI for O&M. Tailwinds: OEM insolvency clean-up, larger mixed fleets. Headwinds: buyer power, IPP insourcing, Enercon IP, rising rivalry from Suzlon/Renom
Watchlist from the street filePro forma EBITDA margin on the Wind World book; QIP allottee list (now known, Tab 6); promoter pledge clarification; first sell-side initiation; use-of-proceeds disclosure (now known); rating-agency rationale post-withdrawal

Valuation at Rs 114.82 (21 Oct 2026)

MetricValueNote
Price / market capRs 114.82 / Rs 4,818 crScreener snapshot Rs 115 / Rs 4,823 cr
52-week high / lowRs 279.0 / 108.70 (close high 272.20)Stock is 57.8% below the close high [Est.]
P/E39.3x Screener; 36.8x on TTM EPS Rs 3.12 [Est.]Flattered by other income
P/B2.66x Screener; 2.7x at closeBV Rs 42.5
EV (Mar-26 balance sheet)about Rs 4,401 cr [Est.]Ignores QIP net Rs 289.72 cr, Wind World outflow and 25% minority
EV / FY26 core operating profitabout 191xRs 23 cr
EV / FY26 reported-basis EBITDAabout 26xRs 167 cr
EV / TTM reported-basis EBITDAabout 22xRs 199 cr
EV / management Rs 600 crabout 7.3xGuidance, not delivered
Dividend yield / buyback0.00% / noneNo dividend ever
3-year average P/E, P/B, EV/EBITDANot AvailableSearched: Screener, Trendlyne; the company was loss-making or near-zero earning through FY23, so a 3-year P/E average is of limited meaning
Peer multiplesSuzlon P/E 17.1x, EV/EBITDA about 17x; Inox Wind P/E 31.4x, EV/EBITDA about 14xTab 9
If run-rate EBITDA were (Rs cr)EV / EBITDA at EV Rs 4,401 crReading
23 (FY26 core)191xReported core
10044.0xCore plus Wind World at FY26 audited margin
20022.0xRoughly the TTM reported-basis level
30014.7xIllustrative
4509.8xIllustrative
6007.3xManagement's annualised claim

Illustrative arithmetic on a stale EV, not forecasts and not targets. The 7.3x on Rs 600 cr is the multiple that would result if the guidance were delivered in full; the audited Wind World margin corresponds to roughly the Rs 100 cr row.

Price path and the sell-off

NSE closing price, 28 Sep to 21 Oct 2026 (Rs); sessions not to scale170150130110QIP price Rs 165.65170.00163.96161.07146.59135.87115.08128.92120.65118.01114.8228 Sep29 Sep30 Sep6 Oct7 Oct8 Oct9 Oct12 Oct19 Oct21 Oct
SessionClose (Rs)Detail
29 Sep 2026163.96QIP book closed at Rs 165.65, above the stock's own close (day low 162.80); delivery 43.45%
30 Sep 2026161.07
6 Oct 2026146.59Delivery 54.69%
7 Oct 2026135.87 (-7.3%)7.29 mn shares; delivery 45.38%; filing at 07:52 that Rs 550 cr was paid; Equitymaster "plunges 8%" intraday; Trade Brains Rs 137.23 (-6.24%, open 146.59, low 134.13)
8 Oct 2026115.08 (-15.3%)Open 135.17, low 108.70; 43.59 mn shares (22x the 20-day average, about 10% of equity); delivery 1.61 cr shares = 36.95%, i.e. a genuine transfer of about 3.8% of equity
9 Oct 2026128.92Open 117.04, high 135.00 (Mint reported Rs 131.80 intraday, +15%); 73.59 mn shares; delivery only 6.38% (intraday churn)
12 Oct 2026120.65
16 Oct 2026about 118Arthneeti; down about 36% in 3 months, momentum score 2/100
19 Oct 2026118.0120 Oct was a holiday
21 Oct 2026114.82Delivery 28.71%

Bulk and block deals (Trendlyne)

DateClientSideQuantityPrice (Rs)
9 Oct 2026Alphagrep SecuritiesBuy and sell38,69,451 each127.53 / 127.59
9 Oct 2026Microcurves TradingBuy and sell26,17,247 each129.25 / 129.33
9 Oct 2026Junomoneta FinsolBuy 32,40,654 / sell 32,02,239net about +38k128.08 / 128.16
8 Oct 2026Abhishek KhaitanSell35,85,000112.28
8 Oct 2026Sapphire Intrex LtdSell25,80,000113.04
8 Oct 2026Setu SecuritiesBuy 38,44,809 / sell 13,19,809 (NSE) + 25,25,000 (BSE)near flat110.62 / 111.86 to 111.97
8 Oct 2026HRTI Pvt LtdBuy 22,00,982 / sell 15,83,271-114.32 / 114.76
20 Mar 2026NK Securities ResearchBuy and sell40,22,865 each157.76 / 157.85
12 Aug 2024Graviton Research CapitalBuy and sell19,09,954about 184.45
5 Jul 2024Dovetail India FundSell20,65,272168.19
26 Jun 2024Societe Generale buy 29,49,716 / Dovetail sell 31,00,000--166.50 / 166.56
2 May 2024Sixteenth Street Asian Gems FundBuy40,00,000144.50 (seller ICM Finance 29.1 lakh + 15 lakh)
Dec 2023Graviton (5 to 13 Dec), Citadel Securities IndiaBuy and sellup to 43.3 lakh77.88 to 108.59
25 Jul 2023Jainam Broking buy 18.1 lakh; Authum Investment sell 15 lakh--63.60 to 68.03
22 Feb 2023ICM Finance buy 33 lakh from Pilot ConsultantsBlock and bulk33,00,00042.90
Nov 2022 (post-IPO)Sellers Polus Global (53.9 lakh), Yes Bank (23.1 lakh), Elara India Opportunities (22.1 lakh), Nomura Singapore (14.6 lakh), Dovetail Class 6 (18 lakh); buyers Pilot Consultants (57.7 lakh), ICM Finance (20.4 lakh)--60.17 to 61.82

The only directional bulk activity in the last 12 months was the 8 Oct 2026 selling by Khaitan and Sapphire Intrex (about 61.7 lakh shares, about 1.5% of equity, about Rs 69 cr) into a falling tape; the buyers were prop/HFT firms; 9 Oct prints were intraday round trips. No named long-only institution appears as a buyer in any 2025-26 bulk deal. Identity and relationships of Khaitan are unverified.

Street coverage and sentiment

SourceOutputNature
Human sell-side analystsNone found: Screener, Sharpely, Tickertape and Trendlyne show no consensus ("doesn't have any active recommendations by analyst"); FY+1 and FY+2 consensus Not AvailableEffectively an uncovered stock
TipRanks (9 Oct 2026; six entries)All "Hold": Anthropic 134 to 115, OpenAI 139 to 120, DeepSeek 142 to 119, Google 145 to 122, xAI 146 to 124, Perplexity 144 to 124 (mean Rs 120.7, about +5% vs Rs 114.82 [Est.])AI-model outputs, not analysts; the page's own upside percentages (-42% to -46%) are inconsistent with the Rs targets and it also says no analyst ratings in the last 3 months
TipRanks (earlier cache)1 "Hold", average target Rs 166; AI score Neutral 62, target Rs 288 (price then about Rs 206)AI / unnamed
MarketsMojo (Motilal Oswal group)"Strong Sell", last updated 18 Feb 2026Proprietary quant score, not a target
Parent onlySystematix (Jul 2026): Buy on Inox Wind (target Rs 109) and Suzlon (Rs 71); Business Today (Nov 2024) price targets were for Inox WindNot IGESL
Nuvama (Aakash K Hindocha) list of 1 Oct 2026Did not include Inox Green (picked DLF, Adani Green, PVR INOX)Absence
Advisers to the QIPKhaitan & Co, Dentons Link Legal, Hogan Lovells CadwaladerLegal, not research
Media / voiceDateTone and thesis
Mint "jumps 15% after acquisition update - buy, sell or hold?" (experts not retrievable)9 Oct 2026Mixed
Trade Brains6 Oct 2026Neutral: Rs 550 cr incl. taxes, 4.5 GW, FY26 revenue about Rs 580 cr, 5% escalator, stock -6.24%
DiscoveryAlert6 Oct 2026Cautiously constructive, "wait": "2x EBITDA" is the Group CFO's post-synergy figure; FY26 margin not disclosed; Inox Green keeps 75% of Vibhav profits though it consolidates 100%; waits for margin data, renewal evidence, leverage
CNBC-TV187 Aug 2026Positive headline: PAT +86%; body not retrieved
Univest19 Jun 2026Bearish: "Why is Inox Green share price falling"; body not retrieved
Simply Wall St26 Jan 2026Bearish: "Popularity with investors under threat as stock sinks 25%"
ET EnergyWorld, HT, Business Line16 to 18 Nov 2025Negative: lost grid connectivity for a 300 MW Gujarat wind project after a missed deadline; CERC backed revocation
ET EnergyWorld20 Jan 2026Positive: 625 MW Bhadla solar O&M contract
Mint6 Oct 2025Euphoric: lifetime high, upper circuit, +40% in a month
Mint12 Aug 2025Positive: 182 MW order (+5%)
Equitymaster7 Oct 2026Neutral: "plunges 8%" intraday
ValuePickrJan 2023 thread; Aug 2024 and Mar 2026 mentionsDormant "Inox Green - O&M Spin off" thread; group-governance caution (Rs 2,257 cr group guarantees/receivables per a 2021 GFL thread); a member held about 6% in Aug 2024
Reddit, X, Telegram, Morningstar forums, named influencers-Not Available (blocked or not indexed; searched)

Sentiment arc: positive drivers Feb to Jul 2026 (bid win 18 Feb, NCLT nod, PAT +400%, solar order) kept the price in the Rs 160 to 200 area; from late September a discounted capital raise, "sell the news" on completion, heavy selling on 8 Oct and a 52-week low. Net: from an "acquisition re-rating" narrative to "dilution and delivery" worry. Retail shareholder count is down 28% over 21 months. Early Oct 2025: Business Standard "zooms 52% in 1 month" (article blocked, cause not read); a Business Standard-hosted brokerage PDF (Jun 2026) was unreadable and its broker is unidentified.

Institutional holders

Investor% (Sep 2026)Note
Inox Wind Ltd (promoter)48.92Parent; 49,00,000 shares pledged
Inox Leasing & Finance (promoter)4.74Locked in
Neptune Alpha Fund (FPI Cat I)1.51 (63.4 lakh)No public thesis found
Samena Special Situations Mauritius III (FPI)1.29 (54.3 lakh)Samena Capital (Dubai), pre-IPO backer
Samena Green Ltd1.77Same group; long-hold
Bandhan Small Cap Fund1.18 (49.7 lakh) on Trendlyne basis; Tickertape 2.93%Denominators differ; QIP allottee for 45,00,000 shares (24.85% of the QIP, about 1.07% of post-QIP equity [Est.]), which is about 90% of the Trendlyne 49.7 lakh, so that figure may already include the QIP or be stale; basis unreconciled
Authum Investment & Infrastructure1.43Also co-bidder and Vibhav 25% holder (Tab 7)
Sapphire Intrex1.18 pre-saleSold 25.8 lakh on 8 Oct
Progressive Star Finance1.13Body corporate
Mahindra Manulife Small Cap / ICICI Pru ESG Exclusionary0.39 / 0.30Portfolio weights 0.36% / 1.18%; 3-month weight +0.36% / -0.23%
Retail / HNI above Rs 2 lakh13.37110,457 holders
FPIs / MFs / institutions8.17 / 1.69 / about 10.1QIP allottees above 5% of the issue (Placement Document): Bandhan Small Cap 24.85%, Leading Light Fund VCC (Vintage Fund) 16.67%, India Opportunities Growth Fund (Pinewood) 11.68%, Elm Park Fund 10.00%, ITI Mutual Fund schemes 10.00%, Societe Generale ODI 6.38% [Fact]; the other 14 QIBs are each below 5%. The aggregator rows above mix bases (Bandhan, ITI, Mahindra and ICICI Pru schemes sum to more than the 71.1 lakh MF total), so treat them as indicative

Mutual funds 1.69% (71.1 lakh shares) from 1.61%; schemes fell from 6 to 4 (Trendlyne). No named PMS/AIF disclosure found for 2026; historic named funds: Dovetail India Fund (exited 2024), Sixteenth Street Asian Gems (entered May 2024), Polus Global, Elara India Opportunities. Insurers or pension funds above 1%: none identified.

Final Verdict

Business QualityMediumOEM-origin know-how, 13.3 GWp, group pipeline; margin unproven
Management QualityWeakguidance timing moved; disclosure gaps on funds and customer
Financial QualityWeakcore margin 8.2%; 77% of PBT is a fair-value gain; net cash Rs 505 cr
ValuationExpensive191x core, 22x reported-basis, 7.3x only on unproven Rs 600 cr
Overall ViewNegativeon current evidence; action TRACK, no capital until triggers

Earnings quality: what the filings show (disclosed facts; no intent is characterised)

FY26 consolidated other income was Rs 145.20 cr, of which Rs 121.43 cr (83.6%) is a fair-value gain on unquoted units of three RKG funds (FVTPL, Level 2, NAV supplied by the fund manager; cost about Rs 430 cr, carrying value Rs 550.35 cr; funded through ICDs to wholly-owned subsidiary Tempest Wind Energy). That gain equals 77% of continuing PBT of Rs 157.80 cr and the audit report carries no key audit matter on it. Core operating profit was Rs 23 cr (8.2% margin, against 17% in FY25 and 33% in FY24). In Q1 FY27 operating profit was about -Rs 1 cr on operating revenue of Rs 43 cr (-17% or -23% year on year depending on the comparative base) against other income of Rs 58 cr. The O&M segment lost Rs 16.25 cr; the only profitable segment is Rs 37.64 cr of consultancy income from one unnamed customer. Receivables plus unbilled revenue less allowance are Rs 634 cr, about 824 days of revenue. Management's statement that about Rs 10 cr a quarter of value-added services sits in other income does not match the other-income note. [Fact] (FY26 annual report Notes 7a, 26, 46, 55, 58B; Q1 FY27 results)

Bull case [Analyst View]

  1. Scale and optionality: 13.3 GWp managed, a Rs 550 cr purchase of a Rs 583 cr-revenue O&M book that would roughly triple the consolidated revenue base, a second ~2 GW target and a group pipeline (Inox Clean 14 GW by FY29), against a stock 57.8% below its high and 30.7% below the QIP price.
  2. Balance sheet: borrowings Rs 88 cr, cash Rs 504.6 cr at Mar-26, plus Rs 289.72 cr of QIP proceeds; if management's annualised Rs 600 cr were even half delivered, EV / EBITDA would be about 14.7x on the stale EV, and 7.3x if delivered in full.
  3. Industry: 57.4 GW installed and growing 8 to 10 GW a year with 4% to 5% escalators; OEM insolvencies create buyable service books; Suzlon AMS shows 40%+ segment margins are achievable in the industry.

Bear case [Analyst View]

  1. Reported profit is not operating profit: core margin 33% to 17% to 8%, Q1 FY27 about -Rs 1 cr, 77% of continuing PBT a Level 2 NAV mark on funds whose manager, owners and holdings are undisclosed, no key audit matter, and Rs 634 cr (824 days) of contract receivables.
  2. The deal is priced at about 7.3x audited trailing EBITDA (13% margin), not 2x; the 47% margin needed for 2x is not in the audited carve-out; the Rs 600 cr guidance has already moved from "FY27 from 1 April" to "annualised from Q3/Q4"; Enercon IP, novation and CCI are open.
  3. Governance structure: the controlling creditor vote sat with a subsidiary of a co-bidder that is also Vibhav's 25% holder and an IGESL shareholder while IGESL calls it unrelated; a parent pledge with no lender disclosed; a rating-agency change with no reason given; one unnamed customer behind the only profitable segment.

How the action was chosen

The discriminating question is whether the key unknowns have a dated path to resolution or are open-ended. Dated: Q2 FY27 results (deadline 14 Nov 2026 [Est.]) and Q3 FY27 results (due by 14 Feb 2027 [Est.]) show whether Vibhav is consolidated and what the O&M margin really is; a completion filing on the Wind World transfer; the Q3 test of the annualised Rs 600 cr. Open-ended: the RKG funds' holdings and related-party status, customer novations and CCI, the Enercon SLP and the pledge lender. The evidence today is hard to square with putting capital to work: core profit is negative, most of the profit is an unrealised mark, receivables are very large and the group linkages are disclosed only at filing level. It does not yet justify a pass either, because the dated items arrive within about two quarters, the balance sheet is nearly debt-free and the multiple would look low only if the Rs 600 cr guidance were delivered, which the audited numbers do not yet support.

Base case (12 to 18 months) [Analyst View]

Most likely: Q2 FY27 shows the first consolidation of the Wind World book (or a delay to Q3), reported revenue stepping up toward the Rs 580 to 860 cr range on an annualised basis, with an EBITDA margin on that book near the audited 13% rather than 47% to 50%. Reported FY27 EBITDA lands well below Rs 600 cr; other income remains large and NAV-driven; operating cash conversion stays weak while receivables are collected from legacy customers. The stock remains driven by disclosure on the RKG funds, novation and the QIP overhang rather than by multiples. These are scenario descriptions, not forecasts or price targets.

ScenarioRun-rate EBITDA reached by Q4 FY27EV / EBITDA at today's stale EVWhat would have to be true
WeakRs 100 cr44xWind World at audited 13% margin on top of core; novation slippage; NAV mark-down
BaseRs 150 to 250 cr18x to 29xWind World consolidated at 13% to 25% margin; modest synergy; the second target remains an investment
StrongRs 450 to 600 cr7.3x to 9.8xMargins near 45% to 50% on acquired books, as management states, and verifiable in consolidated statements

Illustrative arithmetic on an EV of Rs 4,401 cr that ignores the QIP cash, the Wind World outflow and the 25% minority. Not a valuation.

Five things to remember

  1. The 21 Oct 2026 close is Rs 114.82, 30.7% below the QIP price (not a demerger adjustment); the cause of the 8 Oct fall (-15.3% on 4.36 cr shares) is not established.
  2. Other income of Rs 145.20 cr includes a Rs 121.43 cr unrealised fair-value gain on RKG fund units; core operating profit is Rs 23 cr (8.2%) and about -Rs 1 cr in Q1 FY27.
  3. Rs 550 cr is about 7.3x the audited FY26 EBITDA of the Wind World O&M book (Rs 75.65 cr, 13%); the "2x" is a post-synergy forward claim. The Rs 600 cr guidance is IGESL's own and its timing moved to an annualised run-rate from Q3/Q4.
  4. Authum Investment & Infrastructure is co-bidder, 25% Vibhav holder, 1.43% IGESL shareholder and the 88.37% owner of the creditor (ISARC) that held 86.73% of the Wind World vote, while IGESL's filings call it unrelated; whether IGESL's RKG funds hold claims is undisclosed.
  5. Q2 FY27 is not out; the transfer had no completion filing through 13 Oct; the CRISIL rating was withdrawn (22 Sep) after the Acuite AA- (group basis) assignment; Inox Wind has pledged 49,00,000 IGESL shares (1.22% pre-QIP).

Five questions before investing

  1. Who manages and owns the RKG funds, what do they hold (including any Wind World claims or the second target's debt), and is there a valuation report behind the Level 2 NAV?
  2. Does the Q2 or Q3 FY27 consolidated statement show Vibhav line by line, and what is the operating EBITDA margin excluding other income?
  3. Have Tata, ReNew, Greenko, Apraava and Hindustan Zinc novated their contracts, is a CCI filing required, and has the transfer been completed?
  4. Who is the Rs 37.64 cr consultancy customer, and why is a 100% margin line the only profitable segment?
  5. What are the lender, date and purpose of the Inox Wind pledge, and why was CRISIL withdrawn after the Acuite assignment?

Triggers

DirectionTrigger
To move toward taking a positionConsolidated Q2 or Q3 FY27 shows operating EBITDA ex other income on a run-rate above about Rs 200 cr with operating cash flow above profit excluding the fair-value gain; a completion filing plus named customer novations and CCI clarity; disclosure of the RKG funds' manager, holdings and valuation report; pledge lender and purpose disclosed; sell-side initiation with models
To move to a passOperating profit still near zero with Vibhav consolidated; any customer refusal to novate or re-tender; an NAV write-down; an adverse Enercon ruling; further pledges or a further equity raise below the QIP price; a related-party reclassification of the RKG funds

Opinion [Analyst View]. Inox Green's reported profit is mostly an unrealised fair-value gain on units of funds whose holdings are undisclosed, its core O&M business earned 8.2% in FY26 and about nothing in Q1 FY27, contract receivables are 824 days of revenue, and the Wind World purchase is priced at about 7.3x audited EBITDA while management's 2x claim implies a margin of about 47%. The group linkages around Authum are disclosed as filed and no intent is inferred here. The key unknowns have dated resolution paths in the next two results, so the right action is to hold the name on the watchlist with explicit triggers and commit no capital until consolidated operating numbers and fund disclosure are in hand.

TRACK

Sources

All sources accessed 21 Oct 2026 unless a date is shown. The seven research inputs each had their own source key; they are kept as seven separate lists (deduplicated within each, not merged across) so that a claim can be traced to the file that made it. File 7 (gap-fill from primary documents) supersedes files 1 to 6 where they conflict. URLs are given in full as text; the report itself makes no external requests. Items marked UNREAD or BLOCKED were listed by the research files but could not be opened by them.

File 1: Business, segments, facilities, supply chain

  • Screener consolidated: https://www.screener.in/company/INOXGREEN/consolidated
  • Screener standalone and document list: https://www.screener.in/company/INOXGREEN/
  • Screener Inox Wind Energy (IWEL): https://www.screener.in/company/IWEL/
  • CRISIL 16 Jun 2026: https://www.crisil.com/mnt/winshare/Ratings/RatingList/RatingDocs/InoxGreenEnergyServicesLimited_June%2016_%202026_RR_398365.html
  • CRISIL 28 Jan 2026: https://www.crisil.com/mnt/winshare/Ratings/RatingList/RatingDocs/InoxGreenEnergyServicesLimited_January%2028_%202026_RR_382236.html
  • CRISIL 11 Sep 2026: https://www.crisil.com/mnt/winshare/Ratings/RatingList/RatingDocs/InoxGreenEnergyServicesLimited_September%2011_%202026_RR_404987.html
  • CRISIL 22 Sep 2026: https://www.crisil.com/mnt/winshare/Ratings/RatingList/RatingDocs/InoxGreenEnergyServicesLimited_September%2022_%202026_RR_405507.html
  • CRISIL 28 Feb 2025: https://www.crisil.com/mnt/winshare/Ratings/RatingList/RatingDocs/InoxGreenEnergyServicesLimited_February%2028_%202025_RR_362967.html
  • CRISIL 14 Jun 2024: https://crisil.com/mnt/winshare/Ratings/RatingList/RatingDocs/InoxGreenEnergyServicesLimited_June%2014_%202024_RR_345810.html
  • CRISIL Inox Renewable Solutions, Jan 2026: https://www.crisilratings.com/mnt/winshare/Ratings/RatingList/RatingDocs/InoxRenewableSolutionsLimited_January%2028_%202026_RR_387387.html
  • CRISIL Inox Wind, Jun 2026: https://www.crisil.com/mnt/winshare/Ratings/RatingList/RatingDocs/InoxWindLimited_June%2016_%202026_RR_398291.html
  • Acuite 27 Aug 2026: https://connect.acuite.in/fcompany-details/INOX_GREEN_ENERGY_SERVICES_LIMITED/27th_Aug_26
  • Company site: https://www.inoxgreen.com/
  • Arihant Capital company page: https://www.arihantcapital.com/company-information/about-company/66400
  • Zerodha: https://zerodha.com/markets/stocks/BSE/INOXGREEN
  • Solar Quarter, 7 Oct 2026: https://solarquarter.com/2026/10/07/inox-green-completes-inr-550-crore-payment-for-acquisition-of-wind-world-indias-4-5-gw-wind-om-business/
  • Free Press Journal: https://www.freepressjournal.in/business/inox-green-completes-550-crore-wind-om-deal-adds-wind-world-indias-45-gw-portfolio
  • Business Today, 7 Oct 2026: https://www.businesstoday.in/markets/stocks/story/inox-green-shares-in-focus-as-arm-completes-payment-for-4-5-gw-wind-om-business-560009-2026-10-07
  • Sahi: https://www.sahi.com/news/inox-green-energy-services-q1-consolidated-net-profit-rises-to-407m-rupees-4385-PE1_COR
  • Sahi: https://www.sahi.com/news/inox-green-q1-consolidated-net-profit-at-40-7-crore-vs-22-crore-yoy-4385-PE1_COR
  • Sahi: https://www.sahi.com/news/inox-green-receives-nclt-approval-to-acquire-wind-world-s-4-5-gw-india-o-m-business-4385-PE1_COR
  • InvestyWise Q1 FY27 presentation: https://www.investywise.com/inox-green-q1-fy27-earnings-presentation/
  • InvestyWise: https://www.investywise.com/?p=105775
  • InvestyWise: https://www.investywise.com/?p=102618
  • Arthneeti Q1 FY27: https://arthneeti.com/insights/inox-green-energy-services-ltd-q1-fy27-earnings
  • Power Line, 22 May 2025: https://powerline.net.in/2025/05/22/inox-green-energy-signs-agreements-for-om-of-639-mwp-solar-projects/
  • Energetica India (182 MW): https://www.energetica-india.net/news/inox-green-energy-signs-om-deal-for-182-mw-wind-projects
  • Mercom (I-Fox 230 MW): https://mercomindia.com/inox-green-acquires-wind-om-230-mw-portfolio/
  • TipRanks income statement: https://www.tipranks.com/stocks/in:inoxgreen/financials/income-statement
  • UNREAD (timed out): https://nsearchives.nseindia.com/corporate/IGESL_07082026162145_2IGESL_Earning_Presentations_dsc.pdf
  • UNREAD (timed out): https://nsearchives.nseindia.com/corporate/IGESL_12082026182126_IGESL_Transcript_dsc.pdf
  • UNREAD (timed out): https://nsearchives.nseindia.com/corporate/IGESL_29052026162024_2_IGESL_Earning_Presentations_dsc.pdf
  • BLOCKED (HTTP 403), FY26 annual report on BSE: https://www.bseindia.com/xml-data/corpfiling/AttachHis/b54324c2-71c9-4edd-a91c-ca985b6eb13e.pdf
  • UNREAD (compressed PDF), Motilal Oswal transcript Aug 2024: https://inoxgreen.com/PDF/MOSL-InoxGreenEnergy-Aug09-2024_IGESL.pdf
  • UNREAD (compressed PDF), Motilal Oswal transcript Oct 2024: https://www.inoxgreen.com/PDF/MOSL-InoxGreenEnergy-Oct25-2024.pdf

File 2: Financials

  • Screener consolidated: https://www.screener.in/company/INOXGREEN/consolidated/
  • Screener standalone: https://www.screener.in/company/INOXGREEN/
  • CRISIL 22 Sep 2026: https://www.crisil.com/mnt/winshare/Ratings/RatingList/RatingDocs/InoxGreenEnergyServicesLimited_September%2022_%202026_RR_405507.html
  • CRISIL 11 Sep 2026: https://www.crisil.com/mnt/winshare/Ratings/RatingList/RatingDocs/InoxGreenEnergyServicesLimited_September%2011_%202026_RR_404987.html
  • CRISIL 16 Jun 2026: https://www.crisil.com/mnt/winshare/Ratings/RatingList/RatingDocs/InoxGreenEnergyServicesLimited_June%2016_%202026_RR_398365.html
  • Acuite 27 Aug 2026: https://connect.acuite.in/fcompany-details/INOX_GREEN_ENERGY_SERVICES_LIMITED/27th_Aug_26
  • Sahi Q1 FY27 results: https://www.sahi.com/news/inox-green-energy-services-q1-consolidated-net-profit-rises-to-407m-rupees-4385-PE1_COR
  • InvestyWise Q1 FY27 summary: https://www.investywise.com/inox-green-q1-fy27-earnings-presentation/
  • Yahoo / GuruFocus Q1 FY27 call highlights: https://finance.yahoo.com/energy/articles/inox-green-energy-services-ltd-010625699.html
  • GuruFocus Q1 FY27 transcript (paywalled excerpt only): https://www.gurufocus.com/news/9022876/q1-2027-inox-green-energy-services-ltd-earnings-call-transcript
  • Sahi QIP: https://www.sahi.com/news/inox-green-energy-services-raises-300-crore-via-qip-issuing-1-81-crore-shares
  • Business Today Wind World payment: https://www.businesstoday.in/markets/stocks/story/inox-green-shares-in-focus-as-arm-completes-payment-for-4-5-gw-wind-om-business-560009-2026-10-07
  • Energetica Wind World payment: https://www.energetica-india.net/news/inox-green-completes-inr-550-crore-wwil-wind-om-deal
  • Angel One Wind World payment: https://www.angelone.in/news/stocks/inox-green-energy-share-price-in-focus-completes-550-crore-deal-for-wind-world-india-s-4-5-gw-o-m-business
  • Sahi NCLT approval and FY26 headline numbers: https://www.sahi.com/news/inox-green-receives-nclt-approval-to-acquire-wind-world-s-4-5-gw-india-o-m-business-4385-PE1_COR
  • Yahoo / Power Technology Wind World IPP and O&M bid: https://finance.yahoo.com/news/inox-green-acquire-wind-world-161926322.html
  • FilingReader demerger scheme, 9 Sep 2025: https://filingreader.com/news-wire/mumbai/2025-09-09/inox-green-energy-services-moves-ahead-with-demerger-scheme
  • Angel One demerger approval: https://www.angelone.in/news/share-market/inox-green-approved-demerger-of-power-evacuation-business
  • NSE NCLT-order intimation, 14 Mar 2026 (cited via search result, not opened): https://nsearchives.nseindia.com/corporate/IGESL_14032026182453_IGESL_SE_intimation_regarding_NCLT_order.pdf
  • Arihant company page: https://www.arihantcapital.com/company-information/about-company/66400
  • Kalkine, 8 Oct 2026: https://www.kalkine.co.in/article/small-cap-stocks/inox-green-energy-services-nse-inoxgreen-in-focus-as-renewable-energy-stocks-face-market-pressure
  • Substack (FY24 background): https://contrarianportfolio.substack.com/p/business-of-inox-green-energy
  • Company investor pages: https://www.inoxgreen.com/investor.html and https://www.inoxgreen.com/financial-results.html
  • UNREAD, NSE Q1 FY27 deck (timeout): https://nsearchives.nseindia.com/corporate/IGESL_07082026162145_2IGESL_Earning_Presentations_dsc.pdf
  • BLOCKED (403), FY26 annual report on BSE: https://www.bseindia.com/xml-data/corpfiling/AttachHis/b54324c2-71c9-4edd-a91c-ca985b6eb13e.pdf
  • UNREAD (binary), Q4 FY26 results outcome: https://www.inoxgreen.com/PDF/1_IGESL_BM_Outcome_29052026_DSC.pdf
  • UNREAD (scanned), Capital Evolution: https://inoxgreen.com/PDF/16.Capital%20Evolution.pdf

File 3: Management and governance

  • Board of directors: https://inoxgreen.com/board-of-director.html
  • Board committees: https://inoxgreen.com/board-committees.html
  • Key managerial personnel: https://inoxgreen.com/details-of-kmp.html
  • Shareholding pattern: https://inoxgreen.com/shareholding_pattern.html
  • Shareholding pattern 30 Sep 2026: https://inoxgreen.com/PDF/Shareholding%20Pattern_30092026.html
  • Shareholding pattern 30 Jun 2026: https://inoxgreen.com/PDF/SHP_30JUNE2026R.html
  • Investor page: https://inoxgreen.com/investor.html
  • Financial statements of subsidiaries: https://inoxgreen.com/Financial-Statement.html
  • Corporate announcements: https://inoxgreen.com/corporate-announcement.html
  • Material documents: https://inoxgreen.com/material_documents.html
  • Related-party disclosures (Reg 23): https://inoxgreen.com/disclosure-of-related-party-transactions-pursuant-to-regulation-23.html
  • Credit ratings page: https://inoxgreen.com/Credit-Rating.html
  • Annual reports page: https://inoxgreen.com/annual.html
  • Policies: https://inoxgreen.com/policies.html
  • Screener consolidated: https://www.screener.in/company/INOXGREEN/consolidated/
  • Tickertape: https://tickertape.in/stocks/inox-green-energy-services-INOX
  • Arihant board page: https://www.arihantcapital.com/company-information/board-of-directors/66400
  • Wikipedia, Inox Group: https://en.wikipedia.org/wiki/Inox_Group
  • CRISIL 22 Sep 2026: https://www.crisil.com/mnt/winshare/Ratings/RatingList/RatingDocs/InoxGreenEnergyServicesLimited_September%2022_%202026_RR_405507.html
  • CRISIL 11 Sep 2026: https://www.crisil.com/mnt/winshare/Ratings/RatingList/RatingDocs/InoxGreenEnergyServicesLimited_September%2011_%202026_RR_404987.html
  • CRISIL 16 Jun 2026: https://www.crisil.com/mnt/winshare/Ratings/RatingList/RatingDocs/InoxGreenEnergyServicesLimited_June%2016_%202026_RR_398365.html
  • CRISIL 28 Jan 2026: https://www.crisil.com/mnt/winshare/Ratings/RatingList/RatingDocs/InoxGreenEnergyServicesLimited_January%2028_%202026_RR_382236.html
  • CRISIL 28 Feb 2025: https://www.crisil.com/mnt/winshare/Ratings/RatingList/RatingDocs/InoxGreenEnergyServicesLimited_February%2028_%202025_RR_362967.html
  • Acuite 27 Aug 2026: https://connect.acuite.in/fcompany-details/INOX_GREEN_ENERGY_SERVICES_LIMITED/27th_Aug_26
  • InvestyWise director re-appointments: https://www.investywise.com/inox-green-energy-services-limited-board-meeting-outcome-director-re-appointments/
  • InvestyWise Q3 results and director re-appointment: https://www.investywise.com/inox-green-energy-services-limited-board-approves-q3-results-director-re-appointment/
  • InvestyWise Q3 FY26 results: https://www.investywise.com/inox-green-energy-services-limited-board-approves-q3-fy26-results-director-reappointment/
  • InvestyWise ILFL shareholding: https://www.investywise.com/inox-leasing-and-finance-limited-increase-in-igesl-shareholding/
  • InvestyWise warrant conversion: https://www.investywise.com/inox-green-energy-shares-allotment-on-warrant-conversion/
  • InvestyWise equity allotment: https://www.investywise.com/inox-green-energy-equity-share-allotment/
  • InvestyWise NCLT scheme: https://www.investywise.com/inox-green-energy-services-limited-nclt-approves-scheme-of-arrangement/
  • InvestyWise NCLT scheme (second): https://www.investywise.com/inox-green-energy-services-nclt-approves-scheme-of-arrangement/
  • InvestyWise allotment post scheme: https://www.investywise.com/inox-green-energy-services-limited-equity-share-allotment-post-scheme-sanction/
  • InvestyWise Wind World update: https://www.investywise.com/inoxgreen-update-on-resolution-plan-for-wind-world-india-limited/
  • InvestyWise Inox Wind acquires Wind World IPP and O&M: https://www.investywise.com/inox-wind-acquires-wind-worlds-ipp-om-arms/
  • InvestyWise monitoring agency report: https://www.investywise.com/inox-green-energy-services-limited-monitoring-agency-report-on-preferential-issue/
  • InvestyWise conference-call transcript: https://www.investywise.com/inox-green-energy-services-limited-transcript-of-conference-call-released/
  • InvestyWise Inox Wind Q4 FY26 transcript: https://www.investywise.com/inox-wind-releases-q4-fy26-earnings-call-transcript/
  • InvestyWise Q1 FY27 presentation: https://www.investywise.com/inox-green-q1-fy27-earnings-presentation/
  • InvestyWise Acuite assignment: https://www.investywise.com/inox-green-energy-services-limited-acuite-ratings-assigned/
  • InvestyWise board meeting notice: https://www.investywise.com/inox-green-energy-services-limited-board-meeting-notice/
  • UNREAD (compressed PDF), FY26 annual report: https://inoxgreen.com/PDF/IGESL-Annual-Report-25-26.pdf (read in file 7)
  • UNREAD in file 3, H2 FY26 related-party file: https://inoxgreen.com/PDF/IGESL%20RPT%20H2%20FY%202026.pdf

File 4: Competition, industry, risks

  • Inox Wind and Inox Green Q1 FY27 call transcript, 7 Aug 2026: https://www.inoxgreen.com/PDF/2026/InoxWind%20IGESL-Q1%20FY27%20Earnings%20Call_Transcript.pdf
  • Inox Wind and Inox Green Q4 FY26 call transcript (JM Financial), 29 May 2026: https://www.inoxgreen.com/PDF/2026/JMFIS-InoxWind-May29-2026_Transcript.pdf
  • Reg 30 filing on the Wind World resolution plan incl. Annexure A and NCLT order of 27 Jul 2026, 3 Aug 2026: https://www.inoxgreen.com/PDF/2026/Update%20on%20the%20Resolution%20Plan%20for%20Wind%20World%20(India)%20Limited-03.08.2026.pdf
  • Press release, successful bidders for Wind World, 19 Feb 2026: https://www.inoxgreen.com/PDF/IGESL_%20PR_STXfinal_dsc.pdf
  • Press release, KEC 625 MWp solar O&M, 20 Jan 2026: https://www.inoxgreen.com/PDF/IGESL_PR_20012025.pdf
  • Credit rating filing (Acuite AA-/Stable, A1+), 27 Aug 2026: https://www.inoxgreen.com/PDF/IGESL_SE-letter_regarding_credit_ratingf31.pdf
  • Corporate announcements page: https://www.inoxgreen.com/corporate-announcement.html
  • Credit rating page: https://www.inoxgreen.com/Credit-Rating.html
  • Transcripts page: https://www.inoxgreen.com/transcripts_recordings.html
  • Company site: https://www.inoxgreen.com/
  • Suzlon Q1 FY27 investor presentation, 28 Jul 2026: https://www.suzlon.com/pdf/investor/financial-reports-presentations/2026-27/2026-07-28_SEL_Financial_Reports_Q1_FY27_Investor_Presentation_FY27.pdf
  • Screener Inox Green consolidated, 21 Oct 2026: https://www.screener.in/company/INOXGREEN/consolidated/
  • Screener Suzlon Energy consolidated: https://www.screener.in/company/SUZLON/consolidated/
  • Screener Inox Wind consolidated: https://www.screener.in/company/INOXWIND/consolidated/
  • Sahi QIP: https://www.sahi.com/news/inox-green-energy-services-raises-300-crore-via-qip-issuing-1-81-crore-shares
  • Sahi Q1 profit and Wind World deal: https://www.sahi.com/news/inox-green-energy-services-q1-consolidated-net-profit-rises-to-407m-rupees-4385-PE1_COR
  • Sahi Q1 net profit Rs 40.7 cr: https://www.sahi.com/news/inox-green-q1-consolidated-net-profit-at-40-7-crore-vs-22-crore-yoy-4385-PE1_COR
  • InvestyWise Q1 FY27 presentation summary: https://www.investywise.com/?p=102618
  • InvestyWise Q1 FY27 call summary: https://www.investywise.com/?p=105775
  • Wikipedia, Wind power in India: https://en.wikipedia.org/wiki/Wind_power_in_India
  • Wikipedia, Senvion: https://en.wikipedia.org/wiki/Senvion
  • Wikipedia, Suzlon: https://en.wikipedia.org/wiki/Suzlon

File 5: Concalls, guidance, fleet, news

  • Screener consolidated: https://www.screener.in/company/INOXGREEN/consolidated/
  • Arthneeti stock page: https://www.arthneeti.com/stocks/inox-green-energy-services-ltd
  • Arthneeti Q1 FY27 call: https://www.arthneeti.com/stocks/inox-green-energy-services-ltd/concall/q1-fy27-earnings-call-analysis
  • Arthneeti Q2 FY26 call: https://www.arthneeti.com/stocks/inox-green-energy-services-ltd/concall/q2-fy26-earnings-call-analysis
  • Arthneeti Q1 FY26 call: https://www.arthneeti.com/stocks/inox-green-energy-services-ltd/concall/q1-fy26-earnings-call-analysis
  • Arthneeti Q3 FY26 call: https://www.arthneeti.com/stocks/inox-green-energy-services-ltd/concall/q3-fy26-earnings-call-analysis
  • Arthneeti Q4 FY26: https://www.arthneeti.com/insights/inox-green-energy-services-ltd-q4-fy26-earnings
  • FilingReader Q2 FY26, 20 Nov 2025: https://filingreader.com/news-wire/mumbai/2025-11-20/inox-green-energy-services-achieves-record-financial-performance-in-q2-fy26
  • InvestyWise Q3 FY26 transcript: https://www.investywise.com/inox-green-energy-releases-q3-fy26-earnings-call-transcript/
  • InvestyWise Inox Wind and Inox Green Q3 FY26 transcript: https://www.investywise.com/inox-wind-inox-green-transcript-of-q3-fy26-earnings-call/
  • InvestyWise Inox Wind Q4 FY26 transcript: https://www.investywise.com/inox-wind-releases-q4-fy26-earnings-call-transcript/
  • InvestyWise conference-call transcript: https://www.investywise.com/inox-green-energy-services-limited-conference-call-transcript-released/
  • InvestyWise transcript of conference call: https://www.investywise.com/inox-green-energy-services-limited-transcript-of-conference-call-released/
  • InvestyWise Q1 FY27 presentation: https://www.investywise.com/inox-green-q1-fy27-earnings-presentation/
  • InvestyWise Wind World resolution plan: https://www.investywise.com/inoxgreen-update-on-resolution-plan-for-wind-world-india-limited/
  • InvestyWise successful bidder: https://www.investywise.com/inox-green-energy-services-successful-bidder-for-wind-world-indias-assets/
  • InvestyWise allotment post scheme: https://www.investywise.com/inox-green-energy-services-limited-equity-share-allotment-post-scheme-sanction/
  • InvestyWise KEC agreement: https://www.investywise.com/inox-green-enters-agreement-with-kec-for-solar-project-o-m/
  • InvestyWise ILFL shareholding: https://www.investywise.com/inox-leasing-and-finance-limited-increase-in-igesl-shareholding/
  • Sahi Q1 net profit Rs 40.7 cr: https://www.sahi.com/news/inox-green-q1-consolidated-net-profit-at-40-7-crore-vs-22-crore-yoy-4385-PE1_COR
  • Sahi Q1 profit rises: https://www.sahi.com/news/inox-green-energy-services-q1-consolidated-net-profit-rises-to-407m-rupees-4385-PE1_COR
  • CRISIL 28 Jan 2026: https://www.crisil.com/mnt/winshare/Ratings/RatingList/RatingDocs/InoxGreenEnergyServicesLimited_January%2028_%202026_RR_382236.html
  • CRISIL 16 Jun 2026: https://www.crisil.com/mnt/winshare/Ratings/RatingList/RatingDocs/InoxGreenEnergyServicesLimited_June%2016_%202026_RR_398365.html
  • CRISIL 11 Sep 2026: https://www.crisil.com/mnt/winshare/Ratings/RatingList/RatingDocs/InoxGreenEnergyServicesLimited_September%2011_%202026_RR_404987.html
  • CRISIL 22 Sep 2026: https://www.crisil.com/mnt/winshare/Ratings/RatingList/RatingDocs/InoxGreenEnergyServicesLimited_September%2022_%202026_RR_405507.html
  • Acuite 27 Aug 2026 (Inox Wind financials in the rationale): https://connect.acuite.in/fcompany-details/INOX_GREEN_ENERGY_SERVICES_LIMITED/27th_Aug_26
  • BLOCKED (BSE, 403), transcript Aug 2026: https://www.bseindia.com/stockinfo/AnnPdfOpen.aspx?Pname=b6e67209-23ee-48ab-a89f-2239295d4431.pdf
  • BLOCKED (BSE), Jun 2026: https://www.bseindia.com/stockinfo/AnnPdfOpen.aspx?Pname=78c64939-3c62-49ac-9827-562fd6465a1b.pdf
  • BLOCKED (BSE), Feb 2026: https://www.bseindia.com/stockinfo/AnnPdfOpen.aspx?Pname=d934a5d2-25cf-4a13-92c1-68d279362ad8.pdf
  • BLOCKED (BSE), Nov 2025: https://www.bseindia.com/stockinfo/AnnPdfOpen.aspx?Pname=12a9f200-8091-44c1-a30e-eb06b0e51134.pdf
  • BLOCKED (BSE), Sep 2025: https://www.bseindia.com/stockinfo/AnnPdfOpen.aspx?Pname=ac349021-05a3-4a4e-84a8-edb5f23d90bd.pdf
  • UNREAD in file 5 (read in file 7), NSE Q1 FY27 transcript: https://nsearchives.nseindia.com/corporate/IGESL_12082026182126_IGESL_Transcript_dsc.pdf
  • UNREAD in file 5 (read in file 7), NSE Q3 FY26 transcript: https://nsearchives.nseindia.com/corporate/IGESL_19022026191307_6_IGESL_Transcript_concall13022026_dsc.pdf

File 6: Street sentiment, smart money, brokerage

  • Screener company page and announcements: https://www.screener.in/company/INOXGREEN/consolidated/
  • Trendlyne shareholding (Sep 2026): https://trendlyne.com/equity/share-holding/1127763/INOXGREEN/inox-green-energy-services-ltd/
  • Trendlyne bulk and block deals: https://trendlyne.com/equity/bulk-block-deals/INOXGREEN/1127763/inox-green-energy-services-ltd/
  • Trendlyne consensus page: https://trendlyne.com/equity/consensus-estimates/1127763/INOXGREEN/inox-green-energy-services-ltd/
  • TipRanks forecast: https://www.tipranks.com/stocks/in:inoxgreen/forecast
  • Tickertape (MF holdings, no analyst data): https://www.tickertape.in/stocks/inox-green-energy-services-INOX
  • Sharpely: https://sharpely.in/stocks/inoxgreen/forecast
  • MarketsMojo: https://marketsmojo.motilaloswal.com/stocks-analysis/news-action/inox-green-energy-services-1003748-0
  • Choice India shareholding: https://choiceindia.com/stocks/inox-green-energy-services-ltd-shareholding-pattern
  • Pocketful shareholding: https://www.pocketful.in/stocks/inox-green-energy-services-ltd/shareholding
  • Anand Rathi: https://anandrathi.com/stocks/inox-green-energy-services-ltd
  • Share.market: https://www.share.market/stocks/inox-green-energy-services-ltd-share/technicals
  • ValuePickr search: https://forum.valuepickr.com/search?q=inox%20green
  • Rediff QIP, 30 Sep 2026: https://money.rediff.com/news/market/inox-green-energy-raises-300-cr-via-equity-shares-issue/55307820260930
  • Zee Business QIP floor: https://www.zeebiz.com/market-news/news-inox-green-energy-qip-floor-price-fixed-at-rs-17436-per-share-402810
  • Financial Express QIP: https://www.financialexpress.com/business/industry-inox-green-energy-services-closes-rs-300-crore-qip-allocates-1-81-crore-shares-4350251/
  • Business Today (MSN) QIP allotment: https://www.msn.com/en-in/money/topstories/inox-green-energy-shares-rise-as-company-allots-shares-worth-rs-300-crore-in-qip/ar-AA2dfmVs
  • Bar & Bench QIP advisers, 13 Oct 2026: https://www.barandbench.com/law-firms/dealstreet/khaitan-co-dentons-link-legal-hogan-lovells-cadwalader-act-on-inox-green-energy-300-crore-qip
  • Trade Brains Wind World payment: https://tradebrains.in/indian-markets/inox-green-energy-finalises-550-cr-acquisition-of-wind-world-indias-om-arm-stock-slips-6-12631656
  • Trade Brains NCLT nod: https://tradebrains.in/inox-green-energy-services-gains-nclt-nod-to-acquire-wind-worlds-4-5-gw-om-arm/
  • DiscoveryAlert analysis: https://discoveryalert.com/analysis/inox-green-wind-world-india-deal-october-2026/
  • Mint (via MSN), 9 Oct 2026: https://www.msn.com/en-in/news/other/inox-green-energy-services-share-price-jumps-15-after-this-acquisition-update-buy-sell-or-hold-experts-view/ar-AA2dSv6O
  • Moneycontrol (headline only): https://www.moneycontrol.com/news/business/inox-green-completes-rs-550-crore-wind-world-o-m-deal-adds-4-5-gw-portfolio-14046619.html
  • Fortune India (headline only): https://www.fortuneindia.com/business-news/inox-green-completes-550-crore-acquisition-of-wind-world-indias-45-gw-om-business/163253
  • ET EnergyWorld (headline only): https://energy.economictimes.indiatimes.com/news/renewable/inox-green-completes-550-crore-wind-world-india-om-acquisition/134757286
  • Hindustan Times, grid loss: https://www.hindustantimes.com/business/inox-green-loses-grid-access-for-300-mw-wind-project-in-gujarat-on-missed-deadlines-101763371614699.html
  • Business Line, grid loss: https://www.thehindubusinessline.com/companies/inox-green-loses-grid-access-to-300-mw-gujarat-wind-project-cerc-backs-revocation/article70290006.ece
  • Mint lifetime high, Oct 2025: https://www.livemint.com/market/stock-market-news/inox-green-share-price-hits-a-lifetime-high-upper-circuit-gains-over-40-in-1-month-is-there-more-steam-left-11759811260134.html
  • Business Today (Inox Wind and Suzlon, Systematix), 12 Jul 2026: https://www.businesstoday.in/markets/stocks/story/suzlon-energy-inox-wind-share-price-targets-q1-results-preview-542270-2026-07-12
  • Google News RSS index (Oct 2022 to Oct 2026): https://news.google.com/rss/search?q=Inox+Green+Energy+Services&hl=en-IN&gl=IN&ceid=IN:en
  • BLOCKED, concall transcripts listed on Screener (BSE AnnPdfOpen links for Aug 2026, Jun 2026, Feb 2026, Nov 2025, Sep 2025)

File 7: Gap-fill from primary documents (supersedes files 1 to 6)

  • FY26 Annual Report (355 pages): https://inoxgreen.com/PDF/IGESL-Annual-Report-25-26.pdf
  • Q1 FY27 call, 7 Aug 2026: https://www.inoxgreen.com/PDF/2026/InoxWind%20IGESL-Q1%20FY27%20Earnings%20Call_Transcript.pdf
  • Q4 FY26 call, 29 May 2026: https://www.inoxgreen.com/PDF/2026/JMFIS-InoxWind-May29-2026_Transcript.pdf
  • Q3 FY26 call, 13 Feb 2026: https://nsearchives.nseindia.com/corporate/IGESL_19022026191307_6_IGESL_Transcript_concall13022026_dsc.pdf
  • Q2 FY26 call, 14 Nov 2025: https://nsearchives.nseindia.com/corporate/IGESL_20112025203935_IGESL_Transcript_14112025_5wd.pdf
  • Q1 FY26 call, 1 Sep 2025: https://nsearchives.nseindia.com/corporate/IGESL_08092025202943_IGESL_Transcript_08092025.pdf
  • NCLT order and Reg 30 of 3 Aug 2026: https://www.inoxgreen.com/PDF/2026/Update%20on%20the%20Resolution%20Plan%20for%20Wind%20World%20(India)%20Limited-03.08.2026.pdf
  • 7 Oct 2026 Reg 30 (Rs 550 cr, Vibhav): https://nsearchives.nseindia.com/corporate/IGESL_07102026072235_IGESL_Acq_WWIL_Reg30_dsc.pdf
  • 7 Oct 2026 press release: https://nsearchives.nseindia.com/corporate/IGESL_07102026074723_IGESL__PR_STXs_dsc.pdf
  • 9 Oct 2026 Vibhav allotment: https://nsearchives.nseindia.com/corporate/IGESL_09102026233918_IGESL_SE_Vibhav_WOS_intimaiton_dsc.pdf
  • QIP issue opening, 24 Sep 2026: https://nsearchives.nseindia.com/corporate/IGESL_24092026174541_1_IGESL_SE_Outcome_2026_IssueOpening.pdf
  • QIP issue closing, 30 Sep 2026: https://nsearchives.nseindia.com/corporate/IGESL_30092026000531_1IGESL_SE_Outcome_2026_IssueClosingdsc.pdf
  • QIP allotment, 30 Sep 2026: https://nsearchives.nseindia.com/corporate/IGESL_30092026005646_IGESL_SE_Allotment_30092026_S.pdf
  • Placement Document (29 Sep 2026): https://www.inoxgreen.com/PDF/Placement-Document.pdf
  • Demerger effective date, 4 May 2026: https://nsearchives.nseindia.com/corporate/IGESL_04052026182821_IGESL_SE_intimation_regarding_NCLT_effective_date_dsc.pdf
  • Allotment of IRSL shares, 24 Aug 2026: https://nsearchives.nseindia.com/corporate/IGESL_24082026202300_IGESL_SE_intimation_Allotment_IRSL_24082026.pdf
  • 19 Feb 2026 Reg 30 (Authum "Unrelated Member"): https://nsearchives.nseindia.com/corporate/IGESL_19022026083536_IGESL_Reg30_WWIL_dsc.pdf
  • Authum Reg 30 on Omkara receipts, 1 Oct 2025: https://nsearchives.nseindia.com/corporate/Authum123_01102025205943_SE_Intimation_Reg_30-Omkara-signed.pdf
  • Authum Reg 30 on ISARC, 18 Aug 2026: https://nsearchives.nseindia.com/corporate/Authum123_18082026213744_REG30ISARC.pdf
  • Authum completion of implementation, 13 Oct 2026: https://nsearchives.nseindia.com/corporate/Authum123_13102026150627_CompletionofImplementationPlan.pdf
  • IWL SAST 31(4) declarations, 8 Apr 2026: https://nsearchives.nseindia.com/corporate/team_sandeshc_12062026131131_37.pdf
  • Shareholding pattern Sep 2026: https://inoxgreen.com/PDF/Shareholding%20Pattern_30092026.html
  • Monitoring agency report Q1 FY27: https://nsearchives.nseindia.com/corporate/IGESL_11082026181948_IGESL_MA_Report_dsc.pdf
  • Q1 FY27 results outcome: https://nsearchives.nseindia.com/corporate/IGESL_07082026155358_1IGESL_BoardMeeting_outcome_07082026_dsc.pdf
  • Q1 FY27 earnings presentation: https://nsearchives.nseindia.com/corporate/IGESL_07082026162145_2IGESL_Earning_Presentations_dsc.pdf
  • EGM notice 13 Aug 2026: https://nsearchives.nseindia.com/corporate/IGESL_22072026192830_IGESL_Notice_of_26thEGM_dsc.pdf
  • CRISIL 22 Sep 2026: https://www.crisil.com/mnt/winshare/Ratings/RatingList/RatingDocs/InoxGreenEnergyServicesLimited_September%2022_%202026_RR_405507.html
  • Company letter on rating withdrawal, 23 Sep 2026: https://nsearchives.nseindia.com/corporate/IGESL_23092026201504_IGESL_SE_letter_Credit_Rating_23092026dsc.pdf
  • Acuite 27 Aug 2026: https://connect.acuite.in/fcompany-details/INOX_GREEN_ENERGY_SERVICES_LIMITED/27th_Aug_26
  • NSE full bhavcopy, 21 Oct 2026: https://nsearchives.nseindia.com/products/content/sec_bhavdata_full_21102026.csv
  • NSE announcement feed (API): https://www.nseindia.com/api/corporate-announcements?index=equities&symbol=INOXGREEN
  • Omkara / NARCL debt purchase context: https://insolvencytracker.in/2025/09/13/narcl-auctions-rs-3763-crore-debt-of-wind-world-india/
  • Enercon 2017 India service partners (Renom etc.): https://www.energetica-india.net/news/enercon-returns-to-india-in-cooperation-with-local-service-providers
  • RKG Special Situations Trust directory listing (SEBI registration not verified): https://esi.in/finance/investments/sebi/alternative-investment-funds/rkg-special-situations-trust/
  • Yahoo Finance daily series (cross-check of NSE closes; URL Not Available: the research file cites it by name only)

Not Available (searched, not found)

ItemWhere searched
Index membership; CIN and registered addressScreener, Trendlyne, Tickertape, exchange pages; not in any of the seven files
Q2 FY27 results dateNSE announcements and board-meeting records (trading window closed since 1 Oct 2026)
Top-5 customers; contract expiry profile; named suppliers; import shareAnnual report, Placement Document, five transcripts
Identity of the Rs 37.64 cr consultancy customerAnnual report and Placement Document (unnamed)
RKG funds: manager, owners, holdings, valuation report; any Wind World claim holdingsAnnual report, Placement Document, NCLT order, Authum filings, esi.in directory
Pledge lender, date and purpose (Reg 31(1) filing)Placement Document, shareholding pattern, SAST 31(4), IWL announcement list, NSE pledge API (empty)
Completion filing for the Wind World O&M transfer; customer novations; CCI filingNSE announcement list to 13 Oct 2026; Placement Document; NCLT order
Reason for CRISIL withdrawalCRISIL rationale, company letter of 23 Sep 2026 (no reason stated)
Cause of the 8 Oct 2026 fallNSE filings, bhavcopy, bulk deals, news (none found)
Sell-side consensus, FY+1 and FY+2 estimatesScreener, Sharpely, Tickertape, Trendlyne, TipRanks
3-year average multiples; current ratio; debt maturity scheduleScreener, CRISIL, annual report summaries
Organic versus inorganic revenue splitAnnual report, Placement Document, calls
Education and background of Vivek and Devansh Jain; director remuneration table; PIT disclosuresCompany pages, Wikipedia, annual report extraction
Peers: Envision, SGRE India, Senvion/Alfanar, Adani Wind, Vestas, ReGen, independents; Renom financialsScreener, Suzlon deck, Wikipedia: not retrieved
Reddit, X, Telegram, Morningstar forums; Mint expert names and targetsBlocked or paywalled
ISO 9001 and other certificatesAnnual report, Q1 FY27 deck, website
Inox Wind Energy Ltd (IWEL, NSE IWEL / BSE 543297)Screener labels it "Merged"; merger date and acquirer not stated on the retrieved page and status not verified; no current direct commercial link found
Broker behind a Business Standard-hosted PDF (Jun 2026)Unreadable binary; broker unidentified

Report depth note

Inox Green is a listed mainboard company and this report was built to the full depth standard from seven inputs. Where a field is thin (sell-side coverage, certifications, peer data) it is because the disclosure does not exist or could not be retrieved, and the table above says where it was searched. The Rs 600 cr guidance, the 13.3 GWp fleet and the 50% margin claims are management statements; the audited and filed figures in Tabs 4, 5 and 6 are the reference.