Any current/future new fundraising through debt or equity?

No specific mention of any current or planned fundraising through debt or equity in the transcript. Management indicated that Inox Green is expecting to become net debt-free by March following the Nani Virani divestment. They expect to have very minimal finance costs going forward, mainly routine banking charges (INR 1-3 crores), and do not intend to have significant finance costs next year. The company has no plans for further capital expenditure (capex), which likely reduces the need for raising additional funds. Growth is expected to come through organic and inorganic means without reliance

Current/ Expected Orderbook/ Pending Orders?

Inox Wind's current order book is close to 1,300 MW. The company plans to add a minimum of 500 MW of orders annually starting FY24. INOX Green is committed to doubling its O&M portfolio from 3.2 GW to 6 GW by FY26 through organic and inorganic means. There is a substantial market opportunity with around 10 GW from unorganized and fragmented wind fleet O&M players, particularly distressed OEM assets. INOX Green and its subsidiary I-Fox are actively engaged in discussions with third-party wind O&M service providers for portfolio acquisitions. The subsidiary I-Fox won a 51 MW O&M order from NLC I

Any current/future capex/capital investment/strategic investment?

INOX Green Energy Services Limited currently has **zero capex plans**; the company is not undertaking any new capital expenditure. The company's **net block reduces by depreciation (~INR 50 crores per year)**, and it anticipates eliminating most of its property and plant depreciation by FY26. Future ROCE and ROE are expected to improve as depreciation lowers the net block. Growth is planned through **organic and inorganic portfolio additions**, not capital investments. Inorganic growth opportunities include acquisitions in the **unorganized and fragmented wind O&M sector**, targeting around 10

Future growth expectations in sales/revenue/volumes?

INOX Green aims to nearly double its O&M portfolio from 3.2 GW to 6 GW by FY26 through organic and inorganic growth. Parent company Inox Wind targets executing a minimum of 500 MW of orders annually starting FY24, which will integrate into INOX Green's portfolio. INOX Green expects organic growth of 1,500 MW between FY24 and FY26. There is a 10 GW market opportunity from unorganized, fragmented wind fleet O&M players for inorganic acquisitions. The subsidiary I-Fox recently secured a 51 MW O&M contract with NLC India, indicating order inflows. Management expects steady revenue additi

Future growth expectations in earnings/operating earnings/profits/EPS?

INOX Green aims to nearly double its O&M portfolio from 3.2 GW to 6 GW by FY26 through organic and inorganic growth, adding approximately 1,000 MW annually. Organic growth is expected to contribute around 500 MW per year; inorganic additions come from acquisition opportunities in the fragmented wind O&M market (~10 GW opportunity). EBITDA margins are stable, historically over 50%, and expected to continue. EBITDA run rate is improving; H1 FY24 EBITDA was INR 62 crores, annualized to about INR 125 crores. ROCE and ROE are projected around 18-20%, with improvements expected as depreciation reduc

Inox GreenQ2 FY24Commercial Services & Supplies

Inox Green Q2 FY24 Earnings Call Analysis

Revenue, margin, capex, fundraise and order book outlook from management commentary.

Price: ₹170P/E: 56.4Market Cap: ₹6.9K CrSector: Commercial Services & Supplies

Management growth scorecard

Revenue

Category 2

Margin

Category 3

Fundraise

Order

Yes

Capex

Yes

2 of 5 growth signals are positive.

Full analysis

Revenue guidance

Category 2

INOX Green aims to nearly double its O&M portfolio from 3.2 GW to 6 GW by FY26 through organic and inorganic growth.
Parent company Inox Wind targets executing a minimum of 500 MW of orders annually starting FY24, which will integrate into INOX Green's portfolio.
INOX Green expects organic growth of 1,500 MW between FY24 and FY26.
There is a 10 GW market opportunity from unorganized, fragmented wind fleet O&M players for inorganic acquisitions.
The subsidiary I-Fox recently secured a 51 MW O&M contract with NLC India, indicating order inflows.
Management expects steady revenue additions, with around INR 80 crores incremental revenue annually per 1,000 MW added.
The business enjoys stable, annuity-like revenues with built-in annual escalation and strong stickiness.
Overall outlook is positive, anticipating growth driven by sector tailwinds and strategic acquisitions.

Margin guidance

Category 3

INOX Green aims to nearly double its O&M portfolio from 3.2 GW to 6 GW by FY26 through organic and inorganic growth, adding approximately 1,000 MW annually.
Organic growth is expected to contribute around 500 MW per year; inorganic additions come from acquisition opportunities in the fragmented wind O&M market (~10 GW opportunity).
EBITDA margins are stable, historically over 50%, and expected to continue.
EBITDA run rate is improving; H1 FY24 EBITDA was INR 62 crores, annualized to about INR 125 crores.
ROCE and ROE are projected around 18-20%, with improvements expected as depreciation reduces the gross block.
Finance costs will reduce significantly post debt retirement, virtually eliminating interest expenses by next fiscal year.
Revenue per MW is estimated between INR 8-10 lakhs, with blended EBIT margins of about 50%.
The company expects stable, annuity-like cash flows with long-term contracts (20-25 years), providing predictable profit growth.

See what Inox Green management said on margin guidance — free account, 30 seconds.

Fundraise plans

No specific mention of any current or planned fundraising through debt or equity in the transcript.
Management indicated that Inox Green is expecting to become net debt-free by March following the Nani Virani divestment.
They expect to have very minimal finance costs going forward, mainly routine banking charges (INR 1-3 crores), and do not intend to have significant finance costs next year.
The company has no plans for further capital expenditure (capex), which likely reduces the need for raising additional funds.
Growth is expected to come through organic and inorganic means without reliance on new debt or equity fundraising.

Order book

Yes

Inox Wind's current order book is close to 1,300 MW.
The company plans to add a minimum of 500 MW of orders annually starting FY24.
INOX Green is committed to doubling its O&M portfolio from 3.2 GW to 6 GW by FY26 through organic and inorganic means.
There is a substantial market opportunity with around 10 GW from unorganized and fragmented wind fleet O&M players, particularly distressed OEM assets.
INOX Green and its subsidiary I-Fox are actively engaged in discussions with third-party wind O&M service providers for portfolio acquisitions.
The subsidiary I-Fox won a 51 MW O&M order from NLC India.
Management envisions adding about 1,000 MW annually, split roughly 50-50 between organic growth and inorganic acquisitions.

See what Inox Green management said on order book — free account, 30 seconds.

Capex plans

Yes

INOX Green Energy Services Limited currently has zero capex plans; the company is not undertaking any new capital expenditure.
The company's net block reduces by depreciation (~INR 50 crores per year), and it anticipates eliminating most of its property and plant depreciation by FY26.
Future ROCE and ROE are expected to improve as depreciation lowers the net block.
Growth is planned through organic and inorganic portfolio additions, not capital investments.
Inorganic growth opportunities include acquisitions in the unorganized and fragmented wind O&M sector, targeting around 10 GW of assets from distressed OEMs.
The company recently signed a term sheet to divest 100% stake in 50 MW Nani Virani SPV for ~INR 290 crores to become net debt free.
The focus is on enhancing operational efficiency and digital transformation rather than capital investments.

Track Inox Green — get its next earnings analysis in your feed

How does Inox Green rank vs peers in Commercial Services & Supplies?

Pro feature

ThisInox Green

Rev 2Mar 3

See where Inox Green sits in Commercial Services & SuppliesSee which companies these are, and every other name in the sector.Open rankings

How does Inox Green rank in Commercial Services & Supplies?

Compare Inox Green against every Commercial Services & Supplies company (Q2 FY24) on revenue, margins and earnings-call signals.

View Commercial Services & Supplies leaderboard →

What Inox Green's management said in earlier quarters

Others in Commercial Services & Supplies this season

Qualitek Labs Ltd (Q4 FY26)
Quarter (H2 FY26) Revenue:** ₹70.3 Cr, up 56% YoY from ₹45.2 Cr in H2 FY25. Key concall takeaways from Qualitek Labs Ltd's Q4 FY26 earnings call — and how it…
IIRM Holdings India Ltd (Q4 FY26)
Q4 FY26 Revenue from Operations: ₹651.32 million, up 15.37% YoY from ₹564.6 million in Q4 FY25 (Page 8, 28). Key concall takeaways from IIRM Holdings India…
IIRM Holdings India Ltd (Q1 FY27)
Revenue from operations for Q1 FY27: ₹735.0 million, up 8.1% YoY (Page 9) . Key concall takeaways from IIRM Holdings India Ltd's Q1 FY27 earnings call — and…
Kapston Services Ltd (Q4 FY26)
Q4 FY26 Revenue: ₹216.47 Crores . Key concall takeaways from Kapston Services Ltd's Q4 FY26 earnings call — and how it ranks against sector peers.

Compare:vs Redington vs Firstsour.Solu.vs eClerx Services

🔎 Who's planning the most growth?

Companies ranked by management's own guidance — revenue, margins, capex and order book, from every earnings call in India.

See rankings →