Current/ Expected Orderbook/ Pending Orders?

Current wind O&M portfolio: ~3.5 gigawatts as of Q2 FY '25. Expected portfolio: Target to reach 6 gigawatts by FY '26. Longer-term guidance: 10 gigawatts in the next 3 to 4 years. Organic growth: INOX Wind targeting to execute at least 4 gigawatts orders by FY '27 to be added to INOX Green. Inorganic growth: Actively evaluating multiple M&A opportunities and acquiring portfolios of other ISPs. Recent inorganic addition: I-FOX Windtechnik added 54 megawatts. Strategic investments made (~Rs. 200 crores) to enhance pipeline. Orderbook outlook: Strong growth both organically and via acquisitions w

Any current/future new fundraising through debt or equity?

INOX Green Energy Services Limited has called in the first Rs. 500 crores of a planned Rs. 1,000 crores equity raise. The next Rs. 500 crores of the preferential equity raise, available for the next 15 months, has not yet been called. Rs. 200 crores from the initial equity raise is currently held as liquid cash on the balance sheet. Rs. 100 crores was used towards debt pre-payment. The company is prudently evaluating multiple inorganic growth opportunities and will utilize the available cash for acquisitions that fit its capital allocation policy. No details were shared about raising new debt;

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

INOX Green has made a strategic investment of around Rs. 200 crores in an entity expected to add significant value; details to be disclosed in the coming months. The company is evaluating multiple inorganic growth opportunities with a stringent capital allocation policy, avoiding overpaying for acquisitions. They have completed the acquisition of I-FOX Windtechnik, which doubled profitability and size in 12 months. The company plans to call for the next Rs. 500 crores preferential equity within the next 15 months for further capital needs. Transformer and crane businesses are part of Resco (a

Future growth expectations in sales/revenue/volumes?

INOX Green aims to nearly double its O&M portfolio to 6 gigawatts by FY 2026 and reach 10 gigawatts within 3-4 years. INOX Wind plans to add at least 4 gigawatts organically to INOX Green’s order book by FY 2027. The company is actively pursuing inorganic growth opportunities through acquisitions and tenders for third-party wind assets. Recent strategic investments and acquisitions like I-FOX (adding 54 MW to the portfolio) are driving growth. The wind power sector outlook remains strong with around 12 gigawatts of hybrid FDRE wind capacities awarded in FY 2025. The company expects continuous

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

INOX Green targets significant portfolio growth: 6 GW by FY '26 and 10 GW within 3-4 years, driven by strong organic and inorganic growth. O&M business operates at approximately 50% EBITDA margin, expected to sustain. Removal of power evacuation business will eliminate depreciation (~Rs. 16-17 Cr per quarter), potentially improving quarterly PAT by Rs. 12 Cr+, enhancing profitability. Tax outflows expected to be nil for next 2-3 years due to carried forward losses, boosting PAT conversion. Strategic Rs. 200 Cr investment and prudent capital allocation aim to add significant value and accelerat

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Inox Green Energy Services LtdQ3 FY24Commercial Services & Supplies

Inox Green Energy Services Ltd Q3 FY24 Earnings Call Analysis

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

Price: ₹198P/E: 89.0Market Cap: ₹7.1K CrSector: Commercial Services & Supplies

Management growth scorecard

Revenue

Category 1

Margin

Category 3

Fundraise

Yes

Order

Yes

Capex

Yes

4 of 5 growth signals are positive — a strong management growth story.

Full analysis

Revenue guidance

Category 1

→INOX Green aims to nearly double its O&M portfolio to 6 gigawatts by FY 2026 and reach 10 gigawatts within 3-4 years.
→INOX Wind plans to add at least 4 gigawatts organically to INOX Green’s order book by FY 2027.
→The company is actively pursuing inorganic growth opportunities through acquisitions and tenders for third-party wind assets.
→Recent strategic investments and acquisitions like I-FOX (adding 54 MW to the portfolio) are driving growth.
→The wind power sector outlook remains strong with around 12 gigawatts of hybrid FDRE wind capacities awarded in FY 2025.
→The company expects continuous robust commissioning of wind capacities, providing long-term multi-decadal O&M opportunities.
→Revenue growth is supported by a broadening portfolio, increased machine availability (96.4% in Q2 FY25), value-added and refurbishment services.

Margin guidance

Category 3

→INOX Green targets significant portfolio growth: 6 GW by FY '26 and 10 GW within 3-4 years, driven by strong organic and inorganic growth.
→O&M business operates at approximately 50% EBITDA margin, expected to sustain.
→Removal of power evacuation business will eliminate depreciation (~Rs. 16-17 Cr per quarter), potentially improving quarterly PAT by Rs. 12 Cr+, enhancing profitability.
→Tax outflows expected to be nil for next 2-3 years due to carried forward losses, boosting PAT conversion.
→Strategic Rs. 200 Cr investment and prudent capital allocation aim to add significant value and accelerate growth.
→Continuous cost control and operational efficiency, including indigenization of spares and in-house crane operations, will improve margins.
→Recent acquisitions like I-FOX and inorganic expansions contribute to profit growth.
→Free two-year O&M post-turbine commissioning is accounted for by revenue recognition over contract life, ensuring stable future earnings.

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Fundraise plans

Yes

→INOX Green Energy Services Limited has called in the first Rs. 500 crores of a planned Rs. 1,000 crores equity raise.
→The next Rs. 500 crores of the preferential equity raise, available for the next 15 months, has not yet been called.
→Rs. 200 crores from the initial equity raise is currently held as liquid cash on the balance sheet.
→Rs. 100 crores was used towards debt pre-payment.
→The company is prudently evaluating multiple inorganic growth opportunities and will utilize the available cash for acquisitions that fit its capital allocation policy.
→No details were shared about raising new debt; the focus appears to be on judicious use of existing equity funds.
→The management emphasizes disciplined capital allocation and will avoid overpaying for acquisitions.

Order book

Yes

→Current wind O&M portfolio: ~3.5 gigawatts as of Q2 FY '25.
→Expected portfolio: Target to reach 6 gigawatts by FY '26.
→Longer-term guidance: 10 gigawatts in the next 3 to 4 years.
→Organic growth: INOX Wind targeting to execute at least 4 gigawatts orders by FY '27 to be added to INOX Green.
→Inorganic growth: Actively evaluating multiple M&A opportunities and acquiring portfolios of other ISPs.
→Recent inorganic addition: I-FOX Windtechnik added 54 megawatts.
→Strategic investments made (~Rs. 200 crores) to enhance pipeline.
→Orderbook outlook: Strong growth both organically and via acquisitions with a stringent capital allocation policy.
→Ongoing participation in tenders for O&M and refurbishment projects.
→Average contract length increasing, currently around 10 years for typical O&M contracts.

Capex plans

Yes

→INOX Green has made a strategic investment of around Rs. 200 crores in an entity expected to add significant value; details to be disclosed in the coming months.
→The company is evaluating multiple inorganic growth opportunities with a stringent capital allocation policy, avoiding overpaying for acquisitions.
→They have completed the acquisition of I-FOX Windtechnik, which doubled profitability and size in 12 months.
→The company plans to call for the next Rs. 500 crores preferential equity within the next 15 months for further capital needs.
→Transformer and crane businesses are part of Resco (a subsidiary), with cranes being acquired for captive use and potentially third-party services.
→No plans to acquire transformer companies directly; focusing on value addition through tolling to enhance profitability.

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