Inox Green Energy Services Ltd

- 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.

- 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.

- 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.

- 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.

- 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.