Any current/future new fundraising through debt or equity?

There is no explicit mention of any current or planned fundraising through debt or equity for Inox Green Energy Services Limited in the Q3 FY24 earnings call transcript. S.K. Mathusudhana and Devansh Jain clarified that Inox Green does not plan any future CapEx; all future development CapEx will be incurred by its subsidiary Resco Global. The company is focused on generating free cash flows with no debt and minimal working capital, indicating a preference for organic growth and cash flow funding. Management highlighted that they have dividend policies in place and will consider dividends once

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

No future CapEx will be incurred under Inox Green Energy Services Limited, as stated by S.K. Mathusudhana. The current depreciation expense of around INR 13 crore per quarter will remain constant until the existing net block is fully depreciated. Future capital investments related to development, such as transmission line infrastructure, will be undertaken by Resco Global, a 100% subsidiary of Inox Wind, not under Inox Green. Resco Global will also carry out all future development beyond the current 4 GW capacity, including scale-up plans up to 6 GW and beyond. The company is actively pursuing

Future growth expectations in sales/revenue/volumes?

Inox Green Energy Services aims to nearly double its O&M portfolio from 3.2 GW to 6 GW by FY26 through organic and inorganic growth. Organic growth is expected with Inox Wind ramping up execution to a 2 GW scale soon, contributing to Inox Green's growth indirectly. The company is targeting a 6 GW portfolio by 2026 and envisions building a 10 GW platform in the longer term. Significant order wins by Inox Wind, including a large 1500 MW order from CESC and other major orders, will benefit Inox Green. Inorganic growth through acquisitions is in progress, with recent majority stakes acquir

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, supporting revenue growth. The company emphasizes profitability over market share growth, focusing on organic expansion to 2 GW scale soon. No further CapEx is planned under Inox Green; future infrastructure investments will be through Resco Global, a 100% subsidiary of Inox Wind, implying steady depreciation expense (~INR 13 crore quarterly). The business model centers on stable, long-term annuity cash flows with comprehensive contracts and annual escalations, leading to sticky revenues and stable margins. Inorgan

Current/ Expected Orderbook/ Pending Orders?

Inox Wind has a very healthy and strong order book, including: - A large 279 MW order from a C&I player. - A 50 MW order from Navratna PSU, NLC India. - A mega order win of 1500 MW from CESC, the largest wind order ever awarded to an OEM in India. The company is gearing up for GW scale execution aiming to reach around 2 GW soon. Inox Green Energy Services aims to double its O&M portfolio from the current 3.2 GW to 6 GW by FY26 through organic and inorganic growth. The group targets a 6 GW overall capacity by 2026 and envisions eventually creating a 10 GW platform. Inorganic growth includ

Inox GreenQ3 FY24Commercial Services & Supplies

Inox Green Q3 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

N/A

Order

Yes

Capex

Yes

2 of 4 growth signals are positive.

Full analysis

Revenue guidance

Category 2

Inox Green Energy Services aims to nearly double its O&M portfolio from 3.2 GW to 6 GW by FY26 through organic and inorganic growth.
Organic growth is expected with Inox Wind ramping up execution to a 2 GW scale soon, contributing to Inox Green's growth indirectly.
The company is targeting a 6 GW portfolio by 2026 and envisions building a 10 GW platform in the longer term.
Significant order wins by Inox Wind, including a large 1500 MW order from CESC and other major orders, will benefit Inox Green.
Inorganic growth through acquisitions is in progress, with recent majority stakes acquired in I-Fox and Resowi, and more acquisitions under advanced discussions to expand capabilities and customer base.
Average annual O&M revenue per MW is around INR 8-10 lakhs, with revenues expected to grow in line with capacity additions.
The company focuses on profitability and sustainable cash flows, rather than pursuing volume growth at the cost of losses.

Margin guidance

Category 3

Inox Green aims to nearly double its O&M portfolio from 3.2 GW to 6 GW by FY26, supporting revenue growth.
The company emphasizes profitability over market share growth, focusing on organic expansion to 2 GW scale soon.
No further CapEx is planned under Inox Green; future infrastructure investments will be through Resco Global, a 100% subsidiary of Inox Wind, implying steady depreciation expense (~INR 13 crore quarterly).
The business model centers on stable, long-term annuity cash flows with comprehensive contracts and annual escalations, leading to sticky revenues and stable margins.
Inorganic growth through acquisitions (e.g., I-Fox and Resowi) supplements expansion, with multiple acquisition opportunities in advanced stages, potentially accelerating earnings.
Management indicates operational excellence and improved efficiencies will support profitability, with free cash flows expected to fund dividends and strategic opportunities in the future.

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

Fundraise plans

There is no explicit mention of any current or planned fundraising through debt or equity for Inox Green Energy Services Limited in the Q3 FY24 earnings call transcript.
S.K. Mathusudhana and Devansh Jain clarified that Inox Green does not plan any future CapEx; all future development CapEx will be incurred by its subsidiary Resco Global.
The company is focused on generating free cash flows with no debt and minimal working capital, indicating a preference for organic growth and cash flow funding.
Management highlighted that they have dividend policies in place and will consider dividends once significant free cash flow is achieved but did not mention raising funds via equity or debt.
Discussions on acquisitions and growth are being pursued but funding strategies for those were not specifically detailed.

Order book

Yes

Inox Wind has a very healthy and strong order book, including:
- A large 279 MW order from a C&I player.
- A 50 MW order from Navratna PSU, NLC India.
- A mega order win of 1500 MW from CESC, the largest wind order ever awarded to an OEM in India.
The company is gearing up for GW scale execution aiming to reach around 2 GW soon.
Inox Green Energy Services aims to double its O&M portfolio from the current 3.2 GW to 6 GW by FY26 through organic and inorganic growth.
The group targets a 6 GW overall capacity by 2026 and envisions eventually creating a 10 GW platform.
Inorganic growth includes acquisitions like majority stakes in I-Fox and Resowi, with several other acquisition opportunities under advanced discussion.

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

Capex plans

Yes

No future CapEx will be incurred under Inox Green Energy Services Limited, as stated by S.K. Mathusudhana.
The current depreciation expense of around INR 13 crore per quarter will remain constant until the existing net block is fully depreciated.
Future capital investments related to development, such as transmission line infrastructure, will be undertaken by Resco Global, a 100% subsidiary of Inox Wind, not under Inox Green.
Resco Global will also carry out all future development beyond the current 4 GW capacity, including scale-up plans up to 6 GW and beyond.
The company is actively pursuing inorganic growth through acquisitions, with recent stakes taken in I-Fox and Resowi, and further acquisition opportunities being evaluated, including some in NCLT.
Strategic investments focus on expanding O&M services and technical capabilities, rather than heavy asset-based CapEx within Inox Green itself.

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