### **Overview** Inox Green Energy Services Ltd. (IGESL) is India’s **only listed pure-play renewable energy Operations & Maintenance (O&M) services company**, and a subsidiary of **Inox Wind Limited (IWL)**, part of the **~$12 billion INOXGFL Group**. With over **12.5 GW of renewable assets under management** as of November 2025, IGESL has emerged as a leading O&M provider and is aggressively positioning itself to become **India’s largest renewable O&M company**. Backed by strong group synergies, technological innovation, and a disciplined growth strategy, IGESL operates across **12 Indian states**, offering long-term, high-margin O&M services for **wind, solar, hybrid projects, and shared infrastructure** to a diversified clientele including PSUs, IPPs, and corporates. --- ### **Core Business & Portfolio** - **Total O&M Portfolio:** ~12.5 GW - ~10 GW in **wind** - ~2.5 GW in **solar** - **Geographic Footprint:** Operations across high-wind, policy-supportive states such as Gujarat, Rajasthan, Madhya Pradesh, Karnataka, Tamil Nadu, and Andhra Pradesh. - **Client Base:** Independent Power Producers (IPPs), Public Sector Enterprises (PSUs), Commercial & Industrial (C&I) clients, and private investors. - **Contract Tenure:** Long-term agreements ranging from **5 to 25 years**, with built-in price escalation clauses, ensuring **predictable, annuity-style cash flows**. - **Revenue Streams:** Core O&M contracts, contract resets, and high-growth **value-added services** such as turbine refurbishment, booster sales, carbon credit trading, and performance optimization. --- ### **Growth Strategy: Organic & Inorganic Expansion** IGESL follows a **dual-pronged growth strategy** to scale its portfolio and enhance market share: #### **1. Organic Growth Drivers:** - **Parent Company Order Book:** Nearly all wind turbines sold by **Inox Wind (IWL)** are accompanied by exclusive long-term O&M contracts with IGESL. IWL’s robust order book of **~3.1 GW (Nov 2025)** ensures strong execution visibility through FY26. - **Strategic Arrangements:** - **Exclusive O&M agreement with Inox Solar** for all solar projects where Inox Solar supplies modules, enabling integrated module-to-maintenance solutions. - **Preferred O&M partner for Inox Neo Energies**, a group IPP targeting over **3 GW of annual capacity addition**, with a hybrid (wind + solar + BESS) focus. - **Contract Renewals & Resets:** O&M contracts nearing expiration offer opportunities to reset pricing and expand scope, improving profitability. #### **2. Inorganic Growth Opportunities:** - **Portfolio Acquisitions:** Targeting distressed or underperforming O&M portfolios from inactive OEMs and IPPs managing ~10 GW of wind capacity. - **Recent Acquisitions:** Acquisition of **I-Fox Windtechnik (4x EBITDA)** significantly enhanced technical capabilities and regional footprint in South India, enabling multi-OEM turbine servicing. - **Strategic Focus:** Acquiring contracts from bankrupt OEMs and captive O&M divisions of IPPs seeking cost efficiency and professionalization. Target: Expand O&M portfolio to **~17 GW by 2027**, with wind remaining the core segment and solar/hybrid growing rapidly. --- ### **Operational Excellence & Technology Edge** IGESL leverages **advanced technology and predictive analytics** to maximize asset performance: - **24x7 Centralized Monitoring & SCADA System:** Real-time data monitoring across 250+ turbine parameters using **AMSC’s wtSCADA**, enabling early fault detection. - **Predictive Maintenance Model:** Reduces unplanned downtime and extends turbine life, achieving an average **machine availability of 96.3% in FY25**. - **Digital Innovation:** Adoption of AI-driven planning, drone inspections, and **SAP HANA** for data management. Mobile-based O&M tools enhance field efficiency. - **Skilled Workforce:** 'VayuVeer' training program trains technicians in safety, modern technologies, and best practices. - **EBITDA Margins:** ~50%, supported by asset-light model and operational efficiencies. --- ### **Group Synergies & Ecosystem Integration** As part of the **integrated INOXGFL Group**, IGESL benefits from a powerful internal ecosystem: - **Inox Wind Ltd. (IWL):** India’s leading fully integrated wind energy player; OEM synergy ensures captive O&M flow. - **Inox Solar:** Fully integrated solar manufacturer (targeting 7.5 GW cell & module capacity); exclusive O&M tie-up with IGESL. - **Inox Neo Energies:** IPP arm targeting **10 GW hybrid capacity** in 2–3 years; future source of large-scale O&M contracts. - **Inox Renewable Solutions Ltd. (IRSL):** Formerly Resco Global; handles EPC, power evacuation, and crane/transformer manufacturing. - **Demerger Benefits:** The transfer of substation and common infrastructure assets to IRSL has made IGESL **more asset-light**, improving margins and RoCE. --- ### **Financial & Strategic Highlights (Nov 2025)** - **Order Book Support:** IWL’s order book (~3.1 GW) provides **18–24 months of O&M visibility**. - **Revenue Growth:** - **FY25 Revenue:** ₹290 crores (+29% YoY) - **FY25 PAT:** ₹21.8 crores (+90% YoY) - **Cash Flow Model:** Annuity-based, inflation-protected (5% escalation clause), and highly resilient. - **Balance Sheet Strategy:** Transitioning to **net debt-free status**, aided by the divestment of the 50 MW Nani Virani SPV. - **ESG Commitment:** Participated in **S&P CSA 2024**, independently verified by EY; strong focus on sustainability and governance.