Inox Green Completes 4.5 GW Transfer, Q3 FY27 Consolidation

Inox Green Energy Services Limited has completed payment for the transfer of Wind World India’s 4.5 GW wind operations and maintenance (O&M) business, with line-by-line financial consolidation scheduled from Q3 FY27; Wind World reported Rs 580 crore of O&M revenue in FY26. The transfer is included in Inox Green’s approximately 12.5 GWp renewable O&M portfolio as of September 2026.

What has Inox Green completed for Wind World’s O&M business?

Inox Green has completed payment for the transfer of Wind World India’s 4.5 GW wind O&M business through a National Company Law Tribunal (NCLT) process. The payment was made through its subsidiary, Vibhav Energy Private Limited, under a Business Transfer Agreement between Vibhav Energy and Wind World India.

The completed payment marks the transaction stage disclosed in the Q2 FY27 presentation, rather than immediate recognition of all acquired operations in the profit and loss account. Management described the deal as one of India’s significant renewable O&M transactions and said it sees scope for operational efficiencies, enhanced service offerings, and price and cost optimisation across the transferred business.

Wind World’s stated FY26 O&M revenue was Rs 580 crore. That figure provides a revenue-scale reference for the transferred operation, although the presentation does not provide Wind World’s FY26 profit, margin, purchase consideration, contract duration, or standalone earnings forecast following the transfer.

When will Inox Green consolidate the Wind World business?

Inox Green will consolidate the Wind World O&M business on a line-by-line basis from Q3 FY27. The timing means that the Q2 FY27 financial presentation did not include income from the Wind World O&M portfolio in the reported profit and loss account.

The presentation stated that, had Wind World portfolio income been recognised in Q2 FY27, Inox Wind’s consolidated earnings before interest, tax, depreciation and amortisation (EBITDA) margin would have been about 20%, compared with the reported approximately 17%. This is a management illustration for the quarter, not a reported restated EBITDA result.

Inox Wind reported Q2 FY27 EBITDA of Rs 238 crore, compared with Rs 237 crore in Q1 FY27 and Rs 306 crore in Q2 FY26. Its EBITDA margin declined from 26% in Q2 FY26 to 17% in Q2 FY27, while total income rose to Rs 1,378 crore from Rs 1,162 crore in the year-earlier quarter.

How large is Inox Green’s O&M portfolio after the transfer?

Inox Green’s renewable O&M portfolio was approximately 12.5 gigawatt-peak (GWp) as of September 2026, comprising about 10.4 GW of wind assets and about 2.1 GWp of solar assets. The disclosed total includes Wind World’s O&M portfolio and an investment to acquire another approximately 2 GW of wind O&M assets.

The portfolio is concentrated in wind assets, which account for about 10.4 GW of the disclosed 12.5 GWp total, while solar represents about 2.1 GWp. Inox Green’s operations span Haryana, Rajasthan, Gujarat, Maharashtra, Karnataka, Kerala, Uttar Pradesh, Madhya Pradesh, Andhra Pradesh and Tamil Nadu.

The reported 12.5 GWp asset base also reflects the non-renewal of certain solar O&M contracts that did not meet Inox Green’s margin criteria. The portfolio figure therefore includes both the Wind World addition and the separate approximately 2 GW wind O&M investment, while excluding those solar contracts.

How does Inox Green generate recurring O&M revenue?

Inox Green provides O&M services for wind turbine generators, solar projects, hybrid projects and common renewable infrastructure through contracts running from five to 20 years. The business combines asset operations, centralised monitoring and preventive maintenance rather than turbine or solar-equipment sales.

Inox Green reported pan-India average machine availability of 96.2% in Q2 FY27. The company also operates 24x7 centralised monitoring of assets and reported an operating track record of more than 14 years, with a focus on preventive rather than reactive maintenance.

In addition to core O&M, Inox Green lists refurbishment, booster sales and carbon-credit trading as value-added services. The presentation identifies these as a high-growth vertical, but does not quantify their revenue, margins, contract pipeline, or contribution to Wind World’s Rs 580 crore FY26 O&M revenue.

What could consolidation mean for Inox Wind’s FY28 plan?

Management expects a substantial increase in Inox Green’s EBITDA after consolidation of the acquired O&M portfolios, which it says would lift Inox Wind’s consolidated EBITDA and margins because Inox Green has a higher-margin contribution. This is management’s stated rationale and not reported post-consolidation performance.

Inox Wind’s FY28 guidance is approximately Rs 7,500 crore of revenue and an EBITDA margin of approximately 20%, with both measures including other income. The plan identifies O&M portfolio consolidation, commercial sales of 4X MW turbines, transformer-facility ramp-up and long-term framework orders with the group’s independent power producer company as growth and margin drivers.

The wider group arrangement supplies potential O&M volume from Inox Wind and Inox Clean. Inox Clean had an aggregate portfolio of approximately 9.3 GW as of August 2026, including operational, under-construction, pipeline and future capacity, while Inox Green targets a position among the largest renewable O&M companies globally by 2030.

Conclusion

The completed Wind World payment moves Inox Green from a planned transaction to an integration and reporting phase. The 4.5 GW wind O&M transfer and Wind World’s Rs 580 crore FY26 O&M revenue sit within a disclosed 12.5 GWp portfolio, increasing the scale of Inox Green’s recurring renewable-services operations.

The next disclosed milestone is line-by-line consolidation from Q3 FY27. Investors can watch whether that reporting change produces the higher consolidated EBITDA and margin contribution management expects, alongside portfolio changes from the separate approximately 2 GW wind O&M investment and Inox Green’s stated solar-contract renewal discipline.