Inox Green Q2 O&M revenue rises 20% to Rs 88.72 crore

Inox Green Energy Services Limited reported Rs 88.72 crore of operations and maintenance, or O&M, revenue for the quarter ended September 30, 2026, up 20% from Rs 73.80 crore a year earlier. Inox Green's O&M business was its only reported operating revenue source in the quarter after the power-evacuation demerger took effect on May 4, 2026.

Did Inox Green's Q2 revenue double?

No, Inox Green's consolidated revenue from operations rose 8% year on year to Rs 88.72 crore from Rs 82.03 crore in the quarter ended September 30, 2025, while O&M revenue rose 20% from Rs 73.80 crore. Revenue did increase 105% sequentially from Rs 43.29 crore in the quarter ended June 30, 2026.

Inox Green's first-half revenue from operations declined by Rs 2.38 crore to Rs 132.01 crore from Rs 134.39 crore in the corresponding 2025 period. The September quarter accounted for Rs 88.72 crore, or roughly two-thirds, of the Rs 132.01 crore reported for the half year ended September 30, 2026.

Total income was Rs 112.96 crore in the September 2026 quarter, down from Rs 119.43 crore a year earlier, because other income declined to Rs 24.24 crore from Rs 37.40 crore. Other income had been Rs 57.89 crore in the June 2026 quarter, so the quarter-on-quarter rise in operating revenue did not correspond to a similar movement in other income.

What business produced Inox Green's September-quarter revenue?

Inox Green reported Rs 88.72 crore of O&M segment revenue in the September 2026 quarter, with no power-evacuation or power-generation revenue reported for that quarter. The O&M segment provides services for wind and solar projects and common infrastructure facilities, and the company said its entire revenue came from the domestic market.

The change follows the separation of the power-evacuation business under a scheme sanctioned by the National Company Law Tribunal, Ahmedabad on March 13, 2026. The scheme became effective on May 4, 2026 after certified orders were filed with the respective Registrars of Companies, and Inox Renewable Solutions Limited issued 4,89,82,030 fully paid equity shares of Rs 10 face value under the share-exchange arrangement.

Inox Green restated balances related to power evacuation under Indian Accounting Standard 105, which covers non-current assets held for sale and discontinued operations. In the September 2025 quarter, the discontinued power-evacuation operation recorded Rs 3.84 crore of revenue from operations and Rs 6.21 crore of other income; no such discontinued-operation revenue was reported in the September 2026 quarter.

How did Inox Green's balance sheet change from March?

Inox Green's consolidated total assets increased to Rs 2,648.75 crore at September 30, 2026 from Rs 2,112.86 crore at March 31, 2026. Equity attributable to owners rose to Rs 2,094.49 crore from Rs 1,716 crore, while current liabilities increased to Rs 519.91 crore from Rs 363.20 crore over the same period.

Current assets rose to Rs 1,815.64 crore at September 30 from Rs 1,040.94 crore at March 31. Bank balances other than cash and cash equivalents increased to Rs 710.19 crore from Rs 417.69 crore, and trade receivables rose to Rs 221.99 crore from Rs 166.18 crore, while cash and cash equivalents fell to Rs 22.32 crore from Rs 86.89 crore.

The balance-sheet movement coincided with a Rs 300 crore qualified institutions placement, or QIP, involving 1,81,10,473 equity shares. Inox Green said the QIP proceeds were held in an escrow account as of September 30, 2026, after shareholders approved the fundraising route at an extraordinary general meeting on August 13, 2026.

What is Inox Green doing with the QIP proceeds?

Inox Green said the Rs 300 crore QIP proceeds are intended for investment in Vibhav Energy Private Limited, repayment or prepayment of borrowings, and general corporate purposes. The planned subsidiary investment is linked to the acquisition of the O&M business undertaking of Wind World (India) Limited.

Vibhav Energy, a special-purpose vehicle of Inox Green, entered into a business transfer agreement with Wind World on September 12, 2026 for Rs 550 crore. Vibhav Energy had paid Rs 300 crore towards the consideration by September 30, 2026, although execution of the agreement remained in process at the date of the financial-results note.

Vibhav Energy also received a Rs 100 crore inter-corporate deposit from Authum Investment and Infrastructure Limited, which was converted into Vibhav Energy equity shares. Inox Green said the required Registrar of Companies filings were in process and that Vibhav Energy had ceased to be a wholly owned subsidiary following the equity issue.

What accounting and regulatory matters remain for Inox Green?

Inox Green had Rs 118.57 crore of O&M services rendered but not yet billed at September 30, 2026. The group recognises O&M revenue on a straight-line basis over the contract period, and management said it expected no material adjustment based on contractual tenability and the progress of negotiations, discussions, arbitration or litigation.

The auditor drew attention to the Rs 118.57 crore unbilled-services matter but did not modify its review conclusion. The auditor also noted that one unaudited subsidiary contributed Rs 4.67 lakh of group revenue and Rs 3.98 lakh of group net profit after tax in the September 2026 quarter, and considered that subsidiary immaterial to the group.

A separate matter concerns six special-purpose vehicles formed for Solar Energy Corporation of India wind projects, for which Inox Green had provided Rs 55.78 crore of bank guarantees. After extension applications were rejected on September 2, 2024 and the Central Electricity Regulatory Commission rejected retention of 300 megawatts of Bhuj-II connectivity on November 17, 2025, Inox Green said it was preparing an appeal before the Appellate Tribunal for Electricity with condonation of delay.

Conclusion

Inox Green's September-quarter results show that O&M became the sole reported operating-revenue source following the May 2026 power-evacuation demerger. O&M revenue rose 20% year on year to Rs 88.72 crore, while consolidated revenue from operations rose 8% because the prior-year base included revenue from other operations and discontinued power evacuation.

The next disclosures to watch are execution of Vibhav Energy's Rs 550 crore business-transfer agreement with Wind World after Rs 300 crore had been paid by September 30, 2026, and deployment of the Rs 300 crore QIP proceeds held in escrow. Inox Green also disclosed the pending appeal linked to Rs 55.78 crore of bank guarantees and Rs 118.57 crore of unbilled O&M services.