Inox Green completes Rs 300 crore QIP and holds it in escrow

Inox Green Energy Services Limited completed a Rs 300 crore qualified institutions placement (QIP) by September 30, 2026, issuing 1,81,10,473 shares, and said the proceeds remained in an escrow account at that date. Management has earmarked the raise for the Wind World O&M acquisition, borrowing repayment and corporate purposes.

How did Inox Green raise Rs 300 crore?

Inox Green raised Rs 300 crore through the issue and allotment of 1,81,10,473 equity shares under a QIP, following shareholder approval at its extraordinary general meeting on August 13, 2026. Each share issued had a face value of Rs 10, and the filing describes the fundraise as completed after the required statutory and regulatory approvals.

The August 13, 2026 mandate authorised the board, including any committee, to raise money in one or more tranches through eligible securities. The Rs 300 crore disclosed is the amount actually raised through the QIP, rather than the value of an unused fundraising authorisation. Inox Green said the funds raised through the issue were held in an escrow account as of September 30, 2026.

The consolidated balance sheet reported equity share capital of Rs 8.50 crore at September 30, 2026, compared with Rs 8 crore at March 31, 2026. Total equity was Rs 2,094.49 crore at September-end, versus Rs 1,716 crore at the prior financial year-end. The Rs 0.50 crore increase in face-value share capital was smaller than the change in total equity because the balance sheet separately includes other equity.

What will Inox Green use the QIP proceeds for?

Inox Green has stated that the QIP proceeds will be used for an investment in Vibhav Energy Private Limited (VEPL), its subsidiary, for part payment towards the acquisition of the operations and maintenance (O&M) business undertaking of Wind World (India) Limited. The other stated uses are repayment or prepayment, in part or in full, of certain outstanding borrowings, and general corporate purposes.

The filing does not disclose a percentage or rupee allocation across the acquisition, borrowings and corporate purposes. It also does not identify the outstanding borrowings that may be repaid or prepaid. As of September 30, 2026, the proceeds were reported as being in escrow, which means the filing does not provide a later release date or a completed deployment schedule.

The acquisition is the most specifically quantified intended use. VEPL entered into a business transfer agreement (BTA) with Wind World (India) Limited on September 12, 2026, for transfer of the latter's O&M business undertaking at a consideration of Rs 550 crore. VEPL had paid Rs 300 crore towards that consideration by September 30, 2026.

What is the status of the Wind World O&M transaction?

The Wind World transaction was still in execution as of September 30, 2026, although VEPL had paid Rs 300 crore of the Rs 550 crore BTA consideration. The filing says the BTA followed the resolution plan of Wind World (India) Limited approved by the National Company Law Tribunal, Ahmedabad Bench, and that execution of the agreement remained in process.

The filing reports both the QIP proceeds as held in escrow and VEPL's Rs 300 crore acquisition payment at September 30, 2026. It does not state that the escrowed QIP proceeds funded that payment. Therefore, the disclosed information establishes the planned use of the capital raise but does not provide a dated reconciliation between the QIP balance and VEPL's payment.

VEPL also received an inter-corporate deposit of Rs 100 crore from Authum Investment and Infrastructure Limited, which was converted into VEPL equity shares. VEPL was in the process of filing necessary forms and returns with the Registrar of Companies, and it ceased to be a wholly owned subsidiary of Inox Green following the equity issue.

How did Inox Green's operations and financial position change?

Inox Green's consolidated O&M segment revenue rose to Rs 88.72 crore in the quarter ended September 30, 2026, from Rs 73.80 crore in the quarter ended September 30, 2025. For the half year ended September 30, 2026, O&M revenue increased to Rs 132.01 crore from Rs 113.26 crore a year earlier, showing higher segment revenue in both reported periods.

In standalone continuing operations, revenue was Rs 65.02 crore in the September 2026 quarter, down from Rs 69.05 crore in the corresponding 2025 quarter. However, profit before tax increased to Rs 50.03 crore from Rs 15.91 crore, while earnings before interest, tax, depreciation and amortisation (EBITDA) rose to Rs 51.77 crore from Rs 27.25 crore.

For the half year ended September 30, 2026, standalone continuing-operations revenue was Rs 94.53 crore, compared with Rs 113.06 crore in the preceding-year period. Half-year net profit after tax rose to Rs 50.94 crore from Rs 17.27 crore, while EBITDA increased to Rs 75.59 crore from Rs 53.95 crore. The filing reports the figures but does not explain the reasons for the change in profitability.

On the consolidated balance sheet, total assets were Rs 2,648.75 crore at September 30, 2026, up from Rs 2,112.86 crore at March 31, 2026. Bank balances other than cash equivalents increased to Rs 710.19 crore from Rs 417.69 crore, while cash and cash equivalents declined to Rs 22.32 crore from Rs 86.89 crore. The filing separately identifies the QIP money as held in escrow.

Conclusion

Inox Green completed a Rs 300 crore equity raise while its stated deployment plan covers VEPL's proposed acquisition of Wind World's O&M undertaking, repayment or prepayment of borrowings and corporate purposes. The planned acquisition has a disclosed Rs 550 crore consideration, of which VEPL had paid Rs 300 crore by September 30, 2026, while O&M segment revenue increased in both the September quarter and first half.

The next disclosed developments to watch are execution of the September 12, 2026 BTA, completion of VEPL's filings after the Rs 100 crore equity conversion, and the release and allocation of the QIP funds held in escrow at September 30, 2026. Inox Green has not identified the borrowings intended for repayment or prepayment, leaving the eventual debt deployment unresolved in the filing.