Inox Green completes 4.5 GW transfer, consolidation starts Q3 FY27

Inox Green Energy Services Limited has completed payment for the transfer of Wind World India’s 4.5 gigawatt (GW) wind operations and maintenance (O&M) business, with line-by-line consolidation scheduled from Q3 FY27. The acquired portfolio generated Rs 580 crore of O&M revenue in FY26 and has contracted annual price escalation of approximately 5%.

What did Inox Green transfer from Wind World India?

Inox Green completed the transfer of Wind World India’s 4.5 GW wind O&M business through a National Company Law Tribunal process. Payment was made through Inox Green subsidiary Vibhav Energy Private Limited under the Business Transfer Agreement executed between Vibhav Energy and Wind World India.

The 4.5 GW business provides O&M services rather than transferring ownership of the underlying wind-generation assets. Its disclosed client base includes Tata Group, ReNew, Greenko Group, Araapava Energy and Hindustan Zinc, while its assets span Karnataka, Maharashtra, Tamil Nadu, Rajasthan, Gujarat, Madhya Pradesh and Andhra Pradesh.

Inox Green describes the completed transaction as value accretive for shareholders, which is management’s assessment. Management says integration initiatives are under way, identifying enhanced service offerings plus price and cost optimisation as the mechanisms for seeking operational efficiencies across the 4.5 GW portfolio.

When will the transferred business enter Inox Green’s results?

Wind World India’s financials will be consolidated line by line in Inox Green’s accounts from Q3 FY27. The presentation specifies the Q3 FY27 accounting milestone after confirming payment completion, but does not give a date within the quarter for the consolidation start.

The transferred portfolio’s Rs 580 crore FY26 revenue should not be read as a direct comparison with Inox Green’s Rs 113 crore revenue in Q2 FY27. The first figure covers a full financial year for the acquired O&M business, whereas the second is Inox Green’s reported quarterly revenue before the stated Q3 FY27 line-by-line consolidation.

Inox Green reported earnings before interest, tax, depreciation and amortisation, or EBITDA, of Rs 62.5 crore in Q2 FY27. The presentation provides no purchase consideration, funding breakdown, pro forma combined revenue, combined EBITDA estimate or quantified integration-cost target, leaving those measures for later company disclosures.

How does the transfer fit Inox Green’s O&M portfolio?

The transfer is included in Inox Green’s renewable O&M portfolio of about 12.5 gigawatt-peak, or GWp, as of September 2026. The portfolio comprises about 10.4 GW of wind assets and about 2.1 GWp of solar assets, with the total also including an investment made to acquire another approximately 2 GW of wind O&M assets.

Inox Green’s portfolio increased from 0.09 GWp in 2013 to 12.50 GWp in 2025, then remained at 12.50 GWp in September 2026. The presentation says the current measure reflects non-renewal of certain solar O&M contracts that did not meet Inox Green’s margin criteria, alongside the acquired wind assets.

Inox Green offers comprehensive O&M for wind turbine generators, solar projects, hybrid projects and common renewable-project infrastructure. Its contracts are stated to run for five to 20 years, while a separate key-metrics slide says contract tenors can extend to 25 years and have multi-year residual duration.

What supports revenue in the transferred O&M portfolio?

The transferred 4.5 GW portfolio generated Rs 580 crore in FY26 revenue and carries contracted annual price escalation of approximately 5%. These are the two disclosed commercial measures for Wind World India’s O&M business before its Q3 FY27 financial consolidation into Inox Green.

Inox Green’s wider O&M model includes annual maintenance contracts, annual O&M contracts, semi-comprehensive O&M contracts and comprehensive O&M contracts. The presentation also identifies refurbishment, booster sales and carbon-credit trading as value-added services, but does not disclose a separate FY26 revenue contribution for those activities.

In Q2 FY27, Inox Green reported pan-India average machine availability of 96.2%. The company attributes its operating approach to 24x7 centralised asset monitoring, performance analysis, supervisory control and data acquisition analysis, and a focus on preventive rather than reactive maintenance; no separate availability figure is given for the 4.5 GW transferred assets.

What are the disclosed growth and integration items to watch?

The next disclosed event is Q3 FY27 line-by-line consolidation of the 4.5 GW transferred business. That reporting period can show whether Inox Green provides revenue, EBITDA, client-transition or integration-expense detail beyond the acquired portfolio’s FY26 revenue of Rs 580 crore.

Management identifies both inorganic and organic portfolio opportunities. Inorganic opportunities include taking over O&M portfolios of independent power producers and developers, while organic growth could come from O&M contracts linked to Inox Wind turbine sales and from the group’s Inox Clean platform.

The presentation contains two Inox Wind order-book figures in separate contexts: about 4.4 GW on the organic-growth slide and about 3.6 GW of net order book in the key metrics. Inox Green does not reconcile those measures or state how much of either order-book measure will convert into O&M contracts.

Inox Green’s digital initiatives include an upgrade to SAP HANA, development of a mobile-based O&M management tool and 24x7 monitoring. The presentation gives no completion date for the SAP HANA upgrade or the mobile tool, but these initiatives sit alongside the price, cost and service actions management says are under way for the 4.5 GW integration.

Conclusion

Inox Green has completed a 4.5 GW wind O&M business transfer that brings Rs 580 crore of FY26 revenue and approximately 5% annual contractual price escalation into its operating base. The transfer forms part of a September 2026 renewable O&M portfolio of about 12.5 GWp, including about 10.4 GW of wind and about 2.1 GWp of solar assets.

The key disclosed milestone is Q3 FY27, when Inox Green says line-by-line financial consolidation will begin. Subsequent disclosures can clarify the transferred portfolio’s quarterly contribution, the cost and price optimisation measures under way, and the implications of solar-contract non-renewals that accompanied the 12.50 GWp reported portfolio level.