Inox Green Energy Services Ltd

Certificate details

• Certificate under Regulation 74(5) from the RTA enclosed.

Inox Green Energy Services Ltd — Trading Window Closed from 1 October 2026 till completion of 48 hours after the declaration of unaudited Financial Results for the quarter and half year ending 30 September 2026 and submission thereof to the Stock Exchanges

QIP details

• Fundraising via Qualified Institutions Placement of equity shares.
• Equity shares of Rs 10 face value issued under QIP.
• Total 1,81,10,473 shares issued; aggregate Rs 299.99 crore.
• Issue price Rs 165.65; floor price Rs 174.36; discount Rs 8.71 (5%).
• Operations Committee approved issue/allotment on 29 Sep 2026.
• Opening date 24 Sep 2026.
• Closing date 29 Sep 2026; Allotment date 29 Sep 2026.
• Paid-up capital increased to Rs 419.60 crore.
• Total shares now 41,96,02,518.
• Bandhan Small Cap Fund allotted 45,00,000 shares (24.85%).
• Leading Light Fund VCC-The Vintage allotted 30,18,412 shares (16.67%).
• India Opportunities Growth Fund Ltd - Pinewood Strategy allotted 21,14,631 shares (11.68%).
• Elm Park Fund Limited allotted 18,11,047 shares (10.00%).
• ITI Small Cap Fund allotted 9,23,634 shares (5.10%).
• Societe Generale - ODI allotted 11,55,822 shares (6.38%).

QIP details

• Type: equity shares of Rs 10 face value.
• Opening date 24 Sept 2026; closing date 29 Sept 2026.
• Allocation of 18,110,473 equity shares at Rs 165.65 per share with Rs 8.71 discount to floor.
• Floor price Rs 174.36; discount 5%.
• Closure approved and issue allocated by Operations Committee.
• Placement Document dated 29 Sept 2026 approved.
• Allocation note to be sent to eligible QIBs.

AGM Details

• Date: 25-09-2026; Mode: VC/OAVM; Record date: 18-09-2026.

Key Resolutions

• Resolution 1 (Ord): Adoption of standalone and consolidated financial statements; passed.
• Resolution 2 (Ord): Re-appointment of director by rotation; passed.
• Resolution 3 (Spec): Re-appointment as Whole-time Director; passed.
• Resolution 4 (Spec): Re-appointment of Independent Director; passed.
• Resolution 5 (Ord): Approval of remuneration to Cost Auditors; passed.
• Resolution 6 (Ord): Approval of material related party transactions (Company); passed.
• Resolution 7 (Ord): Approval of material related party transactions (subsidiaries); passed.

Voting Results

• Resolution 1: Passed; overwhelming support.
• Resolution 2: Passed; minority dissent observed.
• Resolution 3: Passed; notable dissent in AGM voting.
• Resolution 4: Passed; some dissent.
• Resolution 5: Passed; small dissent.
• Resolution 6: Passed; some dissent.
• Resolution 7: Passed; minor dissent.

Director Changes

• Director changes: rotation-based re-appointment; Whole-time Director; Independent Director re-appointment.

RPT Approvals

• Approval of material related party transactions for the Company; approved.
• Approval of material related party transactions for subsidiaries; approved.

AGM Details

• AGM held on 25 September 2026 at 12:00 IST via VC/OAVM, concluded 12:47 IST.
• Remote e-voting 22–24 September 2026; AGM voting also available.
• Chairman: Shri Manoj Dixit chaired the meeting.

Resolutions

• Ordinary Business 1: Adoption of audited standalone and consolidated financial statements for FY 2025-26.
• Ordinary Business 2: Re-appointment of Manoj Dixit as Director.
• Special 3: Re-appointment of Manoj Dixit as Whole-time Director (Special Resolution).
• Special 4: Re-appointment of Bindu Saxena as Independent Director (Special Resolution).
• Ordinary 5: Ratification of remuneration payable to Cost Auditors for FY 2027.
• Ordinary 6: Approval of Material Related Party Transactions of the Company.
• Ordinary 7: Approval of Material Related Party Transactions of subsidiaries.

Voting Update

• E-voting results to be announced within 2 working days on company/stock exchange portals.
• Results to be announced by Company Secretary and Scrutinizer.

QIP details

• Equity shares of Rs 10 each to be issued under QIP.
• Floor price fixed at Rs 174.36 per equity share.
• Discount on floor price allowed up to 5%.
• Opening of the Issue approved for 24 September 2026.
• Relevant date fixed as 24 September 2026.
• Issue price to be determined in consultation with BRLM.
• Board approved on 22 July 2026; shareholders approved at EGM on 13 August 2026.
• Operations Committee approved opening, floor price, and preliminary placement document on 24 September 2026.
• Trading window closed for designated persons from 24 September 2026 until 48 hours after price determination.

Overview

• Standalone BRSR for FY2025-26; IGESL provides wind energy O&M services.
• O&M accounts for 76.11% of turnover; services sold contribute 23.89%.
• Markets served: 8 Indian states; domestic turnover, no exports.
• Workforce: 357 permanent employees and 213 workers.
• Board female representation: 1 of 6; no female KMP.
• CSR applicable; turnover ₹23,847.72 lakh; net worth ₹1,73,151.09 lakh.
• BR&S Committee oversees ESG policy implementation; ISO 14001:2015 and ISO 45001:2018 certifications.
• Reporting boundary: Standalone; no external assurance obtained.

Key ESG Risks & Opportunities

• Financial risk from EPC liabilities mitigated; contingent liabilities cleared and major litigation resolved.
• Redeemable preference shares and CCPS converted to equity; strengthens capital structure.
• Geopolitical risk: supply disruption; mitigated by in-house repairs and parent-supplied components.
• Opportunity: technological advancements and R&D to lower turbine operating costs.
• Market potential: growing green energy demand; plan to expand O&M portfolio.
• Weather risk: emergency notices and force majeure reduce penalties; potential disruptions still present.
• Supplier concentration risk; plan to qualify alternate suppliers to boost flexibility.
• LD risk: targeted preventive maintenance to reduce liquidated damages to ₹4–5 Cr.

Governance & Policy Highlights

• Board established BR&S Committee to implement sustainability policies.
• Policies include anti-bribery, whistleblower, HSE manual; board-approved.
• ISO 14001:2015 and ISO 45001:2018 certifications in place.
• Policies extend to value chain; vendors must comply with HSE standards.
• No external assurance; no penalties reported in disclosures.
• NGRBC reviews by Board/Committee; policies approved by Board.

Social Responsibility & Workforce

• Total workforce: 357 permanent and 213 workers; 570 total.
• Board female representation: 16.7%; KMP female: 0%.
• LTIFR: employees 0.806; workers 0.206; injuries recorded total 2.
• Return-to-work: permanent male 100%; female 0%; workers male 100%; female 0%.
• PF and gratuity 100% for permanent staff; group medical insurance and Workmen’s Comp.
• Equal opportunity and human rights policies; premises accessible to differently abled.
• 196 employee training programs; 1 board-level sustainability training; 2 POSH trainings for KMP.
• Grievance redressal mechanism available to all employees and workers.

Environmental Performance

• Total energy consumption: 20,830 units; electricity 823; fuel 20,007; intensity 0.740.
• Scope 1: 1,363 tCO2e; Scope 2: 187 tCO2e; total 1,550 tCO2e; intensity 3.64 t/Cr turnover.
• Water: groundwater 4,225 kl; total withdrawal 4,225 kl; water intensity 9.91 per crore turnover.
• Water discharge: total 5,848 kl; 1,625 kl to third parties.
• Waste: total 29.68 t; plastics 1.42 t; e-waste 2 t; batteries 1.77 t; other hazardous 19.94 t.
• Recycled/recovered waste 25.17 t; ISO 14001 and ISO 45001 certifications maintained.

Stakeholder Engagement & Complaints

• Stakeholders include communities, customers, employees, investors, lenders, government, and vendors.
• Engagement channels: meetings, surveys, website portals; frequency on need basis or annually for investors.
• Grievance mechanisms in place; grievances reviewed and resolved; no material unresolved issues noted.

Other Notable Metrics

• Related Party Transactions: purchases from related parties 16.15%; sales to related parties 25.09%.
• Loans to related parties 100%; investments in related parties 100%.
• Data privacy: no data breaches; information security controls in place; no incidents.
• Anti-corruption policy in place; Whistleblower policy; policy publicly linked.

Financial performance

• Consolidated total income FY25-26: ₹426.21 Cr (42,621 Lakh)
• Standalone revenue from operations FY25-26: ₹238.48 Cr (23,847.72 Lakh)
• Standalone PAT FY25-26: ₹5,247.26 Lakh
• Consolidated PAT FY25-26: ₹10,344 Lakh

O&M portfolio and operations

• O&M portfolio ~13+ GWp; wind 10.3 GW, solar 3.0 GWp
• Wind World India O&M portfolio ~4.5 GW; completion expected Q2 FY27

Growth and strategy

• Demerger of evacuation infrastructure completed; Inox Green focused on renewable O&M
• Wind World India O&M merger-approved acquisition; scale and reach to improve efficiencies

Capital structure and liquidity

• Total debt consolidated ₹10,508.07 Lakh; net debt ₹1,818.73 Lakh; net debt/equity 0.01x
• Cash and bank balances: ₹50,458.47 Lakh