Inox Green Energy Services Ltd

Scheme update

• IRSL allotted 4,89,82,030 equity shares to IGESL's eligible shareholders.
• Record Date fixed at 1 August 2026.
• Allotment date: 24 August 2026.
• Scheme sanctioned by NCLT Ahmedabad Bench on 13 March 2026.
• Credit to demat accounts and listing/trading approvals pending.

Purpose

• Approve fund-raising in one or more tranches via equity or other securities.

Resolutions & outcomes

• Special Resolution 1: raise funds via equity/other securities; promoter interest: No; approved 99.999%.
• Ordinary Resolution 2: approve material related party transaction; promoter group interested; approved 99.996%.

Shareholding/Control impact

• No post-issue shareholding details disclosed; no material changes to promoter holding or control stated.

Funds use / Objects

• Not disclosed; fund-raising details provided without deployment specifics.

Governance changes

• No changes to board or key management announced.

Other significant impacts

• Promoter interest in related party transaction noted; Scrutinizer's report confirms approvals.

Fundraising proposal

• Special resolution to raise funds in one or more tranches via equity shares and/or other eligible securities.

Related party transactions

• Special resolution to approve material related party transactions.

Voting and results timeline

• Remote e-voting conducted 10–12 Aug 2026; EGM voting included.
• Company Secretary to declare results; results to be posted within 2 working days.

EGM format

• EGM held on 13 August 2026 via VC/OAVM.

Financial Performance

• Consolidated Q1 FY27 revenue for INOX Wind was INR 872 crore.
• Consolidated Q1 FY27 EBITDA was INR 237 crore.
• Consolidated Q1 FY27 PBT was INR 95 crore.
• Consolidated Q1 FY27 PAT was INR 64 crore.
• Consolidated Q1 FY27 cash profit was INR 153 crore.
• INOX Green Q1 FY27 total income was INR 101 crore.
• INOX Green EBITDA was INR 57 crore.
• INOX Green PAT was INR 41 crore.
• Cash PAT for INOX Green was INR 55 crore.

Operational Update

• Order book stands at approximately 4.4 GW as of July 2026.
• Equipment share in order book about 59%.
• NLC LOA for 200 MW; 1.5 GW MOU with INOX Clean; 500 MW firm orders.
• 4X wind turbine prototype to be installed in August; commercial launch by end-FY26.
• Guidance: 75% revenue growth; 20–22% EBITDA margin; H2 contributing 70–75%.
• ALMM indigenization 80–90%; aim 100% by calendar year-end.
• Silent period restricts comments beyond public domain.

Consolidation & Group Initiatives

• Demerger completed Aug 1, 2026; INOX Renewable Solutions to be listed after approvals.
• NCLT Ahmedabad approved Wind World India acquisition; completion expected in Q2 FY27.
• INOX Green O&M portfolio stands at 13.3 GW as of June 2026; wind 10.5 GW.
• Wind World India's O&M portfolio ~4.5 GW; FY26 revenue ~INR 580 crore; 5% escalations.
• Acquired assets include about 6.5 GW of Wind O&M; consolidation in FY27.
• Post-demerger, INOX Green becomes asset-light with improved ROE and ROCE.

Capex & Capacity Expansion

• Jaipur transformer factory to manufacture 4.9 MVA transformers; capacity to grow to 8–20 MVA and 100 MVA+.
• Own crane fleet of 4; more cranes to join in the current year.
• Power electronics like inverters, unit substations, and capacitor systems to be manufactured.
• USS power electronics to be commercially launched in FY27.

Guidance & Outlook

• FY27 EBITDA guidance INR 600 crores on an annualized basis.
• H2 contribution expected to be 70–75% of annual revenue.
• RESCO listing timing: record date passed; listing in 2–3 months; numbers not guided.
• Silent period limits guidance beyond public-domain disclosures.
• EPC to continue for certain projects while expanding IRSL manufacturing and capabilities.

Q&A Highlights

• Blended per MW revenue for 4 GW wind is INR 9–10 lakh excluding GST.
• Acquired portfolios will be consolidated post approvals; standalone numbers shown pre-consolidation.
• 4X prototype installed in August; commercial launch by end-FY26.
• Receivables and working capital expected to improve over next 3–4 quarters.
• FY27 EBITDA guidance INR 600 crores annual; not quarterly.
• RESCO listing expected in 2–3 months; near-term numbers not guided.

Issue overview

• Type: preferential issue of equity shares and convertible warrants.
• Total issue size revised downward after warrant cancellation.
• Main objectives: debt repayment, investments in subsidiaries, and general corporate purposes.

Utilisation of proceeds

• Utilisation is not fully as disclosed; partial utilisation with unutilised funds parked.
• Revision in total cost led to reallocation among debt, subsidiaries, and GCP.
• Debt Repayment: no utilisation this quarter; funds idle.
• Investment in Subsidiaries: partial utilisation; remaining unutilised.
• General Corporate Purposes: some utilisation; large unutilised balance.
• Unutilised funds parked in deposits and a monitoring account.
• Deployment of unutilised funds: deposits with ICICI Bank and monitoring balance.

Governance and compliance

• Approvals: shareholder approval obtained for revision in total cost.
• Deviation: Nil from offer disclosures.
• Material events/risks: none noted.
• All required approvals obtained.

GCP

• GCP utilisations totaled 53.84 crore across vendor payments, GST, and TDS.
• Board confirmation that GCP allocations were approved.

Filing Status

• For quarter ended June 30, 2026, no deviation in utilisation of proceeds from the preferential issue.

Meeting Details

• Date and time: 07 August 2026, 17:00 IST.
• Type and mode: group conference call; virtual audio session.
• Event: investor/analyst conference call hosted by Inox Green Energy Services Limited.
• Key company participants: not disclosed in filing.
• Purpose: discuss standalone and consolidated results for quarter ended 30 June 2026.
• Recording: audio recording available.

Business Overview

• O&M provider for wind, solar, and hybrid projects; asset-light model with long-term contracts.
• Demerger of power evacuation business completed on Aug 1, 2026.
• NCLT approved Wind World India’s ~4.5 GW Wind O&M portfolio acquisition; completion expected in Q2 FY27.
• Portfolio of ~13.3 GWp O&M assets as of Jun-2026, ~10.5 GW wind and rest solar.

Operational Highlights

• Q1 FY27 total income ₹101.2 cr; revenue from operations ₹43.3 cr; YoY growth supports scale.
• EBITDA ₹57.0 cr; PAT ₹40.8 cr; Cash PAT ₹54.8 cr; machine availability 96.3%.
• Wind World O&M portfolio acquisition to add multi-year growth and improve efficiency; consolidation pending.

Financial Performance

• Q1 FY27 consolidated income ₹101.2 cr; FY26 ₹426.2 cr; FY25 ₹252.0 cr.
• Tax: current ₹0.1 cr; deferred ₹13.6 cr; Profit after tax ₹40.8 cr in Q1 FY27.
• Total annual EBITDA ₹57.0 cr in the quarter; Cash PAT ₹54.8 cr.

Capital Structure & Liquidity

• Demerger completed; asset-light balance sheet post-demerger; no debt numbers disclosed.
• NCLT approval for Wind World O&M portfolio; completion in Q2 FY27; consolidation expected.

Strategic Priorities & Outlook

• ONE INTEGRATED strategy; leveraging group synergies for growth across wind, solar, and O&M.
• O&M portfolio target ~13.3 GWp; long-term contracts 5-20 years; multi-year visibility.
• Inox Green to pursue inorganic growth via Wind World acquisition and consolidation.

Risks & Mitigation

• Integration of Wind World assets remains a key risk; ongoing integration initiatives underway.
• Long-term O&M contracts provide revenue visibility; execution risk from capacity expansion.

Governance & Leadership

• NCLT approval for Wind World O&M portfolio; demerger of evacuation business completed.

Financial results approved

• Unaudited standalone and consolidated results for quarter ended 30 June 2026 approved.
• Limited Review Reports from Dewan P N Chopra & Co enclosed with results.

Manoj Dixit re-appointment

• Re-appointment of Manoj Dixit as Whole-time Director for 2 years from 8 Oct 2026, subject to approval.

Bindu Saxena independent director

• Re-appointment of Ms. Bindu Saxena as Independent Director for 5-year term from 14 December 2026, subject to approval.

Demerger approval and effectiveness

• NCLT sanctioned Power Evacuation demerger; scheme effective 04 May 2026; 122 new shares per 1000 held.

Auditor remarks

• Auditors' review notes Emphasis of Matter on SPV investments and O&M revenue recognition; no modification.

NCLT approval and plan scope

• NCLT Ahmedabad orally approved the WWIL resolution plan on 27 July 2026.
• Consortium comprising Inox Neo Energies Limited and Authum Investment & Infrastructure Limited to acquire IPP and O&M assets of WWIL.
• Authum and/or affiliates to acquire identified real estate assets and/or other WWIL assets.
• Written certified copy of the order to follow required by Listing Regulations.