Inox Green posts Rs 6.4 Crore Profit in March Quarter
By Ankur Chandra | Updated at: May 31, 2025 10:45 PM IST
Inox Green Energy Services Ltd , a leading renewable energy O&M player under the INOXGFL Group, reported robust earnings for the quarter and financial year ended March 31, 2025, driven by significant topline growth and a strong expansion in its solar operations and maintenance (O&M) portfolio.
Key Financial Highlights (₹ crore)
| Particulars | Q4 FY25 | Q4 FY24 | YoY % | Q3 FY25 | QoQ % | FY25 | FY24 | YoY % |
|---|---|---|---|---|---|---|---|---|
| Total Income | 97 | 59 | 65% | 74 | 31% | 290 | 226 | 29% |
| EBITDA | 30 | 21 | 39% | 29 | 1% | 123 | 93 | 32% |
| Profit After Tax (PAT) | 6.4 | (1.0) | — | 5.2 | 24% | 21.8 | 27.7 | -21% |
| Cash PAT | 24 | 13 | 92% | 23 | 4% | 89 | 57 | 57% |
The company turned profitable in Q4 FY25 with a PAT of ₹6.4 crore versus a loss of ₹1 crore in the same quarter last year. Annual revenue stood at ₹290 crore, a 29% YoY growth, while annual EBITDA increased by 32% to ₹123 crore.
Operational Metrics and Portfolio Expansion
- Machine Availability: Averaged 96.6% in Q4 FY25 and 96.3% for the full year.
- O&M Portfolio: Expanded to approximately 5.1 GW, including 1.6 GWp (approximately) of solar O&M contracts signed in April–May 2025.
- Geographical Spread: The portfolio spans 12 key Indian states. The majority of the capacities fall in Gujarat (1,551 MW wind, 203.9 MWp solar) and Rajasthan (572 MW wind, 816.6 MWp solar).
Strategic Developments
Solar O&M Surge
IGESL is capitalizing on India’s clean energy drive by entering new solar O&M contracts across nine states, significantly enhancing its annuity business model. The company highlighted robust organic growth prospects from group companies like Inox Neo and Inox Solar, along with inorganic opportunities from taking over portfolios of stressed or expiring contracts.
Proposed Demerger for Leaner Operations
To streamline operations and strengthen its asset-light model, IGESL has initiated the demerger of its common infrastructure business into Inox Renewable Solutions Ltd. This restructuring is expected to improve profitability by eliminating related depreciation charges and facilitate separate listing of the demerged entity.
Balance Sheet Snapshot (₹ crore)
| Particulars | FY25 | FY24 |
|---|---|---|
| Total Assets | 2,487 | 2,083 |
| Net Worth | 1,974 | 1,350 |
| Borrowings (Current) | 181 | 169 |
| Cash & Cash Equivalents | 6 | 11 |
| Investments (Total) | 446 | 0 |
The company’s net worth surged to ₹1,974 crore from ₹1,350 crore, aided by capital infusion and improved retained earnings. It ended FY25 with a strong asset base and minimal long-term debt.
Management Outlook
IGESL aims to nearly double its O&M portfolio to 6 GW by FY26 and scale up to 10 GW over the next 3–4 years, leveraging both organic and inorganic levers. With India’s renewable energy landscape targeting 596 GW by 2032 and policy momentum supporting hybrid and RTC projects, IGESL is strategically positioned for sustained growth.
“We continue to build a robust, technology-driven O&M platform that delivers high machine availability and stable annuity revenues. The solar O&M foray and restructuring initiatives will further reinforce our leadership in the renewables space,” the company stated in its investor presentation.
About Inox Green Energy Services Ltd
IGESL is India’s only listed pure-play renewable O&M services provider, offering comprehensive solutions for wind and solar projects. It is a subsidiary of Inox Wind Ltd and part of the diversified INOXGFL Group with deep interests across chemicals, renewables, and energy storage.
REF:https://nsearchives.nseindia.com/corporate/IGESL_30052025162531_IGESL_investor_PP.pdf
Disclaimer: At HDFC SKY, we take utmost care and due diligence in curating and presenting news and market-related content. Every effort is made to ensure the accuracy, relevance, and timeliness of the information provided. However, inadvertent errors or omissions may occasionally occur.
Should you have any concerns, queries, or wish to point out any discrepancies in our content, please write to us at content@hdfcsec.com. Your feedback is valuable and helps us maintain the highest standards of content integrity.
Please note that the information shared is intended solely for informational purposes and should not be construed as investment advice. Users are advised to consult their financial advisors before making any investment decisions.
