Inox Green Energy Services Ltd - Aamara Capital Research

Snapshot

Data as of 21 Oct 2026. Price is the NSE close (full bhavcopy of 21 Oct 2026; unadjusted series; 20 Oct was an exchange holiday). Latest reported period: Q1 FY27 (quarter ended 30 Jun 2026; results 7 Aug 2026). Q2 FY27 results are not out; the trading window has been closed since 1 Oct 2026. Where the first six research files conflict with the primary-document gap-fill (FY26 annual report, Placement Document, NCLT order, five concall transcripts, NSE archives, CRISIL, NSE bhavcopy), this report uses the primary documents. Inox Wind (parent) numbers are never attributed to Inox Green; aggregator pages that mix the two are flagged in Tabs 2 and 11.

Earnings quality: what the filings show (disclosed facts; no intent is characterised)

FY26 consolidated other income was Rs 145.20 cr, of which Rs 121.43 cr (83.6%) is a fair-value gain on unquoted units of three RKG funds (FVTPL, Level 2, NAV supplied by the fund manager; cost about Rs 430 cr, carrying value Rs 550.35 cr; funded through ICDs to wholly-owned subsidiary Tempest Wind Energy). That gain equals 77% of continuing PBT of Rs 157.80 cr and the audit report carries no key audit matter on it. Core operating profit was Rs 23 cr (8.2% margin, against 17% in FY25 and 33% in FY24). In Q1 FY27 operating profit was about -Rs 1 cr on operating revenue of Rs 43 cr (-17% or -23% year on year depending on the comparative base) against other income of Rs 58 cr. The O&M segment lost Rs 16.25 cr; the only profitable segment is Rs 37.64 cr of consultancy income from one unnamed customer. Receivables plus unbilled revenue less allowance are Rs 634 cr, about 824 days of revenue. Management's statement that about Rs 10 cr a quarter of value-added services sits in other income does not match the other-income note. [Fact] (FY26 annual report Notes 7a, 26, 46, 55, 58B; Q1 FY27 results)

Market data	Value
CMP (NSE close, 21 Oct 2026)	Rs 114.82 [Fact] (prev close Rs 118.01, day change -2.7% [Est.])
Day range / average price	Open Rs 118.01, high Rs 118.60, low Rs 112.77, average Rs 114.88
Volume and delivery	12,90,463 shares, turnover Rs 14.83 cr, 12,809 trades, delivery 3,70,545 shares = 28.71%
Screener snapshot (3:16 pm)	Rs 115 (-2.5%), market cap Rs 4,823 cr, P/E 39.3x, P/B 2.66x
Shares outstanding	41,96,02,518 (post-QIP); Rs 4,818 cr at Rs 114.82 [Est.]
52-week high	Rs 279.0 intraday; Rs 272.20 close high on 3 Nov 2025 (Screener: Rs 272)
52-week low	Rs 108.70 intraday on 8 Oct 2026 (Screener: Rs 109)
vs QIP price Rs 165.65	-30.7% [Est.] (114.82 / 165.65 - 1); the gap is real, not a demerger price adjustment
vs 52-week close high	-57.8% [Est.]
vs IPO price Rs 65 (Nov 2022)	+76.6% [Est.]; listing price Rs 60.50 on 23 Nov 2022
Market-cap trail	Rs 3,931 cr (about May 2024, Rs 134); Rs 5,627 cr (14 Nov 2024, Rs 152); Rs 7,353 cr (28 Jul 2026, about Rs 182.75); Rs 4,818 cr today
Listed	23 Nov 2022, NSE and BSE
Index membership	Not Available: not found in any of the seven research files (Screener, Trendlyne, Tickertape and exchange pages searched)
Dividend / buyback	None ever; payout 0% in every year; buyback not at this point (management, 29 May 2026)
Shareholders	1,10,457 (Sep 2026) vs peak 1,54,405 (Dec 2024)

Company overview	Detail
Legal name	Inox Green Energy Services Ltd (IGESL)
Incorporated	11 May 2012 (Vadodara) as Inox Wind Infrastructure Services Ltd; renamed 27 Oct 2021
CIN / registered address	Not Available: not stated in any of the seven files
Business	Wind and solar operations and maintenance (O&M); India's only listed pure-play renewable O&M company (company claim); asset-light since the 4 May 2026 demerger of the power-evacuation business
Control chain	INOXGFL Group (Vivek Jain family) > Inox Leasing & Finance Ltd (ultimate holding) > Inox Wind Ltd (parent, 48.92%); Inox Leasing & Finance Ltd holds 4.74% directly
Promoter holding	53.70% (Sep 2026; 56.12% in Jun 2026, fall is QIP dilution)
Employees	367 permanent (31 Mar 2026; 430 FY25, 319 FY24); the website's "2,000+" includes contract labour
CEO / CFO	S.K. Mathusudhana (CEO); Govind Prakash Rathor (CFO)
Statutory auditor	Dewan P N Chopra & Co (FRN 000472N), second five-year term to the 16th AGM (2028)
Footprint	About 13.3 GWp managed portfolio in 12 states (about 10.5 GW wind, balance solar); only about 4 GW of wind is consolidated today (management)
Credit ratings	CRISIL A/Watch Developing and A1 withdrawn at company request on 22 Sep 2026; Acuite AA-/Stable and A1+ (27 Aug 2026) on group figures
IPO	Nov 2022, Rs 740 cr (Rs 370 cr fresh + Rs 370 cr offer for sale by Inox Wind), price Rs 65

Inox Green sells uptime on wind and solar plants: a fixed per-MW annual fee with an availability guarantee, 5 to 20 year contracts (the Q1 FY27 deck says up to 25 years) and annual escalators. It began as the captive O&M and power-evacuation arm of Inox Wind. From FY24 it widened into multi-brand wind O&M through the I-Fox and Resowi acquisitions, entered solar O&M in April 2025, held about 6.5 GW of acquired wind O&M through investments in two companies (RKG special-situation funds, classified as investments under Ind AS 109, not consolidated), and on 6 Oct 2026 paid Rs 550 cr through its 75%-owned subsidiary Vibhav Energy for the 4.5 GW O&M business of insolvent Wind World (India) Ltd. Reported profit is dominated by other income, not by O&M operations. The power-evacuation business moved to Inox Renewable Solutions Ltd (IRSL) on 4 May 2026. The company raised Rs 300 cr in a QIP at Rs 165.65 on 29 Sep 2026; the stock closed at Rs 114.82 on 21 Oct.

Quick Verdict Scorecard

BusinessMediumOEM-origin know-how, group pipeline; margin unproven

ManagementWeakguidance drift, related-party disclosure gaps

FinancialWeakcore margin 8.2%; net cash Rs 505 cr

ValuationExpensiveon reported or core numbers; 7.3x only on guidance

OverallNegativecurrent evidence; action TRACK, see Tab 13

Headline KPIs (FY26, consolidated)

Revenue from operations FY26Rs 281.0 cr+27.6% YoY (281.01 / 220.19); Q1 FY27 -17% to -23%

PAT FY26Rs 103.4 crincludes Rs 121.4 cr unrealised fair-value gain (pre-tax)

Core operating margin FY268.2%Rs 23 cr; 17% FY25; 33% FY24; Q1 FY27 about -2%

RoE / RoCE (Screener)5.1% / 8.1%3-year average RoE 2.9%

Valuation snapshot at Rs 114.82	Value	Basis
Market cap	Rs 4,818 cr	41,96,02,518 shares [Est.]
P/E	39.3x / 36.8x	Screener (market cap / TTM profit) / TTM EPS Rs 3.12 [Est.]; EPS is inflated by other income
P/B	2.66x / 2.7x	Screener / BV Rs 42.5 at close [Est.]
EV (stale Mar-26 balance sheet)	Rs 4,401 cr	4,818 + 88 debt - 505 cash [Est.]; ignores QIP cash, Rs 550 cr outflow and 25% minority
EV / FY26 core operating profit (Rs 23 cr)	about 191x	[Est.]
EV / FY26 reported-basis EBITDA (Rs 167 cr)	about 26x	core + other income [Est.]
EV / management run-rate Rs 600 cr	about 7.3x	guidance, not delivered [Est.]
FCF yield (FY26 FCF Rs 65 cr)	1.3%	[Est.]
Dividend yield	0.0%	no dividend ever

Latest developments (dated)

Date	Event	Source basis
4 May 2026	Power-evacuation demerger to IRSL effective (appointed date 1 Oct 2024); 1 Aug 2026 was the record date only	[Fact] NSE intimation
7 Aug 2026	Q1 FY27 results and call: operating revenue Rs 43.29 cr, other income Rs 57.89 cr, PAT Rs 40.8 cr	[Fact]
13 Aug 2026	EGM: omnibus approval to avail Inox Wind guarantees or comfort up to Rs 500 cr for 12 months; fundraising enabling resolutions	[Fact] EGM notice
27 Aug 2026	Acuite AA-/Stable and A1+ on Rs 150 cr (group-consolidated basis)	[Fact]
11 and 22 Sep 2026	CRISIL withdraws Rs 57 cr YES Bank facilities, then the full A/Watch Developing and A1 rating, at company request with lender NOCs; no reason stated by either party	[Fact]
24 to 29 Sep 2026	QIP: 1,81,10,473 shares at Rs 165.65 (Rs 299.99 cr) to 20 QIBs; Placement Document dated 29 Sep	[Fact]
6 Oct 2026	Rs 550 cr paid for Wind World O&M business (BTA dated 12 Sep 2026); Reg 30 filing and press release 7 Oct morning	[Fact]
8 Oct 2026	Stock -15.3% to Rs 115.08 on 4.36 cr shares (about 22x normal); cause not established; the Implementation Date declared by the plan's committee per Authum	[Fact] price and volume; cause [Analyst View] unknown
9 Oct 2026	Vibhav converts Rs 150 cr of ICDs to equity: IGESL 75%, Authum 25%	[Fact]
13 Oct 2026	Authum files that the plan's committee declared 8 Oct 2026 the Implementation Date; IGESL had filed nothing on completion of the O&M transfer through 13 Oct	[Fact]

Open status items	Status
Q2 FY27 results	Not out; results date Not Available (searched: NSE announcements and board-meeting records); SEBI deadline 14 Nov 2026 [Est.]
Completion of the Wind World transfer	Conditions precedent and one condition subsequent under the BTA; CCI status and customer novations unknown
Cause of the 8 Oct fall	Not established; named bulk sellers: Abhishek Khaitan 35.85 lakh shares, Sapphire Intrex 25.80 lakh shares
Pledge of 49,00,000 Inox Wind-held shares	Lender, date and purpose undisclosed
RKG funds	Manager, owners, holdings and valuation report undisclosed; whether they hold creditor claims on Wind World is undisclosed

Data freshness: price and volume 21 Oct 2026 (NSE bhavcopy); financials to Q1 FY27 (30 Jun 2026) and the FY26 annual report; shareholding for the quarter ended 30 Sep 2026; ratings to 22 Sep 2026; filings to 16 Oct 2026.

Analyst Notes

[Analyst View] Aamara Capital, 21 Oct 2026. Facts below are labelled as filed; interpretation is labelled as such. No intent is attributed to any party.

What happened. Inox Green is two stories in one price. The first is an O&M roll-up: 13.3 GWp of managed capacity, a Rs 550 cr payment on 6 Oct 2026 for the 4.5 GW O&M business of insolvent Wind World (India) Ltd (WWIL), and management guidance of "upwards of Rs 600 crores" of EBITDA. The second is the reported P&L: Rs 23 cr of core operating profit in FY26, about -Rs 1 cr in Q1 FY27, and profit that comes from other income. The stock listed at Rs 60.50 in Nov 2022, closed at a high of Rs 272.20 on 3 Nov 2025, was placed with 20 QIBs at Rs 165.65 on 29 Sep 2026 and closed at Rs 114.82 on 21 Oct. That is 30.7% below the QIP price and 57.8% below the high. Most of the fall came in two sessions: 7 Oct (-7.3% to Rs 135.87 on the day the Rs 550 cr payment was filed) and 8 Oct (-15.3% to Rs 115.08 on 4.36 cr shares, about 22 times the 20-day average, with 36.95% delivery, i.e. real position transfer of roughly 3.8% of the equity). No IGESL filing, rating action or news item on 8 Oct explains it, and I will not guess. Q2 FY27 results are not out.

The earnings-quality finding comes first.

Earnings quality: what the filings show (disclosed facts; no intent is characterised)

The company's headline "EBITDA" of Rs 57 cr for Q1 FY27 is operating profit of about -Rs 1 cr plus other income of Rs 58 cr. The Placement Document's own reconciliation shows an EBITDA margin of 60.91% for FY26 and 131.66% for Q1 FY27 (EBITDA Rs 56.99 cr on revenue Rs 43.29 cr). FY26 cash PAT of Rs 158 cr is PAT plus depreciation plus deferred tax, so it includes the non-cash gain. The cash-flow statement strips it out ("Fair value measurement on Mutual Fund (12,143.46) lakh"): operating cash flow was Rs 66.87 cr against PAT of Rs 103.4 cr, and that OCF itself includes +Rs 94.5 cr from an increase in other liabilities. [Fact] for the figures; the reading that core cash generation is small is [Analyst View].

What the other income is. Four of the first six research files read it as interest on group ICDs or treasury income. The FY26 annual report says otherwise. Note 26 shows fair-value gain on mutual-fund units Rs 121.43 cr, interest Rs 11.63 cr (of which interest on ICDs in consolidated is only Rs 6.16 cr), gain on sale of MF units Rs 6.11 cr, insurance claims Rs 5.68 cr and liability written back Rs 0.35 cr. Note 7a lists the units: RKG Special Situations 37,00,920.67 units (Rs 491.52 cr), RKG Fund-I 35,500 units (Rs 3.66 cr) and RKG Fund-II 5,34,500 units (Rs 55.16 cr). The whole Rs 121.43 cr gain sits in RKG Special Situations: Rs 206.93 cr (Mar-25) plus Rs 163.16 cr paid in FY26 plus the gain equals Rs 491.52 cr, a mark-up of about 33% on roughly Rs 370 cr of cost [Est.]. The FY25 and FY26 tranches were issued at exactly Rs 1,000 a unit and the Mar-26 NAV is about Rs 1,328 a unit [Est.]. The annual report does not disclose the funds' portfolio, manager, ownership or any valuation report, and RKG is not listed as a related party in Note 38. On the 1 Sep 2025 call management said the company had "invested in some of the special situation funds which in turn control 2 gigawatts of the O&M assets". On 29 May 2026 it said about Rs 40 cr of a Rs 61 cr quarter came "from the two strategic acquisitions" and was "pure income net of the deferred tax". On 7 Aug 2026 it said the two investments "are still classified as investments" under Ind AS 109 and "we haven't acquired the shares". Whether a NAV mark-up can reverse, and what happens to it when the Wind World plan is implemented, is not disclosed.

What Rs 550 cr buys. The Group CFO called the Wind World price "approximately 2x EBITDA based on expected earnings after the full realisation of synergies over the next year" (7 Oct press release). That is a forward claim. The audited special-purpose carve-out in the Placement Document (RDV & Associates, 12 Sep 2026) shows FY26 revenue of Rs 582.59 cr and EBITDA of about Rs 75.7 cr, a 13% margin. Rs 550 cr is therefore about 7.3x trailing EBITDA [Est.], not 2x. Getting to 2x needs roughly Rs 275 cr of EBITDA, +Rs 200 cr on FY26, a margin of about 47% on Rs 583 cr when employee cost alone is 39% of revenue. The "50% EBITDA margin on acquired books" claim (29 May call) is not visible in the audited carve-out. Separately, the Rs 600 cr guidance is IGESL's own (first on 13 Feb 2026, repeated 29 May); its wording moved from "FY27 upwards of Rs 600 crores" with results "from 1st April '26" (29 May) to "annualized basis from Q3, Q4 onwards" with consolidation "subject to a couple of quarters delay" (7 Aug). Reported FY27 EBITDA will most likely land well below Rs 600 cr [Analyst View].

Wind World and Authum, as filed. The winning bidder was a consortium of Inox Neo Energies (a subsidiary of Inox Clean Energy) and Authum Investment & Infrastructure. Authum took 90% of the security receipts (Rs 1,102.5 cr) of the Omkara PS 05/2025-26 Trust, which bought Wind World's Rs 3,763 cr of debt for Rs 1,225 cr. The claim moved to India SME Asset Reconstruction Co (ISARC), which held 86.73% of the creditor vote and is 88.37% owned by Authum. Authum is also co-bidder, buyer of identified assets for Rs 350 cr, the 25% shareholder of Vibhav (it took 10 cr shares at par for Rs 100 cr) and a 1.43% IGESL shareholder, while IGESL's filings call it "unrelated" and answer "No" on related party. Authum's own filing calls ISARC "a related party of the Company". Devansh Jain said on 29 May 2026: "we control the COC across the companies, and investments into them are majorly owned by us". Whether IGESL's RKG funds hold any Wind World creditor claims is undisclosed. I draw no conclusion about intent; Tab 7 lays out each linkage with its source.

Other disclosed items that matter. Inox Wind has pledged 49,00,000 IGESL shares (1.22% of pre-QIP capital per the Placement Document; 1.17% of post-QIP capital); lender, date and purpose are not disclosed. CRISIL withdrew its A/Watch Developing rating on 22 Sep 2026 at the company's request with lender NOCs, within a month of Acuite assigning AA-/Stable on 27 Aug; neither party states a reason, and the Acuite rating is built on Inox Wind group figures. The auditor's emphasis of matter covers the demerger, six SECI wind SPVs (capital commitment Rs 1,156.98 cr; bank guarantees of Rs 55.78 cr invoked) and straight-line revenue with Rs 114.82 cr of services still to be billed. Related-party sales were Rs 54.77 cr (19.5% of revenue). One unnamed customer is 13.4% of consolidated revenue; top-10 customers were 57.08% of standalone FY26 revenue and 68.80% in Q1 FY27.

What the market is pricing. At 39.3x Screener P/E (36.8x on TTM EPS of Rs 3.12) the stock is priced on earnings that are mostly a fair-value gain; on FY26 core operating profit the EV is about 191x. On management's Rs 600 cr run-rate the EV is about 7.3x, so the market is pricing a large discount to guidance rather than the guidance itself. There is no human sell-side coverage; the six TipRanks "Hold" entries (targets Rs 115 to 124) are AI-model outputs, not analysts. Institutions hold about 10% (FPI 8.17%, MF 1.69%); the shareholder count has fallen 28% since Dec 2024; the QIP went to 20 QIBs with the top six taking about 79.6%; there is no named long-only buyer in the bulk-deal data for 2025-26.

What would change the view. Dated items: (1) Q2 FY27 results (deadline 14 Nov 2026 [Est.]), which show whether Vibhav is consolidated and what the O&M margin is; (2) any IGESL filing on completion of the Wind World transfer, CCI status and customer novations; (3) the Q3 FY27 print against the annualised Rs 600 cr claim. Open-ended items: the RKG funds' holdings and related-party status, the Enercon technology dispute (SLP 18147 of 2019, pending), the pledge lender and the cause of the 8 Oct sell-off. The view and action are in Tab 13.

What the primary documents corrected in the earlier research files

Earlier claim	What the primary document says
Other income Rs 144 cr is "likely interest on group ICDs / treasury" (first-pass files on financials, governance, narrative and street sentiment)	FY26 other income Rs 145.20 cr = Rs 121.43 cr fair-value gain on unquoted units of three RKG funds (83.6%) + interest Rs 11.63 cr + MF sale gain Rs 6.11 cr + insurance Rs 5.68 cr + write-back Rs 0.35 cr. ICD interest in consolidated is only Rs 6.16 cr
Rs 600 cr EBITDA, 20-22% margin and +75% growth "appear to be Inox Wind figures" (business file) or "group guidance" (governance file)	Rs 600 cr is IGESL-specific (CEO, 13 Feb and 29 May 2026); the 75% growth and 20-22% margin are Inox Wind's
Vibhav's 25% holder unknown or "may be a group entity"	Authum Investment & Infrastructure Ltd: 10 cr shares for the Rs 100 cr ICD (agreement 28 Sep 2026), allotted 9 Oct 2026; IGESL 75%; paid-up Rs 400.01 cr
Demerger effective date unresolved (4 May vs 1 Aug)	Effective 4 May 2026 (certified NCLT order filed with RoC; appointed date 1 Oct 2024); 1 Aug 2026 was the record date only
FY25 and Q1 FY26 "restated" without detail	FY25 P&L comparative is re-presented with power evacuation as discontinued (Note 33B: FY25 revenue Rs 15.36 cr moved out; continuing FY25 revenue Rs 220.19 cr, depreciation Rs 0.94 cr). The 31 Mar 2025 balance sheet is not restated. Placement Document FY25 revenue Rs 235.55 cr = 220.19 + 15.36 (pre-demerger basis). Q1 FY26 restated to Rs 52.36 cr (Screener Rs 56 cr), which reconciles -17.3% vs -23%
"2,000+ employees"	367 permanent workforce at 31 Mar 2026 (430 FY25, 319 FY24); the rest is contract labour
Rs 115 vs Rs 165.65 may reflect a demerger price adjustment	No. The NSE series is continuous and unadjusted (170.00 on 28 Sep, 163.96 on 29 Sep, 115.08 on 8 Oct). The Rs 174.36 floor was computed on 24 Sep from actual post-demerger prices. The fall is real: -30.7%
Wind World Rs 550 cr is "about 2x EBITDA" or "0.95x sales, cheap"	Rs 550 cr is the lump-sum slump-sale price paid 6 Oct 2026. Audited carve-out FY26 EBITDA is about Rs 75.7 cr (13%), so about 7.3x trailing EBITDA. The 2x is the Group CFO's post-synergy forward claim. Transfer completes on satisfaction of BTA conditions; IGESL filed nothing on completion through 13 Oct; Authum says the Implementation Date was 8 Oct
O&M is a "single line" after the demerger	FY26 annual report Note 46 still reports four segments; O&M segment result was a loss of Rs 16.25 cr; Rs 37.64 cr consultancy income (100% margin) is the only profitable segment. The MD&A says "one segment"
Debtor days of 216 describe the receivable stretch	Understated: unbilled revenue is another Rs 467.99 cr; receivables plus unbilled less ECL are Rs 634.18 cr = 2.26x FY26 revenue, about 824 days
Investments of Rs 446 cr (FY25) and Rs 550 cr (FY26) are advances for the acquired portfolios	The Rs 550 cr (FY26) is non-current investment in mutual-fund units (RKG funds) at fair value through P&L, funded by ICDs to Tempest Wind Energy. For Mar-25 the annual report (Note 7a) shows the RKG units at Rs 264.75 cr, so about Rs 181 cr of Screener's Rs 446 cr FY25 investments line is not explained by the RKG units in the files read [Est.]
Cash PAT, EBITDA headline of "Rs 210 cr, about 50% margin" for FY26	Reconciles to continuing EBITDA Rs 168.3 cr plus the discontinued unit's total income Rs 41.42 cr = Rs 209.7 cr; it contains Rs 121.4 cr unrealised fair-value gain, about Rs 26.9 cr interest from IRSL on a group ICD, and about Rs 23 cr of core EBITDA
Wind World CoC approved at 96.47% on 19 Feb 2026	19 Feb 2026 vote was 87.56%; after the Enercon-driven addendum the plan was re-approved on 30 May 2026 at 96.47% (ISARC 86.73%)
Wind World O&M revenue FY26 Rs 579.77 cr	Provisional figure in the NCLT filing; the audited carve-out shows Rs 582.59 cr
Sahi: Wind World deal "Rs 350 cr"	Rs 350 cr is Authum's separate payment for identified assets (NCLT order para 15(j)); the O&M price is Rs 550 cr
Pledge of 4.9 m shares is a new post-QIP event	Placement Document (29 Sep 2026) already disclosed it at 31 Aug 2026 (1.22% of pre-QIP capital); not in the Jun-26 pattern; created between 1 Apr and 30 Sep 2026

Reconciliation ledger: values that differ across sources

Item	Versions found	Used in this report
CMP 21 Oct 2026	Rs 114.82 NSE close; Rs 115 Screener (intraday); Rs 114.74 Arihant snapshot; Rs 118 (Arthneeti, 16 Oct)	Rs 114.82
Market cap	Rs 4,818 cr (41.96 cr sh x 114.82); Rs 4,823 cr Screener	Rs 4,818 cr; Screener noted once
52-week range	Rs 279.0 / 108.70 intraday; Rs 272.20 close high; Screener 272 / 109; Rs 272.2 on 3 Nov 2025	Intraday and close high both shown
Fall from all-time high	57.8% below the Rs 272.20 close high and 58.8% below the Rs 279.0 intraday high [Est.]; one aggregator reports "down more than 65%"	Computed figures
FY25 revenue	Rs 220.19 cr continuing; Rs 235.55 cr pre-demerger (Placement Document); Rs 236 cr (CRISIL Jan-26); Screener 220	Rs 220.19 cr
Q1 FY27 revenue growth	-17.3% (Rs 43.29 cr vs restated Rs 52.36 cr); -23% (Rs 43 cr vs unrestated Rs 56 cr)	Both shown
FY26 other income	Rs 145.20 cr (annual report); Rs 144 cr (Screener); Rs 175 cr TTM; Rs 426 cr total income	Rs 145.20 cr
Q4 FY26 other income	Rs 50 cr Screener; Rs 50.81 cr filed (continuing); Rs 60.8 cr management on the call	All three shown
Q4 FY26 EBITDA	Rs 57 cr company headline; Rs 47 cr on Screener basis (-3 + 50)	Both labelled
FY26 EBITDA	Rs 23 cr core (CRISIL, Screener); Rs 168.3 cr continuing; Rs 209.7 cr including discontinued; Rs 164 cr (Zerodha); Rs 167 cr (core + Screener other income)	Core Rs 23 cr is the headline
Wind World FY26 O&M revenue	Rs 579.77 cr provisional; Rs 582.59 cr audited carve-out; about Rs 580 cr press	Rs 582.59 cr audited
Wind World price	Rs 550 cr incl. taxes (final); Rs 350 cr (Sahi, error)	Rs 550 cr
Pledge percentage	1.22% of pre-QIP capital (Placement Document, 31 Aug); 1.17% of post-QIP capital; 2.17% of promoter holding; 2.39% of Inox Wind's own holding	Each with its base
Fleet	13.3 GWp (Jun-26); "about 13 GW post-integration"; about 17.8 GW if Wind World is additive	13.3 GWp; additivity unreconciled
Total assets / net worth (31 Mar 2026)	Annual report Rs 2,112.86 cr / equity Rs 1,716.00 cr incl. NCI Rs 8.00 cr; Screener Rs 2,082 cr / Rs 1,708 cr	Annual report; Screener shown in 5-year table
Auditor "to be billed" amount	Rs 127.5 cr (Dec 2025 standalone limited review); Rs 114.82 cr (FY26 consolidated; FY25 Rs 124.12 cr)	Each labelled
9 Oct 2026 intraday high	Rs 131.80 (Mint, during session); Rs 135.00 (NSE series)	Rs 135.00; close Rs 128.92
Inox Wind Q1 FY27 revenue	Rs 814 cr (Acuite); Rs 872 cr (Q1 call per investor math)	Parent context only, both attributed
Wind additions Q1 FY27	1.4 GW (Inox call); 1.3 GW (Suzlon deck / MNRE)	Both shown
Revenue per MW (file 5)	One muddled sentence ("about Rs 2.2 lakh... see note")	Treated as unverified and omitted

Open questions

Question	Why it matters	Where searched
Who manages and owns the RKG funds; what do they hold; is a valuation report available?	Rs 550.35 cr of assets and 77% of continuing PBT rest on their NAV	Annual report, Placement Document, esi.in directory (SEBI registration not verified), NSE filings
Do the RKG funds hold Wind World creditor claims or the second target's debt?	Determines overlap between IGESL's exposure and the consortium's claim pool	NCLT order, Authum filings, annual report: not disclosed
Who is the Rs 37.64 cr "consultancy" customer?	13.4% of revenue and the only profitable segment	Annual report, Placement Document: unnamed
Lender, date and purpose of the 49,00,000-share pledge	Inox Wind pledge of an IGESL stake	Placement Document, shareholding pattern, SAST 31(4), NSE pledge API (empty)
Has the Wind World transfer completed; have Tata, ReNew, Greenko, Apraava, Hindustan Zinc novated; is a CCI filing needed?	Revenue and margin base of the deal	NSE announcement list to 13 Oct; Placement Document; NCLT order
Status of Enercon SLP 18147 of 2019	Undertaking not to use the disputed technology until the Supreme Court orders	NCLT order: pending; no 2026 hearing or interim order found
Why did the stock fall 15.3% on 8 Oct on 4.36 cr shares?	QIP allottees (18.1 m shares) may sell on exchange despite the lock-in	NSE announcements, bhavcopy, bulk deals: cause not established
Why did the company withdraw CRISIL after the Acuite assignment?	Rating visibility	CRISIL rationale and 23 Sep company letter: no reason stated
True post-synergy EBITDA of the Wind World book and the share of recoveries IGESL receives	Tests the 2x claim and the Rs 600 cr run-rate	Not disclosed
Identity of the second ~2 GW target	Where the earlier tranche (Rs 207 cr, pre-Omkara) sits	Calls: "entity two... final phases of EOIs"; unnamed

Business Deep-Dive

Inox Green is a services company: no manufacturing plant, no raw-material processing and no unit capacity, so IATF, ISO 13485 and AS9100 are not relevant. Sources: FY26 annual report, Placement Document (29 Sep 2026), five concall transcripts, company website, CRISIL and Acuite rationales, press releases and Screener. Where the first-pass business file and the gap-fill conflict, the gap-fill is used.

History and structure

Item	Detail
Incorporation and name	11 May 2012, Vadodara, as Inox Wind Infrastructure Services Ltd; renamed Inox Green Energy Services Ltd on 27 Oct 2021
Role until FY23	Captive O&M plus "common infrastructure facility" (power-evacuation substations and lines) arm of Inox Wind for turbines Inox Wind sold
2021-22 reorganisation	IGESL bought group SPVs from Resco Global Wind Services (share purchase agreements Oct 2021) and acquired the EPC business by slump sale (31 Dec 2021; valuation by Sparsh Singla & Associates)
IPO	Nov 2022, Rs 740 cr (Rs 370 cr fresh + Rs 370 cr offer for sale by Inox Wind), price Rs 65, listed 23 Nov 2022 at Rs 60.50 (closed Rs 59.10 on day 1)
From FY24	Acquisitions turned it into a multi-brand wind and solar O&M platform: I-Fox Windtechnik (first deal, announced 26 Dec 2022), Resowi Energy (agreed 22 Sep 2023, effective 7 Feb 2024), solar O&M from Apr 2025, investments for about 6.5 GW of acquired wind O&M, Wind World 4.5 GW (Oct 2026)
Strategy label	"ONE INTEGRATED" group story: Inox Clean Energy (developer) + Inox Wind (OEM) + IRSL (EPC, evacuation) + Inox Green (O&M): OEM, EPC, generation, O&M
4 May 2026	Power-evacuation business moved to IRSL; IGESL described as "asset-light" O&M; fixed assets fell from Rs 704 cr (Mar-25) to Rs 15 cr (Mar-26)
Ambition	20+ GW portfolio; "among the largest renewable O&M companies globally by 2030" (management ambition, not supported by retrieved data; see Tab 9)

Services, one by one

Service	What it is	Status and economics
Comprehensive wind O&M	Full-scope scheduled and breakdown maintenance on a fixed per-MW annual fee with an availability guarantee; liquidated damages for shortfall	Core. Fleet availability about 97% (FY24), above 96% (FY25), about 96.5% (FY26), 96.5% (Q3 FY26), 96.3% (Q1 FY27). A one-time liquidated-damages charge on a project hit FY25 margin (CRISIL Jan-26)
Limited-scope O&M and conversion or renewal	Aug 2025: 182 MW of operating wind in Western India (82 MW moved from limited to comprehensive scope; 100 MW early renewal; tenure equal to remaining project life) for an unnamed large Indian conglomerate's renewable arm; CEO: fleet "back in our fold"	Customer not identified in the release
Multi-brand wind O&M via subsidiaries	I-Fox Windtechnik India (51%, more than 230 MW, mainly South India, corrective maintenance, contracts up to 5 years); Resowi Energy (51%); Wind Four Renergy and other consolidated SPVs; Vibhav Energy (Wind World 4.5 GW)	Prices of I-Fox and Resowi not disclosed. Goodwill Rs 10.14 cr (from I-Fox and Resowi), unchanged FY25 to FY26
Restoration and refurbishment	I-Fox letter of award from NLC India (19 Mar 2024) to restore 33 WTGs; NLC O&M order about Rs 40 cr (21 Aug 2023)	Repeat PSU customer
Solar O&M (from Apr 2025)	675 MWp (30 Apr 2025, entry), 285 MWp (19 May 2025), 639 MWp (22 May 2025; unnamed multinational-backed renewable company), 625 MWp for KEC International at Bhadla, Rajasthan (20 Jan 2026; tenor and value undisclosed)	Solar about 1.6 GW and total above 5 GW in mid-2025; about 2.5 GW by Sep 2025; 3.3 GWp by Dec 2025. Management margin view for solar: 15% to 20%
Group O&M agreements	O&M for 5 GW of renewable projects of INOXGFL and KP Groups (press release 19 Nov 2025); 1.5 GW MoU with Inox Clean Energy (500 MW firm, Aug 2026)	The INOXGFL part is a related-party contract; size and terms not retrieved. Management: Inox Clean is "treated as a customer", "no preferential pricing"
Consultancy income	Rs 37.64 cr in FY26 (FY25 Rs 41.04 cr), 100% segment margin, from one unnamed customer	See Tab 4
Value-added services (VAS)	Life-extension, infrastructure and other services; management says VAS is "clubbed as other income, while they are operating in nature" and will be billed separately "from this year"	The annual report shows other operating revenue of Rs 11.74 cr; the other-income note shows no VAS line (Tab 5)
Digital	Group platform iKraft DGR (linked from website); drone, AI and SCADA vendor specifics	Not Available (searched: website, annual report summaries)
Power evacuation (historical)	HV substations and lines for Inox-Wind-supplied farms; 84 substations	Demerged into IRSL (4 May 2026); turnover Rs 14.93 cr, 6.19% of turnover per press

Fleet history and composition

Date	Portfolio	Wind	Solar	Note
Mar 2024	3.2 GW	3.2 GW	-	Pre-acquisition
Mar 2025	about 5.1 GW	-	-	Before solar entry
mid-2025	above 5 GW	-	about 1.6 GW	After April-May 2025 solar wins
Sep 2025	12.5 GW	about 10 GW	2.5 GW	Q2 FY26: "best-ever" quarter
Dec 2025	13.3 GWp	about 10 GW	3.3 GWp	Q3 FY26 call
Mar 2026	13+ GWp	about 10.5 GW	balance	CRISIL
Jun 2026	13.3 GWp	10.5 to 11 GW	balance	Includes about 6.5 GW of wind O&M held as investments
6 Oct 2026	+4.5 GW Wind World	4.5 GW	-	Whether the 13.3 GWp already includes it is unreconciled; additive total about 17.8 GW

GW is not consolidated revenue-earning MW

The website says the portfolio "includes subsidiaries, strategic M&A investments, and partnerships". CRISIL refers to "6.5 GW of operational wind O&M from two companies" expected to conclude in FY27. The annual report adds "approx 600 MW of wind O&M the Company also controls". Management said on 7 Aug 2026 that the legacy book of about 4 GW wind realises Rs 9 to 10 lakh per MW per year ex-GST. About 4 GW at that rate implies Rs 360 to 400 cr (3.5 GW implies Rs 315 to 350 cr) against FY26 O&M services revenue of Rs 231.62 cr; the reasons (warranty-period fleet, VAS billed through other lines) are unverified [Est.]. A first-pass sentence in the narrative file on revenue per MW ("about Rs 2.2 lakh... see note") is muddled and is treated as unverified and not used.

How the service is delivered

Process. Site technician teams run preventive cycles, corrective repairs and major component swaps (gearbox, blade, generator) using cranes, remote SCADA monitoring and DISCOM scheduling and forecasting coordination. Management says it trains about 600 technicians a year (training academy). Contracts are annuity-style: 5 to 20 years (the Q1 FY27 deck says up to 25 years) with 4 to 5% annual escalators; IGESL sells uptime (a per-MW fee), not MWh.

Cost inputs. Technician payroll; spares and consumables (oil, bearings, brakes, blade-repair materials, converters and electronics); crane hire and logistics; insurance; subcontract. For Inox-OEM turbines, parts flow from Inox Wind (Una, Rohika, Barwani and Bhuj plants; AMSC Windtech licensed control systems). For other OEMs, spares come from the OEM or aftermarket; named suppliers are not disclosed. Cranes and transformers at IRSL and Inox Wind reduce external crane hire (CRISIL). FY26 operating margin fell to 8.2% on "upfront scheduled maintenance expenses on a few projects" (CRISIL); management attributes the low reported margin to unbilled VAS costs and one-time infrastructure and life-extension spend.

People

Headcount	FY24	FY25	FY26	Note
Permanent workforce (annual report)	319	430	367	31 March
Website claim	-	-	2,000+	Includes contract labour; first-pass file used this figure

Facilities and footprint

Item	Finding
Manufacturing plants	None. Regional O&M hubs, stores and site offices across 12 states; area in sq ft and capacity Not Available (searched: annual report, Placement Document, website)
Fleet map (annual report p.17 / Q1 FY27 deck)	About 13.3 GWp in 12 states. Largest wind figures on the map: 2,786, 1,855, 1,341, 1,161, 1,078 and 1,052 MW (state mapping not verified); largest solar 1,109 MWp (Rajasthan)
Wind World fleet states	Karnataka, Maharashtra, Tamil Nadu, Rajasthan, Gujarat, Madhya Pradesh, Andhra Pradesh
Divested owned assets	Nani Virani Wind Energy (50 MW; sale Rs 290 cr agreed Oct 2023, completed Nov 2024); two wholly-owned SPVs to Aliento Wind Energy (6 Dec 2024); Wind One, Three and Five to Adani Green (2022); Wind Two to Torrent Power
SECI wind SPVs (six)	Funds invested in six SPVs whose SECI commissioning date lapsed; extension rejected 2 Sep 2024; bank guarantees of Rs 55.78 cr invoked; CERC appeal pending; capital commitment Rs 1,156.98 cr unchanged; AGM-approved comfort that Inox Wind will bear any unrecovered amount (annual report Note 49, auditor emphasis of matter)
Gujarat grid access	Nov 2025 press (HT, Business Line, ET EnergyWorld): grid connectivity for a 300 MW Gujarat wind project lost after a missed deadline; CERC backed revocation. Whether this is one of the six SECI SPVs is not stated
Group manufacturing context (Inox Wind)	Una (HP) nacelles and hubs; Rohika (Gujarat) blades and towers; Barwani (MP) nacelles, hubs, blades, towers; Bhuj (Gujarat) tied-up nacelle unit; capacities not given
Statutory dues	Placement Document discloses delays in EPF payments (2024 to 2026) and no unpaid dues

Certifications, IP, exports

Item	Finding
Certifications	Annual report names ISO 14001:2015 and ISO 45001:2018 only; no ISO 9001 listed; the Q1 FY27 deck cites "Environment & Energy as part of IMS" and ISO 14001
Patents and IP	None identified; IP is operating know-how and iKraft. Group trademark and copyright licence (2 Feb 2022). Control-system licence via AMSC Windtech sits with Inox Wind
Enercon technology	The Wind World carve-out involves Enercon-design turbines; the resolution applicant undertook (21 Jun 2026) not to use the technology in dispute until the Supreme Court orders (Tab 10)
Exports	None; India only
Brand / group licence arrangements	Terms Not Available (searched: annual report related-party notes, IPO documents list)

The business being bought: Wind World (India) O&M undertaking

Item	Detail
Scope	4.5 GW of O&M across seven states; clients named include Tata Group, ReNew, Greenko, Apraava Energy and Hindustan Zinc; contracted escalator about 5% a year; Wind World had been in CIRP since 20 Feb 2018
Acquirer vehicle	Vibhav Energy Pvt Ltd (IGESL 75%, Authum 25%); BTA executed 12 Sep 2026; Rs 550 cr paid 6 Oct 2026 (lump sum, inclusive of taxes); BTA transfers "business liabilities, assigned contracts, employees"
Financials	Audited FY26 carve-out revenue Rs 582.59 cr and EBITDA about Rs 75.7 cr (Tab 4)
Labour	Wind World India Employees Union (Daman) filed against the plan (IA 833/2026, disposed 17 Jun 2026); employee claims Rs 72 cr; the Tribunal noted the plan is silent on current employees; plan pays workmen and employees Rs 25 cr
Not disclosed	Customer consents to novation, CCI status, warranty and legacy liabilities, integration cost

Segment Analysis

Four segments in the notes, "one segment" in the commentary

The FY26 annual report (Note 46) still reports four segments: O&M, power evacuation (discontinued), power generation (discontinued, nil in FY26) and consultancy. The MD&A describes the business as "one segment". The first-pass business file called O&M a "single line" and said segment data could not be retrieved; the annual report supersedes that. [Fact]

Segment note (consolidated, Rs cr)

Rs cr	FY26	FY25
O&M revenue	243.37	179.15
Power evacuation revenue (discontinued)	14.56	15.36
Power generation revenue (discontinued)	0	19.37
Consultancy income	37.64	41.04
Segment result: O&M	-16.25	-5.39
Segment result: power evacuation	-23.97	-36.91
Segment result: consultancy	+37.64	+41.04
Total segment result	-2.58	-1.26
Segment assets: O&M / unallocable	733.9 / 1,378.9	-

Unallocable assets of Rs 1,378.9 cr are the RKG units, cash and deferred tax. O&M segment revenue of Rs 243.37 cr reconciles to O&M services Rs 231.62 cr plus other operating revenue Rs 11.74 cr [Est.]. Continuing revenue from operations is Rs 281.01 cr: O&M services Rs 231.62 cr (82.4%), consultancy Rs 37.64 cr (13.4%), other operating revenue Rs 11.74 cr (4.2%). Q3 FY26 consolidated disclosure showed the O&M segment at a loss of Rs 4.47 cr on revenue of Rs 81.79 cr. FY26 operating EBITDA of Rs 23 cr (CRISIL) equals the O&M segment loss plus consultancy plus depreciation add-back [Fact]. O&M segment revenue grew 35.9% (243.37 / 179.15) while its loss widened from Rs 5.39 cr to Rs 16.25 cr [Est.].

The one customer and the related parties

Item	FY26	Note
Customer above 10% of revenue	Rs 37.64 cr (13.4%)	Same figure as consultancy income; customer unnamed in the annual report and Placement Document
Inox Wind Ltd sales	Rs 33.68 cr (12.0%)	FY25 Rs 43.58 cr; so the 10% customer is not Inox Wind on the face of Note 38 [Est.]
All related-party sales	Rs 54.77 cr (19.5%)	FY25 Rs 55.70 cr. IWL 33.68; IGREL Mahidad 11.53; Inox Clean Energy 7.02; Inox Neo 2.53; IRSL 0.22; GFL nil (FY25 4.92)
BRSR (standalone) RPT sales / purchases	25.09% / 16.15%	FY25 sales 28.98%; loans and advances and investments in related parties 100%
Top-10 customers (standalone)	57.08% (Rs 136.10 cr of Rs 238.48 cr)	Q1 FY27 68.80%; FY25 61.76%; FY24 44.77%; customers unnamed; list varies by year
Three customers above 5% of receivables	Rs 37.38 cr	FY25 Rs 55.55 cr
Related parties in unbilled revenue	Rs 57.45 cr of Rs 467.99 cr (12%)	IWL 45.92; Inox Clean 9.49; ILFL 2.04; the rest is third party

Management margin statements against the filed numbers

Statement (who, when)	Filed or reported figure
"EBITDA margin came at around 49% for the quarter... our other income mainly comprises of value-added services" (CEO, 1 Sep 2025, Q1 FY26)	Q1 FY26 core operating profit Rs 6 cr on revenue Rs 56 cr (Screener); other income Rs 42 cr
Both acquired books "each ~50% EBITDA margin because both are previous OEMs with the substations" (29 May 2026)	Audited Wind World carve-out FY26 EBITDA margin 13.0% (Rs 75.65 cr on Rs 582.59 cr)
"About 45% excluding acquisition income" for FY26 (Devansh Jain)	FY26 core operating margin 8.2% (Rs 23 cr on Rs 281 cr)
Wind about 50% margin on about Rs 100 cr revenue per GW x 10 GW = about Rs 500 cr; solar 3.3 GW at 15% to 20% = about Rs 13 cr; EBITDA "around INR 600 crores... a possibility to get north of INR 600 crores" (Group CEO renewables, 13 Feb 2026)	FY26 O&M segment result -Rs 16.25 cr; O&M services revenue Rs 231.62 cr
About Rs 10 cr a quarter of value-added services in other income (management answer, 29 May 2026)	Other-income items that are neither fair value nor interest total Rs 12.1 cr for the whole year; VAS revenue appears in other operating revenue (Rs 11.74 cr)
About Rs 40 cr a quarter "from the two strategic acquisitions"	FY26 fair-value gain Rs 121.43 cr for the full year (4 x Rs 40 cr = Rs 160 cr is higher, so not every quarter carried that level [Est.])
"Out of INR600 crore... broadly everything will be converted into the operating cash flow" (Devansh Jain)	FY26 OCF Rs 66.87 cr, including +Rs 94.5 cr from an increase in other liabilities
Legacy 4 GW wind realises Rs 9 to 10 lakh per MW (7 Aug 2026)	Implies Rs 360 to 400 cr; FY26 O&M services revenue Rs 231.62 cr

Revenue per MW

Operator	Rs lakh per MW per year	Basis
Suzlon AMS	about 13.2	Rs 2,073 cr / 15,700 MW [Est.]
Wind World O&M	about 12.9	Audited FY26 Rs 582.59 cr / 4,500 MW [Est.] (provisional Rs 579.77 cr gives 12.9 as well)
Inox Green legacy fleet	9 to 10 ex-GST	Management; acquired books said to realise "substantially higher"

Wind World O&M carve-out (audited special-purpose, RDV & Associates, 12 Sep 2026)

FY ended 31 Mar 2026, Rs cr	Amount	Note
Revenue from operations	582.59	O&M income 580.08 less discount/RAG claims 0.31; scrap 2.82
Other income	3.89
Cost of materials consumed (spares)	99.70	plus change in inventories 0.93
Employee benefits	228.04	39.1% of revenue [Est.]
Other expenses	182.16	Travel 42.55, security 28.88, rates and taxes 24.30, O&M and infrastructure charges 24.00, freight 14.30 and others
Depreciation / finance cost	1.67 / 0.09
Profit for the year	73.89	Divisional
EBITDA (profit + depreciation + finance cost)	75.65	13.0% of revenue [Est.]; ex other income Rs 71.76 cr (12.3%) [Est.]
Total assets	567.11	Trade receivables 308.84 (unsecured, no ECL; 194 days of revenue [Est.]), inventories about 150.00, other financial assets 72.14 (other receivables 71.23, loans to related parties 0.91), other current assets 22.49, PPE 7.34, CWIP 6.29, cash about Rs 0.06 cr
Liabilities	-	Provisions (gratuity, leave) 42.47 non-current, trade payables 24.70, provisions 4.06; no borrowings
Divisional equity	495.89	Price Rs 550 cr is about 1.1x book [Est.]

No FY25 or FY24 carve-out comparatives exist (data not available). Going-concern material uncertainty is noted (CIRP since 20 Feb 2018; net worth negative at 30 Nov 2025). Liabilities are recognised without giving effect to extinguishment of claims. Cash and statutory refunds enure to the financial creditors, not the buyer. The plan lets the resolution applicant restate assets and liabilities at the Implementation Date. The investment in subsidiary Wind World Hindustan Infrastructure is carried at about nil (10,000 shares of Rs 10); the OCR of that row is ambiguous but components reconcile to the total.
If the Rs 71.23 cr of other receivables includes statutory refunds reserved for creditors (plan Note 2.7), the book value acquired is closer to Rs 425 cr and the premium paid is about Rs 125 cr [Est.]. Receivable collection after an ownership change is untested.

Wind World O&M turnover history (Rs cr)

Measure	FY23	FY24	FY25	FY26
Wind World total turnover (Authum filing)	529.28	583.20	665.95	-
O&M turnover, provisional (NCLT filing)	-	499.59	597.09	579.77 (-2.9% YoY [Est.])
O&M revenue, audited carve-out	-	-	-	582.59

Demerged power-evacuation segment (to IRSL)

Item	Detail
Economics	FY26 segment result -Rs 23.97 cr (FY25 -Rs 36.91 cr); revenue Rs 14.56 cr (press: turnover Rs 14.93 cr, 6.19% of turnover); discontinued-operations loss Rs 0.91 cr; discontinued unit's total income Rs 41.42 cr, mostly ICD interest from IRSL (about Rs 26.9 cr), with expenses entirely depreciation of Rs 38.52 cr
Balance sheet effect	About Rs 1,000 cr gross block and Rs 50 to 55 cr annual depreciation removed (management); net assets of Rs 744.49 cr debited to reserves; derecognised prospectively in FY26 with no restatement of 31 Mar 2025 balance sheet
Consideration to shareholders	122 IRSL shares per 1,000 IGESL shares; 4,89,82,030 IRSL shares allotted 24 Aug 2026; IRSL not yet listed, so the IGESL price is not stripped of the IRSL stub (value unknown)
Post-demerger revenue lost	"Very limited... INR10 odd crore" (Q3 FY26 call)

Growth, pressure, focus

Question	Answer
Fastest grower	Inorganic multi-brand O&M and solar by capacity (3.2 GW to 13.3 GWp); by reported revenue, O&M segment +35.9% in FY26. Management expects the O&M share of group activity to move from about 10% (against 90% Inox Wind) to 18 to 20%
Under pressure	Core O&M margin (segment loss Rs 16.25 cr); consultancy income fell from Rs 41.04 cr to Rs 37.64 cr; the demerged evacuation line lost Rs 23.97 cr
Management's stated focus	Consolidate acquired books (WWIL, the second ~2 GW target), separate billing of VAS, group-captive additions (Inox Clean 3 GW+ a year of additions, 20% to 30% wind), solar O&M, buy-and-integrate "a couple of GWs lined up", dividend only after consolidation

Financials: P&L

Consolidated, Rs cr, FY = April to March. Multi-year series are Screener aggregates on a post-demerger basis; FY26 line items are from the audited annual report. Gross profit is not disclosed (service company, no COGS line) and is shown as n/a. Q2 FY27 is not out.

Earnings quality: what the filings show (disclosed facts; no intent is characterised)

Five-year annual P&L (Screener, restated basis)

Metric	FY22	FY23	FY24	FY25	FY26	TTM Jun-26
Revenue (sales)	172	254	224	220	281	276
YoY growth	-	+48%	-12%	-2%	+28%	-
Gross profit	n/a	n/a	n/a	n/a	n/a	n/a
Core operating profit (EBITDA ex other income)	82	57	75	37	23	24
Core operating margin	48%	23%	33%	17%	8%	9%
Other income (net)	-70*	40	35	18	144	175
Reported-basis EBITDA (core + other income) [Est.]	12	97	110	55	167	199
Reported-basis margin [Est.]	7%	38%	49%	25%	59%	72%
Depreciation	50	65	53	1	2	11
Core EBIT (core EBITDA - depreciation)	32	-8	22	36	21	13
Interest	55	71	25	19	9	7
PBT	-93	-39	31	35	157	180
PBT margin	-54%	-15%	14%	16%	56%	65%
Tax rate	0%	-48%	12%	37%	34%	-
PAT	-93	-20	28	22	103	122
PAT margin	-54%	-8%	12.5%	10%	37%	44%
EPS (Rs)	-3.97	-0.66	0.95	0.54	2.55	3.12
Dividend payout	0%	0%	0%	0%	0%	-

*FY22 "other income" of -70 is Screener's netting of exceptional items; treat with caution. Older years: FY18 PAT -57, FY19 -53, FY20 -52, FY21 -154 (borrowings Rs 1,400 cr in FY21). Screener: 5-year sales CAGR 10.3%, 5-year profit CAGR 20.9%, 3-year average RoE 2.90%. FY26 revenue +27.6% (281.01/220.19; +28% on Screener's rounded figures); FY25 -1.8%; FY24 -11.8%; FY26 core operating profit -38%; PAT +373% (103.45 vs 21.85). Zerodha's "EBITDA Rs 164 cr" for FY26 is core Rs 23 cr plus treasury items. Sahi quotes FY26 total income of Rs 426 cr as +69% from Rs 252 cr in FY23 (a three-year base, unverified); against FY25 total income of about Rs 238 cr (220 + 18 [Est.]) the rise is about 79%.

FY26 consolidated statement (audited annual report, Rs cr)

Line	FY26	Note
Revenue from operations	281.01	O&M services 231.62; consultancy 37.64; other operating revenue 11.74
Other income	145.20	Fair-value gain on MF units 121.43; interest 11.63; MF sale gain 6.11; insurance 5.68; written back 0.35
Total income	426.21	Company's "Rs 426 cr turnover"
O&M / common infrastructure expenses	152.60
Stock-in-trade	10.24
Employee benefits	57.22
Finance cost	8.78
Depreciation	1.71
Other expenses	37.85
Total expenses	268.41
PBT (continuing)	157.80	Fair-value gain = 77% of this [Est.]
Tax	53.45	Deferred 52.72; effective rate 33.9% [Est.]
PAT (continuing)	104.35
Discontinued operations loss	0.91
PAT	103.44	Owners 102.38; NCI 1.06

Which EBITDA? Four numbers for the same year

Definition	FY26 Rs cr	Margin	What is in it
Core operating profit (CRISIL, Screener)	23	8.2% of Rs 281 cr	Revenue less operating costs; equals O&M segment loss + consultancy + depreciation add-back
Reported-basis (core + Screener other income)	167	59%	Includes Rs 121.4 cr unrealised fair-value gain
Continuing EBITDA (Placement Document, 16,829 lakh)	168.3	60.91% as stated in the Placement Document (denominator not reconciled here)	426.21 - 152.60 - 10.24 - 57.22 - 37.85 [Est.] (reconciles exactly)
EBITDA including discontinuing operations (company results line, 20,971 lakh)	209.7	about 50% of Rs 426 cr	Adds the discontinued unit's total income Rs 41.42 cr (about Rs 26.9 cr interest from IRSL on a group ICD; expenses are depreciation Rs 38.52 cr)
Q1 FY27 company EBITDA	56.99	131.66% of Rs 43.29 cr revenue (Placement Document)	Operating profit about -Rs 1 cr + other income Rs 57.89 cr
FY26 cash PAT	158	-	PAT + depreciation + deferred tax; includes the non-cash gain

Last eight quarters (Screener consolidated, Rs cr)

Quarter	Revenue	Core OP	Other inc.	Reported-basis EBITDA	PBT	PAT	Rev YoY	Rev QoQ	PAT YoY	PAT QoQ
Q2 FY25 (Sep-24)	55	19	9	28	10	6	+17%	+8%	~0%	+50%
Q3 FY25 (Dec-24)	61	16	12	28	10	5	+2%	+11%	n.m.	-17%
Q4 FY25 (Mar-25)	65	-3	19	16	11	6	+25%	+7%	-71%	+20%
Q1 FY26 (Jun-25)	56	6	42	48	33	22	+10%	-14%	+450%	+267%
Q2 FY26 (Sep-25)	86	9	44	53	41	28	+56%	+54%	+367%	+27%
Q3 FY26 (Dec-25)	78	19	23	42	39	25	+28%	-9%	+400%	-11%
Q4 FY26 (Mar-26)	69	-3	50	47	45	28	+6%	-12%	+367%	+12%
Q1 FY27 (Jun-26)	43	-1	58	57	54	41	-23%	-38%	+86%	+46%

Prior-year base quarters (revenue / core OP / PAT): Q1 FY24 57/23/3; Q2 FY24 47/13/6; Q3 FY24 60/20/-1; Q4 FY24 52/12/21; Q1 FY25 51/17/4. Interest cost has collapsed (Rs 1 to 2 cr a quarter), depreciation is about nil and the effective tax rate was 25% to 38% (Q1 FY27 25%), so PBT tracks other income closely. Screener's quarterly OPM: Mar-25 -4.6%, Jun-25 11%, Sep-25 10%, Dec-25 24%, Mar-26 -4.1%, Jun-26 -2.2%. Core operating profit was zero or negative in Q4 FY25, Q4 FY26 and Q1 FY27.

Company-reported headlines against the Screener core line

Quarter	Company total income	Company EBITDA	PBT	PAT	Cash PAT	Screener core OP
Q2 FY26 (14 Nov 2025 call)	129.5 (+101%)	52.2 (+52%)	-	28.1 (+363%)	50.9 (+121%)	9
Q3 FY26 (13 Feb 2026)	112 (+51%)	53 (+80%)	-	25 (+375%)	-	19
Q4 FY26 (29 May 2026)	120 (+40%)	57 (+93%)	46 (+244%)	28 (+340%)	46	-3
Q1 FY27 (7 Aug 2026)	101 (+17% vs 86)	57 (+19% vs 48)	54 (+74% vs 31)	40.8 (+86% vs 22)	55 (+25% vs 44)	-1

Company headlines use a total-income basis that includes other income (Q1 FY27 total income Rs 101 cr = operating revenue Rs 43.29 cr + other income Rs 57.89 cr). Growth rates are arithmetically consistent with the company's own bases. Q4 FY26 does not reconcile exactly: Screener other income Rs 50 cr gives total income about Rs 119 cr but EBITDA Rs 47 cr; management's Rs 60.8 cr gives EBITDA Rs 57 cr but total income Rs 130 cr against the reported Rs 120 cr; the filed continuing figure is Rs 50.81 cr.

Q1 FY27 in detail

Rs cr	Q1 FY27	Q1 FY26	Change
Operating revenue (company / Sahi basis, restated comparative)	43.29	52.36	-17.3%
Operating revenue (Screener, unrestated comparative)	43	56	-23%
Other income (continuing)	57.89	42 (Screener, unrestated; the company's Q1 FY26 total income of Rs 86 cr implies a lower restated figure)	n.m.
Core operating profit	about -1	6	n.m.
Total income	101	86	+17%
PBT	54	31	+74%
PAT	40.8	22	+86%
Cash PAT	55	44	+25%
Operating revenue QoQ vs Q4 FY26 (Rs 69 cr)	43	-	-38%

Management on 7 Aug 2026: "majority of the other income, around INR57-odd crores, INR50 crores plus is related to the operational income, which includes the assets which we have acquired as well as the value-addition services, the treasury"; "as per the accounting policies, only a portion of it is what we can consolidate." The Q1 FY27 monitoring-agency report shows Tempest paid Rs 2.14 cr "management fee to RKG Solution Fund".

Standalone view and the subsidiary layer

Standalone (Screener)	FY24	FY25	FY26	TTM
Sales	202	189	238	228
Operating profit	80	34	19	20
PAT	12	38	52	59
Other income	-	-	64 (consolidated 144)	-

About Rs 80 cr of FY26 other income arises in subsidiaries. Tempest Wind Energy booked profit of Rs 49.15 cr (47.5% of group PAT) on net assets of Rs 29.04 cr [Fact].
Standalone debtor days were 326 (FY25) and 230 (FY26).

Revenue growth, margins, one-time items

Topic	Finding
Organic vs inorganic	Not Available: revenue is not split between organic and acquired in any file read. FY26 O&M segment revenue +35.9%; FY26 consolidated +27.6%. Consolidation of Wind World, if effected, would roughly triple the revenue base (Rs 582.59 cr carve-out vs Rs 281 cr)
Volume vs price	Not disclosed; fixed per-MW fees with 4 to 5% escalators; availability 96.3% to 96.5%
Margin trend	Core margin 48%, 23%, 33%, 17%, 8% (FY22 to FY26); CRISIL: "upfront scheduled maintenance expenses at some projects"; Jan-26 note adds a "one-time liquidated damages charge". Management: unbilled VAS costs, one-time infrastructure and life-extension spend
One-time or non-cash items	Fair-value gain Rs 121.43 cr; insurance claims Rs 5.68 cr; MF sale gain Rs 6.11 cr; liability written back Rs 0.35 cr; IRSL ICD interest Rs 26.9 cr in discontinued ops; demerger net assets Rs 744.49 cr debited to reserves (not through P&L)
Restatement	FY25 comparative re-presented with power evacuation as discontinued (continuing FY25 revenue Rs 220.19 cr, depreciation Rs 0.94 cr). Quarterly series are not perfectly additive: FY25 quarters sum to sales Rs 232 cr vs annual Rs 220 cr; FY26 quarters sum to Rs 289 cr vs Rs 281 cr (PAT matches at Rs 103 cr). Screener shows Rs 13 cr depreciation in each of Jun/Sep/Dec 2024 quarters but Rs 1 cr for FY25
Tax	FY26 tax Rs 53.45 cr of which deferred Rs 52.72 cr; deferred tax asset Rs 125.61 cr net (DTL Rs 30.56 cr); management cites a tax shield on "up to INR700 crore of losses" [Fact] (mgmt claim)

Earnings-quality check: are profits backed by cash?

Rs cr	FY22	FY23	FY24	FY25	FY26
PAT	-93	-20	28	22	103
Cash from operations	141	-26	-8	60	67
OCF / PAT	n.m.	n.m.	-0.3x	2.7x	0.65x

FY26: PAT of Rs 103 cr is flattered by Rs 145 cr of other income, mostly non-cash. Core operating profit of Rs 23 cr cannot generate Rs 67 cr of OCF without working-capital release; the annual report shows OCF includes +Rs 94.5 cr from an increase in other liabilities and a non-cash deduction of Rs 121.43 cr for the fair-value gain. Screener's CFO/EBITDA of 344% divides by depressed core EBITDA and is not meaningful.
FY24: OCF negative despite profit of Rs 28 cr, consistent with stretched receivables (213 debtor days). FY25 and FY26 investing outflows of Rs 637 cr and Rs 293 cr were funded by financing inflows of Rs 572 cr and Rs 307 cr (equity and warrant money) and went into the RKG units (Rs 264.75 cr at Mar-25 to Rs 550.35 cr at Mar-26 per Note 7a; Screener's investments line shows Rs 446 cr to Rs 550 cr, and the Rs 181 cr Mar-25 difference is not explained in the files read) and loans to group, not capex.
TTM other income of Rs 175 cr is greater than TTM PAT of Rs 122 cr (Screener flags this). [Analyst View] Reported earnings should be read as treasury and mark-to-model income until Wind World revenue is consolidated.

Financials: Balance Sheet, Cash Flow & Ratios

Consolidated, Rs cr, 31 March, unless stated. Multi-year series are Screener; the FY26 balance sheet detail is from the audited annual report. The Mar-26 balance sheet predates the Rs 289.72 cr net QIP proceeds, the Rs 550 cr Wind World payment and the 25% Vibhav minority, so all ratios are stale for valuation.

Five-year balance sheet (Screener)

Item	FY22	FY23	FY24	FY25	FY26
Equity capital	235	292	294	367	401
Reserves	572	835	1,051	1,600	1,307
Net worth (equity + reserves)	807	1,127	1,345	1,967	1,708
Total borrowings	904	595	174	181	88
Other liabilities	410	433	564	339	286
Total liabilities = total assets	2,121	2,155	2,083	2,487	2,082
Fixed assets (net block)	953	1,095	755	704	15
CWIP	133	7	7	7	6
Investments	33	0	0	446	550
Other assets	1,002	1,052	1,320	1,330	1,511
Receivables (debtor days x sales / 365) [Est.]	~68	~93	~131	~180	~166
Cash and equivalents	n/a	n/a	n/a	n/a	505 (CRISIL; annual report Rs 504.6 cr)
Goodwill	n/a	n/a	n/a	n/a	10.14 (annual report; unchanged vs FY25)
Inventory	Not material / not shown

Net worth fell Rs 259 cr in FY26 despite Rs 103 cr of profit and about Rs 34 cr of equity issuance: the demerger debited net assets of Rs 744.49 cr to reserves (common-control business combination under Appendix C of Ind AS 103, a figure that the first-pass files could only infer). Fixed assets fell from Rs 704 cr to Rs 15 cr and depreciation to about nil for the same reason. Asset turns of about 0.1x reflect a balance sheet dominated by investments, unbilled revenue, cash and advances.

FY26 balance sheet (audited annual report, 31 Mar 2026)

Item	Rs cr	Note
Total assets	2,112.86	Screener Rs 2,082 cr
Total equity	1,716.00	NCI Rs 8.00 cr; owners Rs 1,708 cr (matches Screener net worth)
Non-current investments (all RKG fund units)	550.35	FVTPL, unquoted, Level 2 (NAV from fund manager)
Unbilled revenue	467.99	Non-current 347.4 plus current about 121; "for passage of time"
Trade receivables (net of allowance)	166.18	Gross 182.26 less loss allowance 16.09
Cash and bank balances	504.6	Cash 86.89 plus bank deposits 417.69 (matches CRISIL Rs 505 cr)
Borrowings	88.28	Plus TReDS 14.18
Goodwill	10.14	I-Fox and Resowi
Deferred tax asset (net)	125.61	DTL Rs 30.56 cr
Payable pursuant to Scheme of Arrangement	110.32	Owed to IRSL (other payable Rs 110.36 cr in Note 38)
Standalone Mar-26	-	Net worth Rs 1,733 cr (401 + 1,331); borrowings Rs 32 cr; investments Rs 17 cr; fixed assets Rs 2 cr; other assets Rs 1,989 cr (cash and loans/advances to subsidiaries). The Rs 550 cr of units sit in subsidiaries (Tempest and others)

RKG fund units (Note 7a and Note 55)

Fund	Units (Mar-26)	Carrying value Rs cr (Mar-26)	Mar-25 Rs cr	FY26 funds given Rs cr
RKG Special Situations	37,00,920.67	491.52	206.93 (20,69,282.10 units)	163.16 (16,31,638.57 units at Rs 1,000)
RKG Fund-I	35,500	3.66	3.60	0.06
RKG Fund-II	5,34,500	55.16	54.22	0.95
Total	-	550.35	264.75	164.17

Roll-forward [Est.]: RKG Special Situations 206.93 + 163.16 + fair-value gain 121.43 = 491.52. Funds I and II are carried at cost plus small top-ups. Total cost about Rs 430 cr (206.93 + 163.16 + about 59). FY25 fair-value gain was Rs 3.80 cr (380.06 lakh).
Funding path [Fact]: IGESL lends ICDs to wholly-owned subsidiary Tempest Wind Energy Pvt Ltd, which pays them to the RKG funds. The annual report does not disclose the funds' portfolio, manager, ownership or any valuation report. A third-party directory lists "RKG Special Situations Trust" as a SEBI-registered AIF (IN/AIF1/24-25/1543); not verified at SEBI, category unconfirmed [Est.].
Par drawdowns at Rs 1,000 per unit and a single dominant unitholder would be consistent with IGESL, through Tempest, being the dominant investor, which bears on whether the fund should be treated as a related party or controlled (Ind AS 110). The annual report does not say [Est.]. The FY25 tranche (Rs 207 cr) pre-dates Omkara's debt purchase (Sep-Oct 2025), so at least that tranche relates to the second ~2 GW target mentioned on the 1 Sep 2025 call, not to Wind World [Est.].
Management described the implied annualised yield (Rs 50 cr+ a quarter on a Rs 550 cr base is about 36%) only as operational income of the acquired assets; the first-pass financial file asked for this to be probed in the annual report, and the note above is the answer.

Receivables and contract assets (Note 58B)

Rs cr	31 Mar 2026	31 Mar 2025
Trade receivables (gross)	182.26	-
Unbilled revenue ("for passage of time")	467.99	-
Less loss allowance	-16.09	-
Net contract receivables	634.18	693.39
Ageing of billed receivables: under 6 months	103.35
6 months to 1 year	31.88
1 to 2 years	29.31
2 to 3 years	9.68
Over 3 years	4.56
Disputed	3.48
Customers above 5% of receivables (three)	37.38	55.55
Contract receivable days [Est.]	824 (634.18 / 281.01 x 365)	-
Net trade receivables days (Screener "debtor days")	216	299
Unbilled days [Est.]	about 608	-

Auditor emphasis of matter: revenue is recognised straight-line over the contract, with "certain O&M services to be billed Rs 114.82 cr (FY25: 124.12 cr)" for which services have been rendered, and no adjustment for machine availability on certain contracts. The Dec 2025 standalone limited review cited Rs 127.5 cr (Rs 12,750 lakh) on the same point.
Related parties are only 12% of the Rs 468 cr unbilled book (IWL Rs 45.92 cr); the rest is third party. Management (7 Aug 2026): receivables are recognised under Ind AS 115 on a risk-transfer basis, some stay outstanding until commissioning, and should fall as the business shifts to equipment supply "from Q2-Q3" (this remark concerns the Inox Wind side). Note 38 states no expense was recognised for bad or doubtful debts from related parties. Wind World's own carve-out receivables of Rs 308.84 cr (194 days, no allowance) will add to the collection task.

Five-year cash flow (Screener)

Rs cr	FY22	FY23	FY24	FY25	FY26
Cash from operations (OCF)	141	-26	-8	60	67
Capex [Est.] (OCF - FCF)	149	71	0	4	2
Free cash flow	-8	-97	-8	56	65
Cash from investing	-153	-5	-63	-637	-293
Cash from financing	-63	-10	79	572	307
Net cash flow	-76	-42	8	-5	81
PAT	-93	-20	28	22	103
OCF / PAT	n.m.	n.m.	-0.3x	2.7x	0.65x
FCF yield on current market cap [Est.]	-	-	-	1.2%	1.3%

Capex is negligible (asset-light). Post-March items outside the table: QIP net proceeds Rs 289.72 cr (Sep 2026); Wind World Rs 550 cr paid via Vibhav (IGESL Rs 450 cr: Rs 250 cr equity plus Rs 200 cr ICD at 12%, of which Rs 50 cr is convertible; Authum Rs 100 cr ICD). Funding and conversion mechanics are in Tab 7.

Working capital and ratios

Days	FY22	FY23	FY24	FY25	FY26
Debtor days (Screener)	144	133	213	299	216
Cash conversion cycle (Screener)	-1,344	-409	213	299	216
Working-capital days (Screener)	-1,105	-217	392	793	226
Standalone debtor days	-	-	-	326	230
Contract receivable days incl. unbilled [Est.]	-	-	-	-	824

Inventory days (Screener shows 1,891 / 540 / 215) and payable days (2,200 / 2,029 / 758) arrived without year labels and are not mapped. For FY24 to FY26 the cycle equals debtor days, with no meaningful inventory or payables offset; the very negative FY22-FY23 values come from large payables when the company carried the substation EPC and asset book.

Ratio	FY22	FY23	FY24	FY25	FY26
RoE (PAT / average net worth) [Est.]	n.m.	n.m.	2.3%	1.3%	5.6% (Screener 5.13%)
RoCE (Screener, current)	-	-	-	-	8.11%
Debt / net worth	1.12	0.53	0.13	0.09	0.05
Interest cover, reported basis (PBT + interest) / interest	neg.	0.5x	2.3x	2.8x	18.4x
Interest cover, core (core EBIT / interest)	0.6x	neg.	0.9x	1.9x	2.3x
Asset turnover	0.07x	0.12x	0.11x	0.10x	0.12x
Current ratio	Not Available (the Screener summary does not expose current assets and liabilities; CRISIL calls liquidity "adequate")

Debt, lenders and credit rating

Item	Finding
Debt	Consolidated borrowings Rs 88 cr (standalone Rs 32 cr) plus TReDS Rs 14.18 cr; CRISIL: "negligible term debt obligations"; unutilised fund-based working-capital limit only Rs 5.84 cr
Facilities rated 16 Jun 2026 (CRISIL, Rs 191.5 cr)	Cash credit Rs 35 cr (ICICI Bank 25, YES Bank 10); LC interchangeable with BG Rs 100 cr (YES Bank 40, ICICI Bank 60); proposed LC/BG Rs 49.5 cr; term loan Rs 7 cr (YES Bank, dated 31 Jan 2026)
After 11 Sep 2026	YES Bank lines (CC 10, LC 40, TL 7 = Rs 57 cr) withdrawn at company request; remaining Rs 134.5 cr = ICICI CC 25 + ICICI LC 60 + proposed 49.5
Acuite facilities (27 Aug 2026)	Long term Rs 65 cr (BG 40, CC 10, proposed 15) AA-/Stable; short term Rs 85 cr (ICICI LC 25 + 60) A1+; total Rs 150 cr
Maturity profile / covenants	Not Available: no maturity schedule in accessible documents (term debt negligible)
Scheme-meeting creditors (Aug 2025)	2 secured creditors with Rs 24.7 cr; 874 unsecured creditors with Rs 83.3 cr (FilingReader)
Group support	CRISIL: INOXGFL has historically provided NCDs, term debt, working-capital support, capital advances and ICDs to group entities; Inox Wind supported IGESL via ICDs and OCDs; the entities share a common treasury
Guarantees	Inox Wind guaranteed Rs 9.16 cr of group borrowings (FY25: 0.97 + 20.0); IGESL's own Rs 100 cr corporate guarantee and Rs 36.7 cr FD security for IRSL fell to nil at 31 Mar 2026; guarantee charges Rs 0.22 cr paid to GFL; 13 Aug 2026 EGM approved availing Inox Wind guarantees or comfort up to Rs 500 cr for 12 months (threshold Rs 28.10 cr)
Debentures	Market-linked debenture ISIN INE510W08035 issued earlier; CRISIL withdrew a Rs 75 cr PPMLD rating in Feb 2025 after full redemption; debenture trustee Catalyst Trusteeship

Date	Agency	Rating	Detail
14 Jun 2024	CRISIL	A/Stable
28 Feb 2025	CRISIL	A/Positive
28 Jan 2026	CRISIL	A/A1, Positive	The Sep-26 document says Positive as of 28 Jan 2026 while the Jun-26 history table says Watch Developing: CRISIL's own inconsistency, unresolved
16 Jun 2026	CRISIL	A/Watch Developing; A1 reaffirmed (Rs 191.5 cr)	Triggered by the watch on Inox Wind because Inox Clean Energy is acquiring about 6 GW (Vena Energy India)
27 Aug 2026	Acuite	AA-/Stable; A1+ (Rs 150 cr)	Analysis consolidates Inox Wind + IGESL + IRSL + 34 step-down subsidiaries; every financial quoted (revenue Rs 4,397 cr, EBITDA Rs 891 cr, PAT Rs 449 cr, TD/TNW 0.21x, PBDIT/interest 5.32x, debtor days 353, order book) is Inox Wind group; silent on IGESL other income, RKG units, Wind World. Downgrade triggers per Acuite: operating margin below 17%, further receivables stretch
11 Sep 2026	CRISIL	A/Watch Developing, A1	Rs 57 cr YES Bank facilities withdrawn at company request
22 Sep 2026	CRISIL	Rating withdrawn (A/Watch Developing and A1 on Rs 134.5 cr)	"At the company's request and on receipt of no-objection certificate from the lenders"; company letter of 23 Sep says "voluntarily withdrawn... after obtaining the requisite consent from the concerned lenders"; no reason stated by either party. Inox Wind's own CRISIL ratings were likewise placed on watch and withdrawn (17 Jun)

CRISIL's open points: competition, FY26 margin drop, parent's high working-capital intensity, group capital allocation to Inox Clean Energy (14 GW target; 11 GW each of cell and module capacity; Vena Energy India about 6 GW completed 18 Aug 2026; Macquarie's Vibrant, SunSource, SkyPower and Boviet Solar). Downside triggers: Inox Wind operating margin below 12%, change in INOXGFL shareholding or reduced support. CARE, ICRA and India Ratings: no ratings found (not exhaustively verified). GFL is rated CRISIL AA+/Stable; IRSL CRISIL A/Positive with NCDs AA+(CE) guaranteed by GFL.
A switch from CRISIL to Acuite within a month is a fact pattern; neither party states a reason. The sequence is: CRISIL watch (16 Jun), Acuite assignment (27 Aug), CRISIL partial withdrawal (11 Sep), full withdrawal (22 Sep). [Analyst View] The AA- is a group rating and should not be read as IGESL's standalone credit.

Equity dilution and share-count history

Date / event	Detail	Shares / capital
Mar 2022	Equity capital Rs 235 cr	about 23.5 cr
Nov 2022 IPO	Fresh issue about Rs 370 cr at Rs 65	Mar-23 Rs 292 cr (about 29.2 cr)
FY24	Small additions	Rs 294 cr (about 29.4 cr)
18 Jul 2024 / 2 Aug 2024	Shareholders approve up to 44,827,582 convertible warrants at Rs 145 (premium Rs 135); committee final allotment 2 Aug 2024; Jun-24 programme up to about Rs 1,050 cr, about Rs 590 cr received by Dec 2024; equity allotments also 2 Aug and 5 Oct 2024; warrants at Rs 120 and Rs 145 per scheme filing	Capital Rs 294 cr to Rs 367 cr (+7.3 cr shares, +25%); about 36.7 cr
23 Jan 2026	6,896,550 warrants converted to non-promoter holders	-
28 Jan 2026	19,890,000 warrants converted by Inox Leasing & Finance at Rs 145 (SAST/Reg 29 filing 29 Jan); all locked in. Of 27,586,206 warrants in the filing, 7,696,206 were cancelled and the 25% upfront forfeited; revised proceeds Rs 966.30 cr (shortfall Rs 83.70 cr)	374,705,495 to 401,492,045 (Rs 401.49 cr)
Aug 2025	5 warrant holders outstanding at scheme meeting (meeting of warrant holders 1 Nov 2025)	-
13 Aug 2026	EGM approves fundraising (QIP or preferential); Board 22 Jul: up to Rs 600 cr (base Rs 400 cr + greenshoe Rs 200 cr)	-
24 to 29 Sep 2026	QIP: 1,81,10,473 shares at Rs 165.65 to 20 QIBs, Rs 299.99 cr	41,96,02,518 shares (+4.51%); capital Rs 419.60 cr
Outstanding overhang	ESOPs 24,67,620 options (weighted average exercise Rs 94.73); third grant 10 Oct 2025 of 4,00,000 options at Rs 114.04; enabling resolutions for a further raise; the Vibhav 25% minority is a subsidiary-level dilution	ESOP overhang about 0.6% [Est.]

Implied market-cap check: 41.96 cr shares x Rs 114.82 = Rs 4,818 cr. The 4,89,82,030 shares issued on 24 Aug 2026 were IRSL shares to IGESL holders, not new IGESL capital (Tickertape mixes this up). Preferential-issue use of proceeds at 30 Jun 2026 (monitoring agency CARE Ratings): debt repayment Rs 109.64 cr (fully used); investment in subsidiaries Rs 621 cr revised, Rs 611.49 cr used; general corporate purposes Rs 235.66 cr, Rs 110.48 cr used; unutilised Rs 134.69 cr in ICICI Bank term deposits; no deviation (also nil in Feb and Aug 2026 reports).

QIP detail (NSE filings 24, 29, 30 Sep 2026; Placement Document 29 Sep)

Item	Detail
Price and size	Rs 165.65 (premium Rs 155.65; 5% discount Rs 8.71 to the Rs 174.36 floor, relevant date 24 Sep); 1,81,10,473 shares; Rs 299,99,99,852.45; net proceeds Rs 289.72 cr
Use of net proceeds	Rs 243 cr to Vibhav for the Wind World payment; Rs 31.41 cr debt repayment; Rs 15.31 cr general corporate purposes
Lock-in	One year, except sale on exchange
Allottee: Bandhan Small Cap Fund	45,00,000 shares (24.85%)
Allottee: Leading Light Fund VCC - The Vintage Fund	30,18,412 (16.67%)
Allottee: India Opportunities Growth Fund Ltd - Pinewood Strategy	21,14,631 (11.68%)
Allottee: Elm Park Fund Ltd	18,11,047 (10.00%)
Allottee: ITI Mutual Fund schemes (combined)	18,11,047 (10.00%): Small Cap 9,23,634; Value 1,75,069; Balanced Advantage 60,368; Divinity Equity Long Short 1,20,736; Business Cycle 60,368; Flexi Cap (split partly garbled in the filing)
Allottee: Societe Generale ODI	11,55,822 (6.38%)
Concentration	Top six about 79.6% [Est.]; the other 14 QIBs each below 5%
Advisers	Khaitan & Co, Dentons Link Legal, Hogan Lovells Cadwalader (Bar & Bench, 13 Oct 2026)
Net-cash tension	Mar-26 cash Rs 504.6 cr and borrowings Rs 88 cr; management also floated a possible buyback (29 May: "not at this point") before the raise. A shareholder asked on 7 Aug why equity rather than debt; management declined (silent period)

Contingent liabilities and commitments (consolidated)

Rs cr	FY26	FY25	Note
Claims not acknowledged as debt	40.54	45.59	Customer claims 36.00; VAT/GST 4.54 (show-cause notices GST Vadodara, Jaipur x2, Tamil Nadu, Bengaluru; AP VAT 1.85)
Capital commitment, SECI wind farm SPVs	1,156.98	1,156.98	SPVs failed (commissioning lapsed; guarantees of Rs 55.78 cr invoked)
Bank guarantees issued	27.29	-
Tax demand on demerged entity IRSL (AY 2023-24)	96.81	-	Rs 96,80,78,940 appears against IRSL; being challenged; whether it passes to IGESL under the scheme is not verified

Key balance-sheet risks

Rs 550.35 cr of assets (26% of total assets) and 77% of continuing PBT rest on a Level 2 NAV from an undisclosed fund manager, with no key audit matter.
Rs 634 cr of net contract receivables (2.26x revenue) with 824 days of revenue outstanding, plus Rs 308.84 cr of Wind World receivables coming in.
Rs 1,156.98 cr SECI capital commitment on SPVs that failed, backed by an AGM-approved comfort that Inox Wind will bear any unrecovered amount.
Deferred tax asset of Rs 125.61 cr depends on future taxable profits; IRSL ICD of Rs 301.29 cr (FY25) left with the demerger, replaced by a Rs 110 cr payable to IRSL.
Group counterparties: ICD receivables from Inox Wind (Rs 74.57 cr) and Inox Clean Energy (Rs 14.13 cr) (Tab 7); IWL receivables of 353 days are the parent's strain.

Management, Promoters & Governance

Sources: FY26 annual report (Notes 38, 46, 49, 55, 58B; auditor's report; Board's report), Placement Document, NSE filings, NCLT order, company website pages (board, KMP, committees, shareholding), CRISIL and Acuite rationales, Screener, Trendlyne, Tickertape, Wikipedia (Inox Group). Statements are as filed; no intent is attributed to any party.

Control structure and promoters

Promoter entity	Shares	% (Sep 2026)	Note
Inox Wind Ltd (IWL)	20,52,74,791	48.92	Listed parent; 49,00,000 shares pledged (below)
Inox Leasing & Finance Ltd (ILFL)	1,98,90,000	4.74	Got shares by converting warrants on 28 Jan 2026 at Rs 145; all locked in (8.83% of promoter holding)
Devansh Trademart LLP	1,52,000	0.04
Devansh Jain	300	0.00	Nominee of Inox Wind
Mukesh Patni	100	0.00	Nominee of Inox Wind
Vivek Kumar Jain	100	0.00	Nominee of Inox Wind
Promoter group total	22,53,17,291	53.70	Unchanged in share count between Jun and Sep 2026

Chain: INOXGFL Group (Vivek Jain family) > Inox Leasing & Finance Ltd (ultimate holding company) > Inox Wind Ltd > IGESL. CRISIL: promoter group holds about 44% of Inox Wind (Wikipedia: family about 67% of IWL and about 66% of GFL); the group "maintains complete control over operations" and entities share a common treasury (CRISIL, Jan 2026).
Vivek Jain: chairman of the INOXGFL Group, based in New Delhi. His father Devendra Kumar Jain founded Industrial Oxygen Co. in Pune in 1963 (family business from the 1920s in paper trading) and reportedly signed the 2021 family accord at age 92. In the accord Pavan Jain's branch kept industrial gases (Inox Air Products), INOXCVA and PVR INOX; Vivek Jain's branch took Gujarat Fluorochemicals (GFL), Inox Wind and Inox Wind Energy. Education and personal background: Not Available (not in any source fetched).
Devansh Jain: Vivek Jain's son; promoted Inox Wind's entry into wind (2009) and leads the renewables business; Inox Wind listed in 2015 and recovered after the 2017 competitive-bidding downturn with promoter capital. He speaks on IGESL calls. Education: Not Available.
Track record of support: Acuite cites more than Rs 2,000 cr put into Inox Wind over three years; CRISIL cites about Rs 900 cr via stake dilution plus about Rs 1,800 cr of equity raised in FY25, and group NCDs, term debt, working-capital lines, ICDs, capital advances, optionally convertible debentures, guarantees, letters of comfort and pledges of own funds. The group is an active acquirer (Vena Energy India, about 6 GW, completed 18 Aug 2026 via Inox Clean Energy; Wind World assets). CRISIL put Inox Wind and IGESL on Watch Developing on 16 Jun 2026 over this capital-allocation burden.
Other group businesses: GFL (fluorochemicals), Inox Wind (WTG manufacturing and EPC), Inox Clean Energy (IPP, unlisted; draft IPO up to Rs 10,000 cr with Rs 6,000 cr for debt repayment filed 29 Sep 2026), Inox Renewable Solutions (IRSL), Inox Neo Energies (IPP).

Key management

Name	Role	Background
S.K. (Seethappa) Mathusudhana	CEO (since Dec 2022 per aggregator data; third-party only)	MBA IIM Lucknow, BE Mechanical (Anna University); 19+ years in M&A, P&L, O&M, government relations; previously BluPine Energy, SB Energy, Ostro Energy, Adani Power, NTPC. ESOP cost Rs 1.18 cr in FY26
Govind Prakash Rathor	CFO	FCA; 27+ years in financial planning, MIS, strategy, tax, consolidation; previously Punj Lloyd, Caparo Engineering India, Vacmet India
Anup Kumar Jain	Company Secretary and Compliance Officer	ICSI associate, commerce graduate; 20+ years, previously Polyplex Corporation
Group voices on calls	Akhil Jindal (Group CFO), Kailash Tarachandani (Group CEO, renewables), Devansh Jain; IR heads Sweta Sultania (Q4 FY26 call; IR head appointed May 2026) and Anshuman Ashit (Q3 FY26 call)	Group, not IGESL, executives
KMP holding	1,02,500 shares (0.03%, Jun 2026)	Control is exercised through Inox Wind, the group treasury and the two group whole-time directors; there is no promoter-family member on the board

Board and committees

Name	Role	Exec / Independent	Tenure and background
Manoj Dixit (DIN 06709232)	Whole-time Director	Executive	Term ended 7 Oct 2026; Board (7 Aug 2026) re-appointed him for 2 years from 8 Oct 2026, subject to shareholder approval at the 14th AGM (25 Sep 2026; result not read). Master's in Mechanical Engineering (IIMRT Ahmedabad per company page); 27 to 28 years in power management, project development, scheduling, land, regulatory; with INOXGFL since 2008; earlier Perfect Refractories and GFL. Remuneration Rs 0.68 cr (FY26)
Mukesh Manglik (DIN 07001509)	Whole-time Director	Executive	Re-appointed for 2 years from 19 May 2026 (postal ballot; results 13 Apr 2026); age 74; BE Electrical (VJTI Mumbai); 40+ years in power electronics, 23 in wind; with INOXGFL since 2008; heads Engineering and Product Development
Shailendra Tandon	Non-executive, non-independent	Non-executive	B.Com, PGDM; 24+ years in HR; tenure not stated
Brij Mohan Bansal	Independent Director	Independent	Former Chairman, Indian Oil Corporation; B.Tech Chemical Engineering IIT Delhi; appointed around Oct 2024 per a "change of independent directors" filing of 19 Oct 2024 (which director is not verified)
Bindu Saxena (DIN 00167802)	Independent Director	Independent	Advocate, partner at Swarup & Company; 30+ years in corporate law; first term ends Dec 2026; Board (7 Aug 2026) re-appointed her for a second 5-year term from 14 Dec 2026, subject to approval
Sanjeev Jain	Independent Director	Independent	FCA, law graduate, SRCC; senior partner at Shanti Prashad & Co; former part-time non-official director at UCO Bank and Bank of Maharashtra; Audit Committee chair since Apr 2024

Committee	Members
Audit	Sanjeev Jain (chair), Brij Mohan Bansal, Bindu Saxena, Mukesh Manglik (an executive WTD sits on it)
Nomination & Remuneration	Bansal (chair), Sanjeev Jain, Tandon
Stakeholders Relationship	Bansal (chair), Dixit, Tandon
Risk Management	Dixit (chair; an executive), Tandon, Bansal
BRSR	Dixit (chair), Manglik, Tandon, CFO Rathor
CSR	Manglik (chair), Tandon, Bansal
Committee of the Board for Operations	Manglik, Dixit, Tandon

Board of 6: three independents (50%), two executives and one non-executive group-linked director. Who chairs the board is not stated on the fetched pages. Both WTDs are long-time group employees and one is 74. An executive on the Audit Committee and an executive chairing Risk Management are weaker than an independent-only norm.
Independent-director churn: two filings titled "Change of independent directors" (Mar 2024 and Oct 2024; names not retrieved) and a 25 Nov 2022 director resignation; reasons not retrieved. Several independent directors initially sought Section 29A exemptions on "logistical constraints" (later filed) in the Wind World process (process point only). No director resignation title appears in the announcement list from Oct 2024 to Oct 2026. Director and KMP remuneration beyond the figures above: Not Available (annual report remuneration table not extracted).

Shareholding trend

Quarter	Promoter %	FII %	DII %	Public %	Shareholders
Dec 2023	55.72	9.20	2.84	32.24	93,830
Mar 2024	55.72	8.33	1.75	34.21	1,07,498
Jun 2024	55.72	9.16	1.72	33.40	1,21,044
Sep 2024	56.35	9.12	3.70	30.84	1,43,748
Dec 2024	55.93	8.79	3.71	31.56	1,54,405
Mar 2025	55.93	8.93	3.72	31.42	1,53,492
Jun 2025	55.97	7.19	1.33	35.50	1,47,635
Sep 2025	55.97	7.88	1.08	35.07	1,30,308
Dec 2025	54.82	7.57	1.41	36.21	1,15,739
Mar 2026	56.12	8.74	1.50	33.65	1,17,889
Jun 2026	56.12	7.86	1.87	34.17	1,14,521
Sep 2026	53.70	8.17	1.93	36.18	1,10,457

The Sep-26 fall to 53.70% is dilution, not selling: promoter shares unchanged at 22,53,17,291; total shares rose from 40,14,92,045 to 41,96,02,518 (+18.1 m); 56.12% x 40.149 / 41.960 = 53.70% [Est.]. The Mar-26 step-up from 54.82% was the 19.89 m warrant conversion by ILFL on 28 Jan 2026 (pre 37,47,05,495 shares, post 40,14,92,045). Management on 7 Aug 2026: promoter stake increase "No plans as of now".
Sep 2026 detail: FPI Category I 73 entities, 7.94% (Neptune Alpha Fund 1.51%, Samena Special Situations Mauritius III 1.29%); FPI Category II 0.17% (9); total FII investors 91 (from 88). Mutual funds 1.69% (71.1 lakh shares, from 1.61%; schemes 6 to 4; Bandhan Small Cap 1.18% on Trendlyne basis). Public holders above 1%: Samena Green Ltd 1.77%, Authum Investment & Infrastructure 1.43%, Sapphire Intrex 1.18% (pre-sale), Progressive Star Finance 1.13%. Jun 2026: bodies corporate 11.95%, resident individuals above Rs 2 lakh 11.14%, foreign companies 1.88%.
DII figures differ across providers (0.08% to 1.93%) because of definitions; Anand Rathi's Jun-26 FII 6.24% / public 17.63% is inconsistent and ignored. The 20 QIB allottees from Sep 2026 are not yet visible as above-1% holders.

Promoter pledge

Item	Finding
Placement Document (29 Sep 2026, risk factor 42)	"As at August 31, 2026, our Promoter and members of our Promoter Group held 56.12%... Inox Wind Limited, our Promoter, has pledged Equity Shares aggregating to 1.22% of such paid-up Equity Share capital" (about 49 lakh of the 40.15 cr pre-QIP shares). Disclosed to QIP investors with no lender, date or purpose
Sep-26 shareholding pattern	49,00,000 shares pledged, all by Inox Wind: 2.39% of IWL's 20,52,74,791 shares; 2.17% of promoter holding; 1.17% of post-QIP total capital; cover-sheet question 7 "pledged? Yes"
Jun-26 pattern	No pledge, NDU or other encumbrance
8 Apr 2026 SAST Reg 31(4) declarations (IWL, Devansh Trademart LLP, ILFL)	No encumbrance created in FY26 "other than those already disclosed... through system-driven disclosures"
Timing [Est.]	Created between 1 Jul and 31 Aug 2026 (absent at 30 Jun, present at 31 Aug); it is not a post-QIP event
Reg 31(1) filing, lender, purpose	Not Available: IWL's NSE announcement list (Jan to Oct 2026) has no pledge announcement; the NSE pledge-data API returned empty. Trendlyne shows 49 lakh shares as a new pledge this quarter
Value at stake [Est.]	About Rs 56 cr at Rs 114.82 to Rs 81 cr at Rs 165.65
Context [Fact]	CRISIL: the group has helped Inox Wind raise bank funds by "pledging their own funds". IGESL's 13 Aug 2026 EGM sought approval to avail Inox Wind credit support of up to Rs 500 cr; no link to the pledge is established. Tickertape calls promoter pledging "low and insignificant"

Warrants, SAST and insider trail

Preferential issue of up to 44,827,582 convertible warrants at Rs 145 (face value Rs 10, premium Rs 135) approved 18 Jul 2024; committee allotment 2 Aug 2024. Conversions: 6,896,550 shares allotted 23 Jan 2026 to non-promoter holders; 19,890,000 allotted 28 Jan 2026 to ILFL. Of 27,586,206 warrants in the 28 Jan filing, 7,696,206 (non-promoter) were cancelled with the 25% upfront forfeited; promoter-side warrants fully converted. Revised proceeds Rs 966.30 cr (shortfall Rs 83.70 cr). The 28 Jan filing's holding arithmetic is internally inconsistent per InvestyWise, so Screener's holding data is used.
The only SAST event found in the last 12 months is the ILFL conversion (disclosure 29 Jan 2026). Insider (SEBI PIT) sale or purchase disclosures by directors or KMP: Not Available (not retrieved). Only the aggregate KMP holding of 0.03% is known.
Bulk and block activity (Trendlyne): see Tab 12; the only directional selling in the last 12 months was 8 Oct 2026 by Abhishek Khaitan and Sapphire Intrex.

Subsidiaries and group structure

Entity	Status and purpose
26 subsidiaries with accounts on the company site	CRISIL: 13 operating subsidiaries fully consolidated (Jun 2026 rationale), 17 entities (Sep 2026)
FY26 statements on site	Wind Four Renergy, Suswind Power, Vasuprada Renewables, Vibhav Energy, Haroda Wind Energy, Khatiyu Wind Energy, Vigodi Wind Energy, Ravapar Wind Energy, Vuelta Wind Energy, Tempest Wind Energy; I-Fox Windtechnik India Pvt Ltd (acquisition date not separately verified); IGESL Solar O&M Service Pvt Ltd (formerly Ripudaman Urja); Resowi Energy Pvt Ltd
Statements only to FY24	Nani Virani Wind Energy, Flurry Wind Energy, Aliento Wind Energy, Flutter Wind Energy (disposed or not updated)
Statements only to FY22 (legacy)	Marut-Shakti Energy India, Satviki Energy, Sarayu Wind Power (Tallimadugula), Vinirrmaa Energy Generation, Sarayu Wind Power (Kondapuram), RBRK Investments, Wind One/Two/Three/Five Renergy, Resco Global Wind Services
Tempest Wind Energy	Wholly-owned; channel for ICDs into the RKG funds; profit Rs 49.15 cr (47.5% of group PAT) on net assets Rs 29.04 cr; paid Rs 2.14 cr management fee to "RKG Solution Fund" (Q1 FY27 monitoring report)
Six SECI wind SPVs	Funds invested; commissioning lapsed; guarantees of Rs 55.78 cr invoked; CERC appeal pending; capital commitment Rs 1,156.98 cr; Inox Wind comfort approved at AGM (auditor emphasis of matter)
I-Fox Windtechnik / Resowi	51% each (I-Fox announced 26 Dec 2022; Resowi effective 7 Feb 2024); prices Not Available; NLC award for 33 WTGs to I-Fox (19 Mar 2024). Same auditor audits I-Fox (first five-year term from 28 Sep 2023)
Disposals	Nov to Dec 2024: Nani Virani Wind Energy (50 MW; Rs 290 cr, agreed Oct 2023), Aliento Wind Energy and another subsidiary (Reg 30 filings 29 to 30 Nov and 6 Dec 2024; buyers and prices not retrieved). Inox Neo Energies, Inox Clean Energy, Flutter and Flurry were consolidated only until late 2024 (CRISIL). A Sep 2024 filing title: "IGREL Renewables raises Rs 300 crore equity from investors" (not verified beyond title)
Associates and cross-holdings	None identified. IGESL shareholders now also hold IRSL shares
Subsidiary profit contribution	Only Tempest disclosed (above); others Not Available. O&M segment loss Rs 16.25 cr in FY26 (Tab 4)

Acquisition	When	Price	Outcome so far
I-Fox Windtechnik	2023	Not Available	More than 230 MW, South India; NLC restoration award
Resowi Energy	2024	Not Available	Consolidated; goodwill Rs 10.14 cr with I-Fox
RKG fund units for ~6.5 GW of acquired wind O&M	FY25 to FY26	Cost about Rs 430 cr	Carried at Rs 550.35 cr; not consolidated
Wind World O&M business	6 Oct 2026	Rs 550 cr	Too early; core operating margin fell to 8.2% in FY26 from 17% as maintenance was front-loaded
Second target (~2 GW, unnamed)	"final phases of EOIs" (29 May)	Not disclosed	Still an investment

Demerger of power evacuation to IRSL

Item	Detail
Dates	Board approval 13 Nov 2024; appointed date 1 Oct 2024; NCLT Ahmedabad sanction 13 Mar 2026 (certified order 28 Apr 2026); effective 4 May 2026; record date 1 Aug 2026; IRSL shares allotted 24 Aug 2026
Terms	122 IRSL shares per 1,000 IGESL shares; 4,89,82,030 shares; valuation by Finvox Analytics (13 Nov 2024); fairness opinion by Marwadi Chandarana; secured creditors approved 100% (IGESL) and 75.451% (IRSL)
Accounting	Common-control business combination (Appendix C, Ind AS 103); net assets of Rs 744.49 cr debited to reserves; auditor key audit matter on it
Counterparty	IRSL (ex-Resco Global Wind Services; inc. 21 Jan 2020) is an Inox Wind subsidiary: H1 FY26 revenue Rs 232 cr, EBITDA Rs 71 cr, CRISIL A/Positive, NCDs AA+(CE) guaranteed by GFL; Inox Wind reportedly sold a stake worth Rs 175 cr in IRSL (headline). IRSL was previously an ICD borrower from IGESL (Rs 301.29 cr at Mar-25)
Not verified	Minority-shareholder vote outcome; IRSL listing date (pending approvals)

Wind World: Authum linkages, exactly as filed

Item	As filed	Source
Omkara Trust receipts	Authum took 90% of the security receipts of "Omkara PS 05/2025-26 Trust": Rs 1,102.5 cr, 1,10,25,000 SRs, on 1 Oct 2025. The Trust (Omkara ARC, Areion group) bought Wind World's Rs 3,763 cr of debt from NARCL for Rs 1,225 cr (Sep to Oct 2025). The other 10% (Rs 122.5 cr) is unnamed	Authum Reg 30, 1 Oct 2025; insolvencytracker 13 Sep 2025
Move to ISARC	Omkara's claim moved to India SME Asset Reconstruction Co (ISARC) by SR transfer agreement dated 15 May 2026, five days before the resolution applicant's addendum; ISARC then held 86.73% of the creditor vote	NCLT order para 14.34
ISARC ownership	Authum acquired a majority from 17 Jun 2025 and holds 88.37% (20,32,50,000 shares); ISARC net worth Rs 353.29 cr at Mar-26; further Rs 406.5 cr via a 2-for-1 rights issue (Rs 101.6 cr paid 18 Aug 2026). Authum's filing calls ISARC "a related party of the Company"	Authum Reg 30, 18 Aug 2026
Bid and vote	Winning applicant: consortium of Inox Neo Energies (subsidiary of Inox Clean Energy) and Authum; rival bidder EIE Renewables. CoC vote 19 Feb 2026: 87.56%; re-approved 30 May 2026 at 96.47% (ISARC 86.73%, IDBI 0.50, Sipla Wind Energy 4.54, Mahidad Wind Energy 3.99, Jogihali Wind Energy 0.71, IREDA 3.06, Tata Capital 0.33, KfW IPEX 0.11 as read from the OCR; Rabobank 3.06 dissent, abstained 0.47; table partly garbled in OCR: the first five named creditors sum to exactly 96.47%, so IREDA, Tata Capital and KfW IPEX are probably among the 3.53% that did not assent; not verified). NCLT approved 27 Jul 2026, written order received 3 Aug	NCLT order; IGESL Reg 30
How IGESL describes Authum	19 Feb 2026 filing: "Unrelated Member". 3 Aug 2026 Annexure A and the 7 Oct and 9 Oct filings: answers "No" on related party; "promoter/promoter group have no interest"; "arm's length"	IGESL Reg 30 letters
Authum's other roles	Buys "certain identified assets" for Rs 350 cr (remitted, per its 10 Oct filing); 25% shareholder of Vibhav; 1.43% IGESL shareholder (Sep 2026); sold 15 lakh IGESL shares at Rs 63.60 in a bulk deal on 25 Jul 2023	Authum filings; Trendlyne
Vibhav equity (9 Oct 2026)	10 cr shares (Rs 100 cr ICD, agreement dated 28 Sep 2026) to Authum; 5 cr shares (Rs 50 cr ICD) to IGESL; post-allotment IGESL 30 cr shares (75%), Authum 10 cr (25%); paid-up Rs 400.01 cr; both at par Rs 10. IGESL's other Rs 150 cr (Rs 200 cr ICD less Rs 50 cr converted) is 12% subordinated debt [Est.]; Vibhav turnover nil in each of the last 3 years	IGESL Reg 30, 9 Oct 2026
Plan funding	Total outlay Rs 2,775 cr: Rs 1,875 cr upfront (Inox entity Rs 1,525 cr by equity, preference or debt, plus Authum Rs 350 cr) + Rs 900 cr restructured secured debt paid by Wind World within 3 months of implementation. Financial creditors: admitted claims Rs 4,316.5 cr, payment Rs 2,749 cr (63.7%); first-charge holders admitted Rs 3,821.3 cr, payment Rs 2,742 cr (71.8%). Workmen and employees get Rs 25 cr (claims Rs 72 cr); other operational creditors get Rs 1 cr (claims Rs 379 cr); cash balances (not less than Rs 500 cr per the resolution applicant's estimate) go to the financial creditors	NCLT order
Arithmetic [Est.]	If the Trust's recovery is pro rata to admitted claims it receives about 3,763 / 3,821 x Rs 2,742 cr = about Rs 2,700 cr against Rs 1,225 cr cost (2.2x); Authum's 90% share about Rs 2,430 cr against Rs 1,102.5 cr paid. The plan's payment waterfall for the Trust was not read; no party has stated these figures	Aamara arithmetic
Implementation	Authum's 13 Oct 2026 filing: the Implementation and Monitoring Committee recorded that the consortium "successfully discharged its obligations" and declared 8 Oct 2026 the Implementation Date. IGESL's 7 Oct letter says the transfer completes on satisfaction of the BTA's conditions precedent; IGESL has filed nothing on completion through 13 Oct	Authum Reg 30, 13 Oct 2026
Statement by promoter-side	Devansh Jain, 29 May 2026: "we control the COC across the companies, and investments into them are majorly owned by us" and "all the accruals of that company from the date of taking over that asset belong to us"	Q4 FY26 transcript
IGESL's RKG units	Whether they hold any part of the Omkara Trust receipts or other Wind World claims: undisclosed. IGESL's RKG cost base (about Rs 430 cr) exceeds the unnamed 10% (Rs 122.5 cr), so the funds must hold other exposure as well, for example the second target [Est.]	Annual report; NCLT order
Name similarity only	Sipla Wind, Mahidad Wind and Jogihali Wind hold about 9.2% of the creditor vote; Note 38 shows a group party "IGREL Mahidad Limited" (customer, Rs 11.53 cr of sales). No link is verified	NCLT order; Note 38

No conclusion is drawn about intent. What is disclosed: the controlling creditor vote sat with a subsidiary of one of the two bidders; the other bidder is an Inox Clean Energy subsidiary; IGESL's own filings describe Authum as unrelated. Enercon GmbH's admitted claim of EUR 19,025,296 (+ interest, Rs 236.93 cr) was directed by the NCLT (11 May 2026) not to be valued at Re 1; the royalty claim of EUR 55.2 mn remains contingent at Re 1; the plan confers no IP rights beyond what the law gives, subject to SLP (Civil) No. 18147 of 2019 in the Supreme Court. The plan demerges the roughly 600 MW IPP undertaking into Alvora Energy Pvt Ltd; existing equity is extinguished and Inox Neo becomes sole shareholder.

Related-party transactions (consolidated Note 38, Rs cr)

Item	FY26	FY25	Counterparties
Sales of services to related parties	54.77	55.70	IWL 33.68 (FY25 43.58); IGREL Mahidad 11.53; Inox Clean Energy 7.02; Inox Neo 2.53; GFL 0 (FY25 4.92); IRSL 0.22
As % of consolidated revenue	19.5% [Est.]	-	BRSR standalone: RPT sales 25.09% (FY25 28.98%); purchases 16.15%; loans and advances 100%; investments 100%
Purchases from related parties	7.66	17.04	IWL 7.52; IRSL 0.14
ICDs given by IGESL	190.86	308.16	IWL 160.51; IRSL 30.35
ICDs received back	210.66	93.95	IRSL 124.72; IWL 85.93
ICDs taken by IGESL	3.25	209.61	Flutter, Neo, Flurry (Rs 1.1 cr each); IWL nil (IWL ICD payable of Rs 149.63 cr was repaid)
Interest income on ICDs (incl. discontinued)	30.85	23.53	IRSL 26.87 (discontinued ops up to demerger); Inox Clean Energy 1.70; IWL 2.20
Guarantee charges paid to GFL	0.22	-
KMP	-	-	Manoj Dixit remuneration 0.68; ESOP cost CEO Mathusudhana 1.18; sitting fees 0.08

Balances at 31 Mar 2026, Rs cr	Amount	Note
ICD receivable from Inox Wind	74.57	IGESL is the lender; nil at 31 Mar 2025; interest accrued 1.98; unsecured, repayable on demand, 9% to 12% p.a. (a figure sometimes quoted as an "ICD from Inox Wind" is this receivable, not a borrowing)
ICD receivable from Inox Clean Energy	14.13	Interest accrued 4.63
ICD receivable from I-Fox Renewables & Infra	4.16	Tiny legacy ICDs also
Trade receivables from related parties	16.13	Inox Clean Energy 13.03; IGREL Mahidad 7.55 (as printed); ILFL 2.65; IWL 0.44
Unbilled revenue from related parties	57.45	IWL 45.92; Inox Clean 9.49; ILFL 2.04; IGREL Mahidad 0.005
Payables	GFL 15.11 trade + 0.15; IRSL 110.36	IRSL amount is the demerger payable; IWL ICD payable and Rs 53.1 cr accrued interest (FY25) cleared
Guarantees	Nil from IGESL for IRSL	Own Rs 100 cr guarantee and Rs 36.7 cr FD security lapsed; IWL guaranteed Rs 9.16 cr of group borrowings

Note 38 states related-party dealings are "at arm's length" and no bad-debt expense was recognised from related parties. RKG is not listed as a related party. A trademark and copyright licence with the group dates from 2 Feb 2022; IPO documents list Inox Wind guarantees to ICICI Bank (4 Aug 2021) and YES Bank (29 Apr 2017).
13 Aug 2026 EGM Item 2: omnibus approval for IGESL to avail guarantees or comfort letters from Inox Wind up to Rs 500 cr for 12 months (materiality threshold Rs 28.10 cr = 10% of Rs 281 cr turnover). Whether the audit committee or shareholders formally treated any Wind World step as a related-party transaction: not verified.

Auditor

Item	Finding
Auditor	Dewan P N Chopra & Co (FRN 000472N), partner Sandeep Dahiya; FY26 report dated 29 May 2026; unmodified opinion
Tenure	Re-appointed at the 11th AGM (29 Sep 2023) for a second five-year term to the conclusion of the 16th AGM (2028); first term therefore about 2018 to 2023 and ten years by 2028 [Est.]. No auditor change in the announcement list
Fees	Network fees consolidated Rs 27.15 lakh
Key audit matters (FY26)	(a) litigation and uncertain tax positions; (b) accounting for the demerger of the power-evacuation business (common-control combination; derecognised prospectively in FY26, no restatement of FY25 balance sheet); (c) revenue recognition (straight-line over the contract). No KAM on the fair value of the Rs 550.35 cr RKG units although the gain is 77% of PBT
Emphasis of matter (consolidated, FY26)	The demerger (Note 33); funds invested in six SPVs (Note 49: commissioning lapsed, extension rejected 2 Sep 2024, guarantees of Rs 55.78 cr invoked, CERC appeal pending, Inox Wind comfort); straight-line revenue with Rs 114.82 cr (FY25 Rs 124.12 cr) of services rendered but to be billed; no adjustment for machine availability on certain contracts
Dec 2025 limited review (standalone)	Emphasis on six SPVs, pending litigation, straight-line revenue (Rs 127.5 cr to be billed) and the new Labour Codes (effective 21 Nov 2025); one subsidiary's unaudited results "not material"
Other	Could not comment on database-level audit trail (third-party accounting software); one small subsidiary audited by another firm; secretarial compliance reports filed FY23 to FY26 (contents not read); secretarial auditor not retrieved; CARO remarks not extracted

Litigation, regulatory and other flags

Item	Finding
IPO complaints (2022)	18 complaints to SEBI after the DRHP, including Hero Wind Energy Pvt Ltd (multiple), LNJ Power Ventures (multiple), Delhivery Ltd, Sanghvi Movers Ltd, Jin Lee for Hyundai Forging Co. and Korea Trade Insurance Corporation, Archeus Law for Shanxi Tianbao Group Co. Ltd, Virender Jindal, Sahil Chopra, Surabhi Aggarwal for Prashant Kumar and one anonymous complainant; mostly disputes with Inox Wind as turbine and O&M supplier; SEBI observation letter 13 Sep 2022, listing approval 1 Aug 2022; individual outcomes not verified
APTEL order 12 Jan 2022	Listed in announcements; relates to other entities
Tax	Rs 96.8 cr AY 2023-24 demand against IRSL (under challenge); GST/VAT show-cause notices in contingent liabilities; no IGESL-specific income-tax demand found
Not found (not verified as absent)	SEBI enforcement or show-cause orders against IGESL, IWL, GFL or directors; MCA/ROC actions; exchange fines (Reg 17, Reg 19); insider-trading cases; promoter disputes; customs notices; searched via announcement titles only
Rapid group deal flow in 2026	Demerger to an Inox Wind subsidiary; Rs 550 cr Wind World purchase alongside Inox Neo's IPP acquisition; ICD-to-equity conversion leaving IGESL at 75% of Vibhav; rating-agency change; pledge by the parent

Supply Chain

Inox Green is a service company, so "upstream" means the labour, spares, cranes and technology it depends on, and "downstream" means the asset owners who pay it. Supplier and customer concentration figures are standalone Placement Document data unless stated. Inox Wind (parent) numbers appear only in the table labelled as parent context.

↑ Upstream: what Inox Green depends on

Input	Detail
Labour	367 permanent employees plus contract technicians; about 600 technicians trained a year (management); Wind World's legacy workforce (employee cost Rs 228.04 cr in FY26) comes with the transfer; union filing against the plan disposed 17 Jun 2026
Spares and consumables	Oil, bearings, brakes, blade-repair materials, converters and electronics. For Inox-OEM turbines parts flow from Inox Wind (Una, Rohika, Barwani, Bhuj plants; AMSC Windtech licensed control systems). For other OEMs, from the OEM or aftermarket. Named suppliers: Not Available (searched: annual report, Placement Document, calls)
Cranes and logistics	Crane hire and logistics; in-group cranes and transformers at IRSL and Inox Wind reduce external hire (CRISIL)
Technology and IP	OEM-proprietary software, drawings and parts per brand. Wind World's fleet involves Enercon-design technology in dispute: a 2016 arbitral award held it belongs to Enercon GmbH; SLP (Civil) 18147 of 2019 is pending in the Supreme Court; the resolution applicant undertook on 21 Jun 2026 not to use the technology in dispute until the Supreme Court orders. That Wind World's fleet is largely Enercon-design is inferred (the first-pass business file marked it as general knowledge) [Est.]
Software and digital	Third-party accounting software (auditor could not comment on database-level audit trail); iKraft DGR platform at group level
Insurance and subcontract	Not quantified

Supplier / cost metric	Q1 FY27	FY26	FY25	Note
Top-10 suppliers, % of purchases (standalone)	86.89%	41.32%	72.76%	Placement Document risk factor
Purchases from related parties (consolidated)	-	Rs 7.66 cr	Rs 17.04 cr	IWL 7.52 (FY26); IRSL 0.14; RPT purchases 16.15% of standalone purchases (BRSR)
Payable to GFL	-	Rs 15.11 cr trade + 0.15	-	Guarantee charges paid to GFL Rs 0.22 cr

Imports and country dependence: IGESL's import percentage is not disclosed. Parent context: Inox Wind cited "supply chain challenges linked to geopolitical issues" in Q4 FY26 (CRISIL) and a delayed imported ECS component and Middle East shipping delays. Inox Wind says 80% to 90% of its content is indigenised, near 100% by end-CY2026 (management); Suzlon reports above 80% local sourcing. The ALMM/RLMM wind order text was not retrieved.
Single-source risk: OEM-proprietary components per brand; the Enercon dispute shows licensor dependence.
Pass-through: fixed-fee contracts with annual escalation (4% to 5%; Wind World about 5%); cost inflation and lumpy major maintenance (gearbox, blade, generator swaps) are borne by IGESL within the contract year. FY26 operating margin fell to 8.2% on "upfront scheduled maintenance". Separate billing of VAS is promised "from this year".
Procurement finance: non-fund-based LCs (ICICI Rs 60 cr; YES Bank Rs 40 cr, withdrawn 11 Sep 2026) back supplier payments.

What a Wind World rupee of revenue costs (audited FY26 carve-out)

Cost line	Rs cr	% of revenue Rs 582.59 cr
Spares (materials consumed)	99.70	17.1%
Employee benefits	228.04	39.1%
Other expenses (travel 42.55, security 28.88, rates and taxes 24.30, O&M and infrastructure charges 24.00, freight 14.30, other)	182.16	31.3%
EBITDA (incl. other income Rs 3.89 cr)	75.65	13.0%

↓ Downstream: who depends on Inox Green

Customer group	Names and scale	Note
Inox Wind turbine buyers	IPPs, PSUs such as NTPC REL and NLC India, C&I owners of Inox-Wind-supplied turbines	CRISIL (Feb 2025) named no third-party customers and said the "main linkage is IWL"
Group generation	Inox Clean Energy (acquiring Vibrant Energy, SunSource India, SkyPower, Vena India about 6 GW, Boviet assets; 14 GW target by FY29; Feb 2026 press release cites 10 GW IPP and 11 GW solar manufacturing by FY28); O&M for 5 GW of INOXGFL and KP Groups projects (19 Nov 2025); 1.5 GW MoU, 500 MW firm (Aug 2026)	Management: Clean is "treated as a customer", "no preferential pricing"; unlisted and unexamined; its funding (about USD 750 mn raised, Rs 3,100 cr of commitments cited in the NCLT filing) is unverified
Wind World clients	Tata Group, ReNew, Greenko, Apraava Energy, Hindustan Zinc	Novation consents not disclosed
Other named	NLC India (repeat PSU), KEC International (625 MWp solar), an unnamed multinational-backed solar company (639 MWp), an unnamed conglomerate's renewable arm (182 MW)	Tenors and values mostly undisclosed
Related parties in FY26 sales	IWL Rs 33.68 cr; IGREL Mahidad Rs 11.53 cr; Inox Clean Rs 7.02 cr; Inox Neo Rs 2.53 cr; IRSL Rs 0.22 cr	Total Rs 54.77 cr = 19.5% of revenue

Concentration metric	Value	Basis
Top-10 customers, % of revenue	57.08% FY26 (Rs 136.10 cr of Rs 238.48 cr); 68.80% Q1 FY27	Standalone; FY25 61.76%, FY24 44.77%; list varies by year; customers unnamed
One customer above 10% of group revenue	13.4% (Rs 37.64 cr)	Unnamed; equals consultancy income
Inox Wind share of revenue	12.0% (Rs 33.68 cr)	FY25 Rs 43.58 cr
Top-5 customer share	Not Available	Not disclosed in the annual report or Placement Document
Three customers above 5% of receivables	Rs 37.38 cr	FY25 Rs 55.55 cr
Management view of O&M mix	About 10% O&M, 90% Inox Wind at group level, moving to 18% to 20%	29 May 2026 call

End products: electricity from wind and solar plants to DISCOMs, SECI and C&I buyers; IGESL sells uptime (per-MW fee) not MWh.
Stickiness and tenor: 5 to 20 years (deck: up to 25); the Aug 2025 conversion included a 100 MW early renewal; Wind World clients can review contracts after an ownership change (Sahi). OEM lock-in makes the Inox-OEM fleet captive; acquired legacy fleets are only as sticky as the OEM-origin know-how that IGESL can lawfully use.
Pricing power: low to moderate on third-party fleets (large owners hold leverage); higher on the captive Inox fleet. Fixed 4% to 5% escalators give predictability, not leverage; leverage appears at renewal and on separately billed overhauls and life extension.
Growth pipeline: Inox Clean about 3 GW+ a year of IPP additions (20% to 30% wind); group IPPs expected to add 500 to 700 MW of O&M a year and third parties about 500 MW a year (management, Nov 2025); the pipeline is a related-party dependence on an unlisted sister company.

Parent context (Inox Wind Ltd): NOT Inox Green figures

Inox Wind item	Figure (source)
FY26 revenue / operating margin / PAT	Rs 4,397 cr / 20.3% (EBITDA Rs 891 cr) / Rs 449 cr (Screener, Acuite, CRISIL)
Order book	3.11 GW at 31 Mar 2026; about 4.2 to 4.4 GW Jun to Jul 2026; 59% equipment supply in the third-party book; IGESL itself discloses no order book (its visibility proxy is the contracted fleet)
Q1 FY27	Revenue Rs 814 cr, EBITDA Rs 152 cr, PAT Rs 64 cr (Acuite); another source: revenue Rs 872 cr, flat YoY; PAT down 34% (6_heard)
Receivables	Rs 4,249 cr, 353 days (up from 280); inventory 186 days (CRISIL, Acuite)
Guidance	Revenue +75%, EBITDA margin 20% to 22%, 70% to 75% of the year in H2 (7 Aug 2026); FY26 target of Rs 5,000 cr missed (Screener FY26 revenue Rs 4,397 cr above; a secondary summary said about Rs 4,500 to 4,600 cr, not reconciled); wind execution 1,200 MW FY26 and 2,000 MW FY27 (Aug 2025) then replaced by revenue guidance (Feb 2026); investors on the call said guidance had been missed "in every call for the last 3 quarters"
Funding	Rs 1,250 cr rights issue (Aug 2025) that funded redemption of Rs 560 cr of preference shares; group support above Rs 2,000 cr (Acuite)
Recent orders	Aditya Birla 102.3 MW (15 Dec 2025), Jakson Green 100 MW repeat (16 Dec 2025), 100 MW (Nov 2025), KP Energy 2.5 GW partnership (Nov 2025), NLC 200 MW repeat LoA (Jul 2026), ICEL 1.5 GW MoU (500 MW firm)
Market / brokerage	Market cap Rs 10,827 cr, P/E 31.4x; Systematix Buy, target Rs 109 (Jul 2026); Suzlon target Rs 71. These relate to the parent only
Relevance	The parent is simultaneously OEM-supplier, customer (12.0% of IGESL revenue), ICD counterparty in both directions (ICD receivable from IWL Rs 74.57 cr) and guarantee provider, pledgor of IGESL shares and the collection counterparty. Aggregators that mix the two companies (Arthneeti Q3 and Q4 FY26, Business Standard note, Acuite) attribute Rs 7,500 cr FY27 revenue, a 3.1 GW order book, 20% to 22% margin, 75% growth, 200 to 210 working-capital days and the Acuite AA- to Inox Green; these are Inox Wind numbers

Competitive Position

Sources: Suzlon Q1 FY27 investor presentation (28 Jul 2026), Screener (21 Oct 2026), company calls, NCLT order, Wikipedia (Wind power in India, Senvion, Suzlon). Peers that could not be sourced are marked Not Available; no numbers are given from memory. (derived) means Aamara arithmetic. Inox Green is shown on core operating profit; management's "EBITDA" adds other income.

Position in one paragraph

Inox Green is a consolidator of orphaned wind O&M books rather than a plain organic O&M company. It buys the service books of insolvent or distressed OEMs (Wind World 4.5 GW; a second ~2 GW target) and holds about 6.5 GW through investments. Management quotes 13.3 GWp of O&M, of which only about 4 GW of wind is consolidated today. Suzlon's service arm covers about 16.1 GW (about 28% of India's wind base, derived) at 40% to 43% segment EBITDA margins; Inox Green's reported margins do not yet show the 50% it claims. [Analyst View]

Industry structure and promoter claim

Verified from filings: wind O&M is dominated by OEM-affiliated service arms. Suzlon is the largest (16.1 GW under AMS, Q1 FY27). Inox Green services mostly Inox Wind turbines plus acquired legacy-OEM books. Renom is Suzlon's multi-brand arm (2.3 GW wind).
Promoter claim (Devansh Jain, 29 May 2026): "Out of 5 players, 2 are allied, 3 are bankrupt. Out of the 3 which went bankrupt, 2 we've acquired... only one odd left"; "almost 9 or 10 acquisitions" and "a couple of GWs lined up". The other firms were not named.
Industry knowledge, not retrieved (verify): other OEMs with Indian bases include Envision, SGRE India, Senvion India (Alfanar-owned since 2021 per Wikipedia), Adani Wind, Vestas and ReGen. Large IPPs increasingly run captive O&M. None is quantified here.
Listed pure-play peers: Inox Green calls itself "India's only listed pure-play renewable O&M services company". No other listed pure-play was found, so the comparison is to OEMs with service segments.

Peer comparison (consolidated, Rs cr)

Metric	Inox Green	Suzlon (group)	Suzlon RE AMS (India O&M)	Renom (Suzlon multi-brand)	Inox Wind (parent)	Envision / SGRE India / Senvion-Alfanar / independents
FY26 revenue	281 (TTM 276)	16,732	2,073	Not Available	4,397	Not Available
FY26 growth (derived)	+27.7%	+53.6% (16,732 / 10,890)	+7.5% (2,073 / 1,928); FY25 +7.2%	Not Available	+23.6% (4,397 / 3,557)	Not Available
FY26 EBITDA / margin (derived)	Core op. profit 23 = 8.2% (FY25 16.8%, FY24 33.5%)	3,025 = 18.1%	839 = 40.5% (Q1 FY27 43.3%)	Not Available	891 = 20.3%	Not Available
FY26 PAT / margin (derived)	103 = 36.7% (other income 145.20)	3,163 = 18.9% (includes Rs 742 cr deferred-tax credit; PBT 2,422 = 14.5%)	Not Available	Not Available	449 = 10.2%	Not Available
ROE	5.1% (3-yr 2.9%)	39.7%	Not Available	Not Available	7.5%	Not Available
P/E	39.3x (Screener) / 36.8x	17.1x	Not Available	unlisted	31.4x	Not Available
EV/EBITDA (derived)	Not meaningful: above 100x on core op. profit (191x at the close)	about 17x: (53,671 - 2,322 net cash) / 3,019	Not Available	Not Available	about 14x gross: (10,827 + 1,587) / 861, before cash (the source shows 861 here and 891 in the margin row; the multiple is about 14x either way)	Not Available
Market cap	Rs 4,818 cr (Rs 114.82)	Rs 53,671 cr (CMP 39.4)	n/a	n/a	Rs 10,827 cr	Not Available
O&M fleet	13.3 GWp including investments; about 4 GW wind consolidated	16.1 GW India base; 22+ GW global	16.1 GW (FY24 14.7, FY25 15.1, FY26 15.7)	3,585 MW: 2,319 wind, 147 solar, 1,119 BoP; 15 OEM makes, 37 models	O&M via Inox Green	Not Available
Operating facts	Availability 96.3% (Q1 FY27)	Q1 FY27: 506 MW delivered, order book 6.1+ GW, net cash Rs 2,322 cr	1,900+ customers, 10,000+ turbines, 3,600+ staff, 4% to 5% annual escalation	900+ staff, 200+ customers	Order book about 4.4 GW (Jul 2026), 59% equipment supply	Not Available
Moat	Parent-supplied captive fleet, group pipeline (Inox Clean), OEM-origin know-how on acquired books; margin unproven	No. 1 OEM (28% cumulative India share per Suzlon), integrated technology and manufacturing	OEM-locked fleet, scale, 40%+ margin	Multi-OEM capability, small scale	Manufacturing plus group-captive demand	Not Available

Suzlon AMS is about 12.4% of Suzlon group revenue and about 27.8% of group EBITDA (2,073 / 16,679; 839 / 3,022): service is the largest competitor's profit anchor [Est.].
Realisation per MW: Suzlon AMS about Rs 13.2 lakh (2,073 cr / 15,700 MW); Wind World O&M about Rs 12.9 lakh (Rs 582.59 cr / 4,500 MW); Inox Green legacy Rs 9 to 10 lakh ex-GST (management); acquired books are said to realise "substantially higher" [Est.].
Unexplained revenue gap: about 4 GW x Rs 9 to 10 lakh implies Rs 360 to 400 cr against FY26 O&M services revenue of Rs 231.62 cr (consolidated revenue Rs 281 cr); 3.5 GW still implies Rs 315 to 350 cr. Possible reasons (unverified): warranty-period fleet, or VAS billed through other lines.

Market position and share (derived, against 57.4 GW installed)

Operator	Wind GW	Share	Basis
Suzlon RE AMS	16.1	28.0%	Suzlon deck
Renom (wind)	2.3	4.0%	Suzlon deck
Inox Green including investments	10.5	18.3%	Management; includes about 6.5 GW not consolidated
Inox Green consolidated today	about 4	about 7.0%	Management
Inox Green after Wind World closes (second book pending)	about 8.5	about 14.8%	4 + 4.5
Others (Envision, SGRE, Senvion, Adani, Vestas, ReGen, IPP captive)	remainder	Not Available	Residual only

Rank: Suzlon is first. On 10.5 GW Inox Green would be a clear No. 2. Passing Suzlon needs a further 5.6 GW or more, while management itself says acquisition opportunities are now "limited". The "largest in India" and "largest globally by 2030" claims are not supported by retrieved data. Do not read 18% as an 18% revenue share: the 6.5 GW is held as investments with partial recognition.

Industry size, growth, trends

Item	Value	Source
Installed wind base	57.4 GW (Jun 2026); 56.0 GW at 31 Mar 2026	Inox call; Wikipedia
Annual additions	FY24 3.3 GW, FY25 4.2 GW, FY26 6.1 GW (record); Q1 FY27 1.3 GW (Inox said 1.4 GW)	Suzlon deck (MNRE)
Forward additions	8 to 10 GW a year (RTC, FDRE, hybrid); management view	Inox calls
2030 / 2035 / 2047	100 / 160 / 400 GW (Suzlon industry slide); scenarios 100 to 164 GW by 2030	Suzlon deck
Q1 FY27 tenders	9.34 GW renewables; 2.35 GW (25%) standalone wind	Inox call
Repowering potential	About 25.4 GW (NIWE)	Suzlon deck
Offshore VGF	Rs 7,500 cr for 1 GW	Suzlon deck
O&M market size (derived)	57,400 MW x Rs 10 to 13 lakh per MW = about Rs 5,700 to 7,500 cr a year; no published estimate retrieved. Base grew about 12% in FY26 (6.1 GW on about 50 GW); at 8 to 10 GW a year the fleet reaches about 100 GW around FY30-31, a volume CAGR near 10% plus 4% to 5% escalation, i.e. low-to-mid-teens value growth	Aamara extrapolation of management additions [Est.]

OEM insolvency clean-up: Wind World's plan totals Rs 2,775 cr against admitted claims of Rs 6,141 cr (NCLT, 27 Jul 2026); financial creditors were admitted at Rs 4,316.5 cr and paid Rs 2,749 cr (63.7%) [Fact].
Inox Wind moved from 100% turnkey two years ago to 59% equipment supply in the third-party book (Jul 2026); Suzlon raised its EPC share from 22% to 32%.
Larger turbines (Suzlon S144 3.15 to 3.3 MW; S175 5.x MW first installed May 2026; Inox 4X launch pending) create mixed-technology fleets that favour multi-brand capability.
Life extension (25 to 35 years), year 8/10/15 overhauls and solar O&M as add-ons. Inox Green's solar O&M exceeds 3 GW after the KEC 625 MWp Bhadla award (20 Jan 2026).
Group-captive pipeline: Inox Clean plans about 3 GW+ a year of additions (20% to 30% wind) and 14 GW by FY29; a separate Feb 2026 release cites 10 GW IPP and 11 GW solar manufacturing by FY28.

Policy and regulation

Area	Position
PLI	Does not apply to wind O&M (renewable PLI covers solar PV modules and cells); no direct incentive for O&M found
ALMM/RLMM for wind	Management says 80% to 90% of Inox Wind content is indigenised, near 100% by end-CY2026; benefit accrues to the OEM and indirectly to the pipeline; Suzlon reports above 80%; order text not retrieved
Repowering	About 25.4 GW potential; turbines of at least 3 MW and hub height above 120 m; can retire old fleets that Inox Green services as well as create new ones
IBC	Growth depends on resolution outcomes; transfer subject to approval of the IMC and any other government or regulatory authority (3 Aug 2026 filing); the NCLT order requires CCI approval where a combination is involved (para 94); no IGESL CCI filing found; the NCLT noted Section 32A protection is "subject to fulfilment of conditions" and did not independently adjudicate any criminal or penal liability
Demerger	Power evacuation moved to IRSL (record date 1 Aug 2026), removing about Rs 1,000 cr gross block and Rs 50 to 55 cr annual depreciation (management); IRSL listing awaits approvals
Macro drivers	RPO/RGO, ISTS waiver, transmission rules: not examined

Barriers, Porter, moat

Force	Level	Reasoning
Rivalry	Moderate, rising	Suzlon 28%; fragmented below; consolidation window closing
Buyer power	High	Tata, ReNew, Greenko, Apraava, Hindustan Zinc can re-tender or insource at novation or expiry
Supplier power	Moderate	OEM-controlled spares and technology; the Enercon dispute shows licensor dependence
New entry	Low-moderate	In-house IPP O&M is the real entrant
Substitutes	Low-moderate	Remote monitoring and AI may cut labour per MW

Barriers: OEM-specific software, spares and drawings; cranes and trained technicians (about 600 trained a year); 5 to 20 year contracts with 4% to 5% escalators. They fall once the OEM disappears, which is Inox Green's thesis, and that also lets a rival do the same. Pricing power: fixed escalators give predictability, not leverage; the Wind World realisation (Rs 12.9 lakh per MW) against Rs 9 to 10 lakh on the legacy fleet suggests re-pricing could go either way. Moat durability: Medium. Real where the firm holds the OEM's installed base; thinner on acquired books (technology may belong to a third party) and unproven in margins; group captivity is the most durable element but is a related-party dependence. [Analyst View]

Strengths and weaknesses against each peer

Versus	Inox Green stronger	Inox Green weaker
Suzlon / Suzlon AMS / Renom	Asset-light after demerger; borrowings Rs 88 cr (Mar 2026) from Rs 904 cr (Mar 2022); potential cheap fleet additions; group-captive pipeline; more wind MW than Renom (about 8.5 vs 2.3 GW after Wind World)	About a quarter of Suzlon's fleet on a consolidated basis (4 vs 16.1 GW); no demonstrated 40%+ margin; no third-party scale (Suzlon 1,900+ customers); legacy realisation about 25% to 30% below Suzlon's; Renom's multi-brand capability (15 makes, 37 models) is proven while Inox Green must integrate Enercon-design turbines under IP constraints
Inox Wind (parent)	No EPC capex or working-capital drag at Inox Green	Growth tied to Inox Wind and Inox Clean volumes; the parent's PSU receivable delays, ECS component delays and guidance misses are read-through risks
Envision, SGRE India, Senvion/Alfanar, independents	Not Available	Not Available: no claims made

Market-position narrative: Suzlon is first with 16.1 GW and 1,900+ customers; Inox Green ranks second only if the investment-held 6.5 GW is counted. After Wind World the consolidated figure would be about 8.5 GW if the transfer completes and customers novate. The lead competitor's reference margin (40% to 43%) is what management is implicitly targeting, but the audited Wind World carve-out shows 13%.

Risks & Red Flags

Earnings quality: what the filings show (disclosed facts; no intent is characterised)

The register below rebuilds the market file's 23-row register against the primary documents: risk 9 (Vibhav's 25% holder) is resolved to Authum, and rows are added for the RKG Level-2 NAV with no key audit matter, the Rs 468 cr unbilled book, the SECI SPVs, the unnamed consultancy customer and the pledge. Wording on group linkages is restated as filed facts.

#	Risk	Category	Severity	Explanation	Mitigant
1	Earnings quality: core operating profit near zero; headline "EBITDA" mostly other income (Rs 58 cr in Q1 FY27)	Financial	High	Core Rs 23 cr (8.2%) in FY26, about -Rs 1 cr in Q1 FY27; other income 6.3x core profit; Placement Document shows 131.66% EBITDA margin for Q1 FY27	Consolidation of acquired books; separate VAS billing; Suzlon AMS shows 40%+ margins exist in the industry
2	RKG fund units: Rs 550.35 cr at Level 2 NAV; Rs 121.43 cr gain = 77% of PBT; no key audit matter	Financial / Governance	High	Manager, owners, holdings and valuation report undisclosed; NAV supplied by the fund manager; a mark-up can be written down; RKG not listed as a related party; roughly 33% mark-up in the year [Est.]	Unmodified audit opinion; cash-flow statement strips the non-cash gain
3	Contract receivables Rs 634 cr (824 days); unbilled revenue Rs 468 cr	Financial	High	Auditor emphasis: Rs 114.82 cr of services rendered but to be billed; no adjustment for machine availability on certain contracts; loss allowance only Rs 16.09 cr; OCF Rs 66.87 cr includes +Rs 94.5 cr from other liabilities	Related parties are 12% of unbilled; ageing: Rs 103 cr of billed receivables under 6 months
4	One unnamed customer = Rs 37.64 cr (13.4% of revenue) and the only profitable segment	Business / Governance	High	Segment result +37.64 on revenue 37.64 (100% margin, no cost); payer not identified; revenue fell from Rs 41.04 cr	None disclosed
5	Wind World creditor-vote linkages: the controlling vote (ISARC 86.73%) sat with a subsidiary of Authum, co-bidder, 25% Vibhav holder and 1.43% IGESL shareholder; IGESL filings call Authum "unrelated" and answer "No" on related party	Governance	High	Facts as filed in Tab 7; whether IGESL's RKG funds hold creditor claims is undisclosed; Devansh Jain: "we control the COC across the companies"; no conclusion about intent is drawn	Disclosure of fund holdings and definitive agreements would resolve it
6	Enercon IP dispute (SLP 18147 of 2019 pending)	Regulatory	High	Undertaking not to use the disputed technology until the Supreme Court orders; may constrain servicing Enercon-design turbines [Est.]; Enercon admitted claim EUR 19.0 mn plus interest (Rs 236.93 cr)	O&M carve-out; plan confers no IP rights beyond the law; outcome unknown
7	Contract novation and re-tender on the Wind World slump sale	Business	High	Tata, ReNew, Greenko, Apraava, Hindustan Zinc and others must accept the transfer; they could re-tender or reprice; Wind World O&M turnover FY26 -2.9% on the provisional numbers	Marquee customers on long contracts; BTA transfers "assigned contracts"
8	Integration and execution (4.5 GW plus a second book)	Execution	High	BTA conditions precedent and a condition subsequent; IMC approvals; CCI status unknown; union and employee issues (employee claims Rs 72 cr; plan silent on current employees); second book unnamed	9 to 10 prior acquisitions (management); trained technician pipeline
9	Deal economics: Rs 550 cr is about 7.3x trailing EBITDA of Rs 75.65 cr (13%); the "2x" is a post-synergy forward claim needing about 47% margin	Financial	High	Employee cost 39% of revenue; receivables Rs 308.84 cr (194 days, no allowance); book value possibly closer to Rs 425 cr; all-in cost, integration cost and IGESL's share of creditor recoveries undisclosed	Price about 1.1x book; Q2/Q3 FY27 results
10	Guidance drift on Rs 600 cr	Governance	Med-High	"Upwards of Rs 600 crores" for FY27 with results from 1 April (29 May) became "annualised basis from Q3, Q4 onwards" (7 Aug); reported FY27 EBITDA likely well below Rs 600 cr	Q2 and Q3 FY27 results test it
11	Related-party dependence (Inox Wind and Inox Clean as parent, customer, ICD counterparty and pipeline)	Governance	Med	RPT sales 19.5% of revenue; ICD receivable from IWL Rs 74.57 cr; growth tied to unlisted Inox Clean; arm's-length statement unverified	Independent directors (not tested); Note 38 disclosure
12	Vibhav minority: Authum holds 25%; IGESL consolidates 100% but is entitled to 75% of profits	Governance	Med	Both took equity at par; IGESL's other Rs 150 cr is 12% subordinated debt behind Rs 900 cr of restructured debt; a first-pass file called this holder unknown	Filing of 9 Oct 2026 identifies the holder
13	Pledge of 49,00,000 IGESL shares by Inox Wind (1.22% of pre-QIP capital; 1.17% of post-QIP)	Governance	Med	Lender, date and purpose undisclosed; created between 1 Jul and 31 Aug 2026 [Est.]; possible enforcement would add supply	2.17% of promoter holding; no other pledge
14	Rating change: CRISIL A/Watch Developing withdrawn 22 Sep 2026; Acuite AA-/Stable built on Inox Wind group figures	Financial / Governance	Med	No reason stated by either party; Acuite analyses IWL + IGESL + IRSL + 34 step-downs; CRISIL's open point was group capital allocation to Inox Clean (Vena 6 GW, Boviet)	Company says lender NOCs obtained; Acuite downgrade triggers (margin below 17%, receivables) are group level
15	SECI wind SPVs: capital commitment Rs 1,156.98 cr; guarantees Rs 55.78 cr invoked; CERC appeal pending	Financial	Med-High	Auditor emphasis of matter; investment recoverability; Inox Wind comfort approved at AGM; a 300 MW Gujarat project lost grid access (Nov 2025)	Inox Wind to bear unrecovered amount (shareholder-approved)
16	Equity dilution	Financial	Med	QIP +4.51%; up to Rs 600 cr enabling resolutions (Rs 300 cr raised); 24,67,620 ESOP options; warrants; promoter 53.70%	Proceeds went to the Wind World payment; no promoter selling
17	Stock 30.7% below QIP price; 8 Oct sell-off on 4.36 cr shares	Market	Med	QIP allottees (18.1 m shares) may sell on exchange despite the lock-in; named sellers Abhishek Khaitan and Sapphire Intrex; no named long-only buyer in bulk data; cause not established	Q2 FY27 consolidation is the catalyst
18	Buyer power and IPP insourcing	Business	Med	Concentrated buyers; legacy realisation Rs 9 to 10 lakh/MW vs Suzlon Rs 13.2 lakh	Long contracts, escalators, life extension
19	Competition from Suzlon / Renom and other OEM arms	Business	Med	28% share, 40%+ margins; they can bid at re-tender	Lower price point; group-captive fleet
20	Availability guarantees and wind resource	Business	Med	96.3% today; liquidated damages (a one-time LD hit FY25); lumpy major maintenance	Reliability centre, digital tools
21	Parent execution and working capital (Inox Wind)	Business	Med	Receivables 353 days; flat Q1 revenue; guidance misses; Acuite group triggers	Shift to equipment supply
22	Group guarantee reliance	Financial	Med	EGM approval to avail Inox Wind guarantees or comfort up to Rs 500 cr; YES Bank lines withdrawn; unutilised fund-based limit Rs 5.84 cr	Cash Rs 504.6 cr at Mar-26
23	Auditor and disclosure	Governance	Med	Three emphasis paragraphs; no KAM on the RKG gain; could not comment on database audit trail; ten years of tenure by 2028 [Est.]	Unmodified opinion; KAMs on demerger, litigation, revenue
24	Disclosure gaps	Governance	Med	Top-5 customers, consultancy payer, RKG holdings, pledge lender, Wind World completion, certifications beyond ISO 14001/45001, named suppliers	Q2 FY27 filings
25	Thin sponsorship and liquidity	Market	Med	No human sell-side coverage; institutions about 10%; shareholder count -28% since Dec 2024	QIP brought 20 QIBs
26	Regulatory: IBC conditions, CCI, ALMM	Regulatory	Med	Transfer subject to IMC and regulators; CCI approval needed where a combination is involved; no filing seen	Plan held unconditional by NCLT
27	Tax: IRSL demand Rs 96.8 cr; GST/VAT notices; deferred tax asset Rs 125.61 cr	Regulatory	Low-Med	Passes to IGESL under the scheme? not verified; DTA needs future taxable profit; management cites a Rs 700 cr loss shield	Challenged by IRSL
28	Contingent liabilities Rs 40.54 cr	Financial	Low	Customer claims Rs 36.00 cr; indirect tax Rs 4.54 cr	Small versus net worth
29	Repowering and technology obsolescence	Business	Low	25.4 GW repowering potential can end old contracts	Repowering adds fleets; life extension
30	Key-person dependence	Governance	Low	Strategy centred on Devansh Jain and group leadership; CEO tenure from Dec 2022; WTD aged 74	Deep group bench
31	Governance structure	Governance	Low-Med	Executive WTD on Audit Committee; executive chairs Risk Committee; board chair not stated on the site	Half the board independent
32	Macro: shipping, imports, rates	Macro	Low	Inox Wind cited Middle East shipping delays; IGESL import share undisclosed	80% to 90% indigenised (parent)
33	ESG: labour, safety, EPF delays, union dispute	ESG	Low	EPF payment delays 2024 to 2026 disclosed (no unpaid dues); Employees Union filed against the plan; BRSR not read in full	Training academy
34	IRSL listing and stub value	Market	Low	IRSL shares (122 per 1,000) unlisted, so the IGESL price carries an unknown stub	Listing pending approvals

Red-flag checklist

Check	Finding
Rising debt	No: Rs 904 cr (Mar-22) to Rs 88 cr (Mar-26); watch acquisition funding and ICD to Vibhav (Rs 200 cr, Rs 150 cr after conversion)
Margin deterioration	Yes: core margin 33.5% (FY24), 16.8% (FY25), 8.2% (FY26), about -2% (Q1 FY27, derived)
Auditor concerns	Present: three emphasis paragraphs, KAMs on demerger, litigation and revenue; no KAM on the RKG gain; unmodified opinion
Related-party matters	Material RPTs disclosed (19.5% of sales; ICDs; guarantees). Linkages around Authum and Wind World are listed as filed; the file-4 label "possible circularity" is an open question in that file and is not adopted or rejected here
Promoter selling	No: 53.70% is QIP dilution; ILFL converted warrants; one pledge by the parent
Dilution	Yes: QIP Rs 300 cr, warrants, up to Rs 600 cr enabling, ESOPs
Customer loss	Possible: Wind World turnover -2.9% (provisional), novation risk; consultancy income -8.3%
Litigation / tax	Yes: Enercon SLP (pending), IRSL tax demand, GST/VAT notices
Commodity / currency / rates	Low direct exposure
Technology obsolescence	Low (repowering)
Key person	Low-Med
Guidance walk	Yes: timing of Rs 600 cr moved (29 May to 7 Aug); 17 GW target met by acquisition, not organic growth
Rating change	CRISIL withdrawn after Acuite assignment; reason unstated

Concall Highlights & Guidance

Five joint Inox Wind and Inox Green calls were read in full from NSE and company-hosted transcripts: Q1 FY26 (1 Sep 2025), Q2 FY26 (14 Nov 2025), Q3 FY26 (13 Feb 2026), Q4 FY26 (29 May 2026) and Q1 FY27 (7 Aug 2026). The first-pass narrative file used secondary summaries (Arthneeti, InvestyWise, Sahi) that mix Inox Wind figures into Inox Green pages; those are corrected here. Verbatim quotes are from the transcripts. Q4 FY25 had a presentation only. Convention: figures that management gave for Inox Wind (parent) on these joint calls are tagged "Inox Wind" where they appear and are never Inox Green figures; the parent figures are tabulated in Tab 8. The Rs 600 cr EBITDA guidance is Inox Green's own (first given 13 Feb 2026).

Call	Results	Management statements	Tone
Q1 FY26 (1 Sep 2025; transcript uploaded 8 Sep)	Revenue Rs 56 cr (restated Rs 52.36 cr), PAT Rs 22 cr; other income Rs 42 cr	CEO: "EBITDA margin came at around 49% for the quarter... our other income mainly comprises of value-added services"; "We have made investments in an entity around 2 gigawatts of O&M assets"; on the questioner's "other income almost 10x": "we have invested in some of the special situation funds which in turn control 2 gigawatts of the O&M assets through which the income has been recognized here"; "its not that we have added 2 gigawatt capacity... depending upon the judiciary procedure which we believe will take around another six to nine months. But the benefit of the same will start reflecting in our P&L statement from this quarter." Fleet to grow from 5 GW to 17 GW. Wind execution (Inox Wind) 1,200 MW FY26 and 2,000 MW FY27; Inox Wind order book 3.1 to 3.2 GW. A summary's "rights issue about Rs 560 cr" matches Inox Wind's Rs 1,250 cr Aug 2025 rights issue, which funded Rs 560 cr of preference-share redemption (Acuite); not an IGESL event	Confident, expansionary
Q2 FY26 (14 Nov 2025)	Total income Rs 129.5 cr (+101%); EBITDA Rs 52.2 cr (+52%); PAT Rs 28.1 cr (+363%); cash PAT Rs 50.9 cr (+121%); "best-ever". Screener core OP only Rs 9 cr (10%) with other income about Rs 44 cr	O&M portfolio 12.5 GW (about 10 GW wind, 2.5 GW solar); target 17 GW within two years, "confident of exceeding"; ambition "India's largest renewable O&M player"; group IPPs to add 500 to 700 MW of O&M a year and third parties about 500 MW; substation demerger to improve ROE/ROCE; FY26 EBITDA margin guidance 18% to 19% (Inox Wind parent, not Inox Green); "cautious about further margin upgrades"	Confident
Q3 FY26 (13 Feb 2026; transcript 19 Feb)	Total income Rs 112 cr (+51%); EBITDA Rs 53 cr (+80%); PAT Rs 25 cr (+375%); availability 96.5%	Portfolio 13.3 GWp (10 GW wind + 3.3 GWp solar); investments to acquire 6.5 GW of operational wind O&M. Inox Wind guidance moved from MW to revenue and EBITDA margin (more complex scopes, equipment vs turnkey; "not an execution problem"). Inox Wind FY26 revenue above Rs 5,000 cr, margin raised to 20% to 22%, FY27 growth about 75%. CEO: "With all our investments formally folding into Inox Green's balance sheet, along with organic growth, we expect the EBITDA for FY '27 to be upwards of INR 600 crores" and "multi-fold increase in consolidated EBITDA and PAT for FY '27 over FY '26"; PBT to track EBITDA (negligible finance cost, zero depreciation post-demerger). Net cash; capex about Rs 200 cr (unattributed, likely Inox Wind). Demerger removes about Rs 1,000 cr gross block and Rs 50 to 55 cr depreciation. Same day (19 Feb) the group was declared successful bidder for Wind World	Confident, more promotional
Q4 FY26 (29 May 2026; transcript released 2 Jun)	Total income Rs 120 cr (+40%); EBITDA Rs 57 cr (+93%); PBT Rs 46 cr (+244%); PAT Rs 28 cr (+340%); cash PAT Rs 46 cr	"We maintain our FY27 EBITDA guidance to be upwards of INR600 crores"; Devansh Jain: both acquired entities' results "from 1st April '26 will be reflected in the consolidated results of Inox Green" and "Out of INR600 crore... broadly everything will be converted into the operating cash flow". Other income Rs 61 cr: "around INR40 crores... from the two strategic acquisitions... broadly INR10 crores from the value addition services and INR10 crores... treasury income"; "INR40 crores is pure income net of the deferred tax... INR25 crores, INR26-odd crores". Devansh Jain: "INR600 crores of investments made to buy a company and say, let's exclude INR40 crores of earnings on that INR600 crores of investment"; "we control the COC across the companies, and investments into them are majorly owned by us". Both acquisitions about 50% margin "because both are previous OEMs with the substations"; entity one NCLT order reserved, entity two "final phases of EOIs... 60 to 90 days"; "Out of 5 players, 2 are allied, 3 are bankrupt. Out of the 3... 2 we've acquired"; buyback "not at this point"; dividend only after consolidation; tax shield up to Rs 700 cr of losses; O&M about 10% of group mix moving to 18% to 20%; a couple of GWs lined up; demerger completion expected in 1 to 2 months	Confident, acquisition-heavy
Q1 FY27 (7 Aug 2026; transcript on NSE 12 Aug)	Total income Rs 101 cr (+17%); EBITDA Rs 57 cr (+19%); PBT Rs 54 cr (+74%); PAT Rs 40.8 cr (+85% to +86%); cash PAT Rs 55 cr (+25%); availability 96.3%; operating revenue Rs 43.3 cr (-17.3%)	"INR600 crores is the annualized basis from Q3, Q4 onwards is what you can expect"; "an annual guidance, not the quarterly guidance"; consolidation "subject to a couple of quarters delays". Other income "around INR57-odd crores, INR50 crores plus is related to the operational income, which includes the assets which we have acquired as well as the value-addition services, the treasury... As per the accounting policies, only a portion of it is what we can consolidate"; "The other 2 investments are still classified as investments... under Ind AS 109. We haven't acquired the shares." VAS "clubbed as other income, while they are operating in nature". Legacy 4 GW realises Rs 9 to 10 lakh per MW ex-GST. Clean Energy "treated as a customer", "no preferential pricing". Equity raise: "enabling resolutions... silent period". Promoter stake: "No plans as of now". Wind World close targeted in Q2 FY27; Inox Wind expects 70% to 75% of its revenue in H2. Third-party call summaries quoting FY27 "revenue +75%, 20% to 22% margin" blend Inox Wind (group) numbers; Screener's own tag for IGESL is revenue growth 20% to 40%, margin flat; one secondary summary quotes about 35% revenue growth	Confident but H2-loaded and defensive on the equity raise

Who asked (names and firms)

Call	Moderator	Participants
Q1 FY26	Sudhanshu Bansal (JM Financial)	Hansal Thakkar (Lalkar Securities), Nidhi Shah (ICICI Securities), Vikas Agarwal, Bhavik Shah (Invexa Capital), Kapil Malhotra, Ketan Panchal, Bhavik Bhavsar (Investec), Krish (MLP), Shweta Dikshit (Systematix), Ketan Gandhi
Q2 FY26	Mohit Kumar (ICICI Securities)	Akhilesh Rawat (Ridhanta Vision), Mahesh Patil (ICICI Securities), Ketan Jain (Avendus Spark), Madhu Dasari (MD Advisors), Ketan Gandhi (Gandhi Securities), Nitin Kaushik (Afin Capital), Prit Nagersheth, Prateek Giri, Raheel Thakker (Anthem Infotech), Ashish Soni (Family Office)
Q3 FY26	Sudhanshu Bansal; IR head Anshuman Ashit	Nidhi Shah (ICICI Securities), Deepak Poddar, Utkarsh Somaiya (Eiko Quantum), Prit Nagersheth, Darshit Shah (Nirvana), Ketan Jain (Avendus Spark), Pradyumna Choudhary (JM Financial Group Investments), Keval Barot (Axis Securities), Aditya Welekar
Q4 FY26	Sudhanshu Bansal (JM Financial); IR head Sweta Sultania	Vikas Agarwal, Prit Nagersheth (Wealth Finvisor), Prateek Jain (ICICI Prudential AMC), Prateek Giri (Subh Labh Research), Deepak Poddar (Sapphire Capital), Rahul Kumar (Vaikarya Fund), Ujjwal (ANR Capital), Pradeep Motwani, Utkarsh Somaiya (Eiko Quantum), Atul Jobi (Prosperity Wealth)
Q1 FY27	Vikram Datwani (Nuvama)	Vikash Agarwal (individual), Shubham Burari (ICICI Securities), Prit (Wealth Finvisor), "Baahubali" (Kattappa Investments), Shubham Shukla (Voyager Capital), Akhilesh B. (North Star), Rahul Kumar (Vaikarya), Bhagwat and Athul Joby (Prosperity Wealth), Deepak Sharma, Rishabh Gupta, Darshil Jhaveri (Crown Capital)

Sell-side presence on calls: ICICI Securities, JM Financial (host), Axis Securities, Investec, Systematix, Avendus Spark, Nuvama (host in Aug). Published notes on IGESL still do not exist (Tab 12).

Questions that reveal risk

Call and questioner	Question	What the answer revealed
1 Sep 2025, unnamed	Other income "almost 10x"	Income recognised through investments in special-situation funds that control about 2 GW of O&M assets; benefit "from this quarter" with a judicial timeline of 6 to 9 months
13 Feb 2026, Utkarsh Somaiya (Eiko Quantum)	Is the Rs 600 cr EBITDA on the entire 13.3 GW portfolio?	"Yes, this is what will be on the entire portfolio that we have given." Kailash Tarachandani: wind about 50% margin on about Rs 100 cr revenue per GW x 10 GW = about Rs 500 cr; solar 3.3 GW at 15% to 20% = about Rs 13 cr; "after the integration of merger of 3 companies... around INR 600 crores... a possibility to get north of INR 600 crores"; "PBT would be equivalent to EBITDA"; deferred tax about 25%
29 May 2026, Rahul Kumar (Vaikarya Fund)	Composition of other income	About Rs 40 cr of Rs 61 cr from the two acquisitions, about Rs 10 cr VAS, about Rs 10 cr treasury; "pure income net of the deferred tax". The Rs 61 cr compares with Rs 50.81 cr continuing other income in the filed Q4 results (gap possibly discontinued operations; not verified)
7 Aug 2026, Rahul Kumar	What is the Rs 57 cr of other income?	Rs 50 cr+ from operating income including acquired assets, VAS and treasury; only a portion can be consolidated; investments classified under Ind AS 109
7 Aug 2026, Bhagwat (Prosperity Wealth)	Timing of Rs 600 cr	"Annualized basis from Q3, Q4 onwards"; "annual guidance, not the quarterly guidance"; couple of quarters' delay
7 Aug 2026, a shareholder	Why equity rather than debt for a cash-generating company?	Management declined to answer (silent period); promoter stake raise "No plans as of now"

Rs 600 cr guidance: how the wording moved

Date	Statement	Basis implied
13 Feb 2026	FY27 EBITDA "upwards of INR 600 crores" on the entire 13.3 GW portfolio, with investments "formally folding" into the balance sheet	Full-year FY27
29 May 2026	"We maintain our FY27 EBITDA guidance to be upwards of INR600 crores"; both entities' results "from 1st April '26"	Full-year FY27, consolidated from 1 April
7 Aug 2026	"Annualized basis from Q3, Q4 onwards"; consolidation "subject to a couple of quarters delays"	Run-rate, not FY27 reported
Reported	Q1 FY27 company EBITDA Rs 57 cr (core about -Rs 1 cr)	Needs about Rs 540 cr over Q2 to Q4 FY27 for the original reading [Est.]

Guidance versus outcome (credibility ledger)

Item	Guided	Outcome / status	Verdict
O&M fleet	17 GW within two years (Q1/Q2 FY26)	12.5 GW (Sep 25), 13.3 GWp (Dec 25 and Jun 26); with Wind World 4.5 GW about 17.8 GW if additive; one source says "about 13 GW post-integration"	Tracking through M&A, not organic; consolidation basis unreconciled
FY26 EBITDA margin	Inox Wind (parent) guidance: 18% to 19% raised to 20% to 22%	IGESL core operating margin 8.2% (Rs 23 cr on Rs 281 cr) vs 17% FY25 and 33.5% FY24	Group figure not comparable; IGESL's own margin fell
FY27 IGESL EBITDA	Above Rs 600 cr	Q1 FY27 Rs 57 cr (mostly other income); audited Wind World FY26 EBITDA Rs 75.65 cr	Very stretched; timing already moved
Wind World close	Q2 FY27	Rs 550 cr paid 6 Oct 2026 (Q3 FY27: Q2 ended 30 Sep); BTA conditions precedent pending; no completion filing through 13 Oct	Quarter target missed on timing; 6 Oct is 64 days after the 3 Aug filing and 71 days after the 27 Jul order, and the certified-order date is not disclosed, so compliance with the 60-day text is not established [Est.]; completion unconfirmed
Substation demerger	1 to 2 months from 29 May	Effective 4 May; record date 1 Aug; shares allotted 24 Aug	Delivered; IRSL listing pending
Net cash / balance sheet	Net cash	Mar-26 cash Rs 504.6 cr and borrowings Rs 88 cr, yet a Rs 300 cr QIP in Sep 2026	Buyback talk (May) sits awkwardly with the raise
Wind execution guidance (Inox Wind parent, not Inox Green)	1,200 MW FY26	Replaced by revenue guidance in Feb 2026	Metric re-basing
Dividend	After consolidation	None ever	Open

Tone over time, recurring themes, contradictions

Tone: confident and expansionary (Sep 2025) to promotional (Feb 2026) to acquisition-heavy (May 2026) to H2-loaded and defensive on funding questions (Aug 2026).
Metric drift: MW guidance replaced by revenue and margin guidance; "total income" and "EBITDA" headlines include other income while operating profit was zero or negative in 4 of the last 5 quarters (Screener OPM: Mar-25 -4.6%, Jun-25 11%, Sep-25 10%, Dec-25 24%, Mar-26 -4.1%, Jun-26 -2.2%).
Margin claims: 49% (Sep 2025), "about 45% excluding acquisition income" (FY26), "each about 50%" for acquired books (May 2026), 20% to 22% (group) and Rs 600 cr; they do not reconcile with each other or with the filed numbers (Tab 4).
Net cash vs raise: Rs 505 cr of cash in March 2026, then a Board-approved raise of up to Rs 600 cr (22 Jul), a Rs 300 cr QIP at Rs 165.65 (29 Sep) and a Rs 550 cr acquisition payment; buyback was mentioned in May.
Fleet numbers: the 6.5 GW acquired through investments already sits in the 12.5 and 13.3 GW; Wind World's 4.5 GW is described as a further add; whether 13.3 GWp includes it is unclear.
Related-party reliance: the group is the customer, supplier, lender and pipeline; management says all group contracts are at arm's length with a 1.5 GW MoU with Inox Clean.

Growth, Outlook & Valuation

No order book is disclosed

IGESL is an annuity O&M business and discloses no order book in rupees and no book-to-bill. The visibility proxy is the contracted fleet (about 13.3 GWp, of which about 4 GW of wind is consolidated) plus the 4.5 GW Wind World book once the transfer completes. Contract tenor is 5 to 20 years (deck: up to 25), renewal rates and contracted revenue by client are Not Available (searched: annual report, Placement Document, five transcripts). The 3.11 GW and about 4.4 GW "order books" quoted on aggregator pages are Inox Wind's (Tab 8). Q2 FY27 results are not out.

Wind World timeline and status

Date	Step	Status
20 Feb 2018	Wind World (India) enters CIRP	[Fact]
Sep to Oct 2025	Omkara PS 05/2025-26 Trust buys Rs 3,763 cr of debt from NARCL for Rs 1,225 cr; Authum takes 90% of the receipts on 1 Oct 2025	[Fact]
19 Feb 2026	Inox Neo Energies + Authum named successful applicant (CoC vote 87.56%); IGESL Reg 30 calls Authum "Unrelated Member"	[Fact]
15 May 2026	Omkara's claim moves to India SME Asset Reconstruction Co (ISARC) by security-receipt transfer, five days before the addendum; ISARC (88.37% owned by Authum per Authum's 18 Aug 2026 filing) then holds 86.73% of the CoC vote	[Fact] (NCLT order para 14.34; Authum filing)
11 May and 30 May 2026	NCLT directions on Enercon claim; plan re-approved at 96.47% after the addendum	[Fact]
22 Jul 2026	IGESL Board approves a raise up to Rs 600 cr	[Fact]
27 Jul 2026 (received 3 Aug)	NCLT approves the plan; completion within 60 days of the certified order, subject to IMC and regulators	[Fact]
31 Aug and 12 Sep 2026	IMC in-principle approval; BTA between Vibhav and Wind World	[Fact] (Placement Document)
6 Oct 2026	Rs 550 cr paid; Reg 30 letter 07:23 and press release 07:52 on 7 Oct ("will own 75%")	[Fact]
8 Oct 2026	IMC declares the Implementation Date (Authum, filed 13 Oct)	[Fact] per Authum
9 Oct 2026	Vibhav allots shares against Rs 150 cr of ICDs: IGESL 75%, Authum 25%	[Fact]
Pending	Completion of transfer on satisfaction of BTA conditions precedent (and one condition subsequent); customer novations (Tata, ReNew, Greenko, Apraava, Hindustan Zinc); CCI status; Enercon SLP 18147 of 2019	Not disclosed as of 21 Oct 2026

Bridge from reported numbers to the Rs 600 cr claim (arithmetic only, not a forecast)

Component	Rs cr	Basis
FY26 core operating profit (consolidated)	23	CRISIL, annual report
Wind World FY26 audited EBITDA (100%)	75.65	Placement Document carve-out; includes other income Rs 3.89 cr [Est.]
Simple sum (if consolidated for a full year)	about 99	Aamara arithmetic [Est.]; IGESL economic share of the Wind World part is 75% (about Rs 57 cr)
Gap to Rs 600 cr	about 501	[Est.]
Management build (13 Feb 2026)	about 513	Wind 10 GW x Rs 100 cr revenue per GW x 50% = Rs 500 cr + solar about Rs 13 cr; compare audited Wind World margin 13% and FY26 O&M segment loss Rs 16.25 cr
Q1 FY27 company "EBITDA"	56.99	Operating profit about -Rs 1 cr + other income Rs 57.89 cr
Pro forma revenue base	about 864	281 + 583 [Est.]; the first-pass market file cited about Rs 850 cr

Catalysts, drivers, plans

Item	Detail
Management targets	17 GW within two years (Q2 FY26: "confident of exceeding"); 20+ GW; "among the largest renewable O&M companies globally by 2030"; 18% to 20% O&M share of group mix; dividend policy only after consolidation; buyback "not at this point"
Expansion route	Acquire distressed OEM service books (Wind World; a second ~2 GW target still an investment, "entity two... final phases of EOIs"); solar O&M wins (3.3 GWp); group-captive additions (Inox Clean 3 GW+ a year, 14 GW by FY29); third parties about 500 MW a year; "a couple of GWs lined up"; management says acquisition opportunities are now "limited"
Capex	Negligible (asset-light); the group plan "capex about Rs 200 cr" in the Q3 call is unattributed and likely Inox Wind's
12-month catalysts	Q2 FY27 results (deadline 14 Nov 2026 [Est.]); filing on completion of the Wind World transfer; first line-by-line consolidation of Vibhav (25% minority); Q3 FY27 print against the annualised Rs 600 cr; novation news; CCI; IRSL listing; Enercon SLP; first sell-side initiation; pledge clarification; use-of-proceeds disclosure; QIP lock-in
Long-term drivers	Wind fleet growth to 100 GW by about FY30-31 (volume CAGR near 10% plus 4% to 5% escalators); life extension (25 to 35 years) and year 8/10/15 overhauls; repowering 25.4 GW; solar O&M; separate VAS billing
Tailwinds / headwinds	No PLI for O&M. Tailwinds: OEM insolvency clean-up, larger mixed fleets. Headwinds: buyer power, IPP insourcing, Enercon IP, rising rivalry from Suzlon/Renom
Watchlist from the street file	Pro forma EBITDA margin on the Wind World book; QIP allottee list (now known, Tab 6); promoter pledge clarification; first sell-side initiation; use-of-proceeds disclosure (now known); rating-agency rationale post-withdrawal

Valuation at Rs 114.82 (21 Oct 2026)

Metric	Value	Note
Price / market cap	Rs 114.82 / Rs 4,818 cr	Screener snapshot Rs 115 / Rs 4,823 cr
52-week high / low	Rs 279.0 / 108.70 (close high 272.20)	Stock is 57.8% below the close high [Est.]
P/E	39.3x Screener; 36.8x on TTM EPS Rs 3.12 [Est.]	Flattered by other income
P/B	2.66x Screener; 2.7x at close	BV Rs 42.5
EV (Mar-26 balance sheet)	about Rs 4,401 cr [Est.]	Ignores QIP net Rs 289.72 cr, Wind World outflow and 25% minority
EV / FY26 core operating profit	about 191x	Rs 23 cr
EV / FY26 reported-basis EBITDA	about 26x	Rs 167 cr
EV / TTM reported-basis EBITDA	about 22x	Rs 199 cr
EV / management Rs 600 cr	about 7.3x	Guidance, not delivered
Dividend yield / buyback	0.00% / none	No dividend ever
3-year average P/E, P/B, EV/EBITDA	Not Available	Searched: Screener, Trendlyne; the company was loss-making or near-zero earning through FY23, so a 3-year P/E average is of limited meaning
Peer multiples	Suzlon P/E 17.1x, EV/EBITDA about 17x; Inox Wind P/E 31.4x, EV/EBITDA about 14x	Tab 9

If run-rate EBITDA were (Rs cr)	EV / EBITDA at EV Rs 4,401 cr	Reading
23 (FY26 core)	191x	Reported core
100	44.0x	Core plus Wind World at FY26 audited margin
200	22.0x	Roughly the TTM reported-basis level
300	14.7x	Illustrative
450	9.8x	Illustrative
600	7.3x	Management's annualised claim

Illustrative arithmetic on a stale EV, not forecasts and not targets. The 7.3x on Rs 600 cr is the multiple that would result if the guidance were delivered in full; the audited Wind World margin corresponds to roughly the Rs 100 cr row.

Price path and the sell-off

Session	Close (Rs)	Detail
29 Sep 2026	163.96	QIP book closed at Rs 165.65, above the stock's own close (day low 162.80); delivery 43.45%
30 Sep 2026	161.07
6 Oct 2026	146.59	Delivery 54.69%
7 Oct 2026	135.87 (-7.3%)	7.29 mn shares; delivery 45.38%; filing at 07:52 that Rs 550 cr was paid; Equitymaster "plunges 8%" intraday; Trade Brains Rs 137.23 (-6.24%, open 146.59, low 134.13)
8 Oct 2026	115.08 (-15.3%)	Open 135.17, low 108.70; 43.59 mn shares (22x the 20-day average, about 10% of equity); delivery 1.61 cr shares = 36.95%, i.e. a genuine transfer of about 3.8% of equity
9 Oct 2026	128.92	Open 117.04, high 135.00 (Mint reported Rs 131.80 intraday, +15%); 73.59 mn shares; delivery only 6.38% (intraday churn)
12 Oct 2026	120.65
16 Oct 2026	about 118	Arthneeti; down about 36% in 3 months, momentum score 2/100
19 Oct 2026	118.01	20 Oct was a holiday
21 Oct 2026	114.82	Delivery 28.71%

Cause of the slide: no IGESL filing, rating action or news item on 8 Oct appears in the NSE list (7 Oct and 9 Oct only). The Implementation Date declared by the IMC (8 Oct) is a coincidence in timing, not an explanation. The 75/25 Vibhav structure was public on 7 Oct (07:23 Reg 30 letter, 07:52 press release), so the 9 Oct allotment cannot explain 8 Oct. Candidate explanations in the street file (unlock-style or arbitrage selling by QIP allottees, hedging, exits by holders such as Sapphire Intrex and Khaitan, disappointment over the 75% structure, small-cap weakness) are unverified [Analyst View].
Price context: about Rs 182.75 on 28 Jul (mcap Rs 7,353 cr), QIP floor Rs 174.36 on 24 Sep, March 2026 bulk at Rs 157; Arihant snapshot Rs 114.74. The IRSL stub is not stripped from the IGESL price (IRSL unlisted).

Bulk and block deals (Trendlyne)

Date	Client	Side	Quantity	Price (Rs)
9 Oct 2026	Alphagrep Securities	Buy and sell	38,69,451 each	127.53 / 127.59
9 Oct 2026	Microcurves Trading	Buy and sell	26,17,247 each	129.25 / 129.33
9 Oct 2026	Junomoneta Finsol	Buy 32,40,654 / sell 32,02,239	net about +38k	128.08 / 128.16
8 Oct 2026	Abhishek Khaitan	Sell	35,85,000	112.28
8 Oct 2026	Sapphire Intrex Ltd	Sell	25,80,000	113.04
8 Oct 2026	Setu Securities	Buy 38,44,809 / sell 13,19,809 (NSE) + 25,25,000 (BSE)	near flat	110.62 / 111.86 to 111.97
8 Oct 2026	HRTI Pvt Ltd	Buy 22,00,982 / sell 15,83,271	-	114.32 / 114.76
20 Mar 2026	NK Securities Research	Buy and sell	40,22,865 each	157.76 / 157.85
12 Aug 2024	Graviton Research Capital	Buy and sell	19,09,954	about 184.45
5 Jul 2024	Dovetail India Fund	Sell	20,65,272	168.19
26 Jun 2024	Societe Generale buy 29,49,716 / Dovetail sell 31,00,000	-	-	166.50 / 166.56
2 May 2024	Sixteenth Street Asian Gems Fund	Buy	40,00,000	144.50 (seller ICM Finance 29.1 lakh + 15 lakh)
Dec 2023	Graviton (5 to 13 Dec), Citadel Securities India	Buy and sell	up to 43.3 lakh	77.88 to 108.59
25 Jul 2023	Jainam Broking buy 18.1 lakh; Authum Investment sell 15 lakh	-	-	63.60 to 68.03
22 Feb 2023	ICM Finance buy 33 lakh from Pilot Consultants	Block and bulk	33,00,000	42.90
Nov 2022 (post-IPO)	Sellers Polus Global (53.9 lakh), Yes Bank (23.1 lakh), Elara India Opportunities (22.1 lakh), Nomura Singapore (14.6 lakh), Dovetail Class 6 (18 lakh); buyers Pilot Consultants (57.7 lakh), ICM Finance (20.4 lakh)	-	-	60.17 to 61.82

The only directional bulk activity in the last 12 months was the 8 Oct 2026 selling by Khaitan and Sapphire Intrex (about 61.7 lakh shares, about 1.5% of equity, about Rs 69 cr) into a falling tape; the buyers were prop/HFT firms; 9 Oct prints were intraday round trips. No named long-only institution appears as a buyer in any 2025-26 bulk deal. Identity and relationships of Khaitan are unverified.

Street coverage and sentiment

Source	Output	Nature
Human sell-side analysts	None found: Screener, Sharpely, Tickertape and Trendlyne show no consensus ("doesn't have any active recommendations by analyst"); FY+1 and FY+2 consensus Not Available	Effectively an uncovered stock
TipRanks (9 Oct 2026; six entries)	All "Hold": Anthropic 134 to 115, OpenAI 139 to 120, DeepSeek 142 to 119, Google 145 to 122, xAI 146 to 124, Perplexity 144 to 124 (mean Rs 120.7, about +5% vs Rs 114.82 [Est.])	AI-model outputs, not analysts; the page's own upside percentages (-42% to -46%) are inconsistent with the Rs targets and it also says no analyst ratings in the last 3 months
TipRanks (earlier cache)	1 "Hold", average target Rs 166; AI score Neutral 62, target Rs 288 (price then about Rs 206)	AI / unnamed
MarketsMojo (Motilal Oswal group)	"Strong Sell", last updated 18 Feb 2026	Proprietary quant score, not a target
Parent only	Systematix (Jul 2026): Buy on Inox Wind (target Rs 109) and Suzlon (Rs 71); Business Today (Nov 2024) price targets were for Inox Wind	Not IGESL
Nuvama (Aakash K Hindocha) list of 1 Oct 2026	Did not include Inox Green (picked DLF, Adani Green, PVR INOX)	Absence
Advisers to the QIP	Khaitan & Co, Dentons Link Legal, Hogan Lovells Cadwalader	Legal, not research

Media / voice	Date	Tone and thesis
Mint "jumps 15% after acquisition update - buy, sell or hold?" (experts not retrievable)	9 Oct 2026	Mixed
Trade Brains	6 Oct 2026	Neutral: Rs 550 cr incl. taxes, 4.5 GW, FY26 revenue about Rs 580 cr, 5% escalator, stock -6.24%
DiscoveryAlert	6 Oct 2026	Cautiously constructive, "wait": "2x EBITDA" is the Group CFO's post-synergy figure; FY26 margin not disclosed; Inox Green keeps 75% of Vibhav profits though it consolidates 100%; waits for margin data, renewal evidence, leverage
CNBC-TV18	7 Aug 2026	Positive headline: PAT +86%; body not retrieved
Univest	19 Jun 2026	Bearish: "Why is Inox Green share price falling"; body not retrieved
Simply Wall St	26 Jan 2026	Bearish: "Popularity with investors under threat as stock sinks 25%"
ET EnergyWorld, HT, Business Line	16 to 18 Nov 2025	Negative: lost grid connectivity for a 300 MW Gujarat wind project after a missed deadline; CERC backed revocation
ET EnergyWorld	20 Jan 2026	Positive: 625 MW Bhadla solar O&M contract
Mint	6 Oct 2025	Euphoric: lifetime high, upper circuit, +40% in a month
Mint	12 Aug 2025	Positive: 182 MW order (+5%)
Equitymaster	7 Oct 2026	Neutral: "plunges 8%" intraday
ValuePickr	Jan 2023 thread; Aug 2024 and Mar 2026 mentions	Dormant "Inox Green - O&M Spin off" thread; group-governance caution (Rs 2,257 cr group guarantees/receivables per a 2021 GFL thread); a member held about 6% in Aug 2024
Reddit, X, Telegram, Morningstar forums, named influencers	-	Not Available (blocked or not indexed; searched)

Sentiment arc: positive drivers Feb to Jul 2026 (bid win 18 Feb, NCLT nod, PAT +400%, solar order) kept the price in the Rs 160 to 200 area; from late September a discounted capital raise, "sell the news" on completion, heavy selling on 8 Oct and a 52-week low. Net: from an "acquisition re-rating" narrative to "dilution and delivery" worry. Retail shareholder count is down 28% over 21 months. Early Oct 2025: Business Standard "zooms 52% in 1 month" (article blocked, cause not read); a Business Standard-hosted brokerage PDF (Jun 2026) was unreadable and its broker is unidentified.

Institutional holders

Investor	% (Sep 2026)	Note
Inox Wind Ltd (promoter)	48.92	Parent; 49,00,000 shares pledged
Inox Leasing & Finance (promoter)	4.74	Locked in
Neptune Alpha Fund (FPI Cat I)	1.51 (63.4 lakh)	No public thesis found
Samena Special Situations Mauritius III (FPI)	1.29 (54.3 lakh)	Samena Capital (Dubai), pre-IPO backer
Samena Green Ltd	1.77	Same group; long-hold
Bandhan Small Cap Fund	1.18 (49.7 lakh) on Trendlyne basis; Tickertape 2.93%	Denominators differ; QIP allottee for 45,00,000 shares (24.85% of the QIP, about 1.07% of post-QIP equity [Est.]), which is about 90% of the Trendlyne 49.7 lakh, so that figure may already include the QIP or be stale; basis unreconciled
Authum Investment & Infrastructure	1.43	Also co-bidder and Vibhav 25% holder (Tab 7)
Sapphire Intrex	1.18 pre-sale	Sold 25.8 lakh on 8 Oct
Progressive Star Finance	1.13	Body corporate
Mahindra Manulife Small Cap / ICICI Pru ESG Exclusionary	0.39 / 0.30	Portfolio weights 0.36% / 1.18%; 3-month weight +0.36% / -0.23%
Retail / HNI above Rs 2 lakh	13.37	110,457 holders
FPIs / MFs / institutions	8.17 / 1.69 / about 10.1	QIP allottees above 5% of the issue (Placement Document): Bandhan Small Cap 24.85%, Leading Light Fund VCC (Vintage Fund) 16.67%, India Opportunities Growth Fund (Pinewood) 11.68%, Elm Park Fund 10.00%, ITI Mutual Fund schemes 10.00%, Societe Generale ODI 6.38% [Fact]; the other 14 QIBs are each below 5%. The aggregator rows above mix bases (Bandhan, ITI, Mahindra and ICICI Pru schemes sum to more than the 71.1 lakh MF total), so treat them as indicative

Mutual funds 1.69% (71.1 lakh shares) from 1.61%; schemes fell from 6 to 4 (Trendlyne). No named PMS/AIF disclosure found for 2026; historic named funds: Dovetail India Fund (exited 2024), Sixteenth Street Asian Gems (entered May 2024), Polus Global, Elara India Opportunities. Insurers or pension funds above 1%: none identified.

Final Verdict

Business QualityMediumOEM-origin know-how, 13.3 GWp, group pipeline; margin unproven

Management QualityWeakguidance timing moved; disclosure gaps on funds and customer

Financial QualityWeakcore margin 8.2%; 77% of PBT is a fair-value gain; net cash Rs 505 cr

ValuationExpensive191x core, 22x reported-basis, 7.3x only on unproven Rs 600 cr

Overall ViewNegativeon current evidence; action TRACK, no capital until triggers

Earnings quality: what the filings show (disclosed facts; no intent is characterised)

Bull case [Analyst View]

Scale and optionality: 13.3 GWp managed, a Rs 550 cr purchase of a Rs 583 cr-revenue O&M book that would roughly triple the consolidated revenue base, a second ~2 GW target and a group pipeline (Inox Clean 14 GW by FY29), against a stock 57.8% below its high and 30.7% below the QIP price.
Balance sheet: borrowings Rs 88 cr, cash Rs 504.6 cr at Mar-26, plus Rs 289.72 cr of QIP proceeds; if management's annualised Rs 600 cr were even half delivered, EV / EBITDA would be about 14.7x on the stale EV, and 7.3x if delivered in full.
Industry: 57.4 GW installed and growing 8 to 10 GW a year with 4% to 5% escalators; OEM insolvencies create buyable service books; Suzlon AMS shows 40%+ segment margins are achievable in the industry.

Bear case [Analyst View]

Reported profit is not operating profit: core margin 33% to 17% to 8%, Q1 FY27 about -Rs 1 cr, 77% of continuing PBT a Level 2 NAV mark on funds whose manager, owners and holdings are undisclosed, no key audit matter, and Rs 634 cr (824 days) of contract receivables.
The deal is priced at about 7.3x audited trailing EBITDA (13% margin), not 2x; the 47% margin needed for 2x is not in the audited carve-out; the Rs 600 cr guidance has already moved from "FY27 from 1 April" to "annualised from Q3/Q4"; Enercon IP, novation and CCI are open.
Governance structure: the controlling creditor vote sat with a subsidiary of a co-bidder that is also Vibhav's 25% holder and an IGESL shareholder while IGESL calls it unrelated; a parent pledge with no lender disclosed; a rating-agency change with no reason given; one unnamed customer behind the only profitable segment.

How the action was chosen

The discriminating question is whether the key unknowns have a dated path to resolution or are open-ended. Dated: Q2 FY27 results (deadline 14 Nov 2026 [Est.]) and Q3 FY27 results (due by 14 Feb 2027 [Est.]) show whether Vibhav is consolidated and what the O&M margin really is; a completion filing on the Wind World transfer; the Q3 test of the annualised Rs 600 cr. Open-ended: the RKG funds' holdings and related-party status, customer novations and CCI, the Enercon SLP and the pledge lender. The evidence today is hard to square with putting capital to work: core profit is negative, most of the profit is an unrealised mark, receivables are very large and the group linkages are disclosed only at filing level. It does not yet justify a pass either, because the dated items arrive within about two quarters, the balance sheet is nearly debt-free and the multiple would look low only if the Rs 600 cr guidance were delivered, which the audited numbers do not yet support.

Base case (12 to 18 months) [Analyst View]

Most likely: Q2 FY27 shows the first consolidation of the Wind World book (or a delay to Q3), reported revenue stepping up toward the Rs 580 to 860 cr range on an annualised basis, with an EBITDA margin on that book near the audited 13% rather than 47% to 50%. Reported FY27 EBITDA lands well below Rs 600 cr; other income remains large and NAV-driven; operating cash conversion stays weak while receivables are collected from legacy customers. The stock remains driven by disclosure on the RKG funds, novation and the QIP overhang rather than by multiples. These are scenario descriptions, not forecasts or price targets.

Scenario	Run-rate EBITDA reached by Q4 FY27	EV / EBITDA at today's stale EV	What would have to be true
Weak	Rs 100 cr	44x	Wind World at audited 13% margin on top of core; novation slippage; NAV mark-down
Base	Rs 150 to 250 cr	18x to 29x	Wind World consolidated at 13% to 25% margin; modest synergy; the second target remains an investment
Strong	Rs 450 to 600 cr	7.3x to 9.8x	Margins near 45% to 50% on acquired books, as management states, and verifiable in consolidated statements

Illustrative arithmetic on an EV of Rs 4,401 cr that ignores the QIP cash, the Wind World outflow and the 25% minority. Not a valuation.

Five things to remember

The 21 Oct 2026 close is Rs 114.82, 30.7% below the QIP price (not a demerger adjustment); the cause of the 8 Oct fall (-15.3% on 4.36 cr shares) is not established.
Other income of Rs 145.20 cr includes a Rs 121.43 cr unrealised fair-value gain on RKG fund units; core operating profit is Rs 23 cr (8.2%) and about -Rs 1 cr in Q1 FY27.
Rs 550 cr is about 7.3x the audited FY26 EBITDA of the Wind World O&M book (Rs 75.65 cr, 13%); the "2x" is a post-synergy forward claim. The Rs 600 cr guidance is IGESL's own and its timing moved to an annualised run-rate from Q3/Q4.
Authum Investment & Infrastructure is co-bidder, 25% Vibhav holder, 1.43% IGESL shareholder and the 88.37% owner of the creditor (ISARC) that held 86.73% of the Wind World vote, while IGESL's filings call it unrelated; whether IGESL's RKG funds hold claims is undisclosed.
Q2 FY27 is not out; the transfer had no completion filing through 13 Oct; the CRISIL rating was withdrawn (22 Sep) after the Acuite AA- (group basis) assignment; Inox Wind has pledged 49,00,000 IGESL shares (1.22% pre-QIP).

Five questions before investing

Who manages and owns the RKG funds, what do they hold (including any Wind World claims or the second target's debt), and is there a valuation report behind the Level 2 NAV?
Does the Q2 or Q3 FY27 consolidated statement show Vibhav line by line, and what is the operating EBITDA margin excluding other income?
Have Tata, ReNew, Greenko, Apraava and Hindustan Zinc novated their contracts, is a CCI filing required, and has the transfer been completed?
Who is the Rs 37.64 cr consultancy customer, and why is a 100% margin line the only profitable segment?
What are the lender, date and purpose of the Inox Wind pledge, and why was CRISIL withdrawn after the Acuite assignment?

Triggers

Direction	Trigger
To move toward taking a position	Consolidated Q2 or Q3 FY27 shows operating EBITDA ex other income on a run-rate above about Rs 200 cr with operating cash flow above profit excluding the fair-value gain; a completion filing plus named customer novations and CCI clarity; disclosure of the RKG funds' manager, holdings and valuation report; pledge lender and purpose disclosed; sell-side initiation with models
To move to a pass	Operating profit still near zero with Vibhav consolidated; any customer refusal to novate or re-tender; an NAV write-down; an adverse Enercon ruling; further pledges or a further equity raise below the QIP price; a related-party reclassification of the RKG funds

Opinion [Analyst View]. Inox Green's reported profit is mostly an unrealised fair-value gain on units of funds whose holdings are undisclosed, its core O&M business earned 8.2% in FY26 and about nothing in Q1 FY27, contract receivables are 824 days of revenue, and the Wind World purchase is priced at about 7.3x audited EBITDA while management's 2x claim implies a margin of about 47%. The group linkages around Authum are disclosed as filed and no intent is inferred here. The key unknowns have dated resolution paths in the next two results, so the right action is to hold the name on the watchlist with explicit triggers and commit no capital until consolidated operating numbers and fund disclosure are in hand.

TRACK

Sources

All sources accessed 21 Oct 2026 unless a date is shown. The seven research inputs each had their own source key; they are kept as seven separate lists (deduplicated within each, not merged across) so that a claim can be traced to the file that made it. File 7 (gap-fill from primary documents) supersedes files 1 to 6 where they conflict. URLs are given in full as text; the report itself makes no external requests. Items marked UNREAD or BLOCKED were listed by the research files but could not be opened by them.

File 1: Business, segments, facilities, supply chain

Screener consolidated: https://www.screener.in/company/INOXGREEN/consolidated
Screener standalone and document list: https://www.screener.in/company/INOXGREEN/
Screener Inox Wind Energy (IWEL): https://www.screener.in/company/IWEL/
CRISIL 16 Jun 2026: https://www.crisil.com/mnt/winshare/Ratings/RatingList/RatingDocs/InoxGreenEnergyServicesLimited_June%2016_%202026_RR_398365.html
CRISIL 28 Jan 2026: https://www.crisil.com/mnt/winshare/Ratings/RatingList/RatingDocs/InoxGreenEnergyServicesLimited_January%2028_%202026_RR_382236.html
CRISIL 11 Sep 2026: https://www.crisil.com/mnt/winshare/Ratings/RatingList/RatingDocs/InoxGreenEnergyServicesLimited_September%2011_%202026_RR_404987.html
CRISIL 22 Sep 2026: https://www.crisil.com/mnt/winshare/Ratings/RatingList/RatingDocs/InoxGreenEnergyServicesLimited_September%2022_%202026_RR_405507.html
CRISIL 28 Feb 2025: https://www.crisil.com/mnt/winshare/Ratings/RatingList/RatingDocs/InoxGreenEnergyServicesLimited_February%2028_%202025_RR_362967.html
CRISIL 14 Jun 2024: https://crisil.com/mnt/winshare/Ratings/RatingList/RatingDocs/InoxGreenEnergyServicesLimited_June%2014_%202024_RR_345810.html
CRISIL Inox Renewable Solutions, Jan 2026: https://www.crisilratings.com/mnt/winshare/Ratings/RatingList/RatingDocs/InoxRenewableSolutionsLimited_January%2028_%202026_RR_387387.html
CRISIL Inox Wind, Jun 2026: https://www.crisil.com/mnt/winshare/Ratings/RatingList/RatingDocs/InoxWindLimited_June%2016_%202026_RR_398291.html
Acuite 27 Aug 2026: https://connect.acuite.in/fcompany-details/INOX_GREEN_ENERGY_SERVICES_LIMITED/27th_Aug_26
Company site: https://www.inoxgreen.com/
Arihant Capital company page: https://www.arihantcapital.com/company-information/about-company/66400
Zerodha: https://zerodha.com/markets/stocks/BSE/INOXGREEN
Solar Quarter, 7 Oct 2026: https://solarquarter.com/2026/10/07/inox-green-completes-inr-550-crore-payment-for-acquisition-of-wind-world-indias-4-5-gw-wind-om-business/
Free Press Journal: https://www.freepressjournal.in/business/inox-green-completes-550-crore-wind-om-deal-adds-wind-world-indias-45-gw-portfolio
Business Today, 7 Oct 2026: https://www.businesstoday.in/markets/stocks/story/inox-green-shares-in-focus-as-arm-completes-payment-for-4-5-gw-wind-om-business-560009-2026-10-07
Sahi: https://www.sahi.com/news/inox-green-energy-services-q1-consolidated-net-profit-rises-to-407m-rupees-4385-PE1_COR
Sahi: https://www.sahi.com/news/inox-green-q1-consolidated-net-profit-at-40-7-crore-vs-22-crore-yoy-4385-PE1_COR
Sahi: https://www.sahi.com/news/inox-green-receives-nclt-approval-to-acquire-wind-world-s-4-5-gw-india-o-m-business-4385-PE1_COR
InvestyWise Q1 FY27 presentation: https://www.investywise.com/inox-green-q1-fy27-earnings-presentation/
InvestyWise: https://www.investywise.com/?p=105775
InvestyWise: https://www.investywise.com/?p=102618
Arthneeti Q1 FY27: https://arthneeti.com/insights/inox-green-energy-services-ltd-q1-fy27-earnings
Power Line, 22 May 2025: https://powerline.net.in/2025/05/22/inox-green-energy-signs-agreements-for-om-of-639-mwp-solar-projects/
Energetica India (182 MW): https://www.energetica-india.net/news/inox-green-energy-signs-om-deal-for-182-mw-wind-projects
Mercom (I-Fox 230 MW): https://mercomindia.com/inox-green-acquires-wind-om-230-mw-portfolio/
TipRanks income statement: https://www.tipranks.com/stocks/in:inoxgreen/financials/income-statement
UNREAD (timed out): https://nsearchives.nseindia.com/corporate/IGESL_07082026162145_2IGESL_Earning_Presentations_dsc.pdf
UNREAD (timed out): https://nsearchives.nseindia.com/corporate/IGESL_12082026182126_IGESL_Transcript_dsc.pdf
UNREAD (timed out): https://nsearchives.nseindia.com/corporate/IGESL_29052026162024_2_IGESL_Earning_Presentations_dsc.pdf
BLOCKED (HTTP 403), FY26 annual report on BSE: https://www.bseindia.com/xml-data/corpfiling/AttachHis/b54324c2-71c9-4edd-a91c-ca985b6eb13e.pdf
UNREAD (compressed PDF), Motilal Oswal transcript Aug 2024: https://inoxgreen.com/PDF/MOSL-InoxGreenEnergy-Aug09-2024_IGESL.pdf
UNREAD (compressed PDF), Motilal Oswal transcript Oct 2024: https://www.inoxgreen.com/PDF/MOSL-InoxGreenEnergy-Oct25-2024.pdf

File 2: Financials

Screener consolidated: https://www.screener.in/company/INOXGREEN/consolidated/
Screener standalone: https://www.screener.in/company/INOXGREEN/
CRISIL 22 Sep 2026: https://www.crisil.com/mnt/winshare/Ratings/RatingList/RatingDocs/InoxGreenEnergyServicesLimited_September%2022_%202026_RR_405507.html
CRISIL 11 Sep 2026: https://www.crisil.com/mnt/winshare/Ratings/RatingList/RatingDocs/InoxGreenEnergyServicesLimited_September%2011_%202026_RR_404987.html
CRISIL 16 Jun 2026: https://www.crisil.com/mnt/winshare/Ratings/RatingList/RatingDocs/InoxGreenEnergyServicesLimited_June%2016_%202026_RR_398365.html
Acuite 27 Aug 2026: https://connect.acuite.in/fcompany-details/INOX_GREEN_ENERGY_SERVICES_LIMITED/27th_Aug_26
Sahi Q1 FY27 results: https://www.sahi.com/news/inox-green-energy-services-q1-consolidated-net-profit-rises-to-407m-rupees-4385-PE1_COR
InvestyWise Q1 FY27 summary: https://www.investywise.com/inox-green-q1-fy27-earnings-presentation/
Yahoo / GuruFocus Q1 FY27 call highlights: https://finance.yahoo.com/energy/articles/inox-green-energy-services-ltd-010625699.html
GuruFocus Q1 FY27 transcript (paywalled excerpt only): https://www.gurufocus.com/news/9022876/q1-2027-inox-green-energy-services-ltd-earnings-call-transcript
Sahi QIP: https://www.sahi.com/news/inox-green-energy-services-raises-300-crore-via-qip-issuing-1-81-crore-shares
Business Today Wind World payment: https://www.businesstoday.in/markets/stocks/story/inox-green-shares-in-focus-as-arm-completes-payment-for-4-5-gw-wind-om-business-560009-2026-10-07
Energetica Wind World payment: https://www.energetica-india.net/news/inox-green-completes-inr-550-crore-wwil-wind-om-deal
Angel One Wind World payment: https://www.angelone.in/news/stocks/inox-green-energy-share-price-in-focus-completes-550-crore-deal-for-wind-world-india-s-4-5-gw-o-m-business
Sahi NCLT approval and FY26 headline numbers: https://www.sahi.com/news/inox-green-receives-nclt-approval-to-acquire-wind-world-s-4-5-gw-india-o-m-business-4385-PE1_COR
Yahoo / Power Technology Wind World IPP and O&M bid: https://finance.yahoo.com/news/inox-green-acquire-wind-world-161926322.html
FilingReader demerger scheme, 9 Sep 2025: https://filingreader.com/news-wire/mumbai/2025-09-09/inox-green-energy-services-moves-ahead-with-demerger-scheme
Angel One demerger approval: https://www.angelone.in/news/share-market/inox-green-approved-demerger-of-power-evacuation-business
NSE NCLT-order intimation, 14 Mar 2026 (cited via search result, not opened): https://nsearchives.nseindia.com/corporate/IGESL_14032026182453_IGESL_SE_intimation_regarding_NCLT_order.pdf
Arihant company page: https://www.arihantcapital.com/company-information/about-company/66400
Kalkine, 8 Oct 2026: https://www.kalkine.co.in/article/small-cap-stocks/inox-green-energy-services-nse-inoxgreen-in-focus-as-renewable-energy-stocks-face-market-pressure
Substack (FY24 background): https://contrarianportfolio.substack.com/p/business-of-inox-green-energy
Company investor pages: https://www.inoxgreen.com/investor.html and https://www.inoxgreen.com/financial-results.html
UNREAD, NSE Q1 FY27 deck (timeout): https://nsearchives.nseindia.com/corporate/IGESL_07082026162145_2IGESL_Earning_Presentations_dsc.pdf
BLOCKED (403), FY26 annual report on BSE: https://www.bseindia.com/xml-data/corpfiling/AttachHis/b54324c2-71c9-4edd-a91c-ca985b6eb13e.pdf
UNREAD (binary), Q4 FY26 results outcome: https://www.inoxgreen.com/PDF/1_IGESL_BM_Outcome_29052026_DSC.pdf
UNREAD (scanned), Capital Evolution: https://inoxgreen.com/PDF/16.Capital%20Evolution.pdf

File 3: Management and governance

Board of directors: https://inoxgreen.com/board-of-director.html
Board committees: https://inoxgreen.com/board-committees.html
Key managerial personnel: https://inoxgreen.com/details-of-kmp.html
Shareholding pattern: https://inoxgreen.com/shareholding_pattern.html
Shareholding pattern 30 Sep 2026: https://inoxgreen.com/PDF/Shareholding%20Pattern_30092026.html
Shareholding pattern 30 Jun 2026: https://inoxgreen.com/PDF/SHP_30JUNE2026R.html
Investor page: https://inoxgreen.com/investor.html
Financial statements of subsidiaries: https://inoxgreen.com/Financial-Statement.html
Corporate announcements: https://inoxgreen.com/corporate-announcement.html
Material documents: https://inoxgreen.com/material_documents.html
Related-party disclosures (Reg 23): https://inoxgreen.com/disclosure-of-related-party-transactions-pursuant-to-regulation-23.html
Credit ratings page: https://inoxgreen.com/Credit-Rating.html
Annual reports page: https://inoxgreen.com/annual.html
Policies: https://inoxgreen.com/policies.html
Screener consolidated: https://www.screener.in/company/INOXGREEN/consolidated/
Tickertape: https://tickertape.in/stocks/inox-green-energy-services-INOX
Arihant board page: https://www.arihantcapital.com/company-information/board-of-directors/66400
Wikipedia, Inox Group: https://en.wikipedia.org/wiki/Inox_Group
CRISIL 22 Sep 2026: https://www.crisil.com/mnt/winshare/Ratings/RatingList/RatingDocs/InoxGreenEnergyServicesLimited_September%2022_%202026_RR_405507.html
CRISIL 11 Sep 2026: https://www.crisil.com/mnt/winshare/Ratings/RatingList/RatingDocs/InoxGreenEnergyServicesLimited_September%2011_%202026_RR_404987.html
CRISIL 16 Jun 2026: https://www.crisil.com/mnt/winshare/Ratings/RatingList/RatingDocs/InoxGreenEnergyServicesLimited_June%2016_%202026_RR_398365.html
CRISIL 28 Jan 2026: https://www.crisil.com/mnt/winshare/Ratings/RatingList/RatingDocs/InoxGreenEnergyServicesLimited_January%2028_%202026_RR_382236.html
CRISIL 28 Feb 2025: https://www.crisil.com/mnt/winshare/Ratings/RatingList/RatingDocs/InoxGreenEnergyServicesLimited_February%2028_%202025_RR_362967.html
Acuite 27 Aug 2026: https://connect.acuite.in/fcompany-details/INOX_GREEN_ENERGY_SERVICES_LIMITED/27th_Aug_26
InvestyWise director re-appointments: https://www.investywise.com/inox-green-energy-services-limited-board-meeting-outcome-director-re-appointments/
InvestyWise Q3 results and director re-appointment: https://www.investywise.com/inox-green-energy-services-limited-board-approves-q3-results-director-re-appointment/
InvestyWise Q3 FY26 results: https://www.investywise.com/inox-green-energy-services-limited-board-approves-q3-fy26-results-director-reappointment/
InvestyWise ILFL shareholding: https://www.investywise.com/inox-leasing-and-finance-limited-increase-in-igesl-shareholding/
InvestyWise warrant conversion: https://www.investywise.com/inox-green-energy-shares-allotment-on-warrant-conversion/
InvestyWise equity allotment: https://www.investywise.com/inox-green-energy-equity-share-allotment/
InvestyWise NCLT scheme: https://www.investywise.com/inox-green-energy-services-limited-nclt-approves-scheme-of-arrangement/
InvestyWise NCLT scheme (second): https://www.investywise.com/inox-green-energy-services-nclt-approves-scheme-of-arrangement/
InvestyWise allotment post scheme: https://www.investywise.com/inox-green-energy-services-limited-equity-share-allotment-post-scheme-sanction/
InvestyWise Wind World update: https://www.investywise.com/inoxgreen-update-on-resolution-plan-for-wind-world-india-limited/
InvestyWise Inox Wind acquires Wind World IPP and O&M: https://www.investywise.com/inox-wind-acquires-wind-worlds-ipp-om-arms/
InvestyWise monitoring agency report: https://www.investywise.com/inox-green-energy-services-limited-monitoring-agency-report-on-preferential-issue/
InvestyWise conference-call transcript: https://www.investywise.com/inox-green-energy-services-limited-transcript-of-conference-call-released/
InvestyWise Inox Wind Q4 FY26 transcript: https://www.investywise.com/inox-wind-releases-q4-fy26-earnings-call-transcript/
InvestyWise Q1 FY27 presentation: https://www.investywise.com/inox-green-q1-fy27-earnings-presentation/
InvestyWise Acuite assignment: https://www.investywise.com/inox-green-energy-services-limited-acuite-ratings-assigned/
InvestyWise board meeting notice: https://www.investywise.com/inox-green-energy-services-limited-board-meeting-notice/
UNREAD (compressed PDF), FY26 annual report: https://inoxgreen.com/PDF/IGESL-Annual-Report-25-26.pdf (read in file 7)
UNREAD in file 3, H2 FY26 related-party file: https://inoxgreen.com/PDF/IGESL%20RPT%20H2%20FY%202026.pdf

File 4: Competition, industry, risks

Inox Wind and Inox Green Q1 FY27 call transcript, 7 Aug 2026: https://www.inoxgreen.com/PDF/2026/InoxWind%20IGESL-Q1%20FY27%20Earnings%20Call_Transcript.pdf
Inox Wind and Inox Green Q4 FY26 call transcript (JM Financial), 29 May 2026: https://www.inoxgreen.com/PDF/2026/JMFIS-InoxWind-May29-2026_Transcript.pdf
Reg 30 filing on the Wind World resolution plan incl. Annexure A and NCLT order of 27 Jul 2026, 3 Aug 2026: https://www.inoxgreen.com/PDF/2026/Update%20on%20the%20Resolution%20Plan%20for%20Wind%20World%20(India)%20Limited-03.08.2026.pdf
Press release, successful bidders for Wind World, 19 Feb 2026: https://www.inoxgreen.com/PDF/IGESL_%20PR_STXfinal_dsc.pdf
Press release, KEC 625 MWp solar O&M, 20 Jan 2026: https://www.inoxgreen.com/PDF/IGESL_PR_20012025.pdf
Credit rating filing (Acuite AA-/Stable, A1+), 27 Aug 2026: https://www.inoxgreen.com/PDF/IGESL_SE-letter_regarding_credit_ratingf31.pdf
Corporate announcements page: https://www.inoxgreen.com/corporate-announcement.html
Credit rating page: https://www.inoxgreen.com/Credit-Rating.html
Transcripts page: https://www.inoxgreen.com/transcripts_recordings.html
Company site: https://www.inoxgreen.com/
Suzlon Q1 FY27 investor presentation, 28 Jul 2026: https://www.suzlon.com/pdf/investor/financial-reports-presentations/2026-27/2026-07-28_SEL_Financial_Reports_Q1_FY27_Investor_Presentation_FY27.pdf
Screener Inox Green consolidated, 21 Oct 2026: https://www.screener.in/company/INOXGREEN/consolidated/
Screener Suzlon Energy consolidated: https://www.screener.in/company/SUZLON/consolidated/
Screener Inox Wind consolidated: https://www.screener.in/company/INOXWIND/consolidated/
Sahi QIP: https://www.sahi.com/news/inox-green-energy-services-raises-300-crore-via-qip-issuing-1-81-crore-shares
Sahi Q1 profit and Wind World deal: https://www.sahi.com/news/inox-green-energy-services-q1-consolidated-net-profit-rises-to-407m-rupees-4385-PE1_COR
Sahi Q1 net profit Rs 40.7 cr: https://www.sahi.com/news/inox-green-q1-consolidated-net-profit-at-40-7-crore-vs-22-crore-yoy-4385-PE1_COR
InvestyWise Q1 FY27 presentation summary: https://www.investywise.com/?p=102618
InvestyWise Q1 FY27 call summary: https://www.investywise.com/?p=105775
Wikipedia, Wind power in India: https://en.wikipedia.org/wiki/Wind_power_in_India
Wikipedia, Senvion: https://en.wikipedia.org/wiki/Senvion
Wikipedia, Suzlon: https://en.wikipedia.org/wiki/Suzlon

File 5: Concalls, guidance, fleet, news

Screener consolidated: https://www.screener.in/company/INOXGREEN/consolidated/
Arthneeti stock page: https://www.arthneeti.com/stocks/inox-green-energy-services-ltd
Arthneeti Q1 FY27 call: https://www.arthneeti.com/stocks/inox-green-energy-services-ltd/concall/q1-fy27-earnings-call-analysis
Arthneeti Q2 FY26 call: https://www.arthneeti.com/stocks/inox-green-energy-services-ltd/concall/q2-fy26-earnings-call-analysis
Arthneeti Q1 FY26 call: https://www.arthneeti.com/stocks/inox-green-energy-services-ltd/concall/q1-fy26-earnings-call-analysis
Arthneeti Q3 FY26 call: https://www.arthneeti.com/stocks/inox-green-energy-services-ltd/concall/q3-fy26-earnings-call-analysis
Arthneeti Q4 FY26: https://www.arthneeti.com/insights/inox-green-energy-services-ltd-q4-fy26-earnings
FilingReader Q2 FY26, 20 Nov 2025: https://filingreader.com/news-wire/mumbai/2025-11-20/inox-green-energy-services-achieves-record-financial-performance-in-q2-fy26
InvestyWise Q3 FY26 transcript: https://www.investywise.com/inox-green-energy-releases-q3-fy26-earnings-call-transcript/
InvestyWise Inox Wind and Inox Green Q3 FY26 transcript: https://www.investywise.com/inox-wind-inox-green-transcript-of-q3-fy26-earnings-call/
InvestyWise Inox Wind Q4 FY26 transcript: https://www.investywise.com/inox-wind-releases-q4-fy26-earnings-call-transcript/
InvestyWise conference-call transcript: https://www.investywise.com/inox-green-energy-services-limited-conference-call-transcript-released/
InvestyWise transcript of conference call: https://www.investywise.com/inox-green-energy-services-limited-transcript-of-conference-call-released/
InvestyWise Q1 FY27 presentation: https://www.investywise.com/inox-green-q1-fy27-earnings-presentation/
InvestyWise Wind World resolution plan: https://www.investywise.com/inoxgreen-update-on-resolution-plan-for-wind-world-india-limited/
InvestyWise successful bidder: https://www.investywise.com/inox-green-energy-services-successful-bidder-for-wind-world-indias-assets/
InvestyWise allotment post scheme: https://www.investywise.com/inox-green-energy-services-limited-equity-share-allotment-post-scheme-sanction/
InvestyWise KEC agreement: https://www.investywise.com/inox-green-enters-agreement-with-kec-for-solar-project-o-m/
InvestyWise ILFL shareholding: https://www.investywise.com/inox-leasing-and-finance-limited-increase-in-igesl-shareholding/
Sahi Q1 net profit Rs 40.7 cr: https://www.sahi.com/news/inox-green-q1-consolidated-net-profit-at-40-7-crore-vs-22-crore-yoy-4385-PE1_COR
Sahi Q1 profit rises: https://www.sahi.com/news/inox-green-energy-services-q1-consolidated-net-profit-rises-to-407m-rupees-4385-PE1_COR
CRISIL 28 Jan 2026: https://www.crisil.com/mnt/winshare/Ratings/RatingList/RatingDocs/InoxGreenEnergyServicesLimited_January%2028_%202026_RR_382236.html
CRISIL 16 Jun 2026: https://www.crisil.com/mnt/winshare/Ratings/RatingList/RatingDocs/InoxGreenEnergyServicesLimited_June%2016_%202026_RR_398365.html
CRISIL 11 Sep 2026: https://www.crisil.com/mnt/winshare/Ratings/RatingList/RatingDocs/InoxGreenEnergyServicesLimited_September%2011_%202026_RR_404987.html
CRISIL 22 Sep 2026: https://www.crisil.com/mnt/winshare/Ratings/RatingList/RatingDocs/InoxGreenEnergyServicesLimited_September%2022_%202026_RR_405507.html
Acuite 27 Aug 2026 (Inox Wind financials in the rationale): https://connect.acuite.in/fcompany-details/INOX_GREEN_ENERGY_SERVICES_LIMITED/27th_Aug_26
BLOCKED (BSE, 403), transcript Aug 2026: https://www.bseindia.com/stockinfo/AnnPdfOpen.aspx?Pname=b6e67209-23ee-48ab-a89f-2239295d4431.pdf
BLOCKED (BSE), Jun 2026: https://www.bseindia.com/stockinfo/AnnPdfOpen.aspx?Pname=78c64939-3c62-49ac-9827-562fd6465a1b.pdf
BLOCKED (BSE), Feb 2026: https://www.bseindia.com/stockinfo/AnnPdfOpen.aspx?Pname=d934a5d2-25cf-4a13-92c1-68d279362ad8.pdf
BLOCKED (BSE), Nov 2025: https://www.bseindia.com/stockinfo/AnnPdfOpen.aspx?Pname=12a9f200-8091-44c1-a30e-eb06b0e51134.pdf
BLOCKED (BSE), Sep 2025: https://www.bseindia.com/stockinfo/AnnPdfOpen.aspx?Pname=ac349021-05a3-4a4e-84a8-edb5f23d90bd.pdf
UNREAD in file 5 (read in file 7), NSE Q1 FY27 transcript: https://nsearchives.nseindia.com/corporate/IGESL_12082026182126_IGESL_Transcript_dsc.pdf
UNREAD in file 5 (read in file 7), NSE Q3 FY26 transcript: https://nsearchives.nseindia.com/corporate/IGESL_19022026191307_6_IGESL_Transcript_concall13022026_dsc.pdf

File 6: Street sentiment, smart money, brokerage

Screener company page and announcements: https://www.screener.in/company/INOXGREEN/consolidated/
Trendlyne shareholding (Sep 2026): https://trendlyne.com/equity/share-holding/1127763/INOXGREEN/inox-green-energy-services-ltd/
Trendlyne bulk and block deals: https://trendlyne.com/equity/bulk-block-deals/INOXGREEN/1127763/inox-green-energy-services-ltd/
Trendlyne consensus page: https://trendlyne.com/equity/consensus-estimates/1127763/INOXGREEN/inox-green-energy-services-ltd/
TipRanks forecast: https://www.tipranks.com/stocks/in:inoxgreen/forecast
Tickertape (MF holdings, no analyst data): https://www.tickertape.in/stocks/inox-green-energy-services-INOX
Sharpely: https://sharpely.in/stocks/inoxgreen/forecast
MarketsMojo: https://marketsmojo.motilaloswal.com/stocks-analysis/news-action/inox-green-energy-services-1003748-0
Choice India shareholding: https://choiceindia.com/stocks/inox-green-energy-services-ltd-shareholding-pattern
Pocketful shareholding: https://www.pocketful.in/stocks/inox-green-energy-services-ltd/shareholding
Anand Rathi: https://anandrathi.com/stocks/inox-green-energy-services-ltd
Share.market: https://www.share.market/stocks/inox-green-energy-services-ltd-share/technicals
ValuePickr search: https://forum.valuepickr.com/search?q=inox%20green
Rediff QIP, 30 Sep 2026: https://money.rediff.com/news/market/inox-green-energy-raises-300-cr-via-equity-shares-issue/55307820260930
Zee Business QIP floor: https://www.zeebiz.com/market-news/news-inox-green-energy-qip-floor-price-fixed-at-rs-17436-per-share-402810
Financial Express QIP: https://www.financialexpress.com/business/industry-inox-green-energy-services-closes-rs-300-crore-qip-allocates-1-81-crore-shares-4350251/
Business Today (MSN) QIP allotment: https://www.msn.com/en-in/money/topstories/inox-green-energy-shares-rise-as-company-allots-shares-worth-rs-300-crore-in-qip/ar-AA2dfmVs
Bar & Bench QIP advisers, 13 Oct 2026: https://www.barandbench.com/law-firms/dealstreet/khaitan-co-dentons-link-legal-hogan-lovells-cadwalader-act-on-inox-green-energy-300-crore-qip
Trade Brains Wind World payment: https://tradebrains.in/indian-markets/inox-green-energy-finalises-550-cr-acquisition-of-wind-world-indias-om-arm-stock-slips-6-12631656
Trade Brains NCLT nod: https://tradebrains.in/inox-green-energy-services-gains-nclt-nod-to-acquire-wind-worlds-4-5-gw-om-arm/
DiscoveryAlert analysis: https://discoveryalert.com/analysis/inox-green-wind-world-india-deal-october-2026/
Mint (via MSN), 9 Oct 2026: https://www.msn.com/en-in/news/other/inox-green-energy-services-share-price-jumps-15-after-this-acquisition-update-buy-sell-or-hold-experts-view/ar-AA2dSv6O
Moneycontrol (headline only): https://www.moneycontrol.com/news/business/inox-green-completes-rs-550-crore-wind-world-o-m-deal-adds-4-5-gw-portfolio-14046619.html
Fortune India (headline only): https://www.fortuneindia.com/business-news/inox-green-completes-550-crore-acquisition-of-wind-world-indias-45-gw-om-business/163253
ET EnergyWorld (headline only): https://energy.economictimes.indiatimes.com/news/renewable/inox-green-completes-550-crore-wind-world-india-om-acquisition/134757286
Hindustan Times, grid loss: https://www.hindustantimes.com/business/inox-green-loses-grid-access-for-300-mw-wind-project-in-gujarat-on-missed-deadlines-101763371614699.html
Business Line, grid loss: https://www.thehindubusinessline.com/companies/inox-green-loses-grid-access-to-300-mw-gujarat-wind-project-cerc-backs-revocation/article70290006.ece
Mint lifetime high, Oct 2025: https://www.livemint.com/market/stock-market-news/inox-green-share-price-hits-a-lifetime-high-upper-circuit-gains-over-40-in-1-month-is-there-more-steam-left-11759811260134.html
Business Today (Inox Wind and Suzlon, Systematix), 12 Jul 2026: https://www.businesstoday.in/markets/stocks/story/suzlon-energy-inox-wind-share-price-targets-q1-results-preview-542270-2026-07-12
Google News RSS index (Oct 2022 to Oct 2026): https://news.google.com/rss/search?q=Inox+Green+Energy+Services&hl=en-IN&gl=IN&ceid=IN:en
BLOCKED, concall transcripts listed on Screener (BSE AnnPdfOpen links for Aug 2026, Jun 2026, Feb 2026, Nov 2025, Sep 2025)

File 7: Gap-fill from primary documents (supersedes files 1 to 6)

FY26 Annual Report (355 pages): https://inoxgreen.com/PDF/IGESL-Annual-Report-25-26.pdf
Q1 FY27 call, 7 Aug 2026: https://www.inoxgreen.com/PDF/2026/InoxWind%20IGESL-Q1%20FY27%20Earnings%20Call_Transcript.pdf
Q4 FY26 call, 29 May 2026: https://www.inoxgreen.com/PDF/2026/JMFIS-InoxWind-May29-2026_Transcript.pdf
Q3 FY26 call, 13 Feb 2026: https://nsearchives.nseindia.com/corporate/IGESL_19022026191307_6_IGESL_Transcript_concall13022026_dsc.pdf
Q2 FY26 call, 14 Nov 2025: https://nsearchives.nseindia.com/corporate/IGESL_20112025203935_IGESL_Transcript_14112025_5wd.pdf
Q1 FY26 call, 1 Sep 2025: https://nsearchives.nseindia.com/corporate/IGESL_08092025202943_IGESL_Transcript_08092025.pdf
NCLT order and Reg 30 of 3 Aug 2026: https://www.inoxgreen.com/PDF/2026/Update%20on%20the%20Resolution%20Plan%20for%20Wind%20World%20(India)%20Limited-03.08.2026.pdf
7 Oct 2026 Reg 30 (Rs 550 cr, Vibhav): https://nsearchives.nseindia.com/corporate/IGESL_07102026072235_IGESL_Acq_WWIL_Reg30_dsc.pdf
7 Oct 2026 press release: https://nsearchives.nseindia.com/corporate/IGESL_07102026074723_IGESL__PR_STXs_dsc.pdf
9 Oct 2026 Vibhav allotment: https://nsearchives.nseindia.com/corporate/IGESL_09102026233918_IGESL_SE_Vibhav_WOS_intimaiton_dsc.pdf
QIP issue opening, 24 Sep 2026: https://nsearchives.nseindia.com/corporate/IGESL_24092026174541_1_IGESL_SE_Outcome_2026_IssueOpening.pdf
QIP issue closing, 30 Sep 2026: https://nsearchives.nseindia.com/corporate/IGESL_30092026000531_1IGESL_SE_Outcome_2026_IssueClosingdsc.pdf
QIP allotment, 30 Sep 2026: https://nsearchives.nseindia.com/corporate/IGESL_30092026005646_IGESL_SE_Allotment_30092026_S.pdf
Placement Document (29 Sep 2026): https://www.inoxgreen.com/PDF/Placement-Document.pdf
Demerger effective date, 4 May 2026: https://nsearchives.nseindia.com/corporate/IGESL_04052026182821_IGESL_SE_intimation_regarding_NCLT_effective_date_dsc.pdf
Allotment of IRSL shares, 24 Aug 2026: https://nsearchives.nseindia.com/corporate/IGESL_24082026202300_IGESL_SE_intimation_Allotment_IRSL_24082026.pdf
19 Feb 2026 Reg 30 (Authum "Unrelated Member"): https://nsearchives.nseindia.com/corporate/IGESL_19022026083536_IGESL_Reg30_WWIL_dsc.pdf
Authum Reg 30 on Omkara receipts, 1 Oct 2025: https://nsearchives.nseindia.com/corporate/Authum123_01102025205943_SE_Intimation_Reg_30-Omkara-signed.pdf
Authum Reg 30 on ISARC, 18 Aug 2026: https://nsearchives.nseindia.com/corporate/Authum123_18082026213744_REG30ISARC.pdf
Authum completion of implementation, 13 Oct 2026: https://nsearchives.nseindia.com/corporate/Authum123_13102026150627_CompletionofImplementationPlan.pdf
IWL SAST 31(4) declarations, 8 Apr 2026: https://nsearchives.nseindia.com/corporate/team_sandeshc_12062026131131_37.pdf
Shareholding pattern Sep 2026: https://inoxgreen.com/PDF/Shareholding%20Pattern_30092026.html
Monitoring agency report Q1 FY27: https://nsearchives.nseindia.com/corporate/IGESL_11082026181948_IGESL_MA_Report_dsc.pdf
Q1 FY27 results outcome: https://nsearchives.nseindia.com/corporate/IGESL_07082026155358_1IGESL_BoardMeeting_outcome_07082026_dsc.pdf
Q1 FY27 earnings presentation: https://nsearchives.nseindia.com/corporate/IGESL_07082026162145_2IGESL_Earning_Presentations_dsc.pdf
EGM notice 13 Aug 2026: https://nsearchives.nseindia.com/corporate/IGESL_22072026192830_IGESL_Notice_of_26thEGM_dsc.pdf
CRISIL 22 Sep 2026: https://www.crisil.com/mnt/winshare/Ratings/RatingList/RatingDocs/InoxGreenEnergyServicesLimited_September%2022_%202026_RR_405507.html
Company letter on rating withdrawal, 23 Sep 2026: https://nsearchives.nseindia.com/corporate/IGESL_23092026201504_IGESL_SE_letter_Credit_Rating_23092026dsc.pdf
Acuite 27 Aug 2026: https://connect.acuite.in/fcompany-details/INOX_GREEN_ENERGY_SERVICES_LIMITED/27th_Aug_26
NSE full bhavcopy, 21 Oct 2026: https://nsearchives.nseindia.com/products/content/sec_bhavdata_full_21102026.csv
NSE announcement feed (API): https://www.nseindia.com/api/corporate-announcements?index=equities&symbol=INOXGREEN
Omkara / NARCL debt purchase context: https://insolvencytracker.in/2025/09/13/narcl-auctions-rs-3763-crore-debt-of-wind-world-india/
Enercon 2017 India service partners (Renom etc.): https://www.energetica-india.net/news/enercon-returns-to-india-in-cooperation-with-local-service-providers
RKG Special Situations Trust directory listing (SEBI registration not verified): https://esi.in/finance/investments/sebi/alternative-investment-funds/rkg-special-situations-trust/
Yahoo Finance daily series (cross-check of NSE closes; URL Not Available: the research file cites it by name only)

Not Available (searched, not found)

Item	Where searched
Index membership; CIN and registered address	Screener, Trendlyne, Tickertape, exchange pages; not in any of the seven files
Q2 FY27 results date	NSE announcements and board-meeting records (trading window closed since 1 Oct 2026)
Top-5 customers; contract expiry profile; named suppliers; import share	Annual report, Placement Document, five transcripts
Identity of the Rs 37.64 cr consultancy customer	Annual report and Placement Document (unnamed)
RKG funds: manager, owners, holdings, valuation report; any Wind World claim holdings	Annual report, Placement Document, NCLT order, Authum filings, esi.in directory
Pledge lender, date and purpose (Reg 31(1) filing)	Placement Document, shareholding pattern, SAST 31(4), IWL announcement list, NSE pledge API (empty)
Completion filing for the Wind World O&M transfer; customer novations; CCI filing	NSE announcement list to 13 Oct 2026; Placement Document; NCLT order
Reason for CRISIL withdrawal	CRISIL rationale, company letter of 23 Sep 2026 (no reason stated)
Cause of the 8 Oct 2026 fall	NSE filings, bhavcopy, bulk deals, news (none found)
Sell-side consensus, FY+1 and FY+2 estimates	Screener, Sharpely, Tickertape, Trendlyne, TipRanks
3-year average multiples; current ratio; debt maturity schedule	Screener, CRISIL, annual report summaries
Organic versus inorganic revenue split	Annual report, Placement Document, calls
Education and background of Vivek and Devansh Jain; director remuneration table; PIT disclosures	Company pages, Wikipedia, annual report extraction
Peers: Envision, SGRE India, Senvion/Alfanar, Adani Wind, Vestas, ReGen, independents; Renom financials	Screener, Suzlon deck, Wikipedia: not retrieved
Reddit, X, Telegram, Morningstar forums; Mint expert names and targets	Blocked or paywalled
ISO 9001 and other certificates	Annual report, Q1 FY27 deck, website
Inox Wind Energy Ltd (IWEL, NSE IWEL / BSE 543297)	Screener labels it "Merged"; merger date and acquirer not stated on the retrieved page and status not verified; no current direct commercial link found
Broker behind a Business Standard-hosted PDF (Jun 2026)	Unreadable binary; broker unidentified

Report depth note

Inox Green is a listed mainboard company and this report was built to the full depth standard from seven inputs. Where a field is thin (sell-side coverage, certifications, peer data) it is because the disclosure does not exist or could not be retrieved, and the table above says where it was searched. The Rs 600 cr guidance, the 13.3 GWp fleet and the 50% margin claims are management statements; the audited and filed figures in Tabs 4, 5 and 6 are the reference.