Other income kept Inox Green profitable despite an operating loss
The consolidated quarter was marked by a Rs -0.94 cr operating loss, while management highlighted a planned approximately 4.5 GW O&M portfolio acquisition.
Filed 07 Aug 2026, 15:55 IST · after market close · Inox Green Energy Services Ltd (INOXGREEN)
Key takeaways
- Consolidated net profit of Rs 40.79 cr was supported by other income of Rs 57.89 cr despite an operating loss of Rs -0.94 cr.
- Inox Green's operating margin of -2.17% was 23.96 percentage points below the Services-peer median across 18 reported companies.
- Management said formalities for the approximately 4.5 GW Wind World India O&M acquisition are expected to be completed in Q2 FY27.
Price around the results
Profit came from below operating profit
Inox Green reported a consolidated operating loss of Rs -0.94 cr, but posted net profit of Rs 40.79 cr. Other income of Rs 57.89 cr was larger than profit before tax of Rs 54.47 cr, making the reported profit heavily dependent on non-operating income. The company filed its results after market close, so there is no market reaction to assess yet.
Operating margin lagged the Services peer set
The operating margin was -2.17%, leaving Inox Green 23.96 percentage points below the 21.79% median for 18 Services peers that had reported the same quarter. It ranked second from the bottom in that comparison. With no sequential, year-on-year or multi-quarter trend data provided, the quarter's cost drivers and margin direction cannot be assessed beyond the reported operating loss.
Wind World acquisition is the main portfolio catalyst
Management said Inox Green is acquiring Wind World India's approximately 4.5 GW wind O&M portfolio, with transaction formalities expected in Q2 FY27 and financial consolidation thereafter. The presentation said integration work is already under way, with scope for service, pricing and cost efficiencies. Management also said the portfolio had 96.3% machine availability in Q1 FY27 and stood at approximately 13.3 GWp as of June 2026.
Management points to expanding wind O&M demand
Management said annual wind installations of 8-10 GW are expected in the near term. It also said Inox Clean targets adding more than 3 GW of installed capacity annually, while Inox Wind's approximately 4.4 GW order book provides visibility for new long-term O&M contracts. The company said its turbine overhaul packages are intended to extend turbine life and improve output.
Q1FY27 at a glance
Consolidated figures as filed with NSE — cross-checked against an independent source.
| Line item | Q1FY27 |
|---|---|
| Revenue | ₹43 cr |
| Other income | ₹58 cr |
| Expenses | ₹44 cr |
| Operating profit | ₹-1 cr |
| Operating margin (%) | -2.17% |
| Interest | ₹2 cr |
| Depreciation | ₹0 cr |
| Profit before tax | ₹54 cr |
| Tax | ₹14 cr |
| Net profit | ₹41 cr |
| EPS (₹) | ₹1.01 |
Operating margin of -2.17% compares with a Services sector median of 21.79% across 18 peers that have reported Q1FY27.
What management said
From the company’s own investor presentation. Each point is checked against the source document before it appears here.
This quarter
- Inox Green's portfolio machine availability was 96.3% in Q1 FY27.
- Inox Green's portfolio stood at approximately 13.3 GWp as of June 2026, including about 10.5 GW of wind assets.
Guidance & outlook
- Annual wind installations of 8-10 GW are expected in the near term.
Planned next quarter
- Wind World acquisition transaction formalities are expected to be completed in Q2 FY27, followed by financial consolidation.
Expansion
- Inox Green is acquiring Wind World India's approximately 4.5 GW wind O&M portfolio, with formalities expected in Q2 FY27.
- Inox Clean targets adding more than 3 GW of installed capacity annually.
New orders
- Inox Wind's approximately 4.4 GW order book provides visibility for new long-term O&M contracts.
New initiatives
- Integration initiatives for the Wind World acquisition are underway.
- Inox Green offers turbine overhaul packages intended to extend turbine life and improve output.
Competition
- Customers are seeking to switch to a strong, credible, renowned and Indian O&M service provider.
What to watch
- Completion of the approximately 4.5 GW Wind World India transaction formalities in Q2 FY27 and the subsequent financial consolidation.
- Whether machine availability holds near the 96.3% reported for Q1 FY27.
- Whether operating margin moves above the reported -2.17%.