About Inox Green Energy Services Limited

Inox Green Energy Services Limited (IGESL) is a public company engaged in providing Operations and Maintenance services for wind turbine generators (WTGs) and common infrastructure facilities, with operations located within India and corporate headquarters at Vadodara, Gujarat. The company operates as a subsidiary of Inox Wind Limited, which itself is a subsidiary of Inox Leasing and Finance Limited, and leverages long-term operational data to enhance availability, predictive maintenance, and efficiency for multi-brand fleets and IWL turbines under service contracts recognised over time per Ind AS 115. IGESL’s history includes consolidation as IWL’s OM arm and expansion into multi-brand OM, with steady strengthening of governance and systems, and authorisation of ESOP 2024 for talent retention during FY 2024–25. As on March 31, 2025, the company reported 430 permanent employees and continued to invest in controller algorithms, blade upkeep, and condition monitoring to drive energy yields and reliability. IGESL had multiple Indian subsidiaries across SPVs engaged in wind power generation and a services subsidiary; notable entities include Tempest Wind Energy Private Limited, I-Fox Windtechnik India Private Limited (51%), and Resowi Energy Private Limited (51%). Key milestones in FY 2024–25 included a preferential equity and warrants raise, full redemption of 2022 listed NCDs, and Board approval of a demerger of the Power Evacuation Business into Inox Renewable Solutions Limited, with stock exchange observations received on July 18, 2025.

Inox Green Energy Services Limited Business Segment

• The company’s primary business is wind OM services and related common infrastructure facilities offered under fixed-price, time-elapsed contracts, recognised straight-line over contract periods from signing.

• Operating geography: India only; revenue recognition policies indicate service delivery within India and disclosures confirm the area of operations is within India.
  

Inox Green Energy Services Limited Key Management

• Manoj Dixit — Whole-time Director

• Mukesh Manglik — Whole-time Director

• S K Mathusudhana — Chief Executive Officer

• Govind Prakash Rathor — Chief Financial Officer

• Anup Kumar Jain — Company Secretary

Latest Updates on Inox Green Energy Services Limited

• ESOP 2024 approved via postal ballot on May 05, 2024; 29,00,000 options authorised and 21,70,120 grants made in FY 2024–25.

• Authorised share capital increased to Rs 700 crore on July 18, 2024, by creating an additional 10,00,00,000 equity shares of Rs 10 each.

• Equity/warrants issuances in 2024: 2,89,85,503 equity shares to non-promoters; 4,48,27,582 convertible warrants to promoters and non-promoters; 41,666,666 equity shares on conversion of 2,00,00,00,000 CCPS on August 02, 2024; and 27,58,620 equity shares on warrant conversion on October 05, 2024.

• 750 listed market-linked NCDs of Rs 10,00,000 each (Rs 75.00 crore) fully redeemed on September 19, 2024.

• Board approved a Scheme of Arrangement to demerge the Power Evacuation Business into Inox Renewable Solutions Limited; appointed date October 01, 2024, with stock exchange observation letter obtained on July 18, 2025, subject to regulatory approvals including NCLT.

• Divestment of 100% in Inox Clean Energy Limited on November 29, 2024, and sales of Inox Neo Energies Limited (November 30, 2024), Flurry Wind Energy Private Limited, and Flutter Wind Energy Private Limited (December 06, 2024) to related party entities, pursuant to prior shareholder approvals and applicable laws.