[Inox Green Energy Services Limited](inox green energy services) reported a profit after tax (PAT) of ₹103 crore for the financial year ended March 31, 2026, a significant increase of 373% from ₹22 crore in the previous year. Revenue from operations for FY26 rose to ₹281 crore, compared to ₹220 crore in FY25, while total income increased by 69% to ₹426 crore. The company’s Earnings Before Interest, Tax, Depreciation and Amortization (EBITDA) for the year stood at ₹210 crore, up 71% year-on-year. The Board of Directors approved the audited standalone and consolidated financial results at a meeting held on May 29, 2026.

For the quarter ended March 31, 2026, the company reported a PAT of ₹28 crore, a 340% increase from ₹6 crore in the corresponding quarter of the previous year. Total income for Q4 FY26 was ₹120 crore, up 40% from ₹85 crore in Q4 FY25, with EBITDA rising 93% to ₹57 crore. The earnings presentation was submitted to the exchanges pursuant to Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

Financial Performance

The company’s operational metrics improved significantly during the year. Machine availability for the portfolio stood at approximately 96.5% in Q4 FY26, averaging 96.5% for the full financial year. The statutory auditors, M/s. Dewan P N Chopra & Co., issued an unmodified opinion on the financial results.

*Cash PAT = PAT + Depreciation + Deferred Taxes

Operational Highlights

Inox Green's O&M portfolio stands at 13+ GWp, comprising approximately 10.5 GW of wind assets and the balance being solar assets. This includes investments made to acquire a 6.5 GW operational wind O&M portfolio. The company noted that the scheme of arrangement for the demerger of its Power Evacuation business with Inox Renewable Solutions Limited was approved by the Hon'ble NCLT Ahmedabad. This strategic move is expected to result in an asset-light, annuity-based, high-margin business model.

The financial results were reviewed by the Audit Committee and approved by the Board.

Inox Green Energy Services Limited has announced that its Scheme of Arrangement involving the demerger of its Power Evacuation Business into Inox Renewable Solutions Limited has become effective from 4 May 2026. Both the Demerged Company and the Resulting Company filed the certified copy of the National Company Law Tribunal (NCLT), Ahmedabad Bench order with the Registrar of Companies on 4 May 2026. The Appointed Date for the scheme remains 1 October 2024, as previously sanctioned under Sections 230 to 232 of the Companies Act, 2013.

This development follows the company's earlier communication dated 28 April 2026, wherein it had informed the exchanges about the receipt of the certified copy of the NCLT order approving the scheme. The NCLT order was originally pronounced on 13 March 2026, and the certified copy was received by the company on 27 April 2026. Upon effectiveness, the Power Evacuation Business, including all assets, liabilities, rights, and obligations, stands transferred to and vested in Inox Renewable Solutions Limited.

Key Scheme Milestones

The following table summarises the key dates and milestones associated with the scheme:

Share and Warrant Entitlement Ratio

The valuation exercise for determining the share and warrant entitlement ratio was carried out by M/s Finvox Analytics, a registered valuer entity. The valuation report was independently examined by M/s Marwadi Chandarana Intermediaries Brokers Private Limited, a SEBI registered Category-I Merchant Banker, which issued a fairness opinion. The entitlement ratios are as follows:

Stakeholder Approval

The scheme had received approval from all requisite classes of stakeholders through meetings conducted on 1 November 2025 and 2 November 2025 via video conferencing facilitated by National Securities Depository Limited (NSDL). For Inox Green Energy Services Limited, 178 unsecured creditors representing an outstanding debt of Rs. 1,27,21,20,716 voted in favour. The meeting was attended by 5 warrant holders holding 4,20,68,962 share warrants, representing 100% of total outstanding warrants. Three secured creditors having an outstanding debt of INR 26,01,57,000, representing 100% in value, approved the scheme. Additionally, 65 equity shareholders holding 20,63,95,597 equity shares, representing 56.24% in value, approved the resolution.

For Inox Renewable Solutions Limited, 3 secured creditors having an outstanding debt of INR 2,35,78,10,236, representing 75.45% in value, approved the scheme. The meeting was attended by 144 unsecured creditors having outstanding debt of INR 5,56,10,78,506, representing 83.27% in value. Two debenture holders holding 1,25,29,45,205 debentures, representing 100% in value, also approved the scheme.

Regulatory Compliance and Conditions

The NCLT has directed both companies to comply with various statutory requirements, including filing e-Form INC-28 along with the certified copy of the order with the Registrar of Companies within thirty days. The companies must also file a certified copy of the order before the concerned Superintendent of Stamps for adjudication of stamp duty, if any payable. Both companies are required to comply with all applicable provisions of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 and the SEBI Master Circular dated 20.06.2023. Inox Renewable Solutions Limited shall additionally comply with the provisions of the Foreign Exchange Management Act, 1999 and the Foreign Exchange Management (Non-Debt Instruments) Rules, 2019 in relation to issuance of shares to non-resident shareholders, if applicable. The sanction of the scheme shall not affect the rights of the Income Tax Department to assess, reassess, recover or initiate appropriate proceedings in relation to any past, present or future tax liabilities of the petitioner companies.