Inox Green Energy Services Limited has officially opened its Qualified Institutions Placement (QIP) on September 24, 2026, setting a floor price of ₹174.36 per equity share.

The company’s Operations Committee approved the opening of the issue and the preliminary placement document during a meeting held on the same day. The floor price was determined based on the pricing formula prescribed under Regulation 176(1) of the SEBI ICDR Regulations, 2018, using September 24, 2026, as the relevant date.

Pricing and Discount Structure

The final issue price will be determined by the company in consultation with its book running lead manager. Under the special resolution passed by shareholders at the Extra-ordinary General Meeting held on August 13, 2026, the company retains the discretion to offer a discount of not more than 5% on the calculated floor price.

Regulatory Compliance and Trading Window

The QIP is being executed under Chapter VI of the SEBI ICDR Regulations, 2018, and Sections 42 and 62 of the Companies Act, 2013. This follows approvals from the Board of Directors on July 22, 2026, and subsequent shareholder approval in August 2026.

In compliance with the SEBI (Prohibition of Insider Trading) Regulations, 2015, the trading window for dealing in the securities of Inox Green Energy Services has been closed for all designated persons and their immediate relatives effective September 24, 2026. The window will remain closed until 48 hours after the determination of the final issue price.

Inox Green Energy Services Limited has submitted its Business Responsibility and Sustainability Report (BRSR) for FY26 to the stock exchanges. The filing, dated September 3, 2026, provides a standalone disclosure of the company’s environmental, social, and governance metrics alongside material risk assessments.

Operational Risks and Mitigation

The company identified several key risks in its operations. It highlighted a dependency on Inox Wind, its parent entity, for critical spare parts such as gearboxes and blades. To address this structural risk, management plans to qualify alternate suppliers through its engineering and quality departments.

Regarding financial stability, the report notes that legacy exposures from its transferred EPC business have been neutralized. All contingent liabilities have been cleared, and redeemable preference shares were converted into equity. This eliminates the risk of unexpected redemption calls on cash.

Environmental Metrics

Total energy consumption for FY26 stood at 20,830 units, comprising 823 units of electricity and 20,007 units of fuel. This compares to 75,698 units in the previous year. Greenhouse gas emissions (Scope 1 and Scope 2) totaled 1,550 metric tonnes of CO2 equivalent, down from 5,453 metric tonnes in FY25.

Water withdrawal was recorded at 4,225 kilolitres, entirely from groundwater sources. Total waste generated decreased to 29.68 metric tonnes from 60 metric tonnes in the prior year, with 25.17 metric tonnes recovered through recycling or sales.

What the Numbers Show

The divergence between energy intensity and total consumption warrants attention. While total energy consumption fell significantly from 75,698 to 20,830 units, the energy intensity per crore rupee of turnover rose from 0.270 to 0.740. This suggests that revenue growth outpaced the reduction in absolute energy usage, or that the remaining energy mix is more intensive relative to the current turnover base.

Social Governance

The company reported a workforce of 357 permanent employees and 213 workers as of the end of FY26. There were no fatalities among employees, though one worker fatality was recorded. The Lost Time Injury Frequency Rate (LTIFR) for employees was 0.806 per million person-hours worked.

Related-party transactions accounted for 16.15% of purchases and 25.09% of sales in FY26. Loans and advances to related parties constituted 100% of the total loans and advances given by the entity.