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Incorporated in 2012, Inox Green Energy Services Limited is one of the major wind power operation and maintenance (“O&M”) service providers within India. The company is a subsidiary of Inox Wind Limited (“IWL”), a company which is listed on the NSE and BSE. Company is engaged in the business of providing long-term O&M services for wind farm projects, specifically the provision of O&M services for wind turbine generators (“WTGs”) and the common infrastructure facilities on the wind farm which support the evacuation of power from such WTGs.

IGESL enjoys synergistic benefits as a subsidiary of IWL, which is principally engaged in the business of manufacturing WTGs and providing turnkey solutions by supplying WTGs and offering a variety of services including wind resource assessment, site acquisition, infrastructure development, EPC of WTGs, and, through Inox Green, providing long-term O&M services for wind power projects

The company provides exclusive O&M services for all WTGs sold by IWL through the entry of long-term O&M contracts between the WTG purchaser and the company for terms which typically range between five to 20 years.

As of June 30, 2022, the Company’s O&M services portfolio consisted of an aggregate 2,792 MW of wind farm capacity and 1,396 WTGs

In general, its comprehensive O&M contracts cover the provision of O&M services to both WTGs installed on a wind farm and the common infrastructure facilities, such as electrical substations and transmission lines, which support the wind farm.

The company has a presence in Gujarat, Rajasthan, Maharashtra, Madhya Pradesh, Karnataka, Andhra Pradesh, Kerela and Tamil Nadu.

Outlook & Valuation: Inox Green Energy Services is one of the major wind power operation and maintenance service providers in India. It is a subsidiary of an already-listed company, Inox Wind Limited ("IWL"). Inox Green has a robust and diverse existing portfolio, and government initiatives on renewable energies under Atamnirbhar Bharat might have a favourable impact on it in the future. company has plans to grow into a more asset-light business model. It also had stable revenue growth in the last three years. On the other hand, it has been incurring losses in the last 2 years, so the issue is priced at a negative P/E, and according to the IPO objective, the IPO amount will be used to pay off liabilities. Finally, the performance of its group is also not attractive enough.hence, considering all these points we recommend you to AVOID this issue.

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