Inox Green Q2 FY27: consolidated PAT up 56% YoY as O&M margins turn, revenue flat

Inox Green's consolidated PAT rose 55.6% YoY to ₹43.67 Cr (EPS ₹1.08) from ₹28.07 Cr (EPS ₹0.74) a year ago, and +7.1% QoQ from ₹40.79 Cr. That compares with revenue growth of just 3.3% YoY (₹88.72 Cr vs ₹85.87 Cr) — the profit growth was entirely margin-led, not volume-led. Neither period carries an exceptional item, so the ~56% headline is also the adjusted number. Standalone PAT (₹50.37 Cr, EPS ₹1.25) grew far faster YoY (+331%, from ₹11.68 Cr) than the consolidated figure, because subsidiary-level results flipped from a profit contributor a year ago to a modest consolidation drag this quarter; consolidated remains the primary read. The swing was driven by cost, not revenue. Consolidated total expenses fell 30.7% YoY to ₹54.73 Cr from ₹78.95 Cr, led by the EPC/O&M & common infrastructure facility expense line more than halving to ₹24.84 Cr from ₹53.21 Cr. That pulled the core O&M segment result from a ₹13.56 Cr loss a year ago (and a ₹1.37 Cr loss last quarter) to a ₹35.85 Cr profit this quarter — the sharpest sequential swing in segment profitability on record here. Net margin (PAT/total income) rose to 38.7% from 21.7% YoY, though it eased from 40.3% in Q1 FY27 — a modest sequential softening even as the YoY trend is clearly one of expansion. No formal brokerage estimates for this small-cap surfaced in a web search, so there is no numeric consensus to grade against; but market commentary going into the quarter (Sahi.com, on the Wind World India acquisition) had flagged a "multifold" EBITDA/PAT jump once the 4.5 GW WWIL O&M deal consolidated within Q2 FY27 — that didn't happen: EBITDA was ₹60.52 Cr, barely up from Q1's ₹56.95 Cr. The WWIL O&M business transfer (₹550 Cr) only completed on October 7, 2026, a week into Q3, so the catalyst is deferred rather than missed. That also means management's own guidance — 75% FY27 consolidated revenue growth and ₹600 Cr annualized EBITDA "from Q3 onwards post-consolidation" — isn't yet testable against this print; H1 FY27 revenue was actually down 1.8% YoY (₹132.01 Cr vs ₹134.39 Cr), so the entire growth target now rests on H2. Separately, the company closed a ₹300 Cr QIP on September 30, 2026 (1.81 Cr shares at ₹165.65), with proceeds earmarked for subsidiary Vibhav Energy Private Limited's (VEPL) part-payment toward the WWIL consideration; VEPL had paid ₹300 Cr of the ₹550 Cr total by quarter-end. Authum Investment & Infrastructure's ₹100 Cr inter-corporate deposit into VEPL also converted to equity during the quarter, so VEPL has ceased to be a wholly-owned subsidiary — a structural change that will show up in future non-controlling-interest lines (currently just ₹0.42 Cr). No management press release was available for this result, so this read rests solely on the filed statements and notes.