Inox Green pays ₹550 crore for Wind World's 4.5 GW wind O&M business, nearly twice its own revenue base

Before Wednesday's open, Inox Green Energy Services filed two linked disclosures: its wholly owned subsidiary Vibhav Energy Private Limited has executed a Business Transfer Agreement with Wind World (India) Limited and, on October 6, 2026, fully paid the lump-sum consideration of ₹550 crore (inclusive of taxes) for Wind World's wind operations-and-maintenance business. The transfer happens under the resolution plan for WWIL — a company that was undergoing corporate insolvency resolution under the Insolvency and Bankruptcy Code, 2016 — which the NCLT's Ahmedabad bench approved by order dated July 27, 2026. The filing is explicit that payment is not the finish line: the O&M undertaking passes to Vibhav as a going concern only upon satisfaction of the conditions precedent specified in the BTA, and the implementation committee has extended the completion deadline to October 8, 2026.

Both disclosures reached the exchange before Wednesday's 09:15 open, so October 7 is the first session in which the news could trade — a session that lies beyond the price data available to this report, which runs through the October 6 close. The deal itself was not news to the market: the NCLT approval was disclosed on July 28 and the acquisition structure on August 3, per the filing's own references. What is new is execution — the money has moved, two days before the extended deadline.

1. 13 Feb

   Resolution plan for WWIL submitted by the Inox Neo Energies–Authum consortium (later read with an addendum dated May 20, 2026).

2. 27 Jul

   NCLT Ahmedabad approves the resolution plan; Inox Green discloses on July 28 and details the O&M carve-out on August 3.

3. 25 Sept

   WWIL's Implementation and Monitoring Committee extends the 60-day completion window to October 8. The Inox Green–Vibhav loan agreement is executed the same day.

4. 29 Sept

   Separately, Inox Green's QIP closes: 1,81,10,473 shares allotted to 20 qualified institutional buyers at ₹165.65 per share.

5. 6 Oct

   Vibhav pays the full lump-sum consideration of ₹550 crore under the Business Transfer Agreement.

6. 8 Oct

   Extended deadline for completing the transfer of the O&M undertaking, subject to the BTA's conditions precedent.

The structure matters as much as the headline number. Vibhav is today a wholly owned subsidiary — incorporated in July 2017, with nil turnover in each of the last three financial years — that exists in this transaction purely as the implementation vehicle. Inox Green put in ₹450 crore of the ₹550 crore; Authum, the consortium partner, funded the remaining ₹100 crore through inter-corporate deposits that the filing says are to be converted into equity or securities of Vibhav at a future date. The filings do not spell out Authum's eventual percentage, but that convertible deposit is the stated route by which Inox Green's stake settles at the 75% the press release describes.

The balance sheet context for the ₹450 crore outlay: Inox Green closed a qualified institutions placement on September 29, allotting 1,81,10,473 shares at ₹165.65 each — approximately ₹300 crore of fresh equity (1,81,10,473 × ₹165.65), priced below the disclosed floor of ₹174.36. The filings do not state what the QIP proceeds are earmarked for, so linking that raise to this payment is inference, not disclosure — but the sequencing is tight: QIP funds in escrow September 29, loan agreement already signed September 25, ₹550 crore out the door October 6. An earlier monitoring-agency report also references a separate preferential issue aggregating ₹1,050 crore, indicating this is a company that has been funding itself through repeated equity-side raises.

Scale is the story. Inox Green's consolidated revenue across the four quarters of FY26 totalled ₹292.5 crore (₹56.2 + ₹85.9 + ₹81.8 + ₹68.7 crore). The WWIL O&M arm did approximately ₹580 crore in the same year — about 1.98 times Inox Green's entire consolidated top line, with contracted price escalation of roughly 5% a year. If the transfer completes and consolidation proceeds line-by-line as the press release describes, the acquired business would be the larger of the two revenue streams from day one. The group CFO's valuation framing — approximately 2x EBITDA — carries its own qualifier worth reading closely: it is based on expected earnings after the full realisation of synergies over the next year, not on the business's current reported earnings, which the filings do not disclose.

The quarterly numbers also explain why the company is buying revenue. Q1 FY27 consolidated revenue of ₹43.3 crore was the lowest of the five quarters shown, yet net profit was the highest at ₹40.8 crore — because total income of ₹101.2 crore included ₹57.9 crore that is not operating revenue. The recorded operating margin was −2.2% in Q1 FY27 and −4.1% in Q4 FY26. In plain terms: the operating line has been running at a loss in the two most recent quarters, and reported profits have leaned on income from outside operations. A consolidated ₹580 crore O&M book with contracted escalation would change the shape of that P&L — which is precisely the outcome the integration now has to deliver.

A note on the series before reading it: the closes are split- and bonus-adjusted, and the window contains a structural event — the record date of August 1, 2026 for the NCLT-sanctioned scheme under which Inox Green shareholders received shares of Inox Renewable Solutions Limited. The sharp late-July decline from ₹199.05 (Jul 27) to ₹169.89 (Jul 31) spans that record date, so not all of it is sentiment. The more recent move is cleaner to read: from ₹174.64 on September 24, the day the QIP opened, the stock fell 16.1% to ₹146.59 by October 6 — including a 5.7% drop on October 5 on elevated volume of 3.85 million shares. The last close sits 11.5% below the ₹165.65 the QIP's 20 institutional buyers paid a week earlier, 47.5% below the 52-week adjusted high of ₹279 (November 3, 2025), and 10.6% above the 52-week low of ₹132.58 (March 23, 2026). The filings in this pack record no company-specific trigger for the October 5–6 fall.