Inox Green buys Wind World O&M for ₹550 crore

Inox Green Energy Services Limited

has completed the purchase of Wind World (India) Limited's wind operations and maintenance (O&M) business for ₹550 crore. The deal adds about 4.5 GW to its managed fleet. What happened: Its step-down subsidiary, Vibhav Energy Private Limited, bought the business on a slump-sale basis under an NCLT-approved restructuring. The NCLT Ahmedabad order copy was received on 3 August 2026. Funding is ₹250 crore equity and ₹300 crore of inter-corporate deposits (ICDs): ₹200 crore from Inox Green and ₹100 crore from Authum. Part of the ₹300 crore QIP closed in September 2026 (1.81 crore shares at ₹165.65) was earmarked for Vibhav. Why it matters: The managed portfolio goes from about 13.3 GWp (June 2026) to over 17.8 GWp, roughly 34% more. Wind World reported FY26 O&M revenue of ₹580 crore. O&M contracts often run 15 to 25 years, so this revenue tends to repeat. The client list also adds names like Tata Group, ReNew and Greenko. My view: ₹550 crore is about 0.95 times FY26 revenue. That looks modest for contract-based income. But revenue is not profit, and I have no EBITDA margin for the acquired business. If that margin is close to Inox Green's own O&M margin, the earnings step-up is large. If it is well below, the deal adds scale but little profit. Two cautions. ICDs fund about 55% of the price, so bank debt is low but leverage is not zero. And older turbines in the fleet may need higher upkeep spending early on. What I am watching: Q3 FY27 results, the first quarter with Wind World consolidated. I want to see margin on the acquired revenue, the ICD repayment terms and turbine availability levels. Please note that the information shared is intended solely for informational purposes and does not make any investment recommendations.