Inox Green completes its ₹550 crores O&M acquisition.

Inox Green Energy Services Limited (INOXGREEN) has completed its ₹550 crore acquisition of Wind World India's wind O&M business. The acquired portfolio covers about 4.5 GW of wind assets and generated roughly ₹580 crore of revenue in FY26. The ₹550 crore price looks reasonable at first glance. But revenue alone does not tell us whether the acquisition will create value. Inox Green reported ₹101 crore of total income and ₹57 crore of EBITDA in Q1 FY27. Its existing O&M portfolio stood at about 13.3 GWp, with machine availability of 96.3%. The acquired Wind World portfolio also has contracted annual price escalation of about 5%. That gives some visibility to future revenue. My view is that the acquisition can work well if Inox Green improves the acquired portfolio's margins through better pricing, maintenance efficiency and scale. Management has indicated that the transaction works out to around two times EBITDA after expected synergies are realised. The risk is execution. The ₹550 crore has already been paid, so the next question is how quickly the acquired business starts contributing to consolidated earnings and cash flow. The next trigger is Q2 FY27 results, when the acquired business is expected to be consolidated. I will watch EBITDA contribution, cash generation and machine availability. My stance: The acquisition looks financially interesting, but I want to see the promised operating improvements in the numbers before becoming more positive.