New Delhi: Inox Green Energy Services Ltd. has approved the allotment of 1.81 crore equity shares to 20 qualified institutional buyers (QIBs), raising nearly ₹300 crore through its qualified institutional placement (QIP).
The company said in a regulatory filing on Wednesday that the shares will be issued at ₹165.65 apiece. The issue price represents a 5% discount to the Securities and Exchange Board of India’s (SEBI) floor price of ₹174.36 per share.
The QIP opened on September 24 and closed on September 29, with the latest allotment marking the completion of the institutional share issue.
Inox Green raises nearly ₹300 crore
The allotment involves 1.81 crore equity shares and will increase the company’s paid-up equity share capital from ₹401.49 crore to ₹419.60 crore.
Following the allotment, Inox Green’s paid-up capital will comprise 41.96 crore equity shares with a face value of ₹10 each.
The company had earlier opened the QIP with a base issue size of ₹300 crore and an option to increase the size to ₹400 crore. The indicative issue price was set at ₹165.65 per share.
The floor price for the issue was calculated at ₹174.36 per share in accordance with the SEBI pricing formula. Inox Green had shareholder approval to offer a discount of up to 5% to the floor price.
Strong Q1 FY27 performance
The fundraise comes after Inox Green reported a sharp improvement in its financial performance for the quarter ended June 30, 2026.
The company’s consolidated net profit rose 86% year-on-year to ₹41 crore in Q1 FY27. Consolidated total income increased 17% to ₹101 crore from ₹86 crore in the corresponding quarter of the previous year.
EBITDA rose 19% year-on-year to ₹57 crore from ₹48 crore, while profit before tax jumped 74% to ₹54 crore.
Cash profit after tax increased 25% to ₹55 crore during the quarter.
The company also reported strong operational performance during the period. Machine availability across its portfolio stood at 96.3% in the June quarter.
O&M portfolio expands to 13.3 GW
Inox Green operates in the renewable energy operations and maintenance (O&M) segment, with its portfolio continuing to expand.
As of June 2026, the company’s O&M portfolio stood at around 13.3 GW. This included approximately 10.5 GW of wind assets, while the remaining capacity came from solar assets.
The expansion of the portfolio gives the company a larger base of renewable energy assets for its long-term O&M operations.
The business is part of the wider Inox GFL Group and focuses on providing operations and maintenance services for renewable energy projects.
Stock performance remains under pressure
Despite the improvement in quarterly earnings and the completion of the QIP, Inox Green’s stock has remained under pressure in 2026.
The shares have declined more than 22% year-to-date and are down 18.5% over the last 12 months, according to NDTV Profit.
On Tuesday, September 29, the stock closed 3.55% lower at ₹163.96 on the NSE.
The QIP issue price of ₹165.65 is therefore slightly above the stock’s September 29 closing price, although the issue price and market price reflect different circumstances and timing.
Institutional allotment strengthens capital base
The QIP provides Inox Green with additional equity capital while expanding its institutional shareholder base.
The company has been increasing the scale of its renewable energy O&M portfolio, particularly in wind power, while also expanding its presence in solar operations.
The additional capital could support the company’s growth plans and strengthen its financial position as its asset-servicing portfolio expands.
The institutional placement also comes at a time when India’s renewable energy sector continues to see investments in wind and solar generation capacity, creating a growing requirement for specialised operations and maintenance services.
Focus remains on renewable energy operations
With an O&M portfolio of around 13.3 GW, Inox Green’s performance will continue to depend on the expansion and availability of renewable energy assets under its management.
The company recorded 96.3% machine availability during Q1 FY27, indicating the operational performance of its portfolio during the quarter.
The latest capital raise, combined with the company’s improved Q1 earnings, gives Inox Green additional financial resources as it continues to expand its renewable energy O&M business.
For investors, the company’s ability to translate portfolio expansion into sustained revenue growth and profitability will remain an important factor to watch in the coming quarters.