Power generation stock soars 25% in 2 days; bounce back 94% from April low

Business Standard

20-05-2025

Inox Green Energy Services share price today: Shares of Inox Green Energy Services hit an eight-month high of ₹186, surging 15 per cent on the BSE in Tuesday's intra-day, extending its previous day's rally, amid heavy volumes in otherwise a weak market. The stock is trading at its highest level since October 21, 2024.
In the past two trading days, the stock price of smallcap power generation company has soared 25 per cent. It has bounced back 94 per cent from its previous month low of ₹95.65, which is also its 52-week low, touched on April 7, 2025. The stock had hit a 52-week high of ₹224.65 on September 13, 2024.
At 12:30 PM, Inox Green Energy Services was trading 11 per cent higher at ₹179.45, as compared to 0.33 per cent decline in the BSE Sensex. The average trading volumes on the counter jumped over five-fold. A combined 15.58 million equity shares representing 4.24 per cent of total equity of Inox Green Energy have changed hands on the NSE and BSE. Catch Stock Market Updates Today LIVE
Inox Green signs agreements for O&M of 285 MWp of solar projects
On Monday, May 19, 2025, after market hours, Inox Green Energy Services announced that the company has entered into agreements to provide operations and maintenance (O&M) services for 285 MWp of solar projects of two of India's leading renewable energy companies.
The projects are located across multiple sites, which are owned by the said companies. With this agreement, Inox Green's solar O&M portfolio has grown to 1 gigawatt (Gw) within a month of entering into this segment.
As developers across India continue to add multi-gigawatt solar capacities every month, the management believes that through the company's expertise, credentials and tailor-made solutions for solar project O&M, Inox Green Energy is well placed to grow rapidly in this segment.
Earlier, on April 30, the company has entered into an agreement to provide O&M services for 675 megawatt peak (MWp) of solar projects of one of India's leading renewable energy companies. The projects are located at sites owned by the said company across multiple states.
Crisil Ratings view on Inox Green Energy Services
Inox Green Energy Services handles the O&M projects of the parent, Inox Wind (IWL), post commissioning and is strategically important to IWL. IWL had a healthy net order book of around 3.2 GW as of December 31, 2024, which provides revenue visibility for the next two years, supported by policy tailwinds in the wind sector. The operating margin is expected to remain strong over the medium term, given the stable annuity-based business.
'Operating profitability is likely to sustain above 16 per cent over the medium term, backed by strong execution of the order book, mostly comprising the higher-margin 3.3-MW turbines as well as backwards integration measures, such as crane services, planned in the engineering, procurement and construction (EPC) segment. Ability to maintain profitability with an increase in scale of operations will be monitorable', Crisil Ratings said in the rationale.
Crisil Ratings believes Inox Green Energy Services will continue to benefit from its strong linkages with IWL. The business risk profile will be driven by its healthy order book and growing O&M portfolio. The financial risk profile will continue to be supported by the INOX-GFL group.
About Inox Green Energy Services
Inox Green Energy Services is one of the major renewable power operations and maintenance (O&M) service providers in India with > 4 GW of renewable assets under management. The company is engaged in the business of providing long-term O&M services for renewable energy projects.