Inox Green Energy signs agreement for 675 MWp solar projects; share price down nearly 2%

The projects are located at sites owned by the company across multiple states.

“With this agreement, Inox Green marks its entry into solar O&M in a sector which is poised to increase multi-fold over the next decade, providing immense growth opportunities for the company,” Inox Green Energy said in a statement to the stock exchanges.

Shares of Inox Green Energy were trading at ₹140.33 apiece on the National Stock Exchange, declining 1.7% during the intraday period.

Commenting on the development, S K Mathusudhana, CEO of Inox Green, said, "We are thrilled to enter into this agreement with a marquee customer. With this, Inox Green has now forayed into solar O&M, which offers large-scale growth opportunities for us in one of the fastest expanding industries. We believe that with our expertise, credentials and relationships with customers in India, we will be able to rapidly grow our portfolio of assets under management."

Inox Green Energy Services is one of the major renewable power operations and maintenance (“O&M”) service providers in India with less than 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.

Part of the INOXGFL Group and a subsidiary of Inox Wind, with whom it enjoys a synergistic relationship, Inox Green is India’s only listed pure-play renewable O&M services company.

Inox Green Energy opened at a session at ₹143.70 per share and touched an intraday high of ₹144 and a low of ₹139.50 apiece on Wednesday.

Shares of the firm have fallen 1.02% in the last five trading sessions. Over a month’s time, the scrip has gained nearly 15%.

For a six-month period, it has tumbled over 19%. Year-to-date the stock has lost 20%.

Market capitalisation of the company stands at ₹5,150.35 crore.

According to NSE data, the company had touched its 52-week low of ₹104 apiece on April 9, 2025. The share had hit a one-year high on September 13, 2024, of ₹224.65 apiece.