Inox Green Energy zooms 52% in 1 month; what's driving smallcap stock?

In the past six months, the stock price of Inox Green has more-than-doubled or skyrocketed 136 per cent.

Inox Green Energy Services share price today

 

Shares of Inox Green Energy Services (Inox Green) hit a record high of ₹225.40, as and were locked at the 5 per cent upper circuit on the BSE in Tuesday’s intra-day trade amid heavy volumes.

 

The average trading volumes at the counter of this smallcap power generation company jumped over three-fold. Till 11:21 AM; a combined 4.62 million equity shares representing 1.25 per cent of total equity of the company changed hands. There were pending buy orders for 958,000 equity shares on the NSE and BSE.

 

In the past one month, the stock price of Inox Green Energy has zoomed 52 per cent, as compared to 1.4 per cent rise in the BSE Sensex. In the past six months, it has more-than-doubled or skyrocketed 136 per cent from a level of ₹95.65 on April 7, 2025.

 

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What's driving Inox Green stock price?

 

Inox Green Energy is one of India’s leading providers of wind power Operation and Maintenance (O&M) services. The company specialises in providing long-term O&M services for wind farm projects, including the maintenance of wind turbine generators (WTGs) and the associated common infrastructure that enables the evacuation of power from such WTGs.

 

Inox Green is moving into solar O&M, completion of the merger and rights issues, amongst others. On the macro front, the recently notified Approved List of Models and Manufacturer (ALMM) for wind as well as wind component is a huge positive for domestic players like Inox Green Energy.  ALSO READ | KRN Heat gains 8% on Sphere Refrigeration bus AC division acquisition 

Having commenced FY26 on a strong note, the management is very confident of achieving the company’s execution guidance for FY26 of 1.2 gigawatt, which is 1,200 megawatt. The company has a very well diversified order book of 3.1 gigawatt, comprising marquee clients across the spectrum, and a healthy mix of turnkey and equipment supply contracts.

 

As on September 1, 2025, Inox Green has a multi-gigawatt order pipeline and expects to convert a substantial portion into firm orders over the coming months. The management had raised margin guidance to 18 per cent - 19 per cent for the full year FY26 from 17 per cent - 18 per cent earlier.

 

Inox Green in Q1FY26 earnings conference said, the recently notified DCR for wind through ALMM is a very strong boost for local manufacturing as bringing in a level playing field between the domestic manufacturers and certain Chinese players who are importing components today. This is a very positive move at the right time and the management believes that India's supply chain is self-sufficient to cater to the incremental demand coming due to this policy. Inox Wind, having a largely domestic supply chain expects, to be a substantial beneficiary of this policy.

 

Further, the company is participating in multi-gigawatt scale wind and solar O&M tenders of IPPs as many of the large companies have now changed their strategies and are now moving out of capital O&M to outsourcing model where the management believes Inox Green has an edge given its strong credentials.  ALSO READ | Hindustan Copper zooms 44% in 1-month; here's why you need to be cautious 

Meanwhile, Inox Green anticipates expanding its O&M portfolio to >10 GW within the next 2 years, driven by both organic growth (wind and hybrid projects) and inorganic opportunities (acquisitions). Inox Green has a prudent strategy for acquisitions with a focus on value creation and clean asset quality.

 

Inox Green in its FY25 annual report said that the company aims to grow its portfolio through new long term O&M contracts with customers purchasing Inox Wind Limited’s Wind Turbine Generators. IWL’s order book of 3.2 GW provides a very strong visibility to the Company since almost all of the orders include O&M service to be provided over multiple years by Inox Green.