Inox Green Energy jump 8% despite clarifying its involvement in Vibrant Energy acquisition

SYNOPSIS: Inox Green denied reports of acquiring Vibrant Energy, clarifying that the deal involves another INOXGFL group entity, Inox Clean Energy, with no financial or operational impact on Inox Green.

During Tuesday’s trading session, shares of one of the major renewables operations and maintenance (O&M) service providers in India, with ~12.5 GW of renewable assets under management, surged nearly 8 percent on BSE, following clarification related to a reported $200 million (~Rs. 1,791 crores) deal involving Macquarie’s Renewable Platform, Vibrant Energy.

At 02:15 p.m., shares of Inox Green Energy Services Limited were trading in green at Rs. 209.05 on BSE, up by more than 4 percent, compared to its previous closing price of Rs. 200.8, with a market cap of Rs. 7,672 crores. The stock has delivered positive returns of over 23 percent in one year, but has fallen by around 6 percent in the last one month.

What’s the News

According to a report by The Economic Times, Inox Green Energy Services was said to be in talks to acquire Vibrant Energy, an Indian renewable energy platform owned by global infrastructure investor Macquarie Asset Management. The report suggested that the proposed transaction could value Vibrant Energy at around $200 million (approx. Rs. 1,791 crore).

However, Inox Green Energy Services Limited responded to the report through official exchange disclosures, clarifying that the news was factually incorrect. It stated that the transaction mentioned in the article does not involve Inox Green Energy Services.

The company clarified that the acquisition under discussion pertains to another INOXGFL Group company, Inox Clean Energy Limited, and not to Inox Green Energy Services. Inox Clean Energy Limited is the holding company for the renewable power generation arm under Inox Neo Energies Limited, as well as its solar module and cell manufacturing business housed under Inox Solar Limited.

It further emphasised that there are no cross-holdings or economic interests between Inox Green and Inox Clean. As a result, the reported transaction has no linkage to Inox Green and does not have any material or financial impact on the company. The acquisition, if completed by the relevant group entity, could strengthen the INOXGFL Group’s footprint in India’s rapidly expanding renewable energy space.

About Macquarie’s Vibrant Energy

Vibrant Energy is a portfolio company of Macquarie’s Green Investment Group (GIG) and operates on a standalone basis as a provider of end-to-end renewable energy solutions. It focuses on supplying renewable power to commercial and industrial (C&I) clients, operates a renewable portfolio of around 800 MW, and has an active development pipeline of nearly 2 GW across wind and solar projects.

Vibrant Energy Holdings, based in Singapore, serves as the main holding company for its India portfolio. Founded in 2015, Vibrant was initially acquired by US-based telecom firm ATN International in 2016, while in 2020, Blueleaf Energy – backed by Macquarie’s Green Investment Group – acquired a majority stake and later increased its holding to about 93 percent, with the remaining stake held by ATN.

Geographically, Vibrant has built a strong presence in Andhra Pradesh and Telangana, with Amazon as its largest customer. The company has signed power purchase agreements (PPAs) with Amazon for nearly 500 MW of renewable capacity. It also entered into a 300 MW PPA covering projects in Madhya Pradesh and Karnataka in 2022, followed by a 198 MW wind project in Maharashtra in 2023.

Financials & More

Inox Green Energy Services reported a growth in its revenue from operations, showing a year-on-year increase of more than 56 percent from Rs. 55 crores in Q2 FY25 to Rs. 86 crores in Q2 FY26. Likewise, the company reported a net profit of Rs. 28 crores, representing an impressive rise of around 367 percent from Rs. 6 crores over the same period.

In Q2 FY26, the company completed investments to acquire 6.5 GW of wind O&M assets, expanding its total O&M portfolio to around 12.5 GW. The financial impact of these additions is expected to be reflected in the P&L from FY27, with profitability projected to increase sharply compared to FY26.

During the same quarter, the scheme for demerging the substation business from Inox Green and merging it into Inox Renewable Solutions received approvals from shareholders and creditors. This restructuring is expected to eliminate associated depreciation charges, thereby supporting improved profitability going forward.

Inox Green Energy Services Limited is engaged in the business of providing Operations and Maintenance (O&M) services of WTGs (Wind Turbine Generators) and common infrastructure facilities in India. It is a subsidiary of Inox Wind Limited, which is a subsidiary of Inox Leasing and Finance Limited.

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