3,300 MW Order Book: Ashish Kacholia’s portfolio multibagger wind-energy stock; Company undertaken two significant corporate actions; Details inside

The stock gave multibagger returns of over 100 per cent in just 1 year whereas BSE Sensex Index is up by 20 per cent.

Inox Green Energy Services Limited has undertaken two significant corporate actions. Firstly, on November 30, 2024, the company sold its wholly owned subsidiary, Aliento Wind Energy Private Limited, to Nani Virani Wind Energy Private Limited, a related party controlled by the company's significant beneficial owners. This transaction was carried out at a nominal value. Secondly, on November 29, 2024, Inox Green Energy Services Limited successfully divested its entire equity stake in Nani Virani Wind Energy Private Limited to IGREL Renewables Limited, another related party. Both transactions were approved by the company's shareholders at their 24th Extraordinary General Meeting.

Earlier, the Board of Directors of Inox Green Energy Services Limited raised Rs 1,050 crore through a preferential issue of equity shares and convertible warrants. The company issued 2,89,85,503 equity shares at Rs 138 per share, raising Rs 400 crore from non-promoter entities. Additionally, up to 4,48,27,582 convertible warrants will be issued at Rs 145 per warrant, each carrying the right to subscribe to one equity share at Rs 145. These warrants can be exercised within 18 months and can be purchased by both promoters and non-promoters. The issuance of convertible warrants is expected to raise up to Rs 650 crore. Inox Leasing and Finance Limited (Promoter Group) has bought 2,75,86,206 convertible warrants worth Rs 400 crore while an ace investor, Ashish Kacholia has purchased 14,49,275 equity shares worth Rs 20 crore and 13,79,310 convertible warrants worth Rs 20 crore.

Furthermore, IGREL Renewables, a subsidiary of the INOXGFL Group, secured a substantial investment of Rs 300 crore from prominent investors Akash Bhansali, Rohit Kothari, and Madhusudan Kela. This strategic funding will empower IGREL to accelerate its growth trajectory and solidify its position as a key player in India's renewable energy landscape. With the backing of the INOXGFL Group's extensive experience and resources, IGREL aims to achieve an impressive installed capacity of 2 GW by FY27, encompassing both wind and solar power generation. This ambitious expansion will require a significant investment of approximately Rs 12,000 crores over the next three years. To expedite this growth, IGREL has already secured firm orders for 200 MW of wind capacity and signed additional LOIs for 550 MW with Inox Wind.

About the Company

Incorporated in 2012, Inox Green Energy Services Limited is one of the major wind power operation and maintenance (O&M) service providers within India. The company is a subsidiary of Inox Wind Limited (IWL) and part of the Inox GFL group of companies. The company has a market cap of over Rs 5,000 crore and as of September 30, 2024, the company’s order book stands at Rs 3,300 MW or 3.3 GW. 

According to Quarterly Results, the net sales increased by 16.4 per cent to Rs 55.18 crore and net profit increased by 80.4 per cent to Rs 6.08 crore in Q2FY25 over Q2FY24. In its half-yearly results, the net sales decreased by 5 per cent to Rs 106.04 crore and net profit increased by 17 per cent to Rs 10.20 crore in H1FY25 over H1FY24. The stock gave multibagger returns of over 100 per cent in just 1 year whereas BSE Sensex Index is up by 20 per cent. The stock’s 52-week high is Rs 224.65 and its 52-week low is Rs 67.21.

Investors should keep an eye on this small-cap stock.

Disclaimer: The article is for informational purposes only and not investment advice.