Inox Green Energy Services Limited (INOXGREEN.NS) Stock Analysis & Winston Score

Inox Green Energy Services Limited is an Indian company that provides operations and maintenance (O&M) services for wind energy farms. Its main customers are wind farm owners — including its parent company, Inox Wind — who need ongoing technical support to keep their turbines running efficiently. The company operates within India's growing renewable energy sector and is one of the larger dedicated wind O&M service providers in the country. The company earns money through long-term service contracts with wind farm operators, charging fees to maintain and repair turbines over many years. It operates primarily across wind-heavy states in India, such as Rajasthan, Gujarat, and Madhya Pradesh. Its competitive edge comes from its established relationship with Inox Wind and a growing portfolio of contracted megawatts under management. The key growth driver is India's national push to expand renewable energy capacity significantly by 2030, though the company's very thin operating margins and low returns on capital highlight the risk of cost pressures squeezing profitability.