Inox Green Energy Services Ltd
INOXGREEN NSE
Inox Green Energy Services Ltd
UtilitiesNSE: INOXGREEN BSE: 543667 Other Utilities
Key Fundamentals
MicrocapOther UtilitiesUtilitiesMarket Cap
₹7,194 Cr
Volatility
Moderate
P/E Ratio
57.58
EBITDA
₹22.19 Cr
Return on Equity
0.98%
Debt to Equity
0.05
Book Value
₹42.52
52W High
₹279
52W Low
₹132.58
Insights
BetaAI-extracted from concalls & annual reports · figures as reported, with sources
Log in to view Inox Green Energy Services Ltd insights
55 extracted metrics + investor summaries across FY18–FY26.
Tapetide Score
Data-driven rating, 0–100. How it works →
Technical Indicators
Key Insights
Strengths
3- Company has reduced debt.
- Company is almost debt free.
- Company has delivered good profit growth of 21.5% CAGR over last 5 years
Weaknesses
6- Stock is trading at 4.27 times its book value
- Though the company is reporting repeated profits, it is not paying out dividend
- The company has delivered a poor sales growth of 10.3% over past five years.
- Company has a low return on equity of 3.18% over last 3 years.
- Earnings include an other income of Rs.175 Cr.
- Company has high debtors of 216 days.
Growth Rate
Revenue Growth
-3.17% ↗
Net Income Growth
709.17% ↗
Cash Flow Change
867.09% ↗
ROE
-55.66% ↘
ROCE
-34.23% ↘
EBITDA Margin (Avg.)
-85.82% ↘
AI Analysis — Bull vs Bear
anthropic claude-opus-4.6 74d agoAI opinion · based on fundamentals
Risk high
Inox Green Energy trades at a PE of 65.6x with only 6% ROE last year and 3% average ROE over 3 years, making the valuation hard to justify despite strong recent profit growth of 512% TTM. The company is nearly debt-free and promoter holding is rising, but poor sales growth of 10.3% over 5 years and high debtor days of 216 signal operational concerns.
Bull Case 8
- Company is almost debt-free, significantly reducing financial risk and interest burden
- Compounded profit growth of 512% TTM indicates a sharp earnings turnaround
- 5-year compounded profit CAGR of 21% demonstrates sustained earnings improvement
- Promoter holding increased by 1.30% in the last quarter, signaling insider confidence
- Stock CAGR of 50% over 3 years reflects strong market re-rating of the business
- TTM sales growth of 19% shows acceleration from the 5-year average of 10%
- Market cap of Rs.6,825 Cr positions it as a mid-cap play in the growing wind energy O&M segment
- Debt reduction improves balance sheet quality and provides headroom for future capex
Bear Case 8
- PE ratio of 65.6x is extremely elevated for a utility company with inconsistent returns
- 3-year average ROE of just 3% indicates poor capital efficiency despite profit growth
- High debtor days of 216 signal significant working capital stress and collection risk
- Zero dividend yield despite reported profits suggests earnings quality concerns or reinvestment needs
- Other income of Rs.144 Cr inflates reported profits, masking weak core operating performance
- 5-year sales CAGR of only 10.3% is below sector peers in renewable energy services
- Price-to-book ratio of 3.98x is expensive given the low single-digit ROE profile
- Stock has declined 5% over the past 1 year, underperforming broader market indices
This is AI-generated analysis, not financial advice. Do your own due diligence.
AI News Digest
anthropic claude-opus-4.6 74d ago Neutral 1
- Q4FY26 analyst call scheduled May 25
Inox Green Energy will hold a conference call on May 29, 2026, to discuss audited financial results for Q4 and full-year FY26.
TL;DR: Limited recent news flow for Inox Green Energy with only a scheduled analyst call announced. No material headwinds or positive catalysts identified in the current news cycle. The upcoming Q4FY26 results call on May 29 could provide fresh direction depending on operational and financial performance.
Quarterly Results
| Jun 2023 | Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales | 57 | 47 | 60 | 52 | 51 | 55 | 61 | 65 | 56 | 86 | 78 | 69 | 43 |
| Expenses | 34 | 34 | 40 | 41 | 34 | 37 | 46 | 68 | 50 | 77 | 59 | 71 | 44 |
| Operating Profit | 23 | 13 | 20 | 12 | 17 | 19 | 16 | -3 | 6 | 9 | 19 | -3 | -1 |
| OPM % | 40% | 27% | 33% | 22% | 33% | 34% | 26% | -4.6% | 11% | 10% | 24% | -4.1% | -2.2% |
| Other Income | 0 | 13 | -2 | 31 | 7 | 9 | 12 | 19 | 42 | 44 | 23 | 50 | 58 |
| Interest | 5 | 7 | 5 | 9 | 6 | 5 | 4 | 4 | 4 | 1 | 2 | 2 | 2 |
| Depreciation | 13 | 13 | 13 | 13 | 13 | 13 | 13 | 0 | 11 | 10 | 0 | 0 | 0 |
| PBT | 5 | 6 | 0 | 20 | 5 | 10 | 10 | 11 | 33 | 41 | 39 | 45 | 54 |
| Tax % | 47% | 8% | 944% | -4% | 17% | 37% | 50% | 43% | 32% | 31% | 37% | 38% | 25% |
| Net Profit | 3 | 6 | -1 | 21 | 4 | 6 | 5 | 6 | 22 | 28 | 25 | 28 | 41 |
| EPS in Rs | 0.08 | 0.2 | -0.05 | 0.73 | 0.13 | 0.18 | 0.11 | 0.15 | 0.6 | 0.76 | 0.66 | 0.69 | 1.01 |
Profit & Loss
| Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|
| Sales | 368 | 164 | 165 | 172 | 172 | 254 | 224 | 236 | 281 | 276 |
| Expenses | 352 | 82 | 77 | 109 | 90 | 197 | 149 | 184 | 258 | 252 |
| Operating Profit | 15 | 82 | 88 | 63 | 82 | 57 | 75 | 52 | 23 | 24 |
| OPM % | 4.2% | 50% | 53% | 37% | 48% | 23% | 33% | 22% | 8% | 9% |
| Other Income | -14 | -68 | -47 | -112 | -70 | 40 | 35 | 57 | 144 | 175 |
| Interest | 65 | 30 | 53 | 61 | 55 | 71 | 25 | 19 | 9 | 7 |
| Depreciation | 17 | 27 | 40 | 49 | 50 | 65 | 53 | 53 | 2 | 11 |
| PBT | -80 | -43 | -51 | -158 | -93 | -39 | 31 | 37 | 157 | 180 |
| Tax % | -29% | 23% | 2% | -3% | 0% | -48% | 12% | 41% | 34% | — |
| Net Profit | -57 | -53 | -52 | -154 | -93 | -20 | 28 | 22 | 103 | 122 |
| EPS in Rs | -5,664 | -9.13 | -4.52 | -11.94 | -3.97 | -0.66 | 0.95 | 0.54 | 2.55 | 3.12 |
| Div. Payout % | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | — |
Balance Sheet
| Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|
| Equity Capital | 0.05 | 57 | 116 | 129 | 235 | 292 | 294 | 367 | 401 |
| Reserves | 2 | -8 | -20 | -86 | 572 | 835 | 1,051 | 1,600 | 1,306 |
| Borrowings | 956 | 1,154 | 1,085 | 1,411 | 904 | 595 | 174 | 181 | 88 |
| Other Liabilities | 551 | 698 | 1,158 | 1,239 | 410 | 433 | 564 | 339 | 317 |
| Total Liabilities | 1,509 | 1,902 | 2,340 | 2,693 | 2,121 | 2,155 | 2,083 | 2,487 | 2,113 |
| Fixed Assets | 500 | 512 | 776 | 765 | 953 | 1,095 | 755 | 704 | 15 |
| CWIP | 10 | 59 | 26 | 251 | 133 | 7 | 7 | 7 | 6 |
| Investments | 0 | 71 | 72 | 33 | 33 | 0 | 0 | 446 | 550 |
| Other Assets | 999 | 1,260 | 1,465 | 1,645 | 1,002 | 1,052 | 1,320 | 1,330 | 1,542 |
| Total Assets | 1,509 | 1,902 | 2,340 | 2,693 | 2,121 | 2,155 | 2,083 | 2,487 | 2,113 |
Cash Flow
| Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|
| Operating | 65 | -41 | 362 | 49 | 141 | -26 | -8 | 60 | 67 |
| Investing | -168 | -170 | -306 | -105 | -153 | -5 | -63 | -637 | -293 |
| Financing | 82 | 195 | -52 | 174 | -63 | -10 | 79 | 572 | 307 |
| Net Cash Flow | -21 | -17 | 3 | 117 | -76 | -42 | 8 | -5 | 81 |
| Free Cash Flow | -102 | -163 | 66 | -53 | -8 | -97 | -8 | 56 | 65 |
| CFO/OP | 513 | -52 | 423 | 54 | 177 | -56 | -5 | 103 | 344 |
Ratios
| Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|
| Debtor Days | 242 | 410 | 552 | 473 | 144 | 133 | 213 | 279 | 216 |
| Inventory Days | 1,891 | — | — | — | 540 | 215 | — | — | — |
| Days Payable | 2,200 | — | — | — | 2,029 | 758 | — | — | — |
| Cash Conversion Cycle | -67 | 410 | 552 | 473 | -1,344 | -409 | 213 | 279 | 216 |
| Working Capital Days | -213 | -784 | -2,132 | -2,799 | -1,105 | -217 | 392 | 741 | 225 |
| ROCE % | — | 5% | 4% | 2% | 3% | 1% | 4% | 3% | 8% |
Documents
1
Announcement under Regulation 30 (LODR)-Scheme of Arrangement
4 May - NCLT-approved scheme with Inox Renewable Solutions became effective on 4 May 2026; appointed date 1 Oct 2024. 4 May - NCLT-approved scheme with Inox Renewable Solutions became effective on 4 May 2026; appointed date 1 Oct 2024.
2
Announcement under Regulation 30 (LODR)-Scheme of Arrangement
28 Apr - NCLT approved IGESL-IRSL demerger scheme; certified order received on 27 April 2026. 28 Apr - NCLT approved IGESL-IRSL demerger scheme; certified order received on 27 April 2026.
3
Announcement under Regulation 30 (LODR)-Scheme of Arrangement
4 May - NCLT-approved scheme with Inox Renewable Solutions became effective on 4 May 2026; appointed date 1 Oct 2024. 4 May - NCLT-approved scheme with Inox Renewable Solutions became effective on 4 May 2026; appointed date 1 Oct 2024.
5
Announcement under Regulation 30 (LODR)-Scheme of Arrangement
28 Apr - NCLT approved IGESL-IRSL demerger scheme; certified order received on 27 April 2026. 28 Apr - NCLT approved IGESL-IRSL demerger scheme; certified order received on 27 April 2026.
Frequently Asked Questions about Inox Green Energy Services Ltd
What does Inox Green Energy Services Ltd do?
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.[1]
Where is Inox Green Energy Services Ltd (INOXGREEN) listed?
Inox Green Energy Services Ltd is listed on the Indian stock exchanges. It is listed on NSE: INOXGREEN and BSE: 543667. You can view its live share price, financials, and ratios on Tapetide.
Which sector does Inox Green Energy Services Ltd belong to?
Inox Green Energy Services Ltd operates in the Utilities sector within the Other Utilities industry. Sector classification helps investors compare companies affected by similar economic conditions and regulatory changes.
What is the market capitalisation of Inox Green Energy Services Ltd?
Inox Green Energy Services Ltd has a market capitalisation of approximately ₹7193.93 Cr. Based on this, it is classified as a Mid Cap stock.
What is the PE ratio of Inox Green Energy Services Ltd?
The Price-to-Earnings (PE) ratio of Inox Green Energy Services Ltd is 57.58. The PE ratio compares a company's share price to its earnings per share and is commonly used to assess whether a stock is overvalued or undervalued relative to its peers.
What is the 52-week high and low of Inox Green Energy Services Ltd?
Over the past 52 weeks, Inox Green Energy Services Ltd has traded between a low of ₹132.58 and a high of ₹279. This range helps investors understand the stock's price volatility and recent trading levels.
What is the Return on Equity (ROE) of Inox Green Energy Services Ltd?
Inox Green Energy Services Ltd has a Return on Equity (ROE) of 0.98%. ROE measures how effectively a company uses shareholders' equity to generate profits. A higher ROE generally indicates better capital efficiency.
How can I research Inox Green Energy Services Ltd on Tapetide?
On Tapetide, you can view Inox Green Energy Services Ltd's live share price, quarterly results, profit & loss statements, balance sheet, cash flow, key ratios, shareholding pattern, technical indicators, analyst ratings, and forecasts — all on a single page without needing to sign up.
Company Information
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.[1]