Inox Green Energy Services Ltd.

•

inoxgreen.comBSE: 543667NSE: INOXGREEN

Market Cap₹ 7,157 Cr.

Current Price

High / Low₹ 279 / 133

Stock P/E59.1

Book Value₹ 43

Price to Book3.23

Dividend Yield0.00 %

ROCE8.4 %

ROE6.0 %

Face Value₹ 10

Add ratio to table

ABOUT

KEY POINTS

Revenue Breakup Mar 2026 • Operation & Maintenance: 82.3% • Consultancy Income: 12.7% • Power Evacuation: 4.9%

AI Sector View

AI GENERATED

Services

Buy

Broad services remain in expansion. Services PMI was 54.1 (Aug/26), export of services grew 13.0% YoY (2026-06), and urban employment was still positive at 2.0% YoY (2026-07), although airport passenger traffic was -2.0% YoY (2026-06). FPI inflows of INR 7081 crore over 3 months to 2026-08-31 support the constructive sector view.

Confidence

72%

View full sector analysis →

PROS

Company is almost debt free
Latest quarter profit grew 82.2% YoY, showing strong momentum
Stock looks reasonably valued - P/E of 59.1 is below its historical median
Working capital cycle has improved - days down from 1173 to 882
Company comfortably covers its interest (19.0x coverage)

CONS

A large part of profit comes from other income (92.0% of PBT)
Company has a low return on capital employed of 5.3%
Company has a low return on equity of 3.7% over last 3 years
Free cash flow has been persistently negative
Equity base is being diluted - shares outstanding up 37.5%
Operating margins have contracted to 8.2% from 38.6%

* The pros and cons are machine generated based on quantitative rules.

Peer comparison

ServicesInfrastructureEngineering - Construction

Part ofNIFTY MICROCAP250 NIFTY TOTAL MKT

S.No.	Name
1.	LT	3915.00	32.47	538651.57	0.97	4988.03	15.51	67941.74	6.69	15.98	12.00
2.	RVNL	205.00	47.52	42742.91	0.35	159.52	18.73	4321.23	10.55	10.81	4.41
3.	KPIL	1435.05	21.56	24506.71	0.77	311.53	45.85	6407.97	3.84	18.95	8.77
4.	IRB	19.64	24.86	23721.19	1.32	3062.70	1412.58	21372.72	918.25	7.72	53.93
5.	CEMPRO	1244.10	35.53	21372.09	0.24	140.83	2.64	2720.92	7.02	33.53	10.09
6.	ENGINERSIN	269.20	19.30	15130.18	1.86	157.94	141.49	819.84	-5.80	30.94	20.61
7.	TECHNOE	972.50	26.24	11310.13	0.72	93.33	-31.44	630.34	19.84	14.86	15.79
8.	WELENT	782.75	35.45	10834.34	0.38	56.36	-44.29	773.72	-8.44	16.44	19.49
9.	KEC	406.45	19.54	10819.70	1.35	72.62	-41.72	5023.54	0.01	16.35	5.79
10.	IRCON	113.20	20.33	10646.64	1.68	92.03	-43.92	1955.83	9.49	10.15	9.81
11.	AFCONS	253.95	64.55	9339.89	0.79	303.00	120.52	26710.00	692.49	12.88	9.42
12.	INOXGREEN	178.25	59.11	7156.60	0.00	40.79	82.18	43.29	-22.97	8.45	-2.17

Detailed Comparison with:

Quarterly Results

Consolidated Figures in Rs. Crores / View Standalone

	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
	57	47	60	52	51	55	61	65	56	86	82	69	43
	34	34	40	41	34	37	46	68	50	77	59	71	47
Operating Profit	23	13	20	12	17	19	16	-3	6	9	23	-3	-3
OPM %	39.99%	27.37%	33.06%	22.01%	33.27%	33.62%	25.52%	-4.60%	10.89%	9.99%	27.78%	-4.08%	-7.90%
	2	11	1	32	4	9	13	21	42	44	30	51	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	11	0	0
Profit before Tax	6	4	2	21	2	10	11	13	33	41	40	46	54
Tax %	36.57%	13.37%	66.52%	-3.86%	47.19%	37.13%	47.33%	36.79%	32.13%	31.35%	38.06%	37.34%	25.11%
Net Profit	0	0	0	0	41	6	5	6	22	28	25	28	41
	0.13	0.11	0.03	0.49	0.01	0.17	0.15	0.20	0.58	0.74	0.65	0.71	1.01

Profit & Loss

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	TTM
	368	208	401	172	172	250	224	220	281	280
	368	167	298	90	90	193	149	184	258	255
Operating Profit	-0	41	103	82	82	57	75	37	23	25
OPM %	-0.11%	19.59%	25.58%	47.74%	47.74%	22.69%	33.38%	16.62%	8.22%	8.97%
	2	2	7	14	18	40	37	32	145	182
Interest	65	100	147	61	55	57	25	19	9	7
Depreciation	17	28	40	49	50	58	53	1	2	22
Profit before Tax	-80	-85	-78	-32	-5	-18	33	49	158	181
Tax %	29.43%	37.51%	33.37%	14.26%	-5.20%	-155.66%	10.80%	26.25%	33.87%	32.46%
Net Profit	-57	-53	-52	-28	-5	-46	30	36	104	122
EPS	-11328.63	-21.57	-6.34	-12.67	-4.47	-2.54	0.95	0.54	2.55	—
Dividend Payout %	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	—

COMPOUNDED SALES GROWTH

10 Years:: —
5 Years:: 10%
3 Years:: 4%

COMPOUNDED PROFIT GROWTH

10 Years:: —
5 Years:: —
3 Years:: —

STOCK PRICE CAGR

10 Years:: —
5 Years:: —
3 Years:: 41%
1 Year:: 4%

RETURN ON EQUITY

10 Years:: —
5 Years:: 1%
3 Years:: 4%
Last Year:: 6%

Balance Sheet

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	0	57	116	129	235	292	294	367	401
Minority Interest	0	-0	-0	0	0	5	5	7	8
	2	-8	-20	-119	572	794	851	1,439	1,289
	1,038	1,269	1,136	1,507	1,143	837	317	387	88
Trade Payables	326	378	411	519	80	109	56	55	95
	142	174	636	557	-34	-25	466	151	105
Total Liabilities	1,508	1,869	2,280	2,594	1,996	2,012	1,989	2,407	1,987
	500	512	776	765	953	1,095	755	704	15
Capital Work in Progress	10	59	26	251	133	7	7	7	6
	0	71	72	33	33	0	0	446	550
	281	415	359	355	21	31	71	97	102
	0	0	0	0	0	0	131	180	166
Cash & Bank	45	10	18	130	110	47	15	48	505
	673	803	1,028	1,061	746	831	1,010	924	644
Total Assets	1,508	1,869	2,280	2,594	1,996	2,012	1,989	2,407	1,987

Cash Flows

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	79	-43	419	34	145	-32	-8	60	67
Cash from Investing	-168	-170	-306	-105	-153	-5	-63	-637	-293
Cash from Financing	82	195	-98	174	-63	-10	79	573	307
	-21	-17	3	117	-76	-42	8	-5	81

Ratios

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026

Shareholding Pattern

Numbers in percentages

	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
	55.72	56.35	55.93	55.93	55.97	55.97	54.82	56.12	56.12
	9.16	9.12	8.79	8.93	7.19	7.88	7.57	8.74	7.85
	1.72	3.70	3.71	3.71	1.30	0.99	1.29	1.38	1.69
Government	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
	33.40	30.83	31.57	31.43	35.54	35.16	36.32	33.76	34.34

Documents

Corporate disclosures, annual reports, credit ratings, and concall transcripts

2026-09-04

Copy of Newspaper Publication

2026-09-04 - INOXGREEN: Inox Green Energy Services Limited has informed the Exchange about Copy of Newspaper advertisements regarding completion of dispatch of notice of AGM, Annual Report for the FY 2025-26 and E-voting information relating to AGM.

2026-09-03

Shareholders meeting

2026-09-03 - Inox Green Energy Services Limited has informed the Exchange regarding Notice of Annual General Meeting to be held on September 25, 2026

2026-09-02

Copy of Newspaper Publication

2026-09-02 - Newspaper Advertisement regarding 14th Annual General Meeting of the Company - Published prior to the dispatch of the Annual Report.

2026-08-27

Credit Rating

2026-08-27 - Inox Green Energy Services Limited has informed the Exchange about Credit Rating

2026-08-24

Scheme of Arrangement

2026-08-24 - Intimation regarding allotment of equity shares pursuant to the Scheme of Arrangement between Inox Green Energy Services Limited and Inox Renewable Solutions Limited and their respective shareholders

2026-08-14

Shareholders meeting

2026-08-14 - Inox Green Energy Services Limited has submitted the Exchange a copy Srutinizers report of Extraordinary General Meeting held on August 13, 2026. Further, the company has informed the Exchange regarding voting results.

2026-08-13

Shareholders meeting

2026-08-13 - Inox Green Energy Services Limited has informed the Exchange regarding Proceedings of Extraordinary General Meeting held on August 13, 2026

2026-08-12

Analysts/Institutional Investor Meet/Con. Call Updates

2026-08-12 - Inox Green Energy Services Limited has informed the Exchange about Transcript

2026-08-11

Monitoring Agency Report

2026-08-11 - Submission of Report of the Monitoring Agency for the quarter ended June 30, 2026.

News

Recent coverage and analyst commentary for INOXGREEN

Loading news…

🤖

AI Stock Analyst

Inox Green Energy Services Ltd.

🔒

Sign in to Chat with AI

✨ Sign In to Chat

Free 5nance Account