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Inox Green Energy Services Ltd.

•
inoxgreen.comBSE: 543667NSE: INOXGREEN
Market Cap₹ 7,056 Cr.
Current Price
High / Low₹ 279 / 133
Stock P/E58.3
Book Value₹ 43
Price to Book3.23
Dividend Yield0.00 %
ROCE8.4 %
ROE6.0 %
Face Value₹ 10

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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 58.3 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 MICROCAP250NIFTY TOTAL MKT
S.No.Name
1.LT3925.0032.55540027.440.974988.0315.5167941.746.6915.9812.00
2.RVNL207.0047.9843159.920.34159.5218.734321.2310.5510.814.41
3.KPIL1408.6521.1724055.870.78311.5345.856407.973.8418.958.77
4.IRB19.0724.1423032.751.363062.701412.5821372.72918.257.7253.93
5.CEMPRO1268.6036.2321792.970.24140.832.642720.927.0233.5310.09
6.ENGINERSIN273.1519.5815352.191.83157.94141.49819.84-5.8030.9420.61
7.TECHNOE983.2026.5311434.570.7193.33-31.44630.3419.8414.8615.79
8.WELENT782.4535.4310830.190.3856.36-44.29773.72-8.4416.4419.49
9.IRCON115.1020.6710825.341.6592.03-43.921955.839.4910.159.81
10.KEC392.8518.8910457.671.4072.62-41.725023.540.0116.355.79
11.AFCONS274.3069.7210088.330.73303.00120.5226710.00692.4912.889.42
12.INOXGREEN175.7558.287056.220.0040.7982.1843.29-22.978.45-2.17
Detailed Comparison with:

Quarterly Results

Consolidated Figures in Rs. Crores / View Standalone

Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
57476052515561655686826943
34344041343746685077597147
Operating Profit23132012171916-36923-3-3
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%
2111324913214244305158
Interest5759654441222
Depreciation13131313131313011101100
Profit before Tax6422121011133341404654
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 Profit0000416562228252841
0.130.110.030.490.010.170.150.200.580.740.650.711.01

Profit & Loss

Consolidated Figures in Rs. Crores / View Standalone

Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026TTM
368208401172172250224220281280
3681672989090193149184258255
Operating Profit-04110382825775372325
OPM %-0.11%19.59%25.58%47.74%47.74%22.69%33.38%16.62%8.22%8.97%
2271418403732145182
Interest65100147615557251997
Depreciation172840495058531222
Profit before Tax-80-85-78-32-5-183349158181
Tax %29.43%37.51%33.37%14.26%-5.20%-155.66%10.80%26.25%33.87%32.46%
Net Profit-57-53-52-28-5-463036104122
EPS-11328.63-21.57-6.34-12.67-4.47-2.540.950.542.55—
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:
37%
1 Year:
6%

RETURN ON EQUITY

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

Balance Sheet

Consolidated Figures in Rs. Crores / View Standalone

Corporate actions

No bonus data found

Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
057116129235292294367401
Minority Interest0-0-0005578
2-8-20-1195727948511,4391,289
1,0381,2691,1361,5071,14383731738788
Trade Payables32637841151980109565595
142174636557-34-25466151105
Total Liabilities1,5081,8692,2802,5941,9962,0121,9892,4071,987
5005127767659531,09575570415
Capital Work in Progress1059262511337776
07172333300446550
28141535935521317197102
000000131180166
Cash & Bank451018130110471548505
6738031,0281,0617468311,010924644
Total Assets1,5081,8692,2802,5941,9962,0121,9892,4071,987

Cash Flows

Consolidated Figures in Rs. Crores / View Standalone

Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
79-4341934145-32-86067
Cash from Investing-168-170-306-105-153-5-63-637-293
Cash from Financing82195-98174-63-1079573307
-21-173117-76-428-581

Ratios

Consolidated Figures in Rs. Crores / View Standalone

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

Shareholding Pattern

Numbers in percentages

Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
55.7256.3555.9355.9355.9755.9754.8256.1256.12
9.169.128.798.937.197.887.578.747.85
1.723.703.713.711.300.991.291.381.69
Government0.000.000.000.000.000.000.000.000.00
33.4030.8331.5731.4335.5435.1636.3233.7634.34

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

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