Inox Green Energy Services Ltd.

•

inoxgreen.comBSE: 543667NSE: INOXGREEN

Market Cap₹ 7,056 Cr.

Current Price

High / Low₹ 279 / 133

Stock P/E118.9

Book Value₹ 43

Price to Book3.18

Dividend Yield0.00 %

ROCE4.3 %

ROE3.0 %

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 74.2% YoY, showing strong momentum
Strong cash generation - operating cash flow backs reported profits (CFO/PAT 1.76x)
Company comfortably covers its interest (10.4x coverage)

CONS

A large part of profit comes from other income (86.0% of PBT)
Company has a low return on capital employed of 3.9%
Company has a low return on equity of 2.5% over last 3 years
Equity base is being diluted - shares outstanding up 37.5%
Operating margins have contracted to 8.1% from 30.0%
Company has delivered a poor sales growth of 6.2% over past five years

* 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	3925.00	32.55	540027.44	0.97	4988.03	15.51	67941.74	6.69	15.98	12.00
2.	RVNL	207.00	47.98	43159.92	0.34	159.52	18.73	4321.23	10.55	10.81	4.41
3.	KPIL	1408.65	21.17	24055.87	0.78	311.53	45.85	6407.97	3.84	18.95	8.77
4.	IRB	19.07	24.14	23032.75	1.36	3062.70	1412.58	21372.72	918.25	7.72	53.93
5.	CEMPRO	1268.60	36.23	21792.97	0.24	140.83	2.64	2720.92	7.02	33.53	10.09
6.	ENGINERSIN	273.15	19.58	15352.19	1.83	157.94	141.49	819.84	-5.80	30.94	20.61
7.	TECHNOE	983.20	26.53	11434.57	0.71	93.33	-31.44	630.34	19.84	14.86	15.79
8.	WELENT	782.45	35.43	10830.19	0.38	56.36	-44.29	773.72	-8.44	16.44	19.49
9.	IRCON	115.10	20.67	10825.34	1.65	92.03	-43.92	1955.83	9.49	10.15	9.81
10.	KEC	392.85	18.89	10457.67	1.40	72.62	-41.72	5023.54	0.01	16.35	5.79
11.	AFCONS	274.30	69.72	10088.33	0.73	303.00	120.52	26710.00	692.49	12.88	9.42
12.	INOXGREEN	175.75	58.28	7056.22	0.00	40.79	82.18	43.29	-22.97	8.45	-2.17

Detailed Comparison with:

Quarterly Results

Standalone Figures in Rs. Crores / View Consolidated

	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
	50	44	55	46	45	52	51	53	48	73	76	53	30
	28	28	34	32	28	32	38	58	43	64	51	60	34
Operating Profit	22	16	20	15	17	20	13	-5	5	8	24	-7	-4
OPM %	43.51%	35.58%	37.12%	31.61%	38.01%	39.04%	25.73%	-10.41%	9.68%	11.61%	32.19%	-12.27%	-14.70%
	2	10	2	7	4	13	21	29	22	19	23	23	26
Interest	6	6	5	9	5	5	3	4	3	1	2	1	2
Depreciation	13	13	13	13	13	13	13	0	11	10	10	0	0
Profit before Tax	5	7	4	-1	3	16	17	20	12	16	35	14	22
Tax %	29.23%	17.08%	32.41%	-33.33%	28.99%	29.21%	29.38%	23.40%	28.62%	28.37%	28.86%	46.89%	28.91%
Net Profit	4	6	3	-1	2	11	12	15	9	12	25	8	15
	-0.13	0.19	0.07	-0.02	0.06	0.32	0.32	0.40	0.24	0.31	0.65	0.19	0.39

Profit & Loss

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	TTM
	697	367	215	400	177	174	248	202	189	238	232
	561	363	169	294	90	90	216	122	156	219	210
Operating Profit	136	3	47	105	87	84	31	80	34	19	22
OPM %	19.52%	0.95%	21.64%	26.37%	49.22%	48.39%	12.67%	39.56%	17.70%	8.15%	9.48%
	-14	-4	-8	-7	15	10	43	13	53	65	90
Interest	38	65	100	147	61	52	55	25	17	8	7
Depreciation	9	17	27	40	49	49	58	53	0	1	21
Profit before Tax	75	-82	-89	-88	-8	-7	-38	16	69	76	87
Tax %	44.89%	29.09%	35.73%	34.94%	35.25%	33.45%	-75.26%	27.10%	19.50%	29.79%	31.75%
Net Profit	41	-58	-57	-58	-5	-4	-67	12	55	53	59
EPS	1.48	-11579.86	-23.29	-6.99	-5.51	-2.67	-2.74	0.39	1.50	1.33	—
Dividend Payout %	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	—

COMPOUNDED SALES GROWTH

10 Years:: -9%
5 Years:: 6%
3 Years:: -1%

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:: -59%
5 Years:: 0%
3 Years:: 3%
Last Year:: 3%

Balance Sheet

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	0	0	57	116	129	235	292	294	367	401
	52	-6	-20	-37	-21	672	888	907	1,511	1,313
	781	795	1,011	1,118	1,290	933	624	262	331	32
Trade Payables	387	346	384	414	476	59	62	52	46	83
	232	388	398	616	547	-38	-31	295	148	60
Total Liabilities	1,452	1,524	1,829	2,228	2,421	1,862	1,835	1,808	2,403	1,890
	269	497	476	741	762	841	796	743	690	2
Capital Work in Progress	94	10	53	21	48	12	2	1	7	6
	13	10	81	73	163	164	130	17	197	17
	321	248	381	327	327	21	24	63	87	91
	0	0	0	0	0	0	0	124	169	150
Cash & Bank	51	23	5	14	27	69	45	15	46	501
	704	734	833	1,051	1,093	755	839	846	1,207	1,124
Total Assets	1,452	1,524	1,829	2,228	2,421	1,862	1,835	1,808	2,403	1,890

Cash Flows

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	7	86	-72	401	60	159	-78	54	70	87
Cash from Investing	-212	-191	-107	-308	-176	-53	26	37	-650	-288
Cash from Financing	250	82	176	-99	80	-77	5	-82	575	282
	31	-36	-1	2	16	25	-41	8	-4	81

Ratios

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2017	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

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Inox Green Energy Services Ltd.

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Free 5nance Account

Name

3925.00

32.55

540027.44

0.97

4988.03

15.51

67941.74

6.69

15.98

12.00

RVNL

207.00

47.98

43159.92

0.34

159.52

18.73

4321.23

10.55

10.81

4.41

KPIL

1408.65

21.17

24055.87

0.78

311.53

45.85

6407.97

3.84

18.95

8.77

IRB

19.07

24.14

23032.75

1.36

3062.70

1412.58

21372.72

918.25

7.72

53.93

CEMPRO

1268.60

36.23

21792.97

0.24

140.83

2.64

2720.92

7.02

33.53

10.09

ENGINERSIN

273.15

19.58

15352.19

1.83

157.94

141.49

819.84

-5.80

30.94

20.61

TECHNOE

983.20

26.53

11434.57

0.71

93.33

-31.44

630.34

19.84

14.86

15.79

WELENT

782.45

35.43

10830.19

0.38

56.36

-44.29

773.72

-8.44

16.44

19.49

IRCON

115.10

20.67

10825.34

1.65

92.03

-43.92

1955.83

9.49

10.15

9.81

KEC

392.85

18.89

10457.67

1.40

72.62

-41.72

5023.54

0.01

16.35

5.79

AFCONS

274.30

69.72

10088.33

0.73

303.00

120.52

26710.00

692.49

12.88

9.42

INOXGREEN

175.75

58.28

7056.22

0.00

40.79

82.18

43.29

-22.97

8.45

-2.17

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

Operating Profit

-5

-7

-4

OPM %

43.51%

35.58%

37.12%

31.61%

38.01%

39.04%

25.73%

-10.41%

9.68%

11.61%

32.19%

-12.27%

-14.70%

Interest

Depreciation

Profit before Tax

-1

Tax %

29.23%

17.08%

32.41%

-33.33%

28.99%

29.21%

29.38%

23.40%

28.62%

28.37%

28.86%

46.89%

28.91%

Net Profit

-1

-0.13

0.19

0.07

-0.02

0.06

0.32

0.40

0.24

0.31

0.65

0.19

0.39

Mar 2017

Mar 2018

Mar 2019

Mar 2020

Mar 2021

Mar 2022

Mar 2023

Mar 2024

Mar 2025

Mar 2026

TTM

697

367

215

400

177

174

248

202

189

238

232

561

363

169

294

216

122

156

219

210

Operating Profit

136

105

OPM %

19.52%

0.95%

21.64%

26.37%

49.22%

48.39%

12.67%

39.56%

17.70%

8.15%

9.48%

-14

-4

-8

-7

Interest

100

147

Depreciation

Profit before Tax

-82

-89

-88

-8

-7

-38

Tax %

44.89%

29.09%

35.73%

34.94%

35.25%

33.45%

-75.26%

27.10%

19.50%

29.79%

31.75%

Net Profit

-58

-57

-58

-5

-4

-67

EPS

1.48

-11579.86

-23.29

-6.99

-5.51

-2.67

-2.74

0.39

1.50

1.33

—

Dividend Payout %

0.00%

—

Mar 2017

Mar 2018

Mar 2019

Mar 2020

Mar 2021

Mar 2022

Mar 2023

Mar 2024

Mar 2025

Mar 2026

116

129

235

292

294

367

401

-6

-20

-37

-21

672

888

907

1,511

1,313

781

795

1,011

1,118

1,290

933

624

262

331

Trade Payables

387

346

384

414

476

232

388

398

616

547

-38

-31

295

148

Total Liabilities

1,452

1,524

1,829

2,228

2,421

1,862

1,835

1,808

2,403

1,890

269

497

476

741

762

841

796

743

690

Capital Work in Progress

163

164

130

197

321

248

381

327

124

169

150

Cash & Bank

501

704

734

833

1,051

1,093

755

839

846

1,207

1,124

Total Assets

1,452

1,524

1,829

2,228

2,421

1,862

1,835

1,808

2,403

1,890

Mar 2017

Mar 2018

Mar 2019

Mar 2020

Mar 2021

Mar 2022

Mar 2023

Mar 2024

Mar 2025

Mar 2026

-72

401

159

-78

Cash from Investing

-212

-191

-107

-308

-176

-53

-650

-288

Cash from Financing

250

176

-99

-77

-82

575

282

-36

-1

-41

-4

Mar 2017

Mar 2018

Mar 2019

Mar 2020

Mar 2021

Mar 2022

Mar 2023

Mar 2024

Mar 2025

Mar 2026

Jun 2024

Sep 2024

Dec 2024

Mar 2025

Jun 2025

Sep 2025

Dec 2025

Mar 2026

Jun 2026

55.72

56.35

55.93

55.97

54.82

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

1.30

0.99

1.29

1.38

1.69

Government

0.00

33.40

30.83

31.57

31.43

35.54

35.16

36.32

33.76

34.34

Inox Green Energy Services Ltd.

AI Sector View

Peer comparison

Quarterly Results

Profit & Loss

Balance Sheet

Corporate actions

Cash Flows

Ratios

Shareholding Pattern

Documents

News

Sign in to Chat with AI

Inox Green Energy Services Ltd.

AI Sector View

Peer comparison

Quarterly Results

Profit & Loss

Balance Sheet

Corporate actions

Cash Flows

Ratios

Shareholding Pattern

Documents

News

Sign in to Chat with AI