Inox Green Energy Services Ltd
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]
- Market Cap ₹ 6,274 Cr.
- Current Price ₹ 171
- High / Low ₹ 223 / 95.6
- Stock P/E 163
- Book Value ₹ 53.6
- Dividend Yield 0.00 %
- ROCE 2.90 %
- ROE 1.06 %
- Face Value ₹ 10.0
Pros
- Company is almost debt free.
- Company has delivered good profit growth of 18.2% CAGR over last 5 years
Cons
- Stock is trading at 3.19 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 7.34% over past five years.
- Company has a low return on equity of -0.83% over last 3 years.
- Earnings include an other income of Rs.91.7 Cr.
- Company has high debtors of 279 days.
- Working capital days have increased from 397 days to 1,022 days
* The pros and cons are machine generated. Pros / cons are based on a checklist to highlight important points. Please exercise caution and do your own analysis.
Peer comparison
Utilities Power Power Power Generation
Part of BSE SmallCap BSE Allcap BSE Utilities Nifty Microcap 250 Nifty Total Market
Quarterly Results
Consolidated Figures in Rs. Crores / View Standalone
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 | TTM | |
---|---|---|---|---|---|---|---|---|---|
368 | 164 | 165 | 172 | 172 | 250 | 224 | 236 | 241 | |
352 | 82 | 77 | 109 | 90 | 194 | 149 | 184 | 200 | |
Operating Profit | 15 | 82 | 88 | 63 | 82 | 57 | 75 | 52 | 41 |
OPM % | 4% | 50% | 53% | 37% | 48% | 23% | 33% | 22% | 17% |
-14 | -68 | -47 | -112 | -70 | 24 | 35 | 57 | 92 | |
Interest | 65 | 30 | 53 | 61 | 55 | 57 | 25 | 19 | 17 |
Depreciation | 17 | 27 | 40 | 49 | 50 | 58 | 53 | 53 | 51 |
Profit before tax | -80 | -43 | -51 | -158 | -93 | -34 | 31 | 37 | 65 |
Tax % | -29% | 23% | 2% | -3% | 0% | 84% | 12% | 41% | |
-57 | -53 | -52 | -154 | -93 | -62 | 28 | 22 | 40 | |
EPS in Rs | -11,328.00 | -9.13 | -4.52 | -11.94 | -3.97 | -2.09 | 0.95 | 0.54 | 1.04 |
Dividend Payout % | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% |
Compounded Sales Growth | |
---|---|
10 Years: | % |
5 Years: | 7% |
3 Years: | 11% |
TTM: | 14% |
Compounded Profit Growth | |
---|---|
10 Years: | % |
5 Years: | 18% |
3 Years: | 30% |
TTM: | 42% |
Stock Price CAGR | |
---|---|
10 Years: | % |
5 Years: | % |
3 Years: | % |
1 Year: | -23% |
Return on Equity | |
---|---|
10 Years: | % |
5 Years: | -7% |
3 Years: | -1% |
Last Year: | 1% |
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 | |
---|---|---|---|---|---|---|---|---|
Equity Capital | 0.05 | 57 | 116 | 129 | 235 | 292 | 294 | 367 |
Reserves | 2 | -8 | -20 | -86 | 572 | 794 | 1,051 | 1,600 |
956 | 1,154 | 1,085 | 1,411 | 904 | 595 | 174 | 181 | |
551 | 698 | 1,158 | 1,239 | 410 | 433 | 564 | 339 | |
Total Liabilities | 1,509 | 1,902 | 2,340 | 2,693 | 2,121 | 2,113 | 2,083 | 2,487 |
500 | 512 | 776 | 765 | 953 | 1,095 | 755 | 704 | |
CWIP | 10 | 59 | 26 | 251 | 133 | 7 | 7 | 7 |
Investments | 0 | 71 | 72 | 33 | 33 | 0 | 0 | 446 |
999 | 1,260 | 1,465 | 1,645 | 1,002 | 1,011 | 1,320 | 1,330 | |
Total Assets | 1,509 | 1,902 | 2,340 | 2,693 | 2,121 | 2,113 | 2,083 | 2,487 |
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 | |
---|---|---|---|---|---|---|---|---|
65 | -41 | 362 | 49 | 141 | -26 | -8 | 60 | |
-168 | -170 | -306 | -105 | -153 | -5 | -63 | -539 | |
82 | 195 | -52 | 174 | -63 | -10 | 79 | 474 | |
Net Cash Flow | -21 | -17 | 3 | 117 | -76 | -42 | 8 | -5 |
Ratios
Consolidated Figures in Rs. Crores / View Standalone
Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
---|---|---|---|---|---|---|---|---|
Debtor Days | 242 | 410 | 552 | 473 | 144 | 135 | 213 | 279 |
Inventory Days | 1,891 | 540 | 215 | |||||
Days Payable | 2,200 | 2,029 | 758 | |||||
Cash Conversion Cycle | -67 | 410 | 552 | 473 | -1,344 | -407 | 213 | 279 |
Working Capital Days | -213 | -784 | -2,132 | -2,799 | -1,105 | -221 | 392 | 1,022 |
ROCE % | 5% | 4% | 2% | 3% | 1% | 4% | 3% |
Documents
Announcements
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Update On The Proposed Scheme Of Arrangement
9 Sep - NCLT directed meetings on 1 Nov 2025 for demerger; IRSL to issue 122 shares and warrants per 1,000 IGESL shares.
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Announcement under Regulation 30 (LODR)-Earnings Call Transcript
8 Sep - Transcript of Conference call held with Investors/ Analysts on September 1, 2025
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Announcement under Regulation 30 (LODR)-Newspaper Publication
5 Sep - Submission of newspaper advertisements regarding completion of dispatch of notice of AGM and Annual Report for the FY 2024-25 and E-voting information relating to AGM.
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Company Has Issued Physical Letters Providing Weblink, Including The Exact Path Of The Annual Report, For Accessing The Notice Of The 13Th Annual General Meeting And The Annual Report For Financial Year 2024-25 Of The Company, To Those Shareholders Who Have Not Registered Their E-Mail Addresses
4 Sep - 13th AGM on 26 Sep 2025; Annual Report FY2024-25 web link provided.
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Business Responsibility and Sustainability Reporting (BRSR)
4 Sep - Inox Green files Business Responsibility & Sustainability Report for FY2024-25 on Sept 4, 2025; linked on company website.
Annual reports
Concalls
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Sep 2025Transcript PPT
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May 2025TranscriptNotesPPT
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Feb 2025Transcript PPT REC
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Dec 2024TranscriptNotesPPT
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Nov 2024Transcript PPT
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Aug 2024Transcript PPT
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May 2024TranscriptNotesPPTREC
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May 2024TranscriptNotesPPT REC
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Feb 2024Transcript PPT
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Nov 2023Transcript PPT
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Oct 2023TranscriptNotesPPT
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Jul 2023Transcript PPT
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Jul 2023TranscriptNotesPPT
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Jul 2023TranscriptNotesPPT
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May 2023Transcript PPT
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May 2023TranscriptNotesPPT
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Feb 2023Transcript PPT
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Dec 2022TranscriptNotesPPT
Business Area[1]
Inox Green is India's only listed pure-play renewable O&M service provider with comprehensive O&M solutions for WTG and common infrastructure O&M through long-term contracts of 5-20 years. It has a presence across India with an established track record of >10 years and a portfolio of >3.2 GW of O&M assets plus additional value added services contracts.