Inox Green Energy Services Ltd

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Inox Green Energy Services Ltd

₹ 129 12.03%
09 Oct - close price
inoxgreen.com BSE: 543667 NSE: INOXGREEN
About

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]

Key Points

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.

Website BSE NSE
  • Market Cap ₹ 5,410 Cr.
  • Current Price ₹ 129
  • High / Low ₹ 272 / 109
  • Stock P/E 44.1
  • Book Value ₹ 42.5
  • Dividend Yield 0.00 %
  • ROCE 8.11 %
  • ROE 5.13 %
  • Face Value ₹ 10.0
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Pros

  • Company has reduced debt.
  • Company is almost debt free.
  • Company has delivered good profit growth of 20.9% CAGR over last 5 years

Cons

  • Stock is trading at 3.03 times its book value
  • Though the company is reporting repeated profits, it is not paying out dividend
  • Promoter holding has decreased over last quarter: -2.42%
  • The company has delivered a poor sales growth of 10.3% over past five years.
  • Company has a low return on equity of 2.90% over last 3 years.
  • Earnings include an other income of Rs.175 Cr.
  • Company has high debtors of 216 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

Services Services Commercial Services & Supplies Diversified Commercial Services

Part of BSE Services BSE 1000 Nifty Smallcap 500

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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 78 69 43
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%
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
Profit before tax 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%
3 6 -1 21 4 6 5 6 22 28 25 28 41
EPS in Rs 0.08 0.20 -0.05 0.73 0.13 0.18 0.11 0.15 0.60 0.76 0.66 0.69 1.01
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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
368 164 165 172 172 254 224 220 281 276
352 82 77 109 90 197 149 184 258 252
Operating Profit 15 82 88 63 82 57 75 37 23 24
OPM % 4.2% 50% 53% 37% 48% 23% 33% 17% 8% 9%
-14 -68 -47 -112 -70 40 35 18 144 175
Interest 65 30 53 61 55 71 25 19 9 7
Depreciation 17 27 40 49 50 65 53 1 2 11
Profit before tax -80 -43 -51 -158 -93 -39 31 35 157 180
Tax % -29% 23% 2% -3% 0% -48% 12% 37% 34%
-57 -53 -52 -154 -93 -20 28 22 103 122
EPS in Rs -5,664.00 -9.13 -4.52 -11.94 -3.97 -0.66 0.95 0.54 2.55 3.12
Dividend Payout % -0% -0% -0% -0% -0% -0% -0% -0% -0%
Compounded Sales Growth
10 Years: %
5 Years: 10%
3 Years: 3%
TTM: 16%
Compounded Profit Growth
10 Years: %
5 Years: 21%
3 Years: 66%
TTM: 204%
Stock Price CAGR
10 Years: %
5 Years: %
3 Years: 26%
1 Year: -44%
Return on Equity
10 Years: %
5 Years: 0%
3 Years: 3%
Last Year: 5%

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
Equity Capital 0.05 57 116 129 235 292 294 367 401
Reserves 2 -8 -20 -86 572 835 1,051 1,600 1,307
956 1,154 1,085 1,411 904 595 174 181 88
551 698 1,158 1,239 410 433 564 339 286
Total Liabilities 1,509 1,902 2,340 2,693 2,121 2,155 2,083 2,487 2,082
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
999 1,260 1,465 1,645 1,002 1,052 1,320 1,330 1,511
Total Assets 1,509 1,902 2,340 2,693 2,121 2,155 2,083 2,487 2,082

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
65 -41 362 49 141 -26 -8 60 67
-168 -170 -306 -105 -153 -5 -63 -637 -293
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% 147% 344%

Ratios

Consolidated / View Standalone

Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025 Mar 2026
Debtor Days 242 410 552 473 144 133 213 299 216
Inventory Days 1,891 540 215
Days Payable 2,200 2,029 758
Cash Conversion Cycle -67 410 552 473 -1,344 -409 213 299 216
Working Capital Days -213 -784 -2,132 -2,799 -1,105 -217 392 793 226
ROCE % 5% 4% 2% 3% 1% 4% 3% 8%

Insights

In beta
Mar 2013 Mar 2016 Mar 2019 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025 Mar 2026
Total O&M Portfolio (Renewable Assets Under Management)
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Inox Wind (Parent) Net Order Book
MW ・Standalone data
Machine Availability
%

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Shareholding Pattern

Numbers in percentages

13 Recently
Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026Sep 2026
55.72% 55.72% 55.72% 56.35% 55.93% 55.93% 55.97% 55.97% 54.82% 56.12% 56.12% 53.70%
9.20% 8.33% 9.16% 9.12% 8.79% 8.93% 7.19% 7.88% 7.57% 8.74% 7.86% 10.48%
2.84% 1.75% 1.72% 3.70% 3.71% 3.72% 1.33% 1.08% 1.41% 1.50% 1.87% 4.02%
32.24% 34.21% 33.40% 30.84% 31.56% 31.42% 35.50% 35.07% 36.21% 33.65% 34.17% 31.80%
No. of Shareholders 93,8301,07,4981,21,0441,43,7481,54,4051,53,4921,47,6351,30,3081,15,7391,17,8891,14,5211,10,461

* The classifications might have changed from Sep'2022 onwards. The new XBRL format added more details from Sep'22 onwards.

Classifications such as banks and foreign portfolio investors were not available earlier. The sudden changes in FII or DII can be because of these changes.

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Documents

Announcements

Annual reports

DRHP

Credit ratings

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