Inox Green Energy Services
Inox Green Energy Services
UtilitiesKey Fundamentals
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Key Insights
Strengths
3- Company has reduced debt.
- Company is almost debt free.
- Company has delivered good profit growth of 21.5% CAGR over last 5 years
Weaknesses
6- Stock is trading at 4.19 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 10.3% over past five years.
- Company has a low return on equity of 3.18% over last 3 years.
- Earnings include an other income of Rs.175 Cr.
- Company has high debtors of 216 days.
Growth Rate
AI Analysis — Bull vs Bear
anthropic claude-opus-4.6 101d agoInox Green Energy trades at a PE of 65.6x with only 6% ROE last year and 3% average ROE over 3 years, making the valuation hard to justify despite strong recent profit growth of 512% TTM. The company is nearly debt-free and promoter holding is rising, but poor sales growth of 10.3% over 5 years and high debtor days of 216 signal operational concerns.
- Company is almost debt-free, significantly reducing financial risk and interest burden
- Compounded profit growth of 512% TTM indicates a sharp earnings turnaround
- 5-year compounded profit CAGR of 21% demonstrates sustained earnings improvement
- Promoter holding increased by 1.30% in the last quarter, signaling insider confidence
- Stock CAGR of 50% over 3 years reflects strong market re-rating of the business
- TTM sales growth of 19% shows acceleration from the 5-year average of 10%
- Market cap of Rs.6,825 Cr positions it as a mid-cap play in the growing wind energy O&M segment
- Debt reduction improves balance sheet quality and provides headroom for future capex
- PE ratio of 65.6x is extremely elevated for a utility company with inconsistent returns
- 3-year average ROE of just 3% indicates poor capital efficiency despite profit growth
- High debtor days of 216 signal significant working capital stress and collection risk
- Zero dividend yield despite reported profits suggests earnings quality concerns or reinvestment needs
- Other income of Rs.144 Cr inflates reported profits, masking weak core operating performance
- 5-year sales CAGR of only 10.3% is below sector peers in renewable energy services
- Price-to-book ratio of 3.98x is expensive given the low single-digit ROE profile
- Stock has declined 5% over the past 1 year, underperforming broader market indices
This is AI-generated analysis, not financial advice. Do your own due diligence.
AI News Digest
anthropic claude-opus-4.6 101d ago- Q4FY26 analyst call scheduled May 25
Inox Green Energy will hold a conference call on May 29, 2026, to discuss audited financial results for Q4 and full-year FY26.
TL;DR: Limited recent news flow for Inox Green Energy with only a scheduled analyst call announced. No material headwinds or positive catalysts identified in the current news cycle. The upcoming Q4FY26 results call on May 29 could provide fresh direction depending on operational and financial performance.
Quarterly Results
| Particulars | 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 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales | 57 | 47 | 60 | 52 | 51 | 55 | 61 | 65 | 56 | 86 | 78 | 69 | 43 |
| Expenses | 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% |
| Other Income | 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 |
| PBT | 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% |
| Net Profit | 3 | 6 | -1 | 21 | 4 | 6 | 5 | 6 | 22 | 28 | 25 | 28 | 41 |
| EPS in Rs | 0.08 | 0.2 | -0.05 | 0.73 | 0.13 | 0.18 | 0.11 | 0.15 | 0.6 | 0.76 | 0.66 | 0.69 | 1.01 |
Profit & Loss
| Particulars | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|
| Sales | 368 | 164 | 165 | 172 | 172 | 254 | 224 | 236 | 281 | 276 |
| Expenses | 352 | 82 | 77 | 109 | 90 | 197 | 149 | 184 | 258 | 252 |
| Operating Profit | 15 | 82 | 88 | 63 | 82 | 57 | 75 | 52 | 23 | 24 |
| OPM % | 4.2% | 50% | 53% | 37% | 48% | 23% | 33% | 22% | 8% | 9% |
| Other Income | -14 | -68 | -47 | -112 | -70 | 40 | 35 | 57 | 144 | 175 |
| Interest | 65 | 30 | 53 | 61 | 55 | 71 | 25 | 19 | 9 | 7 |
| Depreciation | 17 | 27 | 40 | 49 | 50 | 65 | 53 | 53 | 2 | 11 |
| PBT | -80 | -43 | -51 | -158 | -93 | -39 | 31 | 37 | 157 | 180 |
| Tax % | -29% | 23% | 2% | -3% | 0% | -48% | 12% | 41% | 34% | — |
| Net Profit | -57 | -53 | -52 | -154 | -93 | -20 | 28 | 22 | 103 | 122 |
| EPS in Rs | -5,664 | -9.13 | -4.52 | -11.94 | -3.97 | -0.66 | 0.95 | 0.54 | 2.55 | 3.12 |
| Div. Payout % | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | — |
Balance Sheet
| Particulars | 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 | 1,306 |
| Borrowings | 956 | 1,154 | 1,085 | 1,411 | 904 | 595 | 174 | 181 | 88 |
| Other Liabilities | 551 | 698 | 1,158 | 1,239 | 410 | 433 | 564 | 339 | 317 |
| Total Liabilities | 1,509 | 1,902 | 2,340 | 2,693 | 2,121 | 2,155 | 2,083 | 2,487 | 2,113 |
| Fixed Assets | 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 |
| Other Assets | 999 | 1,260 | 1,465 | 1,645 | 1,002 | 1,052 | 1,320 | 1,330 | 1,542 |
| Total Assets | 1,509 | 1,902 | 2,340 | 2,693 | 2,121 | 2,155 | 2,083 | 2,487 | 2,113 |
Cash Flow
| Particulars | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|
| Operating | 65 | -41 | 362 | 49 | 141 | -26 | -8 | 60 | 67 |
| Investing | -168 | -170 | -306 | -105 | -153 | -5 | -63 | -637 | -293 |
| Financing | 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 | 103 | 344 |
Ratios
| Particulars | 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 | 279 | 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 | 279 | 216 |
| Working Capital Days | -213 | -784 | -2,132 | -2,799 | -1,105 | -217 | 392 | 741 | 225 |
| ROCE % | — | 5% | 4% | 2% | 3% | 1% | 4% | 3% | 8% |
Insights
BetaAI-extracted from concalls & annual reports · figures as reported, with sources
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Documents
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Company Information
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]
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