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Inox Green Energy Services Ltd (INOXGREEN)
Share Analysis – Quality, Valuation Zone, Price Trend & DeciZen Rating BSE: 543667 NSE: INOXGREEN Engineering - Construction | Small Cap | Inox Green Enrgy Ser Share Price
₹172.70 -5.55 (-3.11%)
As on 15-Sep'26 16:59
Inox Green Energy Services Ltd (INOXGREEN)
Share Analysis – Quality, Valuation Zone, Price Trend & DeciZen Rating BSE: 543667 NSE: INOXGREEN Engineering - Construction | Small Cap | Inox Green Enrgy Ser Share Price
₹172.70 -5.55 (-3.11%)
As on 15-Sep'26 16:59
Key Metrics
Valuation Multiples
Market Cap
₹6,934 Cr.
Current Price
₹172.7
52-Week Low / High
₹133 / 279
TTM EPS
₹3
TTM Sales
₹280 Cr.
Book Value per Share
₹43.1
P/E Ratio
57.27
Lower than its 5-year historical median
Industry PE
24
Price to Book (P/B)
4.01
Higher than its 5-year historical median
Price to Sales (P/S)
24.80
Higher than its 5-year historical median
EV/EBITDA
31.06
Lower than its 5-year historical median
Dividend Yield
0%
Profitability Efficiency
Return on Equity (ROE)
5.97%
Underperforms industry median
Return on Capital Employed (ROCE)
8.45%
Underperforms industry median
Return on Assets (ROA)
4.75%
Operating Profit Margin
8.2%
Net Profit Margin
37.13%
Gross Profit Margin
56.8%
Growth Momentum
1-yr vs 3-yr growth
1-yr vs 3-yr growth
Sales Growth (1 Year)
Improving versus 3-year growth rate
25.93%
Operating Profit Growth (1 Year)
Slowing versus 3-year growth rate
-36.9%
Net Profit Growth (1 Year)
-
189.94%
Asset Quality
Promoter Holding
56.12%
Pledged shares (%) of Promoter's holding (%)
0.00%
Reserves
₹1,330 Cr.
Equity
₹401.5 Cr.
Face Value
₹10
All Time Low / High
₹38.50 / 279.00
Check Before You Invest
Quality
Not GoodValuation
OvervaluedCheck Valuation charts
Price Trend
Weak
Is Inox Green Energy Services Ltd a good quality company?
Inox Green Energy Services Ltd is a weak quality company, based on a inconsistent multi-year financial track record.
This assessment is based on company’s performance on Revenue growth, ROCE, Equity and Assets, key margin ratios, cash conversion cycle, and debt to cash flow from operations and how it compares with its long term averages.
We have analysed the performance of the company on the following:
-
How has it performed on generating Profits?
By checking its Revenue growth, Gross, Operating and Net Margins compared to its last 5-year median.
-
How efficiently has it utilized Capital?
By checking its ROCE, ROA, ROE and its Cash Conversion Cycle.
-
How is it managing its Debt?
By checking its Debt to Equity and Cash Flow from Operations.
How does Inox Green Energy Services Ltd performance compare with that of its Peers?
Revenue growth of Inox Green Energy Services Ltd vs industry peers?
Inox Green Energy Services Ltd revenue CAGR is 10.28%, compared to the industry median CAGR of 0.00%, indicating faster growth and gaining its market share.
Promoter shareholding and pledge status of Inox Green Energy Services Ltd?
Promoters hold 56.12% of the Inox Green Energy Services Ltd, with 0.00% of their stake pledged, indicating no pledge risk.
Stock return of Inox Green Energy Services Ltd over the last decade?
Over the last 3 year(s), the stock has delivered a CAGR of 36.35% based on the current price.
10 Year X-Ray :
Analysis of Financial Track Record (Data adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year end)
Data adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year endData adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year end.
What is a Financial Track Record? How to read this chart in order to understand the data present here?
Financial track record gives insight into the company's performance on key parameters over the past ten years. MoneyWorks4me’s proprietary colour codes make it easy for retail investors to gauge the company’s past performance.
Inox Green Energy Services Ltd has not performed well majority of the past ten years indicating its past ten year financial track record is not good
Value Creation ⓘ
| Mar'17 | Mar'18 | Mar'19 | Mar'20 | Mar'21 | Mar'22 | Mar'23 | Mar'24 | Mar'25 | Mar'26 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROCE % ⓘ | 16.7% | -1.9% | 1% | 5.1% | 4.3% | 3.1% | 1.1% | 2.6% | 4.7% | 4.3% | - |
| Value Creation Index ⓘ | 0.2 | NA | -0.9 | -0.6 | -0.7 | -0.8 | -0.9 | -0.8 | -0.7 | -0.7 | - |
Growth Parameters ⓘ |
|||||||||||
| Sales ⓘ | 697 | 367 | 215 | 400 | 177 | 174 | 248 | 202 | 189 | 238 | 232 |
| Sales YoY Gr. | - | -47.4% | -41.3% | 85.7% | -55.8% | -1.6% | 42.5% | -18.5% | -6.3% | 25.9% | - |
| Adj EPS ⓘ | 11,104.3 | -10,092.6 | -7.8 | -3.9 | -0.6 | -0.2 | -1.9 | 0.9 | 1.4 | 1.3 | 1.5 |
| YoY Gr. | - | -190.9% | NA | NA | NA | NA | NA | NA | 53.8% | -12.6% | - |
| BVPS (₹) ⓘ | 10,324.6 | -1,147.9 | 6.5 | 6.8 | 8.4 | 38.6 | 40.4 | 40.9 | 51.2 | 42.7 | 43.1 |
| Adj Net Profit ⓘ | 55.5 | -50.5 | -45 | -44.7 | -7.5 | -5 | -55.7 | 27.2 | 52.3 | 50.4 | 59 |
| Cash Flow from Ops. ⓘ | -6.9 | 72.6 | -70.3 | 409 | 112 | 155 | -72.9 | 53.7 | 70.4 | 86.8 | - |
| Debt/CF from Ops. ⓘ | -115.6 | 13.2 | -16.1 | 2.6 | 10.9 | 4.5 | -5.2 | 2.2 | 1.8 | 0.4 | - |
CAGR ⓘ
| 9 Years | 5 Years | 3 Years | 1 Years | |||||
|---|---|---|---|---|---|---|---|---|
| Sales ⓘ | -11.2% | 6.2% | -1.3% | 25.9% | ||||
| Adj EPS ⓘ | -63.6% | NA | NA | -12.6% | ||||
| BVPSⓘ | -45.7% | 38.6% | 1.9% | -16.6% | ||||
| Share Price | - | - | 35.9% | -1.4% | ||||
Key Financial Parameters ⓘ
| Mar'17 | Mar'18 | Mar'19 | Mar'20 | Mar'21 | Mar'22 | Mar'23 | Mar'24 | Mar'25 | Mar'26 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Return on Equity % ⓘ | 178.8 | -220 | -286.4 | -76.7 | -8 | -1 | -5.3 | 2.1 | 3 | 2.7 | 3.5 |
| Op. Profit Mgn % ⓘ | 19.5 | 1 | 21.6 | 26.4 | 49.2 | 48.4 | 20.1 | 39.6 | 17.7 | 8.2 | 10.4 |
| Net Profit Mgn % ⓘ | 8 | -13.8 | -20.9 | -11.2 | -4.2 | -2.9 | -22.5 | 13.5 | 27.6 | 21.1 | 25.7 |
| Debt to Equity ⓘ | 15.3 | -166.6 | 30.5 | 13.4 | 11.4 | 0.8 | 0.3 | 0.1 | 0.1 | 0 | - |
| Working Cap Days ⓘ | 463 | 999 | 1,862 | 1,184 | 2,888 | 2,304 | 1,206 | 1,632 | 2,320 | 2,164 | 1,023 |
| Cash Conv. Cycle ⓘ | 93 | 157 | -71 | -10 | -411 | -134 | 41 | 114 | 262 | 227 | 859 |
Valuation of Inox Green Enrgy Ser - Consolidated
Analyst's Notes
No data found!
Management X-Ray
Shareholding Pattern
Promoter's Holding & Share Pledging
| Pledged * | 13.08 | 9.66 | 4.68 | 1.39 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
* Pledged shares as % of Promoter's holding (%)
Financials
| PARTICULARS | Mar'18 | Mar'19 | Mar'20 | Mar'21 | Mar'22 | Mar'23 | Mar'24 | Mar'25 | Mar'26 |
|---|---|---|---|---|---|---|---|---|---|
| Sales | 368 | 208 | 401 | 172 | 172 | 250 | 224 | 220 | 281 |
| Operating Expenses ⓘ + | 368 | 167 | 298 | 90 | 90 | 193 | 149 | 184 | 258 |
| Operating Profit ⓘ | -0 | 41 | 103 | 82 | 82 | 57 | 75 | 37 | 23 |
| Operating Profit Margin (%) | -0.1% | 19.6% | 25.6% | 47.7% | 47.7% | 22.7% | 33.4% | 16.6% | 8.2% |
| Other Income ⓘ + | 2 | 2 | 7 | 14 | 18 | 40 | 37 | 32 | 145 |
| Interest ⓘ | 65 | 100 | 147 | 61 | 55 | 57 | 25 | 19 | 9 |
| Depreciation ⓘ | 17 | 28 | 40 | 49 | 50 | 58 | 53 | 1 | 2 |
| Profit Before Tax ⓘ | -80 | -85 | -78 | -32 | -5 | -18 | 33 | 49 | 158 |
| Tax ⓘ | -24 | -32 | -26 | -5 | 0 | 28 | 4 | 13 | 53 |
| Profit After Tax | -57 | -53 | -52 | -28 | -5 | -46 | 30 | 36 | 104 |
| PAT Margin (%) | -15.4% | -25.4% | -13.0% | -16.1% | -2.9% | -18.6% | 13.3% | 16.4% | 37.1% |
| Adjusted EPS (₹) | -11,328.6 | -9.2 | -4.5 | -11.9 | -4.0 | -2.1 | 1.0 | 0.5 | 2.6 |
| Dividend Payout Ratio (%) | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% |
| PARTICULARS | Mar'18 | Mar'19 | Mar'20 | Mar'21 | Mar'22 | Mar'23 | Mar'24 | Mar'25 | Mar'26 | ||
|---|---|---|---|---|---|---|---|---|---|---|---|
Equity and Liabilities | |||||||||||
| Shareholders Fund + | 2 | 49 | 97 | 10 | 807 | 1,086 | 1,345 | 1,806 | 1,690 | ||
| Debt + | 707 | 916 | 801 | 1,217 | 764 | 562 | 90 | 176 | 88 | ||
| Minority Interest | 0 | -0 | -0 | 0 | 0 | 5 | 5 | 7 | 8 | ||
| Trade Payables | 326 | 378 | 411 | 519 | 80 | 109 | 56 | 55 | 95 | ||
| Others Liabilities ⓘ | 472 | 527 | 971 | 848 | 345 | 250 | 493 | 363 | 105 | ||
| Total Liabilities ⓘ | 1,508 | 1,869 | 2,280 | 2,594 | 1,996 | 2,012 | 1,989 | 2,407 | 1,987 | ||
Fixed Assets | |||||||||||
| Net 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 | ||
| Inventories | 281 | 415 | 359 | 355 | 21 | 31 | 71 | 97 | 102 | ||
| Trade Receivables | 244 | 185 | 250 | 223 | 68 | 93 | 131 | 180 | 166 | ||
| Cash Equivalents | 45 | 10 | 18 | 130 | 110 | 47 | 15 | 48 | 505 | ||
| Others Assets ⓘ | 429 | 618 | 778 | 838 | 678 | 739 | 1,010 | 924 | 644 | ||
| Total Assets ⓘ | 1,508 | 1,869 | 2,280 | 2,594 | 1,996 | 2,012 | 1,989 | 2,407 | 1,987 | ||
| PARTICULARS | Mar'18 | Mar'19 | Mar'20 | Mar'21 | Mar'22 | Mar'23 | Mar'24 | Mar'25 | Mar'26 |
|---|---|---|---|---|---|---|---|---|---|
| Cash Flow From Operating Activity ⓘ + | 65 | -41 | 407 | 49 | 141 | -26 | -8 | 60 | 67 |
| Cash Flow From Investing Activity ⓘ + | -168 | -170 | -306 | -105 | -153 | -5 | -63 | -637 | -293 |
| Cash Flow From Financing Activity ⓘ + | 82 | 195 | -98 | 174 | -63 | -10 | 79 | 573 | 307 |
| Net Cash Flow ⓘ | -21 | -17 | 3 | 117 | -76 | -42 | 8 | -5 | 81 |
| PARTICULARS | Mar'18 | Mar'19 | Mar'20 | Mar'21 | Mar'22 | Mar'23 | Mar'24 | Mar'25 | Mar'26 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Ratios | ||||||||||
| ROE (%) | -3146.49 | -207.18 | -71.52 | -51.99 | -1.21 | -4.91 | 2.67 | 2.44 | 5.97 | |
| ROCE (%) | -1.58 | 1.38 | 5.8 | 2.14 | 3.17 | 2.3 | 3.68 | 3.68 | 8.45 | |
| Asset Turnover Ratio | 0.24 | 0.12 | 0.19 | 0.07 | 0.08 | 0.12 | 0.11 | 0.1 | 0.13 | |
| PAT to CFO Conversion(x) | N/A | N/A | N/A | N/A | N/A | N/A | -0.27 | 1.67 | 0.64 | |
| Working Capital Days | ||||||||||
| Receivable Days | 242.10 | 375.70 | 197.70 | 501.20 | 308.70 | 117.20 | 182 | 257.80 | 224.90 | |
| Inventory Days | 278.40 | 610.10 | 352.60 | 757 | 399 | 38.20 | 82.70 | 139 | 129.10 | |
| Payable Days | 2,200.10 | -2,014.50 | 0 | 0 | 7,580.30 | 657.50 | 0 | 0 | 2,685.60 | |
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Inox Green Energy Services Ltd FAQs
The current trading price of Inox Green Enrgy Ser on 15-Sep-2026 16:59 is ₹172.7.
Market capitalization or market cap is determined by multiplying the current market price of a company's shares with the total number of shares outstanding. As of 14-Sep-2026 the market cap of Inox Green Enrgy Ser stood at ₹6,933.8 Cr
The latest P/E ratio of Inox Green Enrgy Ser as of 14-Sep-2026 is 116.8.
The latest P/B ratio of Inox Green Enrgy Ser as of 14-Sep-2026 is 4.01.
The 52-week high of Inox Green Enrgy Ser is ₹279.0 and the 52-week low is ₹133.1.
The TTM revenue is Trailing Twelve Months sales. The TTM revenue/sales of Inox Green Enrgy Ser is ₹232 ( Cr.) .
Past 10 year’s financial track record analysis by Moneyworks4me indicates that Inox Green Energy Services Ltd is a below average quality company.
The key valuation ratios of Inox Green Energy Services Ltd's currently when compared to its past seem to suggest it is in the Overvalued zone.
The Price Trend analysis by MoneyWorks4Me indicates it is Weak which suggest that the price of Inox Green Energy Services Ltd is likely to Fall in the short term. However, please check the rating on Quality and Valuation before investing.
About Inox Green Energy Services Ltd
Inox Green Energy Services (Inox Green) is one of India’s leading providers of wind power Operation and Maintenance (O&M) services. The Company specialises in providing long-term O&M services for wind farm projects, including the maintenance of wind turbine generators (WTGs) and the associated common infrastructure that enables the evacuation of power from such WTGs. Inox Green is a subsidiary of Inox Wind and forms a part of the INOXGFL Group which principally operates in the speciality chemicals and renewable energy sectors.
The company enjoys synergistic benefits as a subsidiary of Inox Wind, which is principally engaged in the business of manufacturing WTGs and providing turnkey solutions by supplying WTGs and offering a variety of services including wind resource assessment, site acquisition, infrastructure development, EPC of WTGs, and, through the company, providing long-term O&M services for wind power projects.
The company was originally incorporated as a public limited company under the Companies Act, 1956 on May 11, 2012 as Inox Wind Infrastructure Services Limited. The Company received a certificate of commencement of business on June 14, 2012 from the Registrar of Companies, Gujarat, Dadra and Nagar Haveli. The name of the Company was changed to Inox Green Energy Services Limited with effect from October 27, 2021.
Business area of the company
Inox Green is engaged in the business of providing O&M services and common infrastructure facilities for Wind Turbine Generators.
Services
- WTG Operation Services
- Co-ordination with DISCOM's
- Management Systems
- Predictive Maintenance
- Reactive Maintenance
Key awards, accreditations or recognitions:
- 2022: ISO 14001:2015 accreditation for the management system by TUV Austria Cert GMBH.
- 2022: ISO 45001:2018 accreditation for the management system by TUV Austria Cert GMBH.
Major events and milestones
- 2012: Incorporation of the Company as a public limited company, with the name ‘Inox Wind Infrastructure Services Limited’.
- 2013: Acquired 100% shareholding of Marut-Shakti Energy India Limited (“MSEIL”), pursuant to a share purchase agreement with MSEIL and its shareholders.
- 2015: Acquired 100% shareholding of Satviki Energy Private Limited (“SEPL”) and Sarayu Wind Power (Tallimadugula) Private Limited (“SWPTPL”), pursuant to share purchase agreements with SEPL and its shareholders and SWPTPL and its shareholders, respectively.
- 2016: Acquired 100% shareholding of Vinirrmaa Energy Generation Private Limited (“VEGPL”), Sarayu Wind Power (Kondapuram) Private Limited (“SWPKPL”) and RBRK Investments Limited (“RBRK”) pursuant to share purchase agreements with VEGPL and its shareholders, SWPKPL and its shareholders and RBRK and its shareholders respectively.
- 2017: Awarded 10 wind power projects of 50 MW each by SECI.
- 2018: Awarded four wind power projects of 50 MW each and two wind power projects of 100 MW each by SECI.
- 2020: Divested 100% shareholding in Sri Pavan Energy Private Limited, pursuant to a shareholders agreement entered into with KPR Infra & Projects Limited.
- 2021: Divested 100% shareholding in Resco Global Wind Services Private Limited, pursuant to a share purchase agreement with Inox Wind Limited.
- 2021: Divested 100% shareholding in Marut-Shakti Energy India Limited, Satviki Energy Private Limited, Sarayu Wind Power (Tallimadugula) Private Limited, Vinirrmaa Energy Generation Private Limited, Sarayu Wind Power (Kondapuram) Private Limited and RBRK Investments Limited, pursuant to respective share purchase agreements with Resco Global Wind Services Private Limited.
- 2021: Changed the name of the Company from ‘Inox Wind Infrastructure Services Limited to ‘Inox Green Energy Services Limited’.
- 2021: Divested the business undertaking, assets and liabilities of the erection and commissioning services of wind turbine generators (EPC) business of the company on slump sale basis, pursuant to a business transfer agreement with Resco Global Wind Services Private Limited.
- 2022: Divested 100% shareholding in Wind Two Renergy Private Limited to Torrent Power Limited.
- 2022: Divested 100% shareholding each in Wind One Renergy Limited, Wind Three Renergy Limited and Wind Five Renergy Limited to Adani Green Energy Limited.
- 2022: Signed a term sheet for acquisition of majority stake in a renowned Independent O&M Wind Service Provider with a 230+MW fleet that operates majorly in South India.
- 2023: Acquired a majority stake of 51% equity shares in the share capital of I-Fox Windtechnik India.
- 2023: I-Fox Windtechnik India - subsidiary of the company - won an order from NLC India, a Navratna PSU of Govt of India, for the O&M of 51MW WTGs located in the state of Tamil Nadu.
- 2023: Signed a term sheet for divestment of 100% stake in Nani Virani Wind Energy SPV. The SPV, which is a 50 MW operational wind farm located in Gujarat, was commissioned in May 2023.
- 2024: Acquired a majority stake of 51% in the post equity share capital of Resowi Energy.
- 2024: Completed the divestment/sale of entire equity shares of Rs 10 each held by the company (along with shares held by its nominee) in its wholly owned subsidiary namely Nani Virani Wind Energy (NVWEPL) to IGREL Renewables.
- 2024: INOXGFL Group forayed into solar manufacturing through Inox Solar, a privately held entity by the promoters.
- 2025: Entered into agreements to provide operations and maintenance (O&M) services for 189.1 MWp of operational solar projects with multiple customers.
- 2026: Inox Wind and its Group company -- Inox Solar -- have entered into memorandums of understanding (MoU) with KP Group companies -- KP Energy and KPI Green, respectively, for 5 GW renewable projects.
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