Inox Green Energy Services Ltd - Stock Valuation and Financial Performance

BSE: 543667 | NSE: INOXGREEN | Engineering | Small Cap

Inox Green Enrgy Ser Share Price

118.20 -2.50 -2.07%
as on 28-Mar'24 16:01

DeciZen - make an informed investing decision on Inox Green Enrgy Ser

Overall Rating
Bole Toh

1. Quality

2. Valuation

Overvalued

3. Price Trend

Inox Green Energy Services stock performance -

mw4me loader
P/E Ratio (SA):
373.03
Market Cap:
3,543.8 Cr.
52-wk low:
38.5
52-wk high:
149.5

Is Inox Green Energy Services Ltd an attractive stock to invest in?

1. Is Inox Green Energy Services Ltd a good quality company?

Past 10 year’s financial track record analysis by Moneyworks4me indicates that Inox Green Energy Services Ltd is a below average quality company.

2. Is Inox Green Energy Services Ltd undervalued or overvalued?

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.

3. Is Inox Green Energy Services Ltd a good buy now?

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.

10 Year X-Ray of Inox Green Enrgy Ser:

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 end

Data adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year end.

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

Value Creation Index Colour Code Guide

Mar'14Mar'15Mar'16Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23TTM
ROCE % -4.3%-6.2%3.6%12.2%-0.6%2.4%5.1%2.4%2.2%1.5%-
Value Creation
Index
NANANA-0.1NA-0.8-0.6-0.8-0.9-0.9-

Growth Parameters

Growth Parameters Colour Code Guide

Sales 177222628697367215400177174248202
Sales YoY Gr.-25.2%183.4%10.9%-47.4%-41.3%85.7%-55.8%-1.6%42.5%-
Adj EPS -2,527.3-7,087.9-3,268.311,104.3-10,092.6-7.8-3.9-1-0.2-0.50.3
YoY Gr.-NANANA-190.9%NANANANANA-
BVPS (₹) -1,970.7-9,058.5-4,483.23,744-7,728.50.76.85.838.641.940.9
Adj Net
Profit
-12.6-35.4-16.355.5-50.5-45-44.8-12.4-5-149
Cash Flow from Ops. -165-93.9-24.7-6.972.6-70.3409112155-72.9-
Debt/CF from Ops. -1.4-3.9-20.1-115.613.2-16.12.610.94.5-5.2-

CAGR

CAGR Colour Code Guide

9 Years 5 Years 3 Years 1 Years
Sales 3.8%-7.5%-14.7%42.5%
Adj EPS NANANANA
BVPSNANA83%8.5%
Share Price - - - 190.4%

Key Financial Parameters

Performance Ratio Colour Code Guide

Mar'14Mar'15Mar'16Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23TTM
Return on
Equity %
357.4128.593.9178.8-220-286.4-76.9-13.3-1-1.30.8
Op. Profit
Mgn %
-4.8-114.219.5121.626.449.248.420.129.7
Net Profit
Mgn %
-7.1-16-2.68-13.8-20.9-11.2-7-2.9-5.74.6
Debt to
Equity
-22.7-8.2-22.142.3-24.8267.113.416.40.80.3-
Working Cap
Days
4136513514639991,8621,1842,8882,3041,206417
Cash Conv.
Cycle
17833113493157-71-10-411-13441159

Recent Performance Summary

Return on Equity has increased versus last 3 years average to 0.80%

Debt to equity has declined versus last 3 years average to 0.31

Sales growth has been subdued in last 3 years -14.71%

Net Profit has been subdued in last 3 years 0.00%

Sales growth is not so good in last 4 quarters at -12.07%

Latest Financials - Inox Green Energy Services Ltd.

Standalone Consolidated
TTM EPS (₹) 0.3 0.2
TTM Sales (₹ Cr.) 202 230
BVPS (₹.) 40.9 38.1
Reserves (₹ Cr.) 906 824
P/BV 2.95 3.17
PE 373.03 560.73
From the Market
52 Week Low / High (₹) 38.50 / 149.50
All Time Low / High (₹) 38.50 / 149.50
Market Cap (₹ Cr.) 3,544
Equity (₹ Cr.) 293.6
Face Value (₹) 10
Industry PE 32.8

Management X-Ray of Inox Green Enrgy Ser:

Shareholding Pattern

Promoter's Holding & Share Pledging

Pledged *0.000.000.000.000.000.008.81
* Pledged shares as % of Promoter's holding (%)

Event Update

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Analyst's Notes

Key Ratios of Inox Green Enrgy Ser

Adj EPS (Rs.)

Sales (Cr.)

ROE (%)

ROCE (%)

Profit And Loss

(All Figures are in Crores.)
PARTICULARSMar'14Mar'15Mar'16Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23
Sales177222628697367215400177174248
Operating Expenses 1862466025613631692949090216
Manufacturing Costs164169251264127118156302467
Material Costs-2017253175118-444201453
Employee Cost 9162838363125192225
Other Costs 32457084836571413072
Operating Profit -8-2426136347105878431
Operating Profit Margin (%) -4.8%-11.0%4.2%19.5%0.9%21.6%26.4%49.2%48.4%12.7%
Other Income 011077912151043
Interest 1027453865100147615255
Depreciation 0259172740494958
Exceptional Items 00-5-21-11-17-19000
Profit Before Tax -19-52-1875-82-89-88-8-7-38
Tax -6-16-233-24-32-31-3-2-13
Profit After Tax -13-35-1741-58-57-58-5-4-25
PAT Margin (%) -7.1%-16.0%-2.6%5.9%-15.8%-26.6%-14.4%-2.8%-2.5%-10.1%
Adjusted EPS (₹)-2,527.3-7,087.9-3,321.18,225.1-11,579.9-10.0-5.0-0.4-0.2-0.9
Dividend Payout Ratio (%)0%0%0%0%0%0%0%0%0%0%

Balance Sheet

(All Figures are in Crores.)
PARTICULARSMar'14Mar'15Mar'16Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23

Equity and Liabilities

Shareholders Fund -10-45-2219-39479749071,222
Share Capital 0000057116129235292
Reserves -10-45-2219-39-53-37-54672930
Minority Interest0000000000
Debt224369496694707893776996563356
Long Term Debt01412526549526302249164108
Short Term Debt22436884167159367474747399248
Trade Payables1161662683873463844144765962
Others Liabilities 2321222352509548958874332195
Total Liabilities 3525119631,4521,5241,8292,2282,4211,8621,835

Fixed Assets

Gross Block781722835285348389091,0361,048
Accumulated Depreciation02514315897146195253
Net Fixed Assets76167269497476741762841796
CWIP 1835299410532148122
Investments 221813108173163164130
Inventories1402903173212483813273272124
Trade Receivables1481172383942461932592306886
Cash Equivalents 1175123514276945
Others Assets3759187311488640792864687752
Total Assets 3525119631,4521,5241,8292,2282,4211,8621,835

Cash Flow

(All Figures are in Crores.)
PARTICULARSMar'14Mar'15Mar'16Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23
Cash Flow From Operating Activity -165-94-25-773-70409112155-73
PBT -19-52-1875-82-89-88-72-82-38
Adjustment 1027506311013819517513077
Changes in Working Capital -153-69-46-13057-121295-6112-117
Tax Paid -3-1-10-14-131-1214-45
Cash Flow From Investing Activity -20-26-148-212-191-107-308-176-5326
Capex -9-24-130-169-167-83-296-79-93-5
Net Investments -2-10-11-1018-82-19-11
Others -9-1-19-32-14-42-4-995943
Cash Flow From Financing Activity 18411918025082176-9980-775
Net Proceeds from Shares 000000000370
Net Proceeds from Borrowing 0150019415452-103-39110-162
Interest Paid -1-26-36-27-63-84-104-98-135-52
Dividend Paid 0000000000
Others 185145-28483-9208108217-53-150
Net Cash Flow 00731-36-121625-41
PARTICULARSMar'14Mar'15Mar'16Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23
Ratios
ROE (%)N/AN/AN/A0N/A0-137.47-6.49-0.9-2.36
ROCE (%)N/AN/AN/A16.74N/A1.045.124.273.111.05
Asset Turnover Ratio0.820.510.850.580.250.130.20.080.080.13
PAT to CFO Conversion(x)N/AN/AN/A-0.17N/AN/AN/AN/AN/AN/A
Working Capital Days
Receivable Days205218103165318372206504312114
Inventory Days15335517716728353432467636633
Payable Days-1,4213,0243136841,133-2,9993,45706,768420

Inox Green Energy Services Ltd Stock News

Inox Green Energy Services Ltd FAQs

Company share prices are keep on changing according to the market conditions. The closing price of Inox Green Enrgy Ser on 28-Mar-2024 16:01 is ₹118.2.
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 28-Mar-2024 16:01 the market cap of Inox Green Enrgy Ser stood at ₹3,543.8.
The latest P/E ratio of Inox Green Enrgy Ser as of 28-Mar-2024 16:01 is 373.0.
The latest P/B ratio of Inox Green Enrgy Ser as of 28-Mar-2024 16:01 is 2.95.
The 52-week high of Inox Green Enrgy Ser is ₹149.5 and the 52-week low is ₹38.50.
The TTM revenue is Trailing Twelve Months sales. The TTM revenue/sales of Inox Green Enrgy Ser is ₹202.3 ( Cr.) .

About Inox Green Energy Services Ltd

Inox Green Energy Services was originally incorporated as ‘Inox Wind Infrastructure Services Limited’ at Vadodara, Gujarat as a public company limited by shares under the Companies Act, 1956, pursuant to a certificate of incorporation dated May 11, 2012, issued by the Registrar of Companies, Gujarat at Dadra and Nagar Haveli. The company commenced operations pursuant to a certificate for commencement of business dated June 14, 2012, issued by the Registrar of Companies, Gujarat at Dadra and Nagar Haveli. The name of the company was changed to ‘Inox Green Energy Services Limited’, pursuant to a resolution of board of directors of the company dated October 6, 2021 and a special resolution passed in extra-ordinary general meeting held on October 21, 2021, pursuant to which a fresh certificate of incorporation was issued by the RoC on October 27, 2021.

The company is one of the major wind power operation and maintenance (O&M) service providers within India. It has stable annual income owing to the long-term O&M contracts that it enters into with its customers. It is a subsidiary of Inox Wind (IWL), a company which is listed on the National Stock Exchange of India Limited and BSE Limited, and part of the Inox GFL group of companies (Inox GFL Group).

The company enjoys synergistic benefits as a subsidiary of IWL, which is principally engaged in the business of manufacturing wind turbine generators (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.

Business area of the company

The company is engaged in the business of providing long-term O&M services for wind farm projects, specifically the provision of O&M services for wind turbine generators and the common infrastructure facilities on the wind farm which support the evacuation of power from such WTGs.

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.
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