Overview

Detailed Summary

Inox Green Energy Services Limited is a listed, pure‑play renewable O&M services company focused on comprehensive operations and maintenance for wind, solar, hybrid projects and common infrastructure across India, acting as a service provider and asset manager to PSUs, IPPs and private owners with long‑tenor contracts and centralized monitoring capabilities.
The company reported a strong Q3 FY26 with total income of Rs 112 crore (up 51% YoY), EBITDA of Rs 53 crore (up 80% YoY) and PAT of Rs 25 crore (up 375% YoY), while nine‑month results indicate robust growth with cash PAT and EBITDA expanding significantly versus prior year, driven by portfolio scale and other income classified as operating in nature.
Inox Green’s managed portfolio totals ~13.3 GWp (approx. 10 GW wind and 3.3 GWp solar) spread across 17 states with machine availability at ~96.5% in Q3 FY26, reflecting operational robustness; management expects consolidation of recently acquired 6.5 GW operational wind portfolios to materially increase consolidated EBITDA and PAT in FY27.
A structural corporate action is underway: the scheme of demerger of the common substation business into Inox Renewable Solutions Ltd is at final NCLT hearing stages, which will make Inox Green more asset‑light, remove ~Rs 50–55 crore annual depreciation and improve ROE/ROCE, while group synergies with Inox Wind, Inox Solar and Inox Clean underwrite growth visibility.
Growth levers include inorganic acquisitions, exclusive servicing arrangements with Inox Solar and group IPP pipelines, WTG overhaul packages, value‑added services like carbon credit trading, and digital initiatives (SAP HANA upgrade, SCADA analytics and pilot agent‑AIs) aimed at improving uptime, margins and predictable annuity cashflows.

Sector: Power Generation & Distribution
Industry: Power Generation And Supply
Market Cap: 6,520 Cr
Volatility: High Risk
P/E Ratio: 71.7
Industry P/E: 24.1
PEG Ratio: —
P/B Ratio: 2.8
52W High: 279.00
52W Low: 95.65

Sales CAGR

1Y: 5.03%
3Y: 11.01%
5Y: 7.34%
10Y: —

Profit CAGR

1Y: -20.97%
3Y: —
5Y: 63.01%
10Y: —

ROE

TTM: 2.95%
3Y: -0.36%
5Y: -2.59%
10Y: —

ROCE

TTM: 4.72%
3Y: 2.39%
5Y: 3.18%
10Y: —

Technicals

‌

Forecasts

Peers

Symbol	Price	Market Cap	P/E	P/B	Div Yield (%)	ROE (%)	ROCE (%)	ROA (%)
JPPOWER	14.48	9,924 Cr	19.84	0.78	0.00	5.83	9.22	3.43
RPOWER	22.98	9,504 Cr	35.25	0.62	0.00	1.81	6.05	0.68
PGINVIT	91.39	8,325 Cr	6.14	1.09	13.12	17.69	19.34	13.35
KPIGREEN	363.50	7,150 Cr	16.78	2.70	0.22	14.97	12.93	7.43
INOXGREEN	162.40	6,520 Cr	76.46	2.76	0.00	2.95	4.72	3.31
RTNPOWER	7.98	4,285 Cr	31.92	0.94	0.00	1.89	6.35	1.36
SEITINVIT	125.00	4,050 Cr	14.45	1.35	4.08	4.38	5.81	1.75

Financial Statements

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Consolidated Quarterly Results (in ₹ Crores)

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Total Figures

QoQ Changes

Total Figures

	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025
Sales	47	60	52	51	55	61	68	56	86	82
Expenses	34	40	41	34	37	46	68	50	77	59
Operating Profit	13	20	12	17	19	16	0.87	6.12	8.58	23
OPM %	27.37	33.06	22.01	33.27	33.62	25.52	1.27	10.89	9.99	27.78
Other Income	11	0.58	32	3.86	9.23	13	29	42	44	30
Interest	6.57	4.85	9.32	5.75	4.71	3.95	4.24	3.63	1.22	2.18
Depreciation	13	13	13	13	13	13	13	11	10	11
Profit Before Tax	3.89	2.27	21	1.78	9.67	11	12	33	41	40
Tax %	13.11	66.52	-3.81	47.19	37.13	47.23	47.34	32.13	31.35	38.06
Net Profit	3.38	0.76	22	0.94	6.08	5.82	6.44	22	28	25
EPS in Rs	0.12	-0.02	0.34	0.06	0.31	0.12	0.31	0.53	0.68	0.61

Consolidated Profit Loss (in ₹ Crores)

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Total Figures

YoY Changes

Total Figures

	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	TTM
Sales	368	164	165	172	172	250	224	236	241
Expenses	368	82	77	90	90	193	149	184	200
Operating Profit	-0.39	82	88	82	82	57	75	52	41
OPM %	-0.11	50.12	53.39	47.73	47.74	22.69	33.38	22.05	17.08
Other Income	1.90	1.81	7.09	-4.95	18	40	37	55	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	27	2.77	-32	-4.71	-18	33	35	66
Tax %	29.43	36.37	39.39	14.26	-5.20	-155.66	10.80	44.45	38.21
Net Profit	-57	17	1.68	-28	-4.95	-46	30	19	41
EPS in Rs	—	—	—	—	—	-0.99	0.54	0.80	2.12
Dividend Payout %	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	—

Consolidated Balance Sheet (in ₹ Crores)

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Total Figures

YoY Changes

Total Figures

	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	1.75	-8.06	-20	-86	572	794	1,051	1,600
Borrowings	707	1,154	1,085	1,411	904	595	174	181
Other Liabilities	800	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
Fixed Assets	500	512	776	765	953	1,095	755	704
CWIP	10	59	26	251	133	7.38	7.05	7.05
Investments	0.02	71	72	33	33	0.00	0.00	446
Other Assets	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

Consolidated Cash Flows (in ₹ Crores)

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Total Figures

YoY Changes

Total Figures

	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Cash from Operating Activity	65	-41	362	49	141	-26	-7.87	60
Cash from Investing Activity	-168	-170	-306	-105	-153	-5.19	-63	-637
Cash from Financing Activity	82	195	-52	174	-63	-10	79	573
Net Cash Flow	-21	-17	2.68	117	-76	-42	7.86	-4.58

Shareholdings

Shareholding History

Quarterly

Yearly

Quarterly

	Dec 2023	Mar 2024	Jun 2024	Aug 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Nov 2025	Dec 2025	Jan 2026
Promoters	55.72%	55.72%	55.72%	56.35%	56.35%	55.93%	55.93%	55.97%	55.97%	54.82%	54.82%	56.12%
FIIs	9.20%	8.33%	9.16%	8.81%	9.12%	8.78%	8.93%	0.29%	7.88%	7.78%	7.56%	8.97%
DIIs	2.84%	1.75%	1.72%	3.93%	3.70%	3.72%	3.72%	8.24%	1.08%	0.71%	1.41%	1.53%
Public	32.24%	34.20%	33.40%	30.90%	30.83%	31.57%	31.42%	35.51%	35.07%	36.68%	36.20%	33.38%
Total Shareholders	93,830	1,07,498	1,21,044	1,36,274	1,43,748	1,54,405	1,53,492	1,47,635	1,30,308	1,17,760	1,15,739	1,14,449

Market Transactions

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Projection

Documents

Presentations

Concalls

Reports

Presentations

Investor Presentation

Q3 FY26

Investor Presentation

Q2 FY26

Investor Presentation

Q1 FY26

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