NSE: INOXGREEN · BSE: 543667 · ISIN INE510W01014
Inox Green Energy Services Limited stock analysis
Inox Green Energy Services Limited ranks #1686 in the TickerSutra evidence-ranked universe with a score of 51/100 and 93% data confidence. The latest captured fundamentals show ROCE of 8.4%, quarterly sales growth of -23.0% and quarterly profit growth of 84.8%.Monitor only
INVESTMENT EVIDENCE
What supports—and challenges—the thesis
Evidence in favour
- Low debt/equity of 0.05×
- Strong CFO/EBITDA of 2.91×
- Institutional ownership is rising
- CWIP indicates an active capacity pipeline
- No promoter shares are reported as pledged
Risks and constraints
- Operating margin has compressed materially
- Valuation is above 40× earnings
Still unresolved: Related-party exposure · Broad media sentiment
FINANCIAL TRAJECTORY
Recent operating history
| Period | Revenue | Operating profit | Net profit | Operating margin |
|---|---|---|---|---|
| 2022 | ₹172cr | ₹82cr | ₹-93cr | 48.0% |
| 2023 | ₹254cr | ₹57cr | ₹-20cr | 23.0% |
| 2024 | ₹224cr | ₹75cr | ₹28cr | 33.0% |
| 2025 | ₹236cr | ₹52cr | ₹22cr | 22.0% |
| 2026 | ₹281cr | ₹23cr | ₹103cr | 8.0% |
| TTM | ₹276cr | ₹24cr | ₹122cr | 9.0% |
EXCHANGE EVENT TRIGGERS
Latest corporate disclosures
Inox Green Energy Services Limited has submitted the Exchange a copy Srutinizers report of Annual General Meeting held on September 25, 2026. Further, the company has informed the Exchange regarding voting results.
RoutineInox Green Energy Services Ltd - 543667 - Shareholder Meeting / Postal Ballot-Scrutinizer''s ReportBSE · 29 Sept 2026Voting Results and Consolidated Scrutinizer''s Report of the 14th Annual General Meeting held on 25th September, 2026
RoutineInox Green Energy Services Ltd - 543667 - Shareholder Meeting / Postal Ballot-Outcome of AGMBSE · 26 Sept 2026Proceedings of the 14th Annual General Meeting of the Company
RoutineShareholders meetingNSE · 26 Sept 2026Inox Green Energy Services Limited has informed the Exchange regarding Proceedings of 14th Annual General Meeting held on September 25, 2026
MANAGEMENT COMMENTARY
Signals from filed documents
Under the scheme, nearly 48 GW of integrated solar PV manufacturing capacity has been awarded, backed by investment commitments of around H52,942 crore. By promoting domestic manufacturing capabilities, reducing import dependence and supporting renewable energy capacity expansion, the initiative is expected to accelerate clean energy deployment. The stronger pace of installations compared with previous years has expa
During FY26, the Company delivered strong financial performance, with revenue of H 426 crs, EBITDA of H 210 crs, reported PAT of H 103 crs and Cash PAT of Rs. 158 crs, reflecting benefits of operating leverage and its asset-light business model. The Company further enhanced its technology backbone through SCADA-based real-time monitoring and analysis of assets, with SAP HANA upgradation underway.
We are strongly placed with all our customers, including C&I, PSU, IPP, captive, that is GFL and retail. Many more tenders as well as negotiations are underway, and we are confident of securing more orders this year. Further, we have a visibility of receiving large recurring or ders from INOX Clean Energy over the next few years, as I mentioned before.
Collectively, these actions remove legacy financial encumbrances, reduce legal uncertainty, and strengthen IGESL’s capital structure—substantially mitigating the risk of liquidity strain or reputational impact arising from the transferred EPC liabilities. Positive Implication (Post Mitigation): These measures reduce contingent liabilities, improve liquidity, lower finance costs, enhance creditworthiness, and minimize
During FY2025-26, we advanced our inorganic growth strategy through the acquisition process for Wind World India Limited’s ~4.5 GW wind O&M portfolio. Subsequent to the year-end, the Company received approval from the Hon’ble NCLT, Ahmedabad for the acquisition, with completion expected in Q2 FY27. This value-accretive transaction is expected to strengthen scale, improve customer access and create scope for operation
Our USS is expected to be commercially launched in FY27. All these investments have relatively relative short payback periods and will lead to revenue and margin expansion in IRSL. Further, the demerger of the power evacuation infrastructure business from INOX Green into INOX Renewable Solution has been completed as on August 1, 2026, being the record date.
Members may note that the facility of participation at the AGM through VC/ OA VM will be made available for 1,000 members on a first-come-first-served basis. However, this will not include large shareholders (shareholders holding 2% or more shareholding), Promoters, Institutional Investors, Directors, Key Managerial Personnel, the Chairpersons of the Audit Committee, Nomination and Remuneration Committee and Stakehol
HOW TO READ THIS PAGE
Evidence, freshness and limitations
What does the TickerSutra score mean?
The score ranks captured evidence across financial quality, growth, moat and margins, regulatory catalysts, governance, institutional trend and valuation comfort. It is a research-prioritization tool—not a buy recommendation or price target.
Which sources support this page?
Financial history, ownership and pledge data, NSE and BSE filings, annual reports and available earnings-call transcripts are combined here. Use the source trail and original exchange document before relying on a decision-critical fact.
Why can an item be unresolved?
Unresolved means the current captured source window did not provide enough evidence for that check. It does not establish that a risk or relationship is absent.
Maintained by TickerSutra Research · Snapshot updated 29 Sept 2026 · Read the methodology · Read the disclaimer
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