Inox Green Energy Services Limited has submitted to the Exchange, the financial results for the period ended March 31, 2026.
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Inox Green Energy Services reported FY26 standalone revenue of Rs 23,848 lakh, up 26% from Rs 18,938 lakh in FY25, driven by O&M services. PAT from operations declined marginally to Rs 5,338 lakh vs Rs 5,521 lakh in prior year. EBITDA remained flat at Rs 12,621 lakh. The company completed demerger of its Power Evacuation business to Inox Renewable Solutions (effective May 4, 2026), with prior period figures restated. Auditors issued unmodified (clean) opinions with four emphasis of matter notes highlighting investments in 6 SPVs (bank guarantee invoked, ongoing CERC/APTEL legal matter), unbilled O&M revenue of Rs 11,482 lakh, and the completed demerger. Total equity stands at Rs 1,73,151 lakh as of March 31, 2026.
Clean audit with revenue growth provides comfort, though PAT decline and ongoing legal disputes over SPV investments (Rs 5,578 lakh bank guarantee invoked) remain key risks. The demerger will reduce future revenue scale but may unlock value. Shareholders should monitor recovery from SPVs and unbilled receivables collection.