Standalone And Consolidated Financial Results For FY 2025-26
INOXGREEN · price
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Inox Green Energy Services reported total income of Rs 30,383 lakh for FY2025-26, up 25.5% from Rs 24,207 lakh in FY2024-25. Revenue from operations grew 26% to Rs 23,848 lakh. However, profit after tax from continuing operations declined slightly to Rs 5,338 lakh from Rs 5,521 lakh, impacted by higher O&M and infrastructure expenses. Total PAT including discontinued operations improved to Rs 5,247 lakh vs Rs 3,851 lakh, helped by significantly reduced losses from discontinued operations (Power Evacuation business). The company completed demerger of its Power Evacuation business to Inox Renewable Solutions Limited effective May 4, 2026. Auditors issued unmodified opinion but drew attention to emphasis of matter notes regarding investments in 6 SPVs (with invoked bank guarantee of Rs 5,578 lakh pending regulatory resolution) and pending O&M billings of Rs 11,482 lakh. EBITDA margin compressed from 51.4% to 41.5% year-on-year.
While revenue growth of 26% is positive, the PAT decline on continuing operations and significant EBITDA margin compression indicate cost pressures. The emphasis of matter on SPV investments and pending legal/regulatory matters creates some uncertainty. The demerger simplifies the business structure going forward.