Operates a renewable-energy operations and maintenance (O&M) business, servicing a wind power portfolio of 13+ GWp spread across 17 Indian states, with reported machine availability of 96.5%. In FY26, the O&M segment accounted for 82.3% of segment revenue at Rs 243.37 crore, consultancy income contributed 12.7% at Rs 37.64 crore, and the Power Evacuation business contributed 4.9% at Rs 14.56 crore. The Power Evacuation business has been demerged into Inox Renewable Solutions effective May 4, 2026, moving the entity towards an asset-light, annuity-style O&M model. Customers are wind farm owners, with promoter-group entity Inox Wind's order book of ~3.1 GW providing multi-year visibility for new O&M contracts. Other operating expenses are the largest cost line at 67.8% of revenue, with employee costs at 20.4%. The business also stands to pick up O&M work from the NCLT-approved acquisition of Wind World (India) Limited's IPP and O&M undertakings. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Operation and Maintenance (82%), Consultancy Income (13%), Power Evacuation (5%). Service-led, asset-light renewable energy O&M with annuity-style revenues.
| ₹ crore · consolidated | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|
| Revenue | 254 | 224 | 236 | 281 |
| EBITDA (ex other income) | 57 | 75 | 52 | 23 |
| margin % | 22.6 | 33.4 | 22.1 | 8.2 |
| Owners' profit | (19) | 28 | 19 | 102 |
| EPS, as reported (₹) | (0.83) | 0.96 | 0.62 | 2.74 |
| ROE % · ROCE % | (1.8) · 2.0 | 2.0 · 3.2 | 1.1 · 2.4 | 6.0 · 9.5 |
| Debt / equity (x) | 0.53 | 0.13 | 0.09 | 0.05 |
| Cash from operations | (26) | (8) | 60 | 67 |
| Capex | (70) | (1) | (4) | (2) |
| ₹ crore | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 55 | 61 | 68 | 56 | 86 | 82 | 69 | 43 |
| Profit before tax | 10 | 11 | 12 | 33 | 41 | 40 | 46 | 54 |
| Net profit | 6 | 5 | 6 | 22 | 28 | 25 | 28 | 41 |
| EPS (₹) | 0.17 | 0.13 | 0.17 | 0.58 | 0.74 | 0.65 | 0.71 | 1.01 |
| Segment | Revenue, ₹ crore | Share % |
|---|---|---|
| Operation and Maintenance | 69 | 23.2 |
| Power Evacuation | 3 | 1.0 |
| Consultancy Income | 33 | 11.2 |
| Operation & Maintenance | 191 | 64.6 |
| Total, before eliminations | 296 | 100.0 |
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| INTL GEMOLOGICAL INST LTD | 13,611 | 22.3 | 9.15 | 13.1 |
| Date · filing | Category | Importance | 1-day % | 5-day % |
|---|---|---|---|---|
| 4 Sept 2026 · 14th AGM on Sept 25, 2026; e-voting and annual report details sent | compliance | minimal | — | — |
| 3 Sept 2026 · Notice of 14th AGM on September 25, 2026 | board shareholder meetings | low | — | — |
| 2 Sept 2026 · 14th AGM scheduled for September 25, 2026 via video conferencing | compliance | minimal | — | — |
| 27 Aug 2026 · Acuite assigns AA- Stable long-term and A1+ short-term ratings to banking facilities | credit debt | medium | — | — |
| 24 Aug 2026 · Inox Green allots 4.89 cr IRSL shares under demerger scheme | strategic transactions | high | — | — |
| 14 Aug 2026 · 26th EGM: fund raise and related party transaction resolutions approved | board shareholder meetings | medium | — | — |
| 13 Aug 2026 · 26th EGM held; proposals on fund raising and related party transactions considered | board shareholder meetings | medium | — | — |
| 12 Aug 2026 · Q1 FY27 earnings call transcript with INOX Wind and INOX Green updates | investor communications | medium | — | — |
| 11 Aug 2026 · Monitoring Agency Report for Q1 FY27 on Rs. 966.30 cr preferential issue | compliance | minimal | — | — |
| 7 Aug 2026 · Audio recording of analyst call on Aug 7, 2026 | investor communications | low | — | — |
| Where a broker report shows | This document shows | Why |
|---|---|---|
| A rating (BUY / ADD / REDUCE / SELL) |
| 47.8 |
| 58.1 |
| — |
| 64.6 |
| WEWORK INDIA MANAGEMENT L | 9,297 | 106.7 | 31.07 | 5.9 | 25.0 | 1.0 | — | 66.5 |
| NESCO LTD. | 7,728 | 18.6 | 2.58 | 13.1 | 13.8 | 14.8 | 26.2 | 68.9 |
| INOX GREEN ENERGY SER LTD ◆ | 7,175 | 57.5 | 4.18 | 42.6 | 6.0 | 9.0 | — | 131.6 |
| SMARTWORKS COWORKING SP L | 6,079 | 218.0 | 11.45 | 5.1 | 2.0 | 0.3 | — | 65.8 |
| NIRLON LTD | 5,526 | 16.0 | 11.79 | — | 73.8 | 18.1 | — | 79.4 |
| QUESS CORP LIMITED | 5,174 | 20.4 | 4.43 | 15.6 | 19.0 | 14.4 | 7.1 | 2.6 |
| INDIQUBE SPACES LIMITED | 4,272 | — | 8.30 | — | (20.7) | (2.5) | — | 67.3 |
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 57.5 | 14.3 | 76 of 89 | 15% |
| P/B | 4.2 | 1.5 | 70 of 92 | 24% |
| ROCE | 9.0 | 3.2 | 30 of 105 | 72% |
| ROE | 6.0 | 3.1 | 44 of 116 | 63% |
| Debt / Equity | 0.1 | 0.0 | 64 of 116 | 44% |
| EBITDA margin | 131.6 | 25.4 | 6 of 92 | 95% |
| Revenue growth | (23.0) | 16.2 | 74 of 91 | 19% |
| Profit growth | 82.3 | 5.2 | 33 of 110 | 71% |
| Market cap | 7175 | 56 | 4 of 104 | 97% |
| A state: the latest filed quarter and the measured reactions |
| an event is a fact; a rating is an opinion that requires SEBI RA registration |
| A target price and upside | The current price and the multiples against the group | a target is a forecast; a multiple is a measurement |
| Estimate years marked E | More audited years; no estimates | MarketPing publishes no forecasts — your own model lives on the Models page |
This document is a statistical summary of publicly filed information and market data, prepared by software from primary sources: SEBI results XBRL filed with BSE and NSE, LODR disclosures, shareholding patterns, exchange price data. It contains no research recommendation, no price target and no opinion on the merits of any security, and is not a research report within the meaning of the SEBI (Research Analysts) Regulations, 2014, Regulation 2(1)(w)(vii). Financial statements are as filed (consolidated where the company files consolidated results). Ratios are computed over filed lines. Where a figure is unavailable the table shows a dash rather than an estimate. The business brief is written by MarketPing's reader from the annual report and checked against it; no figure in a table was generated by a model. Nothing here constitutes investment advice, an offer or a solicitation; readers should consult a SEBI-registered adviser before acting. MarketPing is not a SEBI-registered intermediary.
