NSE: INOXGREEN · BSE: 543667
INOX GREEN ENERGY SER LTD
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.
Exhibit 1: Financial summary, FY23–FY26 (all audited; no estimate years)
| ₹ 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) |
Exhibit 2: Quarterly performance, last 8 quarters
| ₹ 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 |
Exhibit 3: Segment revenue, FY26
| 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 |
Exhibit 4: Peers — basic industry group, by market cap
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| INTL GEMOLOGICAL INST LTD | 16,876 | 27.7 | 11.34 | 16.2 | 47.8 | 58.1 | — | 64.6 |
| WEWORK INDIA MANAGEMENT L | 8,745 | 100.3 | 29.23 | 5.6 | 25.0 | 1.0 | — | 66.5 |
| NESCO LTD. | 7,045 | 16.9 | 2.35 | 11.9 | 13.8 | 14.8 | 26.2 | 68.9 |
| NIRLON LTD | 5,678 | 16.4 | 12.12 | — | 73.8 | 18.1 | — | 79.4 |
| SMARTWORKS COWORKING SP L | 5,302 | 190.2 | 9.99 | 4.5 | 2.0 | 0.3 | — | 65.8 |
| QUESS CORP LIMITED | 4,869 | 19.2 | 4.17 | 14.6 | 19.0 | 14.4 | 7.1 | 2.6 |
| INOX GREEN ENERGY SER LTD ◆ | 4,360 | 34.9 | 2.54 | 25.9 | 6.0 | 9.0 | — | 131.6 |
| INDIQUBE SPACES LIMITED | 3,549 | — | 6.89 | — | (20.7) | (2.5) | — | 67.3 |
Exhibit 5: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 34.9 | 13.0 | 59 of 79 | 26% |
| P/B | 2.5 | 1.3 | 67 of 95 | 30% |
| ROCE | 9.0 | 3.4 | 30 of 103 | 72% |
| ROE | 6.0 | 2.9 | 41 of 113 | 64% |
| Debt / Equity | 0.1 | 0.1 | 39 of 91 | 57% |
| 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 | 4360 | 47 | 7 of 108 | 94% |
Exhibit 6: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 13 Oct 2026 · Compliance filing: No demat requests in Sep 2026 quarter | compliance | minimal | — | — |
| 9 Oct 2026 · Vibhav Energy ceases to be wholly-owned subsidiary after ICD-to-equity conversion | strategic transactions | high | — | — |
| 7 Oct 2026 · Inox Green completes Rs 550 crore payment for Wind World India 4.5 GW O&M deal | strategic transactions | high | — | — |
| 7 Oct 2026 · Inox Green's unit pays Rs 550 Cr to acquire WWIL O&M business | regulatory legal | high | — | — |
| 30 Sept 2026 · Trading window closure ahead of Q2 FY26 results announcement | compliance | minimal | — | — |
| 30 Sept 2026 · Inox Green raises Rs 300 crore via QIP at 5 percent discount to floor price | fund raising | high | — | — |
| 30 Sept 2026 · INOX Green closes QIP at Rs 165.65, raises about Rs 300 crore | fund raising | high | — | — |
| 28 Sept 2026 · AGM 2026 results: All 7 resolutions passed, director re-appointments approved | board shareholder meetings | low | — | — |
| 25 Sept 2026 · Inox Green Energy 14th AGM proceedings held on September 25, 2026 | board shareholder meetings | medium | — | — |
| 24 Sept 2026 · Inox Green Energy Services opens QIP, floor price at Rs. 174.36 per share | fund raising | high | — | — |
How to read this document
| Where a broker report shows | This document shows | Why |
|---|---|---|
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Sources, method and disclosures
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.