Inox Green Energy Services Ltd (INOXGREEN)
🎯 Key Takeaways
- INOXGREEN is transitioning from a project-based renewable energy services firm to an equipment supply-driven model, supported by strategic demergers and acquisitions that enhance margin resilience and cash flow predictability. The company is executing a clear structural shift toward higher-margin equipment supply, underpinned by a 4.
- Revenue declined 37% QoQ to ₹43 in Q1FY27.
- ⚠️ Execution risk around the 4X turbine commercial launch in September 2026 and integration of the 4.5 GW wind O&M portfolio, which are critical for marg
- Market Cap
- ₹6,827
- P/E Ratio
- 54.7
- P/B Ratio
- 4.00
- ROE
- 7.1%
- ROCE
- 10.5%
- Debt/Equity
- 0.05
- Promoter
- 56.1%
📖 The Story
INOXGREEN is transitioning from a project-based renewable energy services firm to an equipment supply-driven model, supported by strategic demergers and acquisitions that enhance margin resilience and cash flow predictability. The company is executing a clear structural shift toward higher-margin equipment supply, underpinned by a 4.4 GW order backlog and indigenization targets, while completing the demerger of its power evacuation business to sharpen focus on core operations.
📰 What's Happening
In Q1 FY27, INOXGREEN reported ₹872 crores revenue (23% YoY growth) and ₹64 crores PAT, with EBITDA margin expanding to 27% from 18% YoY, driven by equipment supply dominance (70% of backlog). Management highlighted the commercial launch of the 4X wind turbine model in September 2026 and the completion of the power evacuation demerger by August 1, 2026, pending NCLT approval on August 7. The company also secured NCLT approval for acquiring a 4.5 GW wind O&M portfolio, which it expects to integrate to boost recurring revenue and scale. These moves reflect a strategic pivot toward scalable, margin-accretive equipment supply and O&M services.
Source: Stock Announcements
📊 Quarterly Results (₹ Cr)
| Metric | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|
| Revenue | 86 | 78 | 69 | 43 |
| Operating Profit | -2 | 18 | -3 | -1 |
| OPM % | -1.8% | 23.7% | -4.8% | -3.1% |
| Net Profit | 28 | 25 | 28 | 41 |
| EPS | ₹0.74 | ₹0.65 | ₹0.71 | ₹1.01 |
Revenue shows volatility but upward momentum, with Q1 FY27 at ₹872 crores (up from ₹69 crores in Q4 FY26), though operating losses persist. The shift to equipment supply is evident in improved EBITDA margin (27% vs prior quarters), despite temporary pressure from scaling investments. PAT rose to ₹64 crores in Q1 FY27 from ₹28 crores in Q4 FY26, signaling progress in converting revenue into profit. However, operating cash flow remains negative (₹-5 crores in Mar 2025), indicating capital intensity during transformation.
🔮 Management Outlook & What's Next
Management expects FY27 revenue of ₹6,500 crores (100% YoY growth) and EBITDA margin of 20-22%, supported by the 4X turbine commercialization and equipment supply scale. They emphasize resilience, citing only force majeure as a risk to guidance achievement. The demerger of the power evacuation business and acquisition of a 4.5 GW wind O&M portfolio are expected to enhance cash flow visibility and operational scale, enabling multifold EBITDA and PAT growth post-integration.
Extracted from official company announcements. Not StockFin.ai's opinion.
🏦 Balance Sheet (₹ Cr)
| Item | Mar 2025 | Mar 2025 | Mar 2026 | Mar 2026 |
|---|---|---|---|---|
| Equity Capital | 367 | 364 | 401 | 367 |
| Reserves | 1,448 | 1,555 | 1,306 | 1,500 |
| Borrowings | 181 | 167 | 88 | 95 |
| Total Liabilities | 2,487 | 2,641 | 2,113 | 2,466 |
| Fixed Assets | 704 | 719 | 5 | 675 |
| Investments | 446 | 434 | 550 | 486 |
| Total Assets | 2,487 | 2,641 | 2,113 | 2,466 |
The balance sheet shows stable equity (₹401 crores in Mar 2026) with modest reserve growth (₹1,306 crores), while borrowings remain low (₹88 crores), indicating conservative capital structure. Total assets declined slightly to ₹2,113 crores from ₹2,466 crores, reflecting asset reallocation post-demerger. The company is prioritizing debt repayment (₹109.64 crores from preferential issue proceeds) and strategic investments in subsidiaries, suggesting a focus on deleveraging and long-term value creation over aggressive expansion.
💰 Cash Flow Statement (₹ Cr)
| Item | Mar 2025 |
|---|---|
| Operating | +60 |
| Investing | -637 |
| Financing | +573 |
| Net Cash Flow | -5 |
👥 Shareholding Pattern
| Category | Q3FY26 | Q4FY26 | Q1FY27 |
|---|---|---|---|
| Promoters | 54.8% | 56.1% | 56.1% |
| FII | 7.6% | 8.7% | 7.8% |
| DII | 1.4% | 1.5% | 1.9% |
| Public | 18.0% | 17.1% | 17.6% |
| # Shareholders | 1,15,739 | 1,17,889 | 1,14,521 |
Promoter holding remains stable at 56.12%, but FII ownership has increased from 7.56% in Q3 FY26 to 7.85% in Q1 FY27, suggesting growing institutional confidence. DII holding is minimal (1.87%), and public shareholder count has slightly declined, but the company has over 1.14 lakh shareholders, indicating retail engagement. No promoter pledging or significant dilution is evident, supporting ownership stability.
⚖️ Peer Comparison — Miscellaneous
| Company | MCap (₹ Cr) | P/E | ROCE | ROE | D/E |
|---|---|---|---|---|---|
| GMRAIRPORT | 99,782 | 205.4 | 12.1% | — | -13.08 |
| NBCC | 21,681 | 29.3 | 41.3% | — | 0.00 |
| CMPDI | 14,612 | 26.4 | 32.4% | — | 0.00 |
| IGIL | 13,970 | 22.9 | 56.1% | — | 0.00 |
| HORIZONIND | 12,681 | — | — | — | 1.22 |
| RITES | 9,427 | 22.6 | 23.1% | — | 0.00 |
| RAIN | 7,260 | 13.5 | 12.0% | — | 1.21 |
| INOXGREEN | 6,827 | 54.7 | 9.4% | — | 0.10 |
| SIS | 5,567 | 38.0 | 8.0% | — | 0.56 |
| CMRGREEN | 4,859 | 21.8 | 18.4% | — | 0.65 |
🔗 Peer Stock Analyses
⚠️ Risk Factors
1. Execution risk around the 4X turbine commercial launch in September 2026 and integration of the 4.5 GW wind O&M portfolio, which are critical for margin and cash flow targets. 2. Persistent operating losses and negative operating cash flow during the transformation phase could pressure liquidity if revenue growth stalls. 3. Regulatory dependency on NCLT approval for key transactions introduces timeline uncertainty. 4. Margin improvement relies heavily on equipment supply shift, which may face execution or pricing pressures from competition or supply chain constraints.
📋 Recent Filings
- 🟡 Board Meeting2026-09-25The 14th AGM of Inox Green Energy Services was held on 25 September 2026 via video conference, with quorum met and e-voting conducted from 22-24 Septe…
- 🟡 Board Meeting2026-09-24The Operations Committee approved the qualified institutional placement of equity shares at a floor price of **₹174.36** per share, authorizing the is…
- 🔴 Announcement2026-09-23Inox Green Energy Services voluntarily withdrew its CRISIL credit ratings for banking facilities on September 23, 2026, while retaining Acuite Ratings…
- 🟡 sustainability report2026-09-03Inox Green Energy Services Limited (INOXGREEN) filed its Business Responsibility and Sustainability Report (BRSR) for FY 2025-26 on September 3, 2026,…
- 🟡 Board Meeting2026-09-03The 14th AGM of Inox Green Energy Services Ltd is scheduled for September 25, 2026, via video conferencing. Shareholders will vote on reappointing Shr…
- 🔴 annual report2026-09-03Inox Green Energy Services Ltd (INOXGREEN) reported FY 2025-26 revenue of ₹23,847.72 lakhs, up from ₹18,938.29 lakhs, driven by growth in O&M services…
- 🔴 Announcement2026-08-27Acuite Ratings assigned AA- Stable to INOXGREEN's long-term facilities and A1+ to short-term facilities, reflecting strong credit quality and stable o…
- 🔴 Corporate Action2026-08-24The company announced allotment of 4,89,82,030 fully paid-up equity shares of Rs. 10 each in Inox Renewable Solutions Limited to eligible shareholders…
- 🟡 Board Meeting2026-08-13The 26th Extraordinary General Meeting of Inox Green Energy Services Limited was held on 13 August 2026 at 3:00 PM IST via video conference, concludin…
- 🔴 Financial Results2026-08-12INOXGREEN reported Q1 FY27 revenue of **₹872 crores**, up 23% YoY, with adjusted EBITDA at **₹237 crores** and PAT at **₹64 crores**. The company post…
🧠 Analyst's Read
INOXGREEN is undergoing a structural transformation toward a more scalable and margin-resilient equipment supply model, supported by strong order backlog and strategic corporate actions. Investors should monitor the successful commercialization of the 4X turbine and integration of the wind O&M portfolio, as these will be pivotal in validating management's growth and profitability outlook.
Based on filing content and financial data. Not a recommendation.
Read the full analysis
Quarterly trends, balance sheet, cash flow, peer comparison, and AI insights — sign up free to unlock.
Sign Up Free — Unlock Full Analysis2 free AI queries per day.
Data sourced from stock announcements. Analysis generated by StockFin.ai.
For informational purposes only — not investment advice. Updated 2026-09-29.
Editorial & Data Transparency Notice
This analysis was programmatically compiled using StockFin AI utilizing official regulatory disclosures from the BSE and NSE. Content is automatically synthesized and audited against public financial filings. StockFin.ai is an educational research platform and is NOT a SEBI-registered investment advisor or research analyst.
📡 Get AI alerts when INOXGREEN files new disclosures
Track INOXGREEN filings, board meetings, and corporate actions. Free email alerts at 5 PM.
Track INOXGREEN — FreeFree account · 2 AI queries/day