INOXGREENServices

Inox Green Energy Services Limited

Diversified Commercial Services · ISIN INE510W01014 · BSE 543667 · NSE EQ · FV ₹10
Last price
₹175
+0.88%today
What this company does

Inox Green Energy Services Limited operates in Diversified Commercial Services, part of the Services sector. It booked ₹43 cr of revenue in its latest quarter (Q1 FY27) and kept 94.1% of sales as profit. It is the 4th largest of 9 Diversified Commercial Services companies we track, by market value.

Inox Green Energy Services Limited (Inox Green) is one of India’s leading providers of wind power Operation and Maintenance (O&M) services. The Company specialises in providing long-term O&M services for wind farm projects, including the maintenance of wind turbine generators (WTGs) and the associated common infrastructure that enables the evacuation of power from such WTGs.
In the report:
59out of 100
Equitytale Health Score
Mixed

Healthier than 59% of companies in Services, on all six measures of filed financials. Each measure is ranked against the 75–116 companies that reported it.

Measures financial condition, not whether to buy. Learn what this score means · How this is calculated

Price momentum
neutral
RSI (14)
47

At close. Not part of the score.

Profitability & returns63

How much profit it earns on the money it employs

Balance sheet80

How much it owes, and whether earnings cover the interest

Cash quality40

Whether reported profit actually arrives as cash

Growth & consistency52

Whether sales and profit have grown, and how steadily

Valuation21

What today's price implies, against our models or its peers

Governance & risk100

How much of the promoters' stake is pledged, and how much they hold · highest in its sector on what we could measure

Is this company doing well?
not investment advice
Strengths
Makes a profit
Strong 94% net margin
Profit up 85% vs last year
Promoters hold 56%
No promoter shares pledged
Virtually debt-free
Watch-outs
! Sales down 23% vs last year
! Operating cash flow is negative

What if I invest in INOXGREEN?

Set a growth rate and see what a monthly SIP would add up to. Your assumption, our arithmetic.

You would put in
₹12.00 lakh
120 instalments
At 4% a year, it would become
₹14.72 lakh

The slider starts at 4%, taken from this company's own revenue trend. That is history, not a forecast — this is your assumption, and the figure above is arithmetic on it. Returns are not steady year to year, and a real holding would not grow in a straight line. We do not publish price targets or predict returns.

Key ratios · latest quarter + price
₹175 +0.88%
latest close · 2026-09-17
52-wk low ₹15942 sessions so far52-wk high ₹203
Is it cheap or expensive?
What you pay for the profits, book value and cash flow. Higher isn't automatically worse — it can signal faster growth.
P/E ratio43.2High
LowAverageHigh
P/B ratio4.11High
Below bookModerateHigh
EV / EBITDA30.8High
LowAverageHigh
How good is the business?
How much profit it earns from its money and its sales.
Return on equity9.5%Fair
WeakFairStrong ▸15%
Return on capital12.9%Fair
WeakFairStrong
Net margin94.1%Strong
ThinDecentStrong
EBITDA margin131.6%Healthy
ThinDecentHealthy
Is it financially safe?
How much it owes, and whether it can comfortably cover it.
Debt to equity0.05Comfortable
LowModerateHigh ▸1
Interest cover27.4×Strong
RiskyOkayStrong ▸5×
Current ratio2.87Ample
Tight ◂1HealthyAmple
More figures
Market cap
₹7,012 cr
Book value
₹43
EPS
₹1.01
latest quarter
Net debt
₹1 cr
owes more than its cash
Enterprise value
₹7,013 cr
EBITDA
₹228 cr
annualised
EBIT
₹226 cr
annualised
Operating margin
130.6%
Return on assets
7.7%
Earnings yield
2.31%
P/S
40.49
Sales / share
₹4.3
Tax rate
25.1%
Face value
₹10
Shares
40.1 cr
Working capital
₹678 cr
Current assets
₹1,041 cr
Current liabilities
₹363 cr
Delivery %
51.9%
Strong / safeFairWeak / riskyValuation — a level, not good/badBands are general rules of thumb, not advice.

P/E, ROE, ROCE and margins are annualised from the latest quarter; per-share and balance-sheet ratios use the most recent balance sheet on file · prices as of 2026-09-17.

Worth vs price · from the FY 2025 report & filings
not investment advice
Hard to value confidentlyLow confidence
One year's profit is a one-off (far above the multi-year norm), so its recurring earnings power is unclear.
Models span ₹8₹12, midpoint ₹10

An educational model from the company's own filings, every assumption shown — not investment advice or a price target. Prices can stay above or below any model for years.

P&L · Q1 FY27 (consolidated)
Revenue from Operations₹43 cr
Other Income₹58 cr
Total Income₹101 cr
Cost of Materials₹0 cr
Purchases of Stock-in-Trade₹0 cr
Employee Benefit Expense₹14 cr
Finance Costs₹2 cr
Depreciation & Amortisation₹42 L
Other Expenses₹30 cr
Total Expenses₹47 cr
Profit before Tax₹54 cr
Tax Expense₹14 cr
Net Profit₹41 cr
Net margin on total income40.3%
Where the money goes · Q1 FY27
% of total income
Employee benefit expense₹14 cr13.7%
Finance costs₹2 cr2.0%
Depreciation & amortisation₹42 L0.4%
Other expenses₹30 cr30.0%
Tax expense₹14 cr13.5%
Profit for the period₹41 cr40.3%
Total income ₹101 cradds up to ₹100 ✓
Quarterly results · consolidated (₹ cr)
MetricQ3 FY26Q4 FY26Q1 FY27
Revenue82 cr69 cr43 cr
Total income112 cr119 cr101 cr
Expenses72 cr74 cr47 cr
Profit before tax40 cr46 cr54 cr
Tax15 cr17 cr14 cr
Net profit (owners' share)25 cr28 cr41 cr
Net margin (owners' share, on revenue)30.2%40.5%94.1%
EPS (₹)0.650.711.01
YoY (latest quarter): total income +3.5% · net profit +84.9%
Balance sheet & cash flow · as of Mar 2026
Low debt
Total assets
₹2,113 cr
Shareholder equity
₹1,707 cr
parent shareholders
Total debt
₹88 cr
Cash
₹87 cr
Cash flow · H1 FY26
Operating
₹-26 cr
Investing
₹123 cr
Financing
₹-86 cr
Peer comparison
Diversified Commercial Services · by market value
CompanyPriceMarket capP/E
International Gemological Institute Limited₹315₹13,591 cr20.5
WeWork India Management Limited₹683₹9,464 cr
Nesco Limited₹1,082₹7,619 cr19.1
Inox Green Energy Services Limitedthis company₹175₹7,012 cr43.2
Indiabulls Limited₹30₹6,637 cr11.6
Bluspring Enterprises Limited₹124₹6,520 cr
Smartworks Coworking Spaces Limited₹520₹5,941 cr113.0
LEAP India Limited₹136₹5,619 cr56.8
Quess Corp Limited₹353₹5,272 cr16.0
Same industry · latest reported numbers · not a recommendation.
Who owns it · 2026-06-30
No pledge
Promoter
56.1%
FII / Foreign
7.8%
DII / Domestic
1.9%
Retail / others
34.2%
Promoter stake up 0.4% over the last 12 quarters.
Smart-money activity
Insider trades
BoughtInox Leasing and Finance Limited · Promoter Group1.99 cr · ₹288.4 cr28 Jan 26
SoldInox Leasing and Finance Limited · Promoter Group1.99 cr · ₹288.4 cr28 Jan 26
SoldInox Leasing and Finance Limited · Promoter Group76.96 L · ₹27.9 cr28 Jan 26
Bulk / block deals
short · NSE14 Sep 26
short · NSE13 Sep 26
short · NSE12 Sep 26
Stake changes
BoughtInox Leasing and Finance Limited · promoter→ 60.13% · 1.99 cr28 Jan 26
BoughtInox Leasing and Finance Limited · promoter→ 9.40% · 2.76 cr2 Aug 24
BoughtInox Wind limited · promoter→ 56.35% · 4.17 cr2 Aug 24
What shareholders were asked to approve

A company cannot decide everything on its own. Things like a top executive’s pay, issuing new shares, or re-appointing a director have to be put to the people who own the company, and they vote — one vote per share. So whoever owns the most shares has the most say.

Special shareholder meeting · 13 Aug 2026
See the official result
1
To approve raising of funds in one or more tranches, by issuance of equity shares and or other eligible securities.
Backed by 100% of shareholders other than promotersneeded 75%
5.74 cr votes for, 2,269 against · 0% of mutual funds and other big investors said no
2
Approval of material related party transaction.
Promoters had a personal stake in this
Backed by 100% of shareholders other than promotersneeded 50%
5.74 cr votes for, 2,171 against · 0% of mutual funds and other big investors said no

Every vote count above is taken from the result the company filed with the stock exchange, certified by an independent counter. To work out what would have happened without the promoters, we simply remove their votes and re-apply the same legal bar the proposal had to clear. Nothing here is an estimate or an opinion.

Who controls this company, and what it pays them

Most Indian companies are controlled by a family or group — the promoters. The exchange requires them to be listed by name, including members who own no shares at all, and requires the company to disclose any business it does with them.

The promoter group — 6 named members
owning 56.1% between them · as of 2026-06-30
Inox Wind Limited51.13%
Inox Leasing And Finance Limited4.95%
Devansh Trademart LLP0.04%
Devansh Jainno shares
Mukesh Patnino shares
Vivek Kumar Jainno shares
Business done with them
FY2025 · 1 of the group
The company paid ₹23 cr to companies in the promoter group last year — about 9.9% of its ₹236 cr revenue and received ₹44 cr back from them.
INOX WIND LIMITED
Sold goods to them
also owns 51.13% of the company
₹44 cr
company received
INOX WIND LIMITED
Bought goods from them
also owns 51.13% of the company
₹17 cr
company paid
INOX WIND LIMITED
Other payments to them
also owns 51.13% of the company
₹6 cr
company paid

The company also transacted with 11 other related parties — subsidiaries, joint ventures, directors and others — that we could not match by name to the promoter list above. Some may still be connected to the family; we only count the ones the filings let us match with certainty.

Names and holdings from the company’s shareholding pattern filed with the exchange; transactions from the related-party note in its annual report. Every figure is as filed — these are legal, disclosed dealings, and what to make of them is your call.

Money it raised, and what it did with it

When a company raises money from investors, it has to say up front what the money is for. The rules then make it report, every three months until the money is gone, how much of each of those things it has actually paid for — so a promise made while asking for the money can be checked afterwards.

₹966 cr raised in Aug 2024 by selling shares to selected investors

As of Jun 2026, the company says it has spent 86% of what it set aside, leaving ₹135 cr still to be spent. CARE Ratings Limited watches the spending on the exchange’s behalf.

Debt Repayment: Repayment and/ pre-payment of debt together with interest, in full or in part, of borrowings availed by the Company including redemption of Non-Convertible Debentures
100%
₹110 cr of ₹110 cr
Investment in Subsidiaries: For undertaking investments in or providing loans to the subsidiaries of the Company for the purposes of development of existing and new projects, either in the form of equity/quasi-equity/unsecured loan
originally ₹690 cr
budget changed
98%
₹611 cr of ₹621 cr
General Corporate Purposes: This shall include, inter alia, meeting ongoing general corporate exigencies and contingencies, expenses of the Company as applicable in such a manner and proportion as may be decided by the Board (which term shall include IGESL Committee of the Board of Director’s for Operations) from time to time, and/or any other general purposes as may be permissible under applicable laws
originally ₹250 cr
budget changed
47%
₹110 cr of ₹236 cr
Spent by quarter: 63%86% (to Jun 2026) · 4 earlier quarters are left out because the company restated its figures

Every figure above is taken from the statement the company files with the stock exchange each quarter, for as long as money it has raised remains unspent. The only thing we work out is how much of each stated purpose has been paid for — one number divided by another from the same filing. Whether a plan that changed was a good change is not something a filing can tell you. See the filing

How the stock has moved · adjusted for splits & bonuses
Data from primary exchange filings · analysis tool, not investment advice.