Inox Green Energy Services Ltd. (INOXGREEN) AI Stock Analysis

• Market Cap: ₹63.68B
• Dividend Yield: N/A
• Average Volume (3M): 265.74K
• Price to Earnings (P/E): 104.6
• Beta (1Y): 2.24
• Revenue Growth: 24.33%
• EPS Growth: 66.14%
• Country: IN
• Employees: 314
• Sector: Energy
• Sector Strength: 52
• Industry: Renewable Utilities
• EPS (TTM): 0.76
• Shares Outstanding: 374,705,500
• 10 Day Avg. Volume: 422,582
• 30 Day Avg. Volume: 265,735
• PEG Ratio: -7.32
• Price to Book (P/B): 1.97
• Price to Sales (P/S): 16.46
• P/FCF Ratio: 93.42
• Enterprise Value/Market Cap: N/A
• Enterprise Value/Revenue: N/A
• Enterprise Value/Gross Profit: N/A
• Enterprise Value/Ebitda: N/A
• 1Y Price Target: N/A
• Price Target Upside: N/A
• Rating Consensus: N/A
• Number of Analyst Covering: 0
• EPS Forecast (FY): N/A
• Revenue Forecast (FY): N/A

• Rating: 55 Neutral
• Price Target: ₹163.00 ▼(-23.72% Downside)

The score is held up by moderate financial performance (improving equity and recently positive operating/free cash flow), but is materially pressured by weak technical momentum (well below key moving averages with negative MACD) and an expensive valuation (very high P/E with no dividend yield provided).

Positive Factors

Recurring O&M revenue model

A service-based O&M model generates recurring, contract-linked fees tied to asset availability and lifecycle work. This creates predictable revenue streams, high client stickiness and scalable margins over time as the wind asset base grows, supporting durable cash flow generation.

Improving balance sheet and leverage

A materially stronger equity position and improved debt-to-equity reduce refinancing risk and enhance financial flexibility. This durability allows the firm to compete for long-term service contracts, absorb project timing variances, and fund major repairs without immediate distressed financing.

Positive operating and free cash flow

The shift to positive operating and free cash flow signals improving operational efficiency and begins to support self-funding of maintenance and spares. If sustained, this strengthens liquidity, reduces dependence on external capital, and underpins longer-term reinvestment in service capabilities.

Negative Factors

Operational profitability still weak

Negative EBIT indicates core operations have not yet achieved sustainable profitability after operating costs. Persistent operating losses compress margins and retained earnings, limiting the company's ability to invest in scale and making results sensitive to contract pricing or higher site operating costs.

High total liabilities

Elevated liabilities, even with improved equity, increase leverage-related risk if revenue or collections slow. High liabilities can raise financing costs, constrain capital allocation for growth or spares inventory, and force difficult trade-offs during downturns or contract delays.

Revenue inconsistency and funding reliance

Inconsistent revenue growth and margin volatility combined with significant capex and financing activity suggest ongoing reliance on external funding for expansion and repairs. This undermines the durability of recent cash-flow improvements and elevates execution and funding risk over the medium term.

Inox Green Energy Services Ltd. Business Overview & Revenue Model

Company Description

Inox Green Energy Services Limited provides operation and maintenance services and common infrastructure facilities for wind turbine generators in India. It also offers erection, procurement, and commissioning services, as well as develops wind farms. The company operates through Operation & Maintenance; Erection, Procurement & Commissioning; and Power Generation segments. Its operational services include remote monitoring and control through supervisory control and data acquisition, and coordination with DISCOM's that covers timely reading of energy meter; provision of daily generation reports to the customers; and implementation of quality and safety and environment management systems for its outsourced staff. The company also provides maintenance services, such as predictive and reactive maintenance. The company was formerly known as Inox Wind Infrastructure Services Limited and changed its name to Inox Green Energy Services Limited in October 2021. The company was incorporated in 2012 and is based in Noida, India. Inox Green Energy Services Limited operates as a subsidiary of Inox Wind Limited.

How the Company Makes Money

INOXGREEN generates revenue primarily through the development and management of wind energy projects. The company earns money by providing end-to-end services, including project design, financing, construction, and ongoing operation and maintenance of wind farms. Key revenue streams include income from energy production sold to utilities or corporations through power purchase agreements (PPAs), as well as service fees for project management and maintenance contracts. Additionally, strategic partnerships with other renewable energy firms and stakeholders in the energy market enhance its capacity to secure projects and optimize operational efficiencies, further contributing to its earnings.

Inox Green Energy Services Ltd. Financial Statement Overview

Summary

Mixed fundamentals: improved equity position and better leverage, but profitability remains pressured (negative EBIT) and cash-flow consistency is still developing despite operating and free cash flow turning positive most recently.

Income Statement

The income statement shows moderate performance. Revenue growth has been inconsistent, with a notable increase from 2024 to 2025. However, profit margins have fluctuated, and the company has experienced periods of net losses. The most recent year shows improvement with positive net income, but EBIT remains negative, indicating operational challenges.

Balance Sheet

The balance sheet reflects significant improvement in the company's equity position, with a strong increase in stockholders' equity from 2024 to 2025. The debt-to-equity ratio has improved over the years, suggesting better leverage management. However, total liabilities remain high, indicating potential risk if revenue generation does not stabilize.

Cash Flow

Cash flow analysis reveals a positive trend in operating cash flow in 2025 after negative figures in the previous years. Free cash flow has turned positive, which is encouraging, yet the company still faces challenges with high capital expenditures and significant financing activities. This indicates reliance on external funding for operations.

Breakdown	TTM	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	2.41B	2.36B	2.24B	2.50B	1.72B	1.72B
Gross Profit	824.90M	358.70M	960.00M	189.52M	1.09B	1.18B
EBITDA	1.33B	1.07B	1.12B	933.87M	998.07M	772.67M
Net Income	380.90M	198.10M	279.04M	-610.46M	-931.96M	-1.54B
Balance Sheet
Total Assets	0.00	24.87B	20.83B	21.56B	21.21B	18.85B
Cash, Cash Equivalents and Short-Term Investments	2.29B	2.29B	108.93M	471.81M	1.10B	1.69B
Total Debt	0.00	1.81B	1.74B	5.95B	9.04B	6.50B
Total Liabilities	-19.74B	5.13B	7.33B	10.23B	13.14B	11.03B
Stockholders Equity	19.74B	19.67B	13.45B	10.86B	8.07B	7.82B
Cash Flow
Free Cash Flow	0.00	415.00M	-84.08M	-959.00M	-47.83M	248.87M
Operating Cash Flow	0.00	457.10M	-78.66M	-255.70M	1.45B	1.01B
Investing Cash Flow	0.00	-5.50B	-631.07M	-52.30M	-1.53B	-902.02M
Financing Cash Flow	0.00	5.00B	788.29M	-101.40M	807.44M	1.07B

Inox Green Energy Services Ltd. Technical Analysis

• Technical Analysis Sentiment: Negative
• Last Price: 213.70
• 50DMA: Negative
• 100DMA: Negative
• 200DMA: Negative
• MACD: Positive
• RSI: Neutral
• STOCH: Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For IN:INOXGREEN, the sentiment is Negative. The current price of 213.7 is above the 20-day moving average (MA) of 179.84, above the 50-day MA of 197.23, and above the 200-day MA of 185.15, indicating a bearish trend. The MACD of -10.86 indicates Positive momentum. The RSI at 41.16 is Neutral, neither overbought nor oversold. The STOCH value of 41.88 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for IN:INOXGREEN.

Inox Green Energy Services Ltd. Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
KPIGREEN	72 Outperform	₹78.06B	18.14	―	0.20%	70.67%	59.54%
TDPOWERSYS	69 Neutral	₹114.34B	52.06	―	0.23%	40.14%	53.51%
Sector *	65 Neutral	$15.17B	7.61	4.09%	5.20%	3.87%	-62.32%
SWELECTES	57 Neutral	₹7.76B	22.96	―	0.47%	39.01%	-42.51%
INOXGREEN	55 Neutral	₹63.68B	104.64	―	―	24.33%	66.14%
BORORENEW	46 Neutral	₹69.35B	-99.31	―	―	7.68%	-114.23%
SWSOLAR	43 Neutral	₹43.24B	-11.12	―	―	112.24%	-474.43%

Inox Green Energy Services Ltd. Corporate Events

Inox Green Reports Fully Dematerialised Shareholding for December 2025 Quarter

Inox Green Energy Services Limited has reported that, for the quarter ended 31 December 2025, its registrar and share transfer agent MUFG Intime India Private Limited confirmed there were no dematerialisation requests, noting that the company does not have any physical share certificates outstanding. The filing, made to both BSE and NSE under Regulation 74(5) of the SEBI (Depositories and Participants) Regulations, 2018, underscores a fully dematerialised shareholding structure, which simplifies share transfer processes and aligns with regulatory expectations for transparency and investor protection.

Inox Green Wins 625 MWp Solar O&M Mandate from KEC, O&M Portfolio Tops 13 GW

Inox Green Energy Services Ltd. has secured a Letter of Award from KEC International Ltd. to provide operations and maintenance services for a 625 MWp solar project at Bhadla in Rajasthan, one of KEC’s largest solar assets. The deal lifts Inox Green’s solar O&M portfolio beyond 3 GW and its overall renewable O&M portfolio above 13 GW, underscoring its rapid expansion across solar and wind and reinforcing its role as a key third-party O&M player in India’s renewables sector. Management indicated that the company is pursuing both organic and inorganic growth in solar, wind and broader renewable infrastructure O&M, and expects additional portfolio gains from the planned capacity scale-up at group company Inox Clean, suggesting stronger medium-term growth visibility for its service pipeline and recurring revenue base.

Inox Green Energy Services Expands Equity Capital Through Warrant Conversion

Inox Green Energy Services Limited has announced the allotment of 1,230,505 equity shares following the conversion of convertible warrants. This move, approved by the company’s board and shareholders, increases the company’s paid-up equity share capital and aligns with its strategic financial operations. The newly issued shares will have the same rights as existing shares, impacting the company’s capital structure and potentially influencing its market position.

Inox Green Partners with KP Group for 5 GW Renewable Projects

Inox Green Energy Services Ltd. announced a strategic partnership through Memorandums of Understanding with KP Group companies to provide operations and maintenance services for 5 GW of renewable projects, split equally between wind and solar power. This collaboration with Inox Wind and Inox Solar aims to enhance their market positioning by expanding their renewable energy footprint across multiple states in India, potentially strengthening their operational capabilities and offering significant growth opportunities in the renewable sector.

Inox Green to Provide O&M Services for 5 GW Renewable Projects in India

Inox Green Energy Services Ltd. announced strategic partnerships through Memorandums of Understanding with KP Group companies to develop 5 GW of renewable projects, split equally between wind and solar power across India. Inox Green will provide operations and maintenance services for these projects, enhancing its industry positioning and potentially impacting stakeholders by expanding its service portfolio and reinforcing its market presence in the renewable energy sector.

Inox Green Energy Releases Investor Call Recording Post-Financial Results

Inox Green Energy Services Ltd. announced the availability of an audio recording from a conference call with investors and analysts, which took place on November 14, 2025. This call followed the release of the company’s financial results for the quarter and half-year ending September 30, 2025, indicating the company’s commitment to transparency and stakeholder engagement.