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

• Market Cap: ₹69.56B
• Dividend Yield: N/A
• Average Volume (3M): 265.74K
• Price to Earnings (P/E): 114.7
• Beta (1Y): 2.09
• 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: 373,474,980
• 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: ₹242.00 ▲(13.24% Upside)

The overall stock score of 55 reflects a company with mixed financial performance and technical indicators, coupled with a high valuation. The financial performance shows some improvement in revenue and equity, but profitability and cash flow remain concerns. Technical analysis indicates potential short-term weakness, while the high P/E ratio suggests overvaluation. The absence of earnings call data and corporate events limits additional insights.

Positive Factors

Revenue Growth

The notable increase in revenue from 2024 to 2025 indicates expanding market reach and potential for sustained growth in the renewable energy sector.

Improved Equity Position

Improved equity position suggests better financial health and leverage management, enhancing the company's ability to invest in growth opportunities.

Positive Operating Cash Flow

Positive operating cash flow indicates improved cash generation ability, supporting ongoing operations and potential reinvestment in the business.

Negative Factors

High Liabilities

High liabilities pose a risk to financial stability, potentially impacting the company's ability to manage debt and invest in growth if revenue does not stabilize.

Fluctuating Profit Margins

Fluctuating profit margins and periods of net losses highlight operational challenges, which could affect long-term profitability and competitiveness.

Reliance on External Funding

Dependence on external funding could limit financial flexibility, making the company vulnerable to changes in capital markets and increasing financial risk.

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

Inox Green Energy Services Ltd. presents a mixed financial picture. While there are signs of revenue growth and improved equity, profitability and cash flow stability remain concerns. The company is making strides in improving its financial structure, but ongoing operational losses and high liabilities suggest the need for strategic focus on sustainable profitability and cash flow management.

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: Positive
• MACD: Positive
• RSI: Neutral
• STOCH: Positive

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 203.61, below the 50-day MA of 221.76, and above the 200-day MA of 181.16, indicating a neutral trend. The MACD of -5.23 indicates Positive momentum. The RSI at 31.13 is Neutral, neither overbought nor oversold. The STOCH value of 6.33 is Positive, 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	₹88.31B	22.20	―	0.20%	70.67%	59.54%
TDPOWERSYS	68 Neutral	₹105.07B	50.45	―	0.23%	40.14%	53.51%
Sector *	65 Neutral	$15.17B	7.61	4.09%	5.20%	3.87%	-62.32%
SWELECTES	57 Neutral	₹8.90B	26.32	―	0.47%	39.01%	-42.51%
INOXGREEN	55 Neutral	₹69.56B	114.67	―	―	24.33%	66.14%
BORORENEW	46 Neutral	₹69.96B	-35.22	―	―	7.68%	-114.23%
SWSOLAR	43 Neutral	₹46.39B	-12.50	―	―	112.24%	-474.43%

Inox Green Energy Services Ltd. Corporate Events

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.

Inox Green Energy Services Updates Registrar’s Contact Information

Inox Green Energy Services Ltd. announced a change in the email ID of its Registrar and Share Transfer Agent, MUFG Intime India Private Limited, effective from October 1, 2025. This update is part of the company’s compliance with SEBI regulations and aims to streamline investor services, ensuring efficient communication with stakeholders.