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

• Market Cap: ₹60.48B
• Dividend Yield: N/A
• Average Volume (3M): 265.74K
• Price to Earnings (P/E): 79.8
• Beta (1Y): 2.14
• Revenue Growth: 24.33%
• EPS Growth: 66.14%
• Country: IN
• Employees: 314
• Sector: Energy
• Sector Strength: 52
• Industry: Renewable Utilities
• EPS (TTM): 0.66
• Shares Outstanding: 401,492,030
• 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: 54 Neutral
• Price Target: ₹154.00 ▼(-27.94% Downside)
• Action: Reiterated Date: 03/21/26
• Date: Action: Reiterated 03/21/26

The score is held back most by weak technical momentum (trading below key moving averages with a negative MACD) and a stretched valuation (high P/E with no dividend yield provided). Financial performance is moderate: improving equity and better operating/free cash flow in 2025 help, but negative EBIT and high liabilities keep the overall score in the mid-range.

Positive Factors

Recurring O&M revenue model

INOXGREEN's core business is recurring operations and maintenance contracts and lifecycle services for wind farms. That business model creates predictable, contractually-backed service fees and multi-year revenue visibility tied to asset bases, supporting steady cash flows and customer stickiness over 2–6 months and beyond.

Improving balance sheet equity and leverage

Reported material improvement in shareholders' equity and an improved debt-to-equity ratio reduces refinancing and solvency risk. Stronger equity backing enhances financial flexibility for contract execution, equipment spares financing and bidding for new O&M mandates, a durable strength for funding operations and growth over the medium term.

Operating and free cash flow turned positive

A shift to positive operating and free cash flow in 2025 indicates the company can increasingly fund working capital and maintenance capex internally. Improved cash generation reduces reliance on external financing, supports reinvestment in service capability and stabilizes liquidity for multi-quarter contract fulfilment and expansion.

Negative Factors

Negative EBIT persists

Persistent negative EBIT implies core operating profitability is still under pressure even if accounting net income has improved. This suggests structural margin weaknesses in service delivery or cost base that could limit sustainable operating earnings unless addressed, affecting durable profitability prospects.

High total liabilities

Despite better equity and leverage metrics, materially high total liabilities remain. Elevated obligations can constrain cash available for operations, increase refinancing risk and interest sensitivity, and limit the company's ability to invest in fleet, spares or new service contracts over the medium term.

Inconsistent revenue and margin volatility

Irregular revenue growth and volatile margins point to sensitivity to contract timing, project mix and service cost swings. This undermines predictable earnings and planning for multi-quarter horizons, complicating scaling and reducing confidence in steady margin recovery without structural cost or pricing improvements.

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 primarily makes money by providing O&M services for wind power assets under service agreements with wind project owners. Revenue is earned through recurring fees for operating and maintaining wind turbine generators and balance-of-plant equipment, typically tied to the contracted scope (routine/preventive maintenance, breakdown maintenance, spares and consumables management, and site operations) and service-level/availability commitments. The company also earns from ancillary/lifecycle services connected to the wind asset base (e.g., performance improvement activities, major repairs/overhauls, and related field services) when included in customer contracts or ordered separately. If publicly disclosed details on exact pricing structures (fixed fee vs. per-MW, variable/availability-linked components), customer concentration, or specific long-term partnerships are not available in the provided context, those details are null.

Inox Green Energy Services Ltd. Financial Statement Overview

Summary

Mixed fundamentals: equity position and leverage metrics improved, and operating/free cash flow turned positive in 2025, but profitability remains pressured with negative EBIT and a history of net losses, plus still-elevated liabilities.

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	Mar 2025	Mar 2024	Mar 2023	Mar 2022	Mar 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: Neutral
• 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 Neutral. The current price of 213.7 is above the 20-day moving average (MA) of 156.15, above the 50-day MA of 168.49, and above the 200-day MA of 186.76, indicating a bearish trend. The MACD of -8.45 indicates Positive momentum. The RSI at 43.36 is Neutral, neither overbought nor oversold. The STOCH value of 33.69 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral 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
TDPOWERSYS	70 Outperform	₹134.83B	48.62	―	0.23%	40.14%	53.51%
KPIGREEN	66 Neutral	₹74.61B	22.48	―	0.20%	70.67%	59.54%
Sector *	65 Neutral	$15.17B	7.61	4.09%	5.20%	3.87%	-62.32%
SWELECTES	58 Neutral	₹8.38B	25.40	―	0.47%	39.01%	-42.51%
INOXGREEN	54 Neutral	₹60.48B	79.81	―	―	24.33%	66.14%
BORORENEW	49 Neutral	₹59.04B	18.86	―	―	7.68%	-114.23%
SWSOLAR	43 Neutral	₹40.10B	-446.21	―	―	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.