Announcement
Announcement under Regulation 30 (LODR)-Press Release / Media Release 7 Oct - Inox Green completed ₹550 crore payment to acquire Wind World India’s 4.5 GW wind O&M business.
Source: Bse
Inox Green Energy Services Limited (INOXGREEN)
Micro CapServices stocks · Micro cap · NSE
Inox Green Energy Services Limited (IGESL) is India's only listed pure-play renewable O&M service company. It provides long-term O&M for wind farm projects, WTGs, solar assets, and common infrastructure, managing a portfolio of ~13+ GWp. The company benefits from strong synergies within the InoxGFL Group.
Data qualityFresh enough for analysisQuote updated 21 Oct, 01:15 pm ISTDetails
Quote21 Oct, 01:15 pm IST
Base fundamentals14 Oct 2026 · screener
Latest result16 Aug, 12:52 am IST
Score21 Oct, 04:30 am IST · v4.3-runtime-valuation
Tags15 Aug 2026
Coverage13/14 · 93%
Valuation2026-07-20 · Rf 6.8% · Services P/E 17.7 (n=143)
Technical timing lens
Trend score and candlestick chart
22Bearishfull bear SMA stack · SMA20 -15.4% / mo · RSI oversold · MACD − · near 52W low
Stock trend: 22
Sector RS: —
Services FPI tailwindFlow only
FPI equity flow was positive in both fortnights, but exact sector-index confirmation is unavailable. View sector evidence
Technical chart
INOXGREEND candles · FIT view-37.1%TODAY · PROVISIONALLatest price ₹113.20 on 2026-10-21
Today's candle is provisional from the latest intraday quote; completed-candle scans remain unchanged.
Bar
-4.1%
RSI
25
MACD hist
-2.21
52W pos
3%
2026-10-21O ₹118.01H ₹118.60L ₹112.77C ₹113.20Vol 8.6L shIntraday candle
Up bar
Down bar
EMA 20
EMA 50
Volume + 20D avg
Result date
RSI(14)
MACD / signal
Market context
Relative performance and chart statistics
Adjusted completed-session prices, rebased to 100
INOXGREENNifty 500
- INOXGREEN
- -39.6%
- Nifty 500
- -5.6%
- Vs Nifty 500
- -34.0 pp
Chart stats
19 Oct 2026- From 52W high
- -57.7%
- 52W range position
- 5%
- ATR (14)
- 7.5%
- Volume vs 20D
- 0.21x
- Avg traded value
- ₹110 Cr
- 20D price channel
- ₹108.7 - ₹177.8
₹279
₹108.7 - ₹279
₹8.8
Latest completed session
20-session average
83.5% annualized volatility
No exact NSE sector index is mapped for this company. Nifty 500 remains the broad-market comparison.
Research snapshot
What the evidence says now
Weak fundamentals, management evidence is still limited to a financial-only Trust Lite signal, price trend argues for patience, and recent execution is consistent.
Suggested next step
Research, do not rush
The evidence is not strongly aligned. Compare peers and wait for a cleaner setup.
U-Score
Legacy · WATCHLIST32
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
Latest result
Bad17
Revenue -23.2% · PAT +86.4% YoY
Technical
Bearish22
Price trend and sector-relative-strength timing.
Valuation
Legacy model-36.6%
Legacy margin-of-safety estimate; the revised evidence label remains in shadow validation.
Trust
Limited evidence69
Financial-only signal; management claim evidence is not sufficient yet.
Financials
Fundamentals, quarterly history, margins, returns and balance-sheet evidence
Financials
Fundamentals, quarterly history, margins, returns and balance-sheet evidence
Latest result
Quarter ended 30 Jun 2026
Bad · 17/100Rev -23% YoY · margin compression · PAT +86% YoY · operating leverage
Filed 30 Jun 2026
Open results browser →| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹43 Cr | -23.2% | -37.7% |
| EBITDA | ₹-1 Cr | -116.7% | +66.7% |
| Operating margin | -2.2% | -1320 bps | +190 bps |
| PAT | ₹41 Cr | +86.4% | +46.4% |
| PAT margin | 95.3% | +5606 bps | +5477 bps |
NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.
Fundamentals
Valuation
- P/E
- 42.10
- P/B
- 2.89
- EV/EBITDA
- 150.03
- Market Cap
- 5163.00Cr
Profitability
- ROE
- 5.13%
- ROCE
- 8.11%
- ROA
- 4.91%
- Dividend Y
- —
Growth (CAGR)
- Revenue 5Y
- 10.00%
- EPS 5Y
- 21.00%
- Revenue 3Y
- 3.00%
- EPS 3Y
- 66.00%
Balance Sheet
- Debt/Equity
- 0.05
- Interest Coverage
- 3.43×
- Altman Z
- 5.10
- Book Value
- 42.50
Cash Flow
- FCF Yield
- —
- FCF Positive Y
- 1/5
- OCF
- 67.00 Cr
- EPS TTM
- 3.12
Shareholding
- Promoter Hold
- 53.70%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 9%
Financial History
Updated 21/10/2026
Revenue
₹ CrLatest: 43.0-37.7% vs prev
Net Profit
₹ CrLatest: 41.0+46.4% vs prev
ROE is shown only in the Annual view — quarterly equity data isn't published.
Technicals
Trend interpretation, Stage 2, relative strength, volume and indicator evidence
Technicals
Trend interpretation, Stage 2, relative strength, volume and indicator evidence
Daily technical trend read
Mixed signalsSignals are conflicting — long-term trend down. RSI 25. Wait for confirmation.
- Price < SMA20 < SMA50 < SMA200 — full bearish stack.
- SMA20 falling (~20.5% over last month) — short-term momentum negative.
- RSI(14) at 25 — oversold zone; bounce conditions.
- MACD below signal but histogram contracting — bearish momentum easing.
- Within 5% of 52-week low — testing support.
Mechanical read from the price + indicator series above. Not a recommendation — technical setups can reverse without warning, especially around earnings and macro events.
Valuation & peers
U-Score 32 · legacy U-Score band WATCHLIST · valuation evidence and comparable companies
Valuation & peers
U-Score 32 · legacy U-Score band WATCHLIST · valuation evidence and comparable companies
WATCHLIST
Fundamental score breakdown
U band · WATCHLISTValuation0/30
Growth17/25
Quality0/20
Balance Sheet8/15
Cash Flow1/10
Piotroski
8/9 (+5)
Penalties
1
Raw sum
32
Why this score?
Top U-Score contributors and drags from the latest stored fundamentals.
32/100 · legacy band WATCHLIST
Positive drivers
- Piotroski is strong at 8/9.
- Growth contributes 17/25 to the score.
- Balance sheet contributes 8/15 to the score.
Main drags
- Fair-value margin of safety is negative at -36.6%.
- Valuation is weaker at 0/30; verify the latest quarterly trend.
- Quality is weaker at 0/20; verify the latest quarterly trend.
Sector valuation model
Execution business valuation: EV/EBITDA plus order and working-capital risk
Capital-intensive execution stories need cash-flow and balance-sheet checks alongside valuation.
Primary lens
EV/EBITDA and PE against execution quality and margin stability.
Secondary checks
Order book, receivables, working capital, debt, operating cash flow.
Main risk check
Order wins matter only if they convert into cash and margins.
PE
42.1
PB
2.9
EV/EBITDA
150.0
ROE
5.1%
ROCE
8.1%
FCF Yield
—
Debt/Equity
0.1
MoS
-36.6%
Score movement
Stored run vs live recompute
This shows the stored score trend when snapshots exist, and also compares the latest stored nightly score with a live recompute from current fundamentals and price.
Stored run: 21 Oct 2026
v4.3-runtime-valuation
Final score
32
Previous: 32
Legacy U-Score band
WATCHLIST
Previous: WATCHLIST
Margin of safety
-36.6%
Previous: -42.5%
Score history
12 stored score snapshots. Latest stored move: +0 points.
21 Oct 2026
v4.3-runtime-valuation
31
31
31
31
32
32
32
32
32
32
32
32
Factor attribution
No pillar movement versus the latest stored run. Historical score trend will appear after snapshot storage is enabled.
Modelled fair value
Graham Number
₹54.62
-107.2% MoS
Growth-justified P/E
26.6
Growth-justified Value
₹82.84
-36.6% MoS
PEG
1.25
Comparable companies
Peers
Business-comparable peers in Services — ranked by industry, sub-sector, theme-tag overlap, market cap, and U-Score similarity. Green cells mark the best available peer metric in this table.
Ticker
Name
Why peer
Score
PE
ROE
MoS
Verdict
GREENPOWER
Small
Orient Green Power Company Limited
Renewable Energy
match 142
53
19.0
5.3%
+40%
FAIR VALUE
INDOWIND
Small
Indowind Energy Limited
Renewable Energy
match 142
23
—
0.1%
-3673%
OVERVALUED
ADANIGREEN
Large
Adani Green Energy Limited
Renewable Energy
match 133
22
111.0
11.4%
-376%
OVERVALUED
CLEANMAX
Small
Clean Max Enviro Energy Solutions Limited
Renewable Energy
match 133
19
97.7
1.8%
-250%
OVERVALUED
ENERGYDEV
Small
Energy Development Company Limited
Renewable Energy
match 114
39
285.0
33.2%
-1034%
WATCHLIST
Business, management & trust
Growth engines, risks, management commitments and evidence-backed delivery
Business, management & trust
Growth engines, risks, management commitments and evidence-backed delivery
Business and thesis
Where growth can come from, and what can break the case
Thesis intactReviewed 2026-06-09T07:39:05.660Z
Management commentary snapshot
Inox Green reports strong Q4 FY26 results with Total Income up 40% YoY to Rs 120 cr, EBITDA up 93% YoY to Rs 57 cr, and PAT surging 340% YoY to Rs 28 cr, driven by portfolio growth and improved machine availability.
The company delivered robust Q4 FY26 performance, marked by significant revenue and profit growth, and improved machine availability. The strategic demerger of common infrastructure and strong group synergies position it for continued asset-light, annuity-based growth in the expanding Indian renewable O&M market.
Growth engines
New O&M Contracts from Parent
Growing portfolio through new long-term O&M contracts with customers purchasing IWL’s WTGs; IWL’s order book of ~3.1 GW provides strong visibility.
Group IPP Platform O&M
O&M contracts from the Group IPP platform Inox Clean, which targets 3 GW+ of installed capacity addition annually, to add to the growing portfolio.
Inorganic Growth Opportunities
Multiple opportunities to takeover O&M portfolios of large IPPs/developers currently managing majority of their portfolio captively.
Value-Added Services
Value-added services, including refurbishment, booster sales, carbon credit trading, amongst other offerings, is a high growth vertical.
Capacity and execution
O&M Portfolio Growth
Inox Green’s portfolio stands at 13+ GWp, including investments to acquire 6.5 GW of operational wind O&M portfolio of two companies.
Tailwinds
India's Wind Capacity Targets
India’s 2032 target is to more than double its installed wind capacity (from 56 GW currently) – provides visibility of ~Rs 5 trn for wind OEMs.
Green Hydrogen Demand
India’s Green Hydrogen targets of 5 mmtpa may result in incremental ~125 GW of RE capacity addition (solar + wind).
Favorable Policy Environment
GST on wind components reduced from 12% to 5%. MNRE has notified ALMM (Wind) mandating domestic sourcing of ~75-80% of WTG components.
C&I Demand for RE Power
Demand from commercial & industrial (C&I) players for renewable power continues to be strong.
Management accountability
What management said, and what results must prove
Issuer guidance and extracted claims are tracked against later reported outcomes. Treat these as management statements, not IndiaPulse forecasts.
Analyst reading lens
Compare YOY
The presentation explicitly compares Q4 FY26 to Q4 FY25 and FY26 to FY25, indicating that year-over-year comparison is the intended basis for evaluating performance, especially for a business with potential seasonality in energy generation and maintenance cycles.
Sector KPIs management disclosed
Total Income
Q4 FY26: Rs 120 cr (up 40% YoY); FY26: Rs 426 cr (up 69% YoY)
EBITDA
Q4 FY26: Rs 57 cr (up 93% YoY); FY26: Rs 210 cr (up 71% YoY)
Profit After Tax (PAT)
Q4 FY26: Rs 28 cr (up 340% YoY); FY26: Rs 103 cr (up 373% YoY)
Cash PAT
Q4 FY26: Rs 46 cr (up 327% YoY); FY26: Rs 158 cr (up 362% YoY)
Management forward view
Inox Clean Capacity Target
Inox Clean targets an operational capacity of 14 GW by FY29, with ~20%-30% of annual capacity addition expected to be wind.
New WTG Launch
Inox Wind is on track to launch 4.X MW WTGs which will help deepen market penetration.
Demerger for Asset-Light Model
Scheme of demerger of evacuation infrastructure business from Inox Green and merger into Inox Renewable Solutions has been approved by NCLT Ahmedabad, resulting in an asset-light, annuity, high margin business.
Global O&M Leadership Ambition
On track to become one of the largest renewable O&M companies globally.
Thesis monitor
Numbers and claims to verify in the next filings
| Checkpoint | Current evidence | What to verify next |
|---|---|---|
| O&M Portfolio Growth | 13+ GWp | Organic additions from IWL/Inox Clean and inorganic acquisitions to expand the portfolio. |
| Machine Availability | ~96.5% | Sustained or improved operational efficiency to maintain high machine availability. |
| Impact of Demerger | NCLT approved | Realization of an asset-light balance sheet and higher profit after tax for Inox Green. |
| IWL Order Book Execution | ~3.1 GW | Conversion of Inox Wind's order book into new O&M contracts for Inox Green. |
Verification checkpoints are IndiaPulse research interpretation, not investment advice.
Trust Score
69Limited evidence · low confidenceTrust Lite
Trust asks: does management behaviour match later outcomes? Higher is better, but confidence and evidence depth matter as much as the number.
Limited evidence: Claim history is still being built. It ranks around the 59th percentile of the scored universe and 68th percentile within Services. Main check: cash conversion is weak at 43/100.
This is a financial-behaviour screen, not a claim-tested management reliability verdict.
Computed 05 Sept 2026
management-trust-v1
59 docs text-extracted · 18 concalls text-extracted
Score band
Limited evidence
Financial behaviour is scored, but management claims do not yet have enough outcome checks.
Relative rank
59th percentile
overall median 67 · Services: 68th pctile, median 66 · Micro: 38th pctile, median 73
Evidence depth
Financial-only
59 documents have extracted text, but claim history is not strong enough yet.
Claim delivery
Outcome history still building
0 claims extracted · No contradicted claim yet
How to read this Trust Score
Limited evidence · low confidenceWhat it measures
Reliability of management and financial delivery, using financial behaviour only.
Confidence
Treat this as an early read until more concalls and outcomes are matched.
Investor use
Acceptable, but check the weakest sub-score before increasing exposure.
Read Trust alongside U-Score, result consistency, and technical trend. A cheap stock with weak Trust needs a larger margin of safety; a high Trust score does not make an expensive stock attractive by itself.
Forensic breakdown
Read low sub-scores as due-diligence warnings, not automatic sell signals.
Promoter
86
strong · holding, pledge, alignment
Cash flow
43
weak · profit to cash conversion
Balance sheet
88
strong · leverage and solvency
Discipline
60
acceptable · capital discipline
Results
77
strong · quarterly consistency
Trust positives
- ▸Promoter holding is 56.1%.
- ▸Promoter pledge is zero.
- ▸Debt/equity is 0.05.
- ▸3/4 latest quarters had positive YoY revenue growth.
Trust risks
- ▸Only 1 years of positive FCF.
- ▸ROE is low at 5.6%.
- ▸OPM spread across recent quarters is 38.6%.
Trust Lite uses financial behaviour only. Prefer claim-tested Trust when enough concall claims have later outcomes.
Continue researching Inox Green Energy Services Limited
Important announcements & filings
Latest exchange and company disclosures found within the past two years.
Open source ↗
AnnouncementSep 2026
Sep 2026 · Announcement under Regulation 30 (LODR)-Qualified Institutional Placement 30 Sep - Inox Green closed QIP, allotted 1.81 crore shares at Rs165.65 on 29 Sept 2026.
Source: Bse
AnnouncementSep 2026
Sep 2026 · Announcement under Regulation 30 (LODR)-Qualified Institutional Placement 24 Sep - Inox Green opened QIP on 24 Sept 2026; floor price fixed at Rs.174.36 per share.
Source: Bse
AnnouncementSep 2026
Sep 2026 · Announcement under Regulation 30 (LODR)-Allotment 30 Sep - Inox Green allotted 1.81 crore shares via QIP at Rs165.65, raising Rs300 crore on 29 Sep 2026.
Source: Bse
Credit ratingSep 2026
Sep 2026 · Credit Rating 23 Sep - Inox Green voluntarily withdrew CRISIL ratings for banking facilities on 23 September 2026; Acuite ratings remain active.
Source: Bse
Annual report
Announcement under Regulation 30 (LODR)-Newspaper Publication 2 Sep - Newspaper Advertisement regarding 14th Annual General Meeting of the Company- Published prior to the dispatch of the Annual Report
Source: Bse
Concall transcriptAug 2026
Aug 2026 · Transcript
Source: Bse
Investor presentationAug 2026
Aug 2026 · PPT
Source: Bse
AnnouncementAug 2026
Aug 2026 · Announcement under Regulation 30 (LODR)-Newspaper Publication 4h - Submission of copies of newspaper advertisement confirming dispatch of Notice of 26th Extra-ordinary General Meeting (EGM) scheduled to be held on Thursday, August 13, 2026 …
Source: Bse
AnnouncementAug 2026
Aug 2026 · Announcement under Regulation 30 (LODR)-Scheme of Arrangement 23h - 1 Aug 2026 record date fixed for IRSL share allotment at 122 per 1,000 INOXGREEN shares.
Source: Bse
Investor presentationJun 2026
Jun 2026 · PPT
Source: Bse
Concall transcriptJun 2026
Jun 2026 · Transcript
Source: Bse
All information is for study purposes only. For investment decisions, consult your financial advisor. See Playbook for methodology.