INOXGREEN
Micro CapInox Green Energy Services Limited
Power
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.
One read, four checks
75+ is strong, 60-74 is usable, 45-59 is mixed, and below 45 needs caution. These are research lenses, not buy/sell instructions.
Weak fundamentals, management trust is acceptable, price trend argues for patience, and recent execution is mixed.
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
low confidence · 0/0 claims checked
Timing lens: price trend and sector relative strength.
Rolling lens: recent quarterly delivery, not the latest single-result score.
Quarter ended 31 Mar 2026
Good · 70/100Rev +6% YoY · PAT +367% YoY · margin expansion · operating leverage
| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹69 Cr | +6.2% | -11.5% |
| EBITDA | ₹-3 Cr | +0.0% | -115.8% |
| Operating margin | -4.0% | +100 bps | -2800 bps |
| PAT | ₹28 Cr | +366.7% | +12.0% |
| PAT margin | 40.6% | +3135 bps | +853 bps |
NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.
Where growth can come from, and what can break the case
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.
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.
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.
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.
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.
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.
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)
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.
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.
Trend score and candlestick chart
42NeutralSMA20 -3.2% / mo
Technical chart
INOXGREENdaily · 5Y-31.8%Technical trend read
Mixed signalsSignals are conflicting — long-term trend unclear. RSI 51. Wait for confirmation.
- SMA20 falling (~2.0% over last month) — short-term momentum negative.
- RSI(14) at 51 — rising, no extreme reading.
- MACD below signal but histogram contracting — bearish momentum easing.
- 34% off 52W high · 32% above 52W low.
Mechanical read from the price + indicator series above. Not a recommendation — technical setups can reverse without warning, especially around earnings and macro events.
Valuation, score drivers, trust methodology, financials, and peers
Use these sections after reviewing the decision summary, latest result, thesis, management accountability, and technical timing above.
Fundamental score breakdown
OVERVALUEDWhy this score?
Top U-Score contributors and drags from the latest stored fundamentals.
Positive drivers
- Piotroski is strong at 7/9.
- Growth contributes 15/25 to the score.
- Balance sheet contributes 8/15 to the score.
Main drags
- Fair-value margin of safety is negative at -111.4%.
- Valuation is weaker at 0/30; verify the latest quarterly trend.
- Quality is weaker at 0/20; verify the latest quarterly trend.
Execution business valuation: EV/EBITDA plus order and working-capital risk
Capital-intensive execution stories need cash-flow and balance-sheet checks alongside valuation.
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.
Score history
12 stored score snapshots. Latest stored move: +0 points.
Factor attribution
Trust asks: does management behaviour match later outcomes? Higher is better, but confidence and evidence depth matter as much as the number.
Mixed Trust: Claim history is still being built. It ranks around the 42nd percentile of the scored universe and 34th percentile within Power. Main check: cash conversion is weak at 43/100.
Healthy Trust Lite: Promoter holding is 56.1%. Key concern: Only 1 years of positive FCF.
Usable, but needs evidence. Treat guidance with a margin of safety.
overall median 67 · Power: 34th pctile, median 67 · Micro: 26th pctile, median 71
0 documents indexed, but claim history is not strong enough yet.
0 claims extracted · No contradicted claim yet
How to read this Trust Score
Mixed Trust · low confidenceRead 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.
Trust positives
- ▸Promoter holding is 56.1%.
- ▸Promoter pledge is zero.
- ▸Debt/equity is 0.05.
- ▸6/8 recent quarters had positive YoY revenue growth.
Trust risks
- ▸Only 1 years of positive FCF.
- ▸ROCE is low at 2.6%.
- ▸ROE is low at 1%.
- ▸OPM spread across recent quarters is 33%.
Trust Lite uses financial behaviour only. Prefer claim-tested Trust when enough concall claims have later outcomes.
Intrinsic value
Fundamentals
Valuation
- P/E
- 68.10
- P/B
- 4.14
- EV/EBITDA
- 284.92
- Market Cap
- 7035.00Cr
Profitability
- ROE
- 5.62%
- ROCE
- 8.42%
- ROA
- 4.87%
- Dividend Y
- —
Growth (CAGR)
- Revenue 5Y
- 10.00%
- EPS 5Y
- 21.00%
- Revenue 3Y
- 4.00%
- EPS 3Y
- 49.00%
Balance Sheet
- Debt/Equity
- 0.05
- Interest Coverage
- 2.56×
- Altman Z
- 7.33
- Book Value
- 42.50
Cash Flow
- FCF Yield
- —
- FCF Positive Y
- 1/5
- OCF
- 67.00 Cr
- EPS TTM
- 2.55
Shareholding
- Promoter Hold
- 56.12%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 29%
Financial History
Updated 9/6/2026
Revenue
₹ CrNet Profit
₹ CrReturn on Equity
%Peers
Business-comparable peers in Power — 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.