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    Renewable Utilities
Inox Green Energy Services Limited

Inox Green Energy Services Limited

INOXGREEN.BO
Inox Green Energy Services LimitedIN flagBombay Stock Exchange
196.15
INR
-8.00
- -
78.92BMarket Cap
Inox Green Energy Services Limited
INOXGREEN.BO
(Bombay Stock Exchange)

Recent

price

196.15

P/E

ratio

- -

div

yld

- -

ROIC.AI

2020
2021
2022
2023
2024
2025
2026
TTM
FRC
5.66
5.9
5.4
8.09
5.94
6.34
- -
7.66
Revenue per Share
0.06
-0.95
-3.19
-2.5
0.86
0.57
- -
2.68
Basic EPS, GAAP
-9.36
0.85
-0.29
-3.96
-0.26
1.62
- -
- -
Free Cash Flow per Basic Share
- -
- -
- -
- -
- -
- -
- -
- -
Dividend per Share
3.98
4.41
-4.51
-5.55
-2.55
0.35
- -
10.51
Book Value per Share
22.51
26.78
27.63
44.26
41.35
56.54
- -
44.63
Tangible Book Value per Share
292
292
292
244
324
347
- -
382
Basic Weighted Avg Shares
1,653
1,722
1,577
1,976
1,924
2,202
2,810
2,925
Sales/Revenue/Turnover
29.43
19.24
20.31
10.62
12.81
16.19
7.61
0.79
Operating Margin (%)
396
491
502
653
530
532
402
323
Depreciation Expense
17
-277
-932
-610
279
198
1,024
1,024
Net Income, GAAP
39.39
- -
- -
- -
10.8
26.27
33.87
34.91
Effective Tax Rate (%)
1.01
-16.1
-59.08
-30.9
14.51
8.99
36.44
35.01
Profit Margin (%)
-1,895
-1,787
-4,107
-1,042
2,557
7,074
6,778
6,778
Working Capital
2,330
3,492
3,194
2,643
51
- -
- -
- -
LT Debt
6,610
7,819
8,066
10,907
13,499
19,741
17,151
17,151
Total Equity
- -
- -
- -
- -
1.37
1.43
0.72
0.08
Return on Invested Capital (%)
- -
- -
- -
- -
16.2
21.27
30.71
30.69
Return on Capital (%)
- -
-22.65
-51.26
-7.33
9.53
- -
49.52
49.53
Return on Common Equity (%)

Capital Structure

FRC

•

in mil. unless spec.
Sep'26
Dec'26
Mar'26
ST Debt
951
- -
883
LT Borrowings
1
- -
- -
LT Finance Leases
- -
- -
- -
Preferred Equity and Hybrid Capital
- -
- -
- -
Shares Outstanding
367
- -
401
Market Capitalization
72,418
79,250
51,956

Working Capital

FRC

•

in mil. unless spec.
Sep'26
Dec'26
Mar'26
Total Current Assets
10,321
- -
10,409
Cash, Cash Equivalents & STI
3,843
- -
6,255
Accounts Receivable, Net
2,340
- -
1,662
Inventories
938
- -
1,016
Total Current Liabilities
2,162
- -
3,631
Payables & Accruals
- -
- -
- -
ST Debt
951
- -
883
Deferred Revenue
- -
- -
- -

Growth Rates

FRC

•

in mil. unless spec.

(avg. rate of change)

10 years
5 years
1 year
Total Equity
- -
19.05%
-13.12%
Free Cash Flow
- -
11.77%
15.92%
Net Income, GAAP
- -
88.79%
417.12%
Sales/Revenue/Turnover
- -
11.26%
27.62%
Total Cash Common Dividend
- -
- -
- -

Quarterly Revenue

FRC

•

in mil. unless spec.

Year

Q1
Q2
Q3
Q4
FY
2024
566
474
600
284
1,924
2025
509
552
611
645
2,202
2026
562
859
818
687
2,810

Quarterly Earnings Per Share

FRC

•

in mil. unless spec.

Year

Q1
Q2
Q3
Q4
FY
2024
0.1
0.19
-0.04
- -
0.86
2025
0.13
0.17
0.13
0.15
0.57
2026
0.58
0.74
0.65
0.71
- -

Quarterly Dividends Per Share

FRC

•

in mil. unless spec.

Year

Q1
Q2
Q3
Q4
FY
2024
- -
- -
- -
- -
- -
2025
- -
- -
- -
- -
- -
2026
- -
- -
- -
- -
- -
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Business
Inox Green Energy Services Limited (INOXGREEN.BO) provides long-term operation and maintenance (O&M) services for wind turbine generators (WTGs), common infrastructure facilities supporting power evacuation from wind farms, and increasingly for solar, hybrid renewable assets across India; these services encompass comprehensive maintenance, remote monitoring via SCADA systems, data analytics for predictive maintenance, technical support, and asset management to optimize performance, availability, and lifecycle efficiency under contracts typically spanning 5-20 years. Incorporated in 2012 as Inox Wind Infrastructure Services Limited and renamed Inox Green Energy Services Limited in October 2021, the company is a subsidiary of Inox Wind Limited and part of the INOXGFL Group, with headquarters in Vadodara, Gujarat, and a corporate office in Noida, Uttar Pradesh. It manages a portfolio exceeding 5 GW of renewable assets, serving independent power producers, public sector undertakings, retail clients, and conglomerates nationwide. Recent developments include securing a long-term O&M agreement in August 2025 for 182 MW of wind projects in Western India with the renewable arm of a major conglomerate, converting limited-scope contracts to comprehensive coverage and renewing existing ones ahead of schedule; in May 2025, it signed deals for 639 MWp of solar O&M projects with a global energy-backed firm, followed by additional solar contracts totaling 189.1 MWp in September 2025 across Maharashtra, Gujarat, and Madhya Pradesh, earlier in April 2025 for 675 MWp, bringing its solar O&M portfolio to approximately 1.8 GW. In November 2025, Inox Green announced it will provide O&M services for 5 GW of renewable projects (2.5 GW wind and 2.5 GW solar) under MoUs between the INOXGFL Group and KP Group, marking a strategic expansion into joint development opportunities. The company has also pursued inorganic growth through divestments of certain wholly-owned subsidiaries like Nani Virani Wind Energy Private Limited and Aliento Wind Energy Pvt Ltd in late 2024 to streamline operations and reduce leverage, while transitioning toward an asset-light model focused on scaling O&M contracts.