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Swing Capital

Inox Green Energy Services Ltd

NSE: INOXGREEN BSE: 543667Energy

Incorporated in 2012, Inox Green Energy Services Limited is one of the major wind power operation and maintenance ("O&M") service providers within India. The company is a subsidiary of Inox Wind Limited ("IWL"), and part of the Inox GFL group of companies.[1]

₹176
52W: ₹133 — ₹279
PE 121 · Book ₹55.1 · +219% vs book
Market Cap₹7,062 Cr
Stock P/E121Price to Earnings
ROCE3.6%Return on Capital
ROE2.01%Return on Equity
Div. Yield0%Face Value ₹10

Strengths

  • +Company has reduced debt.
  • +Company is almost debt free.
  • +Company is expected to give good quarter
  • +Company has delivered good profit growth of 23.1% CAGR over last 5 years
  • +Promoter holding has increased by 1.30% over last quarter.

Weaknesses

  • −Stock is trading at 3.08 times its book value
  • −Though the company is reporting repeated profits, it is not paying out dividend
  • −The company has delivered a poor sales growth of -12.5% over past five years.
  • −Company has a low return on equity of 0.07% over last 3 years.
  • −Earnings include an other income of Rs.101 Cr.
  • −Company has high debtors of 302 days.
  • −Working capital days have increased from 643 days to 1,454 days

Shareholding Pattern

Promoters56.12%
FIIs8.74%
DIIs1.5%
Public33.65%
CategoryJun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026
Promoters55.72%56.35%▲0.655.93%▼0.455.93%55.97%▲0.055.97%54.82%▼1.156.12%▲1.3
FIIs9.16%9.12%▼0.08.79%▼0.38.93%▲0.17.19%▼1.77.88%▲0.77.57%▼0.38.74%▲1.2
DIIs1.72%3.7%▲2.03.71%▲0.03.72%▲0.01.33%▼2.41.08%▼0.31.41%▲0.31.5%▲0.1
Public33.4%30.84%▼2.631.56%▲0.731.42%▼0.135.5%▲4.135.07%▼0.436.21%▲1.133.65%▼2.6

Financial Statements

MetricSep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025
Sales44554645525157487376
Expenses28343228323858436451
Operating Profit162015172013-25824
OPM %36%37%32%38%39%26%-3%10%12%32%
Net Profit63-1211121391225
EPS ₹0.190.1-0.030.070.310.330.360.240.320.66

AI Insights

Revenue Trend

TTM revenue at ₹253Cr, up 23.4% YoY. OPM at 14%.

Debt Position

Borrowings at ₹37Cr. Debt-to-equity ratio: 0.02x. Healthy balance sheet.

Capex Cycle

CWIP at ₹7Cr (1% of fixed assets). Moderate ongoing capital expenditure.

Institutional Flow

DIIs: 1.5% (-2.59pp change). FIIs: 8.74% (+0.32pp change). Promoters hold 56.12%.

Margin & Efficiency

ROCE improving from 0% (Mar 2016) to 4% (Mar 2025). Working capital days: 1454.

Valuation

PE 121x with 3.6% ROCE. Price is 219% above book value of ₹55.1. Dividend yield: 0%.

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