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Inox Green Energy Services Ltd
₹123.83
−₹0.56 (−0.45%)
NSE · 15 Oct 2026, close
Market Cap
₹6,919 Cr
CMP
₹123.83
52-wk High / Low
₹279 / 109
P/E
56.4
P/B
4.1
Book Value
₹42.5
Div Yield
0.00%
ROCE
8.0%
ROE
5.6%
Face Value
₹10
D/E
0.05
Price−39.7% over 1Y
āagman read
Computed by āagmanPiotroski F-Score
5
/ 9
5 of 9 F-score tests passed
Graham Number
₹49
√(22.5 × EPS × book value per share)
ROIC
0.8%
vs 9.3% sector median
Cash flow to profit
0.65
CFO / PAT
Above 1.0 = operating cash flow exceeded reported profit
Margin change
−1,304
bps OPM YoY
Operating margin vs the same quarter last year
Sustainable growth
5.6%
ROE × earnings retention ratio
ROE stability
5.9
pp σ
Standard deviation of ROE across periods. Lower = more stable
Holder deltas
QoQ
pp
Prom +0.00FII −0.88DII +0.37
Latest quarter vs the previous one
Cash-accrual divergence
1.6%
of assets
Low = accruals track cash flow
Strengths
Watch-outs
−Latest ROCE of 8% trails the sector median of 14%
−Price trades below its 200-day moving average (0.7x)
−Price is 55.6% below its 52-week high
−Annualised volatility of 50.8% is in the high band (≥45%)
Peer comparison
| Name | P/E | Mar Cap ₹ Cr | ROCE % | ROE % |
|---|
Quarterly results
| Jun 2023 | Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales | 57 | 47 | 60 | 52 | 51 | 55 | 61 | 65 | 56 | 86 | 78 | 69 | 43 |
| Expenses | 34 | 34 | 40 | 41 | 34 | 37 | 46 | 68 | 50 | 77 | 59 | 71 | 44 |
| Operating Profit | 23 | 13 | 20 | 12 | 17 | 19 | 16 | −3 | 6 | 9 | 19 | −3 | −1 |
| OPM % | 40.4% | 27.7% | 33.3% | 23.1% | 33.3% | 34.5% | 26.2% | −4.6% | 10.7% | 10.5% | 24.4% | −4.3% | −2.3% |
| Other Income | 0 | 13 | −2 | 31 | 7 | 9 | 12 | 19 | 42 | 44 | 23 | 50 | 58 |
| Interest | 5 | 7 | 5 | 9 | 6 | 5 | 4 | 4 | 4 | 1 | 2 | 2 | 2 |
| Depreciation | 13 | 13 | 13 | 13 | 13 | 13 | 13 | 0 | 11 | 10 | 0 | 0 | 0 |
| Profit before tax | 5 | 6 | 0 | 20 | 5 | 10 | 10 | 11 | 33 | 41 | 39 | 45 | 54 |
| Net Profit | 3 | 6 | −1 | 21 | 4 | 6 | 5 | 6 | 22 | 28 | 25 | 28 | 41 |
| EPS (₹) | 0.08 | 0.20 | −0.05 | 0.73 | 0.13 | 0.18 | 0.11 | 0.15 | 0.60 | 0.76 | 0.66 | 0.69 | 1.01 |
Profit & Loss
| Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|
| Sales | 368 | 164 | 165 | 172 | 172 | 254 | 224 | 236 | 281 | 276 |
| Expenses | 352 | 82 | 77 | 109 | 90 | 197 | 149 | 184 | 258 | 252 |
| Operating Profit | 15 | 82 | 88 | 63 | 82 | 57 | 75 | 52 | 23 | 24 |
| OPM % | 4.1% | 50.0% | 53.3% | 36.6% | 47.7% | 22.4% | 33.5% | 22.0% | 8.2% | 8.7% |
| Other Income | −14 | −68 | −47 | −112 | −70 | 40 | 35 | 57 | 144 | 175 |
| Interest | 65 | 30 | 53 | 61 | 55 | 71 | 25 | 19 | 9 | 7 |
| Depreciation | 17 | 27 | 40 | 49 | 50 | 65 | 53 | 53 | 2 | 11 |
| Profit before tax | −80 | −43 | −51 | −158 | −93 | −39 | 31 | 37 | 157 | 180 |
| Net Profit | −57 | −53 | −52 | −154 | −93 | −20 | 28 | 22 | 103 | 122 |
| EPS (₹) | −5,664.00 | −9.13 | −4.52 | −11.94 | −3.97 | −0.66 | 0.95 | 0.54 | 2.55 | 3.12 |
Balance Sheet
| Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | Jun 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Equity Capital | 0 | 57 | 116 | 129 | 235 | 292 | 294 | 367 | 401 | — |
| Reserves | 2 | −8 | −20 | −86 | 572 | 835 | 1,051 | 1,600 | 1,306 | — |
| Borrowings | 956 | 1,154 | 1,085 | 1,411 | 904 | 595 | 174 | 181 | 88 | — |
| Other Liabilities | 551 | 698 | 1,158 | 1,239 | 410 | 433 | 564 | 339 | 317 | — |
| Total Liabilities | 1,509 | 1,902 | 2,340 | 2,693 | 2,121 | 2,155 | 2,083 | 2,487 | 2,113 | — |
| Fixed Assets | 500 | 512 | 776 | 765 | 953 | 1,095 | 755 | 704 | 15 | — |
| CWIP | 10 | 59 | 26 | 251 | 133 | 7 | 7 | 7 | 6 | — |
| Investments | 0 | 71 | 72 | 33 | 33 | 0 | 0 | 446 | 550 | — |
| Other Assets | 999 | 1,260 | 1,465 | 1,645 | 1,002 | 1,052 | 1,320 | 1,330 | 1,542 | — |
| Total Assets | 1,509 | 1,902 | 2,340 | 2,693 | 2,121 | 2,155 | 2,083 | 2,487 | 2,113 | — |
Cash Flows
| Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|
| Cash from Operating Activity | 65 | −41 | 362 | 49 | 141 | −26 | −8 | 60 | 67 |
| Cash from Investing Activity | −168 | −170 | −306 | −105 | −153 | −5 | −63 | −637 | −293 |
| Cash from Financing Activity | 82 | 195 | −52 | 174 | −63 | −10 | 79 | 572 | 307 |
| Net Cash Flow | −21 | −17 | 3 | 117 | −76 | −42 | 8 | −5 | 81 |
Ratios
| Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|
| ROCE % | — | 5.0 | 4.0 | 2.0 | 3.0 | 1.0 | 4.0 | 3.0 | 8.0 |
| ROE % | — | — | — | — | — | — | — | — | 5.6 |
| EPS (₹) | −5,664.00 | −9.13 | −4.52 | −11.94 | −3.97 | −0.66 | 0.95 | 0.54 | 2.55 |
| Book Value (₹) | — | — | — | — | — | — | — | — | 42.5 |
| Face Value (₹) | — | — | — | — | — | — | — | — | 10 |
| P/E | — | — | — | — | — | — | — | — | 56.4 |
| Div Yield % | — | — | — | — | — | — | — | — | 0.00 |
| NPM % | −16.1 | −55.2 | −44.1 | −256.7 | −91.2 | −6.8 | 10.8 | 7.5 | 24.2 |
| OPM % | 4.2 | 50.0 | 53.0 | 37.0 | 48.0 | 23.0 | 33.0 | 22.0 | 8.0 |
| D/E | 466.34 | 23.55 | 11.30 | 32.81 | 1.12 | 0.53 | 0.13 | 0.09 | 0.05 |
| P/B | — | — | — | — | — | — | — | — | 4.1 |
Growth
Compounded sales growth
5 years+10.0%
3 years+3.0%
TTM+16.0%
Compounded profit growth
5 years+21.0%
3 years+69.0%
TTM+204.0%
Stock price CAGR
3 years+40.0%
Last year−14.0%
Return on equity
5 years0.0%
3 years3.0%
Last year6.0%
Documents
Corporate actions
31 Jul 2026DEMERGERDemerger—
Fundamentals from a third-party compiler of exchange filings; prices from the exchanges. Not investment advice.© 2026 āagman