INOXGREEN
Inox Green share price & financials
- Price
- ₹199.47
- Market cap
- ₹7.6k Cr
- Sector
- Services
- Calls analysed
- 6
Inox Green Q1 FY27
What went well
- Inox Green reported Q1 FY27 Total Income of INR101 crores, a 17% year-on-year increase.
- Inox Green's PAT for Q1 FY27 grew significantly by 86% year-on-year to INR41 crores.
- Inox Wind secured an order book of approximately 4.4 gigawatts as of July 2026, ensuring over 24 to 36 months of execution visibility.
What to watch
- An analyst raised concerns about past instances of 'over promising and under delivering' on guidance, despite management's reiterated confidence.
- Trade receivables were noted as significantly higher than peers, attributed to the legacy EPC business, though management expects improvement from Q2/Q3 onwards with the pivot to equipment supply.
What Inox Green does
Inox Green Energy Services provides long-term operations & maintenance (O&M) services for wind turbine generators (WTGs), solar assets, and the common infrastructure that evacuates power from wind farms onto the grid, under contracts typically running 5-20 years (extendable up to 25 years). A subsidiary of Inox Wind Ltd and part of the INOXGFL Group, it earns annuity-style service fees from renewable-asset owners - PSUs, independent power producers (IPPs) and private investors - for keeping their wind, solar and hybrid installations operating, and offers tiered maintenance packages from basic Annual Maintenance Contracts up to fully Comprehensive O&M Contracts. It also runs value-added services such as turbine refurbishment, booster component sales and carbon-credit trading.
Segments
- Wind O&M
- Solar O&M
- Common infrastructure O&M
- Renewable O&M portfolio under management
- ~13+ GWp (~10.5 GW wind, balance solar)
- Geographic footprint
- 17 states across India
- Market position
- India's only listed pure-play renewable O&M services company
- Track record in wind-energy O&M
- >10 years
- O&M contract tenor
- Long-term contracts of 5-20 years, extendable up to 25 years
- Parent / group
- Subsidiary of Inox Wind Ltd; part of the INOXGFL Group
Guidance record · Q1 FY27
what the last two calls moved 15 tracked 1 delivered 1 missed 13 open- Annual Depreciation Elimination delivered said Q1 FY26 Promised: depreciation of approximately INR50 crores to INR55 crores annually will be eliminated Q1 FY27: Demerger confirmed to be completed on August 1, 2026, cementing the achieved status.
- Annual Execution Volume missed said Q1 FY26 Promised: execution guidance for FY '26 of 1.2 gigawatt Q1 FY27: Promise relates to FY26 and is concluded. No new information.
- Net Working Capital Cycle at risk said Q2 FY26 Promised: guided for 120 net working capital cycle Q1 FY27: Management acknowledged high trade receivables are a concern and expects significant improvement from Q2/Q3 onwards due to pivot to equipment supply. No new target day number provided.
All 15 tracked — every revision, and every one management stopped mentioning.
Open the guidance ledgerQuarterly results
Q1 FY27: revenue down 23.2%, net profit up 86.4% against the same quarter last year.
| Line item | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 55 | 61 | 65 | 56 | 86 +56% | 78 +28% | 69 +6% | 43 −23% |
| EBITDA | 19 | 16 | -3 | 6 | 9 −53% | 19 +19% | -3 +0% | -1 −117% |
| Net profit | 6 | 5 | 6 | 22 | 28 +367% | 25 +400% | 28 +367% | 41 +86% |
How to read this
₹ crore, as filed. The percentage beside a figure is the change against the same quarter a year earlier — never the quarter before, which would make every seasonal business look like it collapses and booms each year.
Performance +6.1% 1Y
1Y: ₹167.98 on 10 Sept 2025 → ₹178.21. High ₹272.2 (3 Nov 2025), low ₹135.01 (23 Mar 2026).
How the price took the results
close before → close after
- Q1 FY27
- +2.0%
- 7 Aug
- Q4 FY26
- −0.9%
- 29 May
- Q3 FY26
- −2.9%
- 13 Feb
- Q2 FY26
- −1.1%
- 14 Nov
The move from the last close before each results date to the first close after it — the market's first read on the quarter, not the quarter itself.
Financials, as filed
Revenue grew 4.5% a year over 3 years, FY23 to FY26. Operating margin narrowed to 10.7%.
| Year ending | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|
| Revenue | ₹253 Cr | ₹216 Cr | ₹232 Cr | ₹289 Cr |
| Operating profit | ₹58 Cr | ₹68 Cr | ₹49 Cr | ₹31 Cr |
| Operating margin | 22.9% | 31.5% | 21.1% | 10.7% |
| Interest | ₹58 Cr | ₹26 Cr | ₹19 Cr | ₹9 Cr |
| Depreciation | ₹60 Cr | ₹52 Cr | ₹39 Cr | ₹21 Cr |
| Net profit | ₹-17 Cr | ₹29 Cr | ₹21 Cr | ₹103 Cr |
| Net margin | -6.7% | 13.4% | 9.1% | 35.6% |
| Cash from operations | ₹-26 Cr | ₹-8 Cr | ₹60 Cr | ₹67 Cr |
| Free cash flow | ₹-97 Cr | ₹-8 Cr | ₹56 Cr | ₹65 Cr |
| ROCE | 1.0% | 4.0% | 3.0% | 8.0% |
How to read this
From the company's own filings. Margins are computed from the filed sums; a year with an incomplete quarter is left blank rather than estimated.
Balance sheet
| Year ending | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|---|
| Equity capital | ₹129 Cr | ₹235 Cr | ₹292 Cr | ₹294 Cr | ₹367 Cr | ₹401 Cr |
| Reserves | ₹-86 Cr | ₹572 Cr | ₹835 Cr | ₹1.1k Cr | ₹1.7k Cr | ₹1.3k Cr |
| Borrowings | ₹1.4k Cr | ₹904 Cr | ₹595 Cr | ₹174 Cr | ₹95 Cr | ₹88 Cr |
| Other liabilities | ₹1.2k Cr | ₹410 Cr | ₹433 Cr | ₹564 Cr | ₹351 Cr | ₹317 Cr |
| Total liabilities | ₹2.7k Cr | ₹2.1k Cr | ₹2.2k Cr | ₹2.1k Cr | ₹2.5k Cr | ₹2.1k Cr |
| Fixed assets | ₹765 Cr | ₹953 Cr | ₹1.1k Cr | ₹755 Cr | ₹685 Cr | ₹15 Cr |
| Capital work in progress | ₹251 Cr | ₹133 Cr | ₹7 Cr | ₹7 Cr | ₹7 Cr | ₹6 Cr |
| Investments | ₹33 Cr | ₹33 Cr | ₹0 Cr | ₹0 Cr | ₹486 Cr | ₹550 Cr |
| Other assets | ₹1.6k Cr | ₹1.0k Cr | ₹1.1k Cr | ₹1.3k Cr | ₹1.3k Cr | ₹1.5k Cr |
| Total assets | ₹2.7k Cr | ₹2.1k Cr | ₹2.2k Cr | ₹2.1k Cr | ₹2.5k Cr | ₹2.1k Cr |
How to read this
As filed each year. A line the company does not report — deposits for a non-lender, for instance — is left out rather than shown as a row of dashes.
Who owns it
As disclosed at Jun 2026
Since Jun 2025, the public trimmed −1.33 pp while FIIs added +0.67 pp. The shareholder count shrank 22% to 1,14,521.
- Promoters
- 56.1%
- FIIs
- 7.9%
- DIIs
- 1.9%
- Public
- 34.2%
Since Jun 2025
- Public −1.33 pp
- FIIs +0.67 pp
- DIIs +0.54 pp
How it drifted, 12 quarters
Over this window the public went from 33.0% to 34.2% — +1.2 pp.
Ownership split by quarter, oldest first. Sep '23: Promoters 55.7%, FIIs 8.3%, DIIs 2.9%, Public 33.0%.Dec '23: Promoters 55.7%, FIIs 9.2%, DIIs 2.8%, Public 32.2%.Mar '24: Promoters 55.7%, FIIs 8.3%, DIIs 1.8%, Public 34.2%.Jun '24: Promoters 55.7%, FIIs 9.2%, DIIs 1.7%, Public 33.4%.Sep '24: Promoters 56.4%, FIIs 9.1%, DIIs 3.7%, Public 30.8%.Dec '24: Promoters 55.9%, FIIs 8.8%, DIIs 3.7%, Public 31.6%.Mar '25: Promoters 55.9%, FIIs 8.9%, DIIs 3.7%, Public 31.4%.Jun '25: Promoters 56.0%, FIIs 7.2%, DIIs 1.3%, Public 35.5%.Sep '25: Promoters 56.0%, FIIs 7.9%, DIIs 1.1%, Public 35.1%.Dec '25: Promoters 54.8%, FIIs 7.6%, DIIs 1.4%, Public 36.2%.Mar '26: Promoters 56.1%, FIIs 8.7%, DIIs 1.5%, Public 33.6%.Jun '26: Promoters 56.1%, FIIs 7.9%, DIIs 1.9%, Public 34.2%.
Who bought this quarter
since Mar 2026
Disclosed holders that added to a position or appeared on the register for the first time, biggest addition first.
- Bandhan Small Cap Fund Mutual fund newly disclosed 1.25% held
The same filing shows 2 holders trimming and 1 off the list — both are in the register beside this.
Who is on the register
Named in the Jun 2026 filing
Every holder of Inox Green above SEBI's 1% disclosure line, and what changed since Mar 2026.
| Holder | Stake | Change |
|---|---|---|
| Inox Wind Limited | 51.13% | unchanged |
| Inox Leasing and Finance Limited | 4.95% | unchanged |
| Samena Green Ltd | 1.88% | unchanged |
| Neptune Alpha Fund FPI fund | 1.55% | −0.27 pp |
| Authum Investment & Infrastructure Lmited NBFC / DFI | 1.50% | unchanged |
| Samena Special Situations Mauritius Iii FPI fund | 1.45% | −0.12 pp |
| Bandhan Small Cap Fund Mutual fund | 1.25% | newly disclosed |
| Sapphire Intrex Limited | 1.20% | unchanged |
| Progressive Star Finance Private Limited | 1.06% | unchanged |
| Devansh Trademart LLP | 0.04% | unchanged |
| Vivek Kumar Jain | 0.00% | unchanged |
| Mukesh Patni | 0.00% | unchanged |
A holder disappearing from this list has fallen below the 1% line — it is not necessarily a sale. Percentages are of total shares, as disclosed in the company's own filing. Who was buying across the market this quarter.
All earnings calls (6)
Read the Q1 FY27 call →Learn to analyse Inox Green
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