Inox Green Energy SER Ltd
NSE: INOXGREEN · Diversified Commercial Services · sector
₹108.77NSE close 2026-10-26
Key numbers
Market cap₹4,367 cr
Price₹108.77
52w high / low₹279 / ₹109
P/E35.0xSector median 13.0x
P/B2.6xSector median 1.6x
Book value₹42.5
Dividend yield–Sector median 1.73%
ROE6.6%Sector median 3.4%
ROCE10.5%Sector median 8.1%
OPM9.9%Sector median 15.0%
Debt / equity0.05xSector median 0.07x
EV/EBITDA143.3xSector median 7.9x
Interest cover26.1x
Current ratio2.87x
Sales growth 3y+3.4%Sector median +12.9%
Profit growth 3y–Sector median +19.1%
PEG0.16x
Last 12 months to Jun 2026, Consolidated. "Sector median" = middle value of 95 companies in Diversified Commercial Services (P/E median leaves out loss-making companies). Tap ? for what a number means.
Things to know
- Cash ₹505 cr vs borrowings ₹88 cr (FY26): cash is higher (net cash).
- Operating profit covered interest 26.1x in the last 12 months.
- 2.17% of the promoters' shares are pledged (1.2% of all shares).
- Promoter holding fell by 2.27 percentage points in a year, to 53.70% (2026-09-30).
- Operating cash flow was below net profit in 3 of the last 4 years (FY26, FY24, FY23).
- Revenue was higher than a year earlier in 3 of the last 4 quarters.
- Other income was 150% of net profit in the last 12 months.
- No dividend in the last 4 financial years.
- Price ₹108.77 on 2026-10-26: -61.0% from the 52-week high, +0.1% from the 52-week low.
Plain facts from the filings, built by the same fixed rules for every company. A line appears only when the data for it is available. Not a view on the stock.
Charts
Weekly close · high ₹272.20 · low ₹104.75
RevenueNet profit
RevenueNet profit
Quarterly results
| ₹ cr | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 55 | 61 | 68 | 56 | 86 | 82 | 69 | 43 |
| EBITDA | 19 | 16 | 1 | 6 | 9 | 23 | -3 | -1 |
| OPM % | 33.6% | 25.5% | 1.3% | 10.9% | 10.0% | 27.8% | -4.1% | -2.2% |
| Other income | 9 | 13 | 29 | 42 | 44 | 30 | 51 | 58 |
| Net profit | 6 | 4 | 6 | 22 | 28 | 25 | 28 | 41 |
| EPS (₹) | 0.17 | 0.13 | 0.17 | 0.58 | 0.74 | 0.65 | 0.71 | 1.01 |
| Revenue YoY | +55.6% | +33.8% | +0.4% | -23.0% | ||||
| Profit YoY | +336.6% | +500.7% | +399.8% | +84.9% |
Consolidated figures where filed. Latest quarter Jun 2026.
Profit & loss (yearly)
| ₹ cr | FY23 | FY24 | FY25 | FY26 | TTM |
|---|---|---|---|---|---|
| Revenue | 254 | 224 | 236 | 281 | 280 |
| EBITDA | 57 | 75 | 52 | 23 | 28 |
| Net profit | -19 | 28 | 19 | 102 | 121 |
| EPS (₹) | -0.83 | 0.96 | 0.62 | 2.74 | 3.11 |
| Revenue growth | -11.8% | +5.0% | +19.3% | +16.1% | |
| Profit growth | – | -30.5% | +428.1% | +218.0% | |
| Dividend / share (₹) | – | – | – | – |
| Compounded growth | 3 years | 5 years | Last 12 months |
|---|---|---|---|
| Sales | +3.4% | – | +16.1% |
| Net profit | – | – | +218.0% |
| EPS | – | – | – |
| Share price | – | -19.6% (2y) | -56.4% |
Balance sheet
| ₹ cr | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|
| Shareholders' equity | 1,127 | 1,345 | 1,967 | 1,707 |
| Borrowings | 595 | 174 | 181 | 88 |
| Cash & equivalents | 48 | 15 | 229 | 505 |
| Total assets | 2,156 | 2,083 | 2,487 | 2,113 |
| Fixed assets | 1,085 | 745 | 694 | 5 |
| Capital work in progress | 7 | 7 | 7 | 6 |
| Investments | 0 | 0 | 265 | 550 |
| Receivables | 93 | 131 | 180 | 166 |
| Inventory | 31 | 71 | 97 | 102 |
| Payables | 110 | 56 | 55 | 96 |
Year-end figures from the March annual filing.
Cash flow
| ₹ cr | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|
| Cash from operations | -26 | -8 | 60 | 67 |
| Cash from investing | -5 | -63 | -539 | -293 |
| Cash from financing | -10 | 79 | 474 | 307 |
| Capex | 70 | 1 | 4 | 2 |
| Free cash flow | -96 | -8 | 56 | 65 |
Free cash flow = cash from operations − capex.
Ratios by year
| ₹ cr | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|
| ROE % | -1.7% | 2.1% | 1.0% | 6.0% |
| ROCE % | 1.9% | 3.9% | 2.5% | 9.3% |
| Debtor days | 133 | 213 | 279 | 216 |
| Inventory days | 215 | 21,471 | 151 | 3,622 |
| Payable days | 763 | 17,046 | 86 | 3,433 |
| Cash conversion cycle (days) | -415 | 4,638 | 344 | 405 |
| Working capital days | -150 | 814 | 1,096 | 880 |
Shareholding
| Holder | % (2026-09-30) |
|---|---|
| Promoters | 53.70% |
| FIIs | 8.18% |
| DIIs | 1.93% |
| of which Mutual funds | 1.69% |
| Public (non-institutions) | 36.19% |
| Quarter | Sep 2025 | Nov 2025 | Dec 2025 | Jan 2026 | Mar 2026 | Jun 2026 | Sep 2026 | Sep 2026 |
|---|---|---|---|---|---|---|---|---|
| Promoters % | 55.97% | 54.82% | 54.82% | 56.12% | 56.12% | 56.12% | 53.70% | 53.70% |
| Promoter group | % |
|---|---|
| Inox Wind Limited | 48.92% |
| Inox Leasing And Finance Limited | 4.74% |
| Devansh Trademart LLP | 0.04% |
| Devansh Jain | 0.00% |
| Mukesh Patni | 0.00% |
| Vivek Kumar Jain | 0.00% |
| Public holders above 1% | % |
|---|---|
| Samena Green Ltd | 1.77% |
| Neptune Alpha Fund | 1.51% |
| Authum Investment And Infrastructure Limited | 1.43% |
| Samena Special Situations Mauritius III | 1.29% |
| Bandhan Small Cap Fund | 1.18% |
| Sapphire Intrex Limited | 1.18% |
| Progressive Star Finance Private Limited | 1.13% |
1,10,457 shareholders. Pledged: 2.17% of promoter shares.
Peers in Diversified Commercial Services
| Company | Market cap | P/E | P/B | ROE | ROCE | OPM | Sales 3y | Div yield |
|---|---|---|---|---|---|---|---|---|
| IGIL | ₹16,651 cr | 25.0x | 9.5x | 44.5% | 51.7% | 61.5% | – | 1.93% |
| WEWORK | ₹8,640 cr | 99.1x | 29.0x | 28.3% | 111.2% | 64.6% | – | – |
| IBULLSLTD | ₹6,919 cr | – | 1.1x | -0.4% | – | – | +918.1% | – |
| NESCO | ₹6,699 cr | 16.1x | 2.2x | 14.8% | 18.3% | 50.8% | +19.5% | 0.69% |
| NIRLON | ₹5,679 cr | 15.9x | 12.1x | 86.5% | 29.8% | 77.5% | +5.3% | 4.12% |
| RENTOMOJO | ₹5,292 cr | – | – | – | – | – | – | – |
| LEAPIND | ₹5,209 cr | – | – | – | – | – | – | – |
| SMARTWORKS | ₹5,085 cr | 182.4x | 9.6x | 5.2% | 56.6% | 64.2% | – | – |
| QUESS | ₹4,827 cr | 19.1x | 4.1x | 22.4% | 27.2% | 2.0% | -3.7% | – |
| INOXGREEN | ₹4,367 cr | 35.0x | 2.6x | 6.6% | 10.5% | 9.9% | +3.4% | – |
Business segments (FY26)
| Segment | Revenue | Share | EBIT | Margin |
|---|---|---|---|---|
| Operation and Maintenance | ₹243 cr | 82.3% | ₹-16 cr | -6.7% |
| Consultancy Income | ₹38 cr | 12.7% | ₹38 cr | 100.0% |
| Power Evacuation | ₹15 cr | 4.9% | ₹-24 cr | -164.6% |
| Power generation | ₹0 cr | – | ₹0 cr | – |
Dividends & corporate actions
| Ex-date | Action | Detail |
|---|---|---|
| 2026-07-31 | Restructuring | Demerger |
Documents
- Annual report FY26
- Annual report FY25
- Annual report FY24
- Annual report FY23
- Announcements NSE filings
- BRSR FY26
- Latest results (data file) XBRL
- Announcements BSE filings
Links go to the original files on the exchange website.
About the company
- Operation & Maintenance Services: Operation & Maintenance Services
- Sale of other services: Services
| Sector | Services |
| Industry | Diversified Commercial Services |
| Sub-industry | Diversified Commercial Services |
| Symbol | INOXGREEN |
| BSE code | 543667 |
| ISIN | INE510W01014 |
| Face value | ₹10.0 |
| Incorporated | 2012-05-11 |
| Website | www.inoxgreen.com |
| Plants (India / abroad) | 0 / 0 |
From the company's filings (BRSR FY26).
Data built 2026-10-22 from NSE company filings (XBRL: Integrated Filing - Financials + financial results), NSE shareholding & pledge data; price = NSE close 2026-10-26.